美卡多 (MELI) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended June 30, 2025. Thank you for joining us. I am Richard Cathcart, MercadoLibre's Investor Relations Officer.

大家好，歡迎參加 MercadoLibre 2025 年 6 月 30 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。

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，之後我們將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 second 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. 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 Investor Relations website as well.

在我們繼續討論 2025 年第二季的業績之前，我提醒您，管理階層可能會做出或參考前瞻性陳述和非 GAAP 指標。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投資者關係網站上。

As we continue to evolve our communications with investors, we have decided to launch our quarterly product update video after earnings rather than together with our results call. So watch out for this coming to your inboxes in the weeks after our results disclosure.

隨著我們與投資者的溝通不斷加強，我們決定在盈利之後而不是在業績電話會議中同時發布季度產品更新影片。因此，請留意我們公佈結果後的幾週內收到的此郵件。

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

首先，讓我們從我們的財務長的簡短演講開始。

Hello, everyone. In Q2, MercadoLibre delivered another quarter of strong financial performance, with revenues growing over 30% year on year and record income from operations of $825 million. These results reflect the strength and consistency of our execution as we continue to invest with discipline to advance our long-term ambitions in commerce, fintech, and advertising.

大家好。第二季度，MercadoLibre 再次取得強勁的財務業績，營收年增超過 30%，營業收入創下 8.25 億美元的新高。這些結果反映了我們執行力的強勁和一致性，我們將繼續嚴格投資，以推進我們在商業、金融科技和廣告領域的長期目標。

In Brazil, we lowered our free shipping threshold for the third time in five years as part of our objective of bringing offline retail online by removing frictions. This strategic initiative is attracting new users to our e-commerce platform, increasing engagement among existing buyers, and expanding our assortment. The enhanced value proposition resulted in accelerated GMV growth in June following the implementation of the new pricing.

在巴西，我們五年內第三次降低了免費送貨門檻，這是我們透過消除摩擦將線下零售轉移到線上的目標之一。這項策略性舉措正在吸引新用戶加入我們的電子商務平台，增加現有買家的參與度，並擴大我們的產品種類。新定價實施後，增強的價值主張導致 6 月 GMV 成長加速。

Mexico was another standout in Q2. GMV growth accelerated sharply, and the number of items sold in the platform increased at the fastest pace in almost two years, driven by strong performance across both our 1P and cross-border businesses.

墨西哥是第二季的另一個亮點。GMV 成長急劇加速，平台銷售商品數量以近兩年來的最快速度成長，這得益於我們 1P 和跨境業務的強勁表現。

Advertising revenue grew 38% year on year. In Q2, we launched our integration with Google Manager, an important milestone in positioning Mercado Ads as a key strategic partner for brand-focused advertisers. FinTech services continued to gain strong traction in Q2.

廣告收入較去年同期成長38%。在第二季度，我們推出了與 Google Manager 的集成，這是將 Mercado Ads 定位為以品牌為中心的廣告商的關鍵策略合作夥伴的重要里程碑。金融科技服務在第二季度持續保持強勁成長勢頭。

Monthly active users of Mercado Pago reached 68 million, reflecting rapid user growth and increasing engagement across our ecosystem. Assets under management more than doubled year on year once again. Our credit portfolio surpassed $9.3 billion, growing by 91% year on year.

Mercado Pago 的每月活躍用戶達到 6,800 萬，反映出用戶的快速成長和整個生態系統參與度的不斷提高。管理資產規模再次較去年同期成長一倍以上。我們的信貸組合超過 93 億美元，年增 91%。

We're also encouraged by the quality of our credit business, with NIMAL remaining broadly stable quarter over quarter and 50 to 90 days NPLs falling below 7% for the first time since we began reporting the metric.

我們的信貸業務品質也令我們感到鼓舞，NIMAL 環比基本保持穩定，50 至 90 天不良貸款率自我們開始報告該指標以來首次降至 7% 以下。

Our credit card business continues to perform well in both Brazil and Mexico. Strong asset quality and ongoing enhancements to our credit models enabled us to issue 1.5 million new cards in Q2.

我們的信用卡業務在巴西和墨西哥繼續表現良好。強勁的資產品質和信貸模式的持續改進使我們在第二季度發行了 150 萬張新卡。

We're also seeing consistent improvements in cohort profitability with more than half of our portfolio in Brazil already being NIMAL positive. We are pleased with our performance in Q2 as the benefits of years of disciplined investments continue to compound.

我們也看到群組獲利能力持續提高，我們在巴西的投資組合中超過一半已經獲得 NIMAL 正值。我們對第二季的表現感到滿意，因為多年來嚴格投資的收益不斷增加。

Engagement is rising across all areas of our ecosystem, reinforcing the strength of our platform and the long-term potential ahead. Thank you for your continuous support

我們生態系統各領域的參與度都在不斷提高，增強了我們平台的實力和未來的長期潛力。感謝您一直以來的支持

(Operator Instructions) Andrew Ruben, Morgan Stanley.

（操作員指示）摩根士丹利的安德魯魯本。

Congratulations as well on the CEO transition announcement. I'm curious around the shipping changes. I see you mentioned the lower free shipping minimum, but also the cut in seller fees between BRL79 and about BRL200. I'm curious on the seller side, what kind of return you see when you reduce the fees for sellers if it gets reinvested into price and how to understand the dynamic between that part of the shipping investment. Thank you.

也祝賀執行長的過渡公告。我對運輸變化感到好奇。我看到您提到了較低的免費送貨最低限額，但賣家費用也削減了 79 巴西雷亞爾到 200 巴西雷亞爾之間。我很好奇，從賣家的角度來看，如果將賣家的費用降低並重新投資於價格，您會看到什麼樣的回報，以及如何理解運輸投資這一部分之間的動態。謝謝。

Hey, Andrew,. How are you? Ariel here. So before the change in pricing, you could see that there was a kind of a cliff edge in the take rate from below BRL79 to above BRL79, which basically led to steep increase in fees, both in absolute terms but more importantly, as a percentage of GMV. So basically, with this adjustment, we are lowering that cliff, smoothening the curve from BRL79 upward. And we think this is the right thing to do.

嘿，安德魯。你好嗎？這裡是艾麗爾。因此，在定價發生變化之前，您可以看到，收費率存在一種懸崖邊緣，從低於 79 巴西雷亞爾到高於 79 巴西雷亞爾，這基本上導致費用急劇增加，不僅在絕對值上，更重要的是，作為 GMV 的百分比。因此，基本上，透過這種調整，我們正在降低這個懸崖，平滑從 BRL79 向上的曲線。我們認為這是正確的做法。

Let me step back for a second. We tested and learned from executing this last year in a few categories. And our experience actually shows that this initiative has a positive impact. And it comes from, A, merchants lowering prices; and B, bringing more selection to our platform.

讓我先退一步。我們去年在幾個類別中進行了測試並吸取了教訓。我們的經驗確實表明，這項舉措產生了積極的影響。它來自於：A，商家降低價格；B，為我們的平台帶來更多選擇。

And more importantly, those impacts are not necessarily perceived at the moment in which we execute the changes, but they get strengthening over time. So overall, I would say this was a positive change for us. We are happy with the early results we've seen, and we are encouraged by the fact that from our experience, we are expecting even more of a positive impact in the near future.

更重要的是，這些影響不一定在我們實施改變的那一刻就能察覺到，但它們會隨著時間的推移而增強。所以總的來說，我認為這對我們來說是一個積極的變化。我們對所看到的早期結果感到滿意，並且根據我們的經驗，我們感到鼓舞，我們期待在不久的將來產生更多的積極影響。

Irma Sgarz, Goldman Sachs.

高盛的伊爾瑪·斯加茲（Irma Sgarz）。

I would just wanted to go a little bit through the higher sales and marketing spend this quarter, excluding the provisions, the spend was almost up 50% in US dollar terms. Now we know that you had two very specific high-profile campaigns in Brazil this quarter. And I think in the letter, you also called out the campaigns in Argentina and in Mexico. So should we think about the spend of this quarter as a little bit of a -- I don't want to call it one-off, but as maybe perhaps a slight outlier?

我只是想稍微介紹一下本季銷售和行銷支出的成長，除去撥備，以美元計算，支出幾乎成長了 50%。現在我們知道您本季在巴西開展了兩場非常具體的高調活動。我認為在信中您也提到了在阿根廷和墨西哥開展的活動。那麼，我們是否應該將本季的支出視為——我不想稱之為一次性的，但可能是一個輕微的異常值？

Or do you see further opportunities to continue to lean into the back half of the year? And in this context, if I may, do you see scope for AI to impact both your -- the efficacy and efficiency of your own ad spend, but also in terms of the ad inventory of and non-platform that you're showing to your ad clients? Or is that too early in the life cycle? Thank you.

或者您看到了在今年下半年繼續保持成長的更多機會？在此背景下，如果可以的話，您是否認為人工智慧不僅會影響您自己的廣告支出的功效和效率，還會影響您向廣告客戶展示的廣告庫存和非平台廣告？或者說，生命週期還處於早期階段？謝謝。

Hi, Irma. It's Martin here. Thank you for your question. It's correct. What you see and we've shown on the graphic -- on the graph on the investor presentation, we compressed margin by 1 percentage point this quarter compared to last year in sales and marketing. And this is mostly because of several things.

你好，伊爾瑪。我是馬丁。感謝您的提問。這是正確的。正如您所看到的，我們在投資者演示的圖表上顯示，與去年相比，本季我們的銷售和行銷利潤率下降了 1 個百分點。這主要是因為幾件事。

In Mercado Pago, we launched several campaigns in different countries with celebrities to promote our platform. And the results have been very, very positive in terms of user growth, asset under management doubling in Brazil, Chile, and Mexico. Downloads also improving very drastically from previous quarters. So very successful campaign, but obviously, that puts a little pressure -- short-term pressure on margins.

在 Mercado Pago，我們與名人一起在不同的國家發起了許多活動來推廣我們的平台。從用戶成長、巴西、智利和墨西哥的資產管理規模翻倍來看，結果非常非常正面。與前幾季相比，下載量也大幅提升。這是一次非常成功的活動，但顯然，這也帶來了一些壓力——短期內對利潤率的壓力。

On the commerce side, we also invested -- we run a campaign similar size to like a Black Friday to promote our free shipping that as you know, we launched in June. So that's also some investment that we did behind the lowering of free shipping threshold in Brazil, putting some pressure on margin.

在商業方面，我們也進行了投資——我們開展了類似黑色星期五規模的活動來推廣我們的免費送貨服務，正如你所知，我們在六月推出了這項服務。因此，這也是我們在降低巴西免運門檻方面所做的一些投資，這給利潤帶來了一些壓力。

And then on top of that, we also increased a little bit of paid advertising in order to acquire more users, always with positive returns. So that's also an increase relative to last year. And finally, we invested a little bit more on our social strategy by investing in affiliates and content creators' program that, again, those will bring results throughout the quarters. But in the short term, they put some margin pressure.

除此之外，我們還增加了一些付費廣告，以吸引更多用戶，並且始終獲得正回報。因此與去年相比，這也是一個成長。最後，我們透過投資附屬公司和內容創作者計劃，在社交策略上投入了更多資金，這些投資將在整個季度帶來成果。但在短期內，它們會對利潤率造成一些壓力。

So I would think it's a combination of both ongoing investments in acquiring users and downloads, but also a couple of one-off campaigns, in particular, in Mercado Pago and the lower free shipping threshold that we did in Brazil this quarter.

因此，我認為這是持續投資於獲取用戶和下載量，以及一些一次性活動的組合，特別是在 Mercado Pago 和我們本季在巴西實施的較低免費送貨門檻。

Irma, Ariel here. To the second part of your question, we definitely think there is huge room for AI to help us improve both our marketing execution and our ad spend as well. So on the marketing side, I think there are many, many dimensions in which we are testing and learning about AI.

伊爾瑪，我是艾麗爾。對於您問題的第二部分，我們確實認為人工智慧在幫助我們改善行銷執行和廣告支出方面有巨大的空間。因此，在行銷方面，我認為我們正在從很多方面測試和學習人工智慧。

Just to bring one example out there. For instance, when we think about branding and creativities, AI brings us the opportunity to produce multiple creativities for any given campaign and start testing and learning those creativities across the board and with that, deciding who we want to show what in the online world, and that's something we are already proving, producing content online instead of -- in the physical world is another thing that we are working on, so many, many dimensions in which we think AI will add value.

僅舉一例。例如，當我們考慮品牌和創意時，人工智慧為我們提供了為任何給定的活動產生多種創意的機會，並開始全面測試和學習這些創意，並以此決定我們想要在網路世界中向誰展示什麼，而這正是我們已經證明的事情，在線上而不是在物理世界中製作內容是我們正在努力的另一件事，我們認為人工智慧將在許多方面增加價值。

And the same is happening with advertising. We are using AI today in order to help our sellers better understand our ad stack to have onboarded into our ad technology to optimize their bidding and so on. So yes, we are bullish with the impact that AI will bring into this environment.

廣告領域也出現同樣情況。我們今天使用人工智慧是為了幫助我們的賣家更好地了解我們的廣告堆棧，以便加入我們的廣告技術來優化他們的競價等等。所以是的，我們看好人工智慧將為這個環境帶來的影響。

Robert Ford, Bank of America.

美國銀行的羅伯特·福特。

Good evening, everybody, and thanks for taking my question. Yeah. I was curious, where are you in terms of your low ASP selection versus your longer-term plan in the Shopee assortment? How long is it going to take you to get to where you want to be? And how is your low ASP strategy different from that of Shopee in Brazil?

大家晚上好，感謝您回答我的問題。是的。我很好奇，就 Shopee 產品系列中的低 ASP 選擇和長期計劃而言，您處於什麼位置？你要花多久時間才能到達你想去的地方？你們的低 ASP 策略與 Shopee 在巴西的策略有何不同？

Bob, so this is Ariel. Let me answer this differently. We are convinced that we have, in general terms, the widest selection available out there in Brazil. I think there is opportunity for us to continue increasing the number of live listings in low ASPs and part of what we are doing today in Brazil is related to that.

鮑勃，這是阿里爾。讓我換個方式來回答這個問題。我們確信，總體而言，我們擁有巴西最廣泛的選擇。我認為我們有機會繼續增加低平均售價的線上房源數量，我們目前在巴西所做的部分工作與此有關。

We are already seeing good traction on new sellers and new live listings on low-ticket items coming into our platform. Bear in mind that in this quarter, you only see four weeks of the new free shipping policy in place in our results. So overall, we are positive with everything we've seen so far. We are encouraged with the seller reaction to the program and with the number of listings that we see every day coming into our platform.

我們已經看到新賣家和低價商品新上線清單進入我們平台的勢頭良好。請記住，在本季度，您只能在我們的結果中看到實施四周的新免費送貨政策。整體而言，我們對目前所見的一切都持正面態度。賣家對該計劃的反應以及每天進入我們平台的房源數量令我們感到鼓舞。

Marcelo Santos, JPMorgan.

摩根大通的馬塞洛·桑托斯。

Hi, good evening. Thanks for taking my question. I wanted to ask a bit about the change in shipping strategy. Would it make sense to apply this to other countries like Argentina and Mexico? I mean, I think you also have the same problem in terms of the steep change in take rate after the free shipping threshold. Could you discuss the elements that would be important to consider in these other countries? Thank you.

嗨，晚上好。感謝您回答我的問題。我想問一下有關運輸策略變化的問題。將此應用於阿根廷和墨西哥等其他國家是否有意義？我的意思是，我認為在免運費門檻之後，你們在收費率急劇變化方面也遇到了同樣的問題。您能否討論一下這些其他國家需要考慮的重要因素？謝謝。

Hey, Marcelo, Ariel here. So let me break this down in different things. So in Brazil, we implemented two different things. On the one hand, the lowering of the shipping fees for merchants, which is the one I was referring to about the cliff and the take rates. Then we lowered the free shipping policy for Brazil, in particular, from BRL39 to BRL19.

嘿，馬塞洛，我是阿里爾。因此，讓我從不同方面來分析這個問題。因此在巴西，我們實施了兩種不同的措施。一方面，降低商家的運費，也就是我所說的懸崖勒馬和抽成率。然後我們特別降低了巴西的免費送貨政策，從 39 巴西雷亞爾降至 19 巴西雷亞爾。

To your point, on bringing those policies into Mexico or Argentina, I would say that every market is different, right? And we don't have the exact same policy and the exact same value proposition in each one of our operations.

關於您提到的將這些政策引入墨西哥或阿根廷的問題，我想說每個市場都是不同的，對嗎？而且我們在每項營運中並沒有完全相同的政策和完全相同的價值主張。

For instance, we don't have the same level of cash backs in our Meli Más program in Brazil and in Mexico, we don't have the same level of fulfillment penetration in the different countries, Mexico being the highest, Brazil probably in the middle, and Argentina, the lowest and so on, right?

例如，我們在巴西和墨西哥的 Meli Más 計劃中的現金返還水平並不相同，我們在不同國家的履行滲透率也不相同，墨西哥最高，巴西可能居中，阿根廷最低等等，對嗎？

So while we don't give guidance on our policies looking forward, what I can say is that as we always do, we will learn, we will evaluate and we will decide eventually which policies we want to bring where, but there's no hard commitment on executing one thing in the other place.

因此，雖然我們沒有對未來的政策給予指導，但我可以說的是，正如我們一貫的做法，我們將學習，我們將評估，我們將最終決定我們想要在哪裡實施哪些政策，但我們沒有在另一個地方執行某件事的硬性承諾。

Rodrigo Gastim, Itau BBA.

Rodrigo Gastim，伊塔烏 BBA。

Just on Brazil, GMV, you mentioned the latter items acceleration in Brazil after the free shipping campaign. And you say that you saw GMV following a similar pattern. So just to make it clear here, guys, can we understand that GMV in Brazil also accelerated after the free shipping campaign so far? It is very important for us to understand, given all the investments that have done. So anything here would be very appreciated. Thank you.

剛才談到巴西的商品交易總額 (GMV)，在您提到免運費活動之後，巴西的商品交易總額出現了加速成長。您說您看到 GMV 也遵循類似的模式。所以，各位，我只是想在這裡澄清一下，我們是否可以理解為，到目前為止，巴西的 GMV 在免費送貨活動之後也加速增長了？考慮到已經進行的所有投資，我們理解這一點非常重要。因此，任何在這裡發生的事都會受到高度讚賞。謝謝。

So let me try to answer that one. So we are very happy with the results that we are seeing in Brazil, particularly items sold in Brazil accelerated to 34% growth year over year in June. So that's a major acceleration. Of course, given the fact that we are accelerating in the segment where the ASP is the lowest, the impact in overall GMV growth is smaller, but both accelerated. And you should bear in mind that Q2 is actually comparing to a Q2 last year in which we have a very, very strong performance.

那麼讓我試著回答這個問題。因此，我們對在巴西看到的結果感到非常高興，特別是6月份巴西的商品銷量年增了34％。所以這是一個重大的加速。當然，考慮到我們在平均售價最低的細分市場加速發展，對整體GMV成長的影響較小，但兩者都加速了。您應該記住，第二季度實際上是與去年第二季度相比，去年我們的表現非常非常強勁。

On top of that, we see that the program we've put in place also has generated impact in traffic, in buyer acquisition, new buyers, engagement, and so on. But more importantly, I think it deserves kind of a step back, right? We are doing this because we think and we are committed to bringing offline retail to the online world. We have proven over and over since 2017 that offering more free shipping to our buyers has a direct impact in customer satisfaction, in customer retention, in frequency, and that creates long-term value for us, right?

除此之外，我們也發現，我們實施的計畫也對流量、買家獲取、新買家、參與度等產生了影響。但更重要的是，我認為它值得退一步，對嗎？我們這樣做是因為我們認為並且我們致力於將線下零售帶入線上世界。自 2017 年以來，我們已經反覆證明，為買家提供更多免費送貨服務會直接影響客戶滿意度、客戶保留率和頻率，並為我們創造長期價值，對嗎？

We've done the lowering of the free shipping three times already. We moved from BRL120 to BRL99 then from BRL99 to BRL79 and this time from BRL79 to BRL19. And we are excited because we see all the key KPIs trending in the right direction. It's too early to give you details on the numbers beyond what I've just said, but everything is pointing in the direction in which we wanted.

我們已經三次降低免費送貨的價格了。我們從 120 巴西雷亞爾漲到了 99 巴西雷亞爾，然後從 99 巴西雷亞爾漲到了 79 巴西雷亞爾，這次又從 79 巴西雷亞爾漲到了 19 巴西雷亞爾。我們非常興奮，因為我們看到所有關鍵的 KPI 都朝著正確的方向發展。除了我剛才所說的數字之外，現在透露細節還為時過早，但一切都朝著我們想要的方向發展。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

On the commerce side, how much of the lower pricing that you have for the sellers is being passed on to the consumers eventually in your view? And on the fintech side, the early delinquencies have been coming down quite swiftly, but the NPL ratio -- and the NPL ratio remains elevated and picked up sequentially. If you can give us some color on that, when can we see NPLs actually stabilize? And how has the asset quality evolved in the three geos. Thank you so much.

從商業方面來看，您認為，您為賣家提供的較低定價有多少最終會轉嫁給消費者？在金融科技方面，早期拖欠率一直在迅速下降，但不良貸款率仍居高不下，並持續上升。如果您能給我們一些詳細信息，我們什麼時候才能看到不良貸款真正穩定下來？這三個地區的資產品質如何演變？太感謝了。

Hey, Neha. So on the first part of your question, I would say that given the mechanics with which we implemented the reduction in fees and the way sellers operate in MercadoLibre, most of the lowering in take rates were passed into pricing. So we saw a clear reduction of prices in MercadoLibre after the implementation of the changes in take rate.

嘿，Neha。因此，關於你問題的第一部分，我想說，考慮到我們實施費用降低的機制以及賣家在 MercadoLibre 的運作方式，大部分降低的收費率都轉嫁到了定價上。因此，在實施收費率變化後，我們看到 MercadoLibre 的價格明顯下降。

I will let Osvaldo and Martin answer the second part of your question.

我讓奧斯瓦多和馬丁回答你問題的第二部分。

So Neha, with regards to NPLs, what we're seeing is that a reduction -- sequential reduction in NPLs is between 15 and 90 days. And there was a slight increase in over 90 days, but it's roughly in line with what it was before. It was 18.5% a year ago, and it's 18.5% now, sequentially up 0.5 percentage point from 18% to 18.5%. But we don't have a concern with regards to NPLs. Actually, we are very happy with how they are evolving, and we have been able to reaccelerate issuance of cards given that the malls are performing very well.

因此，Neha，關於不良貸款，我們看到的是不良貸款的連續減少時間為 15 至 90 天。90多天的時間略有增加，但大致與之前持平。一年前是18.5%，今年也是18.5%，較上季上升0.5個百分點，從18%上升到18.5%。但我們並不擔心不良貸款。實際上，我們對它們的發展感到非常高興，由於商場表現良好，我們已經能夠重新加快發卡速度。

And just to complement, Neha, if you look at the other side of the business, which is the revenues that we generate through our portfolio, actual profitability of most of our portfolios have improved sequentially and year over year. So we are very satisfied. And this is the reason why you see an increase -- an acceleration in the growth rates of portfolios. The overall credit portfolio grew at 91% year on year, and the credit card specifically grew 118% year on year.

另外，Neha，補充一下，如果你看一下業務的另一面，即我們透過投資組合產生的收入，我們大多數投資組合的實際盈利能力都逐年提高。所以我們非常滿意。這就是你看到投資組合成長率加速的原因。整體信貸業務較去年同期成長91%，其中信用卡業務較去年同期成長118%。

As we mentioned earlier, because it's becoming a lot more profitable, and we are very satisfied with the results of our credit card. So I think you should look not only at NPLs, which short-term NPLs are coming down, but it's true that the longer NPLs are slightly up, but the profitability is in pretty good shape and all metrics are pointing in the right direction.

正如我們之前提到的，因為它變得更加有利可圖，並且我們對我們的信用卡的結果非常滿意。因此，我認為你不僅應該關注不良貸款，短期不良貸款正在下降，而且長期不良貸款確實略有上升，但盈利能力狀況良好，所有指標都指向正確的方向。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

This is Jack on for Deepak. So you saw nice growth in advertising this quarter. Can you share a bit more color on how off-platform adds are trending in the early days? And then related, you mentioned Argentina is narrowing the ad revenue gap with Brazil and Mexico. What specific levers are driving this catch-up? Thanks.

這是傑克 (Jack) 為迪帕克 (Deepak) 表演的。因此，您看到本季廣告業務實現了良好的成長。您能否分享一些早期平台外廣告的流行趨勢？然後相關地，您提到阿根廷正在縮小與巴西和墨西哥的廣告收入差距。推動這追趕的具體因素有哪些？謝謝。

Jack, Ariel here. So yes, we had a great quarter in ads. Revenues grew by 38% year over year in dollars and 59% year over year on FX neutral. Argentina is growing particularly well, I would say, as a result of both macro conditions and team execution.

傑克，我是艾麗爾。是的，我們在廣告方面度過了一個非常棒的季度。以美元計算，營收年增 38%，以匯率中立計算，營收年增 59%。我想說，阿根廷的發展尤其好，這是宏觀條件和團隊執行共同作用的結果。

So lower inflation, more stocks on the hands of sellers and so on is kind of giving them the space and the oxygen to be able to invest as to promote sales. But also on top of that, I think our team has done a tremendous job in explaining the value proposition and helping sellers understand the value that our tech stack can bring to them.

因此，較低的通貨膨脹、賣家手中的庫存增加等因素，在某種程度上為他們提供了投資的空間和動力，從而促進銷售。但除此之外，我認為我們的團隊在解釋價值主張和幫助賣家了解我們的技術堆疊可以為他們帶來的價值方面做得非常出色。

On top of that, going back to ads performance in general, display and video has almost doubled year over year. I know we are starting from a low base, but still triple-digit growth is nice to see. Product ads is performing well across countries and sites and not only in Argentina, and this is on the back of improved UX and tools for sellers, such as a new question flow focused on benefits of advertising, smarter item selection, improved budget recommendation using AI, and some of the things that I was mentioning before.

除此之外，回顧廣告的整體表現，展示廣告和影片廣告較去年同期成長近一倍。我知道我們的起點很低，但看到三位數的成長仍然令人欣喜。產品廣告在各國和網站上都表現良好，不僅是在阿根廷，這是得益於改進的用戶體驗和賣家工具，例如專注於廣告優勢的新問題流程、更聰明的商品選擇、使用人工智慧改進的預算推薦，以及我之前提到的一些事情。

So yes, overall, very positive on everything we are doing on ads. We see ads as a percentage of GMV accelerating this quarter. So good news, but still the opportunity is huge ahead of us. So excited but cautious. We need to continue executing.

所以是的，總的來說，我們對廣告方面所做的一切都非常積極。我們發現本季廣告佔 GMV 的比例正在加速上升。這是個好消息，但我們面前仍然充滿著巨大的機會。非常興奮但又很謹慎。我們需要繼續執行。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

I did have a -- my questions are about slide 13 and 14. Is there any way to help unpack the mix shift to credit cards impacting the NIMAL? It was still good at 23%, but I'm just curious as to how you think about that.

我確實有——我的問題是關於幻燈片 13 和 14 的。有什麼方法可以幫助解決混合信用卡轉換對 NIMAL 的影響嗎？23% 的比例仍然不錯，但我只是好奇您對此有何看法。

And then the top of the funnel looks really good, right, 6.7%, down from 8.2% in terms of NPLs. What is your overall message on credit and credit quality? Thank you.

然後漏斗頂部看起來確實不錯，6.7%，低於不良貸款率的 8.2%。您對信用和信用品質的整體看法是什麼？謝謝。

With regards to NIMAL, I think there are several effects working on at the same time. On the one hand, the most obvious ones with regards to credit card is that NIMAL for credit card is lower than for the other products and credit card is growing significantly faster than the credit book. So as Martin was saying, it's growing at over 100% year over year.

關於 NIMAL，我認為有幾種效應在同時發揮作用。一方面，信用卡方面最明顯的變化是，信用卡的淨利率低於其他產品，而且信用卡的成長速度明顯快於信用帳簿。正如馬丁所說，它每年的成長率都超過 100%。

And that's why even though the NIMAL for the credit card remains, I would say, rather flat for new segments and it has been improving for all the segments, as the portfolio grows, that has an impact on the overall NIMAL.

這就是為什麼儘管信用卡的淨利率在新細分市場中保持平穩，並且所有細分市場的淨利率都在改善，但隨著投資組合的增長，這對整體淨利率產生了影響。

And then the other factor I would mention is that is relevant is Argentina with inflation coming down so fast in Argentina, so how NIMAL last year was ridiculously high, I would say. But still, it's super profitable. And to counterbalance that to some degree, the other thing that is happening with Argentina is that the size of Argentina within all of the loan portfolio has increased. So even though the NIMAL has come down a little bit, overall, the impact continues to be relevant because of this increase in weight in the portfolio.

然後我想提到的另一個相關因素是阿根廷，阿根廷的通膨率下降得如此之快，所以我認為去年的 NIMAL 高得離譜。但它仍然非常有利可圖。為了在一定程度上平衡這一情況，阿根廷正在發生的另一件事是，阿根廷在所有貸款組合中的規模有所增加。因此，儘管 NIMAL 略有下降，但總體而言，由於投資組合權重的增加，其影響仍然存在。

Then with overall -- regarding the overall credit quality, I'll say that we -- I think we are very bullish, I would say, on how we are issuing credit. If you recall, a couple of quarters ago at the end of the fourth quarter, early first quarter, we were a little bit more cautious, particularly in Brazil because we saw -- there were concerns about interest rates increasing and in general, in the market, NPLs increasing. And to some degree, we have seen something similar in the overall market in Argentina more recently.

然後就整體信貸品質而言，我想說的是，我們非常看好我們如何發放信貸。如果你還記得的話，幾個季度前，也就是第四季度末、第一季度初，我們更加謹慎一些，特別是在巴西，因為我們看到人們擔心利率上升，而且總體而言，市場上的不良貸款也在增加。某種程度上，我們最近在阿根廷的整體市場也看到了類似的情況。

Nonetheless, we have continued to improve our models, and we felt comfortable increasing the speed of issuing cards in Brazil and in Mexico in both countries, but mostly in Brazil. And we continue to see that cohorts that are two years or older, all of them are -- have NIMAL positive.

儘管如此，我們仍在繼續改進我們的模型，並且我們很樂意提高巴西和墨西哥兩個國家的發卡速度，但主要是在巴西。我們繼續看到，兩歲或兩歲以上的人群全部都是 NIMAL 陽性。

For example, all -- pretty much all of the 2023 cohorts are already NIMAL positives and some of the early 2024 cohorts also. So we continue to be bullish with how we are issuing credit.

例如，幾乎所有 2023 年隊列的患者都已經是 NIMAL 陽性，2024 年早期隊列中的部分患者也是如此。因此，我們繼續對信貸發放方式持樂觀態度。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Thank you. Just sticking with credit card for a second and the comment in the letter around NIMAL. Just to be clear, the entire credit card business is now NIMAL breakeven? Or was that a comment around some subset of the business? And then relatedly, should we assume that the credit card NIMAL now remain breakeven or even positive from here over the medium term, particularly as you look to launch credit cards in Argentina before too long?

偉大的。謝謝。只需堅持使用信用卡一秒鐘，並閱讀信中有關 NIMAL 的評論。需要明確的是，整個信用卡業務現在都達到損益兩平了嗎？還是這是針對某些業務子集的評論？然後相關的是，我們是否應該假設信用卡 NIMAL 從現在起在中期內保持收支平衡甚至正值，特別是當您希望不久後在阿根廷推出信用卡時？

Yeah. So NIMAL is breakeven in Brazil, which is the country where we have been issuing cards for the longer and it's the largest market for us. It's not yet the case in Mexico. And whenever we start in Argentina, initially, it will be negative, but we expect that within a few years, it should achieve breakeven.

是的。因此，NIMAL 在巴西實現了收支平衡，巴西是我們發卡時間最長的國家，也是我們最大的市場。墨西哥目前還沒有出現這種情況。無論何時我們在阿根廷開始業務，最初都會出現負值，但我們預計幾年之內就能達到收支平衡。

So what we should forecast moving forward, I would say, some of the large cohorts were issued in 2023 and 2024. So assuming there is a decrease in the speed at which we issued, those will have an impact in the next coming years, but Brazil is already positive.

因此，我們應該預測未來的發展，我想說，一些大型群體是在 2023 年和 2024 年發布的。因此，假設我們的發行速度有所下降，這將在未來幾年產生影響，但巴西已經持正面態度。

Geoffrey Elliott, Autonomous.

傑弗瑞‧艾利奧特，《自治》。

Thanks very much for the question. The credit portfolio is growing quickly. As it grows, how do you expect the funding mix behind that to evolve? And what are the implications on NIMAL, specifically, will you shift away from using your own funds to more external funding overlap way on the NIMAL? Thank you.

非常感謝您的提問。信貸組合正在快速成長。隨著它的發展，您預計其背後的融資結構將如何演變？這對 NIMAL 有何影響？具體來說，您是否會從使用自有資金轉向使用更多外部資金與 NIMAL 重疊的方式？謝謝。

Hey, Geoff. It's Martin here. I think if you look at the different credit portfolios that we have, the more mature portfolios, consumer credits and merchant credits, we have been funding it through third parties. So the majority of the funding comes through third party, and you see that as part of the cost in NIMAL, correct?

嘿，傑夫。我是馬丁。我認為，如果你看看我們擁有的不同信貸組合，更成熟的組合、消費者信貸和商業信貸，我們一直在透過第三方為其提供資金。因此，大部分資金來自第三方，您認為這是 NIMAL 成本的一部分，對嗎？

The credit card has been funded by us so far. We're starting to fund it with third parties. So you do not see the funding cost in NIMAL. As we extend more funding to the credit card via third parties, that will have an effect on NIMAL in the way we account for that cost within NIMAL. But that's something that will come in the future.

到目前為止，信用卡已由我們支付了資金。我們開始透過第三方提供資金。因此，您看不到 NIMAL 的融資成本。隨著我們透過第三方向信用卡提供更多資金，這將對 NIMAL 內部核算該成本的方式產生影響。但那是未來會發生的事。

Joao Soares, Citigroup.

花旗集團的若昂‧蘇亞雷斯 (Joao Soares)。

You mentioned in the release how you're scaling faster infrastructure and adapting to the expected increased mix of lower ASPs, right? I wanted to hear more about this adaptation. Imagine, right, expanding this low shipping is one component, but also expanding probably higher transit points.

您在發布中提到如何擴展更快的基礎架構並適應預期增加的較低 ASP 組合，對嗎？我想聽到更多有關這次改編的消息。想像一下，擴大低速運輸是一個組成部分，但也可能擴大更高的中轉站。

So I just wanted to understand how you're adapting the infrastructure. And how should we think about the profitability of these lower ASP products and the free shipping, right? How should we think about when or if it can match, right, the margin of your higher ticket items, right? Thank you.

所以我只是想了解你是如何調整基礎設施的。我們該如何看待這些較低 ASP 產品和免費送貨的獲利能力呢？對嗎？我們應該如何考慮它何時或是否可以匹配高價商品的利潤，對嗎？謝謝。

Okay, Joao, this is Ariel here. So when thinking about unit economics and profitability of the lower ticket items in which we are now offering free shipping, the mindset with which we approach this problem is kind of broad, right? So we think about relationships with our users and not transactions, meaning that when evaluating the profitability of the initiative, you also need to consider the downstream impact that the higher engagement and frequency can generate in the context of this big opportunity we have ahead of us of bringing retail offline to online in a country in which we only have 15% of e-commerce penetration.

好的，Joao，我是 Ariel。因此，當我們考慮現在提供免費送貨服務的低價商品的單位經濟效益和盈利能力時，我們處理這個問題的思維方式是比較廣泛的，對嗎？因此，我們考慮的是與用戶的關係，而不是交易，這意味著在評估該計劃的盈利能力時，還需要考慮更高的參與度和頻率在我們面前的這一巨大機遇背景下可能產生的下游影響，即在一個電子商務滲透率僅為 15% 的國家將線下零售轉移到線上。

Also, in our slow delivery with wider delivery promises has just started. We have not done that before. So we have ample room to continue improving economics there. In the long run, we do expect that the additional scale, sorry, will help us reduce unit shipping economics plus capturing the productivity opportunities that the slow methods also bring to the table.

此外，我們在緩慢交付的同時，剛開始提供更廣泛的交付承諾。我們以前沒有這樣做過。因此，我們有足夠的空間繼續改善那裡的經濟。從長遠來看，我們確實希望額外的規模將有助於我們降低單位運輸經濟成本，並抓住慢速方法所帶來的生產力機會。

So -- in summary, if you look at purchases between BRL19 and BRL79 on a stand-alone basis, there will be a range of margins. Not all of them will be positive, not all of them will be negative. But even so, we expect this to be net positive for the P&L in the longer term. And we are more importantly convinced that this is the right investment to make to extend our position as the destination of choice for e-commerce in Latin America.

所以——總而言之，如果您單獨查看 BRL19 和 BRL79 之間的購買量，您會發現利潤範圍。並非所有影響都是正面的，也並非所有影響都是負面的。但即便如此，我們預期從長遠來看，這將對損益產生淨正面影響。更重要的是，我們確信這是一項正確的投資，可以鞏固我們作為拉丁美洲首選電子商務目的地的地位。

Kaio Prato, UBS.

瑞銀的 Kaio Prato。

I would like to explore a little bit more the credit operations in Argentina, if I may, please. Last quarter, you mentioned that we grew four times the portfolio in dollars. So just wondering if you can share more details about the growth pace this quarter as well.

如果可以的話，我想進一步了解阿根廷的信貸業務。上個季度，您提到我們的投資組合以美元計算成長了四倍。所以我只是想問您是否可以分享有關本季成長速度的更多細節。

And we have been seeing a sharp increase in NPLs for the traditional bank in Argentina, especially in the consumer portfolio. Just would like to understand what can you say about the asset quality for your operations, if there is any concern and the strategy going forward.

我們看到阿根廷傳統銀行的不良貸款急劇增加，尤其是在消費者投資組合中。只是想了解您對您營運的資產品質有何看法，是否存在任何顧慮以及未來的策略。

And finally, we saw some change regarding the reserve requirements on money market funds in Argentina. As your remunerated accounts are in money market funds, if I'm not wrong. Just wondering if that could impact your FinTech operations there at some point as well. Thank you.

最後，我們看到阿根廷貨幣市場基金的準備金要求發生了一些變化。如果我沒記錯的話，您的有償帳戶是在貨幣市場基金。我只是想知道這是否也會在某種程度上影響您在那裡的金融科技運作。謝謝。

So yes, we have increased significantly the portfolio in Argentina. Basically, we were coming from a very, very small basis. If you -- there was basically no credit in Argentina. If you were to look at credit to the private sector in Argentina was single digits as a percentage of GDP. It's very, very small. So there was plenty of room to grow. We grew a lot. We have seen a worsening condition in the market. It has not been our case.

是的，我們大幅增加了在阿根廷的投資組合。基本上，我們的基礎非常非常小。如果你——阿根廷基本上沒有信用。如果你看一下，你會發現阿根廷私部門的信貸佔 GDP 的比例只有個位數。它非常非常小。因此還有足夠的發展空間。我們成長了很多。我們看到市場狀況正在惡化。我們的情況並非如此。

We believe that part of that is that we have very strong principality in Argentina. People use Mercado Pago daily. And therefore, that could help us in people paying us back first rather than other debt they might have. So we are not seeing significant impacts in terms of NPLs.

我們認為，部分原因是我們在阿根廷擁有非常強大的公國地位。人們每天都會使用 Mercado Pago。因此，這可以幫助人們先償還我們的債務，而不是他們可能有的其他債務。因此，我們並未看到不良貸款方面出現重大影響。

And then I think the second part of the question was regarding the change in reserve requirements for money market funds. That happened last week. Actually, there was a change in reserves for pretty much all of the banks and also money market funds. And quick and dirty, we expect the impact in what we pay to users to be in the order of 2%, meaning we were paying close to 30%, 27% roughly to customers before. And with this change, the impact will be roughly 2 percentage points and will be around 25%.

然後我認為問題的第二部分是關於貨幣市場基金準備金要求的變化。那是上週發生的事。實際上，幾乎所有銀行和貨幣市場基金的儲備都改變了。簡單來說，我們預計支付給用戶的費用將受到 2% 左右的影響，這意味著我們之前向客戶支付的費用將接近 30%，約為 27%。而這項變化的影響大約是2個百分點，達到25%左右。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Just on the -- I know it's only been a few months now, but with the lower free shipping threshold, those purchases that are happening under BRL79. Just curious how is the behavior there? Are you seeing a lot of the purchases near the low end of the free shipping threshold? And do you expect that to change over time? Would you expect the average order size to increase for those people that are starting to purchase from MercadoLibre, but perhaps will start becoming more comfortable purchasing more items on the marketplace?

就在——我知道這才過了幾個月，但由於免費送貨門檻較低，那些低於 79 巴西雷亞爾的購買。只是好奇那裡的行為是怎麼樣的？您是否看到許多購買行為都接近免費送貨門檻的低端？您認為這種情況會隨著時間的推移而改變嗎？您是否預計那些開始從 MercadoLibre 購買商品的人的平均訂單規模會增加，但也許會開始更願意在市場上購買更多商品？

And then second question, just would love some insight on just your comfort with continuing this pace of credit card issuance in Brazil given some of the tightening that's going on. It looks like there's been some slowdown in consumer spending, but just any color there would be much appreciated. Thank you very much.

第二個問題，考慮到目前正在實施的一些緊縮政策，我很想了解您對巴西繼續保持這種信用卡發行速度的信心。看起來消費者支出已經有所放緩，但無論哪種顏色都會受到歡迎。非常感謝。

Marvin, so let me answer your question in a slightly different way. We would not be a [$50-plus billion] GMV company today per year if it were not because of building our logistics infrastructure and launching our free shipping program back in 2017. And we think this is the same case now. We are convinced that the best way to serve our customers in Brazil is by offering more free shipping, and that's basically what we are doing.

馬文，讓我以稍微不同的方式回答你的問題。如果不是因為我們在 2017 年建立了物流基礎設施並推出了免費送貨計劃，我們今天就不會成為年 GMV [超過 500 億美元] 的公司。我們認為現在的情況也是一樣的。我們堅信，為巴西客戶提供服務的最佳方式是提供更多的免費送貨服務，而這正是我們正在做的事情。

So within that range, there are many, many things happening simultaneously. We just launched this a few weeks back. So it's a bit early, but we definitely expect the trend that we see in traffic increases, conversion rate increasing, more engagement, more frequency to continue in the future. And with that, we expect to see orders going up, order sizes going up and so on, right?

因此，在這個範圍內，有很多事情同時發生。我們幾週前剛推出這個產品。所以現在還為時過早，但我們確實預計，流量增加、轉換率提高、參與度增加、頻率增加的趨勢將在未來持續下去。這樣一來，我們預期訂單量會上升，訂單規模會擴大等等，對嗎？

So this is not a marketing investment that we are doing in order to generate transaction from one day to the other. This is a long-term play in which we think this is the best way to serve our customers.

因此，我們所做的行銷投資並不是為了每天產生交易。這是一個長期舉措，我們認為這是服務客戶的最佳方式。

And Marvin, when it comes to credit cards, I'll say that what we have been doing consistently is improve our models and issue cards at a pace that allows us to have payback periods of roughly between two and three years, and that we will continue to do that. We cannot be sure about what that pace will be in the future. But we do know that if you look at our market share today in credit cards in Brazil, it's roughly 2%. So we believe there's plenty of opportunity to continue growing.

馬文，說到信用卡，我想說，我們一直在做的就是改進我們的模式，並以一定的速度發行信用卡，使我們的回報期大約在兩到三年之間，我們將繼續這樣做。我們無法確定未來的步伐將會如何。但我們確實知道，如果你看看我們目前在巴西信用卡市場的份額，它大約是 2%。因此我們相信，還有大量機會繼續成長。

Just to complement, as we have done in the past, if we see something that we do not like in the market or in our models, we will be willing to slow down just like we did in the past. So far, we're very comfortable with the models, the collections, NPLs and the performance of the credit card. So we will continue to grow so long as we can guarantee that we have a healthy book and a profitable book in the medium to long term.

補充一下，就像我們過去所做的那樣，如果我們在市場或模型中看到我們不喜歡的東西，我們願意像過去一樣放慢速度。到目前為止，我們對模型、收款、不良貸款和信用卡的表現非常滿意。因此，只要我們能夠保證中長期內擁有健康的帳簿和盈利的帳簿，我們就會繼續成長。

This concludes our question-and-answer session. I would like to turn the conference back over to Martin delos Santos for any closing remarks.

我們的問答環節到此結束。我想將會議交還給馬丁·德洛斯·桑托斯 (Martin delos Santos) 做最後發言。

Thank you all for joining today to the call and thank you for your questions. We're very pleased with our results in Q2, where once again, we saw our businesses accelerating growth, both in commerce and FinTech. And we look forward to engaging again in October with you when we present our Q3 results. In the meantime, the Investor Relations team will be available for any further questions. Thank you again, and good night.

感謝大家今天參加電話會議，也感謝大家的提問。我們對第二季的業績非常滿意，我們再次看到我們的業務在商業和金融科技領域加速成長。我們期待在十月份發布第三季業績時再次與您合作。同時，投資者關係團隊將隨時解答您的任何問題。再次感謝您，晚安。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。