Kaspi.kz AO (KSPI) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to today's Kaspi.kz's third-quarter and nine month 2025 financial results call. My name is Sam, and I'll be the call moderator today.

大家好，歡迎參加今天 Kaspi.kz 第三季及 2025 年前九個月的財務業績電話會議。我叫薩姆，今天我將擔任電話會議主持人。

(Operator Instructions)

（操作說明）

I'd now like to hand you over to today's host, David Ferguson, Head of Investor Relations at Kaspi.kz to begin. So David, please go ahead.

現在，我謹將麥克風交給今天的主持人，Kaspi.kz 投資者關係主管大衛·弗格森，由他來開始今天的節目。那麼，大衛，請開始吧。

Yes. Thank you. Good morning, good afternoon, everyone. Welcome to our Kaspi.kz's 3Q 2025 results call. Apologies for starting a little bit late.

是的。謝謝。各位早安，各位下午好。歡迎參加 Kaspi.kz 2025 年第三季業績電話會議。很抱歉開始得有點晚。

Well, let's crack on. So on the call, you've got myself, David Ferguson, Mikheil Lomtadze, CEO and Co-Founder of Kaspi.kz, Tengiz Mosidze, and [ Joriedenco ], the deputy CEOs of the company.

好了，我們繼續。所以，參加電話會議的有我、David Ferguson、Kaspi.kz 的執行長兼聯合創始人 Mikheil Lomtadze、Tengiz Mosidze 和 [ Joriedenco ]，他們是公司的副執行長。

As usual, Mikheil and myself will take you through the presentation, and then we'll open up the call to Q&A where the whole team is available. So on that note, Mikheil, over to you. Thank you.

像往常一樣，我和米哈伊爾將帶您了解演示文稿，然後我們將開放問答環節，屆時整個團隊都會在場。那麼，米哈伊爾，接下來就交給你了。謝謝。

Yes. Thank you, David. So let's go straight to the presentation. So briefly, the results for the quarter across all our platforms. What we're showing here is the results also without excluding effect of some external factors.

是的。謝謝你，大衛。那麼，我們直接進入演示環節。簡而言之，以下是我們所有平臺本季的業績。我們在這裡展示的結果，也包括了某些外在因素的影響。

So the payments grew TPV 18% revenue, 10%, nice growth on the net income of 12%. The marketplace mainly impacted by the shortage of supply of the smartphones and iPhones more specifically. So our growth has been 12% year-over-year, but 20% GMV growth in case if we exclude the effect of the smartphones.

因此，支付額增長了 18%，收入增長了 10%，淨收入增長了 12%，這是一個不錯的增長。市場主要受到智慧型手機，尤其是iPhone供應短缺的影響。因此，我們的年增長率為 12%，但如果排除智慧型手機的影響，GMV 成長率則為 20%。

And you can also see that our revenue would be 32% up, excluding effect for the smartphones and 16% net income growth, excluding effect of the of largely of the smartphones, 7% growth if we consider that factor in. The fintech also has shown nice growth, 16% on TFE, 24% revenue, and it would be 28% growth, excluding some of the effects like tax on the government securities revenue and other external factors. I will go through them on the following slide, but 15% growth if we actually include them.

您還可以看到，如果不計智慧型手機的影響，我們的收入將增長 32%；如果不計智慧型手機的影響，淨利潤將增長 16%；如果考慮智慧型手機的影響，則淨利潤將增長 7%。金融科技領域也展現出良好的成長勢頭，按總股本計算增長了 16%，按營收計算增長了 24%，如果不計入政府證券收入稅收和其他外部因素等一些影響，增長率將達到 28%。我將在下一張投影片中詳細介紹，但如果真的把它們都算進去，成長率將達到 15%。

And our top line growth of 20% year-over-year and 23% if we exclude the external factors and 21% if we exclude the external factors as well. And also considering where we are in terms of our performance and the next year, we are also starting ADS buyback in November for 400 million would like to bring forward -- considering our cash generation and performance, we would like to bring forward the distribution of cash, but also it's a good investment considering where we are in the stock.

我們的營收年增 20%，如果排除外部因素，則較去年同期成長 23%，如果再排除外部因素，則較去年同期成長 21%。此外，考慮到我們目前的業績和明年的計劃，我們將在 11 月開始回購 4 億美元的美國存託股份 (ADS)。考慮到我們的現金流和業績，我們希望提前分配現金，而且考慮到我們目前的股價，這也是一項不錯的投資。

So this is just briefly some of the factors we have listed for the external ones, which had the impact on our performance from the financial point of view, again, the core business has performed really nicely. Some of the things which have happened from external factors is the smartphone registration requirement and shortage of supply of iPhones that had about 8% impact on the GMV and 3% on the consolidated income. However, we still believe that the demand is there. So next year should be a good year to recover.

以上只是我們列出的一些外部因素的簡要概述，這些因素從財務角度對我們的業績產生了影響；再次強調，核心業務表現非常出色。外部因素導致的一些事情，例如智慧型手機註冊要求和 iPhone 供應短缺，對 GMV 產生了約 8% 的影響，對合併收入產生了約 3% 的影響。然而，我們仍然相信市場需求仍然存在。所以明年應該會是個不錯的復甦之年。

10% tax on revenue from government securities. I mean, in most of the markets, actually, the revenue is taxed. So Kazakhstan introduced the tax on the revenues from the government securities this year, and it's minus 1% on net income, increase in minimum reserve requirements, but also we cannot -- those reserves are kept with the National Bank and there is no interest accrued.

政府債券收入徵收10%的稅。我的意思是，實際上在大多數市場中，收入都要繳稅。所以哈薩克今年對政府債券收入徵稅，稅率為淨收入的 1%，提高了最低準備金要求，但是我們也不能——這些準備金存放在國家銀行，沒有利息收入。

So that had an impact of minus 1%. And the base rate decreased from 15.5% to 16.5%, again, impact on consolidated net income, minus 4%. We are in the environment of high interest rates. As the interest rates inflation normalizes, there is an additional performance positives for the next year. This is just to tell you and explain that actually the core business performing really nicely and the growth rates are quite high.

所以這產生了-1%的影響。基準利率從 15.5% 降至 16.5%，對合併淨收入的影響為 -4%。我們正處於高利率環境。隨著利率通膨趨於正常化，明年將出現更多利多因素。我只是想告訴你們，其實核心業務表現非常出色，成長率也相當高。

So if you exclude the smartphones, our GMV growth has been 25% and highest growth top five categories like Beauty and Personal Care, 69% growth; Clothing, 51% growth; and Home & Garden, 35%. So we're really growing across the board on many of the categories and the smartphones because of the supply disruption really had an impact this year. But again, we believe that demand is there. So we should -- we expect to recover next year and base also will be supportive for the growth next year.

因此，如果排除智慧型手機，我們的 GMV 成長率為 25%，成長最快的五大類別是美容和個人護理（成長 69%）、服裝（成長 51%）和居家與園藝（成長 35%）。因此，我們在許多品類上都實現了全面成長，而智慧型手機由於今年的供應鏈中斷確實受到了影響。但我們仍然相信市場需求是存在的。所以我們應該——我們預計明年會復甦，明年的基本面也將對成長起到支撐作用。

E-grocery, we continue building up the leading e-grocery business. So as you can see, we continue growing very nicely. We have about 1.3 million customers now. We grew on the GMV 53%, and we are growing on the transactions 55%. We're scaling across the board. We have -- as we speak, we had nine dark stores in the third Q. We're just adding another one, and we plan to enter another at least two cities next year.

在生鮮電商領域，我們持續打造領先的生鮮電商業務。如您所見，我們持續保持著非常好的成長動能。我們現在大約有130萬客戶。GMV成長了53%，交易量成長了55%。我們正在全面擴大規模。就在我們說話的時候，第三季我們已經開了九家試營運門市。我們剛剛又增加了一家，並且計劃明年至少進軍另外兩個城市。

So our -- we have ambitious plans. As you remember, the business is growing fast, but it's also profitable. So for us, it's a very exciting vertical, which both drives the engagement, but also brings a lot of value to consumers just because of the speed of the delivery and the quality of services we provide.

所以，我們有雄心勃勃的計畫。如你所知，公司業務發展迅速，而且獲利狀況良好。因此，對我們來說，這是一個非常令人興奮的垂直領域，它不僅能提高用戶參與度，還能憑藉我們提供的快速交付和服務質量，為消費者帶來許多價值。

Another update is also on the on the connecting to other banks and payment systems to our payment and the QR code -- ability to pay with the QR code. So now we have even more banks connecting to our platform. The growth has been very high, 176% in terms of the TPV and 5.4 million transactions in the third Q. So transactions are going even faster. We have now seven banks connecting to it, and we have Alipay, which enables our consumers to transact with the QR code in the countries where Alipay is present.

另一個更新是關於將我們的支付系統與其他銀行和支付系統連接起來，以及二維碼支付功能——使用二維碼支付的功能。現在，已有更多銀行接入了我們的平台。第三季交易總額增加了176%，交易量達到540萬筆，成長非常顯著。因此，交易速度還在不斷加快。目前已有七家銀行連接到該系統，我們還有支付寶，這使得我們的消費者能夠在支付寶覆蓋的國家/地區使用二維碼進行交易。

And we have also introduced the functionality when users of Alipay coming to Kazakhstan can also transact with the Kaspi QR. So we're building up this flexibility for our consumers, which is also useful for the merchants and will continue growing very nicely and fast. We also are going for the specific verticals, we have mentioned briefly during our previous calls. So the restaurants is one of the verticals, which we are excited about. It's a major vertical and the spending in our lives. So we have been growing very nicely.

我們也推出了支付寶用戶到哈薩克後也可以使用 Kaspi QR 進行交易的功能。因此，我們正在為消費者建立這種靈活性，這對商家也很有用，並且將繼續快速且穩定地成長。我們還將專注於我們先前電話會議中簡要提到的特定垂直領域。所以餐飲業是我們非常看好的垂直領域之一。這是一個重要的垂直領域，也是我們生活中消費的重要部分。所以，我們的發展一直都非常順利。

This is the functionality to remind everyone when the consumer can actually pay with the QR code straight in the restaurant instantly, but also can leave the tip and all this happens in our mobile application. So TPV has grown 259 times and the transactions in excess of 1 million transactions in the third Q. So growth is there. The vertical is also very valuable service for the restaurants and consumers love it, and we continue rolling this out.

此功能旨在提醒大家，消費者可以在餐廳內直接使用二維碼即時付款，還可以留下小費，所有這些操作都可以在我們的行動應用程式中完成。因此，TPV成長了259倍，第三季交易量超過100萬筆。所以成長是存在的。這項垂直服務對餐廳來說也很有價值，消費者也很喜歡，我們將繼續推廣這項服務。

As we are going for the restaurants vertical, we also have integrated the third-party restaurant delivery platform. It's Glovo. It's a subsidiary of Delivery Hero in Kazakhstan. It's a top three player in the country. So now we have integrated them in our super app.

由於我們瞄準的是餐飲垂直領域，因此我們也整合了第三方餐飲配送平台。是Glovo。它是 Delivery Hero 在哈薩克的子公司。它是全國排名前三的球員。現在我們已經將它們整合到我們的超級應用程式中了。

Basically, consumers can access the Glovo service through a single registration, which is Kaspi ID. And from the registration, they can have access to the full service of the Glovo app, and they can -- they are also integrated with our payments so the consumers can seamlessly pay with the Kaspi Pay. So it's a major step for us. So we're working with a third-party mobile application. And yes, it's exciting that the teams are now working together to develop the service further.

基本上，消費者可以透過一次註冊（即 Kaspi ID）來存取 Glovo 服務。註冊後，他們即可使用 Glovo 應用的全部服務，並且該應用還整合了我們的支付功能，因此消費者可以使用 Kaspi Pay 無縫支付。所以這對我們來說是重要的一步。所以我們正在與第三方行動應用程式合作。是的，令人興奮的是，各個團隊現在正在攜手合作，進一步開發這項服務。

But this is again around the restaurant vertical, and we're excited to continue building up services in the specific verticals in the future. We have also done -- Kaspi has been doing regularly the events called Kaspi keynote event when we present the major innovations and demonstrate them and tell what the service is about. So we have launched three services on the Kaspi keynote event. It's Pay by Palm, it's advertising service and the Kaspi AI. So Pay by Palm is probably one of the -- of our major innovations in the payments after we have introduced the QR code. And before that, we have introduced the payments and the wire transfer by the mobile number. We were the first one to do that.

但這仍然是圍繞著餐飲垂直領域展開的，我們很高興未來能夠繼續在特定垂直領域建立服務。我們也定期舉辦名為 Kaspi 主題演講的活動，在活動中我們會展示重大創新成果，並進行演示，也會介紹這項服務的內容。因此，我們在 Kaspi 主題演講活動中推出了三項服務。它是 Pay by Palm，它是廣告服務，也是 Kaspi AI。因此，在推出二維碼之後，掌上支付可能是我們在支付領域的主要創新之一。在此之前，我們已經推出了透過手機號碼進行支付和電匯的功能。我們是第一個這樣做的。

So it's very cool feature when you basically just connect through our mobile application and the device to the Kaspi Pay by Palm, Kaspi Aakan, Aakan in Kazakh means Palm. And then you can simply put your Palm on the top of our device and the payment goes through. So it's very exciting innovation. We are planning to roll out it end of this year. It will be free of charge for the merchants for the first three months.

所以，當你透過我們的行動應用程式和裝置連接到 Kaspi Pay by Palm 時，這是一個非常酷的功能。 Kaspi Aakan，Aakan 在哈薩克語中是 Palm 的意思。然後您只需將您的 Palm 裝置放在我們的裝置上，即可完成付款。所以這是一項非常令人興奮的創新。我們計劃在今年底推出這項服務。前三個月商家可免費使用。

And we're -- in general, our view in the payments business is that we would like to give as much flexibility and the choice to consumers as possible. So our consumers are able to pay with the card, obviously, can pay with the QR code, can pay with the palm. And in the future, we'll be -- we're also expecting to introduce some additional service. So we would like to give as much flexibility to the consumers as possible. And we're also working with the National Bank so that our consumers can also pay through any QR code at any merchant.

總的來說，我們在支付業務方面的觀點是，我們希望盡可能地給予消費者更大的彈性和選擇權。因此，我們的消費者顯然可以用銀行卡支付，也可以用二維碼支付，也可以用手掌支付。未來，我們還將推出一些額外的服務。因此，我們希望盡可能地給予消費者最大的彈性。我們也與國家銀行合作，以便我們的消費者也可以透過任何商家的任何二維碼進行支付。

So our consumers will have as much choice as possible, and this innovation will just bring additional very exciting way to transact in the stores, especially in the high intensity transactions. There is a video we have published both of Kaspi Aakan and also the event. So you are welcome to check them out. It's really cool, and the service is really exciting and initial feedback is really great.

因此，我們的消費者將擁有盡可能多的選擇，這項創新將為商店交易帶來更多令人興奮的交易方式，尤其是在交易量大的情況下。我們已經發布了關於 Kaspi Aakan 和活動的影片。歡迎您去看看。它真的很酷，這項服務也令人興奮，初步反饋也非常好。

Advertising revenue has been one of the fastest-growing revenue drivers for us on the marketplace specifically, and we have grown ad revenue 56% year-over-year. And as we think about advertising, we constantly launch the services, which enable merchants to increase their sales, but also for consumers to make a very informed decisions. So we have launched, as we speak, the service when our merchants can advertise on the third-party platforms.

廣告收入一直是我們在市場上成長最快的收入來源之一，我們的廣告收入較去年同期成長了 56%。當我們思考廣告時，我們會不斷推出各種服務，這些服務不僅能夠幫助商家提高銷售量，還能幫助消費者做出明智的決定。因此，我們現在已經推出了這項服務，我們的商家可以在第三方平台上投放廣告。

So it's a pretty exciting and really cool service when you can immediately almost like within the one minute, you can set up the campaign. You can manage the campaign from the screen of your smartphone. You can review the analytics and the third-party platforms, you can preview your ads and the platforms, which are merchants will be able to advertise are Facebook, Instagram, TikTok and Google, and we're very excited.

所以，當你幾乎可以在一分鐘內立即設定好活動時，這是一項非常令人興奮和酷炫的服務。您可以透過智慧型手機螢幕管理活動。您可以查看分析數據和第三方平台，您可以預覽您的廣告和平台，商家可以在 Facebook、Instagram、TikTok 和 Google 上投放廣告，我們對此感到非常興奮。

This is just one more tool for our merchants to have a very efficient advertising campaigns, but also they can track them, they can manage them and analytics are really in-depth around those marketing campaigns. So very excited about this new service in advertising we have just launched. We also have been working a lot behind the scenes on the on the AI, Kaspi AI Assistant. Our view of Kaspi AI Assistant is actually quite simple. We call him Assistant because we believe that technology that we are developing at Kaspi will help to make daily tasks faster, simpler, more convenient, better quality.

這只是我們商家進行高效廣告活動的另一個工具，他們不僅可以追蹤廣告活動，還可以管理廣告活動，而且對這些行銷活動的分析也非常深入。我們剛推出了一項全新的廣告服務，我感到非常興奮。我們也在幕後對人工智慧 Kaspi AI 助理進行了大量研究。我們對 Kaspi AI 助理的看法其實很簡單。我們稱他為助手，因為我們相信，我們在 Kaspi 開發的技術將有助於使日常任務更快、更簡單、更方便、更高品質。

So we are looking for a very specific use cases, which technology we're developing in Kaspi can enable. Again, technology has very wide, as you guys know, very wide applications. However, we believe that to deliver the most value we want the technology to be assistant in a specific tasks for either merchants and in the future consumers. So this is the first application of that technology, which we're launching. It's Kaspi AI assistant for the merchants.

因此，我們正在尋找非常具體的應用場景，而我們在 Kaspi 中開發的技術可以實現這些場景。如你們所知，科技的應用範圍非常廣泛。但是，我們認為，為了發揮最大的價值，我們希望這項技術能幫助商家完成特定的任務，未來也能幫助消費者完成這些任務。所以這是我們首次應用這項技術，並正式推出。這是 Kaspi 為商家提供的 AI 助理。

So the way the service works is quite straightforward. David, can you switch to this slide? So basically, you can create -- the goal and the application of this service is to enrich the product content and create the rich content, which helps you to increase the interest from the consumers, and therefore, that converts into your sales. So it's basically you are uploading the photos. You can see some functionality screens here. You're uploading the photo, then Kaspi AI creates a photos for your product.

所以這項服務的運作方式非常簡單明了。大衛，你能切換到這張投影片嗎？所以基本上，您可以創建——這項服務的目標和應用是豐富產品內容並創建豐富的內容，這有助於提高消費者的興趣，從而轉化為您的銷售額。所以基本上就是你上傳照片。您可以在這裡看到一些功能介面。您上傳照片後，Kaspi AI 會為您的產品建立照片。

In this case, for example, the Kaspi AI will select the model, which will be wearing your hoodie. Then Kaspi AI also creates the description. Description is based on many different insights and parameters, which also includes the customer reviews and what is important for the customers in order to make the informed decision about this product.

例如，在這種情況下，Kaspi AI 會選擇穿著你連帽衫的模型。然後 Kaspi AI 也會產生描述。產品描述基於多種不同的見解和參數，其中包括客戶評估以及客戶認為重要的因素，以便他們能夠就該產品做出明智的決定。

And afterwards, you can preview the product and you can publish it. So it's really -- before that, it would take whatever per item may be, depending how complicated the item is maybe 10, 15 minutes to upload the item and create the description, and that was the main -- one of the main pain points for the merchants. Now it just takes the minutes and everything is filled up automatically. You can even make a photo of the label and then whole characteristics of the product will be filled up also automatically.

之後，您可以預覽產品並發布它。所以，在此之前，上傳商品和建立描述可能需要 10 到 15 分鐘，具體取決於商品的複雜程度，這是商家面臨的主要痛點之一。現在只需幾分鐘，所有資訊就會自動填寫完畢。你甚至可以拍下標籤的照片，然後產品的全部特性也會自動填入。

And then we still call this an assistant, which means the control is with the merchant or with the user, so user can edit, user can confirm those descriptions, can select the photos, can ask AI to create more photos and so on and so forth. But that's really a very powerful tool, which has shown extraordinary results. As most of the technologies and the services we are developing, we run those services on ourselves first. And then we get convinced that technology is really working and the service has the value. And after that, we offer it to customers and the merchants in that specific case. So we have enriched about over 0.5 million products.

然後我們仍然稱之為助手，這意味著控制權在商家或用戶手中，因此用戶可以編輯、確認這些描述、選擇照片、要求 AI 創建更多照片等等。但這確實是一個非常強大的工具，已經取得了非凡的成果。和我們開發的大多數技術和服務一樣，我們首先在自己系統上運行這些服務。然後我們就會確信這項技術確實有效，這項服務也確實有價值。之後，我們會將其提供給該特定案例中的客戶和商家。因此，我們已經豐富了超過 50 萬種產品。

And I just can show just some of the examples. So for example, this one is the cattle and how much else you can say about the cattle in order to have more interest from buyers and to drive your sales. But actually, what Kaspi AI will suggest you to do -- and again, this is all generated by Kaspi AI. Those are actual screens and actual text, interaction works like similar like to the AI assistant. So it will create the photo in the interior.

我只能舉幾個例子。例如，這裡指的是牛，你還能說出多少關於牛的資訊才能引起買家的更多興趣並促進銷售呢？但實際上，Kaspi AI 會建議你做什麼——而且再次強調，這一切都是由 Kaspi AI 生成的。這些都是真實的螢幕和真實的文本，互動方式與人工智慧助理類似。這樣它就能在室內拍照了。

It will suggest to create the photo in the hand with the hand holding the smartphone, for example, because this is actually smart cattle. So it's not only boiling water, but it's doing a bit more of the functions. And also, it will suggest to create and will create the size of the kettle because then you can understand from those photos that actually this is the way it looks in interior. It's more just a kettle. It's a smart kettle and also it has sizes so you can understand how it stands in interior in terms of the size. And then it will create also the description, which will give you more details around each of those points.

例如，它會建議用拿著智慧型手機的手來創建照片，因為這實際上是聰明的牲畜。所以它不僅可以燒水，還能執行更多功能。此外，它還會建議您創建並創建水壺的尺寸，因為這樣您就可以從這些照片中了解它在室內實際的樣子。它更像是一個水壺。這是一款智慧水壺，而且還有尺寸標註，方便你了解它在內部空間的大小。然後它還會產生描述，其中將提供關於每個要點的更多詳細資訊。

So this, for example, card product has been enriched and the results were quite meaningful. So we have this product after enrichment increased 35% in clicks, interest from consumers. and gave 83% increase in the sales. And again, this is the product which was just photo or limited photo, limited description and this is the rich content which sells, which also gives consumer more tools to make the right decision.

例如，這款卡片產品得到了豐富，並且取得了相當有意義的成果。因此，經過優化後，該產品的點擊量和消費者興趣提高了 35%，銷售額提高了 83%。再說一遍，以前這個產品只有一張照片或有限的照片，描述也很有限，而現在豐富的內容才能真正促進銷售，還能為消費者提供更多工具來做出正確的決定。

Another example is tires, how much you can tell about tires. Obviously, tire is a tire. Everybody knows what tire looks like. However, Kaspi AI actually identified that if you create the infographic, which has on the first page, which usually consumer sees, you need to say actually what is the seasonality of this tire and also list some main most important characteristics in infographics so that consumer can make a decision while looking at the photo. So this is how Kaspi AI created the whole thing.

另一個例子是輪胎，你能從輪胎上看出多少資訊。很明顯，輪胎就是輪胎。每個人都知道輪胎長什麼樣子。然而，Kaspi AI 實際上發現，如果你創建的資訊圖表位於消費者通常看到的第一頁，你需要說明這款輪胎的季節性，並在資訊圖表中列出一些最重要的主要特徵，以便消費者在查看照片時能夠做出決定。這就是 Kaspi AI 創建整個系統的經過。

And then on top of it, it actually inserted the description and created a description, which says a little bit more on every individual most important parameter of the tire so that consumer can make the right decision. Again, all of those are created by Kaspi AI, including the photos and infographics and description. So clicks actually increased 4%. So they drive more interest from the consumers and 53% of the sales increased just because of this change on that tire. So it's really exciting technology.

而且，它還在此基礎上插入了描述，並創建了一個描述，對輪胎的每個最重要的參數都做了更詳細的說明，以便消費者能夠做出正確的決定。再次強調，所有這些內容，包括照片、資訊圖表和描述，都是由 Kaspi AI 創建的。所以點擊量實際上增加了 4%。因此，這種改變激發了消費者的更多興趣，僅此一項改變就使銷售量成長了 53%。所以這項技術真的非常令人興奮。

We have been working on this behind the scenes for quite some time. We have been running different -- obviously running different experiments before we decided to launch on the merchants. Here, what you see on the screen is like we would normally do with any similar technology and innovation, we basically identified 30 days before. Let's assume there are two similar control groups, right? So red is the product which we improved -- enriched the content and then the gray color is the control group.

我們為此已經幕後努力了相當長一段時間。我們一直在進行不同的嘗試——顯然，在決定向商家推出之前，我們進行了不同的實驗。在這裡，您在螢幕上看到的，就像我們通常對任何類似的技術和創新所做的那樣，我們基本上在 30 天前就確定了這一點。假設有兩個類似的對照組，對吧？紅色代表我們改良後的產品－豐富了產品內容，灰色代表對照組。

So those are the similar products, let's assume similar cats or similar tires, and we observed them for 30 days. And as you can see, behavior is very similar because those groups are extremely comparable products. After that, we have had our Kaspi AI to enrich the content. So again, to create the products, to create the description and characteristics and so on and so forth. And as you can see, 30 days after the enrichment, the control group continue performing decently, but we're still giving some increase.

所以這些是類似的產品，假設是類似的貓或類似的輪胎，我們觀察了它們 30 天。正如你所看到的，行為非常相似，因為這些群體是非常相似的產品。之後，我們又引進了 Kaspi AI 來豐富內容。所以，再次強調，要創造產品，就要創造產品描述和特性等等。正如你所看到的，在強化 30 天后，對照組的表現仍然不錯，但我們仍然給予了一些提升。

However, enriched content has more than two times interest and clicks from the consumers than the control group. So this is a very exciting technology. It's the first application out of many which technology can be applied, and we are rolling this out. It will be available for the merchants in January of 2026. But again, as I mentioned, we are ourselves using this technology and ourselves are enriching already the content, and we have enriched about 4 over 500,000 products on our marketplace e-commerce side.

然而，與對照組相比，增強型內容更能吸引消費者的注意和點擊，其效果是後者的兩倍以上。所以這是一項非常令人興奮的技術。這是眾多可應用此技術的應用案例中的第一個，我們正在逐步推廣這項技術。將於 2026 年 1 月開放給商家。但是，正如我之前提到的，我們自己也在使用這項技術，並且已經在豐富內容，我們已經在我們的電商平台上豐富了超過 50 萬種產品。

I would like also to mention just very briefly some of the important priorities Hepsiburada is working on. And our main goal is really to ensure that we have a very sort of strong performance and continue exciting the consumers and merchants, and there are four priorities. Number one is the delivery, and they are not in priority, right? So we're focused -- we are working on four of them. So -- the main areas of investment is delivery, BNPL and the payment options from the banks, marketing, and user experience.

我還想簡單提及 Hepsiburada 正在努力實現的一些重要優先事項。我們的主要目標是確保我們取得非常強勁的業績，並繼續激發消費者和商家的興趣，我們有四個優先事項。第一要務是配送，但他們並非優先事項，對吧？所以我們集中精力——我們正在研究其中的四個項目。因此，主要投資領域包括配送、先買後付 (BNPL) 和銀行支付選項、行銷和用戶體驗。

On delivery side, we are making the low-ticket items more beneficial for the merchants to ship. Before that, the delivery cost was more than the value of the item which was sold. So we have actually worked on making sure that delivery is economically viable for the merchants and especially in the low-ticket items because those items are the ones which also driving engagement. And also, we have launched the weekly delivery, which was not -- yes, weekly delivery basically was not the market practice. And we believe that if you are e-commerce business, you should be delivering on the weekends, especially if the traditional retail works on the weekends.

在配送方面，我們正在讓低價商品的配送對商家更有利。在此之前，運費高於所售商品的價值。因此，我們一直在努力確保配送對商家來說在經濟上是可行的，尤其是對於低價商品而言，因為這些商品也是推動用戶參與度的關鍵因素。此外，我們還推出了每週配送服務，而此前——是的，每週配送基本上並不是市場上的慣例。我們認為，如果你經營的是電子商務，那麼你應該在周末發貨，尤其是當傳統零售業在周末也營業時。

The NPL from banks and payment options, it's a wider selection of the banks and the wider selection of the payment terms and specifically also in the low-ticket items, which again are driving the engagement. Marketing, that's another area of investments and improvements. Teams are working mostly to optimize performance to make sure that if we are marketing the products, those products are high quality on the good terms and therefore, they generate more interest, more traffic and more views.

銀行不良貸款和支付方式的選擇範圍更廣，銀行選擇更多，支付條款選擇更廣泛，尤其是在低價商品方面，這再次推動了參與。行銷是另一個需要投資和改進的領域。團隊主要致力於優化效能，以確保如果我們推廣產品，這些產品品質高、條款好，從而能夠吸引更多關注、帶來更多流量和更多瀏覽量。

And as soon as this traffic lands in your mobile application, of course, user experience improvements are targeted to redesigning the consumer shopping journey in order to have the higher conversion rates. So those are -- there are a number of other things we're working on, of course, but this is something which gives us both results, but also they are important both for merchants and for the consumers.

當然，一旦這些流量進入您的行動應用程序，用戶體驗改進的目標就是重新設計消費者的購物流程，從而獲得更高的轉換率。所以，這些是——當然，我們還在研究其他一些事情，但這件事既能為我們帶來成果，而且對商家和消費者來說都很重要。

So as a result of those, for improvements and changes in some of the areas, we have shown a very nice growth in number of purchases, which is the main metric for us, which shows the growing engagement from both consumers and merchants. So the growth has been through the year and the third Q, plus 16% in order growth, which is a really exciting trend.

因此，由於這些改進和一些領域的改變，我們的購買數量出現了非常可觀的成長，這是我們的主要指標，這表明消費者和商家的參與度都在不斷提高。因此，全年和第三季都保持了成長，訂單成長了 16%，這是一個非常令人興奮的趨勢。

Obviously, we will continue making further improvements and investments, but that's already a reasonable result to share with you. Some couple of things just to give you a bit heads up like some of the things which we're sort of working on, just to visualize those are really -- you don't have to be the rocket scientists.

顯然，我們會繼續進行改進和投資，但這已經是一個可以和大家分享的合理結果了。有幾件事想事先跟大家說說，像是我們正在研究的一些事情，為了讓大家更能理解，其實──你不需要是火箭科學家。

There are some really simple stuff that you can do. So in case of the payment options, for example, we have shown to the consumers number of payments you are making, but also the monthly payment that you might have with the BNPL payment option and those results before and after gave us maybe a test 4.5% growth in the GMV. This is -- again, I'm just showing you some simple examples. Obviously, I'm not going to take your time to go through all the improvements we have done.

你可以做一些非常簡單的事情。例如，在付款選項方面，我們向消費者展示了您正在進行的付款次數，以及您可能透過 BNPL 付款選項支付的每月付款額，這些結果在前後對比中可能使我們的 GMV 增長了 4.5%。這只是──我再說一遍，我只是給你們舉一些簡單的例子。顯然，我不會佔用您太多時間去一一介紹我們所做的所有改進。

Another slide is, for example, the redesigning some of the homepage items. So we have we have basically brought in more sort of personalization in order for consumers to easier understand some of the products that they are fit for them or interesting for them. So recently viewed products and especially for you sections on the homepage and also in principle, just to see more products on the homepage. So CTR increased almost two times from 15% to 31% in A/B test for recently viewed section and especially for you section increased from 18% to 23% click-through rate. So it just tells you how much of the simple improvements on the user experience can bring the value.

例如，另一張投影片是重新設計首頁上的一些項目。因此，我們基本上引入了更多個人化元素，以便消費者更容易了解哪些產品適合他們或他們感興趣。因此，最近瀏覽過的產品，特別是首頁上的「為您推薦」部分，以及原則上，只是為了在首頁上看到更多產品。因此，在 A/B 測試中，最近瀏覽部分的點擊率從 15% 增加到 31%，幾乎翻了一番；特別是「你」部分的點擊率從 18% 增加到 23%。所以它告訴你，對使用者體驗進行多少簡單的改進就能帶來多大的價值。

We're also working on the third-party platforms, in this case, is influencers, which Hepsiburada has a significant influencer channel, which drives the sales. And here, we have basically also made a very sort of important changes, basically helping the influencers and the merchants in this case to launch the campaigns when you reduce the price and you also have the reduction from the Hepsiburada, how much of the benefit you will get, how much of the sales uplift you will have, and you can also see the products which you can launch.

我們也在與第三方平台合作，在這種情況下，就是與網紅合作，Hepsiburada 擁有重要的網紅管道，這推動了銷售。在這裡，我們也做出了一些非常重要的改變，主要是幫助影響者和商家在降低價格時發起活動，同時還能獲得 Hepsiburada 的折扣，了解你能獲得多少收益，銷售額能提升多少，以及你可以推出哪些產品。

So these A/B tests gave us more than 9% the GMV uplift. And again, this is the service when merchant can launch the prices and the price reduction is also matched with Hepsiburada commission reduction. And then influencers, again, influencers here can actually easier see the offers which they can market to their subscribers.

因此，這些 A/B 測試使我們的 GMV 提升了 9% 以上。此外，這項服務允許商家發布價格，價格降低也將與 Hepsiburada 佣金降低相符。此外，網紅們在這裡更容易看到他們可以向訂閱者推廣的優惠訊息。

So we have done -- you can easier see the brands, you can see the products, and those are also very much -- we're trying to match those -- this selection with specific influencer. So influencer channel is quite substantial and AB test gave us also the same excess -- in excess of 9% GMV growth. So all in all, I mean, we have introduced some of the major innovations on the Kaspi side, and we're also achieving the growth in orders, which is very healthy because we're investing our efforts into delivery, marketing, payment options, BNPL and user experience improvements. And back to you, David.

所以我們已經做到了——您可以更容易地看到品牌，您可以看到產品，而這些也非常——我們正在努力將這些選擇與特定的影響者相匹配。因此，網紅管道相當可觀，AB 測試也為我們帶來了同樣的成長——GMV 成長超過 9%。總而言之，我的意思是，我們在 Kaspi 方面引入了一些重大創新，而且訂單量也實現了增長，這非常健康，因為我們正在努力改進配送、營銷、支付選項、先買後付和用戶體驗。現在把鏡頭交還給你，大衛。

All right. So thank you, Mikheil. Let's go on and just talk about the performance of the core business, starting with the payment platform. So I think that's the key message here on this slide. Payments growth remains robust, but also consistent throughout the year volumes up 14% in the third-quarter, up 15% year-on-year for the nine-month period.

好的。所以，謝謝你，米哈伊爾。接下來，我們來談談核心業務的業績，先從支付平台開始。所以我認為這就是這張投影片傳達的關鍵訊息。支付業務成長依然強勁，全年維持穩定，第三季交易量成長 14%，前九個月年增 15%。

And as we've talked about previously, just this reflects the ongoing popularity of Kaspi Pay, bill payments and the fast adoption of B2B payments. Strong volume growth translates plus growth in ticket size translates into faster growth in TPV, up 18% in the third-quarter versus 14% volume growth, up 21% for the nine-month period versus 15% volume growth.

正如我們之前討論過的，這反映了 Kaspi Pay、帳單支付以及 B2B 支付的持續流行和快速普及。強勁的銷售成長轉化為客單價的快速成長，第三季客單價成長 18%，而銷量僅成長 14%；前九個月客單價成長 21%，而銷量僅成長 15%。

So again, strong, and consistent trends. What you have within the 69% of our volume that come from Kaspi QR and card is the shift continues to move in favor of and that drives the take rate down, down nine basis points in Q3, eight basis points for the nine-month period. And again, that trend is consistent. You've seen that actually playing out over the last couple of years. The combination of strong top line growth, strong volume growth, strong TPV growth, but with take rate dilution results in lower revenue growth, plus 10% and plus 14% for the third-quarter and nine-month period. Again, as you've consistently seen top line dropping through to the bottom line, operational gearing and cost control, faster bottom line growth in payments of 12% and 17%, respectively.

所以，趨勢依然強勁且穩定。在我們 69% 的交易量中，有一部分來自 Kaspi QR 和銀行卡，這種轉變持續向有利於銀行卡的方向發展，導致交易率下降，第三季度下降了 9 個基點，前九個月下降了 8 個基點。而且，這種趨勢始終如一。在過去幾年裡，你已經看到了這種情況的實際發生。強勁的營收成長、強勁的銷售成長、強勁的TPV成長，但佣金率稀釋導致營收成長放緩，第三季和前九個月分別成長了10%和14%。正如您所看到的，隨著營收下降，利潤也隨之下降，營運槓桿和成本控制使得利潤增長更快，支付額分別增長了 12% 和 17%。

Moving on to Marketplace. So here, again, actually that you see the purchase volumes very strong and again, consistent throughout the year, up 36% year-on-year in the third-quarter, up 36% year-on-year for the nine-month period. Transaction growth on marketplace remains fast. In terms of GMV growth, GMV growth up 12% and 15% year-on-year. This slide really illustrates the impact of the supply issues in smartphones, which as you see, excluding smartphones, GMV is up 20% for the third-quarter and up 21% year-on-year.

接下來是市場部分。所以，再次證明，購買量非常強勁，全年保持穩定，第三季年增 36%，前九個月年增 36%。市場交易量成長依然迅速。就 GMV 成長而言，GMV 年成長 12% 至 15%。這張投影片很好地說明了智慧型手機供應問題的影響，正如你所看到的，如果排除智慧型手機，第三季 GMV 成長了 20%，比去年同期成長了 21%。

And you should keep in mind that the smartphone supply disruption is relevant not just for e-commerce, but for m-Commerce as well. Marketplaces take rate continues to move up, hitting once again, all-time high levels, 10.3% for the third-quarter and for the nine-month period, driven by value-added services, namely Kaspi advertising and Kaspi Delivery.

你應該記住，智慧型手機供應中斷不僅對電子商務有影響，對行動商務也有影響。市場平台的成交率持續上升，第三季和前九個月的成交率再次達到歷史最高水準 10.3%，這主要得益於加值服務，特別是 Kaspi 廣告和 Kaspi 配送服務。

As Mikheil showed you, advertising revenue up 56% in the third-quarter, up 76% for the nine-month period. If we look more specifically at e-commerce, 12% year over year, but GMV growth in the third-quarter, if we adjust for smartphone GMV growth up 25%. And for the nine-month period, PMV up 19%. And again, if we adjust for smartphones, up 29% year-on-year. The performance of our e-commerce ex smartphones remains very, very strong. The smartphone supply disruption is a countrywide issue.

正如米哈伊爾向你展示的那樣，第三季廣告收入成長了 56%，前九個月成長了 76%。如果更具體地看待電子商務，年增 12%，但第三季 GMV 成長，如果將智慧型手機 GMV 成長進行調整，則成長 25%。九個月期間，PMV 上漲了 19%。如果將智慧型手機納入考量，則年增 29%。我們的電子商務（除智慧型手機外）業務表現依然非常非常強勁。智慧型手機供應中斷是一個全國性問題。

As we move into next year, from March, we have a very favorable comp and we'd also expect over the course of next year to supply issues to naturally resolve than themselves, the competitive position of e-commerce remains completely unchanged.

進入明年，從三月開始，我們面臨著非常有利的競爭形勢，而且我們也預計在明年一段時間內，供應問題會自然而然地得到解決，電子商務的競爭地位將完全保持不變。

And actually, on the purchase side of the equation, you see here again, growth, very strong of 86% year-on-year and up 9% year-on-year for the third-quarter and nine-month period, respectively, with grocery contributing to that vast growth and commerce, always the slower growing of the marketplace platforms, but nonetheless, still an important platform, particularly for onboarding merchants. GMV growth, up 12% in both periods.

實際上，在購買方面，您可以再次看到強勁的增長，第三季度同比增長 86%，前九個月同比增長 9%，其中食品雜貨對這一巨大增長做出了貢獻；而電商平台雖然一直是市場平台中增長較慢的，但仍然是一個重要的平台，特別是對於商家入駐而言。GMV成長，兩個時期均成長12%。

Here too, if we adjust the smartphones, GMV growth up 17% and 15% in the third-quarter, a nine-month period. Take rate moved up slightly, again, as we continue to just add additional value-added services and marketing campaigns for our merchants.

同樣，如果我們調整智慧型手機數據，第三季（九個月期間）的GMV成長率分別為17%和15%。由於我們持續為商家增加增值服務和行銷活動，佣金率再次略有上升。

And on travel, travel continues to post decent growth, GMV up 13% in the third-quarter, up 17% for the nine-month period, here too, take rate moving up nicely, 50 basis points in the third-quarter, 60 basis points for the nine-month period. That is primarily due to the growth in Kaspi tours now account for around 10% of GMV, travels GMV launched around two years ago. So it has grown nicely from zero and will continue as we move into next year to grow a book travel's overall GMV rate implying further take rate expansion.

旅遊業方面，旅遊業持續保持良好的成長勢頭，第三季 GMV 成長 13%，前九個月成長 17%，佣金率也穩定上升，第三季上升 50 個基點，前九個月上升 60 個基點。這主要是由於 Kaspi 旅遊的成長，目前旅遊業務佔 GMV 的 10% 左右，而旅遊 GMV 大約在兩年前推出。因此，它從零開始穩步增長，隨著我們進入明年，它將繼續增長，從而提高預訂旅遊的整體 GMV 率，這意味著進一步擴大佣金率。

So the combination of take rate expansion of both GMV growth, plus fast growth in grocery revenue translates into revenue growth in marketplace well above GMV growth, up 24% and 27% year-on-year for the period. Here, too, and we make the smartphone adjustment you see revenue up 32% and 34%.

因此，GMV成長帶來的分成比例擴大，加上食品雜貨收入的快速成長，使得市場收入成長遠高於GMV成長，較去年同期成長24%和27%。這裡也是如此，我們進行智慧型手機調整後，營收成長了 32% 和 34%。

So really just again, reiterating the point that the supply disruption in smartphones, which we expect to be temporary and to resolve itself over the course of next year is the primary and actually only reason for the sort of the slower growth that you are seeing in marketplace?

所以，我再次重申，智慧型手機供應中斷（我們預計這是暫時的，將在明年內自行解決）是市場成長放緩的主要原因，實際上也是唯一原因。

Same comments on the net income side of things, up 7% and 13% adjusted for smartphones, up 16% and 20%. Net income growth will grow below revenue growth, and that is just the mix effect of e-grocery growing, growing fast, and taking share within the mix.

淨收入方面也有同樣的評論，分別增長了 7% 和 13%，如果計入智慧型手機，則分別增長了 16% 和 20%。淨利潤成長將低於營收成長，這僅僅是電商生鮮業務快速成長並佔據市場份額的綜合效應。

Finally, in Kazakhstan, moving on to the fintech platform. Growth remains very robust, up 16%, 17% in the third-quarter and nine-month period. So here too, not just robust but again, consistent over the course of the year. The TFB growth is being driven by merchant lending, which we expect to keep growing at a faster rate than the consumer lending products. That's actually nothing new.

最後，我們來到哈薩克，進入金融科技平台領域。成長動能依然強勁，第三季成長 16%，前九個月成長 17%。所以，這裡不僅表現強勁，而且全年都保持穩定。TFB 的成長主要由商家貸款推動，我們預期商家貸款的成長速度將持續快於消費貸款產品。其實這並不新鮮。

That's been the case over the last couple of years and should remain the case going forward. The growth in origination is happening with stable pricing, the fintech yield flat year-on-year at around 16% in the third-quarter 18% for the nine-month period. And you here too, you see strong growth in the loan portfolio of 30% and 32% year-on-year.

過去幾年情況一直如此，未來也應該如此。貸款發放量的成長伴隨著穩定的定價，金融科技收益率與去年同期持平，第三季約為 16%，前九個月約為 18%。您也看到了，貸款組合年增了 30% 到 32%。

Growing at a faster rate than the deposit base, but here to the deposit base continues to see very robust and predictable trends, the new products that we've introduced and that we talked about previously have seen solid month-on-month growth in deposits since their introduction.

雖然成長速度超過了存款基礎的成長速度，但存款基礎仍呈現出非常強勁且可預測的趨勢，我們先前介紹過的新產品自推出以來，存款額每月都實現了穩健成長。

Cost of risk, 0.6% versus 0.5% in the same period last year. Overall, credit trends remained strong and consistent albeit the -- as we mentioned at the H1 numbers, currency depreciation in the first part of the year did necessitate by a macro provisioning in the first part of the year. NPLs have moved up slightly. But again, this is the trend that's been consistent over that slightly versus the end of last year.

風險成本為 0.6%，去年同期為 0.5%。總體而言，信貸趨勢依然強勁且穩定，儘管——正如我們在上半年數據中所提到的——今年上半年的貨幣貶值確實導致今年上半年需要進行宏觀撥備。不良貸款率略有上升。但與去年年底相比，這一趨勢一直保持不變。

This has been the trend throughout the course of this year. And overall credit trends remain strong and consistent. Lower coverage reflects the growing share of the car loan and the growing share of the merchant financing for car loan you secure the matching financing is sort of by nature, a lower risk product and therefore requires less provisioning unchanged on the consumer side of the equation.

今年以來，這種情況一直持續至今。整體信貸趨勢依然強勁穩定。較低的覆蓋率反映了汽車貸款份額的成長以及汽車貸款商家融資份額的成長。您獲得的配對融資本質上是一種風險較低的產品，因此需要的撥備較少，而消費者方面則保持不變。

So what you have is just the mix effect. With strong origination in previous periods, stable pricing you have decent and accelerating fintech revenue growth, book 24% in the third-quarter and up 21% for the nine-month period. Capacity revenue growth has also translated into accelerating net income growth, accelerating net income growth up to 15% from 10% in the nine-month period. That's despite the growth in interest expenses in the third-quarter, up 30% year-on-year.

所以你得到的只是混合效果。憑藉前期強勁的業務成長和穩定的定價，金融科技收入實現了可觀且加速成長，第三季成長 24%，前九個月成長 21%。產能收入成長也轉化為淨利潤成長加速，九個月內淨利成長率從 10% 加速至 15%。儘管第三季利息支出較去年同期成長 30%，但情況依然如此。

Adjusted net income growth reflects the effects of the base rate increase. So you can see the year base rates haven't moved up in the first part of the year. Actually, the fintech platform would be on track for it would have delivered 28% bottom line growth in the third-quarter and 18% for the nine-month period.

調整後的淨收入成長反映了基準利率上調的影響。所以你可以看到，今年上半年基準利率並沒有上漲。事實上，該金融科技平台正按計畫推進，第三季淨利成長了 28%，前九個月的淨利潤成長了 18%。

So here, I think the point to illustrate is just how material the rate increases have been on the bottom line, but interest rates in Kazakhstan are at high levels, and this can move the other way when rates trend downwards.

所以，我認為這裡要說明的重點是，升息對最終收益的影響有多麼巨大，但哈薩克的利率處於高位，當利率呈下降趨勢時，情況可能會發生逆轉。

So moving on to Hepsiburada, as Mikheil talked about what -- there's multiple product initiatives taking place around payment options, marketing, delivering user experience and so on. And one way you can sort of track the progress ultimately is in terms of purchases, driving purchases, frequency of transactions on the marketplace. And you can see here that the initiatives that we have launched our gathering increasing momentum with purchase volumes up 16% for the third-quarter versus plus 4% for the nine months period, with us a really encouraging increase in growth momentum as we look into next year that mirrors in the GMV side of the equation.

接下來我們來談談 Hepsiburada，正如 Mikheil 所談到的——圍繞支付選項、行銷、提供用戶體驗等，正在進行多項產品計劃。最終，你可以透過購買量、促成購買量以及市場上的交易頻率來追蹤進度。您可以看到，我們推出的各項措施正在取得越來越大的進展，第三季的採購量增加了 16%，而前九個月的增幅為 4%。展望明年，我們非常鼓舞人心的成長勢頭，這在商品交易總額 (GMV) 方面也有所體現。

Financials are inflation adjusted, we're talking about real growth here. So I know there's been some sort of confusion around that in some of the commentary that I have seen. But here too, you see GMV growth moving up 15% for the third-quarter versus 5% for the nine-month period. So the investments, the product improvements that we're making are starting to drive an improvement in the top line performance of the business, and that's reflected in both repeat and the 1P side of the business.

財務數據已根據通貨膨脹進行調整，我們在這裡討論的是實際成長。所以我知道，在我看到的一些評論中，對此存在一些誤解。但同樣地，第三季的 GMV 成長率為 15%，而前九個月的成長率為 5%。因此，我們進行的投資和產品改進開始推動公司營收的提升，這體現在回頭客和首次購買業務兩方面。

The 15% and 5% GMV growth translates again into faster real revenue growth of 22% and 11% versus of 11% for the nine-month period so here too, you see that the investments that we're making start to translate into a faster-growing business. That is the aim to invest and drive the top line performance of this business up to a faster rate for a sustained period of time. And that is also being helped at the revenue level by growth in advertising and growth in external delivery services, hence, the faster revenue growth versus GM growth.

15% 和 5% 的 GMV 成長再次轉化為更快的實際收入成長，分別為 22% 和 11%，而九個月期間的實際收入成長為 11%。因此，在這裡，您也可以看到，我們所做的投資開始轉化為更快成長的業務。我們的目標是在一段時間內持續投資並推動該業務的營收成長，使其以更快的速度持續提升。廣告和外部配送服務的成長也對營收水準有所幫助，因此，營收成長速度快於毛利率成長速度。

You can see the impact of the investments that we're making the investments are targeted primarily into those sort of four areas that we've talked about, delivery payment options, marketing and user experience, and you see that impact on the EBITDA level, but you can see that these investments are translating into faster revenue growth and for the aims for that faster revenue growth to be sustainable as we go into future years. The investments impact the bottom line.

你可以看到我們投資的影響，這些投資主要集中在我們討論過的四個領域：配送支付方式、市場營銷和用戶體驗，你可以看到這些投資對 EBITDA 的影響，但你也可以看到這些投資正在轉化為更快的收入增長，並且我們的目標是在未來幾年內保持這種更快的收入增長。這些投資會對最終收益產生影響。

But what you can see here, if we look at the third-quarter of 2025 is that the main area of that investment is on the payment options, the buying up pay later options that we're integrating with their party banks. That's the main increase performance advertising and delivery to a lesser extent.

但從這裡我們可以看到，如果我們看看 2025 年第三季度，主要投資領域是支付方式，也就是我們正在與合作銀行整合的「先買後付」選項。這是提升廣告效果的主要因素，其次是提升投放效果。

Kaspi Barata has also announced a $100 million share capital increase again, it is raising funds with a view to ensuring that, that business is well capitalized to pursue its different objectives over the course of next year. So what does all of this mean for Kaspi in Kazakhstan? You see decent and consistent revenue growth, up 20% in both periods.

Kaspi Barata 也宣布再次增資 1 億美元，此舉旨在籌集資金，以確保公司擁有充足的資金，從而在明年實現其不同的目標。那麼，這一切對哈薩克的卡斯皮意味著什麼？收入實現了穩健且持續的成長，兩個時期均成長了 20%。

Here, you see again the revenue level at a group level, the impact of smartphones, revenue would be up 23% and 22% respectively, over the third-quarter and the nine-month period. And then at the net income level, here, you have the impact, the 21% net income growth in the third-quarter and the 24% net income growth reflects the impact of smartphones, the higher base rate and the other external factors, regulatory and tax changes that have been introduced over the course of this year.

在這裡，您可以再次看到集團層面的收入水平，智慧型手機的影響，第三季和前九個月的收入分別成長了 23% 和 22%。然後，在淨收入層面，這裡可以看到影響，第三季淨收入成長 21%，而 24% 的淨收入成長反映了智慧型手機的影響、更高的基準利率以及其他外部因素，以及今年推出的監管和稅收變化。

It could help you to understand the underlying operating performance of the business. As some perspective on this, if you think about at the beginning of the year, when we guided for net income growth of around 20%, you can see that without these external factors a bit of a subsequently, we're actually trending very close exactly on track for that. The underlying core business growth drivers remain unchanged.

它可以幫助您了解企業的基本營運績效。從這個角度來看，如果你回顧年初我們預測淨收入成長約 20% 的情況，你會發現，如果沒有這些外部因素的影響，我們實際上正朝著這個目標穩步前進。業務核心成長動力維持不變。

Here is the consolidated numbers in it's just the culmination of Kazakhstan and Turkey together. And then in terms of the guidance, on the middle column here, you see the updated guidance, so lower GMV growth. This reflects the absence of the recovery in smartphones in the fourth-quarter. Again, just to reiterate, from March 2026, if nothing else, we have a very, very favorable base effect going forward.

這是哈薩克和土耳其兩國數據合併後的最終結果。至於業績指引，您可以在這裡中間一欄看到更新後的指引，即 GMV 成長放緩。這反映出智慧型手機市場在第四季並未出現復甦跡象。再次重申一下，從 2026 年 3 月起，即便沒有其他因素，我們也將迎來非常非​​常有利的基數效應。

There's no reason to think that the supply disruption will resolve itself over the course of next year. We adjust for smartphones, you can see that marketplace is on track for a 19% to 21% GMV growth. TPV payment growth around 20%. That's at the top end of the range we provided at the beginning and summer periods and TFE growth in line with the guidance that we provided at the summer period around 15%.

沒有理由認為供應中斷問題會在明年自行解決。我們對智慧型手機市場進行調整後發現，該市場的GMV成長率可望達到19%至21%。TPV支付成長率約20%。這處於我們年初和夏季期間提供的範圍的上限，TFE 成長與我們在夏季期間提供的 15% 左右的指導一致。

So it's really only the smartphone issue that's affecting the top line trends. Bottom line of around 10% growth in Kazakhstan at is lower than the around 15%, and that reflects smartphones, it reflects the tax and regulatory changes and again, the impact of the higher base.

所以真正影響整體趨勢的只有智慧型手機問題。哈薩克的經濟成長率約為 10%，低於其他國家的 15% 左右，這反映了智慧型手機的普及、稅收和監管的變化，以及基數較高的影響。

If you x out those factors, the business will be on track for around 18% to 20% growth next year. And this gives you some indication of what grows the smartphone issues resolve and self interest rates at some point move down in the tax and regulatory factors at least move into the base.

如果排除這些因素，該公司明年預計將實現 18% 至 20% 的成長。這可以讓你大致了解智慧型手機問題的發展，以及在某個時候，自利率會下降，稅收和監管因素至少會下降到基準水準。

We've also launched the GBP100 million or we will launch post this call, the GBP100 million ADS buyback program. And I think what we've said in the press release as we look into 2006, we expect to be able to achieve a balance between investing in the business returning cash to our shareholders via both buybacks.

我們也啟動了1億英鎊的美國存託股份回購計劃，或將在本次電話會議後啟動該計劃。我認為正如我們在新聞稿中所說，展望 2006 年，我們希望能夠在投資業務和透過股票回購向股東返還現金之間取得平衡。

This GBP100 million ADS buyback program doesn't have to be the end. It can be the start and the resumption of dividend payments. It's too early to go into the detail, just to preempt that question around exactly what dividends can be. But I think we've been pretty consistent. This year was an investment year.

這項價值 1 億英鎊的 ADS 回購計畫未必是最終的結局。這可能是股息支付的開始和恢復。現在討論細節還為時過早，先暫且回答一下關於股息究竟是什麼的問題。但我認為我們一直都表現得相當穩定。今年是投資年。

We've made those investments to put the foundations in place for future growth. That's what we said 12 months ago, our message has been consistent, and we can achieve our message now as we can achieve a balance between investing in our growth and returning cash next year. So I hope that's sort of pretty clear to people. So on that note, let's open the call up to Q&A, please.

我們進行這些投資是為了為未來的發展奠定基礎。12 個月前我們就是這麼說的，我們的訊息一直都很一致，現在我們能夠實現我們的目標，因為我們可以在投資成長和明年返還現金之間取得平衡。所以，我希望這一點大家應該都明白。那麼，接下來我們進入問答環節。

(Operator Instructions)

（操作說明）

Ygal Arounian, Citi Group.

Ygal Arounian，花旗集團。

Maybe I'll start with Hepsi in Turkey and the updates there on the investment is really helpful. Can you just help sort of paint the picture on kind of where we're going from here, particularly around like the investment level needed when we can get to reverse the trend in terms of the operating losses and how you found the competitive environment so far to be in Turkey, better than expected, worse than expected? Sort of any insights around that.

也許我可以先從土耳其的Hepsi開始，那裡的投資動態真的很有幫助。您能否幫忙描繪我們接下來的發展方向，特別是我們需要投入多少資金才能扭轉經營虧損的趨勢，以及您認為土耳其目前的競爭環境是比預期好還是比預期差？關於這方面有什麼見解嗎？

And then second question, back to Kaspi and Kazakhstan and the advertising product numbers, I mean, real strong growth there, and it looks like still very early in terms of penetration. And you've got a lot of different products. So just help us about how to think about advertising, kind of if you benchmark against global peers, how big it could be, which areas that you can drive more advertising or less? Just kind of help think through that product as well.

第二個問題，回到 Kaspi 和哈薩克斯坦以及廣告產品數量，我的意思是，那裡的成長非常強勁，而且就滲透率而言，似乎還處於非常早期的階段。你們有很多不同的產品。所以，請您幫我們分析廣告投放的思路，例如，如果以全球同行為基準，廣告規模能有多大？哪些領域可以增加廣告投入，哪些領域可以減少廣告投入？也想幫忙仔細考慮這個產品。

Ygal, thanks for the questions. Michael, do you want to take both of those questions?

Ygal，謝謝你的提問。邁克爾，你想回答這兩個問題嗎？

Yes, sure. So on the Hepsiburada side, we are, again, as a part of our priorities and the strategy is always to make sure that the products of the services and both for consumers and merchants is the one which brings the value. So that is our priority, which means when you think in terms of the growth or in terms of consumer engagement and the merchant side that our most important priority. So the growth is a result of those changes.

當然可以。因此，在 Hepsiburada 這邊，我們始終將確保產品和服務（無論是對消費者還是商家）能夠帶來價值作為我們的優先事項和策略的一部分。所以這是我們的首要任務，也就是說，從成長、消費者參與和商家角度來看，這是我們最重要的優先事項。因此，成長是這些變化的結果。

And we believe that by building up the highest quality products and the user experience, those are the -- yes, those are the priorities will generate the value for us going forward. So that has -- that is our priority, has been our priority for this year, and the teams are working on the -- yes, basically on bringing the quality of the products to the next level.

我們相信，透過打造最高品質的產品和使用者體驗——是的，這些才是未來的優先事項——將為我們創造價值。所以，這是我們今年的首要任務，團隊正在努力將產品品質提升到一個新的水平。

So the investments that you really see, those are the investments which, again, on the delivery side, we want to deliver both faster, but also have more engagement from merchants. And on the consumer side, and the marketing side, those are the investments, which bring traffic, which converts at the increasing rate into the sales and most of our initiated strategic priorities are around the mobile application, which we are obviously prioritizing. So that's where we are.

所以，你真正看到的投資，就是我們在交付上的投資，我們希望不僅能更快交付，還能讓商家更參與其中。在消費者方面和行銷方面，這些投資帶來了流量，流量正以越來越快的速度轉化為銷售額，而我們啟動的大部分策略重點都圍繞著行動應用程序，我們顯然正在優先發展行動應用程式。這就是我們目前的處境。

And we don't really see the huge need for capital investments going forward. But again, if those are justified by improving the quality of the services and the speed of delivery and the infrastructure for the delivery, then will bring those investments into the company.

我們不認為未來會有龐大的資本投資需求。但是，如果這些投資能夠提高服務品質、加快交付速度並改善交付基礎設施，那麼這些投資就會被公司接受。

So that's basically on -- and our priority is really growth. So that's -- that growth high-quality growth, which means growth of heavy engaged customers and happy engage merchants. So that's on the Hepsiburada, yes. And in terms of the overall competitive dynamics in the market, again, I think we have been saying this many times that we do pay attention to competition. But at the same time, we believe that our priority needs to be quality of the services and bringing excitement by the quality of the services to the merchants and consumers.

所以基本上就是這樣——我們的首要任務確實是成長。所以，這種成長是高品質的成長，意味著高參與度客戶和滿意的商家數量都在成長。是的，那就是赫普西布拉達號了。至於市場整體競爭動態，我認為我們已經多次強調，我們確實關注競爭。但同時，我們認為我們的首要任務應該是服務質量，並透過優質的服務給商家和消費者帶來驚喜。

So we don't think about competition in a traditional way like maybe some other companies would think. So that's on the Hepsiburada side. In terms of Kazakhstan, I think we are developing the full range of the advertising services, which are in different stages of the development. So we have -- you can advertise products now through the product listings. We have advertising service for the brands.

因此，我們看待競爭的方式可能與其他一些公司不同，並非傳統意義上的競爭。這是 Hepsiburada 這邊。就哈薩克而言，我認為我們正在發展全方位的廣告服務，這些服務處於不同的發展階段。所以我們現在可以透過產品清單來宣傳產品了。我們為品牌提供廣告服務。

We have advertising service when you can actually introduce these points or rewards as a merchant. We also are thinking how we can enhance the merchant experience in the app itself in order for the merchants to bring a very highly targeted engaged consumer base to their products and to their shop in Kaspi.kz itself. So yes, so it's growing very nicely. The merchant is giving us a very good feedback. And yes, we believe that we can continue growing this business, and it will grow faster than the rest of the we believe it will grow faster than the rest of the revenue on advertising.

當您作為商家可以實際推廣這些積分或獎勵時，我們將提供廣告服務。我們也在思考如何提升商家在應用程式本身的體驗，讓商家能夠將目標明確、積極參與的消費者群體吸引到他們在 Kaspi.kz 上的產品和商店。是的，它長得非常好。商家給了我們非常好的回饋。是的，我們相信我們可以繼續發展這項業務，而且它的成長速度將超過廣告收入的其他部分。

We just launched, I think, what we've talked during the last presentation. If I'm not mistaken, that we launched Gift Certificates, even for offline retailers. So all of those things at some point will start contributing meaningfully to the growth. So advertising is really exciting. And that's our core competency. It's all about data. It's all about user experience and it's all about the merchant experience in the mobile application.

我想，我們剛推出的正是我們在上次演講中談到的內容。如果我沒記錯的話，我們推出了禮品券，甚至是面向線下零售商。所以所有這些因素在某個時候都會對成長做出有意義的貢獻。所以廣告業真的很令人興奮。這就是我們的核心競爭力。一切都與數據有關。一切都關乎使用者體驗，也關乎行動應用程式中商家的體驗。

So yes, we're very excited about the advertising services, and they will continue growing much faster than the rest of our revenue.

是的，我們對廣告服務感到非常興奮，而且它們的成長速度將繼續遠超我們其他收入來源。

James Friedman, SIG.

James Friedman，SIG。

I wanted to ask about the -- so -- on the marketplace side, the take rate was up again 80 basis points. I was hoping you could elaborate on some of the components that are driving that. And then on the advertising side, can you just explain kind of in simple terms when you say you'll run the advertising campaigns for the merchants on the Super app. Just I'm trying to understand what it means to run it for them. So one, on marketplace, one on advertising.

我想問一下——所以——在市場方面，成交率又上升了 80 個基點。我希望您能詳細說明導致這種情況發生的一些因素。那麼在廣告方面，您能否用簡單易懂的方式解釋一下，您說您將在 Super app 上為商家投放廣告活動。我只是想弄清楚為他們經營這家公司意味著什麼。所以一個是關於市場，一個是關於廣告。

Sure. So on the take rate, the main drivers of the take rate are really additional services and advertising more specifically and also the delivery revenues. So that's the main driver of the take rate we are not -- as you remember, historically, we believe that we want to deliver the value to the merchants by additional services, not by constantly increasing the seller fees. So that's not our strategy.

當然。因此，就轉換率而言，轉換率的主要驅動因素實際上是附加服務和廣告，更具體地說是配送收入。所以這就是我們收取費用的主要驅動因素——正如您所知，從歷史上看，我們相信我們希望透過提供額外的服務為商家創造價值，而不是不斷提高賣家費用。所以那不是我們的策略。

So the increases that you actually see they are driven by additional edit value services, and those are at the moment, specifically advertising and delivery. So that's on the take rate. In terms of the advertising, I mean, it's quite straightforward, right? So the current technologies enable us to develop a very sort of simple user experience when the merchants from the screen of their smartphone, they can select the items they want to promote and then advertise and then they just tell us a bit the type of customers they want to reach.

所以你實際看到的成長是由額外的增值服務所驅動的，而目前這些服務具體包括廣告和配送。這就是成交率的情況。就廣告而言，我的意思是，這很簡單，對吧？因此，目前的技術使我們能夠開發出非常簡單的用戶體驗，商家可以透過智慧型手機螢幕選擇他們想要推廣和宣傳的商品，然後告訴我們他們想要觸達的客戶類型。

So it's a very simple service, all the data driven. We truly believe that advertising needs to be developed in a way that you can launch an advertising campaign on Kaspi with the one hand by driving a car, if you are a small merchant. And this is how we are we're looking into this. So this is not something which complicates the merchant's life. They just quickly launch it. They're very simple, very simple settings they just need to tell us the type of merchants they -- sorry, the type of consumers they want to reach, and then we will do the rest of the job for them.

所以這是一項非常簡單的服務，完全由數據驅動。我們真心相信，廣告的發展方式應該讓小商家也能單手開車在 Kaspi 上進行廣告活動。這就是我們目前調查此事的方式。所以這並不會給商人的生活帶來麻煩。他們只是迅速地推出了它。設定非常簡單，他們只需要告訴我們他們想要觸達的商家類型——抱歉，是消費者類型，剩下的工作就交給我們來完成。

And behind this, of course, is there are a number of technologies which we're developing and the data, which enables us to have this very high prediction, high accuracy advertising services or advertising campaigns for merchants, which deliver the value at an affordable cost. So that's basically the way we look at the advertising.

當然，這背後還有我們正在開發的許多技術和數據，使我們能夠為商家提供預測性極高、準確度極高的廣告服務或廣告活動，以可負擔的成本創造價值。這就是我們看待廣告的基本方式。

It's simpler than many other big advertising platforms just because you don't really -- we don't really -- we do a lot of work for the merchants rather than merchants going through the complicated quest of setting up the advertising campaign. So this is why the services are showing in the growth rates.

它比許多其他大型廣告平台更簡單，因為我們為商家做了很多工作，而不是讓商家經歷設定廣告活動的複雜過程。所以這就是為什麼服務業的成長率有所體現的原因。

Griffin Devin, a Research proceed.

Griffin Devin，一項研究進展。

Griffen Drebing on for Darren. Just wanted to touch on the smartphone impact again. I know last quarter you mentioned there would not be an improvement. So the eight points impact to GMV largely as expected. But just any color on current trends through October, first week of November or updated thoughts on the potential duration and then how you're viewing the sustainability of non-smartphone marketplace growth given so much strength across the top verticals?

格里芬德雷賓替補達倫上場。我想再談談智慧型手機的影響。我知道上個季度你曾說過情況不會有改善。因此，8個點對GMV的影響基本上符合預期。但能否就 10​​ 月的當前趨勢、11 月第一周的趨勢，或關於潛在持續時間的最新想法，以及鑑於頂級垂直領域如此強勁的勢頭，您如何看待非智慧型手機市場成長的可持續性？

All right, Griffin. So maybe I'll just really start on that one. So just for the benefit of everyone, I think there's sort of two issues to be aware of. The best was number one, new registration requirements that those were introduced in the spring, and that was the sort of the initial cause of the supply disruption.

好的，格里芬。所以也許我應該真正開始著手做那件事了。為了大家的利益，我認為有兩個問題要注意。最好的原因是第一點，即春季推出的新註冊要求，這也是造成供應中斷的最初原因。

What subsequently how that's evolved into then just a shortage of the latest models, iPhone type 17 models across the entire country, and you have a situation where now people who are long overdue a new smartphone don't want to go out and purchase the old model when they know that the new model will be available shortly. So the -- that's what's going on in the market.

隨後，這種情況演變成全國最新 iPhone 17 機型的短缺，導致那些早就需要新智慧型手機的人，在知道新款即將上市的情況下，不願再購買舊款。所以——這就是目前市場的情況。

There's nothing to show any improvement currently supply remains, particularly of new models incredibly constrained. But Apple will get new phones into the country over the next couple of months. So number one, as I mentioned earlier, you've got a very favorable comp it kicks in March of next year. So that should face if nothing else favorable comp.

目前沒有任何跡象表明情況會有所改善，供應仍然非常緊張，尤其是新車型的供應。但蘋果將在未來幾個月內將新款手機引進美國市場。第一，正如我之前提到的，你們的優惠政策非常有利，它將於明年三月生效。所以，即便沒有其他有利因素，這也應該會面臨有利的競爭局面。

And number two, there's no reason to believe that whilst it's taking a little bit longer than we would have hoped, the supply disruption won't normalize over the next couple of months and certainly through the first part of next year. So that's on smartphones and we've shown you just how material that is and how meaningful that can be when it does and it will -- So that's the first thing.

第二，雖然供應中斷的恢復速度比我們預期的要慢一些，但沒有理由相信這種情況不會在未來幾個月內，甚至明年上半年內恢復正常。所以，智慧型手機就是這樣，我們已經向你們展示了它的重要性，以及它發揮作用時所蘊含的意義——這是第一點。

But then the second thing we've showed you is the back smartphones, marketplace and particularly e-commerce growth in all of the verticals is really, really strong. So again, as you look into next year, when smartphones come back, all the verticals should also remain pretty decent and you have marketplace and e-commerce sort of returning to its more normalized growth trajectory. There's no change in marketplaces competitive position. and the supply disruption is not unique to Kaspi. It's a country-wide issue, and it's in one vertical, everything else is pretty much performing as we'd expect it to within marketplace or that be my main comments.

但我們已經向您展示了第二點，那就是智慧型手機、市場，尤其是所有垂直領域的電子商務成長都非常強勁。所以，展望明年，隨著智慧型手機的回歸，所有垂直領域都應該保持相當不錯的水平，而市場和電子商務也將恢復到更正常的成長軌跡。市場競爭格局沒有變化，供應中斷並非Kaspi獨有的問題。這是一個全國性的問題，而且只出現在一個垂直領域，其他所有方面在市場上的表現都基本上符合我們的預期，或者說，這就是我的主要評論。

(Operator Instructions)

（操作說明）

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Perfect. I guess one quick follow-up on the marketplace question a second ago. I guess give us some quick math. I think year-to-date, you guys are at 16% growth in Marketplace GMV. I think you guide also like 12% to 14% for the entire year.

完美的。我想就剛才關於市場的問題做一個簡短的後續說明。請給我們簡單算一下。我認為今年迄今為止，你們的 Marketplace GMV 成長率達到了 16%。我認為你的指導方針也認為全年收益率在 12% 到 14% 之間。

Just wondering, am I thinking about that right, does that assume like a low single-digit GMV growth in the fourth-quarter? And is that primarily like seasonality around the cell phone purchases? And then one other piece with that I know you mentioned iPhone. Is this an issue for like all phones like Samsung phones, the Android phones as well? Maybe just talk a little bit about the mix of, I guess, iPhone sales versus Android in the country. Just to give us some background. And I have one follow-up after that.

我只是想確認一下，我的理解對嗎？這是否意味著第四季GMV成長率只有個位數？這主要類似手機購買的季節性波動嗎？還有一點，我知道你提到了iPhone。這個問題是否普遍存在於所有手機中，例如三星手機和安卓手機？或許可以稍微談談國內 iPhone 和 Android 手機的銷售比較。先交代一下背景。之後我還有一個後續問題。

Well, I'll start. Yes. I mean you will see marketplace growth moderate in the fourth-quarter. So remember, marketplace is not just e-commerce, it's e-commerce and commerce and travel. But that -- you will see that, that happens, number one.

那我先來。是的。我的意思是，你會看到市場成長在第四季放緩。所以請記住，市場不僅僅是電子商務，它還包括電子商務、商業和旅遊業。但是──你會發現，第一點就是這一點。

And number two, I would say on the smartphone issue, well, particularly at this time of year, its high-end smartphones, it's particularly the likes of an iPhone 17. So it's not just that. But that sort of -- this is where the latest models are released. And if you think about it, if a smartphone is $1,500, that's a lot of missed GMV, but it's a lot of gain GMV when it comes back and a lot of missed revenue versus an average ticket size on marketplace and on e-commerce that's materially below that.

第二點，關於智慧型手機問題，尤其是在每年的這個時候，高階智慧型手機，特別是像 iPhone 17 這樣的機型，更是如此。所以事情不只是這樣。但這種——這裡是發布最新車型的地方。仔細想想，如果一部智慧型手機售價 1500 美元，那確實會損失很多 GMV，但當它回歸市場時，也會帶來很多 GMV 收益，而且與市場和電子商務上遠低於此的平均客單價相比，錯失的收入也相當可觀。

So that would be my comments. I don't know if Mikheil wants to add anything about the market as well.

以上就是我的看法。我不知道米哈伊爾是否還想補充一些關於市場方面的內容。

Yes. Well, I think that -- well, the GMV growth is a combination of also the value of items, which are sold. And as David said, the highest value item in the smartphones is specifically at iPods. And since the new model has not reached in the requested volumes the country, it's not only because of not specific, then basically the people don't have a trigger to change their phone.

是的。我認為，GMV 的成長也是已售商品價值的成長。正如大衛所說，智慧型手機中最有價值的產品實際上是 iPod。由於新款手機在全國的銷售量並未達到預期，這不僅是因為缺乏針對性，而是因為人們根本沒有更換手機的動力。

But we just believe this thing will change in the future because demand is there already in terms of looking at the trends and the engagement, I think that number of transactions is -- or number of purchases is actually extremely sort of valuable number just because that actually tells you how many purchases consumers make, how many times they interact with your marketplace and not just the value of items they buy.

但我們相信這種情況未來會改變，因為從趨勢和參與度來看，需求已經存在。我認為交易次數——或者說購買次數——實際上是一個極其有價值的數字，因為它真正告訴了消費者購買了多少次商品，他們與你的市場互動了多少次，而不僅僅是他們購買的商品的價值。

And you can see that actually the value of the marketplace purchases went up 36% and not the value -- sorry, the number of the marketplace purchases went up 36%. And e-commerce, which is taking share from the m-commerce is actually plus 86%. So I think, again, transactions in the marketplace, 36% up transactions on e-commerce, 86% up quarter-on-quarter.

你可以看到，實際上市場交易的價值增加了 36%，而不是——抱歉，是市場交易的數量增加了 36%。而電子商務從行動商務手中奪取的份額實際上增加了 86%。所以我認為，再次強調，市場交易量成長了 36%，電子商務交易量較上季成長了 86%。

So this tells you that there is a very healthy engagement and our core business continues performing well, and those external factors eventually will have to -- we believe will disappear because demand is there, and supply will be reinstituted. It's just unfortunate that it's not happening as quickly as all of us wanted.

這說明我們與客戶的互動非常健康，我們的核心業務也持續表現良好，我們相信這些外部因素最終會消失，因為需求仍然存在，供應也會恢復。遺憾的是，這件事的進展速度並沒有我們所有人希望的那麼快。

Yes. No, that makes sense. It's interesting. I hear you talk about the iPhone. And I think about here in the States, $1,500 for a phone, a lot of Americans are pulling back on those types of purchases. So I'm surprised that folks are still, I guess, hungry for new iPhones out in Kazakhstan.

是的。沒錯，這很有道理。很有意思。我聽你在談論iPhone。而在美國，一部手機要1500美元，很多美國人都在減少這類消費。所以我很驚訝，看來哈薩克的人們仍然對新款 iPhone 充滿渴望。

One last one for me. Thinking about grocery and delivery. I know obviously, those businesses are scaling now, but remind me, you're thinking about are those businesses like self-sustainingly profitable on their own longer term? Or are you still thinking about them as kind of engagement tools to keep people on the platform so you can monetize them to other ways? That's it for me.

我最後一個問題。考慮一下食品雜貨和送貨上門。我知道這些企業現在正在擴大規模，但請提醒我一下，你考慮的是這些企業能否長期實現自我獲利？或者你仍然把它們看作是一種用戶互動工具，用來留住用戶，以便你透過其他方式獲利？就這些了。

Yes. The grocery business is very much self-sustainable. We are on the profitability side. I think -- some time ago, we did show the profitability of the groceries. So you can go back to those numbers and those numbers are the same pretty much. So yes, it is sustainable, it's profitable. But as we are also having more demand for our products, then the capacity to fulfill, we are building up the dark stores, which is not just an investment which is huge.

是的。食品雜貨業具有很強的自給自足能力。我們處於獲利的一方。我想——之前我們確實展示過雜貨店的獲利能力。所以你可以回到那些數字，這些數字基本上都保持不變。所以，是的，它是可持續的，也是有利可圖的。但是，由於我們的產品需求量超過了我們的供應能力，我們正在建立暗店，這不僅僅是一項巨大的投資。

But still, to build, once the state-of-art dark stores, which we are opening depending on the size, but it can be an investment from -- what is it $10 million, $15 million, something like this, which can hold the inventory for at least 15, 20 days on 10,000 plus SKUs. So those -- when we say we enter in the new city, we are building the dark store sort of first or renting it if it's -- rent is very affordable.

但是，要建造最先進的暗店，我們根據規模開設這些暗店，但這可能是一筆投資——大約 1000 萬美元、1500 萬美元，差不多是這樣，它可以存放 10000 多個 SKU 的庫存至少 15 到 20 天。所以，當我們進入新城市時，我們會先建造類似暗店的店鋪，或者如果租金非常實惠的話就租用它。

So those are the investments we're taking because we need to build the infrastructure to meet the demand. But the good news is that demand is there, and it's almost like always demand is more than we can serve. So we are following the demand.

所以，我們之所以進行這些投資，是因為我們需要建造基礎設施來滿足需求。但好消息是，需求一直存在，幾乎總是供不應求。所以我們正在順應市場需求。

At the moment, as we speak, we have about 10 dark stores, and we will enter a couple of new cities next year. So we'll continue sort of building that infrastructure.

目前，我們大約有 10 家暗店，明年我們將進入幾個新的城市。所以我們會繼續完善這方面的基礎設施。

Got it. And I'll just sneak one more in. I know this is important to investors. The dividend, I saw you guys are going to reinstate that next year. Should we think about that being at a similar level to where it was or maybe even higher given that the income basis is higher today than it was before you positive.

知道了。我再偷偷加一個進去。我知道這對投資者來說很重要。關於分紅，我看到你們明年要恢復分紅了。我們是否應該認為它與之前的水平相似，甚至更高，因為現在的收入基礎比你獲得正收益之前要高。

Well, Reggie, I'd just say on that. You should keep in mind international will require further expansion. So that's something to keep in your base case and will remain an important priority. International was never there free 2025. So that's number one. Number two, having -- again, having said that, we can have a balance between the two our track record of returning cash, primarily by dividends, but also by buybacks, speaks for itself, and we get that this is something that is important to our investors.

嗯，雷吉，關於這一點我就說這麼多。你應該記住，國際市場需要進一步擴張。所以這是你應該保留的基本要素，並且會一直作為一項重要的優先事項。國際版從未免費提供 2025 年。這是第一點。第二，正如我之前所說，我們可以在這兩者之間取得平衡。我們以往的現金回報記錄，主要透過股息，但也透過股票回購，足以說明一切，我們也明白這對我們的投資者來說很重要。

It's precisely why we've actually started the buyback is one of the reasons why we started the buyback earlier than we'd initially indicated in our H1 numbers, we indicated cash returns would start from the beginning of the year. So we'll do our best to get the balance right between investing in future growth and returning cash by different methods, both buyback and dividends.

這正是我們啟動股票回購的原因之一，也是我們比上半年業績報告中最初預測的時間更早啟動股票回購的原因之一，我們當時預測現金回報將從年初開始。因此，我們將盡最大努力在投資未來成長和透過不同的方式（包括股票回購和分紅）返還現金之間取得平衡。

And we can decide what is appropriate as we move into next year at the right point in time, but it wouldn't be right at this stage to go into specifics around what payout ratios can be.

我們可以等到明年合適的時機再決定什麼才是合適的，但現在就具體討論派息率還為時過早。

Thank you. Unfortunately, we have run out of time for any further questions. So at this time, I'd like to hand back to David for any closing remarks.

謝謝。很遺憾，我們沒有時間回答其他問題了。那麼，現在我想把發言權交還給大衛，請他做總結發言。

All right. Thanks. Thanks, everyone, for your time. We've done it now 20 minutes, but we have another meeting starting shortly. So we'll wrap things up now. Happy to follow up one-on-one post the call. So get into if you have follow-up questions. Thanks a lot for your time, and speak to you soon. Thanks, everyone. Bye.

好的。謝謝。謝謝大家抽出時間。我們已經花了20分鐘完成了，但馬上又要開另一個會了。那我們就到此為止吧。通話結束後，我很樂意進行一對一的後續溝通。如果您有任何後續問題，歡迎隨時提問。非常感謝您抽出時間，期待下次與您交流。謝謝大家。再見。

Thank you, everyone.

謝謝大家。

And this concludes today's webinar. Thank you all for joining. You will now be disconnected.

今天的網路研討會到此結束。感謝各位的參與。您即將斷開連線。