Recently, the results of the 2024 "Asia's Best Management Team" selection sponsored by the top-rated capital market rating agency "Institutional Investor" were announced. Full Truck Alliance Group (YMM.US) stands out from 1,669 Asian listed companies evaluated and won six awards, including "Best CEO", "Best CFO", "Best Investor Relations Team", "Best Investor Relations Company", "Best Board of Directors", and "Best ESG". It also won two honors for "Best Investor Relations Individual" and "Most Respected Company" selected by the weighted scores of various sectors for the first time.
"Institutional Investor" is one of the most influential financial magazines in the global investment industry, mainly for professional investment institutions. Its annual selection is well-known in the industry for its fairness, objectivity, and strict evaluation criteria and has a high degree of credibility and strong influence in the capital market. It is understood that a total of 4,943 buy-side fund managers and 951 sell-side analysts participated in the survey this year, setting a new record for the number of participants. The institutions that participated in this year's survey manage more than $2 trillion in Asian stock market value.
The multiple awards won in this selection by Full Truck Alliance Group demonstrate the capital market's and professional judges' recognition of the company's high level of corporate governance, financial disclosure, investor relations, and ESG management.
As a leading digital freight platform, Full Truck Alliance provides a full range of services, including freight brokerage, online trading, and value-added services for the entire lifecycle, to millions of small and medium-sized enterprises and truck drivers nationwide, significantly improving their delivery efficiency. At the same time, the upgrade and iteration of logistics capabilities brought about by digitalization have become a tool for enterprises to achieve cost reduction and efficiency improvement.
Since its listing, Full Truck Alliance has been committed to improving its corporate governance level, maintaining full communication with investors, and pursuing long-term sustainable development. While maintaining the steady development of its main business of truck-freight matching, it has also actively explored new businesses, and its profitability has been further validated by the market. In the first quarter of this year, it recorded revenue of RMB 2.27 billion, a year-on-year increase of 33.3%; non-GAAP operating profit of RMB 490 million, a year-on-year increase of 78.2%; non-GAAP net profit of RMB 760 million, a year-on-year increase of 46.9%.
Based on Full Truck Alliance's market-beating performance in the first quarter, multiple international investment institutions such as Goldman Sachs, UBS, Citigroup, and JPMorgan Chase have given it a "buy" rating. Goldman Sachs believes that Full Truck Alliance's transaction volume and revenue will further increase in 2024 due to the sustained growth of orders. UBS said that Full Truck Alliance's effective operation in user acquisition and performance improvement has ensured the continuous increase of its business volume and profit margin, raising its target price by nearly 10%.
Full Truck Alliance stated that it will firmly promote the digital and intelligent development of the logistics industry, help the industry reduce costs and increase efficiency, and create greater value for users, the industry, and shareholders.