YMM Filings — Full Truck Alliance Co. Ltd. - FilingSpy
YMM
Full Truck Alliance Co. Ltd.
A digital freight platform often called China's "Uber for trucks," it runs a mobile marketplace where shippers post cargo and truck drivers find their next haul, along with brokerage and payment services. It was born in 2017 when two rival apps, Yunmanman ("full load") and Huochebang ("truck help"), merged into one company. Its Chinese name, Manbang, blends the two brands' words, literally meaning an "alliance for full capacity" — a nod to its goal of keeping trailers loaded instead of driving empty.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Transaction service revenue rose 38% while freight brokerage revenue fell 11% as a service fee hike cut volumes.
The freight brokerage business shrank. Total rose 11% to RMB 12.5 billion and climbed 43% to RMB 4.5 billion, driven entirely by a 38% increase in transaction service revenue, while freight brokerage revenue fell 11% after a fee increase drove away volume. The company is now more dependent on transaction commissions, and its largest legacy service is contracting.
Key takeaways
Transaction service rose 38% to RMB 5.3 billion, fueled by higher fulfilled order volumes, greater penetration, and an increase in per-order fees.
Freight brokerage fell 11% to RMB 4.2 billion as a service fee rate increase implemented in August 2025 caused a significant drop in transaction volume.
Cost of revenues decreased 9% to RMB 4.6 billion, mainly from a 14% drop in net and tax costs as the freight brokerage service's gross VAT obligation fell and reliance on government grants decreased.
reached RMB 4.5 billion, up from RMB 3.1 billion, benefiting from growth, lower , and the absence of a prior-year RMB 353 million loss.
was RMB 4.6 billion, while the company ended the year with RMB 6.1 billion in cash and equivalents after deploying RMB 2.7 billion into long-term time deposits and other investments.
The platform facilitated 236.3 million fulfilled orders with 3.28 million average monthly active shippers, and the company began early-stage international expansion through its Qmove platform.
What changed
The growth rate of transaction service decelerated from 67% in 2024 to 38% in 2025, suggesting the pace of monetization expansion is maturing.
The risk flagged in 2024 around declining government grants materialized: freight brokerage fell 11% as a fee increase meant to offset the grant reduction caused a significant drop in transaction volume.
The company's cash and equivalents declined for a second consecutive year, falling from $796.0 million at end-2024 to RMB 6.1 billion at end-2025, as capital returns and investment activities continued to absorb cash.
What to watch
Freight brokerage fulfilled order volume and trajectory to see if the volume decline stabilizes or deepens following the August 2025 fee increase.
Transaction service growth rate and average per-order commission rate to gauge whether monetization expansion is plateauing.
Progress and investment scale of the Qmove international platform as the company moves beyond its domestic China market.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
The Group reports limited direct FX risk but quantifies a 10% RMB depreciation impact on its cash balances; interest rate and inflation risks are deemed immaterial.
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The Group’s revenues and substantially all expenses are in Renminbi, but its reporting currency is Renminbi and the Hong Kong subsidiary’s is the U.S. dollar.
Foreign exchange gains/losses from translation were a loss of RMB17.3 million in 2025, compared to a gain of RMB8.0 million in 2024 and a loss of RMB2.1 million in 2023.
A hypothetical 10% of the RMB against the U.S. dollar would decrease the U.S. dollar equivalent of RMB cash balances from US$4,485 million to US$4,326 million.
The same 10% RMB would increase the RMB equivalent of U.S. dollar cash balances from RMB31,362 million to RMB33,617 million.
The Group states it has no material interest rate risk and does not use derivative instruments to manage interest rate exposure.
Inflation in China has not materially affected results, with the consumer price index showing a 0% change in December 2025.
The VIE structure, cybersecurity/data security regulations, and freight brokerage service profitability are the most material risks.
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The Group relies on contractual arrangements with VIEs to operate in restricted industries, and PRC regulatory changes could force it to relinquish these operations or face severe penalties.
A cybersecurity review of key apps previously suspended new user registration, and evolving data security laws could lead to penalties, service suspension, or increased compliance costs.
Freight brokerage service profitability depends heavily on local government VAT grants, which have been declining, and a recent service fee increase to offset this caused a significant drop in transaction volume.
The company was previously identified under the HFCAA, and while currently compliant, a future PCAOB determination could lead to a trading prohibition on its ADSs in the U.S.
The company's dual-class share structure concentrates 77.2% voting power with the founder, limiting shareholder influence on corporate matters.
Full Truck Alliance operates a leading digital freight platform in China, connecting shippers and truckers through freight matching and value-added services.
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The FTA platform provides freight matching services including freight listing, freight brokerage, and online transaction services, primarily for full-truckload (FTL) long-haul shipping.
The company generates from shipper membership fees, fees, and transaction service fees from truckers, alongside value-added services like credit solutions, insurance brokerage, ETC, and energy services.
In 2025, the platform facilitated 236.3 million fulfilled orders with 3.28 million average monthly active shippers and 4.6 million active truckers, demonstrating significant scale and network effects.
The company operates through multiple brands: Yunmanman and Huochebang for long-haul and LTL freight, Shengsheng for intra-city logistics, and Yunmanman Cold Chain for cold chain logistics.
Full Truck Alliance began exploring international expansion in 2025 through Qmove, its overseas digital freight platform, which was in an early stage of development as of year-end.
The company's competitive moat is built on a nationwide network, proprietary AI-powered matching and pricing algorithms, a vast logistics knowledge graph, and a large ground-force operations team.
Net income rose 43% to RMB4.5B in 2025 driven by 38% transaction service growth and lower VAT costs, while freight brokerage revenue fell 11%.
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Total net revenues grew 11% to RMB12.5B, led by a 38% surge in transaction service to RMB5.3B on higher order volume, penetration, and per-order fees.
Freight brokerage declined 11% to RMB4.2B due to lower transaction volume, partially offset by a service fee rate increase implemented in August 2025.
Cost of revenues decreased 9% to RMB4.6B, mainly from a 14% drop in net VAT and tax costs as the freight brokerage service's gross VAT obligation fell and reliance on government grants decreased.
reached RMB4.5B, up from RMB3.1B, benefiting from growth, lower , and the absence of a prior-year RMB353M .
was strong at RMB4.6B, while investing activities used RMB2.7B primarily for long-term time deposits and other investments.
The company ended 2025 with RMB6.1B in cash and equivalents and expects sufficient for the next 12 months.