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China rushes to build out solar, and emissions edge downward

China rushes to build out solar, and emissions edge downward

Associated Press12 hours ago
TALATAN, China (AP) — High on the Tibetan plateau, Chinese government officials last month showed off what they say will be the world's largest solar farm when completed — 610 square kilometers (235 square miles), the size of the American city of Chicago.
China has been installing solar panels at a blistering pace, far faster than anywhere else in the world, and the investment is starting to pay off. A study released Thursday found that the country's carbon emissions edged down 1% in the first six months of the year compared to a year earlier, extending a trend that began in March 2024.
The good news is China's carbon emissions may have peaked well ahead of a government target of doing so before 2030. But China, the world's biggest emitter of greenhouse gases, will need to bring them down much more sharply to play its part in slowing global climate change.
For China to reach its declared goal of carbon neutrality by 2060, emissions would need to fall 3% on average over the next 35 years, said Lauri Myllyvirta, the Finland-based author of the study and lead analyst at the Centre for Research on Energy and Clean Air.
'China needs to get to that 3% territory as soon as possible,' he said.
China's emissions have fallen even as it uses more electricity
China's emissions have fallen before during economic slowdowns. What's different this time is electricity demand is growing — up 3.7% in the first half of this year — but the increase in power from solar, wind and nuclear has easily outpaced that, according to Myllyvirta, who analyzes the most recent data in a study published on the U.K.-based Carbon Brief website.
'We're talking really for the first time about a structural declining trend in China's emissions,' he said.
China installed 212 gigawatts of solar capacity in the first six months of the year, more than America's entire capacity of 178 gigawatts as of the end of 2024, the study said. Electricity from solar has overtaken hydropower in China and is poised to surpass wind this year to become the country's largest source of clean energy. Some 51 gigawatts of wind power was added from January to June.
Li Shuo, the director of the China Climate Hub at the Asia Society Policy Institute in Washington, described the plateauing of China's carbon emissions as a turning point in the effort to combat climate change.
'This is a moment of global significance, offering a rare glimmer of hope in an otherwise bleak climate landscape,' he wrote in an email response. It also shows that a country can cut emissions while still growing economically, he said.
But Li cautioned that China's heavy reliance on coal remains a serious threat to progress on climate and said the economy needs to shift to less resource-intensive sectors. 'There's still a long road ahead,' he said.
One solar farm can power 5 million households
A seemingly endless expanse of solar panels stretches toward the horizon on the Tibetan plateau. White two-story buildings rise above them at regular intervals. Sheep graze on the scrubby vegetation that grows under them.
Solar panels have been installed on about two-thirds of the land. When completed, it will have more than 7 million panels and be capable of generating enough power for 5 million households.
Like many of China's solar and wind farms, it was built in the relatively sparsely populated west. A major challenge is getting electricity to the population centers and factories in China's east.
'The distribution of green energy resources is perfectly misaligned with the current industrial distribution of our country,' Zhang Jinming, the vice governor of Qinghai province, told journalists on a government-organized tour.
Part of the solution is building transmission lines traversing the country. One connects Qinghai to Henan province. Two more are planned, including one to Guangdong province in the southeast, almost at the opposite corner of the country.
Making full use of the power is hindered by the relatively inflexible way that China's electricity grid is managed, tailored to the steady output of coal plants rather than more variable and less predictable wind and solar, Myllyvirta said.
'This is an issue that the policymakers have recognized and are trying to manage, but it does require big changes to the way coal-fired power plants operate and big changes to the way the transmission network operates,' he said. 'So it's no small task.'
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Moritsugu reported from Beijing. Associated Press video producer Wayne Zhang contributed.
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The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
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Full Truck Alliance Co. Ltd. Announces Second Quarter 2025 Unaudited Financial Results
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GUIYANG, China, Aug. 21, 2025 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial and Operational Highlights Total net revenues in the second quarter of 2025 were RMB3,239.1 million (US$452.2 million), an increase of 17.2% from RMB2,764.3 million in the same period of 2024. Net income in the second quarter of 2025 was RMB1,264.8 million (US$176.6 million), an increase of 50.5% from RMB840.5 million in the same period of 2024. Non-GAAP adjusted net income[1] in the second quarter of 2025 was RMB1,352.1 million (US$188.7 million), an increase of 39.3% from RMB970.9 million in the same period of 2024. Fulfilled orders[2] in the second quarter of 2025 reached 60.8 million, an increase of 23.8% from 49.1 million in the same period of 2024. Average shipper MAUs[3] in the second quarter of 2025 reached 3.16 million, an increase of 19.3% from 2.65 million in the same period of 2024. Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, stated, "In the second quarter of 2025, FTA demonstrated strong resilience in navigating both opportunities and challenges in the external environment. By leveraging digitalization and intelligent technologies, we further helped shippers reduce logistic costs and improved operational efficiency across the road freight industry. By quarter-end, our platform had expanded to 1.2 million shipper members and nearly one million trucker members, underscoring the growing engagement from both sides of our ecosystem. In addition, our refined trucker credit rating mechanism further boosted our shipping capacity, driving the fulfillment rate above 40%, a year-over-year increase of 7 percentage points. Looking ahead to the second half of the year, we remain committed to fostering a healthier freight matching ecosystem and empowering enterprises with greater logistics competitiveness." Mr. Langbo Guo, President of FTA, added, "In the second quarter, our steadfast focus on improving fulfillment efficiency and user experience reinforced the healthy development of both shipper and trucker ecosystems. Total net revenues reached RMB3.24 billion in the second quarter of 2025, a 17.2% increase from the prior year period, underpinned by transaction service revenue of RMB1.33 billion, which grew 39.4% year over year. Notably, net income rose 50.5% to RMB1.26 billion, and non-GAAP adjusted net income increased by 39.3% to RMB1.35 billion. Looking ahead, we remain dedicated to our user-centric strategy and to delivering sustainable, long-term value to both our users and shareholders." [1] Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [2] Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled. [3] Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period. Second Quarter 2025 Financial Results Net Revenues (including value added taxes, or "VAT," of RMB1,255.6 million and RMB1,294.9 million for the three months ended June 30, 2024 and 2025, respectively). Total net revenues in the second quarter of 2025 were RMB3,239.1 million (US$452.2 million), representing an increase of 17.2% from RMB2,764.3 million in the same period of 2024, primarily attributable to an increase in revenues from freight matching services. Freight matching services. Revenues from freight matching services in the second quarter of 2025 were RMB2,747.9 million (US$383.6 million), representing an increase of 18.0% from RMB2,328.7 million in the same period of 2024. The increase was mainly due to the rapid increase in transaction service revenues. Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2025 were RMB1,177.9 million (US$164.4 million), representing an increase of 1.1% from RMB1,164.8 million in the same period of 2024, primarily attributable to an increase in service fee rate, partially offset by a decrease in transaction volume. Freight listing service. Revenues from freight listing service in the second quarter of 2025 were RMB242.9 million (US$33.9 million), an increase of 14.5% from RMB212.1 million in the same period of 2024, primarily due to the growing number of total paying members. Transaction service. Revenues from transaction service amounted to RMB1,327.1 million (US$185.3 million) in the second quarter of 2025, an increase of 39.4% from RMB951.9 million in the same period of 2024, primarily driven by increases in order volume, penetration rate, and per-order transaction service fee. Value-added services.[4] Revenues from value-added services in the second quarter of 2025 were RMB491.2 million (US$68.6 million), an increase of 12.8% from RMB435.6 million in the same period of 2024. The increase was primarily due to growing demand for credit solutions. Cost of Revenues (including VAT net of government grants of RMB992.8 million and RMB918.7 million for the three months ended June 30, 2024 and 2025, respectively). Cost of revenues in the second quarter of 2025 was RMB1,238.4 million (US$172.9 million), a decrease of 5.6% from RMB1,312.1 million in the same period of 2024. The decrease was primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,087.1 million, representing a decrease of 7.6% from RMB1,176.3 million in the same period of 2024, primarily due to a decrease in tax costs net of government grants related to the Company's freight brokerage service. Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2025 were RMB433.8 million (US$60.6 million), compared with RMB372.3 million in the same period of 2024. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions. General and Administrative Expenses. General and administrative expenses in the second quarter of 2025 were RMB170.3 million (US$23.8 million), compared with RMB219.2 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses. Research and Development Expenses. Research and development expenses in the second quarter of 2025 were RMB189.6 million (US$26.5 million), compared with RMB232.1 million in the same period of 2024. The decrease was primarily due to lower salary and benefits expenses. Income from Operations. Income from operations in the second quarter of 2025 was RMB1,139.6 million (US$159.1 million), an increase of 101.6% from RMB565.4 million in the same period of 2024. Non-GAAP Adjusted Operating Income.[5] Non-GAAP adjusted operating income in the second quarter of 2025 was RMB1,230.1 million (US$171.7 million), an increase of 76.0% from RMB699.0 million in the same period of 2024. Net Income. Net income in the second quarter of 2025 was RMB1,264.8 million (US$176.6 million), an increase of 50.5% from RMB840.5 million in the same period of 2024. Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2025 was RMB1,352.1 million (US$188.7 million), an increase of 39.3% from RMB970.9 million in the same period of 2024. Basic and Diluted Net Income per ADS[6] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[7] Basic net income per ADS was RMB1.20 (US$0.17) in the second quarter of 2025, compared with RMB0.79 in the same period of 2024. Diluted net income per ADS was RMB1.19 (US$0.17) in the second quarter of 2025, compared with RMB0.79 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB1.28 (US$0.18) in the second quarter of 2025, compared with RMB0.92 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was RMB1.27 (US$0.18) in the second quarter of 2025, compared with RMB0.91 in the same period of 2024. Balance Sheet and Cash Flow As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB29.5 billion (US$4.1 billion) in total, compared with RMB29.2 billion as of December 31, 2024. As of June 30, 2025, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,861.8 million (US$678.7 million), compared with RMB4,199.6 million as of December 31, 2024. The total non-performing loan ratio[8] for these loans was 2.1% as of June 30, 2025, compared with 2.2% as of December 31, 2024. In the second quarter of 2025, net cash provided by operating activities was RMB1,313.3 million (US$183.3 million). [4] The Company provides a range of value-added services including credit solutions, insurance services, electronic toll collection, energy services and other services on the FTA platform. [5] Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [6] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares. [7] Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [8] Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date. Business Outlook The Company expects its total net revenues to be between RMB3.07 billion and RMB3.17 billion for the third quarter of 2025, representing a year-over-year growth rate of approximately 1.3% to 4.6%. As previously announced by the Company, to ensure the sustainability of its freight brokerage service, the Company has decided to increase the service fee rate for freight brokerage service to reduce the service's reliance on government grants and potential uncertainties. The Company understands that such changes may increase costs to shippers. The Company expects that, starting from the third quarter of 2025, the transaction volume of its freight brokerage service will significantly decline, resulting in a decline in revenue from freight brokerage service, while the cost of revenue for the service will increase, which may adversely affect the Company's profit to a certain extent. Excluding freight brokerage service, net revenues are expected to range from RMB2.16 billion to RMB2.26 billion, reflecting an estimated year-over-year growth rate of 23.4% to 29.1%. These forecasts are based on the Company's current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof. Declaration of Cash Dividend The board of directors of the Company has approved a semi-annual cash dividend for the second half of 2025 in the amount of US$0.0048 per ordinary share, or US$0.0960 per ADS, payable on or around October 27, 2025, to holders of record of the Company's ordinary shares at the close of business on October 13, 2025. The aggregate amount of the dividend is expected to be approximately US$100 million. Cash dividends are expected to be paid to holders of the Company's ADSs through the depositary, Deutsche Bank Trust Company Americas, on or around October 27, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.1636 to US$1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all. Conference Call The Company's management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on August 21, 2025, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter 2025. For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time. Participant Online Registration: Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the provided number, enter your PIN, and you will join the conference. A live and archived webcast of the conference call will also be available on the Company's investor relations website at About Full Truck Alliance Co. Ltd. Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to empower enterprises with greater logistics competitiveness, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit Use of Non-GAAP Financial Measures The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions and (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA's non-GAAP financial measures to the most directly comparable GAAP measures. FTA's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: Full Truck Alliance Co. MaoE-mail: IR@ Piacente Financial CommunicationsHui FanTel: +86-10-6508-0677E-mail: FTA@ In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: FTA@ FULL TRUCK ALLIANCE CO. CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS, per share and per ADS data)As ofDecember 31,June 30,June 30,202420252025RMBRMBUS$ ASSETSCurrent assets:Cash and cash equivalents 5,810,3474,399,195614,104 Restricted cash 100,53372,86410,171 Short-term investments 15,002,90312,337,6641,722,271 Accounts receivable, net 19,64334,8684,867 Amounts due from related party —14,3171,999 Loans receivable, net 4,199,6454,861,809678,682 Prepayments and other current assets, net 2,122,9022,076,124289,816 Total current assets 27,255,97323,796,8413,321,910 Restricted cash 40,00030,0004,188 Long-term investments1 9,876,11814,458,2612,018,295 Property and equipment, net 289,611345,10048,174 Intangible assets, net 393,477367,06351,240 Goodwill 3,124,8283,124,828436,209 Deferred tax assets 92,882133,72418,667 Operating lease right-of-use assets 115,654101,32414,144 Other non-current assets 98,532242,98533,919 Total non-current assets 14,031,10218,803,2852,624,836 TOTAL ASSETS 41,287,07542,600,1265,946,746 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable 31,22729,4774,115 Prepaid for freight listing fees and other service fees 571,185646,85690,298 Income tax payable 336,220361,46550,459 Other tax payable 898,396570,07079,579 Operating lease liabilities 41,20443,4526,066 Accrued expenses and other current liabilities 1,141,7581,026,709143,319 Total current liabilities 3,019,9902,678,029373,836 Deferred tax liabilities 95,57089,05912,432 Operating lease liabilities 23,9288,6941,214 Other non-current liabilities 12,41410,9231,525 Total non-current liabilities 131,912108,67615,171 TOTAL LIABILITIES 3,151,9022,786,705389,007 MEZZANINE EQUITYRedeemable non-controlling interests 443,070581,89781,230 SHAREHOLDERS' EQUITYOrdinary shares 1,3431,343187 Additional paid-in capital 45,823,72344,996,9526,281,332 Accumulated other comprehensive income 3,223,9443,129,673436,886 Accumulated deficit (11,372,284)(8,909,513)(1,243,720) TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY 37,676,72639,218,4555,474,685 Non-controlling interests 15,37713,0691,824 TOTAL SHAREHOLDERS' EQUITY 37,692,10339,231,5245,476,509 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 41,287,07542,600,1265,946,746 1. The Group's long-term investments consist of RMB11,551 million long-term time deposits, RMB1,106 million wealth management products with maturitiesover one year, RMB770 million available-for-sale debt securities, RMB316 million equity method investments, and RMB715 million equity investmentswithout readily determinable fair value as of June 30, 2025. FULL TRUCK ALLIANCE CO. LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (All amounts in thousands, except share, ADS, per share and per ADS data)Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,June 30,June 30,2024202520252025202420252025RMBRMBRMBUS$RMBRMBUS$ Net Revenues:Freight Matching Services 2,328,6952,247,1072,747,919383,5944,198,3604,995,026697,279 Freight brokerage service 1,164,763965,6661,177,906164,4292,129,9322,143,572299,231 Freight listing service 212,070234,905242,92033,910425,581477,82566,702 Transaction service 951,8621,046,5361,327,093185,2551,642,8472,373,629331,346 Value-added services 435,588452,802491,18768,567834,636943,989131,776 Total net revenues (including value-added taxes or "VAT" of RMB1,255.6 million and RMB1,294.9 million for the three months ended June 30, 2024 and 2025, respectively) 2,764,2832,699,9093,239,106452,1615,032,9965,939,015829,055 Operating expenses:Cost of revenues (including VAT net ofgovernment grants of RMB992.8million and RMB918.7 million for thethree months ended June 30,2024 and 2025, respectively)(1) (1,312,072)(698,559)(1,238,371)(172,870)(2,343,960)(1,936,930)(270,385) Sales and marketing expenses(1) (372,288)(377,850)(433,842)(60,562)(712,435)(811,692)(113,308) General and administrative expenses(1) (219,157)(186,009)(170,347)(23,780)(483,624)(356,356)(49,745) Research and development expenses(1) (232,140)(193,358)(189,620)(26,470)(479,848)(382,978)(53,462) Provision for loans receivable (71,057)(81,851)(75,028)(10,474)(151,381)(156,879)(21,899) Total operating expenses (2,206,714)(1,537,627)(2,107,208)(294,156)(4,171,248)(3,644,835)(508,799) Other operating income 7,79840,1657,6621,07015,80847,8276,676 Income from operations 565,3671,202,4471,139,560159,075877,5562,342,007326,932 Other income (expense)Interest income 305,337245,509251,30435,081620,700496,81369,352 Foreign exchange gain (loss) 6,306(10,825)205296,723(10,620)(1,482) Investment income 18,69719,33320,0022,79237,18139,3355,491 Unrealized (losses) gains from fair value changes of investments (4,522)33,46237,0325,169(11,910)70,4949,841 Other income (expenses), net 1,395618(11,024)(1,539)3,465(10,406)(1,453) Share of (loss) gain in equity methodinvestees (882)163(2,590)(362)(930)(2,427)(339) Total other income 326,331288,260294,92941,170655,229583,18981,410 Net income before income tax 891,6981,490,7071,434,489200,2451,532,7852,925,196408,342 Income tax expense (51,190)(211,771)(169,655)(23,683)(105,910)(381,426)(53,245) Net income 840,5081,278,9361,264,834176,5621,426,8752,543,770355,097 Less: net loss attributable to non-controlling interests (568)(1,162)(1,147)(160)(1,117)(2,309)(322) Less: measurement adjustment attributable to redeemable non- controlling interests 17,94211,52221,4933,00023,68633,0154,609 Net income attributable toordinary shareholders 823,1341,268,5761,244,488173,7221,404,3062,513,064350,810 FULL TRUCK ALLIANCE CO. LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data)Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,June 30,June 30,2024202520252025202420252025RMBRMBRMBUS$RMBRMBUS$ Net income per ordinary share—Basic 0.040.060.060.010.070.120.02 —Diluted 0.040.060.060.010.070.120.02 Net income per ADS* —Basic 0.791.221.200.171.352.410.34 —Diluted 0.791.211.190.171.342.400.33 Weighted average numberof ordinary shares usedin computing net income per share—Basic 20,805,892,86020,850,255,05020,824,102,53120,824,102,53120,834,974,34420,837,086,24820,837,086,248 —Diluted 20,905,548,18120,958,643,96220,933,997,67220,933,997,67220,905,238,79620,946,325,39920,946,325,399 Weighted average numberof ADS used incomputing net income per ADS—Basic 1,040,294,6431,042,512,7531,041,205,1271,041,205,1271,041,748,7171,041,854,3121,041,854,312 —Diluted 1,045,277,4091,047,932,1981,046,699,8841,046,699,8841,045,261,9401,047,316,2701,047,316,270 * Each ADS represents 20 ordinary shares.(1) Share-based compensation expense in operating expenses are as follows:Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,June 30,June 30,2024202520252025202420252025RMBRMBRMBUS$RMBRMBUS$ Cost of revenues 2,7343,8493,5134905,4787,3621,028 Sales and marketingexpenses 12,87519,55815,7032,19223,56035,2614,922 General and administrativeexpenses 79,19755,76836,1315,044198,74091,89912,829 Research and developmentexpenses 21,49523,49822,1263,08944,47945,6246,369 Total 116,301102,67377,47310,815272,257180,14625,148 FULL TRUCK ALLIANCE CO. LTD. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data)Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,June 30,June 30,2024202520252025202420252025RMBRMBRMBUS$RMBRMBUS$ Income from operations 565,3671,202,4471,139,560159,075877,5562,342,007326,932 Add:Share-basedcompensationexpense 116,301102,67377,47310,815272,257180,14625,148 Amortization ofintangible assetsresulting frombusiness acquisitions 13,02113,02113,0211,81826,04226,0423,635 Compensation cost incurred in relationto acquisitions 4,281———8,562—— Non-GAAP adjustedoperating income 698,9701,318,1411,230,054171,7081,184,4172,548,195355,715 Net income 840,5081,278,9361,264,834176,5621,426,8752,543,770355,097 Add:Share-basedcompensationexpense 116,301102,67377,47310,815272,257180,14625,148 Amortization ofintangible assetsresulting frombusiness acquisitions 13,02113,02113,0211,81826,04226,0423,635 Compensation cost incurred in relationto acquisitions 4,281———8,562—— Tax effects ofnon-GAAPadjustments (3,255)(3,255)(3,255)(455)(6,510)(6,510)(909) Non-GAAP adjusted netincome 970,8561,391,3751,352,073188,7401,727,2262,743,448382,971 FULL TRUCK ALLIANCE CO. LTD. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data)Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,June 30,June 30,2024202520252025202420252025RMBRMBRMBUS$RMBRMBUS$ Net income attributableto ordinaryshareholders 823,1341,268,5761,244,488173,7221,404,3062,513,064350,810 Add:Share-basedcompensationexpense 116,301102,67377,47310,815272,257180,14625,148 Amortization ofintangible assetsresulting frombusiness acquisitions 13,02113,02113,0211,81826,04226,0423,635 Compensation cost incurred in relationto acquisitions 4,281———8,562—— Tax effects ofnon-GAAPadjustments (3,255)(3,255)(3,255)(455)(6,510)(6,510)(909) Non-GAAP adjusted netincome attributable toordinary shareholders 953,4821,381,0151,331,727185,9001,704,6572,712,742378,684 Non-GAAP adjusted netincome per ordinaryshare—Basic 0.050.070.060.010.080.130.02 —Diluted 0.050.070.060.010.080.130.02 Non-GAAP adjusted netincome per ADS—Basic 0.921.321.280.181.642.600.36 —Diluted 0.911.321.270.181.632.590.36 View original content: SOURCE Full Truck Alliance Co. 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Thailand's suspended prime minister testifies over phone call that could get her booted from job
Thailand's suspended prime minister testifies over phone call that could get her booted from job

San Francisco Chronicle​

time13 minutes ago

  • San Francisco Chronicle​

Thailand's suspended prime minister testifies over phone call that could get her booted from job

BANGKOK (AP) — Thailand's suspended Prime Minister Paetongtarn Shinawatra testified in a Bangkok court Thursday on her alleged breach of an ethics law in her handling of a border dispute with Cambodia, a case that could see her forced out of her job entirely. Paetongtarn, the youngest daughter of billionaire ex-Prime Minister Thaksin Shinawatra, is accused of failing in her duties by not standing up for the country properly in a June 15 call with Cambodian Senate President Hun Sen to discuss tensions over territory claimed by both nations. Despite her efforts, the two countries in late July engaged in five days of armed border clashes, resulting in dozens of deaths and the displacement of more than 260,000 people. Critics said she went too far in appeasing Hun Sen, Cambodia's former leader, and damaged Thailand's image and interests by referring to him as 'uncle' while seemingly criticizing a Thai army general in charge of forces along the border. The real damage was done when Hun Sen, who had been a long-time friend of Thaksin, leaked the call, causing an uproar in Thailand. Paetongtarn apologized but said she didn't do any damage to Thailand, arguing that her comments were a negotiating tactic. The Constitutional Court, however, voted unanimously to review a petition accusing Paetongtarn of a breach of ethics and voted 7-2 to immediately suspend her on July 1 until it issues its ruling. Her testimony Thursday was heard behind closed doors. Her father Thaksin will face a legal judgment of his own Friday, when Bangkok's Criminal Court is expected to issue a verdict on whether he insulted Thailand's monarchy, an offense punishable by three to 15 years in prison. The case involved a 2025 interview he gave while in South Korea. Thaksin, who was ousted from power by a military coup in 2006, was previously convicted of charges of conflict of interest and abuse of power but avoided imprisonment by fleeing abroad.

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