Aug 19, 2026 earnings call — Record fulfillment and commission rollout
Fulfillment rate reached 47%, a record high, as total net revenues were RMB 3.38 billion.
Revenue $0.5B (est $0.5B) · EPS $0.20 (est $0.19)
Key quotes
"Our fulfillment rate reached 47% in the second quarter that's up 6.3 percentage points year-over-year and 2.9 percentage points quarter-over-quarter, setting another record high."
"During the second quarter, we completed the rollout of the commission model across all eligible cities, lifting the commission penetration rate to 94.7%."
"In the second quarter, we made steady progress in transitioning our freight brokerage business from a traditional self-operated model to a dual track structure combining self-operated and aggregator operations."
Analyst Q&A 6
electric trucks and fuel effects
Q (Eddy Wang · Morgan Stanley): Will fuel price swings and more electric trucks change capacity and competition in freight?
A: Management said electric truck penetration is rising and now accounts for over 20% of fulfilled orders, but they do not expect electric trucks to materially displace diesel in the long-haul full truckload market. They said electric trucks work best for short- and medium-haul routes today, and the platform can match different truck types to suitable routes while offering services like leasing, charging and battery swapping.
"However, we do not expect this shift in the capacity mix to have a material impact on the long-haul full truckload market." — Chong Cai
order growth drivers and fuel impact
Q (Ronald Keung · Goldman Sachs): What drove the 12.7% fulfilled order growth this quarter? Has the effect of high fuel prices on demand passed? How do you see near-term order growth?
A: They said growth was mainly from better freight order quality, governance actions, more direct shippers and improved matching and operations, which shortened median matching time. They also said fuel price volatility hurt demand earlier, but since June diesel price cuts have eased cost pressure and supported a recovery; they remain cautiously optimistic but expect near-term disruptions from extreme weather.
"Since June, consecutive diesel price cuts have gradually eased transportation cost pressures supporting a recovery in year-over-year order growth on our platform." — Chong Cai
why fulfillment hit record high
Q (Brian Gong · Citi): Why did fulfillment rate reach a record 47% and what is the trend going forward?
A: They said the 47% fulfillment rate was driven by better capacity allocation, higher freight demand quality and improved matching efficiency, with monthly active truckers up nearly 5% year-over-year. They noted full truckload long-haul fulfillment rose strongly and that product resegmentation and AI integration should keep the fulfillment rate rising steadily.
"Our fulfillment rate reached 47% in the second quarter that's up 6.3 percentage points year-over-year and 2.9 percentage points quarter-over-quarter, setting another record high." — Chong Cai
transaction service revenue growth
Q (Xin Chen · UBS): What drove the 33% transaction service revenue growth and what is the outlook?
A: They said transaction service revenue was approximately RMB 1.77 billion, up 33% year-over-year, driven by full rollout of the commission network, better monetization per order and new business use cases. They expect sustainable long-term growth from continued fulfilled order growth, higher monetization per order and scaling new cases.
"The transaction service revenue reached approximately RMB 1.77 billion in the second quarter that's up 33% year-over-year." — Chong Cai
freight brokerage model change
Q (Wenjie Zhang · CICC): How did the freight brokerage business transition progress this quarter?
A: They said they are moving from a self-operated model to a dual-track model combining self-operated and aggregator operations, taken in phases to match customer needs and compliance. They reported invoicing-only customers fell to a single-digit percentage, a self-operated take rate around 10%, and that the aggregator model is asset-light with revenue now recognized under freight brokerage.
"In the second quarter, we made steady progress in transitioning our freight brokerage business from a traditional self-operated model to a dual track structure combining self-operated and aggregator operations." — Chong Cai
operating cash flow drivers
Q (Ritchie Sun · HSBC): What drove strong operating cash flow of RMB 2.15 billion in the quarter?
A: They said net cash from operations was RMB 2.15 billion and free cash flow RMB 2.04 billion, driven by improved profitability in core platform business, release of capital from credit business as it transitions to a new model, and efficient working capital management. They warned cash flow can fluctuate quarter-to-quarter but expect long-term cash generation to strengthen as revenue shifts to asset-light businesses.
"In the second quarter, our net cash provided by operating activities reached RMB 2.15 billion, while free cash flow totaled RMB 2.04 billion reflecting strong cash generation across the business." — Chong Cai