<div id="readability-page-1"><p>Full Truck Alliance <span>NYSE: YMM<span></span></span> reported steady first-quarter 2026 growth, with management pointing to stronger order activity, improved platform governance and increased use of artificial intelligence tools across its digital freight marketplace.</p><p>Founder, Chairman and Chief Executive Officer Hui Zhang said the company remained focused on “high-quality growth and digital innovation” despite a “complex and rapidly evolving market environment.” He said fulfilled orders rose more than 14% year over year in the quarter, while average shipper monthly active users reached 3.11 million, up 13% from a year earlier.  </p><div><p><span></span><span>Get <strong>Full Truck Alliance</strong> alerts:</span></p></div><p>Financially, Zhang said total net revenue increased 5.5% year over year to RMB 2.85 billion. Excluding freight brokerage services, net revenue reached RMB 2.02 billion, up 17%. He also said transaction service revenue reached RMB 1.39 billion, while net cash provided by operating activities rose significantly year over year to RMB 1.56 billion.  </p><h2>Order Growth Reaccelerates After Governance Efforts</h2>  <p>Chief Financial Officer Simon Tai said fulfilled order growth accelerated to 14.3% in the first quarter, ahead of the company’s expectations. He attributed the improvement primarily to the easing impact of earlier platform governance efforts, including measures targeting misclassified carpooling orders, freight reselling and real-name verification.  </p><p>Tai said those actions had temporarily weighed on order growth in the prior quarter but had begun to produce structural benefits, including improved freight authenticity, pricing discipline and fulfillment reliability.  </p><p>He also said oil price volatility from March onward highlighted the platform’s price discovery advantages. As fuel prices moved higher, Tai said offline freight brokers and relationship-based trucking networks had more difficulty passing through cost increases, while Full Truck Alliance’s platform allowed for real-time supply-and-demand pricing.  </p><p>A third factor, Tai said, was improved operating efficiency. He pointed to updates such as iterations of the company’s freight zone feature, broader freight payment protection and deeper integration of instant cargo functions with trucker credit ratings. Tai said every shipper segment, including broker and direct shippers, posted double-digit year-over-year fulfilled order growth in the quarter.  </p><h2>Fulfillment Rate Hits New High</h2>  <p>The company’s overall fulfillment rate reached 44.1% in the first quarter, up 4.9 percentage points year over year and 1.4 percentage points sequentially, according to Tai. He said the metric set another record for the company.  </p><p>Tai said the improvement was driven by a more favorable order mix, stronger operating measures and ecosystem governance. Direct shippers accounted for a growing share of fulfilled orders, and Tai said these customers tend to have higher fulfillment reliability and stronger execution commitment.  </p><p>He also said fulfillment rates among professional shippers, including 1688.com members, improved year over year and quarter over quarter. Tai cited the ongoing effects of governance programs, real-name verification, shipper star ratings and abnormal order behavior monitoring, as well as product improvements such as a rebuilt shipping workflow and a secondary confirmation step for new freight listings.  </p><h2>Shipper and Trucker Engagement Remains a Focus</h2>  <p>Management said shipper monthly active users reached 3.11 million in the first quarter, up 12.7% year over year. Tai said the growth was driven by improved customer acquisition efficiency, expanded product benefits and stronger user trust.  </p><p>He said app stores, information feed advertising and cross-brand partnerships remained the company’s main acquisition channels. Referral-driven acquisition also remained an important contributor, with referred shippers outperforming platform averages on fulfillment rates and long-term retention, according to Tai.  </p><p>On the trucker side, Tai said monthly active truckers responding to orders held steady at about 3 million. He said the share of new energy vehicles among newly onboarded active truckers continued to grow, supported by lower operating costs and policy tailwinds.  </p><p>Full Truck Alliance also expanded freight payment protection from member truckers to its full trucker base. Tai said the program now covers more than 90% of freight listings on the platform. For protected orders, the platform intervenes in cases of delayed or defaulted freight payments and may cover shortfalls if disputes remain unresolved after the overdue period.  </p><h2>Oil Prices Prompt Fuel and Freight Measures</h2>  <p>In response to higher fuel prices, Tai said the company implemented a freight rate fuel price linkage mechanism, including raising reference freight rates and bidding floor prices. Full Truck Alliance also launched shipper outreach campaigns to raise awareness of fuel cost conditions and encourage fair bidding practices.  </p><p>The company also continues to develop its fueling business. Tai said Full Truck Alliance has expanded its fueling network to about 12,000 gas stations and entered a strategic cooperation agreement with Sinopec in late April. The partnership has gone live in Jiangsu, Zhejiang and Anhui provinces, with more than 3,000 Sinopec stations accessible through the platform.  </p><p>Tai said the fueling business operates under an asset-light facilitation model, allowing verified truckers to access preferential fuel rates through station partners, net of a modest service fee.  </p><h2>AI and Brokerage Transformation Advance</h2>  <p>Tai said Full Truck Alliance’s freight brokerage business has transitioned into a dual-track model, combining a self-operated business with an aggregator model. Under the self-operated model, the company directly manages invoicing and settlement and serves small and midsize shippers with freight matching and VAT invoice issuance. Under the aggregator model, qualified third-party partners handle invoicing and settlement, while Full Truck Alliance focuses on freight matching and capacity allocation.  </p><p>Tai said the shift reduces regulatory exposure, supports a more asset-light operating profile and helps retain shippers with invoicing needs inside the platform’s ecosystem.  </p><p>On AI, Tai said the company’s initiatives moved in the first quarter from exploration to targeted capability refinement and testing. The company is building AI agents for shipment posting, freight matching and order fulfillment, along with AI-powered customer service.  </p><p>He said AI-assisted shipment posting pilots among direct shippers showed fulfillment rates “materially above average.” The company also plans to introduce multimodal capabilities, including screenshot-based posting, and further integrate AI tools with WeCom and OpenAPI for enterprise users.  </p><p>Looking ahead, Tai said management remains confident in sustaining solid growth, supported by platform governance benefits, a rising share of direct shipper orders and deeper AI use across matching and fulfillment.</p><h2>About Full Truck Alliance <span>NYSE: YMM<span></span></span></h2><p>Full Truck Alliance <span>NYSE: YMM<span></span></span> operates a leading digital freight platform in China, connecting shippers with a vast network of independent truck drivers. The company’s core offering centers on load matching, enabling cargo owners to find suitable carriers quickly through a mobile and web-based interface. By streamlining the booking process, Full Truck Alliance helps reduce downtime and improves overall asset utilization for both shippers and drivers. </p><p>The platform features real-time route optimization, electronic waybills, digital payment solutions and in-app communication tools.</p><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p><h2>Should You Invest $1,000 in Full Truck Alliance Right Now?</h2><p>Before you consider Full Truck Alliance, you'll want to hear this.</p><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Full Truck Alliance wasn't on the list.</p><p>While Full Truck Alliance currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p><p>View The Five Stocks Here</p>                  </div>

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<p>Full Truck Alliance (NYSE:YMM) reported a 5.5% year-over-year increase in Q1 2026 net revenue to RMB 2.85 billion, driven by a 14.3% rise in fulfilled orders. The company emphasized high-quality growth and digital innovation, with improved platform governance and AI integration. Monthly active shippers reached 3.11 million, up 12.7%. The fulfillment rate hit a record 44.1%, supported by better order mix and governance measures. In response to rising fuel prices, the company implemented a freight rate linkage mechanism and expanded its fueling network.</p>

Full Truck Alliance Q1 Earnings Call Highlights