Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001838413 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40507 |
Entity Registrant Name | Full Truck Alliance Co. Ltd. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 6 Keji Road |
Entity Address, Address Line Two | Huaxi District |
Entity Address, Address Line Three | Guiyang |
Entity Address, City or Town | Guizhou |
Entity Address, Postal Zip Code | 550025 |
Entity Address, Country | CN |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditor Firm ID | 1113 |
Auditor Location | Shanghai, China |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Wanbo Science and Technology Park |
Entity Address, Address Line Two | 20 Fengxin Road |
Entity Address, Address Line Three | Yuhuatai District |
Entity Address, City or Town | Nanjing |
Entity Address, Postal Zip Code | 210012 |
Entity Address, Country | CN |
Contact Personnel Name | Simon Chong Cai |
City Area Code | +86 |
Local Phone Number | 25-6692-0156 |
Contact Personnel Email Address | IR@amh-group.com |
ADR [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing 20 Class A ordinary shares |
Trading Symbol | YMM |
Security Exchange Name | NYSE |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, US$0.00001 par value per share |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 19,091,365,934 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,317,044,668 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 5,137,312 | $ 744,840 | ¥ 4,284,291 |
Restricted cash—current (including RMB3,509 from the consolidated trusts as of December 31, 2021 and not applicable as of December 31, 2022) | 83,759 | 12,144 | 65,822 |
Short-term investments | 21,087,089 | 3,057,341 | 21,634,642 |
Accounts receivable, net (net of allowance of RMB3,713 and RMB5,424 as of December 31, 2021 and 2022, respectively) | 13,015 | 1,887 | 29,139 |
Amounts due from related parties | 0 | 0 | 7,075 |
Loans receivable, net (including RMB353,509 from the consolidated trusts as of December 31, 2021 and not applicable as of December 31, 2022) | 2,648,449 | 383,989 | 1,777,667 |
Prepayments and other current assets | 2,034,427 | 294,964 | 1,099,607 |
Total current assets | 31,004,051 | 4,495,165 | 28,898,243 |
Restricted cash—non-current | 0 | 0 | 13,500 |
Property and equipment, net | 108,824 | 15,778 | 102,158 |
Investments in equity investees | 1,774,270 | 257,245 | 1,678,351 |
Intangible assets, net | 502,421 | 72,844 | 557,016 |
Goodwill | 3,124,828 | 453,057 | 3,124,828 |
Deferred tax assets | 41,490 | 6,015 | 20,492 |
Operating lease right-of-use assets and land use rights | 132,000 | 19,138 | 0 |
Other non-current assets | 8,427 | 1,222 | 3,847 |
Total non-current assets | 5,692,260 | 825,299 | 5,500,192 |
TOTAL ASSETS | 36,696,311 | 5,320,464 | 34,398,435 |
Current liabilities | |||
Short-term loans (including RMB9,000 and nil from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 0 | 0 | 9,000 |
Accounts payable (including RMB29,077 and RMB6,374 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 27,953 | 4,053 | 29,381 |
Amounts due to related parties | 122,152 | 17,710 | 179,859 |
Prepaid for freight listing fees and other service fees (including RMB383,153 and RMB436,806 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 462,080 | 66,995 | 383,236 |
Income tax payable (including RMB21,573 and RMB8,082 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 52,233 | 7,573 | 31,538 |
Other tax payable (including RMB566,479 and RMB682,030 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 721,597 | 104,622 | 894,592 |
Operating lease liabilities – current (including nil and RMB39,649 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 44,590 | 6,465 | 0 |
Accrued expenses and other current liabilities (including RMB1,045,484 and RMB883,965 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 1,301,160 | 188,649 | 1,206,179 |
Total current liabilities. | 2,731,765 | 396,067 | 2,733,785 |
Deferred tax liabilities (including RMB26,415 and RMB23,358 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 121,611 | 17,632 | 135,764 |
Operating lease liabilities – non current (including nil and RMB34,036 from the consolidated VIEs as of December 31, 2021 and 2022, respectively) | 35,931 | 5,210 | 0 |
Total non-current liabilities | 157,542 | 22,842 | 135,764 |
TOTAL LIABILITIES | 2,889,307 | 418,909 | 2,869,549 |
Commitments and contingencies (Note 25) | |||
MEZZANINE EQUITY | |||
Redeemable non-controlling interests | 149,771 | 21,715 | 0 |
EQUITY | |||
Additional paid-in capital | 47,758,178 | 6,924,285 | 49,245,773 |
Accumulated other comprehensive income | 2,511,170 | 364,085 | 538,650 |
Subscription receivables | 0 | 0 | (1,310,140) |
Accumulated deficit | (16,613,492) | (2,408,730) | (17,020,254) |
TOTAL FULL TRUCK ALLIANCE CO. LTD.EQUITY | 33,657,233 | 4,879,840 | 31,455,445 |
Non-controlling interests | 0 | 0 | 73,441 |
TOTAL EQUITY | 33,657,233 | 4,879,840 | 31,528,886 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | 36,696,311 | 5,320,464 | 34,398,435 |
Common Class A [Member] | |||
EQUITY | |||
Common Stock Value | 1,222 | 177 | 1,198 |
Common Class B [Member] | |||
EQUITY | |||
Common Stock Value | ¥ 155 | $ 23 | ¥ 218 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares |
Restricted cash current | ¥ 83,759 | ¥ 65,822 |
Allowances for doubtful debts on accounts receivable current | 5,424 | 3,713 |
Loans receivable, net | 2,648,449 | 1,777,667 |
Short-term loans | 0 | 9,000 |
Accounts payable | 27,953 | 29,381 |
Prepaid for freight listing fees and other service fees | 462,080 | 383,236 |
Income tax payable | 52,233 | 31,538 |
Other tax payable | 721,597 | 894,592 |
Accrued expenses and other current liabilities | 1,301,160 | 1,206,179 |
Deferred tax liabilities | 121,611 | 135,764 |
Current operating lease liabilities | 44,590 | 0 |
Non-current operating lease liabilities | ¥ 35,931 | ¥ 0 |
Common Class A [Member] | ||
Common stock, shares authorized | shares | 40,000,000,000 | 40,000,000,000 |
Common stock, shares, issued | shares | 18,919,468,156 | 18,505,617,508 |
Common stock, shares, outstanding | shares | 18,919,468,156 | 18,505,617,508 |
Common Class B [Member] | ||
Common stock, shares authorized | shares | 10,000,000,000 | 10,000,000,000 |
Common stock, shares, issued | shares | 2,317,044,668 | 3,323,790,823 |
Common stock, shares, outstanding | shares | 2,317,044,668 | 3,323,790,823 |
Consolidated Trust [Member] | ||
Restricted cash current | ¥ 0 | ¥ 3,509 |
Loans receivable, net | 0 | 353,509 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Restricted cash current | 12,095 | 63,294 |
Loans receivable, net | 0 | 1,774,038 |
Short-term loans | 0 | 9,000 |
Accounts payable | 6,374 | 29,077 |
Prepaid for freight listing fees and other service fees | 436,806 | 383,153 |
Income tax payable | 8,082 | 21,573 |
Other tax payable | 682,030 | 566,479 |
Accrued expenses and other current liabilities | 883,965 | 1,045,484 |
Deferred tax liabilities | 23,358 | 26,415 |
Current operating lease liabilities | 39,649 | 0 |
Non-current operating lease liabilities | ¥ 34,036 | ¥ 0 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive (Loss) Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Income Statement [Abstract] | ||||
Net Revenues (including value added taxes, "VAT", of RMB1,434,015, RMB2,620,355 and RMB3,550,878 for the years ended December 31, 2020, 2021 and 2022, respectively) | ¥ 6,733,644 | $ 976,287 | ¥ 4,657,019 | ¥ 2,580,820 |
Operating expenses | ||||
Cost of revenues (including VAT net of refund of VAT, of RMB893,909, RMB1,950,935 and RMB2,539,297 for the years ended December 31, 2020, 2021 and 2022, respectively) | (3,514,551) | (509,562) | (2,539,998) | (1,316,017) |
Sales and marketing expenses | (902,269) | (130,817) | (837,301) | (454,343) |
General and administrative expenses | (1,417,933) | (205,581) | (4,271,152) | (3,938,565) |
Research and development expenses | (914,151) | (132,539) | (729,668) | (413,369) |
Provision for loans receivable | (194,272) | (28,167) | (97,658) | (94,160) |
Total operating expenses | (6,943,176) | (1,006,666) | (8,475,777) | (6,216,454) |
Other operating income | 47,530 | 6,891 | 22,815 | 21,031 |
Loss from operations | (162,002) | (23,488) | (3,795,943) | (3,614,603) |
Other income (expense) | ||||
Interest income | 483,658 | 70,124 | 234,651 | 209,832 |
Interest expenses | (175) | (25) | (40) | (8,367) |
Foreign exchange (loss) gain | 15,048 | 2,182 | (15,468) | (21,276) |
Investment income | 5,411 | 785 | 28,317 | 3,321 |
Unrealized gains (losses) from fair value changes of short term investments and derivative assets | (63,390) | (9,191) | 23,967 | 18,140 |
Other (expenses) income, net | 230,631 | 33,438 | 7,067 | (5,559) |
Impairment loss | 0 | 0 | (111,567) | (22,030) |
Share of loss in equity method investees | (1,246) | (181) | (11,321) | (11,054) |
Total other income | 669,937 | 97,132 | 155,606 | 163,007 |
Net (loss) income before income tax | 507,935 | 73,644 | (3,640,337) | (3,451,596) |
Income tax expense | (96,035) | (13,924) | (14,191) | (19,336) |
Net (loss) income from continuing operations | 411,900 | 59,720 | (3,654,528) | (3,470,932) |
Net income from discontinued operations, net of tax | 0 | 0 | 0 | 452 |
Net (loss) income | 411,900 | 59,720 | (3,654,528) | (3,470,480) |
Less: net (loss) income attributable to non-controlling interests | 539 | 78 | (80) | (8) |
Less: measurement adjustment attributable to redeemable non- controlling interests | 4,599 | 667 | 0 | 0 |
Net (loss) income attributable to Full Truck Alliance Co. Ltd. | 406,762 | 58,975 | (3,654,448) | (3,470,472) |
Deemed dividend to convertible redeemable preferred shares | 0 | 0 | (518,432) | (120,086) |
Net (loss) income attributable to ordinary shareholders | ¥ 406,762 | $ 58,975 | ¥ (4,172,880) | ¥ (3,590,558) |
Net (loss) earnings per ordinary share: | ||||
Basic, earnings per ordinary share | (per share) | ¥ 0.02 | $ 0 | ¥ (0.31) | ¥ (1.05) |
Diluted, earnings per ordinary share | (per share) | ¥ 0.02 | $ 0 | ¥ (0.31) | ¥ (1.05) |
Basic | 21,517,856,981 | 21,517,856,981 | 13,445,972,280 | 3,423,687,654 |
Diluted | 21,579,616,389 | 21,579,616,389 | 13,445,972,280 | 3,423,687,654 |
Net (loss) income | ¥ 411,900 | $ 59,720 | ¥ (3,654,528) | ¥ (3,470,480) |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments, net of tax of nil | 1,972,520 | 285,988 | (533,657) | (498,157) |
Total comprehensive (loss) income | 2,384,420 | 345,708 | (4,188,185) | (3,968,637) |
Less: comprehensive (loss) income attributable to non-controlling interests | 539 | 78 | (80) | (8) |
Less: measurement adjustment attributable to redeemable non- controlling interests | 4,599 | 667 | 0 | 0 |
Comprehensive (loss) income attributable to Full Truck Alliance Co. Ltd. | 2,379,282 | 344,963 | (4,188,105) | (3,968,629) |
Deemed dividend to convertible redeemable preferred shares | 0 | 0 | (518,432) | (120,086) |
Comprehensive (loss) income attributable to ordinary shareholders | ¥ 2,379,282 | $ 344,963 | ¥ (4,706,537) | ¥ (4,088,715) |
Consolidated Statements Of Op_2
Consolidated Statements Of Operations And Comprehensive (Loss) Income (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Value added tax on revenue | ¥ 3,550,878 | ¥ 2,620,355 | ¥ 1,434,015 |
Value added tax expenses net of refund | ¥ 2,539,297 | ¥ 1,950,935 | ¥ 893,909 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' (Deficit) Equity ¥ in Thousands, $ in Thousands | CNY (¥) shares | USD ($) shares | Common Class A [Member] shares | Common Class B [Member] shares | Common Stock Common Class A [Member] CNY (¥) shares | Common Stock Common Class B [Member] CNY (¥) shares | Additional Paid in Capital CNY (¥) | Accumulated deficit CNY (¥) | Subscription Receivables CNY (¥) | Accumulated other comprehensive income CNY (¥) | Total CNY (¥) | Non— controlling interests CNY (¥) |
Beginning balance at Dec. 31, 2019 | ¥ (7,091,266) | ¥ 226 | ¥ 0 | ¥ 1,232,948 | ¥ (9,895,334) | ¥ 1,570,464 | ¥ (7,091,696) | ¥ 430 | ||||
Beginning balance (Shares) at Dec. 31, 2019 | shares | 3,417,044,082 | 0 | ||||||||||
Net income (loss) | (3,470,480) | (3,470,472) | (3,470,472) | (8) | ||||||||
Ordinary shares issued for vested restricted shares | 57,393 | ¥ 3 | 57,390 | 57,393 | ||||||||
Ordinary shares issued for vested restricted (Shares) | shares | 51,034,162 | |||||||||||
Exercise of stock options granted to employees | 48,757 | ¥ 84 | 48,673 | 48,757 | ||||||||
Exercise of stock options granted to employees (Shares) | shares | 1,285,000,422 | |||||||||||
Accretion of convertible redeemable preferred shares | (120,086) | (120,086) | (120,086) | |||||||||
Modifications to share options | 252,674 | ¥ 7 | 252,667 | 252,674 | ||||||||
Modifications to share options (Shares) | shares | 93,472,356 | |||||||||||
Share-based compensation | 3,148,596 | 3,148,596 | 3,148,596 | |||||||||
Ordinary shares reclassification | ¥ (63) | ¥ 63 | ||||||||||
Ordinary shares reclassification (Shares) | shares | (963,610,653) | 963,610,653 | ||||||||||
Repurchase of ordinary shares | ¥ (811,152) | ¥ (24) | (811,128) | (811,152) | ||||||||
Repurchase of ordinary shares (Shares) | shares | 190,527,542 | 190,527,542 | (364,995,633) | |||||||||
Foreign currency translation adjustments | ¥ (498,157) | (498,157) | (498,157) | |||||||||
Adjustment attributable to redeemable non-controlling interests | 0 | |||||||||||
Ending balance at Dec. 31, 2020 | (8,483,721) | ¥ 233 | ¥ 63 | 3,809,060 | (13,365,806) | ¥ 0 | 1,072,307 | (8,484,143) | 422 | |||
Ending balance (Shares) at Dec. 31, 2020 | shares | 3,517,944,736 | 963,610,653 | ||||||||||
Net income (loss) | (3,654,528) | (3,654,448) | (3,654,448) | (80) | ||||||||
Exercise of stock options granted to employees | ¥ 4,993 | ¥ 23 | ¥ 33 | 4,937 | 4,993 | |||||||
Exercise of stock options granted to employees (Shares) | shares | 866,230,796 | 866,230,796 | 351,972,260 | 514,258,536 | 351,972,260 | 514,258,536 | ||||||
Accretion of convertible redeemable preferred shares | ¥ (518,432) | (518,432) | (518,432) | |||||||||
Modifications to share options | 209,311 | 209,311 | 209,311 | |||||||||
Share-based compensation | 3,628,598 | 3,628,598 | 3,628,598 | |||||||||
Repurchase of ordinary shares | ¥ (1,665,018) | ¥ (12) | ¥ (11) | (1,664,995) | (1,665,018) | |||||||
Repurchase of ordinary shares (Shares) | shares | 177,267,715 | 177,267,715 | (177,267,715) | (169,834,500) | ||||||||
Capital contribution from non-controlling interests shareholders | ¥ 73,500 | 73,500 | ||||||||||
Foreign currency translation adjustments | (533,657) | (533,657) | (533,657) | |||||||||
Repurchase of convertible redeemable preferred shares | (877,732) | (877,732) | (877,732) | |||||||||
Issuance of ordinary shares for initial public offering ("USIPO"), net of issuancecost of RMB31,785 | 11,059,043 | ¥ 120 | 11,058,923 | 11,059,043 | ||||||||
Issuance of ordinary shares for initial public offering ("USIPO"), net of issuancecost of RMB31,785 (Shares) | shares | 1,860,526,314 | |||||||||||
Ordinary shares reclassification | ¥ (133) | ¥ 133 | ||||||||||
Ordinary shares reclassification (Shares) | shares | (2,013,034,312) | 2,013,034,312 | ||||||||||
Conversion of convertible redeemable preferred shares to ordinary shares upon USIPO | 32,286,930 | ¥ 967 | 33,596,103 | (1,310,140) | 32,286,930 | |||||||
Conversion of convertible redeemable preferred shares to ordinary shares upon USIPO (Shares) | shares | 14,965,476,285 | 2,721,822 | ||||||||||
Decrease of non-controlling interest from disposal of a subsidiary | (401) | (401) | ||||||||||
Retirement of ordinary shares | 0 | ¥ 0 | 0 | |||||||||
Retirement of ordinary shares (Shares) | shares | (60) | |||||||||||
Adjustment attributable to redeemable non-controlling interests | 0 | |||||||||||
Ending balance at Dec. 31, 2021 | 31,528,886 | ¥ 1,198 | ¥ 218 | 49,245,773 | (17,020,254) | (1,310,140) | 538,650 | 31,455,445 | 73,441 | |||
Ending balance (Shares) at Dec. 31, 2021 | shares | 18,505,617,508 | 3,323,790,823 | ||||||||||
Net income (loss) | 411,900 | 411,361 | 411,361 | 539 | ||||||||
Exercise of stock options granted to employees | ¥ 21 | ¥ 7 | ¥ 14 | 21 | ||||||||
Exercise of stock options granted to employees (Shares) | shares | 318,299,998 | 318,299,998 | 112,209,998 | 206,090,000 | 112,209,998 | 206,090,000 | ||||||
Share-based compensation | ¥ 919,255 | 919,255 | 919,255 | |||||||||
Repurchase of ordinary shares | (1,080,270) | ¥ (17) | ¥ (6) | (1,080,247) | (1,080,270) | |||||||
Repurchase of ordinary shares (Shares) | shares | (259,805,836) | (91,165,500) | ||||||||||
Foreign currency translation adjustments | 1,956,020 | 1,956,020 | 1,956,020 | |||||||||
Ordinary shares reclassification | ¥ 71 | ¥ (71) | ||||||||||
Ordinary shares reclassification (Shares) | shares | 1,121,670,655 | (1,121,670,655) | ||||||||||
Retirement of ordinary shares | 0 | ¥ 0 | 0 | |||||||||
Retirement of ordinary shares (Shares) | shares | (79) | |||||||||||
Settlement of Shareholder loan | ¥ (37) | (1,326,603) | 1,310,140 | 16,500 | ||||||||
Settlement of Shareholder loan (Shares) | shares | (560,224,090) | |||||||||||
Reclassification from non-controlling interests to redeemable non-controlling interests | (73,980) | (73,980) | ||||||||||
Adjustment attributable to redeemable non-controlling interests | (4,599) | $ (667) | (4,599) | (4,599) | ||||||||
Ending balance at Dec. 31, 2022 | ¥ 33,657,233 | $ 4,879,840 | ¥ 1,222 | ¥ 155 | ¥ 47,758,178 | ¥ (16,613,492) | ¥ 0 | ¥ 2,511,170 | ¥ 33,657,233 | ¥ 0 | ||
Ending balance (Shares) at Dec. 31, 2022 | shares | 18,919,468,156 | 2,317,044,668 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' (Deficit) Equity (Parenthetical) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021 CNY (¥) | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of ordinary shares for initial public offering ("USIPO"), net of issuance cost | ¥ 31,785 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net (loss) income | ¥ 411,900 | $ 59,720 | ¥ (3,654,528) | ¥ (3,470,480) |
Adjustments to reconcile net (loss) income to net cash used in operating activities | ||||
Depreciation and amortization | 88,343 | 12,809 | 67,422 | 63,669 |
Share-based compensation | 919,255 | 133,279 | 3,628,602 | 3,254,335 |
Modification of options | 0 | 0 | 209,311 | 231,972 |
Allowance for doubtful accounts | 4,613 | 669 | 1,591 | 18,678 |
Provision for loans receivable | 194,272 | 28,167 | 97,658 | 94,160 |
Loss (gain) from disposal of property and equipment | (483) | (70) | 283 | 1,425 |
Net loss from disposal of investment in equity investees | 879 | 127 | 124 | 0 |
Investment (income) loss from forward contract | 4,058 | 588 | (25,878) | 0 |
Share of loss in equity method investees | 1,246 | 181 | 11,321 | 11,054 |
Unrealized (gains) loss from fair value changes of short term investments and derivative assets | 63,390 | 9,191 | (23,967) | (18,140) |
Noncash lease expense | 12,220 | 1,772 | 0 | 0 |
Impairment loss and others | (15,048) | (2,182) | 96,099 | 22,030 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 14,069 | 2,040 | 18,799 | (16,396) |
Amounts due from related parties | 7,075 | 1,026 | (7,075) | 1,130 |
Loans receivable | (1,065,054) | (154,418) | (561,368) | 79,978 |
Prepayments and other current assets | (943,214) | (136,753) | (656,008) | (27,773) |
Deferred tax assets | (20,998) | (3,044) | (1,450) | (1,958) |
Accounts payable | (1,428) | (207) | 5,314 | 5,859 |
Prepaid for freight listing fees and other service fees | 78,844 | 11,431 | 41,898 | 58,137 |
Income tax payable | 20,695 | 3,000 | 5,614 | 15,465 |
Other tax payable | 82,839 | 12,011 | 191,621 | 6,404 |
Amounts due to related parties | (6,252) | (906) | (31,213) | 22,242 |
Accrued expenses and other current liabilities | 158,236 | 22,942 | 385,712 | 233,501 |
Deferred tax liabilities | (14,153) | (2,052) | (11,301) | (10,550) |
Operating lease liabilities | (8,824) | (1,279) | 0 | 0 |
Other non-current assets | (2,000) | (290) | 0 | 0 |
Net cash provided by (used in) operating activities | (15,520) | (2,248) | (211,419) | 574,742 |
Cash flows from investing activities: | ||||
Purchases of short-term investments | (84,599,727) | (12,265,807) | (23,340,272) | (9,377,260) |
Maturity of short-term investments | 86,901,541 | 12,599,539 | 10,069,291 | 6,613,919 |
Maturity of forward contracts | (4,058) | (588) | 25,878 | 0 |
Payments for investment in equity investees | (6,500) | (942) | (887,327) | (34,475) |
Acquisition of subsidiaries, net of cash acquired | (76,586) | (11,104) | (242,009) | (17,728) |
Prepayments for long-term investments | 0 | 0 | 0 | (100,000) |
Net cash out in relation to disposal of a subsidiary | 0 | 0 | (401) | 0 |
Return of prepayments for equity investments | 0 | 0 | 0 | 90,000 |
Return from dissolution of equity investments | 1,502 | 218 | 11,929 | 0 |
Loans to related parties | 0 | 0 | 0 | (63,482) |
Repayments of loans from related parties | 0 | 0 | 0 | 109,792 |
Repayments of loans from a third party company | 0 | 0 | 0 | 120,000 |
Purchases of property and equipment, land use rights and intangible assets | (85,686) | (12,423) | (43,220) | (53,064) |
Proceeds from disposal of property and equipment and intangible assets | 735 | 107 | 7,158 | 21,403 |
Net cash (used in) provided by investing activities | 2,131,221 | 309,000 | (14,398,973) | (2,690,895) |
Cash flows from financing activities: | ||||
Repayments of short-term loans | (9,000) | (1,305) | 0 | (500,000) |
Cash paid to investors of the consolidated trusts | 0 | 0 | (31,400) | (388,700) |
Proceeds from exercise of share options | 8 | 1 | 20 | 87 |
Cash paid for repurchase of ordinary shares and convertible redeemable preferred shares | (884,360) | (128,220) | (2,208,791) | (557,836) |
Taxes paid for employees through repurchase of ordinary shares | (508,015) | (73,655) | (376,646) | 0 |
Proceeds from initial public offering, net of issuance cost paid of RMB31,785 | 0 | 0 | 11,059,043 | 0 |
Proceeds from issuance of convertible redeemable preferred shares, net of issuance cost paid of RMB3,216, nil and nil during the year ended December 31, 2020, 2021 and 2022, respectively | 0 | 0 | 385,788 | 11,081,037 |
Capital received from redeemable non-controlling interests | 71,192 | 10,322 | 0 | 0 |
Capital received from non-controlling interests | 0 | 0 | 73,500 | 0 |
Loans to a shareholder pledged by convertible redeemable preferred shares | 0 | 0 | (1,310,140) | |
Net cash provided by (used in) financing activities | (1,330,175) | (192,857) | 8,901,514 | 8,324,448 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 71,932 | 10,425 | (87,677) | (127,770) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 857,458 | 124,320 | (5,796,555) | 6,080,525 |
Cash and cash equivalents and restricted cash, beginning of the year | 4,363,613 | 632,664 | 10,160,168 | 4,079,643 |
Total cash, cash equivalents, and restricted cash | 5,221,071 | 756,984 | 4,363,613 | 10,160,168 |
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. | ||||
Cash and cash equivalents, end of the year | 5,137,312 | 744,840 | 4,284,291 | 10,060,391 |
Restricted cash, current | 83,759 | 12,144 | 65,822 | 86,277 |
Restricted cash, non-current | 0 | 0 | 13,500 | 13,500 |
Total cash, cash equivalents, and restricted cash | 5,221,071 | 756,984 | 4,363,613 | 10,160,168 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest (excluding interest paid to investors of consolidated trusts) | 175 | 25 | 65 | 9,052 |
Income taxes paid | 110,491 | 16,020 | 49,612 | 16,379 |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Acquisition of intangible assets through prepayments made in prior year | 43,000 | 20,875 | ||
Investment in equity investees through prepayments made in prior year | 100,000 | |||
Waiver of payable to an equity investee | 771 | |||
Repurchase of ordinary shares through offsetting loans or interests receivable | 5,400 | 525 | ||
Consideration payable for repurchase of ordinary shares | 129,738 | 315,083 | ||
Consideration payable for repurchase of share options | ¥ 9,519 | |||
Consideration payable for acquisition | 76,586 | |||
Tax payable for employees through repurchase of ordinary shares | ¥ 250,008 | |||
Settlement of subscription receivables through surrender of ordinary shares held by the shareholder | 1,310,140 | 189,952 | ||
Reclassification from non-controlling interests to redeemable non-controlling interests | 73,980 | 10,726 | ||
Payables for purchase of intangible assets and property and equipment | ¥ 7,505 | $ 1,088 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Payments of Stock Issuance Costs | ¥ 31,785 | ||
IPO [Member] | |||
Payments of Stock Issuance Costs | 31,785 | ||
Convertible Preferred Stock [Member] | |||
Payments of Stock Issuance Costs | ¥ 0 | ¥ 0 | ¥ 3,216 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. ORGANIZATION AND NATURE OF OPERATIONS Description of Business Full Truck Alliance Co. Ltd. (the “Company”) was incorporated under the laws of the Cayman Islands on December 27, 2017. The Company through its wholly-owned subsidiaries and variable interest entities (“VIEs” and VIE’s subsidiaries) (collectively, the “Group”) primarily provides comprehensive services for shippers and truckers through its mobile and website platforms. The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). As of December 31, 2022, the Company’s major subsidiaries and consolidated VIEs are as follows: Name of Company Place of incorporation Date of incorporation Percentage of direct Principal activities Subsidiaries Full Truck Alliance (HK) Limited (“FTA Hong Kong January 7, 2016 100 % Investment holding Lucky Logistics Information Limited Hong Kong April 8, 2014 100 % Investment holding FTA Information Technology Co., Ltd. PR April 20, 2016 100 % Technology development and other services Jiangsu Manyun Logistics Information Co., PR August 29, 2014 100 % Technology development and other services Yixing Manxian Information Technology PR May 24, 2022 65.4 % Investment holding Guiyang Huochebang Technology Co., Limited (“Guiyang Huochebang”) PR March 11, 2014 100 % Value-added services Guizhou Huochebang Micro-finance Co., Ltd. (“Huochebang Microfinance”) PR December 20, 2016 100 % Credit solution services Chengdu Yunli Technology Co., Ltd. (“Chengdu Yunli”) PR January 21, 2011 100 % Credit solution services Guizhou FTA Logistics Technology Co., PR January 14, 2021 100 % Research and development Name of Company Place of incorporation Date of incorporation Percentage of direct Principal activities VIEs Guiyang Shan’en Technology Co., Ltd. (“Shan’en Technology”) PR September 19, 2016 100 % Freight matching services Jiangsu Manyun Software Technology Co. Ltd. (“Manyun Software”) PR October 20, 2016 100 % Freight matching services and value added services Nanjing Manyun Cold Chain Technology Co., Ltd (“Manyun Cold Chain”) PR March 9, 2021 65.4 % Freight matching services VIEs’ subsidiaries Guiyang Shan’en Insurance Brokerage Co., Ltd (“Shan’en Insurance”) PR May 9, 2017 100 % Insurance services Tianjin Manyun Software Technology Co., Ltd (“Tianjin Manyun”) PR November 8, 2018 100 % Freight matching services Gui’an New District FTA Logistics Technology Co., Ltd (“Gui’an Logistics”) PR November 24, 2021 100 % Freight matching services |
Principal Accounting Policies
Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principal Accounting Policies | 2. PRINCIPAL ACCOUNTING POLICIES 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the years presented. 2.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIEs’ subsidiaries in which it has a controlling financial interest. The results of the subsidiaries, VIEs and VIEs’ subsidiaries are consolidated from the date on which the Company obtained control and continue to be consolidated until the date that such control ceases. The Group has adopted the guidance codified in Accounting Standards Codification (“ASC”) 810, Consolidation, on accounting for VIE, which requires certain variable interest entity to be consolidated by the primary beneficiary in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. All intercompany balances and transactions between the Group, its subsidiaries, VIEs and VIEs’ subsidiaries have been eliminated in consolidation. VIE Arrangements Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services, the Group operates its websites and other restricted businesses in the PRC through certain PRC domestic companies, whose equity interests are held by certain shareholders or affiliates of the Company or other group entities (“Nominee Shareholders”). Since the Company does not have any equity interests in VIEs, in order to exercise effective control over their operations, the Company, through its wholly owned subsidiaries, Jiangsu Manyun, FTA Information and Yixing Manxian (collectively, the “WFOE”), entered into a series of contractual arrangements with its VIEs and their shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from the VIEs and their shareholders’ equity interests in them. Prior to the fourth quarter of 2021, our Group VIEs were Shanghai Xiwei Information Consulting Co., Ltd., Beijing Manxin Technology Co., Ltd (formerly known as Beijing Yunmanman Technology Co., Ltd.), and Guizhou FTA. In the fourth quarter of 2021, in order to enhance corporate governance, the Company underwent a reorganization of the holding structure of its onshore subsidiaries and the consolidated affiliates, or the Reorganization. The Reorganization mainly involved (i) changing the Group VIEs and (ii) changing certain subsidiaries of the Group VIEs to wholly-owned or partly-owned subsidiaries of the Company, to the extent permitted under the relevant PRC laws and regulations. The Reorganization was completed on January 1, 2022. On May 24, 2022, Manyun Cold Chain, a former subsidiary of Manyun Software became a VIE controlled by a new WOFE, Yixing Manxian, a subsidiary of the Company established during the second quarter of 2022, through a series of contractual arrangements entered among Yixing Manxian, Manyun Cold Chain and its shareholders. Currently, the Group VIEs are (i) Manyun Software, (ii) Shan’en Technology, and (iii) Manyun Cold Chain. The reorganization under common control has no impact on the Company’s consolidated financial information. Below is a summary of the series of contractual arrangements entered among (i) FTA Information, Shan’en Technology and its shareholders, (ii) Jiangsu Manyun, Manyun Software and its shareholders, and (iii) Yixing Manxian, Manyun Cold Chain and its shareholders.: Equity Interest Pledge Agreement Under the equity interest pledge agreements entered between the WFOE and the shareholders of the VIE, the shareholders pledged all of their equity interests in the VIE to guarantee their performance of their obligations under the exclusive option agreement, exclusive service agreement and power of attorney. If the shareholders of the VIE breach their contractual obligations under the VIE arrangement, the WFOE, as the pledgee, will have the right to dispose the pledged equity interest pursuant to the PRC law. The shareholders of the VIE have not placed any security interests or allowed any encumbrance on the pledged equity interests. The equity interest pledge agreement remains effective until the shareholders of the VIE have fully performed their obligations and repaid their consulting and service fees under the relevant contractual agreements. During the equity pledge period, the WFOE is entitled to all dividends and other distributions generated by the VIE. Exclusive Option Agreement Pursuant to the exclusive option agreements entered into among the WFOE, the VIE and the VIE’s shareholders, the VIE’s shareholders irrevocably grant the WFOE or its designated representatives an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the equity interest of the VIE. The exercise price shall be the lowest price as permitted by the applicable PRC law at the time of the transfer of the optioned interest. Without the WFOE’s written consent, the VIE and its shareholders may not sell, transfer, mortgage, or otherwise dispose of in any manner any assets, or legal or beneficial interest in the business or revenues, or allow the encumbrance thereon of any security interest. These agreements will remain effective until all equity interests of the VIE held by its shareholders and all of the VIE’s assets have been transferred or assigned to the WFOE or its designated entities or persons. Exclusive Service Agreement Under the exclusive service agreement entered between the WFOE and the VIE, the VIE appoints the WFOE as its exclusive services provider with business support and technical and consulting services. The VIE shall not accept any consultations or services provided by any third party, and shall not cooperate with any third party. The VIE agrees to pay the WFOE a service fee for services performed, which shall be substantially all of the VIE’s profit before tax. The exclusive service agreement remains effective unless terminated by the WFOE. Power of Attorney Pursuant to the power of attorney, each shareholder of the VIE has irrevocably authorized the WFOE to exercise the following rights relating to all equity interests held by such shareholder in the VIE during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in the VIE according to the applicable PRC laws and the VIE’s articles of association, including without limitation to: (i) exercising all the shareholder’s voting rights, including but not limited to designating and appointing the directors of the VIE; (ii) asset transfer, capital reduction and capital increase of the VIE; and (iii) other decisions that would have a material effect on the VIE’s assets and operations. Spousal Consent Letters Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of the VIE acknowledge and confirm the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that they have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in the VIE held by their respective spouses or over the management of the VIE. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in the VIE held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements. Risks in relation to the VIE structure The Company believes that the contractual arrangements amongst the WFOEs, the VIEs and their respective shareholders are in compliance with the PRC law and are legally enforceable. The shareholders of the VIEs are also shareholders or affiliates of shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, the VIEs and their shareholders may fail to take certain actions required for the Company’s business or to follow the Company’s instructions despite their contractual obligations to do so. Furthermore, if the VIEs or their shareholders do not act in the best interests of the Company under the contractual arrangements and any dispute relating to these contractual arrangements remains unresolved, the Company will have to enforce its rights under these contractual arrangements through the operations of PRC law and courts and therefore will be subject to uncertainties in the PRC legal system. All of these contractual arrangements are governed by PRC law and provided for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements, which may make it difficult to exert effective control over the VIEs, and its ability to conduct the Company’s business may be adversely affected. The following amounts and balances of the consolidated VIEs were included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions. As of December 31, 2021 2022 RMB RMB ASSETS Cash and cash equivalents 2,948,946 2,474,166 Restricted cash—current 63,294 12,095 Short-term investments 550,000 — Accounts receivable, net of allowance 28,734 8,577 Amounts due from related parties 7,075 — Loans receivable, net 1,774,038 — Prepayments and other current assets 849,323 1,604,354 Restricted cash—non-current 13,500 — Property and equipment, net 100,931 18,449 Investments in equity investees 670,110 — Intangible assets, net 119,298 106,928 Goodwill 283,256 283,256 Deferred tax assets 20,492 6,570 Operating lease right-of-use — 74,820 Other non-current 3,836 5,960 TOTAL ASSETS 7,432,833 4,595,175 LIABILITIES Short-term loans 9,000 — Accounts payable 29,077 6,374 Prepaid for 383,153 436,806 Income tax payable 21,573 8,082 Other tax payable 566,479 682,030 Operating lease liabilities — current — 39,649 Accrued expenses and other current liabilities 1,045,484 883,965 Deferred tax liabilities 26,415 23,358 Operating lease liabilities — non-current — 34,036 TOTAL LIABILITIES 2,081,181 2,114,300 Years ended December 31, 2020 2021 2022 RMB RMB RMB Net Revenues 2,553,535 4,611,044 5,648,742 Net loss (income) 223,957 (920,960 ) (1,779,515 ) Net cash provided by (used in) operating activities 682,745 (286,501 ) 615,584 Net cash used in investing activities (72,390 ) (815,721 ) (69,854 ) Net cash (used in) provided by financing activities (888,700 ) 42,100 (9,000 ) The VIEs contributed 99%, 99% and 84% of the Group’s consolidated net revenues for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the VIEs accounted for 22% and 13% of the consolidated total assets, and 73% and 73% of the consolidated total liabilities, respectively. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Group or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. The Group believes that there are no assets held in the consolidated VIEs that can be used only to settle obligations of the VIEs, except for the assets of the consolidated trusts presented below. As the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Group for any of the liabilities of the consolidated VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their paid-in paid-in 2.3 Consolidated Trusts Loans funded by the institutional funding partners in the Group’s loan facilitation business are typically disbursed to the borrowers directly from such partners. However, due to the need of certain institutional funding partners, loans from such funding partners are funded and disbursed indirectly through trusts. Since 2018, several trusts were formed by the Group and third-party trust companies who administer the trusts. The trusts were invested by the Group and third-party trust companies. The trusts, using the funds received from the trusts’ beneficiaries, fund the loans to the borrowers facilitated by the Group. The trusts provide the returns to their beneficiaries through interest payments made by the borrowers. The borrowers are charged interests by the trusts. The Group is entitled to the residual profit in the trusts and provides guarantee to the trusts by agreeing to repurchase any loans that are delinquent for more than 60 days whereby the Group absorbs the credit risk of the trusts resulting from borrowers’ delinquencies. The Group determines that the residual profit or the guarantee represents a variable interest in the trusts through which the Group has the right to receive benefits or the obligation to absorb losses from the trusts that could potentially be significant to the trusts. As the trusts only invest in loans facilitated by the Group and the Group continues to service the loans post origination through a service agreement and has the ability to direct default mitigation activities, the Group has the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts. As a result, the Group is considered the primary beneficiary of the trusts and consolidated the trusts’ assets, liabilities, results of operations and cash flows. The loans held by the trusts are personal loans made to the shippers and truckers on the Group’s platforms with an original term up to 12 months. The interest rates of these loans mainly ranged from 20% to 36% annually. The loans receivable balance associated with the trusts represents the outstanding loans made to the borrowers from the trusts and accrued interests related to those loans. In March 2022, the Group terminated the consolidated trusts and assumed all liabilities in the trusts. For the years ended December 31, 2020, 2021 and 2022, the provision for loan losses of RMB29 million, RMB21 million and RMB7 million was charged to the consolidated statements of operations and comprehensive (loss) income, respectively. Interest on loans is accrued and recognized as revenue. The Group determines a loan’s past due status by the number of days that have elapsed since a borrower has failed to make a contractual loan payment. Accrual of interest is discontinued for loans that are past due for more than 90 days. In general, loans receivable is identified as uncollectible when it is determined to be not probable that the balance can be collected. The following financial statement amounts and balances of the consolidated trusts were included in the consolidated information of VIEs presented above and in the accompanying consolidated financial statements after elimination of intercompany transactions and balances. There’s no balance as of December 31, 2022 since all trusts were terminated in March 2022: As of December 31, 2021 RMB ASSETS Restricted cash 3,509 Loans receivable, net 353,509 Total Assets 357,018 As of December 31, 2021 RMB LIABILITIES Other tax payable 839 Total Liabilities 839 Years ended December 31, 2020 2021 2022 RMB RMB RMB Net revenues 130,380 104,061 25,996 Net income 63,146 22,838 16,808 Years ended December 31, 2020 2021 2022 RMB RMB RMB Net cash provided by (used in) operating activities 374,679 (13,793 ) 5,115 Net cash used in financing activities (388,700 ) (31,400 ) — The consolidated trusts contributed 5%, 2% and 0% of the Group’s consolidated revenue for the years ended 2020, 2021 and 2022, respectively. As of December 31, 2021, the consolidated trusts accounted for 1% of the consolidated total assets, and nil% of the consolidated total liabilities. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company to provide financial support to the consolidated trusts. The assets of the consolidated trusts can only be used to settle the obligations of the consolidated trusts. 2.4 Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Group’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Group to revise its estimates. Significant accounting estimates reflected in the Group’s financial statements include valuation of ordinary shares prior to the completion of USIPO and purchase price allocations related to the acquisitions in 2021. 2.5 Functional currency and foreign currency translation The Group uses Renminbi as its reporting currency. The functional currency of the Company is the United States dollar (“US$” or “USD”). The functional currency of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries is RMB or USD as determined based on the economic facts and circumstances. Transactions denominated in other than the functional currencies are re-measured re-measured Assets and liabilities of the Company and its subsidiaries with functional currency other than RMB are translated into RMB at fiscal year-end 2.6 Cash and cash equivalents Cash and cash equivalents primarily consist of cash on hand and cash in bank which is highly liquid and unrestricted as to withdrawal and use. 2.7 Restricted cash The Group’s restricted cash mainly consists of cash held by the consolidated trusts through segregated bank accounts which can only be used to invest in loans or other securities as stipulated in the trust agreements, deposits pledged for bank loans and deposit pledged to a commercial bank for ETC service for a term over one year which is recorded in non-current 2.8 Short-term investments Short-term investments include (i) wealth management products issued by investing banks with variable interest rates indexed to the performance of underlying assets and with maturities within one year; (ii) exchange traded fund products; (iii) time deposits with original maturities longer than three months but less than one year. The Group records exchange traded fund products and wealth management products at fair value at each reporting period end. Changes in fair values are included in unrealized gains (losses) from fair value changes of short term investments and derivative assets in the consolidated statements of operations and comprehensive (loss) income. The unrealized gains (losses) will be recorded as investment incomes (losses) when the investments are disposed. 2.9 Accounts receivable, net Accounts receivable mainly consists of amounts due from the Group’s customers, which are recorded net of allowance for credit losses. From January 1, 2022, the Group adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”) using the modified retrospective transition method. ASC 326 replaces the incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology, which results in more timely recognition of credit losses. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The cumulative effect from the adoption as of January 1, 2022 was immaterial to the consolidated financial statements. 2.10 Loans receivable, net Loans receivable represents loans provided directly by the Group or through the consolidated trusts and the related accrued interests. Loans receivable is reduced by a valuation allowance estimated as of the balance sheet date. The allowance for loan losses is determined at a level believed to be reasonable to absorb probable losses inherent in each of the portfolios as of the balance sheet date. The portfolios are determined based on the loan type, the term of the loan, and the repayment schedule. The allowance is estimated for each portfolio based on an assessment of various factors such as historical delinquency rate, size, and other risk characteristics of the portfolio. From January 1, 2022, the Group adopted ASC 326 using the modified retrospective transition method. The cumulative effect from the adoption as of January 1, 2022 was immaterial to the consolidated financial statements. The Group writes off loans receivable with a corresponding reduction of the allowance for loans receivable when the loan principal and interest are deemed to be uncollectible. 2.11 Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment. Property and equipment is depreciated at rates sufficient to write off its costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Category Estimated useful lives Office building 44 years Furniture, fixtures and equipment 3-5 Motor vehicles 4 years Leasehold improvement Over the shorter of the expected useful life or the lease term Repairs and maintenance costs are charged to operating expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the other operating income or expenses of the consolidated statements of operations and comprehensive (loss) income. 2.12 Business combinations U.S. GAAP requires that all business combinations to be accounted for under the acquisition method. Since its incorporation, the Group adopted ASC 805, Business Combinations. Following the acquisition method, the cost of an acquisition is measured as the aggregate of the fair value at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling non-controlling The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgments. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets and forecasted life cycle and forecasted cash flows over that period. Although the Group believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. 2.13 Intangible assets, net Intangible assets purchased are recognized and measured at cost upon acquisition. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows: The identifiable intangible assets Amortization Years Software 5 to 8 Trademarks 5 to 15 Platform 5 Customer relationship 10 Non-compete 8 2.14 Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions. The Goodwill is not amortized but is reviewed at least annually for impairment or earlier, if any indication of impairment exists. Under U.S. GAAP, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. If the Group chooses to apply a qualitative assessment first, it starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group determines that it is more likely than not the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgments, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. 2.15 Investments in equity investees The Group’s investments in equity investees consist of investments in equity securities without readily determinable fair values and equity method investments in privately-held companies. The Group has elected to measure the investments in equity securities without readily determinable fair values at cost minus impairment, if any, adjusted up or down for observable price changes (i.e., prices in orderly transactions for the identical or similar investment of the same issuer). Any adjustment to the carrying amount is recorded in net income. At each reporting period end, the Group will make a qualitative assessment considering impairment indicators to evaluate whether any of these investments is impaired. If the assessment indicates that the fair value of an investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss. The Group accounts for common stock or common-stock-equivalent equity investments in entities over which it has significant influence but does not own a majority voting interest or otherwise control using the equity method. The Group generally considers an ownership interest of 20% or higher represents significant influence. Under the equity method, the Group’s shares of the post-acquisition profits or losses of the investees are recognized in the consolidated statements of operations and comprehensive (loss) income and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. When the Group’s shares of losses in an investee equals or exceeds its carrying amount of the investment in the investee, the Group does not recognize further losses, unless the Group has guaranteed the obligations of the investee or is otherwise committed to provide further financial support to the investee. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group recorded impairment loss amounting to RMB22,030, RMB111,567 and nil for investments in equity investees for the years ended December 31, 2020, 2021 and 2022, respectively. 2.16 Other non-current Other non-current 2.17 Fair value measurement Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it transacts and considers assumptions that market participants use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: market approach, income approach and cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. 2.18 Revenue recognition The Group derives its revenues principally from shippers’ and truckers’ use of the Group’s platforms in connection with freight matching services and value-added services. Revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering reductions by estimates for refund allowances and discount. VAT is included |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS The Group’s financial instruments include cash and cash equivalents, restricted cash, receivables, short-term investments, prepayments and other current assets, payables, short-term loans, amounts due from and due to related parties, liability award in accrued expenses and other current liabilities. The carrying amounts of the financial instruments, except for those subject to fair value measurement, approximate their fair value due to their short-term nature and the interest rates of short-term time deposits and loans are comparable to prevailing interest rates in the market. As of December 31, 2021 and 2022, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows: As of December 31, 2021 Fair Value Measurement at Reporting Date Using Description Fair Value Quoted Prices (Level 1) Significant Significant RMB RMB RMB RMB Exchange traded fund products 2,013,340 2,013,340 — — Wealth management products 30,000 — 30,000 — Foreign currency forward contracts 914 — 914 — As of December 31, 2022 Fair Value Measurement at Reporting Date Using Description Fair Value as of Quoted Prices (Level 1) Significant Significant RMB RMB RMB RMB Exchange traded fund products 700,623 — 700,623 — Wealth management products 483,807 — 483,807 — The fair value of wealth management products are the suggested redemption price provided by the investment bank that sells such financial products. The fair value of foreign currency forward contracts, which are accounted for as derivatives and included in other current assets, is estimated based on risk-free interest rate (per annum) and market forward exchange rate. They are observable and market-based inputs but not quoted prices in active markets for identical assets. The total gain recognized for change in fair values is RMB18,140 and RMB23,967 for the year s Key assumptions used in determining the fair values of stock options include expected volatility, risk-free interest rate (per annum), exercise multiples, and fair values of underlying ordinary shares. (see note 1 9 The Group measures equity method investments at fair value on a nonrecurring basis when they are deemed to be impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include future performance projections, discount rate and other assumptions that are significant to the measurement of fair value. An impairment charge to these investments is recorded when the carry amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative under ASU 2016-01, Certain non-financial right-of-use |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination | 4. BUSINESS COMBINATION Acquisition of Guangzhou Lanqiao Software Technology Co., Ltd. (“Lanqiao”) in 2021 The Group invested RMB15,000 in Lanqiao’s preferred shares in 2015, representing 20% equity interest of Lanqiao. As the preferred shares were not in substance common stock due to the liquidation preference and other preferential rights and had no readily determinable fair value, the Group accounted for its preferred share investment in Lanqiao as an equity investment without readily determinable fair value. In July 2021, the Group acquired the remaining 80% equity interest of Lanqiao at a cash consideration of RMB71,733. Lanqiao has become a 100% owned subsidiary of the Group since then. The acquisition was accounted for as a business combination. In addition, approximately RMB71,553 of cash, will be paid to four selling shareholders upon satisfaction of certain business performance conditions and subject to their continuing services over three years. The management estimated the total compensation cost based on probability weighting and will record such payments as compensation cost over the sellers’ service period. The acquisition consideration was fully paid as of December 31, 2021 and the Company recorded a compensation cost of RMB23,951 and RMB21,914 for the years ended December 31, 2021 and 2022, respectively. The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB3,982) 4,605 Intangible assets: Customer relationship with an estimated useful life of 10 years 18,000 Software with an estimated useful life of 8 years 10,000 Goodwill 61,383 Deferred tax liabilities (7,000 ) Total 86,988 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 71,733 Fair value of equity interest in preferred shares previously acquired 15,255 86,988 Acquisition of Beijing Bang Li De Network Technology Co., Ltd. (“TYT”) in 2021 In November 2021, the Group entered into a series of share purchase agreements with selling shareholders of TYT to acquire all equity interest in TYT at RMB287.5 million, and an additional RMB20 million contingent upon management’s continuous services and certain performance targets. TYT is engaged in logistic services in northern China with specialized transportation matching service. The acquisition was accounted for as a business combination and TYT has become a wholly owned subsidiary of the Group since December 2021 when the Group obtained control over TYT. The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB36,657) 25,409 Intangible assets: Trademark with an estimated useful life of 10 years 45,000 Non-compete 40,000 Goodwill 198,374 Deferred tax liabilities (21,282 ) Total 287,501 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 210,915 Cash consideration paid in 2022 76,586 287,501 The transaction costs related to the above acquisitions were immaterial. The financial results of the acquired businesses, which are not material, have been included in the Company’s consolidated financial statements for the period subsequent to their acquisitions. Pro forma information is not presented for the acquisitions as the impact to the consolidated financial statements is not material. Goodwill was recognized as a result of expected synergies from combining operations of the Group and acquired business and other intangible assets that don’t qualify for separate recognition. Goodwill is not amortized and is not deductible for tax purposes. |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Short-Term Investments | 5. SHORT-TERM INVESTMENTS Short-term investments as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 RMB RMB Time deposits 19,591,302 19,902,659 Exchange traded fund products 2,013,340 700,623 Wealth management products 30,000 483,807 Total Short-term investments 21,634,642 21,087,089 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 6. ACCOUNTS RECEIVABLE, NET Accounts receivable and the related bad debt provision as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 RMB RMB Trade r 32,852 18,439 Less: allowance for expected credit losses (3,713 ) (5,424 ) Total accounts receivable, net 29,139 13,015 Movement of bad debt provision for accounts receivable is as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of year (62,087 ) (63,173 ) (3,713 ) (Provisions) reversal for expected credit losses (7,504 ) 5,213 (2,054 ) Write-off 6,418 54,247 343 Balance at end of year (63,173 ) (3,713 ) (5,424 ) The Group performs ongoing credit evaluation of its customers, and assesses allowance for uncollectible accounts receivable based on estimates, which incorporate historical experience and other factors surrounding the credit risk of specific type of customers. |
Loans Receivable, Net
Loans Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Receivable, Net | 7. LOANS RECEIVABLE, NET The Group provides loans using its own fund or through the consolidated trusts to the shippers and truckers through its mobile and website platforms. The annual interest rate ranges from %~ % and the credit period is less than . Interest on loans receivable is accrued and credited to revenue as earned. In general, loans receivable is identified as uncollectible when it is determined to be not probable that the balance can be collected. The following table presents loan principal and accrued interests as of December 31, 2021 and 2022: As of December 31, 2021 2022 RMB RMB Loans receivable 1,842,784 2,750,808 Less: allowance for loan losses (65,117 ) (102,359 ) Loans receivable, net 1,777,667 2,648,449 The following table presents the aging of loans as of December 31, 2021 and 2022: 0-30 31-60 Over 60 Total Current Total loans December 31, 2021 (RMB) 22,522 14,518 47,386 84,426 1,758,358 1,842,784 December 31, 2022 (RMB) 31,206 21,398 81,170 133,774 2,617,034 2,750,808 Movement of allowance for loan losses is as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of year (92,641 ) (40,401 ) (65,117 ) Provisions for loan losses (94,160 ) (97,658 ) (194,272 ) Write-off 146,400 72,942 157,030 Balance at end of year (40,401 ) (65,117 ) (102,359 ) Loans receivable is recorded as receivable, reduced by an allowance for estimated losses as of the balance sheet date. The Group does not record any interest revenue on an accrual basis for the loans that are past due for more than 90 days. As of December 31, 2021 and 2022, the nonaccrual loan receivable receivable non-delinquent In the years ended December 31, 2020, 2021 and 2022, the Group recorded RMB94 million, RMB98 million and RMB194 million of provision net with recoveries to loans receivables, respectively. The allowance for loan losses is determined at a level the Group believes to be reasonable to absorb probable losses inherent in the portfolio as of each balance sheet date, primarily based on the Group’s historical delinquency rate, days past due and other risk characteristics on a portfolio basis. The Group writes off the loans receivables that are past due for more than 180 days as they are not considered collectible based on the Group’s historical experiences. |
Prepayments And Other Current A
Prepayments And Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments And Other Current Assets | 8 PREPAYMENTS AND OTHER CURRENT ASSETS As of December 31, 2021 2022 RMB RMB VAT refund receivable (1) 558,099 1,393,658 Funds receivable from third party payment channels 141,692 129,325 Advance to suppliers 168,117 81,530 Interest receivable 105,027 248,541 VAT recoverable and prepaid income taxes 63,354 145,423 Others 63,318 35,950 Total 1,099,607 2,034,427 (1) VAT refund receivable represents the VAT refund from local governments to incentivize the freight brokerage service. |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | 9 PROPERTY AND EQUIPMENT, NET As of December 31, 2021 2022 RMB RMB Furniture, fixtures and equipment 65,814 74,515 Motor vehicles 5,057 4,503 Leasehold improvement 52,266 68,354 Office building — 63,000 Construction in progress 63,000 5,424 Total cost 186,137 215,796 Less: Accumulated depreciation (83,979 ) (106,972 ) Property and equipment, net 102,158 108,824 Depreciation expenses related to property and equipment were RMB16,622, RMB17,465 and RMB25,826 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Investments in Equity Investees
Investments in Equity Investees | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Equity Investees | 10. INVESTMENTS IN EQUITY INVESTEES The following table summarizes the Group’s balances of investment in equity investees: As of December 31, 2021 2022 RMB RMB Equity Investments without Readily Determinable Fair Value Plus Corp (“Plus”) (1) 1,007,361 1,100,407 Jiayibingding (Beijing) E-commerce (2) 350,000 350,000 Others 879 6,500 Equity Method Investments Guizhou Fubao Digital Venture Capital Partnership (“Fubao Fund”) (3) 318,588 317,363 Others 1,523 — Total Investment 1,678,351 1,774,270 (1) Plus is a technology company devoted to autonomous vehicle development. As of December 31, 2021 and 2022, the Group made a total investment of US$158,000 for preferred shares of Plus, representing 28.85% equity interest and 56.15% voting rights. However, the Group has no control over Plus as it has no control over the board of directors that makes all significant decisions in relation to the operating and financing activities of Plus. As the preferred shares are not in substance common stock due to the liquidation preference and other preferential rights and have no readily determinable fair value, the Group has accounted for its investment in Plus as an equity investment without readily determinable fair value. (2) JYBD is an E-commerce in (3) Fubao fund is a private equity fund incorporated in Guizhou, the PRC. The Group, as a limited partner, acquired 72.58% equity interest of the fund with a cash consideration of RMB323 million in 2021. The Group accounts for the investment as an equity method investment as it does not own a controlling financial interest in the fund. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 1 1 INTANGIBLE ASSETS, NET Gross carrying amount, accumulated amortization and net book value of the intangible assets are as follows: As of December 31, 2021 2022 RMB RMB Software 40,570 46,961 Trademarks 621,000 621,856 Platform 24,000 24,000 Customer relationship 18,000 18,000 Non-compete 40,000 40,000 Less: Accumulated amortization (186,554 ) (248,396 ) Intangible assets, net 557,016 502,421 Amortization expenses related to intangible assets were RMB47,047, RMB49,957 and RMB61,842 for the years ended December 31, 2020, 2021 and 2022, respectively. The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: Future amortization expenses RMB 2023 57,704 2024 56,809 2025 54,927 2026 53,410 2027 52,596 Thereafter 226,975 Total 502,421 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | 1 2 OTHER NON-CURRENT Other non-current As of December 31, 2021 2022 RMB RMB Deposits — 2,000 Prepayment for furniture, fixtures and equipment 3,847 6,427 Total 3,847 8,427 |
Short-Term Loans
Short-Term Loans | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Loans | 1 3 SHORT-TERM LOANS As of December 31, 2021 2022 RMB RMB Short-term borrowing—banks 9,000 — Total 9,000 — In 2021, the Group acquired TYT and assumed its million of bank loans with several banks. The loans were fully repaid in 2022 and the related interest expense was immaterial for the years ended December 31, 2021 and 2022. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 1 4 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, 2021 2022 RMB RMB Advance from shippers and truckers (1) 687,971 778,247 Salaries and welfare payables 272,702 338,281 Consideration payable for acquisition of TYT 70,760 — Deposit from truckers for value added services 53,820 23,421 Accrued rental and other service fees 56,095 80,667 Others 64,831 80,544 Total 1,206,179 1,301,160 (1) Representing the refundable prepayments from shippers and truckers for future shipping arrangements under freight brokerage services and value-added services. |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Temporary Equity | 15. MEZZANINE EQUITY Upon the completion of USIPO on June 22, 2021, 14,968,198,107 convertible redeemable preferred shares of the Company were automatically converted into 2,721,822 Class B ordinary shares and 14,965,476,285 Class A ordinary shares on a one-on-one basis, which resulted in an increase of APIC by RMB8,389 and RMB33,587,714, respectively. To develop its cold chain logistics business, in May 2022, the Company established Smart Cold Chain Freight Limited (“Smart Cold Chain”) in Cayman Islands. Manyun Cold Chain, a former subsidiary of the Group VIEs becomes a consolidated VIE of Smart Cold Chain through a reorganization under common control whereby the beneficial owners’ interests in Manyun Cold Chain were exchanged into the convertible redeemable preferred shares of Smart Cold Chain at the same percentage. As the redemption of Smart Cold Chain’s preferred shares is not solely within the Group’s control, the non-controlling interests previously recorded for Manyun Cold Chain were reclassified as redeemable non-controlling interests at the carrying amount of RMB73,980, which approximated the fair value of convertible redeemable preferred shares on the issuance date. Subsequently, Smart Cold Chain issued additional 12,498,880 convertible redeemable preferred shares to investors for a total consideration of RMB71 million. The Company uses interest method to accrete the carrying value of the redeemable non-controlling interests to their maximum redemption price as if redemption were to occur at the end of the reporting period. The change in redemption value is recorded as measurement adjustment attributable to redeemable non-controlling interests in the consolidated statement of operations and comprehensive (loss) income. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |
Ordinary Share | 16. ORDINARY SHARES To facilitate the exit of certain key employees of Truck Alliance, in 2020, the Company repurchased in total of 190,527,542 ordinary shares from these employees with an aggregate consideration of RMB489,391. These repurchases resulted in a reduction of ordinary shares by RMB12, a reduction of APIC by RMB376,820 and compensation expenses of RMB112,558. The compensation expenses were computed as the excess of the repurchase prices over the fair values of the ordinary shares repurchased from the management members as of respective repurchase dates. In 2020, 106,422,541 ordinary shares of employees obtained through exercise of options were repurchased by the Company for tax purposes with an aggregate consideration of RMB385,270. The repurchase resulted in a reduction of ordinary shares by RMB7, a reduction of APIC by RMB268,052 and compensation expenses of RMB117,211. The compensation expenses were computed as the excess of the repurchase price over the fair value of the ordinary shares repurchased as of the respective repurchase dates. In November 2020, the shareholders and board of directors of the Company passed unanimously written resolutions to reclassify and re-designate the Company’s authorized ordinary shares into: (i) 33,562,015,467 Class A Ordinary Shares, and (ii) 963,610,653 Class B Ordinary Shares. Each ordinary share directly or indirectly held by Full Load Logistics Information Co. Ltd has been re-designated to one Class B ordinary Share with a par value of US$ 0.00001 and each ordinary share held by other shareholders has been re-designated into one Class A ordinary Share with a par value of US$ 0.0001. Both Class A ordinary shares and Class B ordinary shares are entitled to the same dividend right, however, each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to thirty votes on an as-converted basis held by shareholders at general meeting. Subsequently, 2,013,034,312 Class A ordinary shares were re-classified into the same number of Class B ordinary shares upon shareholders resolutions in 2021. In , prior to the completion of USIPO, the Company repurchased Class A ordinary shares from certain shareholders of the Group with an aggregate consideration of RMB . The repurchases resulted in a reduction of ordinary shares by RMB , a reduction of APIC by RMB and compensation expenses of RMB for the excess of the repurchase prices over the fair values of the ordinary shares repurchased as of the respective repurchase dates. On June 22, 2021, upon the completion of USIPO, 1,650,000,000 Class A ordinary shares were issued to the public investors and 210,526,314 Class A ordinary shares were issued in the concurrent private placement. Total proceeds of the issuance w ere net of the issuance cost. On the same date, all convertible redeemable preferred shares were converted into ordinary shares. In 2021 stock options were exercised into ordinary shares by employees, of which reduction On April 14, 2022, the Group entered into a share surrender and loan repayment agreement with a shareholder and his certain affiliates in connection to the settlement plan of his Class A pay-off reduction On July 6, 2022, the Company repurchased an aggregate of 259,095,756 Class A ordinary shares for an aggregate consideration of RMB822,373, based on the market closing price of Class A ordinary shares on July 5, 2022, which resulted in a reduction In 2022 , stock options were exercised into ordinary shares by employees, of which were Class A ordinary shares and were Class B ordinary shares. The Company repurchased Class A ordinary shares and Class B ordinary shares for tax purpose upon the exercise of options, which resulted in a reduction of ordinary shares by RMB and a reduction of APIC by RMB . In addition, Class B ordinary shares were reclassified into the same number of Class A ordinary shares during 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. INCOME TAXES Cayman Islands Under the current laws of the Cayman Islands, the Companies incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Entities incorporated in Hong Kong are subject to Hong Kong profits tax. Under the current Hong Kong Inland Revenue Ordinance, the profits tax rate for the first HK dollar 2,000 of profits of corporations is 8.25%, while profits above that amount are subject to the tax rate of 16.5%. China On March 16, 2007, the National People’s Congress of the PRC introduced a Corporate Income Tax Law (“CIT Law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to corporate income tax at a uniform rate of 25%. Certain enterprises benefit from a preferential tax rate of 15% under the CIT Law if they qualify as high and new technology enterprises (“HNTE”). According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities are entitled to claim an additional tax deduction amounting to 50% of its research and development expenses in determining its tax assessable profits for the year. The additional tax deduction amount of the research and development expenses has been increased from 50% to 75%, effective from 2018 to 2023. Loss (income) by tax jurisdictions: Years ended December 31, 2020 2021 2022 RMB RMB RMB Net income from PRC operations (145,611 ) (56,957 ) (1,047,102 ) Net loss from non-PRC 3,597,207 3,697,294 539,167 Total net loss (income) before tax 3,451,596 3,640,337 (507,935 ) The current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive (loss) income are as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB Current tax expenses 31,844 27,018 131,186 Deferred tax benefits (12,508 ) (12,827 ) (35,151 ) Income tax expenses 19,336 14,191 96,035 Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2020, 2021 and 2022 are as follows: Years ended December 31, 2020 2021 2022 PRC statutory tax rate 25.00% 25.00% 25.00% Effect of different tax rates of subsidiaries operating in other jurisdictions 0.89% 0.96% (5.15%) PRC Withholding taxes (0.22%) (0.44%) 5.73% Expenses/losses not deductible for tax purposes (0.71%) (0.91%) 4.02% Research and development expenses super deduction 2.00% 2.65% (24.39%) Compensation cost in relation to ordinary shares and options (26.95%) (26.36%) 45.24% True up (0.00%) (0.04%) (1.24%) Effect of change of valuation allowance (0.57%) (1.25%) (30.30%) Effective tax rate (0.56%) (0.39%) 18.91% Deferred tax assets and deferred tax liabilities As of December 31, 2021 2022 RMB RMB Deferred tax assets —Advertising and business promotion expenditure 5,997 11,571 —Impairment loss 177,368 177,368 —Allowance for expected credit losses 15,431 18,135 —Loan loss provision 23,985 40,708 —Accrued expense 5,792 10,891 —Net operating loss carry forwards 598,975 423,025 —Others 4,268 12,402 Less: valuation allowance (811,324 ) (652,610 ) Net deferred tax assets 20,492 41,490 Deferred tax liabilities —Identifiable intangible assets from business combination 135,764 121,611 Total deferred tax liabilities 135,764 121,611 Movement of valuation allowance Years ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of the year 727,508 747,354 811,324 Addition (reversal) 19,846 63,970 (158,714 ) Total 747,354 811,324 652,610 As of December 31, 2021 and 2022, the Group had net operating loss carry forwards of approximately RMB2,432 million and RMB1,692 million, which arose from the subsidiaries, VIEs and VIEs’ subsidiaries established in the PRC, respectively. The losses expired were approximately The Group believes that for most of its entities, it is more likely than not that the net accumulated operating losses and other deferred tax assets will not be utilized in the future based on an evaluation of a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Therefore, the Group provided a valuation allowance of RMB811 million and RMB653 million for these entities’ deferred tax assets as of December 31, 2021 and 2022, respectively. The CIT Law provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing rules of the CIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC The CIT law also imposes a withholding income tax of 10% on dividends distributed by an FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting basis over tax basis in a consolidated affiliate. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means. The Group VIEs are in an accumulated deficit position and therefore not subject to this deferred tax liability. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS The table below sets forth the major related parties and their relationships with the Group: Related Party Relationship with the Group JYBD An affiliate of the Group Euclidean An entity controlled by management founder of an affiliate of the Group Sigma An entity controlled by management founder of an affiliate of the Group Horgos Yinghuo Management Consulting Co., Ltd. (Horgos) An entity over which management has a significant influence Dai WJ Holding limited (DWJ) An entity controlled by a management shareholder of the Group Capital Champion Holdings Limited (Capital) An entity controlled by a shareholder of the Group DWJ Partners Limited (DWJ Partners) An entity controlled by a management shareholder of the Group Liu XF Holdings Limited (LXF) An entity controlled by a shareholder of the Group Tang TG Holdings Limited (TTG) An entity controlled by a shareholder of the Group Geng XF Holding Limited (GXF) An entity controlled by a shareholder of the Group For the years ended December 31, 2020, 2021 and 2022, services provided to the related parties were RMB10,333, nil and RMB300, respectively: Years ended December 31, 2020 2021 2022 RMB RMB RMB Value-added service revenue from JYBD 9,434 — 300 Value-added service revenue from Horgos 899 — — Total 10,333 — 300 For the years ended December 31, 2020, 2021 and 2022, services provided by parties Years ended December 31, 2020 2021 2022 RMB RMB RMB Service fee to JYBD — 12,500 7,500 Total — 12,500 7,500 The Group had the following balances with the major related parties: As of December 31, 2021 2022 RMB RMB Current assets: Service fee prepaid to JYBD 7,075 — Total 7,075 — As of December 31, 2021 and 2022, amounts due to related parties were RMB179,859 and RMB122,152, respectively, and details are as follows: As of December 31, 2021 2022 RMB RMB Current liabilities: Consideration payable for repurchase of ordinary shares from DWJ 80,501 62,953 Consideration payable for repurchase of ordinary shares from LXF 15,939 17,412 Consideration payable for repurchase of ordinary shares from Euclidean 7,970 — Consideration payable for repurchase of ordinary shares from Sigma 7,970 — Consideration payable for repurchase of ordinary shares from TTG 25,503 27,858 Consideration payable for repurchase of ordinary shares from DWJ Partners 1,847 — Consideration payable for repurchase of ordinary shares from GXF 12,751 13,929 Consideration payable for repurchase of ordinary shares from Capital 27,378 — Total 179,859 122,152 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 1 9 SHARE-BASED COMPENSATION Employee options In November 2018, the Company adopted the 2018 Incentive Compensation Plan (“2018 Plan”). As of December 31, 2021 and 2022, the Company granted in total In April 2021, the board approved the 2021 Incentive Compensation Plan (“2021 Plan”). As of December 31, 2021 and 2022, 528,463,580 and 813,513,695 share options were granted under 2021 Plan, respectively. The options granted will expire in ten years from the date of grant. Employee options - continued During the year ended December 31, 2021, 894,515,686 options were granted to employees under the 2018 plan and 2021 plan, of which 695,927,716 options vested immediately upon grant while 198,166,910 and 421,060 options were subject to a four-year and one-year During the year ended December 31, 2022, 285,050,115 options were granted to employees under the 2021 plan, of which 207,458,573 options were vested immediately upon grant while 71,251,482 and 6,340,060 were subject to a four-year and one-year service condition, respectively. The following table summarized the activities of the Group’s share options classified as equity: Number of Weighted Weighted Weighted Aggregate US$ US$ US$ Outstanding at December 31, 2021 428,577,773 0.000010 8.75 0.4547 179,544 Granted 285,050,115 0.000010 0.4252 Exercised (318,299,998 ) 0.000010 0.3857 Forfeited (18,268,357 ) 0.000010 0.4934 Outstanding at December 31, 2022 377,059,533 0.000010 8.23 0.4874 150,820 Vested and expected to vest 377,059,533 0.000010 8.23 0.4874 150,820 Exercisable at December 31, 2022 58,718,233 0.000010 6.15 0.2558 23,487 The unrecognized compensation costs related to unvested options is RMB797 million as of December 31, 2022. It is expected to be recognized over a weighted-average period of 2.5 years. Employee options - continued In determining the fair value of the stock options, the Company applied the binomial option pricing model before the completion of its USIPO in June 2021 and the Black-Scholes model for the options granted thereafter. The change of valuation model does not result in any difference in valuation results as the exercise price of the options granted is significantly below the spot price (deemed as “deep in the money”) and the fair value of the options approximates the closing price of the ordinary shares on the grant date. The key assumptions used to determine the fair value of the options for the years ended December 31, 2020, 2021 and 2022 were as follows: Years ended December 31, 2020 2021 2022 Expected volatility 35.9%~39.3 % 37.2%~38.1 % 35.2%~44.2 % Risk-free interest rate (per annum) 0.30%~1.04 % 1.00%~1.96 % 1.44%~3.97 % Exercise multiples 2.8 2.8 (1) 2.8 (1) Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value of underlying ordinary shares $ 0.261~0.395 $ 0.370~1.050 $ 0.302~0.461 Fair value of share option $ 0.294~0.395 $ 0.370~1.050 $ 0.302~0.461 (1) Exercise multiples defines the early exercise strategy of the grantees and only applies to binomial option pricing model. The Group estimated expected volatility by reference to the historical price volatilities of ordinary shares of comparable companies over a period close to the contract term of the options. The Group estimated the risk-free interest rate based on the yield to maturity of U.S. government bonds as at each valuation date with a maturity period close to the contract term of options. The exercise multiple was estimated based on empirical research on typical employee stock option exercising behavior. The dividend yield was estimated as zero based on the plan to retain profit for corporate expansion and no dividend will be distributed in the near future. Prior to the completion of USIPO, the Group determined the fair value of ordinary shares underlying each share option grant based on estimated equity value and allocation of it to each element of its capital structure. After the completion of USIPO in June 2021, the Group uses the stock market closing price as the fair value of the ordinary shares. The assumptions used in share-based compensation expenses recognition represent the Group’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. For the years ended December 31, 2020, 2021 and 2022, share-based compensation expenses of RMB3,428,914, RMB3,837,913 and RMB896,982 were recognized in connection with options granted, respectively. Subsidiary’s Plan The Group acquired TYT, a private company, in December 2021. Upon the completion of the acquisition, ordinary shares held by non-controlling Number of Weighted USD Unvested at December 31, 2021 and 2022 968,198 15.68 The Group recorded RMB22,273 share-based compensation expenses for the year ended December 31, 2022. Share-based compensation for all share options and restricted shares The Group recorded share based compensation expense of RMB3,486,307, RMB3,837,913 and RMB919,255 for the years ended December 31, 2020, 2021 and 2022, respectively, which were classified in the accompanying consolidated statements of operations and comprehensive (loss) income as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB General and administrative expenses 3,341,145 3,728,421 809,194 Selling and marketing expense 94,640 56,975 39,771 Research and development expense 42,680 48,777 63,884 Cost of revenues 7,842 3,740 6,406 Total 3,486,307 3,837,913 919,255 |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 20 (LOSS) EARNINGS PER SHARE Basic (loss) earnings per share is computed by dividing net (loss) income available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the years ended December 31, 2020, 2021 and 2022: Years ended December 31, 2020 2021 2022 RMB RMB RMB Numerator Net (loss) income available to Full Truck Alliance Co. Ltd. from continuing operations (3,470,924 ) (3,654,448 ) 406,762 Net income available to Full Truck Alliance Co. Ltd. from discontinued operations 452 — — Net (loss) income available to Full Truck Alliance Co. Ltd. (3,470,472 ) (3,654,448 ) 406,762 Deemed dividend (120,086 ) (518,432 ) — Net (loss) income available to ordinary shareholders—basic and diluted (3,590,558 ) (4,172,880 ) 406,762 Denominator Weighted average number of ordinary shares outstanding—basic 3,423,687,654 13,445,972,280 21,517,856,981 Adjustments for dilutive share options — — 61,759,408 Weighted average number of ordinary shares outstanding—diluted 3,423,687,654 13,445,972,280 21,579,616,389 (Loss) earnings per share—basic Basic (loss) earnings per share—continuing operations (1.05 ) (0.31 ) 0.02 Basic earnings per share—discontinued operations. 0.00 — — (Loss) earnings per share—basic (1.05 ) (0.31 ) 0.02 (Loss) earnings per share—diluted Diluted (loss) earnings per share—continuing operations (1.05 ) (0.31 ) 0.02 Diluted earnings per share—discontinued operations. 0.00 — — (Loss) earnings per share—diluted (1.05 ) (0.31 ) 0.02 Diluted (loss) earnings per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective year. The restricted shares and preferred shares issued by the Group’s subsidiaries and consolidated affiliates were not considered in the calculation of diluted (loss) income per share as their effect would have been anti-dilutive. The Company’s preferred shares and share options outstanding as of December 31, 2020 and 2021 were excluded from the calculation of diluted (loss) income per share as their inclusion would have been anti-dilutive: As of December 31, 2020 2021 2022 Convertible redeemable preferred shares 15,033,856,835 — — Share options 418,452,697 428,577,773 — Both Class A ordinary shares and Class B ordinary shares are entitled to the same dividend right, as such, this dual class share structure has no impacts to the earnings per share calculation. Basic earnings per share and diluted earnings per share are the same for each Class A ordinary share and Class B ordinary share. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | 2 1 Operating Leases The Group leases office space under non-cancellable right-of-use Supplemental information related to leases and location within the consolidated balance sheet are as follows: As of December 31, 2022 RMB Operating lease right-of-use 82,055 Current operating lease liabilities 44,590 Non-current 35,931 Total operating lease liabilities 80,521 Weighted average remaining lease term (in years) 2.30 Weighted average discount rate 4.6 % Year ended December 31, 2022 RMB Lease cost: Operating fixed lease cost 16,289 Lease cost related to short-term leases not capitalized 8,869 Total lease cost 25,158 Supplemental cash flow information related to leases for the year ended December 31, 2022 is as follows: Year ended December 31,2022 RMB Cash paid for amounts included in measurement of liabilities: Operating cash flows payment from operating leases 12,604 Right-of-use Operating leases 2,796 There are no right-of-use As of December 31, 2022, the maturities of lease liabilities in accordance with ASC 842 in each of the following years are as follows: Total operating lease RMB 2023 45,624 2024 31,559 2025 7,363 Total minimum lease payments* 84,546 Less: amount representing interest (4,025 ) Present value of minimum lease payments 80,521 * The lease agreement of the Group’s headquarter office is subsidized and paid by a local government authority subject to certain performance targets which the Group met for the past years and believes it will continue to |
Employee Benefit
Employee Benefit | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit | 2 2 EMPLOYEE BENEFIT As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses the Group incurred for the plan were RMB80,152, RMB217,783 and RMB315,179 for the years ended December 31, 2020, 2021 and 2022, respectively, which are recorded in expenses based on the function of employees. |
Risks And Concentrations
Risks And Concentrations | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Risks And Concentrations | 2 3 RISKS AND CONCENTRATIONS Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and short-term investments. The Group places its cash and cash equivalents, restricted cash and short-term investments with financial institutions with high-credit ratings and quality. Foreign currency risk RMB is not a freely convertible currency. The State Administration of Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents, restricted cash and short-term investments of the Group included an aggregated amounts of RMB3,806,418 and RMB5,298,304 as of December 31, 2021 and 2022, respectively. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Assets Disclosure [Abstract] | |
Restricted Net Assets | 2 4 RESTRICTED NET ASSETS Pursuant to the laws applicable to the PRC’s Foreign Investment Enterprises and local enterprises, the Group’s entities in the PRC must make appropriation from after-tax non-distributable PRC laws and regulations permit payments of dividends by the Company’s subsidiaries and VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. In addition, the Company’s subsidiaries, VIEs and VIEs’ subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless such reserve has reached 50% of their respective registered capital. In addition, registered share capital and capital reserve accounts are also restricted from withdrawal in the PRC. As a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable profits computed in accordance with the PRC accounting standards and regulations, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 2 5 COMMITMENTS AND CONTINGENCIES Capital commitments The Group’s capital commitments primarily relate to commitments on construction of office building. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB46 million as of December 31, 2022. All of these capital commitments will be fulfilled in the following years according to the construction progress. Contingencies On July 7, 2021, the Group, together with certain of its current and former directors and officers and others, were named as defendants in a putative shareholder class action lawsuit filed in the Supreme Court of the State of New York. Since then, two additional class actions have been filed in the Eastern District of New York and the Supreme Court of the State of New York. The class actions are brought on behalf of a putative class of persons who purchased or acquired the Group’s securities pursuant or traceable to the Group’s US IPO. All the complaints allege violations of Sections 11 and 15 of the Securities Act of 1933 based on allegedly false and misleading statements or omissions in the Group’s Registration Statement issued in connection with the US IPO for the disclosure of CRO’s review. In November 2021, the consolidated amended complaint was filed in the Supreme Court of the State of New York, which the Group moved to dismiss in January 2022. Plaintiffs filed their opposition to the Group’s motion to dismiss in March 2022. The Group filed its reply in support of its motion to dismiss in April 2022. A hearing was held in January 2023. The Group is currently not in a position to estimate the possible loss or possible range of loss, if any, associated with the resolution of the lawsuits. The Group is subject to a number of legal or administrative proceedings that generally arise in the ordinary course of its business. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material adverse effect on the financial statements. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 2 6 SUBSEQUENT EVENT On March 3 months starting from March 13, 2023. The Company expects to fund the repurchases with its existing cash balance. |
Additional Financial Informatio
Additional Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Additional Financial Information of Parent Company | ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Amounts in thousands, except share and per share data) As of December 31, 2021 2022 2022 RMB RMB USD (Note 2) ASSETS Current assets: Cash and cash equivalents 1,032,540 273,112 39,598 Short-term investments 17,866,528 16,581,019 2,404,022 Prepayments and other current assets 113,595 193,771 28,094 Total current assets 19,012,663 17,047,902 2,471,714 Investment in and amount due from subsidiaries/VIEs 11,885,179 15,678,895 2,273,226 Long-term investments 1,007,361 1,100,407 159,544 Total non-current 12,892,540 16,779,302 2,432,770 TOTAL ASSETS 31,905,203 33,827,204 4,904,484 LIABILITIES Accounts payable 42 2 0 Amounts due to related parties 179,859 122,152 17,710 Income tax payable 9,084 18,303 2,654 Other tax payable 250,008 — — Accrued expenses and other current liabilities 10,765 29,514 4,280 TOTAL LIABILITIES 449,758 169,971 24,644 SHAREHOLDERS’ EQUITY Class A Ordinary shares (US$0.00001 par value, 40,000,000,000 and 40,000,000,000 shares authorized, 18,505,617,508 and 18,919,468,156 shares issued and outstanding as of December 31, 2021 and 2022, respectively) 1,198 1,222 177 Class B Ordinary shares (US$0.00001 par value, 10,000,000,000 and 10,000,000,000 shares authorized, 3,323,790,823 and 2,317,044,668 issued and outstanding as of December 31, 2021 and 2022, respectively) 218 155 23 Additional paid-in 49,245,773 47,758,178 6,924,285 Accumulated other comprehensive income 538,650 2,511,170 364,085 Subscription receivable (1,310,140 ) — — Accumulated deficit (17,020,254 ) (16,613,492 ) (2,408,730 ) TOTAL SHAREHOLDERS’ EQUITY 31,455,445 33,657,233 4,879,840 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 31,905,203 33,827,204 4,904,484 ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Amounts in thousands, except share and per share data) Years ended December 31, 2020 2021 2022 RMB RMB RMB USD (Note 2) Cost and operating expenses (3,729,055 ) (3,959,299 ) (1,033,444 ) (149,835 ) Interest income 93,897 153,749 326,699 47,367 Investment (loss) income — (379 ) 23,405 3,393 Unrealized gains (loss) from fair value changes of short term investments and derivative assets — 18,333 (39,131 ) (5,673 ) Other (expenses) income, net — 2,277 228,955 33,196 Impairment loss and others — (46,625 ) (1,646 ) (239 ) Equity in losses of equity investees (10,975 ) (5,696 ) — — Income tax expenses — (14,090 ) (96,032 ) (13,923 ) Equity in income of subsidiaries, VIEs and VIEs’ subsidiaries 175,661 197,282 997,956 144,689 Net (loss) income attributable to Full Truck Alliance Co. Ltd. (3,470,472 ) (3,654,448 ) 406,762 58,975 Other comprehensive (loss) income Foreign currency translation adjustments, net of tax of nil (498,157 ) (533,657 ) 1,972,520 285,988 Total comprehensive (loss) income attributable to Full Truck Alliance (3,968,629 ) (4,188,105 ) 2,379,282 344,963 ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (Amounts in thousands, except for share and per share data) Years ended December 31, 2020 2021 2022 2022 RMB RMB RMB USD (Note 2) Cash flows from operating activities: Net (loss) income attribute to ordinary shareholders (3,470,472 ) (3,654,448 ) 406,762 58,975 Adjustments to reconcile net loss to net cash used in operating activities Equity in income of subsidiaries, VIEs and VIEs’ subsidiaries (175,661 ) (197,282 ) (997,956 ) (144,689 ) Share-based compensation 3,254,335 3,628,602 919,255 133,279 Modification of share options 231,972 209,311 — — Equity in loss of unconsolidated investees 10,975 5,696 — — Net gain from disposal of investment in equity investees — 379 — — Unrealized (gains) loss from fair value changes of short term investments — (18,333 ) 39,131 5,673 Foreign exchange loss — 2,917 1,646 239 Impairment loss — 43,708 — — Changes in operating assets and liabilities: Prepayments and other current assets 22,727 (108,119 ) (80,171 ) (11,624 ) Accounts payable — 42 (40 ) (6 ) Amounts due to related parties 22,242 (31,213 ) (6,252 ) (906 ) Income tax payable — 9,084 9,219 1,337 Accrued expenses and other current liabilities 91,377 (78,313 ) 18,749 2,718 Net cash (used in) provided by operating activities (12,505 ) (187,969 ) 310,343 44,996 Cash flows from investing activities: Purchases of short-term investments (6,766,468 ) (19,376,170 ) (77,533,178 ) (11,241,254 ) Maturity of short-term investments 4,638,930 7,464,384 80,368,017 11,652,267 Payment for investment in equity investees (19,312 ) (580,888 ) — — Return from dissolution of an equity investment — 11,929 — — Loans to related parties (63,482 ) — — — Repayment of loans from related parties 109,792 — — — Investment in subsidiaries and VIEs (493,225 ) (2,081,323 ) (2,538,846 ) (368,098 ) Net cash (used in) provided by investing activities (2,593,765 ) (14,562,068 ) 295,993 42,915 Cash flows from financing activities: Cash paid for repurchase of ordinary shares and convertible redeemable preferred shares (557,836 ) (2,208,791 ) (884,360 ) (128,220 ) Taxes paid for employees through repurchase of ordinary shares — (376,646 ) (508,015 ) (73,655 ) Proceeds from issuing preferred shares, net of issuance cost — 385,788 — — Proceeds from initial public offerings, net — 11,059,043 — — Proceeds from exercise of share options 87 20 8 1 Proceeds from issuance of convertible redeemable preferred shares, net of issuance cost 11,081,037 — — — Loan to a shareholder pledged by preferred shares (1,310,140 ) — — — Net cash provided by (used in) financing activities 9,213,148 8,859,414 (1,392,367 ) (201,874 ) Effect of exchange rate changes on cash and cash equivalents (274,587 ) (102,804 ) 26,603 3,857 Net increase (decrease) in cash and cash equivalents 6,332,291 (5,993,427 ) (759,428 ) (110,106 ) Cash and cash equivalents, beginning of the year 693,676 7,025,967 1,032,540 149,704 Cash and cash equivalents, end of the year 7,025,967 1,032,540 273,112 39,598 ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY NOTES TO SCHEDULE I 1) Schedule I has been provided pursuant to the requirements of Rule 12-04(a) 5-04(c) S-X, 2) The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIEs. For the parent company, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investment in subsidiaries and VIEs” and the subsidiaries and VIE’s profit or loss as “Equity in losses of subsidiaries, VIEs and VIEs’ subsidiaries” on the Condensed Statements of Operations and Comprehensive Loss. Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE in investment in and amount due from subsidiaries and VIEs even though the parent company is not obligated to provide continuing support or fund losses. 3) For the years ended December 31, 2020, 2021 and 2022, there were no material contingencies, significant provisions of long-term obligations, or guarantees of the Company. |
Principal Accounting Policies (
Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the years presented. |
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIEs’ subsidiaries in which it has a controlling financial interest. The results of the subsidiaries, VIEs and VIEs’ subsidiaries are consolidated from the date on which the Company obtained control and continue to be consolidated until the date that such control ceases. The Group has adopted the guidance codified in Accounting Standards Codification (“ASC”) 810, Consolidation, on accounting for VIE, which requires certain variable interest entity to be consolidated by the primary beneficiary in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. All intercompany balances and transactions between the Group, its subsidiaries, VIEs and VIEs’ subsidiaries have been eliminated in consolidation. VIE Arrangements Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services, the Group operates its websites and other restricted businesses in the PRC through certain PRC domestic companies, whose equity interests are held by certain shareholders or affiliates of the Company or other group entities (“Nominee Shareholders”). Since the Company does not have any equity interests in VIEs, in order to exercise effective control over their operations, the Company, through its wholly owned subsidiaries, Jiangsu Manyun, FTA Information and Yixing Manxian (collectively, the “WFOE”), entered into a series of contractual arrangements with its VIEs and their shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from the VIEs and their shareholders’ equity interests in them. Prior to the fourth quarter of 2021, our Group VIEs were Shanghai Xiwei Information Consulting Co., Ltd., Beijing Manxin Technology Co., Ltd (formerly known as Beijing Yunmanman Technology Co., Ltd.), and Guizhou FTA. In the fourth quarter of 2021, in order to enhance corporate governance, the Company underwent a reorganization of the holding structure of its onshore subsidiaries and the consolidated affiliates, or the Reorganization. The Reorganization mainly involved (i) changing the Group VIEs and (ii) changing certain subsidiaries of the Group VIEs to wholly-owned or partly-owned subsidiaries of the Company, to the extent permitted under the relevant PRC laws and regulations. The Reorganization was completed on January 1, 2022. On May 24, 2022, Manyun Cold Chain, a former subsidiary of Manyun Software became a VIE controlled by a new WOFE, Yixing Manxian, a subsidiary of the Company established during the second quarter of 2022, through a series of contractual arrangements entered among Yixing Manxian, Manyun Cold Chain and its shareholders. Currently, the Group VIEs are (i) Manyun Software, (ii) Shan’en Technology, and (iii) Manyun Cold Chain. The reorganization under common control has no impact on the Company’s consolidated financial information. Below is a summary of the series of contractual arrangements entered among (i) FTA Information, Shan’en Technology and its shareholders, (ii) Jiangsu Manyun, Manyun Software and its shareholders, and (iii) Yixing Manxian, Manyun Cold Chain and its shareholders.: Equity Interest Pledge Agreement Under the equity interest pledge agreements entered between the WFOE and the shareholders of the VIE, the shareholders pledged all of their equity interests in the VIE to guarantee their performance of their obligations under the exclusive option agreement, exclusive service agreement and power of attorney. If the shareholders of the VIE breach their contractual obligations under the VIE arrangement, the WFOE, as the pledgee, will have the right to dispose the pledged equity interest pursuant to the PRC law. The shareholders of the VIE have not placed any security interests or allowed any encumbrance on the pledged equity interests. The equity interest pledge agreement remains effective until the shareholders of the VIE have fully performed their obligations and repaid their consulting and service fees under the relevant contractual agreements. During the equity pledge period, the WFOE is entitled to all dividends and other distributions generated by the VIE. Exclusive Option Agreement Pursuant to the exclusive option agreements entered into among the WFOE, the VIE and the VIE’s shareholders, the VIE’s shareholders irrevocably grant the WFOE or its designated representatives an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the equity interest of the VIE. The exercise price shall be the lowest price as permitted by the applicable PRC law at the time of the transfer of the optioned interest. Without the WFOE’s written consent, the VIE and its shareholders may not sell, transfer, mortgage, or otherwise dispose of in any manner any assets, or legal or beneficial interest in the business or revenues, or allow the encumbrance thereon of any security interest. These agreements will remain effective until all equity interests of the VIE held by its shareholders and all of the VIE’s assets have been transferred or assigned to the WFOE or its designated entities or persons. Exclusive Service Agreement Under the exclusive service agreement entered between the WFOE and the VIE, the VIE appoints the WFOE as its exclusive services provider with business support and technical and consulting services. The VIE shall not accept any consultations or services provided by any third party, and shall not cooperate with any third party. The VIE agrees to pay the WFOE a service fee for services performed, which shall be substantially all of the VIE’s profit before tax. The exclusive service agreement remains effective unless terminated by the WFOE. Power of Attorney Pursuant to the power of attorney, each shareholder of the VIE has irrevocably authorized the WFOE to exercise the following rights relating to all equity interests held by such shareholder in the VIE during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in the VIE according to the applicable PRC laws and the VIE’s articles of association, including without limitation to: (i) exercising all the shareholder’s voting rights, including but not limited to designating and appointing the directors of the VIE; (ii) asset transfer, capital reduction and capital increase of the VIE; and (iii) other decisions that would have a material effect on the VIE’s assets and operations. Spousal Consent Letters Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of the VIE acknowledge and confirm the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that they have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in the VIE held by their respective spouses or over the management of the VIE. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in the VIE held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements. Risks in relation to the VIE structure The Company believes that the contractual arrangements amongst the WFOEs, the VIEs and their respective shareholders are in compliance with the PRC law and are legally enforceable. The shareholders of the VIEs are also shareholders or affiliates of shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, the VIEs and their shareholders may fail to take certain actions required for the Company’s business or to follow the Company’s instructions despite their contractual obligations to do so. Furthermore, if the VIEs or their shareholders do not act in the best interests of the Company under the contractual arrangements and any dispute relating to these contractual arrangements remains unresolved, the Company will have to enforce its rights under these contractual arrangements through the operations of PRC law and courts and therefore will be subject to uncertainties in the PRC legal system. All of these contractual arrangements are governed by PRC law and provided for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements, which may make it difficult to exert effective control over the VIEs, and its ability to conduct the Company’s business may be adversely affected. The following amounts and balances of the consolidated VIEs were included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions. As of December 31, 2021 2022 RMB RMB ASSETS Cash and cash equivalents 2,948,946 2,474,166 Restricted cash—current 63,294 12,095 Short-term investments 550,000 — Accounts receivable, net of allowance 28,734 8,577 Amounts due from related parties 7,075 — Loans receivable, net 1,774,038 — Prepayments and other current assets 849,323 1,604,354 Restricted cash—non-current 13,500 — Property and equipment, net 100,931 18,449 Investments in equity investees 670,110 — Intangible assets, net 119,298 106,928 Goodwill 283,256 283,256 Deferred tax assets 20,492 6,570 Operating lease right-of-use — 74,820 Other non-current 3,836 5,960 TOTAL ASSETS 7,432,833 4,595,175 LIABILITIES Short-term loans 9,000 — Accounts payable 29,077 6,374 Prepaid for 383,153 436,806 Income tax payable 21,573 8,082 Other tax payable 566,479 682,030 Operating lease liabilities — current — 39,649 Accrued expenses and other current liabilities 1,045,484 883,965 Deferred tax liabilities 26,415 23,358 Operating lease liabilities — non-current — 34,036 TOTAL LIABILITIES 2,081,181 2,114,300 Years ended December 31, 2020 2021 2022 RMB RMB RMB Net Revenues 2,553,535 4,611,044 5,648,742 Net loss (income) 223,957 (920,960 ) (1,779,515 ) Net cash provided by (used in) operating activities 682,745 (286,501 ) 615,584 Net cash used in investing activities (72,390 ) (815,721 ) (69,854 ) Net cash (used in) provided by financing activities (888,700 ) 42,100 (9,000 ) The VIEs contributed 99%, 99% and 84% of the Group’s consolidated net revenues for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the VIEs accounted for 22% and 13% of the consolidated total assets, and 73% and 73% of the consolidated total liabilities, respectively. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Group or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. The Group believes that there are no assets held in the consolidated VIEs that can be used only to settle obligations of the VIEs, except for the assets of the consolidated trusts presented below. As the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Group for any of the liabilities of the consolidated VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their paid-in paid-in |
Consolidated Trusts | 2.3 Consolidated Trusts Loans funded by the institutional funding partners in the Group’s loan facilitation business are typically disbursed to the borrowers directly from such partners. However, due to the need of certain institutional funding partners, loans from such funding partners are funded and disbursed indirectly through trusts. Since 2018, several trusts were formed by the Group and third-party trust companies who administer the trusts. The trusts were invested by the Group and third-party trust companies. The trusts, using the funds received from the trusts’ beneficiaries, fund the loans to the borrowers facilitated by the Group. The trusts provide the returns to their beneficiaries through interest payments made by the borrowers. The borrowers are charged interests by the trusts. The Group is entitled to the residual profit in the trusts and provides guarantee to the trusts by agreeing to repurchase any loans that are delinquent for more than 60 days whereby the Group absorbs the credit risk of the trusts resulting from borrowers’ delinquencies. The Group determines that the residual profit or the guarantee represents a variable interest in the trusts through which the Group has the right to receive benefits or the obligation to absorb losses from the trusts that could potentially be significant to the trusts. As the trusts only invest in loans facilitated by the Group and the Group continues to service the loans post origination through a service agreement and has the ability to direct default mitigation activities, the Group has the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts. As a result, the Group is considered the primary beneficiary of the trusts and consolidated the trusts’ assets, liabilities, results of operations and cash flows. The loans held by the trusts are personal loans made to the shippers and truckers on the Group’s platforms with an original term up to 12 months. The interest rates of these loans mainly ranged from 20% to 36% annually. The loans receivable balance associated with the trusts represents the outstanding loans made to the borrowers from the trusts and accrued interests related to those loans. In March 2022, the Group terminated the consolidated trusts and assumed all liabilities in the trusts. For the years ended December 31, 2020, 2021 and 2022, the provision for loan losses of RMB29 million, RMB21 million and RMB7 million was charged to the consolidated statements of operations and comprehensive (loss) income, respectively. Interest on loans is accrued and recognized as revenue. The Group determines a loan’s past due status by the number of days that have elapsed since a borrower has failed to make a contractual loan payment. Accrual of interest is discontinued for loans that are past due for more than 90 days. In general, loans receivable is identified as uncollectible when it is determined to be not probable that the balance can be collected. The following financial statement amounts and balances of the consolidated trusts were included in the consolidated information of VIEs presented above and in the accompanying consolidated financial statements after elimination of intercompany transactions and balances. There’s no balance as of December 31, 2022 since all trusts were terminated in March 2022: As of December 31, 2021 RMB ASSETS Restricted cash 3,509 Loans receivable, net 353,509 Total Assets 357,018 As of December 31, 2021 RMB LIABILITIES Other tax payable 839 Total Liabilities 839 Years ended December 31, 2020 2021 2022 RMB RMB RMB Net revenues 130,380 104,061 25,996 Net income 63,146 22,838 16,808 Years ended December 31, 2020 2021 2022 RMB RMB RMB Net cash provided by (used in) operating activities 374,679 (13,793 ) 5,115 Net cash used in financing activities (388,700 ) (31,400 ) — The consolidated trusts contributed 5%, 2% and 0% of the Group’s consolidated revenue for the years ended 2020, 2021 and 2022, respectively. As of December 31, 2021, the consolidated trusts accounted for 1% of the consolidated total assets, and nil% of the consolidated total liabilities. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company to provide financial support to the consolidated trusts. The assets of the consolidated trusts can only be used to settle the obligations of the consolidated trusts. |
Use of estimates | 2.4 Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Group’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Group to revise its estimates. Significant accounting estimates reflected in the Group’s financial statements include valuation of ordinary shares prior to the completion of USIPO and purchase price allocations related to the acquisitions in 2021. |
Functional currency and foreign currency translation | 2.5 Functional currency and foreign currency translation The Group uses Renminbi as its reporting currency. The functional currency of the Company is the United States dollar (“US$” or “USD”). The functional currency of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries is RMB or USD as determined based on the economic facts and circumstances. Transactions denominated in other than the functional currencies are re-measured re-measured Assets and liabilities of the Company and its subsidiaries with functional currency other than RMB are translated into RMB at fiscal year-end |
Cash and cash equivalents | 2.6 Cash and cash equivalents Cash and cash equivalents primarily consist of cash on hand and cash in bank which is highly liquid and unrestricted as to withdrawal and use. |
Restricted cash | 2.7 Restricted cash The Group’s restricted cash mainly consists of cash held by the consolidated trusts through segregated bank accounts which can only be used to invest in loans or other securities as stipulated in the trust agreements, deposits pledged for bank loans and deposit pledged to a commercial bank for ETC service for a term over one year which is recorded in non-current |
Short-term investments | 2.8 Short-term investments Short-term investments include (i) wealth management products issued by investing banks with variable interest rates indexed to the performance of underlying assets and with maturities within one year; (ii) exchange traded fund products; (iii) time deposits with original maturities longer than three months but less than one year. The Group records exchange traded fund products and wealth management products at fair value at each reporting period end. Changes in fair values are included in unrealized gains (losses) from fair value changes of short term investments and derivative assets in the consolidated statements of operations and comprehensive (loss) income. The unrealized gains (losses) will be recorded as investment incomes (losses) when the investments are disposed. |
Accounts receivable, net | 2.9 Accounts receivable, net Accounts receivable mainly consists of amounts due from the Group’s customers, which are recorded net of allowance for credit losses. From January 1, 2022, the Group adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”) using the modified retrospective transition method. ASC 326 replaces the incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology, which results in more timely recognition of credit losses. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The cumulative effect from the adoption as of January 1, 2022 was immaterial to the consolidated financial statements. |
Loans receivable, net | 2.10 Loans receivable, net Loans receivable represents loans provided directly by the Group or through the consolidated trusts and the related accrued interests. Loans receivable is reduced by a valuation allowance estimated as of the balance sheet date. The allowance for loan losses is determined at a level believed to be reasonable to absorb probable losses inherent in each of the portfolios as of the balance sheet date. The portfolios are determined based on the loan type, the term of the loan, and the repayment schedule. The allowance is estimated for each portfolio based on an assessment of various factors such as historical delinquency rate, size, and other risk characteristics of the portfolio. From January 1, 2022, the Group adopted ASC 326 using the modified retrospective transition method. The cumulative effect from the adoption as of January 1, 2022 was immaterial to the consolidated financial statements. The Group writes off loans receivable with a corresponding reduction of the allowance for loans receivable when the loan principal and interest are deemed to be uncollectible. |
Property and equipment, net | 2.11 Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment. Property and equipment is depreciated at rates sufficient to write off its costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Category Estimated useful lives Office building 44 years Furniture, fixtures and equipment 3-5 Motor vehicles 4 years Leasehold improvement Over the shorter of the expected useful life or the lease term Repairs and maintenance costs are charged to operating expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the other operating income or expenses of the consolidated statements of operations and comprehensive (loss) income. |
Business combinations | 2.12 Business combinations U.S. GAAP requires that all business combinations to be accounted for under the acquisition method. Since its incorporation, the Group adopted ASC 805, Business Combinations. Following the acquisition method, the cost of an acquisition is measured as the aggregate of the fair value at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling non-controlling The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgments. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets and forecasted life cycle and forecasted cash flows over that period. Although the Group believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. |
Intangible assets, net | 2.13 Intangible assets, net Intangible assets purchased are recognized and measured at cost upon acquisition. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows: The identifiable intangible assets Amortization Years Software 5 to 8 Trademarks 5 to 15 Platform 5 Customer relationship 10 Non-compete 8 |
Goodwill | 2.14 Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions. The Goodwill is not amortized but is reviewed at least annually for impairment or earlier, if any indication of impairment exists. Under U.S. GAAP, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. If the Group chooses to apply a qualitative assessment first, it starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group determines that it is more likely than not the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgments, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. |
Investments in equity investees | 2.15 Investments in equity investees The Group’s investments in equity investees consist of investments in equity securities without readily determinable fair values and equity method investments in privately-held companies. The Group has elected to measure the investments in equity securities without readily determinable fair values at cost minus impairment, if any, adjusted up or down for observable price changes (i.e., prices in orderly transactions for the identical or similar investment of the same issuer). Any adjustment to the carrying amount is recorded in net income. At each reporting period end, the Group will make a qualitative assessment considering impairment indicators to evaluate whether any of these investments is impaired. If the assessment indicates that the fair value of an investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss. The Group accounts for common stock or common-stock-equivalent equity investments in entities over which it has significant influence but does not own a majority voting interest or otherwise control using the equity method. The Group generally considers an ownership interest of 20% or higher represents significant influence. Under the equity method, the Group’s shares of the post-acquisition profits or losses of the investees are recognized in the consolidated statements of operations and comprehensive (loss) income and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. When the Group’s shares of losses in an investee equals or exceeds its carrying amount of the investment in the investee, the Group does not recognize further losses, unless the Group has guaranteed the obligations of the investee or is otherwise committed to provide further financial support to the investee. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group recorded impairment loss amounting to RMB22,030, RMB111,567 and nil for investments in equity investees for the years ended December 31, 2020, 2021 and 2022, respectively. |
Other non-current assets | 2.16 Other non-current Other non-current |
Fair value measurement | 2.17 Fair value measurement Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it transacts and considers assumptions that market participants use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: market approach, income approach and cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. |
Revenue recognition | 2.18 Revenue recognition The Group derives its revenues principally from shippers’ and truckers’ use of the Group’s platforms in connection with freight matching services and value-added services. Revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering reductions by estimates for refund allowances and discount. VAT is included in revenue on a gross basis as the Group determines that it is the principal of VAT in the PRC, based on the fact that the Group, as a seller of services, is primarily responsible for fulfilling the promise to pay VAT, which equals the sales amount multiplied by the applicable VAT rate, under the PRC Value Added Tax Provisional Regulations and the Pilot Implementation Measures for the Reform of Business Tax to Value-added Tax. The Group is subject to penalty or any other actions taken by tax authorities if it does not pay VAT assessed on its sales activities timely. For the years ended December 31, 2020, 2021 and 2022, RMB1,434 million, RMB2,620 million and RMB3,551 million of VAT are included in net revenues, respectively, the majority of which was generated from freight brokerage services. The Group offers various forms of incentives to the platform shippers and truckers, who are both considered the customers of the Group. Incentives are recorded as reduction of revenue (including deferred revenue, if any). If characterization of those amounts as a reduction of revenue results in negative revenue for a specific customer on a cumulative basis (that is, since the inception of the overall relationship between the Group and the customer), then the amount of the cumulative shortfall is re-characterized Freight listing services The Group charges the shippers membership fees for posting orders on the Group’s platforms. Membership fee is prepaid by shippers registered on the Group’s platforms for activating their rights of making orders on the platform. Revenue from membership fee is recognized on a straight-line basis over the term of the membership period or based on the number of orders posted depending on the specific terms in membership agreements. Freight brokerage services The Group provides freight brokerage services to shippers registered on its platform, assisting the shippers to identify appropriate truckers and enabling truckers to receive and fulfill on-demand The Group concludes that it acts as an agent in the provision of shipping services as it is not responsible for fulfilling the promise to provide the shipping services, nor does the Group have the ability to control the related services. Specifically, the Group does not have the ability to control the shipping services provided by truckers due to: (i) the Group does not pre-purchase Transaction commission From August 2020, the Group started charging commissions from truckers when they take orders originating from certain cities. The commission fee charged for an order is computed based on the shipping fee of such shipping order. The commission is recognized as revenue upon the shipper and the trucker reach an agreement. Credit solutions The Group provides loans using its own fund or through the consolidated trusts to the shippers and truckers registered on the Group’s platform to cater to their essential needs and increase their stickiness and engagement on the Group’s platform. The Group recognizes the fees and interests charged to the borrowers as “credit solutions revenue” over the lifetime of the loans using the effective interest method. The Group also facilitates loans to the shippers and truckers registered on its platform for certain institutional funding partners. For each loan facilitated on the platform, the Group provides loan facilitation service, post origination service and guarantee service. Revenue generated from these services has been immaterial. Other value-added services Other services provided by the Group mainly comprise agency services provided to insurance companies, highway authorities, gas station operators and automakers and dealers in their businesses to meet various needs of shippers and truckers. Revenue is recognized when service is rendered. Multiple performance obligations When certain service contracts are combined as one arrangement for revenue recognition purposes and the entire arrangement contains more than one performance obligation, the Group allocates the total transaction price to each performance obligation in an amount based on the relative standalone selling prices of the promised services underlying each performance obligation. In these instances, as the Group frequently sells each type of service with observable standalone selling prices, the observable standalone sales are used to determine the standalone selling price of each performance obligation. Disaggregation of revenues For the years ended December 31, 2020, 2021 and 2022, all of the Group’s revenues were generated in the PRC. The disaggregated revenues by revenue streams and timing of transfer of services were as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB Freight matching services(1) 1,947,016 3,946,882 5,656,651 Freight brokerage-satisfied at a point of time 1,365,207 2,497,779 3,360,313 Freight listings-satisfied over time 538,665 753,031 852,380 Transaction commission-satisfied at a point of time 43,144 696,072 1,443,958 Value-added services(1) 633,804 710,137 1,076,993 Credit solutions-satisfied over time 472,841 520,086 796,356 Other value-added services-satisfied at a point of time 160,963 190,051 280,637 Total net revenues 2,580,820 4,657,019 6,733,644 (1) RMB1,398 million and RMB36 million, RMB2,580 million and RMB40 million, RMB3,490 million and RMB61 million of net revenues were attributable to VAT for freight matching services and value-added services for the years ended December 31, 2020, 2021, and 2022, respectively. The VAT for freight matching services is primarily related to VAT incurred for freight brokerage services, which is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered. Accounts receivable represents amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied its performance obligation and has the unconditional right to payment. Contract liabilities are recognized if the Group receives consideration in advance of performance, which is mainly related to the freight listing services. The Group expects to recognize the majority of this balance as revenue over the next 12 months. The contract liabilities of the Group as of December 31, 2021 and 2022 are listed in the table below. The Group recognized revenues that were previously deferred as contract liabilities of RMB319,924 and RMB383,236 during the years ended December 31, 2021 and 2022, respectively. As of December 31, 2021 2022 RMB RMB Contract balances Freight listings 377,468 435,567 Others 5,768 26,513 Total 383,236 462,080 As of December 31, 2021 and 2022, the amount of guarantee liabilities related to loan guarantee services was immaterial. |
Cost of revenues | 2.19 Cost of revenues Cost of revenues primarily consists of VAT, related tax surcharges and other tax costs, net of the VAT refund from government authorities, payroll and related expenses for employees involved in operating the Group’s platforms, technology service fee, and commission fee paid to third party payment platform as well as funding costs related to credit solution services. VAT cost is primarily related to freight brokerage services, and is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. The Group operates its freight brokerage business with the road transportation license obtained from the government, which requires the Group to pay VAT at a rate of approximately 9% pursuant to the relevant VAT regulations for transportation service segment. The Group receives partial VAT refunds from local financial bureaus as an incentive for developing the local economy and business, which is recorded as a reduction of the VAT cost. Gross amount of VAT and the refund amount from local financial bureaus included in cost of revenues are as the following: Years ended December 31, 2020 2021 2022 RMB RMB RMB Gross VAT 1,832,598 3,510,749 4,518,878 Less: VAT refund (938,689 ) (1,559,814 ) (1,979,581 ) VAT, net 893,909 1,950,935 2,539,297 |
Sales and marketing expenses | 2.20 Sales and marketing expenses Sales and marketing expenses consist of advertising expenses, payroll and related expenses for employees involved in sales and marketing functions and amortization of trademarks. The advertising and marketing expenses amounted to RMB57,296, RMB125,507 and RMB107,575 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Research and development expenses | 2.21 Research and development expenses Research and development expenses primarily consist of technology infrastructure expenses related to research and development activities, payroll and related expenses for employees involved in platform development and internal-use |
General and Administrative expenses | 2.22 General and Administrative expenses General and administrative expenses primarily consist of compensation costs for executive management and administrative employees, daily operating expenses and allowance for doubtful accounts. |
Operating leases | 2.23 Operating leases The Company leases office space and lands in different cities in PRC under operating leases. Effective January 1, 2022, the Company adopted ASU No. 2016-02 non-lease of Under ASC 842, the Company determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use There is no private land ownership in China. Companies or individuals are authorized to possess and use the land only through land use rights granted by the PRC government. The Company determines its land use right agreement contains an operating lease of land under ASC 842. The full prepayment for the land use right is recognized as an asset and is amortized using the straight-line method over the lease term years. The weighted average remaining lease term years as of December 31, 2022. Amortization expense of land use rights for the year ended December 31, 2022 amounted to RMB675. |
Share-based compensation | 2.24 Share-based compensation The Group accounts for share options granted to employees and directors as a lability award or an equity award in accordance with ASC 718, Stock Compensation. Options granted generally vest upon satisfaction of service conditions over the following several years. They are measured at the grant date and recognized as compensation cost over the vesting periods, with the corresponding credit recorded as additional paid-in According to ASC 718, a change in any of the terms or conditions of equity-based awards shall be accounted for as a modification of the award. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified. For vested options, the Group would recognize incremental compensation cost on the date of modification and for unvested options, the Group would recognize, prospectively and over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award. Options or similar instruments on shares are classified as liabilities instead of equity if either of the following conditions is met: the underlying shares are classified as liabilities; or the options or similar instruments must be settled in cash or the grantee can require the entity to settle in cash. The Group measures a liability award under a share-based payment arrangement based on the award’s fair value remeasured at each reporting date until the date of settlement. Compensation costs for each period until settlement are based on the change in the fair value of the instrument at each reporting date. |
(Loss) earnings per share | 2.25 (Loss) earnings per share Basic (loss) earnings per share is computed by dividing net (loss) income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an as-if-converted two-class Diluted (loss) earnings per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had convertible redeemable preferred shares, share options and restricted shares, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted earnings per share, the effect of the convertible redeemable preferred shares is computed using the as-if-converted |
Government grants | 2.26 Government grants Government grants include cash subsidies received by the Group’s entities in the PRC from local governments as incentives for operating business in certain local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purpose. Cash subsidies are included in other operating income or as a reduction of specific costs and expenses for which the grants are intended to compensate and recognized when received. |
Taxation | 2.27 Taxation The Group is subject to value-added taxes at the rate of 6%, 9% or 13% in PRC. The value-added tax payable is the balance of the taxes the Group is liable for, which is primarily incurred for freight brokerage services and assessed based on the total shipping transaction price, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. The VAT taxes are also from the Group’s sales of other goods or services and primarily levied on the sales price the Group charges for such goods or services at applicable rates. Deductible input taxes that reduce the tax payable are from the Group’s purchases of goods or services and based on the cost and expenses the Group incurs at their applicable rates. The VAT balances are recorded in prepayments and other assets or other tax payable on the consolidated balance sheets. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statement, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statement of operations and comprehensive (loss) income in the period of the enactment of the change. |
Segment reporting | 2.28 Segment reporting The Group uses management approach to determine operating segment. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions about allocation of resource and assessing performance. The Group’s CODM has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. The Group operates and manages its business as a single operating segment. The Group’s long-lived assets are all located in the PRC and all of the Group’s revenues are derived from the PRC. Therefore, no geographic information is presented. |
Comprehensive (loss) income | 2.29 Comprehensive (loss) income Comprehensive (loss) income is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive (loss) income is reported in the consolidated statement of operations and comprehensive (loss) income. Accumulated other comprehensive income, as presented on the accompanying consolidated balance sheet consists of accumulated foreign currency translation adjustments. |
Recent accounting pronouncements | 2.30 Recent accounting pronouncements On October 28, 2021, the FASB issued ASU 2021-08 which amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The Group expects to adopt the ASU from the fiscal year beginning after December 15, 2023 and does not expect the adoption of this ASU has a significant impact on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. This guidance is effective for fiscal years beginning after December 15, 2023. The Group does not expect the adoption of this ASU has a significant impact on its consolidated financial statements. |
Convenience translation | 2.31 Convenience translation The Group’s business is primarily conducted in China and almost all of its revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into US dollars using the then current exchange rates, for the convenience of the readers. Translations of balances in the consolidated balance sheet, consolidated statements of operations and comprehensive (loss) income and consolidated statements of cash flows from RMB into US dollars as of and for the year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8972 representing the noon buying rate set forth in the H.10 statistical release of the U.S as of December 30, 2022. |
Organization and Nature of Op_2
Organization and Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Major Subsidiaries and Consolidated VIEs | As of December 31, 2022, the Company’s major subsidiaries and consolidated VIEs are as follows: Name of Company Place of incorporation Date of incorporation Percentage of direct Principal activities Subsidiaries Full Truck Alliance (HK) Limited (“FTA Hong Kong January 7, 2016 100 % Investment holding Lucky Logistics Information Limited Hong Kong April 8, 2014 100 % Investment holding FTA Information Technology Co., Ltd. PR April 20, 2016 100 % Technology development and other services Jiangsu Manyun Logistics Information Co., PR August 29, 2014 100 % Technology development and other services Yixing Manxian Information Technology PR May 24, 2022 65.4 % Investment holding Guiyang Huochebang Technology Co., Limited (“Guiyang Huochebang”) PR March 11, 2014 100 % Value-added services Guizhou Huochebang Micro-finance Co., Ltd. (“Huochebang Microfinance”) PR December 20, 2016 100 % Credit solution services Chengdu Yunli Technology Co., Ltd. (“Chengdu Yunli”) PR January 21, 2011 100 % Credit solution services Guizhou FTA Logistics Technology Co., PR January 14, 2021 100 % Research and development Name of Company Place of incorporation Date of incorporation Percentage of direct Principal activities VIEs Guiyang Shan’en Technology Co., Ltd. (“Shan’en Technology”) PR September 19, 2016 100 % Freight matching services Jiangsu Manyun Software Technology Co. Ltd. (“Manyun Software”) PR October 20, 2016 100 % Freight matching services and value added services Nanjing Manyun Cold Chain Technology Co., Ltd (“Manyun Cold Chain”) PR March 9, 2021 65.4 % Freight matching services VIEs’ subsidiaries Guiyang Shan’en Insurance Brokerage Co., Ltd (“Shan’en Insurance”) PR May 9, 2017 100 % Insurance services Tianjin Manyun Software Technology Co., Ltd (“Tianjin Manyun”) PR November 8, 2018 100 % Freight matching services Gui’an New District FTA Logistics Technology Co., Ltd (“Gui’an Logistics”) PR November 24, 2021 100 % Freight matching services |
Principal Accounting Policies_2
Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Line Items] | |
Summary of Balance Sheet Amounts and Balances of the Consolidated VIEs | The following amounts and balances of the consolidated VIEs were included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions. As of December 31, 2021 2022 RMB RMB ASSETS Cash and cash equivalents 2,948,946 2,474,166 Restricted cash—current 63,294 12,095 Short-term investments 550,000 — Accounts receivable, net of allowance 28,734 8,577 Amounts due from related parties 7,075 — Loans receivable, net 1,774,038 — Prepayments and other current assets 849,323 1,604,354 Restricted cash—non-current 13,500 — Property and equipment, net 100,931 18,449 Investments in equity investees 670,110 — Intangible assets, net 119,298 106,928 Goodwill 283,256 283,256 Deferred tax assets 20,492 6,570 Operating lease right-of-use — 74,820 Other non-current 3,836 5,960 TOTAL ASSETS 7,432,833 4,595,175 LIABILITIES Short-term loans 9,000 — Accounts payable 29,077 6,374 Prepaid for 383,153 436,806 Income tax payable 21,573 8,082 Other tax payable 566,479 682,030 Operating lease liabilities — current — 39,649 Accrued expenses and other current liabilities 1,045,484 883,965 Deferred tax liabilities 26,415 23,358 Operating lease liabilities — non-current — 34,036 TOTAL LIABILITIES 2,081,181 2,114,300 |
Summary of Income and Cash Flow Amounts and Balances of the Consolidated VIEs | Years ended December 31, 2020 2021 2022 RMB RMB RMB Net Revenues 2,553,535 4,611,044 5,648,742 Net loss (income) 223,957 (920,960 ) (1,779,515 ) Net cash provided by (used in) operating activities 682,745 (286,501 ) 615,584 Net cash used in investing activities (72,390 ) (815,721 ) (69,854 ) Net cash (used in) provided by financing activities (888,700 ) 42,100 (9,000 ) |
Summary of Balance Sheet Amounts and Balances of the Consolidated Trusts | As of December 31, 2021 RMB ASSETS Restricted cash 3,509 Loans receivable, net 353,509 Total Assets 357,018 As of December 31, 2021 RMB LIABILITIES Other tax payable 839 Total Liabilities 839 |
Summary of Income and Cash Flow Amounts and Balances of the Consolidated Trusts | Years ended December 31, 2020 2021 2022 RMB RMB RMB Net revenues 130,380 104,061 25,996 Net income 63,146 22,838 16,808 Years ended December 31, 2020 2021 2022 RMB RMB RMB Net cash provided by (used in) operating activities 374,679 (13,793 ) 5,115 Net cash used in financing activities (388,700 ) (31,400 ) — |
Summary of Property and equipment | The estimated useful lives are as follows: Category Estimated useful lives Office building 44 years Furniture, fixtures and equipment 3-5 Motor vehicles 4 years Leasehold improvement Over the shorter of the expected useful life or the lease term |
Summary of Useful Lives of Intangible Assets | Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows: The identifiable intangible assets Amortization Years Software 5 to 8 Trademarks 5 to 15 Platform 5 Customer relationship 10 Non-compete 8 |
Summary of the Disaggregated Revenues | For the years ended December 31, 2020, 2021 and 2022, all of the Group’s revenues were generated in the PRC. The disaggregated revenues by revenue streams and timing of transfer of services were as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB Freight matching services(1) 1,947,016 3,946,882 5,656,651 Freight brokerage-satisfied at a point of time 1,365,207 2,497,779 3,360,313 Freight listings-satisfied over time 538,665 753,031 852,380 Transaction commission-satisfied at a point of time 43,144 696,072 1,443,958 Value-added services(1) 633,804 710,137 1,076,993 Credit solutions-satisfied over time 472,841 520,086 796,356 Other value-added services-satisfied at a point of time 160,963 190,051 280,637 Total net revenues 2,580,820 4,657,019 6,733,644 (1) RMB1,398 million and RMB36 million, RMB2,580 million and RMB40 million, RMB3,490 million and RMB61 million of net revenues were attributable to VAT for freight matching services and value-added services for the years ended December 31, 2020, 2021, and 2022, respectively. The VAT for freight matching services is primarily related to VAT incurred for freight brokerage services, which is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. |
Summary of Contract Liabilities | The contract liabilities of the Group as of December 31, 2021 and 2022 are listed in the table below. The Group recognized revenues that were previously deferred as contract liabilities of RMB319,924 and RMB383,236 during the years ended December 31, 2021 and 2022, respectively. As of December 31, 2021 2022 RMB RMB Contract balances Freight listings 377,468 435,567 Others 5,768 26,513 Total 383,236 462,080 |
Summary of Value Added Tax | Gross amount of VAT and the refund amount from local financial bureaus included in cost of revenues are as the following: Years ended December 31, 2020 2021 2022 RMB RMB RMB Gross VAT 1,832,598 3,510,749 4,518,878 Less: VAT refund (938,689 ) (1,559,814 ) (1,979,581 ) VAT, net 893,909 1,950,935 2,539,297 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Schedule Of Fair Value Of Assets And Liabilities On Recurring Basis | As of December 31, 2021 and 2022, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows: As of December 31, 2021 Fair Value Measurement at Reporting Date Using Description Fair Value Quoted Prices (Level 1) Significant Significant RMB RMB RMB RMB Exchange traded fund products 2,013,340 2,013,340 — — Wealth management products 30,000 — 30,000 — Foreign currency forward contracts 914 — 914 — As of December 31, 2022 Fair Value Measurement at Reporting Date Using Description Fair Value as of Quoted Prices (Level 1) Significant Significant RMB RMB RMB RMB Exchange traded fund products 700,623 — 700,623 — Wealth management products 483,807 — 483,807 — |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | |
Business Acquisition [Line Items] | |
Summary of Business Acquisitions | The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB3,982) 4,605 Intangible assets: Customer relationship with an estimated useful life of 10 years 18,000 Software with an estimated useful life of 8 years 10,000 Goodwill 61,383 Deferred tax liabilities (7,000 ) Total 86,988 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 71,733 Fair value of equity interest in preferred shares previously acquired 15,255 86,988 |
Beijing Bang Li De Network Technology Co., Ltd [Member] | |
Business Acquisition [Line Items] | |
Summary of Business Acquisitions | The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB36,657) 25,409 Intangible assets: Trademark with an estimated useful life of 10 years 45,000 Non-compete 40,000 Goodwill 198,374 Deferred tax liabilities (21,282 ) Total 287,501 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 210,915 Cash consideration paid in 2022 76,586 287,501 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Summary Of Short-Term Investments | Short-term investments as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 RMB RMB Time deposits 19,591,302 19,902,659 Exchange traded fund products 2,013,340 700,623 Wealth management products 30,000 483,807 Total Short-term investments 21,634,642 21,087,089 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary Of Accounts Receivable And The Related Bad Debt Provision | Accounts receivable and the related bad debt provision as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 RMB RMB Trade r 32,852 18,439 Less: allowance for expected credit losses (3,713 ) (5,424 ) Total accounts receivable, net 29,139 13,015 |
Summary Of Movement Of Bad Debt Provision For Accounts Receivable | Movement of bad debt provision for accounts receivable is as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of year (62,087 ) (63,173 ) (3,713 ) (Provisions) reversal for expected credit losses (7,504 ) 5,213 (2,054 ) Write-off 6,418 54,247 343 Balance at end of year (63,173 ) (3,713 ) (5,424 ) |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Summary of Accounts, Notes, Loans and Financing Receivable | The following table presents loan principal and accrued interests as of December 31, 2021 and 2022: As of December 31, 2021 2022 RMB RMB Loans receivable 1,842,784 2,750,808 Less: allowance for loan losses (65,117 ) (102,359 ) Loans receivable, net 1,777,667 2,648,449 |
Summary of Financing Receivable Past Due | The following table presents the aging of loans as of December 31, 2021 and 2022: 0-30 31-60 Over 60 Total Current Total loans December 31, 2021 (RMB) 22,522 14,518 47,386 84,426 1,758,358 1,842,784 December 31, 2022 (RMB) 31,206 21,398 81,170 133,774 2,617,034 2,750,808 |
Summary of Financing Receivable Allowance for Credit Loss | Movement of allowance for loan losses is as follows: Years ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of year (92,641 ) (40,401 ) (65,117 ) Provisions for loan losses (94,160 ) (97,658 ) (194,272 ) Write-off 146,400 72,942 157,030 Balance at end of year (40,401 ) (65,117 ) (102,359 ) |
Prepayments And Other Current_2
Prepayments And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of prepayments and other current assets | As of December 31, 2021 2022 RMB RMB VAT refund receivable (1) 558,099 1,393,658 Funds receivable from third party payment channels 141,692 129,325 Advance to suppliers 168,117 81,530 Interest receivable 105,027 248,541 VAT recoverable and prepaid income taxes 63,354 145,423 Others 63,318 35,950 Total 1,099,607 2,034,427 (1) VAT refund receivable represents the VAT refund from local governments to incentivize the freight brokerage service. |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property And Equipment, Net | As of December 31, 2021 2022 RMB RMB Furniture, fixtures and equipment 65,814 74,515 Motor vehicles 5,057 4,503 Leasehold improvement 52,266 68,354 Office building — 63,000 Construction in progress 63,000 5,424 Total cost 186,137 215,796 Less: Accumulated depreciation (83,979 ) (106,972 ) Property and equipment, net 102,158 108,824 |
Investments in Equity Investe_2
Investments in Equity Investees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of the Group's balances of investment in equity investees | The following table summarizes the Group’s balances of investment in equity investees: As of December 31, 2021 2022 RMB RMB Equity Investments without Readily Determinable Fair Value Plus Corp (“Plus”) (1) 1,007,361 1,100,407 Jiayibingding (Beijing) E-commerce (2) 350,000 350,000 Others 879 6,500 Equity Method Investments Guizhou Fubao Digital Venture Capital Partnership (“Fubao Fund”) (3) 318,588 317,363 Others 1,523 — Total Investment 1,678,351 1,774,270 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Net Book Value of the Intangible Assets | Gross carrying amount, accumulated amortization and net book value of the intangible assets are as follows: As of December 31, 2021 2022 RMB RMB Software 40,570 46,961 Trademarks 621,000 621,856 Platform 24,000 24,000 Customer relationship 18,000 18,000 Non-compete 40,000 40,000 Less: Accumulated amortization (186,554 ) (248,396 ) Intangible assets, net 557,016 502,421 |
Summary of Estimated Aggregate Amortization Expenses | The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: Future amortization expenses RMB 2023 57,704 2024 56,809 2025 54,927 2026 53,410 2027 52,596 Thereafter 226,975 Total 502,421 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Summary of Other Non-Current Assets | Other non-current As of December 31, 2021 2022 RMB RMB Deposits — 2,000 Prepayment for furniture, fixtures and equipment 3,847 6,427 Total 3,847 8,427 |
Short-Term Loans (Tables)
Short-Term Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Debt | As of December 31, 2021 2022 RMB RMB Short-term borrowing—banks 9,000 — Total 9,000 — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities And Other Liabilities Disclosure Current | As of December 31, 2021 2022 RMB RMB Advance from shippers and truckers (1) 687,971 778,247 Salaries and welfare payables 272,702 338,281 Consideration payable for acquisition of TYT 70,760 — Deposit from truckers for value added services 53,820 23,421 Accrued rental and other service fees 56,095 80,667 Others 64,831 80,544 Total 1,206,179 1,301,160 (1) Representing the refundable prepayments from shippers and truckers for future shipping arrangements under freight brokerage services and value-added services. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule Loss by tax jurisdictions | Years ended December 31, 2020 2021 2022 RMB RMB RMB Net income from PRC operations (145,611 ) (56,957 ) (1,047,102 ) Net loss from non-PRC 3,597,207 3,697,294 539,167 Total net loss (income) before tax 3,451,596 3,640,337 (507,935 ) |
Schedule the current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss | Years ended December 31, 2020 2021 2022 RMB RMB RMB Current tax expenses 31,844 27,018 131,186 Deferred tax benefits (12,508 ) (12,827 ) (35,151 ) Income tax expenses 19,336 14,191 96,035 |
Schedule Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate | Years ended December 31, 2020 2021 2022 PRC statutory tax rate 25.00% 25.00% 25.00% Effect of different tax rates of subsidiaries operating in other jurisdictions 0.89% 0.96% (5.15%) PRC Withholding taxes (0.22%) (0.44%) 5.73% Expenses/losses not deductible for tax purposes (0.71%) (0.91%) 4.02% Research and development expenses super deduction 2.00% 2.65% (24.39%) Compensation cost in relation to ordinary shares and options (26.95%) (26.36%) 45.24% True up (0.00%) (0.04%) (1.24%) Effect of change of valuation allowance (0.57%) (1.25%) (30.30%) Effective tax rate (0.56%) (0.39%) 18.91% |
Schedule Deferred tax assets and deferred tax liabilities | As of December 31, 2021 2022 RMB RMB Deferred tax assets —Advertising and business promotion expenditure 5,997 11,571 —Impairment loss 177,368 177,368 —Allowance for expected credit losses 15,431 18,135 —Loan loss provision 23,985 40,708 —Accrued expense 5,792 10,891 —Net operating loss carry forwards 598,975 423,025 —Others 4,268 12,402 Less: valuation allowance (811,324 ) (652,610 ) Net deferred tax assets 20,492 41,490 Deferred tax liabilities —Identifiable intangible assets from business combination 135,764 121,611 Total deferred tax liabilities 135,764 121,611 |
Schedule Movement of valuation allowance | Years ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of the year 727,508 747,354 811,324 Addition (reversal) 19,846 63,970 (158,714 ) Total 747,354 811,324 652,610 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | Related Party Relationship with the Group JYBD An affiliate of the Group Euclidean An entity controlled by management founder of an affiliate of the Group Sigma An entity controlled by management founder of an affiliate of the Group Horgos Yinghuo Management Consulting Co., Ltd. (Horgos) An entity over which management has a significant influence Dai WJ Holding limited (DWJ) An entity controlled by a management shareholder of the Group Capital Champion Holdings Limited (Capital) An entity controlled by a shareholder of the Group DWJ Partners Limited (DWJ Partners) An entity controlled by a management shareholder of the Group Liu XF Holdings Limited (LXF) An entity controlled by a shareholder of the Group Tang TG Holdings Limited (TTG) An entity controlled by a shareholder of the Group Geng XF Holding Limited (GXF) An entity controlled by a shareholder of the Group For the years ended December 31, 2020, 2021 and 2022, services provided to the related parties were RMB10,333, nil and RMB300, respectively: Years ended December 31, 2020 2021 2022 RMB RMB RMB Value-added service revenue from JYBD 9,434 — 300 Value-added service revenue from Horgos 899 — — Total 10,333 — 300 For the years ended December 31, 2020, 2021 and 2022, services provided by parties Years ended December 31, 2020 2021 2022 RMB RMB RMB Service fee to JYBD — 12,500 7,500 Total — 12,500 7,500 The Group had the following balances with the major related parties: As of December 31, 2021 2022 RMB RMB Current assets: Service fee prepaid to JYBD 7,075 — Total 7,075 — As of December 31, 2021 and 2022, amounts due to related parties were RMB179,859 and RMB122,152, respectively, and details are as follows: As of December 31, 2021 2022 RMB RMB Current liabilities: Consideration payable for repurchase of ordinary shares from DWJ 80,501 62,953 Consideration payable for repurchase of ordinary shares from LXF 15,939 17,412 Consideration payable for repurchase of ordinary shares from Euclidean 7,970 — Consideration payable for repurchase of ordinary shares from Sigma 7,970 — Consideration payable for repurchase of ordinary shares from TTG 25,503 27,858 Consideration payable for repurchase of ordinary shares from DWJ Partners 1,847 — Consideration payable for repurchase of ordinary shares from GXF 12,751 13,929 Consideration payable for repurchase of ordinary shares from Capital 27,378 — Total 179,859 122,152 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |
Summary of Fair Value of Stock Options Valuation Assumptions | The key assumptions used to determine the fair value of the options for the years ended December 31, 2020, 2021 and 2022 were as follows: Years ended December 31, 2020 2021 2022 Expected volatility 35.9%~39.3 % 37.2%~38.1 % 35.2%~44.2 % Risk-free interest rate (per annum) 0.30%~1.04 % 1.00%~1.96 % 1.44%~3.97 % Exercise multiples 2.8 2.8 (1) 2.8 (1) Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value of underlying ordinary shares $ 0.261~0.395 $ 0.370~1.050 $ 0.302~0.461 Fair value of share option $ 0.294~0.395 $ 0.370~1.050 $ 0.302~0.461 (1) Exercise multiples defines the early exercise strategy of the grantees and only applies to binomial option pricing model. |
Summary of Share based Compensation Expense | Years ended December 31, 2020 2021 2022 RMB RMB RMB General and administrative expenses 3,341,145 3,728,421 809,194 Selling and marketing expense 94,640 56,975 39,771 Research and development expense 42,680 48,777 63,884 Cost of revenues 7,842 3,740 6,406 Total 3,486,307 3,837,913 919,255 |
TYT Company [Member] | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |
Summary of Restricted Share Activity | The Group acquired TYT, a private company, in December 2021. Upon the completion of the acquisition, ordinary shares held by non-controlling Number of Weighted USD Unvested at December 31, 2021 and 2022 968,198 15.68 |
Options Classified as Equity [Member] | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |
Summary of Share Options Activity | The following table summarized the activities of the Group’s share options classified as equity: Number of Weighted Weighted Weighted Aggregate US$ US$ US$ Outstanding at December 31, 2021 428,577,773 0.000010 8.75 0.4547 179,544 Granted 285,050,115 0.000010 0.4252 Exercised (318,299,998 ) 0.000010 0.3857 Forfeited (18,268,357 ) 0.000010 0.4934 Outstanding at December 31, 2022 377,059,533 0.000010 8.23 0.4874 150,820 Vested and expected to vest 377,059,533 0.000010 8.23 0.4874 150,820 Exercisable at December 31, 2022 58,718,233 0.000010 6.15 0.2558 23,487 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of (Loss) Earnings Per Share | Basic (loss) earnings per share is computed by dividing net (loss) income available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the years ended December 31, 2020, 2021 and 2022: Years ended December 31, 2020 2021 2022 RMB RMB RMB Numerator Net (loss) income available to Full Truck Alliance Co. Ltd. from continuing operations (3,470,924 ) (3,654,448 ) 406,762 Net income available to Full Truck Alliance Co. Ltd. from discontinued operations 452 — — Net (loss) income available to Full Truck Alliance Co. Ltd. (3,470,472 ) (3,654,448 ) 406,762 Deemed dividend (120,086 ) (518,432 ) — Net (loss) income available to ordinary shareholders—basic and diluted (3,590,558 ) (4,172,880 ) 406,762 Denominator Weighted average number of ordinary shares outstanding—basic 3,423,687,654 13,445,972,280 21,517,856,981 Adjustments for dilutive share options — — 61,759,408 Weighted average number of ordinary shares outstanding—diluted 3,423,687,654 13,445,972,280 21,579,616,389 (Loss) earnings per share—basic Basic (loss) earnings per share—continuing operations (1.05 ) (0.31 ) 0.02 Basic earnings per share—discontinued operations. 0.00 — — (Loss) earnings per share—basic (1.05 ) (0.31 ) 0.02 (Loss) earnings per share—diluted Diluted (loss) earnings per share—continuing operations (1.05 ) (0.31 ) 0.02 Diluted earnings per share—discontinued operations. 0.00 — — (Loss) earnings per share—diluted (1.05 ) (0.31 ) 0.02 |
Schedule of Antidilutive Securities Excluded from Computation of (Loss) Earnings Per Share | As of December 31, 2020 2021 2022 Convertible redeemable preferred shares 15,033,856,835 — — Share options 418,452,697 428,577,773 — |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of supplemental information related to leases and location | Supplemental information related to leases and location within the consolidated balance sheet are as follows: As of December 31, 2022 RMB Operating lease right-of-use 82,055 Current operating lease liabilities 44,590 Non-current 35,931 Total operating lease liabilities 80,521 Weighted average remaining lease term (in years) 2.30 Weighted average discount rate 4.6 % Year ended December 31, 2022 RMB Lease cost: Operating fixed lease cost 16,289 Lease cost related to short-term leases not capitalized 8,869 Total lease cost 25,158 |
Summary of supplemental cash flow information related to leases | Supplemental cash flow information related to leases for the year ended December 31, 2022 is as follows: Year ended December 31,2022 RMB Cash paid for amounts included in measurement of liabilities: Operating cash flows payment from operating leases 12,604 Right-of-use Operating leases 2,796 |
Summary of maturities of lease liabilities | As of December 31, 2022, the maturities of lease liabilities in accordance with ASC 842 in each of the following years are as follows: Total operating lease RMB 2023 45,624 2024 31,559 2025 7,363 Total minimum lease payments* 84,546 Less: amount representing interest (4,025 ) Present value of minimum lease payments 80,521 |
Organization and Nature of Op_3
Organization and Nature of Operations - Summary of Major Subsidiaries and Consolidated VIEs (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | E9 |
Date of incorporation | Dec. 27, 2017 |
Full Truck Alliance (HK) Limited [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Full Truck Alliance (HK) Limited (“FTA HK”) |
Place of incorporation | K3 |
Date of incorporation | Jan. 07, 2016 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Investment holding |
Lucky Logistics Information Limited [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Lucky Logistics Information Limited (“Lucky Logistics”) |
Place of incorporation | K3 |
Date of incorporation | Apr. 08, 2014 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Investment holding |
FTA Information Technology Co., Ltd. [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | FTA Information Technology Co., Ltd. (“FTA Information”, “WOFE”) (formerly known as FTA Information Consulting Co., Ltd) |
Place of incorporation | F4 |
Date of incorporation | Apr. 20, 2016 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Technology development and other services |
Jiangsu Manyun Logistics Information Co., Limited [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Jiangsu Manyun Logistics Information Co., Limited (“Jiangsu Manyun”, “WOFE”) |
Place of incorporation | F4 |
Date of incorporation | Aug. 29, 2014 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Technology development and other services |
Yixing Manxian Information Technology Co Limited [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Yixing Manxian Information Technology Co., Ltd (“Yixing Manxian” , “WOFE”) |
Place of incorporation | F4 |
Date of incorporation | May 24, 2022 |
Percentage of direct or indirect economic ownership | 65.40% |
Principal activities | Investment holding |
Guiyang Huochebang Technology Co., Limited [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Guiyang Huochebang Technology Co., Limited (“Guiyang Huochebang”) |
Place of incorporation | F4 |
Date of incorporation | Mar. 11, 2014 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Value-added services |
Guizhou Huochebang Micro-finance Co., Ltd. [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Guizhou Huochebang Micro-finance Co., Ltd. (“Huochebang Microfinance”) |
Place of incorporation | F4 |
Date of incorporation | Dec. 20, 2016 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Credit solution services |
Chengdu Yunli Technology Co., Ltd. [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Chengdu Yunli Technology Co., Ltd. (“Chengdu Yunli”) |
Place of incorporation | F4 |
Date of incorporation | Jan. 21, 2011 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Credit solution services |
Guizhou FTA Logistics Technology Co., Ltd. [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Guizhou FTA Logistics Technology Co., Ltd. (“Guizhou FTA”) |
Place of incorporation | F4 |
Date of incorporation | Jan. 14, 2021 |
Percentage of direct or indirect economic ownership | 100% |
Principal activities | Research and development |
Guiyang Shan'en Technology Co., Ltd. [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Guiyang Shan’en Technology Co., Ltd. (“Shan’en Technology”) |
Place of incorporation | F4 |
Date of incorporation | Sep. 19, 2016 |
Percentage of direct or indirect economic ownership | 100% |
Variable Interest Entity Description Of Principal Activities | Freight matching services |
Jiangsu Manyun Software Technology Co. Ltd. [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Jiangsu Manyun Software Technology Co. Ltd. (“Manyun Software”) |
Place of incorporation | F4 |
Date of incorporation | Oct. 20, 2016 |
Percentage of direct or indirect economic ownership | 100% |
Variable Interest Entity Description Of Principal Activities | Freight matching services and value added services |
Nanjing Manyun Cold Chain Technology Co., Ltd [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Nanjing Manyun Cold Chain Technology Co., Ltd (“Manyun Cold Chain”) |
Place of incorporation | F4 |
Date of incorporation | Mar. 09, 2021 |
Percentage of direct or indirect economic ownership | 65.40% |
Variable Interest Entity Description Of Principal Activities | Freight matching services |
Guiyang Shan'en Insurance Brokerage Co., Ltd [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Guiyang Shan’en Insurance Brokerage Co., Ltd (“Shan’en Insurance”) |
Place of incorporation | F4 |
Date of incorporation | May 09, 2017 |
Percentage of direct or indirect economic ownership | 100% |
Variable Interest Entity Description Of Principal Activities | Insurance services |
Tianjin Manyun Software Technology Co., Ltd [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Tianjin Manyun Software Technology Co., Ltd (“Tianjin Manyun”) |
Place of incorporation | F4 |
Date of incorporation | Nov. 08, 2018 |
Percentage of direct or indirect economic ownership | 100% |
Variable Interest Entity Description Of Principal Activities | Freight matching services |
Gui'an New District FTA Logistics Technology Co., Ltd [Member] | |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | |
Name of Company | Gui’an New District FTA Logistics Technology Co., Ltd (“Gui’an Logistics”) |
Place of incorporation | F4 |
Date of incorporation | Nov. 24, 2021 |
Percentage of direct or indirect economic ownership | 100% |
Variable Interest Entity Description Of Principal Activities | Freight matching services |
Organization and Nature of Op_4
Organization and Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of incorporation | Dec. 27, 2017 |
Principal Accounting Policies -
Principal Accounting Policies - Summary of Balance Sheet Amounts and Balances of the Consolidated VIEs (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
ASSETS | ||||
Cash and cash equivalents | ¥ 5,137,312 | $ 744,840 | ¥ 4,284,291 | ¥ 10,060,391 |
Restricted cash—current | 83,759 | 12,144 | 65,822 | 86,277 |
Short-term investments | 21,087,089 | 3,057,341 | 21,634,642 | |
Accounts receivable, net of allowance | 13,015 | 1,887 | 29,139 | |
Amounts due from related parties | 0 | 0 | 7,075 | |
Loans receivable, net | 2,648,449 | 383,989 | 1,777,667 | |
Prepayments and other current assets | 2,034,427 | 294,964 | 1,099,607 | |
Restricted cash—non-current | 0 | 0 | 13,500 | ¥ 13,500 |
Property and equipment, net | 108,824 | 15,778 | 102,158 | |
Investments in equity investees | 1,774,270 | 257,245 | 1,678,351 | |
Goodwill | 3,124,828 | 453,057 | 3,124,828 | |
Intangible assets, net | 502,421 | 72,844 | 557,016 | |
Deferred tax assets | 41,490 | 20,492 | ||
Operating lease right-of-use assets and land use rights | 132,000 | 19,138 | 0 | |
Other non-current assets | 8,427 | 1,222 | 3,847 | |
TOTAL ASSETS | 36,696,311 | 5,320,464 | 34,398,435 | |
LIABILITIES | ||||
Short-term loans | 0 | 0 | 9,000 | |
Accounts payable | 27,953 | 4,053 | 29,381 | |
Prepaid for freight listing fees and other service fees | 462,080 | 66,995 | 383,236 | |
Income tax payable | 52,233 | 7,573 | 31,538 | |
Other tax payable | 721,597 | 104,622 | 894,592 | |
Operating lease liabilities — current | 44,590 | 6,465 | 0 | |
Accrued expenses and other current liabilities | 1,301,160 | 188,649 | 1,206,179 | |
Deferred tax liabilities | 121,611 | 17,632 | 135,764 | |
Operating lease liabilities — non-current | 35,931 | 5,210 | 0 | |
TOTAL LIABILITIES | 2,889,307 | $ 418,909 | 2,869,549 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2,474,166 | 2,948,946 | ||
Restricted cash—current | 12,095 | 63,294 | ||
Short-term investments | 0 | 550,000 | ||
Accounts receivable, net of allowance | 8,577 | 28,734 | ||
Amounts due from related parties | 0 | 7,075 | ||
Loans receivable, net | 0 | 1,774,038 | ||
Prepayments and other current assets | 1,604,354 | 849,323 | ||
Restricted cash—non-current | 0 | 13,500 | ||
Property and equipment, net | 18,449 | 100,931 | ||
Investments in equity investees | 0 | 670,110 | ||
Goodwill | 283,256 | 283,256 | ||
Intangible assets, net | 106,928 | 119,298 | ||
Deferred tax assets | 6,570 | 20,492 | ||
Operating lease right-of-use assets and land use rights | 74,820 | 0 | ||
Other non-current assets | 5,960 | 3,836 | ||
TOTAL ASSETS | 4,595,175 | 7,432,833 | ||
LIABILITIES | ||||
Short-term loans | 0 | 9,000 | ||
Accounts payable | 6,374 | 29,077 | ||
Prepaid for freight listing fees and other service fees | 436,806 | 383,153 | ||
Income tax payable | 8,082 | 21,573 | ||
Other tax payable | 682,030 | 566,479 | ||
Operating lease liabilities — current | 39,649 | 0 | ||
Accrued expenses and other current liabilities | 883,965 | 1,045,484 | ||
Deferred tax liabilities | 23,358 | 26,415 | ||
Operating lease liabilities — non-current | 34,036 | 0 | ||
TOTAL LIABILITIES | ¥ 2,114,300 | ¥ 2,081,181 |
Principal Accounting Policies_3
Principal Accounting Policies - Summary of Income and Cash Flow Statement Amounts and Balances of the Consolidated VIEs (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | ¥ 6,733,644 | $ 976,287 | ¥ 4,657,019 | ¥ 2,580,820 |
Net loss (income) | 411,900 | 59,720 | (3,654,528) | (3,470,480) |
Net cash provided by (used in) operating activities | (15,520) | (2,248) | (211,419) | 574,742 |
Net cash used in investing activities | 2,131,221 | 309,000 | (14,398,973) | (2,690,895) |
Net cash (used in) provided by financing activities | (1,330,175) | $ (192,857) | 8,901,514 | 8,324,448 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | 5,648,742 | 4,611,044 | 2,553,535 | |
Net loss (income) | (1,779,515) | (920,960) | 223,957 | |
Net cash provided by (used in) operating activities | 615,584 | (286,501) | 682,745 | |
Net cash used in investing activities | (69,854) | (815,721) | (72,390) | |
Net cash (used in) provided by financing activities | ¥ (9,000) | ¥ 42,100 | ¥ (888,700) |
Principal Accounting Policies_4
Principal Accounting Policies - Summary of Balance Sheet Amounts and Balances of the Consolidated Trusts (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
ASSETS | |||
Loans receivable, net | ¥ 2,648,449 | $ 383,989 | ¥ 1,777,667 |
TOTAL ASSETS | 36,696,311 | 5,320,464 | 34,398,435 |
LIABILITIES | |||
Other tax payable | 721,597 | 104,622 | 894,592 |
TOTAL LIABILITIES | ¥ 2,889,307 | $ 418,909 | 2,869,549 |
Consolidated Trusts [Member] | |||
ASSETS | |||
Restricted cash | 3,509 | ||
Loans receivable, net | 353,509 | ||
TOTAL ASSETS | 357,018 | ||
LIABILITIES | |||
Other tax payable | 839 | ||
TOTAL LIABILITIES | ¥ 839 |
Principal Accounting Policies_5
Principal Accounting Policies - Summary of Income and Cash Flow Amounts and Balances of the Consolidated Trusts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | ¥ 6,733,644 | $ 976,287 | ¥ 4,657,019 | ¥ 2,580,820 |
Net income | 411,900 | (3,654,528) | (3,470,480) | |
Net cash provided by (used in) operating activities | (15,520) | (2,248) | (211,419) | 574,742 |
Net cash used in financing activities | (1,330,175) | $ (192,857) | 8,901,514 | 8,324,448 |
Consolidated Trusts [Member] | ||||
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | 25,996 | 104,061 | 130,380 | |
Net income | 16,808 | 22,838 | 63,146 | |
Net cash provided by (used in) operating activities | 5,115 | (13,793) | 374,679 | |
Net cash used in financing activities | ¥ 0 | ¥ (31,400) | ¥ (388,700) |
Principal Accounting Policies_6
Principal Accounting Policies - Summary of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Furniture, fixtures and equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 5 years |
Furniture, fixtures and equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 3 years |
Motor vehicles | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 4 years |
Leasehold improvement | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Lives | Over the shorter of the expected useful life or the lease term |
Office Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 44 years |
Principal Accounting Policies_7
Principal Accounting Policies - Summary of Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Software | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Software | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 8 years |
Trademarks [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Trademarks [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 15 years |
Platform [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
NC Commitment [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 8 years |
Principal Accounting Policies_8
Principal Accounting Policies - Summary of the Disaggregated Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | ¥ 6,733,644 | $ 976,287 | ¥ 4,657,019 | ¥ 2,580,820 |
Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 5,656,651 | 3,946,882 | 1,947,016 | |
Value Added Tax Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 1,076,993 | 710,137 | 633,804 | |
Transferred at Point in Time [Member] | Freight Brokerage [Member] | Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 3,360,313 | 2,497,779 | 1,365,207 | |
Transferred at Point in Time [Member] | Transaction Commission [Member] | Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 1,443,958 | 696,072 | 43,144 | |
Transferred at Point in Time [Member] | Other Value Added Services [Member] | Value Added Tax Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 280,637 | 190,051 | 160,963 | |
Transferred over Time [Member] | Freight Listings [Member] | Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 852,380 | 753,031 | 538,665 | |
Transferred over Time [Member] | Credit Solutions [Member] | Value Added Tax Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | ¥ 796,356 | ¥ 520,086 | ¥ 472,841 |
Principal Accounting Policies_9
Principal Accounting Policies - Summary of the Disaggregated Revenues (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Freight Matching Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues attributable to value added tax | ¥ 3,490 | ¥ 2,580 | ¥ 1,398 |
Value Added Tax Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues attributable to value added tax | ¥ 61 | ¥ 40 | ¥ 36 |
Principal Accounting Policie_10
Principal Accounting Policies - Summary of Contract Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Contract With Customer Asset And Liability [Line Items] | |||
Contract balances | ¥ 462,080 | $ 66,995 | ¥ 383,236 |
Freight Listings [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Contract balances | 435,567 | 377,468 | |
Others [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Contract balances | ¥ 26,513 | ¥ 5,768 |
Principal Accounting Policie_11
Principal Accounting Policies - Summary of Value Added Tax (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Gross VAT | ¥ 4,518,878 | ¥ 3,510,749 | ¥ 1,832,598 |
Less: VAT refund | (1,979,581) | (1,559,814) | (938,689) |
VAT, net | ¥ 2,539,297 | ¥ 1,950,935 | ¥ 893,909 |
Principal Accounting Policie_12
Principal Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 CNY (¥) | |
Accounting Policies [Line Items] | ||||||
Impairment losses on equity method investments | ¥ 0 | $ 0 | ¥ 111,567 | ¥ 22,030 | ||
Advertising and marketing expense | ¥ 107,575 | 125,507 | 57,296 | |||
Foreign exchange translation rate | 6.8972 | 6.8972 | ||||
VAT are included in net revenues | ¥ 3,551,000 | 2,620,000 | 1,434,000 | |||
Incentive costs | 785 | 87,864 | 1,726 | |||
Operating lease right-of-use assets and land use rights | 132,000 | 0 | $ 19,138 | |||
Operating Lease, Liability | ¥ 80,521 | |||||
Operating lease weighted average remaining lease term | 2 years 3 months 18 days | 2 years 3 months 18 days | ||||
Revenue Recognized | ¥ 383,236 | 319,924 | ||||
Amortization expense of land use rights | ¥ 675 | |||||
Land Use Rights [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Lessee operating lease term of contract | 50 years | |||||
Operating lease weighted average remaining lease term | 49 years 4 months 24 days | 49 years 4 months 24 days | ||||
Accounting Standards Update 2016-02 [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Operating lease right-of-use assets and land use rights | ¥ 130,000 | |||||
Operating Lease, Liability | ¥ 119,000 | |||||
Value Added Tax Rate Percentage One [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Value added tax rate | 6% | 6% | ||||
Value Added Tax Rate Percentage Two [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Value added tax rate | 9% | 9% | ||||
Value Added Tax Rate Percentage Three [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Value added tax rate | 13% | 13% | ||||
Consolidated Trusts [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Provision for loan and lease losses | ¥ 7,000 | 21,000 | ¥ 29,000 | |||
Consolidated Trusts [Member] | Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Loans receivable fixed rate of interest | 36% | 36% | ||||
Consolidated Trusts [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Loans receivable fixed rate of interest | 20% | 20% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Operating lease right-of-use assets and land use rights | ¥ 74,820 | ¥ 0 | ||||
Sales Revenue Net [Member] | Consolidated Trusts [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 0% | 0% | 2% | 5% | ||
Sales Revenue Net [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 84% | 84% | 99% | 99% | ||
Assets [Member] | Consolidated Trusts [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 1% | |||||
Assets [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 13% | 13% | 22% | |||
Liabilities, Total [Member] | Consolidated Trusts [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 0% | |||||
Liabilities, Total [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 73% | 73% | 73% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Fair Value Of Assets And Liabilities On Recurring Basis (Detail) - Fair Value, Recurring [Member] - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | ¥ 700,623 | ¥ 2,013,340 |
Wealth management products | 483,807 | 30,000 |
Foreign currency forward contracts | 914 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | 0 | 2,013,340 |
Wealth management products | 0 | 0 |
Foreign currency forward contracts | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | 700,623 | 0 |
Wealth management products | 483,807 | 30,000 |
Foreign currency forward contracts | 914 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | 0 | 0 |
Wealth management products | ¥ 0 | 0 |
Foreign currency forward contracts | ¥ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gains from fair value changes of trading securities and derivative assets | ¥ (63,390) | ¥ 23,967 | ¥ 18,140 |
Equity Method Investments | ¥ 0 | 0 | 0 |
Impairment charges of equity investment | ¥ 111,567 | ¥ 22,030 |
Business Combination - Summary
Business Combination - Summary of Information Technology (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | |||||
Dec. 01, 2021 CNY (¥) | Jul. 01, 2021 CNY (¥) | Jul. 31, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Intangible assets: | ||||||
Goodwill | ¥ 3,124,828 | $ 453,057 | ¥ 3,124,828 | |||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net assets acquired | ¥ 4,605 | |||||
Intangible assets: | ||||||
Goodwill | 61,383 | |||||
Deferred tax liabilities | (7,000) | |||||
Total | 86,988 | |||||
Total purchase price is comprised of: | ||||||
Cash consideration paid | 71,733 | ¥ 71,733 | ||||
Fair value of equity interest in preferred shares previously acquired | 15,255 | |||||
Total purchase price | 86,988 | |||||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Customer Relationships [Member] | ||||||
Intangible assets: | ||||||
Trademark with an estimated useful life | 18,000 | |||||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Software [Member] | ||||||
Intangible assets: | ||||||
Trademark with an estimated useful life | ¥ 10,000 | |||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net assets acquired | ¥ 25,409 | |||||
Intangible assets: | ||||||
Goodwill | 198,374 | |||||
Deferred tax liabilities | (21,282) | |||||
Total | 287,501 | |||||
Total purchase price is comprised of: | ||||||
Cash consideration paid | 210,915 | |||||
Consideration payable | 76,586 | |||||
Total purchase price | 287,501 | |||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Trade Names [Member] | ||||||
Intangible assets: | ||||||
Trademark with an estimated useful life | 45,000 | |||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Non Compete Commitment [Member] | ||||||
Intangible assets: | ||||||
Trademark with an estimated useful life | ¥ 40,000 |
Business Combination - Summar_2
Business Combination - Summary of Information Technology (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 01, 2021 | Jul. 01, 2021 | |
Platform [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 5 years | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 10 years | |||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Net assets acquired | ¥ 3,982 | |||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Platform [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 8 years | |||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 10 years | |||
Beijing Bang Li De Network Technology Co., Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Net assets acquired | ¥ 36,657 | |||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 10 years | |||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Non Compete Commitment [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 8 years |
Business Combination - Addition
Business Combination - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 01, 2021 CNY (¥) | Jul. 01, 2021 CNY (¥) | Nov. 30, 2021 CNY (¥) | Jul. 31, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Business Acquisition [Line Items] | ||||||||
Payments to acquire equity method investments | ¥ 6,500 | $ 942 | ¥ 887,327 | ¥ 34,475 | ||||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 100% | |||||||
Business combination cash paid to performance condition | ¥ 71,553 | |||||||
Business combination performance condition services term | 3 years | |||||||
Business combination compensation cost | 21,914 | ¥ 23,951 | ||||||
Payments to acquire businesses gross | ¥ 71,733 | ¥ 71,733 | ||||||
Business acquisition, percentage of voting interests acquired | 80% | |||||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire equity method investments | ¥ 287,500 | |||||||
Business combination, contingent consideration, liability | ¥ 20,000 | |||||||
Payments to acquire businesses gross | ¥ 210,915 | |||||||
Preferred Stock [Member] | Guangzhou Lanqiao Software Technology Co., Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payment to acquire long term investments | ¥ 15,000 | |||||||
Preferred Stock [Member] | Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Equity Interest [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Non controlling interest ownership percentage by non controlling owners | 20% | 20% |
Short-Term Investments - Summar
Short-Term Investments - Summary Of Short-Term Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Cash and Cash Equivalents [Abstract] | |||
Time deposits | ¥ 19,902,659 | ¥ 19,591,302 | |
Exchange traded fund products | 700,623 | 2,013,340 | |
Wealth management products | 483,807 | 30,000 | |
Total Short-term investments | ¥ 21,087,089 | $ 3,057,341 | ¥ 21,634,642 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary Of Accounts Receivable And The Related Bad Debt Provision (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Trade receivable | ¥ 18,439 | ¥ 32,852 | |
Less: allowance for expected credit losses | (5,424) | (3,713) | |
Total accounts receivable, net | ¥ 13,015 | $ 1,887 | ¥ 29,139 |
Accounts Receivable, Net - Su_2
Accounts Receivable, Net - Summary Of Movement Of Bad Debt Provision For Accounts Receivable (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Balance at beginning of year | ¥ (3,713) | ¥ (63,173) | ¥ (62,087) |
(Provisions) reversal for expected credit losses | (2,054) | 5,213 | (7,504) |
Write-off | 343 | 54,247 | 6,418 |
Balance at end of year | ¥ (5,424) | ¥ (3,713) | ¥ (63,173) |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Credit period | 1 year | ||
Financing receivable, Nonaccrual, Net | ¥ 1,900 | ¥ 4,100 | |
Financing receivable, Credit loss, Expense reversal | 194,272 | 97,658 | ¥ 94,160 |
Non accrual Loan Those Over Ninety Calendar Days Past Due Excluding Loans That Were Over Hundred And Eighty Days Past Due And Therefore Charged Off [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, Nonaccrual | 53,600 | ¥ 36,600 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable interest income | ¥ 0 | ||
Maximum [Member] | Loans Receivable [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Interest rate | 36% | ||
Minimum [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, Threshold period past due, Writeoff | 180 days | ||
Minimum [Member] | Loans Receivable [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Interest rate | 20% |
Loans Receivable, Net - Summary
Loans Receivable, Net - Summary Of Accounts, Notes, Loans and Financing Receivable (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Loans receivable | ¥ 2,750,808 | ¥ 1,842,784 | |
Less: allowance for loan losses | (102,359) | (65,117) | |
Loans receivable, net | ¥ 2,648,449 | $ 383,989 | ¥ 1,777,667 |
Loans Receivable, Net - Summa_2
Loans Receivable, Net - Summary of Financing Receivable Past Due (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | ¥ 2,750,808 | ¥ 1,842,784 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,617,034 | 1,758,358 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 133,774 | 84,426 |
0-30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 31,206 | 22,522 |
31-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 21,398 | 14,518 |
Over 60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ¥ 81,170 | ¥ 47,386 |
Loans Receivable, Net - Summa_3
Loans Receivable, Net - Summary of Financing Receivable Allowance for Credit Loss (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Credit Loss [Abstract] | |||
Balance at beginning of year | ¥ (65,117) | ¥ (40,401) | ¥ (92,641) |
Provisions for loan losses | (194,272) | (97,658) | (94,160) |
Write-off | 157,030 | 72,942 | 146,400 |
Balance at end of year | ¥ (102,359) | ¥ (65,117) | ¥ (40,401) |
Prepayments And Other Current_3
Prepayments And Other Current Assets - Summary Of Prepayments And Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
VAT refund receivable | [1] | ¥ 1,393,658 | ¥ 558,099 | |
Funds receivable from third party payment channels | 129,325 | 141,692 | ||
Advances to suppliers | 81,530 | 168,117 | ||
Interest receivable | 248,541 | 105,027 | ||
VAT recoverable and prepaid income taxes | 145,423 | 63,354 | ||
Others | 35,950 | 63,318 | ||
Total | ¥ 2,034,427 | $ 294,964 | ¥ 1,099,607 | |
[1]VAT refund receivable represents the VAT refund from local governments to incentivize the freight brokerage service. |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | ¥ 25,826 | ¥ 17,465 | ¥ 16,622 |
Property And Equipment, Net - S
Property And Equipment, Net - Summary of Property And Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 215,796 | ¥ 186,137 | |
Less: Accumulated depreciation | (106,972) | (83,979) | |
Property and equipment, net | 108,824 | $ 15,778 | 102,158 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 74,515 | 65,814 | |
Motor vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 4,503 | 5,057 | |
Leasehold improvement | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 68,354 | 52,266 | |
Office building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 63,000 | 0 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 5,424 | ¥ 63,000 |
Investments in Equity Investe_3
Investments in Equity Investees - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fubao Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Payment to acquire long term investments | ¥ 323,000 | ||
Fubao Fund [Member] | Equity Interest [Member] | |||
Schedule of Investments [Line Items] | |||
Non controlling interest ownership percentage by non controlling owners | 72.58% | 72.58% | |
Preferred Stock [Member] | Plus Corp Plus [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of voting rights | 56.15% | 56.15% | 56.15% |
Total investment | $ | $ 158,000,000 | $ 158,000,000 | |
Preferred Stock [Member] | Plus Corp Plus [Member] | Equity Interest [Member] | |||
Schedule of Investments [Line Items] | |||
Non controlling interest ownership percentage by non controlling owners | 28.85% | 28.85% | 28.85% |
Preferred Stock [Member] | Jiayibingding Beijing E Commerce Limited [Member] | |||
Schedule of Investments [Line Items] | |||
Total investment | ¥ 350,000 | ||
Preferred Stock [Member] | Jiayibingding Beijing E Commerce Limited [Member] | Equity Interest [Member] | |||
Schedule of Investments [Line Items] | |||
Non controlling interest ownership percentage by non controlling owners | 24.37% | 24.37% |
Investments in Equity Investe_4
Investments in Equity Investees - Summary of the Group's balances of investment in equity investees (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Method Investments | ¥ 0 | ¥ 0 | ¥ 0 | |
Total Investment | 1,774,270 | $ 257,245 | 1,678,351 | |
Plus Corp Plus [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Investments without Readily Determinable Fair Value | 1,100,407 | 1,007,361 | ||
Jiayibingding Beijing E Commerce Limited [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Investments without Readily Determinable Fair Value | 350,000 | 350,000 | ||
Guizhou Fubao Digital Venture Capital Partnership [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Method Investments | 317,363 | 318,588 | ||
Others [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Investments without Readily Determinable Fair Value | 6,500 | 879 | ||
Equity Method Investments | ¥ 0 | ¥ 1,523 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Net Book Value of the Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Less: Accumulated amortization | ¥ (248,396) | ¥ (186,554) | |
Intangible assets, net | 502,421 | $ 72,844 | 557,016 |
Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 46,961 | 40,570 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 621,856 | 621,000 | |
Platform [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 24,000 | 24,000 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 18,000 | 18,000 | |
Non-compete commitment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | ¥ 40,000 | ¥ 40,000 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | ¥ 61,842 | ¥ 49,957 | ¥ 47,047 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Estimated Aggregate Amortization Expenses (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2023 | ¥ 57,704 | ||
2024 | 56,809 | ||
2025 | 54,927 | ||
2026 | 53,410 | ||
2027 | 52,596 | ||
Thereafter | 226,975 | ||
Total | ¥ 502,421 | $ 72,844 | ¥ 557,016 |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Other Non-Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Other Assets, Noncurrent [Abstract] | |||
Deposits | ¥ 2,000 | ¥ 0 | |
Prepayment for furniture, fixtures and equipment | 6,427 | 3,847 | |
Total | ¥ 8,427 | $ 1,222 | ¥ 3,847 |
Short-Term Loans - Summary of S
Short-Term Loans - Summary of Short-Term Debt (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Debt Disclosure [Abstract] | |||
Short-term borrowing—banks | ¥ 0 | $ 0 | ¥ 9,000 |
Total | ¥ 9,000 |
Short-Term Loans - Additional I
Short-Term Loans - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Short-term Debt [Line Items] | |||
Short term bank borrowings outstanding | ¥ 0 | $ 0 | ¥ 9,000 |
Beijing Bang Li De Network Technology Co., Ltd [Member] | |||
Short-term Debt [Line Items] | |||
Short term bank borrowings outstanding | ¥ 9,000 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Liabilities and Other Liabilities Disclosure Current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Payables and Accruals [Abstract] | ||||
Advance from shippers and truckers | [1] | ¥ 778,247 | ¥ 687,971 | |
Salaries and welfare payables | 338,281 | 272,702 | ||
Consideration payable for acquisition of TYT | 0 | 70,760 | ||
Deposit from truckers for value added services | 23,421 | 53,820 | ||
Accrued rental and other service fees | 80,667 | 56,095 | ||
Others | 80,544 | 64,831 | ||
Total | ¥ 1,301,160 | $ 188,649 | ¥ 1,206,179 | |
[1]Representing the refundable prepayments from shippers and truckers for future shipping arrangements under freight brokerage services and value-added services. |
Mezzanine Equity - Additional I
Mezzanine Equity - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 22, 2021 | Dec. 31, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Carrying amount | ¥ 73,980 | |
Manyun Cold Chain [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Carrying amount | ¥ 73,980 | |
Preferred Stock [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Converson of stock | 14,968,198,107 | |
Maximum [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Increase of APIC | ¥ 33,587,714 | |
Minimum [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Increase of APIC | ¥ 8,389 | |
Redeemable Convertible Preferred Stock [Member] | Smart Cold Chain Freight Limited [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Temporary equity stock issued during period shares new issues | 12,498,880 | |
Redeemable convertible preferred shares total consideration | ¥ 71,000 | |
Common Class A [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Converson of stock | 14,965,476,285 | |
Common stock conversion basis | one-on-one basis | |
Common Class B [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Converson of stock | 2,721,822 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||||||||
Jul. 06, 2022 CNY (¥) shares | May 07, 2022 shares | Apr. 14, 2022 CNY (¥) | Apr. 14, 2022 USD ($) $ / shares | Jun. 22, 2021 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 CNY (¥) shares | Nov. 30, 2020 $ / shares shares | |
Stock repurchased during period, shares | shares | 177,267,715 | 190,527,542 | |||||||||||
Stock repurchased during period, value | ¥ 1,080,270 | ¥ 1,665,018 | ¥ 811,152 | ||||||||||
Share-based payment arrangement, expense | ¥ 919,255 | ¥ 3,837,913 | 3,486,307 | ||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 318,299,998 | 318,299,998 | 866,230,796 | ||||||||||
Stock issued during period, value, stock options exercised | ¥ 21 | ¥ 4,993 | 48,757 | ||||||||||
Proceeds from Issuance Initial Public Offering | ¥ 11,059,043 | ¥ 0 | $ 0 | ¥ 11,059,043 | 0 | ||||||||
Settlement of subscription receivables | $ | $ 200,000 | ||||||||||||
Fair value per share | $ / shares | $ 0.36 | ||||||||||||
Conversion of Class B ordinary shares to Class A ordinary shares [Member] | |||||||||||||
Converson of stock | shares | 1,121,670,655 | 1,121,670,655 | |||||||||||
Shareholder Resolutions [Member] | |||||||||||||
Reclassification of ordinary shares from one class to another | shares | 2,013,034,312 | ||||||||||||
Truck Alliance [Member] | |||||||||||||
Stock repurchased during period, value | ¥ 1,077,505 | 489,391 | |||||||||||
Share-based payment arrangement, expense | 38,929 | 112,558 | |||||||||||
Minimum [Member] | |||||||||||||
Reduction in common stock | 12 | ¥ 12 | |||||||||||
Reduction in additional paid in capital | 376,820 | 1,038,564 | |||||||||||
Maximum [Member] | |||||||||||||
Reduction in additional paid in capital | ¥ 257,891 | ¥ 626,431 | |||||||||||
Receivables from Stockholder [Member] | |||||||||||||
Settlement Of Shareholder Loan Value | ¥ 1,310,140 | ¥ (1,310,140) | |||||||||||
Additional Paid-in Capital [Member] | |||||||||||||
Stock repurchased during period, value | 1,080,247 | 1,664,995 | 811,128 | ||||||||||
Stock issued during period, value, stock options exercised | ¥ 4,937 | 48,673 | |||||||||||
Settlement Of Shareholder Loan Value | 1,326,603 | ¥ 1,326,603 | |||||||||||
Employees | |||||||||||||
Reduction in additional paid in capital | ¥ 117,211 | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 106,422,541 | ||||||||||||
Stock issued during period, value, stock options exercised | ¥ 385,270 | ||||||||||||
Employees | Minimum [Member] | |||||||||||||
Reduction in common stock | 7 | ||||||||||||
Reduction in additional paid in capital | ¥ 268,052 | ||||||||||||
Common Class A [Member] | |||||||||||||
Stock repurchased during period, shares | shares | 259,095,756 | ||||||||||||
Stock repurchased during period, value | ¥ 822,373 | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 112,209,998 | 112,209,998 | 351,972,260 | ||||||||||
Common stock, shares authorized | shares | 40,000,000,000 | 40,000,000,000 | 33,562,015,467 | ||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||
Common Stock, Shares, Issued | shares | 18,919,468,156 | 18,505,617,508 | |||||||||||
Withheld of shares | shares | 710,080 | ||||||||||||
Converson of stock | shares | 14,965,476,285 | ||||||||||||
Common Class A [Member] | Private Placement [Member] | |||||||||||||
Common Stock, Shares, Issued | shares | 210,526,314 | ||||||||||||
Common Class A [Member] | Public investor [Member] | |||||||||||||
Common Stock, Shares, Issued | shares | 1,650,000,000 | ||||||||||||
Common Class A [Member] | Common Stock [Member] | |||||||||||||
Stock repurchased during period, shares | shares | (259,805,836) | (259,805,836) | (177,267,715) | (364,995,633) | |||||||||
Reduction in common stock | 17 | ||||||||||||
Stock repurchased during period, value | ¥ 17 | ¥ 12 | ¥ 24 | ||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 112,209,998 | 112,209,998 | 351,972,260 | 1,285,000,422 | |||||||||
Stock issued during period, value, stock options exercised | ¥ 7 | ¥ 23 | ¥ 84 | ||||||||||
Settlement of Shareholder loan shares | shares | 560,224,090 | (560,224,090) | (560,224,090) | ||||||||||
Settlement Of Shareholder Loan Value | ¥ 37 | ¥ 37 | |||||||||||
Converson of stock | shares | 14,965,476,285 | ||||||||||||
Common Class A [Member] | Additional Paid-in Capital [Member] | |||||||||||||
Stock repurchased during period, value | ¥ 822,356 | ||||||||||||
Common Class B [Member] | |||||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 206,090,000 | 206,090,000 | 514,258,536 | ||||||||||
Common stock, shares authorized | shares | 10,000,000,000 | 10,000,000,000 | 963,610,653 | ||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.0001 | ||||||||||
Common Stock, Shares, Issued | shares | 2,317,044,668 | 3,323,790,823 | |||||||||||
Withheld of shares | shares | 91,165,500 | 169,834,500 | |||||||||||
Converson of stock | shares | 2,721,822 | ||||||||||||
Common Class B [Member] | Minimum [Member] | |||||||||||||
Reduction in common stock | ¥ 11 | ||||||||||||
Common Class B [Member] | Common Stock [Member] | |||||||||||||
Stock repurchased during period, shares | shares | (91,165,500) | (91,165,500) | (169,834,500) | ||||||||||
Reduction in common stock | ¥ 6 | ||||||||||||
Stock repurchased during period, value | ¥ 6 | ¥ 11 | |||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 206,090,000 | 206,090,000 | 514,258,536 | ||||||||||
Stock issued during period, value, stock options exercised | ¥ 14 | ¥ 33 | |||||||||||
Converson of stock | shares | 2,721,822 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 16, 2007 | Dec. 31, 2022 HKD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Minimum ownership percentage of FIE by foreign investors to qualify for withholding tax rate limit for dividends paid by FIE in china to its immediate holding company in hong kong | 25% | (5.15%) | (5.15%) | 0.96% | 0.89% | |
Operating loss carryforwards | ¥ 1,692,000 | ¥ 2,432,000 | ||||
Income (Loss) from continuing operations | 3,000 | 23,000 | ¥ 35,000 | |||
Operating loss carryforwards, valuation allowance | ¥ 652,610 | ¥ 811,324 | ¥ 747,354 | ¥ 727,508 | ||
Effective income tax rate reconciliation, foreign income tax rate differential, percent | 25% | 25% | 25% | 25% | ||
HONG KONG | ||||||
Effective income tax rate reconciliation at federal statutory income tax rate, amount | $ | $ 2,000 | |||||
CHINA | ||||||
Minimum ownership percentage of FIE by foreign investors to qualify for withholding tax rate limit for dividends paid by FIE in china to its immediate holding company in hong kong | 25% | |||||
Effective income tax rate reconciliation, foreign income tax rate differential, percent | 25% | |||||
Withholding Tax Rate On Dividend Distributed By Foreign Invested Enterprise To Its Immediate Holding Company | 10% | |||||
Preferential Corporate Income Tax Rate | 15% | |||||
Maximum [Member] | ||||||
Operating loss carryforwards, expiration period | 2031 | 2031 | ||||
Maximum [Member] | HONG KONG | ||||||
Income Taxes Foreign Statutory Corporate Tax Rate | 16.50% | 16.50% | ||||
Maximum Rate Of Withholding Tax For Dividends Paid By FIE In China To Its Immediate Holding Company In Hong Kong Under Specified Conditions | 5% | |||||
Maximum [Member] | CHINA | State Tax Bureau [Member] | ||||||
Percentage of entitled to claim for research and development expenses by state taxation administration | 75% | 75% | ||||
Minimum [Member] | ||||||
Operating loss carryforwards, expiration period | 2023 | 2023 | ||||
Minimum [Member] | HONG KONG | ||||||
Income Taxes Foreign Statutory Corporate Tax Rate | 8.25% | 8.25% | ||||
Minimum [Member] | CHINA | State Tax Bureau [Member] | ||||||
Percentage of entitled to claim for research and development expenses by state taxation administration | 50% | 50% |
Income Taxes - Schedule Loss (i
Income Taxes - Schedule Loss (income) by tax jurisdictions (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
Net income from PRC operations | ¥ (1,047,102) | ¥ (56,957) | ¥ (145,611) |
Net loss from non-PRC operations | 539,167 | 3,697,294 | 3,597,207 |
Total net loss (income) before tax | ¥ (507,935) | ¥ 3,640,337 | ¥ 3,451,596 |
Income Taxes - Schedule the cur
Income Taxes - Schedule the current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive (loss) income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Current tax expenses | ¥ 131,186 | ¥ 27,018 | ¥ 31,844 | |
Deferred tax benefits | (35,151) | (12,827) | (12,508) | |
Income tax expense | ¥ 96,035 | $ 13,924 | ¥ 14,191 | ¥ 19,336 |
Income Taxes - Schedule Reconci
Income Taxes - Schedule Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate (Detail) | 12 Months Ended | |||
Mar. 16, 2007 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
PRC statutory tax rate | 25% | 25% | 25% | |
Effect of different tax rates of subsidiaries operating in other jurisdictions | 25% | (5.15%) | 0.96% | 0.89% |
PRC Withholding taxes | 5.73% | (0.44%) | (0.22%) | |
Expenses/losses not deductible for tax purposes | 4.02% | (0.91%) | (0.71%) | |
Research and development expenses super deduction | (24.39%) | 2.65% | 2% | |
Compensation cost in relation to ordinary shares and options | 45.24% | (26.36%) | (26.95%) | |
True up | (1.24%) | (0.04%) | 0% | |
Effect of change of valuation allowance | (30.30%) | (1.25%) | (0.57%) | |
Effective tax rate | 18.91% | (0.39%) | (0.56%) |
Income Taxes - Schedule Deferre
Income Taxes - Schedule Deferred tax assets and deferred tax liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||||
Advertising and business promotion expenditure | ¥ 11,571 | ¥ 5,997 | ||
Impairment loss | 177,368 | 177,368 | ||
Allowance for expected credit losses | 18,135 | 15,431 | ||
Loan loss provision | 40,708 | 23,985 | ||
Accrued expense | 10,891 | 5,792 | ||
Net operating loss carry forwards | 423,025 | 598,975 | ||
Others | 12,402 | 4,268 | ||
Less: valuation allowance | (652,610) | (811,324) | ¥ (747,354) | ¥ (727,508) |
Net deferred tax assets | 41,490 | 20,492 | ||
Deferred tax liabilities | ||||
Identifiable intangible assets from business combination | 121,611 | 135,764 | ||
Total deferred tax liabilities | ¥ 121,611 | ¥ 135,764 |
Income Taxes - Schedule Movemen
Income Taxes - Schedule Movement of valuation allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Line Items] | |||
Balance at beginning of the year | ¥ 811,324 | ¥ 747,354 | ¥ 727,508 |
Addition (reversal) | (158,714) | 63,970 | 19,846 |
Total | ¥ 652,610 | ¥ 811,324 | ¥ 747,354 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Due to related parties, current | ¥ 122,152 | ¥ 179,859 | $ 17,710 | |
Revenue from Related Parties | 300 | 0 | ¥ 10,333 | |
Service fee to JYBD | 7,500 | 12,500 | ||
JYBD [Member] | ||||
Revenue from Related Parties | 300 | 9,434 | ||
Service fee to JYBD | ¥ 7,500 | ¥ 12,500 | ¥ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||||
Service fee to JYBD | ¥ 7,500 | ¥ 12,500 | ||
Due from Related Parties, Current | 0 | 7,075 | $ 0 | |
Due to Related Parties, Current | 122,152 | 179,859 | $ 17,710 | |
Revenue from Related Parties | ¥ 300 | 0 | ¥ 10,333 | |
JYBD [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An affiliate of the Group | |||
Service fee to JYBD | ¥ 7,500 | 12,500 | 0 | |
Due from Related Parties, Current | 7,075 | |||
Revenue from Related Parties | ¥ 300 | 9,434 | ||
Euclidean [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by management founder of an affiliate of the Group | |||
Due to Related Parties, Current | 7,970 | |||
Sigma [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by management founder of an affiliate of the Group | |||
Due to Related Parties, Current | 7,970 | |||
Horgos [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity over which management has a significant influence | |||
Revenue from Related Parties | ¥ 899 | |||
Dai WJ Holding limited (DWJ) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a management shareholder of the Group | |||
Capital Champion Holdings Limited (Capital) | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Due to Related Parties, Current | 27,378 | |||
DWJ Partners Limited (DWJ Partners) | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a management shareholder of the Group | |||
Due to Related Parties, Current | 1,847 | |||
Liu XF Holdings Limited (LXF) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Due to Related Parties, Current | ¥ 17,412 | 15,939 | ||
Tang TG Holdings Limited (TTG) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Due to Related Parties, Current | ¥ 27,858 | 25,503 | ||
Geng XF Holding Limited (GXF) | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
DWJ LIU JM [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties, Current | ¥ 62,953 | 80,501 | ||
GXF [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties, Current | ¥ 13,929 | ¥ 12,751 |
Share-Based Compensation - Sum
Share-Based Compensation - Summary of Share Options Activity Classified as Equity (Detail) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 $ / shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options, Granted | shares | 207,458,573 | 695,927,716 | ||
Number of options, Exercised | shares | (318,299,998) | (866,230,796) | ||
Options Classified as Equity [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options, Beginning balance | shares | 428,577,773 | |||
Number of options, Granted | shares | 285,050,115 | |||
Number of options, Exercised | shares | (318,299,998) | |||
Number of options, Forfeited | shares | (18,268,357) | |||
Number of options, Ending balance | shares | 377,059,533 | 428,577,773 | ||
Number of options, Vested and expected to vest | shares | 377,059,533 | |||
Number of options, Exercisable | shares | 58,718,233 | |||
Weighted average exercise price, Beginning balance | $ 0.00001 | |||
Weighted average exercise price, Granted | 0.00001 | |||
Weighted average exercise price, Exercised | 0.00001 | |||
Weighted average exercise price, Forfeited | 0.00001 | |||
Weighted average exercise price, Ending balance | 0.00001 | |||
Weighted average exercise price, Vested and expected to vest | 0.00001 | |||
Weighted average exercise price, Exercisable | 0.00001 | |||
Weighted average remaining contract life | 8 years 2 months 23 days | 8 years 9 months | ||
Weighted average remaining contract life, Vested and expected to vest | 8 years 2 months 23 days | |||
Weighted average remaining contract life, Exercisable | 6 years 1 month 24 days | |||
Weighted average grant date fair value, Beginning balance | 0.4547 | |||
Weighted average grant date fair value, Granted | 0.4252 | |||
Weighted average grant date fair value, Exercised | 0.3857 | |||
Weighted average grant date fair value, Forfeited | 0.4934 | |||
Weighted average grant date fair value, Ending balance | 0.4874 | |||
Weighted average grant date fair value, Vested and expected to vest | 0.4874 | |||
Weighted average grant date fair value, Exercisable | $ 0.2558 | |||
Aggregate intrinsic value, Beginning balance | ¥ | ¥ 179,544 | |||
Aggregate intrinsic value, Ending balance | ¥ | ¥ 150,820 | ¥ 179,544 | ||
Aggregate intrinsic value, Vested and expected to vest | ¥ | ¥ 150,820 | |||
Aggregate intrinsic value, Exercisable | ¥ | ¥ 23,487 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Fair Value of Stock Options Valuation Assumptions (Detail) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility Maximum | 44.20% | 38.10% | 39.30% | ||
Risk-free interest rate (per annum) Minimum | 1.44% | 1% | 0.30% | ||
Risk-free interest rate (per annum) Maximum | 3.97% | 1.96% | 1.04% | ||
Exercise multiples | 2.8 | [1] | 2.8 | [1] | 2.8 |
Expected dividend yield | 0% | 0% | 0% | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility Minimum | 35.20% | 37.20% | 35.90% | ||
Fair value of underlying ordinary shares | $ 0.302 | $ 0.37 | $ 0.261 | ||
Fair value of share option | 0.302 | 0.37 | 0.294 | ||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of underlying ordinary shares | 0.461 | 1.05 | 0.395 | ||
Fair value of share option | $ 0.461 | $ 1.05 | $ 0.395 | ||
[1]Exercise multiples defines the early exercise strategy of the grantees and only applies to binomial option pricing model. |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Restricted Share Activity (Detail) - TYT Company [Member] - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested (Number of restricted share units) | 968,198 | 968,198 |
Unvested (Weighted average grant date fair value) | $ 15.68 | $ 15.68 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Share Based Compensation Expense (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | ¥ 919,255 | ¥ 3,837,913 | ¥ 3,486,307 |
General and administrative expenses [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | 809,194 | 3,728,421 | 3,341,145 |
Selling and marketing expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | 39,771 | 56,975 | 94,640 |
Research and development expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | 63,884 | 48,777 | 42,680 |
Cost of revenues [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | ¥ 6,406 | ¥ 3,740 | ¥ 7,842 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 207,458,573 | 695,927,716 | |
Share based compensation expense | ¥ 919,255 | ¥ 3,837,913 | ¥ 3,486,307 |
TYT Company [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Share based compensation expense | 22,273 | ||
Vested Options [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 421,060 | ||
Options Classified as Equity [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Share based compensation expense | 896,982 | ¥ 3,837,913 | ¥ 3,428,914 |
Unrecognized compensation costs | ¥ 797,000 | ||
Weighted average period | 2 years 6 months | ||
2018 Plan [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 2,300,588,991 | 2,300,588,991 | |
Expiration period | 10 years | ||
2018 Plan [Member] | Vested Options [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 198,166,910 | ||
2018 Plan [Member] | Options Classified as Equity [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 894,515,686 | ||
2021 Plan [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 813,513,695 | 528,463,580 | |
Expiration period | 10 years | ||
2021 Plan [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 6,340,060 | ||
Requisite service period | 1 year | ||
2021 Plan [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 71,251,482 | ||
Requisite service period | 4 years | ||
2021 Plan [Member] | Options Classified as Equity [Member] | |||
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |||
Number of options, Granted | 285,050,115 | 894,515,686 |
(Loss) Earnings Per Share - Sum
(Loss) Earnings Per Share - Summary of Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator | ||||
Net (loss) income available to Full Truck Alliance Co. Ltd. from continuing operations | ¥ | ¥ 406,762 | ¥ (3,654,448) | ¥ (3,470,924) | |
Net income. available to Full Truck Alliance Co. Ltd. from discontinued operations | 0 | $ 0 | 0 | 452 |
Net (loss) income available to Full Truck Alliance Co. Ltd. | 406,762 | 58,975 | (3,654,448) | (3,470,472) |
Deemed dividend to convertible redeemable preferred shares | 0 | 0 | (518,432) | (120,086) |
Net (loss) income available to ordinary shareholders,Basic | 406,762 | $ 58,975 | (4,172,880) | (3,590,558) |
Net (loss) income available to ordinary shareholders,Diluted | ¥ | ¥ 406,762 | ¥ (4,172,880) | ¥ (3,590,558) | |
Denominator | ||||
Weighted average number of ordinary shares outstanding,Basic | shares | 21,517,856,981 | 21,517,856,981 | 13,445,972,280 | 3,423,687,654 |
Adjustments for dilutive share options | shares | 61,759,408 | 61,759,408 | 0 | 0 |
Weighted average number of ordinary shares outstanding,Diluted | shares | 21,579,616,389 | 21,579,616,389 | 13,445,972,280 | 3,423,687,654 |
(Loss) earnings per share—basic | ||||
Basic (loss) earnings per share—continuing operations | ¥ 0.02 | ¥ (0.31) | ¥ (1.05) | |
Basic earnings per share—discontinued operations. | 0 | 0 | 0 | |
(Loss) earnings per share—basic | (per share) | 0.02 | $ 0 | (0.31) | (1.05) |
(Loss) earnings per share—diluted | ||||
Diluted (loss) earnings per share—continuing operations | 0.02 | (0.31) | (1.05) | |
Diluted earnings per share—discontinued operations. | 0 | 0 | 0 | |
(Loss) earnings per share—diluted | (per share) | ¥ 0.02 | $ 0 | ¥ (0.31) | ¥ (1.05) |
(Loss) Earnings Per Share - S_2
(Loss) Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible redeemable preferred shares [Member] | |||
Convertible redeemable preferred shares | 0 | 0 | 15,033,856,835 |
Share options [Member] | |||
Convertible redeemable preferred shares | 0 | 428,577,773 | 418,452,697 |
Operating Leases - Summary of s
Operating Leases - Summary of supplemental information related to leases and location (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Lessee Disclosure [Abstract] | |||
Operating lease right-of-use assets | ¥ 82,055 | ||
Current operating lease liabilities | 44,590 | $ 6,465 | ¥ 0 |
Non-current operating lease liabilities | 35,931 | $ 5,210 | ¥ 0 |
Total operating lease liabilities | ¥ 80,521 | ||
Weighted average remaining lease term (in years) | 2 years 3 months 18 days | 2 years 3 months 18 days | |
Weighted average discount rate | 4.60% | 4.60% | |
Lease cost: | |||
Operating fixed lease cost | ¥ 16,289 | ||
Lease cost related to short-term leases not capitalized | 8,869 | ||
Total lease cost | ¥ 25,158 |
Operating Leases - Summary of_2
Operating Leases - Summary of supplemental cash flow information related to leases (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Cash paid for amounts included in measurement of liabilities: | |
Operating cash flows payment from operating leases | ¥ 12,604 |
Right-of-use assets obtained in exchange for lease liabilities: | |
Operating leases | ¥ 2,796 |
Operating Leases - Summary of m
Operating Leases - Summary of maturities of lease liabilities (Detail) ¥ in Thousands | Dec. 31, 2022 CNY (¥) | |
Leases [Abstract] | ||
2023 | ¥ 45,624 | |
2024 | 31,559 | |
2025 | 7,363 | |
Total minimum lease payments | 84,546 | [1] |
Less: amount representing interest | (4,025) | |
Present value of minimum lease payments | ¥ 80,521 | |
[1]The lease agreement of the Group’s headquarter office is subsidized and paid by a local government authority subject to certain performance targets which the Group met for the past years and believes it will continue to |
Operating Leases - Summary of_3
Operating Leases - Summary of maturities of lease liabilities (Detail) (Parenthetical) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Leases [Abstract] | |
Lease liabilities paid by the subsidies | ¥ 70,919 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Office Space [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease expiration month year | 2025-06 |
Land Use Right [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease expiration month year | 2072-04 |
Employee Benefit - Additional I
Employee Benefit - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Contribution to defined contribution plan | ¥ 315,179 | ¥ 217,783 | ¥ 80,152 |
Risks And Concentrations - Addi
Risks And Concentrations - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CN | ||
Foreign Currency Risk [Line Items] | ||
Cash and cash equivalents,restricted cash and Short-term investments | ¥ 5,298,304 | ¥ 3,806,418 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Assets Disclosure [Abstract] | ||
Percentage of after-tax income required to be transferred to statutory general reserve fund | 10% | |
Reserve level threshold for mandatory transfer percentage. | 50% | |
Restricted net assets | ¥ 18,981,392 | ¥ 15,505,422 |
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail) ¥ in Millions | Dec. 31, 2022 CNY (¥) |
Capital commitment [Member] | |
Other Commitment | ¥ 46 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ in Millions | 12 Months Ended | |
Mar. 13, 2024 | Mar. 03, 2023 | |
Equity method investee cumulative Voting Rights after all transactions | ||
Stock repurchase program, authorized amount | $ 500 | |
Stock repurchase program, period in Force | 12 months |
Additional Financial Informat_2
Additional Financial Information of Parent Company - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 5,137,312 | $ 744,840 | ¥ 4,284,291 | ¥ 10,060,391 | ||
Short-term investments | 21,087,089 | 3,057,341 | 21,634,642 | |||
Prepayments and other current assets | 2,034,427 | 294,964 | 1,099,607 | |||
Total current assets | 31,004,051 | 4,495,165 | 28,898,243 | |||
Long-term investments | 1,774,270 | 257,245 | 1,678,351 | |||
Total non-current assets | 5,692,260 | 825,299 | 5,500,192 | |||
TOTAL ASSETS | 36,696,311 | 5,320,464 | 34,398,435 | |||
LIABILITIES | ||||||
Accounts payable | 27,953 | 4,053 | 29,381 | |||
Amounts due to related parties | 122,152 | 17,710 | 179,859 | |||
Income tax payable | 52,233 | 7,573 | 31,538 | |||
Other tax payable | 721,597 | 104,622 | 894,592 | |||
Accrued expenses and other current liabilities | 1,301,160 | 188,649 | 1,206,179 | |||
TOTAL LIABILITIES | 2,889,307 | 418,909 | 2,869,549 | |||
SHAREHOLDERS' EQUITY | ||||||
Accumulated other comprehensive income | 2,511,170 | 364,085 | 538,650 | |||
Subscription receivable | 0 | 0 | (1,310,140) | |||
Accumulated deficit | (16,613,492) | (2,408,730) | (17,020,254) | |||
TOTAL SHAREHOLDERS' EQUITY | 33,657,233 | 4,879,840 | 31,528,886 | (8,483,721) | ¥ (7,091,266) | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 36,696,311 | 5,320,464 | 34,398,435 | |||
Common Class A [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock Value | 1,222 | 177 | 1,198 | |||
Common Class B [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock Value | 155 | 23 | 218 | |||
Parent Company [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 273,112 | 39,598 | 1,032,540 | $ 149,704 | ¥ 7,025,967 | ¥ 693,676 |
Short-term investments | 16,581,019 | 2,404,022 | 17,866,528 | |||
Prepayments and other current assets | 193,771 | 28,094 | 113,595 | |||
Total current assets | 17,047,902 | 2,471,714 | 19,012,663 | |||
Investment in and amount due from subsidiaries/VIEs | 15,678,895 | 2,273,226 | 11,885,179 | |||
Long-term investments | 1,100,407 | 159,544 | 1,007,361 | |||
Total non-current assets | 16,779,302 | 2,432,770 | 12,892,540 | |||
TOTAL ASSETS | 33,827,204 | 4,904,484 | 31,905,203 | |||
LIABILITIES | ||||||
Accounts payable | 2 | 0 | 42 | |||
Amounts due to related parties | 122,152 | 17,710 | 179,859 | |||
Income tax payable | 18,303 | 2,654 | 9,084 | |||
Other tax payable | 0 | 0 | 250,008 | |||
Accrued expenses and other current liabilities | 29,514 | 4,280 | 10,765 | |||
TOTAL LIABILITIES | 169,971 | 24,644 | 449,758 | |||
SHAREHOLDERS' EQUITY | ||||||
Additional paid-in capital | 47,758,178 | 6,924,285 | 49,245,773 | |||
Accumulated other comprehensive income | 2,511,170 | 364,085 | 538,650 | |||
Subscription receivable | 0 | 0 | (1,310,140) | |||
Accumulated deficit | (16,613,492) | (2,408,730) | (17,020,254) | |||
TOTAL SHAREHOLDERS' EQUITY | 33,657,233 | 4,879,840 | 31,455,445 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 33,827,204 | 4,904,484 | 31,905,203 | |||
Parent Company [Member] | Common Class A [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock Value | 1,222 | 177 | 1,198 | |||
Parent Company [Member] | Common Class B [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock Value | ¥ 155 | $ 23 | ¥ 218 |
Additional Financial Informat_3
Additional Financial Information of Parent Company - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2020 |
Common Class A [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 40,000,000,000 | 40,000,000,000 | 33,562,015,467 |
Common Stock, Shares, Issued | 18,919,468,156 | 18,505,617,508 | |
Common Stock, Shares, Outstanding | 18,919,468,156 | 18,505,617,508 | |
Common Class B [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | 963,610,653 |
Common Stock, Shares, Issued | 2,317,044,668 | 3,323,790,823 | |
Common Stock, Shares, Outstanding | 2,317,044,668 | 3,323,790,823 | |
Parent Company [Member] | Common Class A [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | |
Common stock, shares authorized | 40,000,000,000 | 40,000,000,000 | |
Common Stock, Shares, Issued | 18,919,468,156 | 18,505,617,508 | |
Common Stock, Shares, Outstanding | 18,919,468,156 | 18,505,617,508 | |
Parent Company [Member] | Common Class B [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | |
Common Stock, Shares, Issued | 2,317,044,668 | 3,323,790,823 | |
Common Stock, Shares, Outstanding | 2,317,044,668 | 3,323,790,823 |
Additional Financial Informat_4
Additional Financial Information of Parent Company - Condensed Statements of Operations and Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Other (expenses) income, net | ¥ 230,631 | $ 33,438 | ¥ 7,067 | ¥ (5,559) |
Impairment loss and others | 15,048 | 2,182 | (96,099) | (22,030) |
Equity in losses of equity investees | (1,246) | (181) | (11,321) | (11,054) |
Income tax expenses | (96,035) | (13,924) | (14,191) | (19,336) |
Net (loss) income attributable to Full Truck Alliance Co. Ltd. | 411,900 | (3,654,528) | (3,470,480) | |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments, net of tax of nil | 1,972,520 | 285,988 | (533,657) | (498,157) |
Parent Company [Member] | ||||
Cost and operating expenses | (1,033,444) | (149,835) | (3,959,299) | (3,729,055) |
Interest income | 326,699 | 47,367 | 153,749 | 93,897 |
Investment (loss) income | 23,405 | 3,393 | (379) | |
Unrealized Gains Loss from Fair Value Changes of Short Term Investments and Derivative Assets | (39,131) | (5,673) | 18,333 | |
Other (expenses) income, net | 228,955 | 33,196 | 2,277 | |
Impairment loss and others | (1,646) | (239) | (46,625) | |
Equity in losses of equity investees | (5,696) | (10,975) | ||
Income tax expenses | (96,032) | (13,923) | (14,090) | |
Equity in income of subsidiaries, VIEs and VIEs' subsidiaries | 997,956 | 144,689 | 197,282 | 175,661 |
Net (loss) income attributable to Full Truck Alliance Co. Ltd. | 406,762 | 58,975 | (3,654,448) | (3,470,472) |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments, net of tax of nil | 1,972,520 | 285,988 | (533,657) | (498,157) |
Total comprehensive (loss) income attributable to Full Truck Alliance Co. Ltd. | ¥ 2,379,282 | $ 344,963 | ¥ (4,188,105) | ¥ (3,968,629) |
Additional Financial Informat_5
Additional Financial Information of Parent Company - Condensed Statements of Cash Flows (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Jun. 22, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | |||||
Net (loss) income attribute to ordinary shareholders | ¥ 411,900 | ¥ (3,654,528) | ¥ (3,470,480) | ||
Adjustments to reconcile net loss to net cash used in operating activities | |||||
Share-based compensation | 919,255 | $ 133,279 | 3,628,602 | 3,254,335 | |
Foreign exchange loss | (15,048) | (2,182) | 15,468 | 21,276 | |
Changes in operating assets and liabilities: | |||||
Prepayments and other current assets | 943,214 | 136,753 | 656,008 | 27,773 | |
Amounts due to related parties | (6,252) | (906) | (31,213) | 22,242 | |
Income tax payable | 20,695 | 3,000 | 5,614 | 15,465 | |
Net cash provided by (used in) operating activities | (15,520) | (2,248) | (211,419) | 574,742 | |
Cash flows from investing activities: | |||||
Return from dissolution of an equity investment | 0 | 0 | 0 | 90,000 | |
Investment in subsidiaries and VIEs | (6,500) | (942) | (887,327) | (34,475) | |
Net cash used in investing activities | 2,131,221 | 309,000 | (14,398,973) | (2,690,895) | |
Cash flows from financing activities: | |||||
Cash paid for repurchase of ordinary shares and convertible redeemable preferred shares | (884,360) | (128,220) | (2,208,791) | (557,836) | |
Taxes paid for employees through repurchase of ordinary shares | (508,015) | (73,655) | (376,646) | 0 | |
Proceeds from initial public offerings, net | ¥ 11,059,043 | 0 | 0 | 11,059,043 | 0 |
Proceeds from exercise of share options | 8 | 1 | 20 | 87 | |
Net cash used in financing activities | (1,330,175) | (192,857) | 8,901,514 | 8,324,448 | |
Effect of exchange rate changes on cash and cash equivalents | 71,932 | 10,425 | (87,677) | (127,770) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 857,458 | 124,320 | (5,796,555) | 6,080,525 | |
Cash and cash equivalents, beginning of the year | 4,284,291 | 10,060,391 | |||
Cash and cash equivalents, end of the year | 5,137,312 | 744,840 | 4,284,291 | 10,060,391 | |
Parent Company [Member] | |||||
Cash flows from operating activities: | |||||
Net (loss) income attribute to ordinary shareholders | 406,762 | 58,975 | (3,654,448) | (3,470,472) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||
Equity in income of subsidiaries, VIEs and VIEs' subsidiaries | (997,956) | (144,689) | (197,282) | (175,661) | |
Share-based compensation | 919,255 | 133,279 | 3,628,602 | 3,254,335 | |
Modification of share options | 0 | 0 | 209,311 | 231,972 | |
Equity in earnings of unconsolidated investees | 0 | 0 | 5,696 | 10,975 | |
Net gain from disposal of investment in equity investees | 0 | 0 | 379 | ||
Unrealized (gains) loss from fair value changes of short term investments | 39,131 | 5,673 | (18,333) | ||
Foreign exchange loss | 1,646 | 239 | 2,917 | ||
Impairment loss | 0 | 0 | 43,708 | ||
Changes in operating assets and liabilities: | |||||
Prepayments and other current assets | (80,171) | (11,624) | (108,119) | 22,727 | |
Accounts payable | (40) | (6) | 42 | ||
Amounts due to related parties | (6,252) | (906) | (31,213) | 22,242 | |
Income tax payable | 9,219 | 1,337 | 9,084 | ||
Accrued expenses and other current liabilities | 18,749 | 2,718 | (78,313) | 91,377 | |
Net cash provided by (used in) operating activities | 310,343 | 44,996 | (187,969) | (12,505) | |
Cash flows from investing activities: | |||||
Purchases of short-term investments | (77,533,178) | (11,241,254) | (19,376,170) | (6,766,468) | |
Maturity of short-term investments | 80,368,017 | 11,652,267 | 7,464,384 | 4,638,930 | |
Payment for investment in equity investees | 0 | 0 | (580,888) | (19,312) | |
Return from dissolution of an equity investment | 0 | 0 | 11,929 | ||
Loans to related parties | 0 | 0 | 0 | (63,482) | |
Repayment of loans from related parties | 0 | 0 | 0 | 109,792 | |
Investment in subsidiaries and VIEs | (2,538,846) | (368,098) | (2,081,323) | (493,225) | |
Net cash used in investing activities | 295,993 | 42,915 | (14,562,068) | (2,593,765) | |
Cash flows from financing activities: | |||||
Cash paid for repurchase of ordinary shares and convertible redeemable preferred shares | (884,360) | (128,220) | (2,208,791) | (557,836) | |
Taxes paid for employees through repurchase of ordinary shares | (508,015) | (73,655) | (376,646) | ||
Proceeds from issuing preferred shares, net of issuance cost | 0 | 0 | 385,788 | ||
Proceeds from initial public offerings, net | 0 | 0 | 11,059,043 | ||
Proceeds from exercise of share options | 8 | 1 | 20 | 87 | |
Proceeds from issuance of convertible redeemable preferred shares, net of issuance cost | 0 | 0 | 0 | 11,081,037 | |
Loan to a shareholder pledged by preferred shares | 0 | 0 | 0 | (1,310,140) | |
Net cash used in financing activities | (1,392,367) | (201,874) | 8,859,414 | 9,213,148 | |
Effect of exchange rate changes on cash and cash equivalents | 26,603 | 3,857 | (102,804) | (274,587) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (759,428) | (110,106) | (5,993,427) | 6,332,291 | |
Cash and cash equivalents, beginning of the year | 1,032,540 | 149,704 | 7,025,967 | 693,676 | |
Cash and cash equivalents, end of the year | ¥ 273,112 | $ 39,598 | ¥ 1,032,540 | ¥ 7,025,967 |
Additional Financial Informat_6
Additional Financial Information of Parent Company - Additional Information (Detail) - Parent Company [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Investments, Percent of Net Assets | 25% | ||
Description of Material Contingencies of Registrant | no | no | no |