<p>Kaspi.kz JSC 赞助的 ADR RegS ((KSPI)) 已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>认识您的 ETF AI 分析师</h3>
<ul>
<li>了解 TipRanks 的 <em>ETF</em> AI 分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong><em>ETF</em> AI 分析师</strong> 对您关注的 ETF 的见解。</li>
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<p>Kaspi.kz 最近的财报电话会议描绘了强劲的增长和创新，尽管面临一些外部挑战。公司在支付和市场领域表现强劲，同时推出了新服务，承诺提升其市场地位。然而，智能手机供应的中断和外部金融因素在此期间带来了显著挑战。</p>
<h2>支付和市场领域的强劲增长</h2>
<p>Kaspi.kz 报告其支付和市场领域的增长令人印象深刻。总支付量 (TPV) 增长了 18%，收入增长了 10%，净收入增长了 12%。市场领域也表现出韧性，商品交易总值 (GMV) 年同比增长 12%，在排除智能手机供应中断影响后，增长达 20%。</p>
<h2>电子杂货的扩展与增长</h2>
<p>电子杂货领域表现突出，GMV 增长了 53%，交易量增加了 55%。该领域目前服务 130 万客户，Kaspi.kz 计划通过进入至少两个城市来扩大其覆盖范围，进一步巩固其市场地位。</p>
<h2>创新支付和广告服务的推出</h2>
<p>Kaspi.kz 推出了几项创新服务，包括掌中支付、新的广告服务和 Kaspi AI 助手。这些举措已经开始见效，广告收入同比增长了 56%，展示了公司对创新和客户参与的承诺。</p>
<h2>Hepsiburada 购买量的改善</h2>
<p>Hepsiburada，Kaspi.kz 组合中的关键组成部分，在第三季度购买量增长了 16%。这一增长得益于对配送、支付选项的战略投资以及提升整体用户体验，反映了公司对改善客户满意度的关注。</p>
<h2>智能手机供应中断</h2>
<p>智能手机供应短缺，特别是 iPhone，对 Kaspi.kz 的 GMV 产生了负面影响，减少了 8%，并影响了合并收入 3%。这一中断是一个重大挑战，但公司对在不久的将来克服这些问题仍持乐观态度。</p>
<h2>影响财务表现的外部因素</h2>
<p>Kaspi.kz 面临几项外部金融挑战，包括对政府证券收入的新 10% 税收和增加的准备金要求，每项都对净收入产生了 1% 的影响。此外，基准利率的上调对净收入影响了 4%，突显了外部压力对公司财务表现的影响。</p>
<h2>智能手机中断对市场增长的影响</h2>
<p>智能手机供应问题减缓了市场 GMV 的增长，但 Kaspi.kz 预计明年将恢复。公司对解决这些供应挑战持乐观态度，并预计其市场领域将强劲反弹。</p>
<h2>前瞻性指导</h2>
<p>展望未来，Kaspi.kz 提供了乐观的前景，预测年同比收入增长 20%，预计收入和净收入均将增长 21%。公司还计划在 11 月启动 1 亿美元的 ADS 回购，反映出对其财务健康和股票表现的信心。随着预计解决智能手机供应问题并受益于有利的基数效应，Kaspi.kz 为 2026 年的强劲复苏做好了充分准备。</p>
<p>总之，Kaspi.kz 的财报电话会议突显了一个强劲增长和战略创新的时期，尽管面临一些外部挑战。公司致力于扩展服务和改善客户体验，加上乐观的前瞻性指导，使其在未来几年继续取得成功的前景良好。</p>

KSPI

<p>Kaspi.kz JSC 举行了第三季度财报电话会议，尽管面临外部挑战，但支付和市场领域仍展现出强劲增长。总支付量增长了 18%，收入上升了 10%，净收入增加了 12%。电子杂货领域表现出色，GMV 增长了 53%。然而，智能手机供应中断对 GMV 产生了 8% 的负面影响。公司预计收入和净收入将同比增长 20%，并计划进行 1 亿美元的 ADS 回购，反映出对其财务健康和未来复苏的信心</p>

<p>Kaspi.kz JSC Sponsored ADR RegS ((KSPI)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Kaspi.kz JSC 赞助的 ADR RegS ((KSPI)) 已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Meet Your ETF AI Analyst</h3>
<div class="lb-trans"><h3>认识您的 ETF AI 分析师</h3>
</div><ul>
<li>Discover how TipRanks' <em>ETF</em> AI Analyst can help you make smarter investment decisions</li>
<li>Explore ETFs TipRanks' users love and see what insights the <strong><em>ETF</em> AI Analyst</strong> reveals about the ones you follow.</li>
</ul>
<div class="lb-trans"><ul>
<li>了解 TipRanks 的 <em>ETF</em> AI 分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong><em>ETF</em> AI 分析师</strong> 对您关注的 ETF 的见解。</li>
</ul>
</div><p>Kaspi.kz’s recent earnings call painted a picture of robust growth and innovation, despite facing some external challenges. The company demonstrated strong performance in its payments and marketplace segments, while also introducing new services that promise to enhance its market position. However, disruptions in smartphone supply and external financial factors posed notable challenges during the period.</p>
<div class="lb-trans"><p>Kaspi.kz 最近的财报电话会议描绘了强劲的增长和创新，尽管面临一些外部挑战。公司在支付和市场领域表现强劲，同时推出了新服务，承诺提升其市场地位。然而，智能手机供应的中断和外部金融因素在此期间带来了显著挑战。</p>
</div><h2>Strong Growth in Payments and Marketplace Segments</h2>
<div class="lb-trans"><h2>支付和市场领域的强劲增长</h2>
</div><p>Kaspi.kz reported impressive growth in its payments and marketplace segments. The total payment volume (TPV) increased by 18%, and revenue grew by 10%, leading to a net income growth of 12%. The marketplace segment also showed resilience, with a 12% year-over-year growth in gross merchandise value (GMV), which reached 20% growth when excluding the impact of smartphone supply disruptions.</p>
<div class="lb-trans"><p>Kaspi.kz 报告其支付和市场领域的增长令人印象深刻。总支付量 (TPV) 增长了 18%，收入增长了 10%，净收入增长了 12%。市场领域也表现出韧性，商品交易总值 (GMV) 年同比增长 12%，在排除智能手机供应中断影响后，增长达 20%。</p>
</div><h2>E-Grocery Expansion and Growth</h2>
<div class="lb-trans"><h2>电子杂货的扩展与增长</h2>
</div><p>The e-Grocery segment was a standout performer, with GMV growing by 53% and transactions increasing by 55%. This segment now serves 1.3 million customers, and Kaspi.kz plans to expand its reach by entering at least two more cities, further solidifying its position in the market.</p>
<div class="lb-trans"><p>电子杂货领域表现突出，GMV 增长了 53%，交易量增加了 55%。该领域目前服务 130 万客户，Kaspi.kz 计划通过进入至少两个城市来扩大其覆盖范围，进一步巩固其市场地位。</p>
</div><h2>Introduction of Innovative Payment and Advertising Services</h2>
<div class="lb-trans"><h2>创新支付和广告服务的推出</h2>
</div><p>Kaspi.kz introduced several innovative services, including pay by palm, new advertising services, and the Kaspi AI Assistant. These initiatives have already started to pay off, with advertising revenue rising by 56% year-over-year, showcasing the company’s commitment to innovation and customer engagement.</p>
<div class="lb-trans"><p>Kaspi.kz 推出了几项创新服务，包括掌中支付、新的广告服务和 Kaspi AI 助手。这些举措已经开始见效，广告收入同比增长了 56%，展示了公司对创新和客户参与的承诺。</p>
</div><h2>Hepsiburada’s Improvement in Purchase Volumes</h2>
<div class="lb-trans"><h2>Hepsiburada 购买量的改善</h2>
</div><p>Hepsiburada, a key component of Kaspi.kz’s portfolio, saw a 16% increase in purchase volumes in the third quarter. This growth was driven by strategic investments in delivery, payment options, and enhancing the overall user experience, reflecting the company’s focus on improving customer satisfaction.</p>
<div class="lb-trans"><p>Hepsiburada，Kaspi.kz 组合中的关键组成部分，在第三季度购买量增长了 16%。这一增长得益于对配送、支付选项的战略投资以及提升整体用户体验，反映了公司对改善客户满意度的关注。</p>
</div><h2>Smartphone Supply Disruption</h2>
<div class="lb-trans"><h2>智能手机供应中断</h2>
</div><p>The shortage of smartphone supplies, particularly iPhones, had a negative impact on Kaspi.kz’s GMV, reducing it by 8% and affecting consolidated income by 3%. This disruption was a significant challenge, but the company remains optimistic about overcoming these issues in the near future.</p>
<div class="lb-trans"><p>智能手机供应短缺，特别是 iPhone，对 Kaspi.kz 的 GMV 产生了负面影响，减少了 8%，并影响了合并收入 3%。这一中断是一个重大挑战，但公司对在不久的将来克服这些问题仍持乐观态度。</p>
</div><h2>External Factors Affecting Financial Performance</h2>
<div class="lb-trans"><h2>影响财务表现的外部因素</h2>
</div><p>Kaspi.kz faced several external financial challenges, including a new 10% tax on revenue from government securities and increased reserve requirements, each impacting net income by 1%. Additionally, a base rate increase affected net income by 4%, highlighting the external pressures on the company’s financial performance.</p>
<div class="lb-trans"><p>Kaspi.kz 面临几项外部金融挑战，包括对政府证券收入的新 10% 税收和增加的准备金要求，每项都对净收入产生了 1% 的影响。此外，基准利率的上调对净收入影响了 4%，突显了外部压力对公司财务表现的影响。</p>
</div><h2>Impact of Smartphone Disruption on Marketplace Growth</h2>
<div class="lb-trans"><h2>智能手机中断对市场增长的影响</h2>
</div><p>The smartphone supply issues moderated marketplace GMV growth, but Kaspi.kz expects a recovery next year. The company is optimistic about resolving these supply challenges and anticipates a strong rebound in its marketplace segment.</p>
<div class="lb-trans"><p>智能手机供应问题减缓了市场 GMV 的增长，但 Kaspi.kz 预计明年将恢复。公司对解决这些供应挑战持乐观态度，并预计其市场领域将强劲反弹。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Kaspi.kz provided an optimistic outlook, forecasting a 20% year-over-year top-line growth, with revenue and net income both expected to grow by 21%. The company is also initiating a $100 million ADS buyback in November, reflecting confidence in its financial health and stock performance. With expectations of resolving smartphone supply issues and benefiting from favorable base effects, Kaspi.kz is well-positioned for a robust recovery in 2026.</p>
<div class="lb-trans"><p>展望未来，Kaspi.kz 提供了乐观的前景，预测年同比收入增长 20%，预计收入和净收入均将增长 21%。公司还计划在 11 月启动 1 亿美元的 ADS 回购，反映出对其财务健康和股票表现的信心。随着预计解决智能手机供应问题并受益于有利的基数效应，Kaspi.kz 为 2026 年的强劲复苏做好了充分准备。</p>
</div><p>In conclusion, Kaspi.kz’s earnings call highlighted a period of strong growth and strategic innovation, despite facing some external challenges. The company’s commitment to expanding its services and improving customer experience, coupled with its optimistic forward-looking guidance, positions it well for continued success in the coming years.</p>
<div class="lb-trans"><p>总之，Kaspi.kz 的财报电话会议突显了一个强劲增长和战略创新的时期，尽管面临一些外部挑战。公司致力于扩展服务和改善客户体验，加上乐观的前瞻性指导，使其在未来几年继续取得成功的前景良好。</p>
</div>

Kaspi.kz 财报电话会议：在挑战中实现强劲增长