EUR 233.15 For Business Accounts Only

YMM: 1H2022 Impacted By COVID Lockdowns; Expect Better 2H2022 As Lockdowns Ease And Economic Stimulus Kicks In; Also Expect The Data Review To Be Concluded

YMM will report 1Q22 results on June 8^th before the US markets open with an 8am ET conference call. We are cautious on YMM’s 1Q22 performance and 2Q22 outlook as the company was impacted by COVID lockdowns. As a result of highway closures and other mobility restrictive measures across China, the operations of the shipping and freight industry were severely impacted. However, starting from June 1, 2022 Shanghai is going to lift the ban and will go back to normal; and Beijing is also on its way back normality. Therefore, looking in 2H2022, we believe YMM is likely to benefit from the government’s significant economic stimulus. In addition, YMM is also a platform economy, which is particularly highlighted in the government’s supportive policies as it carries the weight of helping SMEs and individual freelance workers. Under the overall direction of China, we believe the data review will be concluded soon.