<p>Kaspi.kz JSC 贊助的 ADR RegS ((KSPI)) 已召開第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>Kaspi.kz 最近的財報電話會議描繪了強勁的增長和創新，儘管面臨一些外部挑戰。公司在支付和市場領域表現強勁，同時推出了新服務，承諾提升其市場地位。然而，智能手機供應的中斷和外部金融因素在此期間帶來了顯著挑戰。</p>
<h2>支付和市場領域的強勁增長</h2>
<p>Kaspi.kz 報告其支付和市場領域的增長令人印象深刻。總支付量 (TPV) 增長了 18%，收入增長了 10%，淨收入增長了 12%。市場領域也表現出韌性，商品交易總值 (GMV) 年同比增長 12%，在排除智能手機供應中斷影響後，增長達 20%。</p>
<h2>電子雜貨的擴展與增長</h2>
<p>電子雜貨領域表現突出，GMV 增長了 53%，交易量增加了 55%。該領域目前服務 130 萬客户，Kaspi.kz 計劃通過進入至少兩個城市來擴大其覆蓋範圍，進一步鞏固其市場地位。</p>
<h2>創新支付和廣告服務的推出</h2>
<p>Kaspi.kz 推出了幾項創新服務，包括掌中支付、新的廣告服務和 Kaspi AI 助手。這些舉措已經開始見效，廣告收入同比增長了 56%，展示了公司對創新和客户參與的承諾。</p>
<h2>Hepsiburada 購買量的改善</h2>
<p>Hepsiburada，Kaspi.kz 組合中的關鍵組成部分，在第三季度購買量增長了 16%。這一增長得益於對配送、支付選項的戰略投資以及提升整體用户體驗，反映了公司對改善客户滿意度的關注。</p>
<h2>智能手機供應中斷</h2>
<p>智能手機供應短缺，特別是 iPhone，對 Kaspi.kz 的 GMV 產生了負面影響，減少了 8%，並影響了合併收入 3%。這一中斷是一個重大挑戰，但公司對在不久的將來克服這些問題仍持樂觀態度。</p>
<h2>影響財務表現的外部因素</h2>
<p>Kaspi.kz 面臨幾項外部金融挑戰，包括對政府證券收入的新 10% 税收和增加的準備金要求，每項都對淨收入產生了 1% 的影響。此外，基準利率的上調對淨收入影響了 4%，突顯了外部壓力對公司財務表現的影響。</p>
<h2>智能手機中斷對市場增長的影響</h2>
<p>智能手機供應問題減緩了市場 GMV 的增長，但 Kaspi.kz 預計明年將恢復。公司對解決這些供應挑戰持樂觀態度，並預計其市場領域將強勁反彈。</p>
<h2>前瞻性指導</h2>
<p>展望未來，Kaspi.kz 提供了樂觀的前景，預測年同比收入增長 20%，預計收入和淨收入均將增長 21%。公司還計劃在 11 月啓動 1 億美元的 ADS 回購，反映出對其財務健康和股票表現的信心。隨着預計解決智能手機供應問題並受益於有利的基數效應，Kaspi.kz 為 2026 年的強勁復甦做好了充分準備。</p>
<p>總之，Kaspi.kz 的財報電話會議突顯了一個強勁增長和戰略創新的時期，儘管面臨一些外部挑戰。公司致力於擴展服務和改善客户體驗，加上樂觀的前瞻性指導，使其在未來幾年繼續取得成功的前景良好。</p>

KSPI

<p>Kaspi.kz JSC 舉行了第三季度財報電話會議，儘管面臨外部挑戰，但支付和市場領域仍展現出強勁增長。總支付量增長了 18%，收入上升了 10%，淨收入增加了 12%。電子雜貨領域表現出色，GMV 增長了 53%。然而，智能手機供應中斷對 GMV 產生了 8% 的負面影響。公司預計收入和淨收入將同比增長 20%，並計劃進行 1 億美元的 ADS 回購，反映出對其財務健康和未來複蘇的信心</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 贊助的 ADR RegS ((KSPI)) 已召開第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<div class="lb-trans"><h3>認識您的 ETF AI 分析師</h3>
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<div class="lb-trans"><ul>
<li>瞭解 TipRanks 的 <em>ETF</em> AI 分析師如何幫助您做出更明智的投資決策</li>
<li>探索 TipRanks 用户喜愛的 ETF，並查看 <strong><em>ETF</em> AI 分析師</strong> 對您關注的 ETF 的見解。</li>
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</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 最近的財報電話會議描繪了強勁的增長和創新，儘管面臨一些外部挑戰。公司在支付和市場領域表現強勁，同時推出了新服務，承諾提升其市場地位。然而，智能手機供應的中斷和外部金融因素在此期間帶來了顯著挑戰。</p>
</div><h2>Strong Growth in Payments and Marketplace Segments</h2>
<div class="lb-trans"><h2>支付和市場領域的強勁增長</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 報告其支付和市場領域的增長令人印象深刻。總支付量 (TPV) 增長了 18%，收入增長了 10%，淨收入增長了 12%。市場領域也表現出韌性，商品交易總值 (GMV) 年同比增長 12%，在排除智能手機供應中斷影響後，增長達 20%。</p>
</div><h2>E-Grocery Expansion and Growth</h2>
<div class="lb-trans"><h2>電子雜貨的擴展與增長</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>電子雜貨領域表現突出，GMV 增長了 53%，交易量增加了 55%。該領域目前服務 130 萬客户，Kaspi.kz 計劃通過進入至少兩個城市來擴大其覆蓋範圍，進一步鞏固其市場地位。</p>
</div><h2>Introduction of Innovative Payment and Advertising Services</h2>
<div class="lb-trans"><h2>創新支付和廣告服務的推出</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 推出了幾項創新服務，包括掌中支付、新的廣告服務和 Kaspi AI 助手。這些舉措已經開始見效，廣告收入同比增長了 56%，展示了公司對創新和客户參與的承諾。</p>
</div><h2>Hepsiburada’s Improvement in Purchase Volumes</h2>
<div class="lb-trans"><h2>Hepsiburada 購買量的改善</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 組合中的關鍵組成部分，在第三季度購買量增長了 16%。這一增長得益於對配送、支付選項的戰略投資以及提升整體用户體驗，反映了公司對改善客户滿意度的關注。</p>
</div><h2>Smartphone Supply Disruption</h2>
<div class="lb-trans"><h2>智能手機供應中斷</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>智能手機供應短缺，特別是 iPhone，對 Kaspi.kz 的 GMV 產生了負面影響，減少了 8%，並影響了合併收入 3%。這一中斷是一個重大挑戰，但公司對在不久的將來克服這些問題仍持樂觀態度。</p>
</div><h2>External Factors Affecting Financial Performance</h2>
<div class="lb-trans"><h2>影響財務表現的外部因素</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 面臨幾項外部金融挑戰，包括對政府證券收入的新 10% 税收和增加的準備金要求，每項都對淨收入產生了 1% 的影響。此外，基準利率的上調對淨收入影響了 4%，突顯了外部壓力對公司財務表現的影響。</p>
</div><h2>Impact of Smartphone Disruption on Marketplace Growth</h2>
<div class="lb-trans"><h2>智能手機中斷對市場增長的影響</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>智能手機供應問題減緩了市場 GMV 的增長，但 Kaspi.kz 預計明年將恢復。公司對解決這些供應挑戰持樂觀態度，並預計其市場領域將強勁反彈。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>展望未來，Kaspi.kz 提供了樂觀的前景，預測年同比收入增長 20%，預計收入和淨收入均將增長 21%。公司還計劃在 11 月啓動 1 億美元的 ADS 回購，反映出對其財務健康和股票表現的信心。隨着預計解決智能手機供應問題並受益於有利的基數效應，Kaspi.kz 為 2026 年的強勁復甦做好了充分準備。</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>總之，Kaspi.kz 的財報電話會議突顯了一個強勁增長和戰略創新的時期，儘管面臨一些外部挑戰。公司致力於擴展服務和改善客户體驗，加上樂觀的前瞻性指導，使其在未來幾年繼續取得成功的前景良好。</p>
</div>

Kaspi.kz 財報電話會議：在挑戰中實現強勁增長