Full Truck Alliance’s Platform Delivers Record User Growth Amid Revenue Rise and Shifting Profit Margins
Platform Growth Surges with All-Time Highs in User Engagement and Orders
Full Truck Alliance (NYSE:YMM), a digital freight leader in China, reported its third quarter 2025 results with standout growth in user numbers and order fulfillment. The platform achieved a record 3.35 million average monthly active shippers—up 17.6% year-over-year—while fulfilled orders surged to 63.4 million, a 22.3% increase from Q3 2024. The number of active truckers fulfilling orders over the last year climbed to 4.48 million, underscoring FTA’s broadening reach in China’s logistics sector.
Revenue Momentum Accelerates with Transaction Services as Growth Engine
Total net revenues for the quarter rose to RMB3.36 billion (US$471.73 million), up 10.8% year-over-year. Transaction service revenues stood out, leaping 39% to RMB1.46 billion (US$204.54 million). This segment benefited from increases in order volume, greater adoption among platform participants, and higher per-order fees. Revenue from value-added services also increased by 16.9%, reaching RMB560.69 million (US$78.76 million), thanks largely to the rising demand for credit solutions and services linked to FTA’s ongoing AI-driven innovations.
| Q3 2025 | Q3 2024 | Year-over-Year Change | |
|---|---|---|---|
| Net Revenues (RMB) | 3,358.24M | 3,031.39M | +10.8% |
| Transaction Services Revenue (RMB) | 1,456.09M | 1,047.50M | +39.0% |
| Fulfilled Orders (Million) | 63.40 | 51.90 | +22.3% |
| Avg. Shipper MAUs (Million) | 3.35 | 2.84 | +17.6% |
| Non-GAAP Net Income (RMB) | 988.14M | 1,241.21M | -20.4% |
Net Income Contracts Despite Strong Operational Upside
Despite record platform engagement and revenue, net income declined to RMB921 million (US$129.38 million) versus RMB1,121.94 million a year prior. The decrease reflects margin pressure amid higher operating costs—including sales, marketing, and notably, research and development, which rose after the consolidation of AI subsidiary Giga.AI. Non-GAAP adjusted net income similarly declined by 20.4% year-over-year.
R&D Investment, Ecosystem Expansion, and Balance Sheet Strength
R&D expenses reached RMB233.25 million (US$32.76 million) this quarter, a notable increase tied to AI innovation through the Giga.AI acquisition. FTA’s balance sheet remains robust with RMB31.1 billion (US$4.4 billion) in total cash, equivalents, and short-term investments as of September 30, 2025—up from RMB29.2 billion at year-end 2024. Non-performing loan ratios for FTA’s credit products remained flat at 2.2%.
Looking Ahead: Q4 Guidance and Management’s Outlook
Management forecasts Q4 2025 net revenues in the range of RMB3.08–3.18 billion, with expected 17.1%–22.5% year-over-year growth for core revenue (excluding freight brokerage). Company leaders remain focused on digital transformation and efficiency, banking on expanded AI capability and user satisfaction to fuel future growth.
Key Takeaway: Record Usage, Mixed Profit Picture, Strategic AI Bets
FTA’s latest quarter is defined by powerful user growth, expanding order volumes, and continued ecosystem development. However, declining profits despite revenue gains signal a transition period as the company ramps investment in technology and service quality. Investors and logistics watchers may want to monitor how FTA’s margin profile evolves as AI investments and new service offerings scale.
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