PayPay Corp (PAYP) 2025 Q4 法說會逐字稿

Good morning and good evening everyone and welcome to PayPay's fourth quarter and full year fiscal 2025 earnings call. I'm Kotare Emai, Head of Investor Relations. Joining me on today's call are Nakayama-san, our President and CEO Kagechika-san, our CFO and Motora-san, Head of Finance and Corporate Chazy.

各位早安、晚安，歡迎參加 PayPay 2025 財年第四季暨全年財報電話會議。我是投資人關係負責人 Emai Kotare。今天與我一同出席的有：中山先生（本公司總裁暨執行長）、影近先生（財務長）以及 Motora 先生（財務與企業 Chazy 負責人）。

As a reminder, today's call is being broadcast live, and the replay will be available on our website after the call. Before we begin, I would like to remind everyone that today's remarks contain forward-looking statements and financial guidance, which involves known and unknown risks and uncertainties. Actual results, performance, and/or achievements could differ materially from those expressed or implied by these statements due to various factors. We cannot predict all risk, and we undertake no obligation to update these statements. Please refer to our earnings lease and regulatory filings for more detailed discussion of the risks and uncertainties that could impact our business.

提醒各位，今天的電話會議將進行現場直播，會後可於本公司網站收看重播。在開始之前，我想提醒各位，今天的發言包含前瞻性陳述與財務指引，其中涉及已知與未知的風險與不確定性。由於各種因素，實際結果、表現及／或成就可能與這些陳述所明示或暗示者有重大差異。我們無法預測所有風險，亦不承擔更新這些陳述之任何義務。有關可能影響本公司業務之風險與不確定性的更詳細討論，請參閱我們的財報新聞稿與監管申報文件。

Additionally, during this call, we will discuss financial information prepared in accordance with IFARS, as well as certain non-IFARS financial measures. These non-IFARS measures should be considered supplemental and not a substitute for IFARS financial measures. Definitions and reconciliations of these non-IFAS measures to the most directly comparable IFAS measures can be found in our earnings release and the earnings presentation, both of which are available on our website.

此外，在本次電話會議中，我們將討論依據 IFARS 編製的財務資訊，以及若干非 IFARS 財務衡量指標。這些非 IFARS 指標應視為補充資訊，而非 IFARS 財務指標之替代。非 IFAS 指標之定義，以及其與最直接可比之 IFAS 指標的調節表，可於我們的財報新聞稿與財報簡報中查閱，兩者皆已公布於本公司網站。

Please note that we do not provide reconciliation for our forward-looking non-IFAS guidance to the comparable IFAS measures because it is not possible without unreasonable efforts to predict the necessary components. Finally, please be advised that the financial data discussed on this call is unaudited. With that, I will now turn the call over to Nakayama-san.

請注意，我們不提供前瞻性非 IFAS 指引與可比 IFAS 指標之調節，因為若要預測所需組成項目，將需要不合理的努力，且在實務上不可行。最後，請留意本次電話會議所討論之財務數據均未經審計。接下來，我將把電話會議交給中山先生。

Okay. Hello, everyone. This is Nakayama, CEO. During our IPO Road Show, I promised to deliver both growth and profitability as a growth company. Today's results are the first step to fulfil that promise. We are pleased to report that we closed the year with a rule of X of 56%. This reflects a year of balanced performance in both growth and profitability. Turning to the breakdown of our financials, total revenue was JPY380.7 billion, up 27% YOY.

好的。各位好。我是執行長中山。在我們的 IPO 路演期間，我承諾作為一家成長型公司，將同時實現成長與獲利。今天的成果是履行該承諾的第一步。我們很高興報告，本年度以 56% 的 X 法則（rule of X）作結。這反映了我們在成長與獲利兩方面均衡表現的一年。就財務拆解而言，總營收為 3,807 億日圓，年增 27%。

This growth was driven by strong growth in both the payment segment and the financial services segment, which has become another revenue driver. RLTC grew 30% YOY to JPY296.4 billion. The RLTC margin also improved by 2% points to 78%, underscoring our enhanced earnings power. Our profitability with our disciplined. Cost control and operating leverage. Adjusted EBITDA margin improved to 29%. Our challenge began with payments, and now, we are entering an exciting new chapter. We are redefining everyday financial behaviours. Such as saving, borrowing, and investing beyond payments.

此一成長主要來自支付事業與金融服務事業的強勁成長；金融服務事業也已成為另一個營收驅動引擎。RLTC 年增 30% 至 2,964 億日圓。RLTC 利潤率亦提升 2 個百分點至 78%，凸顯我們獲利能力的提升。我們的獲利能力來自於嚴謹的紀律。成本控管與營運槓桿。調整後 EBITDA 利潤率提升至 29%。我們的挑戰始於支付，而如今我們正邁入令人振奮的新篇章。我們正在重新定義日常的金融行為。例如在支付之外的儲蓄、借貸與投資。

In financial services, the numbers show our progress, and customers keep using us. That is the strongest proof. This trend is shown in the FY 2025 results. Gross in financial-related revenue outpaces transaction-related revenues. Financial-related revenues now account for 41% of the total revenue, providing our diverse revenue sources. Looking ahead. We will continue to drive growth in the two business pillars: the original payments business and our faster-growing financial services as a first step of redefining the finance.

在金融服務方面，數據顯示了我們的進展，而客戶持續使用我們。這就是最有力的證明。這一趨勢也反映在 2025 財年的業績中。金融相關營收的成長速度超越交易相關營收。金融相關營收目前占總營收的 41%，使我們的營收來源更加多元。展望未來。我們將持續推動兩大業務支柱的成長：原有的支付業務，以及成長更快的金融服務，作為重新定義金融的第一步。

We launched a data lending service for our merchant partners through PPE Bank in April. This is a strategic evolution of our PPE funding services, which has gained strong traction since it launched in March 2024. Using our unique credit model based on base two. Transaction data. This service unlocks instant access to funds via smartphone, anytime and anywhere. We believe this data-driven product sets up apart from transactional banks. No, from traditional banks.

我們於 4 月透過 PPE Bank 為商戶夥伴推出資料放款服務。這是我們 PPE 融資服務的策略性演進；該服務自 2024 年 3 月推出以來已獲得強勁動能。運用我們獨特的信用模型，基於 base two。交易數據。此服務可讓用戶透過智慧型手機，隨時隨地即時取得資金。我們相信，這項以數據驅動的產品使我們有別於交易型銀行。不，是有別於傳統銀行。

But again, this is just one of many examples looking ahead. We are fully committed to driving this redefinition across a platform, spanning all areas of our services, such as payments, banking, and securities. I believe that once people experience a more convenient world, they do not go back. It is our mission to build a better future by updating old systems with technology. We also believe that only Pepe can do that because we are the number one digital finance platform. Leveraging data, user base, and our mindset to keep taking on challenges. We invite you to look forward to the future of PayPay as we accelerate our trajectory in Japan and ultimately worldwide.

不過再次強調，這只是眾多例子之一；展望未來。我們將全力推動在整個平台上的重新定義，涵蓋我們服務的各個領域，例如支付、銀行與證券。我相信，一旦人們體驗到更便利的世界，就不會再回頭。我們的使命是以科技更新舊有系統，打造更美好的未來。我們也相信只有 PayPay 能做到，因為我們是第一的數位金融平台。善用數據、用戶基礎，以及持續迎接挑戰的心態。誠摯邀請各位期待 PayPay 的未來；我們將加速在日本、並最終在全球的成長軌跡。

With that, I will now hand it over to Kagechika-san, CFO. Thank you.

接下來，我把時間交給財務長影近先生。謝謝。

Thank you, Nakayama-san. I'm Wataru Kagechika, CFO. I will now walk you through our business highlights and results. As Nakayama-san mentioned, we delivered strong performance in both growth and profitability. In particular, the expansion in profitability was driven not only by revenue growth across each business segment. But also, by operating leverage, supported by disciplined cost management across the group. Let's dive into our business topics in fourth quarter.

謝謝你，中山先生。我是財務長影近亘。接下來我將帶各位回顧我們的業務重點與業績表現。如中山先生所提到，我們在成長與獲利兩方面都交出強勁表現。特別是獲利能力的擴張，不僅來自各業務分部的營收成長。也來自營運槓桿，而這得益於集團層面嚴謹的成本管理。讓我們深入第四季的業務主題。

First, the number of our EKYC-verified users surpasses 40 million, one of the largest digital customer bases in Japan. The expansion of this EKYC-verified user base is strategically critical for our future in three keyways. Firstly, it enhances cross-sell opportunities by improving conversion rates into our financial services beyond payments.

首先，我們完成 EKYC 驗證的用戶數已超過 4,000 萬，為日本規模最大的數位客戶基礎之一。擴大 EKYC 驗證用戶基礎，對我們的未來在三個關鍵面向具有策略性的重要性。第一，它可提升交叉銷售機會，藉由提高轉換率，將用戶從支付導入至更廣泛的金融服務。

Secondly, it increases user convenience and satisfaction. By enabling features such as fund withdrawals and full compensation in the event of payment fraud, thereby driving greater user loyalty. Furthermore, we believe that advancing the development of a safe and secure financial platform that aligned with societal expectations will lead to further customer acquisitions. In light of this, we have announced that, starting in June 26, eligibility for certain rewards programs will be limited to EKYC-verified users while promoting EKYC verification with an incentive program.

第二，它能提升用戶便利性與滿意度。透過啟用提領資金等功能，以及在發生支付詐欺時提供全額補償，進而提升用戶忠誠度。此外，我們相信，推進符合社會期待的安全、可靠金融平台建置，將帶來更多客戶取得。基於此，我們已宣布自 6 月 26 日起，部分回饋獎勵方案的適用資格將限於已完成 EKYC 驗證的用戶，同時透過獎勵機制推動 EKYC 驗證。

Second, PayPay card, which we acquired in late 2022, has firmly entered a growth trajectory. In current year 2025, we estimate that net new card additions ranked number one within the domestic credit card industry. This growth has been driven by our ability to offer seamless and integrated user experience across QR code payments and credit card payments.

第二，PayPay Card（我們於 2022 年底收購）已穩健進入成長軌道。在本年度 2025 年，我們估計其淨新增發卡量在國內信用卡產業中排名第一。此一成長來自我們能在 QR Code 支付與信用卡支付之間，提供無縫且整合的用戶體驗。

As well as by enhancement of our credit risk management through proprietary underwriting models, leveraging data from the PayPay ecosystem. As a result, our cards are gaining strong traction, particularly among younger demographics. Third, I would like to highlight our IPO-related share offering through PayPay Securities and its achievement of full-year profitability.

以及透過運用來自 PayPay 生態系的數據、以自有承保模型強化我們的信用風險管理。因此，我們的卡片正獲得強勁的市場動能，特別是在年輕族群之中。第三，我想強調我們透過 PayPay Securities 進行的 IPO 相關股份銷售，以及其達成全年獲利。

In March, PayPay Securities offered PayPay shares to domestic retail investors as a selling agent under a framework known as a Public Offering Without Listing. This approach has historically been considered difficult to conduct at scale in Japan due to regulatory constraints. However, PayPay Securities successfully completed approximately JPY13 billion in sales, making a significant milestone.

3 月，PayPay Securities 以銷售代理人的身分，依據所謂「未上市公開發行」（Public Offering Without Listing）的架構，向國內零售投資人提供 PayPay 股票。由於法規限制，這種方式在日本過去一直被認為難以大規模推行。然而，PayPay Securities 成功完成約 130 億日圓的銷售，成為一項重要里程碑。

In addition.

此外。

Following its consolidation as a subsidiary in April 2025, PayPay Securities achieved its first-ever full-year operating profit in FY 2025. Finally, we are strengthening our initiatives targeting younger users. PayPay has a strong brand presence among younger people. As part of this, in March, we launched a new program for EKYC-verified users aged 12 to 18. This program offers more favorable rewards conditions and enables users to earn PayPay points more efficiently through engagement with our financial services.

在 2025 年 4 月併入為子公司後，PayPay Securities 於 2025 財年達成史上首次全年營業利益。最後，我們正強化針對年輕用戶的各項措施。PayPay 在年輕族群之間具有強勢的品牌能見度。作為其中一環，我們於 3 月推出針對 12 至 18 歲、已完成 EKYC 驗證用戶的新方案。該方案提供更優惠的回饋條件，並使使用者透過使用我們的金融服務能更有效率地累積 PayPay 點數。

In addition, PayPay Bank exceeded 10 million accounts in April 2026. This growth has been primarily driven by account acquisitions among users in their 10s and 20s, with the number of accounts held by these younger users increasing approximately four-fold over the past five years. Let me now walk you through our fourth quarter business performance. In consolidated total revenue we delivered strong results, reaching JPY102.2 billion, up 30% year-on-year.

此外，PayPay Bank 於 2026 年 4 月帳戶數突破 1,000 萬。此成長主要由 10 多歲與 20 多歲用戶的開戶所帶動，這些年輕用戶持有的帳戶數在過去五年約成長四倍。接下來我將帶各位回顧我們第四季的業務表現。合併總營收表現強勁，達 1,022 億日圓，年增 30%。

In our payments segment, revenue grew 27% year-on-year, partly driven by an improvement in our take rate on GMV. The financial service segment was the primary driver of revenue growth, increasing 47% year-on-year and outpacing the payments segment. This was mainly driven by higher interest income resulting from the expansion in lending, particularly in mortgage loans, as well as growth in corporate deposits and lending. Other key factors are improved yields on our investment portfolio due to policy interest rate hikes. And the introduction of maintenance fees for accounts inactive for two years or more.

在支付業務方面，營收年增 27%，部分受惠於我們在 GMV 上的抽成率（take rate）改善。金融服務業務是營收成長的主要驅動力，年增 47%，增速超越支付業務。這主要來自放款擴張所帶動的利息收入增加，尤其是房貸，以及企業存款與放款的成長。其他關鍵因素包括因政策利率上調而使投資組合收益率提升。以及對於兩年以上未動用帳戶導入維護費。

GMV reached JPY5 trillion, up 23% year-on-year, driven primarily by the growth of PayPay credit and PayPay card. The take rate also improved year-on-year, supported by. Higher mix of high-margin online payments, as well as continued improvements in both offline and online payments margins. Additionally, the expansion of interest income, driven by growth in the credit card financing balance, was a key contributor.

GMV 達 5 兆日圓，年增 23%，主要由 PayPay credit 與 PayPay card 的成長所帶動。抽成率（take rate）亦較去年改善，受惠於。高毛利線上支付占比提高，以及線下與線上支付毛利率持續改善。此外，由信用卡融資餘額成長所帶動的利息收入擴張，也是重要貢獻因素。

GMV growth has been driven by a balanced growth in both MTU. The number of unique users transacting at least once within a month, and GMV per MTU, which represents monthly spending per user. Benefiting from network effect, MTU reached JPY41 million, while the active rate also steadily increased to 56%. In addition, GMV per MTU continued to grow steadily. Driven by higher payment frequency and increasing average transaction value, which is supported by the growth of online payments and the PayPay credit and the PayPay card.

GMV 的成長來自 MTU 與。每月至少交易一次的獨立用戶數（MTU），以及每位 MTU 的 GMV（代表每位用戶的月度支出）兩者的均衡成長。受惠於網路效應，MTU 達 4,100 萬人，而活躍率亦穩步提升至 56%。此外，每位 MTU 的 GMV 也持續穩健成長。此成長由更高的支付頻率與平均交易金額提升所驅動，而這又受線上支付以及 PayPay credit 與 PayPay card 成長所支撐。

Let me provide an update on the key operation metrics of PayPay card, which continue to drive growth in this segment. Through initiatives such as our proprietary credit underwriting models and extending small-ticket credits, our approval rate has improved, particularly among younger users, driving steady growth in the number of active cards issued. As the number of active cards issued has increased, the credit card's financial balance.

接下來我將更新 PayPay card 的關鍵營運指標，該業務持續推動本分部成長。透過自有信用審核模型、擴大小額授信等措施，我們的核准率有所提升，特別是在年輕用戶之中，帶動已發行且活躍卡片數穩定成長。隨著活躍發卡數增加，信用卡的融資餘額。

Comprising revolving instalment payments and cash advances, has steadily grown, with the increase exceeding JPY100 billion for the full year of FY 2025. Even amid strong growth in credit card financial balance, credit costs remain well under control. Demonstrating the effectiveness of our proprietary credit models and disciplined underwriting.

包含循環分期付款與預借現金，持續穩步成長，2025 財年全年增幅超過 1,000 億日圓。即便信用卡融資餘額強勁成長，信用成本仍維持在良好可控範圍。這顯示我們自有信用模型與嚴謹承保的有效性。

The net charge-off rates as a percentage of average receivables declined to 0.58% in FY 2025. In addition, Stage 3 receivables, credit impairment assets remained stable at 4% of total receivables. Next, let me turn to the financial service segment. First, PayPay Bank's deposit accounts reached the JPY10 million milestone in April, supported by double-digit growth driven by customer referrals from PayPay platform and the integration between our banking and securities businesses.

以平均應收帳款計算的淨沖銷率於 2025 財年下降至 0.58%。此外，第 3 階段應收帳款（信用減損資產）亦維持穩定，占總應收帳款的 4%。接下來談金融服務分部。首先，PayPay Bank 的存款帳戶於 4 月達成 1,000 萬的里程碑，在 PayPay 平台導流的客戶推薦，以及銀行與證券業務整合所帶動的兩位數成長支持下達成。

While the number of accounts currently ranks second among domestic digital banks, we believe there remains significant room for growth in both deposits and lending, and we are focused on accelerating this expansion. Turning to PayPay securities, our account base expanded significantly, driven by initiatives such as the sales of PayPay's IPO shares.

雖然目前帳戶數在國內數位銀行中排名第二，但我們認為存款與放款仍有顯著成長空間，並正聚焦加速擴張。再看 PayPay Securities，其帳戶基盤顯著擴大，主要受 PayPay IPO 股票銷售等措施所帶動。

Portal accounts reached 1.73 million, representing a year-on-year increase of 360,000 accounts. While we currently rank sixth among domestic online brokerage in terms of account numbers, we aim to accelerate growth further by enhancing the user experience and offering differentiated products. Deposit balance increased 23% year-on-year, driven by growth in the number of accounts, as well as the successful initiatives such as our Step Up interest rate program, which offer higher interest rates in accordance with deposit balance.

入口（Portal）帳戶達 173 萬戶，年增 36 萬戶。雖然目前就帳戶數而言在國內線上券商中排名第六，但我們將透過提升使用者體驗並提供差異化產品，以進一步加速成長。存款餘額年增 23%，受帳戶數成長以及如「Step Up」階梯式利率方案等成功措施所帶動，該方案會依存款餘額提供更高利率。

Deposits from SME and corporate customers, including PayPay merchants, also contribute to this growth. Loan balance sheet expanded steadily, primarily driven by mortgage loans. Going forward, we aim to further accelerate growth by leveraging PayPay's strength to expand our loan product offerings. Let me touch upon our balance sheet. Total assets increased 28% year-on-year to JPY5.2 trillion, broadly in line with our top-line growth, reflecting the expansion of our business.

來自中小企業（SME）與企業客戶（包含 PayPay 商戶）的存款亦對此成長有所貢獻。放款餘額穩步擴大，主要由房貸帶動。展望未來，我們將運用 PayPay 的優勢擴充放款產品組合，以進一步加速成長。接著簡要說明資產負債表。總資產年增 28% 至 5.2 兆日圓，與營收成長大致一致，反映業務擴張。

Net assets increased by JPY207 billion. This was removed by accumulation of retained earnings, as well as capital contributions from our major shareholders. And the execution of stock options by SoftBank Vision Fund at the beginning of FY 2025. In addition, new shares were issued in connection with the IPO at the end of the fiscal year. Please note that FY 2025 included a one-off tax effect of JPY57.5 billion related to the recognition of deferred tax assets at PayPay. As of the end of fiscal year, our equity ratios to debt 7.6%, ROE for the full year was 24%, and net debt, as definition of by our company, was JPY106 billion.

淨資產增加 2,070 億日圓。這是由保留盈餘累積，以及主要股東的增資所帶動。以及 SoftBank Vision Fund 於 2025 財年初行使股票選擇權。此外，財年末亦因 IPO 相關而發行新股。請注意，2025 財年包含一次性稅務影響 575 億日圓，係與 PayPay 認列遞延所得稅資產相關。截至財年末，我們的權益比率對負債為 7.6%，全年 ROE 為 24%，而依本公司定義的淨負債為 1,060 億日圓。

Adjusted EBITDA roughly doubled year-on-year to JPY28.6 billion, with the margin expanding to 28%. Finally, I will now turn to our guidance for FY 2026. Let me explain the framework first. Going forward, we will disclose our guidance for both full year and the upcoming quarter for the. Total revenue and adjusted EBITDA. Our guidance ranges are set at plus minus 1% for total revenue and plus minus 2% for adjusted EBITDA, relative to our base case number.

調整後 EBITDA 較去年約翻倍至 286 億日圓，利潤率擴大至 28%。最後，我將說明我們對 2026 財年的展望指引。先說明指引架構。未來，我們將同時揭露全年與下一季的指引，涵蓋。總營收與調整後 EBITDA。相對於我們的基準情境數字，指引區間設定為：總營收正負 1%，調整後 EBITDA 正負 2%。

For FY 2026, we did not anticipate any significant changes in underlying business trends. In terms of external environment, we assume CPI growth of approximately 2% year-on-year, a policy interest rate hike of 25 basis points in the mid-year, and foreign exchange rates of JPY155 per US dollar.

就 2026 財年而言，我們未預期基本業務趨勢會出現任何重大變化。就外部環境而言，我們假設 CPI 年增約 2%，年中政策利率上調 25 個基點，且匯率為每 1 美元兌 155 日圓。

We expect full-year consolidate total revenue for FY 2026 to increase by across approximately 20% year-on-year. We expect the adjusted EBITDA margin to be around 30%, representing an improvement of approximately 1% points year-on-year. In the previous fiscal year, margin expansion was driven primarily by company-wide cost structure reform, particularly adjusted EBITDA margin improvement in the financial services segment.

我們預期 2026 財年全年合併總營收將年增約 20%。我們預期調整後 EBITDA 利潤率約為 30%，較去年同期改善約 1 個百分點。在上一財年，利潤率擴張主要由全公司成本結構改革所帶動，尤其是金融服務事業的調整後 EBITDA 利潤率改善。

In the current fiscal year, further EBITDA margin improvement in the financial services segment is expected to be relatively limited. We also incorporate a certain level of growth investment. We intend to balance profitability and growth as we explained during the IPO process. With that, I would like to open the floor for questions. Thank you very much.

在本財年，金融服務事業的 EBITDA 利潤率進一步改善預期將相對有限。我們也納入一定程度的成長投資。正如我們在 IPO 過程中所說明的，我們將在獲利能力與成長之間取得平衡。接下來我想開放提問。非常感謝。

Thank you very much, Nakayama-san. Thank you very much, Kogichiko-san. We will now move on to the Q&A session.

非常感謝，中山先生。非常感謝，影近先生。接下來我們進入問答環節。

(Operator Instructions).

（接線員說明）。

Mizuho Securities. Dan Dolev.

瑞穗證券。Dan Dolev。

Hi. Good morning from New York. Can you guys hear me?

嗨。紐約早安。你們聽得到我嗎？

Yes.

是的。

Very clear.

非常清楚。

You can hear me?

你們聽得到我嗎？

Yes.

是的。

Thank you. Okay. Very good results, very strong quarter out of the gate. Congrats here. I have two questions. So, how is this strategy to deepen the integration across PayPay's ecosystem to a more unified financial platform processing? And how effective has the cross-sell strategy and product adoption been? And where are you seeing the most traction?

謝謝。好的。結果非常好，開局第一季表現非常強勁。恭喜。我有兩個問題。第一，深化 PayPay 生態系整合、朝更統一的金融平台處理的這項策略，目前進展如何？第二，交叉銷售策略與產品採用的成效如何？你們在哪些地方看到最大的動能？

Hi, let me, Nakayama, answer that. So first, for PayPay Card, PayPay Bank, securities, these companies are under our financial arm and for PayPay Card, most of the users have already linked their accounts and without using any customer acquisition costs, we have been able to increase the user base and increase the revolving balance. As well as we saw a good growth in GMV. Meanwhile, for PayPay Bank and PayPay Securities, they have been consolidated last April.

嗨，我來回答，我是中山。首先，PayPay Card、PayPay Bank、證券等公司都隸屬於我們的金融事業體；就 PayPay Card 而言，多數用戶已經完成帳戶連結，我們在不產生任何客戶取得成本的情況下，得以擴大用戶基礎並提升循環餘額。同時我們也看到 GMV 有良好成長。另一方面，PayPay Bank 與 PayPay Securities 已於去年 4 月納入合併。

So YOY wise, they are growing, but at the current moment, there's only half of the user base who have linked their accounts. But. We are growing the user base without spending any CAC, and that is a big difference between day being consolidated and now. And also, so moving forward, we will be growing our user base without spending CAC and then to spend our growth investments moving forward.

因此以年增（YOY）來看，它們仍在成長，但目前只有約一半的用戶完成帳戶連結。不過。我們在不花費任何 CAC 的情況下擴大用戶基礎，這是自納入合併當時到現在的一大差異。此外，展望未來，我們將持續在不支出 CAC 的情況下擴大用戶基礎，並在此基礎上投入後續的成長投資。

Great. Thank you. And I do have a quick follow-up question. So, considering the historical effectiveness of the points driving user growth and loyalty as a driver of user acquisition, can you talk a little bit about how the points have changed everything as well?

很好。謝謝。我還有一個快速追問。考量過去點數在推動用戶成長與忠誠度、作為獲客驅動因素的有效性，你能否也談談點數策略如何改變了整體情況？

Hi. Thank you. Okay, so for our point strategy, there's no changes, but. This time, for non-EKYC verified users from June this year, we will not be providing them with the regular point incentives, and therefore, we are trying to enhance our profitability on this end. But for the loyal customers, they are accounting for most of our GMV. Therefore, we see that there's no changes in our point strategy.

嗨。謝謝。好的，我們的點數策略沒有改變，不過。這次針對自今年 6 月起未完成非 eKYC 驗證的用戶，我們將不再提供一般的點數激勵，因此我們希望在這一端提升獲利能力。但忠誠客戶貢獻了我們大部分的 GMV。因此我們認為點數策略並沒有改變。

So for profitability-wise, we think this will be a positive change. And when you look at the group as a whole, SoftBank and Line LY Corporation as well, their strategy across the whole group is to utilize points in providing more stronger engagement, and that is what we will be focusing on further as well.

就獲利而言，我們認為這會是正向的改變。而從集團整體來看，包括 SoftBank 與 LINE Yahoo（LY）公司在內，集團的整體策略是運用點數來提供更強的互動與黏著度，這也是我們接下來會進一步聚焦的方向。

Great. Congrats again on a very strong quarter.

很好。再次恭喜你們本季表現非常強勁。

Thank you.

謝謝。

Makoto Kuroda from Goldman Sachs.

高盛的黑田誠。

Thank you so much. Can you hear me? Great. This is Makoto Kuroda from Goldman Sachs in Tokyo. Congratulations on a very good result. I, too, have two questions on the fiscal year March '27 guidance. First question is on March '27 GP margin and operating expense outlook. On the fiscal year March 27 guidance, it seems like the adjusted EBITDA margin rises slightly year-on-year. But how should we think about GP margin and operating expense outlook? Are there any factors to note for the operating expense outlook? This is my first question.

非常感謝。聽得到我嗎？很好。我是東京高盛的黑田誠。恭喜你們有非常好的業績。我也有兩個關於 2027 年 3 月止財年（FY March ’27）財測的問題。第一個問題是關於 2027 年 3 月止財年的毛利（GP）利潤率與營業費用展望。從 2027 年 3 月止財年的指引來看，調整後 EBITDA 利潤率似乎年增小幅上升。但我們應該如何看待毛利率與營業費用的展望？營業費用展望是否有任何需要注意的因素？這是我的第一個問題。

And then my second question also on fiscal year March 27 guidance is, could you share with us a little bit more of the macro assumptions underlying the fiscal year guidance? In terms of the BOJ policy rate assumption, you mentioned a 25-basis point rate hike mid-year, so could I just clarify. Do you assume one rate hike in second quarter for the full year March 27? And then what is its profit contribution to March 27 guidance? That is my second question.

第二個問題同樣關於 2027 年 3 月止財年的指引：能否再多分享一些該財測所依據的總體假設？就日本央行（BOJ）政策利率假設而言，你提到年中上調 25 個基點，我想確認一下。你們是否假設在第二季進行一次升息，並適用於 2027 年 3 月止財年全年？另外，它對 2027 年 3 月止財年指引的獲利貢獻是多少？這是我的第二個問題。

So, CFO Kagechika will reply to both of your questions.

接下來由 CFO 影近回答你的兩個問題。

Let me answer from the first question. There is gross profit margin, even though, yeah, we expanded the gross profit margin last fiscal year, but this year, the situation will be somehow changed because of the interest rate hike. When looking at our business structure, even though we have the banking business and the credit card business, the interest rate hike. That differently works on both businesses.

我先回答第一個問題。關於毛利率，雖然我們在上一財年擴大了毛利率，但今年的情況會因升息而有所不同。從我們的業務結構來看，雖然我們同時有銀行業務與信用卡業務，但升息。對兩項業務的影響並不相同。

And also, when looking at the banking business, we have to rate the. The rate for deposit first and apply the higher interest rate for mortgage loans after around six months past the interest rate hike. So, that will somehow negatively impact on. Our gross profit margin for this year. And also, this year, we anticipate that the BOJ will raise their interest rates going forward. So, our portfolio management at the banking business have to be more conservative, especially for the JGB portfolio. So, they have a little bit shortened their duration.

另外，就銀行業務而言，我們必須先調整。先調整存款利率，並在升息後約 6 個月才會將較高利率反映到房貸利率上。因此，這在某種程度上會對。今年的毛利率造成負面影響。此外，今年我們預期日本央行未來仍會持續升息。因此銀行業務的投資組合管理必須更為保守，特別是日本國債（JGB）投資組合。所以他們將存續期間略為縮短。

So those are the factors why this year we cannot expect the GFP gross profit margin expansion. But the base fundamental business has not been changed. And after the BOJ's interest rate hike, it will positively affect our gross profit margin. This is the answer for the first question. And second question, actually, we anticipate that the BOJ will hike the rate at around June or July by 25 basis points. But this assumption has already been implemented in our financial projections and the guidance. So, yeah, this is the answer for your questions.

以上這些因素使得我們今年無法期待毛利（GP）利潤率擴張。但基本的核心業務並沒有改變。而在日本央行升息之後，將會對我們的毛利率帶來正面影響。以上是第一個問題的回答。至於第二個問題，我們確實預期日本央行會在約 6 月或 7 月升息 25 個基點。但這項假設已經反映在我們的財務預測與指引之中。所以，是的，以上回答你的問題。

Got it. That is very clear. Thank you very much, and congratulations on a very strong quarter.

了解了。非常清楚。非常感謝，也恭喜本季表現非常強勁。

Let me make the correction for the answer for the second question. We included the policy interest rate hike for twice. One is July 26, and the other one is January 27.

我來更正一下第二個問題的回答。我們把政策利率上調納入了兩次。一次是7月26日，另一次是1月27日。

Understood. Thank you so much.

明白了。非常感謝。

We will now take the next question.

我們現在進入下一個問題。

Morgan Stanley, Ms. Mia Nagasaka.

摩根士丹利，Mia Nagasaka 女士。

We are very sorry, but it appears we are unable to hear you at this time, so our IR team will follow-up with you later. So now let's take the next questions.

非常抱歉，我們目前似乎聽不到您的聲音，因此我們的 IR 團隊稍後會再與您跟進。那麼我們先進入下一個問題。

Wolf, from Mr. Darrin Peller.

Wolf，Darrin Peller 先生。

Stan, say congrats on the first quarter out of being a public company. Let me just ask, the financial services area, we saw very strong. And I'm curious what you think was the areas of upside on the cross-sell and the attach, just the growth rate outpaced even what we expected from that side. And clearly, that's an area of strategic focus for you guys going into the year ahead, as well as we keep going through the next three quarters of the rest of the fiscal year. Just touch a little more on what you're seeing in terms of the uptick.

Stan，先恭喜你們作為上市公司後的第一季表現。我想請教一下金融服務這一塊，我們看到非常強勁。我很好奇你認為交叉銷售與附加銷售（attach）的超預期動能主要來自哪些面向？成長速度甚至超過我們原先在那一端的預期。而且很明顯，這也是你們接下來一年、以及本財年剩下三個季度持續推進的策略重點。能否再多談一點你們看到的上升趨勢？

An uptake by and I guess by your users for financial services, what's trending as better than maybe you expected and what do you expect to see in terms of incremental in that category?

也就是你們用戶對金融服務的採用提升（uptake），目前有哪些趨勢比你們原先預期更好？以及你們預期該類別的增量會如何？

Thank you. So regarding our financial services segment, we have our PayPay Card, PayPay Bank and PayPay Securities. For PayPay Card. We are proceeding with our strategy strongly for our loan balance and all, and for bank and securities. The past year, we have been focusing on the younger demographics, and we have been acquiring a lot of new account openings among these demographics. So, we are confident of our progress, and we know where to improve.

謝謝。關於我們的金融服務事業，我們有 PayPay Card、PayPay Bank 以及 PayPay Securities。就 PayPay Card 而言，我們正強力推進放款餘額等相關策略；至於銀行與證券。過去一年我們聚焦於較年輕的族群，並在這些族群中取得大量新開戶。因此，我們對目前的進展有信心，也清楚知道還有哪些地方需要改善。

So since April, we have a new CEO for Paypay Bank, who was previously the CEO of PayPay Card. So, he will be utilizing his know-how in PayPay Card and strongly changing PayPay Bank. And as I mentioned, when Mr. Dan Dolev asked his question. The benefits or the good point of cross-sell is not using CAC and to grow our user base. So, with that, we believe our profitability will grow further. Thank you.

另外，自4月起 PayPay Bank 有了新任 CEO，他先前是 PayPay Card 的 CEO。因此他會運用在 PayPay Card 的經驗與 know-how，強力推動 PayPay Bank 的變革。而且如我先前在 Dan Dolev 先生提問時提到的。交叉銷售的好處在於不需要使用 CAC（客戶取得成本）也能擴大用戶基礎。因此，我們相信獲利能力還會進一步提升。謝謝。

Just to follow-up on the question asked earlier about guidance for the year ahead, I'm just curious if they're going to point you in areas of conservatism built into the outlook, where would you say you've built in some safety and cushion into the guidance? Just seems like based on the growth profile, there's at least some areas of conservatism. Thanks again, guys. A nice job.

延續先前關於明年指引的問題，我想了解你們在展望中有哪些保守假設？你們會說在哪些地方放入了安全邊際與緩衝？看起來以成長輪廓而言，至少有一些地方是偏保守的。再次感謝各位。做得很好。

See, we're going to guide this.

看，我們會就此提供指引。

Let us have the CFO answer that.

讓 CFO 來回答。

Actually, yeah, you may assume that we are taking the conservative approach to realize the, yeah, the beaten rates and actually, We have to be there, how can I say, realistic about the guidance, but still, because the rate of this fiscal year, there is some uncertainty caused by the external environment and also our internal situation. So, we have not implemented that.

其實，是的，你可以假設我們採取較保守的方式來實現，嗯，達成超預期（beat）的比率；而且我們必須，怎麼說，對指引保持務實，但同時，由於本財年的走勢仍存在一些不確定性，來自外部環境以及我們內部狀況。因此，我們尚未把那些數字納入我們的財務預測中。

Numbers into our financial projections. And then realizing that, we will, the, beat and rate the market's expectation going forward. That's the current, basically thoughts on our guidance.

在我們的財務預測裡。而在實現之後，我們將在未來持續以超越市場預期（beat）與相應的比率來推進。這就是目前我們對指引的基本想法。

Got it. Thank you.

了解。謝謝。

Mr. Ken Oiwa from Jeffries.

Jefferies 的 Ken Oiwa 先生。

Congratulations on the IPO as well. And my first question is concerning Financial service segment.

也恭喜你們 IPO。我第一個問題是關於金融服務事業。

If my calculation is correct, it's rising by about sort of 20 basis points, 1.3 quarterly annualized.

如果我的計算正確，大概上升了約 20 個基點，季度年化約 1.3%。

CFO will answer your first question. You are joining from the Japanese channel. In that case, could you, sorry, repeat your question in Japanese? Apologies, it's a matter of technical issues.

CFO 會回答您的第一個問題。您是從日文頻道加入的。那麼可以請您，不好意思，用日文再重複一次問題嗎？抱歉，這是技術問題。

Apologies, I was talking about the margin of the NIMS. So according to my calculation, for financial services, I'm looking at about 1.3% and I was wondering whether that's how much of that comes from what the BOJ did in December or whether it's due to improvement in the mix. So, when you say 1.3%, what's that number? Where's it from? Yes, I've looked at the quarterly interest earning asset.

抱歉，我是在談 NIMs 的利差（margin）。依我的計算，金融服務大約是 1.3%，我想了解其中有多少是來自日本央行（BOJ）在12月的動作，或是因為組合（mix）改善所致。所以你們說的 1.3% 是什麼數字？來源是什麼？是的，我看了季度的生息資產（interest earning asset）。

I use that to divide things back to get the 1.3%. So, it can be according to the formula that you use. But the spread has gone up, I am assuming.

我用那個去回推除出 1.3%。所以可能會依你們使用的公式而不同。但我假設利差是上升了。

So PayPay, are you asking about PayPay being yields and how much they've gone up? Yeah, so for the, you've disclosed it just for the financial segment, and I believe that that doesn't include securities. So, the financial services segment does mainly consist of the banking business. And for banking related assets, they are on a variable basis. But if there is something different there is a Yen denominated portfolio.

所以，關於 PayPay，您是在問 PayPay 的收益率（yields）以及上升了多少嗎？是的，因為你們只揭露了金融事業的數字，我理解其中不包含證券。因此金融服務事業主要由銀行業務構成。而銀行相關資產多為浮動利率。但若有不同之處，則是有一個以日圓計價的投資組合。

And for that, I think midterm. Bonds are included, so that will sort of follow later. Let's say though that if we're talking about mortgage loan yield, the interest rate hike, basically the increase in the rate hike is of 25 basis points is basically reflected in the increase in the yield.

而對那部分，我想是中期。其中包含債券，所以會在之後才逐步反映。不過如果我們談的是房貸收益率（mortgage loan yield），基本上升息，也就是上調 25 個基點，基本上已反映在收益率的提升上。

Okay, I understand. So how much is the variable rate of mortgage loans?

好的，我明白了。那房貸的浮動利率占比是多少？

I can't disclose the exact numbers, but basically most of them are on variable interest rates.

我無法揭露確切數字，但基本上大多數都是浮動利率。

Is there a lot of time lag?

會有很大的時間落差嗎？

Around about six months.

大約六個月左右。

I see. Thank you. And my second question is the provisions towards bad debt.

了解。謝謝。我的第二個問題是關於呆帳提存（provisions）。

I'm assuming that they need to be increased.

我假設需要提高。

Yeah, the CFO will answer this question too.

是的，CFO 也會回答這個問題。

So for the delinquency ratio for the payment segment, it's actually going down. There is one technical issue here though, which is that once or two times a year, PayPay cards sells or writes off bad debt or sells bad debt and this can result in an increase or decrease in the bad debt on the books. But in terms of our loan portfolio quality, after excluding that, things are actually. Getting better.

就支付事業的逾期率（delinquency ratio）而言，其實是在下降。不過這裡有一個技術性因素：一年一到兩次，PayPay Card 會出售或核銷呆帳，或出售不良債權，這可能導致帳上不良債權金額增加或減少。但就我們的放款組合品質而言，扣除這些因素後，情況其實。正在改善。

Okay, thank you. Next, in terms of guidance, you've got CapEx. Do you have any comments about CapEx and how that will impact the P&L?

好的，謝謝。接下來，關於指引，你們提到了資本支出（CapEx）。你們對CapEx以及它將如何影響損益表（P&L）有什麼看法嗎？

The CFO will answer this question too.

這個問題也會由CFO來回答。

In terms of capital expenditure. First of all, for the payment segment, most depreciation and new investments are well balanced and PayPay's policy is that we don't hold unnecessary tangible assets. But most of the assets that we have are related to system development.

就資本支出而言。首先，在支付業務方面，多數折舊與新投資之間維持良好平衡，而PayPay的政策是不持有不必要的有形資產。不過，我們的大部分資產都與系統開發相關。

Related labour costs of software engineers. We also issued some physical plastic cards so the cost towards that has been booked as assets and subject to amortization or depreciation. In terms of bank, PayPay Bank, we're currently working on fixing information systems and that is subject to amortization but it's not too much so it won't be significantly visible from outside. We are going to be building our own banking core banking system as well.

也就是軟體工程師相關的人力成本。我們也發行了一些實體塑膠卡，因此相關成本已入帳為資產，並進行攤銷或折舊。就銀行方面（PayPay Bank）而言，我們目前正在進行資訊系統的修繕，這部分會攤銷，但金額不大，因此從外部看不會特別明顯。我們也將建置自有的銀行核心系統。

Tanida has become the CEO now and the CapEx plan is going to be reviewed but it will be reviewed towards reducing costs rather than spending more. So, in terms of depreciation and amortization that won't impact the piano in any negative. Way. In terms of guidance for the coming year, I think an increased plus looker is what we expect, which means, and revenue is expected to grow by 20%, which means that cost rate is expected to get reduced.

Tanida現在已成為CEO，CapEx計畫將會重新檢視，但檢視方向會偏向降低成本，而不是增加支出。因此，就折舊與攤銷而言，不會對損益造成任何負面影響。至於明年的指引，我們預期會有更高的成長，也就是營收預計成長20%，這意味著成本率預期會下降。

Okay, understand. Another question related to banking. Are there any major system-related investments that you're planning?

好的，了解。另一個與銀行相關的問題。你們是否規劃任何重大的系統相關投資？

No, and not for the upcoming year, and we're not planning anything major beyond that, too.

沒有，未來一年沒有，而且更往後也沒有規劃任何重大的投資。

Thank you.

謝謝。

Mr. Brian Keane from Citigroup.

花旗集團（Citigroup）的Brian Keane先生。

Hello, thanks for taking the question. When we look at the revision of the point reward terms, which are to be limited to the EKYC users, what's the impact? It doesn't sound like there'll be an impact to revenue, but can you clarify that? And then how much of EBITDA savings will that create?

你好，謝謝讓我提問。我們看到點數回饋條款的修訂，將限制在完成eKYC的用戶，這會帶來什麼影響？聽起來對營收不會有影響，但你們能否澄清？另外，這將帶來多少EBITDA的節省？

For our revenue, as I mentioned just now, for the EKYC verified users, they account for most of our GMV, so I believe there's no negative impact. And for our profit part, we won't be spending money on the point rewards much, so of course. Let me ask the CFO to follow-up on that.

就我們的營收而言，如我剛才提到的，完成eKYC驗證的用戶占了我們GMV的大部分，所以我認為不會有負面影響。至於獲利方面，我們在點數回饋上的支出會減少，所以當然會有幫助。我請CFO再補充說明。

Yes. So, we will begin this revision from June this year. So, to what extent this will help our cost structure is still uncertain, but I think partially, well, at a minimum level, we have some projections made internally, but we don't have majorly incorporated.

是的。我們將從今年6月開始進行這項修訂。因此，這在多大程度上能改善我們的成本結構目前仍不確定；不過我想在某種程度上，至少在最低程度上，我們內部有做一些預估，但尚未大幅納入。

Okay, great. Thanks. And then my follow-up question is just thinking about growth of the user base. How do we think about the PayPay MTU growth, the PayPay deposit account growth? That looks like there's probably some room for an acceleration in the PayPay bank area and then PayPay securities. Which I assume maybe the PayPay MTU becomes a little more mature, so growth rates might slow a little while maybe the PayPay Bank and PayPay Securities could accelerate. Just trying to get maybe the acceleration of those metrics and which ones look more mature as we go into this fiscal year? Thanks.

好的，很好。謝謝。接著我的追問是關於用戶基礎的成長。我們該如何看待PayPay的MTU成長、以及PayPay存款帳戶的成長？看起來PayPay銀行以及PayPay證券可能有加速的空間。我猜可能是PayPay的MTU逐漸成熟，因此成長率可能稍微放緩，而PayPay銀行與PayPay證券可能加速。想請教在進入本會計年度時，這些指標中哪些會加速、哪些看起來更成熟？謝謝。

So, as you can see here in this graph, both for PayPay Bank and PayPay Securities, since they have become consolidated under PayPay Bank grew YOY 12% and Securities grew 26% YOY. So, we believe this will grow further down the road and for PayPay's MTU, as you mentioned I think more of the eKYC verified users toward them, we are providing a so-called eKYC passport feature where we encourage these eKYC verified users to open their accounts across our financial arms. And as we have more and more eKYC verified users, we believe the accounts in PayPay Bank and securities will grow. So that's the structure we have built so far.

如你在這張圖表所見，PayPay Bank與PayPay Securities在納入PayPay Bank合併後，銀行年增12%，證券年增26%。因此我們相信未來仍會進一步成長。至於PayPay的MTU，如你所提到的，更多是來自eKYC驗證用戶；我們提供所謂的「eKYC護照」功能，鼓勵這些完成eKYC驗證的用戶在我們各個金融業務開立帳戶。隨著eKYC驗證用戶越來越多，我們相信PayPay Bank與證券的帳戶數也會成長。這就是我們目前建立的架構。

Okay, thank you.

好的，謝謝。

Ms. Mia Nagasaka from Morgan Stanley.

摩根士丹利（Morgan Stanley）的Mia Nagasaka女士。

Apologies.

抱歉。

We will take questions from the next person.

我們將先接受下一位的提問。

Mr. Ryan Campbell from Cantor Fitzgerald.

Cantor Fitzgerald的Ryan Campbell先生。

Congrats on the strong quarter, and thank you for taking my question today. It was nice to see take rates tick up in Q4. I was curious what initiatives you're running to convert existing PayPay balance users into PayPay credit users. And then just a quick follow-up on the improvement in online payment GMV. I was curious to hear which merchant verticals or use cases are driving that shift.

恭喜本季表現強勁，也謝謝今天讓我提問。很高興看到Q4的抽成率（take rate）有所上升。我想了解你們正在推動哪些措施，把既有的PayPay餘額用戶轉換為PayPay信用用戶。另外快速追問一下，關於線上支付GMV的改善。想請問是哪些商戶垂直領域或使用情境在推動這個轉變？

For your first question, the CFO will answer your question.

關於你的第一個問題，將由CFO回答。

Asking about the fiscal FY'25 results about the take rate. Okay, yeah. Last fiscal year, the GMV mix wise, the online GMV increased by 3% to 17% against the total GMV. Here, we exclude the GMV for line Yahoo and still, the momentum has been continued. And this fiscal year, we also think that we can improve the online GMV mix. Going forward at the same pace we saw for the last fiscal year. And also, the tech rate itself was improved for a few basis points for offline merchants and more than 10 basis points for online merchants.

你問的是FY'25會計年度的抽成率（take rate）表現。好的，是的。上一個會計年度，從GMV組合來看，線上GMV占總GMV的比重提升了3個百分點，達到17%。這裡我們排除了LINE Yahoo的GMV，但動能仍在延續。而在本會計年度，我們也認為可以持續改善線上GMV的占比。未來將以與上一會計年度相同的速度推進。此外，抽成率本身也有所改善：線下商戶提升了幾個基點，線上商戶則提升了超過10個基點。

But this fiscal year, because we have improved a lot for the last fiscal year for the online merchants. So even though we have seen good momentum to improve the take rate for online merchants but somehow declining the pace of the improvement for the take rate itself and going forward, now we are now getting more momentum, growth momentum from the younger generation and data content seller. The is the leading the GMV expansion on the online GMV sites. So, we expect that this momentum will not be changed for this fiscal year.

不過在本會計年度，由於上一會計年度我們已大幅改善線上商戶的抽成率。因此，即使我們看到線上商戶抽成率改善仍有不錯動能，但抽成率改善本身的速度可能會有所放緩；往後我們現在從年輕族群與數位內容賣家獲得更多成長動能。這些正在帶動線上GMV網站的GMV擴張。因此，我們預期這股動能在本會計年度不會改變。

Great. Thank you very much and congrats on the strong board.

很好。非常感謝，也恭喜你們表現強勁。

I'm sorry, I just received an e-mail from Nagasaka and from Morgan Stanley by e-mail. So, I will read out on the behalf of her.

不好意思，我剛收到摩根士丹利的Nagasaka透過電子郵件寄來的問題。我將代她宣讀。

So the question is, I have a question regarding to AI adoption. Could you share where you see the biggest opportunities for operational efficiencies gains from AI? Could you also share your current level of usage in areas such as fraud detection, credit screening, and custom support? So that's the question. The question is around AI adoption.

問題是：我有一個關於AI導入的問題。你們能否分享在哪些方面看到AI帶來營運效率提升的最大機會？也請分享你們目前在詐欺偵測、信用審核，以及客服支援等領域的使用程度。以上是問題。這個問題是關於AI導入。

Hi. Yes, thank you. So, as it was mentioned, customer support, wherever humans were supporting, definitely there's a room for AI to be adopted and that can improve the cost structure as well. And so, we have already begun some measures here. And a large portion would be the credit scoring.

您好。是的，謝謝。如先前所提到的，在客戶支援方面，只要是由人力在支援的地方，確實都有導入 AI 的空間，這也能改善成本結構。因此，我們在這裡已經開始採取一些措施。其中很大一部分會是在信用評分。

We are providing lending services. So, in order to improve our approval rate, we believe there are some room to adopt this, adopt AI as well. So, we are working on this similarly for fraud detection as well for our business. I believe there's a major room for AI adoption, and that is definitely our strategy. As we are a technology company, we would like to adopt AI strongly and to, again, improve our profitability as well.

我們提供放款服務。因此，為了提升核准率，我們認為在這方面也有一些空間可以導入、採用 AI。同樣地，我們也在針對詐欺偵測於我們的業務中推進相關工作。我相信 AI 導入有很大的空間，而這也確實是我們的策略。作為一家科技公司，我們希望積極導入 AI，並再次提升我們的獲利能力。

Thank you. Since it's almost time, let me have the last question.

謝謝。由於時間差不多了，讓我問最後一個問題。

Mr. Nate Svensson from Deutsche Bank.

德意志銀行（Deutsche Bank）的 Nate Svensson 先生。

Hi. Congratulations on first earnings results as a public company. I know there were some questions earlier about MTUs. I wanted to ask on that again with regards to the active rate. So MTUs up to $41 million, and the active rate continued to tick up a little bit to 56%. I was hoping you could talk more about some of the initiatives that you're undertaking to drive that active rate higher, what worked well in the past fiscal year, and what new initiatives you have planned for the year ahead. And maybe where should we expect that active rate to trend over time, both in the upcoming fiscal year and maybe over a longer time period?

您好。恭喜作為上市公司首次公布財報結果。我知道先前有一些關於 MTU 的問題。我想就活躍率再問一次。MTU 提升至 4,100 萬，活躍率也持續小幅上升至 56%。我希望您能多談談，為了推動活躍率進一步提高，你們正在推行哪些措施、上一財年哪些做法效果良好，以及未來一年有哪些新措施規劃。另外，隨時間推移，我們應該如何預期活躍率的走勢——不論是在即將到來的財年，或是更長期的時間範圍？

There are a few drivers here. So first of all, we're looking at, first of all, YTU. Yearly transacting users. So, we look at all the users who are signed up, then out of that we focus on increasing yearly transacting users out of signed up users. And so, it's like we convert YTU into MTU and then into WTU, weekly transacting users, and then into daily transacting users. MTU is one layer within that.

這裡有幾個驅動因素。首先，我們關注的是 YTU。也就是年度交易用戶（Yearly transacting users）。我們會看所有已註冊的用戶，並在其中聚焦於提升已註冊用戶轉化為年度交易用戶的比例。接著，我們會把 YTU 轉化為 MTU，再轉化為 WTU（每週交易用戶），再到每日交易用戶。MTU 是其中的一個層級。

So, first step is increasing YTU and in order to do that, one very important thing is increasing merchants. Another is peer-to-peer transactions. We have 96% share at the moment. By increasing peer-to-peer transactions, YTU, MTU, WTU and DTU increases. We know that from our track record over the past few years. So, we will be driving peer-to-peer transactions to help contribute to active ratio.

因此，第一步是提升 YTU；而要做到這點，一個非常重要的事情是增加商戶。另一個是點對點（peer-to-peer）交易。我們目前的市占率是 96%。透過增加點對點交易，YTU、MTU、WTU 以及 DTU 都會提升。我們從過去幾年的實績中已經知道這點。因此，我們將推動點對點交易，以協助提升活躍比率。

We're running referral campaigns and we're spending minimal amount of CAC on that and through peer-to-peer transactions, the receiving users use the balance that they receive and that in turn results in higher YTU and MTU. So that's one thing that we're doing. There are a few other things that we're doing, but that's the gist of what we're doing.

我們正在進行推薦（referral）活動，並在這方面投入極少的 CAC（獲客成本）；透過點對點交易，收款方用戶會使用其收到的餘額，進而帶來更高的 YTU 與 MTU。這是我們正在做的一件事。我們還有其他幾項措施，但大致重點就是這些。

Got it. Very helpful. And then just for a quick follow-up with regards to the guidance, you mentioned the incorporation of a certain level of growth investments that might be weighing on the adjusted EBITDA outlook for the year. I was hoping you could give a little more detail on those specific growth investments that you plan on making in the upcoming fiscal year. I guess my assumption is that they might be more focused on driving continued outsized growth in the financial services segment. So, one, correct me if I'm wrong on that assumption, and then. And what specific investments or products should we expect to be rolling out in the fiscal year here? Thank you.

了解。非常有幫助。接著就指引做個簡短追問：您提到在指引中納入了一定程度的成長投資，可能會對今年的調整後 EBITDA 展望造成壓力。我希望您能更具體說明一下，接下來這個財年計畫進行的那些特定成長投資。我猜測這些投資可能更聚焦於推動金融服務部門持續的超常成長。第一，若我的假設有誤請指正；然後，在本財年我們可以預期會推出哪些具體投資或產品？謝謝。

Yes, we have a few things planned. One big thing is rolling out an all-in-one card across the PayPay group, the PayPay card and PayPay bank. Features will become available in a single card is the concept of that product. This is one of our growth investments for this year. We will be running marketing promotions on this as well, not just issuing the card. We'll be able to increase active users with this and number of valid members as well. This will be towards the end of this fiscal year, but that's when it will start reflecting in our numbers.

是的，我們規劃了幾件事。其中一個重點是，在 PayPay 集團（PayPay card 與 PayPay bank）推出一張整合式（all-in-one）卡。其產品概念是：在單一卡片上提供各項功能。這是我們今年的成長投資之一。我們也會針對此進行行銷促銷活動，而不只是發卡。透過這項措施，我們能提升活躍用戶數以及有效會員數。這將會在本財年末期推出，但屆時才會開始反映在我們的數字上。

Another thing is younger user segments. We will be expanding younger user segment and as they grow, they will help PayPay grow as well, which has been going well so far. And we want to get younger users to use all our PayPay group services, which is what we'll be focusing on. Those are the main things that we'll be focusing on.

另一件事是較年輕的用戶族群。我們將擴大年輕用戶族群；隨著他們成長，也會帶動 PayPay 的成長，目前進展良好。我們希望讓年輕用戶使用我們 PayPay 集團的所有服務，這將是我們聚焦的方向。以上是我們主要會著力的事項。

Thank you very much and congrats again.

非常感謝，也再次恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you very much for joining us today. We appreciate your participation, especially those joining from Japan late in the evening and from the United States early in the morning. We look forward to your continued support. Thank you.

非常感謝各位今天參與。我們感謝各位的參與，特別是日本在深夜加入的各位，以及美國在清晨加入的各位。我們期待各位持續的支持。謝謝。