MercadoLibre Inc 2024年度报告

Net revenues & financial income of $7,409 million,up 39% YoY and 49% FX-neutral Income from operations of $724 million,with a 9.8% marginNet income of $421 million,with a 5.7% marginTotal Payment Volume of $71.2 billion,up 41% YoY and 54% FX-neutralGross Merchandise Volume of $16.5 billion,up 28% YoY and 35% FX-neutral To our Shareholders We are pleased to report another strong quarter, demonstrating that our investments are delivering results across our ecosystem.From widening access to credit and payments to strengthening our marketplace value proposition and reducing the frictions ofshopping online, our investments underpin the rapid growth of our key operating metrics. Our net revenue and financial incomegrew 39% YoY in Q3’25 – the 27th consecutive quarter of growth above 30% YoY. During this seven-year period, market share andNPS data show that we have significantly strengthened our competitive position across our businesses, while margins and cashflow have improved markedly. This shows the power of scale and our ability to balance growth, investment and profitability overmultiple years. We see ourselves as exceptionally well-positioned to accelerate financial inclusion and ecommerce penetrationacross Latin America, and are committed to investing to achieve this. Commerce We continue to make strong progress in leading the shift of offline retail to ecommerce in our region. Ecommerce penetration hasthe potential to double in the coming years, which implies the ecommerce market more than doubling. Our ambition is always togrow ahead of the market. Offering more free shipping is a key pillar of our strategy to capture this long-term growth opportunity.The recent reduction in the free shipping threshold in Brazil from R$79 to R$19 is already driving strong results, consistent withprevious threshold reductions. Unique buyers in Brazil grew 29% YoY in Q3'25 – the fastest pace since Q1'21 and the largestquarterly addition of unique buyers ever, surpassing even the pandemic peak. Sold items growth in Brazil accelerated to 42% YoYand FX-neutral GMV also accelerated, rising 34% YoY. Market share gains accelerated and our NPS reached its highest level ever. We are also seeing solid momentum on the supply side of our marketplace in Brazil. The number of merchants making sales in theR$19–79 range grew at a double-digit YoY pace in Q3’25, while new listings in that range grew 3x YoY. These trends make ourmarketplace more dynamic by broadening buyer choice and expanding opportunities for sellers. This explains why the number ofvisits accelerated substantially, conversion reached an all-time high and retention hit record levels for new and existing customers.Put simply, the lower free shipping threshold is attracting more buyers and enabling sellers to turn that traffic into higher sales. This,in turn, creates a powerful flywheel of supply and demand. The strength of our logistics network enabled us to absorb a 28% QoQ increase in shipments in Brazil without any negative impacton service levels or speed. We are seeing good progress in the slow layer of our logistics network, which underpins free shippingbelow R$79. The speed of those deliveries improved markedly through the quarter, making slow/free delivery options moreattractive. This has further reduced shipping revenue but, more importantly, has lifted conversion to record highs. Unit shippingcosts in Brazil fell 8% QoQ in local currency as our slow volumes increase scale and leverage unused capacity across our network.This is an important milestone in a gradual journey to reduce unit shipping costs across the business. Mexico delivered another outstanding quarter in Q3’25 as sold items growth accelerated to 42% YoY and FX-neutral GMV was up34%. This growth reflects the broad strength of our value proposition, with on-time deliveries and free shipping penetration reaching record highs, while 1P and CBT sustained their strong momentum. Fulfillment penetration also reached a new high, and theresulting scale – together with ongoing productivity and efficiency initiatives – enabled us to achieve our lowest-ever unit shippingcost in fulfillment in Mexico, down more than 12% YoY in local currency In Argentina, we have added nearly 1mn new buyers per quarter so far this year – more than in any previous quarter in our history.This reflects the strength of our value proposition compared to physical retail, which still represents approximately 85% of the totalretail market. The share of same- and next-day deliveries increased nearly 7ppts YoY as fulfillment penetration reached a newrecord, even before our new Buenos Aires fulfillment center came online. We added drop-shipping from China to our CBT platformand although the business remains small, we see potential to complement our US assortment with lower ASP categories, such asfashion, toys and baby. Growth in Argentina remained resilient in Q3'25 despite a challenging macro backdrop, with sold items up34% YoY and