Full Truck Alliance Co. Ltd. (YMM) Q4 2025 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to Full Truck Alliance's fourth quarter and fiscal year 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mao Mao, Head of Investor Relations. Please go ahead.

Thank you, Operator. Please note that today's discussion will contain forward-looking statements relating to the company's future performance, which are intended to qualify for the safe harbor from a liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and discussion. A general discussion of the risk factors that could affect FTA's business and financial results is included in certain filings of the company with the SEC. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. Joining us today on the call from FTA's senior management are Mr. Hui Zhang, our founder, chairman and CEO, and Mr. Simon Tai, our chief financing and investment officer. We will open the call to questions following brief opening remarks from Mr. Zhang. As a reminder, this conference is being recorded. In addition, a webcast replay of this call will be available on FTA's Investor Relations website at ir.fulltrackalliance.com. I will now turn the call over to our founder, chairman and CEO, Mr. Zhang. Please go ahead, sir. Hello everyone, thank you for joining us today for our fourth quarter and fiscal year 2025 earnings conference call. In the fourth quarter of 2025, amid a complex market environment, we continue to energize our ecosystem by elevating youth experience and strengthening protection mechanisms for both shippers and truckers, driving solid business growth across the board. Total fulfilled orders reached 63.9 million for the quarter, representing a year-over-year increase of 12.3%, and full year total for field orders reached 236 million, up 19.8% year-over-year.

Notably, full year orders fulfilled for cold chain logistics grew by nearly 30% year-over-year. 业务方面 第四季度各项业务指标 稳健向好 货组端精准拉新策略以及会员体系升级成效显速 本季度发货货组平均月活达到了328万人 同比增长11.6% 全年平均月活314万人 同比增幅是18.6% 货组规模于年性实现同步提升 四季端持续完善 四季期没分 以权益保障体系滚动12个月 屡约活跃司机规模 保持高位稳定 响应订单司机4月留存 保持在85%以上 运力网络的稳定性与优质性进一步增强 在智能驾驶领域自家中国智能重卡已经在快递快运行业落地运营 与此同时我们试点了面向获主交易环节的AI助手功能 降低了私货沟通的成本 帮助三端用户提升了交易履约交易效率 下一步我们将加速在AI在物流交易和履约环节的落地 In terms of operational performance, key matrix across all business lines improved steadily in the fourth quarter.

On the shipper side, our targeted user acquisition strategy and refined membership system gained momentum. Average monthly active shippers reached 3.28 million in the fourth quarter and 3.14 million for the full year 2025, marking year-over-year increases of 11.6% and 18.6% respectively, demonstrating parallel improvement in both shipper base and user thickness. For trucker users, we continue to optimize the trucker credit rating system and protection mechanisms, maintaining the 12-month rolling active trucker space at a high level and the next month's retention rate for truckers who responded to orders above 85%, further strengthening the overall reliability and quality of our trucker's network. Our AI-powered heavy truck feed delivered by Giga AI is now operating commercially in the express delivery and fast freight sectors. We also piloted AI assistant capabilities for shippers to further enhance fulfillment efficiency during the quarter.

Moving forward, we will continue to accelerate the integration of AI technologies and applications across our transactions and fulfillment processes. 其提升盈利能力,2026年全年的总营收突破了124.9亿元,年同比增长11.1,同时,收入结构进一步优化,全年交易服务收入达到了53.2亿元,年同比增幅达到了38.2% Now turning to our financial performance, we remain focused on enhancing operating efficiency

to strengthen profitability, net revenues reached R&B $12.49 billion for full year 2025, up 11.1% year-over-year. Furthermore, our revenue mix continued to improve with transaction service revenues of R&B $5.32 billion for the full year, growing by 38.2% year-over-year. On the bottom line, we achieved a net income of R&B $4.46 billion for the full year, up 42.8% year-over-year. On a non-gap basis, adjusted net income reached R&B 4.79 billion for the full year, up 19.3% year-over-year, underscoring our high-quality possibility and increasing economies of scale. Looking ahead, Food Truck Alliance will consistently elevate user experience for both shippers and truckers and fully integrate AI across the logistics value chain, creating greater value for the industry while delivering long-term returns to shareholders and users. Thank you all once again. That concludes our opening remarks. We would now like to open the call to Q&A. Operator, please go ahead.

Thank you. If you would like to ask a question, please press star than 1 on your telephone keypad. If you would like to remove yourself from queue, please press star than 2. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Today's first question comes from Ronald Kyung with Goldman Sachs. Please go ahead.

Thank you, management, for taking my question. So, looking back at 2025, then the company faced a number of external challenges and also made several strategic adjustments. So, as we look into 2026, can you share your overall strategic priorities? Thank you.

We have developed the new industry in the international market and the international market. This year, we have added more experience to the users' experience, and return to the use of the users' base, to create a platform for the customers and the customers' trust. These投入 may be in the short period, but in the short period, the users' environment is the root of our community. It is also AI can't completely replace the cultural value. Josh.

2025 was a year marked by both external challenges and proactive transformation for our business. During the year, we made significant progress in strengthening platform governance, improving operational efficiency, and further optimizing our user structure and monetization quality. At the same time, we steadily advanced our strategic initiatives in areas such as autonomous driving and overseas markets. Throughout the year we focused on enhancing the user experience and returning to our core principle of being truly user centric. Our goal is to build a platform that both shippers and truckers can trust. While some of these investments may not yield immediate measurable returns, we firmly believe that both three healthy, balanced users ecosystems will serve as the foundation for our large and sustainable growth.

That kind of ecosystem value is something I think we can't recognize. 交易跟规范,运费有保障,用户跟买,随着第一阶段生态治理的完成,平台上的绝大部分虚假账户和低质量订单已经基本出行,平台进入了更健康的正常轨道,这让我们有条件也有底气在履约质量上做得更扎实。

As we move into 2026, we will focus on advancing high-quality growth and intelligent transformation across three areas. First, we are shifting our focus from skill-driven growth to a model that balances both skill and quality. While skill remains important for long-term sustainable development, our priority is to foster a mutually beneficial relationship between users and the platform. We are raising ecosystem standards to ensure more compliant and standardized connections, greater protection for freight payment, and higher user satisfaction. With the first phase of our ecosystem governance initiatives now largely complete, most fake accounts and low quality orders have been cleared from the platform. As a result, the platform is operating on a much healthier footing, giving us the confidence to further strengthen fulfillment quality and support more sustainable growth going forward. Building on this foundation, we are also continuing to improve the credit rating mechanisms for both shippers and truckers. For example, through systems such as shipper rating scores and trucker behavior scores, we are gradually establishing a more robust two-sided evaluation framework. This helps regulate user behavior as the source, curb non-compliant connections, while also incentivizing high-quality users, ultimately creating a more virtuous cycle between shipper fulfillment efficiency and trucker earnings. Second, we are evolving from an information matching platform into an AI-driven intelligent infrastructure. Over the years, we have accumulated a large volume of authentic transaction data and built a highly active user base, which together provided a strong foundation for this transformation. Going forward, we will further leverage these strengths to advance and integrate our AI capabilities across key areas, including matching efficiency, credit assessment, and dynamic pricing. In doing so, we aim to extend our platform's value beyond simply connecting supply and demand and enabling a more intelligent and efficient transaction process. So while maintaining steady growth in our core business, we are laying the groundwork for additional growth drivers. We remain confident in the profitability of our mature business, Building on this foundation, we are advancing initiatives in areas such as overseas expansion and autonomous driving in a disciplined manner to support our growth over the next three to five years.

And our next question today comes from Eddie Wong at Morgan Stanley.

Please go ahead. Zhang Hui Zong, Simon Zong, Mama, Emma. Thank you for your question. I have two questions about AI. 第一个就是目前AI技术发展迅速, AI Agent这一新事物的出现会对我们这个货运匹配平台产生什么样的影响,然后我们会如何防御来自AI Agent对传统平台模式的颠覆,然后第二个问题是AI目前在公司的应用情况是怎么样的,四季度主要的进展是怎么样的,以及2026年我们对这方面有什么规划。 Thank you, management, for taking my question. I have two questions related to AI. The first one is that the AI technology is advancing rapidly, and the rise of the AI agent is gaining significant attention. How might this trend affect freight matching platforms such as FTA, and how do you plan to respond to the potential disruption that AI agents could bring to the traditional platform model? And the second question is, can management share how AI is being applied across the company, and what's the key developments in the fourth quarter, and what's your plan for the 2026 session?

Thank you, Adi. This is Simon here. I'll take over from now onwards. There has been a lot of discussion around the AI topic recently, and we have been closely monitoring and evaluating the applications. Let me start with our core perspective. We see AI not as a threat to our business, but as a tool to enhance our capabilities. For the road trade industry in which FTA operates, the emergence of AI2s can significantly lower the barriers for shippers to find available carrier capacity, reduce manual costs in the matching process and improve both matching accuracy and fulfillment rates. These changes will meaningfully improve efficiency across the entire industry. We believe this transformation will create significant opportunities for us to capture additional market shares as transactions migrate from highly fragmented offline markets, including ad hoc and relationship-based trucking networks onto our platform. In our view, AI presents more opportunities than challenges for our platform. For AI models to deliver meaningful results in the highly non-standardized freight-matching market, they must rely on large volumes of authentic, high-frequency, closed-loop transaction data. This includes data such as quotes, completed transactions, cancellations, fulfillment records, disputes resolutions, credit behaviors, and verified logistics address database. These data sets are the results of many years of operational experience and data accumulation on the platform. Let's take pricing as an example first. In the long-haul freight market, competitive real-time freight rates are not publicly available. The effective transaction price for each route and time period is influenced by multiple factors, including capacity availability, backhaul demand, trucker preferences, and delivery time requirements. These dynamic pricing signals can only be formed and validated within the real transaction network. On our platform, truckers must complete real name registration and facial verification before logging into our app and accessing shipment information. Negotiations between shippers and truckers are conducted through our in-app messaging tools and protected communication channels. While external AI tools, if there's any, that's the basic data set to perform accurate pricing. Second, in a long-haul freight matching business where fulfillment standards are high and operational processes are transactions involving far more than simply matching information. The capability to execute is critical. While external AI2s may help a shipper quickly obtain a price quote or even contact several truckers automatically, moving a shipment from posting to final delivery requires much more than pricing. Effective fulfillment depends on robust platform services and dispatch capabilities, including understanding which truckers are reliable on specific routes, their likelihood of cancellation, how trucking capacity fluctuates during different time periods, and maintaining a complete operational system to protect the interests of both shippers and truckers. In addition, long-haul freight operations frequently involve exceptions and non-standard requirements, trucks, last-mile delivery address, last-minute delivery address changes, adjustments to cargo volume, and damage disputes after delivery. Handling these situations requires well-established platform rules to determine risk. These are not capabilities. They are built on years of operational experience and data accumulation. In addition, our platform connects a large number of shippers and truckers, and through years of operation has formed a stable transaction network and credit system. Truckers and shippers not only rely on the platform to obtain orders and capacity, but also depend on the platform for credit evaluation, fulfillment, protection, and disfuse resolution mechanisms. This long-term accumulation of trust and ecosystem relationships is something that a standalone AI agent application would find difficult to replicate. Given these structural characteristics, we believe that as AI technology continues to mature, our competitive advantages will become even more pronounced. The reason is it's very straightforward. The more capable AI becomes, the more it depends on real transaction data and the stronger the resulting network effects. We're actively integrating AI capabilities across multiple aspects of our platform, including matching, dispatching, pricing, risk management, and customer service. As matching becomes more efficient, fulfillment becomes more reliable, and exceptional handling becomes faster and more effective, both truckers and shippers will naturally prefer to transact on our platform. This, in turn, leads to continued data accumulation and ongoing model improvement, which further strengthens our network effects and the mode around our platform. Overall, we are very optimistic about the industry transformation and the opportunities brought by the AI era, and we are fully prepared to embrace the opportunities and challenges that come with this technological shift. For us, AI represents a capability of upgrade rather than a disruption to our business model. We will leverage AI capabilities to capture the broader industry opportunities it creates, making our platform more efficient and improving the user experience for both shippers and truckers. At the same time, these capabilities will further strengthen our network effects, thereby reinforcing our long-term competitive advantage in the road freight market. To address your second question, plan for AI for 2026, yeah, as I discussed earlier on our view on AI, let me walk through the progress we made over the past quarter and our plan onwards. During the fourth quarter, our AI initiatives progress from the experimental phase to broader deployment. We're currently building an AI agent framework that covers key scenarios across our platform. including shippers, dispatch, operations, and customer service, gradually embedding AI capabilities throughout the entire transaction workflow. Starting with the user side, our focus for shippers is simplified shipment posting, an automated dispatch. In the fourth quarter, we launched an AI-empowered assistant that enables shippers to submit shipping requests through a simple voice input via a floating entry point in the app. The AI can then handle the freight listing, trucker screening, price negotiation, and order matching, significantly streamlining what previously required multiple managers. This capability is particularly beneficial for direct shippers as it lowers the barriers to attract and retain SME shippers. Our AI-driven dispatch has attracted a large number of valid trucker bids, reflecting that more accurate matching is increasing truckers' willingness to accept orders. And second, the vast majority of completed transactions are now processed entirely through automated workflows, and the need for manual intervention continues to decline. Compared to traditional freight listing, AI-driven dispatch is delivering superior outcomes in both transaction efficiency and fulfillment rates. In short, the AI assistant is helping shippers reduce the time required to find truckers, helping truckers improve order pickup efficiency and enhancing overall matching quality across the platform. Internally, AI has been integrated into our customer service operations, significantly improving response times and processing efficiency while also enhancing overall service stability. Looking ahead to 2026, AI will continue to serve as a core technology foundation for improving efficiency and enhancing user experience across FTA platform. As our models continue to evolve and data advantages deepen, we expect AI to unlock additional value in areas such as matching efficiency and operational cost optimization, becoming an increasingly important driver of our median to long-term growth. Thank you. Thank you.

Thank you. And our next question comes from Brian Gong at Citi.

Please go ahead. Hey, Zhang Hui Song. Samu 总,毛尔总,Emma,我晚上好,感谢接受我的提问,我有个问题是关于这个资本配置方面的,就想问一下管理层,我们在主业的增长,新业务的投入,和股东回报这三个方面之间呢,如何进行一个优先级的排序,谢谢, I will translate it myself. Thanks, management, for taking my question. With respect to the capital allocation, how does management prioritize among investment in core business growth, new initiatives, and the shareholder returns? Thank you.

Thank you, Brian. Our approach to capital allocation is guided by a very clear principle, and that is to delivering sustainable returns to shareholders while maintaining healthy growth in our core business. We remain firmly committed to this objective and committed to creating long-term value for our shareholders. In 2025, we continue to deliver our commitment to returning value to shareholders through both dividends and share repurchases. Over the course of the year, we We distributed approximately U.S. dollar 200 million in cash dividend under our semi-annual dividend policy. In addition, we continue to implement our share repurchase program to further optimize our capital structure. Since the beginning of 2025, we have repurchased approximately U.S. dollar 52.4 million worth of our shares, demonstrating management confidence in the company's long-term value. In addition, in January 2026, we announced a median to long-term shareholder return plan. For 2026, we plan to return approximately U.S. dollar $400 million to shareholders. And today, we also announced a dividend of approximately U.S. dollar $87.5 million for the first quarter. To support these shareholder return commitments, we must continue to strengthen our core business while identifying new growth drivers to sustain strong cash generation. As you know, long-term freight matching remains our primary source of cash flow and profitability and forms the foundation for our long-term competitive advantage. Looking ahead, we will continue to invest in user acquisition, technology upgrades, product innovations, and ecosystem development to support a steady and sustainable. With respect to strategic investments in new initiatives, including overseas expansion and autonomous driving, we emphasize a disciplined approach characterized by controlled pacing, manageable cash outflows, and measurable milestones. We will not pursue high-risk as a heavy expansion. Instead, we will advance these initiatives in a measured manner with evaluation of expected returns and progress at each stage. These investments are intended to build long-term growth capacity, and further initiatives and shareholder returns are not mutually excluded. We will strive to maintain a dynamic.

And our next question today comes from Thomas Chung at Jefferies.

Please go ahead. Good evening. Thanks management for picking my question. We have seen a fulfilled order school by 12.3% year on year in Q4 and the growth rate is slowing down. Was this mainly driven by ecosystem governance initiatives? How long do we expect this impact to last and what is our outlook for order volume in 2026? Thank you.

Thank you Thomas. That's a very good question. Let me first clarify the reasons behind the slowdown in order volume growth during the fourth quarter. The slowdown was primarily driven by the ecosystem governance initiatives we proactively implemented on platform rather than any significant change in underlying freight demand. This round of ecosystem governance primarily focused on three areas. First, we addressed misclassified carpooling orders where full truckload shipments were posted as less than truckload orders, which can compromise transportation safety and fulfillment experience. And second, we strengthened real-name verification requirements for both truckers and shippers, which resulted in the removal of a number of fake or non-compliant accounts. Thirdly, we implemented systematic measures to curb freight reselling and other irregular transaction activities that accumulated over time and were beginning to affect the platform. Therefore, we collected low-quality orders with limited monetization potential in the initial phase of the governance initiatives. Some of the misclassified carporting normal structural adjustments from a revenue perspective, these orders historically contributed. In fact, In fact, transaction service revenue, as you can see, still grew by nearly 30% year over year, which clearly demonstrates that the ecosystem governance has not affected the platform's core monetization capability. Based on the results achieved so far, the governance initiatives have delivered meaningful improvements. For example, the resale and trading of trucker accounts on third-party platforms have been nearly eliminated, and the trucker vehicle verification rate is now close to 100%. In addition, freight residing activities in January, the complaint rates have continued to decline. At the same time, trucker engagement has remained holding 12-month active trucker base maintaining at high level, and the next month's retention rate for truckers responding to orders. The principal measures under this round of governance and the main, this will shift from targeted governance optimization. We will leverage credit scoring, and in the near term, we do not expect to carry out another large-scale governance campaign. Based on our operating data, the share of direct shippers continues.

And our next question comes from Richie Sun at HSBC.

Please go ahead. 教一下四季度的纽约率的这个情况,然后未来如何展望这个指标的变化和趋势,然后第二个问题就是关于稠融收入的,然后四季度的稠融收入在单量增速泛黄的情况之下仍然能够做到接近30%左右的同比增长,这个主要的驱动因素是什么,咱们如何看待未来稠融收入的增长的趋势。 Thank you, management, for taking my questions. My first question is about the fulfillment rate. So how did the fulfillment rate perform in fourth quarter, and what is the outlook for this metric? And secondly, in terms of the commission revenue growth, it is nearly at 30% year-on-year growth in fourth quarter despite slower order growth. So what were the key drivers behind this, and what is the outlook for this metric going forward?

Thank you, Ritchie. For your question on fulfillment rate, in the first quarter, the overall fulfillment rate reached 42.7%, representing a year-over-year increase of more than five percentage points, and it also set a new record. Notably, the average fulfillment rate for the mid- and low-frequency direct shippers approached 65%. This is a key metric we monitor closely, as this segment represents a higher-quality source of freight demand. Several factors drove the improvements in the fulfillment rate. First, we implemented systematic optimization to our cancellation policy. Historically, arbitrary cancellations by both truckers and shippers weighted heavily on fulfillment rate. In the fourth quarter, we introduced two key measures. We increased the cost of unjustified cancellations by imposing behavioral restrictions on users with frequent cancellations. And we also upgraded our credit scoring system. The evaluation framework shifted from a primary focus on transaction frequency to a more holistic assessment of behavior quality with greater emphasis on fulfillment rates, user ratings, and these adjustments are designed to encourage more consistent and responsible transaction behavior. The continued improvement in our user mix also contributed to the higher fulfillment rate. In the fourth quarter, fulfillment orders from direct shippers accounted for 55% from the previous quarter. Direct shippers generally have higher expectations for fulfillment reliability and a stronger commitment. Ongoing product in Constance also contributed to the improvement. In the fourth quarter, we continued to iterate on the new freight zone and introduced a secondary confirmation matching algorithm. Looking ahead, as our credit scoring system continues to improve, question on commission revenue. In the fourth quarter, transaction service revenue reached approximately RMB 1.49 billion. That's a year-over-year operation in order. The first driver was the continued increase in commission penetration The transaction covered by the Commission model reached 273, effectively achieving nationwide coverage across major freight. The improvements reflect the platform's continued progress in identifying high-quality freight demand, ensuring fulfillment, reliability, and enhancing matching efficiency, enabling the Commission model to be applied to a broader range of orders. The second driver was the improvement in monetization per order. Q4 average monetization per order reached RMB 26.3. This reflects the effectiveness of our refined tiered operating strategy by offering differentiated services tailored to monetization efficiency and overall profitability while safeguarding the interest. Looking ahead, we remain confident in the continued growth of our transaction service revenue. There's room to further optimize both commission penetration and monetization per order. At the same time, continued enhancement of our trucker membership program will help ensure a stable supply of high-quality transportation capacity and further strengthening the foundation for transaction service revenue growth. Going forward, we will continue to refine our commission structure and operational strategies without compromising user experience to support more stable and sustainable long-term growth in this particular revenue stream.

Thank you very much.

Thank you. And our next question comes from Wenjie Zong with CICC.

Please go ahead. 关于昨晚上好哈,谢谢接受我的提问。 那我的问题呢是关于信贷业务的。 考虑到行业跟公司成名的变化 想了解一下公司信贷业务的最新进展 I'll translate for myself. Thank you, management, for taking my question. My question is about credit solution business

within value-added services. I wonder what's the latest progress of this business? Thank you. In the fourth quarter, amid an involving regulatory environment, we continue to advance our credit solutions with a focus on compliance, risk management, and business model transformation. and maintain a steady pace of development. As of the end of the fourth quarter, we completed the transition to interest rates of 26% or below for both existing and newly issued loans, reflecting our proactive alignment with regulatory guidance and commitment to compliance. While this adjustment created some short-term pressure on revenue, we believe it will support a more robust and sustainable financial services framework work over the long term and lay a stronger foundation for our future growth. In terms of asset quality, our overall risk exposure remains manageable. Since mid-last year, regulatory changes across the credit industry have led to fluctuations in credit risk, and our credit business has also been affected. In the fourth quarter, the 90-day delinquency ratio reached 2.9%. In response, we proactively tightened our risk management measures by raising credit approval thresholds for both new and existing users and implementing earlier interventions through model optimization and a more tiered risk control framework. As a result, our outstanding loan balance remains at a healthy level and risk exposure is well-contained. Looking ahead, while some volatility may persist in the coming months, we expect asset quality to gradually improve with the overall NPL ratio stabilizing and beginning to decline in the second half of this year. In terms of our business model, we are proactively transitioning toward a more asset-light approach. We have established partnerships with multiple banks and financial institutions and are increasingly originating loans through guarantee-backed and facilitation models. This approach allows us to significantly reduce the use of our own capital while maintaining service coverage and improving capital efficiency and better managing risk exposure. As a result, we are building a more balanced and sustainable risk-return profile for our credit business. And overall, we will continue to prioritize compliance, maintain disciplined risk management, and support our core business through our credit operations. Going forward, we will balance growth and risk while further improving asset quality and expanding penetrations across. This will help ensure that our credit solutions business develops in a more sustainable manner as the regulatory environment continues to evolve. Thank you.

Thank you, Benjamin.

Thank you. And our next question comes from Yuan Liao with CIPICS. Please go ahead.

以及我们目前海外的一个战略重点有哪些 然后针对于我们的海外应用的变现 还有没有一些计划 I'll translate myself Thanks for answering for taking my questions Could management share us what progress have you made in your overseas business so far? And so what are the plans for your city expansion and your strategic priorities for 206? Is there any timeline for your monetization of your overseas business?

The overseas business is an important part of our mid- to long-term growth. We're building our international operations under the QMove brand, and we are currently in the model validation and capability replication stage. In terms of our market selection logic, the emerging markets were targeting share key trails, large road freight volumes, low level of digitalization, highly fragmented truckers and shipper base, large information gaps and high reliance on traditional broker models. This is very much like China over a decade ago, and much like China over a decade ago when we first started our business. This makes our domestic experience and capabilities highly transferable, allowing us to replicate our model in those markets with minimal learning curves. We are pursuing an asset-light and localized approach, advancing investments gradually as we validate the business model and team capabilities, leveraging our technology and operational know-how to drive platform rollouts. Q-Move is already integrating a fragmented local trucking capacity in select markets and steadily building user networks on both the trucker and shipper side. The priority for 2026 remains deepening our presence in existing markets while expanding to new ones in a disciplined manner. We will first focus on boosting network density and user engagement in established countries while gradually advancing city expansions in markets that are operationally ready and steadily broadening the platform's reach. We maintain a pragmatic, flexible attitude toward regarding the pace of the monetization. Emerging market digital freight platforms typically progress through user acquisition, network formation, and efficiency improvement before reaching stable commercialization. With timing varying by market, our priority is to grow the platform network and expand our user base sustainably, rather than simply pursue early monetization at the expense of long-term growth. And in summary, we remain confident the long-term growth potential of these emerging markets whose digital transformation is expected to follow a path very similar to China's road logistic industry. We'll continue expanding overseas in a disciplined, steady manner and gradually move toward commercialization as the operating model matures.

Thank you. And that concludes the question and answer session. I would like to turn the conference back over to management for any additional or closing comments.

Thank you once again for joining us today. If you have any further questions, please feel free to contact FDA directly or reach out to TPG. Our contact information for IR in both China and the U.S. can be found in today's press release. Have a great day.