英文满帮集团（YMM）：集团投资者电话会议要点

China (PRC) | InternetFull Truck AllianceEquity ResearchMay 26, 2025 Thomas Chong *  | Equity Analyst852 3743 8016 | thomas.chong@jefferies.comZoey Zong *  | Equity Analyst852 3743 8163 | zoey.zong@jefferies.comKey Takeaways from Group Investor CallHighlights include (1) solid order volume growth is expected in 2025, withemphasis on driving user scale; (2) transaction service revenue is expectedto maintain fast growth trend in 2025 backed by multiple drivers; (3) long-term take rate outlook is intact; (4) investment in Plus PRC embraces theautonomous driving trend; and (5) embracing AI opportunities ahead.Solid order volume growth. Order volume grew 22.6% YoY in 1Q25, with long-haul growthof about 18% YoY and short-haul growth of over 40% YoY. The industry shift towards LTLcontinues, and the margin share gain story of FTA is intact. In 2025, FTA is expected to placeemphasis on user growth, and order growth is expected to be 22.3-25.5% YoY.Fast growth of transaction services. In 2025, t