Sea Ltd (SE) 2021 Q3 法說會逐字稿

Good morning and good evening.

早上好，晚上好。

Welcome to the Sea Limited Third Quarter 2021 Results Conference Call.

歡迎來到 Sea Limited 2021 年第三季度業績電話會議。

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

（操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Ms. Min Ju Song.

我現在想把會議交給 Min Ju Song 女士。

Please go ahead.

請繼續。

Hello, everyone, and welcome to Sea's 2021 Third Quarter Earnings Conference Call.

大家好，歡迎來到 Sea 的 2021 年第三季度收益電話會議。

I'm Min Ju Song from Sea's Group Chief Corporate Officer's office.

我是Sea's Group首席企業官辦公室的Min Ju Song。

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 a discussion of certain non-GAAP financial measures (sic) [numbers], such as adjusted EBITDA and net loss, excluding share-based compensation.

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（原文如此）[數字]，例如調整後的 EBITDA 和淨虧損，不包括基於股份的薪酬。

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

我們相信，當這些措施作為我們 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 numbers, please refer to the section on 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 數字對賬的討論，請參閱我們新聞稿中關於非 GAAP 財務指標的部分。

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

Sea 的董事長兼集團首席執行官 Forrest Li 與我同在；集團首席財務官Tony Ho；和集團首席企業官王彥軍。

Our management will share strategy and business updates, operating highlights and financial performance for the third quarter of 2021.

我們的管理層將分享 2021 年第三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 for joining today's call.

大家好，感謝您加入今天的電話會議。

Sea exists to connect communities, enable consumers and empower small businesses so that more people can benefit from the growth of the digital economy.

Sea 的存在是為了連接社區、賦能消費者並賦予小企業權力，以便更多人能夠從數字經濟的增長中受益。

We continue to scale with efficiency and build deeper connections across our ecosystem.

我們繼續以效率擴展並在我們的生態系統中建立更深層次的聯繫。

As this happens, we are expanding our total addressable market.

在這種情況下，我們正在擴大我們的總目標市場。

We are reporting another quarter of strong results across all our businesses in the third quarter.

我們將在第三季度報告我們所有業務的另一個季度的強勁業績。

Our results once again demonstrate our ability to capture new and attractive opportunities.

我們的結果再次證明了我們捕捉新的和有吸引力的機會的能力。

At the group level, for the third quarter of 2021, we continued to record triple-digit growth in GAAP revenue and gross profit.

在集團層面，2021 年第三季度，我們的 GAAP 收入和毛利潤繼續錄得三位數的增長。

GAAP revenue increased 122% year-on-year to $2.7 billion, while gross profit grew 148% year-on-year to reach $1 billion.

GAAP 收入同比增長 122% 至 27 億美元，而毛利潤同比增長 148% 至 10 億美元。

Along with our strong financial and operating results for the quarter, we rolled out more initiatives to empower our users to benefit from the opportunities of the digital economy.

除了本季度強勁的財務和運營業績外，我們還推出了更多舉措，使我們的用戶能夠從數字經濟的機遇中受益。

Let me share some examples.

讓我分享一些例子。

In Indonesia, we have ramped up our efforts to give local SMEs the resources they need to build successful businesses online, including helping them to reach new international markets on Shopee.

在印度尼西亞，我們加大了力度，為當地中小企業提供建立成功在線業務所需的資源，包括幫助他們在 Shopee 上開拓新的國際市場。

In recent months, Shopee has opened Shopee Export MSME campuses in Solo and Bandung.

最近幾個月，Shopee 在 Solo 和 Bandung 開設了 Shopee Export MSME 校區。

These composes give local businesses, the resources and training they need to help them scale more effectively and sell internationally.

這些組合為當地企業提供了所需的資源和培訓，以幫助他們更有效地擴大規模並進行國際銷售。

SMEs can access inventory management systems, marketing support facilities like photography studios, courses on management and initial and individual training sessions with the Shopee team.

中小企業可以訪問庫存管理系統、攝影工作室等營銷支持設施、管理課程以及與 Shopee 團隊的初始和個人培訓課程。

In Malaysia, we are working with the government to digitize rural sellers and help boost their sales on e-commerce platforms.

在馬來西亞，我們正在與政府合作，將農村賣家數字化，並幫助提高他們在電子商務平台上的銷售額。

We partnered with the Malaysian communication and multimedia commission to use their rural Internet centers nationwide to offer free e-commerce training to local entrepreneurs.

我們與馬來西亞通信和多媒體委員會合作，利用他們在全國的農村互聯網中心為當地企業家提供免費的電子商務培訓。

Since the start of the campaign in July 2021, we have trained and helped more than 6,000 rural sellers nationwide.

自 2021 年 7 月開展活動以來，我們已在全國范圍內培訓和幫助了 6000 多名農村賣家。

We also partnered with the Malaysian government as part of the Shop Malaysia Online program to promote over 280,000 online and offline local brands and sellers.

作為 Shop Malaysia Online 計劃的一部分，我們還與馬來西亞政府合作，推廣超過 280,000 個線上和線下本地品牌和賣家。

The program aims to further boost the local SMEs' participation in the growth opportunity offered by the digital economy.

該計劃旨在進一步促進本地中小企業參與數字經濟提供的增長機會。

In Thailand, we are working with the Digital Economy Promotion Agency, the Stock Exchange of Thailand and the Office of Small and Medium Enterprises Promotion to launch the digital opportunities for talent projects.

在泰國，我們正與數字經濟促進局、泰國證券交易所和中小企業促進辦公室合作，為人才項目推出數字機會。

This initiative aims to develop digital entrepreneurial skills for young entrepreneurs through prize, training and mentoring sessions.

該計劃旨在通過獎勵、培訓和指導課程為年輕企業家培養數字創業技能。

Similarly, in Brazil, we have been focused on onboarding more local SMEs to help them to sell and grow online.

同樣，在巴西，我們一直專注於吸引更多當地中小企業，以幫助他們進行在線銷售和發展。

I'm pleased to note that more than 1 million local sellers in Brazil have registered with Shopee, since we started welcoming local sellers in mid-2020.

我很高興地註意到，自從我們在 2020 年年中開始歡迎本地賣家以來，已有超過 100 萬巴西本地賣家在 Shopee 註冊。

Meanwhile, we are mindful that the impact of the pandemic remains a significant challenge in all our markets.

同時，我們注意到大流行的影響仍然是我們所有市場的重大挑戰。

For instance, Vietnam imposed its strictest lockdown of the entire pandemic during the third quarter.

例如，越南在第三季度對整個大流行實施了最嚴格的封鎖。

During such lockdowns we quickly adapted to serving our users as much as possible while ensuring the safety and health of our employees.

在此類封鎖期間，我們迅速適應了盡可能多地為用戶服務，同時確保員工的安全和健康。

We worked closely with government to ensure the safety of our team and continued to serve our sellers and buyers to the best of our ability.

我們與政府密切合作，以確保我們團隊的安全，並繼續盡我們所能為我們的賣家和買家服務。

We have also launched various initiatives to assist the government in our market in rolling out containment and vaccination efforts.

我們還發起了各種舉措，以協助政府在我們的市場開展遏制和疫苗接種工作。

In Indonesia, for example, we have worked with the government to integrate the national contact tracing system within our app to enable more users to access this service with ease.

例如，在印度尼西亞，我們與政府合作，將國家接觸者追踪系統整合到我們的應用程序中，讓更多用戶能夠輕鬆訪問這項服務。

In Malaysia and the Philippines, we introduced the small reward programs for users who had been vaccinated to support the governmental efforts to encourage vaccine uptake.

在馬來西亞和菲律賓，我們為已接種疫苗的用戶推出了小額獎勵計劃，以支持政府鼓勵接種疫苗的努力。

All these initiatives reflect the fundamental mission of our business.

所有這些舉措都反映了我們業務的基本使命。

We want to ensure that the benefits of the technology and digitization are wide-reaching and accessible.

我們希望確保技術和數字化的好處是廣泛的和可訪問的。

As more people in our communities embrace the digital economy, we are committed to serving the needs of more consumers and small businesses and continuing to play our part in building a healthy and sustainable digital economy.

隨著我們社區中越來越多的人擁抱數字經濟，我們致力於滿足更多消費者和小企業的需求，並繼續為建設健康和可持續的數字經濟發揮我們的作用。

Let us now look at the performance of each of our business segments.

現在讓我們看看我們每個業務部門的表現。

Starting with digital entertainment.

從數字娛樂開始。

In the third quarter, Garena continued to solidify its position as one of the world's leading game developers and publishers as we deepened engagement with our large and growing global user base.

在第三季度，隨著我們與龐大且不斷增長的全球用戶群的深入互動，Garena 繼續鞏固其作為世界領先遊戲開發商和發行商之一的地位。

We reported bookings of $1.2 billion, up 29% year-on-year.

我們報告的預訂額為 12 億美元，同比增長 29%。

Adjusted EBITDA grew 22% from last year to reach $715 million.

調整後的 EBITDA 比去年增長 22%，達到 7.15 億美元。

Quarterly active users were 729 million representing year-on-year growth of 27%.

季度活躍用戶7.29億，同比增長27%。

And quarterly paying users hit 93 million, up 43% from last year.

季度付費用戶達到 9300 萬，比去年增長 43%。

Our paying user ratio increased to 12.8% from 11.4% a year ago.

我們的付費用戶比例從一年前的 11.4% 增加到 12.8%。

Garena is now serving some of the largest game communities globally, and we are very focused on creating great experiences to engage, entertain and help friends and families spend time together.

Garena 現在為全球一些最大的遊戲社區提供服務，我們非常專注於創造出色的體驗來吸引、娛樂和幫助朋友和家人共度時光。

In particular, Free Fire's massive and highly engaged user base represents an exciting and growing opportunity for us.

特別是，Free Fire 龐大且高度參與的用戶群對我們來說是一個令人興奮且不斷增長的機會。

We continue to create high-quality diverse content so that our community can enjoy fresh and engaging experiences.

我們將繼續創造高質量的多樣化內容，以便我們的社區能夠享受新鮮和引人入勝的體驗。

For example, we introduced more new content that develops the storylines across the Free Fire universe and its characters to deepen user affinity.

例如，我們引入了更多新內容來發展 Free Fire 宇宙及其角色的故事情節，以加深用戶的親和力。

We launched an event themed around Moco with a focus on enriching the narrative around one of the most popular playable characters in Free Fire.

我們推出了一個以 Moco 為主題的活動，重點是圍繞 Free Fire 中最受歡迎的可玩角色之一豐富敘事。

We also had our first movie collaboration partnering with Venom: Let There Be Carnage to bring Venom-themed playable content, in-game items and collectibles to our users.

我們還與毒液進行了第一次電影合作：讓有大屠殺為我們的用戶帶來毒液主題的可玩內容、遊戲內物品和收藏品。

We are also finding other creative ways to holistically encourage -- engage with our broader community through offline experiences.

我們還在尋找其他創造性的方式來全面鼓勵——通過線下體驗與我們更廣泛的社區互動。

This week, Free Fire will make its debut in the fashion world at São Paulo Fashion Week, where 20 in-game skins will be brought to life at a fashion show.

本週，Free Fire 將在聖保羅時裝週上首次亮相時尚界，屆時 20 款遊戲內皮膚將在時裝秀上栩栩如生。

Events like this are a great way for us to connect with our users across different mediums and reinforce Free Fire's growing influence and importance, both online and off-line among our communities.

像這樣的活動是我們通過不同媒體與用戶建立聯繫並加強 Free Fire 在我們社區中在線和離線不斷增長的影響力和重要性的好方法。

Importantly, we continued to enhance the variety of game modes within Free Fire.

重要的是，我們繼續增強 Free Fire 中的各種遊戲模式。

In the third quarter, we launched 1v1 and 2v2 modes and have seen significant adoption across our community.

在第三季度，我們推出了 1v1 和 2v2 模式，並在我們的社區中得到了廣泛採用。

Players enjoy the simplicity of this mode because they offer a more casual and a quicker game with a smaller group of friends.

玩家喜歡這種模式的簡單性，因為他們與一小群朋友一起提供更休閒、更快速的遊戲。

We are also introducing more diverse gameplay options within Free Fire, such as the recently launched Pet Mania.

我們還在 Free Fire 中引入了更多樣化的遊戲選項，例如最近推出的 Pet Mania。

This mode enables users to compete against their friends or other members of the community in various fast-paced casual games.

這種模式使用戶能夠在各種快節奏的休閒遊戲中與他們的朋友或社區的其他成員競爭。

Another highlight of the quarter was the global celebration around Free Fire's fourth anniversary.

本季度的另一個亮點是圍繞 Free Fire 成立四周年的全球慶祝活動。

Among other activities to celebrate this milestone with our community, we worked with global artists to produce a theme song, which has been streamed over 60 million times across various online platforms to date.

在與我們的社區一起慶祝這一里程碑的其他活動中，我們與全球藝術家合作製作了一首主題曲，迄今為止，該主題曲已在各種在線平台上播放超過 6000 萬次。

At the end of the third quarter, we introduced Free Fire MAX globally to a very strong reception from our community.

在第三季度末，我們在全球範圍內推出了 Free Fire MAX，得到了我們社區的熱烈歡迎。

Free Fire MAX offers an enhanced Free Fire experience through higher quality effects, animation, graphics and features, but retaining the same great game play.

Free Fire MAX 通過更高質量的效果、動畫、圖形和功能提供增強的 Free Fire 體驗，但保留了同樣出色的遊戲玩法。

Because we are committed to empowering users everywhere, we've worked hard to ensure that players of both Free Fire and Free Fire MAX can play together seamlessly.

因為我們致力於為世界各地的用戶賦能，所以我們努力確保 Free Fire 和 Free Fire MAX 的玩家可以無縫地一起玩。

To make that possible, we developed proprietary in-house technology to guarantee complete integration between both Free Fire and Free Fire MAX.

為了實現這一點，我們開發了專有的內部技術，以保證 Free Fire 和 Free Fire MAX 之間的完全集成。

This also allows existing users of Free Fire to use the same account on Free Fire MAX and sync account data across both apps with access to all game modes.

這還允許 Free Fire 的現有用戶在 Free Fire MAX 上使用相同的帳戶，並在兩個應用程序之間同步帳戶數據，並可以訪問所有遊戲模式。

With Free Fire MAX, we have also incorporated a map editor feature called Craftland.

在 Free Fire MAX 中，我們還加入了名為 Craftland 的地圖編輯器功能。

Players can create their own unique maps and invite their friends to join them in playing within these custom maps.

玩家可以創建自己獨特的地圖，並邀請他們的朋友加入他們在這些自定義地圖中進行遊戲。

This enables us to tap into the creative power of our community.

這使我們能夠利用社區的創造力。

They have always been the source of our inspiration for the game, and now they have an opportunity to create their own experiences within the game.

他們一直是我們遊戲靈感的源泉，現在他們有機會在遊戲中創造自己的體驗。

It is also a powerful new way for friends to enjoy the game in the space that they have created together, which adds a new and deeper dimension to our community building efforts.

這也是朋友們在他們共同創造的空間中享受遊戲的一種強大的新方式，這為我們的社區建設工作增添了一個新的、更深層次的維度。

While still early, Free Fire MAX will be an important component of the Free Fire platform by continuing to drive more engagement and experiences across our large and diverse user base.

雖然仍處於早期階段，但 Free Fire MAX 將繼續推動我們龐大而多樣化的用戶群的更多參與和體驗，從而成為 Free Fire 平台的重要組成部分。

The positive community reception to this initiative is reflected in strong engagement across our markets.

社區對該倡議的積極接受反映在我們市場的積極參與上。

According to App Annie, Free Fire was ranked second globally by average monthly active users for all mobile games on Google Play in the third quarter.

根據 App Annie 的數據，在第三季度 Google Play 上所有手機遊戲的月平均活躍用戶數中，Free Fire 位居全球第二。

Free Fire also continued to be the highest grossing mobile game in Southeast Asia, Latin America and India.

Free Fire 也繼續成為東南亞、拉丁美洲和印度收入最高的手機遊戲。

It has maintained this leading position in Southeast Asia and Latin America for 9 consecutive quarters and in India for 4 consecutive quarters.

連續9個季度在東南亞和拉丁美洲保持領先地位，在印度連續4個季度保持領先地位。

In the U.S., Free Fire remained the highest grossing mobile battle royale game for the third consecutive quarter and it was the second largest (sic) [highest] grossing mobile game on Google Play across all game categories during the quarter.

在美國，《Free Fire》連續第三個季度仍然是收入最高的手機大逃殺遊戲，並且是本季度 Google Play 上所有遊戲類別中收入第二大（原文如此）[最高]的手機遊戲。

Given Free Fire's growing global popularity, we see significant opportunity to provide our community with many kinds of ways to enjoy Free Fire platform, and we continue to invest in building towards a long-lasting global franchise.

鑑於 Free Fire 在全球越來越受歡迎，我們看到了為我們的社區提供多種方式來享受 Free Fire 平台的重要機會，我們將繼續投資建設一個持久的全球特許經營權。

We are looking forward to a busy calendar of e-sports events towards the end of the year.

我們期待著年底的電子競技活動日程繁忙。

Free Fire will be hosting the Free Fire Asia Championship and Free Fire EMEA Invitational at the end of this month.

Free Fire 將於本月底舉辦 Free Fire 亞洲錦標賽和 Free Fire EMEA 邀請賽。

Additionally, the Arena of Valor International Championship will be held in the coming weeks.

此外，英勇競技場國際錦標賽將在未來幾週舉行。

We believe this exciting lineup of e-sports tournaments will further drive engagement across our communities.

我們相信，這一激動人心的電子競技比賽陣容將進一步推動我們社區的參與。

We are also very focused on growing our global reach and building a games pipeline that ensures we can capture the most promising and valuable long-term trends in online games.

我們還非常專注於擴大我們的全球影響力並建立遊戲管道，以確保我們能夠捕捉到在線遊戲中最有前途和最有價值的長期趨勢。

Our growing global presence across diverse high-growth markets gives us important local insights and strong local operational capabilities, and our in-house development team is tapping into this as they work on both existing games and new ideas.

我們在不同的高增長市場中不斷增長的全球影響力為我們提供了重要的本地洞察力和強大的本地運營能力，我們的內部開發團隊在開發現有遊戲和新想法時正在利用這一點。

Moreover, given our proven global track record, we have received more interest from studios keen to build strategic relationships with us.

此外，鑑於我們久經考驗的全球業績記錄，我們受到了熱衷於與我們建立戰略關係的工作室的更多興趣。

As such, our pace of investment in and partnerships with game studios worldwide has stepped up.

因此，我們對全球遊戲工作室的投資和合作步伐加快了。

Now moving to e-commerce.

現在轉向電子商務。

Shopee continues to grow much more quickly than the overall market as we deliver ever greater value to our sellers and buyers.

隨著我們為賣家和買家提供越來越大的價值，Shopee 繼續以比整體市場更快的速度增長。

In the third quarter, Shopee recorded GAAP revenue growth of 134% from last year to reach $1.5 billion.

第三季度，Shopee 的 GAAP 收入比去年增長 134%，達到 15 億美元。

It also recorded gross orders of $1.7 billion up 123% year-on-year.

它還記錄了 17 億美元的總訂單，同比增長 123%。

This is the ninth consecutive quarter of triple-digit year-on-year order growth for Shopee.

這是 Shopee 連續第九個季度實現三位數的同比訂單增長。

Shopee's GMV was $16.8 billion, an increase of 81% since last year.

Shopee 的 GMV 為 168 億美元，比去年增長了 81%。

With monetization continuing to improve, GAAP revenue as a percentage of total GMV rose to 8.6% from 6.7% in the third quarter of 2020.

隨著貨幣化的持續改善，GAAP 收入佔總 GMV 的百分比從 2020 年第三季度的 6.7% 上升至 8.6%。

The stronger monetization was driven by growth across our revenue streams, including value-added services, transaction-based fees and advertising revenue.

更強勁的貨幣化是由我們收入流的增長推動的，包括增值服務、基於交易的費用和廣告收入。

In view of Shopee's performance, we are again raising our full year 2021 e-commerce guidance.

鑑於 Shopee 的表現，我們再次上調了 2021 年全年電子商務指導。

We now expect e-commerce GAAP revenue to be between $5.0 billion and $5.2 billion, representing over 135% growth from 2020, at the midpoint of the revised guidance.

我們現在預計電子商務 GAAP 收入將在 50 億美元至 52 億美元之間，較 2020 年增長超過 135%，處於修訂後指引的中點。

Our previous e-commerce GAAP revenue guidance was between $4.7 billion and $4.9 billion.

我們之前的電子商務 GAAP 收入指引在 47 億美元至 49 億美元之間。

As with Garena, Shopee's focus on deepening engagement with our users is a winning strategy.

與 Garena 一樣，Shopee 專注於加深與用戶的互動是一項製勝戰略。

We are helping sellers to be more competitive.

我們正在幫助賣家提高競爭力。

For example, we have rolled out more features, tools and services to help them build engagement with their customers and grow their business.

例如，我們推出了更多功能、工具和服務，以幫助他們與客戶建立互動並發展業務。

We recently launched a Seller Mission, an incentive program that rewards sellers with privilege as they complete certain tasks.

我們最近推出了賣家任務，這是一項激勵計劃，在賣家完成某些任務時獎勵他們特權。

The program gamifies the experience of sellers as it guides them through features and tools on Shopee that they can use to become better sellers.

該計劃將賣家的體驗遊戲化，因為它引導他們通過 Shopee 上的功能和工具，他們可以用來成為更好的賣家。

We also introduced the tools like Listing Optimizer, which helps sellers identify listings that can be improved and how to improve them.

我們還介紹了Listing Optimizer等工具，它可以幫助賣家識別可以改進的listing以及如何改進它們。

These initiatives help sellers grow on the Shopee platform and create better experiences for our buyers too.

這些舉措幫助賣家在 Shopee 平台上成長，並為我們的買家創造更好的體驗。

We also recently celebrated the first anniversary of Shopee Premium, a dedicated space on Shopee for select brand partners in the luxury segment.

我們最近還慶祝了 Shopee Premium 一周年紀念日，這是 Shopee 上為奢侈品領域的精選品牌合作夥伴提供的專用空間。

Since launch, we have doubled the number of Shopee Premium brands.

自推出以來，我們的 Shopee Premium 品牌數量翻了一番。

Through a more immersive shopping experience, Shopee Premium helps brands share their stories and build deeper personalized relationships with buyers.

通過更身臨其境的購物體驗，Shopee Premium 幫助品牌分享他們的故事並與買家建立更深入的個性化關係。

And for our buyers, we continue to roll out captivating content and activities, such as our hugely popular double day sales.

對於我們的買家，我們將繼續推出引人入勝的內容和活動，例如我們廣受歡迎的雙日促銷。

Last week, Shopee had a fantastic double 11.11 shopping festival with widespread success.

上週，Shopee 舉辦了一場精彩紛呈的雙 11.11 購物節，並取得了廣泛的成功。

It was especially heartening to see an uplift in participation from consumers in rural and smaller towns as they enjoy the convenience and a wide assortment on Shopee.

看到農村和小城鎮的消費者在享受 Shopee 上的便利和種類繁多的產品時，他們的參與度有所提高，這尤其令人振奮。

Additionally, our new local sellers also benefited through a substantial increase in sales during the festival period.

此外，我們的新本地賣家也受益於節日期間銷售額的大幅增長。

These shopping festivals showcase the numerous ways in which we serve and engage with our community, and its success exemplifies Shopee's strengthening position as the go-to marketplace for our consumers.

這些購物節展示了我們為社區服務和參與的多種方式，其成功體現了 Shopee 作為消費者首選市場的地位。

Our focus on engagement and adding value for our community is the key factor in our sustained strong user metrics.

我們專注於參與和為社區增加價值是我們持續強大的用戶指標的關鍵因素。

According to App Annie, globally on Google Play, Shopee ranked first in the shopping category by total time spent in app and second, by downloads and average monthly active users in the third quarter.

根據 App Annie 的數據，在全球 Google Play 上，Shopee 在購物類別中排名第一（按應用程序總花費時間計算），第三季度按下載量和平均每月活躍用戶數排名第二。

Shopee also continued to be the top-ranked app in the shopping category in both Southeast Asia and Taiwan by average monthly active users and the total time spending app during the quarter.

按本季度平均每月活躍用戶數和總使用時間計算，Shopee 繼續成為東南亞和台灣購物類別中排名第一的應用程序。

Shopee was the leading app across the same metrics in Indonesia where we recorded another quarter of triple-digit year-on-year order growth.

Shopee 是印度尼西亞相同指標的領先應用程序，我們記錄了另外四分之一的三位數同比訂單增長。

Shopee also continued to make good progress in Brazil.

Shopee 在巴西也繼續取得良好進展。

In the third quarter, it was once again ranked first by download and the total time spent in app.

第三季度，它再次以下載量和應用總時長排名第一。

And second by average monthly active users for the shopping category according to App Annie.

根據 App Annie 的統計，購物類別的月平均活躍用戶數位居第二。

While Brazil is still a young market for us, our local teams are focused on better understanding our growing community of local buyers and sellers and improving the experience we offer to them.

雖然巴西對我們來說仍然是一個年輕的市場，但我們的本地團隊專注於更好地了解我們不斷增長的本地買家和賣家社區，並改善我們為他們提供的體驗。

We believe that our deepening engagement with the local community is a promising sign of this market's long-term potential for Shopee.

我們相信，我們與當地社區的深入接觸是這個市場對 Shopee 的長期潛力的一個有希望的跡象。

Shopee's total adjusted EBITDA loss per order across all markets was $0.41 in the third quarter.

第三季度，Shopee 在所有市場的每個訂單的調整後 EBITDA 總損失為 0.41 美元。

As we have said previously, we are committed to investing efficiently and growing in a sustainable manner across all our markets as Shopee scales.

正如我們之前所說，隨著 Shopee 的擴大，我們致力於在所有市場上進行有效投資並以可持續的方式增長。

And with that in mind, we are pleased to note that adjusted EBITDA loss per order improved both on a year-on-year and quarter-on-quarter basis in Southeast Asia and Taiwan combined as well as in Shopee's other markets combined.

考慮到這一點，我們很高興地註意到，在東南亞和台灣以及 Shopee 的其他市場的總和，每個訂單的調整後 EBITDA 損失同比和環比均有所改善。

Looking ahead, we are prudently and efficiently exploring how to maximize our largest addressable opportunities, given our growing market position.

展望未來，鑑於我們不斷增長的市場地位，我們正在謹慎有效地探索如何最大限度地利用我們最大的潛在機會。

In the recent months, we launched Shopee in Poland, France, Spain and India.

最近幾個月，我們在波蘭、法國、西班牙和印度推出了 Shopee。

From time to time, we may test the waters in new markets where we believe there may be an opportunity to use our experience in highly diverse environment to reach underserved buyers and sellers.

有時，我們可能會在新市場中試水，我們認為可能有機會利用我們在高度多樣化環境中的經驗來接觸服務不足的買家和賣家。

On the one hand, our core focus remains managing our efficient and sustainable growth in Southeast Asia, Taiwan and Brazil, where we have established and are continuing to grow our strong presence serving local sellers and buyers.

一方面，我們的核心重點仍然是管理我們在東南亞、台灣和巴西的高效和可持續增長，我們已經在那裡建立並繼續擴大我們為當地賣家和買家提供服務的強大影響力。

On the other hand, the opportunities we can address through efficiently leveraging the Shopee platform in existing markets and expanding into new markets have increased.

另一方面，我們可以通過在現有市場中有效利用 Shopee 平台並擴展到新市場來解決的機會有所增加。

We will continue to exercise prudence and maintain flexibility as we pursue the significant growth opportunities with accelerating investments.

我們將繼續審慎行事並保持靈活性，以加快投資以尋求重大增長機會。

Turning to our digital financial services business.

轉向我們的數字金融服務業務。

SeaMoney recorded excellent results in the third quarter.

SeaMoney 在第三季度取得了優異的成績。

The total payment volume of our mobile wallet services grew by 111% year-on-year to reach $4.6 billion.

我們的移動錢包服務總支付額同比增長 111%，達到 46 億美元。

Quarterly paying users of our mobile wallet services increased to over $39 million, up 120% year-on-year.

我們移動錢包服務的季度付費用戶增加到超過 3900 萬美元，同比增長 120%。

One of our key areas of focus is expanding the number of use cases for our mobile wallet so that we can serve more businesses and add greater value for our users.

我們的重點關注領域之一是擴大我們的移動錢包的使用案例數量，以便我們可以服務更多的企業並為我們的用戶增加更大的價值。

In the recent months, we've partnered with more online and offline merchants such as Google Play in Malaysia, Blue Bird Taxi in Indonesia, FamilyMart in Thailand and Lotte Cinema in Vietnam.

最近幾個月，我們與更多的線上和線下商家合作，例如馬來西亞的 Google Play、印度尼西亞的 Blue Bird Taxi、泰國的 FamilyMart 和越南的 Lotte Cinema。

As we grow the number of use cases, we are naturally seeing an increase in consumer adoption of our mobile wallets as more people grow to appreciate the ease and the convenience that our platform offers.

隨著我們用例數量的增加，我們自然會看到消費者對我們的移動錢包的採用增加，因為越來越多的人開始欣賞我們平台提供的易用性和便利性。

And as our user base grows, we see growing interest from merchants wanting to work with us, creating a positive flywheel effect that we believe will drive increasingly efficient growth for SeaMoney.

隨著我們用戶群的增長，我們看到希望與我們合作的商家越來越感興趣，產生積極的飛輪效應，我們相信這將推動 SeaMoney 越來越有效的增長。

Besides our mobile wallet business, we have launched early initiatives in other digital financial services such as buy now pay later, digital bank and insurtech.

除了我們的移動錢包業務外，我們還在其他數字金融服務中推出了早期舉措，例如先買後付、數字銀行和保險科技。

These products are still in the early development phase, and we are currently focused on strengthening our models and operations.

這些產品仍處於早期開發階段，我們目前專注於加強我們的模型和運營。

In line with our mission to serve the underserved segment in our market, we intend to roll out more of these digital financial products in a thoughtful manner with our customary focus on long-term sustainable growth.

根據我們為市場中服務不足的細分市場提供服務的使命，我們打算以深思熟慮的方式推出更多這些數字金融產品，同時我們一貫專注於長期可持續增長。

We are excited about the significant long-term growth potential of the opportunity that SeaMoney addresses, and we believe we are well positioned to serve this opportunity by building on our strong technology core and our unique insights on and relationships with consumers and businesses across our markets.

我們對 SeaMoney 所面臨的巨大的長期增長潛力感到興奮，我們相信我們有能力通過建立強大的技術核心以及我們對整個市場的消費者和企業的獨特見解和關係來服務這個機會.

Last but not least, I'm very pleased to announce Chris Feng's appointment as Sea's Group President effective from January 1, 2022.

最後但同樣重要的是，我很高興地宣布 Chris Feng 被任命為 Sea's Group 總裁，自 2022 年 1 月 1 日起生效。

Chris is an exceptional business leader who has delivered outstanding results for Sea and deeply embodies our core values.

Chris 是一位傑出的商業領袖，他為 Sea 帶來了卓越的成果，深刻體現了我們的核心價值觀。

He, together with the rest of the leadership team and our hugely talented Sea team, have not only driven our business forward, but also significantly furthered Sea's mission to better the lives of consumers and small businesses with technology.

他與領導團隊的其他成員和我們才華橫溢的 Sea 團隊一起，不僅推動了我們的業務向前發展，而且顯著推進了 Sea 的使命，即通過技術改善消費者和小型企業的生活。

Going forward, Chris will continue to directly report to me and operate our Shopee and SeaMoney businesses.

展望未來，Chris 將繼續直接向我匯報並經營我們的 Shopee 和 SeaMoney 業務。

In addition, as Group President, Chris will work closely with me and the rest of the group leadership team on our long-term strategic initiatives with an increasing focus on synergy creation across our various businesses.

此外，作為集團總裁，克里斯將與我和集團領導團隊的其他成員密切合作，共同製定我們的長期戰略計劃，並越來越關注我們各個業務的協同效應。

In closing, our first core value at Sea is we serve.

最後，我們在 Sea 的第一個核心價值是我們的服務。

And this continues to inform everything we do.

這繼續告知我們所做的一切。

We believe that technology holds the greatest potential to improve people's lives, and we believe that in the current environment, our commitment to serving the unmet needs of our communities through technology has never been more important.

我們相信技術在改善人們的生活方面擁有最大的潛力，我們相信在當前環境下，我們通過技術服務社區未滿足的需求的承諾從未像現在這樣重要。

In the quarters ahead, we will continue to focus on connecting communities, enabling consumers and empowering small businesses so that more people can benefit from the growth of the digital economy.

在接下來的幾個季度，我們將繼續專注於連接社區、賦能消費者和賦能小企業，讓更多人能夠從數字經濟的增長中受益。

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 thank you 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 financial schedules together with the corresponding management analysis in today's press release, and Forrest has discussed some of our financial highlights.

我們在今天的新聞稿中包含了詳細的財務時間表以及相應的管理分析，Forrest 討論了我們的一些財務亮點。

So I will focus my comments on the other relevant metrics.

因此，我將把我的評論集中在其他相關指標上。

For Sea overall, total GAAP revenue increased 122% year-on-year to $2.7 billion.

對於 Sea 整體而言，GAAP 總收入同比增長 122% 至 27 億美元。

This was mainly driven by growth in the scale of our e-commerce business as we continue to deepen the engagement with our users as well as the growth of digital entertainment business, especially our self-developed game, Free Fire.

這主要是由於我們的電子商務業務規模的增長，因為我們不斷加深與用戶的接觸以及數字娛樂業務的增長，特別是我們的自主開發遊戲Free Fire。

Digital entertainment bookings grew 29% year-on-year to $1.2 billion.

數字娛樂預訂量同比增長 29% 至 12 億美元。

GAAP revenue was up 93% year-on-year to $1.1 billion.

GAAP 收入同比增長 93% 至 11 億美元。

The growth was primarily driven by the increase of our active user base and deepened paying user penetration as we continue to engage the community through quality content and immersive experiences.

隨著我們繼續通過優質內容和身臨其境的體驗與社區互動，這一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。

Digital entertainment adjusted EBITDA was $715 million.

數字娛樂調整後的 EBITDA 為 7.15 億美元。

This represents year-on-year growth of 22%, and was mainly driven by the top line growth.

這意味著同比增長 22%，主要受收入增長的推動。

On e-commerce, our third quarter GAAP revenue of $1.5 billion included GAAP marketplace revenue of $1.2 billion, up 151% year-on-year.

在電子商務方面，我們第三季度 15 億美元的 GAAP 收入包括 12 億美元的 GAAP 市場收入，同比增長 151%。

And GAAP product revenue of $0.3 billion, up 82% year-on-year.

GAAP產品收入3億美元，同比增長82%。

The strong results demonstrated the deepening penetration of e-commerce and our ability to capture these significant growth opportunities.

強勁的業績表明電子商務的深入滲透以及我們抓住這些重要增長機會的能力。

E-commerce adjusted EBITDA loss was $684 million as we continued our investment to fully capture the opportunities in our markets.

電子商務調整後的 EBITDA 虧損為 6.84 億美元，因為我們繼續投資以充分把握市場機會。

We remain committed to continue investing in a prudent and sustainable manner and growing the ecosystem to serve our users better.

我們仍然致力於繼續以審慎和可持續的方式進行投資，並發展生態系統以更好地為我們的用戶服務。

Digital financial services GAAP revenue was $132 million, an increase of 818% year-on-year from $14.4 million in the third quarter of 2020.

數字金融服務 GAAP 收入為 1.32 億美元，較 2020 年第三季度的 1440 萬美元同比增長 818%。

The growth was primarily due to increasing traction as we continue to expand our suite of service offerings.

增長主要是由於隨著我們繼續擴大我們的服務產品套件而增加的牽引力。

Adjusted EBITDA loss was $159 million compared to a loss of $149 million in the same period of 2020.

調整後的 EBITDA 虧損為 1.59 億美元，而 2020 年同期為虧損 1.49 億美元。

This was primarily due to our continued efforts to drive mobile wallet adoption.

這主要是由於我們不斷努力推動移動錢包的採用。

Returning to our consolidated numbers.

回到我們的綜合數字。

We recognized a net nonoperating loss of $13 million in the third quarter of 2021 compared to a net nonoperating loss of $74 million in the third quarter of 2020.

我們在 2021 年第三季度確認了 1300 萬美元的淨營業外虧損，而 2020 年第三季度的淨營業外虧損為 7400 萬美元。

Our nonoperating loss in the third quarter of 2021 was primarily due to interest expenses on our convertible notes, partially offset by foreign exchange gains.

我們在 2021 年第三季度的非經營性虧損主要是由於可轉換票據的利息支出，部分被外匯收益抵消。

We had a net income tax expense of $101 million in the third quarter of 2021, which was primarily due to corporate income tax and withholding tax recognized in our digital entertainment business.

我們在 2021 年第三季度的淨所得稅費用為 1.01 億美元，這主要是由於我們的數字娛樂業務中確認的企業所得稅和預扣稅。

As a result, net loss, excluding share-based compensation, was $448 million in the third quarter of 2021 as compared to $346 million for the same period in 2020.

因此，2021 年第三季度的淨虧損（不包括股權補償）為 4.48 億美元，而 2020 年同期為 3.46 億美元。

With that, let me turn the call to Min Ju.

有了這個，讓我把電話轉給敏菊。

Thank you, Forrest, and Tony.

謝謝你，福雷斯特和托尼。

Our management team here today, Forrest, Tony and Yanjun are now ready to open the call for questions.

我們今天在這裡的管理團隊，Forrest、Tony 和 Yanjun 現在已準備好開始提問。

Operator?

操作員？

And we will now begin the question-and-answer session.

我們現在將開始問答環節。

(Operator Instructions) Our first question today will come from Alicia Yap of Citigroup.

（操作員說明）我們今天的第一個問題將來自花旗集團的 Alicia Yap。

Congrats on the solid results.

恭喜您取得了可靠的結果。

Two questions here.

這裡有兩個問題。

First, I guess, Forrest mentioned on the Shopee entering Europe, for example, Poland, and also more countries in LatAm.

首先，我猜，Forrest 提到 Shopee 進入歐洲，比如波蘭，還有更多的拉美國家。

Can you elaborate what is the target you wanted to achieve, especially from the European countries?

您能否詳細說明您想要實現的目標，尤其是來自歐洲國家的目標？

What kind of KPI that you will monitor to assess that your progress is well achieved and to -- potentially to evaluate to invest more?

您將監控什麼樣的 KPI 來評估您的進展是否良好，並且可能會評估以進行更多投資？

And then second question is on Free Fire.

然後第二個問題是關於 Free Fire。

With the Free Fire quarterly addition of active user slowdown to single digit in the third quarter, will this suggest more or less saturated penetration of Free Fire user TAM?

隨著 Free Fire 季度活躍用戶在第三季度放緩至個位數，這是否意味著 Free Fire 用戶 TAM 或多或少的飽和滲透？

Or will there be room for further reaccelerated with more new games launch and more new content launch within the Free Fire.

或者，隨著更多新遊戲的推出和更多新內容的推出，Free Fire 是否會有進一步加速的空間。

So any color you could share would be appreciated.

因此，您可以分享的任何顏色將不勝感激。

Thank you, Alicia.

謝謝你，艾麗西亞。

Happy to.

高興。

So in terms of the e-commerce expansion, as we mentioned that our focus, first and foremost, is on our markets, existing markets in Southeast Asia, Taiwan, as well as the new growth market in Brazil, where we have achieved a very strong presence.

所以在電子商務擴張方面，正如我們提到的，我們的重點首先是我們的市場，東南亞的現有市場，台灣，以及巴西的新增長市場，我們已經取得了非常強大的存在感。

And we may, of course, from time to time, test the waters in new markets in other parts of the world, given our past experience operating many different markets, including a highly diverse market in Southeast Asia and Taiwan and Brazil also being a different market from these other markets in Asia.

當然，鑑於我們過去經營許多不同市場的經驗，包括東南亞和台灣和巴西的高度多樣化市場，我們可能會不時在世界其他地區的新市場試水來自亞洲其他市場的市場。

We believe that we have gained a deep operational experience in operating in different markets as well as understanding of our business model focusing on mobile native, social commerce driven and long-tail high diverse categories that -- so especially the local sellers and buyers who might be underserved in their existing markets.

我們相信，我們在不同市場運營方面獲得了深厚的運營經驗，並了解我們專注於移動原生、社交商務驅動和長尾高多樣化品類的商業模式——尤其是本地賣家和買家，他們可能在現有市場中服務不足。

However, of course, we are -- remain very humble.

但是，當然，我們仍然非常謙虛。

Being humble is one of our core values, in fact, and we constantly tell ourselves that we need to carefully evaluate all these market opportunities, as we learn.

事實上，謙虛是我們的核心價值觀之一，我們不斷告訴自己，我們需要仔細評估所有這些市場機會，正如我們所了解的那樣。

At the same time, we should develop a localized and tailored solution for each market.

同時，我們應該針對每個市場製定本地化和量身定制的解決方案。

We wouldn't make any assumptions.

我們不會做任何假設。

We believe that, hopefully, our entrance could add value to the markets and see potential new growth areas that could also further promote the local e-commerce growth together with our peers.

我們相信，希望我們的進入可以為市場增加價值，並看到潛在的新增長領域，這也可以與我們的同行一起進一步推動本地電子商務的增長。

However, we don't have a -- we haven't set any fixed KPI.

但是，我們沒有——我們沒有設置任何固定的 KPI。

I think it's still at a very nascent exploratory stage.

我認為它仍處於非常初級的探索階段。

We are optimistic of our Shopee's long-term growth because we believe there is a global need for -- demand for our business model is servicing the small business sellers as well as underserved consumers through our model.

我們對 Shopee 的長期增長持樂觀態度，因為我們相信全球需要——對我們的商業模式的需求是通過我們的模式為小企業賣家和服務不足的消費者提供服務。

In terms of the Free Fire growth, of course, we've enjoyed a very strong growth, and Free Fire being one of the largest mobile games perhaps in history so far, and we continue to see strong user base.

當然，就 Free Fire 的增長而言，我們享受了非常強勁的增長，而 Free Fire 可能是迄今為止歷史上最大的手機遊戲之一，我們繼續看到強大的用戶群。

In fact, if we look at our metrics across the board, they have improved not only year-on-year, but also quarter-on-quarter versus very tough comps during the -- especially during the past period where both of our markets were deeply affected by COVID.

事實上，如果我們全面審視我們的指標，它們不僅同比有所改善，而且與非常艱難的比較相比，它們在季度環比方面都有所改善——尤其是在過去我們兩個市場都處於劣勢的時期深受 COVID 影響。

Now as people -- the vaccine rate gets up across the world and also our communities generally learn to adapt to the situation, I think there is more of a normalized approach now.

現在，隨著人們——全世界的疫苗接種率上升，我們的社區也普遍學會適應這種情況，我認為現在有更多的正常化方法。

And we are looking at more of a pre-COVID -- back to more of a pre-COVID environment in terms of the game operations.

我們正在尋找更多的前 COVID 環境——在遊戲運營方面更多地回到 COVID 前的環境。

However, our user growth continued to sustain itself and especially in the newer markets that we have entered.

然而，我們的用戶增長繼續維持，尤其是在我們進入的新市場中。

So going forward, we're looking to; a, sustain our existing strong user base in the existing markets and explore new growth opportunities in markets that we haven't deeply penetrated especially with the launch of Free Fire MAX and new features, including tools for user-generated content such as Craftland and other tools we might introduce and features we might introduce to the game in the future.

因此，展望未來，我們期待； a，在現有市場維持我們現有的強大用戶群，並在我們尚未深入滲透的市場中探索新的增長機會，特別是隨著 Free Fire MAX 和新功能的推出，包括用於用戶生成內容的工具，例如 Craftland 和其他我們可能會引入的工具和未來可能會引入遊戲的功能。

We are further focused on building out our strong IP and platform.

我們進一步專注於打造我們強大的知識產權和平台。

Now with more than 700 million quarterly active users and growing, we believe that this -- the platform itself can be further enhanced to really include more modes, more features, different ways of entertainment and socializing among our user communities as well as introducing more online, offline collaborations with IPs, including Fashion Week that Forrest just mentioned to further build out this IP as well as the platform and maximizing our long-term potential of Free Fire.

現在擁有超過 7 億的季度活躍用戶並且還在不斷增長，我們相信這個平臺本身可以進一步增強，真正包括更多模式、更多功能、不同的娛樂和社交方式，以及在我們的用戶社區中引入更多的在線，與 IP 的線下合作，包括 Forrest 剛才提到的時裝週，以進一步構建這個 IP 以及平台，並最大限度地發揮我們 Free Fire 的長期潛力。

We will continue to focus on that as well as continue to build up our game pipeline with more diversified genres from our self-developed pipeline as well as publishing as well as our investment pipeline.

我們將繼續專注於此，並繼續建立我們的遊戲管道，從我們的自主開發管道以及發布以及我們的投資管道中獲得更多樣化的類型。

So that's going to be our focus in the near to longer term, we continue to see a long-term potential for the game.

所以這將是我們近期和長期的關注點，我們繼續看到這款遊戲的長期潛力。

Our next question today will come from Piyush Choudhary of HSBC.

我們今天的下一個問題將來自匯豐銀行的 Piyush Choudhary。

Congratulations.

恭喜。

Two questions for me.

我有兩個問題。

Firstly, Free Fire MAX was launched in late September.

首先，Free Fire MAX 於 9 月下旬推出。

So could you give us some insights on user engagement?

那麼您能給我們一些關於用戶參與度的見解嗎？

How is that option and time spent?

該選項和時間是如何度過的？

How different is it from Free Fire?

它與 Free Fire 有何不同？

And how does it impact your 2022 outlook?

它對您的 2022 年前景有何影響？

Second question is on the Sea capital.

第二個問題是關於海都的。

Could you give us an update how much of initial $1 billion capital is already deployed?

您能否告訴我們最新的 10 億美元資金中已經部署了多少？

And there was some media news around investment in Forte.

還有一些關於投資复地的媒體消息。

Is that correct?

那是對的嗎？

And if yes, then what's the strategic rationale for the same?

如果是，那麼相同的戰略理由是什麼？

Thank you, Piyush.

謝謝你，皮尤什。

In terms of Free Fire MAX, it is still at very early stage.

就 Free Fire MAX 而言，它還處於非常早期的階段。

We already see some positive and encouraging signs within our expectation of deeper engagement with users who have higher spec phones and they can enjoy higher resolution pictures and more features, et cetera.

我們已經看到了一些積極和令人鼓舞的跡象，我們期望與擁有更高規格手機的用戶進行更深入的互動，他們可以享受更高分辨率的圖片和更多功能等等。

But very importantly, we make sure using our proprietary technology to fully integrate Free Fire and Free Fire MAX so that users playing both versions can play together in the same game and also user can use the same account to log into both versions.

但非常重要的是，我們確保使用我們的專有技術將 Free Fire 和 Free Fire MAX 完全集成，以便玩兩個版本的用戶可以在同一個遊戲中一起玩，並且用戶可以使用同一個帳戶登錄兩個版本。

And also within Free Fire MAX, we have introduced some features such as Craftland, which allows people to edit map and customize it and make it available for other users.

在 Free Fire MAX 中，我們還引入了一些功能，例如 Craftland，它允許人們編輯和自定義地圖並使其可供其他用戶使用。

This is our initial attempt in creating more user generation, content tools for our community engagement and bringing more creativity from our communities into the game itself.

這是我們為社區參與創建更多用戶生成、內容工具並將社區的更多創造力帶入遊戲本身的初步嘗試。

So I think there are a lot of exciting developments that are to be rolled out in Free Fire MAX, and as well as in Free Fire.

因此，我認為 Free Fire MAX 以及 Free Fire 中將推出許多令人興奮的開發。

So we are very much looking forward to the fourth quarter and ahead to continue to grow this game.

因此，我們非常期待第四季度和未來繼續發展這款遊戲。

In terms of Sea Capital, well, we don't specifically disclose investment amounts.

就Sea Capital而言，我們沒有具體披露投資金額。

It's important to focus on supporting our ecosystem as well as innovation as a core mission of not just Sea, but also the different arms of Sea including Sea Capital where that team will continue.

重要的是要專注於支持我們的生態系統和創新，這不僅是 Sea 的核心使命，也是 Sea 的不同部門，包括該團隊將繼續存在的 Sea Capital。

As we mentioned before, the theme is to focus on supporting innovation, supporting founding teams and -- who are providing better services and enabling our communities through technology that are generally aligned with our mission to serve our communities with technology.

正如我們之前提到的，主題是專注於支持創新、支持創始團隊以及——他們通過技術提供更好的服務並為我們的社區提供支持，這些技術通常與我們用技術為社區服務的使命相一致。

And the Forte investment is part of that effort as well.

Forte 的投資也是這一努力的一部分。

Our next question will come from Piyush Mubayi of Goldman Sachs.

我們的下一個問題將來自高盛的 Piyush Mubayi。

Yanjun, you talked about normalization post COVID, could you take us through the range of possible outcomes as we come out of COVID?

Yanjun，您談到了 COVID 後的正常化，您能否帶我們了解一下我們從 COVID 中走出來的可能結果的範圍？

Given your footprint across gaming and e-commerce, it's slightly confusing.

鑑於您在遊戲和電子商務領域的足跡，這有點令人困惑。

If I live through the e-commerce businesses that you're in and in those jurisdictions, it's likely to be an economic boost that you will see, which, in theory, should be great for e-commerce company, maybe your e-commerce footprint.

如果我生活在您所在的和這些司法管轄區的電子商務業務中，您可能會看到經濟增長，從理論上講，這對電子商務公司，也許是您的電子商務公司來說應該是很好的腳印。

And when I look at it on the gaming side, well, there will be greater degrees of affordability and that does have repercussions for what you're paying ratios could be.

當我在遊戲方面看它時，嗯，會有更大程度的可負擔性，這確實會對你支付的比率產生影響。

But I can understand in markets like the U.S., it would have a different impact.

但我可以理解，在美國等市場，它會產生不同的影響。

So if you could take us through what you think the post-COVID world could look like for you?

因此，如果您可以帶我們了解您認為後 COVID 世界對您來說會是什麼樣子？

And how -- and what's the right normal number we should be looking at?

以及如何 - 我們應該查看的正確正常數字是多少？

I'd be grateful.

我將不勝感激。

That's my first question.

這是我的第一個問題。

And my second question, again, a big-picture question.

我的第二個問題又是一個大問題。

You talked initially about helping merchants build out and leverage the platform to go across the world.

您最初談到幫助商家建立和利用該平台走向世界。

Could you take us through where you think that process is in the buildup of the merchant base in countries like Indonesia and compared to where the cycle that we've seen in China?

您能否帶我們了解一下您認為在印度尼西亞等國家建立商人基礎的過程，並與我們在中國看到的周期進行比較？

And give us a feel for what -- which innings we are in, in the baseball context?

並讓我們感受一下 - 在棒球背景下，我們處於哪一局？

Thank you, Piyush.

謝謝你，皮尤什。

In terms of COVID, I think we are already living in a more normalized time.

在 COVID 方面，我認為我們已經生活在一個更加正常化的時代。

I believe the Q3 results partly reflect that, in fact.

事實上，我相信第三季度的結果部分反映了這一點。

So we continue to see strong growth from e-commerce sites across various markets.

因此，我們繼續看到各個市場的電子商務網站的強勁增長。

Now we discussed it before during -- I believe, a few quarters earlier when COVID hit.

現在我們之前討論過它——我相信，在幾個季度之前，當 COVID 來襲時。

There are different scenarios.

有不同的場景。

One is -- on the one hand, there is tailwind coming from social distancing rules where people rely more on online shopping to fulfill their consumption needs because of social distancing rules as well as for safety measures.

一個是 - 一方面，社會疏離規則帶來了順風，由於社會疏離規則和安全措施，人們更多地依賴在線購物來滿足他們的消費需求。

On the other hand, if in the longer run, there is a significant impact on economies, there could be downward pressure on overall consumption that could also affect e-commerce industry as a whole and how much of that impact might be felt by us individually remains to be seen.

另一方面，如果從長遠來看，對經濟產生重大影響，整體消費可能會面臨下行壓力，這也可能影響整個電子商務行業，以及我們個人可能會感受到多少影響有待觀察。

Now looking at our current trends and results, we believe that on the one hand, the step-up in digitalization in our markets, the forming of user behavior to shop online and also sell things online by more of the especially the small businesses and even the brands are permanent here to stay.

現在看看我們目前的趨勢和結果，我們認為，一方面，我們市場數字化的步伐，形成了更多的用戶在線購物和在線銷售的行為，尤其是小型企業甚至這些品牌將永久留在這裡。

Meanwhile, we haven't seen any particular economies being so deeply or permanently impacted by COVID that there is clearly an impact on consumption.

與此同時，我們還沒有看到任何特定的經濟體受到 COVID 的如此深刻或永久的影響，以至於對消費產生了明顯的影響。

And at least from our perspective as a market leader, we continue to grow in our market leadership, especially in our markets, which are generally high-growth markets with low e-commerce penetration, we continue to see long-term growth potential.

至少從我們作為市場領導者的角度來看，我們的市場領導地位繼續增長，特別是在我們的市場，這些市場通常是電子商務滲透率低的高增長市場，我們繼續看到長期增長潛力。

So on that front, we are quite optimistic about the long-term growth potential of e-commerce.

所以在這方面，我們對電子商務的長期增長潛力相當樂觀。

Of course, in normalized stage, when you do year-on-year comparison, the comp is generally tough for all e-commerce companies.

當然，在常態化階段，當你做同比比較時，對所有的電商來說，競爭普遍是艱難的。

I think Shopee has done -- our teams have done a great job and continue to grow at triple-digit rates for so many quarters.

我認為 Shopee 已經做到了——我們的團隊做得很好，並且在這麼多個季度繼續以三位數的速度增長。

And that was a lot of efforts, and we also applaud our sellers communities and their efforts in working with us.

這是很多努力，我們也讚揚我們的賣家社區和他們與我們合作的努力。

And that actually leads to the second question on how we grow our merchant base to help them grow more.

這實際上導致了第二個問題，即我們如何擴大我們的商家基礎以幫助他們發展更多。

I think that our merchants are -- especially as we focus more on the small business sellers, they need more handholding and also more help in managing their business.

我認為我們的商家是——尤其是當我們更多地關注小企業賣家時，他們需要更多的幫助，也需要更多的幫助來管理他們的業務。

We started with a very basic tools, teaching them how to take a picture of their products to be -- nicely to be sold online, how to describe their products accurately to be picked up by the right keyword searches from all the way to how to manage inventory, how to manage marketing to maximize ROI, how to manage your accounts and finance.

我們從一個非常基本的工具開始，教他們如何為他們的產品拍照——很好地在網上銷售，如何準確地描述他們的產品以便被正確的關鍵字搜索從一路到如何管理庫存，如何管理營銷以最大限度地提高投資回報率，如何管理您的賬戶和財務。

So we have all levels of classes for our merchants as well as many Shopee centers set up everywhere that we can help them with tools and develop the online tools and mobile tools, game features, social features as many ways as we can reach them very deeply to help them manage their sales.

因此，我們為我們的商家設置了各個級別的課程，並在各地設立了許多 Shopee 中心，我們可以幫助他們使用工具並開發在線工具和移動工具、遊戲功能、社交功能，盡可能多的方式深入接觸他們幫助他們管理銷售。

And of course, from the platform perspective, we also offer integrated payment and logistics services to make things much easier for them.

當然，從平台的角度來看，我們還提供集成的支付和物流服務，讓他們的事情變得更容易。

Now on international potential, we have been very focused on helping our Indonesian merchants to also globally sell their products and -- that's are in demand.

現在，在國際潛力方面，我們一直非常專注於幫助我們的印度尼西亞商人在全球範圍內銷售他們的產品，而且這是有需求的。

For example, using our international programs that their products can be mapped easily onto a different markets UI without them having to learn different languages and do a lot of tweaking.

例如，使用我們的國際計劃，他們的產品可以輕鬆地映射到不同的市場 UI，而無需學習不同的語言並進行大量調整。

And that's done through our in-house technology.

這是通過我們的內部技術完成的。

So there are many tools we have developed to help them by making this as smooth as possible.

因此，我們開發了許多工具來幫助他們，使他們盡可能順利。

On the game side, I think, as I mentioned, the post-COVID normalization, as you can see, we have more of a stable user base.

在遊戲方面，我認為，正如我所提到的，正如你所看到的，在 COVID 後的正常化之後，我們擁有更多穩定的用戶群。

But on the -- however, even against very tough comps, we see improvements year-on-year and Q-on-Q pretty much across all our metrics.

但是在 - 然而，即使面對非常艱難的比賽，我們也看到我們所有指標的同比和 Q-on-Q 都有很大改善。

So I think that has already shown a great achievement by our game team.

所以我認為我們的遊戲團隊已經取得了巨大的成就。

However, in the longer run, we continue to see growth opportunities both in Free Fire itself with new features, new modes, new collaborations and new IPs and being introduced into it as well as our further growing game pipeline through self-development, publishing and investment partnerships.

然而，從長遠來看，我們繼續看到 Free Fire 本身的增長機會，包括新功能、新模式、新合作和新 IP 並被引入其中，以及我們通過自我開發、發行和進一步增長的遊戲管道。投資夥伴關係。

So we are very positive on the game outlook as well.

所以我們對比賽前景也非常樂觀。

And our next question today will come from Venugopal Garre of Bernstein.

我們今天的下一個問題將來自伯恩斯坦的 Venugopal Garre。

My first question is, again, on the expansion in the new geography.

我的第一個問題再次是關於新地理的擴張。

And I was curious to understand that given that we've seen a number of countries that you've entered in the last couple of months, are we done in terms of the choice of countries that we wanted to do in terms of global expansion?

我很想知道，鑑於我們已經看到您在過去幾個月中進入了許多國家，我們是否在選擇我們想要在全球擴張方面做的國家？

And secondly, when we sort of observed the user awareness campaigns and things centered post the launch, we haven't clearly seen any major activities around that.

其次，當我們在某種程度上觀察用戶意識活動和以發佈為中心的事情時，我們還沒有清楚地看到任何圍繞此的重大活動。

While you're using probably social media as a platform even things like Instagram, we don't really see too many followers as yet.

雖然您可能使用社交媒體作為平台，甚至像 Instagram 這樣的平台，但我們還沒有真正看到太多的追隨者。

So I wanted to understand how are you approaching these while we're testing waters?

所以我想了解在我們試水時你是如何處理這些問題的？

But to what extent are we -- would we have to actually spend incrementally, which could, of course, alter a bit of the cost structure for the e-commerce business as well as we go forward.

但是我們在多大程度上 - 我們是否必須實際增加支出，這當然可以改變電子商務業務以及我們前進的一些成本結構。

That's the first question.

這是第一個問題。

The second one is somewhere down the line in the press release as well, you mentioned on the cost side for e-commerce, logistics is one of the reasons for the increase as well.

第二個也在新聞稿中的某個地方，你提到電子商務的成本方面，物流也是增加的原因之一。

Wanted to understand from a sustainability perspective, is it more driven by any freight rate increases that we've been seeing of late globally, especially with a larger cross-border effort midway given our geographic expansion or is it more driven by the value-added initiatives you are doing in ASEAN as well, which, of course, all of that comes to the take rate as well?

想從可持續發展的角度來理解，它是更多地受到我們最近在全球範圍內看到的任何運費上漲的驅動，尤其是考慮到我們的地域擴張，尤其是在中途加大跨境努力的情況下，還是更多地受增值驅動您也在東盟開展的舉措，當然，所有這些都涉及到採取率？

Thanks.

謝謝。

Okay.

好的。

Thank you.

謝謝你。

On e-commerce questions.

關於電子商務問題。

So regarding the global expansion, I think as we mentioned, we may test waters from time to time.

所以關於全球擴張，我認為正如我們提到的，我們可能會不時試水。

And I think it's still too early to focus on those markets, and there's not much for us to report on.

而且我認為現在關注這些市場還為時過早，而且我們沒有太多可報告的內容。

If we open a new market, I'm sure people will hear about it in the market otherwise.

如果我們開闢一個新市場，我相信人們會在市場上聽到它。

So I think there's not much to report on at this point.

所以我認為目前沒有太多可報告的。

Now If I understand correctly, you're asking whether we have been employing social media tools like Instagram to promote our e-commerce platform.

現在，如果我理解正確，您是在問我們是否一直在使用 Instagram 等社交媒體工具來推廣我們的電子商務平台。

Is that the question?

是這個問題嗎？

No.

不。

Rather, the question is that we haven't released any major brand advertising or any brand ambassadors or major awareness campaigns in each of these geographies.

相反，問題是我們沒有在這些地區發布任何主要品牌廣告或任何品牌大使或主要宣傳活動。

What we are actually seeing deploying social media.

我們實際看到的是部署社交媒體。

So we have seen -- we are seeing Instagram for example, you are having a lot of posts out there, but we don't really see too many followers for some of these social media and Instagram feeds and stuff like that.

所以我們已經看到 - 例如，我們看到 Instagram，你有很多帖子，但我們並沒有真正看到其中一些社交媒體和 Instagram 提要和類似的東西有太多追隨者。

So wanted to understand from a cost structure point of view, at what stage will we have to kick start a fairly intense campaigns to create a user awareness because geographies like India is fairly large.

所以想從成本結構的角度來理解，我們必須在什麼階段啟動一個相當激烈的活動來建立用戶意識，因為像印度這樣的地區相當大。

So you would have to at some stage to allocate some amount of cost towards that?

所以你必須在某個階段為此分配一些成本？

Yes.

是的。

I think India is still very -- at a very early stage.

我認為印度仍處於非常早期的階段。

So we haven't really focused on widespread campaign nationwide.

所以我們並沒有真正關注全國范圍內的廣泛運動。

Again, but if you look at our other markets, we believe that we are very well followed on social media and -- in our Southeast Asia and the LatAm markets, especially.

再說一次，但如果你看看我們的其他市場，我們相信我們在社交媒體上受到了很好的關注，尤其是在我們的東南亞和拉丁美洲市場。

For the newer markets, again, I won't want to read too much into the current operations or numbers because it's really at a very nascent stage.

同樣，對於較新的市場，我不想過多地了解當前的運營或數字，因為它確實處於非常初期的階段。

In terms of logistics and cross-border logistics, I think we -- as usual, we continue to partner with third-party logistic service providers to serve our sellers and buyers communities.

在物流和跨境物流方面，我認為我們 - 像往常一樣，我們繼續與第三方物流服務提供商合作，為我們的賣家和買家社區服務。

Most of our buyers -- sellers, in fact, are primarily local sellers.

我們的大多數買家——事實上，賣家主要是本地賣家。

So more focus is on connecting with local 3PLs to make sure the process is smooth and the delivery is timely and reliable for our users and also the cost can over time go down due to -- with efficiency and improvement on operations and deeper connections, integration with our platform.

因此，更多的重點是與本地 3PL 連接，以確保流程順暢，為我們的用戶提供及時可靠的交付，並且成本可以隨著時間的推移而下降——提高運營效率和改進以及更深層次的連接、集成與我們的平台。

So this has not been a change in our overall strategy.

所以這並沒有改變我們的整體戰略。

While we do have Shopee Xpress last mile delivery services in certain markets, as a supplement to 3PL capacity, we continue to view it as a holistic -- from a holistic perspective to see how overall logistic service experience has been for our sellers and buyers?

雖然我們在某些市場確實有 Shopee Xpress 最後一英里配送服務，但作為對 3PL 能力的補充，我們繼續將其視為一個整體——從整體的角度來看，我們的賣家和買家的整體物流服務體驗如何？

Whether we need to ramp up more our own Shopee Xpress delivery or we can rely more on the 3PLs?

我們是否需要更多地增加我們自己的 Shopee Xpress 交付，或者我們可以更多地依賴 3PL？

So on that front, we are very open-minded and adopt a highly pragmatic approach on this.

所以在這方面，我們是非常開放的，並採取了高度務實的態度。

Our next question will come from Ranjan Sharma of JPMorgan.

我們的下一個問題將來自摩根大通的 Ranjan Sharma。

Two questions from my side.

我這邊有兩個問題。

Firstly, on the gaming side, you have not changed your guidance.

首先，在遊戲方面，你沒有改變你的指導。

And based on your 9 months' results, it's indicating that the gaming portfolio is going to be declining in the fourth quarter despite the launch of Free Fire MAX.

根據您 9 個月的結果，這表明儘管推出了 Free Fire MAX，但遊戲組合將在第四季度下降。

Is there any trends that make you guide this way?

是否有任何趨勢使您以這種方式指導？

Or could there be some upside risk to the guidance?

或者該指引是否存在上行風險？

The second question is on the e-commerce basket size seems to be trending down.

第二個問題是電子商務籃子的規模似乎呈下降趨勢。

If you could help us understand what's driving that and if that could be turned around as well?

如果你能幫助我們了解是什麼推動了這一點，以及是否也可以扭轉局面？

Yes.

是的。

Thank you, Ranjan.

謝謝你，蘭詹。

Regarding the game side, as I mentioned, we are continuing to build our game franchise.

關於遊戲方面，正如我所提到的，我們正在繼續建立我們的遊戲特許經營權。

Free Fire MAX, we primarily see as a user engagement to deepen with user engagement with user communities, offer more features and the possibilities to use especially those with phones having higher specs that can allow more high-resolution maps and features.

Free Fire MAX，我們主要將其視為一種用戶參與，以加深用戶與用戶社區的參與，提供更多功能和使用可能性，尤其是那些具有更高規格的手機可以允許更多高分辨率地圖和功能的手機。

So this is not for us, especially at this stage, a revenue driver.

所以這不適合我們，特別是在這個階段，收入驅動力。

We believe our game guidance, given the beginning of the year has been a very strong guidance in terms of monetization given the comp versus last year.

考慮到與去年相比，我們相信我們的遊戲指導，鑑於年初的情況，在貨幣化方面是一個非常強大的指導。

And the overall size of the game portfolio we have already achieved and scaling up so rapidly over the course of a few years.

我們已經實現了遊戲組合的整體規模，並在幾年內迅速擴大。

So I think it's very important for us to also focus on solidifying our user base and our game content and pipeline and capabilities, to focus on long-term growth and long-term maximization of the potential of the Free Fire platform and IP as well as the diversification of our genres across a further stronger spectrum.

所以我認為對我們來說非常重要的是，我們還要專注於鞏固我們的用戶群、我們的遊戲內容、管道和能力，專注於 Free Fire 平台和 IP 的長期增長和長期最大化潛力，以及我們的流派在更大範圍內的多樣化。

Now in terms of e-commerce AOV, I think it's been slightly trending downwards, probably also because of entrance of new markets where the AOV tend to be -- the basket size might be smaller with a new market mix.

現在就電子商務 AOV 而言，我認為它略有下降趨勢，這可能也是因為 AOV 傾向於進入的新市場的進入——隨著新的市場組合，籃子的規模可能會更小。

And overall, I think our AOV has been relatively stable at high single, low double-digit range.

總體而言，我認為我們的 AOV 在高個位數、低兩位數範圍內相對穩定。

It's -- sometimes it can fluctuate because of shopping season or seasonality of category mixes.

它 - 有時它會因為購物季節或類別組合的季節性而波動。

So overall, I think that's been quite stable.

所以總的來說，我認為這是相當穩定的。

So the AOV mix is not -- our overall AOV size is not a target for us.

所以 AOV 組合不是——我們的整體 AOV 大小不是我們的目標。

We don't have a KPI to say that we must drive up AOV.

我們沒有 KPI 來說明我們必須提高 AOV。

I think what AOV is the right mix for us depends on the markets that we have and our understanding of what users in those markets need and what categories really serve the users best and also might evolve over time as we focus on user growth.

我認為什麼 AOV 對我們來說是正確的組合取決於我們擁有的市場以及我們對這些市場中的用戶需要什麼以及哪些類別真正為用戶提供最佳服務的理解，並且隨著我們專注於用戶增長，也可能隨著時間的推移而發展。

So on that front, I don't think it's necessary having a higher AOV is a right strategy for e-commerce platform.

所以在這方面，我認為擁有更高的 AOV 並不是電子商務平台的正確策略。

And singularly focusing on AOV could have a negative impact on the health and the long-term profitability of the e-commerce platform.

單獨關注 AOV 可能會對電子商務平台的健康狀況和長期盈利能力產生負面影響。

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 Min Ju Song for any closing remarks.

我想把會議轉回給 Min Ju Song 做任何閉幕詞。

Thank you, and thank you all for joining today's call.

謝謝大家，感謝大家參加今天的電話會議。

We look forward to speaking to all of you 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。