<p>滿幫 NYSE: YMM 報告了 2026 年第一季度的穩定增長，管理層指出訂單活動增強、平台治理改善以及人工智能工具在其數字貨運市場中的使用增加。</p>
<p>創始人、董事長兼首席執行官張輝表示，儘管市場環境 “複雜且快速變化”，公司仍然專注於 “高質量增長和數字創新”。他表示，本季度已完成訂單同比增長超過 14%，而平均發貨人月活躍用户達到 311 萬，同比增長 13%。</p>
<p>獲取 <strong>滿幫</strong> 的提醒：</p>
<p>在財務方面，張輝表示總淨收入同比增長 5.5%，達到 28.5 億元人民幣。排除貨運代理服務後，淨收入達到 20.2 億元人民幣，增長 17%。他還表示，交易服務收入達到 13.9 億元人民幣，而經營活動提供的淨現金同比大幅增長至 15.6 億元人民幣。</p>
<h2>治理努力後訂單增長重新加速</h2>
<p>首席財務官蔡明表示，第一季度已完成訂單增長加速至 14.3%，超出公司的預期。他將這一改善主要歸因於早期平台治理措施的影響減輕，包括針對錯誤分類拼車訂單、貨運轉售和實名驗證的措施。</p>
<p>蔡明表示，這些措施在前一個季度曾暫時抑制了訂單增長，但已開始產生結構性好處，包括改善貨運真實性、定價紀律和履約可靠性。</p>
<p>他還表示，從三月開始的油價波動突顯了平台的價格發現優勢。隨着燃料價格上漲，蔡明表示線下貨運代理和基於關係的卡車網絡在傳遞成本上漲方面遇到更多困難，而滿幫的平台則允許實時供需定價。</p>
<p>蔡明提到的第三個因素是運營效率的提高。他指出了公司貨運區域功能的迭代更新、更廣泛的貨運支付保護以及即時貨物功能與卡車信用評級的更深層次整合。蔡明表示，包括代理商和直接發貨人在內的每個發貨人細分市場在本季度均實現了雙位數的同比已完成訂單增長。</p>
<h2>履約率創下新高</h2>
<p>根據蔡明的説法，公司整體履約率在第一季度達到 44.1%，同比增長 4.9 個百分點，環比增長 1.4 個百分點。他表示，該指標為公司再創紀錄。</p>
<p>蔡明表示，改善的原因在於更有利的訂單組合、更強的運營措施和生態系統治理。直接發貨人佔已完成訂單的比例不斷增加，蔡明表示這些客户往往具有更高的履約可靠性和更強的執行承諾。</p>
<p>他還表示，專業發貨人（包括 1688.com 成員）的履約率同比和環比均有所改善。蔡明提到治理項目、實名驗證、發貨人星級評分和異常訂單行為監測的持續影響，以及重建的運輸工作流程和新貨物列表的二次確認步驟等產品改進。</p>
<h2>發貨人和卡車司機的參與仍然是重點</h2>
<p>管理層表示，第一季度發貨人月活躍用户達到 311 萬，同比增長 12.7%。蔡明表示，這一增長得益於客户獲取效率的提高、產品利益的擴大和用户信任的增強。</p>
<p>他説，應用商店、信息流廣告和跨品牌合作仍然是公司的主要獲取渠道。推薦驅動的獲取仍然是一個重要的貢獻者，推薦的發貨人在履約率和長期留存方面表現優於平台平均水平。</p>
<p>在卡車司機方面，蔡明表示響應訂單的月活躍卡車司機保持在約 300 萬。他表示，新增活躍卡車司機中新能源車輛的比例持續增長，得益於較低的運營成本和政策利好。</p>
<p>滿幫還將貨運支付保護從會員卡車司機擴展到其全體卡車司機基礎。蔡明表示，該計劃現在覆蓋平台上超過 90% 的貨運列表。對於受保護的訂單，平台在延遲或違約的貨運支付情況下進行干預，並可能在逾期後爭議未解決的情況下覆蓋短缺。</p>
<h2>油價促使燃料和貨運措施</h2>
<p>針對更高的燃料價格，蔡明表示公司實施了貨運費與燃料價格掛鈎的機制，包括提高參考貨運費和競標底價。滿幫還啓動了發貨人外展活動，以提高對燃料成本狀況的認識並鼓勵公平競標實踐。</p>
<p>公司還繼續發展其加油業務。蔡明表示，滿幫已將其加油網絡擴展到約 12000 個加油站，並於四月底與中石化簽署了戰略合作協議。該合作已在江蘇、浙江和安徽省上線，平台可訪問超過 3000 箇中石化加油站。</p>
<p>蔡明表示，加油業務採用輕資產的促進模式，使得經過驗證的卡車司機能夠通過加油站合作伙伴以優惠的燃料價格獲取燃料，扣除適度的服務費。</p>
<h2>人工智能和經紀業務轉型推進</h2>
<p>Tai 表示滿幫的貨運經紀業務已經轉變為雙軌模式，結合了自營業務和聚合模式。在自營模式下，公司直接管理開票和結算，併為中小型發貨人提供貨物匹配和增值税發票的開具。在聚合模式下，合格的第三方合作伙伴處理開票和結算，而滿幫則專注於貨物匹配和運力分配。</p>
<p>Tai 表示，這一轉變減少了監管風險，支持更輕資產的運營模式，並有助於留住在平台生態系統內有開票需求的發貨人。</p>
<p>關於人工智能，Tai 表示公司在第一季度的舉措從探索轉向了針對性的能力優化和測試。公司正在為貨物發佈、貨物匹配和訂單履行構建人工智能代理，同時還提供人工智能驅動的客户服務。</p>
<p>他表示，直接發貨人中人工智能輔助的貨物發佈試點顯示出履行率 “明顯高於平均水平”。公司還計劃推出多模式能力，包括基於截圖的發佈，並進一步將人工智能工具與企業用户的 WeCom 和 OpenAPI 進行整合。</p>
<p>展望未來，Tai 表示管理層對持續穩健增長保持信心，這得益於平台治理的優勢、直接發貨訂單的比例上升以及在匹配和履行中更深入的人工智能應用。</p>
<h2>關於滿幫 NYSE: YMM</h2>
<p>滿幫 NYSE: YMM 在中國運營着領先的數字貨運平台，將發貨人與龐大的獨立卡車司機網絡連接起來。公司的核心業務集中在貨物匹配上，使貨主能夠通過移動和基於網絡的界面快速找到合適的承運人。通過簡化預訂流程，滿幫幫助減少停工時間，提高發貨人和司機的整體資產利用率。</p>
<p>該平台具有實時路線優化、電子運單、數字支付解決方案和應用內溝通工具。</p>
<p><em>此即時新聞提醒由敍事科學技術和 MarketBeat 的金融數據生成，以便為讀者提供最快的報道和公正的覆蓋。如對本故事有任何問題或意見，請發送郵件至 contact@marketbeat.com。</em></p>
<h2>你現在應該投資滿幫 $1,000 嗎？</h2>
<p>在考慮滿幫之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻頂級分析師悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前立即購買……而滿幫並不在名單上。</p>
<p>雖然滿幫目前在分析師中被評為持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
<p>查看這五隻股票</p>

滿幫

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<p>滿幫（NYSE:YMM）報告稱，2026 年第一季度淨收入同比增長 5.5%，達到 28.5 億元人民幣，主要受已完成訂單增長 14.3% 的推動。公司強調高質量增長和數字創新，改善了平台治理並整合了人工智能。月活躍貨主達到 311 萬，增長 12.7%。履約率創下 44.1% 的新高，得益於更好的訂單組合和治理措施。針對燃料價格上漲，公司實施了運費聯動機制，並擴展了加油網絡</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>滿幫 NYSE: YMM 報告了 2026 年第一季度的穩定增長，管理層指出訂單活動增強、平台治理改善以及人工智能工具在其數字貨運市場中的使用增加。</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>創始人、董事長兼首席執行官張輝表示，儘管市場環境 “複雜且快速變化”，公司仍然專注於 “高質量增長和數字創新”。他表示，本季度已完成訂單同比增長超過 14%，而平均發貨人月活躍用户達到 311 萬，同比增長 13%。</p>
</div><p>Get <strong>Full Truck Alliance</strong> alerts:</p>
<div class="lb-trans"><p>獲取 <strong>滿幫</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>在財務方面，張輝表示總淨收入同比增長 5.5%，達到 28.5 億元人民幣。排除貨運代理服務後，淨收入達到 20.2 億元人民幣，增長 17%。他還表示，交易服務收入達到 13.9 億元人民幣，而經營活動提供的淨現金同比大幅增長至 15.6 億元人民幣。</p>
</div><h2>Order Growth Reaccelerates After Governance Efforts</h2>
<div class="lb-trans"><h2>治理努力後訂單增長重新加速</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>首席財務官蔡明表示，第一季度已完成訂單增長加速至 14.3%，超出公司的預期。他將這一改善主要歸因於早期平台治理措施的影響減輕，包括針對錯誤分類拼車訂單、貨運轉售和實名驗證的措施。</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，這些措施在前一個季度曾暫時抑制了訂單增長，但已開始產生結構性好處，包括改善貨運真實性、定價紀律和履約可靠性。</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>他還表示，從三月開始的油價波動突顯了平台的價格發現優勢。隨着燃料價格上漲，蔡明表示線下貨運代理和基於關係的卡車網絡在傳遞成本上漲方面遇到更多困難，而滿幫的平台則允許實時供需定價。</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>蔡明提到的第三個因素是運營效率的提高。他指出了公司貨運區域功能的迭代更新、更廣泛的貨運支付保護以及即時貨物功能與卡車信用評級的更深層次整合。蔡明表示，包括代理商和直接發貨人在內的每個發貨人細分市場在本季度均實現了雙位數的同比已完成訂單增長。</p>
</div><h2>Fulfillment Rate Hits New High</h2>
<div class="lb-trans"><h2>履約率創下新高</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>根據蔡明的説法，公司整體履約率在第一季度達到 44.1%，同比增長 4.9 個百分點，環比增長 1.4 個百分點。他表示，該指標為公司再創紀錄。</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，改善的原因在於更有利的訂單組合、更強的運營措施和生態系統治理。直接發貨人佔已完成訂單的比例不斷增加，蔡明表示這些客户往往具有更高的履約可靠性和更強的執行承諾。</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>他還表示，專業發貨人（包括 1688.com 成員）的履約率同比和環比均有所改善。蔡明提到治理項目、實名驗證、發貨人星級評分和異常訂單行為監測的持續影響，以及重建的運輸工作流程和新貨物列表的二次確認步驟等產品改進。</p>
</div><h2>Shipper and Trucker Engagement Remains a Focus</h2>
<div class="lb-trans"><h2>發貨人和卡車司機的參與仍然是重點</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>管理層表示，第一季度發貨人月活躍用户達到 311 萬，同比增長 12.7%。蔡明表示，這一增長得益於客户獲取效率的提高、產品利益的擴大和用户信任的增強。</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>他説，應用商店、信息流廣告和跨品牌合作仍然是公司的主要獲取渠道。推薦驅動的獲取仍然是一個重要的貢獻者，推薦的發貨人在履約率和長期留存方面表現優於平台平均水平。</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>在卡車司機方面，蔡明表示響應訂單的月活躍卡車司機保持在約 300 萬。他表示，新增活躍卡車司機中新能源車輛的比例持續增長，得益於較低的運營成本和政策利好。</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>滿幫還將貨運支付保護從會員卡車司機擴展到其全體卡車司機基礎。蔡明表示，該計劃現在覆蓋平台上超過 90% 的貨運列表。對於受保護的訂單，平台在延遲或違約的貨運支付情況下進行干預，並可能在逾期後爭議未解決的情況下覆蓋短缺。</p>
</div><h2>Oil Prices Prompt Fuel and Freight Measures</h2>
<div class="lb-trans"><h2>油價促使燃料和貨運措施</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>針對更高的燃料價格，蔡明表示公司實施了貨運費與燃料價格掛鈎的機制，包括提高參考貨運費和競標底價。滿幫還啓動了發貨人外展活動，以提高對燃料成本狀況的認識並鼓勵公平競標實踐。</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>公司還繼續發展其加油業務。蔡明表示，滿幫已將其加油網絡擴展到約 12000 個加油站，並於四月底與中石化簽署了戰略合作協議。該合作已在江蘇、浙江和安徽省上線，平台可訪問超過 3000 箇中石化加油站。</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，加油業務採用輕資產的促進模式，使得經過驗證的卡車司機能夠通過加油站合作伙伴以優惠的燃料價格獲取燃料，扣除適度的服務費。</p>
</div><h2>AI and Brokerage Transformation Advance</h2>
<div class="lb-trans"><h2>人工智能和經紀業務轉型推進</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 表示滿幫的貨運經紀業務已經轉變為雙軌模式，結合了自營業務和聚合模式。在自營模式下，公司直接管理開票和結算，併為中小型發貨人提供貨物匹配和增值税發票的開具。在聚合模式下，合格的第三方合作伙伴處理開票和結算，而滿幫則專注於貨物匹配和運力分配。</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，這一轉變減少了監管風險，支持更輕資產的運營模式，並有助於留住在平台生態系統內有開票需求的發貨人。</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>關於人工智能，Tai 表示公司在第一季度的舉措從探索轉向了針對性的能力優化和測試。公司正在為貨物發佈、貨物匹配和訂單履行構建人工智能代理，同時還提供人工智能驅動的客户服務。</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，直接發貨人中人工智能輔助的貨物發佈試點顯示出履行率 “明顯高於平均水平”。公司還計劃推出多模式能力，包括基於截圖的發佈，並進一步將人工智能工具與企業用户的 WeCom 和 OpenAPI 進行整合。</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>展望未來，Tai 表示管理層對持續穩健增長保持信心，這得益於平台治理的優勢、直接發貨訂單的比例上升以及在匹配和履行中更深入的人工智能應用。</p>
</div><h2>About Full Truck Alliance NYSE: YMM</h2>
<div class="lb-trans"><h2>關於滿幫 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>滿幫 NYSE: YMM 在中國運營着領先的數字貨運平台，將發貨人與龐大的獨立卡車司機網絡連接起來。公司的核心業務集中在貨物匹配上，使貨主能夠通過移動和基於網絡的界面快速找到合適的承運人。通過簡化預訂流程，滿幫幫助減少停工時間，提高發貨人和司機的整體資產利用率。</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>該平台具有實時路線優化、電子運單、數字支付解決方案和應用內溝通工具。</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>此即時新聞提醒由敍事科學技術和 MarketBeat 的金融數據生成，以便為讀者提供最快的報道和公正的覆蓋。如對本故事有任何問題或意見，請發送郵件至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in Full Truck Alliance Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資滿幫 $1,000 嗎？</h2>
</div><p>Before you consider Full Truck Alliance, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮滿幫之前，你需要聽聽這個。</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 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻頂級分析師悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前立即購買……而滿幫並不在名單上。</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>雖然滿幫目前在分析師中被評為持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看這五隻股票</p>
</div>

滿幫集團第一季度財報電話會議要點