Sea Ltd (SE) 2025 Q3 法說會逐字稿

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

各位早安/晚上好，歡迎參加 Sea Limited 2025 年第三季業績電話會議。（操作員說明）最後，我想告知所有參與者，本次通話正在錄音。謝謝。

I would now like to welcome Ms. Rebecca Lee to begin the conference. Please go ahead.

現在我謹代表會議開幕式，歡迎麗貝卡·李女士致詞。請繼續。

Thank you. Hello, everyone, and welcome to Sea's 2025 third-quarter earnings conference call. I am Rebecca from Sea's Investor Relations team. 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. Also, this call includes the discussion of certain non-GAAP financial measures such as adjusted EBITDA.

謝謝。大家好，歡迎參加Sea公司2025年第三季財報電話會議。我是來自Sea公司投資者關係團隊的Rebecca。在本次電話會議中，我們可能會發表一些前瞻性聲明，這些聲明本身存在風險和不確定性，並且由於我們在新聞稿中所述的各種原因，這些聲明未來可能無法實現。此外，本次電話會議也將討論一些非GAAP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. For a discussion of the use of non-GAAP financial measures and reconciliation with the closest GAAP measures, please refer to the section on non-GAAP financial measures in our press release.

我們相信，這些措施可以作為我們 GAAP 揭露的補充，從而增強投資者對我們主要業務實際現金流的了解。有關非公認會計準則財務指標的使用以及與最接近的公認會計準則指標的調節的討論，請參閱我們新聞稿中關於非公認會計準則財務指標的部分。

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 our strategy and business updates, operating highlights, and financial performance for the third quarter of 2025. This will be followed by a Q&A session in which we welcome any questions you have.

我身邊有Sea的董事長兼執行長李福瑞、總裁馮克森和財務長侯東尼。我們的管理層將分享我們 2025 年第三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，歡迎大家提出任何問題。

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

那麼，我把電話交給福雷斯特吧。

Hello, everyone, and thank you for joining today's call. After a very strong first half of the year, our momentum has continued into the third quarter. We achieved a total revenue of $6 billion and an adjusted EBITDA of $874 million, representing 38% and a 68% year-on-year growth, respectively.

大家好，感謝各位參加今天的電話會議。經過上半年的強勁成長，我們的成長動能延續到了第三季。我們實現了60億美元的總營收和8.74億美元的調整後EBITDA，分別較去年同期成長38%和68%。

Shopee's GMV grew by over 28% year on year. Monee's loan book expanded 70% year on year while maintaining a stable risk profile. And Garena delivered its best quarter since 2021, with quarterly bookings up over 50% year on year.

Shopee的商品交易總額較去年同期成長超過28%。Monee的貸款組合年增70%，同時維持了穩定的風險狀況。Garena 取得了自 2021 年以來最好的季度業績，季度預訂量同比增長超過 50%。

Our focus remains the same, continuing to deliver high and profitable growth across all three of our businesses. With e-commerce and digital finance penetration in our markets still low but increasing, strong growth lays the best foundation to maximize our long-term profitability. I'm very pleased with the profitable growth we have consistently delivered and we will keep on this path.

我們的目標始終不變，即繼續在我們所有三個業務領域實現高成長和獲利成長。雖然電子商務和數位金融在我們市場的滲透率仍然較低，但正在不斷提高，強勁的成長為我們實現長期獲利能力最大化奠定了最佳基礎。我對我們持續實現的獲利成長感到非常滿意，我們將繼續沿著這條道路走下去。

With that, let me take you through each business performance. Starting with e-commerce, Shopee delivered another record-setting quarter, achieving new highs in quarterly GMV, gross order volume, and revenue. We have now achieved five consecutive quarters of sequential GMV growth, driven by more active buyers and a higher purchase frequency, and we have improved our year-on-year profitability across Asia and Brazil.

接下來，我將帶您了解各項業務表現。從電子商務來看，Shopee 又創下了一個季度的紀錄，季度 GMV、總訂單量和營收都創下新高。在更活躍的買家和更高的購買頻率的推動下，我們已連續五個季度實現GMV增長，並且在亞洲和巴西的年度盈利能力均有所提高。

Our monetization continued its upward trend into the third quarter. Take rates increased both year on year and quarter on quarter. Ads were a big contributor. Our efforts to make ad services both simpler and smarter drove broader adoption and higher ad spend by our sellers. Ads revenue increased over 70% and ad take rate rose by more than 80 basis points year on year. The number of sellers using our ad products increased by more than 25%, and their average ad spend increased by over 40% year on year.

我們的獲利能力在第三季持續保持上升趨勢。成交率年比和季後均有所成長。廣告是主要貢獻者之一。我們致力於讓廣告服務更簡單、更智能，從而推動了賣家更廣泛地採用該服務並提高廣告支出。廣告收入較去年同期成長超過 70%，廣告轉換率較去年同期成長超過 80 個基點。使用我們廣告產品的賣家數量年增超過 25%，他們的平均廣告支出較去年同期成長超過 40%。

Our monetization gains: strong growth momentum and healthy balance sheet have positioned us well to capture even more growth opportunities. Our three operational priorities: enhancing price competitiveness, improving service quality, and strengthening our content ecosystem have proven to be a winning formula, and they remain consistent.

我們的獲利能力：強勁的成長動能和健康的資產負債表，使我們能夠更好地掌握更多的成長機會。我們的三大營運重點：提高價格競爭力、提升服務品質、強化內容生態系統，已被證明是成功的秘訣，並且始終如一。

Within these priorities, let me highlight some of the areas we have been investing into that we believe are critical for our long-term competitiveness and profitability. First, we continue to improve our logistics capability, a highly strategic competitive moat that has differentiated us from our peers. We launched SPX Express in 2018 when we recognized that reliable and cost-effective delivery was the most urgent logistics demand in our markets due to wide differences in geography and infrastructure.

在這些優先事項中，我想重點介紹我們正在投資的一些領域，我們認為這些領域對我們的長期競爭力和獲利能力至關重要。首先，我們不斷提升物流能力，這是我們與同業之間形成的高度策略性競爭優勢。2018 年，我們意識到由於地理和基礎設施的巨大差異，可靠且經濟高效的配送是我們市場中最迫切的物流需求，因此我們推出了 SPX Express。

Over the years, we have learned how to deliver packages by truck, plane, boat, motorbike, and more. We deliver well in dense, congested, and high-rise cities. We also deliver well in rural areas where we need to cross rivers, navigate rice fields, and locate homes without formal addresses or postal codes. This experience has given us a very deep understanding of every region in our markets.

多年來，我們已經學會如何透過卡車、飛機、船、摩托車等方式運送包裹。我們在人口密集、交通擁擠、高樓林立的城市中也能提供良好的服務。我們在鄉村地區也能很好地完成任務，在那裡我們需要渡河、穿過稻田，並找到沒有正式地址或郵遞區號的房子。這次經驗讓我們對市場中的每個地區都有了非常深刻的了解。

Our delivery capability has now developed to the point where we can identify and deploy service quality improvements addressing specific user needs in different markets. This helps us to serve more users better while improving our operational efficiency even further.

我們的交付能力現在已經發展到可以識別並部署服務品質改進措施，以滿足不同市場中特定用戶的需求。這有助於我們更好地服務更多用戶，同時進一步提高營運效率。

For example, in Indonesia, we saw growing demand from urban buyers for very fast deliveries and a willingness to pay a premium for it. So we rolled out same-day and instant delivery, with delivery times as fast as under two hours. The response was excellent. Orders using these faster options in the Greater Jakarta area increased by more than 35% year on year in the third quarter.

例如，在印度尼西亞，我們看到城市買家對快速送貨的需求不斷增長，並且願意為此支付溢價。因此，我們推出了當日送達和即時送達服務，最快送達時間不到兩小時。反響非常好。第三季度，大雅加達地區使用這些更快捷方式的訂單量年增超過 35%。

But for rural regions, we saw a preference for economical delivery, so we came up with a delivery solution that reduced the cost per order by 20% compared to our standard delivery, allowing rural buyers to enjoy free shipping with much lower minimum spend. This boosted Shopee's popularity among rural buyers. Orders delivered outside Java increased by more than 45% year on year in the third quarter.

但對於農村地區，我們發現消費者更傾向於經濟實惠的配送方式，因此我們推出了一種配送解決方案，與標準配送相比，每筆訂單的成本降低了 20%，使農村買家能夠在最低消費額更低的情況下享受免費送貨服務。這提升了Shopee在鄉村買家中的受歡迎程度。第三季度，發往爪哇島以外地區的訂單年增超過 45%。

In Taiwan, we noticed a very different customer demand. Many buyers preferred self-pickup options, so we expanded our automated locker store network to over 2,500 locations in less than 3 years, making us the only e-commerce player in Taiwan with a locker network at such scale. Today, it is a key logistics channel, accounting for more than 70% of all our deliveries in Taiwan.

在台灣，我們注意到顧客的需求截然不同。許多買家更喜歡自提，因此我們在不到 3 年的時間內將自動儲物櫃商店網路擴展到 2500 多個地點，使我們成為台灣唯一一家擁有如此大規模儲物櫃網路的電子商務公司。如今，它已成為重要的物流管道，占我們在台灣所有出貨量的 70% 以上。

This move has paid off in more than one way. The lockers run at over 30% lower cost per order than traditional pickup location. On top of that, the locker locations double up as last-mile hubs for home delivery at a lower cost compared to traditional last-mile models. In other words, we are making our buyers happier while reducing our costs.

這項舉措在多個方面都取得了成功。與傳統取貨點相比，自助取貨櫃的每筆訂單成本降低 30% 以上。此外，這些儲物櫃位置還可以兼作最後一公里配送中心，以比傳統最後一公里配送模式更低的成本實現送貨上門。換句話說，我們既提高了買家的滿意度，也降低了成本。

In the third quarter, our GMV in Taiwan showed double-digit growth year on year and we still see a lot of room to deepen our penetration further in this highly attractive market. Today, we have built SPX Express into a clear leader in scale coverage and cost in our Asia markets. Our deep local insights have enabled us to customize ground strategies to create the most efficient and effective solution in every market, reinforcing our cost advantage. Our logistics capability underpins the strong growth we have seen from Shopee this year, playing a big role in making us the platform of choice for both buyers and the sellers.

第三季度，我們在台灣的GMV年增兩位數，我們仍然看到在這個極具吸引力的市場中有很大的空間進一步深化滲透。如今，我們已將 SPX Express 打造成亞洲市場規模覆蓋範圍和成本的絕對領導者。我們對當地的深刻了解使我們能夠客製化地面策略，從而在每個市場創造最有效率和最有效的解決方案，並鞏固我們的成本優勢。今年 Shopee 的強勁成長離不開我們強大的物流能力，這在很大程度上使我們成為買家和賣家的首選平台。

With our delivery capability well scaled, our next goal to further deepen our logistics competitive moat is to enhance our fulfillment capability. This addresses a more upstream need for our sellers, ensuring fast accurate order handling in addition to speedy and reliable delivery. We aim to make fulfillment a second core pillar of our overall logistics capability, another way for us to strengthen our reputation among buyers and sellers and ensure high levels of customer satisfaction, just as we did with delivery.

隨著我們配送能力的規模化發展，我們下一個目標是進一步加深物流競爭優勢，也就是提升我們的履約能力。這滿足了我們賣家更上游的需求，確保快速且準確的訂單處理，以及快速可靠的交付。我們的目標是使訂單履行成為我們整體物流能力的第二個核心支柱，這是我們加強在買家和賣家中聲譽並確保客戶高度滿意的另一種方式，就像我們在配送方面所做的那樣。

These efforts are already underway. In previous calls, I have shared updates on initiatives such as intelligent demand forecasting, where we pre-ship commonly ordered products closer to where we anticipate buyer demand will be. This helps us reduce buyer waiting time and fulfill orders more cost efficiently.

這些工作已經在進行中。在先前的電話會議中，我分享了智慧需求預測等措施的最新進展，即提前將常用訂購產品運送到我們預計買家需求將達到的地區附近。這有助於我們減少買家的等待時間，並更有經濟地完成訂單。

For instance, in Indonesia, if we wait until an order comes in from a remote island before shipping the item out from Java, we must rely on more expensive forms of transport such as airplanes to get there quickly. But we have already anticipated this demand. We can use cheaper forms of transport to pre-ship it to the area, letting us deliver it quickly and cost effectively once the order is placed.

例如，在印度尼西亞，如果我們等到收到來自偏遠島嶼的訂單後才從爪哇島發貨，我們就必須依靠更昂貴的運輸方式（例如飛機）才能快速到達目的地。但我們已經預料到了這種需求。我們可以使用更便宜的運輸方式提前將貨物運送到該地區，這樣一旦下單，我們就可以快速、經濟高效地進行配送。

We have made further headway in fulfillment by starting to offer warehouse solutions in some of our markets. Offering fulfillment services benefits everyone. It takes the burden of packaging and shipment off sellers. It gives buyers more consistent service, and it allows Shopee to better optimize end-to-end logistics while serving more buyers and sellers.

我們在履行方面取得了進一步進展，開始在部分市場提供倉儲解決方案。提供物流服務對每個人都有好處。它減輕了賣家的包裝和運輸負擔。它為買家提供更穩定的服務，並讓 Shopee 更能優化端到端物流，同時服務更多買家和賣家。

We are investing in this capability in a capital-efficient way; for instance, by mostly leasing rather than buying land and warehouses. The most intense investment comes not in the form of money, but in time and effort. It would be very difficult to build a fulfillment capability without a deep understanding of logistics needs in our markets and a tightly integrated delivery network to pair it with. After seven years of experience with SPX Express, we have both.

我們正以資本效率高的方式投資於這項能力；例如，主要透過租賃而不是購買土地和倉庫來實現。最密集的投入不是金錢，而是時間和精力。如果沒有對我們市場物流需求的深刻了解，以及與之配套的緊密整合的配送網絡，就很難建立起完善的物流服務能力。經過七年與 SPX Express 的合作經驗，我們兩者兼具。

Second, we continue to find new and exciting ways to deepen user engagement. Our subscription-based Shopee VIP membership program is a great example and has continued to gain strong traction. By the end of September, VIP members across Indonesia, Thailand, Vietnam surpassed 3.5 million, up more than 75% from the previous quarter.

其次，我們不斷尋找新的、令人興奮的方式來加深用戶參與度。我們基於訂閱的 Shopee VIP 會員計劃就是一個很好的例子，並且持續獲得強勁的成長動能。截至9月底，印尼、泰國、越南的VIP會員人數超過350萬，較上一季成長超過75%。

Given the price sensitivity of many customers in our markets, the success of our VIP program shows the high value we are delivering to our customers. VIP members are demonstrating higher engagement. In Indonesia, these members spent around 40% more after subscribing to the program. Shopee VIP members also bought three times more frequently and spent five times more than non-subscribers in the third quarter, accounting for about 10% of total GMV in Indonesia.

鑑於我們市場上的許多客戶對價格非常敏感，我們的 VIP 計劃的成功表明我們為客戶提供了很高的價值。VIP會員的參與度更高。在印度尼西亞，這些會員在訂閱該計劃後消費增加了約 40%。Shopee VIP 會員在第三季的購買頻率是一般會員的三倍，消費金額是一般會員的五倍，約佔印尼總 GMV 的 10%。

We have also deepened user engagement by enhancing Shopee's content ecosystem. Our partnership with YouTube continues to gain strong traction. In the third quarter, Shopee orders driven by YouTube content across our Southeast Asian market grew by more than 30% quarter on quarter. With these strong results, we are now extending this partnership to Brazil.

我們也透過增強 Shopee 的內容生態系統，加深了用戶參與度。我們與 YouTube 的合作關係持續取得強勁進展。第三季度，Shopee 在東南亞市場受 YouTube 內容驅動的訂單量較上季成長超過 30%。憑藉這些強勁的成果，我們現在將這種合作關係擴展到巴西。

Late last month, we also announced a collaboration with Meta to launch new tools allowing seamless product promotion and check out between Facebook and Shopee accounts. We are excited to see how this partnership will enrich our buyer community further.

上個月底，我們也宣布與 Meta 合作推出新工具，實現 Facebook 和 Shopee 帳戶之間的無縫產品推廣和結帳。我們非常期待此次合作將如何進一步豐富我們的買家群體。

Third, we are committed to embracing AI as a powerful way to improve the whole consumer retail experience. Our AI efforts have already begun to bear fruit, contributing meaningfully to our monetization gains in the third quarter. Smarter search, better recommendation, and a more personalized content have made Shopee easier and more enjoyable to shop on. We have also used AI to enhance product discovery beyond search, helping buyers find relevant and interesting items even when they arrive without a specific purchase in mind.

第三，我們致力於將人工智慧作為改善整個消費者零售體驗的強大手段。我們的人工智慧努力已經開始取得成效，為我們第三季的獲利成長做出了顯著貢獻。更聰明的搜尋、更好的推薦和更個人化的內容，讓在 Shopee 購物變得更輕鬆愉快。我們也利用人工智慧來增強搜尋以外的產品發現功能，幫助買家找到相關且有趣的商品，即使他們沒有特定的購買目標。

We empowered sellers with AI tools, enabling them to generate images, videos, text descriptions, and virtual showrooms to make their product listings more appealing. These initiatives have increased buyer engagement, improving our purchase conversion rate by 10% year on year in the third quarter.

我們利用人工智慧工具賦能賣家，使他們能夠產生圖像、影片、文字描述和虛擬展廳，從而使他們的產品清單更具吸引力。這些舉措提高了買家的參與度，使我們第三季的購買轉換率年增了 10%。

Taken together, all these efforts have resonated with our customers. Buyer purchase frequency across our markets continued to improve, going up a further 12% year on year in the third quarter. Average monthly active buyers also increased 15% year on year in the third quarter. And Shopee remains consistently regarded as the e-commerce platform, offering the most price-competitive products in both our Asian markets and Brazil based on Qualtrics surveys.

總而言之，這些努力都引起了客戶的共鳴。我們各市場的買家購買頻率持續提高，第三季年增 12%。第三季平均每月活躍買家數量也較去年同期增加了 15%。根據 Qualtrics 的調查，Shopee 一直被認為是電子商務平台，在亞洲市場和巴西市場提供最具價格競爭力的產品。

I would also like to highlight our progress in Brazil, where Shopee continued to deliver exceptional growth while maintaining positive adjusted EBITDA. Our GMV growth there has been outpacing the market, driven by sustained increases in monthly active buyers, purchase frequency, and average basket sizes over the past several quarters. Our wide product assortment, highly competitive pricing, and structural cost leadership are enabling us to scale rapidly and profitably.

我還想重點介紹我們在巴西的進展，Shopee 在巴西繼續保持了卓越的成長，同時維持了正的調整後 EBITDA。過去幾個季度以來，由於每月活躍買家數量、購買頻率和平均購物籃金額的持續增長，我們在該地區的 GMV 增長速度超過了市場平均水平。我們豐富的產品種類、極具競爭力的價格以及結構性的成本領先優勢，使我們能夠快速且獲利地擴大規模。

Our continuous improvements in delivery speed and reliability have enabled us to expand into more upmarket product categories. Delivery speed improved sequentially in the third quarter with average delivery time improving by about two days compared to a year ago. In the Greater São Paulo area, one in three parcels were delivered the next day and nearly half within two days.

我們在配送速度和可靠性方面的不斷改進，使我們能夠拓展到更高端的產品類別。第三季配送速度較上季提升，平均配送時間比去年同期縮短了約兩天。在大聖保羅地區，三分之一的包裹在第二天送達，近一半在兩天內送達​​。

With these improvements, we are seeing more merchants listing higher-value products and the new buyer cohorts showing higher spending patterns. In the third quarter, GMV for ShopeeMall, our premium shopping section more than doubled year on year in Brazil.

隨著這些改進，我們看到越來越多的商家上架更高價值的產品，新的買家群體也表現出更高的消費模式。第三季度，ShopeeMall（我們的高階購物部門）在巴西的GMV年增率超過一倍。

In conclusion, Shopee has delivered another quarter of strong and profitable growth. With our strong performance year to date, we now expect Shopee full-year 2025 GMV growth to be more than 25%.

總之，Shopee 又一個季度實現了強勁且盈利的成長。憑藉今年迄今的強勁業績，我們現在預計 Shopee 2025 年全年 GMV 成長率將超過 25%。

Next, moving to digital financial services, Monee has delivered another very strong quarter with revenue growing by 61% and adjusted EBITDA growing more than 35% year on year, while our 90-day NPL ratio remained stable at 1.1%. This strong growth was broad-based driven by both user growth and product expansion across multiple markets.

接下來，我們來看看數位金融服務。 Monee 又迎來了一個非常強勁的季度，收入增長了 61%，調整後的 EBITDA 同比增長超過 35%，而我們的 90 天不良貸款率保持穩定在 1.1%。這一強勁成長是廣泛實現的，其驅動力既來自用戶成長，也來自產品在多個市場的擴張。

Our loan book expanded by around $1 billion during the quarter to reach $7.9 billion at the end of September, solidifying our position as one of the largest unsecured consumer lenders in Southeast Asia. Thailand has reached another major milestone surpassing $2 billion in loans outstanding at the end of September. In Brazil, our loan book more than tripled year on year in the third quarter with improving portfolio quality and a stronger user performance.

本季我們的貸款總額增加了約 10 億美元，截至 9 月底達到 79 億美元，鞏固了我們作為東南亞最大的無擔保消費貸款機構之一的地位。截至9月底，泰國未償貸款總額突破20億美元，達到另一個重要里程碑。在巴西，由於投資組合品質提高和用戶表現增強，我們的貸款組合在第三季度同比增長超過三倍。

Our significant credit history with a very large base of users across many markets allows us to roll out products more widely while maintaining the health of our portfolio. We used to take a whitelist approach to onboarding new users. Now, any Shopee user in most of our markets can apply for SPayLater credit, and we can make credit approval decisions very quickly, in many cases, almost instantly.

我們在多個市場擁有龐大的用戶群體和良好的信用記錄，這使我們能夠在保持產品組合健康的同時，更廣泛地推出產品。我們過去採用白名單的方式來接納新用戶。現在，我們大多數市場的任何 Shopee 用戶都可以申請 SPayLater 信用額度，而且我們能夠非常迅速地做出信用審批決定，在許多情況下幾乎是即時的。

Moving to this all-can-apply approach enabled us to add more than 5 million first-time borrowers in the third quarter. New user cohorts scaled well with generally positive unit economics, a testament to our increasingly advanced risk underwriting capability.

採取這種人人皆可申請的方式，使我們在第三季新增了超過 500 萬名首次借款人。新用戶群規模擴大良好，單位經濟效益普遍良好，證明了我們日益先進的風險承保能力。

At the end of the quarter, active users across our consumer and SME loan products reached $34 million, up nearly 45% year on year. Meanwhile, loan disbursements to new users still accounted for less than 10% of total disbursement in the third quarter as we continue to assess credit quality before cross-selling more products.

本季末，我們消費者和中小企業貸款產品的活躍用戶達到 3,400 萬美元，年增近 45%。同時，由於我們仍在評估信貸質量，然後再交叉銷售更多產品，因此第三季向新用戶發放的貸款仍不到總發放額的 10%。

We are also making our credit product, On-Shopee SPayLater, Off-Shopee SPayLater, and a personal cash loan easier to use in a wider set of use cases. In many of our markets, where credit card penetration remains low, we are steadily establishing SPayLater as a trusted and convenient payment method of choice for all kinds of purchases, both online and offline.

我們也在努力使我們的信貸產品（Shopee 線上先享後付、Shopee 線下先享後付和個人現金貸款）在更廣泛的使用場景中更容易使用。在我們許多信用卡普及率仍然較低的市場中，我們正在穩步將 SPayLater 打造成值得信賴且便捷的支付方式，適用於各種線上和線下購物。

On-Shopee SPayLater has grown steadily as penetration continues to deepen across all our markets. GMV penetration now ranges from single digits in early markets to over 30% in more mature ones, reflecting our discipline in scaling only when incremental disbursements are profitable. We see meaningful room to continue increasing SPayLater on Shopee penetration across our markets.

隨著Shopee PayLater在所有市場的滲透率不斷提高，其線上支付服務也穩定成長。GMV滲透率目前在早期市場僅為個位數，而在較成熟的市場則超過30%，這反映了我們僅在增量支付有利可圖時才進行規模化的原則。我們看到在我們的市場中，SpayLater on Shopee 的滲透率還有很大的提升空間。

Off-Shopee SPayLater showed strong traction this quarter, growing over 300% year on year and over 40% quarter on quarter. It still only accounts for less than 10% of our total loan book as of the end of September, so large upside remains for future growth. This product segment represents a significant opportunity to unlock access to offline spend, a very large part of consumer expenditure in many of our markets.

Shopee 平台以外的 SPayLater 服務在本季表現出強勁的成長勢頭，較去年同期成長超過 300%，較上季成長超過 40%。截至 9 月底，這部分貸款僅占我們貸款總額的不到 10%，因此未來成長空間仍然很大。這個產品領域代表著一個重要的機遇，可以打開線下消費管道，而線下消費在我們許多市場中佔消費者支出的很大一部分。

The standalone ShopeePay app, supporting both online and offline payments across a wide range of merchants, is a key pillar of our strategy to grow our Monee business off-Shopee. In payments, it offers users a faster and more seamless experience, giving them direct success without having to go through the Shopee app.

獨立的 ShopeePay 應用程式支援線上和線下支付，涵蓋眾多商家，是我們拓展 Shopee 平台外 Monee 業務策略的關鍵支柱。在付款方面，它為用戶提供更快、更流暢的體驗，使用戶無需透過 Shopee 應用程式即可直接完成付款。

Beyond payments, it helps us unlock more use cases, positioning ShopeePay as a one-stop platform for users' broader financial needs: off-Shopee credit, insurance, wealth management, and more. The app has launched in Indonesia, Thailand, Vietnam, and Malaysia, and is showing strong traction, more than 20% of our ShopeePay monthly transacting users are using the standalone app.

除了付款之外，它還幫助我們解鎖更多應用程式場景，將 ShopeePay 定位為滿足用戶更廣泛金融需求的一站式平台：Shopee 以外的信貸、保險、財富管理等等。該應用程式已在印尼、泰國、越南和馬來西亞推出，並顯示出強勁的成長勢頭，超過 20% 的 ShopeePay 月度交易用戶正在使用獨立應用程式。

Personal cash loans also grew strongly this quarter. In Indonesia, we have been offering higher limits and longer tenures to attract more prime users who demonstrate strong repayment behavior. Loan sizes can typically range from a few hundred dollars to over $1,000, allowing us to serve users with larger financial needs. Building on this success, we have similarly expanded access to prime users in Thailand and Malaysia where user adoption is going up quickly. In Brazil, personal cash loans grew close to 50% quarter on quarter, driven by the continued popularity of the combined credit limit we offer to SPayLater users.

本季個人現金貸款也實現了強勁成長。在印度尼西亞，我們一直提供更高的信用額度和更長的信用期限，以吸引更多表現出良好還款行為的優質用戶。貸款金額通常從幾百美元到超過 1000 美元不等，這使我們能夠為有較大財務需求的用戶提供服務。以此成功為基礎，我們同樣擴大了在泰國和馬來西亞主要用戶的存取權限，這兩個國家的用戶採用率正在迅速上升。在巴西，個人現金貸款較上季成長近 50%，這主要得益於我們向 SPayLater 用戶提供的綜合信用額度持續受到歡迎。

In conclusion, Monee has delivered another excellent quarter, scaling well while diversifying our credit portfolio across markets, users, and products. Our portfolio quality and our unit economics have remained healthy, and we are extending SPayLater's reach beyond e-commerce and embedding it into users' everyday financial user use cases. This will build a pathway for strong off-Shopee growth for many years to come.

總而言之，Monee 又取得了優異的季度業績，在市場、用戶和產品方面實現了信貸組合的多元化，並取得了良好的規模化發展。我們的產品組合品質和單位經濟效益一直保持良好，我們正在將SPayLater的應用範圍擴展到電子商務之外，並將其融入用戶的日常金融使用場景中。這將為未來多年Shopee平台以外的強勁成長奠定基礎。

Finally, moving to digital entertainment, Garena has delivered another stellar quarter. Bookings were up 51% and adjusted EBITDA grew 48% year on year, making it our best quarter since 2021. Free Fire anchored this a strong performance with two high-impact campaigns: Squid Game and NARUTO SHIPPUDEN Chapter 2. The campaigns received a huge positive response, accelerating our growth momentum from the previous quarter.

最後，在數位娛樂領域，Garena 又取得了出色的季度業績。預訂量年增 51%，調整後 EBITDA 年增 48%，這是我們自 2021 年以來最好的季度。《Free Fire》以兩大高影響力活動－《魷魚遊戲》和《火影忍者疾風傳》第二章－為本次活動奠定了強勁的基調。這些活動獲得了巨大的正面反響，加速了我們上一季的成長動能。

Our Squid Game collaboration incorporated iconic challenges from the blockbuster Netflix TV series, such as the Red Light, Green Light; and then the Glass Bridge. The event drew strong participation with the Red Light, Green Light challenge being played more than 300 million times in the quarter.

我們與 Squid Game 的合作融入了 Netflix 熱門電視劇中的標誌性挑戰，例如“紅燈綠燈”和“玻璃橋”。該活動參與度很高，僅一個季度，「紅燈綠燈挑戰」就被玩了超過 3 億次。

Our NARUTO SHIPPUDEN Chapter 2 event expanded on the resounding success of Chapter 1 in the first quarter of this year. Based on gamer feedback and the performance insights, we added five new fan-favorite ninja characters, new attack mechanics, highly sought after collectible items and a new one-on-one mode, letting players use signature abilities from the series. Chapter 2 went on to surpass Chapter 1 in both engagement and revenue. We saw an extremely high social media share rate for Chapter 2, doubled the already high bar set by our 8 th anniversary event. Both Naruto chapters have achieved the highest satisfaction scores of any campaign launched over the past two years.

今年第一季度，我們的《火影忍者疾風傳》第二章活動延續了第一章的巨大成功。根據玩家的回饋和效能分析，我們新增了五位深受粉絲喜愛的忍者角色、新的攻擊機制、備受追捧的收藏品以及新的一對一模式，讓玩家能夠使用該系列中的標誌性技能。第二章在使用者參與度和收入方面都超過了第一章。第二章的社群媒體分享率非常高，比我們 8 週年紀念活動所設定的高標準翻了一番。火影忍者兩章內容均獲得了過去兩年來所有活動的最高滿意度評分。

Our Naruto content was very successful because it's focused on what players value most, authenticity through attention to detail. The strong focus underpins how we take IP collaboration to the next level, and it is driven by Garena's core creative culture. First, we require every major IP partnership to be led by a team of genuine, superfans of that IP within Garena to ensure authenticity and respect for the original work. Naruto fans love how closely the gameplay mirrored small but important details from the anime. For instance, one key storyline from the original anime was about rogue ninja returning to destroy the ninja village they had been exiled from.

我們的火影忍者內容之所以非常成功，是因為它專注於玩家最重視的東西——透過注重細節來展現真實性。這種高度重視是我們將智慧財產權合作提升到更高層次的基礎，也是 Garena 核心創意文化的驅動力。首先，我們要求所有重要的 IP 合作都必須由 Garena 內部該 IP 的真正超級粉絲團隊領導，以確保真實性和對原作的尊重。火影忍者粉絲們非常喜歡這款遊戲在玩法上對動畫中一些雖小但重要的細節的還原。例如，原版動畫的一個關鍵故事情節是關於叛忍們返回並摧毀他們被放逐的忍者村。

In Chapter 1, we had built this ninja village into our map and introduced iconic attack skills from the main anime characters. In Chapter 2, we introduced attack skills that were specifically from the rogue ninja characters like fire balls, black fire and exploding birds and redesigned the map to feature a destroyed version of the Ninja Village. Continuing the narrative between the chapters in a way that was true to the original anime created a highly immersive experience and brought fans’ excitement to the next level. These are detailed only superfans would care about and understand how to incorporate into game play.

在第一章中，我們在地圖上建立了這個忍者村，並引入了主要動漫角色的標誌性攻擊技能。在第二章中，我們引入了專門來自叛忍角色的攻擊技能，例如火球、黑火和爆炸鳥，並重新設計了地圖，使其呈現出忍者村被摧毀的版本。以忠於原作動畫的方式延續各章節之間的敘事，創造了高度沉浸式的體驗，並將粉絲的興奮感提升到了一個新的水平。這些細節只有超級粉絲才會關心，並且了解如何將其融入遊戲玩法中。

Second, we take a global yet local approach, bringing global IPs to our markets in highly localized ways. For instance, we took advantage of the huge traction of our Naruto campaign to hold Ninja-themed offline events in eight markets across Asia and Americas, attracting tens of thousands of fans. The largest of these events was a two-day international All Stars Ninja Clash e-sports tournament in Bangkok with teams of Free Fire players flying in from across Asia and Latin America to compete. The Bangkok tournament was a huge success, becoming a top trending event on YouTube gaming and on social media across key markets.

其次，我們採取全球化但本土化的方法，以高度本土化的方式將全球智慧財產權引入我們的市場。例如，我們利用火影忍者活動的巨大影響力，在亞洲和美洲的八個市場舉辦了忍者主題的線下活動，吸引了數萬名粉絲。其中規模最大的賽事是在曼谷舉行的為期兩天的國際全明星忍者衝突電競錦標賽，來自亞洲和拉丁美洲各地的 Free Fire 玩家隊伍飛來參賽。曼谷錦標賽取得了巨大成功，成為 YouTube 遊戲頻道和各大主要市場社群媒體上的熱門活動。

In addition to such events, our teams stay closely connected to players through creator programs and fan groups, tapping into a constant stream of feedback and ideas that shape game design decisions. This efforts build very strong community connection and loyalty across our markets. Beyond Free Fire, we continued to expand our publishing portfolio with the launch of EA Sports FC Mobile in Vietnam last month, strengthening our long-standing partnership with Electronic Arts. The game quickly became the country's most downloaded mobile game in October based on Sensor Tower. By combining EA's world-class football franchise with Garena's local know-how, we are deepening our expertise in sports games and reinforcing our position as a trusted publishing partner for global titles.

除了此類活動外，我們的團隊還透過創作者計畫和粉絲團體與玩家保持密切聯繫，不斷獲取回饋和想法，從而影響遊戲設計決策。這些努力在我們的市場中建立了非常強大的社區聯繫和忠誠度。除了《Free Fire》之外，我們上個月在越南推出了 EA Sports FC Mobile，進一步拓展了我們的發行產品組合，鞏固了我們與 Electronic Arts 的長期合作關係。根據 Sensor Tower 的數據，該遊戲在 10 月迅速成為該國下載量最高的手機遊戲。透過將 EA 世界一流的足球遊戲系列與 Garena 的在地化專業知識相結合，我們正在加深我們在體育遊戲領域的專業知識，並鞏固我們作為全球遊戲值得信賴的發行合作夥伴的地位。

With this very strong quarter, Garena remains on track to achieve more than 30% year-on-year growth in bookings for 2025. Our creative depth, disciplined execution and close connection with players will continue to drive Garena's growth.

憑藉本季強勁的業績，Garena 仍有望在 2025 年實現預訂量年增 30% 以上。我們深厚的創意實力、嚴謹的執行力以及與玩家的緊密聯繫將繼續推動 Garena 的發展。

In conclusion, all three businesses have built on the strong momentum from the first half of the year and delivered another quarter of exceptional growth. We will continue to make our digital ecosystem seven more vibrant, strengthen our leadership position and deliver sustainable and profitable growth to our shareholders.

總之，這三家企業都延續了上半年強勁的成長勢頭，又實現了一個季度的卓越成長。我們將繼續使我們的數位生態系統更加充滿活力，鞏固我們的領先地位，並為我們的股東帶來可持續的獲利成長。

With that, I invite Tony to discuss our financials.

接下來，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. For Sea overall, total GAAP revenue increased 38% year on year to $6 billion in the third 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 $874 million in the third quarter of 2025 compared to an adjusted EBITDA of $521 million in the third quarter of 2024.

謝謝你，福雷斯特，也謝謝所有參加電話會議的各位。2025 年第三季度，Sea 整體 GAAP 營收年增 38%，達到 60 億美元。這主要得益於我們電子商務業務的GMV成長和數位金融服務業務的成長。2025 年第三季度，我們的調整後 EBITDA 總額為 8.74 億美元，而 2024 年第三季的調整後 EBITDA 為 5.21 億美元。

On e-commerce, Shopee's gross orders increased 28% year on year to $3.6 billion in the third quarter of 2025, and GMV increased by 28% year on year to $32.2 billion in the third quarter of 2025. Our third-quarter GAAP revenue of $4.3 billion included GAAP marketplace revenue of $3.8 billion, up 37% year on year and GAAP product revenue of $0.5 billion.

在電子商務方面，Shopee 2025 年第三季的總訂單額年增 28% 至 36 億美元，GMV 年成長 28% 至 322 億美元。我們第三季 GAAP 營收為 43 億美元，包括 GAAP 市場營收 38 億美元，年增 37%，以及 GAAP 產品營收 5 億美元。

Within GAAP marketplace revenue, core marketplace revenue mainly consisting of transaction-based fees and advertising revenues was $3.1 billion, up 53% year on year. Value-added services revenue, mainly consisting of revenues related to logistic services, was $0.7 million, down 6% year on year due to increased shipping subsidies.

以 GAAP 計算，市場收入中，主要由交易費和廣告收入構成的核心市場收入為 31 億美元，較去年同期成長 53%。加值服務收入（主要包括物流服務收入）為 70 萬美元，年減 6%，原因是航運補貼增加。

E-commerce adjusted EBITDA was $186 million in the third quarter of 2025 compared to an adjusted EBITDA of $34 million in the third quarter of 2024. Digital financial services GAAP revenue was up by 61% year on year to $990 million. Adjusted EBITDA was up by 37% year on year to $258 million.

2025 年第三季電子商務調整後 EBITDA 為 1.86 億美元，而 2024 年第三季調整後 EBITDA 為 3,400 萬美元。數位金融服務 GAAP 營收年增 61%，達到 9.9 億美元。調整後 EBITDA 年成長 37%，達到 2.58 億美元。

As of the end of September, our consumer and SME loans principal outstanding reached $7.9 billion, up 70% year on year. This consists of $6.9 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9月底，我們的消費貸款和中小企業貸款未償還本金達79億美元，年增70%。這其中包括帳面上的 69 億美元貸款本金和帳外未償貸款本金 9 億美元。截至本季末，逾期超過 90 天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 grew 51% year on year to $841 million. GAAP revenue was up 31% year on year to $653 million. The growth was primarily due to the increase in our active user base as well as the deepened paying user penetration. Digital entertainment adjusted EBITDA was $466 million, up 48% year on year.

數位娛樂預訂金額較去年同期成長 51%，達到 8.41 億美元（GAAP）。營收年增 31%，達到 6.53 億美元。成長主要歸功於活躍用戶數量的增加以及付費用戶滲透率的提高。數位娛樂業務調整後 EBITDA 為 4.66 億美元，年增 48%。

Returning to our consolidated numbers, we recognized a net non-operating income of $61 million in the third quarter of 2025 compared to a net non-operating income of $50 million in the third quarter of 2024. We had a net income tax expense of $161 million in the third quarter of 2025 compared to net income tax expense of $93 million in the third quarter of 2024. As a result, net income was $375 million in the third quarter of 2025 as compared to a net income of $153 million in the third quarter of 2024.

回到我們的合併數據，我們確認 2025 年第三季淨非經營收入為 6,100 萬美元，而 2024 年第三季淨非經營收入為 5,000 萬美元。2025 年第三季淨所得稅支出為 1.61 億美元，而 2024 年第三季淨所得稅支出為 9,300 萬美元。因此，2025 年第三季淨收入為 3.75 億美元，而 2024 年第三季淨收入為 1.53 億美元。

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

謝謝福雷斯特和托尼。現在開始接受提問。操作員。

(Operator Instructions) Pang Vitt, Goldman Sachs.

（操作說明）龐維特，高盛。

Hi, management. Thank you very much for the opportunity. Congrats for the great results. Two questions from me, both on the e-commerce side. Number one, on your growth guidance of more than 25% year on year for 2025, what do you bake in in terms of the driver and competitive landscape? What will it mean for your margin trend? And how should we think about these trends carry into 2026? That's question number one.

您好，管理層。非常感謝您給我這次機會。恭喜取得如此優異的成績！我有兩個問題，都跟電子商務方面有關。首先，對於您預測的 2025 年年增率超過 25%，您在驅動因素和競爭格局方面考慮了哪些因素？這將對您的利潤率趨勢產生什麼影響？那麼，我們該如何看待這些趨勢在2026年的發展呢？這是第一個問題。

Question number two, just to have a good understanding of the margins, so margin trend for e-commerce came down to 0.6% in the quarter despite higher take rate. Can you help us understand where is the investment area? Whether this is in the fulfillment, as you mentioned, or is there also something else that we should be aware of? Are these more fixed or variable? And how long and how much should we expect this investment cycle to be?

第二個問題，是為了更了解利潤率，儘管電商的提成率較高，但本季電商的利潤率趨勢下降至 0.6%。您能幫我們了解一下投資區域在哪裡嗎？正如您所提到的，這是否與履行有關，還是還有其他我們應該注意的事項？這些是固定不變的還是可變的？那麼，我們應該預期這一輪投資週期會持續多久，規模會有多大？

Yeah, in term of the growth assumption of more than 25%, I think we are kind of half into the quarter already. It's basically based on what we see so far in the market on the momentum and competitive landscape, it's pretty much reflective of kind of what we see so far as we come into the quarter. And regarding the margin questions, the -- if you look at the previous year versus this year, we do see a consistent improvement of margin.

是的，就超過 25% 的成長假設而言，我認為我們已經差不多過了季度的一半了。基本上，這是基於我們目前在市場上看到的勢頭和競爭格局，它相當準確地反映了我們進入本季以來所看到的情況。至於利潤率問題，如果你看看去年和今年的情況，我們確實可以看到利潤率持續改善。

If you look at year-to-year basis, as we shared before, we will obviously see quarter-to-quarter fluctuations sometimes for seasonality reasons or for some of the investment cycle of the initiatives and could also be a particular market status in terms of where we are pushing some of these initiatives.

如我們之前所述，如果按年來看，我們顯然會看到季度間的波動，有時是由於季節性原因，有時是由於某些項目的投資週期，也可能是由於我們正在推進這些項目的特定市場狀況。

So I think if you look at a bit sort of year-to-year trend, even going forward, I think we believe that we are able to deliver the 2% to 3% EBITDA margin as we shared before, and also have an improvement year to year if you look at the yearly basis. In term of where we are investing, one of the thing is what we mentioned in the opening, further investment into the logistic capabilities and fulfillment capabilities.

所以我認為，如果你看一下同比趨勢，甚至展望未來，我相信我們能夠實現之前分享的 2% 到 3% 的 EBITDA 利潤率，而且如果你看一下年度數據，我們也會逐年提高。就我們的投資方向而言，其中一項就是我們在開篇中提到的，也就是進一步投資於物流能力和履行能力。

And beyond that, we are also deepening our buyer engagement and wallet shares through, for example, our Shopee VIP program that we shared in the opening as well. And all those efforts have been showing a pretty good result. Our buyer purchase frequency improved 12% year on year and average monthly active buyers increased 15% year to year as well, which contributes to our great growth this quarter, which is way above the guidance we gave in the early of the year, which is 20%.

除此之外，我們還透過例如我們在開幕式上提到的 Shopee VIP 計劃等方式，加深了與買家的互動和提升了買家的錢包份額。所有這些努力都取得了相當不錯的成果。我們的買家購買頻率年增 12%，平均每月活躍買家數量也同比增長 15%，這促成了我們本季度的大幅增長，遠遠超過了我們年初給出的 20% 的預期。

The -- most of these investments are less fixed per se. We take a relatively asset-light approach even coming to our logistics and fulfillment businesses. We don't own land. Most of our CapEx is just improvement of building the warehouses or sorting facilities, et cetera.

這些投資大多並非固定不變。即使在物流和配送業務方面，我們也採取相對輕資產的方式。我們不擁有土地。我們的資本支出大多用於改善倉庫或分類設施等的建設。

For our buyer engagement and wallet share program on Shopee VIP, is also less fixed. Obviously, you will see a little bit of investment in the early days to get everybody aware of the program and join the program. But as time goes, it should be a quite profitable program as you probably have seen in other e-commerce platforms across the globe.

對於我們在 Shopee VIP 上的買家互動和錢包共享計劃，其具體情況也不太固定。顯然，在初期階段，我們會投入一些資金，讓每個人都了解這個計畫並加入其中。但隨著時間的推移，它應該會成為一個相當有利可圖的項目，正如你可能在全球其他電子商務平台上看到的那樣。

Divya Kothiyal, Morgan Stanley.

迪維亞·科蒂亞爾，摩根士丹利。

My first question is on your new market entry strategy and framework. Could you explain the rationale behind closing some of the cross-border operations in LatAm and the reentry into Argentina? What milestones would you monitor for Argentina before making it a localized business? And is this part of your 2026 priorities? My second question is on market shares.

我的第一個問題是關於你們的新市場進入策略和框架。能否解釋一下關閉在拉丁美洲部分跨境業務以及重新進入阿根廷市場的理由？在將業務本地化之前，您會關注阿根廷市場的哪些里程碑事件？這是否包含在您2026年的工作重點中？我的第二個問題是關於市場佔有率的。

If you can comment on the market shares in ASEAN, how have they moved in the third quarter? And also, if you could comment on Taiwan, do you foresee increasing marketing spend and investments in Taiwan next year? We're also seeing a bigger contribution from cross-border with Taobao getting more popular there. So if you can comment on the market shares on ASEAN and Taiwan, that would be helpful.

如果您可以談談東協的市場份額，請問第三季它們的走勢如何？另外，如果您能談談台灣市場，您預計明年在台灣的行銷支出和投資會增加嗎？我們也看到跨境電商的貢獻越來越大，淘寶在跨境電商領域也越來越受歡迎。如果您能就東協和台灣的市場佔有率發表一些看法，那就太好了。

Yes. I think regarding the new markets, we take a very highly selective approach on any new geographic expansions. Many of the initiatives will be very early stage, testing the market in nature. The reason we look at Argentina is it's essentially an expansion of our capability that built in Brazil, leveraging on our existing cross-border infrastructure and the operational experiences we had already built in Brazil.

是的。我認為，對於新市場，我們對任何新的地域擴張都採取非常謹慎的選擇性方法。許多項目仍處於非常早期的階段，本質上是在測試市場。我們之所以關注阿根廷，是因為它本質上是對我們已在巴西建立的能力的擴展，利用了我們現有的跨境基礎設施和我們在巴西已經累積的營運經驗。

The objective is more to capture the operational synergies across the adjacent regions and open additional channel of our sellers with a minimal incremental investment. I think the -- we will take some time to learn about the market without sort of have a heavy investment into the market at this point in time.

我們的目標是更多地利用相鄰地區的營運協同效應，並以最小的增量投資開闢更多銷售管道。我認為——我們會花一些時間了解市場，而目前不會對市場進行大量投資。

For Chile and Colombia, we decided to wind down our cross-border operation in Chile and Colombia as part of our ongoing review of our global business priorities to ensure our resources are focused on the key business priorities in line with our long-term strategy in the region. Latin America is still an important market for us. We will continue to explore the opportunities to serve the consumers and businesses well there. If you look at the absolute size in Latin America, obviously, Brazil is the largest one, where we have a very large presence there. Argentina, as we mentioned and Colombia and Chile, a relatively smaller market and also relatively more distant from Brazil. I guess that's thinking around the first question.

對於智利和哥倫比亞，我們決定逐步停止在智利和哥倫比亞的跨國業務，這是我們持續審查全球業務重點的一部分，以確保我們的資源集中於關鍵業務重點，符合我們在該地區的長期策略。拉丁美洲仍然是我們的重要市場。我們將繼續探索如何更好地服務當地消費者和企業的機會。如果從拉丁美洲的絕對面積來看，顯然巴西是最大的國家，我們在那裡擁有非常大的業務。正如我們所提到的，阿根廷、哥倫比亞和智利市場相對較小，而且距離巴西也相對較遠。我想這是在圍繞第一個問題思考。

Regarding the market share in Southeast Asia in quarter three, as we shared, our growth has been above kind of the expectations we shared before. And across the region, we do believe that we are gaining market share in Southeast Asia growing faster than the market in Southeast Asia.

關於第三季東南亞的市場份額，正如我們之前所說，我們的成長超出了先前的預期。而且我們相信，在整個東南亞地區，我們的市佔率正在擴大，成長速度也超過了東南亞市場的整體成長速度。

For Taiwan, in particular, the cross-border to Taiwan has been, in general, a smaller part of the businesses, giving the complexity for the buyer experience on cross-border side. So we are less concerned about the cross-border players selling from overseas to Taiwan as a potential impact to our businesses.

特別是對於台灣而言，跨境到台灣的業務總體上佔比較小，這使得跨境買家的體驗變得複雜。因此，我們不太擔心跨境商家從海外向台灣銷售產品會對我們的業務造成潛在影響。

Actually, if you look at the recent quarters, we grew very well in Taiwan. We grow double digit, which is faster than the overall market in Taiwan. So we are pretty confident there given we are the largest e-commerce platform with the largest assortment with the best pricing. And also, we have the best delivering infrastructure with much lower shipping and fulfillment costs compared to anyone in the market, we are able to defend our market share well, we are able to grow even faster in Taiwan with our infrastructure much better built than previous years.

事實上，如果你看看最近幾個季度，我們在台灣的成長情況非常好。我們的成長率達到兩位數，高於台灣整體市場的成長速度。鑑於我們是最大的電子商務平台，擁有最豐富的商品種類和最優惠的價格，所以我們對此相當有信心。此外，我們擁有業內最佳的物流基礎設施，運輸和物流成本遠低於市場上的其他公司，因此我們能夠很好地捍衛市場份額，並且由於我們的基礎設施比往年更加完善，我們在台灣的業務增長速度甚至更快。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

Congrats on the solid results. Two questions. One is if you can elaborate a little bit more overall competitive landscape in Southeast Asia. So are there any countries that we are seeing more intense competition lately? And also any countries that where you see peers are growing faster than Shopee?

恭喜取得如此優異的成績。兩個問題。其一，能否請您更詳細闡述東南亞的整體競爭格局？那麼，最近哪些國家的競爭變得更激烈呢？另外，您還看到哪些國家的同業企業成長速度超過了 Shopee？

And do you anticipate the live streaming peers to start shift more of the traffic and also the purchase frequency to the shelf-based, the marketplace model in addition to the live streaming? If that is happening, what could be the potential threat to Shopee?

您是否預期直播同業會將更多的流量和購買頻率轉移到實體店、電商平台模式以及直播模式？如果這種情況真的發生，Shopee可能會面臨哪些潛在威脅？

And then second question is, should we assume the investment cycle this time around similar to maybe like a couple of years ago where there could be some step-up investments that are more front-end loaded with GMV growth and market share growth to follow to later, especially for, for example, like you need to ramp up your fulfillment capability in some of the markets, which will yield better results later on. So could you clarify if this time the investment cycle could be similar to what we saw last -- I mean, two years ago?

第二個問題是，我們是否應該假設這次的投資週期與幾年前類似，即可能會有一些前期投入更多資金用於GMV增長和市場份額增長，以期在後期獲得更好的回報，特別是例如，你需要提高某些市場的履約能力，這將在後期帶來更好的結果。那麼，您能否澄清一下，這次的投資週期是否會與我們上次——我是說兩年前——看到的類似？

On the competitive landscape, what we see is relatively stable competitive landscape. I think as you can probably observe as well from your own sources, we didn't see any particular market different from another, I think, has been a general trend across the Southeast Asia market in terms of the intensities or the behavior of the competitors.

從競爭格局來看，我們看到的是一個相對穩定的競爭格局。我認為，正如您可能從自己的管道觀察到的那樣，我們沒有看到任何特定的市場與其他市場有所不同，我認為這是東南亞市場在競爭強度或競爭行為方面的普遍趨勢。

Regarding whether the livestream peers focus more on shelf-based model, I think it's not something new. I think it's something they tried to do for quite a long time. It's as you probably see from China as well, et cetera. But we do see that the nature of the platform is different. I think the percentage of shelf commerce, it's relatively consistent, let's say, from what we observed.

至於直播同行是否更注重貨架式模式，我認為這並不是什麼新鮮事。我認為這是他們長期以來一直試圖做的事情。正如你可能在中國等地看到的那樣。但我們確實看到該平台的性質有所不同。我認為，從我們觀察到的情況來看，貨架銷售的比例相對穩定。

The -- also, if there are much more traffic pushing towards that, that is a potential of impacting how the overall app behavior and the user retention as well. But anyway, I think that's kind of similar behavior, you will see in China and Southeast Asia. But we wouldn't say that’s a new thing impacting the competitive landscape in a meaningful way.

此外，如果更多的流量湧向該應用，則可能會影響應用程式的整體行為和使用者留存率。但無論如何，我認為這與中國和東南亞地區的情況有些類似。但我們認為這並非對競爭格局產生實質影響的新事物。

On the investment cycles, I think the short answer is probably not. It's probably quite different from what you see two years ago in terms of the investment to the content ecosystem, if you remember that. I think what we are doing now is more as a continuous investment to our business to strengthen our competitive moat, pretty aligned with what we shared continuously every quarter, we would like to invest into our infrastructure to have better logistics and now we are expanding logistic fulfillment network as well. It's actually in a way it's not completely new, it's a capability we have been trying to build for a period of time. And now we felt it's a good time to scale it even more.

關於投資週期，我認為簡短的回答可能是否定的。如果你還記得的話，現在的情況可能與兩年前對內容生態系統的投資大不相同。我認為我們現在所做的更多的是對我們業務的持續投資，以加強我們的競爭優勢，這與我們每個季度持續分享的內容非常一致，我們希望投資於我們的基礎設施以擁有更好的物流，現在我們也在擴展物流履行網絡。實際上，從某種意義上說，它並不是全新的，而是我們長期以來一直在努力培養的能力。現在我們覺得是時候進一步擴大規模了。

But as I shared just now, it's less CapEx-intensive businesses, as you probably imagine, and also as we grow the businesses, it will help our growth as well because this will help us to lower down the overall cost to serve as ecosystem and also reduce the delivery time to the user to help us to penetrate the user more. And many of this contribute to our growth faster than we expected earlier in the year as well.

但正如我剛才所說，這些業務對資本支出的要求較低，正如你可能想像的那樣，而且隨著我們業務的成長，這也將有助於我們的成長，因為這將有助於我們降低作為生態系統的整體服務成本，並縮短交付給用戶的時間，從而幫助我們更好地滲透用戶群體。而且，其中許多因素也促成了我們比年初預期更快的成長。

If you take a look at the VIP programs, yes, it's a little bit sort of investment in the early days, but we also see that with the investment, we -- the user are willing to spend more with the platform as well. I think Forrest shared that the users purchase 40% more than before they joined the program. So in a way, it's a big front loaded investment, then they return come later. I think this time, you will see it's more ongoing investment program to strengthen our competitive moat, as I shared earlier, and this will impact on the general growth as we invest.

如果你看看 VIP 會員計劃，沒錯，在初期階段確實需要一些投資，但我們也看到，有了這些投資，用戶也願意在這個平台上花費更多。我認為福雷斯特說過，用戶加入該計劃後購買量比之前增加了 40%。所以從某種意義上來說，這是一筆前期投入龐大的資金，然後回報就會在之後到來。我認為這一次，你會看到我們採取了更持續的投資計劃來加強我們的競爭優勢，正如我之前提到的那樣，而隨著我們的投資，這將對整體成長產生影響。

Piyush Choudhary, HSBC.

Piyush Choudhary，匯豐銀行。

Congratulations for great set of numbers. Two questions, firstly, for Shopee Logistics, what percentage of orders are now fulfilled by SPX within Asia and Brazil. How has it changed over the last 1 year or so how much of increase in your cost of services is driven by this logistics investment and the outlook for this cost item? That is first.

恭喜你取得了非常棒的成績。首先，有兩個問題，對於 Shopee Logistics 而言，目前在亞洲和巴西境內，SPX 負責完成的訂單佔總訂單的百分比是多少？在過去一年左右的時間裡，您的服務成本發生了什麼樣的變化？其中有多少成長是由物流投資驅動的？您對這項成本的前景有何看法？這是第一點。

Secondly, on Garena, can you share the outlook for Free Fire for 2026 after successful 2025? Any planned IP collaborations, any new game launches?

其次，關於 Garena，在 2025 年取得成功之後，您能否分享一下 Free Fire 在 2026 年的展望？是否有任何IP合作計劃，或即將推出的新遊戲？

On the SPX, I do believe we shared before, more than half of our orders delivered through our SPX and the percentage has been increasing, let's say, overall over the last year as we scale our network. On our cost per order, it has been continuously improving year to year. I think that's part of that contributed to our growth as well because this lower down the cost buyer have to pay to receive orders.

關於 SPX，我相信我們之前已經分享過，超過一半的訂單是透過我們的 SPX 交付的，而且隨著我們擴大網路規模，過去一年來，這一比例總體上一直在增加。我們的每筆訂單成本逐年持續改善。我認為這也是我們發展的部分原因，因為這降低了買家接收訂單所需支付的成本。

But on top of that, I also want to highlight, not only we try to not only reduce the cost of our SPX delivery cost, but we also increase the speed for our SPX costs. Forrest mentioned that in Brazil, we reduced buyer waiting time by two days, if you look at year to year.

但除此之外，我還想強調，我們不僅努力降低 SPX 的交付成本，還要努力提高 SPX 的交付速度。福雷斯特提到，在巴西，如果逐年來看，我們把買家的等待時間減少了兩天。

The -- in Asia, we also reduced the delivery time quite meaningfully year to year and quarter to quarter as well by both introducing the faster shipping channel. If you look at many countries we have the instant delivery now. We also have same-day deliveries, but also improving the normal delivery channels speed. I think this all helped to contribute to our growth, as you see.

在亞洲，我們也透過引入更快捷的運輸管道，顯著縮短了每年和每季的交貨時間。很多國家現在都提供即時送達服務。我們也提供當日送達服務，同時也提高正常配送管道的速度。我認為這一切都有助於我們的發展，正如你所看到的。

For the Garena outlook and the -- Well, we are very excited to observe the momentum. I think this is extremely valuable like -- since the turnaround like two years after the post COVID headwind. And in 2024, we have a very, very high growth, and that is the strong momentum continuing into 2025. Actually, the growth is -- it's even accelerated this year compared to last year. So the momentum is still very, very strong.

至於 Garena 的前景——我們非常興奮地觀察其發展勢頭。我認為這非常有價值，就像——在經歷了新冠疫情後的逆境兩年後，情況出現了好轉。2024年，我們實現了非常非常高的成長，而且這種強勁的成長勢頭將推遲到2025年。事實上，今年的成長速度甚至比去年還要快。所以這股動能依然非常強勁。

So we remain very optimistic and the positive like for the 2026, we believe the user base will continue to grow. The content and the offerings will be more like the experience, user experience more immersive. And I think like the specific this year with a very, very successful IP collaborations. And I think Garena as an organization, we unlocked a very important capability. So how to continually work with global IPs and deliver the best content, very unique experience to our large user base, right?

因此，我們對 2026 年仍然非常樂觀，相信用戶群將繼續成長。內容和產品將更注重體驗，使用者體驗將更加沉浸式。我認為今年尤其如此，我們在智慧財產權合作方面取得了非常非常成功的成就。我認為，作為 Garena 的公司，我們已經解鎖了一個非常重要的能力。那麼，如何才能持續與全球 IP 合作，為我們龐大的用戶群提供最佳內容和獨特的體驗呢？

Whatever we put on the platform, put into the game like on a single day, more than 100 million gamers from all over the world, are going to be able to experience that it's a very, very such -- very, very powerful distribution platform, distribution channels. So we'll continue to work with more IP. But of course, we are also very, very selective as well. And we're also quite excited to kind of see what like the AI can do in terms of boosting the both the creative side, production side and also the user experience side. We think that is a potential boost for the future growth as well.

無論我們把什麼內容放到平台上，放到遊戲中，例如一天之內，來自世界各地的超過 1 億玩家都將能夠體驗到，這是一個非常非常強大的分發平台和分發管道。因此，我們將繼續與更多智慧財產權領域展開合作。當然，我們也非常非常挑剔。我們也十分興奮地想看看人工智慧在提升創意、製作和使用者體驗方面能發揮怎樣的作用。我們認為這也有可能促進未來的成長。

At this moment, we are in the process of like for the detailed planning of next year. I think probably we'll have a better sense, we're ready to share to the market what will be the specific outlook we perceive for Garena in 2026 next quarter. We always have some new games in our pipeline. We have a very, very strong and dedicated, experienced developers to especially focus on the new games. And we have several games already in the pipeline or like in some markets already live in the trial period which are learning experiences.

目前，我們正在著手製定明年的詳細計劃。我認為我們可能會有更清晰的認識，我們準備在下個季度與市場分享我們對 Garena 在 2026 年的具體展望。我們始終有一些新遊戲正在開發中。我們擁有一支實力雄厚、敬業且經驗豐富的開發團隊，他們將專注於新遊戲的開發。我們已經有幾款遊戲正在開發中，或是在某些市場已經進入試玩期，這些都是學習經驗。

And at this moment, I think it'd be premature to project what is the impact, I think, considering the size of the scale of the Free Fire in terms of the user base and the revenue and profit, I don't think at this moment, even if we have any new games at early stage will be made significant impact in terms of the platform user numbers and the revenue and the financial side.

而現在，我認為預測其影響還為時過早。考慮到 Free Fire 在用戶基數、收入和利潤方面的規模，我認為即使我們目前推出任何新遊戲，也不會對平台用戶數量、收入和財務方面產生重大影響。

But we're going to continue to put a lot of effort. And I think that through the new game development, we also learned about the different genres, and we also learned the difference about some new markets we haven't been to. I think this will remain at a very, very good opportunity for future growth. So when we have like a, when we feel is the right time to share. So we'll also keep all our shareholders and investors informed.

但我們會繼續投入大量精力。我認為，透過新遊戲的開發，我們也了解了不同的遊戲類型，也了解了一些我們尚未涉足的新市場之間的差異。我認為這將仍然是一個非常好的未來成長機會。所以當我們有感覺的時候，當我們覺得是分享的好時機的時候。因此，我們也會及時向所有股東和投資者通報情況。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

My first question is on the VIP membership. I'm trying to get a better understanding of that program. That's clearly a great thing to do longer term. I suspect in the near term, I was wondering what's the unit economics look like for the members? And what do you think the eventual VIP member penetration should be in the region?

我的第一個問題是關於VIP會員資格的。我正在努力更好地了解那個程序。從長遠來看，這顯然是一件非常好的事情。我懷疑短期內，我想知道會員單位的經濟效益如何？您認為該地區最終的 VIP 會員滲透率應該達到多少？

So the reason I obviously ask that is because your gross margins for e-commerce came down a bit quarter over quarter. So I suspect it's kind of negative initially. And is there a time frame to kind of reach breakeven for the members?

我之所以這麼問，顯然是因為你們的電子商務毛利率較上季略有下降。所以我懷疑一開始情況不太樂觀。那麼，會員需要多久才能達到收支平衡呢？

Second question is about AI. I think Forrest, the reason they did some media interviews talking about AI may power the company to be one of the first trillion dollar company in the region. I was hoping you can talk about what are some of the things potentially you may do -- you won’t do because some investors are worried about some massive AI CapEx that may be affiliate associated with any kind of new venture?

第二個問題是關於人工智慧的。我認為福雷斯特之所以接受媒體採訪談論人工智慧，是因為它可能會使公司成為該地區首批萬億美元公司之一。我希望你能談談你可能會做但不會做的事情有哪些，因為一些投資者擔心任何新項目都可能涉及巨額人工智慧資本支出？

On the VIP program, we are still in a very early stage of rolling out the program as you public can see, it's only a few months, but we see a very good growth on the users sign up. If you look at sort of quarter-to-quarter, we see a 75% growth on the members. In terms of the GMV penetration, we are still in the early states, we're still in the teens, and we believe this can be a lot higher, probably similar to the percentage you observed in other part of the world in terms of the penetration.

VIP計劃目前仍處於推廣的早期階段，正如大家所見，雖然只有幾個月的時間，但我們看到用戶註冊量成長非常顯著。如果按季度來看，會員人數增加了 75%。就 GMV 滲透率而言，我們仍處於早期階段，目前還只有十幾個百分點，但我們相信這個數字可以更高，可能與您在世界其他地區觀察到的滲透率百分比相似。

The -- I think the important thing for us to look at the economics is that the -- we would like to make sure the VIP members not only receive better benefit from the platform because they are paid members and they are the important core users. We also want to make sure that we work with our partners to bring the benefit to them as well.

我認為，從經濟角度來看，我們最重要的是確保 VIP 會員不僅能從平台獲得更好的利益（因為他們是付費會員），而且他們也是重要的核心用戶。我們也希望確保與合作夥伴共同努力，使他們也能從中受益。

If you look at Indonesia, we are partnering with Vidio, and in Vietnam, we are partnering with FPT Play. We also worked with ChatGPT as well, offered a free program to the VIP members. I think all those will help us to have good unit economics for this program. But you are right in the early days it does require some sort of investment to bring the user over.

在印度尼西亞，我們與 Vidio 合作；在越南，我們與 FPT Play 合作。我們也與 ChatGPT 合作，為 VIP 會員提供免費程式。我認為這些都有助於我們實現該項目良好的單位經濟效益。但你說得對，在初期階段確實需要一些投資才能吸引用戶。

One thing that we monitor very closely is the retention rate. We would like to make sure that the user we bring to the program has good retention. And in our early market, we see the retention improve almost doubled from the last quarter to this quarter period of time, which is a big breakthrough for us, given that in our market, credit card is not a common payment method, in many other market, people use credit card to make sure that it's a continuous payment. We are working on multiple ways to ensure that the retention goes well with the program, especially together with our digital finance side through SPayLater as well.

我們密切關注的一個指標是用戶留存率。我們希望確保我們引入到專案中的使用者能夠有良好的留存率。在我們早期的市場中，我們看到客戶留存率從上一季到本季幾乎翻了一番，這對我們來說是一個巨大的突破，因為在我們的市場中，信用卡並不是一種常見的支付方式，而在許多其他市場中，人們使用信用卡是為了確保持續支付。我們正在努力透過多種方式確保用戶留存率與該計畫順利進行，特別是透過我們的數位金融平台 SPayLater 整合。

Sure. John, on the AI question, yeah, I mean, as I shared during the interview, I mentioned we are deeply excited about this new technology. I think that represent a fundamental technological revolution and which will create massive new opportunities and supercharge technology's ability to unlock value for people everywhere.

當然。約翰，關於人工智慧的問題，是的，我的意思是，正如我在採訪中提到的，我們對這項新技術感到非常興奮。我認為這代表著一場根本性的科技革命，它將創造巨大的新機遇，並極大地增強科技為世界各地的人們釋放價值的能力。

I think is extremely exciting for the market we are in, which still like millions of -- hundreds of millions of people is underserved, right? And we have seen that uplift in the past 10 years through the mobile Internet revolution, and we have observed and how that much the smartphone, the mobile Internet transformed the people’s life, help bring how much like joy and convenience to people's lives. And of course, we are part of this transformation, and that is what we are really as a company and what it's about our mission.

我認為這對我們所處的市場來說非常令人興奮，因為仍然有數億甚至數億人沒有得到充分的服務，對吧？在過去的十年裡，我們透過行動網路革命看到了這種提升，我們也觀察到智慧型手機和行動網路如何大大改變了人們的生活，為人們的生活帶來了多少快樂和便利。當然，我們也是這場變革的一部分，這才是我們身為一家公司的真正意義所在，也是我們使命的核心所在。

We try to focus on the applications and how to connect those fantastic technology to the people's daily life in every corner of the -- like from every corner of the world. And we believe that we'll see some similar pattern of AI revolution, probably we believe this impact and the value creation will be much, much bigger. At this moment, so we -- like the things you mentioned, okay, we probably were not going to do what the big tech is going to do. We're not going to like develop trying to make some fundamental large language model breakthrough. We're not going to build data centers.

我們努力專注於應用，以及如何將這些神奇的技術與世界各地人們的日常生活聯繫起來。我們相信，人工智慧革命將會出現類似的模式，而且我們相信，其影響力和價值創造將會更大。目前，就像你提到的那些事情一樣，好吧，我們可能不會去做大型科技公司會做的事情。我們不會像其他人一樣，試圖在大型語言模型方面取得一些根本性的突破。我們不會建造資料中心。

I think like for that part, we were very much like open to work with all the like a big techs -- we kind of -- we have a lot of admiration, respect to how much effort and how much they can do to continually have the breakthrough of the technology and make the technology more powerful and more useful. And what we are going to more focus on applications and how that technology built in Silicon Valley or anywhere in the world transform to a consumer's daily life, small businesses like in Indonesia, in Vietnam, in Brazil.

我認為就那部分而言，我們非常樂意與所有大型科技公司合作——我們非常欽佩和尊重他們為不斷取得技術突破、使技術更強大、更有用所付出的努力和貢獻。我們將更加關注應用，以及矽谷或世界任何地方開發的技術如何轉化為消費者的日常生活，以及像印尼、越南、巴西這樣的小型企業。

So that is what we're good at. And we have a lot of practice that we learned in the past decade, and I think that is also kind of like make us really, really excited. So we're going to have a very, very practical and bottom-up approach. So -- and we are very much focused on seeing the return on the investment as I shared in my opening, right? And we are very excited to see some very practical use in Shopee, right?

這就是我們擅長的。我們在過去十年中累積了許多經驗，我認為這也讓我們感到非常非常興奮。所以我們將採取非常務實和自下而上的方法。所以——正如我在開場白中提到的，我們非常關注投資回報，對吧？我們很高興看到它在 Shopee 上有一些非常實際的應用，對吧？

How much this can help on the advertising conversion, how to make the product discovery easier and it's like a more discovery beyond traditional search, right, how to help sellers improve the product listing quality and how to improve the buyer retention and the conversion rate. And I think I probably shared in the previous quarter -- last quarter and also this -- we see the improvement in terms of the customer service capability and now a majority of our customer service is it's handled by AI like a chatbot and the satisfaction rate is very, very high.

這能對廣告轉換率有多大幫助？如何讓產品發現變得更容易？這就像超越傳統搜尋的發現方式，對吧？如何幫助賣家提高產品清單質量，以及如何提高買家留存率和轉換率？我想我可能在上個季度——上個季度以及這個季度——都提到過，我們在客戶服務能力方面有所改進，現在我們的大部分客戶服務都是由人工智慧（如聊天機器人）處理的，客戶滿意度非常非常高。

So that is all the things like we have seen the results and the progress of bottom up. And we believe with the continuing improvement capability built, enabled by the more advanced large language model and other part of the AI development, and there will be more and more things we can apply into the day-to-day business and which make a positive impact into people's daily life.

所以，這就是我們所看到的自下而上所取得的成果和進展。我們相信，隨著不斷提升的改進能力的建立，得益於更先進的大型語言模型和其他人工智慧發展成果，我們將能夠把越來越多的技術應用到日常業務中，並對人們的日常生活產生積極的影響。

This concludes our question-and-answer session. I would like to turn the conference back over to Ms. Rebecca Lee for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給麗貝卡·李女士，請她作總結發言。

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

感謝各位參加今天的電話會議。我們期待下個季度再次與各位交流。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。