美卡多 (MELI) 2024 Q4 法說會逐字稿

Hello, everyone and welcome to the MercadoLibre earnings conference call for the quarter ended December 31, 2024.

大家好，歡迎參加 MercadoLibre 截至 2024 年 12 月 31 日的季度財報電話會議。

Thank you for joining us.

感謝您加入我們。

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

我是 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 management team.

今天，我們將透過影片分享我們的季度亮點，然後與我們的管理團隊開始現場問答環節。

Before we go on to discuss our results of the fourth 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 年第四季的業績之前，我提醒您，管理層可能會做出或參考，本簡報可能包含前瞻性陳述和非 GAAP 指標。

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，該免責聲明也將在我們的投資者關係網站上的收益資料中提供。

Please note that this call is being recorded and a replay will also be available on our Investor Relations website.

請注意，本次通話正在錄音，重播也將在我們的投資者關係網站上提供。

Before passing on to Martin, I'd highlight that our new Investor Relations website is now live.

在轉交給馬丁之前，我想強調一下，我們的新投資者關係網站現已上線。

Investors can find new content, including a deep dive on our ecosystem, our institutional presentation, and our management podcasts.

投資者可以找到新的內容，包括深入了解我們的生態系統、我們的機構介紹和我們的管理播客。

Investors can also walk through the user experience of our apps through investor.mercadolibre.com.

投資者還可以透過 investor.mercadolibre.com 了解我們應用程式的使用者體驗。

With that, let's begin with a short message from our CFO.

首先，我們先聽一下我們財務長的簡短演講。

Hello, everyone. 2024 was another remarkable year for MercadoLibre.

大家好。 2024 年對 MercadoLibre 來說又是非凡的一年。

Our key top line metrics, GMV, acquiring TPV, credit portfolio, and asset under management outpaced the market in Brazil, Mexico, and Argentina, driving significant market share gains and highlighting our position as the leading e-commerce and fintech player in Latin America.

我們的主要營收指標 GMV、收單 TPV、信貸組合以及資產管理規模均超過了巴西、墨西哥和阿根廷市場，推動了市場份額的大幅成長，彰顯了我們作為拉丁美洲領先電子商務和金融科技公司的地位。

Improvements in our value proposition enabled us to surpass 100 million unique buyers in our marketplace and 60 million monthly active users in our fintech platform for the first time.

我們價值主張的改進使我們的市場獨立買家首次超過 1 億，金融科技平台每月活躍用戶首次超過 6,000 萬。

This milestone reflects the trust and loyalty of our users on our ecosystem, and it also highlights the success of the investments and growth we have been making over the past few years.

這個里程碑反映了用戶對我們生態系統的信任和忠誠度，也凸顯了我們過去幾年的投資和成長的成功。

During 2024, we continued investing in our logistic infrastructure, which is a critical enabler that reduces friction and attracts more users to online commerce.

2024 年，我們將繼續投資物流基礎設施，這是減少摩擦和吸引更多用戶參與線上商務的關鍵推動因素。

We opened new fulfillment centers and expanded our free shipping offering.

我們開設了新的配送中心並擴大了免費送貨服務。

This resulted in a record breaking number of new buyers coming to our marketplace.

這使得進入我們市場的新買家數量創下了歷史新高。

Another important area of investment was our credit cards.

另一個重要的投資領域是我們的信用卡。

In 2024, we issued 5.9 million new cards and more than doubled our portfolio.

2024年，我們發行了590萬張新卡，卡片量增加了一倍以上。

Having a solid credit card offering is critical to our ambition of becoming the largest digital bank in Latin America and leveraging our unique competitive advantages in underwriting and the distribution.

擁有強大的信用卡產品對於我們成為拉丁美洲最大的數位銀行的目標以及利用我們在承保和分銷方面的獨特競爭優勢至關重要。

So we'll continue investing in our platform to capture these opportunities even if sometimes they put short term pressure on margins.

因此，我們將繼續投資我們的平台以抓住這些機會，即使有時它們會對利潤造成短期壓力。

I see older cohorts of credit cards becoming profitable.

我發現老一輩的信用卡已經開始獲利了。

As the accuracy of our risk models improves, we are confident we're in the right track.

隨著我們的風險模型準確性的提高，我們相信我們正走在正確的軌道上。

These investments are central to our ability to continue delivering outstanding results and building a business with much greater scale in the long run.

這些投資對於我們持續取得優異績效和長期建立更大規模的業務至關重要。

Even after 25 years of this, we continue to see a large opportunity ahead of us.

即使已經過了25年，我們仍然看到眼前存在著巨大的機會。

The pillars of our long term growth strategy are based on the relatively low penetration of e-commerce in our region, a huge opportunity to offer better financial products to large segments of our population that have been underserved by traditional banks, and the digitalization of cash for merchants and individuals.

我們長期成長策略的支柱是：我們地區電子商務的滲透率相對較低；為大部分未能享受到傳統銀行服務的人群提供更好的金融產品的巨大機會；以及為商家和個人提供現金數位化服務。

We are pleased with this year's financial results, achieving $21 billion of revenue and generating over $1 billion of free cash flow.

我們對今年的財務表現感到滿意，實現了 210 億美元的收入並產生了超過 10 億美元的自由現金流。

This demonstrates our ability to drive profitable growth while continuing to invest in our long term strategic objectives.

這表明我們有能力推動獲利成長，同時繼續投資於我們的長期策略目標。

As we enter 2025, we're more optimistic than ever about the opportunities that lie ahead.

當我們進入 2025 年時，我們對未來的機會比以往任何時候都更加樂觀。

Now I hand it back to Richard to share more details on some of the innovations that made these results possible.

現在我把主題轉回給理查德，讓他分享一些實現這些成果的創新的更多細節。

As we conclude MercadoLibre's 25th anniversary year, we reflect on another year characterized by innovation throughout our ecosystem as we develop technology to build the best commerce and fintech user experience in Latin America, all within a unique ecosystem.

在 MercadoLibre 成立 25 週年之際，我們回顧了另一個以整個生態系統的創新為特徵的一年，我們開發技術以在獨特的生態系統中打造拉丁美洲最佳的商業和金融科技用戶體驗。

One of our top focus areas is developing a world-class purchasing experience for each of our verticals.

我們的重點關注領域之一是為每個垂直行業開發世界一流的購買體驗。

We are removing specific frictions in each category.

我們正在消除每個類別的具體摩擦。

This goes from virtual trial for makeup to enabling users to schedule a change of tires within the buying flow and have those tires shipped directly to the mechanic, and enabling sellers to offer bulk discounts to buyers.

這包括從虛擬化妝試用到讓用戶在購買流程中安排更換輪胎並將輪胎直接運送給機械師，以及讓賣家向買家提供批量折扣。

In fashion, we standardized filters and sizes and enabled a better returns experience whereby users can exchange their purchase for a different size at one of the thousands of many places across the region.

在時尚領域，我們標準化了過濾器和尺寸，並提供了更好的退貨體驗，用戶可以在該地區數千個地方之一將購買的商品換成不同尺寸。

In supermarkets, we launched Full Super, a new storefront page that allows better navigation on subcategories within groceries.

在超市，我們推出了 Full Super，這是一個新的店面頁面，可以更好地導航雜貨內的子類別。

Users can more easily put multiple items of the same product in their baskets directly from their search results.

用戶可以更輕鬆地直接從搜尋結果中將同一產品的多件商品放入購物籃。

They can also easily add items purchased in their previous shops to their carts, and they can see the progress that they're making to reaching the free shipping threshold for the grocery category.

他們還可以輕鬆地將在先前的商店購買的商品添加到購物車中，並且可以看到他們在達到雜貨類別免費送貨門檻方面所取得的進展。

We're also deploying technology to improve efficiency in our logistics operations.

我們也正在部署技術來提高物流營運的效率。

In 2024, we reached record levels of productivity in all geographies and a record number of shipments per route.

2024 年，我們在所有地區的生產力水準和每條航線的貨運量均達到了創紀錄的水準。

Gains of scale on the back of a 29% year on year increase in items shipped also helped cost per package in local currency to either decline year on year, or rise below inflation in our major geographies.

由於運輸量年增 29%，規模效益也有助於我們主要地區的每件包裹當地貨幣成本年減或低於通貨膨脹率。

There are no silver bullets when it comes to driving logistics efficiency.

在提高物流效率方面，沒有什麼靈丹妙藥。

Instead, our focus is on dozens of small incremental gains that compound over time.

相反，我們的重點是隨著時間推移而累積的數十個小的增量收益。

Examples of this include grouping initiatives that increase the number of items per delivery, a new shelving system in our fulfillment centers that improves productivity whilst reducing CapEx, and continuous improvements in all of our routing algorithms.

這方面的例子包括：透過分組計畫來增加每次交付的物品數量，在我們的配送中心採用新的貨架系統來提高生產力同時降低資本支出，以及對我們所有路由演算法進行持續改進。

We're also investing to improve our value proposition for sellers.

我們也正在進行投資以改善我們針對賣家的價值主張。

In 2024, we implemented several key tools which include my page, where sellers can customize their space on MercadoLibre, group publications and create their own product carousels.

2024 年，我們實施了幾個關鍵工具，其中包括我的頁面，賣家可以在其中自訂他們在 MercadoLibre 上的空間、分組出版物並創建自己的產品輪播。

They can also engage directly with potential buyers who are now able to follow their favorite stores.

他們還可以直接與現在可以關注他們最喜歡的商店的潛在買家進行交流。

Sellers can generate coupons and create ads to specifically target this audience.

賣家可以產生優惠券並建立廣告來專門針對該受眾。

The dynamic pricing tool is a feature that automates price adjustments for listings based on internal and external competitiveness within established limits, thereby enhancing sellers' market positioning.

動態定價工具是在既定限制內根據內部和外部競爭力自動調整清單價格的功能，從而增強賣方的市場定位。

The growing size, frequency and engagement of our marketplace user base also enables us to improve the value proposition of Mercado Pago.

我們市場用戶群的規模、頻率和參與度不斷增長也使我們能夠改善 Mercado Pago 的價值主張。

It enables us to better understand those users, which helps us to offer them credit lines and cross sell other fintech services.

它使我們能夠更好地了解這些用戶，從而幫助我們為他們提供信用額度並交叉銷售其他金融科技服務。

In 2024, we were able to ramp up our credit card offering by better selecting users and increasing credit limits after years of tests.

2024 年，經過多年的測試，我們能夠透過更好地選擇用戶和提高信用額度來擴大我們的信用卡服務。

We also made it easier for pre-approved users to pick up a card whilst making a purchase on the marketplace.

我們也讓預先批准的用戶在市場上購物時更容易領取卡片。

And we also offered special buying conditions for cardholders during peak season with 18 installments for high ASP items available only to Mercado Pago cardholders.

此外，我們也為旺季持卡人提供特殊購買條件，僅 Mercado Pago 持卡人可享有高 ASP 商品的 18 期分期付款優惠。

To complement the great value prop of the credit card, users can also access attractive returns on deposits in Brazil, Mexico, Argentina and Chile, as well as new investment options.

為了補充信用卡的巨大價值，用戶還可以獲得巴西、墨西哥、阿根廷和智利的豐厚存款回報以及新的投資選擇。

We recently launched the Meli Dollar, a stablecoin that users can buy, hold and sell in our app, and specific tax-free investment products called LCI and LCA in Brazil, with investments starting from just BRL100.

我們最近推出了 Meli Dollar，這是一種穩定幣，用戶可以在我們的應用程式中購買、持有和出售，以及巴西稱為 LCI 和 LCA 的特定免稅投資產品，投資起價僅為 100 巴西雷亞爾。

Improvements in UX and value proposition have also been key in our acquiring business.

使用者體驗 (UX) 和價值主張的改善也是我們收購業務的關鍵。

This year, we focused on improving the processing time for payments on our POS devices through technology.

今年，我們專注於透過科技改善 POS 設備上的付款處理時間。

As a result, we have seen higher NPS.

因此，我們看到了更高的 NPS。

Our value prop is complemented by an ecosystemic offer that includes credit cards and loans to merchants, where we're able to use open finance to better score and increase limits.

我們的價值主張由生態系統服務補充，其中包括信用卡和商家貸款，我們能夠利用開放金融來更好地評分和提高限額。

Both of these help to increase merchant retention.

這兩者都有助於提高商家的保留率。

At the heart of our innovation is a dedicated team of more than 18,000 engineers and a tech-centric culture.

我們創新的核心是一支由 18,000 多名工程師組成的專業團隊和以技術為中心的文化。

This allows us to enhance productivity, to quickly respond to market opportunities, and to remain ahead of our competitors.

這使我們能夠提高生產力，快速響應市場機會並保持領先於競爭對手。

By innovating, we strengthen our leadership in the region.

透過創新，我們加強了該地區的領導地位。

This will continue to be our focus in 2025 and beyond, and it underpins our confidence that the best is yet to come.

這將繼續成為我們在 2025 年及以後的關注重點，並且它堅定了我們對未來最好的事情的信心。

(Operator Instructions)

（操作員指令）

Andrew Ruben, Morgan Stanley.

摩根士丹利的安德魯魯本。

If I could ask around the credit portfolio.

如果我可以詢問有關信用組合的情況。

So you mentioned the risk first approach and the ability to scale back as needed.

所以您提到了風險優先的方法和根據需要縮減規模的能力。

I guess if I could with two related questions.

我想我可以問兩個相關的問題。

The first would be amid the rising interest rate backdrop in Brazil, how would you describe your comfort risk appetite around credit in the country?

第一個問題是，在巴西利率上升的背景下，您如何描述您對該國信貸的舒適風險偏好？

And then related to that, as credit becomes more penetrated in your GMV and seller base, how do you think about the impacts to the overall ecosystem in a scenario where you do take a more cautious issuance approach?

與此相關的是，隨著信貸在您的 GMV 和賣家群體中滲透得越來越深，在您採取更謹慎的發行方式的情況下，您如何看待對整個生態系統的影響？

Hi, Andrew.

你好，安德魯。

With regards to the first part of the question, so far, we have seen no signs of deterioration in our credit portfolio.

關於問題的第一部分，到目前為止，我們沒有看到信貸組合出現惡化的跡象。

And in fact, in Brazil, the credit card had the lowest first payment default on record in December.

事實上，在巴西，12 月信用卡首次付款違約率創下了有史以來的最低水準。

And that said, we have taken some measures to use risk at the margin.

儘管如此，我們還是採取了一些措施來利用邊際風險。

Given the weaker macro backdrop that you mentioned and also the rising in interest rates, as of now, we are no longer issuing micro cards, which -- well, we have reduced significantly.

鑑於您提到的宏觀背景較弱以及利率上升，截至目前，我們不再發行小額卡，我們已經大幅減少了小額卡的發行量。

As I said, we're not issuing, but we have reduced significantly the amount of micro cards we're issuing.

正如我所說，我們沒有發行微型卡，但是我們已經大幅減少了發行的微型卡的數量。

And also we have tightened the payback periods on new visions.

而我們也縮短了新願景的回報期。

So essentially, we're being a little bit more cautious.

所以本質上，我們會更加謹慎一些。

Nonetheless, we are very comfortable with the level of risk we are taking.

儘管如此，我們對所承擔的風險水準感到非常滿意。

And the second part of the question, if I got it right, it was regarded to penetration of GMV and if that is a concern.

問題的第二部分，如果我理解正確的話，它被認為是 GMV 的滲透率，以及這是否是一個令人擔憂的問題。

I'd say it's not a concern at this point.

我想說目前這不是什麼值得擔心的事。

We believe we have plenty of room to growing penetrations on the consumer side.

我們相信，我們在消費者方面的滲透率還有很大成長空間。

What we have seen happen lately is particularly in Mexico, some cannibalization from taxes paid on the marketplace with credit card instead of consumer loans.

我們最近看到的情況尤其發生在墨西哥，一些市場稅收被信用卡而不是消費貸款所蠶食。

That was expected and we expect that to continue happening, but what we're seeing is increased penetration of our credit products in the marketplace.

這是預料之中的，我們預計這種情況將繼續發生，但我們看到我們的信貸產品在市場上的滲透率不斷提高。

Just to complement, Andrew, as we have talked to you in the past, we are seeing, as Osvaldo mentioned, very healthy books in terms of profitability in NPLs.

安德魯，作為補充，正如我們過去與您交談過的那樣，正如奧斯瓦爾多所提到的，我們看到，不良貸款的盈利能力非常健康。

And this is the reason why we accelerated our credit portfolio by 74% year on year this quarter.

這就是我們本季信貸組合年增 74% 的原因。

But we are alert to what happens in Brazil.

但我們對巴西發生的事情保持警覺。

And in the past, you've seen it slow down three years ago when something that we don't like we saw on the market.

而在過去，你會看到它在三年前就放緩了，當時我們在市場上看到了一些我們不喜歡的東西。

So we slowed down.

因此我們放慢了速度。

So we're willing to do that.

因此我們願意這樣做。

And keep in mind that also the duration of our credit portfolio is very short.

請記住，我們的信貸組合的期限也很短。

So that gives us a lot of flexibility to adjust to anything that we see on the market that requires us to adjust in terms of risk exposure.

因此，這為我們提供了很大的靈活性，可以適應市場上任何需要我們在風險敞口方面進行調整的情況。

Irma Sgarz, Goldman Sachs.

高盛的伊爾瑪·斯加茲（Irma Sgarz）。

Very strong results in Argentina in terms of item growth, but also direct contribution margin.

阿根廷在產品成長和直接貢獻利潤方面都取得了非常強勁的業績。

So with a positive outlook for economic growth in that country, this could be of some support to the overall margin in 2025.

因此，如果該國經濟成長前景樂觀，這可能會對 2025 年的整體利潤率提供一定的支撐。

So I was just curious to hear from you how you think or encourage us to think about tailwinds and headwinds for margin in this geography in 2025.

所以我只是很好奇想聽聽您如何看待或鼓勵我們思考 2025 年該地區利潤的順風和逆風。

Any areas of investment or cost increases that we should just be aware of?

我們應該注意哪些投資領域或成本增加？

And separately in Brazil, the contribution margin was down a bit year over year.

另外在巴西，貢獻利潤率較去年同期略有下降。

My big glance was okay, but was this simply a reflection of year over year higher provisions for the credit card build out or anything else that played out here?

我大體看了一下還好，但是這是否只是反映了信用卡建設的逐年增加的撥備，還是其他任何因素？

Hi, Irma.

你好，伊爾瑪。

Martin here.

這裡是馬丁。

Yeah, we are very optimistic about what's going on in Argentina.

是的，我們對阿根廷的情況非常樂觀。

We saw a recovery on the second half of the year.

我們看到了下半年的復甦。

If you remember, we had half, first and second quarter items sold in Argentina grew by 18% in Q4, increasing from 10% the previous quarter.

如果你還記得的話，我們有一半的第一季和第二季在阿根廷銷售的商品在第四季成長了 18％，高於上一季的 10％。

So very strong recovery on the commerce side of the business.

因此，商業方面的復甦非常強勁。

And on fintech as well.

還有金融科技方面。

On fintech, we quadrupled our credit book in Argentina.

在金融科技方面，我們在阿根廷的信貸餘額增加了四倍。

We grew it by 4x from last year, a book that is very profitable.

與去年相比，我們的銷量成長了 4 倍，這是一本非常賺錢的書。

NPLs under control.

不良貸款可控制。

Obviously, with lower interest rates, people are taking on more risk.

顯然，隨著利率降低，人們承擔的風險也隨之增加。

We're very optimistic on the macro signals that we're seeing on our platform.

我們對平台上看到的宏觀訊號非常樂觀。

And obviously, Argentina is a relatively higher margin country compared to Brazil and Mexico.

顯然，與巴西和墨西哥相比，阿根廷的利潤率相對較高。

So that explains.

這就可以解釋。

(technical difficulty) And they might put some margin pressures sometimes, on our business, but we don't manage the business for a particular margin target on a quarter by quarter basis.

(技術難題)有時他們可能會對我們的業務施加一些利潤壓力，但我們不會按季度管理業務以實現特定的利潤目標。

We are very satisfied with the growth that we're delivering both on commerce and fintech.

我們對商業和金融科技領域的成長感到非常滿意。

And in the long term, as we continue growing and gain share, we should be able to dilute or dilute our fixed cost and continue to improve margins in the long term.

從長遠來看，隨著我們繼續成長並獲得份額，我們應該能夠稀釋或稀釋我們的固定成本，並在長期內繼續提高利潤率。

So I would not see it as a straight line in margin trajectory, but I would look at it in a longer term, which is the race that we're playing.

因此，我不會將其視為利潤軌蹟的直線，但我會以更長遠的角度來看待它，這就是我們正在進行的競賽。

We're playing a long term battle here.

我們在這裡進行一場長期戰鬥。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Two quick questions.

兩個簡單的問題。

First, we talked last year about investments and opening new warehouses.

首先，我們去年談到了投資和開設新倉庫。

Where are we in the process?

我們目前處於這個過程的哪個階段？

How many more warehouses do you expect to open this year trajectory that we can expect front loaded or towards the end of the year?

您預計今年將開設多少倉庫？

And second question is, now you made a lot of improvements on the commerce platform.

第二個問題是，現在你們對商業平台做了許多改進。

What are the initiatives that you're taking for the lowest ASP items?

為了實現最低 ASP 商品，您採取了哪些措施？

How are you finding of competition from some of your peers who focus more on the lower ticket size items?

您如何看待與那些更注重小商品的同行的競爭？

This is Ariel.

這是 Ariel。

So question, we opened warehouses during this year, two particularly during Q4, which expanded us the capacity that we needed us to go through our peak season.

問題是，我們今年開設了倉庫，特別是第四季度開設了兩個倉庫，這擴大了我們度過旺季所需的產能。

Speaking and taking a step back, as demand grows and thinking about the long term opportunity we have in the region, we think that incremental capacity will not only be necessary but also crucial to drive the shift from comp online to online commerce in Latin America.

退一步來說，隨著需求的增長，考慮到我們在該地區的長期機遇，我們認為增量產能不僅是必要的，而且對於推動拉丁美洲從公司在線向在線商務的轉變至關重要。

This is not something new or this is not a change in direction in terms of capacity build up from what we have been doing.

這並不是什麼新鮮事，與我們一直以來所做的能力建構相比，這並不是一個方向的改變。

But we think that we will continue supporting what we think the business will need us to serve the customers in the proper manner, right?

但我們認為，我們將繼續支持我們認為業務需要我們以適當的方式為客戶提供服務，對嗎？

To the second point of your question, regarding low ASP, let me first bring the point that if you were to look at the growth rates across ASP ranges, you would see that both in Brazil and Mexico and also in the rest of Latin America, our low ticket item sales are actually growing at par or even faster than the average of our marketplace.

對於你問題的第二點，關於低 ASP，首先我想說的是，如果你看一下 ASP 範圍內的增長率，你會發現，無論是在巴西、墨西哥還是在拉丁美洲的其他地區，我們的低價商品銷售實際上都在與我們市場的平均水平持平甚至更快。

And that's basically a consequence of many things.

這基本上是多種因素共同作用的結果。

On the one hand, we continue evolving our UI, our platform with a better experience, more features like some of the ones that we were highlighting in the video for apparel and beauty.

一方面，我們繼續改進我們的使用者介面、我們的平台，提供更好的體驗和更多的功能，例如我們在影片中重點介紹的一些服裝和美容功能。

We continue scaling Melimise and with Melimise, Meli Delivery Day.

我們繼續擴大 Melimise 的規模，並與 Melimise 一起，開展 Meli Delivery Day 業務。

So offering more free shipping, in that price range.

因此，在該價格範圍內提供更多免費送貨服務。

We also have Cvt which gives us the right supply for those items.

我們還有 Cvt，可以為我們提供這些物品的適當供應。

So in all, there is no one particular silver bullet as to tackle that range, but we are very happy and pleased with the support we've had so far.

總而言之，並沒有一種特定的靈丹妙藥可以解決這個問題，但我們對迄今為止所得到的支持感到非常高興和滿意。

Rodrigo Gaston, Itaú BBA.

Rodrigo Gaston，義大利 BBA。

Two questions here from my side.

我這裡有兩個問題。

The first one, I would just like to go back, Martin, to the point that you mentioned about initial measures to reduce risk in Brazil in the credit book.

第一個問題，馬丁，我想回到你提到的關於降低巴西信貸風險的初步措施的問題。

This is one of the most discussed topics with investors.

這是投資者討論最多的話題之一。

You mentioned the micro cards, but if you could just go a little bit deeper here and share in addition to micro cards, what else you guys doing to kind of prevent or to reduce the risk given the micro outlook?

您提到了微型卡，但如果您能更深入地講一講，除了微型卡之外，您還做了什麼來預防或降低微型前景的風險？

That's the first question.

這是第一個問題。

And the second one, specifically on the card book, last quarter, you guys shared very interesting information on profitability both on the NIMAL and also on the EBIT side.

第二個問題，具體來說是關於信用卡帳簿，上個季度，你們分享了關於淨資產收益率 (NIMAL) 和息稅前利潤 (EBIT) 方面的盈利能力的非常有趣的信息。

Not going after the numbers here, but if you could just share on a qualitative basis, the trend both of the NIMAL and the EBIT of the credit card book would also be very interesting to hear from you guys.

這裡我們不追求數字，但是如果您能從定性的角度分享，那麼關於信用卡帳簿的淨資產收益率 (NIMAL) 和息稅前利潤 (EBIT) 的趨勢，我也非常樂意聽聽你們的意見。

Hi, Rodrigo.

你好，羅德里戈。

This is Osvaldo.

這是奧斯瓦爾多。

I'll take the first part of the question.

我將回答問題的第一部分。

I'll let Martin take the second part.

我會讓馬丁負責第二部分。

Going back to credit risk, particularly in our credit card group in Brazil, as I said, one of the things we're doing is significantly reducing the issuing of micro cards, but beyond that, what we're doing is, I mentioned tightening the payback period of the card we issue.

回到信用風險，特別是在我們巴西的信用卡集團，正如我所說，我們正在做的事情之一就是大幅減少小額卡的發行，但除此之外，我們正在做的事情是，我提到過縮短我們發行的卡的還款期。

And basically, what this means is we segment cards by, it creates -- score risk.

基本上，這意味著我們根據它創建的信用卡進行分類，評分風險。

And what we do is we are -- we limit to some degree the amount of cards we issue to the lower -- to the riskier segments, so to speak.

我們所做的是 - 我們可以在一定程度上限制向較低風險群體發行的信用卡數量。

In that way, we ensure that the paybacks are in line with what we expect, even if somehow the economy is stressed.

透過這種方式，即使經濟出現某種壓力，我們也能確保回報符合我們的預期。

So we have been more cautious in issuing cards to the riskier segments.

因此，我們在向風險較高的領域發卡時更加謹慎。

And on top of that, as you know, we have been improving our scoring models and we are very comfortable with how they are working.

除此之外，如您所知，我們一直在改進我們的評分模型，我們對它們的運作方式感到非常滿意。

Yeah.

是的。

In terms of NIMAL, I think we explained in the past, they use for the numbers and then the trends that you can see within the numbers, right?

就 NIMAL 而言，我想我們過去已經解釋過了，他們使用數字，然後你可以在數字中看到趨勢，對嗎？

We have the NIMALs of 27.6% this quarter what we reported compared to 39.8% a year ago.

本季我們的淨資產收益率 (NIMAL) 為 27.6%，去年同期為 39.8%。

So it's below a year ago, but it's slightly better than last quarter.

因此，它低於一年前，但比上一季略有好轉。

And what's going on there, a couple of things.

那裡發生了什麼事？

First of all, the share of credit cards of our total portfolio continues to increase.

首先，信用卡在我們整個投資組合中的份額持續增加。

And as you know, the credit card is a lower NIMAL product.

如您所知，信用卡是一種較低 NIMAL 的產品。

Having said that, the NIMAL of the credit card continues to improve as we continue to have older cohorts that mature and become profitable.

話雖如此，隨著老齡信用卡用戶群不斷成熟和盈利，信用卡的淨借貸成本 (NIMAL) 仍在持續改善。

And we have a larger share of profitable cohorts.

我們擁有更大份額的獲利群體。

They now continues to improve.

他們現在繼續進步。

So you have a larger share of low NIMAL product with an improving NIMAL within it.

因此，您擁有較大份額的低 NIMAL 產品，並且其中的 NIMAL 正在提高。

And then when you look at the other products which are positive NIMAL, actually very good spread, those improved sequentially quarter on quarter.

然後當您查看其他產品的 NIMAL 為正值時，實際上傳播效果非常好，這些產品的季度環比都有所改善。

So when you put all that together, you see a deterioration of NIMAL year on year, which is by design because of mix shift towards credit card.

所以，當你把所有這些因素放在一起時，你會看到 NIMAL 逐年惡化，這是由於混合轉向信用卡而產生的。

And improvement on NIMAL quarter on quarter because of improvements that we have seen on the other credit products, including the credit card as well.

由於我們看到其他信貸產品（包括信用卡）的改善，NIMAL 的季度環比有所改善。

So I hope that helps you to get a picture of where we stand.

我希望這能幫助你了解我們的立場。

And you can with that, get a sense of where we're going since the credit card will continue to be a faster growing portfolio within credits.

透過這一點，您可以了解我們的發展方向，因為信用卡將繼續成為信貸領域中成長較快的投資組合。

Credit card this quarter grew by 18% compared to the overall portfolio that grew at 57%.

本季信用卡成長了 18%，而整體信用卡業務則成長了 57%。

I hope that helps.

我希望這能有所幫助。

Robert Ford, Bank of America.

美國銀行的羅伯特·福特。

Congratulations on the quarter and forgive me for asking a question about credit.

恭喜本季取得佳績，請原諒我詢問有關信用的問題。

But when do you expect your quarterly net credit card investments to Pago, Osvaldo?

但是，您預計何時將季度淨信用卡投資達到帕果、奧斯瓦爾多的水平？

Or did that just happen in the fourth quarter of '24?

或者這只是在 24 年第四季發生的？

And can you comment on any acceleration in the two year maturation period for young cohorts?

您能評論一下年輕族群在兩年成熟期內的加速嗎？

It sounds like you've got some flexibility there to accelerate that in terms of who you choose to underwrite.

聽起來您在選擇核保對象方面擁有一定的彈性，可以加速這一進程。

And then I was curious, how much of the wallet funding on the marketplace is now coming from resources within the ecosystem and how are you thinking about that penetration rate as we move forward?

然後我很好奇，現在市場上的錢包資金有多少來自生態系統內的資源，以及您如何看待我們未來發展的滲透率？

Robert, let me take the first part of the question.

羅伯特，讓我來回答問題的第一部分。

So I would say both in the case of Brazil and in the case of Mexico, we are being slightly more restrictive in the number of cards we issue.

因此我想說，無論是在巴西還是墨西哥，我們對發行卡的數量都會稍微嚴格一些。

And what we're doing is being more restrictive to towards the more, the riskier segments.

我們正在採取的措施是，針對風險較高的領域實施更嚴格的限制。

And so nonetheless, we have been aggressive in expanding limits and so on.

儘管如此，我們仍然積極擴大限制等等。

So total payment volume is growing aggressively on year on year basis.

因此，總支付量逐年大幅增加。

And with regards to cohorts, I would say that if, as we mentioned, all cohorts are two years old, are profitable on NIMAL basis.

關於群組，我想說，如果正如我們所提到的，所有群組都是兩歲，那麼在 NIMAL 基礎上都是盈利的。

And then what we're seeing is that the repayment of the newer cohorts in general, better than that of the older ones and in line to what we expected when we issued them.

我們看到，新一批貸款的償還情況總體上比老一批貸款好，也與我們發放貸款時的預期一致。

So as long as we are able to continue issuing new cohorts with repayments that behave as we expect, we will continue expanding the book.

因此，只要我們能夠繼續發放新貸款，並按照我們的預期進行償還，我們就會繼續擴大貸款規模。

And I think what you are referring to the share of payments, let's say in the marketplace that is done with what we call blue money, including the Mercado Pago credit card account.

我認為您指的是支付份額，例如在市場上使用我們所謂的「藍色貨幣」進行的支付，包括 Mercado Pago 信用卡帳戶。

That's a number that has been increasing over time as we do better credit lines and more credit cards to our users.

隨著我們為用戶提供更好的信用額度和更多的信用卡，這個數字一直在增加。

We don't disclose the exact number.

我們不會透露確切的數字。

But roughly, to give you a sense, depending on the country, it goes from 18% to 25% or so of the payments are done with our own payment methods.

但大致來說，根據國家/地區的不同，大約有 18% 到 25% 的付款是透過我們自己的付款方式完成的。

Joao Soares, Citigroup.

花旗集團的若昂‧蘇亞雷斯 (Joao Soares)。

Just a quick one on my side.

我這邊只是快速的一點。

I just want to understand the relevance of these high risk products and the micro cards.

我只是想了解這些高風險產品和微型卡之間的相關性。

And if this by taking down the risk, by reducing the risk, do you think there could be any repercussions in the face of growth of GMV?

如果透過降低風險來做到這一點，您認為這對 GMV 的成長會產生什麼影響嗎？

No, we don't expect any significant impact of the reduction in relation of micro cards.

不，我們預計微型卡的減少不會產生任何重大影響。

Initially, we started issuing those cards.

最初，我們開始發行這些卡片。

We wanted to give a way to onramp people who do not have a credit card into obtaining a credit card.

我們希望為沒有信用卡的人提供一種方法，讓他們能夠獲得信用卡。

And I would say that it was successful in some cases.

我想說，在某些情況下它是成功的。

But typically, in cases where they were already using another one of our credit products.

但通常情況下，他們已經在使用我們的另一種信用產品。

So in a specific segment, we will continue to issue those micro cards, but it will be a significantly lower part of our share, the share of mix in the total insurance that we had last year.

因此，在特定的細分市場中，我們將繼續發行這些微型卡，但這占我們去年總保險份額的比例將大大降低。

But it will not have any significant impact in any of the other metrics.

但它不會對任何其他指標產生任何重大影響。

As I think about the broader credit cards, so we should expect -- I mean in terms of the pace of growth, we shouldn't expect a major change, right?

當我考慮更廣泛的信用卡時，我們應該期待——我的意思是，就增長速度而言，我們不應該期待發生重大變化，對嗎？

Yeah.

是的。

We -- I gave you already all the color I could.

我們——我已經給了你我所能提供的所有顏色。

As you know, we don't give any guidance.

如您所知，我們不提供任何指導。

So I think that we have been cautious and as we continue to see opportunities to continue issuing with the paybacks that we plan, we will do so.

因此我認為我們一直很謹慎，當我們繼續看到繼續按照計劃發放還款的機會時，我們就會這樣做。

I will complement.

我會補充。

It continues to be a very strategic product for us, for fintech platform.

對我們這個金融科技平台來說，它仍然是一個非常有戰略意義的產品。

So so long as we have good cohorts, good models, improving collections as we have seen so far, we will continue to grow it.

因此，只要我們擁有良好的群體，良好的模型，以及迄今為止所見的不斷改進的收藏，我們就會繼續發展它。

(Operator Instructions)

（操作員指令）

Craig Maurer, FT Partners.

克雷格·莫瑞爾（Craig Maurer），FT Partners 合夥人。

This is Zach Gunn on for Craig.

這是 Zach Gunn 取代 Craig 表演的。

I just wanted to ask on advertising.

我只是想問廣告的問題。

In the letter, it gave some commentary that's still an area you're looking to invest in a lot of room to scale long term there.

信中給出了一些評論，表明您仍希望在該領域進行長期投資，並且有很大的擴展空間。

Can you just talk about what those areas are and how we should think about a target as a percentage of GMV going forward just given the lack of maybe progress a little bit this year on that metric in Brazil GMV?

您能否談談這些領域是什麼？

Hey, Craig.

嘿，克雷格。

So we think that we perform really well in that during this quarter, particularly in peak season, our team executed pretty well.

因此，我們認為我們在本季度的表現非常好，特別是在旺季，我們的團隊表現非常好。

And we managed to build the right relationship with brands and sellers and that led to 50 basis points of expansion year over year in revenues as a percentage of GMV.

我們成功地與品牌和賣家建立了正確的關係，這使得收入佔 GMV 的百分比同比增長了 50 個基點。

But linking this to your question, in the long run, we still have two or three key development areas.

但聯繫到你的問題，從長遠來看，我們仍然有兩三個重點發展領域。

On the one hand, we need to build relationships with brands and agencies in the region.

一方面，我們需要與該地區的品牌和機構建立關係。

We continue to interact with them to gather feedback to iterate our product as we build success cases, as to foster engagement, and get more advertisers.

在建立成功案例的同時，我們會繼續與他們互動，收集回饋來迭代我們的產品，以促進參與並獲得更多廣告商。

We have a very dense product road map.

我們有非常密集的產品路線圖。

As our offering continues to evolve from products ads only to a full final strategy with display, brand video ads, et cetera.

隨著我們的服務從單純的產品廣告不斷發展到包含展示、品牌影片廣告等的完整最終策略。

We continue to improve the tech solution and the tech stack that we are providing to our users.

我們不斷改進為使用者提供的技術解決方案和技術堆疊。

And then we also think that expanding our inventory beyond the MELI ecosystem could be an important lever as to become more attractive for brands and agencies who are looking to run full campaigns across different platforms.

我們還認為，將我們的庫存擴展到 MELI 生態系統之外可能是一個重要的槓桿，以便對希望在不同平台上進行全面活動的品牌和代理商更具吸引力。

With that in mind, I would say we don't guide.

考慮到這一點，我想說我們不提供指導。

So it's not that I can share with you our targets.

因此我無法與你們分享我們的目標。

But I do feel very, very comfortable in saying that we're in the early stages of advertising as a percentage of GMV.

但我可以非常放心地說，就 GMV 而言，我們尚處於廣告業務的早期階段。

We are very far in terms of penetration with some of our international competitors.

在滲透率方面，我們與一些國際競爭對手相比還有很大差距。

And we believe there's no reason why MercadoLibre will not get to similar levels in the long run.

我們相信，從長遠來看，MercadoLibre 沒有理由無法達到類似的水平。

So I guess you just to be patient and we'll get there by iterating our product and getting the right commercial relationships.

所以我想你只需要耐心等待，我們會透過迭代我們的產品和建立正確的商業關係來實現這一目標。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

I wanted to ask about some of the fulfillment centers that recently went online.

我想問一些最近上線的履行中心。

Did you -- were you able to achieve the types of utilization levels that you would like to during the 2024 holiday season, or is that something that you would maybe more likely see in the 2025 holiday season kind of with respect to peak utilization?

您是否能夠在 2024 年假期期間達到您想要的利用率水平，或者就峰值利用率而言，您是否更有可能在 2025 年假期期間看到這種利用率水平？

And then just a little bit of a follow up on a different topic.

然後稍微討論一下不同的話題。

How should we think about provision growth?

我們該如何看待撥備成長？

It certainly seems like there is a bit of a majority of the cohorts that you've brought on the last two years?

看起來，這確實像是過去兩年中您招募的大多數員工？

Any colors or pointers on how we should think about modeling provisions?

關於我們應該如何思考建模條款，有什麼要點或指示嗎？

Hey, Josh.

嘿，喬希。

Ariel here.

這裡是艾麗爾。

So to the first point of your question, yes, we are extremely satisfied with the performance of our logistics network in Q4.

所以關於你問題的第一點，是的，我們對第四季度物流網絡的表現非常滿意。

I think we balanced the expansions that we require to deal with the demand that we knew was going to come to MercadoLibre with lots of productivity improvements and efficiencies.

我認為，我們平衡了所需的擴張以滿足我們所知道的 MercadoLibre 即將出現的需求，同時大幅提高了生產力和效率。

For sure, the extra capacity that we built over the last few quarters helped us cope with that demand but also improve that productivity.

當然，過去幾季我們建造的額外產能幫助我們應對了這項需求，同時也提高了生產力。

A typical warehouse will get to its peak utilization in a few years.

典型的倉庫將在幾年內達到其峰值利用率。

So not that you open a warehouse and from one day to the other, you do reach 100% utilization.

因此，並不是說你開設了一個倉庫，從一天到另一天，你的利用率就能達到 100％。

But given that we really needed that capacity, I would say we are a bit more advanced in that learning process, but everything aligned with what we were planning.

但考慮到我們確實需要這種能力，我想說我們在學習過程中會更先進一些，但一切都與我們的計劃一致。

And as I was saying before, we continue to think that investing in logistics capacity is strategic to enable MercadoLibre to continue growing in the long run.

正如我之前所說，我們仍然認為，投資物流能力具有戰略意義，可以使 MercadoLibre 長期持續成長。

I think I'll let Martin and Osvaldo answer the second part of the question now.

我想現在讓馬丁和奧斯瓦爾多回答問題的第二部分。

Yes.

是的。

I think regarding provisions, there are two forces that you need to consider when trying to molding the provisions going forward.

我認為，關於規定，在嘗試制定未來的規定時，需要考慮兩種力量。

On the one hand, as I said, in the credit card that you clean those portfolios, they become profitable just like Osvaldo was mentioning.

一方面，正如我所說，在信用卡中，當你清理這些投資組合時，它們就會變得有利可圖，就像奧斯瓦多所提到的那樣。

We already see portfolios two years older are already profitable and continue to improve as we move ahead.

我們已經看到兩年前的投資組合已經實現盈利，而且隨著我們的前進，盈利情況還會繼續改善。

On the other hand, you need to look at sequential growth, and let me give you an example of last quarter.

另一方面，您需要查看連續成長，讓我給您一個上個季度的例子。

Last quarter, we grew our portfolio sequentially by 23% compared to only 9% this quarter.

上個季度，我們的投資組合較上季成長了 23%，而本季僅成長了 9%。

And when that happens, as you know, with provision losses upfront, so when you have an increment -- sequential increment of portfolio, that generates some pressure on bad debt.

當這種情況發生時，如你所知，由於預先提列了損失準備金，所以當你的投資組合連續增加時，這會對壞帳產生一些壓力。

So these are two things that you need to consider when trying to model bad debt or provisions for the future.

因此，在嘗試為未來建立壞帳或準備金模型時，您需要考慮這兩件事。

Deepak Mathivanan, Cantor Fitzgerald.

馬蒂瓦南 (Deepak Mathivanan)、費茲傑拉領唱者。

Let me ask one on e-commerce and then one on fintech.

讓我問一個關於電子商務的問題，然後問一個關於金融科技的問題。

On the e-commerce side, you're seeing a very good acceleration in buyers and also frequency is going up very nicely.

在電子商務方面，您會看到買家數量大幅增加，而且購物頻率也在穩定上升。

Can you provide some color on the drivers, maybe in terms of how user behavior is changing or any certain categories that's incrementally contributing in the last few quarters?

您能否具體介紹一下驅動因素，例如使用者行為如何變化，或過去幾季中哪些特定類別的貢獻不斷增加？

Are you seeing maybe perhaps a mix of categories like essentials becoming a bigger part so the consumer behavior is driving towards that?

您是否看到也許必需品等類別的混合體會成為更重要的組成部分，因此消費者行為會朝著這個方向發展？

Any additional color you can share, that would be helpful.

如果您能分享任何其他顏色，那將會很有幫助。

And then I have a follow up.

然後我會進行後續跟進。

Sure.

當然。

Hi, Deep.

你好，Deep。

Ariel here.

這裡是艾麗爾。

So indeed, we are very pleased with the acceleration in buyers coming into the platform and their behavior as well.

因此，我們確實對買家進入該平台的速度和他們的行為感到非常高興。

I think there's no silver bullet as to explain what's happening.

我認為沒有什麼靈丹妙藥可以解釋正在發生的事情。

Like this is a compounding of 25 years investing in adjusting and improving our value proposition, improving our product, the experience.

這是我們 25 年來持續投資調整和改進我們的價值主張、改進我們的產品和體驗的結果。

More and more we have adding features that will verticalize the experience in MercadoLibre.

我們不斷添加新功能，以垂直化 MercadoLibre 的體驗。

We consistently see more and more users buying stuff in more than three categories, which is a key retention driver given our data.

我們持續看到越來越多的用戶購買三個以上類別的商品，根據我們的數據，這是留住用戶的關鍵驅動因素。

New categories are growing very nicely like everyday essentials coming from dry groceries is doing super well.

新的類別成長得非常好，例如來自乾貨的日常必需品表現非常好。

But at the same time, consumer electronics and home and industries, which are our biggest categories and more historical ones do perform really well.

但同時，我們最大的類別和歷史最悠久的消費性電子、家居和工業產品的表現確實非常出色。

Apparel is another category that is doing very well as well.

服裝是另一個表現良好的類別。

Beauty is doing amazing.

美麗正在創造奇蹟。

So no one thing that can explain the behavior and frequency.

因此沒有任何事物可以解釋這種行為和頻率。

I think it's a compounding effect of all the offering that we are putting out there.

我認為這是我們提供的所有產品的複合效應。

And particularly, of course, free shipping is a key enabler for us as to boost demand, right?

當然，免費送貨是我們刺激需求的關鍵因素，對吧？

So I believe that together with all the technology that we've put in demand acquisition are showing the results.

因此我相信，我們在需求獲取方面投入的所有技術都正在顯現成果。

And if I can ask one on the credit, and I apologize if this is already asked, I've been jumping around a couple calls.

如果我可以就信用問題提出一個問題，如果這個問題已經被問過了，我很抱歉，我已經打了幾通電話了。

So on NIMAL improvements that we're seeing quarter to quarter, can you expand on that a little bit maybe between products?

那麼，關於我們每季看到的 NIMAL 改進，您能否在不同產品之間稍微擴展一下？

And then in response to the maturity of the cohort curves and then also the improvements that you're seeing in terms of your underwriting algorithms?

然後為了響應群組曲線的成熟度，以及您在核保演算法方面看到的改進？

How should we think about kind of like the rank order of what is driving it basically as to think about the sustainability of this over the next few quarters?

我們應該如何思考推動這一趨勢的因素的排序，以及如何思考未來幾季的可持續性？

Sure, Deepak.

當然，迪帕克。

I would say that today, if you look at there are higher product spreads, explained almost all of the sequential expansion.

我想說的是，今天如果你看一下更高的產品利差，幾乎可以解釋所有的連續擴張。

Having said that, today, we have higher spread that have been driven primarily by bad debt, which has decreased as a percentage of portfolio on a consolidated basis.

話雖如此，今天我們的利差有所上升，這主要是由於壞帳造成的，以合併基礎計算，壞帳在投資組合中所佔的比例有所下降。

That was due to better collections across all books, in part due to seasonality, as people in Latin America usually get an extra salary or have an extra salary in December, and that many times is used to pay back debt.

這是由於所有書籍的收藏情況較好，部分原因是季節性，因為拉丁美洲人通常會在 12 月獲得額外工資或有額外工資，而這筆錢很多時候是用來償還債務的。

That's on the consumer side and credit card side.

這是從消費者和信用卡的角度來說的。

And then on the merchant side, they do get extra sales because of the holiday season, and that is also used to pay back debts.

而從商家方面來說，他們確實因為節日季節而獲得了額外的銷售額，這些銷售額也可以用來償還債務。

But it's important to remember that provision in policies per cohorts remain unchanged and so does the asset quality.

但重要的是要記住，每個群體的保單撥備保持不變，資產品質也保持不變。

So I'll say that only in terms of NIMAL, we are seeing improvements in the NIMAL of the credit card book.

因此我想說，僅從 NIMAL 方面來看，我們看到信用卡帳簿的 NIMAL 有所改善。

And then we have seen already very high NIMALs on the consumer book and the merchant book.

然後，我們已經看到消費者帳簿和商家帳簿上的 NIMAL 非常高。

And as we move upmarket in those two segments, probably we will see some compression in NIMAL because we're giving loans to segments that are less risky.

隨著我們向這兩個領域的高端市場邁進，我們可能會看到 NIMAL 受到一些壓縮，因為我們向風險較低的領域提供貸款。

And therefore, we expect a lower spread from them.

因此，我們預期其利差會較低。

And then you have to combine all of the effects of each segment and the other thing that is happening is that the credit card book is gaining share within all of our book.

然後，你必須把每個部分的所有影響結合起來，而正在發生的另一件事是，信用卡帳簿在我們所有帳簿中的份額正在增加。

So even though credit card is improving it's NIMAL, when you look at it -- all of it put together, it will stress to some degree the overall NIMAL of the book because of the higher penetration of the credit card.

因此，儘管信用卡的淨資產收益率 (NIMAL) 正在提高，但當你把所有這些加在一起時，由於信用卡的滲透率較高，它會在一定程度上對賬簿的整體淨資產收益率 (NIMAL) 造成壓力。

(Operator Instructions)

（操作員指令）

Kaio Da Prato, UBS.

瑞銀 (UBS) 的 Kaio Da Prato。

I have just one follow-up question on Argentina, please.

我只想問一個關於阿根廷的後續問題。

Given the improvements that we have been seeing there, I just would like to understand what your expectations for the fintech business.

鑑於我們在那裡看到的改進，我只是想了解您對金融科技業務的期望。

And specifically, on credit because what we are seeing there is basically, traditional banks shifting from trading to lending, suggesting a solid, real growth of at least 50% there.

具體來說，就信貸而言，我們看到傳統銀行基本上從交易轉向貸款，這意味著信貸業務將實現至少 50% 的穩健實際成長率。

So just wondering if we can expect even faster growth on your side given the low market share that you still have there in underpenetrated credit marks.

所以我想知道，考慮到你們在信用滲透率較低的市場中的份額仍然較低，我們是否可以期待你們實現更快的成長。

And if you have any kind of restriction because you're not a bank there and if getting a banking license is within your plans for the short term.

如果您在那裡沒有銀行而受到任何限制，並且獲得銀行執照在您的短期計劃之內。

Hi, Kaio.

你好，Kaio。

So I would say we have grown a lot of our portfolio in the last year, nearly 4x year on year.

所以我想說，去年我們的投資組合成長了很多，比去年同期成長了近 4 倍。

And remember, at this point, what we have is a consumer book and a merchant book, but we do not issue at this point credit cards in Argentina.

請記住，目前我們擁有的是消費者帳簿和商家帳簿，但我們目前不在阿根廷發行信用卡。

We are very excited about the opportunity and excited because what we see is that if you look at credits to the private sector in Argentina, it is a small fraction of what it is in other countries in Latin America.

我們對這個機會感到非常興奮，因為我們看到，如果你看看阿根廷私部門的信貸，它只是拉丁美洲其他國家的一小部分。

So there is less credit.

因此信貸減少。

And also so and there is significant demand, particularly in a country where the central bank rates have come down in the last year from 140% to 29%.

而且需求也很大，特別是在一個央行利率在去年從 140% 降至 29% 的國家。

So as credit gets cheaper, there's also more and more demand for it.

因此，隨著信貸成本變得越來越低，對信貸的需求也越來越大。

We also, on top of everything, given that the low penetration of credit, what we see is the lower rate of bad debt that we have in any country.

最重要的是，鑑於信貸滲透率較低，我們看到我們的壞帳率比任何國家都低。

Having said all that, we continue to be cautious.

儘管如此，我們仍然保持謹慎。

Argentina is a country where in the past, we have seen volatility in every macro measure.

阿根廷是一個過去我們看到每項宏觀指標都出現波動的國家。

So we want to be cautious.

因此我們要謹慎行事。

And therefore, if you look at our loans, the duration in Argentina happens to be lower than in other countries.

因此，如果你看看我們的貸款，你會發現阿根廷的貸款期限比其他國家短。

And as we see more time of macro stability, we'll feel more comfortable expanding that.

隨著宏觀經濟穩定時間的延長，我們會更願意擴大這個範圍。

You do not need to be a bank to be able to expand our book.

您無需成為一家銀行即可擴充我們的帳簿。

Obviously, we could have deposits if we were a bank and use all deposits to expand the book.

顯然，如果我們是銀行，我們可以擁有存款並使用所有存款來擴大帳簿。

But we have been able to do that by securitizing the receivables and securitizing coupons from the loans.

但我們可以透過對應收帳款證券化和貸款息票證券化來實現這一點。

And we expect to be able to continue growing without the need to become a bank.

我們希望能夠在無需成為銀行的情況下繼續發展。

Nonetheless, it's something that we analyze regularly.

儘管如此，我們還是會定期分析它。

And at any point, we'll change the decision.

並且，我們隨時都會改變決定。

But at this point, this is not a restriction for growth on the credit side of the business.

但就目前而言，這並不是對業務信貸方面成長的限制。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Martin de Los Santos for any closing remarks.

我想將會議交還給馬丁·德洛斯桑托斯 (Martin de Los Santos) 做最後發言。

Well, thanks, everybody.

好吧，謝謝大家。

We are pleased with MercadoLibre's performance in 2024, which was a very special year for us since we celebrated our 25th anniversary.

我們對 MercadoLibre 在 2024 年的表現感到滿意，這對我們來說是非常特別的一年，因為我們慶祝了 25 週年。

It was probably one of the best years in our history, with strong top line growth to deliver solid profits and generated $1.3 billion in adjusted free cash flow, even after investing about $900 million in CapEx and investing $3 billion in our fintech business, mostly to fund our credit book.

這可能是我們歷史上最好的一年，強勁的營收成長帶來了穩健的利潤，並產生了 13 億美元的調整後自由現金流，即使在投資了約 9 億美元的資本支出和 30 億美元的金融科技業務（主要用於資助我們的信貸帳簿）之後。

And to recap what I mentioned before, because I think it was cut off while I was answering the question from Irma, we will continue to invest with discipline in order to capture this enormous growth opportunities that we have ahead of us.

重述我之前提到的內容，因為我認為我在回答有關伊爾瑪的問題時已經打斷了，我們將繼續有紀律地進行投資，以抓住我們面前巨大的成長機會。

As we have seen in the past, this might sometimes lead to short-term margin volatility, but we are focused on long-term sustainable growth.

正如我們過去所看到的，這有時可能會導致短期利潤波動，但我們專注於長期可持續成長。

And we're very optimistic on that front as we see some of the results of our investment, in particular on the milestones that we achieved in 2024.

我們對此非常樂觀，因為我們看到了投資的一些成果，特別是我們在 2024 年實現的里程碑。

This year, we surpassed the 100 million buyers in our e-commerce platform, more than 61 billion monthly active users of Mercado Pago.

今年，我們電商平台買家突破1億，Mercado Pago月活躍用戶超過610億。

So we're very, very excited about the growth opportunities that we have ahead of us.

因此，我們對未來的成長機會感到非常興奮。

And then eventually, the potential that will continue to increase as we continue to scale our business and dilute fixed costs going forward.

最終，隨著我們繼續擴大業務規模並降低固定成本，這一潛力將繼續增加。

So thanks, everybody for joining.

感謝大家的加入。

Good night.

晚安。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。