金融业务分类与变现模式 - 金融业务分为支付、信贷和数字钱包三大类 [3] - 支付业务包括平台内支付（无额外收费）、平台外支付（基于支付额收取手续费）和先买后付（对商家收取贴现费用） [3] - 信贷业务以未偿还贷款余额为核心指标 通过利息产生收入 包括消费者贷款、商家贷款、信用卡贷款和资产抵押贷款 [4] - 数字钱包业务允许用户存入资金并进行转账、付款和理财等功能 大部分功能免费 [4] 支付业务商业模式 - 支付服务收入基于支付额乘以手续费率（MDR） 收单方留存净费率仅占整体费率的20%-40% [8][11] - 纯粹收单业务的净变现率在成熟市场仅几十个基点 拉美市场不超过100个基点 [11] - 支付行业高度同质化 难以形成差异化 费率易降难涨 [18][14] - 巴西支付市场规模超4.1万亿巴西里拉（约7600亿美元） 近两年增速回落至10%左右 [32] 支付业务增长与竞争 - 体系内支付渗透率已达100%以上 增长依赖体系外支付 [23] - 体系外支付占比从2015年的16%升至2024年的72% 但增速从2022年开始放缓至30%-40% [25] - 巴西支付市场由传统金融机构控制的收单商（Cielo、Rede、Getnet）和Fintech型收单商（Mercado Pago、PagSeguro、Stone）主导 [32][35] - Fintech公司份额从2016年的3.5%升至2024年的近30% Mercado Pago在巴西体系外支付体量仅为同行的不足40% [33][37] 数字钱包业务 - 数字钱包业务不以赚钱为主要目的 旨在增强用户粘性和积累数据 [44] - 数字钱包用户规模达3000万 占金融业务月活的57% 金融业务月活用户达6800万 已超电商业务活跃用户 [46] - 数字钱包支付额中大部分为非收单型支付 几乎无利可图 [29] 信贷业务盈利能力 - 信贷业务净息差（NIMAL）高达20%左右 2024年利润约15亿美元 [50] - 信贷业务贡献集团整体经营利润的60% 或扣除坏账后贡献超20% [51][52] - 未收回贷款总额达93.5亿美元 同比增长超90% 信用卡贷款成为增长主力 [56] 信贷业务增长驱动与风险 - 贷款业务增长主要由用户数量驱动 而非平均贷款额提升 [59] - 消费贷用户达2050万 占电商买家数量的1/3 信用卡用户增长更快 三年增长约2倍 [62] - 巴西市场信贷业务市占率仅1% 潜在增长空间巨大 [64] - 信贷业务为重资产模式 公司需承担信用风险 2024年底欠金融机构贷款总额达5800亿美元 高于待收回贷款余额的4900亿美元 [66] - 坏账损失年化占比超30% 90天以上坏账比率稳定在20%左右 [74] 金融业务协同价值 - 支付业务作为流量入口 为信贷业务提供用户和数据基础 [76] - 数字钱包和支付业务增强用户粘性 为信贷业务导流 [76] - 拉美地区高利率与公司低成本资金间的息差为信贷业务提供高利润空间 [74]

In the fast-paced and highly competitive business world of today, conducting thorough company analysis is essential for investors and industry observers. In this article, we will conduct an extensive industry comparison, evaluating Amazon.com AMZN in relation to its major competitors in the Broadline Retail industry. Through a detailed examination of key financial metrics, market standing, and growth prospects, our objective is to provide valuable insights and illuminate company's performance in the industr ...

Key Takeaways MercadoLibre's ability to sustain growth will depend on managing inflation-driven costs and credit risk.Second-quarter sales and marketing expenses rose nearly 50% in dollar terms to sustain inflation-hit demand.Ongoing expansion plans may keep fixed costs elevated as the company pushes into logistics and financing.MercadoLibre (MELI) has established itself as Latin America’s dominant e-commerce and fintech platform through its Mercado Libre Marketplace and Mercado Pago services. However, pers ...

亚马逊墨西哥副总法律顾问兼法务总监Fernanda Ramo在向媒体提供的声明中表示："我们对COFECE未 采取纠正措施的决定表示欢迎，这凸显了墨西哥零售行业的竞争力以及不存在竞争壁垒。" 智通财经APP获悉，墨西哥联邦经济竞争委员会(COFECE)近日得出结论称，亚马逊(AMZN.US)和 MercadoLibre(MELI.US)在其平台上为第三方卖家制造了严重的竞争壁垒。 COFECE认定，这两家电商公司在如何挑选推荐商品方面缺乏透明度，并且为使用其自有物流服务的卖 家提供更高的曝光度，这被视为对其他卖家的重大不利。具体而言，COFECE的调查结果显示，亚马逊 和MercadoLibre并未清晰传达其用于决定哪些卖家商品能够获得推荐的标准。 值得注意的是，亚马逊和MercadoLibre合计占据了墨西哥线上销售总额的85%以上。目前，两家公司均 未受到COFECE的监管处罚。 ...

Mexico's Federal Economic Competition Commission, called Cofece for short, recently concluded that both Amazon (NASDAQ:AMZN) and MercadoLibre (NASDAQ:MELI) create significant barriers to competition in Mexico for third-party sellers on their platforms. Cofece determined that the e-commerce companies lack transparency in ...

Key Points Buffett's team once invested in some of the company's Latin American fintech peers. The TSMC sale showed Buffett is reluctant to invest if he sees political instability. Still, MercadoLibre's rapid growth and ability to prosper may catch his attention. 10 stocks we like better than MercadoLibre › Latin American consumer conglomerate MercadoLibre (NASDAQ: MELI) has drawn considerable interest from investors. The company spearheaded Latin American e-commerce and pioneered the fintech ind ...

Mexico’s antitrust watchdog Cofece reportedly found that Amazon and Mercado Libre create barriers to competition for sellers on their platforms but said it will not order corrective measures.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no ad ...

Question-and-Answer SessionGood morning. So Martin, thanks for being here again. I started with a similar question last year where I asked you about the unlock of the value of the ecosystem across fintech and e-commerce. And when you look at the progress that you've made in the year-to-date, it feels like there's been some really important initiatives. Can you talk a little bit about the initiatives between Pago and the marketplace and the results you've driven so far?Martin de Los SantosEVP & CFO Yes, defi ...

Question-and-Answer SessionGood morning. So Martin, thanks for being here again. I started with a similar question last year where I asked you about the unlock of the value of the ecosystem across fintech and e-commerce. And when you look at the progress that you've made in the year-to-date, it feels like there's been some really important initiatives. Can you talk a little bit about the initiatives between Pago and the marketplace and the results you've driven so far?Martin de Los SantosEVP & CFO Yes, defi ...

MercadoLibre (NasdaqGS:MELI) 2025 Conference September 10, 2025 12:30 PM ET Company ParticipantsMartín de los Santos - EVP & CFOConference Call ParticipantsIrma Sgarz - Managing Director & Equity Research Analyst - Latam Retail & Consumer GoodsIrma SgarzWelcome to the MercadoLibre Fireside Chat at the Goldman Sachs Communicopia and Technology Conference. I'm pleased to welcome here CFO Martín de los Santos, CFO of MercadoLibre. My name is Irma Skarts. I cover the Latin America e-commerce and retail sector f ...