Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2023		2024
	RMB		RMB
ASSETS
Cash and cash equivalents		2,617,594		1,136,649
Restricted cash—current		13,801		17,364
Short-term investments		—		25,900
Accounts receivable, net		12,088		13,688
Loans receivable, net		—		54,817
Prepayments and other current assets		1,501,233		1,136,314
Restricted cash - non-current		10,000		20,000
Property and equipment, net		14,422		9,430
Long-term investments		228,400		578,400
Intangible assets, net		95,517		69,631
Goodwill		283,256		283,256
Deferred tax assets		786		540
Operating lease right-of-use assets		82,120		61,771
Other non-current assets		3,482		12,708
TOTAL ASSETS		4,862,699		3,420,468
LIABILITIES
Accounts payable		7,179		11,086
Prepaid for freight listing fees and other service fees		506,423		479,476
Income tax payable		3,032		4,991
Other tax payable		731,284		862,150
Operating lease liabilities—current		34,867		37,569
Accrued expenses and other current liabilities		1,113,559		638,045
Deferred tax liabilities		20,333		17,308
Operating lease liabilities—non-current		46,395		22,497
Other non-current liabilities		22,950		12,414
TOTAL LIABILITIES		2,486,022		2,085,536

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

	Years ended December 31,
	2022			2023			2024
	RMB			RMB			RMB
Net Revenues		5,648,742			5,817,440			6,157,284
Net income		1,779,515			1,080,640			347,955
Net cash provided by (used in) operating activities(1)		615,584			137,792			(948,849	)
Net cash used in investing activities		(69,854	)		(240,125	)		(1,051,374	)
Net cash used in financing activities		(9,000	)		—			—

(1) It includes cash flows used in intercompany operating activities of RMB 2,316,618, RMB 1,703,166 and RMB 1,787,075 for the years ended December 31, 2022, 2023 and 2024, respectively.

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, 2022, 2023 and 2024, 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,
	2022		2023		2024
	RMB		RMB		RMB
Freight brokerage service-satisfied at a point of time		3,360,313		3,916,409		4,726,989
Freight listing service-satisfied over time(1)		761,080		828,152		879,489
Transaction service-satisfied at a point of time(1)		1,448,570		2,207,763		3,763,712
-satisfied overtime(1)		91,300		101,201		84,944
Credit solutions-satisfied over time		796,356		1,001,892		1,341,434
Other value-added services-satisfied at a point of time(1)		276,025		380,742		442,070
Total net revenues(2)	6,733,644		8,436,159		11,238,638

(1) Effective from January 1, 2024, the Group renamed “Transaction commission” revenue stream as “Transaction service,” which consists of all monetization from truckers related to freight matching service, including the revenue generated from our intra-city business, which was previously classified under “Freight listing service” and “Other value-added services.” The comparative net revenues for the years ended December 31, 2022 and 2023 have been recast to conform to this presentation. RMB101.2 million from “Freight listing service” and RMB4.7 million from “Other value-added services” were reclassified to “Transaction service” for the year ended December 31, 2023, with corresponding amounts of RMB91.3 million and RMB4.6 million reclassified for the year ended December 31, 2022 under the same methodology.

(2) RMB3,551 million, RMB4,173 million and RMB5,098 million of net revenues were attributable to VAT for the years ended December 31, 2022, 2023, and 2024, respectively. The VAT related to freight brokerage service 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 at a point of time or over time that were previously deferred as contract liabilities of RMB462,080 and RMB548,917 during the years ended December 31, 2023 and 2024, respectively.

	As of December 31,
	2023(1)		2024
	RMB		RMB
Contract balances—current
Freight listing service		495,692		462,036
Transaction service		27,718		78,709
Others		25,507		30,440
Contract balances—non current
Freight listing service		22,950		12,414
Total contract balances		571,867		583,599

(1) The 2023 comparative balances and their line item compositions have been retrospectively recast to conform to the reclassified revenue stream presentation criteria outlined above.

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,
	2022			2023			2024
	RMB			RMB			RMB
Gross VAT		4,518,878			5,271,119			5,996,198
Less: government grants		(1,979,581	)		(2,150,109	)		(2,102,847	)
VAT, net		2,539,297			3,121,010			3,893,351