Sea Ltd (SE) 2021 Q2 法說會逐字稿

Good morning and good evening.

早上好，晚上好。

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

歡迎來到 Sea Limited 2021 年第二季度業績電話會議。

(Operator Instructions) After today's presentation, there will be an opportunity to ask questions.

（操作員說明）今天的演示結束後，將有機會提問。

Please note this event is being recorded.

請注意，正在記錄此事件。

I'd 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。

Thank you.

謝謝你。

And hello, everyone, and welcome to Sea's 2021 Second Quarter Earnings Conference Call.

大家好，歡迎參加 Sea 的 2021 年第二季度收益電話會議。

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 the discussion of certain non-GAAP financial measures 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，例如調整後的 EBITDA 和不包括基於股票的薪酬的淨虧損。

We believe that 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量的理解。

For a discussion of the use of non-GAAP financial measures and 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 財務指標以及與最接近的 GAAP 指標對賬的討論，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 和我在一起；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 second quarter of 2021.

我們的管理層將分享 2021 年第二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 now turn it over to Forrest.

有了這個，現在讓我把它交給福雷斯特。

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。

I'm very pleased that we are reporting sustained outperformance in the second quarter of 2021.

我很高興我們報告了 2021 年第二季度的持續優異表現。

Our efforts to capture the long-term growth from the shift to digitalization across our markets continued to deliver clear and strong results.

我們努力捕捉市場從數字化轉變中的長期增長，繼續取得清晰而強勁的成果。

At the group level for the second quarter of 2021, we achieved GAAP revenue of $2.3 billion.

在 2021 年第二季度的集團層面，我們實現了 23 億美元的 GAAP 收入。

This represents 159% year-on-year growth.

這意味著同比增長 159%。

Our gross profit was $931 million, up 364% year-on-year.

我們的毛利潤為 9.31 億美元，同比增長 364%。

Bookings for Garena reached $1.2 billion, growing 65% compared to last year.

Garena 的預訂量達到 12 億美元，與去年相比增長了 65%。

Shopee recorded 1.4 billion gross orders, a 127% year-on-year increase.

Shopee 錄得 14 億總訂單，同比增長 127%。

And SeaMoney's mobile wallet services registered total payment volume of over $4.1 billion, up close to 150% from last year.

SeaMoney 的移動錢包服務總支付額超過 41 億美元，比去年增長近 150%。

We are very encouraged to see such strong year-on-year growth across our businesses.

看到我們的業務實現如此強勁的同比增長，我們感到非常鼓舞。

This is in comparison to our standout results for the second quarter of 2020, when most of our markets were under the strictest form of lockdowns.

這與我們在 2020 年第二季度的出色業績相比，當時我們的大多數市場都處於最嚴格的封鎖形式之下。

Considering the strong performance observed across our businesses in the first half of 2021, we are raising our full year 2021 guidance.

考慮到我們業務在 2021 年上半年的強勁表現，我們正在上調 2021 年全年指引。

Our digital entertainment portfolio has outperformed our expectations so far this year.

今年到目前為止，我們的數字娛樂產品組合的表現超出了我們的預期。

As such, we now expect bookings of between $4.5 billion and $4.7 billion, representing over 44% growth from 2020 at the midpoint of the revised guidance.

因此，我們現在預計預訂量在 45 億美元至 47 億美元之間，較 2020 年修訂指南的中點增長超過 44%。

E-commerce results in the first half of 2021 also exceeded our expectations, and GAAP revenue is now expected to be between $4.7 billion and $4.9 billion, representing over 121% year-on-year growth at the midpoint of the revised guidance.

2021 年上半年的電子商務業績也超出了我們的預期，目前預計 GAAP 收入在 47 億美元至 49 億美元之間，在修訂後的指引中點同比增長超過 121%。

While strict lockdowns have mostly been lifted in our region since the end of the second quarter last year, many of our markets continue to see a high volume of COVID cases.

儘管自去年第二季度末以來，我們地區的嚴格封鎖已大部分解除，但我們的許多市場仍然出現大量 COVID 病例。

In this dynamic environment, we continue to demonstrate our ability to adapt quickly to fast-changing circumstances and to execute well to serve the evolving needs of our users.

在這個動態的環境中，我們繼續展示我們快速適應快速變化的環境並執行良好以滿足用戶不斷變化的需求的能力。

We are also working hard to help our communities navigate the near-term challenges brought by the pandemic.

我們還在努力幫助我們的社區應對大流行帶來的近期挑戰。

For example, we have donated medical supplies, supported vaccination programs and worked with local governments and partners on various initiatives to assist SMEs and the broader economy through this period.

例如，我們捐贈了醫療用品，支持疫苗接種計劃，並與地方政府和合作夥伴合作開展各種舉措，以幫助中小企業和更廣泛的經濟度過這一時期。

In addition, we are working with our government partners to use our platforms to distribute aid and information related to the pandemic quickly and efficiently.

此外，我們正在與政府合作夥伴合作，利用我們的平台快速有效地分發與大流行相關的援助和信息。

Also, considering the ongoing challenges to our communities, we are doubling down on our mission to better lives through technology by promoting innovation and creating employment opportunities.

此外，考慮到我們社區面臨的持續挑戰，我們正在加倍努力，通過促進創新和創造就業機會，通過技術改善生活。

An example of this is our partnership with the West Java province in Indonesia.

我們與印度尼西亞西爪哇省的合作就是一個例子。

Working with the local government, we plan to establish Shopee centers that will serve as local e-commerce hubs for more than 5,000 villages there.

我們計劃與當地政府合作，建立 Shopee 中心，作為當地 5,000 多個村莊的電子商務中心。

West Java is Indonesia's most populous region, home to close to 50 million people.

西爪哇是印度尼西亞人口最多的地區，擁有近 5000 萬人口。

We expect these Shopee centers to provide infrastructure, training and assistance to help villagers and small business there to accelerate their digitalization journey.

我們希望這些 Shopee 中心能夠提供基礎設施、培訓和幫助，以幫助那裡的村民和小企業加速他們的數字化之旅。

Besides the Shopee centers, we are also partnering with vocational schools across West Java to include syllabus and courses related to Shopee in their official curriculum.

除了 Shopee 中心，我們還與西爪哇的職業學校合作，將與 Shopee 相關的教學大綱和課程納入其官方課程。

In Vietnam, we have launched an initiative called ShopeeFarm to enable Vietnamese farmers to go digital.

在越南，我們發起了一項名為 ShopeeFarm 的計劃，以幫助越南農民實現數字化。

Together with government partners, Shopee works closely with agricultural cooperatives across Vietnam to onboard local farmers.

Shopee 與政府合作夥伴一起與越南各地的農業合作社密切合作，為當地農民提供服務。

Our teams organized training sessions to teach farmers the necessary skills to sell and promote their agricultural products on the Shopee platform.

我們的團隊組織了培訓課程，向農民傳授在 Shopee 平台上銷售和推廣農產品的必要技能。

Many of these rural producers are coming online for the first time.

這些農村生產者中有許多是第一次上網。

In Malaysia, we have been working with the government to distribute aid and promote digital inclusion through participation in the eBelia program using our mobile wallet services.

在馬來西亞，我們一直在與政府合作，通過使用我們的移動錢包服務參與 eBelia 計劃來分發援助和促進數字包容性。

The eBelia program is an initiative under Malaysia's Budget 2021 to help ease the financial burden of and promote cashless spending by the young people.

eBelia 計劃是馬來西亞 2021 年預算下的一項舉措，旨在幫助減輕年輕人的財務負擔並促進年輕人的無現金消費。

This is done through giving mobile wallet credit of MYR 150 to every qualified person through our mobile wallet and other mobile wallets selected for participation in the program.

這是通過我們的移動錢包和選擇參與該計劃的其他移動錢包向每個符合條件的人提供 150 馬來西亞林吉特的移動錢包信用額來完成的。

These efforts reflect our commitment to serve the underserved in our markets through technology and to give back to our communities through social support.

這些努力反映了我們致力於通過技術為市場上服務不足的群體提供服務，並通過社會支持回饋我們的社區。

In the current environment, we see a greater urgency than ever for our communities to digitalize.

在當前環境下，我們看到社區數字化的緊迫性比以往任何時候都更大。

We are working hard to support this process and to maximize the value we offer through our ecosystem.

我們正在努力支持這一過程，並通過我們的生態系統最大化我們提供的價值。

Indeed, we strongly believe that our business performance is closely linked with our ability to deliver on our mission of bettering lives through technology.

事實上，我們堅信我們的業務績效與我們實現通過技術改善生活的使命的能力密切相關。

Let me now discuss each business segment in greater detail.

現在讓我更詳細地討論每個業務部門。

Garena recorded strong results for the second quarter of 2021.

Garena 在 2021 年第二季度錄得強勁業績。

Bookings were $1.2 billion, up 65% year-on-year.

預訂額為 12 億美元，同比增長 65%。

And adjusted EBITDA grew to $741 million, up 70% from last year.

調整後的 EBITDA 增長至 7.41 億美元，比去年增長 70%。

The results are mainly due to the continued strong growth of our active and paying user base globally.

結果主要是由於我們在全球範圍內的活躍和付費用戶群持續強勁增長。

We recorded quarterly active users of 725 million, up 45% year-on-year; while our quarterly paying users grew 85% over the same period to reach 92 million.

我們錄得季度活躍用戶 7.25 億，同比增長 45%；而我們的季度付費用戶同期增長 85%，達到 9200 萬。

As a result, our paying user ratio improved to 12.7% from 10% last year.

因此，我們的付費用戶比例從去年的 10% 提高到了 12.7%。

Free Fire delivered excellent results during the quarter, setting multiple new records.

Free Fire 在本季度取得了優異的成績，創造了多項新紀錄。

Building on its strong performance across global markets, the game recently exceeded 1 billion cumulative downloads on Google Play.

憑藉其在全球市場的強勁表現，該遊戲最近在 Google Play 上的累計下載量已超過 10 億次。

We believe Free Fire is the first-ever mobile battle royale game to achieve this milestone.

我們相信 Free Fire 是第一款實現這一里程碑的移動大逃殺遊戲。

It was ranked third globally by average monthly active users on Google Play in the second quarter according to App Annie.

根據 App Annie 的數據，它在第二季度在 Google Play 上的平均每月活躍用戶排名全球第三。

Furthermore, Free Fire's peak daily active users hit more than 150 million during the quarter.

此外，Free Fire 的峰值每日活躍用戶在本季度達到了 1.5 億以上。

This is a new record for us, and we believe that few online games globally have ever reached this scale.

這對我們來說是一個新的記錄，我們相信全球很少有網絡遊戲達到這個規模。

Meanwhile, Free Fire continued to be the highest grossing mobile game in Southeast Asia, Latin America and India in the second quarter according to App Annie.

同時，根據 App Annie 的數據，Free Fire 繼續成為第二季度東南亞、拉丁美洲和印度收入最高的手機遊戲。

The game has now retained its leadership in Southeast Asia and Latin America for 8 straight quarters and in India for 3 straight quarters.

該遊戲現已連續 8 個季度在東南亞和拉丁美洲保持領先地位，並在印度連續 3 個季度保持領先地位。

We have also gained traction in certain developed markets like the U.S., where the game was ranked the highest-grossing mobile battle royale game for the past 2 quarters based on App Annie.

我們還在美國等某些發達市場獲得了關注，根據 App Annie，該遊戲在過去兩個季度中被評為過去兩個季度收入最高的移動大逃殺遊戲。

Free Fire was the second highest grossing mobile game in the U.S. on Google Play across all games categories in the second quarter as well.

在第二季度，Free Fire 也是美國 Google Play 上所有遊戲類別中收入第二高的手機遊戲。

The exceptional global scale of its user base and the ecosystem has solidified Free Fire as one of the largest and most popular online game platforms worldwide.

其用戶群和生態系統的卓越全球規模鞏固了 Free Fire 作為全球最大和最受歡迎的在線遊戲平台之一的地位。

We also believe Free Fire is increasingly established as a long-lasting global platform with its massive and growing user base and deepening user engagement.

我們還相信，憑藉龐大且不斷增長的用戶群和不斷加深的用戶參與度，Free Fire 正日益成為一個持久的全球平台。

Free Fire's continued success is built on our relentless focus on community engagement around high-quality content and immersive experiences.

Free Fire 的持續成功建立在我們對圍繞高質量內容和身臨其境體驗的社區參與的不懈關注之上。

An increasing number of gamers join and stay on our platform to enjoy not just the core battle royale game play but also the new experiences we frequently introduce.

越來越多的玩家加入並留在我們的平台上，不僅享受核心大逃殺遊戲玩法，還享受我們經常推出的新體驗。

For example, during the second quarter, we launched Pet Rumble.

例如，在第二季度，我們推出了 Pet Rumble。

This is a social deduction game mode where players can use their in-game virtual pets to take part in the game of cooperation and infiltration.

這是一種社交推理遊戲模式，玩家可以使用遊戲中的虛擬寵物參與合作滲透遊戲。

Many of our new game modes are designed to be highly social and to provide more ways for our gamers to interact with their friends and other members of the Free Fire community.

我們的許多新遊戲模式都旨在高度社交，並為我們的遊戲玩家提供更多方式與他們的朋友和 Free Fire 社區的其他成員互動。

We are also setting new records in terms of esports engagement.

我們還在電子競技參與方面創造了新的記錄。

In May, the finals of the Free Fire World Series 2021 Singapore hit a peak of 5.4 million concurrent online viewers according to Esports Charts.

根據 Esports Charts，5 月，2021 年新加坡自由火世界系列賽的總決賽達到了 540 萬同時在線觀眾的峰值。

esports are a great way to connect and engage with our community as fans view and root for teams together while learning the best plays from professional players.

電子競技是與我們的社區建立聯繫和互動的好方法，因為粉絲們可以一起觀看並支持團隊，同時從職業選手那裡學習最好的比賽。

With esports growing similarities to traditional sports, we expect large esports games to exhibit the same level of community engagement and appeal as physical sports and become more and more deeply ingrained in general communities and mass culture.

隨著電子競技與傳統體育越來越相似，我們預計大型電子競技遊戲將展現出與體育運動相同的社區參與度和吸引力，並在一般社區和大眾文化中變得越來越根深蒂固。

In addition, we have been adding to our portfolio of published titles to further diversify our game offerings.

此外，我們一直在增加我們已發布的遊戲組合，以進一步豐富我們的遊戲產品。

In June, we launched Moonlight Blade Mobile in Taiwan.

6 月，我們在台灣推出了 Moonlight Blade Mobile。

Moonlight Blade Mobile is a third-party massively multiplayer online role-playing game that combines fantasy and martial arts and is an example of our ongoing efforts towards growing our portfolio across a larger number of game genres.

Moonlight Blade Mobile 是一款第三方大型多人在線角色扮演遊戲，結合了幻想和武術，是我們不斷努力在更多遊戲類型中擴大我們的產品組合的一個例子。

The game has received very positive reception from our users.

該遊戲受到了我們用戶的非常積極的歡迎。

We will continue to work closely with all our global partners to bring more new and exciting content to our markets.

我們將繼續與我們所有的全球合作夥伴密切合作，為我們的市場帶來更多新的和令人興奮的內容。

Looking ahead, we will leverage our local insights and know-how to keep delivering high-quality experiences to our fast-expanding global user base.

展望未來，我們將利用我們的本地洞察力和專業知識，繼續為我們快速擴大的全球用戶群提供高質量的體驗。

Now let's turn to e-commerce.

現在讓我們轉向電子商務。

Shopee continued to deliver superior retail experience to our consumers and merchants.

Shopee 繼續為我們的消費者和商家提供卓越的零售體驗。

During the quarter, our communities continued to face challenges with the surge in pandemic cases across the region.

在本季度，我們的社區繼續面臨整個地區大流行病例激增的挑戰。

We remain focused on helping our merchants with their digital transformation to build a successful e-commerce business while providing our buyers with better experiences and wider choices.

我們仍然專注於幫助我們的商家進行數字化轉型，以建立成功的電子商務業務，同時為我們的買家提供更好的體驗和更廣泛的選擇。

We recorded 1.4 billion gross orders in the quarter, up 127% year-on-year.

我們在本季度錄得 14 億總訂單，同比增長 127%。

GMV grew 88% year-on-year to hit $15 billion.

GMV 同比增長 88%，達到 150 億美元。

GAAP revenue reached $1.2 billion, growing 161% from last year.

GAAP 收入達到 12 億美元，比去年增長 161%。

GAAP revenue as a percentage of total GMV improved year-on-year and sequentially to reach 7.7%.

GAAP 收入佔總 GMV 的百分比同比和環比均提高至 7.7%。

This deepening monetization was driven mainly by growing merchant investments in marketing and advertisement on the Shopee platform to better attract and serve buyers.

這種深化的貨幣化主要是由於商家對蝦皮平台營銷和廣告的投資不斷增加，以更好地吸引和服務買家。

According to App Annie, Shopee was the most downloaded app on Google Play and the second most downloaded app across the Google Play and iOS App Stores combined for the shopping category globally in the second quarter.

根據 App Annie 的數據，Shopee 是 Google Play 上下載次數最多的應用程序，並且在第二季度全球購物類別中，Shopee 是 Google Play 和 iOS 應用程序商店中下載次數第二多的應用程序。

Shopee also ranked third by the total time spent in app in the shopping category globally.

在全球購物類別中，Shopee 在應用程序中花費的總時間也排名第三。

Shopee remained the top-ranked mobile app both across Southeast Asia and in Taiwan by average monthly active users and the total time spent in app in the shopping category for the quarter.

按月平均活躍用戶數和本季度購物類應用程序的總使用時間計算，Shopee 在東南亞和台灣的移動應用程序中均名列前茅。

In Shopee's largest market, Indonesia, it also ranked first across those same metrics.

在 Shopee 最大的市場印度尼西亞，它在這些指標中也排名第一。

Shopee continued to extend its market leadership in Indonesia with consistent triple-digit year-on-year growth in order numbers.

Shopee 繼續擴大其在印度尼西亞的市場領導地位，訂單數量持續保持三位數的同比增長。

Shopee's adjusted EBITDA loss per order declined 20% year-on-year to $0.41.

Shopee 每筆訂單的調整後 EBITDA 損失同比下降 20% 至 0.41 美元。

We are happy to share that Shopee Malaysia has become our second market after Taiwan to record a positive adjusted EBITDA before allocation of headquarters' common expenses.

我們很高興地分享，Shopee Malaysia 已成為繼台灣之後的第二個市場，在分配總部的共同費用之前錄得正的調整後 EBITDA。

Given the highly attractive growth opportunities ahead of us, we continue to invest in sustainable growth with efficiency to maximize long-term value.

鑑於我們面前極具吸引力的增長機會，我們將繼續投資於高效的可持續增長，以最大限度地提高長期價值。

While we may see period-to-period fluctuations with shopping seasons and events, we will continue to drive improving economics over the long run as we scale.

雖然我們可能會看到隨著購物季節和事件的不同時期的波動，但從長遠來看，隨著我們的規模擴大，我們將繼續推動經濟的改善。

Consistently delivering value to our merchants remain an important driver of our business.

始終如一地為我們的商家創造價值仍然是我們業務的重要驅動力。

During the quarter, we launched a number of new features and programs to support our diverse seller base.

在本季度，我們推出了許多新功能和程序，以支持我們多樣化的賣家群。

For example, we recently deployed Shopee Mall brand memberships across Southeast Asia and Taiwan.

例如，我們最近在東南亞和台灣部署了 Shopee Mall 品牌會員。

It offers a new customer management and a retention tool for brands.

它為品牌提供了新的客戶管理和保留工具。

This program allows brands to introduce their own loyalty programs within Shopee to drive more conversions and repeat purchases on our platform.

該計劃允許品牌在 Shopee 中引入他們自己的忠誠度計劃，以在我們的平台上推動更多轉化和重複購買。

Brands which were early adopters have reported strong results including material increase in repeat buyers and significantly higher spending by members.

作為早期採用者的品牌報告了強勁的業績，包括回頭客的實質性增加和會員的顯著增加。

I'm also encouraged to note that Shopee continued to see growing traction in Brazil.

我也很高興地註意到，Shopee 在巴西的吸引力繼續增長。

According to App Annie, Shopee ranked the first in Brazil by downloads and the total time spent in app and ranked the second most popular mobile app by average monthly active users in the shopping category for the second quarter.

根據 App Annie 的數據，Shopee 在第二季度的購物類別中，按下載量和在應用程序中花費的總時間排名，在巴西排名第一，按月平均活躍用戶數排名第二受歡迎的移動應用程序。

While the markets that Shopee operates in are highly diverse, the consistent trend we see is that the potential for future digitalization remains high in our market.

雖然 Shopee 經營的市場高度多樣化，但我們看到的一致趨勢是，我們的市場未來數字化的潛力仍然很高。

Therefore, a substantial portion of the population in our markets is increasingly benefiting from our growing and improving platform services.

因此，我們市場上很大一部分人口正越來越多地受益於我們不斷增長和改進的平台服務。

With that in mind, we will continue to invest efficiently towards the long term and highly localized growth of the Shopee ecosystem.

考慮到這一點，我們將繼續有效地投資於 Shopee 生態系統的長期和高度本地化的增長。

Finally, our digital financial services business, SeaMoney, continued to perform well in the second quarter as digital payment adoption deepened in our markets.

最後，我們的數字金融服務業務 SeaMoney 在第二季度繼續表現良好，因為我們的市場對數字支付的採用不斷加深。

Our mobile wallet services recorded total payment volume of over $4.1 billion, up close to 150% year-on-year.

我們的移動錢包服務總支付額超過 41 億美元，同比增長接近 150%。

This was driven by both user growth with quarterly paying users increasing to over 32 million in the second quarter and more frequent usage of our mobile wallet services with growing use cases.

這是由用戶增長推動的，第二季度季度付費用戶增加到超過 3200 萬，以及隨著使用案例的增長，我們的移動錢包服務的使用更加頻繁。

In particular, we are quickly expanding off-platform digital payment use cases.

特別是，我們正在迅速擴展平台外數字支付用例。

For example, besides increasing our payment touch points at convenience stores, F&B chains and on the Google Play Store, our mobile wallet service recently expanded its partnership with Mastercard in Thailand.

例如，除了增加我們在便利店、餐飲連鎖店和 Google Play 商店的支付接觸點外，我們的移動錢包服務最近還在泰國擴大了與萬事達卡的合作夥伴關係。

This will allow our users to pay at any of the 200,000-plus off-line outlets that accept Mastercard Contactless.

這將允許我們的用戶在接受萬事達卡非接觸式的 200,000 多個離線網點中的任何一個進行支付。

We are also partnering with Puregold, one of the largest supermarket chains in the Philippines, to accept our mobile wallet payment in over 400 of its stores.

我們還與菲律賓最大的連鎖超市之一 Puregold 合作，在其 400 多家商店中接受我們的移動錢包支付。

Even though SeaMoney is still at an early stage of development, the long-term addressable opportunity is highly significant.

儘管 SeaMoney 仍處於早期發展階段，但長期可尋址的機會非常重要。

Consumers and small businesses in our markets are moving more of their consumption and the commercial activities online, creating a greater need for the digital financial services that SeaMoney can offer.

我們市場上的消費者和小企業正在將更多的消費和商業活動轉移到網上，從而對 SeaMoney 可以提供的數字金融服務產生了更大的需求。

One example is the eBelia program in Malaysia, which was run by the government to distribute financial assistance to the young people, as mentioned earlier.

一個例子是馬來西亞的 eBelia 計劃，如前所述，該計劃由政府運營，旨在向年輕人分配經濟援助。

Of the 1.7 million eBelia applicants recorded as of June 7, close to 1 million chose to claim their credit with our mobile wallet over other wallets participating in the program.

在截至 6 月 7 日記錄的 170 萬 eBelia 申請者中，近 100 萬選擇通過我們的移動錢包而不是參與該計劃的其他錢包來申請他們的信用。

The credit received in the mobile wallet can be used in any online and off-line transactions that accept such mobile wallet payments.

移動錢包中收到的積分可用於任何接受此類移動錢包支付的在線和離線交易。

Indeed, the strong adoption could be partly attributed to the fast-growing popularity of our mobile wallet with over 750,000 touch points nationwide in Malaysia.

事實上，我們的手機錢包的迅速普及，在馬來西亞全國擁有超過 750,000 個接觸點，其強大的採用率可能部分歸因於該錢包的迅速普及。

Moreover, we are encouraged to see the strong network effects of our mobile wallet helping to drive its acceptance and adoption across the region.

此外，我們很高興看到我們的移動錢包強大的網絡效應有助於推動其在整個地區的接受和採用。

We are working closely with various local stakeholders to continue to [bring] more use cases, features and products to our users.

我們正在與當地的各個利益相關者密切合作，以繼續為我們的用戶[帶來]更多用例、功能和產品。

By utilizing and expanding the existing relationships we have built with the growing consumer and merchant user base, we look to serve even more segments of our markets efficiently with technology.

通過利用和擴展我們與不斷增長的消費者和商家用戶群建立的現有關係，我們希望通過技術有效地服務於我們市場的更多細分市場。

To conclude, our performance in the first half of the year has been strong across all our business segments.

總而言之，我們在今年上半年的所有業務領域都表現強勁。

Our conviction in the size of the long-term opportunities we are addressing as well as the positive impact we are making in our communities has only grown.

我們對我們正在解決的長期機會的規模以及我們在社區中產生的積極影響的信念只有增長。

[Leveraging] the virtuous cycles and the network effects both within and across our core business, we believe we are very well positioned to capture these long-term growth opportunities.

[利用]我們核心業務內部和整個核心業務的良性循環和網絡效應，我們相信我們已經做好了把握這些長期增長機會的準備。

This is also reflected in our revised full year guidance for both Garena and Shopee.

這也反映在我們修訂後的 Garena 和 Shopee 全年指南中。

More importantly, as demonstrated by our consistent track record, we've continued to focus on prudence and efficiency in managing long-term sustainable growth.

更重要的是，正如我們一貫的業績記錄所表明的那樣，我們在管理長期可持續增長方面繼續關注審慎和效率。

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 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 159% year-on-year to $2.3 billion.

對於 Sea 整體而言，GAAP 總收入同比增長 159% 至 23 億美元。

This was mainly driven by growth in the scale of our e-commerce business as we continue to better support our users' needs with new features and programs as well as growth of our 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，因為我們繼續通過新功能和程序更好地支持用戶的需求，以及我們的數字娛樂業務的增長，特別是我們自主開發的遊戲 Free Fire。

Digital entertainment bookings grew 65% year-on-year to $1.2 billion.

數字娛樂預訂量同比增長 65%，達到 12 億美元。

GAAP revenue was up 167% year-on-year to $1 billion.

GAAP 收入同比增長 167% 至 10 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 $741 million.

數字娛樂調整後的 EBITDA 為 7.41 億美元。

This represents year-on-year growth of 70%.

這意味著同比增長 70%。

This was mainly due to strong top line growth and an increased share of our self-developed game among our total bookings.

這主要是由於強勁的收入增長以及我們自主開發的遊戲在我們的總預訂量中的份額增加。

On e-commerce, our second quarter GAAP revenue of $1.2 billion included GAAP marketplace revenue of $905 million, up 191% year-on-year; and GAAP product revenue of $251 million, up 90% year-on-year.

在電子商務方面，我們第二季度 12 億美元的 GAAP 收入包括 9.05 億美元的 GAAP 市場收入，同比增長 191%； GAAP產品收入2.51億美元，同比增長90%。

The strong result demonstrated the deepening penetration of e-commerce and our ability to capture these accelerated growth opportunities as we continuously enhance our offerings to create greater value for our platform users.

強勁的業績表明電子商務的深入滲透以及我們在不斷增強產品以為平台用戶創造更大價值的過程中抓住這些加速增長機會的能力。

E-commerce adjusted EBITDA loss was $580 million as we continued our investments to fully capture the opportunities in our markets.

電子商務調整後的 EBITDA 損失為 5.8 億美元，因為我們繼續投資以充分把握市場機會。

We remain committed to efficiently investing in and growing the ecosystem to serve our users better.

我們仍然致力於有效地投資和發展生態系統，以更好地為我們的用戶服務。

Digital financial services GAAP revenue was $89 million, an increase of 659% year-on-year from $12 million in the second quarter of 2020.

數字金融服務 GAAP 收入為 8900 萬美元，較 2020 年第二季度的 1200 萬美元同比增長 659%。

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 $155 million compared to a loss of $97 million in the same period of 2020.

調整後的 EBITDA 虧損為 1.55 億美元，而 2020 年同期虧損為 9700 萬美元。

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 $25 million in the second quarter of 2021 compared to a net nonoperating income of $8 million in the second quarter of 2020.

我們在 2021 年第二季度確認了 2500 萬美元的淨營業外虧損，而 2020 年第二季度的淨營業外收入為 800 萬美元。

Our nonoperating loss in the second quarter of 2021 was primarily due to interest expenses on our outstanding convertible notes.

我們在 2021 年第二季度的非經營性虧損主要是由於我們未償還的可轉換票據的利息支出。

We had a net income tax expense of $75 million in the second quarter of 2021, which was primarily due to corporate income tax and withholding tax recognized in our digital entertainment business.

我們在 2021 年第二季度的淨所得稅費用為 7500 萬美元，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 $321 million in the second quarter of 2021 as compared to $318 million for the same period in 2020.

因此，2021 年第二季度不包括股權補償的淨虧損為 3.21 億美元，而 2020 年同期為 3.18 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。

And we are now ready to open the call for questions.

我們現在準備開始提問。

Operator?

操作員？

(Operator Instructions) Our first question comes from Thomas Chong from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Thomas Chong。

Congratulations on a very strong set of results.

恭喜取得了非常強勁的結果。

I have 2 questions.

我有 2 個問題。

The first question is about Garena, our online gaming business.

第一個問題是關於我們的在線遊戲業務 Garena。

We have seen a very strong performance for Free Fire in Southeast Asia and Lat Am.

我們已經看到 Free Fire 在東南亞和拉丁美洲的表現非常強勁。

I just want to get a sense about how we should think about potential competition for our peers developing similar game genre in the coming months.

我只是想了解我們應該如何考慮未來幾個月開發類似遊戲類型的同行的潛在競爭。

Would that affect Free Fire user as well as the revenue growth?

這會影響 Free Fire 用戶以及收入增長嗎？

And then regarding the new games contribution, just want to get a sense how much of the new games is factored into our revised guidance.

然後關於新遊戲的貢獻，只是想了解有多少新遊戲被納入我們的修訂指南。

And then my second question is about the Shopee business.

然後我的第二個問題是關於 Shopee 業務。

We have seen very strong growth in Shopee.

我們看到 Shopee 的增長非常強勁。

But given that COVID, the situation with the pandemic right now, how are we seeing the trend for different product categories in the second half?

但考慮到新冠疫情，目前的大流行情況，我們如何看待下半年不同產品類別的趨勢？

Are we going to see more people buy the online grocery?

我們會看到更多的人購買在線雜貨嗎？

Or any color on the category trends, would be grateful.

或任何顏色的類別趨勢，將不勝感激。

Thank you, Thomas.

謝謝你，托馬斯。

Regarding the question on Free Fire and competition, I think as we discussed before, we believe that game is not a mainly competition-driven type of business.

關於Free Fire和競爭的問題，我認為正如我們之前討論過的，我們認為遊戲不是主要由競爭驅動的業務類型。

It is more content-driven.

它更受內容驅動。

And it's in particular in the case of Free Fire, which has such a large DAU and quarterly active user base across -- all over the world and highly social type of game, it is even a lot more about engagement with our ever-growing user base.

尤其是 Free Fire，它在世界各地擁有如此龐大的 DAU 和季度活躍用戶群，而且是高度社交類型的遊戲，它更多的是與我們不斷增長的用戶的互動根據。

So in the past and currently, we also see other types of battle royale genres in the market.

所以在過去和現在，我們還在市場上看到了其他類型的大逃殺類型。

And so far, Free Fire has been growing robustly without being -- having any effect from any kind of similar type of games.

到目前為止，Free Fire 一直在強勁增長，但沒有受到任何類似類型遊戲的影響。

Again, we see Free Fire to be increasingly a platform incorporating different types of game play, IP as well as social and casual elements with a lot of fantasy elements in our market, targeting best market users and we are very encouraged to see continued strong growth from its user base as well as pay user base quarter-on-quarter even against a very strong comp we have since last year.

再一次，我們看到 Free Fire 越來越成為一個平台，融合了不同類型的遊戲、IP 以及社交和休閒元素，在我們的市場上有很多幻想元素，瞄準最好的市場用戶，我們很高興看到持續的強勁增長來自其用戶群和付費用戶群的季度環比甚至與我們自去年以來的非常強勁的競爭相比。

So we'll continue to focus on growing the platform and using that as a base for introducing more different types of game elements, IP, game play and other social elements into this game.

因此，我們將繼續專注於發展平台，並以此為基礎，在這款遊戲中引入更多不同類型的遊戲元素、IP、遊戲玩法和其他社交元素。

In terms of the new game contribution to the revised guidance, of course, our revised guidance is based on our current expectation of all games in our publishing pipeline as well as development pipeline.

當然，就新遊戲對修訂指南的貢獻而言，我們的修訂指南是基於我們目前對我們發布管道和開發管道中的所有遊戲的預期。

And as usual, we don't specifically discuss any pipeline games.

和往常一樣，我們不會專門討論任何管道遊戲。

But for the new games that are already published, they are built in.

但是對於已經發布的新遊戲，它們是內置的。

In terms of the COVID and its effect on the category trends, so far, we see that our category trends have been quite stable.

就 COVID 及其對品類趨勢的影響而言，到目前為止，我們看到我們的品類趨勢相當穩定。

The top categories remain to be fashion, health and beauty, home and living and these long-tail, high-margin categories.

排名靠前的類別仍然是時尚、健康和美容、家居和生活以及這些長尾、高利潤的類別。

During the COVID, we tend to see high growth in particular in the home and living category as people stay at home more and work from home more.

在 COVID 期間，隨著人們更多地呆在家裡，更多地在家工作，我們傾向於看到特別是家庭和生活類別的高速增長。

And we also start to see FMCG, including grocery, to become a more popular category over time as people need convenience and delivery to their home.

我們也開始看到快速消費品，包括雜貨，隨著時間的推移成為一個更受歡迎的類別，因為人們需要便利和送貨上門。

We've been working with our 3PLs as well as our users to efficiently provide the services they demand.

我們一直在與我們的 3PL 以及我們的用戶合作，以有效地提供他們需要的服務。

In terms of the trends going forward, I think that as you probably know, there are still COVID cases and resurgence of cases in our regions.

就未來的趨勢而言，我認為您可能知道，我們地區仍然存在 COVID 病例和病例回潮。

And it's not clear when this might be -- the cases might go down or lives can be back to normal.

目前還不清楚這可能是什麼時候——病例可能會減少，或者生活可能會恢復正常。

During this period of time and as COVID continues, as Forrest shared, we focus on continuing to manage our operations efficiently to make sure we meet our users' demand for our services.

在這段時間裡，隨著 COVID 的繼續，正如 Forrest 所說，我們專注於繼續有效地管理我們的運營，以確保我們滿足用戶對我們服務的需求。

And at the same time, we focus on digital inclusion.

同時，我們專注於數字包容性。

That is evidenced in the accelerated rate of digitization across our markets, which, again, we see as opportunities for long-term growth and sustainable growth in our markets as we believe the step-up in digitization is going to stay.

這在我們的市場數字化速度加快中得到了證明，我們再次將其視為我們市場長期增長和可持續增長的機會，因為我們相信數字化的步伐將持續下去。

The next question comes from Ranjan Sharma from JPMorgan Singapore.

下一個問題來自摩根大通新加坡的 Ranjan Sharma。

Congratulations on the results.

祝賀結果。

Two questions from my side.

我這邊有兩個問題。

Firstly, can you also please talk about food delivery?

首先，你能不能也談談送餐？

We have seen ShopeeFood growing aggressively in Indonesia.

我們已經看到 ShopeeFood 在印度尼西亞的蓬勃發展。

What are your rollout plans in other parts of ASEAN as well?

你們在東盟其他地區的推廣計劃是什麼？

And secondly, if I come back to the guidance, you had a pretty strong first half and especially the second quarter.

其次，如果我回到指導方針，你的上半年表現非常強勁，尤其是第二季度。

But the guidance for the gaming is indicating gaming revenues softening in the second half.

但博彩業的指引顯示下半年博彩業收入疲軟。

Are you seeing any softness in the gaming trends?

您是否看到遊戲趨勢出現疲軟？

Or should we think that there could be upside to the guidance?

還是我們應該認為指導可能有好處？

Thank you, Ranjan.

謝謝你，蘭詹。

In terms of ShopeeFood, we see very strong performance and positive reception by our users as well as driver communities in the markets both in Indonesia as well as Vietnam in the second quarter.

在 ShopeeFood 方面，我們在第二季度看到印度尼西亞和越南市場的用戶和司機社區的強勁表現和積極的接受度。

And we'll continue to focus on the quality of our services to our users.

我們將繼續關注我們為用戶提供的服務質量。

Any -- if there's any new market, of course, it was -- anything, the developments, we will make announcement.

任何——如果有任何新的市場，當然是——任何事情，發展，我們都會公佈。

But we don't have anything to report at this point.

但我們目前沒有任何報告。

In terms of the guidance regarding the game bookings, okay, again, we believe the overall guidance showed a more than 40% year-on-year growth compared to last year, which is also a record year for us with the commencement of lockdown.

關於遊戲預訂的指導，好吧，我們認為總體指導顯示與去年相比同比增長超過 40%，這也是我們在鎖定開始後創紀錄的一年。

And I think this is a very strong performance already.

我認為這已經是非常強勁的表現了。

And our focus, as you can tell from game and the metrics we have indicated as well as our views in terms of how to grow our gaming platform, is to continue to first and foremost to grow our user base and also pay user base across the various markets in the world as we continue to see strong potential growth.

從遊戲和我們所指出的指標以及我們對如何發展我們的遊戲平台的觀點可以看出，我們的重點是繼續首先擴大我們的用戶群並支付整個遊戲平台的用戶群。隨著我們繼續看到強勁的潛在增長，我們在世界各個市場上取得了成功。

And our past track record has shown that we're generally good at commercialization in even markets that are known to be difficult for commercialization.

我們過去的業績記錄表明，即使在已知難以商業化的市場中，我們通常也擅長商業化。

So we don't really worry about not being able to commercialize the content down the road.

因此，我們並不真正擔心無法將內容商業化。

But our focus continues to be growing the user base and making this an even larger platform that allows us to really tap on to it to build a stronger game ecosystem with very strong social elements in it.

但我們的重點仍然是擴大用戶群，並使其成為一個更大的平台，讓我們能夠真正利用它來建立一個更強大的遊戲生態系統，其中包含非常強大的社交元素。

The next question comes from Piyush Choudhary from HSBC Singapore.

下一個問題來自新加坡匯豐銀行的 Piyush Choudhary。

Congratulations for a strong set of results.

祝賀你取得了一系列強有力的結果。

Two questions.

兩個問題。

Firstly, on the e-commerce, what factors and which countries are driving an increase in take rate?

首先，在電子商務方面，哪些因素以及哪些國家在推動其走高？

And could you give some color on which countries have the lowest take rate and the highest potential to increase?

您能否就哪些國家的錄取率最低和最高的增長潛力給出一些顏色？

Secondly, in e-commerce, we have seen a surge in sales and marketing expenses during the quarter.

其次，在電子商務方面，我們看到本季度的銷售和營銷費用激增。

Can you give some color on how the competitive dynamics has changed?

您能否就競爭動態如何變化提供一些顏色？

Has that led to increase in customer retention cost?

這是否導致客戶保留成本增加？

Thank you, Piyush.

謝謝你，皮尤什。

In terms of the e-commerce take rate increase, the -- it is mostly -- mainly attributable to the adoption of advertisement and increased adoption by our sellers of advertisement and marketing tools on Shopee platform.

就電子商務採用率的增長而言，這主要是由於廣告的採用以及我們的賣家在 Shopee 平台上越來越多地採用廣告和營銷工具。

And this is across the various markets across the board.

這是全面的各個市場。

It's not driven by any one particular market.

它不受任何一個特定市場的驅動。

And in terms of sales and marketing and related to competitive dynamics, I think we are -- again, as we discussed it before, given our strong market leadership, we're in a good position now that our sales and marketing is more driven by our view about the efficiency of investment into various markets at various points of time, for example, any shopping event season, any particular opportunities to promote the brand, et cetera.

在銷售和營銷以及與競爭動態相關的方面，我認為我們再次——正如我們之前討論過的那樣，鑑於我們強大的市場領導地位，我們現在處於有利地位，因為我們的銷售和營銷更多地是由我們對不同時間點對不同市場的投資效率的看法，例如，任何購物活動季節、任何推廣品牌的特定機會等。

And this is more of a managed outcome, depends on our view about the natural pace of growth in this market at any point in time.

這更像是一個管理結果，取決於我們對這個市場在任何時間點的自然增長速度的看法。

And our strategies in capturing, in an efficient manner, that growth.

以及我們以有效方式捕捉這種增長的策略。

So it is not affected by competitive dynamics we're seeing in the market.

因此，它不受我們在市場上看到的競爭動態的影響。

And as you can tell from our growth rate, while we are multiple times larger than our competitors in the region, we are also growing at a faster rate.

從我們的增長率可以看出，雖然我們的規模是該地區競爭對手的數倍，但我們的增長速度也更快。

Our next question comes from Piyush Mubayi from Goldman Sachs.

我們的下一個問題來自高盛的 Piyush Mubayi。

Your GMV grew very strongly.

您的 GMV 增長非常強勁。

Would it be possible to shed some color on, in particular, the one new region you're moving into?

是否有可能在您要進入的一個新地區特別是一些顏色？

And any light on the tactic you're embarking on?

對你正在採取的策略有任何啟示嗎？

We understand that the app popularity has risen dramatically, but there are nuances of that market, and you are no novice to taking on a well-established competitor.

我們知道該應用程序的受歡迎程度已經急劇上升，但該市場存在細微差別，您對與成熟的競爭對手進行較量並不是新手。

So based on what you've done in the past, how would you rate your strength, weakness in that market, if at all possible, something you could comment on?

因此，根據您過去所做的事情，您如何評價您在該市場中的優勢和劣勢，如果可能的話，您可以發表評論嗎？

And then the second area is on the cash burn side, where the cash burn is proceeding okay, just wanted to understand where that is.

然後第二個區域是現金燃燒方面，現金燃燒正在進行中，只是想了解那在哪裡。

And when you look at that on a per order basis, that looks like it's rising.

當您按訂單查看時，它看起來正在上升。

On the GMV, on a per order basis, also there's some trends that are interesting.

在 GMV 上，在每個訂單的基礎上，也有一些有趣的趨勢。

If you could comment on that.

如果你能對此發表評論。

Yes.

是的。

Thank you, Piyush.

謝謝你，皮尤什。

In terms of new markets, I believe you're referring to the Lat Am markets.

就新市場而言，我相信您指的是拉丁美洲市場。

As shared before, this is still a very early stage for us as we continue to adapt to local market practices and finetune our operations and grow our business there.

正如之前所分享的，這對我們來說仍然是一個非常早期的階段，因為我們將繼續適應當地的市場實踐並微調我們的運營並在那裡發展我們的業務。

We did share in this quarter's earnings that even though it's -- we have very recently launched in those markets, in particular in Brazil, our performance so far has been strong with top ranking in download and also the #2 ranking MAU according to App Annie.

我們確實分享了本季度的收益，儘管我們最近在這些市場推出了產品，特別是在巴西，但迄今為止我們的表現一直很強勁，下載量排名第一，並且根據 App Annie 的排名 MAU 排名第二.

And I think we will continue to focus on growth and -- in that market.

而且我認為我們將繼續專注於增長和 - 在那個市場上。

Again, we're not looking at the competition per se because these markets are with still a very low level of e-commerce penetration.

同樣，我們並沒有關注競爭本身，因為這些市場的電子商務滲透率仍然很低。

These are blue ocean market to us, and we see large opportunities and very long runway for these markets for the e-commerce players in their various -- based on their various strategy and focus and the market segments.

這些對我們來說是藍海市場，我們看到了這些市場的巨大機遇和很長的跑道，因為電子商務參與者在他們的各個方面——基於他們的不同戰略和重點以及細分市場。

So we will continue to grow and focus on efficient growth in those newer markets.

因此，我們將繼續發展並專注於這些新市場的有效增長。

And in the business model, I think as some of you are familiar with the business model in our Southeast Asia markets, we continue to promote a mobile-native, social-focused marketplace model.

在商業模式方面，我認為由於你們中的一些人熟悉我們東南亞市場的商業模式，我們將繼續推廣移動原生、以社交為中心的市場模式。

It doesn't -- with a focus on the core categories, those long-tail and high-margin categories and helping the local small businesses and sellers primarily to promote their business in our marketplace.

它沒有 - 專注於核心類別，那些長尾和高利潤類別，並主要幫助當地小企業和賣家在我們的市場上推廣他們的業務。

I think the approach and the thesis is the same for our newer markets as well as our current markets in Southeast Asia.

我認為我們的新市場以及我們目前在東南亞的市場的方法和論點是相同的。

And in terms of the cash burn, just as I mentioned on the previous question, it is more of a managed outcome.

就現金消耗而言，正如我在上一個問題中提到的那樣，這更像是一個有管理的結果。

As we look at the market opportunities, the timing of the market, for example, in Q2, we have Ramadan season in our several largest markets including Indonesia.

當我們關注市場機會和市場時機時，例如，在第二季度，我們在包括印度尼西亞在內的幾個最大市場都有齋月季節。

And this is a time where investment into the growth and to promote e-commerce adoption is very efficient.

現在是投資增長和促進電子商務採用非常有效的時期。

We have increased our buy frequency overall to more than 6x a month.

我們將整體購買頻率提高到每月 6 次以上。

And in Indonesia, it has exceeded 7x per month, which we believe is very healthy for a marketplace platform.

在印度尼西亞，它每月超過 7 倍，我們認為這對於市場平台來說是非常健康的。

And as we continue to also recruit new buyers and new users and increase our active user base in the region, we believe that we continue to invest efficiently.

隨著我們繼續招募新買家和新用戶並增加我們在該地區的活躍用戶群，我們相信我們將繼續進行有效投資。

However, that said, it is important to note that our big picture view of an e-commerce model being a highly profitable one in terms of the market-based model we are pursuing; and then second, we will continue to focus on growth efficiency and our view that long-term economics, unit economics should continue to improve long term, it doesn't change because this naturally happens with scale and continuing improvement on growth efficiency and our continued strengthening of our market leadership.

然而，話雖如此，重要的是要注意，就我們所追求的基於市場的模式而言，我們認為電子商務模式是一種高利潤的模式。其次，我們將繼續關注增長效率和我們認為長期經濟，單位經濟應該長期持續改善的觀點，它不會改變，因為這自然會隨著規模和增長效率的持續改善而發生，我們持續加強我們的市場領導地位。

This thesis never changed.

這篇論文從未改變。

So on that, I think we are continuing to monitor the market trends, and we'll invest efficiently.

因此，我認為我們將繼續監控市場趨勢，我們將進行有效投資。

Our next question comes from Alicia Yap from Citigroup.

我們的下一個問題來自花旗集團的 Alicia Yap。

Yes, can you hear me?

是的，你能聽到我的聲音嗎？

Okay.

好的。

Management, congrats on the strong results.

管理層，祝賀您取得了驕人的成績。

My question is on Shopee in Brazil.

我的問題是關於巴西的 Shopee。

Any color you could share in terms of the percentage of orders or the percentage of revenue contributed from Brazil currently?

就訂單百分比或巴西目前貢獻的收入百分比而言，您可以分享任何顏色嗎？

And if management could also remind us your goals and expectation for this market opportunity in Lat Am.

如果管理層也可以提醒我們您對拉丁美洲這個市場機會的目標和期望。

And if you can elaborate the monetization rate contribution by ranking, will that actually coming more from the commission fee or the advertising?

如果你可以通過排名來詳細說明貨幣化率的貢獻，這實際上是來自佣金還是廣告？

Or is it more from the cross-border, those logistics fee?

還是更多來自跨境，那些物流費？

And do you perceive the AOV for Brazil or Lat Am to be higher than those in the Southeast Asia?

您是否認為巴西或拉美的 AOV 高於東南亞？

And then second question very quickly on the positive EBITDA for Malaysia.

然後是關於馬來西亞積極的 EBITDA 的第二個問題。

Is that because of the better monetization rate?

是因為更高的貨幣化率嗎？

Or is it because of the better operating cost and efficiency?

還是因為更好的運營成本和效率？

Thank you, Alicia.

謝謝你，艾麗西亞。

In terms of Brazil, we don't break down the orders or revenue contribution by country.

就巴西而言，我們沒有按國家細分訂單或收入貢獻。

But as we shared, we see positive reception in the market by sellers and buyers, and we'll continue to focus on driving efficient growth there.

但正如我們所分享的，我們看到買賣雙方在市場上的積極反應，我們將繼續專注於推動那裡的有效增長。

And our growth and expectations for Lat Am, I think this is still very early stage for us, and it's an evolving operation for us.

以及我們對拉丁美洲的增長和期望，我認為這對我們來說仍處於早期階段，對我們來說這是一個不斷發展的運營。

So we will continue to stay humble and continue to learn about the market and focus on continued improvement of our operations and service to the users there.

因此，我們將繼續保持謙虛，繼續了解市場，專注於持續改進我們的運營和為用戶提供的服務。

In terms of the monetization contribution by ranking, so our -- as you know, most of our monetization came from the high-margin types of revenue, i.e., transaction-based fees, including commissions and various types of handling fees, et cetera, as well as advertisements.

就排名的貨幣化貢獻而言，所以我們——如你所知，我們的大部分貨幣化來自高利潤類型的收入，即基於交易的費用，包括佣金和各種類型的手續費等，以及廣告。

And more importantly, the increase in the take rate we're seeing quarter-on-quarter is attributable to these types.

更重要的是，我們看到的季度環比增長歸因於這些類型。

And in particular, for second quarter, attributable to advertisements adoption and mainly from increasing adoption, including number of sellers placing advertisements on our platform.

特別是在第二季度，由於廣告的採用，主要是由於採用率的增加，包括在我們平台上投放廣告的賣家數量。

But still very early stage for us.

但對我們來說仍處於早期階段。

I think our advertisement take rate is still low, and we have much more inventory to be rolled out and to be adopted.

我認為我們的廣告佔用率仍然很低，我們還有更多的庫存要推出和採用。

As we explained before, we believe our markets are still at early stage for the e-commerce ecosystem, and it takes time for our seller community to be trained and get familiar with various types of advertising and marketing tools we can leverage on our platform, and we focus on educating our seller communities on that.

正如我們之前解釋的那樣，我們相信我們的市場仍處於電子商務生態系統的早期階段，我們的賣家社區需要時間來接受培訓並熟悉我們可以在我們的平台上利用的各種類型的廣告和營銷工具，我們專注於對我們的賣家社區進行教育。

And at the same time, their increasing adoption shows the effectiveness of our advertising and marketing tools as well as the increasing returns, our platform is creating for our seller communities that allow them to voluntarily adopting more marketing on the Shopee platform.

同時，他們越來越多的採用表明我們的廣告和營銷工具的有效性以及不斷增加的回報，我們的平台正在為我們的賣家社區創建，允許他們自願在 Shopee 平台上採用更多的營銷。

So in terms of the AOV for Brazil and Lat Am versus Southeast Asia, again, this is too early for us to tell given the early stage of our operations there.

因此，就巴西和拉美與東南亞的 AOV 而言，鑑於我們在那裡開展業務的早期階段，這對我們來說還為時過早。

We will continue to observe and to see what will be the appropriate reach.

我們將繼續觀察，看看什麼是合適的範圍。

As we noted before, the AOV is not a target KPI for us but really as a natural outcome of the category mix in terms of the relevant categories and types of goods that are right for each market.

正如我們之前提到的，AOV 不是我們的目標 KPI，而是真正作為類別組合的自然結果，就相關類別和適合每個市場的商品類型而言。

And it's more of an output than an input from our perspective.

從我們的角度來看，它更多的是輸出而不是輸入。

So we will focus on driving the right category mix that will generate the right AOV for the market.

因此，我們將專注於推動正確的品類組合，從而為市場產生正確的 AOV。

And so we might dynamically assess the market conditions as each market evolves over time to see whether the mix and category mix and product mix is the right mix for the market.

因此，我們可能會隨著每個市場隨著時間的推移而動態評估市場狀況，以查看組合和類別組合以及產品組合是否適合市場。

In terms of positive EBITDA from Malaysia, again, we're very happy to report that Malaysia has become the second market to achieve positive EBITDA after Taiwan for our Shopee business.

就馬來西亞的正 EBITDA 而言，我們很高興地報告說，馬來西亞已成為繼台灣之後第二個實現 Shopee 業務正 EBITDA 的市場。

And of course, it is followed by the results of better monetization over time as well as improving operational efficiency over time.

當然，隨之而來的是隨著時間的推移更好的貨幣化以及隨著時間的推移提高運營效率的結果。

As we stressed before that the marketplace e-commerce model in terms of profitability is highly proven and with scale and strong market leadership and ability to deliver a clear and increasing value to our seller communities, we will be able to make a strong profit down the road.

正如我們之前強調的那樣，市場電子商務模式在盈利能力方面得到了高度證明，並且具有規模和強大的市場領導地位以及為我們的賣家社區提供清晰和不斷增長的價值的能力，我們將能夠在未來獲得可觀的利潤路。

And this is basically generating value to our communities and, by that, will generate value to our shareholders as well.

這基本上為我們的社區創造了價值，並且由此也將為我們的股東創造價值。

The next question comes from Varun Ahuja from Credit Suisse.

下一個問題來自瑞士信貸的 Varun Ahuja。

Yes.

是的。

So quick few questions.

這麼快的幾個問題。

Number one, if you look at your user base for the Garena, again, this quarter, it grew very strongly.

第一，如果你再看看 Garena 的用戶群，本季度它的增長非常強勁。

It's around 75 new quarterly active users you have added.

您添加了大約 75 個新的季度活躍用戶。

It has accelerated from last 2 quarters.

它比上兩個季度有所加速。

Just wanted to understand despite such a game being there in the market for so long, where are you still seeing growth in new markets?

只是想了解，儘管這樣的遊戲在市場上存在了這麼久，但你在哪裡仍然看到新市場的增長？

Is it the existing market, new markets?

是現有市場還是新市場？

Any color additional would be very helpful.

任何額外的顏色都會非常有幫助。

Secondly, on Brazil, let me try it a little bit differently.

其次，在巴西，讓我嘗試一點不同。

If you can give some color, obviously, you have seen sequential increase in investments in e-commerce.

如果你能給出一些顏色，顯然，你已經看到電子商務投資的連續增長。

And you already mentioned that 2 of the markets are profitable in ASEAN.

您已經提到，其中兩個市場在東盟是有利可圖的。

So how should we think about it as increased investments going into Brazil?

那麼，隨著對巴西的投資增加，我們應該如何看待它呢？

Or any color on how much on a like-for-like basis on ASEAN?

或者在東盟的同類產品中有多少顏色？

How much is -- some qualitative colors will be helpful.

多少錢——一些定性的顏色會有所幫助。

Thirdly, on the logistics side, clearly, in Lat Am, the leader in e-commerce has made significant investments on the logistics side, and their third-party ecosystem isn't that great.

第三，在物流方面，很明顯，在拉美，電子商務的領導者在物流方面進行了大量投資，他們的第三方生態系統並不是那麼好。

So how does Shopee think about that part and bridge that gap with the market leader increasing over the next few years?

那麼，Shopee 是如何看待這部分並彌合與未來幾年不斷擴大的市場領導者之間的差距的呢？

Are you looking to make more investments in Lat Am?

您是否希望在拉丁美洲進行更多投資？

And even in ASEAN, we have seen increasing investments by Shopee on logistics.

即使在東盟，我們也看到 Shopee 在物流方面的投資增加。

So any color on that one would be helpful.

所以那個顏色的任何顏色都會有幫助。

Yes.

是的。

Thank you.

謝謝你。

In terms of the game user growth, we're also very happy to report that they actually came from all 3 regions of Southeast Asia and Lat Am as well as the rest of the world.

在遊戲用戶增長方面，我們也很高興地報告說，他們實際上來自東南亞和拉丁美洲的所有 3 個地區以及世界其他地區。

And therefore, we believe the thing that -- the market diversification has been very strong for our games, especially Free Fire.

因此，我們相信——市場多元化對我們的遊戲來說非常強大，尤其是 Free Fire。

And in terms of Brazil investments, again, I think we're still at a very early stage.

在巴西投資方面，我認為我們仍處於非常早期的階段。

Our investment into Brazil is commensurate with the growth of our operations as well as adoption of our services offerings there.

我們對巴西的投資與我們業務的增長以及我們在巴西的服務產品的採用相稱。

And obviously, we continue to evaluate and we continue to see improving unit economics as well in Brazil as we scale rapidly there.

顯然，我們繼續評估，並且隨著我們在巴西迅速擴大規模，我們繼續看到巴西的單位經濟也有所改善。

And we'll continue to focus on efficiency growth.

我們將繼續關注效率增長。

And as you know, we recently also raised take rates in Brazil to about 12% and 18% for certain sellers who adopt our free shipping programs.

如您所知，我們最近還將巴西的收取率提高到 12% 和 18% 左右，適用於採用我們的免費送貨計劃的某些賣家。

So we believe that the user receptions have been very strong, and we believe it's a good market for continued investment.

所以我們相信用戶的接受度非常高，我們相信這是一個繼續投資的好市場。

But we will, again, continue to assess the growth potential there.

但我們將再次繼續評估那裡的增長潛力。

In terms of the logistics environment in Lat Am, I think there could be some similarity drawn between Brazil or Lat Am markets and to the early days of the Southeast Asian market.

就拉美的物流環境而言，我認為巴西或拉美市場與東南亞市場的早期可能存在一些相似之處。

Part of it is a little bit of a chicken and egg problem, it's when there is not much of a demand for third-party logistics services by e-commerce platforms either because most of the platforms are using their own services or there hasn't been a lot of volume or traffic broadly generated across different platforms, then probably there is also a lack of initial growth opportunity for logistics.

部分原因是雞與蛋的問題，即電商平台對第三方物流服務的需求不大，因為大多數平台都在使用自己的服務，或者沒有在不同平台上廣泛產生了大量的流量或流量，那麼物流可能也缺乏初始增長機會。

But on the one hand, we are also hopeful that with the growing e-commerce scene in the region and more focus of our global investors into the growth opportunities in the region, we may also see similar trends in those markets.

但一方面，我們也希望隨著該地區電子商務領域的發展以及我們的全球投資者更加關注該地區的增長機會，我們也可能在這些市場看到類似的趨勢。

And this is hopefully some contribution we can make to the market in terms of bringing more opportunities, bringing more digitization as well as e-commerce ecosystem that helps not just growth of Shopee but also growth of the surrounding services, including 3PLs within the region.

希望這是我們可以為市場做出的一些貢獻，帶來更多機會，帶來更多數字化以及電子商務生態系統，這不僅有助於 Shopee 的增長，還有助於周邊服務的增長，包括該地區的 3PL。

And we've been partnering with 3PLs in our region very successfully in growing the e-commerce ecosystem.

我們一直在與我們地區的 3PL 合作，非常成功地發展了電子商務生態系統。

And at the same time, these third-party partners also enjoy the very strong growth on their end as well and the close partnership with Shopee.

同時，這些第三方合作夥伴也享有非常強勁的增長以及與 Shopee 的密切合作。

We are very happy to continue to adopt that model going forward in Brazil or the new markets as well.

我們很高興在巴西或新市場繼續採用這種模式。

But at the same time, we do have our Shopee Xpress services to complement the -- within each market as we see appropriate, 3PL capacity, especially during peak volume time in the holiday season or if there's any lockdown events, et cetera.

但與此同時，我們確實有我們的 Shopee Xpress 服務來補充我們認為合適的每個市場內的 3PL 容量，特別是在假日季節的高峰期或有任何鎖定事件等情況下。

So on that front, we will continue to observe what makes sense from an operation as well as user service perspective as well as the relevant stakeholders growth in connection with the ecosystem to adapt our model and operations accordingly.

因此，在這方面，我們將繼續從運營和用戶服務的角度觀察什麼是有意義的，以及與生態系統相關的利益相關者的增長，以相應地調整我們的模式和運營。

But again, we focus a lot on efficiency.

但同樣，我們非常注重效率。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'd 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 all for joining today's call.

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。