拉美信贷之王：余额超百亿美元，坏账17.6%，净息差超20%

Core Insights - The article discusses the integration of e-commerce and financial services, highlighting the success of companies like Mercado Libre in Latin America, similar to Alibaba and Ant Group in China [1][3][5]. Group 1: Company Overview - Mercado Libre, founded in 1999, is the largest online commerce and fintech ecosystem in Latin America, providing a comprehensive service suite for online buying, selling, and financial services [5][8]. - The company operates in multiple Latin American countries, including Argentina, Brazil, and Mexico, and has a significant market share in the region's e-commerce sector, projected to reach 26% by 2024 [9][10]. Group 2: Financial Performance - In Q3 2025, Mercado Libre reported a GMV of $16.5 billion (approximately 115 billion RMB), reflecting a year-on-year growth of 28% [10]. - The active buyer count reached 76.8 million in Q3 2025, indicating a growing customer base [11]. - The company's revenue from business services was $11.316 billion, while fintech services generated $8.818 billion in the first three quarters of 2025 [20][22]. Group 3: Fintech Services - Mercado Pago, the company's fintech platform, offers a wide range of services, including loans, credit cards, and cryptocurrency transactions, and has become a leading payment solution in several countries [15][17]. - The fintech segment's revenue grew by 68.68% year-on-year, reaching $1.535 billion (approximately 10.7 billion RMB) in Q3 2025 [24]. - The total credit portfolio of Mercado Libre reached $11 billion (approximately 76.8 billion RMB) in Q3 2025, with a significant portion coming from credit card services [26][30]. Group 4: Credit Risk and Performance - The company reported a non-performing loan (NPL) rate of 17.6% in Q3 2025, slightly down from 18.5% in the previous quarter [35]. - Despite the high NPL rate, the net interest margin after losses remained robust at over 20%, indicating strong profitability in its lending operations [34][36]. - The credit issuance volume for Q3 2025 was $10.328 billion (approximately 72.1 billion RMB), marking an 18.49% increase from the previous quarter [32].