美卡多 (MELI) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended June 30, 2024.

大家好，歡迎參加截至 2024 年 6 月 30 日的季度 MercadoLibre 收益電話會議。

Thank you for joining us.

感謝您加入我們。

I am Richard Cathcart, MercadoLibre's Investor Relations Officer.

我是理查德‧卡思卡特 (Richard Cathcart)，MercadoLibre 的投資者關係官員。

Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our CFO, Martin de los Santos; our Fintech President, Osvaldo Gimenez; and our Commerce President, Ariel Szarfsztejn.

今天，我們將透過影片分享我們的季度亮點，之後我們將開始與我們的財務長 Martin de los Santos 進行現場問答環節；我們的金融科技總裁 Osvaldo Gimenez；以及我們的商務總裁 Ariel Szarfsztejn。

Before we go on to discuss our results for the second quarter of 2024, I remind you that management may make or refer to, and this presentation may contain, forward-looking statements and non-GAAP measures.

在我們繼續討論2024 年第二季的業績之前，我提醒您，管理階層可能會做出或提及前瞻性陳述和非公認會計原則措施，本簡報可能包含前瞻性陳述和非公認會計原則措施。

So please refer to the disclaimer on screen, which will also be available in our earnings materials on our Investor Relations website.

因此，請參閱螢幕上的免責聲明，該免責聲明也可在我們的投資者關係網站上的收益資料中找到。

Tomorrow, August 2, 2024, marks 25 years since we founded MercadoLibre with the mission of democratizing commerce and financial services in Latin America.

明天，2024 年 8 月 2 日，是我們創立 MercadoLibre 25 週年紀念日，其使命是實現拉丁美洲商業和金融服務民主化。

Over those 25 years, we have built a sustainable company that provides millions of small and medium-sized businesses with the tools they need to compete with larger players.

在這 25 年裡，我們建立了一家可持續發展的公司，為數百萬中小企業提供與大型企業競爭所需的工具。

We have enabled the shift to online retail by providing tens of millions of consumers with world-class levels of service.

我們透過為數千萬消費者提供世界一流的服務水平，實現了向線上零售的轉變。

And we have included millions of people into the financial system across the region for the first time.

我們首次將數百萬人納入該地區的金融體系。

These are notable achievements, but they are also just a baseline from which we think about our even bigger ambitions to deliver on our mission at an even greater scale.

這些都是顯著的成就，但它們也只是我們思考更大的雄心壯志的基準，以更大的規模實現我們的使命。

We are as optimistic as ever about the opportunity that are ahead of us, and we're excited to pursue them with a culture of entrepreneurship, excellence, and innovation that has served us well for the last 25 years.

我們一如既往地對擺在我們面前的機會感到樂觀，並且很高興能夠以創業精神、卓越和創新的文化來追求這些機會，這種文化在過去 25 年裡一直為我們提供了良好的服務。

This is, therefore, a great moment to reaffirm our belief that the best is yet to come.

因此，這是一個重申我們信念的偉大時刻，即最好的尚未到來。

Now I will pass it on to Martin for more information on the second quarter of 2024.

現在我將其轉給馬丁以獲取有關 2024 年第二季的更多資訊。

Thank you, Marcos.

謝謝你，馬科斯。

Hello, everyone.

大家好。

I am pleased to highlight MercadoLibre's outstanding performance in the second quarter of 2024, with strong growth across our key business units as well as solid bottom-line financial results.

我很高興地強調 MercadoLibre 在 2024 年第二季度的出色表現，我們的關鍵業務部門實現了強勁增長，並且財務業績穩健。

In commerce, we saw the highest growth in sold items and unique buyers in 2021, with both metrics accelerating sequentially.

在商業領域，我們看到 2021 年已售商品和獨特買家的成長最高，這兩個指標都在連續加速。

GMV performed well across geographies, particularly in Brazil, where the 36% growth marks the highest level also in 2021.

GMV 在各個地區都表現良好，尤其是在巴西，36% 的成長也創下了 2021 年的最高水準。

In Mexico, we maintained our momentum with successful hot sale once again.

在墨西哥，我們再次保持勢頭，熱銷成功。

And in Argentina, we saw a positive growth in terms of items sold, reverting the negative growth that we saw during Q1.

在阿根廷，我們看到銷售商品出現正成長，扭轉了第一季的負成長。

This growth is a result of our commitment to improving the user experience through innovation and technology and the investments we continue to make in our key strategic initiatives such as fulfillment and

這一增長得益於我們致力於透過創新和技術改善用戶體驗，以及我們繼續對關鍵策略舉措（例如履行和交付）進行投資的結果。

[Meli Más].

[梅利·馬斯]。

In fintech services, we saw strong growth in monthly active users, which surpassed the 50 million mark for the first time.

在金融科技服務領域，每月活躍用戶強勁成長，首次突破 5,000 萬大關。

And we also saw very solid engagement metrics demonstrating the traction that Mercado Pago has within our users.

我們也看到了非常可靠的參與度指標，證明了 Mercado Pago 對我們用戶的吸引力。

We continue to see a very positive adoption of our remunerated accounts in all of our major markets, resulting in strong growth of asset under management.

我們繼續看到我們的有償帳戶在所有主要市場中得到非常積極的採用，從而導致管理資產的強勁成長。

Our consumer and merchant grade books continue to scale while delivering strong profitability.

我們的消費者和商業級圖書繼續擴大規模，同時提供強勁的獲利能力。

During the quarter, we issued 1.6 million new credit cards and the TPV grew by 3x compared to last year.

本季度，我們新發行了 160 萬張信用卡，TPV 比去年成長了 3 倍。

The credit card is a critical component of our fintech value proposition, and we feel confident about scaling this product as a result of the improved accuracy of the underwriting model.

信用卡是我們金融科技價值主張的重要組成部分，由於核保模型準確性的提高，我們對擴展該產品充滿信心。

Acquiring TPV grew also very strongly in Brazil, Mexico, and Argentina.

收購冠捷在巴西、墨西哥和阿根廷的成長也非常強勁。

And this was a result of the move-up market strategy that we're implementing that enables us to reach larger merchants and also the continuous investment that we'll make in the online payment segment.

這是我們正在實施的升級市場策略的結果，該策略使我們能夠接觸到更大的商家，也是我們將在線上支付領域進行持續投資的結果。

Our consolidated financial results for the second quarter reflect the strong performance of our commerce and fintech operations, with revenues of $5.1 billion, growing above 40% year on year.

我們第二季的綜合財務表現反映了我們商業和金融科技業務的強勁表現，營收達 51 億美元，較去年同期成長超過 40%。

We delivered income from operation of $726 million and net income of $531 million, resulting in net income margin of 10.5%, which is the highest in the last eight years.

我們實現營業收入 7.26 億美元，淨利 5.31 億美元，淨利率為 10.5%，為過去八年最高水準。

For more information on our results, please refer to our shareholders' letter.

有關我們業績的更多信息，請參閱我們的股東信。

Now I would pass it on to Richard for more business news.

現在我會把它轉給理查德以獲取更多商業新聞。

Our logistics network plays a major role in enabling e-commerce in the region and driving more off-line retail online.

我們的物流網路在促進該地區電子商務和推動更多線下零售線上化方面發揮著重要作用。

It has become a key competitive advantage for MercadoLibre.

它已成為 MercadoLibre 的關鍵競爭優勢。

Innovation is a foundation of the success of our logistics network and we are pleased to share some of our most recent innovations today.

創新是我們物流網絡成功的基礎，我們很高興今天分享我們的一些最新創新。

During the second quarter of 2024, MercadoLibre launched a fulfillment center in Texas in the USA.

2024 年第二季度，MercadoLibre 在美國德州設立了履行中心。

This is the first fulfillment center outside of Latin America, and it was open to expand the assortment of products we offer to Mexican consumers by plugging US sellers into our ecosystem.

這是拉丁美洲以外的第一個履行中心，它願意透過將美國賣家納入我們的生態系統來擴大我們向墨西哥消費者提供的產品種類。

This is complementary to our existing cross-border business from China into Mexico.

這對我們現有的從中國到墨西哥的跨境業務是補充。

We are offering a great shipping service for our US-based assortment.

我們為美國的產品提供優質的運輸服務。

Buyers are receiving their packages from the USA within a couple of days in the North of Mexico and within approximately three days in Mexico City.

買家將在墨西哥北部幾天內收到來自美國的包裹，在墨西哥城大約三天內收到包裹。

Shipping is free, and we also offer interest-free installments.

免費送貨，我們也提供免利息分期付款。

In June 2024, we took another major step in our innovation journey with the launch of robotics in our distribution center in Cajamarca just outside the city of Sao Paulo.

2024 年 6 月，我們在創新之旅中又邁出了重要一步，在聖保羅市外卡哈馬卡的配送中心推出了機器人。

A total of more than 300 robots will have arrived by the end of the year, with 100 of those already up and running.

到今年年底，總共將有 300 多台機器人抵達，其中 100 台已經投入運作。

These robots will collaborate with the human workforce and will handle tasks such as transporting shelves containing products from storage area.

這些機器人將與人類勞動力協作，並處理諸如從儲存區域運輸裝有產品的貨架等任務。

This optimizes processing time by 20%.

這將處理時間優化了 20%。

It also enables us to automate repetitive tasks like product sorting whilst reducing the distance that our workforce has to walk around the distribution center.

它還使我們能夠自動執行產品分類等重複性任務，同時縮短員工在配送中心周圍行走的距離。

It also increases total storage capacity by up to 15% per square meter.

它還將每平方米的總儲存容量提高了 15%。

These robots operate autonomously, handling up to 20,000 items and 2,500 shelves per day, returning to charge stations when their batteries are low.

這些機器人自主運行，每天處理多達 20,000 件物品和 2,500 個貨架，並在電池電量不足時返回充電站。

This ongoing investment in technology and innovation reflects our commitment to creating an increasingly efficient logistics network.

這種對技術和創新的持續投資體現了我們對創建日益高效的物流網絡的承諾。

By building greater flexibility into our logistics operations, we have developed slow shipments, which offer additional shipping options for buyers and efficiencies for MercadoLibre.

透過在物流營運中建立更大的靈活性，我們開發了慢速運輸，這為買家提供了額外的運輸選擇，並提高了 MercadoLibre 的效率。

Slow shipments occur when a buyer chooses a slower shipping option than would be otherwise available to them because it may be more convenient, or, in some circumstances, it may come with a lower shipping cost.

當買家選擇比其他可用的運輸選項更慢的運輸選項時，就會發生運輸緩慢，因為它可能更方便，或者在某些情況下，它可能具有較低的運輸成本。

This enables us to take advantage of moments of idle capacity in two key cost areas of our network.

這使我們能夠利用網路兩個關鍵成本領域的閒置容量。

Firstly, the processing in our fulfillment centers, and, secondly, the line haul trucks that travel between cities.

首先是我們的履行中心的處理，其次是在城市之間行駛的長途卡車。

With slow shipments, the shipping window becomes larger and more flexible for MercadoLibre, which means we can choose the moments of greatest idleness to process products in our fulfillment centers and ship them between cities and line hauls to maximize network capacity utilization.

由於發貨速度緩慢，MercadoLibre 的運輸窗口變得更大、更靈活，這意味著我們可以選擇最空閒的時刻在我們的營運中心處理產品，並在城市和線路之間運輸它們，以最大限度地提高網路容量利用率。

MELI Delivery Day is another innovation which has slightly different benefits to slow shipping.

MELI Delivery Day 是另一項創新，它對減緩運輸的好處略有不同。

The main efficiency built into the MDD model is in the last mile, where several deliveries at a single address on a single drop means that last mile vans can drop more packages at fewer addresses.

MDD 模型的主要效率是在最後一英里，即一次投遞到一個地址的多次投遞意味著最後一英里貨車可以在更少的地址投遞更多的包裹。

This helps us to dilute our last mile costs.

這有助於我們稀釋最後一哩路的成本。

Innovation and efficiency will continue to be key to the success of our shipping operations.

創新和效率將繼續成為我們航運業務成功的關鍵。

For a more detailed discussion, check how the podcast on our Investor Relations website with the Head of Mercado Envios, Agustin Costa.

如需更詳細的討論，請查看我們投資者關係網站上 Mercado Envios 負責人 Agustin Costa 的播客。

From cross-border in Texas, the robotics in Sao Paulo, and MDD across Brazil, Mexico, and Chile, we continue to innovate, and we'll continue to do so, because, as always at MercadoLibre, the best is yet to come.

從德克薩斯州的跨境，聖保羅的機器人，到巴西、墨西哥和智利的 MDD，我們不斷創新，而且我們將繼續這樣做，因為，正如 MercadoLibre 一貫的那樣，最好的尚未到來。

(Operator Instructions) Andrew Ruben, Morgan Stanley.

（操作員指示）Andrew Ruben，摩根士丹利。

So considering where you are the 25-year and congratulations for that, can you talk about where we are in the interplay between commerce and fintech?

那麼，考慮到您已經 25 年了，對此表示祝賀，您能談談我們在商業和金融科技之間的相互作用中處於什麼位置嗎？

It's a quarter we see the acceleration in GMV, also a number of fintech operating metrics picking up.

這個季度我們看到 GMV 加速成長，一些金融科技營運指標也有所回升。

So I'm curious how much you'd say is independent business drivers versus the two sides feeding each other.

所以我很好奇你會說獨立的業務驅動力與雙方的相互促進有多少。

I'd be interested in the strategic update.

我對戰略更新感興趣。

And maybe just honing in on the same topic near term, you have the Brazil GMV accelerating to the 36% ex-FX.

也許只是近期關注同一主題，巴西 GMV 會加速至 36%（不含外匯）。

You also called out the higher remunerated account.

你還叫出了報酬較高的帳戶。

We see growth in the credit business.

我們看到信貸業務的成長。

So how much of that pickup would you attribute to these fintech initiatives versus something more commerce specific?

那麼，您認為這些成長有多少歸功於這些金融科技舉措，而不是更具體的商業舉措？

Andrew, Martin here.

安德魯，馬丁在這裡。

Thanks for your question.

謝謝你的提問。

Obviously, as we have been saying over the years, being part of an ecosystem is both in the fintech side to commerce and vice versa, right?

顯然，正如我們多年來一直所說的那樣，成為生態系統的一部分既屬於金融科技方面的商業，反之亦然，對嗎？

So I think in this particular quarter, credit a good example to that.

所以我認為在這個特定的季度，有一個很好的例子。

Our credit is fueling growth on our commerce side as we provide better payment solutions for users.

隨著我們為用戶提供更好的支付解決方案，我們的信用正在推動我們商業方面的成長。

Also, it's very beneficial to the fintech value proposition like we have or credit cards very strongly this quarter.

此外，這對金融科技的價值主張非常有利，就像我們本季非常強烈的信用卡一樣。

And in terms of growth in both on commerce side, we are very satisfied with growth that we've seen in Brazil.

就商業方面的成長而言，我們對巴西的成長感到非常滿意。

I mean, this is the second consecutive quarter, which we accelerate in Brazil.

我的意思是，這是我們在巴西連續第二季加速。

We are sustaining very solid growth rates in Mexico, gaining market share in both markets, and also seeing a very strong recovery in Argentina both on commerce as well as on fintech side.

我們在墨西哥保持非常穩健的成長率，在兩個市場都獲得了市場份額，並且在阿根廷的商業和金融科技方面也看到了非常強勁的復甦。

So I think, for the most part, our strategy continues to perform extremely well.

所以我認為，在很大程度上，我們的策略仍然表現得非常好。

Just like you said, 25 years after beginning our company, we continue to grow at rates of really start-up rates, and we are super excited not only for what we have done so far over the past 25 years, but more importantly, to the many growth opportunities that we have ahead of us.

正如您所說，我們公司成立 25 年後，我們繼續以真正新創公司的速度成長，我們不僅對過去 25 年迄今為止所做的事情感到非常興奮，更重要的是，我們面前有許多成長機會。

Let me complement that.

讓我補充一下。

I think that, Andrew, both businesses -- we have always said that both businesses are very synergistic.

安德魯，我認為這兩項業務——我們一直說這兩項業務具有很強的協同作用。

We continue to believe that, and we have many, many examples of that.

我們仍然相信這一點，我們還有很多很多這樣的例子。

One is, for example, in order to grow -- how we can deploy products on the marketplace both to drive the growth of the marketplace, for example, in Mexico, a significant part of our GMV is paid either with store balance of Mercado Pago or credit offered by us or by our own credit card on the one hand.

一個是，例如，為了成長——我們如何在市場上部署產品，以推動市場的成長，例如，在墨西哥，我們 GMV 的很大一部分是透過 Mercado Pago 的商店餘額支付的一方面是我們或我們自己的信用卡提供的信貸。

On the other hand, how we can, for example, offer insurance products in the marketplace and grow the number of policies we sell.

另一方面，例如，我們如何在市場上提供保險產品並增加我們銷售的保單數量。

Both businesses have been extremely synergistic.

兩項業務具有極大的綜效。

We have a huge user base on the marketplace and also on Mercado Pago and when we drive users from one platform to the other one.

我們在市場和 Mercado Pago 上擁有龐大的用戶群，並且當我們將用戶從一個平台吸引到另一個平台時。

I think that we are very excited with that.

我認為我們對此感到非常興奮。

That continues to work very well.

這仍然非常有效。

Irma Sgarz, Goldman Sachs.

艾爾瑪·斯加茲，高盛。

Congratulations also on 25th birthday tomorrow.

明天也要恭喜你25歲生日。

You had a great quarter again in terms of operating leverage.

就營運槓桿而言，您再次度過了一個出色的季度。

And yet I can think of several items that can still contribute or unleash higher margins from here like scaling ads, incrementally lower increases in provisioning, efficiencies in logistics, as you laid out.

然而，我可以想到仍然可以從這裡貢獻或釋放更高利潤的幾個項目，例如擴大廣告規模、逐漸降低供應量成長、物流效率，正如您所闡述的那樣。

But before we all get ahead of our skis, are there any perhaps items or headwinds or areas of investment that we should think through especially into the back half of this year, perhaps related to carrier cost adjustments or higher deposit rates in Mexico, any marketing campaigns just to sort of level set expectations here a little bit in terms of what we should keep an eye on.

但在我們所有人都領先於我們的滑雪板之前，是否有任何我們應該考慮的項目或逆風或投資領域，特別是今年下半年，可能與運營商成本調整或墨西哥更高的存款利率有關，任何營銷活動只是為了在我們應該關注的方面設定一些期望。

Irma, it's Martin here.

艾爾瑪，我是馬丁。

Let me talk about this quarter.

我來說說這個季度的情況。

As you mentioned, we had a very strong quarter in terms of both EBIT results, but more importantly, net income.

正如您所提到的，我們的季度息稅前利潤非常強勁，但更重要的是淨利潤。

As you know, net income after the devaluation of Argentina has become probably a more relevant metric to look at, and we grew it by 100% year on year, and we delivered 10.5% of margin.

如您所知，阿根廷貶值後的淨利潤可能已成為更相關的衡量指標，我們的淨利潤同比增長了 100%，我們實現了 10.5% 的利潤率。

In terms of the EBIT margin, specifically, on a comparable basis, you see a contraction this quarter.

就息稅前利潤率而言，特別是在可比較基礎上，您會看到本季出現收縮。

Most of that contraction is roughly 120 basis points of contraction.

大部分收縮幅度約為 120 個基點。

Most of it comes from bad debt provisioning.

其中大部分來自壞帳撥備。

And as you know, as we accelerated our credit book origination, we provisioned -- expected losses upfront and that generates some pressure on margin, but we feel comfortable with that as we see very good performance in terms of NPLs.

如您所知，隨著我們加速信用帳簿的創建，我們預先準備了預期損失，這對利潤率產生了一些壓力，但我們對此感到滿意，因為我們看到不良貸款方面的表現非常好。

And NIMAL margins continue to be very solid and with good profitability.

NIMAL 的利潤率仍然非常穩定，獲利能力良好。

So we are okay with scaling the book by increasing our credit card book as well.

因此，我們也可以透過增加信用卡帳簿來擴大帳簿規模。

We issued more than 1.6 million cards this quarter.

本季我們發行了超過 160 萬張卡片。

We're in a credit card TPV by 3x compared to last year.

與去年相比，我們的信用卡 TPV 成長了 3 倍。

So we should come with that kind of pressure on margins.

因此，我們應該對利潤率施加這種壓力。

In addition to that, we continue to invest in the strategic initiatives.

除此之外，我們繼續投資於策略舉措。

We increased the penetration of fulfillment by 6 percentage points year on year, and we increased the penetration of free shipping also by 6 percentage points.

我們將履約滲透率較去年同期提高了 6 個百分點，免運的滲透率也提高了 6 個百分點。

So investments will continue to be, as we have been saying for several quarters, at a similar pace, and there will be no change in our investment strategy.

因此，正如我們幾個季度以來一直所說的那樣，投資將繼續以類似的速度進行，並且我們的投資策略不會改變。

We'll continue to invest in our investment strategic initiatives, Meli Más, free shipping, credit, and so on.

我們將繼續投資於我們的投資策略舉措、Meli Más、免費送貨、信貸等。

Robert Ford, Bank of America.

羅伯特福特，美國銀行。

Happy birthday and congratulations on the quarter.

生日快樂，並祝賀本季。

I just had a few questions.

我只是有幾個問題。

And the first was, could you talk a little bit about Meli Más and MDD and how that's contributing to conversion and the acceleration you're seeing in GMV, as well as the seller promotional tools that you call out today, particularly the ones that are resonating with consumers?

第一個是，您能談談 Meli Más 和 MDD 以及它們如何促進轉換和 GMV 加速，以及您今天提到的賣家促銷工具，特別是那些哪些能引起消費者的共鳴？

And then how do you expect the tax withholding requirements for small businesses on their digital transactions to impact Pago in the marketplace in Argentina?

那麼您預期小型企業數位交易的預扣稅要求會對阿根廷市場上的 Pago 產生什麼影響？

And what's the timing for that?

時機是什麼？

And then the third one I had was -- we understand you've taken over 100,000 square meters of distribution space in

然後我的第三個是——我們了解到你們已經佔用了超過 100,000 平方米的配送空間

[Guadajulos].

[瓜達胡洛斯]。

And we were curious as to the role that you envision for that space, particularly when it comes to centralizing inventory for Brazilian air cargo or processing cross-border transactions into Brazil.

我們很好奇您對該領域的設想，特別是在集中巴西航空貨運的庫存或處理進入巴西的跨境交易方面。

And where do you open up capacity in the rest of the network with the addition of that space in Guadajulos at all?

在瓜達胡洛斯增加空間後，您將在網路的其餘部分中開放哪些容量？

And then how should we think about the implications of a Mexican banking license in terms of product enablers, funding, and then the various frictions, whether they be regulatory tax or something else?

那麼我們該如何考慮墨西哥銀行牌照對產品推動因素、資金以及各種摩擦（無論是監管稅收還是其他方面）的影響？

And then lastly, and I apologize for all this, in the press release, you mentioned some downstream benefits of your more aggressive remuneration strategies and AUM strategies.

最後，我對這一切表示歉意，在新聞稿中，您提到了更積極的薪酬策略和資產管理規模策略的一些下游好處。

And I was wondering if you could expand on those, please.

我想知道您是否可以擴展這些內容。

And that was it.

就是這樣。

Bob, Ariel here.

鮑勃，愛麗兒在這裡。

So I think on Meli Más, we are going through the same trajectory that we've been seeing over the last few quarters.

因此，我認為在 Meli Más 上，我們正​​在經歷過去幾季所看到的相同軌跡。

Meli Más is successfully generating incremental engagement and incremental GMV.

Meli Más 正在成功提高參與度和 GMV。

So users who enroll in the program have higher frequency, higher GMV, lower churn compared to the previous program.

因此，與先前的計劃相比，加入該計劃的用戶具有更高的頻率、更高的 GMV、更低的流失率。

Engagement KPIs are looking good.

敬業度 KPI 看起來不錯。

And to your point on MELI Delivery Day, we see adoption of MDD trending upwards.

至於您在 MELI 交付日的觀點，我們看到 MDD 的採用呈上升趨勢。

So general terms, we are extremely satisfied with the impact that the program is having in our business and particularly in the satisfaction of our users, and we pretend to continue increasing the user base of subscribers.

總的來說，我們對該計劃對我們業務的影響非常滿意，特別是對我們用戶的滿意度，並且我們假裝會繼續增加訂戶的用戶群。

And, Ariel, in terms of the MDD adoption coinciding with more packages per week or [a period of] time?

而且，Ariel，就 MDD 的採用而言，是否與每週或[一段時間]時間內更多的軟體包相一致？

Yes.

是的。

So in every single market, we see consumers choosing to get data packages with MDD trending upwards.

因此，在每個市場中，我們都看到消費者選擇獲取 MDD 資料包的趨勢呈現上升趨勢。

And within MDD, we see consolidation also going up.

在 MDD 內部，我們看到整合也在增加。

In terms of capacity and distribution centers, I think you mentioned a couple of things that are different.

在容量和配送中心方面，我認為您提到了一些不同的事情。

So we did move our [air cart] in Sao Paulo.

所以我們確實在聖保羅移動了我們的[航空車]。

We just needed more space to deal with the volume that we are applying.

我們只是需要更多的空間來處理我們正在應用的體積。

But more on a general view, I think, as Martin was mentioning in the previous answer, we will continue building the capacity, linked the growth of our business, and the increase in penetration of fulfillment, and that is true for every single market.

但更多的是，我認為，正如馬丁在之前的回答中提到的那樣，我們將繼續建立能力，將我們業務的成長和履約滲透率的提高聯繫起來，這對於每個市場都是如此。

This quarter or these few quarters, in particular, we have been expanding capacity in Mexico.

特別是本季或這幾個季度，我們一直在擴大墨西哥的產能。

At some point, we will continue expanding capacity in Brazil and the rest of the market as well.

在某個時候，我們將繼續擴大在巴西和其他市場的產能。

Nothing changing or directionally radical with the way we've been operating so far.

到目前為止，我們的營運方式沒有任何改變或方向激進。

But in the end, we are compounding the growth of MercadoLibre as a whole with the increase in fulfillment penetration.

但最終，我們將 MercadoLibre 的整體成長與履行滲透率的提高相結合。

I will let Osvaldo complement.

我會讓奧斯瓦爾多補充。

Sorry.

對不起。

I was just going to ask if that facility is domestically oriented.

我只是想問那個設施是面向國內的嗎？

Is that fair?

這樣公平嗎？

Yes, we are not doing any international flights from Brazil to other countries, nor from any country of Latin America into another one.

是的，我們沒有從巴西飛往其他國家的任何國際航班，也沒有從拉丁美洲任何國家飛往另一個國家的國際航班。

The only international connection that we do is from Texas into Mexico, which is not going through air.

我們唯一的國際航線是從德克薩斯州飛往墨西哥，但不通過航空。

Bob, let me cover the two questions related to fintech.

鮑勃，讓我談談與金融科技相關的兩個問題。

One of them was how do we expect the end of tax footholding requirements in Argentina to impact Mercado Pago, and we are very excited about that.

其中之一是我們預計阿根廷取消稅收立足點要求將如何影響 Mercado Pago，我們對此感到非常興奮。

Today, electronic payments in Argentina had a drawback versus cash payments because there were perceptions and taxes we need to withhold on behalf of the local IRS from every seller.

如今，阿根廷的電子支付與現金支付相比有一個缺點，因為我們需要代表當地國稅局向每個賣家扣繳稅金。

So that was a detractor for further adoption of electronic payments in general.

因此，這總體上阻礙了電子支付的進一步採用。

And the lot of past Congress recently removes that at a federal level, not at a state level, but at a federal level.

過去的國會最近在聯邦層面取消了這一點，不是在州層面，而是在聯邦層面。

This, however, has not yet been implemented by the local IRS.

然而，當地國稅局尚未實施這項措施。

So we need that to happen and then we will make the implementation.

因此，我們需要做到這一點，然後我們才會實施。

But that really will be a positive on all kinds of electronic payment.

但這確實會對各種電子支付產生正面影響。

If I recall correctly, the second question was regarding implications of the Mexican banking license.

如果我沒記錯的話，第二個問題是關於墨西哥銀行牌照的影響。

And I would say that that is something that we believe there's a huge opportunity in Mexico to compete and further deploy financial services.

我想說的是，我們相信墨西哥有巨大的機會來競爭和進一步部署金融服務。

And that by having a banking license, we will be able to add products to a stack of products.

透過擁有銀行牌照，我們將能夠將產品添加到產品堆疊中。

And for example, let people be able to collect [salary season] than the Mercado Pago account.

又例如，讓人們能夠比 Mercado Pago 帳戶領取【薪資季節】。

And so we believe that the opportunity we see in the country is huge.

因此，我們相信我們在該國看到的機會是巨大的。

We have been already growing our credit book very significantly.

我們的信用帳簿已經大幅成長。

This will be a process that will be long, typically around two years, but it depends on the regulator.

這將是一個漫長的過程，通常約為兩年，但這取決於監管機構。

But we believe that we will continue growing our footprint in Mexico throughout that period.

但我們相信，在此期間我們將繼續擴大在墨西哥的足跡。

For example, recently, we increased the rate we are paying to the depositors in [cuanta de la mujara], and we are very excited with the results we are seeing.

例如，最近，我們提高了支付給 [cuanta de la mujara] 儲戶的利率，我們對所看到的結果感到非常興奮。

And that's what triggered my question with respect to the downstream benefits of those AUM strategies.

這引發了我對這些資產管理規模策略的下游收益的疑問。

Could you expand a little bit on that further?

能進一步擴展一下嗎？

Yes.

是的。

The reason for cuanta de la mujara is it really drives principality.

cuanta de la mujara 的原因是它確實推動了公國的發展。

We see that the two main drivers of principalities where people put their savings first.

我們看到人們把儲蓄放在第一位的公國的兩個主要驅動力。

And together with that, where they get most of the credit.

除此之外，他們獲得了大部分的功勞。

So we are driving those two up significantly by having a very competitive cuanta de la mujara and also being aggressive deploying our credit card strategy in Mexico.

因此，我們透過擁有非常有競爭力的 cuanta de la mujara 並在墨西哥積極部署我們的信用卡策略，顯著推動了這兩者的發展。

So these are not just opportunistic depositors taking advantage of the 15% rate.

因此，這些人不僅僅是利用 15% 利率的機會主義儲戶。

You're seeing some real adoption of the rest of the ecosystem.

您會看到生態系統其他部分得到了一些真正的採用。

Yes.

是的。

Yes, Bob, we'll probably go to the next question and we can go into more detail on this.

是的，鮑勃，我們可能會討論下一個問題，我們可以對此進行更詳細的討論。

But yes, the short answer is yes, it contributes to the ecosystem.

但是，是的，簡短的答案是肯定的，它對生態系統做出了貢獻。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

I have two on my side.

我這邊有兩個。

The first is, given that you launched your distribution center in Texas, could you please comment a bit on your broader ambition on cross-border, how relevant this could be, where do you think this could be in a couple of years?

第一個問題是，考慮到您在德克薩斯州推出了配送中心，您能否評論一下您在跨境方面的更廣泛的雄心，這可能有多相關，您認為幾年後這會發生在哪裡？

And the second question is regarding the net shipping.

第二個問題是關於淨運費的。

So getting their shipping revenue, minus shipping cost divided by GMV, we see that it improved a lot on a quarter-over-quarter basis.

因此，將他們的運輸收入減去運輸成本除以 GMV，我們發現其比上季改善了很多。

If you could please dissect the drivers that led to the sequential improvement for one quarter to other, and if you see further room for more efficiency there.

如果您可以的話，請剖析導致一個季度與其他季度連續改善的驅動因素，以及您是否認為那裡還有進一步提高效率的空間。

Marcelo, this is Ariel.

馬塞洛，這是阿里爾。

So let me start with your first question related to cross-border.

那麼讓我先回答你關於跨國的第一個問題。

I think we've always said that cross-border is still a huge opportunity for MercadoLibre in general.

我想我們一直說跨國對 MercadoLibre 來說仍然是一個巨大的機會。

Today, almost 15% of the GMV that we have in Mexico is coming from cross-border, mostly Chinese.

如今，墨西哥幾乎 15% 的 GMV 來自跨境，其中大部分來自中國。

But I would say that in the rest of Latin America, our cross-border business is still small, and we think we have an opportunity to generate some value there.

但我想說，在拉丁美洲其他地區，我們的跨國業務仍然很小，我們認為我們有機會在那裡創造一些價值。

Specifically about Texas, our introductory video was mentioning, we think that we can complement the selection that we have in Mexico from local Mexican sellers with inventory coming from North American sellers.

特別是關於德克薩斯州，我們的介紹影片提到，我們認為我們可以用來自北美賣家的庫存來補充墨西哥當地賣家的選擇。

And that is particularly relevant considering that there are certain species of that selection that we cannot get locally in Mexico or we cannot find at the right price.

考慮到該選擇中的某些物種我們無法在墨西哥當地獲得，或者我們無法以合適的價格找到，這一點尤其重要。

So in the end, our North American strategy is to complement the offering that we have in Mexico and be able to serve our consumers better.

因此，最終，我們的北美策略是補充我們在墨西哥提供的產品，並能夠更好地為我們的消費者服務。

And eventually thinking about the strategic impact, we think this can be relevant.

最終考慮到戰略影響，我們認為這可能是相關的。

We think this could be multi-country in the future, but it's too early to tell.

我們認為未來可能會涉及多個國家，但現在下結論還為時過早。

But signs of that operation are really, really positive.

但該行動的跡象確實非常積極。

We see consumers getting extremely engaged with the products that we are offering, and we see our sellers from the US also very satisfied with the sell-out that they have in the inventory that they are bringing to our warehouse.

我們看到消費者對我們提供的產品非常感興趣，我們看到來自美國的賣家也對他們帶到我們倉庫的庫存的銷售情況非常滿意。

Going to the second part of your question about shipping margins and cost, I would say that we are pleased with the results that we are seeing from our logistics operation.

關於您關於運輸利潤和成本的問題的第二部分，我想說，我們對物流運營的結果感到滿意。

So in terms of discipline with which we are managing the operation itself, but also with our ability to manage our P&L while continuing to invest behind our strategic priorities.

因此，無論是我們管理營運本身的紀律，還是我們在繼續投資策略重點的同時管理損益的能力。

This quarter, as you were saying, we saw an expansion in shipping margin.

正如您所說，本季我們看到運輸利潤率有所擴大。

That expansion is mostly coming from our ability to drive efficiencies in our operations, and that happened even with some headwinds coming from Mexico where we are operating at max capacity and where we have an extremely strong hot sale season.

這種擴張主要來自於我們提高營運效率的能力，即使存在來自墨西哥的一些阻力，我們仍以最大產能運營，而且我們的熱銷季節非常強勁。

I would say, broadly speaking, we continue committed to running shipping with a very disciplined P&L.

我想說，從廣義上講，我們繼續致力於以非常嚴格的損益表來運作航運。

And you can see that clearly when you look back into the longer-term picture, right?

當你回顧長期前景時，你可以清楚地看到這一點，對吧？

So if you go back to 2019, you can see that our net shipping costs remained broadly flat or even improving, if you were to add our flat fee revenues into that one.

因此，如果你回顧 2019 年，你會發現我們的淨運輸成本基本上持平，如果你將我們的固定費用收入加入其中，甚至有所改善。

And in that same period, we moved fulfillment penetration from 6% into 50%.

在同一時期，我們將履行滲透率從 6% 提高到 50%。

We moved free shipping up 30 percentage points.

我們將免費送貨提高了 30 個百分點。

We increased our square meters by 5x, all this across the region.

我們將整個地區的平方公尺增加了 5 倍。

So again, shipping is a key driver and a key strategic priority for MercadoLibre, and we are committed to executing what we need while managing costs and revenues with strong discipline.

再說一遍，運輸是 MercadoLibre 的關鍵驅動力和關鍵戰略重點，我們致力於執行我們的需求，同時以嚴格的紀律管理成本和收入。

Maria Clara Infantozzi, Itaú.

瑪麗亞·克拉拉·因凡托齊 (Maria Clara Infantozzi)，義大利。

It's about your view on the implementation of GenAI in the ad business.

這是關於您對 GenAI 在廣告業務中實施的看法。

So this has been a key topic of discussion in the earnings calls of

因此，這一直是財報電話會議上討論的關鍵議題。

(inaudible) .

（聽不清楚）。

And can you please share your thoughts on the topic [is now in the front] and which opportunities of improvement in the business do you foresee with the implementation of GenAI?

您能否分享一下您對這個主題的看法（現在位於前面）以及您預計 GenAI 的實施會為業務帶來哪些改進機會？

And if I may add, can you please comment on how the AI business has been affecting your recommendation in time?

如果我可以補充一下，您能否及時評論一下人工智慧業務如何影響您的推薦？

Maria Clara, this is Martin.

瑪麗亞·克拉拉，這是馬丁。

As you mentioned, we have put a lot of resources into AI and GenAI throughout the company, really.

正如您所提到的，我們確實在整個公司的人工智慧和 GenAI 上投入了大量資源。

We don't have a centralized department of AI, but all of our different business units.

我們沒有一個集中的人工智慧部門，而是所有不同的業務部門。

And clearly, the IT team have been focusing on trying to find opportunities to improve our efficiency and deploy AI solutions, both in the way we manage the business as well consumer-facing.

顯然，IT 團隊一直致力於尋找機會來提高我們的效率並部署人工智慧解決方案，無論是在我們管理業務的方式還是面向消費者的方式上。

And some examples of that are on the commerce side, obviously, we are using AI to help us with recommendations, as you mentioned, but more important than that on reviews, for instance, that in the past, you have to -- if you were to review a product, you have to go through many different reviews, now we can consolidate that into a more efficient way of communicating the qualities, the prospects of a particular product.

這方面的一些例子是在商業方面，顯然，正如您所提到的，我們正在使用人工智慧來幫助我們提供推薦，但比評論更重要，例如，在過去，您必須 - 如果您如果要評論一個產品，你必須經歷許多不同的評論，現在我們可以將其整合為更有效的方式來傳達特定產品的品質和前景。

Pictures, as you know, our pictures that are published might not be the same quality that we are expecting from our merchants, and we can improve those with AI.

圖片，如你所知，我們發布的圖片品質可能與我們對商家的期望不一樣，我們可以透過人工智慧來改善這些圖片。

Answers from sellers is another good example.

賣家的回答是另一個很好的例子。

In the past, if you were to buy something at 2 AM in the morning, you'll have to wait until the next day to get an answer.

過去，如果你在凌晨 2 點買東西，你必須等到第二天才能得到答案。

That obviously affected significantly the conversion of the product.

這顯然極大地影響了產品的轉換。

Now we can respond right away using GenAI models.

現在我們可以使用 GenAI 模型立即做出回應。

Obviously, on the developer side, we have 16,000 developers, which are also using AI tools to improve productivity and that's also generating some improvements and efficiencies in the way we deploy products throughout the company.

顯然，在開發人員方面，我們有 16,000 名開發人員，他們也在使用人工智慧工具來提高生產力，這也為我們在整個公司部署產品的方式帶來了一些改進和效率。

And I think one of the most important projects that we have is on CX, customer experience and customer support by which we are also applying AI tools that will help us to not only respond more efficiently in terms of cost, but also be more accurate in terms of the way we manage those issues.

我認為我們最重要的項目之一是客戶體驗、客戶體驗和客戶支持，透過這些項目，我們還應用人工智慧工具，這將幫助我們不僅在成本方面更有效地做出回應，而且在成本方面也更準確。

These are some examples, but there are many others.

這些只是一些例子，但還有很多其他例子。

Osvaldo, maybe also you can complement.

奧斯瓦爾多，也許你也可以補充。

Yes.

是的。

The only thing I was going to add, you asked about search and we're using a technical embedding to power search the technical -- turn search into something more semantic.

我要補充的唯一一件事是，您詢問了搜索，我們正在使用技術嵌入來增強技術搜索——將搜索變成更語義化的東西。

So it's easier to try to send the users to what they're looking for.

因此，嘗試將用戶引導至他們正在尋找的內容會更容易。

Kaio Da Prato, UBS.

Kaio Da Prato，瑞銀。

So two quick on my side, please.

請兩位快點站到我這邊。

With all these good trends that we are seeing in the fintech business, I was wondering if you can share some idea about the profitability of the fintech business in your three main countries, Brazil, Mexico, and Argentina?

鑑於我們在金融科技業務中看到的所有這些良好趨勢，我想知道您是否可以分享一些關於巴西、墨西哥和阿根廷這三個主要國家的金融科技業務盈利能力的想法？

And what levels do you think you can achieve in each of them?

您認為您可以在每個方面達到什麼水平？

Just an idea of how it has been evolving over time would it be really helpful here.

只是了解它如何隨著時間的推移而演變，在這裡會很有幫助。

And additionally, you are mentioning that you would like to become the number one digital bank in Mexico.

此外，您提到您希望成為墨西哥第一大數位銀行。

What do you think are your competitive advantages against the digital players in Mexico today as since that now you are with similar offerings compared to most of them nowadays.

您認為您相對於當今墨西哥的數位參與者的競爭優勢是什麼，因為與當今大多數數位參與者相比，您現在提供的產品類似。

We don't share a lot of details regarding specific profitability in each of the three countries.

我們不會分享這三個國家/地區具體盈利能力的大量細節。

Let me share with you that we are extremely -- we are profitable in all three countries, in the three largest markets: in Argentina, Brazil, and Mexico.

讓我與您分享的是，我們在所有三個國家、三個最大的市場（阿根廷、巴西和墨西哥）都獲利了。

In the case of Brazil and Mexico, it's driven mostly on the fintech services side, driven mostly by our credit book and acquiring is profitable in all three markets.

就巴西和墨西哥而言，這主要是由金融科技服務方面推動的，主要是由我們的信用簿推動的，而收購在這三個市場都是有利可圖的。

In the case of Argentina, the importance of credit is less relevant than in the other markets, but we have such a strong position as a wallet leveraging the payments every day users make that makes up for the lower credit volume at this point.

就阿根廷而言，信貸的重要性不如其他市場那麼重要，但我們擁有如此強大的地位，因為錢包可以利用用戶每天支付的費用來彌補目前信貸量的下降。

And we are very profitable in all three markets.

我們在這三個市場都非常有利可圖。

Regarding the second question was that we have claimed that we are applying for license and that we want to be the number one digital bank in Mexico.

關於第二個問題，我們聲稱我們正在申請牌照，我們希望成為墨西哥第一的數位銀行。

We believe we have several competitive advantages.

我們相信我們有幾個競爭優勢。

First of all, we already have a large user base given the importance of, on the one hand, the marketplace.

首先，考慮到市場的重要性，我們已經擁有龐大的用戶群。

And on the other hand, our acquiring business, which is very developed in Mexico.

另一方面，我們的收單業務在墨西哥非常發達。

And furthermore, we have been doing aggressively.

此外，我們一直在積極行動。

First, initially, our consumer credit book there for several years, but also recently, our credit card, and we are very excited with the kind of growth we are seeing.

首先，最初，我們的消費者信用記錄已經存在了好幾年，但最近還有我們的信用卡，我們對所看到的成長感到非常興奮。

And we believe that this synergy we have between the marketplace acquiring business and the fintech services businesses is something that nobody else has.

我們相信，我們在市場收購業務和金融科技服務業務之間所擁有的這種協同作用是其他人所沒有的。

So we believe we have a very strong position in Mexico.

因此，我們相信我們在墨西哥擁有非常強大的地位。

João Soares, Citi.

若昂·蘇亞雷斯，花旗銀行。

Congratulations on the results.

祝賀結果。

Two quick ones on my side.

我這邊有兩個很快的。

The first one is I wanted to dig a little bit deeper into the GMV performance in Brazil.

第一個是我想更深入了解巴西的 GMV 表現。

We usually have a big pricing which is going to be more challenging.

我們通常有一個很大的定價，這將更具挑戰性。

And actually, you had

事實上，你有

(inaudible) .

（聽不清楚）。

And not only do we see an acceleration, but we saw volumes driving this acceleration.

我們不僅看到了加速，而且看到了推動這種加速的數量。

So I just wanted to understand.

所以我只是想了解一下。

I realize there's no single bullet here or a silver bullet, but what do you attribute this to

我意識到這裡沒有單一的子彈或靈丹妙藥，但你將此歸因於什麼

(inaudible) ?

（聽不清楚）？

How much attribute this to -- I mean, I just want to go at some point what are the main points that we would attribute this acceleration to.

這在多大程度上歸因於——我的意思是，我只想在某個時候談談我們將這種加速歸因於哪些要點。

It would be interesting to hear.

聽聽看會很有趣。

And we also saw a good development of the ads penetration right now at 2%, right?

我們也看到廣告滲透率現在有 2% 的良好發展，對嗎？

So I just wanted to hear your thoughts on the broader retail media adoption.

所以我只是想聽聽您對更廣泛的零售媒體採用的想法。

How much of this comes from the view involving your own capabilities?

這其中有多少是從你自己的能力角度出發的？

And also, any thoughts on the profitability on this business will also be interesting to hear.

此外，任何關於這項業務盈利能力的想法也將很有趣。

João, this is Ariel.

喬奧，這是愛麗兒。

So thank you for your question on -- still, I think it's a good thing.

謝謝你提出的問題——不過，我認為這是一件好事。

The fact that I am getting kind of the similar question on why we grew so much in Brazil quarter, we must be doing some positive on that one.

事實上，我也收到了類似的問題，為什麼我們在巴西季度成長如此之多，我們必須在這方面採取一些積極的措施。

So the answer to your question is that there is no silver bullet to the performance.

所以你的問題的答案是性能沒有靈丹妙藥。

So it's not something specific that I can attribute that growth to.

所以我不能將這種增長歸因於特定的事情。

I would say several strategies and actions were executed across the business, from improvements in selection, expanding our 3P selection complemented with more 1P, which is helping us strengthen MercadoLibre's position as the go-to place to buy in Brazil, improvement in pricing.

我想說的是，整個企業執行了多項策略和行動，包括改進選擇、擴大我們的3P 選擇並輔以更多1P（這有助於我們加強MercadoLibre 作為巴西首選購物場所的地位）、改善定價。

We are getting more and more obsessed with our price competitiveness.

我們越來越注重我們的價格競爭力。

We continue also improving our shipping offering with faster deliveries, slower deliveries, more fulfillment, more free shipping.

我們也繼續改進我們的運輸服務，提供更快的交付、更慢的交付、更多的履行、更多的免費送貨。

As we said in the past, we are putting a lot of effort in averaging Brazil into regions, into categories, into different type of users as to find the right solution to push for growth in each of those segments.

正如我們過去所說，我們正在投入大量精力將巴西分為地區、類別、不同類型的用戶，以找到正確的解決方案來推動每個細分市場的成長。

Product and experience continues to be a key priority for us.

產品和體驗仍然是我們的首要任務。

We continue to deploy innovation.

我們繼續部署創新。

In beauty, we deployed virtual try-ons.

在美容方面，我們部署了虛擬試妝。

We are expanding our compatibilities in auto parts, trading, in consumer electronic presales.

我們正在擴大我們在汽車零件、貿易、消費電子預售方面的相容性。

I mean, we continue to improve our experience more and more.

我的意思是，我們繼續越來越改善我們的體驗。

I think we also developed over time a good muscle to quickly identify and adjust our promotional calendars and marketing efforts as to capitalize the opportunities that appear in the market at every single point of time, and that's also helpful.

我認為，隨著時間的推移，我們也發展了一種強大的能力，可以快速識別和調整我們的促銷日曆和行銷工作，以便利用市場上每個時間點出現的機會，這也很有幫助。

And last but not least, as Osvaldo was saying before with the first question, our payments ecosystem.

最後但並非最不重要的一點是，正如奧斯瓦爾多之前在第一個問題中所說的那樣，我們的支付生態系統。

So blue money, including buy now pay later, credit card, account money continues to gain share in our checkout, and that's definitely helping us increase conversion.

因此，藍色資金，包括先買後付、信用卡、帳戶資金繼續在我們的結帳中佔據份額，這肯定有助於我們提高轉換率。

So in summary, I would say that what you see today is probably the compounded effect of 25 years investing fully focused in Latin America.

總而言之，我想說，您今天看到的可能是 25 年來完全專注於拉丁美洲投資的複合效應。

So the second part of your question related to advertising, so I would say, again, another good quarter or a great quarter for us.

所以你的問題的第二部分與廣告有關，所以我想說，對我們來說，又是一個好的季度或一個偉大的季度。

Our penetration reached percent of GMV which is 40 basis points improvement year over year.

我們的滲透率達到了 GMV 的百分比，比去年同期提高了 40 個基點。

The revenues grew 51% year over year in dollar terms, that's the eighth consecutive quarter with a growth rate above 30% particularly.

以美元計算，營收年增 51%，這是連續第八個季度成長率超過 30%。

We saw a great performance coming from cross-border sellers from 1P brands and that product continues to represent the majority of the business.

我們看到 1P 品牌的跨境賣家表現出色，而產品繼續佔據大部分業務。

I would also add to the ads thing, that a big milestone for us.

我還要補充廣告，這對我們來說是一個重要的里程碑。

Jamie Friedman, Susquehanna International Group.

傑米‧弗里德曼，薩斯奎哈納國際集團。

Congratulations on the 25th.

恭喜25號了。

I just wanted to briefly get your summary message about credit quality because I realize there's a lot of different inputs here.

我只是想簡要了解您關於信用品質的摘要信息，因為我意識到這裡有很多不同的輸入。

But the NIMAL did deteriorate on a year-over-year basis, about 500 basis points, though admittedly, it was roughly flat sequentially.

但 NIMAL 確實同比惡化，約 500 個基點，但不可否認的是，它與上一季基本持平。

The provision -- that's page 10.

該條款－即第 10 頁。

And then on page 19, the bad debt provision, which I realize is also a function of growth math but that also increased about 300 basis points sequentially.

然後在第 19 頁，壞帳準備金，我意識到這也是成長數學的函數，但也連續增加了約 300 個基點。

So I know there's a lot of detail, but if you could just give us, like, the overall message about how you're thinking about credit quality, that would be helpful.

我知道有很多細節，但如果您能給我們提供有關您如何看待信用品質的整體信息，那將會很有幫助。

(technical difficulty)

（技術難度）

This is Jamie Friedman at Susquehanna.

我是薩斯奎哈納的傑米·弗里德曼。

I was just asking for the one liner on credit quality.

我只是要求一份關於信用品質的保證。

On page 10, the NIMAL, though they were roughly flat sequentially, they did deteriorate about 500 basis points year over year.

第 10 頁上的 NIMAL，雖然與上季基本持平，但確實同比惡化了約 500 個基點。

On page 19, the 300 basis point increase in the bad debt provision though I realized that is growth math, but I noticed a lot of detail.

在第19頁，壞帳準備金增加了300個基點，雖然我意識到這是成長數學，但我注意到了許多細節。

But if you could just share us the one liners how you're thinking about credit quality, that would be helpful.

但如果您能與我們分享您對信用品質的看法，那就會很有幫助。

Absolutely.

絕對地。

NIMAL was slightly down, but that compression was, I would say, fully explained by the growth of the credit card portfolio as percentage of the total portfolio.

NIMAL 略有下降，但我想說，信用卡投資組合佔總投資組合百分比的成長充分解釋了這種壓縮。

So it's mostly a change of mix.

所以這主要是混合的改變。

The credit card factory has a lower NIMAL because we will provision upfront but only a small portion of the portfolio generates revenue initially.

信用卡工廠的 NIMAL 較低，因為我們將預先提供資金，但最初只有一小部分投資組合產生收入。

Having said that, we are very excited with the evolution of all of our credit portfolios.

話雖如此，我們對所有信貸投資組合的發展感到非常興奮。

We are seeing very good results in the earlier cohorts of the credit cards.

我們在早期的信用卡系列中看到了非常好的結果。

We continue to see that the improvement in our [scoring malls] and shortening of the payback period for each cohort, that's why we have been growing the credit card portfolio.

我們繼續看到我們的[評分商場]的改善和每個群體的投資回收期的縮短，這就是我們一直在增加信用卡投資組合的原因。

And beyond that, also the credit card is obviously strategically very, very, very important.

除此之外，信用卡顯然在策略上也非常非常重要。

And then the second part of the question is regarding -- if I understood correctly, regarding the NPL evolution.

然後問題的第二部分是關於——如果我理解正確的話，關於不良貸款的演變。

Again, we are comfortable with the results we are seeing.

同樣，我們對所看到的結果感到滿意。

The spreads we have are very, very healthy.

我們的利差非常非常健康。

And I think overall, we are comfortable with the credit portfolio.

我認為總體而言，我們對信貸組合感到滿意。

Yes.

是的。

And going back to NIMAL just to complement, we don't disclose specific NIMAL portfolio for countries, but as Osvaldo mentioned, this is a mixed issue.

回到 NIMAL 來補充一下，我們沒有透露各國的具體 NIMAL 產品組合，但正如 Osvaldo 所提到的，這是一個複雜的問題。

If you were to look at individual product portfolios, NIMAL are stable or improving year on year.

如果您查看單一產品組合，NIMAL 的表現穩定或逐年改善。

So that's why we feel comfortable accelerating growth.

這就是為什麼我們對加速成長感到放心。

Our credit book reached [$4.9 billion], growing 51% year on year, on the back of very strong profitability results.

在非常強勁的獲利績效的支持下，我們的信用帳簿達到了 [49 億美元]，比去年同期成長 51%。

Geoffrey Elliott, Autonomous.

傑弗瑞‧艾略特，《自治》。

There's clearly lots of growth, lots of acceleration, lots of positives in the numbers.

顯然有很多成長、很多加速、很多正面的數字。

Can you tell us what has been the biggest positive surprise for you over the last year?

您能告訴我們去年帶給您的最大的正面驚喜是什麼嗎？

If you wound back to 12 months ago, you could see the numbers that you've just printed, which part of the business is it which has exceeded your expectations?

如果你回到12個月前，你可以看到你剛剛印製的數字，是哪部分業務超出了你的預期？

Geoffrey, I think if you look at the results over the past year, we are super excited about all parts of our business.

傑弗裡，我想如果你看看過去一年的業績，我們對我們業務的各個部分都感到非常興奮。

I mean, on commerce side, as Ari mentioned, we are growing Brazil 36% on the back of -- 30% last quarter and sustained growth in Mexico.

我的意思是，在商業方面，正如 Ari 所提到的，我們巴西的成長率為 36%，上個季度成長了 30%，墨西哥也持續成長。

This is the third consecutive quarter by which we grew 30% year on year.

這是我們連續第三個季度年增 30%。

So gaining market share in both markets.

因此在兩個市場上都獲得了市場份額。

We're also very positively surprised about the turnaround of Argentina.

我們對阿根廷的轉變也感到非常驚訝。

We had a tough quarter last quarter, in Q1, and we regained growth once again on the commerce side of Argentina.

上個季度，即第一季度，我們經歷了一個艱難的季度，但我們在阿根廷的商業方面再次恢復了成長。

Our fulfillment infrastructure continues to be deployed and great gain in penetration, which results in much better user experience.

我們的履行基礎設施持續部署，滲透率大幅提高，從而帶來更好的使用者體驗。

A number of users have been growing, a number of buyers, as well as monthly active users on the fintech side of the business.

金融科技業務的用戶數量、買家數量以及每月活躍用戶數量一直在增加。

Then on the fintech side, we have tremendous opportunity ahead of us in Mexico.

然後在金融科技方面，我們在墨西哥面臨巨大的機會。

Assets under management are performing very well throughout the region.

所管理的資產在整個地區表現良好。

Our credit books, as like Osvaldo mentioned earlier, performing very well, and we accelerated growth in the past two quarters.

正如奧斯瓦爾多之前提到的那樣，我們的信用帳簿表現非常好，並且我們在過去兩個季度加速了成長。

So very excited about all of our businesses.

對我們所有的業務都感到非常興奮。

And in particular, also the new businesses that are growing, Mercado Play, which is starting relatively new is showing some positive signs.

特別是，正在成長的新業務 Mercado Play 相對較新，也顯示出一些積極的跡象。

So far, Meli Más, which we launched a year ago, performing very well.

到目前為止，我們一年前推出的 Meli Más 表現非常好。

So we are very excited about both the commerce as well as the fintech side of the business.

因此，我們對商業和金融科技方面的業務都感到非常興奮。

Okay.

好的。

It sounds like the answer to that is everything.

聽起來這個問題的答案就是一切。

I'm tempted to ask you to pick one, but I won't.

我很想請你選一個，但我不會。

Just to follow up, the new customers, the monthly active user growth, who are those people?

只是跟進一下，新客戶、每月活躍用戶成長，那些人是誰？

Are they people who have not used e-comm before?

他們是以前沒有使用過電子商務的人嗎？

Or are they coming from competitors?

還是它們來自競爭對手？

Where are the new users coming from?

新用戶來自哪裡？

Just to be fair with you, it's true that the answer was broad because we're really excited about the performance of the business.

公平地說，答案確實很廣泛，因為我們對公司的表現感到非常興奮。

I think if I had to highlight one, it's probably the surprise of continuing to gain market share in Brazil for several quarters.

我想如果我必須強調一個的話，那就是在巴西連續幾個季度繼續獲得市場份額的令人驚訝的事情。

For more than a year now, every quarter, we continue to grow at a faster rate than the market at a very large scale.

一年多來，每個季度我們都繼續以比市場更快的速度大規模成長。

So that's obviously something that we are very proud and very positively surprised.

所以這顯然是我們非常自豪和非常驚訝的事情。

If I were to pinpoint something on the fintech side, I'll say that several quarters ago, we restructured how our team is organized with a strong focus on fintech services.

如果我要指出金融科技方面的一些事情，我會說幾個季度前，我們重組了團隊的組織方式，並專注於金融科技服務。

And since then, we have seen very strong growth, both in Brazil and Mexico, not only in number of users, but in the frequency, the use of products, and how, for example, cuanta de la mujara has grown and credit cards have grown.

從那時起，我們在巴西和墨西哥都看到了非常強勁的增長，不僅在用戶數量方面，而且在頻率、產品使用方面，以及 cuanta de la mujara 的增長和信用卡的增長等方面。

So I'd say the increased focus we put on fintech services clearly is paying off, and that is really according to the expectations we have.

因此，我想說，我們對金融科技服務的日益關注顯然正在得到回報，這確實符合我們的預期。

Craig Maurer, FT Partners.

克雷格‧毛雷爾，《金融時報》合夥人。

Again, congratulations on your 25th.

再次恭喜你25歲了。

Most of my questions have been asked and answered.

我的大部分問題都已被提出並得到解答。

But I wanted to ask you a follow-up to Geoff's question on market share.

但我想問你一個關於傑夫關於市場佔有率問題的後續問題。

If you could characterize for us where you think market share is for MercadoLibre and in each of the main markets, and how that's progressed year on year, that would be helpful.

如果您能為我們描述您認為 MercadoLibre 和每個主要市場的市場份額，以及逐年進展情況，這將會有所幫助。

Yes.

是的。

As you know, market shares are a lot of public information that's not that accurate.

如您所知，市場份額是許多不那麼準確的公共資訊。

I mean, the reason why we believe we are gaining market share is because we are growing at a very rapid pace, most likely for sure, above market.

我的意思是，我們之所以相信我們正在獲得市場份額，是因為我們的成長速度非常快，而且很可能高於市場水平。

But in terms of specific market share numbers, those are numbers that we don't share, but it's public information I'm sure you can get.

但就具體的市場份額數字而言，這些數字我們不會分享，但我相信您可以獲得公開資訊。

What we can say is that at a growth rate of 36% year on year in Brazil and 30% in Mexico, we are gaining share for sure.

我們可以說的是，巴西同比增長率為 36%，墨西哥同比增長率為 30%，我們的份額肯定在增加。

Marvin Fong, BTIG.

馬文·方，BTIG。

Congratulations as well on the anniversary as well as the strong quarter.

祝賀週年紀念日以及強勁的季度表現。

I would just like to turn to the topic of the Brazil macro environment in terms of -- it looks like inflation is kind of ticking up and the Central Bank is pausing.

我想談談巴西宏觀環境的話題——通膨似乎有所上升，而央行正在暫停。

So just with respect to your fintech business, two parts on this.

因此，就您的金融科技業務而言，分為兩部分。

How does that trajectory factor at all into your willingness to lean into expanding more credit and acquiring more borrowers in that country?

這種軌跡對您在該國擴大信貸和獲得更多藉款人的意願有何影響？

And then secondly, how might it affect your spreads?

其次，它會如何影響您的點差？

I think in the second quarter, you had some positive gross margin impact from credit spreads and credit funding.

我認為在第二季度，信貸利差和信貸融資對毛利率產生了一些正面的影響。

Just any thoughts on how you might pass or not pass on interest rate funding cost to your customers.

只是關於如何將利率融資成本轉嫁給客戶的任何想法。

Marvin, so mostly the decision of how to expand our credit books, our credit offerings is principally related to how we are seeing payments evolving, how we see the malls evolving.

馬文，所以主要是如何擴大我們的信用帳簿的決定，我們的信用產品主要與我們如何看待支付的發展以及我們如何看待購物中心的發展有關。

And as long as we continue to see that our malls are working well and NPLs are coming down, we will continue being aggressive with expansion of credit.

只要我們繼續看到我們的購物中心運作良好並且不良貸款正在下降，我們就會繼續積極擴張信貸。

Our trades typically are very short, and therefore we are very flexible to adjust to any change in interest rate policy that may come.

我們的交易通常非常短，因此我們可以非常靈活地適應可能出現的利率政策的任何變化。

And with regards to credit spreads and funding, I would say that, today, we have spreads that are very healthy.

關於信貸利差和融資，我想說，今天我們的利差非常健康。

We're always looking for ways to continue growing the credit book we have.

我們一直在尋找繼續增加我們擁有的信用簿的方法。

And in some cases, that will imply working with very positive spreads, but smaller than the one we have now because there's an opportunity to continue further expanding upmarket, where, in order to reach those customers we'd need to be even more competitive with vis-a-vis traditional banks.

在某些情況下，這意味著要以非常積極的價差進行合作，但比我們現在的價差要小，因為有機會繼續進一步擴大高端市場，為了接觸到這些客戶，我們需要與他們更具競爭力相對於傳統銀行而言。

And just to complement on macro.

只是為了補充宏觀。

I mean, we've been operating in Latin America for 25 years, and we've seen many different macro situations, and we believe that in our industry, both on commerce and fintech a lot more important, stronger the secular trend of people moving online, both to commerce online as well as to bring their finances, digitalize their finances.

我的意思是，我們在拉丁美洲運營了 25 年，我們看到了許多不同的宏觀情況，我們相信在我們的行業中，無論是商業還是金融科技都更加重要，人們流動的長期趨勢更加強勁在線，既可以進行線上商務，也可以實現財務數位化。

So we are a lot more focused on continuing to improve our products, continue to offer faster shipping, better assortment on the commerce side, business credit book, as Osvaldo mentioned, and macro should not affect our performance or growth in the future, at least what we're seeing so far in Brazil, Mexico, and Argentina.

因此，我們更專注於繼續改進我們的產品，繼續提供更快的運輸、商業方面更好的品種、商業信用簿，正如奧斯瓦爾多所提到的那樣，宏觀不應影響我們未來的業績或成長，至少到目前為止，我們在巴西、墨西哥和阿根廷所看到的情況。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn it back over to Martin de los Santos for closing remarks.

我現在想把它轉回給馬丁·德洛斯桑托斯做總結發言。

Well, thank you, everybody, for joining.

好的，謝謝大家的加入。

Once again, very excited about the results of the quarter, but more importantly, about the future of MercadoLibre, celebrating our 25th year tomorrow.

我們再次對本季的業績感到非常興奮，但更重要的是，對 MercadoLibre 的未來感到非常興奮，明天將慶祝我們成立 25 週年。

But we're looking ahead, we continue to see as many as big opportunities as we saw 25 years ago.

但我們展望未來，我們繼續看到與 25 年前一樣多的巨大機會。

So again, looking forward to the second half of the year and to reporting to you in three months.

再次期待下半年，並在三個月後向大家報告。

Thanks again.

再次感謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。