Overview

* Digital freight platform Full Truck Alliance ( YMM ) Q3 revenue grows 10.8% yr/yr to RMB3.36 bln

* Net income for Q3 2025 decreases compared to same period last year

* Company acquired majority interest in Giga.AI to enhance AI capabilities

Outlook

* Company expects Q4 2025 net revenues between RMB3.08 bln and RMB3.18 bln

* Excluding freight brokerage, Q4 net revenues seen at RMB2.18 bln to RMB2.28 bln

* Company aims to leverage technology for high-quality development

Result Drivers

* TRANSACTION SERVICE REVENUE - Co's transaction service revenue rose 39% yr/yr, driven by increased order volume and higher fees

* AI CAPABILITIES - Acquisition of Giga.AI enhanced co's AI capabilities, positioning for future growth

* USER GROWTH - Record high user numbers with 17.6% increase in shipper MAUs and 22.3% increase in fulfilled orders

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 RMB 3.36

Revenue bln

(US$471.

7

million)

Q3 RMB

Adjusted 988.10

Net mln

Income

Q3 Net RMB 921

Income mln

Q3 RMB

Adjusted 849.10

Operatin mln

g Income

Q3 RMB

Operatin 776.30

g Income mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the software peer group is "buy"

* Wall Street's median 12-month price target for Full Truck Alliance Co Ltd ( YMM ) is $14.60, about 15.6% above its November 14 closing price of $12.32

* The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)