Full Track Alliance achieved Q2 2022 revenue of CNY 1.67 billion, which can not be separated from the improvement of its algorithm capabilities and emphasis on technology.
Full Track Alliance (Chinese: 满帮集团，NYSE:YMM) released its second quarter 2022 financial results on the evening of August 25, , with earnings figures exceeding expectations. According to the earnings report, Full Track Alliance achieved revenue of CNY 1.67 billion in the second quarter, up 49.3% year on year. Non-GAAP net profit of CNY 270 million was recorded, an increase of 168.1% year on year. In terms of operational data, the GTV of transactions in the second quarter reached CNY 65.8 billion, an increase of 22.8% over the previous quarter, and the number of fulfilled orders was 27.8 million, an increase of 10.7% over the previous quarter.
Affected by the epidemic, the logistics industry faced many challenges in the second quarter, and data showed that the industry was under obvious pressure from April to June. Under such circumstances, Full Track Alliance still delivered a good answer sheet.
In the pre-market earnings call, the management of Full Track Alliance made a specific presentation on the second quarter operation and financial situation.
In terms of operations, the platform's operational efficiency continued to improve in the second quarter, as reflected in the shortening of transaction time, with the median transaction time in June being about 11 minutes, which continued to shorten both year over year and month on month, proving that its algorithm-driven matching efficiency continued to improve, making the accuracy of order matching increasing.
In terms of user experience, in the second quarter, through the iterative upgrade of the platform algorithm strategy and accurate pushing, the driver has upgraded from spending 5 minutes to find the goods by himself in the past to relying on the recommended orders in 3 minutes, and the matching efficiency has improved significantly.
The improvement of algorithm capability is inseparable from the importance and continuous investment in technology. In the second quarter, Full Track Alliance spent CNY 220 million on research and development, an increase of nearly 40% year on year.
This company's competitors include HUBS1, Yunlsp.
As of press time, it closed at USD 8.030 apiece, with a market cap of USD 8.9 billion.