Full Truck Alliance Co. Ltd. reported third‑quarter 2025 revenue of RMB 3.36 billion (about $471.7 million), a 10.8% year‑over‑year increase that surpassed the consensus estimate of RMB 3.34 billion. The lift was largely driven by a 39% jump in transaction‑service revenue, reflecting stronger demand for freight‑matching and value‑added services on the platform.
The company posted earnings per share of RMB 0.93 per ADS (US$ 0.12), missing the consensus of RMB 1.00 (US$ 0.14) by 7.1%. The shortfall was attributed to higher operating costs, notably increased research and development spending linked to the consolidation of Giga.AI and a rise in sales and marketing expenses as the firm expands its digital ecosystem.
Net income fell to RMB 921.0 million from RMB 1,121.9 million in Q3 2024, reflecting margin compression. Operating margin slipped from 10.2% to 9.9% year‑over‑year, a decline driven by the cost of scaling AI capabilities and marketing initiatives.
For the fourth quarter, management guided total net revenues between RMB 3.08 billion and RMB 3.18 billion, slightly below the RMB 3.17 billion reported in Q4 2024. Excluding freight brokerage, the company expects year‑over‑year revenue growth of 17.1% to 22.5%, indicating a moderated outlook amid continued investment in technology and user experience.
CEO Peter Hui Zhang highlighted the company’s focus on cost discipline, digital transformation, and the strategic value of the Giga.AI acquisition. He noted that the firm remains committed to improving operational efficiency while expanding its ecosystem to enhance user satisfaction.
Market reaction was mixed: analysts praised the revenue beat but expressed concern over the EPS miss, underscoring the tension between top‑line growth and short‑term profitability pressures.
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