美卡多 (MELI) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended March 31, 2025. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's Investor Relations Officer. Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our management team. Before we go on to discuss our results for the first quarter of 2025, I remind you that management may make or refer to, and this presentation may contain forward-looking statements and non-GAAP measures.

大家好，歡迎參加 MercadoLibre 2025 年 3 月 31 日止季度財報電話會議。感謝您加入我們。我是 MercadoLibre 的投資者關係官 Richard Cathcart。今天，我們將透過影片分享我們的季度亮點，之後我們將與我們的管理團隊開始現場問答環節。在我們繼續討論 2025 年第一季的業績之前，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. Please note that this call is being recorded, and a replay will be made available on our IR website as well.

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。請注意，本次通話正在錄音，重播也將發佈在我們的 IR 網站上。

With that, let's be given the short message from our CFO.

接下來，讓我們來聽聽我們財務長的簡短演講。

Hello, everyone. We are excited to kick off 2025 with another great quarter at MercadoLibre as we continue to deliver strong growth across both e-commerce and fintech. In Q1, we maintained the rapid pace of net revenue growth achieved in 2024, while making solid progress on all of our strategic initiatives. This momentum is fueled by continued investments and improvements in the valuable position for us.

大家好。我們很高興 MercadoLibre 能夠在 2025 年開啟另一個輝煌的季度，我們將繼續在電子商務和金融科技領域實現強勁成長。第一季度，我們維持了2024年淨收入的快速成長勢頭，同時各項策略性舉措都取得了紮實進展。這一勢頭得益於我們持續的投資和寶貴地位的提升。

In e-commerce, we continue to deliver strong growth, outpacing all of our major markets, brand preference metrics for our marketplace with all-time high in Brazil, Mexico, Argentina and Chile in the quarter. You see evidence that our investments are working and that we are further consolidating our position as a destination of choice for online purchasing in Latin America. In fintech services, anti-active users continue to grow at start-up rates of more than 30% year on year, reaching a total of $64 million.

在電子商務領域，我們持續實現強勁成長，超過所有主要市場，本季巴西、墨西哥、阿根廷和智利的品牌偏好指標創歷史新高。您可以看到，我們的投資正在發揮作用，我們正在進一步鞏固我們作為拉丁美洲首選線上購物目的地的地位。在金融科技服務方面，反活躍用戶持續以年增30%以上的啟動速度成長，總額達6,400萬美元。

Our strategy of offering attractive remuneration of deposits is proving to be a powerful to attract, retain and engage users. Our credit portfolio grew by 75% year on year while maintaining delinquency at comfortable levels. In March, are serving default on the credit card in Brazil with a new all-time low, driven by ongoing improvements in our scoring models and a successful mobile market. As a result, we are scaling the credit card business while improving its profitability.

事實證明，我們提供有吸引力的存款報酬的策略是吸引、留住和吸引用戶的有效方法。我們的信貸組合年增 75%，同時將拖欠率維持在合理的水平。3 月份，受評分模型持續改善和行動市場成功推動，巴西的信用卡違約率創歷史新低。因此，我們正在擴大信用卡業務的規模，同時提高其獲利能力。

Argentina performed exceptionally well in Q1 in all of our business areas with US dollar revenues more than doubling year on year. The stabilization of the macroeconomic environment has helped us to fully leverage the strength of our brands and value proposition in the country income from operations grew at a faster pace than revenue, helped by the strong performance in Argentina. We are very encouraged by the positive impact of our strategic investments across the MercadoLibre ecosystem, which are critical for us to capture the many long-term growth opportunities we see in both commerce and fintech in Latin America. Thank you for your continued support and interest.

阿根廷第一季在我們所有業務領域均表現優異，美元收入較去年同期成長一倍以上。宏觀經濟環境的穩定幫助我們充分利用了我們在該國的品牌和價值主張的優勢，得益於阿根廷的強勁表現，營業收入的成長速度快於收入的成長速度。我們對 MercadoLibre 生態系統的策略投資產生的正面影響感到非常鼓舞，這對於我們抓住拉丁美洲商業和金融科技領域的許多長期成長機會至關重要。感謝您一直以來的支持與關注。

Now I'll hand it over to Richard for some exciting updates on Fintech.

現在我將把話題交給理查德，讓他介紹一些有關金融科技的令人興奮的最新動態。

As the most recent so a long series of quarterly results to reflect MercadoLibre fantastic momentum monthly active users, for example, continue to grow above 30% year on year and reached $64 million in Q1 '25. Today, we want to highlight some of the exciting changes that have been taking place as we continue to democratize financial services in the region. Our aim is to transform people's relationships with financial services so that as many people as possible have access to products such as the yielding accounts, credit investments, insurance and much more perhaps more importantly, we want users to see the relationship of win-win.

最近的一系列季度業績反映了 MercadoLibre 的驚人發展勢頭，例如每月活躍用戶繼續同比增長 30% 以上，並在 2025 年第一季達到 6,400 萬美元。今天，我們想強調在該地區繼續推行金融服務民主化過程中發生的一些令人興奮的變化。我們的目標是改變人們與金融服務的關係，以便盡可能多的人能夠使用收益帳戶、信貸投資、保險等產品，或許更重要的是，我們希望用戶看到雙贏的關係。

This is a core pillar of RecardoPago's positioning and more importantly, we intend to continue disrupting the markets in which we operate. Here's a short video that should help investors understand how we're thinking about every decision we take as we build MercadoPago to become used as primary financial relationship.

這是 RecardoPago 定位的核心支柱，更重要的是，我們打算繼續顛覆我們經營的市場。這裡有一段簡短的視頻，可以幫助投資者了解我們在建立 MercadoPago 以作為主要金融關係時是如何考慮我們所做的每一個決定的。

(video playing)

（影片播放）

Aside from communicating the win-win value proposition of MercadoPago, we also want it to be even more closely tied to MercadoLibre at the center of our ecosystem. This is Waikato Pago has turned yellow and now shares the primary color of our ecosystem. This allows us to feed off a huge awareness and high levels of confidence that consumers across regions have in our marketplace. We don't want to have a yellow side of the ecosystem and a blue side of the ecosystem. We want to have a single ecosystem.

除了傳達 MercadoPago 的雙贏價值主張之外，我們還希望它與我們生態系統中心的 MercadoLibre 更加緊密地聯繫在一起。這是懷卡托帕果，已經變成黃色，與我們的生態系統有著相同的主要顏色。這使我們能夠充分利用各地區消費者對我們市場的高度認知和信心。我們不希望生態系一邊是黃色，一邊是藍色。我們希望擁有一個單一的生態系統。

We launched a new branding in our Astarte in Chile and Mexico in Q1 with Brazil following in mid-April. This change doesn't only impact our fintech services business, but also our acquiring business. And alongside the yellow colorway, we're also implementing an updated visual identity that is more aspirational and more modern. We have also updated Mercado Pago US, evolving the enough experience from something that resembled the super app. So a look and feel that brings a more specialized banking experience.

我們於第一季在智利和墨西哥推出了 Astarte 新品牌，並於 4 月中旬在巴西推出。這項變更不僅影響我們的金融科技服務業務，也影響我們的收單業務。除了黃色配色之外，我們還實施了更新的視覺識別，使其更具抱負和更現代。我們還更新了 Mercado Pago US，從類似於超級應用程式的東西中發展出足夠的體驗。因此，外觀和感覺可帶來更專業的銀行體驗。

We're raising the bar so that all of the products we offer are displayed and can be navigated in the simplest way possible. These are all changes that should help us achieve our long-term ambition of becoming the largest and best digital account in Latin America. And it's another reason why we're excited that the best yet to come.

我們正在提高標準，以便我們所提供的所有產品都能夠以最簡單的方式展示和瀏覽。這些變化都應該有助於我們實現成為拉丁美洲最大、最好的數位帳戶的長期目標。這也是我們為即將到來的美好而感到興奮的另一個原因。

(Operator Instructions) Andrew Ruben, Morgan Stanley.

（操作員指示）摩根士丹利的安德魯魯本。

Andrew Ruben, Morgan Stanley here. I'd like to explore a bit this sustainability of some of the trends you're seeing Argentina, items sold. It looks like this step changed 52% growth. I'm trying to understand even quarter on quarter what drove such an acceleration and similarly, when we look to the contribution profit in the country, you mentioned the reinvestment in Brazil reinvestment in Mexico, but still quite strong margin in Argentina. So trying to understand the sustainability of that trend and how you're thinking about investments in the country going forward.

我是摩根士丹利的安德魯魯本。我想稍微探討一下您在阿根廷看到的一些趨勢以及出售商品的可持續性。看起來這一步改變了52%的成長。我試圖了解是什麼推動了這種加速，同樣，當我們看該國的貢獻利潤時，您提到了對巴西的再投資和對墨西哥的再投資，但阿根廷的利潤率仍然相當高。因此，請嘗試了解這一趨勢的可持續性以及您如何看待未來對該國的投資。

Perhaps our speaker lines are muted.

也許我們的揚聲器線路被靜音了。

Andrew, this is Ariel. Thanks for your questions. So as you said, we had an amazing quarter in Argentina with last year recoveries recovery in demand strengthening even in far that we were able to capture strong growth. As you said, 126% of GMV growth year over year and 52% on items sold items per unique buyer going up. Of course, there are different effects, right?

安德魯，這是阿里爾。感謝您的提問。正如您所說，我們在阿根廷度過了一個令人驚嘆的季度，去年的需求復甦甚至加強了，以至於我們能夠實現強勁增長。正如您所說，GMV 年成長 126%，平均每個獨立買家銷售的商品數量增加 52%。當然，效果也是不一樣的，對吧？

On the one hand, we are comparing our numbers with baseline from Q1 last year, which was a bit weak. But simultaneously, we see ourselves and more importantly, we see ourselves gaining market share. And that's not just because of what happened last year, but it's also because of everything we've been executing over the last few months in order to help the business get recovered being in shipping and making our prices more affordable pushing for more financing, improving selection and so on. So in all, we continue to enhance our value proposition and we'll continue to do so in the coming quarters. Of course, comparables will get tougher, but we are convinced we have the core of what we need to continue having a great business coming from the country.

一方面，我們將我們的數據與去年第一季的基準進行比較，發現基準有點弱。但同時，我們看到自己，更重要的是，我們看到自己正在獲得市場份額。這不僅是因為去年發生的事情，還因為我們在過去幾個月所做的一切，以幫助業務恢復，包括運輸、使我們的價格更實惠、推動更多融資、改善選擇等等。總而言之，我們將繼續增強我們的價值主張，並將在未來幾季繼續這樣做。當然，比較將會變得更加困難，但我們確信，我們擁有繼續在該國開展偉大業務所需的核心要素。

And just to complement, Andrew, yes, we're seeing, clearly, stabilization of Argentina. We have seen it for the past few quarters. But obviously, you have a tough comp last year was a really tough quarter in Q1. So that also help us with the comparison. But having said that, we've seen lower inflation decreasing interest rate, which is helping us with our credit book.

安德魯，補充一下，是的，我們清楚地看到阿根廷的局勢正在穩定下來。過去幾個季度我們已經看到了這種情況。但顯然，去年第一季的競爭非常激烈。這也有助於我們比較。但話雖如此，我們已經看到通貨膨脹率下降導致利率降低，這對我們的信用帳簿有幫助。

Our credit book grew by 4x year on year in Argentina in dollar terms, not only that, but improved profitability as well that's helping profitability in Argentina asset under management from a very large base in Argentina continues to grow, grew at 69% year on year and profitability overall, the consolidated profitability for Argentina improved by 11 percentage points during the quarter compared to last year.

以美元計算，我們在阿根廷的信貸帳簿同比增長了 4 倍，不僅如此，盈利能力也得到了提高，這有助於阿根廷的盈利能力，阿根廷龐大的資產管理規模繼續增長，同比增長 69%，整體盈利能力，本季度阿根廷的綜合盈利能力與去年相比提高了 11 個百分點。

So we think we are very optimistic on Argentina, not only because of macro, but more important than that because of all the brands that we have in Argentina, both from Magali Mercado Pago, the user experience that we have in Argentina, performing extremely well, as Adi mentioned, both in commerce as well as fintech. And we will continue to deploy and improve the user experience in Argentina like we are doing in the other countries.

因此，我們認為我們對阿根廷非常樂觀，不僅因為宏觀因素，更重要的是因為我們在阿根廷擁有的所有品牌，包括 Magali Mercado Pago，我們在阿根廷的用戶體驗都表現得非常好，正如 Adi 所提到的，無論是在商業還是金融科技方面。我們將繼續在阿根廷部署並改善用戶體驗，就像我們在其他國家所做的那樣。

And if I were to add one comment with regards to the reinvestment we're doing in Brazil and Mexico, on the fintech side, that is mostly related to our credit card in those countries. And we have not launched a credit card in Argentina. So when we do, definitely, we will invest also in building that portfolio.

如果我要就我們在巴西和墨西哥在金融科技方面的再投資補充一點意見，那主要與我們在這些國家的信用卡有關。我們還沒有在阿根廷推出信用卡。因此，當我們這樣做時，我們肯定也會投資建立該投資組合。

Irma Sgarz, Goldman Sachs.

高盛的伊爾瑪·斯加茲（Irma Sgarz）。

So 1P GMV posted some really solid growth. Can you talk a little bit in more detail about what drove this growth and what categories perhaps contributed more was supermarket, for example, a relevant force here? And if you can also comment on margin evolution here, are you getting closer to breakeven ex ads on a full cost basis or is that on the cards for this year? .

因此，1P GMV 實現了真正穩健的成長。您能否更詳細地談談推動這一成長的因素以及哪些類別可能貢獻更大，例如超市，這是一股相關力量？如果您也可以評論一下利潤率的變化，那麼您是否已經接近在全部成本基礎上實現盈虧平衡（不含廣告）了，或者這是今年的計劃嗎？。

Irma, how are you Ariel here again. So yes, as you said, had a tremendous Q1 with GMV growth evolving 102 year over year with strong performance across markets and across categories. And I would say that's the consequence of continuing to improve selection and price competitiveness we also continue to make progress in terms of managing the business through more and more technology. We are doing automatic onboarding, automatic buying, automatic pricing, and that's all contributing for us to get better economics and simultaneously continuing to grow.

伊爾瑪，艾莉爾，你好嗎，又來了。是的，正如您所說，第一季的 GMV 成長非常出色，年成長 102%，各個市場和各個類別的表現都很強勁。我想說，這是不斷改善選擇和價格競爭力的結果，我們也透過越來越多的技術在業務管理方面不斷取得進步。我們正在進行自動入職、自動購買、自動定價，這一切都有助於我們獲得更好的經濟效益並同時繼續成長。

I would say growth in 1P is not driven by supermarket, when the supermarket is growing but our growth in 1P goes much beyond what happened in supermarket and is more and more spread across different categories of our business. Of course, consumer electronics continues to hold a big share of what we are doing in 1P.

我想說，1P 的成長不是由超市推動的，當超市正在成長時，但我們 1P 的成長遠遠超出了超市的成長，並且越來越擴展到我們業務的不同類別。當然，消費性電子產品在我們 1P 產品中仍然佔據很大份額。

So to the second part of the question going to supermarkets, we are extremely satisfied with the consistent progress we have been making in supermarkets for some quarters already. In Q1, we grew 65% year over year. That's faster than any other category in our marketplace and sequentially accelerated. And I'd say that's the result of an improved value proposition across the board, right? So we have better and more consistent selection.

因此，關於超市問題的第二部分，我們對超市幾季以來的持續進展感到非常滿意。第一季度，我們年增了65%。這比我們市場上的任何其他類別都要快，並且還在持續加速。我想說這是全面改進價值主張的結果，對嗎？因此，我們有更好、更一致的選擇。

We have better navigation with aisles that facilitates shopping experience.

我們有更好的過道導航，以方便購物體驗。

We have deployed features for repurchase and some other things that allow our users to fill in the cart and buy stuff easily. We improved our promotional activities and special dates and last but not least, we are increasing the share of 1P within supermarket. And we are doing so because it helps us get more effective in getting consistency and availability of supply day after day. But it also brings efficiency and improvement in economics, right?

我們部署了回購功能和其他一些功能，使我們的用戶可以輕鬆地填寫購物車併購買東西。我們改進了促銷活動和特殊日期，最後但同樣重要的是，我們正在增加超市內 1P 的份額。我們這樣做是因為這有助於我們更有效地日復一日地獲得供應的一致性和可用性。但它也帶來了效率和經濟的改善，對嗎？

So 1P in supermarket actually has better unit economics than 3P as we managed to operate with massive movements in our warehouses operating by pallets and master cases. We managed to get better revenues from advertising through our relationships with manufacturers. So and will definitely play a strategic role in supermarket moving forward. going to the question on margins.

因此，超市中的 1P 實際上比 3P 具有更好的單位經濟效益，因為我們設法透過托盤和主箱在倉庫中進行大規模移動。我們透過與製造商的關係從廣告中獲得了更好的收入。因此，它必將在超市未來的發展中發揮戰略作用。討論邊緣問題。

year over year, margins in supermarket in particular, continue to improve. So we are excited with that. And that's part of the reason why we feel comfortable investing behind doing more and more site merchandising to push for a category in which we have a lot of confidence, and we have proven that can bring downstream impact in the users that do engage in buying consumer packaged goods in MercadoLibre.

與去年同期相比，超市的利潤率尤其持續提高。因此我們對此感到興奮。這就是為什麼我們願意投資越來越多的網站行銷來推動我們非常有信心的類別的原因之一，而且我們已經證明，這可以對在 MercadoLibre 購買消費包裝商品的用戶產生下游影響。

Robert Ford, Merrill Lynch.

羅伯特福特，美林證券。

[Richard Martin] at Losordo. With respect to fast-moving consumer goods, I was actually surprised that it was a highlight in Argentina. Can you talk a little bit about the TAM across the region. Maybe the halo effect for other categories, how you're thinking about subscribe and save, and you alluded to this Ariel but how big of an unlock is this in terms of having now a full funnel solution and FMCG for advertising.

[理查德·馬丁] 在洛索爾多。關於快速消費品，我其實很驚訝這是阿根廷的一個亮點。您能否簡單談談該地區的 TAM 情況？也許其他類別的光環效應，您如何考慮訂閱和保存，您提到了 Ariel，但就現在擁有完整的漏斗解決方案和快速消費品廣告而言，這是一個多大的解鎖。

Rob, real once again. So thanks for the question. I think in general terms, e-commerce penetration in FMCG is pretty pretty low. So Longer term, the opportunity is huge. We are just starting with this category, both ourselves and probably some of our competitors.

羅布，再次成為現實。感謝您的提問。我認為整體而言，電子商務在快速消費品領域的滲透率相當低。因此從長遠來看，機會是巨大的。我們自己以及我們的一些競爭對手都剛開始涉足這一領域。

So we are excited with everything we see and with everything we can build us to push that penetration closer to what e-commerce represents to the general retail.

因此，我們對所看到的一切以及我們可以建立的一切感到非常興奮，以使這種滲透更接近電子商務對一般零售業的滲透。

On Halo effect, I was just mentioning before, we do measure downstream impact of supermarkets. So buyers who buy CPG in MercadoLibre end up buying more of general merchandise in MercadoLibre as well, and that's very positive. Then there is a huge list of product improvements that we need to deploy and we need to code first subscribe and save is definitely in that list, it will get a time in which we will be able to do that, but we are more on the basic feature building right now.

關於光環效應，我剛才提到，我們確實衡量了超市的下游影響。因此，在 MercadoLibre 購買 CPG 的買家最終也會在 MercadoLibre 購買更多的日常百貨，這是非常積極的。然後，我們需要部署大量的產品改進，我們需要先編寫程式碼，訂閱和保存肯定在這個列表中，我們將有時間做到這一點，但我們現在更專注於基本功能建置。

So many things to continue doing in order to get there. We will at some point. But again, excited with the progress this is happening in every single market where we operate, and we expect that to continue in the future.

為了達到目標，還有很多事情要做。在某個時候我們會的。但是，我們對我們運營的每個市場所取得的進展感到非常興奮，我們預計這種情況將在未來繼續下去。

Marcelo Santos, JPMorgan.

摩根大通的馬塞洛·桑托斯。

I would like to ask for an update on the logistics plan, especially on Brazil. I think there was some news saying that you were planning to boost the distribution center deployment. So where you are now? Where do you want to get? And if you could also comment on other regions.

我想詢問物流計劃的最新情況，特別是巴西的物流計劃。我認為有消息指出您正計劃加強配送中心的部署。那你現在在哪裡？你想去哪裡？並且您也可以對其他地區發表評論。

Yes, I think there's nothing changing in terms of our logistics plan to be shared in this call as we mentioned in the past, single logistics is a key enabler for the growth of our business, and we don't want to take risks in terms of not having the required capacity to deal with demand. But given our current scenario and our internal projections, there are no changes to what we announced in the past in terms of footprint.

是的，我認為我們在這次電話會議上分享的物流計劃沒有任何變化，正如我們過去提到的那樣，單一物流是我們業務增長的關鍵推動因素，我們不想在沒有滿足需求所需能力的情況下承擔風險。但考慮到我們目前的情況和內部預測，就足跡而言，我們過去宣布的內容並沒有改變。

So we were very active in deploying a large number of fulfillment centers last year. I think this Q, in particular, the number was a bit lower, but that's just because of seasonality and time to market in setting up new facilities, but we'll continue building and expanding our footprint as needed in order to deal with the demand that we think we will continue generating in the marketplace.

因此，我們去年非常積極地部署了大量的履行中心。我認為這個季度的數字有點低，但這只是因為季節性和建立新設施的上市時間，但我們會根據需要繼續建造和擴大我們的足跡，以應對我們認為將繼續在市場上產生的需求。

And to complement from a financial perspective, if you take logistics investment or CapEx and logistics this quarter as performance of revenues is consistent with what we had a year ago. So similar path from a financial perspective.

從財務角度來看，如果將物流投資或資本支出與物流進行比較，本季的營收表現與去年同期一致。從財務角度來看，這是一條類似的路徑。

Rodrigo Gastim, Itau BBA.

Rodrigo Gastim，伊塔烏 BBA。

I just would like to double-click here on the main drivers behind Argentina's contribution margin evolution. You said it is the comps understanding that, but you've reached the highest contribution margin ever. So just wondering here where it mostly came from is it coming from higher take rates, revenue mix with high growth in the fintech business with acquiring business which has higher margins, SG&A dilution from the faster top line growth. So anything here on the main drivers, specific drivers in Argentina actually to help us to understand the future would also be very helpful. Thank you.

我只是想在這裡雙擊一下阿根廷貢獻利潤率演變背後的主要驅動因素。您說這是公司對此的理解，但您已達到有史以來最高的貢獻利潤率。所以我只是想知道它主要來自哪裡：是來自更高的佣金率、金融科技業務的高成長收入組合、利潤率更高的收購業務、更快的營收成長帶來的銷售、一般及行政管理費用稀釋。因此，這裡關於阿根廷主要驅動因素、具體驅動因素的任何資訊實際上都有助於我們了解未來。謝謝。

Rodrigo, it's Martin here. I think Argentina performed really well, both on commerce and fintech. Most of our businesses grew very nicely in the quarter as a main one of the main drivers is growth that enabled us to dilute fixed costs in a very efficient way, also to find efficiencies in logistics and in many other areas of our business.

羅德里戈，我是馬丁。我認為阿根廷在商業和金融科技方面表現非常出色。本季度，我們的大多數業務都實現了良好的成長，主要驅動力之一是成長，這使我們能夠以非常有效的方式稀釋固定成本，同時在物流和我們業務的許多其他領域提高效率。

The credit business grew very nicely. I mentioned it before, and improved profitability, interest rates coming down in Argentina helping us also with the credit business not only because of more adoption of credit because it's more affordable to people but also by lowering the cost of funding, it improves our margins on that particular product. So I think for the most part, we've seen the recoveries and as Ari mentioned earlier, in commerce, items always growing at 50-plus percent year on year. So I think it's throughout the business. Margins have improved and this is the reason why not only because of comp from last year, but also genuine and sustainable improvements in profitability we're seeing in Argentina so far.

信貸業務成長非常好。我之前提到過，獲利能力的提高和阿根廷利率的下降也對我們的信貸業務有幫助，這不僅是因為信貸的採用率更高，因為人們可以負擔得起，而且透過降低融資成本，它提高了我們該產品的利潤率。因此我認為，在很大程度上，我們已經看到了復甦，正如阿里之前提到的，在商業領域，商品的年增長率始終超過 50％。所以我認為這是整個業務的一部分。利潤率已經提高，這不僅是因為與去年同期相比有所增長，而且也是因為我們迄今為止看到的阿根廷盈利能力的真正和可持續的提高。

The only thing I would add to that is that as interest rates have continued coming down, we also saw an increase in the percentage of transactions that were paid with credit cards and installments where we have also extra revenues on the next take rate.

我唯一想補充的是，隨著利率持續下降，我們也看到使用信用卡和分期付款的交易比例增加，而我們在下一個利率上也有額外的收入。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Can you talk a bit about the asset quality trends. We do expect some seasonality and some seasonal worsening, but is stronger growth in credit cards, which should dilute the asset quality, both early season and NPL. If you can shed some more light on what trends should we expect going forward? And also, if there's any contribution of the growth in the Argentina credit business on these asset quality numbers that we are seeing. Thank you so much.

能否談談資產品質趨勢？我們確實預計會出現一些季節性因素和一些季節性惡化，但信用卡成長更為強勁，這應該會削弱資產質量，包括季初和不良貸款。您能否進一步解釋一下我們未來應該期待哪些趨勢？此外，阿根廷信貸業務的成長是否對我們所看到的資產品質數據有任何貢獻。太感謝了。

So I'll say there are several moving parts when we look at our portfolio of loans, basically the one had, we are increasing the share of credit cards to the overall portfolio, the share of credit card portfolio's. And even though, yes, credit cards have a lower NIM than other parts of the portfolio the NIM of credit card itself has been improving. We never had such a good quarter as this one. So the asset quality is super good. What is changing is the share there.

因此，我想說，當我們查看我們的貸款組合時，有幾個活動的部分，基本上就是一個，我們正在增加信用卡在整體組合中的份額，即信用卡組合的份額。儘管信用卡的淨利息收益率 (NIM) 確實低於投資組合的其他部分，但信用卡本身的淨利息收益率 (NIM) 一直在提高。我們從未經歷過如此好的一個季度。所以資產品質非常好。正在發生變化的是那裡的份額。

And also as the we grow our portfolio and all the cohorts mature the percentage of cohorts that are older and therefore, with a positive NIM will increase.

而且隨著我們投資組合的增長和所有群體的成熟，年齡較大且因此具有正 NIM 的群體的比例將會增加。

And therefore, this goes in the opposite direction. This improves and offsets the change in mix. Then we are moving upmarket and by moving up markets both in the merchant and particularly in the consumer side of the credit book. And this what it means is we will have a little bit lower risk, but also lower spreads because of the very credit we are offering. And so I would say that those have been the main drivers behind the change of mix in the credit portfolio.

因此，這是朝著相反的方向發展的。這改善並抵消了混合的變化。然後，我們開始進軍高端市場，並進軍商家市場，特別是信用帳簿的消費者市場。這意味著我們的風險會稍微低一些，而且由於我們提供的信貸，利差也會降低。所以我想說，這些都是信貸組合變化的主要驅動因素。

With regards to Argentina. In Argentina, I would say that our is a country where we find delinquencies to be the lowest. Part of the reason behind that is that it's a country where the private sector has lower debt than in every other market just because the credit markets were closed for so long and also that people really use Mercado Pago pretty much every day.

關於阿根廷。我想說，阿根廷是我們債務拖欠率最低的國家。部分原因是，由於信貸市場關閉時間過長，這個國家的私部門債務低於其他所有市場，人們幾乎每天都會使用 Mercado Pago。

So they tend to pay us back quickly because we are in many cases, their primary account that they need us for their everyday lives. And so the credit quality in Argentina continues to be very good, and that has driven up increases Martin mentioned in terms of portfolio size, both on the consumer and on the merchant side of the business.

因此他們往往會很快還款，因為在許多情況下，我們是他們日常生活中需要的主要帳戶。因此，阿根廷的信貸品質仍然非常好，這推動了馬丁提到的消費者和商家業務的投資組合規模的成長。

Geoffrey Elliott, Autonomous.

傑弗瑞‧艾利奧特，《自治》。

Could you discuss the strategy in terms of deposits in Brazil we've seen the 120% of CDI rate offered over the last few days. What's behind that? Is that about building customer loyalty? Is it about funding? Is it about something else?

能否討論一下巴西存款方面的策略？我們看到過去幾天巴西的 CDI 利率達到了 120%。這背後有什麼原因？這是為了建立客戶忠誠度嗎？和資金有關嗎？還有其他事嗎？

Can you give some thoughts there.

您能發表一些想法嗎？

Geoffrey, I'd say that the main driver for that is really it's marketing positioning ourselves as really the leading digital bank. It's something that we when we look at our position, it's is moving this direction and this really adds to principality once consumers start bringing their money into Mercado Pago, what they do is they start using Mercado Pago more often we increase our retention.

傑弗裡，我想說，實現這一目標的主要驅動力實際上是透過行銷將我們自己定位為真正領先的數位銀行。當我們審視自己的立場時，我們發現它正朝著這個方向發展，一旦消費者開始將錢帶入 Mercado Pago，他們就會開始更頻繁地使用 Mercado Pago，這確實會增加公國的影響力，從而提高我們的保留率。

We increased the use the do of their money in the marketplace. There are many, many positives. We launched a campaign a few weeks back. very powerful marketing campaign in Brazil where we are starting to view the yellow color as background instead of a blue collar. And then also, we have recruited Anitta, which is a very popular singer in Brazil to push for our -- to advertise Mercado Pago, and that is working very nicely.

我們增加了他們的資金在市場上的使用。有很多很多正面的方面。幾週前我們發起了一項活動。在巴西開展了非常強大的行銷活動，我們開始將黃色而不是藍領視為背景。此外，我們還聘請了巴西非常受歡迎的歌手 Anitta 來宣傳我們的 Mercado Pago，效果非常好。

And part of the value proposition is that we are the account that pays the most in Brazil.

價值主張的一部分是，我們是巴西支付額最高的帳戶。

And so we are making sure that continues to be the case. There are limits to that. As you know, we there are three different conditions you have to keep in order to get the 120% of CDI you have to be part of our loyalty program. You have to put together the money in a special pot and there's a limit of a few thousand BRLs that you can invest in that pot. So I think it's working nicely.

因此，我們要確保這種情況持續下去。但這是有限度的。如您所知，為了獲得 120% 的 CDI，您必須滿足三個不同的條件，才能成為我們忠誠度計劃的一部分。你必須把錢存入一個特殊的資金池，並且你只能投資幾千巴西雷亞爾。所以我認為它運行良好。

We have created a lot of awareness, and people associated us more and more with digital bank. And so thinking I'd say, in the very other direction.

我們已經創造了很多知名度，人們越來越多地將我們與數位銀行聯繫起來。所以我想說，從完全不同的方向來看。

Kaio Prato, UBS.

瑞銀的 Kaio Prato。

Hello, good evening. Thanks for asking questions here. I would like to explore a little bit more about the credit business. First, I would like to understand how is your appetite today across your main products, if you can share. Last quarter, you made clear that you were going to reduce the issuance of micro cards so just wondering if you can share a little bit the effect from that?

你好，晚上好。感謝您在這裡提問。我想進一步探討信貸業務。首先，我想了解一下您目前對主要產品的興趣如何，可以分享一下嗎？上個季度，您明確表示將減少微型卡的發行，因此，您能否分享一下這樣做的效果？

And more about the strategy going forward. Also if you can talk a little bit by region be helpful. And finally, we noted a drop of your credit portfolio leasing one of your funding structures filing in Brazil in March. In this report, you mentioned that you are almost $800 million from own cash for funding on this impact. So can you provide further details on this, what is the funding breakdown of the portfolio today?

以及有關未來策略的更多資訊。另外，如果您能按地區稍微談談的話也會很有幫助。最後，我們注意到，3 月您在巴西申請的一項融資結構的信貸組合租賃量有所下降。在這份報告中，您提到您從自有資金中拿出了近 8 億美元來資助這一影響。那麼，您能否提供更多細節，目前投資組合的資金明細是怎麼樣的呢？

And if you are somewhat changing strategy going forward? And if so, what's the rationale.

如果您要改變未來的策略呢？如果是的話，其理由是什麼？

Kaio, let me start with how we are seeing the credit portfolio in general. And let me start with Brazil and our risk appetite in Brazil. We have not seen any deterioration in our portfolio. I think that both on the consumer side and on the credit side, we continue to be very profitable and NPLs continue to be very healthy. And now in Brazil, as I mentioned, the credit card book the recent cohort has the lowest first payment defaults we have seen.

Kaio，首先讓我先介紹一下我們對信貸組合的整體看法。首先我要談談巴西以及我們在巴西的風險偏好。我們的投資組合沒有出現任何惡化。我認為，無論是在消費方面還是信貸方面，我們都繼續保持著高額盈利，不良貸款水平也繼續保持健康。正如我所提到的，在巴西，最近的一批信用卡用戶首次付款違約率是我們所見過的最低的。

So we are very excited with how our credit models are evolving. That said, we have taken some more measures to reduce risk because we are looking at what's happening in the market and we have seen some deterioration from other players. And so what we have done is beyond reducing the issuance of macro cards. We have been, I'd say, more conservative with regards to those customers who have the lower credit score and I would say this tightening is rather small, but it's something that we have done and we are very comfortable with the level of risk we are currently taking.

因此，我們對我們的信用模式的發展感到非常興奮。話雖如此，我們還是採取了一些措施來降低風險，因為我們正在關注市場正在發生的事情，我們已經看到其他參與者的情況惡化。因此，我們所做的不僅僅是減少宏觀卡的發行。我想說，對於信用評分較低的客戶，我們一直比較保守，而且我想說，這種收緊幅度相當小，但這是我們已經做的事情，我們對目前承擔的風險水平感到非常滿意。

Something similar has happened in Mexico, probably more towards the end of last year and early this year, then we have been able to relax a little bit the issuance of new cars, but we were also more conservative and tender in little with regards to those customers that have lower credit score. But we have not seen any impact in our NPLs.

類似的事情也發生在墨西哥，可能更多地發生在去年年底和今年年初，然後我們能夠稍微放鬆新車的發行，但對於那些信用評分較低的客戶，我們也更加保守和溫柔。但我們的不良貸款並未受到任何影響。

Regarding funding Kaio, the strategy continues to be the same. As a reminder, we defined our books, our credit books in Mexico and Brazil, mostly with warehouse facilities, which are funded by large banks, JPMorgan, Goldman Sachs and Citibank Bank. And in Argentina, we typically go to the capital markets and a regular basis to fund our credit portfolio.

關於為 Kaio 提供資金，策略保持不變。提醒一下，我們在墨西哥和巴西定義了我們的帳簿、我們的信貸帳簿，大部分都有倉儲設施，這些設施由大型銀行、摩根大通、高盛和花旗銀行提供資金。在阿根廷，我們通常會定期進入資本市場為我們的信貸組合提供資金。

In Brazil specifically, which you asked, we also booked certain loans on our financial institutions supposed to sending it to the Fed. And sometimes, we optimize the cost of funding by leaving some more loans in our financial institution. And this is what we did this quarter, is probably what you're referring to. There's no change in terms of the share of third-party funding and the ways we are funding our credit book. This is mostly a tactical adjustment that we did this quarter.

具體來說，在巴西，正如您所問的，我們還在我們的金融機構中登記了某些貸款，準備將其發送給聯準會。有時，我們會在金融機構中保留更多貸款，以優化融資成本。這就是我們本季所做的事情，可能就是您所指的。第三方融資的份額以及我們為信貸帳簿提供融資的方式沒有變化。這主要是我們本季所做的戰術調整。

Joao Suraz, Citigroup.

花旗集團的 Joao Suraz。

Very quick points and follow-ups. The first one is just to understand if there -- should expect any what would be the repercussions on the comms growth when you move when you try to derisk a little bit your concession, right? Initially, we saw with the micro credits and you saw limited impact now and you're moving towards cutting some of the like middle level risk here on the clients.

非常快速的要點和後續行動。第一個就是要了解，當您試圖降低一點讓步的風險時，您應該預料到會對通訊成長產生什麼影響，對嗎？最初，我們看到小額信貸現在的影響有限，我們正在朝著降低客戶面臨的一些中等風險的方向發展。

So I just wanted to understand if there were remaining repercussions of the commerce growth. And just to understand the opportunity of the credit card in Argentina and any view on timing should we expect a similar impact that we saw as you start to accelerate credit origination in other countries? Should we expect something similar in Argentina. I don't know how is the behavior changes varies, right, from compared to Brazil and Mexico.

所以我只是想了解商業成長是否還會產生其他影響。只是為了了解阿根廷信用卡的機會和對時機的任何看法，我們是否應該預期會出現與您開始加速其他國家信貸發放時看到的類似的影響？我們是否應該期待阿根廷也發生類似的事情？我不知道與巴西和墨西哥相比，行為變化有何不同。

Joe, let me address the first part of the question, which is the percussion may have or not in the marketplace, what the actions were taken with Macau Pago, I would say, we don't expect any repercussions in the marketplace when we look and what we track so closely is what we call Blue money which is the total of payments in the marketplace that are coming from any of the Marcelo pagares own sources such as account-to-account or personal loans or credit cards and some of those three variables continue to grow in all three markets in Brazil, Argentina and Mexico, and we expect that to continue to be the case.

喬，讓我先回答問題的第一部分，即此次事件對市場可能產生或不產生的影響，對澳門帕果採取了什麼行動，我想說，我們預計不會對市場產生任何影響，我們密切關注的是我們所謂的“藍色資金”，即市場上來自澳門帕果自身來源（如賬戶對賬戶或個人貸款或信用卡）的支付總額，我們將繼續這種情況下增長的一些。

So we don't expect to see any deceleration in the marketplace driven by tightening a little bit on the credit side. And moving on to the second part, which was the potential evolution of the credit card in Argentina, we expect this to be a very relevant card in the market. It's I would say that we have been learning, we first launched in Brazil, then we were able to run faster in Mexico, and I believe we have a very strong position in Argentina, and we would expect it to be interesting.

因此，我們預期信貸緊縮不會導致市場出現任何減速。接下來是第二部分，即阿根廷信用卡的潛在發展，我們預計這將成為市場上非常相關的卡片。我想說的是，我們一直在學習，我們首先在巴西推出，然後我們能夠在墨西哥跑得更快，我相信我們在阿根廷擁有非常強大的地位，我們預計這會很有趣。

Obviously, we will be cautious as we adapt the models to the local country, each country is different, but we expect to be able to do that in the second to start issuing cards in the second half of the year.

顯然，我們會謹慎地調整模型以適應當地國家，每個國家都是不同的，但我們預計能夠在今年下半年開始發行卡片。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Thanks for taking my question. Congratulations on the quarter. I would just like to drill down, I think on Mexico, you mentioned in the shareholder letter that there was one high ASP category that bit of softness on, I was just wondering if you could elaborate on that? And what growth outside of that category looked like was it was the growth outside of that category consistent with what we've seen in prior quarters in Mexico.

偉大的。感謝您回答我的問題。恭喜本季。我想深入探討一下，我想在墨西哥，您在股東信中提到有一個高 ASP 類別有點疲軟，我只是想知道您是否可以詳細說明一下？該類別之外的成長情況與我們在墨西哥前幾季看到的一致。

And then just a quick question on mall. I think you referenced the seasonality factor that the fourth quarter was unusually high because of the additional payment period if we normalize all of that, and I recognize all your commentary about the underlying strength and the credit card is gaining share there. But at a headline level, would nine all have improved quarter over quarter without that seasonal factor or just any visibility on when you think MIMO at a consolidated level might turn begin expanding quarter over quarter would be great.

然後我再問一個關於商場的簡單問題。我認為您提到了季節性因素，即如果我們將所有這些都正常化的話，第四季度的銷售額會因為額外的付款期而異常高，而且我承認您關於潛在實力和信用卡在那裡獲得份額的所有評論。但從總體來看，如果沒有季節性因素，九個季度是否都會環比改善，或者只是了解綜合層面的 MIMO 何時可能開始環比擴張，那就太好了。

Marvin, Ariel here. Thanks for your question. So we are very satisfied with the progress of our business in Mexico in general and during Q1 in particular. We continued compounding growth and value created for our millions of consumer clinic buyers grew north of 25%, and top line remained very solid. I would say we were still negatively impacted by a slower start of the year for our technology vertical it grew below the average of the rest of the marketplace.

馬文，我是艾麗爾。謝謝你的提問。因此，我們對墨西哥業務的整體進展，尤其是第一季的進展非常滿意。我們持續實現複合成長，為數百萬消費者診所買家創造的價值成長了 25% 以上，而且營收依然非常穩健。我想說的是，我們仍然受到今年年初技術垂直領域發展放緩的負面影響，其成長低於其他市場的平均水平。

We epically saw more aggressive competition, both in terms of pricing and financing in this category. And in some cases, we lacked some of the selection that we needed to compete. We have clearly identified the issue and have several targets initiatives to deal with this, such as some selected adjustments to our premium take rates, some rebates to improve price competitiveness and some other things we are already seeing positive results coming from each of those. And by the way, the effect from technology was isolated our overall continue well ahead of the market, and the rest of the categories grew even further, I would say, with the trend that we used to have in previous quarter around 30% year over year in general terms. So very good momentum.

我們看到這一類別的競爭更加激烈，無論是在定價方面還是在融資方面。在某些情況下，我們缺乏競爭所需的一些選擇。我們已經明確了這個問題，並製定了幾個目標舉措來解決這個問題，例如對我們的保費收取率進行一些選擇性的調整，一些回扣以提高價格競爭力，以及一些其他措施，我們已經看到了這些措施帶來的積極成果。順便說一句，科技帶來的影響是獨立的，我們的整體繼續領先於市場，其餘類別的成長甚至進一步加快，我想說，我們上一季的趨勢總體上同比增長約 30%。勢頭非常好。

And with regards to NIM, I would say that both in most sequentially and year over year, I'd say the part of the compression is due to a function of spreads and product and country mix. On the one hand, the mix, as I mentioned, is more towards credit card. The share of credit cards increased by 8 percentage points over the year. And this is a structural product that has a lower NIM and than consumer loans, for example. And then also, as we are moving that market both in the consumer and merchant originations that also has an impact, both on yield and in bad debt yield basically.

至於 NIM，我想說，無論是按季度還是按年，壓縮的部分原因是利差以及產品和國家組合的作用。一方面，正如我所提到的，組合更傾向於信用卡。信用卡的份額較去年同期增加了8個百分點。這是一種結構性產品，其淨利差低於消費貸款。而且，當我們將市場轉向消費者和商家來源時，這也會對收益率和壞帳收益率產生影響。

So it's safer. We have less default, but we have an impact in revenue yield and bad yield. And as for country mix, Argentina's yield of the credit portfolio doubled year over year, and this partially compensates for the NIM compression because we have higher margins in Argentina.

所以比較安全。我們的違約率較低，但對收益收益率和不良收益率有影響。至於國家組合，阿根廷信貸組合殖利率比去年同期翻了一番，這部分彌補了淨利差壓縮，因為我們在阿根廷的利潤率更高。

Craig Maurer, FT Partners.

克雷格·莫雷爾（Craig Maurer），FT Partners。

I wanted to ask a bit more specifically about the fintech competition in Mexico, your product offering is trending more towards what we see from the likes of new. And I was wondering if you can comment on how you see that evolving over time? Secondly, with regards to the traded war dynamics that the US is propagating, we've been hearing that those e-com businesses that are getting shut out of the US market are redeploying resources to LatAm.

我想更具體地詢問一下墨西哥的金融科技競爭情況，你們提供的產品更趨向我們所看到的新產品。我想知道您是否可以評論一下您認為這種情況會隨著時間的推移如何發展？其次，關於美國正在宣傳的貿易戰態勢，我們聽說那些被排除在美國市場之外的電子商務企業正在將資源重新部署到拉丁美洲。

And I was wondering if you're seeing any change in behavior from your competition, specifically from Asia in Latin America?

我想知道您是否看到競爭對手的行為發生了任何變化，特別是來自拉丁美洲的亞洲競爭對手的行為發生了變化？

Craig let me take the first question. I would say that definitely, in Mexico, all over Latin America, what we want to be in Mercado Pago is on the one hand, acquiring business. But on the other hand, we want to become the best and largest digital bank in the region. So definitely, we'll be competing with the more traditional banks and with fintechs also we are also the digital banks we are very excited by the growth we are seeing.

克雷格要我回答第一個問題。我想說的是，在墨西哥，在整個拉丁美洲，我們想在 Mercado Pago 開展業務，一方面是為了獲得業務。但另一方面，我們想成為該地區最好、最大的數位銀行。因此，我們肯定會與更傳統的銀行以及金融科技公司競爭，我們也是數位銀行，我們對所看到的成長感到非常興奮。

We're very excited by the Net Promoter Score we are obtaining from our users also from the frequency the users use Mercado Pago and also by the share growth of our user base in Mexico. I would say that the most relevant products for us have been the super yielding account and the credit card and both of them are growing strongly.

我們對從用戶那裡獲得的淨推薦值、用戶使用 Mercado Pago 的頻率以及我們在墨西哥的用戶群份額增長感到非常興奮。我想說，與我們最相關的產品是超級收益帳戶和信用卡，它們都在強勁增長。

And so I would say, yes, I see there's an opportunity in Mexico. We are seeing that we saw happen in Brazil over the last 10 years in terms of increased use of financial services and in particular, of digital financial services that is happening in Mexico right now, and we want to seize that opportunity.

所以我想說，是的，我看到墨西哥有機會。我們看到，在過去 10 年裡，巴西的金融服務使用率不斷提高，尤其是墨西哥目前正在出現的數位金融服務，我們希望能抓住這個機會。

Yes. I think your the second part of your question was regarding international competition and cross-border trade into Latin America we have been operating in a very competitive environment, many players coming to region, not only shipping from Asia but also be in the operations locally in the revision so we haven't seen a change in that pattern.

是的。我認為您問題的第二部分是關於國際競爭和進入拉丁美洲的跨境貿易，我們一直在競爭非常激烈的環境中運營，許多參與者來到該地區，不僅從亞洲發貨，而且還在修訂中在當地開展運營，所以我們沒有看到這種模式的變化。

We continue to compete with them and nothing really changed, at least in the short term because of tariffs. In fact, the other way around, there are certain tariffs that were imposed in Mexico and Brazil, increasing the cost of shipping products into the country that diminishes a little bit the volume of cross-border trade into the region.

我們繼續與他們競爭，但什麼都沒有改變，至少在短期內由於關稅的原因沒有改變。事實上，反過來說，墨西哥和巴西徵收了一定的關稅，增加了產品運往這兩個國家的成本，從而稍微減少了該地區的跨境貿易量。

On the flip side, Argentina, [sexualized] and open the market.

另一方面，阿根廷則[性感化]並開放了市場。

So there's more volume coming into Argentina that presents an opportunity for us as well because we are shipping products from the US. But at the same time, some international players will come into Argentina, but we much rather see an open market than a gross market. So to summarize, I think for the most part, we haven't seen a big impact of related to tariffs in the US.

因此，進入阿根廷的貨物數量增加也為我們帶來了機會，因為我們從美國運送產品。但同時，一些國際參與者將進入阿根廷，但我們更希望看到一個開放的市場，而不是一個龐大的市場。總而言之，我認為在大多數情況下，我們還沒有看到與美國關稅相關的重大影響。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Martin, EBIT margin in 1Q is up 70 basis points year on year and you have a relatively favorable comp in the next few quarters as some of the credit card portfolio headwinds stabilized, Argentina, contribution margin trends have also been very good in 1Q so I guess the question is, should we still expect some of the investment plans that you have constrained full year margin expansion? Can you give us an updated view on how you think about the margin trends?

馬丁，第一季的息稅前利潤率同比增長了 70 個基點，並且由於部分信用卡投資組合逆風趨於穩定，未來幾個季度的業績將相對有利，阿根廷第一季度的貢獻利潤率趨勢也非常好，所以我想問題是，我們是否仍應預期您的一些投資計劃會限制全年利潤率的擴張？您能否向我們介紹一下您對利潤趨勢的最新看法？

And then second question, just to double-click a little bit on ads. The penetration as a percent of GMV seems to have gained a few more basis points quarter on quarter than we typically see. Can you expand how much is driven by ad units like display video, where is there some of the more traditional ad units? And can we expect this run rate of penetration gains to continue in the next few quarters? Thank you so much.

然後是第二個問題，只要雙擊廣告。滲透率佔 GMV 的百分比似乎比我們通常看到的季度環比增長了幾個基點。您能否詳細說明一下展示影片等廣告單元所驅動的程度，一些更傳統的廣告單元在哪裡？我們是否可以預期這種滲透率的成長將在未來幾季持續下去？太感謝了。

Hi, Deepak. How are you? Yeah. I mean, you're correct. I mean, margins, if you look at the EBIT margin improved by 70 basis points year on year from 12.2% to 12.9%. And most of the expansion for that is country mix, Argentina, which, by the way, has a larger, bigger margin than the other countries, increased shares of revenues from 14% to 34%. So that on itself helps us in terms of improving the margins.

你好，迪帕克。你好嗎？是的。我的意思是，你是對的。我的意思是，利潤率，如果你看一下息稅前利潤率，它同比提高了 70 個基點，從 12.2% 提高到了 12.9%。其中大部分的擴張都是國家組合，阿根廷的利潤率比其他國家都大，收入份額從 14% 增加到了 34%。因此這本身有助於我們提高利潤率。

On the other hand, of the itself also improved margins as we discussed earlier today also helping in positive direction. That more than compensated this quarter, the investments that we continue to make in Brazil and Mexico, mainly in logistics and credit card, that generated some margin comparison in Brazil and Mexico.

另一方面，正如我們今天早些時候討論的那樣，其本身也提高了利潤率，這也有助於朝著積極的方向發展。本季度，我們繼續在巴西和墨西哥進行投資，主要在物流和信用卡領域，這在巴西和墨西哥產生了一定的利潤率。

But I think, obviously, we don't guide regarding margins, but we have been consistently saying that we don't manage the business to a short-term margin goal what we want to make sure is that we do not miss the large opportunity of growth that we have ahead of us in commerce and fintech.

但我認為，顯然我們不會對利潤率進行指導，但我們一直在說，我們不會將業務管理到短期利潤率目標，我們想要確保的是，我們不會錯過我們在商業和金融科技領域面臨的巨大成長機會。

If we need to invest behind those opportunities. We will continue to do so, even if it might make some short-term pressure on margins. I think the example of last year where we had in 2024, we had margin slightly lower than 2023 but we delivered strong growth, and this is something that we want to continue to deliver because opportunity continues to be enormous in Latin America.

如果我們需要對這些機會進行投資。我們將繼續這樣做，即使這可能會對利潤率造成一些短期壓力。我認為去年的例子是，我們在 2024 年的利潤率略低於 2023 年，但我們實現了強勁的成長，我們希望繼續保持這種成長，因為拉丁美洲的機會仍然巨大。

Only 15% of transactions are done online, and will play an important role of bringing more people online fintech adoption and financial inclusion is very, very low. Most of the regions, in particular in Mexico as well that was mentioning. So again, the focus is on growth, but at the same time making for a reasonable profitability, as we call it made growth fit, balancing finding the right balance sheet in growth and profits.

只有 15% 的交易是在線上完成的，並且將在吸引更多人上網方面發揮重要作用，但金融科技的採用率和金融包容性非常非常低。大多數地區，特別是墨西哥也是如此。因此，再次強調，重點是成長，但同時實現合理的獲利能力，我們稱之為成長適應，在成長和利潤之間找到平衡的正確資產負債表。

Deepak, Ariel here. So to your question about that, we had a solid quarter. We grew about 50% year over year on an FX and neutral basis with penetration going up in Brazil, Mexico and Argentina, and that's basically coming from an improvement in our product stack we had a great quarter in Brands, which is part of our search offering. So although coming from a low base, we have seen a positive acceleration coming from the extension of the product to sellers.

迪帕克，我是阿里爾。對於您提出的這個問題，我們的季度表現穩健。以外匯和中性基礎計算，我們的年增長率約為 50%，巴西、墨西哥和阿根廷的滲透率都在上升，這主要得益於我們產品體系的改進，本季度我們在品牌業務方面表現出色，這是我們搜尋產品的一部分。因此，儘管基數較低，但我們已經看到產品向賣家擴展帶來的積極加速。

So it was previously only available for top brands. and making it more widely available is paying off. the same thing happened with display. So we grew this quarter above 100% year over year in display similarly to brand ads coming from a widely available offer to more sellers and also coming from new features in the product like automatic generation of activities for campaigns, better analytics, et cetera, et cetera, but continues to do very well.

因此它以前只對頂級品牌開放。並且使其更加廣泛地普及正在獲得回報。顯示器也發生了同樣的事情。因此，本季我們的展示廣告年增超過 100%，類似於品牌廣告，這得益於向更多賣家廣泛提供的產品，也得益於產品的新功能，如自動生成廣告活動、更好的分析等，但仍然表現良好。

So we remain optimistic, right? So we have already business that is a size of $1 billion in revenues per year, but we think we are just getting started.

所以我們仍然保持樂觀，對嗎？因此，我們的業務規模已經達到每年 10 億美元的收入，但我們認為這才剛起步。

And last but not least, the launch of Mercado Play on TV is another exciting step in the direction of expanding our inventory beyond the marketplace, and it will definitely play a key role in our strategy in the long term.

最後但同樣重要的一點是，在電視上推出 Mercado Play 是我們在將庫存擴展到市場之外的方向上邁出的又一激動人心的一步，它肯定會在我們的長期戰略中發揮關鍵作用。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

I wanted to ask about the magnitude of short-term margin pressure that you're seeing from the strategic investments in shipping? Just would like to understand that. And then a little bit of a follow-on to I think Craig's question are you seeing any impact from maybe higher ocean freight rates because there's certainly been such a slowdown? Or maybe just help us think through the sourcing of some of your goods, if you have any notable exposure to some of these ocean routes that all of a sudden have a lot less volume, we'd love an update there.

我想問一下，航運策略投資給您帶來的短期利潤壓力有多大？只是想了解這一點。然後我想問一下 Craig 的問題，您是否看到了海運費率上漲帶來的影響，因為確實出現了這樣的放緩？或者也許只是幫助我們思考一些貨物的來源，如果您對這些突然間運量大大減少的遠洋航線有任何顯著的了解，我們很樂意在那裡提供更新。

Yes. I think as I mentioned earlier, right, when you look at the margins in the different countries, and you can find this in our disclosures. The contribution margins in Argentina improved by 11 points compared to last year for the reason that I explained earlier, whereas on the opposite side, Mexico and Brazil compressed roughly 5 percentage points, both of them compared to last year. And the reason for that the main reason for that, I would say I would point out to three reasons. Credit card continues to grow and putting some margin pressure in the short term.

是的。我認為，正如我之前提到的，當您查看不同國家的利潤率時，您可以在我們的揭露中找到這一點。正如我之前所解釋的，阿根廷的貢獻利潤率與去年相比提高了 11 個百分點，而另一方面，墨西哥和巴西的貢獻利潤率與去年相比都下降了約 5 個百分點。而造成這種情況的主要原因，我想指出三個原因。信用卡持續成長並在短期內給利潤帶來一些壓力。

as we continue to improve the profitability of the credit card that might change. If we look at credit cards other than two years are already profitable.

隨著我們不斷提高信用卡的獲利能力，這種情況可能會改變。如果我們看一下除兩年以外的信用卡，它們已經獲利了。

The logistics infrastructure will continue to build our logistic infrastructure to try to increase the penetration of fulfillment in Brazil and keep up with the levels that we have in Mexico in a market that's growing 25% to 30% year on year. So that requires investments. And obviously, I think if you look at year over year, both Mexico and Brazil were affected by the valuation. So that also puts a little pressure on both Mexico's contribution margins. So to the second part of your question, our CBT business is relatively small.

物流基礎設施我們將繼續建造物流基礎設施，試圖提高巴西的履行滲透率，並跟上我們在墨西哥市場的水平，該市場每年的增長率為 25% 至 30%。所以這需要投資。顯然，我認為如果按年來看，墨西哥和巴西都受到了估值的影響。因此這也給墨西哥的貢獻利潤帶來了一些壓力。對於您問題的第二部分，我們的 CBT 業務相對較小。

It's mostly into Mexico is nascent into Argentina over the past this quarter and the previous quarter, we started to deliver products into Argentina now that is open.

我們主要向墨西哥出口，本季和上一季開始向阿根廷出口，現在我們開始向阿根廷運送產品。

But we plan to continue to invest and develop that business because we think there is a it's a good opportunity for as a business in itself, but also to complement the offering that we have within our marketplace to continue shipping products from Asia directly to Latin America and from the Texas operation that we have in the US.

但我們計劃繼續投資和發展這項業務，因為我們認為這本身就是一個很好的業務機會，同時也補充了我們在市場上提供的服務，繼續將產品從亞洲直接運往拉丁美洲以及從我們在美國德克薩斯州的運營點運往拉丁美洲。

James Friedman, Susquehanna.

詹姆斯‧弗里德曼，薩斯奎哈納。

It's James Friedman at Susquehanna. I was wondering if you could share any data that you might have on [Credito] the credit portfolio and it's attached rate to the marketplace. So in some markets, I think you've occasionally disclosed that. But what accelerator do you enjoy as you originate and that attaches to purchasing in the in the broader marketplace ecosystem.

我是薩斯奎哈納的詹姆斯‧弗里德曼。我想知道您是否可以分享有關 [Credito] 信貸組合及其市場利率的任何數據。因此，在某些市場，我認為您偶爾會披露這一點。但是，您在開始時喜歡什麼加速器，並且它與在更廣泛的市場生態系統中進行購買有關。

So I think that what we have disclosed in general is this what we call Blue money, which covers, on the one hand, trade, but also money that's already within the Mercado Pago system. And that is roughly in the order of depending on the country, 20% to 30% of the GMV we process in the marketplace that has been trending up, as I mentioned, but it continues to be within that range for the mainstream countries. .

所以我認為，我們總體上披露的就是所謂的“藍色貨幣”，它一方面涵蓋貿易，也涵蓋已經在 Mercado Pago 體系內的貨幣。這大致取決於國家/地區，正如我所提到的，我們在市場上處理的 GMV 的 20% 到 30% 一直呈上升趨勢，但對於主流國家/地區而言，它仍然處於該範圍內。。

Danny Elgar, XP.

丹尼·埃爾加，XP。

I have a quick one on competition. it's actually a follow-up. Regarding Brazil, if you could just update us on your view regarding the TikTok shop launch this month here? How do you see that in terms of maybe affecting you guys? And in Argentina, you mentioned about the increased interest we live in safe news recently.

我對競爭有一個簡短的看法。這實際上是一個後續行動。關於巴西，您能否向我們介紹一下您對本月推出的 TikTok 商店的看法？您認為這可能會對你們產生什麼影響？在阿根廷，您提到最近我們對安全新聞的關注度增加。

If you could also share your view on the recent developments in terms of competition in Argentina that would be interesting as well.

如果您也能分享一下您對阿根廷競爭方面近期發展的看法，那也會很有趣。

Danny, Ariel here. So on TikTok, I think it's still early days. So they launched in Mexico a few months back, they are just launching in Brazil, so we don't have too much info to share with you. Of course, we are paranoid, so we follow them closely, but there's not much to be shared. In Mexico, they seem to be focused on low-value items coming from domestic sellers to be seen what their strategy is going to be in Brazil.

丹尼，我是艾莉爾。所以就 TikTok 而言，我認為現在還處於早期階段。幾個月前他們就在墨西哥推出了產品，現在他們剛在巴西推出產品，所以我們沒有太多資訊可以與大家分享。當然，我們很偏執，所以我們密切關注他們，但沒有太多可以分享的資訊。在墨西哥，他們似乎專注於來自國內賣家的低價值商品，以了解他們在巴西的策略。

Taking a step back, I would say that there seems to be a higher overlap in data value prop with some other platforms more than with MercadoLibre but again, time will tell, right? So we will follow that one closely and decide how to respond.

退一步來說，我想說的是，與其他一些平台相比，MercadoLibre 的數據價值主張似乎有更高的重疊性，但時間會證明一切，對吧？因此我們將密切關注此事並決定如何應對。

To wrap this one up. I would say that typically, when there's a new entrant in the e-commerce space, particularly when they come with a different playbook, they tend to bring new users who used to shop offline into the online world, and that will create another opportunity for us as well, and we hope we can take advantage of that one.

總結一下。我想說的是，通常情況下，當電子商務領域出現新進入者時，特別是當他們帶著不同的策略時，他們往往會將過去線下購物的新用戶帶入線上世界，這也會為我們創造另一個機會，我們希望能夠利用這個機會。

In terms of Argentina, even more early. So we saw interest and we know that Temu launched operations in the country. Amazon has also been shipping items from the US into Argentina, but not much to be set, right? There are no numbers or indications that they are getting progress that is calling our attention.

對阿根廷來說，甚至更早。因此我們看到了興趣，我們知道 Temu 已在該國開展業務。亞馬遜也一直在從美國向阿根廷運送物品，但沒有太多需要設置的，對嗎？沒有任何數字或跡象表明他們正在取得值得我們關注的進展。

As Martin was saying before, this presents an opportunity for us as well. So three weeks after the government opened the regulatory framework, we were live with our drop shipping from the US into Argentina. Now we are live with shipping items from our Texas inventory into Argentina as well, and we expect to continue expanding that selection to complement our local marketplace.

正如馬丁之前所說，這也為我們提供了一個機會。因此，在政府開放監管架構三週後，我們就開始從美國向阿根廷提供直運服務。現在我們也開始將德州庫存的商品運送到阿根廷，我們希望繼續擴大選擇範圍，以補充我們的當地市場。

And this will conclude our question-and-answer session. I would like to turn the conference back over to management for any closing remarks. Please go ahead. The conference has now concluded. Thank you for attending today's presentation.

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。請繼續。會議現已結束。感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。