Sea Ltd (SE) 2025 Q1 法說會逐字稿

Good morning and good evening to all, and welcome to the Sea Limited first-quarter 2025 results conference call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you.

大家早安，晚上好，歡迎參加 Sea Limited 2025 年第一季業績電話會議。（操作員指示）最後，我想告知所有參與者，本次通話正在錄音。謝謝。

I'd now like to welcome Mr. Elson Choi to begin the conference. Please go ahead.

現在，我歡迎 Elson Choi 先生開始會議。請繼續。

Hello, everyone, and welcome to Sea's 2025 first-quarter earnings conference call. I'm Elson from Sea's Investor Relations team.

大家好，歡迎參加Sea 2025年第一季財報電話會議。我是 Sea 投資者關係團隊的 Elson。

On this call, we may make forward-looking statements which are inherently subject to risk and uncertainties and may not be realized in the future for various reasons as stated in our press release. Also, this call includes the discussion of certain non-GAAP financial measures such as adjusted 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. For 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.

在本次電話會議上，我們可能會做出前瞻性陳述，這些陳述本質上具有風險和不確定性，並且由於我們在新聞稿中所述的各種原因，未來可能無法實現。此外，本次電話會議也討論了某些非 GAAP 財務指標，例如調整後的 EBITDA。我們相信，這些措施作為我們 GAAP 揭露的補充，可以增強投資者對我們主要業務實際現金流的理解。有關非公認會計準則 (non-GAAP) 財務指標的使用以及與最接近的公認會計準則 (GAAP) 指標的調節的討論，請參閱我們新聞稿中有關非公認會計準則 (Non-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. Our management will share strategy and business updates, operating highlights, and financial performance for the first quarter of 2025. This will be followed by a Q&A session in which we welcome any questions you have.

和我一起的還有 Sea 的董事長兼執行長 Forrest Li；總裁 Chris Feng；以及財務長 Tony Hoo。我們的管理層將分享 2025 年第一季的策略和業務更新、營運亮點和財務表現。接下來是問答環節，我們歡迎您提出任何問題。

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

說完這些，讓我把電話轉給福雷斯特。

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

大家好，感謝大家參加今天的電話會議。

We have delivered another great quarter of strong growth with improving profitability across all three businesses. Our businesses are now all self-sufficient and cash-generating, positioning us well to capture future opportunities. Our strong start to the year gives us more confidence of achieving our full-year guidance.

我們又迎來了一個強勁成長的季度，三大業務的獲利能力都有所提升。我們的業務現在都能夠自給自足並產生現金，這使我們能夠抓住未來的機會。今年的強勁開局讓我們對實現全年目標更有信心。

Five days ago, on May 8, we celebrated Sea's 16th anniversary. On the same day, we rebranded our Digital Financial Services business from SeaMoney to Monee. We chose the name Monee because it is simple, cute, and just like our company's name, Sea, easy to write and pronounce. Monee also resonates well with the name of its sister brand, Shopee, reflecting the seamless, synergetic connection between the two ecosystems.

五天前，5月8日，我們慶祝了Sea成立16週年。同一天，我們將數位金融服務業務從 SeaMoney 更名為 Monee。我們選擇 Monee 這個名字是因為它簡單、可愛，而且就像我們公司的名字 Sea 一樣，易於書寫和發音。Monee 也與其姊妹品牌 Shopee 的名稱產生共鳴，反映了兩個生態系統之間的無縫協同連接。

Our Digital Financial Services business already has a decade-long history. From AirPay, to Shopee Pay, to SPayLater, and to all of Monee's other products and services today, we create solutions that are simple, accessible, and inclusive. We use technology to enable all our communities to join the digital economy and manage their money more easily. We remain grounded in these principles as we move forward.

我們的數位金融服務業務已有十年的歷史。從 AirPay、Shopee Pay、SPayLater 到 Monee 今天的所有其他產品和服務，我們創造的解決方案簡單、易於訪問且包容性強。我們利用科技使所有社區都能加入數位經濟並更輕鬆地管理他們的資金。我們在前進的道路上始終秉持這些原則。

Today, Monee is already one of the largest unsecured consumer lending businesses in Southeast Asia, and I believe we are only at the start of realizing its full potential. We have expanded beyond Southeast Asia to Brazil, and we are moving beyond payments and credits to every aspect of people's lives relating to money, such as banking, investment, and insurance.

如今，Monee 已經是東南亞最大的無擔保消費貸款公司之一，我相信我們才剛開始發揮其全部潛力。我們的業務範圍已從東南亞擴展到巴西，並且正在從支付和信貸擴展到人們生活中與金錢相關的各個方面，例如銀行、投資和保險。

When we help people achieve their financial goals, it can be life-changing not just for them today, but for their children and grandchildren as well. We are excited and committed to creating financial freedom and empowerment for consumers and small businesses with technology, both for this generation and generations to come.

當我們幫助人們實現他們的財務目標時，這不僅可以改變他們今天的生活，還可以改變他們子孫後代的生活。我們很高興並致力於利用科技為這一代和後代的消費者和小型企業創造財務自由和賦權。

With that, let me take you through each business's performance, starting with E-commerce. Shopee has delivered a record-high GMV and gross order volume in the first quarter. We sustained market leadership with improved profitability across both Asia and Brazil.

接下來，讓我帶您了解每個業務的表現，並從電子商務開始。Shopee 第一季的 GMV 和總訂單量都創下歷史新高。我們保持了市場領先地位，並提高了在亞洲和巴西的獲利能力。

Unit economics improved, largely driven by our continued skill expansion, cost optimization and enhanced monetization, especially from advertising. Ad revenue grew by more than 50% year on year in the first quarter. Our operational priorities remain consistent: to enhance price competitiveness, improve service quality, and strengthen our content ecosystem. Our strong execution of these priorities has continued to make Shopee competitive and differentiated.

單位經濟效益有所改善，這主要得益於我們持續的技能擴展、成本優化和增強的貨幣化（尤其是廣告）。第一季廣告收入較去年同期成長超過50%。我們的營運重點保持一致：增強價格競爭力、提高服務品質、強化我們的內容生態系統。我們對這些優先事項的強力執行使 Shopee 繼續保持競爭力和差異化。

On price competitiveness, our diverse product range and competitive pricing continue to resonate well with buyers. Our ability to deliver a clear price advantage over our peers comes from our closer collaboration with sellers and a deeper integration with upstream suppliers.

在價格競爭力方面，我們多樣化的產品系列和具有競爭力的價格繼續受到買家的好評。我們之所以能夠比同業提供明顯的價格優勢，得益於我們與賣家更緊密的合作以及與上游供應商更深入的整合。

In Qualtrics' survey, we continue to rank as best in market across Asia and Brazil for offering good product prices. This has done a lot to build our brand's mindshare of being the most price-competitive e-commerce platform in our market. In the first quarter, our average monthly active buyers on Shopee grew by over 15% year on year.

在 Qualtrics 的調查中，我們繼續因提供優惠的產品價格而在亞洲和巴西市場上名列前茅。這在很大程度上幫助我們的品牌建立市場意識，成為市場上最具價格競爭力的電子商務平台。第一季度，Shopee平均每月活躍買家年增超過15%。

On service quality, logistics continue to be integral to our ability to deliver better and more reliable service to our customers. We further strengthened this value proposition in the quarter with both cost reduction and service quality improvements. In the first quarter, we reduced Shopee's overall logistics cost per order by 6% in Asia and 21% in Brazil year on year while continuing to improve delivery times and expand network coverage. These efficiencies enable us to pass on greater savings to buyers while providing a seamless and reliable shopping experience.

在服務品質方面，物流仍然是我們向客戶提供更好、更可靠服務的能力不可或缺的一部分。本季度，我們透過降低成本和提高服務品質進一步強化了這個價值主張。第一季度，我們在持續改善配送時間、擴大網路覆蓋範圍的同時，將Shopee在亞洲的每筆訂單整體物流成本同比降低了6%，在巴西的每筆訂單整體物流成本同比降低了21%。這些效率使我們能夠為買家節省更多成本，同時提供無縫可靠的購物體驗。

In addition to these broad measures, we constantly explore and pilot new initiatives delivering value targeted at specific customer needs. For example, in some of Indonesia's major cities, we offer an instant delivery option that delivers orders in just a few hours. In the first quarter, we also piloted a Shopee VIP membership program in Indonesia to better serve our most loyal users. This paid membership program includes benefits such as unlimited free shipping, upsized discount vouchers, and priority customer service.

除了這些廣泛的措施之外，我們也不斷探索和試行新舉措，以滿足特定客戶的需求並創造價值。例如，在印尼的一些主要城市，我們提供即時送貨選項，只需幾個小時即可送達訂單。第一季度，我們也在印尼試行了Shopee VIP會員計劃，以便更好地服務我們最忠實的用戶。此付費會員方案包括無限次免費送貨、加大折扣券和優先客戶服務等福利。

Adoption has been encouraging with more than 1 million users subscribing as of the end of March. Members purchased more than three times as frequently and spent more than four times as much as regular buyers. These are just some examples of how we continue to experiment with value-adding features to strengthen buyer engagement and stickiness.

採用情況令人鼓舞，截至 3 月底，已有超過 100 萬用戶訂閱。會員的購買頻率是一般買家的三倍多，花費是一般買家的四倍多。這些只是我們如何繼續嘗試增值功能以加強買家參與度和黏性的一些例子。

We also continue to improve service quality to our sellers by empowering them with intelligent tools and optimized ad tech solutions. For example, we introduced Shop AI Assistant to help sellers handle routine customer queries, making their daily operations on Shopee more effortless. Our upgraded ad tech product called GMV Max has also made it easier for sellers to launch campaigns, reach the right audience, and maximize their returns. In the first quarter, the number of sellers who spent on our ad products increased by 22% and average ad spend increased by 28% year on year.

我們也透過為賣家提供智慧工具和優化的廣告技術解決方案，不斷提高服務品質。例如，我們引入了Shop AI Assistant來幫助賣家處理常規客戶查詢，使他們在Shopee上的日常操作更加輕鬆。我們升級的廣告科技產品 GMV Max 也讓賣家更輕鬆地發起廣告活動、接觸合適的受眾並最大化回報。第一季度，在我們的廣告產品上消費的賣家數量年增22%，平均廣告支出較去年同期成長28%。

We continue to make good progress with our content ecosystem, and it is playing an increasingly important role in driving buyer engagement and conversion. In Southeast Asia, content-driven orders, including those from live streaming and short videos, accounted for about one-fifth of our total physical goods order volume in the first quarter. Unit economics also continued to improve, supported by growing scale, larger average basket size, better marketing efficiency, and higher adoption of Shopee Live Ads.

我們的內容生態系統持續取得良好進展，它在推動買家參與和轉化方面發揮著越來越重要的作用。在東南亞，包括直播、短影片等內容驅動的訂單約占我們第一季實體商品訂單總量的五分之一。單位經濟效益也持續改善，這得益於規模的擴大、平均購物籃規模的擴大、行銷效率的提高以及 Shopee Live Ads 的採用率的提高。

We are also seeing strong traction from our partnership with YouTube, which we have expanded to all six of our Southeast Asian markets. As of March, over 4 million YouTube videos had Shopee product links embedded, and average daily orders attributed to YouTube content continued to rise steadily. This partnership has strengthened our relationship with creators who can now more easily monetize their engagement, while also allowing our sellers to tap on the high-traffic YouTube platform for sales.

我們與 YouTube 的合作也取得了強勁進展，我們已將合作範圍擴展到東南亞所有六個市場。截至 3 月份，已有超過 400 萬個 YouTube 影片嵌入了 Shopee 產品鏈接，並且 YouTube 內容帶來的每日平均訂單量持續穩步上升。此次合作加強了我們與創作者的關係，創作者現在可以更輕鬆地將他們的參與轉化為現實，同時也允許我們的賣家利用高流量的 YouTube 平台進行銷售。

Beyond Asia, Brazil continues to show encouraging results. The pace of our user-based expansion continued to outpace the market average as we gained market share, and we remain adjusted EBITDA positive. This was driven by our strong execution. We expanded to serve more underserved market segments, onboarded more sellers, diversified into higher ticket size product categories, and improved delivery speed, while maintaining our logistics cost advantage. Looking ahead, we see plenty of runway for further growth in Brazil, and we remain committed to capturing the long-term opportunities in this market.

在亞洲以外，巴西繼續表現出令人鼓舞的成績。隨著我們市場份額的增加，我們基於用戶的擴張速度繼續超過市場平均水平，並且我們的調整後 EBITDA 仍然保持正值。這是由我們強大的執行力所推動的。我們擴大了服務範圍，為更多服務不足的細分市場提供服務，吸收更多賣家，將產品類別多元化，擴大產品種類，提高配送速度，同時保持我們的物流成本優勢。展望未來，我們看到巴西還有很大的成長空間，我們將繼續致力於抓住這個市場的長期機會。

In summary, Shopee has started 2025 on very strong footing, delivering high growth while improving profitability across our markets. With solid first-quarter results, we remain confident of achieving our full-year GMV growth guidance of 20% with improving profitability.

總而言之，Shopee 在 2025 年取得了非常強勁的開局，實現了高成長，同時提高了我們各個市場的獲利能力。憑藉第一季的穩健業績，我們仍然有信心實現全年 GMV 成長 20% 的目標，並提高獲利能力。

Next, turning to Digital Financial Services. In the first quarter, Monee delivered another strong set of results, with both revenue and adjusted EBITDA growing more than 50% year on year. This growth was delivered while maintaining stable asset quality, reflecting our continued commitment to prudent risk management.

接下來，轉向數位金融服務。第一季度，Monee 再次取得了強勁的業績，營收和調整後 EBITDA 同比成長超過 50%。這一增長是在保持穩定資產品質的同時實現的，反映了我們對審慎風險管理的持續承諾。

In the first quarter, our loan book grew by over 75% year on year to reach $5.8 billion, mainly driven by the healthy expansion of our user base. In the first quarter, we added over 4 million first-time borrowers, and we see new user cohorts continuing to generate positive profit over time as we scale. By the end of the quarter, active users for our consumer and SME loan products exceeded 28 million, representing more than 50% growth year on year. At the same time, our overall portfolio quality remained healthy, with our 90-day NPL ratio staying relatively stable at 1.1%.

第一季度，我們的貸款餘額年增超過 75%，達到 58 億美元，這主要得益於我們用戶群的健康擴張。在第一季度，我們增加了超過 400 萬首次借款人，隨著我們規模的擴大，我們看到新用戶群體繼續產生正利潤。截至本季末，我們的消費及中小企業貸款產品活躍用戶超過2800萬，年成長超過50%。同時，我們的整體投資組合品質保持健康，90天不良貸款率保持相對穩定，為1.1%。

Risk management remains our top priority. We take a proactive and dynamic approach to credit risk management, leveraging live insights from our ecosystem and closely tracking repayment trends across user cohorts. Our deep roots in local markets serving a massive user base gives us the unique advantage of first-hand data, letting us evaluate market conditions in real time. With short loan tenures of typically three to six months, we can adjust underwriting thresholds, credit limits, and pricing parameters quickly in response to macroeconomic changes.

風險管理仍然是我們的首要任務。我們採取積極主動和動態的方式進行信用風險管理，利用我們生態系統的即時洞察並密切追蹤整個用戶群的還款趨勢。我們深紮根於本地市場，服務於龐大的用戶群，這為我們提供了第一手數據的獨特優勢，讓我們能夠即時評估市場狀況。由於貸款期限通常為三至六個月的短期貸款，我們可以根據宏觀經濟變化快速調整承保門檻、信用額度和定價參數。

In the first quarter, we made good progress across various markets. In Thailand and Malaysia, SPayLater's campaigns with Shopee effectively drove new user acquisition and further increased penetration on Shopee. By the end of March, Thailand's loan book surpassed $1 billion. Brazil also delivered robust loan book growth in the first quarter, driven by both SPayLater's higher penetration on Shopee and a growing contribution from buyer cash loans. Such strong growth across different markets diversifies our overall loan book and reduces our exposure to any single market economic cycle, giving us a more stable and resilient loan portfolio.

第一季度，我們在各個市場都取得了良好的進展。在泰國和馬來西亞，SPayLater 與 Shopee 合作的活動有效地推動了新用戶的獲取，並進一步提高了 Shopee 的滲透率。截至3月底，泰國貸款總額已超過10億美元。巴西第一季的貸款帳簿也實現了強勁成長，這得益於 SPayLater 在 Shopee 上的滲透率提高以及買家現金貸款的貢獻不斷增長。不同市場的強勁成長使我們的整體貸款帳簿多樣化，並減少了我們對任何單一市場經濟週期的敞口，從而使我們的貸款組合更加穩定和有彈性。

We also continue to roll out new products and strengthen our underwriting capabilities, enabling us to serve a wider range of users across different risk profiles and credit needs. For example, in the first quarter, we saw strong growth from credit products with lower interest rates, higher credit limits, and longer tenures in markets such as Indonesia and Malaysia. These products are helping us attract more higher-income users who may be more selective in their adoption of credit products. Having a larger cohort of premium users gives us significant cross-selling opportunities and a higher customer lifetime value.

我們還將繼續推出新產品並加強承保能力，使我們能夠為不同風險狀況和信用需求的更廣泛的用戶提供服務。例如，在第一季度，我們看到印尼和馬來西亞等市場中利率較低、信用額度較高、期限較長的信貸產品實現了強勁成長。這些產品幫助我們吸引更多高收入用戶，他們在採用信貸產品時可能會更加挑剔。擁有更多的優質用戶群為我們帶來了大量的交叉銷售機會和更高的客戶終身價值。

Taken together, as we continue to grow our credit penetration in more markets serving more users, we are consciously constructing a loan portfolio with better diversification across markets and user segments. This lets us maintain good asset quality, which benefits our long-term growth and profitability.

總的來說，隨著我們繼續在更多市場為更多用戶擴大信貸滲透率，我們正在有意識地建立一個跨市場和用戶群體更加多樣化的貸款組合。這使我們能夠保持良好的資產質量，有利於我們的長期成長和獲利能力。

While the Shopee ecosystem remains an effective funnel for user acquisition and underwriting insights, Monee is steadily expanding its reach beyond Shopee. In Malaysia, off-Shopee usage of SPayLater has grown meaningfully by leveraging ShopeePay's merchant network and through targeted marketing campaigns that strengthened consumer mindshare of our credit products. Off-Shopee SPayLater loans now account for over 10% of our total loan book in Malaysia. We are seeing healthy repayment behavior with off-Shopee SPayLater loans and unit economics continue to improve.

雖然 Shopee 生態系統仍然是獲取用戶和承保洞察的有效管道，但 Monee 正在穩步擴大其在 Shopee 之外的影響力。在馬來西亞，透過利用 ShopeePay 的商家網路並透過有針對性的行銷活動來加強消費者對我們信貸產品的認知度，SPayLater 在 Shopee 之外的使用率顯著增長。目前，Shopee 以外的 SPayLater 貸款佔馬來西亞貸款總額的 10% 以上。我們看到 Shopee 以外的 SPayLater 貸款的還款行為十分健康，單位經濟效益也持續改善。

In Indonesia, off-Shopee growth has also been boosted by the standalone ShopeePay Financial Services app, which has surpassed 30 million downloads as of March. The app supports everyday payments beyond the Shopee platform. It seamlessly integrates SPayLater functionality to enable the use of credit for off-Shopee purchases. We continue to enhance the app with new features to drive user engagement and position it as a central hub for daily financial activities. This lays a strong foundation for cross-selling a broader suite of financial products and services in the future.

在印度尼西亞，獨立的 ShopeePay 金融服務應用程式也推動了 Shopee 以外的成長，截至 3 月份，該應用程式的下載量已超過 3,000 萬次。該應用程式支援 Shopee 平台以外的日常支付。它無縫整合了 SPayLater 功能，支援使用信用卡進行 Shopee 以外的購買。我們將繼續透過新功能增強該應用程序，以提高用戶參與度並將其定位為日常金融活動的中心樞紐。這為未來交叉銷售更廣泛的金融產品和服務奠定了堅實的基礎。

In summary, Monee is on the right track to continue delivering strong loan book growth while maintaining sound credit quality, and we are confident of achieving our full-year guidance. As we scale, we remain focused on risk management as a top priority. Given our unique business model and the strong support we have from our Shopee ecosystem, we are confident that we can grow Monee in a way that is resilient to credit cycles and profitable into the long term.

總而言之，Monee 正走在正確的軌道上，繼續實現強勁的貸款成長，同時保持良好的信貸質量，我們有信心實現全年目標。隨著我們規模的擴大，我們仍然把風險管理當作首要任務。鑑於我們獨特的商業模式和來自 Shopee 生態系統的強大支持，我們有信心以一種能夠抵禦信貸週期並實現長期盈利的方式發展 Monee。

Next, turning to Digital Entertainment. Garena had a stellar start to 2025, with its best quarter since 2021. In the first quarter, Garena's total bookings grew 51% and adjusted EBITDA grew 57% year on year. In addition to Free Fire, our other games such as Arena of Valor, EA Sports FC Online, and Call of Duty: Mobile have also had a good start in the first quarter, giving Garena a strong growth outlook for the year.

接下來，轉向數位娛樂。Garena 在 2025 年取得了輝煌的開局，並創下了自 2021 年以來最好的季度業績。第一季度，Garena 的總預訂量年增 51%，調整後 EBITDA 年成長 57%。除了《Free Fire》之外，我們的其他遊戲，如《Arena of Valor》、《EA Sports FC Online》和《決勝時刻：行動版》在第一季也取得了良好的開端，這為 Garena 今年的成長前景帶來了強勁的前景。

In January, we launched a Free Fire collaboration with Naruto Shippuden. This was our biggest-ever anime IP collaboration to date. We spent over two years with the IP partner preparing for this major campaign. We came up with a comprehensive suite of content and features such as special moves, character-inspired wearables, and recognizable scenes from the animation.

一月份，我們與火影忍者疾風傳合作推出了 Free Fire。這是我們迄今為止最大的動漫IP合作。我們與 IP 合作夥伴一起花了兩年多的時間來準備這次重大活動。我們設計出了一套全面的內容和功能，例如特殊動作、受角色啟發的可穿戴設備以及動畫中可識別的場景。

Our development team put a lot of effort into upgrading our character models to introduce the intricate finger movements and hand signs that are iconic to the anime. This went a long way to bringing authenticity and the sensation of the anime into Free Fire.

我們的開發團隊投入了大量精力來升級我們的角色模型，以引入動漫標誌性的複雜手指動作和手勢。這在很大程度上為《Free Fire》帶來了真實性和動漫的感覺。

The Naruto campaign was a resounding success, with extremely positive feedback from our gamer communities around the world. Official video impressions gathered over 300 million views since the launch of the campaign, and the player feedback made it clear. The Naruto campaign stands out as the highest-rated collaboration Free Fire has ever done. The collaboration's strong social phenomenon allowed Free Fire to not only capture new users but also reactivate churned players.

火影忍者活動取得了巨大的成功，並得到了來自世界各地遊戲玩家社群的極其積極的回饋。自活動啟動以來，官方影片展示的觀看次數已超過 3 億次，玩家的回饋也明確了這一點。火影忍者活動是 Free Fire 有史以來評價最高的合作活動。這次合作產生的強大社會現像不僅讓《Free Fire》吸引了新用戶，也重新啟動了流失的玩家。

Thanks to the huge success of the collaboration, Free Fire's average DAU in the first quarter was close to its peak quarterly average DAU during the pandemic. This further reinforced Free Fire's position as the world's largest mobile game by average DAU and downloads according to Sensor Tower.

由於這項合作的巨大成功，Free Fire 第一季的平均 DAU 接近疫情期間季度平均 DAU 的高峰。根據 Sensor Tower 的數據，這進一步鞏固了 Free Fire 作為全球平均 DAU 和下載量最大的手機遊戲的地位。

Beyond the Naruto campaign, our focus on hyper-local content continues to drive strong user engagement by connecting with players through their culture and daily life. In the first quarter, Free Fire celebrated Ramadan through specially designed in-game missions in Indonesia, allowing players to contribute real-world donations of clothing and food, turning the gameplay into a shared act of generosity during the holy month. This resonated very positively with our gamer community.

除了火影忍者活動之外，我們還專注於超本地化內容，透過與玩家的文化和日常生活建立聯繫，繼續推動強大的用戶參與。在第一季度，《Free Fire》透過在印尼特別設計的遊戲內任務慶祝齋戒月，讓玩家在現實世界中捐贈衣物和食物，將遊戲過程變成齋戒月期間的共同慷慨行為。這在我們的遊戲玩家社群中引起了非常積極的共鳴。

In Arena of Valor, we brought community spirit to life by organizing offline floaters in Taiwan during the culturally significant Mazu Pilgrimage and lighting blessing candles at temples on behalf of users during Lunar New Year. The responses to these events on social media have been overwhelmingly positive. These initiatives show how our local teams proactively transform our games into platforms where cultural relevance meets social impact.

在《王者榮耀》中，我們透過在具有重要文化意義的媽祖朝聖期間組織台灣的線下漂流者以及在農曆新年期間代表用戶在寺廟點燃祈福蠟燭，將社區精神帶入生活。社群媒體對這些事件的反應非常正面。這些舉措展示了我們的本地團隊如何積極地將我們的遊戲轉變為文化相關性與社會影響相結合的平台。

Beyond our existing games, we are growing our portfolio to deepen our capabilities and scale our market presence. In April, we published Delta Force: Mobile, a first-person tactical shooting game, across markets in Southeast Asia, MENA, and Latin America. Since launch, the game has seen good traction with over 10 million downloads. We have also started pre-registration for Free City, a self-developed open-world adventure game, and will launch it in phases beginning in May. We are confident that these new launches will deepen user engagement with our gamer community across our markets.

除了現有的遊戲之外，我們還在擴大我們的產品組合，以深化我們的能力並擴大我們的市場影響力。4 月，我們在東南亞、中東和北非以及拉丁美洲市場發布了第一人稱戰術射擊遊戲《三角洲特種部隊：移動版》。自推出以來，該遊戲一直受到廣泛歡迎，下載量已超過 1000 萬次。我們也啟動了自主研發的開放世界冒險遊戲《自由城市》的預先註冊，並將於5月開始分階段上線。我們相信，這些新產品的推出將加深我們各個市場用戶與遊戲玩家社群的互動。

In summary, Garena had a very strong start to the year. We will continue to drive Free Fire's popularity and longevity and expand our game portfolio for overall sustained growth. We remain confident of delivering our guidance of double-digit growth for Garena's user base and bookings in 2025.

總而言之，Garena 今年開局非常強勁。我們將繼續推動 Free Fire 的受歡迎程度和壽命，並擴大我們的遊戲組合，實現整體持續成長。我們仍有信心在 2025 年實現 Garena 用戶群和預訂量兩位數成長的預期。

In closing, we are very happy with this strong start to 2025. All three of our businesses have shown strong growth and improving profitability. We remain committed to executing well and driving greater efficiency. We look forward to delivering a strong 2025 and beyond. Thank you as always for your support.

最後，我們對 2025 年的強勁開局感到非常高興。我們的三項業務均呈現強勁成長且獲利能力不斷提高。我們將繼續致力於良好執行並提高效率。我們期待在 2025 年及以後取得更輝煌的成就。一如既往地感謝您的支持。

With that, I invite Tony to discuss our financials.

因此，我邀請托尼來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，也謝謝大家參加電話會議。

For Sea overall, total GAAP revenue increased 30% year on year to $4.8 billion in the first quarter of 2025. This was primarily driven by GMV growth of our E-commerce business and the growth of our Digital Financial Services business. Our total adjusted EBITDA was $947 million in the first quarter of 2025, compared to an adjusted EBITDA of $401 million in the first quarter of 2024.

就 Sea 整體而言，2025 年第一季的 GAAP 總營收年增 30%，達到 48 億美元。這主要得益於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。2025 年第一季度，我們的調整後 EBITDA 總值為 9.47 億美元，而 2024 年第一季的調整後 EBITDA 為 4.01 億美元。

On E-commerce, Shopee's gross orders grew 20% year on year to $3.1 billion in the first quarter of 2025, and GMV increased by 22% year on year to $28.6 billion in the first quarter of 2025.

電商方面，Shopee 2025年第一季總訂單量年增20%至31億美元，GMV年增22%至286億美元。

Our first-quarter GAAP revenue of $3.5 billion included GAAP marketplace revenue of $3.1 billion, up 29% year on year, and GAAP product revenue of $0.4 billion. Within GAAP marketplace revenue, core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was $2.4 billion, up 39% year on year. Value-added services revenue, mainly consisting of revenues related to logistics services, was $0.8 billion, up 4% year on year.

我們第一季的 GAAP 營收為 35 億美元，包括 GAAP 市場營收 31 億美元，年增 29%，以及 GAAP 產品營收 4 億美元。在 GAAP 市場收入中，主要包括以交易為基礎的費用和廣告收入的核心市場收入為 24 億美元，較去年同期成長 39%。加值服務收入（主要包括與物流服務相關的收入）為 8 億美元，較去年同期成長 4%。

E-commerce adjusted EBITDA was $264 million in the first quarter of 2025, compared to an adjusted EBITDA loss of $22 million in the first quarter of 2024.

2025 年第一季度，電子商務調整後 EBITDA 為 2.64 億美元，而 2024 年第一季調整後 EBITDA 虧損為 2,200 萬美元。

Digital Financial Services GAAP revenue was up by 58% year on year to $787 million. Adjusted EBITDA was up by 62% year on year to $241 million.

數位金融服務 GAAP 營收年增 58%，達到 7.87 億美元。調整後的 EBITDA 年成長 62%，達到 2.41 億美元。

As of the end of March, our consumer and SME loans' principal outstanding reached $5.8 billion, up over 75% year on year. This consists of $4.9 billion on-book and $0.9 billion off-book loans' principal outstanding. Non-performing loans past due by more than 90 days as a percentage of total consumer and SME loans was 1.1% at the end of the quarter.

截至3月底，我們的消費者和中小企業貸款本金餘額達到58億美元，年增超過75%。其中包括 49 億美元的帳面貸款本金和 9 億美元的帳外貸款本金。本季末，逾期 90 天以上的不良貸款佔消費者和中小企業貸款總額的比例為 1.1%。

Digital Entertainment bookings were $775 million in the first quarter, up 51% year on year. GAAP revenue was $496 million. Adjusted EBITDA was $458 million.

第一季數位娛樂預訂金額為7.75億美元，年增51%。GAAP 收入為 4.96 億美元。調整後的 EBITDA 為 4.58 億美元。

Returning to our consolidated numbers, we recognized a net non-operating income of $89 million in the first quarter of 2025, compared to a net non-operating loss of $18 million in the first quarter of 2024. We had a net income tax expense of $136 million in the first quarter of 2025, compared to net income tax expense of $79 million in the first quarter of 2024. As a result, net income was $411 million in the first quarter of 2025 as compared to a net loss of $23 million in the first quarter of 2024.

回到我們的合併數據，我們在 2025 年第一季確認了 8,900 萬美元的淨營業外收入，而 2024 年第一季的淨營業外虧損為 1,800 萬美元。2025 年第一季度，我們的淨所得稅支出為 1.36 億美元，而 2024 年第一季的淨所得稅支出為 7,900 萬美元。因此，2025 年第一季的淨收入為 4.11 億美元，而 2024 年第一季的淨虧損為 2,300 萬美元。

Thank you, Forrest and Tony. We are now ready to open the call to questions. Operator?

謝謝你，福雷斯特和托尼。我們現在準備開始提問。操作員？

(Operator Instructions) Pang Vitt, Goldman Sachs.

（操作員指示）高盛的 Pang Vitt。

Hi. Good evening, management. Thank you very much for the opportunities, and congratulations for a strong set of numbers. Two questions from me.

你好。晚上好，管理層。非常感謝你們給予的機會，並祝賀你們取得如此強勁的成績。我有兩個問題。

Number one on Shopee. You deliver a very strong improvement in profitability this quarter. What drives that uptick and how should we think about the margin trend in the coming quarter? As these profits grow, how do you think about the risk to Shopee GMV growth amid this uncertain macro environment and what gives you the confidence to maintain that 20% outlook? That's question number one.

Shopee 上排名第一。本季你們的獲利能力有了非常強勁的提升。推動這項上漲的因素是什麼？我們該如何看待下一季的利潤趨勢？隨著利潤的成長，您如何看待在這種不確定的宏觀環境下 Shopee GMV 成長面臨的風險，以及是什麼讓您有信心維持 20% 的前景？這是第一個問題。

Question number two. Can you also share more color around the strong performance at Monee as well? What do we see that drives the uplift in loan book, whether it's new geography, new products, and how should we think about the return and margins on these new loans?

第二個問題。您能否也分享更多有關 Monee 強勁表現的詳細資訊？我們看到什麼推動了貸款帳簿的成長，是新的地理、新的產品，我們該如何看待這些新貸款的回報和利潤率？

Starting from the Shopee side, there are a few factors driving the good growth for Q1. Part of that comes from seasonality. I think this year, Q1 is the first year that Ramadan falls fully in Q1 and the holiday falls in Q2. In the past, it's always either in Q2 or partially in Q1. So that contributes to part of the numbers.

從Shopee方面開始，有幾個因素推動了第一季的良好成長。部分原因是季節性。我認為今年第一季是齋月完全落在第一季而假期落在第二季的第一年。過去，它總是處於第二季度或部分處於第一季。這對部分數字有所貢獻。

Second one is we do improve take rates over time. I think as we shared in the opening, if you look at the ad take rate, we grew 50 basis points from last year. So that helps on our take rate side. The other side of that is we also optimize our cost over time. Our shipping cost, for example, has dropped meaningfully from last year. We also optimize our sales and marketing over time as well.

第二點是，我們確實會隨著時間的推移提高接受率。我想，正如我們在開幕時所分享的，如果你看一下廣告收入率，你會發現我們比去年增長了 50 個基點。這有助於我們的接受率。另一方面，我們也在隨著時間的推移優化我們的成本。例如，我們的運輸成本比去年大幅下降。我們也會隨著時間的推移優化我們的銷售和行銷。

On top of that, we also optimize our operating cost through many of the initiatives. For example, we're using a lot more AI solutions to automate many of our customer service and listing management, et cetera. All those contribute to a better cost structure. And as a result, it contributes to our margin improvement.

除此之外，我們也透過多項措施優化營運成本。例如，我們正在使用更多的人工智慧解決方案來實現許多客戶服務和清單管理等的自動化。所有這些都有助於形成更好的成本結構。因此，它有助於提高我們的利潤率。

So if you look at the rest of the year, we believe the top-line guidance of 20% growth still stays. If you look at the profit side, the long-term trend, we still target 2% to 3% of the EBITDA over GMV. Of course, in the short term, we're not squeezing our ecosystem as much as possible. We're still focused very much on the growth side to make sure that we have a good growth while improving the EBITDA over time. Although, if you look at quarter over quarter, there might be some seasonalities, as I shared just now.

因此，如果展望今年剩餘時間，我們相信 20% 的成長預期仍然有效。如果從利潤方面來看，從長期趨勢來看，我們仍將 EBITDA 定為 GMV 的 2% 到 3%。當然，短期內我們不會盡可能地擠壓我們的生態系統。我們仍然非常關注成長方面，以確保我們實現良好的成長，同時隨著時間的推移提高 EBITDA。不過，如果你逐季地看，可能會有一些季節性，就像我剛才分享的那樣。

From the macro perspective, we have not seen a material impact to our Shopee growth from the macro side. I think part of that is because we are very much a local marketplace. Our cross-border business has been a relatively small percentage of our entire businesses. So the cross-border trade impact from any aspect will not impact our overall business materially.

從宏觀角度來看，我們尚未看到對 Shopee 成長產生重大影響。我認為部分原因是我們是一個本地市場。我們的跨國業務在我們的整個業務中所佔比例相對較小。因此，任何方面的跨境貿易影響都不會對我們的整體業務產生重大影響。

And also, if you look at our businesses, we are very much price-driven. In a way, we are a price-leading platform in our market. So if any users would like to seek any alternative for their purchase for a lower-priced element, typically they will come to us. Given the low penetration of the e-commerce in most of our markets, this will potentially help us to advance the e-commerce penetration while our users are looking for a cheaper alternative versus their other channels.

而且，如果你看看我們的業務，你會發現我們很大程度上是受價格驅動。某種程度上來說，我們是市場上價格領先的平台。因此，如果任何用戶想尋找替代品來購買價格較低的商品，通常他們都會來找我們。鑑於電子商務在我們大多數市場的滲透率較低，這將有可能幫助我們提高電子商務的滲透率，同時我們的用戶正在尋找比其他管道更便宜的替代方案。

On top of that, Shopee is also a more intent-driven marketplace where the impulse-driven purchase has a less percentage. So it's less impacted by the fluctuation on the discretionary spending. And all those will help us to grow well even with macro opportunities.

除此之外，Shopee 也是一個更注重意圖的市場，衝動購買的比例較低。因此，它受可自由支配支出波動的影響較小。所有這些都將幫助我們在宏觀機會下實現良好成長。

The only thing that might impact our number in a way is the ForEx. As you're probably aware, in some of our markets, the ForEx rate can fluctuate quite a lot from time to time. I think we are still okay right now if you look at the number, but we'll monitor it closely on the ForEx side. But again, that shouldn't impact our operation too much in our local market because we are very much a local marketplace rather than depending on the cross-border trading.

唯一可能以某種方式影響我們數字的是外匯。您可能已經知道，在我們的某些市場中，外匯匯率有時會發生很大波動。如果你看一下這個數字，我認為我們現在還可以，但我們會在外匯方面密切監控。但同樣，這不應該對我們在本地市場的營運產生太大影響，因為我們是一個本地市場，而不是依賴跨境貿易。

If you look at the Monee side, the Monee growth has been driven primarily both on the penetration of Shopee through SPL. So we see a higher percentage of SPL penetration on the Shopee side. And also, we're seeing a very good growth on the non-Shopee side, especially on our BCL products. We're seeing a pretty good growth from our BCL products and also for SPL Offline.

如果你看一下 Monee 方面，Monee 的成長主要得益於 Shopee 透過 SPL 的滲透。因此，我們看到 Shopee 方面的 SPL 滲透率更高。此外，我們也看到非 Shopee 方面的成長非常好，尤其是我們的 BCL 產品。我們看到 BCL 產品和 SPL Offline 都取得了相當不錯的成長。

For example, we have been growing our SPL Limit Xtra with cell phones. We're also starting two-wheel financing as well for motorbikes in Indonesia. The offline spending through the national QR code has been growing very well in the past few months as well. If you look at the country mix, all countries are growing well, although we see that some newer countries have a slightly faster growth rate versus bigger countries by nature of the phase of the market.

例如，我們一直在透過手機擴展我們的 SPL Limit Xtra。我們也開始為印尼的摩托車提供兩輪融資。過去幾個月，透過全國二維碼進行的離線消費也成長良好。如果你看一下國家組合，你會發現所有國家都在良好地成長，儘管我們發現，由於市場階段的性質，一些較新的國家比較大的國家增長速度略快。

In terms of the margins, we're seeing a pretty good margin in Q1. Part of that is driven by optimizing some of our sales and marketing during Q1, giving the good momentum and seasonality. There might be some fluctuation over time on the margins, given the country mix might change slightly over time. Also, given that the product mix might shift over time as well, and also given that our target segment might expand over time, and also some of the sales and marketing spending. But overall trend, we should still have a very good margin, and the absolute amount of the EBITDA margin, if you look at long term, should keep growing, although we will expect the percentage, margin percentage, might go down a bit, given the country mix and product mix and expanding of the base.

就利潤率而言，我們看到第一季的利潤率相當不錯。部分原因是我們在第一季優化了部分銷售和行銷，從而帶來了良好的動力和季節性。由於國家組合可能會隨著時間的推移而略有變化，因此邊際可能會隨著時間的推移而出現一些波動。此外，考慮到產品組合可能隨著時間的推移而發生變化，並且我們的目標細分市場可能會隨著時間的推移而擴大，以及部分銷售和行銷支出也可能會發生變化。但總體趨勢是，我們仍然應該擁有非常好的利潤率，如果從長遠來看，EBITDA 利潤率的絕對金額應該會繼續增長，儘管考慮到國家組合和產品組合以及基數的擴大，我們預計百分比、利潤率百分比可能會略有下降。

Thank you.

謝謝。

Piyush Choudhary, HSBC.

匯豐銀行的 Piyush Choudhary。

Yeah, hi. Thanks. Congratulations to the management team on stellar results. Two questions.

是的，你好。謝謝。恭喜管理團隊的優異成績。兩個問題。

Firstly, how are you thinking about incremental capital allocation? It seems in the first quarter, majority of cash flows have been invested into Monee segment to drive credit business. So incrementally, would you use own capital for Monee segment, or would you like to diversify sources of capital in the future?

首先，您如何看待增量資本配置？看來在第一季度，大部分現金流都被投資到了 Monee 部門以推動信貸業務。那麼，您會逐步使用自有資本來支援 Monee 部門嗎？還是您希望在未來實現資本來源多元化？

Second question is on gaming. 1Q booking was very strong. What's the outlook for booking growth in gaming business? Can the current run rate be maintained, or there could be quarterly volatility? I understand your full-year outlook on double-digit growth, but can it be upward of 25% or any kind of range, if you can talk about on the booking growth? Thank you.

第二個問題是關於遊戲的。第一季的預訂量非常強勁。遊戲業務的預訂成長前景如何？目前的運行率能否維持，還是會出現季度波動？我了解您對全年兩位數成長的展望，但能否談談預訂量的成長情況，成長幅度能否達到 25% 或某個範圍？謝謝。

For the first question, yes, for all our three businesses now, it's self-sufficient and constantly generating cash quarter by quarter. We are actively monitoring our cash position and really think through what is the best way in terms of the capital allocation from the shareholder perspective. Actually, this has been constantly the topic, not only for the operations, but only on the Board Meeting and on the Board level.

對於第一個問題，是的，現在我們的三項業務都是自給自足的，並且每個季度都在不斷產生現金。我們正在積極監控我們的現金狀況，並認真思考從股東角度來看資本配置的最佳方式是什麼。實際上，這一直是討論的話題，不僅在營運中，而且在董事會會議和董事會層面。

And specifically, in terms of if we are going to continually using our own money for our loan book growth, we have been very cautious on that. In general, we would prefer to diversify our source of fundings. We would rather, instead of using all our own cash, although it's probably in the short term, from the short-term perspective, it may make more economic sense, but we want to build up a more sustainable and healthy source of funding by collaborating with third-party financial institutions and by exploring different ways of our source of funding. This is including work with other banks in terms of the channeling arrangement and including even we explore some structured product like ABS and some other channels as well. That is what is primarily our focus in terms of the source of funding for diversification.

具體來說，如果我們要繼續使用自己的資金來增加貸款，我們對此非常謹慎。整體而言，我們更傾向於實現資金來源多元化。我們寧願不使用自己的所有現金，儘管從短期角度來看，這可能更具經濟意義，但我們希望透過與第三方金融機構合作並探索不同的融資方式，建立更永續、更健康的資金來源。這包括與其他銀行在通路安排方面的合作，甚至包括我們探索一些結構性產品，如 ABS 和一些其他管道。就多元化資金來源而言，這主要是我們關注的重點。

In terms of the question on Garena, yeah, we have a very, very strong first quarter and we are very excited about that. I think this is an extension of our strong growth momentum starting from a year ago. 2024 has been a very, very strong year for Free Fire and Garena in general, and we are very happy to see entering Q1 this year that growth is even accelerated. I think that is a very, very positive sign that Free Fire itself will continue to be a very, very long-term focus and could be, as we always aspire, build it as an evergreen franchise and platform.

關於 Garena 的問題，是的，我們第一季的表現非常強勁，我們對此感到非常興奮。我認為這是我們自一年前以來強勁成長勢頭的延續。 2024 年對 Free Fire 和 Garena 來說總體來說是非常非常強勁的一年，我們很高興看到今年第一季的成長速度甚至更快。我認為這是一個非常非常積極的信號，表明《Free Fire》本身將繼續成為我們長期關注的焦點，並且可以像我們一直渴望的那樣，將其打造為一個常青的系列和平台。

In terms of the quarterly volatility, yes, I mean, Q1, historically, in most of the years, because of the seasonality, it has usually been a strong month because a lot of holidays end up in this quarter. For example, the Lunar New Year, this is a big holiday across a lot of our markets, and as Chris just mentioned, even for this year, Ramadan has also been in the first quarter, like mainly in the first quarter as well.

就季度波動而言，是的，我的意思是，從歷史上看，在大多數年份中，由於季節性的原因，第一季通常是一個強勁的月份，因為許多假期都在這個季度結束。例如，農曆新年，這是我們許多市場的一個重要節日，正如克里斯剛才提到的，即使是今年，齋戒月也出現在第一季度，主要是在第一季度。

And especially for Q1, the great performance is also contributed a lot by the IP collaboration with Naruto. That is a super successful collaboration. Of course, this gives us a lot of inspiration and it gives us a very, very good best practice, which we should explore more for the IP collaboration along these lines. But this probably will not happen every quarter. So we expect some volatility.

尤其是第一季度，與火影忍者IP的合作也貢獻了很大的業績。這是一次非常成功的合作。當然，這給了我們很多啟發，也為我們提供了非常非常好的最佳實踐，我們應該沿著這些思路更多地探索知識產權合作。但這種情況可能不會每季都發生。因此我們預計會出現一些波動。

But looking from the whole-year perspective, we still remain very, very optimistic and we feel very confident about the growth for Garena for this year. I think at this moment, we are excited by the Q1 results, but I think we also should be cautious and be more focused on the product itself rather than just say, okay, what is the financial number we can deliver. And when we have a better visibility across the year and if we have a better sense of how the year will look like, we'll come back to the market and give a more detailed update on that.

但從全年來看，我們仍然非常樂觀，對 Garena 今年的成長充滿信心。我認為目前我們對第一季的業績感到興奮，但我認為我們也應該謹慎並更加關注產品本身，而不僅僅是說，好吧，我們可以提供多少財務數字。當我們對全年情況有了更好的了解，並且對今年的前景有了更好的了解時，我們就會回到市場並對此提供更詳細的更新。

Thank you very much.

非常感謝。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

Hi. Good evening, management. Congrats on the strong set of results. Thanks for taking my questions. Two questions here.

你好。晚上好，管理層。恭喜您取得如此優異的成績。感謝您回答我的問題。這裡有兩個問題。

First, it seems like Shopee and also your peer in Brazil continue to do -- grew really well this quarter. So can management share with us the main driver for the sustainable fast growth stage in Brazil and how long do you anticipate the fast growth stage to last?

首先，Shopee 和巴西的同業似乎繼續保持良好成長勢頭。那麼管理層能否與我們分享巴西可持續快速成長階段的主要驅動力以及您預計快速成長階段將持續多久？

Second question is on the overall Shopee VAS revenue. So with the subscription membership, given it will be driving higher frequency purchase order, will that actually put a pressure on your VAS revenue growth in the short term? How should we think about overall monetization rate over the next few quarters? Thank you.

第二個問題是關於Shopee VAS整體收入。那麼，鑑於訂閱會員資格將推動更高頻率的購買訂單，這實際上會在短期內對您的增值服務收入成長造成壓力嗎？我們該如何看待未來幾季的整體貨幣化率？謝謝。

On the Brazil question, we do see Brazil has a very good potential for us and for some of our peers as well, as you can see. For Brazil, the key thing that we are growing well is similar to what we shared before. Number one is we have seen a leading pricing advantage in the market. We always focus on to make sure that in our platform the user can get the best pricing and that has been very welcomed by our core mass user groups.

關於巴西問題，如您所見，我們確實看到巴西對我們以及我們的一些同行來說都具有非常好的潛力。對巴西來說，我們發展良好的關鍵因素與我們先前分享的類似。首先，我們看到了市場領先的定價優勢。我們始終專注於確保用戶在我們的平台上能夠獲得最優惠的價格，這受到了我們核心大眾用戶群的熱烈歡迎。

Second one is we have been working a lot on our infrastructure, especially on the SPX Logistics. Not only lowering down the cost, but we also shortened our delivery time quite a lot over the time. For example, if you look at Q1 2025 versus last year, our delivery time has been shortened by two to three days, which is quite meaningful impact to the experience. We also have a same-day delivery in Sao Paulo as well, which helps us to penetrate better in cities.

第二，我們在基礎建設方面投入了大量精力，特別是 SPX 物流。我們不僅降低了成本，而且隨著時間的推移，交貨時間也大大縮短了。例如，如果將 2025 年第一季與去年進行比較，我們的交貨時間縮短了兩到三天，這對體驗產生了相當有意義的影響。我們在聖保羅也提供當日送達服務，這有助於我們更好地滲透到各個城市。

We are also starting fulfillment services for some sellers. We just started, but we are seeing very good feedback from our sellers. And all this essentially helps us to serve our users better with better pricing, with better service on logistics, with the lower shipping cost. I think that's what drives our Brazil growth.

我們也開始為一些賣家提供履行服務。我們才剛開始，但我們看到賣家的回饋非常好。所有這些實際上幫助我們以更優惠的價格、更好的物流服務和更低的運輸成本更好地為用戶服務。我認為這就是推動我們巴西發展的動力。

We will foresee that if we can continue to improve on those aspects, we will still be able to grow the market, given the penetration of e-commerce in Brazil is still relatively low, even compared to our South Asia market. We will try to essentially improve on those as I shared, as far as we can.

我們預見到，如果我們能夠繼續改進這些方面，我們仍然能夠擴大市場，因為與我們的南亞市場相比，巴西的電子商務滲透率仍然相對較低。我們將盡力從根本上改進我所分享的內容。

On the second question, on the VIP memberships, we do see a very good pickup of the VIP memberships. As Forrest shared in the opening, that we're seeing quite a lot of users subscribe to it, 1.5 million or so, as we shared. The purchase frequency is a lot higher, compared to the non-VIP users. We also see better retention for those users in general.

關於第二個問題，關於 VIP 會員資格，我們確實看到 VIP 會員資格有了很好的成長。正如福雷斯特在開場時所說，我們看到相當多的用戶訂閱了它，大約有 150 萬，正如我們所分享的。與非VIP用戶相比，購買頻率高很多。我們也發現這些用戶的整體保留率較高。

I don't think there's a conflict with the VAS revenues per se. I think we see this as probably slightly two different elements. Our VAS revenue contributes a lot from the SLS, SPX, those shipping services, and other types of services. Of course, ads are on our focus as well.

我認為這與增值業務收入本身並不衝突。我認為我們認為這可能只是兩個略有不同的元素。我們的加值服務收入很大程度上來自於SLS、SPX、航運服務以及其他類型的服務。當然，廣告也是我們關注的重點。

If you look at the overall monetization, the commission side of the monetization, we will probably not increase as much as you have seen last year. But there might be still some potential. We will adjust in different markets, based on the feedback from the sellers. We have not seen any negative feedback from the seller yet, in terms of the commission side. We'll monitor very closely, based on seller feedback, and also the pricing of our marketplace, to adjust on the commission side.

如果你看一下整體貨幣化，貨幣化的佣金方面，我們可能不會像去年那樣增加那麼多。但可能仍有一些潛力。我們將根據賣家的回饋，針對不同的市場進行調整。就佣金方面而言，我們尚未看到賣家的任何負面回饋。我們將密切監控，根據賣家的反饋以及我們市場的定價來調整佣金方面。

But on the ad side, as we shared a few times, we still see there are meaningful potential for us to increase the ad take rate, through both optimizing our efficiencies on the ad placement in our marketplace, and also the seller adoptions. To increase seller adoptions, we both make it easier for sellers to invest in our ad, but also make it efficient, the return of investment better for the sellers.

但在廣告方面，正如我們多次分享的那樣，我們仍然看到，透過優化我們市場上的廣告投放效率以及賣家採用率，我們可以顯著提高廣告投放率。為了提高賣家的採用率，我們不僅讓賣家更容易投資我們的廣告，也使其更有效率，為賣家帶來更好的投資回報。

By doing all this, this will help us to increase the ad take rate. If you compare where we are right now, versus the other marketplaces similar to us, we still have meaningful room there. So that will help us, in general, on the monetization side.

透過這樣做，將有助於我們提高廣告接受率。如果將我們現在的狀況與其他與我們類似的市場進行比較，我們仍然有很大的發展空間。總的來說，這將在貨幣化方面對我們有所幫助。

Divya Kothiyal, Morgan Stanley.

迪維亞·科蒂亞爾，摩根士丹利。

Thank you very much. Two questions from me. The first one on E-commerce's competitive landscape. Could you please comment on how you're seeing the competitive landscape in ASEAN and Brazil, and how does that tie into the margin expansion that we're seeing? And specifically on Brazil, if you could comment on the launch of TikTok Shop, and how we are planning to showcase Shopee Live there. What's your initial sense on the likelihood of live streaming becoming big in Brazil, as it did in ASEAN? And what would our strategy be versus TikTok? So that's the first question.

非常感謝。我有兩個問題。第一個是關於電子商務的競爭格局。您能否評論一下您如何看待東協和巴西的競爭格局，以及這與我們所看到的利潤率擴張有何關係？特別是在巴西，您能否評論一下 TikTok Shop 的推出，以及我們計劃如何在那裡展示 Shopee Live。您最初認為直播在巴西像在東協一樣流行的可能性有多大？我們針對 TikTok 的策略是什麼？這是第一個問題。

And my second question is, again, on fintech, specifically in Brazil. Could you give us some sense on how big Brazil is now relative to GMV there? How big is it as part of the loan book? What are the differences in the returns margin profile that you see for Brazil, versus your ASEAN markets? And how differently do we need to manage asset quality there, given these differences? Thanks.

我的第二個問題同樣是關於金融科技，特別是巴西的金融科技。您能否告訴我們巴西目前的商品交易總額 (GMV) 規模如何？作為貸款帳簿的一部分，它有多大？您認為巴西的報酬率與東協市場的報酬率有何不同？考慮到這些差異，我們需要如何以不同的方式管理那裡的資產品質？謝謝。

On the competitive landscape, in general, we're seeing relatively stable competitive landscapes. I mean, there's always fluctuation here and there, but largely, strategically, we didn't see a big movement on that. And I think our margin improvement largely comes from, as I said earlier, better ad take rate, better cost structure, and just better operations from our side. So we probably don't see any big impact from that front in our market, both in ASEAN and Brazil.

從競爭格局來看，整體來看，競爭格局相對穩定。我的意思是，這裡那裡總是存在波動，但從總體上看，從戰略上看，我們並沒有看到有什麼大的變化。我認為我們的利潤率提高很大程度上來自於更好的廣告接受率、更好的成本結構以及我們更好的營運。因此，我們可能不會看到這對我們的東協和巴西市場產生任何重大影響。

I think, as you rightly point out, TikTok launched in Brazil, actually, just a few days ago. We will closely monitor the development. I think the core for us in Brazil is we would like to make sure that we have a good pricing, we have a good infrastructure to deliver lower cost and better experience. And we believe those things, if we do it well, we can continue to grow, as I shared in the last comment.

我認為，正如您正確指出的那樣，TikTok 實際上幾天前才在巴西推出。我們將密切關注事態發展。我認為我們在巴西的核心是確保我們擁有良好的定價和良好的基礎設施，以提供更低的成本和更好的體驗。我們相信，如果我們做得好，我們就能繼續成長，正如我在上一條評論中分享的那樣。

The Shopee Live has been available in Brazil for quite a while, although the ecosystem development of entire Brazil for live streams is still in early stage. Actually, not only us, as you can probably see that, MELI also has live streaming features here and there, and also the other social media platforms also have live streaming features. So it's not completely new to the market, but although the overall development of the live stream ecosystem in the market during the early stage. So we will monitor it quite closely.

Shopee Live 在巴西上線已有一段時間，但整個巴西的直播生態系統發展仍處於早期階段。其實不只是我們，大家應該也看到了，MELI 也有一些直播功能，其他社群媒體平台也都有直播功能。因此，這對市場來說並不是全新的，但儘管市場中的直播生態系統仍處於早期階段，但整體發展仍處於早期階段。因此我們將密切監視它。

If you compare to Asia, the live streaming behavior, as we see right now, is probably not as prominent as we have seen in the Asia market. But again, just like what we did in Asia, if we see that it's a good trend of ecosystem development, we have the capability, we have the experience, we have the technology to capture where we need it.

如果與亞洲相比，我們現在看到的直播行為可能不像在亞洲市場那麼突出。但正如我們在亞洲所做的那樣，如果我們發現生態系統發展是一個良好的趨勢，我們就有能力、有經驗、有技術來捕捉我們需要的東西。

On the fintech side, as you probably know, Brazil is a country we launched much later compared to the Asia market. So we have seen a very good growth on the penetration of SPL on on-Shopee GMVs, although the absolute amount is still much lower than what Asia is, which shows that it's a much larger potential in the coming quarters to grow in Brazil as well.

在金融科技方面，您可能知道，與亞洲市場相比，我們進入巴西市場的時間要晚得多。因此，我們看到 SPL 在 Shopee GMV 上的滲透率出現了非常好的增長，儘管絕對數量仍然遠低於亞洲，這表明未來幾季在巴西的成長潛力也更大。

If you look at the overall margins, if you look at the EBITDA margins, it's somewhere sort of in the middle among our market. It's probably better, higher than some of the markets, but lower than the other markets. So somewhere in the middle. The difference is, in Brazil, the interest rate is, in general, a bit higher. It's a high-interest market, and the higher interests are able to cover slightly higher risks as well in the market, just the nature of the market, rather than anything we did very differently.

如果你看一下整體利潤率，如果你看一下 EBITDA 利潤率，它就處於我們市場中的中間位置。它可能更好，高於某些市場，但低於其他市場。所以處於中間某處。不同之處在於，巴西的利率一般要高一些。這是一個高利率市場，較高的利率能夠涵蓋市場中稍高的風險，這只是市場的本質，而不是我們所做的任何非常不同的事情。

We have been quite well profitable in the market since quite a while ago. It took us quite some effort to figure out how to do risk assessment in Brazil, which is slightly different than Asia, because the data source and the user behavior, et cetera, are slightly different. But I think we find a path, and we have a good grasp on the risk of the market. We also integrated a lot more data over the last few quarters, and we'll continue to integrate more data in the coming quarters, leveraging on the open finance framework that the Brazilian Central Bank has set up, which we think that we can leverage a lot on. So in general, Brazil, we believe that it's a good market for us, and there is quite a good potential for us in the coming months and years.

長期以來，我們在市場上一直保持著相當不錯的獲利能力。我們花了相當多的精力才弄清楚如何在巴西進行風險評估，這與亞洲略有不同，因為數據來源和用戶行為等略有不同。但我認為我們找到了一條道路，並且我們很好地掌握了市場的風險。在過去的幾個季度中，我們也整合了更多的數據，我們將在未來幾季繼續整合更多的數據，利用巴西中央銀行建立的開放金融框架，我們認為我們可以從中獲益匪淺。所以總的來說，我們認為巴西對我們來說是一個很好的市場，並且在未來幾個月和幾年裡我們有相當大的潛力。

Thank you.

謝謝。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

Thank you so much for taking my questions. Congrats on the very strong results.

非常感謝您回答我的問題。恭喜您取得如此優異的成績。

My first question is on your Shopee EBITDA margin as a percentage of GMV. You have made a lot of progress, very impressive progress, last couple of quarters. Now, it's a bit over 0.9%. I think you have said before your long-term target is 2% to 3%. I was hoping you can comment on the timing to achieve that target. And that target, it's a bit lower than some of your peers in other parts of the world. Do you think there could be other potential upside to that target?

我的第一個問題是關於您的 Shopee EBITDA 利潤率佔 GMV 的百分比。過去幾個季度，你們取得了很大的進步，非常令人印象深刻的進步。現在，這一比例略高於 0.9%。我想您之前說過，您的長期目標是 2% 到 3%。我希望您能評論一下實現該目標的時間。這個目標比世界其他地區的一些同行要低一些。您認為該目標還可能存在其他潛在的優勢嗎？

A second question is on your spending. The take rate for VAS came down a little bit sequentially. Was that because of the shipping subsidies? Have you made a sort of decision tweaking in how you spend your money, sales marketing vis-a-vis shipping subsidies? Is that sort of seasonal in Q1, or is that sort of a strategic decision you made for this year or in the foreseeable future? Thank you so much.

第二個問題是關於您的支出。增值服務的收費率較上季略有下降。這是因為運輸補貼嗎？您是否對資金使用方式、銷售行銷與運輸補貼做出了某種決策調整？這是第一季的季節性變化嗎？還是您為今年或可預見的未來所做的策略決策？太感謝了。

Yeah. I think on the EBITDA margin, as we shared before, I think the 2% to 3%, we think that's a meaningful range we can look at. Although, if the market is right and if the growth is well, it could be better than that. And I think we're not constrained by the range that we shared. I guess that's what I'm trying to say.

是的。我認為，就 EBITDA 利潤率而言，正如我們之前所分享的，我認為 2% 到 3% 是一個值得關注的有意義的範圍。不過，如果市場狀況良好且成長良好，情況可能會更好。我認為我們不會受到共享範圍的限制。我想這就是我想說的話。

As you rightly pointed out, there are global peers have a higher range, and I think that's a good aspiration for us to look at. And it's something that we'll evaluate as time goes, depending on how the competitive landscape is and how the market growth is fundamentally, and also how the buyer and seller responds to what we do.

正如您正確指出的那樣，全球同行的範圍更高，我認為這對我們來說是一個很好的願望。我們會隨著時間的推移對此進行評估，這取決於競爭格局如何、市場成長的基本情況，以及買家和賣家對我們所做的事情的反應。

At this point in time, we still see there's a lot of growth potential in our market. The penetration of e-commerce is still low, and we still see more than 20% growth in the market last year. And we are sharing that we will have 20% growth this year as well. So we don't want to take the last stand of the market at this stage. Growth is more important to make sure that we can penetrate the market.

目前，我們仍然看到我們的市場具有很大的成長潛力。電子商務的滲透率仍然較低，去年我們仍然看到市場有20%以上的成長。我們也表示，今年我們的成長也將達到 20%。因此，我們不想在這個階段承擔市場的最後責任。成長更為重要，以確保我們能夠打入市場。

On the spending side, the take rate, as you can see on the revenue side, is more driven by the GAAP accounting, as you probably guessed it. If you look at our absolute take rate in the GAAP terms, it will subtract out the subsidy that we give out. And it's true that in Q1, we have more shipping subsidies that cancel out the number a bit more. So if you take that out, our take rate should be increasing rather than decreasing.

在支出方面，正如您在收入方面所看到的，利潤率更多地受到 GAAP 會計的影響，您可能已經猜到了。如果你按照 GAAP 條款查看我們的絕對收取率，它會減去我們發放的補助金。確實，在第一季度，我們有更多的運輸補貼，這抵消了一點數字。因此，如果將其取出，我們的提取率應該會增加而不是減少。

We do see shipping subsidies as a good way of driving the user growth, and part of that is because we do have a cost advantage on our SPX side. We dynamically adjust on how we deploy different types of subsidies, either it's shipping or it's other forms. And it's a more dynamic process, and we do this test every day, every week, based on the response of the market. We'll adjust for it. So directionally, we do believe that shipping subsidy is useful and effective, as we're showing in Q1. But it's not something we set on stone, and we will measure this based on the testing results, and we do it very dynamically when we operate the businesses.

我們確實認為運輸補貼是推動用戶成長的好方法，部分原因是我們在 SPX 方面確實具有成本優勢。我們會動態調整如何部署不同類型的補貼，無論是運輸補貼或其他形式補貼。這是一個更動態的過程，我們根據市場反應，每天、每週進行此測試。我們會進行調整。因此從方向上看，我們確實相信航運補貼是有用且有效的，正如我們在第一季所展示的那樣。但這不是我們一成不變的事情，我們會根據測試結果來衡量，並且在營運業務時我們會非常動態地進行衡量。

John Choi, Daiwa.

大和的約翰崔 (John Choi)。

Thanks for taking my question, and congratulations on a strong set of results. I've got two questions.

感謝您回答我的問題，並祝賀您取得了一系列令人鼓舞的成果。我有兩個問題。

First of all, on Monee your new fintech business, I think we're talking about driving off Shopee growth. Can you comment on what kind of investments are required here, given that there will be much more investments compared to your previous Shopee platform, and how this will impact our current EBITDA margin going forward? That's my first question.

首先，關於你們的新金融科技業務 Monee，我認為我們正在討論如何推動 Shopee 的成長。鑑於與您之前的 Shopee 平台相比，這裡需要進行更多的投資，您能否評論一下這裡需要什麼樣的投資，以及這將如何影響我們未來的 EBITDA 利潤率？這是我的第一個問題。

The second question is related to the AI investments, and also how are you deploying this AI. What kind of investments have you been doing, and what's the plan, and how is this helping our business efficiently at the current stage, and how do you expect this to improve our business down the road? Thank you.

第二個問題與人工智慧投資有關，以及您如何部署這種人工智慧。您一直在進行什麼樣的投資？計劃是什麼？這在當前階段如何有效地幫助我們的業務？您預計這將如何改善我們的未來業務？謝謝。

If you look at the off-Shopee growth, there are a few types. I think the first type is the cash loans. Second type is the SPayLater Offline, out-of-Shopee platform. If you look at the cash loan side, cash loans are actually very profitable businesses. The return of assets is probably even better than the SPayLater on Shopee. We've been growing this quite well in the past. We don't think that we need a particular investment to grow this that can impact the margins for this part.

如果你看一下 Shopee 以外的成長，你會發現有幾種類型。我認為第一類是現金貸款。第二種是SPayLater線下，Shopee平台外的。如果你從現金貸款來看，現金貸款其實是非常有利可圖的業務。資產回饋可能比Shopee上的SPayLater還要好。我們過去在這方面發展得相當好。我們認為，我們不需要進行任何特殊的投資來實現這一成長，因為這會影響該部分的利潤率。

For the SPayLater off-Shopee, for example, the scanning national QR code, or specific type of categories for cell phones or for motorcycles, the investment is very much on the teams that we have to build to deploy these services. We have been running this business in a very prudent approach. We have been trying to make sure that for all the services that we roll out, in general, we have a positive return rather than require a big investment up front.

例如，對於 Shopee 以外的 SPayLater，掃描國家二維碼，或針對手機或摩托車的特定類別，投資主要集中在我們必須建立的部署這些服務的團隊上。我們一直以非常謹慎的方式經營這項業務。我們一直在努力確保我們推出的所有服務總體上都能獲得正回報，而不是需要預先進行大量投資。

Given the nature of our businesses, the way we run this is rather than you launch a new product and you try to do a big marketing, you try to attract a lot of new customers for that particular product, we first always leverage on our existing user base, especially the user base that has been built through our SPayLater. We target the new product to the existing user base, which will help us to save on the marketing cost and also help us to manage the risk very well for any new product we launch, even for this off-Shopee product. By doing all those, typically, we will have a positive return when we add a new product to our assortment.

鑑於我們業務的性質，我們經營的方式不是推出新產品然後嘗試進行大規模行銷，而是嘗試為特定產品吸引大量新客戶，我們首先總是利用我們現有的用戶群，特別是透過我們的 SPayLater 建立的用戶群。我們將新產品定位於現有用戶群，這將幫助我們節省行銷成本，同時也幫助我們很好地管理推出的任何新產品的風險，即使是這種非 Shopee 產品。透過做到這些，通常當我們在產品系列中添加新產品時，我們將獲得正回報。

The impact of EBITDA is less from the upfront investment, but more from, as I shared earlier, as time goes, there will be a country mix. A certain country has a higher profit margin than others, and also when we expand to different segments, and this can be across all different products, it doesn't matter if it's on-Shopee or off-Shopee. For certain off-Shopee products, it might have a slightly lower margin by nature.

EBITDA 的影響較少來自於前期投資，更多的來自於，正如我之前分享的，隨著時間的推移，會出現國家組合。某個國家的利潤率比其他國家高，而且當我們擴展到不同的細分市場時，這可以涉及所有不同的產品，無論是在 Shopee 上還是在 Shopee 之外都沒關係。對於某些非 Shopee 產品，其利潤率可能本質上會略低一些。

For example, if you look at the big-ticket items, like we talked about, the motor loans, typically will have a slightly lower margin versus the small-ticket loans, if you look at a pure percentage of outstanding basis. But still, if you look at absolute terms, it will still bring us positive EBITDA as absolute terms, so it will be a good product to have if you think about the absolute returns.

例如，如果你看一下大件商品，就像我們所討論的那樣，如果按照未償還基礎的純百分比來計算，汽車貸款的利潤率通常會比小件貸款的利潤率略低。但是，如果從絕對值來看，它仍然會為我們帶來正的 EBITDA，所以如果考慮絕對回報，它將是一個不錯的產品。

For the AI investment, we believe that AI will make a big change to our industry, both from a consumer-facing side and also from our internal productivity improvement. I think we shared a little bit on this last time. As an example, one of the big improvements that we did is our search recommendations and our ads. So we're deploying an AI solution to help us to target our users a lot more efficiently when users search on us, and when people come to our app, so we can recommend more accurate products to them, and also help us to have better efficiency on the ad product. That's why we can improve the ad take rate over time.

對於人工智慧的投資，我們相信人工智慧將為我們的產業帶來巨大的改變，無論是從面向消費者的角度，還是從我們內部生產力的提高。我想我們上次已經就此進行了一點交流。舉例來說，我們所做的一項重大改進就是我們的搜尋推薦和廣告。因此，我們正在部署一種人工智慧解決方案，以幫助我們在用戶搜尋我們時以及當人們訪問我們的應用程式時更有效地定位我們的用戶，以便我們能夠向他們推薦更準確的產品，同時也幫助我們提高廣告產品的效率。這就是為什麼我們可以隨著時間的推移提高廣告接受率。

Another example is the AIGC production that we can help our seller to create for their product descriptions. We have been increasing the video coverage for our product description a lot over time, and part of that is driven by we are enabling the seller to create videos based on the images or based on some of the descriptions.

另一個例子是我們可以幫助賣家建立 AIGC 產品描述。隨著時間的推移，我們一直在大幅增加產品描述的影片覆蓋範圍，部分原因是我們允許賣家根據圖像或某些描述製作影片。

Typically, for this investment, we always have a very clear ROI measurement. For any of the investments I shared before, we are spending our AI resources on better our ads. We're spending our AI resources on better the product descriptions. We measure the return of investment through our click-through rate, measure our investment through our conversion rate. And most of our investments so far, anything in meaningful size, has been positive return for any investment with the AI resources.

通常，對於這種投資，我們總是有一個非常明確的投資報酬率衡量標準。對於我之前分享的任何投資，我們都在利用 AI 資源來改善我們的廣告。我們正在投入人工智慧資源來改善產品描述。我們透過點擊率來衡量投資回報，透過轉換率來衡量投資。到目前為止，我們的大部分投資，無論規模大小，對於任何利用人工智慧資源的投資都獲得了正回報。

Besides those consumer-facing, we are also investing quite a lot on improving our internal productivity. For example, we're using AI to help our internal listing team to filter the product in our marketplace a lot more efficiently, so we can discover the counterfeit, the fraud, et cetera, in a lot cheaper way. And again, for all those things we measure based on ROI as well for our AI investment versus the savings that we have, typically bring a positive return. And we still see there's a lot of applications that we can do on both fronts. But again, we do this in a very prudent way.

除了面向消費者之外，我們還在提高內部生產力方面投入了大量資金。例如，我們正在使用人工智慧來幫助我們的內部上市團隊更有效地篩選我們市場中的產品，這樣我們就可以以更便宜的方式發現假冒產品、詐騙產品等。再次強調，對於所有這些我們根據投資報酬率來衡量的事情，以及我們的人工智慧投資與我們所擁有的儲蓄相比，通常會帶來正回報。我們仍然看到我們可以在這兩個方面做很多應用。但我們再次以非常謹慎的方式做到這一點。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back to Mr. Elson Choi for any closing remarks.

謝謝。我們的問答環節到此結束。現在我想請 Elson Choi 先生致閉幕詞。

Thank you all for joining today's call. We look forward to speaking to all of you again next quarter.

感謝大家參加今天的電話會議。我們期待下個季度再次與大家交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。