Sea Ltd (SE) 2024 Q2 法說會逐字稿

Good morning, and good evening to all, and welcome to the Sea Limited second-quarter-2024 results conference call.

大家早安，晚上好，歡迎參加 Sea Limited 2024 年第二季業績電話會議。

(Operator Instructions) And finally, I would like to advise all participants that the call is being recorded.

（操作員說明）最後，我想通知所有參與者，通話正在錄音。

Thank you.

謝謝。

I'd now like to welcome Mr. M.C. Koh to begin the conference.

現在我要歡迎 M.C. 先生。 Koh 宣布會議開始。

Please go ahead.

請繼續。

Hello, everyone, and welcome to Sea's 2024-second-quarter earnings conference call.

大家好，歡迎參加 Sea 2024 年第二季財報電話會議。

I am M.C., Sea's Investor Relations Director.

我是 M.C.，Sea 的投資者關係總監。

On this call, 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.

在這次電話會議中，我們可能會做出前瞻性陳述，這些陳述本身就存在風險和不確定性，並且可能由於我們新聞稿中所述的各種原因而在未來無法實現。

Also, this call includes a discussion of certain non-GAAP financial measures, such as adjusted EBITDA.

此外，本次電話會議也討論了某些非公認會計準則財務指標，例如調整後的 EBITDA。

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

我們相信，這些措施可以增強投資者對我們主要業務實際現金流量的理解，作為我們公認會計準則揭露的補充。

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

有關非 GAAP 財務指標的使用以及與最接近的 GAAP 指標的調整的討論，請參閱我們新聞稿中有關非 GAAP 財務指標的部分。

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

與我同行的有 Sea 董事長兼執行長 Forrest Li；總裁，克里斯·馮；和首席財務官托尼·侯。

Our management will share strategy and business updates, operating highlights and financial performance for the second quarter of 2024.

我們的管理層將分享 2024 年第二季的策略和業務更新、營運亮點和財務表現。

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，歡迎您提出任何問題。

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

現在，讓我把電話轉給福雷斯特。

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

大家好，感謝您參加今天的電話會議。

I'm happy to report that it has been a solid quarter for us with our strong momentum from Q1 continuing into Q2.

我很高興地向大家報告，對我們來說，這是一個堅實的季度，我們從第一季一直延續到第二季​​度的強勁勢頭。

All three of our businesses have shown both strong growth and higher profitability.

我們的所有三項業務都表現出強勁的成長和更高的獲利能力。

Before I dive into each business results, I wanted to share some observations of our Southeast Asia market.

在深入探討每一項業務成果之前，我想先分享一些對我們東南亞市場的觀察。

Generally, retail and consumer spending trends in the region have remained healthy with domestic consumption continuing to be a main driver of economic performance in many markets.

總體而言，該地區的零售和消費者支出趨勢保持健康，國內消費仍然是許多市場經濟表現的主要驅動力。

This sets a very strong macro foundation for our e-commerce business.

這為我們的電子商務業務奠定了非常堅實的宏觀基礎。

We are happy with Shopee's market share in Southeast Asia and our sizable lead over our peers in the region.

我們對 Shopee 在東南亞的市場份額以及相對於該地區同行的巨大領先地位感到滿意。

We are seeing more market share consolidation and the industry-wide take rate increase.

我們看到更多的市佔率整合和全行業的佔有率上升。

We believe this will move the industry towards profitability and sustainability, and we welcome this trend.

我們相信這將推動行業實現盈利和可持續發展，我們歡迎這一趨勢。

With the strong results delivered in the first half and our outlook for the rest of the year, we expect that Shopee will become adjusted EBITDA positive from the third quarter.

憑藉著上半年的強勁業績以及我們對今年剩餘時間的展望，我們預計 Shopee 從第三季開始調整後 EBITDA 將為正值。

We are also revising up our guidance for Shopee's 2024 full year GMV growth rate to the mid-20s.

我們也將 Shopee 2024 年全年 GMV 成長率的指引上調至 20 左右。

With that, let me take you through each business performance in more detail.

接下來，讓我帶您更詳細地了解每項業務績效。

Starting with e-commerce.

從電子商務開始。

As we have shared before, Shopee’s operational priorities are to deepen our competitive moats on three fronts, enhancing our price competitiveness, improving service quality to customers and strengthening our content ecosystem.

正如我們先前所分享的，Shopee 的營運重點是在三個方面深化我們的競爭護城河：增強我們的價格競爭力、提高客戶服務品質以及加強我們的內容生態系統。

This strategy is paying off.

這項策略正在取得成效。

Over the past two quarters, Shopee has been able to post healthy sustainable growth while also improving its profit profile.

在過去的兩個季度中，Shopee 實現了健康的可持續成長，同時也改善了其利潤狀況。

One area we are placing greater focus on is improving our ad take rate.

我們更加關注的一個領域是提高廣告投放率。

Currently, our ad take rate is lower than the industry average we observed in more mature e-commerce markets.

目前，我們的廣告投放率低於我們在更成熟的電子商務市場中觀察到的行業平均值。

To us, this represents a good opportunity to improve our monetization.

對我們來說，這是提高獲利能力的好機會。

Over the quarter, we have made it easier and more attractive for sellers to join our ad platform.

本季度，我們讓賣家更容易、更有魅力地加入我們的廣告平台。

We also have a dedicated tech team working on improving our ad bidding algorithms to help sellers achieve higher returns from their advertising spend.

我們還有一個專門的技術團隊致力於改進我們的廣告競價演算法，以幫助賣家從廣告支出中獲得更高的回報。

So far, the results have been encouraging.

到目前為止，結果令人鼓舞。

The number of sellers who pay for ads has increased by more than 20% year on year this quarter.

本季付費廣告的賣家數量較去年同期成長超過20%。

We believe there is still plenty of upside, and we'll continue to push on this front.

我們相信仍有很大的上升空間，我們將繼續推動這方面的發展。

We have also launched live ads across our Asian markets, allowing streamers, including both merchants and creators, to insert ads into Shopee lives.

我們也在亞洲市場推出了直播廣告，讓包括商家和創作者在內的主播將廣告插入 Shopee 生活中。

This feature has been very well received.

這個功能很受歡迎。

In Indonesia in June, one in four active streamers paid for live ads.

六月在印度尼西亞，四分之一的活躍主播為直播廣告付費。

This feature helps streamers boost their sales efficiency while increasing our ad take rate, enhancing our content ecosystem and improving our live streaming unit economics.

此功能可協助主播提高銷售效率，同時提高我們的廣告投放率、增強我們的內容生態系統並改善我們的直播單位經濟效益。

On improving our service quality to customers, our logistics capabilities continue to differentiate us.

在提高對客戶的服務品質方面，我們的物流能力繼續使我們脫穎而出。

In a survey, 50% of buyers in Java Indonesia cited fast delivery as their reason for choosing Shopee.

一項調查顯示，50% 的印尼爪哇買家將快速配送作為選擇 Shopee 的原因。

We have continued to integrate more closely with our many logistics partners to widen our coverage and deliver packages faster.

我們繼續與眾多物流合作夥伴進行更緊密的整合，以擴大我們的覆蓋範圍並更快地交付包裹。

SPX Express, in particular, has managed to improve delivery speed while also reducing its costs.

尤其是 SPX Express，它成功地提高了送貨速度，同時也降低了成本。

In the second quarter, more than 70% of SPX express orders in Asia were delivered within three days of order placement with cost per order declining 8% year on year.

第二季度，亞洲地區超過70%的SPX快遞訂單在下單三天內送達，單單成本較去年同期下降8%。

Another initiative to enhance customer service quality has been improving the buyer return refund process.

提高客戶服務品質的另一項措施是改善買家退貨退款流程。

A common pain point in e-commerce.

電商常見的痛點。

Earlier this year, we launched a change of mind returns feature in our Asian market, letting buyers initiate no questions asked returns within 15 days.

今年早些時候，我們在亞洲市場推出了改變主意退貨功能，讓買家可以在 15 天內發起無條件退貨。

We paired this with data-driven tech improvements to make the overall return refund process highly predictive and efficient.

我們將其與數據驅動的技術改進相結合，使整個退貨退款流程具有高度的預測性和效率。

As a result, in the second quarter, more than half of our return and refund cases in Asia were resolved within one day.

結果，第二季度，我們在亞洲的退貨和退款案例中有一半以上在一天內得到解決。

Making this process fuss-free makes buyers more willing to complete purchase, driving up user stickiness and repurchase frequency.

讓這個過程變得簡單，讓買家更願意完成購買，從而提高用戶黏著度和復購頻率。

In Malaysia, we saw a more than 10% increase in average basket size among buyers who raised change of mind return requests compared to before the feature was launched.

在馬來西亞，與該功能推出之前相比，提出改變主意退貨請求的買家的平均購物籃尺寸增加了 10% 以上。

I share these examples to demonstrate how we consistently execute on our operational priorities every quarter.

我分享這些例子是為了展示我們如何在每個季度中一致地執行我們的營運優先事項。

We believe this approach will strengthen our market leadership in the long term.

我們相信，從長遠來看，這種方法將加強我們的市場領導地位。

Next, turning to digital financial services.

接下來，轉向數位金融服務。

SeaMoney has continued its strong momentum in growing its loan book and profit while remaining prudent on risk management.

SeaMoney 繼續保持貸款規模和利潤成長的強勁勢頭，同時在風險管理方面保持審慎。

Both revenue and adjusted EBITDA have grown very well year on year.

收入和調整後的 EBITDA 年成長都非常好。

Consumer and SME credit business continues to be the primary driver of SeaMoney's revenue and profit growth.

消費者和中小企業信貸業務仍然是SeaMoney收入和利潤成長的主要驅動力。

We are making good progress on deepening our credit product penetration, both on Shopee and off Shopee.

我們在深化 Shopee 內外的信貸產品滲透方面取得了良好進展。

Our large shopping user base is a unique advantage.

我們龐大的購物用戶群是得天獨厚的優勢。

It enables us to acquire new customers very cost efficiently by promoting the right products at the right time to the right users.

它使我們能夠透過在正確的時間向正確的用戶推廣正確的產品，以非常經濟高效的方式獲得新客戶。

In the second quarter, we registered over 4 million first-time borrowers of our credit products, a figure that has more than doubled compared to one year ago.

第二季度，我們的信貸產品首次借款人超過 400 萬，這一數字比一年前增加了一倍多。

We have also expanded our off Shopee credit use cases.

我們也擴大了 Shopee 信用使用案例。

In Indonesia, we partnered with over 1,000 electronics stores to introduce customized SPayLater loans for mobile phone sales.

在印度尼西亞，我們與 1,000 多家電子產品商店合作，推出針對手機銷售的客製化 SPayLater 貸款。

We were the first player in the market to provide instant credit approval for this category at scale.

我們是市場上第一個大規模提供此類類別即時信貸審批的參與者。

We will continue to explore more credit use cases in our markets.

我們將繼續在市場中探索更多信貸用例。

With all these efforts, we have grown our loan book size to $3.5 billion at the end of June, up almost 40% year on year.

經過所有這些努力，截至 6 月底，我們的貸款規模已增至 35 億美元，年增近 40%。

Notably, our nonperforming loans metric held steady at the end of the quarter.

值得注意的是，我們的不良貸款指標在本季末保持穩定。

In fact, it improved slightly from the previous quarter.

事實上，它比上一季略有改善。

We now have 21 million consumers and SME loans active users, up almost 60% year on year.

我們現在擁有2,100萬消費者和中小企業貸款活躍用戶，較去年同期成長近60%。

Looking forward, we will continue to invest in growing our user base efficiently and effectively as our markets are still underpenetrated and presents sizable opportunities.

展望未來，我們將繼續投資，以高效、有效地擴大我們的用戶群，因為我們的市場仍然滲透不足，並存在大量機會。

A large user base will be a cornerstone of future growth for SeaMoney, especially as we introduce more product offering.

龐大的用戶群將成為 SeaMoney 未來成長的基石，特別是當我們推出更多產品時。

Finally, turning to our digital entertainment business.

最後，轉向我們的數位娛樂業務。

Garena's two years of hard work and taking a user-centric approach are paying off.

Garena 兩年的努力和採取以用戶為中心的方法正在得到回報。

We have delivered a strong quarter with more than 20% year-on-year growth in bookings, mainly contributed by Free Fire.

我們的季度業績表現強勁，預訂量年增超過 20%，這主要歸功於 Free Fire。

At the end of June, Free Fire released a seventh anniversary version update, our largest in-game event of the year.

六月底，Free Fire 發布了七週年版本更新，這是我們今年最大的遊戲內活動。

We brought back classic weapons, made a documentary on Free Fire history and hosted a story wall, where users could share their past experiences with the game.

我們帶回了經典武器，製作了關於《Free Fire》歷史的紀錄片，並舉辦了故事牆，讓用戶可以在這裡分享他們過去的遊戲經驗。

The campaign was very successful.

這次活動非常成功。

Our players really enjoyed revisiting their fond memories of the game's early years.

我們的玩家非常喜歡重溫他們早年對遊戲的美好回憶。

Free Fire's unique strength is its large, highly engaged loyal gamer base.

Free Fire 的獨特優勢在於其龐大且高度參與的忠實玩家基礎。

I'm very proud to share that every single day throughout Q2, Free Fire has more than 100 million daily active players.

我非常自豪地告訴大家，第二季的每一天，Free Fire 都有超過 1 億的每日活躍玩家。

This reinforces our conviction that Free Fire is an evergreen franchise.

這更加堅定了我們的信念：《Free Fire》是常青的特許經營權。

Free Fire also managed to keep growing, thanks to the strong word-of-mouth effect we see from our large user base.

由於我們龐大的用戶群產生了強大的口碑效應，《Free Fire》也成功地實現了持續成長。

According to Sensor Tower, Free Fire was the most downloaded mobile game globally in the second quarter.

據 Sensor Tower 稱，《Free Fire》是第二季全球下載次數最多的手機遊戲。

Free Fire's organic social pull is highly valuable, especially in today's world, where are getting users to download and try new content can be hard and costly.

Free Fire 的自然社交吸引力非常有價值，尤其是在當今世界，讓用戶下載並嘗試新內容可能很困難且成本高昂。

We are also excited about launching Need for Speed Mobile in Taiwan, Hong Kong and Macau later this year in partnership with Tencent and Electronic Arts.

我們也很高興今年稍晚與騰訊和藝電合作在台灣、香港和澳門推出《極速快感》行動版。

We are pleased to be able to bring this high-quality game with a classic IP to our gamer community.

我們很高興能夠將這款具有經典IP的高品質遊戲帶到我們的遊戲玩家社群。

To conclude, we are happy with strong results the three businesses have achieved in the first half.

總而言之，我們對上半年三項業務取得的強勁成果感到高興。

Thank you, as always, for your support.

一如既往地感謝您的支持。

Before I hand over the call, I'm pleased to announce that two new independent Directors have joined our Board.

在我轉交電話之前，我很高興地宣布兩位新的獨立董事已加入我們的董事會。

Dr. Silvio Savarese is a leading expert in AI, and Ms. Jessica Tan is a highly accomplished leader in financial services.

Silvio Savarese 博士是人工智慧領域的領先專家，Jessica Tan 女士是金融服務領域卓有成就的領導者。

I'm glad that Silvio and Jessica are willing to lend us their deep expertise and guidance on these two areas, which will be critical in shaping Sea's future.

我很高興 Silvio 和 Jessica 願意向我們提供他們在這兩個領域的深厚專業知識和指導，這對於塑造 Sea 的未來至關重要。

In addition, Tony will be stepping down from our Board and will continue to serve as our CFO.

此外，托尼將辭去董事會職務，並繼續擔任我們的財務長。

With these changes, our seven-member Board has the majority of independent directors.

透過這些變化，我們的七名董事會成員中獨立董事佔了大多數。

Thank you very much.

非常感謝。

With that, I invite Tony to discuss our financials.

接下來，我邀請托尼討論我們的財務狀況。

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

謝謝你，福雷斯特，也謝謝大家加入電話會議。

For Sea overall, total GAAP revenue increased 23% year on year to $3.8 billion in the second quarter of 2024.

對於 Sea 整體而言，2024 年第二季 GAAP 總營收年增 23% 至 38 億美元。

This was primarily driven by GMV growth of our e-commerce business and the growth of our digital financial services business.

這主要是由我們的電子商務業務的 GMV 成長和數位金融服務業務的成長所推動的。

Our total adjusted EBITDA was $448 million in the second quarter of 2024, compared to an adjusted EBITDA of $510 million in the second quarter of 2023.

2024 年第二季調整後 EBITDA 總額為 4.48 億美元，而 2023 年第二季調整後 EBITDA 為 5.1 億美元。

On e-commerce, Shopee's gross orders grew 40% and GMV increased by 29% year on year.

電商方面，Shopee總訂單量較去年同期成長40%，GMV較去年同期成長29%。

Our second-quarter GAAP revenue of $2.8 billion included GAAP marketplace revenue of $2.5 billion, up 33% year on year and GAAP product revenue of $0.3 billion.

我們第二季的 GAAP 營收為 28 億美元，其中 GAAP 市場營收為 25 億美元，年增 33%，GAAP 產品營收為 3 億美元。

Within GAAP marketplace revenue, core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues was $1.8 billion, up 41% year on year.

在 GAAP 市場收入中，核心市場收入（主要包括以交易為基礎的費用和廣告收入）為 18 億美元，較去年同期成長 41%。

Value-added services revenue, mainly consisting of revenues related to logistic services, was $0.7 billion, up 16% year on year.

加值服務收入（主要包括物流服務相關收入）為7億美元，較去年同期成長16%。

E-commerce adjusted EBITDA improved quarter on quarter with losses narrowing to $9 million in the second quarter of 2024 compared to an adjusted EBITDA loss of $22 million in the first quarter of 2024, and an adjusted EBITDA of $150 million in the second quarter of 2023.

電子商務調整後EBITDA 環比有所改善，2024 年第二季調整後EBITDA 虧損收窄至900 萬美元，而2024 年第一季調整後EBITDA 虧損為2,200 萬美元，2023 年第二季調整後EBITDA 為1.5 億美元。

For our Asia markets, we continued to achieve positive adjusted EBITDA following our first quarter of 2024 results, recording $4 million during the quarter compared to an adjusted EBITDA of $204 million in the second quarter of 2023.

對於亞洲市場，繼 2024 年第一季業績公佈後，我們繼續實現正調整 EBITDA，該季度錄得 400 萬美元，而 2023 年第二季調整後 EBITDA 為 2.04 億美元。

In our other markets, the adjusted EBITDA loss was $13 million, narrowing meaningfully from last year when losses were $54 million.

在我們的其他市場，調整後的 EBITDA 虧損為 1,300 萬美元，較去年的虧損 5,400 萬美元大幅收窄。

In Brazil, unit economics continue to improve as we achieved a positive contribution margin per order of $0.09 for the quarter as compared to a loss of $0.24 in the second quarter of 2023.

在巴西，單位經濟效益持續改善，本季每訂單貢獻利潤率為 0.09 美元，而 2023 年第二季為虧損 0.24 美元。

Digital financial services GAAP revenue was up by 21% year on year to $519 million.

數位金融服務 GAAP 營收年增 21% 至 5.19 億美元。

Adjusted EBITDA was up by 20% year on year to $165 million.

調整後 EBITDA 年成長 20%，達到 1.65 億美元。

As of the end of June, our consumer and SME loans principal outstanding reached $3.5 billion, almost 40% year on year and 8% quarter on quarter.

截至6月底，我們的消費和中小企業貸款本金餘額達到35億美元，年增近40%，季增8%。

Non-performing loans past due by more than 90 days as a percentage of total consumer and SME loans was 1.3% at the end of the quarter.

截至本季末，逾期超過 90 天的不良貸款佔消費和中小企業貸款總額的百分比為 1.3%。

Digital entertainment bookings were $537 million, up 21% year on year and 5% quarter on quarter.

數位娛樂預訂額為 5.37 億美元，年增 21%，季增 5%。

GAAP revenue was $436 million.

GAAP 收入為 4.36 億美元。

Adjusted EBITDA was $303 million.

調整後 EBITDA 為 3.03 億美元。

Returning to our consolidated numbers.

回到我們的綜合數字。

We recognized a net non-operating income of $56 million in the second quarter of 2024, compared to a net non-operating income of $108 million in the second quarter of 2023.

我們確認 2024 年第二季的非營業收入淨額為 5,600 萬美元，而 2023 年第二季的非營業收入淨額為 1.08 億美元。

We had a net income tax expense of $61 million in the second quarter of 2024 compared to net income tax expense of $62 million in the second quarter of 2023.

2024 年第二季我們的淨所得稅費用為 6,100 萬美元，而 2023 年第二季的淨所得稅費用為 6,200 萬美元。

As a result, net income was $80 million in the second quarter of 2024 as compared to net income of $331 million in the second quarter of 2023.

因此，2024 年第二季的淨利潤為 8,000 萬美元，而 2023 年第二季的淨利為 3.31 億美元。

With that, let me turn the call to M.C.

現在，讓我把電話轉給 M.C.

Thank you, Forrest and Tony.

謝謝你們，福雷斯特和托尼。

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

我們現在準備開始提問。

Operator?

操作員？

(Operator Instructions) Pang Vittayaamnuaykoon, Goldman Sachs.

（操作員指令）Pang Vittayaamnuaykoon，高盛。

Two questions from my side, both on e-commerce.

我這邊有兩個問題，都是關於電子商務的。

Number one, could you please comment on the latest competitive landscape you have observed.

第一，請您評論一下您觀察到的最新競爭格局。

We are seeing all players, including yourself, push for further rationalization into third quarter, especially on the merchant front.

我們看到所有參與者，包括您自己，都在第三季度推動進一步的合理化，特別是在商家方面。

How should this translate into your results and your updated guidance?

這應該如何轉化為您的結果和更新的指導？

In another word, what factors do you include in your revised guidance?

換句話說，您修訂後的指導意見包含了哪些因素？

That's question number one.

這是第一個問題。

Question number two, specifically on margins.

第二個問題，特別是關於邊緣的問題。

What type of near- and medium-term margins can we expect Shopee to deliver?

我們期望 Shopee 能夠提供什麼類型的近期和中期利潤？

And how do you plan to achieve that?

您打算如何實現這個目標？

Any update on long-term margin expectation as well?

長期利潤率預期有什麼更新嗎？

Yeah.

是的。

On the competitive landscape, I think as Forrest mentioned in the opening, we do see a more stable competitive environment in the past few months.

關於競爭格局，我認為正如福雷斯特在開場白中所提到的，我們確實在過去幾個月看到了更穩定的競爭環境。

As you mentioned, there are positive movement in terms of the take rate from various players in our market.

正如您所提到的，我們市場上各個參與者的採用率都出現了積極的變化。

And I think we welcome that as signal of more stable environment for competition perspective.

我認為我們對此表示歡迎，認為這是競爭環境中更加穩定的訊號。

And our longer-term view on the profitability target stay unchanged as 2% to 3% of the EBITDA as we shared before.

我們對獲利目標的長期看法保持不變，即我們先前分享的 EBITDA 的 2% 至 3%。

However, we believe the market is still quite dynamic.

然而，我們相信市場仍然充滿活力。

And in the short term, we will likely, number one, focusing on the profitability of the business is.

在短期內，我們可能會先關注業務的獲利能力。

We were, as we shared in our guidance in Q3, will be profitable as the Shopee businesses.

正如我們在第三季的指導中所分享的那樣，我們的 Shopee 業務將實現盈利。

But at the same time, we also like to grow as there's still a good potential in the market we operate in.

但同時，我們也希望能實現成長，因為我們經營的市場仍然有很大的潛力。

We would like to make sure that as the businesses we can outgrow the market as well in the short term rather than maximizing the profit in the near term.

我們希望確保作為企業，我們能夠在短期內超越市場，而不是在短期內實現利潤最大化。

If we look a little bit to the medium term, we do expect the overall competitive landscape in our market to continue to evolve and continue to come into a more rational stage compared to where we are right now, which will drive the overall industry profitability to improve.

如果我們著眼於中期，我們確實預期我們市場的整體競爭格局將繼續演變，並繼續進入比現在更理性的階段，這將推動整個產業的獲利能力提升。

The -- if you look at the overall market, as we mentioned, it's still rather dynamic with the more stable competitive environment.

如果你看看整個市場，正如我們所提到的，在更穩定的競爭環境下，它仍然相當活躍。

But there are things we can control -- there are things we cannot control.

但有些事情我們可以控制──有些事情我們無法控制。

We were rather focusing on the things we can control for example the things that we shared in the opening.

我們更關注我們可以控制的事情，例如我們在開幕式中分享的事情。

We want to have better pricing.

我們希望有更好的定價。

We would like to have better user experience.

我們希望有更好的使用者體驗。

We would like to have a better content supply to our users.

我們希望為用戶提供更好的內容。

Together with the larger scale of where we are right now compared to our competitors, we will -- all those things will help us to always be better positioned to deliver better value to our consumers and ultimately have better unit economics, which will translate to the market share gain over time as well.

與我們的競爭對手相比，我們現在的規模更大，所有這些都將幫助我們始終處於更好的位置，為消費者提供更好的價值，並最終擁有更好的單位經濟效益，這將轉化為市場佔有率也會隨著時間的推移而增加。

I think that's how we probably see the market in the near term, midterm and the long terms.

我認為這就是我們對近期、中期和長期市場的看法。

Piyush Choudhary, HSBC.

Piyush Choudhary，匯豐銀行。

Congrats to the management team on good results.

恭喜管理團隊取得良好成績。

Two questions again, both on e-commerce.

又是兩個問題，都是關於電子商務的。

As you mentioned earlier, you have been increasing take rates and the industry has also increased take rates during 1H.

正如您之前提到的，您一直在提高採用率，並且該行業在 1H 期間也提高了採用率。

Is it possible to further increase the take rates?

是否有可能進一步提高採納率？

And are you able to reduce shipping subsidies?

能減少運費補貼嗎？

That's the first question.

這是第一個問題。

Secondly, can you talk about the unit economics of live streaming business?

其次，您能談談直播業務的單位經濟效益嗎？

Has it turned profitable now in some countries?

它現在在一些國家已經獲利了嗎？

How is the contribution margin for live stream segment?

直播細分市場的貢獻率如何？

For the take rate, we do believe there are opportunity to further increase the take rate.

對於採用率，我們確實相信有機會進一步提高採用率。

I think part of that comes from commissions and fees.

我認為其中一部分來自佣金和費用。

As you probably observed, we do increase meaningfully in the past few quarters.

正如您可能觀察到的那樣，我們在過去幾個季度確實實現了有意義的成長。

I think there are still opportunity to further increase that, although probably not in the magnitude that we see in the early part of the year.

我認為仍有機會進一步增加，儘管可能不會達到我們在今年年初看到的幅度。

There's another part of take rate, which we think that is also having a sizable opportunity, is on the ads side.

轉換率的另一部分是在廣告方面，我們認為這也有相當大的機會。

As we shared in the opening, we do focus a lot on the ad side.

正如我們在開頭所分享的，我們確實非常關注廣告方面。

We spent efforts on building infrastructure to the ad side in the past few quarters.

過去幾季我們在廣告方面的基礎建設上下了功夫。

For example, we built a standard platform for our recommendation and search.

例如，我們為推薦和搜尋建立了一個標準平台。

We also built a standard algorithm and platform for our ad system and organic traffic allocations, all those will help us to be able to allocate traffic more agile and more flexible and enable us to offer better ad product to the seller as well, which we are rolling out in the next few quarters.

我們還為我們的廣告系統和自然流量分配建立了標準的演算法和平台，所有這些都將幫助我們能夠更敏捷、更靈活地分配流量，並使我們能夠為賣家提供更好的廣告產品，我們正在將在接下來的幾季推出。

We believe all those efforts will help us on the ad take rate improvement in the coming quarters.

我們相信所有這些努力將有助於我們在未來幾季提高廣告投放率。

On the UE pool for live stream, we do see UE improvement quarter on quarter.

在直播的 UE 池中，我們確實看到 UE 逐季度有所改善。

And actually, if you look at all markets, some markets are profitable, some markets are still improving.

事實上，如果你看看所有市場，有些市場是有利可圖的，有些市場仍在改善。

But I think, generally, we believe the trend will continue in terms of the improvement for our live stream businesses.

但我認為，總的來說，我們相信這種趨勢將繼續改善我們的直播業務。

Marissa Putri, UBS.

瑪麗莎·普特里，瑞銀。

I have two questions.

我有兩個問題。

Firstly, on e-commerce.

首先，關於電子商務。

So you just reported your first CM positive from Brazil, and I think still with ambitions to be number two in the market.

所以你剛剛報告了來自巴西的第一個 CM 陽性，我認為仍然有雄心壯志成為市場上的第二名。

How do you plan in achieving this?

您計劃如何實現這項目標？

Should we think of the improved profitability as sustainable?

我們是否應該認為獲利能力的提升是可持續的？

And number two is just to make sure that I'm getting your guidance correctly.

第二是確保我正確地得到你的指導。

So the adjusted EBITDA positive will be just for standalone Q3 EBITDA, but not overall nine-months EBITDA positive in Q3?

那麼調整後的 EBITDA 正值僅適用於獨立的第三季 EBITDA，而不是第三季整體 9 個月的 EBITDA 正值？

For the Brazil businesses, we are very happy about the improvement on the margins in the market.

對於巴西企業來說，我們對市場利潤的改善感到非常高興。

As we shared in the earnings, the contribution margin for the Brazil market is positive already.

正如我們分享的收益一樣，巴西市場的邊際貢獻已經是正值。

And we also see there is a good potential in Brazil market.

我們也看到巴西市場有很大的潛力。

The core for us in Brazil is, I think, number one, we are able to consistently reduce our shipping cost in the market through our own logistics network.

我認為，我們在巴西的核心是第一，我們能夠透過自己的物流網絡持續降低市場上的運輸成本。

Number two is we're also improving the user experience in the market sizably over the past quarters.

第二，過去幾季我們也大幅改善了市場的使用者體驗。

I think in combination, it drives better user retention and also better unit economics to our market.

我認為綜合起來，它可以為我們的市場帶來更好的用戶保留率和更好的單位經濟效益。

The other thing that's important for our Brazil market besides the user experience and the unit economics improvement is the ability for us to increase penetration of the higher basket category over time.

除了使用者體驗和單位經濟效益的改善之外，對我們的巴西市場來說另一件重要的事情是我們有能力隨著時間的推移提高較高購物籃類別的滲透率。

We do believe that we have a sizable potential there to further increase our market share penetration to those categories.

我們確實相信，我們在這些類別中擁有巨大的潛力，可以進一步提高我們的市場份額滲透率。

Traditionally, we are not as strong as compared to some other players in the market.

傳統上，與市場上的其他一些參與者相比，我們的實力並不強。

So with all that, we do feel that there's a meaningful potential for us to grow further in Brazil market, and we can see the levers that we have, and we are working on those levers.

綜上所述，我們確實認為我們在巴西市場有進一步成長的巨大潛力，我們可以看到我們擁有的槓桿，並且我們正在努力利用這些槓桿。

In terms of the EBITDA guidance, I think we referred to the third-quarter EBITDA positive.

就 EBITDA 指引而言，我認為我們提到的是第三季 EBITDA 為正值。

I think the understanding is correct on that.

我認為這一點的理解是正確的。

Alicia Yap, Citigroup.

艾莉西亞葉 (Alicia Yap)，花旗集團。

Two questions.

兩個問題。

First, can management share the update under progress of acquiring on the non-Shopee platform user for the DFS and the GTV growth for the non-Shopee platform.

首先，管理階層能否分享DFS在非Shopee平台上取得使用者的進展以及非Shopee平台的GTV成長情況。

Will this move from offline transactions like those offline retailers, the restaurant partners?

這是否會從線下交易轉移到線下零售商、餐廳合作夥伴等？

Or is Sea actually will be open to work with any online partners, including, for example, the online travel agents?

還是 Sea 實際上願意與任何線上合作夥伴（包括線上旅行社）合作？

So this is for the DFS question.

這是 DFS 問題。

Second question is related to Shopee Express.

第二個問題與Shopee Express有關。

So how are we going to further optimize the operation efficiency and also further improve the cost structure for the logistics business in the coming quarters?

那麼未來幾季物流業務如何進一步優化營運效率、進一步改善成本結構呢？

On the first question, if you look at our credit loan portfolio, there are a few components of that.

關於第一個問題，如果你看看我們的信用貸款組合，你會發現其中有幾個組成部分。

We have Shopee pay later, which is very much quite connected to Shopee, the SPayLater, as we call it.

我們有 Shopee Pay Later，它與 Shopee（我們稱之為 SPayLater）密切相關。

It's used as a part of Shopee transactions.

它被用作 Shopee 交易的一部分。

Besides that, we have buy cash loan, which is a cash loan that's not related to Shopee.

除此之外，我們還有團購現金貸，這是與Shopee無關的現金貸。

Anyone can take a loan from it.

任何人都可以從中獲得貸款。

And on top of that, we also have the offline payment through SPayLater.

除此之外，我們也透過 SPayLater 進行線下支付。

And the same SPaylater that can be used offline can also be used online through a Shopee Pay acquiring network.

可以離線使用的 SPaylater 也可以透過 Shopee Pay 收單網路線上使用。

Besides that, we are also developing different use cases for offline usage.

除此之外，我們也正在開發不同的離線使用用例。

For example, the handphone purchase, as we shared in the opening.

例如，我們在開場分享的手機購買。

And similar type of specialized services can be deployed in future as well that we're working on.

我們正在研究的類似類型的專業服務將來也可以部署。

For example, the potential home appliance purchase offline.

例如線下潛在的家電購買。

It can be online as well.

它也可以在線。

For example, the other type of

例如，另一種類型

(technical difficulty).

（技術難度）。

So the -- I think to the question of whether it's mainly offline or it's online as well, I think the answer is probably a combination of both.

因此，我認為對於主要是線下還是線上的問題，我認為答案可能是兩者的結合。

In fact, if you are in some market, for example, Indonesia, the user can use our Shopee Pay Later, SPaylater solutions to pay in an online travel website already.

事實上，如果您在某些市場，例如印度尼西亞，用戶已經可以使用我們的 Shopee Pay Later、SPaylater 解決方案在線上旅遊網站中支付。

So we do work with various, both online and offline partners to enable SpayLater for the transactions.

因此，我們確實與各種線上和線下合作夥伴合作，以啟用 SpayLater 進行交易。

And we expect the partner will grow over time for both online and offline.

我們預計合作夥伴將隨著時間的推移在線上和線下不斷壯大。

So it wouldn't be only offline.

所以它不僅僅是離線的。

For the second question regarding SPX, we actually have probably to further improve the efficiency of SPX.

對於第二個問題，關於SPX，我們實際上可能還需要進一步提高SPX的效率。

For example, number one is the scale.

例如，第一名是規模。

There is still sizable room for us to grow our scale further, which in our space still can reduce the cost and the efficiencies.

我們還有很大的空間進一步擴大規模，在我們的空間內仍然可以降低成本和效率。

Number two is more coverage and more density of the coverage.

第二是更大的覆蓋範圍和更高的覆蓋密度。

For example, more hubs.

例如，更多的樞紐。

Some of the hubs can be traditional hubs as you see.

如您所見，某些中心可以是傳統中心。

Some of those hubs can be mobile hubs through our innovative way of deploying the hubs with low cost.

透過我們以低成本部署集線器的創新方式，其中一些集線器可以成為移動集線器。

And if you look at Q2, we actually add about 900 hubs in Q2 and 5 of them are mobile hubs with low-cost operations.

如果你看看第二季度，我們實際上在第二季度增加了大約 900 個中心，其中 5 個是低成本營運的行動中心。

Number three is we're also doing more automation through our network.

第三，我們也透過網路實現更多自動化。

For example, in our SoCs, we are adding more automation solutions, either it's for ASM, automatic sorting machines, or it's a hybrid solution when there is a smaller SoCs, which will further improve our productivity.

例如，在我們的SoC中，我們正在添加更多的自動化解決方案，要么是針對ASM、自動分揀機，要么是當SoC較小時的混合解決方案，這將進一步提高我們的生產力。

We're adding similar solution not only to SoCs, but also to some of our first mile and last mile hubs when the scale enable it.

我們不僅為 SoC 添加類似的解決方案，而且當規模啟用時，還為我們的一些第一英里和最後一英里樞紐添加類似的解決方案。

And number four is better technology supporting our businesses.

第四是更好的技術來支持我們的業務。

For example, a better sorting for our last mile drivers.

例如，對最後一英里的司機進行更好的分類。

We are deploying a solution that we can also suggest the routing and sequencing we have done in some markets, for example, in Brazil.

我們正在部署一個解決方案，我們還可以建議我們在某些​​市場（例如巴西）所做的路由和排序。

But in some of the Asian markets, that's not easy to do because of the complexity of the maps.

但在一些亞洲市場，由於地圖的複雜性，這並不容易做到。

We are rolling out more and more of our solution in different countries because we need to customize our solution for different markets.

我們正在不同的國家推出越來越多的解決方案，因為我們需要針對不同的市場客製化我們的解決方案。

And the last thing just to share is the off clock, which is very important for us. the off clock starting from the -- picking up from the seller side to the first mile hub to the sorting centers to the line haul to the last mile to delivery.

最後要分享的是下班時間，這對我們來說非常重要。下班時間開始－從賣方提貨到第一英里樞紐到分類中心到長途運輸到最後一英里到交付。

And it sounds simple, but it's actually quite complex because there are so many handovers along the way.

聽起來很簡單，但實際上相當複雜，因為一路上有很多交接。

And there are so many choices we have to make.

我們必須做出很多選擇。

Like for example, when do you set a line haul, when do you pick up, and whether you send to the hub directly or you send through a secondary sorting center.

例如，您何時設定長途運輸、何時取貨、是直接發送到集線器或透過輔助分揀中心發送。

So optimizing the off clock will enable us to further improve our efficiencies in general.

因此，優化下班時間將使我們能夠進一步提高整體效率。

And of course, I mean, the other thing we're working on, but just sharing some of examples for the improvement opportunity we have on the logistic side.

當然，我的意思是，我們正在做的另一件事，但只是分享一些我們在物流方面的改進機會的例子。

Ellie Jiang, Macquarie.

艾莉江，麥格理。

I have two.

我有兩個。

Number one is a follow up on e-commerce.

第一個是電子商務的後續行動。

I just wanted to ask about the ad take rate the management commented.

我只是想問一下管理層評論的廣告投放率。

We talked about the sizable opportunities ahead.

我們討論了未來的巨大機會。

But if we look in the next several years, what timeline do we really anticipate to ramp up this ad revenue and potentially get to a level that's similar to the mature market players.

但如果我們展望未來幾年，我們真正預計什麼時間才能增加廣告收入並可能達到與成熟市場參與者相似的水平。

So for example, how does it take to -- for us to stimulate more ad spending from the merchants?

例如，我們如何刺激商家增加廣告支出？

Would it be more efficient marketing tools or coming from more higher ticket size item sales?

它會是更有效的行銷工具還是來自更高門票金額的商品銷售？

And the second question is on the gaming segment.

第二個問題是關於遊戲領域的。

So it seems like Free Fire is really generating momentum and according to some third-party trackers the momentum remained quite strong quarter to date.

因此，《Free Fire》似乎確實正在產生勢頭，根據一些第三方追蹤機構的數據，該勢頭迄今為止仍然相當強勁。

So can you comment on the visibility or the sustainability of the second half outlook?

那麼您能否評論一下下半年前景的可見性或可持續性？

And for the potential Need for Speed distribution that we partnered with Tencent, what financial contribution would that be coming from the second half as well.

對於我們與騰訊合作的潛在《極速快感》發行，下半年的財務貢獻也將是多少。

On the ad take rate, I think given the foundation we have built, as I shared earlier, we do believe that we will start to gain a benefit in the next few quarters, probably wouldn't take few years, I think we are talking about probably quarters.

關於廣告投放率，我認為鑑於我們已經建立的基礎，正如我之前分享的那樣，我們確實相信我們將在未來幾個季度開始獲得收益，可能不需要幾年，我認為我們正在談論大概是四分之一。

I think the basic product is there.

我認為基本的產品已經有了。

I think it will take time for the sellers to adopt to it and also while the different seller adopt to it, we have to optimize it for different markets.

我認為賣家需要時間來適應它，而且當不同的賣家採用它時，我們必須針對不同的市場進行最佳化。

I think it comes in both in terms of the improve the efficiency on how the seller use ads product and also from our side as a platform, how we can allocate the traffic in a more efficient way, giving a seller more upside without sacrificing the overall platform conversion rate.

我認為，一方面是提高賣家使用廣告產品的效率，另一方面是我們作為平台，如何更有效地分配流量，在不犧牲整體收益的情況下，給賣家更多的優勢。

I think that's essentially the technology built in the past few quarters, and we're trying to roll out and optimize in the next few quarters.

我認為這本質上是過去幾季建立的技術，我們正努力在接下來的幾季推出和優化。

For -- on the game side, as you mentioned, we are very happy and we are very motivated by the trend we have observed on Free Fire.

因為——在遊戲方面，正如您所提到的，我們非常高興，我們對《Free Fire》中觀察到的趨勢感到非常鼓舞。

This is across pretty much all the metrics in terms of the new users, in terms of the -- like the user, the existing user retention and also such as some like monetization metrics as well, like paying ratios, right, and overall the growth rate.

這幾乎涵蓋了新用戶方面的所有指標，例如用戶、現有用戶保留率以及一些類似的貨幣化指標，例如付費比率，以及整體成長速度。

This demonstrate what we have done in the past.

這證明了我們過去所做的事情。

It's the right decision we made, and it's the right focus we have.

這是我們所做的正確決定，也是我們的正確關注點。

And we will continue to do that.

我們將繼續這樣做。

And so we'll be very, very focused on the content update, right, on the -- in the past two quarters, and we have some very, very successful new content release and around some festival campaigns and some like a unique gameplay, new user -- new gameplay experience.

因此，我們將非常非常專注於內容更新，對吧，在過去的兩個季度中，我們發布了一些非常非常成功的新內容，圍繞著一些節日活動，還有一些喜歡獨特的遊戲玩法，新用戶— —新的遊戲體驗。

So we'll continue to do that.

所以我們將繼續這樣做。

There will be several big update already in the pipeline, and we have a pretty strong confidence on the result of those -- on those new updates.

幾項重大更新已經在醞釀中，我們對這些新更新的結果充滿信心。

And on top of that, and we are continually seeing Free Fire as a platform.

最重要的是，我們不斷將 Free Fire 視為一個平台。

And it's not just every like evergreen franchise, it's more like a platform.

它不僅僅是一個常青特許經營權，它更像是一個平台。

So the way we think about it, this is -- as we share like on every single days, like Free Fire can reach more than 100 million users globally.

所以我們的想法是——正如我們每天分享的那樣，Free Fire 可以覆蓋全球超過 1 億的用戶。

So that is very, very sizable.

所以這是非常非常大的。

That is a very, very large scale.

這是一個非常非常大的規模。

I think like although you may consider the game, it's called -- it's always -- the name is always called Free Fire.

我認為，儘管你可能會考慮這款遊戲，但它的名字始終是「Free Fire」。

But in Free Fire, so if you log into the game and you will start to experience all different type of game experience and like a different game mode.

但在Free Fire中，所以如果你登入遊戲，你就會開始體驗各種不同類型的遊戲體驗並喜歡不同的遊戲模式。

So it's a combination of the different gameplay experience within one platform under one Free Fire umbrella.

因此，它是一個 Free Fire 保護傘下的一個平台內不同遊戲體驗的組合。

So we'll continually explore that as well.

所以我們也將不斷探索這一點。

And some other like longer-term initiatives we have been very, very focused on and I personally feel very excited is about how to use the AI tools, right, and both on the -- like on the production side, the game development side, right, how to make the production more cost efficient, like how to like improve the speed and the quality of the production.

還有其他一些像我們一直非常非常關注的長期計劃，我個人對如何使用人工智慧工具感到非常興奮，對吧，無論是在製作方面，還是在遊戲開發方面，對了，如何使生產更具成本效益，例如如何提高生產的速度和品質。

At the same time, we continue to explore what is the type of new game experience for gamers enabled by AI.

同時，我們也不斷探索AI為遊戲玩家帶來什麼樣的新遊戲體驗。

So this has been a focus of the team.

所以這一直是團隊關注的焦點。

And on the other hand, it's related to the platform perspective we have.

另一方面，這與我們的平台視角有關。

Like we are not building -- only building the game content, and we are continually focused on building on the game creation tools within the Free Fire ecosystem, within the Free Fire universe.

就像我們不是在建構——只是在建立遊戲內容一樣，我們不斷專注於在 Free Fire 生態系統和 Free Fire 宇宙中建立遊戲創建工具。

And gradually, we are going to like work with the third-party content creator, game developers to create a different like various experience within the Free Fire platform to to reach to like about 100 million daily active user base.

逐步地，我們將與第三方內容創作者、遊戲開發人員合作，在 Free Fire 平台內創造不同的體驗，以達到約 1 億的每日活躍用戶群。

So this is the -- I think that will not only make the Free Fire offer a more complete gamer experience.

所以這就是——我認為這不僅會讓《Free Fire》提供更完整的遊戲玩家體驗。

At the same time, like this will continually help us, too, on the user engagement and the monetization.

同時，這也將持續幫助我們提高用戶參與度和貨幣化。

So we remain very, very confident for the rest of the year, the momentum.

因此，我們對今年剩餘時間的勢頭仍然非常非常有信心。

But like as we all know, like a game business, game has -- sometimes have the impact of the seasonality, right?

但眾所周知，就像遊戲業務一樣，遊戲有時會受到季節性的影響，對嗎？

This is related to the school holidays, related to the certain like festivals in certain markets, but look like a little bit like a longer term right from the full year perspective, as you asked.

這與學校假期有關，與某些市場的某些類似節日有關，但正如您所問，從全年的角度來看，這看起來有點像一個較長的期限。

And we remain confident to deliver the double-digit growth for Free Fire for both the monetization side and also on the user growth side.

我們仍然有信心為《Free Fire》在獲利方面和用戶成長方面實現兩位數的成長。

And we are very excited.

我們非常興奮。

We work very, very closely with our partners like EA and Tencent to work on the new games in our pipeline.

我們與 EA 和騰訊等合作夥伴密切合作，共同開發新遊戲。

But I would say like it's still early to comment, right, on what in terms of the revenue contribution.

但我想說，現在就收入貢獻發表評論還為時過早。

And internally, like we have been tremendously still focused on Free Fire.

在內部，我們仍然非常專注於《Free Fire》。

And we will let the market know and give them more detailed update when we get the new game launched, I think when we get the user feedback, and we see the data better sense how big potential those new games could be.

當我們推出新遊戲時，我們會讓市場知道並向他們提供更詳細的更新，我認為當我們得到用戶回饋時，我們看到數據可以更好地感受到這些新遊戲的潛力有多大。

Divya Kothiyal, Morgan Stanley.

迪維亞·科蒂亞爾，摩根士丹利。

My first question is just on your views on the higher risk from competition from cross-border e-commerce in ASEAN.

我的第一個問題是關於您對東協跨境電商競爭風險較高的看法。

I mean, given the traction that Temu was seeing in recent months in Philippines and Malaysia and their recent entry in Thailand, do you think that this could also become a credible competitor the way TikTok came to this geography?

我的意思是，考慮到 Temu 近幾個月在菲律賓和馬來西亞的吸引力以及最近進入泰國的勢頭，您認為這也可能像 TikTok 一樣成為一個可靠的競爭對手嗎？

And how are we planning to respond to this, especially in relation to our positive adjusted EBITDA guidance for the third quarter?

我們計劃如何應對這一問題，特別是與我們第三季度積極調整後的 EBITDA 指導相關的問題？

And my second question is on e-commerce GMV.

我的第二個問題是關於電商GMV的。

Is the higher guidance coming more from the surprises in Brazil?

更高的指引是否更多來自巴西的意外？

Or is it from ASEAN?

還是來自東協？

And if you can comment on the trends that you're seeing in July and August, given that second half is slightly tougher based than the first half, and are we seeing any tapering there?

如果您能評論一下您在 7 月和 8 月看到的趨勢，考慮到下半年比上半年稍微困難一些，我們是否看到那裡有任何縮減？

For the CB players, I think you will probably refer to Temu's businesses coming to Asia.

對於CB玩家來說，我想你可能會提到Temu的業務來到亞洲。

I mean, generally, we have a lot of respect for with Pinduoduo and Temu achieved in the past either.

我的意思是，總的來說，我們也非常尊重拼多多和特木過去的成就。

However, I think if our market will probably monitor, but from we see so far, I think the impact to our business is probably rather limited from what we see.

然而，我認為我們的市場可能會監控，但從我們目前來看，我認為對我們業務的影響可能相當有限。

I think for two reasons.

我認為有兩個原因。

One is CB by nature is a smaller part of our businesses in our market.

一是 CB 本質上只占我們市場中業務的一小部分。

If you look at the market like Philippines, Thailand, Malaysia mentioned, majority of the e-commerce transaction happen to be a domestic selling rather than cross-border selling, right?

如果你看看像菲律賓、泰國、馬來西亞這樣的市場，大多數電子商務交易恰好是國內銷售而不是跨國銷售，對嗎？

There are many reasons to contribute to that, of course.

當然，有很多原因可以為此做出貢獻。

But as a fact, that's how the market landscape involved for the better efficiency and cost structure that the domestic e-commerce offers.

但事實上，這就是國內電子商務提供更好的效率和成本結構所涉及的市場格局。

And this one.

還有這個。

Second one is a great strength for Temu other cross-border players entering to the US or European market is that pricing.

第二個是Temu其他進入美國或歐洲市場的跨國企業的一大優勢是定價。

They typically carries in price advantage compared to the existing players.

與現有參與者相比，它們通常具有價格優勢。

However, if you compare our pricing to their pricing in the market that you mentioned, Philippine, Thailand or Malaysia, we actually have a much better pricing advantage compared to them.

然而，如果你將我們的定價與你提到的菲律賓、泰國或馬來西亞市場的定價進行比較，我們實際上比他們有更好的定價優勢。

It was mainly because we actually operate in a very competitive environment for quite a long time.

主要是因為我們實際上在很長一段時間裡都是在一個競爭非常激烈的環境中運作的。

And we are being essentially having a very competitive seller landscape domestically for quite a while.

在相當長一段時間內，我們在國內基本上擁有一個非常有競爭力的賣家格局。

And also compared to a more developed market, where the operating cost is much higher compared to the freight cost in China, the operating cost for our sellers in our market domestically is probably cheaper than operating costs in China, if you take a person in Philippines to open a warehouse or operate a shop, they are probably cheaper than a Chinese person.

而且與更發達的市場相比，營運成本比中國的運費高得多，我們國內市場的賣家的營運成本可能比中國的營運成本便宜，如果你帶一個人在菲律賓開一個倉庫或經營商店，他們可能比一個中國人便宜。

So many different reasons contribute to the fact that our pricing in our marketplace, we you can benchmark externally actually, is very competitive compared to even the cross-border players you mentioned.

有許多不同的原因導致我們在市場上的定價（您實際上可以在外部進行基準測試）甚至與您提到的跨境參與者相比也非常有競爭力。

To your second question around the GMV guidance, I think generally, you see good growth which are better than we thought before when we give out the previous guidance in both Asia market and Brazil market.

關於你關於 GMV 指導的第二個問題，我認為總的來說，你會看到良好的成長，這比我們之前在亞洲市場和巴西市場給出之前的指導時想像的要好。

Just in the pure scale, Brazil market is compared to Asia, it's still relatively smaller as the total size as where we are.

就純粹規模而言，巴西市場與亞洲相比，其總規模仍相對較小。

So the one market would not influence the number dramatically.

因此，單一市場不會對這一數字產生巨大影響。

So when we look at a better growth guidance, I think it will imply that both markets in Asia and Brazil will have a meaningful improvement from what we thought before.

因此，當我們看到更好的成長指引時，我認為這將意味著亞洲和巴西的市場將比我們之前的想法有有意義的改善。

And as you mentioned that last year, our Q2 and Q4 does have a higher base compared to Q1, Q2, but still I think the core thing is that there are many initiatives we have done from last year from Q3 and Q2 -- sorry, Q3 and Q4 on the content side improvement and also the improvement on the service quality improvement on the cost structures, the improvements from the pricing, all those contribute to better retention and the new user coming to our platform, which drives better growth that we're seeing so far, which leads to our raise on the guidance.

正如您去年提到的，與第一季、第二季相比，我們的第二季和第四季確實有更高的基數，但我仍然認為核心是我們從去年第三季和第二季度開始採取了許多舉措- 抱歉，第三季和第四季度內容方面的改進以及服務品質的改進、成本結構的改進、定價的改進，所有這些都有助於更好的保留和新用戶來到我們的平台，這推動了我們更好的成長到目前為止，我們看到了這一點，這導致我們對指導意見進行了上調。

Sachin Salgaonkar, Bank of America.

薩欽‧薩爾岡卡 (Sachin Salgaonkar)，美國銀行。

Congrats on a good set of numbers.

恭喜您獲得了一組不錯的數字。

I have two questions.

我有兩個問題。

First one on gaming and second one on e-commerce.

第一個關於遊戲，第二個關於電子商務。

On gaming, again, when we look at your numbers, one gets a sense that your bookings are up, your users are up, but revenue is down.

同樣，在遊戲方面，當我們查看您的數字時，我們會感覺到您的預訂量增加了，您的用戶增加了，但收入卻下降了。

We are seeing that trend for the last couple of quarters where ARPU continues to go down.

我們看到過去幾季的 ARPU 持續下降的趨勢。

What happened this quarter is clearly, we could see margins almost being at an all-time high.

本季發生的情況很明顯，我們可以看到利潤率幾乎達到歷史最高水準。

So I want to understand, is this a specific trend we should look at going ahead where ARPU continues to decline and margins continue to improve or at least stay at these levels?

所以我想了解，這是我們應該關注的特定趨勢嗎？

.

。

Second question, I understand your earlier comments on competition being rational, but I just want to double-click on a couple of markets.

第二個問題，我理解您之前關於競爭是理性的評論，但我只想雙擊幾個市場。

One, Taiwan, where we have a new competitor, coupon, which is aggressive.

第一，台灣，我們有一個新的競爭對手，優惠券，它很激進。

So I would love to know your thoughts on overall competitive intensity in that market.

所以我很想知道您對該市場整體競爭強度的看法。

And second, in Indonesia, where one of the players had increased subsidies in the market.

其次，在印度尼西亞，其中一個參與者增加了市場補貼。

So any specific response from you guys to that?

那麼你們對此有何具體回應？

And how are you guys looking at the increased subsidies?

你們如何看待增加的補貼？

Thanks for the question.

謝謝你的提問。

I think for the first question, you were talking about the GAAP revenue.

我認為對於第一個問題，您談論的是公認會計準則收入。

So basically, the bookings actually improved, both Q on Q and year over year.

所以基本上，預訂量實際上有所增加，無論是季度還是同比。

Well, because of the GAAP treatment, we have to defer more revenues into the future quarters.

嗯，由於 GAAP 處理方式，我們必須將更多收入推遲到未來幾季。

So that's why we typically see the variations in the GAAP revenue side that is on the reverse side, with the bookings side.

這就是為什麼我們通常會看到 GAAP 收入方面與預訂方面相反的變化。

So well, for ARPU, what we see is the average revenue per user is relatively stable, while it might be fluctuating a little bit, but it's more coming from the market mix.

那麼，對於 ARPU 來說，我們看到的是每個用戶的平均收入相對穩定，雖然可能會有一點波動，但更多來自市場組合。

We don't see very big fluctuation Q-o-Q for this quarter.

我們認為本季環比波動不大。

I think for your question on the competitive landscape in Taiwan and Indonesia.

我想回答你關於台灣和印尼競爭格局的問題。

If you look at Taiwan, I think Taiwan, we still enjoy a rather dominant market position in the market,we do see some new entrants, and we do look at it seriously.

如果你看看台灣，我認為台灣，我們在市場上仍然享有相當主導的市場地位，我們確實看到一些新進入者，我們確實認真對待它。

But I think the impact to our business at this stage is relatively small.

但我認為現階段對我們業務的影響還是比較小的。

And the core thing for us, I mean, without commenting too much on your specific competitors, of course.

我的意思是，對我們來說，核心的事情當然是不對您的特定競爭對手發表太多評論。

The core thing that we are doing Taiwan is, number one, to shorten our delivery time through our own SPX network.

我們在台灣所做的核心事情是，第一，透過我們自己的 SPX 網路縮短我們的交貨時間。

We are coming a lot more next-day deliveries through our own SPX network, which is typically done through a 3PL with much more expensive delivery systems, we are able to do a next-day delivery with much cheaper in many cases, probably cheaper than the alternative solution in the market.

我們將透過我們自己的SPX 網路進行更多的次日交付，這通常是透過3PL 完成的，其交付系統要昂貴得多，在許多情況下，我們能夠以更便宜的價格進行次日交付，可能比市場上的替代解決方案。

That's one.

這是一個。

Second one is to further increase the efficiency of the supply side to work with our sellers to fulfill their orders, not only not only the delivery side, but also the warehousing side, the fulfilment side, to do it in a more cost-effective way.

第二個是進一步提高供應方的效率，跟我們賣家配合完成訂單，不僅是發貨方，還有倉儲方、履約方，以更划算的方式去做。

Number three is to work with more sellers to increase their assortment for those areas that we think can be further enhanced.

第三是與更多賣家合作，增加我們認為可以進一步增強的領域的產品種類。

I think all these things will help us to maintain our competitiveness in the market while maintaining the profitability in the market.

我認為所有這些都將幫助我們保持市場競爭力，同時保持市場獲利能力。

For Indonesia, I think there are different players doing different thing in the market.

對於印度尼西亞，我認為市場上有不同的參與者在做不同的事情。

And there will be seasonal fluctuations.

而且還會有季節性的波動。

We would pay less attention to short term up and down on the subsidies you mentioned.

對於你提到的補貼，我們不會太關注短期的漲跌。

I think we look at slightly longer term, let's say, medium-term trends at least month-to-month or quarter-to-quarter trends.

我認為我們著眼於稍微長期的趨勢，比如說中期趨勢，至少是逐月或逐季度的趨勢。

We didn't see any different changes on that if you look at slightly longer term rather than focusing on specific things or specific weeks or days.

如果你著眼於更長遠的目標，而不是專注於特定的事情或特定的幾週或幾天，我們沒有看到任何不同的變化。

Thomas Chong, Jefferies.

托馬斯莊，杰弗里斯。

My first question is about our DFS business.

我的第一個問題是關於我們的DFS業務。

Just now, I think our management commented a lot about BNPL, cash loan and off-Shopee PayLater.

剛才，我認為我們的管理層對 BNPL、現金貸款和 Off Shopee PayLater 發表了很多評論。

I just want to get some color with regard to the margin trend for different categories.

我只是想了解不同類別的利潤趨勢。

Any color about the margin profile would be great.

邊緣輪廓的任何顏色都會很棒。

And on the other hand, I think given the macro uncertainties we are seeing globally, how should we think about the risk management in particular, the ticket size and the tenure, et cetera.

另一方面，我認為鑑於我們在全球範圍內看到的宏觀不確定性，我們應該如何考慮風險管理，特別是票據規模和期限等。

And my second question is more about the overall business.

我的第二個問題更多的是關於整體業務。

Given our different business segments are seeing a very good growth momentum, how should we think about the longer-term revenue mix profile?

鑑於我們不同的業務部門都呈現出非常好的成長勢頭，我們應該如何考慮長期收入組合狀況？

Should we expect DFS to become more meaningful in the long term?

從長遠來看，我們是否應該期望 DFS 變得更有意義？

First one, on the margin trends.

第一個是關於邊際趨勢。

If you look at a particular market or particular products in our portfolio, our margin has been relatively stable.

如果你看看我們投資組合中的特定市場或特定產品，我們的利潤率相對穩定。

In fact, in some markets, we see a better risk profiles therefore our product, which will, in turn, put our EBITDA ultimately.

事實上，在一些市場，我們看到了更好的風險狀況，因此我們的產品，這反過來又將最終影響我們的 EBITDA。

But one thing I want to share on this topic is that given that we have many different markets and we do see that the newer market has probably a faster speed of growth.

但我想就這個主題分享的一件事是，鑑於我們有許多不同的市場，而且我們確實看到較新的市場可能有更快的成長速度。

If you track our historical products in Indonesia first, and we expand to other markets like Philippines, Malaysia, Thailand, Vietnam and Brazil.

如果您先追蹤我們在印尼的歷史產品，我們會擴展到菲律賓、馬來西亞、泰國、越南和巴西等其他市場。

So typically, you will see that given the smaller base, so the latest market has a slightly faster growth than the earlier market.

因此，通常情況下，您會發現由於基數較小，因此最新市場的成長速度比早期市場稍快。

I think it's the natural trend.

我認為這是自然趨勢。

And in fact, we are very happy with the growth we see in some of the new markets, for example, in Thailand, we see very good growth.

事實上，我們對一些新市場的成長感到非常滿意，例如在泰國，我們看到了非常好的成長。

In Brazil, we also saw quite good growth in the past quarters.

在巴西，過去幾季我們也看到了相當不錯的成長。

On the macro uncertainty, generally, I think there are many macro factors impacting our market.

關於宏觀的不確定性，總的來說，我認為影響我們市場的宏觀因素有很多。

I think that was a big macro impact from the COVID time, then after COVID time.

我認為這是新冠疫情期間以及之後的巨大宏觀影響。

I think the since late last year, we are seeing a more stable macro environment, in fact, for most of the market.

我認為自去年年底以來，我們看到了一個更穩定的宏觀環境，事實上，對於大多數市場而言。

There are two things that's important for us in terms of managing the macro environment.

在管理宏觀環境方面，有兩件事對我們來說很重要。

One is the duration of our lending products.

一是我們貸款產品的期限。

Second one is the ticket size you mentioned.

第二個是你提到的門票尺寸。

So in general, our duration is rather a short duration rather than a very long duration.

所以總的來說，我們的持續時間是相當短的持續時間而不是很長的持續時間。

By short duration, we are talking about just a few months in average, right?

就短期而言，我們所說的平均只有幾個月，對嗎？

And our ticket size also compared to many other lending products, our ticket size is more on the smaller side.

而且我們的票據規模也與許多其他貸款產品相比，我們的票據規模較小。

So in the combination of both will help us to be a lot more agile in terms of how we manage our portfolio, managed portfolio in terms of how much lending we give out, how can we do risk-based pricing for the user bases and also how we do collections and how do we fine tune our portfolio based on the market environment.

因此，兩者的結合將幫助我們在如何管理我們的投資組合、根據我們發放的貸款數量來管理投資組合、我們如何為用戶群進行基於風險的定價以及如何管理投資組合方面變得更加敏捷。如何進行收藏以及如何根據市場環境調整我們的產品組合。

So in that sense, I think we are quite comfortable with where we are.

所以從這個意義上來說，我認為我們對目前的處境感到非常滿意。

And even there is unexpected macro environment change, I think we are probably much better positioned than anyone else that we can see in the market with our size.

即使宏觀環境發生意外變化，我認為我們的定位可能比市場上以我們的規模看到的任何其他公司都要好得多。

or the long-term revenue mix of three businesses, if you look at each of the three businesses, I think each of them some like at this moment, have some tailwinds, right?

或者三個業務的長期收入組合，如果你看一下三個業務中的每一個，我認為他們每個人都像現在這樣，都有一些順風車，對吧？

And for our like estimated e-commerce like GMV growth, right, and that will be the driver of the potential revenue growth as well.

對於我們估計的電子商務（如 GMV 成長）來說，這也將是潛在收入成長的驅動力。

And if we continue to work on the take rate and not only on the conmission side, but also on the ad take rate side, right, and that could be a driver as well.

如果我們繼續致力於提高收視率，不僅是在佣金方面，而且還在廣告收視率方面，對吧，這也可能是個驅動因素。

And if you look at the Financial Services business, as we shared and if we continually deepen depend the penetration on Shopee ecosystem.

如果你看看金融服務業務，正如我們所分享的那樣，我們是否不斷深化取決於 Shopee 生態系統的滲透率。

At the same time, the total loan book size will be, I think, grow nicely with the overall Shopee GMV growth as well.

同時，我認為貸款總額也將隨著整體 Shopee GMV 的成長而良好成長。

For game business that we shared earlier, right, and we found the right formula for growth Free Fire again, and we see a very, very strong momentum.

對於我們之前分享的遊戲業務，我們再次找到了 Free Fire 的正確成長公式，我們看到了非常非常強勁的動力。

So at this point, I think it's hard to come out.

所以這時候我覺得很難走出來。

We don't see like certain businesses going up and certain business go down, and then it changed how the revenue mix look like.

我們不認為某些業務會上升，某些業務會下降，然後它改變了收入組合的樣子。

I would say like we'll be continually focused on growing each of businesses as much as we can.

我想說的是，我們將繼續專注於盡可能發展每項業務。

But like as Tony just mentioned, but purely from a GAAP revenue perspective, certain growth of the game business because of how the GAAP revenue works, there maybe a certain delay how to react to reflect into the GAAP revenue, right?

但就像托尼剛才提到的那樣，純粹從 GAAP 收入的角度來看，由於 GAAP 收入的運作方式，遊戲業務會出現一定的增長，因此反應到 GAAP 收入上可能會有一定的延遲，對吧？

And so that's why, in general, we use the booking as the like a closer proxy to benchmark in terms of the growth.

因此，一般來說，我們使用預訂作為成長基準的更接近的代理商。

From that perspective, maybe we like see the higher percentage of the revenue contribution from financial services.

從這個角度來看，也許我們希望看到金融服務的收入貢獻比例更高。

But again, this is purely, in our view, because of the GAAP revenue treatment for the game business, doesn't reflect.

但同樣，在我們看來，這純粹是因為遊戲業務的 GAAP 收入處理方式並沒有反映出來。

We our -- we don't have the confidence on the future growth of the game business, yes.

是的，我們對遊戲業務的未來成長沒有信心。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

I should have a couple of follow ups.

我應該進行一些後續行動。

One is back on the take rate.

一是恢復了接受率。

You talked about increasing the advertising take rate to the global comps, global benchmark in a matter of quarters, not years.

您談到在幾個季度而不是幾年內將廣告投放率提高到全球比較、全球基準。

In your opening remarks, you also talked about your commission take rate is below the global comps even it's good you guys and your peers are raising our take rate, but your commission take rate is still quite a bit below the Amazons and (inaudible), the eBays.

在您的開場白中，您還談到您的佣金率低於全球同行，即使您和您的同行提高了我們的佣金率是件好事，但您的佣金率仍然遠低於亞馬遜，並且（聽不見清），易趣網。

I was just wondering, are there structural reasons why you're seeing that longer term, your commission take rate won't be close to the global peers?

我只是想知道，從長遠來看，你們的佣金率不會接近全球同行，是否有結構性原因？

And is there any timing to reach that goal?

實現這目標有什麼時機嗎？

The second follow up is back to the gaming booking, I know you talked quite a bit about the strong booking growth, which was amazing, second quarter, in particular previously, you have talked about double-digit booking growth for this year for Free Fire.

第二個跟進是回到遊戲預訂，我知道你談了很多關於強勁的預訂增長，這是驚人的，第二季度，特別是之前，你談到了今年 Free Fire 的兩位數預訂增長。

I think the assumption was low teens.

我認為這個假設是低十幾歲的。

But given the particular strengths you have seen in the last couple of quarters, is there reason to expect the implied the booking growth of '25 for 2024 should be going higher.

但考慮到您在過去幾季看到的特殊優勢，是否有理由預期 2024 年 25 年的預訂量成長應該會更高。

If not, why not?

如果沒有，為什麼不呢？

For the take rate question, I think for the ad take rate, as I mentioned, I think we will see the potential growth in the next few quarters rather than years.

對於採用率問題，我認為對於廣告採用率，正如我所提到的，我認為我們將在未來幾季而不是幾年內看到潛在的成長。

And of course, the base is different in different markets.

當然，不同市場的基礎是不同的。

So ultimately, it's -- it might be different numbers in different markets.

所以最終，不同市場的數字可能不同。

On the commissions, I think I would rather look at totality if you look at commission and ads, et cetera.

關於佣金，我想如果你看佣金和廣告等，我寧願看整體。

I don't think that is the reason we will be significantly below the global peers in the market that you mentioned.

我不認為這就是我們在市場上明顯低於您提到的全球同行的原因。

Yes, I think this reflects to our long-term guidance on how the EBITDA will be at the 2% to 3% of the market.

是的，我認為這反映了我們對 EBITDA 將如何佔據 2% 至 3% 市場份額的長期指導。

In terms of the game booking, Free Fire booking guidance, right, for the rest of the year.

就遊戲預訂而言，《Free Fire》今年剩餘時間的預訂指南對吧。

Yes, I think you are right.

是的，我認為你是對的。

It's -- we do see strong momentum continuing.

我們確實看到強勁的勢頭仍在繼續。

And -- but at this moment, we want to be cautious, right?

而且——但此時此刻，我們要保持謹慎，對吧？

And the things we just have with this very, very strong momentum for the past two quarters.

過去兩個季度我們的勢頭非常非常強勁。

And we want to continually just focus on the effort that we have done, which proved to be productive.

我們希望繼續專注於我們所做的努力，事實證明這些努力是富有成效的。

And if we continually seeing this trend, and we will update the market, we'll update our investors timely and accordingly.

如果我們不斷看到這種趨勢，我們將更新市場，我們將及時相應地更新我們的投資者。

This concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to Mr. M.C. Koh for any closing remarks.

我想將會議重新交給 M.C. 先生。 Koh 的結束語。

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.

我們期待下季再次與大家交談。

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.

您現在可以斷開連線。