Full Truck Alliance Co. Ltd. Reports Strong Second Quarter 2025 Financial and Operational Results
Full Truck Alliance Co. Ltd, a leading digital freight platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2025. The results highlighted the company’s continued growth momentum, technological advancements in digital freight services, and strengthened ecosystem engagement across shippers and truckers.
Second Quarter 2025 Financial Highlights
- Total Net Revenues: RMB3,239.1 million (US$452.2 million), representing a 17.2% year-over-year increase compared with RMB2,764.3 million in Q2 2024.
- Net Income: RMB1,264.8 million (US$176.6 million), an impressive 50.5% increase compared with RMB840.5 million in the prior-year period.
- Non-GAAP Adjusted Net Income: RMB1,352.1 million (US$188.7 million), a 39.3% increase from RMB970.9 million in Q2 2024.
- Fulfilled Orders: 60.8 million orders completed through the platform, marking a 23.8% year-over-year increase compared to 49.1 million in the same quarter last year.
- Average Monthly Active Shippers (MAUs): 3.16 million, a 19.3% increase from 2.65 million in Q2 2024.
These results underscore FTA’s ability to expand its revenue base, improve profitability, and strengthen engagement on its platform amid a dynamic freight and logistics market.
CEO Commentary
Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of Full Truck Alliance, emphasized the company’s strong operational execution and strategic focus in Q2 2025:
“In the second quarter of 2025, FTA demonstrated strong resilience in navigating both opportunities and challenges in the external environment. By leveraging digitalization and intelligent technologies, we further helped shippers reduce logistic costs and improved operational efficiency across the road freight industry. By quarter-end, our platform had expanded to 1.2 million shipper members and nearly one million trucker members, underscoring the growing engagement from both sides of our ecosystem.”
He added that the company’s refined trucker credit rating mechanism has been instrumental in improving platform trust and efficiency, helping to push the fulfillment rate above 40%, a year-over-year improvement of 7 percentage points.
“Looking ahead to the second half of the year, we remain committed to fostering a healthier freight matching ecosystem and empowering enterprises with greater logistics competitiveness,” Zhang noted.
President’s Perspective
Mr. Langbo Guo, President of FTA, elaborated on the operational and financial achievements that shaped the quarter:
“In the second quarter, our steadfast focus on improving fulfillment efficiency and user experience reinforced the healthy development of both shipper and trucker ecosystems. Total net revenues reached RMB3.24 billion in the second quarter of 2025, a 17.2% increase from the prior year period, underpinned by transaction service revenue of RMB1.33 billion, which grew 39.4% year over year.”
He also highlighted the profitability gains:
“Net income rose 50.5% to RMB1.26 billion, while non-GAAP adjusted net income increased by 39.3% to RMB1.35 billion. Looking ahead, we remain dedicated to our user-centric strategy and to delivering sustainable, long-term value to both our users and shareholders.”
Operational Strengths Driving Growth
FTA’s continued success in Q2 2025 reflects its ongoing investments in digital freight technologies, marketplace efficiency, and ecosystem engagement. Several key factors contributed to its performance:
- Expanding User Ecosystem:
- By the end of the quarter, the platform hosted over 1.2 million shipper members and nearly 1 million trucker members, representing one of the largest digital freight communities in China.
- Average monthly active shippers (MAUs) grew 19.3% year over year, demonstrating increased adoption by businesses seeking more efficient freight solutions.
- Fulfillment and Capacity Improvements:
- The company’s refined credit rating system for truckers has built greater trust and reliability within the ecosystem.
- The resulting improvements helped boost fulfillment rates to above 40%, a significant gain that indicates stronger matching efficiency between shippers and truckers.
- Technology-Driven Solutions:
- Leveraging artificial intelligence, data analytics, and automation, FTA continued to optimize freight matching algorithms.
- Enhanced route optimization tools and real-time tracking services further improved operational efficiency and reduced logistics costs for shippers.
- Revenue Diversification:
- Transaction service revenues increased significantly, reflecting both higher order volume and enhanced monetization of services offered to platform participants.
- Growth in value-added services, including insurance and financing solutions for truckers, also contributed to overall revenue expansion.
Strategic Outlook for the Remainder of 2025
FTA leadership remains confident about sustaining growth momentum into the second half of 2025. The company’s strategy focuses on four primary pillars:
- Ecosystem Expansion – Attracting more shippers and truckers, while deepening engagement with existing members through loyalty programs, targeted promotions, and enhanced credit services.
- Digital Innovation – Scaling up AI-driven freight matching, predictive analytics, and logistics automation to further improve efficiency and cost savings.
- Sustainability and Efficiency – Supporting greener freight solutions by optimizing routes, reducing empty miles, and promoting more fuel-efficient operations.
- User-Centric Development – Prioritizing user satisfaction and reliability through platform improvements, faster payment processing, and robust support services.
With a strong balance sheet, profitable growth, and a proven digital ecosystem, FTA believes it is well-positioned to capture long-term opportunities in China’s road freight and logistics sector.
Non-GAAP Financial Measures
As part of its reporting, FTA provides non-GAAP adjusted net income as a supplemental measure to evaluate performance. This metric excludes the following:
- Share-based compensation expenses.
- Amortization of intangible assets arising from acquisitions.
- Acquisition-related compensation costs.
- Tax effects related to non-GAAP adjustments.
These adjustments are intended to provide a clearer picture of the company’s underlying operational profitability, beyond short-term fluctuations in accounting treatments or acquisition costs.
Key Definitions
- Fulfilled Orders: Refers to all shipping orders matched through FTA’s platform during the reporting period, excluding canceled orders or those without specified freight prices.
- Average Shipper MAUs: Represents the average number of monthly active shipper accounts over the reporting period. Shippers are considered active if they posted at least one order during the month.
Full Truck Alliance Co. Ltd. delivered a strong second quarter in 2025, underscored by double-digit revenue growth, significant profitability gains, and robust ecosystem expansion. With nearly 61 million fulfilled orders and over 3 million monthly active shippers, FTA continues to reinforce its leadership as China’s foremost digital freight platform.
The company’s ongoing focus on technology-driven logistics solutions, ecosystem health, and sustainable growth ensures it is well-positioned to maintain momentum through the remainder of 2025 and beyond.