GUIYANG,China,Nov. 20,2024 -- Full Truck Alliance Co. Ltd. ("FTA" or the"Company") (NYSE: YMM),a leading digital freight platform,today announced its unaudited financial results for the third quarter ended September 30,2024.

Third Quarter 2024 Financial and Operational Highlights

Total net revenues in the third quarter of 2024 were RMB3,031.4 million (US$432.0 million),an increase of 33.9% from RMB2,263.9 million in the same period of 2023.

Net incomein the third quarter of 2024 was RMB1,121.9 million (US$159.9 million),an increase of 81.4% from RMB618.4 million in the same period of 2023.

Non-GAAP adjusted net income[1] in the third quarter of 2024 was RMB1,241.2 million (US$176.9 million),an increase of 50.2% from RMB826.6 million in the same period of 2023.

Fulfilled orders[2] in the third quarter of 2024 reached 51.9 million,an increase of 22.1% from 42.5 million in the same period of 2023.

Average shipper MAUs[3] in the third quarter of 2024 reached 2.84 million,an increase of 33.6% from 2.13 million in the same period of 2023.

Mr. Peter Hui Zhang,Founder,Chairman and Chief Executive Officer of FTA,commented,"We are pleased to report robust growth in our user base,matching efficiency,freight orders,revenue and profit in the third quarter. This performance was underpinned by our commitment to driving digital and intelligent logistics transformation,which enables shippers to improve cost efficiency,while enabling truckers to secure more orders,maximize vehicle productivity and increase their earnings. In addition,we successfully revitalized the Yunmanman brand during the quarter and enhanced the dual membership program for truckers and shippers,further boosting user engagement and loyalty. As we look ahead to the fourth quarter,we will continue to strengthen our digital and intelligent product innovations to deliver even greater value to our users and society."

Mr. Simon Cai,Chief Financial Officer of FTA,added,"Buoyed by strong growth in various segments of our platform,we achieved total net revenues of RMB3.0 billion,reflecting a 33.9% year-over-year increase. Our revenue from transaction service once again recorded the highest growth rate among all our business segments at 68.6% year over year,propelled by a sustainable increase in order volume and the continued optimization of our commission strategy. Our revenue growth was complemented by improved profitability,with net income and non-GAAP adjusted net income reaching RMB1.1 billion and RMB1.2 billion,up 81.4% and 50.2% year over year,respectively. Looking ahead,we will continue to prioritize operational efficiency and monetization as we steadily grow our business."

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

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

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

Third Quarter 2024Financial Results

Net Revenues(including value added taxes,or "VAT," of RMB1,137.9 million and RMB1,380.7 million for the three months ended September 30,2023 and 2024,respectively). Total net revenues in the third quarter of 2024 were RMB3,representing an increase of 33.9% from RMB2,263.9 million in the same period of 2023,primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the third quarter of 2024 were RMB2,551.8 million (US$363.6 million),representing an increase of 34.0% from RMB1,904.5 million in the same period of 2023. The increase was mainly due to the rapid increase in transaction service[4] and the continued growth in freight brokerage service.

Freight brokerage service. Revenues from freight brokerage service in the third quarter of 2024 were RMB1,280.9 million (US$182.5 million),an increase of 19.7% from RMB1,070.2 million in the same period of 2023,primarily attributable to an increase in transaction volume due to the continued growth in user demand.

Freight listing service. Revenues from freight listing service in the third quarter of 2024 were RMB223.4 million (US$31.8 million),an increase of 4.9% from RMB212.9 million in the same period of 2023,primarily due to the growing number of total paying members.

Transaction service.[4]Revenues fromtransaction serviceamounted to RMB1,047.5million (US$149.3million) in the third quarter of 2024,an increase of 68.6% from RMB621.4million in the same period of 2023,primarily driven by increases in order volume,penetration rate,and per-order transaction service fee.

Value-added services. Revenues from value-added services in the third quarter of 2024 were RMB479.6 million (US$68.3 million),an increase of 33.4% from RMB359.4 million in the same period of 2023. The increase was due to the growing demand from truckers and shippers for credit solutions and other value-added services.

Cost of Revenues(including VAT net of government grants of RMB870.0 million andRMB1,034.4 millionfor the three months ended September 30,respectively). Cost of revenues in the third quarter of 2024 was RMB1,364.9 million (US$194.5 million),compared with RMB1,142.1 million in the same period of 2023. The increase was primarily due to increases in VAT,related tax surcharges and other tax costs,net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,221.6 million,representing an increase of 18.3% from RMB1,032.5 million in the same period of 2023,primarily due to an increase in transaction activities involving the Company's freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the third quarter of 2024 were RMB412.5 million (US$58.8 million),compared with RMB290.8 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the third quarter of 2024 were RMB227.9million (US$32.5million),compared with RMB290.4 million in the same period of 2023. The decrease was primarily because the Company recorded settlement in principle of certain U.S. securities class action in the same period last year,which was disclosed in the Form 6-K furnished to the U.S. Securities and Exchange Commission on September 18,2023.

Research and Development Expenses. Research and development expenses in the third quarter of 2024 were RMB195.1 million (US$27.8 million),compared with RMB237.7 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in the third quarter of 2024 was RMB762.0 million (US$108.6 million),an increase of 208.4% from RMB247.1 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.[5] Non-GAAP adjusted operating income in the third quarter of 2024 was RMB884.5 million (US$126.0million),an increase of 92.9% from RMB458.5 million in the same period of 2023.

Net Income. Net income in the third quarter of 2024 was RMB1,121.9 million (US$159.9million),an increase of 81.4% from RMB618.4 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the third quarter of 2024 was RMB1,an increase of 50.2% from RMB826.6 million in the same period of 2023.

Basic and Diluted Net Income per ADS[6] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[7] Basic and diluted net income per ADS were RMB1.06 (US$0.15) in the third quarter of 2024,compared with RMB0.58 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1.18 (US$0.17) in the third quarter of 2024,compared with RMB0.78 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB1.17 (US$0.17) in the third quarter of 2024,compared with RMB0.78 in the same period of 2023.

Balance Sheet and Cash Flow

As of September 30,2024,the Company had cash and cash equivalents,restricted cash,short-term investments,long-term time deposits and wealth management products with maturities over one year of RMB27.3 billion (US$3.9 billion) in total,compared with RMB27.6 billion as of December 31,2023.

As of September 30,the total outstanding balance of on-balance sheet loans,consisting of the total principal amounts and all accrued interests of the loans funded through our small loan company,reduced by an allowance for estimated losses,was RMB4,326.4 million (US$616.5 million),compared with RMB3,521.1 million as of December 31,2023. The total non-performing loan ratio[8] for these loans was 1.8% as of September 30,compared with 2.0% as of December 31,2023.

In the third quarterof 2024,net cash provided by operating activities was RMB1,051.1million (US$149.8million).

[4]Effective January 1,we have renamed our "Transaction commission" revenue stream as "Transaction service," which consists of allmonetizationfrom truckers related to our freight matching service,including the revenue generated from ourintra-citybusiness,which was previously classified under "Freight listing service" and "Value-added services." The comparative periods have been restated to conform to this presentation by reclassifying RMB19.2 million and RMB0.1 million,which were previously included in "Freight listing service" and "Value-added services," respectively,as "Transaction service".

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

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

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

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

Business Outlook

The Company expects its total net revenues to be between RMB2.94 billion and RMB3.00 billion for the fourth quarter of 2024,representing a year-over-year growth rate of approximately 22.3% to 24.8%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions,which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated,all translations from RMB to US$ were made at a rate of RMB7.0176to US$1.00,the exchange rate in effect as of September 30,as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been,or could be,converted into US$ or RMB,as the case may be,at any particular rate,or at all.

Conference Call

The Company's management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on November 20,or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the third quarter of 2024.

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

Participant Online Registration:

https://dpregister.com/sreg/10193772/fdc4c9f64c

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

The replay will be accessible through November 27,by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

7190368

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

About Full Truck Alliance Co. Ltd.

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

Use of Non-GAAP Financial Measures

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

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

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense,amortization of intangible assets resulting from business acquisitions,compensation cost incurred in relation to acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.

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

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

Safe Harbor Statement

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

For investor and media inquiries,please contact:

In China:

Full Truck Alliance Co. Ltd.

Mao Mao

E-mail: IR@amh-group.com

Piacente Financial Communications

Hui Fan

Tel: +86-10-6508-0677

E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: FTA@thepiacentegroup.com

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of

December 31,

September 30,

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

6,770,895

4,592,305

654,398

Restricted cash – current

115,513

100,562

14,330

Short-term investments

11,516,304

15,855,809

2,259,435

Accounts receivable,net

23,418

27,038

3,853

Loans receivable,net

3,521,072

4,326,360

616,501

Prepayments and other current assets

2,049,780

2,894,832

412,510

Total current assets

23,996,982

27,796,906

3,961,027

Restricted cash – non-current

10,000

20,000

2,850

Long-term investments[1]

11,075,739

8,661,163

1,234,206

Property and equipment,net

194,576

267,449

38,111

Intangible assets,net

449,904

407,359

58,048

Goodwill

3,124,828

3,828

445,284

Deferred tax assets

149,081

78,576

11,197

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

134,867

125,476

17,880

Other non-current assets

211,670

130,862

18,648

Total non-current assets

15,350,665

12,815,713

1,826,224

TOTAL ASSETS

39,347,647

40,612,619

5,787,251

LIABILITIES,MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

25,220

28,422

4,050

Prepaid for freight listing fees and other service fees

548,917

618,418

88,124

Income tax payable

154,916

245,855

35,034

Other tax payable

784,617

1,020,169

145,373

Operating lease liabilities – current

37,758

42,215

6,016

Dividends payable

—

16,525

2,355

Accrued expenses and other current liabilities

1,723,245

1,666,619

237,489

Total current liabilities

3,274,673

3,638,223

518,441

Deferred tax liabilities

108,591

98,825

14,082

Operating lease liabilities – non-current

46,709

32,623

4,649

Other non-current liabilities

22,950

15,344

2,187

Total non-current liabilities

178,250

146,792

20,918

TOTAL LIABILITIES

3,452,923

3,785,015

539,359

MEZZANINE EQUITY

Redeemable non-controlling interests

277,420

425,723

60,665

SHAREHOLDERS' EQUITY

Ordinary shares

1,371

1,343

191

Treasury stock,at cost

(608,117)

(68,495)

(9,760)

Additional paid-in capital

47,713,985

45,780,737

6,523,703

Accumulated other comprehensive income

2,897,871

2,601,815

370,756

Accumulated deficit

(14,400,604)

(11,929,515)

(1,699,942)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

35,604,506

36,385,885

5,184,948

Non-controlling interests

12,798

15,996

2,279

TOTAL SHAREHOLDERS' EQUITY

35,617,304

36,401,881

5,187,227

TOTAL LIABILITIES,MEZZANINE EQUITY AND EQUITY

39,251

[1] The Group's long-term investments consist of RMB6,086 million long-term time deposits,RMB638 million wealth management products with maturities over one year,RMB915 million investments in debt securities,RMB320 million equity method investments,and RMB702 million equity investments without readily determinable fair value as of September 30,2024.

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

Three months ended

Nine months ended

September 30,

June 30,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues (including value added taxes,

"VAT",of RMB1,137.9 million and

RMB1,380.7 million for the three months

ended September 30,

respectively)

2,263,917

2,764,283

3,031,388

431,969

6,028,202

8,064,384

1,149,166

Operating expenses:

Cost of revenues (including VAT net of

government grants,of RMB870.0

million and RMB1,034.4 million

the three months ended September

30,respectively)(1)

(1,142,057)

(1,312,072)

(1,364,884)

(194,494)

(2,966,699)

(3,708,844)

(528,506)

Sales and marketing expenses(1)

(290,782)

(372,288)

(412,499)

(58,781)

(818,231)

(1,934)

(160,302)

General and administrative expenses(1)

(290,443)

(219,157)

(227,874)

(32,472)

(671,661)

(711,498)

(101,388)

Research and development expenses(1)

(237,716)

(232,140)

(195,142)

(27,808)

(691,291)

(674,990)

(96,185)

Provision for loans receivable

(62,948)

(71,057)

(71,242)

(10,152)

(166,972)

(222,623)

(31,724)

Total operating expenses

(2,023,946)

(2,206,714)

(2,271,641)

(323,707)

(5,314,854)

(6,442,889)

(918,105)

Other operating income

7,089

7,798

2,242

319

33,265

18,050

2,572

Income from operations

247,060

565,367

761,989

108,581

746,613

1,639,545

233,633

Other income (expense)

Interest income

297,249

305,337

303,268

43,215

828,824

923,968

131,664

Foreign exchange gain (loss)

585

6,306

(3,444)

(491)

760

3,279

467

Investment income

22,605

18,697

7,250

1,033

29,789

44,431

6,331

Unrealized (losses) gains from fair

value changes of investments

(12,124)

(4,522)

10,618

1,513

6,105

(1,292)

(184)

Other income,net

116,885

1,395

126,246

17,990

127,807

129,711

18,484

Share of loss in equity method investees

(236)

(882)

(351)

(50)

(1,242)

(1,281)

(183)

Total other income

424,964

326,331

443,587

63,210

992,043

1,098,816

156,579

Net income before income tax

672,024

891,698

1,205,576

171,791

1,738,656

2,361

390,212

Income tax expense

(53,601)

(51,190)

(83,640)

(11,919)

(99,813)

(189,550)

(27,011)

Net income

618,423

840,508

1,121,936

159,872

1,843

2,548,811

363,201

Less: net loss attributable to

non-controlling interests

(675)

(568)

(1,254)

(179)

(661)

(2,371)

(338)

Less: measurement adjustment

attributable to redeemable non-

controlling interests

4,745

17,942

16,104

2,295

10,705

39,790

5,670

Net income attributable to

ordinary shareholders

614,353

823,134

1,107,086

157,756

1,628,799

2,511,392

357,869

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(All amounts in thousands,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ordinary

share

—Basic

0.03

0.04

0.05

0.01

0.08

0.12

0.02

—Diluted

0.03

0.04

0.05

0.01

0.08

0.12

0.02

Net income per ADS*

—Basic

0.58

0.79

1.06

0.15

1.54

2.41

0.34

—Diluted

0.58

0.79

1.06

0.15

1.54

2.40

0.34

Weighted average number

of ordinary shares used

in computing net

income per share

—Basic

21,025,267,682

20,805,892,860

20,818,441,720

20,720

21,166,923,739

20,829,402,911

20,911

—Diluted

21,059,252,652

20,905,181

20,885,299,925

20,925

21,211,056

20,898,475,982

20,982

Weighted average number

of ADS used in

computing net

income per ADS

—Basic

1,051,384

1,040,294,643

1,922,086

1,058,346,187

1,041,470,146

1,146

—Diluted

1,052,962,633

1,045,277,409

1,044,264,996

1,060,583,053

1,799

1,799

* Each ADS represents 20 ordinary shares.

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

Three months ended

Nine months ended

September 30,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

2,796

2,734

2,643

377

5,983

8,121

1,157

Sales and marketing

expenses

15,217

12,875

12,824

39,489

36,359

5,181

General and administrative

expenses

81,249

79,197

73,892

10,530

208,214

272,632

38,850

Research and development

expenses

22,938

21,495

20,172

2,874

57,466

64,651

9,213

Total

122,200

116,301

109,506

15,605

311,152

381,763

54,401

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Income from operations

247,633

Add:

Share-based

compensation

expense

122,200

116,301

109,506

15,605

311,152

381,763

54,401

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

1,855

39,063

39,063

5,566

Compensation cost

incurred in relation

to acquisitions

4,281

4,281

—

—

12,843

8,562

1,220

Settlement in principle

of U.S. securities

class action

71,900

—

—

—

71,900

—

—

Non-GAAP adjusted

operating income

458,462

698,970

884,516

126,041

1,181,571

2,068,933

294,820

Net income

618,201

Add:

Share-based

compensation

expense

122,900

—

—

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(464)

(9,765)

(9,765)

(1,392)

Non-GAAP adjusted net

income

826,570

970,856

1,241,208

176,868

2,036

2,968,434

422,996

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable

to ordinary

shareholders

614,869

Add:

Share-based

compensation

expense

122,392)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

822,500

953,482

1,226,358

174,752

2,053,992

2,931,015

417,664

Non-GAAP adjusted net

income per ordinary

share

—Basic

0.04

0.05

0.06

0.01

0.10

0.14

0.02

—Diluted

0.04

0.05

0.06

0.01

0.10

0.14

0.02

Non-GAAP adjusted net

income per ADS

—Basic

0.78

0.92

1.18

0.17

1.94

2.81

0.40

—Diluted

0.78

0.91

1.17

0.17

1.94

2.80

0.40