Full Truck Alliance Co. Ltd. (YMM)

Full Truck Alliance Co. Ltd. (FTA) operates a leading digital freight platform in China that connects shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The company was formed in December 2017 through the merger of Yunmanman (founded 2013) and Huochebang (founded 2011), and its ADSs have been listed on the NYSE under the symbol "YMM" since June 2021. In 2025, about 3.28 million shippers posted orders each month on average in the fourth quarter, 4.6 million truckers fulfilled orders, and the group facilitated 236.3 million fulfilled orders, up 19.8% from 197.2 million in 2024. Net revenues were RMB12,489.9 million in 2025 and net income was RMB4,459.1 million.

The platform's services fall into freight matching and value-added services. Freight matching includes a freight listing service, where shippers pay tiered annual memberships (RMB288 to RMB3,888) to post more orders than the free allowance. It also includes a freight brokerage service, where consolidated affiliates contract with shippers and truckers, issue VAT invoices and assume liability for cargo damage up to RMB20,000 per shipment. A third element is an online transaction service, in which truckers pay deposits held in escrow at a third-party bank and pay transaction service fees. Value-added services include transportation management systems, credit solutions and insurance for shippers. Truckers get traffic ticket management software, credit, insurance, ETC and energy services. Through the majority-owned subsidiary Giga.AI, the group also sells ADAS kits and provides ADAS-enabled carrier services. The services are delivered through the Yunmanman, Huochebang, Shengsheng and Yunmanman Cold Chain mobile apps. Yunmanman and Huochebang mainly serve long-haul full-truckload and less-than-truckload freight, Shengsheng serves intra-city freight, and Yunmanman Cold Chain serves cold chain logistics. In 2025 the group also began exploring international markets through Qmove, an overseas digital freight platform still at an early stage.

The customers are shippers and truckers in China's road transportation industry. As of December 31, 2025, 1.32 million shippers held active paying memberships. Value-added services also involve ecosystem partners such as financial institutions, insurance companies, gas station operators and highway authorities. Revenue comes mainly from shipper membership fees, freight brokerage service fees, trucker transaction service fees, and interest and fees from value-added services.

Because PRC rules restrict foreign ownership of value-added telecommunications and certain financial services, a substantial part of operations is run through contractual arrangements with variable interest entities: Manyun Software, Shan'en Technology and Manyun Cold Chain. Value-added services other than insurance brokerage are mainly provided by Jiangsu Yunmanman, FTA Information and their subsidiaries. The company is a Cayman Islands exempted company, with principal executive offices in Guiyang, Guizhou and Nanjing, Jiangsu, China.