Coupang Inc (CPNG) 2025 Q2 法說會逐字稿

Hello, everyone. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2025 second-quarter earnings conference call. (Operator Instructions) Now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.

大家好。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加Coupang 2025第二季財報電話會議。（操作員指示）現在我想將電話轉給投資者關係副總裁麥克·帕克。您可以開始您的會議了。

Thanks, operator. Welcome, everyone, to Coupang's second-quarter 2025 earnings conference call. I'm pleased to be joined on the call today by our Founder and CEO, Bom Kim; and our CFO, Gaurav Anand.

謝謝，接線生。歡迎大家參加 Coupang 2025 年第二季財報電話會議。我很高興今天能與我們的創辦人兼執行長 Bom Kim 和財務長 Gaurav Anand 一起參加電話會議。

The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information, except as required by law. Certain statements made on today's call may include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

以下討論（包括對您的問題的回答）僅反映管理層截至今天的觀點。除非法律要求，否則我們不承擔更新或修改此資訊的任何義務。今天電話會議上的某些聲明可能包含前瞻性聲明。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資訊包含在今天的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和後續文件。

As we share our second quarter 2025 results on today's call, the comparisons we make to prior periods will be on a year-over-year basis, unless otherwise noted.

當我們在今天的電話會議上分享 2025 年第二季的業績時，除非另有說明，我們與前期的比較將以同比為基礎。

We may also present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures are included in our earnings release, our slides accompanying this webcast and our SEC filings, which are posted on the company's Investor Relations website.

我們也可能同時提供 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 指標的額外披露，包括這些指標與最可比較 GAAP 指標的對賬，包含在我們的收益報告、本次網絡廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中，這些文件均發佈在公司的投資者關係網站上。

And now I'll turn the call over to Bom.

現在我將把電話轉給 Bom。

Thanks, everyone, for joining us today. I'll start first with a few highlights for the quarter. We carried the solid momentum from the start of the year into a strong Q2. We grew consolidated revenue 16% year-over-year or 19% in constant currency to $8.5 billion. Along with that growth, we also delivered another quarter of margin expansion, most evident in our Product Commerce segment, where gross profit margins expanded nearly 230 basis points to 32.6% and adjusted EBITDA margins grew 80 basis points to over 9%.

感謝大家今天加入我們。我將首先介紹本季的一些亮點。我們延續了年初以來的強勁勢頭，進入了強勁的第二季。我們的綜合營收年增 16%，以固定匯率計算成長 19%，達到 85 億美元。除了這一成長之外，我們的利潤率還在另一個季度有所擴大，最明顯的是我們的商品商務部門，該部門的毛利率擴大了近 230 個基點，達到 32.6%，調整後的 EBITDA 利潤率增長了 80 個基點，達到 9% 以上。

On a consolidated basis, we generated $428 million of adjusted EBITDA, growing margins by over 50 basis points while also investing aggressively for the future.

在合併基礎上，我們實現了 4.28 億美元的調整後 EBITDA，利潤率成長了 50 個基點以上，同時也積極投資於未來。

Our results continue to highlight two key points. First, we remain in the early stages of a multi-decade journey to transform commerce and wow customers across the markets we serve. Second, every improvement we make in selection, price and service strengthens customer engagement, enabling us to lower costs and create a virtuous cycle of value for our customers, sellers and brands.

我們的結果繼續強調兩個關鍵點。首先，我們仍處於數十年變革商業並讓我們所服務的市場的客戶驚嘆的旅程的早期階段。其次，我們在選擇、價格和服務方面所做的每項改進都會加強客戶參與度，使我們能夠降低成本並為客戶、賣家和品牌創造良性的價值循環。

Perhaps nowhere is that more visible than in our Product Commerce segment, where we're rapidly expanding Rocket selection while continuing to redefine customer expectations around delivery speed. In addition to adding over 0.5 million new items on Rocket in the past quarter alone, we increased our same-day and on-delivery volume by more than 40% compared to the same period last year.

或許在我們的產品商務領域，這一點最為明顯，我們正在迅速擴大 Rocket 的選擇，同時繼續重新定義客戶對交付速度的期望。光是過去一個季度，Rocket 就新增了 50 多萬件商品，與去年同期相比，我們的當日和到貨量也增加了 40% 以上。

Our investments in customer experience continue to drive deeper customer adoption and engagement, fueling the durable revenue growth at high multiples of the relatively flat Korean retail market. This quarter, we accelerated Product Commerce active customer additions and saw a significant lift in revenue per active customer.

我們對客戶體驗的投資持續推動更深入的客戶採用和參與，推動相對平穩的韓國零售市場收入持續高倍成長。本季度，我們加速了產品商務活躍客戶的增加，並看到每個活躍客戶的收入顯著提升。

The majority of revenue growth this quarter was driven by our existing customers with all customer cohorts, even the most mature, demonstrating robust double-digit spending increases. And as we continue to expand selection to match customer preferences, they're also purchasing across a broader number of categories.

本季營收成長的大部分來自我們現有的客戶，所有客戶群，即使是最成熟的客戶，都表現出強勁的兩位數支出成長。隨著我們不斷擴大選擇範圍以滿足顧客的偏好，他們也會購買更廣泛的類別。

Another highlight is our Fresh category, one of the many categories we offer to consumers within Product Commerce. This quarter, Fresh grew revenues 25% in constant currency year-over-year. We significantly expanded our fresh assortment, especially in produce, meat and seafood, resulting in a sharp increase in customers using Fresh and total spend this quarter.

另一個亮點是我們的新鮮類別，這是我們在產品商務中向消費者提供的眾多類別之一。本季度，Fresh 的營收以固定匯率計算年增了 25%。我們大幅擴大了生鮮產品的種類，尤其是農產品、肉類和海鮮，導致本季使用生鮮產品的顧客數量和總支出大幅增加。

Fresh's strong performance underscores a broader pattern we're seeing across multiple categories, where customers continue to respond with enthusiasm to enhancements in service levels and product selection. Fulfillment and Logistics by Coupang or FLC, continues its impressive momentum with volumes, selection and sellers all growing several times faster than the rate of the overall Product Commerce segment.

Fresh 的強勁表現凸顯了我們在多個類別中看到的更廣泛的模式，即客戶繼續熱情地響應服務水平和產品選擇的增強。Coupang 或 FLC 的履行和物流繼續保持令人印象深刻的發展勢頭，其數量、選擇和賣家的增長速度都比整體產品商務領域的增長速度快幾倍。

We're making significant investments to enhance FLC's tools and services, empowering sellers to leverage our leading Fulfillment and Logistics infrastructure to expand their businesses. FLC has accelerated the growth of tens of thousands of SME sellers, over 70% of whom operate outside of Seoul, making FLC an essential driver of economic revitalization for underserved regional economies across Korea.

我們正在進行大量投資以增強 FLC 的工具和服務，使賣家能夠利用我們領先的履行和物流基礎設施來擴展他們的業務。FLC 加速了數萬家中小型賣家的成長，其中 70% 以上的賣家在首爾以外地區開展業務，這使得 FLC 成為韓國各地服務不足的地區經濟振興的重要推動力。

We're also excited by the potential of automation and AI to accelerate our efforts to innovate around the customer experience and drive operational excellence. As we invest further into these capabilities, we see significant opportunities to enhance service levels while simultaneously achieving meaningful cost savings. Just as our core Product Commerce offerings like Fresh and FLC have become powerful drivers of long-term growth, our developing offerings portfolio is positioned to unlock significant market opportunities and generate meaningful cash flow streams in the years ahead. Taiwan is a prime example of such an opportunity.

我們也對自動化和人工智慧的潛力感到興奮，它們將加速我們圍繞客戶體驗進行創新並推動卓越營運的努力。隨著我們對這些功能的進一步投資，我們看到了提高服務水準同時實現顯著成本節約的巨大機會。正如我們的核心產品商務產品（如 Fresh 和 FLC）已成為長期成長的強大動力一樣，我們正在開發的產品組合也將在未來幾年釋放巨大的市場機會並產生有意義的現金流。台灣就是這種機會的典型例子。

One of our top priorities this year has been to considerably broaden our selection and improve inventory availability, a common challenge during hyper growth. Hundreds of top brands are now working directly with us, a number that increased exponentially in the past quarter, enabling us to dramatically expand supply for our customers.

我們今年的首要任務之一是大幅擴大選擇範圍並提高庫存可用性，這是高速成長時期的常見挑戰。目前已有數百個頂級品牌與我們直接合作，這一數字在過去一個季度呈指數級增長，使我們能夠大幅擴大對客戶的供應。

The customer response has been equally dramatic with revenues accelerating rapidly. Our Taiwan offering is growing faster and stronger than even the most optimistic forecast we set at the beginning of the year. After ending last year in Q4 with a quarter-over-quarter revenue growth of 23%, this quarter revenues surged 54% quarter-over-quarter, more than double the pace of revenue growth from just 2 quarters ago. Year-over-year revenue growth was triple digits in Q2, and we expect that to be even higher in Q3.

客戶的反應同樣熱烈，收入也迅速成長。我們在台灣的業務成長速度和強度甚至超出了我們年初設定的最樂觀的預測。去年第四季度，公司營收季增 23%，而本季度，公司營收環比成長 54%，是兩個季度前營收成長速度的兩倍多。第二季的年收入成長達到了三位數，我們預計第三季的營收成長會更高。

What's most encouraging is that this growth is primarily fueled by repeat customers. While new customer additions did contribute to growth and a quarter-over-quarter increase of nearly 40% in active customers, the majority of the revenue growth and acceleration we saw this quarter stem from the continued strengthening of spend and retention across our existing customer cohorts.

最令人鼓舞的是，這種成長主要由回頭客推動。雖然新客戶的增加確實促進了成長，並使活躍客戶數量環比增長了近 40%，但本季度我們看到的收入成長和加速大部分源於現有客戶群的支出和保留率的持續加強。

Our conviction in the long-term potential of Taiwan is only growing as we're seeing a trajectory similar to what we saw in the early years of scaling our retail offering in Korea. In Eats, we continue to see strong momentum, reflecting our relentless efforts to wow customers with the best selection, amazing value and the fastest and most reliable delivery experience.

我們對台灣長期潛力的信心與日俱增，因為我們看到了與我們早年在韓國擴大零售業務時看到的類似的發展軌跡。在 Eats 方面，我們繼續保持強勁勢頭，這反映了我們不懈的努力，以最佳選擇、驚人價值以及最快、最可靠的配送體驗來吸引客戶。

With Coupang Play, our digital content and live entertainment service in Korea, we continue to expand our offerings to delight customers. This quarter, we launched Sports Pass, a new offering that provides customers with premium access to a broader range of popular live sports content from the Premier League and LaLiga for soccer to the NBA and NFL to NASCAR and F1 racing.

透過我們在韓國的數位內容和現場娛樂服務 Coupang Play，我們不斷擴展產品範圍以取悅客戶。本季度，我們推出了一項新服務——Sports Pass，為客戶提供更廣泛的熱門體育賽事直播內容的優質訪問權，從英超聯賽和西甲聯賽到NBA和NFL，再到NASCAR和F1賽車。

We're also excited to share that Play is now available to all Coupang customers in Korea, including NON-WOW members who can enjoy a wide selection of original series, movies, shows and news at no cost, supported by advertising.

我們也很高興告訴大家，Play 現已向韓國所有 Coupang 客戶開放，包括非 WOW 會員，他們可以免費享受各種原創劇集、電影、節目和新聞，並獲得廣告支援。

As we reflect on the quarter and our positioning across the markets we serve, we believe Coupang's opportunity is massive and still largely untapped. Our commitment to customer obsession, operational excellence and disciplined capital allocation continues to guide our approach. We're more excited than ever about what lies ahead.

當我們回顧本季以及我們在所服務市場的定位時，我們相信 Coupang 的機會巨大，但仍有很大一部分尚未開發。我們對客戶至上、卓越營運和嚴謹的資本配置的承諾將繼續指導我們的方法。我們比以往任何時候都更期待未來。

Now I'll turn the call over to our CFO, Gaurav Anand, to walk you through the financial results of the quarter in more detail.

現在，我將把電話轉給我們的財務長 Gaurav Anand，向你們更詳細地介紹本季的財務結果。

Thanks, Bom. This quarter, we saw a continuation of the strong momentum across our business that we saw last quarter in both growth and margin expansion. Total net revenues this quarter grew 16% year-over-year or 19% in constant currency. This quarter, we saw an improvement of the Korean won versus the US dollar related to the levels we have seen over the past few quarters.

謝謝，Bom。本季度，我們的業務延續了上個季度的強勁成長勢頭，無論是成長還是利潤率都擴大了。本季總淨收入年增 16%，以固定匯率計算成長 19%。本季度，我們看到韓元兌美元匯率與過去幾季的水平相比有所改善。

However, given historical volatility in foreign currency rates, we believe it remains important to evaluate our growth on a constant currency basis. As Bom noted, we continue to see strong levels of growth coming from all our customer cohorts in Korea, even our oldest.

然而，考慮到外匯匯率的歷史波動，我們認為以固定匯率為基礎評估我們的成長仍然很重要。正如 Bom 所指出的，我們繼續看到韓國所有客戶群體，甚至是最年長的客戶群體都呈現強勁成長勢頭。

This demonstrates the tremendous untapped potential for future growth as our newer cohorts follow the trends of our most mature customer cohorts. This quarter, Product Commerce segment revenues grew 14% year-over-year or 17% in constant currency. This growth was driven by both higher spend levels per active customer as well as an acceleration of growth in Product Commerce active customers to 10% this quarter.

這表明，隨著我們的新客戶群追隨我們最成熟的客戶群的趨勢，未來成長的巨大潛力尚未開發。本季度，產品商務部門營收年增 14%，以固定匯率計算成長 17%。這一增長得益於每個活躍客戶的支出水準提高以及本季產品商務活躍客戶成長加速至 10%。

Developing Offerings segment revenues in Q2 grew 33% year-over-year on both a reported and constant currency basis. This growth is driven by an accelerating triple-digit growth rate in Taiwan and a high double-digit growth rate in Eats as each of these newer offerings continues to scale.

以報告和固定匯率計算，第二季開發產品部門營收年增 33%。隨著這些新產品的規模不斷擴大，推動這一成長的是台灣地區三位數的快速成長和 Eats 兩位數的高成長率。

Along with the sustained growth in top line revenues, we also delivered significant growth in profitability. We reported $2.6 billion in consolidated gross profit growing 20% year-over-year or 22% in constant currency. This resulted in consolidated gross profit margin of 30%, improving 79 basis points versus last year.

隨著營業收入的持續成長，我們的獲利能力也實現了顯著成長。我們報告的綜合毛利為 26 億美元，年增 20%，以固定匯率計算成長 22%。這使得綜合毛利率達到 30%，比去年提高了 79 個基點。

In our Product Commerce segment, we generated gross profit of $2.4 billion, growing 23% or 26% in constant currency. Gross profit margin was a record 32.6%, representing roughly 230 basis points of improvement over last year and 130 basis points versus last quarter. Our growth in margins is a result of many long-term initiatives around automation and technology investments and innovation and process improvement, supply chain optimization as well as growth in our margin-accretive categories and offerings.

在我們的產品商務部門，我們創造了 24 億美元的毛利，成長 23%，以固定匯率計算成長 26%。毛利率達到創紀錄的 32.6%，比去年同期提高了約 230 個基點，比上一季提高了 130 個基點。我們的利潤率成長源自於圍繞自動化和技術投資、創新和流程改善、供應鏈優化以及利潤增值類別和產品的成長等多項長期措施。

We expect these same initiatives to drive even further margin expansion in the quarters and years to come, though the pace of that growth will be uneven from quarter-to-quarter. OG&A expense as a percentage of revenue was 28.3% this quarter, representing a year-over-year increase of 36 basis points, excluding the KFTC administrative fine recorded in Q2 last year and 96 basis points over Q1.

我們預計這些舉措將在未來幾季和幾年推動利潤率進一步擴大，儘管各季度的成長速度並不均衡。本季油氣總務及行政管理費用佔收入的百分比為 28.3%，年增 36 個基點（不包括去年第二季記錄的韓國公平貿易委員會行政罰款），比第一季增加 96 個基點。

The year-over-year increase is mostly due to elevated levels of spend in our technology and infrastructure this year, while the quarter-over-quarter increase is primarily a result of increased expenses within developing offerings, including certain nonrecurring costs related to restructuring activities within Farfetch. However, we continue to expect consolidated OG&A expenses to decline as a percentage of revenues in the near to medium term.

年比成長主要是由於今年我們在技術和基礎設施方面的支出增加，而環比增長主要是由於開發產品的費用增加，包括與 Farfetch 內部重組活動相關的某些非經常性成本。不過，我們仍預計，短期至中期內，合併油氣總成及管理費用佔收入的百分比將會下降。

Operating income was $149 million this quarter, representing growth of 55% over last year, excluding the KFTC administrative fine recorded last year. Net income attributable to Coupang stockholders was $32 million. This resulted in $0.02 of diluted earnings per share. On a consolidated basis, we generated a record $428 million of adjusted EBITDA in Q2, an increase of 30% over last year, while also making significant investments into developing offerings this quarter. This led to an adjusted EBITDA margin of 5%, an increase of over 50 basis points from last year.

本季營業收入為 1.49 億美元，比去年增長 55%，不包括去年記錄的韓國公平貿易委員會行政罰款。歸屬於Coupang股東的淨收入為3,200萬美元。這導致每股攤薄收益為 0.02 美元。從合併數據來看，我們在第二季實現了創紀錄的 4.28 億美元調整後 EBITDA，比去年同期成長了 30%，同時本季我們也對產品開發進行了大量投資。這使得調整後的 EBITDA 利潤率達到 5%，比去年增加了 50 多個基點。

As we have previously highlighted, we believe the eventual adjusted EBITDA margin potential of your business to be in excess of 10%. This potential is most evident in the near term in our Product Commerce segment, where this quarter, we delivered $663 million of adjusted EBITDA with a margin of just over 9%. This resulted in margin expansion of 80 basis points year-over-year and over 100 basis points quarter-over-quarter.

正如我們之前強調的那樣，我們相信貴公司最終調整後的 EBITDA 利潤率潛力將超過 10%。這種潛力在短期內在我們的產品商務部門最為明顯，本季度，我們實現了 6.63 億美元的調整後 EBITDA，利潤率略高於 9%。這使得利潤率較上年同期擴大了 80 個基點，較上一季擴大了 100 個基點以上。

Developing Offerings reported EBITDA losses this quarter of $235 million, reflecting an increased level of investment over last year and last quarter due primarily to acceleration in growth we saw in Taiwan this quarter. As a result of rapidly increasing potential we see within Developing Offerings, most notably in Taiwan, we now expect Developing Offerings adjusted EBITDA losses for the full year to be between $900 million and $950 million.

開發產品報告本季 EBITDA 虧損為 2.35 億美元，反映出投資水準較去年和上季有所增加，主要歸因於本季台灣地區的成長加速。由於我們看到發展中產品（尤其是在台灣）的潛力迅速增長，我們現在預計發展中產品全年調整後的 EBITDA 虧損將在 9 億至 9.5 億美元之間。

This investment is a reflection of the increasing level of confidence we have in the near and long-term potential for these offerings. Taiwan, in particular, accounts for the large majority of the revision in our full year estimate.

這項投資反映了我們對這些產品的近期和長期潛力的信心不斷增強。尤其是台灣，佔了我們全年預測修正的絕大部分。

We are excited about the accelerating levels of customer spend that's driving our increased investments in Taiwan as it follows a similar trend we saw in building our Product Commerce business in Korea. We see this as a very attractive investment given our confidence in our ability to compound revenue and improve margins over the years to come.

我們對客戶支出水準的不斷增長感到興奮，這推動了我們增加在台灣的投資，因為這與我們在韓國建立產品商務業務時看到的趨勢類似。鑑於我們對未來幾年增加收入和提高利潤的能力充滿信心，我們認為這是一項非常有吸引力的投資。

And as always, we'll continue to balance these investments with our commitment to remain focused on disciplined capital allocation and operational excellence. On a trailing 12-month basis, we generated $1.9 billion in operating cash flow and $784 million of free cash flow, which decreased $729 million versus last year. This decrease is primarily driven by timing of CapEx spend as well as impacts of certain working capital fluctuations in the current and previous trailing 12-month periods that we expect to normalize by the end of the year.

像往常一樣，我們將繼續平衡這些投資，並致力於繼續專注於嚴格的資本配置和卓越的營運。在過去 12 個月中，我們產生了 19 億美元的營運現金流和 7.84 億美元的自由現金流，與去年相比減少了 7.29 億美元。這一下降主要是由於資本支出的時間表以及當前和過去 12 個月期間某些營運資本波動的影響所致，我們預計這些波動將在年底前恢復正常。

Our effective income tax rate was 84% this quarter, driven primarily by the losses in our early-stage operations in Taiwan as well as restructuring-related losses at Farfetch for which we received no tax benefit. We now anticipate a temporarily high effective tax rate of between 65% to 70% for the full year and our cash tax obligation for the year to be closer to 60%. Over the long term, we continue to expect to normalize to an effective tax rate closer to 25%.

本季我們的有效所得稅率為 84%，主要原因是我們在台灣的早期業務的虧損以及 Farfetch 的重組相關損失，我們沒有獲得任何稅收優惠。我們現在預計全年有效稅率將暫時保持在高位，介於 65% 至 70% 之間，而全年的現金稅負將接近 60%。從長遠來看，我們預計有效稅率將繼續正常化至接近 25%。

Operator, we are now ready to begin the Q&A.

接線員，我們現在可以開始問答了。

(Operator Instructions)

（操作員指示）

Stanley Yang, JPMorgan.

摩根大通的 Stanley Yang。

Hi, thank you for the opportunity to ask the questions. I have two questions. My first question is about the margin. So it's encouraging to see the Product Commerce EBITDA margin expansion up to 9%. Going into second half, the market currently expects your previous comments on declining IT cloud spending as a percentage of revenue to serve a margin tailwind in second half. Do you expect further Product Commerce margin improvement in second half on already high base?

你好，謝謝你給我這個提問的機會。我有兩個問題。我的第一個問題是關於利潤。因此，看到產品商務 EBITDA 利潤率擴大至 9% 是令人鼓舞的。進入下半年，市場目前預計您先前關於 IT 雲端支出佔收入比例下降的評論將為下半年的利潤率帶來利好。在已經很高的基礎上，您是否預期下半年產品商務利潤率會進一步提高？

My second question is about the AI. So global and local big tech companies are leading AI investment and strategies. What will be your major AI strategies going forward? How can it change your business strategy? Thank you.

我的第二個問題是關於人工智慧的。因此，全球和本地的大型科技公司正在引領人工智慧的投資和策略。您未來的主要人工智慧策略是什麼？它如何改變你的經營策略？謝謝。

Thanks, Stanley. I'll take the second question first. AI has been core to our operations and strategy for years. We've leveraged these technologies to improve nearly every aspect of our customer experience and operations from personalized recommendations, dynamic pricing, inventory forecasting, route optimization to name a few. Those applications and that integration has directly contributed to the results that you've seen over the last few quarters and years around customer engagement and improved operational efficiency.

謝謝，史丹利。我先回答第二個問題。多年來，人工智慧一直是我們營運和策略的核心。我們利用這些技術改善了客戶體驗和營運的幾乎每個方面，包括個人化推薦、動態定價、庫存預測、路線優化等等。這些應用程式和整合直接促成了過去幾個季度和幾年來您在客戶參與度和營運效率提高方面所看到的成果。

Looking ahead, we see AI as a long-term enabler of both top line growth and margin expansion, especially with generative AI and large language models, our focus remains on practical high-impact applications, practical applications that scale with our core offerings and enable us to deliver meaningful gains in customer experience and productivity.

展望未來，我們認為人工智慧是收入成長和利潤率擴張的長期推動因素，尤其是產生人工智慧和大型語言模型，我們的重點仍然是實用的高影響力應用，這些應用可以與我們的核心產品一起擴展，並使我們能夠在客戶體驗和生產力方面取得有意義的進步。

One example where we're seeing immediate impact is around software development, where in our early implementations, while still early, we're seeing up to 50% of the new [code] written by AI. We also expect AI to have a transformative impact on our operations over time through enhanced automation and humanoid robotics, among other things. Similar to our strategy for investing capital in any facet of our business, you can be sure that we'll be disciplined in how we allocate those resources and increase levels of spend only when we see strong evidence of high potential returns.

我們看到直接影響的一個例子是軟體開發，在我們早期的實作中，雖然還處於早期階段，但我們看到高達 50% 的新程式碼是由人工智慧編寫的。我們也預計，隨著時間的推移，人工智慧將透過增強自動化和人形機器人等對我們的營運產生變革性的影響。與我們在業務任何方面投資資本的策略類似，您可以確信，我們將嚴格分配這些資源，並且只有當我們看到高潛在回報的有力證據時才會增加支出水平。

Yeah, I'll take over on the margin question, Stanley. So our Product Commerce margins have now reached 9% and continue to grow at an impressive rate. There still remains large opportunities for us to leverage technology, AI automation and expand margin-accretive offerings and improve processes among many other things that's going on there.

是的，我將接手利潤問題，史丹利。因此，我們的產品商務利潤率現已達到 9%，並繼續以驚人的速度成長。我們仍然有很大機會利用技術、人工智慧自動化、擴大利潤增值產品、改進流程以及正在進行的其他許多事情。

So we expect Product Commerce to lead to those levels of over 10% margin and consolidated to follow the same part. But while we don't expect margins to grow in a linear manner quarter-over-quarter, we still see tremendous opportunity from the same drivers and expect them to contribute to even further annual margin expansion for quarters to come.

因此，我們預計產品商務將帶來超過 10% 的利潤率水平，並且合併後也將遵循相同的部分。但是，儘管我們不認為利潤率會逐季度線性增長，但我們仍然看到來自相同驅動因素的巨大機遇，並預計它們將為未來幾季年度利潤率的進一步擴大做出貢獻。

And on the OG&A expenses, as we have discussed previously, we have seen an increase in our tech-related spend over the past few quarters in terms of percentage of total revenue. We believe this is key to building a more scalable foundation for future growth as we enhance our internal capabilities. And the tech spend was a large part of the increase in the OG&A as a percentage of revenues this quarter.

關於 OG&A 費用，正如我們之前所討論的，過去幾個季度，我們的技術相關支出佔總收入的百分比有所增加。我們相信，隨著我們內部能力的增強，這對於為未來成長建立更具可擴展性的基礎至關重要。本季度，技術支出佔 OG&A 收入比例成長的很大一部分。

It was also impacted by higher expenses within developing offerings, including certain nonrecurring and restructuring costs related to Farfetch. That said, we continue to expect consolidated OG&A expenses to decline as a percentage of revenue in the near to medium term.

它也受到產品開發費用增加的影響，包括與 Farfetch 相關的某些非經常性費用和重組費用。儘管如此，我們仍預計，短期至中期內，合併油氣總成及管理費用佔收入的百分比將會下降。

I hope that answers your question, Stanley.

我希望這能回答你的問題，史丹利。

Thank you.

謝謝。

Eric Cha, Goldman Sachs.

高盛的 Eric Cha。

Yes, hi, thank you for the opportunity. So I've got two questions around developing offerings. I think Gaurav just mentioned about the guidance increase for developing offering investments for this year. Could you share with us whether you believe this investment could peak this year or could it structurally go up in the foreseeable future driven by Taiwan? Any color on next year would be really helpful.

是的，你好，謝謝你給我這個機會。所以我有兩個關於開發產品的問題。我認為 Gaurav 剛才提到了今年開發產品投資的指導增加。您能否與我們分享一下，您是否認為這項投資會在今年達到頂峰，或者在可預見的未來，在台灣的推動下，是否會結構性地上升？明年的任何顏色都會很有幫助。

The second question is specifically around Taiwan. Could you let us know whether -- could you provide some color on the gross profit margin or unit economics around Taiwan, whether it's positive or negative currently? And if it is in the negative, when you expect that to turn positive? Thank you.

第二個問題具體涉及台灣。您能否告訴我們—您能否提供一些關於台灣地區毛利率或單位經濟狀況的信息，目前是正數還是負數？如果是負數，您預期什麼時候會變成正數？謝謝。

Hi, Eric, I'll take the question on Taiwan. As I called out earlier, our conviction in Taiwan is high and rising. We're very encouraged by the progress that we're seeing and especially by the similarity to Korea in its early years. The trajectory and the patterns that we're seeing are very similar. I think you can probably tell that we're excited about the momentum and especially about the customer response to the value proposition that we're providing.

你好，艾瑞克，我想回答關於台灣的問題。正如我之前所說的，我們對台灣的信念高漲，並且不斷增強。我們對所看到的進步感到非常鼓舞，尤其是與韓國早期的相似之處。我們所看到的軌跡和模式非常相似。我想您可能已經看出我們對這種發展勢頭感到興奮，尤其是對客戶對我們提供的價值主張的反應。

Taiwan's growth accelerating is driven by repeat customers driving the majority of that growth, which we see as a very positive signal about our product market fit and the long-term potential of the offerings there. Again, the structure, the dynamics, I think, are very similar to Korea. We are also, of course, seeing scaling inefficiencies that we've seen in the past. But we're very confident. We've seen these before. It's very similar to -- and very typical of our operations at this scale, at this stage. And we're very confident that we'll deliver over time, outsized value to customers and shareholders.

台灣的成長加速是由回頭客推動的，回頭客是成長的主要動力，我們認為這對我們的產品市場契合度以及該產品在那裡的長期潛力是一個非常積極的信號。再說一遍，我認為其結構和動態與韓國非常相似。當然，我們也看到了過去曾見過的擴展效率低下的問題。但我們非常有信心。我們以前見過這些。這與我們目前規模、目前階段的營運非常相似，而且非常典型。我們非常有信心，隨著時間的推移，我們將為客戶和股東帶來巨大的價值。

Yeah, and addressing your question on the investments in Developing Offerings. As you know, we manage our Developing Offerings portfolio as a pool of individual investments with each offering at a different stage in maturity. So we don't break down the level of losses for each and any guidance we provide around the combined level of investment is focused on the decisions we have made this year, where we have the most visibility to the momentum we are seeing. It would be too early for us to make any decision now on what that investment levels may look like beyond this year.

是的，並回答您關於開發產品投資的問題。如您所知，我們將發展中產品組合作為單一投資組合進行管理，每個產品處於不同的成熟階段。因此，我們不會細分每個損失的水平，我們圍繞綜合投資水平提供的任何指導都集中於我們今年做出的決策，我們對所看到的勢頭有最清晰的了解。現在就決定今年以後的投資水準還為時過早。

We'll have more to share on that as we get to the start of next year. But our overall guidance that our margins continue to increase in a consolidated basis year-over-year still holds.

明年年初我們將分享更多相關資訊。但我們的整體指導意見是，我們的利潤率在合併基礎上將繼續同比增長。

Seyon Park, Morgan Stanley.

摩根士丹利的 Seyon Park。

Hi, good morning. Thank you for the opportunity. I have two questions, given that we're -- the past questions have been on Developing Offerings, why don't I start there? I think it was on the news that Coupang had applied for the government project to manage some of the GPUs that the government is trying to procure. Maybe can you comment on whether getting involved in the data center or the GPU management business is something that the company is considering as kind of the next growth opportunity? Any comments on that would be much appreciated.

嗨，早安。感謝您提供的機會。我有兩個問題，鑑於我們──過去的問題都是關於開發產品的，我為什麼不從那裡開始呢？我認為這是有關 Coupang 申請政府專案來管理政府試圖採購的一些 GPU 的新聞。您能否評論一下，涉足資料中心或 GPU 管理業務是否是公司正在考慮的下一個成長機會？任何對此的評論都將不勝感激。

My second question kind of comes back to Product Commerce with the new government and the supplementary budgets and some of the measures that the government is doing to try to get consumptions back on track. Are you seeing trends of maybe a bit better growth or reacceleration of growth from the domestic consumer side going into the second half? That would be my second question. Thank you.

我的第二個問題有點回到產品商務，新政府和補充預算以及政府為使消費重回正軌而採取的一些措施。您是否認為下半年國內消費方面可能會出現更好的成長趨勢或重新加速的成長趨勢？這是我的第二個問題。謝謝。

Hi Seyon. Thanks for the questions. On your first question, I think I should note that we've been developing our own AI computing infrastructure to service our internal needs for some time now. In addition to the capacity that we source from external providers, the bulk of the investment today, and it's relatively small, is dedicated to building out that internal capability for higher performance and cost savings.

你好，Seyon。感謝您的提問。關於你的第一個問題，我想我應該指出，我們一直在開發自己的人工智慧運算基礎設施來滿足我們的內部需求。除了我們從外部供應商獲得的容量之外，目前大部分的投資（相對較少）都用於建立內部能力，以提高效能並節省成本。

We're also exploring the potential to provide access to that technology and service that we're developing internally to external enterprise customers as a test-and-learn initiative, and that's being done on a very small scale. We'll continue to be disciplined in how we allocate resources there and provide updates in the future if there are meaningful changes.

我們也正在探索將我們內部開發的技術和服務提供給外部企業客戶的可能性，作為測試和學習計劃，而且這項計劃的規模非常小。我們將繼續嚴格分配資源，並在將來發生重大變化時提供更新。

On the macro environment, I think, first of all, our growth outlook for the full year remains in line with the guidance that we provided at the start of the year, constant currency consolidated growth rate of roughly 20%. I think it's worth reminding everyone that we're still a small share of the overall retail markets that we serve.

在宏觀環境方面，我認為，首先，我們對全年的成長預期與我們年初給出的指引一致，即以固定匯率計算的綜合成長率約為 20%。我認為值得提醒大家的是，我們在所服務的整體零售市場中仍然只佔很小的份額。

And what drives our growth is this quarter and past quarters have not been onetime bumps or cycles, but deeper and increasing engagement from our customers. As I mentioned earlier, the spend of every single cohort of our customers, even our oldest, continues to compound and grow at strong double-digit rates. And that's driven by continued improvement and obsession around our overall customer experience in areas like selection, service and price.

推動我們成長的因素是，本季和過去幾季並不是一次性的波動或週期，而是來自我們客戶的更深入和不斷增加的參與。正如我之前提到的，我們每一批客戶的支出，甚至是最年長的客戶的支出，都在持續以強勁的兩位數速度成長。這是由我們在選擇、服務和價格等方面對整體客戶體驗的持續改進和關注所推動的。

And whatever the fluctuations in the macro environment that we've seen, as long as we deliver on selection, service and price and the customer experience, we're confident we can continue to significantly outpace the retail growth for years to come. If there are any meaningful changes to our outlook, we'll update the guidance as needed. But we are focused on the things that we control and remain very confident that, that is the primary driver of our growth for years to come.

無論宏觀環境如何波動，只要我們提供優質的選擇、服務、價格和客戶體驗，我們就有信心在未來幾年繼續大幅超越零售業的成長。如果我們的展望有任何重大變化，我們將根據需要更新指引。但我們專注於我們能夠控制的事情，並且仍然非常有信心，這是我們未來幾年成長的主要動力。

Thank you.

謝謝。

Jiong Shao, Barclays

邵炯，巴克萊銀行

Thank you very much for taking my questions. Firstly, to follow up on the Developing Offering investments. I think as you mentioned earlier, bulk of the losses or investments for Taiwan and there was a pretty big step-up in the losses in Q2.

非常感謝您回答我的問題。首先，跟進發展中產品投資。我認為，正如您之前提到的，大部分損失或投資來自台灣，而且第二季的損失大幅增加。

And I think last quarter, you mentioned that you are running a trial for the boots on the ground last mile delivery. So I was wondering if you can elaborate a bit on what are some of the areas for the investments in Taiwan, in particular? And also where you are in terms of doing the last mile delivery there?

我記得上個季度您提到過，您正在對「最後一哩路」地面配送進行試驗。所以我想知道您是否可以詳細說明台灣的投資領域具體有哪些？那麼您在那裡進行最後一英里的配送的情況如何？

My second question is about the gross margin drivers. You made a very, very significant and impressive year-over-year growth or expansion in gross margins for your product commerce. Could you just sort of talk about behind that improvement, where the expansion came from in terms of -- is that a higher-margin revenue mix growing much faster? How much of the expansion came from your core kind of 1P Product Commerce? Any sort of explanation or elaboration would be very helpful. Thank you.

我的第二個問題是關於毛利率驅動因素的。您的產品商務毛利率實現了非常顯著且令人印象深刻的同比增長或擴張。您能否簡單談談這種改善背後的原因，擴張的來源是什麼——利潤率更高的收入組合成長速度更快嗎？有多少擴張來自於您核心的 1P 產品商務？任何形式的解釋或闡述都會非常有幫助。謝謝。

Hi Jiong, thanks for your questions. I'll take the first question. There are multiple initiatives and customer offerings at various stages of testing in Taiwan, some bearing fruit now, some we expect to bear fruit in the future and some just too early to tell. Our strategy of investing in Taiwan is no different from how we allocate capital across our overall business. We'll continue to test and learn and iterate and expand our investment when we're convinced of our ability to generate attractive cash flows over the long term.

你好 Jiong，謝謝你的提問。我來回答第一個問題。台灣有多個計劃和客戶方案處於不同的測試階段，有些現在已經取得成果，有些我們預計在未來會取得成果，而有些則還為時過早。我們在台灣的投資策略與我們在整個業務中分配資本的策略沒有什麼不同。當我們確信我們有能力長期產生有吸引力的現金流時，我們將繼續測試、學習、迭代和擴大我們的投資。

Many of the initiatives, including the ones you mentioned, are in very early stages and too early to discuss. But as we saw in Korea, the teams are focused on the right things. I think the same obsession around customer experience, wow and operational rigor and excellence is there. And we're confident that many of the things that we're testing will develop into impactful moments of wow for our customers over time.

許多舉措，包括您提到的舉措，都處於非常早期的階段，現在討論還為時過早。但正如我們在韓國看到的那樣，球隊專注於正確的事情。我認為，人們對客戶體驗、驚喜以及營運嚴謹性和卓越性的關注是一樣的。我們相信，隨著時間的推移，我們正在測試的許多東西將成為令客戶驚嘆的有影響力的時刻。

Yeah, on the second part of your question, Jiong, on product commerce, gross profit grew 26% year-over-year in constant currency and the margins expanded 230 basis points year-over-year. This expansion is the result of all the benefits we have seen from increased efficiency across operations, improvement in supply chain optimization, and the other margin-accretive offerings that we have mentioned earlier. And there still remains large opportunities to leverage technology, AI automation, the margin accretive offerings expansion, improving processes across the board and many other things that will enhance the customer experience and reduce waste.

是的，關於您問題的第二部分，Jiong，就產品商務而言，以固定匯率計算，毛利同比增長 26%，利潤率同比增長 230 個基點。此次擴張是我們所看到的所有好處的結果，包括營運效率的提高、供應鏈優化的改善以及我們之前提到的其他利潤增值產品。並且仍然存在大量機會來利用技術、人工智慧自動化、利潤增值產品擴展、全面改進流程以及許多其他可以增強客戶體驗和減少浪費的事物。

On an EBITDA basis, we expect Product Commerce to continue to increase margins and lead those levels of over 10%-plus, 10% margins that we have indicated earlier.

在 EBITDA 基礎上，我們預計產品商務的利潤率將繼續提高，並達到我們先前指出的 10% 以上的利潤率水準。

Thanks.

謝謝。

Wei Fang, Mizuho.

魏芳，瑞穗。

Thank you for taking my question. First one, on your Taiwan business, I think last quarter, you said there was a selection growth for like [500] growth year-over-year, which I guess led to the customer growth and the revenue growth this quarter. Just curious, is this growth in selection maintaining this quarter? And what categories are you seeing the biggest growth?

感謝您回答我的問題。首先，關於你們的台灣業務，我想上個季度，你說選擇成長了 [500] 家，我想這導致了本季客戶和收入的成長。只是好奇，本季的選擇成長是否能維持下去？您認為哪些類別的成長最為顯著？

And secondly, on your food delivery in Korea, I was just curious, ever since you introduced the pickup orders for food delivery, how should we think about the margin trend as a result of that kind of initiative? Thank you.

其次，關於你們在韓國的送餐服務，我很好奇，自從你們推出送餐自取訂單以來，我們該如何看待這種舉措帶來的利潤趨勢？謝謝。

I think the first question was around selection in Taiwan. Is that right way?

我認為第一個問題是關於台灣的選擇。這是正確的方法嗎？

Yes, thank you.

是的，謝謝。

Yeah, I think we're at such a small share and small penetration across all of our categories there. We're continuing to add and broaden selection across the board. And we expect that to be our focus for a long time to come and very encouraged by the response of our customers to that.

是的，我認為我們在所有類別中的份額和滲透率都很小。我們將繼續全面增加和擴大選擇範圍。我們預計這將成為我們未來很長一段時間的關注重點，而客戶對此的反應也讓我們深受鼓舞。

On the food delivery side, I think we continue to see strong performance there. I think they've continued to also maintain the strong momentum that we've seen over the past few quarters. Our focus there across a number of initiatives is to provide the best selection, greatest value, fastest and most reliable delivery for customers, very similar to our retail offerings.

在食品配送方面，我認為我們將繼續看到強勁的表現。我認為他們也繼續保持了我們在過去幾個季度看到的強勁勢頭。我們透過一系列措施致力於為客戶提供最佳選擇、最大價值、最快和最可靠的交付，這與我們的零售產品非常相似。

And again, I think we're very encouraged by the customers response there, where we're seeing increasingly stronger engagement. Eats is still far from its full potential, both in terms of scale and customer engagement and even operational excellence. So we'll continue to make improvements there.

而且，我認為我們對客戶的反應感到非常鼓舞，我們看到客戶的參與度越來越高。無論在規模、客戶參與度或營運卓越性方面，Eats 都遠未發揮其全部潛力。因此，我們將繼續在這方面做出改進。

I think it's too early to talk about any number of initiatives that we have. I think you mentioned one, but we have a culture. I think there was an earlier question also about some of the initiatives that we're doing in Taiwan. I do want to make a broader statement. We have a culture of empowering our teams to test ideas on a small scale that have the potential to expand customer value proposition.

我認為現在談論我們所採取的任何舉措都為時過早。我想你提到過一個，但我們有一種文化。我認為之前的問題也涉及我們在台灣採取的一些措施。我確實想發表一個更廣泛的聲明。我們的文化是授權我們的團隊在小範圍內測試有可能擴大客戶價值主張的想法。

And many of the things that we're mentioning are really small-scale tests. Some of those initiatives will bear fruit and develop into rich offerings that provide significant value for customers. Those initiatives -- some of those initiatives will never gain traction and or may not make economic sense and we'll run out of funding.

我們提到的很多事情其實都是小規模的測試。其中一些舉措將取得成果並發展成為為客戶提供巨大價值的豐富產品。其中一些措施永遠不會獲得支持，或者可能沒有經濟意義，我們將耗盡資金。

And so I think if they work, we'll lean into it, develop it, broaden it. If they don't, we won't fund it going forward. And we have a broad portfolio of these initiatives throughout the company. And that culture of experimentation and innovation is responsible for many of the successes we've had as a company since our inception. And I think many of these initiatives are too early or too small to really talk about.

所以我認為，如果它們有效，我們就會傾向於它、發展它、拓寬它。如果他們不這樣做，我們將不會為其提供資金。我們在整個公司範圍內廣泛推行這些措施。這種實驗和創新的文化是我們公司自成立以來取得許多成功的原因。我認為其中許多舉措還為時過早或規模太小，不宜真正談論。

But you can -- you can be confident that we're approaching these initiatives thoughtfully and rigorously that we're evaluating a range of factors that are critical to building not only the customer value in the offering, but the -- but to building a sustainable and accretive offering for our shareholders. And we see meaningful -- if we see meaningful opportunities, we'll continue to lean into it further. And as these initiatives develop, we'll share more updates as appropriate in the future.

但您可以相信，我們正在深思熟慮、嚴格地對待這些舉措，我們正在評估一系列因素，這些因素不僅對於在產品中建立客戶價值至關重要，而且對於為我們的股東建立可持續的增值產品也至關重要。我們看到了有意義的——如果我們看到有意義的機會，我們將繼續進一步努力。隨著這些舉措的進展，我們將在未來適時分享更多更新。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you.

謝謝。

This concludes today's conference call. Thank you, and you may now disconnect.

今天的電話會議到此結束。謝謝，您現在可以斷開連接了。