异动解读 | DLocal夜盘暴跌13.19%，利润率下滑引发投资者担忧

异动解读

Nov 13, 2025

11月12日夜盘，支付平台公司DLocal Limited（股票代码：DLO）股价大幅下跌13.19%，引发市场广泛关注。尽管公司第三季度财报整体表现亮眼，但利润率下滑引发了投资者的强烈担忧。

根据DLocal发布的财报显示，公司第三季度业绩超出市场预期。调整后每股收益为0.17美元，高于分析师预期的0.16美元；收入同比增长52%至2.825亿美元，显著超过市场预期的2.5639亿美元。公司总支付量（TPV）更是创下历史新高，达到104亿美元，同比增长近60%，这也是连续第四个季度增长率超过50%。

然而，尽管业绩表现强劲，公司的盈利能力却出现下滑趋势。毛利率从去年同期的42%和上一季度的39%下降至37%。毛利润占TPV的比例也从一年前的1.20%降至0.99%，表明部分市场存在价格压力。这一利润率的下滑成为引发投资者担忧的主要原因，导致股价在夜盘交易中大幅下挫。此外，DLocal在埃及、阿根廷和墨西哥等市场面临的挑战，以及支付组合的变化，都给公司的利润率带来了压力。尽管如此，公司在哥伦比亚、玻利维亚和尼日利亚等前沿市场仍保持强劲增长，巴西市场在流媒体、电子商务和广告领域的表现也相对稳健。

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