Full Truck's revenue has exceeded market expectations, with several institutions increasing their stakes.
On May 21st, the digital freight platform Full Truck Group (YMM:US) released its financial report for the first quarter of 2024 before the U.S. stock market opened. The financial report shows that Full Truck's operating revenue for the first quarter was CNY 2.27 billion, a year-on-year increase of 33.3%, with an operating profit of CNY 490 million under non-U.S. accounting standards, a year-on-year increase of 78.2%; net profit under non-U.S. accounting standards reached CNY 760 million, a year-on-year increase of 46.9%.
In the first quarter, Full Truck's average monthly active shippers reached 2.14 million, a year-on-year increase of 22.3%, with a growth rate that exceeded the previous two quarters, indicating a continuous increase in the penetration rate of shipper users, with a particularly rapid increase in the scale of direct customers. At the same time, the activity level of high-frequency shippers on the platform has also been maintained at a high level, with the 12-month rolling retention rate of shipper members in the first quarter remaining above 80%.
As the platform's transaction scale continues to expand, the number of active drivers fulfilling orders over the past 12 months has continued to grow to 3.91 million, and the next-month retention rate of drivers responding to orders has increased to 90%, about 5 percentage points higher than the historical level. Full Truck's management expects that under the growth flywheel, the dependency of driver users on the platform will continue to increase.
With the continued rapid growth of the platform's direct customer scale, the proportion of direct customer fulfillment orders has also set a historical high of 47%. In the first quarter, Full Truck fulfilled 39.3 million orders, a year-on-year increase of 29.6%, continuing to significantly lead the growth rate of the overall road freight market, reflecting the continuous increase in the penetration rate of digital and intelligent logistics platforms. With the efficiency improvements brought by mechanisms such as "Driver Behavior Score + Second Grab Good Goods," technology, and service upgrades, Full Truck's fulfillment rate once again reached a historical high after the fourth quarter of 2023, reaching 33.5%, an increase of nearly 6 percentage points year-on-year.
In addition, Full Truck continues to strengthen technological innovation and deepen service effectiveness, focusing on creating a new quality of productive forces in the logistics industry. In the first quarter, the "Driver Behavior Score + Second Grab Good Goods" mechanism on the Full Truck platform showed significant effects. The driver behavior score is composed of "service commitment points, service points, mileage points, and activity points," which objectively assess the driver's service from multiple dimensions, guiding drivers to actively provide quality services. The second grab good goods identifies high-quality goods through algorithms, comprehensively calculates the matching degree between the driver and the goods, the driver's behavior score, and other factors, matching the goods to the most suitable driver, effectively improving the matching efficiency and quality, motivating drivers to improve the quality and efficiency of their services, enhancing the stickiness of users on both ends, and attracting many new drivers to join through good goods.
It is worth noting that according to the market disclosure information in the first quarter, the international top long-line institution Invesco has increased its stake in Full Truck for four consecutive quarters, and many foreign institutions including Morgan Stanley, Bank of America, UBS, and Goldman Sachs have all increased their holdings. In addition, Full Truck is also the most increased Chinese concept stock in the first quarter of 2024 by the trillion-level private equity Greenwood Jinglin Assets, becoming one of Jinglin's top ten heavy positions, with a current holding market value of more than USD 100 million.
As of press time, Full Truck's share price is USD 9.24, with a total market value of USD 9.663 billion.