Kaspi.kz AO (KSPI) 2026 Q2 法說會逐字稿

(technical difficulty) So our financial performance for the second quarter is strong. The revenue went up 16%, adjusted EBITDA 5% considering the performance and strong financial position of the company, the Board is recommending to increase the dividend by 18% compared to the first year dividend.

(技術問題) 因此，我們第二季的財務表現強勁。營收成長16%，調整後EBITDA成長5%。考量公司表現與強勁的財務狀況，董事會建議將股利較第一年股利提高18%。

Our core businesses continue to perform the marketplace GMV plus 15%, driven by the e-commerce, which is our strategic most important focus, both in Kazakhstan and Turkiye, it's 28% growth on the constant currency basis.

我們的核心業務持續表現良好，市集GMV成長15%，主要由電子商務帶動；電子商務是我們最重要的策略重點，無論在哈薩克或土耳其，以固定匯率計算皆成長28%。

TPV, our major business in the payments still continues to grow very nicely, around 15% growth quarter-on-quarter and average net loan portfolio continues to grow strongly around 18% year-over-year.

TPV（我們支付業務的主要指標）仍持續非常良好地成長，季對季約成長15%；平均淨放款組合亦持續強勁成長，年對年約成長18%。

So we -- e-commerce is the area which we believe is extremely important for us. That's the final destination for our consumers and merchants is where we can add the most of the value in terms of enabling the purchases and connecting merchants and sellers.

因此我們——電子商務是我們認為對我們極其重要的領域。對我們的消費者與商戶而言，這是最終目的地；在促成購買、連結商家與賣家方面，我們能在此創造最大的價值。

So e-commerce GMV has grown nicely around 28% on the constant currency basis year-over-year. And the take rate continues to expand. The main driver of the take rate is the value-added services, which will continue scaling, and that's about delivery and advertising.

因此，電子商務GMV以固定匯率計算年對年成長約28%。而抽成率（take rate）持續擴大。抽成率的主要驅動因素是加值服務，且將持續擴張規模，主要包括配送與廣告。

What is important is how engaged the consumers remain and how frequently they transact with us. So the number of purchases per consumer continue to grow in both Turkiye and Kazakhstan and the e-com purchases grew 33%, which is a very nice growth, and we delivered in excess of 76 million purchases in the second quarter.

重要的是消費者的黏著度仍然很高，以及他們與我們交易的頻率。因此，每位消費者的購買次數在土耳其與哈薩克皆持續成長；電商購買量成長33%，表現非常亮眼，而我們在第二季交付超過7,600萬筆訂單。

About 20% of our GMV is 1P, and that is 1P, mainly the e-grocery in Kazakhstan, which is the fastest-growing e-commerce vertical for us and the 1P in Turkiye, which is electronics and historically has been a category for 1P in Turkiye.

我們約20%的GMV來自1P（第一方自營），主要是哈薩克的線上雜貨（e-grocery），這是我們成長最快的電商垂直領域；以及土耳其的1P，主要是電子產品，且歷來一直是土耳其1P的品類。

And we are about 53% of our GMV in Kazakhstan and 47% in Turkiye. And again, both for us, the important priority is just continue building up our e-commerce capabilities and making sure that the delivery quality and the speed is improving. The value-added services are monetized, and we just continue working on converting the traffic and the properties that we have into the purchases from our consumers or connecting merchants and consumers to each other successfully. E-commerce has been growing the take rate with the value-added services.

另外，我們的GMV約53%來自哈薩克、47%來自土耳其。再次強調，對我們而言，重要的優先事項是持續強化電商能力，並確保配送品質與速度持續提升。加值服務得以變現，而我們也持續把既有的流量與資產轉化為消費者的購買，或成功促成商戶與消費者之間的連結。電子商務透過加值服務提升了抽成率。

As you can see, the value-added services grew 49% on a constant currency growth and 27% real growth, growing faster on the constant currency basis than e-commerce revenue.

如各位所見，加值服務以固定匯率計算成長49%，實質成長27%，以固定匯率計算的成長速度快於電商營收。

Again, just to reinforce the fact that we are extremely responsible in terms of growing those additional sort of services and making sure that we deliver the value for the merchants. And also, we make sure that our services are highly reliable on the delivery side and highly relevant on the advertising side if we sort of promote something to our consumers that actually is something they really need and we deliver value to both merchants and the consumers through this experience. We're also approaching this new stage of our company's development.

再次強調，我們在擴張這些額外服務方面極為審慎負責，並確保為商戶交付價值。同時，我們也確保在配送端服務高度可靠、在廣告端高度相關——也就是當我們向消費者推廣某些內容時，確實是他們真正需要的，並透過這樣的體驗同時為商戶與消費者創造價值。我們也正邁向公司發展的新階段。

As you know, the Kaspi has done sort of reinventions of itself or transformations multiple times during this history. We started from financial services, then we expanded into the ecosystem of everyday services and then we united all the everyday services in a single super app.

如各位所知，Kaspi在其歷史中曾多次自我再造或轉型。我們從金融服務起步，接著擴展到日常服務的生態系，然後把所有日常服務整合到單一的超級App中。

And now we are approaching the stage when we want to develop the personal AI assistant, which will help with everyday tasks to our consumers and to our merchants. And in the 1st of July, we launched Kasper, which is the assistant for our consumers.

而現在，我們正邁向希望打造個人AI助理的階段，協助消費者與商戶處理日常任務。並且在7月1日，我們推出了Kasper，作為面向消費者的助理。

We started with one task now, which is actually enabling shopping. So Kasper actually is built on our technology and it is built on our data and built on our consumer experience, and it's in a single mobile application. So it's actually integrated in our super app. So Kasper, we call him Kasper or the new personal assistant.

目前我們先從一項任務開始，也就是協助購物。因此，Kasper是建立在我們的技術、數據與消費者體驗之上，並在單一行動應用程式中運作。也就是說，它已整合在我們的超級App內。因此，Kasper——我們稱他為Kasper，也就是新的個人助理。

And he can actually understand your needs. He can recommend the best products. He can engage in a conversation with you and ask the clarifying questions, compare different products, give you the reviews and so on and so forth. So actually, and it's enabled in voice and text, so you can actually either type your task or you can record it by voice and then Kasper helps you to find the right product for you in 20 million products in our Kazakhstan e-commerce platform.

他能理解你的需求。他能推薦最佳產品。他能與你對話並提出釐清問題、比較不同產品、提供評論等等。而且支援語音與文字，因此你可以用打字輸入任務，或用語音錄入，接著Kasper會在我們哈薩克電商平台的2,000萬項商品中，協助你找到最適合的產品。

He can follow up with the smart questions and then he can read you with the right product for you, which you can after complete in our e-commerce. So we have launched it in the 1st of July. We have been scaling during the month. So now it's available to everyone, to all our consumers in Kazakhstan. So it has been very rapid sort of scaling. It's still early to give you any sort of detailed performance metrics, but I think the metrics we already have are quite encouraging.

他可以透過聰明的追問來跟進，然後為你匹配到合適的產品，之後你就能在我們的電商中完成購買。我們已於7月1日上線。並在當月持續擴大規模。目前已對哈薩克所有消費者全面開放。因此擴張速度非常快。現在要提供任何詳細的績效指標仍為時尚早，但我認為我們目前看到的指標已相當令人鼓舞。

So one out of five customers whom customer was available actually use it. Response rate is around three seconds. So this just tells you that all the sort of the investments we have done both in the compute, but also in optimizing the speed have played off really nicely.

在可使用該功能的客戶中，每五位就有一位實際使用。回應時間約為三秒。這也顯示我們在算力投入以及速度優化上的各項投資，都獲得了非常好的回報。

So you as a consumer get response really quickly, which is extremely important for any AI model or assistant. The consumers are looking for the product across pretty much the entire catalog. So 22 product categories have been covered so far, which is pretty much our entire catalog, which just tells you that the Kasper is performing the tasks across wide range of the products that we have. 8 in 10 conversations, so 80% of conversations actually end up with a product recommendation and 60% of those take customers to approve the specific product.

因此，作為消費者，你能非常快速地得到回應，這對任何AI模型或助理都極其重要。消費者幾乎在整個商品目錄中搜尋產品。目前已涵蓋22個產品類別，幾乎就是我們的全目錄，這也顯示Kasper能在我們廣泛的產品範圍內執行任務。每10段對話中有8段，也就是80%的對話，最終會產生產品推薦；其中60%會引導客戶確認特定產品。

So if you're looking for a [document cleaner], he will just guide you through the process, understand your needs, but then you basically have your product in the shopping cart. And what is important is the speed. So if the customer is 50% faster than just a regular product discovery and 50% faster adding [to fibroids] and 30% faster to the basket.

例如你在找一個[文件清潔器]，他會引導你完成流程、理解你的需求，然後基本上你的商品就已經在購物車裡了。而重要的是速度。因此，相較於一般的商品探索流程，客戶速度快了50%，而且在加入[至纖維瘤]方面也快了50%，加入購物籃則快了30%。

So again, what we believe is that this sort of technology or this customer experience is leapfrogging all the traditional way of you to finding the product, you're scrolling, you are reading, you are analyzing the information on the screen, you are tapping buttons and so on and so forth.

因此，我們再次認為，這類技術或客戶體驗正在跨越式超越傳統的找商品方式——你需要不斷滑動、閱讀、分析螢幕上的資訊、點擊按鈕等等。

So you're spending much more time going through multiple stages of the product discovery and understanding the product that you need yourself. So Kasper is actually speeding up this process. So Kasper is helping to find the products faster, and he really is working on the task with you rather than you sort of typing in the search box name of the product.

所以你會花更多時間，自己走過產品探索的多個階段並理解你需要的產品。而 Kasper 實際上正在加速這個流程。因此 Kasper 能幫你更快找到產品，而且他真的是在和你一起完成這個任務，而不是你只是把產品名稱打進搜尋框。

So highly relevant, highly reliable, faster, and those are the most important metrics for us at the moment. We're not looking for -- I mean, our goal is to build the trusted assistant. So assistant is equal trust, which means that if you don't trust your assistant, you can easily fire him.

所以高度相關、高度可靠、更快——這些是我們目前最重要的衡量指標。我們不是在追求——我的意思是，我們的目標是打造值得信賴的助理。所以助理等於信任，這意味著如果你不信任你的助理，你很容易就會把他解雇。

So we treat Kasper like a personal assistant and our priority now is to build the trust, which means highly reliable, highly relevant service that actually helps you to buy a product, which is exactly the product that you need.

所以我們把 Kasper 當作個人助理來對待，而我們現在的優先事項是建立信任；這意味著提供高度可靠、非常相關的服務，真正幫你買到產品——而且正是你需要的那個產品。

So this is our priority as we're scaling customers. So it's just one month, but those are really very encouraging metrics that we observe with the customer interaction of consumers with the customer. This is just an example of the queries, which basically tell you how different it is this interaction with the customer and actually the traditional search or traditional way to find the product, usually type the product that you have in mind.

因此，當我們擴大客戶規模時，這就是我們的優先事項。雖然才一個月，但我們從消費者與客服互動中觀察到的這些指標確實非常令人鼓舞。這裡只是一些查詢的例子，基本上能讓你看到，這種與客服的互動方式與傳統搜尋或傳統找產品的方法有多不同——傳統方式通常是輸入你心裡想的那個產品。

And then traditional e-commerce or marketplace way to offer your product is you are trying to give you a selection of the products, which you then are reading through females yourself with the ratings, but also a rate down through filters and other navigation tools, which have been developed over time.

而傳統電商或市集提供產品的方式，是給你一個產品清單，然後你自己去閱讀（尤其是）評分，同時也會透過篩選器和其他隨時間發展出來的導覽工具，一層層縮小範圍。

So when customers are interacting with the customer now, they just give them a task. I want to give my a gift for her second birthday or I want to have like after shape for consistency in fact that has a strong smell or I want a sprayer that I can set up next to the house.

但現在當客戶與客服互動時，他們只是把任務交給對方。例如：我想送她兩歲生日禮物；或我想要一款（聽不清）用來保持一致性、而且味道很濃的；或我想要一個可以裝在房子旁邊的噴灑器。

So it creates a cool mist. I mean this type of interaction is -- and the type of tasks which customer is getting and able to solve is really remarkable. So that we truly -- we're true sort of believers in this technology, which we have been developing already for quite some time behind the scenes and getting ready to scale it.

讓它能產生涼霧。我的意思是，這種互動方式——以及客戶提出並能被解決的任務類型——真的非常了不起。所以我們確實——我們是真正相信這項技術的人；我們其實已在幕後開發了相當一段時間，並準備好把它擴大規模。

So it's really remarkable how consumers interact, how customer really helps. And those examples, which you see here, they actually ended up in a real order. But it's really important when you sort of think how customers do mission shopping, how they focus on delivery, on we need the items which can be delivered within three hours or solve this type of problem, which I have like after double-sided tape that was left on the plastic window, what product will help to remove it.

所以消費者如何互動、客服如何真正提供幫助，真的很了不起。而你在這裡看到的這些例子，最後都變成了實際訂單。但當你思考客戶如何進行任務型購物時，這點非常重要：他們會聚焦在配送上——例如我們需要三小時內可送達的商品——或是解決我遇到的這類問題：像是塑膠窗上殘留了雙面膠，什麼產品能幫忙去除。

I mean this is not a regular search. This is you asking someone to help with an advice. So all those things are extremely encouraging for us. We're scaling customer as we speak in our e-commerce platform. And again, our mission is to develop a personal assistant for everyday tasks and e-commerce and shopping is just the one task we're now focused on.

我的意思是，這不是一般的搜尋。這是你在請某個人提供建議並幫忙。所以這些對我們來說都非常令人鼓舞。我們正在我們的電商平台上同步擴大客服規模。再說一次，我們的使命是為日常任務打造個人助理，而電商與購物只是我們目前聚焦的一個任務。

But in the future, we believe that Kasper can help with all other tasks across all our services in our super app. And I just would like to give you a bit of a demo. So some of you that actually watch the screen, I think it would be pretty cool.

但在未來，我們相信 Kasper 可以在我們超級 App 的所有服務中，協助處理其他各種任務。我也想給大家看一個小小的示範。所以如果各位能看著螢幕，我覺得會很酷。

So David, can we go to the demo?

所以 David，我們可以切到示範嗎？

So Kasper actually has a dedicated space in our e-commerce. So you can basically type the task which you want Kasper to perform. So for example, I need a vacuum cleaner. Then Kasper do basic analysis and he starts asking the clarifying questions.

Kasper 在我們的電商裡其實有一個專屬入口。所以你基本上可以輸入你希望 Kasper 執行的任務。例如，我需要一台吸塵器。接著 Kasper 會做基本分析，並開始問一些釐清問題。

For example, what type of vacuum cleaners suits you best, but then he goes into the requirements. So one of the things which is important for any vacuum cleaner is size of your apartment.

例如，哪一種類型的吸塵器最適合你；然後他會進一步問到需求細節。所以對任何吸塵器來說，其中一個重要因素是你公寓的大小。

So he will ask you to clarify size of your apartment. Then he will ask you the budget, what's your budget within which you want to buy the vacuum cleaner. And then in basically a couple of seconds, he pulls together for you different vacuum cleaners, which are available in Kaspi shop (inaudible) described in a simple language.

所以他會請你釐清你公寓的坪數/面積。接著他會問你的預算，也就是你想在什麼預算範圍內購買吸塵器。然後基本上在幾秒鐘內，他就會為你整理出 Kaspi shop 上可買到的不同吸塵器（聽不清），並用簡單的語言描述。

He gives you a list of the vacuum cleaners, which are acceptable for you and then you can ask him to compare specific models. And then he wants comparison.

他會給你一份適合你的吸塵器清單，然後你可以請他比較特定型號。然後他就會做比較。

So on one screen, you can see the main characteristics and you can compare the products. You can actually use your voice, so you can give him task with your voice and this task can be actually something which is really cool, for example, in terms of added value, like which of these vacuum cleaners is best suited for a personal modalities.

所以在同一個畫面上，你可以看到主要特性並比較產品。你也可以用語音，所以你可以用聲音交代任務；而這個任務也可以是很酷、很有附加價值的那種，例如：這些吸塵器中哪一台最適合個人（聽不清）的需求。

And he gives you a selection of the products which fit this criteria and explains why. If you see some technical terms, then you can ask him. For example, he's telling you that HEPA filter is important, and you can ask him what is HEPA filter.

然後他會給你一組符合這些條件的產品，並解釋原因。如果你看到一些技術名詞，你也可以問他。例如，他告訴你 HEPA 濾網很重要，你就可以問他什麼是 HEPA 濾網。

And he can tell you in a simple language what is HEPA filter and then you select the vacuum cleaner you want, you push the button and that's it. You can continue to the checkout and actually buying the product. All the chats obviously store, they are personalized and things like that, you can go back and forth. So it's really very interesting and it's important development for us.

他可以用簡單的語言告訴你什麼是 HEPA 濾網；然後你選好想要的吸塵器，按下按鈕就完成了。你可以繼續到結帳，實際購買產品。所有聊天紀錄當然都會保存，而且是個人化的等等，你可以來回查看。所以這真的非常有意思，對我們來說也是一項重要的發展。

As I said, we are starting from the shopping experience because that's where we can add most of the value. But over time, we plan Kasper to expand in all our services in our super apps and also the service is highly scalable.

如我所說，我們從購物體驗開始，因為那是我們能創造最大價值的地方。但隨著時間推進，我們計畫讓 Kasper 擴展到我們超級 App 的所有服務中，而且這項服務也具有高度可擴展性。

And when it's built on the high-quality data can become highly relevant and obviously, the customer is highly scalable to all our other markets and the businesses. So we'll be thinking about scaling into Turkiye as well.

而當它建立在高品質資料之上，就能變得高度相關；而且顯然，這個客服能力也能高度擴展到我們其他所有市場與業務。所以我們也會考慮擴展到土耳其。

Another -- just a quick update. So we have secured the banking license. So we've basically completed the acquisition of Rabobank and now we are building up our fintech capabilities.

另外——快速更新一下。我們已經取得銀行執照。所以我們基本上已完成對 Rabobank 的收購，現在正在建立我們的金融科技能力。

So we will be investing around $300 million as we initially said in order to just for the capital of the bank. We're scaling fintech products now, and we're building up the capabilities to roll them out next year. And we expect no material impact this year.

因此，我們將如先前所說投資約 3 億美元，主要用於銀行的資本金。我們正在擴大金融科技產品規模，並建立相關能力，以便在明年推出。我們預期今年不會有重大影響。

But obviously, the sort of the combination of -- I mean, this is fintech and financial services is where we started. So we're true believers that you can deliver the most value to your consumers and to your merchants when you actually combine capabilities of the fintech and e-commerce together.

但很明顯，這種結合——我的意思是，這就是我們起步的領域：金融科技與金融服務。因此，我們堅信，當你真正把金融科技與電商的能力結合在一起時，才能為消費者與商戶帶來最大的價值。

So that's something which is important strategically for us. This is something which we are extremely serious and successful and we'll be rolling them out sort of next year, the fintech products, both for consumers and merchants.

所以，這在策略上對我們非常重要。我們對此極為認真且已取得成功，並將在明年左右推出這些金融科技產品，涵蓋消費者端與商戶端。

We are not sitting idle, obviously. So we have been working on launching the new shopping mall based on the consumer finance license, which we already have in Turkiye. And we've launched the new shopping loan on Hepsiburada.

當然，我們並沒有停下來。因此，我們一直在推動基於我們在土耳其已持有的消費金融牌照來推出新的購物商城。而且我們已在 Hepsiburada 上推出了新的購物貸款。

Basically, flow is extremely similar to what you actually have in the Kasper itself. So you can actually select the product; based on the product, you can select the monthly payment, which feed best of your needs and then you can proceed seamlessly through the checkout.

基本上，流程與你在 Kasper 本身所看到的非常相似。你可以選擇商品；根據商品，你可以選擇最符合你需求的月付金額，然後在結帳流程中無縫完成。

So this product is -- we're piloting and the new shopping loan is already 0.54% of the GMV in June.

因此，這個產品——我們正在試點，而新的購物貸款在 6 月已占 GMV 的 0.54%。

Again, we have been preparing ourselves for quite some time in any financial services originating loan or financing customer is step number one. So actually being paid back is more important than originating the loan. So for all these months, we have been building up our risk management capabilities. We're rolling out risk management, which consists of the approval, managing the consumer and also the collection process, like the entire sort of loan journey we have been implementing.

同樣地，我們為此已準備了相當長一段時間；在任何金融服務中，發放貸款或為客戶提供融資只是第一步。因此，能否收回款項比發放貸款更重要。所以在過去這幾個月，我們一直在建立風險管理能力。我們正在推行的風險管理包含核准、消費者管理以及催收流程——也就是我們一直在落地整個貸款旅程。

We are rolling out now. So now we're comfortable with all the metrics, and we're piloting the new cash loan basically on the Hepsiburada platform.

我們現在正在推進上線。所以目前我們對所有指標都感到放心，並且基本上正在 Hepsiburada 平台上試點新的現金貸款。

And again, we're strong believers that combining this around the consumers and merchants shopping experience and the fintech experience and the financial products will give us a more -- will create a lot of value for consumers and merchants and therefore, a lot of value for the company.

而且同樣地，我們堅信，圍繞消費者與商戶的購物體驗，結合金融科技體驗與金融產品，將為我們帶來更多——將為消費者與商戶創造大量價值，進而也為公司創造大量價值。

The products which we will be focused on to roll out as we build the foundation for them will be products around shopping, around merchants. And you know all the products that Kaspi has, right? So we have pure shopping loan, BNPL, merchant finance and the consumer finance products and obviously, savings accounts and so on and so forth.

隨著我們為這些產品打好基礎，我們將重點推進上線的產品，會是圍繞購物、圍繞商戶的產品。你也知道 Kaspi 擁有的所有產品，對吧？所以我們有純購物貸、BNPL、商戶融資與消費金融產品，當然還有儲蓄帳戶等等。

So you can expect us that next year, we'll be launching those products in Turkiye and basic license allows us to do that and technology we're rolling out in Turkiye encourages and risk management basically, all those things coming together very nicely.

因此，你可以期待我們在明年於土耳其推出這些產品；基礎牌照允許我們這麼做，而我們在土耳其推進的技術、風險管理等，基本上都在非常順利地整合到一起。

So we're very optimistic about launching financial services and fintech products in Turkiye.

所以，我們對在土耳其推出金融服務與金融科技產品非常樂觀。

All right. So thank you, Mikheil. So just to run through the financials, starting firstly with Marketplace. So Marketplace constant currency GMV growth of 15% year-on-year.

好的。謝謝你，Mikheil。接下來快速帶大家看一下財務數據，先從 Marketplace 開始。Marketplace 以固定匯率計的 GMV 年增 15%。

So as you saw, that's driven by e-commerce GMV growth of 28% with e-commerce and travel broadly flat, consistent with trends in the first quarter.

如你所見，這主要由電商 GMV 年增 28% 所帶動，而電商與旅遊整體大致持平，與第一季的趨勢一致。

Take rate increased 120 bps -- sorry, 110 bps to 12.1%, again, driven by e-commerce and specifically advertising and delivery.

抽成率提升 120 個基點——抱歉，是 110 個基點——至 12.1%，同樣是由電商帶動，尤其是廣告與配送。

The revenue and EBITDA growth of 11% and 9% that is reported growth, not constant currency. So impacted by 21% depreciation of the Turkish lira versus the Kazakh tenge. That's the first thing to keep in mind.

營收與 EBITDA 分別成長 11% 與 9%，這是報表口徑的成長，而非固定匯率口徑。因此受到土耳其里拉相對哈薩克堅戈貶值 21% 的影響。這是第一個需要記住的重點。

And the second thing to keep in mind, 9% EBITDA growth, that differential versus revenue growth of that margin pressure, that's sort of the least pronounced we've seen actually over the last couple of years and despite the investments that we're making into Hepsiburada.

第二個需要記住的是，EBITDA 成長 9%，相較於營收成長的差異反映了利潤率壓力；但這其實是我們過去幾年看到最不明顯的一次，儘管我們仍在對 Hepsiburada 進行投資。

Moving on to payments. TPV growth of 13%. That's a slight moderation, reflecting a slight moderation in inflation. And if inflation continues to come down, TPV growth will reduce accordingly.

接著看支付業務。TPV 成長 13%。這略有放緩，反映通膨略有降溫。如果通膨持續下降，TPV 成長也會相應降低。

The take rate declines by 7 bps. So again, that is something similar to what we saw in the first quarter. Long run trend though, driven by changes in product mix in favor of Kaspi Pay.

抽成率下降 7 個基點。因此，這與我們在第一季看到的情況類似。但長期趨勢是由產品組合變化所驅動，更多偏向 Kaspi Pay。

The result is reported revenue growth of 5% and EBITDA down 1%. The pressure on EBITDA is two things. Number one, it's the investment in Kaspi (inaudible). So that's [PayPal]. It's tech and product development spend.

結果是報表口徑營收成長 5%，EBITDA 下降 1%。EBITDA 的壓力來自兩點。第一，是對 Kaspi(聽不清)。也就是[PayPal]。這是技術與產品開發支出。

And number two, to keep in mind that adjusted EBITDA excludes the interest revenue that payments generate. So that interest revenue is up 15% year-on-year. That's not reflected in EBITDA, but is reflected in net income is net income accretive.

第二點要記住的是，調整後 EBITDA 不包含支付業務所產生的利息收入。而該利息收入年增 15%。這不反映在 EBITDA 中，但會反映在淨利中，並對淨利有增厚效果。

And then on to fintech. Firstly, we talked on our last call about strategically focusing on loans that generate more revenue. These are longer duration loans. So what that really means is within the loan portfolio, the mix is shifting BNPL, short duration, low revenue generating loan is getting smaller in the mix.

接著看金融科技。首先，我們在上次電話會議中提到，策略上會聚焦於能帶來更多收入的貸款。這些是期限較長的貸款。這實際上意味著，在貸款組合中，BNPL 這類期限短、收入貢獻較低的貸款占比正在下降。

Other loans, general purpose merchant financing are growing in share with the mix. So you're seeing decent loan portfolio growth of 18%. The mix changing in favor of higher revenue generating loans. Pricing is stable, and so the result is faster revenue growth, revenue growth above net loan portfolio growth and revenue growth up 23% year-on-year.

其他貸款、一般用途的商戶融資在組合中的占比正在提升。因此你會看到貸款組合有不錯的成長，達 18%。組合朝向更高收入貢獻的貸款轉變。定價保持穩定，因此結果是營收成長更快——營收成長高於淨貸款組合成長，營收年增 23%。

So that's the first point. The second point would be that you see the cost of funding remains an issue, up 150 bps year-on-year in the second quarter. However, as some of you will have seen, Kazakhstan lowered its national bank rate at the end of June. And we lowered on one of our products, our deposit rate last week, effective last Wednesday, I believe.

這是第一點。第二點是，你會看到資金成本仍然是一個問題，第二季年增 150 個基點。不過，正如各位可能已看到的，哈薩克在 6 月底下調了國家銀行利率。而我們也在上週下調了其中一項產品的存款利率，我記得是上週三生效。

So that was our first rate cut for over two years. It applies to our three-month duration product, which is around 30% of deposits. We lowered the rate from 20% to 19%. So clearly, this isn't reflected in Q2 numbers.

所以，這是我們兩年多來的第一次降息。它適用於我們三個月期的產品，該產品約占存款的 30%。我們把利率從 20% 下調到 19%。因此很明顯，這尚未反映在第二季的數據中。

Some of it will be reflected in Q3. It's a three-month duration product. So it will be reflected to a much greater extent in the fourth quarter and then fully as we go into next year. But the bigger point to keep in mind is this isn't just about one rate cut.

其中一部分會反映在第三季。這是一個三個月期限的產品。因此在第四季會更大幅度地反映出來，並在進入明年時完全體現。但更重要的一點是，這不只是關於一次降息。

For the last several years on this call, we've been talking about how high rates have been a pressure on the bottom line. If inflation continues to fall in Kazakhstan, rates will continue to come down. You can see the growth in our deposits is strong, up 21%. So naturally, we will be able to pass those rate cuts through, and that will be very beneficial to the bottom line for us over actually not just one quarter, but potentially over the next couple of years.

在過去幾年這通電話中，我們一直在談高利率如何對盈餘造成壓力。如果哈薩克的通膨持續下降，利率將會持續下調。你可以看到我們的存款成長強勁，上升了21%。因此，自然地，我們將能把這些降息傳導出去，這將不僅在單一季度、而且可能在未來幾年對我們的盈餘帶來非常正面的影響。

In the second quarter, EBITDA up 6% versus the revenue growth of 23%. On the risk side of things, cost of risk 0.7%. That's up slightly to 0.6% in the second quarter of last year, but flat quarter-on-quarter. We would expect cost of risk to moderate slightly in the second half of the year.

第二季EBITDA成長6%，相較之下營收成長23%。在風險面，風險成本為0.7%。相較去年第二季的0.6%略有上升，但季對季持平。我們預期下半年風險成本會略為趨緩。

The NPL ratio, NPL coverage trends consistent with what we talked about previously that the portfolio mix shifts, particularly towards merchant financing and to a lesser extent, the car loan. These are products with a higher level of -- higher probability of collection.

不良貸款比率（NPL ratio）與NPL覆蓋率的趨勢，與我們先前談到的一致：投資組合結構正在轉變，特別是朝向商戶融資，較小程度則是車貸。這些產品具有較高的——較高的回收機率。

Therefore, we keep those NPLs on the balance sheet for longer, a higher probability of collection means they require less coverage. So this remains just a function of changing mix. If you look at the sort of the real-time credit metrics, you see whether it be first, second payment default on the left or delinquency rates on the right, they remain low and stable.

因此，我們會把這些NPL在資產負債表上保留更久；較高的回收機率意味著所需覆蓋較低。所以這仍然只是組合變化的結果。如果你看即時的信用指標，不論是左側的第一、第二期付款違約，或右側的逾期率，都維持在低且穩定的水準。

So to sort of wrap everything up for the second quarter, reported revenue up 15%, driven by e-commerce and fintech revenue growth. Adjusted EBITDA up 5%, impacted by higher rates and investments into Turkiye and net income flat, again, reflecting those same pressures on EBITDA. And you should also keep in mind that the regulatory changes that were announced last year, particularly higher national bank reserve requirements have been introduced in two phases.

因此總結第二季，申報營收成長15%，主要由電商與金融科技營收成長帶動。調整後EBITDA成長5%，受到較高利率以及對土耳其的投資影響；淨利持平，同樣反映了對EBITDA的這些壓力。另外你也應留意，去年宣布的監管變更，特別是提高國家銀行準備金要求，已分兩階段導入。

The first phase was last year. The second [kickup] is in the second quarter of this year. So you see that pressure in net income. And as we go into next year, that is in the base as well. On another way of putting things up, I think this just very clearly illustrates where the pressure on profitability is coming from. It's coming from interest rates. We've always said that, that is cyclical.

第一階段是在去年。第二次[kickup]是在今年第二季。因此你會在淨利中看到這個壓力。而進入明年後，這也會納入基期。換個方式來說，我認為這非常清楚地說明了獲利能力壓力的來源。壓力來自利率。我們一直都說，這是景氣循環性的。

It now looks at the start of the cycle that going from being a negative from being a headwind to being a tailwind. When you think about the investments that we're making into Kaspi and new things tech and product spend, sales and marketing, not just [target] Kazakhstan as well.

現在看起來，在這個循環的起點，它正從負面、從逆風轉為順風。當你思考我們對Kaspi的投資，以及新事物——技術與產品投入、銷售與行銷，不只是[target]哈薩克而已。

But actually, you can see that in the context of Kaspi.kz the earnings generation, they're relatively small. That's whether you cut it from an earnings perspective or if you look at from a dividend perspective, the cash that we're able to return despite these factors and despite these investments.

但其實你可以看到，在Kaspi.kz的脈絡下，這些投入相對於其獲利能力而言是相對小的。不論你從獲利角度切入，或從股利角度來看，即便有這些因素、即便有這些投資，我們仍能回饋的現金水準。

On the guidance, guidance reiterated, GMV up 17% as of the first half of the year. Guidance for the full year remains around 20%. We would expect faster trends in the second half versus the second quarter driven by the timing of promotional events and other product initiatives. TPV growth looked 13% versus the guidance of around 15%.

關於指引，我們重申指引：截至上半年GMV成長17%。全年指引仍約為20%。我們預期下半年趨勢會比第二季更快，主要由促銷活動時點以及其他產品措施所帶動。TPV成長為13%，相較指引約15%。

There will be -- [assuming] inflation moderates, that will be a downward pressure, although integration with Apple Pay should see us benefit from higher overseas volumes, particularly over the summer period.

若——[assuming]通膨趨緩，這將帶來下行壓力；不過與Apple Pay的整合應可讓我們受惠於更高的海外交易量，特別是在夏季期間。

And as we talked about, we've moved from TFE guidance to average net loan portfolio guidance 20% in the first half of the year, guiding for 15% for the full year.

如同我們提到的，我們已從TFE指引改為平均淨放款組合指引：上半年成長20%，全年指引為15%。

EBITDA is trending up 7% at this stage in the year versus the guidance of around 15%. So overall, we're comfortably on track for where we expected to be at this point in the year. So on that note, Samuel, let's open the call please to Q&A.

截至目前，EBITDA年初至今趨勢為成長7%，相較指引約15%。整體而言，我們在年內此時點的進度，仍然相當符合我們原先的預期。那麼，Samuel，請開放電話進入問答。

(Operator Instructions)

(接線員指示)

Gabor Kemeny.

Gabor Kemeny。

Hello. Thank you for the presentation. Can I first ask about the fintech business, please? Indeed a decline in your deposit pricing for the first time. I think you cut your deposit rate around two months after the Central Bank policy rate cut.

你好。謝謝簡報。我可以先請教金融科技業務嗎？確實你們的存款定價首次出現下滑。我想你們是在央行政策利率下調約兩個月後，才下調存款利率。

Is this dynamic is reflective of how you expect your pricing to evolve in light of the Central Bank policy rates? And can you share your thoughts on how deposit -- your deposit pricing may evolve in the next few quarters?

這樣的動態是否反映了你們在央行政策利率變動下，對自身定價演進的預期？你能分享一下未來幾季你們的——存款定價可能如何演變的看法嗎？

Yes, my other question would be just on the combination of this very quick deposit growth in the quarter, coupled with a drop in your deposit pricing. If you can elaborate a bit further on these trends, please, which clearly left you in a better funding position than you have been for some time.

我另一個問題是，這一季存款快速成長，同時你們的存款定價又下降，兩者結合之下。能否請你再多說明一下這些趨勢？這顯然讓你們的資金來源狀況比一段時間以來都更好。

And my final question would be on the marketplace dynamics. It looks like Kazakhstan was growing more quickly this time than Turkey. Can you shed some light on how these respective markets are evolving? Thank you.

最後一個問題是關於市集（marketplace）的動態。看起來這次哈薩克的成長比土耳其更快。你能否說明一下這兩個市場各自的演變情況？謝謝。

Mikheil, do you want to take actually all of those questions?

Mikheil，你要不要其實把這些問題都回答一下？

Yes, sure. So thank you for your questions. In terms of the deposit base, I mean, in general, we're really focused on always on acquiring the sort of the customers and delivering them the best product and experience.

好的，當然。謝謝你的提問。就存款基礎而言，我的意思是，一般來說，我們一直非常專注於獲取客戶，並為他們提供最好的產品與體驗。

So the previous actions, which we really had resulted in a very strong customer and deposit inflow. In terms of our strategy for the pricing in the future, I mean, our general strategy really will remain the same. So we just look at the dynamics.

因此，我們先前的行動確實帶來了非常強勁的客戶與存款流入。至於未來的定價策略，我的意思是，我們的整體策略基本上會維持不變。所以我們只是觀察這些動態。

And if we believe that we will get -- if there is a relationship really strong, considering the market dynamics and the rates on the market, relationship between the way that we price our products and how we acquire customers.

如果我們相信——如果在考量市場動態與市場利率後，我們產品定價方式與我們獲取客戶之間確實存在很強的關係。

And if we believe that there is a room to reduce the interest rate because the dynamics on the changing [rates] of the market allow us to do, then we will do it.

而且如果我們相信在市場[利率]變動的動態允許我們這麼做的情況下，仍有下調利率的空間，那麼我們就會下調。

So there is no magical formula basically behind it. And our decision to reduce the rate was driven by basically these dynamics. So what you can expect is this product -- specific product, which is the three-month saving account around 30% of our deposit base.

所以基本上背後沒有什麼神奇公式。而我們下調利率的決策，基本上就是由這些動態所驅動。因此你可以預期的是，這個產品——特定產品，也就是三個月期儲蓄帳戶——約占我們存款基礎的30%。

So you expect the impact -- positive impact financially in -- by the end of the year as deposits turn, the duration is again on deposit is three months. So all the deposits will be repriced when the duration is finished. So basically.

所以你預期其影響——在財務上正面的影響——會在年底前逐步顯現，因為存款會輪轉，而存款的期限同樣是三個月。所以當期限結束時，所有存款都會重新定價。所以基本上就是這樣。

In terms of the marketplace dynamics, I mean, again, we have a bit different strategies on the market. So our e-commerce is a priority.

就市場動態而言，我的意思是，再次強調，我們在市場上有一些不同的策略。所以我們的電商是優先事項。

But in Kazakhstan, what we're doing is we're just developing the consumer experience based on the specific verticals. And that's what gives us the sort of the successful growth on the e-commerce side. We are also growing extremely fast on the e-grocery side, so which is also helping both with the consumer engagement, but also profitability on the marketplace, but most importantly, the growth.

但在哈薩克，我們正在做的是基於特定垂直品類來打造消費者體驗。而這正是讓我們在電商端取得成功成長的原因。我們在線上雜貨（e-grocery）端也成長得非常快，這不僅有助於提升消費者互動，也有助於提升平台的獲利能力，但最重要的是帶動成長。

So in Kazakhstan, our strategy is just -- we're working vertical by vertical. Again, the electronics has not really recovered just because of all the price changes and the conflict of the Middle East and things like that, supply chain is still challenging, GPU prices and chip prices going up.

所以在哈薩克，我們的策略就是——我們按垂直品類逐一推進。同樣地，電子產品其實還沒有真正復甦，主要是因為各種價格變動、中東衝突等因素，供應鏈仍然充滿挑戰，GPU 價格和晶片價格都在上升。

So you still see the growth because all other verticals are growing very nicely, everything around clothing or car spare parts or home items and things like that. So we're really happy with the way we're proceeding in Kazakhstan and the strategy there is go vertical by vertical.

所以你仍然會看到成長，因為其他所有垂直品類都成長得非常好，像是服飾、汽車零配件、家居用品等等。所以我們對在哈薩克的推進方式非常滿意，而那裡的策略就是按垂直品類逐一推進。

And in Turkiye, our strategy considering that we're just starting to actually launch the products for the consumers, especially on the fintech side for us is extremely important to work on foundational things. Even though growth has been there, our focus has not been on the growth, right? Our focus really has been on the consumers, so consumer experience, Net Promoter Score, merchant experience, delivery speed, which we have improved dramatically during the last 12 months year-over-year, like the consumer frequency of transactions increased 15% in Turkiye.

而在土耳其，考量到我們其實才剛開始真正為消費者推出產品，尤其是對我們而言金融科技端非常重要，因此我們極其重視把基礎性工作做好。即便成長一直存在，我們的重點並不在成長本身，對吧？我們的重點其實一直在消費者身上，也就是消費者體驗、淨推薦值（NPS）、商家體驗、配送速度；過去12個月同比我們已大幅改善，例如在土耳其，消費者交易頻次提升了15%。

So all those things, basically, the strategy there to put it in a simple word, it is much better to have 1 million customers which love you rather than 3 million or 5 million customers, which have just occasional shopping with you.

所以所有這些事情，基本上，用一句話簡單概括那裡的策略：擁有100萬真正喜歡你的客戶，遠比擁有300萬或500萬只是偶爾在你這裡購物的客戶更好。

And the reason why we want this 1 million customers to love us is because next products which we will launch, they will use those products if they are in with our existing consumer experience.

而我們希望這100萬客戶喜歡我們的原因是，接下來我們將推出的新產品，如果他們已經認同我們現有的消費者體驗，就會使用那些產品。

So in Turkiye, the growth has not been the goal. We have grown nicely. Our goal is to make customers even happier and the merchants even happier. And we're building the foundation for the phase of the growth coming next year, and we just want to drive the adoption of the new products, which we will launch next year, especially on the fintech side.

所以在土耳其，成長並不是目標。我們確實成長得不錯。我們的目標是讓客戶更滿意、讓商家也更滿意。我們正在為明年即將到來的成長階段打好基礎，我們只是希望推動明年將推出的新產品的採用，尤其是在金融科技端。

I'll just add on, Gabor. On Turkiye, when you're looking at its performance in the second quarter, I think you should look actually at order growth over the first half because you probably remember, there was a lot of retail disruption in Turkiye in the first half, March, April of last year.

我再補充一下，Gabor。關於土耳其，當你看它第二季的表現時，我認為你其實應該看上半年相對的訂單成長，因為你可能記得，去年上半年土耳其零售業出現了很大的擾動，發生在3月、4月。

So that has sort of distorted the comp quarter-on-quarter, both in Q1 and Q2. And probably if you look over a longer period of time, H1 where orders increased just under 18%, you get a better indication of the performance of the business this year.

所以這在某種程度上扭曲了按季可比數據，Q1 和 Q2 都受到影響。而且如果你拉長時間來看，上半年訂單增加了略低於18%，你會更能看出今年業務表現的真實情況。

Got it. Thank you.

了解。謝謝。

Maxim Nekrasov.

Maxim Nekrasov。

I have a couple of questions. The first one is very simple. So basically, your first half EBITDA growth was around 7% and was already trending above the full year guidance, while you mentioned the reduction in the deposit rates that should benefit you in the second half of the year.

我有幾個問題。第一個很簡單。基本上，你們上半年 EBITDA 成長約7%，而且已經呈現高於全年指引的趨勢；同時你們提到下調存款利率應該會在下半年對你們有利。

So simply why EBITDA guidance was unchanged? And how should we think about the second half growth and profitability? And the second topic I wanted to ask about, maybe not surprisingly about AI and the Kasper.

所以簡單來說，為什麼 EBITDA 指引沒有調整？我們應該如何看待下半年的成長與獲利能力？另外一個我想問的主題，可能不意外，是關於 AI 和 Kasper。

So I know it's quite early, but maybe if you can tell us about the early benefits you've been seeing so far or any measurable impact? And also in terms of the costs and what level of investment? And should we expect any significant costs related to that project?

我知道現在還很早，但也許你們可以告訴我們目前看到的早期效益或任何可衡量的影響？另外在成本與投資規模方面呢？我們是否應該預期與該專案相關的任何顯著成本？

Thanks, Maksim. Maybe I'll take the first question on the guidance, and then Mikheil can take the AI-related question.

謝謝，Maksim。也許我先回答指引的第一個問題，然後 Mikheil 可以回答與 AI 相關的問題。

So you are right, we've lowered the rate on the three-month deposit up to around 30% of the deposit base last week, last Wednesday, it will take three months to fully reprice that.

所以你說得沒錯，我們上週、上週三把三個月期存款的利率下調了，該產品約占存款基礎的30%，要三個月才能完全完成重新定價。

So you're looking at the benefit really starting to come through from the second part of November. So really only one full month this year. So you're right, there is some benefit of it this year, but it's for a relatively short period of time. The full benefit of that and actually potentially other rate cuts that we might see will be felt from the beginning of next year.

所以你看到的效益真正開始反映出來，會是從11月下旬開始。因此今年實際上只有完整的一個月。所以你說得對，今年會有一些效益，但時間相對較短。該措施的完整效益，以及我們可能看到的其他降息，將從明年年初開始體現。

On the Kasper, we want to pull out the slide.

關於 Kasper，我們想把那張投影片拉出來。

Great. So I mean, in terms of the Kasper, we are just one month into it. Obviously, we have been working with Kasper ourselves for much longer.

很好。所以我的意思是，就 Kasper 而言，我們才推行一個月。當然，我們自己與 Kasper 的合作時間要長得多。

But our consumers across [Kazakhstan] we have been rolled out now across the whole country on our e-commerce platform. So again, as I mentioned, the initial results are quite encouraging. One out of five customers using. And most importantly, Kasper completes tasks much faster.

但就我們在[哈薩克]的消費者而言，我們現在已在全國範圍內於我們的電商平台完成上線。所以如我所提到，初步結果相當令人鼓舞。每五位客戶就有一位在使用。而且最重要的是，Kasper 完成任務的速度快得多。

So 2 times faster for consumers to have product to favor it, 30% faster to the basket. And those are very important metrics. The metrics that we're focused on now, they're all about trust.

所以對消費者而言，把商品加入收藏快了2倍、加入購物籃快了30%。而這些都是非常重要的指標。我們目前聚焦的指標，全部都與信任有關。

So Kasper needs to perform the tasks which he is given because the trust is the most important first phase for this type of service because this service is -- it needs to be giving you the recommendations and helping you and guiding you through the process in a highly reliable and highly relevant manner.

所以 Kasper 必須把交付給他的任務做好，因為對這類服務而言，第一階段最重要的就是信任；因為這項服務——它需要以高度可靠且高度相關的方式，向你提供推薦、協助你並引導你完成整個流程。

So we're quite encouraged with the Kasper's performance. In terms of the investments, we have done actually quite a lot of -- not only investments in terms of building the data center, which we did last year, the modern data center, which enables us enough compute. And that actually results in a number which you see like three seconds for the response, which I think is remarkable.

我們對 Kasper 的表現感到相當振奮。就投資而言，我們其實做了相當多——不僅是投資於建置資料中心（我們去年建置了現代化資料中心），它讓我們具備充足的運算能力。而這實際上反映在你看到的數字上，例如回應時間三秒，我認為這相當了不起。

So he can give you highly relevant recommendation when analyzing and going across such a wide range of the products that we sell in just three seconds and that it can also give you some added value answers based on some of the price you actually give you.

因此，在分析並涵蓋我們所銷售的如此廣泛的產品範圍時，他能在短短三秒內給出高度相關的推薦，並且也能根據你實際提供的一些價格資訊，給出一些具附加價值的答案。

So it's not just a product listing, but things around the product like reviews, delivery times, ratings and so on and so forth.

所以這不只是產品清單，而是包含產品周邊資訊，例如評論、配送時間、評分等等。

In terms of the going forward, we are not thinking about -- I mean, if you -- first of all, if you think about our competitive advantage compared to many other companies is that we are operating in 20 million people market.

就未來而言，我們並不在思考——我的意思是，如果你——首先，如果你想到我們相較於許多其他公司的競爭優勢，在於我們是在一個 2,000 萬人口的市場中營運。

So when you think about scaling this type of service in an environment when we operate on a 100 million people market, you have exponential costs associated with rolling out our service.

因此，當你思考在我們營運於 1 億人口市場的環境中擴展這類服務時，推出我們服務會伴隨指數型的成本。

But we can enable in a very cost-efficient manner to actually launch the service in Kazakhstan at a reasonable cost, and that allows us to develop the product to trade the models and ensure the consumer experience is highly relevant and high quality at a very reasonable cost. We're not really talking at the moment in terms of price per tokens or anything like that because we are a transactional business.

但我們可以以非常具成本效益的方式，在哈薩克以合理成本實際推出該服務，這也讓我們能以非常合理的成本來開發產品、訓練模型，並確保消費者體驗高度相關且高品質。我們目前並沒有真的在談每 token 的價格或諸如此類，因為我們是一個交易型業務。

And for us, what we will measure sort of this functionality in the future is based on how much it actually costs Kasper to complete the task and cost to complete the task. The task is enable the purchase. We're a transactional business, the reason why we have been successful historically is because we're always focused to enable the transaction.

對我們而言，未來衡量這項功能的方式，將取決於 Kasper 完成任務的實際成本，也就是完成任務的成本。這個任務是促成購買。我們是交易型業務；我們之所以在歷史上成功，是因為我們始終專注於促成交易。

We are not just a chatbot. We're not a fancy lifestyle business. We are transactional business. We enable We are transactional business. We enable consumers to buy, pay and shop.

我們不只是聊天機器人。我們不是什麼花俏的生活風格事業。我們是交易型業務。我們讓——我們是交易型業務。我們讓消費者能夠購買、付款與購物。

And everything that we do eventually results in a transaction. So that's an extremely powerful business model. It actually gives us a competitive advantage because transacting needs highly relevant information around the transaction.

而我們所做的一切最終都會導向一筆交易。所以這是一個極其強大的商業模式。它也確實給了我們競爭優勢，因為交易需要圍繞交易本身的高度相關資訊。

So the reason why the Kasper has all the ingredients to be highly accurate is because the layer of the data he operates on is extreme accuracy. So that basically is the foundation both of our competitive advantage and also our ability to get this up and running at a very reasonable cost and the cost will be measured against the transaction, which means complete the purchase and highly scalable, which means we can deploy this technology in the future in other markets.

因此，Kasper 之所以具備高度準確所需的所有要素，是因為他所運作的資料層具有極高的準確性。所以，這基本上既是我們競爭優勢的基礎，也是我們能以非常合理的成本把它建置並運行起來的能力；而成本將以交易為基準來衡量，也就是完成購買，並且具高度可擴展性，意味著未來我們可以在其他市場部署這項技術。

Got it. If I may add another question on payments. And there have been some news about the national QR system. I wonder if you can comment if you saw any changes or any impact? And how should the investors think about long-term impact on the payments business and possibly take rate in the future?

了解。如果我可以再補充一個關於支付的問題。最近有一些關於國家 QR 系統的新聞。我想請問你是否看到任何變化或任何影響？投資人應該如何看待對支付業務的長期影響，以及未來可能對 take rate 的影響？

Well, our take rate, as we have said before, is trending towards what is the majority of the payment transactions, and that is actually the transactions which are through our payment system and QR, which is priced around 0.95.

嗯，我們的 take rate，如同我們之前所說，正朝向支付交易的主要類型趨近，而那其實就是透過我們支付系統與 QR 進行的交易，其定價大約在 0.95。

So that's the trend we actually observed. What we have done during the last -- in the second Q, we have introduced two things. We have introduced Apple Pay, which we didn't have before because we thought that Apple Pay was not really necessary for the consumers if we can build much better experience ourselves locally.

這就是我們實際觀察到的趨勢。在最近——在第二季，我們推出了兩件事。我們推出了 Apple Pay；之前我們沒有，因為我們認為如果我們能在本地自行打造更好的體驗，Apple Pay 對消費者並非真正必要。

So we introduced Apple Pay and Google Pay. And that introduction was driven by the fact that the ability to transact with Apple Pay and Google Pay in -- when you travel, it was something which consumers really ask us quite a lot.

所以我們推出了 Apple Pay 和 Google Pay。而這次導入的原因是，當你旅行時，能用 Apple Pay 和 Google Pay 進行交易——這是消費者確實經常向我們提出的需求。

So we have decided to launch that service and it brought us additional payment volumes when our consumers travel abroad. So that had a positive impact.

因此我們決定上線這項服務，並在我們的消費者出國旅行時帶來了額外的支付交易量。所以這帶來了正面影響。

In Kazakhstan, it has -- it doesn't have -- such impacts are mostly for the international because again, our consumers -- the pain with Kaspi mobile application and this range, so we have what about -- I don't remember the exact number, but whatever, 800,000 plus/minus points where you can pay with the Kaspi mobile application.

在哈薩克，這——它沒有——這類影響主要是在國際端，因為再說一次，我們的消費者——使用 Kaspi 行動應用程式支付的痛點/便利性，以及這個覆蓋範圍，我們有大約——我不記得確切數字，但不管怎樣，大約 80 萬個上下的據點，你可以用 Kaspi 行動應用程式付款。

So consumer in Kazakhstan is extremely happy and merchants are seamlessly transacting with each other through our technical capabilities, which we have built.

所以哈薩克的消費者非常滿意，而商戶也能透過我們所建立的技術能力，彼此之間無縫完成交易。

[Alatan], also the same, so it performs really nicely, especially in the environment where the paper form is in high frequency sort of environment really.

[Alatan] 也是一樣，所以表現非常好，特別是在紙本形式仍然高頻使用的那種環境中。

So has been performing really nicely. And we actually scaled [Alatan] across the country now during the last, what is it, 30-plus days.

所以一直表現得非常好。而且在過去大概 30 多天裡，我們已經把 [Alatan] 擴展到全國。

And then we connected to the -- we work really closely with the National Bank. The priority of National Bank and us and all other players in the market was really to make sure that the payment system is highly scalable because of the volumes now on the market, but also highly secured.

然後我們也連接到——我們與國家銀行密切合作。國家銀行、我們以及市場上所有其他參與者的優先事項，確實是要確保支付系統在目前市場交易量之下具備高度可擴展性，同時也要高度安全。

So we have really successfully worked with them during the last, I would say, six months, maybe plus/minus. So we really help to build the secure payment functionality. So that functionality is there and our consumers continue transacting with our merchants as well as they where they're used to and also we're getting additional volumes when everybody else is transacting with their mobile applications through our vast majority of our network -- payments network.

因此在過去我會說大約六個月左右（可能上下浮動）期間，我們與他們合作得非常成功。所以我們確實協助建立了安全的支付功能。因此該功能已經到位，我們的消費者也持續像以往一樣與我們的商戶進行交易；同時，當其他人透過他們的行動應用程式在我們龐大的——支付網路（占我們網路的絕大部分）上交易時，我們也獲得了額外的交易量。

So now we see both our consumers and other consumers transacting to the payment network, which is accessible for everyone. So we're extremely happy that there is a wide variety of the payment methods as well from everyone and the consumers can choose and they choose -- as I described before, they can choose the most convenient option. When you're traveling, you pay with Apple Pay. When you're in Kazakhstan, you pay with the mobile application.

所以現在我們看到，我們的消費者以及其他消費者都在這個對所有人開放的支付網路上進行交易。因此我們非常高興，支付方式也更加多元，消費者可以選擇，而他們會——如我先前所描述——選擇最方便的選項。當你旅行時，你用 Apple Pay 付款。當你在哈薩克時，你用行動應用程式付款。

Great. Thank you so much.

很好。非常感謝。

James Friedman.

James Friedman。

Hi. Good morning, good evening. Mikhail, In your prepared remarks, you alluded to some of the growth initiatives you're anticipating for Turkey next year. Could you -- I realize now that's not the time, but next year maybe. So could you just remind us what some of those growth plans are for 2027?

嗨。早安、晚安。Mikhail，在你事先準備的發言中，你提到了一些你預期明年在土耳其將推動的成長計畫。你能不能——我知道現在可能不是時候，但也許明年可以。所以你能否提醒我們，2027 年的一些成長規劃是什麼？

Thank you. So I mean, our growth -- sort of our -- the way we operate is we're focused on things which are foundational for the merchant experience and the consumer experience.

謝謝。所以我的意思是，我們的成長——算是我們——我們的營運方式，是專注在對商戶體驗與消費者體驗具有基礎性的事情上。

So the things which will drive growth next year and are coming through this year are really around like increase the speed of delivery.

因此，明年將推動成長、且今年已在顯現的事情，主要真的圍繞在提升配送速度。

So we have increased the speed of delivery roughly about yes, quite substantially. So that actually means higher speed of delivery means better conversion rates and to the customers because they are happy with the consumer experience.

所以我們已將配送速度提升了大約——是的，相當顯著。因此，配送速度更快實際上意味著更好的轉換率，對客戶而言也是如此，因為他們對消費者體驗感到滿意。

So the growth on the e-commerce side will just continue growing sort of consumer engagement, mobile app usage and all the ingredients of this, which is really about delivery and the user experience and so on and so forth.

所以電商端的成長將會持續，帶動消費者互動、行動 App 使用，以及所有相關要素；而這些本質上都與配送與使用者體驗等等有關。

In terms of the -- something which we believe will be fueling sort of long-term growth in the fintech products. And the fintech products, we are really excited about just because that's where our experience is on the one hand.

就——我們認為將推動金融科技產品長期成長的因素而言。而金融科技產品方面，我們非常興奮，因為一方面那是我們的專長所在。

But on the other hand, consumers really don't need to buy a TV set -- sorry, they don't need a loan. They need to buy a TV set. So once you are in e-commerce and the marketplace platform where you actually see the consumer making the actual purchases for the items, this is the best place where the buying decision is happening. So this is the best place to introduce the fintech product. So shopping loan, for example, which we have introduced a new shopping loan, which is 0.4% of GMV now. That's a new flow, which enables customers to finance their products seamlessly.

但另一方面，消費者其實不需要買一台電視——抱歉，他們不需要一筆貸款。他們需要買一台電視。所以一旦你身處電商與市集平台，能實際看到消費者對商品進行真實購買，這就是購買決策發生的最佳場域。因此，這也是導入金融科技產品的最佳位置。例如購物貸，我們推出了一個新的購物貸，目前約占 GMV 的 0.4%。這是一個新的流程，讓客戶能無縫地為其商品進行分期/融資。

And then there is a whole range of the merchant products like merchant finance and things like that, which we have done in our home market. So those would be the primary products which we will launch on the consumer and the merchant side.

接著還有一整套商戶產品，例如商戶融資之類的，我們已在本土市場做過。因此，這些將是我們在消費者端與商戶端會推出的主要產品。

But also, we will be launching the savings products because in order to fund your growth, you really need the savings, and we do have incredible simple, transparent products, which are highly popular in our home market, and those are some of the ideas which will bring and technology behind it because that's something which enables us to scale will bring into 2027.

此外，我們也會推出儲蓄產品，因為要為成長提供資金，你確實需要儲蓄；而我們有非常簡單、透明的產品，在本土市場非常受歡迎。這些想法以及其背後的技術——因為那能讓我們擴張——都會帶入到 2027 年。

So to put it simply, there will be fintech products around consumer, helping them to fund their purchases, fintech products for the merchants so that they can actually acquire some of the inventory and then the savings product, which will enable fintech to continue to scale long term.

簡單來說，會有面向消費者的金融科技產品，協助他們為購買提供資金；面向商戶的金融科技產品，讓他們能取得部分庫存；以及儲蓄產品，讓金融科技業務能在長期持續擴張。

The fact that we have about $300 million invested into the capital actually gives us a very short start because that's the funding which we can also use in order to start scaling the fintech products next year.

我們已投入約 3 億美元資本，這其實讓我們有一個很好的起跑優勢，因為這筆資金也可用來在明年開始擴大金融科技產品的規模。

And then this year, we're just building up regular stuff. We just acquired the bank. So we take -- taking over operational control. So banking systems and things like that for local reporting purposes is something which we're building up. Everything else, we're very comfortable.

而今年，我們主要是在建置一些常規的事情。我們剛收購了銀行。所以我們正在——接手營運控制。因此，為了本地申報目的而建置銀行系統等，是我們正在做的事情。其他方面我們都很有把握。

Risk management, we already rolled out and mobile application experience, we're already building up in the shopping mall.

風險管理我們已經上線，而行動應用程式體驗，我們也已在購物商城裡持續建置。

Great. And then this is the first time that I analyzed the company that we've seen rates go in your favor. And I'm just wondering how long does it take to get repriced in the market? What I mean is in terms of consumer behavior, what have you noticed historically in terms of rate changes going the other way? Yes, how durable do you think that this cycle will be? Thank you very much.

很好。然後這是我第一次在分析這家公司時看到利率朝對你們有利的方向變動。我想請問市場需要多久才會重新定價？我的意思是，就消費者行為而言，過去在利率往相反方向變動時，你們歷史上觀察到什麼？是的，你們認為這一輪週期會有多持久？非常感謝。

James, I just look at inflation. If inflation continues -- inflation has been falling now for most of this year. If inflation continues to come down, national bank rates, which are very high in Kazakhstan by historical standards will continue to come down.

James，我只看通膨。如果通膨持續——通膨在今年大部分時間都在下降。如果通膨繼續下行，哈薩克斯坦的國家銀行利率（以歷史標準來看非常高）也會持續下調。

If national bank rates continue to come down, our deposit rates will come down. You should remember that when the rates went up, we went the first player in the market to raise rates. And when rates go down, it doesn't mean we'll be -- I wouldn't expect us to be the first player in the market to lower rates.

如果國家銀行利率持續下調，我們的存款利率也會下調。你應該記得，當利率上升時，我們是市場上第一個提高利率的參與者。而當利率下降時，並不代表我們——我不預期我們會是市場上第一個下調利率的參與者。

But the long-term dynamic will flow through. I've said to investors before that any rate cuts this year just should give you increased confidence about earnings growth next year. That's the sort of time frame to think about things.

但長期的動態會逐步傳導。我之前也跟投資人說過，今年任何降息都應該讓你對明年的獲利成長更有信心。大概就是用這樣的時間框架來思考。

But again, it's not about one cut. What you're looking to see is rate cuts inflation falling and for that to be sustained for rate cuts to fall and for that to be sustained over multiple -- over a decent period of time and exactly the same whether this has been a headwind. I mean you mentioned you've been covering us since beginning of 2024, and it's been a headwind for pretty much all of that time --

但再說一次，重點不在於一次降息。你要看到的是降息、通膨下行，而且這些要能持續；降息要能延續，並在多次——在一段相當長的時間內維持；同樣地，這之前一直是逆風。我的意思是，你提到你從 2024 年初開始覆蓋我們，而這幾乎整段時間都是逆風--

Okay. Thanks, David. Thanks, Mikhail.

好的。謝謝你，David。謝謝你，Mikhail。

We currently have no further questions. So I'd like to hand back to David for some closing remarks.

我們目前沒有其他問題。所以我想把時間交回給 David 做一些結語。

All right. So Sami, thanks very much. Thank you, everyone, for your time today. Happy to follow up offline. We are in London and New York in early September post the holiday period.

好的。所以，Sami，非常感謝。也謝謝各位今天撥冗參與。很樂意會後再私下跟進。我們會在九月初、假期結束後到倫敦與紐約。

So happy to follow up in person. So thanks again for your time today. Keep in touch and have a good summer. Thanks, everyone. Bye-bye.

也很樂意當面再跟進。再次感謝各位今天的時間。保持聯繫，祝大家夏天愉快。謝謝各位。再見。

Thank you. Bye bye.

謝謝。再見。

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話線。