Full Truck Alliance Co. Ltd.

Ladies and gentlemen, good day and welcome to Full Truck Alliance's second quarter 2026 earnings conference call. Today's conference is being recorded. At this time, I'd 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 vulnerability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guaranteed of future performance and are subject to certain risks and uncertainty, 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 today's press release and discussion. The general discussion of the risk factors that could affect FTA 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 working information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconsideration 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 side are Mr. Hui Zhang, our Founder, Chairman, and CEO, and Mr. Sander Tai, our Chief Financing and Investment Officer. We will open the call to questions following brief opening remarks from Mr. Zhang. As a reminder, the conference is being recorded. In addition, a webcast replay of this call will be available on FTA's investor-related website at ir.fulltrackalliance.com. I will now turn the call over to our founder, chairman, CEO, Mr. Zhang. Please go ahead, sir.

Hello, everyone. Welcome to the second quarter of ManBang in 2026. Today, the second quarter is facing a challenging market environment. The company's business has shown solid growth and resilience. The reserve order has reached 68.5 million orders, which is 12.7% of the total growth. In terms of business, we continue to deepen the user experience and transaction efficiency by strengthening the breadth and depth of private goods insurance. The user satisfaction has increased significantly. The average number of goods delivered this quarter has increased by 12.8%, reaching 3.57 million people. In the past 12 months, the number of courier drivers has also continued to increase. The overall network effect has been further enhanced. The order density and driver attack have increased in both directions, and the push-and-pull rate has increased by 6.3% to 47%. Hello, everyone. Thank you for joining us today for our second quarter of 2026 Bernie's Conference Call.