# EDGAR Filing Document

**Accession Number:** 0001838413
**File Stem:** 0001193125-26-153778
**Filing Date:** 2026-4
**Character Count:** 1093011
**Document Hash:** 823d7c252e771c7427e4ac3a0e5d08fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-153778.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001193125-26-153778

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 155

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Full Truck Alliance Co. Ltd.
- **CENTRAL INDEX KEY:** 0001838413
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40507
- **FILM NUMBER:** 26859123

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUILDING 3, WANBO R&D PARK
- **STREET 2:** 20 FENGXIN ROAD, YUHUATAI DISTRICT
- **CITY:** NANJING
- **NON US STATE TERRITORY:** JIANGSU PROVINCE
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86-025-66920156

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUILDING 3, WANBO R&D PARK
- **STREET 2:** 20 FENGXIN ROAD, YUHUATAI DISTRICT
- **CITY:** NANJING
- **NON US STATE TERRITORY:** JIANGSU PROVINCE
- **PROVINCE COUNTRY:** F4

?xml version='1.0' encoding='ASCII'? Form 20-F

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 20-F

#### (Mark One)
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

#### OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the fiscal year ended December 31 , 2025 .

#### OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

#### For the transition period from to

#### Commission file number 001-40507

## Full Truck Alliance Co. Ltd.

#### (Exact name of Registrant as specified in its charter)

#### Cayman Islands

#### (Jurisdiction of incorporation or organization)
6 Keji RoadHuaxi District, GuiyangGuizhou 550025People's Republic of China Wanbo Science and Technology Park, 20 Fengxin Road Yuhuatai District, Nanjing Jiangsu 210012 People's Republic of China

#### (Address of principal executive offices)

#### Contact Person: Langbo Guo

#### President

#### Telephone: +86 - 25-6692-0156

#### Email: IR@amh-group.com

#### At the address of the Company set forth above

#### (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

#### Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br> Symbol(s) | Name of each exchange<br> on which registered |
| American Depositary Shares, each representing 20 Class A ordinary shares | YMM | New York Stock Exchange |
| Class A ordinary shares, US$0.00001 par value per share\* |  | New York Stock Exchange |

---

\* Not for trading, but only in connection with the registration of American Depositary Shares representing such Class A ordinary shares pursuant to the requirements of the Securities and Exchange Commission.

#### Securities registered or to be registered pursuant to Section 12(g) of the Act: None

#### Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

---

| | |
|:---|:---|
| Title of class | Number of shares outstanding |
| Class A ordinary shares were outstanding as of December 31, 2025 | 18752052944 |
| Class B ordinary shares were outstanding as of December 31, 2025 | 2100682281 |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒Yes ☐No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
|  |  |  |  | Emerging growth company | ☐ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued by the Other ☐ <br> International Accounting Standards Board ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No

------

##### [**Table of Contents**](#toc)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[PART I](#toc20504_1)** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#toc20504_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#toc20504_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 3. KEY INFORMATION](#toc20504_4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 4. INFORMATION ON THE COMPANY](#toc20504_5) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM4A UNRESOLVED STAFF COMMENTS](#toc20504_6) | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#toc20504_7) | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#toc20504_8) | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#toc20504_9) | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 8. FINANCIAL INFORMATION](#toc20504_10) | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 9. THE OFFER AND LISTING](#toc20504_11) | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 10. ADDITIONAL INFORMATION](#toc20504_12) | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#toc20504_13) | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#toc20504_14) | 176 |
| **[PART II](#toc20504_15)** | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#toc20504_16) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#toc20504_17) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 15. CONTROLS AND PROCEDURES](#toc20504_18) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT](#toc20504_19) | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16B. CODE OF ETHICS](#toc20504_20) | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#toc20504_21) | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#toc20504_22) | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#toc20504_23) | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#toc20504_24) | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16G. CORPORATE GOVERNANCE](#toc20504_25) | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16H. MINE SAFETY](#toc20504_26) | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#toc20504_27) | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16J. INSIDER TRADING POLICIES](#toc20504_28) | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16K. CYBERSECURITY](#toc20504_29) | 184 |
| **[PART III](#toc20504_30)** | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 17. FINANCIAL STATEMENTS](#toc20504_31) | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 18. FINANCIAL STATEMENTS](#toc20504_32) | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 19. EXHIBIT INDEX](#toc20504_33) | 188 |

---

i

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##### [**Table of Contents**](#toc)

#### Conventions That Apply to This Annual Report on Form 20-F
Unless we indicate otherwise, references in this annual report on Form 20-F to:

• "active shippers" are to the aggregate number of registered shipper accounts on the FTA platform that have posted at least one shipping order on the FTA platform during a given period; some shippers may use more than one account, and/or may share the same account with other shippers;

• "ADSs" are to American depositary shares, each of which represents 20 Class A ordinary shares in our Company;

• "China" and the "PRC" are to the People's Republic of China, excluding, for the purposes of this annual report only, Taiwan, the Hong Kong Special Administrative Region and the Macao Special Administrative Region;

• "consolidated affiliates" are to the Group VIEs and their respective subsidiaries;

• "FTA platform" are to a digital, standardized and smart freight platform that connects shippers and truckers, currently providing services primarily under the brands of *Yunmanman*, *Huochebang*, *Shengsheng* and *Yunmanman Cold Chain*;

• "fulfilled orders" are to all shipping orders matched through the FTA platform during a given period but exclude (i) shipping orders that are subsequently canceled, and (ii) shipping orders for which platform users failed to specify any freight prices as there are substantial uncertainties as to whether the shipping orders are fulfilled;

• "Giga.AI" are to Giga.AI Technology Limited, previously known as Plus PRC Holding Ltd. a company incorporated under the laws of the Cayman Islands and our majority-owned subsidiary;

• "Group" are to Full Truck Alliance Co. Ltd., the Group VIEs and their respective subsidiaries;

• "Group VIEs" are to the variable interest entities, or VIEs, that are 100% owned by PRC citizens and hold certain business operation licenses or approvals, and generally operate businesses in which foreign investment is restricted, and are consolidated into the Group's consolidated financial statements in accordance with U.S. GAAP;

• "Hong Kong dollar(s)" or "HK dollar(s)" or "HK$" or "HKD" are to Hong Kong dollars, the lawful currency of Hong Kong;

• "*Huochebang*" are to the brand of *Huochebang* or the *Huochebang* platform, which was a leading digital freight platform providing services under the brand of *Huochebang* and integrated into the FTA platform following the establishment of our Company, as the context requires;

• "ordinary shares" are to Class A ordinary shares, US$0.00001 par value per share in our Company, and Class B ordinary shares, US$0.00001 par value per share in our Company; each Class A ordinary share is entitled to one (1) vote; each Class B ordinary share is entitled to thirty (30) votes;

• "RMB" or "Renminbi" are to the legal currency of China;

• "road transportation industry" or "road transportation market" are to the market of transportation services for raw material, semi-finished goods and finished goods by trucks on roads;

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##### [**Table of Contents**](#toc)
• "shipper MAUs" are to the number of active shippers in a given month; "average shipper MAUs" in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of such period, by (ii) the number of months in such period;

• "US$," "U.S. dollars," or "dollars" are to the legal currency of the United States;

• "we," "us," "our Company," "our," or "FTA" are to Full Truck Alliance Co. Ltd. and/or its subsidiaries, as the context requires; and

• "*Yunmanman*" are to the brand of *Yunmanman* or the *Yunmanman* platform, which was a leading digital freight platform providing services under the brand of *Yunmanman* and integrated into the FTA platform following the establishment of our Company, as the context requires.

This annual report contains translations between Renminbi and U.S. dollars for the convenience of the reader. The translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB6.9931 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. We make no representation that the Renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

This annual report includes our audited consolidated financial statements for the years ended December 31, 2023, 2024 and 2025.

Our ADSs are listed on the New York Stock Exchange under the ticker symbol "YMM."

#### FORWARD-LOOKING INFORMATION
This annual report on Form 20-F contains forward-looking statements that reflect our current expectations and views of future events. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect the Group's financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to:

• our goal and strategies;

• our expansion plans;

• our future business development, financial condition and results of operations;

• expected changes in the Group's revenues, costs or expenses;

• industry landscape of, and trends in, China's road transportation market;

• competition in our industry;

• our expectations regarding demand for, and market acceptance of, the Group's services;

• our expectations regarding the Group's relationships with shippers, truckers and other ecosystem participants;

• our ability to protect our systems and infrastructures from cyber-attacks;

• PRC laws, regulations, and policies relating to the road transportation market;

• the impact of any regulatory action taken against us;

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##### [**Table of Contents**](#toc)
• the impact of health epidemic, extreme weather conditions and production constraints brought by electricity rationing measures; and

• general economic and business conditions.

We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in "Item 3.D. Key Information—Risk Factors." Those risks are not exhaustive. We operate in a rapidly evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on the Group's business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

#### PART I

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| | |
|:---|:---|
| **ITEM 1.** | **IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**  |

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Not required.

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| | |
|:---|:---|
| **ITEM 2.** | **OFFER STATISTICS AND EXPECTED TIMETABLE**  |

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Not required.

**Item 3.** **KEY INFORMATION** <br>

#### Our Corporate Structure
Full Truck Alliance Co. Ltd. is not a Chinese operating company but a Cayman Islands holding company with operations primarily conducted (i) through contractual arrangements with certain variable interest entities, or the Group VIEs, in China and (ii) by our subsidiaries in China. Under the PRC laws and regulations, the provision of value-added telecommunication services and certain financial services in the PRC is subject to foreign investment restrictions and license requirements. Therefore, we operate such business in China through the Group VIEs, and rely on contractual arrangements among our PRC subsidiaries, the Group VIEs and their respective individual shareholders to control the business operations of the Group VIEs. Investors in our ADSs do not hold equity interest in the Group's operating entities in China, but instead hold an equity interest in Full Truck Alliance Co. Ltd., a Cayman Islands holding company. As used in this annual report, "FTA," "we," "us," "our Company" or "our" refers to Full Truck Alliance Co. Ltd. and/or its subsidiaries, "the Group" refers to Full Truck Alliance Co. Ltd., the Group VIEs and their respective subsidiaries, and "the consolidated affiliates" refers to the Group VIEs and their respective subsidiaries.

Prior to the fourth quarter of 2021, our Group VIEs were Shanghai Xiwei Information Consulting Co., Ltd., or Shanghai Xiwei, Beijing Manxin Technology Co., Ltd, or Beijing Manxin (formerly known as Beijing Yunmanman Technology Co., Ltd., or Beijing Yunmanman), and Guizhou FTA Logistics Technology Co., Ltd., or Guizhou FTA. In the fourth quarter of 2021, in order to enhance corporate governance, we underwent a reorganization of the holding structure of our onshore subsidiaries and the consolidated affiliates, or the Reorganization. The Reorganization mainly involved (i) changing the Group VIEs and (ii) changing certain subsidiaries of the Group VIEs to wholly-owned or partly-owned subsidiaries of our Company, to the extent permitted under the relevant PRC laws and regulations. The Reorganization was completed on January 1, 2022. On May 24, 2022, Yixing Manxian Information Technology Co., Ltd., or Yixing Manxian, our PRC subsidiary, gained control over Nanjing Manyun Cold Chain Technology Co., Ltd., or Manyun Cold Chain, a majority-owned subsidiary of Jiangsu Manyun Software Technology Co., Ltd., or Manyun Software, through a series of contractual arrangements with Manyun Cold Chain and its shareholders.

The following diagram illustrates our corporate structure with our principal subsidiaries as of December 31, 2025. Certain entities that are immaterial to our results of operations, business and financial condition are omitted. Except as otherwise specified, equity interests depicted in this diagram are held as to 100%.

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![LOGO](g20504g02k02.jpg)

(1) Besides Jiangsu Yunmanman Information Technology Co., Ltd. (formerly known as Jiangsu Manyun Logistics Information Co., Ltd.), or Jiangsu Yunmanman, Lucky Logistics Information Limited wholly owns two insignificant subsidiaries incorporated in the PRC.

(2) Besides Guiyang Full Truck Alliance Information Technology Group Co., Ltd. (formerly known as Full Truck Alliance Information Technology Co., Ltd.), or FTA Information, FTA HK's subsidiaries include two insignificant subsidiaries incorporated in the PRC that are wholly-owned by FTA HK and one insignificant subsidiary incorporated in the British Virgin Islands that is wholly-owned by FTA HK.

(3) Include two insignificant subsidiaries that are majority-controlled by FTA.

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(4) Manyun Software, Tianjin Zhihui Yunli Management Consulting Partnership (Limited Partners), or Tianjin Zhihui and Mr. Peter Hui Zhang hold 82.5%, 10.0% and 7.5% of equity interest in Manyun Cold Chain, respectively. Manyun Cold Chain primarily provides freight matching services for the cold chain logistics sector and operates *Yunmanman Cold Chain* apps.

(5) Jiangsu Yunmanman and another subsidiary of Lucky Logistics Information Limited each holds 50.0% of the equity interest in Jiangsu Manyun Technology Industry Co., Ltd, or Manyun Technology.

(6) Mr. Peter Hui Zhang and Ms. Guizhen Ma hold 70% and 30% equity interest, respectively, in Manyun Software. Manyun Software and its subsidiaries are primarily involved in operating the *Yunmanman* apps and *Shengsheng* apps and providing freight matching services.

(7) Include ten insignificant subsidiaries that are wholly-owned by Jiangsu Yunmanman.

(8) In March 2021, Guizhou FTA became a Group VIE. On January 1, 2022, FTA Information acquired Guizhou FTA from its shareholders and it became a wholly-owned subsidiary of FTA Information.

(9) Include two insignificant subsidiaries that are wholly owned by FTA Information.

(10) Mr. Peter Hui Zhang and Ms. Guizhen Ma hold 70% and 30% equity interest, respectively, in Shan'en Technology. Shan'en Technology and its subsidiaries are primarily involved in operating the *Huochebang* apps and providing freight matching services and insurance brokerage services.

(11) Include eight insignificant subsidiaries that are wholly-owned by Manyun Software, and one insignificant subsidiary that are majority-owned by Manyun Software.

(12) Previously, Guiyang Huochebang Technology Co., Ltd., or Guiyang Huochebang, was a Group VIE. In March 2021, as directed by FTA Information, Guizhou FTA, a newly established entity, acquired 100% of equity interest in Guiyang Huochebang for a nominal price from the shareholders of Guiyang Huochebang, and FTA Information gained control over Guizhou FTA through a series of contractual arrangements with Guizhou FTA and its shareholders. As a result, Guizhou FTA became a Group VIE, and Guiyang Huochebang became a subsidiary of Guizhou FTA. FTA Information and Guizhou FTA hold 98.2% and 1.8% of equity interest in Guiyang Huochebang, respectively.

(13) Guiyang Huochebang and FTA Information hold 89.5% and 10.5% of equity interest in Guizhou Huochebang Internet Information Service Co., Ltd., respectively.

(14) Include nine insignificant subsidiaries that are wholly-owned by Guiyang Huochebang.

(15) Include two insignificant subsidiaries that are wholly-owned by Chengdu Yunli.

On January 2, 2025, Yixing Manxian, Manyun Cold Chain and its shareholders entered into amended and restated contractual arrangements due to changes in ownership structure of Yixing Manxian and Manyun Cold Chain. The amended and restated contractual arrangements did not change the scope of the Group VIEs. The major Group VIEs are (i) Manyun Software, (ii) Guiyang Shan'en Technology Co., Ltd., or Shan'en Technology, and (iii) Manyun Cold Chain.

The contractual arrangements among our PRC subsidiaries, the Group VIEs and their respective individual shareholders collectively enable us to:

• exercise effective control over our Group VIEs and their subsidiaries;

• receive substantially all the economic benefits of our Group VIEs; and

• have an exclusive option to purchase all or part of the equity interests in all or part of the assets when and to the extent permitted by PRC law.

These contractual arrangements generally include equity interest pledge agreements, spousal consent letters, power of attorney, loan agreements, exclusive service agreement and exclusive option agreement, as the case may be. As a result of the contractual arrangements, we are considered the primary beneficiary of these companies for accounting purposes, and we have consolidated the financial results of these companies in the Group's consolidated financial statements. However, we do not own equity interest in the Group VIEs. Furthermore, Full Truck Alliance Co. Ltd., as our holding company, does not conduct operating activities other than holding investment in certain of our equity investees.

The individual nominee shareholders of the Group VIEs are current or former directors and/or members of senior management of our Company. We consider such individuals suitable to act as the nominee shareholders of the Group VIEs because of, among other considerations, their contribution to the Group, their competence and their length of service with and loyalty to the Group. For more details of these contractual arrangements, see "Item 4. Information on the Company—C. Organizational Structure—Contractual Arrangements with the Group VIEs."

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We are subject to risks associated with our contractual arrangements with the Group VIEs. Our Company and its investors may never have a direct ownership interest in the businesses that are conducted by the Group VIEs. The contractual arrangements may not be as effective as direct ownership in providing us with control over the Group VIEs. If the Group VIEs or their shareholders fail to perform their respective obligations under these contractual arrangements, we could be limited in our ability to enforce these contractual arrangements. There are very few precedents and little formal guidance as to how contractual arrangements in the context of a variable interest entity should be interpreted or enforced under PRC law. If we are unable to maintain effective control, we would not be able to continue to consolidate the financial results of these entities in the Group's financial statements. See "—D. Risk Factors—Risks Relating to Our Corporate Structure—We rely on contractual arrangements with the Group VIEs and their shareholders to conduct a substantial part of the Group's operations in China, which may not be as effective as direct ownership in providing operational control and otherwise have a material adverse effect as to our business" and "—D. Risk Factors—Risks Relating to Our Corporate Structure—The shareholders of the Group VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition."

There are also uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with the Group VIEs and their nominee shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or any of the Group VIEs is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in accordance with the applicable laws and regulations to take action in dealing with such violations or failures. The Group VIEs hold certain material licenses and assets to conduct business in China and contribute the majority of the Group's revenues. An event that results in the deconsolidation of the Group VIEs would have a material effect on the Group's operations and cause the value of the securities of our Company to diminish substantially or even become worthless. See "—D. Risk Factors—Risks Relating to Our Corporate Structure—If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations."

The Group also faces various legal and operational risks and uncertainties associated with being based in or having its operations primarily in China and the country's complex and evolving laws and regulations. For example, the Group faces risks associated with regulatory approvals on offerings conducted overseas by and foreign investment in China-based issuers, the use of the Group VIEs, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, which may impact the Group's ability to conduct certain businesses, accept foreign investments, or list on a U.S. or other foreign exchange outside of China. These risks could result in a material adverse change in the Group's operations and the value of our ADSs, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause the value of such securities to significantly decline. See "—D. Risks Factors—Risks Relating to Doing Business in China."

#### Holding Foreign Companies Accountable Act
The Holding Foreign Companies Accountable Act, as amended, or the HFCA Act, was signed into law on December 18, 2020 and amended pursuant to the Consolidated Appropriations Act, 2023 on December 29, 2022. Under the HFCA Act and the rules issued by the SEC and the PCAOB thereunder, if we have retained a registered public accounting firm to issue an audit report where the registered public accounting firm has a branch or office that is located in a foreign jurisdiction and the PCAOB has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, the SEC will identify us as a "covered issuer", or SEC-identified issuer, shortly after we file with the SEC a report required under the Securities Exchange Act of 1934, or the Exchange Act (such as our annual report on Form 20-F), that includes an audit report issued by such accounting firm; and if we were to be identified as an SEC-identified issuer for two consecutive years, the SEC would prohibit our securities (including our shares or ADSs) from being traded on a national securities exchange or in the over-the-counter trading market in the United States.

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In December 2021, the PCAOB made its determinations, or the 2021 determinations, pursuant to the HFCA Act that it was unable to inspect or investigate completely registered public accounting firms headquartered in Chinese Mainland or Hong Kong, including our auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP. After we filed our annual report on Form 20-F for the fiscal year ended December 31, 2021 that included an audit report issued by Deloitte Touche Tohmatsu Certified Public Accountants LLP on April 25, 2022, the SEC conclusively identified us as an SEC-identified issuer on May 26, 2022.

Following the Statement of Protocol signed between the PCAOB and the China Securities Regulatory Commission and the Ministry of Finance of the PRC in August 2022 and the on-site inspections and investigations conducted by the PCAOB staff in Hong Kong from September to November 2022, the PCAOB Board voted in December 2022 to vacate the previous 2021 determinations, and as a result, our auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP, was no longer a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, and we were not identified as an SEC-identified issuer thereafter. As of the date of this annual report, we do not expect to be identified as an SEC-identified issuer for the fiscal year ended December 31, 2025. However, the PCAOB may change its determinations under the HFCA Act at any point in the future. See "—D. Risks Factors— Risks Relating to Doing Business in China—If the PCAOB determines that it is unable to inspect or investigate completely our auditor at any point in the future, our ADSs may be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, as amended, or the HFCA Act, and any such trading prohibition on our ADSs or threat thereof may materially and adversely affect the price of our ADSs and value of your investment."

#### Licenses, Permits and Approvals
We conduct our business primarily through (i) our Group VIEs and their subsidiaries in China and (ii) our subsidiaries in China. Our operations in China are governed by PRC laws and regulations. The Group has received all material permissions that are, or may be, required for its operations in China, including the operations of the Group VIEs. See "Item 4. Information on the Company—B. Business Overview— Licenses, Permits and Approvals." for more details.

No material permission has been denied from us by relevant authorities in China. To enhance the experience of shippers, truckers and other ecosystem participants, we offer various auxiliary functions, content and value-added services through the FTA platform. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practices by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for these functions, content and services. See "—D. Risk Factors—Risks Relating to Our Business and Industry— If we fail to obtain or maintain licenses, permits or approvals applicable to the Group's business, we may become subject to significant penalties and other regulatory proceedings or actions."

In connection with our previous issuance of securities to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we, our PRC subsidiaries and our Group VIEs, (i) are not required to obtain permissions from the CSRC, (ii) are not required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not received or were denied such requisite permissions by any PRC authority. However, the PRC government has indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, and we cannot assure you that the relevant PRC government authorities will reach the same conclusion in the future. The Cybersecurity Review Office of the CAC announced the initiation of a cybersecurity review of the *Yunmanman* apps and *Huochebang* apps on July 5, 2021. During the cybersecurity review, the *Yunmanman* and *Huochebang* apps were required to suspend new user registration. Based on notification by the CRO, we have resumed new user registration on the Yunmanman and Huochebang apps since June 29, 2022. For more details, see "—D. Risk Factors—Risks Relating to Our Business and Industry—The Group's business is subject to complex and evolving PRC laws and regulations relating to cybersecurity and data security" and —D. Risk Factors—Risks Relating to Our Corporate Structure—Uncertainties exist with respect to the interpretation and implementation of the newly enacted PRC Foreign Investment Law and its implementing rules and how they may impact the Group's business, financial condition and results of operations."

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#### Cash Transfers within Our Corporate Structure
Full Truck Alliance Co. Ltd. is a Cayman Islands holding company with operations primarily conducted (i) through the consolidated affiliates in China and (ii) by our subsidiaries in China.

The following diagram summarizes how cash was transferred among our Company, our subsidiaries and the consolidated affiliates in 2023, 2024 and 2025.

![LOGO](g20504g09g09.jpg)

(1) Our PRC subsidiaries, Jiangsu Yunmanman, FTA Information and Yixing Manxian, entered into contractual arrangements with the Group VIEs, including Manyun Software, Shan'en Technology and Manyun Cold Chain, respectively. See "Item 4. Information on the Company—C. Organizational Structure."

The following table sets forth a summary of the cash flows that occurred between our Company, our subsidiaries, and the consolidated affiliates.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Intercompany Cash Flow Data:** | **Intercompany Cash Flow Data:** | **Intercompany Cash Flow Data:** | **Intercompany Cash Flow Data:** | **Intercompany Cash Flow Data:** |
|  Transfer from our Company to our subsidiaries | 4198690 | 3514587 | 8912353 | 1274450 |
|  Transfer from our subsidiaries to our Company | 2364780 | 970085 | 7255944 | 1037586 |
|  Transfer from our Company to the consolidated affiliates |  | 86170 |  |  |
|  Transfer from the consolidated affiliates to our Company |  | 1204623 | 252030 | 36040 |
|  Transfer from our subsidiaries to the consolidated affiliates | 1952383 | 7189271 | 3728938 | 533231 |
|  Transfer from the consolidated affiliates to our subsidiaries | 3398082 | 8443505 | 4910478 | 702189 |

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Our Company made cash transfers to our subsidiaries primarily in the form of intercompany loans and capital contribution in 2023, 2024 and 2025.

The subsidiaries made loan repayments to our Company in 2023, 2024 and 2025.

Our Company made cash transfers to the consolidated affiliates in the form of intercompany loans in 2024 to finance the consolidated affiliates' operations. Our company did not make cash transfers to the consolidated affiliates in 2023 and 2025.

The consolidated affiliates made loan repayments to our Company in 2024 and 2025. The consolidated affiliates did not make cash transfers to our Company in 2023.

Our subsidiaries made cash transfers to the consolidated affiliates primarily in the form of intercompany loans to finance the consolidated affiliates' operations and other cash transfers in 2023, 2024 and 2025.

The consolidated affiliates made loan repayments and other cash transfers to our subsidiaries in 2023, 2024 and 2025.

The Group VIEs did not pay any service fee under the exclusive service agreements in 2023, 2024 and 2025.

On March 13, 2024, we declared an annual cash dividend for the year ended December 31, 2023 of US$0.0072 per ordinary share, or US$0.1444 per ADS, which was paid on or around April 19, 2024 to holders of record of our ordinary shares at the close of business on April 5, 2024. The aggregate amount of the dividend was approximately US$150 million.

Upon review of our results of operations, business development plan, capital requirements, and cash position, our board of directors approved a semi-annual cash dividend policy in March 2025, pursuant to which the board intends to declare and distribute a cash dividend semi-annually starting from 2025. 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 our 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$0.0960 per ADS, which was paid on or around April 18, 2025, to holders of record of our ordinary shares at the close of business on April 7, 2025. The aggregate amount of the dividend was approximately US$100 million. In August 2025, the board approved a semi-annual cash dividend for the second half of 2025 in the amount of US$0.0048 per ordinary share, or US$0.0960 per ADS, which was paid on or around October 27, 2025, to holders of record of the Company's ordinary shares at the close of business on October 13, 2025. The aggregate amount of the dividend was approximately US$100 million.

In January 2026, we announced that, in order to carry out our long-term commitment to returning value to shareholders, our board of directors approved a long-term shareholder return plan (the "Plan"), pursuant to which we will distribute no less than 50% of our non-GAAP adjusted net income of the preceding fiscal year through dividends and/or share repurchases each year. The implementation of the Plan and the specifics of the dividends and/or share repurchases are subject to the approval by the board. The board will review the Plan on an ongoing basis, and may adjust the Plan based on its evaluation of our financial performance, business plan and other relevant factors. To implement the Plan, the board also approved that we will return a total of US$400 million to our shareholders in fiscal year 2026, with at least US$300 million distributed through quarterly dividends and the remainder via share repurchases from open markets. We will make announcements of the details of quarterly dividends and share repurchase program after approval by the board.

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#### Restrictions on Transfer of Funds
In 2023, 2024 and 2025, no dividends or distributions were made to our Company by our subsidiaries. For more details, see "Item 8. Financial information—A. Consolidated Statements and Other Financial Information—Dividend policy." Our ability to pay dividends, if any, to the shareholders and ADSs investors and to service any debt we may incur may depend upon dividends paid by our PRC subsidiaries. Under PRC laws and regulations, our PRC subsidiaries are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets offshore to us. In particular, under PRC laws, rules and regulations, each of our subsidiaries incorporated in China is required to set aside at least 10% of its net income each year to fund certain statutory reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves, together with the registered capital, are not distributable as cash dividends.

Furthermore, we are subject to restrictions on currency exchange. The Renminbi is currently convertible under the "current account," which includes dividends, trade and service-related foreign exchange transactions, but not under the "capital account," which includes foreign direct investment and loans, including loans we may secure from our PRC subsidiaries. Currently, our PRC subsidiaries may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, by complying with certain procedural requirements. However, the relevant PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with, the SAFE and other relevant PRC governmental authorities. Since a significant amount of our future revenues and cash flow will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit our ability to utilize cash generated in Renminbi to fund our business activities outside of the PRC or pay dividends in foreign currencies to our shareholders, including holders of our ADSs, and may limit our ability to obtain foreign currency through debt or equity financing for our onshore subsidiaries. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to us. For certain Cayman Islands, PRC and United States federal income tax considerations of an investment in the ADSs, see "Item 10. Additional Information — E. Taxation."

#### Summary Financial Information Related to the Consolidated Affiliates
The following condensed consolidated financial statement information presents information related to Full Truck Alliance Co. Ltd., or the Parent, which is a Cayman holding company, the consolidated affiliates and our subsidiaries as of December 31, 2024 and 2025 and for the years ended 2023, 2024 and 2025.

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The following tables present the condensed consolidated schedule of results of operation data for the periods indicated.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Parent** | **Parent** | **Consolidated<br>affiliates** | **Consolidated<br>affiliates** | **Subsidiaries** | **Subsidiaries** | **Eliminating Entries** | **Eliminating Entries** | **Total** | **Total** |
|  | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Freight Matching Services** | **—** | **—** | **6176685** | **883254** | **4320086** | **617764** | **—** | **—** | **10496771** | **1501018** |
|  Freight brokerage service |  |  | 4199393 | 600505 |  |  |  |  | 4199393 | 600505 |
|  Freight listing service<sup>(1)</sup> |  |  | 980158 | 140161 |  |  |  |  | 980158 | 140161 |
|  Transaction service<sup>(1)</sup> |  |  | 997134 | 142588 | 4320086 | 617764 |  |  | 5317220 | 760352 |
|  **Value-added services<sup>(2)</sup>** | **—** | **—** | **439337** | **62824** | **2552258** | **364969** | **(998507)** | **(142785)** | **1993088** | **285008** |
|  Credit solutions |  |  | 3514 | 502 | 1470899 | 210336 |  |  | 1474413 | 210838 |
|  Other value-added services<sup>(1)</sup> |  |  | 435823 | 62322 | 1081359 | 154633 | (998507) | (142785) | 518675 | 74170 |
|  **Net Revenues** | **—** | **—** | **6616022** | **946078** | **6872344** | **982733** | **(998507)** | **(142785)** | **12489859** | **1786026** |
|  **Operating expenses:** |  |  |  |  |  |  |  |  |  |  |
|  Cost of revenues<sup>(2)</sup> | (12628) | (1806) | (3859727) | (551933) | (803058) | (114836) | 56617 | 8096 | (4618796) | (660479) |
|  Sales and marketing expenses<sup>(2)</sup> | (54468) | (7789) | (1070009) | (153009) | (893723) | (127801) | 270441 | 38673 | (1747759) | (249926) |
|  General and administrative expenses<sup>(2)</sup> | (135783) | (19417) | (674041) | (96387) | (571400) | (81708) | 671449 | 96016 | (709775) | (101496) |
|  Research and development expenses | (70927) | (10142) | (190237) | (27204) | (613271) | (87697) |  |  | (874435) | (125043) |
|  Provision for credit solutions |  |  |  |  | (445351) | (63684) |  |  | (445351) | (63684) |
|  **Total operating expenses** | **(273806)** | **(39154)** | **(5794014)** | **(828533)** | **(3326803)** | **(475726)** | **998507** | **142785** | **(8396116)** | **(1200628)** |
|  Other operating income |  |  | 4643 | 664 | 47812 | 6837 |  |  | 52455 | 7501 |
| (Loss) income from operations | **(273806)** | **(39154)** | **826651** | **118209** | **3593353** | **513844** | **—** | **—** | **4146198** | **592899** |
|  **Other income (expense)** |  |  |  |  |  |  |  |  |  |  |
|  Interest income<sup>(3)</sup> | 325379 | 46529 | 26167 | 3742 | 602554 | 86164 | (18) | (3) | 954082 | 136432 |
|  Foreign exchange loss | (10604) | (1516) |  |  | (6740) | (964) |  |  | (17344) | (2480) |
|  Investment income | 64134 | 9171 |  |  | 30583 | 4373 |  |  | 94717 | 13544 |
|  Unrealized gains from fair value changes of investments | 4818 | 689 |  |  | 111344 | 15922 |  |  | 116162 | 16611 |
|  Other income (expense), net<sup>(3)</sup> | 150927 | 21583 | (6677) | (955) | (35036) | (5011) | 18 | 3 | 109232 | 15620 |
|  Share of loss in equity method investees |  |  |  |  | (14814) | (2118) |  |  | (14814) | (2118) |
|  **Total other income** | **534654** | **76456** | **19490** | **2787** | **687891** | **98366** | **—** | **—** | **1242035** | **177609** |
|  **Net income before income tax** | **260848** | **37302** | **846141** | **120996** | **4281244** | **612210** | **—** | **—** | **5388233** | **770508** |
|  Income tax expense | (51879) | (7419) | (205211) | (29345) | (672067) | (96104) |  |  | (929157) | (132868) |
|  Equity in gain of subsidiaries and consolidated affiliates<sup>(4)</sup> | 4199200 | 600478 |  |  |  |  | (4199200) | (600478) |  |  |
|  **Net income** | **4408169** | **630361** | **640930** | **91651** | **3609177** | **516106** | **(4199200)** | **(600478)** | **4459076** | **637640** |
|  Less: Measurement adjustment attributable to redeemable non-controlling interests |  |  |  |  | 78361 | 11205 |  |  | 78361 | 11205 |
|  Less: Net loss attributable to non-controlling interests |  |  | (310) | (44) | (22028) | (3150) | (5116) | (732) | (27454) | (3926) |
|  **Net income attributable to ordinary shareholders** | **4408169** | **630361** | **641240** | **91695** | **3552844** | **508051** | **(4194084)** | **(599746)** | **4408169** | **630361** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Parent** | **Consolidated<br>affiliates** | **Subsidiaries** | **Eliminating<br>Entries** | **Total** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Freight Matching Services** | **—** | **6051994** | **3403140** | **—** | **9455134** |
|  Freight brokerage service |  | 4726989 |  |  | 4726989 |
|  Freight listing service<sup>(1)</sup> |  | 879489 |  |  | 879489 |
|  Transaction service<sup>(1)</sup> |  | 445516 | 3403140 |  | 3848656 |
|  **Value-added services<sup>(2)</sup>** | **—** | **384567** | **2672588** | **(1273651)** | **1783504** |
|  Credit solutions |  | 1106 | 1340328 |  | 1341434 |
|  Other value-added services<sup>(1)</sup> |  | 383461 | 1332260 | (1273651) | 442070 |
|  **Net Revenues** | **—** | **6436561** | **6075728** | **(1273651)** | **11238638** |
|  **Operating expenses:** |  |  |  |  |  |
|  Cost of revenues<sup>(2)</sup> | (11115) | (4511454) | (650082) | 72093 | (5100558) |
|  Sales and marketing expenses<sup>(2)</sup> | (49847) | (1126045) | (675618) | 254747 | (1596763) |
|  General and administrative expenses<sup>(2)</sup> | (343451) | (904527) | (612407) | 946622 | (913763) |
|  Research and development expenses | (81542) | (252168) | (546306) |  | (880016) |
|  Provision for credit solutions |  |  | (296528) |  | (296528) |
|  **Total operating expenses** | **(485955)** | **(6794194)** | **(2780941)** | **1273462** | **(8787628)** |
|  Other operating income |  | 7046 | 16924 |  | 23970 |
| (Loss) income from operations | **(485955)** | **(350587)** | **3311711** | **(189)** | **2474980** |
|  **Other income (expense)** |  |  |  |  |  |
|  Interest income<sup>(3)</sup> | 608065 | 43580 | 423194 | (1405) | 1073434 |
|  Interest expenses<sup>(3)</sup> |  | (1405) |  | 1405 |  |
|  Foreign exchange (loss) gain | (437) | (73) | 8514 |  | 8004 |
|  Investment income (loss) | 56225 | 4 | (1444) |  | 54785 |
|  Unrealized gains (losses) from fair value changes of investments | 3233 |  | (24137) |  | (20904) |
|  Other income (expense), net | 123602 | 5935 | (1385) |  | 128152 |
|  Impairment loss |  |  | (352742) |  | (352742) |
|  Share of loss in equity method investees |  |  | (2861) |  | (2861) |
|  **Total other income** | **790688** | **48041** | **49139** | **—** | **887868** |
|  **Net income (loss) before income tax** | **304733** | **(302546)** | **3360850** | **(189)** | **3362848** |
|  Income tax expense | (83501) | (9555) | (146355) |  | (239411) |
|  Equity in gain of subsidiaries and consolidated affiliates<sup>(4)</sup> | 2848617 |  |  | (2848617) |  |
|  **Net income (loss)** | **3069849** | **(312101)** | **3214495** | **(2848806)** | **3123437** |
|  Less: Measurement adjustment attributable to redeemable non-controlling interests |  |  | 57136 |  | 57136 |
|  Less: Net income (loss) attributable to non-controlling interests |  | 160 | 82 | (3790) | (3548) |
|  **Net income (loss) attributable to ordinary shareholders** | **3069849** | **(312261)** | **3157277** | **(2845016)** | **3069849** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Parent** | **Consolidated<br>affiliates** | **Subsidiaries** | **Eliminating<br>Entries** | **Total** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Freight Matching Services** | **—** | **5720554** | **1332971** | **—** | **7053525** |
|  Freight brokerage service |  | 3916409 |  |  | 3916409 |
|  Freight listing service<sup>(1)</sup> |  | 828152 |  |  | 828152 |
|  Transaction service<sup>(1)</sup> |  | 975993 | 1332971 |  | 2308964 |
|  **Value-added services<sup>(2)</sup>** | **—** | **249606** | **2784880** | **(1651852)** | **1382634** |
|  Credit solutions |  |  | 1001892 |  | 1001892 |
|  Other value-added services<sup>(1)</sup> |  | 249606 | 1782988 | (1651852) | 380742 |
|  **Net Revenues** | **—** | **5970160** | **4117851** | **(1651852)** | **8436159** |
|  **Operating expenses:** |  |  |  |  |  |
|  Cost of revenues<sup>(2)</sup> | (8567) | (3709892) | (494058) | 93501 | (4119016) |
|  Sales and marketing expenses<sup>(2)</sup> | (55280) | (819013) | (570620) | 205722 | (1239191) |
|  General and administrative expenses<sup>(2)</sup> | (386155) | (1489536) | (414615) | 1352629 | (937677) |
|  Research and development expenses | (76817) | (216739) | (653079) |  | (946635) |
|  Provision for credit solutions |  |  | (234599) |  | (234599) |
|  **Total operating expenses** | **(526819)** | **(6235180)** | **(2366971)** | **1651852** | **(7477118)** |
|  Other operating income |  | 17633 | 20755 |  | 38388 |
| (Loss) income from operations | **(526819)** | **(247387)** | **1771635** | **—** | **997429** |
|  **Other income (expense)** |  |  |  |  |  |
|  Interest income<sup>(3)</sup> | 771606 | 61681 | 309976 | (1402) | 1141861 |
|  Interest expenses<sup>(3)</sup> |  | (1402) |  | 1402 |  |
|  Foreign exchange gain (loss) | 1152 |  | (3301) |  | (2149) |
|  Investment income | 52177 |  | 3444 |  | 55621 |
|  Unrealized gains from fair value changes of investments | 12852 |  | 86 |  | 12938 |
|  Other income, net | 116546 | 7445 | 6273 |  | 130264 |
|  Share of loss in equity method investees |  |  | (2067) |  | (2067) |
|  **Total other income** | **954333** | **67724** | **314411** | **—** | **1336468** |
|  **Net income (loss) before income tax** | **427514** | **(179663)** | **2086046** | **—** | **2333897** |
|  Income tax expense | (93914) | (8297) | (4593) |  | (106804) |
|  Equity in gains of subsidiaries, and consolidated affiliates<sup>(4)</sup> | 1879288 |  |  | (1879288) |  |
|  **Net income (loss)** | **2212888** | **(187960)** | **2081453** | **(1879288)** | **2227093** |
|  Less: Measurement adjustment attributable to redeemable non-controlling interest |  |  | 15457 |  | 15457 |
|  Less: Net income attributable to non-controlling interests |  | 3003 | 65 | (4320) | (1252) |
|  **Net income (loss) attributable to ordinary shareholders** | **2212888** | **(190963)** | **2065931** | **(1874968)** | **2212888** |

---

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##### [**Table of Contents**](#toc)
The following tables present the condensed consolidated schedule of balance sheets data as of the dates indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Parent** | **Parent** | **Consolidated<br>affiliates** | **Consolidated<br>affiliates** | **Subsidiaries** | **Subsidiaries** | **Eliminating Entries** | **Eliminating Entries** | **Total** | **Total** |
|  | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Cash and cash equivalents | 15889 | 2272 | 744145 | 106411 | 5306103 | 758763 |  |  | 6066137 | 867446 |
|  Restricted cash |  |  | 32380 | 4630 | 37910 | 5421 |  |  | 70290 | 10051 |
|  Short-term investments | 3630820 | 519200 | 168400 | 24081 | 7249089 | 1036606 |  |  | 11048309 | 1579887 |
|  Accounts receivable, net |  |  | 21902 | 3132 | 53231 | 7612 |  |  | 75133 | 10744 |
|  Loans receivable, net |  |  | 47253 | 6757 | 4804100 | 686977 |  |  | 4851353 | 693734 |
|  Prepayments and other current assets, net | 98060 | 14022 | 347600 | 49706 | 494892 | 70769 |  |  | 940552 | 134497 |
|  Intercompany receivables<sup>(5)</sup> |  |  | 218281 | 31214 | 120290 | 17201 | (338571) | (48415) |  |  |
|  **Total current assets** | **3744769** | **535494** | **1579961** | **225931** | **18065615** | **2583349** | **(338571)** | **(48415)** | **23051774** | **3296359** |
|  Restricted cash |  |  | 10000 | 1430 | 20000 | 2860 |  |  | 30000 | 4290 |
|  Long-term time deposits and other investments | 4859544 | 694906 | 1115000 | 159443 | 8293969 | 1186021 |  |  | 14268513 | 2040370 |
|  Investments in equity investees | 643523 | 92023 | 60000 | 8580 | 339622 | 48565 |  |  | 1043145 | 149168 |
|  Property and equipment, net |  |  | 9766 | 1397 | 447721 | 64023 |  |  | 457487 | 65420 |
|  Investment in and amount due from subsidiaries, and consolidated affiliates<sup>(4)</sup> | 30772202 | 4400366 |  |  |  |  | (30772202) | (4400366) |  |  |
|  Intangible assets, net |  |  | 94881 | 13568 | 662527 | 94740 |  |  | 757408 | 108308 |
|  Goodwill |  |  | 362120 | 51782 | 3663300 | 523845 |  |  | 4025420 | 575627 |
|  Deferred tax assets |  |  | 30707 | 4391 | 218844 | 31294 |  |  | 249551 | 35685 |
|  Operating lease right-of-use assets |  |  | 34022 | 4865 | 58196 | 8322 |  |  | 92218 | 13187 |
|  Other non-current assets | 54205 | 7751 | 30898 | 4418 | 261409 | 37382 |  |  | 346512 | 49551 |
|  Intercompany receivables<sup>(3)</sup> |  |  |  |  | 1395754 | 199590 | (1395754) | (199590) |  |  |
|  **Total non-current assets** | **36329474** | **5195046** | **1747394** | **249874** | **15361342** | **2196642** | **(32167956)** | **(4599956)** | **21270254** | **3041606** |
|  **Total assets** | **40074243** | **5730540** | **3327355** | **475805** | **33426957** | **4779991** | **(32506527)** | **(4648371)** | **44322028** | **6337965** |
|  Accounts payable |  |  | 15368 | 2198 | 22382 | 3200 |  |  | 37750 | 5398 |
|  Amounts due to related parties | 14058 | 2010 |  |  | 15616 | 2233 |  |  | 29674 | 4243 |
|  Prepaid for freight listing fees and other service fees |  |  | 515731 | 73749 | 121758 | 17411 |  |  | 637489 | 91160 |
|  Income tax payable | 3232 | 462 | 100211 | 14330 | 318264 | 45511 |  |  | 421707 | 60303 |

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##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Parent** | **Parent** | **Consolidated<br>affiliates** | **Consolidated<br>affiliates** | **Subsidiaries** | **Subsidiaries** | **Eliminating Entries** | **Eliminating Entries** | **Total** | **Total** |
|  | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Other tax payable |  |  | 433931 | 62051 | 45355 | 6486 |  |  | 479286 | 68537 |
|  Operating lease liabilities |  |  | 25677 | 3672 | 8170 | 1168 |  |  | 33847 | 4840 |
|  Accrued expenses and other current liabilities | 5749 | 822 | 631547 | 90310 | 573983 | 82079 |  |  | 1211279 | 173211 |
|  Intercompany payables<sup>(5)</sup> |  |  | 70290 | 10051 | 5439051 | 777774 | (5509341) | (787825) |  |  |
|  **Total current liabilities** | **23039** | **3294** | **1792755** | **256361** | **6544579** | **935862** | **(5509341)** | **(787825)** | **2851032** | **407692** |
|  Deferred tax liabilities |  |  | 21967 | 3141 | 163611 | 23396 |  |  | 185578 | 26537 |
|  Operating lease liabilities |  |  | 567 | 81 | 918 | 131 |  |  | 1485 | 212 |
|  Other non-current liabilities |  |  | 12328 | 1763 |  |  |  |  | 12328 | 1763 |
|  **Total non-current liabilities** | **—** | **—** | **34862** | **4985** | **164529** | **23527** | **—** | **—** | **199391** | **28512** |
|  **Total liabilities** | **23039** | **3294** | **1827617** | **261346** | **6709108** | **959389** | **(5509341)** | **(787825)** | **3050423** | **436204** |
|  **Total mezzanine equity** | **—** | **—** | **—** | **—** | **747813** | **106936** | **—** | **—** | **747813** | **106936** |
|  **Total equity** | **40051204** | **5727246** | **1499738** | **214459** | **25970036** | **3713666** | **(26997186)** | **(3860546)** | **40523792** | **5794825** |
|  **Total liabilities, mezzanine equity and equity** | **40074243** | **5730540** | **3327355** | **475805** | **33426957** | **4779991** | **(32506527)** | **(4648371)** | **44322028** | **6337965** |

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##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Parent** | **Consolidated<br>affiliates** | **Subsidiaries** | **Eliminating<br>Entries** | **Total** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Cash and cash equivalents | 1695746 | 1136649 | 2977952 |  | 5810347 |
|  Restricted cash |  | 17364 | 83169 |  | 100533 |
|  Short-term investments | 9454117 | 25900 | 5522886 |  | 15002903 |
|  Accounts receivable, net |  | 13688 | 5955 |  | 19643 |
|  Loans receivable, net |  | 54817 | 4144828 |  | 4199645 |
|  Prepayments and other current assets, net | 373648 | 1136314 | 612940 |  | 2122902 |
|  Intercompany receivables<sup>(5)</sup> |  | 789613 | 18926 | (808539) |  |
|  **Total current assets** | **11523511** | **3174345** | **13366656** | **(808539)** | **27255973** |
|  Restricted cash |  | 20000 | 20000 |  | 40000 |
|  Long-term time deposits and other investments | 1748346 | 518400 | 6572801 |  | 8839547 |
|  Investments in equity investees | 658136 | 60000 | 318435 |  | 1036571 |
|  Property and equipment, net |  | 9430 | 280181 |  | 289611 |
|  Investment in and amount due from subsidiaries, and consolidated affiliates<sup>(4)</sup> | 23902400 |  |  | (23902400) |  |
|  Intangible assets, net |  | 69631 | 324035 | (189) | 393477 |
|  Goodwill |  | 283256 | 2841572 |  | 3124828 |
|  Deferred tax assets |  | 540 | 92342 |  | 92882 |
|  Operating lease right-of-use assets |  | 61771 | 53883 |  | 115654 |
|  Other non-current assets | 15119 | 12708 | 70705 |  | 98532 |
|  Intercompany receivables<sup>(3)</sup> |  |  | 2679400 | (2679400) |  |
|  **Total non-current assets** | **26324001** | **1035736** | **13253354** | **(26581989)** | **14031102** |
|  **Total assets** | **37847512** | **4210081** | **26620010** | **(27390528)** | **41287075** |
|  Accounts payable |  | 11086 | 20141 |  | 31227 |
|  Prepaid for freight listing fees and other service fees |  | 479476 | 91709 |  | 571185 |
|  Income tax payable | 141572 | 4991 | 189657 |  | 336220 |
|  Other tax payable | 9693 | 862150 | 26553 |  | 898396 |
|  Operating lease liabilities |  | 37569 | 3635 |  | 41204 |
|  Accrued expenses and other current liabilities | 19521 | 638045 | 484192 |  | 1141758 |
|  Intercompany payables<sup>(5)</sup> |  | 43419 | 4715857 | (4759276) |  |
|  **Total current liabilities** | **170786** | **2076736** | **5531744** | **(4759276)** | **3019990** |

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##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Parent** | **Consolidated<br>affiliates** | **Subsidiaries** | **Eliminating<br>Entries** | **Total** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Deferred tax liabilities |  | 17308 | 78262 |  | 95570 |
|  Operating lease liabilities |  | 22497 | 1431 |  | 23928 |
|  Other non-current liabilities |  | 12414 |  |  | 12414 |
|  **Total non-current liabilities** | **—** | **52219** | **79693** | **—** | **131912** |
|  **Total liabilities** | **170786** | **2128955** | **5611437** | **(4759276)** | **3151902** |
|  **Total mezzanine equity** | **—** | **—** | **443070** | **—** | **443070** |
|  **Total equity** | **37676726** | **2081126** | **20565503** | **(22631252)** | **37692103** |
|  **Total liabilities, mezzanine equity and equity** | **37847512** | **4210081** | **26620010** | **(27390528)** | **41287075** |

---

The following tables present the condensed consolidated schedule of cash flow data for the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Parent** | **Parent** | **Consolidated<br>affiliates** | **Consolidated<br>affiliates** | **Subsidiaries** | **Subsidiaries** | **Eliminating entries** | **Eliminating entries** | **Total** | **Total** |
|  | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash provided by operating activities | 558178 | 79820 | 715057 | 102252 | 3353645 | 479563 |  |  | 4626880 | 661635 |
|  Net cash used in investing activities | (334473) | (47829) | (268280) | (38364) | (2936754) | (419950) | 822144 | 117565 | (2717363) | (388578) |
|  Net cash (used in) provided by financing activities | (1845460) | (263898) | (834265) | (119298) | 1845921 | 263964 | (822144) | (117565) | (1655948) | (236797) |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Parent** | **Consolidated<br>affiliates** | **Subsidiaries** | **Eliminating<br>entries** | **Total** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash provided by (used in) operating activities | 548480 | (948849) | 3370494 |  | 2970125 |
|  Net cash provided by (used in) investing activities | 2735785 | (1051374) | (6062937) | 1958890 | (2419636) |
|  Net cash (used in) provided by financing activities | (1639429) | 532841 | 1545733 | (1958890) | (1519745) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Parent** | **Consolidated<br>affiliates** | **Subsidiaries** | **Eliminating<br>entries** | **Total** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash provided by operating activities | 788079 | 137792 | 1343775 |  | 2269646 |
|  Net cash provided by (used in) investing activities | 380149 | (240125) | (1677662) | 2091377 | 553739 |
|  Net cash (used in) provided by financing activities | (1374825) | 257467 | 2041733 | (2091377) | (1167002) |

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(1) Effective from January 1, 2024, the Group renamed "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 "Other value-added services." The comparative net revenues for the year ended December 31, 2023 have been recast to conform to this presentation. RMB101.2 million from "Freight listing service" and RMB4.7 million from "Other value-added services" were reclassified to "Transaction service" for the year ended December 31, 2023.

(2) Represents intercompany provision of services, primarily technical services and promotion services provided by our subsidiaries to the consolidated affiliates. The related revenue and costs/expenses were eliminated upon consolidation.

(3) Represents intercompany entrusted loans from our PRC subsidiaries to the consolidated affiliates to fund their operations. As the entrusted loans are of a long-term investment nature, they are included in equity of the consolidated affiliates. The loan balances were eliminated against the consolidated affiliates' equity upon consolidation.

(4) Represents the Parent's investments in subsidiaries and the consolidated affiliates, including share of gain or loss from such investments under the equity method of accounting, and the amounts due from subsidiaries and consolidated affiliates, which were eliminated upon consolidation. To align with the line item in the condensed balance sheets of the Parent, amounts due from subsidiaries and consolidated affiliates are not included in intercompany receivables.

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(5) Represents the intercompany balances among the Parent, our subsidiaries, and the consolidated affiliates, which were eliminated upon consolidation.

**A.** **[Reserved]** 

**B.** **Capitalization and Indebtedness** 

Not required.

**C.** **Reasons for the Offer and Use of Proceeds** 

Not required.

**D.** **Risk Factors** 

#### Summary of Risk Factors
Investing in our ADSs involves significant risks. You should carefully consider all of the information in this annual report before making an investment in the ADSs. Below please find a summary of the principal risks we face, organized under relevant headings:

#### Risks Relating to Our Business and Industry
Risks and uncertainties relating to our business and industry include, but are not limited to, the following:

• The Group's historical financial and operating performance may not be indicative of its future prospects and results of operations due to the limited operating history of some of the Group's business lines, evolving business model and changing market;

• The Group's operations have grown substantially since inception. We may not be able to effectively manage the Group's growth, control the Group's expenses or implement the Group's business strategies;

• The Group's business may be affected by fluctuations in China's road transportation market;

• If we are unable to attract or maintain a critical mass of shippers and truckers in a cost-effective manner, whether as a result of competition or other factors, transaction activities on the FTA platform and the Group's financial results would be adversely impacted;

• The Group's business is subject to complex and evolving PRC laws and regulations relating to cybersecurity and data security;

• We may not succeed in continuing to maintain, protect and strengthen the Group's brands, and any negative publicity about the Group, its business, its management, its ecosystem participants or the road transportation market in general, may materially and adversely affect the Group's reputation, business, results of operations and growth;

• If the Group's solutions and services do not achieve and maintain sufficient market acceptance or provide the expected benefits to ecosystem participants, its financial condition, results of operations and competitive position will be materially and adversely affected;

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• If the Group's users, other ecosystem participants or their employees engage in, or are subject to, criminal, violent, fraudulent, inappropriate or dangerous activities, the Group's reputation, business, financial condition, and operating results may be adversely impacted;

• The profitability of the Group's freight brokerage service has been and is expected to continue to be reliant upon, among others, grants provided by local government authorities. If the Group cannot continue to receive such grants, its freight brokerage service and its contribution to the Group's financial performance may be materially and adversely affected;

• If we fail to effectively match truckers with shipments and optimize our pricing models, the Group's business, financial condition and results of operations could be adversely affected;

• We cannot guarantee that our monetization strategies or the Group's business initiatives will be successfully implemented or generate sustainable profit;

• The Group may not be able to achieve, maintain or increase profitability in the future;

• The Group's expansion into overseas markets could subject the Group to legal, reputational and operational risks, as well as a broad array of local legal and regulatory requirements that could adversely affect the Group's operations; and

• The Group may be required to write down goodwill and other identifiable intangible assets.

#### Risks Relating to Our Corporate Structure
Risks and uncertainties relating to our corporate structure include, but are not limited to, the following:

• If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations;

• Our contractual arrangements with the Group VIEs may result in adverse tax consequences to us;

• We rely on contractual arrangements with the Group VIEs and their shareholders to conduct a substantial part of the Group's operations in China, which may not be as effective as direct ownership in providing operational control and otherwise have a material adverse effect as to our business; and

• The shareholders of the Group VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.

#### Risks Relating to Doing Business in China
We are subject to risks and uncertainties relating to doing business in China in general, including, but are not limited to, the following:

• Changes in the political and economic policies of the PRC government may materially and adversely affect the Group's business, financial condition and results of operations and may result in our inability to sustain our growth and expansion strategies;

• There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations;

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• The audit report included in this annual report is prepared by an auditor which the U.S. Public Company Accounting Oversight Board was unable to inspect and investigate completely before 2022 and, as such, our investors have been deprived of the benefits of such inspections in the past, and may be deprived of the benefits of such inspections in the future;

• If the PCAOB determines that it is unable to inspect or investigate completely our auditor at any point in the future, our ADSs may be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, as amended, or the HFCA Act, and any such trading prohibition on our ADSs or threat thereof may materially and adversely affect the price of our ADSs and value of your investment; and

• You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in China, based on the United States or other foreign laws, against us, our directors, executive officers or the expert named in this annual report. Therefore, you may not be able to enjoy the protection of such laws in an effective manner.

#### Risks Relating to Our ADSs
Risks relating to our ADSs, include, but not limited to, the following:

• The trading price of our ADSs has been and is likely to continue to be volatile, which could result in substantial losses to holders of our ADSs;

• We may fail to meet our publicly announced guidance or other expectations about the Group's business, which could cause our stock price to decline;

• If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about the Group's business, the market price for our ADSs and their trading volume could decline; and

• Because we cannot guarantee any future payment of cash dividends, you may not receive any return on your investment unless you sell your ADSs for a price greater than that which you paid for them.

#### Risks Relating to Our Business and Industry
***The Group's historical financial and operating performance may not be indicative of its future prospects and results of operations due to the limited operating history of some of the Group's business lines, evolving business model and changing market.***

The Group started its business in 2011 by providing freight listing service through QQ and WeChat groups. The FTA platform is a leading digital freight platform in China, and the Group facilitated 236.3 million fulfilled orders in 2025. The Group has limited experience in certain key aspects of its business operations, such as freight matching and pricing, offering value-added services, as well as developing and maintaining long-term relationships with a wide range of ecosystem participants. It is difficult to accurately predict the Group's future revenues and budget for its costs and expenses, and the evaluation of the Group's business and prediction about its future performance may not be as accurate as they would be if the Group had a longer operating history. In the event that actual results differ from the investors' expectations, the market price of our ADSs could decline.

As the Group's business develops or in response to competition, the Group may continue to introduce new services, make adjustments to its existing services, its business model or its operations in general, which may not be successful or generate results that meet our expectations. Any significant change to the Group's business model or failure to achieve the intended business results may have a material and adverse impact on the Group's business and results of operations. We also face challenges to successfully develop new platform features and expand the Group's service offerings to enhance the experience of shippers and truckers. Therefore, it may be difficult to effectively assess the Group's future prospects. Furthermore, the road transportation and internet service industries in China are undergoing constant change. The laws and regulations governing the road transportation and internet service industries in China are also subject to further changes and interpretation. As the market, the regulatory environment or other conditions evolve, the Group's existing solutions and services may not continue to deliver the expected business results.

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You should consider the Group's business and prospects in light of the risks and challenges it encounters or may encounter given the limited operating history of some of the Group's business lines, as well as its evolving business model and changes in the market in which the Group operates. These risks and challenges include the Group's ability to, among other things:

• continue to maintain, protect and strengthen the Group's brands and reputation;

• attract or maintain a critical mass of shippers and truckers;

• continue to provide superior experience to shippers and truckers;

• keep up with the technological developments and implementation of advanced technologies;

• effectively match truckers with shipments and optimize the related pricing models;

• capture monetization opportunities on the FTA platform;

• maintain and expand cooperative relationships or strategic partnerships with other ecosystem participants;

• improve the Group's operational efficiency;

• attract, retain and motivate talented employees, particularly sales and marketing and research and development personnel to support the Group's business growth;

• navigate economic conditions and fluctuations;

• implement the Group's business strategies, including the offering of new services; and

• comply with complex and evolving laws, regulations, policies and guidelines and resolve legal actions and regulatory actions.

***The Group's operations have grown substantially since inception. We may not be able to effectively manage the Group's growth, control the Group's expenses or implement the Group's business strategies.***

The Group's operations have grown substantially since inception, which placed significant strain on our management and resources. There can be no assurance that the Group's level of revenue growth will be sustainable or achieved at all in the future. We believe that the Group's growth and expansion will depend on its ability to attract and retain shippers and truckers on the FTA platform, to increase engagement and transaction activities of users on the FTA platform, monetize the Group's services, and leverage its scale of business to manage operating costs and expenses. There can be no assurance that the Group will achieve any of the above.

To manage the Group's growth and expansion, we anticipate that we will need to implement a variety of new and upgraded operational systems, procedures and controls, including improving the Group's technology infrastructure as well as internal management systems. Expanding into new businesses and developing and adopting new technologies will require the Group to incur additional costs, such as compensation, benefit costs and office rental expenses. We may also need to further expand, train, manage and motivate the Group's workforce and manage its relationships with ecosystem participants. All of these endeavors involve risks and will require substantial management efforts and skills and significant additional expenditures. The Group's further expansion may divert its management, operational or technological resources from the Group's existing business operations. In addition, the Group's expansion may require it to adjust its existing offerings or enter into new market segments, and we may have difficulty in satisfying market demands and regulatory requirements. We cannot assure you that we will be able to successfully maintain the Group's growth rate or implement its future business strategies effectively, and failure to do so may materially and adversely affect its business, financial condition, results of operations and future prospects.

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#### The Group's business may be affected by fluctuations in China's road transportation market.
We are sensitive to changes in overall economic conditions that impact cargo volumes and truck capacity. China's road transportation market historically has experienced cyclical fluctuations due to economic slowdowns, downturns in business cycles of shippers, volatility in energy price, pandemic, electricity rationing measures, shortages of raw materials, rising commodity prices and other economic factors beyond our control. Deterioration in the economic environment would subject the Group's business to various risks, including the following that may have a material and adverse impact on the Group's operating results and cause it not to achieve growth or profitability:

• a reduction in overall cargo volumes reduces the Group's revenue and opportunities for growth; in addition, a decline in the volume of cargo shipped due to a downturn in shippers' business cycles or other factors generally results in decreases in order pricing, as truckers compete for shipping orders to maintain truck productivity, which will affect the Group's monetization opportunities;

• a number of truckers may go out of business and the Group may be unable to have sufficient truckers to meet shippers' demand when the market recovers; and

• the Group may not be able to appropriately adjust its expenses to changing platform activities. In periods of rapid change, it is more difficult to match the Group's staffing levels to its business needs. In addition, the Group has other expenses that are fixed for a period of time, and it may not be able to adequately adjust them in a period of rapid change in platform activities.

Furthermore, China's road transportation market may experience changes as a result of new technologies. For example, new energy vehicles may become prevalent in the future, which could change the supply structure of heavy-duty trucks and potentially reshape the competitive landscape. Similarly, the development of autonomous driving technologies may affect the vehicle and labor costs of the road transportation market, which may change the market landscape. In addition, the development of autonomous driving technologies may influence the adoption of related solutions, which will in turn affect our intelligent driving related operations. If the Group were unable to adapt to changes in China's road transportation market, its business, results of operations and financial condition would be materially and adversely affected.

***If we are unable to attract or maintain a critical mass of shippers and truckers in a cost-effective manner, whether as a result of competition or other factors, transaction activities on the FTA platform and the Group's financial results would be adversely impacted.***

The Group's success significantly depends on its ability to maintain and increase the scale of its network by attracting additional shippers and truckers to the FTA platform in a cost-effective manner. If shippers choose not to use the FTA platform, the Group may lack sufficient opportunities for truckers to find shipments, which may reduce the perceived utility of the FTA platform. Similarly, if truckers choose not to offer their services through the FTA platform, the Group may lack a sufficient supply of truckers to attract shippers to the FTA platform. An insufficient supply of shippers or truckers would adversely affect the Group's revenue and financial results. Although we may benefit from having a larger network of shippers and truckers than our competitors, the network effects of the FTA platform may not result in sufficient competitive advantages or may be overcome by our competitors. Maintaining a balance between shipper demand and trucker supply for any given route at any given time and the Group's ability to execute operationally may be more important to service quality than the absolute size of the network. If the Group's service quality diminishes or our competitors' services achieve greater market adoption, our competitors may be able to grow at a quicker rate than we do and may diminish the Group's network effects. Additionally, if we fail to cater to the needs and preferences of shippers and truckers, control the Group's costs in doing so or fail to deliver superior user experience, we may not be able to attract additional shippers and truckers in a cost-effective manner, and the Group's business, financial condition and results of operations may be materially and adversely affected.

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Transaction activities on the FTA platform may decline materially or fluctuate as a result of many factors, including, among other things, dissatisfaction with the operation of the FTA platform, the price of shipping orders, dissatisfaction with the quality of service provided by the truckers on the FTA platform, quality of platform user support, negative publicity related to the Group's brands, including as a result of safety incidents, dissatisfaction with the Group's services and offerings in general or regulatory restrictions on its services. If the Group fails to provide high-quality support, or introduce new or upgraded service offerings, or features that truckers, shippers, as well as ecosystem participants recognize as valuable or if the Group cannot otherwise attract and retain a large number of shippers and truckers, the Group's fulfilled orders and revenue would decline, and its business would suffer. In addition, new features and functions on the FTA platform that may be received positively by one category of users may be viewed as negative to another category of users. For example, some truckers may be dissatisfied with the "tap and go" feature, which allows a shipper to post shipping order with a fixed price and is intended to replace price negotiation and streamline the transaction process between shippers and truckers, because such feature may result in lower prices for certain transactions. Furthermore, although we aim to increase truckers' truck utilization, earnings potential, as well as profitability through smarter and more efficient freight matching, some truckers may view the increased efficiency in overall freight price discovery and negotiation on the FTA platform as a negative to their gross earnings. Dissatisfied truckers may lodge complaints with regulators, which, regardless of their veracity, may result in possibly heightened attention from regulators, the public and the media. In addition, we may introduce additional new features and functions, including pricing mechanisms to automate and minimize negotiations and improve the overall transaction efficiency on the FTA platform. We are committed to protecting interests of all of the FTA platform users and adjusting features and functions on the FTA platform based on user feedback. However, we cannot assure you that we will not experience user dissatisfaction or receive negative reactions from platform users. Any complaints and negative comments resulting from user dissatisfaction may cause government inquiries or substantial harm to the Group's brand, reputation and operations.

Shippers and truckers on the FTA platform may engage in unethical or fraudulent behaviors that harm the interests of their counterparties. For example, shippers may misrepresent cargo information or refuse to pay shipping fees to truckers; and truckers may raise shipping fees after picking up cargos. We have implemented rules that are designed to protect the interests of shippers and truckers on the FTA platform and promote honest dealings, but there can be no assurance as to the effectiveness of such rules. Shippers and truckers may feel dissatisfied towards the FTA platform due to the unethical behaviors of other ecosystem participants. Any decline in the number of shippers or truckers using the FTA platform or their activity level on the FTA platform would reduce the value of the Group's network and would harm its future operating results.

#### The Group's business is subject to complex and evolving PRC laws and regulations relating to cybersecurity and data security.
Regulatory authorities in China have enhanced regulatory requirements to cybersecurity, data security and personal information protection, and the PRC government may adopt other rules and restrictions in the future. As we generate and process a large amount of data through the FTA platform, we face risks inherent in handling and protecting large volumes of data, including protecting the data hosted in our system, detecting and prohibiting unauthorized data share and transfer, preventing attacks on our system by outside parties or fraudulent behavior or improper use by our employees, and maintaining and updating our database. Any privacy or data security breach or failure to comply with these laws and regulations could have a material adverse impact on the Group's reputation, brand, business and results of operations.

In April 2020, the Cyberspace Administration of China, or CAC, and other regulatory authorities of the PRC jointly promulgated the Rules on Cybersecurity Review. The Rules on Cybersecurity Review was replaced by the Revised Cybersecurity Review Measures, which are described in more details below, on February 15, 2022. Pursuant to the Rules on Cybersecurity Review, if an operator of critical information infrastructure purchases internet products and services that implicate or may implicate national security, such operator should be subject to cybersecurity review by the Cybersecurity Review Office of the CAC, or CRO.

The CRO announced the initiation of a cybersecurity review of the *Yunmanman* and *Huochebang* apps on July 5, 2021. During the cybersecurity review, the *Yunmanman* and *Huochebang* apps were required to suspend new user registration. The Group fully cooperated with the CRO to facilitate its review process. Based on notification by the CRO, we have resumed new user registration on the *Yunmanman* and *Huochebang* apps since June 29, 2022.

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On July 10, 2021, the CAC and other related authorities released the draft amendment to the Rules on Cybersecurity Review for public comments through July 25, 2021. On December 28, 2021, the CAC and certain other government authorities promulgated the Revised Cybersecurity Review Measures that replaced the last version and took effect from February 15, 2022. Pursuant to the Revised Cybersecurity Review Measures, online platform operator holding over one million users' information must apply for a cybersecurity review before listing abroad, and operators of "critical information infrastructure" that intend to purchase internet products and services that will or may affect national security must apply for a cybersecurity review. Furthermore, the competent government authorities may also initiate a cybersecurity review against the relevant operators where the authorities believe that the network product or service or data processing activities affect or may affect national security.

On July 30, 2021, the PRC State Council promulgated the Regulations on Security Protection of Critical Information Infrastructure, which became effective on September 1, 2021. Pursuant to such regulations, critical information infrastructure, or the CII, refers to any important network facilities or information systems of the important industry or field, such as public communication and information service, energy, transportation, water conservancy, finance, public services, e-government affairs and national defense science, which may endanger national security, people's livelihood and public interest in the case of damage, function loss or data leakage. Relevant administration departments of each critical industry and sector are required to formulate detailed guidance to recognize the CII in the respective sectors, and a critical information infrastructure operator, or a CIIO, must take the responsibility to protect the security of CII by performing certain prescribed obligations. As of the date of this annual report, no detailed implementation rules have been formally issued by the relevant governmental authorities. However, as this regulation was newly issued, the relevant governmental authorities may formulate further detailed rules or explanations with respect to the interpretation and implementation of this regulation. As of the date of this annual report, we have not been informed by any governmental authority that we are a critical information infrastructure operator.

On April 24, 2023, the PRC Ministry of Transport published the Administrative Measures for the Security Protection of Highway and Waterway Critical Information Infrastructure, or the Administrative Measures, which stipulates that the Ministry of Transport shall formulate and revise the rules for identification of highway and waterway critical information infrastructure, considering the following factors: (i) the degree of importance of network facilities and information systems for key core business of highway and waterway; (ii) whether network facilities, information systems, etc., store or process core national data, and the degree of potential harm in the event of destruction or disfunction of network facilities and information systems, or data leakage; and (iii) the relevant impact to other industries and fields. As of the date of this annual report, we have not been informed by relevant governmental authority that we are a highway and waterway critical information infrastructure operator.

On September 24, 2024, the State Council promulgated the Administration Regulations on Cyber Data Security, which came into effect on January 1, 2025. The Administration Regulations on Cyber Data Security reiterate and refine the general regulations for cyber data processing activities, rules of personal information protection, important data security protection, cyber data cross-border transfer management, and the responsibilities of online platform service providers. In particular, the Administration Regulations on Cyber Data Security provide that cyber data processors whose cyber data processing activities affect or may affect national security shall be subject to national security review in accordance with the relevant regulations. However, the Administration Regulations on Cyber Data Security provide no further explanation or interpretation for the criteria on determining the risks that "affect or may affect national security." Additionally, since the Administration Regulations on Cyber Data Security are still relatively new, the interpretation and implementation of these regulations may further evolve and develop.

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Moreover, on July 7, 2022, the CAC promulgated the Security Assessment Measures for Outbound Data Transfer, or the Security Assessment Measures, effective from September 1, 2022 to regulate outbound data transfer activities, protect the rights and interests of personal information, safeguard national security and social public interests, and promote the cross-border security and free flow of data. The Provisions on Promoting and Regulating Cross-border Data Flows, or the Provisions on Cross-border Data Flows, issued and become effective on March 22, 2024, further clarify and elaborate the relevant provisions of the Security Assessment Measures. The Security Assessment Measures and the Provisions on Cross-border Data Flows require the data processor providing data overseas and falling under certain circumstances to apply for the security assessment of cross-border data transfer with the local provincial-level counterparts of the national cybersecurity authority. For details, see "Item 4. Information on the Company. — B. Business Overview — Regulatory Matters — Regulations Related to Internet Security and Privacy Protection." As of the date of this annual report, we believe the Group is not involved in outbound data transfers in its daily operations, and therefore, we do not currently expect the Security Assessment Measures or the Provisions on Cross-border Data Flows to have a material impact on the Group's daily operations. However, if we engage in any outbound data transfer in the future, we may be subject to the restrictions under the Security Assessment Measures. Moreover, there are uncertainties as to the interpretation of such measures, and the PRC government authorities have discretion in the interpretation and enforcement of the applicable laws. Therefore, it is uncertain whether we would be required to report any security assessment for cross-border data transfers to the CAC.

Non-compliance with cybersecurity and personal information protection laws and regulations could result in administrative penalties, such as warnings, fines, service suspension, removal of the Group's apps from the relevant app stores, revocation of relevant business permits and/or licenses, or penalties of other nature that may cause a material adverse impact on the Group's business, results of operations and financial condition.

***We may not succeed in continuing to maintain, protect and strengthen the Group's brands, and any negative publicity about the Group, its business, its management, its ecosystem participants or the road transportation market in general, may materially and adversely affect the Group's reputation, business, results of operations and growth.***

Enhancing the recognition and reputation of the Group's brands is critical to its business and competitiveness. Factors that are vital to this objective include but are not limited to the Group's ability to:

• maintain the quality and reliability of services offered on the FTA platform;

• maintain and develop relationships with shippers, truckers and other ecosystem participants;

• provide prospective and existing shippers and truckers with superior experiences;

• effectively manage and resolve user complaints; and

• effectively protect personal information and privacy of, and any sensitive data received from, shippers and truckers.

Any malicious or inadvertent negative allegations made by the media or other parties about the foregoing or other aspects of the Group, including but not limited to its management, business, regulatory compliance, financial condition or prospects, whether with merit or not, could severely hurt the Group's reputation and harm its business and results of operations. In addition, the Group makes postings on various third-party media platforms to enhance our engagement with users. However, if the content posted on such platforms is viewed as inappropriate or controversial by the public, whether due to oversight in the Group's content review process, inappropriate conduct or mistake of the Group's employees or other reasons, the Group may face adverse reactions of users, negative social sentiment, potential regulatory investigation or even fines or penalties, which may in turn adversely affect the Group's reputation, business operation and financial condition.

As the road transportation market in China is under constant development and the regulatory framework for this market is subject to changes and developments, negative publicity about this industry may arise from time to time. Negative publicity about the road transportation market in general may also have a negative impact on the Group's reputation, regardless of whether we have engaged in any inappropriate activities. Any actual or perceived failure of other digital freight platforms to detect or prevent illegal activities or provide high-quality services could compromise the Group's image, undermine the trust and credibility we have established and have a negative impact on the Group's ability to attract new shippers, truckers and other ecosystem participants. Negative developments in the road transportation market, such as fraudulent or illegal behavior by industry participants, may also lead to tightened regulatory scrutiny of the sector and limit the scope of permissible business activities that may be conducted by us. If any of the foregoing takes place, the Group's business and results of operations could be materially and adversely affected.

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The Group collaborates with various road transportation industry participants in providing its solutions and services. Such participants include financial institutions, insurance companies, gas station operators and other business partners. Negative publicity about such counterparties, including any failure by them to adequately protect the information of shippers and truckers, to comply with applicable laws and regulations or to otherwise meet required quality and service standards could harm the Group's reputation.

***If the Group's solutions and services do not achieve and maintain sufficient market acceptance or provide the expected benefits to ecosystem participants, its financial condition, results of operations and competitive position will be materially and adversely affected.***

The Group has incurred and will continue to incur expenses to develop, adjust and market existing or new solutions and services for shippers and truckers. For example, we plan to expand dedicated teams to accelerate the adoption of AI across logistics transactions and fulfillment, leveraging AI to empower both shippers and truckers. Adjusted or new solutions and services must achieve high levels of market acceptance in order for us to recoup the Group's investment in developing, acquiring and bringing them to market.

The Group's existing or new solutions and services and changes to the FTA platform could fail to maintain or achieve sufficient market acceptance for many reasons, including but not limited to:

• our failure to predict market demand accurately and supply solutions and services that meet this demand in a timely fashion;

• ecosystem participants may not like, find useful or agree with the functions and features of the Group's solutions and/or services, fees charged for the Group's solutions and/or services, or any changes we make;

• our failure to properly price new solutions and services;

• negative publicity about the Group's solutions and services or the FTA platform's performance or effectiveness;

• the Group's failure to satisfy the expectations of the quality or reliability of its solutions and/or services;

• views taken by regulatory authorities that the Group's solutions and services or platform changes do not comply with PRC laws, rules or regulations applicable to us; and

• the introduction or anticipated introduction of competing solutions and services by our competitors, particularly in the intra-city and less-than-truckload, or LTL, segments.

If the Group's existing solutions and services do not maintain market acceptance, or its new solutions and services do not achieve adequate acceptance in the market or provide the expected benefits to ecosystem participants, the level of user engagement and transaction activities on the FTA platform may decrease and the Group's market share and profitability may be negatively affected, which could materially and adversely affect its business, financial condition, results of operations and prospects, as well as its reputation and brands. In addition, the Group may incur higher cost and expenses as a result of adjusted or new solutions and services. New solutions and services may also subject the Group to additional regulatory or licensing requirements. Failure by the Group to comply with any such new regulatory or licensing requirements could materially and adversely affect its business and results of operations.

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***If the Group's users, other ecosystem participants or their employees engage in, or are subject to, criminal, violent, fraudulent, inappropriate or dangerous activities, the Group's reputation, business, financial condition, and operating results may be adversely impacted.***

We are not able to control or predict the actions of shippers, truckers and other ecosystem participants, either during their use of the FTA platform or otherwise, and we may be unable to protect or provide a safe environment for ecosystem participants and other third parties as a result of certain actions by shippers, truckers and other ecosystem participants. Such actions may result in accidents, injuries, loss of cargo, truck damage, leakage of sensitive personal information, business interruption, or damages to the Group's financial condition, brands and reputation. The Group's users may also suffer damages due to false or misleading information posted on the FTA platform. Although the Group administers certain qualification measures for shippers and truckers, including requiring identity information from shippers and truckers in the user registration process, these qualification measures may not provide the Group with all potentially relevant information. Furthermore, if the Group fails to duly verify the requisite qualifications or licenses of shippers, truckers or other ecosystem participants, it may be subject to fines, penalties or other regulatory actions. In addition, as an online platform, the Group does not inspect the cargos that truckers carry, and such cargos may contain unsafe, prohibited or restricted items. The Group also does not independently test truckers' driving skills. Consequently, the Group expects to continue to receive complaints from shippers, and it may become subject to actual or threatened legal action related to truckers' conduct.

To prevent illegal activities on the FTA platform, protect the rights of the Group's users and maintain a benign ecosystem, the Group adopts various measures in screening, risk control and operation and also collaborates with administrative and judicial authorities when necessary. However, due to the large number of transactions on the FTA platform, we may not be able to identify every incident of inappropriate, illegal or fraudulent activities involving the FTA platform, or prevent all such activities from occurring, especially given the evolving nature of illegal activities such as new forms of fraud. For example, if truckers engage in criminal activities, fraud or misconduct, such as speeding, drowsy driving and other traffic violations, operating beyond licensed scope, or use the FTA platform as a conduit for criminal or fraudulent activities, shippers may not consider the Group's service offerings safe, and we may receive negative press coverage or regulatory inquiries as a result of the Group's business relationships with such truckers, which would adversely impact the Group's brands, reputation, and business. On the other hand, if shippers engage in criminal or fraudulent activities, such as issuing invoice with false amount, or other misconducts while using the FTA platform, truckers may be unwilling to continue using the FTA platform. We cannot assure you the Group's safety measures against potential criminal activities and safety incidents will be effective. If any of these happens, the Group's ability to attract platform users may be harmed, its operations and functions may be disrupted or suspended, and its business and financial results could be adversely affected. In such event, claims may also be brought against the Group, its management and relevant personnel for civil or criminal liabilities. In response to allegations of illegal, fraudulent or inappropriate activities conducted through the FTA platform, relevant governmental authorities may also intervene and hold the Group, its management and relevant personnel liable for non-compliance with applicable laws and regulations and impose penalties. Defending or attending to such actions could be costly and require significant time and attention of the Group's management and other resources, which would materially and adversely affect the Group's business.

The Group, its management and employees are subject to risks associated with operational safety in operating the Group's services, which may result in potential liabilities on the Group, its management and relevant personnel. Public reporting or disclosure of safety incidents reportedly occurring on or related to the FTA platform, whether generated by us or third parties such as media or regulators, may adversely impact the Group's business and financial results. Furthermore, we may be subject to claims of significant liability based on traffic accidents, deaths, injuries, or other incidents that are caused by truckers or shippers while using the FTA platform, or even when shippers or truckers are not actively using the FTA platform. In addition, regulators may decide to hold us liable for incidents caused by shippers or truckers, despite the Group's status as a platform that facilitates transactions between shippers and truckers. Even if these claims or regulatory proceedings do not result in liability or penalties on the Group, it could incur significant costs in investigating and defending against them or suffer significant reputational damage, which could have a material and adverse effect on the Group's prospects and future growth, including its ability to attract and retain shippers and truckers.

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***The profitability of the Group's freight brokerage service has been and is expected to continue to be reliant upon, among others, grants provided by local government authorities. If the Group cannot continue to receive such grants, its freight brokerage service and its contribution to the Group's financial performance may be materially and adversely affected.***

As online freight brokers, the consolidated affiliates enter into contracts with shippers to sell shipping service and platform service and also enter into contracts with truckers to purchase shipping service pursuant to relevant PRC regulations. The difference between the amount the consolidated affiliates collect from shippers and the amount they pay to truckers represents the FTA platform service fee and the Group's net revenue. The consolidated affiliates assume the legal obligation to pay VAT assessed on the entire selling price of the shipping service and platform service pursuant to their contracts with shippers and truckers. The consolidated affiliates receive grants from local government authorities in connection with the VAT obligation. While the gross amount of VAT related to freight brokerage service that the consolidated affiliates were obliged to pay has historically exceeded the Group's net revenues from such services in certain years, the Group was able to generate gross profit from the freight brokerage service because of the grants received from local government authorities. For details regarding government grants, see "Item 5. Operating and Financial Review and Prospects – Components of Results of Operations – Cost of Revenues". The Group's VAT obligations net of the government grants were recorded in its cost of revenues for freight brokerage service. As a result, the profitability of the freight brokerage service significantly depends upon, among others, the amount of grants provided by local government authorities, which are not guaranteed.

Whether the consolidated affiliates can obtain such government grants in a particular province in the PRC is subject to the policy of the local government authority and the negotiation between such local government authority and the relevant consolidated affiliates, and if the Group fails to further obtain such grants from local government authorities, its business and financial condition could be materially and adversely affected. We cannot assure you that our consolidated affiliates will be able to continue to receive such government grants on similar terms, or at all. Some local government authorities reduced the amount of such government grants in recent years. For the years ended December 31, 2023, 2024 and 2025, the gross amounts of VAT costs amounted to RMB5,271.1 million, RMB5,996.2 million and RMB4,165.7 million (US$595.7 million), respectively, while the government grants amounted to RMB2,150.1 million, RMB2,102.8 million and RMB 903.3 million (US$129.2 million), respectively. We cannot assure you that the government grants will not continue to decrease in the future. In addition, on June 6, 2024, the State Council promulgated the Regulations on Fair Competition Review, which became effective on August 1, 2024. Please see "Item 4. Information on the Company — B. Business Overview — Regulatory Matters — Regulations Related to Anti-Monopoly and Anti-unfair Competition" for details. Pursuant to the Regulations on Fair Competition Review, selective or differentiated fiscal reward or subsidy policies which are not supported by any law or administrative regulation or approved by the relevant departments may be suspended or terminated. While our consolidated affiliates are currently entitled to government grants based on cooperation agreements with the local government authorities rather than such policies, we cannot assure you that these cooperation arrangements will not be deemed as related policies in the future. If they are deemed as related policies, they may be required to be suspended or terminated. In addition, any significant delay in the payment of government grants may also have a material and adverse impact on the Group's results of operations and financial condition.

We take into consideration the VAT obligation the consolidated affiliates assume under their contracts with shippers and truckers, the estimated amount of grants that they expect to receive from local government authorities, as well as other relevant factors when setting the rate of the FTA platform service fee. Starting from August 2025, to ensure sustainability of our freight brokerage service, the Group increased the service fee rate for freight brokerage service to reduce the reliance on government grants and mitigate potential uncertainties. Such increase caused a significant decline in the transaction volume and corresponding revenue from freight brokerage service. In the event that the government grants are reduced or canceled, we may have to further adjust the rate of the FTA platform service fee, which could make the freight brokerage service less attractive to shippers and truckers and the Group's business could be materially and adversely affected. We cannot assure you that we will always be able to pass on any increased VAT costs due to reduction or elimination of related government grants through adjustment of the rate of platform service fee either, in which case, the Group may incur gross loss for the freight brokerage service and its results of operations and financial condition could be materially and adversely affected.

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***If we fail to effectively match truckers with shipments and optimize our pricing models, the Group's business, financial condition and results of operations could be adversely affected.***

We offer shippers and truckers a digital freight platform that matches them efficiently. The Group's ability to attract shippers and truckers to use, and build trust in, the FTA platform is significantly dependent on its ability to match suitable shipping orders to reliable truckers. In order to recommend or present suitable shipping orders to truckers, our matching algorithms compare the labels of cargos with those of the trucker and predict the probability for the trucker to accept each shipping order. If the quantity or quality of data available to us for analysis is unsatisfactory, or if our matching algorithms have deficiencies, our matching may not be effective, resulting in fewer transactions on the FTA platform, which in turn would materially and adversely affect the Group's business, financial condition, results of operations and prospects.

In addition, we apply freight pricing models in our "tap and go" feature for shippers and, in certain circumstances, transaction service fee-charging for online transaction service. Our system generates a recommended price based on the prices of historical comparable shipping orders for shippers to determine the actual price for their shipping orders. In addition, in certain circumstances, such as when the order prices are not available to us, the Group's transaction service fees for online transaction service are based on fair market prices estimated by our freight pricing models. The pricing methodology depends on the availability of comparable historical transaction data. If our freight pricing models are flawed or ineffective or the data we accumulate are incorrect or outdated, our price recommendation or estimate could be adversely affected. Shippers may not use our "tap and go" feature if our price recommendation fails to serve as a meaningful reference. With respect to the Group's transaction service fees for online transaction service, underestimation of the fair market price would reduce the amount of transaction service fees paid by truckers to us, and overestimation of such price would result in trucker dissatisfaction. As a result of such flawed pricing, the Group's business, brands, reputation, results of operations and financial condition may be materially and adversely affected.

#### We cannot guarantee that our monetization strategies or the Group's business initiatives will be successfully implemented or generate sustainable profit.
We are at an early stage of monetizing the FTA platform services and our monetization model is evolving. We cannot assure you that we can successfully implement the Group's existing business model to generate sustainable profit. If the Group's existing business model fails to maintain market acceptance or we fail to develop or implement new monetization strategies, we may not be able to maintain or increase the Group's revenue or effectively manage any associated costs. In addition, we are exploring and will continue to explore new business initiatives that we believe are important to the Group's long-term success and future growth, but they may have the effect of increasing the Group's costs, reducing its revenue and lowering its margins and profit, and this effect may be significant in the short term and potentially over longer periods.

Furthermore, we may introduce new products and services or increase investments in products and services for which we have limited scale or operating experience. For example, we plan to expand dedicated teams to accelerate the adoption of AI across logistics transactions and fulfillment, leveraging AI to empower both shippers and truckers. The Group's services in these business initiatives may be less profitable than other services. If these new products or services fail to meet our expectations or are unable to attract or engage shippers and truckers or other ecosystem participants, as the case may be, we may fail to diversify the Group's revenue streams or generate sufficient revenues to justify its investments and costs, and the Group's business and operating results may suffer as a result.

#### The Group may not be able to achieve, maintain or increase profitability in the future.
In 2023, 2024 and 2025, the Group recorded net income of RMB2,227.1 million, RMB3,123.4 million and RMB4,459.1 million (US$637.6 million), respectively. We will need to continue to generate and sustain increased revenue levels and effectively manage expenses in future periods to maintain and increase profitability. However, there is no guarantee that the Group will continue to record or increase net income in the future.

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We focus on long-term success and future growth. We have in the past and will continue to invest in efforts to serve more shippers and truckers, enhance their user experience, and expand the capabilities and scope of the FTA platform. We believe these efforts are important to the Group's long-term success and future growth, but they may have the effect of increasing the Group's costs, reducing its revenue and/or resulting in net losses, and this effect may be significant in the short term and potentially in the long term. These efforts may also prove to be more expensive than we anticipate, and we may not succeed in increasing the Group's revenue sufficiently to offset these expenses. For example, we may aggressively accelerate the adoption of AI across logistics transactions and fulfillment, leveraging AI to empower both shippers and truckers, and we may incur substantial costs in connection with such efforts. Furthermore, many of our efforts to generate revenue are new and unproven, and any failure to adequately increase revenue or contain the related costs could prevent us from attaining or increasing profitability. The Group's strategic investments and acquisitions may also adversely affect its results of operations. For example, our investment in Plus Automation, Inc. and our acquisition of a majority interest in Giga.AI may have a negative impact on our profit in the future. Plus Automation, Inc. and Giga.AI are developers of automated driving systems for trucks, and they have incurred significant losses and may not become profitable in the near future or at all. As such, we may not be able to achieve, maintain or increase profitability in the future.

#### We face risks associated with the cargo transported using the freight matching service and vicarious liability for vehicles registered with the Group.
The consolidated affiliates handle a large volume of cargos through the freight brokerage service, and face challenges with respect to the safety of these cargos. Cargos may be stolen, damaged or lost for various reasons, and the consolidated affiliates may be perceived or found liable for such incidents. Although the consolidated affiliates only assume liability for cargo damages up to RMB20,000 per shipment under their shipping agreements, we may need to expend resources on responding to and defending against claims arising out of these incidents. Furthermore, there can be no assurance that the consolidated affiliates will be able to limit our liability to RMB20,000 per shipment in every instance. In addition, the consolidated affiliates do not inspect cargos for unsafe, prohibited or restricted items. Unsafe items, such as flammables and explosives, toxic or corrosive items and radioactive materials, may damage other cargos, injure recipients, harm truckers, damage properties or cause serious accidents. Furthermore, if truckers on the FTA platform transport and deliver prohibited or restricted items, the consolidated affiliates may be subject to administrative or criminal penalties, and if any personal injury or property damage takes place, the consolidated affiliates may be subject to civil liabilities. We may face similar risks for our freight listing service and online transaction service, although to a lesser extent, as the transportation is fulfilled by third-party truckers.

Historically, we allowed a number of truckers to register their vehicles with our transportation companies to satisfy their compliance and financing needs in connection with our legacy financial leasing business. Although we have ceased offering financial leases and stopped registering new vehicles, our transportation companies may continue to face vicarious liability for traffic accidents, deaths, injuries, cargo damage or other incidents that are caused by vehicles registered with us. The Group's auto insurance and general liability insurance policies may not cover all potential claims to which we are exposed, and may not be adequate to indemnify us for all potential liabilities. These incidents may also subject us to negative publicity, which could adversely affect the Group's business, operating results, and future prospects.

***Any financial or economic crisis, or perceived threat of such a crisis may materially and adversely affect the Group's business, prospects, financial condition and results of operation.***

Any prolonged slowdown in the Chinese or global economy may have a negative impact on the Group's business, financial condition and results of operations. In particular, general economic factors and conditions in China or worldwide may affect the road transportation industry. The global macroeconomic environment is facing challenges, such as the conflicts in Ukraine, the military conflicts in the Middle East involving the United States, Israel, and Iran, and the ongoing global trade disputes and tariffs. There is considerable uncertainty over the long-term effects of the monetary and fiscal policies adopted by the central banks and financial authorities of some of the world's leading economies, such as the uncertainty of U.S. interest rate. Economic conditions in China are sensitive to global economic conditions. Any prolonged slowdown in China's economic development might lead to tighter credit markets, increased market volatility, sudden drops in business and consumer confidence and dramatic changes in business and consumer behaviors. These adverse economic effects could negatively affect the road transportation industry, resulting in reduced cargo volumes and truck capacity on the FTA platform and as well as financial difficulty among shippers and truckers, which would negatively impact their ability to repay loans facilitated by us or otherwise materially and adversely affect the Group's business, results of operations and financial condition. Furthermore, continued turbulence in the international markets may adversely affect our ability or plan to access the capital markets.

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#### We could be adversely affected by political tensions between the United States and China.
Political tensions between the United States and China have escalated in recent years due to, among other things, the recent trade war between the two countries, the COVID-19 outbreak, the imposition of U.S. sanctions on certain Chinese officials from China's central government and the Hong Kong Special Administrative Region by the U.S. government, and the imposition of sanctions on certain individuals from the U.S. by the Chinese government and various executive orders issued by U.S. President Donald J. Trump. During 2025, the U.S. government imposed a wide range of tariffs at varying levels, including in particular tariffs on Chinese imports, and many countries, including China, have taken retaliating measures. While certain tariffs have subsequently been suspended following trade talks between the U.S. and Chinese governments, trade negotiations between the United States and China and other countries remain fluid. Rising political tensions between China and the U.S. could reduce levels of trades, investments, technological exchanges and other economic activities between the two major economies, which would have a material adverse effect on global economic conditions and the stability of global financial markets. The measures taken by the U.S. and Chinese governments may have the effect of restricting the Group's ability to transact or otherwise do business with entities within or outside of China and may cause investors to lose confidence in Chinese companies and counterparties, including us. If the Group was unable to conduct its business as it is currently conducted as a result of such regulatory changes, the Group's business, results of operations and financial condition would be materially and adversely affected.

Furthermore, there were media reports on deliberations within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets, and delisting China-based companies from U.S. national securities exchanges. In January 2021, after reversing its own delisting decision, the NYSE ultimately resolved to delist China Mobile, China Unicom and China Telecom in compliance with the executive order issued in November 2020, after receiving additional guidance from the U.S. Department of Treasury and its Office of Foreign Assets Control. These delistings have introduced greater confusion and uncertainty about the status and prospects of Chinese companies listed on the U.S. stock exchanges. On April 9, 2025, amid the escalation of trade war between the U.S. and China, the U.S. Secretary of the Treasury, Scott Bessent, indicated the possibility of delisting U.S.-listed China-based issuers. If any further such deliberations were to materialize, it may have a material and adverse impact on the stock performance of China-based issuers listed in the United States such as us, and we cannot assure you that we will always be able to maintain the listing of our ADSs on a national stock exchange in the U.S., such as the NYSE or the Nasdaq Stock Market, or that you will always be allowed to trade our ADSs.

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***If we fail to keep up with the technological developments and implementation of advanced technologies, the Group's business, results of operations and prospects may be materially and adversely affected.***

We apply technologies to serve the Group's ecosystem participants more efficiently and bring them better user experience. The Group's success will in part depend on its ability to keep up with the changes in technologies and the continued successful implementation of advanced technology, including AI, data analytics and autonomous driving. For instance, the increasing use of AI in logistics and transportation-related services may improve efficiency and change how freight matching and related services are provided across the industry. These developments may lead to shifts in customer expectations and industry practices, and could intensify competition from participants that are able to more effectively leverage new technologies. In addition, autonomous driving technologies may, over time, have a significant impact on freight transportation. If such technologies are commercialized and adopted at scale, they may affect the demand for traditional driver-based transportation services and alter existing supply and demand dynamics in the industry.

We have accumulated extensive operational experience in the freight matching industry, built a large-scale network of shippers and truckers, and developed a substantial proprietary dataset over time. These assets, together with our existing human service capabilities and ongoing investments in technology and AI-related research and development, may help us adapt to evolving industry conditions. However, there can be no assurance that our existing capabilities, data assets, network effects, or ongoing investments will be sufficient to fully offset the impact of technological disruption. If we fail to adapt the FTA platform and services to changes in technological developments in an effective and timely manner, the Group's business operations may suffer. Changes in technologies may require substantial expenditures in research and development as well as in modification of the Group's services, which may be disruptive to its business and can be time-consuming and expensive, and may increase management responsibilities and divert management attention. Hurdles in implementing technological advances may result in the Group's services becoming less attractive to ecosystem participants, which, in turn, may materially and adversely affect its business, results of operations and prospects.

***We are subject to the evolving laws and regulations governing the road transportation, internet service and insurance industries in the PRC. Heightened regulatory scrutiny may lead to frequent regulatory communications, inquiries or investigations that could materially and adversely affect the Group's business model, results of operations and prospects.***

The Group's business is subject to a variety of laws and regulations in the PRC governing the rapidly evolving road transportation, internet service, financial service and insurance industries. The application and interpretation as to certain of these laws and regulations are currently ambiguous and evolving, and may be interpreted and administered inconsistently between the different government authorities and local bureaus.

As of the date of this annual report, the Group had not been involved in any non-compliance incident which, individually or in the aggregate, have had or are reasonably likely to have a material and adverse impact on the Group's business, financial condition or results of operations. However, if the PRC government continues to tighten its regulatory framework for the road transportation, financial service and internet service industries in the future, and subject industry participants such as the Group to new or specific requirements, such as licensing or additional user protection requirements, or require us to adjust the Group's existing business practices, the Group's business, financial condition and prospects would be materially and adversely affected. For instance, since 2021, the PRC Ministry of Transport has issued several guidances which repeatedly mentioned the concept of ensuring truck drivers' reasonable income and restriction of transaction service fees and membership fees. Moreover, since 2025, the PBOC and the National Financial Regulatory Administration also issued several guidances which may further restrict the maximum interest rate for future loans. However, there are uncertainties regarding the interpretation and application of these guidances and there is no further detailed rules or requirements that have been issued by such authority currently. The PRC Ministry of Transport or other regulatory authorities may from time to time issue new guidances or take further actions in the future to strengthen this aspect. We alone and also together with several other industry players, were requested to attend certain regulatory guidance meetings, and subject to relevant supervisions or requests in the past. During these meetings, the relevant regulators emphasized the industry players' responsibilities to manage safety risks, set appropriate shipping prices, charges and refund policy, avoid unfair competition, maintain adequate internal processes, set up transparency mechanism and protect user (particularly trucker) rights, among other requirements. In connection with these regulatory advice and mandates, we were also from time to time requested to furnish materials regarding our business practices with respect to the relevant topics. Going forward, we may continue to be required to attend similar meetings or become subject to regulatory inquiries, investigations or requirements with PRC regulators. There is no guarantee that such regulatory communications or supervisions would not result in substantial penalties or orders, or require us to adjust the Group's existing business practices in ways that may materially and adversely affect its growth and results of operations and we cannot assure you that we may be able to make such adjustment in a timely manner, or at all. Compliance with existing and future rules, laws and regulations can be costly and if the Group's practices are deemed to violate any existing or future rules, laws and regulations, the Group may face injunctions, including orders to cease non-compliant activities, and may be exposed to other penalties as determined by the relevant government authorities as well. We may also suffer reputational damages, if the Group or its business partners are deemed to violate any existing or future rules, laws and regulations. In addition, we may also be forced to suspend or terminate some of our services if there is a change in PRC laws and regulations, which may negatively affect our business, financial condition and results of operations.

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Under PRC laws and regulations, internet content providers and internet publishers are prohibited from posting or displaying over the internet or wireless networks content that, among other things, violates the principle of the PRC constitution, laws and regulations, impairs the national dignity of China or the public interest, or is obscene, superstitious, fraudulent or defamatory. While the Group has adopted content screening mechanisms, there is no guarantee that the content posted or displayed on the FTA platform, including those posted by us and by our users, such as shippers, will not be deemed by the PRC government to violate any content restrictions. If such cases happen, we could become subject to penalties, including confiscation of income, fines, suspension of business and revocation of required licenses, which could materially and adversely affect the Group's business, financial condition and results of operations.

In addition, the insurance brokerage business of Shan'en Insurance has been and will continue to be subject to regular and ad hoc regulatory inspections and actions by National Financial Regulatory Administration (formerly known as China Banking and Insurance Regulatory Commission, or the CBIRC), or the NAFR, and other authorities regarding its compliance with applicable rules and regulations. We were subject to an inspection from July to September 2021 by a local counterpart of CBIRC, who, upon completion of the inspection, required us to rectify our archive management and disclosure policy. As of the date of this annual report, we have taken the rectification actions as well as measures to enhance internal control, and paid an immaterial amount of fine. There can be no assurance that the regulatory authorities will not identify non-compliance incidents regarding Shan'en Insurance's operations in the future. Regulatory actions against Shan'en Insurance may materially and adversely affect the Group's business, financial condition and results of operations.

The Group's day-to-day operation is also subject to laws and regulations such as occupational safety and fire control requirements, among others. The Group may from time to time develop new solutions and services, which may also subject the Group or its business partners to additional regulatory or licensing requirements, including anti-monopoly laws, anti-unfair competition law, consumer protection laws and tax requirements, among others. Failure by the Group or its business partners to comply with any such new regulatory or licensing requirements could result in fines, penalties or even criminal liabilities, which would materially and adversely affect the Group's business and results of operations.

***The Group's business generates, collects, stores and processes a large amount of data, which include sensitive personal information and may include data that may be deemed core data or material data. The improper processing of such data by the Group, its employees or business partners could materially and adversely affect the Group's reputation, business, results of operations and financial condition.***

We face risks inherent in handling and protecting a large amount of data that the Group's business generates and processes from the significant number of transactions the FTA platform facilitates, and such data include sensitive personal information and may include data that may be deemed core data or material data. In particular, we face a number of challenges relating to data from transactions and other activities on the FTA platform, including:

• protecting the data in and hosted on the Group's system, including against attacks on its system by external parties or misbehavior by its employees;

• addressing concerns related to privacy, security and other factors; and

• complying with applicable laws, rules and regulations relating to the processing and security of data that include personal information and data that may be deemed core data or material data, including any requests from regulatory and government authorities relating to such data.

In particular, if we fail to secure platform users' sensitive personal information, such as their addresses and contact information, platform users may be vulnerable to harassments, and their assets may also be put at risk due to data leakages. As a result, we may be held liable for these incidents, and platform users may feel insecure and cease to use the Group's services. In addition, any system or technological failure or compromise of our technology system that results in unauthorized access to or release of any personal data of platform users or proprietary information of the Group's business operations could significantly harm the Group's reputation and/or result in litigation, regulatory investigations and penalties against us.

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We are subject to various data privacy and protection laws and regulations in China, including without limitation, the Cybersecurity Law and the Administration Regulations on Cyber Data Security. Under the Cybersecurity Law, the owners and administrators of networks and network service providers have various personal information security protection obligations, including restrictions on the collection and use of personal information of users, and they are required to take steps to prevent personal data from being divulged, stolen, or tampered with. Under the Administration Regulations on Cyber Data Security, the network data processors that handle personal information of more than 10 million individuals shall also comply with the relevant provisions made for network data processors handling important data. See "Item 4. Information on the Company — B. Business Overview — Regulatory Matters—Regulations Related to Internet Security and Privacy Protection" for details. We cannot assure you that the governmental authorities will not interpret or implement the laws or regulations in ways that negatively affect us. Moreover, different regulatory bodies in China, including the MIIT, the CAC, the Ministry of Public Security and State Administration of Market Regulation, or the SAMR, have enforced data privacy and protection laws and regulations with various standards and applications. These various standards in enforcing data privacy and protection laws may create difficulties in ensuring full compliance and increase the Group's operating cost, as we need to spend time and resources to deal with various inspections for compliance.

While we have adopted a rigorous and comprehensive policy for the collection, processing, storage and other aspects of data use and privacy and taken necessary measures to comply with all applicable data privacy and protection laws and regulations, we cannot guarantee the effectiveness of these policies and measures undertaken by us, or business partners on the FTA platform. In the past, we received notices from regulatory authorities that identified certain compliance defects in our data privacy and protections practices, requiring us to rectify our data privacy measures. We have adopted several remedial measures in response to such notices and submitted our rectification reports to the relevant governmental authorities. Despite the absence of any material cybersecurity breach and our continuous efforts to comply with our internal policies as well as applicable laws and regulations, any failure or perceived failure to comply with all applicable data privacy and protection laws and regulations, any failure or perceived failure of the Group's business partners to do so, or any failure or perceived failure of the Group's employees to comply with internal control measures, may result in warning, negative publicity and legal proceedings or regulatory actions against the Group, and could result in fines, revocation of permits, licenses, suspension of business operations or other penalties or liabilities, which may in turn damage the Group's reputation, discourage current and potential shippers and truckers from using the Group's services, and subject the Group to fines and damages, which could have a material adverse effect on the Group's business and results of operations.

Furthermore, the PRC regulatory and enforcement regime with regard to data security and data protection is still evolving. PRC regulators have been increasingly focused on regulation in the areas of data security and data protection. For example, on June 10, 2021, the Standing Committee of the National People's Congress of China, or the SCNPC, promulgated the PRC Data Security Law, which took effect on September 1, 2021. The PRC Data Security Law imposes data security and privacy protection obligations on entities and individuals which carry out data activities, and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it might cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used. On August 20, 2021, the SCNPC promulgated the Personal Information Protection Law, which took effect on November 1, 2021. The Personal Information Protection Law provides the basic regulatory regime for personal information protection, including without limitation, stipulating an expanded definition of personal information, providing a long-arm jurisdiction in cross-border scenarios, emphasizing individual rights, and prohibiting rampant infringement of personal information, such as stealing, selling, or secretly collecting personal information. The Group provides services to individual shippers and truckers who may upload personal information to FTA platform when using the Group's services, which may be deemed to be sensitive personal information under the Personal Information Protection Law. Any failure to comply with the Personal Information Protection Law may subject the Group to liabilities or administrative penalties, including but not limited to suspension or termination of the Group's services. For further details, see "Item 4. Information on the Company — B. Business Overview — Regulatory Matters — Regulations Related to Internet Security and Privacy Protection." Furthermore, on December 8, 2022, the MIIT published the Measures for the Administration of Data Security in the Field of Industry and Information Technology (for Trial Implementation), which became effective from January 1, 2023 and stipulates that telecom data processors (including telecom business operators with telecom business operation licenses) shall sort out data regularly, identify important and core data in accordance with relevant standards and develop their own specific catalogues to ensure data security in data collection, storage, use, processing, transmission, provision and disclosure. These newly promulgated laws and regulations reflect PRC government's further attempts to strengthen the legal protection for personal information, as well as the security of national network and key information infrastructure.

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The functional designs and interactive logic of the Group's mobile apps may need to be adjusted from time to time in order to comply with evolving laws, regulations, norms and other applicable regulatory requirements, which could increase the Group's compliance costs and may adversely affect its mobile apps' user experience. We cannot assure you that relevant regulators will not interpret or implement the laws or regulations in ways that negatively affect the Group. In addition, the Group may become subject to additional or new laws and regulations in this regard, which may result in additional expenses to the Group and subject the Group to potential liability and risk of negative publicity. We expect that data security and protection will continue to receive significant public attention and scrutiny from regulators going forward, which could increase the Group's compliance costs and subject the Group to heightened risks and challenges associated with data security and protection. If the Group were unable to manage these risks, it could become subject to penalties, fines, suspension of business and revocation of required permits or licenses, and the Group's reputation and results of operations could be materially and adversely affected.

#### Regulatory uncertainties relating to, or failure to comply with, anti-monopoly and competition laws could adversely affect the Group's business, financial condition, or operating results.
The PRC anti-monopoly enforcement agencies have in recent years strengthened enforcement under the PRC Anti-monopoly Law, including levying significant fines, with respect to concentration of undertakings and cartel activity, mergers and acquisitions, as well as abusive behavior by companies with market dominance. In March 2018, the SAMR was formed as a new governmental agency to take over, among other things, the anti-monopoly enforcement functions from the relevant departments under the MOFCOM, the National Development and Reform Commission of the PRC, or the NDRC, and State Administration of Industry and Commerce of the PRC, or the SAIC. The SAMR issued a new set of guidelines with respect to merger control review in September 2018, and issued the Notice on Anti-monopoly Enforcement Authorization on December 28, 2018, which grants authorizations to the SAMR's provincial branches to enforce anti-monopoly laws within their respective jurisdictions. The SAMR has imposed several administrative penalties on various companies for failing to duly make filings as to their transactions subject to merger control review by the SAMR. The scope of the companies that were penalized is broad, and covers a variety of different industries.

Significant regulatory uncertainty existed as to whether prior filing of notification of concentration is required for business concentration involving variable interest entities prior to 2020. In November 2020, the Anti-monopoly Bureau of SAMR released the draft Guidelines on Anti-monopoly Issues in Platform Economy, or the Platform Economy Anti-monopoly Guidelines, for public comment and in February 2021, adopted the Platform Economy Anti-monopoly Guidelines, which for the first time specified that, any concentration made between the variable interest entities shall be regulated by the Anti-monopoly Law. In addition, the Platform Economy Anti-monopoly Guidelines set out detailed standards and rules in respect of the definition of relevant markets, typical types of cartel activities and abusive behaviors by online platform operators with market dominance, which provide further guidelines for enforcement of anti-monopoly laws against online platform operators. For instance, online platform operators that use technological advantages, such as data and algorithms, to eliminate or restrict competition or impose price restrictions or exclusivity requirements on users may be deemed to be abusing dominant market position.

Prior to the effectiveness of the Platform Economy Anti-monopoly Guidelines, the SAMR has already fined certain companies that acquired businesses using variable interest entities without obtaining merger control approval or without prior filing of notification of concentration, indicating its increased scrutiny over historical cases of concentration of undertakings involving companies using variable interest entities and heightened enforcement efforts over past failure to file prior notification of concentration of undertakings for such transactions. Since 2020, the SAMR has fined companies that acquired or merged with or cooperated with onshore or offshore entities, including those operated through variable interest entities, for failure to file prior notification before conducting the mergers or cooperation transactions.

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Although we do not believe we were legally required to make a merger control review filing or obtain merger control approval in relation to the historical merger between *Yunmanman* and *Huochebang* in 2017, there can be no assurance that regulators will agree with us, particularly, in light of the enforcement actions since 2020. In addition, as there were few cases where companies using variable interest entities were investigated for failure to make filings in connection with concentration of undertakings prior to 2020, we did not file prior notification of concentration of undertakings for our historical business alliance or joint-investment transactions with our business partners. The SAMR issued a penalty decision on one transaction we made in 2020, for which we have paid an immaterial amount of penalty. There can also be no assurance that regulators will not initiate other anti-monopoly enquiry or investigation into, or take enforcement actions against, the historical merger between *Yunmanman* and *Huochebang* and/or our historical business alliance or joint-investment transactions or require us to submit filings in relation to such historical transactions. We may be subject to penalty in connection with any such enquiry or investigation, if we are determined by the anti-monopoly enforcement agency to have failed to make the requisite filings, including (i) a fine up to ten percent of the business operator's sales revenue in the past year, if the concentration of undertakings has or may have an effect of excluding or limiting competition, or (ii) a fine up to RMB5 million if the concentration of undertakings does not have the effect of excluding or limiting competition, and in extreme cases the anti-monopoly enforcement agency may order business operators to cease illegal concentration, to dispose shares, assets or businesses within a certain period of time, or to take other necessary measures to restore to the state before the concentration pursuant to the applicable PRC anti-monopoly law. We may also be subject to claims from our competitors or users, which could adversely affect the Group's business and operations. Furthermore, any new requirements or restrictions, or proposed requirements or restrictions, could result in adverse publicity or fines against the Group.

On June 24, 2022, the Decision of the Standing Committee of the National People's Congress to Amend the Anti-Monopoly Law of the People's Republic of China was adopted and became effective on August 1, 2022, which stipulates that the State Council's anti-monopoly enforcement agency may order business operators to cease illegal concentration, to dispose shares, assets or businesses within a certain period of time, or to take other necessary measures to restore to the state before the concentration.

On May 6, 2024, the SAMR promulgated the Interim Provisions Against Unfair Competition in Cyberspace. The Interim Provisions Against Unfair Competition in Cyberspace stipulates that a platform operator shall strengthen the standardization and management of competition acts within the platform, and shall take necessary disposal measures in a timely manner, keep relevant records, and report to the local administration for market regulation at or above the county level of the place where the platform operator is domiciled in accordance with the regulations if it is found that an operator using the platform has adopted an unfair competition method, has illegally sold goods or provided services, or has infringed upon the lawful rights and interests of consumers. The record shall be kept for a period of not less than three years from the date on which the disposal measures are taken. For details, see "Item 4. Information on the Company — B. Business Overview — Regulatory Matters — Regulations Related to Anti-Monopoly and Anti-unfair Competition." Stricter anti-monopoly and anti-unfair competition enforcement by the PRC regulatory authorities, especially enforcement actions focused on platform economy, may, among other things, prohibit the Group from future acquisitions, divestitures or combinations the Group plans to make, impose fines or penalties, require divestiture of certain of the Group's assets, or impose other restrictions that limit or require the Group to modify its operations, including limitations on the Group's contractual relationships with shippers and truckers or restrictions on the Group's pricing or revenue models, which could materially and adversely affect the Group's business, financial condition, results of operations and future prospects.

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Furthermore, as we continue to navigate the evolving legislative environment and varied local implementation practices of anti-monopoly and competition laws and regulations in the PRC, we have attended and may continue to be required to attend administrative guidance meetings or other communications with regulators from time to time. We may continue to receive greater scrutiny and attention from regulators and more frequent and stringent investigations or reviews by regulators, which will increase the Group's compliance costs. It could also be time-consuming to comply with the relevant regulations described above to complete future transactions and carry out the Group's business operations. Heightened regulatory inquiries, investigations and other governmental actions and approval requirements from governmental authorities such as the SAMR may be uncertain and could delay or inhibit our ability to complete these transactions and carry out the Group's business operations, which could affect the Group's ability to expand its business, maintain its market share or otherwise achieve the goals of our acquisition strategy, divert significant management time and attention and the Group's financial resources, bring negative publicity, subject the Group to liabilities or administrative penalties, and/or materially and adversely affect the Group's financial conditions, operations and business prospects.

***We may not be able to compete effectively, which could materially and adversely affect the Group's business, financial condition, results of operations and prospects, as well as its reputation and brands.***

The road transportation market is intensely competitive and characterized by fragmentation and shifting user preferences. We face competition from regional players in local markets and players that focus on certain segments of the road transportation market. We also compete with other companies for value-added services that cater to various essential needs of shippers and truckers. Players that focus on certain segments of the road transportation market may enter into new segments in which we operate and compete with us. Furthermore, large technology companies that have strong brand recognition, substantial financial resources and sophisticated technology capabilities may develop their own digital freight platforms in the future.

The Group operates as a digital freight marketplace, which is a relatively new business model. Our competitors may operate different business models, have different cost structures or participate selectively in different industry segments. They may ultimately prove to be more successful or more adaptable to customer demand and new regulatory, technological and other developments. Some of our current and potential competitors may have significantly more financial, technological, marketing and other resources than we do and may be able to devote greater resources to the development, promotion and support of their platforms and service offerings. Our competitors may also have longer operating history and greater brand recognition than us. Additionally, a current or potential competitor may acquire, or form a strategic alliance with, one or more of our other competitors. Our competitors may be better at developing new solutions and services, offering more attractive fees, responding more quickly to new technologies and undertaking more extensive and effective marketing campaigns. More players may enter the road transportation market and intensify the market competition.

In response to competition, we may have to lower and/or adjust the various fees that the Group charges to shippers and truckers or increase its operating expenses and capital expenditures to attract more shippers and truckers, which could materially and adversely affect its business, margins and results of operations. If the Group is not able to compete effectively, its ability to attract and retain shippers, truckers and other ecosystem participants may be adversely affected, the level of transaction activities and user engagement on the FTA platform may decrease and the Group's market share may be negatively affected, which could materially and adversely affect the Group's business, financial condition, results of operations and prospects, as well as its reputation and brands.

***If we fail to obtain or maintain licenses, permits or approvals applicable to the Group's business, the Group may become subject to significant penalties and other regulatory proceedings or actions.***

The road transportation business in China is highly regulated by the PRC government. See also "Item 4. Information on the Company — B. Business Overview — Regulatory Matters—Regulations Related to Road Transportations." In connection with the online operations of the FTA platform, the Group is also required to obtain value-added telecommunications service licenses, in order to provide relevant value-added telecommunication services. The consolidated affiliates have obtained value-added telecommunications service licenses for the operations of the mobile apps and websites.

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To enhance the experience of shippers, truckers and other ecosystem participants, the Group offers various auxiliary functions, content and value-added services through the FTA platform. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practices by relevant government authorities, the Group may be required to obtain additional licenses, permits, filings or approvals for these functions, content and services. For example, it remains unclear whether the in-app message and voice call functions on the Group's mobile apps would require a separate value-added telecommunications service authorization in relation to "instant interactive services" under the applicable PRC laws and regulations. Although we do not believe that a separate authorization is required because the Group's mobile apps are not primarily communication software and such in-app message and voice call functions are only auxiliary functions to the Group's main services. However, we cannot assure you that the relevant PRC government authorities would agree with our interpretation. If the Group were required to obtain additional authorization, it may not be able to do so in a timely manner, or at all.

Moreover, we cannot assure you that the Group will be able to maintain existing licenses and permits, or renew any of them when their current term expires, or update information (such as information related to the Group's websites, mobile applications, legal representatives, business scopes or professional staff) filed with regulators in time due to procedural or substantive requirements. Under applicable PRC laws, rules and regulations, any failure to obtain, maintain and/or renew the licenses and permits, or any failure to update information filed with regulators in time, in each case required to conduct the Group's business, may subject the Group to various penalties, including confiscation of revenues, imposition of fines, and restrictions on or termination of the business operation subject to such license or permit requirement. Any such disruption in the business operations of our PRC subsidiaries, the Group VIEs or consolidated affiliates could materially and adversely affect the Group's business, financial condition and results of operations.

Furthermore, if the Group enters into new service categories or business lines, adopt new business models, or any of its current services are determined to be subject to new licensing requirements in the future, especially due to the evolving application or interpretation of relevant laws and regulations, it may be required to obtain licenses or permits that it does not currently have or to amend the licenses or permits it currently has. We will strive to obtain and amend the relevant licenses and permits but we cannot assure you that the Group will be able to obtain or amend such licenses and permits in a timely manner, or at all.

#### Regulatory uncertainties relating to online lending industry in China could harm the Group's business, financial condition and results of operations.
The online lending industry in China is subject to evolving regulations. We cannot assure you that our existing or future credit solutions provided as part of our value-added services that cater to various essential needs of shippers and truckers would not be deemed by regulators to be in violation of any laws, regulations and rules in the future. In addition, new laws and regulations relating to the online lending industry may be adopted, and existing laws and regulations may be interpreted in ways that are inconsistent with our existing or future business practices, which, along with any possible changes needed to fully comply with any existing or new regulations, could require us to modify our business or operations. Compliance with such laws or regulations could force us to incur increased operating expenses, or modify our business models, which may have a material and adverse impact on the Group's business, financial condition and results of operations.

The State Council promulgated the Regulations on the Administration of Financing Guarantee Companies, or the Financing Guarantee Rules, in 2017. According to the Financing Guarantee Rules, the establishment of financing guarantee companies shall be subject to the approval by the competent government authority, and unless otherwise stipulated, no entity may operate financing guarantee business without such approval. If any entity violates these regulations and operates financing guarantee business without approval, the entity may be subject to penalties including ban or suspension of business, fines of RMB500,000 to RMB1,000,000, confiscation of illegal gains if any, and if the violation constitutes a criminal offense, criminal liability in accordance with applicable laws.

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We currently facilitate loans funded by third-party financial institutions that we collaborate with, and we guarantee such loans through our PRC subsidiaries. In some instances, guarantees had and may continue to be provided by certain of the consolidated affiliates that lack required license to operate financial guarantee business. In the past, one of the consolidated affiliates provided guarantees during a period in which its license for financial guarantee business had expired. We maintained routine reporting to the competent regulatory authority and have subsequently renewed such license. If any of our practices were found by the regulatory authorities to be in violation of the applicable regulations, we would be subject to penalties, such as confiscation of illegal gains and fines, which could have an adverse impact on the Group's business, financial condition and results of operations. Furthermore, there can be no assurance that we will be able to obtain or renew our licenses for financial guarantee business when such licenses expire in the future.

On December 31, 2024, the NAFR issued the Interim Administrative Measures for Small Loan Companies, or the Interim Administrative Measures. Small loan companies are not allowed to conduct business across provinces, autonomous regions or municipalities directly under the Central Government, while the requirements regarding the operating scope of online small loan company will be provided for separately. The Interim Administrative Measures require our small loan company to adjust their businesses as necessary to be in compliance with such measures after the two-year transition period. If we failed to comply with NAFR's requirements in a timely manner or at all, we may subject to penalties and our licenses may be revoked, which could have an adverse impact on the Group's business, financial condition and results of operations. As of December 31, 2025, the total outstanding balance of the on-balance sheet loans, consisting of the total principal amounts (excluding loans that are over 180 days past due and are therefore charged off) and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,851.4 million (US$693.7 million).

Furthermore, relevant regulatory and judicial authorities may change the private lending rate of interest that can be charged by non-financial institutions from time to time. On August 20, 2020, China's Supreme People's Court, or the SPC, announced its decision to lower the cap for such private lending rate in a revised judicial interpretation. Under the revised judicial interpretation, such total annual percentage rates (inclusive of any default rate, default penalty and any other fee) exceeding four times that of China's benchmark one-year loan prime rate, or LPR, as published each month will not be legally protected. Based on the LPR of 3.0% as published on March 20, 2026, such cap would be 12.0%. According to a guidance letter issued by the SPC on December 29, 2020, clarifying the applicability of its revised judicial interpretation, the cap for private lending rate does not apply to small loan companies, financial guarantee companies, financial leasing companies, commercial factoring companies and certain other local financial organizations under the supervision of local financial regulatory authorities. However, uncertainties still exist with respect to the interpretation and implementation of existing and future laws and regulations governing small loan companies. For example, SPC guidance and judgment indicate that the portion of annualized interest rate, or APR, charged by financial institutions in excess of 24% per annum will not be supported in litigations. The APRs on our cash loans vary depending on borrowers' credit profiles and may exceed 24%. The excess portion may not be enforceable should any dispute arise between us and the relevant borrowers. On December 31, 2024, the NAFR published the Interim Measures for the Supervision and Administration of Small Loan Companies. Pursuant to the Interim Measures for the Supervision and Administration of Small Loan Companies, the balance of loans granted by online small loan companies to a single household for consumption shall not exceed RMB200,000, and the balance of loans granted to a single household for production and business operations shall not exceed RMB10 million. In December 2025, we have been informed that a new rule in relations to small loan company like us had been issued by the NAFR and the PBOC, according to which small loan companies are prohibited from granting new loans where the total annual financing cost percentage rates (inclusive of all interest and fee expenses, such as interest, guarantee fees, insurance fees, and other related charges) exceeds 24%. As of December 31, 2025, the annual financing cost percentage rates of us has been reduced to below 24%. We cannot assure you that we will not be required to further reduce such annual financing cost percentage rates in the future. If the regulatory requirements for our licensed small loan company or financial guarantee companies are strengthened by any newly adopted, or by the application of any existing laws, regulations, policies, guidelines or rulings, our licensed small loan company or financial guarantee companies may need to change their business models, which may adversely affect the Group's business, financial condition, results of operation and prospects.

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***The Group relies on commercial banks and third-party online payment service providers for payment processing services for certain of its services. If these payment services are restricted or curtailed in any way or become unavailable or unavailable on reasonable terms to the Group for any reason, its business may be materially and adversely affected.***

The Group is not licensed to process payments and rely on commercial banks and third-party online payment service providers for payment processing services for certain of the Group's services involving payments. If the quality, utility, convenience or attractiveness of these payment processing services declines, or we have to change the Group's business arrangements with them for using these payment services for any reason, the attractiveness of the FTA platform could be materially and adversely affected.

The Group's third-party online payment service providers and its relationship with them are subject to a number of risks that could materially and adversely affect their ability to provide payment processing and escrow services to the Group, including:

• dissatisfaction with these online payment services or decreased use of their services by shippers, truckers and other ecosystem participants;

• increasing competition, including from other established Chinese internet companies, payment service providers and companies engaged in other financial technology services;

• changes to rules or practices applicable to payment systems that third-party online payment service providers reply on;

• breach of users' personal information and concerns over the use and security of information collected from users;

• service outages, system failures or failures to effectively scale the system to handle large and growing transaction volumes;

• increasing costs to third-party online payment service providers, including fees charged by commercial banks processing transactions through online payment channels, which could in turn be passed on to the Group and increase its costs of revenues; and

• failure to manage funds accurately or loss of funds, whether due to employee fraud, security breaches, technical errors or otherwise.

If any of the foregoing takes place, the Group's third-party online payment service providers' services may be restricted or curtailed or become unavailable or unavailable on reasonable terms to the Group, and its business and results of operations could be materially and adversely affected.

In addition, the commercial banks and third-party online payment service providers that we work with are subject to the supervision of the PBOC. The PBOC may publish rules, guidelines and interpretations from time to time regulating the operation of financial institutions and payment service providers that may in turn affect the business arrangements between such entities and the Group. For example, in November 2017, the PBOC published a notice, or the PBOC Notice, on the investigation and administration of illegal offering of settlement services by financial institutions and third-party payment service providers to unlicensed entities. The PBOC Notice intended to prevent unlicensed entities from using licensed payment service providers as a conduit for conducting the unlicensed payment settlement services, so as to safeguard the fund security and information security. As the laws and regulations in this area are still evolving and subject to interpretation, we cannot assure you that the PBOC or other governmental authorities will not scrutinize the Group's business arrangements with commercial banks and third-party online payment service providers. For instance, the Group's past settlement practices may give rise to the risk of the Group being deemed as inadvertently engaging in payment activity without the required license. The Group has adjusted its business arrangements in accordance with applicable laws and regulations. However, if its business arrangements were found by the regulatory authorities to be noncompliant, or if required by the PBOC or any new laws, rules or regulations, the Group's payment service providers may decide to, among other things, suspend their services or be forced to adjust their business arrangements with the Group. As a result, the Group may incur additional expenses to find alternative payment service providers or adjust its business practices or invest considerable resources in complying with the requirements. Furthermore, if the PBOC or other governmental authorities deem the Group's business arrangements with payment service providers to be noncompliant, the Group may be subject to regulatory action, investigations, fines and penalties, which could materially and adversely affect its business, results of operations and reputation.

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***If we fail to effectively manage the credit risks related to our credit solutions provided to truckers and shippers on the FTA platform, our business may be adversely affected.***

We provide various credit solutions to shippers and truckers to meet their financial needs. We have primarily used our own capital to fund cash credit solutions for shippers and truckers. We also facilitate loans funded by third-party financial institutions, and we guarantee such loans. We believe our credit solutions create value for our ecosystem participants and enhance user engagement and transaction activities on the FTA platform. As of December 31, 2025, the total outstanding loan balance, consisting of the aggregate principal amount outstanding under on-balance sheet and off-balance sheet loans as of the end of each reporting period (excluding loans that are more than 180 days past due), was RMB5.5 billion (US$0.8 billion), and the total non-performing loan ratio for these loans was 2.9%. Our non-performing loan ratio is calculated by dividing the sum of total outstanding principal of the on- and off-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 sum of total outstanding principal of on- and off-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) as of a specified date.

We may increase the amount of credit we offer and we are exploring freight fee receivable loans for truckers to improve their cash flows. Furthermore, while we have implemented a risk management system, we cannot assure you as to the effectiveness of such system. If we fail to effectively manage the credit risks related to our credit solutions, the Group's business, results of operations and financial condition would be materially and adversely affected.

In addition, our failure to collect payments on the loans funded or guaranteed by us may have a material adverse effect on the Group's business operations and financial positions. Moreover, the current regulatory regime for debt collection in the PRC remains unclear. We aim to ensure collection efforts carried out by us and our third-party service providers comply with relevant laws and regulations in the PRC, and we have employed contractual measures to further ensure third-party service providers' compliance with relevant laws and regulations. However, we only exercise limited control over third-party service providers, and if our collection methods are viewed by the borrowers or regulatory authorities as harassments, threats or other illegal means, we may be subject to risks relating to third-party debt collection services providers, including lawsuits initiated by the borrowers or restrictions, fines or penalties imposed by the relevant regulatory authorities.

***The Group's expansion into overseas markets could subject the Group to legal, reputational and operational risks, as well as a broad array of local legal and regulatory requirements that could adversely affect the Group's operations.***

While the Group operates its business primarily in the China market, it has been exploring opportunities in expanding its business into the overseas markets. For instance, we have launched our overseas digital freight platform business, Qmove, in selected international markets, such as Türkiye, Egypt, the United Arab Emirates and Indonesia, to connect shippers and truckers.

Operating a multinational business creates difficulties associated with staffing, managing the Group's global operations, as well as complying with local legal and regulatory requirements. The Group's existing operations in the overseas markets may not succeed eventually, and may expose the Group to increased risks associated with different market dynamics and competition in the overseas markets. The Group is subject to a variety of local laws and regulations that involve matters central to its business, including, among others, freight matching services, data privacy and security, competition, labor, consumer protection and taxation. These laws and regulations can be particularly restrictive in certain jurisdictions, as they constantly evolve and remain subject to change. In addition, the application and interpretation of these laws and regulations, which are subject to change, could result in government inquiries, claims, disputes, changes to the Group's business practices, increased cost of operations and declines in user growth, retention or engagement, any of which could seriously harm the Group's business.

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Some of the jurisdictions in which the Group has expanded or plan to expand its business have undergone significant political, economic and social change in recent years and the risk of new, unforeseen changes in these jurisdictions remains greater than in other more developed countries. Although the Group has engaged experienced staffs and consultants in jurisdictions in which it deems appropriate, we cannot assure you that the Group will continue to be found to be operating in compliance with all applicable laws or regulations which it may be subject to. The Group's business, financial condition and results of operations could be materially and adversely affected if it cannot effectively manage its business to address the market demands and complexities of operating a multinational business.

#### Employee misconduct may expose us to vicarious liabilities, reputational harm and/or economic damages.
Many of the Group's employees play critical roles in ensuring the safety and reliability of the Group's services or its compliance with relevant laws and regulations. Certain of the Group's employees have access to sensitive information, proprietary technologies and know-how. While we have adopted codes of conduct for all of the Group's employees and implemented policies and procedures relating to data privacy, intellectual property, anti-corruption, proprietary information and trade secrets, we cannot assure you that the Group's employees will abide by these codes, policies and procedures or that the precautions we take to detect and prevent employee misconduct will be effective. For example, prior to the merger of *Yunmanman* and *Huochebang*, a then employee of *Huochebang* was found guilty by a court for stealing user data from *Huochebang*'s database. There were other instances of employee misconduct in the past, but there were no legal liabilities for the Group or the Group's employees. Although such incidents did not have a material impact on the Group's business, we cannot assure you that employee misconduct will not materially and adversely affect its business, results of operations and financial condition in the future. If any of the Group's employees engage in any misconduct or illegal or suspicious activities, including but not limited to, misappropriation or leakage of sensitive user information or proprietary information, the Group and such employees could be subject to legal claims and liabilities and the Group's reputation and business could be materially and adversely affected as a result. In addition, while the Group has screening procedures during the recruitment process, we cannot assure you that the Group will be able to uncover misconduct of job applicants that occurred before offering them employment, or that the Group will not be affected by legal proceedings against its existing or former employees as a result of their actual or alleged misconduct.

***Any significant disruption in the Group's mobile apps and information technology systems, including events beyond the Group's control, could prevent the Group from offering its solutions and services or reduce their attractiveness.***

In the event of a system outage, malfunction or data loss, the Group's ability to provide services would be materially and adversely affected. The satisfactory performance, reliability and availability of the Group's technology, mobile apps and information technology systems and the Group's underlying network infrastructure are critical to its operations, user service, reputation and its ability to attract new and retain existing shippers, truckers and other ecosystem participants. The Group's information technology infrastructure is currently deployed and its data is currently maintained on customized cloud computing services. The Group's servers are housed at two third-party data centers, and the Group's operations depend on the service providers' ability to protect the Group's systems in their facilities as well as their own systems against damage or interruption from natural disasters, power or telecommunications failures, air quality issues, environmental conditions, computer malware, viruses, spamming, phishing attacks or other attempts to harm the Group's systems, criminal acts and similar events, many of which may be beyond our control. The Group's mobile apps are provided through third-party app stores and any disruptions to the services of these app stores may negatively affect the delivery of the Group's mobile apps to users. Moreover, if the Group's arrangements with these service providers are terminated or if there is a lapse of service or damage to their facilities or if the services are no longer cost-effective to us, we could experience interruptions in the Group's solutions and service as well as delays and additional expense in arranging new solutions and services for shippers, truckers and other ecosystem participants.

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Any interruptions or delays in the Group's service, whether as a result of third-party error, our error, natural disasters or security breaches, whether accidental or willful, could harm the Group's relationships with shippers, truckers and other ecosystem participants and its reputation. We may not have sufficient capacity to recover all data and services lost in a timely manner in the event of an outage. These factors could prevent the Group from matching shippers with truckers or engaging in other business operations, damage the Group's brands and reputation, divert the Group's employees' attention, reduce its revenue, subject it to liability and cause shippers, truckers and other ecosystem participants to abandon the Group's solutions and services, any of which could adversely affect the Group's business, financial condition and results of operations.

***As information technology is a critical aspect in the efficient operation of the Group's business, failure to maintain or improve its information technology infrastructure could harm the Group's business and prospects.***

The efficient and reliable operation of the Group's business depends on its information technology systems. We are continuously upgrading the FTA platform to provide increased scale, improved performance, additional capacity and additional built-in functionality, including functionality related to security. Adopting new services and maintaining and upgrading the Group's information technology infrastructure require significant investment of time and resources. Any failure to maintain and improve the Group's information technology infrastructure could result in unanticipated system disruptions, slower response time, impaired user experience, delays in reporting accurate operating and financial information and failures in risk management. The risks of these events occurring are even higher during certain periods of peak usage and activity when cargo volume is higher on the FTA platform. In addition, much of the software and interfaces the Group uses are internally developed and proprietary technology. If we experience problems with the functionality and effectiveness of the Group's software, interfaces or platform, such as undetected errors or defects, or are unable to maintain and continuously improve the Group's information technology infrastructure to handle its business needs, the Group's business, financial condition, results of operations and prospects, as well as its reputation and brand, could be materially and adversely affected.

Furthermore, the Group's information technology infrastructure and services, including its service offerings, incorporate third-party-developed software, systems and technologies, as well as hardware purchased or commissioned from external suppliers. If the Group's information technology infrastructure and services expand and become increasingly complex, it will face increasingly serious risks to the performance and security of its information technology infrastructure and services that may be caused by these third-party-developed components, including risks relating to incompatibilities among these components, service failures or delays or back-end procedures on hardware and software. The Group also needs to continuously enhance its existing technology. Otherwise, it faces the risk of its information technology infrastructure becoming unstable and susceptible to security breaches. This instability or susceptibility could create serious challenges to the security and uninterrupted operation of the FTA platform and services, which would materially and adversely affect the Group's business and reputation.

#### The Group's collection and recovery efforts may become less effective and may also subject it to regulatory risks and reputational risks.
We provide truckers with cash credit solutions and shippers with working capital loans, which are primarily funded by us through our small loan company, which is one of our PRC subsidiaries. A small amount of cash loans for truckers are funded by an institutional funding partner, and we guarantee such loans through arrangements with the institutional funding partner. The term of such loans is typically less than one year.

The Group endeavors to ensure that it complies with the relevant laws and regulations in the PRC in collecting loans receivable and has established strict policies and implemented measures to ensure that the personnel responsible for collecting loans receivable do not engage in aggressive or predatory practices. However, there can be no assurance that such personnel will not engage in any misconduct while performing their tasks. Any misconduct by such personnel or the perception that the collection and recovery practices are considered to be aggressive, predatory or not compliant with the relevant laws and regulations in the PRC may lead to negative publicity and result in harm to our reputation and business, which could further undermine the ability to collect loans receivable, or result in fines and penalties being imposed by the relevant regulatory authorities, any of which may have a material adverse effect on our results of operations.

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#### Any failure by the Group, its business partners or users to comply with applicable anti-money laundering laws and regulations could damage the Group's reputation.
The Group, its business partners and third-party payment service providers are subject to anti-money laundering obligations under applicable anti-money laundering laws and regulations and are regulated in that respect by the PBOC. If any of the Group's third-party service providers or users fail to comply with applicable anti-money laundering laws and regulations, the Group's reputation could suffer and it could become subject to regulatory intervention, which could have a material adverse effect on the Group's business, financial condition and results of operations. In addition, any negative perception of the industries relevant to the Group's business, such as any failure of online transaction platform to detect or prevent money laundering activities, even if factually incorrect or based on isolated incidents, could compromise the Group's image or undermine the trust and credibility it has established.

***We have granted and expect to continue to grant share-based awards in the future under our share incentive plans, which may result in increased share-based compensation expenses.***

We adopted share incentive plans to provide additional incentives to directors, officers, employees and consultants. See "Item 6. Directors, Senior Management and Employees — B. Compensation — Share Incentive Plans." We have granted options and ordinary shares to certain directors, officers and employees pursuant to our share incentive plans, and option to purchase 264,238,482 Class A ordinary shares was outstanding as of March 31, 2026. The Group recorded RMB441.8 million, RMB496.6 million and RMB281.6 million (US$40.3 million) in 2023, 2024 and 2025, respectively, in share-based compensation expenses in relation to share-based award grants. We also expect to continue to grant awards under our share incentive plans, which we believe is of significant importance to our ability to attract and retain key personnel and employees. As a result, the Group's expenses associated with share-based compensation may increase, which may have an adverse effect on the Group's financial condition and results of operations.

#### The Group's financial results may vary significantly from period to period due to the seasonality of its business and fluctuations in its operating costs.
The Group's quarterly results of operations, including the levels of its revenue, operating cost and expenses, net income and other key metrics such as fulfilled orders, may vary significantly in the future due to a variety of factors, some of which are outside of our control, and period-to-period comparisons of the Group's operating results may not be meaningful, especially given the Group's limited operating history. Accordingly, the results for any one quarter are not necessarily an indication of future performance. Fluctuations in quarterly results may adversely affect the price of our ADSs. Factors that may cause fluctuations in the Group's quarterly financial results include:

• the Group's ability to attract or maintain a critical mass of shippers and truckers;

• the levels of user engagement and transaction activities;

• the mix of solutions and services the Group offers;

• the amount and timing of incurrence of the Group's operating cost and expenses and the maintenance and expansion of its business, operations and infrastructure;

• the Group's focus on the long-term success and future growth, instead of near-term profit;

• the Group's ability to execute its monetization strategies;

• network outages or security breaches;

• general economic, industry and market conditions; and

• changes in applicable laws and regulations, as well as our involvement in legal or regulatory actions.

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In addition, because the Group's revenue generated from freight brokerage service and online transaction service is related to the available working days of shippers and truckers, national holidays and the number of business days during a given period may also create seasonal impact on the Group's results of operations. The transaction volume on the FTA platform is typically lower during the first quarter each year due to the Chinese New Year holiday season. In addition, some shippers operate in industries where shipping patterns are tied closely to consumer demand, which can sometimes be difficult to predict or are based on just-in-time production schedules. Furthermore, increases in toll fees and fuel costs may lead to rising shipping fees, which may in turn adversely affect transaction activities on the FTA platform and our results of operations. Therefore, the Group's revenue is, to a large degree, affected by factors that are outside of our control. There can be no assurance that the Group's historic operating patterns will continue in future periods, as we cannot influence or forecast many of these factors. The quarterly fluctuations in the Group's revenue and results of operations could result in volatility and cause the price of our ADSs to fall. To the extent the Group's revenue grows, these seasonal fluctuations may become more pronounced.

#### The successful operation of the Group's business depends upon the performance, reliability and security of the internet infrastructure in China.
The successful operation of the Group's business depends on the performance and reliability of the internet infrastructure and telecommunications networks in China. Almost all access to the internet in China is maintained through state-owned telecommunications operators under the administrative control and regulatory supervision of the MIIT. Moreover, the Group primarily relies on a limited number of telecommunication service providers to provide it with data communications capacity. The Group has limited access to alternative networks or services in the event of disruptions, failures or other problems with China's internet infrastructure or the telecommunications networks provided by telecommunications service providers. With the expansion of its business, the Group may be required to upgrade its technology and infrastructure to keep up with the increasing traffic on the FTA platform. However, we have no control over the costs of the services provided by telecommunications service providers. If the prices we pay for telecommunications and internet services rise significantly, the Group's results of operations may be materially and adversely affected. Furthermore, if internet access fees or other charges to internet users increase, the Group's user engagement and transaction activities may decline and the Group's business may be harmed.

#### The Group's business depends upon the interoperability of the FTA platform across devices, operating systems, and third-party applications that we do not control.
One of the most important features of the FTA platform is its broad interoperability with a range of devices, operating systems, and third-party applications. The FTA platform is accessible from devices running various operating systems such as iOS and Android. We depend on the accessibility of the FTA platform across these third-party operating systems and applications that we do not control. Moreover, third-party services and products are constantly evolving, and we may not be able to modify the FTA platform to assure its compatibility with that of relevant third parties following development changes. The loss of interoperability, whether due to actions of third parties or otherwise, could adversely affect the Group's business.

***The Group's use of third-party open source software could adversely affect the Group's ability to offer its products and offerings and subject the Group to possible litigation.***

We use open source software in the Group's software and systems and will use open source software in the future. Open source software generally refers to software for which the original source code is freely available and may be redistributed or modified. The licenses applicable to our use of open source software may require the source code that is developed using open source software to be made available to the public and that any modifications or derivative works to certain open source software continue to be licensed under open source licenses. From time to time, we may face claims from external parties claiming infringement of their intellectual property rights, or demanding the release or license of the open source software or derivative works that we developed using such software (which could include our proprietary source code) or otherwise seeking to enforce the terms of the applicable open source license. Our use of open source software may also present additional security risks because the source code for open source software is publicly available, which may make it easier for hackers and other parties to determine how to breach our systems that rely on open source software. Any of these risks could be difficult to eliminate or manage, and, if not addressed, could have a material adverse effect on the Group's business, results of operations, financial condition and prospects.

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#### We are dependent on app stores to distribute the Group's mobile apps.
We currently cooperate with Apple's app store and Android app stores to distribute the Group's mobile apps to users. As such, the promotion, distribution and operation of the Group's applications are subject to such distribution platforms' standard terms and policies for application developers, which are subject to the interpretation of, and frequent changes by, these distribution channels. There is no guarantee that the Group's applications will always comply with the standard terms and policies of such distribution platforms. If these third-party distribution platforms change their terms and conditions or their interpretations of these terms and conditions in a manner that is detrimental to us, or refuse to distribute the Group's applications, timely launch updated versions of the Group's applications, or remove the Group's applications, or if any other major distribution channel with which we would like to seek collaboration refuses to collaborate with us in the future on commercially reasonable terms, or at all, the Group's business, financial condition and results of operations may be materially and adversely affected. In addition, such distribution platforms may require us to update or change our user policies or functions to meet their terms and conditions. As a result, our ability to attract, retain and expand our user base may be hindered, which could adversely affect the Group's business or financial results.

***The Group may be subject to potential liability in connection with pending or threatened legal proceedings and other matters, which could adversely affect the Group's business or financial results.***

From time to time, the Group has become and may in the future become a party to various legal or administrative proceedings arising in the ordinary course of the Group's business in China, including claims arising from the Group's freight brokerage service and discontinued financial leasing service. See "—We face risks associated with the cargo transported using the freight brokerage service and vicarious liability for vehicles registered with the Group." In addition, we were named as a defendant in certain putative shareholder class action lawsuits in connection with our initial public offering. See "Item 4. Information of the Company — B. Business Overview —Legal Proceedings and Compliance." The Group may also be subject to potential liability in connection with pending or threatened legal proceedings arising from breach of contract claims, anti-competition claims and other matters.

These proceedings, investigations, claims and complaints could be initiated or asserted under or on the basis of a variety of laws in different jurisdictions, including, without limitation, data protection and privacy laws, trucker or consumer protection laws, labor and employment laws, anti-monopoly or competition laws, transportation laws, advertising laws, value-added telecommunication services laws, intellectual property laws, securities laws, financial services laws, tort laws, contract laws, property laws, anti-money laundering laws, anti-corruption laws, anti-bribery laws and criminal laws. There is no guarantee that the Group will be successful in defending itself in legal and administrative actions or in asserting its rights under various laws. If the Group fails to defend itself in these actions, the Group may be subject to restrictions, fines or penalties that will materially and adversely affect the Group's operations. Even if the Group is successful in its attempt to defend itself in legal and regulatory actions or to assert its rights under various laws and regulations, the process of communicating with relevant regulators, defending itself and enforcing its rights against the various parties involved may be expensive and time-consuming. These actions could expose the Group to negative publicity, substantial monetary damages and legal defense costs, injunctive relief and criminal and civil fines and penalties, including but not limited to suspension or revocation of licenses to conduct business.

In addition, the Group's directors, management and key employees may from time to time be subject to litigation, regulatory investigations, proceedings, confinement and/or negative publicity or otherwise face potential liability in relation to commercial, labor, employment, securities or other matters, which could affect their ability or willingness to continue to serve the Group or dedicate their efforts to the Group and negatively affect the Group's brand and reputation, resulting in an adverse effect on its business, results of operations and financial condition.

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#### Certain of the Group's leased property interests may be defective, which could cause disruption to the Group's business.
As of the date of this annual report, we had not completed the relevant property leasing registrations for most of the Group's leased properties in China, which may expose us to potential fines if we fail to remediate after receiving any notice from the relevant PRC government authorities. According to our PRC legal counsel, the failure to complete the registration process does not affect the validity of the property lease agreements but a maximum penalty of RMB10,000 for each leased property may be imposed on us for the non-registration of each lease. As of the date of this annual report, we are not aware of any material claims or actions being contemplated or initiated by government authorities with respect to the Group's leasehold interests in or use of such properties.

In addition, we may become involved in disputes with the property owners or parties who otherwise have rights to or interests in the Group's leased properties. For instance, if a lessor of the Group's leased properties has not obtained valid authorizations from the legal owners with respect to the Group's leases, or has not obtained requisite approvals or permits with respect to the construction of such properties, the Group's leases with such lessor could be invalid and the lessor's right to lease might be challenged by an interested third party or the government authority. If any of such properties were successfully challenged, we may be forced to relocate our operations housed in the affected properties. We can provide no assurance that we will be able to find suitable replacement sites on terms acceptable to us on a timely basis, or at all, or that we will not be subject to material liability resulting from external parties' challenges on the Group's use of such properties. As a result, the Group's business, financial condition and results of operations may be adversely affected.

***We may need additional capital to pursue business objectives and respond to business opportunities, challenges or unforeseen circumstances, and financing may not be available on terms acceptable to us, or at all.***

Growing and operating the Group's business will require significant cash investments, capital expenditures and commitments to respond to business challenges, including developing or enhancing new or existing services and technologies and expanding the Group's infrastructure. If cash on hand, cash generated from operations, and the net proceeds from our initial public offering are not sufficient to meet the Group's cash and liquidity needs, we may need to seek additional capital, potentially through debt or equity financings. We may not be able to raise required cash on terms acceptable to us, or at all. Volatility in the credit markets may have an adverse effect on the Group's ability to obtain debt financing. Issuances of equity or convertible debt securities may be on terms that are dilutive or potentially dilutive to our shareholders. The holders of new securities may also have rights, preferences, or privileges that are senior to those of existing stockholders. If new financing sources are required, but are insufficient or unavailable, we may need to modify the Group's growth and operating plans and business strategies based on available funding, if any, which would harm the Group's ability to grow its business.

***The Group's business depends substantially on the continuing efforts of our directors, executive officers, senior management, key employees and qualified personnel, and the Group's operations may be severely disrupted if we lose their services.***

The Group's future success depends substantially on the continuing efforts of our directors, executive officers, senior management, and key employees and qualified personnel. In particular, we rely on the leadership, expertise, experience and vision of our directors and senior management team. If one or more of our directors, executive officers, senior management, key employees or qualified personnel were unable or unwilling to continue their services with us, whether due to resignation, accident, health condition, family considerations or any other reason, we might not be able to find their successors in a timely manner, or at all. The size and scope of the FTA platform also require the Group to hire and retain a wide range of capable and experienced personnel who can adapt to a dynamic, competitive and challenging business environment. We will need to continue to attract and retain experienced and capable personnel at all levels. Since the road transportation industry is characterized by high demand and intense competition for talent, we cannot assure you that we will be able to attract or retain qualified management or other highly skilled employees.

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We do not have key man insurance for our directors, executive officers, senior management or other key employees. If any of the Group's key employees terminate his or her services or otherwise becomes unable to provide continuous services to us, the Group's business, financial condition and results of operations may be materially and adversely affected and it may incur additional expenses to recruit, train and retain qualified personnel. Each of our executive officers and key employees has entered into an employment agreement with a non-compete clause with us. However, these agreements may be breached by the counterparties, and there may not be adequate and timely remedies available to us to compensate our losses arising from the breach. We cannot assure you that we would be able to enforce these non-compete clauses. If any of our executive officers or key employees joins a competitor or forms a competing company, we may lose customers, know-how and key professionals and staff members.

***Our metrics and estimates are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may harm the Group's reputation and negatively affect its business.***

We rely on certain key operating metrics, such as fulfilled orders, average shipper MAUs and shipper MAUs, among other things, to evaluate the performance of the Group's business. Our operating metrics may differ from estimates published by third parties or from similarly titled metrics used by other companies due to differences in methodology and assumptions. We calculate these operating metrics using internal company data, which are subject to our estimates and adjustments. For example, we define (i) active shippers as the aggregate number of registered shipper accounts on the FTA platform that have posted at least one shipping order on the FTA platform during a given period, and (ii) shipper MAUs as the number of active shippers in a given month. However, some shippers may use more than one account, and/or may share the same account with other shippers. As a result, the Group's shipper MAUs may understate or overstate the number of shippers who have posted at least one shipping order on the FTA platform in a given month. If we discover material inaccuracies in the operating metrics we use, or if they are perceived to be inaccurate, the Group's reputation may be harmed and our evaluation methods and results may be impaired, which could negatively affect the Group's business. If investors make investment decisions based on operating metrics we disclose that are inaccurate, we may also face potential lawsuits or disputes.

***We may not be able to prevent others from unauthorized use of the Group's intellectual property and we may be subject to intellectual property infringement claims, either of which could harm the Group's business and competitive position.***

We rely on a combination of patents, trademarks, copyrights, trade secrets and confidentiality agreements to protect the Group's proprietary rights. As of December 31, 2025, the Group had 415 patents, 133 pending patent applications, 1491 registered trademarks and 47 pending trademark applications and 460 registered software copyrights in China. As of December 31, 2025, the Group had 46 registered trademarks in other countries, including India, Russia and Vietnam.

We have invested significant resources to develop these intellectual properties. However, any of the Group's intellectual property rights could be challenged, invalidated or circumvented, or such intellectual property may not be sufficient to provide us with competitive advantages. In addition, other parties may misappropriate the Group's intellectual property rights, which would cause us to suffer economic or reputational damage. Because of the rapid pace of technological change, there can be no assurance that all of the Group's proprietary technologies and similar intellectual property will be patented in a timely or cost-effective manner, or at all. Furthermore, parts of the Group's business rely on technologies developed or licensed by other parties, or co-developed with other parties, including open source software, and we may not be able to obtain or continue to obtain licenses and technologies from these other parties on reasonable terms, or at all.

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It is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation. For instance, we may seek to register new trademarks in the future, and there is no assurance that the relevant applications for trademark registrations in the PRC will be approved by competent governmental authority. If such trademarks could not be successfully registered in the categories related to the Group's business, we may fail to prevent others from using such trademarks in businesses similar to ours, and the Group's business, financial condition and results of operations may be materially and adversely affected. In addition, confidentiality, invention assignment and non-compete agreements may be breached by counterparties, and there may not be adequate remedies available to us for any such breach. Accordingly, we may not be able to effectively protect the Group's intellectual property rights or to enforce the Group's contractual rights in China. Preventing any unauthorized use of the Group's intellectual property is difficult and costly and the steps we take may be inadequate to prevent the misappropriation of the Group's intellectual property. In the event that we resort to litigation to enforce the Group's intellectual property rights, such litigation could result in substantial costs and a diversion of the Group's managerial and financial resources. We can provide no assurance that we will prevail in such litigation. In addition, the Group's trade secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. Any failure in protecting or enforcing the Group's intellectual property rights could have a material adverse effect on its business, financial condition and results of operations.

Meanwhile, the Group's operations or any aspects of its business could infringe upon or otherwise violate trademarks, copyrights, know-how, proprietary technologies or other intellectual property rights held by other parties. We may be from time to time in the future subject to legal proceedings and claims relating to the intellectual property rights of others. In addition, other parties' trademarks, copyrights, know-how, proprietary technologies or other intellectual property rights may be infringed by the Group's services or other aspects of the Group's business without its awareness. Holders of such intellectual property rights may seek to enforce such intellectual property rights against us in China, the U.S. or other jurisdictions. If any infringement claims are brought against us, we may be forced to divert management's time and other resources from the Group's business and operations to defend against these claims, regardless of their merits.

Additionally, the application and interpretation of China's intellectual property right laws and the procedures and standards for granting trademarks, copyrights, know-how, proprietary technologies or other intellectual property rights in China are still evolving and are uncertain, and there can be no assurance that PRC courts or regulatory authorities would agree with our analysis. If we were found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our own. As a result, the Group's business and results of operations may be materially and adversely affected.

***The Group's insurance coverage strategy may not be adequate to protect it from all business risks or, if insurance carriers change the terms of such insurance in a manner not favorable to us, if we are required to purchase additional insurance for other aspects of the Group's business, or if we fail to comply with regulations governing insurance coverage, the Group's business could be harmed.***

The Group maintains various insurance policies to safeguard against risks and unexpected events. However, the Group does not maintain business interruption insurance or key-man insurance or any insurance covering liabilities resulting from misconducts or illegal activities committed by its employees, users or business partners. We cannot assure you that the Group's insurance coverage is sufficient to prevent the Group from any loss or that the Group will be able to successfully claim its losses under its current insurance policy on a timely basis, or at all. If the Group incurs any loss that is not covered by its insurance policies, or the compensated amount is significantly less than its actual loss, the Group's business, financial condition and results of operations could be materially and adversely affected. See also "—We face risks associated with the cargo transported using the freight brokerage service and vicarious liability for vehicles registered with the Group." If the Group's insurance carriers change the terms of the Group's policies in a manner unfavorable to the Group, its insurance costs could increase.

In addition, the Group is subject to laws, rules, and regulations relating to insurance coverage which could result in proceedings or actions against the Group by governmental entities or others. Furthermore, shippers using the freight brokerage service may require higher levels of coverage as a condition to entering into contracts with the consolidated affiliates. Any failure, or perceived failure, by the Group to comply with laws, rules, and regulations or contractual obligations relating to insurance coverage could result in proceedings or actions against it by governmental entities or others. These lawsuits, proceedings, or actions may subject the Group to significant penalties and negative publicity, require the Group to increase its insurance coverage, require it to amend its insurance policy disclosure, increase its costs, and disrupt its business.

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***From time to time we may evaluate and potentially consummate strategic investments or acquisitions, which could require significant management attention, disrupt the Group's business and adversely affect its financial results.***

We may evaluate and consider strategic investments, combinations, acquisitions or alliances to enhance our competitive position. For example, the FTA platform was created through the business merger of *Yunmanman* and *Huochebang* in 2017. These transactions could be material to the Group's financial condition and results of operations if consummated. If we are able to identify an appropriate business opportunity, we may not be able to successfully consummate the transaction and, even if we do consummate such a transaction, we may be unable to obtain the benefits or avoid the difficulties and risks of such transaction, which may result in investment losses.

Strategic investments or acquisitions will involve risks commonly encountered in business relationships, including:

• difficulties in assimilating and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business;

• inability of the acquired technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other benefits, including the inability to successfully further develop the acquired technology;

• difficulties in retaining, training, motivating and integrating key personnel;

• diversion of management's time and resources from the Group's normal daily operations and potential disruptions to its ongoing business;

• strain on the Group's liquidity and capital resources;

• difficulties in executing intended business plans and achieving the intended objectives, benefits, revenue-enhancing opportunities or synergies from such strategic investments or acquisitions;

• difficulties in maintaining uniform standards, controls, procedures and policies within the overall organization;

• difficulties in retaining relationships with existing business partners of the acquired business;

• risks of entering markets in which the Group has limited or no prior experience;

• regulatory risks, including remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well as being subject to new regulators with oversight over an acquired business;

• assumption of contractual obligations that contain terms that are not beneficial to the Group, require it to license or waive intellectual property rights or increase its risk for liability;

• liability for activities of the acquired business before the acquisition, including intellectual property infringement claims, violations of laws, commercial disputes, tax liabilities and other known and unknown liabilities and litigations and other proceedings initiated in connection therewith;

• in the case of overseas acquisitions, the need to integrate operations across different cultures and languages and to address the particular economic, currency, political and regulatory risks associated with specific countries; and

• unexpected costs and unknown risks and liabilities associated with strategic in-vestments or acquisitions.

Any future investments or acquisitions may not be successful, may not benefit the Group's business strategy, may not generate sufficient revenues to offset the associated acquisition costs, may not result in the intended benefits, may incur unanticipated liabilities and expenses, or may otherwise harm the Group's business generally.

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#### We have limited influence over our minority-owned investees, which subjects us to substantial risks, including potential loss of value.
Our growth strategy has included investing in minority ownership positions in technology and logistics companies. Our investment in these entities involves significant risks that are outside of our control. We have limited influence over our minority-owned investees. As a result, the boards of directors or management teams of these companies may make decisions or take actions with which we disagree or that may be harmful to the value of our ownership in these companies.

In addition, any material decline in the business of these entities would adversely affect the value of our assets and the Group's financial results. Furthermore, the value of these assets is based in part on the market valuations of these entities, and weakened financial markets have adversely affected, and may in the future adversely affect such valuations. These positions could expose us to risks, litigation, and unknown liabilities because, among other things,

• these companies have limited operating histories in evolving industries and may have less predictable operating results;

• these companies may be privately owned and, as a result, limited public information is available and we may not learn all the material information regarding these businesses;

• these companies may be domiciled and operate in countries with particular economic, tax, political, legal, safety, regulatory and public health risks;

• these companies depend on the management talents and efforts of a small group of individuals, and, as a result, the death, disability, resignation, or termination of one or more of these individuals could have an adverse effect on the relevant company's operations; and

• these companies will likely require substantial additional capital to support their operations and expansion and to maintain their competitive positions. Any of these risks could materially affect the value of our assets, which could have an adverse effect on the Group's business, financial condition or results of operations.

Furthermore, we are contractually limited in our ability to sell or transfer these assets. There is currently no public market for any of these securities, and there may be no market in the future if and when we decide to sell such assets. Furthermore, we may have to sell these assets at a time at which we would not be able to realize what we believe to be the long-term value of these assets. Additionally, we may have to pay significant taxes upon the sale or transfer of these assets. Accordingly, we may never realize the value of these assets relative to the contributions we made to these businesses.

The Group recognized share of loss in equity method investees of RMB2.1 million, RMB2.9 million and RMB14.8 million (US$2.1 million) in 2023, 2024 and 2025, respectively. Impairment loss recognized on the Group's equity investees and investments in debt securities may also affect the Group's results of operations. For example, the Group recognized impairment loss of RMB352.7 million in 2024 resulting from credit impairment on debt investment in certain investee. The Group may also extend loans to certain companies from time to time and may experience impairment loss in connection with such loans.

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#### If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired.
We are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations of the NYSE. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal controls over financial reporting. Commencing with our fiscal year ended December 31, 2022, we must perform system and process evaluation and testing of our internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting in our Form 20-F filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. In addition, beginning at the same time, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting.

As of December 31, 2025, our management has concluded that our internal control over financial reporting is effective. See "Item 15. Controls and Procedures — Management's Annual Report on Internal Control over Financial Reporting." Our independent registered public accounting firm has issued a report, which has concluded that we maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025.

However, our internal control over financial reporting may not prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected.

If we are unable to maintain proper and effective internal controls, we may not be able to produce timely and accurate financial statements. If that were to happen, the market price of our ADSs and/or Class A ordinary shares could decline and we could be subject to sanctions or investigations by the NYSE, SEC or other regulatory authorities.

***Enforcement of stricter labor laws and regulations and increases in labor costs in the PRC may adversely affect the Group's business and results of operations.***

The economy in China has experienced increases in inflation and labor costs in recent years. As a result, average wages in the PRC are expected to continue to increase. In addition, we are required by PRC laws and regulations to pay various statutory employee benefits, including pension insurance, housing funds, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to designated government agencies for the benefit of the Group's employees. We expect that the Group's labor costs, including wages and employee benefits, will continue to increase. Unless we are able to control the Group's labor costs or pass on these increased labor costs, the Group's financial condition and results of operations may be adversely affected. Furthermore, pursuant to the PRC Labor Contract Law, as amended, or the Labor Contract law, and its implementation rules, employers are subject to various requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining the term of employees' probation and unilaterally terminating labor contracts. In the event that we decide to terminate some of the Group's employees or otherwise change the Group's employment or labor practices, the Labor Contract Law and its implementation rules may limit our ability to affect those changes in a desirable or cost-effective manner, which could adversely affect the Group's business and results of operations.

In addition, we cannot assure you that the Group's employment practices will be deemed to be in compliance with labor-related laws and regulations in China due to interpretation and implementation uncertainties related to the evolving labor laws and regulations, which may subject us to labor disputes or government investigations. Under the PRC Social Insurance Law and the Administrative Measures on Housing Provident Fund, employees are required to participate in pension insurance, work-related injury insurance, medical insurance, unemployment insurance, maternity insurance, and housing provident funds, and employers are required, together with their employees or separately, to pay the contributions to social insurance and housing provident funds for their employees. The relevant government agencies may examine whether an employer has made adequate payments of the requisite statutory employee benefits, and employers who fail to make adequate payments may be subject to late payment fees, fines and/or other penalties. For instance, certain of our PRC subsidiaries and consolidated affiliates engage third-party human resources agencies to make social insurance and housing provident fund contributions for some of their employees. There is no assurance that such third-party agencies make contributions in full in a timely manner, or at all, and even if they do, regulators may deem such practice to be noncompliant with the relevant labor laws and bring enforcement actions against us. If we are deemed to have violated relevant labor laws and regulations, we could be required to make additional contributions to social insurance or housing provident funds, pay late fees and fines, provide additional compensation to the Group's employees or adjust our labor practices and the Group's business, financial condition and results of operations could be materially and adversely affected. In addition, any strike or other work stoppage or group incidents engaged by our employees may subject us to significant disruption of our operations and/or higher on-going labor costs, which may have an adverse effect on our reputation, business, financial condition and results of operations.

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#### We face risks related to health epidemics and other outbreaks, harsh weather and natural disasters, which could significantly disrupt the Group's operations.
The Group's business could be materially and adversely affected by the outbreak of a widespread health epidemic, such as COVID-19, swine flu, avian influenza, severe acute respiratory syndrome, or SARS, Ebola, Zika, harsh weather conditions or natural disasters, such as snowstorms, earthquakes, fires or floods, or other events, such as wars, acts of terrorism, environmental accidents, power shortage or communication interruptions. The occurrence of a disaster or a prolonged outbreak of an epidemic illness or other adverse public health developments in China could materially disrupt the Group's business and operations. These events could also significantly impact the industries we operate in and cause a temporary closure of the facilities the Group uses for its operations, which would severely disrupt its operations and have a material adverse effect on its business, financial condition and results of operations. The Group's operations could be disrupted if any of its employees, or employees of its business partners were suspected of contracting an epidemic disease, since this could require the Group or business partners to quarantine some or all of these employees or disinfect the facilities used for operations. In addition, the Group's revenue and profitability could be materially reduced to the extent that a health epidemic, adverse weather conditions or natural disaster or other outbreak harms the global or Chinese economy in general. The Group's operations could also be severely disrupted if shippers, truckers and other ecosystem participants were affected by health pandemics or epidemics, harsh weather conditions, natural disasters or other outbreaks.

#### The Group may be required to write down goodwill and other identifiable intangible assets.
The Group's balance sheet includes a material amount of goodwill and intangible assets. Goodwill and intangible assets, net, together accounted for approximately 10.79% of total assets on its balance sheet as of December 31, 2025. The impairment of a significant portion of these assets would negatively affect the Group's financial condition or results of operations. The Group regularly evaluates whether events and circumstances have occurred indicating that any portion of its intangible assets and goodwill may not be recoverable. When factors indicate that intangible assets and goodwill should be evaluated for possible impairment, the Group may be required to reduce the carrying value of these assets. The Group did not identify additional impairment indicator as of December 31, 2025 to trigger the impairment of the goodwill and intangible assets.

The trading price of our ADSs has been and is likely to continue to be volatile and could fluctuate widely in response to a variety of factors. There is no guarantee that our market capitalization will not decrease in the future. If such situation occurs, we may be required to evaluate the recoverability of goodwill prior to the annual assessment, and we can provide no assurance that a material impairment charge will not occur in a future period. Such an impairment could have a material adverse effect on our business, financial position, results of operations and liquidity.

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#### Risks Relating to Our Corporate Structure
***If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.***

Foreign ownership of value-added telecommunication businesses, such as online information service, is subject to restrictions under current PRC laws and regulations, especially the Special Entry Management Measures (Negative List) for the Access of Foreign Investment (2024 version), or the 2024 Negative List, which took effect on November 1, 2024. Industries not listed in the 2024 Negative List are generally deemed "permitted" for foreign investments unless specifically restricted by other PRC laws. According to the 2024 Negative List and other applicable laws and regulations, the industry of value-added telecommunications services (other than the services of electronic commerce, multiparty conferencing within the PRC, information storage and forwarding, and call center) generally falls into the restricted category with very limited exceptions in certain pilot demonstration zones.

Because we are an exempted company incorporated in the Cayman Islands, we are classified as a foreign enterprise under PRC laws and regulations, and our PRC subsidiaries are foreign-invested enterprises. Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services, we conduct a substantial part of the Group's operations in China through the Group VIEs, which hold certain licenses required to operate our business in China. Our PRC subsidiaries, Jiangsu Yunmanman, FTA Information and Yixing Manxian, entered into contractual arrangements with the Group VIEs (which are Manyun Software, Shan'en Technology and Manyun Cold Chain) and the Group VIEs' respective shareholders, respectively. For a detailed description of these contractual arrangements, see "Item 4. Information of the Company — C. Organizational Structure — Contractual Arrangements with the Group VIEs."

We believe that our corporate structure and contractual arrangements comply with the current applicable PRC laws and regulations. Our PRC legal counsel, based on its understanding of the relevant laws and regulations, is of the opinion that each of the contracts among (i) Jiangsu Yunmanman, Manyun Software and Manyun Software's shareholders, (ii) FTA Information, Shan'en Technology and Shan'en Technology's shareholders and (iii) Yixing Manxian, Manyun Cold Chain and Manyun Cold Chain's shareholders is valid, binding and enforceable in accordance with its terms. In addition, our PRC legal counsel, based on its understanding of the relevant laws and regulations, is of the opinion prior to the termination thereof in connection with the Reorganization, each of the contracts among (i) Jiangsu Yunmanman, Shanghai Xiwei, and Shanghai Xiwei's shareholders, (ii) Jiangsu Yunmanman, Beijing Manxin, and Beijing Manxin's shareholders and (iii) FTA Information, Guizhou FTA, and Guizhou FTA's shareholders was valid, binding and enforceable in accordance with its terms then in effect.

However, as there are uncertainties regarding the interpretation and application of PRC laws and regulations, including the PRC Foreign Investment Law and its implementing rules, the Telecommunications Regulations and the relevant regulatory measures concerning the telecommunications industry and other industries the Group is engaged in, there can be no assurance that the PRC government authorities, including the MOFCOM, the MIIT, or other competent authorities would agree that our corporate structure or any of the above contractual arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future. PRC laws and regulations governing the validity of these contractual arrangements are uncertain and the relevant government authorities have broad discretion in interpreting these laws and regulations.

If our corporate structure and contractual arrangements are deemed by the MIIT or the MOFCOM or other regulators having competent authority to be illegal, either in whole or in part, we may lose control of the Group VIEs and have to modify such structure to comply with regulatory requirements. However, there can be no assurance that we can achieve this without material disruption to our business. Furthermore, if our corporate structure and contractual arrangements are found to be in violation of any existing or future PRC laws or regulations, the relevant regulatory authorities would have broad discretion in dealing with such violations, including:

• revoking the Group's relevant business and operating licenses;

• imposing fines on us;

• confiscating any of the Group's income that they deem to be obtained through illegal operations;

• shutting down the Group's relevant services;

• discontinuing or restricting the Group's operations in China;

• imposing conditions or requirements with which we may not be able to comply;

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• requiring us to change our corporate structure and contractual arrangements;

• restricting or prohibiting our use of the proceeds from overseas offering to finance our PRC subsidiaries' and the consolidated affiliates' business and operations; and

• taking other regulatory or enforcement actions that could be harmful to the Group's business.

As such, if Chinese regulatory authorities disallow the VIE structure, such development would likely result in a material change in the Group's operations and/or the value of our ADSs, including that it could cause the value of such securities to significantly decline or become worthless. Furthermore, new PRC laws, rules and regulations may be introduced to impose additional requirements that may be applicable to our corporate structure and contractual arrangements. See "—Uncertainties exist with respect to the interpretation and implementation of the newly enacted PRC Foreign Investment Law and its implementing rules and how they may impact the Group's business, financial condition and results of operations." Occurrence of any of these events could materially and adversely affect the Group's business, financial condition and results of operations. In addition, if the imposition of any of these penalties or requirements to restructure our corporate structure causes us to lose the rights to direct the activities of the Group VIEs or our right to receive their economic benefits, we would no longer be able to consolidate the financial results of such Group VIEs in the Group's consolidated financial statements. However, we do not believe that such actions would result in the liquidation or dissolution of our Company, our subsidiaries in China or the Group VIEs or their subsidiaries. See "Item 4. Information on the Company — C. Organizational Structure — Contractual Arrangements with the Group VIEs."

#### Our contractual arrangements with the Group VIEs may result in adverse tax consequences to us.
We could face material and adverse tax consequences if the PRC tax authorities determine that our contractual arrangements with the Group VIEs were not made on an arm's length basis and adjust our income and expenses for PRC tax purposes by requiring a transfer pricing adjustment. A transfer pricing adjustment could adversely affect us by (i) increasing the tax liabilities of the Group VIEs without reducing the tax liability of our subsidiaries, which could further result in late payment fees and other penalties to the Group VIEs for underpaid taxes; or (ii) limiting the ability of the Group VIEs to obtain or maintain preferential tax treatments and other financial incentives.

***We rely on contractual arrangements with the Group VIEs and their shareholders to conduct a substantial part of the Group's operations in China, which may not be as effective as direct ownership in providing operational control and otherwise have a material adverse effect as to our business.***

We are a Cayman Islands holding company and primarily conduct the Group's operations through and generate a substantial part of revenue from the Group VIEs, with which we maintain contractual arrangements. We currently rely on contractual arrangements with Manyun Software, Shan'en Technology, Manyun Cold Chain and their respective shareholders to operate the value-added telecommunications business and insurance brokerage service in the PRC, and we and our shareholders do not have any equity interests in these Group VIEs, as current PRC laws and regulations restrict foreign investment in companies that engage in such services. For a description of our contractual arrangements with the Group VIEs and their shareholders, see "Item 4. Information on the Company — C. Organizational Structure — Contractual Arrangements with the Group VIEs." These contractual arrangements may not be as effective as direct ownership in providing us with control over the Group VIEs. If the Group VIEs or their shareholders fail to perform their respective obligations under these contractual arrangements, our recourse to the assets held by the Group VIEs is indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements in reliance on legal remedies under PRC law. These remedies may not always be effective, particularly in light of uncertainties regarding the interpretation and enforcement of the relevant laws and regulations. Furthermore, in connection with litigation, arbitration or other judicial or dispute resolution proceedings, assets under the name of any of record holder of equity interest in the Group VIEs, including such equity interest, may be put under court custody. As a consequence, we cannot be certain that the equity interest will be disposed pursuant to the contractual arrangement or ownership by the record holder of the equity interest.

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All of these contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. However, the legal framework and system in China, in particularly those relating to arbitration proceedings, are not as developed as in some other jurisdictions, such as the United States. As a result, uncertainties in the interpretation and enforcement of PRC laws, rules and regulations could limit our ability to enforce these contractual arrangements. Meanwhile, there are very few precedents and little formal guidance as to how contractual arrangements in the context of a variable interest entity should be interpreted or enforced under PRC law. There remain significant uncertainties regarding the ultimate outcome of such arbitration should legal action become necessary. In addition, under PRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and if the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in the PRC courts through arbitration award recognition proceedings, which would require additional expenses and delay. In the event that we are unable to enforce these contractual arrangements, or if we suffer significant time delays or other obstacles in the process of enforcing these contractual arrangements, it would be very difficult to exert effective control over the Group VIEs, and the Group's ability to conduct its business and the Group's financial condition and results of operations may be materially and adversely affected. The arbitration provisions in the contractual arrangements do not apply to claims made under the U.S. federal securities laws. See "Risks Relating to Doing Business in China—There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations."

***We may lose the ability to use and benefit from, the licenses, approvals and assets held by the Group VIEs that are material to the operation of our business if any of the Group VIEs goes bankrupt or becomes subject to dissolution or liquidation proceeding.***

As part of our contractual arrangements with the Group VIEs, these entities hold certain licenses, approvals and assets that are material to the operation of our business. If any of the Group VIEs goes bankrupt and all or part of its assets become subject to liens or rights of third-party creditors, we may be unable to continue some of our business activities, which could materially and adversely affect the Group's business, financial condition and results of operations. Additionally, if any of the Group VIEs undergoes voluntary or involuntary liquidation proceeding, unrelated third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business, which could materially and adversely affect the Group's business, financial condition and results of operations.

***The shareholders of the Group VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.***

Mr. Peter Hui Zhang, our founder, chairman and chief executive officer, and Ms. Guizhen Ma, our director, hold 70% and 30% of equity interest in each of Manyun Software and Shan'en Technology, respectively. Manyun Software, Tianjin Zhihui and Mr. Peter Hui Zhang hold 82.5%, 10.0% and 7.5% of equity interest in Manyun Cold Chain, respectively. In connection with the Group's operations in China, we rely on the shareholders of the Group VIEs to abide by the obligations under such contractual arrangements. The interests of these shareholders in their individual capacities as the shareholders of the Group VIEs may differ from the interests of our Company as a whole, as what is in the best interests of the Group VIEs, including matters such as whether to distribute dividends or to make other distributions to fund our offshore requirement, may not be in the best interests of our Company. There can be no assurance that when conflicts of interest arise, any or all of these individuals will act in the best interests of our Company or those conflicts of interest will be resolved in our favor. In addition, these individuals may breach or cause the Group VIEs and their subsidiaries to breach or refuse to renew the existing contractual arrangements with us. Control over, and funds due from, the Group VIEs may be jeopardized if such individuals breach the terms of the contractual arrangements or are subject to legal proceedings.

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Currently, we do not have arrangements to address potential conflicts of interest the shareholders of the Group VIEs may encounter, on the one hand, and as a beneficial owner of our Company, on the other hand. We, however, could, at all times, exercise our option under the exclusive call option agreements to cause them to transfer all of their equity ownership in the Group VIEs to a PRC entity or individual designated by us as permitted by the then applicable PRC laws. In addition, if such conflicts of interest arise, we could also, in the capacity of attorney-in-fact of the then existing shareholders of the Group VIEs as provided under the power of attorney agreements, directly appoint new directors of the Group VIEs. We rely on the shareholders of the Group VIEs to comply with PRC laws and regulations, which protect contracts and provide that directors and executive officers owe a duty to our Company and require them to avoid conflicts of interest and not to take advantage of their positions for personal gains, and the laws of the Cayman Islands, which provide that directors have a duty of care and a duty to act honestly in good faith with a view to our best interests. However, the legal frameworks of China and the Cayman Islands do not provide guidance on resolving conflicts in the event of a conflict with another corporate governance regime. If we cannot resolve any conflicts of interest or disputes between us and the shareholders of the Group VIEs, we would have to rely on legal proceedings, which could result in disruption of our business and subject us to uncertainty as to the outcome of any such legal proceedings.

***Our corporate actions will be substantially controlled by Mr. Peter Hui Zhang, who will have the ability to control or exert significant influence over important corporate matters that require approval of shareholders, which may deprive you of an opportunity to receive a premium for your ADSs and materially reduce the value of your investment.***

Our memorandum and articles of association provide that in respect of all matters subject to a shareholders' vote, each Class A ordinary share is entitled to one (1) vote, and each Class B ordinary share is entitled to thirty (30) votes, voting together as one class. Mr. Peter Hui Zhang, our founder, chairman and chief executive officer, beneficially owns all the Class B ordinary shares issued and outstanding, which, together with the Class A ordinary shares he beneficially owns, represent 77.2% of the voting power of our total issued and outstanding shares as of March 31, 2026. As a result, Mr. Peter Hui Zhang has the ability to control or exert significant influence over important corporate matters to the extent permitted under our memorandum and articles of association, and investors may be prevented from affecting important corporate matters involving our Company that require approval of shareholders, including, among others:

• the composition of our board of directors and, through it, any determinations with respect to the Group's operations, business direction and policies, including the appointment and removal of officers; and

• any determinations with respect to mergers or other business combinations.

These actions may be taken even if they are opposed by our other shareholders, including the holders of the ADSs. Furthermore, this concentration of ownership may also discourage, delay or prevent a change in control of our Company, which could have the dual effect of depriving our shareholders of an opportunity to receive a premium for their shares as part of a sale of our Company and reducing the price of the ADSs. As a result of the foregoing, the value of your investment could be materially reduced.

***The dual-class structure of our share capital may render the ADSs ineligible for inclusion in certain stock market indices, and thus adversely affect the market price and liquidity of the ADSs.***

In July 2017, FTSE Russell and Standard & Poor's announced that they would cease to allow most newly public companies utilizing dual or multi-class capital structures to be included in their indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. Under the announced policies, our dual-class capital structure would make the ADSs ineligible for inclusion in any of these indices, and as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track these indices will not be investing in ADSs. These policies are still relatively new and it is yet unclear what effect, if any, they have had and will have on the valuations of publicly traded companies excluded from the indices, but it is possible that they may depress these valuations compared to those of other similar companies that are included and may adversely affect the liquidity of the shares of such companies. As such, the exclusion of the ADSs from these indices could result in a less active trading market for the ADSs and adversely affect their trading price.

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***If the custodians or authorized users of our controlling non-tangible assets, including chops and seals, fail to fulfill their responsibilities, or misappropriate or misuse these assets, the Group's business and operations may be materially and adversely affected.***

Under PRC law, legal documents for corporate transactions, including agreements and contracts such as the leases and sales contracts that the Group's business relies on, are executed using the chop or seal of the signing entity or with the signature of a legal representative whose designation is registered and filed with the relevant local branch of the SAMR. We generally execute legal documents by affixing chops or seals, rather than having the designated legal representatives sign the documents. The chops of our subsidiaries and the Group VIEs are generally held by the relevant entities so that documents can be executed locally. Although we usually utilize chops to execute contracts, the registered legal representatives of our subsidiaries and the Group VIEs have the apparent authority to enter into contracts on behalf of such entities without chops, unless such contracts are set forth otherwise.

In order to maintain the physical security of our chops, we generally have them stored in secured locations accessible only to the designated key employees of our legal, administrative or finance departments. Our designated legal representatives generally do not have access to the chops. Although we have approval procedures in place and monitor our key employees, including the designated legal representatives of our subsidiaries and the Group VIEs, the procedures may not be sufficient to prevent all instances of abuse or negligence. There is a risk that our key employees or designated legal representatives could abuse their authority, for example, by binding our subsidiaries and the Group VIEs with contracts against our interests, as we would be obligated to honor these contracts if the other contracting party acts in good faith in reliance on the apparent authority of our chops or signatures of our legal representatives. If any designated legal representative obtains control of the chop in an effort to obtain control over the relevant entity, we would need to have a shareholder or board resolution to designate a new legal representative and to take legal action to seek the return of the chop, apply for a new chop with the relevant authorities, or otherwise seek legal remedies for the legal representative's misconduct. If any of the designated legal representatives obtains and misuses or misappropriates our chops and seals or other controlling intangible assets for whatever reason, the Group could experience disruption to its normal business operations. We may have to take corporate or legal action, which could involve significant time and resources to resolve while distracting management from the Group's operations, and its business and operations may be materially and adversely affected.

***Uncertainties exist with respect to the interpretation and implementation of the newly enacted PRC Foreign Investment Law and its implementing rules and how they may impact the Group's business, financial condition and results of operations.***

The VIE structure through contractual arrangements has been adopted by many PRC-based companies, including us, to obtain necessary licenses and permits in the industries that are currently subject to foreign investment restrictions in China. MOFCOM published a discussion draft of the proposed PRC Foreign Investment Law in January 2015, or the 2015 Draft FIL, according to which, variable interest entities that are controlled via contractual arrangements would also be deemed as foreign-invested entities, if they are ultimately "controlled" by foreign investors. In March 2019, the PRC National People's Congress promulgated the PRC Foreign Investment Law, and in December 2019, the State Council promulgated the Implementing Rules of PRC Foreign Investment Law, or the Implementing Rules, to further clarify and elaborate the relevant provisions of the PRC Foreign Investment Law. The PRC Foreign Investment Law and the Implementing Rules both became effective from January 1, 2020 and replaced the major previous laws and regulations governing foreign investments in the PRC. Pursuant to the PRC Foreign Investment Law, "foreign investments" refer to investment activities conducted by foreign investors (including foreign natural persons, foreign enterprises or other foreign organizations) directly or indirectly in the PRC, which include any of the following circumstances: (i) foreign investors setting up foreign-invested enterprises in the PRC solely or jointly with other investors, (ii) foreign investors obtaining shares, equity interests, property portions or other similar rights and interests of enterprises within the PRC, (iii) foreign investors investing in new projects in the PRC solely or jointly with other investors, and (iv) investment in other methods as specified in laws, administrative regulations, or as stipulated by the State Council. The PRC Foreign Investment Law and the Implementing Rules do not introduce the concept of "control" in determining whether a company would be considered as a foreign-invested enterprise, nor do they explicitly provide whether the VIE structure would be deemed as a method of foreign investment. However, the PRC Foreign Investment Law has a catch-all provision that includes into the definition of "foreign investments" made by foreign investors in China in other methods as specified in laws, administrative regulations, or as stipulated by the State Council, and as the PRC Foreign Investment Law and the Implementing Rules are newly adopted and relevant government authorities may promulgate more laws, regulations or rules on the interpretation and implementation of the PRC Foreign Investment Law, the possibility cannot be ruled out that the concept of "control" as stated in the 2015 Draft FIL may be embodied in, or the VIE structure adopted by us may be deemed as a method of foreign investment by, any of such future laws, regulations and rules. If the Group VIEs were deemed as foreign-invested enterprises under any of such future laws, regulations and rules, and any of the businesses that we operate would be in any "negative list" for foreign investment and therefore be subject to any foreign investment restrictions or prohibitions, further actions required to be taken by us under such laws, regulations and rules may materially and adversely affect the Group's business, financial condition and results of operations. Furthermore, if future laws, administrative regulations or provisions mandate further actions to be taken by companies with respect to existing contractual arrangements, we may face uncertainties as to whether we can complete such actions in a timely manner, or at all. Failure to take timely and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely affect our current corporate structure, business, financial condition and results of operations.

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#### Risks Relating to Doing Business in China
***Changes in the political and economic policies of the PRC government may materially and adversely affect the Group's business, financial condition and results of operations and may result in our inability to sustain our growth and expansion strategies.***

The Group's operations are mainly conducted in the PRC, and all of the Group's revenue has historically been sourced from the PRC. Accordingly, the Group's financial condition and results of operations are affected to a significant extent by economic, political and legal developments in the PRC.

The PRC economy differs from the economies of most developed countries in many respects, including the extent of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. Although the PRC government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition, the PRC government continues to play a significant role in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over China's economic growth by allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, restricting the inflow and outflow of foreign capital, regulating financial services and institutions and providing preferential treatment to particular industries or companies.

While the PRC economy has experienced significant growth in the past three decades, growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall PRC economy, but may also have a negative effect on us. The Group's financial condition and results of operations could be materially and adversely affected by government control over capital investments or changes in tax regulations that are applicable to us. The PRC government also has significant authority to exert influence on the ability of a China-based issuer, such as our Company, to conduct its business and control over securities offerings conducted overseas and/or foreign investments in such issuer. The PRC government may intervene or influence the operations of a China-based issuer, which could result in a material change in the Group's operations and/or the value of our ADSs. In particular, there have been recent statements by the PRC government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. Any such regulatory oversight or control could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our ADSs to significantly decline or become worthless. For further details, see "—There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations." In addition, the PRC government has implemented in the past certain measures to control the pace of economic growth. These measures may cause decreased economic activity, which in turn could lead to a reduction in demand for the Group's services and consequently have a material adverse effect on the Group's business, financial condition and results of operations.

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#### There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations.
The Group's operations are mainly conducted in the PRC, and are governed by PRC laws, rules and regulations. Our PRC subsidiaries and consolidated affiliates are subject to laws, rules and regulations applicable to foreign investment in China. The PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference but have limited precedential value.

In 1979, the PRC government began to promulgate a comprehensive system of laws, rules and regulations governing economic matters in general. The overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of foreign investment in China. However, recently enacted laws, rules and regulations may not sufficiently cover all aspects of economic activities in China or may be subject to significant degrees of interpretation by PRC regulatory agencies. In particular, because these laws, rules and regulations are relatively new, and because of the limited number of published decisions and the nonbinding nature of such decisions, and because the laws, rules and regulations often give the relevant regulator significant discretion in how to enforce them, the interpretation and enforcement of these laws, rules and regulations involve uncertainties and can be inconsistent and unpredictable. In addition, rules and regulations in China may evolve quickly. Uncertainties due to evolving laws and regulations could impede the ability of a China-based issuer, such as our Company, to obtain or maintain permits or licenses required to conduct business in China. In the absence of required permits or licenses, governmental authorities could impose material sanctions or penalties on us. In addition, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive effect. As a result, we may not be aware of our violation of these policies and rules until after the occurrence of the violation. Furthermore, if China adopts more stringent standards with respect to environmental protection or corporate social responsibilities, we may incur increased compliance costs or become subject to additional restrictions in the Group's operations.

On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly promulgated the Opinions on Strictly Cracking Down on Illegal Securities Activities According to the Law, or the Opinions, which, among other things, require the relevant governmental authorities to strengthen cross-border oversight of law enforcement and judicial cooperation, to accelerate rulemaking related to data security and cross-border data flow, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. Since the Opinions are relatively new, uncertainties still exist as to how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on companies like us. Efforts by the PRC government to strengthen oversight or control over offerings that are conducted overseas and/or foreign investment in China-based issuers could hinder our ability to offer or continue to offer our ADSs or Class A ordinary shares to investors and cause the value of our ADSs or Class A ordinary shares to significantly decline or become worthless.

Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention. Since PRC administrative and court authorities have discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. These uncertainties may impede our ability to enforce the contracts we have entered into and/or the Group's intellectual property rights and could materially and adversely affect the Group's business, financial condition and results of operations.

Furthermore, the high volume of orders and transactions taking place on the FTA platform as well as publicity about the Group's business attracts heightened attention from the public, regulators and the media. In addition, due to changes that have occurred and will occur in the Group's services or policies, we have faced and may continue to face objections, complaints and negative comments from members of the public, the traditional, new and social media, shippers, truckers and other participants on the FTA platform. From time to time, these objections, complaints and negative comments, regardless of their veracity, may result in user dissatisfaction, public protests or negative publicity, which could result in government inquiries or stricter regulatory scrutiny or substantial harm to the Group's brand, reputation and operations.

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If we do not pay sufficient attention to public opinion or if any incident arises but is not dealt with in a timely manner, the Group's reputation, brand and image will be adversely affected.

***The M&A rules and certain other regulation of PRC regulatory agencies establish complex procedures for acquisitions conducted by foreign investors that could make it more difficult for us to grow through acquisitions.***

On August 8, 2006, six PRC regulatory agencies, including MOFCOM, the State-Owned Assets Supervision and Administration Commission, the State Administration of Taxation, or the SAT, the State Administration for Industry and Commerce, currently known as the SAMR, the China Securities Regulatory Commission, or the CSRC, and State Administration of Foreign Exchange People's Republic of China, or the SAFE, jointly adopted the Regulations on Mergers of Domestic Enterprises by Foreign Investors, or the M&A Rules, which came into effect on September 8, 2006 and were amended on June 22, 2009. The M&A Rules include provisions that purport to require that an offshore special purpose vehicle that is controlled by PRC domestic companies or individuals and that has been formed for the purpose of an overseas listing of securities through acquisitions of PRC domestic companies or assets to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. On September 21, 2006, the CSRC published on its official website procedures regarding its approval of overseas listings by special purpose vehicles. However, uncertainty remains regarding the scope and applicability of the M&A Rules to offshore special purpose vehicles. See "Item 4. Information on the Company — B. Business Overview — Regulatory Matters— Regulations Related to M&A Rules and Overseas Listings."

These regulations established additional procedures and requirements that are expected to make merger and acquisition activities in China by foreign investors more time-consuming and complex. For example, the M&A rules require that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise if (i) any important industry is concerned, (ii) such transaction involves factors that have or may have impact on the national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand. The approval from the MOFCOM shall be obtained in circumstances where overseas companies established or controlled by PRC enterprises or residents acquire affiliated domestic companies. Mergers, acquisitions or contractual arrangements that allow one market player to take control of or to exert decisive impact on another market player must also be notified in advance to the anti-monopoly authority under the State Council when the threshold under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings issued by the State Council in August 2008 and amended in September 2018, is triggered. In addition, the Provisions of Ministry of Commerce on Implementation of Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors issued by the MOFCOM that became effective in September 2011 specify that mergers and acquisitions by foreign investors that raise "national defense and security" concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise "national security" concerns are subject to strict review by the MOFCOM, and the rules prohibit any activities attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement. Moreover, on December 19, 2020, the NDRC and the MOFCOM promulgated the Measures for the Security Review of Foreign Investment, which stipulated that foreign investment that affects or may affect national security shall be subject to a security review. We may grow our business in part by acquiring other companies operating in our industry. Complying with the requirements of the new regulations to complete such transactions could be time-consuming, and any required approval processes, including approval from the MOFCOM, may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or maintain our market share. See "Item 4. Information on the Company — B. Business Overview — Regulatory Matters— Regulations Related to M&A Rules and Overseas Listings."

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***The filing with and reporting to the CSRC will be required in connection with our future offshore offerings and occurrences of relevant specific events. We cannot assure you that we will be able to make such filing or reporting in a timely manner.***

On February 17, 2023, the CSRC released several regulations regarding the management of filings for overseas offerings and listings by domestic companies, including the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, together with 5 supporting guidelines (together with the Trial Measures, collectively referred to as the "New Regulations on Filing"), and published the answers to reporters' questions and an announcement about filing management arrangements. Currently, the Group is not required to make any filing under the New Regulations on Filing or the announcement. However, according to the New Regulations on Filing, any future securities offerings made by the Group in the U.S. securities markets shall be filed with and reported to the CSRC within three working days after the offering is completed, and any future securities offerings made by the Group in other overseas securities markets shall be filed with and reported to the CSRC within three working days after the applications for such offerings are submitted. The Group will also be subject to filing requirement if it seeks to directly or indirectly list its domestic assets in overseas markets through one or multiple acquisitions, share swaps, transfers of shares or other means. In addition, the Group shall submit a report to CSRC after the occurrence and public disclosure of the following material events: (1) change of control; (2) investigations or sanctions imposed by overseas securities regulatory agencies or other relevant competent authorities; (3) change of listing status or transfer of listing segment and (4) voluntary or mandatory delisting. See "Item 4. Information on the Company — B. Business Overview — Regulatory Matters— Regulations Related to M&A Rules and Overseas Listings."

If we engage in offshore securities offerings or experience relevant events mentioned above in the future, we would need to comply with the filing and reporting requirements under the Trial Measures. If we fail to comply with such requirements, we may face adverse actions or sanctions by the CSRC, such as orders for correction, warnings and a fine between RMB1,000,000 and RMB10,000,000. Furthermore, the CSRC and other PRC regulatory authorities may adopt new regulatory requirements for offshore securities offerings. We cannot assure you that we will be able to make all filings or reports and obtain all applicable approvals in connection with future offshore securities offerings in a timely manner, or at all. Any adverse regulatory actions or sanctions could result in material and adverse effect on the Group's business, reputation, financial condition or the trading price of the ADSs, such as delays or cancellation of offshore securities offerings, delays in or restrictions on the repatriation of the proceeds from any such offerings into the PRC, or restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in China.

***We may rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business.***

We are a holding company and rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries, for our offshore cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders, fund inter-company loans, service any debt we may incur outside of China and pay our expenses. When our principal operating subsidiaries and consolidated affiliates incur additional debt, the instruments governing the debt may restrict their ability to pay dividends or make other distributions or remittances to us. Furthermore, the laws, rules and regulations applicable to our PRC subsidiaries and the consolidated affiliates and certain other subsidiaries permit payments of dividends only out of their retained earnings, if any, determined in accordance with applicable accounting standards and regulations.

Under PRC laws, rules and regulations, each of our subsidiaries and the consolidated affiliates incorporated in China is required to set aside at least 10% of its net income each year to fund certain statutory reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves, together with the registered capital, are not distributable as cash dividends. As a result of these laws, rules and regulations, our subsidiaries and the consolidated affiliates incorporated in China are restricted in their ability to transfer a portion of their respective net assets to their shareholders as dividends, loans or advances. Certain of our subsidiaries and the consolidated affiliates did not have any retained earnings available for distribution in the form of dividends as of December 31, 2025. In addition, registered capital and capital reserve accounts are also restricted from withdrawal in the PRC, up to the amount of net assets held in each operating subsidiary.

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#### We are subject to restrictions on currency exchange.
All of the Group's revenue is denominated in Renminbi. The Renminbi is currently convertible under the "current account," which includes dividends, trade and service-related foreign exchange transactions, but not under the "capital account," which includes foreign direct investment and loans, including loans we may secure from our PRC subsidiaries. Currently, our PRC subsidiaries may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, by complying with certain procedural requirements. However, the relevant PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with, the SAFE and other relevant PRC governmental authorities. Since a significant amount of the Group's future revenue and cash flow will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit our ability to utilize cash generated in Renminbi to fund our business activities outside of the PRC or pay dividends in foreign currencies to our shareholders, including holders of the Class A ordinary shares and the ADSs, and may limit our ability to obtain foreign currency through debt or equity financing for our PRC subsidiaries and the Group VIEs.

***PRC regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries' ability to increase their registered capital or distribute profits.***

PRC residents are subject to restrictions and filing requirements when investing in offshore companies. The SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment and Financing and Roundtrip Investment through Special Purpose Vehicles on July 4, 2014, or the SAFE Circular 37. SAFE Circular 37 requires PRC residents to register with local branches of the SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of investment and financing, with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or interests, referred to in SAFE Circular 37 as a "special purpose vehicle." Pursuant to SAFE Circular 37, "control" refers to the act through which a PRC resident obtains the right to carry out business operation of, to gain proceeds from or to make decisions on a special purpose vehicle by means of, among others, shareholding entrustment arrangement. SAFE Circular 37 further requires amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as increase or decrease of capital contributed by PRC individuals, share transfer or exchange, merger, division or other material event. In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary. Moreover, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for evasion of foreign exchange controls. According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment released on February 13, 2015 and amended on December 30, 2019 by the SAFE, local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration, under SAFE Circular 37 from June 1, 2015.

We may not be aware of the identities of all of our beneficial owners who are PRC residents. We do not have control over our beneficial owners and there can be no assurance that all of our PRC-resident beneficial owners will comply with SAFE Circular 37 and subsequent implementation rules, and there is no assurance that the registration under SAFE Circular 37 and any amendment will be completed in a timely manner, or will be completed at all. The failure of our beneficial owners who are PRC residents to register or amend their foreign exchange registrations in a timely manner pursuant to SAFE Circular 37 and subsequent implementation rules, or the failure of future beneficial owners of our Company who are PRC residents to comply with the registration procedures set forth in SAFE Circular 37 and subsequent implementation rules, may subject such beneficial owners or our PRC subsidiaries to fines and legal sanctions. Failure to register or comply with relevant requirements may also limit our ability to contribute additional capital to our PRC subsidiaries and limit our PRC subsidiaries' ability to distribute dividends to our Company. These risks may have a material adverse effect on the Group's business, financial condition and results of operations.

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***Any failure to comply with PRC regulations regarding our employee share incentive plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions.***

Pursuant to SAFE Circular 37, PRC residents who participate in share incentive plans in overseas non-publicly-listed companies due to their position as director, senior management or employees of the PRC subsidiaries of the overseas companies may submit applications to SAFE or its local branches for the foreign exchange registration with respect to offshore special purpose companies before they obtain the incentive shares or exercise the share options. Our directors, executive officers and other employees who are PRC residents and who have been granted options under our 2018 Plan may follow SAFE Circular 37 to apply for the foreign exchange registration before our Company becomes an overseas listed company. As we are an overseas listed company, we and our directors, executive officers and other employees who are PRC residents and who have been granted options are subject to the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company, issued by SAFE in February 2012, according to which, employees, directors, supervisors and other management members participating in any stock incentive plan of an overseas publicly listed company, such as our 2018 Plan and 2021 Plan, who are PRC residents are required to register with SAFE through a domestic qualified agent, which could be a PRC subsidiary of such overseas listed company, and complete certain other procedures. We have been making efforts to comply with these requirements. However, there can be no assurance that they can successfully register with SAFE in full compliance with the rules. Failure to complete the SAFE registrations may subject them to fines and legal sanctions and may also limit the ability to make payment under our share incentive plans or receive dividends or sales proceeds related thereto, or our ability to contribute additional capital into our wholly-foreign owned enterprise in China and limit our wholly-foreign owned enterprise's ability to distribute dividends to us. We also face regulatory uncertainties that could restrict our ability to adopt additional share incentive plans for our directors and employees under PRC law.

***We may be treated as a resident enterprise for PRC tax purposes under the PRC Enterprise Income Tax Law, and we may therefore be subject to PRC income tax on the Group's global income.***

Under the PRC Enterprise Income Tax Law and its implementing rules, enterprises established under the laws of jurisdictions outside of China with "de facto management bodies" located in China may be considered PRC tax resident enterprises for tax purposes and may be subject to the PRC enterprise income tax at the rate of 25% on their global income. "De facto management body" refers to a managing body that exercises substantial and overall management and control over the production and operations, personnel, accounting and assets of an enterprise. The SAT issued the Notice Regarding the Determination of Chinese-Controlled Offshore-Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, or Circular 82, on April 22, 2009, which was most recently amended on December 29, 2017. Circular 82 provides certain specific criteria for determining whether the "de facto management body" of a Chinese-controlled offshore-incorporated enterprise is located in China. Although Circular 82 only applies to offshore enterprises controlled by PRC enterprises, not those controlled by foreign enterprises or individuals, the determining criteria set forth in Circular 82 may reflect the SAT's general position on how the "de facto management body" test should be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises. If we were to be considered a PRC resident enterprise, we would be subject to PRC enterprise income tax at the rate of 25% on our global income. In such case, the Group's profitability and cash flow may be materially reduced as a result of its global income being taxed under the Enterprise Income Tax Law. We believe that none of our entities outside of China is a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."

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***Dividends paid to our foreign investors and gains on the sale of the ADSs or Class A ordinary shares by our foreign investors may be subject to PRC tax.***

Under the Enterprise Income Tax Law and its implementation regulations issued by the State Council, a 10% PRC withholding tax is applicable to dividends paid to investors that are non-resident enterprises, which do not have an establishment or place of business in the PRC or which have such establishment or place of business but the dividends are not effectively connected with such establishment or place of business, to the extent such dividends are derived from sources within the PRC. Any gain realized on the transfer of ADSs or Class A ordinary shares by such investors is also subject to PRC tax at a current rate of 10%, if such gain is regarded as income derived from sources within the PRC. If we are deemed a PRC resident enterprise, dividends paid on our Class A ordinary shares or ADSs, and any gain realized from the transfer of our Class A ordinary shares or ADSs, would be treated as income derived from sources within the PRC and would as a result be subject to PRC taxation. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to individual investors who are non-PRC residents and any gain realized on the transfer of ADSs or Class A ordinary shares by such investors may be subject to PRC tax (which in the case of dividends may be withheld at source) at a rate of 20%. Any PRC tax liability may be reduced by an applicable tax treaty. However, if we or any of our subsidiaries established outside China are considered a PRC resident enterprise, it is unclear whether in practice holders of the ADSs or Class A ordinary shares would be able to obtain the benefit of income tax treaties or agreements entered into between China and other countries or areas. If dividends paid to our non-PRC investors, or gains from the transfer of the ADSs or Class A ordinary shares by such investors, are deemed as income derived from sources within the PRC and thus are subject to PRC tax, the value of your investment in the ADSs or Class A ordinary shares may decline significantly.

***We and our shareholders face uncertainties with respect to indirect transfers of equity interests in PRC resident enterprises or other assets attributed to a Chinese establishment of a non-Chinese company, or immovable properties located in China owned by non-Chinese companies.***

On February 3, 2015, the SAT issued the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or Bulletin 7, which was most recently amended on December 29, 2017. Pursuant to Bulletin 7, an "indirect transfer" of assets, including non-publicly traded equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. According to Bulletin 7, "PRC taxable assets" include assets attributed to an establishment in China, immovable properties located in China, and equity investments in PRC resident enterprises, in respect of which gains from their transfer by a direct holder, being a non-PRC resident enterprise, would be subject to PRC enterprise income taxes. When determining whether there is a "reasonable commercial purpose" of the transaction arrangement, features to be taken into consideration include, without limitation: whether the main value of the equity interest of the relevant offshore enterprise derives from PRC taxable assets; whether the assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income mainly derives from China; whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have real commercial nature which is evidenced by their actual function and risk exposure; the duration of existence of the business model and organizational structure; the replicability of the transaction by direct transfer of PRC taxable assets; and the tax situation of such indirect transfer and applicable tax treaties or similar arrangements. In respect of an indirect offshore transfer of assets of a PRC establishment, the resulting gain is to be included with the enterprise income tax filing of the PRC establishment or place of business being transferred, and would consequently be subject to PRC enterprise income tax at a rate of 25%. Where the underlying transfer relates to the immovable properties located in China or to equity investments in a PRC resident enterprise, which is not related to a PRC establishment or place of business of a non-resident enterprise, a PRC enterprise income tax of 10% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments has the withholding obligation. Bulletin 7 does not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired from a transaction through a public stock exchange. On October 17, 2017, the SAT promulgated the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Circular 37, which became effective on December 1, 2017 and was most recently amended on June 15, 2018. SAT Circular 37, among other things, simplified procedures of withholding and payment of income tax levied on non-resident enterprises.

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We face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the shares in our offshore subsidiaries or investments. Our Company may be subject to filing obligations or taxed if our Company is transferor in such transactions, and may be subject to withholding obligations if our Company is transferee in such transactions under Bulletin 7 and SAT Circular 37. For transfer of shares in our Company by investors that are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing under Bulletin 7 and SAT Circular 37. As a result, we may be required to expend valuable resources to comply with Bulletin 7 and SAT Circular 37 or to request the relevant transferors from whom we purchase taxable assets to comply with these publications, or to establish that our Company should not be taxed under these publications, which may have a material adverse effect on the Group's financial condition and results of operations.

***PRC regulation of loans to, and direct investment in, PRC entities by offshore holding companies and governmental control of currency conversion may restrict or prevent us from using the proceeds of our initial public offering and the concurrent private placement to make loans or additional capital contributions to our PRC subsidiaries.***

In utilizing the proceeds of our initial public offering and the concurrent private placement, we, as an offshore holding company, are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries, which are treated as foreign-invested enterprises under PRC laws, through loans or capital contributions. However, loans by us to our PRC subsidiaries to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE and capital contributions to our PRC subsidiaries are subject to the requirement of making necessary registration with competent governmental authorities in China.

SAFE promulgated the Circular on the Reforming of the Management Method of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 19, effective on June 1, 2015 and amended on December 30, 2019. According to SAFE Circular 19, the flow and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company is regulated such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment of banks loans that have been transferred to a third party. Although SAFE Circular 19 allows RMB capital converted from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within the PRC, it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business scope. Thus, it is unclear whether SAFE will permit such capital to be used for equity investments in the PRC in actual practice. SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective on June 9, 2016, which reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result in administrative penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including the net proceeds from our initial public offering and the concurrent private placement, to our PRC subsidiaries, which may adversely affect the Group's liquidity and its ability to fund and expand its business in the PRC.

On October 23, 2019, SAFE promulgated the Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or SAFE Circular 28, which permits non-investment foreign-invested enterprises to use their capital funds to make equity investments in China, with genuine investment projects and in compliance with effective foreign investment restrictions and other applicable laws. However, there are still uncertainties in practice as to its interpretation and implementations in practice.

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In light of the various requirements imposed by PRC regulations on loans to, and direct investment in, PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future loans or future capital contributions by us to our PRC subsidiaries. As a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiaries when needed. If we fail to complete such registrations or obtain such approvals, our ability to use foreign currency, including the proceeds we receive from our initial public offering and the concurrent private placement, and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect the Group's liquidity and the Group's ability to fund and expand its business.

#### Fluctuations in exchange rates could result in foreign currency exchange losses and could materially reduce the value of your investment.
The value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions and the foreign exchange policy adopted by the PRC government, and Renminbi internationalization. For example, On July 21, 2005, the PRC government changed its policy of pegging the value of the Renminbi to the U.S. dollar. Following the removal of the U.S. dollar peg, the Renminbi appreciated more than 20% against the U.S. dollar over the following three years. More recently, on November 30, 2015, the Executive Board of the International Monetary Fund, completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the SDR, and decided that with effect from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. In the fourth quarter of 2016, the Renminbi depreciated significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. In 2017, the value of the Renminbi appreciated further by approximately 6.3% against the U.S. dollar. The value of the Renminbi continued to fluctuate in recent years. With the development of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization, the PRC government may in the future announce further changes to the exchange rate system, and we cannot assure you that the Renminbi will not appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future.

All of the Group's revenue and substantially all of its costs are denominated in Renminbi. Any significant revaluation of Renminbi may materially and adversely affect the Group's results of operations and financial position reported in Renminbi when translated into U.S. dollars, and the value of, and any dividends payable on, the ADSs in U.S. dollars. To the extent that we need to convert U.S. dollars we receive from our initial public offering and the concurrent private placement into Renminbi for the Group's operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our Class A ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount.

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***The audit report included in this annual report is prepared by an auditor which the U.S. Public Company Accounting Oversight Board was unable to inspect and investigate completely before 2022 and, as such, our investors have been deprived of the benefits of such inspections in the past, and may be deprived of the benefits of such inspections in the future.***

Our auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as an auditor of companies that are traded publicly in the U.S. and a firm registered with the U.S. Public Company Accounting Oversight Board, or the PCAOB, is required by the laws of the U.S. to undergo regular inspections by the PCAOB to assess its compliance with the laws of the U.S. and professional standards. According to Article 177 of the PRC Securities Law which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities to overseas parties. In 2021, PCAOB made determinations that the positions taken by PRC authorities prevented the PCAOB from inspecting and investigating firms headquartered in Chinese Mainland and Hong Kong completely. On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, taking the first step toward opening access for the PCAOB to inspect and investigate completely registered public accounting firms headquartered in Chinese Mainland and Hong Kong, including our auditor. According to its announcement, the PCAOB sent staff to conduct on-site inspections and investigations in Hong Kong from September to November 2022 and conducted inspection field work and investigative testimony in a manner consistent with the PCAOB's methodology and approach to inspections and investigations in the U.S. and globally. The PCAOB inspections have identified numerous deficiencies in the audit firms in China, which are consistent with the types and number of findings the PCAOB has encountered in other first-time inspections around the world, and the final inspection reports were completed and made public in 2023. If audit firms in China had been subject to such inspections in the past, such deficiencies may have been identified earlier and these audit firms, including our auditor, may have taken remedial measures to address any such deficiencies, and the historical inability of the PCAOB to inspect audit firms in China has deprived our investors of the benefits of such inspections. Because our auditor was not subject to such inspections before 2022, we cannot assure you that it will have sufficient time to fully address any deficiency that may be identified as part of the inspection process to improve future audit quality. The inability of the PCAOB to conduct complete inspections of auditors in China before 2022 may have made it more difficult to evaluate the effectiveness of our auditor's audit procedures or quality control procedures as compared to auditors outside of China that are subject to PCAOB inspections, which could cause investors or potential investors in our ADSs to lose confidence in the quality of our consolidated financial statements.

In addition, while the PCAOB announced that it secured complete access to inspect and investigate registered public accounting firms headquartered in China and completed its annual inspection and investigation, we cannot assure you that the PCAOB will continue to have such access in the future. If the PCAOB is not able to inspect and investigate completely auditors in China for any reason, such as any change in the position of the governmental authorities in China in the future, our investors may be deprived of the benefits of such inspections again.

***If the PCAOB determines that it is unable to inspect or investigate completely our auditor at any point in the future, our ADSs may be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, as amended, or the HFCA Act, and any such trading prohibition on our ADSs or threat thereof may materially and adversely affect the price of our ADSs and value of your investment.***

The HFCA Act was signed into law on December 18, 2020 and amended pursuant to the Consolidated Appropriations Act, 2023 on December 29, 2022. Under the HFCA Act and the rules issued by the SEC and the PCAOB thereunder, if we have retained a registered public accounting firm to issue an audit report where the registered public accounting firm has a branch or office that is located in a foreign jurisdiction and the PCAOB has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, the SEC will identify us as a "covered issuer", or SEC-identified issuer, shortly after we file with the SEC a report required under the Securities Exchange Act of 1934, or the Exchange Act (such as our annual report on Form 20-F), that includes an audit report issued by such accounting firm; and if we were to be identified as an SEC-identified issuer for two consecutive years, the SEC would prohibit our securities (including our shares or ADSs) from being traded on a national securities exchange or in the over-the-counter trading market in the United States.

In December 2021, the PCAOB made its determinations, or the 2021 determinations, pursuant to the HFCA Act that it was unable to inspect or investigate completely registered public accounting firms headquartered in Chinese Mainland or Hong Kong, including our auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP. After we filed our annual report on Form 20-F for the fiscal year ended December 31, 2021 that included an audit report issued by Deloitte Touche Tohmatsu Certified Public Accountants LLP on April 25, 2022, the SEC conclusively identified us as an SEC-identified issuer on May 26, 2022.

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Following the Statement of Protocol signed between the PCAOB and the China Securities Regulatory Commission and the Ministry of Finance of the PRC in August 2022 and the on-site inspections and investigations conducted by the PCAOB staff in Hong Kong from September to November 2022, the PCAOB Board voted in December 2022 to vacate the previous 2021 determinations, and as a result, our auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP, was no longer a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, and we were not identified as an SEC-identified issuer thereafter. As of the date of this annual report, we do not expect to be identified as an SEC-identified issuer for the fiscal year ended December 31, 2025. However, the PCAOB may change its determinations under the HFCA Act at any point in the future. In particular, if the PCAOB finds its ability to completely inspect and investigate registered public accounting firms headquartered in Chinese Mainland or Hong Kong is obstructed by the PRC authorities in any way in the future, the PCAOB may act immediately to consider the need to issue new determinations consistent with the HFCA Act. We cannot assure you that the PCAOB will always have complete access to inspect and investigate our auditor, or that we will not be identified as an SEC-identified issuer again in the future.

If we are identified as an SEC-identified issuer again in the future, we cannot assure you that we will be able to change our auditor or take other remedial measures in a timely manner, and if we were to be identified as an SEC-identified issuer for two consecutive years, we would be delisted from the NYSE and our securities (including our shares and ADSs) will not be permitted for trading "over-the-counter" either. If our securities are prohibited from trading in the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our shares will develop outside of the United States. Such a prohibition or any threat thereof would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition or any threat thereof would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects. Moreover, the implementation of the HFCA Act and other efforts to increase the U.S. regulatory access to audit information could cause investor uncertainty as to China-based issuers' ability to maintain their listings on the U.S. national securities exchanges and the market price of the securities of China-based issuers, including us, could be adversely affected.

***Additional remedial measures could be imposed on certain PRC-based accounting firms, including our independent registered public accounting firm, in administrative proceedings instituted by the SEC, as a result of which our financial statements may be determined to not be in compliance with the requirements of the Exchange Act, if at all.***

In December 2012, the SEC brought administrative proceedings against the PRC-based "big four" accounting firms, including our independent registered public accounting firm, alleging that they had violated U.S. securities laws by failing to provide audit work papers and other documents related to certain other PRC-based companies under investigation by the SEC. On January 22, 2014, an initial administrative law decision was issued, censuring and suspending these accounting firms from practicing before the SEC for a period of six months. The decision was neither final nor legally effective until reviewed and approved by the SEC, and on February 12, 2014, the PRC-based accounting firms appealed to the SEC against this decision. In February 2015, each of the four PRC-based accounting firms agreed to a censure and to pay a fine to the SEC to settle the dispute and avoid suspension of their ability to practice before the SEC. The settlement required the firms to follow detailed procedures to seek to provide the SEC with access to such firms' audit documents via the CSRC. If the firms did not follow these procedures or if there is a failure in the process between the SEC and the CSRC, the SEC could impose penalties such as suspensions, or it could restart the administrative proceedings. Under the terms of the settlement, the underlying proceeding against the four PRC-based accounting firms was deemed dismissed with prejudice four years after entry of the settlement. The four-year mark occurred on February 6, 2019. While we cannot predict if the SEC will further challenge the four PRC-based accounting firms' compliance with U.S. law in connection with U.S. regulatory requests for audit work papers or if the results of such challenge would result in the SEC imposing penalties such as suspensions.

In the event that the PRC-based "big four" accounting firms become subject to additional legal challenges by the SEC or PCAOB, depending upon the final outcome, listed companies in the U.S. with major PRC operations may find it difficult or impossible to retain auditors in respect of their operations in the PRC, which could result in financial statements being determined to not be in compliance with the requirements of the Exchange Act, including possible delisting. Moreover, any negative news about any such future proceedings against these audit firms may cause investor uncertainty regarding China-based, U.S.-listed companies and the market price of the ADSs may be adversely affected.

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If our independent registered public accounting firm were denied, even temporarily, the ability to practice before the SEC and we were unable to timely find another registered public accounting firm to audit and issue an opinion on the Group's consolidated financial statements, its consolidated financial statements could be determined not to be in compliance with the requirements of the Exchange Act. Such a determination could ultimately lead to delisting of the ADSs from the NYSE or deregistration from the SEC, or both, which would substantially reduce or effectively terminate the trading of the ADSs in the U.S.

***The ability of U.S. authorities to bring actions for violations of U.S. securities law and regulations against us, our directors, executive officers or the expert named in this annual report may be limited. Therefore, you may not be afforded the same protection as provided to investors in U.S. domestic companies.***

The SEC, the U.S. Department of Justice, or the DOJ, and other U.S. authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies such as us, and non-U.S. persons, such as our directors and executive officers in China. Due to jurisdictional limitations, matters of comity and various other factors, the SEC, the DOJ and other U.S. authorities may be limited in their ability to pursue bad actors, including in instances of fraud, in emerging markets such as China. We conduct the Group's operations mainly in China and our assets are mainly located in China. In addition, a majority of our directors and executive officers reside within China. There are significant legal and other obstacles for U.S. authorities to obtain information needed for investigations or litigation against us or our directors, executive officers or other gatekeepers in case we or any of these individuals engage in fraud or other wrongdoing. In addition, local authorities in China may not fully assist U.S. authorities and overseas investors in connection with legal proceedings. As a result, if we, our directors, executive officers or other gatekeepers commit any securities law violation, fraud or other financial misconduct, the U.S. authorities may not be able to conduct effective investigations or bring and enforce actions against us, our directors, executive officers or other gatekeepers. Therefore, you may not be able to enjoy the same protection provided by various U.S. authorities as it is provided to investors in U.S. domestic companies.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in China, based on the United States or other foreign laws, against us, our directors, executive officers or the expert named in this annual report. Therefore, you may not be able to enjoy the protection of such laws in an effective manner.***

The Group conducts its operations mainly in China, and its assets are mainly located in China. In addition, a majority of our directors and executive officers reside within China. As a result, it may not be possible to effect service of process within the United States or elsewhere outside China upon us, our directors and executive officers, including with respect to matters arising under U.S. federal securities laws or applicable state securities laws. Even if you obtain a judgment against us, our directors, executive officers or the expert named in this annual report in a U.S. court or other court outside China, you may not be able to enforce such judgment against us or them in China. China does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts in the United States, the United Kingdom, Japan or most other western countries. Therefore, recognition and enforcement in China of judgments of a court in any of these jurisdictions may be difficult or impossible. In addition, you may not be able to bring original actions in China based on the U.S. or other foreign laws against us, our directors, executive officers or the expert named in this annual report. As a result, shareholder claims that are common in the U.S., including class actions based on securities law and fraud claims, are difficult or impossible to pursue as a matter of law and practicality in China. For example, in China, there are significant legal and other obstacles to obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the local authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such regulatory cooperation with the securities regulatory authorities in the Unities States have not been efficient in the absence of mutual and practical cooperation mechanism. According to Article 177 of the PRC Securities Law which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities to overseas parties. While detailed interpretation of or implementation rules under Article 177 of the PRC Securities Law is not yet available, the inability for an overseas securities regulator to directly conduct investigation or evidence collection activities within China may further increase difficulties faced by investors in protecting your interests. If an investor is unable to bring a U.S. claim or collect on a U.S. judgment, the investor may have to rely on legal claims and remedies available in China or other overseas jurisdictions where a China-based issuer, such as our Company, may maintain assets. The claims and remedies available in these jurisdictions are often significantly different from those available in the United States and difficult to pursue. Therefore, you may not be able to effectively enjoy the protection offered by the U.S. laws and regulations that are intended to protect public investors.

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#### Risks Related to Our ADSs
***The trading price of our ADSs has been and is likely to continue to be volatile, which could result in substantial losses to holders of our ADSs.***

The trading price of our ADSs has been and is likely to continue to be volatile and could fluctuate widely in response to a variety of factors, many of which are beyond our control. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. In particular, the stock prices of other companies with business operations located mainly in China that have listed their securities in the United States may affect the prices of and trading volumes for our ADSs. The securities of some of these companies have experienced significant volatility since their initial public offerings, including, in some cases, substantial price declines in the trading prices of their securities. The trading performances of other Chinese companies' securities after their offerings, including technology companies and transaction service platforms, may affect the attitudes of investors toward Chinese companies listed in the United States, which consequently may impact the trading performance of our ADSs, regardless of our actual operating performance. In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or matters of other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general, including us, regardless of whether we have conducted any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations that are not related to the Group's operating performance, such as the large decline in share prices in the U.S., China and other jurisdictions in late 2008, early 2009, the second half of 2011, 2015 and the first quarter of 2020. In addition, a portion of our ADSs may be traded by short sellers, which may further increase the volatility of the trading price of our ADSs. All these fluctuations and incidents may have a material and adverse effect on the trading price of our ADSs.

In addition to the above factors, the price and trading volume of our ADSs may be highly volatile due to multiple factors, including the following:

• regulatory developments affecting us or our industry;

• announcements of studies and reports relating to the quality of the Group's service offerings or those of our competitors;

• changes in the economic performance or market valuations of other providers of similar services;

• actual or anticipated fluctuations in the Group's quarterly results of operations and changes or revisions of its expected results;

• changes in financial estimates by securities research analysts;

• announcements by us or our competitors of new service offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments;

• additions to or departures of our senior management;

• fluctuations of exchange rates between the Renminbi and the U.S. dollar;

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• release or expiry of lock-up or other transfer restrictions on our ordinary shares or ADSs;

• sales or perceived potential sales of additional Class A ordinary shares or ADSs; and

• short selling reports published by short sellers and other short selling activities.

#### We may fail to meet our publicly announced guidance or other expectations about the Group's business, which could cause our stock price to decline.
We may from time to time provide guidance regarding the Group's expected financial and business performance. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and our guidance may not ultimately be accurate in all respects. Our guidance is based on certain assumptions, such as those relating to anticipated transaction activities on the FTA platform, fee rates and operating costs and expenses. If our guidance varies from actual results, the market value of our ADSs could decline significantly.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about the Group's business, the market price for our ADSs and their trading volume could decline.***

The trading market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about the Group or its business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades our ADSs or publishes inaccurate or unfavorable research about the Group's business, the market price for our ADSs would likely decline. If one or more of these analysts cease coverage of our Company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our ADSs to decline.

***Because we cannot guarantee any future payment of cash dividends, you may not receive any return on your investment unless you sell your ADSs for a price greater than that which you paid for them.***

We cannot guarantee any future payment of cash dividends. Therefore, you should not rely on an investment in our ADSs as a source for any future dividend income.

Our board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, the Group's future results of operations and cash flow, its capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, the Group's financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in the ADSs will likely depend entirely upon any future price appreciation of such securities. There is no guarantee that our ADSs will appreciate in value in the future or even maintain the price at which you purchased such securities. You may not realize a return on your investment in the ADSs and you may even lose your entire investment in such securities.

#### Substantial future sales or perceived potential sales of our ADSs in the public market could cause the price of our ADSs to decline.
Sales of our ADSs in the public market, or the perception that these sales could occur, could cause the market price of our ADSs to decline significantly. Shares held by our existing shareholders may be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the U.S. Securities Act of 1933, as amended, or the Securities Act. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our ADSs.

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In addition, certain holders of our Class A ordinary shares have the right to cause us to register the sale of their shares under the Securities Act upon the occurrence of certain circumstances. Registration of these shares under the Securities Act would result in ADSs representing these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration. Sales of ADSs representing these registered shares in the public market could cause the price of our ADSs to decline significantly.

***Holders of our ADSs may have fewer rights than holders of our Class A ordinary shares and must act through the depositary to exercise those rights.***

Holders of ADSs do not have the same rights of our shareholders and may only exercise the voting rights with respect to the underlying Class A ordinary shares in accordance with the provisions of the deposit agreement. Under our memorandum and articles of association, the minimum notice period required to convene a general meeting will be ten days.

When a general meeting is convened, the holders of ADSs may not receive sufficient notice of a shareholders' meeting to permit the withdrawal of the underlying Class A ordinary shares represented by their ADSs to allow them to cast their votes with respect to any specific matter. In addition, the depositary and its agents may not be able to send voting materials to holders of ADSs or carry out the voting instructions of the holders of ADSs in a timely manner. We will make all reasonable efforts to cause the depositary to extend voting rights to holders of ADSs in a timely manner, but there can be no assurance that holders of ADSs will receive the voting materials in time to ensure that they can instruct the depositary to vote their ADSs. Furthermore, the depositary and its agents will not be responsible for any failure to carry out any instructions to vote, for the manner in which any vote is cast or for the effect of any such vote. As a result, holders of ADSs may not be able to exercise their right to vote and may lack recourse if the underlying Class A ordinary shares represented by their ADSs are not voted as they requested. In addition, holders of ADSs will not be able to call a shareholders' meeting.

***The rights of our ADS holders to pursue claims against the depositary are limited by the terms of the deposit agreement, and the deposit agreement may be amended or terminated without their consent.***

***The right of our ADS holders to participate in any future rights offerings may be limited, which may cause dilution to their holdings of our ADSs.***

We may, from time to time, distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights available to holders of ADSs in the U.S. unless we register both the distribution and sale of the rights and the securities to which the rights relate under the Securities Act or an exemption from the registration requirements is available. Under the deposit agreement, the depositary will not make rights available to holders of ADSs unless both the distribution and sale of the rights and the underlying securities to be distributed to holders of ADSs are either registered under the Securities Act or exempt from registration under the Securities Act. We are under no obligation to file a registration statement with respect to any such rights or securities or to endeavor to cause such a registration statement to be declared effective and we may not be able to establish a necessary exemption from registration under the Securities Act. Accordingly, holders of ADSs may be unable to participate in our rights offerings in the future and may experience dilution in their holdings.

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***Holders of our ADSs may not receive cash dividends or other distributions if the depositary determines it is illegal or impractical to make them available to them.***

The depositary will pay cash distribution on the ADSs only to the extent that we decide to distribute dividends on our Class A ordinary shares or other deposited securities, and we cannot guarantee any future payment of cash dividends. To the extent that there is a distribution, the depositary of the ADSs has agreed to pay to holders of our ADSs the cash dividends or other distributions it or the custodian receives on our Class A ordinary shares or other deposited securities after deducting its fees and expenses. Holders of ADSs will receive these distributions in proportion to the number of Class A ordinary shares their ADSs represent. However, the depositary may, at its discretion, decide that it is illegal or impractical to make a distribution available to any holders of ADSs. For example, the depositary may determine that it is not practicable to distribute certain property through the mail, or that the value of certain distributions may be less than the cost of mailing them. In these cases, the depositary may decide not to distribute such property to holders of ADSs.

***We have incurred and expect to continue to incur significant costs as a public company, which could lower the Group's profits or make it more difficult to run its business.***

As a public company, we have incurred and expect to continue to incur significant legal, accounting and other expenses that we did not incur as a private company to ensure that we comply with the various requirements on corporate governance practices imposed by the Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the NYSE.

For example, we have increased the number of independent directors and adopted policies regarding internal controls and disclosure controls and procedures. We have also incurred additional costs associated with our public company reporting requirements. In March 2024, the SEC adopted final rules on climate-related disclosure, or the climate disclosure rules, which require issuers to make a significant amount of climate-related disclosure, including, among others, material Scope 1 and Scope 2 greenhouse gas, or GHG, emissions, climate-related financial metrics, climate-related strategy, governance, targets and goals. The climate disclosure rules also include phased-in attestation requirements for GHG disclosure. The climate disclosure rules are being challenged in the U.S. courts. In April 2024, the SEC voluntarily stayed the implementation of the climate disclosure rules pending judicial review in the Eighth Circuit. On March 27, 2025, the SEC voted to cease legal defense of the climate disclosure rules in the court. Despite of these developments on the climate disclosure rules, we cannot rule out the possibility that such rules or a revised version thereof may eventually come into effect. We expect that the rules and regulations applicable to public companies in the U.S. will continue to cause us to incur elevated legal and financial compliance costs, devote substantial management effort to ensure compliance and make some corporate activities more time-consuming and costly. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

#### Holders of our ADSs may be subject to limitations on transfer of their ADSs.
Our ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other reason.

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***Our memorandum and articles of association provide that the courts of the Cayman Islands and the U.S. federal courts will be the exclusive forums for substantially all disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for complaints against us or our directors, officers or employees.***

Our memorandum and articles of association provide that, unless otherwise agreed by us, (i) the federal courts of the United States shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim arising under the provisions of the Securities Act or the Exchange Act, which are referred to as the "US Actions;" and (ii) save for such US Actions, the courts of the Cayman Islands shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim whether arising out of or in connection with our articles of association or otherwise, including without limitation:

• any derivative action or proceeding brought on behalf of our Company,

• any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to our Company or our shareholders,

• any action asserting a claim under any provision of the Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised), as amended, of the Cayman Islands (the "Cayman Companies Act"), or our articles of association, including but not limited to any purchase or acquisition of shares, security or guarantee provided in consideration thereof, or

• any action asserting a claim against our Company which if brought in the United States would be a claim arising under the internal affairs doctrine (as such concept is recognized under the laws of the United States).

***ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action.***

The deposit agreement governing the ADSs representing our Class A ordinary shares provides that, subject to the depositary's right to require a claim to be submitted to arbitration, the federal or state courts in the City of New York have exclusive jurisdiction to hear and determine claims arising under the deposit agreement and in that regard, to the fullest extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary oppose a jury trial demand based on the above-mentioned jury trial waiver, the court will determine whether the waiver is enforceable in the facts and circumstances of that case in accordance with applicable state and federal law. While to our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce a jury trial waiver provision, courts will consider a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before investing in the ADSs. If you or any other holder or beneficial owner of ADSs brings a claim against us or the depositary in connection with matters arising under the deposit agreement or the ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action. Nevertheless, if this jury trial waiver provision is not enforced, to the extent a court action proceeds, it would proceed under the terms of the deposit agreement with a jury trial.

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***The depositary for the ADSs will give us a discretionary proxy to vote our Class A ordinary shares underlying our ADSs if holders of our ADSs do not vote at shareholders' meetings, except in limited circumstances, which could adversely affect the interests the holders of our ADSs.***

Under the deposit agreement for the ADSs, if holders of our ADSs do not vote, the depositary will give us a discretionary proxy to vote our Class A ordinary shares underlying the ADSs at shareholders' meetings unless:

• we have instructed the depositary that we do not wish a discretionary proxy to be given;

• we have informed the depositary that there is substantial opposition as to a matter to be voted on at the meeting;

• a matter to be voted on at the meeting would materially and adversely affect the rights of shareholders; or

• the voting at the meeting is to be made on a show of hands.

The effect of this discretionary proxy is that if any holders of our ADSs do not vote at shareholders' meetings, they cannot prevent our Class A ordinary shares underlying such ADSs from being voted, except under the circumstances described above. This may make it more difficult for shareholders to influence the management of our Company. Holders of our ordinary shares are not subject to this discretionary proxy.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company limited by shares incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, the Cayman Companies Act and the common law of the Cayman Islands.

The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law may be narrower in scope or less developed than they would be under statutes or judicial precedent in some jurisdictions in the U.S. In particular, the Cayman Islands have a less developed body of securities laws than the U.S. For example, some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Under the memorandum and articles of association of the Company, no shareholder (other than a director) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by the Cayman Companies Act or authorized by the board of directors or the shareholders in general meeting, but the register of shareholders shall be open for inspection by members and the public at such place at which the register is kept for such times and on such days as the board of directors shall determine. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

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As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the U.S.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the U.S. that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q, quarterly certifications by the principal executive and financial officers or current reports on Form 8-K; (ii) the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange Act requiring principal shareholders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of the NYSE. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. For example, U.S. domestic issuers are required to file annual reports within 60 to 90 days from the end of each fiscal year. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***We are a "controlled company" as defined under the NYSE Listed Company Manual. As a result, we qualify for, and may rely on, exemptions from certain corporate governance requirements that would otherwise provide protection to shareholders of other companies.***

We are a "controlled company" as defined under the NYSE Listed Company Manual because Mr. Peter Hui Zhang, our founder, chairman and chief executive officer, holds more than 50% of the aggregate voting power of our Company. For so long as we remain a controlled company, we may rely on exemptions from certain corporate governance rules, including (i) the requirement that a majority of the board of directors consist of independent directors, (ii) the requirement that the compensation of our officers be determined or recommended to our board of directors by a compensation committee that is comprised solely of independent directors, and (iii) the requirement that director nominees be selected or recommended to the board of directors by a majority of independent directors or a nominating committee comprised solely of independent directors. Currently, we do not plan to utilize the exemptions available for controlled companies, but will rely on the exemption available for foreign private issuers to follow our home country governance practices instead. See "—We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies." If we cease to be a foreign private issuer or if we cannot rely on the home country governance practice exemption for any reason, we may decide to invoke the exemptions available for a controlled company as long as we remain a controlled company. As a result, holders of our Class A ordinary shares and ADSs will not have the same protection afforded to shareholders of companies that are subject to all the NYSE corporate governance requirements.

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***If we are a passive foreign investment company for United States federal income tax purposes for any taxable year, United States holders of our ADSs or Class A ordinary shares could be subject to adverse United States federal income tax consequences.***

A non-United States corporation will be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year if either (i) at least 75% of its gross income for such year is passive income or (ii) at least 50% of the value of its assets (generally determined based on an average of the quarterly values of the assets) during such year is attributable to assets that produce or are held for the production of passive income. Based on the composition of the Group's income and assets and the value of its assets, including goodwill (which we have determined based on the trading price of our ADSs), we believe there is a risk that we were a PFIC for 2025. However, our PFIC status for 2025 is not entirely clear and you are urged to consult your own tax advisors in this regard. The determination of whether we are a PFIC is made annually. Accordingly, it is possible that our PFIC status may change due to changes in the Group's asset or income composition or changes in the value of the Group's assets. The composition of the Group's assets and income may be affected by how, and how quickly, the Group uses the cash and liquid assets that it currently holds. In addition, fluctuations in the trading price of our ADSs (which may be volatile) may affect the value of the Group's goodwill, and therefore may affect our PFIC status. The ultimate determination of our PFIC status for any year cannot be made until the end of that year and will depend, in part, on the trading price of our ADSs for the relevant quarterly testing dates. Therefore, there can be no assurance that we will not be a PFIC for 2026 or any future taxable year.

If we are a PFIC for any taxable year during which a United States person holds ADSs or Class A ordinary shares, certain adverse United States federal income tax consequences could apply to such United States person. For example, if we are a PFIC, our United States investors may become subject to increased tax liabilities under United States federal income tax laws and regulations and will become subject to burdensome reporting requirements. See "Item 10. Additional Information — E. Taxation — Certain United States Federal Income Tax Considerations—Passive Foreign Investment Company."

***As a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the NYSE corporate governance listing standards; these practices may afford less protection to shareholders than they would enjoy if we complied fully with the NYSE corporate governance listing standards.***

We are an exempted company incorporated in the Cayman Islands, and our ADSs are listed on the NYSE. The NYSE market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from the NYSE corporate governance listing standards.

Among other things, we are not required under the NYSE corporate governance listing standards to: (i) have a majority of the board be independent; (ii) have a compensation committee or a nominating and corporate governance committee consisting entirely of independent directors; (iii) have a minimum of three members on the audit committee; (iv) obtain shareholders' approval for issuance of securities in certain situations; (v) have regularly scheduled executive sessions with only independent directors each year; or (vi) hold annual shareholders meetings.

We intend to rely on all of the exemptions described above. As a result, you may not be provided with the benefits of certain corporate governance requirements of the NYSE.

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| **ITEM 4.** | **INFORMATION ON THE COMPANY**  |

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A. History and Development of the Company

The FTA platform is a leading digital freight platform in China, connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types.

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Our Company was incorporated as an exempted company by way of consolidation of Full Truck Logistics Information Co. Ltd. and Truck Alliance Inc. in December 2017 pursuant to the Cayman Companies Act under the name "Full Truck Alliance Co. Ltd." The transaction resulted in the business merger between *Yunmanman* and *Huochebang*, two then leading digital freight platforms in China founded in 2013 and 2011, respectively*.* Prior to December 2017, the *Yunmanman* platform was operated by the subsidiaries and variable interest entities of Full Truck Logistics Information Co. Ltd, an exempted company incorporated under the laws of the Cayman Islands. The operations of *Huochebang* commenced in 2011. Prior to December 2017, the *Huochebang* platform was operated by the subsidiaries and variable interest entities of Truck Alliance Inc., an exempted company incorporated under the laws of the Cayman Islands. The merger between the two platforms laid down a foundation for a nationwide digital road transportation network with significant economies of scale and paved the way for the Group's further growth and success. Since then, the Group has continuously enhanced the functions and features of its digital freight platform and built a vibrant ecosystem of millions of shippers and truckers. In June 2021, we listed our ADSs on the NYSE under the symbol "YMM."

Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services, we conduct a substantial part of our operations in China through contractual arrangements with the Group VIEs. Prior to March 2021, our Group VIEs were Shanghai Xiwei, Beijing Manxin, and Guiyang Huochebang. These Group VIEs and their subsidiaries held certain licenses required to operate our business in China. Jiangsu Yunmanman, our subsidiary, exercised control over Shanghai Xiwei and Beijing Manxin through a series of contractual arrangements with Shanghai Xiwei, Beijing Manxin and their respective shareholders. FTA Information, our subsidiary, exercised control over Guiyang Huochebang through a series of contractual arrangements with Guiyang Huochebang and its shareholders.

In March 2021, as directed by FTA Information, Guizhou FTA, a newly established entity, acquired 100% of equity interest in Guiyang Huochebang for a nominal price from the shareholders of Guiyang Huochebang, and FTA Information gained control over Guizhou FTA through a series of contractual arrangements with Guizhou FTA and its shareholders. As a result, Guizhou FTA became a Group VIE, and Guiyang Huochebang became a subsidiary of Guizhou FTA.

In the fourth quarter of 2021, in order to enhance corporate governance, we underwent the Reorganization. The Reorganization mainly involved (i) changing the Group VIEs and (ii) changing certain subsidiaries of the Group VIEs to wholly-owned or partly-owned subsidiaries of our Company, to the extent permitted under the relevant PRC laws and regulations. Manyun Software and Shan'en Technology, which were wholly-owned subsidiaries of Shanghai Xiwei prior to the Reorganization, were transferred to nominee shareholders in the fourth quarter of 2021. Jiangsu Yunmanman gained control over Manyun Software through a series of contractual arrangements with Manyun Software and its shareholders, and FTA Information gained control over Shan'en Technology through a series of contractual arrangements with Shan'en Technology and its shareholders. Manyun Software acquired Beijing Manxin and Shanghai Xiwei from their respective shareholders for nominal price and they became indirectly wholly-owned subsidiaries of Manyun Software in November 2021. In addition, we acquired Beijing Manxin and Shanghai Xiwei from Manyun Software and they became indirectly wholly-owned subsidiaries of Jiangsu Yunmanman on January 1, 2022. Meanwhile, we acquired Guizhou FTA from its shareholders and it became a wholly-owned subsidiary of FTA Information on January 1, 2022.

In May 2022, Yixing Manxian gained control over Manyun Cold Chain, which was a majority-owned subsidiary of Manyun Software, through a series of contractual arrangements with Manyun Cold Chain and its shareholders. On January 2, 2025, Yixing Manxian, Manyun Cold Chain and its shareholders entered into amended and restated contractual arrangements due to changes in ownership structure of Yixing Manxian and Manyun Cold Chain. The amended and restated contractual arrangements did not change the scope of the Group VIEs. The Group VIEs are Manyun Software, Shan'en Technology and Manyun Cold Chain.

Manyun Software and its subsidiaries are primarily involved in operating the *Yunmanman* apps and *Shengsheng* apps and, together with Jiangsu Yunmanman, providing freight matching services, Shan'en Technology and its subsidiaries are primarily involved in operating the *Huochebang* apps and providing freight matching services and insurance brokerage services, and Manyun Cold Chain primarily provides freight matching services for the cold chain logistics sector and operates *Yunmanman Cold Chain* apps. The value-added services other than the insurance brokerage services are primarily conducted by Jiangsu Yunmanman, FTA Information and their respective subsidiaries.

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#### Principal Offices
Our principal executive offices are located at 6 Keji Road, Huaxi District, Guiyang, Guizhou 550025, People's Republic of China and Wanbo Science and Technology Park, 20 Fengxin Road, Yuhuatai District, Nanjing, Jiangsu 210012, People's Republic of China. Our telephone numbers at these addresses are +86-851-8384-2056 and +86-25-6692-0156, respectively. Our registered office in the Cayman Islands is located at the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Investors should submit any inquiries to the address and telephone number of our principal executive offices set forth above.

Our main website is https://www.fulltruckalliance.com/, and the information contained on this website is not a part of this annual report.

B. Business Overview

#### Overview
The FTA platform is a leading digital freight platform in China, connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. We have transformed China's road transportation industry by pioneering a digital, standardized and smart logistics infrastructure across the value chain.

We have built a vibrant ecosystem of millions of shippers and truckers. In the fourth quarter of 2025, an average number of approximately 3.28 million shippers posted shipping orders on the FTA platform each month, and 4.6 million truckers fulfilled shipping orders on the FTA platform in 2025. In 2025, the Group facilitated 236.3 million fulfilled orders.

We are committed to being an exemplary corporate citizen with positive impacts on the environment and society. The FTA platform contributes to a cleaner environment by eliminating empty miles and wasted fuel and improving efficiency of loads. Furthermore, the FTA platform promotes truckers' welfare by increasing their earnings potential through efficient freight matching, establishing platform rules for fair dealing and undertaking social initiatives tailored to truckers.

In 2025, the Group also began exploring opportunities to expand its freight matching services into selected international markets through Qmove, its overseas digital freight platform. As of December 31, 2025, Qmove had been launched in selected markets and was in its early stage of development.

#### The FTA Platform
We believe the key to addressing the industry challenges is a digital, standardized and smart platform that connects shippers and truckers seamlessly. Leveraging the proliferation of smartphones and the mobile internet, the Group established nationwide infrastructure and industry standards that promote transparency, trust and efficiency across the logistics industry. In so doing, the Group is contributing to China's economic growth, improving lives of millions of shippers and truckers, and reducing carbon footprint for our planet.

*Yunmanman* and *Huochebang* were founded in 2013 and 2011, respectively, and both companies rapidly grew to become leading digital freight platforms in China. The two companies merged to create FTA in 2017, establishing a nationwide road logistics network with significant economies of scale.

We are constantly improving the Group's offerings to better meet the diverse, complex and often non-standard needs of industry participants. We have evolved from a directory of freight listing service to an ecosystem that enables logistics transactions from end to end with data-driven technology and a comprehensive range of value-added services.

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The diagram below illustrates the major components of the FTA platform.

![LOGO](g20504g86g86.jpg)

<u>Freight Matching Services</u> 

• *Freight Listing Service.* In 2011 and 2013, Huochebang and Yunmanman each began providing freight listing service through QQ and WeChat groups, taking the first step towards the digital transformation of China's road transportation industry. At the end of 2013 and early 2014, Yunmanman and Huochebang each launched their mobile apps, where shippers could post shipping orders and truckers could contact them to find their next shipments in a standardized manner. After the two companies merged at the end of 2017, the Group began the monetization of freight listing service in 2018 by launching its membership service for frequent shippers, allowing paying shippers to post more shipping orders than non-paying shippers.

• *Freight Brokerage Service.* In January 2018, the Group launched its freight brokerage service, going a step further from freight listing service to provide end-to-end freight matching service with a higher level of service quality assurance to shippers. As freight brokers, the Group's consolidated affiliates enter into contracts with shippers to sell shipping service and platform service and also enter into contracts with truckers to purchase shipping service. The difference between the amount the consolidated affiliates collect from shippers and the amount they pay to truckers represents the FTA platform freight brokerage service fee. As freight brokers, the consolidated affiliates issue VAT invoices to shippers that they can in turn use for tax deductions, solving a significant pain point for many shippers when contracting with truckers. Shippers can track the transaction and the status of their order at each step in real-time and make payment for freight fees online. The consolidated affiliates also assume liability for cargo damages up to a specific amount per shipment, and obtain cargo insurance under certain circumstances to mitigate their risk.

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• *Transaction Service*. Building on the technology and operational knowhow developed from the Group's freight listing and brokerage services, the Group launched online transaction service to further digitalize shipping transactions and enable shippers and truckers to transact through the FTA platform. Truckers are required to make payments for freight deposits to secure a shipping order, which contributes to better service quality and higher fulfillment rates. The deposits are paid to an escrow bank account at a third-party commercial bank and will be released to shipper' s bank account or refunded to trucker' s bank account upon completion or cancellation of the relevant transactions, as applicable. In the second half of 2020, the Group began monetization of its online transaction service by collecting transaction service fees from truckers on selected types of shipping orders originating from an initial batch of three cities, namely Hangzhou, Huzhou and Shaoxing. The FTA platform's daily average order volume and trucker retention remained stable in these cities since then, demonstrating platform users' acceptance of such transaction service fees. We have subsequently rolled out transaction service fees in more cities and ramped up penetration. In addition, in certain innovative businesses, the Group charges truckers membership fees, which entitle them to deduct or waive above-mentioned transaction service fees for a certain period of time, usually one week or one month.

<u>Value-added Services</u> 

The Group provides a range of value-added services, which cater to various essential needs of shippers and truckers and increase their stickiness and engagement on the FTA platform. Shippers can access the transportation management system, credit solutions and insurance services on the FTA platform. Truckers can access software for managing traffic ticket records, credit solutions, insurance services, electronic toll collection, or ETC, services, energy services and other services on the FTA platform.

In addition, through Giga.AI, the Group's majority-owned subsidiary, the Group generates revenue from the sale of advanced driver-assistance system kits, or ADAS kits and service fees from ADAS-enabled carrier services.

#### Benefits to Shippers and Truckers
Key benefits the Group provides to shippers and truckers include:

• <u>Efficient Freight Matching</u>. Shippers can post shipping orders in a standardized manner on their mobile phones anytime and anywhere, without having to go through intermediaries or travel to logistics parks. Shippers can get quotes from reliable truckers often within minutes rather than days and make informed decisions about their suitability based on truckers' profiles and track records. Truckers can find shipments in minutes on mobile devices, without having to travel to and wait for days at logistics parks. They also save on the mileage and time of traveling long distance to and from logistics parks between shipments.

• <u>Better Profitability</u>. The FTA platform helps promote the financial wellbeing of millions of shippers and truckers. Shippers enjoy lower shipping costs and more transparent pricing as they can interface directly with truckers, cutting out layers of middlemen and the need to rent space at logistics parks. Truckers can achieve higher income and utilization rates as less time and mileage is spent finding shipments. They can optimize their schedule and routes, leading to more visible incomes. With the transaction standards established by us, they also have higher certainty of freight fee collection and shorter receivable days.

• <u>End-to-End Solutions and Smarter Operations</u>. The Group provides end-to-end solutions with transaction capabilities to shippers and truckers, which enable them to operate in a smarter and more efficient manner. Shippers are supported by software that improves their operations such as transportation management systems as well as artificial intelligence, or AI, models that recommend suitable pricing for shipments. Truckers are supported by software and AI models that recommend suitable shipments and simplify their operations.

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• <u>Greater Assurance of Service Quality</u>. The Group facilitates every part of the logistics transaction from end to end. Interactions and transactions are recorded on the FTA platform, improving accountability and providing a source of support for dispute resolution. Freight deposits for shipping orders placed on the FTA platform are paid by truckers to an escrow bank account at a third-party commercial bank and will be released to shipper's bank account or refunded to trucker's bank account upon completion or cancellation of the relevant transactions, as applicable, allowing shippers and truckers to transact with greater assurance. The Group provides dedicated customer service and protocols for dispute resolution in a timely manner.

• <u>Access to Value-added Services</u>. The Group provides a comprehensive range of value-added services to shippers and truckers, catering to their diverse and complex needs and addressing various pain points. It only collaborates with business partners that have a reliable track record to ensure the quality of value-added services offered to users.

#### Our Scale and Financial Performance
We have grown rapidly and reached significant scale in recent years. In 2024 and 2025, the Group facilitated 197.2 million and 236.3 million fulfilled orders, respectively, representing a 19.8% year-over-year growth.

We are at an early stage of monetization. The Group generates revenue primarily from freight listing membership fees coming from shippers, freight brokerage service fees from shippers, transaction service fees from truckers, as well as interests and fees from value-added services to shippers, truckers and other ecosystem participants. The Group's total net revenues were RMB8,436.2 million, RMB11,238.6 million and RMB12,489.9 million (US$1,786.0 million) in the years ended December 31, 2023, 2024 and 2025, respectively. The Group recorded net income of RMB2,227.1 million, RMB3,123.4 million and RMB4,459.1 million (US$637.6 million) in 2023, 2024 and 2025, respectively. The Group recorded non-GAAP adjusted net income of RMB2,797.0 million, RMB4,020.4 million and RMB4,794.7 million (US$685.6 million) in 2023, 2024 and 2025, respectively. We define 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. Please see "Item 5. Operating and Financial Review and Prospects—A. Operating Results— Non-GAAP Financial Measures" for details.

#### The Group's Solutions
The Group provides freight matching services by facilitating transactions between shippers and truckers and connects them with value-added service providers, such as financial institutions, highway authorities, gas stations and insurance companies. The Group's freight matching services and value-added services are primarily accessible through *Yunmanman* shipper and trucker mobile apps, *Huochebang* shipper and trucker mobile apps, *Shengsheng* mobile apps and *Yunmanman Cold Chain* shipper and trucker mobile apps.

#### Freight Matching Services
The Group provides a range of freight matching services that cater to the specific needs of shippers and truckers. The Group started its business by operating a freight listing platform, where shippers post shipping orders and truckers contact shippers to secure their next shipping orders. In 2025, the Group facilitated 236.3 million fulfilled orders*.* The Group primarily serves the long-haul shipping needs within the FTL segment, and also provide LTL and intra-city logistics services. The *Yunmanman* and *Huochebang* brands primarily offer long-haul and LTL freight matching services, and the *Shengsheng* brand primarily offers intra-city freight matching services. Prior to April 2023, the Group offered intra-city freight matching services primarily through the *Shengsheng Huitouche* app. Since April 2023, the Group has offered intra-city freight matching services primarily through its new *Shengsheng* apps. The *Yunmanman Cold Chain* brand primarily offers freight matching services for the cold chain logistics sector.

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<u>Freight Matching Process</u> 

We set forth below the key steps of the freight matching process, including registration, posting shipping orders, finding and accepting shipping orders, as well as fulfillment and settlement, on the *Yunmanman* mobile apps. Similar functions are available on the *Huochebang* mobile apps, *Shengsheng* mobile apps and *Yunmanman Cold Chain* shipper and trucker mobile apps.

*Registration* 

After shippers and truckers download the mobile apps and complete registrations, they become the Group's registered shippers or registered truckers. To promote honesty and accountability on the FTA platform, we require proof of personal identity from shippers and truckers during registration. We also require additional information, such as business license from shippers and driver's license from truckers, for them to access a wider range of functions, such as freight brokerage service, on the FTA platform.

The freight matching process starts when a shipper posts a shipping order. As part of our efforts to digitalize logistics transactions, we require each shipper to fill out a standard set of cargo information, such as cargo origin, destination, type and size, as well as shipping requirements, such as truck type and loading and unloading time, on the Group's mobile apps. The use of standardized and detailed order information increases transaction transparency and enables shippers and truckers to reduce the amount of time spent on negotiations.

*Finding and Accepting Shipping Orders* 

Truckers find suitable shipping orders based on searches or recommendations. Truckers can search for shipping orders with specified filters, such as route and truck type. The Group's matching algorithms rank search results based on relevance to truckers. The FTA platform also sends truckers push notifications to recommend suitable shipping orders. The Group's matching algorithms analyze factors such as truckers' truck type, transaction records, current location and recent searches to determine their preferences as to cargo types and routes. Truckers receive recommended shipping orders when the Group's system identifies suitable cargos located on or near their preferred routes. If truckers are interested in such shipping orders, they may contact shippers through the Group's mobile apps to finalize the transaction terms.

The Group has rolled out several features to further streamline the transaction process. For example, when posting shipping orders, shippers may select to use our "tap and go" feature, which allows shippers to post shipping orders with a fixed price. The "tap and go" feature replaces price negotiation between shippers and truckers and shortens the matching time from order posting to order acceptance. Shippers may determine prices based on the recommended prices generated by the Group's pricing algorithms. The Group's system assigns shipping orders to truckers on a first-come-first-served basis.

*Fulfillment and Settlement* 

For each shipping order, after the parties reach an agreement through direct communication or our "tap and go" feature, the trucker pays a deposit to secure the shipping order. Such deposits are kept in an escrow bank account at a third-party commercial bank and cannot be used by us. Navigation function is available on the Group's mobile apps, enabling truckers to optimize their routes based on relevant variables, such as height and width clearance, tolls, time and distance. Through GPS tracking, shippers are able to check the status of shipments in real time. After shippers and truckers both confirm fulfillment on the Group's mobile apps, depending on the terms of the relevant shipping agreement, deposits are either released back to truckers or transferred to shippers. Shippers may pay shipping fees to truckers through the Group's mobile apps. Shippers also have the option to settle shipping fees through other channels.

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<u>Freight Listing Service</u> 

The Group offers freight listing service through the consolidated affiliates. The Group has a freemium model where shippers can post a certain number of shipping orders on the FTA platform free of charge. Shippers are required to pay membership fees in order to post additional shipping orders. The Group currently offers mainly four tiers of membership. The first tier requires an annual fee of RMB288 and allows a shipper to post up to 30 shipping orders each year. The second tier requires an annual fee of RMB688 and allows a shipper to post up to 188 shipping orders each year. The third tier, designed for businesses with highly frequent shipping needs, requires an annual fee of RMB1,688 and allows a shipper to post up to 2,576 shipping orders each year. We adjusted the number of allowed shipping orders under the second and third tiers in 2024 due to adjustment to product design, which did not have any material impact on revenue recognition. The fourth tier, targeting ultra-high-volume enterprises, requires an annual fee of RMB3,888 and allows a shipper to post up to 9,136 shipping orders within two years. From time to time, the Group allows paying members to post additional shipping orders for free as part of its promotional efforts. As of December 31, 2025, the FTA platform had 1.32 million shipper users with active paying memberships.

<u>Freight Brokerage Service</u> 

Many shippers prefer to contract with the Group, instead of truckers, to gain better protection from cargo damage, truckers' demand for fee increase, delays and cancelations, as well as to improve their regulatory compliance. The Group offers freight brokerage service through the consolidated affiliates to better serve such shippers. The freight brokerage service is available on the Group's mobile apps.

Shippers who use the freight brokerage service can book shipments through freight matching process or designate truckers of their choice. As freight brokers, the consolidated affiliates enter into shipping contracts with shippers and entrust truckers matched by the FTA platform or designated by shippers, as the case may be, to fulfill the shipping orders. In order to use the freight brokerage service, shippers are required to make prepayments to their accounts on the FTA platform. After the fulfillment of shipping orders, the FTA platform transfers shippers' shipping fees to truckers and deduct the platform's service fees from shippers' accounts. The platform's service fees are based on a percentage of shipping fees.

The consolidated affiliates assume liability for cargo damages up to RMB20,000 per shipment, and obtain cargo insurance under certain circumstances to mitigate our risk. The consolidated affiliates also offer shippers protection against truckers' demand for fee increase and delays. Shippers who use the freight brokerage service are eligible to receive VAT invoices from us. Shippers can use the Group's mobile apps to track shipping orders and make payments for shipments using the freight brokerage service.

<u>Transaction Service</u> 

The Group's online transaction service further digitalizes the shipping transaction process and enables shippers and truckers to transact more efficiently through the FTA platform. The Group offers online transaction service primarily through the consolidated affiliates and PRC subsidiaries. At the inception of each transaction, the Group's system generates an electronic agreement that specifies the rights and obligations of the shipper and the trucker, including shipping fee as agreed between the shipper and the trucker. The Group has established transaction rules and standards to promote honest dealings on the FTA platform. Our extensive industry knowledge enables us to align such rules and standards with the expectations of honest market players in order to facilitate transparent and efficient transactions. For example, truckers are required to pay deposits to secure shipping orders. Deposits are paid to an escrow bank account at a third-party commercial bank and serve as assurance for the timeliness and quality of truckers' services. On the other hand, truckers can avail themselves of order cancelation protection and shipping fee protection when they use the online transaction service. If shippers cancel shipping orders when truckers are already on their ways to pick up cargos, truckers can collect cancelation fees from the FTA platform to cover the cost of travel. Most of the cancelation fees paid by the FTA platform are reimbursed by canceling shippers in accordance with the Group's transaction rules. Furthermore, shippers may fail to pay shipping fees on a timely basis, and the Group helps truckers collect overdue fees by contacting shippers.

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#### Value-Added Services
We provide a range of value-added services primarily through our PRC subsidiaries and to a lesser extent, the consolidated affiliates. These services cater to various essential needs of shippers and truckers and increase their stickiness and engagement on the FTA platform, while enabling other businesses, such as financial institutions, insurance companies, gas station operators and highway authorities, to participate in our vibrant ecosystem. For shippers, we provide a transportation management system that makes it easy and efficient to track and manage their shipments as well as access to credit and insurance solutions to manage their risks and cash flows. We help truckers manage their operating costs and workflows by providing ETC and energy services as well as software solutions for managing traffic ticket records. We also provide access to credit and insurance solutions so the truckers can manage their risks and cash flows. As of December 31, 2025, over 7.23 million users used at least one of the Group's value-added services.

<u>Credit Solutions</u> 

We provide truckers with cash credit solutions and shippers with working capital loans, which are primarily funded by us through our small loan company, which is one of our PRC subsidiaries. A small amount of cash loans for truckers are funded by an institutional funding partner, and we guarantee such loans through arrangements with the institutional funding partner. The term of such loans is typically less than one year.

We assign customized credit limit based on data-driven assessment of borrowers' creditworthiness. As of December 31, 2025, credit limit for trucker users and shipper users on the FTA platform typically did not exceed RMB50,000 and RMB100,000, respectively. In response to regulatory developments in the credit industry, we plan to take a conservative approach with respect to these business lines.

We implement a rigorous risk management system to address our credit risk exposure. As of December 31, 2025, the total outstanding loan balance, consisting of the aggregate principal amount outstanding under on-balance sheet and off-balance sheet loans (excluding loans that are more than 180 days past due), was RMB5.5 billion (US$0.8 billion), and the total non-performing loan ratio for these loans was 2.9%. As of December 31, 2025, the amount of guarantee liabilities in relation to our loan guarantee arrangements was immaterial.

<u>Insurance Brokerage</u> 

The Group partners with insurance companies through a consolidated affiliate to offer both shippers and truckers a variety of insurance policies related to logistics transactions. For example, truckers can purchase carrier's liability insurance, shipping fee insurance and accident insurance, and shippers can purchase cargo insurance, in each case through the Group's mobile apps. The insurance policies are underwritten by the Group's partner insurance companies, and the Group receives commissions from the Group's partner insurance companies for sales brokered through the FTA platform.

<u>Software Solutions</u> 

We have developed a transportation management system for shippers. Shippers use the software system to, among other things, track the status of each shipping order and monitor shipping costs. The system is offered free of charge to shippers who use the freight brokerage service. In addition, the Group provides software for managing traffic ticket records for truckers through its mobile apps.

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<u>ETC Services</u> 

We provide various services related to ETC through one of our PRC subsidiaries. The industry has shifted from ETC debit card to ETC credit card in response to regulatory change. Truckers can apply for ETC cards, review historical ETC payments and top up their accounts through the Group's mobile apps. We promote ETC cards for highway authorities through the Group's mobile apps. Depending on our arrangement with highway authorities, we receive service fees from highway authorities or truckers for account openings. We also collect service fees from truckers for account top-up based on transaction value.

<u>Energy Services</u> 

We provide energy services through our PRC subsidiaries. We generate sales leads for gas stations that participate in our energy services program. In particular, we recommend these gas stations to truckers on the FTA platform based on truckers' locations. Truckers can enjoy discounts for diesel and natural gas through the Group's mobile apps when refueling at these gas stations. We process truckers' payments on the Group's mobile apps at gas stations and receive service fees from gas station operators as a percentage of the fuel cost paid by the truckers. In addition, we facilitate sales of fuel to trucker or shipper customers and receive service fees from gas station operators as a percentage of the purchase price paid by truckers or shipper customers.

<u>Intelligent Driving Related Services</u> 

Our intelligent driving related services include the sale of advanced driver-assistance system kits, or ADAS kits, and service fees generated from ADAS-enabled carrier services.

#### Our Nationwide Network
We have a nationwide network of shippers and truckers and facilitate shipments across China. We have built a vibrant ecosystem of millions of shippers and truckers. In the three months ended December 31, 2025, the Group's average shipper MAUs reached approximately 3.28 million. In 2025, 4.6 million truckers fulfilled shipping orders on the FTA platform. In 2025, the Group facilitated 236.3 million fulfilled orders. The FTA platform supports a dense network of nationwide routes connecting every prefecture-level city in China with hundreds of other cities. This highly complex and dynamic orchestration of millions of shipments across routes by millions of shippers and truckers is difficult to replicate and forms a high entry barrier to potential competitors.

The Group endeavors to provide one-stop solutions that address demands for road transportation services, and we plan to further expand and refine the Group's service offerings, thereby connecting with more ecosystem participants and enhancing the network effects of the FTA platform.

#### Shippers
The Group has an extensive shipper base across China. The Group's shipper base comprises third-party logistics companies, direct shippers, and truck brokers, covering a wide variety of industries with diverse shipping needs and cargo types. The principal categories of cargos the Group matches on the FTA platform include fresh produce, grain and grain products, other agriculture produce, metals, minerals, construction materials, industrial chemicals and plastics, as well as machinery equipment. Cargos within the same principal category often vary significantly from each other and may require different types of trucks for shipments. The Group provides logistic solutions to companies of all sizes, from small business owners to express delivery companies and manufacturers. The FTA platform offers shippers compelling value propositions, including access to reliable truckers and cost savings.

#### Truckers
The Group has a large network of reliable truckers. Truckers are not the Group's employees, and most of the truckers on the FTA platform are individual owner-operators, who operate a vehicle pool that can satisfy diverse shipping needs, ranging from 1.8-meter-long minivans to 17.5-meter-long heavy-duty trucks. The principal types of trucks on the FTA platform include:

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• **Dry Van Trucks** (箱式卡车). Equipped with a steel compartment, a dry van truck offers aerodynamic and weather protection and is typically used to carry high value consumer products.

• **Flatbed Trucks** (平板卡车). A flatbed truck (including drop-deck truck) has a heavily reinforced steel platform with no roof or walls to the side. Flatbed trucks are typically used to move heavy cargo, such as steel plates and steel coils.

• **Stake Body Trucks** (高栏卡车). A stake body truck is a flatbed truck with stake sides. Stake body trucks are typically used to transport light cargo, such as cargo packed in cardboard boxes and consumer products.

Diagrams illustrating these three major types of trucks by length are set forth below.

![LOGO](g20504g93g93.jpg)

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![LOGO](g20504g94g94.jpg)

The table below summarizes ranges of truck length available in each major truck type described above and the typical corresponding route and maximum cargo weight. In general, trucks with a cargo weight between four to eight tons are classified as medium-duty trucks, while those with a cargo weight of eight tons or above are classified as heavy-duty trucks.

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| | | |
|:---|:---|:---|
| **Truck Length** | **Typical Route** | **Maximum Cargo Weight** |
| 4.2 meters | short-to-medium-haul | 2.5 tons |
| 6.8 to 9.6 meters | medium-to-long-haul | 8 to 19 tons |
|  13 to 17.5 meters | long-haul | 25 to 33 tons |

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In addition, specialized vehicles are available on the FTA platform to satisfy shippers' various shipping needs, such as temperature-controlled trucks (including refrigerator trucks) to transport perishable goods, dump trucks to move construction materials, low-bed trucks to haul heavy equipment, wing trucks for better weather resistance and easy loading and minivans for intra-city shipping orders. The FTA platform offers truckers compelling value propositions, including access to reliable shippers, cost savings and enhanced income.

#### Other Ecosystem Participants
The Group's ecosystem also creates significant value for other ecosystem participants, such as financial institutions, insurance companies, gas station operators, highway authorities, automakers and dealers, by helping them better serve industry participants in the road transportation market.

#### The Group's Technology
Technology is critical to the Group's success and powers the dynamic and large-volume interactions on the FTA platform. The Group has transformed the transaction processes in China's road transportation market by leveraging its vast database and core technologies. The Group's research and development team and cloud-based technological infrastructure enable it to continuously introduce new innovations and offer high quality user experience. The Group will continue to develop and deploy software, operating systems, and infrastructure that cater to a holistic set of shipper and trucker needs, creating value for them and enhancing their stickiness to the FTA platform. This includes infrastructure and technology that cater to the end-to-end intra-city and LTL logistics value chains.

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The Group serves a market that used to operate based on a massive amount of non-digitalized and non-standardized information, spanning a wide range of categories with varying degrees of accuracy and completeness. The Group digitalizes and standardizes such information to efficiently match shippers with truckers. Over the course of operating its business, the Group has developed a vast and comprehensive database relating to shippers, truckers, cargos, trucks, and highways, which contains basic information provided by users as well as a massive amount of user behavioral data, transaction data and industry data. Such data offer the Group valuable insights, create a high entry barrier for potential competitors and give it a significant competitive advantage. In particular, the Group constantly refines its algorithms with the data collected from the FTA platform, enabling better user experience and driving user engagement. This builds up the virtuous cycle, which is self-reinforcing and underpins the sustainability of the Group's business model.

The Group is committed to protecting platform users' data privacy and security. The Group's data is used to develop and enhance its data and analytical capabilities to optimize its solutions and maximize its operational efficiency.

#### The Group's Core Technologies
The Group's core technologies are primarily applied to its freight matching services and form an important aspect of its competitive moat. The Group has transformed the transaction processes in China's road transportation market by leveraging its core technologies, which are set forth below.

<u>Data Labeling</u> 

The Group's data labeling technology systematically categorizes and structuralizes data relating to truckers, trucks, freights, routes and shippers, and the Group is a pioneer in taking this approach in the industry. The Group's technology identifies data features of the underlying data such that the data labels are informative. To optimize the accuracy of data labels, the Group uses a human-in-the-loop machine learning (HITL ML) approach, whereby the machine learning model uses human-provided labels to learn the underlying patterns, and human involvement is maintained to validate a machine learning model's predictions as right or wrong at the time of training. The trained and validated model is then used to make predictions of labels on new data. Data labeling improves the Group's big data analytics capability and is essential for the training of AI models.

<u>Big Data Analytics</u> 

The Group's big data analytics technology is capable of analyzing complex, massive datasets from numerous road transportation scenarios occurring on the FTA platform on a real time basis. Freight matching at such large scale requires the ability to process a large volume of data with numerous analytical dimensions. In addition, in contrast to regional car-hailing or intra-city freight platforms, the Group's digital freight platform has a highly dense network of nationwide routes with different transportation conditions. Management and scheduling of transportation at a national scale involves analyzing a massive amount of non-standardized and multi-dimensional data points with varying degrees of accuracy and completeness. The Group's data analytical system can efficiently handle such complex computing tasks.

<u>AI Algorithms</u> 

The Group uses AI algorithms to intelligently and accurately match truckers with shippers, as well as to accurately price shipments. The Group's AI technology enables it to deliver superior experience and innovative features to platform users. The Group plans to further explore the synergies between AI and the Company's business in the future.

• <u>Matching Algorithms</u>. The Group's matching algorithms are mainly used in two scenarios: search and recommendation of shipments. With respect to searches, relevant shipments are pulled based on a trucker's searching criteria, such as routes and truck type. The matching algorithm predicts the trucker's probability of accepting an order based on the correlation between the freight labels and the trucker labels. The search results are then ranked taking into account such probability. With respect to recommendations, the algorithm analyzes transaction records, current location and recent searches to determine truckers' preferences such as freight types and routes. Truckers receive recommended shipping orders when the system identifies suitable freights located on or near truckers' preferred routes.

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• <u>Pricing Algorithms</u>. The Group's machine learning-based pricing algorithms estimate freight prices, which are used by shippers as references in price negotiations. The pricing methodology depends on the availability of comparable historical transaction data. If a shipping order fits into a standardized category, the recommended price of such shipping order will be based on the average price of recent transactions within such category. If a shipping order does not fit into any standardized category, the system estimates the price using a machine learning model (clustering + lightGBM) that has been trained with a massive amount of historical transaction data. The Group's clustering algorithms help create groups of observations that are similar to each other in terms of how the value of their features affects their prediction. LightGBM is a fast, distributed, high-performance gradient boosting framework based on decision tree algorithms, which is used for ranking, classification and many other machine learning tasks. LightGBM has the advantages of faster training speed, high-efficiency parallel training, better model accuracy and fast processing of massive data. By clustering data affecting pricing and applying such data to LightGBM model, the Group obtains more accurate results in price estimation.

<u>Knowledge Graph</u> 

Leveraging the strength of its big data analytics and AI technologies, the Group pioneered the construction of a knowledge graph. The Group's knowledge graph is a knowledge base that uses a graph-structured data model to store and organize a massive volume of real world data. The knowledge graph is constructed by extracting semi-structured and unstructured data on the Group's systems and using intelligent model to classify such data into different entities and relationships based on real world applications in the road transportation industry. This is achieved through evaluating and analyzing a massive amount of data. Such knowledge graph transforms multi-element and multi-modal data into a holistic semantic network containing hundreds of millions of nodes and hundreds of thousands of relationships, making data easily accessible for applications in the Group's different services, particularly freight matching. Freight matching involves identifying layers of associations between different subjects, which leads to nuanced understanding of a concept, such as textual inputs a trucker uses to search for shipments on the FTA platform. The Group's knowledge graph shows the complex connections between different subjects in China's road transportation industry, such as shippers/truckers, trucks, cargos, routes and gas stations. By doing so, the knowledge graph stores the platform's business logics, which explain matchings made on the platform, and enables the Group's AI algorithms to use the logics or connections to deliver better search results and recommendation of shipments, resulting in better matching results. For example, by showing a connection between a trucker and his frequent routes using the Group's knowledge graph, the Group's AI algorithm can better predict the trucker's intent to find shipments based on his current location and recommend suitable orders. In addition, when a trucker searches for a particular type of cargo, the connections (such as the relationships between the trucker and his past shipments or routes) shown by the knowledge graph enable the Group's AI algorithms to provide better matching results.

<u>IoT</u> 

The Group's innovative applications of IoT technology deliver better user experience to shippers and truckers. For example, the Group's use of IoT technology in cold chain transportation enables shippers to continuously monitor temperature-sensitive cargo effectively and economically. The Group's solution utilizes (i) thermo sensors installed on temperature-controlled trucks, (ii) gateways that receive the sensor data and pass the data to its system, and (iii) an easy-to-use, proprietary mobile application for shippers to monitor temperature remotely and in real time.

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#### The Group's Technological Infrastructure
The Group's technological infrastructure is currently deployed, and its data is currently maintained, on customized cloud computing services. The Group currently relies on its two data centers, as well as third-party cloud services for its computing, storage, bandwidth, backup and other services. The robust technology infrastructure supports instant scaling with great flexibility to support traffic spikes. The Group has the capability to operate and serve during outbreaks related to servers, cables and power in data center scale. Even in the extreme hypothetical situation where both of the Group's data centers are out of service, it would be able to restore to full service with its multi-layer backup system in a relatively short time. As of the date of this annual report, the Group has not experienced any service outbreak that materially affected its business operation.

#### Operational Excellence
We pride ourselves on having transformed and digitalized one of the most traditional industries in China. In addition to the Group's technology capability, our success can be attributed to a high level of execution precision and operational excellence which transcend all aspects of the Group's operations and have enabled the FTA platform to emerge as the leading player among digital freight platforms. In particular, the Group's feet-on-the-street operations team, whom we call the ground force, has been instrumental in the Group's initial user acquisition efforts. During the Group's early days, the ground force went deep into towns and counties, hitting up logistics parks one by one, rain or shine, to promote the FTA platform and services to truckers and shippers. They operate with high level of discipline and precision and are bound by a strong sense of camaraderie. The ground force were the major force behind the Group's development milestones, laying the foundation to bolster the Group's future growth. Today, the ground force continues to be in the frontline for the implementation of the Group's new initiatives and provides an instantaneous feedback loop for the Group's efforts.

#### Environmental Sustainability and Social Responsibility
The Group believes its long-term success rests on its ability to make positive impacts on its environment and society. The Group is committed to being an exemplary corporate citizen working towards the goal of sustainable logistics services by increasing efficiency in the shipping network in China and globally. The Group focuses on the following core values:

• **Environmentally Friendly**. The nature of the Group's services is inherently environmentally friendly.

• **Socially Responsible**. The Group is committed to offering services and solutions that meet the high quality standards of shippers and improve truckers' ability to manage their driving uptime and safety.

• **Quality Governance**. The Group's senior management team is held in high regard for its strong focus on business ethics. To maintain high standards of corporate governance, the Group currently has two independent directors.

The Group believes its core values are aligned with the United Nations Sustainable Development Goals, particularly those related to industry, innovation and infrastructure, climate action, decent work and economic growth, and sustainable cities and communities.

#### The Group's ESG Achievements
The Group is a pioneer in designing and developing a digital, standardized and smart logistics infrastructure, which plays an important role in encouraging sustainable development and empowering communities. Every empty truck running on the road wastes fuel, and the FTA platform contributes to a cleaner environment by reducing such wasteful situations. Additionally, the FTA platform benefits the environment by reducing the number of shipments through higher efficiency of loads. From 2020 to 2025, the Group helped reduce carbon emissions by approximately 149 million metric tons. The Group also dedicated to developing autonomous truck driving technology, which it believes will significantly improve fuel efficiency, enhance safety and reduce carbon emissions. In addition, the Group plans to collaborate with ecosystem participants to promote the use of clean energy-powered trucks, explore the development of systems for managing carbon emissions and support the advertisement of green initiatives to further reduce environmental impact of the road transportation industry. Furthermore, the Group and its employees are undertaking measures for conserving resources and reducing carbon emissions. Such measures include recycling ETC cards from the Group's employees and agents, providing transit buses for the Group's employees, as well as growing green plants on the Group's facilities.

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Some of the truckers on the FTA platform are individual owner-operators from low-income communities. The FTA platform significantly increases their earnings potential by reducing their idle time and wasted mileage. In addition, before the launch of the FTA platform, the road transportation market in China was fraught with poor behaviors from both shippers and truckers who took advantage of the information asymmetry in the vast and fragmented market. The FTA platform establishes rules to protect the interests of honest market players and promote a healthy road transportation market. Furthermore, the Group is undertaking social-minded initiatives to promote truckers' interests and professional dignity, such as hosting annual Truckers' Festivals since 2017, which entail granting trucker awards and conducting trucker well-being surveys, among other efforts. In addition, the Group has launched the "Truckers' Home" feature on its *Yunmanman* and *Huochebang* apps, which enables truckers to conveniently find rest stops for breaks, food and showers on these apps, meeting their needs during long hauls. The Group also made financial donations to schools located in low-income communities.

The Group sponsored a trucker assistance foundation with the mission of helping truckers in need, particularly truckers who suffered incapacitating injury or illness and their families. The foundation also provides various forms of financial support to truckers, such as disaster relief funds and subsidies for truckers' accident insurance. The Group is exploring other initiatives to better serve truckers, such as a collaboration with its ecosystem participants to set up truck stops that offer food and resting areas to truckers.

#### Personal Data and Privacy
The Group is committed to complying with data privacy laws and protecting the security of user data. The Group mainly collects and stores data relating to background information of shippers and truckers, such as name, mobile phone number and identity card number. The Group also collects transactional data for freight matching, including attributes and locations of cargos and models and sizes of trucks. Such information is collected with prior consent from platform users in accordance with applicable laws and regulations. The Group's data usage and privacy policy, which is provided to every user of the Group's mobile apps, describes its data practices. Specifically, the Group undertakes to manage and use the data collected from users in accordance with applicable laws and make reasonable efforts to prevent the unauthorized use, loss, or leak of user data and will not disclose sensitive user data to any third party without users' approval except under legal requirement.

The Group's data protection and privacy policies are focused on ensuring that: (i) the Group's collection of personal data is for the stated purposes as authorized by users and conducted in accordance with applicable laws and regulations and (ii) personal data the Group collects is reasonable for the purposes for which they are collected. The Group's policies are administered by its security department and legal department. The Group's security department and legal department are responsible for reviewing and approving the testing or launching any service or product that collects personal data, and monitoring data collection practices on an ongoing basis.

The Group stores all data in the PRC primarily in two cloud databases based on MySQL open-source technology. User data are stored in encrypted format. The Group's main cloud database allows its data and application to be hosted in multiple locations to improve performance and uptime. The Group backs up its user data and operating data on a regular basis in a back-up database maintained by a separate cloud provider to minimize the risk of user data loss or leakage.

The Group controls and monitors employees' access to its IT systems, and limits any access to data based on necessity and maintain records of data access. The Group grants different levels of data access right to employees based on their responsibilities and subject to expiry date, and reviews necessity before extending access right. The Group's policies require products and services that involve access to or processing of sensitive data to be subject to separate assessment and approval procedures, and the Group monitors employee's access to such data.

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The Group encrypts its data transmission, especially user data transmission, using sophisticated security protocols and algorithms to ensure confidentiality. The Group adopts Application Programming Interface (API) security measures, which segregate its internal databases and operating systems from its external-facing services and intercept unauthorized access. The Group does not share with, transfer or disclose personal data to any third-parties except for certain limited circumstances, including when it is expressly authorized by platform users and necessary to fulfill its services to platform users, or in compliance with applicable laws and regulations. The Group de-sensitizes user data by removing personally identifiable information when sharing data with its business partners. In circumstances where the Group allows third-party product or service that collects personal data available on the FTA platform pursuant to its cooperation arrangements with its business partners, the Group's policies require for adequate protection of platform users' data. The Group maintains a strict vetting process before allowing such cooperation to assess the integrity of its business partners, and monitors and periodically reviews data collection practices of its business partners. The Group requires its business partners to strictly follow the terms of authorization and the scope of usage set forth in the relevant agreements with platform users when processing and analyzing their data. The Group will terminate cooperation arrangement with third parties immediately if it discovers any unauthorized usage or leakage of the shared personal data.

In addition, the Group uses third-party cybersecurity companies to conduct regular penetration tests to identify weaknesses in its system and evaluate its security. Whenever an issue is discovered, the Group seeks to take prompt actions to upgrade its system and mitigate any potential problems that may undermine the security of its system. The Group conducts periodic internal security review and uses a variety of technologies to protect its data. The Group maintains cybersecurity contingency plans and regularly conducts drills to test its incident detection and response strategies. The Group believes its policies and practice with respect to data privacy and security are in compliance with applicable laws and consistent with prevalent industry practice in all material respects.

#### Customer Services
As of December 31, 2025, the Group's customer service team consisted of 1370 members. The Group's users can submit inquiries and complaints through the Group's mobile apps on a 24/7 basis or calling its customer service hotline. The Group is committed to addressing user inquiries and complaints in a prompt and fair manner. The Group offers AI-powered automated customer service, which can solve its customers' problems more efficiently. The Group also uses its data insights to analyze customer service needs and proactively address issues. This is complemented by the ground force who helps the Group better understand user behavior and needs through personal connections and face-to-face meetings, which supplements the data insights the Group accumulates through its online platform and enables the Group to better serve its ecosystem participants.

The Group implements rules to address common bad behaviors of ecosystem participants, such as order cancelation, misrepresentation of cargo information or nonpayment of shipping fees by shippers and poor service by truckers. The Group designed these rules based on its extensive industry knowledge and data insights. For example, the Group sets penalty standards for order cancelation by shippers or truckers and requires deposits from truckers to secure shipping orders. The deposits are paid by truckers to an escrow bank account at a third-party commercial bank and will be released to shipper's bank account or refunded to trucker's bank account upon completion or cancellation of the relevant transactions, as applicable. Parties that violate the Group's rules may be banned from the FTA platform in the future. The Group also offers a robust ratings system that allows truckers to review shippers. Highly-rated shippers enjoy privileges such as the right to post limited free shipping orders and priority in posting shipping orders. Truckers also have a separate rating system and those with higher ratings enjoy priority in taking shipping orders.

The Group is committed to protecting the interests of all of the FTA platform users. The Group has recruited customer experience officers from its frequent users and have periodic meetings with them to collect their feedback, which the Group will use to adjust and/or improve its products, services, as well as features and functions on the FTA platform.

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#### Sales and Marketing
While the Group's current scale and compelling value propositions attract shippers and truckers organically to the FTA platform through word-of-mouth referrals, the Group also engages in online marketing through various channels, such as app store advertising, popular search engines and social media platforms. The Group supplements its online marketing efforts with the ground force's personal connections. The Group also leverages its data insights to optimize the efficiency of its marketing activities. In addition, the Group engages truckers to promote its brands through placing the Group's logo stickers on their trucks. As a result, the Group is able to acquire users in a cost-effective manner.

#### Competition
The Group designs and develops a digital, standardized and smart logistics infrastructure that serves both shippers and truckers and connects other ecosystem participants. The Group believes no other industry participant with a meaningful scale in China has applied a similar marketplace model. However, the Group faces competition from regional players in local markets and players that focus on certain segments of the road transportation market. The Group also competes with other companies for value-added services that cater to various essential needs of shippers and truckers. Players that focus on certain segments of the road transportation market may enter into new segments in which the Group operates and competes with it. Furthermore, large technology companies that have strong brand recognition, substantial financial resources and sophisticated technology capabilities may develop their own digital freight platforms in the future. The Group believes that its competitive advantage over existing and potential competitors lies in its large platform with powerful network effects, industry-wide logistics infrastructure that is digital, standardized and smart, comprehensive logistics and value-added services that drive increasing user engagement, proprietary and innovative technologies, and experienced management with technology and logistics expertise.

#### Employees
As of December 31, 2023, 2024 and 2025, the Group had a total of 7,585, 7,185 and 8,251 employees, respectively. The following table sets forth a breakdown of the Group's full-time employees categorized by function as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Function** | **Number of employees** | **% of total employees** |
|  Customer services and operations | 1801 | 21.8 |
|  Research and development | 1264 | 15.3 |
|  General and administration | 516 | 6.3 |
|  Sales and marketing | 4670 | 56.6 |
|  **Total** | **8251** | **100.0** |

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As of December 31, 2025, a substantial majority of the Group's employees were based in China. We believe the Group offers its employees competitive compensation packages and a dynamic work environment that encourages initiative and is based on merit. As a result, the Group has been able to attract and retain talented personnel and maintain a stable core management team.

As required by PRC regulations, the Group participates in various government statutory employee benefit plans, including social insurance, namely pension insurance, medical insurance, unemployment insurance, work-related injury insurance and maternity insurance, and housing funds. The Group is required under PRC law to make contributions to employee benefit plans at specified percentages of the salaries, bonuses and certain allowances of the Group's employees, up to a maximum amount specified by the local government regulations from time to time. The Group enters into standard labor, confidentiality and non-compete agreements with its employees. The non-compete restricted period typically expires two years after the termination of employment, and the Group agrees to compensate the employee with a certain percentage of his or her pre-departure salary during the restricted period.

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Our employees in China have established a labor union in accordance with PRC laws. We believe that the Group maintains a good working relationship with its employees and the Group did not experience any significant labor disputes or any difficulty in recruiting staff for its operations.

#### Facilities
The Group maintains a number of leased properties. The Group leases approximately 41,178 square meters of office space in Nanjing, Jiangsu Province, primarily for corporate administration and research and development. In addition, the Group leases office spaces in Beijing, Shanghai, Suzhou and other cities within and outside China to house its personnel engaged in platform operations, regional corporate administration and technology support.

The Group has land use right for a parcel of land of approximately 21,817 square meters in Nanjing, Jiangsu Province, where the Group is currently constructing an office building for its headquarter in Nanjing. The estimated amount of expenditure in constructing the office building is RMB0.8 billion (US$0.1 billion). As of December 31, 2025, the Group paid RMB248.4 million (US$35.5 million) in cumulative for the construction, net of value added tax. The construction is funded by cash owned by the Group. The construction started in the second half of 2023 and is expected to complete in the second half of 2027. After completion, the building is expected to provide approximately 120,000 square meters of office space. The Group also owns an office building with office space of approximately 10,717 square meters in Guiyang, Guizhou Province.

We intend to add new facilities or expand the Group's existing facilities as the Group scales up its business operation. We believe that suitable additional or alternative space will be available in the future on commercially reasonable terms to accommodate our foreseeable future expansion.

#### Intellectual Property
The Group has developed a number of proprietary systems and technologies, and our success depends on the Group's ability to protect its core technologies and intellectual property. The Group utilizes a combination of patents, trademarks, copyrights, trade secrets and confidentiality policies to protect its proprietary rights. As of December 31, 2025, the Group had 415 patents, 133 pending patent applications, 1491 registered trademarks and 47 pending trademark applications in China. As of December 31, 2025, the Group also had 460 registered software copyrights in China. As of December 31, 2025, the Group had 46 registered trademarks in other countries, including India, Russia and Vietnam.

#### Insurance
The Group maintains property insurance and drivers' liability insurance. Pursuant to PRC regulations, the Group provides social insurance including pension insurance, unemployment insurance, work-related injury insurance and medical insurance for its employees based in China. The Group does not maintain business interruption insurance or key-man insurance. For further details, see "Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—The Group's insurance coverage strategy may not be adequate to protect it from all business risks or, if insurance carriers change the terms of such insurance in a manner not favorable to us, if we are required to purchase additional insurance for other aspects of the Group's business, or if we fail to comply with regulations governing insurance coverage, the Group's business could be harmed." We believe that the Group's insurance coverage is in line with the industry and adequate to cover its key assets, facilities and liabilities.

#### Legal Proceedings and Compliance
During 2025 and up to the date of this annual report, we had not been involved in any litigation, arbitration or administrative proceeding against us that could have a material and adverse effect on the Group's business, financial condition or results of operations, except as disclosed below. We may from time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

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#### Shareholder Class Action Lawsuits

#### In re Full Truck Alliance Co. Ltd. Securities Litigation, No. 654232/2021 (Sup. Ct. N.Y.)
On July 7, 2021, FTA and certain of its current and former directors and officers and others were named as defendants in a putative shareholder class action lawsuit filed in the Supreme Court of the State of New York. An additional action was subsequently filed in the Supreme Court of the State of New York. On October 20, 2021, the two actions were consolidated and re-captioned as "*In re Full Truck Alliance Co. Ltd. Securities Litigation*." A Consolidated Amended Complaint was submitted on November 29, 2021, and FTA filed its motion to dismiss on January 31, 2022. Plaintiffs filed their opposition to FTA's motion to dismiss on March 31, 2022. FTA filed its reply in support of its motion to dismiss on April 29, 2022. A hearing was held on January 19, 2023.

The action is brought on behalf of a putative class of persons who purchased or acquired the Company's securities pursuant or traceable to the Company's June 22, 2021 initial public offering ("IPO"). The Consolidated Amended Complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 based on allegedly false and misleading statements or omissions in the Company's Registration Statement issued in connection with the IPO.

#### Pratyush Kohli v. Full Truck Alliance Co. Ltd., et al., Case No. 1:21-cv-03903 (E.D.N.Y.)
On July 12, 2021, FTA, certain of its current and former directors and officers and others were named as defendants in a putative shareholder class action lawsuit filed in the Eastern District of New York. On September 13, 2022, an amended class action complaint was filed. On November 1, 2022, a second amended class action complaint ("SAC") was filed, which FTA and certain other defendants moved to dismiss on February 2, 2023. Plaintiffs submitted their opposition to FTA's motion to dismiss on April 3, 2023. FTA and certain other defendants submitted their reply in support of the motion to dismiss on May 18, 2023.

The action is brought on behalf of a putative class of persons who purchased or acquired the Company's securities from June 22, 2021 to July 2, 2021. The SAC alleges violations of Sections 11 and 15 of the Securities Act of 1933 based on allegedly false and misleading statements or omissions in the Company's Registration Statement issued in connection with the IPO. The SAC also alleges violations of Section 10(b) and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Securities Exchange Act of 1934.

#### Settlement
On September 17, 2023, FTA entered into a binding term sheet that agrees in principle to settle both of the class action lawsuits described above. On or around February 27, 2024, FTA and other parties to the lawsuits executed a stipulation of settlement that resolves the lawsuits for $10.25 million. The settlement amount is an all-in amount that covers all attorneys' fees, administrative costs, expenses, class member benefits, class representative awards, and costs of any kind associated with the resolution of the lawsuits. On March 8, 2024, the parties submitted the stipulation to the Supreme Court of the State of New York, or the Court, and the Court preliminarily approved the settlement on April 3, 2024. On April 8, 2024, FTA paid the settlement amount in full. The final settlement approval was obtained on September 5, 2024. By agreeing to settle the lawsuits, FTA does not admit any allegations in the lawsuits or violation of any law or regulations.

#### Licenses, Permits and Approvals
In connection with our previous issuance of securities to foreign investors, under current PRC laws, regulations and regulatory rules as of the date of this annual report, we, our PRC subsidiaries and our Group VIEs, (i) are not required to obtain permissions from the CSRC, (ii) are not required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not received or were denied such requisite permissions by any PRC authority. However, the PRC government has indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, and we cannot assure you that the relevant PRC government authorities will reach the same conclusion in the future. The CRO announced the initiation of a cybersecurity review of the *Yunmanman* and *Huochebang* apps on July 5, 2021. During the cybersecurity review, the *Yunmanman* and *Huochebang* apps were required to suspend new user registration. Based on notification by the CRO, we have resumed new user registration on the *Yunmanman* and *Huochebang* apps since June 29, 2022. For more details, see "Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry— The Group's business is subject to complex and evolving PRC laws and regulations relating to cybersecurity and data security; and Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—Uncertainties exist with respect to the interpretation and implementation of the newly enacted PRC Foreign Investment Law and its implementing rules and how they may impact the Group's business, financial condition and results of operations."

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The Group had obtained all requisite licenses, approvals and permits from relevant authorities that are material to its operations in China as of the date of this annual report. The following table sets out a list of material licenses and permits currently held by the Group.

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| | | | |
|:---|:---|:---|:---|
| **License/Permit** | **Holder** | **Grant/Renew Date** | **Expiration Date** |
| Value-Added Telecommunication Business Operation License | Manyun Software | January 23, 2024 | January 5, 2027 |
| Permit for Road Transport Business | Manyun Software | December 31, 2025 | December 31, 2029 |
| Value-Added Telecommunication Business Operation License | Manyun Cold Chain | March 30, 2023 | September 13, 2026 |
| Permit for Road Transport Business | Manyun Cold Chain | July 19, 2023 | July 18, 2027 |
| Approval of the Establishment of Huochebang Microfinance | Huochebang Microfinance | July 13, 2016 | N/A |
| Approval of the Operation of Huochebang Microfinance | Huochebang Microfinance | December 15, 2016 | N/A |
| Permit for Insurance Brokerage Business | Shan'en Insurance | February 20, 2024 | March 4, 2027 |
| Permit for Road Transport Business | Shan'en Technology | November 26, 2024 | November 25, 2028 |
| Value-Added Telecommunication Business Operation License | Shan'en Technology | August 28, 2023 | December 19, 2026 |
| Telecommunications Network Code Resource Usage Certificate | Shan'en Technology | February 19, 2025 | March 4, 2027 |
| Permit for Road Transport Business | Hainan Manyun | May 23, 2024 | May 22, 2025 |
| Permit for Road Transport Business | Suqian Manyun Software Technology Co., Ltd. | December 31, 2025 | December 30, 2029 |
| Value-Added Telecommunication Business Operation License | Jiangsu Yunmanman Tongcheng Information Technology Co., Ltd., or Jiangsu Tongcheng | January 23, 2024 | November 3, 2027 |
| Permit for Road Transport Business | Jiangsu Tongcheng | September 15, 2023 | September 14, 2027 |

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#### Regulatory Matters
The following is a summary of the most significant rules and regulations that affect our business activities in China or the rights of our shareholders to receive dividends and other distributions from us.

#### Regulations Related to Foreign Investment
The establishment, operation and management of companies in PRC are governed by the Company Law of PRC, or the Company Law, which was promulgated by the SCNPC on December 29, 1993, came into effect on July 1, 1994 and was most recently revised on December 29, 2023. The Company Law is applicable to both PRC domestic companies and foreign-invested companies, while the investment activities of a foreign investor shall be governed by the Foreign Investment Law of PRC and its implementation rules.

On March 15, 2019, the National People's Congress, or the NPC, approved the Foreign Investment Law of PRC or the Foreign Investment Law, which came into effect on January 1, 2020 and replaced the Sino-Foreign Equity Joint Venture Enterprise Law of PRC, the Sino-Foreign Cooperative Joint Venture Enterprise Law of PRC and the Wholly Foreign-owned Enterprise Law of PRC, and become the legal foundation for foreign investment in the PRC. Pursuant to the Foreign Investment Law, "foreign investments" refer to investment activities conducted by foreign investors (including foreign natural persons, foreign enterprises or other foreign organizations) directly or indirectly in the PRC which include any of the following circumstances: (i) a foreign investor, solely or jointly with other investors, establishing a foreign-invested enterprise within PRC; (ii) a foreign investor acquiring shares, equity interests, property portions, or other similar rights and interests of an enterprise within PRC; (iii) a foreign investor, solely or jointly with other investors, investing in any new project within PRC; and (iv) investment of other methods as specified in laws, administrative regulations or as stipulated by the State Council by any foreign investor.

To ensure the effective implementation of the Foreign Investment Law, the Regulations on Implementing the Foreign Investment Law of PRC, or the Implementation Regulations, was promulgated by State Council on December 26, 2019 and came into effect on January 1, 2020, which further provides that, among others, (i) if a foreign-invested enterprise established prior to the effective date of the Foreign Investment Law fails to adjust its legal form or governance structure to comply with the provisions of the Companies Law or the Partnership Enterprises Law of the PRC, as applicable, and complete amendment registration before January 1, 2025, the enterprise registration authority will not process other registration matters of the foreign-invested enterprise and may publicize such non-compliance thereafter; (ii) the provisions regarding transfer of equity interest and distribution of profits and remaining assets as stipulated in the contracts among the joint venture parties of a foreign-invested enterprise established before the effective date of the Foreign Investment Law may, after adjustment of the legal form and governing structure of such foreign-invested enterprise, remain binding upon the parties during the joint venture term of the enterprise. In order to coincide with the implementation of the Foreign Investment Law and the Implementation Regulations, the MOFCOM, and the SAMR promulgated the Measures for Reporting of Information on Foreign Investment on December 30, 2019, effective from January 1, 2020, which provides that foreign investors or foreign-invested enterprises, shall submit investment information by submitting initial reports, change reports, deregistration reports, and annual reports through an enterprise registration system and a national enterprise credit information publicity system.

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According to the Foreign Investment Law, the State Council shall promulgate or approve a list of special administrative measures for access of foreign investments, or the Negative List. The Foreign Investment Law grants national treatment to foreign-invested entities, except for those foreign-invested entities that operate in industries deemed to be either "restricted" or "prohibited" in the Negative List, and pursuant to which the foreign investors shall not invest in the "prohibited" industries and shall meet certain requirements as stipulated under the Negative List for making investment in "restricted" industries and the NDRC and the Ministry of Commerce issued the Special Entry Management Measures (Negative List) for the Access of Foreign Investment (2024 version), or the 2024 Negative List, which took effect on November 1, 2024. The 2024 Negative List sets out the industries in which foreign investments are prohibited or restricted. Pursuant to the Foreign Investment Law, the Implementation Regulations and the 2024 Negative List, foreign investors shall not make investments in prohibited industries as specified in the negative list, while foreign investments must satisfy certain conditions stipulated in the negative list for investment in restricted industries. Industries not listed in the 2024 Negative List shall be regulated according to the principle of equal treatment of domestic and foreign investments.

#### Regulations Related to Value-added Telecommunications Services
<u>Regulations on Value-added Telecommunications Services</u> 

The Telecommunications Regulations of PRC, or the Telecommunications Regulations, as promulgated by the State Council on September 25, 2000 and most recently amended on February 6, 2016, requires telecommunications service providers to obtain operating licenses prior to the commencement of their operations. The Telecommunications Regulations distinguish "basic telecommunications services" from "value-added telecommunications services", and define the "value-added telecommunications services" as "telecommunications and information services provided through public networks". The State Council The Administrative Measures on Internet Information Services, or the ICP Measures, promulgated by the State Council on September 25, 2000 and most recently amended December 6, 2024, classifies internet information services into "commercial internet information services" which refers to the provision with charge of payment of information or website production or other service activities to online users through the internet, and "non-commercial internet information services" which refers to the provision with free of charge of information that lying in the public domain and can be assessed by online users through the internet. The ICP Measures provides that a commercial internet information services provider must procure a value-added telecommunications business operating license from the appropriate telecommunications authorities.

On December 28, 2015, the Ministry of Information Industry of PRC, or the MII, which is the predecessor of the Ministry of Industry and Information Technology, or the MIIT) promulgated the Classification Catalogue of Telecommunications Services (2015 version), or the Classification Catalogue, which was last amended on June 6, 2019. Pursuant to the Classification Catalogue, the information services provided by the company through fixed networks, mobile networks and the Internet are all value-added telecommunications services.

Moreover, the Administrative Measures on Telecommunications Business Operating Licenses (2017 version), or the Licenses Measures, promulgated by the MIIT in July 2017 and came into effect in September 2017, set forth more provisions to specify the types of licenses required to operate value-added telecommunications services, the qualifications and procedures for obtaining such licenses and the administration and supervision of such licenses. Under the Licenses Measures, a commercial operator of value-added telecommunications services must first obtain a value-added telecommunications services license and operate its telecommunications business in accordance with the type of telecommunications business that lies within the scope of business coverage as stated in its business permit, and pursuant to the provisions of the business permit. Otherwise, such operator might be subject to sanctions. The consolidated affiliates and their subsidiaries hold licenses for value-added telecommunications services covering online data processing and transaction processing business and internet information services.

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<u>Regulations on Foreign Investment Restriction on Value-Added Telecommunications Services</u>

According to the 2024 Negative List, the equity ratio of foreign investment in the value-added telecommunications enterprises shall not exceed 50% except for the investment in e-commerce operation business, domestic multi-party communication business, information storage and re-transmission business or call center business. Specially, pursuant to the Regulations for the Foreign-Invested Telecommunications Enterprises, which was promulgated by the State Council on December 11, 2001 and most recently amended on March 29, 2022, the ultimate foreign equity ownership in a foreign-invested value-added telecommunication enterprise is subject to a cap of 50%.

On July 13, 2006, the MII issued the Circular on Strengthening the Administration of Foreign Investment in and Operation of Value-added Telecommunications Business, according to which, a foreign investor in the telecommunications service industry in the PRC must establish a foreign invested enterprise and apply for a telecommunications business operation license, while a domestic company that holds a value-added telecommunications business operation licenses is prohibited from leasing, transferring or selling the license to foreign investors in any means, and from providing any assistance, including providing resources, sits or facilities, to foreign investors that illegally conduct value-added telecommunications business in the PRC.

#### Regulations Related to Road Transportations
The Regulations on Road Transportation of PRC, promulgated by the State Council on April 30, 2004 and most recently amended and took effective on March 20, 2026, and the Provisions on Administration of Road Transportation and Stations (Sites) issued by the MOT on June 16, 2005 and last amended on November 10, 2023, requires that any individuals or institutions that applies for operation of freight transportation shall have: (i) qualified vehicles for operations; (ii) competent drivers under 60 with relevant driving licenses and (except for drivers who use general freight vehicles with a total mass of 4.5 tons or less) requisite knowledge, and (iii) sound and proper administrative systems for safe operation. The transportation administrations at the county level (districted city level, if for dangerous cargos transportations) is responsible for the issuance of the operation permit for the freight transport operating enterprise and the operation licenses for the freight transport operating vehicles. The enterprise shall conduct freight transportation operation in accordance with the scope specified under its road transportation permit and shall not transfer or rent such permit to others.

On April 15, 2016, the Stated Council promulgated the Opinions of the General Office of the State Council on In-depth Implementation of the "Internet + Circulation" Action Plan, among which the pilot program in non-vehicle operating carriers for road freight transportation is first time raised and non-vehicle operating carriers within the scope of the pilot program is allowed to provide transport service. On August 26, 2016, the MOT promulgated the Opinions of the General Office of the MOT on Promoting the Pilot Reform and Accelerating the Innovative Development of Non-vehicle Operating Carrier Logistics, according to which provincial transport departments shall formulate and implement pilot implementation plans from October 2016 to November 2017.

Since November 2017, a series of regulations regarding the operation of non-vehicle operating carriers, including the Notice on Further Promoting the Pilot Program of Non-vehicle Operating Carriers on November 15, 2017 and the Notice on Promoting Pilot Work for Non-vehicle Operating Carriers on April 8, 2018 were promulgated by the MOT. Jiangsu Provincial Department of Transportation also issued a Notice on Further Promoting the Pilot Work for Non-vehicle Operating Carriers' Road Freight on March 13, 2019. Later, on the basis of systematically summarizing the pilot work of non-vehicle operating carriers, on September 6, 2019, the MOT and the SAT jointly issued the Interim Measures for Administration of Road Freight Transport Operation on Online Platform, or the Interim Measure of Road Freight Transport, which took effect on January 1, 2020, and, pursuant to which, "online freight operation" refers to the road freight transport operation activities in which an operator integrates and allocates transport resources on an online platform, enters into a transport contract with the consignor in the capacity of a carrier, entrusts an actual carrier to complete the road freight transportation, and assumes the responsibility of the carrier. According to the Interim Measure of Road Freight Transport, besides the road transportation permit with the business scope of online freight transport, the operators of online freight transport business shall also meet the requirements on commercial internet information service pursuant to the ICP Measures. In addition, the operators of online freight transport business shall record the user registration information, identity authentication information, service information and transaction information of the actual carrier and the consignor, keep relevant tax-related materials, and ensure the authenticity, completeness and availability of such information in accordance with the requirements of the E-Commerce Law of PRC, the Law on the Administration of Tax Collection of PRC and its implementing rules. The operators of online freight transport business shall also examine the qualifications of the vehicles and drivers, subject to certain exceptions. In cases where serious accidents arise from the operators of online freight transport business entrusting unqualified drivers or vehicles to provide transportation services, such operators will be subject to relevant regulatory and administrative actions. The authorities responsible for the supervision and administration of road transportation at the county level shall issue the operation licenses with operating scope of online freight transport operation to qualified online freight operators. The term of effect of the Interim Measure of Road Freight Transport is two years since January 1, 2020. On December 20, 2023, the MOT and the SAT jointly issued the Announcement of Extending the Validity of the Interim Measures for Administration of Road Freight Transport Operation on Online Platform (2023), according to which the term of effect of the Interim Measure of Road Freight Transport was extended to December 31, 2025. On January 23, 2026, the MOT and SAT promulgated the Measures for the Operation and Administration of Online Freight Contracting Platforms, where the network Freight carrier platform will be regulated. Compared with Interim Measure of Road Freight Transport, the Measures for the Operation and Administration of Online Freight Contracting Platforms detailed regulations in aspects such as the division of platform responsibilities, regulatory measures, and data security.

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On September 24, 2019, the MOT promulgated three guidelines on the road freight transport operation on online platform, including the Service Guidelines on the Road Freight Transport Operation on Online Platform, the Guidelines on the Construction of Provincial Online Freight Information Monitoring System and the Access Guidelines on the Ministerial Online Freight Information Interaction System, all of which came into effect at the same date. Among those, the Service Guidelines on the Road Freight Transport Operation on Online Platform sets forth that the services provided by online freight operators shall meet the requirements include: (i) obtaining the value-added telecommunication business operation licenses, (ii) complying with state's requirements for graded protection of information system security, (iii) connecting to the provincial online freight information monitoring system, and (iv) equipped with features including information release, online transaction, full-process monitoring, online financial payment, consultation and complaint, query statistics and data retrieval.

On April 2, 2024, the MOT published Specifications for road freight service on online platform. These specifications set forth the requirements for platform functions, information verification and registration, service procedures, safety production, cybersecurity, and service evaluation metrics. The specifications apply to road freight transport operations on online platforms and may be used as a reference for road freight information services conducted through online platforms.

#### Regulations Related to Credit Solutions
<u>Regulations on Small Loan Business</u> 

In May 2008, the China Banking Regulatory Commission, or the CBRC, which is the predecessor of the National Administration of Financial Regulation, or the NAFR and the People's Bank of China, or the PBOC, jointly promulgated the Guidance on the Pilot Operation of Small Loan Companies, or the Pilot Guidance, pursuant to which a micro credit company is a company that specializes in operating a micro-loan business with investments from natural persons, legal entities or other social organizations, and which does not accept public deposits. The establishment of a small loan company is subject to the approval of the competent government authority at the provincial level. Furthermore, the balance of the capital borrowed by a small loan company from financial institutions must not exceed 50% of the net capital of such small loan company. With respect to the grant of credit, small loan companies are required to adhere to the principle of "small sum and decentralization" and the outstanding balance of the loans granted by a small loan company to one borrower cannot exceed 5% of the net capital of such company. The interest ceiling used by a small loan company may be determined by such companies but in no circumstance shall they exceed the restrictions prescribed by the judicatory authority. The interest floor is 0.9 times the base interest rate published by the PBOC. Small loan companies have the flexibility to determine the specific interest rate within the range depending on certain market conditions. In addition, according to the Pilot Guidance, small loan companies are required to establish and improve their corporate governance structures, the loan management systems, the financial accounting systems, the asset classification systems, the provision systems for accurate asset classification and their information disclosure systems, and such companies are required to make adequate provisions for impairment loss. Small loan companies are also required to accept public scrutiny supervision and are prohibited from carrying out illegal fund-raising in any form.

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Based on the Pilot Guidance, many provincial governments in China, including that of Guizhou Province, promulgated local implementation rules on the administration of small loan companies. For example, General Office of Guizhou Provincial People's Government promulgated the Pilot Interim Measures for the Establishment of Small Loan Companies in Guizhou Province on October 28, 2008 and Interim Measures for the Administration of Small Loan Companies in Guizhou Province on November 9, 2018, to impose the management duties upon the relevant regulatory authorities and to specify more detailed requirements on the small loan companies within Guizhou.

On July 18, 2015, ten PRC regulatory authorities including the PBOC, the CBRC and the MIIT, jointly issued the Guidance on Promoting the Sound Development of Internet Finance, which encourages innovation to support the steady progress of Internet finance and provides classified guidance and clarifies the responsibility for supervision and administration of Internet finance.

In November 2017, The Office of the Leading Group of Special Rectification of Internet Financial Risks issued the Notice on the Immediate Suspension of Approvals for the Establishment of Online Small Loan Companies, which became effective immediately and provides that the relevant regulatory authorities of small loan companies shall not grant any approval of the establishment of network small loan companies, or grant any approval of any existed small loan business to conduct business across the provinces.

On November 2, 2020, the CBIRC and PBOC jointly published the draft Interim Measures for the Administration of Online Small Loan Business or the Draft Online Small Loan Measures for public comments. The Draft Online Small Loan Measures provide, among others, that an online small loan company must obtain the CBIRC's approval before carrying out online small loan business across different provinces. Under the Draft Online Small Loan Measures, the existing online small loan companies with businesses across provinces in China will have a three-year transition period to obtain the required approval and adjust their businesses as necessary to be in compliance with these measures. Also, the Draft Online Small Loan Measures provide raises the registered capital threshold of the small loan companies. Specifically, the paid-in registered capital of a small loan company shall be no less than RMB1 billion and among which the paid-in registered capital of a small loan company conducting small loan business across different provinces shall be no less than RMB5 billion.

On December 31, 2024, the NAFR published the Interim Measures for the Supervision and Administration of Small Loan Companies, which aim to regulate the behavior of small loan companies, strengthen supervision and administration, prevent and resolve risks, and promote the steady operation and sound development of small loan companies. Pursuant to the Supervision and Administration of Small Loan Companies, the balance of loans granted by online small loan companies to a single household for consumption shall not exceed RMB200,000, and the balance of loans granted to a single household for production and business operations shall not exceed RMB10 million.

Huochebang Microfinance, which is a subsidiary of one of our PRC subsidiaries is approved by the local governmental authority to conduct network small loan business.

<u>Regulations on Financing Guarantee Business</u> 

In March 2010, the CBRC, the NDRC, the MIIT, the MOFCOM, PBOC, the State Administration for Industry and Commerce, or the SAIC, and the Ministry of Finance of PRC promulgated the Tentative Measures for the Administration of Financing Guarantee Companies, which stipulated the registered capital, business scope, operating rules, risk control and supervision of financing guarantee companies, and also provided that the outstanding balance of financing guarantee liabilities of the financing guarantee company shall not exceed 10 times of its net assets. In September 6, 2010, the CBRC promulgated the Guidelines on the Administration of Business License of Financing Guarantee Institutions, which further regulated the issuance, renewal and cancelation of the business license of financing guarantee institutions.

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In August 2017, the State Council promulgated the Regulations on the Supervision and Administration of Financing Guarantee Companies, or the Financing Guarantee Regulations, which became effective on October 1, 2017. Pursuant to the Financing Guarantee Regulations, define "financing guarantee" the activities where a guarantor provides guarantee for debt financing such as borrowings or debentures of a debtor, and set out that the establishment of a financing guarantee company or engagement in the financing guarantee business without approval may result in several penalties, including but not limited to suspend its operation, confiscation of illegal gains and fines between RMB500,000 and RMB1,000,000. The Financing Guarantee Regulations further states that the outstanding guarantee liabilities of a financing guarantee company vis-à-vis the same guaranteed party shall not exceed 10% of the net assets of the financing guarantee company, while the outstanding guarantee liabilities of a financing guarantee company vis-à-vis the same guaranteed party and its affiliated parties shall not exceed 15% of its net assets.

On October 9, 2019, the CBIRC and other eight PRC regulatory agencies promulgated the Supplementary Provisions on the Supervision and Administration of Financing Guarantee Companies, or the Financing Guarantee Supplementary Provisions, which was most recently amended on June 21, 2021. The Financing Guarantee Supplementary Provisions provides that, among others, institutions providing services such as client recommendation and credit assessment to various institutional funding partners shall not render any financing guarantee service, whether directly or in disguised form, without the necessary approval.

Tianjin Full Truck Alliance Financing Assurance Co., Ltd. is a subsidiary of one of our wholly foreign owned enterprises, holding a license to conduct financing guarantee business.

<u>Regulations on Commercial Factoring</u> 

Pursuant to the Notice on Pilot Scheme for Commercial Factoring, or Notice 419, along with other circulars to launch the pilot scheme for commercial factoring, which was promulgated by the MOFCOM on June 27, 2012, a trial implementation of commercial factoring pilot work was permitted in Tianjin Binhai New District and certain other areas. According to the local implementation rules, a commercial factoring enterprise may be established upon approval by the local counterparts of the MOFCOM or other competent authorities (e.g. local financial work offices) in the said regions. The business scope of a commercial factoring company may cover trade financing services, management of sales ledgers, customer credit investigation and evaluation, management and collection of accounts receivable and credit risk guarantee. On October 18, 2019, the CBIRC issued the Circular on Strengthening the Supervision and Administration of Commercial Factoring Enterprises, which was most recently amended on June 21, 2021, to regulate the operating activities of commercial factoring enterprises, clarify regulatory responsibilities and emphasize that commercial factoring enterprises shall not engage in, among others, the following businesses: (i) absorbing public funds either directly or in disguise; (ii) lending or borrowing money from other commercial factoring enterprises, directly or in disguise; (iii) facilitating loans or entrusted by another person to facilitate loan.

Tianjin Manyun Commercial Factoring Co., Ltd., a subsidiary of one of our wholly foreign owned enterprises, is approved by competent authority to conduct commercial factoring business.

<u>Regulations on Insurance Brokerage</u> 

The primary regulation governing the insurance intermediaries is the Insurance Law of the PRC, or the Insurance Law, as amended on April 24, 2015. According to the Insurance Law, the China Insurance Regulatory Commission, or the CIRC, which is the predecessor of the NAFR, is the regulatory authority responsible for the supervision and administration of the PRC insurance companies and the intermediaries in the insurance sector, including insurance brokerage.

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On February 1, 2018, the CIRC promulgated the Provisions on the Regulation of Insurance Brokers, which became effective on May 1, 2018. Pursuant to the Provisions on the Regulation of Insurance Brokers, the establishment and operation of an insurance brokerage company must meet the qualification requirements specified by the CIRC, obtain approval from the CIRC and be licensed by the CIRC. Specifically, the paid-in registered capital of a cross-province insurance brokerage company at least must be RMB50 million and that for an intra-province insurance brokerage company (the one only operates within the province in which it is registered) at least must be RMB10 million.

In July 2015, the CIRC issued the Interim Measures for the Regulation of Internet Insurance Business, or the Internet Insurance Interim Measures, pursuant to which no institutions or individuals other than insurance institutions (namely, insurance companies, insurance agency companies, insurance brokerage companies and other qualified insurance intermediaries) may engage in the internet insurance business. Under the Internet Insurance Interim Measures, insurance institutions are allowed to conduct internet insurance business through both self-operated online platforms and third-party online platforms, and both self-operated online platforms and third-party online platforms are required to meet certain conditions and are subject to certain requirements. However, in December 2020, the CIRC promulgated the Measures on the Regulations of Internet Insurance Business, which took effect and replaced the Internet Insurance Interim Measures since February 1, 2021. According to which, an insurance institution, such as an insurance broker or Internet enterprises that have obtained insurance agency business permits, shall only sell Internet insurance products or provide insurance brokerage and insurance assessment services through its self-run network platform or the self-run network platforms of other insurance institutions, and the insurance application pages must belong to the self-run network platform of the insurance institution, unless otherwise required by competent authorities. In addition, the Measures on the Regulations of Internet Insurance Business imposed more stringent standards on the security management of information systems and operation data of the insurance institution, who shall be assume the primary responsibility for protecting customer information and shall follow the principles of legitimacy, rightfulness and necessity in collecting, processing and using personal information.

Shan'en Insurance, which is a subsidiary of our variable interest entities, holds a license to conduct insurance brokerage business.

<u>Regulations on Online Payment</u> 

On June 14, 2010, the PBOC promulgated the Administrative Measures of People's Bank of China on Payment Services of Non-financial Institutions, or the Payment Services Measures, which was latest amended on April 29, 2020. According to the Payment Services Measures a non-financial institution providing monetary transfer services as an intermediary between payees and payers, including online payment, issuance and acceptance of prepaid cards or bank cards, and other payment services specified by the PBOC, is required to obtain a payment business license. Any non-financial institution or individual engaged in the payment business without this license may be ordered to cease its payment services and be subject to administrative sanctions and even criminal liabilities and without PBOC's approval, no non-financial institution or individual may engage in payment business whether explicitly or in a disguised form. However, on July 9, 2024, the PBOC promulgated the Detailed Rules for the Implementation of the Regulation on the Supervision and Administration of Non-Banking Payment Institutions, which took effect and replaced the Payment Services Measures on July 9, 2024. According to these rules, non-banking payment institutions shall adhere to the principles of honesty and trustworthiness, legality and compliance, and security and efficiency in the provision of services. They shall not handle administrative licensing items by fraud, concealment, use of non-self-owned funds, or other improper means, and they are strictly prohibited from reselling, leasing, or lending the payment business permit. Any non-financial institution or individual engaged in the payment business without legal approval may be ordered to cease operations and be subject to administrative sanctions and even criminal liabilities.

In November 2017, the PBOC published a notice, or the PBOC Notice, on the investigation and administration of illegal offering of settlement services by financial institutions and third-party payment service providers to unlicensed entities. The PBOC Notice intended to prevent unlicensed entities from using licensed payment service providers as a conduit for conducting the unlicensed payment settlement services, so as to safeguard the fund security and information security.

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#### Regulations Related to Consumer Protection
The PRC Consumer Rights and Interests Protection Law, or the Consumer Protection Law, was promulgated by SCNPC on October 31, 1993 and last amended on October 25, 2013, which became effective on March 15, 2014, to protect the legitimate rights and interests of consumers, to maintain social and economic order, and to promote the healthy development of the socialist market economy. To ensure that sellers and service providers comply with these laws and regulations, the platform operators are required to implement rules governing transactions on the platform, monitor the information posted by sellers and service providers, and report any violations by such sellers or service providers to the relevant authorities. Specifically, a consumer whose legitimate rights and interests are infringed in the purchase of commodities or receipt of services rendered through an online trading platform may seek compensation from the seller or the service provider. Where the online trading platform provider is unable to provide the true name, address and valid contact method of the seller or the service provider, the consumer may seek compensation from the online trading platform provider. In addition, online marketplace platform providers may be jointly and severally liable with sellers and manufacturers if they are aware or should be aware that any seller or manufacturer is using the online platform to infringe upon the lawful rights and interests of consumers and fail to take measures necessary to prevent or stop such activity.

The Civil Code of the PRC, or the Civil Code, was promulgated by the NPC on May 28, 2020 and became effective on January 1, 2021, which superseded the Tort Law of the PRC and the General Principles of Civil Law of the PRC. The Civil Code provides that, if an internet service provider is aware or should be aware that an internet user is infringing on the civil rights and interests of others through its internet services and fails to take necessary measures, it shall be jointly and severally liable with the said internet user for such infringement.

#### Regulations Related to Advertising Services
On October 27, 1994, the SCNPC promulgated the Advertising Law of the PRC, or the Advertising Law, as amended on April 24, 2015, October 26, 2018 and most recently on April 29, 2021. The Advertising Law requires that advertisers, advertising operators, and advertisement publishers shall abide by the laws and administrative regulations, and by the principles of fairness and good faith while engaging in advertising activities. Administrative departments for industry and commerce at and above the county level are in charge of supervision and administration of advertising.

Besides, on February 25, 2023, the SAMR promulgated the Administrative Measures for Internet Advertising, or the Internet Advertising Measure, which became effective on May 1, 2023. The Internet Advertising Measure outlines the requirements that advertisers shall meet while operating advertising business online.

#### Regulations Related to Internet Security and Privacy Protection
<u>Regulations on Internet Security</u> 

The Decisions on Protection of Internet Security enacted by the SCNPC on December 28, 2000, as amended in August 2009, provides that, among other things, the following activities conducted through the internet, if constituted a crime according to PRC laws, are subject to criminal punishment: (i) intrusion into a strategically significant computer or system; (ii) intentionally inventing and disseminating destructive programs, such as computer viruses, to attack the computer system and the communications network, thereby destroying the computer system and the communications networks; (iii) violating national regulations, suspending the computer networks or the communication services without authorization; (iv) leaking state secrets; (v) spreading false commercial information; or (vi) infringing intellectual property rights through the internet.

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On December 13, 2005, the Ministry of Public Security promulgated the Provisions on Technical Measures for the Internet Security Protection, which provides that internet service providers to take proper measures including anti-virus, data back-up, keeping records of certain information such as the login-in and exit time of uses, and other related measures, and to keep records of certain information about their users for at least 60 days, and detect illegal information. According to these measures, operators that hold value-added telecommunications service license must regularly update the information security and content control systems of their websites, and shall also report any public dissemination of prohibited content to the local public security authorities.

On November 7, 2016, the SCNPC promulgated the Cybersecurity Law of PRC, or the Cybersecurity Law, effective as of June 1, 2017, which applies to the construction, operation, maintenance and use of networks as well as the supervision and administration of cybersecurity in the PRC. The Cybersecurity Law defines "network" as a system comprising computers or other information terminals and relevant facilities used for the purpose of collecting, storing, transmitting, exchanging and processing information in accordance with specific rules and procedures. "Network operators", who are broadly defined as owners and administrators of networks and network service providers, are subject to various security protection-related obligations, including: (i) complying with security protection obligations under graded system for cybersecurity protection requirements, which include formulating internal security management rules and operating instructions, appointing cybersecurity responsible personnel and their duties, adopting technical measures to prevent computer viruses, cyber-attack, cyber-intrusion and other activities endangering cybersecurity, adopting technical measures to monitor and record network operation status and cybersecurity events; (ii) formulating a emergency plan and promptly responding and handling security risks, initiating the emergency plans, taking appropriate remedial measures and reporting to regulatory authorities in the event comprising cybersecurity threats; and (iii) providing technical assistance and support to public security and national security authorities for protection of national security and criminal investigations in accordance with the law. On October 28, 2025, the SCNPC further revised the Cybersecurity Law, which came into effect on January 1, 2026. The revised Cybersecurity Law increases penalties under certain circumstances such as failure to discharge the obligation of safeguarding cybersecurity, and failure to take actions against information that is prohibited from being published or disseminated by laws or administrative regulations, and expands extraterritorial application for entities, organizations, or individuals outside the PRC engaging in activities that endanger the cybersecurity of the PRC.

On December 28, 2021, the CAC and other twelve PRC regulatory authorities jointly revised and promulgated the Revised Cybersecurity Review Measures, or the Cybersecurity Review Measures, which came into effect on February 15, 2022. The Cybersecurity Review Measures provides that, among others, (i) the purchase of cyber products and services by critical information infrastructure operators, or the CIIOs, and the network platform operators, or the Network Platform Operators, which engage in data processing activities that affects or may affect national security shall be subject to the cybersecurity review by the Cybersecurity Review Office, the department which is responsible for the implementation of cybersecurity review under the CAC; and (ii) the Network Platform Operators with personal information data of more than one million users that seek for listing in a foreign country are obliged to apply for a cybersecurity review by the Cybersecurity Review Office.

The PRC Data Security Law was promulgated on June 10, 2021 and took effect on September 1, 2021. The Data Security Law sets forth specific provisions regarding establishing basic systems for data security management, including hierarchical data classification management system, risk assessment system, monitoring and early warning system, and emergency disposal system. In addition, it clarifies the data security protection obligations of organizations and individuals carrying out data activities and implementing Data security protection responsibility.

On July 30, 2021, the State Council promulgated the Regulations on Protection of Critical Information Infrastructure, which became effective on September 1, 2021. Pursuant to the Regulations on Protection of Critical Information Infrastructure, critical information infrastructure shall mean any important network facilities or information systems of the important industry or field such as public communication and information service, energy, communications, water conservation, finance, public services, e-government affairs and national defense science, which may endanger national security, people's livelihood and public interest in case of damage, function loss or data leakage. In addition, competent departments and administration departments of each important industry and field, or the Protection Departments, shall be responsible to formulate determination rules and determine the critical information infrastructure operator in the respective important industry or field. The result of the determination of critical information infrastructure operator shall be informed to the operator.

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On November 14, 2021, the CAC published the Regulations on Network Data Security Management (Draft for Comments), or the Draft Regulations on Cyber Data Security Management, which specified that data processor who seeks to go public in Hong Kong, which affects or may affect national security, shall apply for cybersecurity review.

On September 24, 2024, the State Council promulgated the Regulations on Network Data Security Management, which became effective on January 1, 2025. Pursuant to the Regulations on Network Data Security Management, network data processors carry out network data processing activities that affect or may affect national security, shall apply for cybersecurity review. Network data processors shall establish and perfect their emergency response plan for network data security incidents. In the case of a network data security incident, the network data processors shall activate its emergency response plan forthwith, with measures taken to prevent the expansion of the harm and to eliminate the potential security hazard and report the same to the competent authority as required.

On December 31, 2021, the CAC, the MIIT, the Ministry of Public Security, the SAMR jointly promulgated the Administrative Provisions on Internet Information Service Algorithm Recommendation, which became effect on March 1, 2022. The Administrative Provisions on Internet Information Service Algorithm Recommendation implements classification and hierarchical management for algorithm recommendation service providers based on various criteria, and stipulates that algorithm recommendation service providers with public sentiment attributes or social mobilizing capability shall file with the CAC within ten business days from the date of providing such services.

On November 25, 2022, the CAC, MIIT and the Ministry of Public Security promulgated the Administrative Provisions on Deep Synthesis of Internet Information Service, which took effect on January 10, 2023. The "deep synthesis technology" provided in such provisions refers to the technology to generate text, graphics, radio, video, virtual scenes, among others, with the use of deep learning and virtual reality. The measures emphasize that the deep synthesis services shall not be utilized for illegal activities prohibited by laws and regulations, and specifically, the related providers of such deep synthesis services shall (i) establish and improve control systems in regard to user registration, algorithm review, technological ethic review, information public review, data security, personal information protection, anti-telecom and online fraud, emergency disposal, etc. and hold safe and controlled technical protection measures; (ii) formulate and publicize related management rules and platform pacts, improve service agreements, perform management responsibilities in accordance with laws and agreements, and inform with explicit methods the technical supporters and users of the deep synthesis of their respective information safety obligations.

On July 10, 2023, the CAC together with other relevant authorities, released the Provisional Administrative Measures for Generative Artificial Intelligence Services, or Generative AI Services Measures, which came into effect on August 15, 2023 and mainly impose compliance requirements on providers of generative AI services. According to the Generative AI Services Measures, individuals or organizations that provide generative AI services of text, image, audios, videos and other content shall be responsible as the producers of such network information content and as the personal information processors to protect any personal information involved. Providers of generative AI services shall enter into service agreements with users registering for their generative AI services and shall adopt effective measures to prevent minor users from over-relying or addicting to generative AI services. In the event where illegal content or users engaging in illegal activities using generative AI services are discovered, the generative AI services providers are required to take appropriate measures, including stopping the generation of such illegal content and suspending or terminating the provision of services, undergo rectifications, keep relevant records and report to the competent authority. Any provider of generative AI services with public sentiment attributes or social mobilizing capability shall conduct security assessment and complete certain filings in accordance with relevant regulations. Providers of generative AI services may be subject to penalties for non-compliance, including warning, public denouncement, rectification orders and suspension of the provision of relevant services.

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On July 7, 2022, the CAC promulgated the Security Assessment Measures for Outbound Data Transfer, or the Security Assessment Measures, which became effective on September 1, 2022. These measures require the data processor providing data overseas and falling under any of the following circumstances to apply for the security assessment of cross-border data transfer with the local provincial-level counterparts of the national cybersecurity authority. On March 22, 2024, the CAC promulgated the Provisions on Promoting and Regulating Cross-border Data Flows, which amended the Security Assessment Measures and further clarified the circumstances under which the security assessment of cross-border data transfer shall be applied for: (i) where a critical information infrastructure operator provides personal information or important data abroad; or (ii) where any data processor other than a critical information infrastructure operator provides important data abroad or, as of January 1 of the current year, provides personal information (excluding sensitive personal information) of not less than 1,000,000 people or sensitive personal information of not less than 10,000 people in aggregate to overseas parties. Furthermore, the data processor shall conduct a self-assessment on the risk of data cross-border transfer prior to applying for the foregoing security assessment or enter into a standard contract with overseas recipients for provision of personal information abroad if (i) such data processor, other than a critical information infrastructure operator, provides no less than 100,000 but no more than 1 million persons' personal information (excluding sensitive personal information) abroad, or (ii) no more than 10,000 persons' sensitive personal information abroad, accumulatively as of January 1 of the current year.

On April 24, 2023, the PRC Ministry of Transport published the Administrative Measures for the Security Protection of Highway and Waterway Critical Information Infrastructure, which stipulates that the Ministry of Transport shall formulate and improve the rules for identification of highway and waterway critical information infrastructure, considering following factors: (i) the degree of importance of network facilities and information systems for key core business of highway and waterway; (ii) whether network facilities, information systems, etc., store or process core national data, and the degree of potential harm in the event of destruction or disfunction of network facilities and information systems, or data leakage; and (iii) the relevant impact to other industries and fields.

On September 24, 2024, the State Council promulgated the Administration Regulations on Cyber Data Security, which came into effect on January 1, 2025. The Administration Regulations on Cyber Data Security reiterate and refine the general regulations for cyber data processing activities, rules of personal information protection, important data security protection, cyber data cross-border transfer management, and the responsibilities of online platform service providers. In particular, the Administration Regulations on Cyber Data Security provide that cyber data processors whose cyber data processing activities affect or may affect national security shall be subject to national security review in accordance with the relevant regulations.

<u>Regulations on Privacy Protection</u> 

Pursuant to the Decisions on Strengthening the Protection of Online information, issued by the SCNPC in 2012 and the Protection Provisions for the Personal Information of Telecommunications and Internet Users promulgated by the MIIT in 2013, telecommunication business operators and internet service providers are required to set up their own rules for collecting and use of internet users' information and are prohibited from collecting or use such information without consent from users. Moreover, telecommunication business operators and internet service providers shall strictly keep users' personal information confidential and shall not divulge, tamper with, damage, sell or illegally provide others with such information.

On February 4, 2015, the CAC, promulgated the Provisions on the Administrative of Account Names of Internet Users, which became effective as of March 1, 2015, setting forth the authentication requirement for the real identity of internet users by requiring users to provide their real names during the registration process. In addition, these provisions specify that internet information service providers are required by these provisions to accept public supervision, and promptly remove illegal and malicious information in account names, photos, self-introductions and other registration-related information reported by the public in a timely manner.

On June 27, 2022, the CAC promulgated the Administrative Provisions on the Account Information of Internet Users, which took effect on August 1, 2022. The obligations of internet-based information service providers include but not limited to: (i) verify identities of the users who apply for registration through mobile phone numbers, identity document numbers or unified social credit codes; (ii) display the location information of IP addresses of internet users' accounts on the information page of internet users' accounts; and (iii) equip themselves with professional and technical capabilities appropriate to the scale of services.

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The Cybersecurity Law reaffirms the basic principles and requirements specified in other existing laws and regulations on personal data protection, such as the requirements on the collection, use, processing, storage and disclosure of personal data, and internet information service providers being required to take technical and other necessary measures to ensure the security of the personal information they have collected and prevent the personal information from being divulged, damaged or lost. Any violation of the Cybersecurity Law may subject the internet information service provider to warnings, fines, confiscation of illegal gains, revocation of licenses, cancellation of filings, shutdown of websites or criminal liabilities. On July 22, 2020, the MIIT issued the Notice on Carrying out Special Rectification Actions in Depth against the Infringement upon Users' Rights and Interests by Apps, which further provides a list of rectification tasks in which APP service providers are prohibited from illegally processing personal information of users, setting up obstacles and frequently harassing users, and cheating or misleading users.

On May 28, 2020, the NPC adopted the Civil Code, which came into effect on January 1, 2021. Pursuant to the Civil Code, the personal information of a natural person shall be protected by the law. Any organization or individual shall legally obtain such personal information of others when necessary and ensure the safety of such information, and shall not illegally collect, use, process or transmit personal information of others, or illegally purchase or sell, provide or make public personal information of others.

On August 20, 2021, the SCNPC promulgated the Law of Personal Information Protection of PRC, or the Personal Information Protection Law, which became effective on November 1, 2021. Pursuant to the Personal Information Protection Law, the processing of personal information includes the collection, storage, use, processing, transmission, provision, disclosure, deletion, etc. of personal information, and before processing personal information, personal information processors should truthfully, accurately and completely inform individuals of the following matters in a conspicuous manner and in clear and easy-to-understand language: (i) the name and contact information of the personal information processor; (ii) purpose of processing personal information, processing method, type of personal information processed, and retention period; (iii) methods and procedures for individuals to exercise their rights under this law; and (iv) other matters that should be notified as required by laws and administrative regulations. Personal information processors should also take the following measures to ensure that personal information processing activities comply with laws and administrative regulations based on the processing purpose, processing methods, types of personal information, impact on personal rights and interests, and possible security risks, etc., and to prevent unauthorized access and personal information leakage, tampering, and loss: (i) formulate internal management systems and operating procedures; (ii) implement classified management of personal information; (iii) adopt corresponding security technical measures such as encryption and de-identification; (iv) reasonably determine the operating authority for personal information processing, and regularly conduct safety education and training for practitioners; (v) formulate and organize the implementation of emergency plans for personal information security incidents; and (vi) other measures stipulated by laws and administrative regulations. Where personal information is processed in violation of the provisions of the Personal Information Protection Law, or the processing of personal information fails to fulfill the personal information protection obligations hereunder, the department performing personal information protection duties shall order corrections, give warnings, confiscate illegal gains, and apply programs for illegal processing of personal information, order to suspend or terminate the provision of services; if the personal information processor refuses to make corrections, a fine of not more than RMB1 million shall be imposed; the directly responsible person in charge and other directly responsible personnel shall be fined not less than RMB10,000 but not more than RMB100,000. If the aforesaid illegal act and the circumstances are serious, the department performing personal information protection duties at or above the provincial level shall order the personal information processor to make corrections, confiscate the illegal gains, and impose a fine less than RMB50 million or less than 5% of the previous year's turnover. It can also order the suspension of relevant business or suspend business for rectification, notify the relevant competent authority to revoke the relevant permits or the business license; impose a fine of RMB100,000 up to RMB1 million on the directly responsible person in charge and other directly responsible personnel, and may decide to prohibit he/she serves as a director, supervisor, senior manager and person in charge of personal information protection of related companies within a certain period of time.

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Pursuant to the Regulations on Network Data Security Management, when providing other network data processors with personal information and important data or entrusts other network data processors to process personal information and important data, a network data processor shall, by contract or otherwise, agree with the network data recipient on the processing purpose, method and scope as well as the security protection obligations of the network data recipient, and supervise the network data recipient's performance of such obligations. Records of the personal information and important data provided to other network data processors or the processing of such personal information and important data upon entrustment shall be kept for at least three years.

<u>Regulations on Mobile Internet Application Information Services</u> 

On June 28, 2016, the Cyberspace Administration of PRC issued the Administrative Provisions on Mobile Internet Application Information Services, which was amended on June 14, 2022, and the latest amendment of which took effect from August 1, 2022. Pursuant to which, internet information service providers who provide information services through mobile internet applications are required to perform the following duties, including, but not limited to: (i) verify identities with the registered users through mobile phone numbers, identity document numbers or unified social credit codes; (ii) establish a sound information content review and management mechanism; and (iii) not induce users to download apps by means of false advertisement, bundled downloads, or other acts, or via machine or manual comment control, or by using illegal and harmful information.

The Announcement of Conducting Special Supervision against the Illegal Collection and Use of Personal Information by Applications issued by three authorities including MIIT and SAMR on January 23, 2019, pursuant to which, (i) application operators are prohibited from collecting any personal information irrelevant to the services provided by such operator; (ii) information collection and usage policy should be presented in a simple and clear way, and such policy should be consented by the users voluntarily; (iii) authorization from users should not be obtained by coercing users with default or bundling clauses or making consent a condition of a service. App operators violating such rules can be ordered by authorities to correct its incompliance within a given period of time, be reported in public; or even suspend its operation for rectification or cancel its business license or operational permits.

The MIIT issued the Notice on the Further Special Rectification of Apps Infringing upon Users' Personal Rights and Interests, or the Further Rectification Notice, on July 22, 2020. The Further Rectification Notice requires that certain conducts of app service providers should be inspected, including, among others, (i) collecting personal information without the user's consent, collecting or using personal information beyond the necessary scope of providing services, and forcing users to receive advertisements; (ii) requesting user's permission in a compulsory and frequent manner, or frequently launching third-parties apps; and (iii) deceiving and misleading users into downloading apps or providing personal information. The Further Rectification Notice also set forth that the period for the regulatory specific inspection on apps and that the MIIT will order the non-compliant entities to modify their business within five business days, or otherwise to make public announcement to remove the apps from the app stores and impose other administrative penalties.

On August 20, 2021, the SCNPC promulgated the PRC Personal Information Protection Law, or the Personal Information Protection Law, which became effective on November 1, 2021. The Personal Information Protection Law specifically provided rules for processing sensitive personal information in details and clarifies that personal information that, once leaked or illegally used, may easily cause harm to the dignity of natural persons or grave harm to personal or property security, including information on biometric characteristics, financial accounts, individual location tracking, etc., as well as the personal information of minors under the age of 14. Personal information processors shall take responsibility for their personal information processing activities, and adopt necessary measures to safeguard and protect the security of the personal information they process. Processors that fail to process personal information in accordance with such law will be ordered to correct or suspend or termination of its business or subject to confiscation of illegal income, fines or other penalties.

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#### Regulations Related to Intellectual Property Rights
<u>Patent</u> 

The NPC adopted the Patent Law of the PRC in 1984 and most recently amended on October 17, 2020 and became effective on June 1, 2021. A patentable invention, utility model or design must meet three conditions: novelty, inventiveness and practical applicability. Patents cannot be granted for scientific discoveries, rules and methods for intellectual activities, methods used to diagnose or treat diseases, animal and plant breeds or substances obtained by means of nuclear transformation. The Patent Office under the State Intellectual Property Office is responsible for receiving, examining and approving patent applications. A patent is valid for a twenty-year term for an invention, a fifteen-year term for a design and a ten-year term for a utility model, starting from the application date. Except under certain specific circumstances provided by law, any third-party user must obtain consent or a proper license from the patent owner to use the patent, or else the use will constitute an infringement of the rights of the patent holder.

<u>Trademarks</u> 

Trademarks are protected by the Trademark Law of the PRC which was adopted in 1982 and subsequently amended in 1993, 2001, 2013 and 2019 respectively as well as by the Implementation Regulations of the Trademark Law of the PRC adopted by the State Council in 2002 and as most recently amended on April 29, 2014. The Trademark Office handles trademark registrations. The Trademark Office grants a ten-year term to registered trademarks and the term may be renewed for another ten-year period upon request by the trademark owner. A trademark registrant may license its registered trademarks to another party by entering into trademark license agreements, which must be filed with the Trademark Office for its record. As with trademarks, the Trademark Law has adopted a first-to-file principle with respect to trademark registration. If a trademark applied for is identical or similar to another trademark which has already been registered or subject to a preliminary examination and approval for use on the same or similar kinds of products or services, such trademark application may be rejected. Any person applying for the registration of a trademark may not injure existing trademark rights first obtained by others, nor may any person register in advance a trademark that has already been used by another party and has already gained a sufficient degree of reputation through such party's use.

<u>Copyright</u> 

The SCNPC adopted the Copyright Law of the PRC in 1990 and most recently amended on November 11, 2020 and became effective on June 1, 2021, with its implementing rules adopted in 1991 and most recently amended in 2013 by State Council and the Regulations on Protection of the Right to Network Dissemination of Information promulgated by the State Council on May 18, 2006 and mostly amended on January 30, 2013. These rules and regulations extend copyright protection to internet activities, products disseminated over the internet and software products. The latest amended version of the PRC Copyright Law further extends copyright protection to internet activities, products disseminated over the internet and software products, for instance, reproducing, distributing, performing, projecting, broadcasting or compiling a work or communicating the same to the public via an information network without permission from the owner of the copyright therein, unless otherwise provided in the Copyright Law of the PRC, constitute infringements of copyrights. In addition, there is a voluntary registration system administered by the China Copyright Protection Center. According to the aforementioned laws and regulation, the term of protection for copyrighted software is fifty years.

<u>Domain Names</u> 

Internet domain name registration and related matters are primarily regulated by the Measures on Administration of Internet Domain Names, which replaced the Measures on Administration of Domain Names for the Chinese Internet in November 2004, issued by MIIT and effective as of November 1, 2017. Domain name registrations are handled through domain name service agencies established under the relevant regulations, and the applicants become domain name holders upon successful registration.

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#### Regulations Related to Foreign Exchange
The principal regulations governing foreign currency exchange in China are the Foreign Exchange Administration Regulations of the PRC, most recently amended in August 2008. Under the PRC foreign exchange regulations, payments of current account items, such as profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange, or the SAFE, by complying with certain procedural requirements. By contrast, approval from or registration with appropriate government authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital account items, such as direct investments, repayment of foreign currency-denominated loans, repatriation of investments and investments in securities outside of China.

In February 2012, the SAFE issued the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company, or the SAFE Circular 7. Pursuant to SAFE Circular 7, employees, directors, supervisors, and other senior management participating in any share incentive plan of an overseas publicly-listed company who are PRC citizens or who are non-PRC citizens residing in China for a continuous period of not less than one year, subject to a few exceptions, are required to register with SAFE through a domestic agency.

On July 4, 2014, the SAFE issued the SAFE Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or the SAFE Circular 37. SAFE Circular 37 regulates foreign exchange matters in relation to the use of special purpose vehicles, or the SPV, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. Under SAFE Circular 37, a SPV refers to an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while "round trip investment" refers to direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 provides that, before making contribution into an SPV, PRC residents or entities are required to complete foreign exchange registration with SAFE or its local branch. SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment in February 2015, which took effect on June 1, 2015. This notice has amended SAFE Circular 37 requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing.

On March 30, 2015, the SAFE issued the SAFE Circular 19, which took effect on June 1, 2015 and was partially abolished on December 30, 2019. This circular expands a pilot reform of the administration of the settlement of the foreign exchange capitals of foreign-invested enterprises nationwide. On June 9, 2016, SAFE further promulgated the SAFE Circular 16, which, among other things, amends certain provisions of SAFE Circular 19. Pursuant to SAFE Circular 19 and SAFE Circular 16, the flow and use of the Renminbi capital converted from foreign currency denominated registered capital of a foreign-invested company is regulated such that Renminbi capital may not be used for business beyond its business scope or to provide loans to persons other than affiliates unless otherwise permitted under its business scope.

#### Regulations Related to Taxation
<u>Regulations on Enterprise Income Tax</u> 

On March 16, 2007, the SCNPC promulgated the Enterprise Income Tax Law of the PRC which was amended on February 24, 2017 and December 29, 2018, respectively, and on December 6, 2007, the State Council enacted the Regulations for the Implementation of the Law on Enterprise Income Tax which was most recently amended on December 6, 2024. Under these laws and regulations, or the EIT Law, both resident enterprises and non-resident enterprises are subject to enterprise income tax in the PRC. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws, or that are established in accordance with the laws of foreign countries but are actually or in effect controlled from within the PRC. Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose actual management is conducted outside the PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises but have income generated from inside the PRC. Under the EIT Law and relevant implementing regulations, a uniform corporate income tax rate of 25% is applied, unless they qualify for certain exceptions. Pursuant to the EIT Law and its implementation rules, the income tax rate of an enterprise that has been determined to be a high and new technology enterprise may be reduced to 15% with the approval of relevant tax authorities. If non-resident enterprises have not formed permanent establishments or premises in the PRC, or if they have formed permanent establishment or premises in the PRC but there is no actual relationship between the relevant income derived in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income sourced from inside the PRC.

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The Organization for Economic Cooperation and Development ("**OECD**") introduced a framework for the implementation of a 15% global minimum tax (Pillar Two). Various OECD member countries have either enacted or are in the process of enacting Pillar Two legislation.

<u>Regulations on Value-added Tax</u> 

The Provisional Regulations of the PRC on Value-added Tax were promulgated by the State Council on December 13, 1993 and came into effect on January 1, 1994, and were subsequently amended in 2008, 2016 and 2017. The Detailed Rules for the Implementation of the Provisional Regulations of the PRC on Value-added Tax (Revised in 2011) were promulgated by the Ministry of Finance on December 25, 1993, and were subsequently amended in 2008 and 2011. Pursuant to these regulations, or the VAT Law, all enterprises and individuals selling goods, services, intangible assets or real properties, providing processing, repair and replacement services, and importing goods in or to the PRC must pay VAT and entities or individuals providing services are subject to the VAT at a rate of 6% or 9% unless otherwise provided under relevant laws and regulations. In addition, pursuant to the VAT Law, all enterprises providing transportation services in the PRC must pay VAT at a rate of 11%. On April 4, 2018, the Ministry of Finance and the SAT issued the Notice on Adjustment of Value-added Tax Rates, which came into effect on May 1, 2018. According to such notice, the taxable goods or sales activities previously subject to VAT rates of 11% became subject to lower VAT rates of 10% starting from May 1, 2018. Furthermore, according to the Announcement on Relevant Policies for Deepening Value-added Tax Reform jointly promulgated by the Ministry of Finance, the SAT and the General Administration of Customs, which became effective on April 1, 2019, the taxable goods or sales activities previously subject to VAT rates of 10% became subject to lower VAT rates of 9% starting from April 1, 2019. As a result, currently, the Group is subject to VAT at a rate of 9% on the freight brokerage service. On December 25, 2024, the latest amendment to the Value-added Tax Law of the People's Republic of China was promulgated and such amendment became effective on January 1, 2026. After such amendment took effect, (i) all enterprises and individuals engaged in the sale of goods, the provision of processing, repair and replacement services, sales of services, intangible assets and real property, and the importation of goods within the territory of the PRC shall be liable to pay VAT, and the VAT tax rates generally applicable are simplified as 13%, 9%, 6% and 0%, and (ii) the VAT tax rate applicable to the small-scale taxpayers is 3%. On December 25, 2025, the Regulations for the Implementation of the Value-Added Tax Law of the People's Republic of China were promulgated, which further clarify the applicable tax rates and determine the calculation methods for tax payable in different situations.

<u>Regulations on Income Tax for Share Transfer</u> 

On February 3, 2015, the SAT issued the Circular on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or the SAT Circular 7, which partially replaced and supplemented previous rules under the Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises, or the SAT Circular 698. On October 17, 2017, SAT issued the SAT Circular 37, which came into effect on December 1, 2017 and concurrently abolished SAT Circular 698 as well as certain provisions in SAT Circular 7. The SAT Circular 37 further clarifies the practice and procedure of the withholding of non-resident enterprise income tax. By promulgating and implementing these circulars, the PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of equity interests or other taxable assets in a PRC resident enterprise by a non-resident enterprise. Under SAT Notice 7 and SAT Circular 37, where a non-resident enterprise transfers the equity interests or other taxable assets of a PRC "resident enterprise" indirectly by disposition of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor, or the transferee, or the PRC entity which directly owned the taxable assets may report to the relevant tax authority this "indirect transfer." Using a "substance over form" principle, the PRC tax authority may re-characterize such indirect transfer as a direct transfer of the equity interests in the PRC tax resident enterprise and other properties in China. As a result, gains derived from such indirect transfer may be subject to PRC tax at a rate of up to 10%.

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#### Regulations Related to Labor Protection
The Labor Law of the PRC, promulgated by the SCNPC on July 5, 1994, effective since January 1, 1995 and amended on August 27, 2009 and December 29, 2018, requires the employers to establish and improve their rules and regulations appropriately to protect their employees' labor rights. Where the rules or regulations formulated by an employer violates any laws or regulations, the employer will be issued a warning and ordered to rectify by the labor administrative authority; where damage is caused to an employee, the employer shall be liable for compensation to the employee.

The Labor Contract Law of the PRC, which was promulgated by the SCNPC on June 29, 2007 and amended on December 28, 2012 and came into effect on July 1, 2013, and the Implementation Regulations on Labor Contract Law which was promulgated by the State Council and came into effect on September 18, 2008, stipulate the relations of employer and the employee, and contain specific provisions including but not limited to the probationary period and liquidated damages to protect the rights and interests of the employees.

#### Regulations Related to Anti-Monopoly and Anti-unfair Competition
The SCNPC promulgated the Anti-Monopoly Law of the PRC, or the Anti-Monopoly Law, on August 30, 2007, which was last amended on June 24, 2022 and became effective on August 1, 2022. According to the Anti-Monopoly Law, the prohibited monopolistic acts include monopolistic agreements, abuse of a dominant market position and concentration of businesses that may have the effect to eliminate or restrict competition. On March 10, 2023, the SAMR promulgated four specific regulations according to the Anti-Monopoly Law, including the Provisions on Prohibition of Monopoly Agreements, Provisions on Prohibition of Abuse of Market Dominance, Provisions on the Review of Concentrations of Undertakings and Provisions on Curbing the Abuse of Administrative Power to Exclude or Restrict Competition (hereinafter collectively referred to as the Anti-Monopoly Regulations), which came into effect on April 15, 2023. Such Anti-Monopoly Regulations have refined the relevant provisions of the Anti-monopoly Law, optimized the procedures for regulation and law enforcement, and strengthened the legal liability of relevant entities.

The Rules of the State Council on Declaration Threshold for Concentration of Undertakings, were promulgated by the SAMR on January 22, 2024 and came into effect on the same day, which raises the reporting thresholds for concentration of undertakings, and adds circumstances that need an advanced declaration. Pursuant to the Anti-Monopoly Law and such provisions, when a concentration of undertakings occurs and reaches any of the following thresholds, the undertakings concerned shall file a prior notification with the anti-monopoly agency (i.e., the SAMR), (i) the total global turnover of all operators participating in the transaction exceeded RMB12 billion in the preceding fiscal year and at least two of these operators each had a turnover of more than RMB800 million within China in the preceding fiscal year, or (ii) the total turnover within China of all the operators participating in the concentration exceeded RMB4 billion in the preceding fiscal year, and at least two of these operators each had a turnover of more than RMB800 million within China in the preceding fiscal year are triggered, and no concentration shall be implemented until the anti-monopoly agency clears the anti-monopoly filing. "Concentration of undertakings" means any of the following: (i) merger of undertakings; (ii) acquisition of control over another undertaking by acquiring equity or assets; or (iii) acquisition of control over, or exercising decisive influence on, another undertaking by contract or by any other means.

In March 2018, the State Administration for Market Regulation, or SAMR, was formed as a new governmental agency to take over, among other things, the anti-monopoly enforcement functions from the relevant departments under the Ministry of Commerce, or the MOFCOM, the National Development and Reform Commission, or the NDRC and the SAIC, respectively.

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In February 2021, the Anti-monopoly Bureau of SAMR published the Guidelines on Anti-monopoly Issues in Platform Economy, or the Platform Economy Anti-monopoly Guidelines. The Platform Economy Anti-monopoly Guidelines set out detailed standards and rules in respect of definition of relevant markets, typical types of cartel activity and abusive behavior by the operators of internet platform with market dominance, as well as merger control review procedures involving variable interest entities, which provide further guidelines for enforcement of anti-monopoly laws regarding online platform operators. Moreover, the Platform Economy Anti-monopoly Guidelines further clarified the calculation of the thresholds for declaring concentration of online platform operators, as well as the evaluation of the effect of the concentration of online platform operators on competition. Where the concentration of undertakings meets the declaration standards set by the State Council, the operators shall declare to the Antimonopoly Law Enforcement Agency of the State Council in advance, and the concentration shall not be implemented if the concentration is not declared. According to the applicable Anti-Monopoly Law of the PRC, the State Council's anti-monopoly enforcement agency may order business operators to cease illegal concentration, to dispose shares, assets or businesses within a certain period of time, or to take other necessary measures to restore to the state before the concentration. The enforcement agency may also impose upon a business operator (i) a fine up to ten percent of the business operator's sales revenue in the past year, if the concentration of undertakings has or may have an effect of excluding or limiting competition, or (ii) a fine up to RMB5 million if the concentration of undertakings does not have the effect of excluding or limiting competition. Although we do not believe we were required to make merger control review filing or obtain merger control approval in relation to the historical merger between *Yunmanman* and *Huochebang*, there can be no assurance that regulators will not initiate anti-monopoly investigation in the future due to our large scale of business and increased regulatory scrutiny. In addition, although we do not believe we have engaged in any behaviors in violation of the Anti-monopoly Law, such as entering into monopolistic agreements or abusing market position, we cannot assure you that the regulators would agree with us and we may be required to adjust our business practices or may be subject to penalties, such as confiscation of incomes or potential fines, if our business practices are deemed to be non-compliant with the Anti-monopoly Law. We may also be subject to claims from our competitors or users, which could adversely affect the Group's business and operations.

On May 6, 2024, the SAMR promulgated the Interim Provisions Against Unfair Competition in Cyberspace.The Interim Provisions Against Unfair Competition in Cyberspace stipulates that a platform operator shall strengthen the standardization and management of competition acts within the platform, and shall take necessary disposal measures in a timely manner, keep relevant records, and report to the local administration for market regulation at or above the county level of the place where the platform operator is domiciled in accordance with the regulations if it is found that an operator using the platform has adopted an unfair competition method, has illegally sold goods or provided services, or has infringed upon the lawful rights and interests of consumers. The record shall be kept for a period of not less than three years from the date on which the disposal measures are taken.

On June 6, 2024, the State Council promulgated the Regulations on Fair Competition Review, which became effective on August 1, 2024. Pursuant to the Regulations on Fair Competition Review, unless supported by any law or administrative regulation or approved by the State Council, any policy or measure drafted by a drafting entity shall not include any of the following circumstances affecting the production and operation costs: (i) granting tax preferences to specific operators; (ii) granting selective or differentiated fiscal rewards or subsidies policies to specific operators; (iii) granting preferential treatments to specific operators in terms of access to factors, administrative fees, government funds, and social insurance premiums, etc.; and (iv) other circumstances that affect the production and operation costs.

On February 28, 2025, the SAMR promulgated the Implementing Measures of the Regulation on Fair Competition Reviews, which became effective on April 20, 2025. Pursuant to the Implementing Measures of the Regulation on Fair Competition Reviews, the SAMR is responsible for guiding the implementation of the fair competition review system and urging relevant departments and local authorities to carry out fair competition reviews.

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On June 27, 2025, the SCNPC promulgated the revised PRC Anti-Unfair Competition Law, pursuant to which business operators may not engage in improper activities to undermine their competitors, including but not limited to, improperly influencing a transaction, causing market obfuscation, commercial bribery, misleading or false publicity, infringing upon trade secrets, dumping, illegitimate premium sale and commercial libel. Failure to comply with such regulations could result in various administrative penalties, including fines, confiscation of illegal gains and cessation of business activities.

Please see "Item 3. Key Information —D. Risk Factors—Risks Relating to Our Business and Industry— The profitability of the Group's freight brokerage service has been and is expected to continue to be reliant upon, among others, grants provided by local government authorities. If the Group cannot continue to receive such grants, its freight brokerage service and its contribution to the Group's financial performance may be materially and adversely affected" and "Item 3. Key Information —D. Risk Factors—Risks Relating to Our Business and Industry—Regulatory uncertainties relating to, or failure to comply with, anti-monopoly and competition laws could adversely affect the Group's business, financial condition, or operating results."

#### Regulations Related to M&A Rules and Overseas Listing
On August 8, 2006, six PRC regulatory agencies, including the CSRC, jointly adopted the M&A Rules, which became effective on September 8, 2006 and late amended on June 22, 2009. Foreign investors shall abide by the M&A Rules, when purchasing equity interests or subscribing the increased capital of a domestic company, and thus changing the nature of the company from a domestic one to a foreign-invested enterprise; or when establishing a foreign-invested enterprise directly in the PRC and operating the assets purchased from a domestic company; or when purchasing the assets of a domestic company, establishing a foreign-invested enterprise by injecting such assets and then operating the assets.

The M&A Rules purport, among other things, to require offshore special purpose vehicles formed for overseas listing purposes through acquisitions of PRC domestic companies and controlled by PRC companies or individuals, to obtain the approval of the CSRC prior to publicly listing their securities on an overseas stock exchange. However, the FIL partially replaced the M&A Rules in its rules on foreign investors to acquire non-related domestic company stocks or assets, while the equity or assets acquisition of an affiliated domestic company by a foreign investor shall still be subject to the M&A Rules.

On July 6, 2021, the General Office of the CPC Central Committee and the General Office of the State Council jointly promulgated the Opinions on Strictly Cracking-down Illegal Securities Activities in Accordance with the Law, which called for the improvements of the laws and regulations related to data security, cross-border data flow and management of confidential information. It also pointed out that the relevant regulators shall take time to revise the regulations on strengthening confidentiality and file management in relation to the issuance and listing of securities overseas, and clarify the main responsibility of the competent domestic regulators for the protection of information of overseas listed companies.

On February 17, 2023, the CSRC released the New Regulations on Filing, and published the answers to reporters' questions and an announcement about filing management arrangements. According to the announcement, overseas public enterprises shall be deemed as stock enterprises and no immediate filing is required for such enterprises, however subsequent filings should be made as required if refinancing and other filing matters are occurred. Under New Regulations on Filing, subsequent securities offerings of an issuer in the same overseas market where it has previously offered and listed securities shall be filed with the CSRC within three working days after the offering is completed, and if the subsequent securities offerings is conducted in other overseas markets than where is has offered and listed, then it shall be filed with the CSRC within three working days after the relevant application is submitted overseas. A domestic company that seeks to directly or indirectly list its domestic assets in overseas markets through single or multiple acquisitions, share swaps, transfers of shares or other means and where overseas applications documents are not required, the listed company shall file with CSRC within three working days after the first public disclosure of the specifics of the transaction. In addition, overseas public enterprises shall submit a report to CSRC within three working days after the occurrence and public disclosure of following material events, including (1) change of control; (2) investigations or sanctions imposed by overseas securities regulatory agencies or other relevant competent authorities; (3) change of listing status or transfer of listing segment; (4) voluntary or mandatory delisting.

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C. Organizational Structure

#### Our Corporate Structure
Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services, we conduct a substantial part of our operations in China through contractual arrangements with the Group VIEs. Prior to March 2021, our Group VIEs were Shanghai Xiwei, Beijing Manxin, and Guiyang Huochebang. These Group VIEs and their subsidiaries held certain licenses required to operate our business in China. Jiangsu Yunmanman, our subsidiary, exercised control over Shanghai Xiwei and Beijing Manxin through a series of contractual arrangements with Shanghai Xiwei, Beijing Manxin and their respective shareholders. FTA Information, our subsidiary, exercised control over Guiyang Huochebang through a series of contractual arrangements with Guiyang Huochebang and its shareholders.

In March 2021, as directed by FTA Information, Guizhou FTA, a newly established entity, acquired 100% of equity interest in Guiyang Huochebang for a nominal price from the shareholders of Guiyang Huochebang, and FTA Information gained control over Guizhou FTA through a series of contractual arrangements with Guizhou FTA and its shareholders. As a result, Guizhou FTA became a Group VIE, and Guiyang Huochebang became a subsidiary of Guizhou FTA.

In the fourth quarter of 2021, in order to enhance corporate governance, we underwent the Reorganization. The Reorganization mainly involved (i) changing the Group VIEs and (ii) changing certain subsidiaries of the Group VIEs to wholly-owned or partly-owned subsidiaries of our Company, to the extent permitted under the relevant PRC laws and regulations. Manyun Software and Shan'en Technology, which were wholly-owned subsidiaries of Shanghai Xiwei prior to the Reorganization, were transferred to nominee shareholders in the fourth quarter of 2021. Jiangsu Yunmanman gained control over Manyun Software through a series of contractual arrangements with Manyun Software and its shareholders, and FTA Information gained control over Shan'en Technology through a series of contractual arrangements with Shan'en Technology and its shareholders. Manyun Software acquired Beijing Manxin and Shanghai Xiwei from their respective shareholders for nominal price and they became indirectly wholly-owned subsidiaries of Manyun Software in November 2021. In addition, we acquired Beijing Manxin and Shanghai Xiwei from Manyun Software and they became indirectly wholly-owned subsidiaries of Jiangsu Yunmanman on January 1, 2022. Meanwhile, we acquired Guizhou FTA from its shareholders and it became a wholly-owned subsidiary of FTA Information on January 1, 2022.

The contractual arrangements with Shanghai Xiwei and its former shareholders were terminated on November 18, 2021; the contractual arrangements with Beijing Manxin and its former shareholders were terminated on November 26, 2021; and the contractual arrangements with Guizhou FTA and its former shareholders were terminated on January 1, 2022. The Reorganization was completed on the same date.

In May 2022, Yixing Manxian, our PRC subsidiary, gained control over Manyun Cold Chain, which was a majority-owned subsidiary of Manyun Software, through a series of contractual arrangements with Manyun Cold Chain and its shareholders.

The following diagram illustrates our corporate structure with our principal subsidiaries as of December 31, 2025. Certain entities that are immaterial to our results of operations, business and financial condition are omitted. Except as otherwise specified, equity interests depicted in this diagram are held as to 100%.

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![LOGO](g20504g02k02.jpg)

(1) Besides Jiangsu Yunmanman, Lucky Logistics Information Limited wholly owns two insignificant subsidiaries incorporated in the PRC.

(2) Besides FTA Information, FTA HK's subsidiaries include two insignificant subsidiaries incorporated in the PRC that are wholly-owned by FTA HK and one insignificant subsidiary incorporated in the British Virgin Islands that is wholly-owned by FTA HK.

(3) Include two insignificant subsidiaries that are majority-controlled by FTA.

(4) Manyun Software, Tianjin Zhihui, Mr. Peter Hui Zhang and Mr. Wenjian Dai hold 77.5%, 10.0%, 7.5% and 5.0% of equity interest in Manyun Cold Chain, respectively. Manyun Cold Chain primarily provides freight matching services for the cold chain logistics sector and operates Yunmanman Cold Chain apps.

(5) Jiangsu Yunmanman and another subsidiary of Lucky Logistics Information Limited each holds 50.0% of the equity interest in Manyun Technology.

(6) Mr. Peter Hui Zhang and Ms. Guizhen Ma hold 70% and 30% equity interest, respectively, in Manyun Software. Manyun Software and its subsidiaries are primarily involved in operating the *Yunmanman* apps and *Shengsheng* apps and providing freight matching services.

(7) Include ten insignificant subsidiaries that are wholly-owned by Jiangsu Yunmanman.

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(8) In March 2021, Guizhou FTA became a Group VIE. On January 1, 2022, FTA Information acquired Guizhou FTA from its shareholders and it became a wholly-owned subsidiary of FTA Information.

(9) Include two insignificant subsidiaries that are wholly owned by FTA Information.

(10) Mr. Peter Hui Zhang and Ms. Guizhen Ma hold 70% and 30% equity interest, respectively, in Shan'en Technology. Shan'en Technology and its subsidiaries are primarily involved in operating the *Huochebang* apps and providing freight matching services and insurance brokerage services.

(11) Include eight insignificant subsidiaries that are wholly-owned by Manyun Software and one insignificant subsidiary that are majority-owned by Manyun Software.

(12) Previously, Guiyang Huochebang was a Group VIE. In March 2021, as directed by FTA Information, Guizhou FTA, a newly established entity, acquired 100% of equity interest in Guiyang Huochebang for a nominal price from the shareholders of Guiyang Huochebang, and FTA Information gained control over Guizhou FTA through a series of contractual arrangements with Guizhou FTA and its shareholders. As a result, Guizhou FTA became a Group VIE, and Guiyang Huochebang became a subsidiary of Guizhou FTA. FTA Information and Guizhou FTA hold 98.2% and 1.8% of equity interest in Guiyang Huochebang, respectively.

(13) Guiyang Huochebang and FTA Information hold 89.5% and 10.5% of equity interest in Guizhou Huochebang Internet Information Service Co., Ltd., respectively.

(14) Include nine insignificant subsidiaries that are wholly-owned by Guiyang Huochebang.

(15) Include two insignificant subsidiaries that are wholly-owned by Chengdu Yunli.

On January 2, 2025, Yixing Manxian, Manyun Cold Chain and its shareholders entered into amended and restated contractual arrangements due to changes in ownership structure of Yixing Manxian and Manyun Cold Chain. Currently, the Group VIEs are Manyun Software, Shan'en Technology and Manyun Cold Chain.

#### Contractual Arrangements with the Group VIEs
Current PRC laws and regulations impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services. We are a company registered in the Cayman Islands. See "—B. Business Overview — Regulatory Matters—Regulations Related to Foreign Investment." Jiangsu Yunmanman, FTA Information and Nanjing Manxianxian (which is the parent of Yixing Manxian) are considered as foreign-invested enterprises. We effectively control our Group VIEs through these contractual arrangements, as described in more detail below, which collectively enables us to:

• exercise effective control over our Group VIEs and their subsidiaries;

• receive substantially all the economic benefits of our Group VIEs; and

• have an exclusive option to purchase all or part of the equity interests in all or part of the assets when and to the extent permitted by PRC law.

As a result of these contractual arrangements, we are the primary beneficiary of the consolidated affiliates for accounting purposes. We have consolidated their financial results in our consolidated financial statements in accordance with U.S. GAAP.

In the opinion of CM Law Firm, our PRC legal counsel:

• the ownership structures of Jiangsu Yunmanman, FTA Information, Yixing Manxian, Manyun Software, Shan'en Technology and Manyun Cold Chain in China do not violate any applicable PRC law, regulation, or rule currently in effect; and

• before the termination date of the contractual arrangements with respect to Beijing Manxin, Shanghai Xiwei, and Guizhou FTA, the ownership structures of Jiangsu Yunmanman, FTA Information, Beijing Manxin, Shanghai Xiwei and Guizhou FTA in China do not violate any applicable PRC law, regulation, or rule then in effect;

• the contractual arrangements with respect to Manyun Software, Shan'en Technology and Manyun Cold Chain governed by PRC laws are valid, binding and enforceable in accordance with their terms and applicable PRC laws, rules, and regulations currently in effect, and do not violate any applicable PRC law, regulation, or rule currently in effect; and

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• before the termination date of the contractual arrangements with respect to Beijing Manxin, Shanghai Xiwei, and Guizhou FTA, the contractual arrangements governed by PRC laws were valid, binding and enforceable in accordance with their terms and applicable PRC laws, rules, and regulations then in effect, and do not violate any applicable PRC law, regulation, or rule then in effect.

However, there are uncertainties regarding the interpretation and application of current PRC laws and regulations related to the contractual arrangements. We have been further advised by our PRC legal counsel that if the PRC government finds that the agreements that establish the structure for operating our business do not comply with PRC government restrictions on foreign investment in the aforesaid business we engage in, we could be subject to severe penalties including being prohibited from continuing operations. See "Item 3. Key Information — D. Risk Factors—Risks Relating to Our Corporate Structure."

All the agreements under our contractual arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration in China. For additional information, see "Item 3. Key Information — D. Risk Factors—Risks Relating to Our Corporate Structure—We rely on contractual arrangements with the Group VIEs and their shareholders to conduct a substantial part of the Group's operations in China, which may not be as effective as direct ownership in providing operational control and otherwise have a material adverse effect as to our business."

The following are summaries of (i) the currently effective contractual arrangements by and among (a) Jiangsu Yunmanman, Manyun Software and its shareholders, (b) FTA Information, Shan'en Technology and its shareholders and (c) Yixing Manxian, Manyun Cold Chain and its shareholders and (ii) the pre-Reorganization contractual arrangements by and among (a) Jiangsu Yunmanman, Shanghai Xiwei and its shareholders, (b) Jiangsu Yunmanman, Beijing Manxin and its shareholders, and (c) FTA Information, Guizhou FTA and its shareholders.

#### Summary of the Material Terms of Our Currently Effective Contractual Arrangements
<u>Agreements that Provide Us with Effective Control over the Group VIEs and Their Respective Subsidiaries</u>

*Equity Interest Pledge Agreements.* 

Pursuant to the amended and restated equity interest pledge agreement entered into on May 9, 2023, each shareholder of Manyun Software has pledged all of such shareholder's equity interest in Manyun Software as a security interest, as applicable, to respectively guarantee Manyun Software and its shareholders' performance of their obligations under the relevant contractual arrangements, which include the exclusive service agreement, exclusive option agreement and power of attorney. If Manyun Software or any of its shareholders breaches their contractual obligations under these agreements, Jiangsu Yunmanman, as pledgee, will be entitled to certain rights regarding the pledged equity interests. In the event of such breaches, Jiangsu Yunmanman to the extent permitted by PRC laws may exercise the right to enforce the pledge through purchase, auction or sale of the equity interest. Each of the shareholders of Manyun Software agrees that, during the term of the equity interest pledge agreement, such shareholder shall not transfer the equity interest, place or permit the existence of any security interest or other encumbrance on the equity interest or any portion thereof, without the prior written consent of Jiangsu Yunmanman. The equity interest pledge agreement remains effective until all relevant contractual arrangements have been fully performed or terminated.

On November 16, 2021, FTA Information (as pledgee), Shan'en Technology and its shareholders entered into an equity interest pledge agreement, pursuant to which each shareholder of Shan'en Technology has pledged all of such shareholder's equity interest in Shan'en Technology as a security interest, as applicable, to respectively guarantee Shan'en Technology and its shareholders' performance of their obligations under the relevant contractual arrangements. Such agreement contains terms substantially similar to the equity interest pledge agreement described above.

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On May 24, 2022, Yixing Manxian (as pledgee), Manyun Cold Chain and its shareholders entered into an equity interest pledge agreement, as amended and restated on January 2, 2025, pursuant to which each shareholder of Manyun Cold Chain has pledged all of such shareholder's equity interest in Manyun Cold Chain as a security interest, as applicable, to respectively guarantee Manyun Cold Chain and its shareholders' performance of their obligations under the relevant contractual arrangements. Such agreement contains terms substantially similar to the equity interest pledge agreement described above.

The equity interest pledges by the shareholders of Manyun Software, Shan'en Technology and Manyun Cold Chain pursuant to the respective equity interest pledge agreements have been registered with the relevant local counterpart of the State Administration for Market Regulation, or the SAMR.

*Loan Agreements.* 

Pursuant to the respective loan agreements entered into on May 9, 2023, FTA Information agrees to provide Mr. Peter Hui Zhang and Ms. Guizhen Ma, the shareholders of Shan'en Technology, with loans in the aggregate amount of RMB35 million and RMB15 million, respectively, for the capital contribution to Shan'en Technology. All proceeds from such loans have been used as capital contribution to Shan'en Technology. The term of the loan agreements is ten years, which can be extended upon FTA Information's request or approval. FTA information has the right to terminate the loan agreements either by giving a 30-day notice to the shareholders or when (i) the shareholders are unable to contribute capital to Shan'en Technology or legally hold his or her equity interests, (ii) the shareholders cease to hold equity interests in Shan'en Technology, (iii) the shareholders become incapacitated or of limited capacity or die, (iv) the shareholders commit any criminal activities, or (v) FTA Information exercises the option under the exclusive option agreement to purchase the equity interests held by the shareholders. FTA Information has the right to request the shareholders of Shan'en Technology to repay the loans within 15 days from the termination date. The repayments can be made in cash or by any other way as agreed by the parties in writing and in compliance with the applicable laws and regulations in the PRC, including but not limited to using the proceeds from transfer of equity interest in Shan'en Technology to FTA Information or a third party designated by FTA Information pursuant to the exclusive option agreement.

*Spousal Consent Letters.* 

Pursuant to the respective spousal consent letters entered into on October 25, 2021, each of the spouses of the relevant individual shareholders of Manyun Software acknowledges and confirms the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that the relevant individual shareholders have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in Manyun Software held by his or her respective spouse or over the management of Manyun Software. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in Manyun Software held by their respective spouses or the performance of the above mentioned contractual arrangements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements.

On November 16, 2021, the spouse of each of the individual shareholders of Shan'en Technology entered into a spousal consent letter, which contains terms substantially similar to the spousal consent letter described above.

On May 24, 2022, the spouse of Mr. Peter Hui Zhang, an individual shareholder of Manyun Cold Chain, entered into a spousal consent letter, as amended and restated on January 2, 2025, which contains terms substantially similar to the spousal consent letter described above.

*Power of Attorney.* 

Pursuant to the power of attorney entered into on October 25, 2021, the shareholders of Manyun Software as a whole have irrevocably authorized Jiangsu Yunmanman to exercise the following rights relating to all equity interests held by such shareholders in Manyun Software during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in Manyun Software according to the applicable PRC laws and Manyun Software's articles of association, including without limitation to: (i) exercising all the shareholder's voting rights in shareholders' meetings, including but not limited to designating and appointing the directors of Manyun Software; (ii) asset transfer, capital reduction and capital increase of Manyun Software; and (iii) other decisions that would have a material effect on Manyun Software's assets and operations.

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On November 16, 2021, each of the shareholders of Shan'en Technology executed a power of attorney to irrevocably authorized FTA Information to exercise certain rights relating to all equity interests held by such shareholder in Shan'en Technology during the term of the power of attorney. Each power of attorney contains terms substantially similar to the power of attorney described above.

On May 24, 2022, each of the shareholders of Manyun Cold Chain executed a power of attorney, as amended and restated on January 2, 2025, to irrevocably authorized Yixing Manxian to exercise certain rights relating to all equity interests held by such shareholder in Manyun Cold Chain during the term of the power of attorney. Each power of attorney contains terms substantially similar to the power of attorney described above.

<u>Agreements that Allow Us to Receive Economic Benefits from the Group VIEs and Their Respective Subsidiaries</u> 

*Exclusive Service Agreements.* 

Under the exclusive service agreement entered into on October 25, 2021, Manyun Software appoints Jiangsu Yunmanman as its exclusive services provider to provide Manyun Software with services related to Manyun Software's business during the term of the exclusive service agreement. In consideration of the services provided by Jiangsu Yunmanman, Manyun Software shall pay Jiangsu Yunmanman annual service fees, which should be mutually agreed by both parties, but in any event not less than an amount equal to 90% of Manyun Software's profit before taxation for the relevant year. Such annual service fees can be adjusted based on Jiangsu Yunmanman's services and Manyun Software's operations to the extent agreed by Jiangsu Yunmanman in writing. The exclusive service agreement remains effective from October 25, 2021 unless terminated in writing by Jiangsu Yunmanman.

On November 16, 2021, FTA Information and Shan'en Technology entered into an exclusive service agreement, pursuant to which Shan'en Technology appoints FTA Information as its exclusive services provider to provide Shan'en Technology with services related to Shan'en Technology's business and Shan'en Technology shall pay FTA Information annual service fees accordingly. Such agreement contains terms substantially similar to the exclusive service agreement described above. The exclusive service agreement remains effective from November 16, 2021 unless terminated in writing by FTA Information.

On May 24, 2022, Yixing Manxian and Manyun Cold Chain entered into an exclusive service agreement, pursuant to which Manyun Cold Chain appoints Yixing Manxian as its exclusive services provider to provide Manyun Cold Chain with services related to Manyun Cold Chain's business and Manyun Cold Chain shall pay Yixing Manxian annual service fees accordingly. On January 2, 2025, Yixing Manxian, Nanjing Manxianxian and Manyun Cold Chain entered into an amended and restated exclusive service agreement, pursuant to which Manyun Cold Chain appoints both Yixing Manxian and Nanjing Manxianxian as its exclusive services providers to provide Manyun Cold Chain with services related to Manyun Cold Chain's business and Manyun Cold Chain shall pay both Yixing Manxian and Nanjing Manxianxian annual service fees accordingly. Such agreement contains terms substantially similar to the exclusive service agreement described above. The amended and restated exclusive service agreement remains effective from January 2, 2025 unless terminated in writing by Yixing Manxian Manxian and Nanjing Manxianxian.

<u>Agreements that Provide Us with the Options to Purchase the Equity Interests in the Group VIEs</u> 

*Exclusive Option Agreements.* 

Pursuant to the amended and restated exclusive option agreement entered into on May 9, 2023, Manyun Software and each of Manyun Software's shareholders have irrevocably granted Jiangsu Yunmanman an irrevocable and exclusive right to purchase, or designate one or more entities or persons to purchase, the equity interests in Manyun Software then held by its shareholders at once or at multiple times at any time in part or in whole at Jiangsu Yunmanman's sole and absolute discretion to the extent permitted by PRC law. The purchase price for the equity interests in Manyun Software shall equal to the minimum price permitted by PRC law. This agreement will remain effective until (i) all equity interests of Manyun Software held by its shareholders have been transferred or assigned to Jiangsu Yunmanman or its designated entities or persons, or (ii) all parties have entered into any agreements in terminating this agreement.

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On November 16, 2021, FTA Information, Shan'en Technology and its shareholders entered into an exclusive option agreement, pursuant to which Shan'en Technology and each of its shareholders have irrevocably granted FTA Information irrevocable and exclusive right to purchase, or designate one or more entities or persons to purchase, the equity interests in Shan'en Technology. Such agreement contains terms substantially similar to the exclusive option agreement described above.

On May 24, 2022, Yixing Manxian, Manyun Cold Chain and its shareholders entered into an exclusive option agreement, as amended and restated on January 2, 2025, pursuant to which Manyun Cold Chain and each of its shareholders have irrevocably granted Yixing Manxian irrevocable and exclusive right to purchase, or designate one or more entities or persons to purchase, the equity interests in Manyun Cold Chain. Such agreement contains terms substantially similar to the exclusive option agreement described above.

#### Summary of the Material Terms of Our pre-Reorganization Contractual Arrangements
The original set of contractual arrangements with Shanghai Xiwei and its shareholders was entered into in September 2014. In connection with the transfer of equity interest in Shanghai Xiwei by one of its shareholders, we entered into a new set of equity interest pledge agreement, power of attorney, exclusive option agreement and spouse consent letters with the then shareholders of Shanghai Xiwei and their respective spouse, as applicable, in February 2021.

<u>Contractual Arrangements with Shanghai Xiwei and Its Shareholders</u> 

*Agreements that Provide Us with Effective Control over Shanghai Xiwei and Its Subsidiaries* 

*Equity Interest Pledge Agreement.* Pursuant to the equity interest pledge agreement, each shareholder of Shanghai Xiwei has pledged all of such shareholder's equity interest in Shanghai Xiwei as a security interest, as applicable, to respectively guarantee Shanghai Xiwei and its shareholders' performance of their obligations under the relevant contractual arrangement, which include the exclusive service agreement, exclusive option agreement and power of attorney. If Shanghai Xiwei or any of its shareholders breaches their contractual obligations under these agreements, Jiangsu Yunmanman, as pledgee, will be entitled to certain rights regarding the pledged equity interests. In the event of such breaches, Jiangsu Yunmanman to the extent permitted by PRC laws may exercise the right to enforce the pledge through purchase, auction or sale of the equity interest. Each of the shareholders of Shanghai Xiwei agrees that, during the term of the equity interest pledge agreement, such shareholder shall not transfer the equity interest, place or permit the existence of any security interest or other encumbrance on the equity interest or any portion thereof, without the prior written consent of Jiangsu Yunmanman. The equity interest pledge agreement remains effective until all obligations under the relevant contractual agreements have been fully performed and all secured indebtedness have been fully paid, whichever is later. The equity interest pledges by the shareholders of Shanghai Xiwei pursuant to the equity interest pledge agreement were registered with the relevant local counterpart of the State Administration for Market Regulation, or the SAMR.

*Spousal Consent Letters*. Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of Shanghai Xiwei acknowledges and confirms the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that the applicable individual shareholders have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in Shanghai Xiwei held by her respective spouses or over the management of Shanghai Xiwei. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in Shanghai Xiwei held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements.

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*Power of Attorney*. Pursuant to the power of attorney, each shareholder of Shanghai Xiwei has irrevocably authorized Jiangsu Yunmanman to exercise the following rights relating to all equity interests held by such shareholder in Shanghai Xiwei during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in Shanghai Xiwei according to the applicable PRC laws and Shanghai Xiwei's articles of association, including without limitation to: (i) exercising all the shareholder's voting rights, including but not limited designating and appointing the directors of Shanghai Xiwei; (ii) asset transfer, capital reduction and capital increase of Shanghai Xiwei; and (iii) other decisions that would have a material effect on Shanghai Xiwei's assets and operations.

*Agreement that Allows Us to Receive Economic Benefits from Shanghai Xiwei and its Subsidiaries* 

*Exclusive Service Agreement*. Under the exclusive service agreement, Shanghai Xiwei appoints Jiangsu Yunmanman as its exclusive services provider to provide Shanghai Xiwei with services related to Shanghai Xiwei's business during the term of the exclusive service agreement. In consideration of the services provided by Jiangsu Yunmanman, Shanghai Xiwei shall pay Jiangsu Yunmanman annual service fees, which should be mutually agreed by both parties, but in any event not less than an amount equal to 90% of Shanghai Xiwei's profit before taxation for the previous year. Such annual service fees can be adjusted based on Jiangsu Yunmanman's services and Shanghai Xiwei's operations to the extent agreed by Jiangsu Yunmanman in writing. The exclusive service agreement remains effective from September 10, 2014 unless terminated in writing by Jiangsu Yunmanman.

*Agreement that Provides Us with the Option to Purchase the Equity Interest in Shanghai Xiwei* 

*Exclusive Option Agreement*. Pursuant to the exclusive option agreement, Shanghai Xiwei and each of Shanghai Xiwei's shareholders have irrevocably granted Jiangsu Yunmanman an irrevocable and exclusive right to purchase, or designate one or more entities or persons to purchase, the equity interests in Shanghai Xiwei then held by its shareholders at once or at multiple times at any time in part or in whole at Jiangsu Yunmanman's sole and absolute discretion to the extent permitted by PRC law. The purchase price for the equity interests in Shanghai Xiwei shall equal to the minimum price permitted by PRC law. This agreement will remain effective until all equity interests of Shanghai Xiwei held by its shareholders have been transferred or assigned to Jiangsu Yunmanman or its designated entities or persons.

<u>Contractual Arrangements with Beijing Manxin and its Shareholders</u> 

The original set of contractual arrangements with Beijing Manxin and its shareholders was entered into in September 2014. In connection with the transfer of equity interest in Beijing Manxin by one of its shareholders, we entered into a new set of contractual arrangements with Beijing Manxin, its current shareholders and their respective spouse, as applicable, in March 2021.

*Agreements that Provide Us with Effective Control over Beijing Manxin and its Subsidiaries* 

*Equity Interest Pledge Agreements*. Pursuant to the equity interest pledge agreements, each shareholder of Beijing Manxin has pledged all of such shareholder's equity interest in Beijing Manxin as a security interest, as applicable, to respectively guarantee Beijing Manxin and its shareholders' performance of their obligations under the relevant contractual arrangement, which include the exclusive service agreement, exclusive option agreement and power of attorney. If Beijing Manxin or any of its shareholders breaches their contractual obligations under these agreements, Jiangsu Yunmanman, as pledgee, will be entitled to certain rights regarding the pledged equity interests. In the event of such breaches, Jiangsu Yunmanman to the extent permitted by PRC laws may exercise the right to enforce the pledge through purchase, auction or sale of the equity interest. Each of the shareholders of Beijing Manxin agrees that, during the term of the equity interest pledge agreements, such shareholder shall not transfer the equity interest, place or permit the existence of any security interest or other encumbrance on the equity interest or any portion thereof, without the prior written consent of Jiangsu Yunmanman. The equity interest pledge agreements remain effective until all obligations under the relevant contractual agreements have been fully performed and all secured indebtedness have been fully paid, whichever is later. The equity interest pledges by the shareholders of Beijing Manxin pursuant to the equity interest pledge agreements were registered with the relevant local counterpart of the SAMR.

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*Spousal Consent Letters*. Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of Beijing Manxin acknowledges and confirms the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that the applicable individual shareholders have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in Beijing Manxin held by her respective spouses or over the management of Beijing Manxin. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in Beijing Manxin held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements.

*Power of Attorney*. Pursuant to the power of attorney, each shareholder of Beijing Manxin has irrevocably authorized Jiangsu Yunmanman to exercise the following rights relating to all equity interests held by such shareholder in Beijing Manxin during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in Beijing Manxin according to the applicable PRC laws and Beijing Manxin's articles of association, including without limitation to: (i) exercising all the shareholder's voting rights, including but not limited designating and appointing the directors of Beijing Manxin; (ii) asset transfer, capital reduction and capital increase of Beijing Manxin; and (iii) other decisions that would have a material effect on Beijing Manxin's assets and operations.

*Agreement that Allows Us to Receive Economic Benefits from Beijing Manxin and its Subsidiaries* 

*Exclusive Service Agreement*. Under the exclusive service agreement, Beijing Manxin appoints Jiangsu Yunmanman as its exclusive services provider to provide Beijing Manxin with services related to Beijing Manxin's business during the term of the exclusive service agreement. In consideration of the services provided by Jiangsu Yunmanman, Beijing Manxin shall pay Jiangsu Yunmanman annual service fees, which should be mutually agreed by both parties, but in any event not less than an amount equal to 90% of Beijing Manxin's profit before taxation for the previous year. Such annual service fees can be adjusted based on Jiangsu Yunmanman's services and Beijing Manxin's operations to the extent agreed by Jiangsu Yunmanman in writing. The exclusive service agreement remains effective from March 22, 2021 unless terminated in writing by Jiangsu Yunmanman.

*Agreement that Provides Us with the Option to Purchase the Equity Interest in Beijing Manxin* 

*Exclusive Option Agreement*. Pursuant to the exclusive option agreement, Beijing Manxin and each of Beijing Manxin's shareholders have irrevocably granted Jiangsu Yunmanman an irrevocable and exclusive right to purchase, or designate one or more entities or persons to purchase, the equity interests in Beijing Manxin then held by its shareholders at once or at multiple times at any time in part or in whole at Jiangsu Yunmanman's sole and absolute discretion to the extent permitted by PRC law. The purchase price for the equity interests in Beijing Manxin shall equal to the minimum price permitted by PRC law. This agreement will remain effective until all equity interests of Beijing Manxin held by its shareholders have been transferred or assigned to Jiangsu Yunmanman or its designated entities or persons.

<u>Contractual Arrangements with Guizhou FTA and its Shareholders</u> 

*Agreements that Provide Us with Effective Control over Guizhou FTA and its Subsidiaries* 

*Equity Interest Pledge Agreements.* Pursuant to the equity interest pledge agreements, each shareholder of Guizhou FTA has pledged all of such shareholder's equity interest in Guizhou FTA as a security interest, as applicable, to respectively guarantee Guizhou FTA and its shareholders' performance of their obligations under the relevant contractual arrangement, which include the exclusive service agreement, exclusive option agreement and power of attorney. If Guizhou FTA or any of its shareholders breaches their contractual obligations under these agreements, FTA Information, as pledgee, will be entitled to certain rights regarding the pledged equity interests. In the event of such breaches, FTA Information to the extent permitted by PRC laws may exercise the right to enforce the pledges through purchase, auction or sale of the equity interest. Each of the shareholders of Guizhou FTA agrees that, during the term of the equity interest pledge agreements, such shareholder shall not transfer the equity interest, place or permit the existence of any security interest or other encumbrance on the equity interest or any portion thereof, without the prior written consent of FTA Information. The equity interest pledge agreements remain effective until all obligations under the relevant contractual agreements have been fully performed and all secured indebtedness have been fully paid, whichever is later. The equity interest pledges by the shareholders of Guizhou FTA pursuant to the equity interest pledge agreements were registered with the relevant local counterpart of the SAMR.

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*Spousal Consent Letters*. Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of Guizhou FTA acknowledges and confirms the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that the applicable individual shareholders have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in Guizhou FTA held by her respective spouses or over the management of Guizhou FTA. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in Guizhou FTA held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements.

*Power of Attorney*. Pursuant to the power of attorney, each shareholder of Guizhou FTA has irrevocably authorized FTA Information to exercise the following rights relating to all equity interests held by such shareholder in Guizhou FTA during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in Guizhou FTA according to the applicable PRC laws and Guizhou FTA's articles of association, including without limitation to: (i) exercising all the shareholder's voting rights, including but not limited designating and appointing the directors of Guizhou FTA; (ii) asset transfer, capital reduction and capital increase of Guizhou FTA; and (iii) other decisions that would have a material effect on Guizhou FTA's assets and operations.

*Agreement that Allows Us to Receive Economic Benefits from Guizhou FTA and its Subsidiaries* 

*Exclusive Service Agreement*. Under the exclusive service agreement, Guizhou FTA appoints FTA Information as its exclusive services provider to provide Guizhou FTA with services related to Guizhou FTA's business during the term of the exclusive service agreement. In consideration of the services provided by FTA Information, Guizhou FTA shall pay FTA Information annual service fees, which should be mutually agreed by both parties, but in any event not less than an amount equal to 90% of Guizhou FTA's profit before taxation for the previous year. Such annual service fees can be adjusted based on FTA Information's services and Guizhou FTA's operations to the extent agreed by FTA Information in writing. The exclusive service agreement remains effective from March 12, 2021 unless terminated in writing by FTA Information.

*Agreement that Provides Us with the Option to Purchase the Equity Interest in Guizhou FTA* 

*Exclusive Option Agreement.* Pursuant to the exclusive option agreement, Guizhou FTA and each of Guizhou FTA's shareholders have irrevocably granted FTA Information an irrevocable and exclusive right to purchase, or designate one or more entities or persons to purchase, the equity interests in Guizhou FTA then held by its shareholders at once or at multiple times at any time in part or in whole at FTA Information's sole and absolute discretion to the extent permitted by PRC law. The purchase price for the equity interests in Guizhou FTA shall equal to the minimum price permitted by PRC law. This agreement will remain effective until all equity interests of Guizhou FTA held by its shareholders have been transferred or assigned to FTA Information or its designated entities or persons.

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D. Property, Plants and Equipment

Please refer to "B. Business Overview—Property" for a discussion of our property, plants and equipment.

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|:---|:---|
| **ITEM4A** | **UNRESOLVED STAFF COMMENTS**  |

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None.

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|:---|:---|
| **ITEM 5.** | **OPERATING AND FINANCIAL REVIEW AND PROSPECTS**  |

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You should read the following discussion and analysis of our financial position and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Item 3. Key Information—D. Risk Factors" and elsewhere in this annual report.

A. Operating Results

#### Overview
The FTA platform is a leading digital freight platform in China, connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. We have transformed China's road transportation industry by pioneering a digital, standardized and smart logistics infrastructure across the value chain.

We have built a vibrant ecosystem of millions of shippers and truckers. In the fourth quarter of 2025, an average number of approximately 3.28 million shippers posted shipping orders on the FTA platform each month, and 4.6 million truckers fulfilled shipping orders on the FTA platform in 2025. In 2025, the Group facilitated 236.3 million fulfilled orders.

FTA was formed in 2017 through the business merger of *Yunmanman* and *Huochebang*, which were founded in 2013 and 2011, respectively. The Group has over ten years of operational track record, and in the process has accumulated valuable insights, know-how, technology and data, which we believe have provided the Group with a sustainable competitive advantage for its future growth.

The Group's total net revenues were RMB8,436.2 million, RMB11,238.6 million and RMB12,489.9 million (US$1,786.0 million) in the years ended December 31, 2023, 2024 and 2025, respectively. The Group recorded net income of RMB2,227.1 million, RMB3,123.4 million and RMB4,459.1 million (US$637.6 million) in 2023, 2024 and 2025, respectively. The Group recorded non-GAAP adjusted net income of RMB2,797.0 million, RMB4,020.4 million and RMB4,794.7 million (US$685.6 million) in 2023, 2024 and 2025, respectively.

#### Monetization Model
To fulfill our mission to empower enterprises with greater logistics competitiveness, we have built a digital, standardized and smart platform that seamlessly connects shippers and truckers. Scalability and transaction volume are core to the Group's platform strategy. We aim to create the broadest and deepest logistics network across distance ranges, cargo weights and types and vehicle types to maximize our network effects and provide a better user experience.

The Group grew rapidly in recent years in terms of number of users and transaction volume on the FTA platform. The table below sets forth average shipper MAUs and fulfilled orders for the periods indicated.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,<br>2023** | **June 30,<br>2023** | **September 30,<br>2023** | **December 31,<br>2023** | **March 31,<br>2024** | **June 30,<br>2024** | **September 30,<br>2024** | **December 31,<br>2024** | **March 31,<br>2025** | **June 30,<br>2025** | **September 30,<br>2025** | **December 31,<br>2025** |
|  Average shipper MAUs<br>(*in millions*) | 1.75 | 2.00 | 2.13 | 2.24 | 2.14 | 2.65 | 2.84 | 2.93 | 2.76 | 3.16 | 3.35 | 3.28 |
|  Fulfilled orders (*in millions*) | 30.3 | 40.2 | 42.5 | 45.8 | 39.3 | 49.1 | 51.9 | 56.9 | 48.2 | 60.8 | 63.4 | 63.9 |

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In addition to the growth of the FTA platform, the Group has introduced various forms of monetization that support the sustainable development of the FTA platform and provide validation for its business model. The Group generates revenue primarily from (i) freight matching services, which include freight listing service, freight brokerage service and transaction service, as well as (ii) various value-added services. The Group's revenues from freight listing service, freight brokerage service and transaction service are primarily driven by the level of transaction activities on the FTA platform. Set forth below is a description of the Group's monetization approach towards transaction activities on the FTA platform.

The Group started monetizing freight matching services in 2018 by charging membership fees from frequent shippers for the right to post more shipping orders than non-paying shippers. In the same year, the Group launched freight brokerage service through its consolidated affiliates. The consolidated affiliates enter into shipping contracts with shippers and entrust truckers on the FTA platform to fulfill those shipping orders. After the fulfillment of shipping orders, the FTA platform transfers shippers' shipping fees to truckers and deduct the FTA platform freight brokerage service fees from shippers' accounts. The consolidated affiliates earn platform service fee in connection with the freight brokerage service, which is the difference between the service fee collected from shippers and the shipping fee paid to truckers. The consolidated affiliates are obligated to pay the full amount of VAT on the service fee collected from shippers. The Group takes into consideration the VAT obligation the consolidated affiliates assume under the contracts with shippers and truckers, as well as other relevant factors when setting the rate of the FTA platform service fee. Starting from August 2025, the Group increased the service fee rate for freight brokerage service to ensure sustainability of such service. For further information, see "—Components of Results of Operations—Revenues—Freight Matching Services—Freight Brokerage Service."

Building on the technology and operational know-how developed from the freight listing and brokerage services, the Group subsequently launched online transaction service to further digitalize shipping transactions and enable shippers and truckers to transact through the FTA platform. A key feature of online transaction service is that truckers are required to pay deposits to secure shipping orders, which has helped to improve service quality and increase fulfillment rates. The deposits are paid by truckers to an escrow bank account at a third-party commercial bank and will be released to shipper' s bank account or refunded to trucker' s bank account upon completion or cancellation of the relevant transactions, as applicable. The Group also offers shippers the option to track the transactions at each step in real-time. In the second half of 2020, the Group started monetizing online transaction service by collecting transaction service fees from truckers on selected types of shipping orders originating from an initial batch of three cities, namely Hangzhou, Huzhou and Shaoxing. The amount of transaction service fees is charged based on shipping fee. The Group's daily average order volume and trucker retention remained stable in these cities since then, demonstrating platform users' acceptance of such transaction service fees. The Group subsequently started collecting transaction service fees from truckers on selected types of shipping orders originating from certain other cities. In addition, in certain innovative businesses, the Group charges truckers membership fees, which entitle them to deduct or waive above-mentioned transaction service fees for a certain period of time, usually one week or one month.

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The Group also generates revenue from value-added services that cater to various essential needs of shippers and truckers, including credit solutions, insurance brokerage, electronic toll collection, or ETC, services and energy services, among others.

We believe the Group is at an early stage of monetization, because the Group launched the transaction service fee model for the online transaction service in the second half of 2020. The Group has been rolling out transaction service fees in more cities and ramping up penetration since then. The Group may also explore other revenue models to monetize its online transaction service. As the FTA platform continues to evolve, we believe the Group will be able to achieve revenue growth as it brings incremental value to industry participants.

#### Key Factors Affecting the Group's results of operations
The Group's business and results of operations are affected by various factors, including the following key factors:

#### Economic and Industry Trends In China
The Group's results of operations are affected by the overall growth and prosperity of the road transportation industry in China, which in turn is affected by several factors, such as China's overall economic growth, the standardization and digitalization of China road transportation industry, the change in freight rate, supply and demand in China's road transportation industry and the regulatory environment for China's road transportation and internet service industries. Changes in any of these general industry conditions and the Group's ability to adapt to such changes could affect its business and results of operation.

#### Our Ability to Attract and Retain Shippers and Truckers on the FTA Platform
The FTA platform is a leading digital freight platform in China. With over ten years of operational experience, the Group has accumulated deep industry know-how and data insights, which have enabled the Group to continuously expand its service offerings and enhance user experience on the FTA platform. The FTA platform had approximately 3.28 million shipper MAUs in the fourth quarter of 2025, representing a year-over-year growth of 11.6%, and 4.6 million truckers fulfilled shipping orders on the FTA platform in 2025.

The CRO announced the initiation of a cybersecurity review of the *Yunmanman* and *Huochebang* apps on July 5, 2021. During the cybersecurity review, the *Yunmanman* and *Huochebang* apps were required to suspend new user registration. Based on notification by the CRO, we have resumed new user registration on the *Yunmanman* and *Huochebang* apps since June 29, 2022. The Group will continue enhancing its operational support for new user onboarding. With the powerful networks of the FTA platform, the Group is well positioned to attract even more shippers and truckers. The growth of shippers and truckers on the FTA platform relies on, among other things, the Group's abilities to accelerate the speed of freight matching, provide high-quality solutions and protect the interests of both shippers and truckers.

As the Group continued to drive user engagement through superior user experience offered by the FTA platform, the Group's shipper and trucker retention rates remained steady. In the twelve months ended December 31, 2025, the Group's 12-month retention rate of paying shippers was approximately 80%, which is calculated by dividing the number of shippers who were both paying members in January 2025 and active shippers in December 2025 by the number of paying members in December 2025. In December 2025, the Group's next month's retention rate of truckers was over 85%, which is calculated by dividing the number of truckers who responded to the shipping orders on the FTA platform in both November and December 2025 by the number of truckers who responded to shipping orders on the FTA platform in November 2025.

#### Our Ability to Drive Engagement and Transaction Activities of Users on the FTA Platform
With a large user base, we aim to increase the engagement and the Group's wallet share of users to further drive the growth of its market share, which depends on the Group's ability to enhance user experience and provide comprehensive service offerings. We plan to improve the efficiency of the freight matching services through further digitalization and standardization of transaction processes, as well as enhancement of the Group's core technologies, including big data analytics and data labeling. We will also continue to focus on protecting the rights and interests of shippers and truckers by further investments in enhancing user ecosystem construction. We believe our efforts will allow the Group to enhance user retention and increase customer lifetime value on the FTA platform. For example, the Group has launched several features to further streamline the transaction process between shippers and truckers. The "tap and go" feature allows a shipper to post shipping orders with a fixed price, which replaces price negotiation between shippers and truckers.

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We also plan to broaden the Group's service offerings to deliver one-stop platform experience to users. In particular, we plan to further expand and refine the Group's service offerings, thereby connecting with more ecosystem participants and enhancing the network effects of the FTA platform.

#### Our Ability to Monetize the Group's Services
The Group's profitability will depend to a large extent on its ability to monetize the online transaction service of matching shippers with truckers. Historically, the Group's revenue from its digital freight platform primarily consisted of membership fees from shippers and service fees from shippers using the freight brokerage service. The Group started charging transaction service fees from truckers in the second half of 2020 for selected types of shipments that originated from an initial batch of three cities. We believe this revenue model is supported by our compelling value propositions to both shippers and truckers, and we have introduced this revenue model to additional cities and experienced success in these cities. We believe there are significant opportunities to introduce this revenue model to more cities and raise transaction service fees rate, although our ability to continue to capture such opportunities remains untested. Our efforts to monetize the online transaction service will significantly affect the Group's results of operations. In addition, we plan to enhance our monetization capability by broadening the Group's offerings and providing new value-added services and innovative initiatives catering to various essential needs of shippers and truckers on the FTA platform, which may bring us incremental revenue opportunities.

#### Our Ability to Leverage Our Scale of Business to Manage Operating Costs and Expenses
The Group's results of operations depend on its ability to manage its costs and expenses. We believe the Group's marketplace model has significant operating leverage and enables the Group to realize structural cost savings. The Group's increasing scale of business and synergies across its business lines may lead to lower marginal operating costs and expenses. We believe the Group's continued investment in technology and infrastructure also contributes to the increase of operational efficiency, enabling the same number of employees to deliver higher productivity over time. On the other hand, we may seek to expand the Group's market share in certain verticals, and the Group may offer more user incentives and incur increased marketing expenses. The Group's profitability will depend on the cost efficiency of its marketing efforts in relation to some or all of these new initiatives.

The Group's consolidated affiliates pay a significant amount of VAT to government authorities in connection with the freight brokerage service. VAT, related tax surcharges and other tax costs, net of grants from government authorities, represents a major portion of the Group's cost of revenues. Starting from August 2025, the Group increased the service fee rate for freight brokerage service to ensure sustainability of such service and to better align the pricing of such service with its cost structure.

#### Components of Results of Operations

#### Revenues
The Group generates revenues from (i) freight matching services provided through the consolidated affiliates and PRC subsidiaries, and (ii) value-added services primarily provided through our PRC subsidiaries.

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The following table sets forth a breakdown of the Group's revenues, each expressed in the absolute amount and as a percentage of its total revenues, for the periods indicated:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2023** | **2023** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Revenues<sup>(1)</sup>** | **Revenues<sup>(1)</sup>** | **Revenues<sup>(1)</sup>** | **Revenues<sup>(1)</sup>** | **Revenues<sup>(1)</sup>** | **Revenues<sup>(1)</sup>** | **Revenues<sup>(1)</sup>** | **Revenues<sup>(1)</sup>** |
|  **Freight matching services** | **7053525** | **83.6** | **9455134** | **84.1** | **10496771** | **1501018** | **84.0** |
|  Freight brokerage service | 3916409 | 46.4 | 4726989 | 42.1 | 4199393 | 600505 | 33.6 |
|  Freight listing service | 828152 | 9.8 | 879489 | 7.8 | 980158 | 140161 | 7.8 |
|  Transaction service<sup>(2)</sup> | 2308964 | 27.4 | 3848656 | 34.2 | 5317220 | 760352 | 42.6 |
|  **Value-added services** | **1382634** | **16.4** | **1783504** | **15.9** | **1993088** | **285008** | **16.0** |
|  Credit solutions | 1001892 | 11.9 | 1341434 | 11.9 | 1474413 | 210838 | 11.8 |
|  Other value-added services | 380742 | 4.5 | 442070 | 4.0 | 518675 | 74170 | 4.2 |
|  **Total** | **8436159** | **100.0** | **11238638** | **100.0** | **12489859** | **1786026** | **100.0** |

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(1) The Group recognizes revenue without deducting the related VAT, as we determine that the Group is the primary obligor of the VAT in the PRC, and such VAT are included in the cost of revenues. RMB4,172.7 million, RMB5,097.7 million and RMB4,671.4 million (US$668.0 million) of the Group's revenues were attributable to VAT in the years ended December 31, 2023, 2024 and 2025, respectively, which were primarily related to VAT charged for freight brokerage service. The gross amount of VAT included in the cost of revenues was RMB5,271.1 million, RMB5,996.2 million and RMB4,165.7 million (US$595.7 million) in the years ended December 31, 2023, 2024 and 2025, respectively, which was primarily related to VAT charged for freight brokerage service.

(2) Effective from January 1, 2024, the Group renamed "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 "Other value-added services." The comparative net revenues for the year ended December 31, 2023 have been recast to conform to this presentation. RMB101.2 million from "Freight listing service" and RMB4.7 million from "Other value-added services" were reclassified to "Transaction service" for the year ended December 31, 2023.

<u>Freight Matching Services</u> 

The Group's revenue from freight matching services consists of revenues from freight listing service, freight brokerage service and transaction service. The Group provides freight matching services through the consolidated affiliates and PRC subsidiaries.

*Freight Listing Service* 

The Group has a freemium model where shippers can post a certain number of shipping orders on the FTA platform free of charge. Shippers are charged membership fees for the right to post additional orders on the FTA platform beyond such limit. Membership fee is prepaid by shippers registered on the FTA platform for activating their rights of posting additional shipping orders on the platform. Revenue from shippers' membership fee is recognized on a straight-line basis over the term of the membership period.

*Freight Brokerage Service* 

To provide freight brokerage service, the Group through the consolidated affiliates enters into contracts with shippers on the FTA platform to provide them with shipping service and platform service, and with truckers on the FTA platform to purchase the shipping service. The difference between the amount the consolidated affiliates collect from shippers and the amount they pay to truckers is the FTA platform service fees, which are recognized as the Group's revenues on a net basis at the point of fulfillment of the shipping orders.

In connection with the freight brokerage service, the consolidated affiliates assume legal obligations to pay VAT that are assessed on the entire selling price of the shipping service and platform service pursuant to the contracts with shippers. The Group's net revenue from freight brokerage service is recognized without deducting VAT as we determine that the Group is the primary obligor of the VAT in the PRC, and such VAT are included in the cost of revenues. The gross amount of VAT related to freight brokerage service included in the cost of revenues was RMB5,006.4 million, RMB5,608.2 million and RMB3,666.6 million (US$524.3 million) in the years ended December 31, 2023, 2024 and 2025, respectively.

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The consolidated affiliates received grants from local government authorities. The amount of government grants received by the consolidated affiliates was RMB2,150.1 million, RMB2,102.8 million and RMB903.3 million (US$129.2 million) in the years ended December 31, 2023, 2024 and 2025, respectively, which was included in the Group's cost of revenues to offset its VAT obligation. The gross amount of VAT related to freight brokerage service that the consolidated affiliates were obliged to pay exceeded the Group's net revenues from such services in the years ended December 31, 2023 and 2024. Starting from August 2025, the Group increased the service fee rate for freight brokerage service to ensure sustainability of such service and reduce reliance on government grants. The Group takes into consideration the VAT obligation the consolidated affiliates assume under the contracts with shippers, as well as other relevant factors, when setting the rate of the FTA platform freight brokerage service fee. The gross amount of VAT that the consolidated affiliates were obliged to pay did not exceed the Group's net revenues from freight brokerage service in the year ended December 31, 2025. See "Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—The profitability of the Group's freight brokerage service has been and is expected to continue to be reliant upon, among others, grants provided by local government authorities. If the Group cannot continue to receive such grants, its freight brokerage service and its contribution to the Group's financial performance may be materially and adversely affected." for details.

*Transaction Service* 

The Group charges transaction service fees from truckers when they take orders originating from certain cities. The transaction service fee charged for an order is computed based on the shipping fee of such shipping order. The transaction service fee is recognized as revenue upon the shipper and the trucker reach an agreement.

In certain innovative businesses, the Group charges truckers membership fees, which entitle them to deduct or waive above-mentioned transaction service fees for a certain period of time, usually one week or one month. Revenue from truckers' membership fee is recognized on a straight-line basis over the term of the membership period. Such fees were previously classified under "Freight listing service" and re-classified under "Transaction service" since 2024.

For additional information, please see "—Our Monetization Model."

<u>Value-Added Services</u> 

We offer credit solutions to shippers and truckers and other value-added services to insurance companies, highway authorities, gas station operators, automakers and dealers to help them meet various essential needs of shippers and truckers. Such services are primarily provided through our PRC subsidiaries.

*Credit Solutions* 

The Group's credit solutions consist of (i) on-balance sheet loans, which are funded by our small loan company and (ii) off-balance sheet loans, which are funded by our institutional funding partners. The Group generates (i) interest revenue from on-balance sheet loans that are funded by us through our small loan company and (ii) revenue from loan facilitation, post-origination and guarantee services from off-balance sheet loans. Currently, a major portion of our cash loans to truckers and working capital loans to shippers are on-balance sheet loans, and a small portion of cash loans to truckers are off-balance sheet loans. As of December 31, 2025, the total outstanding balance of the on-balance sheet loans, consisting of the total principal amounts (excluding loans that are over 180 days past due and are therefore charged off) and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,851.4 million (US$693.7 million).

The Group guarantees off-balance sheet loans facilitated by it. As of December 31, 2025, the amount of guarantee liabilities in relation to the Group's loan guarantee arrangements was immaterial.

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*Other Value-Added Services* 

The Group generates revenue from other value-added services by charging (i) commissions from insurance companies for facilitating the sale of insurance policies to shippers and truckers, (ii) service fees from highway authorities for promoting ETC cards to truckers and service fees from truckers for account top-up, (iii) service fees from gas station operators for generating sales leads or facilitating sale of fuel, (iv) service fees derived from innovative businesses and (v) proceeds from sale of intelligent driving system kits and service fees generated from intelligent driving carrier service.

*Incentives Provided to the Shippers and Truckers* 

The Group offers various forms of incentives to the platform shippers and truckers, who are both considered the customers of the Group. For incentives which are recorded as reduction of revenue (including deferred revenue, if any), if characterization of those amounts as a reduction of revenue results in negative revenue for a specific customer on a cumulative basis within a given period, the amount of the cumulative shortfall is re-characterized as selling and marketing expense. There is no explicit or implicit service agreements with the respective customer for a future period in relation to the negative amount. Consideration paid to customers are recorded as sales and marketing expenses if we receive a distinct service in exchange and the consideration paid is at or below the fair value of the service received.

#### Cost of Revenues
The Group's cost of revenues consists of (i) VAT, related tax surcharges and other tax costs, net of grants from government authorities, (ii) payroll and related expenses for employees involved in operating the FTA platform, (iii) technology service fee, (iv) commission fee paid to third-party payment platform and (v) others. The following table sets forth a breakdown of the Group's cost of revenues, expressed as an absolute amount and as a percentage of its total revenues, for the periods indicated:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Cost of revenues** | **Cost of revenues** | **Cost of revenues** | **Cost of revenues** | **Cost of revenues** | **Cost of revenues** | **Cost of revenues** | **Cost of revenues** |
|  VAT, related tax surcharges and other tax costs, net of grants from government authorities<sup>(1)</sup> | 3693516 | 43.8 | 4584433 | 40.8 | 3944731 | 564089 | 31.6 |
|  Payroll and related expenses for employees | 161908 | 1.9 | 207954 | 1.9 | 248782 | 35575 | 2.0 |
|  Technology service fee | 155175 | 1.8 | 209754 | 1.9 | 235721 | 33708 | 1.9 |
|  Commission fee paid to third-party payment platform | 101428 | 1.2 | 83688 | 0.7 | 88730 | 12688 | 0.7 |
|  Others | 6989 | 0.1 | 14729 | 0.1 | 100832 | 14419 | 0.8 |
|  **Total** | **4119016** | **48.8** | **5100558** | **45.4** | **4618796** | **660479** | **37.0** |

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(1) In the years ended December 31, 2023, 2024 and 2025, the gross amount of VAT was RMB5,271.1 million, RMB5,996.2 million and RMB4,165.7 million (US$595.7 million), respectively, of which RMB5,006.4 million, RMB5,608.2 million and RMB3,666.6 million (US$524.3 million) was related to freight brokerage service; the amount of related tax surcharges and other tax costs was RMB893.4 million, RMB1,039.6 million and RMB 855.0 million (US$122.3 million), respectively, substantially all of which was related to freight brokerage service; the amount of government grants from government authorities was RMB2,471.0 million, RMB2,451.4 million and RMB1,076.0 million (US$153.9 million), respectively, substantially all of which was related to freight brokerage service.

The Group's cost of revenues is incurred to support all revenue generating activities on its digital freight platform. For example, technology services fee is incurred for operating the entire platform. The customer service center employees serve shippers and truckers involved in various services offered by the Group. Our strategy is to continue to grow the FTA platform, with a focus on expansion and increase of the number of shippers and truckers on the FTA platform and the volume of transaction activities facilitated through the FTA platform. The majority of the cost of revenue therefore is incurred on a company-wide basis to develop the FTA platform, as well as to acquire and maintain shippers and truckers in order to support the growth of both freight matching services and value-added services, the latter of which further enhance user stickiness and engagement on the FTA platform. As such, it is not practicable for us to allocate the Group's cost by revenue component in a reasonable and systematic way.

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#### Sales and Marketing Expenses
The Group's sales and marketing expenses mainly consist of (i) payroll and related expenses for employees involved in selling and marketing functions, (ii) advertising expenses, (iii) amortization of trademarks and (iv) expenditures in user ecosystem enhancement and user rights protection. The Group's sales and marketing expenses may increase in the near future, as the Group promotes its services in certain verticals and roll out new services.

#### General and Administrative Expenses
The Group's general and administrative expenses mainly consist of (i) compensation costs for executive management and administrative employees, (ii) daily operating expenses relating to administrative functions and (iii) provision for settlement in principle of U.S. securities class action, which is non-recurring.

#### Research and Development Expenses
The Group's research and development expenses mainly consist of (i) technology infrastructure expenses, (ii) payroll and related expenses for employees involved in platform development, internal-use system support and autonomous driving technology development, and (iii) charges for the usage of the server, computer and other equipment in relation to the research and development activities.

#### Provision for Credit Solutions
Allowance for credit solutions is determined at a level believed to be reasonable to absorb probable losses inherent in the portfolio as of each balance sheet date. The allowance is provided based on an assessment performed on a portfolio basis. The Group recognizes an increase in allowance for our on-balance sheet loans and off-balance sheet loans bearing credit risks as provision for credit solutions for the relevant period.

#### Share-Based Compensation
We adopted the 2018 Plan and the 2021 Plan to provide additional incentives to directors, officers, employees and consultants.

The Group recognized share-based compensation expense of RMB441.8 million, RMB496.6 million and RMB281.6 million (US$40.3 million) in the years ended December 31, 2023, 2024 and 2025, respectively, representing 5.2%, 4.4% and 2.3% of the Group's revenues in those respective periods. The following table sets forth a breakdown of share-based compensation expense by function for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  General and administrative expenses | 297469 | 348400 | 139824 | 19995 |
|  Sales and marketing expenses | 55503 | 50109 | 55250 | 7901 |
|  Research and development expenses | 80279 | 87012 | 73816 | 10556 |
|  Cost of revenues | 8576 | 11118 | 12669 | 1812 |
|  **Total** | **441827** | **496639** | **281559** | **40264** |

---

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##### [**Table of Contents**](#toc)

#### Taxation

#### Cayman Islands
We are incorporated in the Cayman Islands as an exempted company with limited liability under the Cayman Companies Act and accordingly, are exempted from Cayman Islands income tax. As such, we are not subject to tax on income or capital gain. In addition, no Cayman Islands withholding tax is imposed upon any payments of dividends by our subsidiaries to us.

#### Hong Kong
Entities incorporated in Hong Kong are subject to Hong Kong profits tax. Under the current Hong Kong Inland Revenue Ordinance, the profits tax rate for the first HK$2 million of profits of corporations is 8.25%, while profits above that amount are subject to the tax rate of 16.5%.

#### PRC
On March 16, 2007, the National People's Congress of the PRC introduced a Corporate Income Tax Law ("CIT Law"), under which Foreign Investment Enterprises ("FIEs") and domestic companies are subject to corporate income tax at a uniform rate of 25%. Certain enterprises benefit from a preferential tax rate of 15% under the CIT Law if they qualify as high and new technology enterprises ("HNTE"). Software enterprises encouraged by the PRC government ("Software Enterprises") will be exempted from corporate income tax from the first to the second year after the profit-making year and will be subject to corporate income tax at 12.5%, half of the statutory tax rate, from the third to the fifth year. An enterprise enjoying the tax incentive of Software Enterprises adopts the method of "self assessment, declaration of incentives enjoyed and retention of the relevant materials for future inspection".

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim 150% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year ("Super Deduction"). The State Taxation Administration of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as Super Deduction from January 1, 2018 to December 31, 2020, which was subsequently announced in March 2021 to be further extended to December 31, 2023. In September 2022, the State Taxation Administration of the PRC further announced that for the enterprises entitled to the current pre-tax deduction ratio of 175% for research and development expenses, such ratio is raised to 200% during the period from October 1, 2022 to December 31, 2022. In March 2023, the Ministry of Finance and State Taxation Administration announced to implement the policy of raising pre-tax deduction ratios for research and development expenses from 175% to 200% for eligible industry enterprises on a long-term basis starting from January 1, 2023.

The CIT Law provides that an enterprise established under the laws of a foreign country or region but whose "de facto management body" is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing rules of the CIT Law merely define the location of the "de facto management body" as "the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties and others, of a non-PRC company is located." Based on a review of facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will be considered a resident enterprise for PRC tax purposes.

The CIT Law also imposes a withholding income tax of 10% on dividends distributed by an FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company's jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. According to the Arrangement between China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the FIE).

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For the year ended December 31, 2025, the Group accrued RMB80 million withholding tax expenses associated with the approved earning distribution from its certain PRC subsidiary to Lucky Logistics Information Limited based on withholding tax rate of 10%. Other than this approved dividend distribution, no deferred tax liability was recognized for the remaining undistributed profits of PRC subsidiaries as the Group has sufficient evidence to demonstrate that the remaining undistributed dividends will be reinvested indefinitely.

Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting basis over tax basis in a consolidated affiliate. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means. The Group completed its feasibility analysis on a method which the Group will ultimately execute if necessary to repatriate the undistributed earnings of the VIEs and VIEs' subsidiaries without significant tax costs. As such, the Group does not accrue deferred tax liabilities on the earnings of the VIEs and VIEs' subsidiaries given that the Group will ultimately use the means.

The Organization for Economic Cooperation and Development ("OECD") introduced a framework for the implementation of a 15% global minimum tax (Pillar Two). Various OECD member countries have either enacted or are in the process of enacting Pillar Two legislation. Based on current available legislation, Pillar Two did not have a material tax impact for fiscal years 2024 and 2025, and the Group will continue to monitor the developments and evaluate the potential impact of Pillar Two in the future.

#### Results of Operations
The following table sets forth a summary of the Group's consolidated results of operations for the periods presented, in absolute amount for the periods presented and as a percentage of its revenues. This information should be read together with the Group's consolidated financial statements and related notes included elsewhere in this annual report. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  **Net revenues** (including value-added taxes, "VAT", of RMB4,172.7 million, RMB5,097.7 million and RMB4,671.4 million for the years ended December 31, 2023, 2024 and 2025, respectively) | **8436159** | **100.0** | **11238638** | **100.0** | **12489859** | **1786026** | **100.0** |
|  Cost of revenues (including VAT net of government grants, of RMB3,121.0 million, RMB3,893.4 million and RMB3,262.4 million for the years ended December 31, 2023, 2024 and 2025, respectively) | (4119016) | (48.8) | (5100558) | (45.4) | (4618796) | (660479) | (37.0) |
|  Sales and marketing expenses | (1239191) | (14.7) | (1596763) | (14.2) | (1747759) | (249926) | (14.0) |
|  General and administrative expenses | (937677) | (11.1) | (913763) | (8.1) | (709775) | (101496) | (5.7) |
|  Research and development expenses | (946635) | (11.2) | (880016) | (7.8) | (874435) | (125043) | (7.0) |
|  Provision for credit solutions | (234599) | (2.8) | (296528) | (2.6) | (445351) | (63684) | (3.6) |
|  **Total operating expenses** | **(7477118)** | **(88.6)** | **(8787628)** | **(78.1)** | **(8396116)** | **(1200628)** | **(67.3)** |
|  Other operating income | 38388 | 0.5 | 23970 | 0.2 | 52455 | 7501 | 0.4 |
|  **Income from operations** | **997429** | **11.9** | **2474980** | **22.1** | **4146198** | **592899** | **33.1** |
|  **Other income (expense):** | **Other income (expense):** | **Other income (expense):** | **Other income (expense):** | **Other income (expense):** | **Other income (expense):** | **Other income (expense):** | **Other income (expense):** |
|  Interest income | 1141861 | 13.5 | 1073434 | 9.6 | 954082 | 136432 | 7.6 |
|  Foreign exchange (loss) gain | (2149) | (0.0) | 8004 | 0.1 | (17344) | (2480) | (0.1) |
|  Investment income | 55621 | 0.7 | 54785 | 0.5 | 94717 | 13544 | 0.8 |
|  Unrealized gains (losses) from fair value changes of investments | 12938 | 0.2 | (20904) | (0.2) | 116162 | 16611 | 0.9 |
|  Other income, net | 130264 | 1.5 | 128152 | 1.1 | 109232 | 15620 | 0.9 |
|  Impairment loss |  |  | (352742) | (3.1) |  |  |  |
|  Share of loss in equity method investees | (2067) | (0.0) | (2861) | (0.0) | (14814) | (2118) | (0.1) |
|  **Total other income** | **1336468** | **15.9** | **887868** | **8.0** | **1242035** | **177609** | **10.0** |
|  **Net income before income tax** | **2333897** | **27.8** | **3362848** | **30.1** | **5388233** | **770508** | **43.1** |
|  Income tax expense | (106804) | (1.3) | (239411) | (2.1) | (929157) | (132868) | (7.4) |
|  **Net income** | **2227093** | **26.5** | **3123437** | **28.0** | **4459076** | **637640** | **35.7** |

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#### Year Ended December 31, 2025 Compared To Year Ended December 31, 2024
<u>Revenues</u> 

The Group recorded revenues of RMB11,238.6 million and RMB12,489.9 million (US$1,786.0 million) in 2024 and 2025, respectively. VAT is included in revenues on a gross basis with a corresponding charge to the cost of revenues as we determine that the Group is the primary obligor of the VAT in the PRC. RMB5,097.7 million and RMB4,671.4 million (US$668.0 million) of the Group's revenues were attributable to VAT in 2024 and 2025, respectively, which were primarily related to VAT charged for freight brokerage service, calculated based on the total shipping transaction prices, including the freight charges paid to truckers (for which the consolidated affiliates act as agents) and the platform service fees earned by the Group.

Revenues from freight matching services increased by 11.0% from RMB9,455.1 million in 2024 to RMB10,496.8 million (US$1,501.0 million) in 2025 due to the rapid increase in transaction service revenues, partially offset by a decrease in freight brokerage service revenues.

• Revenue from freight brokerage service decreased by 11.2% from RMB4,727.0 million in 2024 to RMB4,199.4 million (US$600.5 million) in 2025, primarily driven by a decrease in transaction volume, partially offset by an increase in service fee rate.

• Revenue from freight listing service<sup>(1)</sup> increased by 11.4% from RMB879.5 million in 2024 to RMB980.2 million (US$140.2 million) in 2025, primarily attributable to the growing number of total paying members.

• Revenue from transaction service<sup>(1)</sup> increased by 38.2% from RMB3,848.7 million in 2024 to RMB5,317.2 million (US$760.4 million) in 2025, primarily driven by increases in order volume, penetration rate and per-order transaction service fee.

Revenues from value-added services increased by 11.8% from RMB1,783.5 million in 2024 to RMB1,993.1 million (US$285.0 million) in 2025, attributable to an increase in credit solutions revenues and the inclusion of Giga.AI's revenues.

• Revenues from credit solutions increased by 9.9% from RMB1,341.4 million in 2024 to RMB1,474.4 million (US$210.8 million) in 2025, primarily due to an increase in the amount of loans funded and facilitated by the Group to address the market demand.

• Revenues from other value-added services<sup>(1)</sup> increased by 17.3% from RMB442.1 million in 2024 to RMB518.7 million (US$74.2 million) in 2025, primarily due to our ability to provide diversified value added services and the inclusion of Giga.AI's revenues.

(1) Effective from January 1, 2024, the Group renamed "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 "Other value-added services." The comparative net revenues for the year ended December 31, 2023 have been recast to conform to this presentation. RMB101.2 million from "Freight listing service" and RMB4.7 million from "Other value-added services" were reclassified to "Transaction service" for the year ended December 31, 2023.

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<u>Cost of Revenues</u> 

The Group's cost of revenues decreased by 9.4% from RMB5,100.6 million in 2024 to RMB4,618.8 million (US$660.5 million) in 2025. The decrease was primarily due decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities.

VAT, related tax surcharges and other tax costs, net of grants from government authorities decreased by 14.0% from RMB4,584.4 million in 2024 to RMB3,944.7 million (US$564.1 million) in 2025, primarily due to a decrease in tax costs net of government grants related to the Group's freight brokerage service.

Payroll and related expenses for employees increased by 19.6% from RMB208.0 million in 2024 to RMB248.8 million (US$35.6 million) in 2025, primarily attributable to an increase in salary and benefits expenses as a result of an increase in the customer service and operation headcount in order to improve our customers' experience.

Technology service fee increased by 12.4% from RMB209.8 million in 2024 to RMB235.7 million (US$33.7 million) in 2025, primarily attributable to expanded business operations which necessitated enhanced technology service capabilities to support scaling demands.

Commission fee paid to third-party payment platform increased by 6.0% from RMB83.7 million in 2024 to RMB88.7 million (US$12.7 million) in 2025, primarily attributable to a decrease in fee rebate from third-party payment platforms, partially offset by lower average commission fee rates and a decrease in user transaction volume through the fee-charging channels on the FTA platform.

<u>Sales and Marketing Expenses</u> 

The table below sets forth sales and marketing expenses and share-based compensation expenses included in sales and marketing expenses, in absolute amount for the periods presented and as a percentage of the Group's revenues.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Sales and marketing expenses | 1596763 | 14.2 | 1747759 | 249926 | 14.0 |
|  Share-based compensation expense included in sales and marketing expenses | 50109 | 0.4 | 55250 | 7901 | 0.4 |

---

The Group's sales and marketing expenses increased by 9.5% from RMB1,596.8 million in 2024 to RMB1,747.8 million (US$249.9 million) in 2025, and the Group's sales and marketing expenses as a percentage of its net revenues decreased from 14.2% to 14.0% during the same period. The increase in absolute amount was primarily due to further investments in fostering the user ecosystem and protecting user rights and interests as well as an increase in advertising and marketing expenses for user acquisitions.

<u>General and Administrative Expenses</u> 

The table below sets forth general and administrative expenses, as well as share-based compensation expenses in absolute amount for the periods presented and as a percentage of the Group's revenues.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  General and administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;913763 | 8.1 | &nbsp;&nbsp;&nbsp;&nbsp;709775 | 101496 | 5.7 |
|  Share-based compensation expense included in general and administrative expenses | 348400 | 3.1 | 139824 | 19995 | 1.1 |

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The Group's general and administrative expenses decreased by 22.3% from RMB913.8 million in 2024 to RMB709.8 million (US$101.5 million) in 2025, and the Group's general and administrative expenses as a percentage of its net revenues decreased from 8.1% to 5.7% during the same period. The decrease in absolute amount was primarily due to lower share-based compensation expenses.

<u>Research and Development Expenses</u> 

The table below sets forth research and development expenses and share-based compensation expenses included in research and development expenses, in absolute amount for the periods presented and as a percentage of the Group's revenues.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Research and development expenses | &nbsp;&nbsp;&nbsp;&nbsp;880016 | 7.8 | &nbsp;&nbsp;&nbsp;&nbsp;874435 | 125043 | 7.0 |
|  Share-based compensation expense included in research and development expenses | 87012 | 0.8 | 73816 | 10556 | 0.6 |

---

The Group's research and development expenses decreased by 0.6% from RMB880.0 million in 2024 to RMB874.4 million (US$125.0 million) in 2025, primarily due to lower salary and benefits expenses, partially offset by the inclusion of Giga.AI's research and development costs. The Group's research and development expenses as a percentage of its net revenues decreased from 7.8% to 7.0% during the same period.

<u>Provision for Credit Solutions</u> 

The Group's provision for credit solutions increased by 50.2% from RMB296.5 million in 2024 to RMB445.4 million (US$63.7 million) in 2025 due to an increase in loan volume and elevated credit risk exposure.

<u>Other Operating Income</u> 

The Group's other operating income increased by 118.8% from RMB24.0 million in 2024 to RMB52.5 million (US$7.5 million) in 2025, primarily attributable to an increase in subsidies received from local governments.

<u>Interest Income</u> 

The Group recognized interest income of RMB954.1 million (US$136.4 million) in 2025, as compared to RMB1,073.4 million in 2024, primarily due to a decrease in interest rate yields on the Group's U.S. dollar-denominated cash holdings outside the PRC.

<u>Investment Income</u> 

The Group recognized investment income of RMB54.8 million and RMB94.7 in 2025 (US$13.5 million) in 2024 and 2025, respectively, which was primarily related to the maturity of the Group's short-term investments.

<u>Unrealized (Losses) Gains from Fair Value Changes of Investments</u> 

The Group recognized gains from fair value changes of investments of RMB116.2 million (US$16.6 million) in 2025, as compared to losses of RMB20.9 million in 2024. The gains in 2025 were primarily driven by the fair value changes in the Group's investments.

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<u>Other Income, Net</u> 

The Group recognized other income, net of RMB128.2 million and RMB109.2 million (US$15.6 million) in 2024 and 2025, respectively, primarily attributable to the ADR fee income received from Deutsche Bank Trust Company Americas, the depositary bank for our ADR program. The depositary bank may make payments to us or reimburse us for certain costs and expenses, by making available a portion of the ADS fees collected in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary bank agree from time to time. For details of fees received from the depositary bank, please refer to "Item 12. Description of Securities Other than Equity Securities—D. American Depositary Shares".

<u>Impairment loss</u> 

The Group recognized impairment loss of RMB352.7 million and nil in 2024 and 2025, respectively, which was primarily related to credit impairment on investments in certain investee that was unable to satisfy the shareholders' redemption requests due to insufficient funds resulting from operational underperformance.

<u>Income Tax Expense</u> 

The Group recognized income tax expense of RMB929.2 million (US$132.9 million) in 2025, as compared to income tax expense of RMB239.4 million in 2024. The increase was primarily attributable to the increased net income before income tax and the expiration of the tax exemption period of the Group's software enterprises.

<u>Net Income</u> 

As a result of the foregoing, net income of the Group increased from RMB3,123.4 million in 2024 to RMB4,459.1 million (US$637.6 million) in 2025.

#### Year Ended December 31, 2024 Compared To Year Ended December 31, 2023
For a discussion of the Group's results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023, see "Item 5. Operating and Financial Review and Prospects — A. Operating Results — Year Ended December 31, 2024 Compared to Year Ended December 31, 2023" in our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 14, 2025*.*

#### Non-GAAP Financial Measures
In evaluating the Group's business, we consider and use non-GAAP adjusted operating income and non-GAAP adjusted net income, each a non-GAAP financial measure, as supplemental measures to review and assess the Group's 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. We define 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. We define 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.

With respect to amortization of intangible assets resulting from business acquisitions, the relevant intangible assets were recorded as part of purchase accounting and contribute to revenue generation of the Group. Amortization of intangible assets resulting from business acquisitions will recur in future periods until such intangible assets have been fully amortized.

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We present non-GAAP financial measures because they are used by our management to evaluate the Group's operating performance and formulate business plans. The Group's non-GAAP financial measures enable our management to assess the Group's operating results without considering the impact of (i) share-based compensation expense, amortization of intangible assets resulting from business acquisitions and impairment loss of long-term investment, which are non-cash charges and (ii) compensation cost incurred in relation to acquisitions and settlement in principle of U.S. securities class action, which are non-recurring charges. We also believe that the use of non-GAAP measures facilitates investors' assessment of the Group's operating performance.

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 Group's non-GAAP financial measures do not reflect all items of expense that affect the Group's operations.

We reconcile the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income and non-GAAP adjusted net income should not be considered in isolation or construed as an alternative to operating income and net income or any other measure of performance or as an indicator of the Group's operating performance. The Group's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

The following table reconciles the Group's unaudited non-GAAP adjusted operating income in the periods presented to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, which is income from operations.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Income from operations** | **997429** | **2474980** | **4146198** | **592899** |
|  **Add:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 441827 | 496639 | 281559 | 40264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets resulting from business acquisitions | 52084 | 52084 | 72022 | 10299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation cost incurred in relation to acquisitions | 17124 | 8562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement in principle<br> of U.S. securities class action | 71900 |  |  |  |
|  **Non-GAAP adjusted operating income** | **1580364** | **3032265** | **4499779** | **643462** |

---

The following table reconciles the Group's unaudited non-GAAP adjusted net income in the periods presented to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, which is net income.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Net income** | **2227093** | **3123437** | **4459076** | **637640** |
|  **Add:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 441827 | 496639 | 281559 | 40264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets resulting from business acquisitions | 52084 | 52084 | 72022 | 10299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation cost incurred in relation to acquisitions | 17124 | 8562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement in principle<br> of U.S. securities class action | 71900 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss of long-term investment |  | 352742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effects of non-GAAP adjustments<sup>(1)</sup> | (13021) | (13020) | (18006) | (2575) |
|  **Non-GAAP adjusted net income** | **2797007** | **4020444** | **4794651** | **685628** |

---

(1) Comprise tax effects relating to amortization of intangible assets resulting from business acquisitions.

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B. Liquidity and Capital Resources

The Group's primary sources of liquidity have been through issuance of preferred shares (prior to our initial public offering), issuance of ordinary shares and bank borrowings, which have historically been sufficient to meet the Group's working capital and capital expenditure requirements. As of December 31, 2025, the Group had cash and cash equivalents of RMB6,066.1 million (US$867.4 million), as compared to cash and cash equivalents of RMB5,810.3 million as of December 31, 2024. The increase was primarily due to cash generated from our operating activities, partially offset by purchase of short-term and long-term time deposits and other investments, cash paid for cash dividends and share repurchase.

In June 2021, we completed our initial public offering in which we issued and sold an aggregate of 82,500,000 ADSs, representing 1,650,000,000 Class A ordinary shares, at a public offering price of US$19.00 per ADS for a total offering size of US$1,567.5 million. Concurrently with our initial public offering, we completed a private placement in which we issued and sold an aggregate of 210,526,314 Class A ordinary shares, at a price per share equal to the initial public offering price adjusted for the ADS-to-Class A ordinary share ratio for an aggregate purchase price of US$200.0 million, or the concurrent private placement. The amount of net proceeds raised from the initial public offering and the concurrent private placement was approximately US$1,707.7 million.

The following table sets forth a summary of the locations of the Group's cash and cash equivalents as of December 31, 2025:

---

| | |
|:---|:---|
|  | **As of December 31, 2025** |
|  | **(in thousands)** |
|  Cash located outside of the PRC |  |
|  — *in U.S. dollars* | US$213,956 |
|  — *in HK dollars* | HK$2,130 (US$274)<sup>(1)</sup> |
|  — *in SGP dollars* | S$385 (US$299)<sup>(2)</sup> |
|  — *in RMB* | RMB607 (US$87) |
|  Cash located in the PRC |  |
|  — *held by our subsidiaries in U.S. dollars* | US$19,381 |
|  — *held by our subsidiaries in RMB* | RMB3,677,277 (US$525,844) |
|  — *held by the Group VIEs and their subsidiaries in RMB* | RMB744,145 (US$106,411) |

---

(1) The translations from HK dollars to U.S. dollars were made at a rate of HK$7.7833 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025.

(2) The translations from SGP dollars to U.S. dollars were made at a rate of S$1.2859 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025.

The consolidated affiliates pay a significant amount of VAT to local tax authorities in connection with the freight brokerage service. The consolidated affiliates also receive grants from local government authorities as an incentive for developing the local economy and business. The amount of government grants is determined based on the Group's agreements with the relevant local government authorities. For further information, see "—Components of Results of Operations—Revenues—Freight Matching Services—Freight Brokerage."

Taking into account the financial resources available to the Group, including its cash and cash equivalents on hand and the net proceeds from our initial public offering and concurrent private placement, we believe that the Group has sufficient working capital to meet its anticipated working capital requirements, including capital expenditures in the ordinary course of business for the next 12 months from the date of this annual report.

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The Group may, however, need additional cash resources in the future if it experiences changes in business condition or other developments, or if we find and wish to pursue opportunities for investments, acquisitions, capital expenditures or similar actions. If we determine that the Group's cash requirements exceed the amount of cash and cash equivalents the Group has on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict the Group's operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

The following table sets forth a summary of the Group's cash flows for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **RMB** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Summary Consolidated Cash Flow Data:** | **Summary Consolidated Cash Flow Data:** | **Summary Consolidated Cash Flow Data:** | **Summary Consolidated Cash Flow Data:** | **Summary Consolidated Cash Flow Data:** |
|  Net cash provided by operating activities | 2269646 | 2970125 | 4626880 | 661635 |
|  Net cash provided by/ (used in) investing activities | 553739 | (2419636) | (2717363) | (388578) |
|  Net cash used in financing activities | (1167002) | (1519745) | (1655948) | (236797) |
|  Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 18954 | 23728 | (38022) | (5438) |

---

#### Operating Activities
Net cash provided by operating activities was RMB4,626.9 million (US$661.6 million) in 2025, primarily due to net income of RMB4,459.1 million (US$637.6 million), adjusted by changes in itemized balances of operating assets and liabilities that have a positive effect on cash flow, including primarily (i) a decrease in prepayments and other current assets of RMB1,248.0 million (US$178.5 million) primarily due to decreases in interest receivables and government grants receivable relating to the Group's freight brokerage service and (ii) an increase in income tax payable of RMB85.5 million (US$12.2 million). The amount was partially offset by changes in itemized balances of operating assets and liabilities that have a negative effect on cash flow, including primarily (i) an increase in loans receivable of RMB1,084.5 million (US$155.1 million) as the Group funded more loans originated on the FTA platform, (ii) a decrease in other tax payable of RMB420.8 (US$60.2 million) million, (iii) an increase in other non-current assets of RMB218.0 (US$31.2 million) million primarily relating to an increase in long-term interest receivables and (iv) an increase in deferred tax assets of RMB156.7 (US$22.4 million) million. The amount was further adjusted to add back (i) share-based compensation of RMB281.6 million (US$40.3 million), (ii) provision for credit solutions of RMB445.4 million (US$63.7 million) and (iii) depreciation and amortization of RMB100.0 million (US$14.3 million). The amount was partially offset by unrealized gains from fair value changes of investments of RMB116.2 million (US$16.6 million).

Net cash provided by operating activities was RMB2,970.1 million in 2024, primarily due to net income of RMB3,123.4 million, adjusted by changes in itemized balances of operating assets and liabilities that have a positive effect on cash flow, including primarily (i) increases in income tax payable and other tax payable of RMB295.1 million, (ii) a decrease in other non-current assets of RMB90.6 million primarily relating to a decrease in long-term interest receivable, and (iii) a decrease in deferred tax assets of RMB56.2 million. The amount was partially offset by changes in itemized balances of operating assets and liabilities that have a negative effect on cash flow, including primarily (i) an increase in loans receivables of RMB975.1 million as the Group funded more loans originated on the FTA platform, (ii) a decrease in accrued expenses and other current liabilities of RMB605.2 million primarily due to a decrease in refundable prepayments from shippers and truckers for future shipping arrangements using the Group's freight brokerage service and value-added services, and (iii) an increase in prepayments and other current assets of RMB252.8 million primarily due to increases in interest receivables and VAT recoverable, partially offset by a decrease in government grants receivable relating to the Group's freight brokerage service. The amount was further adjusted to add back (i) share-based compensation of RMB496.6 million , (ii) impairment loss of RMB352.7 million primarily relating to credit impairment on the Group's investments in certain investee that could not meet the shareholders' redemption requests due to insufficient funds resulting from operational underperformance, (iii) provision for loans receivable of RMB296.5 million and (iv) depreciation and amortization of RMB77.9 million.

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Net cash provided by operating activities was RMB2,269.6 million in 2023, primarily due to net income of RMB2,227.1 million, adjusted by changes in itemized balances of operating assets and liabilities that have a positive effect on cash flow, including primarily (i) an increase in accrued expenses and other current liabilities of RMB295.6 million primarily relating to an increase in refundable prepayments from shippers and truckers for future shipping arrangements using the Group's freight brokerage service and value-added services, (ii) a decrease in prepayments and other current assets of RMB163.2 million primarily due to a decrease in the Group's investments in short-term wealth management products as the Group allocated more resources to long-term investments, (iii) an increase in income tax payable and other tax payable of RMB165.7 million and (iv) an increase in prepayments for freight listing fees and other service fees of RMB86.8 million. The amount was partially offset by changes in itemized balances of operating assets and liabilities that have a negative effect on cash flow, including primarily (i) an increase in loans receivables of RMB1,107.2 million as the Group funded more loans originated on the FTA platform, (ii) an increase in deferred tax assets of RMB107.6 million and (iii) an increase in other non-current assets of RMB183.8 million primarily due to an increase in long-term interest receivable. The amount was further adjusted by (i) share-based compensation of RMB441.8 million, (ii) provision for loans receivable of RMB234.6 million and (iii) depreciation and amortization of RMB74.7 million.

#### Investing Activities
Net cash used in investing activities was RMB2,717.4 million (US$388.6 million) in 2025, primarily attributable to (i) cash paid for long-term time deposits and other investments of RMB11,568.0 million (US$1,654.2 million), which were primarily long-term time deposits, wealth management products and convertible note issued by related parties, (ii) cash paid for investment in equity investees and non-controlling interests of RMB183.8 million (US$26.3 million) and (iii) purchases of property and equipment and intangible assets of RMB129.7 million (US$18.5 million), partially offset by (i) net cash of RMB9,013.6 million (US$1,288.9 million) generated from maturity of short-term investments after deducting the cash paid for short-term investments and (ii) net cash generated from acquisition of subsidiaries of RMB150.5 million (US$21.5 million).

Net cash used in investing activities was RMB2,419.6 million in 2024, primarily attributable to (i) cash paid for long-term investments of RMB12,362.9 million , which were primarily long-term time deposits, wealth management products and convertible note issued by related parties, partially offset by net cash of RMB10,017.5 million generated from maturity of short-term investments after deducting the cash paid for short-term investments, and (ii) purchases of property and equipment, land use rights and intangible assets of RMB75.0 million.

Net cash provided by investing activities was RMB553.7 million in 2023, primarily attributable to maturity of short-term investments of RMB21,594.7 million, partially offset by (i) purchases of short-term investments of RMB11,617.7 million, (ii) purchases of long-term investments of RMB9,261.4 million, (iii) purchases of property and equipment, land use rights and intangible assets of RMB100.3 million and (v) payments for investment in equity investees of RMB63.0 million.

#### Financing Activities
Net cash used in financing activities was RMB1,655.9 million (US$236.8 million) in 2025, primarily attributable to (i) cash dividend of RMB1,425.1 million (US$203.8 million), and (ii) cash paid relating to repurchase of ordinary shares and unvested options of RMB420.3 million (US$60.1 million), partially offset by (i) proceeds prepaid by equity investors of certain subsidiaries of RMB59.0 million (US$8.4 million), and (ii) capital contribution from redeemable non-controlling interests of RMB130.5 million (US$18.7 million).

Net cash used in financing activities was RMB1,519.7 million in 2024, primarily attributable to (i) cash dividend of RMB1,064.2 million , and (ii) cash paid for repurchase of ordinary shares of RMB575.3 million , partially offset by (i) proceeds prepaid by equity investors of a subsidiary of RMB100.0 million , and (ii) capital contribution from redeemable non-controlling interests of RMB19.7 million.

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Net cash used in financing activities was RMB1,167.0 million in 2023, primarily attributable to (i) cash paid for repurchase of ordinary shares of RMB1,168.3 million and (ii) proceeds prepaid by equity investors of a subsidiary of RMB90.0 million, partially offset by (i) capital contribution from redeemable non-controlling interests of RMB111.8 million and (ii) cash prepaid for repurchase of ordinary shares of RMB179.8 million.

#### Capital Expenditures
The Group made capital expenditures of RMB100.3 million, RMB75.0 million and RMB129.7 million (US$18.5 million) in the years ended December 31, 2023, 2024 and 2025, respectively. The Group's capital expenditures were mainly used for purchases of property and equipment. The Group will continue to make capital expenditures to meet the expected growth of its business.

#### Contingent Liabilities

#### Shareholder Class Action Lawsuits

#### In re Full Truck Alliance Co. Ltd. Securities Litigation, No. 654232/2021 (Sup. Ct. N.Y.)
On July 7, 2021, FTA and certain of its current and former directors and officers and others were named as defendants in a putative shareholder class action lawsuit filed in the Supreme Court of the State of New York. An additional action was subsequently filed in the Supreme Court of the State of New York. On October 20, 2021, the two actions were consolidated and re-captioned as "*In re Full Truck Alliance Co. Ltd. Securities Litigation*." A Consolidated Amended Complaint was submitted on November 29, 2021, and FTA filed its motion to dismiss on January 31, 2022. Plaintiffs filed their opposition to FTA's motion to dismiss on March 31, 2022. FTA filed its reply in support of its motion to dismiss on April 29, 2022. A hearing was held on January 19, 2023.

The action is brought on behalf of a putative class of persons who purchased or acquired the Company's securities pursuant or traceable to the Company's IPO. The Consolidated Amended Complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 based on allegedly false and misleading statements or omissions in the Company's Registration Statement issued in connection with the IPO.

#### Pratyush Kohli v. Full Truck Alliance Co. Ltd., et al., Case No. 1:21-cv-03903 (E.D.N.Y.)
On July 12, 2021, FTA, certain of its current and former directors and officers and others were named as defendants in a putative shareholder class action lawsuit filed in the Eastern District of New York. On September 13, 2022, an amended class action complaint was filed. On November 1, 2022, a second amended class action complaint ("SAC") was filed, which FTA and certain other defendants moved to dismiss on February 2, 2023. Plaintiffs submitted their opposition to FTA's motion to dismiss on April 3, 2023. FTA and certain other defendants submitted their reply in support of the motion to dismiss on May 18, 2023.

The action is brought on behalf of a putative class of persons who purchased or acquired the Company's securities from June 22, 2021 to July 2, 2021. The SAC alleges violations of Sections 11 and 15 of the Securities Act of 1933 based on allegedly false and misleading statements or omissions in the Company's Registration Statement issued in connection with the IPO. The SAC also alleges violations of Section 10(b) and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Securities Exchange Act of 1934.

#### Settlement
On September 17, 2023, FTA entered into a binding term sheet that agrees in principle to settle both of the class action lawsuits described above. On or around February 27, 2024, FTA and other parties to the lawsuits executed a stipulation of settlement that resolves the lawsuits for $10.25 million. The settlement amount is an all-in amount that covers all attorneys' fees, administrative costs, expenses, class member benefits, class representative awards, and costs of any kind associated with the resolution of the lawsuits. On March 8, 2024, the parties submitted the stipulation to the Supreme Court of the State of New York, or the Court, and the Court preliminarily approved the settlement on April 3, 2024. On April 8, 2024, FTA paid the settlement amount in full. The final settlement approval was obtained on September 5, 2024. By agreeing to settle the lawsuits, FTA does not admit any allegations in the lawsuits or violation of any law or regulations.

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#### Capital commitments
The Group's capital commitments primarily relate to commitments on construction of office building. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB296.2 million and RMB200.1 million (US$28.6 million) as of December 31, 2024 and 2025, respectively. All of these capital commitments will be fulfilled in the following years according to the construction progress.

Except as disclosed above, as of December 31, 2023, 2024 and 2025, respectively, the Group did not have any material contingent liabilities.

#### Contractual Obligations
The following table sets forth our contractual obligations as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** |
|  | **Total** | **Total** | **Less than 1 Year** | **1 – 2 Years** | **2 – 3 Years** | **More than<br>3 Years** |
|  | **RMB** | **US$** | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Operating lease liabilities | 36031 | 5152 | 34499 | 1532 |  |  |
|  Total | 36031 | 5152 | 34499 | 1532 |  |  |

---

Operating lease liabilities represent the Group's obligations for leasing offices, substantially all of which are located in PRC.

The Group's capital commitments primarily relate to commitments on construction of office building. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB200.1 million (US$28.6 million) as of December 31, 2025. All of these capital commitments will be fulfilled in the following years according to the construction progress.

Other than as shown above, the Group did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2025.

#### Off-Balance Sheet Arrangements
The Group provides financial guarantees for loans that it facilitates for certain institutional funding partners to shippers and truckers on the FTA platform. The Group is obligated to compensate the institutional funding partners for the principal and interest payment in the event of the borrowers' default. As of December 31, 2025, the amount of guarantee liabilities in relation to such arrangements was immaterial, and the maximum potential undiscounted future payment the Group would be required to make was RMB359.1 million (US$51.4 million).

Other than the above, the Group has not entered into any other commitments to guarantee the payment obligations of any third parties. The Group has not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that are not reflected in the Group's consolidated financial statements. Furthermore, the Group does not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. The Group does not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to the Group or engages in leasing, hedging or product development services with the Group.

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#### Material Related Party Transactions
The Group enters into transactions with its related parties from time to time. For more details about the Group's related party transactions during 2023, 2024 and 2025, see "Item 7. Major Shareholders and Related Party Transactions — Related Party Transactions." The Group's transactions with related parties during 2023, 2024 and 2025 were conducted on an arm's length basis, and they did not distort the Group's results of operations or make the Group's historical results not reflective of its future performance.

#### Holding Company Structure
Full Truck Alliance Co. Ltd., our holding company, has no material operations of its own other than holding investments in certain of our equity investees. The Group conducts its operations primarily through (i) the Group VIEs and their subsidiaries in China and (ii) our subsidiaries in China. As a result, Full Truck Alliance Co. Ltd.'s ability to pay dividends may depend upon dividends paid by our PRC subsidiaries to certain extent. If our existing PRC subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our subsidiaries in China are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries, the Group VIEs and their subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, our subsidiaries in China may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion funds and staff bonus and welfare funds at its discretion, and the Group VIEs and their subsidiaries may allocate a portion of their after-tax profits based on PRC accounting standards to a discretionary surplus fund at their discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by SAFE. In 2025, certain of our PRC subsidiaries distributed cash dividend of RMB0.8 billion (US$0.1 billion) to Lucky Logistics Information Limited. The dividend was reinvested in operations of the PRC subsidiary for the development and growth of the business.

#### Recent Accounting Pronouncements
Please refer to Note 2 to our consolidated financial statements included elsewhere in this annual report.

C. Research and Development

The Group's research and development efforts primarily focus on improving the user-friendliness of its existing services and solutions, designing new services and solutions for platform users, and optimizing and enhancing its technological infrastructure. The Group incurred RMB946.6 million, RMB880.0 million and RMB874.4 million (US$125.0 million) of research and development expenses in the years ended December 31, 2023, 2024 and 2025, respectively, accounting for 11.2%, 7.8 % and 7.0% of the Group's revenue during the same periods, respectively.

The Group's talented research and development team and robust cloud-based technological infrastructure enable it to continuously introduce new innovations and deliver high quality user experience. As of December 31, 2025, the Group's research and development team consisted of 1,264 members. The Group's research and development team includes big data engineers that maintain the Group's database and develop its data technology, security and risk management engineers that focus on cybersecurity and risk control, infrastructure maintenance engineers that maintain the stability of the FTA platform, platform development engineers that develop and implement products and services on the FTA platform, as well as engineers to develop autonomous driving technology.

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D. Trend Information

Please refer to "—A. Operating Results" for a discussion of the most recent trends in the Group's services, sales and marketing by the end of 2025. In addition, please refer to discussions included in such item for a discussion of known trends, uncertainties, demands, commitments or events that we believe are reasonably likely to have a material effect on the Group's revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to be not necessarily indicative of the Group's future operating results or financial condition.

E. Critical Accounting Estimates

We prepare the Group's consolidated financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions. We continually evaluate these estimates and assumptions based on the most recently available information, the Group's own historical experiences and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of our accounting policies require a higher degree of judgment than others in their application and require us to make significant accounting estimates.

#### Allowance for loans receivable
We recognize an allowance for loans receivable based on estimate of the expected credit losses over the contractual term of these loans. Allowances for loans receivable are driven by estimated default rate of respective underlying loans. We estimate the default rate based on historical net default rate of loans on a pool basis grouped by vintage of origination with similar risk profiles and forward-looking information (FLI), including internal and external correlation factors, such as CPI, money supply and delinquent loan collection rate are identified based on regular review of historical data and updated on a timely basis once we become aware of any new patterns. Future trend of the abovementioned correlation factors are then fed into our model to predict default rate for each loan portfolios. For external factors, we use projections commonly used within the industry. For internal factors, we make projections based on historical data adjusted by our current risk and business strategies which we think could have potential impacts into the future periods. As of December 31, 2025, allowance for loans receivable is RMB376.7 million (US$53.9 million). A 10% point increase or decrease in FLI, driven by the abovementioned correlation factors, would lead to a corresponding increase or decrease in the allowance for loans receivable of RMB18.1 million (US$2.6 million) and RMB34.5 million (US$4.9 million), respectively.

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| | |
|:---|:---|
| **ITEM 6.** | **DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**  |

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A. Directors and Senior Management

The following table sets forth certain information relating to our directors and executive officers as of the date of this annual report.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Peter Hui Zhang | 47 | Founder, Chairman, Chief Executive Officer and Director |
| Langbo Guo | 54 | President and Director |
| Guizhen Ma | 44 | Director |
| Richard Weidong Ji | 58 | Director |
| Shanshan Guo | 46 | Independent Director |
| Jennifer Xinzhe Li | 58 | Independent Director |
| Simon Chong Cai | 43 | Chief Financing and Investment Officer |
| Kai Shen | 45 | Chief Public Affairs and Risk Officer |

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**Peter Hui Zhang** is our founder and has served as the chairman of our board of directors since November 2020, our chief executive officer since December 2018 and a director since December 2017. Mr. Zhang currently holds director positions in other members of our Company. Previously, he was the chief executive officer of *Yunmanman* from its inception in November 2013 to December 2018. Prior to founding *Yunmanman*, Mr. Zhang served as a senior customer manager of the regional operations and sales unit of Alibaba Group Holding Limited, or Alibaba Group, a technology company listed on the NYSE (ticker symbol: BABA) and the Hong Kong Stock Exchange (stock code: 9988), from February 2005 to March 2011. Mr. Zhang graduated from Nanjing University of Aeronautics and Astronautics in the PRC with a major in electronics and information technology in June 2000. He also received a master's degree in electronic systems from Nanjing University of Posts and Telecommunications in the PRC in July 2007.

**Langbo Guo** has served as our president and director since May 2023. He is in charge of financial, tax, cash planning and management, strategic planning and operational analysis. He was our chief strategy officer from March 2018 to May 2023. Prior to joining our Company, he served as a senior director of the operations and planning division of Baidu, Inc., a technology company listed on the NASDAQ (ticker symbol: BIDU) and the Hong Kong Stock Exchange (stock code: 9888), from November 2011 to February 2018. Mr. Guo received his bachelor's degree in material engineering from Shanghai Jiao Tong University in the PRC in July 1993.

**Guizhen Ma** has served as our director since April 2021 and is our chief cultural officer and vice president of human resources in charge of corporate culture and talents recruitment of the Company. Ms. Ma currently holds various positions in other members of our Company, including legal representative and director. She is one of the founding members of *Yunmanman* and has served as a member of our management team since November 2013. Since July 2019, Ms. Ma has been a vice chairman of the Post and Communication Committee of Jiangsu Institute of Communication of the PRC. Previously, she served as a senior human resources officer of the business-to-business unit of Alibaba Group from November 2005 to May 2013. Ms. Ma received her bachelor's degree in Chinese language and literature education from Anhui Normal University in the PRC in July 2004.

**Richard Weidong Ji** has served as our director since April 2021. Since May 2013, Mr. Ji has served as an independent director and a member of the audit committee of JOYY Inc., a company operating a video-based social medial platform and listed on the NASDAQ (ticker symbol: JOYY). He has served at All-Stars Investment Limited, a company offering investment services, since April 2014, where he is the co-founder and managing partner. From March 2005 to June 2013, he served at Morgan Stanley Asia Limited with his last position as a managing director in the research division in Hong Kong. Mr. Ji received his bachelor's degree in science from Fudan University in the PRC in July 1990, his doctoral degree in science from Harvard University in the U.S. in November 1996 and his master's degree in business administration (MBA) from the Wharton School of Business at the University of Pennsylvania in the U.S. in May 2003.

**Shanshan Guo** has served as our director since December 2017 and was determined by our board of directors to be an independent director in April 2021. Mr. Guo is currently a venture partner of HongShan. Prior to joining HongShan in October 2010, he served at McKinsey & Consulting Company Inc. Shanghai from 2006 to 2010. Prior to that, Mr. Guo served in the logistics division at BS Home Appliances Co., Ltd. from 2004 to 2005. Mr. Guo received his bachelor of arts degree in English from Chongqing University in the PRC in June 2002 and master of science degree in information and knowledge management from Loughborough University in the United Kingdom in December 2003.

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**Jennifer Xinzhe Li** has served as our director since April 2021 and was determined by our board of directors to be an independent director in April 2021. She has also served as an independent director of a number of listed companies, including an independent director and a member of the compensation committee of ABB Ltd. (a technology company listed on the SIX Swiss Exchange (ticker symbol: ABBN SW) and Nasdaq Stockholm (ticker symbol: ABB SS) since 2018 and a member of the supervisory board of SAP SE (a software company listed on the NYSE (ticker symbol: SAP)) since May 2022. Previously, Ms. Li served as an independent director of KONE Corporation (an engineering and service company listed on the Helsinki Stock Exchange (ticker symbol: KNEBV)) from March 2021 to February 2023, an independent director and a member of the compensation committee of Flex Ltd. (a supply chain and manufacturing solutions provider listed on the NASDAQ (ticker symbol: FLEX)) from January 2018 to August 2022, a director, the chairperson of the audit committee and a member of each of the consumer relationships and regulation committee, the nominating and corporate governance committee and the finance committee of Philip Morris International Inc. (a consumer product company listed on the NYSE (ticker symbol: PM)) from 2010 to 2021 and a director of The Hongkong and Shanghai Banking Corporation Limited, which is a subsidiary of HSBC Holdings plc (a banking and financial services institution listed on the NYSE (ticker symbol: HSBC), the Hong Kong Stock Exchange (stock code: 0005) and the London Stock Exchange (ticker symbol: HSBA)) from September 2014 to June 2021. She was formerly the chief executive officer of Baidu Capital in 2018 and the chief financial officer of Baidu Inc., a technology company listed on the NASDAQ (ticker symbol: BIDU) and the Hong Kong Stock Exchange (stock code: 9888), from 2008 to 2017. From 1994 to 2008, Ms. Li held a number of senior finance positions at various General Motors Company (an automotive manufacturing company listed on the NYSE (ticker symbol: GM)) companies in China, Singapore, the United States and Canada, and was promoted to the chief financial officer of General Motors' business in China and the North American Operations Controller of General Motors Acceptance Corporation. Ms. Li received her bachelor of arts degree with major in English from Tsinghua University in the PRC in July 1990 and her master of business administration (MBA) degree from the University of British Columbia in Canada in May 1994.

**Simon Chong Cai** has served as our chief financing and investment officer in charge of financing, investment and investor relations since May 2025. He was our chief financial officer from 2020 to May 2025. Mr. Cai currently holds various positions in other members of our Company, including director, general manager and legal representative. Previously, he was the chief financial officer of *Yunmanman* from 2017 to 2020. Prior to joining our Company, Mr. Cai spent over 12 years in investment banking roles. He served at Nomura International (Hong Kong) Limited from May 2014 to June 2017 with his last position as an executive director at the investment banking division, and a vice president at Lazard Business Consulting (Beijing) Co., Ltd. from 2013 to 2014. Prior to that, Mr. Cai worked at Citigroup Global Markets Asia Limited from 2007 to 2013 with his corporate title as a vice president at the Asia investment banking (industries) division. Earlier, he worked at the investment banking division of Morgan Stanley Asia Limited as an analyst from 2006 to 2007 and HSBC Markets (Asia) Limited as an analyst from 2004 to 2006. Mr. Cai received his bachelor's degree in mechanical engineering from Tsinghua University in the PRC in July 2004.

**Kai Shen** has served as our chief public affairs and risk officer since April 2025, and is in charge of corporate risk management framework, legal compliance matters, and government public relations strategy. Mr. Shen previously served as our chief risk officer and general counsel since October 2019. Prior to joining our Company, Mr. Shen served at Alibaba Group from February 2011 to October 2019 with his last position as a senior legal director. Since May 2017, he has served as an arbitrator of China International Economic and Trade Arbitration Commission. Mr. Shen received his bachelor's degree in law from Hunan University in the PRC in June 2003 and master's degree in project management from Zhejiang University in the PRC in September 2014.

B. Compensation

In 2025, the Group paid aggregate cash compensation of approximately RMB23.2 million to our directors and executive officers as a group. We did not pay any other cash compensation or benefits in kind to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. Our PRC subsidiaries are required by law to make contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund. Our board of directors may determine compensation to be paid to the directors and the executive officers. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors and the executive officers.

For information regarding share awards granted to our directors and executive officers, see "—Share Incentive Plans."

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In May 2025, we repurchased a total of 60,728,727 ordinary shares that correspond to part of the vested share-based awards previously granted to certain of our executive officers for an aggregate consideration of US$37,499,988.92 in privately negotiated transactions. For more information, see "Item 7. Major Shareholders and Related Party Transactions — Related Party Transactions—Transactions with Certain Executive Officers" and "Item 16E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers."

#### Employment Agreements and Indemnification Agreements
We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specified time period. We may terminate employment unilaterally at any time under certain circumstances involving the executive officer, such as serious violation of laws or regulations, serious violation of our labor discipline or rules and regulations, serious dereliction of duty and/or misconduct for personal gains or prosecution for criminal liability. We may also terminate an executive officer's employment with 30-day written notice under certain specified circumstances relating to the executive officer's inability to perform his or her duties. The executive officer may resign at any time with a 30-day written notice, except for certain specified circumstances.

Each executive officer has agreed to keep our trade secrets that come to his or her knowledge strictly confidential. Trade secrets include but are not limited to information/proprietary technology, business information, internal organization information and documents listed as top secret and confidential by us. After termination of an executive officer's employment, his or her confidential obligations remain effective until the relevant confidential information has become generally available to the public, which shall not be due to such executive officer's fault.

In addition, each executive officer has agreed to be bound by non-competition restriction during the term of his or her employment and for two tears following the termination of employment. Specifically, each executive officer has agreed not to, among others, (i) directly or indirectly engage in or participate in any competitive conduct and/or transaction or work related to competitive business, or have an interest in a competitive business or competitor, (ii) prompt any of our directors or management personnel to resign, (iii) prompt any client, supplier, licensee, licensor or other business partner of our Company to terminate or change business relationship with us, or (iv) receive remuneration or obtain benefits from a competitor. We have agreed to pay non-competition compensation during the non-competition period, and such compensation shall be 30% of the executive officer's average monthly wage in the 12 months prior to termination.

We have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we have agreed to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

#### Share Incentive Plans

#### 2018 Plan
We adopted a share incentive plan in November 2018, which was amended and restated in April 2020 and December 2020, or the 2018 Plan. The 2018 Plan allows us to grant options, restricted shares, restricted share units and other equity awards to our employees, non-employee directors and consultants. The maximum number of Class A ordinary shares that may be issued pursuant to equity awards granted under the 2018 Plan is 2,636,675,056.

We have set up an employee incentive plan trust with Futu Trustee Limited as the trustee and Master Quality Group Limited as the nominee of the trustee. Master Quality Group Limited holds Class A ordinary shares relating to options granted to certain participants of the 2018 Plan for the benefit of such individuals. As of March 31, 2026, Master Quality Group Limited held 17,513,175 Class A ordinary shares and 10,099,060 Class A ordinary shares represented by ADSs. Upon satisfaction of applicable vesting conditions, Class A ordinary shares held by Master Quality Group Limited may be transferred to the relevant participants. Pursuant to the trust deed, neither the trustee nor the nominee may exercise the voting rights associated with the shares held by the nominee.

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<u>Administration</u> 

The 2018 Plan is administered by the compensation committee. As the administrator, the compensation committee will determine the terms and conditions of each equity award.

<u>Change in Control</u> 

In the event of a change in control, if holders' equity awards are not converted, assumed, or replaced by a successor, such equity awards will become fully vested and exercisable and all forfeiture restrictions on such equity awards will lapse. The administrator may accelerate the expiration, purchase of equity awards from holders and provide for the replacement, assumption or substitution of equity awards.

<u>Term</u> 

Unless terminated earlier, the 2018 Plan will continue in effect for a term of ten years from the date of its adoption.

<u>Award Agreements</u> 

Equity awards granted under the 2018 Plan are evidenced by award agreements that set forth the terms, conditions and limitations for each award, as determined by the administrator to be consistent with the 2018 Plan.

<u>Vesting Schedule</u> 

The vesting schedule of each equity award granted under the 2018 Plan will be set by the administrator.

<u>Amendment and Termination</u> 

The administrator may, at any time and from time to time, terminate, amend or modify the 2018 Plan subject to the approval of the board if required by applicable laws or the relevant listing stock exchange.

<u>Award Grants</u> 

As of March 31, 2026, options to purchase 16,723,795 Class A ordinary shares were granted and outstanding under the 2018 Plan. We did not grant any options to our directors and executive officers under the 2018 Plan for the year ended December 31, 2025.

#### 2021 Plan
We adopted the 2021 equity incentive plan in April 2021, which was amended in November 2021, or the 2021 Plan. The 2021 Plan allows us to grant options, restricted shares, RSUs and other equity awards to our employees, directors and consultants. The maximum number of ordinary shares, including both Class A ordinary shares and Class B ordinary shares, that may be subject to equity awards pursuant to the 2021 Plan, or the share reserve, was initially set at 466,685,092. If the share reserve falls below 3.0% of our total outstanding shares on the last day of a calendar year, the share reserve shall automatically be increased to 3.0% of our total outstanding shares on the January 1 immediately thereafter.

<u>Administration</u> 

The 2021 Plan is administered by the compensation committee. The administrator will determine the terms and conditions of each equity award.

<u>Change in Control</u> 

In the event of a change in control, the administrators may accelerate the vesting, purchase of equity awards from holders and provide for the assumption, conversion or replacement of equity awards.

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<u>Term</u> 

Unless terminated earlier, the 2021 Plan will continue in effect for a term of ten years from the date of its adoption.

<u>Award Agreements</u> 

Equity awards granted under the 2021 Plan are evidenced by award agreements that set forth the terms, conditions and limitations for each award, which must be consistent with the 2021 Plan.

<u>Vesting Schedule</u> 

The vesting schedule of each equity award granted under the Plan will be set forth in the award agreement for such equity award.

<u>Amendment and Termination</u> 

The 2021 Plan may at any time be amended or terminated with the approval of our board of directors, subject to the limitations of applicable laws.

<u>Award Grants</u> 

We granted options to certain employees under the 2021 Plan. As of March 31, 2026, options to purchase 247,514,687 Class A ordinary shares were granted and outstanding under the 2021 Plan. The table below summarizes options granted to our directors and executive officers under the 2021 Plan for the year ended December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Class A<br>Ordinary<br>Shares<br>Underlying<br>Options** | **Option Exercise<br>Price (US$)** | **Grant Date** | **Expiration Date** |
|  Guizhen Ma | Director | \* | 0.00001 | September 15, 2023 | September 15, 2033 |
|  Langbo Guo | President and<br>Director | \* | 0.00001 | September 15, 2023 | September 15, 2033 |

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\* Less than 1% of our issued shares, assuming conversion of all of our preferred shares into ordinary shares. 

#### Restricted Share Awards
The Group acquired Beijing Bang Li De Network Technology Co., Ltd., or TYT, a private company offering equipment transportation services, in December 2021. Upon the completion of the acquisition, ordinary shares in TYT held by non-controlling interest holders, who are also management of the TYT, are restricted and subject to a four-year vesting period starting from July 1, 2022.

C. Board Practices

#### Board of Directors
Our board of directors consists of six directors. A director is not required to hold any shares in our company to qualify to serve as a director. Pursuant to our memorandum and articles of association, a director may vote with respect to any contract or any proposed contract or arrangement in which he is interested, and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of our directors at which any such contract or proposed contract or arrangement is considered, provided (a) such director has declared the nature of his interest at the meeting of the board at which the question of entering into the contract or arrangement is first considered if he knows his interest then exists, or in any other case at the first meeting of the board after he knows he is or has become so interested, either specifically or by way of a general notice and (b) if such contract or arrangement is a transaction with a related party, such transaction has been approved by the audit committee. The directors may exercise all the powers of the company to borrow money, to mortgage or charge its undertaking, property and uncalled capital, and to issue debentures or other securities whenever money is borrowed or as security for any debt, liability or obligation of the company or of any third party. None of our non-executive directors has a service contract with us that provides for benefits upon termination of service.

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#### Duties of Directors
Under Cayman Islands law, our directors have a fiduciary duty to act honestly in good faith with a view to our best interests. Our directors also have a duty to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. A shareholder has the right to seek damages if a duty owed by our directors is breached.

The functions and powers of our board of directors include, among others:

• conducting and managing the business of our Company;

• representing our Company in contracts and deals;

• appointing attorneys for our Company;

• select senior management such as managing directors and executive directors;

• providing employee benefits and pension;

• managing our Company's finance and bank accounts;

• exercising the borrowing powers of our Company and mortgaging the property of our Company; and

• exercising any other powers conferred by the shareholders meetings or under our memorandum and articles of association, as amended and restated from time to time.

#### Terms of Directors and Executive Officers
Our directors may be elected by a resolution of our board of directors, or by an ordinary resolution of our shareholders, pursuant to our memorandum and articles of association. Each of our directors will hold office until his or her successor takes office or until his or her earlier death, resignation or removal or the expiration of his or her term as provided in the written agreement with our Company, if any. A director will cease to be a director if, among other things, the director (i) dies, or becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) becomes of unsound mind, (iii) resigns his office by notice in writing to the company, or (iv) without special leave of absence from our board, is absent from three consecutive board meetings and our directors resolve that his office be vacated. Our officers are elected by and serve at the discretion of the board of directors.

#### Board Committees
Our board of directors has three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee. Each committee operates under a charter that has been approved by our board of directors. Each committee's members and functions are described below.

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#### Audit Committee
Our audit committee currently consists of Ms. Jennifer Xinzhe Li and Mr. Shanshan Guo. Ms. Jennifer Xinzhe Li is the chairperson of our audit committee. Ms. Jennifer Xinzhe Li satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC. Each of Ms. Jennifer Xinzhe Li and Mr. Shanshan Guo satisfies the requirements for an "independent director" within the meaning of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and meets the criteria for independence set forth in Rule 10A-3 of the United States Securities Exchange Act of 1934, as amended, or the Exchange Act.

The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements. Our audit committee is responsible for, among other things:

• selecting the independent auditor;

• pre-approving auditing and non-auditing services permitted to be performed by the independent auditor;

• annually reviewing the independent auditor's report describing the auditing firm's internal quality control procedures, any material issues raised by the most recent internal quality control review, or peer review, of the independent auditors and all relationships between the independent auditor and our Company;

• setting clear hiring policies for employees and former employees of the independent auditors;

• reviewing with the independent auditor any audit problems or difficulties and management's response;

• reviewing and, if material, approving all related party transactions on an ongoing basis, unless otherwise determined by the board or the audit committee;

• reviewing and discussing the annual audited financial statements with management and the independent auditor;

• reviewing and discussing with management and the independent auditors major issues regarding accounting principles and financial statement presentations;

• reviewing reports prepared by management or the independent auditors relating to significant financial reporting issues and judgments;

• discussing earnings press releases with management, as well as financial information and earnings guidance provided to analysts and rating agencies;

• reviewing with management and the independent auditors the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on our financial statements;

• discussing policies with respect to risk assessment and risk management with management, internal auditors and the independent auditor;

• timely reviewing reports from the independent auditor regarding all critical accounting policies and practices to be used by our Company, all alternative treatments of financial information within U.S. GAAP that have been discussed with management and all other material written communications between the independent auditor and management;

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• establishing procedures for the receipt, retention and treatment of complaints received from our employees regarding accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters;

• annually reviewing and reassessing the adequacy of our audit committee charter;

• such other matters that are specifically delegated to our audit committee by our board of directors from time to time;

• meeting separately, periodically, with management, internal auditors and the independent auditor; and

• reporting regularly to the full board of directors.

#### Compensation Committee
Our compensation committee currently consists of Mr. Peter Hui Zhang and Ms. Guizhen Ma. Mr. Peter Hui Zhang is the chairperson of our compensation committee.

Our compensation committee is responsible for, among other things:

• reviewing, evaluating and, if necessary, revising our overall compensation policies;

• reviewing and evaluating the performance of our directors and senior officers and determining the compensation of our senior officers;

• reviewing and approving our senior officers' employment agreements with us;

• setting performance targets for our senior officers with respect to our incentive—compensation plan and equity-based compensation plans;

• administering our equity-based compensation plans in accordance with the terms thereof; and such other matters that are specifically delegated to the remuneration committee by our board of directors from time to time.

#### Nomination Committee and Corporate Governance Committee
Our nominating and corporate governance committee consists of Ms. Guizhen Ma and Mr. Richard Weidong Ji. Ms. Guizhen Ma is the chairperson of our nominating and corporate governance committee. The nominating and corporate governance committee assists the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

• selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

• reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience and diversity;

• making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

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• advising the board periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

D. Employees

See "Item 4. Information on the Company—B. Business Overview—Employees."

E. Share Ownership

The following table sets forth information as of March 31, 2026 with respect to the beneficial ownership of our ordinary shares by:

• each of our directors and executive officers; and

• each person known to us to own beneficially 5.0% or more of our ordinary shares.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power to receive the economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option or other right or the conversion of any other security. However, these shares are not included in the computation of the percentage ownership of any other person.

The total number of ordinary shares issued and outstanding as of March 31, 2026 was 20,750,886,585, comprising 18,650,204,304 Class A ordinary shares and 2,100,682,281 Class B ordinary shares. The total number of free float shares as of March 31, 2026 was 16,483,652,000.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** |
|  | **Number<br>of Class A<br>ordinary<br>shares** | **Number<br>of Class B<br>ordinary<br>shares** | **% of total<br>ordinary<br>shares†** | **% of<br>voting<br>power††** |
|  **Directors and Executive Officers\*\*:** |  |  |  |  |
|  Peter Hui Zhang<sup>(1)</sup> | 17 | 2100682281 | 10.1% | 77.2% |
|  Langbo Guo | \* |  | \* | \* |
|  Guizhen Ma | \* |  | \* | \* |
|  Richard Weidong Ji<sup>(2)</sup> | 493430380 |  | 2.4% | 0.6% |
|  Shanshan Guo |  |  |  |  |
|  Jennifer Xinzhe Li | \* |  | \* | \* |
|  Simon Chong Cai | \* |  | \* | \* |
|  Kai Shen | \* |  | \* | \* |
|  All directors and executive officers as a Group | 590225797 | 2100682281 | 13.0% | 77.9% |
|  **Principal Shareholders:** |  |  |  |  |
|  SVF entities<sup>(3)</sup> | 1386022769 |  | 6.7% | 1.7% |
|  Full Load Logistics<sup>(1)</sup> | 17 | 2100682281 | 10.1% | 77.2% |
|  First Beijing Investment Ltd<sup>(4)</sup> | 1532331360 |  | 7.4% | 1.9% |
|  FIL Limited<sup>(5)</sup> | 1266827600 |  | 6.1% | 1.6% |
|  Invesco Ltd.<sup>(6)</sup> | 1084466979 |  | 5.2% | 1.3% |

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\* Less than 1% of our total outstanding shares. 

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\*\* The business addresses for our directors and executive officers are 6 Keji Road, Huaxi District, Guiyang, Guizhou 550025, People's Republic of China and Wanbo Science and Technology Park, 20 Fengxin Road, Yuhuatai District, Nanjing, Jiangsu 210012, People's Republic of China.

† For each person and group included in this column, percentage ownership is calculated by dividing the number of ordinary shares beneficially owned by such person or group, including shares that such person or group has the right to acquire within 60 days after March 31, 2026, by the sum of (i) the total number of ordinary shares issued and outstanding as of March 31, 2026, and (ii) the number of ordinary shares that such person or group has the right to acquire beneficial ownership within 60 days after March 31, 2026.

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|:---|:---|
| †† | For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our Class A and Class B ordinary shares as a single class. In respect of matters requiring a shareholder vote, each Class A ordinary share will be entitled to one (1) vote, and each Class B ordinary share will be entitled to thirty (30) votes. Each Class B ordinary share will be convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares will not be convertible into Class B ordinary shares under any circumstances.  |

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(1) The number of ordinary shares beneficially owned is as of March 31, 2026, and consists of (i) 2,100,628,281 Class B ordinary shares held by Full Load Logistics and (ii) 17 of the Class A ordinary shares held by Master Quality Group Limited, which Mr. Peter Hui Zhang has dispositive power over. Full Load Logistics is a limited liability company incorporated in the British Virgin Islands with registered office at Portcullis Chambers, 4th Floor, Ellen Skelton Building, 3076 Sir Francis Drake Highway, Road Town, Tortola, British Virgin Islands, VG1110. Full Load Logistics is wholly owned by Mr. Peter Hui Zhang. Master Quality Group Limited is the nominee of an employee incentive plan trust and holds Class A ordinary shares relating to options granted to certain participants of the 2018 Plan for the benefit of such individuals.

(2) The number of ordinary shares beneficially owned is as of March 31, 2026, and consists of (i) 2,427,594 ADSs held by All-Stars SP VI Limited, (ii) 68,045,540 Class A ordinary shares held by All-Stars SP VIII Limited, (iii) 234,187,020 Class A ordinary shares held by All-Stars PESP II Limited, (iv) 47,871,460 Class A ordinary shares held by PESP VIII Limited, (v) 34,821,060 Class A ordinary shares held by All-Stars PEIISP IV Limited, (vi) 421,316 ADSs held by All-Stars Investment Master Fund and (vii) 2,576,355 ADSs held by Mr. Richard Weidong Ji.

Each of All-Stars SP VI Limited, All-Stars SP VIII Limited, All-Stars PESP II Limited, PESP VIII Limited and All-Stars PEIISP IV Limited is a limited liability company incorporated in the British Virgin Islands with registered office at 171 Main Street, PO Box 92, Road Town, Tortola, British Virgin Islands, VG 1110. All-Stars Investment Master Fund is a limited liability company incorporated in the Cayman Islands with registered office at One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands. Mr. Richard Weidong Ji is one of the directors of each of All-Stars SP VI Limited, All-Stars SP VIII Limited, All-Stars PESP II Limited, and All-Stars Investment Master Fund and shares the voting and investment powers over the shares held by All-Stars SP VI Limited, All-Stars SP VIII Limited, All-Stars PESP II Limited and All-Stars Investment Master Fund Mr. Ji is a director of All-Stars General Partners I Limited, which serves as a director of PESP VIII Limited, and shares the voting and investment powers over the shares held by PESP VIII Limited. Mr. Ji is also a director of All-Stars General Partners II Limited, which serves as a director of PEIISP IV Limited, and shares the voting and investment powers over the shares held by PEIISP IV Limited. Mr. Ji may therefore be deemed to be the beneficial owner of the shares held by All-Stars SP VI Limited, All-Stars SP VIII Limited, All-Stars PESP II Limited, PESP VIII Limited, All-Stars PEIISP IV Limited and All-Stars Investment Master Fund.

(3) The number of ordinary shares beneficially owned is as of September 30, 2025, as reported in the Amendment No. 7 to the Schedule 13G filed jointly by the Softbank funds on November 14, 2025, and consists of (i) 1,183,520,529 Class A Ordinary Shares and (ii) 202,502,240 Class A Ordinary Shares represented by 10,125,112 ADSs held by SVF Truck (Singapore) Pte. Ltd. ("SVF Truck") as record holder.

Softbank Vision Fund L.P. is the managing member of SVF Holdings (UK) LLP, which is the sole owner of SVF Holdings (Singapore) Pte. Ltd., which in turn is the sole owner of SVF Truck. SB Investment Advisers (UK) Limited ("SBIA UK") has been appointed as alternative investment fund manager ("AIFM") of Softbank Vision Fund L.P. SBIA UK is authorized and regulated by the UK Financial Conduct Authority and is exclusively responsible for making all decisions related to the acquisition, structuring, financing and disposal of Softbank Vision Fund L.P.'s investments. As a result of these relationships, each of SBIA UK, SoftBank Vision Fund LP, SVF Holdings (UK) LLP, SVF Holdings (Singapore) Pte. Ltd., and SVF Truck may be deemed to share beneficial ownership of the securities held of record by SVF Truck.

The address for each of SBIA UK and SVF Holdings (UK) LLP is 69 Grosvenor Street, London W1K 3JP, United Kingdom. The address for SoftBank Vision Fund LP is Aztec Group House, IFC 6, The Esplanade, St Helier, Jersey JE4 0QH. The address for each of SVF Holdings (Singapore) Pte. Ltd. and SVF Truck is 138 Market Street #27-01A, Capitagreen, Singapore 048926.

(4) The number of ordinary shares beneficially owned is as of December 31, 2025, as reported in the Amendment No. 2 to the Schedule 13G filed by First Beijing Investment Ltd ("First Beijing") on February 17, 2026, and consists of 1,532,331,360 Class A Ordinary Shares represented by 76,616,568 ADSs held by First Beijing as record holder. The address of First Beijing is 16th Floor, On Building, 162 Queens Road, Central, Hong Kong.

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(5) The number of ordinary shares beneficially owned is as of September 30, 2025, as reported in the Amendment No. 1 to the Schedule 13G filed by FIL Limited ("FIL") on November 5, 2025, and consists of 1,266,827,600 Class A Ordinary Shares held by FIL as record holder.

Pandanus Partners, L.P. ("Pandanus") owns shares of FIL stock. While the percentage of total voting power represented by these shares of FIL voting stock may fluctuate as a result of changes in the total number of shares of FIL voting stock outstanding from time to time, it normally represents more than 25% and less than 48.5% of the total votes which may be cast by all holders of FIL voting stock. Pandanus Associates, Inc. ("PAI") acts as general partner of Pandanus. Pandanus is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson, but disclaims that any such member is a beneficial owner of the securities reported on the Schedule 13G. The address of FIL is Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda, HM19.

(6) The number of ordinary shares beneficially owned is as of September 30, 2025, as reported in the Schedule 13G filed by Invesco Ltd. on November 6, 2025, and consists of 1,084,466,979 Class A Ordinary Shares held by Invesco Ltd. as record holder. Invesco Ltd., in its capacity as a parent holding company to its investment advisers, may be deemed to beneficially own the shares which are held of record by clients of Invesco Ltd. The address of Invesco Ltd. is 1331 Spring Street NE, Suite 2500, Atlanta, GA 30309.

As of March 31, 2026, a total of 16,622,290,176 Class A ordinary shares were held by six record holders in the United States. We are not aware of any of our shareholders being affiliated with a registered broker-dealer or being in the business of underwriting securities.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation

On November 15, 2023, our board of directors adopted an Incentive Compensation Clawback Policy, or the Clawback Policy, providing for the recoupment of certain incentive-based compensation from current and former executive officers of our company in the event we are required to restate any of our financial statements filed with the SEC under the Exchange Act in order to correct an error that is material to the previously-issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. Adoption of the Clawback Policy was mandated by new NYSE continued listing standards introduced pursuant to Exchange Act Rule 10D-1. In addition, Section 304 of the Sarbanes-Oxley Act of 2002 permits the SEC to order the disgorgement of bonuses and incentive-based compensation earned by a registrant issuer's chief executive officer and chief financial officer in the year following the filing of any financial statement that the issuer is required to restate because of misconduct, and the reimbursement of those funds to the issuer. A copy of the Clawback Policy has been filed herewith as Exhibit 97.1.

In the year ended December 31, 2025, we were not required to prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to the Clawback Policy, nor were there any outstanding balance as of December 31, 2025 of erroneously awarded compensation to be recovered.

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|:---|:---|
| **ITEM 7.** | **MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**  |

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A. Major Shareholders

See "Item 6. Directors, Senior Management and Employees—E. Share Ownership."

B. Related Party Transactions

#### Contractual Arrangements with the Group VIEs and Their Shareholders
See "Item 4. Information on the Company—C. Organizational Structure."

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#### Shareholders Agreement
Pursuant to our shareholders' agreement entered into on November 17, 2020 (as acceded to from time to time), among our Company, certain subsidiaries of our Company, holders of our ordinary shares, certain individuals parties thereto, and holders of our preferred shares, we have granted certain registration rights to holders of our Class A ordinary shares issued upon conversion of our preferred shares immediately prior to the completion of our IPO.

Parties to the agreement include over 10 entities that held our ordinary shares prior to our IPO as follows: (i) Dai WJ Holdings Limited, (ii) Liu XF Holdings Limited, (iii) Tang TG Holdings Limited, (iv) Luo P Holdings Limited, (v) Great Oak Trading LTD., (vi) DWJ Partners Limited, (vii) Master Quality Group Limited, (viii) GENG XF Holdings Limited, (ix) CLOUSE S.A. (acting for the account of its compartment 27), (x) PESP VIII Limited, (xi) AROMA TALENT LIMITED, (xii) Full Load Logistics Information Co., Ltd. and (xiii) Star Beauty Global Limited.

Parties to the agreement include over 80 legal entities that held our preferred shares prior to our IPO as follows: (i) Morespark Limited, (ii) Hillhouse TCA TRK Holdings Limited, (iii) Hillhouse TRK-III Holdings Limited, (iv) Shanghai Dingbei Enterprise Management Consulting Partnership (Limited Partnership), (v) Redview Capital Investment VI Limited, (vi) HERO FINE GROUP LIMITED, (vii) Eastern Bell International XXIV Limited, (viii) Violet Springs International Ltd, (ix) Pantheon Access Co-Investment Program, L.P.—Series 140, (x) Pantheon Multi-Strategy Primary Program 2014, L.P.—Series 200, (xi) Pantheon International PLC, (xii) GGV Capital VI L.P., (xiii) GGV Capital VI Plus L.P., (xiv) GGV VII Investments Pte. Ltd., (xv) GGV Capital VI Entrepreneurs Fund L.P., (xvi) GGV VII Plus Investments Pte. Ltd., (xvii) GGV (FT) LLC, (xviii) Genesis Capital I LP, (xix) SUN DRAGON LIMITED, (xx) Tencent Mobility Limited, (xxi) All-Stars SP VI Limited, (xxii) Teng Yue Partners Master Fund, LP, (xxiii) Teng Yue Partners RDLT, LP, (xxiv) TYP Holdings, LLC, (xxv) IFC CATALYST FUND, LP, (xxvi) IFC GLOBAL EMERGING MARKETS FUND OF FUNDS, LP, (xxvii) BAIDU CAPITAL L.P., (xxviii) Marble Investment Company Limited, (xxix) TECHGIANT LIMITED, (xxx) All-Stars PESP II Limited, (xxxi) All-Stars SP VIII Limited, (xxxii) All-Stars PEIISP IV Limited, (xxxiii) Truck Work Logistics Information Co., Ltd., (xxxiv) Lightspeed China Partners I, L.P., (xxxv) Lightspeed China Partners I-A, L.P., (xxxvi) LIGHTSPEED VENTURE PARTNERS SELECT II, L.P., (xxxvii) Lightspeed Opportunity Fund, L.P., (xxxviii) HSG Venture V Holdco I, Ltd. (formerly known as SCC Venture V Holdco I, Ltd.), (xxxix) SCC GROWTH IV 2018-H, L.P., (xl) Sunshine Logistics Investment Limited, (xli) Tyrus-DA Global Sharing Economy No. 2, (xlii) Capital Champion Holdings Limited, (xliii) Xiang He Fund I, L.P., (xliv) Xiang He Fund II, L.P., (xlv) Xiang He Fund Gamma, L.P., (xlvi) CMC Scania Holdings Limited, (xlvii) CMC Scania II Limited, (xlviii) Internet Fund IV Pte. Ltd., (xlix) Artist Growth Opportunity Fund I LP, (l) Artist Growth Opportunity I LP, (li) Guiyang Venture Capital Co., Ltd., (lii) Eastern Bell V Investment Limited, (liii) Eastern Bell International II Limited, (liv) Fortune Nice International Limited, (lv) SVF Truck (Singapore) Pte. Ltd., (lvi) SVF II Sage Subco (Singapore) Pte. Ltd., (lvii) Kite Holdings, LLC, (lviii) CapitalG LP, (lix) Scottish Mortgage Investment Trust plc, (lx) Super Trolley Investment Limited, (lxi) Super Mini Investment Limited, (lxii) Super Kar Investment Limited, (lxiii) Super Van Investment Limited, (lxiv) Super Truck Investment Limited, (lxv) Full Load Logistics Information Co. Ltd, (lxvi) Rose World Capital Limited, (lxvii) North Land Global Limited, (lxviii) WF ASIAN RECONNAISSANCE FUND LIMITED, (lxix) DYNAMIC MOVE INVESTMENTS LIMITED, (lxx) GSR VENTURES VI (SINGAPORE) PTE. LTD., (lxxi) China Internet Investment Fund (Limited Partnership), (lxxii) Shanghai Shengjia Xinlue Investment Center LLP, (lxxiii) Propitious Morningstar Limited, (lxxiv) Ning Zhang, (lxxv) TR China Holdings 8, (lxxvi) SEQUOIA CAPITAL GLOBAL GROWTH FUND III—2020-B, L.P., (lxxvii) SEQUOIA CAPITAL GLOBAL GROWTH FUND III—ENDURANCE PARTNERS, L.P., (lxxviii) Titanium Growth Investment Limited (formerly Permira PGO1 SPV Limited), (lxxix) Fidelity China Special Situations PLC, (lxxx) Fidelity Investment Funds, (lxxxi) Fidelity Funds, (lxxxii) ERI-BayernInvest-Fonds Aktien Asien, (lxxxiii) Racing Sports Limited, and (lxxxiv) SCEP Master Fund.

#### Demand Registration Rights
At any time following 180 days after the effective date of our initial public offering, shareholders holding at least 20% of then outstanding registrable securities could submit a written request that we effect the registration of the registrable securities under the Securities Act where the anticipated gross proceeds would be at least US$100 million. Upon such a request, we shall promptly give written notice of such requested registration to all other shareholders and thereupon shall use its best efforts to effect, as soon as practicable, the registration under the Securities Act of the registrable securities specified in the request of the requesting shareholders, together with any registrable securities as are specified in written requests of such other shareholders given within 15 business days after such written notice from us is delivered to such other shareholders.

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#### Piggyback Registration Rights
If we propose to file a registration statement for a public offering of our equity securities for our own account or for the account of any person that is not a shareholder (except registration statement filed in relation to any employee benefit plan, a corporate reorganization or any form that does not include substantially the same information as would be required to be included in a F-1 registration statement or a F-3 registration statement), we shall promptly give each shareholder written notice of such registration, upon the written request of any shareholder given within 20 days after delivery of such notice, we shall include in such registration any registrable securities thereby requested by such shareholder.

#### Form F-3 Registration Rights
After the closing of our initial public offering, we shall use best efforts to qualify for registration on Form F-3. At any time when we are eligible to use a Form F-3 registration statement, shareholders holding at least 15% of then outstanding registrable securities may make a written request to us to file a registration statement on Form F-3 for a public offering of the number of registrable securities specified in such request. We shall use our reasonable best efforts to cause a registration statement on Form F-3 to become effective not later than 90 days after we receive a request.

#### Expenses of Registration
We will bear all registration expenses, other than underwriting discounts and selling commissions incurred in connection with any demand (subject to certain exceptions), piggyback or F-3 registration.

#### Termination of Registration Rights
Our shareholders' registration rights will terminate (i) after five years of the completion of our initial public offering or (ii) all such registrable securities proposed to be sold by a shareholder may then be sold without restrictions in any 90-day period upon or after the completion of our initial public offering under Rule 144 promulgated under the Securities Act.

#### Employment Agreements and Indemnification Agreements
See "Item 6. Directors, Senior Management and Employees—B. Compensation—Employment Agreements and Indemnification Agreements."

#### Share Incentive Plans
See "Item 6. Directors, Senior Management and Employees—B. Compensation—Share Incentive Plans."

#### Transactions with JYBD
Jiayibingding (Beijing) E-commerce Co., Ltd., or JYBD, is an equity investee of our Company. The consideration payable for our equity investment in JYBD had been fully paid. The Group had revenue from JYBD in the amount of RMB0.1 million, nil and nil in 2023, 2024 and 2025, respectively. The revenue in 2023 was generated from lead-generation service provided to JYBD.

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#### Transactions with Certain Executive Officers
On May 19, 2025, we repurchased a total of 60,728,727 ordinary shares from certain of our executive officers for an aggregate consideration of US$37,499,988.92 in privately negotiated transactions. The repurchased shares correspond to part of the vested share-based awards previously granted to these executive officers. The repurchase price was set at US$0.6175 per ordinary share, which was determined by dividing US$12.35, the closing price of our ADSs on May 16, 2025, by 20, which is the ratio of our Class A ordinary shares to ADSs. We cancelled all of the repurchased shares in accordance with applicable rules and regulations.

The above share repurchases were conducted pursuant to resolutions of our board of directors, which authorized us to repurchase ordinary shares corresponding to vested share-based awards granted under our share incentive plans. Such repurchases were not conducted, and therefore will not reduce the amount of ADSs and/or ordinary shares that we may repurchase, under our existing share repurchase program as described in "Item 16E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers." Such repurchases were intended to enable the executive officers to realize the benefits from some of their vested share-based awards through privately negotiated transactions as opposed to reselling such shares in the open market. Among these executive officers, Mr. Peter Hui Zhang used all net proceeds from our repurchase of his vested shares for his investment in the preferred shares of Giga.AI. The repurchases were funded from our existing cash reserves.

#### Plus Restructuring
In July 2023, PlusAI Corp, a technology company devoted to the development of commercial vehicle autonomous driving technology and an equity investee of our Company, conducted a restructuring to split its PRC and U.S. teams under two separate entities, Plus PRC Holding Ltd (now known as Giga.AI) and Plus Automation, Inc. Through a series of restructuring transactions, our Company received preferred shares of each of these two entities in exchange for cancellation of the preferred shares of PlusAI Corp held by our Company.

In February 2024, our Company, Giga.AI and its affiliates entered into a loan agreement, pursuant to which our Company agreed to make available to Giga.AI a loan in the principal amount of US$3,500,000 in one lump sum. The loan has an interest rate of 12% per annum and an original term of two months, which was further extended to four months. In April 2024, an additional loan agreement was entered by the same parties. The principal amount of the loan is US$1,500,000 with a term of two months and the interest rate is 12% per annum. Both loans were fully paid by Giga.AI in May 2024. In May 2024, our Company purchased convertible notes with a principal amount of US$20 million issued by Giga.AI (the "Notes"). In January 2025, our Company purchased additional Notes in the amount of US$16 million. The Notes shall accrue at an interest rate of 12% per annum, compounded annually from the date of issuance. The Notes are convertible into preferred shares of Giga.AI at a predetermined conversion price under certain stipulated conversion scenarios. Unless converted into conversion shares, the principal and accrued interest of the Notes shall be due and payable on May 12, 2026.

In July 2025, we made an additional investment in preferred shares issued by Giga.AI with a cash consideration of US$85 million. Meanwhile, we elected to convert our convertible notes on the same date into preferred shares of Giga.AI with the amount of US$40 million, which represents total unpaid principal and unpaid accrued interest of the convertible notes at the conversion date. Upon completion of such transaction, we held 69.9% equity interest on an as-if converted basis and 76.1% voting rights in Giga.AI., and with the amendment to the memorandum and articles of association of Giga.AI that allowed our Company to control the board of Giga.AI, we consolidated the financial results of Giga.AI into our consolidated financial statements.

In September 2025, we purchased additional preferred shares of Giga.AI from Plus Automation, Inc. at a consideration of US$20 million. After completion of the purchase transaction, we held 80.8% equity interest on an as-if converted basis and 80.8% voting rights in Giga.AI, and our control over Giga.AI has not changed. As of December 31, 2025, We had paid US$18 million to Plus Automation, Inc., with the remaining consideration of RMB14,058 recorded in amounts due to related parties.

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As of December 31, 2025, our Company also held 17.2% equity interest in Plus Automation, Inc. on a fully diluted basis and each preferred share held by us was entitled to one-fourth of one vote.

C. Interests of Experts and Counsel

Not applicable.

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| **ITEM 8.** | **FINANCIAL INFORMATION**  |

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A. Consolidated Statements and Other Financial Information

Please refer to Item 18 for a list of our annual consolidated financial statements filed as part of this annual report.

#### Legal Proceedings
See "Item 4. Information on the Company—B. Business Overview—Legal Proceedings and Compliance."

#### Dividend Policy
On March 13, 2024, we declared an annual cash dividend for the year ended December 31, 2023 of US$0.0072 per ordinary share, or US$0.1444 per ADS, which was paid on or around April 19, 2024 to holders of record of our ordinary shares at the close of business on April 5, 2024. The aggregate amount of the dividend was approximately US$150 million.

Upon review of our results of operations, business development plan, capital requirements, and cash position, our board of directors approved a semi-annual cash dividend policy in March 2025, pursuant to which the board intends to declare and distribute a cash dividend semi-annually starting from 2025. 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 our 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$0.0960 per ADS, which was paid on or around April 18, 2025, to holders of record of our ordinary shares at the close of business on April 7, 2025. The aggregate amount of the dividend was approximately US$100 million. In August 2025, the board approved a semi-annual cash dividend for the second half of 2025 in the amount of US$0.0048 per ordinary share, or US$0.0960 per ADS, which was paid on or around October 27, 2025, to holders of record of the Company's ordinary shares at the close of business on October 13, 2025. The aggregate amount of the dividend was approximately US$100 million.

In January 2026, we announced that, in order to carry out our long-term commitment to returning value to shareholders, our board of directors approved a long-term shareholder return plan (the "Plan"), pursuant to which we will distribute no less than 50% of our non-GAAP adjusted net income of the preceding fiscal year through dividends and/or share repurchases each year. The implementation of the Plan and the specifics of the dividends and/or share repurchases are subject to the approval by the board. The board will review the Plan on an ongoing basis, and may adjust the Plan based on its evaluation of our financial performance, business plan and other relevant factors. To implement the Plan, the board also approved that we will return a total of US$400 million to our shareholders in fiscal year 2026, with at least US$300 million distributed through quarterly dividends and the remainder via share repurchases from open markets. We will make announcements of the details of quarterly dividends and share repurchase program after approval by the board.

Any other future determination to pay dividends will be made at the discretion of our board of directors. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our Company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to pay dividends, the form, frequency and amount may be based on a number of factors, including our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.

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If we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the Class A ordinary shares underlying the ADSs to the depositary, as the registered holder of such Class A ordinary shares, and the depositary then will pay such amounts to the ADS holders in proportion to the Class A ordinary shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit agreement, net of the fees and expenses payable thereunder. Cash dividends on our Class A ordinary shares, if any, will be paid in U.S. dollars.

We are a holding company incorporated in the Cayman Islands. In order for us to distribute any dividends to our shareholders, we may pay directly from our Company or rely on dividends distributed by our PRC subsidiaries for our cash requirements. If our PRC subsidiaries pay dividends to us in the future, PRC regulations may restrict their abilities to do so. For example, certain payments from our PRC subsidiaries to us may be subject to PRC withholding income tax. In addition, regulations in the PRC currently permit payment of dividends of a PRC company only out of accumulated distributable after-tax profits as determined in accordance with its articles of association and the accounting standards and regulations in China. Each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profit based on PRC accounting standards every year to a statutory common reserve fund until the aggregate amount of such reserve fund reaches 50% of the registered capital of such subsidiary. Such statutory reserves are not distributable as loans, advances or cash dividends. See "Item 3. Key Information — D. Risk Factors—Risks Relating to Doing Business in China—We may rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business."

B. Significant Changes

Except as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated financial statements included in this annual report.

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| **ITEM 9.** | **THE OFFER AND LISTING**  |

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A. Offer and Listing Details

Our ADSs have been listed on the New York Stock Exchange since June 2021 under the ticker symbol "YMM." Each ADS represents 20 of our Class A ordinary shares.

B. Plan of Distribution

Not applicable.

C. Markets

Our ADSs have been trading on the New York Stock Exchange since June 2021 under the ticker symbol "YMM." Each ADS represents 20 of our Class A ordinary shares.

D. Selling Shareholders

Not applicable.

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E. Dilution

Not applicable.

F. Expenses of the Issue

Not applicable.

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| **ITEM 10.** | **ADDITIONAL INFORMATION**  |

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A. Share Capital

Not applicable.

B. Memorandum and Articles of Association

We incorporate by reference into this annual report the description of our sixth amended and restated memorandum and articles of association contained in our F-1 registration statement (File No. 333-256564), initially filed with the SEC on May 27, 2021. Our shareholders adopted our sixth amended and restated memorandum and articles of association by special resolutions passed on April 14, 2021, and effective immediately prior to the completion of our initial public offering of Class A ordinary shares represented by our ADSs.

C. Material Contracts

In the past three fiscal years, we have not entered into any material contracts other than in the ordinary course of business or other than those described elsewhere in this annual report.

D. Exchange Controls

See "Item 4. Information on the Company—B. Business Overview—Regulatory Matters—Regulations Related to Foreign Exchange."

E. Taxation

The following describes certain Cayman Islands, People's Republic of China and United States federal income tax consequences relevant to an investment in our Class A ordinary shares and ADSs. The discussion is not intended to be, nor should it be construed as, legal or tax advice to any particular prospective purchaser. The discussion is based on laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject to change or different interpretations, possibly with retroactive effect. The discussion does not address U.S. state or local tax laws, or tax laws of jurisdictions other than the Cayman Islands, the People's Republic of China and the United States. You should consult your own tax advisors with respect to the consequences of acquisition, ownership and disposition of the Class A ordinary shares and ADSs.

#### Cayman Islands Taxation
The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of the ADSs and Class A ordinary shares. Stamp duties may be applicable on instruments executed in, or after execution brought within the jurisdiction of, the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

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Payments of dividends and capital in respect of the Class A ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the Class A ordinary shares, nor will gains derived from the disposal of the Class A ordinary shares be subject to Cayman Islands income or corporation tax.

#### People's Republic of China Taxation
Pursuant to the Enterprise Income Tax Law, which was promulgated by the National People's Congress on March 16, 2007, took effect on January 1, 2008 and was last amended on December 29, 2018, enterprises organized under the laws of jurisdictions outside China with their "de facto management bodies" located within China may be considered PRC resident enterprises and therefore subject to PRC enterprise income tax at the rate of 25% on their worldwide income. The implementing rules of the Enterprise Income Tax Law further define the term "de facto management body" as the management body that exercises substantial and overall management and control over the production and operations, personnel, accounting and assets of an enterprise. While we do not currently consider our Company or any of our overseas subsidiaries to be a PRC resident enterprise, there is a risk that the PRC tax authorities may deem our Company or any of our overseas subsidiaries as a PRC resident enterprise since a substantial majority of the members of our management team as well as the management team of some of our overseas subsidiaries are located in China, in which case we or the overseas subsidiaries, as the case may be, would be subject to the PRC enterprise income tax at the rate of 25% on worldwide income. If the PRC tax authorities determine that our Cayman Islands holding company is a "resident enterprise" for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow. For example, a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares or ADSs. Furthermore, dividends paid to individual investors who are non-PRC residents and any gain realized on the transfer of ADSs or ordinary shares by such investors may be subject to PRC tax at a current rate of 20% (which in the case of dividends may be withheld by us). Any PRC tax liability may be subject to reduction or exemption set forth in applicable tax treaties or under applicable tax arrangements between jurisdictions. It is unclear whether, if we are considered a PRC resident enterprise, holders of our shares or ADSs would be able to obtain in practice the benefit of income tax treaties or agreements entered into between China and other countries or areas.

#### Certain United States Federal Income Tax Considerations
The following discussion describes certain United States federal income tax consequences of the purchase, ownership and disposition of our ADSs and Class A ordinary shares.

This discussion deals only with ADSs and Class A ordinary shares that are held as capital assets by a United States Holder (as defined below).

As used herein, the term "United States Holder" means a beneficial owner of our ADSs or Class A ordinary shares that is, for United States federal income tax purposes, any of the following:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

• an estate the income of which is subject to United States federal income taxation regardless of its source; or

• a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

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This discussion is based upon provisions of the Internal Revenue Code of 1986, as amended, or the Code, and regulations, rulings and judicial decisions thereunder as of the date hereof, as well as the income tax treaty between the United States and the PRC, or the Treaty. Those authorities may be changed, perhaps retroactively, so as to result in United States federal income tax consequences different from those summarized below. In addition, this discussion assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.

This discussion does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws, including if you are:

• a dealer or broker in securities or currencies;

• a financial institution;

• a regulated investment company;

• a real estate investment trust;

• an insurance company;

• a tax-exempt organization;

• a person holding our ADSs or Class A ordinary shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;

• a trader in securities that has elected the mark-to-market method of accounting for your securities;

• a person liable for alternative minimum tax;

• a person who owns or is deemed to own 10% or more of our stock by vote or value;

• a partnership or other pass-through entity for United States federal income tax purposes;

• a person required to accelerate the recognition of any item of gross income with respect to our ADSs or Class A ordinary shares as a result of such income being recognized on an applicable financial statement; or

• a person whose "functional currency" is not the U.S. dollar.

If an entity or other arrangement treated as a partnership for United States federal income tax purposes holds our ADSs or Class A ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our ADSs or Class A ordinary shares, you should consult your tax advisors.

**As discussed below under "**—**Passive Foreign Investment Company," we believe there is a risk that we were classified as a passive foreign investment company, or PFIC, for United States federal income tax purposes for 2025. In addition, we may be classified as a PFIC for the current and future taxable years. Accordingly, United States Holders are urged to review the discussion below under "**—**Passive Foreign Investment Company," and to consult with their tax advisors regarding the tax consequences to them if we are classified as a PFIC in any taxable year.**

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This discussion does not contain a detailed description of all the United States federal income tax consequences to you in light of your particular circumstances and does not address the Medicare tax on net investment income, United States federal estate and gift taxes or the effects of any state, local or non-United States tax laws. If you are considering the purchase of our ADSs or Class A ordinary shares, you should consult your tax advisors concerning the particular United States federal income tax consequences to you of the purchase, ownership and disposition of our ADSs or Class A ordinary shares, as well as the consequences to you arising under other United States federal tax laws and the laws of any other taxing jurisdiction.

#### ADSs
If you hold ADSs, for United States federal income tax purposes, you generally will be treated as the owner of the underlying Class A ordinary shares that are represented by such ADSs. Accordingly, deposits or withdrawals of Class A ordinary shares for ADSs will not be subject to United States federal income tax.

#### Taxation of Dividends
Subject to the discussion under "—Passive Foreign Investment Company" below, the gross amount of distributions on the ADSs or Class A ordinary shares (including any amounts withheld to reflect PRC withholding taxes, as discussed above under "—E. Taxation—People's Republic of China Taxation") will be taxable as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles. To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a tax-free return of capital, causing a reduction in the tax basis of the ADSs or Class A ordinary shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain recognized on a sale or exchange. We do not, however, expect to determine earnings and profits in accordance with United States federal income tax principles. Therefore, you should expect that a distribution will generally be reported as a dividend.

Any dividends that you receive (including any withheld taxes) will be includable in your gross income as ordinary income on the day actually or constructively received by you, in the case of Class A ordinary shares, or by the depositary, in the case of ADSs. Such dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.

Subject to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate United States Holders from a qualified foreign corporation may be treated as "qualified dividend income" that is subject to reduced rates of taxation. A foreign corporation generally is treated as a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive income tax treaty with the United States which the United States Treasury Department determines to be satisfactory for these purposes and which includes an exchange of information provision or (ii) with respect to dividends paid by that corporation on shares (or ADSs backed by such shares) that are readily tradable on an established securities market in the United States. United States Treasury Department guidance indicates that our ADSs (which are listed on the NYSE), but not our Class A ordinary shares, are readily tradable on an established securities market in the United States. Therefore, we do not believe that dividends that we pay on our Class A ordinary shares that are not represented by ADSs currently meet the conditions required for these reduced rates of taxation. In addition, dividends received from us by non-corporate United States Holders will not be treated as "qualified dividend income" that is subject to reduced rates of taxation if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year. As discussed below under "—Passive Foreign Investment Company," we believe that there is a risk that we were a PFIC for 2025. In addition, we may be classified as a PFIC for the current and future taxable years. Therefore, if you are a non-corporate United States Holder, you should not assume that any dividends will be taxed at a preferential rate. You should consult your tax advisors regarding the application of these rules given your particular circumstances.

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Subject to certain conditions and limitations (including a minimum holding period requirement) and the Foreign Tax Credit Regulations (as defined below), any PRC withholding taxes on dividends will generally be treated as foreign taxes eligible for credit against your United States federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid on the ADSs or Class A ordinary shares will generally be treated as income from sources outside the United States and will generally constitute passive category income. However, if you are eligible for the benefits of the Treaty, any PRC withholding taxes on dividends will not be creditable against your United States federal income tax liability to the extent withheld at a rate exceeding the applicable rate under the Treaty. In addition, Treasury regulations addressing foreign tax credits, or the Foreign Tax Credit Regulations, impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and unless you are eligible for and elect to claim the benefits of the Treaty, there can be no assurance that those requirements will be satisfied. The Department of the Treasury and the Internal Revenue Service, or the IRS, are considering proposing amendments to the Foreign Tax Credit Regulations. In addition, notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, you may be able to deduct any PRC withholding taxes in computing your taxable income, subject to generally applicable limitations under United States law (including that a United States Holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if such United States Holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. You are urged to consult your tax advisors regarding the availability of the foreign tax credit or a deduction under your particular circumstances.

Distributions of ADSs, Class A ordinary shares or rights to subscribe for ADSs or Class A ordinary shares that are received as part of a pro rata distribution to all of our shareholders generally will not be subject to United States federal income tax.

#### Passive Foreign Investment Company
In general, we will be a PFIC for any taxable year in which:

• at least 75% of our gross income is passive income, or

• at least 50% of the value of our assets (generally determined based on an average of the quarterly values of the assets) is attributable to assets that produce or are held for the production of passive income.

For this purpose, passive income generally includes dividends, interest, gains from the sale or exchange of investment property, royalties and rents (other than royalties and rents derived in the active conduct of a trade or business and not derived from a related person). Cash and other assets readily convertible into cash are generally treated as assets that produce or are held for the production of passive income. If we own at least 25% (by value) of the stock of another corporation, for purposes of determining whether we are a PFIC, we will be treated as owning our proportionate share of the other corporation's assets and receiving our proportionate share of the other corporation's income. However, there is uncertainty as to the treatment of our corporate structure and ownership of the Group VIEs for United States federal income tax purposes. For United States federal income tax purposes, we consider ourselves to own the equity of the Group VIEs. If it is determined, contrary to our view, that we do not own the equity of the Group VIEs for United States federal income tax purposes (for instance, because the relevant PRC authorities do not respect these arrangements), there would be an increased risk that we are a PFIC (as discussed below).

Based on the composition of the Group's income and assets and the value of its assets, including goodwill (which we have determined based on the trading price of our ADSs), we believe there is a risk that we were a PFIC for 2025. However, our PFIC status for 2025 is not entirely clear and you are urged to consult your own tax advisors in this regard. The determination of whether we are a PFIC is made annually. Accordingly, it is possible that our PFIC status may change due to changes in the Group's asset or income composition or changes in the value of the Group's assets. The composition of the Group's assets and income may be affected by how, and how quickly, the Group uses the cash and liquid assets that it currently holds. In addition, fluctuations in the trading price of our ADSs (which may be volatile) may affect the value of the Group's goodwill, and therefore may affect our PFIC status. The ultimate determination of our PFIC status for any year cannot be made until the end of that year and will depend, in part, on the trading price of our ADSs for the relevant quarterly testing dates. Therefore, there can be no assurance that we will not be a PFIC for 2026 or any future taxable year. If we are a PFIC for any taxable year during which you hold our ADSs or Class A ordinary shares, you will be subject to special tax rules discussed below.

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If we are a PFIC for any taxable year during which you hold our ADSs or Class A ordinary shares and you do not make a timely mark-to-market election, as described below, you will be subject to special tax rules with respect to any "excess distribution" received and any gain realized from a sale or other disposition, including a pledge and a deemed sale discussed in the following paragraph, of ADSs or Class A ordinary shares. Distributions received in a taxable year, other than the taxable year in which your holding period in the ADSs or Class A ordinary shares begins, will be treated as excess distributions to the extent that they are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or the portion of your holding period for the ADSs or Class A ordinary shares that preceded the taxable year of the distribution. Under these special tax rules:

• the excess distribution or gain will be allocated ratably over your holding period for the ADSs or Class A ordinary shares,

• the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

• the amount allocated to each other year will be subject to tax at the highest tax rate in effect for individuals or corporations, as applicable, for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

Although the determination of whether we are a PFIC is made annually, if we are a PFIC for any taxable year in which you hold our ADSs or Class A ordinary shares, you will generally be subject to the special tax rules described above for that year and for each subsequent year in which you hold the ADSs or Class A ordinary shares (even if we do not qualify as a PFIC in such subsequent years). However, if we cease to be a PFIC, you can avoid the continuing impact of the PFIC rules by making a special election to recognize gain as if your ADSs or Class A ordinary shares had been sold on the last day of the last taxable year during which we were a PFIC. You are urged to consult your tax advisor about this election.

In lieu of being subject to the special tax rules discussed above, you may make a mark-to-market election with respect to your ADSs or Class A ordinary shares provided such ADSs or Class A ordinary shares are treated as "marketable stock." The ADSs or Class A ordinary shares generally will be treated as marketable stock if the ADSs or Class A ordinary shares are regularly traded on a "qualified exchange or other market" (within the meaning of the applicable Treasury regulations). The ADSs are listed on the NYSE, which constitutes a qualified exchange, although there can be no assurance that the ADSs will be "regularly traded" for purposes of the mark-to-market election. It should also be noted that only the ADSs and not the Class A ordinary shares are listed on the NYSE. Consequently, if you are a holder of Class A ordinary shares that are not represented by ADSs, you generally will not be eligible to make a mark-to-market election.

If you make an effective mark-to-market election, for each taxable year that we are a PFIC you will include as ordinary income the excess of the fair market value of your ADSs at the end of the year over your adjusted tax basis in the ADSs. You will be entitled to deduct as an ordinary loss in each such year the excess of your adjusted tax basis in the ADSs over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. Your adjusted tax basis in the ADSs will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. In addition, upon the sale or other disposition of your ADSs in a year that we are a PFIC, (i) any gain will be treated as ordinary income and (ii) any loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election, and thereafter will be capital loss. If you make a mark-to-market election, any distributions that we make would generally be subject to the tax rules discussed above under "—Taxation of Dividends."

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If you make a mark-to-market election, it will be effective for the taxable year for which the election is made and all subsequent taxable years unless the ADSs are no longer regularly traded on a qualified exchange or other market, or the IRS consents to the revocation of the election. You are urged to consult your tax advisor about the availability of the mark-to-market election, and whether making the election would be advisable in your particular circumstances.

Alternatively, U.S. taxpayers can sometimes avoid the special tax rules described above by electing to treat a PFIC as a "qualified electing fund" under Section 1295 of the Code. However, this option is not available to you because we do not intend to prepare or provide you with the tax information necessary to permit you to make this election.

If we are a PFIC for any taxable year during which you hold our ADSs or Class A ordinary shares and any of our non-United States subsidiaries is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of the PFIC rules. You will not be able to make the mark-to-market election described above in respect of any lower-tier PFIC. You are urged to consult your tax advisors about the application of the PFIC rules to any of our subsidiaries.

You will generally be required to file IRS Form 8621 if you hold our ADSs or Class A ordinary shares in any year in which we are a PFIC. You are urged to consult your tax advisors concerning the United States federal income tax consequences of holding ADSs or Class A ordinary shares if we are a PFIC for any taxable year.

#### Sale, Exchange or Other Taxable Disposition of ADSs or Class A Ordinary Shares
For United States federal income tax purposes, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of the ADSs or Class A ordinary shares in an amount equal to the difference between the amount realized for the ADSs or Class A ordinary shares and your tax basis in the ADSs or Class A ordinary shares, both determined in U.S. dollars. Subject to the discussion under "—Passive Foreign Investment Company" above, such gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if you have held the ADSs or Class A ordinary shares for more than one year. Long-term capital gains of non-corporate United States Holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

Any gain or loss recognized by you will generally be treated as United States source gain or loss. However, if PRC tax is imposed on any gain (for instance, because we are treated as a PRC resident enterprise for PRC tax purposes), and if you are eligible for the benefits of the Treaty, you may elect to treat such gain as PRC source gain under the Treaty. If you are not eligible for the benefits of the Treaty or if you fail to make the election to treat any gain as PRC source, then you generally would not be eligible for a foreign tax credit for any PRC tax imposed on the disposition of ADSs or Class A ordinary shares unless such credit can be applied (subject to applicable limitations) against tax due on other income derived from foreign sources. However, pursuant to the Foreign Tax Credit Regulations, unless you are eligible for and elect to claim the benefits of the Treaty, any such PRC tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). In such case, the non-creditable PRC tax may reduce the amount realized on the sale, exchange or other taxable disposition of the ADSs or Class A ordinary shares. As discussed above, however, notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). If any PRC tax is imposed upon the disposition of ADSs or Class A ordinary shares and you apply such temporary relief, such PRC tax may be eligible for a foreign tax credit or deduction, subject to the applicable conditions and limitations. You are urged to consult your tax advisors regarding the tax consequences in case any PRC tax is imposed on gain on a disposition of the ADSs or Class A ordinary shares, including the availability of the foreign tax credit or a deduction and the election to treat any gain as PRC source, under your particular circumstances.

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#### Information Reporting and Backup Withholding
In general, information reporting will apply to distributions in respect of our ADSs or Class A ordinary shares and the proceeds from the sale, exchange or other disposition of our ADSs or Class A ordinary shares that are paid to you within the United States (and in certain cases, outside the United States), unless you establish that you are an exempt recipient. A backup withholding tax may apply to such payments if you fail to provide a correct taxpayer identification number or certification of exempt status or (in the case of dividend payments) if you fail to certify that you are not subject to backup withholding or fail to report in full dividend and interest income.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.

Certain United States Holders are required to report information relating to our ADSs or Class A ordinary shares, subject to certain exceptions (including an exception for ADSs or Class A ordinary shares held in accounts maintained by certain financial institutions), by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold the ADSs or Class A ordinary shares. You are urged to consult your tax advisors regarding information reporting requirements relating to your ownership of our ADSs or Class A ordinary shares.

F. Dividends and Paying Agents

Not applicable.

G. Statement by Experts

Not applicable.

H. Documents on Display

We have filed this annual report, including exhibits, with the SEC. As allowed by the SEC, in Item 19 of this annual report, we incorporate by reference certain information we filed with the SEC. This means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of this annual report.

You may read and copy this annual report, including the exhibits incorporated by reference in this annual report, at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 and at the SEC's regional offices in New York, New York, and Chicago, Illinois. You can also request copies of this annual report, including the exhibits incorporated by reference in this annual report, upon payment of a duplicating fee, by writing to the SEC's Public Reference Room for information.

The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this annual report.

I. Subsidiary Information

Not applicable.

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| **ITEM 11.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**  |

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#### Foreign Exchange Risk
Our Company uses Renminbi as its reporting currency. All of the Group's revenues and substantially all of our expenses are denominated in Renminbi. The functional currency of our Company and our subsidiary in Hong Kong is the U.S. dollar. The functional currency of our subsidiaries in the PRC, the VIE and the VIE's subsidiaries is the Renminbi. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of comprehensive income. Due to foreign currency translation adjustments, the Group had foreign exchange loss of RMB2.1 million in 2023, foreign exchange gain of RMB8.0 million in 2024, and foreign exchange loss of RMB17.3 million (US$2.5 million) in 2025.

We do not believe that the Group currently has any significant direct foreign exchange risk. Although in general the Group's exposure to foreign exchange risks should be limited, the value of your investment in our ADSs will be affected by the exchange rate between U.S. dollar and RMB because the value of our business is effectively denominated in Renminbi, while our ADSs will be traded in U.S. dollars.

The value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions and the foreign exchange policy adopted by the PRC government. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future. There remains significant international pressure on the PRC government to adopt a more flexible currency policy, which could result in greater fluctuations of the Renminbi against the U.S. dollar.

To the extent that we need to convert U.S. dollars into Renminbi for the Group's operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we receive from the conversion. Conversely, if we decide to convert Renminbi into U.S. dollars for the purpose of making payments for dividends on our Class A ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amounts available to us.

As of December 31, 2025, the Group had Renminbi-denominated cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB11,068 million, and U.S. dollar-denominated cash, cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of US$2,902 million. Assuming the Group had converted RMB11,068 million into U.S. dollars at the exchange rate of RMB6.9931 for US$1.00 as of December 31, 2025, its U.S. dollar cash balance would have been US$4,485 million. If the RMB had depreciated by 10% against the U.S. dollar, its U.S. dollar cash balance would have been US$4,326 million instead. Assuming the Group had converted US$2,902 million into RMB at the exchange rate of RMB6.9931 for US$1.00 as of December 31, 2025, its RMB cash balance would have been RMB31,362 million. If the RMB had depreciated by 10% against the U.S. dollar, its RMB cash balance would have been RMB33,617 million instead.

#### Interest Rate Risk
The Group has not been exposed to material risks due to changes in market interest rates, and the Group has not used any derivative financial instruments to manage its interest risk exposure. However, we cannot provide assurance that the Group will not be exposed to material risks due to changes in market interest rate in the future.

We may invest the net proceeds we receive from our initial public offering and concurrent private placement in interest-earning instruments. Investments in both fixed rate and floating rate interest earning instruments carry a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than expected if interest rates fall.

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#### Inflation
Since our inception, inflation in China has not materially affected the Group's results of operations. According to the National Bureau of Statistics of China, the year-over-year percent changes in the consumer price index for December 2024 and 2025 were an increase of 0.1% and 0%, respectively. Although we have not been materially affected by inflation in the past, we may be affected if China experiences higher rates of inflation or potential deflation in the future.

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| **ITEM 12.** | **DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**  |

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A. Debt Securities

Not applicable.

B. Warrants and Rights

Not applicable.

C. Other Securities

Not applicable.

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D. American Depositary Shares

#### Fees and Charges
As an ADS holder, you will be required to pay the following service fees to the depositary bank and certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of your ADSs):

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| **Service** | **Fees** |
|  To any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash) | Up to US$0.05 per ADS issued |
|  Cancellation of ADSs, including the case of termination of the deposit agreement | Up to US$0.05 per ADS cancelled |
|  Distribution of cash dividends | Up to US$0.05 per ADS held |
|  Distribution of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements | Up to US$0.05 per ADS held |
|  Distribution of ADSs pursuant to exercise of rights. | Up to US$0.05 per ADS held |
|  Distribution of securities other than ADSs or rights to purchase additional ADSs | Up to US$0.05 per ADS held |
|  Depositary services | Up to US$0.05 per ADS held on the applicable record date(s) established by the depositary bank |

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As an ADS holder, you will also be responsible for paying certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of your ADSs) such as:

• Fees for the transfer and registration of ordinary shares charged by the registrar and transfer agent for the ordinary shares in the Cayman Islands (i.e., upon deposit and withdrawal of ordinary shares).

• Expenses incurred for converting foreign currency into U.S. dollars.

• Expenses for cable, telex and fax transmissions and for delivery of securities.

• Taxes and duties upon the transfer of securities, including any applicable stamp duties, any stock transfer charges or withholding taxes (i.e., when ordinary shares are deposited or withdrawn from deposit).

• Fees and expenses incurred in connection with the delivery or servicing of ordinary shares on deposit.

• Fees and expenses incurred in connection with complying with exchange control regulations and other regulatory requirements applicable to ordinary shares, deposited securities, ADSs and ADRs.

• Any applicable fees and penalties thereon.

The depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf of their clients) receiving the newly issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering the ADSs to the depositary bank for cancellation. The brokers in turn charge these fees to their clients. Depositary fees payable in connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary bank to the holders of record of ADSs as of the applicable ADS record date.

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The depositary fees payable for cash distributions are generally deducted from the cash being distributed or by selling a portion of distributable property to pay the fees. In the case of distributions other than cash (i.e., share dividends, rights), the depositary bank charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor (whether certificated or uncertificated in direct registration), the depositary bank sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian accounts (via DTC), the depositary bank generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their clients' ADSs in DTC accounts in turn charge their clients' accounts the amount of the fees paid to the depositary banks.

In the event of refusal to pay the depositary fees, the depositary bank may, under the terms of the deposit agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder.

The depositary may make payments to us or reimburse us for certain costs and expenses, by making available a portion of the ADS fees collected in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary bank agree from time to time.

#### Payments by Depositary
In 2025, we received US$13.4 million after deduction of applicable U.S. withholding tax of US$5.8 million from Deutsche Bank Trust Company Americas, the depositary bank for our ADR program, for reimbursement of investor relations expenses and other program related expenses.

#### PART II

#### ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None of these events occurred in any of the years ended December 31, 2023, 2024 and 2025.

#### ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
See "Item 10. Additional Information" for a description of the rights of securities holders, which remain unchanged.

In June 2021, we completed our IPO and was listed on the NYSE and sold an aggregate of 82,500,000 ADSs, representing 1,650,000,000 Class A ordinary shares at a public offering price of US$19.00 per ADS. The IPO raised a total of US$1,507.7 million in net proceeds after deduction of underwriting discounts, commissions and expenses. The effective date of our registration statement on Form F-1, as amended (File No. 333-256564) was June 21, 2021.

As of December 31, 2025, we had not used any of the net proceeds received from the IPO.

#### ITEM 15. CONTROLS AND PROCEDURES

#### Disclosure Controls and Procedures
As of the end of the period covered by this annual report, an evaluation has been carried out under the supervision and with the participation of our management, including our chief executive officer and our president (who serves as our principal financial and accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rules 13a-15e and 15d-15(e) promulgated under the Exchange Act.

Based on that evaluation, our management has concluded that our disclosure controls and procedures as of December 31, 2025, were effective in ensuring that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management to allow timely decisions regarding required disclosure.

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#### Management's Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the U.S. Exchange Act. As required by Rule 13a-15(c) of the U.S. Exchange Act, our management conducted an evaluation of our company's internal control over financial reporting as of December 31, 2025 based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2025.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

#### Changes in Internal Control over Financial Reporting
There were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report on Form 20-F that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### Attestation Report of the Independent Registered Public Accounting Firm
Our independent registered public accounting firm, Deloitte Touche Tohmatsu Certified Public Accountants LLP, has audited the effectiveness of our internal control over financial reporting as of December 31, 2025, as stated in its report, which appears on page F-4 of this annual report.

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| **ITEM 16A.** | **AUDIT COMMITTEE FINANCIAL EXPERT**  |

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Our Board of Directors has determined that Ms. Jennifer Xinzhe Li, who is an independent director, satisfies the criteria of an audit committee financial expert as defined in Item 16A of the instruction to Form 20-F.

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| **ITEM 16B.** | **CODE OF ETHICS**  |

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We have adopted a code of business conduct and ethics that applies to our directors, employees, advisors and officers, including our Chief Executive Officer and President (who serves as our principal financial and accounting officer). No changes have been made to the code of business conduct and ethics since its adoption and no waivers have been granted therefrom to our directors or employees. We have filed our code of business conduct as an exhibit to our F-1 registration statement (File No. 333-256564), as amended, initially filed with the SEC on May 27, 2021, and a copy is available to any shareholder upon request. This code of business conduct and ethics is also available on our website at *ir.fulltruckalliance.com*.

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ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Deloitte Touche Tohmatsu Certified Public Accountants LLP (PCAOB ID No. 1113) has served as our independent public accountant for each of the fiscal years in the three-year period ended December 31, 2025, for which audited financial statements appear in this annual report.

The following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Deloitte Touche Tohmatsu Certified Public Accountants LLP, for the years indicated.

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|:---|:---|:---|
|  | For the Year Ended December 31, | For the Year Ended December 31, |
|  | 2024 | 2025 |
|  | (In thousands of US dollars) | (In thousands of US dollars) |
| Audit Fees<sup>(1)</sup> | 2377 | 2445 |
| Audit-Related Fees <sup>(2)</sup> |  | 40 |
| Tax Fees<sup>(3)</sup> | 16 | 43 |
| All Other Fees <sup>(4)</sup> |  | 11 |
| Total | 2393 | 2539 |

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(1) "Audit Fees" represents the aggregate fees billed for each of the fiscal years listed for professional services rendered by our principal auditors for the audit of our annual financial statements and assistance with and review of documents filed with the SEC and other statutory and regulatory filings.

(2) This category includes the aggregate fees billed in each of the fiscal years listed for assurance and related services by our independent registered public accounting firm that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under "Audit fees".

(3) "Tax Fees" represents the aggregate fees billed for each of the fiscal years listed for professional services rendered by our principal auditors for tax compliance, tax planning and tax advice.

(4) "All Other Fees" represents the aggregate fees billed in each of the fiscal years listed for services rendered by our auditors other than services reported under "audit Fees," "Audit-Related Fees" and "Tax Fees."

#### Pre-Approval Policies and Procedures
Our audit committee is responsible for the oversight of our independent accountants' work. The policy of our audit committee is to pre-approve all audit and non-audit services provided by Deloitte Touche Tohmatsu Certified Public Accountants LLP, including audit services, audit-related services, tax services and other services, as described above.

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|:---|:---|
| **ITEM 16D.** | **EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**  |

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None.

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| | |
|:---|:---|
| **ITEM 16E.** | **PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**  |

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The following table sets forth information about our purchases of outstanding ADSs from January 1, 2025 to December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of ADSs<br>Purchased** | **Average Price Paid per<br>ADS<sup>(1)</sup> (US$)** | **Total Number of ADSs<br>Purchased as Part of<br>Publicly Announced<br>Plans or Programs<sup>(2)</sup>** | **Approximate Dollar<br>Value of ADSs that<br>May Yet Be Purchased<br>Under the Program<sup>(2)</sup>(US$)** |
|  July 2025 | 3100 | 10.94 | 3100 | 199966077 |
|  August 2025 | 217895 | 10.90 | 217895 | 197592008 |

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(1) Each ADS represents 20 Class A ordinary shares. The average price per ADS is calculated using the execution price for each repurchase excluding commissions paid to brokers.

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(2) In March 2023, we announced a share repurchase program authorized by our board of directors on March 3, 2023, under which we may repurchase up to US$500 million of our ADSs during a period of up to 12 months starting from March 13, 2023. On March 13, 2024, we announced an extension of the share repurchase program by 12 months such that the Company may repurchase up to approximately US$300 million of its ADSs through March 12, 2025. In March 2025, our board of directors approved a further extension of the term of the share repurchase program such that we may repurchase up to US$200 million of our ADSs and/or ordinary shares through March 12, 2026. Repurchases under our 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. Our board of directors 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.

In May 2025, we repurchased a total of 60,728,727 ordinary shares that correspond to part of the vested share-based awards previously granted to certain of our executive officers for an aggregate consideration of US$37,499,988.92 in privately negotiated transactions. For more information, see "Item 7. Major Shareholders and Related Party Transactions — Related Party Transactions—Transactions with Certain Executive Officers."

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| | |
|:---|:---|
| **ITEM 16F.** | **CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**  |

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Not applicable.

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| | |
|:---|:---|
| **ITEM 16G.** | **CORPORATE GOVERNANCE**  |

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We are a "foreign private issuer" (as such term is defined in Rule 3b-4 under the Exchange Act), and our ADSs, each representing 20 ordinary shares, are listed on the New York Stock Exchange. Under Section 303A of the New York Stock Exchange Listed Company Manual, New York Stock Exchange listed companies that are foreign private issuers are permitted to follow home country practice in lieu of the corporate governance provisions specified by the New York Stock Exchange with limited exceptions. The following summarizes some significant ways in which our corporate governance practices differ from those followed by domestic companies under the listing standards of the New York Stock Exchange.

Under the New York Stock Exchange Listed Company Manual, or the NYSE Manual, U.S. domestic listed companies are required to have a majority of the board consisting of independent directors and have a compensation committee and a nominating/corporate governance committee, each composed entirely of independent directors, which are not required under the Cayman Companies Act, our home country. Currently, our board of directors is composed of six members, only two of whom are independent directors. Our compensation committee is composed of two members, none of whom are independent directors. Our nominating and corporate governance committee is composed of two members, none of whom are independent directors. In addition, the NYSE Manual requires shareholder approval for certain matters, such as requiring that shareholders must be given the opportunity to vote on all equity compensation plans and material revisions to those plans, which is not required under the Cayman Islands law. We intend to follow the home country practice in determining whether shareholder approval is required. Furthermore, we are not required by the NYSE to hold annual shareholders meetings.

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| | |
|:---|:---|
| **ITEM 16H.** | **MINE SAFETY**  |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 16I.** | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**  |

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Not applicable.

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| | |
|:---|:---|
| **ITEM 16J.** | **INSIDER TRADING POLICIES**  |

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Our board of directors have established insider trading policies and procedures governing the purchase, sale and other dispositions of our securities by our directors, officers, employees and other relevant persons to promote compliance with applicable insider trading laws, rules and regulations, and the listing standards of the NYSE.

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| | |
|:---|:---|
| **ITEM 16K.** | **CYBERSECURITY**  |

---

#### Risk Management and Strategy
The Group has adopted a comprehensive risk management system to manage various risks that it faces, including financial risks, operational risks, compliance risks, public opinion risks, risks associated with stability of information technology systems, cybersecurity risks and supplier management risks. Cybersecurity risk management is a core component of the Group's overall risk management framework. The Group has established an array of risk management procedures to identify, assess and manage such risks, including risk identification, risk assessment, risk control and risk monitoring. The Group has also implemented procedural design, evaluation mechanism as well as risk grading and liability assessment mechanism to enhance its risk management. Set forth below are measures that the Group undertakes to manage cybersecurity risks.

#### Cybersecurity Safeguard Committee
The Group has formed a Cybersecurity Safeguard Committee, which is led by its management and comprised of personnel from its legal department, internal audit, cybersecurity department and various business departments, to carry out cybersecurity risk management. The cybersecurity department is an independent department under the Group's platform business division dedicated to managing cybersecurity risks. The cybersecurity department is composed of different working groups specialized in network security, terminal security, data security, privacy compliance, security development and security operation.

#### Internal Policies and Procedures
The Group has established a three-tiered cybersecurity governance structure, encompassing decision-making, supervision, and implementation, and adopted four-level cybersecurity governance policies, with reference to international and industry cybersecurity standards, such as ISO27001 and ISO27701, as well as the requirements of classified cybersecurity protection and other regulatory requirements. The four-level cybersecurity governance policies include:

• First level: FTA Cybersecurity Safeguard Committee Charter, which is a guiding policy that sets forth the Group's principles and objectives of network security, data security and privacy protection and outlines the communication and organizational structure for the Group's cybersecurity management

• Second level: management policies and technical control measures across five areas – cybersecurity system management, cybersecurity organizational management, cybersecurity personnel management, cybersecurity construction management, and cybersecurity operation and maintenance management

• Third level: procedures, processes and implementation guidelines

• Fourth level: records, forms and log entries that document system operation

The Group has also adopted a series of policies and measures on how to prevent, identify, assess and remediate risks from cybersecurity threats:

• Prevention: The Group implements a Secure Development Lifecycle Management Process (SDL) to prevent cybersecurity threats throughout the product development cycle. At pre-development stage, professional cybersecurity personnel performs cybersecurity assessment. During the product development phase, professional cybersecurity personnel ensures that the security coding standards be observed and provides Q&A support for secure development. At product testing stage, the new product needs to undergo various testing including baseline, black box and gray box testing (such as SQL, XSS, jar and privilege escalation checks) and white box testing. At product launch stage, the new product also needs to undergo manual penetration testing, API interface scanning tests and external threat detection.

• Identification: The Group has adopted various safety measures to ensure timely discovery of and response to cyberattacks, including real-time traffic log monitoring, host-based vulnerability scanning, privilege escalation checks, baseline detection, host-based intrusion detection systems (HIDS), firewalls (FW), Web Application Firewall (WAF), Anti-DDoS, bastion hosts, log auditing, Security Operations Center (SOC) awareness and API interface checks.

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#### **Table of Contents**

• Assessment: The Group has formulated the FTA Data Security Risk Assessment Guide and related procedures that utilize scientific measures to systematically analyze the cybersecurity risks faced by the Group and propose effective measures to prevent, control and address such risks so as to maximize cybersecurity protection.

• Contingency: The Group has also adopted the following internal policies and procedures to manage cybersecurity incidents:

• FTA Security Vulnerability and Compliance Risk Management Standards, which set out procedures to handle cybersecurity vulnerabilities, emergency situations and security compliance risks in a timely, accurate, and compliant manner, in order to mitigate potential harm.

• FTA Information Security Incident Management Procedures and FTA Information Security Emergency Response Policies, which set out the reporting, reaction and handling mechanism for cybersecurity incidents in order to minimize losses caused by cybersecurity incidents and reinforce business continuity .

• FTA Backup and Recovery Management Procedures, which require regular data backup and recovery drills to ensure the continuity of business operations in cases of significant disasters or accidents .

#### Technical Measures
The Group has implemented various technical measures, such as real-time traffic log monitoring, host-based vulnerability scanning, transmission encryption and authentication, and FW, in order to timely identify and address cybersecurity threats and protect the security, availability, processing integrity, confidentiality and privacy of its information technology systems and data stored in its systems. For more details on the Group's data protection measures, see "Item 4. Information on the Company—B. Business Overview—Personal Data and Privacy."

#### Engagement of Third-Party Service Providers
The Group has engaged independent auditors and consulting firms to conduct independent audits and assessments on and provide consultancy services for its compliance with the internal control requirements under the Sarbanes-Oxley Act of 2002, and IT general controls (ITGC) is an important part of it. ITGC audits and consultancy cover cybersecurity, including information technology governance, information security (network and data security), access controls, system change management and operation maintenance management.

In addition, to comply with the requirements under the Cybersecurity Law and Data Security Law and enhance the security of the Group's information technology systems, it has engaged third-party agencies to perform classifications, filings, assessments and rectifications for hierarchical cybersecurity protection on a periodic basis. The Group obtained the Two-Star Recognition of Personal Information Protection Impact Assessment from the China Academy of Information and Communications Technology and Certificate for Classified Cybersecurity Protection.

The Group has adopted third-party security assessment procedures and data outflow control procedures to manage risks from cybersecurity threats associated with its use of any third-party service provider. The Group performs security assessments on third parties that provide information technology systems to it or have access to its data by assessing their basic data security capabilities, information security compliance and application security vulnerabilities. All data outbound transfers to third parties require internal approval, and upon approval, data shall be transmitted externally via email or other traceable means and highly sensitive data shall be transmitted in a virtual machine environment.

The Group enters into a Data Security Confidentiality Agreement with third-party suppliers before engaging them to stipulate the cybersecurity responsibilities of such third parties and remediation measures to be taken in the event of cybersecurity incidents. When data are transmitted through API interfaces, the Group monitors the sensitivity and volume of data involved in API calls and the authority of interfaces through API interface monitoring applications.

For third-party developers, the Group has adopted External Consultant Engagement and Daily Management Standards to set out the engagement process of third-party developers and related information security matters.

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#### **Table of Contents**

#### Risks from Cybersecurity Threats
As the Group generates and processes a large amount of data through the FTA platform and rely on its information technology systems for its business operations, it faces risks associated with cybersecurity threats. For more details, see "Item 4. Information on the Company—D. Risk Factors—Risks Relating to Our Business and Industry—The Group's business is subject to complex and evolving PRC laws and regulations relating to cybersecurity and data security"; "—The Group's business generates, collects, stores and processes a large amount of data, which include sensitive personal information and may include data that may be deemed core data or material data. The improper processing of such data by the Group, its employees or business partners could materially and adversely affect the Group's reputation, business, results of operations and financial condition"; and "—Any significant disruption in the Group's mobile apps and information technology systems, including events beyond the Group's control, could prevent the Group from offering its solutions and services or reduce their attractiveness."

#### Cybersecurity Governance

#### Management
The Group's management is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents primarily through (i) Cybersecurity Safeguard Committee, (ii) cybersecurity, legal and internal audit departments, and (iii) review and approval of cybersecurity-related policies and procedures.

Cybersecurity Safeguard Committee

The Group's Cybersecurity Safeguard Committee, led by its management, is in charge of cybersecurity risk management, including assessing and managing material risks from cybersecurity threats, as well as prevention (through implementation of policies and cybersecurity awareness training), detection, mitigation and remediation of cybersecurity incidents. The committee reports its cybersecurity work to the management through periodic meetings. The committee is co-led by the head of the Group's platform business division, Mr. Xue Bi, and its Chief Public Affairs and Risk Officer, Mr. Kai Shen.

Prior to joining the Group, Mr. Xue served at Alibaba Group and gained extensive experience in business risk governance. Mr. Xue currently leads the Group's platform business division and has established a cybersecurity and data security risk management framework, focusing on enhancing the Group's cybersecu-rity governance and technical capabilities, including network perimeter protection, data security, and privacy compliance. Mr. Xue has driven the integration of security with business operations, and, by aligning security architecture with business scenarios, has developed a risk governance framework tailored to the Group's business characteristics, enabling a balance between risk control and business growth.

Mr. Shen is experienced in corporate risk management, legal compliance and internal audit. Mr. Shen has served as our chief public affairs and risk officer since April 2025, and is in charge of corporate risk management framework, legal compliance matters, and government public relations strategy. Mr. Shen previously served as our chief risk officer and general counsel since October 2019. Prior to joining the Group, Mr. Shen served at Alibaba Group from February 2011 to October 2019 with his last position as a senior legal director. With respect to cybersecurity management, Mr. Shen currently leads the Group's legal and internal audit departments to interpret and review cybersecurity-related laws, regulations and policies, and perform internal audits on the implementation of cybersecurity-related policies and procedures.

Cybersecurity, Legal and Internal Audit Departments

The Group's cybersecurity, legal and internal audit departments also perform different functions with respect to cybersecurity management. The legal department is responsible for interpreting cybersecurity-related laws and regulations and reviewing cybersecurity-related internal policies. The internal audit department is responsible for internal audits on the implementation of cybersecurity-related policies and procedures. The internal audit department and the legal department jointly report to the Group's Chief Public Affairs and Risk Officer. The cybersecurity department is responsible for formulating and implementing cybersecurity-related policies and procedures, and reports to the head of the Group's platform business division and leaders of the Cybersecurity Safeguard Committee.

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#### **Table of Contents**
Policy Review and Approval

All cybersecurity-related internal policies shall be reviewed and approved by the management personnel in charge of the proposing department as well as the Chief Executive Officer or the President prior to adoption.

Based on information obtained through such channels, the Group's management makes assessments of cybersecurity risks and incidents and reports the nature, origin and potential impact of cybersecurity risks and incidents to the board of directors based on an assessment of materiality so that the board can learn about material cybersecurity risks and incidents on a timely basis and make decisions accordingly. In addition, to keep the board regularly informed about cybersecurity matters, the management makes periodic reports to the board on cybersecurity risk management and governance at board meetings, have live discussions with the board and address their questions.

#### Board of Directors
Our board of directors is responsible for and engaged in the oversight of our continuous efforts in monitoring, assessing and managing the risks associated with cybersecurity threats or incidents. The board reviews reports from management on material cybersecurity risks and incidents and discusses remediation plans with the management. At board meetings, the board also hears period reports from the management on cybersecurity risk management and governance and have follow-up discussions with the management. The management regularly reports to the board on material cybersecurity management progress, cybersecurity risks and response plans and progress. The management is also responsible for promptly reporting material cybersecurity incidents to the board as they arise.

In addition, our audit committee is responsible for risk assessment and risk management, including risks relating to cybersecurity threats or incidents. The responsibilities of our audit committee include discussing policies with respect to risk assessment and risk management periodically with the management, internal auditors, and independent auditors, and our plans or processes to monitor, control and minimize such risks and exposures.

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##### [**Table of Contents**](#toc)

#### PART III

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| | |
|:---|:---|
| **ITEM 17.** | **FINANCIAL STATEMENTS**  |

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The Registrant has elected to provide the financial statements and related information specified in Item 18.

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| | |
|:---|:---|
| **ITEM 18.** | **FINANCIAL STATEMENTS**  |

---

The consolidated financial statements of Full Truck Alliance Co. Ltd. are included at the end of this annual report.

---

| | |
|:---|:---|
| **ITEM 19.** | **EXHIBIT INDEX**  |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Sixth Amended and Restated Memorandum and Articles of Association of the Registrant, amended and restated on April 14, 2021 (incorporated herein by reference to Exhibit 1.1 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 15, 2024)](http://www.sec.gov/Archives/edgar/data/1838413/000119312524095461/d569306dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | [Form of American Depositary Receipt evidencing American Depositary Shares (included in Exhibit 2.3)](http://www.sec.gov/Archives/edgar/data/1471515/000095012721000057/a21-26_ex_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | [Specimen of Class A Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-256564), as amended, initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521190972/d260023dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | [Form of Deposit Agreement among the Registrant, Deutsche Bank Trust Company Americas, as depositary, and the holders and beneficial owners of ADSs issued thereunder (incorporated herein by reference to Exhibit (a) to the Registration Statement on Form F-6 (Registration No. 333-257112) filed with the Securities and Exchange Commission on June 15, 2021)](http://www.sec.gov/Archives/edgar/data/1471515/000095012721000057/a21-26_ex_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | [Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934 (incorporated herein by reference to Exhibit 2.4 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex24.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [Form of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex102.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [English translation of the Amended and Restated Equity Interest Pledge Agreement by and among Jiangsu Manyun, Manyun Software and shareholders of Manyun Software, dated May 9, 2023 (incorporated herein by reference to Exhibit 4.3 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 15, 2024)](http://www.sec.gov/Archives/edgar/data/1838413/000119312524095461/d569306dex43.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | [English translation of the executed form of the Spousal Consent Letters granted by the spouse of each individual shareholder of Manyun Software, as currently in effect, and a schedule of all executed Spousal Consent Letters adopting the same form (incorporated herein by reference to Exhibit 4.4 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 15, 2024)](http://www.sec.gov/Archives/edgar/data/1838413/000119312524095461/d569306dex44.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5 | [English translation of the Power of Attorney by and among Jiangsu Manyun, Manyun Software and shareholders of Manyun Software, dated October 25, 2021 (incorporated herein by reference to Exhibit 4.5 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex45.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6 | [English translation of the Exclusive Service Agreement between Jiangsu Manyun and Manyun Software, dated October 25, 2021 (incorporated herein by reference to Exhibit 4.6 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex46.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7 | [English translation of the Amended and Restated Exclusive Option Agreement by and among Jiangsu Manyun, Manyun Software and shareholders of Manyun Software, dated May 9, 2023 (incorporated herein by reference to Exhibit 4.7 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 15, 2024)](http://www.sec.gov/Archives/edgar/data/1838413/000119312524095461/d569306dex47.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8 | [English translation of the Equity Interest Pledge Agreement by and among FTA Information, Shan'en Technology and shareholders of Shan'en Technology, dated November 16, 2021 (incorporated herein by reference to Exhibit 4.8 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex48.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.9 | [English translation of the executed form of the Spousal Consent Letters granted by the spouse of each individual shareholder of Shan'en Technology, as currently in effect, and a schedule of all executed Spousal Consent Letters adopting the same form (incorporated herein by reference to Exhibit 4.9 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex49.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10 | [English translation of the Power of Attorney by and among FTA Information, Shan'en Technology and shareholders of Shan'en Technology, dated November 16, 2021 (incorporated herein by reference to Exhibit 4.10 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex410.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.11 | [English translation of the Exclusive Service Agreement between FTA Information and Shan'en Technology, dated November 16, 2021 (incorporated herein by reference to Exhibit 4.11 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex411.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.12 | [English translation of the Exclusive Option Agreement by and among FTA Information, Shan'en Technology and shareholders of Shan'en Technology, dated November 16, 2021 (incorporated herein by reference to Exhibit 4.12 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex412.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13 | [English translation of the executed form of the Loan Agreements between FTA Information and each individual shareholder of Shan'en Technology, dated November 18, 2021, as currently in effect, and a schedule of all executed Loan Agreements adopting the same form (incorporated herein by reference to Exhibit 4.13 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex413.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.14 | [English translation of the Amended and Restated Equity Interest Pledge Agreement by and among Yixing Manxian, Manyun Cold Chain and shareholders of Manyun Cold Chain, dated January 2, 2025 (incorporated herein by reference to Exhibit 4.14 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 14, 2025)](http://www.sec.gov/Archives/edgar/data/1838413/000119312525079553/d873796dex414.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15 | [English translation of the Spousal Consent Letter granted by the spouse of an individual shareholder of Manyun Cold Chain, dated January 2, 2025 (incorporated herein by reference to Exhibit 4.15 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 14, 2025)](http://www.sec.gov/Archives/edgar/data/1838413/000119312525079553/d873796dex415.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.16 | [English translation of the Amended and Restated Power of Attorney by and among Yixing Manxian, Manyun Cold Chain and shareholders of Manyun Cold Chain, dated January 2, 2025 (incorporated herein by reference to Exhibit 4.16 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 14, 2025)](http://www.sec.gov/Archives/edgar/data/1838413/000119312525079553/d873796dex416.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.17 | [English translation of the Amended and Restated Exclusive Service Agreement between Yixing Manxian, Nanjing Manxianxian and Manyun Cold Chain, dated January 2, 2025 (incorporated herein by reference to Exhibit 4.17 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 14, 2025)](http://www.sec.gov/Archives/edgar/data/1838413/000119312525079553/d873796dex417.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.18 | [English translation of the Amended and Restated Exclusive Option Agreement by and among Yixing Manxian, Manyun Cold Chain and shareholders of Manyun Cold Chain, dated January 2, 2025 (incorporated herein by reference to Exhibit 4.18 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 14, 2025)](http://www.sec.gov/Archives/edgar/data/1838413/000119312525079553/d873796dex418.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.19 | [The Loan Agreement by and among the Registrant, Gang Wang and Mesterywang Investments Limited, as borrowers, dated November 21, 2020 (incorporated by reference to Exhibit 10.18 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex1018.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.20 | [The Charge over Shares in the Registrant between Gang Wang, as borrower, Truck Work Logistics Information Co., Ltd, as chargor and the Registrant as secured party, dated November 21, 2020 (incorporated by reference to Exhibit 10.19 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex1019.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.21 | [The Share Surrender and Loan Repayment Agreement among Gang Wang, Mesterywang Investments Limited, Truck Work Logistics Information Co., Ltd, and the Registrant, dated April 14, 2022 (incorporated herein by reference to Exhibit 4.16 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex416.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.22 | [Second Amended and Restated 2018 Share Incentive Plan (incorporated by reference to Exhibit 10.20 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex1020.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.23 | [2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.21 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex1021.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.24 | [Amendment No.1 to 2021 Equity Incentive Plan (incorporated herein by reference to Exhibit 4.19 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex419.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25 | [Trust Deed for Full Truck Alliance Co. Ltd. Rules among the Registrant as company, The Core Trust Company Limited as trustee and Master Quality Group Limited as nominee, dated December 3, 2018 (incorporated by reference to Exhibit 10.22 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex1022.htm) |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.26 | [Amendment to Trust Deed for Full Truck Alliance Co. Ltd. Rules among the Registrant as company, The Core Trust Company Limited as trustee and Master Quality Group Limited as nominee, dated February 25, 2021 (incorporated by reference to Exhibit 10.23 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex1023.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.27 | [Deed of Change of Trustee for the Trust Deed Relating to Master Quality Trust among the Registrant as company, The Core Trust Company Limited as original trustee, Master Quality Group Limited as nominee and Futu Trustee Limited as new trustee, dated December 9, 2021 (incorporated herein by reference to Exhibit 4.22 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 25, 2022)](http://www.sec.gov/Archives/edgar/data/1838413/000119312522117547/d495124dex422.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.28 | [Amendment by and between Full Truck Alliance Co. Ltd., Futu Trustee Limited and Master Quality Group Limited, dated February 11, 2022 (incorporated herein by reference to Exhibit 4.28 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 19, 2023)](http://www.sec.gov/Archives/edgar/data/1838413/000119312523106426/d425402dex428.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.29 | [Warrant to Purchase Shares of Full Truck Alliance Co. Ltd., dated April 15, 2021 (incorporated by reference to Exhibit 10.24 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex1024.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1\* | [List of Subsidiaries of the Registrant](d20504dex81.htm) |
| 11.1 | [Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333-256564), initially filed with the Securities and Exchange Commission on May 27, 2021)](http://www.sec.gov/Archives/edgar/data/1838413/000119312521175480/d260023dex991.htm) |
| 11.2\* | [Amended and Restated Insider Trading Policy](d20504dex112.htm) |
| 12.1\* | [Certification of our Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d20504dex121.htm) |
| 12.2\* | [Certification of our Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d20504dex122.htm) |
| 13.1\*\* | [Certification of our Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d20504dex131.htm) |
| 13.2\*\* | [Certification of our Principal Financial and Accounting Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d20504dex132.htm) |
| 15.1\* | [Consent of Deloitte Touche Tohmatsu Certified Public Accountants LLP](d20504dex151.htm) |
| 15.2\* | [Consent of CM Law Firm](d20504dex152.htm) |
| 97.1 | [Incentive Compensation Clawback Policy (incorporated herein by reference to Exhibit 97.1 to the annual report on Form 20-F (File No. 001-40507), filed with the Securities and Exchange Commission on April 15, 2024)](http://www.sec.gov/Archives/edgar/data/1838413/000119312524095461/d569306dex971.htm) |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

\*\* Furnished herewith

------

##### [**Table of Contents**](#toc)

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | |
|:---|:---|
| FULL TRUCK ALLIANCE CO. LTD. | FULL TRUCK ALLIANCE CO. LTD. |
| By: | /s/ Peter Hui Zhang |
|  | Name: Peter Hui Zhang |
|  | Title: Chairman and Chief Executive Officer |

---

Date: April 14, 2026

------

##### [**Table of Contents**](#toc)

#### FULL TRUCK ALLIANCE CO. LTD.

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | Page |
| [Reports of Independent Registered Public Accounting Firm](#fin20504_1) | F-2 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2025](#fin20504_2) | F-5 |
| [Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2024 <br>and 2025](#fin20504_3) | F-8 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2023, 2024 and 2025](#fin20504_4) | F-10 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025](#fin20504_5) | F-13 |
| [Notes to the Consolidated Financial Statements](#fin20504_6) | F-16 |
| [Financial Statements Schedule I—Financial Information of Parent Company](#fin20504_7) | F-58 |

---

------

#### **Table of Contents**
REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Shareholders and the Board of Directors of Full Truck Alliance Co. Ltd.:

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Full Truck Alliance Co. Ltd. and subsidiaries (the "Company") as of December 31, 2024 and 2025, and the related consolidated statements of operations and comprehensive income, changes in shareholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the financial statements schedule listed in Schedule I (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 14, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

#### Convenience Translation
Our audits also comprehended the translation of Renminbi ("RMB") amounts into United States dollar amounts and, in our opinion, such translation has been made in conformity with the basis stated in Note 2. Such United States dollar amounts are presented solely for the convenience of readers outside the People's Republic of China.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

------

#### **Table of Contents**

#### Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

#### Revenue recognition — Refer to Notes 2.18 to the financial statements
Critical Audit Matter Description

The Company generated majority of its revenue from freight brokerage service and transaction service in 2025. These revenues consist of transaction-based fees made up of a significant volume of low-dollar transactions, sourced from multiple systems, databases, and other tools. The processing and recording of revenue are highly automated and are based on contractual terms with shippers and truckers. Because of the nature of the Company's transaction-based fees, the Company uses automated systems to process and record its revenue transactions.

We identified occurrence of these revenues as a critical audit matter because the Company's systems to process and record revenue are highly automated. This required an increased extent of effort, including the need for us to involve professionals with expertise in information technology (IT), to identify, test, and evaluate the Company's systems, software applications, and automated controls.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to revenue recognition included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of our data specialists, we created data visualizations to evaluate recorded revenue and evaluated trends in the transactional revenue data for risk assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of our IT specialists, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identified the relevant systems used to process revenue transactions and tested the general IT controls over each of these systems, including testing of user access controls, change management controls, and IT operations controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performed testing of system interface controls and automated controls within the relevant revenue streams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a sample of such revenues transactions, we tracked to the initial contract, cash payment or receipt record and then to the invoice (if any) to validate the occurrence of the revenue.

/s/ Deloitte Touche Tohmatsu Certified Public Accountants LLP

Shanghai, China

April 14, 2026

We have served as the Company's auditor since 2020.

------

#### **Table of Contents**
REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Shareholders and the Board of Directors of Full Truck Alliance Co. Ltd.:

#### Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Full Truck Alliance Co. Ltd. and subsidiaries (the "Company") as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated April 14, 2026, expressed an unqualified opinion on those financial statements and included an explanatory paragraph regarding the translation of Renminbi amounts into United States dollar amounts for the convenience of readers outside the People's Republic of China.

#### Basis for Opinion
The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

#### Definition and Limitations of Internal Control over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte Touche Tohmatsu Certified Public Accountants LLP

Shanghai, China

April 14, 2026

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED BALANCE SHEETS

#### AS OF DECEMBER 31, 2024 and 2025

#### (Amounts in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | As of December 31, | As of December 31, | As of December 31, |
|  |<br>Note | 2024 | 2025 | 2025 |
|  | | RMB | RMB | USD<br>(Note 2) |
| ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 5810347 | 6066137 | 867446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 100533 | 70290 | 10051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 5 | 15002903 | 11048309 | 1579887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net (net of allowance of RMB3,684 and RMB 4,648 as of<br> December 31, 2024 and 2025, respectively) | 6 | 19643 | 75133 | 10744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net (net of allowance of RMB218,366 and RMB376,662 as of<br> December 31, 2024 and 2025, respectively) | 7 | 4199645 | 4851353 | 693734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets, net (net of allowance of RMB4,692 and RMB2,772 as of<br> December 31, 2024 and 2025, respectively) | 8 | 2122902 | 940552 | 134497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets |  | 27255973 | 23051774 | 3296359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 40000 | 30000 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term time deposits and other investments | 10 | 8839547 | 14268513 | 2040370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in equity investees | 11 | 1036571 | 1043145 | 149168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 9 | 289611 | 457487 | 65420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 12 | 393477 | 757408 | 108308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 13 | 3124828 | 4025420 | 575627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 18 | 92882 | 249551 | 35685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 22 | 115654 | 92218 | 13187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 14 | 98532 | 346512 | 49551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets |  | 14031102 | 21270254 | 3041606 |
| TOTAL ASSETS |  | 41287075 | 44322028 | 6337965 |

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------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED BALANCE SHEETS

#### AS OF DECEMBER 31, 2024 and 2025

#### (Amounts in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | As of December 31, | As of December 31, | As of December 31, |
|  |<br>Note | 2024 | 2025 | 2025 |
|  | | RMB | RMB | USD<br> (Note 2) |
|  LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable (including RMB11,086 and RMB15,368 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) |  | 31227 | 37750 | 5398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts due to related parties |  |  | 29674 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid for freight listing fees and other service fees (including RMB479,476 and RMB515,731 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | 2.18 | 571185 | 637489 | 91160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable (including RMB4,991 and RMB100,211 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) |  | 336220 | 421707 | 60303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other tax payable (including RMB862,150 and RMB433,931 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) |  | 898396 | 479286 | 68537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities (including RMB37,569 and RMB25,677 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | 22 | 41204 | 33847 | 4840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities (including RMB638,045 and RMB631,547 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | 15 | 1141758 | 1211279 | 173211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities |  | 3019990 | 2851032 | 407692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities (including RMB17,308 and RMB21,967 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | 18 | 95570 | 185578 | 26537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities (including RMB22,497 and RMB567 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) | 22 | 23928 | 1485 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities (including RMB12,414 and RMB12,328 from the consolidated VIEs as of December 31, 2024 and 2025, respectively) |  | 12414 | 12328 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current liabilities |  | 131912 | 199391 | 28512 |
|  TOTAL LIABILITIES |  | 3151902 | 3050423 | 436204 |

---

#### Commitments and contingencies (Note 2 6)

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED BALANCE SHEETS

#### AS OF DECEMBER 31, 2024 and 2025

#### (Amounts in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | As of December 31, | As of December 31, | As of December 31, |
|  |<br>Note | 2024 | 2025 | 2025 |
|  | | RMB | RMB | USD<br>(Note 2) |
| MEZZANINE EQUITY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable non-controlling interests | 16 | 443070 | 767813 | 109796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription receivables | 16 |  | (20000) | (2860) |
| EQUITY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A ordinary shares (US$0.00001 par value, 40,000,000,000 and 40,000,000,000 shares authorized, 18,637,888,832 and 18,686,362,705 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | 17 | 1201 | 1205 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B ordinary shares (US$0.00001 par value, 10,000,000,000 and 10,000,000,000 shares authorized, 2,131,865,628 and 2,100,682,281 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | 17 | 142 | 140 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | 17 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 45823723 | 44328028 | 6338824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  | 3223944 | 2742068 | 392111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  | (11372284) | (7020237) | (1003881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY |  | 37676726 | 40051204 | 5727246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests |  | 15377 | 472588 | 67579 |
| TOTAL EQUITY |  | 37692103 | 40523792 | 5794825 |
| TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY |  | 41287075 | 44322028 | 6337965 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

#### INCOME FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands, except share and per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | Note | 2023 | 2024 | 2025 | 2025 |
|  | | RMB | RMB | RMB | USD<br>(Note 2) |
| Net Revenues (including value added taxes, "VAT", of RMB4,172,660, RMB5,097,716 and RMB 4,671,363 for the years ended December 31, 2023, 2024 and 2025, respectively) | 2.18 | 8436159 | 11238638 | 12489859 | 1786026 |
| Operating expenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (including VAT net of government grants, of RMB3,121,010, RMB3,893,351and RMB 3,262,448 for the years ended December 31, 2023, 2024 and 2025, respectively) | 2.19 | (4119016) | (5100558) | (4618796) | (660479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing expenses |  | (1239191) | (1596763) | (1747759) | (249926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses |  | (937677) | (913763) | (709775) | (101496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses |  | (946635) | (880016) | (874435) | (125043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit solutions |  | (234599) | (296528) | (445351) | (63684) |
| Total operating expenses |  | (7477118) | (8787628) | (8396116) | (1200628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating income |  | 38388 | 23970 | 52455 | 7501 |
| Income from operations |  | 997429 | 2474980 | 4146198 | 592899 |
| Other income (expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 1141861 | 1073434 | 954082 | 136432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (loss) gain |  | (2149) | 8004 | (17344) | (2480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income |  | 55621 | 54785 | 94717 | 13544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) from fair value changes of investments |  | 12938 | (20904) | 116162 | 16611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  | 130264 | 128152 | 109232 | 15620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | 3.10 |  | (352742) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of loss in equity method investees |  | (2067) | (2861) | (14814) | (2118) |
| Total other income |  | 1336468 | 887868 | 1242035 | 177609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before income tax |  | 2333897 | 3362848 | 5388233 | 770508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 18 | (106804) | (239411) | (929157) | (132868) |
| Net income |  | 2227093 | 3123437 | 4459076 | 637640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: net loss attributable to non-controlling interests |  | (1252) | (3548) | (27454) | (3926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: measurement adjustment attributable to redeemable non-controlling interests | 16 | 15457 | 57136 | 78361 | 11205 |
| Net income attributable to Full Truck Alliance Co. Ltd. |  | 2212888 | 3069849 | 4408169 | 630361 |
| Net income attributable to ordinary shareholders |  | 2212888 | 3069849 | 4408169 | 630361 |
| Net earnings per ordinary share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 21 | 0.10 | 0.15 | 0.21 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 21 | 0.10 | 0.15 | 0.21 | 0.03 |
| Weighted average shares used in calculating net earnings per ordinary share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 21 | 21111924886 | 20822835545 | 20839163070 | 20839163070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 21 | 21162351461 | 20902222036 | 20928172684 | 20928172684 |

---

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

#### INCOME FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands, except share and per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | Note | 2023 | 2024 | 2025 | 2025 |
|  | | RMB | RMB | RMB | USD<br> (Note 2) |
|  Net income |  | 2227093 | 3123437 | 4459076 | 637640 |
|  Other comprehensive income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments, net of tax of nil |  | 386701 | 325474 | (484443) | (69274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains (losses) on available-for-sale investments, net of reclassification |  |  | 599 | (599) | (86) |
|  Total comprehensive income |  | 2613794 | 3449510 | 3974034 | 568280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: comprehensive loss attributable to non-controlling interests |  | (1252) | (3548) | (27454) | (3926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: foreign currency translation adjustments to non-controlling interests |  |  |  | (3166) | (453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: measurement adjustment attributable to redeemable non-controlling interests |  | 15457 | 57136 | 78361 | 11205 |
|  Comprehensive income attributable to Full Truck Alliance Co. Ltd. |  | 2599589 | 3395922 | 3926293 | 561454 |
|  Comprehensive income attributable to ordinary shareholders |  | 2599589 | 3395922 | 3926293 | 561454 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'

#### EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands, except share and per share data and otherwise noted)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Ordinary shares | Class A Ordinary shares | Class B Ordinary<br> shares | Class B Ordinary<br> shares | Treasury shares | Treasury shares | Additional<br> Paid in<br> Capital | Accumulated<br> deficit | Accumulated<br> OCI | Total | Non—<br> controlling<br> interests | Total<br> equity |
|  | Numbers<br> of shares | Amount | Numbers<br> of shares | Amount | Numbers<br> of shares | Amount | Additional<br> Paid in<br> Capital | Accumulated<br> deficit | Accumulated<br> OCI | Total | Non—<br> controlling<br> interests | Total<br> equity |
|  | | RMB | | RMB | | RMB | RMB | RMB | RMB | RMB | RMB | RMB |
| Balance as of December 31, 2022 | 18919468156 | 1222 | 2317044668 | 155 |  |  | 47758178 | (16613492) | 2511170 | 33657233 |  | 33657233 |
| Net income |  |  |  |  |  |  |  | 2228345 |  | 2228345 | (1252) | 2227093 |
| Capital contribution from non-controlling interests shareholders |  |  |  |  |  |  |  |  |  |  | 6000 | 6000 |
| Foreign currency translation adjustments |  |  |  |  |  |  |  |  | 386701 | 386701 |  | 386701 |
| Exercise of stock options granted to employees | 131869359 | 9 |  |  |  |  |  |  |  | 9 |  | 9 |
| Share-based compensation |  |  |  |  |  |  | 441827 |  |  | 441827 |  | 441827 |
| Repurchase of shares (note 17) | (469206520) | (1) |  |  | 455039640 | (1047485) | (38616) |  |  | (1086102) |  | (1086102) |
| Ordinary shares reclassification | 185179040 | 13 | (185179040) | (13) |  |  |  |  |  |  |  |  |
| Cancellation of ordinary shares | (77) | (14) |  |  | (201197520) | 439368 | (439354) |  |  |  |  |  |
| Vesting of restricted shares of certain subsidiary (note 20) |  |  |  |  |  |  | (8050) |  |  | (8050) | 8050 |  |
| Adjustment attributable to redeemable non-controlling interests |  |  |  |  |  |  |  | (15457) |  | (15457) |  | (15457) |
| Balance as of December 31, 2023 | 18767309958 | 1229 | 2131865628 | 142 | 253842120 | (608117) | 47713985 | (14400604) | 2897871 | 35604506 | 12798 | 35617304 |

---

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'

#### EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands, except share and per share data and otherwise noted)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Ordinary shares | Class A Ordinary shares | Class B Ordinary<br> shares | Class B Ordinary<br> shares | Treasury shares | Treasury shares | Additional<br> Paid in<br> Capital | Accumulated<br> deficit | Accumulated<br> OCI | Total | Non— <br> controlling<br> interests | Total<br> equity |
|  | Numbers<br> of shares | Amount | Numbers<br> of shares | Amount | Numbers<br> of shares | Amount | Additional<br> Paid in<br> Capital | Accumulated<br> deficit | Accumulated<br> OCI | Total | Non— <br> controlling<br> interests | Total<br> equity |
|  | | RMB | | RMB | | RMB | RMB | RMB | RMB | RMB | RMB | RMB |
| Balance as of December 31, 2023 | 18767309958 | 1229 | 2131865628 | 142 | 253842120 | (608117) | 47713985 | (14400604) | 2897871 | 35604506 | 12798 | 35617304 |
| Net income |  |  |  |  |  |  |  | 3126985 |  | 3126985 | (3548) | 3123437 |
| Foreign currency translation adjustments |  |  |  |  |  |  |  |  | 325474 | 325474 |  | 325474 |
| Exercise of stock options granted to employees | 156832119 | 10 |  |  |  |  |  |  |  | 10 |  | 10 |
| Share-based compensation |  |  |  |  |  |  | 496639 |  |  | 496639 |  | 496639 |
| Repurchase of shares (note 17) | (286250740) | (2) |  |  | 255486760 | (662080) | (81179) |  |  | (743261) |  | (743261) |
| Cancellation of ordinary shares | (2505) | (36) |  |  | (509328880) | 1270197 | (1237224) | (41529) |  | (8592) |  | (8592) |
| Vesting of restricted shares of certain subsidiary (note 20) |  |  |  |  |  |  | (6127) |  |  | (6127) | 6127 |  |
| Adjustment attributable to redeemable non-controlling interests |  |  |  |  |  |  |  | (57136) |  | (57136) |  | (57136) |
| Dividends to shareholders |  |  |  |  |  |  | (1062371) |  |  | (1062371) |  | (1062371) |
| Unrealized gains on available-for-sale investments, before reclassification |  |  |  |  |  |  |  |  | 599 | 599 |  | 599 |
| Balance as of December 31, 2024 | 18637888832 | 1201 | 2131865628 | 142 |  |  | 45823723 | (11372284) | 3223944 | 37676726 | 15377 | 37692103 |

---

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'

#### EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands, except share and per share data and otherwise noted)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Ordinary shares | Class A Ordinary shares | Class B Ordinary<br> shares | Class B Ordinary<br> shares | Treasury shares | Treasury shares | Additional<br> Paid in<br> Capital | Accumulated<br> deficit | Accumulated<br> OCI | Total | Non— <br> controlling<br> interests | Total<br> equity |
|  | Numbers<br> of shares | Amount | Numbers<br> of shares | Amount | Numbers<br> of shares | Amount | Additional<br> Paid in<br> Capital | Accumulated<br> deficit | Accumulated<br> OCI | Total | Non— <br> controlling<br> interests | Total<br> equity |
|  | | RMB | | RMB | | RMB | RMB | RMB | RMB | RMB | RMB | RMB |
| Balance as of December 31, 2024 | 18637888832 | 1201 | 2131865628 | 142 |  |  | 45823723 | (11372284) | 3223944 | 37676726 | 15377 | 37692103 |
| Net income |  |  |  |  |  |  |  | 4486530 |  | 4486530 | (27454) | 4459076 |
| Foreign currency translation adjustments |  |  |  |  |  |  |  |  | (481277) | (481277) | (3166) | (484443) |
| Exercise of stock options granted to employees | 100562201 | 7 |  |  |  |  |  |  |  | 7 |  | 7 |
| Share-based compensation |  |  |  |  |  |  | 280026 |  |  | 280026 | 1533 | 281559 |
| Repurchase of shares (note 17) | (52088140) | (1) | (31183347) |  | 65148627 | (287280) | (81460) |  |  | (368741) |  | (368741) |
| Cancellation of ordinary shares | (188) | (2) |  | (2) | (65148627) | 287280 | (232231) | (56122) |  | (1077) |  | (1077) |
| Vesting of restricted shares of certain subsidiary (note 20) |  |  |  |  |  |  | (3064) |  |  | (3064) | 3064 |  |
| Adjustment attributable to redeemable non-controlling interests |  |  |  |  |  |  |  | (78361) |  | (78361) |  | (78361) |
| Dividends to shareholders |  |  |  |  |  |  | (1425107) |  |  | (1425107) |  | (1425107) |
| Cash settlement of unvested options |  |  |  |  |  |  | (13390) |  |  | (13390) |  | (13390) |
| Acquisition of Giga.AI Technology Limited ("Giga.AI") (note 4) |  |  |  |  |  |  |  |  |  |  | 604791 | 604791 |
| Transaction with noncontrolling interest shareholders |  |  |  |  |  |  | (20469) |  |  | (20469) | (121557) | (142026) |
| Reclassification of unrealized gains on available-for-sale investments |  |  |  |  |  |  |  |  | (599) | (599) |  | (599) |
| Balance as of December 31, 2025 | 18686362705 | 1205 | 2100682281 | 140 |  |  | 44328028 | (7020237) | 2742068 | 40051204 | 472588 | 40523792 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

#### FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
| | 2023 | 2024 | 2025 | 2025 |
| | RMB | RMB | RMB | USD |
| | | | | (Note 2) |
| Cash flows from operating activities: |  |  |  |  |
| Net income | 2227093 | 3123437 | 4459076 | 637640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 74742 | 77927 | 100014 | 14302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 441827 | 496639 | 281559 | 40264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reversal for credit losses | (767) | (507) | (2341) | (335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit solutions | 234599 | 296528 | 445351 | 63684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from disposal of property and equipment | 803 | 36 | 552 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss from disposal and deemed disposal of investments | (3852) | 2239 | (4666) | (667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of loss in equity method investees | 2067 | 2861 | 14814 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gains) losses from fair value changes of investments | (12938) | 20904 | (116162) | (16611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash lease expense | 12791 | 37900 | 39059 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss of long-term investments |  | 352742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) and others | 2149 | (18925) | (339) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (10043) | 3811 | (52987) | (7577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | (1107222) | (975101) | (1084489) | (155080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | 163248 | (252755) | 1247954 | 178452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | (107591) | 56199 | (156669) | (22403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2733) | 6007 | 2803 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid for freight listing fees and other service fees | 86837 | 22268 | 64649 | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 102683 | 181304 | 85487 | 12224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other tax payable | 63020 | 113779 | (420845) | (60180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due to related parties | (6066) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 295622 | (605177) | 5593 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | (13020) | (13021) | (18006) | (2575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (12724) | (39035) | (45394) | (6491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 22950 | (10536) | (86) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (183829) | 90601 | (218047) | (31180) |
| Net cash provided by operating activities | 2269646 | 2970125 | 4626880 | 661635 |

---

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

#### FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 | 2025 |
|  | RMB | RMB | RMB | USD |
|  | | | | (Note 2) |
|  Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of short-term investments | (11617682) | (2224164) | (7479646) | (1069575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity of short-term investments | 21594724 | 12241690 | 16493197 | 2358496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term time deposits and other investments | (9261359) | (12217802) | (11450870) | (1637454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of convertible note issued by related parties (note 4) |  | (142060) | (117079) | (16742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for investment in equity investees | (63000) | (3000) | (56000) | (8008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of subsidiaries, net of cash acquired |  |  | 150468 | 21517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of non-controlling interests |  |  | (127823) | (18278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to a related party |  | (35523) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of loans from a related party |  | 35515 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment, land use rights and intangible assets | (100344) | (74967) | (129714) | (18549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of property and equipment and intangible assets | 1400 | 675 | 104 | 15 |
|  Net cash provided by (used in) investing activities | 553739 | (2419636) | (2717363) | (388578) |
|  Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of share options | 1 | 1 | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of cash dividend |  | (1064155) | (1425136) | (203791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash settlement of unvested options |  |  | (13390) | (1915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for repurchase of ordinary shares | (1168301) | (489433) | (288649) | (41276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes paid for employees through repurchase of ordinary shares | (26741) | (85842) | (83121) | (11886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash prepaid for repurchase of ordinary shares | (179784) |  | (35166) | (5029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds prepaid by investors of certain subsidiaries | 90000 | 100000 | 59003 | 8437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from redeemable non-controlling interests | 111823 | 19684 | 130509 | 18663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from non-controlling interests | 6000 |  |  |  |
|  Net cash used in financing activities | (1167002) | (1519745) | (1655948) | (236797) |
|  Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 18954 | 23728 | (38022) | (5438) |
|  Net increase (decrease) in cash, cash equivalents and restricted cash | 1675337 | (945528) | 215547 | 30822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents and restricted cash, beginning of the year | 5221071 | 6896408 | 5950880 | 850965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents and restricted cash, end of the year | 6896408 | 5950880 | 6166427 | 881787 |

---

------

#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

#### FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025

#### (Amounts in thousands)
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 | 2025 |
|  | RMB | RMB | RMB | USD |
|  | | | | (Note 2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 6770895 | 5810347 | 6066137 | 867446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, current | 115513 | 100533 | 70290 | 10051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, non-current | 10000 | 40000 | 30000 | 4290 |
| Total cash, cash equivalents, and restricted cash | 6896408 | 5950880 | 6166427 | 881787 |
| Supplemental disclosure of cash flow information: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | 124732 | 108725 | 1018345 | 145621 |
| Supplemental disclosure of non-cash investing and financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets and property and equipment through prior year prepayment |  | 22537 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables for purchase of intangible assets and property and equipment | 28238 | 18729 | 52909 | 7566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted shares of certain subsidiary (note 20) | 8050 | 6127 | 3064 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of ordinary shares through prepayments made in prior year |  | 178990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital contribution from redeemable non-controlling interests through proceeds prepaid in prior year |  | 90000 | 100000 | 14300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration in relation to business combination |  |  | 43000 | 6149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of non-controlling interests |  |  | 14203 | 2031 |

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#### **Table of Contents**

#### FULL TRUCK ALLIANCE CO. LTD.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### (Amounts in thousands, except share and per share data and otherwise noted)
1. ORGANIZATION AND NATURE OF OPERATIONS

#### Description of Business
Full Truck Alliance Co. Ltd. (the "Company") was incorporated under the laws of the Cayman Islands on December 27, 2017. The Company through its subsidiaries and variable interest entities ("VIEs" and VIE's subsidiaries) (collectively, the "Group") primarily provides comprehensive services for shippers and truckers through its mobile and website platforms. The Group's principal operations and geographic markets are in the People's Republic of China ("China" or "PRC", excluding, for the purposes of this consolidated financial statements only, Taiwan, the Hong Kong Special Administrative Region and the Macao Special Administrative Region).

As of December 31, 2025, the Company's major subsidiaries and major consolidated VIEs are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Name of Company | Place of<br>incorporation | Date of<br>incorporation | Percentage of direct<br> or indirect economic<br> ownership | Principal activities |
| Subsidiaries |  |  |  |  |
| Full Truck Alliance (HK) Limited ("FTA HK") | Hong Kong | January 7, 2016 | 100% | Investment holding |
| Lucky Logistics Information Limited ("Lucky Logistics") | Hong Kong | April 8, 2014 | 100% | Investment holding |
| Guiyang Full Truck Alliance Information Technology Group Co., Ltd. ("FTA Information") (Wholly foreign owned enterprises "WFOE") (formerly known as FTA Information Technology Co., Ltd) | PRC | April 20, 2016 | 100% | Technology development and other services |
| Jiangsu Yunmanman Information Technology Co., Limited ("Jiangsu Yunmanman", "WFOE") (formerly known as Jiangsu Manyun Logistics Information Co., Limited) | PRC | August 29, 2014 | 100% | Technology development and other services |
| Yixing Manxian Information Technology Co., Ltd ("Yixing Manxian", "WFOE's subsidiary") | PRC | May 24, 2022 | 52.4% | Investment holding |
| Guiyang Huochebang Technology Co., Limited ("Guiyang Huochebang") | PRC | March 11, 2014 | 100% | Value-added services |
| Guizhou Huochebang Micro-finance Co., Ltd. ("Huochebang Microfinance") | PRC | December 20, 2016 | 100% | Credit solution services |
| Chengdu Yunli Technology Co., Ltd. ("Chengdu Yunli") | PRC | January 21, 2011 | 100% | Credit solution services |
| Guizhou FTA Logistics Technology Co., Ltd. ("Guizhou FTA") | PRC | January 14, 2021 | 100% | Research and development |
| Nanjing Manxianxian Cold Chain Technology Co., Ltd ("Nanjing Manxianxian","WFOE") | PRC | February 21, 2023 | 52.4% | Technology development and other services |
| Jiangsu Manyun Technology Industry Co., Ltd. ("Manyun Industry") | PRC | August 18, 2021 | 100% | Technology development and other services |

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#### **Table of Contents**
1. ORGANIZATION AND NATURE OF OPERATIONS - continued

#### Description of Business - continued

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| | | | | |
|:---|:---|:---|:---|:---|
| Name of Company | Place of<br>incorporation | Date of<br>incorporation | Percentage of direct<br> or indirect economic<br> ownership | Principal activities |
| VIEs |  |  |  |  |
| Guiyang Shan'en Technology Co., Ltd. ("Shan'en Technology") | PRC | September 19, 2016 | 100% | Freight matching services<sup>(1)</sup> |
| Jiangsu Manyun Software Technology Co. Ltd. ("Manyun Software") | PRC | October 20, 2016 | 100% | Freight matching services and value added services |
| Nanjing Manyun Cold Chain Technology Co., Ltd ("Manyun Cold Chain") | PRC | March 9, 2021 | 52.4% | Freight matching services |
| VIEs' subsidiaries |  |  |  |  |
| Guiyang Shan'en Insurance Brokerage Co., Ltd ("Shan'en Insurance") | PRC | May 9, 2017 | 100% | Insurance services |
| Tianjin Manyun Software Technology Co., Ltd ("Tianjin Manyun") | PRC | November 8, 2018 | 100% | Freight matching services |
| Gui'an New District FTA Logistics Technology Co., Ltd ("Gui'an Logistics") | PRC | November 24, 2021 | 100% | Freight matching services |
| Suqian Manyun Software Technology Co., Ltd ("Suqian Manyun") | PRC | December 11, 2023 | 100% | Freight matching services |

---

(1) Freight matching services consist of freight brokerage service, freight listing service and transaction service.

2. PRINCIPAL ACCOUNTING POLICIES

2.1 Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for the years presented.

2.2 Basis of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIEs' subsidiaries in which it has a controlling financial interest. The results of the subsidiaries, VIEs and VIEs' subsidiaries are consolidated from the date on which the Company obtained control and continue to be consolidated until the date that such control ceases.

The Group has adopted the guidance codified in Accounting Standards Codification ("ASC") 810, Consolidation, on accounting for VIE, which requires certain variable interest entity to be consolidated by the primary beneficiary in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity's activities are on behalf of the investor. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affect the economic performance of the VIEs, and (2) receives the economic benefits of the VIEs that could be significant to the VIEs. If deemed the primary beneficiary, the Group consolidates the VIEs.

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#### **Table of Contents**
2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

All intercompany balances and transactions between the Group, its subsidiaries, VIEs and VIEs' subsidiaries have been eliminated in consolidation.

#### VIE Arrangements
Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services, the Group operates its websites and other restricted businesses in the PRC through certain PRC domestic companies, whose equity interests are held by certain shareholders or affiliates of the Company or other group entities ("Nominee Shareholders"). Since the Company does not have any equity interests in VIEs, in order to exercise effective control over their operations, the Company, through its wholly owned subsidiaries, Jiangsu Yunmanman, FTA Information and Yixing Manxian (collectively, the "WFOE or WFOE's subsidiary"), entered into a series of contractual arrangements with its VIEs and their shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from the VIEs and their shareholders' equity interests in them.

Currently, the Group's major VIEs are (i) Manyun Software, (ii) Shan'en Technology and (iii) Manyun Cold Chain.

Below is a summary of the series of contractual arrangements entered among (i) FTA Information, Shan'en Technology and its shareholders, (ii) Jiangsu Yunmanman, Manyun Software and its shareholders, and (iii) Yixing Manxian, Manyun Cold Chain and its shareholders.

Equity Interest Pledge Agreement

Under the equity interest pledge agreements entered between the WFOEs or WFOEs' subsidiaries and the shareholders of the VIEs, the shareholders pledged all of their equity interests in the VIEs to guarantee their performance of their obligations under the exclusive option agreement, exclusive service agreement and power of attorney. If the shareholders of the VIEs breach their contractual obligations under the VIE arrangement, the WFOEs or WFOEs' subsidiaries as the pledgee, will have the right to dispose the pledged equity interest pursuant to the PRC law. The shareholders of the VIEs have not placed any security interests or allowed any encumbrance on the pledged equity interests. The equity interest pledge agreement remains effective until the shareholders of the VIEs have fully performed their obligations and repaid their consulting and service fees under the relevant contractual agreements. During the equity pledge period, the WFOEs or WFOEs' subsidiaries are entitled to all dividends and other distributions generated by the VIEs.

Exclusive Option Agreement

Pursuant to the exclusive option agreements entered into among the WFOEs or WFOEs' subsidiaries, the VIEs and the VIE's shareholders, the VIEs' shareholders irrevocably grant the WFOEs or WFOEs' subsidiaries or their designated representatives an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the equity interest of the VIEs. The exercise price shall be the lowest price as permitted by the applicable PRC law at the time of the transfer of the optioned interest. Without the written consent of WFOEs or WFOEs' subsidiaries, the VIEs and their shareholders may not sell, transfer, mortgage, or otherwise dispose of in any manner any assets, or legal or beneficial interest in the business or revenues, or allow the encumbrance thereon of any security interest. These agreements will remain effective until all equity interests of the VIEs held by its shareholders and all of the VIEs' assets have been transferred or assigned to the WFOEs or WFOEs' subsidiaries or their designated entities or persons.

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#### **Table of Contents**
2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

#### VIE Arrangements - continued
Exclusive Service Agreement

Under the exclusive service agreement entered between the WFOEs or WFOEs' subsidiaries and the VIEs, the VIEs appoint the WFOEs or WFOEs' subsidiaries as their exclusive services provider with business supports and technical and consulting services. The VIEs shall not accept any consultations or services provided by any third party, and shall not cooperate with any third party. The VIEs agree to pay the WFOEs or WFOEs' subsidiaries service fees for services performed, which shall be substantially all of the VIEs' profits before tax. The exclusive service agreements remain effective unless terminated by the WFOEs or WFOEs' subsidiaries.

Power of Attorney

Pursuant to the power of attorney, each shareholder of the VIEs has irrevocably authorized the WFOEs or WFOEs' subsidiaries to exercise the following rights relating to all equity interests held by such shareholder in the VIEs during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in the VIEs according to the applicable PRC laws and the VIEs' articles of association, including without limitation to: (i) exercising all the shareholder's voting rights, including but not limited to designating and appointing the directors of the VIEs; (ii) asset transfer, capital reduction and capital increase of the VIEs; and (iii) other decisions that would have a material effect on the VIEs' assets and operations.

Spousal Consent Letters

Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of the VIEs acknowledge and confirm the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that they have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in the VIEs held by their respective spouses or over the management of the VIEs. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in the VIEs held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements.

Risks in relation to the VIE structure

The Company believes that the contractual arrangements amongst the WFOEs or WFOEs' subsidiaries, the VIEs and their respective shareholders are in compliance with the PRC law and are legally enforceable. The shareholders of the VIEs are also shareholders or affiliates of shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, the VIEs and their shareholders may fail to take certain actions required for the Company's business or to follow the Company's instructions despite their contractual obligations to do so. Furthermore, if the VIEs or their shareholders do not act in the best interests of the Company under the contractual arrangements and any dispute relating to these contractual arrangements remains unresolved, the Company will have to enforce its rights under these contractual arrangements through the operations of PRC law and courts and therefore will be subject to uncertainties in the PRC legal system. All of these contractual arrangements are governed by PRC law and provided for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. As a result, uncertainties in the PRC legal system could limit the Company's ability to enforce these contractual arrangements, which may make it difficult to exert effective control over the VIEs, and its ability to conduct the Company's business may be adversely affected.

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#### **Table of Contents**
2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

#### VIE Arrangements - continued
Risks in relation to the VIE structure - continued

The following amounts and balances of the consolidated VIEs were included in the Group's consolidated financial statements after the elimination of intercompany balances and transactions.

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| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
|  ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1136649 | 744145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash—current | 17364 | 32380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 25900 | 168400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 13688 | 21902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans receivable, net | 54817 | 47253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other current assets | 1136314 | 347600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash—non-current | 20000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 9430 | 9766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term time deposits and other investments | 518400 | 1115000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in equity investees | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 69631 | 94881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 283256 | 362120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets | 540 | 30707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 61771 | 34022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 12708 | 30898 |
|  TOTAL ASSETS | 3420468 | 3109074 |
|  LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 11086 | 15368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid for freight listing fees and other service fees | 479476 | 515731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | 4991 | 100211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other tax payable | 862150 | 433931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities—current | 37569 | 25677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 638045 | 631547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 17308 | 21967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities—non-current | 22497 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 12414 | 12328 |
|  TOTAL LIABILITIES | 2085536 | 1757327 |

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#### **Table of Contents**
2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

#### VIE Arrangements - continued
Risks in relation to the VIE structure - continued

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
|  Net Revenues | 5817440 | 6157284 | 6391878 |
|  Net income | 1080640 | 347955 | 1147627 |
|  Net cash provided by (used in) operating activities<sup>(1)</sup> | 137792 | (948849) | 715057 |
|  Net cash used in investing activities | (240125) | (1051374) | (268280) |
|  Net cash used in financing activities |  |  |  |

---

(1) It includes cash flows used in intercompany operating activities of RMB 1,703,166, RMB 1,787,075 and RMB 599,305 for the years ended December 31, 2023, 2024 and 2025, respectively.

The VIEs contributed 69%, 55% and 51% of the Group's consolidated net revenues for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2024 and 2025, the VIEs accounted for 8% and 7% of the consolidated total assets, and 66% and 58% of the consolidated total liabilities, respectively.

There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Group or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.

The Group believes that there are no assets held in the consolidated VIEs that can be used only to settle obligations of the VIEs, except for the assets of the consolidated trusts presented below. As the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Group for any of the liabilities of the consolidated VIEs.

Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their paid-in capital, additional paid-in capital and PRC statutory reserve, to the Group in the form of loans and advances or cash dividends.

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#### **Table of Contents**
2. PRINCIPAL ACCOUNTING POLICIES - continued

2.3 Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Group's management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Group to revise its estimates. Significant accounting estimates reflected in the Group's financial statements include allowance for loans receivable.

2.4 Functional currency and foreign currency translation

The Group uses Renminbi as its reporting currency. The functional currency of the Company is the United States dollar ("US$" or "USD"). The functional currency of the Company's subsidiaries, VIEs and VIEs' subsidiaries is RMB or USD as determined based on the economic facts and circumstances.

Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. The resulting exchange differences are included in foreign exchange (loss) gain of the statements of operations and comprehensive income.

Assets and liabilities of the Company and its subsidiaries with functional currency other than RMB are translated into RMB at fiscal year-end exchange rates. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated at average exchange rates during the fiscal year. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.5 Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand and cash in bank which is highly liquid and unrestricted as to withdrawal and use.

2.6 Restricted cash

The Group's restricted cash mainly consists of deposit pledged to commercial banks for payment channels, credit solutions and electronic toll collection ("ETC") service. Restricted cash with remaining term over one year is recorded in non-current restricted cash while others is included in current restricted cash.

2.7 Short-term investments

Short-term investments include (i) wealth management products issued by investment banks with remaining maturities within one year; (ii) time deposits with original maturities longer than three months and remaining maturities within one year. The Group elects the fair value option to record wealth management products in accordance with ASC 825 Financial Instruments at each reporting period end. Changes in fair values are included in unrealized gains (losses) from fair value changes of investments in the consolidated statements of operations and comprehensive income. The unrealized gains (losses) will be reclassified to investment incomes (losses) when the investments are disposed or matured.

2.8 Accounts receivable, net

Accounts receivable mainly consists of amounts due from the Group's customers, which are recorded net of allowance for credit losses. The Group has developed a CECL model in accordance with Credit Losses (Topic 326): Measurement of Credit Losses on Financial instruments ("ASC 326") based on historical experience, the age of the accounts receivable balances, credit quality of its customers, forecasts of future economic conditions, and other factors that may affect its ability to collect from customers.

2.9 Loans receivable, net

Loans receivable represents loans provided directly by the Group and the related accrued interests. Loans receivable is reduced by a valuation allowance estimated as of the balance sheet date.

The Group assesses its allowance for loans receivable according to ASC 326. The allowance for loan losses is determined at a level believed to be reasonable to absorb probable losses inherent in each of the portfolios as of the balance sheet date. The portfolios are determined based on the loan type, the term of the loan, and the repayment schedule. The allowance is estimated for each portfolio based on an assessment of various factors such as historical delinquency rate, size, and other risk characteristics of the portfolio.

The Group writes off loans receivable with a corresponding reduction of the allowance for loans receivable when the loan principal and interest are deemed to be uncollectible.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.10 Property and equipment, net

Property and equipment is stated at cost less accumulated depreciation and impairment. Property and equipment is depreciated at rates sufficient to write off its costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows:

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| | |
|:---|:---|
| Category | Estimated useful lives |
| Office building | 44 years |
| Furniture, fixtures and equipment | 3-5 years |
| Motor vehicles | 4 years |
| R&D equipment | 3 years |
| Leasehold improvement | Over the shorter of the expected useful life or the lease term |

---

Repairs and maintenance costs are charged to operating expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in other income or expenses of the consolidated statements of operations and comprehensive income.

2.11 Intangible assets, net

Intangible assets purchased are recognized and measured at cost upon acquisition.

Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows:

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| | |
|:---|:---|
| The identifiable intangible assets | Amortization Years |
| Software | 5 to 10 |
| Trademarks | 5 to 15 |
| Platform | 5 |
| Customer relationship | 10-11 |
| Non-compete commitment | 8 |
| Intelligent Driving Technology | 10 |

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2.12 Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group's acquisitions. Goodwill is not amortized but is reviewed at least annually for impairment or earlier, if any indication of impairment exists.

Under U.S. GAAP, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. If the Group chooses to apply a qualitative assessment first, it starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group determines that it is more likely than not the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. A goodwill impairment will be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

Application of a goodwill impairment test requires significant management judgments, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.13 Business combinations and noncontrolling interests

U.S. GAAP requires that all business combinations to be accounted for under the acquisition method. Since its incorporation, the Group adopted ASC 805, Business Combinations. Following the acquisition method, the cost of an acquisition is measured as the aggregate of the fair value at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred.

Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.

The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgments. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity's current business model and industry comparisons.

Terminal values are based on the expected life of assets and forecasted life cycle and forecasted cash flows over that period. Although the Group believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material.

In a business combination achieved in stages, the Group remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated statements of operations and comprehensive income.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.14 Long-term time deposits and other investments

The Group's long-term time deposits and other investments include (i) long-term time deposits and wealth management products in commercial banks with maturities more than one year, and will be reclassified to short-term investments when their maturity date becomes within one year, and (ii) Investments in debt securities.

Investments in debt securities

Investments in debt securities consist of investments in preferred shares issued by private companies that are redeemable at the Group's option with no contractual maturity date and convertible debt instruments issued by certain private company. The Group evaluates each individual investment periodically for impairment. For investments where the Group does not intend to sell, the Group evaluates whether a decline in fair value is due to deterioration in credit risk. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through credit impairment losses on the consolidated balance sheet with corresponding adjustment in the consolidated statements of operations and comprehensive income. Subsequent increases in fair value due to credit improvement are recognized through reversal of the credit losses and corresponding reduction in the allowance for credit losses. Any decline in fair value that is non-credit related is recorded in accumulated other comprehensive income as a component of shareholders' equity.

For long-term investments acquired through nonmonetary transaction, the Group initially measures the acquired investments at the fair value of the assets surrendered to obtain it or the fair value of the investments received if that fair value is more clearly evident than the fair value of the assets surrendered. A gain or loss is recognized on the exchange at an amount equal to the difference of the carrying amount of the assets surrendered and the initial cost of the investments.

2.15 Investments in equity investees

The Group's investments in equity investees include (i) equity method investments; and (ii) investments in equity securities without readily determinable fair values.

(i) Equity method investments

The Group accounts for common stock or common-stock-equivalent equity investments in entities over which it has significant influence but does not own a majority voting interest or otherwise control using the equity method. The Group generally considers an ownership interest of 20% or higher represents significant influence. Under the equity method, the Group's shares of the post-acquisition profits or losses of the investees are recognized in the consolidated statements of operations and comprehensive income and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. When the Group's shares of losses in an investee equals or exceeds its carrying amount of the investment in the investee, the Group does not recognize further losses, unless the Group has guaranteed the obligations of the investee or is otherwise committed to provide further financial support to the investee. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary.

(ii) Investments in equity securities without readily determinable fair values

The Group has elected to measure the investments in equity securities without readily determinable fair values at cost minus impairment, if any, adjusted up or down for observable price changes (i.e., prices in orderly transactions for the identical or similar investment of the same issuer). Any adjustment to the carrying amount is recorded in net income. At each reporting period end, the Group will make a qualitative assessment considering impairment indicators to evaluate whether any of these investments is impaired. If the assessment indicates that the fair value of an investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss.

2.16 Other non-current assets

Other non-current assets mainly consist of long-term prepayments for property and equipment, long-term prepayments for equity investment in a private company, long-term deposits and long-term interest receivable.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.17 Fair value measurement

Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it transacts and considers assumptions that market participants use when pricing the asset or liability.

The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: market approach, income approach and cost approach.

The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

2.18 Revenue recognition

The Group derives its revenues principally from shippers' and truckers' use of the Group's platforms in connection with freight listing service, freight brokerage service, transaction service, credit solutions and other value-added services.

Revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group's customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering reductions by estimates for refund allowances and discount.

VAT is included in revenue on a gross basis as the Group determines that it is the principal of VAT in the PRC, based on the fact that the Group, as a seller of services, is primarily responsible for fulfilling the promise to pay VAT, which equals the sales amount multiplied by the applicable VAT rate, under the PRC Value Added Tax Provisional Regulations and the Pilot Implementation Measures for the Reform of Business Tax to Value-added Tax. The Group is subject to penalty or any other actions taken by tax authorities if it does not pay VAT assessed on its sales activities timely.

For the years ended December 31, 2023, 2024 and 2025, RMB4,173 million, RMB5,098million and RMB4,671million of VAT are included in net revenues, respectively, the majority of which was generated from freight brokerage service.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.18 Revenue recognition - continued

The Group offers various forms of incentives to the platform shippers and truckers, who are both considered the customers of the Group. For incentives which are recorded as reduction of revenue (including deferred revenue, if any), if characterization of those amounts as a reduction of revenue results in negative revenue for a specific customer on a cumulative basis within a given period, the amount of the cumulative shortfall is re-characterized as selling and marketing expense. There is no explicit or implicit service agreements with the respective customer for a future period in relation to the negative amount. Consideration paid to customers is recorded as sales and marketing expenses if the Group receives distinct services in exchange and the consideration paid is at or below the fair value of the service received. For the years ended December 31, 2023, 2024 and 2025, RMB63,659, RMB190,195 and RMB201,125 of incentives were recorded in selling and marketing expenses, respectively.

Freight listing service

The Group charges the shippers membership fees for posting orders on the Group's platforms. Membership fee is prepaid by shippers registered on the Group's platforms for activating their rights of making orders on the platform. Revenue from membership fee is recognized on a straight-line basis over the term of the membership period.

Freight brokerage service

The Group provides freight brokerage service to shippers registered on its platform, assisting the shippers to identify appropriate truckers and enabling truckers to receive and fulfill on-demand requests from shippers. As a freight broker, the Group enters into a shipping contract with the shipper and a shipping contract with the trucker matched by the platform or designated by the shipper, as the case may be, to fulfill the shipping order.

The Group concludes that it acts as an agent in the provision of shipping services as it is not responsible for fulfilling the promise to provide the shipping services, nor does the Group have the ability to control the related services. Specifically, the Group does not have the ability to control the shipping services provided by truckers due to: (i) the Group does not pre-purchase or otherwise obtain control of the truckers' services prior to their transfer to the shippers; (ii) the Group does not guarantee a shipping order could be taken by a trucker; (iii) the Group cannot direct the truckers to accept, decline or disregard a shipping order. The service fee earned by the Group is the difference between the amount paid by the shipper and the amount earned by the trucker, which are both fixed at the time a transaction is entered into. The revenue is recognized on a net basis at the point of fulfillment of the shipping order as this is when control of the services provided by the Group is transferred to the shipper, considering the shipper has the right to cancel the shipping order at any point as long as the cancellation is agreed by the trucker with no payment to the Group, and the Group would need to reperform substantially all the activities completed prior to the cancellation if it is to fulfill the remaining performance obligation to the shipper, and the fulfillment of a shipping order generally takes within one week.

Transaction service

The Group charges transaction service fees from truckers when they take orders originating from certain cities. The transaction service fee charged for an order is computed based on the shipping fee of such shipping order. The transaction service fee is recognized as revenue upon the shipper and the trucker reach an agreement.

In certain innovative businesses, the Group charges truckers membership fees, which entitle them to deduct or waive above-mentioned transaction service fees for a certain period of time, usually one week or one month. Revenue from truckers' membership fee is recognized on a straight-line basis over the term of the membership period.

Credit solutions

The Group provides loans mainly using its own fund to the shippers and truckers registered on the Group's platform to cater to their essential needs and increase their stickiness and engagement on the Group's platform. The Group recognizes the fees and interests charged to the borrowers as "credit solutions revenue" over the lifetime of the loans using the effective interest method.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.18 Revenue recognition - continued

Other value-added services

Other value-added services provided by the Group mainly comprise agency services provided to insurance companies, highway authorities, gas station operators and automakers and dealers in their businesses to meet various needs of shippers and truckers. Other value-added services provided by the Group also include the sale of advanced driver-assistance system kits, or ADAS kits, and service fees generated from ADAS-enabled carrier services.

Multiple performance obligations

When certain service contracts are combined as one arrangement for revenue recognition purposes and the entire arrangement contains more than one performance obligation, the Group allocates the total transaction price to each performance obligation in an amount based on the relative standalone selling prices of the promised services underlying each performance obligation. In these instances, as the Group frequently sells each type of service with observable standalone selling prices, the observable standalone sales are used to determine the standalone selling price of each performance obligation.

Disaggregation of revenues

For the years ended December 31, 2023, 2024 and 2025, all of the Group's revenues were generated in the PRC. The disaggregated revenues by revenue streams and timing of transfer of services were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freight brokerage service-satisfied at a point of time | 3916409 | 4726989 | 4199393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freight listing service-satisfied over time<sup>(1)</sup> | 828152 | 879489 | 980158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction service-satisfied at a point of time<sup>(1)</sup> | 2207763 | 3763712 | 5234566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - satisfied overtime<sup>(1)</sup> | 101201 | 84944 | 82654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit solutions-satisfied over time | 1001892 | 1341434 | 1474413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other value-added services-satisfied at a point of time/ overtime<sup>(1)</sup> | 380742 | 442070 | 518675 |
| Total net revenues<sup>(2)</sup> | 8436159 | 11238638 | 12489859 |

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(1) Effective from January 1, 2024, the Group renamed "Transaction commission" revenue stream as "Transaction service," which consists of all monetization from truckers related to freight matching service, including the revenue generated from intra-city business, which was previously classified under "Freight listing service" and "Other value-added services." The comparative net revenues for the years ended December 31, 2023 have been recast to conform to this presentation. RMB101.2 million from "Freight listing service" and RMB4.7 million from "Other value-added services" were reclassified to "Transaction service" for the year ended December 31, 2023.

(2) RMB4,173 million, RMB5,098 million and RMB4,671 million of net revenues were attributable to VAT for the years ended December 31, 2023, 2024, and 2025, respectively. The VAT related to freight brokerage service is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group.

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered.

Accounts receivable represents amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied its performance obligation and has the unconditional right to payment.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.18 Revenue recognition - continued

Contract balances - continued

Contract liabilities are recognized if the Group receives consideration in advance of performance, which is mainly related to the freight listing services. Current contract balances are included in prepaid for freight listing fees and other service fees and non-current contract balances are included in other non-current liabilities. The Group expects to recognize the majority of this balance as revenue over the next 12 to 24 months. The contract liabilities of the Group as of December 31, 2024 and 2025 are listed in the table below. The Group recognized revenues at a point of time or over time that were previously deferred as contract liabilities of RMB548,917 and RMB571,185 during the years ended December 31, 2024 and 2025, respectively.

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| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Contract balances—current |  |  |
| Freight listing service | 462036 | 493756 |
| Transaction service | 78709 | 110771 |
| Others | 30440 | 32962 |
| Contract balances—non current |  |  |
| Freight listing service | 12414 | 12328 |
| Total contract balances | 583599 | 649817 |

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2.19 Cost of revenues

Cost of revenues primarily consists of VAT, related tax surcharges and other tax costs, net of the government grants, payroll and related expenses for employees involved in operating the Group's platforms, technology service fee, and commission fee paid to third party payment platform.

VAT cost is primarily related to freight brokerage service, and is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. The Group operates its freight brokerage business with the road transportation license obtained from the government, which requires the Group to pay VAT at a rate of approximately 9% pursuant to the relevant VAT regulations for transportation service segment. The Group receives government grants from local financial bureaus as an incentive for developing the local economy and business, which is recorded as a reduction of the VAT cost.

Gross amount of VAT and the government grants from local financial bureaus included in cost of revenues are as the following:

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| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
| Gross VAT | 5271119 | 5996198 | 4165723 |
| Less: government grants | (2150109) | (2102847) | (903275) |
| VAT, net | 3121010 | 3893351 | 3262448 |

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2.20 Sales and marketing expenses

Sales and marketing expenses consist of advertising expenses, payroll and related expenses for employees involved in sales and marketing functions, amortization of trademarks and expenditures in user ecosystem enhancement and user rights protection. The advertising and marketing expenses amounted to RMB315,716, RMB508,337 and RMB540,690 for the years ended December 31, 2023, 2024 and 2025, respectively.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.21 Research and development expenses

Research and development expenses primarily consist of technology infrastructure expenses related to research and development activities, payroll and related expenses for employees involved in platform development, internal-use system support and intelligent driving technology development, charges for the usage of the server, computer and other equipment in relation to the research and development activities.

2.22 General and Administrative expenses

General and administrative expenses primarily consist of compensation costs for executive management and administrative employees, daily operating expenses and provision for settlement in principle of U.S. securities class action, which is non-recurring.

2.23 Operating leases

Under ASU No. 2016-02 "Leases" ("ASC 842"), the Company determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use assets on its consolidated balance sheet at the lease commencement. The Company measures the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which is computed using the Company's incremental borrowing rate, an estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Company measures the operating lease ROU assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Company begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Company. Some of the Company's lease contracts include options to extend the leases for an additional period which has to be agreed with the lessors based on mutual negotiation. After considering the factors that create an economic incentive, the Company does not include renewal option periods in the lease term for which it is not reasonably certain to exercise. For contracts modified, the Group reassesses whether a contract is or contains a leasing arrangement and re-measures ROU assets and liabilities upon modification of the contract.

There is no private land ownership in China. Companies or individuals are authorized to possess and use the land only through land use rights granted by the PRC government. The Company determines its land use right agreement contains an operating lease of land under ASC 842. The full prepayment for the land use right is recognized as an asset and is amortized using the straight-line method over the lease term of 50 years. The weighted average remaining lease term is 46.4 years as of December 31, 2025. The carrying amount of land use rights is RMB46,909 as of December 31, 2025. Amortization expense of land use rights for the years ended December 31, 2023, 2024 and 2025 amounted to RMB1,012, RMB1,012 and RMB1,012, respectively.

2.24 Share-based compensation

The Group accounts for share options granted to employees and directors as an equity award in accordance with ASC 718 Compensation-Stock Compensation ("ASC 718").

Options granted generally vest upon satisfaction of service conditions. They are measured at the fair value of equity awards on the grant date and recognized as compensation cost net of forfeitures over the vesting periods, with the corresponding credit recorded as additional paid-in capital ("APIC"). The Group elects to account for forfeitures as they occurred.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.24 Share-based compensation - continued

According to ASC 718, a change in any of the terms or conditions of equity-based awards shall be accounted for as a modification of the award. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified. For vested options, the Group would recognize incremental compensation cost on the date of modification and for unvested options, the Group would recognize, prospectively and over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award.

2.25 Earnings per share

Basic earnings per share is computed by dividing net income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had convertible redeemable preferred shares, share options and restricted shares, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted earnings per share, the effect of the stock options and restricted shares is computed using the treasury stock method. In addition, the Group adjusts its proportionate share of the subsidiaries' earnings by considering the hypothetical exercise of the stock options issued by subsidiaries and settled in subsidiaries' common shares in the calculation of income available to ordinary shareholders of the Company used in the diluted earnings per share calculation.

2.26 Government grants

Government grants include cash subsidies from local governments that the Group's entities in the PRC are entitled to receive as incentives for operating business in certain local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purpose. Cash subsidies are included in other operating income or as a reduction of specific costs and expenses for which the grants are intended to compensate, and are recognized when received or when all relevant requirements have been met based on the Group's evaluation and it is probable that the grants will be received.

2.27 Taxation

The Group is subject to value-added taxes at the rate of 6%, 9% or 13% in PRC. The value-added tax payable is the balance of the taxes the Group is liable for, which is primarily incurred for freight brokerage service and assessed based on the total shipping transaction price, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. The VAT taxes are also from the Group's sales of other goods or services and primarily levied on the sales price the Group charges for such goods or services at applicable rates. Deductible input taxes that reduce the tax payable are from the Group's purchases of goods or services and based on the cost and expenses the Group incurs at their applicable rates. The VAT balances are recorded in prepayments and other assets or other tax payable on the consolidated balance sheets.

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2. PRINCIPAL ACCOUNTING POLICIES - continued

2.27 Taxation - continued

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statement, net loss carrying forward and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statement of operations and comprehensive income in the period of the enactment of the change.

2.28 Segment reporting

The Group uses management approach to determine operating segment. The management approach considers the internal organization and reporting used by the Group's chief operating decision maker ("CODM") for making decisions about allocation of resource and assessing performance.

The Group's CODM has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. The Group's CODM manages the Company's business activities as a single operating and reportable segment at the consolidated level. Accordingly, the Group's CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. Significant segment expenses are the same as these presented under the operating expenses in the consolidated statements of operations, and the difference between net revenue less the significant segment expenses and consolidated net income are the other segment items.

The Group's long-lived assets are substantially located in the PRC and all of the Group's revenues are derived from the PRC. Therefore, no geographic information is presented.

2.29 Comprehensive income

Comprehensive income is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statement of operations and comprehensive income. Accumulated other comprehensive income, as presented on the accompanying consolidated balance sheet consists of accumulated foreign currency translation adjustments.

2.30 Recent accounting pronouncements

Recently Adopted Accounting Pronouncement

On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU amends ASC 740-10-50-12 to require a public business entity to disclose a reconciliation between the amount of reported income tax expense (or benefit) from continuing operations and the amount computed by multiplying the income (or loss) from continuing operations before income taxes by the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile. If the public business entities is not domiciled in the United States, the federal (national) income tax rate in such entity's jurisdiction (country) of domicile shall normally be used in the rate reconciliation. The amendments prohibit the use of different income tax rates for subsidiaries or segments. Further, public business entities that use an income tax rate in the rate reconciliation that is other than the U.S. income tax rate must disclose the rate used and the basis for using it. The ASU also adds ASC 740-10-50-12A, which requires entities to annually disaggregate the income tax rate reconciliation between the following eight categories by both percentages and reporting currency amounts: 1. State and local income tax, net of federal (national) income tax effect, 2. Foreign tax effects, 3. Effect of changes in tax laws or rates enacted in the current period, 4. Effect of cross-border tax laws, 5. Tax credits, 6. Changes in valuation allowances, 7. Nontaxable or nondeductible items, 8. Changes in unrecognized tax benefits. This guidance is effective for the Company for the year ended December 31, 2025. Early adoption is permitted. Entities may apply the amendments prospectively or may elect retrospective application. The adoption of this ASU has no significant impact on the Group's consolidated financial statements.

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**2.** **PRINCIPAL ACCOUNTING POLICIES - continued** 

**2.30** **Recent accounting pronouncements - continued** 

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03 "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update intend to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses, and research and development). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Group is currently evaluating the impact from the adoption of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity," which requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider specific factors to determine the accounting acquirer and removes the requirement that the primary beneficiary always is the acquirer for certain transactions. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The amendments do not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. This guidance is effective for the Company for the year ending March 31, 2028. Early adoption is permitted. The Group is evaluating the impact of the adoption of this guidance.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Group is evaluating the impact of the adoption of this guidance.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The new standard establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants for business entities, for which specific guidance was previously absent in U.S. GAAP. The core principles are aligned with the income approach, requiring grants to be recognized in earnings on a systematic and rational basis over the periods in which the related costs that the grant is intended to compensate are recognized. For grants related to assets, an entity may elect to account for the grant either as deferred income or as a reduction of the asset's carrying amount (the cost accumulation approach). For public business entities, the new rules are effective for annual periods beginning after December 15, 2028. Early adoption is permitted. The Group is evaluating the impact of the adoption of this guidance.

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**2.** **PRINCIPAL ACCOUNTING POLICIES - continued** 

**2.31** **Convenience translation** 

The Group's business is primarily conducted in China and almost all of its revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into US dollars using the then current exchange rates, for the convenience of the readers. Translations of the consolidated balance sheet, consolidated statements of operations and comprehensive income and consolidated statements of cash flows from RMB into US dollars as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.9931 representing the noon buying rate set forth in the H.10 statistical release of the U.S as of December 31, 2025.

**3.** **FAIR VALUE MEASUREMENTS** 

The Group's short-term financial instruments, which consist of cash and cash equivalents, restricted cash, accounts receivable, short-term investments, other receivables included in prepayments and other current assets, loan receivables, payables and amounts due to related parties, except for those subject to fair value measurement, are recorded at costs less credit loss allowance when applicable, which approximate their fair values due to the short-term nature of these financial instruments. The carrying values of non-current restricted cash, investments in debt securities, long-term time deposits, wealth management products with maturities more than one year and long-term receivables, except for those subject to fair value measurement, approximate their fair values as their interest rates are comparable to the prevailing interest rates in the market.

As of December 31, 2024 and 2025, information about inputs into the fair value measurement of the Group's assets and liabilities that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Fair Value Measurement at Reporting Date Using** | **Fair Value Measurement at Reporting Date Using** | **Fair Value Measurement at Reporting Date Using** | **Fair Value Measurement at Reporting Date Using** |
| **Description** | **Fair Value<br> as of<br> December 31** | **Quoted Prices<br> in Active<br> Markets<br> for Identical<br> Assets<br> (Level 1)** | **Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** |
|  | **RMB** | **RMB** | **RMB** | **RMB** |
| Short-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth management products | 1725051 |  | 1725051 |  |
| Long-term time deposits and other investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth management products | 1389779 |  | 1389779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale debts securities | 640645 |  |  | 640645 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **Fair Value Measurement at Reporting Date Using** | **Fair Value Measurement at Reporting Date Using** | **Fair Value Measurement at Reporting Date Using** | **Fair Value Measurement at Reporting Date Using** |
| **Description** | **Fair Value<br> as of<br> December 31** | **Quoted Prices<br> in Active<br> Markets<br> for Identical<br> Assets<br> (Level 1)** | **Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** |
|  | **RMB** | **RMB** | **RMB** | **RMB** |
| Short-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth management products | 2623667 |  | 2623667 |  |
| Long-term time deposits and other investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth management products | 72931 |  | 72931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale debts securities | 11500 |  |  | 11500 |
| Accrued expenses and other current liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration in relation to<br>business combination | 43000 |  |  | 43000 |

---

------

3. FAIR VALUE MEASUREMENTS - continued

Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow:

Available-for sale debt investments:

---

| | |
|:---|:---|
|  | Amounts |
|  | RMB |
|  Balance at December 31, 2023 | 830966 |
|  Additions | 142060 |
|  Foreign currency translation adjustments | 8749 |
|  Net unrealized fair value change recognized in other comprehensive <br> income | 599 |
|  Accrued interest from convertible note | 11013 |
|  Impairment loss | (352742) |
|  Balance at December 31, 2024 | 640645 |
|  Additions | 122079 |
|  Accrued interest from convertible note | 16642 |
|  Reclassed to investment in certain subsidiary | (763975) |
|  Foreign currency translation adjustments | (3891) |
|  Balance at December 31, 2025 | 11500 |

---

Contingent consideration in relation to business combination:

---

| | | |
|:---|:---|:---|
|  | Amounts | Amounts |
|  | RMB | RMB |
|  Balance at December 31, 2024 |  |  |
|  Additions |  | 43000 |
|  Balance at December 31, 2025 |  | 43000 |

---

The fair value of wealth management products and exchange traded fund products are the suggested redemption price provided by the investment bank that sells such financial products. They are observable and market-based inputs but not quoted prices in active markets for identical assets. The total loss recognized for change in fair values are RMB20,904 for the years ended December 31, 2024. The total gain recognized for change in fair values is RMB12,938 and RMB116,162 for the year ended December 31, 2023 and 2025, respectively.

The investments in debt securities recorded in long-term time deposits and other investments are investments in redeemable preferred shares that are redeemable at the Group's option and convertible debt instruments issued by certain private company (see note 10). These investments in private companies are classified as Level 3 in fair value hierarchy and measured by market approach or income approach using various unobservable inputs. The market approach takes into consideration several factors including but not limited to market multiple and discount of lack of marketability. The income approach takes into consideration a number of factors including management projection of discounted future cash flow of the investee as well as an appropriate discount rate. These factors are inherently uncertain and subjective. Changes in any unobservable inputs may have a significant impact on fair values. During the year ended December 31, 2023, 2024 and 2025, the Company recognized credit impairment of nil, RMB 352,742 and nil related to certain available-for-sale debt investment.

The Group measures equity method investments at fair value on a nonrecurring basis when they are deemed to be impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include future performance projections, discount rate and other assumptions that are significant to the measurement of fair value. An impairment charge to these investments is recorded when the carry amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group's equity investments without readily determinable fair values, which do not qualify for net asset value ("NAV") practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative under ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities, (the "Measurement Alternative"). Under the Measurement Alternative, the carrying value is measured at cost, less any impairment, plus and minus changes resulting from observable price changes in orderly transactions for identical or similar investments. During the years ended December 31, 2023, 2024 and 2025, the Group did not recognize any impairment loss relating to its equity investments.

Certain non-financial assets are measured at fair value on a nonrecurring basis, including property and equipment, goodwill, intangible assets and operating lease right-of-use assets and land use rights, and they are recorded at fair value only when impairment is recognized by applying unobservable inputs such as forecasted financial performance, discount rate, and other assumptions to the discounted cash flow valuation methodology. During the years ended December 31, 2023, 2024 and 2025, the Group did not recognize any non-financial assets impairment.

------

4. BUSINESS COMBINATION

Acquisition of Giga.AI Technology Limited ("Giga.AI")

Giga.AI, previously known as Plus PRC Holding Ltd., primarily engages in the research and development of intelligent driving technology for smart trucks and the provision of technical solutions. Before the acquisition, the Group had an investment in preferred shares of Giga.AI amounted to approximately US$63.3 million, representing 51% equity interest on an as-if converted basis and 61.88% voting rights. However, the Group had no control over Giga.AI as it had no control over the board of directors that makes all significant decisions in relation to the operating and financing activities of Giga.AI. As the preferred shares held by the Group were redeemable merely by passage of time and are redeemable at the option of the Group, the Group accounted for its investment in Giga.AI as available-for-sale investment in debt security which was measured at its fair value with the change of fair value recognized as other comprehensive income as of December 2023 and 2024, respectively.

The Group also held certain convertible notes issued by Giga.AI in May 2024 and January 2025, with the principal amount of US$20 million and US$16.3 million, respectively. The convertible notes were entitled to certain redemption rights and conversion rights on or before the maturity date. The Group accounted for its investments in convertible notes as available-for-sale debt investments.

In July 2025, the Group made an additional investment in preferred shares issued by Giga.AI with a cash consideration of US$85 million. Meanwhile, the Group elected to convert its convertible notes on the same date into preferred shares of Giga.AI with the amount of US$40 million, which represents total unpaid principal and unpaid accrued interest of the convertible notes at the conversion date. Certain other investors, including the Company's certain executive officer, made concurrent investments in preferred shares issued by Giga.AI on substantially the same terms as the Group. Upon completion of above investment transactions, the Group held 69.94% equity interest on an as-if converted basis and 76.14% voting rights in Giga.AI, the Group gained control over Giga.AI as it can control the board of directors of Giga.AI since then. This transaction resulted in a step acquisition, the Group remeasured the fair value of its previously held equity interests in Giga.AI. Revaluation gain of RMB4,067was recognized and the accumulated fair value change gain of RMB599 previously recognized on the Group's available-for-sale investments in Giga.AI was reclassified from other comprehensive income to investment income.

The acquisition was recorded using the acquisition method of accounting, accordingly, the acquired assets and liabilities were recorded at their fair value on the date of acquisition. The purchase price allocation was determined by the Group with the assistance of an independent appraiser. The purchase price was allocated on the date of acquisition as follows:

---

| | |
|:---|:---|
|  | Amounts |
|  | RMB |
|  Net assets acquired (including cash and cash equivalents of RMB816,666) | 858227 |
|  Newly identified intangible assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelligent driving technology with an estimated useful life of 10 years | 401454 |
|  Goodwill | 821728 |
|  Deferred tax liabilities | (100364) |
|  Total | 1981045 |
|  Less: non-controlling interests | (604791) |
|  Total purchase price | 1376254 |
|  | Amounts |
|  | RMB |
|  Total purchase price is comprised of: |  |
|  Cash consideration paid | 608227 |
|  Fair value of preferred shares converted from convertible notes | 286598 |
|  Fair value of preferred shares previously acquired | 481429 |
|  | 1376254 |

---

The transaction cost related to the acquisition was immaterial. The financial results of the acquired business, which are not material, have been included in the Group's consolidated financial statements for the period subsequent to the acquisition. Pro forma information is not presented for the acquisition as the impact to the consolidated financial statements is not material.

------

**4.** **BUSINESS COMBINATION - continued** 

*Acquisition of Giga.AI Technology Limited ("Giga.AI") -* continued

In September 2025, the Group purchased additional preferred shares of Giga.AI from Plus Automation, Inc ("Plus (US)") at a consideration of US$20 million. As the Group's control over Giga.AI has not changed, the Group accounted for the purchase transaction as equity transaction, with difference between the consideration and change in non-controlling interests at an amount of approximately RMB20 million recorded in APIC. After completion of the purchase transaction, the Group held 80.8% equity interest on an as-if converted basis and 80.8% voting rights in Giga.AI. As of December 31, 2025, the Group has paid US$18 million to Plus (US), with the remaining consideration of RMB14,058 recorded in amounts due to related parties.

Other acquisition

Other than those disclosed above, the Group also made other business acquisition that is not material to the Group's financial results during the year ended December 31, 2025.

**5.** **SHORT-TERM INVESTMENTS** 

Short-term investments as of December 31, 2024 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB** | **RMB** |
| Time deposits | 13277852 | 8424642 |
| Wealth management products | 1725051 | 2623667 |
| **Total Short-term investments** | **15002903** | **11048309** |

---

**6.** **ACCOUNTS RECEIVABLE, NET** 

Accounts receivable and the related expected credit loss provision as of December 31, 2024 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB** | **RMB** |
| Trade receivable | 23327 | 79781 |
| Less: allowance for expected credit losses | (3684) | (4648) |
| Total accounts receivable, net | 19643 | 75133 |

---

Movement of the expected credit loss provision for accounts receivable is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB** | **RMB** | **RMB** |
| Balance at beginning of year | (5424) | (4382) | (3684) |
| Reversal (provision) for expected credit losses | 360 | 36 | (977) |
| Write-off | 682 | 662 | 13 |
| **Balance at end of the year** | **(4382)** | **(3684)** | **(4648)** |

---

------

**7.** **LOANS RECEIVABLE, NET** 

The following table presents loan principal and accrued interests as of December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **RMB** | **RMB** |
| Loans receivable | 4418011 | 5228015 |
| Less: allowance for loan losses | (218366) | (376662) |
| Loans receivable, net | 4199645 | 4851353 |

---

The following table presents the aging of loans as of December 31, 2024 and 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **0-30**<br> **days**<br> **past due** | **31-60**<br> **days**<br> **past due** | **61-90**<br> **days**<br> **past due** | **Over 90**<br> **days**<br> **past due** | **Total**<br> **amount**<br> **past due** | **Current** | **Total loans** |
| December 31, 2024 (RMB) | 49331 | 36140 | 34452 | 93914 | 213837 | 4204174 | 4418011 |
| December 31, 2025 (RMB) | 81281 | 61958 | 62946 | 155192 | 361377 | 4866638 | 5228015 |

---

Movement of allowance for loan losses is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2023** | **2024** | **2025** |
|  | **RMB** | **RMB** | **RMB** |
| Balance at beginning of year | (102359) | (154420) | (218366) |
| Provisions for loan losses | (234599) | (296528) | (432781) |
| Write-off | 182538 | 232582 | 274485 |
| **Balance at end of the year** | **(154420)** | **(218366)** | **(376662)** |

---

Loans receivable is recorded as receivable, reduced by an allowance for estimated losses as of the balance sheet date. Interest on loans receivable is accrued and credited to revenue as earned. The Group does not record any interest revenue on an accrual basis for the loans that are past due for more than 90 days. As of December 31, 2024 and 2025, the net nonaccrual loan receivable (those over 90 calendar days past due excluding loans that were over 180 days past due and therefore charged off) after deducting the provision was RMB0.7 million and RMB1.0 million, respectively. Loans are returned to accrual status if they are brought to non-delinquent status or have performed in accordance with the contractual terms for a reasonable period of time and, in the Group's judgment, will continue to make periodic principal and interest payments as scheduled. The Group determines a loan's past due status by the number of days that have elapsed since a borrower has failed to make a contractual loan payment.

The Group writes off the loans receivables that are past due for more than 180 days as they are not considered collectible based on the Group's historical experiences.

------

8. PREPAYMENTS AND OTHER CURRENT ASSETS, NET

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Government grants receivable<sup>(1)</sup> | 735449 |  |
| Funds receivable from third party payment channels | 127538 | 120583 |
| Advance to suppliers | 110968 | 170822 |
| Interest receivable<sup>(2)</sup> | 651384 | 277454 |
| VAT recoverable | 391998 | 343968 |
| Others | 110257 | 30497 |
| Less: allowance for expected credit losses | (4692) | (2772) |
| Total | 2122902 | 940552 |

---

(1) Government grants receivable represents the government grants from local governments to incentivize the freight brokerage service.

(2) Interest receivable is the accrued and unpaid interests of the Group's time deposits included in short-term investments.

------

9. PROPERTY AND EQUIPMENT, NET

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Furniture, fixtures and equipment | 60244 | 93920 |
| Motor vehicles | 6532 | 9022 |
| Leasehold improvement | 76776 | 89341 |
| Office building | 63000 | 63000 |
| Construction in progress | 194689 | 347893 |
| R&D equipment |  | 43673 |
| Total cost | 401241 | 646849 |
| Less: Accumulated depreciation | (111630) | (189362) |
| Property and equipment, net | 289611 | 457487 |

---

Depreciation expenses related to property and equipment were RMB15,440, RMB18,358 and RMB19,456 for the years ended December 31, 2023, 2024 and 2025, respectively.

10. LONG-TERM TIME DEPOSITS AND OTHER INVESTMENTS

The following table summarizes the Group's balances of long-term time deposits and other investments:

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Long-term time deposits | 6809123 | 14184082 |
| Wealth management products | 1389779 | 72931 |
| Investments in debt securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Giga AI | 634145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 6500 | 11500 |
| Subtotal | 640645 | 11500 |
| Total long-term time deposits and other investments | 8839547 | 14268513 |

---

------

11. INVESTMENTS IN EQUITY INVESTEES

The following table summarizes the Group's balances of investments in equity investees:

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Equity method investments<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guizhou Yushi Digital Venture Capital Partnership ("Yushi Fund")<sup>(1)</sup> | 313527 | 300106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 4908 | 3515 |
| Subtotal | 318435 | 303621 |
| Equity investments without readily determinable fair values |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus (US)<sup>(2)</sup> | 658136 | 643524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 60000 | 96000 |
| Subtotal | 718136 | 739524 |
| Total investments in equity investees<br>| 1036571 | 1043145 |

---

(1) Yushi fund (formerly known as Guizhou Fubao Digital Venture Capital Partnership) is a private equity fund incorporated in Guizhou, the PRC. The Group, as a limited partner, acquired 72.58% equity interest of the fund with a cash consideration of RMB323 million in 2021. The Group accounts for the investment as an equity method investment as it has significant influence over but does not own a controlling financial interest in the fund.

For the years ended December 31, 2023, 2024 and 2025, the Company recognized the share of loss in equity method investments of RMB2,067, RMB2,861 and RMB14,814 respectively.

(2) As of December 31, 2024 and 2025, the Group had an investment in preferred shares of Plus (US) amounted to approximately US$91.6 million. Such investment represented 17.20% equity interest on a fully diluted basis and each preferred share held by the Group was entitled to one-fourth of one vote. As the investment in preferred shares in Plus(US) is not in substance common stock due to the liquidation preference and other preferential rights and has no readily determinable fair value, the Group has accounted for its investment in Plus (US) as an equity investment without readily determinable fair value.

------

12. INTANGIBLE ASSETS, NET

Gross carrying amount, accumulated amortization and net book value of the intangible assets are as follows:

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Software | 54647 | 76093 |
| Trademarks | 621922 | 621922 |
| Platform | 24000 | 24000 |
| Customer relationship | 18000 | 38600 |
| Non-compete commitment | 40000 | 40000 |
| Intelligent Driving Technology |  | 401454 |
| Less: Accumulated amortization | (365092) | (444661) |
| Intangible assets, net | 393477 | 757408 |

---

Amortization expenses related to intangible assets were RMB58,290, RMB58,557 and RMB79,546 for the years ended December 31, 2023, 2024 and 2025, respectively.

The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows:

---

| | |
|:---|:---|
|  | Future<br> amortization<br> expenses |
|  | RMB |
| 2026 | 100095 |
| 2027 | 99482 |
| 2028 | 97877 |
| 2029 | 95685 |
| 2030 | 88777 |
| Thereafter | 275492 |
| Total | 757408 |

---

13. GOODWILL

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | As of December 31, | As of December 31, | As of December 31, | As of December 31, |
|  | 2024 | 2024 | 2025 | 2025 |
|  | RMB | RMB | RMB | RMB |
| Balance at beginning of the year<br>|  | 3124828 |  | 3124828 |
| Additions |  |  |  | 900592 |
| Balance at end of the year |  | 3124828 |  | 4025420 |

---

Goodwill resulting from previous years' business combinations has been allocated to the single reporting unit of the Company. For the years ended December 31, 2023, 2024 and 2025, the Company performed a qualitative assessment by evaluating relevant events and circumstances that would affect the Company's single reporting unit and did not note any indicator that it is more likely than not that the fair value of the Company's reporting unit is less than its carrying amount, and therefore the Company's goodwill was not impaired.

------

14. OTHER NON-CURRENT ASSETS

Other non-current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Deposits | 1000 | 2194 |
| Prepayment for property and equipment | 2103 | 3928 |
| Long term interest receivable<sup>(1)</sup> | 95429 | 320073 |
| Prepayment for equity investment in a private company |  | 20000 |
| Others |  | 317 |
| Total | 98532 | 346512 |

---

(1) Long term interest receivable is the accrued and unpaid interests of the Group's long-term time deposits.

15. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Advance from shippers and truckers<sup>(1)</sup> | 533158 | 434512 |
| Salaries and welfare payables | 274216 | 334587 |
| Deposit from truckers for value added services | 23185 | 28574 |
| Accrued rental and other service fees | 90550 | 108120 |
| Accrual for purchase of property and equipment | 74472 | 127486 |
| Proceeds prepaid by investors of certain subsidiaries | 100000 | 43387 |
| Contingent consideration in relation to business combination |  | 43000 |
| Others | 46177 | 91613 |
| Total | 1141758 | 1211279 |

---

(1) Representing the refundable prepayments from shippers and truckers for future shipping arrangements under freight brokerage service and other valued-added service.

------

16. MEZZANINE EQUITY

To develop its cold chain logistics business, the Company established Smart Cold Chain Freight Limited ("Smart Cold Chain") in Cayman Islands. Manyun Cold Chain, a former subsidiary of the Group's VIE, becomes a consolidated VIE of Smart Cold Chain through a reorganization under common control whereby the beneficial owners' interests in Manyun Cold Chain were exchanged into the convertible redeemable preferred shares of Smart Cold Chain at the same percentage in May 2022.

In 2023, Smart Cold Chain issued 7,259,939 convertible redeemable preferred shares to certain investors for the total consideration received amounted to USD16 million, equivalent to RMB112 million. Concurrently, three other investors agreed and were obliged to subscribe fixed numbers of convertible redeemable preferred shares once they complete the necessary registration for outbound investment. As of December 31, 2023, Smart Cold Chain received RMB90 million prepayment from such investors which was recorded in accrued expenses and other current liabilities.

In 2024, Smart Cold Chain issued 7,259,939 convertible redeemable preferred shares to certain investors at the same issuance price per share as in 2023. The total consideration received was USD15 million, equivalent to RMB109 million, including RMB90 million prepayment received last year. Concurrently, two other investors agreed and were obliged to subscribe fixed numbers of convertible redeemable preferred shares once they complete the necessary registration for outbound investment. As of December 31, 2024, Smart Cold Chain received RMB100 million prepayment from such investors which was recorded in accrued expenses and other current liabilities.

In 2025, Smart Cold Chain issued 5,557,608 convertible redeemable preferred shares to certain investors at the same issuance price per share as in 2024. The total consideration received was USD15 million, equivalent to RMB106 million, including RMB100 million prepayment received last year. Concurrently, Smart Cold Chain issued 6,495,252 convertible redeemable preferred shares to certain investors for the total consideration received amounted to USD17 million, equivalent to approximately RMB121 million. For one of these investors, the payment due date for RMB20 million of the total consideration was extended. This receivable is recorded in a contra mezzanine equity account as "subscription receivable." Concurrently, one other investor committed to subscribe fixed numbers of convertible redeemable preferred shares upon completing the necessary outbound investment registration procedure. As of December 31, 2025, Smart Cold Chain received RMB20 million prepayment from such investors which has been recorded in accrued expenses and other current liabilities.

The Company uses interest method to accrete the carrying value of the redeemable non-controlling interests to their maximum redemption price as if redemption were to occur at the end of the reporting period. The process of adjusting redeemable non-controlling interests to its redemption value (the "Mezzanine Adjustment") should be performed after attribution of the subsidiary's net income or loss pursuant to ASC 810. The carrying amount of redeemable non-controlling interests will equal the higher of the amount resulting from application of ASC 810 or the amount resulting from the Mezzanine Adjustment. The change in the carrying amount of redeemable non-controlling interests is recorded as measurement adjustment attributable to redeemable non-controlling interests in the consolidated statement of operations and comprehensive income. For the years ended December 31, 2023, 2024 and 2025, measurement adjustment attributable to redeemable non-controlling interests at the amount of RMB15,457, RMB57,136 and RMB78,361 were recognized respectively.

------

17. ORDINARY SHARES AND TREASURY SHARES

In 2023, the Company repurchased 455,039,640 Class A ordinary shares from the open market with an aggregate purchase price of US$147,689 including commission under the share repurchase program. The repurchased shares were recorded in the treasury shares account using cost method upon repurchase. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital and retained earnings. In 2023, 201,197,520 Class A ordinary shares were retired, which resulted in a reduction of ordinary shares by RMB 14 and a reduction of APIC by RMB 439,354.

In 2023, 131,869,359 stock options were exercised into class A ordinary shares by employees. The Company repurchased 14,166,880 Class A ordinary shares for tax purpose upon the exercise of options, which resulted in a decrease of ordinary shares by RMB1 and a reduction of APIC by RMB35,046. In addition, 185,179,040 Class B ordinary shares were reclassified into the same number of Class A ordinary shares during the year ended December 31, 2023.

In 2024, the Company repurchased 255,486,760 Class A ordinary shares from the open market with an aggregate purchase price of US$93,614 including commission under the share repurchase program. The repurchased shares were recorded in the treasury shares account using cost method upon repurchase. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital and retained earnings. In 2024, 509,328,880 Class A ordinary shares were retired, which resulted in a reduction of ordinary shares by RMB 36, a reduction of APIC by RMB 1,237,216 and a reduction of retained earnings by RMB 41,529.

In 2024, 156,832,119 stock options were exercised into class A ordinary shares by employees. The Company repurchased and immediately canceled 30,763,980 Class A ordinary shares to satisfy the tax obligation for employees upon the exercise of options, which resulted in a decrease of ordinary shares by RMB2 and a reduction of APIC by RMB81,179.

In 2025, the Company repurchased 4,419,900 Class A ordinary shares from the open market with an aggregate purchase price of US$2,411 including commission under the share repurchase program. The Company repurchased a total of 29,545,380 Class A ordinary shares and 31,183,347 Class B ordinary shares from certain executive officers of the Company for an aggregate consideration of US$37,553 including commission in privately negotiated transactions on May 19, 2025. The repurchased shares were recorded in the treasury shares account using cost method upon repurchase. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital and retained earnings. In 2025, 33,965,280 Class A ordinary shares and 31,183,347 Class B ordinary shares were retired, which resulted in a reduction of ordinary shares by RMB4, a reduction of APIC by RMB 232,231 and a reduction of retained earnings by RMB56,122.

In 2025, 100,562,201 stock options were exercised into class A ordinary shares by employees. The Company repurchased and immediately canceled 18,122,860 Class A ordinary shares for tax purpose upon the exercise of options, which resulted in a decrease of ordinary shares by RMB1 and a reduction of APIC by RMB81,460.

------

18. INCOME TAXES

Cayman Islands

Under the current laws of the Cayman Islands, the Companies incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Entities incorporated in Hong Kong are subject to Hong Kong profits tax. Under the current Hong Kong Inland Revenue Ordinance, the profits tax rate for the first 2 million HK dollar of profits of corporations is 8.25%, while profits above that amount are subject to the tax rate of 16.5%.

China

On March 16, 2007, the National People's Congress of the PRC introduced a Corporate Income Tax Law ("CIT Law"), under which Foreign Investment Enterprises ("FIEs") and domestic companies are subject to corporate income tax at a uniform rate of 25%. Certain enterprises benefit from a preferential tax rate of 15% under the CIT Law if they qualify as high and new technology enterprises ("HNTE"). Software enterprises encouraged by the PRC government ("Software Enterprise") will be exempted from corporate income tax from the first to the second year from the profit-making year and will be subject to corporate income tax at a half statutory tax rate of 25% from the third to the fifth year. An enterprise enjoying the tax incentive of Software Enterprise adopts the method of "self assessment, declaration of incentives enjoyed, retention of the relevant materials for future inspection".

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities are entitled to claim 150% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year ("Super Deduction"). The State Taxation Administration of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as Super Deduction from January 1, 2018 to December 31, 2020, which was subsequently announced in March 2021 to be further extended to December 31, 2023. In September 2022, the State Taxation Administration of the PRC further announced that for the enterprises entitled to the current pre-tax deduction ratio of 175% for research and development expenses, such ratio is raised to 200% during the period from October 1, 2022 to December 31, 2022. In March 2023, the Ministry of Finance and State Taxation Administration announced to implement the policy of raising pre-tax deduction ratio for R&D expense from 175% to 200% for eligible industry enterprises on a long-term basis starting from January 1, 2023.

Income by tax jurisdictions:

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
| Net income from PRC operations | 1760139 | 2862980 | 4610828 |
| Net income from non-PRC operations | 573758 | 499868 | 777405 |
| Total net income before tax | 2333897 | 3362848 | 5388233 |

---

The current and deferred portion of income tax (benefits) expenses included in the consolidated statements of operations and comprehensive income are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
| Current tax expenses | 227415 | 196233 | 1103832 |
| Deferred tax (benefits) expenses | (120611) | 43178 | (174675) |
| Total | 106804 | 239411 | 929157 |

---

------

18. INCOME TAXES - continued

The country of domicile is determined to be PRC, as the Group's primary place of business, headquarters, and core operational activities are all situated within PRC. Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate for the year ended December 31, 2025 is as follow:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, 2025 | Year ended December 31, 2025 |
|  | Amount | Percent |
|  PRC statutory tax rate | 1347058 | 25.00% |
|  Effect of different tax rates of entities operating in other jurisdiction: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | (92818) | (1.72%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | (137041) | (2.54%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 6512 | 0.11% |
|  Preferential tax rates | (302063) | (5.61%) |
|  Research and development expenses super deduction | (108686) | (2.02%) |
|  Effect of cross-border tax laws: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRC withholding taxes | 94080 | 1.75% |
|  Nontaxable or nondeductible items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation cost not deductible for tax purposes | 70397 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses/losses not deductible for tax purposes | 26631 | 0.49% |
| Others | 49616 | 0.92% |
|  Effect of change of valuation allowance | (24529) | (0.45%) |
|  Effective tax rate | 929157 | 17.24% |

---

Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate for the years ended December 31, 2023 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 |
|  PRC statutory tax rate | 25.00% | 25.00% |
|  Effect of different tax rates of entities operating in other jurisdictions | (9.38%) | (6.30%) |
|  Preferential tax rates | (3.69%) | (18.90%) |
|  PRC Withholding taxes | 2.79% | 1.46% |
|  Net tax effect of super deduction and non-deductible expenses in determining taxable profit | (2.06%) | 0.51% |
|  True up | (7.07%) | 0.75% |
|  Effect of change of valuation allowance | (1.01%) | 4.60% |
|  Effective tax rate | 4.58% | 7.12% |

---

The effects of preferential tax rates on earnings per share are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2023 | 2024 | 2024 | 2025 | 2025 |
|  Tax saving amount due to preferential tax rates |  | 86110 |  | 635456 |  | 302063 |
|  Effect on basic earnings per share |  | 0.00 |  | 0.03 |  | 0.01 |
|  Effect on diluted earnings per share |  | 0.00 |  | 0.03 |  | 0.01 |

---

For the year ended December 31, 2025, cash paid for income taxes is relating to tax jurisdiction of China and others at the amount of RMB976,944 and RMB41,401, respectively.

------

18. INCOME TAXES - continued

Deferred tax assets and deferred tax liabilities

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
|  Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Advertising and business promotion expenditure | 28093 | 66786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Impairment loss | 265553 | 265553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Allowance for expected credit losses | 116458 | 228858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Accrued expense | 12478 | 25398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Net loss carrying forward | 418810 | 732567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Others | 6368 | 6450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: valuation allowance | (754878) | (1076061) |
|  Net deferred tax assets | 92882 | 249551 |
|  Deferred tax liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Identifiable intangible assets from business combination | 95570 | 185578 |
|  Total deferred tax liabilities | 95570 | 185578 |

---

Movement of valuation allowance

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
|  Balance at beginning of the year | 652610 | 618985 | 754878 |
| (Reversal) addition | (33625) | 135893 | 321183 |
|  Balance at end of the year | 618985 | 754878 | 1076061 |

---

As of December 31, 2024 and 2025, the Group had net loss carrying forward of approximately RMB1,675 million and RMB2,930 million, which arose from the subsidiaries, VIEs and VIEs' subsidiaries established in the PRC, respectively. The losses expired were approximately RMB39 million, RMB57 million and RMB64 million during the years ended December 31, 2023, 2024 and 2025, respectively, and were provided full valuation allowances in prior years. The remaining loss carrying forward will expire during the period from 2026 to 2035.

In assessing the ability to realize the deferred tax assets, the Group has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity basis.

The Group believes that for most of its entities, it is more likely than not that the net accumulated losses and other deferred tax assets will not be utilized in the future based on an evaluation of a variety of factors including the Group's operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Therefore, the Group provided a valuation allowance of RMB755 million and RMB1,076 million for these entities' deferred tax assets as of December 31, 2024 and 2025, respectively.

------

18. INCOME TAXES - continued

The CIT Law provides that an enterprise established under the laws of a foreign country or region but whose "de facto management body" is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing rules of the CIT Law merely define the location of the "de facto management body" as "the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC company is located". Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise for PRC tax purposes.

The CIT Law also imposes a withholding income tax of 10% on dividends distributed by an foreign investment enterprise ("FIE") to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company's jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. According to the arrangement between China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the FIE).

For the year ended December 31, 2025, the Group accrued RMB80 million withholding tax expenses associated with the approved earning distribution from its certain PRC subsidiary to Lucky Logistics based on withholding tax rate of 10%. Other than this approved dividend distribution, no deferred tax liability was recognized for the remaining undistributed profits of PRC subsidiaries as the Group intends to indefinitely reinvest the remaining undistributed earnings.

Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting basis over tax basis in a consolidated affiliate. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means. The Group completed its feasibility analysis on a method, which the Group will ultimately execute if necessary to repatriate the undistributed earnings of the VIEs and VIEs' subsidiaries without significant tax costs. As such, the Group does not accrue deferred tax liabilities on the earnings of the VIEs and VIEs' subsidiaries given that the Group will ultimately use the means.

The Organization for Economic Cooperation and Development ("OECD") introduced a framework for the implementation of a 15% global minimum tax (Pillar Two). Various OECD member countries have either enacted or are in the process of enacting Pillar Two legislation. Based on current available legislation, Pillar Two does not have a material tax impact for fiscal year 2024 and 2025, the Group will continue to monitor the developments and evaluating the potential impact of Pillar Two in the future.

19. RELATED PARTY TRANSACTIONS

During the years ended December 31, 2023, 2024 and 2025, other than disclosed elsewhere, the Group had the following material related party transactions and balances.

The table below sets forth the major related parties and their relationships with the Group:

---

| | |
|:---|:---|
| Related Party | Relationship with the Group |
|  JYBD | Investee of the Group |
|  Giga AI | Investee of the Group (Consolidated in July 2025) |
|  Plus (US) | Investee of the Group |

---

For the years ended December 31, 2023, 2024 and 2025, services provided to related parties were RMB 104, RMB nil and RMB nil, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
|  Value-added service revenue from JYBD | 104 |  |  |
|  Total | 104 |  |  |

---

------

19. RELATED PARTY TRANSACTIONS - continued

For the years ended December 31, 2023, 2024 and 2025, loan transactions with related parties were as follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2024 | 2025 |
|  | RMB | RMB | RMB | RMB |
|  Loans to Giga AI |  |  | 35523 |  |
|  Repayment of loans from Giga AI |  |  | 35515 |  |
|  Interest income of loans from Giga AI |  |  | 725 |  |

---

In February 2024, the Group entered into a loan agreement with Giga AI, pursuant to which the Group agreed to make available to Giga AI a loan in the principal amount of US$3,500 in one lump sum. The loan has an interest rate of 12% per annum and an original term of two months, which was further extended to four months. In April 2024, an additional loan agreement was entered by the same parties. The principal amount of the loan is US$1,500 with a term of two months and the interest rate is 12% per annum. Both loans were fully paid by Giga AI in May 2024.

As of December 31, 2024 and 2025, amounts due to related parties were RMB nil and RMB29,674, respectively, and details are as follows:

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
|  Current liabilities: |  |  |
|  Proceeds prepaid by certain management members for investment in a subsidiary |  | 15616 |
|  Consideration payable for purchase of shares in Giga AI from Plus (US) |  | 14058 |
|  Total |  | 29674 |

---

In addition, the Group has made equity or debt investments to related parties during the years ended December 31, 2023, 2024 and 2025. These transactions with related parties were included in Note 11, Note10 and Note 4.

20. SHARE-BASED COMPENSATION

#### Employee options
In November 2018, the Company adopted the 2018 Incentive Compensation Plan ("2018 Plan"). As of December 31, 2024 and 2025, the Company granted in total of 2,300,588,991 share options under the 2018 Plan. The options granted will expire in ten years from the date of grant.

In April 2021, the board approved the 2021 Incentive Compensation Plan ("2021 Plan"). As of December 31, 2024 and 2025, 1,080,603,539 and 1,148,899,019 share options were granted under 2021 Plan, respectively. The options granted will expire in ten years from the date of grant.

During the year ended December 31, 2024, 93,783,260 options were granted to employees under the 2021 plan, of which 22,000,000 options were vested immediately upon grant while 71,783,260 options were subject to a one-year to four-year service condition.

During the year ended December 31, 2025, 68,295,480 options were granted to employees under the 2021 plan, of which 7,040,860 options were vested immediately upon grant while 61,254,620 options were subject to a one-year to four-year service condition.

------

#### **Table of Contents**
20. SHARE-BASED COMPENSATION - continued

#### Employee options - continued
The following table summarized the activities of the Group's share options classified as equity:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of<br> options | Weighted<br> average<br> exercise<br> price<br> per share | Weighted<br> average<br> remaining<br> contract<br> life | Weighted<br> average<br> grant<br> date fair<br> value<br> per share | Aggregate<br> intrinsic<br> value |
|  | | US$ | | US$ | US$ |
| Outstanding at December 31, 2024 | 266194244 | 0.000010 | 7.79 | 0.4180 | 144008 |
| Granted | 68295480 | 0.000010 |  | 0.5971 |  |
| Exercised | (100562201) | 0.000010 |  | 0.4694 |  |
| Forfeited | (21532099) | 0.000010 |  | 0.4243 |  |
| Cash settlement unvested options | (3184960) | 0.000010 |  | 0.4638 |  |
| Outstanding at December 31, 2025 | 209210464 | 0.000010 | 7.57 | 0.4504 | 112239 |
| Vested and expected to vest at December 31, 2025 | 209210464 | 0.000010 | 7.57 | 0.4504 | 112239 |
| Exercisable at December 31, 2025 | 53540433 | 0.000010 | 5.20 | 0.4046 | 28724 |

---

In determining the fair value of the stock options, the Company applied the binomial option pricing model before the completion of its USIPO in June 2021 and the Black-Scholes model for the options granted thereafter. The change of valuation model does not result in any difference in valuation results as the exercise price of the options granted is significantly below the spot price (deemed as "deep in the money") and the fair value of the options approximates the closing price of the ordinary shares on the grant date. The key assumptions used to determine the fair value of the options for the years ended December 31, 2023, 2024 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
| Expected volatility | 36.7%~38.7 | 37.0%~39.0 | 38.1%~39.0 |
| Risk-free interest rate (per annum) | 3.40%~4.89 | 3.88%~4.71 | 3.88%~4.52 |
| Exercise multiples | 2.8 | 2.8 | 2.8 |
| Expected dividend yield | 0.00% | 0.00% | 0.00% |
| Fair value of underlying ordinary shares | $0.290~0.400 | $0.314~0.442 | $0.531~0.650 |
| Fair value of share option | $0.290~0.400 | $0.314~0.442 | $0.531~0.650 |

---

The Group estimated expected volatility by reference to the historical price volatilities of ordinary shares of comparable companies over a period close to the contract term of the options. The Group estimated the risk-free interest rate based on the yield to maturity of U.S. government bonds as at each valuation date with a maturity period close to the contract term of options. The exercise multiple was estimated based on empirical research on typical employee stock option exercising behavior. The dividend yield was estimated as zero since the Group cannot estimate the exact amount of dividend distribution in the future which is subject to Board's approval. Prior to the completion of USIPO, the Group determined the fair value of ordinary shares underlying each share option granted based on estimated equity value and allocation of it to each element of its capital structure. After the completion of USIPO in June 2021, the Group uses the stock market closing price as the fair value of the ordinary shares. The assumptions used in share-based compensation expenses recognition represent the Group's best estimates, but these estimates involve inherent uncertainties and the application of judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period.

For the years ended December 31, 2023, 2024 and 2025, share-based compensation expenses of RMB419,551, RMB471,960 and RMB252,291 were recognized in connection with options granted, respectively.

The unrecognized compensation costs related to unvested options is RMB359 million as of December 31, 2025. It is expected to be recognized over a weighted-average period of 2.7 years.

------

#### **Table of Contents**
20. SHARE-BASED COMPENSATION - continued

The Group acquired Beijing Bang Li De Network Technology Co., Ltd. ("TYT"), a private company, in December 2021. Upon the completion of the acquisition, ordinary shares held by non-controlling interest holders, who are also management of TYT, are restricted and subject to a four-year vesting period since July 1, 2022.

---

| | | |
|:---|:---|:---|
|  | Number of<br> restricted<br> shares | Weighted<br> average<br> grant date<br> fair value<br> per share |
|  | | RMB |
| Unvested at December 31, 2024 | 455551 | 99.91 |
| Vested | (227775) | 99.91 |
| Unvested at December 31, 2025 | 227776 | 99.91 |

---

The Group recorded RMB21,282, RMB23,219, RMB20,027 share-based compensation expenses for the years ended December 31, 2023, 2024 and 2025, respectively. The Group reclassified RMB8,050, RMB6,127 and RMB3,064 from APIC to non-controlling interest based on the proportionate interest in TYT's equity on the vesting date for the years ended December 31, 2023, 2024 and 2025, respectively.

In 2023, Smart Cold Chain, the subsidiary of the Group adopted share incentive plan to grant options based on the fair value on the grant date to certain employees of Smart Cold Chain. The awards are vested immediately, or subject to a one-year, three-year or four-year service condition. During the year ended December 31, 2024 and 2025, the subsidiary granted 294,292 and 280,018 options, of which all options were subject to a one-year to four-year service condition. 27,647 and 93,192 shares were forfeited during the years ended December 31, 2024 and 2025. The subsidiary recorded RMB994, RMB1,460 and RMB1,668 share-based compensation expenses for year ended December 31, 2023, 2024 and 2025.

Other than those disclosed above, the share-based compensation expenses of other subsidiaries in aggregate were insignificant for the years ended December 31, 2023, 2024 and 2025.

#### Share-based compensation for all share options and restricted shares
The Group recorded share based compensation expense of RMB441,827, RMB496,639 and RMB281,559 for the years ended December 31, 2023, 2024 and 2025, respectively, which were classified in the accompanying consolidated statements of operations and comprehensive income as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
| General and administrative expenses | 297469 | 348400 | 139824 |
| Selling and marketing expense | 55503 | 50109 | 55250 |
| Research and development expense | 80279 | 87012 | 73816 |
| Cost of revenues | 8576 | 11118 | 12669 |
| Total | 441827 | 496639 | 281559 |

---

------

#### **Table of Contents**
21. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the years ended December 31, 2023, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 |
|  | RMB | RMB | RMB |
| Numerator |  |  |  |
| Net income available to Full Truck Alliance Co. Ltd. | 2212888 | 3069849 | 4408169 |
| Net income available to ordinary shareholders—basic | 2212888 | 3069849 | 4408169 |
| Dilutive effect arising from stock options of a subsidiary | (23) | (206) | (530) |
| Net income available to ordinary shareholders—diluted | 2212865 | 3069643 | 4407639 |
| Denominator |  |  |  |
| Weighted average number of ordinary shares outstanding—basic | 21111924886 | 20822835545 | 20839163070 |
| Adjustments for dilutive share options of the Group | 50426575 | 79386491 | 89009614 |
| Weighted average number of ordinary shares outstanding—diluted | 21162351461 | 20902222036 | 20928172684 |
| Earnings per share—basic | 0.10 | 0.15 | 0.21 |
| Earnings per share—diluted | 0.10 | 0.15 | 0.21 |

---

Diluted earnings per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective year. For the years ended December 31, 2023, 2024 and 2025, the Group had restricted shares issued by Group's subsidiary were excluded from the computation of diluted earnings per share as their effects would have been anti-dilutive.

For the years ended December 31, 2023, 2024 and 2025, 85,489,644, 22,470,269 and 14,542,325 share options were excluded from the calculation of diluted earnings per share due to the anti-dilutive effect.

Both Class A ordinary shares and Class B ordinary shares are entitled to the same dividend right, as such, this dual class share structure has no impact to the earnings per share calculation. Basic and diluted earnings per share are the same for each Class A ordinary share and Class B ordinary share.

------

22. OPERATING LEASES

The Group leases office space under non-cancellable operating lease agreements that expire at various dates through May 2028. The Group also purchased a land use right, which expires at April 2072. The prepayment for land use right is included in right-of-use assets and amortized over the period of the land use right (see note 2.23). As the Group incurs no lease liability in relation to the land use right, the amounts related to land use right are excluded from the following disclosure.

Supplemental information related to leases and location within the consolidated balance sheet are as follows:

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Operating lease right-of-use assets | 67733 | 45309 |
| Current operating lease liabilities | 41204 | 33847 |
| Non-current operating lease liabilities | 23928 | 1485 |
| Total operating lease liabilities | 65132 | 35332 |
| Weighted average remaining lease term (in years) | 1.94 | 1.07 |
| Weighted average discount rate | 3.8% | 3.74% |

---

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Lease cost: |  |  |
| Operating fixed lease cost | 40912 | 41055 |
| Lease cost related to short-term leases not capitalized | 4918 | 8116 |
| Total lease cost | 45830 | 49171 |

---

Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
|  | 2024 | 2025 |
|  | RMB | RMB |
| Cash paid for amounts included in measurement of liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows payment from operating leases | 41146 | 47391 |
| Right-of-use assets obtained in exchange for lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 19613 | 16635 |
| Right-of-use assets increased due to lease modification: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases |  |  |

---

As of December 31, 2025, the maturities of lease liabilities in accordance with ASC 842 in each of the following years are as follows:

---

| | |
|:---|:---|
|  | Total operating lease |
|  | RMB |
| 2026 | 34499 |
| 2027 | 1532 |
| Total minimum lease payments | 36031 |
| Less: amount representing interest | (699) |
| Present value of minimum lease payments | 35332 |

---

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23. EMPLOYEE BENEFIT

As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees' salaries. The total expenses the Group incurred for the plan were RMB332,402, RMB339,200 and RMB348,559 for the years ended December 31, 2023, 2024 and 2025, respectively, which are recorded in expenses based on the function of employees.

24. RISKS AND CONCENTRATIONS

Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term and long-term time deposits and wealth management products, which are placed with financial institutions with high-credit ratings and quality.

Foreign currency risk

RMB is not a freely convertible currency. The State Administration of Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The RMB-denominated cash and cash equivalents, restricted cash, short-term investments and long-term time deposits and wealth management products of the Group included an aggregated amount of RMB11,067,720 as of December 31, 2025.

25. RESTRICTED NET ASSETS

Pursuant to the laws applicable to the PRC's Foreign Investment Enterprises and local enterprises, the Group's entities in the PRC must make appropriation from after-tax profit to non-distributable reserve funds as determined by the Board of Directors of the Company.

PRC laws and regulations permit payments of dividends by the Company's subsidiaries and VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. In addition, the Company's subsidiaries, VIEs and VIEs' subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless such reserve has reached 50% of their respective registered capital. In addition, registered share capital and capital reserve accounts are also restricted from withdrawal in the PRC.

As a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable profits computed in accordance with the PRC accounting standards and regulations, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in capital, APIC and the statutory reserves of the Company's PRC subsidiaries, VIEs and VIEs' subsidiaries. As of December 31, 2025, the total of restricted net assets was RMB24,846,818.

26. COMMITMENTS AND CONTINGENCIES

Capital commitments

The Group's capital commitments primarily relate to commitments on construction of office building. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB296 million and RMB200 million as of December 31, 2024 and 2025, respectively. All of these capital commitments will be fulfilled in the following years according to the construction progress.

------

26. COMMITMENTS AND CONTINGENCIES - continued

Contingencies

Since July 7, 2021, the Company, together with certain of its current and former directors and officers and others, were named as defendants in certain putative shareholder class action lawsuits filed in the Eastern District of New York and the Supreme Court of the State of New York. The Company and other parties to the class action lawsuits executed a stipulation of settlement that resolves the class action lawsuits for US$10.25 million, and the Company paid the settlement amount in full in April 2024. The final settlement approval was obtained on September 5, 2024. By agreeing to settle the lawsuits, the Company does not admit any allegations in the lawsuits or violation of any law or regulations.

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.

27. DIVIDENDS

On March 13, 2024, the Company's board of directors declared an annual cash dividend for the year ended December 31, 2023, of US$0.0072 per ordinary share, or US$0.1444 per American depositary shares to holders of record of the Company's ordinary shares at the close of business on April 5, 2024. Dividend are recognized when declared. The aggregate amount of the dividend is US$150 million and has been fully paid during 2024.

In March 2025, upon review of the Company's results of operations, business development plan, capital requirements, and cash position, the Company's board of directors has approved a 2025 semi-annual cash dividend policy, pursuant to which the Board intends to declare and distribute a cash dividend semi-annually. 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. In 2025, the board of directors of the Company has approved dividends in accordance with the Company's dividend policy. The aggregate amount of the dividend is US$199 million and has been fully paid during 2025.

28. SUBSEQUENT EVENT

In January 2026, the Board of Directors approved a long-term shareholder return plan. As part of the plan, the Company will return a total of US$400 million to shareholders in fiscal year 2026, with at least US$300 million distributed through quarterly dividends and the remainder via share repurchases from open markets.

To implement the shareholder return plan, the Board of Directors approved a new share repurchase program under which the Company may repurchase up to US$50 million of ADSs during the remainder of fiscal year 2026 through open market transactions at prevailing market prices. The timing and conditions of the share repurchases will be subject to various factors, including market conditions and the requirements under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

The Board of Directors also approved the cash dividend for the first quarter of 2026 in the amount of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million. The dividend will be paid on or around April 22, 2026, to holders of record of the ordinary shares at the close of business on April 8, 2026. For holders of the ADSs, cash dividends are expected to be paid through the depositary, Deutsche Bank Trust Company Americas, on or around April 22, 2026, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

The Company's board of directors will review the share repurchase program and quarterly cash dividend policy periodically, and may authorize adjustments to the size and terms of either to ensure that the total shareholder return value for fiscal year 2026 will be approximately US$400 million.

------

#### ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

#### FINANCIAL STATEMENTS SCHEDULE I

#### FULL TRUCK ALLIANCE CO. LTD. FINANCIAL

#### INFORMATION OF PARENT COMPANY

#### CONDENSED BALANCE SHEETS

#### (Amounts in thousands, except share and per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | As of December 31, | As of December 31, | As of December 31, |
|  | 2024 | 2025 | 2025 |
|  | RMB | RMB | USD |
|  | | | (Note 2) |
| ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1695746 | 15889 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 9454117 | 3630820 | 519200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | 373648 | 98060 | 14022 |
| Total current assets | 11523511 | 3744769 | 535494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in and amount due from subsidiaries/VIEs | 23902400 | 30772202 | 4400366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term time deposits and other investments | 1748347 | 4859544 | 694906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in equity investees | 658135 | 643523 | 92023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 15119 | 54205 | 7751 |
| Total non-current assets | 26324001 | 36329474 | 5195046 |
| TOTAL ASSETS | 37847512 | 40074243 | 5730540 |
| LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due to related parties |  | 14058 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 141572 | 3232 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other tax payable | 9693 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 19521 | 5749 | 822 |
| TOTAL LIABILITIES | 170786 | 23039 | 3294 |
| SHAREHOLDERS' EQUITY |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Ordinary shares (US$0.00001 par value, 40,000,000,000 and 40,000,000,000 shares authorized, 18,637,888,832 and18,686,362,705 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | 1201 | 1205 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Ordinary shares (US$0.00001 par value, 10,000,000,000 and 10,000,000,000 shares authorized, 2,131,865,628 and 2,100,682,281shares issued and outstanding as of December 31, 2024 and 2025, respectively) | 142 | 140 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 45823723 | 44328028 | 6338824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 3223944 | 2742068 | 392111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (11372284) | (7020237) | (1003881) |
| TOTAL SHAREHOLDERS' EQUITY | 37676726 | 40051204 | 5727246 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 37847512 | 40074243 | 5730540 |

---

------

#### **Table of Contents**

#### ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

#### FINANCIAL STATEMENTS SCHEDULE I

#### FULL TRUCK ALLIANCE CO. LTD. FINANCIAL

#### INFORMATION OF PARENT COMPANY

#### CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

#### INCOME

#### (Amounts in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 | 2025 |
|  | RMB | RMB | RMB | USD |
|  | | | | (Note 2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost and operating expenses | (526819) | (485955) | (273806) | (39154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 771606 | 608065 | 325379 | 46529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income | 52177 | 56225 | 64134 | 9171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains from fair value changes of investments | 12852 | 3233 | 4818 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 116546 | 123602 | 150927 | 21583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) | 1152 | (437) | (10604) | (1516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expenses | (93914) | (83501) | (51879) | (7419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in income of subsidiaries, VIEs and VIEs' subsidiaries | 1879288 | 2848617 | 4199200 | 600478 |
| Net income | 2212888 | 3069849 | 4408169 | 630361 |
| Other comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains on available-for-sale investments, net of reclassification |  | 599 | (599) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax of nil | 386701 | 325474 | (481277) | (68821) |
| Total comprehensive income | 2599589 | 3395922 | 3926293 | 561454 |

---

------

#### **Table of Contents**

#### ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

#### FINANCIAL STATEMENTS SCHEDULE I

#### FULL TRUCK ALLIANCE CO. LTD. FINANCIAL

#### INFORMATION OF PARENT COMPANY CONDENSED

#### STATEMENTS OF CASH FLOWS

#### (Amounts in thousands, except for share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2023 | 2024 | 2025 | 2025 |
|  | RMB | RMB | RMB | USD |
|  | | | | (Note 2) |
|  Cash flows from operating activities: |  |  |  |  |
|  Net income | 2212888 | 3069849 | 4408169 | 630361 |
|  Adjustments to reconcile net income to net cash (used in) provided by operating activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in income of subsidiaries, VIEs and VIEs' subsidiaries | (1879288) | (2848617) | (4199200) | (600478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 419551 | 471960 | 252291 | 36077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (gains) loss from disposal and deemed disposal of investment | (1110) | 2239 | (4666) | (667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain from fair value changes of investments | (12852) | (3233) | (4818) | (689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange gain and others | (1152) | (10484) | (4933) | (705) |
|  Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other current assets | 92424 | (274211) | 310732 | 44434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts due to related parties | (6066) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable and other tax payable | 15581 | 117381 | (148033) | (21168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 69385 | (82565) | (12278) | (1756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | (121280) | 106161 | (39086) | (5589) |
|  Net cash provided by operating activities | 788079 | 548480 | 558178 | 79820 |
|  Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of short-term investments | (9431226) | (753753) | (3448838) | (493177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity of short-term investments | 16951360 | 9463500 | 10289950 | 1471443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investments | (5306075) | (4405845) | (4918077) | (703276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of convertible note issued by related parties |  | (142060) | (117079) | (16742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in subsidiaries |  |  | (35722) | (5108) |
| Acquisition of subsidiaries |  |  | (736050) | (105254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of loan to related parties |  | (35523) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of loan from related parties |  | 35515 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to subsidiaries and VIEs | (4198690) | (3600757) | (8876631) | (1269341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of loans from subsidiaries and VIEs | 2364780 | 2174708 | 7507974 | 1073626 |
| Net cash provided by (used in) investing activities | 380149 | 2735785 | (334473) | (47829) |
|  Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for repurchase of ordinary shares | (1168301) | (489433) | (288649) | (41276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash settlement of unvested options |  |  | (13390) | (1915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes paid for employees through repurchase of ordinary shares | (26741) | (85842) | (83121) | (11886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash prepaid for repurchase of ordinary shares | (179784) |  | (35166) | (5029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of cash dividend |  | (1064155) | (1425136) | (203792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of share options | 1 | 1 | 2 |  |
|  Net cash used in financing activities | (1374825) | (1639429) | (1845460) | (263898) |
|  Effect of exchange rate changes on cash and cash equivalents | (6558) | (9047) | (58102) | (8309) |
| Net (decrease) increase in cash and cash equivalents | (213155) | 1635789 | (1679857) | (240216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents, beginning of the year | 273112 | 59957 | 1695746 | 242488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents, end of the year | 59957 | 1695746 | 15889 | 2272 |

---

------

#### **Table of Contents**

#### ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

#### FINANCIAL STATEMENTS SCHEDULE I

#### FULL TRUCK ALLIANCE CO. LTD. FINANCIAL

#### INFORMATION OF PARENT COMPANY NOTES TO

#### SCHEDULE I
1) Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of condensed consolidated net assets as of the end of the most recently completed fiscal year. The Company does not include financial information as to the changes in equity as such financial information is the same as the consolidated statements of changes in shareholders' equity. 

2) The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIEs. For the parent company, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as "Investment in subsidiaries and VIEs" and the subsidiaries and VIE's profit or loss as "Equity in losses of subsidiaries, VIEs and VIEs' subsidiaries" on the Condensed Statements of Operations and Comprehensive Loss. Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE in investment in and amount due from subsidiaries and VIEs even though the parent company is not obligated to provide continuing support or fund losses. 

3) For the years ended December 31, 2023, 2024 and 2025, there were no material contingencies, significant provisions of long-term obligations, or guarantees of the Company.

4) On March 13, 2024, the Board of Directors declared an annual cash dividend for the year ended December 31, 2023, of US$0.0072 per ordinary share, or US$0.1444 per American depositary shares (the "ADS"), to holders of record of the Company's ordinary shares at the close of business on April 5, 2024. Dividend are recognized when declared. The aggregate amount of the dividend is US$150 million and has been fully paid during 2024.

In March 2025, upon review of the Company's results of operations, business development plan, capital requirements, and cash position, the Company's board of directors has approved a 2025 semi-annual cash dividend policy, pursuant to which the Board intends to declare and distribute a cash dividend semi-annually. 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. In 2025, the board of directors of the Company has approved dividends in accordance with the Company's dividend policy. The aggregate amount of the dividend is US$199 million and has been fully paid during 2025.

The Board of Directors also approved the cash dividend for the first quarter of 2026 in the amount of US$0.0042 per ordinary share, or US$0.0840 per ADS, totaling approximately US$87.5 million. The dividend will be paid on or around April 22, 2026, to holders of record of ordinary shares at the close of business on April 8, 2026. For holders of ADSs, cash dividends are expected to be paid through the depositary, Deutsche Bank Trust Company Americas, on or around April 22, 2026, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

## Exhibit 8.1

**Exhibit 8.1** 

**PRINCIPAL SUBSIDIARIES OF THE REGISTRANT (as of December 31, 2025)** 

The following is a list of the subsidiaries of Full Truck Alliance Co. Ltd. as of December 31, 2025, excluding certain subsidiaries that, if considered in the aggregate, would not constitute a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X as of December 31, 2025.

---

| | |
|:---|:---|
| **Subsidiaries** | **Jurisdiction of Incorporation** |
|  AMH Logistics Infrastructure Co.,Ltd. | British Virgin Islands |
|  Lianyun Logistics Infrastructure Co.,Ltd. | British Virgin Islands |
|  Smart Logistics Information Limited | British Virgin Islands |
|  Smart Cold Chain Freight Limited | Cayman Islands |
|  Giga.AI Technology | Cayman Islands |
|  Qmove Limited | Cayman Islands |
|  Q Move Logistics services LLC | Egypt |
|  Lucky Logistics Information Limited | Hong Kong |
|  Full Truck Alliance (HK) Limited | Hong Kong |
|  Smart Cold Chain Freight (HK) Limited | Hong Kong |
|  PlusAI Limited | Hong Kong |
|  Qmove Logistics Limited | Hong Kong |
|  PT QMOVE TECHNOLOGY INDONESIA | Indonesia |
|  QMOVE INTERNATIONAL(SG)PTE.LTD. | Singapore |
|  QMOVE TURKEY TAŞIMACILIK VE TEKNOLOJİ HİZMETLERİ LİMİTED ŞİRKETİ | Turkey |
|  MAGICARPET PORTAL L.L.C S.O.C | United Arab Emirates |
|  Jiangsu Yunmanman Information Technology Co., Ltd.\* | PRC |
|  Manbang Information Technology Co., Ltd.\*<br> (formerly known as Full Truck Alliance Information Technology Co., Ltd.\*) | PRC |
|  Nanjing Yun Man Man Investment Co., Ltd.\* | PRC |
|  Yixing manbang Logistics Technology Co., Ltd.\* | PRC |
|  Guizhou Manbang Logistics Technology Co.,Ltd.\* | PRC |
|  Beijing Zhihui Yunli Technology Co., Ltd. \*<br> (formerly known as Beijing Huochebang Technology Co., Ltd.\*) | PRC |
|  Shanghai jiansheng Management Consulting Co., Ltd.\* | PRC |
|  Nanjing Manyun Software Information Consulting Co., LTD\* | PRC |
|  Chengdu Yunli Technology Co., Ltd.\* | PRC |
|  Guizhou Huochebang Internet Information Service Co., Ltd.\* | PRC |
|  Guizhou Huochebang Logistics Consulting Co., Ltd.\* | PRC |
|  Beijing Manxin Technology Co., Ltd.\*<br> (formerly known as Beijing Yunmanman Technology Co., Ltd.\*) | PRC |
|  Nanjing Manyun non-Financing Guarantee Co., Ltd.\* | PRC |
|  Guiyang Xinshiqi Information Technology Co., Ltd.\* | PRC |
|  Nanjing Yuntu Information Technology Co., Ltd.\* | PRC |
|  Nanjing Yunhe Information Technology Co., Ltd.\* | PRC |
|  Tianjin manyun Network Technology Co., Ltd.\* | PRC |
|  Tianjin Man Yun Commercial Factoring Co., Ltd.\* | PRC |
|  Tianjin Manbang Financing Assurance Co.,Ltd.\* | PRC |
|  Guizhou Banghuoche Information Consulting Co., Ltd.\* | PRC |

---

------

---

| | |
|:---|:---|
| **Subsidiaries** | **Jurisdiction of Incorporation** |
|  Guiyang Huochebang Technology Co., Ltd.\* | PRC |
|  Guizhou Huochebang Microfinance Co., Ltd.\* | PRC |
|  Suqian Manbang Information Technology Co., Ltd.\* | PRC |
|  Guiyang Xunshou Information Technology Co., Ltd.\* | PRC |
|  Tianjin Manbang Energy Technology Co.,Ltd.\* | PRC |
|  Lianyungang Manbang Energy Technology Co., Ltd.\* | PRC |
|  Nantong Manbang Energy Technology Co., Ltd.\* | PRC |
|  Nanjing Manbang Energy Technology Co., Ltd.\* | PRC |
|  Shan'en Energy(Dalian) Co.,Ltd\* | PRC |
|  Shandong Full Truck Alliance Energy Co., Ltd.\* | PRC |
|  Nanjing Yunmanman Supply Chain Management Co., Ltd.\* | PRC |
|  Guiyang Bang Man Commercial Information Consulting Co., Ltd. \*<br> (formerly known as Guiyang Bang Man Financial Leasing Co., Ltd.\*) | PRC |
|  Guizhou Huochebang Supply Chain Management Co., Ltd.\* | PRC |
|  Ningxia Wenjing Business Service Co., Ltd.\* | PRC |
|  Shaanxi Jieyu Zhi'an Technology Service Co., Ltd.\* | PRC |
|  Sichuan Yundao Vehicle Sales Co., Ltd.\* | PRC |
|  Nanjing Manxianxian Cold Chain Technology Co., Ltd.\* | PRC |
|  Yixing Manxian Information Technology Co., Ltd\* | PRC |
|  Nanjing Lengyun Bida Cold Chain Technology Co., Ltd.\* | PRC |
|  Tianjin Manxianxian Cold Chain Technology Co., Ltd.\* | PRC |
|  Guangzhou Lanqiao Software Technology Co., Ltd.\* | PRC |
|  Tianjin Manyun Logistics Technology Co., LTD\* | PRC |
|  Jiangsu Manchebang Logistics Technology Co., LTD\* | PRC |
|  Nanjing Fu Man Chuang Enterprise Management Consultancy Co., Ltd.\* | PRC |
|  Jiangsu Fu Man Chuang Innovative Investment Co., Ltd. \* | PRC |
|  Tianjin Fu Man Chuang Chuang Qi Technology Co., Ltd. \* | PRC |
|  Tianjin Fu Man Chuang Information Technology Co., Ltd.\* | PRC |
|  Nanjing Fu Man Chuang Equity Investment Partnership (Limited Partnership)\* | PRC |
|  Nanjing Manfu Private Equity Fund Partnership Enterprise (Limited Partnership)\* | PRC |
|  Manbang Carbon Road (Tianjin) Technology Co., LTD\* | PRC |
|  Jiangsu Manyun Industrial Technology Co., Ltd.\* | PRC |
|  Suzhou Zhijia Science & Technologies Co., Ltd.\* | PRC |
|  Zhihuida (Suzhou) Technology Co., Ltd.\* | PRC |
|  Zhijia Tongda (Shanghai) Technology Co., Ltd.\* | PRC |
|  Beijing Zhijia Zhixing Technology Co., Ltd.\* | PRC |
|  Shanghai Zhihanda Technology Co., Ltd.\* | PRC |
| **Group VIEs** | **Jurisdiction of Incorporation** |
|  Jiangsu Manyun Software Technology Limited\* | PRC |
|  Guiyang Shan'en Technology Co., Ltd.\* | PRC |
|  Nanjing Manyun Cold Chain Technology Co., Ltd. \* | PRC |

---

------

---

| | |
|:---|:---|
| **Subsidiaries of the Group VIEs** | **Jurisdiction of Incorporation** |
|  Jiangsu Manyun Geographic Information Technology Co., Ltd.\* | PRC |
|  Shanghai Yun Zhang Gui Electronic Technology Co., Ltd.\* | PRC |
|  Guangzhou Huitouche Information Technology Co., Ltd. \* | PRC |
|  Jiangsu Yunmanman Intra-city Information Technology Co., Ltd. \*<br> (formerly known as Nanjing Manyun Business Information Consultation Co., Ltd.\*) | PRC |
|  Mingguang Manyun Software Technology Co., Ltd. \* | PRC |
|  Suzhou Manyun Software Technology Co., Ltd. \* | PRC |
|  Tianjin Manyun Software Technology Co., Ltd. \* | PRC |
|  Taiyuan Manyun Software Technology Co., Ltd.\* | PRC |
|  Hainan Manyun Software Technology Co., Ltd. | PRC |
|  Nanjing Yunmanman Logistics Technology Co., Ltd.\* | PRC |
|  Gui'an New District FTA Logistics Technology Co., Ltd.\* | PRC |
|  Suqian Manyun Software Technology Co., Ltd.\* | PRC |
|  Suqian Yunmanman Information Technology Co., Ltd.\* | PRC |
|  Beijing Banglide Internet Technology Co., Ltd.\* | PRC |
|  Hebei Banglide Vehicle Service Co., Ltd.\* | PRC |
|  Gansu Banglide Network Technology Co., Ltd.\* | PRC |
|  Guiyang Shan'en Insurance Brokerage Co., Ltd.\* | PRC |
|  Suqian Manyun Logistics Information Co., Ltd.\* | PRC |

---

\* The English name of this subsidiary, Group VIE or subsidiary of Group VIE, as applicable, has been translated from its Chinese name.

## Exhibit 11.2

**Exhibit 11.2** 

**FULL TRUCK ALLIANCE CO. LTD.** 

**(THE "COMPANY")** 

**SECOND AMENDED AND RESTATED STATEMENT OF POLICIES** 

**GOVERNING MATERIAL, NON-PUBLIC INFORMATION, TRADING IN** 

**COMPANY SECURITIES BY INSIDERS AND** 

**THE PREVENTION OF INSIDER TRADING** 

*Adopted by the Board of Directors of the Company on March 4, 2026* 

This Second Amended and Restated Statement of Policies Governing Material, Non-Public Information, Trading in Company Securities by Insiders and the Prevention of Insider Trading (this "<u>Statement</u>") of the Company consists of five sections: Section I provides an overview; Section II sets forth the Company's policies prohibiting insider trading; Section III explains insider trading; Section IV describes the rules and guidelines for transactions under Rule 10b5-1 plans; and Section V sets forth the additional requirements for Section 16 Insiders.

**I.** 

**SUMMARY** 

The Company's ADSs representing the Class A ordinary shares are currently trading on the NYSE. Pursuant to United States securities laws, it is illegal for any person, either personally or on behalf of others, to trade in securities on the basis of "material", "non-public" information (defined below). It is also illegal to communicate (i.e., to "tip") material, non-public information to others so that they may trade in securities on the basis of that information. These illegal activities are commonly referred to as "insider trading." Preventing insider trading is necessary to comply with the United States federal securities laws and to preserve the reputation and integrity of the Company as well as that of all persons affiliated with it.

The Company considers strict compliance with the policies (the "<u>Policy</u>") set forth in this Statement to be a matter of utmost importance. Violation of this Policy could cause extreme embarrassment and possible legal liability to you and the Company. Knowing or willful violations of this Statement or its spirit will be grounds for immediate dismissal from the Company. Violation of the Policy might expose the violator to severe criminal penalties and civil liabilities. Penalties for insider trading violations include civil fines of up to three times the profit realized by the violator, criminal fines of up to $5 million and civil liability to those damaged by the trading, as well as the attorney's fees of persons injured.

While the regulatory authorities concentrate their efforts on the individuals who trade or who tip inside information to others who trade, the federal securities laws also impose potential liability on companies and other "controlling persons" if they fail to take reasonable steps to prevent insider trading by the violator. "Controlling persons" includes employers (i.e., the Company), its directors, officers and managerial and supervisory personnel. The concept is broader than what would normally be encompassed by a reporting chain. Individuals may be considered "controlling persons" with respect to any other individual whose behavior they have the power to influence. Liability can be imposed only if two conditions are met. First, it must be shown that the "controlling person" knew or recklessly disregarded the fact that a violation was likely. Second, it must be shown that the "controlling person" failed to take appropriate steps to prevent the violation from occurring. For this reason, the Company's supervisory personnel are directed to take appropriate steps to ensure that those they supervise, understand and comply with the requirements set forth in this Policy

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This Statement applies to all officers, directors, employees and advisors (e.g., accountants, attorneys, investment bankers and consultants) of the Company and its subsidiaries or any consolidated entities or any other person or entity (a) over which an individual mentioned above exercises influence or control of its investment decisions, or (b) which effects a transaction in the Company's securities, which securities are in fact beneficially owned by any of the individuals mentioned above ("<u>Insider(s)</u>"). Every Insider must review this Statement, and execute and return the Certificate of Compliance attached hereto to the Compliance Officer, or confirm receipt of and future adherence to this Statement by other reasonable means, within seven (7) days or such longer period as permitted by the Company after you receive this Statement.

The failure of any Insider to comply with this Policy may subject him or her to sanctions by the Company, including dismissal for cause, whether or not the failure to comply results in a violation of law. The matters set forth in this Policy are guidelines only and are not intended to replace your responsibility to understand and comply with the legal prohibition on insider trading. Appropriate judgment should be exercised in connection with all securities trading.

Questions regarding the Statement should be directed to the Compliance Officer at compliance@amh-group.com (email).

**II.** 

**POLICIES PROHIBITING INSIDER TRADING** 

For purposes of this Statement, while the terms "purchase" and "sell" of securities exclude the acceptance of options granted by the Company thereof and the exercise of options that does not involve the sale of securities, the cashless exercise of options does involve the sale of securities and therefore is subject to the policies set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ***<u>No Trading with Material Insider Information</u>***–**No Insider shall purchase or sell any securities of the Company while in possession of material, non-public information relating to the Company, its ADSs or other securities (the "<u>Material Insider Information</u>")**.

------

If you possess Material Insider Information, you must wait for the later of (i) forty eight (48) hours after public disclosure of the Material Insider Information by the Company, or (ii) one full Trading Day on the NYSE following such public disclosure before trading the Company's ADSs or other securities. The term "<u>Trading Day</u>" is defined as a day on which the NYSE is open for trading. NYSE's regular trading hours are from 9:30 a.m. to 4:00 p.m., New York City time, Monday through Friday.

In addition, no Insider that is a Core Insider as defined in Section B below shall purchase or sell any securities of the Company, regardless of whether such Insider possesses any Material Insider Information, during any period commencing at the close of trading on the last Trading Day of the last month of each fiscal quarter and ending at the close of trading on the second Trading Day following the date upon which the Company's earnings statement for that fiscal quarter is released to the public. The Compliance Officer may also declare limited trading periods at the times that he deems appropriate, and need not provide any reason for making a declaration. If the Compliance Officer declares a limited trading period, a member of the Legal Department will notify the persons affected by the blackout as to when the blackout period begins and when it ends. The existence of a limited trading period may not be announced other than to those who are aware of the event giving rise to the blackout period. As long as the event remains material and non-public, without the prior clearance by the Compliance Officer, no person aware of the event or notified of the event-specific blackout period may trade in the Company's securities. Any person made aware of the existence of a limited trading period should not disclose the existence of the blackout period to any other person. The failure of the Compliance Officer to designate a person as being subject to a limited blackout period will not relieve that person of the obligation not to trade while aware of Material Insider Information.

Furthermore, beginning from the close of trading on the last Trading Day of each fiscal year, no Insider that is a Core Insider as defined in Section B below shall purchase or sell any security of the Company until the close of trading on the second Trading Day following the date of the Company's release of its unaudited financial results for the fiscal year ended on December 31 of the prior year.

This Policy continues to apply to transactions in Company securities even after employment or service with the Company has ended. If a director, officer or other employee is in possession of Material Insider Information when employment or service terminates, the securities laws still prohibit trading in the Company's securities until that information has become public or is no longer material.

***<u>Certain Exceptions</u>***. The foregoing restrictions on trading in the Company's securities do not apply to:

• Transferring shares to an entity that does not involve a change in the beneficial ownership of the shares (for
example, to an inter vivos trust of which you are the sole beneficiary during your lifetime).

• The exercise of stock options for cash under our stock plans (including any net-settled stock option exercise); however, the sale of any such stock acquired upon such exercise, including as part of a cashless exercise of an option, is subject to this Policy (see above under
"Stock Option Plans").

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• The exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares of
restricted stock, shares underlying restricted stock units or shares subject to an option to satisfy tax withholding requirements.

• Trades by Insiders that occur in connection with a registered primary or secondary underwritten offering of the
Company.

• The execution of transactions pursuant to a trading plan that complies with SEC Rule 10b5-1 and which has been approved by the Company.

Please see Section III below for an explanation of the Material Insider Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. ***<u>Blackout Periods</u>***. The Company's announcement of its quarterly and annual financial results has the potential to have a material effect on the market for the Company's securities. Therefore, to avoid even the appearance of trading while aware of Material Insider Information, all directors and executive officers of the Company and such other officers and employees of the Company and its subsidiaries as designated by the Compliance Officer (which shall include heads of all major business units and functions of the Company and its major subsidiaries and employees that report directly to such persons, employees of the finance and accounting department of the Company and its major subsidiaries, and any other person that may have access to the Company's business and financial results before their public announcements) (collectively, the "<u>Core Insiders</u>"), as well the household and family members (as described in Section F, below), and trusts, corporations and other entities controlled by any of such persons, are prohibited from trading in the Company's securities outside of four trading windows per year, each commencing with the close of trading on the second Trading Day following the date upon which the Company's financial results for the prior fiscal quarter is released to the public and closing at the close of trading on the last Trading Day of the last month of each fiscal quarter (each a "<u>Trading Window</u>").

In order to assist the Core Insiders in complying with this Policy, the Company will deliver an e-mail (or other communication) notifying the Core Insiders subject to the quarterly blackout period when the quarterly blackout period will begin and when it ends. The Company's delivery or non- delivery of these e-mails (or other communication) does not relieve any persons from their obligation to only trade in the Company's securities in full compliance with this Policy.

A person who is subject to a blackout period and who has an unexpected and urgent need to sell the Company's stock in order to generate cash may, in appropriate circumstances, be permitted to sell the Company's stock even during the blackout period. Hardship exceptions may be granted only by the Compliance Officer and must be requested at least two business days in advance of the proposed trade. A hardship exception may be granted only if the Compliance Officer concludes that the person requesting the exception is not in possession of Material Insider Information. Hardship exceptions are granted infrequently and only in exceptional circumstances.

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If the Company's earnings statement for a fiscal quarter or fiscal year is released on a Trading Day more than four hours before the NYSE closes, then such date of disclosure shall be considered the first Trading Day following such public disclosure.

Furthermore, all transactions in the Company's securities (including without limitation, acquisitions and dispositions of the ADSs and the sale of ordinary shares issued upon exercise of stock options, but excluding the acceptance of options granted by the Company and the exercise of options that does not involve the sale of securities) by officers, directors and employees designated by the Company from time to time must be pre-approved by the Compliance Officer (other than pursuant to a pre-approved trading plan complying with Rule 10b5-1).

**Please note that trading in Company securities during the Trading Window is not a "safe harbor," and all Insiders should strictly comply with all other policies set forth in this Statement. Further, no director, officer or other employee subject to a blackout period, however, may buy or sell Company securities, even during the quarterly window periods, if he or she is in possession of Material Insider Information or has been notified by the Company of the imposition of a limited trading period.** 

**When in doubt, do not trade! Check with the Compliance Officer first.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. ***<u>No Tipping</u>*** - No Insider shall directly or indirectly disclose any Material Insider Information to anyone who trades in securities (so-called "tipping").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. ***<u>Confidentiality</u>*** - No Insider shall communicate any Material Insider Information to anyone outside the Company under any circumstances unless approved by the Compliance Officer in advance, or to anyone within the Company other than on a need-to-know basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. ***<u>No Comment</u>*** - No Insider shall discuss any internal matters or developments of the Company with anyone outside of the Company, except as required in the performance of regular corporate duties. Unless you are expressly authorized to the contrary, if you receive any inquiries about the Company or its securities by the financial press, investment analysts or others, or any requests for comments or interviews, you should decline to comment and direct the inquiry or request to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. ***<u>Transactions by Family Members</u>*** - This Policy also applies to your family members who reside with you, anyone else who lives in your household and any family members who do not live in your household but whose transactions in the Company's securities are directed by you or are subject to your influence or control (such as relatives who consult with you before they trade in the Company's securities). You are responsible for the transactions of these other persons, and, therefore, you should make them aware of the need to confer with you before they trade in the Company's securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. ***<u>Transactions by Entities that You Influence or Control</u>*** - This Policy also applies to any entities that you influence or control, including any corporations, partnerships or trusts, and transactions by these controlled entities should be treated for the purposes of this Policy and applicable securities laws as if they were for your own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. ***"<u>Twenty-Twenty Hindsight</u>"*** - Before engaging in any transaction, you should carefully consider how enforcement authorities and others might view the transaction in hindsight after the occurrence of a negative event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. ***<u>Corrective Action</u>*** - If any potentially Material Insider Information is inadvertently disclosed, any Insider should notify the Compliance Officer immediately so that the Company can determine whether or not corrective action, such as general disclosure to the public, is warranted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. ***<u>Legal Effect of this Policy</u>*** - The Company's Policy with respect to insider trading and the disclosure of confidential information, and the procedures that implement this Policy, are not intended to serve as precise recitations of the legal prohibitions against insider trading and tipping which are highly complex, fact specific and evolving. Certain of the procedures are designed to prevent even the appearance of impropriety and in some respects may be more restrictive than the securities laws. Therefore, these procedures are not intended to serve as a basis for establishing civil or criminal liability that would not otherwise exist.

*(Remainder of the page intentionally left blank)* 

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**III.** 

**EXPLANATION OF INSIDER TRADING** 

As noted above, "insider trading" refers to the purchase or sale of securities while in possession of "material" and "non-public" information relating to such securities. "Securities" include not only stocks, bonds, notes and debentures, but also options, warrants and similar instruments. "Purchase" and "sale" are defined broadly under the United States federal securities law. "Purchase" includes not only the actual purchase of securities, but any contract to purchase or otherwise acquire securities. "Sale" includes not only the actual sale of securities, but any contract to sell or otherwise dispose of securities. These definitions extend to a broad range of transactions including conventional cash-for-stock transactions, the grant and exercise of stock options and acquisitions and exercises of warrants or puts, calls or other options related to the securities. It is generally understood that insider trading includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by Insiders while in possession of Material Insider Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by persons other than Insiders while in possession of Material Insider Information where the information
either was given in breach of an Insider's fiduciary duty to keep it confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating or tipping Material Insider Information to others, including recommending the purchase or sale of
the securities while in possession of such information.

As noted above, for purposes of this Statement, the terms "purchase" and "sell" of securities exclude the acceptance of options granted by the issuer thereof and the exercise of options that does not involve the sale of securities. Among other things, the cashless exercise of options does involve the sale of securities and therefore is subject to the policies set forth in this Statement.

***<u>What Facts are Material?</u>***

The materiality of a fact depends upon the circumstances. A fact is considered "material" if it could reasonably be expected to affect the decision of a reasonable investor to buy, sell or hold the Company's securities or where the fact is likely to have a significant effect on the market price of the Company's securities. Material Insider Information can be positive or negative and can relate to virtually any aspect of a company's business or to any type of securities, debt or equity.

Examples of Material Insider Information include (but are not limited to) information concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate earnings or earnings forecasts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial condition or asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiations for the mergers or acquisitions or dispositions of significant subsidiaries or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant new contracts or the loss of a significant contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant new products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant marketing plans or changes in such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital investment plans or changes in such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material litigation, administrative action or governmental investigations or inquiries about the Company or any
of its affiliated companies, officers or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant borrowings or financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defaults on borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new equity or debt offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant personnel changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting methods and write-offs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any substantial change in industry circumstances or competitive conditions which could significantly affect the
Company's earnings or prospects for expansion.

A good general rule of thumb: **when in doubt, do not trade.** One convenient rule of thumb in making this determination is to ask yourself, "Would the person on the other side of this transaction still want to complete the trade at this price if he or she knew what I know about the Company?" If the answer is "no," you probably possess Material Insider Information.

***<u>What is Non-public?</u>***

Information is "non-public" if it has not been disclosed in a manner that allows it to be widely disseminated. In order for information to be considered public, it must be widely disseminated in a manner making it generally available to investors and confirmed by a reasonably reliable source. Wide dissemination generally occurs through a press release or in the Company's filing with the United States Security and Exchange Commission (the "<u>SEC</u>"), or through such media as *Dow Jones*, *Reuters Economic Services*, *The Wall Street Journal*, *Bloomberg*, *Associated Press*, or *United Press International*. Reasonable confirmation generally includes confirmation by officers, directors and employees who have been authorized by the Company to speak on its behalf. The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination.

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In addition, even after a public announcement, a reasonable period of time must lapse in order for the market to react to the information. Generally, one should allow approximately forty eight (48) hours following publication as a reasonable waiting period before such information is deemed to be public.

***<u>Who is an Insider?</u>***

Insiders include all officers, directors, employees, consultants and advisors (e.g. accountants, attorneys, investment bankers and consultants) of the Company and its subsidiaries or consolidated entities or any other person or entity (a) over which an individual mentioned above exercises influence or control of its investment decisions, or (b) which effects a transaction in the Company's securities, which securities are in fact beneficially owned by any of the individuals mentioned above. Insiders have independent fiduciary duties to their company and its stockholders not to trade on Material Insider Information relating to the company's securities. In addition, family members and friends of Insiders who receive Material Insider Information about the Company may also fall under the definition of Insiders of the Company.

It should be noted that trading by an Insider's family members can be the responsibility of such Insider under certain circumstances and could give rise to legal and Company-imposed sanctions.

***<u>Trading by Persons Other than Insiders</u>***

Insiders are also prohibited from disclosing Material Insider Information, or making a recommendation or expressing an opinion regarding the Company's securities based on such information, to others who might use the information to trade in the Company's securities. Both the Insider who communicated the Material Insider Information and the person who receives and uses such information (the "<u>Tippee</u>") may be liable under the United States federal securities law.

Persons other than Insiders also can be liable for insider trading, including Tippees who trade on Material Insider Information tipped to them or individuals who trade on Material Insider Information which has been misappropriated. Tippees inherit an Insider's duties and are liable for trading on Material Insider Information illegally tipped to them by an Insider. Similarly, just as Insiders are liable for the insider trading of their Tippees, so are Tippees who pass the information along to others who trade. In other words, a Tippee's liability for insider trading is no different from that of an Insider. Tippees can obtain Material Insider Information by receiving overt tips from others or through, among other things, conversations at social, business, or other gatherings.

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***<u>Penalties for Engaging in Insider Trading</u>***

Penalties for trading on or tipping Material Insider Information can extend significantly beyond any profits made or losses avoided, both for individuals engaging in such unlawful conduct and their employers. The SEC and the United States Department of Justice have made the civil and criminal prosecution of insider trading violations a top priority. Enforcement remedies available to the government or private plaintiffs under the United States federal securities law include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC administrative sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities industry self-regulatory organization sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage awards to private plaintiffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of all profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil fines for the violator of up to three times the amount of profit gained or loss avoided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil fines for the employer or other controlling person of a violator (i.e., where the violator is an employee
or other controlled person) of up to the greater of US$1,000,000 or three times the amount of profit gained or loss avoided by the violator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• criminal fines for individual violators of up to US$1,000,000 (US$2,500,000 for an entity); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• jail sentences of up to 10 years.

In addition, insider trading could result in serious sanctions by the Company, including immediate dismissal. Insider trading violations are not limited to violations of the United States federal securities law: other federal and state civil or criminal laws, such as the laws prohibiting mail and wire fraud and the United States Racketeer Influenced and Corrupt Organizations Act (RICO), may also be violated upon the occurrence of insider trading.

**IV.** 

**TRANSACTIONS UNDER RULE 10b5-1 PLANS** 

Implementation of a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") allows a person to place a standing order with a broker to purchase or sell Company securities, so long as the plan specifies the dates, prices and amounts of the planned trades or establishes a formula for those purposes. Trades executed pursuant to a Rule 10b5-1 plan that meets the requirements listed below may generally be executed even though the person who established the plan may be in possession of material non-public information at the time of the trade. Any other trading plans that are not implemented under Rule 10b5-1, that do not have the protections of Rule 10b5-1, are referred to as non-Rule 10b5-1 plans.

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A Rule 10b5-1 plan may only be established when a person is not in possession of material non-public information and when a blackout period is not in effect. Anyone subject to this Policy who wishes to enter into a Rule 10b5-1 plan must submit the Rule 10b5-1 plan to the Compliance Officer for prior, written approval. Subsequent termination or modifications to any Rule 10b5-1 plans must also be pre-approved by the Compliance Officer.

Whether or not pre-approval will be granted will depend on all the facts and circumstances at the time, but the following guidelines should be kept in mind:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Rule 10b5-1 plan must be in writing and entered into only when a
blackout period is not in effect and when the individual is not in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Rule 10b5-1 plan must be adopted in good faith and not as part of a
plan or scheme to evade the anti-fraud rules under the federal securities laws, and the individual must at all times act in good faith with respect to the Rule 10b5-1 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person adopting the Rule 10b5-1 plan who serves as a
Section 16 Insider (as defined in Section V below) of the Company must certify in writing, in the terms of the Rule 10b5-1 plan agreement, that, at the time of the adoption of a Rule 10b5-1 plan (whether a new plan or due to a Termination Modification, as defined below): (1) they are not aware of material nonpublic information about the Company or the Company's securities;
and (2) they are adopting the plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any modification to the amount, price or timing of the purchase or sale of securities under the Rule 10b5-1 plan, as well as any change to an algorithm or computer program affecting such factors shall be deemed to be a termination of the current Rule 10b5-1 plan and the adoption of a new Rule 10b5-1 plan for purposes of restarting the Cooling-Off Period (as defined below) (any such modification, a " <u>Termination Modification</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first trade made following adoption or Termination Modification of a Rule 10b5-1 Plan of a Section 16 Insider of the Company may take place no sooner than the later of (i) 90 calendar days from adoption or modification and (ii) the second business day after the Company
announces its financial results in a Form 20-F or Form 6-K for the quarter in which the Rule 10b5-1 plan is adopted or
amended by a Termination Modification (but in any event, not to exceed 120 days following the Rule 10b5-1 plan's adoption or any Termination Modification of such Rule 10b5-1 plan) (the " <u>Officer Cooling-Off Period</u> "). For individual other than Section 16 Insiders of the Company, the Cooling-Off Period must be at least 30 days following the Rule 10b5-1 plan's adoption or any Termination Modification of such Rule 10b5-1 plan (the " <u>non-Officer Cooling-Off Period</u> "; together with Officer Cooling-Off Period, the " <u>Cooling-Off Period</u> ");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Except as permitted by the Compliance Officer and subject to the limitations under Rule 10b5-1, any directors, officers, employees and consultants of the Company may not have more than one Rule 10b5-1 plan in effect at any given time, and no transactions may be
effected outside the Rule 10b5-1 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Rule 10b5-1 Plan is meant to effect a single transaction, any
directors, officers, employees and consultants of the Company may not have had another single-trade plan (10b5-1 or otherwise) during the prior 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Rule 10b5-1 plans must permit its termination by the Company at any
time when the Company believes that trading pursuant to its terms may not lawfully occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Rule 10b5-1 plan should, in the absence of special circumstances, be
for a period of not less than one year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Rule 10b5-1 plan should provide for relatively simple pricing
parameters (e.g., limit orders), rather than complex formulae for determining when trading under the Rule 10b5-1 plan may occur and at what price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may generally not be a termination or Termination Modification of a Rule 10b5-1 plan once it is executed to avoid calling into question the original "bona fides" of the Rule 10b5-1 plan; any Termination Modification must be made
only during a non-blackout period when the person is not in possession of material non-public information and transactions under the amended Rule 10b5-1 plan may not commence until the Cooling-Off Period, beginning at the execution of the Termination Modification, has elapsed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 10b5-1 plans do not obviate the need to file Form 144 and the fact
that a reported transaction was made or is to be made pursuant to a Rule 10b5-1 should be noted on the form.

Information regarding adoption, modification, termination and material terms of any trading plan (including any modification or change to the plan), including both Rule 10b5-1 plans and non-Rule 10b5-1 plans, may be required to be disclosed in the Company's annual report on Form 20-F.

------

A copy of the executed version of any pre-cleared trading plan, both Rule 10b5-1 plans and non-Rule 10b5-1 plans, or any pre-cleared amendment to or modification or termination of a trading plan must be provided to the Compliance Officer for retention in accordance with the Company's record retention policy.

In addition to the above, the trading plan should be structured to avoid purchases or sales shortly before known announcements, such as quarterly or annual earnings announcements. Even though transactions executed in accordance with a properly formulated trading plan are exempt from the insider trading rules, the trades may nonetheless occur at times shortly before we announce material news, and the investing public and media may not understand the nuances of trading pursuant to a trading plan. This could result in negative publicity for you and the Company if the SEC or the NYSE were to investigate your trades.

The Company reserves the right to withhold approval of any 10b5-1 trading plan that the Company determines is not consistent with the rules regarding such plans. Notwithstanding any approval of a 10b5-1 trading plan, the Company assumes no liability for the consequences of any transaction made pursuant to such plan.

Approval of a 10b5-1 trading plan by the Compliance Officer does not constitute legal advice to the requesting party. The rules regarding 10b5-1 trading plans are complex and you must fully comply with them. You should consult with your legal advisor before proceeding.

**V.** 

**ADDITIONAL REQUIREMENTS ON SECTION 16 INSIDERS** 

The Board of Directors have confirmed that certain persons, including all directors and certain officers of the Company, should be subject to the reporting provisions of Section 16(a) of the Exchange Act and the underlying rules and regulations promulgated by the SEC. Each such person is referred to herein as a "<u>Section</u> <u>16 Insider</u>." Designation of Section 16 Insiders and any changes regarding such status shall be approved by the Board of Directors unless the change results solely from the relevant Section 16 Insider's departure from the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.*<u>Pre-Clearance of Trades</u>*** 

All purchases and sales of equity securities of the Company by Section 16 Insiders, other than transactions pursuant to a Rule 10b5-1 plan approved in accordance with this Policy, must be pre-cleared by the Compliance Officer. This applies even during an open trading window. The intent of this requirement is to prevent inadvertent violations of the Policy, avoid trades involving the appearance of improper insider trading, and facilitate timely Form 4 reporting in accordance with Section 16(a) of the Exchange Act.

Requests for pre-clearance must be submitted to the Compliance Officer at compliance@amh-group.com (email) at least two (2) business days in advance of each proposed transaction. If the Section 16 Insider submits the request by email and does not receive a response from the Compliance Officer within twenty-four (24) hours (not including weekend days), the Section 16 Insider will be responsible for following up to ensure that the message was received.

------

A request for pre-clearance should provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the proposed transaction, the expected date of the transaction, and the number of shares involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the transaction involves an option exercise, the specific option to be exercised and the manner of exercise
(e.g., "same-day sale" or "cashless exercise");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact information for the broker who will execute the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification to the Compliance Officer by the Section 16 Insider that the Section 16 Insider is not in
possession of material nonpublic information concerning the Company.

Once the proposed transaction is pre-cleared, the Section 16 Insider may proceed with it during an open window and within two (2) Trading Days on the approved terms, provided that he or she complies with all other securities law requirements, such as (if applicable to the Section 16 Insider) the requirements of Rule 144 under the U.S. Securities Act of 1933, as amended, and with any limited trading periods declared by the Compliance Officer prior to the completion of the trade. If the transaction does not occur with the two-Trading-Day period following pre-clearance, the Section 16 Insider must re-request pre-clearance. A Section 16 Insider and his or her broker will be responsible for immediately reporting the results of the transaction as further described below.

In addition, pre-clearance is required for the establishment, modification or termination of a Rule 10b5-1 plan (see Section IV above). However, pre-clearance will not be required for individual transactions effected pursuant to a pre-cleared Rule 10b5-1 plan that specifies or establishes a formula for determining the dates, prices and amounts of planned trades. Of course, the results of transactions effected by a Section 16 Insider under a Rule 10b5-1 plan must be reported immediately to the Company since they will be reportable on Form 4 within two (2) business days following the execution of the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.*<u>Reporting of Transactions</u>*** 

To facilitate timely reporting under Section 16(a) of the Exchange Act of Section 16 Insiders' transactions in the Company's equity securities, Section 16 Insiders are required to (i) report the details of each transaction immediately after it is executed and (ii) arrange with persons whose trades must be reported by the Section 16 Insider under Section 16(a) (such as immediate family members living in the Section 16 Insider's household) to immediately report directly to the Company and to the Section 16 Insider the details of any transactions they have in equity securities of the Company. Immediate family members of a Section 16 Insider include his or her child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

------

Transaction details to be reported include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction date (trade date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of shares involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price per share at which the transaction was executed (before addition or deduction of brokerage commissions and
other transaction fees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the transaction was an option exercise, the specific option exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact information for the broker who executed the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A specific representation whether the transaction was intended to satisfy the affirmative defense conditions of
Rule 10b5-1(c)

The transaction details must be reported to the Compliance Officer at compliance@amh-group.com (email), with copies to the Company personnel who will assist the Section 16 Insider in preparing his or her Form 4.

Most transactions in equity securities of the Company by Section 16 Insiders (including all purchases, sales, gifts, pledge, trades pursuant to Rule 10b5-1 plan, among others) are subject to reporting on Form 4 within two (2) business days following the transaction date (which in the case of an open market trade is the date when the broker places the buy or sell order, not the date when the trade is settled). To facilitate timely reporting, all transactions that are subject to Section 16(a) must be reported to the Company on the same day as the trade date, or, with respect to transactions effected pursuant to a Rule 10b5-1 plan, on the day the Section 16 Insider is advised of the terms of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.*<u>Use of Knowledgeable Broker</u>*** 

Section 16 Insiders are encouraged to select one knowledgeable broker familiar with U.S. securities laws to effect all transactions in the Company's securities, and that broker should become familiar with this Policy and the restrictions that apply to the Section 16 Insider's transactions in the Company's securities. Remember, however, that a broker has no legal responsibility for a client's Section 16(a) filings. Therefore, the best protection will come from the Section 16 Insider's own awareness of the requirements of this Policy and the possible pitfalls. However, use of the same broker familiar with this Policy will help you constantly monitor your compliance, not only with this Policy but also with your other securities laws obligations.

(*Remainder of the page intentionally left blank*)

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**<u>CERTIFICATION OF COMPLIANCE</u>**

---

| | |
|:---|:---|
| TO: | Compliance Officer |
| FROM: |  |
| RE: | FULL TRUCK ALLIANCE CO. LTD. SECOND AMENDED AND RESTATED STATEMENT OF POLICIES OF GOVERNING MATERIAL, NON-PUBLIC INFORMATION, TRADING IN SECURITIES BY INSIDERS AND THE PREVENTION OF INSIDER TRADING<br>|

---

I have received, reviewed, and understand the above-referenced Statement of Policies (the "<u>Policy</u>") and hereby undertake, as a condition to my present and continued employment at or association with Full Truck Alliance Co. Ltd., to comply fully with the Policy.

I hereby certify that I have adhered to the Policy during the time period that I have been employed by or associated with Full Truck Alliance Co. Ltd.

I agree to adhere to the Policy in the future.

---

| |
|:---|
| Name: |
| Title: |
| Date: |

---

## Exhibit 12.1

**Exhibit 12.1** 

**Certification by the Chief Executive Officer** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Peter Hui Zhang, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Full Truck Alliance
Co. Ltd. (the "Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 14, 2026 | Date: April 14, 2026 |
| By: | /s/ Peter Hui Zhang |
|  | Name: Peter Hui Zhang |
|  | Title: Chairman and Chief Executive Officer |

---

## Exhibit 12.2

**Exhibit 12.2** 

**Certification by the Principal Financial and Accounting Officer** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Langbo Guo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Full Truck Alliance
Co. Ltd. (the "Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 14, 2026 | Date: April 14, 2026 |
| By: | /s/ Langbo Guo |
|  | Name: Langbo Guo |
|  | Title: President |

---

## Exhibit 13.1

**Exhibit 13.1** 

**Certification by the Chief Executive Officer** 

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the annual report of Full Truck Alliance Co. Ltd. (the "Company") on Form 20-F for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Peter Hui Zhang, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: April 14, 2026 | Date: April 14, 2026 |
| By: | /s/ Peter Hui Zhang |
|  | Name: Peter Hui Zhang |
|  | Title: Chairman and Chief Executive Officer |

---

## Exhibit 13.2

**Exhibit 13.2** 

**Certification by the Principal Financial and Accounting Officer** 

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the annual report of Full Truck Alliance Co. Ltd. (the "Company") on Form 20-F for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Langbo Guo, President of the Company (who serves as the principal financial and accounting officer of the Company), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: April 14, 2026 | Date: April 14, 2026 |
| By: | /s/ Langbo Guo |
|  | Name: Langbo Guo |
|  | Title: President |

---

## Exhibit 15.1

**Exhibit 15.1**![LOGO](g20504g0414065859826.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement Nos.333-264873 and 333-257735 on Form S-8 of our reports dated April 14, 2026, relating to the financial statements of Full Truck Alliance Co. Ltd. and the effectiveness of Full Truck Alliance Co. Ltd.'s internal control over financial reporting appearing in this Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ Deloitte Touche Tohmatsu Certified Public Accountants LLP

Shanghai, China

April 14, 2026

## Exhibit 15.2

**Exhibit 15.2**![LOGO](g20504g0414070809990.jpg)

Date: April 14, 2026

**Full Truck Alliance Co. Ltd.** 

6 Keji Road

Huaxi District,

Guiyang, Guizhou

People's Republic of China

or

Wanbo Science and Technology Park, 20 Fengxin Road

Yuhuatai District, Nanjing, Jiangsu

People's Republic of China

Dear Sir/Madam:

We hereby consent to the reference to our firm and the summary of our opinion under the headings, "Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry", "Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure", "Item 4. Information on the Company—C. Organizational Structure—Contractual Arrangements with the Group VIEs" in Full Truck Alliance Co. Ltd.'s Annual Report on Form 20-F for the year ended December 31, 2025 (the "**Annual Report**"), which will be filed with the Securities and Exchange Commission (the "**SEC**") in the month of April 2026. We also consent to the filing of this consent letter with the SEC as an exhibit to the Annual Report.

In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, or under the Securities Exchange Act of 1934, in each case, as amended, or the regulations promulgated thereunder.

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| |
|:---|
| Yours Sincerely, |
| /s/ CM Law Firm |
| CM Law Firm |

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