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    Yuan Liao

    Research Analyst at CITIC Securities

    Yuan Liao is an analyst at CITIC Securities specializing in equity research with a focus on major Chinese companies in the technology and logistics sectors. He covers companies such as Full Truck Alliance Co Ltd and Alibaba Group, actively participating in earnings calls and providing insights on market developments and company performance. Liao has established a reputation for in-depth sector analysis since joining CITIC Securities, with his research frequently referenced in investor relations materials. His professional credentials and specific industry license information are not publicly disclosed, but his active role in covering high-profile firms underscores his prominence in the field.

    Yuan Liao's questions to Full Truck Alliance (YMM) leadership

    Yuan Liao's questions to Full Truck Alliance (YMM) leadership • Q2 2025

    Question

    Yuan Liao from CITIC Securities Company inquired about the operational changes and user behavior shifts following the August 1st adjustment to the freight brokerage service, and its future financial outlook.

    Answer

    Simon Chong Cai, Chief Financing & Investment Officer, stated that the company increased the freight brokerage service fee to 10-11% to offset the cancellation of government grants. Operationally, the focus has been on customer communication and retention, with early observations showing user retention is in line with expectations. He believes the adjustment will have limited impact on other services and will ultimately optimize the company's revenue structure, reduce cash flow uncertainty, and lead to industry consolidation.

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    Yuan Liao's questions to Full Truck Alliance (YMM) leadership • Q1 2025

    Question

    Yuan Liao from CITIC Securities inquired about the key considerations for the increased investment in autonomous driving company Plus PRC and the current progress of its business.

    Answer

    Chief Financing and Investment Officer Chong Cai explained that the investment aims to capitalize on autonomous driving's shift from validation to commercialization. He noted that Plus PRC is focused on practical applications, has joint R&D with OEMs, and has begun delivering freight services with its intelligent trucking fleet for real-world data accumulation.

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    Yuan Liao's questions to Alibaba Group Holding (BABA) leadership

    Yuan Liao's questions to Alibaba Group Holding (BABA) leadership • Q3 2024

    Question

    Yuan Liao from Citic Securities inquired about Alibaba's shareholder return strategy, specifically asking how the company plans to deploy its remaining share buyback authorization while also investing heavily in AI.

    Answer

    CEO Yongming Wu highlighted the significant repurchases already made, achieving a 5% net reduction in share count over nine months. He explained that the pace of buybacks considers the share price, noting the accelerated pace when the price was considered undervalued. Wu emphasized that the Board's capital management committee will continue to optimize shareholder returns through a combination of dividends, buybacks, and strategic investments.

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