Sea Ltd (SE) 2019 Q4 法說會逐字稿

Good morning and good evening.

早上好，晚上好。

Welcome to the Sea Limited Fourth Quarter and Full Year 2019 Results Conference Call.

歡迎來到 Sea Limited 2019 年第四季度和全年業績電話會議。

(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 Ms. Yanjun Wang.

我現在想把會議交給王艷軍女士。

Please go ahead.

請繼續。

Welcome to Sea's 2019 Fourth Quarter and Full Year Earnings Conference Call.

歡迎來到 Sea 的 2019 年第四季度和全年收益電話會議。

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, adjusted EBITDA and net loss, excluding share-based compensation and changes in fair value of the 2017 convertible notes.

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、調整後的 EBITDA 和淨虧損，不包括基於股票的薪酬和 2017 年可轉換票據的公允價值變化。

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

我們相信，當這些措施用作對我們的 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 a reconciliation with the closest GAAP measures, please refer to the section on non-GAAP financial measures in our press release.

有關使用非 GAAP 財務指標的討論以及與最接近的 GAAP 指標的對賬，請參閱我們新聞稿中關於非 GAAP 財務指標的部分。

I have here with me Sea's Chairman and Group Chief Executive Officer, Forrest Li; and Group Chief Financial Officer, Tony Hou.

Sea 的董事長兼集團首席執行官 Forrest Li 和我在一起；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。

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。

2019 has been an extremely successful year for Sea and a year when we achieved a number of significant milestones.

2019 年對於 Sea 來說是極其成功的一年，也是我們取得許多重要里程碑的一年。

In particular, we celebrated our 10th anniversary last year.

特別是，我們去年慶祝了我們的 10 週年。

This milestone gave us an opportunity to look back at just how far Sea has come over the last decade.

這一里程碑讓我們有機會回顧 Sea 在過去十年中取得的成就。

Our business has grown rapidly and has been constantly evolving.

我們的業務發展迅速，並且一直在不斷發展。

In just 10 years, we have grown from being a PC game publisher to a leading game publisher and developer with a diverse mobile and PC game portfolio.

在短短 10 年內，我們已從一家 PC 遊戲發行商成長為擁有多元化移動和 PC 遊戲組合的領先遊戲發行商和開發商。

We have evolved from being a game platform to a consumer Internet platform that covers digital entertainment, e-commerce and digital financial services.

我們已經從一個遊戲平台發展成為一個涵蓋數字娛樂、電子商務和數字金融服務的消費互聯網平台。

And we have expanded from our humble beginnings as a start-up in a small shop house in Singapore to become a regional leader with strong footprint across global high-growth markets.

我們已經從最初在新加坡一家小店裡創業的卑微發展，發展成為在全球高增長市場擁有強大足蹟的區域領導者。

Observers might be surprised by the pace and extent of Sea's growth and the evolution over the last few years.

觀察家可能會對 Sea 的增長速度和程度以及過去幾年的演變感到驚訝。

While we benefit from economic and the technology tailwinds in our market, we believe the key reason for Sea's success is our firm focus on identifying what we see as the largest opportunities in the consumer Internet industry and our relentless efforts to capture these opportunities with the right business model, timing and execution.

雖然我們受益於市場的經濟和技術順風，但我們相信 Sea 成功的關鍵原因是我們堅定地專注於識別我們認為的消費互聯網行業最大的機會，以及我們不懈努力以正確的方式抓住這些機會商業模式、時機和執行。

We started our digital entertainment business, Garena, in 2009 because we passionately believed that gamers in our region deserved a better way to access and enjoy top-quality games and esports.

我們於 2009 年開始了我們的數字娛樂業務 Garena，因為我們堅信我們地區的遊戲玩家應該有更好的方式來訪問和享受頂級遊戲和電子競技。

Over the past 10 years, Garena has evolved from a PC game publisher in Southeast Asia and Taiwan to a leading global game publisher and developer.

在過去的 10 年裡，Garena 從東南亞和台灣地區的 PC 遊戲發行商發展成為全球領先的遊戲發行商和開發商。

Our first self-developed mobile game, Free Fire, is a global hit and was ranked the world's most downloaded mobile game in 2019.

我們的首款自主開發手機遊戲《Free Fire》風靡全球，並在 2019 年被評為全球下載量最高的手機遊戲。

The success of Free Fire has significantly expanded our total addressable markets globally.

Free Fire 的成功極大地擴展了我們在全球範圍內的潛在市場。

For example, the Latin America or Lat Am markets, with their large and faster growing population and faster deepening mobile penetration, have become the second largest regional market for our digital entertainment business after Southeast Asia and Taiwan.

例如，拉丁美洲或拉美市場憑藉其龐大且快速增長的人口以及更快深化的移動滲透率，已成為繼東南亞和台灣之後我們數字娛樂業務的第二大區域市場。

Collectively, the Lat Am market and the other fast-growing frontier markets such as India, Russia and the Middle East already accounted for about half of our digital entertainment adjusted revenue for the fourth quarter of 2019.

總的來說，拉美市場和印度、俄羅斯和中東等其他快速增長的前沿市場已經占到我們 2019 年第四季度數字娛樂調整後收入的一半左右。

Our proven capabilities in both game publishing and development as well as our strong track record in global growth markets, which are highly complex and diverse, have driven sustained strong financial performance.

我們在遊戲發行和開發方面的成熟能力以及我們在高度複雜和多樣化的全球增長市場的強勁記錄推動了持續強勁的財務業績。

In 2019, our digital entertainment adjusted revenue grew by over 167% year-on-year to reach $1.8 billion, while our adjusted EBITDA grew by over 289% to over $1 billion.

2019 年，我們的數字娛樂調整後收入同比增長超過 167%，達到 18 億美元，而我們的調整後 EBITDA 增長超過 289%，超過 10 億美元。

More importantly, we believe we have built a very strong foundation and developed core strengths that position us very well for continued growth globally.

更重要的是，我們相信我們已經建立了非常堅實的基礎並發展了核心優勢，這使我們能夠很好地在全球範圍內實現持續增長。

Looking to the decade ahead, our focus for Garena is to continue to bring top-quality content and more billion-dollar games to our global users through both our own development capabilities and our stable of top-tier publishing partnerships.

展望未來十年，我們對 Garena 的關注是通過我們自己的開發能力和我們穩定的頂級發行合作夥伴關係，繼續為我們的全球用戶帶來高質量的內容和更多價值數十億美元的遊戲。

We will also focus on strengthening our in-house capabilities with global top talent through both organic growth and strategic acquisitions and partnerships.

我們還將專注於通過有機增長以及戰略收購和合作夥伴關係來加強我們與全球頂尖人才的內部能力。

Just as Garena's success was built on addressing the unmet needs of gamers in our market, Shopee was built on addressing the unmet needs of consumers and small businesses in our market.

正如 Garena 的成功建立在解決我們市場上游戲玩家未滿足的需求之上一樣，Shopee 建立在解決我們市場中消費者和小型企業未滿足的需求之上。

Shopee was also able to grow quickly, thanks to the local operational strength we developed through our digital entertainment business.

由於我們通過數字娛樂業務發展的本地運營實力，Shopee 也能夠快速增長。

We launched Shopee in all 7 markets in Southeast Asia and Taiwan simultaneously in late 2015.

我們於 2015 年底在東南亞和台灣的所有 7 個市場同時推出了 Shopee。

Within a short period of time, Shopee has grown to become the leading e-commerce platform across our region.

在很短的時間內，Shopee 已成長為我們地區領先的電子商務平台。

In 2019, just about 4 years from its inception, Shopee achieved over $17 billion in GMV with over 1.2 billion orders.

2019 年，距成立僅約 4 年，Shopee 的 GMV 超過 170 億美元，訂單超過 12 億。

It was the world's fifth most downloaded shopping app, and it ranked first in key user engagement metrics of monthly active users and downloads across Google Play and the iOS App Store combined in both Southeast Asia and Taiwan.

它是全球下載量第五大的購物應用程序，在東南亞和台灣地區 Google Play 和 iOS App Store 的月活躍用戶和下載量的關鍵用戶參與度指標中排名第一。

Meanwhile, we have significantly deepened monetization over the last year.

與此同時，我們在過去一年中顯著深化了貨幣化。

In 2019, Shopee generated more than $942.1 million of adjusted revenue, representing more than 224% of year-over-year growth, while adjusted revenue as a percentage of total GMV reached 5.4%.

2019 年，Shopee 的調整後收入超過 9.421 億美元，同比增長超過 224%，而調整後收入佔總 GMV 的百分比達到 5.4%。

Benefiting from an increasing economy of scale with growing market leadership, we also saw rapidly improving unit economics for Shopee.

受益於不斷增長的規模經濟和不斷增長的市場領導地位，我們還看到 Shopee 的單位經濟效益迅速改善。

For example, adjusted EBITDA loss per order decreased significantly year-on-year from $1.34 in the fourth quarter of 2018 to $0.70 in the fourth quarter of 2019.

例如，每筆訂單的調整後 EBITDA 損失同比大幅下降，從 2018 年第四季度的 1.34 美元降至 2019 年第四季度的 0.70 美元。

We believe that Shopee's strong track record is attributable to our managerial, organizational and executional capabilities.

我們相信蝦皮的良好業績記錄歸功於我們的管理、組織和執行能力。

These strengths have enabled us to quickly identify and gain a deep understanding of the emerging trends of social commerce among mobile-native generation, determine the right business model and timing to enter the right market, build and rapidly scale a new business across diverse complex markets with high efficiency to achieve market leadership, enjoying strong network effect and economy of scale, and constantly focus on high-quality decision-making and execution with hyper localized operations.

這些優勢使我們能夠快速識別並深入了解移動原生一代中社交商務的新興趨勢，確定進入正確市場的正確商業模式和時機，在不同複雜的市場中建立和快速擴展新業務以高效率實現市場領先，享有強大的網絡效應和規模經濟，不斷專注於高質量的決策和執行，超本地化運營。

Looking ahead, we will continue to focus on growing our e-commerce business with efficiency, expanding our market leadership to maximize long-term returns and deepening monetization over time.

展望未來，我們將繼續專注於高效發展我們的電子商務業務，擴大我們的市場領導地位以最大限度地提高長期回報，並隨著時間的推移深化貨幣化。

More importantly, we believe that the capabilities we have demonstrated in growing Shopee from a standing start to the regional leader will continue to help us to achieve greater success in building up a full ecosystem surrounding our consumer Internet platform.

更重要的是，我們相信，我們在蝦皮從一開始就成長為區域領導者的能力將繼續幫助我們在圍繞我們的消費者互聯網平台建立完整的生態系統方面取得更大的成功。

This, in turn, presents huge growth opportunities that we are deeply focused on capturing.

這反過來又帶來了巨大的增長機會，我們非常專注於抓住這些機會。

Our third core business in digital financial services, SeaMoney, is a key component of this ecosystem and a crucial structure that presents significant long-term growth and monetization opportunities.

我們在數字金融服務方面的第三個核心業務 SeaMoney 是這個生態系統的關鍵組成部分，也是一個提供重大長期增長和貨幣化機會的關鍵結構。

We started SeaMoney in 2014 with a firm belief that digital financial services, or DFS, is a key infrastructure for our consumer Internet ecosystem and represents one of the largest growth opportunities in the digital economy of our region.

我們於 2014 年創辦 SeaMoney，堅信數字金融服務 (DFS) 是我們消費者互聯網生態系統的關鍵基礎設施，代表了我們地區數字經濟中最大的增長機會之一。

Based on a recent Google-Temasek-Bain report, the DFS industry in the 6 largest economies of Southeast Asia is expected to grow at a 22% CAGR between 2019 and 2025 to reach $38 billion in revenue.

根據 Google-Temasek-Bain 最近的一份報告，東南亞 6 大經濟體的 DFS 行業預計將在 2019 年至 2025 年間以 22% 的複合年增長率增長，達到 380 億美元的收入。

Based on the report, 3 out of every 4 adults in Southeast Asia have insufficient access to financial services and 49% are unbanked.

根據該報告，東南亞每 4 個成年人中就有 3 個無法獲得金融服務，49% 的人沒有銀行賬戶。

By comparison, just 7% of people in the United States are unbanked and 20% in China, according to U.S. government and World Bank data, respectively.

相比之下，根據美國政府和世界銀行的數據，美國祇有 7% 的人沒有銀行賬戶，而在中國祇有 20%。

Similarly, the World Bank estimates that just 5% of adults in Southeast Asia have access to credit cards compared to 66% in the U.S. and 21% in China.

同樣，世界銀行估計，東南亞只有 5% 的成年人可以使用信用卡，而美國為 66%，中國為 21%。

This reflects that the region has massive untapped opportunities in DFS, and these opportunities will only continue to grow as the overall digital economy of this region expands.

這反映出該地區在 DFS 方面擁有大量未開發的機會，而這些機會只會隨著該地區整體數字經濟的擴張而繼續增長。

And we believe that Sea is very well positioned to capture the most significant portion of this growing pie.

我們相信，Sea 非常有能力在這個不斷增長的蛋糕中佔據最重要的部分。

First, we are building on our core strengths in identifying and capturing market trends and strong execution.

首先，我們在識別和捕捉市場趨勢以及強大的執行力方面建立了我們的核心優勢。

And more importantly, we are the market leader in both e-commerce and digital entertainment, which are 2 of the largest, fastest growing and highest quality and frequency use cases in the digital economy served by DFS.

更重要的是，我們是電子商務和數字娛樂領域的市場領導者，這是 DFS 服務的數字經濟中規模最大、增長最快、質量和頻率最高的兩個用例。

This is well demonstrated by the rapid growth of our SeaMoney business in 2019.

我們的 SeaMoney 業務在 2019 年的快速增長很好地證明了這一點。

Our quarterly paying users for our e-wallet services have exceeded 8 million in the fourth quarter as we deepened integration of our e-wallet with the Shopee platform and further expanded our e-wallet services to third-party online and offline merchants and use cases.

我們的電子錢包服務的季度付費用戶在第四季度已超過 800 萬，我們的電子錢包與 Shopee 平台的深度融合，並進一步將我們的電子錢包服務擴展到第三方線上和線下商戶和用例.

In January 2020, about a year after we started integrating our e-wallet with Shopee in Indonesia, more than 30% of Shopee's gross order in that market were already paid using our own e-wallet services.

2020 年 1 月，也就是我們開始在印度尼西亞將電子錢包與 Shopee 整合大約一年後，Shopee 在該市場的總訂單中有 30% 以上是使用我們自己的電子錢包服務支付的。

Such integration has shown clear benefits in reducing payment friction and improving user experience for consumers on Shopee.

這種整合在減少支付摩擦和改善 Shopee 消費者的用戶體驗方面顯示出明顯的好處。

To sum up, we believe that our core businesses of e-commerce, digital entertainment and the digital financial services represents the 3 largest opportunities in the digital economy of our region.

綜上所述，我們認為我們的電子商務、數字娛樂和數字金融服務的核心業務代表了我們地區數字經濟的三大機遇。

As we begin a new decade, we will continue to focus on strengthening our market leadership and core competencies across all 3 segments to position us well for long-term continued growth and profitability.

在我們開始新的十年之際，我們將繼續專注於加強我們在所有 3 個領域的市場領導地位和核心競爭力，為我們的長期持續增長和盈利做好準備。

More importantly, our leadership and strengths across these businesses provide us an unparalleled opportunity to develop a comprehensive consumer Internet ecosystem that generates significant value for the consumers and small businesses on our platforms.

更重要的是，我們在這些業務中的領導地位和優勢為我們提供了一個無與倫比的機會，可以開發一個全面的消費者互聯網生態系統，為我們平台上的消費者和小企業創造重大價值。

With this reflection on what we have achieved so far in the past decade and the path of growth, we will continue to focus on for the future, I will now turn to a more detailed discussion of our strong results for the fourth quarter.

通過對過去十年迄今取得的成就和增長路徑的反思，我們將繼續關注未來，我現在將轉向更詳細地討論我們第四季度的強勁業績。

Looking first at Garena's performance.

首先看Garena的表現。

In the fourth quarter, we once again hit new highs for adjusted revenue and EBITDA.

第四季度，我們的調整後收入和 EBITDA 再次創下新高。

Adjusted revenue was $479.9 million, up 107.4% year-on-year.

調整後收入為 4.799 億美元，同比增長 107.4%。

While adjusted EBITDA was $266.4 million, up 153.2%.

調整後的 EBITDA 為 2.664 億美元，增長 153.2%。

This was primarily driven by continued quarterly active user growth and further deepening of paying user penetration.

這主要是由於季度活躍用戶持續增長和付費用戶滲透率進一步加深。

And in particular, the continued strong performance of our self-developed game, Free Fire.

尤其是我們自主開發的遊戲《Free Fire》的持續強勁表現。

Let me highlight some of the key drivers of Free Fire's success this quarter.

讓我強調一下 Free Fire 本季度成功的一些關鍵驅動因素。

First, our user base continued to grow.

首先，我們的用戶群持續增長。

I'm pleased to note that Free Fire recently set a new historical high with over 60 million peak daily active users.

我很高興地註意到，Free Fire 最近創下了新的歷史新高，峰值每日活躍用戶超過 6000 萬。

According to App Annie, in the fourth quarter, Free Fire was ranked among the top 10 games globally by monthly active users and was the fourth most downloaded game globally on Google Play.

根據 App Annie 的數據，在第四季度，《Free Fire》在全球月活躍用戶數排名前 10 的遊戲中名列前茅，並且是 Google Play 全球下載量第四大的遊戲。

Second, we continued deepened engagement with our massive user base.

其次，我們繼續深化與龐大用戶群的互動。

Last November, we held our largest ever esports event for Free Fire, the Free Fire World Series, in Rio.

去年 11 月，我們在里約熱內盧舉辦了有史以來規模最大的 Free Fire 電子競技活動 Free Fire World Series。

According to Esports Charts, this event attracted the most concurrent viewers for any mobile esports events in history, with over 2 million viewers watching the live-streamed final at the same time.

根據 Esports Charts 的數據，本次賽事吸引了有史以來所有移動電競賽事的同時觀看人數最多的賽事，超過 200 萬觀眾同時觀看了現場直播的決賽。

The success of our esports content is reflected in Free Fire's popularity on streaming sites.

Free Fire 在流媒體網站上的受歡迎程度反映了我們電子競技內容的成功。

Free Fire was the fourth most watched game on YouTube globally in 2019 behind only Minecraft, Fortnite and Grand Theft Auto.

Free Fire 是 2019 年全球 YouTube 上觀看次數排名第四的遊戲，僅次於《我的世界》、《堡壘之夜》和《俠盜獵車手》。

It was also the most watched mobile-only game.

它也是最受關注的手機遊戲。

Third, as we mentioned before, we are increasingly building Free Fire into a social platform.

第三，正如我們之前提到的，我們越來越多地將 Free Fire 打造為一個社交平台。

For the hundreds of millions of people around the world who play Free Fire, it is not simply a game that they play, it has become a community.

對於全世界數億玩 Free Fire 的人來說，這不僅僅是他們玩的遊戲，它已經成為一個社區。

Our players meet up with their friends in Free Fire, they watch our esports events and cheer for their favorite team.

我們的玩家在 Free Fire 中與他們的朋友見面，他們觀看我們的電子競技賽事並為他們最喜歡的球隊加油。

They even enjoy music created just for our players.

他們甚至喜歡專為我們的玩家創作的音樂。

For instance, we launched a music video featuring characters from the game in a virtual band performing a song in multiple languages that we commissioned specifically for Free Fire.

例如，我們推出了一段音樂視頻，其中包含遊戲中的角色，虛擬樂隊以多種語言表演了一首我們專門為 Free Fire 委託製作的歌曲。

To accompany the video, we launched specific in-game events and promotions as well as special skins and other in-game items.

為了配合視頻，我們推出了特定的遊戲內活動和促銷活動以及特殊皮膚和其他遊戲內物品。

The launch was a huge success with our players with the video attracting over 10 million viewers online within a week.

此次發佈在我們的玩家中取得了巨大成功，該視頻在一周內吸引了超過 1000 萬在線觀眾。

Over the last 2 years, we have developed a unique ability to build and sustain huge and highly engaged Free Fire communities across diverse markets globally.

在過去的 2 年中，我們開發了一種獨特的能力，可以在全球不同市場建立和維持龐大且高度參與的 Free Fire 社區。

We are also seeing that holders of other high-quality IP want to work with us to reach these communities.

我們還看到其他高質量 IP 的持有者希望與我們合作以接觸這些社區。

We recently unveiled a partnership with Gravity, the developers of the classic MMORPG game, Ragnarok, to launch a range of exclusive in-game content in Free Fire based on Ragnarok's IP.

我們最近宣布與經典 MMORPG 遊戲 Ragnarok 的開發商 Gravity 建立合作夥伴關係，以基於 Ragnarok 的 IP 在 Free Fire 中推出一系列獨家遊戲內內容。

Generations of gamers across Southeast Asia and Latin America have a strong affinity with Ragnarok and its characters, and the response to this in-game collaboration has been very encouraging.

東南亞和拉丁美洲的幾代遊戲玩家對諸神黃昏及其角色有著強烈的親和力，對這種遊戲內合作的反應非常令人鼓舞。

We will continue to focus on growing the user base and deepening user engagement for Free Fire, with an increasing emphasis on building the game into a well-loved and long-lasting IP and a highly active social platform serving hundreds of millions of global users.

我們將繼續專注於擴大 Free Fire 的用戶群和深化用戶參與度，並越來越重視將游戲打造成一個深受喜愛且經久不衰的 IP 和一個服務於全球數億用戶的高度活躍的社交平台。

We believe that this will, in the longer term, translate into sustained strong performance for Free Fire.

我們相信，從長遠來看，這將轉化為 Free Fire 的持續強勁表現。

Another exciting recent development is our acquisition of Phoenix Labs, one of the top independent game development studios in North America.

另一個令人興奮的近期發展是我們收購了北美頂級獨立遊戲開發工作室之一的 Phoenix Labs。

This brings a team of more than 100 of the best AAA developers in the industry into the Garena family and significantly enhances our in-house content creation capabilities and our ability to serve diverse markets globally.

這將一支由 100 多名業內最優秀的 AAA 開發人員組成的團隊帶入了 Garena 大家庭，並顯著增強了我們的內部內容創作能力和我們為全球多元化市場服務的能力。

The acquisition also underlines how Garena is increasingly being recognized as a leading industry player worldwide, thanks to our strong global footprint.

此次收購還突顯了 Garena 如何日益被公認為全球領先的行業參與者，這要歸功於我們強大的全球足跡。

For Garena as a whole, we are moving into 2020 in a great position and with exciting plans for growth.

對於整個 Garena 而言，我們正以有利的地位進入 2020 年，並製定了令人興奮的增長計劃。

Our focus for the year ahead will be to continue creating captivating content that will help us grow and engage more deeply with our global communities, and to continue strengthening our game development capabilities and publishing network to bring to market more global hits and top-grossing games.

我們未來一年的重點將是繼續創造引人入勝的內容，以幫助我們成長並更深入地與我們的全球社區互動，並繼續加強我們的遊戲開發能力和發佈網絡，以將更多的全球熱門遊戲和暢銷遊戲推向市場.

Our digital entertainment guidance for the coming year reflects our confidence in our ability to continue deepening engagement with gamers globally and to build on the momentum that made 2019 a stand-out year for Garena.

我們對來年的數字娛樂指導反映了我們對繼續深化與全球遊戲玩家的互動並鞏固使 2019 年成為 Garena 傑出一年的勢頭的信心。

For the full year of 2020, we currently expect adjusted revenue for digital entertainment to be between $1.9 billion and $2.0 billion.

對於 2020 年全年，我們目前預計數字娛樂的調整後收入將在 19 億美元至 20 億美元之間。

Turning to Shopee.

轉向Shopee。

In the fourth quarter, we recorded another impressive set of results.

在第四季度，我們記錄了另一組令人印象深刻的結果。

Growth in the e-commerce industry in our region continues to accelerate, and Shopee, as the clear market leader, is gaining an outsized slice of the pie.

我們地區電子商務行業的增長繼續加速，而蝦皮作為明顯的市場領導者，正在分一杯羹。

Across the region, our order growth is accelerating with gross orders for the quarter growing about 113% year-on-year to 440.5 million.

在整個地區，我們的訂單增長正在加速，本季度的總訂單同比增長約 113% 至 4.405 億。

GMV for the fourth quarter also reached $5.6 billion, an increase of more than 64% year-on-year.

第四季度的 GMV 也達到了 56 億美元，同比增長超過 64%。

As we continued to expand our market leadership, Shoppe saw sustained strong user engagement in both Southeast Asia and in Taiwan.

隨著我們繼續擴大我們的市場領導地位，Shoppe 在東南亞和台灣都看到了持續強勁的用戶參與度。

Shopee ranked #1 in the shopping category by average monthly active users across Google Play and the iOS App Store combined in the fourth quarter according to App Annie.

根據 App Annie 的數據，Shopee 在 Google Play 和 iOS App Store 的平均每月活躍用戶數量中排名第一。

By total time spend on app, which App Annie measures on Android phones, Shopee also ranked #1 in Southeast Asia as a whole and in each of our 5 largest markets.

根據 App Annie 在 Android 手機上衡量的應用總時間，Shopee 在整個東南亞和我們 5 個最大的市場中均排名第一。

In fact, worldwide, Shopee was among the top 5 most downloaded apps in the shopping category across Google Play and the iOS App Store combined in both the fourth quarter and the full year of 2019 based on App Annie's estimates.

事實上，根據 App Annie 的估計，在全球範圍內，Shopee 是 2019 年第四季度和 2019 年全年 Google Play 和 iOS App Store 購物類別中下載次數最多的應用之一。

At the same time, we are seeing that consumers are building an increasing affinity with the Shopee brand.

與此同時，我們看到消費者對 Shopee 品牌的親和力越來越強。

According to YouGov 2019 Global Brand Buzz ranking, which measures the brands with the most buzz with consumers in different markets around the world, Shopee was the top-ranked brand across all categories in each of Indonesia, Thailand and Malaysia and the top-ranked e-commerce brand in Vietnam.

根據 YouGov 2019 Global Brand Buzz 排名，該排名衡量的是全球不同市場中最受消費者歡迎的品牌，Shopee 是印度尼西亞、泰國和馬來西亞各類別中排名第一的品牌，在電子商務中排名第一。 -越南的商業品牌。

We are also encouraged to see that Shopee is enjoying strong user retention as we continue to strengthen our market leadership.

隨著我們繼續加強我們的市場領導地位，我們也很高興看到 Shopee 擁有強大的用戶保留率。

Shopee's 3-year order retention from January 2017 to December 2019 was close to 70%, with the order retention rate in Indonesia, our largest market, even higher than the group rate for the same period.

Shopee 2017 年 1 月至 2019 年 12 月的 3 年訂單留存率接近 70%，在我們最大的市場印度尼西亞的訂單留存率甚至高於同期集團的留存率。

In Indonesia, Shopee further solidified its market leadership.

在印度尼西亞，Shopee 進一步鞏固了其市場領導地位。

In the fourth quarter, we recorded an average of 2 million orders a day, that is more than double the same number from the same quarter a year ago.

在第四季度，我們平均每天有 200 萬份訂單，是去年同期的兩倍多。

In fact, year-on-year growth for Shopee's GMV and orders accelerated each quarter in 2019.

事實上，Shopee 的 GMV 和訂單的同比增長在 2019 年每個季度都在加速。

Shopee also continued to rank as the top app in the shopping category in Indonesia by monthly active users and the downloads on Google Play and the iOS App Store as well as time-spending app on Android in the fourth quarter according to App Annie.

根據 App Annie 的數據，Shopee 在第四季度的月度活躍用戶、Google Play 和 iOS App Store 的下載量以及 Android 上的時間花費應用程序方面，繼續在印度尼西亞購物類別中排名第一。

As we continued to benefit from our growing regional leadership and deepening monetization, we recorded strong growth on the top line and further improvement in operating efficiency during the quarter.

隨著我們繼續受益於我們不斷增長的區域領導地位和不斷深化的貨幣化，我們在本季度實現了強勁的收入增長和運營效率的進一步提高。

E-commerce adjusted revenue increased over 182% year-on-year to $358.3 million in Q4 and increased over 224% year-on-year to reach $942.1 million for the full year, which meant that we exceeded the high end of our twice-increased guidance for 2019.

電子商務調整後的收入在第四季度同比增長超過 182% 至 3.583 億美元，同比增長超過 224% 至全年達到 9.421 億美元，這意味著我們超過了我們兩次的高端- 2019年增加指導。

Adjusted revenue as a percentage of GMV reached 6.3% in the fourth quarter, a new high for Shopee.

第四季度調整後收入佔 GMV 的百分比達到 6.3%，創下 Shopee 的新高。

This strong revenue performance is a result of a dedicated focus to enhance the services we offer to our sellers and buyers and grow the platform to create more value to them.

這種強勁的收入表現是專注於增強我們為賣家和買家提供的服務並發展平台以為他們創造更多價值的結果。

We also recorded a positive gross profit for the fourth quarter of 2019.

我們還錄得 2019 年第四季度的正毛利潤。

During the quarter, we also continued to drive improvement in cost efficiency.

在本季度，我們還繼續推動成本效率的提高。

Adjusted EBITDA loss per order decreased by 47.8% to $0.70 in the fourth quarter of 2019 compared to $1.34 a year ago and $0.79 in the third quarter.

與去年同期的 1.34 美元和第三季度的 0.79 美元相比，2019 年第四季度每筆訂單的調整後 EBITDA 損失下降了 47.8% 至 0.70 美元。

I'm also pleased to note that Shopee was gross profit positive in the fourth quarter as we continued to benefit from economies of scale that come with market leadership as well as our improved operating efficiency.

我也很高興地註意到，Shopee 在第四季度的毛利潤為正，因為我們繼續受益於市場領先地位帶來的規模經濟以及我們提高的運營效率。

Moreover, in Taiwan, our second largest market, we continued to record a positive quarterly adjusted EBITDA after allocation of the headquarters' common expenses.

此外，在我們的第二大市場台灣，在分配總部的共同費用後，我們繼續錄得正的季度調整 EBITDA。

Adjusted EBITDA margin in Taiwan before allocation of the headquarters' common expenses already exceeded 20% in the fourth quarter of 2019.

2019年第四季度，在分配總部共同費用之前，台灣調整後的EBITDA利潤率已經超過20%。

Looking to the year ahead, Shopee is in an ideal position to continue capturing the lion's share of the growth in our regions' e-commerce market.

展望未來一年，Shopee 處於理想的位置，可以繼續在我們地區電子商務市場的增長中佔據最大份額。

We are increasingly benefiting from the scale and the brand recognition we enjoy as the clear industry leader.

作為行業領導者，我們越來越多地受益於我們所享有的規模和品牌知名度。

And we will continue to invest prudently to extend our leadership by continuing to grow our seller and the consumer base and building ever-stronger bonds of affinity with them across the regions.

我們將繼續謹慎投資，通過繼續擴大我們的賣家和消費者基礎，並在各個地區與他們建立更緊密的聯繫，從而擴大我們的領導地位。

Our e-commerce guidance for 2020 underlines our belief that we will continue to scale the platform with speed and efficiency while further deepening monetization.

我們對 2020 年的電子商務指導強調了我們的信念，即我們將繼續以速度和效率擴展平台，同時進一步深化貨幣化。

For the full year of 2020, we currently expect adjusted revenue for e-commerce to be between $1.7 billion and $1.8 billion.

對於 2020 年全年，我們目前預計電子商務的調整後收入將在 17 億美元至 18 億美元之間。

As I mentioned at the start, 2019 was a year of major successes for Sea.

正如我在開頭提到的，2019 年是 Sea 取得重大成功的一年。

We have been fortunate to be in this region at the time when the market has been growing rapidly.

我們很幸運能夠在市場快速增長的時候進入這個地區。

We have been in the right place to capture these growth opportunities.

我們一直在正確的地方抓住這些增長機會。

But we also have been highly strategic in areas we have chosen to focus on, highly disciplined in how we built and scaled our businesses, and highly skilled in managing their growth.

但我們在我們選擇關注的領域也具有高度的戰略性，在我們如何建立和擴展我們的業務方面非常自律，並且在管理他們的增長方面非常熟練。

We see huge growth opportunities ahead in each of our business lines.

我們在每個業務領域都看到了巨大的增長機會。

Leveraging our proven capabilities in building and scaling businesses with efficiency and our ability to achieve strong profitability in diverse growth markets, we believe we are in an ideal position to capture these and other global growth opportunities that may present themselves in the coming years.

憑藉我們在高效建立和擴展業務方面的成熟能力以及我們在不同增長市場中實現強勁盈利能力的能力，我們相信我們處於抓住未來幾年可能出現的這些和其他全球增長機會的理想位置。

I'm more excited than ever as we move into 2020 and would like to close by thanking our investors and partners, on behalf of all of us at Sea, for your support over the last decade.

在我們進入 2020 年之際，我比以往任何時候都更加興奮，並謹代表 Sea 的所有人感謝我們的投資者和合作夥伴在過去十年中的支持。

We have big goals for 2020 and beyond, and we are humbled to have your continued backing.

我們為 2020 年及以後製定了宏偉目標，我們很榮幸得到您的持續支持。

With that, I will invite Tony to discuss our financials.

有了這個，我將邀請託尼討論我們的財務狀況。

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 fourth quarter total adjusted revenue was $909.1 million, an increase of 134% year-on-year.

對於 Sea 整體而言，我們第四季度調整後的總收入為 9.091 億美元，同比增長 134%。

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

這主要是由於我們的數字娛樂業務的增長，尤其是我們的自主開發遊戲 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 $479.9 million, an increase of 107% year-on-year.

數字娛樂調整後收入為 4.799 億美元，同比增長 107%。

The growth was primarily driven by the increase of our active user base and the deepened paying user penetration, and in particular, the continued success of our self-developed game, Free Fire.

增長主要是由於我們活躍用戶群的增加和付費用戶滲透率的加深，尤其是我們自主開發的遊戲《自由之火》的持續成功。

Digital entertainment adjusted EBITDA was $266.4 million, an increase of 153% 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 2.664 億美元，同比增長 153%，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。

E-commerce adjusted revenue was $358.3 million, up 182% year-on-year.

電子商務調整後收入為 3.583 億美元，同比增長 182%。

Within this, marketplace revenue was $283.5 million, up 224% year-on-year, while product revenue was $74.7 million, up 90% year-on-year.

其中，市場收入為 2.835 億美元，同比增長 224%，而產品收入為 7470 萬美元，同比增長 90%。

This growth is a result of our commitment to continue enhancing our service offerings as we seek to create greater value for our platform users.

這種增長是我們致力於為平台用戶創造更大價值的同時不斷增強我們的服務產品的結果。

E-commerce adjusted EBITDA loss was $306.2 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把握該地區的市場機會，電子商務調整後的 EBITDA 損失為 3.062 億美元。

We will continue to invest prudently and drive high-quality growth by serving the users' needs better in the long run.

我們將繼續審慎投資，通過更好地服務用戶的長遠需求，推動高質量增長。

Digital financial services adjusted revenue was $3.6 million, an increase of 18% year-on-year from $3.1 million in the fourth quarter of 2018.

數字金融服務調整後收入為 360 萬美元，較 2018 年第四季度的 310 萬美元同比增長 18%。

Adjusted EBITDA loss was $49.8 million in the fourth quarter of 2019 compared to a loss of $9.8 million in the same period of 2018.

2019 年第四季度調整後 EBITDA 虧損為 4980 萬美元，而 2018 年同期虧損 980 萬美元。

This was primarily due to our continued efforts to integrate our e-wallet services with our Shopee platform across different markets.

這主要是由於我們不斷努力將我們的電子錢包服務與我們跨不同市場的 Shopee 平台集成。

We have also been expanding the use cases of our e-wallet services outside of Sea's platforms to include other online and offline merchants, along with a variety of third-party use cases.

我們還一直在將我們的電子錢包服務的用例擴展到 Sea 平台之外，以包括其他線上和線下商家，以及各種第三方用例。

Returning to our consolidated numbers.

回到我們的綜合數字。

We recognized a net nonoperating loss of $15.2 million in the fourth quarter of 2019 compared to a net nonoperating income of $53 million in the fourth quarter of 2018.

我們在 2019 年第四季度確認了 1520 萬美元的淨營業外虧損，而 2018 年第四季度的淨營業外收入為 5300 萬美元。

This was primarily due to a fair value loss of $6.8 million in the fourth quarter of 2019 as compared to a fair value gain of $61.2 million in the fourth quarter of 2018, arising from the fair value accounting treatment for the 2017 convertible notes.

這主要是由於 2019 年第四季度的公允價值損失為 680 萬美元，而 2018 年第四季度的公允價值收益為 6120 萬美元，這是由於 2017 年可轉換票據的公允價值會計處理產生的。

We had a net income tax expense of $36 million in the fourth quarter of 2019, which was primarily due to withholding tax and corporate income tax recognized in our digital entertainment business.

我們在 2019 年第四季度的淨所得稅費用為 3600 萬美元，這主要是由於我們的數字娛樂業務中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 $240.2 million in the fourth quarter of 2019, as compared to $321.2 million for the same period in 2018.

最後，2019 年第四季度的淨虧損（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 2.402 億美元，而 2018 年同期為 3.212 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) The first question comes from Alicia Yap from Citigroup.

（操作員說明）第一個問題來自花旗集團的 Alicia Yap。

Congrats on the strong set of results.

恭喜您取得了一系列強勁的成果。

The first question is on the e-commerce.

第一個問題是關於電子商務的。

Can you share with us currently, what is the percentage of the GMV or orders on Shopee that coming from merchants in China?

您能否與我們分享一下，Shopee 上的 GMV 或訂單來自中國商家的百分比是多少？

And have we seen any disruption during this period given the virus outbreak?

鑑於病毒爆發，我們在此期間是否看到任何中斷？

On the other hand, have you seen increase for the online shopping in countries such as like Thailand, Singapore or even Indonesia as more people are turning into online given the outbreak?

另一方面，隨著疫情爆發，越來越多的人開始上網，您是否看到泰國、新加坡甚至印度尼西亞等國家的網上購物有所增加？

And then the second question is on the growth -- the adjusted revenue guidance for the gaming business.

然後第二個問題是關於增長的——遊戲業務調整後的收入指引。

Is that mainly based on the existing games?

主要是基於現有的遊戲嗎？

And should we expect that it does not include any potential new games contribution?

我們是否應該期望它不包括任何潛在的新遊戲貢獻？

Thank you, Alicia.

謝謝你，艾麗西亞。

On e-commerce, in terms of cross-border business, we do have a very strong cross-border business.

在電子商務方面，在跨境業務方面，我們確實有非常強大的跨境業務。

However, our e-commerce marketplace is primarily local to local.

然而，我們的電子商務市場主要是本地對本地的。

In terms of -- we don't give the specific breakdown, but suffice to say, it's in the range of -- overall cross-border business is in the range of low teens from GMV perspective, and part of it also from other countries within Southeast Asia as well as outside of China, inside Asia.

就 - 我們沒有給出具體的細分，但足以說，它在 - 從 GMV 的角度來看，整體跨境業務處於低青少年範圍內，其中一部分也來自其他國家東南亞境內，中國境外，亞洲境內。

And so far, we haven't seen much of an impact from the virus situation.

到目前為止，我們還沒有看到病毒情況產生太大影響。

As you can see from our revenue guidance for e-commerce, which we budget for 80% to 90% year-on-year growth still.

正如您從我們的電子商務收入指南中看到的那樣，我們仍將其預算為 80% 至 90% 的同比增長。

And of course, if this virus situation becomes an extended issue that impacts global supply chain or regional economy as a whole, we might become similarly impacted.

當然，如果這種病毒情況成為影響全球供應鍊或整個區域經濟的延伸問題，我們可能會受到同樣的影響。

On the other hand, we also see that, especially in our region, while people are looking for online alternatives and -- to shop for certain things, especially in the FMCG or cleaning categories.

另一方面，我們也看到，尤其是在我們的地區，人們正在尋找在線替代品，並且 - 購買某些東西，特別是在快速消費品或清潔類別中。

And as the market leader, Shopee does take more of a lion's share in terms of the demand that might come online.

作為市場領導者，Shopee 在可能出現的在線需求方面確實佔據了更大的份額。

So that could also foster some user habit in purchasing things online.

所以這也可以培養一些用戶在網上購物的習慣。

But in general, as you can see, Shopee is seeing very strong year-on-year growth in order at more than 100% range.

但總的來說，如您所見，Shopee 的同比增長非常強勁，增幅超過 100%。

And being the market leader, we actually are growing at a faster pace than our peer companies, which are significantly smaller than us in most of the markets that we are big in.

作為市場領導者，我們實際上的增長速度比我們的同行公司更快，在我們主要的大多數市場中，這些公司的規模都比我們小得多。

And that also shows that the growth is very robust and continue to be very strong for Shopee.

這也表明 Shopee 的增長非常強勁，並且繼續保持強勁勢頭。

And that comes from both the user number growth as well as frequency growth.

這既來自用戶數量的增長，也來自頻率的增長。

We mentioned before that Shopee users shopped around 3 to 4 times a month on our platform, and that number has increased to 4 to 5 times.

我們之前提到過，Shopee 用戶每月在我們的平台上購物大約 3 到 4 次，而這個數字已經增加到 4 到 5 次。

In our largest market, Indonesia, that number has exceeded 5 times.

在我們最大的市場印度尼西亞，這個數字已經超過了 5 倍。

So that has also been part of the growth driver for our Shopee platform.

因此，這也是我們 Shopee 平台增長動力的一部分。

So overall, we're very optimistic of the fundamentals and the network effect from the -- our strengthening market leadership over time.

所以總的來說，我們對基本面和網絡效應非常樂觀——我們隨著時間的推移加強了市場領導地位。

In terms of digital entertainment guidance, again, putting things into perspective, our adjusted revenue for 2019 has shown a very significant growth from previous years.

在數字娛樂指導方面，從長遠來看，我們 2019 年的調整後收入與往年相比有了非常顯著的增長。

Thanks to our own self-developed game, which not only strengthened our revenue and the revenue generation capabilities for the longer run but also significantly expanded our global footprint.

得益於我們自己開發的遊戲，不僅增強了我們的收入和長期的創收能力，而且顯著擴大了我們的全球版圖。

As Forrest mentioned earlier, markets outside of Southeast Asia and Taiwan now contribute close to 50% of our revenue, and that would include markets like Lat Am as well as new frontier markets like India.

正如 Forrest 之前提到的，東南亞和台灣以外的市場現在貢獻了我們近 50% 的收入，這將包括像拉美這樣的市場以及像印度這樣的新前沿市場。

We also start to see encouraging growth in markets as diverse as United States.

我們也開始看到美國等多元化市場的令人鼓舞的增長。

So this is very encouraging for us.

所以這對我們來說是非常鼓舞人心的。

And we -- for this year, we'll continue to focus on promoting the user growth for Free Fire and deepening user engagement and monetization over time.

我們 - 今年，我們將繼續專注於促進 Free Fire 的用戶增長，並隨著時間的推移加深用戶參與度和貨幣化。

As we mentioned in our earnings, our peak daily active users has reached 60 million globally.

正如我們在收益中提到的，我們的每日活躍用戶峰值已在全球達到 6000 萬。

And that is, we believe, a very impressive number we have achieved for the single game.

也就是說，我們相信，我們在單場比賽中取得了非常令人印象深刻的數字。

And we also increasingly see deepening monetization in large markets like India, for example, with a very high user growth.

我們也越來越多地看到印度等大型市場的貨幣化深化，例如，用戶增長非常快。

We also start to see faster growth in pay user ratio, while the ARPPU, the average revenue per paying user, also continue to increase.

我們也開始看到付費用戶比率增長更快，而每付費用戶的平均收入 ARPPU 也繼續增加。

So that is a very good sign for us.

所以這對我們來說是一個非常好的跡象。

We also see some encouraging signs from a diverse market like the United States, of course, with very high ARPPU.

當然，我們還看到來自美國等多元化市場的一些令人鼓舞的跡象，當然，ARPPU 非常高。

So on all fronts, I think we see 2020 to be continuing a year of strong performance for our digital entertainment.

因此，在所有方面，我認為我們認為 2020 年將繼續是我們數字娛樂表現強勁的一年。

Of course, we don't -- as usual, we don't discuss the game pipeline, specifically, but as we always assure our investors, everything we do, we are focused on building the long-term potential and maximizing our ability and opportunity to create the next billion-dollar game.

當然，我們不會 - 像往常一樣，我們不會專門討論遊戲管道，但正如我們始終向投資者保證，我們所做的一切，我們都專注於建立長期潛力並最大限度地發揮我們的能力和創造下一個十億美元遊戲的機會。

At the same time, we want to maximize the potential of the existing billion-dollar game we already have.

同時，我們希望最大限度地發揮我們已經擁有的現有十億美元遊戲的潛力。

The next question comes from Miang Chuen Koh from Goldman Sachs.

下一個問題來自高盛的 Miang Chuen Koh。

So the first question is, just wondering how we should think about the revenue as well as the cost impact for the gaming business from integrating Phoenix Labs?

所以第一個問題是，想知道我們應該如何考慮整合 Phoenix Labs 對遊戲業務的收入和成本影響？

And the second question is, how should we think about cash burn for both your e-commerce and payments divisions this year?

第二個問題是，我們應該如何看待今年電子商務和支付部門的現金消耗？

Thank you, MC.

謝謝你，MC。

So Phoenix Lab is an investment we recently made.

所以鳳凰實驗室是我們最近進行的一項投資。

It's a AAA lab based -- a studio based in Vancouver with also operations in both Canada and the U.S. They have about 100 developers with 10, 20 years of experience from creating AAA titles across different platforms and diverse markets with a key focus on developed markets.

這是一個 AAA 實驗室——一個位於溫哥華的工作室，在加拿大和美國也有業務。他們有大約 100 名開發人員，他們擁有 10 到 20 年的經驗，在不同平台和不同市場創建 AAA 遊戲，重點關注發達市場.

We believe their skill sets and focus and expertise are highly complementary to our existing skill sets and experience across global emerging markets.

我們相信，他們的技能、重點和專業知識與我們在全球新興市場的現有技能和經驗高度互補。

And so the acquisition is more for talent acquisition, and we'll look long term in terms of developing more IP and strengthening our self-development capabilities as opposed to a more of an IP acquisition where we just look at a single game.

所以這次收購更多的是為了人才的獲取，我們會著眼於開發更多的 IP 和加強我們的自我開發能力，而不是更多地關注單一遊戲的 IP 收購。

So in terms of that, I think it really strengthen our development capabilities in the longer run.

所以就這一點而言，我認為從長遠來看，它確實增強了我們的開發能力。

And I mentioned that we are looking at the next decade in terms of our development capabilities and generating top IP across the globe.

我提到過，我們正在著眼於未來十年的開發能力，並在全球範圍內產生頂級 IP。

In terms of cash burn for e-commerce and DFS, so on the e-commerce side, I think our position has been very consistent.

在電子商務和 DFS 的現金消耗方面，在電子商務方面，我認為我們的立場非常一致。

We have a strong market leadership and our market leadership has been strengthening over time.

我們擁有強大的市場領導地位，並且隨著時間的推移，我們的市場領導地位一直在加強。

And for e-commerce, as we all know, it enjoys very strong network effect and therefore, strong market leadership eventually leads to better profitability and competitive moat in a longer run.

而對於電子商務，眾所周知，它具有很強的網絡效應，因此，強大的市場領導力最終會帶來更好的盈利能力和長期的競爭護城河。

So we will continue to invest to maximize our market leadership and also continue to invest to provide better services to our sellers and buyers to build a better ecosystem to serve them over time.

因此，我們將繼續投資以最大限度地發揮我們的市場領導地位，並繼續投資為我們的賣家和買家提供更好的服務，以建立一個更好的生態系統，隨著時間的推移為他們服務。

By that, we generate more value and drive more profitability over the longer run.

通過這種方式，我們可以創造更多價值，並在長期內推動更高的盈利能力。

So on that front, I think our investment is highly efficient.

所以在這方面，我認為我們的投資是高效的。

If you look at our EBITDA -- adjusted EBITDA loss per order has actually been decreasing quite rapidly quarter-on-quarter, and we continue to focus on efficiency -- efficient growth as well as monetization at the same time for our e-commerce business going into 2020 and beyond.

如果您查看我們的 EBITDA - 每個訂單的調整後 EBITDA 損失實際上環比下降得相當快，我們將繼續關注效率 - 同時為我們的電子商務業務實現高效增長和貨幣化進入 2020 年及以後。

In terms of digital financial services, as we mentioned earlier, we believe it is a core infrastructure for our digital ecosystem as well as a key part of the digital economy of our region, which has a large unbanked, underserved population by financial services in general.

在數字金融服務方面，正如我們之前提到的，我們認為它是我們數字生態系統的核心基礎設施，也是我們地區數字經濟的關鍵部分，總體而言，該地區有大量無銀行賬戶、金融服務服務不足的人口.

And we see this as one of the largest opportunities in the digital economy of our region and a very long-term opportunity.

我們認為這是我們地區數字經濟中最大的機遇之一，也是一個非常長期的機遇。

As always, we oftentimes don't jump onto opportunity without first carefully thinking about the size, the timing, our comparative advantage in running that opportunity and our playbook in executing that.

與往常一樣，我們通常不會在沒有首先仔細考慮規模、時機、我們在運行該機會方面的比較優勢以及我們在執行該機會方面的劇本之前，就不會抓住機會。

And we always try to maximize the -- in terms of all these features that we closely look at.

我們總是試圖最大化 - 就我們密切關注的所有這些功能而言。

So the same thing applies to digital financial services as how we did in game as well as in e-commerce.

所以同樣的事情也適用於數字金融服務，就像我們在遊戲和電子商務中所做的一樣。

So we evaluate the opportunity carefully, we understand the total addressable market there, we understand the timing and we also understand how we are going to approach it from our core strength.

因此，我們仔細評估了這個機會，我們了解那裡的潛在市場，我們了解時機，我們也了解我們將如何從我們的核心力量中接近它。

And we believe the fact that we have 2 of the largest -- digital entertainment segment as well as the e-commerce segment, which are the 2 largest digital consumption opportunities in our economy, really help to grow the digital financial services on our platforms with captive user base, high-frequency use case as well as high-quality data that allow us to build up into a bigger platform over the long run, not only serving our users but also serving third-party use cases and the merchants.

我們相信，我們擁有兩個最大的數字娛樂部門以及電子商務部門，這是我們經濟中最大的兩個數字消費機會，這一事實確實有助於在我們的平台上發展數字金融服務俘虜的用戶群，高頻用例以及高質量的數據，使我們能夠長期建立一個更大的平台，不僅服務於我們的用戶，還服務於第三方用例和商家。

And with just 1 year of integration with Shopee platform, we already see very strong natural adoption, rising to more than 30% of gross orders in Indonesia by January.

與 Shopee 平台整合僅 1 年，我們已經看到了非常強勁的自然採用率，到 1 月份，印度尼西亞的總訂單量已上升到 30% 以上。

And that is a very encouraging sign of how this is welcomed by our users.

這是一個非常令人鼓舞的跡象，表明我們的用戶對此表示歡迎。

And at the same time, we have already achieved more than 8 million quarterly paying users in the fourth quarter of 2019 for our e-wallet services.

同時，我們的電子錢包服務在 2019 年第四季度已經實現了超過 800 萬季度付費用戶。

Again, we believe that spending is highly efficient, and we'll continue to grow that in an efficient manner.

同樣，我們相信支出是高效的，我們將繼續以有效的方式增長。

The next question comes from Thomas Chong from Jefferies.

下一個問題來自 Jefferies 的 Thomas Chong。

Congratulations on a strong set of guidance for Shopee.

祝賀 Shopee 獲得了一套強有力的指導。

May I ask about the take rate trend across different geographies such as Indonesia, Singapore and Taiwan going into the next couple of years?

我可以問一下印度尼西亞、新加坡和台灣等不同地區未來幾年的錄取率趨勢嗎？

And on the other hand, going back to the gaming business, can management comment about the performance of Call of Duty as well as any new titles from Tencent in 2020?

另一方面，回到遊戲業務，管理層能否評論《使命召喚》以及騰訊在 2020 年的任何新遊戲的表現？

Thank you.

謝謝你。

As we mentioned, we were -- we've been deepening monetization of Shopee platform as we continue to grow the platform.

正如我們所提到的，隨著我們繼續發展平台，我們一直在深化 Shopee 平台的貨幣化。

And we will continue to raise take rates across different markets over time, as we provide more services and enhance our services to our sellers as well as buyers and grow the platform.

隨著時間的推移，我們將繼續提高不同市場的成交率，因為我們會提供更多服務，加強我們對賣家和買家的服務，並發展平台。

While we don't give a specific guidance on the rates, as you can tell from the guidance we have given on Shopee's full year adjusted revenue that this is also incorporates increased deepening monetization on the platform.

雖然我們沒有就費率給出具體指導，但您可以從我們對 Shopee 全年調整後收入的指導中看出，這也包括平台上不斷深化的貨幣化。

In terms of digital entertainment, we see very strong performance on Call of Duty: Mobile so far in our region, which are also a bright spot among the global region, we believe.

在數字娛樂方面，到目前為止，我們認為《使命召喚：手游》在我們地區的表現非常強勁，我們相信這也是全球地區的一個亮點。

And it's still at a very early stage since it was launched October last year, and we'll observe how it continue to perform and work closely with Tencent and Activision to continue to improve the game and tailor it to our markets.

自去年 10 月推出以來，它仍處於非常早期的階段，我們將觀察它如何繼續表現並與騰訊和動視密切合作，繼續改進遊戲並使其適應我們的市場。

In terms of new titles from Tencent in 2020, of course, under our close partnership with Tencent as well as the right of first refusal arrangement, we have full visibility of the pipeline.

對於騰訊2020年的新作，當然，在我們與騰訊的密切合作以及優先權安排下，我們對在研產品有充分的了解。

As usual, we don't specifically talk about any game pipeline, but you can rest assured that we'll continue to work with Tencent as well as all our partners to bring the top titles that we think are highly promising to our markets over time.

像往常一樣，我們沒有具體談論任何遊戲管道，但您可以放心，我們將繼續與騰訊以及我們所有的合作夥伴合作，隨著時間的推移將我們認為極具潛力的頂級遊戲帶到我們的市場.

The next question comes from Mike Olson from Piper Sandler.

下一個問題來自 Piper Sandler 的 Mike Olson。

Just 2 questions, specifically, on competition.

只有 2 個問題，特別是關於競爭的問題。

On the SeaMoney side, what competitive environment would you describe is there relative to the competition that you see in your other core markets of gaming and e-commerce?

在 SeaMoney 方面，相對於您在其他遊戲和電子商務核心市場中看到的競爭，您會描述什麼樣的競爭環境？

And then on the e-commerce side, are you seeing any increased competitiveness or aggressiveness, I should say, from competitors from the standpoint of free or subsidized shipping or other marketing spend?

然後在電子商務方面，我應該說，從免費或補貼運輸或其他營銷支出的角度來看，你是否看到競爭對手的競爭力或進取心有所增加？

In terms of SeaMoney, we think that at this stage, the market is still highly underdeveloped and fragmented.

在SeaMoney方面，我們認為現階段市場仍高度不發達和分散。

We have seen some players in the market who have spent to educate the market grow the pie for all of us, and which we think we also stand to benefit, as we look to serve more users and use cases who have already been educated on digital wallet.

我們已經看到市場上的一些參與者花錢來教育市場為我們所有人做大蛋糕，我們認為我們也將從中受益，因為我們希望為更多已經接受過數字教育的用戶和用例提供服務錢包。

Ultimately, we think our core competence and advantages in owning the 2 of the largest use cases is going to help us drive growth and also build out a comprehensive digital financial services ecosystem.

最終，我們認為我們擁有兩個最大用例的核心競爭力和優勢將幫助我們推動增長並建立一個全面的數字金融服務生態系統。

And I think the -- of course, the competitive landscape in e-commerce for us is quite different.

而且我認為——當然，電子商務的競爭格局對我們來說是完全不同的。

We are the market leader and we continue to -- as mentioned, we continue to grow at a faster pace in our markets despite being larger than our competitors.

我們是市場領導者，並且我們將繼續——如前所述，儘管我們的市場規模比競爭對手大，但我們繼續在市場上以更快的速度增長。

As, for example, Indonesia, we mentioned our order number actually doubled -- more than doubled year-on-year to reach more than 2 million per day.

例如，在印度尼西亞，我們提到我們的訂單數量實際上翻了一番——同比翻了一番多，達到每天超過 200 萬。

And for some of the competitors, who also announced their growth rates, while they are significantly smaller than us, their growth rates are also significantly lower than ours.

而對於一些也公佈了增長率的競爭對手來說，雖然比我們小很多，但他們的增長率也明顯低於我們。

And we also start to see some of our peers switching gear towards focusing more on profitability and cost-cutting over time.

隨著時間的推移，我們也開始看到我們的一些同行轉向更多地關注盈利能力和削減成本。

I mean we fully respect our competitors and believe they are doing the best for their business, but while we continue to see great potential opportunity for us to maximize our market share as well as increasing the -- building up the full ecosystem under the e-commerce business.

我的意思是我們完全尊重我們的競爭對手，並相信他們正在為他們的業務做最好的事情，但是雖然我們繼續看到巨大的潛在機會讓我們最大化我們的市場份額以及增加——在電子環境下建立完整的生態系統——商業業務。

The next question comes from John Blackledge from Cowen.

下一個問題來自 Cowen 的 John Blackledge。

On SeaMoney, could you help us think about some key targets or metrics for SeaMoney in 2020?

關於 SeaMoney，您能幫我們想想 2020 年 SeaMoney 的一些關鍵目標或指標嗎？

And kind of what should investors be looking for in terms of progress of SeaMoney as we get through the year?

隨著我們度過這一年，投資者應該在 SeaMoney 的進展方面尋找什麼？

And then on Shopee, I know there's been a couple of questions on cash burn, EBITDA loss.

然後在 Shopee 上，我知道有幾個關於現金消耗和 EBITDA 損失的問題。

Was 2019 the peak EBITDA loss year for the segment?

2019 年是該部門的 EBITDA 虧損高峰年嗎？

And how should we think about longer term EBITDA margins for Shopee?

我們應該如何考慮 Shopee 的長期 EBITDA 利潤率？

In terms of SeaMoney, I think we'll continue to integrate our e-wallet services with our Shopee platform across the region.

在 SeaMoney 方面，我認為我們將繼續將我們的電子錢包服務與整個地區的 Shopee 平台整合。

And at the same time, with the large captive user base we already have, we also have been approached by third-party merchants and other partners wanting to work with us, and we'll continue to expand into other third-party use cases and the merchants.

同時，憑藉我們已經擁有的龐大的專屬用戶群，我們也已經接觸到希望與我們合作的第三方商家和其他合作夥伴，我們將繼續擴展到其他第三方用例和商人。

So on that, we'll continue to focus on growing the user space as well as user frequency and quality of use case on the SeaMoney side.

因此，我們將繼續專注於在 SeaMoney 方面增加用戶空間以及用戶頻率和用例質量。

And in terms of the e-commerce, as mentioned before, we don't give guidance on adjusted EBITDA loss, and we also think it is against competitive -- our competitive interest to specific guide on that part.

就電子商務而言，如前所述，我們沒有就調整後的 EBITDA 損失提供指導，我們也認為這不利於競爭——我們對這部分具體指導的競爭利益。

But on the overall, as you can see, we have been growing with increasing efficiency.

但總的來說，正如你所看到的，我們一直在隨著效率的提高而增長。

And the EBITDA -- adjusted EBITDA loss per order has actually been dropping quite rapidly, and we are very much focused on growth efficiency, as always.

EBITDA - 每個訂單調整後的 EBITDA 損失實際上一直在迅速下降，我們一如既往地非常關注增長效率。

And the EBITDA loss from e-commerce is mainly actually covered by our internal cash flow generated from operations.

而電子商務的 EBITDA 損失實際上主要由我們的內部運營現金流來彌補。

And also, more importantly, if you think about the longer term, we think e-commerce, once you achieve strong market leadership, it brings high profitability.

而且，更重要的是，如果你從長遠來看，我們認為電子商務，一旦你獲得強大的市場領導地位，它就會帶來高利潤。

One example we have given is Taiwan market where we have achieved a very strong market position quickly in that market.

我們給出的一個例子是台灣市場，我們在該市場迅速取得了非常強大的市場地位。

And as we mentioned in earnings that in the fourth quarter, our adjusted EBITDA before common expense allocation for Taiwan already exceeded 20%.

正如我們在財報中提到的那樣，在第四季度，我們調整後的台灣普通費用分配前 EBITDA 已經超過 20%。

We first announced our adjusted EBITDA for Taiwan, excluding common expense, being positive at the beginning of 2019.

我們在 2019 年初首次宣布調整後的台灣 EBITDA（不包括常見費用）為正。

So within the course of 1 year, the margin expansion has been quite rapid.

所以在 1 年的時間裡，利潤率擴張相當迅速。

And we continue to grow the Taiwan market and deepening monetization there.

我們繼續發展台灣市場並深化那裡的貨幣化。

The take rate in Taiwan market is actually not significantly above the group level, so we continue to see strong monetization potential over time.

台灣市場的認購率實際上並沒有明顯高於集團水平，因此隨著時間的推移，我們繼續看到強大的貨幣化潛力。

And that's a good example of how profitable the business could eventually be when we turn on the tap.

這是一個很好的例子，說明當我們打開水龍頭時，業務最終會如何盈利。

So at this time, I would say it's our choice in deciding how fast we can grow the market and, of course, always keeping a close tab on the market natural pace of growth so that we're not going at an inefficient level, but always ahead of the market.

所以在這個時候，我想說這是我們的選擇，決定我們能以多快的速度發展市場，當然，始終密切關注市場的自然增長速度，這樣我們就不會處於低效的水平，但是永遠領先於市場。

The next question is from Ranjan Sharma from JPMorgan.

下一個問題來自摩根大通的 Ranjan Sharma。

It's Ranjan from JPM.

我是摩根大通的 Ranjan。

Congratulations on the achievements over the last decade.

祝賀過去十年取得的成就。

Maybe I can start the first question on the -- with regards to Dauntless and what it means for you.

也許我可以開始第一個問題——關於 Dauntless 以及它對你意味著什麼。

I see that it's a very high-spec game.

我看到這是一個非常高規格的遊戲。

Going into mobile launch, is this game going to be more geared to the developed markets rather than emerging markets like India or Indonesia?

進入移動端，這款遊戲會更適合發達市場，而不是印度或印度尼西亞等新興市場嗎？

The second question is on the e-commerce business.

第二個問題是關於電子商務的。

I know you have shared previously that Brazil is a market, which was being targeted more as a bottom-up project of your cross-border team, but have your aspirations been changing recently?

我知道您之前曾分享過巴西是一個市場，更多的是針對您的跨界團隊自下而上的項目，但是您最近的願望是否發生了變化？

Because I think you've been hiring more people for Shopee Brazil?

因為我認為你一直在為 Shopee Brazil 招聘更多的人？

In terms of Dauntless, it's a product by Phoenix Labs which we recently acquired.

Dauntless 是我們最近收購的 Phoenix Labs 的產品。

And as mentioned, they are a AAA studio focused on AAA titles and developed markets across different platforms.

如前所述，他們是一家 AAA 工作室，專注於不同平台的 AAA 遊戲和發達市場。

And that is why exactly we believe their skill sets are highly complementary to ours where we have shown very strong track record in global emerging markets.

這就是為什麼我們相信他們的技能組合與我們的技能高度互補，我們在全球新興市場表現出非常出色的業績記錄。

I think that all is possible that we'll continue to work with the studio on this and future IP that we collectively might bring to the market across the different markets in the world.

我認為，我們將繼續與工作室合作開發這個和未來的 IP，我們可能會共同將這些 IP 推向世界不同市場的市場，這一切都是有可能的。

And we believe that, our expertise combined, we can address a wide range of markets and further expand our global TAM.

我們相信，結合我們的專業知識，我們可以應對廣泛的市場並進一步擴大我們的全球 TAM。

In terms of e-commerce in Brazil, we're -- this is a cross-border project and by popular demand of our cross-border sellers who, of course, would always prefer the platform can offer more markets to them for the same amount of work they pretty much need to do, integrating with the platform, and the fact that we have already operational capabilities from the game side and understanding of the market give us a competitive advantage in serving them in this regard.

就巴西的電子商務而言，我們是——這是一個跨境項目，我們跨境賣家的普遍需求，當然，他們總是希望平台可以為他們提供更多市場。他們幾乎需要做大量工作，與平台集成，我們已經具備遊戲方面的運營能力和對市場的了解，這使我們在這方面為他們提供服務具有競爭優勢。

I think our team will continue to serve our sellers as they need us.

我認為我們的團隊將繼續為需要我們的賣家服務。

The next question comes from Varun Ahuja from Crédit Suisse.

下一個問題來自瑞士信貸的 Varun Ahuja。

I've got 3 questions.

我有3個問題。

First, on the gaming side.

首先，在遊戲方面。

So if you look at your EBITDA margin on a sequential basis, it has declined, but it seems to me that Free Fire has been growing.

因此，如果您按順序查看您的 EBITDA 利潤率，它已經下降，但在我看來，Free Fire 一直在增長。

So given it's your self-developed game, so I just wanted to understand why there is 5% sequential decline in EBITDA margin on the gaming side?

所以考慮到這是你自己開發的遊戲，所以我只是想了解為什麼遊戲方面的 EBITDA 利潤率會連續下降 5%？

That will be helpful.

這會很有幫助。

Secondly, if you look at sales and marketing spend as a percentage of GMV, it has been growing for the last 3, 4 quarters.

其次，如果您將銷售和營銷支出視為 GMV 的百分比，它在過去 3、4 個季度一直在增長。

Earlier, it was used as a benchmark to show that as you gain at any scale, you may achieve more towards profitability.

早些時候，它被用作一個基準來表明，當你在任何規模上獲得收益時，你都可以實現更多的盈利能力。

So I wanted to understand the dynamics.

所以我想了解動態。

How should we think about the sales and marketing spend?

我們應該如何看待銷售和營銷支出？

Are you spending more to kind of continue to grow the market?

您是否會花更多錢來繼續發展市場？

So that's -- some color will be helpful.

這就是——一些顏色會有所幫助。

And lastly, of the 3 businesses that you have, which opportunity are you more excited about, whether it's gaming, e-commerce or the digital financial services?

最後，在您擁有的 3 項業務中，您對哪個機會更感興趣，是遊戲、電子商務還是數字金融服務？

So in terms of the adjusted EBITDA margin, our Q4 margin is at 55.5%, which is very high compared to -- we understand the industry average.

因此，就調整後的 EBITDA 利潤率而言，我們第四季度的利潤率為 55.5%，與我們了解行業平均水平相比非常高。

And the sequential decline is really related to launch of new games such as Call of Duty: Mobile as well as our esports events recently we had in Brazil as well as India and across different markets which, as we mentioned in our earnings release, are highly successful and making us the most viewed game on YouTube for the mobile-only category, and with more than 30 billion views and that allow us to increase our user base as well as engagement with our users, which eventually lead to higher monetization for Free Fire.

連續下降實際上與新遊戲的推出有關，例如《使命召喚：手游》，以及我們最近在巴西、印度和不同市場舉辦的電子競技活動，正如我們在財報中提到的那樣，這些活動非常受歡迎成功並使我們成為 YouTube 上僅限移動設備類別的觀看次數最多的遊戲，觀看次數超過 300 億次，這使我們能夠擴大用戶群以及與用戶的互動，最終為 Free Fire 帶來更高的貨幣化.

I think this is a highly efficient spending for us.

我認為這對我們來說是一種高效的支出。

And we will continue to look for opportunities while being highly mindful of our adjusted EBITDA margin because, of course, we run game highly focused on a cash basis view.

我們將繼續尋找機會，同時高度關注我們調整後的 EBITDA 利潤率，因為當然，我們運行的遊戲高度關注現金基礎觀點。

In terms of sales and marketing spend as a percentage of GMV, it's been quite stable, I would say, across the quarters at around 4.4% to 4.5% range.

就銷售和營銷支出佔 GMV 的百分比而言，我想說的是，整個季度都相當穩定，在 4.4% 到 4.5% 的範圍內。

And even -- but if you look at our Q4, it is a -- the shopping season, holiday season, was 11.11, 12.12 and all kinds of events and we show an extremely strong order and GMV growth as well as revenue growth for the quarter.

甚至 - 但如果你看看我們的第四季度，它是一個 - 購物季、假日季、11.11、12.12 和各種事件，我們顯示出極其強勁的訂單和 GMV 增長以及收入增長25美分硬幣。

So I would say the spending is highly efficient.

所以我會說支出是高效的。

Again, I would guide people to look at adjusted EBITDA loss per order.

同樣，我會引導人們查看每個訂單的調整後 EBITDA 損失。

And as we increasingly spend on branding to promote Shopee brand and affinity with the Shopee brand across different markets, we might, again, make opportunistic spending in terms of sales and marketing at different times of year.

隨著我們越來越多地在品牌推廣上花費以在不同市場推廣 Shopee 品牌和與 Shopee 品牌的親和力，我們可能會再次在一年中的不同時間在銷售和營銷方面進行機會性支出。

But we're very focused on efficiency of spending and the result it generates, as you can see from all the rankings, the YouGov survey, where Shopee is ranked the top brand and sometimes the top e-commerce brand and sometimes even beating all the other long-term classic IP brands that already exist in the country and the buzz we generate across the world.

但是我們非常關注支出效率及其產生的結果，正如您從所有排名中看到的那樣，YouGov 調查，其中 Shopee 被評為頂級品牌，有時甚至是頂級電子商務品牌，有時甚至擊敗所有其他已經存在於該國的長期經典 IP 品牌以及我們在全球範圍內產生的轟動效應。

For example, our collaboration with Cristiano Ronaldo has created more than 500 million views of the Shopee clip and that is highly efficient for us.

例如，我們與 Cristiano Ronaldo 的合作創造了超過 5 億次 Shopee 剪輯的瀏覽量，這對我們來說非常高效。

So I think this -- we will continue to be opportunistic, while mindful of the efficiency of the spending.

所以我認為——我們將繼續投機取巧，同時注意支出的效率。

And in terms of the -- all the 3 businesses, which we are most excited about, I think these are our 3 children and we believe each of them represents a huge opportunity.

就我們最興奮的所有 3 項業務而言，我認為這是我們的 3 個孩子，我們相信他們每個人都代表著巨大的機會。

And collectively, they represent the biggest opportunities in the digital consumer Internet segment of our region.

總的來說，它們代表了我們地區數字消費互聯網領域的最大機遇。

And we're very fortunate to be able to capture those opportunities, so in a very good position to capture that.

我們很幸運能夠抓住這些機會，因此處於非常有利的位置來抓住這些機會。

And we'll continue to execute on it with efficiency and with good execution.

我們將繼續以高效和良好的執行力來執行它。

On the gaming side, our focus, in the longer run, is: a, continue to expand globally and increase our presence in diverse markets; and also strengthen our development capabilities to maximize our opportunity to get the next billion-dollar game; and also highly derisk the gaming business overall.

在遊戲方面，從長遠來看，我們的重點是：a，繼續在全球擴張並增加我們在不同市場的影響力；並加強我們的開發能力，以最大限度地獲得下一個十億美元遊戲的機會；並且還高度貶低了整個遊戲業務。

So if you look at, as I mentioned, our revenue contribution, that's been increasingly diverse and outside of just Southeast Asia and Taiwan, with new markets like India and Lat Am markets contributing significantly to our user base as well as our monetization contribution.

因此，正如我所提到的，如果你看一下我們的收入貢獻，除了東南亞和台灣之外，它的收入貢獻越來越多樣化，印度和拉美市場等新市場為我們的用戶群和貨幣化貢獻做出了重大貢獻。

And we hope to -- with acquisition of AAA titles and studios as well as experience we gained in operating games across 130 markets globally, we are able to significantly expand our business, and that offers huge upside in terms of monetization and future profitability.

我們希望——通過收購 AAA 遊戲和工作室，以及我們在全球 130 個市場運營遊戲所獲得的經驗，我們能夠顯著擴展我們的業務，這在貨幣化和未來盈利能力方面提供了巨大的上行空間。

In terms of e-commerce business, we have already achieved very strong market leadership.

在電子商務業務方面，我們已經取得了非常強大的市場領先地位。

And with the network effect, we can see how things are rolling out in our eyes, so in front our eyes, exactly according to the playbook.

通過網絡效應，我們可以看到事情是如何在我們眼前滾動的，所以就在我們眼前，完全按照劇本。

We told people years back when we started IPO process, and we will continue to execute on this significant opportunity.

幾年前，當我們開始 IPO 流程時，我們就告訴人們，我們將繼續抓住這個重要機會。

And e-commerce, with its own high profitability margin as well as the ancillary opportunities it might bring in building out the entire ecosystem, presents a huge chance for us to continue to grow our business in this region and even beyond.

而電子商務，憑藉其自身的高利潤率以及它可能為構建整個生態系統帶來的輔助機會，為我們提供了一個巨大的機會，讓我們繼續在該地區甚至更遠的地方發展我們的業務。

At the same time, on digital financial services, that links both e-commerce as well as digital entertainment business, enable people to make purchases online and off-line.

同時，在數字金融服務上，將電子商務與數字娛樂業務相結合，使人們能夠在線和離線進行購買。

We think this also remains the -- one of the largest undertapped opportunities in our region.

我們認為這也仍然是我們地區最大的未開發機會之一。

And with us owning the 2 largest online use cases, we believe that we are in the best position to capture that opportunity, and we'll continue to do that, to focus on growth and servicing our users in the longer run.

由於我們擁有兩個最大的在線用例，我們相信我們處於抓住這個機會的最佳位置，我們將繼續這樣做，從長遠來看，專注於增長和為我們的用戶提供服務。

This concludes our question-and-answer session.

我們的問答環節到此結束。

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

我想把會議轉回給王艷軍女士做閉幕詞。

Thank you, operator.

謝謝你，接線員。

Thank you, everyone, for joining today's call.

謝謝大家加入今天的電話會議。

We look forward to speaking to you all again next quarter.

我們期待下個季度再次與大家交談。

Thank you.

謝謝你。

The conference has now concluded.

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。