Kaspi.kz AO (KSPI) 2025 Q2 法說會逐字稿

(technical difficutly) First half, 2025 financial results. My name is Elliot and I'll be your coordinator today. (Operator Instructions)

（技術難題）2025 年上半年財務表現。我叫艾略特，今天我將擔任您的協調員。（操作員指示）

I'd like to hand over to David Ferguson. Please go ahead.

我想把時間交給大衛·弗格森。請繼續。

Great. Thank you, Elliot. Good morning, good afternoon to everyone who is joining us. Welcome to Kaspi.kz's Second Quarter and First Half 2025 financial results. I'm David Ferguson from Kaspi, joined on this call by Mikheil Lomtadze, CEO and Co-Founder of Kaspi.kz; Yuri Didenko and Tengiz Mosidze, deputy CEOs.

偉大的。謝謝你，艾略特。各位來賓，大家早安、下午好。歡迎查看 Kaspi.kz 2025 年第二季及上半年財務業績。我是 Kaspi 的 David Ferguson，參加此次電話會議的還有 Kaspi.kz 執行長兼聯合創始人 Mikheil Lomtadze、副執行長 Yuri Didenko 和 Tengiz Mosidze。

So as usual, Mikheil will start the presentation, run you through an update on some of the key initiatives in the second quarter and first half of the year. I'll take you through the financial slides, and then we'll open the call up to Q&A. So on that note, over to you, Mikheil. Thank you.

因此，與往常一樣，米哈伊爾將開始演講，向您介紹第二季和上半年的一些關鍵舉措的最新情況。我將帶您瀏覽財務幻燈片，然後我們將開始問答環節。那麼，就此而言，交給你了，米哈伊爾。謝謝。

Thank you, David. So let's move straight away into the updates. So for the second Q, we had a good strong performance in spite of the still continuing environment of high interest rates. Our payments continue to perform well, and this is a very sizable business, as you all know our TPV plus 21%, revenue 16% and net income plus 19%. So we're pleased with the performance.

謝謝你，大衛。那麼讓我們立即進入更新。因此，對於第二季度，儘管高利率環境仍在持續，但我們仍然表現強勁。我們的支付繼續表現良好，這是一項非常可觀的業務，眾所周知，我們的 TPV 增加了 21%，收入增加了 16%，淨收入增加了 19%。所以我們對錶現很滿意。

Marketplace continues strong growth, GMV plus 15%, revenue plus 25% and net income plus 13%. GMV, especially on e-commerce side, continuous strong growth, except the smartphones plus 31%. I will cover this later in the presentation. And then Fintech continues to generate strong volumes, plus 17%, 21% revenue and net income plus 8% in spite of the high interest rates this year. Consumers continue to be engaged strongly, probably one of the -- we believe, being the leading business in terms of transactions per consumer of 75 transactions per month and revenue plus 20% and net income plus 14%.

市場持續強勁成長，GMV 成長 15%，營收成長 25%，淨收入成長 13%。GMV，尤其是電子商務方面，持續強勁成長，除智慧型手機外，成長了31%。我將在稍後的演示中介紹這一點。儘管今年利率較高，但金融科技仍持續創造強勁成長，營收成長 17%，淨收入成長 21%，淨利成長 8%。消費者持續保持強勁的參與度，這可能是我們認為的其中一項優勢，就每位消費者每月 75 筆交易、收入成長 20% 和淨收入成長 14% 而言，消費者業務是領先的業務。

e-Grocery, the business, which we started, if I recall correctly, around three years ago, continues to be our probably fastest-growing e-commerce business, plus 57% year over year in terms of the GMV. We already have over 1 million consumers -- 1.1 million in the end of second Q and generating 3.4 million transactions. In transactions, we're up 63%. And in the GMV, we're up 57%.

如果我沒記錯的話，我們大約在三年前開始開展電子雜貨業務，這項業務至今仍可能是我們成長最快的電子商務業務，GMV 年成長 57%。我們已經擁有超過 100 萬消費者——第二季末為 110 萬，並產生了 340 萬筆交易。在交易方面，我們的成長了 63%。我們的 GMV 成長了 57%。

We continue expanding the grocery across the country and entering the new cities. So we are now in the five largest cities of Kazakhstan, Almaty where we started, Astana, and we also opened this year in Aktobe, Simen and we're also expanding in Karaganda. So we have five cities now and we are expanding further in Astana and Almaty.

我們繼續在全國範圍內擴大雜貨店業務並進入新的城市。因此，我們現在已進入哈薩克的五大城市，從阿拉木圖開始，到阿斯塔納，我們今年還在阿克托比、西門開設了分店，並且還在卡拉幹達擴張。我們現在有五個城市，我們正在阿斯塔納和阿拉木圖進一步擴張。

We're adding another dark stores or logistic centers from which we're actually delivering to our consumers, and we are planning to open another two basically in 2025. We have also introduced earlier this year a deposit on the -- fixed-term deposit at higher interest rate. So here, we're giving you a bit of overview of its performance.

我們正在增加另外一些幕後商店或物流中心，以便我們真正地將產品交付給消費者，我們計劃在 2025 年再開設兩家幕後商店或物流中心。今年早些時候，我們也推出了利率較高的定期存款。因此，我們在此向您簡要介紹一下它的性能。

We're very pleased. This deposit has shown an extraordinary growth of 207% in terms of the amounts and 263% in terms of the number of customers, almost 160,000. And it's performing pretty much as we planned. So as you can see, this is a product which is targeting consumers which are saving for something. And apart from -- so then basically, apart from the consumers, which are shifting from our current deposit into savings deposit because they have savings needs, we also around a third of the volumes is actually a new inflow, so a very successful product.

我們非常高興。該存款金額增加了 207%，客戶數量增加了 263%，達到近 16 萬名。它的運行基本上符合我們的計劃。如您所見，這是一款針對正在存錢購買某種東西的消費者的產品。除此之外——基本上，除了消費者因為有儲蓄需求而從我們的活期存款轉向儲蓄存款之外，我們大約三分之一的存款量實際上是新的流入，因此這是一款非常成功的產品。

And we truly believe that even though interest rates are high today, they will come down in the future, and we just continue acquiring consumers. And those are the consumers which eventually are transacting through our services because we are transactional business, and we allow sellers to sell, buyers to buy. So when there are consumers with the money in savings, eventually, they're spending those through our services. So really encouraging trends of the deposit products, which we have launched.

我們堅信，儘管目前利率很高，但未來利率將會下降，我們只會繼續吸引消費者。這些消費者最終會透過我們的服務進行交易，因為我們是交易型企業，我們允許賣家銷售，買家購買。因此，當消費者有儲蓄時，他們最終會透過我們的服務來消費。因此，我們推出的存款產品的趨勢確實令人鼓舞。

We also have been giving an opportunity to others to leverage our payment network, Kaspi QR, which allows our merchant partners to accept the payments, not only from users of Kaspi KZ mobile application, but actually other of our colleagues on the market. So I have seen very good results. The volumes are up 128%. We have processed in the second Q, 3.4 million transactions.

我們也一直在為其他人提供利用我們的支付網路 Kaspi QR 的機會，這使得我們的商家合作夥伴不僅能夠接受 Kaspi KZ 行動應用程式用戶的付款，而且實際上還可以接受市場上其他同事的付款。所以我看到了非常好的結果。交易量增加了 128%。我們在第二季處理了 340 萬筆交易。

At the moment, we have five banks working with us. And as you recall, we also have integrated with Alipay and through Alipay basically, we're allowing our consumers to transact on their locations in China or other locations, where Alipay is functioning as well as our partner merchants to acquire and to pay basically for the goods that they might acquire in China, and then bring to Kazakhstan and sell through our marketplace.

目前，已有五家銀行與我們合作。您還記得，我們​​還與支付寶進行了整合，透過支付寶，我們允許消費者在中國或其他可以使用支付寶的地方以及我們的合作商家進行交易，購買和支付他們在中國購買的商品，然後帶到哈薩克斯坦並透過我們的市場銷售。

So very encouraged by those trends, and we'll continue to partner with other financial institutions going forward. But already, it's a pretty good decent result. We also are historically, as you know, we are building up on our payment infrastructure and the payment use cases. This is how we actually started our e-commerce business. This is how we have started our travel business. Just taking advantage of building additional value through specific vertical related innovations. And here is an example of our entry into the restaurant business. So we are scaling quite nicely. It's a very high growth still not sizable in terms of the size because we have just launched it, but quite good encouraging result. Net Promoter Score is very high from our customers and merchants.

這些趨勢讓我們深受鼓舞，我們將繼續與其他金融機構合作。但這已經是一個相當不錯的結果了。如您所知，從歷史上看，我們也在建立我們的支付基礎設施和支付用例。這就是我們真正開始電子商務業務的方式。這就是我們開始旅遊業務的方式。只需利用特定的垂直相關創新來創造額外的價值。這是我們進入餐飲業的例子。因此我們的擴充相當順利。這是一個非常高的成長，由於我們剛剛推出它，所以從規模上來說還不算太大，但結果相當令人鼓舞。我們的客戶和商家的淨推薦值非常高。

The functionality is pretty straightforward. You are -- as a restaurant, you basically are reducing the time for your waiters to spend on bringing the receipt and so on. So they are focused more really on the serving. As a result, restaurants get more sales. This is especially in the peak time. So this is the biggest benefit for the restaurants. From the consumers quite straightforward functionality, you just scan the QR code, which you have on the table, and you pay straight from our mobile application and one nice feature, which is also part of the service is you can actually tip the waiter.

其功能非常簡單。作為一家餐館，您基本上是在減少服務員送收據等的時間。因此他們更加重視服務。結果，餐館的銷售額增加了。尤其是在高峰時段。所以這對餐廳來說是最大的好處。從消費者的角度來看，功能非常簡單，您只需掃描桌子上的二維碼，然後直接從我們的行動應用程式付款，還有一個不錯的功能，也是服務的一部分，您實際上可以給服務員小費。

And the waiters are happy because everything goes seamlessly. And so we're delivering the value for everyone involved in this service in the restaurant itself, in the consumers and for the waiter. So it's everybody working faster, more efficiently, and we enable our core competency through the technology, which is accepting payments fast and providing a very reliable service.

服務生也很高興，因為一切都進行得很順利。因此，我們為參與這項服務的每個人（包括餐廳本身、消費者和服務員）提供價值。因此，每個人都能更快、更有效率地工作，我們透過科技實現我們的核心競爭力，即快速接受付款並提供非常可靠的服務。

We also have been expanding the suite of our advertising tools for the merchants. This business is growing really fast, and we have launched a new service for our merchants, which basically enables the merchants to provide the cash back sort of bonuses directly to consumers, a very simple service to operate. We have positive feedback from merchants. You can basically select the promotional terms, select the products you would like to promote. And then you just push the button and you can basically track the sales, uplift the views and other metrics related to advertising. So have been really well received.

我們也一直在為商家擴展我們的廣告工具套件。這項業務發展非常快，我們為商家推出了一項新服務，基本上使商家能夠直接向消費者提供現金回饋獎勵，這是一項操作非常簡單的服務。我們收到了商家的正面回饋。您基本上可以選擇促銷條款，選擇您想要推廣的產品。然後你只要按下按鈕，就可以追蹤銷售狀況、提升瀏覽量和其他與廣告相關的指標。因此受到了熱烈歡迎。

As you know, our strategy is always to be rolling out those services with the confidence that we deliver the value. So we're still in the process of scaling but already have a very good results and engagement from the merchants. So this service continues to fuel our advertising services growth. So as you can see, our ad revenue has increased to -- by 67% in the second Q. And this is one of the services, which we're extremely happy with the trends and engagements and have more to come.

如您所知，我們的策略始終是推出這些服務並確信我們能夠提供價值。因此，我們仍處於擴展過程中，但已經獲得了非常好的成果和商家的參與。因此，這項服務將繼續推動我們的廣告服務成長。正如您所看到的，我們的廣告收入在第二季度增長了 67%。這是我們非常滿意的趨勢和參與度之一，未來還會推出更多服務。

We also have been describing and explaining to you during the last call, that we have growth of the smartphones has been temporarily impacted by the requirement of really the registered smartphones, which is in a simple word, it's quite natural. The legislation has been introduced which require the consumers to register their smartphones.

我們在上次電話會議中也向您描述和解釋過，我們的智慧型手機成長暫時受到了註冊智慧型手機需求的影響，簡單來說，這是很自然的。已經出台了要求消費者註冊其智慧型手機的法案。

If this smartphone wouldn't be registered, then it basically becomes an operational brick. So from our perspective, this supply and the consumer demand disruption just happens temporarily really, but we still would like to indicate that actually the growth of all other verticals in our e-commerce continues to be very strong. And without the smartphones, the growth is at 31%, which is just an indication how underpenetrated e-commerce is and how much growth we have ahead of us.

如果這部智慧型手機沒有註冊，那麼它基本上就變成了一塊無法操作的磚頭。因此，從我們的角度來看，這種供應和消費者需求中斷實際上只是暫時的，但我們仍然想指出，實際上我們電子商務中所有其他垂直行業的成長仍然非常強勁。除去智慧型手機，成長率為 31%，這表示電子商務的滲透率還很低，而且我們還有很大的成長空間。

And things like Beauty and Personal Care and clothing are growing 63% and 54%, respectively, just telling you that there is still more growth and the innovations we can do around specific verticals, but the smartphones is temporarily -- temporary setback. But we also are not just sitting observing. We, of course, are introducing the services for both merchants and the consumers just to give them peace of mind. And understand that actually the phone is registered, and we have developed a service for both merchants and consumers to overcome this obstacle. So actually, merchants before shipping the smartphone through our e-commerce there should be actually -- they must check the smartphone, whether it's registered for bringing inside of the country on the one hand.

美容和個人護理以及服裝等產品分別增長了 63% 和 54%，這表明我們還可以在特定垂直領域實現更多成長和創新，但智慧型手機只是暫時的挫折。但我們也不只是坐著觀察。當然，我們為商家和消費者推出這些服務只是為了讓他們安心。並了解到實際上手機是經過註冊的，我們已經為商家和消費者開發了一項服務來克服這一障礙。因此，實際上，商家在透過我們的電子商務運送智慧型手機之前應該實際上 - 他們必須檢查智慧型手機是否已註冊攜帶入境。

And then on the other hand, merchants earn the badge, which on their product, which is means verified by the merchant, the smartphone. And on the other hand, customers themselves also can verify smartphones and make sure that the smartphone they have acquired is the smartphone, which is registered. So as a result, we are sort of tackling this from the both sides. We're giving tools to the merchants; we're giving tools to the customers.

另一方面，商家可以獲得其產品上的徽章，這意味著經過商家和智慧型手機的驗證。另一方面，客戶自己也可以驗證智慧型手機，並確保他們購買的智慧型手機是已註冊的智慧型手機。因此，我們從兩個方面來解決這個問題。我們為商家提供工具；我們為顧客提供工具。

And yeah, we just believe that the demand is there. And we just believe this is a temporary setback due to the regulation, which just requires a bit more communication and help from our side, and that's what we're doing. We have also -- are very excited to introduce the new service, which is domestic tools in Kazakhstan. Kazakhstan is a beautiful country, and there are so many destinations that you can visit, and it can be over the weekend. It can be a quick trip into mountains. It can be a ski resort, or you want to spend a week in a beautiful nature with your family. So we have introduced the domestic tours.

是的，我們相信有需求。我們只是認為這是由於監管而造成的暫時挫折，只需要我們進行更多的溝通和幫助，而這就是我們正在做的事情。我們也非常高興地推出這項新服務，這是哈薩克的國內工具。哈薩克是一個美麗的國家，有很多值得遊覽的目的地，可以在週末遊覽。這可以是一次快速的山區之旅。它可以是一個滑雪勝地，或者您想與家人在美麗的大自然中度過一周。因此我們推出了國內旅遊。

And basically, as you recall, the travel, we have international vacation packages. So that's specifically targeted to promote beauty of the country, and we have developed the functionality, which has been well received. You can choose the region and the date. You can browse the list of offers. You can read the tour details and understand those better and then you can seamlessly pay in our mobile application, and you get confirmation for your vacation.

基本上，正如您記得的那樣，我們有國際旅行度假套餐。因此，這是專門為了宣傳國家的美麗而開發的，並且受到了好評。您可以選擇地區和日期。您可以瀏覽優惠清單。您可以閱讀旅遊詳情並更好地了解這些內容，然後您可以在我們的行動應用程式中無縫付款，並獲得假期確認。

So really nice tour. Obviously, we've started from the low base but it's 10x growth in June, it's the season now. So we observed quite strong adoption. But again, this is the service which we will be purposely also promoting and building up. We are really honoured and excited to promote the beauty of the country, and Kazakhstan is truly beautiful.

真是一次很棒的旅行。顯然，我們的起點很低，但 6 月的成長是 10 倍，現在正是旺季。因此我們觀察到採用率相當高。但同樣，這也是我們將有意推廣和建立的服務。我們非常榮幸和興奮能夠宣傳這個國家的美麗，哈薩克確實很美麗。

It has so many beautiful locations to visit. So we're very happy and excited about this new business we have launched. David, back to you about the platform performances.

這裡有許多美麗的地方值得參觀。因此，我們對我們推出的這項新業務感到非常高興和興奮。大衛，回到你關於平台表現的問題。

All right. Thank you, Mikheil. So just to run quickly through the performance, financial performance of the respective parts of the business, starting with payments. Demand volumes remained robust and consistent throughout the first half of the year. Volumes up 14% year on year in the second quarter, up 15% year on year for the first half.

好的。謝謝你，米哈伊爾。因此，我們先從付款開始，快速瀏覽各個業務部分的績效和財務表現。今年上半年需求量維持強勁穩定。第二季銷售年增14%，上半年銷售較去年同期成長15%。

Faster TPV growth versus volumes is a function of higher ticket size inflation, up 21% year on year in the second quarter, up 22% year on year for the first half. So again, strong and consistent trends with, as usual, sort of three key products, Kaspi Pay, B2B and bill payments or contributing take rate move down, a function of mix effect, again, consistent with what you've seen now over the last couple of years. Basically, as QR grows in the mix, its take rate dilutive, but this is consistent with the long run trend.

TPV 成長較快，而銷售成長較快，這是由於票價規模通膨率較高，第二季年增 21%，上半年年增 22%。因此，與往常一樣，三種關鍵產品（Kaspi Pay、B2B 和帳單支付）呈現強勁而一致的趨勢，或者促成了利率下降，這是混合效應的作用，這與過去幾年所看到的情況一致。基本上，隨著 QR 在組合中的成長，其接受率會被稀釋，但這與長期趨勢一致。

Payment revenue up 16% in the second quarter. So even with take rate dilution ahead of volume growth, volume growth was 14% in the second quarter. So that also reflects both strong volume growth but also good growth in liquidity revenue. And then again, as you've consistently seen with the payment business, strong top line drops through to the bottom line. So faster bottom line, high profitability and faster profitability growth, up 19% in the second quarter of the year and up 20% for the first half of the year.

第二季支付營收成長16%。因此，即使接受率下降領先於銷售成長，第二季的銷售成長率仍達到 14%。這也反映了交易量的強勁成長以及流動性收入的良好成長。然後，正如你在支付業務中經常看到的那樣，強勁的營收成長最終會拖累利潤。因此，底線更快，獲利能力更高，獲利成長更快，今年第二季成長 19%，上半年成長 20%。

Moving on to marketplace. Again, marketplace demand overall remains very strong and consistent, up 35% year on year in the second quarter, up 36% year on year for the first half. GMV growth is lower than volume growth. Although we did hold Guma in the second quarter and it was successful overall in the second quarter. Number one, we ran fewer promotional campaigns. And number two, as Mikheil talked about, declining smartphone sales down 17% year on year in the second quarter. That impacts GMV.

進入市場。再次，市場需求整體保持強勁穩定，第二季年增 35%，上半年年增 36%。GMV成長低於銷售成長。儘管我們在第二節確實守住了古瑪，而且第二節總體上是成功的。首先，我們所進行的促銷活動減少了。第二，正如米哈伊爾所說，第二季智慧型手機銷量較去年同期下降 17%。這會影響 GMV。

It doesn't really impact volumes to the same extent, but smartphones are a higher ticket item, so it's more apparent at the GMV level. Despite that, strong take rate improvement being driven, as usual, by advertising revenue, delivery revenue and revenue from classifieds, take rate moving up 70 basis points year on year in both the second quarter and in the second -- in the first half of the year that will feed through to faster revenue growth.

它實際上對交易量的影響程度並不相同，但智慧型手機是價格較高的商品，因此在 GMV 層面上的影響更為明顯。儘管如此，廣告收入、遞送收入和分類廣告收入一如既往地推動了收費率的強勁提升，第二季和上半年的收費率同比均上升了 70 個基點，這將帶來更快的收入成長。

If you break it down by the respective marketplace segments, decent e-commerce GMV growth, up 22% year on year in the second quarter, up 23% year on year in the first half. If you exclude the smartphone category, e-commerce growth in the second quarter would have been up 31% year on year. Take rate moving up 120 bps in the second quarter, and 130 basis points improvement year on year for the first half. So pretty decent take rate expansion

若依各市場細分，電子商務GMV成長不錯，第二季年增22％，上半年年增23％。如果不計入智慧型手機類別，第二季電子商務成長率將年增 31%。假設第二季利率調高120個基點，上半年利率較去年同期調高130個基點。因此，利率擴張相當不錯

M-commerce, slower growth, also just like e-commerce, impacted by smartphones, but also M-commerce is being impacted by the structural trend of offline merchants moving to online. The beauty of our business model as we capture both and M-commerce, actually, that relationship with the off-line merchants is a source of competitive advantage relative to online-only merchants. So solid growth and solid take-rate trends, around 9% in both the second quarter and first half of the year.

行動商務的成長放緩，也和電子商務一樣，受到智慧型手機的影響，但行動商務也受到線下商家轉向線上的結構性趨勢的影響。我們的商業模式的美妙之處在於我們同時掌握了行動商務，實際上，與線下商家的關係是我們相對於純線上商家的競爭優勢的來源。因此，成長和接受率趨勢穩健，第二季和上半年均在 9% 左右。

Travel continues to deliver good results. GMV growth of 16% in the second quarter, up 19% year on year in the first half of the year, helped still by international tours that we launched approximately 18 months to two years ago and international tours, Forteo contribute, drive that take rate expansion here also. So 50 bps of take rate expansion year on year in the second quarter and 60 bps in the first half of the year.

旅遊業繼續取得良好成果。第二季的 GMV 成長了 16%，與上半年相比成長了 19%，這仍然得益於我們大約 18 個月到兩年前推出的國際旅遊以及 Forteo 的國際旅遊貢獻，也推動了這裡的費率擴張。因此，第二季利率年增 50 個基點，上半年利率較去年同期上升 60 個基點。

We'd expect international tours to remain growth and take-rate additive in the second half of the year, and we'd expect domestic tours, Mikheil just talked about them, to increasingly kick in as well over the next 12 months. So a decent outlook for travel. With take-rate moving off revenue growth is ahead of GMV growth, so revenue growth for marketplace was up 25% year on year in the second quarter versus the GMV growth, I showed you above 15% and for the first half, up 29% versus GMV growth of 17%. So overall, pretty healthy revenue growth expansion for marketplace and also decent bottom line growth of 13% and 16% year on year in the second quarter and first half, respectively, albeit the ongoing trend as e-Grocery grows in the mix that is a lower-margin business, but overall, good result for Marketplace.

我們預計，今年下半年國際旅遊將保持成長勢頭，並且門票收入也將增加，同時，我們預計，正如米哈伊爾剛才所談到的，國內旅遊也將在未來 12 個月內蓬勃發展。因此，旅行前景不錯。由於營收成長領先 GMV 成長，因此第二季市場營收成長年增 25%，而 GMV 成長則超過 15%，上半年成長 29%，而 GMV 成長 17%。因此，總體而言，市場收入成長相當健康，第二季和上半年的利潤同比增長分別為 13% 和 16%，儘管電子雜貨業務的成長趨勢持續，但總體而言，市場取得了良好的業績。

And then on finally, in Kazakhstan. Fintech origination remains pretty healthy, up 17% year on year in both the second quarter and the first half of the year. As you've consistently seen over the last couple of years that origination growth is being driven first and foremost by our merchant and micro business finance products. They grow at a faster rate, continue to grow at a faster rate than our consumer lending products.

最後到達哈薩克。金融科技發起仍保持相當健康的狀態，第二季和今年上半年年增 17%。正如您在過去幾年中一直看到的那樣，發起成長首先是由我們的商家和微型企業金融產品所推動的。它們的成長速度比我們的消費貸款產品更快，並且持續以更快的速度成長。

The average loan portfolio saw strong growth, up 33% year on year in both periods. This is a lead indicator for future revenue growth and set stable pricing trends, flat year on year in both the second quarter and the first half. The deposit growth is also now starting to see decent growth of 18% year on year in the second quarter, 19% year on year in the first half. And what you see here is that we raised rates in April.

平均貸款組合強勁成長，兩個時期較去年同期成長 33%。這是未來營收成長的領先指標，並設定了穩定的定價趨勢，第二季和上半年均與去年同期持平。存款成長也開始呈現不錯的成長動能，第二季年增18%，上半年年增19%。您在這裡看到的是，我們在四月提高了利率。

We started to promote the new deposit products more widely and month on month trends in the deposit base have started to improve with June, seeing the strongest month on month growth year to date. June deposits being at the highest-level year to date. So the trend is now moving in the direction, that we wanted to see. So it's good for the future that, that is coming through the healthy deposit growth.

我們開始更廣泛地推廣新的存款產品，存款基礎的月度趨勢從 6 月開始改善，出現了今年迄今為止最強勁的月度成長。六月存款達到今年迄今的最高水準。所以現在的趨勢正朝著我們希望看到的方向發展。因此，健康的存款成長對未來有利。

Risk trends remain stable, flat year on year. Cost of risk, 0.6% in the second quarter of the year and NPL trends have moved slightly but not materially and would expect them to remain at around these levels or somewhere between where they were at the end of last year and current levels for the remainder of the year.

風險趨勢維持穩定，與去年同期持平。風險成本在今年第二季度為 0.6%，不良貸款趨勢略有變化，但變化不大，預計今年剩餘時間不良貸款將維持在這些水平左右，或保持在去年年底的水平和當前水平之間的某個水平。

The lower coverage reflects the growth in the car loan product, which is a collateralized product and therefore, requires lower coverage. And again, that has been a trend over the last 12 months as the car loan product is scaled. So a decent Fintech origination and stable pricing trends. That has translated into healthy revenue growth of 21% year on year in the second quarter, up 19% year on year in the first half of the year. Higher interest rates have impacted bottom line growth, as we indicated they would at the time of our first quarter results.

較低的保險覆蓋率反映了汽車貸款產品的成長，該產品是一種抵押產品，因此所需的保險覆蓋率較低。而且，隨著汽車貸款產品的擴大，這已成為過去 12 個月的趨勢。因此，金融科技的起源良好，定價趨勢穩定。這意味著第二季度營收年增 21%，上半年營收年增 19%。正如我們在第一季業績報告中指出的那樣，更高的利率已經影響了底線成長。

You see that up 8% in the second quarter and for the first half of the year, but the deposits are delivering what they're expected to do. They will help us capture more transactions or fund more transactions in the future. And when [ev] rates move down, Fintech will be a dramatic beneficiary. Profitability will be a dramatic beneficiary of that. That wraps up the Kazakhstan side of the business, moving to Hepsiburada in Turkey. Just to remind people, Hepsiburada, published its financial results on Thursday of last week, so its detailed financials are available on the Hepsiburada, Investor Relations website. But what is clear in the second quarter, a much better performance versus the first quarter of the year.

您會看到，第二季和上半年存款成長了 8%，但存款發揮了預期的作用。它們將幫助我們在未來獲得更多交易或資助更多交易。當電動車利率下降時，金融科技將成為巨大的受益者。盈利能力將因此顯著受益。至此，哈薩克方面的業務就結束了，業務將轉移到土耳其的赫普西布拉達。提醒一下，Hepsiburada 於上週四公佈了其財務業績，因此其詳細的財務資訊可在 Hepsiburada 投資者關係網站上查閱。但可以肯定的是，第二季的表現比今年第一季好得多。

Here, you see that volumes moved back into positive territory, up 7% year on year in the second quarter versus down 2% year on year for the first half. The combination of growing volumes and mid-single-digit ticket expansion translated into decent GMV growth, up 16% in the second quarter versus down 1% for the first half of the year. This GMV growth is in real terms, is inflation adjusted and overall is a reflection of recovery in the retail environment post March, number one.

在這裡，您可以看到交易量已回到正值區域，第二季度年增 7%，而上半年年減 2%。交易量的成長和中等個位數的票務擴張相結合，帶來了可觀的 GMV 成長，第二季度成長了 16%，而上半年則下降了 1%。首先，這一 GMV 成長是按實際值計算的，經過了通貨膨脹調整，總體上反映了 3 月之後零售環境的復甦。

Company-specific initiatives, number two, particularly in the 1P side of the business, which grew faster than 3P during the quarter and also favorable base effect second quarter of last year -- or first quarter and second quarter of last year were impacted by the timing of the election in the first quarter of last year was strong to base. With good and improving revenue growth, up 23%, helped by growth in 1P and helped by delivery initiatives -- helped by the growth of the delivery platform.

第二，公司的具體舉措，特別是在 1P 業務方面，本季的成長速度快於 3P，而且去年第二季的有利基數效應——或者說去年第一季和第二季受到去年第一季選舉時機的影響，基數強勁。收入成長良好且不斷改善，成長了 23%，這得益於 1P 的成長以及交付計畫的推動——得益於交付平台的成長。

That translated into faster bottom line or faster EBITDA growth, up 42% in the second quarter, which is illustrative of the actual strong sort of operational gearing that exists in this business and can be seen as the revenue growth comes through and improves. Net income was negative, underlying sort of losses decline was small and declined materially year on year, TRY243 million in the second quarter, an improvement versus a loss of [TRY434 million] in the second quarter of last year, but also there were -- that's only around $6 million but there are also some one-offs related both to credit provisioning. This is related to Pepsi's existing credit products.

這意味著更快的底線或更快的 EBITDA 成長，第二季成長了 42%，這說明了該業務中存在實際強勁的營運槓桿，並且可以看作是收入成長的實現和改善。淨收入為負，潛在損失下降幅度較小，且同比大幅下降，第二季度為 2.43 億土耳其里拉，較去年第二季度的 [4.34 億土耳其里拉] 的虧損有所改善，但也只有 600 萬美元左右，但也有一些與信貸撥備相關的一次性支出。這與百事現有的信貸產品有關。

So this should not be confused with our planned acquisition for a banking license in Turkey and the products that we will launch in the future, that acquisition is still on track to complete in the second half. So it reflects existing product set. And also one-offs primarily related to Hepsiburada international. But overall, good underlying trends in all aspects of Hepsi business in the second quarter of the year.

因此，這不應與我們計劃收購土耳其銀行牌照以及我們將來推出的產品混淆，該收購仍有望在下半年完成。因此它反映了現有的產品集。還有一些主要與 Hepsiburada 國際相關的一次性事件。但整體而言，今年第二季Hepsi業務的各個面向都呈現出良好的基本趨勢。

So for Kaspi KZ, the second quarter, exactly as we expected it to be. Trends in line with our full year guidance. And also actually with Hepsiburada moving, as we expected it to be and its losses ultimately small in the context of Kaspi KZ, number one, and small in the context of the opportunity that exists in Turkey.

因此，對於 Kaspi KZ 來說，第二季的情況正如我們預期的那樣。趨勢符合我們的全年指引。而且實際上，隨著赫普西布拉達的搬遷，正如我們預期的那樣，它在卡斯皮 KZ 的背景下的損失最終很小，而且在土耳其存在的機會的背景下損失也很小。

Finally, guidance in Kazakhstan reiterated. The third quarter has started well, and we are on track exactly where we expect to be. And just to clarify on capital returns. As you know, we have always had, and we continue to have an extremely cash-generative business in our core market. We told you that this year was about making investments in international, Turkey, to ensure strong future growth for many years to come. We've made good progress completing the final -- the acquisition of Hepsiburada. The final payment was made in June.

最後，重申哈薩克的指導。第三季開局良好，我們正按照預期進行。只是為了澄清一下資本回報。如您所知，我們的核心市場一直以來都擁有並將繼續擁有極其能產生現金的業務。我們告訴過您，今年我們將在國際、土耳其進行投資，以確保未來多年的強勁成長。我們在完成最後一項工作——收購 Hepsiburada 方面取得了良好的進展。最後一筆付款已於六月支付。

We're on track to close the banking license acquisition in the second half of this year. So as we move into 2026, we expect to be able to once again have capital returns to our shareholders in much the same way as the case between 2020 and prior to the Hepsi acquisition. Capital returns can include both dividends and buybacks with a decision being made at the appropriate time.

我們預計在今年下半年完成銀行牌照的取得。因此，隨著我們進入 2026 年，我們預計能夠再次向股東帶來資本回報，其方式與 2020 年至 Hepsi 收購之前的情況大致相同。資本回報可以包括股息和回購，並在適當的時候做出決定。

So that's it on Kazakhstan and Turkey. I think with that, we can open the call up to Q&A.

關於哈薩克和土耳其的情況就是這樣。我想這樣，我們就可以開始問答環節了。

(Operator Instructions) Ygal Arounian, Citigroup.

（操作員指示）花旗集團的 Ygal Arounian。

Hey guys, this is [Wayne] on for Ygal, really. I just wanted to ask about what you're working on in terms of product improvements that Hepsi? Could you highlight to us which ones are the most important? And what we should expect as we progress through 2025 and 2026?

嘿夥計們，我是 [Wayne]，為 Ygal 表演。我只是想問一下，在 Hepsi 產品改進方面您正在做哪些工作？您能向我們強調哪些是最重要的嗎？那麼，對於 2025 年和 2026 年，我們該期待什麼呢？

Mikheil, do you want to provide a bit of color on some of the projects that are ongoing at Hepsi, please?

米哈伊爾，您能否介紹 Hepsi 正在進行的一些項目？

Sure. Well, I mean, in general, I would say that our strategy is to introduce quite a lot of products which we have in our core market. Initial focus or the priority is still to make sure that existing customers and merchants are extremely happy with the current services. Just to remind everyone, our business model is -- and our execution skills are really based on ability to innovate at unprecedented rates, if you look at the history of Kaspi and the things we have innovated around in a marketplace or Fintech or the payments area. But in order for that strategy to be successful, it's super important that your current customers and merchants are extremely happy.

當然。嗯，我的意思是，總的來說，我們的策略是推出我們在核心市場中的大量產品。最初的重點或優先事項仍然是確保現有客戶和商家對當前服務非常滿意。只是提醒大家，我們的商業模式是——我們的執行技能實際上是基於以前所未有的速度進行創新的能力，如果你看看 Kaspi 的歷史以及我們在市場或金融科技或支付領域所做的創新。但為了使該策略成功，讓您現有的客戶和商家感到非常滿意是非常重要的。

And I'm not saying just like happy like for any ordinary business, but really happy. And that is a foundation of the future success. And therefore, at the moment, the main focus is really to make sure that the existing services provided, specifically through e-commerce business or in the payments and Fintech to a certain extent, even though it's really small, those are brought to the level of Kaspi KZ's standards.

我並不是說像任何普通企業那樣高興，而是真的高興。這是未來成功的基礎。因此，目前的主要重點是確保所提供的現有服務，特別是透過電子商務業務或支付和金融科技在一定程度上提供的服務，即使規模很小，也能達到 Kaspi KZ 的標準水準。

And there are multiple projects, which teams are running and there is everything starting from the delivery to user experience and the Fintech products. So this year, as I mentioned on the previous call, is really the quality and just bring those services to the level, which is required by the desire to innovate all next services being a very high adoption.

目前有多個項目，各個團隊都在運行，涵蓋從交付到用戶體驗和金融科技產品的一切。因此，正如我在上次電話會議上提到的那樣，今年的重點是質量，並將這些服務提升到創新所有下一代服務所要求的水平，以實現高採用率。

So the current performance is very encouraging. The results from some of the projects which have been already implemented or are in the process of being implemented and giving a very successful result. And you can see that in the growth acceleration in the second Q, but we really are focused on the quality rather than the quantity still this year.

因此目前的表現非常令人鼓舞。一些已經實施或正在實施的專案的成果，並且取得了非常成功的結果。你可以從第二季的成長加速中看到這一點，但今年我們仍然注重品質而不是數量。

So main priority again is core business, which is e-commerce, and all the services around the e-commerce. And then -- yeah, and the rest, Fintech side of things is the major innovations are -- will be coming when we complete acquiring the banking license.

因此，主要優先事項仍然是核心業務，即電子商務以及圍繞電子商務的所有服務。然後——是的，其餘的，金融科技方面的主要創新將會在我們完成獲得銀行執照後到來。

Got it, thank you. And then maybe a second one for me is, how do you think about your growth initiatives in Kazakhstan, the opportunities that remain there? And how should we think about the progression of the restaurant business or maybe any other verticals we should consider?

明白了，謝謝。對我來說，第二個問題是，您如何看待哈薩克斯坦的成長計劃以及那裡仍然存在的機會？我們應該如何看待餐飲業的發展，或是我們應該考慮的其他垂直產業的發展？

Well, the growth in Kazakhstan is -- the market is still underpenetrated. And you can see an example of the specific verticals, we really showed like clothing and fashion growing at very high rates. I think it's, what is it, around 60% or something, we've showed. So there is a growth, and what we are executing really the strategy, which is going after specific verticals. Again, this is something which will already have done before and also articulated e-grocery is a strategy around specific vertical.

嗯，哈薩克的成長是——市場滲透率仍然不足。您可以看到特定垂直行業的範例，我們確實展示了服裝和時尚產業的高成長速度。我認為，我們已經證明了，大約是 60% 左右。因此存在著成長，而我們真正執行的策略是追求特定的垂直市場。再次強調，這是以前已經做過的事情，並且明確指出電子雜貨是圍繞特定垂直領域的策略。

Buying e-grocery is different from buying electronics. And travel, it's a strategy around specific verticals. The same now we're doing pretty much in all major verticals and restaurants is one of those. It's a major vertical in the household spending. We've just launched a very simple sort of functionality, which brings immediate value.

購買電子雜貨與購買電子產品不同。而旅行，則是圍繞特定垂直領域的策略。現在我們在所有主要垂直領域都做著同樣的事情，餐廳就是其中之一。這是家庭支出的一個主要垂直領域。我們剛剛推出了一個非常簡單的功能，它帶來了直接的價值。

In our estimate -- in general, every sort of vertical we're entering, it has to be in the range of $1 billion size sort of market potential, like the same was with travel, the same with grocery. So it really applies pretty much to all major verticals. If we take a vertical-specific strategy that scale betters, frequency of transactions matters. And this is how we are picking those verticals to deliver the value. And again, we're working on both sides always.

根據我們的估計——一般來說，我們進入的每一個垂直領域，其市場潛力都必須在 10 億美元左右，就像旅遊、食品雜貨一樣。因此它實際上幾乎適用於所有主要垂直行業。如果我們採取垂直特定策略來擴大規模，交易頻率就很重要。這就是我們選擇這些垂直產業來傳遞價值的方式。再次強調，我們始終在為雙方努力。

Our business is to connect merchants and the buyers, sellers and the buyers, restaurants and their customers and our consumers from the mobile applications and our technology it enables just to connect them to deliver the value. And then on top of it, we can start bringing up some additional value-added services.

我們的業務是透過行動應用程式和我們的技術將商家和買家、賣家和買家、餐廳和他們的客戶以及我們的消費者聯繫起來，從而將他們聯繫起來並實現價值。在此基礎上，我們可以開始提供一些額外的加值服務。

In e-commerce, value-added services are around advertising, for example. And the same opportunities exist in restaurants. So we have just really started. We are rolling out at scale, this infrastructure of Scan & Pay and leave the tip. And then, of course, in the future, some other added value services will -- yeah, will come together with the restaurants. I mean, I wouldn't be really saying to you anything new, but the things which are related around in other businesses in the world exist around restaurants, right? Those are the reviews.

例如，在電子商務中，增值服務圍繞廣告。餐館也存在同樣的機會。所以我們才剛開始。我們正在大規模推廣「掃描支付」和「留下小費」的基礎設施。當然，在未來，一些其他增值服務將會——是的，將與餐廳結合在一起。我的意思是，我實際上並沒有對你說任何新東西，但是世界上其他行業相關的東西也存在於餐館周圍，對嗎？這些就是評論。

Those are the marketing campaigns, the loyalty programs, the cash backs and so on and so forth. So there is a real range of the services, which we believe we can develop. But our priority is always we start simple. We deliver immediate value. We get sort of the scale and then we start innovating by value-added services when both merchants and consumers are extremely happy with our base value proposition.

這些是行銷活動、忠誠度計劃、現金回饋等等。因此，我們相信我們可以發展一系列真正的服務。但我們的首要任務始終是從簡單開始。我們提供即時價值。我們達到了一定的規模，當商家和消費者都對我們的基本價值主張非常滿意時，我們就開始透過加值服務進行創新。

And it's exactly the same strategy with the restaurants. It was exactly the same strategy with the marketplace, exactly the same strategy with the grocery, exactly the same strategy in Hepsiburada. We are really taking our time to make sure that our current offering delivers value, delivers the excitement to consumers and merchants, and then we build with our strategy then becomes, let's build on this, and let's start this wave of innovations.

餐館也採取同樣的策略。這與市場、雜貨店和 Hepsiburada 的策略完全相同。我們確實在花時間確保我們目前的產品能夠帶來價值，給消費者和商家帶來興奮，然後我們制定我們的策略，讓我們在此基礎上再接再厲，掀起這波創新浪潮。

And that's what we have done historically successfully. And this is the playbook which we employ always and every single time.

這也是我們在歷史上成功做到的事。這是我們每次都會採取的策略。

Gabor Kemeny. Please state your company name and proceed with your question.

加博爾·凱梅尼。請說明您的公司名稱並繼續提問。

Hi, this is Gabor from Autonomous. I have a few questions on -- firstly, on the Fintech. So I believe your funding costs increased as you expected, that will be significantly in Q2. Maybe 13%, 14%, the blended average. Can you help us think about the outlook here? So how do you expect your funding costs to develop if rates stay where they are?

大家好，我是 Autonomous 的 Gabor。我有幾個問題──首先是關於金融科技。因此我相信您的融資成本如預期般增加，並且在第二季將大幅增加。可能是 13%、14% 或混合平均值。您能幫助我們思考這裡的前景嗎？那麼，如果利率保持不變，您預計您的融資成本將如何發展？

My other question would be on the -- on asset quality. I noticed the uptick in the NPL ratio and that your quarterly provisions seem to imply a 2.5% provisioning rate. I believe you formally guided for 2%. Just some color on how you think about asset quality going forward. And finally, on your comment on a balanced capital deployment from next year between cash and -- or like distribution and the investments. Can you help us scale the investments in Turkey beyond the banking business, the [KZT300 million] you indicated?

我的另一個問題是關於資產品質。我注意到不良貸款率有所上升，而且您的季度撥備似乎意味著 2.5% 的撥備率。我相信您已正式指導了 2%。只是想談談您對未來資產品質的看法。最後，關於您對明年現金和分配與投資之間平衡資本配置的評論。您能否幫助我們擴大在土耳其的投資規模，使其超越您所說的銀行業務[3億堅戈]？

And in relation to that, I mean, given the stock's valuation, at what valuation levels would you say that you rather allocate a substantial part or most of your free cash generation to share buybacks? Thank you.

關於這一點，我的意思是，考慮到股票的估值，您會認為在什麼估值水平下您更願意將大部分或大部分自由現金分配給股票回購？謝謝。

All right. Gabor, I can make a few comments on that. So cost of deposit funding increased 70 bps -- I think, 70 bps year on year in the second quarter. And the second quarter pretty much reflects the full impact, i.e., we raised rates not on the first of April, but very, very early in the quarter and the new products are out there. So add between that and around sort of 100 bps level is probably a reasonable expectation in terms of how the cost of funding increases over the course of the year. So that's on your first question.

好的。加博爾，我可以對此發表一些評論。因此，存款融資成本增加了 70 個基點——我認為，第二季比去年同期增加了 70 個基點。第二季幾乎反映了全部影響，即我們不是在 4 月 1 日提高利率，而是在本季度很早的時候就提高了利率，並且推出了新產品。因此，就全年融資成本如何成長而言，在此基礎上加上約 100 個基點的水準可能是合理的預期。這就是您的第一個問題。

On -- and that's actually consistent. We said that at the first quarter results. On the second question on cost of risk, what you should remember is in the first quarter, we did put through additional macro provisioning related to higher interest rates. So that's sort of separate from underlying risk -- underlying risk trends, so what we actually see are stable year on year. So let's see if that macro provisioning is needed. So that's on that.

開啟 — — 這其實是一致的。我們在第一季的業績報告中就說過這一點。關於風險成本的第二個問題，您應該記住的是，在第一季度，我們確實進行了與更高利率相關的額外宏觀撥備。因此，這與潛在風險——潛在風險趨勢——有點不同，因此我們實際上看到的是逐年穩定的。那麼讓我們看看是否需要巨集配置。就是這樣。

On the third question from my side, I would just say, I mean, the bank acquisition is happening. So that needs to complete in the second autocall on capital. That decision has been made and it's fundamentally important. And I mean it's actually a major competitive advantage to secure a banking license within such a short period of time.

關於我的第三個問題，我只想說，銀行收購正在進行中。因此這需要在第二次自動調用資本時完成。這個決定已經做出，而且非常重要。我的意思是，在如此短的時間內獲得銀行執照實際上是一個很大的競爭優勢。

I think going into 2026, again, the point is that we're very, very fortunate that we have this massively cash-generative business in our home market, and nothing has changed in that regard. Now I set a decision around sort of mix between -- if there is a mix between dividends and buybacks, we make that at the appropriate time, and that's true. But I think it would be fair to say today, we were making that decision today is an incredibly strong case for share buybacks.

我認為，進入 2026 年，重點是我們非常非常幸運，我們在本土市場擁有如此巨大的現金流生成業務，而且在這方面沒有任何改變。現在，我圍繞著股息和回購之間的混合做出決定——如果股息和回購之間存在混合，我們會在適當的時候做出決定，這是真的。但我認為今天可以公平地說，我們今天做出的決定是股票回購的一個非常強大的理由。

And I doubt we would see any push back from anyone on this call around that, but we'll make that call at the end of next year, next year beginning -- end of this year, beginning of next year.

我懷疑我們是否會在這次電話會議上遇到任何人的反對，但我們會在明年年底、明年年初——今年年底、明年年初——做出這一決定。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究公司。

Guys, thanks, just real quick, I mean, the smartphone impact, I know you called out the actual quantitative impact in the quarter. But number one, I mean, do you feel like the progress you're making on certain partners is going to help stabilize that? And should we just expect that to be something that anniversaries in a couple of more quarters? Or is it a gradual impact that progresses in any way?

夥計們，謝謝，只是很快，我的意思是，智慧型手機的影響，我知道你提到了本季度的實際量化影響。但首先，我的意思是，您是否覺得您在某些合作夥伴身上取得的進展將有助於穩定這種狀況？我們是否應該期待這將成為幾個季度後的周年紀念？或者它是一種以某種方式逐漸進展的影響？

And then when thinking about the marketplace segment, I know you talked about less promotions around Jumo. Just curious what the dynamic where the thought process was there. And putting it all together, I mean, sustainable growth, you have some puts and takes this quarter. So sustainable growth, I mean you have a lot of drivers that are being innovated right now that you talked about before, but help us understand your updated and latest thoughts on the recent growth trends, how you think about that segment over the next year or two, just given what's really in front of you going forward? Thank you.

然後，當考慮市場部分時，我知道您談到了圍繞 Jumo 的促銷活動減少。只是好奇那裡的思考過程是怎樣的動態。綜上所述，我的意思是，可持續成長，本季你會遇到一些得失。那麼永續成長，我的意思是，正如您之前談到的，現在有很多正在創新的驅動力，但請幫助我們了解您對最近成長趨勢的最新想法，以及考慮到您未來面臨的真正問題，您對未來一兩年該領域的看法是什麼？謝謝。

Do you want to take that, Mikheil, on the smartphones and promotional.

米哈伊爾，你想把它用在智慧型手機和促銷上嗎？

Yeah, sure. I mean, Darrin, in general, thank you for your question. In general, I would say, we did -- we are trying to sort of explain just showing the growth in other verticals, right? So as we have explained the growth in e-commerce without smartphones is 31%. So it's really healthy sort of growth rates.

是的，當然。我的意思是，達林，總的來說，謝謝你的提問。總的來說，我想說，我們確實——我們只是試圖解釋其他垂直行業的成長，對嗎？正如我們所解釋的，沒有智慧型手機的電子商務成長率為 31%。所以這確實是一種健康的成長率。

And for example, clothing and the beauty are growing around 60% year over year. So that's, I think, it's a good indication of the potential really of the marketplace business. And the smartphones, the projections for, what's going to the smartphones, I mean, we haven't been really in a similar situations before. So the only thing what we are doing is what can bring the results and what we can -- our self-control, right?

例如，服裝和美容產品的年增長率約為 60%。所以，我認為這很好地表明了市場業務的潛力。至於智慧型手機，對於智慧型手機未來的預測，我的意思是，我們以前從未遇到過類似的情況。所以我們唯一能做的事情就是什麼能帶來結果以及我們能做什麼——我們的自我控制，對嗎？

And what we are developing is a service, which gives comfort and peace of mind to both merchants and the consumer. So demand for the smartphones, for example, is there. It will have to be satisfied at some point. I think we are doing the services, which will enable to sort of cross this obstacle or doubt that consumers and merchants currently have around these devices. And we just believe on our side that this demand will have to be satisfied eventually. So that's basically where we are in terms of the smartphones, and we are doing our part of the job.

我們正在開發的是一種服務，它能為商家和消費者帶來舒適和安心。因此，對智慧型手機的需求是存在的。它必須在某個時候得到滿足。我認為我們正在提供的服務將有助於消除消費者和商家目前對這些設備的障礙或疑慮。我們只是相信，這個需求最終必須被滿足。這就是我們在智慧型手機領域的現狀，我們正在做好自己的工作。

And yeah, we're not overpromising anything. What we're saying is we look at the -- this is our job is to understand the merchants and consumers because this is where our expertise is, and they do see the obstacle in their purchase decision. And we have developed the service, which will enable them to overcome this hesitation to acquire smartphones.

是的，我們不會過度承諾任何事情。我們所說的是，我們關注的是──我們的工作是了解商家和消費者，因為這是我們的專長所在，他們確實看到了購買決策的障礙。我們開發了這項服務，可以幫助他們克服購買智慧型手機的猶豫。

And hopefully, the market -- the trends will recover because again, there is a demand. So nothing happened really with the demand. This is sort of the obstacle which was created with the introduction of requirement to register the smartphones. But again, if you take the smartphones separately, you can see that the growth, even in electronics, excluding the smartphones, growth on our platform was 26%.

希望市場趨勢能夠復甦，因為再次出現了需求。因此，需求實際上並沒有被滿足。這是由於引入智慧型手機註冊要求而產生的障礙。但是，如果單獨考慮智慧型手機，你會發現，即使是電子產品（不包括智慧型手機），我們平台的成長率也達到了 26%。

Home and Garden and Furniture, 35%; clothing 54%. So those verticals are growing really at very healthy rates. And therefore, yeah, we just -- on our hand, we just believe that demand is there, it will recover, and we just need to do our job. And our job is to enable transaction between sellers and our partner merchants and the customers, consumers and enable this transaction through the technology, which we know how to develop and the pools of data, which we know how to -- use to help both parties.

家居、花園和家具佔35%；服裝佔54%。因此，這些垂直行業確實正在以非常健康的速度成長。因此，是的，我們只是——就我們而言，我們只是相信需求是存在的，它會恢復，我們只需要做好我們的工作。我們的工作是實現賣家、合作商家、客戶和消費者之間的交易，並透過我們知道如何開發的技術和我們知道如何使用的資料庫來實現這種交易，以幫助雙方。

So that -- and then just on -- I mean, I was touching on also your decision there and then just the sustainable growth rate there. Just real quickly, profitability on Fintech also and how we should think about that platform now with rates where they are, where they're likely -- and just given your success on deposit rates and deposits in general? I'll leave it there.

所以 — — 然後只是 — — 我的意思是，我還談到了你的決定以及那裡的可持續增長率。簡單來說，金融科技的獲利能力以及我們現在應該如何看待這個平台，利率在哪裡，可能的利率在哪裡——以及考慮到您在存款利率和一般存款方面的成功？我就把它留在那裡。

Well, yeah, I think the basic sort of observation there is quite simple. If we're in a high interest rate environment, we have to take this as an opportunity to acquire more customers with the savings and build up these capacities because customers with the savings are the most valuable customers really for any of our products. And yeah, we are in a high interest environment.

嗯，是的，我認為這裡的基本觀察非常簡單。如果我們處於高利率環境中，我們必須以此為契機，吸引更多有儲蓄的客戶，並增強這些能力，因為對於我們的任何產品而言，有儲蓄的客戶才是真正最有價值的客戶。是的，我們正處於一個高利率的環境。

I'm not macro person, so this is not my specialty to explain. But our job is when we see this environment, we take most of it and interest rates eventually will go down. And the way we sort of look at this in our business that there are high interest rates, which evaluate our interest expenses. But this is almost like the cushion on the expenses side. And eventually, it will go down.

我不是宏觀人士，所以這不是我擅長解釋的。但我們的工作是，當我們看到這種環境時，我們會充分利用它，利率最終會下降。在我們的業務中，我們看待這個問題的方式是高利率，這會評估我們的利息支出。但這幾乎就像是費用方面的緩衝。最終，它會下降。

And as we're focused on a very healthy user base, as we're focused on a healthy risk metrics on the Fintech side, eventually profitability will follow because the top line is there, and the risk is world class and interest rate eventually will go down. And therefore, this will flow to our bottom line.

由於我們專注於非常健康的用戶群，由於我們專注於金融科技方面的健康風險指標，最終盈利能力將隨之而來，因為收入就在那裡，風險是世界級的，利率最終會下降。因此，這將影響到我們的底線。

Reginald Smith, JPMorgan.

摩根大通的雷金納德史密斯。

Hey, thanks for taking the question. I guess I just wanted to clarify the comments around the dividend and share repurchase potential. It sounds like you guys obviously have some capital commitments on the bank licensing side this year. But as we think about '26, can we assume a similar, I guess, return of capital ratio? I think it was like 60% in '24. Should we assume that going forward?

嘿，謝謝你回答這個問題。我想我只是想澄清有關股息和股票回購潛力的評論。聽起來你們今年顯然在銀行許可方面做出了一些資本承諾。但當我們思考 26 年時，我們能否假設類似的資本報酬率？我認為 24 年的比例是 60%。我們是否應該假設這種情況會繼續發生？

I know you said -- you suggested that I guess you would resume a similar type cadence, but I'm just curious about the ratio, recognizing that there may be some investment in Turkey. So should we think about it being in the same range as '24 split across dividends and share repurchases or something less than that?

我知道你說過——你暗示我猜你會恢復類似的節奏，但我只是對這個比例感到好奇，認識到土耳其可能會有一些投資。那麼，我們是否應該認為它與股息和股票回購的 24% 分配處於同一範圍，還是低於這個範圍？

Well thank you, Reggie for your question. I think that basically what -- from our perspective, we again, we mentioned always that we'll be prioritizing the investment for the further growth and that's a very exciting opportunity because we're building business for many years in front of us. And we have this internal ambition, as we mentioned that we would like to be a company of 100 million users. And that's what it is on our minds, and that's very important. So always, we have to keep that in mind.

好吧，雷吉，謝謝你的提問。我認為基本上——從我們的角度來看，我們再次提到，我們將優先投資於進一步的成長，這是一個非常令人興奮的機會，因為我們正在為未來很多年的業務開展而努力。我們有一個內部目標，正如我們所提到的，我們希望成為一家擁有 1 億用戶的公司。這就是我們所想的，這非常重要。所以我們必須時時牢記這一點。

At the same time, what we're also saying is this year has been an extensive year for investments. I mean, the size of investments that we have done are quite substantial. And when we go into the next year, there will be a balance between our ability to distribute capital to our shareholders either through the dividends and the buybacks or -- and investments.

同時，我們還要說的是，今年是投資大發展的一年。我的意思是，我們所做的投資規模相當大。當我們進入明年時，我們透過股利和回購或投資向股東分配資本的能力將達到平衡。

Again, investments will be important but we're lucky to have a very profitable and cash-generative core business, and that's what allows us to think in those terms for the next year. I mean whether specific payout ratio or anything like this, at this stage, it's quite early to have those specific discussions. So we'll make those decisions as we go forward.

再次強調，投資很重要，但我們很幸運擁有非常有利可圖且能產生現金的核心業務，這使我們能夠以這樣的方式思考明年的事情。我的意思是，無論是具體的派息率還是類似的東西，在現階段，進行這些具體的討論還為時過早。因此，我們會在前進的過程中做出這些決定。

(technical difficulty) I just sort of -- just to add to that. Just one point. There will be investments and there always has been investments. You should keep that in mind. So e-Grocery has been a massive investment, the largest poster network in the country in Kazakhstan has been a massive investment. So again, the business has the potential to achieve a balance, make investments and return capital.

（技術難題）我只是有點——只是想補充。僅一點。將會有投資，而且一直都有投資。你應該記住這一點。因此，電子雜貨是一項巨大的投資，哈薩克最大的海報網路也是一項巨大的投資。因此，企業有潛力實現平衡、進行投資並回饋資本。

Got it. Understood. And then just thinking about the banking license. Does this put you on par with competitors there? Or does it kind of extend a gap where you'll have capabilities that some of your competitors in Turkey won't have? And then finally, as I think about the investments, obviously, capital or the banking piece would be one. But like what do investments look like? Is it rewards to consumers? Is it -- maybe talk a little bit about the nature of what investment looks like in Turkey. Thank you.

知道了。明白了。然後就考慮銀行執照。這是否使您與那裡的競爭對手處於同一水平？或者它會擴大差距，使你們擁有一些土耳其競爭對手所不具備的能力？最後，當我考慮投資時，顯然資本或銀行部分是其中之一。但是投資是什麼樣的呢？是對消費者的獎勵嗎？是嗎——也許可以稍微談談土耳其投資的性質。謝謝。

Well, I mean, in general, I would say that the license -- obtaining the license is a very important step for a very simple reason, that the license really gives you an operation that can offer products to consumers and the merchants both on the savings side or on the lending side. And that's basically what license really allows you to do. At the same time, I would say that if you think about the [Kaspian], the way we really operate, we're focused on the quality of the services we provide and we are focused to the lesser stand on competition.

嗯，我的意思是，總的來說，我認為獲得許可證是非常重要的一步，原因很簡單，許可證確實賦予了你一項業務，可以向消費者和商家（無論是儲蓄方還是貸款方）提供產品。這基本上就是許可證真正允許您做的事情。同時，我想說，如果你考慮[Kaspian]，我們真正的運作方式是，我們專注於所提供服務的質量，並且我們較少關注競爭。

And from our perspective, I think the products which -- and the services and the expertise we have on the Fintech side is world class and the products that we have, which can be introduced in Turkey is also world class. So from that perspective, once we get the license, I wouldn't -- again, I wouldn't expect like quick wins.

從我們的角度來看，我認為我們在金融科技方面的產品、服務和專業知識是世界一流的，我們在土耳其推出的產品也是世界一流的。因此從這個角度來看，一旦我們獲得許可證，我不會——再說一次，我不會期望快速取勝。

You never saw from us that will be -- we always like to discuss the results and actual trends when we do something rather than just tell you about some ideas which we have been working for three or six months in the pipeline. So we always do something and then we tell you the initial encouraging results and how it's going to evolve.

您永遠不會從我們這裡看到這一點——我們總是喜歡在做某事時討論結果和實際趨勢，而不是僅僅告訴您我們已經在醞釀了三到六個月的一些想法。因此，我們總是會做一些事情，然後我們會告訴你最初令人鼓舞的結果以及它將如何發展。

So step number one, get the banking license. Step two, just put the framework to launch the innovative financial services for consumers and merchants. And then we just believe that we can make a difference in the consumers' and merchants' lives just because the services we have are technology and machine learning AI driven, and they're really improving everyday life of our customers and merchants and their needs.

所以第一步，拿到銀行執照。第二步，制定框架，為消費者和商家推出創新金融服務。我們相信，我們可以改變消費者和商家的生活，因為我們提供的服務是由技術和機器學習人工智慧驅動的，它們確實改善了我們客戶和商家的日常生活並滿足了他們的需求。

But that's basically -- so the big -- taking and building up the bank, of course, it also requires our diligence with the compliance, risk management and all other requirements, which we have a lot of experience in, but that obviously also requires from us to be very detail-oriented and execution driven.

但這基本上就是——所以大——接管和建立銀行，當然，這也需要我們勤勉地遵守合規、風險管理和所有其他要求，我們在這方面有很多經驗，但這顯然也要求我們非常注重細節並以執行為導向。

But once we get the license, again, we'll be introducing and launching the services which are high services, which you already guys know on the Kaspi side for a long time.

但是，一旦我們獲得許可證，我們將再次推出和啟動高端服務，你們早已在 Kaspi 方面知道這一點。

Cihan Saraoglu, HSBC.

匯豐銀行的 Cihan Saraoglu。

Hello, thank you very much for this call and the presentation. I have two quick questions. One is, in the past, we -- you used to distribute dividends or announced buybacks on a quarterly basis. So based on your comments about resumption of dividends in 2026. Shall we expect dividends to start in the first quarter of '26? Or is that just a broad guidance? That's one.

您好，非常感謝您的來電和演示。我有兩個簡單的問題。一是，過去我們通常按季度分配股利或宣布回購。因此，根據您關於 2026 年恢復派息的評論。我們是否可以預期股利將於 26 年第一季開始發放？或者這只是一個廣泛的指導？那是一個。

Second question is about Fintech bottom line, which on a Q-on-Q basis seems to have grown despite the increase in funding costs. So you could what mitigated the increase in funding costs beyond volume growth there? Thank you.

第二個問題是關於金融科技的底線，儘管融資成本增加，但從環比來看，金融科技的底線似乎有所增長。那麼除了銷售成長之外，還有什麼可以減輕融資成本的增加呢？謝謝。

Okay. So thank you for your question. On the dividends or buybacks, basically returning the capital, I think, as we said, there is not much really to add. We can't really commit to you at this stage on quarterly or semi-annually or whatever. So we're just saying that we have a very good, solid cash-generated business, and there is a -- the next year, we will have -- will be finding the balance between the investments and distributing capital to our shareholders.

好的。感謝您的提問。關於股息或回購，基本上是返還資本，我認為，正如我們所說的，實際上沒有什麼可補充的。目前我們無法向您做出按季度、半年或其他方式的承諾。所以我們只是想說，我們擁有非常好的、穩健的現金產生業務，而且明年我們將在投資和向股東分配資本之間找到平衡。

I mean everybody should also keep in mind that I'm a shareholder in the company, and I'm making decisions based on what is going to bring the most value to the company and its shareholders long term. So I'm investing alongside with other shareholders.

我的意思是，每個人都應該記住，我是公司的股東，我所做的決定是基於什麼能為公司及其股東帶來長期的最大價值。所以我與其他股東一起投資。

In terms of the question about the Fintech business, I think we did mention this before, exactly what happened. The volumes increased. With the volume increase, revenue increased, with the revenue increase, profit increased. So the revenues just picked up in the second half -- in the second quarter of this year.

關於金融科技業務的問題，我想我們之前確實提到過，具體發生了什麼事。音量增加了。銷量增加，收入增加，收入增加，利潤增加。因此，營收在今年下半年（即第二季）有所回升。

And I think we did have a discussion in the first Q about it and volumes are nice and therefore, the profitability is following on the Fintech side. But profitability would be growing much faster if interest environment would be -- interest rates will be smaller. So therefore, we're focused on the top line and the bottom line will follow in the future. It has been our strategy always.

我認為我們在第一季確實討論過這個問題，而且交易量很好，因此金融科技方面的獲利能力也隨之提高。但如果利率環境較好，獲利能力就會成長得更快——利率較低。因此，我們專注於營收，未來也會關注利潤。這一直是我們的策略。

Thank you. That's all the time we have for Q&A today. And I'll hand back to David Ferguson for any final remarks.

謝謝。今天我們的問答時間就到這裡。最後，我將把發言權交還給大衛·弗格森 (David Ferguson)。

Okay. So thanks, Elliot. We've got to wrap things up now. We have another meeting starting shortly. So thanks a lot for everyone's time today. Please feel free to get in touch if you have any questions but thank you. Have a great summer, and we'll speak to you at our Q3 results. Thanks, everyone.

好的。所以謝謝你，艾略特。我們現在必須把事情做完。我們很快將開始另一場會議。非常感謝大家今天抽出時間。如果您有任何疑問，請隨時與我們聯繫，謝謝。祝您有個愉快的夏天，我們將在第三季業績發佈時與您聯繫。謝謝大家。

Thank you, everyone. Have a good week.

謝謝大家。祝你有個愉快的一周。

Thank you, everyone. This concludes today's webinar. You may now disconnect from the call.

謝謝大家。今天的網路研討會到此結束。現在您可以掛斷通話了。