eBay Inc (EBAY) 2025 Q2 法說會逐字稿

My name is Megan and I will be your conference operator today -- 2025 earnings call. (Operator Instructions) At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.

我叫梅根，今天我將擔任你們的會議主持人──2025 年收益電話會議。（操作員指示）現在，我想將電話轉給投資者關係副總裁約翰·埃格伯特 (John Egbert)。

Good afternoon. Thank you all for joining us for eBay's second quarter 2025 earnings conference call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Peggy Alford, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

午安.感謝大家參加 eBay 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有我們的執行長 Jamie Iannone 和我們的財務長 Peggy Alford。我們將提供幻燈片簡報來配合我們在電話會議上的評論，您可以透過 eBay 網站 investors.ebayinc.com 的投資者關係部分取得。

Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation.

在我們開始之前，我要提醒您，在本次電話會議期間，我們將討論與我們的績效相關的某些非公認會計準則指標。您可以在我們附帶的幻燈片簡報中找到這些指標與最接近的可比較 GAAP 指標的對帳。

Additionally, all growth rates noted in our prepared remarks will reflect organic FX-neutral year-over-year comparisons, and all earnings per share amounts reflect earnings per diluted share, unless indicated otherwise.

此外，除非另有說明，我們準備好的評論中提到的所有增長率都將反映有機外匯中性的同比比較，並且所有每股收益金額均反映每股攤薄收益。

During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties.

在本次電話會議中，管理階層將做出前瞻性陳述，包括但不限於有關我們未來業績和預期財務結果的陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性。

Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q in our earnings release from earlier today. You should not rely on any forward-looking statements.

由於各種原因，我們的實際結果可能與我們的預測有重大差異。您可以在我們今天早些時候發布的收益報告的 10-K 表和 10-Q 表的最新定期報告中找到有關可能影響我們經營業績的風險、不確定性和其他因素的更多資訊。您不應依賴任何前瞻性陳述。

All information in this presentation is as of July 30, 2025. We do not intend and undertake no duty to update this information. With that, I'll turn the call over to Jamie.

本簡報中的所有資訊截至 2025 年 7 月 30 日。我們不打算也不承擔更新此資訊的義務。說完這些，我會把電話轉給傑米。

Thanks, John. Good afternoon, and thank you all for joining us today. I'll begin with highlights from the second quarter. Then I'll go deeper on the fundamental drivers of our results and progress against our strategic initiatives. Following my remarks, I will turn the call over to Peggy, our new CFO, who will discuss our financial performance and outlook in greater detail before we open up the call for Q&A.

謝謝，約翰。下午好，感謝大家今天的參加。我將從第二季的亮點開始。然後，我將更深入地探討我們取得成果和策略進展的根本驅動因素。在我發言之後，我將把電話轉給我們的新任財務長佩吉 (Peggy)，她將在我們開始問答環節之前更詳細地討論我們的財務業績和前景。

We delivered another strong quarter in Q2 with all of our key financial metrics, exceeding both consensus expectations and the high end of our respective guidance ranges. Our gross merchandise volume grew by 4% to $19.5 billion, accelerating by over 2 points sequentially.

我們在第二季度再次表現強勁，所有關鍵財務指標均超出了普遍預期和各自指導範圍的上限。我們的商品交易總額增加了 4%，達到 195 億美元，比上一季增加了 2 個百分點以上。

Revenue grew by more than 4% to $2.73 billion. Non-GAAP operating income grew 8% to $775 million, and our non-GAAP earnings per share grew 16% year over year to $1.37. These results are a testament to our continued progress in reinventing the future of e-commerce for enthusiasts. The fundamental drivers of our return to profitable growth remain intact, while our marketplace has proven resilient to recent uncertainty brought on by tariffs and trade policy changes.

營收成長超過4%，達到27.3億美元。非公認會計準則營業收入成長8%，達到7.75億美元；非公認會計準則每股收益較去年同期成長16%，達到1.37美元。這些業績證明了我們在為愛好者重塑電子商務未來方面不斷取得進展。我們恢復獲利成長的根本驅動力依然完好，同時我們的市場已證明能夠抵禦近期關稅和貿易政策變化帶來的不確定性。

Now let's go deeper into the key drivers behind our Q2 performance. Our focus categories continue to be a significant engine of growth for eBay. In Q2, focused category GMV grew by over 10%, outpacing our core categories by 9 percentage points.

現在讓我們更深入地探討第二季業績背後的關鍵驅動因素。我們的重點類別持續成為 eBay 成長的重要引擎。第二季度，重點品類GMV成長超過10%，比核心品類高出9個百分點。

This momentum was broad-based as all of our individual focus categories accelerated year over year during Q2. Collectibles was once again the largest contributor to growth. As year-over-year growth in trading cards GMV accelerated for the 10th straight quarter, on the back of continued momentum in both collectible card games and sports trading cards.

這一勢頭具有廣泛基礎，因為我們所有個別關注的類別在第二季度都實現了同比增長。收藏品再次成為成長的最大貢獻者。受集換式卡牌遊戲和體育交易卡持續增長的推動，交易卡 GMV 連續第 10 個季度同比增長。

Interest in Pokemon cards has surged recently, with GMV growth in the triple digits for the second straight quarter, amid renewed interest from collectors and a particularly strong slate of product releases. While we expect to start lapping elevated growth in Pokemon in Q4, we continue to see strong secular growth across all our major trading card subcategories.

近期，人們對 Pokemon 卡的興趣激增，隨著收藏家興趣的重燃以及一系列強勁的產品發布，GMV 連續第二個季度實現三位數增長。雖然我們預計 Pokemon 將在第四季度開始實現高速成長，但我們所有主要交易卡子類別仍將保持強勁的長期成長。

For instance, sports trading cards and Magic: The Gathering also accelerated sequentially and GMV growth for each remains in the healthy double digits year-over-year. Our TCGplayer subsidiary is also consistently posting healthy double-digit GMV growth and set a new record for weekly GMV during its Mayhem event in Q2, which coincided with the pre-release window for the highly anticipated final fantasy universes beyond crossover.

例如，體育交易卡和萬智牌也連續加速成長，每項產品的 GMV 成長率都保持著健康的兩位數。我們的 TCGplayer 子公司也持續保持健康的兩位數 GMV 成長，並在第二季的 Mayhem 活動期間創下了每週 GMV 的新紀錄，這與備受期待的最終幻想宇宙跨界預發布窗口相吻合。

Overall, we remain confident in the durability for the trading cards category even if our growth is not linear from quarter to quarter due to the varying cadence and relative strength of product release cycles. Our strategic initiatives and partnerships have meaningfully contributed to our recent momentum in collectibles as we improve on our industry-leading experience for Hobbyists. During Q2, we fully ramped our grading add-on solution in the US in partnership with PSA and continue to see healthy attach rates.

整體而言，儘管由於產品發布週期的節奏和相對強度不同，我們的季度成長並不是線性的，但我們仍然對交易卡類別的持久性充滿信心。隨著我們為愛好者提供領先業界的體驗，我們的策略性舉措和合作夥伴關係對我們近期在收藏品領域的發展勢頭做出了有意義的貢獻。在第二季度，我們與 PSA 合作在美國全面推廣了我們的評級附加解決方案，並繼續看到健康的附加率。

We introduced bulk selling capabilities for cards added to my collection to effortlessly populate multiple listings with just a few clicks. We began integrating inventory from Golden auctions into the eBay marketplace, generating more exposure for these highest listings.

我們為添加到我的收藏中的卡片引入了批量銷售功能，只需單擊幾下即可輕鬆填充多個列表。我們開始將黃金拍賣的庫存整合到 eBay 市場中，為這些最高價的商品帶來更多的曝光率。

And our Golden subsidiary acquired Studio Auctions, which expands our offering for collectors of Hollywood and pop cultural memorabilia. Motors, parts and accessories or P&A, also contributed nearly appoint of year-over-year GMV growth for our overall enterprise, driven by strength across our major markets and trade quarters.

我們的 Golden 子公司收購了 Studio Auctions，擴大了我們為好萊塢和流行文化紀念品收藏家提供的服務。汽車、零件和配件（P&A）也為我們整體業務貢獻了近一半的同比增長，這得益於我們主要市場和貿易季度的強勁增長。

While we've observed some pressure on direct shipped inventory from Greater China following tariff increases and removal of the de minimis exemption, we've seen increased adoption of SpeedPAK and resilient growth trends within forward-deployed inventory.

雖然我們觀察到，隨著關稅上調和最低限度豁免的取消，大中華區的直接發貨庫存面臨一些壓力，但我們看到 SpeedPAK 的採用率有所提高，並且前瞻性部署庫存呈現彈性增長趨勢。

We also continue to expand buyers access to well-priced supply in key areas like used and green parts, many of which are sourced in their local markets. In the US, we've begun automating the enhancement of fitment data to P&A listings in recent quarters, which exposes them to a larger number of relevant auto part shoppers.

我們也將繼續擴大買家在關鍵領域（如二手和綠色零件）獲得價格合理的供應的管道，其中許多都來自當地市場。在美國，我們在最近幾季開始自動增強 P&A 清單中的配件數據，使更多相關的汽車零件購物者能夠看到這些數據。

And in July, we launched easy and free returns for P&A in the US, which enables buyers to easily return eligible purchases for any reason, further improving our leading value proposition for auto enthusiasts. Our luxury and apparel focused categories also contributed positively to growth in Q2. In recent months, we've expanded the number of streetwear and luxury apparel brands eligible for authentication in the US.

今年 7 月，我們在美國推出了 P&A 輕鬆免費退貨服務，買家可以以任何理由輕鬆退回符合條件的商品，進一步提升了我們針對汽車愛好者的領先價值主張。我們以奢侈品和服裝為重點的類別也對第二季的成長做出了積極貢獻。最近幾個月，我們擴大了美國有資格獲得認證的街頭服飾和奢侈服裝品牌的數量。

And in June, we launched luxury apparel authentication in the UK, covering dozens of the world's most sought-after brands. Our Authenticity Guarantee program achieved two significant milestones in Q2, inspecting over 1 million items in a single quarter for the first time and reaching a total of more than 15 million cumulative items processed through our authentication centers. Our momentum in fashion continues to benefit from improved consideration among enthusiasts, which has been amplified by our full funnel marketing strategy.

今年6月，我們在英國推出了奢華服飾認證服務，涵蓋了全球數十個最受歡迎的品牌。我們的真品保證計畫在第二季度實現了兩個重要的里程碑：首次在一個季度內檢查了超過 100 萬件商品，並且透過我們的認證中心處理的商品累計總數已超過 1500 萬件。我們在時尚領域的發展動能持續受益於愛好者日益增長的關注度，而我們的全通路行銷策略則進一步擴大了這一勢頭。

In May, we sponsored the Met Gala live stream, and had a major presence on the red carpet, resulting in nearly $5 billion earned media impressions. eBay became the first non-designer brand to dress attendees head to toe with celebrities like Chappell Roan, Emma Chamberlain and Jeremy Pope wearing pre-loved and vintage items sourced from eBay.

五月，我們贊助了 Met Gala 的直播，並在紅毯上大放異彩，創造了近 50 億美元的媒體曝光。 eBay 成為第一個為出席者提供從頭到腳服裝的非設計師品牌，Chappell Roan、Emma Chamberlain 和 Jeremy Pope 等名人都穿著從 eBay 購買的二手和復古單品。

Our marketing efforts have also benefited from our increased capabilities in generative AI. In recent months, we've started leveraging GenAI to optimize listing titles in our product listing ads syndicated to Google, resulting in measurably higher quality scores, ranking and overall performance for these listings, leading to incremental GMV.

我們的行銷工作也受惠於我們不斷增強的生成人工智慧能力。最近幾個月，我們開始利用 GenAI 來優化與 Google 聯合發布的產品清單廣告中的清單標題，從而顯著提高這些清單的品質得分、排名和整體效能，從而增加 GMV。

We have also leveraged proprietary models to detect and replace low quality or clutter listing images with higher-quality AI-generated alternatives for Google PLAs, which has increased the acceptance rate on these listings and shown a significant lift to GMV.

我們還利用專有模型來檢測低品質或混亂的清單影像，並用更高品質的 AI 生成的 Google PLA 替代品來替換它們，這提高了這些清單的接受率，並顯著提升了 GMV。

We're also leveraging generative AI to drive personalized engagement with our customers. In late 2024, we introduced AI-generated subject lines and pre-headers for personalized CRM e-mails in the US, which drove a greater than 40% increase in quality visits versus our prior approach. In recent months, we've expanded this feature to the UK and have seen similar results. We are now expanding these personalized e-mails to more use cases such as abandoned carts and followed seller e-mails.

我們也利用產生人工智慧來推動與客戶的個人化互動。2024 年末，我們在美國推出了由 AI 生成的個人化 CRM 電子郵件主題行和預標題，與先前的方法相比，這使得優質訪問量增加了 40% 以上。最近幾個月，我們將此功能擴展到英國並看到了類似的結果。我們現在正在將這些個人化電子郵件擴展到更多用例，例如廢棄的購物車和關注的賣家電子郵件。

We've leveraged proprietary LLM to generate these personalized messages. And our teams have managed to keep GPU utilization costs low by optimizing customer segmentation as we've seen the strongest uplift when focusing on our enthusiast customers.

我們利用專有的 LLM 來產生這些個人化訊息。我們的團隊透過優化客戶細分成功將 GPU 利用成本保持在較低水平，因為我們在關注發燒友客戶時看到了最強勁的成長。

We're already sending millions of these tailored e-mails each week and plan to continue leveraging generative AI to personalize more touch points of the customer experience through CRM channels. Our geo-specific initiatives represent another key building block for growth in 2025, and we made notable progress on our UK initiative during Q2.

我們每週已經發送數百萬封此類客製化電子郵件，並計劃繼續利用生成式人工智慧透過 CRM 管道個人化更多客戶體驗接觸點。我們的地理特定舉措是 2025 年成長的另一個關鍵基石，我們在第二季在英國的舉措上取得了顯著進展。

Since launching a suite of new capabilities to upgrade the consumer-to-consumer experience in the UK in Q4, we have seen notably stronger GMV growth trends versus our prior baseline even after introducing a buyer-facing fee in Q1.

自從第四季度推出一系列新功能來升級英國消費者對消費者的體驗以來，即使在第一季引入了面向買家的費用後，我們也看到 GMV 成長趨勢明顯強於先前的基線。

During Q2, we continued to scale adoption of our managed shipping solution for UK C2C sellers as we introduce new features and functionality. We added package collection services for convenience, and a delivered store feature that enables buyers to have their item shipped to anyone of over 10,000 every parcel shops or lockers in the UK, which yields significant cost savings relative to home delivery.

在第二季度，我們繼續擴大英國 C2C 賣家採用我們的託管運輸解決方案的規模，並推出新的功能和功能。為了方便起見，我們添加了包裹收取服務，以及送貨上門功能，使買家能夠將他們的物品運送到英國超過 10,000 個包裹商店或儲物櫃中的任何一個，這相對於送貨上門可以節省大量成本。

In late Q2, we began mandating adoption of managed shipping for all new C2C listings outside of certain edge cases. Over the next few months, we plan to continue improving the managed shipping experience by adding new solutions for bulky items and age-verified products.

在第二季末，我們開始強制要求所有新的 C2C 清單採用託管運輸，但某些特殊情況除外。在接下來的幾個月裡，我們計劃透過為大件物品和經過年齡驗證的產品添加新的解決方案來繼續改善託管運輸體驗。

We are also planning to expand the thousands more collection and drop-off points in the UK and drive awareness of the cost savings and sustainability benefits of adopting these services. These enhancements built upon the already strong value proposition that managed shipping offers, faster listing times, lower shipping costs, greater transparency from added tracking and protection against lost or damaged items.

我們還計劃在英國擴大數千個收集和投放點，並提高人們對採用這些服務的成本節約和永續效益的認識。這些增強功能建立在管理運輸提供的強大價值主張之上，包括更快的上市時間、更低的運輸成本、透過增加追蹤來實現更高的透明度以及防止物品遺失或損壞。

eBay Live is another major area of focus and investment in 2025. eBay Live brings our most engaged communities to life, transforming how enthusiasts discover, assess and compete for high demand inventory in real time.

eBay Live 是 2025 年另一個重點關注和投資領域。 eBay Live 為我們最活躍的社群注入了活力，改變了愛好者即時發現、評估和競爭高需求庫存的方式。

It's a natural extension of our leadership in categories like trading cards, fashion and luxury goods, where trust, storytelling and scarcity are core to the purchase experience. By layering live commerce on top of our scaled marketplace, we're creating new shopping experiences where sellers can connect directly with their audience and like-minded buyers can engage with each other, all while leveraging the sellers, inventory and demand we already have. GMV and watch time for eBay Live continues to grow quarter after quarter as we onboard more sellers into the program.

這是我們在交易卡、時尚和奢侈品等領域領導地位的自然延伸，在這些領域，信任、故事性和稀缺性是購買體驗的核心。透過在我們規模化的市場上分層開展即時商務，我們正在創造新的購物體驗，賣家可以直接與他們的受眾聯繫，志同道合的買家可以相互交流，同時利用我們已有的賣家、庫存和需求。隨著我們吸引更多賣家加入該計劃，eBay Live 的 GMV 和觀看時間逐季度持續成長。

eBay Live initially ramped within the trading cards category, but during Q2, we saw accelerating contributions from luxury watches, jewellery, handbags and pre-loved apparel. In May, we formally launched eBay Live in the UK market alongside a major activation at Comic Con, London.

eBay Live 最初在交易卡類別中蓬勃發展，但在第二季度，我們看到奢侈手錶、珠寶、手袋和二手服裝的貢獻也在加速增長。5 月，我們在英國市場正式推出 eBay Live，並在倫敦動漫展上進行了一次大型活動。

Our teams also continue to innovate on the live commerce experience for sellers and buyers. During the quarter, we introduced a redesigned host console for sellers that enables real-time edits to listings, item lineup viewing and a greater number of one-click actions to increase sales velocity. In the US, we launched two of our most requested features for eBay Live, auto charge and combined shipping capabilities, which improve trust and reduce friction.

我們的團隊也持續創新賣家和買家的即時商務體驗。在本季度，我們為賣家推出了重新設計的主機控制台，可以即時編輯清單、查看商品陣容以及進行更多一鍵操作，以提高銷售速度。在美國，我們為 eBay Live 推出了兩個最受歡迎的功能，即自動收費和聯合運輸功能，這可以提高信任度並減少摩擦。

We also debuted eBay Live on tour, a series of in-person events, bringing eBay live to the community via trade nights, hobby parties and pop culture events. We see eBay Live as a way to harness the power of the vibrant communities that have organically developed on eBay over the past 30 years.

我們還在巡迴活動中首次推出了 eBay Live，這是一系列面對面活動，透過貿易之夜、興趣派對和流行文化活動將 eBay 直播帶入社區。我們認為 eBay Live 是一種利用過去 30 年在 eBay 上有機發展起來的活躍社群的力量的方式。

We have already seen significant evidence that live commerce can deepen engagement among eBay enthusiasts and unlock even greater velocity in our strongest verticals, which validates our continued investment in this experience.

我們已經看到大量證據表明，即時商務可以加深 eBay 愛好者的參與度，並在我們最強大的垂直領域釋放更大的速度，這證明了我們對此體驗的持續投資。

Turning next to advertising. During Q2, our first-party advertising revenue on the eBay platform grew 17%, driven by balanced growth across our ads portfolio. Active Promoted Listings made up nearly 1.2 billion of the close to 2.4 billion total listings on eBay, while 4.1 million sellers adopted a single Promoted Listings product during the quarter.

接下來談談廣告。在第二季度，我們在 eBay 平台上的第一方廣告收入成長了 17%，這得益於我們廣告組合的均衡成長。在 eBay 近 24 億個總清單項目中，主動推廣清單項目佔近 12 億個，而本季有 410 萬賣家採用了單一推廣清單產品。

Within Promoted Listings, general adds were the largest contributor to the year-over-year growth in Q2, followed by priority adds and promoted offsite units. Promoted stores also continue to scale quickly off of a small base.

在推廣房源中，一般添加是第二季度同比增長的最大貢獻者，其次是優先添加和推廣場外單位。促銷商店也繼續在小規模的基礎上迅速擴大規模。

During the quarter, we implemented several optimizations for our ads portfolio that contributed to growth, such as leveraging proprietary models, trained on more granular buyer behavior to service more relevant products, and using LLM to analyze search queries and surface more relevant promoted products. We also extended priority ads to vehicle sellers for the first time, enabling both dealers and C2C sellers to generate more exposure for their vehicle listings.

在本季度，我們對廣告組合實施了幾項最佳化，以促進成長，例如利用專有模型，對更細粒度的購買者行為進行培訓以提供更相關的產品，以及使用 LLM 分析搜尋查詢並展示更相關的促銷產品。我們也首次向汽車賣家提供優先廣告，使經銷商和 C2C 賣家都能為其汽車清單帶來更多曝光。

Within Payments and Financial Services, we continue to focus on enhancing buyer choice, reducing conversion friction and expanding our solutions for sellers. A key highlight this quarter was the successful expansion of our partnership with Klarna into the US market on April 1, building on our established global strategic partnership. Following our successful expansion in Europe late last year, Klarna's US launch has surpassed our initial expectations in terms of incremental GMV and new and reactivated buyers.

在支付和金融服務領域，我們繼續致力於增強買家選擇、減少轉換摩擦並擴展我們為賣家提供的解決方案。本季的一個亮點是，我們與 Klarna 的合作於 4 月 1 日成功擴展到美國市場，這鞏固了我們已建立的全球戰略合作夥伴關係。繼去年年底我們在歐洲成功擴張之後，Klarna 在美國推出的產品在增量 GMV 和新買家及重新激活買家方面已經超出了我們最初的預期。

The average order value on Klarna's transactions is approximately 3 times the US marketplace average. While adoption has been particularly strong in focused categories like P&A, fashion and electronics. Klarna is also helping us attract a younger demographic with roughly 50% of sales coming from Gen Z and millennial buyers and a higher mix of sales generated by female shoppers.

Klarna 交易的平均訂單價值約為美國市場平均的 3 倍。而在廣告、時尚和電子產品等重點類別中，採用率尤其高。Klarna 也幫助我們吸引更年輕的群體，其中約 50% 的銷售額來自 Z 世代和千禧世代買家，而女性購物者的銷售額佔比更高。

Beyond Klarna, our other financial services initiatives continued to deliver value for customers. In the UK, our eBay balance feature continues to gain traction, enabling our several million active UK C2C sellers to utilize their sales earnings for eBay purchases, generating incremental GMV and while lowering our payment costs in the process. Our seller capital program continues to empower small businesses with access to crucial funding, having dispersed over $100 million of growth capital year-to-date to more than 10,000 sellers globally.

除了 Klarna，我們的其他金融服務計劃也繼續為客戶帶來價值。在英國，我們的 eBay 餘額功能繼續受到青睞，使我們數百萬活躍的英國 C2C 賣家能夠利用他們的銷售收入進行 eBay 購買，從而產生增量 GMV，同時降低我們的支付成本。我們的賣家資本計畫繼續為小型企業提供獲得關鍵資金的機會，今年迄今已向全球 10,000 多名賣家發放了超過 1 億美元的成長資本。

Beyond our operational performance, our dedication to the impact and sustainability of our marketplace continues to be recognized. I'm proud to share that eBay was named one of Time World's most sustainable companies and Newsweek's world's greenest companies 2025, underscoring our unwavering commitment to e-commerce and a healthier planet.

除了我們的營運績效之外，我們對市場影響力和永續性的奉獻也持續得到認可。我很自豪地告訴大家，eBay 被《時代》雜誌評為全球最具永續發展能力的公司之一，並被《新聞週刊》評為 2025 年全球最環保的公司，這凸顯了我們對電子商務和更健康地球的堅定承諾。

Our purpose-driven community also continues its incredible work, notably through the eBay Foundation's One Good Thing campaign, where more than 8,500 volunteer hours and over $790,000 were donated by employees and the eBay Foundation to over 250 nonprofits globally, truly embodying our mission to create economic opportunity for all.

我們目標明確的社區也繼續進行著令人難以置信的工作，特別是透過 eBay 基金會的「一件好事」活動，員工和 eBay 基金會向全球 250 多個非營利組織捐贈了超過 8,500 個志願小時和超過 790,000 美元，真正體現了我們為所有人創造經濟機會的使命。

In closing, Q2 was another strong quarter for eBay, demonstrating the continued momentum of our strategy and resilience of our marketplace. Focused categories remain an engine of growth for our marketplace and accelerated to 10% GMV growth. Our UK business is benefiting from a similar playbook being deployed at the geographic level with GMV growth comfortably above our baseline before our investments in overhauling the C2C experience.

最後，第二季度對 eBay 來說又是一個強勁的季度，證明了我們策略的持續發展勢頭和市場韌性。重點類別仍然是我們市場的成長引擎，GMV 成長加速至 10%。我們的英國業務受益於在地理層面部署的類似策略，在我們投資徹底改革 C2C 體驗之前，GMV 成長遠高於我們的基準。

AI continues to fundamentally change the eBay experience for customers as we streamline the listing experience, improve the efficacy of search to connect the right buyers in inventory, created more inspirational shopping experiences and enhanced trust throughout our marketplace.

隨著我們簡化清單體驗、提高搜尋效率以連接庫存中的合適買家、創造更具啟發性的購物體驗並增強整個市場的信任，人工智慧繼續從根本上改變客戶的 eBay 體驗。

Additionally, we are increasingly leveraging AI to improve the effectiveness of our advertising products and marketing and personalize our CRM communications with our enthusiast customers. We also continue to invest in medium and longer term initiatives like eBay Live in our vehicles business enabled by the acquisition of Caramel, which are contributing modestly to GMV in 2025, but represent significant opportunities in the years to come.

此外，我們越來越多地利用人工智慧來提高我們的廣告產品和行銷的有效性，並個性化我們與熱心客戶的 CRM 溝通。我們也將繼續投資中長期計劃，例如透過收購 Caramel 在我們的汽車業務中推出的 eBay Live，這些計劃對 2025 年的 GMV 貢獻不大，但在未來幾年代表著重大機會。

As we approach the 30th anniversary of eBay's founding in September, I would like to thank our teams for the significant progress they've made in reinventing the future of e-commerce for enthusiasts in recent years. Their unwavering dedication towards our mission has kept us firmly on the path towards sustainable long-term growth, yielding significant value for our shareholders.

今年 9 月，eBay 將迎來 30 週年，在此之際，我要感謝我們的團隊近年來在為愛好者重塑電子商務未來方面取得的重大進展。他們對我們使命的堅定奉獻使我們堅定地走在可持續長期增長的道路上，為我們的股東帶來了巨大的價值。

With that, I'll turn the call over to Peggy who will provide more details on our financial performance and outlook. Peggy, over to you.

說完這些，我將把電話轉給佩吉，她將提供有關我們的財務表現和前景的更多細節。佩吉，交給你了。

Thank you, Jamie. I'm incredibly excited to return to eBay and help build on the strong foundation we have in place in order to accelerate our transformation. The opportunity ahead is significant, and I look forward to partnering with Jamie and the rest of our leadership team to drive the next chapter of eBay's growth story.

謝謝你，傑米。我非常高興能夠重返 eBay，並幫助我們鞏固現有的堅實基礎，從而加速我們的轉型。未來的機會是巨大的，我期待與 Jamie 和我們領導團隊的其他成員合作，推動 eBay 發展故事的下一篇章。

I will begin with the financial highlights of the second quarter. GMV grew 4% to $19.5 billion. Revenue grew over 4% to $2.73 billion. Non-GAAP operating income grew 8% to $775 million, and non-GAAP earnings per share grew 16% to $1.37. In addition, we returned approximately $760 million to shareholders through repurchases and cash dividends.

我將從第二季的財務亮點開始。GMV 成長 4%，達到 195 億美元。營收成長超過4%，達到27.3億美元。非公認會計準則營業收入成長8%，達到7.75億美元；非公認會計準則每股收益成長16%，達到1.37美元。此外，我們透過回購和現金股利向股東返還了約7.6億美元。

Let's take a closer look at our financial and operating metrics. GMV grew 4% to $19.5 billion in Q2 on an organic FX-neutral basis. The strength in the quarter was primarily driven by the continued execution of our strategic initiatives and more favorable trends in the US, where consumer demand improved through Q2, and the impact of tariffs was more muted than we anticipated.

讓我們仔細看看我們的財務和營運指標。以有機匯率中性計算，第二季 GMV 成長 4%，達到 195 億美元。本季的強勁表現主要得益於我們持續執行的戰略舉措以及美國更為有利的趨勢，美國的消費者需求在第二季度有所改善，關稅的影響也比我們預期的要小。

Golden added over 10 basis points of growth in the quarter and we lapped the acquisition in mid-May. Foreign exchange also provided a tailwind of roughly 170 basis points to spot GMV growth. Focus categories were a key driver of our performance, growing over 10% in Q2. We saw year-over-year growth rates accelerate sequentially across all focused categories, luxury goods, collectibles, refurbished, sneakers, P&A and apparel.

Golden 在本季增加了 10 個基點以上的成長，並且我們在 5 月中旬完成了收購。外匯也為現貨 GMV 成長提供了約 170 個基點的推動力。重點類別是我們業績的主要驅動力，第二季成長超過 10%。我們看到所有重點類別、奢侈品、收藏品、翻新品、運動鞋、P&A 和服裝的同比增長率均連續加快。

In the US market, GMV growth accelerated to 7% and exceeded our expectations due to several factors. Healthy consumer demand drove broad-based strength across both focus and core categories with particularly strong performance in trading cards.

在美國市場，由於多種因素的影響，GMV 成長加速至 7%，超出了我們的預期。健康的消費者需求推動了重點和核心類別的全面走強，其中交易卡的表現特別強勁。

Our US results were driven by growth in both sold items and average selling prices. The increase in ASP was partly attributable to category mix shift and also our expansion of our Klarna partnership to the US market, which improved conversion on high ticket items.

我們在美國市場的業績受到銷售商品和平均售價成長的推動。平均售價的成長部分歸因於品類組合的變化，以及我們將與 Klarna 的合作關係擴展到美國市場，從而提高了高價商品的轉換率。

We also observed enhanced efficiency in our lower funnel marketing spend, partly due to competitive dynamics. International GMV grew nearly 2% on an FX-neutral basis, with foreign exchange providing a tailwind of more than 330 basis points to spot growth. Our investments in the UK and Germany have been instrumental in helping us navigate lower growth environments in both countries.

我們也發現，低通路行銷支出的效率有所提高，部分原因在於競爭動態。剔除匯率因素，國際商品交易總額 (GMV) 成長近 2%，外匯為現貨成長提供了超過 330 個基點的推動力。我們在英國和德國的投資幫助我們應對這兩個國家較低的成長環境。

Our cross-border volume growth in Q2 was similar to Q1 as US tariffs have had a limited impact on GMV to date. We did experience some disruption to direct shipments from Greater China to the US following the elimination of de minimis exemption, but the volume that persisted saw an uplift to ASP.

由於迄今為止美國關稅對 GMV 的影響有限，我們第二季的跨境交易量成長與第一季相似。在取消最低限度豁免之後，大中華區至美國的直運確實受到了一些幹擾，但持續的運輸量導致平均售價上漲。

As a reminder, the vast majority of our volume in this corridor is either forward deployed where tariffs are applied against sellers' wholesale cost, or utilizes our shipping service feedback, which helps sellers and buyers navigate applicable tariffs.

提醒一下，我們在此管道的絕大多數貨物要么是預先部署的，對賣家的批發成本徵收關稅，要么是利用我們的運輸服務反饋，幫助賣家和買家了解適用的關稅。

Moving on to our biometrics. Our trailing 12-month active buyers were $134 million in Q2, up 1% year over year. Enthusiast buyers remained stable at roughly $16 million and spend per enthusiast buyer continued to grow year over year, reaching nearly $3,200 in Q2.

接下來討論生物辨識技術。我們過去 12 個月的活躍買家在第二季達到 1.34 億美元，年增 1%。發燒友買家的支出保持穩定，約 1,600 萬美元，每位發燒友買家的支出較去年同期成長，在第二季達到近 3,200 美元。

Shifting to our income statement. Revenue grew over 4% to $2.73 billion in Q2 on an organic FX-neutral basis. Foreign exchange was a tailwind of nearly 170 basis points to spot growth. Our take rate was 14%, up modestly year over year. Advertising, shipping and financial services contributed positively to take rate, which was offset by our UK C2C initiative and mix shift across our categories and geographies.

轉到我們的損益表。以有機匯率中性計算，第二季營收成長超過 4%，達到 27.3 億美元。外匯對現貨經濟成長起到了近 170 個基點的推動作用。我們的接受率為 14%，較去年同期略有上升。廣告、航運和金融服務對接受率做出了積極貢獻，但被我們英國的 C2C 計劃以及跨類別和跨地區的組合轉變所抵消。

On a sequential basis, UK C2C improved overall take rate by over 20 basis points in Q2, benefiting from a full quarter of buyer protection fee contribution and our managed shipping ramp. Advertising revenue was $482 million, representing GMV penetration of nearly 2.5%. Within the eBay platform, first-party ads grew roughly 17% to $455 million. We continue to deprecate legacy third-party display ads, which declined by 43% to $8 million.

與上一季相比，英國 C2C 的整體接受率在第二季度提高了 20 多個基點，這得益於整個季度的買家保護費貢獻和我們管理的運輸坡道。廣告收入為 4.82 億美元，GMV 滲透率接近 2.5%。在 eBay 平台內，第一方廣告成長約 17%，達到 4.55 億美元。我們繼續棄用傳統的第三方展示廣告，其收入下降了 43%，至 800 萬美元。

Off-platform adds grew 46%, reaching $19 million. Non-GAAP gross margin expanded by over 20 basis points year over year as pressure from shipping initiatives, traffic acquisition costs related to promoted offsite ads and depreciation expenses was more than offset by cost of payments efficiencies as we lapped onetime tax expenses in the prior year.

平台外新增收入成長 46%，達到 1,900 萬美元。非公認會計準則由於運輸計劃、與推廣場外廣告相關的流量獲取成本以及折舊費用帶來的壓力被支付成本效率所抵消（因為我們在上一年抵消了一次性稅費），因此毛利率同比增長了 20 多個基點。

Our non-GAAP operating margin was 28.4%, up roughly 50 basis points year over year as volume leverage and contributions from advertising, financial services and marketing efficiencies offset headcount-related costs our UK C2C initiative and M&A expenses.

我們的非公認會計準則營業利潤率為 28.4%，年增約 50 個基點，因為銷售槓桿以及廣告、金融服務和行銷效率的貢獻抵消了與員工相關的成本、我們的英國 C2C 計劃和併購費用。

Additionally, FX represented a 40 basis points tailwind to operating margin in Q2. Non-GAAP earnings per share was $1.37, up 16%, and GAAP earnings per share was $0.79, up 77%. The higher GAAP earnings growth rate was primarily due to the lapping of investment losses a year ago.

此外，外匯對第二季的營業利潤率產生了 40 個基點的順風。非公認會計準則每股收益為 1.37 美元，成長 16%，公認會計準則每股收益為 0.79 美元，成長 77%。較高的 GAAP 獲利成長率主要歸因於一年前投資損失的彌補。

Moving to our balance sheet and capital allocation. Free cash flow was negative $441 million, in line with our expectations due to roughly $935 million of cash outflows in the quarter relating to taxes on equity investment sales last year and our final repatriation tax payment.

轉向我們的資產負債表和資本配置。自由現金流為負 4.41 億美元，符合我們的預期，因為本季與去年股權投資銷售稅和我們的最終遣返稅支付有關的現金流出約為 9.35 億美元。

We repurchased $625 million of eBay shares in Q2 at an average price of $71 and paid a quarterly cash dividend of $134 million in June or $0.29 per share. At the end of the quarter, we had cash and nonequity investments of $5.4 billion and gross debt of $6.7 billion on our balance sheet. Our equity investments were valued at over $900 million.

我們在第二季以平均 71 美元的價格回購了價值 6.25 億美元的 eBay 股票，並在 6 月支付了 1.34 億美元的季度現金股息，即每股 0.29 美元。截至本季末，我們的資產負債表上有 54 億美元的現金和非股權投資以及 67 億美元的總債務。我們的股權投資價值超過 9 億美元。

In May, we received approximately $225 million from shareholder distribution. This return of capital reduced the carrying value of our investment to approximately $650 million at the end of Q2. Turning to our outlook. While the environment remains uncertain, our business has performed well in July, reflecting sustained healthy consumer trends in the US and continued execution of our strategic initiatives.

五月份，我們從股東分配中獲得了約 2.25 億美元的資金。此次資本返還使我們的投資帳面價值在第二季末減少至約 6.5 億美元。轉向我們的展望。儘管環境仍然不確定，但我們的業務在 7 月表現良好，反映出美國持續健康的消費趨勢以及我們策略性舉措的持續執行。

For the third quarter, we expect GMV between $19.2 million and $19.6 billion, representing FX-neutral growth between 3% and 5% year over year. Based on current exchange rates, we estimate FX would represent roughly 170 basis points of tailwind to spot GMV growth.

對於第三季度，我們預計 GMV 在 1,920 萬美元至 196 億美元之間，扣除匯率因素，年增 3% 至 5%。根據當前匯率，我們估計外匯將為現貨 GMV 成長帶來約 170 個基點的順風。

While we have largely navigated the impact of tariffs to date, our guidance range does contemplate potential disruptions from impending tariffs and the potential elimination of de minimis exemptions on other trade corridors. We forecast revenue between $2.69 billion and $2.74 billion, implying FX-neutral growth of 3% to 5%.

雖然迄今為止我們已經基本控制了關稅的影響，但我們的指導範圍確實考慮到了即將實施的關稅可能造成的破壞以及其他貿易走廊可能取消最低限度豁免的情況。我們預測營收在 26.9 億美元至 27.4 億美元之間，這意味著不計匯率因素，成長率為 3% 至 5%。

Based on current exchange rates, we estimate an FX tailwind of roughly 120 basis points to spot revenue growth. On a sequential basis, this implies take rate is roughly flat as advertising and managed shipping monetization are expected to be offset by an FX headwind of 10 basis points and some additional pressure from mix shift.

根據當前匯率，我們估計外匯順風將帶來約 120 個基點，以促進收入成長。從連續性來看，這意味著接受率基本上持平，因為廣告和管理航運貨幣化預計將被 10 個基點的外匯逆風和組合變化帶來的一些額外壓力所抵消。

We expect non-GAAP operating margin for Q3 to be between 26.6% and 27.1%, representing non-GAAP operating income growth between 2% and 6% as reported. We remain focused on maintaining a disciplined balance between top and bottom line growth as we invest for the future.

我們預計第三季非公認會計準則營業利潤率將在 26.6% 至 27.1% 之間，這意味著非公認會計準則營業收入成長率將在 2% 至 6% 之間。在投資未來時，我們仍將專注於保持頂線和底線成長之間的平衡。

Given the year-to-date strength in our business, we intend to reinvest a portion of further top line upside and strategic initiatives aimed at driving long-term value for shareholders. We forecast non-GAAP earnings per share between $1.29 and $1.34, representing year-over-year growth between 8% and 12%.

鑑於今年迄今我們業務的強勁表現，我們打算將部分營收成長和策略性舉措重新投資，旨在為股東創造長期價值。我們預測非公認會計準則每股收益在 1.29 美元至 1.34 美元之間，年增 8% 至 12%。

Next, I'll share some updated thoughts on the full year. For 2025, our GMV is tracking towards the high end or slightly above our prior expected range of low single-digit FX neutral growth. We continue to view much of the year-to-date strength in our business as durable, particularly the momentum within focus categories and contributions from other strategic initiatives.

接下來，我將分享一些關於全年的最新想法。到 2025 年，我們的 GMV 將接近高端或略高於我們先前預期的低個位數外匯中性成長範圍。我們仍然認為，今年迄今為止我們業務的大部分優勢是持久的，特別是重點類別的勢頭和其他戰略舉措的貢獻。

However, our outlook for the remainder of the year contemplates several mitigating factors to recent GMV trends. First, we faced tougher year-over-year comparisons in Q4 overall due to an especially strong holiday season.

然而，我們對今年剩餘時間的展望考慮到了近期 GMV 趨勢的幾個緩解因素。首先，由於假期季節的強勁表現，我們第四季整體上面臨更為嚴峻的同比情勢。

Second, we anticipate some potential moderation in trading cards growth in Q4, which improved substantially in late 2024 due to an exceptionally strong series of product releases. Third, we will lap an acceleration in the U.K. C2C volume as we launched our initiative in October of last year. Lastly, we continue to contemplate a range of scenarios regarding tariffs as new trade policies are announced and implemented.

其次，我們預計第四季度交易卡成長可能會有所放緩，由於一系列異常強勁的產品發布，交易卡成長將在 2024 年末大幅改善。第三，自去年 10 月啟動該計畫以來，我們將加速英國 C2C 交易量的成長。最後，隨著新貿易政策的宣布和實施，我們將繼續考慮一系列與關稅有關的情景。

We forecast revenue growth modestly higher than GMV for the full year on an FX-neutral basis, driven by advertising, shipping and financial services. We expect non-GAAP operating income growth between 4% and 5% year over year on an as-reported basis, which includes the impact of several unique headwinds to non-GAAP operating margin outlined in our earnings presentation.

我們預測，在廣告、運輸和金融服務的推動下，全年營收成長將略高於 GMV（不計入匯率）。我們預計非公認會計準則營業收入將年增 4% 至 5%，其中包括我們在收益報告中概述的幾種對非公認會計準則營業利潤率的獨特不利因素的影響。

We forecast capital expenditures to be between 4% and 5% of revenue for the full year and expect our non-GAAP tax rate to remain stable at 16.5%. We now expect reported free cash flow of approximately $1.5 billion in 2025, which includes a headwind of $935 million from the unique tax items noted earlier. On a normalized basis, free cash flow is expected to be comfortably north of $2 billion.

我們預測全年資本支出將佔營收的 4% 至 5%，並預期我們的非 GAAP 稅率將保持穩定在 16.5%。我們現在預計 2025 年報告的自由現金流約為 15 億美元，其中包括前面提到的獨特稅項帶來的 9.35 億美元逆風。以正常標準計算，自由現金流預計將輕鬆超過 20 億美元。

We are now targeting share repurchases of approximately $2.5 billion for the full year. Additionally, our Board declared a quarterly dividend of $0.29 per share for Q3 to be paid in September. Based on these assumptions, we now expect non-GAAP earnings per share growth between 10% and 12% year over year in 2025.

我們現在的目標是全年回購約 25 億美元的股票。此外，我們的董事會宣布第三季的季度股息為每股 0.29 美元，將於 9 月支付。基於這些假設，我們現在預計 2025 年非 GAAP 每股盈餘將年增 10% 至 12%。

Before we start Q&A, I'd just like to reiterate how thrilled I am to be joining as eBay's CFO and helping lead the company into our next stage of growth, focusing on categories where we are uniquely positioned to win. What I've seen so far has been impressive and energizing from the level of innovation and collaboration of our teams, the increased focus on serving the needs of our customers and our deep commitment to connecting people and building communities to create economic opportunity for all.

在我們開始問答之前，我想重申一下，我很興奮能夠加入 eBay 擔任財務官，幫助帶領公司進入下一個成長階段，專注於我們具有獨特優勢的類別。到目前為止，我看到的令人印象深刻且令人振奮的是我們團隊的創新和協作水平、對滿足客戶需求的日益關注以及我們對連接人們和建立社區以便為所有人創造經濟機會的堅定承諾。

We are uniquely positioned to thrive in this next stage of growth. We have a strong balance sheet, clear strategic priorities and a world-class team. My focus will be on driving operational excellence and disciplined allocation of capital to support our longer-term growth ambitions, unlocking significant value for our shareholders in the process. And I look forward to meeting our shareholders and s community soon.

我們擁有獨特的優勢，可以在下一階段的成長中蓬勃發展。我們擁有強大的資產負債表、明確的策略重點和世界一流的團隊。我將專注於推動卓越營運和規範的資本配置，以支持我們的長期成長目標，並在此過程中為我們的股東釋放巨大的價值。我期待著很快與我們的股東和社區見面。

With that, Jamie and I will now take your questions.

現在，傑米和我將回答大家的提問。

(Operator Instructions) Thank you. Eric Sheridan, Goldman Sachs.

（操作員指示）謝謝。高盛的艾瑞克·謝裡丹。

Thanks so much taking the question, hopefully you can hear me okay. Peggy, first, congrats on the new role and look forward to working with you going forward in it. Jamie, maybe a quick question on what you saw in the quarter and how to think about going forward with respect to marketing.

非常感謝你回答這個問題，希望你能聽清楚我的意思。佩吉，首先，恭喜你擔任新職務，並期待著今後與你合作。傑米，我想問一個簡單的問題，關於您在本季度看到了什麼，以及如何考慮未來的行銷工作。

There's been a lot of talk about elements of reduced competition in some of the lead gen or the performance marketing channels in the quarter. I wanted to get a little bit more granularity on what you saw in terms of return on marketing spend.

關於本季某些領先行銷通路或績效行銷通路中競爭減少的因素，已經有許多討論。我想更詳細地了解您所看到的行銷支出回報。

And then when you look at where the world might be going with respect to AI agents or even agentic browsers, how do you think about repositioning or positioning the company more broadly for where traffic generation might come from when you look out over the next couple of years? Thanks so much.

然後，當您看到人工智慧代理甚至代理瀏覽器的未來發展方向時，您如何考慮重新定位或更廣泛地定位公司，以便在未來幾年內獲得流量？非常感謝。

Yeah. Thanks, Eric, and good to hear from you. So first, on the marketing side, look, we had a real full funnel approach over the course of the quarter. Some great upper funnel campaigns that we're running throughout the globe and then supported by some in-person events like at Met Gala, and what we're doing with fashion with Emma Chamberlain and Chappell Roan just head-to-toe in eBay, what we're doing in F1. Specifically, as it relates to lower funnel, which I think is where your question was going, we did see some ability to lean in due to the competitive dynamics and saw some efficiencies there in the marketplace.

是的。謝謝，艾瑞克，很高興收到你的來信。首先，從行銷方面來看，我們在本季採取了真正的全通路行銷方法。我們在全球範圍內開展了一些很棒的上層漏斗活動，並得到了一些現場活動的支持，例如在 Met Gala 的活動，以及我們與 Emma Chamberlain 和 Chappell Roan 在 eBay 上進行的時尚合作，以及我們在 F1 中所做的工作。具體來說，由於它與下層漏斗有關，我認為這就是您的問題所在，我們確實看到了由於競爭動態而產生的一些傾向能力，並看到了市場上的一些效率。

As you know, we're less reliant on kind of lower funnel and paid search than other players given how much of our traffic is organic. But we were able to kind of see some efficiencies in our spend over the course of the quarter.

如您所知，考慮到我們的流量大部分來自自然流量，我們對下層管道和付費搜尋的依賴程度比其他參與者要低。但在本季度，我們能夠看到我們的支出效率有所提高。

Relative to agentic commerce, we think AI represents a really significant opportunity for us because the technology can really accelerate personalization and relevance for our customers. And we have a multipronged strategy to ensure that we continue to thrive as our agents become more pervasive, really remaining a destination for enthusiast by doubling down on the breadth and depth of non-new and seasoned inventory we have, investing in specialized experiences for key verticals and focusing on kind of continued innovation in new community experiences like eBay Live.

相對於代理商商務，我們認為人工智慧對我們來說是一個非常重要的機遇，因為這項技術可以真正加速我們客戶的個人化和相關性。我們有一個多管齊下的策略，以確保隨著我們的代理商變得越來越普遍，我們能夠繼續蓬勃發展，透過加倍擴大我們擁有的非新庫存和成熟庫存的廣度和深度，真正繼續成為愛好者的目的地，投資於關鍵垂直領域的專業體驗，並專注於在 eBay Live 等新社區體驗中持續創新。

Second is, I think our focused category strategy that we've had and the value-added services that we build really help us be the seller platform of choice. Whether that's the physical authentication. We just hit 50 million items authenticated.

其次，我認為我們專注的品類策略和我們所建構的加值服務確實幫助我們成為首選的賣家平台。這是否是物理認證。我們剛剛認證了 5000 萬件物品。

We did 1 million in this quarter alone or a guaranteed fitment or the frictionless payments pieces, really creates a unique and compelling offering for buyers and sellers. Lastly, I'm excited by the work that we're doing on our own agentic capabilities on platform.

僅在本季度，我們就銷售了 100 萬台保證適配或無摩擦支付產品，真正為買家和賣家創造了獨特且引人注目的產品。最後，我對我們在平台上進行的代理能力工作感到非常興奮。

We recently announced an AI shopping assistant that we've been working on and testing. We've got other specialized agents across the experience. You know about the work that we're doing in magical listing to really kind of unlock the closet, et cetera. So ultimately, we believe our scale, our unique inventory and our differentiated value proposition as well as accelerating our own AI capabilities position us extremely well to thrive in an agentic commerce future.

我們最近宣布了一款我們正在研發和測試的人工智慧購物助理。我們還有其他經驗豐富的專業代理商。您知道我們在魔法清單中所做的工作實際上是為了打開壁櫥等等。因此，最終，我們相信我們的規模、我們獨特的庫存和我們差異化的價值主張以及加速我們自己的人工智慧能力，使我們在代理商務的未來中蓬勃發展。

Michael Morton, MoffettNathanson Research.

邁克爾·莫頓，MoffettNathanson 研究公司。

Hi there, Thanks for the question. First one, I wanted to start with. I really appreciate the details on the category performance and it leads into probably the most frequently asked question we get from investors. And when they think about an eBay future and the reacceleration of GMV growth, they always ask what category growth they're underwriting in that thesis, and you've done really well, obviously, in collectibles and P&A. But I wonder if you could maybe shine a light on what your expectations are as the drivers of future growth.

你好，謝謝你的提問。我想從第一個開始。我非常欣賞有關類別表現的詳細信息，這可能是我們從投資者那裡得到的最常見的問題。當他們考慮 eBay 的未來和 GMV 成長的重新加速時，他們總是會問，他們在這一論點中承保的是哪個類別的成長，而你們顯然在收藏品和 P&A 方面做得非常好。但我想知道您是否可以解釋一下您對未來成長動力的期望。

I mean, I would expect you say broad-based, but if there's any categories you could call out that you're looking to going forward. And then following up on your remarks with AI. Just curious, I know it's very early days, but the traffic you're seeing coming from AI search to eBay, are those buyers behaving differently? Are they converting at higher rates? Are they spending more or less time on the marketplace? Anything around that would be really interesting. Thank you.

我的意思是，我希望您說的是廣泛的，但如果有任何類別您可以指出您希望繼續前進。然後用人工智慧跟進你的評論。只是好奇，我知道現在還為時過早，但是您看到從 AI 搜尋到 eBay 的流量，那些買家的行為是否有所不同？他們的轉換率是否較高？他們在市場上花費的時間是更多還是更少？任何與此相關的事物都會非常有趣。謝謝。

Yes. So first on your category point, Mike. I think we really believe it's existing focused categories that we've launched and then ones that we still haven't launched to date. So if you look at our focused category performance, it was plus 5% in '24, 6% in Q1 and then 10% this quarter. It was really across the board strength in all focused categories.

是的。首先談談你的類別觀點，麥克。我認為我們確實相信我們已經推出的現有重點類別以及迄今為止尚未推出的類別。因此，如果你看我們重點關注的類別表現，你會發現2024年成長了5%，第一季成長了6%，本季成長了10%。它在所有重點類別中都表現出了全面的優勢。

I called out collectibles and strength we're seeing there, P&A. And think about these, these are categories that we've launched a while ago. And I've always said, in addition to launching new categories like we're doing with fashion, we're reinvesting in categories that we've already launched because we like the ROI of the investments that we're seeing.

我大聲喊出了我們在那裡看到的收藏品和實力，P&A。想想看，這些都是我們不久前推出的類別。我一直說，除了像我們在時尚領域所做的那樣推出新的類別之外，我們還在對已經推出的類別進行再投資，因為我們喜歡所看到的投資回報率。

And collectibles is a good example where, once again, we innovated with the partnership of what we're doing with PSA in parts and accessories this quarter. We launched a number of new features like free and easy returns in the US and expanded fitment.

收藏品就是一個很好的例子，本季我們再次與 PSA 在零件和配件方面進行合作創新。我們推出了許多新功能，例如在美國免費輕鬆退貨和擴大配件範圍。

And we have five categories in the platform that are over 10 billion, and we think all of them are relevant for our focus category playbook. At the same time, the horizontal efforts that we've been making, especially around innovations in AI, have helped us both in focus categories and in core categories.

我們的平台上有五個超過 100 億的類別，我們認為它們都與我們的重點類別策略相關。同時，我們一直在進行的橫向努力，特別是在人工智慧創新方面，都為我們在重點類別和核心類別方面提供了幫助。

And so we're pleased with what we're seeing there and the investments that we're making and how that's paying off. With respect to your question about kind of agentic commerce, I would say it's small at this point, but it is -- it has a nice growth rate, it's growing pretty decently.

因此，我們對在那裡看到的情況以及我們所做的投資以及投資帶來的回報感到非常滿意。關於您所問的代理商商務類型，我想說的是，目前它的規模還很小，但它的成長率很高，成長相當可觀。

I'd say the 1 thing that I would call out is users are coming to eBay with a high shopping intent. And so we see that in terms of the traffic. And that's consistent with our strategy, which is eBay has really unique inventory.

我想說的一件事是，用戶來到 eBay 時有很高的購物意願。我們從流量角度看到了這一點。這與我們的策略一致，即 eBay 擁有真正獨特的庫存。

We've been leaning into non-new in season and refurbished. I talked last quarter, that's up to 40% of the inventory that's being sold on the platform, combined with the unique kind of value-added elements we do around authenticity guarantee, guaranteed fitment, et cetera, really kind of helps drive that shopping behavior.

我們一直傾向於當季非新品和翻新產品。我上個季度就說過，這個比例高達平台上銷售的庫存的 40%，再加上我們在真實性保證、保證適配性等方面所做的獨特增值元素，確實有助於推動這種購物行為。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Hey everyone, Really encouraging results on the quarter. Two on my side. First, the US showed really particular strength in 2Q. Can you stack rank the primary drivers of that improvement relative to the international business?

大家好，本季的業績確實令人鼓舞。我這邊有兩個。首先，美國在第二季表現得非常強勁。您能否對國際業務方面改進的主要驅動因素進行排序？

And how should we think about the ability for that to persist into the back half? And then I'm talking about -- you talked about reinvesting some of the year-to-date upside into strategic initiatives. Can you give us a little more color on what those are and how it could show up in. Thank you.

我們該如何看待這種狀態持續到後半段的能力呢？然後我說的是——您談到將今年迄今為止的部分收益重新投資於戰略舉措。您能否向我們詳細介紹這些內容以及它們如何出現。謝謝。

Yeah Look, when you look at the macro environment, US in Q2 was more favorable than we expected despite the tariff announcements and the elimination of the de minimis for imported goods. Consumer demand held up through Q2, and we really saw broad-based strength across different categories as both our sold items and our average selling prices grew year over year in Q2. And then to your question about versus international, I would say Europe remains tougher similar to recent quarters.

是的，當你觀察宏觀環境時，儘管宣布了關稅並取消了進口商品的最低限度，但美國第二季的表現比我們預期的要好。消費者需求在第二季度保持穩定，我們確實看到不同類別的廣泛實力，因為我們銷售的商品和平均售價在第二季度均同比增長。然後回答您關於與國際相比的問題，我想說歐洲的情況仍然比最近幾季更加艱難。

We've not seen a meaningful improvement in the European macro environment, though our investments across our initiatives are working and have offset some of the macro trends. Fortunately, our business, I think, is well suited to navigate these conditions and we remain confident that our emphasis on e-commerce and non-new in season will be a strategic advantage in this environment, especially as consumers prioritize value as they appear to be doing in the European markets. Related to our H2 investments, I would say it's really across the board. We talked in Q1 about investing in US pre-Live fashion as our newest focused category.

儘管我們在各項措施上的投資正在發揮作用，並抵消了一些宏觀趨勢，但我們並未看到歐洲宏觀環境顯著改善。幸運的是，我認為我們的業務非常適合應對這些條件，我們仍然相信，我們對電子商務和非當季新品的重視將在這種環境下成為一種戰略優勢，特別是當消費者優先考慮價值時，就像他們在歐洲市場所做的那樣。關於我們的 H2 投資，我想說它確實是全面的。我們在第一季談到了投資美國上線前時尚作為我們最新的重點類別。

We've been investing in the C2C work that we've been doing in geographic specific areas across UK and Germany. I talked about eBay Live, while in the early phase of growth, we think this has a lot of potential, and we like all the early metrics we're seeing in terms of engagement and how sellers are adopting the product.

我們一直在投資英國和德國特定地理區域內的 C2C 工作。我談到了 eBay Live，雖然它還處於早期發展階段，但我們認為它具有很大的潛力，而且我們喜歡在參與度和賣家如何採用該產品方面看到的所有早期指標。

And then finally, I would just say, continuing to invest in AI. The return we're seeing from the investments that we're making in both the customer experience and how our employees are leveraging AI to make them more effective in their roles is another key area for us to lean into and take advantage of.

最後，我只想說，繼續投資人工智慧。我們在客戶體驗以及員工如何利用人工智慧來提高工作效率方面的投資所帶來的回報是我們值得關注和利用的另一個關鍵領域。

Congrats.

恭喜。

Thanks, Nathan.

謝謝，內森。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. And Peggy, welcome to the call to the arena, all the above. So Jamie, just following up on that last question on the US. So it didn't sound like given that ASP grew in the second quarter that there was any like a natural benefit from in that channel kind of having problems in the US market.

偉大的。佩吉，歡迎來到競技場，以上皆是。那麼傑米，我只是想繼續回答關於美國的最後一個問題。因此，考慮到第二季平均銷售價格的成長，這聽起來並不像是該通路在美國市場遇到問題而帶來的自然好處。

Is that fair? And if so, and if the strength is kind of based on what you're seeing in collectibles? How much of that's like share gain from Golden and some of the other initiatives you guys have done versus just that category being strong?

這樣公平嗎？如果是這樣，那麼這種實力是否取決於您在收藏品中看到的東西？其中有多少是 Golden 和你們採取的其他舉措帶來的份額增長，而不是僅僅是該類別的強勁增長？

And then the second question is just on, not on the US, but just broadly -- so fashion sounds like that's one of the next kind of reskin focused categories. How big could that be in terms of the opportunity over the next couple of years? Thank you.

然後第二個問題只是關於，不是關於美國，而是廣義上講——時尚聽起來像是下一種重新設計的重點類別之一。就未來幾年的機會而言，這會有多大？謝謝。

Yeah. So look, first on your question on ASP. I think it was really growth across sold items and ASP. The areas I'd call out for ASP for us was a slight increase in forward deployed China-based inventory as they replenished at higher tariffs, probably contributed a bit there.

是的。那麼，首先來看看您關於 ASP 的問題。我認為銷售商品和平均售價確實都有成長。我認為 ASP 對我們有利的領域是，由於中國以更高的關稅進行補貨，因此預先部署的中國庫存略有增加，這可能對此有所貢獻。

The second thing I'd say is that we introduced or expanded our Buy Now Pay Later partnerships into the US, specifically Klarna, and that helped us drive additional high ASP items and got some boost for that in our US market.

我想說的第二件事是，我們在美國引入或擴展了「先買後付」合作夥伴關係，特別是 Klarna，這幫助我們推動了更多高 ASP 產品的發展，並在美國市場獲得了一些推動。

Those items tend to be about 3 times the average of the rest of the marketplace. Specifically to your question on collectibles, it was sold items primarily with a little ASP boost in there and things like Pokemon, et cetera, but it was really kind of across the board. And it's not just Pokemon. We saw strength in Magic: The Gathering and in sports trading cards.

這些商品的價格往往是市場其他商品平均價格的三倍左右。具體來說，關於您關於收藏品的問題，它主要出售平均售價略有提升的物品，例如寶可夢等等，但它確實是一種全面的商品。並且不僅僅是口袋妖怪。我們看到了《萬智牌》和運動交易卡的優勢。

So lots of different kind of subcategories that were performing well in there in addition to my other comments. And then to your question about fashion, I'm very excited about the potential in fashion. If you think about it, we do over $10 billion in fashion on the platform.

因此，除了我的其他評論之外，還有很多不同類型的子類別表現良好。然後回答你關於時尚的問題，我對時尚的潛力感到非常興奮。如果你仔細想想，我們在這個平台上的時尚業務價值超過 100 億美元。

And I think especially with generative AI capabilities, we're bringing kind of new ways to discover, to explore and define items on the platform. And we've been a great source of pre-live fashion for a very long time because of the inventory that we have on the platform, the unique value and being the kind of real unlocked of that supply.

我認為，特別是藉助生成式人工智慧功能，我們能夠以新的方式在平台上發現、探索和定義專案。由於我們平台上的庫存、獨特的價值以及對供應的真正解鎖，我們長期以來一直是上線前時尚的重要來源。

So I'm excited by, is to bring these new technologies like the explore technology, which we've now put in kind of our key pages within fashion. I'm excited to see how brands are leaning in with direct sales on the platform. I talked about our marketing about how we're using influencers. We have literally at the Met Gala, Chappell Roan dressed head-to-toe in eBay. That's never happened before that it's done by a non-designer, and so really kind of across the board, changing in that category.

因此，我很高興能夠引入這些新技術，例如探索技術，我們現在已將其放入時尚領域的關鍵頁面中。我很高興看到品牌如何利用該平台進行直接銷售。我談到了我們的行銷以及我們如何利用影響力人物。我們確實在 Met Gala 上看到查佩爾羅恩 (Chappell Roan) 從頭到腳穿著 eBay 上的衣服。這是以前從未發生過的事情，它是由非設計師完成的，因此，在這一類別中，確實發生了全面的改變。

And I think we're just getting started with the sense of the improvements that we can see in that category. So overall, I feel really good about across the board about what we're seeing in focused categories, but excited we're bringing some of the elements from the UK to the US in fashion specifically.

我認為我們才剛開始感受到這一類別的改進。因此，總的來說，我對我們在重點類別中看到的情況感到非常滿意，但我很高興我們能將英國的一些時尚元素帶到美國。

Nikki Devani with Bernstein Research. Please unmute your line and ask your question.

伯恩斯坦研究公司的 Nikki Devani。請取消靜音並提出您的問題。

Hi there, thanks for taking the question. I appreciate it. A follow-up on trading cards. I appreciate that right now, demand looks very good for that category. Is this a market that consistently grows double digits? Or are we in a particularly strong window right now?

您好，感謝您提出這個問題。我很感激。關於交易卡的後續活動。我很欣賞目前該類別的需求看起來非常好。這是一個持續兩位數成長的市場嗎？或者我們現在正處於一個特別強勁的時期？

I guess it would just be helpful to understand what you see as durable growth in trading cards as you look forward beyond the quarter? And then my second question is on margins, but I can follow up after. Sorry, thanks --

我想，了解您對本季之後交易卡的持久增長有何看法會有所幫助？我的第二個問題是關於利潤率的，但我可以隨後跟進。抱歉，謝謝--

No, go ahead, ask your question about margins, then I'll answer it.

不，繼續吧，問有關利潤的問題，然後我會回答。

Sure. Just the last few years has been this reinvestment cycle, mix shift, GMV pressure, all of that probably has been a headwind to margins. If this business is now growing low single digits to mid-single digits consistently, you just get the natural benefit of positive operating leverage? And does that naturally just start to push margins up again? Thank you.

當然。就在過去幾年裡，這種再投資週期、產品組合轉變、 GMV 壓力，所有這些都可能對利潤率造成阻力。如果這項業務現在持續以低個位數到中個位數的速度成長，您是否會獲得正經營槓桿的自然好處？這是否自然而然地會再次推高利潤率？謝謝。

Yeah. So look, first on trading cards and in collectibles. Growth has never been linear. So it will ebb and flow based on various factors. Release calendars, the caliber of rookie classes, chase cards for major stars. And so since late last year, we've seen an exceptionally strong series of cards and game series on top of the fundamental improvements.

是的。首先來看看交易卡和收藏品。成長從來都不是線性的。因此它會根據各種因素而起伏。發行日曆、新秀班的水平、大明星的追逐卡。因此，自去年年底以來，我們在根本性的改進的基礎上，看到了一系列異常強大的卡片和遊戲系列。

And those fundamental improvements have been key to the growth of the category. And now how easy it is to get a graded card sold on the platform or to get an ungraded card graded there. And so while the recent strong releases may moderate and we'll face a tougher year-over-year comparison later this year, as Peggy talked about, we continue to believe in the long-term growth potential of the hobby and we're going to continue to invest in and improve the experience in collectibles. And eBay Live is probably the greatest example now of kind of another new invention that -- or another new capability we're giving sellers in the overall business.

這些根本性的改進對於該類別的成長至關重要。現在，在平台上出售已評級的卡片或獲得未評級的卡片是多麼容易。因此，儘管最近強勁的發行可能會有所緩和，並且今年晚些時候我們將面臨更嚴峻的同比對比，但正如佩吉所說的那樣，我們仍然相信這項愛好的長期增長潛力，我們將繼續投資並改善收藏品的體驗。eBay Live 可能是目前另一個新發明的最佳例子——或者說是我們為整個行業中的賣家提供的另一個新功能。

Peggy, do you want to take the margin question?

佩吉，你想回答邊際問題嗎？

Sure. Absolutely. Nikki, nice to meet you. What we found is that a high gross margin -- high gross margin comes -- gives us operating leverage. And what we really focus on top line growth because what we find is that when GMV grows, we actually get to very healthy margins.

當然。絕對地。妮基，很高興認識你。我們發現，高毛利率——高毛利率的來源——為我們帶來了經營槓桿。我們真正關注的是營收成長，因為我們發現，當 GMV 成長時，我們實際上會獲得非常健康的利潤率。

We focus a lot on the balance of top line growth and bottom line margins -- operating income dollars is what we're really after. And we find that as we focus on our strategic initiatives, which are really driving accelerated top line growth, that's what gives us very healthy margins since that's how we've kind of balanced our philosophy here.

我們非常注重營業收入成長和利潤率之間的平衡——我們真正追求的是營業收入。我們發現，當我們專注於真正推動加速營收成長的策略性舉措時，這給我們帶來了非常健康的利潤率，因為這就是我們平衡理念的方式。

Thank you both. Appreciate it.

謝謝你們兩位。非常感謝。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. I have a couple of questions as well. Jamie, congrats on the strong quarter, and Peggy, welcome back. So I guess along the same lines of the sustainability of GMV growth question, I'd be curious to hear how important the active and enthusiast buyer base will be maintaining that level of growth as you look out beyond this year. And without getting too far ahead here, Jamie, does the performance year-to-date at all change your outlook for the medium and long-term growth potential of the marketplace?

偉大的。我也有幾個問題。傑米，恭喜你本季表現強勁，佩吉，歡迎回來。因此，我想，與 GMV 成長永續性議題類似，我很好奇，展望今年以後，活躍和熱情的買家群體對於維持這一成長水平有多重要。傑米，我們不必太過深入，今年迄今為止的表現是否會改變您對市場中長期成長潛力的展望？

Yeah. So look, I'm happy with what we're seeing in terms of GMV growth. And to your comment on active and enthusiast buyers. Active grew 1% year over year to $134 million in Q2, and we like what we saw there because obviously the top of the funnel is incredibly important to us. But we are very focused on enthusiast buyers as they buy 70% of the GMV on the platform.

是的。所以，我對 GMV 的成長感到滿意。以及您對活躍和熱情買家的評論。活躍銷售額在第二季年增 1%，達到 1.34 億美元，我們對此情況感到滿意，因為顯然漏斗頂部對我們來說非常重要。但我們非常關注狂熱買家，因為他們購買了平台上 70% 的 GMV。

And turning those active buyers to enthusiasts and importantly, making sure that our marketing is focused on attracting enthusiast buyers to the platform. So we do aim to grow across the funnel, but that's really kind of the end goal of what we're doing.

將這些活躍的買家轉變為愛好者，重要的是確保我們的行銷重點是吸引愛好者買家加入平台。因此，我們確實希望實現整個管道的成長，但這確實是我們所做工作的最終目標。

And we like what we're seeing in terms of the health of our biometrics. I don't want to get ahead of myself with respect to kind of looking out in future years. What I would tell you is that I feel like the growth right now is made up of a couple of components.

我們對生物特徵識別的健康狀況感到滿意。我不想為了展望未來而操之過急。我想告訴你的是，我覺得目前的成長是由幾個部分組成的。

It's obviously the focus category work that we're doing. It's the geo-specific investments that we're making in our business, specifically the ones that we're doing in UK and C2C, and it's the horizontal initiatives. And what excites me about the horizontals is that they're helping in the focus categories and in the core categories, and that's helping drive new and reactivated buyers to the platform, helping drive more engagement and more retention. And so we're going to continue to kind of stay on that strategy and execute on the playbook, and it's been working well for us.

這顯然是我們正在進行的重點類別工作。這是我們業務中所做的地理特定投資，特別是我們在英國和 C2C 所做的投資，也是橫向舉措。令我興奮的是，橫向產品在重點類別和核心類別中發揮了作用，這有助於吸引新的和重新激活的買家進入平台，有助於推動更多的參與和保留。因此，我們將繼續堅持這項策略並執行劇本，而且它對我們來說效果很好。

Okay. Thanks, Jim.

好的。謝謝，吉姆。

Yeah. Thank you, Collin.

是的。謝謝你，科林。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Hi, good afternoon, Jamie and Peggy. Jamie, I wanted to ask about total listings volume on the marketplace. It seems like your AI investments, managed shipping, payments, all the product improvements have been aimed at lowering listings friction.

大家好，Jamie 和 Peggy，下午好。 Jamie，我想問一下平台上的總商品數量。看來你們在人工智慧方面的投資、託管配送、支付以及所有產品改進都是為了降低商品上架的阻力。

And I'm just curious how that is trending and maybe the opportunity ahead to increase the total number of listings. And then maybe secondly, I don't want to put words in your mouth. I think your comments suggested some excitement around Caramel. I think that's a newer acquisition maybe a '26 opportunity. But just curious what you are seeing with that addition to the marketplace and thoughts on the opportunity ahead. Thank you

我只是好奇這個趨勢如何，以及未來是否有可能增加房源總數。其次，我不想替您說話。我認為您的評論表明您對Caramel有一些期望。我認為這是一項較新的收購，也許是一個2026年的機會。我只是好奇您對這筆收購對市場有何看法，以及您對未來的機會有何看法。謝謝

Yeah. So look, on our listings base, we continue to grow our listings. We're now at 2.4 billion listings and they've been consistently growing double digit year on year. And what we're focused on is really how do we get unique well-priced inventory onto the marketplace. And a lot of that inventory is -- that's really unique is in that C2C category.

是的。所以，我們的商品列表數量一直持續增加。目前我們的商品清單數量已達24億，並且每年都維持兩位數的成長速度。我們真正關注的是如何將獨特且價格合理的商品推向市場。而這些獨特的商品中，很多都屬於C2C類別。

So if you think about the combination of the work that we've done in the UK and Germany to focus on improving the C2C experience there, really doing a lot of more full funnel marketing about unlocking that inventory, combined with magical listing, and this idea that we want you to just be able to hold your camera up to an item and be able to kind of get that listed really quickly on the platform.

因此，如果您考慮我們在英國和德國所做的工作，重點是改善那裡的 C2C 體驗，真正做大量關於解鎖庫存的全渠道營銷，結合神奇的列表，以及我們希望您能夠將相機舉到某個物品上，並能夠在平台上快速列出該物品的想法。

So it's why we're auto writing the description. We're filling in the key data fields. We're even helping users with things like their backgrounds, where they can take it on any kind of table or whatever and put it on a beautiful mountaintop.

這就是我們自動產生描述的原因。我們負責填寫關鍵資料欄位。我們甚至幫助用戶設定背景等，讓他們可以把它放在任何類型的桌子或任何其他地方，或放在美麗的山頂上。

And as of now, what we're seeing is we get over 0.5 million listings a day that are using generative AI on the platform. So the adoption has been great to see. If you look at some of the growth in trading cards, I talked last quarter that the majority of those were coming through a product that we call kind of the bulk version of magical listings.

截至目前，我們平台上每天有超過50萬條使用生成式人工智慧的商品清單。因此，看到這種應用情況令人欣喜。如果你看一下交易卡的成長，我上個季度提到，其中大部分是透過我們稱為「批量版魔法清單」的產品實現的。

And so we see a really nice correlation between kind of the work we're doing to improve the experience and take the friction out with the incremental listings that we get, and that non-new in season really attracts a lot of demand on the platform. With respect to vehicles and the new business that we have with Caramel, eBay has been involved with vehicles over time in different ways.

因此，我們看到，我們為提升用戶體驗、減少摩擦而開展的工作與不斷增加的上架數量之間存在著非常好的關聯，而當季非新品類商品確實在平台上吸引了大量需求。至於汽車以及我們與 Caramel 合作的新業務，eBay 長期以來一直以不同的方式涉足汽車領域。

And we really kind of leaned in because what we saw in Caramel was the ability to have a real end-to-end experience for a customer. From financing to delivery to identity authentication to title transfer, and really making it kind of seamless end-to-end.

我們之所以選擇 Caramel，是因為我們重視的是它能夠提供客戶真正的端到端體驗。從融資到交付，從身分驗證到所有權轉移，一切都是端到端的無縫銜接。

And what we're focused on is going after the really collectible car market, which is about $75 billion of the $1 trillion-plus used car market that's out there. And so I would say it's early. It's kind of very modest, but we believe that there's a lot of potential for it to be significant in future years.

我們專注於真正的收藏車市場，在價值超過1兆美元的二手車市場中，這個市場約佔750億美元。所以我認為現在還為時過早。雖然規模還很小，但我們相信，它在未來幾年有很大的發展潛力。

And we're excited for it not only as a category, but because of the synergies that we see with parts and accessories. And so a lot of the same enthusiasts that are looking at collectible cars, buying collectible cars, are involved in our over $10 billion parts and accessories business.

我們對此感到興奮，不僅因為它是一個類別，還因為我們看到了與零件和配件的協同效應。許多關注收藏車、購買收藏車的愛好者，也參與了我們超過100億美元的零件和配件業務。

And so the synergy between those two is exciting. And every day, I get a report of fun things that are sold. We just sold a 1964 Lincoln Continental, a Porche 911 Turbo S just sold for $144,000, and those used like the end-to-end experience and is fully secure checkout and kind of just shows up on your doorstep. So it's really resonating with vehicle buyers.

所以，這兩者之間的協同效應令人興奮。每天我都會收到關於一些好玩東西售出的報告。我們剛剛賣出了一輛1964年的林肯大陸，一輛保時捷911 Turbo S剛剛以14.4萬美元的價格售出，這些二手車都提供端到端的體驗，完全安全的結帳方式，就像送貨上門一樣。所以，這真的引起了汽車買家的共鳴。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Peggy, just to expand on the margin question from earlier. It sounds like the focus is on driving top line to expand margins. You talked about operational, I think, you used efficiency or excellency. Can you just maybe talk about the opportunities you see now that you've been in the seat for a little bit.

佩吉，我想進一步談談之前關於利潤率的問題。聽起來重點是推動營收成長，從而提高利潤率。您提到了運營，我想您提到了效率或卓越。您能否談談您任職一段時間以來所看到的機會？

And then one sort of tactical on the de minimis impact. So far, some impact from the China's US corridor, but not a but is this potentially or looks like it's going to expand across to other regions as well. Just walk us through what exposure you have in some of those regions, too? Thanks.

然後是關於最低限度影響的一種策略。到目前為止，中國對美國走廊確實有一些影響，但這種影響是否可能或看起來也會擴展到其他地區？請您也介紹一下您在這些地區有哪些業務？謝謝。

Peggy, you take the first one, and then I'll take the tariff (multiple speakers) --

佩吉，你先回答第一個問題，然後我再回答關稅問題（多位發言者）－

Absolutely, yeah. Nice to meet you, Ygal. So what I would say is our first priority is investing in our business organically to drive sustainable long-term GMV growth. When it comes to margins, we continue to target the optimal combination of GMV growth and operating margin with the goal of maximizing operating income dollar growth over the medium and the long term.

當然，是的。很高興認識你，Ygal。我想說的是，我們的首要任務是有機地投資於我們的業務，以推動GMV的長期永續成長。在利潤率方面，我們將繼續以GMV成長和營業利潤率的最佳組合為目標，目標是在中長期最大化營業收入的成長。

In terms of specific areas of investment, we're -- as Jamie mentioned, we're really focused on investing in our strategic initiatives across our focused categories, our specific geographies as well as the horizontal initiatives because we know those really bolster the health of our marketplace.

就具體投資領域而言，正如傑米所提到的，我們真正專注於投資我們關注的類別、特定地區以及橫向舉措的戰略舉措，因為我們知道這些舉措確實能夠增強我們市場的健康。

We've also invested in mid- and upper-funnel marketing with the goal of growing awareness and consideration in our key verticals. And at the same time, we're always looking to find operational efficiencies to create capacity in order to support these investments. Over the long term, we believe we can drive sustainable earnings growth, while investing in strategic initiatives to fuel GMV growth and also deliver healthy capital returns to our shareholders.

我們也投資了中上層漏斗行銷，旨在提升我們關鍵垂直領域的知名度和購買意願。同時，我們始終致力於提高營運效率，創造產能以支持這些投資。從長遠來看，我們相信我們能夠推動可持續的獲利成長，同時投資於策略性舉措，以推動GMV成長，並為股東帶來健康的資本回報。

Yeah. And to your question on tariffs and de minimis, look, our business is not immune to the increased costs from tariffs associated with these changes, but we believe we're relatively resilient from that perspective more so than others.

是的。關於你關於關稅和最低限度的問題，我們的業務並不能免受這些變化帶來的關稅成本增加的影響，但我們相信，從這個角度來看，我們比其他公司更具韌性。

And what I'd tell you is we did observe some breakage in elasticity relative to tariffs and de minimis in Q2, which primarily impacted our sellers in Greater China and, to a lesser extent, Japan, but there were some offsets that made the net impact to eBay relatively modest.

我想告訴大家的是，我們確實觀察到第二季度與關稅和最低限度相關的彈性有所下降，這主要影響了我們在大中華區的賣家，其次是日本的賣家，但也有一些抵消因素使得對 eBay 的淨影響相對較小。

In particular, we saw a reasonable or a notable amount of deceleration in our direct ship inventory into the US from some of our greater China sellers, but they partially offset that by making their products available to buyers in other countries like the UK and Germany.

具體來說，我們發現一些大中華區賣家直接運往美國的庫存出現了合理或顯著的減速，但他們透過向英國和德國等其他國家的買家提供產品，部分抵消了這一減速。

And from a forward deployed standpoint from inventory forward deployed from China to the US, while there was some breakage as those sellers paid higher tariffs, when they replenish their inventory, we benefited from an uptick in ASP on the sales that remained, which more than offset that elasticity.

從庫存從中國向美國進行前瞻性部署的角度來看，雖然由於這些賣家支付了更高的關稅而出現了一些損失，但當他們補充庫存時，我們受益於剩餘銷售額的平均銷售價格上漲，這足以抵消這種彈性。

So overall, our guidance for Q3 and outlook for the full-year contemplates a range of scenarios regarding tariff policies, including the de minimis exception. And if you look specifically at Q2, what I would tell you is that the GMV growth from four deployed items accelerated sequentially and the year-over-year growth for Greater China GMV overall was similar in Q2 versus Q1 on an FX-neutral basis.

總體而言，我們對第三季的業績指引和全年展望考慮了一系列與關稅政策相關的情景，包括最低限度例外。如果您具體看一下第二季度，我會告訴您，四種已部署商品的GMV成長環比加速，並且大中華區GMV整體在第二季度的同比增長與第一季（剔除匯率因素）相似。

Perfect. Thank you.

太好了！謝謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks a lot for taking my questions. I have one on ad revenue growth and another on just durability of GMV growth. So ad revenue has been growing pretty nicely. How do you think about durability of this revenue segment? Is it ad load, new ad services, pricing, ongoing share gains? Where do you see that sort of continue to growth to come from?

非常感謝您回答我的問題。我有兩個問題，一個是關於廣告收入成長，另一個是關於GMV成長的持久性。廣告收入的成長相當不錯。您認為這項收入部分的持久性如何？是廣告投放量、新的廣告服務、定價，還是持續的市佔率成長？您認為這種持續成長的動力來自哪裡？

And then the second one is on durability. I guess, it's of GMV growth. It's a follow-up to one of the prior questions. When we think about your growth profile, is it fair to think of it as increasing penetration of focus categories plus benefits of horizontal initiatives, both combined in addition to improving core GMV growth to get you to maybe even potentially higher than mid-single-digit growth in the mid to long term. Is that the right way to think about it? Thank you.

第二個問題是關於持久性。我想，這指的是GMV成長。這是對之前一個問題的後續。當我們思考你們的成長概況時，是否可以將其理解為：重點品類滲透率的提升，加上橫向舉措的效益，兩者相結合，再加上核心GMV的增長，從而在中長期內實現甚至可能高於中等個位數的增長？這樣想對嗎？謝謝。

Yes. So when you look at our ads growth, we see a long runway for ads growth and penetration from adoption, from listings penetration, ad rate optimization and scaling our new products. Our first-party advertising business grew 17% in Q2.

是的。所以，當你觀察我們的廣告成長時，你會發現，從用戶採用率、listing滲透率、廣告費率最佳化以及新產品的規模來看，廣告的成長和滲透率還有很長的路要走。我們的第一方廣告業務在第二季成長了17%。

And it was really broad-based and balanced across our portfolio of CPA, CPC and our offsite ads, all contributing to that growth. We reached 2.5% of GMV, and we've talked to about having a line of sight to at least 3% penetration.

我們的CPA、CPC和站外廣告組合覆蓋率非常廣泛，而且均衡，所有這些都促進了這一成長。我們的GMV佔比達到了2.5%，我們一直在努力實現至少3%的滲透率。

And we see that more as a medium-term goal than a ceiling, and we expect advertising revenue outpaced GMV for the foreseeable future. I'm also excited by how that team is adopting new AI technologies, not just in kind of the dashboards and recognition to sellers, but in the quality of how we're applying our advertising to the experience.

我們認為這更像是一個中期目標，而非上限。我們預計在可預見的未來，廣告收入將超過商品交易總額 (GMV)。我也對團隊採用新的人工智慧技術感到興奮，這不僅體現在儀錶板和賣家識別方面，還體現在我們將廣告應用於用戶體驗的品質上。

On your question on the GMV opportunity, I'd say what we laid out was that we thought at our Investor Day was we thought the medium -- I'm sorry, the core categories could get to essentially flat, and that in a normalized environment, our focus categories would be growing kind of in the 9% to 10% range.

關於您提到的 GMV 機會，我想說的是，我們在投資者日提出的想法是，我們認為中等——抱歉，核心類別可能會基本持平，而在正常化的環境下，我們的重點類別將增長 9% 到 10% 左右。

Obviously, core categories grew this quarter at 1%, and you see where focus categories are driving. But I guess to back up and go at a higher level, I think what you said at the upfront (inaudible) is exactly what I'd say, is it's a combination of all of those growth drivers.

顯然，核心品類本季成長了1%，你可以看到重點品類的推動力。但我想回過頭來，從更高的層次來說，我認為你在前面（聽不清楚）提到的正是我想說的，那就是所有這些成長動力的結合。

It's -- the success that we're seeing in focused categories and that growth above and beyond the core categories. The work that we're doing in horizontal, which helps our core categories also helps our focus categories and a lot of our focus category buyers tend to buy in our core categories on the platform.

我們看到重點品類取得了成功，而且成長動能超越了核心品類。我們在橫向所做的努力，不僅有助於我們的核心品類，也有助於我們的重點品類，而且許多重點品類的買家傾向於在平台上購買我們的核心品類。

And then the third is the geo-specific investments, especially around C2C, all of those really contributed to us, started contributing in '24 and contributors to us in '25 and will be kind of the key growth drivers for the business going forward. (multiple speakers) We have time for one more question.

第三是地理特定投資，特別是圍繞 C2C 的投資，所有這些都對我們做出了真正的貢獻，從 24 年開始貢獻，從 25 年開始為我們提供貢獻，並將成為未來業務的關鍵成長動力。 （多位發言者）我們還有時間再問一個問題。

Lee Horowitz, Deutsche Bank Research.

德意志銀行研究部 Lee Horowitz。

Great. Thanks for fitting me in for a question. A couple if I could. Maybe just following up on an earlier question on international GMV. Obviously, the delta to the US is quite wide right now. Is this all meant to be due to the macro environment and just the overall consumer backdrop? Or are there pieces of the US market that are working quite well right now that could be on the for the international side of the house in the coming years? And one follow-up, if I could.

太好了。謝謝你抽出時間給我提問。如果可以的話，我想問幾個問題。或許可以跟進一下之前關於國際GMV的問題。顯然，目前與美國的差距很大。這是否完全是由於宏觀環境和整體消費背景造成的？或者，美國市場中目前表現良好的部分，在未來幾年可能會對國際市場產生影響？如果可以的話，我還有一個後續問題。

Yes. Look, what I would say is it's predominantly vastly the macro environment. If you look at the UK, consumer confidence remains low, inflation remains elevated and the latest GDP forecast calls for very little growth in 2025.

是的。我想說的是，這主要取決於宏觀環境。看看英國，消費者信心仍然低迷，通膨仍然居高不下，最新的GDP預測顯示，2025年經濟成長將非常緩慢。

And I think Germany is even tougher with declining consumer confidence and no real GDP growth expected in '25. There's obviously some other kind of idiosyncratic factors like the challenges in the auto and the manufacturing sectors further, I think, straining the German retail landscape.

我認為德國的情況更加嚴峻，消費者信心正在下降，預計2025年實質GDP不會成長。顯然，還有一些其他特殊因素，例如汽車和製造業面臨的挑戰，我認為這些因素進一步加劇了德國零售業的緊張關係。

I think the initiatives that we're doing are helping kind of our performance in international, specifically the work that we're doing around C2C is helping navigate well what I think is -- still remains to be a challenging backdrop in the EU.

我認為我們正在採取的舉措有助於我們在國際上的表現，特別是我們在 C2C 所做的工作有助於我們很好地應對我認為在歐盟仍然存在的挑戰。

We continue to take innovations from every part of our business and looking and extending them to other geographies. But predominantly, I think the challenge we're seeing in Europe right now is the macro backdrop.

我們不斷從業務的各個部分獲取創新，並將其擴展到其他地區。但我認為，我們目前在歐洲看到的挑戰主要是宏觀背景。

Then maybe one follow-up on eBay Live. Maybe if you could help us better understand the opportunity you see here a bit more. How do you think about what the size of the overall market may be here? What sort of signal maybe you're getting from buyers or sellers that this is the right place to invest?

然後也許在 eBay Live 上進行一次跟進。也許您可以幫助我們更好地了解您在這裡看到的機會。您認為這裡的整體市場規模有多大？您可能從買家或賣家那裡得到什麼樣的訊號來表明這是正確的投資地點？

How you're thinking about maybe the incrementality of using this as a format to move some of your categories? Any help on how you guys decided to move in more aggressively in this category would be great.

您如何考慮使用此格式來移動某些類別的增量？如果你們能提供任何關於如何更積極地進入這一類別的幫助，那就太好了。

Yeah. Thanks for the question, Lee. So look, Live is a major focus for us for 2025. It's still in its early phase of growth, but we're really encouraged by the strong interest that we're seeing from sellers and buyers. That's not just within the collectibles category, where there's a lot of adoption, but also in other areas like luxury watches, jewelry, handbags, pre-loved apparel, I'd like to go on to just kind of see who's using the product.

是的。謝謝你的提問，李。所以，Live 是我們 2025 年關注的重點。它仍處於早期發展階段，但賣家和買家的濃厚興趣確實讓我們感到鼓舞。這不僅限於收藏品類別（該類別應用廣泛），還涉及奢侈手錶、珠寶、手袋、二手服裝等其他領域，我想繼續了解誰在使用該產品。

We've been expanding the product. In Q2, we actually launched eBay Live in the UK at London's Comic Con. We've kicked off the eBay live on tour throughout the US for kind of live streaming events. We've been innovating on the product with a new kind of seller host console, which makes things much easier. Everything is like one click away and easier to kind of execute on eBay Live.

我們一直在擴大產品範圍。在第二季度，我們實際上在倫敦動漫展上在英國推出了 eBay Live。我們已經在美國各地啟動了 eBay 巡迴直播活動，進行各種直播活動。我們一直在對產品進行創新，推出一種新型賣家主機控制台，讓事情變得更加簡單。一切操作只需單擊一下即可完成，在 eBay Live 上執行起來更加輕鬆。

And we brought out two of the most requested features from our live sellers, which were auto charge and combined shipping. The way I think about the potential is I've been around this business since 2001. And what's always been exciting and I've always said is give sellers a tool in this marketplace and watch what they do with it, and it's just going to be exciting.

我們推出了現場賣家最需要的兩個功能，即自動收費和合併運送。我對這個行業的潛力的看法是，我從 2001 年起就一直從事這個行業。我一直說的是，令人興奮的是，在這個市場上給賣家一個工具，看看他們用它做什麼，這將會非常令人興奮。

And that's what I find here with eBay Live is these buyers, they don't want to see like some celebrity on live. They love the authenticity of our sellers that really know that Pokemon area or that anime, or are really into luxury handbags.

我發現 eBay Live 的買家並不想在直播中看到名人。他們喜歡我們賣家的真實性，這些賣家真正了解寶可夢領域或動漫，或者真正喜歡奢侈手袋。

The community elements that we see coming out from eBay Live are exciting because you see sellers interacting with their buyers, buyers interacting with each other on the platform. And eBay is really at the home of these community enthusiasts. And so seeing those pieces come out, I think, has been great.

我們看到 eBay Live 中出現的社群元素令人興奮，因為您可以看到賣家與買家互動，買家在平台上互動。而 eBay 正是這些社區愛好者的家。所以我認為看到這些作品問世是一件很棒的事。

So it makes me super excited by the potential, and I'm optimistic that given the level of engagement, the metrics that we're seeing around how buyers are gravitating to them and the increasing value contribution. So we plan to continue to invest and improve this experience for buyers and sellers. And that will be fun to watch kind of all the different areas where they can take eBay Live.

因此，我對這種潛力感到非常興奮，我樂觀地認為，考慮到參與度、我們看到的買家如何被他們吸引以及不斷增加的價值貢獻的指標。因此，我們計劃繼續投資並改善買家和賣家的體驗。觀察 eBay 可以在哪些不同領域開展 Live 活動將會很有趣。

Helpful. Congrats. Thanks.

很有幫助。恭喜。謝謝。

Thanks, Lee.

謝謝，李。

Thank you for joining. This concludes today's call. You may now disconnect.

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。