IN Brief:
- Fulfilled orders rose 12.7% to 68.5 million, while average monthly active shippers increased 12.8% to 3.57 million.
- Transaction service revenue climbed 33.1% to RMB1.77 billion as freight brokerage revenue declined.
- Full Truck Alliance is extending its platform through nationwide less-than-truckload coverage, overseas services, autonomous delivery pilots, and increased technology investment.
Full Truck Alliance facilitated 68.5 million fulfilled orders during the second quarter of 2026, up 12.7% year-on-year, as activity across its Chinese digital freight platform grew considerably faster than group revenue.
Average monthly active shippers reached 3.57 million, an increase of 12.8%, while 4.78 million truckers fulfilled orders through the platform during the preceding 12 months. Total net revenue rose 4.4% to RMB3.38 billion, and net income increased 6.3% to RMB1.35 billion.
The difference between transaction growth and revenue growth reflects a changing mix within the business. Revenue from freight matching services increased 9.6% to RMB3.01 billion, supported by a sharp rise in transaction service income, while freight brokerage contracted.
Transaction service revenue reached RMB1.77 billion, up 33.1% from RMB1.33 billion a year earlier, driven by higher order volumes, greater penetration, and increased per-order service fees. It accounted for 52.2% of total group revenue during the quarter.
Freight brokerage revenue fell to RMB995.4 million from RMB1.18 billion, principally because of lower transaction volumes, while freight listing revenue increased 3.3% to RMB250.8 million as the number of paying members grew.
The shift places more weight on services attached to completed transactions rather than simply attracting additional freight listings. Full Truck Alliance has been expanding transaction protections for both sides of the marketplace while increasing the density of shippers and available trucks within its network.
The company said higher order density and growing trucker capacity pushed its fulfilment rate to a record level and shortened matching times during the quarter. Those operating measures are central to the economics of a freight marketplace, where a larger pool of participants only creates value if suitable vehicles and loads can be matched quickly enough to improve asset utilisation.
Full Truck Alliance is also broadening the types of movement passing through the platform. Its less-than-truckload service has reached nationwide coverage through partnerships with dedicated-line carriers, while the Qmove business has expanded order volumes and fulfilment rates in overseas markets.
Less-than-truckload freight introduces a different operating model from a straightforward full-truckload match. Consolidation, terminal handling, multiple delivery points, and tighter coordination between line-haul and local movements increase the amount of information required to complete each shipment efficiently.
The expansion overseas adds another layer of complexity, particularly where platform processes have to accommodate different transport structures, service expectations, and regulatory regimes. Scale in the domestic Chinese market does not automatically transfer into equivalent network density elsewhere, making local carrier and shipper participation critical.
Autonomous delivery vehicle trials are running in multiple cities, adding another transport model to the platform. Full Truck Alliance has not presented those pilots as a replacement for its existing trucking network, but their expansion indicates that the company is testing how automated vehicles can be incorporated into selected freight movements.
Research and development expenditure increased to RMB260.9 million from RMB189.6 million a year earlier. Part of the rise followed the consolidation of Giga.AI Technology into the group’s financial results from July 2025.
The company’s wider technology strategy includes greater use of artificial intelligence across matching and platform services. The practical measure of that investment will be whether it improves the probability and speed of matching freight with suitable capacity while controlling the cost of servicing a much larger transaction base.
At 68.5 million fulfilled orders in three months, even incremental improvements in matching time, cancellation rates, or vehicle utilisation can be multiplied across a substantial network. Conversely, additional services make the platform harder to operate if data quality, payment controls, customer protection, or exception handling fail to keep pace.
Full Truck Alliance generated RMB2.15 billion of net cash from operating activities during the quarter, compared with RMB1.31 billion a year earlier. Its cash position stood at RMB33.4 billion at the end of June, providing substantial liquidity for technology development and new business initiatives.
The company’s near-term revenue outlook remains restrained. Full Truck Alliance expects third-quarter net revenue of between RMB3.32 billion and RMB3.42 billion, compared with RMB3.36 billion in the equivalent quarter last year.
Order growth is therefore running well ahead of the immediate revenue guidance. The next phase will show whether increased transaction service penetration, less-than-truckload coverage, overseas activity, and new delivery models can convert a larger freight network into sustained revenue growth without sacrificing the matching efficiency on which the platform depends.
