鉴于 MELI 在拉美电商与金融科技领域的主导地位、区域渗透率低所带来的增长空间，以及强劲的 2026 年第二季度指标（营收增长 50%），其是一项颇具吸引力的长期投资。
逐段跳播
是的，好的，第一天的股票是 Mercado Libre。说到碎股，鉴于 Mercado Libre 一股的价格超过 1600 美元，这正是碎股投资的美妙之处。
Yes, okay, the stock of the first day is Mercado Libre. Speaking of fractional shares, given that one share of Mercado Libre costs more than $1,600, that's where the beauty of fractional investing lies.
如果你不熟悉 Mercado Libre，它是拉丁美洲最大的电商和金融科技公司。它在近二十个国家运营。最好把它理解为三块不同的业务在本质上协同运作。有电商市场，还有 Mercado Pajo，一个金融科技平台，在其平台内外提供支付、信用卡、贷款和储蓄产品。
然后是“Mercado Invious”，它自己的物流和配送网络。这是一种累积效应。一个业务领域的活动会推动另一个领域的增长。
If you are not familiar with Mercado Libre, it is the largest e-commerce and financial technology company in Latin America. It operates in nearly twenty countries. It is best understood as three different works essentially working together.
There is the e-commerce marketplace, and there is Mercado Pajo, a financial technology platform that offers payments, credit cards, loans, and savings products both on and off its platform.
Then there is "Mercado Invious," its own logistics and shipping network. It's a cumulative effect. Activity in one area of work drives growth in the other area.
Mercado Libre 在做一件不寻常的事，即在整个大陆上同时打造一家相当于 Amazon 加上一家大型金融科技公司的联合业务。
Mercado Libre was doing something unusual, building the equivalent of an Amazon and a major financial technology company as a joint business across an entire continent at once.
拉丁美洲的数字经济仍明显落后于一些更发达的电商市场。Mercado Libre 管理层表示，该地区的电商渗透率约为中国、英国或美国等地的水平的一半。因此，在 Mercado Libre 甚至需要从其他任何人手中收购份额之前，其基础市场就有充足的增长空间。
Latin America’s digital economy still lags significantly behind some of the more developed e-commerce markets. Mercado Libre management has indicated that regional e-commerce penetration is about half the level observed in places like China, the United Kingdom, or the United States.
Therefore, there is ample room for the underlying market to grow before Mercado Libre even needs to acquire a stake from anyone else.
公司为抓住这一机会投入了大量资金。他们提高了免运费门槛，在巴西、墨西哥和阿根廷等市场发行了信用卡，最重要的是，他们正在整个地区建设自己的实体物流基础设施。当然，这对电商业务的增长至关重要。
The company has invested heavily to seize this opportunity. They have expanded free shipping thresholds, issued credit cards in markets such as Brazil, Mexico and Argentina and, most importantly, they are building their physical logistics infrastructure across the region.
This is, of course, vital for the growth of e-commerce businesses.
现在，让我们把一些数字放到背景中。他们在 8 月公布了 2026 年第二季度的业绩。净营收同比增长约 50%，达到 100 亿美元。这是 4 年来最快的增速。支付总额同比增长 56%。
商品总额同比增长 44%，达到 220 亿美元。公司还公布了 4.66 亿美元的净利润。
Now, let's put some numbers into context. They announced their results for the second quarter of 2026 in August. Net revenue grew by approximately 50% year-on-year to reach $10 billion.
This is the fastest growth rate in 4 years. The total volume of payments increased by 56 % year-on-year. The total volume of goods increased by 44% year-on-year to reach $22 billion.
The company also announced a net income of $466 million.
现在，Mercado Libre 这里有许多增长因素。如你所知，除了该地区的广泛增长——正如我所说，这仍是一条前景漫长且可持续的故事——Mercado Libre 的信贷业务仍处于成熟阶段。
例如，巴西的个人贷款期限已从 5 个月延长到 8 个月，因为他们瞄准了更广泛的客户群。他们已经开始像在巴西那样，在墨西哥和阿根廷扩大信用卡的发行。随着这些较新的群体逐渐成熟，管理层还表示，那里的利润率应该会改善，而无需放缓营收增长。
Now, there are many growth factors here for Mercado Libre. As you know, apart from the broad growth within the region, which, as I said, is still a story with a long and sustainable path forward, credit activity at Mercado Libre is still in the maturation stage.
For example, personal loan terms in Brazil have been extended from 5 to 8 months as they target a wider range of customers. They are already beginning to expand the issuance of credit cards in Mexico and Argentina in the same way they did in Brazil.
As those newer groups mature, management also indicated that margins there should improve without needing to slow revenue growth.
Mercado Libre 还有自己的忠诚度和订阅计划。这实际上仍处于增长的早期阶段。所以，基本上，你知道，这是一家在整个大陆主导电商和金融科技的业务，但它前面仍有显著的增长轨迹。
它一直在努力在那些在线支付和电商历来被真正持怀疑态度看待的市场中建立信任，但它也服务于庞大的线下客户群，并继续在其业务中拓展这些渠道。
Mercado Libre also has its own loyalty and subscription program. This is still actually in the early stages of growth. So, basically, you know this is a business that dominates e-commerce and financial technology across an entire continent, but it still has a significant growth trajectory ahead.
It has been working to establish trust in markets where online payments and e-commerce have historically been viewed with genuine skepticism, but it also serves a huge offline customer base and continues to grow those avenues in its business.
我要指出的最后一点是，如你所知，管理层目前确实把增长置于盈利之上。这是一项盈利的业务，但我们看到利润率有所下降。我们看到净利润加速的节奏放缓，因为他们投资于扩张。我个人认为这是长期增长故事的关键，但当然，这是值得关注的事情。
The last thing I will point out is, as you know, management really prioritizes growth over profitability at the moment. It is a profitable business, but we have seen a decline in margins.
We have seen the pace of net profit acceleration slow down as they invest in expansion. I personally believe this is the key to a long-term growth story, but of course it is something to pay attention to.
当然，他们在多种货币和经济体中运营，伴随着持续存在的宏观经济和政治波动。因此，这是必须在你的假设中加以考虑的又一层风险。
Of course, they operate across multiple currencies and economies with ongoing macroeconomic and political fluctuations. Therefore, this is another layer of risk that must be taken into account within your hypothesis.
但在我看来，如果你想投资电商和金融科技，Mercado Libre 是一家非常有吸引力的公司。
But Mercado Libre, in my opinion, is a very compelling business if you want to invest your money in e-commerce and financial technology.
这个频道对 $MELI 的历次判断
The Motley Fool 在这只股票上共 2 条判断，这里只列相邻的几条。