Overview
Full Truck Alliance Co. Ltd. operates a digital freight platform focused on China’s road-logistics sector, connecting shippers with truckers. Its services include freight listings, brokerage and transaction services, alongside value-added services; the platform aims to make shipping more efficient and support the upgrading of the logistics industry.[1][2][3][4]
The company’s operations are centered in China. In 2025, 4.6 million truckers fulfilled orders through its platform, which facilitated 236.3 million fulfilled orders; FY2025 net revenue was RMB 12.490 billion.[5][6] Its predecessor businesses, Huochebang and Yunmanman, were founded in 2011 and 2013 and merged in 2017 to form Full Truck Alliance.[7] [1][2][3][4][5][6][7][6]
Products & services
Full Truck Alliance’s Yunmanman and Huochebang apps match shippers with truckers for long-haul and less-than-truckload freight; Shengsheng serves intra-city freight matching, and Yunmanman Cold Chain focuses on cold-chain shipments. The platform also provides shipment search and recommendations, using AI to rank loads based on route, truck type and predicted acceptance, and to recommend freight based on users’ transaction history, location and searches. It facilitated 236.3 million fulfilled orders in 2025.[8][9][10][11]
Shippers can post a limited number of freight orders at no charge, then purchase memberships with annual or two-year limits ranging from 30 to 9,136 orders; 1.32 million shipper users had active paid memberships at year-end 2025. The company also offers freight brokerage, which arranges transport between shippers and truckers and includes order tracking, online freight payment, VAT invoices for shippers and limited cargo-damage liability. Its online transaction service generates electronic agreements and provides features such as escrowed trucker deposits, cancellation-fee protection and assistance collecting overdue payments.[12][13][14]
Additional offerings include credit solutions for shippers and truckers, funded either by the company or institutional partners, and connections to third-party services such as insurance, fuel and highway services. In 2025, freight matching generated RMB10,496.8 million, or 84.0% of net revenue, including brokerage (RMB4,199.4 million; 33.6%), freight listing (RMB980.2 million; 7.8%) and transaction services (RMB5,317.2 million; 42.6%). Value-added services generated RMB1,993.1 million (16.0%), including credit solutions (RMB1,474.4 million; 11.8%) and other value-added services (RMB518.7 million; 4.2%). Percentages are calculated as a share of 2025 net revenue.[9][15][16] [8][9][10][11][12][13][14][15][16][16][16][16][16][16][16][16]
Geographic presence
Full Truck Alliance Co. Ltd. describes its operations and assets as primarily located in China; its operating entities are principally China-based variable interest entities, their subsidiaries, and PRC subsidiaries. The company characterizes its platform network as nationwide within China.[17][18]
The company lists principal executive offices in Guiyang, Guizhou, and Nanjing, Jiangsu. Its FY2025 annual report does not provide a country- or region-level revenue breakdown or geographic employee distribution in the disclosures reviewed.[19][20][21] [17][19][20][18][21]
Business segments
Full Truck Alliance reports one operating and reportable segment, managed on a consolidated basis; it does not disclose separate revenue shares for formal business segments. Its reported service-revenue categories provide an alternative view of the business mix. [2025 Form 20-F]
For FY2025, freight matching services contributed approximately 84.0% of net revenue. This category includes freight brokerage (33.6%), freight listing (7.8%), and transaction services (42.6%), which connect shippers and truckers and support freight transactions. Value-added services contributed approximately 16.0%, comprising credit solutions (11.8%) and other value-added services (4.2%). Percentages are calculated from reported category revenues and total net revenue, rather than stated by the company as segment shares. [2025 Form 20-F] [22][8][23][12][14][15][16]
Company history
Huochebang began operations in 2011, followed by the founding of Yunmanman in November 2013, with Peter Hui Zhang leading the latter from its inception [24][25]. In December 2017, Full Truck Alliance was formed through the consolidation of Full Truck Logistics Information Co. Ltd. and Truck Alliance Inc., bringing the Yunmanman and Huochebang platforms together [24][26][27]. Zhang became CEO in December 2018 and chairman in November 2020 [25].
In 2018, the company began charging membership fees to frequent shippers and launched freight brokerage, expanding beyond freight listings into a broader matching and transaction service [28][13]. It established Manyun Cold Chain in March 2021 and gained control of the business in May 2022 [29][30]. In June 2021, Full Truck Alliance completed its initial public offering and listed its American depositary shares on the New York Stock Exchange under the ticker YMM [24][31][32]. [24][25][26][27][28][13][29][30][31][32]
Sources
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