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Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2022		2023
	RMB		RMB
ASSETS
Cash and cash equivalents		2,474,166		2,617,594
Restricted cash—current		12,095		13,801
Accounts receivable, net of allowance		8,577		12,088
Prepayments and other current assets		1,604,354		1,501,233
Restricted cash—non-current		—		10,000
Property and equipment, net		18,449		14,422
Long-term investments		—		228,400
Intangible assets, net		106,928		95,517
Goodwill		283,256		283,256
Deferred tax assets		6,570		786
Operating lease right-of-use assets and land use rights		74,820		82,120
Other non-current assets		5,960		3,482

TOTAL ASSETS		4,595,175		4,862,699

LIABILITIES
Accounts payable		6,374		7,179
Prepaid for freight listing fees and other service fees		436,806		506,423
Income tax payable		8,082		3,032
Other tax payable		682,030		731,284
Operating lease liabilities — current		39,649		34,867
Accrued expenses and other current liabilities		883,965		1,113,559
Deferred tax liabilities		23,358		20,333
Operating lease liabilities — non-current		34,036		46,395
Other non-current liabilities		—		22,950

TOTAL LIABILITIES		2,114,300		2,486,022

Summary of Income and Cash Flow Amounts and Balances of the Consolidated VIEs


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net Revenues		4,611,044			5,648,742			5,817,440
Net income		920,960			1,779,515			1,080,640
Net cash (used in) provided by operating activities (1)		(286,501	)		615,584			137,792
Net cash used in investing activities		(815,721	)		(69,854	)		(240,125	)
Net cash provided by (used in) financing activities		42,100			(9,000	)		—

(1)	It includes cash flows used in intercompany operating activities of RMB 76,198, RMB 2,316,618 and RMB 1,703,166 for the years ended December 31, 2021, 2022 and 2023, respectively.

Summary of Income and Cash Flow Amounts and Balances of the Consolidated Trusts

There’s no balance as of December 31, 2023 and December 31, 2022 since all trusts were terminated in March 2022.


	Years ended December 31,
	2021		2022
	RMB		RMB

Net revenues		104,061		25,996
Net income		22,838		16,808


	Years ended December 31,
	2021			2022
	RMB			RMB

Net cash (used in) provided by operating activities		(13,793	)		5,115
Net cash used in financing activities		(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 years
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 commitment		8

Summary of the Disaggregated Revenues

For the years ended December 31, 2021, 2022 and 2023, 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,
	2021		2022		2023
	RMB		RMB		RMB
Freight matching services(1)		3,946,882		5,656,651		7,048,830
Freight brokerage-satisfied at a point of time		2,497,779		3,360,313		3,916,409
Freight listings-satisfied over time		753,031		852,380		929,353
Transaction commission-satisfied at a point of time		696,072		1,443,958		2,203,068
Value-added services(1)		710,137		1,076,993		1,387,329
Credit solutions-satisfied over time		520,086		796,356		1,001,892
Other value-added services-satisfied at a point of time		190,051		280,637		385,437

Total net revenues	4,657,019		6,733,644		8,436,159

(1)

RMB2,580 million and RMB40 million, RMB3,490 million and RMB61 million, RMB4,094 million and RMB79 million of net revenues were attributable to VAT for freight matching services and value-added services for the years ended December 31, 2021, 2022, and 2023, 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 Group recognized revenues that were previously deferred as contract liabilities of RMB383,236 and RMB462,080 during the years ended December 31, 2022 and 2023, respectively.


	As of December 31,
	2022		2023
	RMB		RMB
Contract balances—current
Freight listings		435,567		502,787
Others		26,513		46,130
Contract balances —non current
Freight listings		—		22,950

Total contract balances		462,080		571,867

Summary of Value Added Tax

Gross amount of VAT and the government grants from local financial bureaus included in cost of revenues are as the following:


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Gross VAT		3,510,749			4,518,878			5,271,119
Less: government grants		(1,559,814	)		(1,979,581	)		(2,150,109	)

VAT, net		1,950,935			2,539,297			3,121,010