GUIYANG,China,March 5,2025 -- Full Truck Alliance Co. Ltd. ("FTA" or the"Company") (NYSE: YMM),a leading digital freight platform,today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31,2024.

Fourth Quarter and Fiscal Year 2024 Financial and Operational Highlights

Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million (US$434.9 million),an increase of 31.8% from RMB2,408.0 million in the same period of 2023. Total net revenues in 2024 were RMB11,238.6 million (US$1,539.7 million),an increase of 33.2% from RMB8,436.2 million in 2023.

Net incomein the fourth quarter of 2024 was RMB574.6 million (US$78.7 million),compared with RMB588.3 million in the same period of 2023. Net income in 2024 was RMB3,123.4 million (US$427.9 million),an increase of 40.2% from RMB2,227.1 million in 2023.

Non-GAAP adjusted net income1 in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million),an increase of 43.5% from RMB733.0 million in the same period of 2023. Non-GAAP adjusted net income in 2024 was RMB4,020.4 million (US$550.8 million),an increase of 43.7% from RMB2,797.0 million in 2023.

Fulfilled orders2 in the fourth quarter of 2024 reached 56.9million,an increase of 24.3% from 45.8 million in the same period of 2023. Fulfilled orders in 2024 reached 197.2 million,an increase of 24.1% from 158.8 million in 2023.

Average shipper MAUs3 in the fourth quarter of 2024 reached 2.93 million,an increase of 31.3% from 2.24 million in the same period of 2023. Average shipper MAUs in 2024 reached 2.64 million,an increase of 30.3% from 2.03 million in 2023.

"In the fourth quarter,we continued to propel the digital and intelligent transformation of the logistics industry. By harnessing our robust network effects and unparalleled transaction efficiency,we sustained strong growth momentum,effectively accelerating our growth flywheel," stated Mr. Peter Hui Zhang,Founder,Chairman and Chief Executive Officer of FTA. "During the quarter,we rapidly expanded our shipper base while enhancing user engagement. In addition,we made significant improvements to our trucker ecosystem and elevated matching efficiency through continuous optimization of our platform's functionalities,including trucker credit ratings,priority access,and our Premium Cargo Bidding mechanism. As we look ahead to 2025,we remain committed to embracing AI-driven innovations that will increase truckers' efficiency and earnings while reducing logistics costs for shippers,ultimately creating enduring value for the entire industry."

Mr. Simon Cai,Chief Financial Officer of FTA,added,"We delivered record financial results in 2024,bolstered by our growing user base,sophisticated commission strategies and continued operational efficiency upgrades. For the full year,total net revenues reached RMB11.2 billion,a 33.2% increase year over year,with transaction service revenue soaring by 66.7%. As our topline continued to grow,net income rose by 40.2% year over year to RMB3.1 billion,and our non-GAAP adjusted net income surged by 43.7% to RMB4.0 billion. These achievements reinforce our confidence in future growth,and our ability to generate long-term value for shareholders. We will continue to harness this momentum to scale our business,improve our monetization capabilities,and increase shareholder value."

1 Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action,which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

2 Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices,as there are substantial uncertainties as to whether such shipping orders are fulfilled.

3 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

Fourth Quarter 2024Financial Results

Net Revenues (including value added taxes,or "VAT," ofRMB1,197.4 million andRMB1,422.1 millionfor the three months ended December 31,2023 and 2024,respectively).Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million (US$434.9million),representing an increase of 31.8% from RMB2,408.0 million in the same period of 2023,primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2024 were RMB2,704.9million (US$370.6million),representing an increase of 34.2% from RMB2,016.1 million in the same period of 2023. The increase was mainly due to the rapid increase in transaction service.4

Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2024 were RMB1,316.1million (US$180.3million),an increase of 17.0% from RMB1,124.7 million in the same period of 2023,primarily attributable to an increase in service fee rate,partially offset by a decrease in transaction volume.

Freight listing service. Revenues from freight listing service in the fourth quarter of 2024 were RMB230.5million (US$31.6million),an increase of 7.5% from RMB214.4 million in the same period of 2023,primarily due to the growing number of total paying members.

Transaction service.4Revenues fromtransaction serviceamounted to RMB1,158.3million (US$158.7million) in the fourth quarter of 2024,an increase of 71.1% from RMB677.1million in the same period of 2023,primarily driven by increases in order volume,penetration rate,and per-order transaction service fee.

Value-added services. Revenues from value-added services in the fourth quarter of 2024 were RMB469.3 million (US$64.3 million),an increase of 19.8% from RMB391.8 million in the same period of 2023. The increase was due to growing demand from truckers and shippers for credit solutions.

Cost of Revenues(including VAT net of government grants of RMB864.7 million andRMB1,070.9millionfor the three months ended December 31,respectively). Cost of revenues in the fourth quarter of 2024 was RMB1,391.7million (US$190.7 million),compared with RMB1,152.3 million in the same period of 2023. The increase was primarily due to increases in VAT,related tax surcharges and other tax costs,net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,278.5 million,representing an increase of 25.9% from RMB1,015.3 million in the same period of 2023,primarily due to an increase in tax costs net of government grants related to the Company's freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2024 were RMB471.8million (US$64.6million),compared with RMB421.0 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses.General and administrative expenses in the fourth quarter of 2024 were RMB202.3million (US$27.7million),compared with RMB266.0 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2024were RMB205.0 million (US$28.1million),compared with RMB255.3 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in the fourth quarter of 2024 was RMB835.4 million (US$114.5 million),an increase of 233.1% from RMB250.8 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.5Non-GAAP adjusted operating income in the fourth quarter of 2024 was RMB963.3million (US$132.0million),an increase of 141.6% from RMB398.8 million in the same period of 2023.

Impairment loss. Impairment loss in the fourth quarter of 2024 was RMB352.7 million (US$48.3 million),compared with nil in the same period of 2023. The loss was due to credit impairment on investments in certain investee that could not meet the shareholders' redemption requests due to insufficient funds resulting from operational underperformance.

Net Income.Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7million),compared with RMB588.3 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB1,an increase of 43.5% from RMB733.0million in the same period of 2023.

Basic and Diluted Net Income per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.7 Basic net income per ADS was RMB0.54(US$0.07) in the fourth quarter of 2024,compared with RMB0.56 in the same period of 2023. Diluted net income per ADS was RMB0.53 (US$0.07) in the fourth quarter of 2024,compared with RMB0.56 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1.00(US$0.14) in the fourth quarter of 2024,compared with RMB0.70 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.99 (US$0.14) in the fourth quarter of 2024,compared with RMB0.69 in the same period of 2023.

Balance Sheet and Cash Flow

As of December 31,2024,the Company had cash and cash equivalents,restricted cash,short-term investments,long-term time deposits and wealth management products with maturities over one year of RMB29.2billion (US$4.0billion) in total,compared with RMB27.6 billion as of December 31,2023.

As of December 31,the total outstanding balance of on-balance sheet loans,consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company,reduced by an allowance for estimated losses,was RMB4,199.6 million (US$575.3million),compared with RMB3,521.1million as of December 31,2023. The total non-performing loan ratio8for these loans was 2.2% as of December 31,compared with 2.0% as of December 31,2023.

In the fourth quarterof 2024,net cash provided by operating activities was RMB1,150.0 million (US$157.6 million).

4 Effective January 1,we have renamed our "Transaction commission" revenue stream as "Transaction service," which consists of all monetization from truckers related to our freight matching service,including the revenue generated from our intra-city business,which was previously classified under "Freight listing service" and "Value-added services." The comparative periods have been restated to conform to this presentation by reclassifying RMB31.8 million and RMB0.4 million,which were previously included in "Freight listing service" and "Value-added services," respectively,as "Transaction service."

5 Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of U.S. securities class action,which is non-recurring. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

6 ADS refers to American depositary shares,each of which represents 20 Class A ordinary shares.

7 Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action,which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments,divided by weighted average number of basic and diluted ADSs,respectively. For more information,refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

8 Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date.

Fiscal Year 2024Financial Results

Net Revenues (including value added taxes," of RMB4,172.7 million and RMB5,097.7 million for the years ended December 31,respectively). Total net revenues in 2024 were RMB11,representing an increase of 33.2% from RMB8,436.2 million in 2023,primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in 2024 were RMB9,455.1 million (US$1,295.3 million),representing an increase of 34.0% from RMB7,053.5million in 2023. The increase was mainly due to the rapid growth of transaction service.

Freight brokerage service. Revenues from freight brokerage service in 2024 were RMB4,727.0million (US$647.6million),an increase of 20.7% from RMB3,916.4 million in 2023,primarily attributable to an increase in transaction volume due to improved user penetration.

Freight listing service. Revenues from freight listing service in 2024 were RMB879.5million (US$120.5 million),an increase of 6.2% from RMB828.2 million in 2023,primarily due to the growing number of total paying members.

Transaction service.Revenues fromtransaction serviceamounted to RMB3,848.7 million (US$527.3 million) in 2024,an increase of 66.7% from RMB2,309.0 million in 2023,primarily driven by increases in order volume and per-order transaction service fee.

Value-added services. Revenues from value-added services in 2024 were RMB1,783.5 million (US$244.3 million),an increase of 29.0% from RMB1,382.6 million in 2023. The increase was due to an increase in revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of government grants of RMB3,121.0 million and RMB3,893.4 million for the years ended December 31,respectively). Cost of revenues in 2024 was RMB5,100.6 million (US$698.8 million),compared with RMB4,119.0 million in 2023. The increase was primarily due to increases in VAT,net of grants from government authorities.These tax-related costs net of government grants totaled RMB4,584.4 million,representing an increase of 24.1% from RMB3,693.5 million in 2023,primarily due to an increase in transaction activities involving the Company's freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in 2024 were RMB1,596.8 million (US$218.8 million),239.2 million in 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in 2024 were RMB913.8million (US$125.2 million),compared with RMB937.7 million in 2023. The decrease was primarily attributable to the Company's settlement in principle of certain U.S. securities class action claims in 2023,partially offset by higher share-based compensation expenses.

Research and Development Expenses.Research and development expenses in 2024 were RMB880.0million (US$120.6 million),compared with RMB946.6 million in 2023. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in 2024 was RMB2,475.0 million (US$339.1 million),an increase of 148.1% from RMB997.4 million in 2023.

Non-GAAP Adjusted Operating Income.Non-GAAP adjusted operating income in 2024 was RMB3,032.3 million (US$415.4 million),an increase of 91.9% from RMB1,580.4 million in 2023.

Net Income. Net income in 2024 was RMB3,227.1 million in 2023.

Non-GAAP Adjusted Net Income.Non-GAAP adjusted net income in 2024 was RMB4,797.0 million in 2023.

Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.95 (US$0.40) in 2024,compared with RMB2.10 in 2023. Diluted net income per ADS was RMB2.94(US$0.40) in 2024,compared with RMB2.09 in 2023. Non-GAAP adjusted basic net income per ADS was RMB3.81(US$0.52) in 2024,compared with RMB2.64 in 2023. Non-GAAP adjusted diluted net income per ADS was RMB3.80 (US$0.52) in 2024,compared with RMB2.63 in 2023.

Business Outlook

The Company expects its total net revenues to be between RMB2.63billion and RMB2.68billion for the firstquarter of 2025,representing a year-over-year growth rate of approximately 15.9%to 18.1%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions,which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Adoption of Semi-Annual Dividend Policy and Declaration of Cash Dividend

Upon review of the Company's results of operations,business development plan,capital requirements,and cash position,the Company's board of directors (the "Board") has approved a semi-annual cash dividend policy,pursuant to which the Board intends to declare and distribute a cash dividend semi-annually starting from 2025. The total cash dividend for 2025 is expected to be approximately US$200 million. The determination to make dividend distributions and the exact amount of such distributions in any particular semi-annual period will be made at the discretion of the Board based upon the Company's operations and earnings,cash flow,financial condition,and other relevant factors,and subject to adjustment and determination by the Board.

The Board has also approved a semi-annual cash dividend of US$0.0048 per ordinary share,or US$0.0960per American depositary share (the "ADS"),payable on or around April 18,2025,to holders of record of the Company's ordinary shares at the close of business on April 7,2025. The aggregate amount of the dividend is expected to be approximately US$100 million. Cash dividends are expected to be paid to holders of the Company's ADSs through the depositary,Deutsche Bank Trust Company Americas,on or around April 18,subject to the terms of the deposit agreement,including the fees and expenses payable thereunder.

Extension of Share Repurchase Program

The Board resolved to extend the original share repurchase program in March 2024 such that the Company may repurchase up to approximately US$300 million of its ADSs and/or ordinary shares through March 12,2025. As of March 4,the Company had repurchased an aggregate of approximately 4.9 million ADSs for approximately US$40.3 million from the open market under the share repurchase program.

In March 2025,the Board approved a further extension of the term of the share repurchase program such that the Company may repurchase up to US$200 million of its ADSs and/or ordinary shares through March 12,2026. Repurchases under the Company's share repurchase program may be made from time to time through open market transactions at prevailing market prices,in privately negotiated transactions,in block trades and/or through other legally permissible means,depending on the market conditions and in accordance with the applicable rules and regulations. The Board will review the share repurchase program periodically,and may authorize adjustments to its terms and size or suspend or discontinue the program. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934,as amended. The Company expects to fund the repurchases with its existing cash balance.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated,all translations from RMB to US$ were made at a rate of RMB7.2993to US$1.00,the exchange rate in effect as of December 31,as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been,or could be,converted into US$ or RMB,as the case may be,at any particular rate,or at all.

Conference Call

The Company's management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 5,or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2024.

For participants who wish to join the conference using dial-in numbers,please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:

https://dpregister.com/sreg/10196861/fe7dca9355

Upon registration,each participant will receive details for the conference call,including dial-in numbers,passcode and a unique access PIN. To join the conference,please dial the provided number,enter the passcode followed by your PIN,and you will join the conference.

The replay will be accessible through March 12,by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

4460802

A live and archived webcast of the conference call will also be available on the Company's investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges,cargo weights and types. The Company provides a range of freight matching services,including freight listing,freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers,such as financial institutions,highway authorities,and gas station operators. With a mission to make logistics smarter,the Company is shaping the future of logistics with technology and aspires to revolutionize logistics,improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information,please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP adjusted operating income,non-GAAP adjusted net income,non-GAAP adjusted net income attributable to ordinary shareholders,non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS,each a non-GAAP financial measure,as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of U.S. securities class action,which is non-recurring. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action,which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action,which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares,respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs,respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income,non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income,net income,net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA's non-GAAP financial measures to the most directly comparable GAAP measures. FTA's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures,please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts,including statements about the Company's beliefs,plans,and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development,financial condition and results of operations; expected changes in FTA's revenues,costs or expenses; industry landscape of,and trends in,China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for,and market acceptance of,its services; FTA's expectations regarding its relationships with shippers,truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws,regulations,and policies relating to the road transportation market,as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics,extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release,and the Company does not undertake any obligation to update any forward-looking statement,except as required under applicable law.

For investor and media inquiries,please contact:

In China:

Full Truck Alliance Co. Ltd.

Mao Mao

E-mail: IR@amh-group.com

Piacente Financial Communications

Hui Fan

Tel: +86-10-6508-0677

E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: FTA@thepiacentegroup.com

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands,except share,ADS,per share and per ADS data)

As of

December 31,

December31,

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

6,770,895

5,810,347

796,014

Restricted cash – current

115,513

100,533

13,773

Short-term investments

11,516,304

15,002,903

2,055,389

Accounts receivable,net

23,418

19,643

2,691

Loans receivable,net

3,521,072

4,199,645

575,349

Prepayments and other current assets

2,049,780

2,122,902

290,836

Total current assets

23,996,982

27,255,973

3,734,052

Restricted cash – non-current

10,000

40,000

5,480

Long-term investments1

11,075,739

9,876,118

1,353,023

Property and equipment,net

194,576

289,611

39,677

Intangible assets,net

449,904

393,477

53,906

Goodwill

3,124,828

3,828

428,100

Deferred tax assets

149,081

92,882

12,725

Operating lease right-of-use assets and land use rights

134,867

115,654

15,845

Other non-current assets

211,670

98,532

13,499

Total non-current assets

15,350,665

14,031,102

1,922,255

TOTAL ASSETS

39,347,647

41,287,075

5,656,307

LIABILITIES,MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

25,220

31,227

4,278

Prepaid for freight listing fees and other service fees

548,917

571,185

78,252

Income tax payable

154,916

336,220

46,062

Other tax payable

784,617

898,396

123,080

Operating lease liabilities – current

37,758

41,204

5,645

Accrued expenses and other current liabilities

1,723,245

1,141,758

156,421

Total current liabilities

3,274,673

3,019,990

413,738

Deferred tax liabilities

108,591

95,570

13,093

Operating lease liabilities – non-current

46,709

23,928

3,278

Other non-current liabilities

22,950

12,414

1,701

Total non-current liabilities

178,250

131,912

18,072

TOTAL LIABILITIES

3,452,923

3,151,902

431,810

MEZZANINE EQUITY

Redeemable non-controlling interests

277,420

443,070

60,700

SHAREHOLDERS' EQUITY

Ordinary shares

1,371

1,343

184

Treasury stock,at cost

(608,117)

—

—

Additional paid-in capital

47,713,985

45,823,723

6,277,824

Accumulated other comprehensive income

2,897,871

3,223,944

441,679

Accumulated deficit

(14,400,604)

(11,372,284)

(1,557,997)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

35,604,506

37,676,726

5,161,690

Non-controlling interests

12,798

15,377

2,107

TOTAL SHAREHOLDERS' EQUITY

35,617,304

37,692,103

5,163,797

TOTAL LIABILITIES,MEZZANINE EQUITY AND EQUITY

39,307

1. The Group's long-term investments consist of RMB6,809 million long-term time deposits,RMB1,390 million wealth management products with maturities

over one year,RMB641 million investments in debt securities,RMB318 million equity method investments,and RMB718 million equity investments without

readily determinable fair value as of December 31,2024.

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(All amounts in thousands,per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues:

Freight matching services

2,016,140

2,551,834

2,704,940

370,575

7,053,525

9,455,134

1,295,348

Freight brokerage

1,687

1,280,917

1,316,140

180,310

3,916,409

4,726,989

647,595

Freight listing

214,350

223,419

230,489

31,577

828,152

879,489

120,489

Transaction service

677,103

1,047,498

1,158,311

158,688

2,308,964

3,848,656

527,264

Value-added services

391,817

479,554

469,314

64,296

1,382,634

1,783,504

244,339

Total net revenues (including value-added

taxes or "VAT" of RMB1,197.4 million

and RMB1,422.1 million for the three

months ended December 31,2023

and 2024,RMB4,172.7 million and

RMB5,097.7 million for the year ended

December 31,

respectively)

2,407,957

3,388

3,174,254

434,871

8,436,159

11,238,638

1,539,687

Operating expenses:

Cost of revenues (including VAT net of

government grants,of RMB864.7

million and RMB1,070.9 million for

the three months ended December

31,RMB3,121.0

million and RMB3,893.4 million

for the year ended December

31,respectively)(1)

(1,152,317)

(1,364,884)

(1,391,714)

(190,664)

(4,119,016)

(5,100,558)

(698,774)

Sales and marketing expenses(1)

(420,960)

(412,499)

(471,829)

(64,640)

(1,239,191)

(1,596,763)

(218,756)

General and administrative expenses(1)

(266,016)

(227,874)

(202,265)

(27,710)

(937,677)

(913,763)

(125,185)

Research and development expenses(1)

(255,344)

(195,142)

(205,026)

(28,088)

(946,635)

(880,016)

(120,562)

Provision for loans receivable

(67,627)

(71,242)

(73,905)

(10,125)

(234,599)

(296,528)

(40,624)

Total operating expenses

(2,162,264)

(2,271,641)

(2,344,739)

(321,227)

(7,477,118)

(8,787,628)

(1,203,901)

Other operating income

5,123

2,242

5,920

811

38,388

23,970

3,284

Income from operations

250,816

761,989

835,435

114,455

997,429

2,474,980

339,070

Other income (expense)

Interest income

313,037

303,268

149,466

20,477

1,861

1,073,434

147,060

Foreign exchange (loss) gain

(2,909)

(3,444)

4,725

647

(2,149)

8,004

1,097

Investment income

25,832

7,250

10,354

1,418

55,621

54,785

7,506

Unrealized gains (losses) from fair

value changes of investments

6,833

10,618

(19,612)

(2,687)

12,938

(20,904)

(2,864)

Other income (expenses),net

2,457

126,246

(1,559)

(214)

130,264

128,152

17,557

Impairment loss

—

—

(352,742)

(48,325)

—

(352,325)

Share of loss in equity method investees

(825)

(351)

(1,580)

(216)

(2,067)

(2,861)

(392)

Total other income (expense)

344,425

443,587

(210,948)

(28,900)

1,336,468

887,868

121,639

Net income before income tax

595,241

1,205,576

624,487

85,555

2,333,897

3,362,848

460,709

Income tax expense

(6,991)

(83,640)

(49,861)

(6,831)

(106,804)

(239,411)

(32,799)

Net income

588,250

1,121,936

574,626

78,724

2,227,093

3,123,437

427,910

Less: net loss attributable to

non-controlling interests

(591)

(1,254)

(1,177)

(161)

(1,252)

(3,548)

(486)

Less: measurement adjustment

attributable to redeemable non-

controlling interests

4,752

16,104

17,346

2,376

15,457

57,136

7,828

Net income attributable to

ordinary shareholders

584,089

1,107,086

558,457

76,509

2,212,888

3,069,849

420,568

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(All amounts in thousands,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ordinary

share

—Basic

0.03

0.05

0.03

0.00

0.10

0.15

0.02

—Diluted

0.03

0.05

0.03

0.00

0.10

0.15

0.02

Net income per ADS*

—Basic

0.56

1.06

0.54

0.07

2.10

2.95

0.40

—Diluted

0.56

1.06

0.53

0.07

2.09

2.94

0.40

Weighted average number

of ordinary shares used

in computing net

income per share

—Basic

20,949,011,129

20,818,441,720

20,803,603

20,603

21,111,924,886

20,822,835,545

20,545

—Diluted

21,273,541

20,885,299,925

20,913,595,702

20,702

21,351,461

20,902,222,036

20,036

Weighted average number

of ADS used in

computing net

income per ADS

—Basic

1,450,556

1,040,086

1,167,380

1,244

1,041,777

1,777

—Diluted

1,050,813,677

1,044,264,996

1,045,679,785

1,058,117,573

1,102

1,102

* Each ADS represents 20 ordinary shares.

(1) Share-based compensation expense in operating expenses are as follows:

Three months ended

Year ended

December 31,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

2,593

2,997

411

8,576

11,523

Sales and marketing

expenses

16,014

12,799

13,750

1,884

55,503

50,109

6,865

General and administrative

expenses

89,255

73,892

75,768

10,380

297,469

348,400

47,731

Research and development

expenses

22,813

20,172

22,361

3,063

80,279

87,012

11,921

Total

130,675

109,506

114,876

15,738

441,827

496,639

68,040

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Income from operations

250,070

Add:

Share-based

compensation

expense

130,675

109,506

114,876

15,738

441,827

496,639

68,040

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

1,784

52,084

52,084

7,135

Compensation cost

incurred in relation

to acquisitions

4,281

—

—

—

17,124

8,562

1,173

Settlement in principle

of U.S. securities

class action

—

—

—

—

71,900

—

—

Non-GAAP adjusted

operating income

398,793

884,516

963,332

131,977

1,580,364

3,032,265

415,418

Net income

588,910

Add:

Share-based

compensation

expense

130,900

—

—

Impairment loss of

long-term

investment

—

—

352,742

48,325

—

352,325

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(446)

(13,021)

(13,020)

(1,784)

Non-GAAP adjusted net

income

732,972

1,241,208

1,052,010

144,125

2,797,007

4,020,444

550,799

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable

to ordinary

shareholders

584,568

Add:

Share-based

compensation

expense

130,784)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

728,811

1,226,358

1,035,841

141,910

2,782,802

3,966,856

543,457

Non-GAAP adjusted net

income per ordinary

share

—Basic

0.03

0.06

0.05

0.01

0.13

0.19

0.03

—Diluted

0.03

0.06

0.05

0.01

0.13

0.19

0.03

Non-GAAP adjusted net

income per ADS

—Basic

0.70

1.18

1.00

0.14

2.64

3.81

0.52

—Diluted

0.69

1.17

0.99

0.14

2.63

3.80

0.52