美卡多 (MELI) 2026 Q3 法說會逐字稿

Hello everyone and welcome to the MercadoLibre earnings conference call for the quarter ended September 30, 2026. Thank you for joining us. I'm Richard Cathcart, Investor Relations Senior Director at MercadoLibre.

各位好，歡迎參加 MercadoLibre 截至 2026 年 9 月 30 日季度的財報電話會議。感謝各位加入。我是 Richard Cathcart，MercadoLibre 投資人關係資深總監。

To begin today's call, Martin de los Santos, our CFO, will share a few opening remarks after which we'll begin our live Q&A session, which will also include Adriel Scharfstein, our CEO; and Oswaldo Jimenez, President of FinTech.

在今天的電話會議開始時，我們的財務長 Martin de los Santos 將先分享幾點開場致詞，之後我們將進入現場問答環節；同時也會有我們的執行長 Adriel Scharfstein，以及金融科技事業總裁 Oswaldo Jimenez 一同參與。

Before we go into our results, I'd like to take a moment to highlight the launch of the MELI IR Assistant, available on our investor relations website. This is an AI tool that provides real-time answers to questions about our financial results, operations, and strategy based on our public disclosures. I invite you to explore it after today's call at investor.mercadolibre.com.

在進入業績之前，我想先花一點時間強調我們推出的 MELI IR Assistant，已可在我們的投資人關係網站上使用。這是一項 AI 工具，會根據我們公開揭露的資訊，即時回答關於財務結果、營運與策略的問題。我邀請各位在今天會議結束後，前往 investor.mercadolibre.com 探索使用。

As a reminder to participants on today's call, management may make or refer to forward-looking statements and non-GAAP measures, so please refer to the disclaimer on screen and in our earnings materials that are available on our investor relations website. Please note that this call is being recorded and a replay will be made available on our IR website afterwards.

提醒今天與會者，管理層可能會做出或提及前瞻性陳述以及非 GAAP 指標，請參閱螢幕上以及我們財報資料中的免責聲明；相關資料可於我們的投資人關係網站取得。也請注意，本次電話會議將被錄音，會後將在我們的 IR 網站提供重播。

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

接下來，讓我們先聽聽財務長的致詞。

Good afternoon, and thank you for joining us. MercadoLibre delivered another quarter of strong growth, with net revenue and financial income up 41% year on year on an FX-neutral basis. Growth was broad-based across businesses and countries, with Brazil standing out with the fastest growth rate. We're particularly pleased with commerce in Brazil where GMV growth remains strong at 36% year-on-year.

各位下午好，感謝各位加入。MercadoLibre 再次交出強勁成長的一季，以不受匯率影響（FX-neutral）基礎計算，淨營收與金融收入年增 41%。成長動能來自各業務與各國市場，巴西表現尤其突出，成長率最快。我們特別對巴西電商業務感到滿意，GMV 年增仍維持強勁的 36%。

Users are shopping more frequently with us, which is exactly the habit our investments are designed to build. Before we lowered the free shipping threshold last year, items per buyer were growing at a single-digit pace.

用戶在我們平台上的購物頻率更高，這正是我們投資所要建立的習慣。在去年我們下調免運門檻之前，每位買家的購買件數僅以個位數速度成長。

In Q3 '26, they grew 16% year-on-year, still double-digits, even after fully lapping the change. Fintech delivered another solid quarter with strong profitability. Monthly active users grew 29%, assets under management 67% and the credit portfolio 62%, while NPLs remained stable despite a weaker credit environment in Brazil and Argentina.

在 2026 年第三季，該指標年增 16%，即使在完全消化（lapped）該變動後，仍維持雙位數成長。金融科技業務再度交出穩健的一季，且獲利能力強勁。月活躍用戶年增 29%，管理資產（AUM）年增 67%，信貸投組年增 62%；同時即使巴西與阿根廷的信貸環境轉弱，不良貸款（NPL）仍維持穩定。

Turning to profitability, income from operations was $676 million with a margin of 6.3%, down 40 basis points from last quarter. Two factors drove this, higher net shipping costs and higher sales and marketing spending as we continue to develop our affiliate program.

談到獲利能力，營業利益為 6.76 億美元，營業利益率為 6.3%，較上季下降 40 個基點。造成此結果的兩項因素為：淨運輸成本上升，以及我們持續發展聯盟行銷計畫而增加的銷售與行銷支出。

These are deliberate investments. They reflect the trade-off we described in the shareholder letter. We are investing part of today's margin to accelerate the shift of commerce and financial services online in Latin America and to build lasting habits across our ecosystem.

這些都是有意為之的投資。它們反映了我們在致股東信中所描述的取捨。我們正投入部分當前的利潤率，以加速拉丁美洲電商與金融服務的線上化轉移，並在我們的生態系中建立長期且持久的使用習慣。

Let me spend a few minutes on each of these two factors that compressed margins this quarter. Shipping was a net headwind of approximately 60 basis points versus last quarter for four reasons. The first is last year's decision to lower the free shipping threshold still working through. Buyers responded by purchasing more often and in smaller baskets and that means less revenue per shipment.

我將花幾分鐘分別說明本季壓縮利潤率的這兩項因素。相較上季，運輸在淨額上約帶來 60 個基點的不利影響，原因有四點。第一，去年下調免運門檻的決策仍在持續發酵。買家因此更常購買、且每次購物籃更小，這意味著每次出貨可分攤的收入更少。

We expected that and the engagement numbers say is doing what we wanted. The second is capacity. We added almost 20% to our fulfillment square meters quarter on quarter ahead of peak. That cost lands before the volume does, a pattern we have seen many times since we started operating fulfillment almost 10 years ago. This decision reflects our strong momentum and our confidence in future growth across the region.

我們原本就預期會如此，而互動與參與度數據顯示，這正達到我們想要的效果。第二是產能。在旺季來臨前，我們的履約中心面積較上季增加了將近 20%。這些成本會先於出貨量反映，這是我們自近 10 年前開始自營履約以來，多次見到的模式。此決策反映我們強勁的動能，以及對區域未來成長的信心。

The third is higher energy prices, which raise transportation costs. The fourth is temporary recruitment costs related to the expansion of our shipping network, which are booked in G&A. The first two are strategic choices, investment in a stronger value proposition that builds online buying habits and investment in capacity to support the growth we see ahead.

第三是能源價格上升，推高運輸成本。第四是與擴張我們運輸網路相關的短期招募成本，該成本記錄於一般及行政費用（G&A）。前兩項屬於策略性選擇：投資於更強的價值主張以建立線上購物習慣，以及投資產能以支撐我們所預見的成長。

The third is outside our control and we manage around it through pricing and efficiency. The fourth is temporary. While shipping compressed our margins in Q3, we're pleased that our network continues to become more efficient due to scale.

第三項則不在我們控制範圍內，我們會透過定價與效率提升來加以管理。第四項是暫時性的。雖然第三季運輸壓縮了我們的利潤率，但我們很高興看到，隨著規模擴大，我們的網路持續變得更有效率。

Specifically in Brazil, despite the headwinds from new capacity and higher energy prices, cost per shipment on an FX-neutral basis declined 5% year-on-year and 14% since before we lowered the free shipping threshold.

以巴西為例，儘管新增產能與能源價格上升帶來逆風，以不受匯率影響基礎計算，每件出貨成本仍年減 5%，且相較我們下調免運門檻之前已下降 14%。

And in September, free shipments in the BRL19 to BRL79 range were variable contribution positive for the first time. The second source of margin compression was sales and marketing, which rose 40 basis points sequentially to 11.6% of net revenue, still within our range of recent years.

此外在 9 月，BRL19 至 BRL79 區間的免運訂單，變動貢獻（variable contribution）首次轉為正值。第二個壓縮利潤率的來源是銷售與行銷費用，其占淨營收比重較上季增加 40 個基點至 11.6%，仍落在我們近年的區間之內。

We calibrate this spend quarter by quarter and in Q3, we decided to invest more in our affiliate program in Brazil to strengthen our presence on social media. Orders through the channel grew 240% year-on-year. Consumers increasingly discover and buy products through creators and social media.

我們會逐季校準這項支出；在第三季，我們決定在巴西加大對聯盟行銷計畫的投資，以強化我們在社群媒體上的能見度。透過該渠道的訂單年增 240%。消費者愈來愈常透過創作者與社群媒體發現並購買商品。

In Brazil, more than 40% of social media users say finding products to buy is one of their main reasons for using these platforms and we expect social commerce to keep gaining relevance across Latin America. Since we started investing in affiliates last year, our network has grown to more than 12 million affiliates across the region.

在巴西，超過 40% 的社群媒體使用者表示，「尋找要購買的商品」是他們使用這些平台的主要原因之一；我們預期社群電商在拉丁美洲的相關性將持續提升。自去年開始投資聯盟行銷以來，我們的網路已擴展至全區超過 1,200 萬名聯盟夥伴。

As more sellers and brands co-fund campaigns, we see a path to better economics for the program over time. Based on performance, we calibrate affiliate spending, dialing it up or down as opportunities evolve across markets.

隨著更多賣家與品牌共同分攤（co-fund）行銷活動成本，我們看到該計畫的經濟效益可望隨時間改善。我們會依據成效來校準聯盟行銷支出，並隨各市場機會的演變而上調或下調投入。

In summary, these investments weighed on margins this quarter, but the underlying economics of our business continue to improve. Our logistics network is more efficient, our credit card economics are better, we gained operating leverage in product development even as we invest more in AI and we are building new channels to acquire and engage customers.

總結而言，這些投資在本季對利潤率造成壓力，但我們業務的底層經濟性持續改善。我們的物流網路更有效率、信用卡業務的經濟效益更佳、即使加大 AI 投資，我們在產品開發上仍取得營運槓桿，並且正在建立新的渠道以獲取並提升客戶參與度。

We believe these are the foundations for stronger earnings power overtime. We remain focused on disciplined investment decisions that strengthen our competitive position and generate sustainable long-term returns.

我們相信，這些都是未來更強獲利能力的基礎。我們仍專注於審慎的投資決策，以強化競爭地位並創造可持續的長期報酬。

With that, we'll open it up for your questions.

接下來，我們開放各位提問。

Thank you. We'll now begin the analyst question-and-answer session.

謝謝。我們現在開始分析師問答環節。

(Operator Instructions)

（接線員指示）

Andrew Rubin, Morgan Stanley.

Andrew Rubin，摩根士丹利。

Thanks very much for the question. I wanted to dig in more on the social strategy as you referenced it. I'm curious how big a part of the market you see social commerce being over time and how Melly's right to win transfers in an environment where more shopping is social and you're competing against some with that direct social focus. And then related to that, you framed the Brazil affiliates investment as tactical. I'm curious that framing as opposed to something more structural if the market is evolving in this manner. Thank you.

非常感謝這個提問。我想更深入了解你提到的社群策略。我很好奇，從長期來看，你們認為社群電商在整體市場中會占多大比重？以及在購物行為愈來愈社群化、且你們要與一些更聚焦於社群的競爭者對抗的環境下，Meli 的致勝優勢如何延伸與轉移。另外相關的一點，你們將巴西的聯盟行銷投資定位為戰術性（tactical）。若市場正以這種方式演變，我想了解為何是這樣的定位，而不是更結構性（structural）的投入。謝謝。

Hey, Andrew, how are you? Ariel here. Thanks for your question. So on the one hand, we can do as much as we can or want to design the way we want to capture demand, but in the end, we need to be where the demand and the attention is and affiliate marketing is part of that playbook. There is some broader shift in how consumers discover and potentially buy some product.

嗨，Andrew，你好嗎？我是 Ariel。謝謝你的問題。關於這點，一方面，我們可以盡可能、或依我們想要的方式去設計如何承接需求；但最終，我們必須出現在需求與注意力所在之處，而聯盟行銷正是這套打法的一部分。消費者發現商品、並可能購買某些商品的方式，確實正在出現更廣泛的轉變。

Social media in general is becoming an additional channel for discovery, many times incremental. And that happens whether we like it or not. So that's a bit on the framework and the way we are thinking about buying incremental transactions through affiliates.

整體而言，社群媒體正逐漸成為一個額外的發現渠道，很多時候屬於增量。而且不管我們喜不喜歡，這件事都在發生。以上是一些框架性的說明，以及我們如何透過聯盟夥伴來思考購買增量交易。

In general terms, we continue to think that organic traffic driven by frequency, by the very best value proposition coming from price, selection, the best shipping and the best financing will continue to be the majority of the volume in e-commerce in the future, but still we need to be where the consumers are and in that regard, building our network of affiliates and building a value proposition around that for consumers is part of our strategy in order to continue building what we think is the very best place to buy online in Latin America.

總體來看，我們仍然認為，由頻次所驅動的自然流量，以及來自價格、選擇、最佳配送與最佳融資所構成的最強價值主張，未來仍將占電商總量的大多數；但同時，我們也必須出現在消費者所在之處。在這方面，建立我們的聯盟夥伴網路，並圍繞此為消費者打造價值主張，是我們策略的一部分，以持續打造我們認為在拉丁美洲線上購物的最佳去處。

Clearly, we see other social players growing in the region. They are mostly focused on low ticket items for certain categories, our value proposition is a bit broader across categories, across price ranges. But on top of that, we have been building our own social capabilities for the last two years, and that's not only affiliates.

很明顯地，我們看到區域內其他社群玩家正在成長。他們多半聚焦於特定品類的低客單價商品；而我們的價值主張在品類與價格帶上更為廣泛。此外，我們在過去兩年也一直在建立自己的社群能力，而這不僅僅是聯盟夥伴。

It's also live, it's also clips and videos within our infinite scroll and so on. And we are sure that us combining those social capabilities with the assets that I was referring to before in terms of brand, in terms of selection, pricing, financing and shipping put us in a unique position in order to capture the opportunity in commerce in LatAm, which combined with our ability to deploy our ecosystem in financial services really gives us an edge to continue competing and continue gaining market share across the region.

也包括直播，也包括在我們的無限捲動中呈現的短片與影片等等。我們確信，將這些社群能力與我先前提到的品牌、選擇、定價、融資與配送等資產結合，使我們處於獨特位置，能夠把握拉美電商的機會；再加上我們部署金融服務生態系的能力，確實讓我們具備優勢，得以持續競爭並在整個區域持續提升市占率。

If I can complement Andrew, the mention tactical is the intensity. This particular quarter, we intensified a little bit investment, but it's a strategic initiative for us to develop this channel. We have been doing it for several quarters now. And as I mentioned, we have reached 12 million members of the affiliate program. So that's an area of investment that we will continue to pursue. And as we improve unit economics, it should contribute to margins eventually.

我補充一下 Andrew 的說法，所謂「戰術性」指的是投入強度。在這一季，我們稍微加大了投資，但對我們而言，發展這個渠道是策略性舉措。我們已經做了好幾個季度。如我所提，我們已經達到 1,200 萬名聯盟計畫成員。因此，這會是我們持續投入的領域。而隨著我們改善單位經濟效益，最終應會對利潤率帶來貢獻。

Irma Sgarz, Goldman Sachs.

Irma Sgarz，高盛。

Yes, thanks for the opportunity. You very helpfully laid out the sources of pressure to logistics costs, but also the progress that you're making from an underlying basis and across cost to serve more broadly and you also characterized in both your prepared remarks and just now in the answer, the step-up in affiliate marketing spend in Brazil tactical.

是的，謝謝給我提問的機會。你們非常清楚地說明了物流成本承壓的來源，也談到你們在更底層的基礎上、以及更廣義的履約成本（cost to serve）方面所取得的進展；同時，你們在事先準備的發言以及剛才的回答中，也將巴西聯盟行銷支出的提升描述為戰術性。

So with the overall top-line metrics and engagement KPIs also remaining so strong and putting this all together, it does feel like the inflection point for margins should be coming within the line of sight here. So my question is, are there any other potential new larger investment buckets perhaps of the size of what you did in Brazil in terms of lower AASPs that you're looking to lean into or perhaps a combination of a couple of different buckets that you're looking to lean more aggressively into from here. So this is a question around cadence of investment cycle.

因此，在整體營收端指標與互動 KPI 仍然如此強勁的情況下，把這些因素綜合起來看，確實讓人感覺利潤率的拐點應該已經近在眼前。所以我的問題是：你們是否還在考慮其他可能的新、且更大的投資項目（規模可能接近你們在巴西所做的那種、例如針對較低 AASP 的投入），你們想要加碼投入？或者可能是幾個不同投資項目的組合，接下來你們會更積極地加大投入？也就是關於投資週期節奏的問題。

And connected to that perhaps, as you think about moving to the next investment frontiers in e-commerce, I was hoping to just get an update on how you're thinking about the opportunity set in quick commerce specifically in Brazil and whether we should think of that as more of a gradual effort or one where the investment curve could steepen? And if so, what could trigger that decision? Thank you.

另外也相關的是，當你們思考電商下一個投資前沿時，我想請你們更新一下：你們如何看待巴西的即時電商（quick commerce）機會集合？我們應該把它視為較為循序漸進的努力，還是投資曲線可能會變得更陡峭的領域？如果會的話，什麼因素可能觸發那個決策？謝謝。

Martin here. Thank you for your question. I think for the most part, the areas of investment will continue to be similar to the ones that you have seen. As you know we have other initiatives that we're pursuing at a smaller scale and we can elaborate a little bit on (inaudible) and so on.

我是 Martin。謝謝你的提問。我認為大部分的投資領域會持續與你們目前看到的相似。如你所知，我們也在以較小規模推進其他計畫，我們可以再多談一些（聽不清）等等。

But the areas of investments will continue to be the same. Our approach is the one that we have been describing over the past several quarters where we have certain businesses that are growing very nicely that are delivering profits to our ecosystem, called advertising growing 58% year-on-year, our credit portfolio growing at 62% year-on-year, our acquiring business growing at 42% year-on-year.

但投資領域會維持不變。我們的做法是過去幾個季度一直在描述的：我們有一些業務成長非常好，並為我們的生態系帶來利潤，例如廣告業務年增 58%，信貸組合年增 62%，收單業務年增 42%。

And we're using some of those profits to reinvest in other areas of the ecosystem. The approach is to manage for the long-term. We are not targeting a specific short-term margin target. We have a short-term margin target, but we are convinced that it's the right way to go to capture the large opportunity in front of us.

我們會把其中一部分利潤再投資到生態系的其他領域。我們的做法是以長期為導向來管理。我們並不追求特定的短期利潤率目標。我們有短期利潤率目標，但我們相信，為了把握眼前巨大的機會，這是正確的路徑。

We are very disciplined in the way we invest. We set out targets of both engagement as well as path to profitability on all of the investment areas that we have in front of us. And when we see that they are performing well, we pursue them. If they are not, we reiterate and in some cases, we stop them.

我們在投資方式上非常自律。對於所有擺在我們面前的投資領域，我們都設定了互動表現以及通往獲利的目標。當我們看到它們表現良好時，我們就會持續推進。如果表現不如預期，我們會反覆調整；在某些情況下，我們也會停止。

So that's the playbook that we have been following. In the short-term, I don't see significant new areas of investment. We announced recently in this quarter in September, expansion of our free shipping program in Argentina, mostly to our minimized users. So that could be an area of investment. But similar to what we have done in Brazil. So, I would say that there will not be a significant deviation to what you have seen.

這就是我們一直遵循的作戰手冊。短期內，我看不到重大的新投資領域。我們最近在本季 9 月宣布，擴大我們在阿根廷的免運計畫，主要針對我們的 minimized 用戶。因此那可能是一個投資領域。但會類似於我們在巴西所做的。所以我會說，接下來不會與你們所看到的情況有顯著偏離。

Let me compliment Martin, this Ariel with our views on quick commerce and proximity, but before jumping into the general concept, let me try to attack your potentially more relevant concern, which is economics. We have not announced with Envios Agora any steep change in investments. We think that we can actually build a business that might be accretive to margins not far from today, but we are piloting a learning.

我補充一下 Martin 的說法；我是 Ariel，分享我們對即時電商與近距（proximity）的看法。不過在談一般概念之前，我先試著回應你可能更關心的點，也就是經濟性。我們並沒有就 Envios Agora 宣布任何投資的大幅變化。我們認為其實不久之後就有機會建立一個對利潤率具增益（accretive）的業務，但我們目前仍在試點與學習。

Having said that, let me give you my 30,000 feet view on that one. I think we have proven over and over that the better the speed, the better the conversion rates in our apps, particularly when thinking about quick commerce, speed matters more for some purchases than others, when someone needs something now such as medicine, an essential gift, people have historically gone to a local store in order to get those items, fast delivery is the lever that we think can help us tackle that market segment and we see proximity as a layer within our marketplace for items where buyers expect that speed.

話雖如此，我從更高層次（30,000 英尺）的角度談一下。我們一再證明，速度越快，我們 App 的轉換率就越好；特別是在思考即時電商時，對某些購買而言速度比其他更重要。當有人需要「現在就要」的東西，例如藥品、急需的禮物，人們過去通常會去附近的實體店取得；快速配送是我們認為能幫助我們切入該市場區隔的槓桿。我們把近距視為我們市集中的一個層級，適用於買家期待那種速度的商品。

And we are building that offering initially based on our existing capabilities, flex, our marketplace, payments, minimize and the network of merchants. And that's basically what we are testing with Envios Agora, shipments from the seller doorstep into the buyer using our cloud of drivers without committing to any incremental infrastructure.

我們一開始是基於既有能力來打造這項供給，包括 flex、我們的市集、支付、minimize，以及商家網路。這基本上就是我們透過 Envios Agora 所測試的內容：利用我們的雲端司機網路，在不承諾任何額外基礎設施投入的情況下，將貨物從賣家門口送到買家手中。

Our ambition continues to be the same to be a destination for shopping online in Latin America, and this is another layer in the value prop that expands the shopping journey that we can serve. Eventually, there are more models that we can test and learn in the future. But as of today, I would say there is no steep change or inflection point in our investment mindset behind WooCommerce.

我們的企圖心仍然相同：成為拉丁美洲線上購物的目的地，而這是價值主張中的另一個層次，擴展了我們能服務的購物旅程。未來我們還可以測試並學習更多模式。但就目前而言，我會說，在 WooCommerce 背後的投資思維上，沒有任何大幅變化或拐點。

Robert Ford, Bank of America.

Robert Ford，美國銀行。

Thank you very much, and good evening, Ariel Martin, (inaudible) Richard. In your letter to shareholders, you mentioned the investment in developing habits, but it's really more than that, isn't it? It's also about building a dominant and comprehensive value proposition and ecosystem. And I'm curious, where do you think you are in that part of the journey, especially in things like low ASPs, which were somewhat disruptive and lower-income groups and social and cross-border?

非常感謝，晚安，Ariel、Martin、（聽不清）Richard。在你們給股東的信中，你們提到投資於培養使用習慣，但其實不只如此，對吧？這也關乎建立一個具主導性且全面的價值主張與生態系。我很好奇，你們認為自己在這段旅程中走到哪一步了，特別是在低 ASP（平均售價）這類相對具顛覆性的領域、較低收入族群、社群以及跨境等方面？

And is there a value prop for the merchant out there as well that we should be mindful of? And how are you thinking about the value prop for the supply side in comparison with your biggest competitors? Thank you.

另外，對商戶端而言，是否也有一個我們需要留意的價值主張？以及相較於你們最大的競爭對手，你們如何思考供給端的價值主張？謝謝。

Hey, Bob. So let me try to address your question from a general view. I think we see a great result beyond what we were expecting with the combination of all the investment levers that we have been pulling over the last, I would say, 18 months.

嗨，Bob。那我先從較宏觀的角度來回應你的問題。我認為，結合我們在過去大概 18 個月所持續拉動的各項投資槓桿，成果遠超出我們原先的預期。

So engagement has been going up from existing consumers, buying frequency has been going up, new buyers has been consistent in our commerce platform, payments, Mercado Pago has been growing very rapidly. We see more people using Mercado Pago to save, to invest and to pay across Latin America.

因此，既有消費者的互動度在提升、購買頻率在提升，我們電商平台的新買家也維持穩定；支付方面，Mercado Pago 成長非常快速。我們看到更多人在拉丁美洲使用 Mercado Pago 來儲蓄、投資以及支付。

So I would say our whole thesis beyond investing in order to build an ecosystem that can drive engagement and scale, which will in the long run drive efficiencies and maximize shareholder value is actually evolving exactly how we thought about that.

所以我會說，我們的整體論點——透過投資來打造一個能帶動互動與規模的生態系，長期將提升效率並最大化股東價值——其實正如我們原先設想的那樣在演進。

The second part of your question, which is merchant side of our value prop. I think we've made tremendous progress as well. We have been growing successful sellers and successful listings at our fastest pace for many years. And that's because of two things. On the one hand, because we see demand growing in the platform and basically merchants follow demand, but simultaneously because we have put in place some adjustments in value proposition for those merchants to bring more selection into MercadoLibre. And overall, we are excited with the combination of demand flowing in, frequency increasing and supply increasing at the same time.

你問題的第二部分，也就是我們對商戶端的價值主張。我認為我們同樣取得了巨大的進展。我們成功賣家與成功上架商品的成長速度，達到多年來最快。這主要有兩個原因。一方面，我們看到平台需求在成長，基本上商戶會跟隨需求；但同時，我們也針對商戶端的價值主張做了一些調整，以帶來更多選品進入 MercadoLibre。整體而言，我們對需求流入、頻率提升，以及供給同步增加的組合感到非常振奮。

Marcelo Santos, JPMorgan.

Marcelo Santos，摩根大通。

Good evening. Thanks for taking my question. I wanted to ask a bit about credit. So far, you have been doing quite well on the metrics, but like when we see countries like Brazil, we see deteriorating trends in the system, you are getting larger. How are you seeing this going forward? I mean, I think the environment is getting a bit tougher. Do you feel the need to step a bit on the brakes or on the (inaudible) side, so far so good and you can keep a good speed? Thank you.

晚安。謝謝讓我提問。我想問一下關於信貸的部分。到目前為止，你們在各項指標上表現相當不錯，但像巴西這樣的國家，我們看到整體系統的趨勢在惡化，而你們的規模也在變大。你們如何看待未來的走勢？我的意思是，我覺得環境正在變得更具挑戰。你們是否覺得需要稍微踩一下煞車，或是在（聽不清）那一端，目前一切都還不錯、可以維持不錯的速度？謝謝。

Hi, Marcelo. I'd say that so far so good. We have seen very good results on the credit front across countries. I think you specifically asked about Brazil, I imagine. I would say that given the information we have and our discipline on risk management, we have been able to continue to grow, but also reducing risk at the margin basically.

嗨，Marcelo。我會說到目前為止一切都很好。我們在各國的信貸面向都看到非常好的結果。我想你特別是在問巴西，對吧。我會說，基於我們掌握的資訊以及我們在風險管理上的紀律，我們得以持續成長，同時在邊際上基本上也在降低風險。

So we have been able to continue to grow across most segments. On the most risky segments, we have been a little bit more cautious. And what we are seeing is stability across products. Our 50% to 90% NPLs was 7% stable both versus last quarter and a year ago, and we continue growing at 62%.

因此，我們在多數細分領域都能持續成長。在風險最高的細分領域，我們則更為謹慎一些。而我們看到各產品的表現維持穩定。我們 50% 到 90% 的 NPL 為 7%，相較上季與去年同期都維持穩定，而我們仍以 62% 的速度成長。

And beyond Brazil, I would say in Argentina, NPLs have improved across all products and close to historical lows despite weakness in the industry. And coming back to Brazil, I would say that important advantage is that the marketplace gives us information before we land and we see how users buy, how they pay, how they use installments and this brings us (inaudible) quality users to market at a very low cost.

此外，除了巴西之外，我會說在阿根廷，儘管產業偏弱，NPL 在所有產品上都有改善，且接近歷史低點。回到巴西，我會說一個重要優勢是：市集（marketplace）在我們放款之前就能提供資訊，我們能看到用戶如何購買、如何付款、如何使用分期，這讓我們能以非常低的成本，將（聽不清）高品質用戶導入市場。

And we can adjust very specifically by product, by risk cohort, by the size of the credit line or by duration. And if we see signs of deterioration either in the marketplace behavior or in credit repayments, we pull back. So far, as I mentioned, has been very little and mostly in Brazil, but we will always prioritize risk management over growth, but we will pursue. I would say, opportunities when we are comfortable with the risk.

而且我們可以非常精準地按產品、按風險分群（cohort）、按授信額度大小或按期限來調整。如果我們看到市集行為或信貸還款出現惡化跡象，我們就會收縮。到目前為止，如我所提到的，這種情況非常少，且主要發生在巴西；但我們永遠會把風險管理放在成長之前，不過我們也會在風險可控時把握機會。我會說，只要我們對風險感到安心，就會追求這些機會。

Rodrigo Gastin, Itau BBA.

Rodrigo Gastin，Itaú BBA。

Good evening, everyone. I just would like to double-click here on this topic about credit in Brazil, just to understand if specifically in the quarter you had any positive impact from the government's debt renegotiation program, if that quite helped during the quarter.

各位晚安。我想就巴西信貸這個主題再深入追問一下，想了解本季是否因政府的債務重整／重新協商計畫而有任何正面影響，是否在本季帶來一些幫助。

And you mentioned during the letter a slightly deterioration in Nymo for other products other than cards. If you just could give us a little bit more details here, precisely what type of product, what type of country, it would be very helpful. That's it. Thank you, guys.

另外，你們在股東信中提到，除卡片以外的其他產品在 Nymo（聽不清）方面略有惡化。如果可以的話，能否提供更多細節：具體是哪一類產品、哪一個國家？這會非常有幫助。以上。謝謝各位。

Rodrigo, let me start with the Sanrola. We did participate in the Sanrola in Brazil from the end of July until the end of the program. I would say that during the period of the program, we also joined [Serretia]discount campaign, [Descontaso], and we'll run along it. And I would say that overall, there was some positive impact this. This quarter because of that, but I would say overall it's small compared to the size of our portfolio. We have a $19 billion portfolio, so the impact has been rather small compared to the portfolio. Nonetheless, it's interesting and we always like to participate and it has a positive impact.

Rodrigo，我先從 Sanrola 談起。我們在巴西從 7 月底到計畫結束期間參與了 Sanrola。我會說，在該計畫期間，我們也加入了 [Serretia] 折扣活動 [Descontaso]，並與其同步推進。整體而言，這確實帶來了一些正面影響。本季因為這些因素而有一些正向貢獻，但整體來說，相較於我們投資組合的規模仍然很小。我們的投資組合規模是 190 億美元，因此相較之下影響相當有限。不過這仍然很有意思，我們也一向樂於參與，而且確實有正面效果。

Can you repeat the second part of the question, please?

可以請你重複一下問題的第二部分嗎？

Sure, you mentioned during the letter, yeah, it's like the deterioration (inaudible) of some products other than cards that happened and why, in which country, if you could just give a little bit more details here. Thank you.

當然。你在股東信中提到，除了卡片以外的一些產品出現（聽不清）的惡化，想請問原因是什麼、發生在哪個國家；如果你能提供更多細節就太好了。謝謝。

Yes, I'd say that, let me start with credit card. I'd say that we are happy with how credit card has been evolving. Basically in Brazil, we are seeing improvement in existing cohorts and now we have a larger base of mature and maturing cohorts and we are also seeing strong unit economics in Mexico and Argentina. And so we are happy with how the business is developing across these markets.

好的，我會說，先從信用卡開始。我們對信用卡的發展狀況感到滿意。基本上在巴西，我們看到既有分群（cohort）在改善；而且現在我們有更大的成熟與逐步成熟的分群基礎；同時我們也在墨西哥與阿根廷看到強勁的單位經濟效益。因此，我們對這項業務在這些市場的發展感到滿意。

But also obviously the pace of issuance matters and we issued as many as we could this quarter, this was a record for us. And the faster we issue relative to the size of the [major] book, the larger the near-term cost, even when the economics of each cohorts are sound.

但當然，發卡速度也很重要；我們本季在能力所及範圍內發了最多的卡，這對我們來說是創紀錄的一季。而當我們的發卡速度相對於（主要）帳簿規模更快時，短期成本就會更高，即便每個分群的經濟性是健全的。

And so I'll say this has been improving. And with regards to the other products, there's nothing has changed. Overall, the change in (inaudible) is due to the change in the relative size of the products with credit cards growing faster than merchant and consumer loans, but merchant and consumer loans continue to be super healthy.

所以我會說這一直在改善。至於其他產品，沒有任何改變。整體而言，（聽不清）的變化是因為產品相對占比的變動：信用卡成長速度快於商戶貸款與消費者貸款，但商戶與消費者貸款仍然非常健康。

My compliment, we don't see any deterioration on any other portfolios. If there is a slight compression on margins, it's because we lower interest rate that we charge to certain customers in Argentina because the spreads enable us to do that. But there's no -- we continue to see very healthy books in all of our portfolios, in all other countries where we operate.

補充一下，我們沒有看到其他任何投資組合出現惡化。如果利差／利潤率有些微壓縮，那是因為在阿根廷，我們對部分客戶降低了收取的利率，因為利差空間讓我們可以這麼做。但沒有——我們仍持續看到所有投資組合、以及我們營運的其他所有國家，都維持非常健康的帳簿表現。

Josh Beck, Raymond James.

Josh Beck，Raymond James。

Yeah. Thank you for taking the question. I wanted to ask about some of the AI comments. So I believe you mentioned internally the investment was up $30 million sequentially, but there's certainly benefits that you're seeing relative to Search and customer support. So if you were to kind of carve that out in terms of flow through to either contribution profit or operating profit.

是的。謝謝讓我提問。我想問一些關於 AI 的評論。所以我相信你提到內部投資較前一季增加了 3,000 萬美元，但你們相對於搜尋與客戶支援確實也看到了效益。因此如果你要把這部分拆分出來，看看它對貢獻利潤或營業利潤的流入（flow-through）影響。

Is it a positive contribution to the business today, or is that something that you see, maybe happening over time as you adopt more open source models with the cost per token down? So that's kind of one question internally.

它目前對業務是正向貢獻嗎？還是你認為這會隨著時間推進、當你採用更多開源模型並讓每 token 成本下降後才會發生？這算是內部的一個問題。

And then externally, we've certainly got a lot more questions about agentic shopping, and it has seemingly showed up as a very small percentage of GMV for certain businesses, at least in the US. Just kind of curious where you stand on that opportunity. Do you see it as a channel for maybe new lead generation, for new customers? Are you having conversations with some of these third-party agents? Would you be willing to let them open up and shop on the Meli platform?

另外在外部，我們確實收到更多關於代理式購物（agentic shopping）的問題；至少在美國，對某些企業而言它似乎只占 GMV 的很小比例。想請教你對這個機會的看法。你是否把它視為一個可能帶來新線索、新客戶的渠道？你們是否正在與一些第三方代理進行對話？你們是否願意讓他們接入並在 Meli 平台上購物？

Hey, Josh, it's Martin here. Thank you for your question. Indeed, on the letter, we explained that we continue to invest behind AI. As you mentioned, we increased the investment quarter-on-quarter by $30 million, and we continue to see very good results, both consumer facing as well as internal efficiencies. Consumer facing, we mentioned the Mago, which is the AI agent on our fintech platform that continues to increase engagement with our users.

嗨 Josh，我是 Martin。謝謝你的提問。確實，我們在股東信中說明我們持續加大 AI 投資。如你所提，我們本季相較前一季增加了 3,000 萬美元的投資，而且我們持續看到非常好的成果，包含面向消費者的體驗以及內部效率提升。在面向消費者方面，我們提到 Mago，也就是我們金融科技平台上的 AI 代理，持續提升用戶互動度。

We see MPS improving because of Mago, we see better engagement with our platform, more of their funds coming to Mercado Pago, so all positive signs because of that. There are certain other initiatives that we mentioned on the letter. We can see the exact return on investment. For instance, we included an LLM on the search algorithm, and we can see through the incremental conversion and the click-through rate that we're seeing in those search results, we can see that the costs of the models are more than compensated by the incremental revenues that we're generating.

我們看到因為 Mago，MPS 有所改善；我們看到平台互動更好，更多資金流入 Mercado Pago，因此這些都是正向訊號。我們在股東信中也提到其他一些計畫。我們可以看到非常明確的投資報酬。例如，我們在搜尋演算法中加入了一個 LLM；透過搜尋結果的增量轉換率與點擊率提升，我們可以看到模型成本已被我們所創造的增量營收充分抵銷，甚至超過。

Customer experience for a couple of years now, we have seen significant scale because of AI and obviously, the productivity of our developers, which continue to increase, generating more code, testing better, getting fewer rollbacks. So all the metrics that we measure are very effective in terms of productivity. Now the way to see it through the P&L, I think a good example to that is the fact that we continue to scale our product development line even though we have that $100 million incremental spending year-over-year.

在客戶體驗方面，過去幾年我們因 AI 而看到顯著的規模化；當然也包括開發者生產力持續提升，產出更多程式碼、測試更好、回滾更少。因此我們衡量的各項指標，在生產力上都非常有效。至於在損益表（P&L）上如何體現，我認為一個很好的例子是：即便我們年對年增加了 1 億美元的額外支出，我們仍持續擴大產品開發這條線的規模。

So when you put the cost of our developers plus the cost of AI, we continue to scale this particular quarter, we scaled 70 basis points (inaudible) to last year. So we are very comfortable with investments that we're making and we believe we can leverage AI. Being a technology company, we can leverage AI by creating better products and by becoming more efficient and doing more better things faster and cheaper with the same team that we have today within Meli.

所以當你把開發者成本加上 AI 成本一起看，我們在本季仍持續擴張；相較去年，我們擴張了 70 個基點（聽不清）。因此我們對正在進行的投資非常有信心，也相信我們能善用 AI。作為一家科技公司，我們可以透過打造更好的產品、提升效率，用現有的 Meli 團隊更快、更好、成本更低地完成更多事情，來發揮 AI 的槓桿效益。

So let me build on this last comment of Martin and take the question on agentic shopping. We clearly see agentic shopping as an opportunity to accelerate the structural shift from offline retail into online retail. But specifically, the way we're thinking about this is not necessarily by integrating ourselves to third parties, right?

我接著 Martin 最後的評論，來回答代理式購物的問題。我們清楚地把代理式購物視為一個加速線下零售向線上零售結構性轉移的機會。但具體而言，我們的思考方式並不一定是把自己整合到第三方平台上，對吧？

So we continue to look at what's globally happening, trying to learn and we're always ready to get new things and adapt. But for now, we have decided not to provide our inventory to any external platform. Our priority is still to build the best agentic experience inside MercadoLibre, taking advantage of the 27 years of first-party data that we have, our unique combination of selection, pricing, logistics, financing, loyalty and so on.

我們會持續關注全球正在發生的事情，嘗試學習，而且我們隨時準備好接納新事物並調整。但目前我們決定不把我們的庫存提供給任何外部平台。我們的優先事項仍是利用我們 27 年的第一方數據，以及我們在選品、定價、物流、融資、會員忠誠度等方面的獨特組合，在 MercadoLibre 內部打造最佳的代理式體驗。

So e-commerce is much more than just search and find. Trust is built further down the funnel through all the key variables that I was just mentioning and that's exactly what we excel at, right? So we think that we can combine our strengths with an Agentic experience within MercadoLibre and with that we believe that we will be able to sustain the high levels of direct traffic to our app or our properties through that asset that we are building.

所以電商遠不只是搜尋與找到商品而已。信任是在漏斗更下游、透過我剛提到的所有關鍵變數建立起來的，而這正是我們擅長的地方，對吧？因此我們認為，我們可以把自身優勢與 MercadoLibre 內部的代理式體驗結合；藉此我們相信能夠維持我們 App 或資產（properties）的高水準直接流量，因為這正是我們正在打造的資產。

Today, our own agent is already available to a small portion of our user base in our three largest markets. Results are early, but promising, it's too early to share. I'm sure we will do so in the future, but our agentic experience is now a reality and it's not just an idea. And taking a step back in the same way I started. I think the broader point is that AI is accelerating the shift from offline retail into online and our organization with our technology DNA is very well positioned to fully take advantage of the power of AI in order to fulfill our mission.

目前，我們自己的代理已在三個最大市場向一小部分用戶開放。結果還很早期，但令人鼓舞；現在分享還太早。我相信未來我們會分享更多，但我們的代理式體驗已經成為現實，不只是個想法。退一步看，就像我一開始所說的。更廣泛的重點是：AI 正在加速線下零售向線上零售的轉移，而我們這個具有科技 DNA 的組織，處於非常有利的位置，能充分運用 AI 的力量來完成我們的使命。

Deepak Mathivanan, Cantor Fitzgerald.

Deepak Mathivanan，Cantor Fitzgerald。

Hey guys, thanks for taking the question. Ariel, first with the Brazil elections now behind us, can you talk about whether Meli's strategic priorities have changed at all in any capacity? Is it continuation of the same? Are there any new priorities you need to focus, perhaps more focused on affordability or cross-border or any others?

嗨各位，謝謝讓我提問。Ariel，巴西選舉已經落幕，你能談談 Meli 的策略優先事項是否在任何方面有所改變嗎？是否延續原本的方向？是否有任何新的優先事項需要聚焦，例如更著重可負擔性、跨境，或其他？

And then maybe one for Martin. You've improved the value prop of the loyalty program meaningfully in many of your key markets. Can you talk about what are some of the other ways you can kind of continue to drive penetration for loyalty in the next, say, two to three years? And also maybe share some color on how loyalty members compare versus non-members in terms of frequency profit or maybe other KPIs? Thank you so mch.

另外也許問 Martin 一題。你們在許多核心市場大幅提升了會員忠誠計畫的價值主張。你能談談未來兩到三年，還有哪些方式可以持續提高忠誠計畫的滲透率嗎？也請分享一些資訊：就購買頻率、利潤或其他 KPI 而言，忠誠會員與非會員相比表現如何？非常感謝。

Hey, Deepak, it's Ariel here. So I will not try to get into predicting Brazilian macroeconomics and dynamics, but let me say that I don't think these elections actually change the future of MercadoLibre materially. We've gone in the last 27 years through governments with many political inclinations and here we are. In that sense, across many elections and many governments, the secular opportunities in commerce and in fintech have outweighed and outlasted politics dynamics and we expect that to continue to be the case and with that, our focus remains on the same thing, which is capturing the shifts that are happening structurally in the industries where we operate building a resilient business that users want to return to and the opportunities remain the same and we are going to put all of our efforts and focus in capturing them.

嗨 Deepak，我是 Ariel。我不打算去預測巴西的總體經濟與動態，但我想說，我不認為這次選舉會對 MercadoLibre 的未來造成實質改變。過去 27 年，我們經歷過許多不同政治傾向的政府，而我們仍在這裡。從這個角度看，跨越多次選舉與多屆政府，商務與金融科技領域的長期結構性機會一直都大於、也更能持續超越政治動態；我們預期未來也會如此。因此，我們的重點仍然是同一件事：把握我們所處產業正在發生的結構性轉變，打造一個具韌性、讓用戶願意回來的業務；機會仍然相同，我們會把所有努力與專注放在把握這些機會上。

And in terms of loyalty, we have seen significant progress in terms of our loyalty program. We have seen acceleration in terms of the number of users that enroll into the program, obviously, as we improve the value prop. Last year, we made a big improvement in the value prop when we lowered the free shipping threshold and that resulted in significant increase in number of users in Brazil. We recently announced an improvement in Argentina where we expanded the free shipping offering for our loyalty programs and loyalty members and that also resulted in increased number of members.

至於忠誠計畫，我們在會員忠誠計畫方面已看到顯著進展。隨著我們改善價值主張，加入計畫的用戶數量明顯加速成長。去年我們在降低免運門檻時，對價值主張做了重大提升，這使得巴西的用戶數大幅增加。我們最近也宣布在阿根廷進行改善，擴大忠誠計畫與忠誠會員的免運服務範圍，這同樣帶來會員數的增加。

And I think if you step back and you look at our loyalty program, the big difference that we have is the ability because we operate in an ecosystem, the ability to provide benefits on both sides of the ecosystem. So you get, if you're a member of the loyalty program, you get faster and free shipping, but also you get better remuneration on your deposits, better interest rates on some of your loans and better offers on your marketplace and so on.

我認為，如果你退一步來看我們的忠誠度計畫，我們最大的不同在於：因為我們在一個生態系中運作，所以我們有能力在生態系的兩端都提供福利。因此，如果你是忠誠度計畫的會員，你可以享有更快且免運的配送，同時你的存款也能獲得更好的報酬、部分貸款可享更優惠的利率，並且在我們的市集上獲得更好的優惠等等。

So that's the critical competitive advantage that we have. And as we mentioned on the letter, when we look at users that operate on both sides of the ecosystem, we call them ecosystemic users, those users are a lot more engaged with our platform. They tend to buy more MercadoLibre, they tend to bring more money to our Mercado Pago platform, and they're a lot more profitable to us.

所以這就是我們關鍵的競爭優勢。而且如同我們在信中提到的，當我們觀察同時在生態系兩端運作的用戶時，我們稱他們為生態系用戶，這些用戶在我們平台上的參與度要高得多。他們往往在 MercadoLibre 買得更多，也往往把更多資金帶到我們的 Mercado Pago 平台，而且對我們而言獲利能力更強。

So the loyalty program is a critical part of -- it's a critical tool for us to continue to creating more ecosystemic users by bringing users from the marketplace into Mercado Pago and vice versa. So very optimistic about it and making great progress on that front.

因此，忠誠度計畫是——它是我們持續創造更多生態系用戶的一個關鍵組成部分，也是關鍵工具，透過把用戶從市集導入 Mercado Pago，反之亦然。所以我們對此非常樂觀，並且在這方面取得了很大的進展。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐（HSBC）。

Hi, thank you for taking my question. First, on the payment side of the business, you're showing very strong volume growth. But if I look at the yield for the payment acquiring business, there seems to be a bit compression that we're seeing sequentially. Could you shed some light on the trend that we should expect for the take rate for the payment business? Is there any particular geography where higher growth is leading to a bit of margin compression?

嗨，謝謝讓我提問。首先，在支付業務這一端，你們的交易量成長非常強勁。但如果我看支付收單業務的收益率（yield），似乎我們看到按季有一些壓縮。你們能否說明一下，支付業務的抽成率（take rate）趨勢接下來應該如何預期？是否有任何特定地區因為成長較快而導致一些利潤率壓縮？

And my second question is on side related to asset quality, we've seen some slow down in the growth for the consumer unsecured portfolio and I understand you're growing with credit cards on the other hand. But are you strategically a bit more comfortable with growth in the merchant side of the business rather than unsecured personal loans in any specific market or if that's a leadership that you think could be better for asset quality given the trends in Brazil and Argentina in general? So any color on that would be very helpful.

我的第二個問題與資產品質相關：我們看到消費者無擔保組合的成長有所放緩，我理解另一方面你們在信用卡上仍在成長。但你們在策略上是否更偏好商戶端業務的成長，而不是在某些市場的無擔保個人貸款？或者你們是否認為，考量巴西與阿根廷整體趨勢，這樣的領先（leadership）對資產品質可能更好？所以若能提供一些補充說明會非常有幫助。

(technical difficulty) Hi, Neha. So I'll say that the main change was, there used to be some margin pressure in last quarter, and that was driven mostly by an increase in POS devices driven by an increase in memory costs. And I would say the main change from last quarter to this one is the reversal of the temporary POS device restocking effect that waited last quarter, particularly in Mexico.

（技術問題）嗨，Neha。我會說主要的變化是：上個季度確實有一些利潤率壓力，而那主要是由 POS 裝置增加所驅動，背後原因是記憶體成本上升。而我認為從上季到本季最大的變化，是上季出現的暫時性 POS 裝置補庫存效應已經反轉，特別是在墨西哥。

And last quarter, we have, on the one hand had a larger inventory following strong device sales and higher prices for [Emeritus]. And so what we are doing is prices continue to be high, but we have stopped building an inventory upfront, basically, we have enough of an inventory. Now this effect has therefore East in this quarter that doesn't mean that the device cost pressure has disappeared. We continue to manage the procurement inventory while investing in (inaudible) acquisition.

上個季度，我們一方面在強勁的裝置銷售以及 [Emeritus] 較高價格的背景下，持有了較高的庫存。因此我們目前的作法是：價格仍然維持在高位，但我們已停止提前建立庫存，基本上我們已經有足夠的庫存。因此，這個效應在本季度已經消退，但這並不代表裝置成本壓力已經消失。我們仍在管理採購與庫存，同時投資於（聽不清）獲客。

Let me complement you with [Oswaldo] with one comment on take rates, particularly for acquiring Argentina. I would say we are very comfortable with the take rate and margin trajectory for any given segment in acquiring in Argentina and in general out there. Then there's an issue with speed of growth of each segment, right? So you can see changes in the overall margin or take rate of our acquiring business, depending on how fast we manage to move upmarket or to grow our existing user base, but there is nothing to call out there concerning us and nothing to mention on the expected trajectory of the margin for that business.

我補充 [Oswaldo] 一點，談談抽成率（take rates），特別是阿根廷的收單業務。我會說，對於阿根廷收單業務以及整體而言，我們對任何特定細分領域的抽成率與利潤率走勢都非常有信心。接著會有一個問題是各細分領域的成長速度，對吧？因此，你可能會看到我們收單業務的整體利潤率或抽成率出現變化，取決於我們把業務往更高端市場推進的速度，或是擴大既有用戶基礎的速度；但這裡沒有任何讓我們擔憂、需要特別指出的事項，也沒有什麼需要補充關於該業務利潤率預期走勢的。

Another perspective is that business is growing very rapidly, 42% year-on-year and even though take rates are coming down because of move upmarket continue to deliver very healthy profit margins, as Valdo mentioned.

另一個角度是，該業務成長非常快，年增 42%；即使因為往更高端市場移動而使抽成率下降，仍然持續帶來非常健康的利潤率，如 Valdo 所提到的。

And then with regards to, I think the second question was regarding both merchant lending and consumer lending and whether we are more comfortable with merchant lending. We, in general, have more leverage with merchant lending, but I think nowadays equally comfortable with both.

至於——我想第二個問題是關於商戶放款與消費者放款，以及我們是否更偏好商戶放款。一般而言，商戶放款讓我們有更大的槓桿（掌控度），但我認為目前我們對兩者都同樣感到放心。

With merchant lending, when we have two different kinds of merchants, those who are selling online or selling on the marketplace, and there, it's easy to collect because we can't afford the collection to themselves in the marketplace.

在商戶放款方面，我們有兩種不同類型的商戶：一種是在網路上銷售或在市集上銷售的商戶；在那裡，催收相對容易，因為我們可以在市集中直接從他們的銷售款中進行扣收。

Now, when it comes to POS merchants, they usually, mostly in Brazil, have more than one device, and therefore they can switch provider. And so it is as important to be able to score them in a good way as it is with consumers. So I would say in both cases, we are equally comfortable and we are seeing good dynamics in both markets.

而當談到 POS 商戶時，他們通常——主要在巴西——會有不只一台裝置，因此他們可以更換服務提供商。所以，能夠以良好的方式對他們進行評分（風險評分）就和對消費者一樣重要。因此我會說，兩種情況下我們都同樣有信心，而且我們在兩個市場都看到良好的動態。

Craig Moore, FT Partners.

Craig Moore，FT Partners。

Yeah, hi. I wanted to return back to the operating margin. You called out a number of drivers that weighed on the margin in the quarter. And look, I was wondering if any of those are going to necessarily reverse or are these costs that are going to be in the model until we grow over them next year. So any help there would be great because the margin is clearly what continues to weigh on sentiment around the stock. Thanks.

是的，嗨。我想回到營業利潤率的問題。你提到本季度有多個因素拖累了利潤率。我想請問，其中是否有任何因素會必然反轉？還是說這些成本會留在模型裡，直到明年我們透過成長把它們攤薄？如果能提供一些協助會很好，因為利潤率顯然是持續影響市場對這檔股票情緒的因素。謝謝。

Hi, it's Martin here. Thank you for your question. Let me go a little bit deeper into the margin compression that we're seeing quarter on quarter that might help you identify what's going on, in particular on shipping.

嗨，我是 Martin。謝謝你的提問。我來更深入說明一下我們看到的按季利潤率壓縮，這可能有助於你理解發生了什麼，特別是在配送（shipping）方面。

On the shipping part of the business, we had a compression of roughly 60 basis points, right, 40 basis points are on OpEx and 20 basis points on sorry, 40 basis points are on COGS and 20 basis points on OpEx, okay. For the most part, the shipping contraction was because of expansion of our footprint, logistic footprint.

在配送業務部分，我們大約有 60 個基點的壓縮；其中 40 個基點在——抱歉，40 個基點在銷貨成本（COGS），20 個基點在營運費用（OpEx），好。大部分的配送收縮是因為我們擴大了版圖，也就是物流版圖（logistic footprint）的擴張。

We do this every third quarter, moving into peak season on the fourth quarter. This particular year, we increased our capacity quarter-on-quarter by 20%, given the size of our logistic infrastructure is a lot compared to a year ago where we grew it by only 10%, so there's a significant growth in our footprint, and that creates some headwind in terms of cost in this particular quarter.

我們每年第三季都會這麼做，為第四季的旺季做準備。今年這一季，我們的產能按季提升了 20%；考量到我們的物流基礎設施規模相較一年前大了很多，而一年前我們只提升了 10%，所以我們的版圖有顯著擴張，這在本季度帶來了一些成本面的逆風。

So we expect that part of that to come back in Q4. We also saw some increases on fuel costs, on energy costs. We passed some of those to our consumers on pricing, but not all of them. So there's some pressure there that we expect that to remain.

因此我們預期其中一部分會在第四季回來（改善）。我們也看到燃料成本、能源成本有所上升。我們已在定價上把其中一部分轉嫁給消費者，但不是全部。所以那裡仍有一些壓力，我們預期這部分壓力會持續存在。

And then on the other hand, we have 40 basis points of investment on affiliate. As we mentioned earlier, affiliate is an area where we are planning to continue to invest. This particular quarter, we increased our level of investment by 40 basis points compared to last quarter. But if you look at a broader perspective, the sales and marketing line of our P&L, we are operating within the range of 11% to 12%, which is the range that we have operated for the past several years. Hope that helps you understand the moving parts in this particular quarter.

另一方面，我們在聯盟（affiliate）上有 40 個基點的投資。如同先前提到的，聯盟是我們計畫持續投資的領域。本季度相較上季度，我們的投資水準提高了 40 個基點。但如果你從更宏觀的角度看，我們損益表中的銷售與行銷費用占比一直維持在 11% 到 12% 的區間，這也是我們過去幾年一直運作的範圍。希望這能幫助你理解本季度各項變動因素。

And let me complement Martin with a high-level strategic view on margin trajectory. I think for the last 18 months, we've said the same thing in every one of these calls. We're investing because the opportunity in front of us is large and because deeper engagement is what builds a durable leadership position in this market.

讓我補充 Martin，從高層次的策略角度談談利潤率走勢。我想在過去 18 個月裡，我們在每一次這類電話會議上都說著同樣的話。我們之所以投資，是因為眼前的機會很大，而且更深度的參與，正是能在這個市場建立持久領導地位的關鍵。

We have accepted a lower margin to do that and I think we've been open on that regard and our investments are working, which is a very important thing, users are buying more often, transacting and saving more with Mercado Pago and we are gaining market share in every major market in both commerce and fintech.

為了做到這點，我們接受了較低的利潤率；我想我們在這方面一直很坦誠，而我們的投資正在奏效，這非常重要：用戶購買更頻繁、交易更多，並透過 Mercado Pago 儲蓄更多；同時我們在各個主要市場的電商與金融科技領域都在提升市占率。

We are being disciplined about it, we are investing only where we see the economics work and adjusting where they don't work. We're also very mindful of risk, which you can see in the evolution of our NPS, which are close to record lows in every single country and product and the most engaged user base at scale and a deeper ecosystem penetration, it will build earning power over time. And this is the approach we believe will maximize long-term cash flow and shareholder value.

我們在這方面保持紀律，只在看到經濟效益可行的地方投資，對於不可行的部分則進行調整。我們也非常重視風險，這點你可以從我們 NPS 的演變看出來：在每一個國家與每一個產品上都接近歷史低點；而在規模化下擁有最投入的用戶基礎，以及更深的生態系滲透，將會隨時間建立獲利能力。我們相信這樣的做法能最大化長期現金流與股東價值。

[Lucas Alves Lucitano, Santander].

[Lucas Alves Lucitano，Santander]。

Good evening. Thanks for taking the question. I want to touch on logistic capacity economics. 2 million square meters increased almost 20% of (technical difficulty)

晚安。謝謝讓我提問。我想談談物流產能的經濟性。200 萬平方公尺增加了將近 20%（技術性困難）

I'm sorry, Mr. Lucitano, unfortunately, your line is cutting in and out and we're not really able to hear you. Gentlemen, would you like me to promote the next caller?

抱歉，Lucitano 先生，不幸的是您的線路斷斷續續，我們實在聽不清楚。各位先生，您希望我請下一位來電者發言嗎？

You want to give it another try, Lucas?

Lucas，你要不要再試一次？

I would suggest that you dial back in.

我建議你重新撥入。

Okay, so why don't we move to the next questions and then we can take Lucas at the end?

好的，那我們先進行下一個問題，最後再讓 Lucas 提問，可以嗎？

Kaio Prato, UBS.

UBS 的 Kaio Prato。

Hello, good evening. Thanks for the opportunity. I would like to double check to information on credit, please, in Brazil. First is to confirm that you are already reducing the pace of growth given the current landscape, just to understand if this is right.

你好，晚安。謝謝這個機會。我想再次確認一下巴西的信貸資訊。第一個是確認在目前的環境下，你們是否已經在放慢成長速度，只是想了解這樣的理解是否正確。

And secondly, if you can share with us, if it's possible to share the nominal impact from the (inaudible) to your numbers, just to understand what would be the recurring level of provisions on NMO.

第二，如果可以的話，能否和我們分享（聽不清）對你們數字的名目影響，以便了解 NMO 的經常性提存水準大概會是多少。

And lastly, on credit, you mentioned about the NMO pressure coming from lower rates in Argentina. Just trying to understand what is the stage of this today. We have been noticing the banks reducing rates as well, and this seems to be a trend now. So just wondering if we could see further pressure on NIMO coming from that in the coming quarters as well? Thank you.

最後，關於信貸，你們提到 NMO 的壓力來自阿根廷較低的利率。我想了解目前這件事進展到什麼階段。我們也注意到銀行同樣在下調利率，而且這似乎已成為趨勢。所以想請問，未來幾季我們是否也可能看到因此帶來的 NIMO 進一步壓力？謝謝。

Hi, Kaio. Let me try to address all of those points. Let me start with this enroller, as I mentioned, it's fairly small, it's not a relevant number, so we have not disclosed it and I think it's very relevant, it doesn't really move the needle.

嗨，Kaio。我來試著回應你提到的所有重點。先從這個 enroller 開始，如我提到的，它相當小，不是重要的數字，所以我們沒有揭露；而且我認為它並不具關鍵性，基本上不會造成實質影響。

I think the third question was regarding NIMO. If there could be some pressure from Argentina, I would say that is not the case. In the case of Argentina, as you know interest rates have been coming down throughout the year and we have reflected some of those lower rates in the lower general interest rates in the lower rates we charge to our users, but that has not created a compression in our spreads.

我想第三個問題是關於 NIMO，是否可能受到阿根廷的壓力；我會說並不是這樣。就阿根廷而言，如你所知，利率在今年一路下行，我們也把部分較低利率反映在整體利率下降，以及我們對用戶收取的利率下降上，但這並沒有造成我們利差的壓縮。

Our spreads in Argentina continue to be very healthy. I would say the change in NIMO is mostly related to change in mix by credit cards growing faster than the rest of the credit book. Now you mentioned, I think the first one was regarding the speed of growth and there I would say, we have been a little bit more cautious in Brazil.

我們在阿根廷的利差仍然非常健康。我會說 NIMO 的變化主要與組合變動有關，因為信用卡成長速度快於其他信貸資產組合。你提到的第一個問題，我想是關於成長速度；在這方面我會說，我們在巴西確實更為謹慎一些。

In the last quarters, I would say, we have been a little more cautious. But this has been marginal, this has been specific to those segments that were more risky. We have been able to continue growing at a fast pace, but we have been more cautious on those segments that would be more risky because we were aware of what we have seen in the markets, both in Argentina and in Brazil with some of our competitors and rest of the industry.

在最近幾個季度，我會說我們更謹慎了一點。但這是邊際上的調整，且是針對那些風險較高的細分市場。我們仍能維持快速成長，但對於風險較高的細分市場，我們更為保守，因為我們留意到市場上發生的情況——不論是在阿根廷或巴西——以及我們部分競爭對手與整體產業的狀況。

Again, our spread has to continue to be very healthy, but on the margin we have been a little more cautious. In general, what we do is this, we like to see every growth opportunity we think profitable, but we always put risk management ahead of growth.

再次強調，我們的利差仍然非常健康，但在邊際上我們確實更謹慎了一些。整體而言，我們的做法是：我們會把每一個我們認為有利可圖的成長機會都納入考量，但我們永遠把風險管理放在成長之前。

[Lucas] (inaudible), Santander.

[Lucas]（聽不清），Santander。

Thank you. Can you hear me better now?

謝謝。你們現在聽得比較清楚嗎？

Yes, we can. Go ahead, please.

是的，可以。請繼續。

Okay, thanks for that. Sorry for the confusion. I wanted to touch on Argentina's exposure to cross-border competition since the country has historically carried structurally higher margins than the rest of the business. As the market normalizes, competition increases and the operating environment becomes more similar to your other markets.

好的，謝謝。抱歉造成混亂。我想談談阿根廷面對跨境競爭的曝險，因為該國歷來的結構性利潤率高於其他業務。隨著市場正常化、競爭加劇，營運環境也變得更接近你們其他市場。

How should we think about the sustainability of that margin premium? Are these structural reasons, Argentina should remain more profitable or should we expect profitability to gradually converge toward the rest of the region?

我們應該如何看待那個利潤率溢價的可持續性？是否存在結構性原因，使得阿根廷應該維持較高獲利？還是我們應預期獲利能力會逐步向區域其他市場收斂？

And if I may, just another point in logistics capacity and economics. Fulfillment square meters increased almost 20% quarter over quarter ahead of peak season creating pressure in both gross margin and G&A. How quickly do you expect that capacity to be filled? And should the associated costs largely dilute in 2027 or does the current growth outlook require another similarly large capacity step up next year? Thanks again.

如果可以的話，再補充一點關於物流產能與經濟性。為了迎接旺季，履約面積（平方公尺）季增將近 20%，對毛利率與 G&A 都造成壓力。你們預期這些產能多久能被填滿？相關成本是否會主要在 2027 年被稀釋？或者以目前的成長展望，明年還需要再進行一次同樣大幅度的產能擴張？再次感謝。

Lucas, Ariel here. So let me try to answer the question a bit differently to how you ask, given that we don't give forward-looking statements on where margin trajectory is going to be. I think we have a unique position in Argentina. On the one hand, Mercado Pago is the primary financial institution for many Argentinians.

Lucas，我是 Ariel。我會用和你提問方式稍微不同的角度來回答，因為我們不提供關於利潤率走勢的前瞻性陳述。我認為我們在阿根廷有一個獨特的地位。一方面，Mercado Pago 對許多阿根廷人而言是主要的金融機構。

On the other hand, e-commerce market share for us continues to be very high and although some of the Asian competitors out there have gained some market share the beginning of this year and the end of last year, we've seen the situation a bit more stable and we're very bullish on our ability to continue improving our value proposition, removing frictions in the marketplace for consumers to continue choosing MercadoLibre as the primary destination for shopping and for financial services in the country.

另一方面，我們在電商的市占率仍然非常高；雖然一些亞洲競爭者在今年年初與去年年底取得了一些市占，但我們看到情況已更趨穩定。我們也非常看好自己持續提升價值主張的能力，透過降低市場摩擦，讓消費者持續選擇 MercadoLibre 作為該國購物與金融服務的首選目的地。

We'll see what happens to margin in the future. I'm sure we'll time to discuss that, but there's no particular comments that I can bring in order to answer more specifically the question on margin trajectory.

至於未來利潤率會如何發展，我們再看看。我相信之後會有時間再討論，但目前我沒有特別的評論可以提供，以更具體地回答你關於利潤率走勢的問題。

The next question is from [Pedro].

下一個問題來自 [Pedro]。

That was the second part of the question. It was the second part of the question that we wanted to address, if you could remind us what it was, please.

那是問題的第二部分。我們想回應的是第二部分；麻煩你提醒我們第二部分是什麼，好嗎？

Yeah, it was about logistics capacity and economics as we increased almost 20% quarter-over-quarter of fulfillment square meters ahead of peak season. How quickly do you expect that capacity to be filled and should the associated costs largely dilute in '27 or does the current growth outlook require another similarly large capacity step up next year?

是的，這主要關於物流產能與經濟效益；在旺季來臨前，我們的履約倉儲面積較上一季增加了將近 20%。你預期這些產能會多快被填滿？相關成本是否會在 2027 年大幅被稀釋，還是目前的成長展望意味著明年還需要再進行一次同等規模的產能擴張？

Let me first say that when you see an increase in capacity in this particular case, which was 20%, as I mentioned earlier, much larger than before is not only for peak season, which is going to happen this quarter, but also for the future growth that we see in the market. So we are optimistic of people moving online and growth remaining there.

我先說，當你看到這次特定情況下的產能提升（如我先前提到的 20%），這個幅度比以往大得多，不僅是為了本季即將到來的旺季，也同樣是為了我們在市場上看到的未來成長。因此，我們對於人們轉向線上以及成長能夠持續保持在線上這件事感到樂觀。

In terms of the speed at which that capacity fills up, it depends. Obviously, there will be a step-up function in Q4, but in our time, it will continue to fill up and that obviously helps in terms of unit economics. But as you know we'll continue to invest in new facilities throughout the year, maybe not at the pace that we're growing in Q3 because of peak season, but every quarter we do increase capacity to keep up with the growth of markets.

至於這些產能被填滿的速度，取決於多種因素。很明顯在第四季會有一個階梯式的提升，但隨著時間推移，它會持續被填滿，而這顯然有助於單位經濟效益。但如你所知，我們全年都會持續投資新設施，或許不會像第三季因旺季而成長的速度那麼快，但我們每一季都會增加產能，以跟上市場的成長。

Remember, we're growing in Brazil north of 40% items shipped for the past five quarters. So you can imagine that that requires a lot of capacity to be put into place. But over time, each new capacity as it fills up obviously improves during the economics, but then you have new ones coming into place in the following quarters.

請記得，我們在巴西的出貨件數在過去五個季度都以超過 40% 的速度成長。所以你可以想像，這需要投入大量產能建置。但隨著時間推移，每一批新增產能在被填滿後，經濟效益自然會改善；同時，接下來幾個季度也會有新的產能陸續上線。

Pedro Tarazina, XP.

Pedro Tarazina，XP。

Hi, Ariel, Martin, thanks for taking the question. Most of the topics I wanted to discuss were already answered, but maybe it would be very helpful if you could share what are your thoughts on the [6-1] workweek schedule approved in Brazil recently. So the labor journey is expected to change. And I would like to know what is the expected impact on our logistics costs for 2027 maybe and how much of it can automation offset or maybe your thoughts on this topic, please?

嗨，Ariel、Martin，謝謝讓我提問。我想討論的大多數主題都已經被回答了，但如果你們能分享一下對巴西近期通過的 [6-1] 工時制度的看法，會非常有幫助。因此，勞動工時安排預期將會改變。我想了解這對我們 2027 年左右的物流成本預期影響為何，以及自動化能抵消多少，或請分享你們對這個議題的看法？

Hey, Pedro. Ariel here. So in Brazil, the standard work schedule has been six days on, one day off, up to 44 hours a week, and that has been the case for many years. As a constitutional amendment approved in October moves the country to five days on, two days off, and shortens the legal work week from 44 hours into 40 with no salary adjustment and clearly the impact that we will see is in our logistics force.

嗨，Pedro。我是 Ariel。在巴西，標準工時制度一直是做六休一、每週最多 44 小時，這種情況已經維持很多年。隨著 10 月通過的憲法修正案，國家將轉為做五休二，並在不調整薪資的情況下，將法定每週工時從 44 小時縮短至 40 小時；而我們將明顯感受到的影響會在物流人力上。

I think you were asking about the five to two specifically. And I would say the following. In August, before this approval, we proactively reorganized our logistics operation in Brazil to a five to two schedule, five days on, two days off with the same 44 hours weekly work. And we did that because it lets us fit our working hours better with the demand flowing through our fulfillment centers and service centers with less idle time and lower spending on staff transportation and meals. And we actually expect that to improve the turnover over time. So because of this, we don't actually expect any material cost impact of that shift in the future, and we are optimistic about that.

我想你問的是做五休二這部分。我會這麼說：在這項批准之前的 8 月，我們已主動將巴西的物流營運重整為做五休二，也就是做五天、休兩天，但每週工時仍維持 44 小時。我們這麼做是因為這能讓工時安排更貼近流經我們履約中心與服務中心的需求，減少閒置時間，並降低員工交通與餐食支出。而且我們預期這也會隨時間改善人員流動率。因此，對於未來這項轉變，我們其實不預期會帶來任何重大的成本影響，並且對此感到樂觀。

On the second change in the country, we are preparing for the next stages where the working week will be gradually reduced. I think it's a bit early. On that regard, clearly, we need the hours in order to process all the demand that is flowing through our network, which in the end will mean that we will need more employees in our logistics operation.

至於國內第二項變化，我們正在為下一階段做準備，也就是每週工時將逐步下調。我認為現在談還有點早。就這點而言，很明顯我們需要足夠的工時來處理流經我們網路的所有需求，而這最終意味著我們在物流營運上將需要更多員工。

I think the scheduling efficiencies from the 5 to 2 will help absorb part of the change from the 40 to 42 change. And also the natural turnover in our workforce will give us some flexibility to test different comp schemes in the future as well. So not much more to say, time will tell how we adapt to this, but this does not change our strategy or our ambition in Brazil. We continue to work in finding efficiencies, automating our warehouses and capturing the benefits coming from scale. I'm sure next quarter, we will be able to share more details on what happens.

我認為做五休二帶來的排班效率，將有助於吸收從每週 40 到 42 小時變動的一部分影響。此外，我們人力的自然流動也會讓我們在未來測試不同的薪酬方案時更有彈性。所以沒有太多可補充的；時間會告訴我們如何適應，但這不會改變我們在巴西的策略或企圖心。我們會持續尋找效率、推動倉庫自動化，並掌握規模帶來的效益。我相信下個季度，我們將能分享更多關於進展的細節。

Maybe to complement on automation, still at a relatively low scale, but with triple the automation investments or the volume that we are automating within our fulfillment infrastructure, not only in Brazil but also in Mexico.

另外補充自動化方面：目前規模仍相對不大，但我們在履約基礎設施中自動化的投資或自動化處理的量已提升到三倍，不僅在巴西，也包括墨西哥。

This concludes the question-and-answer session. I would like to turn the conference back over to Ariel Szarfsztejn for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Ariel Szarfsztejn，請他做結語。

Thank you. So the most important thing in this quarter's results is the following, our users are doing more with us. And it is costing us less to serve each of them, those two factors together are at the heart of how we think about this business, engagement builds scale, scale makes us more efficient and efficiency gives us the flexibility to create capabilities that better serve to better serve our users in the future.

謝謝。所以，本季業績最重要的一點如下：我們的用戶在我們的平台上做得更多。而我們服務每位用戶的成本更低；這兩個因素結合在一起，是我們思考這門生意的核心：互動帶來規模，規模讓我們更有效率，而效率則賦予我們彈性去打造能力，以在未來更好地服務我們的用戶。

Our investments are clearly paying off. We continue to gain market share. We continue to bring in more customers and frequency and engagement with our platforms are reaching new levels. MercadoLibre is extending its leadership as the go-to destination for shopping in Latin America.

我們的投資顯然正在見效。我們持續提升市占率。我們持續帶來更多客戶，而在我們平台上的使用頻率與互動程度正達到新高。MercadoLibre 正在鞏固其作為拉丁美洲首選購物目的地的領導地位。

Mercado Pago is getting closer to its objective of becoming the regional largest digital financial services provider in the region. And the opportunity ahead of us is huge in commerce and in fintech and we are convinced that our strategy is the best way to generate shareholder returns in the long run. We continue to be disciplined, we continue to be mindful of risk and we continue to be bold as well.

Mercado Pago 正更接近其目標：成為該地區最大的數位金融服務提供者。我們在電商與金融科技領域面前的機會非常巨大，我們也深信，我們的策略是長期為股東創造報酬的最佳方式。我們持續保持紀律、持續關注風險，同時也會持續大膽前行。

Thanks all for joining and we are looking forward to engaging with you in the coming days.

感謝各位參與，我們期待在接下來幾天與各位進一步交流。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。各位可以掛線。感謝參與，祝各位有美好的一天。