美卡多 (MELI) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended September 30, 2025. Thank you for joining us.

大家好，歡迎參加 MercadoLibre 截至 2025 年 9 月 30 日的季度財報電話會議。感謝您的參與。

I'm Richard Cathcart, MercadoLibre's Investor Relations Officer. Today, we will share our quarterly highlights on video, after which we'll begin our live Q&A session with our management team. Before we go on to discuss our results for the third 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.

我是 MercadoLibre 的投資者關係主管 Richard Cathcart。今天，我們將透過影片分享本季的亮點，之後我們將與管理團隊進行現場問答環節。在我們繼續討論 2025 年第三季業績之前，我提醒各位，管理層可能會做出或提及前瞻性陳述和非 GAAP 指標，並且本次演示可能包含這些陳述和非 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的收益資料中提供。

Please note that this call is being recorded and a replay will be made available on our IR website as well. Our quarterly product updates video will now be released after earnings instead of alongside our conference call. So watch out for this coming into your inboxes in the weeks after our results disclosure.

請注意，本次通話將被錄音，錄音回放也將在我們的投資者關係網站上提供。我們的季度產品更新影片將不再與電話會議同時發布，而是在財報發布後發布。因此，請留意我們在公佈業績後的幾週內發送到您信箱的郵件。

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

接下來，讓我們先聽聽財務長的簡短致詞。

Hello, everyone. This quarter, we continue to invest to capture the immense growth opportunities that are ahead of us e-commerce and FinTech. We are exceptionally well positioned to drive financial inclusion, the offline to online retail shift in Latin America. Revenues grew by 39% year on year, marked the 27th consecutive quarter of growth above 30%. Our consistent top line growth comes as a result of the investments we have made across our ecosystem.

大家好。本季度，我們將繼續投資，以抓住電子商務和金融科技領域的巨大成長機會。我們在推動拉丁美洲的普惠金融和線下零售向線上零售轉型方面擁有得天獨厚的優勢。營收年增 39%，連續第 27 季實現 30% 以上的成長。我們持續的營收成長源自於我們在整個生態系統中所進行的投資。

The recent reduction in the free shipping threshold in Brazil has already delivered strong results with both GMV and items sold accelerating in the quarter.

巴西近期降低免運費門檻的措施已經取得了顯著成效，本季商品交易總額和商品銷量均有所增長。

We also saw a strong growth in buyers with improved conversion rates, redemption and frequency of purchase. Sellers are also benefiting from the increase in demand of the lower threshold is generating. More sellers are coming to our platform, and the number of listings has increased sharply in the BRL19 to BRL79 price range. Higher transaction volumes helped us reduce unit shipping costs in Brazil by 8%, with slow deliveries enabling us to leverage on the unused capacity.

我們也看到買家數量強勁成長，轉換率、兌換率和購買頻率均有所提高。賣家也受惠於降低門檻所帶來的需求成長。越來越多的賣家來到我們的平台，價格在 19 至 79 雷亞爾之間的商品數量急劇增加。更高的交易量幫助我們將巴西的單位運輸成本降低了 8%，而緩慢的交貨速度使我們能夠利用未使用的產能。

Brand preference scores reached new record highs across the region, helped by our marketing investments and preshipment policies. We had a great quarter in Mexico with GMV growth accelerating and unit shipping costs in fulfillment continue to fall. Mercado Pago had a stellar quarter. Monthly active users growth accelerated as our NPS hit record highest in Brazil. This is the result of continued efforts to deliver the best value proposition to our users through UX improvements, our credit card and remunerated account products.

由於我們的行銷投入和出貨前政策，品牌偏好度在整個地區均創下歷史新高。我們在墨西哥度過了一個非常棒的季度，GMV成長加速，履約單位運輸成本持續下降。梅爾卡多帕戈 (Mercado Pago) 本季表現出色。隨著我們在巴西的淨推薦值 (NPS) 創下歷史新高，每月活躍用戶成長速度加快。這是我們不斷努力，透過使用者體驗改進、信用卡和有償帳戶產品，為用戶提供最佳價值主張的結果。

This strong growth in asset under management and credit portfolio reflect the potential of Mercado Pago.

資產管理規模和信貸組合的強勁成長反映了 Mercado Pago 的潛力。

Our credit card, which plays a key role in NPS and principality is growing very rapidly, driven by higher users and share of wallet. We have grown our loan portfolio without compromising credit quality, all-time low first paying depute and more credit cards are reaching maturity.

我們的信用卡在 NPS 和 principality 中發揮關鍵作用，並且由於用戶數量和錢包份額的增加而增長非常迅速。我們在不降低信貸品質的前提下擴大了貸款組合，首期還款達到歷史最低水平，並且越來越多的信用卡即將到期。

In Argentina, growth of GMV, buyers and TPV remained resilient in Q3, but trends slowed through the quarter due to the challenging macro backdrop. This impacts not only growth but also pressures our EBIT margin. Despite the headwind, Argentinia continues to be a very profitable market with strong long-term growth perspective.

在阿根廷，第三季 GMV、買家數量和 TPV 的成長依然保持韌性，但由於宏觀經濟環境充滿挑戰，該季度的成長趨勢有所放緩。這不僅影響成長，也對我們的息稅前利潤率構成壓力。儘管面臨不利因素，阿根廷仍然是一個非常有利可圖的市場，具有強勁的長期成長前景。

Operating income of USD724 million, grew by 30% year on year. This demonstrates our ability to balance growth investments and profitability and the power of scale, which should continue to play in our favor. Our strategic investments in free shipping, logistics, 1P and credit card continued to deliver strong top line growth while putting some margin pressure. At the same time, this growth has enabled us to scale key OpEx lines such as product development and G&A expenses.

營業收入達7.24億美元，年增30%。這證明了我們有能力平衡成長投資和獲利能力以及規模的力量，而這些優勢將繼續對我們有利。我們在免運費、物流、1P 和信用卡方面的策略性投資持續帶來強勁的營收成長，但也給利潤率帶來了一些壓力。同時，這種成長使我們能夠擴大關鍵營運支出項目，例如產品開發和一般及行政費用。

We will continue to invest with discipline, focusing on the long-term potential and scale of our ecosystem. Thank you for your continued support. We will now move on to Q&A.

我們將繼續秉持嚴謹的投資原則，並著眼於我們生態系統的長期潛力和規模。感謝您一直以來的支持。接下來進入問答環節。

(Operator Instructions) Andrew Ruben, Morgan Stanley.

（操作說明）安德魯魯本，摩根士丹利。

So maybe a question on Argentina, you cited some macro challenges on GMV, TPV, higher funding costs. So I'm curious to understand first how these items evolved over the course of the quarter?

所以，關於阿根廷，您提到了一些宏觀層面的挑戰，例如GMV、TPV以及更高的融資成本。所以我很好奇，首先這些項目在本季是如何演變的？

And then second, on a related note, we know you've been through political cycles, but I'm curious following Sunday's election to hear your latest views on the Argentina economic outlook. And how this feeds into your plans for growth investments in the country, fulfillment centers, credit cards or otherwise.

其次，順便提一下，我們知道您經歷過政治週期，但我很好奇在周日的選舉之後，您對阿根廷經濟前景的最新看法是什麼。以及這如何融入您在該國的成長投資計劃、物流中心、信用卡或其他方面。

Andrew, it's Martin here. Thank you for your question.

安德魯，我是馬丁。謝謝你的提問。

Yes, as you know, Argentina continues to be a very important market for us, not only because of the size of the opportunity but because of the leadership position that we have in the country. So we, as always, we remain much more focused on continue to improve the value proposition. As we always said, more than macro, the important thing about our business is what we do with our users and our platform. So we continue to invest in Argentina. We opened the second fulfillment center this quarter.

是的，正如您所知，阿根廷仍然是我們非常重要的市場，不僅因為市場機會巨大，還因為我們在該國擁有領先地位。因此，我們將一如既往地更加專注於不斷提升價值主張。正如我們一直所說，比起宏觀層面，我們業務最重要的還是我們如何對待使用者和我們的平台。因此，我們將繼續在阿根廷投資。本季我們開設了第二個物流中心。

We launched the credit card. So we are optimistic about the prospects for Argentina in the long term for our business. In the first half of the year. As you know, we had a very strong -- we saw very strong growth in both commerce and fintech. And in Q3, due to macro and stability related to the midterm elections.

我們推出了信用卡。因此，我們對阿根廷市場的長期發展前景持樂觀態度。今年上半年。如您所知，我們在商業和金融科技領域都取得了非常強勁的成長。第三季度，由於宏觀經濟和中期選舉相關的穩定性問題。

we saw some slowdown of growth and some increases in interest rates will affect the consumption and increased our funding cost.

我們看到經濟成長放緩，利率上升將影響消費並增加我們的融資成本。

Having said that, despite macro, we saw solid growth in Argentina, revenues grew by 39% year on year in US dollars, 97% in local currency items also grew by 34%. We had a very tough comp last year. Our credit book, even though we took a more cautious stance, grew by 100% year on year, and we maintained very solid healthy portfolio and very solid metrics in terms of NPL of bad debt.

儘管如此，儘管宏觀經濟狀況不佳，我們在阿根廷仍實現了穩健增長，以美元計價的收入同比增長了 39%，以當地貨幣計價的收入同比增長了 97%，其中當地貨幣項目也增長了 34%。我們去年的比賽競爭非常激烈。儘管我們採取了更謹慎的態度，但我們的信貸帳簿仍同比增長了 100%，我們在不良貸款率方面保持了非常穩健的健康投資組合和非常穩健的指標。

So we are used to managing volatility. I think this quarter as an example to that. And then looking ahead, we think that hopefully some of the volatility will go away after the results of the elections. I will continue to be very optimistic in Argentina for the long time. It continues to be a very profitable market with a lot of growth potential for us in the future.

所以我們已經習慣了應對波動。我認為本季就是一個例子。展望未來，我們認為選舉結果出來後，一些波動性有望消失。我對阿根廷的未來長期保持樂觀。這個市場依然利潤豐厚，未來還有很大的成長潛力。

Irma Sgarz, Goldman Sachs.

Irma Sgarz，高盛集團。

Can you talk a bit about the impressive growth in the active user base that you had. When you look at the 6 million to 7 million new quarterly active users that you added from the second to the third quarter, can you break down increase by brand-new users versus those that were previously active users, but perhaps not at each and every quarter and that just increase this frequency?

能否談談貴公司活躍用戶群的顯著成長？當你觀察第二季到第三季新增的 600 萬到 700 萬季活躍用戶時，你能否將新增用戶細分為全新用戶和先前活躍用戶，但可能並非每季都新增，只是提高了更新頻率的用戶？

And what are the demographics of the new users you're attracting? Is there -- is there potential -- and I'm asking this because if there's a potential risk of those new users being a little bit more promotion focused so that it might churn if you were to pull back on any measures around couponing or marketing spend.

你們吸引的新用戶有哪些人口統計特徵？是否存在這種可能性？我問這個問題是因為，如果這些新用戶更注重促銷活動，那麼一旦減少優惠券或行銷支出，他們可能會流失，這存在一定的風險。

And perhaps in that context, if you can talk about how we should think about marketing spend as we progress into next year. and whether we can come back to some degree of dilution to the investments that you're making there right now.

或許在這個背景下，您能否談談我們應該如何看待明年的行銷支出，以及我們是否可以考慮在一定程度上減少您目前在這方面的投資。

Ariel here. pleasure to hear you. So we had an amazing quarter in terms of our user base. We grew the total unique buyers in our platform, very, very fast this quarter, reaching the 35 million active buyers that you are referring to. Out of those more or less 4 million were new buyers to the platform.

我是艾瑞爾，很高興聽到你的聲音。所以，就用戶數量而言，我們本季表現非常出色。本季度，我們平台上的獨立買家總數成長非常非常快，達到了您提到的 3,500 萬活躍買家。其中大約有 400 萬是該平台的新買家。

And then the others, there were buyers that did buy at some point in MercadoLibre, we believe both the total number of buyers and the number of new users are -- is very healthy, and it's a great testament of everything we are doing in MercadoLibre by improving the value proposition, both in Brazil, where we are lowering the free shipping threshold, take rates and so on, which you know, but also in the other countries, we had a great quarter in Mexico. We had a great quarter in Chile, Colombia, Argentina, which Martin was referring to.

此外，還有一些買家曾在 MercadoLibre 上購買商品。我們相信，買家總數和新用戶數量都非常健康，這很好地證明了我們在 MercadoLibre 所做的一切努力都是值得的，包括提升價值主張。在巴西，我們降低了免運費門檻、降低了手續費等等，這點大家都知道。在其他國家，我們在墨西哥的季度業績也非常好。我們在智利、哥倫比亞和阿根廷的季度表現非常出色，馬丁指的就是這幾個國家。

So we are excited with everything that is happening with the vibrancy that we are generating in our platform and the engagement and frequency that we see from those users that we're bringing into the platform.

因此，我們對平台上的活力以及我們吸引到平台上的用戶的參與度和訪問頻率感到非常興奮。

And Irma, Martin here. In terms of marketing spending, I think if you look at this particular quarter, it was represented about 11% of revenues, which is in line with what we saw last quarter in Q2. As we mentioned last quarter, we were stepping up a little bit of investment in user acquisition in terms of performance plus our affiliate channel.

我是艾爾瑪，我是馬丁。就行銷支出而言，我認為如果你看一下這個季度，它約佔收入的 11%，這與我們上個季度（第二季）看到的情況一致。正如我們上個季度所提到的，我們將增加對用戶獲取方面的投入，包括提升用戶體驗和拓展聯盟管道。

We invested more in our final channel, which grew by 4 times year on year, this is the way to attract new segments of the population, in particular, younger people and has been a very effective way of bringing more volume to our platform.

我們對最後一個管道投入了更多資金，該管道每年增長 4 倍，這是吸引新用戶群體，特別是年輕人的方式，也是為我們的平台帶來更多流量的非常有效的方式。

So I think going forward, will continue with a similar range of investment. And as we said in the past, we are acquiring users. We have a very sophisticated methodology to acquire users to make sure that those users that we bring are actually contributing to profitability and are adding to the volume sold on our ecosystem.

所以我認為，未來我們將繼續維持類似的投資規模。正如我們之前所說，我們正在獲取用戶。我們擁有非常完善的用戶獲取方法，以確保我們引入的用戶能夠真正為盈利做出貢獻，並增加我們生態系統的銷售量。

So we're very confident that the level of investment is the right one to support the growth that we are delivering quarter after quarter.

因此，我們非常有信心，目前的投資水準足以支持我們每季都實現的成長。

Bob Ford, Bank of America.

鮑伯福特，美國銀行。

Congratulations on the quarter. Ariel, can you comment on merchant adherence to your recent relative value notice in Brazil, the implied changes to the search algorithm and the qualification for promotional support. And as competitive dynamics intensify, particularly in Brazil, how should we be thinking about cost structure and ancillary revenue streams?

恭喜你本季取得佳績。Ariel，您能否就巴西商家對您最近發布的相對價值通知的遵守情況、搜尋演算法的潛在變化以及促銷支援的資格發表一些看法？隨著競爭格局的加劇，尤其是在巴西，我們該如何看待成本結構和輔助收入來源？

Bob, Ariel here. So let me touch on price monitoring and seller adherence. Let me first start saying that this short-term initiative that you are starting to test for a handful of months as our competition is also testing their own initiatives for the same period.

鮑勃，我是艾瑞爾。那麼，讓我來談談價格監控和賣家合規性問題。首先我想說的是，你們正在測試的這項短期計畫為期幾個月，因為我們的競爭對手也在同一時期測試他們自己的計畫。

So as we said consistently over time, we want to have the best possible value proposition for buyers and sellers in our platform. We want to present users the best speed, the best prices, the best payment alternatives available for them, and we want them to buy more. And when they buy more, they will generate more demand for our seller base. And we believe it's natural for us to put in our storefront, the items that do generate the best experience for the customers. And with that to generate higher sales for our consumers.

正如我們一直以來所說的那樣，我們希望為平台上的買家和賣家提供最佳的價值主張。我們希望為用戶提供最佳速度、最優惠價格和最佳支付方式，我們希望他們購買更多商品。他們購買越多，就會為我們的賣家群帶來更多需求。我們認為，在我們的店裡擺放那些能為顧客帶來最佳體驗的商品是理所當然的。並以此為我們的消費者創造更高的銷售額。

And that's why we are introducing this system in order to make sure that our buyers always see the most competitive offering and the best experience generating items in the MercadoLibre platform. Of course, this initiative is coming alongside our record investment levels, meaning faster logistics, more free shipping, lower shipping charges, discounts, lots of promotions and lots of coupons that we're going to invest during our Black Friday campaign.

因此，我們引入這套系統，是為了確保我們的買家始終能在 MercadoLibre 平台上看到最具競爭力的商品和最佳的購物體驗。當然，這項舉措也伴隨著我們創紀錄的投資水平，這意味著更快的物流、更多的免費送貨、更低的運費、折扣、大量的促銷活動以及大量的優惠券，我們將在黑色星期五活動期間進行投資。

So we expect adherence to be high because this is the real way to improve the proposal for buyers and for sellers. As you know, our on-site real estate and our ability to invest is limited by nature. And for that reason, is that we want to make sure we make the best use of those limited and available resources for the merchants who are providing and the items that are providing the best experience for our customers. So it's too early to discuss results of that one, but we think this simple system will generate the right proposal for our buyers and for our sellers as well.

因此我們預期遵守率會很高，因為這是改善買賣雙方提案的真正方法。如您所知，我們的現場房地產和投資能力受到自然因素的限制。正因如此，我們希望確保充分利用有限的可用資源，為那些為我們的客戶提供最佳體驗的商家和商品提供支援。所以現在討論結果還為時過早，但我們認為這個簡單的系統將為我們的買家和賣家產生合適的方案。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Yes. I wanted to ask a little bit about the unit costs on the shipping side. I believe you said it was down 8% year over year. I assume a lot of this has to do with better utilization and particularly some of the slow shipping efforts that you have. I don't expect a specific answer, but I'm curious how much headroom you think you have on this utilization angle?

是的。我想問一下關於運輸方面的單位成本。我記得你說過年減了8%。我認為這很大程度上與提高資源利用率有關，特別是與你們目前採取的一些慢速發貨措施有關。我並不期待一個具體的答案，但我很好奇您認為在資源利用率方面還有多少提升空間？

And then related to that, how much are you investing in robotics and automation on more of a mid- to long-term opportunity?

那麼，與此相關的是，您在中長期機會方面，對機器人和自動化領域投入了多少資金？

Josh, it's Martin here. Let me just first clarify that the number that we disclosed is the lowering of the cost of shipping in Brazil is 8% Q-on-Q -- as a decrease in cost of shipping in local currency sequentially. And the reason for that is because as we mentioned, the extraordinary growth that we're seeing in volume is helping us dilute fixed costs of our logistic operations has also enabled us to use spare capacity and be more efficient in the way we run our operation in addition to the things that we do on a day-to-day basis in terms of improving efficiencies.

喬希，我是馬丁。首先我要澄清一下，我們公佈的數字是巴西運輸成本較上季下降 8%——以當地貨幣計算的運輸成本較上季下降。原因在於，正如我們所提到的，銷售量的驚人成長幫助我們降低了物流營運的固定成本，也使我們能夠利用剩餘產能，提高營運效率，此外，我們每天都在努力提高效率。

So I think that's, for the most part, the main explanation for the lowering of cost. There is some room to continue optimizing the low shipping method in the future, but that will take some more time. I think for the most part, the decrease in cost is related to scale.

所以我認為這在很大程度上是成本降低的主要原因。未來低運費方式還有優化的空間，但這需要一些時間。我認為成本下降主要與規模有關。

Yes. Just to complement, Ariel here. So the decline in cost per shipment, 8% Q-over-Q in Brazil, it's a great result for us. Bear in mind that this is not only impacting slow shipments, but this is a decline of the total cost per shipment in a country in which we are operating and dealing with strong pressure from -- coming from the extra volume. We believe that unit shipping costs should trend downwards over time, although this might not be a straight line.

是的。補充一下，這裡是愛麗兒。因此，巴西每批貨物的運輸成本較上月下降 8%，這對我們來說是一個很好的結果。請注意，這不僅會影響出貨速度，還會導致我們營運所在國家/地區的每次出貨總成本下降，我們還面臨著來自額外貨運量的巨大壓力。我們認為單位運輸成本會隨著時間的推移而呈下降趨勢，儘管這可能不是一條直線。

So there will be future gains that we will be able to capture through productivity and process improvements, but we need to continue iterating adjusting our systems, implementing technology.

因此，未來我們將能夠透過提高生產力和改進流程來獲得收益，但我們需要不斷迭代調整我們的系統，實施技術。

So to the second part of your question, we are deploying robotics. We are deploying technology in the different warehouses, we are testing and learning with different technologies in different places. And we're optimistic. We see great results in productivity, both and put away in picking and packing every time we deploy some type of technology around the people that work in our warehouses.

所以，關於你問題的第二部分，我們正在部署機器人技術。我們正在不同的倉庫部署技術，在不同的地方測試和學習不同的技術。我們持樂觀態度。每次我們在倉庫中部署某種技術時，我們都能在揀貨和包裝的效率和庫存方面看到顯著的提升。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

I wanted to ask on the profitability of the credit card business, specifically the cohorts from last year. I believe you said they were had been approaching breakeven, but I wanted to understand if that could become a tailwind going into next year?

我想詢問一下信用卡業務的獲利情況，特別是去年那批信用卡業務的獲利情況。我相信您說過他們已經接近盈虧平衡點，但我想了解這是否會成為明年發展的有利因素？

Craig. So what we have been consistently saying is that cohorts that are older than two years old are profitable, and that continues to be the case. So the profitability of the overall portfolio of credit cards in a given country depends mostly on the mix of cohorts we have.

克雷格。因此，我們一直強調的是，超過兩年的隊列是有利可圖的，而且這種情況仍然如此。因此，特定國家信用卡整體組合的獲利能力主要取決於我們擁有的客戶群組成。

But that continues to be the case that for cohorts of 2023 and older than those in Brazil, they are already profitable.

但對於 2023 年及以後出生的人群來說，情況依然如此，而且比巴西的人群更年長，他們已經能夠獲利。

Vinicius Pretto, Itau BBA.

Vinicius Pretto，伊塔烏工商管理學士。

We've been discussing a lot to trade-off between GMV growth and profitability in Brazil. And this quarter, we saw the first response with GMV accelerating significantly, but contribution margin was one of the lowest levels in the past couple of years.

我們一直在討論如何在巴西實現GMV成長和獲利能力之間取得平衡。本季度，我們看到了初步反應，GMV 顯著加速成長，但貢獻毛利率卻是近幾年來的最低水準之一。

When we think about these margin levels, do you view the margin investment made so far as sufficient to achieve your aspirations in terms of growth and market share given the recent developments in terms of competition, would you be willing to go below these levels in terms of margins to accelerate market share gains?

當我們考慮這些利潤率水平時，鑑於最近的競爭形勢，您是否認為迄今為止的利潤率投資足以實現您在成長和市場份額方面的目標？您是否願意為了加速市場佔有率的成長而將利潤率降低到低於這些水準？

Martin here. I think, first, when we talk about margins, let's put this in context of growth. I mean we are -- we see a huge opportunity to grow not only on cores, but also in FinTech. And as we have consistently said, the main priority for us is to make sure that we capture those growth opportunities that we have ahead of us, and we will continue to invest behind those opportunities as we have done in the past, right?

我是馬丁。我認為，首先，當我們談論利潤率時，讓我們把它放在成長的背景下看待。我的意思是，我們看到了巨大的發展機遇，不僅在核心業務領域，而且在金融科技領域也是如此。正如我們一直以來所說，我們的首要任務是確保抓住眼前的成長機會，我們將繼續像過去一樣，為這些機會進行投資，對吧？

Last year, you saw when we invested on credit card, it requires some margin compression -- resulting in margin compression. But now as Osvaldo mentioned, the credit card is starting to mature and that tons around. This quarter, we invested significantly on the lowering of free shipping. As you can see, had very strong results related to that with not only GMV but if you look at items sold in Brazil, it accelerated from 26% last quarter to 42% this quarter.

去年，你們也看到了，當我們投資信用卡時，這需要一定的利潤率壓縮——從而導致利潤率壓縮。但正如奧斯瓦爾多所提到的，信用卡現在開始成熟，而且這種信用卡非常受歡迎。本季度，我們投入巨資降低了免運費標準。正如你所看到的，這方面取得了非常強勁的成果，不僅GMV有所成長，而且如果你看一下在巴西銷售的商品，其成長率從上季的26%加速到本季的42%。

So very strong acceleration of items and volume, new users, more engagement, better conversion rate. We have all-time high NPS levels in Brazil because of this measure. So I think it's important to put that in context. We are not managing the business for short-term margin. We are managing for long-term value creation.

因此，商品數量和銷售量都出現了強勁的成長，新用戶數量增加，用戶參與度提高，轉換率也更高。由於這項措施，巴西的淨推薦值達到了歷史新高。所以我認為有必要把它放在具體的語境中來看。我們經營業務不是為了追求短期利潤。我們致力於創造長期價值。

And we think that if we continue to sustain the levels of growth that we are delivering, we are in the right track.

我們認為，如果我們能夠繼續保持目前的成長水平，我們就走在正確的道路上。

As we said in the past, we are not going to hesitate to invest behind that even if we put some short-term margin pressure. But in the long term, we continue to be very optimistic about the margin profile of our business as we continue to scale the business and as some of the investments that we're making continue to mature, such as the case of the credit card and 1P investments and many other things that we're doing throughout the ecosystem.

正如我們過去所說，即使會對短期利潤率帶來一些壓力，我們也不會猶豫繼續投資。但從長遠來看，隨著我們不斷擴大業務規模，以及我們正在進行的一些投資（例如信用卡和 1P 投資）以及我們在整個生態系統中開展的許多其他投資項目逐漸成熟，我們對業務的利潤率前景仍然非常樂觀。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great. Just on NIMAL, should we expect the same seasonal dynamics to play out in the coming quarters, such that 4Q should be up sequentially before we step down again in 1Q?

偉大的。就 NIMAL 指數而言，我們是否應該預期接下來的幾季也會出現同樣的季節性波動，即第四季環比上漲，然後第一季再次下跌？

And then as we head into next year, should we assume NIMAL remains pressured as you ramp up credit card issuance in Argentina and face potentially the same higher funding costs that you flagged this quarter even as those older cohorts in other countries get more profitable.

然後，展望明年，我們是否應該假設，隨著您在阿根廷加大信用卡發行力度，NIMAL 仍將面臨壓力，並可能面臨您在本季度指出的更高融資成本，即使其他國家的那些老一代用戶群變得更加盈利？

Tell you a little bit of what has happened lately with NIMAL. I would say that the -- what we have seen is that change in terms of mix basically. We saw a reduction in the last quarter of NIMAL, mostly coming from when you look at the overall credit market, and then I will double-click on credit card.

跟你說說最近NIMAL發生了什麼事。我認為，我們看到的主要是成分方面的變化。我們看到 NIMAL 在上一季有所下降，這主要是由於整體信貸市場，然後我再雙擊信用卡。

But overall credit, what we saw was a reduction of NIMAL, coming mostly from Argentina and driven by the increase in funding cost we saw last quarter, which was significant because of some stability in the market. But I would say that is rather constrained to that in Argentina, pretty much everything else was working similarly to prior quarters.

但總體而言，我們看到的是 NIMAL 的減少，這主要來自阿根廷，並且是由上個季度我們看到的融資成本增加所驅動的，由於市場保持穩定，融資成本的增加意義重大。但我認為這種情況僅限於阿根廷，其他方面幾乎都與前幾季類似。

Now when it comes to credit cards, what we're seeing is Brazil is getting to a point that we have enough older cohorts that nearly 50% of the volume of cars we have issued and TPV is already profitable. And so it will depend on the speed at which we continue issuing cards in Brazil, but that is a country where we should see in the medium term, I would say, the overall credit cards becoming profitable.

現在就信用卡而言，我們看到巴西的老年人群體已經足夠多，我們發行的信用卡數量和總購買力（TPV）中，近 50% 已經實現盈利。因此，這取決於我們在巴西繼續發行信用卡的速度，但我認為，在中期內，我們應該會看到巴西的信用卡整體業務獲利。

That is not yet the case in Mexico when we started significantly later and still we are issuing cards at a volume that is very significant compared to the legacy we have. And when we look at those cohorts that are two, three years older are a smaller part of the overall portfolio.

墨西哥的情況並非如此，我們起步較晚，但即便如此，我們目前的發卡量與我們以往的業務相比仍然非常可觀。當我們觀察比現在大兩、三歲的族群時，會發現他們在整體投資組合中所佔比例較小。

And yes, as we mature in Brazil and eventually in Mexico, we will be accelerating the issuance of cards in Argentina, where we're just starting. So definitely, we'll be investing there for the next several years.

是的，隨著我們在巴西乃至最終在墨西哥的業務日趨成熟，我們將加快在阿根廷（我們目前才剛起步）發行信用卡的速度。所以，未來幾年我們肯定會在那裡投資。

As to complement in terms of mature seasonality. It's typically a little bit of seasonality in Q4, which is a little bit better than Q1, is weaker for collection.

至於在成熟的季節性方面進行補充。第四季通常略微受季節性因素影響，比第一季略好一些，但收款情況較弱。

But I would say, for the most part, the fluctuations that you've seen over the last several quarters is related to mix, as Osvaldo mentioned, not so much for seasonality.

但我認為，過去幾季出現的波動，大部分與產品組合有關，正如奧斯瓦爾多所提到的那樣，而不是季節性因素。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

This is Jack on for Deepak.

這是傑克替迪帕克報道。

Kind of sticking with the Argentina credit card topic. Can you just provide any like early engagement metrics on the new credit card launch there? Maybe how is the adoption curve compared to Brazil? Is there any reason to think that, that kind of two years to breakeven stat that you guys have called out would be any different in Argentina? And then lastly, kind of what are the penetration rates you're targeting over the next 12 to 18 months?

還是繼續聊阿根廷信用卡的話題吧。能否提供一些關於新信用卡推出的早期用戶參與度指標？與巴西相比，美國的普及率曲線如何？有什麼理由認為，你們提到的那種需要兩年才能收回成本的情況在阿根廷會有所不同？最後，你們未來 12 到 18 個月的目標滲透率是多少？

So I'd say it's still very early to tell. We only launched a credit card in Argentina towards the end of the quarter. So there is not yet enough information. It's too early to comment on its performance.

所以我覺得現在下結論還太早。我們直到本季末才在阿根廷推出信用卡。所以目前資訊還不夠。現在評論其表現還為時過早。

We -- as we have said in the letter, we are very confident that this will be a successful product because we have a huge user base in Argentina, and they are very engaged with Mercado Pago. And on top of that, because Argentina is a country where most of the credit card -- nearly all of the credit cards charge a monthly fleet, and we don't.

正如我們在信中所說，我們非常有信心這將是一款成功的產品，因為我們在阿根廷擁有龐大的用戶群，而且他們對 Mercado Pago 的參與度非常高。此外，因為阿根廷的大多數信用卡——幾乎所有信用卡——都會按月收取費用，而我們不會。

So we believe that that's a huge plus for [uncard]. And also It has good offers in the market of liver ecosystem for those reasons and on our current cost network. So for all of these reasons, we are encouraged and we are excited about the opportunity, but I'd say it's still very early to comment on results because it was like only for a couple of weeks during the quarter. And we cannot comment on -- we cannot give guidance on 12 or 18 months, but we are very bullish with the product.

所以我們認為這對…來說是一個巨大的優勢[取消卡片]。而且，基於這些原因，它在肝臟生態系統市場上也提供了不錯的產品，並且符合我們目前的成本網絡。綜上所述，我們對此機會感到鼓舞和興奮，但我認為現在評論結果還為時過早，因為這僅僅是本季度中的短短幾週時間。我們無法對未來 12 個月或 18 個月的情況發表評論或給予指導意見，但我們對該產品非常看好。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

On the fulfillment centers, you mentioned that there's been a big increase in the number of shipments, would you require to add more fulfillment centers than what you already had on the road map?

關於物流中心，您提到出貨量大幅增加，您是否需要在路線圖上已有的基礎上增加更多的物流中心？

And if you can give us a bit more color on the further investments that we can expect in the coming quarters in Brazil, especially? And my second question is on the credit side of the business. In Mexico, there's a lot of competition coming in. What are the early trends that you're seeing? Which products have been doing very well with the Mexican consumers?

如果您能詳細介紹未來幾季在巴西，特別是巴西的進一步投資計劃，那就太好了？我的第二個問題是關於企業的信貸面向。墨西哥市場競爭非常激烈。你觀察到的早期趨勢是什麼？哪些產品在墨西哥消費者中非常受歡迎？

And what kind of asset quality are you seeing in Mexico specifically?

具體來說，您在墨西哥看到的資產品質如何？

Neha, this is Ariel. So before jumping into the answer to your question, let me rewind a bit and make one small comment on an answer that I gave to Irma before.

Neha，這是Ariel。所以在回答你的問題之前，讓我先回顧一下之前我給艾爾瑪的一個回答，並稍作補充說明。

So total number of unique buyers in the marketplace this quarter was indeed $75 million, but new buyers was actually 7.8 million -- million people, sorry, new buyers was 7.8 million. I did bring up the number of something like 4, which is the number for Brazil, but total LatAm new buyers was 7.8 million, sorry, guys, if I mixed it for you guys.

因此，本季市場上的獨立買家總數確實達到了 7,500 萬美元，但新買家實際上有 780 萬——抱歉，是 780 萬新買家。我確實提到了巴西的購屋者數量約為 4，但拉丁美洲的新購屋者總數為 780 萬，抱歉各位，如果我把數字搞混了。

So going back to the question on fulfillment. Indeed, we saw a 28% quarter-over-quarter increase in volume in Brazil, which naturally puts pressure in our network capacity. Still, we were ready to manage that. Of course, having part of the volume in the slow method does help us manage the volume flowing through the different parts of the value chain.

所以，讓我們回到履行義務的問題。事實上，我們在巴西的業務量較上季成長了 28%，這自然會對我們的網路運力造成壓力。不過，我們已經做好了應對的準備。當然，一部分交易量採用慢速方式確實有助於我們管理價值鏈各環節的交易量。

So specifically to your question, we did not open any new fulfillment center that was not planned. And as you probably know, it's not so easy to open any warehouse of this type and this size from 1 quarter to the other. So we are not changing the super short-term plans, we feel that we have the capacity that we need to deal with the volume that is coming.

所以具體回答您的問題，我們沒有開設任何計劃外的新物流中心。正如你可能知道的那樣，要從一個季度到另一個季度開設任何這種類型和規模的倉庫都不是一件容易的事。因此，我們不會改變超短期計劃，我們認為我們有能力應對即將到來的業務量。

But of course, we are always reevaluating the mid- to long-term capacity that we need to deal with the volume that we're bringing. And as part of that ongoing evaluation, we will, for sure, build the required capacity as to deal with the volume that will create. As we said over and over, fulfillment is strategic having speed fast and reliable network turns to be strategic for us in order to continue serving our customers to increase their retention to increase their NPS and we'll continue investing behind logistics as we need to serve our customer.

當然，我們一直在重新評估我們需要的中長期產能，以應對我們帶來的業務量。作為持續評估的一部分，我們一定會建立必要的能力來應對由此產生的業務量。正如我們一再強調的，快速可靠的物流網絡對我們來說至關重要，它能幫助我們持續為客戶提供服務，提高客戶留存率，提升客戶淨推薦值 (NPS)。我們將持續加大對物流的投入，以滿足客戶的需求。

And then when it comes to credits in Mexico, I think that we are very encouraged by what we're seeing about, by the size of the opportunity, we believe that we have a few advantages. One is the strength of our ecosystem in Mexico which gives us a huge distribution channel and also a lot of insights and that lets us issue cards and issue credits with a very small customer acquisition cost.

至於墨西哥的信貸市場，我認為我們受到了很多鼓舞，我們看到了巨大的機遇，我們相信我們有一些優勢。其一是我們墨西哥生態系統的強大，它為我們提供了巨大的分銷管道和大量的洞察力，這使我們能夠以非常低的客戶獲取成本發行信用卡和發放信用額度。

When we look at the market in general, we already -- including banks, we are already the second largest financial institution in terms of monthly active users. Already number one in terms of monthly downloads. So we are seeing how we are gaining a lot of traction in the Mexican market, both in consumer credit and in credit cards.

從整體市場來看，包括銀行在內，按月活躍用戶數計算，我們已經是第二大金融機構。月下載量已排名第一。因此，我們看到我們在墨西哥市場，無論是在消費信貸還是信用卡領域，都獲得了極大的發展動力。

And if you recall, during the first part of this year, we decelerated a little bit the additions of credit cards, but we have been reaccelerating again, and we are encouraged by the results we are seeing. So I'd say I'll summarize that we believe we have a flywheel where MercadoLibre facilitates a lot of what we do with regards to credits in Mexico.

如果你還記得的話，今年上半年我們稍微放緩了信用卡新增業務的速度，但我們已經重新加快了速度，我們對目前的成果感到鼓舞。所以我想總結一下，我們相信我們有一個飛輪效應，MercadoLibre 為我們在墨西哥進行的許多信貸相關工作提供了便利。

Jamie Friedman, Susquehanna.

傑米·弗里德曼，薩斯奎哈納。

I wanted to ask about principality. You have these interesting call-outs in the shareholder letter on Page 2. You show that there's an 11-point increase in Brazil and 2 points in Mexico.

我想問公國的情況。您在致股東信第 2 頁中提出了這些有趣的觀點。數據顯示，巴西增加了 11 個百分點，墨西哥增加了 2 個百分點。

I'm just wondering, one, how you're defining principality. And two, are there any services that you currently don't offer that you may contemplate offering financial services in order to further escalate the principality or do you have the things that you need?

我只是想知道，第一，你是如何定義公國的。第二，您目前是否尚未提供某些金融服務，但您是否考慮提供這些服務以進一步提升公國的實力？或者您已經具備所需的條件？

So, I would say that we are excited by the growth in principality, which you mentioned, mostly in Brazil, but to some degree also in Mexico. The way we measure or we try to estimate principalities with some principallity if at least 50% of the income of a given client passes through Mercado Pago.

所以，我想說，我們對您提到的公國發展感到興奮，尤其是在巴西，但墨西哥也有一定程度的發展。我們衡量或嘗試估算公國的方式是，如果給定客戶至少 50% 的收入透過 Mercado Pago 進行交易，則稱其為公國。

And this, in some cases, we're able to assess to surveys and in other cases, with open banking data. And I would say we have already put in place the two of the most important things. And those are yielding account and a strong trade offering. And we -- what we don't have yet is the ability to collect your salary in the market of power account. In the case of Mexico, this is because we are not yet a bank.

在某些情況下，我們可以透過調查來評估這一點；而在其他情況下，則可以透過開放銀行資料來評估。我認為我們已經落實了最重要的兩件事。這些都是收益帳戶和強勁的交易產品。而我們—我們目前還沒有能力在電力市場帳戶中收取您的薪水。就墨西哥而言，這是因為我們目前還不是一家銀行。

We are in the process of obtaining a banking license and that is a requirement. And in the case of Brazil, we -- some people collect a salary in Mercado Pago, mostly through portability. But this still is fully small, and we believe there's a large opportunity there.

我們正在辦理銀行牌照，這是必要條件。以巴西為例，我們——有些人透過 Mercado Pago 領取工資，主要是透過工資可攜帶性。但這仍然只是很小的規模，我們相信其中蘊藏著巨大的機會。

Joao Soares, Citi.

Joao Soares，花旗集團。

I wanted to double-click on an earlier question, and I think is important. I mean you are in the midst of an investment cycle, but at the same time, you're also gaining -- you're achieving operating leverage, especially on the product and development lines. So just wanted to understand, I mean, are you currently satisfied with the investment level that you're making. Is there any -- are there any areas -- additional areas that you think could use additional resources or should we think about this continued operating leverage across certain OpEx lines. I mean I just wanted to understand where you are at, at the current stage of investment?

我想雙擊之前的一個問題，我認為這個問題很重要。我的意思是，你正處於投資週期之中，但同時，你也在獲得收益——你正在實現營運槓桿，尤其是在產品和研發方面。所以我想了解一下，我的意思是，您目前對目前的投資水準滿意嗎？您認為還有哪些領域需要額外的資源？或者我們是否應該考慮在某些營運支出方面繼續利用這種營運槓桿？我只是想了解一下您目前的投資階段是什麼情況？

Joe, it's Martin again. Yes, I think obviously, as I mentioned before, we are extremely satisfied with the results of the investment that we did. We actually announced it last quarter, right? Remember, last quarter, we showed only one month of investment.

喬，我是馬丁。是的，我認為很明顯，正如我之前提到的，我們對所做投資的結果非常滿意。我們其實上個季度就宣布過了，對吧？請記住，上個季度我們只展示了一個月的投資情況。

Now we're seeing the full effect of investment in the full quarter. So we're very excited about the results. The impact on the market place is really enormous. We talked about volume growing, but also a number of sellers and items listed on the range of BRL19 to BRL79 are growing very rapidly as well. So the supply side is also benefiting from this.

現在我們已經看到這項投資在整個季度中的全面效果。所以我們對結果感到非常興奮。對市場的影響確實非常巨大。我們討論了交易量的增長，但價格在 19 至 79 雷亞爾之間的賣家和商品數量也在快速增長。因此，供應方也從中受益。

So we're extremely happy.

所以我們非常高興。

And on top of that, as we mentioned, we lowered the shipping costs, but still, this is a longer-term process where we're going to optimize the slow shipping layer of our logistic network. So we are optimistic about the investments, the results that we're seeing. And then on top of that, we continue to make investments in other areas of the ecosystem. 1P, as we mentioned, I think, on the letter, grew very rapidly this quarter as well. It continues to improve profitability, but still requires investments.

此外，正如我們所提到的，我們降低了運輸成本，但這仍然是一個長期的過程，我們將優化物流網路中運輸速度較慢的環節。因此，我們對這些投資以及我們所看到的成果持樂觀態度。除此之外，我們也將繼續對生態系統的其他領域進行投資。正如我們在信中提到的，1P在本季也成長得非常迅速。雖然盈利能力持續提高，但仍需要投資。

The credit card, as Osvaldo mentioned, is still is very profitable the older cohorts. However, we continue to invest, and we are launching it in Argentina. There are some smaller initiatives that we continue to invest. We're opening new fulfillment centers. We increased our capacity -- capacity by 41% year on year.

正如奧斯瓦爾多所提到的那樣，信用卡對老一輩來說仍然非常有利可圖。但是，我們將繼續投資，並將在阿根廷推出這項服務。我們也會繼續投資一些規模較小的項目。我們正在開設新的物流中心。我們的產能提高了—年增 41%。

That required investments as well. So I think a lot of moving parts on that front.

這也需要投資。所以我認為這方面有很多變數。

On the flip side, we mentioned in the letter, we're going at 39% year on year. As I said, 27 consecutive quarters of growth above 30%. This is something that no other public company has delivered of this time frame at the scale that MercadoLibre is doing it. So that obviously is helping us dilute fixed costs and we saw this quarter strong dilution on G&A and product development.

另一方面，正如我們在信中所提到的，我們的年增長率為 39%。正如我所說，連續 27 個季度成長超過 30%。這是其他任何一家上市公司在如此短的時間內以 MercadoLibre 所達到的規模所實現的。因此，這顯然有助於我們降低固定成本，本季我們看到一般及行政費用和產品開發的成本大幅降低。

So when you put all that together, I think we're optimistic about the long-term margin trajectory for our company. As I said before, we are very much focused on continuing to deliver growth in both FinTech and commerce, and we will make the investments that are required to capture that those roll opportunities. As we have done in the past, we will continue to do so we're disciplined, but we'll continue to invest.

綜上所述，我認為我們對公司的長期利潤率走勢持樂觀態度。正如我之前所說，我們非常注重在金融科技和商業領域繼續實現成長，我們將進行必要的投資以抓住這些發展機會。就像我們過去所做的那樣，我們將繼續這樣做，我們保持自律，但我們也會繼續投資。

Just to reinforce Martin's point. Ariel here. So we have amazing growth higher frequency from our buyers, record conversion rates, record retention rates for new buyers and record retention rates for existing buyers. We have more new buyers we had our record high NPS in Brazil. We have more live listings and more sellers than what we had before.

只是為了佐證馬丁的觀點。我是愛麗兒。因此，我們的買家數量成長驚人，轉換率、新買家留存率和現有買家留存率均創歷史新高。我們新增了更多買家，我們在巴西的淨推薦值 (NPS) 也創下了歷史新高。我們現在的在售商品數量和賣家數量都比以前更多了。

So indeed to Martin's point, we are very encouraged by the impact that we see -- we are having -- and this gives us great optimism about the foundations we are building as we look to be the driving force between shifting physical retail into e-commerce.

所以，正如馬丁所說，我們對我們所看到的影響——我們正在產生的影響——感到非常鼓舞，這讓我們對我們正在建立的基礎充滿樂觀，因為我們希望成為推動實體零售向電子商務轉型的驅動力。

And at the end of the day, that's our goal, right? We know that the opportunity ahead of us is huge we need to continue reducing frictions of buying online and bringing more people into our platform. And while we do that, we need to continue finding efficiencies in order to fund that process. But definitely, we are excited and encouraged and very positive with the results we had this quarter.

歸根結底，這就是我們的目標，對吧？我們知道擺在我們面前的機會龐大，我們需要繼續減少網路購物的摩擦，吸引更多的人加入我們的平台。同時，我們需要繼續提高效率，以便為此過程提供資金。但可以肯定的是，我們對本季的業績感到興奮、鼓舞和非常樂觀。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. I'd like to start with a few developments in recent months. I think you announced a B2B initiative as well as a partnership with Casas Bahia. And I just wanted to see if you could help dimensionalize the potential impact for that, not necessarily to your business per se. I know you won't speak to that specifically, but just kind of frame the opportunity for us.

偉大的。我想先談談最近幾個月的一些進展。我認為您宣布了一項 B2B 計劃以及與 Casas Bahia 的合作關係。我只是想看看您能否幫忙分析這件事可能產生的影響，不一定是針對您公司本身的影響。我知道你不會具體談論這件事，但請你為我們勾勒一下這個機會的輪廓。

And how we should be thinking about the ability to drive future GMV growth?

那麼，我們該如何思考推動未來GMV成長的能力呢？

And then secondly, on the credit card, just overall, I noticed that the average loan size has been growing. And I know that you have a risk discipline to kind of start with small loans. So even though you're growing the issuing of new cards still continues to rise.

其次，就信用卡而言，總體而言，我注意到平均貸款額一直在增加。我知道你們有很強的風險控制意識，所以一開始會從小額貸款做起。所以即使你們的業務在成長，新卡的發行量仍然持續上升。

So I just wanted to understand better like how are you loosening up or extending more credit to your borrowers from the outset? Or are you still kind of maintaining the same levels of underwriting and credit quality as you have been.

所以我想更深入地了解一下，你們是如何從一開始就放寬對借款人的信貸限製或提供更多信貸的？或者說，你們仍然保持著與以往相同的承保水準和信貸品質？

So I just want to understand what's driving that dynamic.

所以我想了解是什麼因素在驅動這種動態變化。

Marvin, Ariel here. So let me start touching on Casas Bahia. So this is an exciting opportunity for us. I mean, while our 1P business continues to perform extremely well, we grew 1% year over year on FX neutral.

馬文，我是艾瑞爾。那麼，讓我先來談談卡薩斯巴伊亞吧。所以這對我們來說是一個令人興奮的機會。我的意思是，雖然我們的 1P 業務繼續表現非常出色，但我們按匯率不變計算，比去年同期成長了 1%。

Our strategy with 1P has always been to fill the gaps in selection or price competitiveness that 3P sellers were unable to fill. And as many times I've said in this call, we are a 3P preferred companies. And Casas Bahia is a seller that is able to bring more selection competitive prices to a category where we are under-indexing in market share.

我們採用 1P 模式的策略始終是填補 3P 賣家在產品選擇或價格競爭力方面無法填補的空白。正如我在這次電話會議中多次提到的，我們是第三方優選公司。而 Casas Bahia 是一家能夠為我們市佔率不足的品類帶來更多選擇和有競爭力的價格的賣家。

So our penetration in the total market for heavy and bulky items, white goods, in particular, is definitely below our average market share. So we are excited, we think -- and by the way, Casas Bahia not only brings selection and prices, they also bring some expertise in dealing with the logistics of those complex items to ship.

因此，我們在重型和笨重物品（尤其是白色家電）的整體市場滲透率肯定低於我們的平均市場份額。所以我們感到很興奮——順便說一句，Casas Bahia 不僅帶來了豐富的選擇和優惠的價格，他們還帶來了處理這些複雜物品運輸物流的專業知識。

So we are excited. We think this is complementary to everything that we are doing, both in 1P and 3P, and we believe this is another opportunity to continue improving the two sides of our network. I think to B2B, this is a multibillion-dollar opportunity for the super long run.

我們感到非常興奮。我們認為這與我們在 1P 和 3P 領域所做的一切都相輔相成，我們相信這是繼續改進我們網路兩端的另一個機會。我認為對於B2B企業來說，這是一個價值數十億美元的超長期機會。

For now, we are making the first steps into it. It will be long. We need to learn, we need to adjust. But again, we think it's another way to serve our customers and our seller base.

目前，我們正在邁出第一步。這將是一段漫長的過程。我們需要學習，我們需要調整。但我們仍然認為這是服務客戶和賣家群體的另一種方式。

And Marvin, with regards to the credit card, I would say that we are definitely maintaining the same underwriting discipline that we had in the past, whenever we saw that there were worsening of NPLs, we were more cautious as we were towards the end of last year, early this year in the case of Mexico.

至於信用卡方面，馬文，我想說，我們肯定會保持與過去相同的承保紀律。每當我們看到不良貸款情況惡化時，我們都會更加謹慎，就像去年年底和今年年初墨西哥的情況一樣。

And then as we saw that we were able to improve our models and continue to grow with NPLs under control and continue to increase the number of cards we issue, but always maintaining the same repayment target. We were more willing to issue more cards and that has been the case. In this process throughout this time, not only have we created new generations of credit models in each of the markets roughly twice a year.

然後，我們看到，我們能夠改進我們的模型，在控制不良貸款的情況下繼續發展，並繼續增加我們發行的信用卡數量，但始終保持相同的還款目標。我們更願意發行更多銀行卡，事實也的確如此。在此過程中，我們不僅在各個市場大約每年兩次創建了新一代的信貸模型。

But also, we have been able to improve the technology we use which allows us to upsell customers more frequently. And therefore, when we start working with someone and if they pay us back according to plan, we are able to every month or every couple of months, being able to increase the line if we deem that to be appropriate.

此外，我們也改進了所使用的技術，這使我們能夠更頻繁地向客戶追加銷售產品。因此，當我們開始與某人合作，並且他們按計劃償還我們款項時，我們可以每月或每隔幾個月增加一次額度，如果我們認為合適的話。

So I would say we are comfortable. We have been able to accelerate the issuance of cards, and we are comfortable that we are doing this, maintaining the underwriting discipline that we had.

所以我覺得我們很滿意。我們已經能夠加快發卡速度，並且我們有信心在保持原有承保紀律的前提下做到這一點。

Kaio Prato, UBS.

Kaio Prato，瑞銀集團。

I have a question on the payment business, please. Can you talk a little bit about the pace of growth of the acquiring TPV in the ecosystem and more specifically about Brazil.

我有一個關於支付業務的問題，請問。您能否談談生態系中 TPV 收購的成長速度，特別是巴西的成長速度？

Because in the country -- in the industry, we are seeing which is lower growth, at least on cat. And looking to your numbers, it implied a significant market share gain, which potentially accelerated actually this quarter with growth of around 28% year on year. So just wonder if you can share refers the drivers behind that and how sustainable is it going forward?

因為在國內——在產業內，我們看到的是成長放緩，至少在貓身上是如此。從你們的數據來看，這意味著市佔率大幅成長，而且本季這一成長速度可能還會加快，年增約 28%。所以我想知道您能否分享背後的驅動因素，以及這種模式未來的可持續性如何？

Absolutely, Kaio. So I think that you're right. What we're seeing is that we are both accelerating and growing faster than the market in Brazil. If you recall, a couple of years ago, we decided to pretty much changed all of our go-to-market strategy in Brazil with regards to in-store to POS, and we were relying a lot on third party.

當然，凱奧。所以我覺得你是對的。我們看到的情況是，我們的發展速度和成長速度都超過了巴西市場。如果你還記得的話，幾年前，我們決定徹底改變我們在巴西的市場推廣策略，從店內銷售轉向POS銷售，而且我們當時非常依賴第三方。

We started building more on old sales force. We started building more our direct-to-consumers Yes, direct to consumers, both via MercadoLibre and via our own Mercado Pago. And those resulted in acceleration that started, I would say, over a year ago and has remained growing faster than the market for some time now. We are comfortable with that. And sort of the same thing has been happening in online payments.

我們開始更多地利用原有的銷售團隊。我們開始更多地建立直接面向消費者的業務，包括透過 MercadoLibre 和我們自己的 Mercado Pago。這些因素導致了加速成長，我認為這種加速成長始於一年多前，並且在一段時間內一直保持著比市場更快的成長速度。我們對此沒有異議。同樣的情況也發生在網路支付領域。

We also see an acceleration, particularly when it comes to credit card acquiring. We were more selective towards the beginning of this year with regards to fix acquiring became successes. We were working with very, very same margins -- and we decided that some customers were not having those price points, but we're really focused on credit card, and we have been able to gain share.

我們也看到，尤其是在信用卡收單方面，這種趨勢正在加速發展。今年年初，我們在固定資產收購方面更加謹慎，最終取得了成功。我們當時的利潤率非常非常低——我們認為有些客戶無法接受這樣的價格，但我們專注於信用卡，並且已經獲得了市場份額。

And one more thing I'd like to point out is that this has been also the case in all of the other top markets. This has been the case in Brazil, in Mexico, in Argentina and Chile. So we're really comfortable with how we have been able to gain share in all of these markets.

我還要指出一點，其他所有主要市場的情況也是如此。巴西、墨西哥、阿根廷和智利都曾出現過這種情況。因此，我們對能夠在所有這些市場中獲得份額感到非常滿意。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

My question is regarding the other countries where you had very strong metrics across the board GMV revenues, TPV margins. Just disclose a bit of the initiatives that you are doing in these markets? Is it was like med-ed or market-led and what to expect going forward?

我的問題是關於其他國家，在這些國家，你們的各項指標（GMV 收入、TPV 利潤率）都非常強勁。能否透露一下您在這些市場正在進行的一些舉措？是像醫學教育那樣以市場為主導，還是像其他產業以市場為主導？未來又會如何發展？

Marcelo, Ariel here. So yes, we are extremely satisfied with the performance of the other countries. Let me give you some colors on the consolidated numbers for the commerce side.

馬塞洛，我是阿里爾。所以，是的，我們對其他國家的表現非常滿意。讓我來跟你們介紹一下商業方面的綜合數據。

So GMV growth in Chile accelerated for the third consecutive quarter, while Colombia growth picked up more than 10 percentage points Q-over-Q, both trends driven by successful items. So we are increasing market share in both markets, particularly in Chile, the gain of market share has been stronger. So I would say there is no silver bullet to explain what's happening over there. It's more fulfillment, better logistics, lots and lots of work in selection strong work in demand generation, promotional activity and so on.

因此，智利的 GMV 成長連續第三個季度加速，而哥倫比亞的成長環比增長超過 10 個百分點，這兩個趨勢都是由成功的商品推動的。因此，我們在兩個市場的市佔率都在成長，尤其是在智利，市場佔有率的成長更為強勁。所以我認為，對於那裡發生的事情，並沒有什麼靈丹妙藥可以解釋。它意味著更高的產品完成度、更好的物流、大量的選品工作、強大的需求創造能力、促銷活動等等。

NPS is higher Q-over-Q in Chile as well. So we are very pleased with the performance we had because it shows that what we are building is a very solid way -- a very solid base in which we can continue to grow to bring, again, off-line retail into online and to continue consolidating our leadership in each market.

智利的 NPS 環比也有所提高。因此，我們對取得的成績非常滿意，因為它表明我們正在建立的是一個非常穩固的方式——一個非常穩固的基礎，我們可以繼續發展，再次將線下零售帶入線上，並繼續鞏固我們在每個市場的領先地位。

Let me add to that, Ari. If you want, on the fintech side, the one country where we had to focus the most, the new country we have focused most over the last couple of years has been Chile. And really, we are seeing the results of that. our user base or monthly user base is growing at 75% year over year.

阿里，我再補充一點。如果要說金融科技方面，我們必須重點關注的國家，或者說過去幾年我們重點關注的新國家，就是智利。而我們也確實看到了成效。我們的用戶群或每月活躍用戶群年增了75%。

The yield in account is growing a lot, too. and we see an acceleration in the number of products our clients are using. So we are very excited about the results we are seeing in Chile. There are products still to be launched there, but we are very encouraged by the results we all do so.

帳戶收益也大幅成長，而且我們看到客戶使用的產品數量也在加速成長。因此，我們對在智利所取得的成果感到非常興奮。雖然還有一些產品尚未在那裡推出，但我們對目前的成果感到非常鼓舞。

[Pedro, Exxon].

[佩德羅，埃克森]

Congratulations on the results. If I may, I wanted to hear from you how you are thinking about OpenAI's recent move into e-commerce? The launch its browser and partner with players such as Shopify, Walmart, and I was wondering how you're seeing potential opportunities or threats here? And could there be something similar in South America?

恭喜取得好成績。如果可以的話，我想聽聽您對 OpenAI 最近進軍電子商務領域的看法？該公司推出瀏覽器並與 Shopify、沃爾瑪等公司合作，我想知道您如何看待這裡的潛在機會或威脅？南美洲是否也有類似的情況？

Pedro, Ariel here. So before jumping into OpenAI, let me say that we are extremely excited about the potential of Agent to enhance discovery, service and productivity within our ecosystem. There are several examples of things that we are doing on that regard. We just launched our own seller assistant, which is a conversational tool that gives sellers personalized advice and recommendations on how to manage data activity in our platform.

我是佩德羅，我是阿里爾。因此，在深入了解 OpenAI 之前，我想說，我們對 Agent 在增強我們生態系統內的發現、服務和生產力方面的潛力感到無比興奮。我們在這方面正在做一些事情，例子很多。我們剛剛推出了自己的賣家助手，這是一個對話式工具，可以為賣家提供個人化的建議和推薦，幫助他們管理我們平台上的數據活動。

In FinTech, as you probably know, we just launched our first AI assistant that can help our users with a wide range of tasks like making or scheduling money transfer through a conversation platform, asking for questions on the user's operation and so on. But this is the first step of many to come for Mercado Pago and for MercadoLibre.

正如您可能知道的那樣，在金融科技領域，我們剛剛推出了首款人工智慧助手，它可以透過對話平台幫助用戶完成各種任務，例如進行或安排轉帳、詢問用戶操作相關問題等等。但這只是 Mercado Pago 和 MercadoLibre 未來眾多舉措中的第一步。

I think to the specifics of your question, the key message there is that we need to continue to focus ourselves in building the best genic experience within our platform, and that will give us optionality on what to do next and how to move forward.

我認為就你提出的具體問題而言，關鍵訊息是我們需要繼續專注於在我們的平台上建立最佳基因體驗，這將使我們在下一步該做什麼以及如何前進方面擁有更多選擇。

I think it's early to make comments on OpenAI and their partnership with Etsy, Shopify, and so on. We need to understand how this will develop in the long run, what role agent will play in the relationship with consumers. And eventually, decide if there's something different that we need to do for sure. We need to put the technology in place in order to have an agentic experience in MercadoLibre and in Mercado Pago in the near term.

我認為現在評論 OpenAI 及其與 Etsy、Shopify 等公司的合作關係還為時過早。我們需要了解這種情況從長遠來看會如何發展，代理商在與消費者的關係中將扮演什麼角色。最後，確定我們是否真的需要採取一些不同的措施。我們需要盡快落實相關技術，以便在 MercadoLibre 和 Mercado Pago 上提供代理商體驗。

Geoffrey Elliott, Autonomous.

傑弗裡·艾略特，自主。

You've talked a lot about what you're doing in Brazilian e-com and how you're growing, you're picking up share. But can you talk a bit about the competitive environment? Do you think that your competitors are behaving rationally? Or do you see any signs of irrational competition in the market?

你多次談到你在巴西電子商務領域的業務發展情況，以及你如何不斷成長，如何擴大市場佔有率。能談談競爭環境嗎？你認為你的競爭對手的行為是理性的嗎？或者，您是否看到市場中存在任何非理性競爭的跡象？

Geoffrey. How are you? So let me start by saying something that I've said before here in this call that Brazil has always been an intensely competitive market. And I think the reason for that is that it's very attractive, large population, 1 of the 10 largest economies in the world, e-commerce penetration is still well below the global standards or benchmarks from the UK, US, or China.

傑弗裡，你好嗎？首先，我想重申我之前在這次電話會議中說過的一點，那就是巴西一直是個競爭非常激烈的市場。我認為原因在於，它非常有吸引力，人口眾多，是世界十大經濟體之一，但電子商務滲透率仍然遠低於英國、美國或中國的全球標準或基準。

So over the last 26 years, we've built a business with a formidable value proposition for buyers, for sellers, and this has put us in a position of market leadership. Our own market share in e-commerce has tripled since 2014, it has doubled since the pandemic, but we are still very, very small when you compare our sales in the country with the total retail sales. So the position that we've built with record of NPLs, record and preference, record retention, record conversion.

因此，在過去的 26 年裡，我們打造了一家對買家和賣家都具有強大價值主張的企業，這使我們處於市場領導地位。自 2014 年以來，我們在電子商務領域的市佔率成長了兩倍，自疫情爆發以來又成長了兩倍，但與全國零售總額相比，我們的市佔率仍然非常非常小。因此，我們憑藉不良貸款記錄、優先貸款記錄、貸款保留記錄和貸款轉換記錄建立了良好的市場地位。

This is something about the strength of everything we've done. And we are very confident that we can successfully compete against the different players in Brazil in the exact same way that we've been competing with many of them over the last 26 years. I can't speak for other players in the market, but we do not believe that anything we're doing is irrational. Just look at the results we are seeing from the lower free shipping threshold.

這體現了我們所做的一切的力量。我們非常有信心能夠像過去 26 年與巴西眾多對手競爭一樣，成功地與巴西的各個對手競爭。我不能代表市場上的其他參與者發言，但我們認為我們所做的一切都是合乎理性的。看看降低免運費門檻後取得的成果就知道了。

That is a very rational move that significantly strengthens our competitive position, our ability to bring people in the online world that were driving satisfaction. We're driving retention. So as long as we maintain the strategy that served us in the past, which is to be always focused on the user and not on our competitors. We are confident that we will be able to be the platform or choice -- of choice, sorry, for buyers and for sellers in the long run.

這是一個非常理性的舉措，它大大增強了我們的競爭地位，提高了我們吸引線上用戶、提升用戶滿意度的能力。我們正在提高用戶留存率。所以，只要我們堅持過去行之有效的策略，那就是始終以使用者為中心，而不是以競爭對手為中心。我們有信心，從長遠來看，我們將能夠成為買家和賣家的首選平台——抱歉，應該是首選。

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

謝謝。我們的問答環節到此結束。我謹將會議交還給馬丁·德洛斯·桑托斯，請他作總結發言。

Thank you all for joining the call today and for your questions. As you heard, we're very excited about the results of Q3, in particular, with the results of the strategic investment that we're making the lowering of the free ship interest in Brazil has enabled us to accelerate growth in the marketplace and to continue to gain market share, which, by the way, grew by double over the past five years.

感謝各位今天參加電話會議並提出問題。正如你所聽到的，我們對第三季度的業績感到非常興奮，特別是我們對戰略投資的成果，降低巴西的離岸價使我們能夠加速市場增長並繼續獲得市場份額，順便說一句，我們的市場份額在過去五年裡翻了一番。

The investment that we're making on credit and the credit card specifically, as Osvaldo mentioned, is maturing and helping us with profitability in addition to principality, which is very important for our FinTech initiatives. So these investments have enabled us to continue to deliver growth, we delivered 39% year-on-year growth.

正如奧斯瓦爾多所提到的，我們對信貸，特別是信用卡方面的投資正在逐步成熟，這不僅有助於我們提高盈利能力，而且有助於提升我們的金融科技計劃的盈利能力，這對我們的金融科技計劃來說非常重要。因此，這些投資使我們能夠繼續實現成長，我們實現了 39% 的同比增長。

As I mentioned earlier, that marks the 27th consecutive quarter of above 30% year-on-year growth, which is something remarkable really at the size of MercadoLibre today. So we are very excited about that.

正如我之前提到的，這標誌著 MercadoLibre 連續第 27 個季度實現 30% 以上的同比增長，對於如今 MercadoLibre 的規模而言，這確實是一件了不起的事情。我們對此感到非常興奮。

And again, looking forward to getting in touch with you once again in February when we deliver Q4 results, in the meantime, the Investor Relations team is available for further questions. Once again, thank you very much for your interest and good night.

再次期待在二月發布第四季業績時與您再次聯繫，同時，投資者關係團隊隨時解答您的疑問。再次感謝您的關注，晚安。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。