美卡多 (MELI) 2026 Q1 法說會逐字稿

Welcome to the MercadoLibre earnings conference call for the quarter ended March 31, 2026. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's Investor Relations Officer.

歡迎參加 MercadoLibre 截至 2026 年 3 月 31 日止季度的財報電話會議。感謝各位加入我們。我是 Richard Cathcart，MercadoLibre 投資人關係主管。

Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our management team. Before we go on to discuss our results of the first quarter of 2026, 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.

今天，我們將以影片分享本季重點，之後將與管理團隊開始即時問答環節。在我們繼續討論 2026 年第一季業績之前，我提醒各位，管理層可能會作出或提及，而本簡報亦可能包含前瞻性陳述及非 GAAP 指標。因此請參閱螢幕上的免責聲明，該聲明也將在我們投資人關係網站的財報資料中提供。請注意，本次電話會議將被錄音，並將在我們投資人關係網站提供重播。

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. Thank you for joining us. I'm pleased to report that MercadoLibre delivered another excellent quarter to start 2026, with net revenue up 49% year-over-year, our strongest growth rate since Q2 2022. This performance reflects the strategic investments we've made consistently over the past several quarters, which are bearing fruit with increasing clarity.

各位好。感謝各位加入我們。我很高興報告，MercadoLibre 在 2026 年開局再度交出非常出色的一季，淨營收年增 49%，為自 2022 年第二季以來最強的成長率。這項表現反映了我們在過去數季持續進行的策略性投資，且其成果正愈發清晰地展現。

Chief among them is our decision to lower the free shipping threshold in Brazil, which has proven to be a sustained growth engine across multiple quarters. By bringing more buyers into the ecosystem, we're strengthening network effects with higher purchase frequency, broader assortment, and a logistics network that becomes more efficient with every incremental package.

其中最重要的是我們決定在巴西下調免運門檻，事實證明這在多個季度中都是持續的成長引擎。透過將更多買家帶入生態系，我們以更高的購買頻率、更廣的商品組合，以及隨每一個新增包裹而更有效率的物流網路，強化網路效應。

As a result, Brazil delivered another standout quarter for commerce. GMV grew 38% year-over-year as item sold growth accelerated to 56%. This has more than doubled the quarterly growth rate prior to lowering the free shipping threshold. Free shipping penetration reached a new record and unit economics continue to improve, with cost per shipment down 17% year-over-year in local currency. In other words, higher demand is driving lower costs.

因此，巴西在電商方面再度交出亮眼的一季。GMV 年增 38%，而售出件數成長加速至 56%。這使得在下調免運門檻之前的季度成長率增加逾一倍。免運滲透率創下新高，單位經濟效益持續改善，以當地貨幣計算，每筆出貨成本年減 17%。換言之，更高的需求正在帶動更低的成本。

Outside Brazil, we deliver solid growth in commerce and continue to gain share across key markets. In Mexico, GMV grew 28% year-over-year, while in Argentina, GMV grew by 41%. Chile remains strong with GMV also up 40% year-over-year, driven by higher free shipping penetration and faster deliveries. Fintech services momentum also remains strong with solid growth across our core indicators.

在巴西以外，我們在電商方面也交出穩健成長，並持續在主要市場提升市占。在墨西哥，GMV 年增 28%；在阿根廷，GMV 年增 41%。智利依然強勁，GMV 亦年增 40%，主要受更高的免運滲透率與更快的配送所帶動。金融科技服務的動能同樣強勁，我們的核心指標皆呈現穩健成長。

Mercado Pago monthly active users grew 29% year-over-year. AUM grew 77%, and our credit portfolio nearly doubled to $14.6 billion. This highlights that engagement is both broadening and deepening as more users choose our ecosystem as their primary financial relationship, supporting our long-term objective of becoming Latin America’s largest digital bank.

Mercado Pago 月活躍用戶年增 29%。AUM 年增 77%，而我們的信貸組合幾乎翻倍至 146 億美元。這凸顯用戶參與度正同時擴大與加深，因為更多用戶選擇我們的生態系作為其主要金融關係，支持我們成為拉丁美洲最大數位銀行的長期目標。

We continue to invest in our credit card as a central pillar of this long-term objective, issuing 2.7 million credit cards this quarter. Credit card TPV grew 90% year-over-year, and monthly active users grew 68%. The credit card is an excellent example of fintech cross-sell occurring at scale as a meaningful share of cardholders were previously marketplace-only users and are now active fintech users. This reinforces the cross-sell flywheel and generates positive ecosystemic effects across engagement, usage, and retention.

我們持續投資於信用卡業務，將其作為此長期目標的核心支柱，本季發行 270 萬張信用卡。信用卡 TPV 年增 90%，月活躍用戶年增 68%。信用卡是金融科技交叉銷售規模化發生的絕佳例證，因為相當比例的持卡人過去僅是市集（marketplace）用戶，如今已成為活躍的金融科技用戶。這強化了交叉銷售飛輪，並在參與度、使用度與留存方面產生正向的生態系效應。

Growth of our credit portfolio is supported by disciplined underwriting and continuous enhancements to our models that are improving decision accuracy at scale. This validation gives us strong conviction as we extend the playbook beyond Brazil, continuing to scale the credit card in Mexico and building from an earlier base in Argentina.

我們信貸組合的成長，來自嚴謹的授信審核與對模型的持續強化，這些改進正在以規模化方式提升決策準確度。這項驗證讓我們在把這套打法延伸到巴西以外時更具信心：我們持續在墨西哥擴大信用卡規模，並在阿根廷從較早期的基礎開始建置。

Overall, Q1 2026 was an outstanding quarter of top-line growth, with revenue increasing 49% year-over-year. We delivered $611 million of income from operations, representing a 6.9% margin. The margin compression reflects our choice to invest in strategic initiatives, and the results of each investment reinforce our conviction that we’re taking the right steps to build the largest and most engaged commerce and fintech platform in Latin America. Our investment decisions are guided by clear, observable evidence, and that evidence tells us that now is precisely the right moment to invest boldly in a market with significant multi-year growth runways ahead.

整體而言，2026 年第一季在營收端呈現卓越成長，營收年增 49%。我們實現 6.11 億美元的營業利益，營業利益率為 6.9%。利潤率下滑反映了我們選擇投資於策略性計畫；而每一項投資的成果都強化了我們的信念：我們正採取正確步驟，打造拉丁美洲最大且最具參與度的電商與金融科技平台。我們的投資決策以清楚、可觀察的證據為指引，而這些證據告訴我們：現在正是於具備顯著多年成長跑道的市場中，大膽投資的最佳時機。

That is the foundation on which we are choosing to invest. We look ahead to the rest of 2026 with strong momentum and full conviction that the investments we’re making today will compound into structural advantages that define this company in the years ahead.

這就是我們選擇投資的基礎。展望 2026 年剩餘時間，我們動能強勁，並堅信我們今天所做的投資將複利累積為結構性優勢，並在未來數年定義這家公司。

We appreciate your continued support, and with that, we’ll open it up for questions.

感謝各位持續支持，接下來我們開放提問。

(Operator Instructions)

(接線員指示)

Irma Sgarz, Goldman Sachs.

Irma Sgarz，高盛。

I think a key question I'd like to ask is that on the shareholder letter, you mentioned that you chose to set the dial at this level of the first quarter and you point out quite explicitly that there was a deliberate investment decision. I think that's quite clear. However, you also mentioned that there were some you alluded to some incremental opportunities that you've been able to identify and also you note that you don't expect this level to material change in the near term.

我想問的一個關鍵問題是：在致股東信中，你們提到第一季選擇把「調節旋鈕」設定在這個水準，並且相當明確地指出這是一項刻意的投資決策。我認為這點很清楚。不過，你們也提到你們發現了一些額外的機會，並且也指出你們不預期這個水準在短期內會出現實質變化。

So I think my question is, could you just help us understand what perhaps changed from the fourth quarter that you reported in late February to now? After the first quarter, what new opportunities have you identified to invest behind and whether this sort of this margin level that we saw in the first quarter, again, I know you don't provide guidance, but is that roughly the right level that we should think about for the remainder of 2026?

因此我的問題是：能否請你們協助我們理解，從你們在 2 月底公布的第四季到現在，可能有哪些變化？在第一季之後，你們又識別出哪些新的投資機會？以及我們在第一季看到的這個利潤率水準——我知道你們不提供指引——但這是否大致就是我們對 2026 年其餘時間應該預期的水準？

Hi, Irma. It’s Martin here. Let me start with the end. I think the investment philosophy hasn’t changed. In fact, we decided to invest behind the initiative, similar initiatives that we have been investing over the past several quarters. What we have seen, and we try to be very explicit about that on the letter this quarter, are the results of those investments. We’re seeing very good results in terms of our credit card portfolio.

嗨，Irma。我是 Martin。我先從最後一點開始。我認為投資理念並沒有改變。事實上，我們決定加大投資於該項計畫，這與我們在過去幾季持續投資的類似計畫一致。我們所看到的——而我們也試著在本季的信中非常明確地說明——是這些投資所帶來的成果。我們在信用卡組合方面看到非常好的結果。

As we mentioned, all the cohorts in Brazil continues to improve and become profitable. The repayment periods in both Brazil and Mexico are also improving. That gives us more confidence to continue investing and investing boldly in terms of growing our credit card portfolio, and now we’re also launching it in Argentina.

如我們所提到的，巴西所有批次（cohorts）持續改善並轉為獲利。巴西與墨西哥的還款週期也在改善。這讓我們更有信心持續投資，並在擴大信用卡組合方面更為大膽；而現在我們也正在阿根廷推出該產品。

The same could be said on the commerce side, we continue to expand our fulfillment infrastructure in order to keep up with growth of our business. We expanded and we probably invested a little bit more boldly in CVT. We see a huge opportunity on CVT, as well as 1P, and we’re investing behind that. And then if you compare year-over-year, we continue to expand our free shipping offering, which is a critical component of our value proposition.

同樣的情況也適用於商務端，我們持續擴充履約基礎設施，以跟上業務成長。我們擴張了，而且我們可能在 CVT 上投資得更為大膽一些。我們在 CVT 以及 1P 上都看到了巨大的機會，因此我們正在加大投入。另外，如果你做年對年比較，我們持續擴大免運服務的提供範圍，而這是我們價值主張中的關鍵組成。

I would say that for the most part, we did not change anything in terms of the investment philosophy. We have seen very strong results on those investments. As we always said, we’re not trying to optimize short-term margins. What we’re doing is we’re investing for the long term, we will continue to invest boldly in those initiatives.

我會說，大致上我們在投資理念方面沒有改變任何事情。我們在這些投資上看到了非常強勁的成果。正如我們一直所說，我們並不是要最佳化短期利潤率。我們所做的是為長期而投資，我們將持續在這些計畫上大膽投資。

Andrew Ruben, Morgan Stanley.

Andrew Ruben，摩根士丹利。

And thanks for the additional color on the investments within the release. One other item I'd like to understand more about was the Brazil seller promotions you announced in recent months, lowering take rates for competitively priced sellers in certain price points.

也謝謝你在新聞稿中補充了更多關於投資的細節。我還有一點想更深入了解的是，你們近幾個月宣布的巴西賣家促銷，針對在某些價格帶具競爭力定價的賣家降低抽成率。

So I'd like to understand what drove the decision and when you're thinking about allocating price investment dollars, how you balance that between seller investments versus buyer initiatives such as free shipping and maybe to the extent it relates to Irma's question, if these seller promotions represented any area of change in your philosophy or approach over the past few months?

所以我想了解是什麼驅動了這個決策；以及當你們在分配價格投資預算時，如何在賣家投資與買家端措施（例如免運）之間取得平衡；另外也想呼應 Irma 的問題，這些賣家促銷是否代表你們在過去幾個月的理念或作法上有任何改變？

Hey, Andrew, Ariel here. So let me walk you through what we have done regarding take rates in Brazil for everyone to have the full picture. So basically, we lowered take rates in some categories, in some specific price ranges. So this is not a platform-wide take rate cut, it's a targeted investments where we see the greatest opportunity and by opportunity, I mean both elasticity of demand and elasticity of supply. And basically, all the discounts that we are providing to merchants are conditional on sellers maintaining a competitive pricing on their listings in MercadoLibre.

嗨，Andrew，我是 Ariel。我先帶大家完整梳理一下我們在巴西抽成率（take rate）方面做了哪些事情，讓大家有全貌。基本上，我們在某些品類、某些特定價格區間降低了抽成率。這不是全平台的抽成率下調，而是我們在看到最大機會的地方進行的精準投資；所謂機會，我指的是需求彈性與供給彈性兩方面。而且，我們提供給商家的所有折扣，都以賣家在 MercadoLibre 上維持具競爭力的刊登價格為前提條件。

Why is it that we are doing this, and this is probably the most important part of the answer. We started -- if you go back a few years, we started lowering take rates back in 2024, targeting specific ranges and categories. And if you look at results since then, unique buyers have grown 62%, GMV has grown even faster, the number of live listings in our platform and the effective sellers have hit record high, even after a few years of much slower growth, engagement and frequency in the platform continue to increase at an excellent rate.

我們為什麼要這麼做？這可能是答案中最重要的部分。如果你回顧幾年前，我們在 2024 年就開始下調抽成率，鎖定特定區間與品類。而如果你看那之後的成果，獨立買家成長了 62%，GMV 成長得更快；平台上的有效刊登數與有效賣家數都創下新高，即使在經歷了幾年成長較慢之後，平台的互動與使用頻率仍以極佳的速度持續提升。

So basically, the last taken reduction are a function of the results that we have already proven and we've seen over the last 18 months. And if you were to take a step back in the last 12 months, going to the second part of your question on whether we're doing these for merchants or investing for buyers. Over the last 12 months, we have lowered the free shipping threshold to BRL19, we have expanded free and fast shipping in Meli+, we have expanded our affiliate program, we continue to build the best and most reliable logistics network across Latin America.

所以，最近這次抽成率下調，基本上是我們在過去 18 個月已經驗證並看到的成果所推導出的結果。如果你把時間拉回來看過去 12 個月，回到你問題的第二部分：我們是在為商家做這些，還是在為買家投資？過去 12 個月，我們把免運門檻降到 19 巴西雷亞爾（BRL19），在 Meli+ 擴大了免費且快速的配送服務，擴大了我們的聯盟行銷（affiliate）計畫，並持續打造拉丁美洲最優、最可靠的物流網路。

And clearly all those investments compounded generate tremendous volume and tremendous value for our merchants and we want to make sure that those investments, which benefits sellers directly are translating in the best possible prices for our buyers in the platform. So basically, this is another piece of a complex puzzle of initiatives that we are putting together in order to drive engagement and create the very best value proposition for users in MercadoLibre.

很明顯，所有這些投資疊加起來，為我們的商家帶來了龐大的流量與價值；而我們也希望確保這些直接讓賣家受益的投資，能在平台上轉化為買家所能獲得的最佳價格。因此，這基本上是我們為了提升互動、並為 MercadoLibre 的用戶打造最佳價值主張而拼湊的一套複雜計畫中的另一塊拼圖。

Let me just complement those investments that Ariel mentioned regarding lowering shipping take rates to merchants, were implemented towards the end of Q1, so they were not -- did not flow through our P&L in Q1, they will flow through in Q2.

我再補充一下：Ariel 提到的、針對商家降低運輸相關抽成率的投資，是在第一季末才開始實施，因此第一季的損益表（P&L）尚未反映；會在第二季反映。

Bob Ford, Bank of America.

Bob Ford，美國銀行。

In the press release, you mentioned a 30-point NPS gap with incumbent banks. Can you talk a little bit about your NPS rank across the marketplaces and what you think you need to do to replicate that NPS leadership with respect to marketplaces and maybe specifically in Brazil?

在新聞稿中，你們提到相較於既有銀行有 30 點的 NPS 差距。你能談談你們在各個市場的 NPS 排名，以及你們認為需要做什麼，才能把在電商平台上的 NPS 領先優勢複製到（金融）市場上，或許特別是在巴西？

So we are at record high NPS across every single market. In e-commerce, we feel pretty comfortable with the competitive position in terms of customer satisfaction in every single market where we operate. So if you were to compare our NPS with traditional retail, which is kind of the similar example to traditional banks, you would see a huge gap. And we are satisfied with all the progress we've made and the continuous improvement in such a metric across Brazil, Mexico, Argentina, Chile and so on.

我們在每一個市場的 NPS 都創下歷史新高。在電商方面，就客戶滿意度而言，我們在每一個營運市場的競爭地位都讓我們相當有信心。因此，如果你把我們的 NPS 與傳統零售相比（這有點類似把我們與傳統銀行做對比的例子），你會看到非常大的差距。我們對於已取得的進展，以及在巴西、墨西哥、阿根廷、智利等地該指標的持續改善，都感到滿意。

Marcelo Santos, JPMorgan.

Marcelo Santos，摩根大通。

Thank you for taking my question. I wanted to discuss a bit the Brazil NIMAL compression. You mentioned that 1/3 of the provisions came from higher provisions in Brazil. Is that part of the up-market move? Like you say, you’re taking longer loans. Just wanted to understand what kind of products you are going to take this, what kind of risk these products come, and how far you are in this move. That will be the question.

謝謝讓我提問。我想討論一下巴西 NIMAL 的壓縮。你提到有三分之一的提存來自巴西提存增加。這是否與你們往更高端市場（up-market）的移動有關？例如你說你們在做更長天期的貸款。我想了解你們會用哪些產品來推動這件事、這些產品帶來什麼樣的風險，以及你們在這個轉變上進展到什麼程度。以上是我的問題。

Hi, Marcelo. Yes, as you mentioned, and as we mentioned in the call, a big part of that is related to higher mix of credit cards, which have a significantly smaller NIMAL, and because they are still immature cohorts in the portfolio. And then we are taking heavy provisions in Brazil, and that is related.

嗨，Marcelo。是的，如你所提到、也如我們在電話會議中所說，其中很大一部分與信用卡占比提高有關；信用卡的 NIMAL 明顯較低，而且因為這些仍是投資組合中尚未成熟的批次（cohorts）。另外，我們在巴西提列了較多的備抵（provisions），這也與此相關。

On the one hand, to extending the average term of our loans. We used to have loans typically on average of five months, and that has moved to eight months. Also we are expanding the reach on our personal loans portfolio, and that is in part what you mentioned, is we are reaching out to customers who had a line of credit in the past, and they were not taking it, so we are lowering the spread to see if we entice them to start trying our personal loan products.

一方面，這與我們延長貸款平均期限有關。我們過去的貸款平均期限通常約為 5 個月，現在已拉長到 8 個月。同時，我們也在擴大個人貸款投資組合的觸及範圍；部分如你所說，我們正在接觸過去曾有授信額度但未動用的客戶，因此我們下調利差，看看是否能吸引他們開始嘗試我們的個人貸款產品。

Also reaching out to segments where they are either more risky or we -- where we have to work with smaller spreads. It has been a deliberate decision to reach out to further segments to continue accelerating growth. I’ll add to that asset quality remains quite stable and reflects how well the models are working and in general, how the underwriting process is working.

我們也在觸及一些族群：要嘛風險更高，要嘛我們必須以較小的利差來經營。這是我們有意識的決策，去觸及更廣的客群，以持續加速成長。我再補充：資產品質仍相當穩定，反映出模型運作良好，以及整體授信審核流程運作良好。

Rodrigo Gastim, Itau BBA.

Rodrigo Gastim，Itaú BBA。

I'd just like to turn the discussion here to Argentina and the credit book in Argentina. If you could discuss a little bit about the potential acceleration in the credit book in the country or give us some idea of the growth recently of the credit book in Argentina specifically for the card book, which has been quite new, but we felt you're quite enthusiastic with this initiative.

我想把討論轉到阿根廷以及阿根廷的信貸資產組合。你能否談談該國信貸資產組合可能的加速，或提供一些阿根廷近期信貸資產組合的成長概況，特別是卡片資產組合（card book），這項業務相當新，但我們感覺你們對這個計畫非常有信心。

And also share with us some early signs of the profitability of the credit card in Argentina, the NIMAL or the maturation of the cohorts, how it's behaving. It would be very helpful.

也請與我們分享一些阿根廷信用卡獲利能力的早期跡象，例如 NIMAL 或各批次（cohorts）的成熟度，目前表現如何。這會非常有幫助。

Hi, Rodrigo. Let me start with credits, and I move on to credit card. I would say that in general, the 15-90 NPL in Argentina has improved sequentially. When we look at the market, we see that some banks are having worsening NPLs, that has not been our case. I think that the reason for that is that we have several advantages, is that we are issuing loans with very short durations relative to the banks, and we have a very nimble approach to pricing those loans. We have high levels of principality in Argentina. Lots of our users use their Mercado Pago account every day. We have very sophisticated underwriting models. I think that our portfolio has proved to be very resilient in Argentina.

嗨，Rodrigo。我先從信貸開始，接著再談信用卡。我會說，整體而言，阿根廷的 15-90 天不良貸款（NPL）比例在環比上有所改善。當我們看市場時，我們看到有些銀行的不良貸款在惡化，但我們並非如此。我認為原因在於我們有幾項優勢：我們發放的貸款期限相較銀行更短，而且我們在貸款定價上採取非常靈活敏捷的方式。我們在阿根廷具有很高的「主體性」（principality）。我們許多用戶每天都在使用他們的 Mercado Pago 帳戶。我們有非常精密的授信審核模型。我認為我們的投資組合已證明在阿根廷非常具韌性。

With regards to the credit card, we just started issuing cards in August, September of last year, we are excited with the evolution. Given the, I would say, the ubiquity of Mercado Pago, we have been able to reach out to those clients which we deem to be less risky, that has enabled us to be aggressive in the number of cards we are issuing. Still it’s early to tell how quickly those cards will repay themselves, we are seeing initial impression as is that the cohort in Argentina is very similar to our first steps in Brazil. We are happy with how they are evolving.

至於信用卡，我們是在去年 8 月、9 月才開始發卡，我們對其發展感到興奮。鑑於 Mercado Pago 的普及性，我們得以觸及那些我們認為風險較低的客戶，這使我們能在發卡數量上更具進取性。目前仍為時尚早，還難以判斷這些卡片能多快回本；我們看到的初步印象是，阿根廷的這一批次表現與我們在巴西的最初階段非常相似。我們對它們的演進感到滿意。

Josh Beck, Raymond James.

Josh Beck，Raymond James。

Sounds like unit costs were down, I believe 17% year-over-year. I assume a lot of this has to do with better utilization of idle capacity. As we look later into this year and next, how do you kind of think about maybe the next step down in terms of unit costs?

聽起來單位成本下降了，我相信同比下降了 17%。我猜這很大一部分與更好地利用閒置產能有關。展望今年稍晚以及明年，你們如何看待單位成本可能再下一階段的下降？

Just quickly on agentic, we’ve heard a number of the US players speak to really embedded agentic experiences within their own e-commerce platform, driving better conversion, bigger baskets. Just curious if there’s any early learnings in that area for you.

另外快速問一下關於 agentic（代理式）方面：我們聽到一些美國業者談到在自家電商平台內深度嵌入代理式體驗，帶來更好的轉換率、更大的客單。想請教你們在這方面是否有任何早期心得？

Hey, Josh, Ariel here. Indeed we are very pleased with the results on shipping costs. 17% reduction year-over-year, farther accelerating from the 11% reduction we saw in Q4, even while absorbing 56% volume growth in the same period. Basically the improvements are coming from three main things.

嗨，Josh，我是 Ariel。確實，我們對運輸成本的成果非常滿意。同比下降 17%，相較於我們在第四季看到的 11% 降幅進一步加速，即便在同一期間吸收了 56% 的量增。基本上，改善主要來自三個方面。

A, volume and volume density, more shipments allow us to dilute fixed costs across the network, while also ramping up facilities to utilization levels far more quickly. That combined with new tech features also allow us to improve shipments per route in both last mile and line haul.

A，出貨量與出貨密度：更多的出貨讓我們能在整個網路中攤薄固定成本，同時也能更快把設施拉升到更高的利用率水準。再加上新的技術功能，也讓我們能在末端配送（last mile）與幹線運輸（line haul）兩端提升每條路線的出貨件數。

B, our slow shipping network, and this a key lever that allows us to take advantage of the idle capacity both in fulfillment and cross-docking, in order to ship items at a marginally lower cost whenever there’s space available in our value chain.

B，我們的慢速配送網路：這是一個關鍵槓桿，使我們能同時利用履約與轉運（cross-docking）的閒置產能，在我們價值鏈中只要有空間可用，就能以邊際上更低的成本出貨。

C, there were lots of work in terms of deployment of operational and technological improvements that did change and improve productivity across every node of our network. Very pleased with that. There’s a commentary that we left there in the letter that shares a bit more on the story. Variable contribution per shipment for the items between BRL18, BRL19 and BRL79 has improved materially since we launched our free shipping program in June, and several brackets within that range are already breaking even.

C，在營運與技術改進的部署方面做了大量工作，確實改變並提升了我們網路中每一個節點的生產力。我們對此非常滿意。我們在股東信中留了一段說明，分享了更多相關脈絡。自從我們在 6 月推出免運方案以來，介於 BRL18、BRL19 與 BRL79 的商品，其每筆出貨的變動貢獻（variable contribution）已顯著改善，而在該區間內的多個價格帶已經達到損益兩平。

So we are positive with this. This is the same type of trajectory that we saw when we launched our initial free shipping program back in 2016. I would say this case was even faster, the improvement. Looking forward, I would say that we expect the direction of travel in unit shipping costs to continue to be downwards, but this is not going to be linear, right? We will be adding more capacity for sure, given the growth rates that we are having, and clearly some of the incremental gains may take a longer time to achieve. We are confident on the trajectory that we’ll continue to see.

因此我們對此持正面看法。這與我們在 2016 年推出最初免運方案時看到的軌跡相同。我會說這次改善甚至更快。展望未來，我們預期單位運輸成本的趨勢仍會持續下降，但這不會是線性的，對吧？鑑於我們目前的成長率，我們肯定會增加更多產能，而顯然某些增量改善可能需要更長時間才能實現。我們對將持續看到的趨勢很有信心。

In terms of agentic and impact, I think it’s worth highlighting the fact that we deployed LLMs in Search, in Commerce for the first time this quarter. Basically that is live in Brazil, Mexico and Argentina. Now we are using this technology to better understand users’ intent, combining both knowledge on the user behind the query and better interpretation of the query itself.

就 agentic 及其影響而言，我認為值得強調的是：我們本季首次在搜尋與電商中部署了大型語言模型（LLMs）。基本上，這已在巴西、墨西哥與阿根廷上線。我們正在使用這項技術更好地理解用戶意圖，結合對查詢背後用戶的了解，以及對查詢本身更佳的解讀。

And the impact is basically very visible across the funnel. We have higher conversions as buyers find what they are looking for much faster. We have better ad returns as our search also improves the quality of the results that our ad tech stack is generating. We have higher stronger engagement from our users as the discover experience actually improves.

其影響在整個漏斗中都非常明顯。買家能更快找到他們要找的東西，因此轉換率更高。由於我們的搜尋也提升了廣告技術堆疊所產生結果的品質，廣告回報更好。隨著探索（discover）體驗實際改善，用戶的參與度也更高、更強。

Clearly this is one of the contributors to the great performance we had this quarter. This is one piece in a much more broad gen AI strategy for the marketplace, and we are very happy with the results that we’ve seen so far.

顯然，這是我們本季優異表現的其中一個貢獻因素。這只是我們針對市集（marketplace）更廣泛生成式 AI 策略中的一部分，我們對目前看到的結果非常滿意。

Danni Tiger, XP.

Danni Tiger，XP。

I have a quick one here. I would just like to know how you guys are seeing the potential work scale revision in Brazil as well as higher oil prices becoming additional cost challenges to be dealt with in the short-term.

我這裡有個簡短問題。我想了解你們如何看待巴西潛在的工資規模（work scale）調整，以及油價上漲在短期內成為需要應對的額外成本挑戰。

I think we’ve seen in the first quarter, we didn’t see any change in terms of energy costs. We are seeing some parts of our logistics passing on some increases in cost because of energies. In the second quarter, beginning a couple of the last month or so, we are passing most of those to consumers. For the most part, we don’t expect a significant impact on our results because of that so far. Obviously monitoring the situation closely, but it’s something that we need to, you know, go month by month. But so far, we haven’t seen any impact on our P&L because of that.

我認為在第一季，我們在能源成本方面沒有看到任何變化。我們看到物流的某些環節因能源因素而轉嫁了一些成本上升。在第二季，從最近一兩個月左右開始，我們已將其中大部分轉嫁給消費者。就目前而言，我們不預期這會對我們的業績造成顯著影響。當然我們會密切監控情況，但這是我們需要、你知道的，按月觀察的事情。但到目前為止，我們尚未看到因此對我們的損益表（P&L）造成任何影響。

In terms of labor costs, I think we were -- the same thing. I mean, we for the most part, we obviously were increasing our labor mostly on logistics. We adjust our logistic cost based on labor costs, every -- twice a year, I would say, in Brazil. That’s not a major issue for us and hasn’t impacted our performance.

至於勞動成本，我認為也是同樣情況。我的意思是，我們大多數的增員主要在物流端。在巴西，我們會根據勞動成本調整物流成本，我會說一年大概兩次。這對我們不是什麼重大問題，也沒有影響我們的表現。

Geoffrey Elliott, Autonomous.

Geoffrey Elliott，Autonomous。

There's some interesting language in the looking ahead statement where you talk about margins and you say you can dial them up, you can dial them down. We've chosen where to set the dial and we do not anticipate this changing materially in the near term.

在前瞻性陳述中有一些有趣的措辭，你們談到利潤率，並表示你們可以把它調高，也可以把它調低。我們已經選擇了要把旋鈕設定在哪個位置，而且我們預期短期內不會出現實質性的改變。

It's unusual for you to give that near-term clarity, what has prompted that, and then what could cause it to change? What unforeseen circumstance could cause margins to be lower or to be higher in the near term?

你們很少給出這樣的短期明確性，是什麼促使你們這麼做？接著，什麼因素可能會導致它改變？短期內有哪些不可預見的情況，可能使利潤率變低或變高？

Hi, it’s Martin here. Basically, what we’re trying to explain on the letter is the fact that the margins are a consequence of our investment posture. We can dial in up or down the investment intensity based on the results that we’re seeing on the different channels, different tracks which we’re investing. In this particular quarter, as you saw, we are accelerating the offering of credit cards, our credit book, credit card book is growing more than 100% year on year. We’re also accelerating CVT and 1P, and we continue to offer more free shipping.

嗨，我是 Martin。基本上，我們在信中想要說明的是，利潤率是我們投資姿態的結果。我們可以根據在不同通路、不同投資軌道上看到的成果，調高或調低投資強度。在這一季，如你所見，我們正在加速推進信用卡的發放，我們的信貸帳簿、信用卡帳簿年增超過 100%。我們也在加速 CVT 和 1P，並且持續提供更多免運。

We’re investing on both commerce and fintech, and based on the investments that we’re making is the margin that we’re delivering. As I said earlier, we are not optimizing for short-term margin. We’re making investments based on the results that we’re seeing, and the results are very positive. When you look at revenue growing at 49%, which is the highest rate of growth over the past four years, that’s one example of our investments performing very, very well.

我們同時在電商與金融科技兩端投資，而我們所做的投資，決定了我們所呈現的利潤率。如我先前所說，我們並不是在優化短期利潤率。我們是根據所看到的成果來進行投資，而成果非常正面。當你看到營收成長 49%，這是過去四年最高的成長率，這就是我們投資表現非常、非常好的其中一個例子。

I think what we tried to say there is that we will continue to invest the discipline in the similar areas that we’re investing today. If we see opportunities and we see results of those investments performing according to plan, we will continue to invest and we will not shy away from it. We’ll, again, we will not try to optimize shorter margins. We’re looking at a big opportunity ahead of us. We want to make sure that we capture that opportunity as opposed to just focus on short-term margins.

我想我們在那裡想表達的是，我們會持續以同樣的紀律，在目前正在投資的類似領域繼續投資。如果我們看到機會，並且看到這些投資的成果符合計畫，我們就會繼續投資，不會退縮。我們同樣不會試圖去優化較短期的利潤率。我們看到前方有很大的機會。我們希望確保能把握這個機會，而不是只專注在短期利潤率。

Let me complement that, Martin. On the fintech side, and you mentioned credit cards, definitely we see this as a huge opportunity. The better we get at improving our models and allows us to issue even more credit cards, always within the same payback period we set as target. The better we are at improving those models, the more we are willing to invest because we know how predictable the payback period is.

我補充一下，Martin。在金融科技方面，你提到信用卡，我們確實把這視為一個巨大的機會。我們越能改善模型，就越能發行更多信用卡，而且始終會在我們設定為目標的同一回收期之內。模型改善得越好，我們就越願意投資，因為我們知道回收期的可預測性很高。

And then the flip side would be, if you wanted to improve margins in the short-term, it would be fairly easy for us to slow down certain investments, but we don't think it's the right way to go even the large opportunity that we have in front of us for both commerce and fintech.

另一方面，如果你想在短期內改善利潤率，對我們來說放慢某些投資其實相當容易，但我們認為這不是正確的方向，尤其是我們在電商與金融科技兩端面前都有很大的機會。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

I wanted to dig in a little bit further on the decision to both go longer duration and to expand the credit box when it comes to the credit card in Brazil and personal loans in Brazil. With the price of oil up, and I’m just curious what gave you the confidence to make those changes now, and really lean in versus what was already a fast growth rate. Just want to make sure I understand how you balance the risk reward here.

我想更深入了解一下，關於在巴西信用卡與巴西個人貸款方面，你們同時決定拉長期限並擴大核貸範圍（credit box）的決策。在油價上漲的情況下，我很好奇是什麼讓你們有信心現在做出這些改變，並且更積極投入，而不是維持原本已經很快的成長速度。我只是想確認我理解你們如何在這裡平衡風險與報酬。

Craig, let me try to split the question. I would say that on the credit card side, we are very comfortable with the repayments we are seeing. The repayments are very similar to the what we were seeing before. The impact the credit card has on provisions and the NIML is mostly given that is gaining share in terms of the total credit book.

Craig，我試著把問題拆開來回答。我會說，在信用卡方面，我們對目前看到的還款情況非常放心。還款表現與我們之前看到的非常相近。信用卡對備抵提列與 NIML 的影響，主要是因為它在整體信貸帳簿中的占比正在提升、也就是在取得更多份額。

Now, when it comes to personal loans, and that’s where we extended the duration, that was a purpose. Basically, our duration was fairly small. It was only five months, and it was very profitable. It continues to be very profitable, less so than a year ago, but it continues to be fairly profitable.

至於個人貸款，也就是我們延長期限的部分，那是有目的的。基本上，我們原本的期限相當短。只有五個月，而且非常獲利。現在仍然非常獲利，雖然不如一年前那麼高，但仍相當獲利。

Given that we are growing well and it’s profitable, we wanted to reach out to segments where we believe we can make money, even if on the margin, the spread we make is smaller than with the segments we were already serving. And entice, again, those segments which sometimes are not willing to take a credit before to start taking them. Again, we can change the periods at which we lend at any point in time, but we wanted to experiment with this, and this confirmed that we could do this in a profitable way.

鑑於我們成長良好且具獲利性，我們希望觸及一些我們相信即使在邊際上、利差比我們原本服務的客群更小，也仍能賺錢的客群。並再次吸引那些有時候先前不願意借貸的客群開始借貸。同樣地，我們可以在任何時間點調整放款期限，但我們想要做這個實驗，而結果也證實我們可以以獲利的方式做到。

And I would say that we continue to monitor and manage our credit book very cautiously. And if you look at the NPLs, despite the macro conditions that you described, continue to be fairly stable in all of the countries where we operate, including Brazil.

我會說，我們仍然非常謹慎地監控並管理我們的信貸帳簿。如果你看不良貸款（NPL），儘管如你所描述的總體環境，我們在所有營運國家（包括巴西）的 NPL 仍相當穩定。

[Lucas Alva-Lestido], Santander.

[Lucas Alva-Lestido]，Santander。

Regarding the credit portfolio, it’s clear that you are increasing exposure to credit cards, but also accelerating in consumer and merchant loans, which I believe require higher provisioning at the time the credit is released, both to the nature of the credit and also the longer durations, so it may explain a big part of the NIML reduction.

關於信貸投資組合，很明顯你們正在提高信用卡曝險，但同時也在加速消費者貸款與商戶貸款；我認為這些在放款時需要更高的備抵提列，既因為信貸性質，也因為期限更長，因此可能解釋了 NIML 下滑的很大一部分。

Does it make sense? Combined to it, those category of credits have lower spreads than credit cards, but accrue interest over the full balance, contrary to credit cards that you depend on users to delay payments. If my understanding is right, is it fair to assume that this static NIML is much lower than it could reach over time as you start collecting interest and even potentially reverting provision on this balance?

這樣理解合理嗎？此外，這些類別的信貸利差低於信用卡，但利息是按全額餘額計提；相對地，信用卡則取決於用戶是否延後付款。如果我的理解正確，是否可以合理假設，這個靜態 NIML 目前遠低於它隨時間可能達到的水準，因為你們開始收取利息，甚至可能在這些餘額上回轉部分備抵？

Hi, Lucas. In general, the spreads in consumer and merchant books are better than those on the credit card, because again, on the credit card, we have to book -- all of the potential lines we have as provisions. And so, initially we take a loss whenever we issue a credit card, and then only after some time do we start making money on those cards we issued in the past.

嗨，Lucas。一般而言，消費者與商戶帳簿的利差比信用卡更好，因為信用卡方面，我們必須把我們提供的所有潛在額度——都作為備抵提列。因此，一開始每當我們發行一張信用卡就會先承擔損失，之後過一段時間，我們才會開始在過去發行的那些卡上賺錢。

I would say that what contributes to an increase, a lowered NIMAL and a higher provision is mostly, first, 2/3 of it is coming from the increase in the proportion of credit cards. And then when with regards to the loans, yes, increasing the duration make us take larger provisions, and we also assume a larger early repayment risk, and that is part of the equation of moving toward longer durations that we expect that with time and as we regulate and we already understand better how repayments will work, we will able to again expand the spread in those loans, in those personal loans in Brazil.

我會說，造成 NIMAL 下降與備抵提列上升的主要因素是：首先，其中 2/3 來自信用卡占比提高。至於貸款部分，是的，拉長期限會使我們提列更大的備抵，我們也會承擔更高的提前還款風險；這是我們朝更長期限移動時方程式的一部分。我們預期隨著時間推進，並且在我們逐步校準、也已更了解還款將如何運作之後，我們將能再次擴大這些貸款、也就是巴西個人貸款的利差。

Just to complement, the consumer loan portfolio in Brazil, which is the only one that Osvaldo was referring to, continues to be a very profitable operation. It has double-digit margins. It is a little bit less profitable than it was a year ago, just to clarify that.

補充說明一下，巴西的消費者貸款組合（也是 Osvaldo 剛才提到的唯一一個）仍然是一項非常獲利的業務。它的利差（margin）是雙位數。澄清一下，它比一年前稍微沒那麼獲利。

We continue to perform very, very well.

我們持續表現得非常、非常好。

Yes. Merchant loans, which were the last one we mentioned, have very healthy spread. Probably the highest spreads of all the products as of now today.

是的。商戶貸款（我們剛才最後提到的那個）有非常健康的利差。就目前來看，可能是所有產品中利差最高的。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐（HSBC）。

I’d like to go back on the provisions question. The cost of risk increased quite substantially this quarter. It’s now around 37% as per my calculation. Could you zoom in on which particular loan segment or any particular region that might have led to this increase in cost of risk? Do you see it as a one-off or do you see closer to 37% to 38% as a going rate for cost of risk as you continue growing the credit business?

我想回到備抵（provisions）這個問題。本季風險成本（cost of risk）大幅上升。依我計算，目前大約在 37% 左右。你們能否更聚焦說明，是哪一個特定貸款分部或哪一個特定地區導致風險成本上升？你們認為這是一次性因素，還是隨著你們持續擴張信貸業務，風險成本的常態水準會更接近 37% 到 38%？

Second question is, there’s a lot of discussion about payroll loans in Brazil, which are less risky, but gives a good alternative to personal loans. Is that something that you would contemplate entering into for Brazilian market?

第二個問題是，市場上對巴西的薪資扣繳貸款（payroll loans）有很多討論，這類貸款風險較低，但可作為個人貸款的良好替代方案。你們是否會考慮進入巴西市場的薪資扣繳貸款？

Let me take the first part of your question regarding the provisions this quarter. You’re probably looking at -- there’s a chart on our investor presentation where we show a waterfall in terms of margin compression, and there’s four points of margin compression because of bad debt or because of the provisions.

我先回答你關於本季備抵的第一部分問題。你可能在看——我們投資人簡報裡有一張圖，展示利差被壓縮（margin compression）的瀑布圖，其中有 4 個百分點的利差壓縮是因為壞帳或因為提列備抵。

This is something that’s been happening for quite some time. The fact that our credit book grows at a faster pace than revenues, credit book grows at 87% year-over-year, and our revenues for MercadoLibre growth at 49%, that generates margin compression. The reason for that is because as we issue any new loan, we have to provision for the full amount of expected loss of that loan. When we accelerate growth, we need to provision more.

這件事已經發生一段時間了。我們的信貸資產（credit book）成長速度快於營收：信貸資產年增 87%，而 MercadoLibre 的營收年增 49%，這會造成利差壓縮。原因在於，每當我們發放一筆新貸款，就必須針對該筆貸款的預期損失全額提列備抵。當我們加速成長時，就需要提列更多備抵。

2/3 of the margin compression comes from that. That’s natural. That’s something that we have seen over time. In fact, if you look at the credit business, because it’s so profitable, it is actually accretive to margins to overall MELI.

利差壓縮的 2/3 來自於此。這是自然的。這也是我們長期以來一直看到的現象。事實上，如果你看信貸業務，因為它非常獲利，對 MELI 整體利差其實是有增益（accretive）的。

Then the 1/3 of a compression that you see on that waterfall comes from the consumer credit book in Brazil that, as we mentioned earlier, it is profitable, but it’s less profitable than it was a year ago, and that generates that compression. There’s no really a change in terms of -- except for Brazil, there’s no change in terms of the performance. We continue to be very excited about the performance of the credit cards, which has continued to improve quarter after quarter, the performance of the older cohorts. And consumer and the merchant grades are very profitable business as they have been for many years now.

接著，在那張瀑布圖中你看到的另外 1/3 壓縮，來自巴西的消費者信貸組合；如我們先前提到，它仍然獲利，但比一年前沒那麼獲利，因此造成壓縮。除了巴西之外，在表現方面其實沒有什麼變化。我們對信用卡的表現仍然非常振奮，且其表現一季比一季改善，較早期批次（older cohorts）的表現也持續提升。而消費者與商戶評級（merchant grades）也如同過去多年一樣，仍是非常獲利的業務。

And then regarding the second part of the question regarding payroll loans, basically, we have seen a significant increase in Brazil of payroll loans, and we are about to launch the private payroll loans. We have already integrated with the government and we will launch the product soon.

至於第二部分、關於薪資扣繳貸款的問題，基本上我們已看到巴西的薪資扣繳貸款顯著增加，而我們也即將推出民間（private）薪資扣繳貸款。我們已經與政府完成系統整合，將很快推出該產品。

Deepak Mathivanan, Cantor Fitzgerald.

Deepak Mathivanan，Cantor Fitzgerald。

Two questions, please. First, can you talk about the competitive intensity in Brazil? Amazon has made several changes recently. Are you seeing any impact on the seller side or supply on the platform at this time?

兩個問題，謝謝。第一，能否談談巴西的競爭強度？亞馬遜最近做了幾項調整。你們目前是否在賣家端或平台供給端看到任何影響？

And then second one for Martin. Can I go back to the EBIT question Irma asked and try a little bit differently? There are obviously seasonal headwinds in 1Q from credit business that quarterly eases off through the year. But are you now ramping investments in certain areas that's incremental, that the seasonal effects are somewhat masked and we should expect EBIT margin for the year to be around 1Q levels? Any additional color you can provide there would be super helpful.

第二個問題給 Martin。我想回到 Irma 問的 EBIT 問題，換個方式問。顯然第一季信貸業務有季節性逆風，而這種影響在接下來的季度會逐步緩和。但你們現在是否正在某些領域加大投資、屬於額外增量，使得季節性效果在某種程度上被掩蓋，因此我們應預期全年 EBIT 利潤率大致維持在第一季水準？若能提供更多說明會非常有幫助。

Hey, Deepak. Ariel here. Let me take some time to address the first point on competitive intensity. Brazil is one of the most attractive e-commerce markets in the world, it’s natural that it’s getting more and more intense and as that has been the case for many years. While competition is intense, I would highlight a couple of things about the way we are thinking about this and perhaps this might be a bit different from how the market is thinking.

嗨，Deepak。我是 Ariel。我先花點時間回應第一點：競爭強度。巴西是全球最具吸引力的電商市場之一，競爭愈來愈激烈是很自然的，而且多年來一直如此。雖然競爭激烈，但我想強調幾點我們看待這件事的方式，可能也與市場的看法有些不同。

First, we thrive in competitive environments, right? Competition makes us stronger. It pushes us to evolve, to continue innovating, and that’s exactly what we have been doing over the last few years. Actually, for 26 years, it’s been doing for the last few years as well. Every single engagement metric you look in MercadoLibre Brazil is strengthening, frequency, multiple, category shopping, retention. All those are structural gains in our value proposition. Those are not short-term gains or growth that we are buying.

第一，我們在競爭環境中反而能茁壯，對吧？競爭讓我們更強。它推動我們進化、持續創新，而這正是我們過去幾年一直在做的事。其實，26 年來都是如此，過去幾年也一樣。你在 MercadoLibre 巴西看到的每一項互動指標都在變強：使用頻率、多品類購物、留存率。這些都是我們價值主張的結構性提升。這些不是短期收益，也不是我們用補貼買來的成長。

Once again, satisfied with that as we are satisfied with reaching new records of MPS that really show how strong our value proposition is in the country. Our conversion rate in Brazil has increased 1 percentage point year-over-year. That’s huge increase. When you think about conversions, all this feeds into the rapid growth that we are delivering, the record market shares. We have never been in a stronger position on that regards.

再一次，我們對此感到滿意，就如同我們對 MPS 創下新紀錄感到滿意一樣，這些都真正顯示我們在該國的價值主張有多強。我們在巴西的轉換率（conversion rate）年增 1 個百分點。這是非常大的提升。當你想到轉換率時，這些都會反映在我們所帶來的快速成長與創紀錄的市占率上。在這方面，我們從未處於更強的位置。

The second point that I would highlight is that this competitive intensity is also having a positive impact in the market as a whole by bringing new consumers from the offline world into the online world, and we feel we are very much equipped to offer all those consumers the opportunity to buy in MercadoLibre. The pie is increasing at a faster pace than it was before, and we are taking an even larger slice of that pie.

第二點我想強調的是，這種競爭強度也正透過把新的消費者從線下世界帶到線上世界，對整體市場產生正面影響；而我們認為自己非常有能力，能為所有這些消費者提供在 MercadoLibre 購買的機會。整個市場的「餅」正以比過去更快的速度擴大，而我們正在取得更大的一塊。

Regarding the impact on what others are doing, our numbers speak for themselves, right? Our supply continues to grow, our GMV continues to grow, our successful items sold accelerating, our retention is improving. We are basically comfortable and confident with the competitive position that we have, and we will continue to execute behind it.

至於其他人所做的事情帶來的影響，我們的數字已經說明一切，對吧？我們的供給持續成長、GMV 持續成長、成功售出件數（successful items sold）加速成長、留存率也在改善。我們基本上對自身的競爭地位感到安心且有信心，並將持續落實執行。

With regards to margins, as you know, we rather not talk about margins on a quarterly basis and forward-looking. Let me say that in Q1, we decided to invest, the level of intensity of our investment based on the performance of the different investments. I think on the shareholders letter, we tried to go deeper into those results.

關於利潤率，如各位所知，我們比較不會以季度為單位、且以前瞻性的方式來談利潤率。我想說的是，在第一季，我們決定投資，而我們投資的強度水準是基於不同投資項目的表現而定。我認為在致股東信中，我們嘗試更深入地說明這些結果。

As you can see, we’re seeing very positive results in all of our investments, in the credit card, 1P, CVT, our free shipping offering, and so on. We will continue to invest behind those initiatives. It might be some others, like Ariel mentioned, some incremental investments that we’re doing on our marketplace, in particular in Brazil. We have to see how energy costs play out. I don’t see a big impact on that. We need to monitor that situation.

如各位所見，我們在所有投資上都看到非常正面的成果，包括信用卡、1P、CVT、我們的免運費方案等等。我們將持續加碼投資這些計畫。也可能會有其他一些項目，如 Ariel 提到的，我們在市集（marketplace）上做的一些增量投資，特別是在巴西。我們必須觀察能源成本的走勢。我不認為那會帶來很大的影響。我們需要持續監控這個情況。

So I would say that the philosophy will continue to be the same. We will look at the investments, we will look at the results of investments, and we will invest behind our ecosystem to capture the opportunity in front of us. Again, we’re not managing the business to a particular margin level. We feel very optimistic and comfortable about the level that we deliver this quarter, and we will continue to monitor the investment opportunities throughout the year to see where we position and the level of intensity that we’ll continue to deliver in those different tracks.

所以我會說，我們的理念將會維持不變。我們會檢視投資、檢視投資成果，並持續投資於我們的生態系，以掌握眼前的機會。再次強調，我們並不是以某個特定的利潤率水準來經營管理業務。我們對本季交出的水準感到非常樂觀且安心，並將在全年持續評估投資機會，看看我們要如何定位，以及在不同軌道上要持續投入的強度水準。

Kaio Prato, UBS.

Kaio Prato，瑞銀（UBS）。

I have a follow-up on your credit book, please. I think we are seeing some deterioration on the asset quality given these higher provisions and NPLs and the lower level of NIMAL. Having said that, I would like to hear from you about your renegotiation strategy. How it is evolving over time, and if this higher duration of loans that you mentioned is related to any kind of renegotiation as well or not.

我想就你們的信貸資產再追問一下。我認為我們看到資產品質有些惡化，反映在較高的提存與不良貸款（NPLs），以及較低的 NIMAL 水準。話雖如此，我想請你們談談你們的重談（renegotiation）策略。它隨時間如何演變？以及你們提到的較長貸款期限，是否也與某種重談有關，或其實無關？

Second, just to see if I understand, at this environment, should we expect the same pace of credit card issuance in Brazil, or should we see some slowdown?

第二，想確認我是否理解正確：在目前環境下，我們是否應預期巴西的信用卡發卡速度維持相同步調，還是會看到一些放緩？

Finally, if this is the new recurrent level of NIMAL going forward or actually could be lower as you continue to expand in credit cards.

最後，往前看，這是否是新的、可持續的 NIMAL 經常性水準？或者隨著你們持續擴張信用卡業務，NIMAL 其實可能更低？

Kaio, with regards to NIMAL, when you look at it on a quarter-by-quarter evolution, there is some seasonality in Q1, when typically we have lower NIMAL in Q1, but it’s -- I would say it’s normal to see the sequential compression that you see in the results. When it comes to year-on-year evolution, as we mentioned, a big part of that is the higher mix of credit cards, and the rest is more related to Brazil and both extending the average in terms of loans and expanding the reach of our personal loans portfolio.

Kaio，關於 NIMAL，當你以逐季的變化來看時，第一季存在一些季節性因素，通常第一季的 NIMAL 會較低，但我會說，看到你在結果中看到的那種環比壓縮是正常的。至於年對年的變化，如我們提到的，其中很大一部分來自信用卡占比提高；其餘則更多與巴西相關，包括延長貸款平均期限，以及擴大我們個人貸款組合的覆蓋範圍。

We have not seen any change in renegotiations. What we do see when we extend the duration is that more people are willing to prepay their loans, so the revenues of the interest we end up collecting of that loan is shorter just because in that case, the duration was not extended as we expected in the first place. We are not seeing any impact of that in the quality or the type of renegotiations we are doing.

我們沒有看到重談方面有任何變化。我們在延長期限時確實看到的是，更多人願意提前償還貸款，因此我們最終收取到的該筆貸款利息收入期間會更短，原因只是因為在那種情況下，實際期限並沒有如我們一開始預期那樣被延長。我們沒有看到這對我們所做的重談品質或類型造成任何影響。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Martin de Los Santos for any closing remarks. Please go ahead.

問答環節到此結束。我想把電話會議交回給 Martin de Los Santos 先生作結語。請開始。

Thanks. First, I would like to thank everybody for joining the call. I would like to close with some comments regarding our investment philosophy, and we will try to go deeper into that in our quarterly letter to shareholders.

謝謝。首先，我想感謝各位參與本次電話會議。最後我想就我們的投資理念做一些補充說明，我們也會在季度致股東信中嘗試更深入地闡述。

We at MercadoLibre are facing a once in a generation opportunity. Both Fintech and Commerce have tremendous runway ahead in Latin America, and we are in the best position to capture this large opportunity. For that, we choose to invest behind our ecosystem. As we mentioned throughout the call, we’re investing in fintech and scaling our credit card portfolio, which is helping us bring millions of people to our Mercado Pago platform.

我們 MercadoLibre 正面臨一個一代人才會遇到一次的機會。在拉丁美洲，金融科技與電商都還有非常大的成長空間，而我們處於最佳位置來把握這個龐大機會。為此，我們選擇投資於我們的生態系。如我們在會議中多次提到的，我們正在投資金融科技並擴大我們的信用卡組合規模，這正幫助我們把數百萬人帶到 Mercado Pago 平台。

In Commerce, we continue to grow our free shipping offering. We are expanding our logistics, and we are investing behind our 1P and CVT operations. Obviously, those investments are putting some short-term pressure on margins. They are delivering tremendous results. We’re seeing those investments working. We continue to gain market share in all of the business that we operate, in all of the countries where we operate. Engagement and NPS are at record levels. We have generated tremendous growth and scale. Proof to that is the 49% year-on-year growth that we deliver in Q1, which is the highest in the last four years.

在電商方面，我們持續擴大免運費方案。我們正在擴張物流，並投資於我們的 1P 與 CVT 營運。顯然，這些投資在短期內對利潤率造成一些壓力。但它們帶來了極為亮眼的成果。我們看到這些投資正在發揮作用。我們在所有營運的業務、以及所有營運的國家，都持續提升市占率。互動度與 NPS 都創下歷史新高。我們帶來了非常可觀的成長與規模。其證明就是我們在第一季交出年增 49% 的成長，這是過去四年來的最高水準。

We are aware that that generates margin pressure. We think that this is the right way to go, and we are as confident as ever that the choices that we’re making today will maximize long-term cash flow and will lead us to significant higher margins over time.

我們知道這會帶來利潤率壓力。我們認為這是正確的方向，而且我們比以往任何時候都更有信心：我們今天所做的選擇將最大化長期現金流，並隨時間推進帶來顯著更高的利潤率。

With that, I would like to close the call. Thank you again, all of you for joining. Please reach out to the IR team if you have any further questions. Good night.

以上，我想結束本次電話會議。再次感謝各位的參與。若有任何進一步問題，請聯繫投資人關係（IR）團隊。晚安。

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

本次會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。