Coupang Inc (CPNG) 2025 Q3 法說會逐字稿

Hello, everyone. My name is Christoph and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2025 third-quarter earnings conference call. (Operator Instructions)

大家好。我叫克里斯托夫，今天將由我擔任你們的會議接線生。在此，我謹代表 Coupang 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations, you may begin your conference.

現在我把電話交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, and welcome, everyone, to Coupang's third-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.

謝謝接線員，歡迎各位參加 Coupang 2025 年第三季財報電話會議。今天很高興能與我們的創辦人兼執行長金範（Bom Kim）和財務長高拉夫·阿南德（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，包括您問題的回答，僅反映管理層截至今日的觀點。除法律要求外，我們不承擔更新或修改此資訊的任何義務。今天電話會議上的一些陳述可能包含前瞻性陳述。實際結果可能與實際情況有重大差異。有關可能影響我們財務業績的因素的更多信息，請參閱今天的新聞稿以及我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格年度報告和後續文件。

As we share our third 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. 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.

在今天的電話會議上，我們將分享 2025 年第三季業績，除非另有說明，否則我們與前期業績的比較將以同比為基礎。我們也可能同時提供GAAP和非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括這些指標與最可比GAAP指標的調節表，均包含在我們的盈利報告、本次網絡直播的幻燈片以及我們提交給美國證券交易委員會的文件中，這些文件已發佈在公司的投資者關係網站上。

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

現在我把電話交給Bom。

Thanks, everyone, for joining us today. Before we walk through our third quarter results in detail, I'd like to start with a few highlights. This quarter continues our strong steady trajectory, delivering growth and expanding margins yet again. We delivered 18% year-over-year growth in consolidated revenues or 20% in constant currency, expanding to $9.3 billion for the quarter. We also saw a robust year-over-year growth in margins with gross profit margins expanding over 50 basis points to 29.4% and adjusted EBITDA margins expanding 10 basis points to 4.5%.

感謝各位今天蒞臨。在詳細介紹第三季業績之前，我想先介紹幾個亮點。本季我們延續了強勁穩定的發展勢頭，再次實現了成長並擴大了利潤率。本季度，我們的合併收入年增 18%，以固定匯率計算成長 20%，達到 93 億美元。我們也看到利潤率實現了強勁的同比增長，毛利率增長超過 50 個基點至 29.4%，調整後 EBITDA 利潤率增長 10 個基點至 4.5%。

This was driven primarily by our Product Commerce segment, where we grew both gross profit and adjusted EBITDA margins by more than 200 basis points over last year.

這主要得益於我們的產品商務部門，該部門的毛利和調整後 EBITDA 利潤率均比去年增長了 200 多個基點。

Our results this quarter continue to demonstrate our conviction that Korea remains a remarkably durable growth opportunity with a largely untapped runway ahead. We continue to see broad-based strength across our customer cohorts. The resiliency of that compounding customer spend over time is a reflection of the deep investments we've made with an obsession to create the best customer experience found anywhere in the world with the broadest selection, the fastest and most reliable delivery, and the highest level of savings for our customers.

本季業績持續證明，我們堅信韓國仍然是一個極具韌性的成長機會，未來還有很大的發展空間。我們持續看到客戶群整體表現強勁。隨著時間的推移，客戶消費的持續成長反映了我們投入巨資，致力於為客戶打造全球最佳客戶體驗，提供最廣泛的選擇、最快和最可靠的配送以及最高水準的優惠。

Looking ahead, we believe one of the biggest opportunities to expand our customer value proposition and drive future growth is broadening selection across both first-party and marketplace offerings. On the first-party side, we're onboarding new brands at an accelerating pace, but there's still tremendous runway ahead. Many products in our first-party catalog aren't yet sourced directly from brand partners. Deepening those direct relationships will allow us to provide more choice, better value and greater convenience for our customers.

展望未來，我們認為擴大客戶價值主張和推動未來成長的最大機會之一是擴大自有產品和市場產品的選擇範圍。在第一方方面，我們正在以越來越快的速度引入新品牌，但未來仍有巨大的發展空間。我們自有產品目錄中的許多產品尚未直接向品牌合作夥伴購買。深化這些直接關係將使我們能夠為客戶提供更多選擇、更高價值和更大便利。

Turning now to FLC, which continues to grow at remarkable levels where we're only beginning to unlock its full potential. We're making massive investments in FLC to bring more convenience and savings to merchants, which in turn brings more selection, convenience and savings to our customers. This allows us to expand deeper into newer categories like furniture, fashion and sporting goods, enhancing the breadth and depth of selection available to customers.

現在讓我們來看看 FLC，它正以驚人的速度持續成長，而我們才剛開始釋放它的全部潛力。我們正在對 FLC 進行大量投資，以為商家帶來更多便利和節省，這反過來又為我們的客戶帶來更多選擇、便利性和節省。這使我們能夠更深入地擴展到家具、時尚和體育用品等新興類別，從而增強客戶可選擇的商品種類和數量。

Our commitment to continuously improving the customer experience goes hand-in-hand with our focus on driving operational excellence. We're aggressively accelerating the deployment of automation technologies across our logistics and fulfillment network, which remains at low levels relative to its potential. Enabled by our culture of process and technology innovation, this automation is already improving service levels and operating costs, and we expect it will become an even more powerful driver of both in the years ahead.

我們致力於不斷改善客戶體驗，這與我們專注於提升營運效率的目標相輔相成。我們正在積極加快在物流和配送網路中部署自動化技術，目前該網路的自動化程度與它的潛力相比仍然很低。由於我們流程和技術創新文化，這種自動化已經提高了服務水準並降低了營運成本，我們預計在未來幾年，它將成為推動這兩方面發展的更強大的動力。

Beyond automation, we continue to innovate across our operations to enhance convenience and sustainability. We've recently begun the deployment of reusable eco-bags beyond Fresh, extending them to non-Fresh orders as well. When we deliver orders in reusable eco-bags, customers receive their items directly in their door side pouches, no boxes to unpack, no packaging to throw away, making the experience cleaner, simpler and more sustainable. It's a small but powerful example of how innovation, operational discipline and customer wow can reinforce one another.

除了自動化之外，我們還在營運的各個方面不斷創新，以提高便利性和永續性。我們最近開始在生鮮食品以外的訂單中推廣使用可重複使用的環保袋，並將其擴展到非生鮮食品訂單。當我們使用可重複使用的環保袋配送訂單時，顧客可以直接在門口的袋子裡收到商品，無需拆箱，無需丟棄包裝，讓購物體驗更清潔、更簡單、更永續。這是一個雖小但很有力的例子，說明了創新、營運紀律和客戶滿意度如何相互促進。

The success we're seeing in Product Commerce is a result of years of strategic investments and disciplined execution focused on breaking trade-offs for customers. We see similar potential for each of the nascent initiatives within Developing Offerings.

我們在產品電商領域的成功，是多年來戰略投資和嚴謹執行的結果，其核心在於打破客戶在產品選擇上的權衡取捨。我們認為「產品開發」中每個新興項目都具有類似的潛力。

In Taiwan, our momentum continues to accelerate, generating exciting year over year and quarter over quarter revenue growth again this quarter. Our focus on building the best overall customer experience is gaining meaningful traction with consumers, driving higher levels of adoption and retention. These levels of customer adoption in Taiwan are similar to those we saw at the same stage in building our retail business in Korea, reinforcing our confidence in its long-term potential.

在台灣，我們的發展動能持續加速，本季再次實現了令人振奮的年比和季減成長。我們致力於打造最佳整體客戶體驗，這正在獲得消費者的廣泛認可，從而推動更高的用戶採納率和用戶留存率。台灣的消費者接受度與我們在韓國建立零售業務的同一階段所看到的水平相似，這增強了我們對該業務長期潛力的信心。

As we look forward, we expect the continued growth in Taiwan to be driven primarily by two factors: first, our rapidly expanding selection. While still very early, we're making considerable progress in growing our first-party assortment. We also began rolling out our 3P marketplace recently, which we expect will allow us to significantly expand selection, increasing the value proposition for consumers. And second, we've begun building out our own last mile logistics in Taiwan. While it's still early, the team has made impressive progress this past quarter.

展望未來，我們預期台灣市場的持續成長主要由兩個因素驅動：首先，我們的產品選擇範圍迅速擴大。雖然目前還處於非常早期的階段，但我們在拓展自有產品系列方面取得了相當大的進展。我們最近也開始推出第三方市場，我們預期這將使我們能夠大幅擴大產品選擇範圍，並提高對消費者的價值主張。其次，我們已經開始在台灣建立自己的最後一公里物流系統。雖然現在下結論還為時過早，但該團隊在過去一個季度取得了令人矚目的進步。

We've seen significant growth in the share of our volume being delivered through our own last mile logistics, creating the potential for us to approach the levels of speed and reliability that customers have come to expect from Coupang in Korea.

我們看到，透過我們自己的最後一公里物流交付的貨物量份額顯著增長，這使我們有可能達到韓國客戶對 Coupang 的速度和可靠性的期望水平。

As we continue to invest and scale our newer offerings, we're committed to remaining disciplined in our capital allocation. We'll continue to test and learn, leaning in only where we see clear evidence that we can deliver sustained customer wow and attractive long-term cash flows. This has been our approach since the early days of investing in product commerce, and it will continue to guide how we invest in developing offerings.

隨著我們不斷投資並擴大新產品的規模，我們將致力於在資本配置方面保持嚴謹的態度。我們將繼續測試和學習，只在有明確證據表明我們可以持續為客戶帶來驚喜和有吸引力的長期現金流的情況下才會深入投入。自從我們開始投資產品電商以來，這始終是我們的方法，並將繼續指導我們如何投資開發產品。

With that, I'll turn it over to Gaurav to walk through the financials in more detail.

接下來，我將把發言權交給 Gaurav，讓他更詳細地講解一下財務數據。

Thanks, Bom. I'll start this quarter by giving an update on the key operating results for each of our two segments and then speak to our results on a consolidated basis.

謝謝，Bom。本季開始，我將先報告我們兩個業務部門的關鍵經營業績，然後再談談我們的合併業績。

First, with Product Commerce, where we again delivered durable growth this quarter, even accelerating versus the growth rates we saw last quarter. Net revenues were $8 billion, increasing 16% year over year or 18% on an FX-neutral or constant currency basis, primarily reflecting the strong growth in customer spend we saw across our first-party and marketplace offerings, including FLC. The growth in net revenues this quarter did benefit somewhat from the timing shift of the major holiday season in Korea year over year.

首先是產品電商，本季我們再次實現了持續成長，甚至比上個季度的成長速度還要快。淨收入為 80 億美元，年增 16%，以固定匯率計算成長 18%，主要反映了我們在第一方和市場產品（包括 FLC）中看到的客戶支出強勁成長。本季淨收入的成長確實在一定程度上得益於韓國主要假日的時序較去年有所調整。

We generated a 10% growth in active customers this quarter, but the growth in net revenues was driven primarily by increased spending from our existing customers. Our continued investments into enhancing the overall customer experience from expanding selection to lower prices and faster delivery times are driving even deeper levels of spend across all our customer cohorts.

本季我們的活躍客戶數量增加了 10%，但淨收入的成長主要得益於現有客戶支出的增加。我們不斷增加投入，從擴大產品選擇範圍到降低價格、加快交貨速度，不斷提升整體客戶體驗，從而推動所有客戶群消費水準的進一步提高。

As our marketplace offering, including FLC, continues to grow faster than 1P, our revenue growth rate in Product Commerce doesn't fully capture our overall growth. The growth in gross profit may be, in some ways, a better measure. This quarter, we generated gross profit of $2.6 billion in Product Commerce, up 24% year over year or 26% in constant currency. Gross profit margin was 32.1% for the quarter, expanding over 210 basis points versus last year. This margin expansion was driven by the scaling of our margin-accretive categories and offerings as well as further supply chain optimization.

由於我們的市場產品（包括 FLC）的成長速度持續超過 1P，我們在產品電商領域的營收成長率並不能完全反映我們的整體成長。從某種程度上說，毛利的成長可能是更好的衡量標準。本季度，我們在產品電商領域實現了 26 億美元的毛利，年增 24%，以固定匯率計算成長 26%。本季毛利率為 32.1%，比去年同期成長超過 210 個基點。利潤率的提升得益於我們利潤率較高的產品類別和產品的規模擴大，以及供應鏈的進一步優化。

On a quarter-over-quarter basis, we saw a 46 basis points decrease in gross profit margin due primarily to increased operational costs from seasonal weather-related impacts that we often see in Q3 versus Q2 as well as some fluctuations in product category mix between quarters.

與上一季相比，毛利率下降了 46 個基點，這主要是由於第三季與第二季相比，季節性天氣相關因素導致營運成本增加，以及各季產品類別組合的一些波動。

Product Commerce also delivered significant growth in segment adjusted EBITDA reporting $705 million in segment adjusted EBITDA for the quarter, up 50% over last year. This represents a margin of 8.8%, an increase of over 200 basis points year over year. On a quarter-over-quarter basis, segment adjusted EBITDA margin decreased 21 basis points due mostly to the related decline in gross profit margin, which was partially offset by further operational efficiencies.

產品商務部門的調整後 EBITDA 也實現了顯著成長，該季度調整後 EBITDA 為 7.05 億美元，比去年同期成長了 50%。這意味著利潤率為 8.8%，比上年同期成長超過 200 個基點。與上一季相比，分部調整後的 EBITDA 利潤率下降了 21 個基點，這主要是由於毛利率的相應下降，但部分被進一步的營運效率提升所抵消。

Turning to Developing Offerings. We generated net revenue of $1.3 billion, increasing 32% over last year or 31% on an FX-neutral basis. This was primarily led by the accelerating triple-digit growth rate in Taiwan as well as the robust growth we continue to see in Eats. Developing Offerings' gross profit for the quarter was $156 million, a decrease of 22% over last year, reflecting the continued investments we are making into the early-stage initiatives within Developing Offerings.

轉向產品開發。我們實現了13億美元的淨收入，比去年增長了32%，以固定匯率計算增長了31%。這主要得益於台灣地區加速的三位數成長率，以及我們在外賣領域持續看到的強勁成長。開發產品部門本季的毛利為 1.56 億美元，比去年同期下降了 22%，這反映了我們對開發產品部門早期專案持續進行的投資。

Segment adjusted EBITDA for Developing Offerings was a loss of $292 million, driven by the increased level of investments required to support the growing momentum we are seeing, most notably in Taiwan. We previously guided for full year Developing Offerings' adjusted EBITDA losses of $900 million to $950 million this year. We now expect to come around the higher end of that range due to continued momentum we are seeing, especially Taiwan. These investment levels continue to demonstrate our increasing confidence in the potential for each of these offerings.

經過調整後，開發業務的 EBITDA 虧損 2.92 億美元，主要原因是為支持我們所看到的成長勢頭（尤其是在台灣）而需要增加投資。我們先前預計，今年全年發展業務調整後的 EBITDA 虧損為 9 億美元至 9.5 億美元。由於我們看到持續的成長勢頭，特別是台灣市場的成長勢頭，我們現在預計股價將達到該區間的上限。這些投資水準持續顯示我們對每項產品的潛力越來越有信心。

Now on to our consolidated results. We generated total net revenues of $9.3 billion, growing 18% on a reported basis and 20% on a constant currency basis. This is consistent with our full year guidance of total net revenue growth of roughly 20% in constant currency. This quarter, we reported consolidated gross profit of $2.7 billion, increasing 20% or 22% on an FX-neutral basis.

接下來是我們的綜合業績報告。我們實現了93億美元的淨收入，按報告匯率計算成長了18%，以固定匯率計算成長了20%。這與我們全年以固定匯率計算的總淨收入成長約 20% 的預期相符。本季度，我們公佈的合併毛利為 27 億美元，年增 20%，以固定匯率計算成長 22%。

Gross profit margin expanded to 29.4%, up over 50 basis points versus last year, but decreasing nearly 70 basis points versus last quarter. This quarter-over-quarter decrease is due mostly to the seasonal weather-related impacts in Product Commerce and the further investments we are making in growth initiatives within Developing Offerings. While margins may be uneven quarter over quarter, we continue to see significant room for margin expansion over time.

毛利率擴大至 29.4%，比去年同期成長超過 50 個基點，但比上一季下降近 70 個基點。與上一季相比，這一降幅主要是由於產品商務受到季節性天氣的影響，以及我們在產品開發成長計畫中進一步的投資。雖然各季度利潤率可能不均衡，但我們仍然認為隨著時間的推移，利潤率將有很大的擴張空間。

This quarter, OG&A expense was 27.6% of total net revenues versus 27.5% last year. This slight increase is primarily due to the relative increase in operations cost within Developing Offerings, consistent with our levels of investment to support these various growth initiatives.

本季度，營運、管理及行政費用佔總淨收入的 27.6%，去年同期為 27.5%。這一小幅成長主要是由於產品開發營運成本的相對增加，這與我們為支持這些不同的成長計畫而進行的投資水準一致。

We generated $162 million in operating income, an increase of $53 million over last year or roughly 50%. Our operating income margin was 1.7%, expanding 36 basis points year over year. Net income attributable to Coupang's stockholders was $95 million, resulting in a diluted earnings per share of $0.05. This includes an effective income tax rate of 42% in the quarter, which is elevated in part due to the losses in our early-stage operations, including Taiwan. We now expect a temporarily elevated full year effective tax rate of 60% to 65% consistent with our expectation for the cash tax rate for the year.

我們實現了 1.62 億美元的營業收入，比去年增加了 5,300 萬美元，增幅約為 50%。我們的營業利益率為 1.7%，較去年同期成長 36 個基點。歸屬於 Coupang 股東的淨利潤為 9,500 萬美元，稀釋後每股收益為 0.05 美元。本季實際所得稅率為 42%，部分原因是我們在早期階段的業務（包括台灣業務）虧損。我們現在預計全年實際稅率將暫時上升至 60% 至 65%，這與我們對全年現金稅率的預期一致。

Over the long term, we continue to expect to normalize to an effective tax rate closer to 25%.

從長遠來看，我們仍然預計實際稅率將恢復正常，接近 25%。

On a consolidated basis, we generated adjusted EBITDA of $413 million, up 20% over last year with an adjusted EBITDA margin of 4.5%. This results in margin expansion of 10 basis points over last year and a decrease of 56 basis points over last quarter. This quarter-over-quarter decrease is primarily due to increased level of investments in Developing Offerings. While we may continue to see periods of variability in margin expansion quarter over quarter, we expect that consolidated margins will continue expanding on an annual basis for the foreseeable future, inclusive of our investments into Developing Offerings.

合併後，我們實現了調整後的 EBITDA 4.13 億美元，比去年增長了 20%，調整後的 EBITDA 利潤率為 4.5%。這將導致利潤率較去年同期成長 10 個基點，較上一季下降 56 個基點。與上一季相比，這一降幅主要是由於對產品開發投入的增加。儘管我們可能會繼續看到利潤率逐季擴張出現波動，但我們預計，在可預見的未來，包括我們對開發產品的投資在內，綜合利潤率將繼續逐年擴張。

Finally, on cash flows, where we delivered robust growth in both operating and free cash flow this quarter. For the trailing 12 months, operating cash flow was $2.4 billion, growing 30% over last year. Free cash flow grew 36% to $1.3 billion for the trailing 12 months compared to $1.6 billion in adjusted EBITDA generated over the same time period.

最後，在現金流方面，本季我們的營運現金流和自由現金流均實現了強勁成長。過去 12 個月的營運現金流為 24 億美元，比上年成長 30%。過去 12 個月的自由現金流成長了 36%，達到 13 億美元，而同期調整後的 EBITDA 為 16 億美元。

Stepping back, this quarter represents another example of our ability to generate robust top line growth, continued margin expansion and strong cash generation while maintaining disciplined capital allocation. This is a result of our team's relentless focus on wowing customers and delivering operational excellence.

回顧過去，本季再次證明了我們能夠在保持嚴格的資本配置的同時，實現強勁的營收成長、持續的利潤率擴張和強勁的現金流。這是我們團隊堅持不懈地致力於讓客戶滿意並實現卓越營運的結果。

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

操作員，我們現在可以開始問答環節了。

(Operator Instructions) Eric Cha, Goldman Sachs.

（操作說明）Eric Cha，高盛。

I have two. And the first one is, given the launch of Naver, Kurly partnership recently, I was wondering if Coupang saw any impact on its Fresh GMV or any other metrics for that matter impacting the momentum. And second question is, I think Gaurav mentioned about the tailwind we had for Product Commerce GMV in the third quarter related to how the holiday was positioned.

我有兩個。第一個問題是，鑑於最近 Naver 和 Kurly 的合作推出，我想知道 Coupang 是否看到了對其 Fresh GMV 或任何其他指標的影響，從而影響了其發展勢頭。第二個問題是，我認為 Gaurav 提到了第三季產品電商 GMV 的順風，這與假期季節的定位有關。

In reverse, should we be expecting some sort of a headwind in the fourth quarter due to this? And could you give us some idea how substantial that could be?

反過來，我們是否應該預期第四季會因此受到某種不利因素的影響？能否大概估算一下這筆金額會有多大？

Eric, thanks for your questions. On Fresh, the strong trajectory that we've spoken to about Fresh earlier this year has only continued. Its growth remains well above that of our overall business. That's the result of years of investment to create a wow experience for our customers to be able to offer what we believe is the best selection in Fresh with both dawn and same-day delivery available nationwide, add to that low prices and free shipping for orders above just $11, we think that's an exciting value proposition for customers.

艾瑞克，謝謝你的提問。Fresh 平台，正如我們今年早些時候所談到的那樣，其強勁的發展勢頭仍在繼續。其成長速度遠高於我們整體業務的成長速度。這是我們多年來投資的成果，旨在為顧客打造令人驚豔的體驗，提供我們認為最優質的新鮮商品選擇，並提供全國範圍內的當日送達和隔日送達服務。此外，我們還提供低廉的價格，訂單滿 11 美元即可享有免運費。我們認為這對顧客來說是一個極具吸引力的價值主張。

Of course, there's plenty of competition in this space, as you noted, both online and offline. Unlike luxury products, for example, there's no shortage of stores and sites that carry Fresh. That's why we remain focused and obsessed with continuous innovation to enhance the customer experience and to make Fresh even more affordable for customers.

當然，正如你所指出的，這個領域的競爭非常激烈，無論線上或線下。與奢侈品不同，銷售 Fresh 產品的商店和網站比比皆是。這就是為什麼我們始終專注於持續創新，以提升客戶體驗，並讓生鮮產品對客戶更實惠。

The next question is from --

下一個問題來自--

I'm sorry. I'm sorry. I'm sorry, Christa. Sorry, I think we're having some technical problems.

對不起。對不起。對不起，克麗斯塔。抱歉，我們好像遇到了一些技術問題。

Sorry, Eric, on your question regarding Chuseok. The timing of Chuseok this year fell between third and fourth quarter and the length of holiday, which varies from year to year, drove some impacts on compatibility. This is in large timing dynamic and our underlying demand trends remain solid.

抱歉，艾瑞克，關於你問的中秋節的問題。今年的中秋節時間正好在第三季和第四季之間，而且假期長短每年都不一樣，這對相容性產生了一些影響。這主要取決於時間動態，而我們潛在的需求趨勢仍然穩健。

So we continue to expect our full year consolidated growth rates to be in line with our guidance that we have communicated throughout this year and to come in at roughly 20% year-over-year growth in constant currency.

因此，我們仍然預期全年綜合成長率將與我們今年以來傳達的指導意見一致，以固定匯率計算，年成長率約為 20%。

Stanley Yang, JPMorgan.

史丹利楊，摩根大通。

I have a question on the Taiwan market. So Taiwan e-commerce market is very difficult to follow on the back of the lack of the company data or industry data. So can you please provide a bit of color, what is the current rough estimate of your e-commerce share in Taiwan and how rapidly growing?

我有一個關於台灣市場的問題。由於缺乏公司數據或行業數據，台灣電子商務市場很難追蹤。那麼，您能否提供一些更詳細的信息，目前您粗略估計您在台灣的電子商務市場份額是多少，增長速度如何？

And I also wonder your operating loss trajectory in Taiwan going forward, given a significantly elevated Development Offerings loss guidance this year, do you expect operating loss to increase or decrease next year? Also, when do you think -- when do you expect the loss to pick out and start declining in Taiwan?

另外，鑑於今年開發業務虧損預期大幅提高，我還想了解一下您在台灣未來的經營虧損走勢，您預計明年的經營虧損會增加還是減少？另外，您認為——您預計台灣的虧損何時會停止並開始下降？

Stanley, thanks for your question. It's very early in Taiwan and probably too early to go into a lot of details on a number of areas. What I can share is that Taiwan has exceeded our expectations this year and remains one of our fastest-growing opportunities. We're focused right now at this stage on creating the best possible customer experience. And our ambition is to deliver the same wow experience there that we've been able to deliver and customers have come to love in Korea.

史丹利，謝謝你的提問。現在台​​灣還處於非常早期的階段，可能為時過早，不宜深入探討許多領域的細節。我可以透露的是，台灣今年的表現超出了我們的預期，並且仍然是我們成長最快的機會之一。我們目前的工作重點是創造最佳的客戶體驗。我們的目標是在那裡提供與我們在韓國所提供的、並深受顧客喜愛的同樣令人驚豔的體驗。

And we're seeing real traction. We're seeing strong customer adoption and engagement and that's translating into both accelerating growth revenue and improving customer retention.

我們看到了切實的成效。我們看到客戶對產品的接受度和參與度都很高，這轉化為收入成長加速和客戶留存率提高。

Much of the momentum that we spoke about last quarter has only continued to build. And what gives us the most confidence is that the customer behavior in Taiwan from adoption to repeat purchase behavior looks remarkably similar to what we experienced in the early stages of our Korea retail journey. And we're very much early in our journey, but we're building real capabilities to wow our customers, including the rollout of our own last mile network that we believe will serve as a foundation for durable growth over time.

我們上個季度提到的許多發展勢頭都持續增強了。最讓我們感到欣慰的是，台灣消費者從接受產品到重複購買的行為，與我們在韓國零售業務初期所經歷的情況非常相似。我們目前還處於起步階段，但我們正在建立真正的能力來讓客戶感到驚喜，包括推出我們自己的最後一公里網絡，我們相信這將為未來的持續成長奠定基礎。

I want to point out that we're building this offering to generate the highest level of value, not only for customers, but shareholders as well. The momentum that we're seeing is exciting. The trajectory won't always be linear because we're focused on breaking real trade-offs to our customers and driving operational excellence. But overall, we're incredibly excited about Taiwan and the long-term potential there.

我想指出，我們打造這款產品的目的是為了創造最大價值，不僅為客戶，也為股東。我們目前看到的這種發展勢頭令人振奮。發展軌跡不會總是線性的，因為我們專注於為客戶打破真正的權衡取捨，並推動卓越營運。但總的來說，我們對台灣及其長期潛力感到無比興奮。

Seyon Park, Morgan Stanley.

Seyon Park，摩根士丹利。

If I can just ask two questions. The first is a follow-up for Taiwan. And I guess -- you mentioned how Taiwan is very similar to Korea kind of in its earlier stages. But then obviously, there are differences between the two countries. The e-commerce penetration is significantly lower in Taiwan, I guess, compared to Korea back, let's say, five, six years ago.

我可以問兩個問題嗎？第一篇是針對台灣的後續通報。我想——你提到台灣在早期階段與韓國非常相似。但很顯然，兩國之間存在差異。我認為，與五、六年前的韓國相比，台灣的電子商務滲透率要低得多。

And also, I think some of the pushback that we get from investors who are familiar with Taiwan is that they have a very well-developed convenience store network. The traditional markets are much more widely used. I think there are some restrictions about putting the boxes in front of the doors. And I think you have to -- or the customer needs to pick that up directly. So I was just kind of curious if these kind of differences play a factor in how the company is kind of addressing some of these differences.

而且，我認為我們從一些熟悉台灣的投資者那裡得到的反對意見是，台灣擁有非常發達的便利商店網絡。傳統市場的使用更為廣泛。我認為把箱子放在門前有一些限制。我認為你必須這樣做——或者客戶需要直接去拿。所以我就有點好奇，這些差異是否會影響公司處理這些差異的方式。

That's my first question.

這是我的第一個問題。

The second question I have is on AI. I think that the past 6 months and especially the past 1 month from all that's happened in Korea, we are hearing proposals of very big projects we've had Jensen Huang come out and pledged 260,000 GPUs. And I just kind of wanted to hear what Coupang's plans are on the AI side? Whether Coupang also has plans to purchase GPUs or build data centers that are either for Coupang's internal usage or it could be for -- to provide services to customers as well?

我的第二個問題是關於人工智慧的。我認為，過去 6 個月，尤其是過去 1 個月在韓國發生的一切，讓我們聽到了許多非常大的項目的提案，例如黃仁勳公開承諾提供 26 萬個 GPU。我只是想了解 Coupang 在人工智慧方面有什麼計劃？Coupang 是否也有計劃購買 GPU 或建造資料中心，供 Coupang 內部使用，或者也可能是為了向客戶提供服務？

Seyon, thanks for your question. I think there's a number of pieces there. Let me quickly touch on Taiwan. I think, of course, all markets have some nuances and differences. But in all the most meaningful areas, we see more similarities than differences.

Seyon，謝謝你的提問。我認為那裡有很多碎片。讓我簡單談談台灣。當然，我認為所有市場都有一些細微差別和差異。但在所有最有意義的領域，我們發現相似之處多於不同之處。

And I think you're seeing that reflected in the consumer response. Customers care about selection, service, price and the service that we're providing, while still far from the service levels that we're providing in Korea or -- is resonating with customers, and we see that in the customer adoption, retention, the response. And it's exciting to see that.

我認為這一點已經從消費者的反應中體現出來了。顧客關心選擇、服務、價格以及我們提供的服務，雖然與我們在韓國提供的服務水平還有很大的差距，但這引起了顧客的共鳴，我們在顧客的接受度、留存率和反饋中看到了這一點。看到這一點真令人興奮。

We'll continue to focus on improving that service level -- those service levels and building the right capabilities to deliver that customer experience with operational excellence. And we remain confident that we'll be able to deliver a great experience, impactful moments of wow for customers and a great return for shareholders over time.

我們將繼續專注於提高服務水準—提升服務水準並建立相應的能力，以卓越的營運為客戶提供優質體驗。我們仍然有信心，隨著時間的推移，我們將能夠為客戶帶來絕佳的體驗，創造令人驚豔的精彩瞬間，並為股東帶來豐厚的回報。

On AI, I think we are focused on building our own internal AI computing infrastructure to support our operations and improve performance and cost efficiencies. We have some small effort to test and learn on the -- on making parts of that technology available externally. But we're not at the stage of having or discussing any real customer demand or capital plans there. I think in all that we do, we'll focus on practical applications, practical savings for the company for the -- primarily and remain disciplined in how we allocate resources and provide any updates there if there are any meaningful developments in the future.

在人工智慧方面，我認為我們正專注於建立我們自己的內部人工智慧運算基礎設施，以支援我們的營運並提高效能和成本效益。我們正在進行一些小規模的測試和學習，以期將該技術的部分內容對外開放。但我們目前還沒有到討論任何真正的客戶需求或資本計畫的階段。我認為，在我們所做的一切事情中，我們將主要專注於實際應用，為公司節省實際成本，並保持資源分配的紀律性，如果未來有任何有意義的進展，我們將及時提供更新資訊。

Generally speaking about AI, we've talked about this before, but AI has always been very central to operations, and that's only becoming more true. AI is developing -- delivering tangible benefits across our operations, including in areas that relate to demand forecasting, automating, fulfillment processes, optimizing delivery routes among many other applications.

總的來說，關於人工智慧，我們以前也討論過，人工智慧一直是營運的核心，而這種情況只會變得越來越明顯。人工智慧正在發展——為我們的營運帶來實際的好處，包括需求預測、自動化、履行流程、優化配送路線等許多應用領域。

These advances are helping us reduce waste, improve productivity and enhance the customer experience. We're confident that AI will deliver significant savings and improve our P&L over time. And we have many efforts underway that we expect to bear fruits along those lines.

這些進步有助於我們減少浪費、提高生產力並提升客戶體驗。我們相信，隨著時間的推移，人工智慧將帶來顯著的成本節約，並改善我們的損益表。我們正在進行多項工作，期待這些工作能有成果。

But for us, AI is also more than just about efficiency. It provides an exciting opportunity to raise the bar for service quality and customer satisfaction. And we're just as eager to expand our investment and experimentation cycles on that front. And as always, we'll be disciplined about where we invest allocating our resources with a clear eye towards attractive returns.

但對我們而言，人工智慧不僅僅是關於效率。它為提高服務品質和客戶滿意度提供了一個絕佳的機會。我們同樣渴望擴大這方面的投資和試驗週期。一如既往，我們將嚴格把控投資方向，謹慎分配資源，力求獲得可觀的報酬。

(Operator Instructions) Jiong Shao, Barclays.

（操作說明）邵炯，巴克萊銀行。

Congratulations on very strong results. First question is about Taiwan again. I think, Bom, you talked about one of the key investment areas and drivers for future growth is around building our 1P logistics, delivery logistics. I was just wondering if you're able to share like roughly what kind of percentage of the GMV now is going through your own 1P logistics in Taiwan.

祝賀你們取得非常優異的成績。第一個問題又是關於台灣的。Bom，我認為你談到了未來成長的關鍵投資領域和驅動力之一，那就是建立我們的1P物流和配送物流。我只是想問一下，您能否大致透露一下，目前 GMV 中有多少百分比是透過您在台灣的自有 1P 物流管道運輸的？

And you also mentioned now that everything is going to be linear, so I was just wondering trajectory-wise, do you anticipate with your years of success in Korea, you think you can build out the 1P logistics in Taiwan much faster with your extensive experience.

而且您也提到現在一切都將呈線性發展，所以我只是想問一下，從發展軌跡來看，憑藉您在韓國多年的成功經驗，您是否認為您可以憑藉豐富的經驗在台灣更快地建立起1P物流體系？

And also whether or not eventually the percentage of GMV going through 1P in Korea is going to be similar -- sorry, in Taiwan is going to be similar to that percentage in Korea?

此外，最終韓國透過1P通路獲得的GMV比例是否會與台灣的1P通路比例相似？ （抱歉，是台灣的1P頻道比例是否會與韓國的1P頻道比例相似？）

And second question is around your technology investments. I think your EBITDA margins for Product Commerce this quarter was particularly strong. And I remember a few quarters ago, you talked about you started an investment cycle for technology and that cycle sort of start to taper off I think around this time now. So I was just wondering that the strong expansion in EBITDA margins in Q3 was sort of an indication of the start of that kind of tapering off process.

第二個問題是關於你們的技術投資。我認為你們本季產品商務業務的 EBITDA 利潤率表現尤為強勁。我記得幾個季度前，你曾說過你啟動了一個科技領域的投資週期，而我認為這個週期現在差不多開始逐漸減弱了。所以我一直在想，第三季 EBITDA 利潤率的強勁成長是否預示著這種成長放緩過程的開始。

Thanks, Jiong, for your questions. On Taiwan, I think I can say that our 1P logistics scale out, it's still early in our journey. And I do think it's too early to go into details. I will be able to share more as things develop. You point out something that we've stressed in the past that we do -- we are advantaged in Taiwan and that we can transfer a lot of the learning processes and even technologies that we built for our Korea market to Taiwan, and we are making good progress on expanding and rolling out our logistics in Taiwan and expect that to expand at a fast rate.

謝謝Jiong的提問。就台灣而言，我認為可以說我們的1P物流規模擴張仍處於起步階段。我認為現在討論細節還為時過早。隨著事態發展，我會分享更多。您指出了我們過去一直強調的一點——我們在台灣擁有優勢，我們可以將我們在韓國市場積累的許多經驗和技術轉移到台灣，我們在台灣的物流擴張和推廣方面取得了良好進展，並預計其將快速擴張。

I think in all of these areas, we're really focused on not only building out real capabilities to serve our customers well, but to do it with the right operational excellence. That's always been key to our success. We're offering the best customer experience with the best operational excellence that we can achieve in the market. So we're focused on building those real capabilities right now. And as things mature and evolve, we'll share more when the time is right.

我認為在所有這些領域，我們真正關注的不僅是建立真正服務客戶的能力，而且還要以卓越的營運來實現這一目標。這始終是我們成功的關鍵。我們致力於提供市場上最佳的客戶體驗和最卓越的營運水準。所以我們現在專注於建立這些實際能力。隨著事情的成熟和發展，我們會在適當的時機分享更多資訊。

Yes. On your question on tech investment cycle and Product Commerce margins, Product Commerce margins are already around 9% and expanding on an annual basis. We see significant runway for further growth across the business from applying technology, AI and automation to scaling these margin-accretive offerings and improving the core processes.

是的。關於您提出的技術投資週期和產品電商利潤率的問題，產品電商利潤率目前已達到 9% 左右，並且每年都在增長。我們看到，透過應用技術、人工智慧和自動化來擴大這些利潤成長型產品和服務的規模，並改善核心流程，公司在業務方面還有很大的成長空間。

And Bom mentioned earlier, we recently began rolling out reusable bags in general merchandise, which not only improves customer experience, but also enhances operating efficiency. So with many initiatives, we expect Product Commerce margins to move well past the 10% margins, and the consolidated margins would continue over time.

正如Bom之前提到的，我們最近開始在一般商品中推廣可重複使用的購物袋，這不僅改善了顧客體驗，也提高了營運效率。因此，隨著多項措施的推進，我們預計產品電商利潤率將遠遠超過 10%，並且綜合利潤率將隨著時間的推移繼續保持這一水平。

On the tech investment, in the earlier quarters, we saw a relative increase in the tech-related spend in terms of percentage of total revenues. This was an important investment, enabling us to build a more scalable foundation for future growth. And we have also seen that increase in spend reduced in recent quarters. This quarter, the OG&A expense was 27.6% of total net revenue, up only 10 bps over last year and down nearly 70 bps over last quarter. So we are still investing in tech for future growth, but the pace of this investment has been slowing down.

在技​​術投資方面，前幾季我們看到，技術相關支出佔總收入的百分比相對增加。這是一項重要的投資，使我們能夠為未來的成長奠定更具可擴展性的基礎。而且我們也看到，近幾季支出成長有所放緩。本季度，營運、管理及行政費用佔總淨收入的 27.6%，僅比去年同期成長 10 個基點，比上一季下降近 70 個基點。因此，我們仍在投資科技以實現未來的成長，但這種投資的速度已經放緩。

We expect that to continue, though there may be unevenness naturally quarter to quarter.

我們預計這種情況會持續下去，儘管季度之間自然可能會出現不均衡的情況。

Wei Fang, Mizuho Securities.

魏芳，瑞穗證券。

I have two. The first one I'll ask on Taiwan. I think you guys launched the WOW membership earlier this year with a 90-day no-cost promotion, right? Can you talk about what you have done so far? And how the retention after the 90 days, if any of them already hit the deadline already, given the fact that you now have outplayed the game with your last mile logistics?

我有兩個。我首先要問的是關於台灣的問題。我記得你們今年早些時候推出了 WOW 會員服務，並提供了 90 天的免費試用期，對嗎？你能談談你目前為止都做了什麼嗎？考慮到你們在最後一公里物流已經勝過競爭對手，那麼90天后，如果有些客戶已經過了截止日期，他們的留存率會如何呢？

And second question is on, I wonder if management can talk just a little bit about your recent sponsorship for the APEC Summit 2025. How big is that one-off sponsorship spending? And what have you guys have learned so far?

第二個問題是，管理階層能否談談貴公司最近對 2025 年 APEC 高峰會的贊助情況？那筆一次性贊助支出有多大？你們目前為止都學到了什麼？

Wei, I think the sponsorship on APEC is not a significant business lever. I don't think there's that much more to share, or I don't want to over significance of any specific thing that we do. We do a number of things across the company. I don't think that was one of the major initiatives in our company. I will talk about -- I can touch a little bit more about Taiwan as well.

魏，我認為贊助亞太經合組織並不是一個重要的商業槓桿。我覺得沒什麼好分享的了，或者說，我不想過度強調我們所做任何具體事情的重要性。我們公司開展多項業務。我不認為那是我們公司的主要舉措之一。我還會談談——我也可以再多稍微提及一下台灣。

I think as you mentioned, we're rolling out our last mile logistics. We're rolling out our WOW membership. We're doing a lot of these things. We're beginning to provide customers some semblance of the service levels that we're providing in Korea, but we're still far from providing those service levels. And for example, WOW membership, we're just a few months in, but the early customer response on all fronts has been encouraging.

正如您所提到的，我們正在推出最後一公里物流服務。我們正在推出WOW會員服務。我們正在做很多這類事情。我們開始為客戶提供一些類似於我們在韓國提供的服務水平，但距離達到那些服務水平還很遠。例如，WOW 會員服務雖然推出才幾個月，但各方面的早期客戶回饋都令人鼓舞。

As I point out, we will continue to add more benefits to our WOW membership. We'll continue to improve our service levels. But already, the customer response looks remarkably similar to what we experienced in the early stages of our journey there in Korea. And that's been the most exciting and encouraging part of it. Our growth is driven heavily and primarily by customer cohort expansion, spend expansion, not just new customers.

正如我所指出的，我們將繼續為我們的 WOW 會員增加更多福利。我們將繼續提升服務水準。但就目前來看，客戶的反應與我們在韓國創業初期所經歷的情況非常相似。而這正是其中最令人興奮和鼓舞人心的部分。我們的成長主要由客戶群擴大和消費額成長驅動，而不僅僅是新客戶。

And we're committed to improving the customer experience and making WOW membership and even more compelling deal for customers in Taiwan in the future. Right now, we're focused on learning, on improving, finding ways to deliver more value to customers and strengthening the customer experience every day.

我們致力於改善客戶體驗，並在未來為台灣客戶提供更具吸引力的 WOW 會員資格和優惠。目前，我們專注於學習、改進，尋找為客戶創造更多價值的方法，並不斷提升客戶體驗。

And let me clarify a little bit about the -- let me clarify a little bit about the APEC sponsorship. We continue to partner and build working relationships with all countries, and especially with our presence in Taiwan, Japan and many global countries with Farfetch. I think it's a lever, as Bom mentioned, to partner and build relationships for future investment opportunities more than a direct business impact.

讓我稍微澄清一下關於亞太經合組織贊助的問題。我們將繼續與所有國家建立合作關係，特別是透過 Farfetch 在台灣、日本和許多其他國家開展業務。我認為，正如 Bom 所提到的，這是一種槓桿，其作用在於建立合作關係，為未來的投資機會創造機會，而不是直接的商業影響。

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。