Financial Data and Key Metrics Changes - The company's net income grew by 18% excluding external factors, while consolidated net profit grew around 10% including those factors [3][21] - For Q4, net income growth reached 13%, indicating solid performance despite headwinds [3][21] - Revenue growth for the full year was 19%, with a 15% growth in Q4 [39][21] Business Line Data and Key Metrics Changes - Payments in Kazakhstan saw a TPV growth of 14% year-over-year in Q4 and 19% for the full year, driven by consistent transaction volume trends [21] - Marketplace GMV growth was 12% in Q4 and 19% for the full year, with e-commerce being the fastest-growing segment at 9% GMV growth in Q4 and 16% for the full year [22][25] - Fintech growth was 4% in Q4 and 13% for the full year, with merchant financing being a key growth driver [32][34] Market Data and Key Metrics Changes - The smartphone category negatively impacted GMV, with a 24% decline in Q4, but is expected to return to growth in 2026 [23][25] - E-grocery is the fastest-growing e-commerce business, with a GMV growth of 53% for the year [26] - The number of engaged consumers in Kazakhstan increased by 66%, indicating strong consumer loyalty [19] Company Strategy and Development Direction - The company is focused on long-term growth and value creation, proposing a dividend of KZT 850 per ADS [2] - E-commerce and delivery services are prioritized for growth, with a focus on increasing consumer engagement and transaction frequency [11][12] - The strategy in Turkey mirrors that of Kazakhstan, emphasizing engaged consumers over total user count [16][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external challenges such as high interest rates and tax changes but remains optimistic about future growth [3][20] - The company plans to manage the Turkey business around EBITDA breakeven while continuing to invest in consumer engagement [50][52] - There is an expectation for interest rates to potentially decrease in the medium term, which would benefit the business [43][70] Other Important Information - The company has launched innovative payment solutions like "pay by palm," achieving rapid adoption with nearly half a million customers in Almaty [8][9] - The brand is recognized as the number one consumer brand across various categories, significantly outpacing competitors [5][6] Q&A Session Summary Question: Can you comment on the order trajectory and potential peak losses in Turkey? - Management indicated that they will manage the Turkey business around EBITDA breakeven and focus on consumer engagement through faster delivery and technology investments [50][51] Question: What is the competitive environment in Turkey? - Management emphasized focusing on high-quality products and services rather than on competition, aiming to increase engaged customers and order frequency [72][73] Question: Can you provide insights on the sustainable dividend payout going forward? - The company declared a dividend of KZT 850 per share, which is expected to be sustainable for the remainder of the year, with no plans to cut dividends [67][70]

Summary of China Beauty Expert Call Post 11.11 Events Industry Overview - **Industry**: China Beauty Sector - **Event**: 11.11 Shopping Festival Performance Review - **Date of Call**: November 17, 2025 Key Takeaways 1. **GMV Growth Across Platforms**: - Tmall: Approximately +8% year-over-year (yoy) - Douyin: Approximately +20% yoy - JD: Approximately +15% yoy - PDD: Approximately +12% yoy - Overall GMV growth for the beauty sector: Approximately +14% yoy according to Syntun Data [1][1][1] 2. **Performance of Local Listed Companies**: - Mao Geping (MGP) achieved approximately +60% GMV growth, leading the local brands - Chicmax and Proya maintained strong positions on Douyin and Tmall, respectively - Other local companies faced growth pressures [1][1][1] 3. **International Brands Recovery**: - Most international brands reported over +20% GMV growth, particularly high-end brands like Estee Lauder, Lancome, SK-II, and Shiseido [1][1][1] 4. **Emergence of Local Non-Listed Companies**: - Notable growth from brands such as Chando, Pechoin, Forest Cabin, and Grainrain [1][1][1] 5. **Discount Levels**: - Overall discount levels deepened by 5-8 percentage points yoy compared to the June 18 events [1][1][1] 6. **Preliminary Outlook for 2026**: - US/EU high-end brands expected to maintain growth momentum - Mass brands and Japanese/Korean brands likely to face challenges - High discount levels anticipated to persist [1][1][1] Company-Specific Insights - **Mao Geping (MGP)**: - Enhanced brand equity and unique offline presence expected to drive revenue and earnings CAGR of 31% from 2025 to 2027, outpacing peers' growth of 19% and 16% [1][1][1] - **Chicmax**: - Expected to benefit from the fast growth and local pride trend in China's cosmetics industry, leveraging a successful multi-brand portfolio and strong R&D capabilities [1][1][1] Analyst Preferences in China Beauty Sector - Order of preference: - MGP = Chicmax > Proya > Botanee > Yatsen > Marubi > Jahwa [1][1][1] Additional Notes - Concerns were raised regarding MGP's skincare product pipeline visibility in the mid-term [3][3][3] - Chicmax's KANS brand achieved approximately +30% GMV growth and maintained its position as the No.1 beauty brand on Douyin during the 11.11 events, with self-livestreaming contributing over 70% to GMV [3][3][3] This summary encapsulates the critical insights from the expert call regarding the performance and outlook of the China beauty sector following the 11.11 shopping events.

Core Insights - Affirm Holdings reported strong growth in Gross Merchandise Volume (GMV) and revenue, marking the third consecutive quarter of acceleration in GMV growth [4] - The company achieved a GMV growth rate of 36% year-on-year, with revenue growth aligning with this performance [4] - Unit economics improved significantly, with a year-on-year growth of 53%, surpassing the previously discussed range of 3% to 4% [4] Financial Performance - The operating margin was consistent with the company's expectations, indicating effective cost management and operational efficiency [5] - Affirm reiterated its commitment to achieving profitability on a GAAP operating basis, signaling a focus on long-term financial health [5]