Full Truck Alliance Co. Ltd.

Ladies and gentlemen, good day and welcome to Full Truck Alliance's second quarter 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mao Mao, Head of Investor Relations. Please go ahead.

Thank you, Operator. Please note that today's discussion will contain forward-looking statements. relating to the company's future performance, which are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in the Saturday's end discussion. A general discussion of the risk factors that could affect FDA's business and financial results is included in certain filings of the company with the SEC. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain gap financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. Joining us today on the call from FTA's senior management are Mr. Hui Zhang, our founder, chairman, and CEO, and Mr. Simon Tsai, our chief financing and investment officer. Management will begin with prepared remarks and the call will conclude with a Q&A session. As a reminder, this conference is being recorded. In addition, a webcast replay of this call will be available on FTA's investor relations website at ir.fulltrackalliance.com. I will now turn the call over to our founder, chairman, and CEO, Mr. Zhang. Please go ahead, sir.

大家好,欢迎各位参加满堡2025年第二季度业绩电话会。 新年二季度面对外部环境的机遇和挑战。 The full-scale business has shown a strong development resilience. We insist on digitizing and intelligent promotion of the public logistics industry to this effect system. By increasing the exchange rate and optimizing the user experience, the unit size of the full-scale platform is rising again. This quarter, the exchange rate has reached 60.8 million units, which is 23.8% growth. This reflects the continuous upgrade of the digital logistics to the traditional online logistics trading model.