Coupang, Inc. (CPNG) 2026 Q3 法說會逐字稿

Hello, everyone. My name is Bronny, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2026 third quarter earnings conference call.

各位好。我是 Bronny，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Coupang 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

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

現在我想把電話交給投資人關係副總裁 Mike Parker。您可以開始會議。

Thanks, operator, and welcome, everyone, to Coupang's third quarter 2026 earnings conference call.

謝謝接線員，也歡迎各位參加 Coupang 2026 年第三季財報電話會議。

I'm pleased to be joined on the call today by our founder and CEO, Bom Kim, and our CFO, Gaurav Anand.

很高興今天與會的還有我們的創辦人兼執行長 Bom Kim，以及財務長 Gaurav Anand。

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, including statements regarding future financial and operational results. 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（包括對各位提問的回覆）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訂此資訊的任何義務。今天電話會議中的某些陳述可能包含前瞻性陳述，包括關於未來財務與營運結果的陳述。實際結果可能存在重大差異。有關可能影響我們財務結果之因素的更多資訊，已載於今日新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中，包括我們最近一期的 Form 10-K 年度報告及其後續申報文件。

As we share our third quarter 2026 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.

在今天分享 2026 年第三季業績時，除非另有說明，我們與前期的比較將以年對年為基礎。我們也可能同時呈現 GAAP 與非 GAAP 財務衡量指標。關於這些非 GAAP 指標的額外揭露（包括與最可比 GAAP 指標的調節表），已包含於我們的財報新聞稿、隨本次網路直播提供的簡報投影片，以及我們的 SEC 申報文件中；上述資料均已發布於公司投資人關係網站。

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

接下來我把電話交給 Bom。

Thanks, everyone, for joining us today. I'll start by highlighting a few things upfront and then go deeper into the quarter.

謝謝各位今天加入我們。我會先在一開始重點說明幾件事，接著再更深入談本季表現。

First, momentum continued to build across the business in Q3. Consolidated revenue grew 11% year-over-year in constant currency, exceeding the guidance range we provided and a step up from Q2 even with the Chuseok holiday timing working against us this year. Product Commerce grew 8% in constant currency or about 9% adjusting for the holiday shift, an acceleration from Q2.

第一，第三季（Q3）全公司動能持續增強。以固定匯率計算，合併營收年增 11%，不僅超出我們先前提供的指引區間，也較第二季（Q2）更進一步，即使今年中秋（Chuseok）假期時點對我們不利。以固定匯率計算，商品商務（Product Commerce）成長 8%；若就假期移轉因素調整，約成長 9%，較 Q2 加速。

Second, our WOW membership in Korea is at the highest level in our history with strong growth both year-over-year and quarter-over-quarter. Net additions are running above historical rates, driven by both returning members and strong new sign-ups. We keep investing and expanding the value proposition for WOW members, which in turn drives higher retention and growth in membership.

第二，韓國 WOW 會員數達到公司歷史最高水準，無論年對年或季對季皆呈現強勁成長。淨新增會員高於歷史水準，動能同時來自回流會員與強勁的新註冊。我們持續投資並擴大 WOW 會員的價值主張，進而帶動更高的留存率與會員成長。

This quarter, we began rolling out Try Now, Pay Later, a new WOW benefit in fashion that lets members try items on for seven days before paying, one small example of how we keep expanding the value we provide. Our goal is to make WOW the best value membership program anywhere in retail. Third, Product Commerce is tracking toward the mid-next year recovery we laid out last quarter. The underlying customer behavior remains just as strong as what we spoke to last quarter, and we expect the reported growth in margins to approximate historical levels as we lap the affected periods next year. And fourth, in developing offerings, growth accelerated to 27% in constant currency, and the customer signals we track most closely strengthened again. Taiwan and Eats continue to lead the way. We're also excited about extending Eats into non-food on-demand delivery in Korea. More on that in a moment.

本季我們開始推出「先試後付」（Try Now, Pay Later），這是服飾品類的一項全新 WOW 會員福利，讓會員可先試穿商品七天後再付款；這只是我們持續擴大所提供價值的一個小例子。我們的目標是讓 WOW 成為零售業任何地方都最超值的會員方案。第三，商品商務正朝著我們上季所提出的「明年年中」復甦節奏推進。底層的客戶行為仍與我們上季所談的一樣強勁；隨著明年進入受影響期間的比較基期，我們預期報表呈現的毛利率成長將接近歷史水準。第四，在新業務（developing offerings）方面，以固定匯率計算成長加速至 27%，而我們最密切追蹤的客戶訊號也再次轉強。台灣與 Eats 持續領先帶動。我們也對在韓國將 Eats 延伸至非餐飲的即時配送感到振奮。稍後我會再多談一些。

Let me take each in turn. On Product Commerce. The drivers of our momentum are the same ones that have powered our growth for more than a decade, our unwavering focus on WOWing customers with the lowest prices, broadest selection and unbeatable service. We're working to widen that experience gap quarter after quarter, which is the compounding engine behind this business.

我將逐一說明。先談商品商務（Product Commerce）。推動我們動能的因素，與十多年來支撐我們成長的因素相同：我們始終如一地專注於以最低價格、最廣選擇與無可匹敵的服務，讓客戶感到驚豔（WOW）。我們致力於一季又一季擴大這種體驗差距，而這正是驅動此業務複利成長的引擎。

The soft spot in reported growth this quarter remains a small cohort of members who left after the data incident and haven't yet returned. The members who did return, despite being away and allocating their retail wallets elsewhere for a period, have not only returned to their prior levels of spend, but they've continued to compound this quarter at normalized rates consistent with what we saw last quarter. And the members who never left are also spending at record levels and growing as fast as they were before the incident. These are among the clearest signs yet of where we stand competitively and the strength of our value proposition across service, price and selection.

本季報表成長偏弱之處，仍主要來自一小群在資料事件後離開且尚未回流的會員。已回流的會員，儘管曾離開一段時間並將零售支出分配到其他平台，不僅回到先前的消費水準，本季也以正常化的速度持續累積成長，與我們上季看到的情況一致。而從未離開的會員同樣以創紀錄的水準消費，成長速度也與事件發生前一樣快。這些都是迄今最清楚的訊號之一，顯示我們的競爭地位，以及我們在服務、價格與選擇面向的價值主張之強度。

New members have been more than filling in the gap in member count, though they naturally begin at the early part of the spend curve. It takes time for them to climb it, as each cohort before them has. As we lap the affected periods next year, the non-returning cohort drops out of the year-over-year comp, and our reported growth converges with the growth of the underlying customer base. That base continued to grow spend at normalized rates this quarter, consistent with the spend growth we spoke to last quarter.

新會員在會員數量上已不僅填補缺口，但他們自然仍處於消費曲線的早期階段。他們需要時間逐步爬升，就像之前每一批會員一樣。當我們明年跨過受影響期間的比較基期後，未回流的那一小群將不再影響年對年比較，而我們的報表成長將與底層客戶基礎的成長趨於一致。該客戶基礎本季仍以正常化速度提升消費，與我們上季所提到的消費成長一致。

[Valuable] selection is the lever our teams are focused on because it's the input that we seek customers responding to most directly. Our assortment on Rocket grew at strong double-digit rates this quarter, giving customers more of what they need at low prices and with the best delivery experience is one of the clearest ways we compound growth over the long-term.

[Valuable] 選擇（selection）是我們團隊聚焦的槓桿，因為這是我們觀察到客戶反應最直接的投入項。本季 Rocket 的商品組合以強勁的雙位數速度成長；以低價並提供最佳配送體驗，讓客戶買到更多所需商品，是我們長期複利成長最清楚的方法之一。

Fresh is a great example of the power of this cycle. Rocket Fresh volumes grew more than twice the pace of overall Product Commerce this quarter. That's the result of years of investment to offer customers. The best Fresh selection anywhere at low prices and delivered free with dawn or same day delivery nationwide. Fresh is a category customers buy with high frequency and the delivery experience we provide is deeply differentiated. It engages customers with Coupang in a way few other categories can and we see a long runway here.

生鮮（Fresh）就是這個循環力量的絕佳例子。本季 Rocket Fresh 的交易量成長速度超過整體商品商務的兩倍以上。這是多年投資的成果，旨在為客戶提供：以低價提供市場上最好的生鮮選擇，並在全國範圍內提供免費的清晨或當日到貨配送。生鮮是客戶高頻購買的品類，而我們提供的配送體驗具有高度差異化。它讓客戶以少有的方式與 Coupang 互動，我們也看到這裡仍有很長的成長跑道。

On Product Commerce margins. The three temporary items we described last quarter, supply chain headwinds, fixed cost deleverage against the pre-incident demand curve and the elevated marketing investment we're making to accelerate the return of departed customers continue to work through the P&L on the trajectory we expect. The mechanics are the same ones we laid out before. The supply chain dislocation normalizes as our volumes rebuild and the volume-based savings we're missing this year come back. Capacity utilization catches up as demand better aligns with the cost base we've built and the marketing step-up is already beginning to taper, which we expect to continue in the quarters ahead.

再談商品商務毛利率。我們上季所描述的三項暫時性因素——供應鏈逆風、相對於事件前需求曲線的固定成本去槓桿，以及為加速流失客戶回流而提高的行銷投資——仍按我們預期的軌跡持續反映在損益表（P&L）中。其運作機制與我們先前說明的相同。隨著我們的量能回升，供應鏈錯位將逐步正常化，而今年缺失的以量計價節省也將回來。隨著需求與我們建立的成本基礎更好地對齊，產能利用率將追上；而行銷投入的上調也已開始收斂，我們預期未來幾季將持續如此。

We don't believe any of these items are structural. Some are near-term investments we've chosen to make, while others are temporary headwinds. Our expectation in returning next year to Product Commerce margins approximating pre-incident levels is unchanged. Underneath these near-term items, work continues on the long-term margin drivers. Process improvements and deeper automation across our fulfillment and logistics network are producing higher customer service levels and lower cost to serve at the same time.

我們不認為這些項目中有任何一項屬於結構性因素。其中一些是我們選擇在短期內進行的投資，另一些則是暫時性的逆風。我們對於明年回到接近事件發生前水準的產品商務毛利率的預期不變。在這些短期項目之下，針對長期毛利率驅動因素的工作仍在持續推進。我們在履約與物流網路中推動流程改善與更深度的自動化，正同時帶來更高的客戶服務水準與更低的服務成本。

This quarter, for example, we began deploying AI cameras in our packing stations to remove the need for manual scanning. Paired with autobaggers that automatically size and customize packaging for each order, cutting both time and packaging waste. Each is small on its own, but they compound with the constant innovation, technology, and process excellence across our operations.

例如在本季，我們開始在包裝工作站部署 AI 攝影機，以免除人工掃描的需求。並搭配自動裝袋機（autobaggers），可針對每筆訂單自動調整尺寸並客製化包材，同時降低作業時間與包材浪費。每一項單獨看都不大，但它們會與我們營運中持續的創新、技術與流程卓越相互疊加，產生複利效應。

Turning to developing offerings, where in Taiwan, the response from customers is accelerating. Our owned last mile network now delivers the vast majority of orders next day, seven days a week. Dawn Delivery, which we began rolling out last quarter, is already accessible to over 50% of the population. Our WOW membership program in Taiwan has grown more than 100% year-over-year and 14% quarter-over-quarter, an acceleration over the growth we saw in Q2. Our differentiated Rocket delivery experience combined with the value of our WOW membership program are helping drive strong adoption and retention in customers. This is remarkably similar behavior to what we saw in Korea at the same stage.

接著談到開發中業務，在台灣，客戶的反應正在加速。我們自有的最後一哩路網路目前已在一週七天提供隔日送達，涵蓋絕大多數訂單。我們在上季開始推行的「晨曦配送」（Dawn Delivery），目前已可觸及超過 50% 的人口。我們在台灣的 WOW 會員計畫年增超過 100%、季增 14%，增速高於我們在第二季看到的成長。我們差異化的 Rocket 配送體驗，結合 WOW 會員計畫的價值，正推動客戶強勁的採用與留存。這與我們在韓國於相同階段所觀察到的行為非常相似。

Beyond our fulfillment and logistics network, we're building what will ultimately enable the highest levels of value for our consumers through direct sourcing relationships with brands. The combination of deep selection, operational excellence, and a supply chain that enables everyday low prices and an own delivery experience no one else matches is what has driven compounded growth for us in Korea for more than a decade. That same combination is now taking shape in Taiwan.

除了我們的履約與物流網路之外，我們也正透過與品牌建立直接採購關係，打造最終能為消費者帶來最高價值的能力。深度選品、卓越營運，以及能支撐「天天低價」並提供無人能及自有配送體驗的供應鏈，正是我們在韓國十多年來得以複合成長的關鍵。同樣的組合如今也正在台灣成形。

We're encouraged to see the trajectory in Taiwan accelerating and closely following the same path in Korea. The signals we track most closely, customer adoption, cohort retention, service differentiation, are each tracking well. Our teams are focused on scaling the offering by building the foundation for the highest levels of customer experience while simultaneously progressing towards profitability, not one at the expense of the other.

我們很受鼓舞地看到台灣的發展軌跡正在加速，並緊密沿著韓國相同的路徑前進。我們最密切追蹤的訊號——客戶採用、分群（cohort）留存、服務差異化——各項表現都維持良好。我們的團隊專注於擴大規模：一方面打造最高水準的客戶體驗基礎，同時推進獲利能力，而不是以犧牲其中一方為代價。

As we continue to execute with discipline, we expect Taiwan to be a meaningful contributor to consolidated cash flow in the years to come. Eats and Rocket Now, our on-demand food delivery offerings in Korea and Japan, continue to delight customers. Our focus is the same as it's been from the start, providing the best combination of service, price, and selection, and customers continue to embrace them at increasing levels.

隨著我們持續以紀律執行，我們預期台灣在未來幾年將成為合併現金流的重要貢獻來源。Eats 與 Rocket Now——我們在韓國與日本的即時餐飲外送服務——持續讓客戶感到滿意。我們的重點自一開始就未曾改變：提供服務、價格與選擇的最佳組合，而客戶也持續以更高的程度擁抱這些服務。

We're also rolling out non-food on-demand delivery in Korea, extending our Eats offering into product categories where customers can now get free delivery across a wide assortment in just minutes. It's still very early, but we'll continue to iterate on how to expand the value proposition for customers. As always, we continue to take the long view on value for our customers and returns for our shareholders, and Q3 reinforces it. The long-term opportunity in Korea, in Taiwan and across our developing offerings is as compelling to us today as it has ever been.

我們也正在韓國推出非食品的即時配送，將 Eats 服務延伸至更多商品類別，讓客戶如今可在數分鐘內於廣泛品項中享有免運配送。目前仍處於非常早期的階段，但我們將持續迭代，探索如何擴大對客戶的價值主張。一如既往，我們持續以長期視角看待客戶價值與股東報酬，而第三季再次印證了這一點。無論是在韓國、台灣或我們各項開發中業務，長期機會對我們而言依舊一如既往地具吸引力。

Now, I'll turn the call over to Gaurav to walk through the financials in more detail.

接下來，我把電話交給 Gaurav，請他更詳細地說明財務狀況。

Thanks, Bom.

謝謝，Bom。

Our Q3 results reflect continued progress in our underlying business in line with the recovery trajectory we have outlined. Consolidated revenues grew at 7% or 11% in constant currency, above the 8% to 9% range we guided to. Before I walk through the segment results in detail, I would note that this quarter we recorded approximately $248 million in expenses relating to the fire at one of our fulfillment centers in July. These expenses were recorded as $95 million in cost of sales and $153 million in OG&A. Where relevant, I will provide results with and without the impact of the fire.

我們第三季的結果反映出，基礎業務持續取得進展，符合我們先前所說明的復甦軌跡。合併營收成長 7%，若以固定匯率計算則成長 11%，高於我們指引的 8% 至 9% 區間。在我詳細說明各事業部門表現之前，我要先指出，本季我們認列了約 2.48 億美元的費用，與 7 月其中一座履約中心的火災相關。這些費用分別以 9,500 萬美元列入銷貨成本，並以 1.53 億美元列入營運、一般及管理費用（OG&A）。在相關之處，我將提供包含與不包含火災影響的結果。

Let me cover our segment performance and then move to consolidated results. In Product Commerce, segment net revenues were $8.4 billion for the quarter, growing 5% on a reported basis and 8% in constant currency. The timing shift of Chuseok holidays we discussed last quarter negatively impacted both our Product Commerce and consolidated constant currency growth rates by an estimated 1 percentage point this quarter.

我先說明各事業部門表現，接著再談合併結果。在產品商務（Product Commerce）方面，本季部門淨營收為 84 億美元，按報告基礎成長 5%，以固定匯率計算成長 8%。我們在上季提到的中秋（Chuseok）假期時點移轉，本季估計使產品商務與合併的固定匯率成長率各自受到約 1 個百分點的負面影響。

Adjusting for this impact, Product Commerce constant currency growth accelerated versus Q2 to approximately 9%. Product Commerce active customers were 25.2 million, growing 2% year-over-year and quarter-over-quarter.

若調整此影響，產品商務的固定匯率成長率相較第二季加速至約 9%。產品商務活躍客戶數為 2,520 萬，年增 2%，且季增 2%。

As Bom described, WOW membership continued to build on the recovery we outlined previously with our current members compounding their spend at normalized rates consistent with the growth rate we spoke to last quarter. Product Commerce gross profit for the quarter was $2.4 billion and gross profit margin was 28.4%. Excluding the fire-related costs, gross profit margin was 29.5%, a contraction of approximately 260 basis points year-over-year and 100 basis points quarter-over-quarter.

如 Bom 所述，WOW 會員持續延續我們先前所說明的復甦態勢；現有會員的消費金額以正常化的速度持續累積，符合我們上季提到的成長率。本季產品商務毛利為 24 億美元，毛利率為 28.4%。若排除火災相關成本，毛利率為 29.5%，年減約 260 個基點，季減 100 個基點。

The year-over-year contraction is driven primarily by the factors we discussed last quarter, supply chain headwinds. And elevated levels of promotional spend we have deployed to support the ongoing recovery in customers. The quarter-over-quarter contraction primarily reflects the weather-related seasonality we often see from Q2 to Q3 as well as timing of the Chuseok holidays. We continue to view these dynamics as temporary rather than structural. We believe the long-term drivers of our margin expansion remain intact, operating efficiencies across our fulfillment and logistics network driven in part by continued investments in automation and technology, supply chain optimization and the scaling of our margin accretive categories and offerings.

年對年下滑主要由我們上季討論的因素所致，也就是供應鏈逆風。以及為支持客戶持續復甦而投入的較高促銷支出水準。季對季下滑主要反映我們從第二季到第三季常見的天候相關季節性因素，以及中秋假期的時點影響。我們仍將這些動態視為暫時性，而非結構性。我們相信，毛利率擴張的長期驅動因素依然完好：包括履約與物流網路的營運效率提升（部分來自持續投資自動化與技術）、供應鏈最佳化，以及高毛利貢獻類別與服務的規模化。

Segment adjusted EBITDA for Product Commerce was $385 million, which excludes the FC fire costs, resulting in an adjusted EBITDA margin of 4.6%. This represents a contraction of approximately 420 basis points year over year and 50 basis points quarter-over-quarter. The year-over-year contraction reflects the gross profit dynamics I just described, as well as the headwinds created by the imbalance in our fixed cost structure related to the current demand, which remains a near-term impact from the effects of last year's data incident.

產品商務部門的調整後 EBITDA 為 3.85 億美元（不含履約中心火災成本），對應調整後 EBITDA 利潤率為 4.6%。這代表年減約 420 個基點，季減 50 個基點。年對年下滑反映我剛才描述的毛利動態，以及由於目前需求水準導致固定成本結構失衡所帶來的逆風；這仍是去年資料事件影響所造成的短期效應。

The Chuseok timing shift also contributed approximately 40 basis points of year-over-year contraction to both Product Commerce and consolidated adjusted EBITDA margins this quarter. Within developing offerings, segment net revenues were $1.6 billion, growing 23% on a reported basis and 27% in constant currency. This represents an acceleration from the 24% constant currency growth rate we reported last quarter as we saw durable growth across each of our initiatives.

中秋時點移轉也使本季產品商務與合併的調整後 EBITDA 利潤率年對年各自額外下滑約 40 個基點。在開發中業務（developing offerings）方面，部門淨營收為 16 億美元，按報告基礎成長 23%，以固定匯率計算成長 27%。相較於我們上季所報告的 24% 固定匯率成長率，這代表增速提升，因為我們看到各項計畫皆呈現持續性的成長。

Developing offerings generated $185 million in gross profit for the quarter, an increase of $29 million year-over-year and segment adjusted EBITDA losses were $269 million for the quarter, an increase of $50 million over last quarter. The quarter-over-quarter increase in adjusted EBITDA losses was driven by incremental investments as we continue to scale these offerings.

開發中業務（Developing offerings）本季帶來1.85億美元的毛利，年增2,900萬美元；而該分部本季的調整後EBITDA虧損為2.69億美元，較上季增加5,000萬美元。調整後EBITDA虧損的季增主要是因為我們在持續擴大這些業務規模的同時，進一步加大投資所致。

Moving now to our consolidated results.

接下來談我們的合併業績。

Total net revenues were $10 billion for the quarter, growing 7% on a reported basis and 11% in constant currency with the Chuseok timing shift I referenced earlier accounting for roughly 1 percentage point of year-over-year drag on the constant currency growth rate. Consolidated gross profit was $2.6 billion with a gross profit margin of 25.7%. Excluding the fire-related expenses, gross profit margin was 26.7%, a contraction of approximately 270 basis points year over year and 150 basis points quarter over quarter.

本季總淨營收為100億美元，按報告口徑成長7%，按固定匯率成長11%；我先前提到的中秋（Chuseok）時點移轉，約對固定匯率年增率造成1個百分點的拖累。合併毛利為26億美元，毛利率為25.7%。若排除火災相關費用，毛利率為26.7%，年減約270個基點，季減150個基點。

The year-over-year contraction is driven primarily by the near-term headwinds in Product Commerce I discussed, combined with our continued investments in developing offerings. The quarter-over-quarter contraction primarily reflects the weather-related seasonality and Chuseok holiday timing we see from Q2 to Q3.

年對年毛利率下滑主要是由我先前提到的商品商務（Product Commerce）短期逆風所致，並加上我們持續投資於開發中業務。季對季的下滑主要反映我們從第二季到第三季所見的天候相關季節性，以及中秋假期時點因素。

OG&A expense was $3 billion for the quarter or 30.2% of total net revenues. Excluding the fire-related costs, OG&A expense was approximately $2.9 billion or 28.7% of total net revenues, an increase of approximately 110 basis points year-over-year. This increase was driven by deliberate step-up in marketing spends to support the Product Commerce customer recovery and the fixed cost base still carrying capacity sized for the pre-incident demand curve.

本季OG&A費用為30億美元，占總淨營收的30.2%。若排除火災相關成本，OG&A費用約為29億美元，占總淨營收的28.7%，年增約110個基點。此增幅主要來自我們有意提高行銷支出以支持商品商務的客戶回流，以及固定成本基礎仍承載著按事件發生前需求曲線所配置的產能。

Operating loss for the quarter was $450 million, excluding the fire related costs, operating loss was $202 million. Loss before income taxes was $514 million or $266 million excluding the fire-related expenses. Our tax dynamics continue to reflect losses in our early-stage operations in Taiwan and Japan that do not generate offsetting tax benefits at the consolidated level. Net loss attributable to Coupang stockholders was $501 million or $321 million excluding the impacts of the fire. This resulted in a diluted loss per share of $0.28 or approximately $0.18 excluding the fire.

本季營業虧損為4.50億美元；若排除火災相關成本，營業虧損為2.02億美元。所得稅前虧損為5.14億美元；若排除火災相關費用，為2.66億美元。我們的稅務狀況仍反映台灣與日本早期業務的虧損，這些虧損在合併層級無法產生相應的稅務抵減利益。歸屬於Coupang股東的淨虧損為5.01億美元；若排除火災影響，為3.21億美元。因此，稀釋後每股虧損為0.28美元；若排除火災影響，約為0.18美元。

We generated $116 million in consolidated adjusted EBITDA this quarter, resulting in an adjusted EBITDA margin of 1.2%. This represents a contraction of approximately 330 basis points year-over-year in line with the 300 to 400 basis points range we guided to last quarter. The year-over-year contraction continues to be driven by the near-term items we have discussed previously, the imbalance of our fixed cost structure and current demand, the elevated marketing and promotional investment supporting the customer recovery and the supply chain pressures that come with the lower volumes than planned.

本季我們產生合併調整後EBITDA為1.16億美元，調整後EBITDA利潤率為1.2%。這代表年對年收縮約330個基點，符合我們上季所指引的300至400個基點區間。年對年收縮仍主要由我們先前討論的短期因素所致：固定成本結構與目前需求之間的不匹配、為支持客戶回流而提高的行銷與促銷投資，以及因出貨量低於原先規劃而帶來的供應鏈壓力。

In addition, there was an approximately 40 basis points negative impact from the Chuseok timing shift I noted earlier. On cash flows on the trailing 12-month basis, we generated operating cash flow of $845 million and free cash flow was negative $409 million. The year-over-year declines reflect the lower profitability we have discussed this year, increases in capital expenditure, cash outlays relating to the fire, and an elevated levels of tax payments. During the quarter, we also repurchased 13 million shares of Class A common stock for approximately $201 million.

此外，我先前提到的中秋時點移轉亦帶來約40個基點的負面影響。以過去12個月（TTM）計算，我們的營運現金流為8.45億美元，自由現金流為負4.09億美元。年對年下滑反映我們今年所討論的獲利能力下降、資本支出增加、與火災相關的現金支出，以及較高水準的稅款支付。本季我們亦以約2.01億美元回購1,300萬股A類普通股。

Turning now to our near-term outlook, for Q4, we expect consolidated constant currency revenue growth of 13% to 14%. This reflects our expectation of continued progress in our recovery in Product Commerce. For consolidated adjusted EBITDA, we expect the margin to increase 50 to 150 basis points quarter-over-quarter in Q4, reflecting continued underlying progress in Product Commerce as well as reduced levels of marketing spend. We continue to expect Product Commerce adjusted EBITDA margins to return by mid-next year to levels approximating those we generated prior to the data incident. And while margins may be uneven quarter over quarter, we believe the long-term drivers of our margin expansion beyond the recovery remain unchanged.

接著談近期展望。第四季我們預期合併固定匯率營收成長13%至14%。這反映我們預期商品商務的復甦將持續取得進展。就合併調整後EBITDA而言，我們預期第四季利潤率將較第三季提升50至150個基點，反映商品商務持續的基本面改善，以及行銷支出水準下降。我們仍預期商品商務的調整後EBITDA利潤率將在明年年中回到接近資料事件發生前的水準。雖然利潤率可能在各季之間有所波動，但我們認為在復甦之外、推動利潤率長期擴張的驅動因素仍未改變。

For developing offerings, we previously guided to full-year losses this year of $950 million to $1 billion. We are now increasing the top end of that range by $50 million to $100 million. This update is primarily driven by our Taiwan build-out, where we are accelerating infrastructure investments to support our differentiated delivery experience and to scale our supply chain. We continue to evaluate each investment in developing offerings against the same discipline we apply across the business, rigorous analysis, operational excellence, and our conviction to generating meaningful long-term returns.

就開發中業務而言，我們先前指引今年全年虧損為9.50億至10億美元。我們現在將該區間上緣上調5,000萬至1億美元。此更新主要由台灣擴建所驅動，我們正加速基礎設施投資，以支持我們差異化的配送體驗並擴大供應鏈規模。我們持續以同樣的紀律評估開發中業務的每一項投資：嚴謹分析、卓越營運，以及我們對創造具意義長期回報的信念。

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

接線員，我們現在準備開始問答環節。

(Operator Instructions)

(接線員指示)

Eric Cha, Goldman Sachs.

Eric Cha，高盛。

Hi. Thank you for the opportunity. So it was good to hear you reiterate your margin normalization by midpoint next year, but just had a question around the cadence of the margin improvement. So now with three quarters left and given your guidance on the fourth quarter, it seems like within two quarters, the margin improvement should be quite substantial.

您好，謝謝給我提問的機會。很高興聽到您重申明年年中利潤率將回歸常態，但我想問一下利潤率改善的節奏。目前還剩三個季度，加上您對第四季的指引，看起來在兩個季度之內利潤率改善幅度應該會相當可觀。

So should we be expecting flattish margin throughout and then the margin stepping up all at once at the last quarter or should we be expecting a continuous improvement up to the second quarter? And why would the dynamics work in such matter? And so if you were to understand the drivers and what causes that trend, even in a high level, that would be most helpful.

那麼，我們是否應該預期利潤率在一段時間內大致持平，然後在最後一季一次性跳升？還是應該預期一路持續改善到第二季？為什麼相關動態會以這種方式運作？如果您能在高層次上說明驅動因素以及造成該趨勢的原因，將非常有幫助。

The second question is just now during the prepared speech, you commented on the DO loss guidance raising the top end by $50 million to $100 million driven by, I think, Taiwan investments. Would you be able to be a bit more specific about what sort of investment you are making in Taiwan and what results you're expecting from this investment? And I understand that you give full guidance in the fourth quarter. Earnings for next year, but would be most helpful if you could share your view on the general direction of developing offering loss into next year, whether this year or even next year may be the peak.

第二個問題是，您在事先準備的發言中提到，開發中業務（DO）的虧損指引上緣上調5,000萬至1億美元，我想是由台灣投資所驅動。您能否更具體說明在台灣進行的是哪一類投資，以及您預期這些投資將帶來什麼成果？我也理解您會在第四季提供完整指引，也就是明年的獲利展望；但若您能分享對開發中業務虧損在明年走向的大致看法，包含今年或明年是否可能是高峰，將非常有幫助。

Hi, Eric. Thanks for the question.

嗨，Eric，謝謝你的提問。

On the margin improvement cadence question, let me start by providing some context and I'll address it more directly.

關於利潤率改善節奏的問題，我先提供一些背景，然後再更直接地回答。

As I mentioned we expect Product Commerce adjusted EBITDA margins to return to levels approximating pre-incident levels in the middle of next year and on a consolidated basis, for Q4, we expect adjusted EBITDA margins to improve 50 to 150 basis points quarter over quarter, driven in large part by improvements in Product Commerce. And we've noted the various inputs or drivers of that margin compression from reducing incremental reacquisition marketing to the imbalance between the pre-incident demand curve and our fixed cost structure continuing to narrow, working through the dislocation in our supply chain and each of these items are temporary, not structural. We believe Q3 represents the low point for Product Commerce adjusted EBITDA margins.

如我所提到，我們預期商品商務的調整後EBITDA利潤率將在明年年中回到接近事件發生前的水準；在合併層級，就第四季而言，我們預期調整後EBITDA利潤率將季增50至150個基點，主要由商品商務的改善所帶動。我們也已指出造成利潤率受壓的各項投入或驅動因素，包括降低額外的再獲客行銷支出、事件發生前需求曲線與我們固定成本結構之間的不平衡持續收斂、消化供應鏈的錯位；而這些因素皆屬暫時性，而非結構性。我們認為第三季是商品商務調整後EBITDA利潤率的低點。

The pace of improvement that you asked about, that may vary quarter to quarter, given seasonal factors and the speed at which we work through each of these items, but we expect to return sometime in the middle of next year to the Product Commerce margins approximating pre-incident levels. That's really the most important thing from our view.

您所詢問的改善步調，可能會因季節性因素以及我們逐項推進的速度而在各季度之間有所不同，但我們預期在明年年中左右，產品商務（Product Commerce）利潤率將回到接近事件發生前的水準。從我們的角度來看，這確實是最重要的一點。

On the second question about Taiwan investments, some more color on that. When we're at this early stage and we're growing as fast as we are, a lot of the infrastructure investments that are required for the level of service that we're trying to provide, they do involve a lot of lead time. So we do build ahead of demand. What you're seeing now is an acceleration of much of that investment in infrastructure and supply chain that really paves the path to continue the exciting acceleration that we're seeing in Taiwan. And the strong adoption that we're seeing gives us a lot of confidence, gives us more confidence by the day to support that expansion. So we'll keep investing on that basis and in line as always with our operating principles.

關於第二個問題、也就是台灣投資，我補充一些說明。在這麼早期的階段、且我們成長速度如此之快時，為了提供我們所追求的服務水準所需的許多基礎設施投資，確實需要較長的前置時間。因此我們會在需求之前先行建置。您現在看到的是，我們在基礎設施與供應鏈上的多項投資正在加速，這些投資確實為我們在台灣所見到的令人振奮的加速成長鋪路。而我們看到的強勁採用（adoption）讓我們非常有信心，而且每天都更有信心去支持這項擴張。因此我們將在此基礎上持續投資，並一如既往地與我們的營運原則保持一致。

Stanley Yang, JPMorgan.

Stanley Yang，摩根大通（JPMorgan）。

Thank you for the opportunity. I have two questions.

感謝給我這個提問機會。我有兩個問題。

The first question is related to the DO loss guidance. So out of your DO loss guidance rates, do you consider the Japan Eats investment increase? And also, I'm wondering your funding dynamics will remain intact going forward, which means your domestic Eats cash flow will be used for this Japan Rocket now expansion on a combined basis, like a breakeven or a combined basis. Do you expect such funding dynamics to continue in 2027?

第一個問題與 DO（Developing Offerings，開發中業務）虧損指引有關。在你們的 DO 虧損指引比率中，是否已納入日本 Eats 投資增加的因素？另外，我也想了解你們未來的資金調度機制是否會維持不變，也就是以國內 Eats 的現金流來支持日本 Rocket Now 的擴張，並以合併口徑（例如損益兩平或合併口徑）來看。你們預期這樣的資金調度機制會延續到 2027 年嗎？

My second question is about this user spending. So you mentioned encouraging user spending trend for both existing and return users indicating the spend of the existing quarter shows second quarter [light growth] of 16 percentage in third quarter as well. Do you see such strong underlying spending growth to remain intact going into mid-next year? Or is it too optimistic to assume your Product Commerce GMV growth to exceed 16% by middle of next year in consideration of additional equity impact from the new subscribers?

第二個問題是關於用戶支出。你們提到現有用戶與回流用戶的支出趨勢令人鼓舞，顯示本季現有用戶的支出在第三季也呈現第二季的 16%（輕度成長）。你們是否認為這種強勁的底層支出成長能延續到明年年中？或者，考量新訂閱用戶帶來的額外權益（equity）影響，假設你們的產品商務 GMV 成長在明年年中超過 16% 是否過於樂觀？

Yeah, let me take on the second part of your question first or second question first. The underlying customer base in Korea continue to grow spend, as we've noted, at normalized rates this quarter, consistent with the growth we spoke to last quarter. We believe that's the clearest indication about the durability of that or this continued strong growth comes from the behavior of the customers who are driving that growth. The customers who left us for an extended period and came back are spending at record levels and compounding at high rates. The customers who never left, the majority of WOW members are doing the same and as we lap the affected periods, the cohort that has not returned stops weighing on the comparison and the Product Commerce growth, as we've explained, converges to the growth of our active customers mathematically.

好的，我先回答您第二個問題，或先回答您問題的第二部分。如我們所提到的，韓國的底層客群本季持續以常態化的速度增加支出，與我們上季談到的成長一致。我們認為，判斷這種韌性、或這種持續強勁成長是否可持續，最清楚的指標來自於推動成長的客戶行為。那些離開我們一段較長時間後回來的客戶，支出達到創新高的水準，並以很高的速度複利成長。那些從未離開的客戶（其中多數為 WOW 會員）也同樣如此；而當我們跨過受影響的期間後，尚未回流的那一群（cohort）就不再拖累比較基期，且如我們所解釋，產品商務成長在數學上會收斂至我們活躍客戶的成長。

What gives us a lot of confidence is that the growth that we're seeing, we believe, is driven by the exceptional value we provide across our offerings, and we continue to expand that value. That's really underneath the projections that we're making and the continued strong growth that we're seeing from our active customers today.

讓我們非常有信心的是，我們所看到的成長，我們相信是由我們在各項服務中提供的卓越價值所驅動，而我們也持續擴大這個價值。這正是我們所做預測的基礎，也是我們今天從活躍客戶身上看到持續強勁成長的原因。

Yeah, I'll answer your first question, Stanley.

好的，Stanley，我來回答您的第一個問題。

The increase in our full year developing offerings loss guidance primarily reflects. The opportunity in Taiwan to accelerate infrastructure and supply chain investments ahead of the corresponding growth. So the customer response we have seen recently, including an acceleration over previous quarters, creates an opportunity to pull forward some of our investments to expand the gap in our customer value proposition and we measure these investments and related returns over long-term and at times there will be some unevenness in the pace of spend as we lean in where the evidence is strong.

我們對全年開發中業務（developing offerings）虧損指引的上調，主要反映：台灣存在在相應成長之前，加速基礎設施與供應鏈投資的機會。因此，我們近期看到的客戶反應（包括相較前幾季的加速）帶來一個機會，讓我們可以把部分投資提前，以擴大我們客戶價值主張的差距；我們以長期角度衡量這些投資及其相關回報，而在某些時候，當證據強而有力、我們加大投入時，支出節奏可能會出現一些不均衡。

Regarding Eats, our Korea and Japan offerings continue to operate at a breakeven basis. And we don't see that changing in the foreseeable future, but we will provide full year guidance for developing offerings as part of our Q4 earnings release that we have been doing every year. So we'll more detail to share on our outlook for developing offerings next year when we report the next quarter.

至於 Eats，我們在韓國與日本的業務持續以損益兩平（breakeven）的基礎運作。在可預見的未來我們不認為會改變，但我們會如同每年一樣，在第四季財報發布時提供全年開發中業務的指引。因此，等到我們在下個季度公布時，會分享更多關於明年開發中業務展望的細節。

Seyon Park, Morgan Stanley.

Seyon Park，摩根士丹利（Morgan Stanley）。

I have two questions. The first is relating to the elevated marketing spend and some of that being targeting returning WOW members. Of your WOW member base, I would assume there is a cohort which, like myself, pay the WOW membership on a monthly basis. We're not the ones that are jumping in and out. And then I would assume there are transient WOW members who opportunistically come, when they feel they have no reasons to purchase for that certain month, then some will kind of, sign out. And given some of the elevated marketing that you've targeted for the segments, I would assume that that segment, that number has grown.

我有兩個問題。第一個與偏高的行銷支出有關，其中一部分似乎是針對回流的 WOW 會員。在你們的 WOW 會員基礎中，我猜有一群人（像我一樣）是按月支付 WOW 會費。我們不是那種進進出出的人。然後我也猜有一些短期（transient）的 WOW 會員，會在覺得某個月沒有購買理由時，機會性地加入，之後有些人就會選擇退出。而考量你們針對這些族群投放的較高行銷支出，我猜這一族群的人數已經增加。

But as you kind of mentioned, if you start tapering off on that spend going into next year, is there some risk that those transient WOW members could see a bit of a decline as you do that? That's I guess the first part of my question.

但如你們提到的，如果明年開始逐步降低這部分支出，是否存在一些風險：當你們這麼做時，這些短期 WOW 會員可能會出現一些下滑？我想這是我第一個問題的第一部分。

And then secondly, I do get a lot of questions from investors where, whether this elevated marketing spend has any relations with an overall increasing competitive landscape overall and whether, you are sensing any changes or impact from that or it's really kind of more focused on the WOW members and in general that's -- whether it's a smaller part of the overall strategy.

第二，我也常被投資人問到：這種偏高的行銷支出是否與整體競爭環境加劇有關，以及你們是否感受到任何變化或影響；或者其實這更多是聚焦在 WOW 會員上，整體而言只是整體策略中的一小部分。

That's my first question, but I'll just go on to my second question, if that's okay.

這是我的第一個問題，不過如果可以的話，我先繼續問第二個問題。

You mentioned a meaningful increase in the Taiwan WOW members, and I'm just curious whether there had been any kind of specific marketing activities or events which led to that acceleration in members over there.

你們提到台灣 WOW 會員有顯著增加，我想了解是否有任何特定的行銷活動或事件，導致那邊會員加速成長。

Thank you.

謝謝。

Hi, Seyon, thanks for the question.

嗨，Seyon，謝謝你的問題。

The elevated marketing spend in Korea really has been aimed at reacquiring the WOW members who left and really focusing on the WOW members who have been spending heavily on Coupang. So as we've mentioned before, not only have the majority of WOW members returned, but the vast majority of that spend is returned. It really hasn't been aimed at, I think, increasing the spend -- the spend growth, the return to the full wallet, the spend growth, I mean, really the things that are driving the vast majority of the spend on WOW, that's really driven by our customer experience in our view.

韓國偏高的行銷支出，確實是為了重新獲取（reacquire）那些離開的 WOW 會員，並且更聚焦在那些在 Coupang 上支出很高的 WOW 會員。因此如我們先前提到的，不僅多數 WOW 會員已經回來，而且其中絕大部分的支出也已回流。我認為這並不是為了提升支出——支出成長、回到完整錢包份額（full wallet）的支出成長；我的意思是，真正驅動 WOW 絕大部分支出的因素，在我們看來主要是由我們的客戶體驗所帶動。

So we're seeing that the incremental benefit of that elevated marketing spend, which has really been focused on reacquiring customers, diminish as we move further away from the incident, which is something that we anticipated.

因此我們看到，這種提高行銷支出所帶來的邊際效益——其實主要聚焦在重新獲取客戶——會隨著我們離該事件越來越遠而遞減，這也是我們原本就預期的。

So that's why we've already started to bring our marketing spend down, the reacquisition spend down, and we expect that to continue. The marketing engine that's underneath. Remains the same as it's always been. We invest where we see clear long-term returns and let the customer experience do the heaviest lifting in bringing customers to Coupang and keeping them here. So hopefully that clarifies your question. It really is not a competitive response.

所以這也是為什麼我們已經開始把行銷支出、重新獲取的支出降下來，而且我們預期這個趨勢會持續。底層的行銷引擎。仍然和以往一樣。我們會在看到明確長期回報的地方投資，並讓客戶體驗在把客戶帶到 Coupang 並讓他們留下來這件事上扮演最主要的角色。希望這能釐清你的問題。這真的不是競爭性的回應。

It isn't really about -- we don't think the core impact of that elevated marketing spend has been increasing some short term spend from customers, it's really been aimed at reacquiring the core customers, the core WOW members that left us during the data incident. And again, the vast majority of that spend has now returned to WOW. And not only returned, it's returned to its full spend and beyond, now spending record levels, compounding very fast at the rates that we spoke to last quarter which that part we believe is really been driven by our customer experience, which we continue to invest in as well.

這其實不是關於——我們不認為提高行銷支出的核心影響是在提升客戶某些短期支出；它真正的目標是重新獲取在資料事件期間離開我們的核心客戶、核心 WOW 會員。而且再次強調，這些支出中的絕大多數現在都已回到 WOW。不僅回來了，還回到完整的支出水準甚至更高，現在的支出創下新高，並以我們上季提到的速度非常快速地複利成長；我們相信這部分主要是由我們的客戶體驗所驅動，而我們也持續在這方面投資。

On Taiwan, there hasn't been any specific marketing event that's really been driving. I think we continue to build our core value proposition, which is increasing selection with differentiated service at low prices. And as I mentioned, we continue to -- we are investing and accelerating investments in the underlying infrastructure and supply chain that provides the level of service that I think is driving that great customer acquisition and engagement.

至於台灣，並沒有任何特定的行銷事件在真正帶動。我認為我們持續打造核心價值主張，也就是以低價格提供更多選擇並搭配差異化服務。如我提到的，我們也持續——正在投資並加速投資於底層基礎設施與供應鏈，來提供我認為正驅動優異客戶獲取與互動的服務水準。

Jiong Shao, Barclays.

Barclays 的 Jiong Shao。

Thank you very much for taking my questions. It's great to see your Product Commerce revenue growth has been accelerating for the last few quarters and will continue to accelerate at least in the fourth quarter. I have two questions. One on Eats, one on the margins. I'm going to ask one at a time.

非常感謝讓我提問。很高興看到你們的產品電商（Product Commerce）營收成長在過去幾季持續加速，並且至少在第四季還會繼續加速。我有兩個問題。一個關於 Eats，一個關於毛利率。我會一次問一個。

Firstly, on the Eats, you're talking about Eats now starting to deliver non-food items in Korea, but you also have the Rocket delivery for the Fresh and all that. Could you elaborate a bit on what are the use cases for Eats to deliver the non-food items that's not covered by the Rocket delivery for, the regular Rocket delivery. And related to that, by the way, cheat a little bit, just on the [Eats thing] or potentially, do you think you need the Eats thing Taiwan given you are basically using the same playbook for your e-commerce business in Taiwan? You have Eats in Korea, you have Eats even in Japan? Does it make sense for you to have Eats in Taiwan at some point? That's my first question.

首先，關於 Eats，你們提到 Eats 現在開始在韓國配送非食品品項，但你們也有 Rocket 配送用於 Fresh 等等。你能否多說明一下，Eats 配送 Rocket 配送（一般 Rocket 配送）未涵蓋的非食品品項，其使用情境是什麼？另外，順帶（稍微作弊一下），就 [Eats 這件事] 或者可能，你覺得在台灣是否需要 Eats，因為你們基本上在台灣的電商業務是用同一套打法？你們在韓國有 Eats，在日本甚至也有 Eats？你們在某個時間點在台灣推出 Eats 有意義嗎？這是我的第一個問題。

Sorry, is there a second question, Jiong, or--

抱歉，Jiong，還有第二個問題嗎，還是——

I think it's a second question, but do you prefer I just ask a second question at the same time?

我想有第二個問題，但你們希望我同時問第二個問題嗎？

Sure. Why don't you give us a second question at the same time and (multiple speakers) --

可以。你不如同時把第二個問題也問了，（多位講者）——

Okay, sure.

好的，當然。

The second question is really for the margins. Going back to the margins, maybe this is more for Gaurav. Gaurav, you talked about earlier that the early Chuseok holiday had a negative 40 basis points impact in Q3. I would imagine by the same token you should have a positive 40 basis point impact in Q4. That's an 80 basis point swing. And it was exception of last year when you had a data incidence in Q4, which was not typical.

第二個問題是關於毛利率。回到毛利率，這可能更適合問 Gaurav。Gaurav，你先前提到中秋節假期提前在第三季造成了 40 個基點的負面影響。我想同樣道理，第四季應該會有 40 個基點的正面影響。這就是 80 個基點的擺動。而去年是例外，因為你們在第四季有資料事件，這並不典型。

But in the past, your Q4 margins tend to go up 50 to 100 basis points just based on seasonality. So I was just wondering if that math is more or less kind of in the right ballpark, is your 50 to 100 basis points sort of a sequential improvement guide on a more conservative side, just want to see if you can elaborate a bit on that.

但在過去，你們第四季的毛利率通常會因季節性而上升 50 到 100 個基點。所以我只是想確認一下，這樣的數學大致是否在合理範圍內；你們所說的 50 到 100 個基點，是否算是一個相對保守的環比改善指引？想看看你能否再多說明一些。

So that's my second question.

以上是我的第二個問題。

Yeah, Jiong. The first question, there's a lot of context there. I'm not sure there's enough time or it's the right context to go into all the details, but the non-food delivery that we're exploring in Eats is not necessarily about selection that we don't provide on Rocket delivery. I think there's different value propositions. It is a faster delivery time. And of course, from an operational perspective, it's a smaller batch.

好的，Jiong。第一個問題裡面有很多背景。我不確定是否有足夠時間，或是否是合適的情境去談所有細節，但我們在 Eats 探索的非食品配送，不一定是因為 Rocket 配送沒有提供的選擇。我認為這是不同的價值主張。它是更快的配送時間。當然，從營運角度來看，它是更小的批次。

So I think we're exploring. We continue to explore here now, how do we leverage our on-demand food delivery network to provide convenience on non-food items across a lot of merchants offline. And we're incorporating a lot of partnerships with convenience stores and local merchants. They do have different value propositions. Price points will be different. The selection is not necessarily different. In fact, the selection we provide.

所以我認為我們正在探索。我們現在持續探索的是，如何利用我們的即時（on-demand）外送網路，為大量線下商家提供非食品品項的便利性。我們也在納入許多與便利商店及在地商家的合作夥伴關係。它們確實有不同的價值主張。價格帶會不同。選擇不一定不同。事實上，我們所提供的選擇。

On Rocket delivery in many cases, in many categories could be broader even than what we're providing on-demand food delivery. But there is a shorter lead time to receiving the product. And all of this is at a very early stage, and we're approaching it thoughtfully, selectively. I think you'll see the same disciplined approach that we've applied to new segments that we're exploring. We start small, we test, we look for clear validation and here we see an opportunity to expand the customer value proposition that we're providing across all of our offerings and we'll do that with a disciplined investment strategy.

在 Rocket 配送上，在許多情況下、許多品類中，甚至可能比我們在即時外送所提供的更廣。但收到商品的前置時間更短。而這一切都還在非常早期的階段，我們會以審慎、有選擇性的方式推進。我想你會看到我們對於正在探索的新業務板塊所採取的一貫紀律性做法。我們從小規模開始，我們測試，我們尋找明確的驗證；在這裡我們看到一個機會，可以擴大我們在所有產品與服務中提供給客戶的價值主張，而我們會以有紀律的投資策略來做到這點。

And I think on Taiwan, right now, we're really focused on building out our retail offering, the fulfillment logistics network, the supply chain, and our operational teams and culture. And that's where our teams are focused today, and that's where the results you're seeing are coming from.

至於台灣，目前我們真正聚焦在建立我們的零售供給、履約物流網路、供應鏈，以及我們的營運團隊與文化。這就是我們團隊今天的重點所在，而你們看到的成果也正是由此而來。

On the second question, we are guiding to 50 to 150 basis points improvements in Q4, which is a quarter-over-quarter improvement. This reflects continued improvements against the three drivers that we have discussed that will continue over the next several quarters to get back to the historical PC margin levels. And there are a lot of puts and takes in every quarter, but we hope to get back to our margins, entitled margins by Q2 of next year as we have guided to.

關於第二個問題，我們指引第四季將改善 50 到 150 個基點，這是環比改善。這反映了我們先前討論過的三項驅動因素持續改善，而這些改善將在未來幾季延續，以回到歷史的 PC 毛利率水準。每一季都有許多正負因素拉扯，但我們希望如同先前指引所述，在明年第二季回到我們的毛利率、也就是我們應有（entitled）的毛利率水準。

Wei Fong, Mizuho.

Wei Fong，瑞穗。

Thank you very much. I have two. First one on Taiwan.

非常感謝。我有兩個問題。第一個關於台灣。

I think I noticed you guys been introducing more global selections to Taiwan recently and just curious which side of the flywheel right now is becoming more important for the near-term engagement and growth. Does that bring Korean and a global selection to Taiwan or you continue to building a deeper local Taiwanese marketplace?

我注意到你們最近在台灣引入了更多全球選品，我想請教目前在飛輪的哪一側，對短期的用戶參與度與成長變得更重要。這是否意味著把韓國與全球選品帶進台灣，還是你們會持續打造更深的在地台灣市場？

And then related to your investment in Taiwan, since you're guiding it up, how do you distinguish the portion of the investment that is building ahead of the demand and the portion of the investment that's responding to more near-term demand?

另外，關於你們在台灣的投資，既然你們指引會提高，請問你們如何區分其中哪些投資是在需求之前提前建設、哪些投資是在回應較短期的需求？

And my second question, a quick one on your new Try Now, Pay Later. I was curious, what metrics will you be looking at to help you determine whether you want to scale it? I guess, do you need to see a positive incremental contribution profit before you want to expand more broadly.

第二個問題很快，關於你們新的「先試後付（Try Now, Pay Later）」。我想了解你們會看哪些指標來判斷是否要擴大規模？也就是說，在更廣泛擴張之前，你們是否需要看到正向的增量貢獻利潤？

Hi, thanks for your question.

嗨，謝謝你的提問。

On Taiwan, I think that's not the way we think about providing our service and selection, low prices, our value proposition, we're really looking at where the customer finds the most value. So I think whether it's looking at domestically produced products or internationally produced products or products in a certain category or other category, we're really trying to provide a wide array of selection and we respond to where customers find the most value. That's always been our philosophy and I think we're really trying to capture -- we're trying to provide our differentiated service and value across all selection over time in the full wallet. So that's our general approach and hopefully that answers the question.

關於台灣，我認為我們並不是用那種方式來思考提供服務與選品、低價等價值主張；我們真正關注的是客戶在哪裡感受到最大價值。所以無論是看國內生產的商品、國際生產的商品，或是某一品類或其他品類的商品，我們都在努力提供廣泛的選擇，並回應客戶覺得最有價值的地方。這一直是我們的理念；我們也在努力隨著時間推進，在整個錢包份額（full wallet）上，於所有選品範圍內提供我們差異化的服務與價值。這是我們的一般做法，希望能回答你的問題。

On investment in Taiwan, the infrastructure that is required to deliver the level of service we're trying to deliver does require a long lead time. So just it's part of the design, it's part of our strategy to build a lot of that infrastructure, not only for logistics and operations, but also for the supply chain well ahead of demand. And when you're talking about the growth rates we're seeing and the acceleration that we're seeing in Taiwan, it's I think part and parcel of the strategy to carry some excess capacity and that you're really optimizing to build a strong foundation for that growth over trying to maximize capacity utilization at the rates that, for example we typically have in Korea.

關於在台灣的投資，為了提供我們想要提供的服務水準，所需的基礎設施確實需要較長的前置時間。因此，提前建設這些基礎設施本來就是設計的一部分、也是我們策略的一部分，不僅是物流與營運，也包括供應鏈，會在需求之前就先行布局。而當你談到我們在台灣看到的成長率與加速，我認為這與策略是一體兩面：我們會保有一定的超額產能，並且更著重於為成長建立堅實基礎，而不是像例如在韓國那樣，以我們通常的水準去最大化產能利用率。

Our priorities in Taiwan, just to perhaps give you some background. We're really focused, I should say, I should add on building not only the physical, the operational infrastructure, but really also trying to build the discipline and culture in the organization as well to drive both growth and margin improvement at the same time. Our priorities today have been the same that have shaped our business from the start. It's WOWing customers across selection and price and service, as I mentioned earlier. And specifically right now in Taiwan, we're focused on first identifying and working closely with the right brands and suppliers that are committed to building out the long-term partnership and the right experience for our customers.

我們在台灣的優先事項，或許先提供一些背景。我們真正聚焦的是——我也想補充——不僅打造實體與營運基礎設施，也同時在組織內建立紀律與文化，以便在推動成長的同時也改善利潤率。我們今天的優先事項，與自創立以來塑造我們業務的方向一致。也就是在選品、價格與服務上讓客戶驚豔（WOW），如我先前提到的。而就台灣目前而言，我們首先專注於辨識並與合適的品牌與供應商密切合作，這些夥伴願意投入建立長期合作關係，並為我們的客戶打造正確的體驗。

And second, we're continuing to expand our owned infrastructure and last-mile delivery network, our fulfillment and last-mile delivery network, which now delivers the vast majority of our volume next day, seven days a week. Also, I don't know if you were able to catch it, but we're extending our Dawn Delivery service. We just launched that a quarter ago. Now it covers half of the population in Taiwan.

第二，我們持續擴張自建基礎設施與最後一哩配送網路，也就是我們的履約與最後一哩配送網路；目前它已能在一週七天，將我們絕大多數的出貨量於隔日送達。另外，我不確定你是否有注意到，我們也在延伸「晨曦配送（Dawn Delivery）」服務。我們在一季前才剛推出。現在已覆蓋台灣一半的人口。

And finally, we're building, as I mentioned, a culture of operational excellence, which enables us to execute with discipline and innovate with speed. And those are the keys to delivering the best experience and generating attractive returns for our shareholders. It's really the underlying true infrastructure that allowed us for years in Korea up to the data incident to deliver both strong compounding double-digit growth and expanding margins.

最後，如我所提，我們正在建立營運卓越的文化，使我們能以紀律執行並以速度創新。而這些正是提供最佳體驗、並為股東創造具吸引力報酬的關鍵。這其實就是底層的真正基礎設施——在韓國多年來、直到資料事件發生之前——讓我們能同時實現強勁的複利式雙位數成長與利潤率擴張。

So that's our focus today and our priorities, and we're really excited about the long-term opportunity in Taiwan and we continue to invest with that long-term framework into a business that we believe will be a significant generator of free cash flow and a material contributor to our free cash flow in the near to mid-term.

因此，這就是我們目前的聚焦與優先事項；我們對台灣的長期機會感到非常振奮，並會在這樣的長期框架下持續投資。我們相信這項業務將成為自由現金流的重要產生者，並在短中期對我們的自由現金流做出實質貢獻。

On the Try Now, Pay Later, that's just an example of one of many innovations that we're testing out. We have scores of these across our business. And some of these are -- it's in constant iteration. We're testing now. Our philosophy is always to test small, to iterate on the defects, to look for validation on the consumer and our assumptions.

至於「先試後付（Try Now, Pay Later）」，那只是我們正在測試的眾多創新之一。我們在整個業務中有數十項這類嘗試。其中一些——我們會持續不斷迭代。我們現在正在測試。我們的理念一向是小規模測試、針對缺陷迭代，並尋求對消費者與我們假設的驗證。

And yes, they have to be validated across a number of things. They have to be validated on the customer value proposition front, on the customer adoption front, customer engagement front, on the unit economics front, on the scalability front. I mean, there are many assumptions here that we look for clear validation for. And of course, very importantly, whether this is going to generate the long-term cash flows and the returns from a shareholder perspective that will justify the investment. So we look for customer, operational, and shareholder ROI lens. We're looking for validation on assumptions across those types of lenses before we scale any investment in initiatives like Try Now, Pay Later?

是的，這些都必須在多個面向上獲得驗證。必須在客戶價值主張、客戶採用、客戶參與度、單位經濟效益、可擴展性等面向被驗證。我的意思是，這裡有很多假設，我們會尋求明確的驗證。當然也非常重要的是，從股東角度來看，這是否能產生長期現金流與報酬，以合理化這項投資。因此我們會從客戶、營運與股東的投資報酬率（ROI）視角來評估。在我們擴大像「先試後付（Try Now, Pay Later）」這類計畫的任何投資之前，我們會先在這些視角下，對各項假設取得驗證。

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，您現在可以掛線。