<p>满帮 NYSE: YMM 报告了 2026 年第一季度的稳定增长，管理层指出订单活动增强、平台治理改善以及人工智能工具在其数字货运市场中的使用增加。</p>
<p>创始人、董事长兼首席执行官张辉表示，尽管市场环境 “复杂且快速变化”，公司仍然专注于 “高质量增长和数字创新”。他表示，本季度已完成订单同比增长超过 14%，而平均发货人月活跃用户达到 311 万，同比增长 13%。</p>
<p>获取 <strong>满帮</strong> 的提醒：</p>
<p>在财务方面，张辉表示总净收入同比增长 5.5%，达到 28.5 亿元人民币。排除货运代理服务后，净收入达到 20.2 亿元人民币，增长 17%。他还表示，交易服务收入达到 13.9 亿元人民币，而经营活动提供的净现金同比大幅增长至 15.6 亿元人民币。</p>
<h2>治理努力后订单增长重新加速</h2>
<p>首席财务官蔡明表示，第一季度已完成订单增长加速至 14.3%，超出公司的预期。他将这一改善主要归因于早期平台治理措施的影响减轻，包括针对错误分类拼车订单、货运转售和实名验证的措施。</p>
<p>蔡明表示，这些措施在前一个季度曾暂时抑制了订单增长，但已开始产生结构性好处，包括改善货运真实性、定价纪律和履约可靠性。</p>
<p>他还表示，从三月开始的油价波动突显了平台的价格发现优势。随着燃料价格上涨，蔡明表示线下货运代理和基于关系的卡车网络在传递成本上涨方面遇到更多困难，而满帮的平台则允许实时供需定价。</p>
<p>蔡明提到的第三个因素是运营效率的提高。他指出了公司货运区域功能的迭代更新、更广泛的货运支付保护以及即时货物功能与卡车信用评级的更深层次整合。蔡明表示，包括代理商和直接发货人在内的每个发货人细分市场在本季度均实现了双位数的同比已完成订单增长。</p>
<h2>履约率创下新高</h2>
<p>根据蔡明的说法，公司整体履约率在第一季度达到 44.1%，同比增长 4.9 个百分点，环比增长 1.4 个百分点。他表示，该指标为公司再创纪录。</p>
<p>蔡明表示，改善的原因在于更有利的订单组合、更强的运营措施和生态系统治理。直接发货人占已完成订单的比例不断增加，蔡明表示这些客户往往具有更高的履约可靠性和更强的执行承诺。</p>
<p>他还表示，专业发货人（包括 1688.com 成员）的履约率同比和环比均有所改善。蔡明提到治理项目、实名验证、发货人星级评分和异常订单行为监测的持续影响，以及重建的运输工作流程和新货物列表的二次确认步骤等产品改进。</p>
<h2>发货人和卡车司机的参与仍然是重点</h2>
<p>管理层表示，第一季度发货人月活跃用户达到 311 万，同比增长 12.7%。蔡明表示，这一增长得益于客户获取效率的提高、产品利益的扩大和用户信任的增强。</p>
<p>他说，应用商店、信息流广告和跨品牌合作仍然是公司的主要获取渠道。推荐驱动的获取仍然是一个重要的贡献者，推荐的发货人在履约率和长期留存方面表现优于平台平均水平。</p>
<p>在卡车司机方面，蔡明表示响应订单的月活跃卡车司机保持在约 300 万。他表示，新增活跃卡车司机中新能源车辆的比例持续增长，得益于较低的运营成本和政策利好。</p>
<p>满帮还将货运支付保护从会员卡车司机扩展到其全体卡车司机基础。蔡明表示，该计划现在覆盖平台上超过 90% 的货运列表。对于受保护的订单，平台在延迟或违约的货运支付情况下进行干预，并可能在逾期后争议未解决的情况下覆盖短缺。</p>
<h2>油价促使燃料和货运措施</h2>
<p>针对更高的燃料价格，蔡明表示公司实施了货运费与燃料价格挂钩的机制，包括提高参考货运费和竞标底价。满帮还启动了发货人外展活动，以提高对燃料成本状况的认识并鼓励公平竞标实践。</p>
<p>公司还继续发展其加油业务。蔡明表示，满帮已将其加油网络扩展到约 12000 个加油站，并于四月底与中石化签署了战略合作协议。该合作已在江苏、浙江和安徽省上线，平台可访问超过 3000 个中石化加油站。</p>
<p>蔡明表示，加油业务采用轻资产的促进模式，使得经过验证的卡车司机能够通过加油站合作伙伴以优惠的燃料价格获取燃料，扣除适度的服务费。</p>
<h2>人工智能和经纪业务转型推进</h2>
<p>Tai 表示满帮的货运经纪业务已经转变为双轨模式，结合了自营业务和聚合模式。在自营模式下，公司直接管理开票和结算，并为中小型发货人提供货物匹配和增值税发票的开具。在聚合模式下，合格的第三方合作伙伴处理开票和结算，而满帮则专注于货物匹配和运力分配。</p>
<p>Tai 表示，这一转变减少了监管风险，支持更轻资产的运营模式，并有助于留住在平台生态系统内有开票需求的发货人。</p>
<p>关于人工智能，Tai 表示公司在第一季度的举措从探索转向了针对性的能力优化和测试。公司正在为货物发布、货物匹配和订单履行构建人工智能代理，同时还提供人工智能驱动的客户服务。</p>
<p>他表示，直接发货人中人工智能辅助的货物发布试点显示出履行率 “明显高于平均水平”。公司还计划推出多模式能力，包括基于截图的发布，并进一步将人工智能工具与企业用户的 WeCom 和 OpenAPI 进行整合。</p>
<p>展望未来，Tai 表示管理层对持续稳健增长保持信心，这得益于平台治理的优势、直接发货订单的比例上升以及在匹配和履行中更深入的人工智能应用。</p>
<h2>关于满帮 NYSE: YMM</h2>
<p>满帮 NYSE: YMM 在中国运营着领先的数字货运平台，将发货人与庞大的独立卡车司机网络连接起来。公司的核心业务集中在货物匹配上，使货主能够通过移动和基于网络的界面快速找到合适的承运人。通过简化预订流程，满帮帮助减少停工时间，提高发货人和司机的整体资产利用率。</p>
<p>该平台具有实时路线优化、电子运单、数字支付解决方案和应用内沟通工具。</p>
<p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资满帮 $1,000 吗？</h2>
<p>在考虑满帮之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前立即购买……而满帮并不在名单上。</p>
<p>虽然满帮目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>查看这五只股票</p>

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<p>满帮（NYSE:YMM）报告称，2026 年第一季度净收入同比增长 5.5%，达到 28.5 亿元人民币，主要受已完成订单增长 14.3% 的推动。公司强调高质量增长和数字创新，改善了平台治理并整合了人工智能。月活跃货主达到 311 万，增长 12.7%。履约率创下 44.1% 的新高，得益于更好的订单组合和治理措施。针对燃料价格上涨，公司实施了运费联动机制，并扩展了加油网络</p>

<p>Full Truck Alliance NYSE: YMM 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>
<div class="lb-trans"><p>满帮 NYSE: YMM 报告了 2026 年第一季度的稳定增长，管理层指出订单活动增强、平台治理改善以及人工智能工具在其数字货运市场中的使用增加。</p>
</div><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 class="lb-trans"><p>创始人、董事长兼首席执行官张辉表示，尽管市场环境 “复杂且快速变化”，公司仍然专注于 “高质量增长和数字创新”。他表示，本季度已完成订单同比增长超过 14%，而平均发货人月活跃用户达到 311 万，同比增长 13%。</p>
</div><p>Get <strong>Full Truck Alliance</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>满帮</strong> 的提醒：</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>
<div class="lb-trans"><p>在财务方面，张辉表示总净收入同比增长 5.5%，达到 28.5 亿元人民币。排除货运代理服务后，净收入达到 20.2 亿元人民币，增长 17%。他还表示，交易服务收入达到 13.9 亿元人民币，而经营活动提供的净现金同比大幅增长至 15.6 亿元人民币。</p>
</div><h2>Order Growth Reaccelerates After Governance Efforts</h2>
<div class="lb-trans"><h2>治理努力后订单增长重新加速</h2>
</div><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>
<div class="lb-trans"><p>首席财务官蔡明表示，第一季度已完成订单增长加速至 14.3%，超出公司的预期。他将这一改善主要归因于早期平台治理措施的影响减轻，包括针对错误分类拼车订单、货运转售和实名验证的措施。</p>
</div><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>
<div class="lb-trans"><p>蔡明表示，这些措施在前一个季度曾暂时抑制了订单增长，但已开始产生结构性好处，包括改善货运真实性、定价纪律和履约可靠性。</p>
</div><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>
<div class="lb-trans"><p>他还表示，从三月开始的油价波动突显了平台的价格发现优势。随着燃料价格上涨，蔡明表示线下货运代理和基于关系的卡车网络在传递成本上涨方面遇到更多困难，而满帮的平台则允许实时供需定价。</p>
</div><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>
<div class="lb-trans"><p>蔡明提到的第三个因素是运营效率的提高。他指出了公司货运区域功能的迭代更新、更广泛的货运支付保护以及即时货物功能与卡车信用评级的更深层次整合。蔡明表示，包括代理商和直接发货人在内的每个发货人细分市场在本季度均实现了双位数的同比已完成订单增长。</p>
</div><h2>Fulfillment Rate Hits New High</h2>
<div class="lb-trans"><h2>履约率创下新高</h2>
</div><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>
<div class="lb-trans"><p>根据蔡明的说法，公司整体履约率在第一季度达到 44.1%，同比增长 4.9 个百分点，环比增长 1.4 个百分点。他表示，该指标为公司再创纪录。</p>
</div><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>
<div class="lb-trans"><p>蔡明表示，改善的原因在于更有利的订单组合、更强的运营措施和生态系统治理。直接发货人占已完成订单的比例不断增加，蔡明表示这些客户往往具有更高的履约可靠性和更强的执行承诺。</p>
</div><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>
<div class="lb-trans"><p>他还表示，专业发货人（包括 1688.com 成员）的履约率同比和环比均有所改善。蔡明提到治理项目、实名验证、发货人星级评分和异常订单行为监测的持续影响，以及重建的运输工作流程和新货物列表的二次确认步骤等产品改进。</p>
</div><h2>Shipper and Trucker Engagement Remains a Focus</h2>
<div class="lb-trans"><h2>发货人和卡车司机的参与仍然是重点</h2>
</div><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>
<div class="lb-trans"><p>管理层表示，第一季度发货人月活跃用户达到 311 万，同比增长 12.7%。蔡明表示，这一增长得益于客户获取效率的提高、产品利益的扩大和用户信任的增强。</p>
</div><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>
<div class="lb-trans"><p>他说，应用商店、信息流广告和跨品牌合作仍然是公司的主要获取渠道。推荐驱动的获取仍然是一个重要的贡献者，推荐的发货人在履约率和长期留存方面表现优于平台平均水平。</p>
</div><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>
<div class="lb-trans"><p>在卡车司机方面，蔡明表示响应订单的月活跃卡车司机保持在约 300 万。他表示，新增活跃卡车司机中新能源车辆的比例持续增长，得益于较低的运营成本和政策利好。</p>
</div><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>
<div class="lb-trans"><p>满帮还将货运支付保护从会员卡车司机扩展到其全体卡车司机基础。蔡明表示，该计划现在覆盖平台上超过 90% 的货运列表。对于受保护的订单，平台在延迟或违约的货运支付情况下进行干预，并可能在逾期后争议未解决的情况下覆盖短缺。</p>
</div><h2>Oil Prices Prompt Fuel and Freight Measures</h2>
<div class="lb-trans"><h2>油价促使燃料和货运措施</h2>
</div><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>
<div class="lb-trans"><p>针对更高的燃料价格，蔡明表示公司实施了货运费与燃料价格挂钩的机制，包括提高参考货运费和竞标底价。满帮还启动了发货人外展活动，以提高对燃料成本状况的认识并鼓励公平竞标实践。</p>
</div><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>
<div class="lb-trans"><p>公司还继续发展其加油业务。蔡明表示，满帮已将其加油网络扩展到约 12000 个加油站，并于四月底与中石化签署了战略合作协议。该合作已在江苏、浙江和安徽省上线，平台可访问超过 3000 个中石化加油站。</p>
</div><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>
<div class="lb-trans"><p>蔡明表示，加油业务采用轻资产的促进模式，使得经过验证的卡车司机能够通过加油站合作伙伴以优惠的燃料价格获取燃料，扣除适度的服务费。</p>
</div><h2>AI and Brokerage Transformation Advance</h2>
<div class="lb-trans"><h2>人工智能和经纪业务转型推进</h2>
</div><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>
<div class="lb-trans"><p>Tai 表示满帮的货运经纪业务已经转变为双轨模式，结合了自营业务和聚合模式。在自营模式下，公司直接管理开票和结算，并为中小型发货人提供货物匹配和增值税发票的开具。在聚合模式下，合格的第三方合作伙伴处理开票和结算，而满帮则专注于货物匹配和运力分配。</p>
</div><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>
<div class="lb-trans"><p>Tai 表示，这一转变减少了监管风险，支持更轻资产的运营模式，并有助于留住在平台生态系统内有开票需求的发货人。</p>
</div><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>
<div class="lb-trans"><p>关于人工智能，Tai 表示公司在第一季度的举措从探索转向了针对性的能力优化和测试。公司正在为货物发布、货物匹配和订单履行构建人工智能代理，同时还提供人工智能驱动的客户服务。</p>
</div><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>
<div class="lb-trans"><p>他表示，直接发货人中人工智能辅助的货物发布试点显示出履行率 “明显高于平均水平”。公司还计划推出多模式能力，包括基于截图的发布，并进一步将人工智能工具与企业用户的 WeCom 和 OpenAPI 进行整合。</p>
</div><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>
<div class="lb-trans"><p>展望未来，Tai 表示管理层对持续稳健增长保持信心，这得益于平台治理的优势、直接发货订单的比例上升以及在匹配和履行中更深入的人工智能应用。</p>
</div><h2>About Full Truck Alliance NYSE: YMM</h2>
<div class="lb-trans"><h2>关于满帮 NYSE: YMM</h2>
</div><p>Full Truck Alliance NYSE: YMM 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>
<div class="lb-trans"><p>满帮 NYSE: YMM 在中国运营着领先的数字货运平台，将发货人与庞大的独立卡车司机网络连接起来。公司的核心业务集中在货物匹配上，使货主能够通过移动和基于网络的界面快速找到合适的承运人。通过简化预订流程，满帮帮助减少停工时间，提高发货人和司机的整体资产利用率。</p>
</div><p>The platform features real-time route optimization, electronic waybills, digital payment solutions and in-app communication tools.</p>
<div class="lb-trans"><p>该平台具有实时路线优化、电子运单、数字支付解决方案和应用内沟通工具。</p>
</div><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>
<div class="lb-trans"><p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in Full Truck Alliance Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资满帮 $1,000 吗？</h2>
</div><p>Before you consider Full Truck Alliance, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑满帮之前，你需要听听这个。</p>
</div><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>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前立即购买……而满帮并不在名单上。</p>
</div><p>While Full Truck Alliance currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然满帮目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票</p>
</div>

满帮集团第一季度财报电话会议要点