Kaspi.kz AO (KSPI) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to the Kaspi Third Quarter 2023 Financial Results Webinar. My name is Harry, and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加 Kaspi 2023 年第三季財務業績網路研討會。我叫哈利，今天我將成為您的接線生。 （操作員說明）

And it's now my pleasure to turn the call over to David Ferguson from Kaspi to begin. David, please go ahead when you're ready.

現在我很高興將電話轉給卡斯比的大衛·弗格森來開始。大衛，準備好後請繼續。

Thanks, Harry. Hello, everyone. Welcome to Kaspi.kz's Third Quarter 2023 financial results. Usual format on the call, our Co-Founder and CEO, Mikheil Lomtadze; Deputy CEOs, Tengiz Mosidze; and Yuri Didenko; myself, David Ferguson. Mikheil will run you through the strategic update. I'll run you through the third quarter results, and then the team are available for Q&A at the end.

謝謝，哈利。大家好。歡迎閱讀 Kaspi.kz 2023 年第三季財務表現。按照電話會議的慣例，我們的共同創辦人兼執行長 Mikheil Lomtadze 說：副執行長 Tengiz Mosidze；和尤里·迪登科；我自己，大衛‧弗格森。米哈伊爾將引導您完成策略更新。我將向您介紹第三季的業績，然後團隊在最後進行問答。

So on that note, I'll hand over to Mikheil. Mikheil, over to you.

因此，關於這一點，我將把工作交給 Mikheil。米哈伊爾，交給你了。

Thank you, David. Thank you, everyone. So we will be reporting our 3Q. So team have done a good job. So we're pleased to report our solid performance.

謝謝你，大衛。謝謝大家。因此，我們將報告第三季的情況。所以團隊做得很好。因此，我們很高興地報告我們的穩健表現。

At the moment, what we are really doing as a company, I mean, strategically speaking, we are developing the innovative services that improve our customers' lives of our consumers and partners, and we operate these 2 super apps: the one Super App around the daily use of consumers and another Super App around regular needs of our partners or merchants. And consumer Super App has been used now by around 13.5 million users and the Kaspi Pay Super App we have about 600,000 active merchants.

目前，我們作為一家公司真正在做什麼，我的意思是，從策略上講，我們正在開發創新服務，以改善我們的消費者和合作夥伴的客戶生活，並且我們經營這兩個超級應用程式：圍繞著一個超級應用程式消費者的日常使用以及圍繞我們合作夥伴或商家的常規需求的另一個超級應用程式。消費者超級應用程式現已約有 1,350 萬用戶使用，Kaspi Pay 超級應用程式擁有約 60 萬活躍商家。

And if you think in terms of the universe of the type of services we're really providing and we have innovated across many years, it's really deep around the daily needs, and you can do anything from managing your purchases and e-commerce and the travel and the grocery and the fintech financial products; classifieds, which we have entered; the government services, which is a source of the pride for many of our consumers and -- but also ourselves and the country as a whole, really stand out. You can have digital documents [in a mobile app]. You can move ownership of the car, you can pay taxes, you can register your business, you can issue your driver's license and things like that. So we're really excited about all those [services] we have done.

如果您考慮我們真正提供的服務類型的範圍，並且我們多年來一直在創新，那麼它確實深入圍繞日常需求，您可以做任何事情，從管理您的採購和電子商務到旅遊、雜貨和金融科技金融產品；我們已輸入的分類廣告；政府服務確實脫穎而出，這是我們許多消費者以及我們自己和整個國家感到自豪的來源。您可以[在行動應用程式中]擁有數位文件。你可以轉移汽車的所有權，你可以納稅，你可以註冊你的企業，你可以頒發你的駕駛執照等等。因此，我們對我們所做的所有這些[服務]感到非常興奮。

Just wanted to give you a very high-level overview, but those 2 apps is the core of our business. They interact with each other. They connect into each other. And again, they are developing this universe and the suite of the products for consumers and merchants, for the merchants to develop their business, for consumers to improve their lives.

只是想給您一個非常高層次的概述，但這兩個應用程式是我們業務的核心。他們彼此互動。他們相互聯繫。再次，他們正在為消費者和商家開發這個宇宙和產品套件，為商家發展業務，為消費者改善他們的生活。

And as the deep -- the services that we have and the wide range of those services, we are showing very strong engagement metrics, which I think are very unique and stand out. So we would be probably the second among the highest and -- among the highest compared to other sort of selected apps. So we're 65%, which is basically out of 100 people visiting our consumer app monthly, 65 would visit it daily. And on top of these engagement metrics, also the type of transactions which take place through our services, right, they've increased 18% year-over-year. Now our consumers have done 68 transactions a month. It's over 2 transactions a day, which is really impressive. And as we have those transactions and we have those engagement metrics, they really are flying -- fueling our financial performance and the growth.

隨著我們擁有的深度服務以及這些服務的廣泛範圍，我們展示了非常強大的參與度指標，我認為這是非常獨特和突出的。因此，與其他類型的選定應用程式相比，我們可能是排名第二的應用程式。所以我們的比例是 65%，基本上是每月訪問我們消費者應用程式的 100 人中，每天有 65 人訪問它。除了這些參與度指標之外，透過我們的服務進行的交易類型也比去年同期成長了 18%。現在我們的消費者每個月已經完成了 68 筆交易。一天的交易量超過2筆，真是令人印象深刻。當我們擁有這些交易和參與度指標時，它們確實在飛速發展——推動了我們的財務表現和成長。

Next slide. So as you can see, the results in terms of our financial performance are strong. So we have delivered both top line growth and the bottom line growth. And again, that's because of the Super App business model and it's because of network effects which are inherent to our business. So we have grown our revenue 51% year-over-year in the third Q and reached revenue of $1.1 billion equivalent in local currency, and also we have increased our net income 40% year-over-year to around $0.5 billion. So that really has been a very strong performance on our hand.

下一張投影片。正如您所看到的，我們的財務表現非常強勁。因此，我們實現了營收成長和利潤成長。再說一次，這是因為超級應用程式商業模式，也是因為我們業務固有的網路效應。因此，我們第三季的營收年增了 51%，以當地貨幣計算的營收達到了 11 億美元，淨利也年增了 40%，達到 5 億美元左右。所以我們的表現確實非常強勁。

We are also quite unique compared to many technology companies across many other markets. So we are not only profitable, but we also do a buyback of our own shares and we distribute dividends. So our Board has recommended the dividend of KZT 850 per share per GDR. That's subject to shareholder approval. We also announced another GDR buyback program of up to $100 million again, and as of today, since April 2022 we have completed to $248 million repurchase buyback program.

與許多其他市場的許多科技公司相比，我們也相當獨特。所以我們不僅獲利，而且我們還回購自己的股票並分配股息。因此，我們的董事會建議每股 GDR 派發 850 堅戈的股息。這須經股東批准。我們也再次宣布了另一項高達 1 億美元的 GD​​​​R 回購計劃，截至今天，自 2022 年 4 月以來我們已經完成了 2.48 億美元的回購計劃。

This performance is fueled by our platform. So we have 3 platforms which we operate: Payments, Marketplace and the Fintech. And all of them are showing very strong growth. The Marketplace is showing even stronger standout performance. So this -- the Payments TPV has grown 42%; revenue 41%; and net income 47%, just because we have this operating leverage in the Payments business, and we have network effect across the board for all our services. Marketplace GMV has grown 50%, driven by e-commerce growth; 85% revenue growth; 64% net income growth. And then Fintech continues a very nice growth. TFV has accelerated 41%; revenue 39%; and the net growth of net income growth is 17% year-over-year.

這種表現是由我們的平台所推動的。因此，我們經營 3 個平台：支付、市場和金融科技。所有這些都顯示出非常強勁的成長。市場表現出更強勁的表現。因此，支付 TPV 成長了 42%；收入 41%；淨利潤為 47%，只是因為我們在支付業務中擁有這種營運槓桿，而且我們所有服務都具有全面的網路效應。在電子商務成長的推動下，市場 GMV 成長了 50%；收入增長85%；淨利潤成長64%。然後金融科技繼續保持非常好的成長。 TFV 加速了 41%；收入39%；淨利增速較去年同期成長17%。

And we're also becoming increasingly diversified business. So as you can see, almost 2/3 of our net income is now faster-growing Payments and Marketplace businesses.

我們的業務也日益多元化。正如您所看到的，我們淨利潤的近 2/3 現在來自成長更快的支付和市場業務。

Juma has been a very strong performer. We reported it last -- during our last quarterly call. Just to reinforce, it was really the biggest, the largest, more successful Juma that we had in July. So the growth has been 82% year-over-year. So this is our 3-day shopping festival, which is Kaspi -- created by Kaspi and led by Kaspi, with all the platform opportunities to sell for our partners and for consumers to buy. And we will have another Juma in November -- beginning of November, so we're now preparing for it. And again, we will be making sure that we execute so that our partners can happily increase their sales and consumers can reach all our partners and there goes to buy.

Juma 是一位非常出色的表演者。我們在上一次季度電話會議上報告了這一點。需要強調的是，這確實是我們 7 月規模最大、規模最大、更成功的 Juma。所以年增了82%。這就是我們為期3天的購物節，這就是Kaspi——由Kaspi創建並由Kaspi領導，所有的平台機會都可以為我們的合作夥伴銷售和消費者購買。我們將在 11 月（11 月初）舉辦另一場 Juma，所以我們現在正在為此做準備。再次強調，我們將確保我們的執行力能夠讓我們的合作夥伴能夠愉快地增加銷售額，並且消費者能夠接觸到我們所有的合作夥伴並進行購買。

We're also growing very nicely our e-Grocery business. So the growth has been very strong. So we've increased it 3.4x year-over-year, both on the GMV and the purchases side. So we have reached in the third Q 1.4 million purchases, which is very encouraging dynamics, and those purchases in GMV was delivered by 422,000 active consumers. So we're pleased with the business, with operating performance and the financial model. I want just to remind everyone, we are now focused on the 2 cities, which is Almaty and Astana, one of the largest cities in the country, and we are making sure that the business model continues the fast growth but also it's operationally excellent. And that's our priority, but it's still extremely exciting, 442,000 active consumers making 1.4 million purchases in the third Q.

我們的電子雜貨業務也發展得非常好。所以成長非常強勁。因此，無論是 GMV 還是購買量，我們都比去年同期成長了 3.4 倍。因此，我們在第三季的購買量達到了 140 萬次，這是一個非常令人鼓舞的動態，這些 GMV 購買量是由 422,000 名活躍消費者交付的。因此，我們對業務、經營業績和財務模式感到滿意。我想提醒大家，我們現在專注於兩個城市，即阿拉木圖和阿斯塔納，全國最大的城市之一，我們確保業務模式繼續快速成長，但營運也非常出色。這是我們的首要任務，但仍然非常令人興奮，有 442,000 名活躍消費者在第三季度進行了 140 萬次購買。

We also are growing our last mile and building the last-mile delivery network. We're happy to report here that we have now exceeded 5,200 automated postal machines across the country. So it's 5,222 (sic) [5,223] to be precise. And that is now the -- probably the largest last-mile delivery network in the country, and it contributes 37% of our deliveries. And again, this is important for us just because that's something which our team is executing strongly because that's an important delivery channel for us, but also it's great for -- operationally because it's cheaper to operate, but also it's great for the country and citizens because it's greener to operate.

我們也正在發展最後一哩路並建立最後一哩的交付網路。我們很高興地在此報告，我們現在在全國各地擁有超過 5,200 台自動郵政機器。所以準確地說是 5,222（原文如此）[5,223]。現在，這可能是全國最大的最後一哩配送網絡，它貢獻了我們 37% 的配送量。再說一次，這對我們來說很重要，因為這是我們團隊正在大力執行的事情，因為這對我們來說是一個重要的交付管道，而且它對營運也很有好處，因為它的營運成本更低，而且對國家和公民也有好處因為它的運作更環保。

Instead of -- just to give you a basic equation -- instead of delivering 70 parcels to the door and traveling to all those destinations separately, you are delivering 70 parcels to 1 specific location, and then consumers can pick up them at the convenient times. And consumers love it because it's their choice when they want to pick it up. So that's a great functionality. We're pushing it, and we are aiming to have around 6,000 automated postal machines, or Kaspi Postomats as we call them, by the year-end.

不是——只是給你一個基本方程式——不是將 70 個包裹送到門口並分別前往所有這些目的地，而是將 70 個包裹運送到 1 個特定位置，然後消費者可以在方便的時間取貨。消費者喜歡它，因為這是他們想要購買時的選擇。所以這是一個很棒的功能。我們正在推動這一目標，我們的目標是到年底擁有大約 6,000 台自動郵政機器（我們稱之為 Kaspi Postomats）。

Another business which we're also growing and really excited about it is the B2B. So B2B continues to show -- B2B Payments continues to show a very strong performance. We have grown our TPV 2.3x year-over-year for 9 months, and purchases 17.4 million. And that's basically for us, again, it's a sort of foundation for the further innovations for our merchant partners and their suppliers, just because we're really focused on making sure the transactions flow and the liquidity flows in the value chain. And yes, this business is growing really fast. We're excited about it. It's roughly about 4% of our TPV. Even though the Payments business is growing across the board, that business is just the start of the innovation for the merchant products and their suppliers.

我們也在不斷發展並對此感到非常興奮的另一項業務是 B2B。因此，B2B 繼續表現出——B2B 支付繼續表現出非常強勁的表現。連續 9 個月，我們的 TPV 年增了 2.3 倍，採購量達到 1,740 萬個。這對我們來說基本上是，它是我們的商業合作夥伴及其供應商進一步創新的基礎，因為我們真正專注於確保價值鏈中的交易流動和流動性流動。是的，這項業務成長得非常快。我們對此感到興奮。這大約占我們 TPV 的 4% 左右。儘管支付業務正在全面成長，但該業務只是商家產品及其供應商創新的開始。

We have completed -- I'm happy to report that we have completed the transaction of acquiring Kolesa.kz Group from a private equity shareholder. This is a great business in terms of the addition to our services and an extension of our value towards consumers around real estate and around the cars that Kolesa really has the #1 brand recognition. It's almost 13x more recognized than the nearest brand in the cars vertical, and it's #1 as well, almost 5x, in the real estate. And those are the 2 most important decisions that the household would make -- one of the most important, either you buy a car or you buy an apartment, and all of that really is a very good addition to -- or an extension for our business, because we know that we can improve our consumers' lives by helping them to make those decisions smoother. So really excited about that opportunity that we have in front of us.

我們已經完成——我很高興地報告，我們已經完成了從私募股權股東手中收購 Kolesa.kz Group 的交易。這是一項偉大的業務，因為它增加了我們的服務，並擴展了我們對房地產和汽車領域消費者的價值，Kolesa 確實擁有第一大品牌認知度。它的知名度比汽車垂直領域最接近的品牌高出近 13 倍，而且在房地產領域也排名第一，幾乎是 5 倍。這些是家庭會做出的兩個最重要的決定——最重要的決定之一，要么你買一輛車，要么你買一套公寓，所有這一切確實是一個非常好的補充——或者是我們的生活的延伸。業務，因為我們知道我們可以透過幫助消費者更順利地做出決策來改善他們的生活。我們對擺在我們面前的這個機會感到非常興奮。

Through the acquisition of the both, you know that we also operate the largest classified businesses in Azerbaijan, both in -- leading businesses in Azerbaijan, both in cars, real estate, but also in the general classifieds. And if you would actually pull everything together, now we have a good platform across 3 countries with more than 10 million monthly active users, and now we have classifieds in Kazakhstan, Azerbaijan and Uzbekistan. And this gives us another opportunity, both for additional consumer insights but also for continuing innovating and delivering services to our consumers and partners actually, whether it's merchants, it's individuals selling their used items or everything else, cars and so on, on the -- on our platforms now.

透過收購這兩家公司，您知道我們也經營阿塞拜疆最大的分類業務，無論是在阿塞拜疆的領先業務中，還是在汽車、房地產領域，還有一般分類廣告領域。如果你真的把一切整合在一起，現在我們在 3 個國家擁有一個良好的平台，每月活躍用戶超過 1000 萬，現在我們在哈薩克、阿塞拜疆和烏茲別克斯坦都有分類廣告。這給了我們另一個機會，既可以獲得更多的消費者洞察，也可以繼續創新，並為我們的消費者和合作夥伴提供服務，無論是商家，還是個人出售他們的二手物品或其他一切，汽車等等，在--現在在我們的平台上。

So David, the platforms?

那麼大衛，平台呢？

Yes. Thanks, Mikheil. So I'll run you all through the financials for the 3 respective divisions, starting with the Payments division.

是的。謝謝，米哈伊爾。因此，我將從支付部門開始向您介紹 3 個部門的財務狀況。

Mikheil talked earlier about the importance of growing transactions. In Payments, that is a function of new merchants and product development, giving customers more opportunities to transact. In the quarter, you see transactions were up 34% year-on-year, up 41% year-on-year for the 9 months. That is a good result. Payments platform is also our main customer acquisition tool. A large and diverse merchant base drives new consumers. And here too, you see the growth was robust, up 15% year-on-year for the 9 months, and that's consistent with the trends that we've reported over the first and second quarter.

米哈伊爾早些時候談到了增加交易的重要性。在支付領域，這是新商家和產品開發的功能，為客戶提供更多交易機會。在本季度，您可以看到交易量年增 34%，連續 9 個月年增 41%。這是一個很好的結果。支付平台也是我們主要的獲客工具。龐大且多樣化的商家基礎推動了新的消費者。在這裡，您也可以看到成長強勁，9 個月年增 15%，這與我們報告的第一季和第二季的趨勢一致。

As merchants shift more of their volumes to us, that drives TPV. So just to be clear here, TPV is what we previously described as RTPV. So there's a change in definition. It refers to transactions that are monetized. It excludes nonmonetized transactions. TPV growth was up 42% year-on-year in the third quarter, 49% year-on-year for the 9 months. And all key Payments platform products are contributing to this result: growth in Kaspi Pay merchants and transactions; rapid adoption of B2P, which is expected to remain additive to TPV; and the ongoing popularity of bill payments.

隨著商家將更多的銷售轉移給我們，這推動了冠捷科技的發展。在此需要澄清的是，TPV 就是我們之前所描述的 RTPV。所以定義發生了變化。它指的是貨幣化的交易。它不包括非貨幣化交易。 TPV第三季年增42%，前9個月年增49%。所有主要支付平台產品都為此結果做出了貢獻：Kaspi Pay 商家和交易的成長； B2P 的快速採用，預計仍將是 TPV 的補充；以及帳單支付的持續流行。

Interest-free balances were up 22% in the third quarter, which was consistent with the previous quarter and indicative of a broadly healthy consumer environment. Take rate for the quarter was stable at 1.2%, and indeed, take rate has been stable for a longer period of time.

第三季無息餘額成長 22%，與上一季一致，顯示消費環境整體健康。本季的使用率穩定在 1.2%，事實上，使用率已經穩定了較長一段時間。

The company's [sharing] of fast TPV growth and stable take rates translates into similar revenue growth, up 41% year-on-year in the third quarter, 49% for the 9 months. From a profitability perspective, during the quarter, Payments platform delivered a record level of profitability. The drivers remain the same. That's the elimination of third-party costs, proprietary networks, inherent gearing and just tight cost control, which is a theme across the business.

該公司[共享]快速的冠捷成長和穩定的收入成長轉化為類似的收入成長，第三季年增 41%，前 9 個月年增 49%。從獲利能力的角度來看，本季支付平台的獲利能力創下歷史新高。驅動程式保持不變。這就是消除第三方成本、專有網路、固有槓桿和嚴格的成本控制，這是整個業務的一個主題。

Overall, Payments platform is well positioned to keep growing. As customers' incomes grow, we'll keep adding opportunities to transact across retail and services, particularly services, which is underpenetrated in Kazakhstan. B2B is additive in terms of addressable market, and we'll remain disciplined on costs to ensure Payments platforms gearing remains intact.

總體而言，支付平台處於保持成長的有利位置。隨著客戶收入的成長，我們將持續增加零售和服務交易的機會，特別是在哈薩克滲透率較低的服務業。 B2B 在潛在市場方面具有附加性，我們將繼續嚴格控製成本，以確保支付平台的設備完好無損。

Moving on to Marketplace. So all platforms contributed during the third quarter, but if there was a standout performance, it was from Marketplace. On a transaction basis, you see transactions up 31% year-on-year in the quarter, up 43% year-on-year for the 9 months. That's a good result and just illustrative of the depth of Marketplace's proposition across m-Commerce, e-Commerce, travel, e-Commerce 1P, grocery and the other value-added services like Postomats that we continue to add.

轉向市場。因此，所有平台都在第三季做出了貢獻，但如果說表現突出的話，那就來自 Marketplace。從交易量來看，本季交易量年增 31%，前 9 個月年增 43%。這是一個很好的結果，也說明了 Marketplace 在行動商務、電子商務、旅遊、電子商務 1P、食品雜貨以及我們繼續添加的 Postomats 等其他增值服務領域的主張的深度。

Overall, that drives the attractiveness of the proposition, drives transactions. It also drives new consumers, up 20% year-on-year to 6.9 million. If you contrast that with Payments platform at 12.6 million, you can still see that there is some way to go in that regard.

總體而言，這提高了該主張的吸引力，推動了交易。它還帶動了新消費者，年增 20%，達到 690 萬。如果你將其與支付平台的 1260 萬進行對比，你仍然可以看到在這方面還有很長的路要走。

When I talked about standout performance, transactions translated into fast GMV growth. And then subsequently, you'll see the higher take rate translated into faster revenue growth. From a GMV perspective, 50% year-on-year in the third quarter. That is a material acceleration from the second quarter. GMV was up 39% in the second quarter. Why? That's a reflection of the success of Juma, again, just the breadth and depth of the proposition with all of the key components playing their part.

當我談到出色的業績時，交易轉化為 GMV 的快速成長。隨後，您將看到更高的使用率轉化為更快的收入成長。從GMV來看，第三季年增50%。與第二季相比，這是一個實質的加速。第二季GMV成長39%。為什麼？這再次反映了 Juma 的成功，體現了該主張的廣度和深度，所有關鍵組成部分都發揮了作用。

In addition to that, we saw take rate expansion, 70 basis points in the third quarter, 90 basis points for the 9 months. And that reflects product mix, promo and Juma -- all those things are connected -- delivery, and to a lesser extent advertising.

除此之外，我們還看到利率擴張，第三季為 70 個基點，前 9 個月為 90 個基點。這反映了產品組合、促銷和 Juma——所有這些東西都是相互關聯的——交付，以及較小程度的廣告。

Within Marketplace, if there was a standout performance, it was e-Commerce. e-Commerce delivered 56% GMV growth during the quarter. That's an acceleration from 39% in the second quarter. And it's a mix of promo, i.e., Juma, e-Grocery, for playing their part in this. In terms of purchases, up 120% versus GMV up 56%, so purchases growing at a faster rate, reflecting, number one, the addition of grocery, and number two, just an ongoing effort we've talked about before to expand the depth and breadth of SKUs across all areas of e-Commerce to make the platform more relevant. What you should see happen in time is that growth in SKUs moderates and orders and GMV converge together.

在 Marketplace 中，如果有一個表現突出的話，那就是電子商務。本季度電子商務實現了 56% 的 GMV 成長。較第二季的 39% 有所成長。這是促銷活動的組合，即 Juma、e-Grocery，都在其中發揮了作用。就購買量而言，增長了120%，而GMV 增長了56%，因此購買量增長速度更快，這反映了第一，雜貨的增加，第二，這只是我們之前討論過的擴大深度的持續努力電子商務各領域的 SKU 範圍廣泛，使平台更具相關性。隨著時間的推移，您應該會看到 SKU 的成長放緩，訂單和 GMV 趨於一致。

Take rate expansion in e-Commerce, 10.8% from 9.6%. So this relates to the 3P part of the business, primarily driven by merchant seller fees, which means higher fees on the back of promo and Juma, advertising and deliveries.

以電子商務的成長率為例，從 9.6% 成長到 10.8%。因此，這與業務的 3P 部分有關，主要由商家賣家費用驅動，這意味著促銷和 Juma、廣告和送貨的費用更高。

m-Commerce delivered -- sorry, on e-Commerce. This is just reiterating the point around adding SKUs. You can see there's been a material expansion in e-Commerce SKUs over the last 12 months. We're expanding the depth and breadth of the proposition, making it more relevant to everyday life, driving -- with the aim of driving transaction frequency.

行動商務交付－抱歉，是在電子商務上。這只是重申有關添加 SKU 的觀點。您可以看到過去 12 個月電子商務 SKU 出現了實質成長。我們正在擴大這項主張的深度和廣度，使其與日常生活、駕駛更加相關——目的是提高交易頻率。

On m-Commerce, m-Commerce has consistently delivered good results, this quarter was no exception. GMV up 47%, an acceleration from 35% in the second quarter; take rate moving up by around 50 bps to 8.8% from 8.3% previously. So another good result from m-Commerce.

在行動商務方面，行動商務一直取得良好的業績，本季也不例外。 GMV 成長 47%，較第二季的 35% 加速；利率從先前的 8.3% 上升約 50 個基點至 8.8%。這是另一個行動商務的好結果。

And actually, another good result from Travel. GMV growth of 45%. Here, take rate expansion driven by faster growth from rail, which has higher take rate versus flights. We've talked about previously, we expect international holidays, package holidays to be additive to both growth and take rate going forward.

事實上，這也是旅行的另一個好結果。 GMV成長45%。在這裡，鐵路的快速成長推動了運價擴張，鐵路的運價比航班更高。我們之前談過，我們預計國際假期、套餐假期將促進未來的成長和成長率。

So overall, the combination of good GMV growth and take rate expansion translated into materially faster and accelerating revenue growth, up 85% year-on-year in the third quarter, up 90% year-on-year for the 9 months. The timing of promotional events can vary from quarter to quarter, but Juma is scheduled to take place again next month, and we're excited about that event. Net income grows at 64% year-on-year in the third quarter, 72% year-on-year for the 9 months, which is a slower rate than revenue and it reflects investment in e-Grocery, which is growing fast but still early stage, still in investment mode.

因此，總體而言，良好的 GMV 成長和轉換率擴張相結合，帶來了實質上更快和加速的收入成長，第三季度同比增長 85%，前 9 個月同比增長 90%。促銷活動的時間可能因季度而異，但 Juma 計劃於下個月再次舉辦，我們對此活動感到非常興奮。第三季淨利年增64%，前9個月年增72%，增速低於收入，反映出對電子雜貨的投資，該行業增長迅速，但仍早期階段，仍處於投資模式。

Finally, moving on to the Fintech platform. We've continued to prioritize growth in deposit customers, up 30% year-on-year for the 9-month period. Why? When rates move down, we think deposit customers will stay with us and that their money will drive future transactions and also give us more funding to drive TFV, to drive lending origination in the business. You can see that that strategy is paying out with another -- paying off with another quarter of good deposit growth expansion, faster than growth in loan customers, although growth in loan customers of 12% is solid and consistent with trends you've seen in previous quarters.

最後，轉向金融科技平台。我們繼續優先考慮存款客戶的成長，前 9 個月年增 30%。為什麼？當利率下降時，我們認為存款客戶將留在我們身邊，他們的資金將推動未來的交易，並為我們提供更多資金來推動 TFV，推動業務中的貸款發放。你可以看到，這項策略正在得到回報，即存款成長又一個季度的良好成長，比貸款客戶的成長更快，儘管貸款客戶12% 的成長是穩健的，並且與你在2017 年看到的趨勢一致。前幾季。

Looking to origination, up 41% year-on-year. So that is a pretty healthy level of origination. Origination has been running at a normalized level since really the second half of last year, and again, this is illustrative of a supportive consumer environment. Origination now drives revenue growth going forward.

從發源地來看，年增41%。所以這是一個相當健康的起源水準。自去年下半年以來，Origination 一直在正常水平上運行，這再次說明了支持性的消費者環境。現在，起源推動了未來的收入成長。

In terms of mix, the drivers are low-risk, short duration BNPL, which is our most important Fintech product. Merchant financing is our fastest-growing Fintech product and Merchant SME lending is an underpenetrated opportunity in Kazakhstan with significant growth potential ahead. Loan conversion, a measure of how quickly people borrow and repay, stable and consistent with long-run trends at 2.2x for 9 months 2023, again, supportive of the consumer environment.

就組合而言，驅動因素是低風險、短期的 BNPL，這是我們最重要的金融科技產品。商業融資是我們成長最快的金融科技產品，而商業中小企業貸款是哈薩克尚未充分利用的機會，未來具有巨大的成長潛力。貸款轉換率（衡量人們藉貸和償還速度的指標）在 2023 年 9 個月內穩定且符合長期趨勢，為 2.2 倍，這再次支持了消費環境。

From a balance sheet perspective, that translated into a 35% loan portfolio growth and 42% growth in deposits. So again, you see the deposits growing at a faster rate than loan growth. As a result of that, the loan-to-deposit ratio continues to move down to 79%. We have a good, strong financial position.

從資產負債表的角度來看，這意味著貸款組合增加了 35%，存款增加了 42%。同樣，您會看到存款的成長速度快於貸款的成長速度。受此影響，貸存比繼續下降至79%。我們擁有良好、強勁的財務狀況。

In terms of yield, just to point to a note on this slide, this number is either for the quarter or for 9 months. It isn't an annualized number. Previously -- in previous updates, you will see that we've always talked in annualized terms, but you'll see that that is consistent. If you annualize those numbers, you will see that it's consistent with what we've talked about previously, i.e., BNPL and SME lending are lower-yielding products. As they grow in share, that results in the blended yields moving down slightly, and the trend we report in the [third and fourth] quarter, again, is consistent with that.

就收益率而言，請注意這張投影片上的註釋，該數字要么是季度的，要么是 9 個月的。這不是年化數字。以前 - 在先前的更新中，您會看到我們總是以年化術語進行討論，但您會發現這是一致的。如果你將這些數字按年化，你會發現它與我們之前討論的一致，即 BNPL 和中小企業貸款是收益較低的產品。隨著它們份額的增長，導致混合收益率略有下降，我們在[第三和第四]季度報告的趨勢再次與此一致。

Looking at the various risk metrics, whether it be default rates, delinquency rates, loss rates or collections, the overall message here is that in terms of risk, you see strong and stable trends, actually trends that have been consistent now over a long period of time. That points to a low-risk product, low-risk environment and predictable environment.

看看各種風險指標，無論是違約率、拖欠率、損失率還是收款率，這裡的總體訊息是，就風險而言，你會看到強勁而穩定的趨勢，實際上趨勢在很長一段時間內一直保持一致的時間。這意味著低風險的產品、低風險的環境和可預測的環境。

Ultimately, that translates into cost of risk for the 9-month period of 1.5%. So again, that is not an annualized number, although it is consistent with the annualized numbers we've talked about previously. And again, it is exactly where we would want it to be. Similarly, on NPLs, NPL is moving down over the course of the year. There is always an element of seasonality when you're looking at NPLs on a quarterly basis, but this trend is exactly what we've talked about on previous calls.

最終，這轉化為 9 個月期間的風險成本為 1.5%。再說一遍，這不是年化數字，儘管它與我們之前討論的年化數字一致。再說一次，這正是我們想要的地方。同樣，就不良貸款而言，不良貸款在這一年中呈下降趨勢。當你按季度查看不良貸款時，總是會有季節性因素，但這種趨勢正是我們在先前的電話會議中討論過的。

So where does this leave us? Fintech revenue growth decent in the quarter, up 39% year-on-year on the back of normalized origination over the last 6 to 9 months and even taking account of slightly lower yield. On the net income side of things, up 17% year-on-year. That is decent growth but is impacted by higher funding costs and the larger deposit base which we previously talked about. When rates start to move down, we think the impact on net income profitability will be you'll see accelerating growth, the decline in profitability being cyclical rather than structural.

那麼這會為我們帶來什麼影響呢？由於過去 6 至 9 個月的正常化，甚至考慮到收益率略有下降，本季金融科技收入成長良好，年增 39%。淨利方面，年增17%。這是不錯的成長，但受到我們之前討論過的更高的融資成本和更大的存款基礎的影響。當利率開始下降時，我們認為對淨利潤的影響將是加速成長，獲利能力的下降是週期性的，而不是結構性的。

So overall, Fintech is well positioned, as evidenced by good organic growth in loan and deposit customers, the structural growth opportunity in BNPL and SME, combined with [our own] tight control of risks and tight control of costs.

因此，總體而言，金融科技處於有利地位，貸款和存款客戶的良好有機增長、BNPL 和中小企業的結構性增長機會，以及[我們自己]對風險的嚴格控制和對成本的嚴格控制就證明了這一點。

So that wraps up the platform summaries. At this point, we would usually turn to guidance. I'll simply just draw your attention to the press release. We noted in the press release the final quarter of the year has gotten off to a strong start. We noted in the press release Juma is scheduled for November, and we're excited about that. And more generally, we observe a healthy and predictable merchant and consumer environment. However, in light of the SEC registration process, we're not providing our usual guidance at this point. It's our intention to return to that practice when it is permissible and appropriate to do so.

平台摘要到此結束。在這一點上，我們通常會轉向指導。我只是提請您注意新聞稿。我們在新聞稿中指出，今年最後一個季度取得了良好的開局。我們在新聞稿中指出 Juma 計劃於 11 月舉行，我們對此感到非常興奮。更一般地說，我們觀察到一個健康且可預測的商家和消費者環境。然而，鑑於 SEC 的註冊流程，我們目前不提供通常的指導。我們打算在允許且適當的情況下恢復這種做法。

So on that note, we will open the call up to Q&A. Harry, over to you.

因此，就此而言，我們將開啟問答環節。哈利，交給你了。

(Operator Instructions) And our first question today is from the line of Gabor Kemeny.

（操作員說明）今天我們的第一個問題來自 Gabor Kemeny。

A few questions from me, please. First one is on the Marketplace, where growth has been trending pretty strongly, I believe. Maybe more strongly than you anticipated some time ago. I mean its 53% GMV growth, I guess, compared with -- I think you've at 40-plus earlier. I understand you won't be able to provide a guidance now, but maybe you can just give us a sense of why the underlying growth has been stronger than you had expected? I guess Juma was [known] when we last spoke.

請向我提出幾個問題。第一個是在市場上，我相信那裡的成長趨勢相當強勁。也許比你前一段時間預期的更強烈。我的意思是，我猜它的 GMV 成長了 53%，而之前的成長率是 40% 以上。我知道您現在無法提供指導，但也許您可以讓我們了解為什麼潛在成長比您預期的要強勁？我猜當我們上次談話時，Juma 是[已知的]。

The other question I have is on the news flow and proposals around the interest rate caps. Would you be able to comment on the odds and what impact would it have on Kaspi if the rate caps, indeed, the consumer rate caps indeed drop to 44%? I believe that was a previous proposal.

我的另一個問題是有關利率上限的新聞動態和建議。您能否評論一下可能性以及如果稅率上限（事實上，消費者稅率上限確實降至 44%）會對 Kaspi 產生什麼影響？我相信這是之前的提議。

And just finally, maybe you can give us an update on the U.S. IPO progress, please?

最後，您能否向我們介紹美國 IPO 的最新進展？

All right. Gabor, thanks for your questions. I'll pass the regulatory question over to Mikheil, but just to sort of address the U.S. listing question. I guess it's around timing. It's a perfectly reasonable question, but at this point we're unable to add any detail beyond what we've said publicly, namely that we filed with the SEC. But beyond that, we can't talk about timing or anything else related to this event. So just ask you to bear with us in that regard.

好的。加博，謝謝你的提問。我會將監管問題轉交給 Mikheil，但只是為了解決美國上市問題。估計是時間關係吧這是一個完全合理的問題，但目前我們無法添加我們公開表示的內容（即我們向 SEC 提交的內容）之外的任何細節。但除此之外，我們不能談論時間或與此事件相關的任何其他問題。因此請您在這方面容忍我們。

On Marketplace, again, from my side, I'd just -- without trying to be unhelpful -- reiterate there's a limit to what we can say in terms of forward-looking comments. I'd reiterate the comments that we've made previously. You're right, Marketplace delivered a standout performance, number one. Number two, it was led by e-commerce. So that's an important point to be aware of, although all platforms delivered. In terms of e-commerce, there's a culmination of lots of things coming together. We talked about Juma being one, we talked about expansion in the depth and breadth of the proposition, SKUs, number two, and that's both 3P and 1P. We talked about value-added services, Postomats, for example, promotion and advertising. So if you -- it's hard to identify any one factor, but if you put all of these things together, they've contributed to a good result, and e-commerce remains structurally underpenetrated in Kazakhstan.

再次，在 Marketplace 上，從我的角度來看，我只是重申，我們在前瞻性評論方面的言論是有限的，但並非不想提供任何幫助。我想重申我們之前發表的評論。你是對的，Marketplace 表現出色，排名第一。第二，它是由電子商務引領的。因此，儘管所有平台都提供了這一點，但這是需要注意的重要一點。就電子商務而言，很多事情都匯集到了一起。我們談到了 Juma 是其中之一，我們談到了該命題的深度和廣度的擴展，SKU，第二，這都是 3P 和 1P。我們討論了增值服務，Postomats，例如促銷和廣告。因此，如果你——很難確定任何一個因素，但如果你把所有這些因素放在一起，它們就會帶來一個好的結果，而哈薩克的電子商務在結構上仍然滲透不足。

I will pass the floor over to Mikheil.

我將把發言權交給米哈伊爾。

Thank you, David. Thank you, Gabor, for the questions. And regarding the regulation, this is a general question which we regularly discuss on a pretty much regular basis on most of the calls.

謝謝你，大衛。謝謝加博提出的問題。關於監管，這是一個普遍問題，我們在大多數電話中定期討論。

So there is nothing specific to report. So I mean it has been communication back and forth and the discussion about it in the broader context and different events. So yes, I mean, there's nothing really specific that I can add to what I've said before about this.

所以沒有什麼具體可報告的。所以我的意思是，這是在更廣泛的背景和不同事件中進行的來回溝通和討論。所以，是的，我的意思是，對於我之前所說的內容，我沒有什麼可以補充的。

Okay. Maybe if I can just follow up on the -- on this point because that proposal of rate caps possibly coming down I think was -- was quite specific. Can you remind me what's your message, what's your commentary on rate caps coming down to 44% potentially?

好的。也許我可以跟進這一點，因為我認為可能會降低利率上限的提議非常具體。您能提醒我您想傳達什麼訊息嗎？您對可能降至 44% 的利率上限有何評論？

Well, my commentary in general that we are very sort of diversified business with a really broad value chain. So from that perspective, our business model itself is quite resilient to any kind of changes on the pricing of different products. And that's pretty much what I have said before.

嗯，我的整體評論是，我們是一家非常多元化的企業，擁有非常廣泛的價值鏈。因此，從這個角度來看，我們的商業模式本身對於不同產品定價的任何變化都具有相當的彈性。這就是我之前所說的。

Our next question today is from the line of Catherine O'Neill.

今天我們的下一個問題來自凱瑟琳·奧尼爾。

I had a couple of questions, if that's OK. One is, could you talk a bit more about the opportunity in services in relation to payments -- I think you referenced services being more the driver of payments as we go forward -- and how you think about that mix?

我有幾個問題，如果可以的話。一是，您能否多談談與支付相關的服務機會——我認為您提到，隨著我們的發展，服務將更多地成為支付的驅動力——以及您如何看待這種組合？

And secondly, now Kolesa is closed. I think in the release, you talked about used car sales, leveraging technology, car financing payment tools. Should we expect an acceleration in car financing? And how could that, if at all, change the risk profile and maturity?

其次，現在 Kolesa 已經關閉了。我想在新聞稿中，您談到了二手車銷售、利用科技、汽車融資支付工具。我們是否應該期待汽車融資加速？如果有的話，這會如何改變風險狀況和成熟度？

Okay, Catherine. So maybe I'll just start on services, then pass both over to Mikheil. So the simple point I would make is if you just look at macro data for Kazakhstan, the share of spending on services is low relative to many emerging markets and developed countries. Typically, as incomes grow, services become a larger part of the economy. So we see services as structurally underpenetrated, a driver of long-term growth in terms of transaction activity. And if you think about all of our products, whether that be m-Commerce, whether that be Kaspi Pay or BNPL, they're all beneficiaries of growth in any transaction activity, whether it becomes from goods or whether it comes from services.

好的，凱瑟琳。所以也許我會從服務開始，然後將兩者都交給 Mikheil。因此，我想說的簡單一點是，如果你只看哈薩克的宏觀數據，相對於許多新興市場和已開發國家，服務支出的比例較低。通常，隨著收入的成長，服務業將成為經濟的重要組成部分。因此，我們認為服務在結構上滲透不足，而服務是交易活動長期成長的驅動力。如果你考慮我們所有的產品，無論是行動商務、Kaspi Pay 還是 BNPL，它們都是任何交易活動成長的受益者，無論是來自商品還是來自服務。

But maybe I'll just pass the rest over to Mikheil.

但也許我會把剩下的交給米哈伊爾。

Catherine, thank you for your questions. In terms of the classifieds, I mean, if you look back at the -- in general, at the pace of innovations that we're able to implement leveraging the technology, the consumer insight, but also delivering the high-quality consumer experience, I think we're excited about these new verticals that now we're getting into the Kaspi sort of business.

凱瑟琳，謝謝你的提問。就分類廣告而言，我的意思是，如果你回顧一下——總的來說，我們能夠利用技術、消費者洞察來實現創新的步伐，同時也提供高品質的消費者體驗，我認為我們對這些新的垂直領域感到興奮，現在我們正在進入Kaspi 之類的業務。

Regarding the car financing specifically, yes, we are having the online car product -- car finance product which is becoming, and is, very popular. And as you know, on the Fintech side of things, one of the things which really we know what to do is how to evaluate and measure risk or give the right amount to the right consumer at the right time for the right purchase -- actually consumer and the merchant. So as a result, you could -- we've mentioned this in a previous call as well that that would be the strategy for us, to enter those markets around the cars. And yes, and that's quite -- yes, that's an exciting opportunity for us.

具體到汽車融資方面，是的，我們正在開發線上汽車產品——汽車金融產品，它正在變得非常受歡迎。如你所知，在金融科技方面，我們真正知道要做的事情之一是如何評估和衡量風險，或者在正確的時間向正確的消費者提供正確的金額以進行正確的購買——實際上消費者和商家。因此，我們在先前的電話會議中也提到這一點，這將是我們進入汽車相關市場的策略。是的，這對我們來說是一個令人興奮的機會。

Okay. I just wanted to clarify. So when you say you're sort of entering the market on the car side a bit more, does that mean you might take on some of the inventory risk as well? Or will you purely be focused on sort of financing and ancillary services side?

好的。我只是想澄清一下。因此，當您說您更多地進入汽車方面的市場時，這是否意味著您也可能承擔一些庫存風險？還是您會純粹專注於融資和輔助服務方面？

Both. Car financing but also helping the consumers to buy the cars at the right prices. And considering the reach of the platform that we have, that's a good opportunity that we have in front of us, where again, we're just limited on some of the forward-looking statements, as you can appreciate. But there's one thing that -- to be known about Kaspi team is our ability to execute and deliver the results.

兩個都。汽車融資還可以幫助消費者以合適的價格購買汽車。考慮到我們所擁有的平台的影響力，這是我們面前的一個很好的機會，同樣，我們只限於一些前瞻性陳述，正如您所理解的。但有一點是，Kaspi 團隊眾所周知的是我們執行和交付結果的能力。

Our next question today is from the line of [Indira Iqbal Siddiqui].

今天我們的下一個問題來自 [Indira Iqbal Siddiqui]。

Apologies and congratulations on another great set of results. My first question is on e-commerce. What upside to take rates do you see from advertising and delivery over a 2- to 3-year time horizon?

對另一組出色的結果表示歉意和祝賀。我的第一個問題是關於電子商務的。您認為在 2 到 3 年的時間範圍內，透過廣告和投放來收取費率有什麼好處？

Secondly, I just wanted to explore a bit more on the e-Grocery dark store rollout, the speed at which you're seeing profitability of the new dark stores that are being rolled out? And how are you thinking about the growth of the e-Grocery segment distribution network beyond the dark store rollout that's planned right now?

其次，我只是想更多地探討一下電子雜貨暗店的推出，您看到正在推出的新暗店的盈利速度如何？除了目前計劃推出的暗店之外，您如何看待電子雜貨細分市場分銷網絡的成長？

And then just finally on international growth. Is that kind of on the agenda at the moment? And if so, which countries or regions are you exploring?

最後是國際成長。目前這已經列入議程了嗎？如果是這樣，您正在探索哪些國家或地區？

[Indira], we mentioned sort of earlier that we're relatively limited in terms of forward -- both guidance but generally forward-looking statements. So when you're asking for sort of the view on how advertising and delivery can evolve in terms of take rate on a 2- to 3-year view, if we can't give guidance for the fourth quarter, we can't comment on that specifically, other than a generic comment that these products are very early stage for us. And given that they are early stage underpenetrated markets, the opportunity ahead is interesting.

[Indira]，我們之前提到過，我們在前瞻性方面相對有限——既是指導性的，也是總體上前瞻性的陳述。因此，當您詢問廣告和投放在 2 到 3 年的收視率方面如何發展的觀點時，如果我們無法提供第四季度的指導，我們無法發表評論具體來說，除了一般性評論外，這些產品對我們來說還處於早期階段。鑑於它們是早期滲透率較低的市場，未來的機會很有趣。

Similarly for your other questions around the economics of dark stores, again, without trying to appear unhelpful, we report Marketplace -- [we'd not] report profitability at a Marketplace level, not at a 1P level. So there's not really much we can add in that regard.

同樣，對於您關於暗店經濟學的其他問題，再次，我們不會試圖顯得毫無幫助，我們報告市場——[我們不會]報告市場級別的盈利能力，而不是 1P 級別的盈利能力。因此，在這方面我們沒有什麼可以補充的。

And so I'll just leave it there. I don't know if Mikheil can add more generic comments.

所以我就把它留在那裡。我不知道 Mikheil 是否可以添加更多通用評論。

Well, I would, again, just go to the point of really understanding how Kaspi team operates and executes, and -- and that's basically, I think, apart from technology -- proprietary technology we have developed, this really is probably the extremely important factor in any future plans for us. If you put together the advertising and delivery revenue, it's 1.8% of our GMV on a 9-month basis so on e-Commerce side. So you can see that we have -- we have been really executing, sometimes behind the scenes, before we sort of get really confident that this business is performing. So from that perspective, I can just reiterate what David is saying, and our role is really just to put our heads down and execute, which I think that Kaspi management team has proven many times that we are all about execution.

好吧，我想再次真正了解 Kaspi 團隊如何運作和執行，而且——我認為這基本上是除了技術之外——我們開發的專有技術，這確實可能是極其重要的考慮到我們未來的任何計劃。如果你把廣告和配送收入加在一起，那麼在電子商務方面，它占我們 9 個月 GMV 的 1.8%。所以你可以看到，在我們對這項業務的表現真正有信心之前，我們一直在真正執行，有時在幕後。因此，從這個角度來看，我可以重申 David 所說的，我們的角色實際上只是埋頭執行，我認為 Kaspi 管理團隊已經多次證明我們都是執行力。

And Mikheil, [Indira] also asked about international.

米哈伊爾（Indira）也詢問了國際問題。

On international, I would say it probably goes around the same kind of comments that you have mentioned in terms of limitations on our forward-looking statements in general. I would say that we, as a company, have technology which is scalable, management team which is extremely experienced across different industries by now and also different countries. So from that perspective, our sort of plans haven't really changed from what we said in the previous call.

在國際方面，我想說，它可能與您提到的關於我們的前瞻性陳述的總體限制的評論相同。我想說，作為一家公司，我們擁有可擴展的技術，管理團隊目前在不同行業和不同國家都擁有豐富的經驗。因此，從這個角度來看，我們的計劃與我們在上次電話會議中所說的話並沒有真正改變。

Our next question is from the line of Sergey Dubin.

我們的下一個問題來自謝爾蓋·杜賓。

Congratulations on outstanding results. I just have one factual question. I understand you cannot comment on forward-looking issues, but relating to the concern that I think a [comrade before me] (technical difficulty) regarding rate caps, I mean, I read that your Fintech yield was 19% annualized, for 9 months. Obviously it's way below 44%. So perhaps the question is, like, can you comment on what percentage of your book -- and obviously, that 19% of average across many borrowers, I mean, is there a large portion of the book that's pushing 44%, maybe just to allay that concern? If that -- if you can provide that color, that would be helpful.

祝賀取得優異成績。我只有一個事實問題。我知道你不能對前瞻性問題發表評論，但關於我認為[我之前的同志]（技術困難）關於利率上限的擔憂，我的意思是，我讀到你們的金融科技收益率在9 個月內年化率為19% 。顯然這個比例遠低於44%。所以也許問題是，你能評論一下你的書的百分比嗎？顯然，許多藉款人的平均值為 19%，我的意思是，這本書的很大一部分推動了 44%，也許只是為了消除這種擔憂嗎？如果那樣的話——如果你能提供那種顏色，那就會很有幫助。

Mikheil, do you want to have a go at that?

米哈伊爾，你想嘗試嗎？

Yes. The most -- the question that is winning the prize for being asked so many times on every call. I mean you just need -- just -- I wouldn't really speculate about this; I think you guys see all our numbers and you can definitely make the judgment. And again, the one thing which I would just simply reinforce that Fintech part of the business is only what is a bit over than 1/3 of our bottom line now and reducing really fast. So from that perspective, the Marketplace and Payments businesses are the ones which are growing. And in our case, we are just -- I think the best -- we have impressive -- I even need to choose the words when we're discussing with you at this stage, so instead of saying best, I could say that we are probably really strong in the risk management, and having cost of risk which is below sort of 2% just tells you that I think that's the most important factor in any financing business.

是的。最重要的是，這個問題因在每次通話中被問了很多次而獲獎。我的意思是你只需要──只是──我不會真正猜測這一點；我想你們看到我們所有的數據，你們一定能做出判斷。再說一次，我想簡單強調的是，金融科技業務的一部分只占我們利潤的 1/3 多一點，而且下降速度非常快。因此從這個角度來看，市場和支付業務是正在成長的業務。就我們而言，我們只是——我認為是最好的——我們令人印象深刻——我甚至需要在這個階段與你們討論時選擇詞語，所以我可以說，我們不是說最好，而是我們風險管理方面可能確實很強，風險成本低於 2% 只是告訴你我認為這是任何融資業務中最重要的因素。

And yes, I mean my personal view is that in general, if the caps are going down, the competition is reducing, which is very unfortunate. And when the competition is reducing, this is bad overall. But actually, the strong brands which perform operationally excellent are winning in this type of environment. So their arguments can stretch all sorts of different angles, but I think that for the strong brands and operationally managing excellent companies, these type of changes, should they happen at any point in the future, unfortunately are reducing competition, but making the brands and the companies like that winners. Because it's not only about interest rates, right? It's also about the type of products and the consumer access to those products.

是的，我的個人觀點是，總的來說，如果上限下降，競爭就會減少，這是非常不幸的。當競爭減少時，總體來說這很糟糕。但實際上，在這種環境下，營運出色的強勢品牌正在獲勝。因此，他們的論點可以延伸各種不同的角度，但我認為，對於強大的品牌和營運管理優秀的公司來說，這些類型的變化，如果它們在未來的任何時候發生，不幸的是會減少競爭，但使品牌和公司喜歡那些獲勝者。因為這不只與利率有關，對嗎？它還涉及產品的類型以及消費者對這些產品的獲取。

Our next question today is from the line of [David Shapiro].

今天我們的下一個問題來自[大衛·夏皮羅]。

Just a quick thank you on behalf of the shareholders for the judicious way you guys continue to run the company. It is very much appreciated. Just moving on to 2 quick questions.

我謹代表股東對你們繼續明智地經營公司表示感謝。這是非常讚賞。繼續問兩個簡單的問題。

Is there any concern from a competitive standpoint, or are you guys seeing anything more specifically on the ground that would lead you to believe, that people are trying home delivery models versus the Postomats? Obviously, you guys have created a very economic and efficient way of delivery, there's -- there's no doubt about that. So I'm wondering if there's a lot of free flowing capital where people are trying to go to the home more aggressively? So that's one question.

從競爭的角度來看，是否存在任何擔憂，或者你們是否看到了任何更具體的實地情況，讓你們相信，人們正在嘗試送貨上門模式而不是 Postomats？顯然，你們已經創造了一種非常經濟且有效率的交付方式，這是毫無疑問的。所以我想知道是否有大量自由流動的資本讓人們試圖更積極地回家？這是一個問題。

Second question would be around your very powerful business model, which continues to get more powerful given the tangential lines of service you're moving into. Are there any tangible benefits that perhaps you can talk about on this call or that you're showing the government, in particular, which is benefiting the consumer? Is there any plans to further reduce payment take rates, for instance? Just anything where you can show how the scale and the size and the increase in volume may actually drive down the pricing, so as to allay any government concerns about Kaspi's very strong business model.

第二個問題是關於您非常強大的商業模式，考慮到您正在進入的切線服務領域，這種模式將繼續變得更加強大。您是否可以在這次電話會議上談論任何有形的好處，或者您特別向政府展示的哪些有利於消費者的好處？例如，是否有計劃進一步降低付款率？只要你能展示規模、規模和數量的增加如何實際上壓低價格，從而減輕政府對 Kaspi 非常強大的商業模式的擔憂。

All right (technical difficulty) Mikheil.

好吧（技術難度）米哈伊爾。

I can pick it up there, David. In terms of the delivery for us, the main key for this business model on the automated parcel machines, Kaspi Postomats, is really the user experience which is developed, which is very seamless from purchase to actually getting your items picked up. So -- and that's what excites both consumers and merchants and us operationally, just because we as a company like having the transactions which are repetitive, and when the transactions are repetitive means that you have a locker in a specific location and you deliver to it constantly. That means your repetitive operation to process, transaction, whatever can become better, faster and cheaper, more convenient with our technology over time it's used.

我可以去那裡取，大衛。就我們的交付而言，自動包裹機 Kaspi Postomats 上的這種業務模式的主要關鍵實際上是所開發的用戶體驗，從購買到實際提貨的過程非常無縫。所以，這就是讓消費者、商家和我們在營運上感到興奮的原因，因為我們作為一家公司喜歡重複的交易，而當交易重複時，意味著你在特定的位置有一個儲物櫃，你物品可以交付給它不斷地。這意味著隨著我們的技術的使用，您處理、交易等重複操作可以變得更好、更快、更便宜、更方便。

So that's basically why we're excited about the Postomats and really showing us the results. And it's consumer's choice at the end of the day, it's consumers that are the ones deciding, and through our growth and adoption of the service you can actually see that consumers really prefer and love the convenience of picking up items when they want it and when it's convenient for them, rather than them waiting for courier and any inconvenience of dropping off stuff at the door. So that's basically about the Postomats, and we're just really focused on execution and the growth is a good evidence of that.

這就是為什麼我們對 Postomats 感到興奮並真正向我們展示結果的原因。歸根結底，這是消費者的選擇，是消費者做出決定，透過我們的發展和對服務的採用，您實際上可以看到，消費者確實更喜歡並喜歡隨時隨地提取商品的便利性。這對他們來說很方便，而不是讓他們等待快遞和把東西放在門口的任何不便。這基本上是關於 Postomats 的，我們只是真正專注於執行力，成長就是一個很好的證據。

In terms of the working on other benefits of the consumers and merchants, again, our mission is to improve people's lives and the partners' lives with our innovative services, and the things which we have been and are working together with the government are, for example, the tax reports, which have been -- tax payments by both individuals and the merchants. And as you can see, while we are developing the services, that we are contributing to overall transparency of the retail trade. And I think that's appreciated really by everyone, and we just continue streamlining those services.

在為消費者和商家謀取其他利益方面，我們的使命是透過我們的創新服務改善人們的生活以及合作夥伴的生活，而我們過去和正在與政府合作的事情是為了例如，稅務報告，其中包括個人和商人的納稅情況。正如您所看到的，在我們開發服務的同時，我們正在為零售貿易的整體透明度做出貢獻。我認為每個人都非常欣賞這一點，我們只是繼續簡化這些服務。

And what is absolutely sort of encouraging and interesting is that individuals and the merchants are -- they actually are not against the paying taxes. And as soon as the service is there, as soon as it is seamless, as soon as they have the confidence there is no sort of a mistake in that service, they are actually engaged and using it, and there are significant benefits across the board, and all the services that we're doing on the government side of things are done basically just to help make the government services accessible by the wide range of the population. And it has been widely publicized in the press and the media or the social networks that this is really a standout source of the pride for our consumers and citizens in Kazakhstan. So that really helps us to continue innovating in this regard, but also employ our front-end technology to help the state and the government to distribute services to the wider range of population, so the result is a win and win relationship in this.

絕對令人鼓舞和有趣的是，個人和商人實際上並不反對納稅。一旦服務出現，一旦它是無縫的，一旦他們有信心該服務不存在任何錯誤，他們就會真正參與並使用它，並且全面帶來顯著的好處，我們在政府方面所做的所有服務基本上都是為了幫助廣大人民獲得政府服務。報紙、媒體或社交網路已廣泛宣傳，這確實是哈薩克消費者和公民自豪的重要來源。所以這確實有助於我們在這方面繼續創新，同時也利用我們的前端技術幫助國家和政府向更廣泛的人群分配服務，所以結果是雙贏的關係。

Thank you very much. And again, a big thanks to the entire Kaspi team for the hard work you guys are doing.

非常感謝。再次感謝整個 Kaspi 團隊的辛勤工作。

Thank you very much.

非常感謝。

Our next question today is from the line of Ronak Gadhia of EFG Hermes.

今天我們的下一個問題來自 EFG Hermes 的 Ronak Gadhia。

I hope you can hear me all. A couple of questions. Firstly, just wanted to -- if you could share what the take rate is on your B2B payments? I think your overall take rate for the payments business has remained steady at 1.2%, but just wanted to see if you could give a breakdown between P2P and B2B payments?

我希望你們能聽到我的全部。有幾個問題。首先，您能否分享一下您的 B2B 付款的收取率？我認為你們支付業務的整體接受率一直穩定在1.2%，但只是想看看你們能否給出P2P和B2B支付之間的細分？

And second question, maybe just a follow-up on some of the questions earlier. On your Fintech business, I see 45% is now Buy Now Pay Later. What proportion of your Buy Now Pay Later loans have a duration of less than 3 months and therefore not bearing any interest? And if you could share what the effective yield on the rest of the Buy Now Pay Later products are, that are will be helpful?

第二個問題，也許只是之前一些問題的後續。在你們的金融科技業務中，我發現現在有 45% 是先買後付。您的「先買後付」貸款中有多少比例的期限短於 3 個月，因此不產生任何利息？如果您能分享其餘「先買後付」產品的有效收益率是多少，這會有幫助嗎？

Ronak, thanks a lot for your questions. Limited again in what we can answer there. So on B2B take rate, it's not disclosed in this update. All I can point you to is you see the take rate for payments platform as a whole has been remarkably stable over the last couple of years, and that includes the period of time from which we launched B2B to where it is today, our fastest-growing payment product. That would be the answer there.

羅納克，非常感謝你的提問。我們能回答的內容再次受到限制。所以關於B2B的成交率，本次更新中沒有透露。我只能向您指出的是，您會發現支付平台的整體接受率在過去幾年中一直非常穩定，這包括從我們推出 B2B 到今天的時間段，這是我們最快的 -不斷增長的支付產品。這就是答案。

And then in terms of your other question, I don't know if Mikheil wants to talk generally about that, but in terms of specific numbers, again, that's not just something we're not disclosing at Q3, we've never talked about that in the past. But Mikheil, anything?

然後就你的另一個問題而言，我不知道 Mikheil 是否想一般性地談論這個問題，但就具體數字而言，這不僅僅是我們在第三季度沒有披露的事情，我們從未談論過過去的事。但是米哈伊爾，有什麼嗎？

David, I think that the conversion rate would be just a useful indicator for the maturity, right? I think we do disclose the conversion rate in our Fintech numbers. So it was about 2.2x, if I'm not mistaken. So that is...

大衛，我認為轉換率只是成熟度的一個有用指標，對嗎？我認為我們確實在金融科技數據中揭露了轉換率。如果我沒記錯的話，大約是 2.2 倍。那那就是...

So that basically just tells you that the loans are the short maturity and they are -- just to keep in mind about our financing products, our financing products, there are no fees to originate. There are no fees or penalties to prepay. So we're really motivating our consumers and merchants, they can prepay any time, they can take any time, and they can actually take any amount pretty much for their needs. So that's a feature of our products. And as a result, we are constantly reducing in general the duration. So duration has been very short. Over time as we build out the products that are like car finance or business finance for merchants, those would be a bit of a longer-term maturity, as everywhere else. But so far, the profile hasn't really changed. So we are a short-term maturity, frequency, technology-driven finance products which give maximum flexibility and the convenience to our consumers and merchants. That's why we have cost of risk of around 2%, and that's why our products are so popular.

所以這基本上只是告訴你這些貸款是短期貸款，而且它們是——只是要記住我們的融資產品，我們的融資產品，沒有任何費用。無需預付任何費用或罰款。因此，我們真正激勵了我們的消費者和商家，他們可以隨時預付款，可以隨時付款，並且實際上可以根據自己的需求收取任何金額。這就是我們產品的一個特點。因此，我們總體上不斷縮短持續時間。所以持續時間非常短。隨著時間的推移，當我們為商家開發汽車金融或商業金融等產品時，這些產品將像其他地方一樣具有更長期的成熟度。但到目前為止，個人資料並沒有真正改變。因此，我們是一種短期成熟、頻率高、技術驅動的金融產品，為我們的消費者和商家提供最大的靈活性和便利性。這就是為什麼我們的風險成本約為 2%，也是我們的產品如此受歡迎的原因。

Our next question is from the line of Mikhail Butkov of Goldman Sachs.

我們的下一個問題來自高盛的米哈伊爾·布特科夫。

Congratulations on strong results. Being mindful of that you can provide limited information on guidance, a few questions from my side. Firstly, on the SME lending, this part of your portfolio becomes quite sizable. And in one of your results, you disclosed that approximately 21% of merchants use SME lending with Kaspi. So to the extent that you can provide some color, do you see the demand from the other 80% of those SMEs with who you work? And what is the risk profile of SME clients compared to the rest of your book, maybe in terms of asset -- sorry, cost of risk or some other metrics which -- on which you can share the color?

祝賀取得了優異的成績。請注意，您可以提供有限的指導訊息，以及我這邊的一些問題。首先，在中小企業貸款方面，這部分投資組合變得相當大。在您的一項結果中，您透露大約 21% 的商家使用 Kaspi 的中小企業貸款。那麼，在您可以提供一些資訊的範圍內，您是否看到與您合作的其他 80% 的中小企業的需求？與您書中的其他部分相比，中小企業客戶的風險狀況如何，也許是在資產方面——抱歉，風險成本或其他一些指標——您可以在這些指標上分享顏色？

And the second question is on e-Grocery. Previously, you were providing some color on how profitability is evolving in that segment. Can you provide any color on how that was in the third quarter or maybe any promotion strategy which you have in this segment currently? So that are the 2 questions from me.

第二個問題是關於電子雜貨。在此之前，您曾提供過一些有關該細分市場獲利能力如何演變的資訊。您能否提供有關第三季度情況的任何信息，或者您目前在該細分市場中採取的任何促銷策略？這就是我的兩個問題。

All right. Thanks, Mikhail, for your questions. On e-Grocery, no, but you can look at what we said at the H1 stage in July. You can see that growth has been very rapid since. So usually as businesses scale, there are benefits for economics as a result of that, that would be my general comment, but I'll pass the rest over to Mikheil.

好的。謝謝米哈伊爾提出的問題。在e-Grocery上，沒有，但你可以看看我們在7月份H1階段所說的。您可以看到此後增長非常迅速。因此，通常隨著企業規模的擴大，將為經濟帶來好處，這是我的一般評論，但我會將其餘的東西交給米哈伊爾。

Yes. On the e-Grocery, the one thing which I would say, that the nature of this business -- and that's why we like it -- is the highly repetitive business, which goes both ways. If you don't get the product right, you actually lose the consumers, but if you get the product right, I mean, the whole user experience, right, so then the consumers continue using it. And Kaspi historically, I think, has been known for developing this high-quality user experience. And as consumers are building up by using these services repetitively, that translates into the profitability, into efficient marketing, and the fact that you are not losing the customer. That's just a general knowledge about the similar business models. And as you can see, the growth rate of e-Grocery is very strong, and we're just in only 2 cities. And as David said, Mikhail, you can go back to our comments that were made just very recently in our 6-month numbers.

是的。關於電子雜貨，我要說的一件事是，這項業務的本質 - 這就是我們喜歡它的原因 - 是高度重複的業務，這是雙向的。如果你沒有提供正確的產品，你實際上會失去消費者，但如果你提供正確的產品，我的意思是，整個用戶體驗，對吧，那麼消費者就會繼續使用它。我認為，Kaspi 從歷史上看一直以開發這種高品質的用戶體驗而聞名。隨著消費者透過重複使用這些服務而累積起來，這就會轉化為獲利能力、高效的行銷，以及您不會失去客戶的事實。這只是對類似商業模式的一般了解。正如您所看到的，電子雜貨的成長速度非常強勁，而且我們只分佈在兩個城市。正如大衛所說，米哈伊爾，你可以回顧一下我們最近在 6 個月數據中發表的評論。

In terms of the SME, SME is actually an exciting business opportunity, because it's not just only they lack high-quality products on the market, they are also our merchants or the partners with whom we work. And again, we are working on making sure that the user experience and the quality of relationship is of a very high standard. And as a result, the growth and penetration of the merchant business and the microfinance business is actually a reflection of it. Can't really give you any forward-looking statements, unfortunately, on this call. But the one thing we can say that, yes, there is -- the merchants' interest is significant.

對於中小企業而言，中小企業實際上是一個令人興奮的商機，因為他們不僅是市場上缺乏優質產品，他們也是我們的商家或合作夥伴。再次，我們正在努力確保用戶體驗和關係品質達到非常高的標準。因此，商業業務和小額信貸業務的成長和滲透實際上就是它的反映。不幸的是，在這次電話會議上無法真正向您提供任何前瞻性陳述。但我們可以說的一件事是，商人的興趣是巨大的。

And when you take the step back and think about the merchant relationship overall, the way we're developing around them, it's almost like 360 degrees around the merchants, right? You can accept payments, you can get the working capital finance in order to grow their sales, you can work in Kaspi Juma and your sales are growing, working capital is supporting that growth. And we give you the other invoicing tools and instruments, we give you an advertising services now. Now you can connect to Kaspi delivery, so we can get your goods delivered across the country efficiently and smoothly.

當你退一步思考整體的商家關係，以及我們圍繞他們發展的方式時，它幾乎就像是 360 度圍繞著商家，對嗎？您可以接受付款，您可以獲得營運資金以增加銷售額，您可以在 Kaspi Juma 工作，您的銷售額正在增長，營運資金正在支持這種增長。我們為您提供其他發票工具和手段，我們現在為您提供廣告服務。現在您可以連接Kaspi送貨，這樣我們就能有效率、順利地將您的貨物運送到全國各地。

And on top of the fact that it's a merchant product, the consumers, they are happy with the end the product, because eventually consumers are the ones that are paying to the merchants for their business. So we are very excited about this 2-sided business model and SME financing is an important priority for us, and it's a good product with -- with a risk profile which is acceptable for us. I mean, that's as much as I can tell you on this call.

除了它是商家產品之外，消費者對產品的最終結果感到滿意，因為最終消費者是為他們的業務向商家付款的人。因此，我們對這種雙向商業模式感到非常興奮，中小企業融資對我們來說是一個重要的優先事項，它是一個很好的產品，其風險狀況是我們可以接受的。我的意思是，這就是我在這次電話會議中能告訴你的全部內容。

And if I could squeeze one more question on B2B payments actually. This is also the area which you highlighted as a growth opportunity. What is the current profile of a client which you see in that segment, if I may ask this?

我能否再問一個有關 B2B 付款的問題。這也是您強調的成長機會領域。如果我可以問一下，您在該細分市場中看到的客戶的當前概況是什麼？

Well, I mean this business is -- I think we explained it on a couple of calls. The nature of this business is we're helping the brands, the suppliers, wholesalers, distributors, to actually deliver the items and their orders to the convenience stores. And at the moment of those goods being delivered, for example, to the convenience store, the convenience store instantly settles the invoice with that distributor or the wholesaler or the [brand]. So the convenience here is actually quite similar to what we have done with the consumers. So we help the consumers to drive transactions seamlessly instantly and the same knowledge and expertise and actually the technology in a certain extent. We have extended this to the B2B market. And now convenience stores are and the distributors are using this product very actively. For every retail business, the #1 priority is to streamline your working capital.

嗯，我的意思是，這件事是——我想我們在幾次電話中對此進行了解釋。這項業務的本質是我們幫助品牌、供應商、批發商、分銷商將商品及其訂單實際交付到便利商店。當這些貨物被運送到便利商店時，便利商店立即與該經銷商或批發商或[品牌]結算發票。所以這裡的便利性其實與我們對消費者所做的非常相似。因此，我們幫助消費者立即無縫地推動交易，並在一定程度上提供相同的知識和專業知識以及實際的技術。我們已將其擴展到 B2B 市場。現在便利商店和經銷商都非常積極地使用這種產品。對於每個零售企業來說，第一要務就是簡化營運資金。

So if you can settle the invoices instantly, that means you have -- you need less working capital. That means you don't have large receivables. That means you have less operations inside because the things are -- the orders are settled against the invoices. There is less cash, so you have no expenses related to the cash flow. There are so many benefits for the parties in this product that -- and for the country, because then the trade becomes transparent, that we're excited and even everybody is -- we're working -- this is just the beginning of actually our innovations in this area, and B2B payments is an exciting opportunity for us, as we said before.

因此，如果您可以立即結算發票，那就意味著您需要更少的營運資金。這表示您沒有大額應收帳款。這意味著您內部的操作會減少，因為訂單是根據發票結算的。現金較少，因此您沒有與現金流相關的費用。這個產品對各方來說有很多好處，對國家來說，因為這樣貿易就變得透明了，我們很興奮，甚至每個人都在努力，這只是實際的開始。正如我們之前所說，B2B 支付對我們來說是一個令人興奮的機會。

Thank you. And that brings us to the end of our Q&A session today. So I'd like to hand back to Mikheil and David for any closing remarks.

謝謝。今天的問答環節到此結束。我想請 Mikheil 和 David 做結束語。

Okay. So thanks, Harry. Thank you, everyone, for participating in today's call. If you have any questions, please feel free to reach out to us directly.

好的。所以謝謝你，哈利。謝謝大家參加今天的電話會議。如果您有任何疑問，請隨時直接與我們聯繫。

But thank you, everyone, for your time. Well, that's it. Goodbye.

但謝謝大家抽出時間。嗯，就是這樣。再見。

Thank you. Bye-bye.

謝謝。再見。

Ladies and gentlemen, this concludes today's webinar. You may now disconnect from the call.

女士們先生們，今天的網路研討會到此結束。您現在可以斷開通話。