Sea Ltd (SE) 2019 Q2 法說會逐字稿

Good day and welcome to the Sea Limited Second Quarter 2019 Results Conference Call.

美好的一天，歡迎參加 Sea Limited 2019 年第二季度業績電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Yanjun Wang.

我現在想把會議交給王彥軍。

Mr. Wang, please go ahead.

王先生，請繼續。

Thank you, operator.

謝謝你，接線員。

Good evening and good morning, everyone, and welcome to Sea's 2019 Second Quarter Earnings Conference Call.

大家晚上好，早上好，歡迎參加 Sea 的 2019 年第二季度收益電話會議。

I am Yanjun Wang, Sea's Group Chief Corporate Officer.

我是海氏集團首席企業官王彥軍。

Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties and may not be realized in the future for various reasons as stated in our press release.

在我們繼續之前，我想提醒您，我們可能會做出前瞻性陳述，這些陳述固有地受到風險和不確定性的影響，並且由於我們新聞稿中所述的各種原因，未來可能無法實現。

Also, this call includes discussions of certain non-GAAP financial measures, such as adjusted revenue and adjusted EBITDA.

此外，本次電話會議還討論了某些非公認會計準則財務指標，例如調整後的收入和調整後的 EBITDA。

We believe these measures can enhance our investors' understanding of the actual cash flow of our major businesses when used as a complement to our GAAP disclosures.

我們相信，當這些措施用作我們 GAAP 披露的補充時，可以增強我們的投資者對我們主要業務的實際現金流的了解。

For a discussion of the use of non-GAAP financial measures and reconciliation with the closest GAAP measures, please refer to the section of non-GAAP financial measures in our press release.

有關使用非 GAAP 財務指標以及與最接近的 GAAP 指標對賬的討論，請參閱我們新聞稿中的非 GAAP 財務指標部分。

On the call with me are Sea's Chairman and Group Chief Executive Officer, Forrest Li; and Group Chief Financial Officer, Tony Hou.

與我通話的是Sea的董事長兼集團首席執行官Forrest Li；和集團首席財務官 Tony Hou。

Forrest and Tony will share strategy and business updates, operating highlights and financial performance for the quarter.

Forrest 和 Tony 將分享本季度的戰略和業務更新、運營亮點和財務業績。

This will be followed by a Q&A session, in which we welcome any questions you have.

隨後將進行問答環節，我們歡迎您提出任何問題。

With that, let me turn the call over to Forrest.

有了這個，讓我把電話轉給福雷斯特。

Thanks, Yanjun.

謝謝，燕軍。

Hello, everyone, and thank you, as always, for joining today's call.

大家好，感謝您一如既往地加入今天的電話會議。

I'm really pleased to report that we had another great quarter.

我真的很高興地報告我們又度過了一個很棒的季度。

Across the business, we saw sustained strong growth and further improvement on the top and bottom lines.

在整個業務中，我們看到了持續強勁的增長以及收入和利潤的進一步改善。

For Sea as a whole, our adjusted revenue tripled year-on-year to reach $665.4 million and our adjusted EBITDA improved once again to negative $11 million.

對於整個 Sea，我們調整後的收入同比增長兩倍，達到 6.654 億美元，調整後的 EBITDA 再次改善至負 1100 萬美元。

Our results for the quarter show that we continue to drive revenue growth and improved efficiencies across our business.

我們本季度的業績表明，我們繼續推動收入增長並提高整個業務的效率。

We're increasingly able to fuel our growth with cash generated through operations, which we believe positions us well to continue driving long-term sustainable growth.

我們越來越有能力通過運營產生的現金來推動我們的增長，我們相信這使我們能夠繼續推動長期可持續增長。

As you know, at the start of the year, we set ourselves some very ambitious targets for adjusted revenue growth in 2019.

如您所知，在今年年初，我們為 2019 年調整後的收入增長設定了一些非常雄心勃勃的目標。

With our very strong performance in the first half of the year, we have decided to raise our guidance for our full year adjusted revenue for both digital entertainment and e-commerce.

由於上半年表現非常強勁，我們決定提高對數字娛樂和電子商務全年調整後收入的指導。

For digital entertainment, we now expect full year 2019 adjusted revenue to be between $1.6 billion and $1.7 billion, representing 142.0% to 157.2% growth from 2018.

對於數字娛樂，我們現在預計 2019 年全年調整後收入將在 16 億美元至 17 億美元之間，較 2018 年增長 142.0% 至 157.2%。

This compares to the previous guidance of between $1.2 billion and $1.3 billion, representing 81.5% to 96.7% year-on-year growth.

相比之下，之前的指引為 12 億美元至 13 億美元，同比增長 81.5% 至 96.7%。

We are also increasing our guidance for full year adjusted revenue for e-commerce to between $780 million and $220 million (sic) [$820 million], which represents 168.3% to 182.1% growth from 2018.

我們還將對電子商務全年調整後收入的指導提高到 7.8 億美元至 2.2 億美元（原文如此）[8.2 億美元]，這比 2018 年增長了 168.3% 至 182.1%。

This compares to the previously stated guidance of between $630 million and $660 million, representing 116.7% to 127.0% year-on-year growth.

相比之下，此前公佈的指引在 6.3 億美元至 6.6 億美元之間，同比增長 116.7% 至 127.0%。

Our increased full year targets reflect our confidence in both the growth opportunities ahead and in our ability to execute our strategies to capture those opportunities.

我們增加的全年目標反映了我們對未來增長機會以及我們執行戰略以抓住這些機會的能力的信心。

Let me start with Garena, where we saw healthy growth across key metrics in the second quarter.

讓我從 Garena 開始，我們在第二季度看到了關鍵指標的健康增長。

On the top line, adjusted revenue for the digital entertainment business more than tripled year-on-year to $443.2 million.

最重要的是，數字娛樂業務的調整後收入同比增長了兩倍多，達到 4.432 億美元。

In terms of the bottom line, adjusted EBITDA for digital entertainment was up 443% year-on-year to $263.8 million.

就利潤而言，數字娛樂的調整後 EBITDA 同比增長 443% 至 2.638 億美元。

Adjusted EBITDA margins further increased to 59.5% for the second quarter of 2019 from 34.9% for the second quarter of 2018.

調整後的 EBITDA 利潤率從 2018 年第二季度的 34.9% 進一步增加到 2019 年第二季度的 59.5%。

Our quarterly active user numbers, or QAU, almost doubled from a year ago to reach more than 310.5 million.

我們的季度活躍用戶數量（QAU）比一年前幾乎翻了一番，達到超過 3.105 億。

The paid user ratio, which quarterly -- which is quarterly paying users as a percentage of QAUs more than doubled from 4.1% a year ago to 8.4% in the second quarter.

付費用戶比例，即季度付費用戶佔 QAU 的百分比，從一年前的 4.1% 翻了一番還多，第二季度為 8.4%。

There are 3 key highlights to Garena's success this quarter.

Garena 本季度的成功有 3 個關鍵亮點。

First, we continued to drive strong organic growth in active users globally.

首先，我們繼續推動全球活躍用戶的強勁有機增長。

In particular, Free Fire, our self-developed smash hit game was the third most downloaded mobile game and the most downloaded battle royale game globally across the Google Play and the iOS App Store in the second quarter, according to App Annie.

根據 App Annie 的數據，我們自主開發的熱門遊戲《Free Fire》是第二季度在 Google Play 和 iOS App Store 中全球下載量第三大的手機遊戲和下載量最高的大逃殺遊戲。

We are excited to see continued user growth across our core markets of Southeast Asia and Latin America as well as in other growth markets, like India, Russia, Turkey and the Middle East.

我們很高興看到我們的東南亞和拉丁美洲核心市場以及印度、俄羅斯、土耳其和中東等其他增長市場的用戶持續增長。

Second, we are strengthening our foothold in Latin America.

第二，我們正在加強我們在拉丁美洲的立足點。

As we mentioned in previous quarters, the huge success of Free Fire in Latin America is opening up opportunities for Garena in this high-growth market of more than 600 million people.

正如我們在前幾個季度提到的，Free Fire 在拉丁美洲的巨大成功正在為 Garena 在這個擁有超過 6 億人口的高增長市場中打開機會。

I'm pleased to report that in late July, we launched Garena Speed Drifters across Latin America.

我很高興地報告，在 7 月下旬，我們在拉丁美洲推出了 Garena Speed Drifters。

This is the first third-party licensed game that we are publishing in Latin America, and it is an important step forward in expanding our footprint in this very exciting market.

這是我們在拉丁美洲發行的第一款第三方授權遊戲，這是我們在這個令人興奮的市場中擴大足蹟的重要一步。

Finally, we continue to deepen our engagement with our gamers while driving monetization across our game portfolio.

最後，我們繼續深化與遊戲玩家的互動，同時推動我們遊戲組合的貨幣化。

For example, throughout June, we ran a series of themed competition in Free Fire and offered a wide range of in-game items based on campaign themes, which were very popular with our gamers.

例如，整個 6 月，我們在 Free Fire 中舉辦了一系列主題比賽，並根據活動主題提供了廣泛的遊戲內物品，這些物品非常受我們的遊戲玩家歡迎。

This translated into both user number and revenue growth for the game.

這轉化為遊戲的用戶數量和收入增長。

At the same time, our esports and community-building efforts are also enhancing engagement across our titles.

與此同時，我們的電子競技和社區建設工作也在加強我們遊戲的參與度。

In Brazil, for example, we hosted our largest-ever esports tournament for Free Fire in that market in July, which attracted over 12 million views online.

例如，在巴西，我們於 7 月在該市場舉辦了有史以來規模最大的 Free Fire 電子競技錦標賽，在線觀看次數超過 1200 萬。

During the grand final of the tournament, the peak on current views on YouTube alone exceeded 800,000.

在錦標賽的總決賽期間，僅 YouTube 上的當前觀看次數峰值就超過了 800,000。

In June and July, we also hosted Arena of Valor world championship in Vietnam.

六月和七月，我們還在越南舉辦了 Arena of Valor 世界錦標賽。

This was the first time that this global tournament was held in Southeast Asia, and it was a huge success.

這是該全球賽事首次在東南亞舉辦，取得了巨大的成功。

We recorded cumulative online views of over 74 million, with over 850,000 concurrent views at the peak.

我們記錄的累計在線觀看量超過 7400 萬，峰值時的並發觀看量超過 85 萬。

We believe that this showcases Arena of Valor's popularity as one of the region's top mobile games.

我們認為，這展示了 Arena of Valor 作為該地區頂級手機遊戲之一的受歡迎程度。

Looking to the quarter ahead, our pipeline remains strong.

展望未來一個季度，我們的管道仍然強勁。

For example, we recently launched preregistration for Call of Duty: Mobile in our core market in Southeast Asia.

例如，我們最近在東南亞的核心市場推出了《使命召喚：移動》的預註冊。

We also see plenty of headrooms for our existing titles to continue growing, in particular, as we further deepen engagement with Free Fire's growing global user base.

我們還看到我們現有的遊戲有足夠的空間繼續增長，特別是隨著我們進一步加深與 Free Fire 不斷增長的全球用戶群的互動。

We believe that this game and the battle royale genre in general are still young and evolving.

我們相信這款遊戲和大逃殺類型總體上仍然年輕且不斷發展。

For the upcoming quarters, we believe that Garena is in a great position for long-term growth.

對於即將到來的幾個季度，我們相信 Garena 處於長期增長的有利位置。

This is also reflected in our decision to raise the full year outlook for the digital entertainment business.

這也反映在我們上調數字娛樂業務全年展望的決定中。

Turning to Shopee.

轉向Shopee。

In the second quarter, we continued to deliver our strategy to scale with efficiency to capture market share and deepen monetization.

在第二季度，我們繼續實施高效擴展戰略，以搶占市場份額並深化貨幣化。

Looking first at growth.

首先看成長。

Shopee further strengthened its market leadership.

Shopee 進一步鞏固了市場領先地位。

In the second quarter, it ranked the highest in the shopping category by both average monthly active users and by app downloads across the Google Play and iOS App Store in both Southeast Asia and Taiwan and ranked the third in app downloads in the same category globally, according to App Annie.

第二季度，它在東南亞和台灣的Google Play和iOS App Store的月均活躍用戶和應用程序下載量均排名購物類別最高，並在全球同類應用程序下載量中排名第三。根據 App Annie 的說法。

Gross orders for the quarter increased more than 90% year-on-year to 246.3 million, and the GMV for the quarter increased 72.3% year-on-year to $3.8 billion.

本季度總訂單同比增長超過 90% 至 2.463 億美元，本季度 GMV 同比增長 72.3% 至 38 億美元。

This data point underline our success in building and sustaining a strong and engaged user base across the region and continuing to capture market share.

該數據點突顯了我們在整個地區建立和維持強大且參與度高的用戶群並繼續佔領市場份額方面取得的成功。

As we scale, we also continue to improve our growth efficiency.

隨著我們的擴展，我們也繼續提高我們的增長效率。

Shopee's adjusted EBITDA loss per order decreased by $0.46 or 31.3% compared to the same period in 2018.

與 2018 年同期相比，Shopee 每筆訂單的調整後 EBITDA 損失減少了 0.46 美元或 31.3%。

More importantly, we continue to see sustained improvement in monetization and the take rate and adjusted revenue more than tripled year-on-year to $177.4 million.

更重要的是，我們繼續看到貨幣化的持續改善，採用率和調整後的收入同比增長了兩倍多，達到 1.774 億美元。

Adjusted revenue as a percentage of total GMV increased to 4.6% in the second quarter, up from 2.6% for the same period a year ago.

第二季度調整後收入佔總 GMV 的百分比從去年同期的 2.6% 上升至 4.6%。

And adjusted marketplace revenue as a percentage of total GMV reached 3.6% in the quarter.

本季度調整後的市場收入佔總 GMV 的百分比達到 3.6%。

Indonesia, the biggest e-commerce market in Southeast Asia and also Shopee's biggest market, our growth accelerated in the second quarter as we further expanded our market leadership.

印度尼西亞是東南亞最大的電子商務市場，也是 Shopee 的最大市場，隨著我們進一步擴大市場領先地位，我們的增長在第二季度加速。

We reached over 110 million orders for the quarter, which represents a daily average of over 1.2 million orders.

本季度我們的訂單量超過 1.1 億份，日均訂單量超過 120 萬份。

In Taiwan, Shopee continued to record a positive quarterly adjusted EBITDA before allocation of the headquarters' common expenses for the second quarter.

在台灣，Shopee 在分配總部第二季度的一般費用之前繼續錄得正的季度調整 EBITDA。

This is a powerful demonstration of the long-term corporate potential of our e-commerce model.

這有力地證明了我們電子商務模式的長期企業潛力。

Our focus for Shopee is not only on the quantity of growth, but also on quality.

我們對 Shopee 的關注不僅在於增長的數量，還在於質量。

We believe that long-term success for Shopee is based on capturing the hearts and minds of shoppers in our region and translating that into deep and sustained user engagement.

我們相信，Shopee 的長期成功基於抓住我們地區購物者的心，並將其轉化為深入和持續的用戶參與。

That's why one metric that we track closely is total time in app, which we believe is a measure of our ability to attract and deepen engagement with our users.

這就是為什麼我們密切跟踪的一個指標是應用程序的總時間，我們認為這是衡量我們吸引和加深與用戶互動能力的指標。

By this metric, Shopee was once again #1 in the second quarter in Southeast Asia as a whole and in each of our 5 biggest markets on Android, according to App Annie.

根據 App Annie 的數據，按照這一指標，Shopee 在第二季度在整個東南亞和我們 5 個最大的 Android 市場中的每一個市場中都再次排名第一。

From the beginning, we designed the Shopee experience to be highly engaging and social by pioneering in-app live chats, games and social features in our region.

從一開始，我們通過在我們地區開創應用內實時聊天、遊戲和社交功能，將 Shopee 體驗設計為具有高度參與性和社交性。

And we are constantly working on new ways to enhance the user experience.

我們一直在努力尋找新的方法來增強用戶體驗。

For instance, we rolled out our new live streaming feature across all of our markets by the second quarter.

例如，到第二季度，我們在所有市場推出了新的直播功能。

This feature offers a new and powerful way for consumers to engage with our platform, brand and sellers through live video streams created by Shopee or by the sellers themselves.

此功能為消費者提供了一種全新且強大的方式，通過 Shopee 或賣家自己創建的實時視頻流與我們的平台、品牌和賣家互動。

As consumers discover new products through this feature, they can make immediate purchases without leaving the screen.

當消費者通過此功能發現新產品時，他們無需離開屏幕即可立即購買。

We also employed AI and AR technologies to further enhance consumer experience on our platform.

我們還採用人工智能和增強現實技術來進一步提升我們平台上的消費者體驗。

For example, our new AI- and AR-powered tools, which were introduced in partnership with L'Oreal, enable our users to try different shades of makeup or get personalized professional skincare advice in the Shopee app.

例如，我們與歐萊雅合作推出的全新 AI 和 AR 驅動工具使我們的用戶能夠在 Shopee 應用程序中嘗試不同色調的妝容或獲得個性化的專業護膚建議。

In addition, we leverage our unique strength in both digital entertainment and social commerce by introducing esports streaming on the Shopee platform.

此外，我們通過在 Shopee 平台上引入電子競技流媒體，利用我們在數字娛樂和社交商務方面的獨特優勢。

This has helped us attract and better engage with an even broader audience across market segments.

這有助於我們吸引並更好地與跨細分市場的更廣泛的受眾互動。

And just last week, we announced the world-famous footballer Cristiano Ronaldo as Shopee's new brand ambassador in Southeast Asia and Taiwan.

就在上週，我們宣布世界著名足球運動員克里斯蒂亞諾·羅納爾多 (Cristiano Ronaldo) 成為 Shopee 在東南亞和台灣的新品牌大使。

Ronaldo is one of the world's best-known athletes and an icon across our region.

羅納爾多是世界上最著名的運動員之一，也是我們地區的偶像。

We are confident that our partnership with him will resonate with consumers and deepen their engagement with the Shopee brand.

我們相信，我們與他的合作將引起消費者的共鳴，並加深他們對 Shopee 品牌的參與。

We believe that our focus on keeping our users engaged and entertained gives Shopee unique strength in better attracting and retaining users.

我們相信，我們專注於保持用戶的參與度和娛樂性，讓 Shopee 在更好地吸引和留住用戶方面具有獨特的優勢。

It also offers us numerous opportunities to better understand our users' needs and the preferences to help them discover more new products on our platform.

它還為我們提供了許多機會來更好地了解用戶的需求和偏好，以幫助他們在我們的平台上發現更多新產品。

To conclude.

總結。

Looking to the second half of the year, we believe we are in a great position to drive sustained growth across both e-commerce and digital entertainment and to do so with increasing efficiency.

展望下半年，我們相信我們在推動電子商務和數字娛樂領域的持續增長以及提高效率方面處於有利地位。

That said, we are still very much in growth mode across our businesses.

也就是說，我們的業務仍處於增長模式。

We have a great opportunities ahead of us to grow our markets over the long term, and we are very well placed to capture a large slice of this growing pie.

從長遠來看，我們有很大的機會來發展我們的市場，我們完全有能力在這個不斷增長的蛋糕中分一杯羹。

As we have always said, we believe scale and strong market leadership will translate into long-term profitability.

正如我們一直所說，我們相信規模和強大的市場領導地位將轉化為長期盈利能力。

Our results for the second quarter demonstrates that our businesses become increasingly efficient as we scale, and we are committed to continuing scaling up to maximize those efficiencies.

我們第二季度的業績表明，隨著我們的擴展，我們的業務變得越來越高效，我們致力於繼續擴大規模以最大限度地提高這些效率。

With that, I will invite Tony to share more about the financials.

有了這個，我將邀請託尼分享更多關於財務的信息。

Thank you, Forrest, and thanks to everyone for joining the call.

謝謝你，Forrest，也感謝大家加入電話會議。

We have included detailed quarterly financial schedules together with the corresponding management analysis in today's press release, so I will focus my comments on the key financial metrics.

我們在今天的新聞稿中包含了詳細的季度財務時間表以及相應的管理分析，因此我將把我的評論集中在關鍵財務指標上。

For Sea overall, our second quarter total adjusted revenue was $665.4 million, an increase of 203% year-on-year.

對於 Sea 整體而言，我們第二季度調整後的總收入為 6.654 億美元，同比增長 203%。

This was mainly driven by the growth of our digital entertainment business, especially our self-developed game, Free Fire, and our continuous monetization efforts in our e-commerce business in the past quarters.

這主要是由於我們數字娛樂業務的增長，尤其是我們自主開發的遊戲Free Fire，以及我們在過去幾個季度在電子商務業務中的持續貨幣化努力。

Digital entertainment adjusted revenue was $443.2 million, an increase of 219% year-on-year.

數字娛樂調整後收入為 4.432 億美元，同比增長 219%。

The growth was primarily driven by the enlarged paying user base as we continue to improve the monetization of our games, especially Free Fire.

增長主要是由付費用戶群擴大推動的，因為我們繼續提高遊戲的貨幣化，尤其是 Free Fire。

Digital entertainment adjusted EBITDA was $263.8 million, an increase of 443% year-on-year, mainly due to strong top line growth and our self-developed game accounting for an increased share of revenue.

數字娛樂調整後 EBITDA 為 2.638 億美元，同比增長 443%，主要是由於強勁的收入增長和我們自主開發的遊戲佔收入的份額增加。

The increase was also partially due to the improved operating efficiencies, as shown by the lower sales and marketing expenses as well as general and administrative expenses as a percentage of adjusted revenue.

增長的部分原因還在於運營效率的提高，如銷售和營銷費用以及一般和行政費用佔調整後收入的百分比降低所示。

E-commerce adjusted revenue was $177.4 million, up 202% year-on-year.

電子商務調整後收入為 1.774 億美元，同比增長 202%。

Within this, marketplace revenue was $137.8 million, up 269% year-on-year, while product revenue was $39.7 million, up 85% year-on-year.

其中，市場收入為 1.378 億美元，同比增長 269%，而產品收入為 3970 萬美元，同比增長 85%。

E-commerce adjusted EBITDA loss was $248.3 million as we continued our investment to fully capture the market opportunity in the region.

由於我們繼續投資以充分抓住該地區的市場機會，電子商務調整後的 EBITDA 損失為 2.483 億美元。

We will continue driving the high quality growth by serving the users' needs better and improving operational efficiencies in the long run.

從長遠來看，我們將通過更好地服務用戶需求和提高運營效率來繼續推動高質量增長。

Digital financial services adjusted revenue was $2.8 million, a decrease of 18% year-on-year from $3.4 million in the second quarter of 2018, as we focused our efforts on strengthening the infrastructure to support our existing platforms.

數字金融服務調整後的收入為 280 萬美元，比 2018 年第二季度的 340 萬美元同比下降 18%，因為我們集中精力加強基礎設施以支持我們現有的平台。

Adjusted EBITDA loss was $18.1 million in the second quarter of 2019 compared to a loss of $6.8 million in the same period of 2018.

2019 年第二季度調整後 EBITDA 虧損為 1810 萬美元，而 2018 年同期虧損 680 萬美元。

This was primarily due to our continued efforts to integrate our AirPay and Shopee platforms.

這主要是由於我們不斷努力整合我們的 AirPay 和 Shopee 平台。

Returning to our consolidated numbers.

回到我們的綜合數字。

We recognized a net nonoperating loss of $29.2 million in the second quarter of 2019 compared to a net nonoperating loss of $30.8 million in the second quarter of 2018.

我們在 2019 年第二季度確認了 2920 萬美元的淨非經營虧損，而 2018 年第二季度的淨非經營虧損為 3080 萬美元。

We had a net income tax expense of $15.3 million in the second quarter of 2019, which was primarily due to withholding tax and corporate income tax recognized in our digital entertainment segment.

我們在 2019 年第二季度的淨所得稅費用為 1530 萬美元，這主要是由於我們的數字娛樂部門確認的預扣稅和企業所得稅。

Finally, net loss, excluding share-based compensation and changes in fair value of the 2017 convertible notes, was $215.1 million in the second quarter of 2019 as compared to $198.7 million for the same period in 2018.

最後，2019 年第二季度的淨虧損（不包括基於股份的薪酬和 2017 年可轉換票據的公允價值變動）為 2.151 億美元，而 2018 年同期為 1.987 億美元。

With that, let me turn the call back to Yanjun.

有了這個，讓我把電話轉回燕軍。

Thank you, Forrest and Tony.

謝謝你，福雷斯特和托尼。

We're now ready to open the call for questions.

我們現在準備開始提問。

Operator?

操作員？

(Operator Instructions) Our first question today comes from Miang Chuen Koh with Goldman Sachs.

（操作員說明）我們今天的第一個問題來自高盛的 Miang Chuen Koh。

On the gaming business, it appears that the average revenue per paying user fell quite a bit quarter-to-quarter.

在遊戲業務方面，每個付費用戶的平均收入似乎環比下降不少。

I recognized there may be some dilution from more Free Fire paid users, but then again, the paying users increased even more Q-on-Q in first Q and the ARPU did not fall as much then on a sequential basis.

我意識到更多的 Free Fire 付費用戶可能會造成一些稀釋，但話又說回來，付費用戶在第一個 Q 的環比增長甚至更多，並且 ARPU 並沒有連續下降那麼多。

So just wondering what drove sort of the larger-than-usual decline in ARPU?

所以只是想知道是什麼導致了 ARPU 出現比平常更大的下降？

And secondly, Free Fire revenues in the quarter, is it possible these are some indications?

其次，Free Fire 在本季度的收入，這些可能是一些跡象嗎？

And then thirdly, on your expansion plans globally, especially in places like LatAm, can you give us a sense of whether we should be expecting a lot more headcount increases in some of these regions and how that would affect your OpEx structure in the second half of this year?

第三，關於您的全球擴張計劃，尤其是在拉丁美洲等地，您能否告訴我們我們是否應該期望在其中一些地區增加更多的員工人數，以及這將如何影響您下半年的運營支出結構今年的？

And then if I may as well on the e-commerce side, a couple of questions as well.

然後，如果我也可以在電子商務方面，還有幾個問題。

One, the take rate increased 70 basis points Q-o-Q, which is quite high.

一、兌現率環比上升70個基點，相當高。

Can we have a sense of how much of this 70 basis points increase was from value-added service?

我們能否知道這 70 個基點的增長中有多少來自增值服務？

And how much was from commissions and advertising?

佣金和廣告有多少？

And finally, Indonesia, we -- Sea starts to charge Star Sellers, obviously, on the C2C marketplace side in July, what exactly do you see from the industry perspective that gives you confidence in that and what does it mean for other markets?

最後，印度尼西亞，我們——Sea 顯然在 7 月開始在 C2C 市場方面向明星賣家收費，你從行業的角度究竟看到了什麼讓你對此充滿信心，這對其他市場意味著什麼？

Sorry, that's quite a handful of questions.

對不起，這是相當多的問題。

Thank you, MC.

謝謝你，MC。

Happy to answer your questions.

很高興回答您的問題。

Regarding the ARPPU trends, I think as we discussed before when we look at esports title that has a large user base and long game life, we tend to focus on different things at different phase.

關於 ARPPU 趨勢，我認為正如我們之前討論過的，當我們看到擁有龐大用戶群和較長游戲壽命的電競遊戲時，我們傾向於在不同階段關注不同的事情。

It usually starts with growing the user base and then gradually ramping up monetization, deepen the pay user ratio and then optimize for ARPPU.

它通常從擴大用戶群開始，然後逐漸增加貨幣化，加深付費用戶比例，然後針對 ARPPU 進行優化。

So for Free Fire, in particular, as you can see, we see very strong growth, both on the user side as well as on the pay user penetration quarter-on-quarter.

因此，特別是對於 Free Fire，如您所見，我們看到了非常強勁的增長，無論是在用戶方面，還是在付費用戶滲透率方面，都環比增長。

And this is contributing significantly to the revenue increase as well.

這也大大促進了收入的增長。

And in terms of ARPPU, it is not currently the focus for us.

而在 ARPPU 方面，目前並不是我們關注的重點。

For Free Fire, we believe the game is still very young and has a long runway, and we are focusing on broadening the user base as well as continue to deepen the pay user penetration.

對於 Free Fire，我們認為這款遊戲還很年輕，還有很長的路要走，我們正專注於擴大用戶基礎，並繼續深化付費用戶滲透。

For example, one tool that we find pretty helpful in bringing more pay users to our game would be the Elite Pass or the Fire Pass.

例如，我們發現在為我們的遊戲帶來更多付費用戶方面非常有幫助的一種工具是 Elite Pass 或 Fire Pass。

Although, the pass is a lower ticket size at $5 a month, but it's a very effective in converting free user to pay user over time.

雖然通行證的票價較低，每月 5 美元，但隨著時間的推移，它在將免費用戶轉換為付費用戶方面非常有效。

And for that, we've been focusing on promoting more of a Fire Pass user engagement over the period.

為此，我們一直專注於在此期間促進更多 Fire Pass 用戶參與度。

So as you can see, overall, our revenue trend has been very positive, and the margin has increased also over time, even though we already started with very high margin compared to the game industry as a whole.

如您所見，總體而言，我們的收入趨勢非常積極，並且隨著時間的推移利潤率也在增加，儘管與整個遊戲行業相比，我們已經以非常高的利潤率開始。

So we think this is a positive trend and shouldn't be of any concern.

所以我們認為這是一個積極的趨勢，不應該受到任何關注。

And we think in the longer run, there will be growth potential on the revenue as well as ARPPU side for the game business and for Free Fire, in particular.

我們認為，從長遠來看，遊戲業務尤其是 Free Fire 的收入和 ARPPU 方面將有增長潛力。

In terms of Free Fire revenue outlook, as mentioned earlier, we think the game is still young and evolving, and we're very focused on bringing new contents into the game.

就 Free Fire 的收入前景而言，如前所述，我們認為這款遊戲還很年輕，還在不斷發展，我們非常專注於為遊戲帶來新的內容。

We have more than 300 developers in our studio now, and about half of them are devoted to creating new content, new innovations for the game to engage the user better.

我們的工作室現在有 300 多名開發人員，其中大約一半致力於為遊戲創造新內容、新創新，以更好地吸引用戶。

And more recently, we have offered themed competitions and themed virtual items that have been very effective to attract new users.

最近，我們提供了主題競賽和主題虛擬物品，這些都非常有效地吸引了新用戶。

This is a new mode of play that we have introduced.

這是我們推出的新玩法。

So we are quite confident about Free Fire's revenue and the trend going forward.

因此，我們對 Free Fire 的收入和未來趨勢充滿信心。

As you can see in our revised guidance that we basically are guiding towards a more than 140% to more than 150% year-on-year growth in our game revenue.

正如您在我們修訂後的指南中看到的那樣，我們基本上是在指導我們的遊戲收入同比增長超過 140% 到 150% 以上。

And that is largely attributable to the strength in the Free Fire game performance over the longer run, and also over our other existing games that we continue to see pretty stable performance.

這在很大程度上要歸功於 Free Fire 遊戲長期表現的強勁，以及我們繼續看到相當穩定的其他現有遊戲的表現。

So we are confident of our longer-term game performance in the markets.

因此，我們對我們在市場上的長期遊戲表現充滿信心。

In terms of LatAm expansion, we have set up small operations locally in Brazil and Mexico, and we are quite careful in expanding into new markets.

在拉美擴張方面，我們在巴西和墨西哥當地設立了小型業務，並且在開拓新市場時非常謹慎。

These teams are focused on local operations, being with payment partners and organizing local esports events and community building as well as local customer services.

這些團隊專注於本地運營，與支付合作夥伴合作，組織本地電子競技活動和社區建設以及本地客戶服務。

So our focus will be to gradually ramp-up operations.

因此，我們的重點將是逐步擴大運營。

But as you can see from our past practices and track record, our gaming operation has been highly efficient in terms of G&A spending has been fairly low, and that gives rise to the high EBITDA margin in our gaming business compared to the industry standard.

但正如您從我們過去的實踐和往績記錄中看到的那樣，我們的遊戲運營效率很高，而 G&A 支出卻相當低，與行業標準相比，這導致我們遊戲業務的 EBITDA 利潤率較高。

Now turning to e-commerce.

現在轉向電子商務。

Yes, as you've observed, our take rate continue to rise, and this is basic -- to us, it's a clear sign that as we scale and continue to gain market leadership and market share across various markets, we are also able to ramp up monetization while we continue to grow.

是的，正如您所觀察到的，我們的接受率繼續上升，這是基本的——對我們來說，這是一個明確的信號，即隨著我們擴大規模並繼續在各個市場獲得市場領導地位和市場份額，我們也能夠在我們繼續增長的同時增加貨幣化。

And in terms of the uptick in the take rate, the vast majority of that is from the high-margin type of -- parts of the revenue, i.e., the commission, handling fee and advertisement income.

而就抽水率的上升而言，其中絕大多數來自高利潤類型——部分收入，即佣金、手續費和廣告收入。

So we think we're on a very healthy growth path over time to monetize over the e-commerce platform; however, at this stage, we are very much focused on growing the platform and attracting more users, more sellers as well as building up our assortments and services to the sellers.

因此，我們認為隨著時間的推移，我們正處於非常健康的增長道路上，可以通過電子商務平台獲利；然而，在這個階段，我們非常專注於發展平台，吸引更多用戶、更多賣家，以及為賣家建立我們的分類和服務。

We are not worried about the potential to monetize it as we have shown.

正如我們所展示的那樣，我們並不擔心將其貨幣化的潛力。

This is a -- has a huge runway to go and, at this time, we are focused on building up our leadership -- market leadership across the markets, which is showing in all of the various -- for example, we're the top-ranked app in terms of downloads, user time spent, monthly active users in the shopping category in our region.

這是一條 - 有一條巨大的跑道要走，此時，我們專注於建立我們的領導地位 - 整個市場的市場領導地位，這在所有方面都表現出來 - 例如，我們是在我們地區的購物類別中，下載量、用戶使用時長、每月活躍用戶數排名第一的應用程序。

And these are also important indicators of the growth of the platform and the solid leadership it is able to command across the market.

這些也是平台增長的重要指標，以及它能夠在整個市場中佔據的穩固領導地位。

And in terms of the Star Seller, as you correctly pointed out, we have started to charge a commission on the Star Seller in Indonesia.

至於明星賣家，正如您正確指出的那樣，我們已經開始向印度尼西亞的明星賣家收取佣金。

Again, we see very robust growth in Indonesia for our e-commerce platform as we continue to extend our market leadership.

隨著我們繼續擴大我們的市場領導地位，我們再次看到我們的電子商務平台在印度尼西亞的增長非常強勁。

In Q2, our daily order volume has exceeded 1.2 million and accelerated growth from quarter-to-quarter.

在第二季度，我們的日訂單量已超過 120 萬，並按季度加速增長。

And even though Indonesia is actually our largest market, it is also enjoying one of the highest growth rates across different markets.

儘管印度尼西亞實際上是我們最大的市場，但它也是不同市場中增長率最高的市場之一。

So as a result, we are also providing more services and returning greater value to our sellers as they derive the most sales volume and income from our platform, and they are happy to pay the rate because they see the value in working with us, in providing them the access to the vast user base, the services, the integrated logistics and payment services we provide them as well as the other services.

因此，我們也為我們的賣家提供更多的服務和回報更大的價值，因為他們從我們的平台獲得了最多的銷量和收入，他們很樂意支付費用，因為他們看到了與我們合作的價值，在為他們提供訪問龐大的用戶群、服務、我們為他們提供的綜合物流和支付服務以及其他服務。

And therefore, we believe, over the long run, we can gradually ramp up -- continue to ramp up monetization across different markets, including Indonesia, our biggest market, where we are commanding a strong -- even stronger leadership now.

因此，我們相信，從長遠來看，我們可以逐漸增加——繼續增加不同市場的貨幣化，包括我們最大的市場印度尼西亞，我們在那裡擁有強大的——甚至是現在更強大的領導力。

And we are confident about that approach.

我們對這種方法充滿信心。

The next question comes from Mike Olson with Piper Jaffray.

下一個問題來自 Mike Olson 和 Piper Jaffray。

So as you just talked about, Latin America has been surprisingly strong region.

正如你剛才所說，拉丁美洲一直是一個出人意料的強大地區。

But outside of Latin America, do you believe there's a significant opportunity in some of these other regions that you mentioned, like Eastern Europe, India, Middle East, et cetera?

但是在拉丁美洲之外，您是否認為在您提到的其他一些地區（例如東歐、印度、中東等）存在重大機遇？

And will you focus on building out those regions with Free Fire first or with other third-party games?

您會專注於首先使用 Free Fire 還是使用其他第三方遊戲來構建這些區域？

And then just overall, you've mentioned continued opportunities for growth, broadly for the business across both major segments.

然後總體而言，您提到了持續增長的機會，廣泛用於兩個主要領域的業務。

What do you expect your key areas of investment across the company will be in the next few quarters?

您預計未來幾個季度您在整個公司的主要投資領域是什麼？

Will it be new game development or new content for existing games or marketing or subsidies?

是新遊戲開發還是現有遊戲的新內容或營銷或補貼？

Or what kinds of things will you be specifically investing in for growth?

或者你會專門投資哪些東西來促進增長？

Thank you.

謝謝你。

In terms of expansion into the other high-growth market, we have mentioned before that we see very strong user growth in markets like India, Russia, Turkey, the Middle East for our self-developed game, Free Fire.

在向其他高增長市場的擴張方面，我們之前提到過，我們在印度、俄羅斯、土耳其、中東等市場看到我們自主開發的遊戲《Free Fire》的用戶增長非常強勁。

And we believe that with the wealth of user data and deepening user understanding over time we acquire from this global hit game, we are very well-positioned to introduce -- continue to build upon the success of that game to deepen monetization as well as potentially introducing new content and even new IP, whether it's self-developed or third party to these markets, just like what we did in LatAm.

我們相信，隨著我們從這款全球熱門遊戲中獲得的豐富用戶數據和隨著時間的推移加深用戶理解，我們完全有能力推出——繼續在該遊戲的成功基礎上深化貨幣化，並可能向這些市場引入新內容甚至新 IP，無論是自主開發的還是第三方的，就像我們在拉美所做的那樣。

We started with Free Fire, our self-developed game, grow the user base there, monetize over time, and now we are reaping the fruits of that efforts.

我們從我們自主開發的遊戲 Free Fire 開始，在那裡擴大用戶群，隨著時間的推移獲利，現在我們正在收穫這些努力的成果。

And in addition, we have recently rolled out a second game, which is a third-party licensed game from Tencent, Speed Drifters, in the market.

此外，我們最近在市場上推出了第二款遊戲，它是騰訊的第三方授權遊戲，Speed Drifters。

We believe this approach can also potentially work in the other high-growth markets.

我們相信這種方法也可能適用於其他高增長市場。

And I think given that our unique advantage in being able to operate well and deeply in so many complex, diverse but high-growth young markets across the globe, we are very well-positioned to capitalize on the new opportunities in these emerging markets with the rise of mobile technologies.

而且我認為，鑑於我們能夠在全球如此多複雜、多樣化但高增長的年輕市場中良好而深入地運作的獨特優勢，我們非常有能力利用這些新興市場的新機遇，移動技術的興起。

That enables a lot more new content being introduced to our users across the world.

這使得更多的新內容能夠被介紹給我們在世界各地的用戶。

And in terms of key areas of investments, we are very much focused on the gaming side, both deepening our development capabilities as well as global expansion.

而在重點投資領域，我們非常專注於遊戲方面，既深化了我們的開發能力，也進行了全球擴張。

On the other hand, if you take a look at our gaming performance so far, we enjoy very high growth at the very high EBITDA margin.

另一方面，如果您看一下我們迄今為止的遊戲表現，我們會在非常高的 EBITDA 利潤率下享受非常高的增長。

That doesn't mean that we're not investing in games.

這並不意味著我們不投資遊戲。

We're actually investing heavily in terms of human capital.

我們實際上在人力資本方面進行了大量投資。

This business, we believe, is a creativity-based business.

我們相信，這項業務是一項以創意為基礎的業務。

It's not about just dumping money to buy growth.

這不僅僅是為了購買增長而傾銷資金。

It is about deepening understanding of the user, making good use of the wealth of user data we have and leverage the experience and understanding of our complex diverse markets to build up content development capabilities, and that is very much talent-driven as well as knowledge-driven.

這是關於加深對用戶的理解，利用我們擁有的豐富的用戶數據，利用我們對複雜多元化市場的經驗和理解來建立內容開發能力，這既是人才驅動的，也是知識驅動的。 -驅動。

So to that front, we devote a lot of time and resources.

所以在這方面，我們投入了大量的時間和資源。

In terms of the management timing and management focus, we continue to develop our game businesses and also in understanding our global markets better to introduce more content globally.

在管理時機和管理重點方面，我們將繼續發展我們的遊戲業務，並更好地了解我們的全球市場以在全球推出更多內容。

On the e-commerce side, as we mentioned, we're in a better-than-ever position to build up our e-commerce ecosystem as our platform continue to scale.

正如我們所提到的，在電子商務方面，隨著我們平台的不斷擴展，我們在建立我們的電子商務生態系統方面處於比以往任何時候都更好的位置。

As you can see, we're enjoying increasing efficiency.

如您所見，我們正在享受不斷提高的效率。

In terms of EBITDA loss per order, this continues to decline over time.

就每筆訂單的 EBITDA 損失而言，這將隨著時間的推移繼續下降。

And our sales, marketing has been fairly stable as a percentage of GMV.

我們的銷售、營銷佔 GMV 的百分比相當穩定。

But as we mentioned before, shipping subsidy is increasingly a minor part of the sales, marketing.

但正如我們之前提到的，航運補貼越來越成為銷售、營銷的一小部分。

A large part -- the majority of the sales, marketing spending is now discretionary brand marketing.

很大一部分——大部分的銷售、營銷支出現在都是可自由支配的品牌營銷。

For example, our partnership with Mr. Cristiano Ronaldo and our sponsorship of Liga 1 in Indonesia, which is the most popular football event nationally.

例如，我們與 Cristiano Ronaldo 先生的合作以及我們贊助印度尼西亞的 Liga 1，這是全國最受歡迎的足球賽事。

These are very efficient marketing activities generating high ROI for us and promoting our brand awareness across the region as well as globally.

這些是非常有效的營銷活動，為我們帶來了高投資回報率，並在整個地區和全球範圍內提升了我們的品牌知名度。

So we will continue to be opportunistic about it and leverage good marketing opportunities to further promote our brand as we become a go-to marketplace in our region.

因此，隨著我們成為本地區的首選市場，我們將繼續投機取巧，並利用良好的營銷機會進一步推廣我們的品牌。

The next question comes from John Blackledge with Cowen.

下一個問題來自 John Blackledge 和 Cowen。

A couple of questions on Shopee and one on Garena.

關於 Shopee 的幾個問題和關於 Garena 的一個問題。

How should we think about the, for Shopee, the GMV trajectory in the back half of the year?

對於Shopee，我們應該如何看待下半年的GMV軌跡？

And if you can talk about, kind of, market share positioning and any update on the competitive environment across the different markets?

如果你能談談，市場份額定位以及不同市場競爭環境的任何更新？

And then second on Shopee.

然後在 Shopee 上排名第二。

The second quarter growth was really strong, obviously, particularly order growth, but the AOV was a little lower than we thought.

顯然，第二季度的增長非常強勁，尤其是訂單增長，但 AOV 比我們想像的要低一些。

Just any color on what drove the lower AOV and how we should think about that going forward?

是什麼推動了較低的 AOV 以及我們應該如何看待未來的任何顏色？

And then on Garena, just any color on the Free Fire Pass and what's the monetization around that and what that looks like going forward.

然後在 Garena 上，Free Fire Pass 上的任何顏色以及圍繞它的貨幣化是什麼以及未來看起來會是什麼樣子。

Thank you.

謝謝你。

In terms of the Shopee GMV trajectory, as we continue to scale the platform across different markets, for Q2, we have more than 70% year-on-year growth in GMV and more than 90% year-on-year growth in order.

在 Shopee GMV 軌跡方面，隨著我們繼續在不同市場擴展平台，對於第二季度，我們的 GMV 同比增長超過 70%，同比增長超過 90%。

And the GMV growth is slightly lower than order growth is, as you mentioned, relating to the average order value.

正如您所提到的，GMV 增長略低於訂單增長，與平均訂單價值有關。

And to that, we do have a view on what will be a optimal value or range of optimal value for our markets in building out a general merchandise marketplace e-commerce.

對此，我們確實對建立一般商品市場電子商務的市場的最佳價值或最佳價值範圍有看法。

If you look at some of the large e-commerce, general merchandise e-commerce platform, such as Taobao, we understand their basket size is also around the mid-teens range.

如果你看一些大型的電子商務、百貨電子商務平台，比如淘寶，我們知道他們的購物籃大小也在十幾歲左右。

We think that's a good range to have for building an e-commerce platform in all markets as well with the focus on the key categories of fashion, health and beauty, home and living as well as baby products.

我們認為這是一個很好的範圍，可以在所有市場建立電子商務平台，並專注於時尚、健康和美容、家居和生活以及嬰兒用品等關鍵類別。

These are the high-margin now standardized products that lend themselves very well to build up a large, diverse seller base and buyer base and eventually, the largest e-commerce marketplace in China.

這些是現在標準化的高利潤產品，非常適合建立龐大、多樣化的賣家基礎和買家基礎，並最終成為中國最大的電子商務市場。

So we believe we will focus on building out these core categories and drive user base as well as drive frequency while maintaining a healthy range of order value.

因此，我們相信我們將專注於構建這些核心類別並推動用戶群和頻率，同時保持健康的訂單價值範圍。

So in particular, relating to the Q-on-Q fluctuation, for example, there are different reasons that extrinsic factor that could affect the period-to-period order -- average order value.

因此，特別是與 Q-on-Q 波動有關，例如，可能影響週期間訂單的外部因素 - 平均訂單價值有不同的原因。

During the Ramadan season, for example, we see higher demand in the fashion category, which tend to have a smaller basket size and, therefore, could affect the order value as a whole.

例如，在齋月期間，我們看到時尚品類的需求增加，其購物籃尺寸往往較小，因此可能會影響整體訂單價值。

So they are -- these are the extrinsic factors we think as far as we maintain a healthy mix of in terms of the GMV of different categories for our marketplace ecosystem.

所以它們是 - 這些是我們認為就我們在市場生態系統的不同類別的 GMV 方面保持健康組合而言的外部因素。

We are on track to continue to grow the marketplace and extend our leadership further.

我們有望繼續發展市場並進一步擴大我們的領導地位。

So that follows to the next question regarding competition.

因此，接下來是關於競爭的下一個問題。

Now I think it's -- obviously, we take competition very seriously and have a deep respect for our peers in the market.

現在我認為是——顯然，我們非常重視競爭，並對市場上的同行深表敬意。

And -- but some context, I think it's important to note that none of the competition we currently hear is new to us.

而且 - 但在某些情況下，我認為重要的是要注意我們目前聽到的競爭對我們來說都不是新鮮事。

All our peers have been longer established, have been in the market for many years before we even started the e-commerce business.

我們所有的同行都已經建立了更長的時間，在我們開始電子商務業務之前已經進入市場多年。

And yet, we managed to grow from 0 to market leadership with more than $15 billion of annualized GMV and a Q2 4.6% of take rate in less than 4 years time over such diverse, complex markets.

然而，在如此多樣化、複雜的市場中，我們在不到 4 年的時間內以超過 150 億美元的年化 GMV 和 4.6% 的第二季度增長率成功地從 0 成長為市場領導者。

None of them are in all the markets that we are in.

它們都沒有出現在我們所在的所有市場中。

So we have local competition, but we don't even have competition across all these markets.

所以我們有本地競爭，但我們甚至沒有跨所有這些市場的競爭。

So I think our track record has shown that we have been very effective in competition.

所以我認為我們的記錄表明我們在競爭中非常有效。

And we believe we will continue to be so because our competitive advantages are, in our understanding of the right timing, right model, and right market for the e-commerce marketplace business as well as our ability to execute very well in highly diverse complex markets with highly localized operations and adapt our business strategies over time based on our deep understanding of local users as well as market conditions in addition to our deep understanding of the efforts of marketplace e-commerce, that business model.

我們相信我們將繼續如此，因為我們的競爭優勢在於我們對電子商務市場業務的正確時機、正確模式和正確市場的理解，以及我們在高度多樣化的複雜市場中出色執行的能力高度本地化的運營，並根據我們對當地用戶和市場狀況的深刻理解以及我們對市場電子商務的努力的深刻理解，隨著時間的推移調整我們的業務戰略，這種商業模式。

So I think these competitive advantages remain.

所以我認為這些競爭優勢仍然存在。

And we now have additional advantage of being the market leader across markets in e-commerce.

我們現在擁有成為電子商務市場領導者的額外優勢。

And as you can see, some of our peers are now following our footsteps in some of their operations.

正如你所看到的，我們的一些同行現在在他們的一些業務中跟隨我們的腳步。

For example, focusing more on mobile, switching from 1P to a marketplace model and focusing more on the social aspects of it or even in charging certain take rates, et cetera.

例如，更多地關注移動設備，從 1P 模式切換到市場模式，更多地關注它的社交方面，甚至收取一定的費率等等。

We have a lot of respect for our peers and their efforts in this regard.

我們非常尊重我們的同行及其在這方面的努力。

And we believe that collectively, all these industry players, including us, grow in the pie for all of us as a whole.

我們相信，所有這些行業參與者，包括我們在內，都在為我們所有人共同成長。

Given the low penetration rate of online retail currently in our region, we believe there's a huge potential opportunity for all of us to tap.

鑑於我們地區目前在線零售的低滲透率，我們相信我們所有人都可以挖掘巨大的潛在機會。

And being the market leader with existing scale and given our growth rate, we believe we have the best opportunity to tap the largest -- to take the largest share of the growing pie over time.

作為現有規模的市場領導者，鑑於我們的增長率，我們相信我們有最好的機會挖掘最大的市場——隨著時間的推移在不斷增長的蛋糕中佔據最大份額。

And in terms of the Free Fire monetization and outlook, as mentioned before, we believe -- this Free Fire is a battle royale game.

就 Free Fire 的貨幣化和前景而言，如前所述，我們相信——這款 Free Fire 是一款大逃殺遊戲。

It has a lot of depth in it.

它有很多深度。

It's very young and still evolving.

它非常年輕，仍在不斷發展。

And we're constantly building new content, new modes of playing into this game.

我們不斷地在這款遊戲中構建新的內容、新的遊戲模式。

And we believe that as we continue to see organic user growth across markets, including our core market in Southeast Asia, Taiwan, in Latin America as well as the new frontier markets in India, Russia, Middle East, Turkey, we believe the game has a huge potential and long runway.

我們相信，隨著我們繼續看到各個市場的有機用戶增長，包括我們在東南亞、台灣、拉丁美洲的核心市場以及印度、俄羅斯、中東、土耳其的新前沿市場，我們相信游戲已經巨大的潛力和漫長的跑道。

And we are now still focusing on continuing to grow the user base as well as deepen the user penetration.

我們現在仍然專注於繼續擴大用戶群並加深用戶滲透。

The next question comes from Ranjan Sharma with JPMorgan.

下一個問題來自摩根大通的 Ranjan Sharma。

It's Ranjan from JPMorgan.

我是摩根大通的 Ranjan。

Two questions for my side.

我這邊有兩個問題。

Firstly, on the gaming side, you, of course, had a very strong second quarter.

首先，在遊戲方面，你當然有一個非常強勁的第二季度。

But if I look at this -- if I look at the top end of your gamings' revenues guidance, it feels like you don't -- you're not expecting any further growth in quarterly revenues in the third and fourth quarter of this year despite having 2 strong launches in Speed Drifters and in Call of Duty.

但如果我看看這個——如果我看看你們遊戲收入指導的最高端，感覺就像你沒有——你預計第三和第四季度的季度收入不會有任何進一步增長儘管在 Speed Drifters 和 Call of Duty 中有 2 次強勢發布。

If you can share your thoughts around -- on how you get to this guidance.

如果您可以分享您的想法 - 關於如何獲得本指南。

Are you expecting any kind of maturity in Free Fire coming through?

你期待《自由之火》的成熟嗎？

So that's the first question.

所以這是第一個問題。

Secondly, in terms of Indonesia, we have seen LinkAja, a local payment business getting access to a number of platforms across the marketplaces, I don't think it's part of Shopee yet.

其次，就印度尼西亞而言，我們已經看到本地支付業務 LinkAja 可以訪問市場上的多個平台，我認為它還不是 Shopee 的一部分。

If you can share like if you're looking to add them as well?

如果您也想添加它們，是否可以分享？

Or if you're looking to grow your own Shopee pay business.

或者，如果您希望發展自己的 Shopee 支付業務。

Sure.

當然。

So if you look at our guidance, it is based on the year-on-year growth.

因此，如果您查看我們的指導，它是基於同比增長。

It is a very high rate at 142% to 157%.

這是一個非常高的比率，在 142% 到 157% 之間。

And if you look at our EBITDA -- adjusted EBITDA for this quarter, I believe it's higher than our adjusted EBITDA for last year, the entire year.

如果你看看我們的 EBITDA - 本季度調整後的 EBITDA，我相信它高於我們去年全年的調整後 EBITDA。

So we are continuing to see very strong growth in our game -- on the games side.

所以我們繼續看到我們的遊戲非常強勁的增長——在遊戲方面。

And as usual, we hope to be able to deliver beyond expectation.

和往常一樣，我們希望能夠提供超出預期的服務。

And for the new games we have launched our start preregistration for, including Speed Drifters in the LatAm market as well as Call of Duty: Mobile in Southeast Asia and Taiwan.

對於新遊戲，我們已經開始預註冊，包括拉丁美洲市場的 Speed Drifters 以及東南亞和台灣的《使命召喚：手游》。

As mentioned, our focus will initially still be on growing the user base, understanding the user preferences for this new genre; in the case of Drifter, a racing game for the LatAm users; and in case of CODM, a mobile FPS game with a very big IP but also being newly introduced to our region as being a free to play kind of mode.

如前所述，我們最初的重點仍然是擴大用戶群，了解用戶對這一新類型的偏好；就 Drifter 而言，這是一款面向拉丁美洲用戶的賽車遊戲；以CODM為例，這是一款IP非常大的移動FPS遊戲，也是我們地區新推出的一種免費模式。

So there are a lot for us to work on to with -- in collaboration with the developers and to understand our markets better, understanding user preferences, grow the user base before we gradually ramp up monetization.

因此，我們有很多工作要做——與開發人員合作，更好地了解我們的市場，了解用戶偏好，在我們逐步提高貨幣化之前擴大用戶群。

So in terms of payment, we obviously don't discuss any specific commercial arrangement, but we've been supporting our Shopee platform also with our own payment app and with the integration of our own self-owned e-wallet with the Shopee app over time.

所以在支付方面，我們顯然沒有討論任何具體的商業安排，但我們一直在支持我們的 Shopee 平台，也有我們自己的支付應用程序，以及我們自己的電子錢包與 Shopee 應用程序的集成。時間。

We've seen user adoption, very encouraging signs in user adoption.

我們已經看到了用戶採用，這是用戶採用的非常令人鼓舞的跡象。

And we believe that digital financial services will be one of the largest opportunities in the digital economy of our region.

我們相信，數字金融服務將成為我們地區數字經濟中最大的機遇之一。

And we stand very well positioned to benefit from the growth of that, given our own capabilities, track record in that front, in building up the ePayment as an infrastructure for our Shopee as well as Garena businesses as well as further growing DFS overall.

鑑於我們自己的能力，在這方面的記錄，在將電子支付建立為我們的 Shopee 以及 Garena 業務的基礎設施以及進一步發展整體 DFS 方面，我們處於有利地位，可以從這一增長中受益。

Maybe just one quick follow-up.

也許只是一個快速的跟進。

So in terms of Speed Drifters, are you saying that you have not rolled out monetization for the game in Latin America right now?

那麼就 Speed Drifters 而言，你是說你現在還沒有在拉丁美洲推出這款遊戲的盈利模式嗎？

Yes.

是的。

So we haven't been focusing on monetization yet.

所以我們還沒有專注於貨幣化。

The next question comes from Conrad Werner with Macquarie.

下一個問題來自麥格理的 Conrad Werner。

Maybe just a first question on the e-commerce side of the business.

也許只是關於業務電子商務方面的第一個問題。

The take rates are continuing to show good momentum.

採取率繼續顯示出良好的勢頭。

You are -- it sounds like you're starting to charge some more commissions.

你是——聽起來你開始收取更多的佣金。

Can that trend continue?

這種趨勢能否持續？

In other words, I guess we can assume that take rates should continue to rise in the second half of the year.

換句話說，我想我們可以假設利率應該在下半年繼續上升。

And if that is the case, what's going to drive that?

如果是這樣的話，那是什麼驅動的呢？

Are you able to put some more commissions into the market given your scale right now?

鑑於您現在的規模，您能否向市場投放更多佣金？

Then one other question on the e-commerce side of the business, was there any impact on FX from exchange rates on your GMV?

然後是關於業務電子商務方面的另一個問題，匯率對您的 GMV 是否有任何影響？

In other words, might your GMV have been slightly understated due to exchange rate impacts?

換句話說，您的 GMV 是否會因為匯率影響而被略微低估？

Just thinking about the average order value stuff we were talking about before.

想想我們之前談論的平均訂單價值。

And then just last question on the e-commerce.

然後是關於電子商務的最後一個問題。

When you say you're leaders in all your markets, what metric is that on?

當你說你是所有市場的領導者時，這是基於什麼指標？

Is it on GMV?

是在GMV上嗎？

Or is it on orders or something else?

還是按訂單或其他？

Then maybe just on the digital entertainment side of the business.

然後也許只是在業務的數字娛樂方面。

In the past, you gave a range for what percentage Free Fire was of the total revenues.

過去，您給出了 Free Fire 在總收入中所佔百分比的範圍。

It was 50% to 60% in the first quarter.

第一季度為 50% 至 60%。

Could we just have an update on that?

我們可以更新一下嗎？

And then also, could we get an update on how much of free -- I'm sorry, how much of the games business, the digital entertainment business was ex Southeast Asia?

然後，我們能否獲得有關免費數量的最新信息 - 對不起，有多少游戲業務，數字娛樂業務是東南亞以外的？

And then maybe just as a last question on the digital entertainment.

然後也許只是關於數字娛樂的最後一個問題。

Beyond Call of Duty and Speed Drifters, I guess, which is a reasonably new title relatively speaking, any other games in the pipeline that we should be looking out for?

除了《使命召喚》和《極速漂泊者》之外，我想，相對而言，這是一個相當新的遊戲，還有其他我們應該關注的遊戲嗎？

And are you monetizing Speed Drifters in Southeast Asia to a good degree right now?

您現在是否正在充分利用東南亞的 Speed Drifters 貨幣化？

And then sorry, I know I'm asking a lot of questions here, but the last one is, just on a group level, I know that you're still in investment mode, et cetera, but the margins in the digital entertainment are very good.

然後很抱歉，我知道我在這裡問了很多問題，但最後一個問題是，就團體層面而言，我知道您仍處於投資模式等等，但數字娛樂的利潤是非常好。

As you say, you're starting to fund the business with internal cash, could we see group-level profitability before the end of the year on an EBITDA basis?

正如您所說，您開始用內部現金為業務提供資金，我們能否在年底前看到基於 EBITDA 的集團級盈利能力？

Thank you.

謝謝你。

So on the first question regarding the take rate trends, we will continue to gradually ramp up monetization over time.

因此，在第一個關於獲取率趨勢的問題上，隨著時間的推移，我們將繼續逐步增加貨幣化。

That is going to be driven by, first, the scale of our platform as we continue to grow, engage with a larger user base, larger seller base and the sellers platform derive more income from the platform.

這將首先受到我們平台規模的推動，因為我們繼續發展，與更大的用戶群、更大的賣家群互動，賣家平台從平台獲得更多收入。

And with their margin, with the right mix of categories and focus, we believe that there's a -- continue to be a very good potential to gradually ramp up monetization.

憑藉他們的利潤率，以及正確的類別和重點組合，我們相信有一個 - 繼續是一個非常好的潛力來逐步提高貨幣化。

And in terms of the composition of the take rate, we believe that, one, there is potential for higher commission as well as the handling fees as well as advertisement income.

而在take rate的構成方面，我們認為，一是佣金、手續費和廣告收入都有可能提高。

And at the same time, we are rolling out the full spectrum of services that seller will be very happy to utilize and pay for.

同時，我們正在推出賣方將非常樂意使用和支付的全方位服務。

So if you look at Taiwan market, for example, okay, this is the first market that we have achieved a positive adjusted EBITDA without common expense allocation.

因此，如果您以台灣市場為例，好吧，這是我們第一個在沒有共同費用分配的情況下實現正調整 EBITDA 的市場。

And this is a market where we start monetizing first a couple of years ago with advertisement and then followed by the full spectrum of commissions, handling fees as well as VAS, value-added services.

在這個市場，我們幾年前開始通過廣告獲利，然後是全方位的佣金、手續費以及增值服務和增值服務。

By now we have rolled out commissions for all sellers, be it mall sellers, preferred sellers or other sellers across border and, of course, different rates based on the types of sellers and based on the categories in that market and that has helped to increase the monetization for us.

到目前為止，我們已經為所有賣家推出了佣金，無論是商場賣家、首選賣家還是其他跨境賣家，當然，根據賣家類型和該市場的類別，收取不同的費率，這有助於提高我們的貨幣化。

And at the same time, that platform in Taiwan continues to grow at a very healthy rate.

與此同時，台灣的這個平台繼續以非常健康的速度增長。

And this is what we ideally would like to see gradually roll out in all other markets as well.

這也是我們理想中希望在所有其他市場中逐步推出的內容。

So by now, we have rolled out commission and handling fee for the mall sellers in all our markets.

所以到目前為止，我們已經為我們所有市場的商場賣家推出了佣金和手續費。

And more recently, we have rolled out the commission for star sellers in Indonesia and increased the rate for some of the mall sellers in Thailand, for example.

最近，我們在印度尼西亞推出了針對明星賣家的佣金，並提高了泰國一些商場賣家的佣金。

So we believe this trend will continue.

所以我們相信這種趨勢會持續下去。

And the reason we are able to do that is the value we're delivering to our sellers and buyers in our markets for the infrastructure, for e-commerce, online retail tends to be underdeveloped.

我們能夠做到這一點的原因是我們為基礎設施市場上的賣家和買家提供的價值，對於電子商務來說，在線零售往往不發達。

That also gives us more opportunities and more touchpoints with our sellers and buyers to serve them better.

這也為我們提供了更多機會和更多與賣家和買家的接觸點，以更好地為他們服務。

And that means we also have more opportunities to charge a higher take rate over time.

這意味著隨著時間的推移，我們也有更多機會收取更高的費率。

So that is what we believe will gradually roll out.

所以這就是我們認為將逐步推出的內容。

And in terms of ForEx question, I'll invite our CFO, Tony, to answer that.

關於外匯問題，我將邀請我們的首席財務官 Tony 來回答這個問題。

Yes, sure.

是的，當然。

So we constantly monitor the constant currency key metrics like GMV and revenue growth.

因此，我們不斷監控固定貨幣關鍵指標，例如 GMV 和收入增長。

And then actually due to the appreciation of U.S. dollar against some of our region's currencies like Indonesian rupiah and Taiwan dollars, the growth profile, had we choose to present using constant currency, would be better than using the actual exchange rate.

然後實際上由於美元對我們地區的一些貨幣（如印尼盾和台幣）的升值，如果我們選擇使用固定貨幣來表示，增長情況會比使用實際匯率更好。

And having said that, we will be -- continue monitoring the gap, and we'll choose to present the constant currency if the gap is becoming larger.

話雖如此，我們將 - 繼續監控差距，如果差距變得更大，我們將選擇呈現不變貨幣。

Okay.

好的。

Regarding the -- in terms of the metrics we use to measure market leadership, now we use -- we look at array of metrics to see how well our e-commerce business is growing.

關於 - 就我們用來衡量市場領先地位的指標而言，現在我們使用 - 我們查看一系列指標以了解我們的電子商務業務的增長情況。

In some of the markets, obviously, our leadership is so clear, so strong that whatever metrics you use pretty much, we are the clear leader.

顯然，在某些市場中，我們的領導力是如此清晰、如此強大，以至於無論您使用什麼指標，我們都是明確的領導者。

In other metrics, there might be -- people might say, oh, this market has a different kind of GMV metrics, et cetera.

在其他指標中，可能會有——人們可能會說，哦，這個市場有不同類型的 GMV 指標，等等。

Now the reason we look at the range of metrics based on the disclosure in our PR, including the order number, the download, the active user, time spent in app, et cetera, is because looking at GMV alone can be misleading for the business as a whole.

現在，我們之所以根據 PR 中的披露來查看指標範圍，包括訂單號、下載量、活躍用戶、在應用程序中花費的時間等等，是因為單獨查看 GMV 可能會誤導業務作為一個整體。

So if we tell our people to just look at GMV, the outcome might not be ideal in growing the e-commerce business because the team will be trying to focus on growing the basket size with the higher ticket items in those more standardized goods, the lower-margin, lower-competitive modes categories, such as virtual goods, electronics, even wholesale stuff.

因此，如果我們告訴我們的員工只看 GMV，那麼在發展電子商務業務方面，結果可能並不理想，因為團隊將努力專注於擴大購物籃的規模，在那些更標準化的商品中增加高價商品，利潤率較低、競爭較低的模式類別，例如虛擬商品、電子產品，甚至批發商品。

These are easy to grow GMV.

這些很容易增長 GMV。

And -- but they don't led to a healthy e-commerce platform with a core category of focus that we mentioned again and again.

而且 - 但它們並沒有帶來一個健康的電子商務平台，我們一再提到的核心關注類別。

These are fashion, health and beauty, home and living and baby products.

這些是時尚、健康和美容、家居和生活以及嬰兒用品。

That's why when we look at GMV or the size of GMV, we have to ask the next-level question.

這就是為什麼當我們看 GMV 或 GMV 的大小時，我們必須問下一個問題。

What's the basket size?

籃子尺寸是多少？

And what's the order number?

訂單號是多少？

Are you growing the GMV by growing the basket size and skewing towards that different categories of goods versus the core e-commerce marketplace categories or are you truly growing the order?

您是通過增加購物籃大小並傾向於不同類別的商品而不是核心電子商務市場類別來增加 GMV，還是您真的在增加訂單？

And these orders are sustainable, high-value, high-margin orders that are real and will come back again.

而這些訂單是可持續的、高價值的、高利潤的訂單，是真實存在的，並且會再次回來。

So these are the categories we focus on, and we look at actual orders that we believe are recurring and then can allow us to charge a high take rate, allow us to build a healthy e-commerce platform with diverse seller and user base and eventually, an ecosystem around it.

因此，這些是我們關注的類別，我們會查看我們認為經常發生的實際訂單，然後可以讓我們收取高額的佣金，讓我們能夠建立一個健康的電子商務平台，擁有多樣化的賣家和用戶群，最終, 一個圍繞它的生態系統。

So that's why we look at an array of different things.

所以這就是為什麼我們會看到一系列不同的東西。

Another example will be time spent in app.

另一個例子是花在應用程序上的時間。

We focus on that because we have a deep understanding of our young users in our region.

我們之所以關注這一點，是因為我們對我們所在地區的年輕用戶有深刻的了解。

These are social-community-based, native generation, native to the mobile technologies.

這些是基於社交社區的原生一代，原生於移動技術。

And they like to socialize, and they like to talk to each other, engage with each other, and that's how they express themselves, live their lives and also do their shopping transactions.

他們喜歡社交，喜歡互相交談，互相接觸，這就是他們表達自己、過自己的生活以及進行購物交易的方式。

So on that front, we have built-in large social gamification features, live streaming, AR features, even esports stream, for example, leveraging our strength in the esports front to engage our users and build a community and follow in that.

因此，在這方面，我們內置了大型社交遊戲化功能、直播、AR 功能，甚至電競流，例如，利用我們在電競方面的優勢來吸引我們的用戶並建立一個社區並跟進。

That also helps to retain users better as well as lower our user acquisition costs and make our scale much -- scaling much more efficient over time.

這也有助於更好地留住用戶，降低我們的用戶獲取成本，使我們的規模更大——隨著時間的推移，規模擴大效率更高。

So therefore, when we look at the market leadership, we look at a host of metrics together that into the healthiness -- health of the ecosystem as a whole.

因此，因此，當我們查看市場領導地位時，我們會同時查看一系列指標，這些指標可以反映整個生態系統的健康狀況。

By that we have disclosed consistently that we are the market leader.

因此，我們始終如一地披露我們是市場領導者。

And for example, in Indonesia, we have mentioned that we are the market leader by order for several quarters already and with a specific order number being disclosed.

例如，在印度尼西亞，我們已經提到我們已經連續幾個季度成為市場領導者，並披露了具體的訂單號。

Going back to digital entertainment.

回到數字娛樂。

As you can probably imagine, Free Fire continue to be a large part of the revenue, although we don't specifically disclose percentage.

正如您可能想像的那樣，儘管我們沒有具體披露百分比，但 Free Fire 仍然是收入的很大一部分。

But it's been an increasing contribution from Free Fire in revenue mix.

但 Free Fire 在收入組合中的貢獻越來越大。

And in terms of region outside of Southeast Asia, also without disclosing the specific percentage, for competitive reasons, this is increasingly a significant part of our revenue as we diversify our game businesses.

就東南亞以外的地區而言，由於競爭原因，這也沒有透露具體百分比，隨著我們遊戲業務的多元化，這越來越成為我們收入的重要組成部分。

Again, as we mentioned, if you look at our core market now just -- not just including Southeast Asia and Taiwan, and also refer to LatAm as our core -- part of our core market, collectively, there are about 1.2 billion to 1.3 billion population.

同樣，正如我們提到的，如果你現在看我們的核心市場——不僅包括東南亞和台灣，還把拉丁美洲作為我們的核心——我們核心市場的一部分，總共有大約 12 億到 1.3億人口。

That's almost the size of population of China but with even younger population profile and higher population growth.

這幾乎是中國的人口規模，但人口結構更年輕，人口增長更快。

So it's a very attractive demographic feature.

所以這是一個非常有吸引力的人口統計特徵。

And we're probably the best -- stand in the best position given our track record in capitalizing on such high growth but high diverse and complex emerging markets.

我們可能是最好的——鑑於我們在利用如此高增長但高度多樣化和復雜的新興市場方面的記錄，我們處於最佳位置。

In terms of a pipeline, again, for competitive reasons, we don't disclose specifics about pipeline.

在管道方面，同樣，出於競爭原因，我們不會透露有關管道的細節。

But as you can imagine, while we said that we devote a half of our studio to building on Free Fire, the remaining half we devote to building up our self-development pipeline in small teams.

但正如你可以想像的那樣，雖然我們說我們將一半的工作室用於構建 Free Fire，但剩下的一半我們致力於在小團隊中建立我們的自我開發管道。

Actually, it doesn't take a lot of people to come up with a prototype of a new game.

實際上，想出一個新遊戲的原型並不需要很多人。

When we built up Free Fire initially, there was a team of 4 or 5 people.

當我們最初建立 Free Fire 時，有一個 4 或 5 人的團隊。

And so we continue to work with all the game talent we can find in the market and build up that team and let them run with their creativity and come up with all kinds of potential ideas that we could build into our game portfolio.

因此，我們將繼續與我們在市場上找到的所有遊戲人才合作，並建立這個團隊，讓他們發揮他們的創造力，並提出我們可以構建到我們的遊戲組合中的各種潛在想法。

And at the same time, we work with top studios in the world.

同時，我們與世界頂級工作室合作。

If you look at our track record, we pretty much work with everybody in the U.S., Japan, Korea as well as China.

如果您查看我們的往績記錄，我們幾乎與美國、日本、韓國以及中國的每個人都合作。

And we -- I think given our wealth of user data from all the emerging markets globally with the hugely successful Free Fire game, I think we are very well positioned to introduce new content into those markets, whether it's self-developed or licensed from third parties.

而且我們——我認為鑑於我們來自全球所有新興市場的豐富用戶數據以及非常成功的 Free Fire 遊戲，我認為我們非常有能力將新內容引入這些市場，無論是自行開發還是從第三方獲得許可派對。

And in terms of the group level EBITDA, as you rightly pointed out, we are seeing increasingly less loss in adjusted EBITDA.

正如您正確指出的那樣，就集團層面的 EBITDA 而言，我們看到調整後 EBITDA 的損失越來越少。

And increasingly, we are funding growth with internal cash generated.

而且，我們越來越多地利用內部產生的現金為增長提供資金。

Obviously, do we -- if we want to breakeven, can we?

顯然，如果我們想要收支平衡，我們可以嗎？

Yes, we can.

我們可以。

Right.

對。

But as I said before, it's not the focus of the business as we are in a better-than-ever position to grow our ecosystem of digital economy of consumer Internet platform with some of the largest opportunities that we ever see in the region and beyond, in digital entertainment, in e-commerce and digital financial services.

但正如我之前所說，這不是業務的重點，因為我們處於比以往任何時候都更好的位置來發展我們的消費者互聯網平台數字經濟生態系統，並擁有我們在該地區及其他地區看到的一些最大機會、數字娛樂、電子商務和數字金融服務。

And you don't have these kinds of opportunities coming along that easily for many generations.

很多代人都不會輕易擁有這些機會。

There might be one time we believe that we're in the historical moment where we can capture that growth in the right region where there is still low penetration but high growth potential.

可能有一次我們相信我們正處於一個歷史時刻，我們可以在正確的地區捕捉到這種增長，那裡的滲透率仍然很低，但增長潛力很大。

And we believe, given our strong cash position, given our cash also from the game business, that can fill our internal investments, we believe we want to invest in the long-term growth of our ecosystem and will not trade that for a short-term profitability.

而且我們相信，鑑於我們強大的現金狀況，鑑於我們也來自遊戲業務的現金，這可以填補我們的內部投資，我們相信我們希望投資於我們生態系統的長期增長，並且不會將其換成短期 -期限盈利能力。

And in the longer run, when we do achieve clear leadership and build up the entire ecosystem that we envision for ourselves, for our employees and all the stakeholders, we believe it's a much more valuable business.

從長遠來看，當我們確實實現了明確的領導並建立了我們為自己、我們的員工和所有利益相關者設想的整個生態系統時，我們相信這是一項更有價值的業務。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to Yanjun Wang for any closing remarks.

我現在想把會議轉回給王彥軍做任何閉幕詞。

Thank you for joining the call today, and we're happy to keep talking with our investors, analysts, in case you have any further questions.

感謝您今天加入電話會議，如果您有任何進一步的問題，我們很高興繼續與我們的投資者、分析師交談。

And we look forward to speaking to you all again next quarter.

我們期待著下個季度再次與大家交談。

This conference has now concluded.

本次會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。