Sea Ltd (SE) 2026 Q3 法說會逐字稿

Good morning and good evening to all, and welcome to the Sea Limited third quarter 2026 results conference call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Mr. Elson Choi to begin the conference. Please go ahead.

各位早安、晚安，歡迎參加 Sea Limited 2026 年第三季業績電話會議。(接線員指示) 最後，我要提醒所有與會者，本次電話會議將被錄音。謝謝。現在我想歡迎 Elson Choi 先生開始本次會議。請開始。

Hello, everyone, and welcome to Sea 2026 third quarter earnings conference call. I am Elson from Sea’s Investor Relations team. 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.

各位好，歡迎參加 Sea 2026 年第三季財報電話會議。我是 Sea 投資人關係團隊的 Elson。在本次電話會議中，我們可能會作出前瞻性陳述；此類陳述本質上存在風險與不確定性，且可能因我們新聞稿所述的各種原因而無法在未來實現。

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.

此外，本次電話會議亦包含對若干非 GAAP 財務衡量指標（例如調整後 EBITDA）的討論。我們相信，當這些指標作為 GAAP 揭露的補充使用時，能增進投資人對我們主要業務實際現金流的理解。

For a discussion of the use of non-GAAP financial measures and reconciliation with the closest GAAP measures, please refer to the section on non-GAAP financial measures in our press release. I have with me Sea’s Chairman and Chief Executive Officer, Forrest Li, President Chris Feng, and Chief Financial Officer Tony Hou.

關於非 GAAP 財務衡量指標的使用及其與最接近的 GAAP 指標之間的調節，請參閱我們新聞稿中「非 GAAP 財務衡量指標」章節。今天與我一同出席的有 Sea 董事長兼執行長 Forrest Li、總裁 Chris Feng，以及財務長 Tony Hou。

Our management will share strategy and business updates, operating highlights, and financial performance for the third quarter of 2026. This will be followed by a Q&A session in which we welcome any questions you have.

我們的管理團隊將分享 2026 年第三季的策略與業務更新、營運重點，以及財務表現。接著將進行問答環節，歡迎各位提出任何問題。

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

接下來，我把電話交給 Forrest。

Hello, everyone, and thank you for joining today’s call. Our strong momentum from the first half of the year has continued into the third quarter. Sea achieved a new record high of $8.6 billion in revenue, up 43% year-on-year, and over $930 million in adjusted EBITDA, up 29% year-on-year.

各位好，感謝大家參加今天的電話會議。我們在上半年展現的強勁動能延續至第三季。Sea 營收創下 86 億美元的新高，年增 43%；調整後 EBITDA 超過 9.3 億美元，年增 29%。

We are pleased with this solid performance and will continue to focus on executing our priorities with discipline. With that, let me take you through each business’s performance. Starting with Shopee. Shopee delivered another strong quarter, again achieving new record highs in both top and bottom line metrics.

我們對這項穩健表現感到滿意，並將持續以紀律性執行我們的優先事項。接下來，我將帶各位回顧各項業務的表現。先從 Shopee 開始。Shopee 再度交出強勁的一季，營收與獲利等主要指標再次創下新高。

GMV rose 23% and gross orders rose 26% year-on-year. Revenues reached new highs, and adjusted EBITDA reached $269 million, making this our most profitable quarter ever. The acceleration in new user growth we saw in the second quarter has continued into the third.

GMV 年增 23%，總訂單量年增 26%。營收創新高，調整後 EBITDA 達 2.69 億美元，為我們歷來最獲利的一季。我們在第二季看到的新用戶成長加速，延續到第三季。

We engaged and re-engaged a broad range of users through both online and offline campaigns, brought our content to more social and video platforms, and widened our service options, especially in delivery, to serve different user needs.

我們透過線上與線下活動觸及並重新喚回廣泛用戶群，將內容擴展到更多社群與影音平台，並擴大服務選項，特別是在配送方面，以滿足不同用戶需求。

With these efforts, new average monthly active buyers grew more than 50%, and the total average monthly active buyers increased by 20% year-on-year. Monetization has also continued to do well, driven by ads. Sellers are responding well to the greater value they see in our AI-driven ad solutions. Ad-paying sellers rose more than 35%, while average ad spend per seller increased around 13% year-on-year. Ad revenue grew more than 55%, and our ad take rate improved by over 80 basis points year-on-year.

在這些努力下，新增平均月活躍買家成長超過 50%，平均月活躍買家總數年增 20%。變現表現也持續良好，主要由廣告帶動。賣家對我們以 AI 驅動的廣告解決方案所帶來的更高價值反應正面。付費投放廣告的賣家數成長超過 35%，而每位賣家的平均廣告支出年增約 13%。廣告營收成長超過 55%，廣告抽成率（take rate）年增超過 80 個基點。

Our operational priorities to enhance service quality, price competitiveness, and discovery remain consistent and continue to be driven by our efforts in logistics, ShopeeVIP, and our content ecosystem. Each made good progress this quarter.

我們提升服務品質、價格競爭力與商品探索體驗的營運優先事項保持一致，並持續由我們在物流、ShopeeVIP 與內容生態系的投入所驅動。這三方面在本季皆取得良好進展。

First, logistics. We expanded our delivery options to serve a wider range of buyer needs, from instant and same-day delivery to low-cost services. Our instant delivery service can now deliver as quickly as one hour. This has expanded our addressable market by unlocking new spending scenarios where speed matters most.

第一，物流。我們擴大配送選項，以滿足更廣泛的買家需求，從即時與當日送達到低成本服務。我們的即時配送服務現在最快可在一小時內送達。這透過解鎖對速度要求最高的新消費情境，擴大了我們的可服務市場。

These tend to be high-frequency categories, such as grocery and pharmaceutical items, boosting our overall purchase frequency. In Indonesia, orders using these services more than doubled year-on-year, with cost per order declining year-on-year. Retailers there have embraced the service. We now have more than 12,000 offline stores on our instant platform and growing.

這些通常是高頻品類，例如雜貨與藥品，進而提升我們整體購買頻次。在印尼，使用這些服務的訂單量年增超過一倍，同時每筆訂單成本年減。當地零售商已積極採用該服務。目前我們在即時平台上的線下門市已超過 12,000 家，且仍在成長。

Adoption is also growing in Thailand, where instant and same-day delivery now account for nearly 15% of orders in Greater Bangkok. We will continue to grow this service in areas where demand is high and the unit economics make sense.

在泰國的採用率也在提升，大曼谷地區的即時與當日送達訂單目前已接近總訂單的 15%。我們將持續在需求旺盛且單位經濟效益合理的地區擴展此服務。

At the same time, we have continued to expand lower-cost delivery services to ensure that all users continue to have affordable, convenient options on Shopee. In the third quarter, buyer self-collection order penetration reached more than 30% in Singapore and more than 15% in Malaysia.

同時，我們也持續擴大更低成本的配送服務，確保所有用戶在 Shopee 上仍能享有可負擔且便利的選項。第三季，買家自取訂單滲透率在新加坡超過 30%，在馬來西亞超過 15%。

In Indonesia, our economical shipping option has gained strong adoption and now accounts for more than half of total orders. Its cost per order is more than 20% lower than the platform average in the market. This initiative allowed us to offer free shipping at a lower minimum spend, giving our buyers the flexibility to choose between cost and speed, and letting us serve a broader range of buyers’ needs.

在印尼，我們的經濟型運送選項獲得強勁採用，目前已占總訂單的一半以上。其每筆訂單成本較該市場的平台平均水準低 20% 以上。此項措施使我們能以更低的最低消費門檻提供免運，讓買家可在成本與速度之間更彈性地選擇，也讓我們能滿足更廣泛的買家需求。

We have also continued to scale fulfillment quickly. Sellers have responded well to our fulfillment offerings as we help them take on the complexity of storing, packing, and shipping. This represents significant efficiency gains for them, especially during peak campaign periods where orders may be several times higher than normal.

我們也持續快速擴大履約（fulfillment）規模。賣家對我們的履約服務反應良好，因為我們協助他們處理倉儲、包裝與出貨的複雜性。這為他們帶來顯著的效率提升，尤其在高峰活動期間，訂單量可能是平時的數倍。

With our services, sellers can scale their businesses more easily without having to increase their own warehouse space or staff size. In the third quarter, fulfilled order volumes accelerated to around 25% quarter-on-quarter. Unit economics for our Fulfilled by Shopee service improved sequentially in Asia, and we see further room to gain efficiencies through higher warehouse utilization and automation.

透過我們的服務，賣家能更容易擴大業務規模，而無需增加自有倉庫空間或人力規模。第三季，履約訂單量季增加速至約 25%。我們的「Fulfilled by Shopee」服務在亞洲的單位經濟效益較前一季改善；我們也看到仍有進一步提升效率的空間，可透過提高倉庫利用率與自動化來實現。

Fulfillment also drives synergies with delivery, enabling us to deliver more packages more quickly. The number of parcels delivered by the next day or sooner grew over 60% year-on-year, more than twice as fast as our overall order growth.

履約也與配送產生協同效應，使我們能更快地配送更多包裹。隔日或更快送達的包裹數年增超過 60%，成長速度是整體訂單成長的兩倍以上。

Second, ShopeeVIP is growing fast. Membership across markets exceeded 21 million at the end of September, up more than 40% quarter-on-quarter, and the members contributed close to 25% of Shopee’s overall GMV.

第二，ShopeeVIP 成長迅速。截至 9 月底，各市場會員數已超過 2,100 萬，季增超過 40%，且會員貢獻了 Shopee 整體 GMV 接近 25%。

The program is demonstrating stickiness, with monthly retention around 80%. Members show a consistent double-digit percentage uplift in spend on average after subscribing. And with more sellers and partners investing alongside us in membership benefits, the program’s unit economics improved sequentially. We have also continued to enhance the program’s value proposition through new subscription tiers with more benefits. In September, we introduced ShopeeVIP+ in Indonesia, Thailand, and the Philippines, a higher subscription tier that combines core member benefits with a Netflix subscription.

該方案展現出高度黏著度，月留存率約 80%。會員訂閱後的平均消費金額，穩定呈現雙位數百分比的提升。隨著更多賣家與合作夥伴與我們共同投入會員權益，該方案的單位經濟效益較前一季改善。我們也透過推出具更多權益的新訂閱等級，持續強化方案的價值主張。9 月，我們在印尼、泰國與菲律賓推出 ShopeeVIP+，這是一個更高階的訂閱等級，將核心會員權益與 Netflix 訂閱結合。

Third, our content ecosystem continues to make discovery more engaging. Orders from live streaming and short-form video grew more than 45% year-on-year and accounted for more than 25% of physical goods ordered in Southeast Asia.

第三，我們的內容生態系持續讓商品探索更具互動性。來自直播與短影音的訂單年增超過 45%，並占東南亞實體商品訂單的 25% 以上。

Unit economics also improved sequentially. Beyond our app, our affiliate program remains an effective and growing channel to bring new buyers to Shopee from other platforms. In the third quarter, orders driven by YouTube content more than doubled year-on-year, and Shopee affiliate orders generated by Facebook-linked creators grew more than 90% sequentially.

單位經濟效益也較前一季改善。除了我們的 App 之外，我們的聯盟行銷（affiliate）計畫仍是有效且持續成長的渠道，可將其他平台的新買家導入 Shopee。第三季，由 YouTube 內容帶動的訂單年增超過一倍，而由 Facebook 連結創作者所帶來的 Shopee 聯盟訂單則季增超過 90%。

On Instagram, more than 4 million reels have been tagged with Shopee products since we launched the partnership in April, with the number growing more than four times quarter-on-quarter. Shopee is also one of the early connector partners for Meta’s Muse AI personal assistant that has just launched in Singapore.

自我們於4月啟動合作以來，在 Instagram 上已有超過 400 萬支 Reels 被加上 Shopee 產品標籤，且該數量按季成長超過四倍。Shopee 亦是 Meta 在新加坡剛推出的 Muse AI 個人助理的早期連接器合作夥伴之一。

Users will be able to research and compare products on Shopee through Muse, helping them make purchase decisions tailored to their preferences. The partnership is still at an early stage, but we see potential for it to become a solid additional channel for buyer acquisition and incremental GMV growth over time.

用戶將可透過 Muse 在 Shopee 上搜尋研究並比較商品，協助他們做出符合自身偏好的購買決策。此合作仍處於早期階段，但我們看見其有潛力隨時間推進，成為穩健的新增買家獲取渠道，並帶來增量 GMV 成長。

Brazil remains our fastest-growing market, and we again grew faster than the broader market in the third quarter. Logistics improvements underpinned this growth. We continued to widen the range of fast-delivery options we offer across the country, with average buyer waiting time improving 12% year-on-year. We have branched into air delivery, cutting delivery times to the north and the northeast regions significantly.

巴西仍是我們成長最快的市場，且我們在第三季再次跑贏整體市場增速。物流改善支撐了這一成長。我們持續擴大在全國提供的快速配送選項，平均買家等待時間年減 12%。我們也拓展至空運配送，顯著縮短送達北部與東北部地區的時間。

In Greater São Paulo, around 40% of parcels now arrive by the next day and nearly 60% within two days. Our new instant delivery service there, Shopee Turbo, already delivers in under four hours from more than 7,000 partner stores.

在大聖保羅地區，目前約 40% 的包裹可於隔日送達，近 60% 可於兩日內送達。我們在當地推出的新即時配送服務 Shopee Turbo，已可從超過 7,000 家合作門市在 4 小時內完成配送。

Stronger delivery capabilities have enabled us to onboard more sellers to fulfillment. For example, we rolled out an in-house delivery service for bulky items such as large appliances and furniture. Combined with our strong service reputation and reliable cross-nation coverage, this has made more large-item sellers willing to fulfill with us.

更強的配送能力使我們得以將更多賣家導入履約服務。例如，我們為大型家電與家具等大件商品推出自營配送服務。結合我們良好的服務口碑與可靠的全國覆蓋，這使更多大件商品賣家願意使用我們的履約服務。

Across the country, fulfillment order volume more than doubled year-on-year. These service quality improvements have helped drive stronger growth in higher-value categories. More upmarket buyers are joining Shopee, and existing buyers are shopping across more categories with us.

在全國範圍內，履約訂單量年增逾一倍。這些服務品質的提升，帶動了高客單價品類更強勁的成長。更多中高端買家加入 Shopee，而既有買家也在更多品類上於我們平台購物。

Automotive and home improvement categories grew more than 80% year-on-year, and more brand sellers have come on board. GMV from ShopeeMall sellers was up nearly 2.5 times from a year ago, and ShopeeMall orders carried an average basket size almost three times the platform average. Looking ahead, we see a lot of headroom to grow in this exciting market.

汽車與居家修繕品類年增超過 80%，且有更多品牌賣家加入。ShopeeMall 賣家的 GMV 較去年同期成長近 2.5 倍，而 ShopeeMall 訂單的平均客單價接近平台平均的三倍。展望未來，我們認為在這個令人振奮的市場仍有很大的成長空間。

In summary, Shopee delivered another quarter of strong growth while generating the highest quarterly profit we have ever achieved. Our strategies have proven effective at strengthening our fundamentals, giving us a growing buyer base, stronger monetization, and improving unit economics. We still see a long runway of opportunity ahead, and we will keep executing with the discipline to capture it.

總結而言，Shopee 在本季再次實現強勁成長，同時創下我們歷來最高的單季利潤。我們的策略已證明能有效強化基本面，帶來持續擴大的買家基礎、更強的變現能力，以及持續改善的單位經濟效益。我們仍看到前方有很長的機會跑道，並將持續以紀律執行以把握機會。

We remain on track to deliver GMV growth of around 25% and an adjusted EBITDA of $1 billion for the full year of 2026. Next, moving to Monee. Monee has grown well beyond its origins as a payment infrastructure serving our internal business needs.

我們仍按計畫在 2026 全年實現約 25% 的 GMV 成長，以及 10 億美元的調整後 EBITDA。接下來，談到 Monee。Monee 的發展早已超越其作為支付基礎設施、用以支援我們內部業務需求的起點。

Today, it has evolved into a financial services business across mobile wallet, credit, digital banking, and more. Monee has shown consistent strong growth and has been profitable for the last three fiscal years. We believe Monee has reached the scale and the maturity to sustain itself, and would benefit from becoming more independent.

如今，它已演進為涵蓋行動錢包、信貸、數位銀行等在內的金融服務業務。Monee 持續展現強勁且穩定的成長，並在過去三個財政年度保持獲利。我們相信 Monee 已達到可自我維持的規模與成熟度，並將受益於更高的獨立性。

Today, Monee is already one of the largest unsecured consumer lending companies in Southeast Asia, serving nearly 44 million active credit users with a loan book of over $12 billion. Increasingly, Monee’s growth is coming from beyond Shopee, and it is building direct relationships with users through standalone apps across Southeast Asia and Brazil.

目前，Monee 已是東南亞最大的無擔保消費者放貸公司之一，服務近 4,400 萬名活躍信貸用戶，貸款餘額超過 120 億美元。Monee 的成長愈來愈多來自 Shopee 以外的場景，並透過在東南亞與巴西的獨立 App 與用戶建立直接關係。

Personal cash loans and off-Shopee loans made up around 60% of our loan book at the end of September. And average monthly transacting users on these apps more than doubled year-on-year in the third quarter. Our ambition is to keep growing Monee into a full financial ecosystem with inclusion at its heart, serving users across their lifecycle needs, from unsecured loans to secured lending, insurance, wealth management, and more.

截至 9 月底，個人現金貸款與非 Shopee 場景貸款約占我們貸款餘額的 60%。且在第三季，這些 App 的月均交易用戶數年增逾一倍。我們的目標是持續將 Monee 發展為以普惠為核心的完整金融生態系，滿足用戶全生命周期需求，從無擔保貸款到有擔保放貸、保險、財富管理等。

We believe a standalone listing would give Monee the dedicated capital base it needs to build this ecosystem and let it invest for growth while managing risk with discipline. I want to be clear about what does not change. Monee and Shopee will continue to work closely together as they do today.

我們相信，獨立上市將為 Monee 提供建立此生態系所需的專屬資本基礎，使其在以紀律管理風險的同時，能為成長投入資源。我想清楚說明哪些不會改變。Monee 與 Shopee 將如同今日一般，持續緊密合作。

Monee will remain a key payment and credit partner for Shopee, and Shopee will remain a key platform for Monee to reach users. Insights from our businesses will continue to empower Monee’s growth. We hope to list Monee at the right time in the next one to three years, taking into consideration factors such as market conditions, macro environment, and regulatory requirements.

Monee 將持續作為 Shopee 的關鍵支付與信貸合作夥伴，而 Shopee 也將持續作為 Monee 觸達用戶的重要平台。我們各項業務的洞察將持續賦能 Monee 的成長。我們希望在未來一到三年內於合適時機推動 Monee 上市，並將考量市場狀況、總體環境與監管要求等因素。

We will approach this carefully, working closely with our stakeholders in each market. Throughout, we aim to deliver value for our shareholders. I am very excited about what lies ahead. With that, let me take you through Monee’s performance this quarter. Monee delivered another quarter of healthy growth. Our loan book grew around 60% year-on-year to $12.6 billion at the end of September. Unit economics are healthy, and we continue to invest where we see a clear path to attractive long-term returns.

我們將審慎推進，並與各市場的利害關係人密切合作。在整個過程中，我們的目標是為股東創造價值。我對未來的發展感到非常振奮。接下來，讓我帶各位回顧 Monee 本季的表現。Monee 本季再度交出健康成長。截至 9 月底，我們的貸款餘額年增約 60% 至 126 億美元。單位經濟效益維持健康，我們也持續在看見明確通往具吸引力長期回報的領域投入。

We continue to expand our credit business on three fronts: acquiring new users, deepening our relationship with existing users, and expanding our credit use cases. Our user base continued to grow healthily in the third quarter.

我們持續從三個面向擴展信貸業務：獲取新用戶、深化與既有用戶的關係，以及擴大信貸使用場景。第三季我們的用戶基礎持續健康成長。

We added nearly 6 million first-time borrowers, bringing active credit users to nearly 44 million, up around 28% year-on-year. As borrowers build longer credit histories with us, we can progressively offer them higher limits, longer tenures, and more products. Average loan outstanding per user grew 23% in the third quarter year-on-year, and over 40% of our active credit users were using two or more of our credit products at the end of September.

我們新增近 600 萬名首次借款人，使活躍信貸用戶接近 4,400 萬名，年增約 28%。隨著借款人在我們平台建立更長的信用歷史，我們可逐步提供更高額度、更長期限與更多產品。第三季每位用戶的平均貸款餘額年增 23%，且截至 9 月底，超過 40% 的活躍信貸用戶使用了兩種或以上的信貸產品。

SPayLater is becoming an everyday way to pay both online and offline in many of our markets. Our off-Shopee SPayLater portfolio more than doubled year-on-year to nearly 25% of our entire SPayLater portfolio at the end of September.

在我們多個市場中，SPayLater 正逐漸成為線上與線下日常支付方式。截至 9 月底，我們非 Shopee 場景的 SPayLater 組合年增逾一倍，並占整體 SPayLater 組合近 25%。

In Malaysia, its share is nearly 40%. In Thailand, the ShopeePay Unlimited Card allows SPayLater users to access their approved SPayLater credit limit wherever Mastercard is accepted. Monthly transacting users of the card in September grew more than 60% compared to a quarter ago.

在馬來西亞，其占比接近 40%。在泰國，ShopeePay Unlimited Card 讓 SPayLater 用戶可在所有接受 Mastercard 的商戶使用其核准的 SPayLater 信用額度。9 月該卡的月交易用戶數較上一季成長超過 60%。

We are rolling the card out at a pace set by risk performance, and we plan to bring it to Malaysia later this year. Risk management remains our top priority as we continue to grow our loan book. Our 90-day NPL ratio was 1.3% at the end of September.

我們將依據風險表現所設定的節奏推進該卡的推廣，並計畫於今年稍晚將其帶到馬來西亞。在我們持續擴大貸款餘額之際，風險管理仍是我們的首要任務。截至 9 月底，我們的 90 天 NPL 比率為 1.3%。

The modest uptick primarily reflects an evolving credit environment, especially in Thailand and Brazil, as well as market and product mix, including faster growth in Brazil and off-Shopee SPayLater. Our underwriting is highly responsive to market conditions. We proactively adjusted our underwriting criteria and credit limit management for selected customer segments at early signs of softness. To maintain disciplined growth and optimize risk-adjusted returns, we are staying close to the data and will keep adjusting as needed so our loan book growth stays healthy and sustainable.

這一小幅上升主要反映信貸環境的變化，尤其是在泰國與巴西，同時也與市場與產品組合有關，包括巴西及非 Shopee 場景 SPayLater 的較快成長。我們的授信審核對市場狀況具高度敏感度與快速反應能力。在出現疲弱的早期跡象時，我們即主動針對特定客群調整授信審核標準與信用額度管理。為維持有紀律的成長並優化風險調整後報酬，我們將緊貼數據並視需要持續調整，以確保貸款餘額成長保持健康且可持續。

In summary, Monee delivered healthy growth while staying disciplined in how we manage risk and how we invest. Our credit playbook remains consistent: start small, prove economics, then scale. We are reaching more users, deepening relationships with existing ones, and extending credit into more everyday spending scenarios, both on and off Shopee. Many of our initiatives are still in the early stages, and we are making good progress capturing the large, underserved opportunity across our markets.

總結而言，Monee 在維持我們於風險管理與投資上的紀律之下，實現了健康成長。我們的信貸作業手冊始終如一：先小規模起步，驗證經濟效益，再擴大規模。我們正觸及更多用戶、加深與既有用戶的關係，並將信貸延伸至更多日常消費情境，無論在 Shopee 內外皆然。我們的許多計畫仍處於早期階段，而我們在把握各市場龐大且未被充分服務的機會方面，正取得良好進展。

Next, turning to Garena. Garena delivered a solid third quarter with bookings continuing to grow from the high base set last year. Profitability also improved. Free Fire anchored this performance with a strong bookings growth, and the Arena of Valor continued its strong momentum from its 10th year anniversary celebrations.

接下來談 Garena。Garena 在第三季交出穩健表現，預訂額在去年高基期之上持續成長。獲利能力亦有所提升。Free Fire 以強勁的預訂額成長支撐了這項表現，而《傳說對決》（Arena of Valor）也延續其 10 週年慶祝活動帶來的強勁動能。

In January last year, we released our smash hit IP collaboration, NARUTO SHIPPUDEN Chapter 1. This year, by popular demand, we brought it back with upgraded gameplay and fresh rewards rebuilt around top fan-requested content.

去年 1 月，我們推出了大獲成功的 IP 聯動《火影忍者疾風傳》第一章。今年在玩家熱烈要求下，我們以升級的玩法與全新獎勵回歸，並圍繞粉絲最期待的內容重新打造。

Our players loved the original campaign’s most iconic moment when the anime’s giant Nine-Tailed Fox descended on the battlefield as a threat that everyone had to survive. To build on it, we brought in one of the most important powers from the Naruto universe, the Sharingan. This is an iconic ability the anime’s most powerful characters used to control the Nine-Tailed Fox.

玩家非常喜愛原始活動中最具代表性的時刻：動畫中的巨大九尾妖狐降臨戰場，成為所有人都必須設法存活的威脅。為了在此基礎上再進一步，我們加入了《火影忍者》世界中最重要的力量之一——寫輪眼。這是動畫中最強角色用來控制九尾妖狐的經典能力。

Players could use it to make the giant creature attack their opponents, bringing the excitement of the moment to a new level. We also expanded the map with places fans had asked to explore, like the ninja school where the main characters first trained. We continued to pay close attention to detail, including small but important elements like the swing where a young Naruto sat alone in the original anime that gave players an extra boost for the rest of the game.

玩家可以使用它讓巨獸攻擊對手，將當下的刺激感提升到全新層次。我們也擴充了地圖，加入粉絲希望探索的地點，例如主角們最初修行的忍者學校。我們持續高度重視細節，包括一些小但重要的元素，例如原作動畫中年幼的鳴人獨自坐著的鞦韆，能在遊戲剩餘時間為玩家提供額外增益。

Our care for authenticity has resonated with the players and the industry alike. Content around our NARUTO SHIPPUDEN collaborations has generated more than 6.5 billion views on social media to date. This quarter, we were also honored that our NARUTO SHIPPUDEN Chapter 2 collaboration won the award for Best Use of IP or Licence at the 2026 Pocket Gamer Mobile Games Awards.

我們對原作真實性的用心，獲得玩家與業界的共鳴。截至目前，圍繞我們《火影忍者疾風傳》聯動的相關內容在社群媒體上已累積超過 65 億次觀看。本季我們也很榮幸，我們的《火影忍者疾風傳》第二章聯動在 2026 Pocket Gamer Mobile Games Awards 中獲得「最佳 IP 或授權運用」獎項。

Beyond Free Fire, Arena of Valor is celebrating its 10th anniversary this year. Instead of one single event, we are making the entire year a celebration with a series of in-game content releases and our biggest ever real-world event.

除了 Free Fire 之外，《傳說對決》（Arena of Valor）今年也迎來 10 週年。我們不以單一活動慶祝，而是讓整年都成為慶典，推出一系列遊戲內內容更新，並舉辦我們史上規模最大的線下活動。

We hosted AoV’s biggest ever offline celebrations with a concert at Taiwan’s largest indoor venue, the Taipei Dome, the first-ever gaming event to be held there. Around 30,000 fans came to see K-pop and local artists, many of whom had previously collaborated with us on music for AoV.

我們在台灣最大的室內場館——台北大巨蛋——舉辦了 AoV 史上最大規模的線下慶典演唱會，這也是首場在該場館舉辦的電競／遊戲活動。約 30,000 名粉絲到場觀賞 K-pop 與本地藝人演出，其中許多人過去曾與我們合作為 AoV 製作音樂。

We also transformed a part of Taipei into an AoV-themed city, collaborating with the metro stations and seven-Elevens, putting up anniversary exhibitions, and holding a light show at the iconic Taipei 101. The campaign went viral, becoming the number one trending topic on social media in Taiwan.

我們也將台北的一部分打造成 AoV 主題城市，與捷運站與 7-Eleven 合作，設置周年展覽，並在地標台北 101 舉辦燈光秀。此活動在網路上爆紅，成為台灣社群媒體的第一名熱門話題。

10 years in, AoVis still winning over new generations of players and deepening its bonds with the longtime fans. With this strong engagement, we believe that just like Free Fire, AoV will continue to be an evergreen game.

走過 10 年，AoV 仍持續吸引新世代玩家，並加深與長期粉絲的連結。在如此強勁的互動參與下，我們相信 AoV 將如同 Free Fire 一樣，持續成為長青遊戲。

In summary, Garena’s performance this quarter showcases our ability to keep successful games fresh, listen closely to our players, and build lasting relationships with them. We will remain focused on delivering engaging experiences and strengthening our franchises for the long term.

總結而言，Garena 本季的表現展現了我們讓成功遊戲保持新鮮感、密切傾聽玩家、並與玩家建立長期關係的能力。我們將持續專注於提供引人入勝的體驗，並在長期內強化我們的遊戲品牌。

In addition to our three existing business segments, we have always been exploring and experimenting with new businesses. The most recent of these is Sea Cloud, as we announced recently. As AI has taken off, we have built up meaningful capabilities over the past two years across the infrastructure, model, and agentic application layers, and our own businesses have benefited significantly from them.

除了現有三大業務板塊之外，我們一直也在探索並試驗新業務。最近的一項是我們近期宣布的 Sea Cloud。隨著 AI 快速起飛，我們在過去兩年於基礎設施、模型與代理式應用（agentic application）等層面建立了實質能力，而我們自身業務也從中顯著受益。

Sea Cloud looks to bring these capabilities to other organizations across all three layers. Today, there is a lot of focus on compute prices and cyclical margins, and having enough compute certainly matters, but we believe the ultimate prize lies elsewhere.

Sea Cloud 希望把這些能力帶給其他組織，涵蓋上述三個層面。目前市場高度關注算力價格與週期性利潤率；擁有足夠算力固然重要，但我們相信最終的關鍵價值在別處。

The cost of tokens is falling rapidly and structurally, and as it does, AI becomes affordable for far more organizations and far more use cases. The real opportunity is to build a significant business around the long-term decline in token prices, helping organizations drive much broader AI adoption.

Token 成本正以快速且結構性的方式下降；隨著其下降，AI 將對更多組織與更多使用情境變得可負擔。真正的機會在於：圍繞 token 價格長期下行建立一項具規模的業務，協助組織推動更廣泛的 AI 導入。

We see much of the lasting value in the layers above bare metal capacity. One is running AI efficiently, getting more out of every GPU through better utilization, faster deployment, and leaner operations, which we have mastered for our own businesses.

我們認為持久價值多數存在於裸機算力之上的各層。其中之一是高效率地運行 AI：透過更佳的利用率、更快的部署與更精簡的營運，讓每一張 GPU 發揮更大效益——這些我們已在自身業務中熟練掌握。

The other, and the more important over time, is the agents, software, and orchestration that help organizations put AI to work, running models reliably and securely, adapting them to their own data and languages, keeping that data close to home and moving to newer and more cost-efficient models, including open models as they emerge, without having to rebuild each time.

另一個層面——且隨時間推移更為重要——是代理（agents）、軟體與編排（orchestration），協助組織真正把 AI 用起來：可靠且安全地運行模型，依其自身資料與語言進行調整，讓資料留在本地，並在不必每次重建的情況下，遷移到更新且更具成本效率的模型，包括隨著出現而採用開源模型。

Many organizations want this, but few have the specialist teams to build it themselves. That is where we intend to focus, and it is not theoretical for us. It is what we have had to do for our own businesses, running AI at scale in areas such as fraud detection, customer service, and content generation, under real commercial pressure, and in Monee's case, in highly regulated environments. We see this as an opportunity to turn our AI capabilities, today a cost center for Sea into a profit center.

許多組織都需要這些能力，但很少擁有能自行打造的專業團隊。這正是我們打算聚焦之處，而且對我們而言並非紙上談兵。這是我們為自身業務所必須做到的：在詐欺偵測、客服與內容生成等領域，在真實商業壓力下大規模運行 AI；而以 Monee 而言，更是在高度監管的環境中運作。我們視此為一個機會，將 Sea 目前作為成本中心的 AI 能力，轉化為獲利中心。

We are already making this investment for our own businesses. By serving external customers on top of that existing base, we can spread our fixed costs across more users and earn attractive incremental returns on capital.

我們已經在為自身業務進行這項投資。在既有基礎之上服務外部客戶，我們可以把固定成本分攤到更多用戶，並在資本上取得具吸引力的增量回報。

This is consistent with how we have entered new businesses throughout our history, like Monee beginning as a payment infrastructure, serving our own platforms before growing into a business serving customers well beyond them.

這也符合我們一路以來切入新業務的方式：例如 Monee 最初作為支付基礎設施，先服務我們自有平台，之後再成長為服務更廣泛客戶的業務。

We are setting up Sea Cloud as a frugal start-up so that it can stay nimble and respond quickly to market demand. Our focus is the software and the customer relationship, not owning large amounts of physical capacity. Where customers need dedicated computing capacity, we will only pursue opportunities with clear customer commitments and attractive returns. We will mainly look to partners and customer prepayments to fund the physical infrastructure.

我們將 Sea Cloud 打造成一個節儉的新創團隊，使其能保持靈活並快速回應市場需求。我們的重點在軟體與客戶關係，而非持有大量實體算力資產。在客戶需要專屬算力的情況下，我們只會追求具明確客戶承諾且回報具吸引力的機會。我們將主要透過合作夥伴與客戶預付款來為實體基礎設施提供資金。

As a result, we do not expect Sea Cloud to have a significant impact on our financials for now. It is still early, and we will update investors on any meaningful developments. We also want to give an update on our share repurchase program. As of today, we have almost fully completed our $1 billion share repurchase program announced a year ago. We are pleased to announce that we plan to buy back an additional $1 billion worth of shares.

因此，我們預期 Sea Cloud 目前不會對我們的財務表現造成顯著影響。這仍處於早期階段，我們將在有任何重要進展時向投資人更新。我們也想更新我們的股票回購計畫。截至今日，我們幾乎已完成一年前宣布的 10 億美元股票回購計畫。我們很高興宣布，我們計畫再額外回購價值 10 億美元的股票。

In conclusion, we have delivered another strong quarter. Our three businesses have all expanded their addressable opportunity and strengthened their competitive position. Unit economics continue to improve across many of our initiatives, a testament to our financial discipline and operational efficiency. Our promising momentum across the first three quarters gives us greater confidence for the rest of the year. As always, we greatly appreciate your trust and support.

最後，我們又交出一個強勁的季度表現。我們的三項業務都擴大了可服務機會並強化了競爭地位。我們多項計畫的單位經濟效益持續改善，這證明了我們的財務紀律與營運效率。前三季展現的良好動能，讓我們對今年剩餘時間更具信心。一如既往，我們非常感謝各位的信任與支持。

With that, I invite Tony to discuss our financials.

接下來，我請 Tony 來談談我們的財務表現。

Thank you, Forrest, and thanks to everyone for joining the call. For Sea overall, total GAAP revenue increased 43% year-on-year to $8.6 billion in the third quarter of 2026. This was primarily driven by growth in Shopee and Monee. Our total adjusted EBITDA was up by 29% year-on-year to $931 million in the third quarter of 2026.

謝謝你，Forrest，也感謝各位參與本次電話會議。就 Sea 整體而言，2026 年第三季 GAAP 總營收年增 43% 至 86 億美元。這主要由 Shopee 與 Monee 的成長所帶動。我們的調整後 EBITDA 總額在 2026 年第三季年增 29% 至 9.31 億美元。

On Shopee, gross orders increased 26% year-on-year to 4.5 billion in the third quarter of 2026, and GMV increased by 23% year-on-year to $39.7 billion in the third quarter of 2026. Our third quarter GAAP revenue of $6.1 billion included GAAP marketplace revenue of $5.3 billion, up 41% year-on-year, and GAAP product revenue of $0.7 billion. Within GAAP marketplace revenue, core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was $4.6 billion, up 51% year-on-year.

在 Shopee 方面，2026 年第三季總訂單量年增 26% 至 45 億筆，GMV 年增 23% 至 397 億美元。我們第三季 GAAP 營收為 61 億美元，其中包含 GAAP 市集營收 53 億美元（年增 41%）以及 GAAP 產品營收 7 億美元。在 GAAP 市集營收中，核心市集營收（主要由交易型費用與廣告收入構成）為 46 億美元，年增 51%。

Value-added services revenue, mainly consisting of revenues related to logistics services, was $0.7 billion. Shopee adjusted EBITDA was up by 45% year-on-year to $269 million in the third quarter of 2026. Monee GAAP revenue was up by 64% year-on-year to $1.6 billion in the third quarter of 2026.

加值服務營收（主要由物流服務相關收入構成）為 7 億美元。Shopee 調整後 EBITDA 在 2026 年第三季年增 45% 至 2.69 億美元。Monee GAAP 營收在 2026 年第三季年增 64% 至 16 億美元。

Adjusted EBITDA was up by 15% year-on-year to $298 million in the third quarter of 2026. As of the end of September, our consumer and SME loans principal outstanding reached $12.6 billion, up 60% year-on-year. This consists of $11.2 billion on-book and $1.3 billion off-book loans principal outstanding.

調整後 EBITDA 年增 15% 至 2.98 億美元。截至 9 月底，我們的消費者與中小企業（SME）貸款未償本金達 126 億美元，年增 60%。其中包含 112 億美元表內（on-book）與 13 億美元表外（off-book）貸款未償本金。

Non-performing loans past due by more than 90 days as a percentage of total consumer and SME loans was 1.3% at the end of the quarter. Garena bookings grew 6% year-on-year to $890 million. GAAP revenue was up by 29% year-on-year to $840 million.

逾期超過 90 天的不良貸款占消費者與 SME 貸款總額的比例，在季末為 1.3%。Garena 訂單額（bookings）年增 6% 至 8.90 億美元。GAAP 營收年增 29% 至 8.40 億美元。

The growth was primarily due to the increase in our active user base and deeper paying user penetration. Garena adjusted EBITDA was up by 46% year-on-year to $458 million. Returning to our consolidated numbers, we recognized a net non-operating income of $123 million in the third quarter of 2026, compared to a net non-operating income of $61 million in the third quarter of 2025.

成長主要來自我們活躍用戶基礎的增加，以及付費用戶滲透率的提升。Garena 調整後 EBITDA 年增 46% 至 4.58 億美元。回到合併數字，我們在 2026 年第三季認列淨非營業收入 1.23 億美元，相較之下 2025 年第三季為淨非營業收入 6,100 萬美元。

We had a net income tax expense of $280 million in the third quarter of 2026, compared to net income tax expense of $161 million in the third quarter of 2025. As a result, net income was up by 34% year-on-year to $502 million.

我們在 2026 年第三季的所得稅費用淨額為 2.80 億美元，相較之下 2025 年第三季的所得稅費用淨額為 1.61 億美元。因此，淨利年增 34% 至 5.02 億美元。

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

謝謝你，Forrest 和 Tony。我們現在準備開放提問。接線員？

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Alicia Yap, Citigroup.

花旗集團 Alicia Yap。

Thank you. Good evening, management. Congrats on the solid set of results. Thanks for taking my questions. Two questions. First, wanted to ask on Sea Cloud. I see plans to invest in cloud and AI infrastructure. How should investors think about the expected return profile for these investments? What are the key use cases or demand drivers that give you confidence that Sea Cloud can become a meaningful business over time?

謝謝。管理團隊晚安。恭喜取得一組穩健的業績表現。謝謝讓我提問。兩個問題。第一個想問 Sea Cloud。我看到你們計畫投資雲端與 AI 基礎設施。投資人應該如何看待這些投資的預期報酬輪廓？有哪些關鍵使用情境或需求驅動因素，讓你們有信心 Sea Cloud 隨時間能成為一項具規模的業務？

Second question, Monee. Monee has reached a meaningful scale with over $12 billion in loans outstanding, 44 million active credit users, and also an increasingly diversified business beyond the Shopee ecosystem. As you look ahead, what milestones do you believe are still needed before Monee can be viewed as a standalone financial platform? And strategically, how do you think about the benefits of keeping Monee integrated within Sea versus creating a more independent segment over time? Thank you.

第二個問題是 Monee。Monee 已達到相當規模，未償貸款超過 120 億美元、活躍授信用戶 4,400 萬人，且在 Shopee 生態系之外的業務也日益多元。展望未來，你們認為在 Monee 能被視為獨立金融平台之前，還需要達成哪些里程碑？在策略上，你們如何看待讓 Monee 維持整合於 Sea 之內的好處，相較於隨時間打造更獨立的事業分部？謝謝。

Thank you, Alicia. For the Sea Cloud business, as I just mentioned in my remark, this is a pretty new initiative, and this is at a very, very early stage. So we’re always thinking, what is the potential new business opportunities? We may have opportunities during the AI era, and continually and increasingly, we believe, eventually because of this new technology, both the consumers and organizations across the whole world, and especially in our region as well, will go through the AI transformation.

謝謝你，Alicia。關於 Sea Cloud 業務，正如我剛才在發言中提到的，這是一個相當新的計畫，而且仍處於非常、非常早期的階段。因此我們一直在思考：有哪些潛在的新業務機會？在 AI 時代我們可能會有機會；而且我們相信，最終因為這項新技術，全球各地的消費者與組織，尤其是我們所在的區域，也將持續且日益加速地經歷 AI 轉型。

And every organization need to build up certain AI capabilities, right? This is including across all the layers, including the compute capacity and including the models, and also how to use the model, how to deploy the model, and in an affordable way, in an efficient way, and a secure way.

而每個組織都需要建立一定的 AI 能力，對吧？這涵蓋各個層面，包括算力（compute capacity）、模型（models），以及如何使用模型、如何部署模型，並且要以可負擔、有效率且安全的方式來完成。

And also on top of that, what is the software can be used, and what is the agent can be built, right? This is going to make a meaningful impact. And I think actually it’s not an easy process, and this will take time, and this will take quite some effort for that transformation.

此外，在此之上，還有哪些軟體可以使用、可以建立哪些代理（agent），對吧？這將帶來實質性的影響。而我認為其實這不是一個容易的過程，會需要時間，也會需要相當多的努力來完成這個轉型。

In the past few years, we have gone through this for our own business firsthand. Although this is very, very challenging, we put a lot of effort. We’re also very excited about the impact it can be made, right? In my remark, I mentioned specifically several cases like fraud detection, customer service, content generation. So this has benefited our business significantly on a daily basis.

過去幾年，我們已在自身業務上親身經歷了這個過程。雖然非常、非常具挑戰性，但我們投入了大量努力。我們也對它能帶來的影響感到非常興奮，對吧？在我的發言中，我特別提到幾個案例，例如詐欺偵測、客服、內容生成。因此，這些在日常營運上已為我們的業務帶來顯著效益。

And we have a strong conviction, and what this capability we have built, this is the know-how and the knowledge we have learned through our own use case experience, will be valuable to other organizations as well.

我們有很強的信念：我們所建立的這些能力，也就是我們透過自身使用情境經驗所累積的訣竅（know-how）與知識，對其他組織同樣具有價值。

And also, not many other organization has the same technical capability and the use case as we have today in-house, allow us to build such capability from the scratch. That's why we think the aspiration is really externalize what we already have and build, and as the internal capability and resources, but become a standard kind of a new business is to serve the external customers.

此外，並不是很多其他組織像我們一樣，今天在內部就具備相同的技術能力與使用情境，能讓我們從零開始建立這樣的能力。因此我們認為，我們的願景是把既有、已建置的能力外部化，將其從內部能力與資源，轉化為一種標準化的新業務，用來服務外部客戶。

And we also believe the adoption will be accelerated because of the model is getting better and better, and the agent can do more and more things. And also, the token cost will continually go down.

我們也相信，隨著模型變得越來越好、代理能做的事情越來越多，採用速度將會加快。同時，token 成本也會持續下降。

This will make the entire kind of this AI demand more affordable and more accessible, in an accelerated pace. So that is kind of the big picture we are looking at, and we think the demand will be huge, and this is just at very, very early stage.

這將使整體 AI 需求在更快的速度下變得更可負擔、也更容易取得。這就是我們所看到的大方向；我們認為需求會非常龐大，而目前仍處於非常、非常早期的階段。

So we want to get into this business early. There is a lot of things we do not know yet. Again, this is very early. This is a kind of a startup. So there is a lot of things we need to figure out. For example, what exactly the segment we should focus on, what exactly type of customers we should focus on, and what is the best business model we should use. We think we will get a better picture when we really get our own feet into the game and we start to get first-hand experience.

因此我們希望能及早進入這個業務。還有很多事情我們目前仍不清楚。再次強調，這非常早期。這有點像一個新創。所以還有很多事情需要釐清。例如，我們究竟應該聚焦在哪個細分市場、應該聚焦哪一類客戶，以及應採用什麼樣的最佳商業模式。我們認為，當我們真正下場、開始取得第一手經驗時，就會對這些問題有更清晰的圖像。

I hope, and also I am sure, the learning will be very, very quick, right, and we really have a kind of a real business working on that. We feel in the past, although this is very early, like in the past few months, we have gained a lot of insight and learning about the potential opportunities we have. I think we are going to keep investors updated.

我希望，而且我也確信，學習會非常、非常快，對吧，而且我們確實有一個真正的業務在推進這件事。我們覺得在過去，雖然這還非常早，就像過去幾個月，我們已經對我們所擁有的潛在機會獲得了很多洞見與學習。我想我們會持續向投資人更新。

And at the same time, because of this is very new and it is a very dynamic situation and opportunity, we want to make sure we will be very, very frugal in terms of the CapEx, in terms of the cash flow spending. I think whatever the opportunity we are looking at, the top down we just shared, we believe in the big potential ahead of us.

同時，因為這非常新，而且情勢與機會都非常動態，我們希望確保在資本支出（CapEx）以及現金流支出方面會非常、非常節制。我想無論我們正在看的機會是什麼，從我們剛才分享的自上而下觀點來看，我們相信前方有很大的潛力。

But like a bottom up, when we look at each potential, each project, each customer, each potential deal, we are very much kind of disciplined in terms of what is the return we are looking at, what does it mean to us financially.

但從自下而上的角度，當我們看每一個潛在項目、每一個專案、每一位客戶、每一筆潛在交易時，我們在回報要求、以及其對我們財務上的意義方面，都會非常有紀律。

I do not think at this moment we have a very, very clear sense overall as a business what will be the return on investment will look like. We believe this will be very, very good. But again, we also want to stay humble. There is a lot of things we do not know what we do not know. But bottom up for each project, we will keep the financial discipline very, very seriously.

我不認為此刻我們在整體業務層面，對投資報酬率會長什麼樣子有非常、非常清晰的判斷。我們相信這會非常、非常好。但同時我們也希望保持謙遜。有很多事情我們不知道自己不知道。但就每個專案的自下而上評估而言，我們會非常、非常嚴肅地維持財務紀律。

We want to make sure every project we work on will generate an attractive return for us and minimize our potential financial risk, if there is any. So I think that is the overall thinking we have for this Sea Cloud businesses. It is still at the formation stage. It is a very, very different profile compared to the three existing businesses we have.

我們希望確保我們做的每個專案都能為我們帶來具吸引力的回報，並把潛在的財務風險（如果有的話）降到最低。所以我想這就是我們對 Sea Cloud 業務的整體思路。它仍處於成形階段。相較於我們現有的三大業務，它的輪廓非常、非常不同。

It takes us a decade to build up the three existing business to today’s stage. I think the Sea Cloud will be really, really a long-term bet. This is our kind of the one of the bets we have in the AI times. We are very excited about it, and we will keep our investors and shareholders updated if there is any major development on that front.

我們花了十年才把現有三大業務建立到今天的階段。我想 Sea Cloud 會是一個非常、非常長期的押注。這是我們在 AI 時代所做的押注之一。我們對此非常興奮，如果在這方面有任何重大進展，我們會持續向投資人與股東更新。

And for your question about the Monee IPO, again, this is a very, very exciting project. It always has been our aspiration to build Monee into a standalone financial services business.

至於你關於 Monee IPO 的問題，再次強調，這是一個非常、非常令人興奮的專案。把 Monee 打造成一家獨立的金融服務業務，一直是我們的願景。

And we believe, and the Monee has the potential to be one of the best in the world in the fintech businesses. I think we are on the right track now. And now we feel comfortable. I think it is reached a stage, it has reached the stage and still can be sustainable itself.

我們相信，Monee 有潛力成為全球金融科技業務中最好的之一。我想我們現在走在正確的軌道上。而且現在我們覺得很踏實。我想它已經到了一個階段——它已經達到這個階段，並且仍然能夠自我永續。

I think being listed standalone will give more room and more flexibility for Monee to continually grow. In the past, Monee has benefited hugely being part of the Sea and in being integrated, being part of integrated system.

我認為以獨立公司身分上市，將給 Monee 更大的空間與更高的彈性，讓它能持續成長。過去，Monee 作為 Sea 的一部分、並融入整合式系統之中，獲得了巨大的助益。

I think that is a very, very critical success factor for Monee in the past. But I think moving forward, we expect the Monee will continually grow, and it not only rely on the Sea ecosystem, but really have the courage and have the flexibility and have the room to grow out of it.

我認為這是 Monee 過去非常、非常關鍵的成功因素。但我想展望未來，我們預期 Monee 會持續成長，而且它不僅依賴 Sea 生態系，而是要真正有勇氣、有彈性、也有空間走出這個生態系去成長。

And meanwhile, please don’t get it wrong. I think whatever the, as I shared in my remark, whatever the benefit and the being together with the Sea and with the Shopee in the past will be still there. As I mentioned, there will be still very, very integrated tight collaborations between Shopee and the Monee, right. And there is a huge synergy. We will definitely not give it away.

同時，也請不要誤會。我想無論是——正如我在發言中分享的——過去與 Sea、與 Shopee 在一起所帶來的各種好處，未來仍然會存在。如我所提到的，Shopee 與 Monee 之間仍會有非常、非常緊密整合的合作，對吧。而且協同效應非常大。我們絕對不會把它放掉。

And also at the same time, I think whatever the, from the Sea perspective, the capability we built during the AI era, we have continually the technical support enabler for Monee’s growth. I think that is kind of like our thinking for now.

同時我想，從 Sea 的角度來看，我們在 AI 時代所建立的能力，會持續作為支援 Monee 成長的技術支持與賦能者。我想這就是我們目前的思考。

Again, we are not in any rush, and I think this is, we just want to share this directional move with the investors, shareholders as early as possible. And we are looking at one to three-year timeline, and there is a lot of things when we start to kick off the process. There will be a lot of learnings, and there will be, we will weigh the different ways of doing that and the pros and the cons. I think at the same time, we are going to keep all the shareholders and investors updated along the journey as well.

再次強調，我們並不急，我想我們只是希望盡早把這個方向性的動作與投資人、股東分享。我們看的是一到三年的時間軸，而當我們開始啟動流程時，會有很多事情要做。會有很多學習，也會——我們會權衡不同做法以及其利弊。同時，我們也會在整個過程中持續向所有股東與投資人更新。

Divya Kothiyal, Morgan Stanley.

Divya Kothiyal，摩根士丹利。

Thank you very much. My first question is on Shopee, and really when does the monetization actually start flowing through profitability? We saw that despite the strong growth in take rates and advertising, margins are still flat quarter-on-quarter at about 68 basis points.

非常感謝。我的第一個問題是關於 Shopee：變現何時才會真正開始反映到獲利上？我們看到儘管抽成率與廣告都有強勁成長，利潤率仍然季對季持平，大約是 68 個基點。

Could you elaborate what absorbed these monetization gains specifically, and which investments should start delivering some sort of operating leverage next year? If you could also comment on the profitability runway difference between ASEAN and Brazil, as well as between content or ecosystem versus shelf. So that's my first question on Shopee profitability.

你能否說明具體是哪些因素吸收了這些變現增益，以及哪些投資應該在明年開始帶來某種營運槓桿？也請你評論一下東協與巴西之間的獲利跑道差異，以及內容或生態系相較於貨架式（shelf）之間的差異。這是我關於 Shopee 獲利能力的第一個問題。

My second question is just on agentic AI and Shopee. You are an early connector partner for Muse, as you mentioned. If product discovery moves to an external agent, how do the economics of the Shopee order change, particularly the advertising revenue and the contribution profit?

我的第二個問題是關於代理式 AI（agentic AI）與 Shopee。如你所提到的，你們是 Muse 的早期連接合作夥伴。如果商品探索轉移到外部代理，那 Shopee 訂單的經濟模型會如何改變，特別是廣告收入與貢獻利潤？

Do you actually retain the customer relationship and data? And if you could also comment on how Migoo is performing on adoption and conversion, and how you see its role in Shopee as the agentic AI going forward. Thanks.

你們是否仍能保留客戶關係與數據？另外也請你評論 Migoo 在採用率與轉換率方面的表現，以及在代理式 AI 發展下，你如何看待它在 Shopee 中的角色。謝謝。

On the Shopee side, for the monetization that you mentioned, we do see better monetization over the quarters. As you pointed out that our EBITDA also remain relatively stable from the quarter to quarter. And I think overall, the thinking we have is that we still see there is quite a lot of growth potential in both Southeast Asia and Brazil market.

在 Shopee 方面，關於你提到的變現，我們確實看到各季度的變現表現更好。如你指出的，我們的 EBITDA 也在季度之間維持相對穩定。整體而言，我們的想法是：我們仍然看到東南亞與巴西市場都有相當大的成長潛力。

In fact, if you look at our growth rate, we grew 23%-plus this year, this quarter. If you look at the growth without the ForEx impact, we grew more than 26%, close to 26.5%. So we still see a lot of potential in our market, and we would like to grow e-commerce penetration further in both Southeast Asia and Brazil market.

事實上，如果你看我們的成長率，本季度我們成長了 23% 以上。如果看排除匯率（ForEx）影響後的成長，我們成長超過 26%，接近 26.5%。因此我們仍然看到市場有很大潛力，也希望在東南亞與巴西市場進一步提升電商滲透率。

At the same time, as Forrest mentioned in the opening remarks, that we commit to have our adjusted EBITDA more than $1 billion this year. I think we still hold that as our standard. We expect going forward, our monetization will also be better, primarily from the ad side, less from the fixed commission side.

同時，正如 Forrest 在開場致詞中提到的，我們承諾今年調整後 EBITDA 超過 10 億美元。我想我們仍以此作為我們的標準。我們預期未來我們的變現也會更好，主要來自廣告端，而較少來自固定佣金端。

And part of that will flow to the bottom line EBITDA improvement over time. And part of that might go to the investment to grow our market further as well. Between Brazil and Southeast Asia, I don’t think there’s a particular difference in terms of trends between the two regions.

其中一部分會隨時間反映到 EBITDA 的底線改善上。而其中一部分也可能投入到進一步擴大市場成長的投資上。在巴西與東南亞之間，我不認為兩個地區在趨勢上有特別的差異。

I think both Brazil and Southeast Asia are relatively stable, if you look at from quarter-to-quarter perspective. For content side, content for us comprise of, let’s say, both the videos and live streams. Our content ecosystem has been growing year to year and quarter to quarter. At the same time, our profitability also grow better for content as well.

我認為如果從季度對季度的角度來看，巴西和東南亞都相對穩定。在內容端方面，我們的內容包括，譬如說，影片與直播。我們的內容生態系一直以年對年、季對季的方式成長。同時，我們在內容方面的獲利能力也有所提升。

If you look at contribution margin perspective, our content part of business has been profitable already for this quarter, which is a very good milestone for us to achieve.

如果從貢獻毛利（contribution margin）的角度來看，我們內容這一塊業務在本季度已經實現獲利，這對我們而言是非常重要的里程碑。

Coming to the second question on the agentic AI, we actually partner with a range of partners, starting from ChatGPT, and now, as you mentioned, the Muse.

回到第二個關於代理式 AI（agentic AI） 的問題，我們其實與一系列合作夥伴合作，從 ChatGPT 開始，現在也包括你提到的 Muse。

At this point in time, all the checkout and seller relationships and buyer relationships happen within the Shopee platform. And we didn’t see a meaningful impact to our economics for the near future. At the same time, I would like to point out that we work with many platforms as affiliate partners as well. For example, we’ve been working very closely with both YouTube and Meta for Facebook and Instagram as affiliate partners, which works similar to the fashion we work with platform like Muse.

在目前這個時間點，所有結帳流程，以及賣家關係與買家關係，都發生在 Shopee 平台內。而在可預見的近期，我們沒有看到對我們經濟模型帶來顯著影響。同時我也想指出，我們也與許多平台以聯盟（affiliate）夥伴的形式合作。例如，我們一直與 YouTube 以及 Meta（Facebook 與 Instagram）密切合作作為聯盟夥伴，其運作方式與我們和 Muse 這類平台合作的模式相似。

And affiliate partner, we’ve been generating a sizable new user to our platform, generating a sizable traffic to our platform, and it’s been part of our unit economics in the past years. We don’t see this will dramatically change the picture when we work with Muse or ChatGPT.

透過聯盟夥伴，我們為平台帶來了相當可觀的新用戶，也帶來了相當可觀的流量，而且這在過去幾年一直是我們單位經濟（unit economics）的一部分。因此，當我們與 Muse 或 ChatGPT 合作時，我們不認為這會大幅改變整體情況。

Piyush Choudhary, HSBC.

Piyush Choudhary，匯豐（HSBC）。

Yeah. Hi. Thanks a lot, and congratulations on a good set of numbers. Two questions. Firstly on Shopee, when do you think the peak investments would pass, considering the ongoing investment in ShopeeVIP, instant delivery, fulfillment? And did I hear correctly that content ecosystem is now EBITDA positive? If not, then how much is the drag on profitability? Can you also share what’s the progress on fulfillment both in Asia and Brazil?

是的，你好。非常感謝，也恭喜你們交出一組不錯的數字。我有兩個問題。第一個關於 Shopee：考量你們持續在 ShopeeVIP、即時配送、履約等方面投資，你們認為投資高峰大概何時會過去？另外，我是否聽對了：內容生態系現在已經 EBITDA 轉正？如果還沒有，那對獲利的拖累大概是多少？也請分享一下在亞洲與巴西的履約進展如何？

Second question on Sea Cloud. You have explained in detail your aspirations, but can I check if you have secured any enterprise contracts already? Just to clarify, would you invest in data center and GPUs, or would it be CapEx light where you will lease these assets? Any guardrails that you have put on maximum capital investment over the next two to three years in this segment would be great. Thank you.

第二個問題關於 Sea Cloud。你們已經很詳細說明了你們的願景，但我想確認一下：你們是否已經拿到任何企業客戶合約？再釐清一下，你們會投資資料中心與 GPU，還是會採取較輕資本支出（CapEx light）的模式去租用這些資產？如果你們能分享未來兩到三年在這個領域的資本投入上限（guardrails），會很有幫助。謝謝。

Yeah. I think we’ve been investing in the ShopeeVIP and fulfillment, and also the other initiatives, like the instant delivery, et cetera, across our countries. It’s a bit hard to argue when is the peak investment as we roll out this program in different countries, different markets, at different time frame.

是的。我認為我們一直在 ShopeeVIP、履約，以及其他一些計畫（例如即時配送等）上，在各個國家持續投入。由於我們在不同國家、不同市場、不同時間節奏推進這些計畫，因此要判斷何時是投資高峰其實有點難。

So if you look at our early countries that we started, let’s say, some of the program, it does pass the peak investment, but there are some other countries come to later. The mix of country and the pace of it has a lot of impact in terms of the pace of investment. But in any case, as I shared earlier in the previous answers, we do see the bottom line, essentially the EBITDA will continue to improve year-over-year, which includes all the investment to these programs.

如果你看我們較早啟動某些計畫的國家，確實已經過了投資高峰，但也有一些國家是較晚才開始。國家組合與推進速度，會對投資節奏造成很大影響。但無論如何，正如我在前面回答中分享的，我們確實看到最終的損益表表現——也就是 EBITDA——會持續年對年改善，而這也包含了對這些計畫的所有投資。

So we manage it within sort of how much take rate we can take and how much investment we can make while growing the ecosystem and the user base. For content ecosystem, which includes video and livestream, I think it’s a bit hard to split a particular segment to the EBITDA levels because there are many shared costs below that.

因此，我們會在「可取得的抽成率（take rate）」與「在擴大生態系與用戶基礎的同時可投入的投資額度」之間，來進行管理與平衡。至於內容生態系（包含影片與直播），由於其下方有許多共用成本，因此要把某個特定分部拆分到 EBITDA 水準其實有點困難。

I think, for us, we look at sort of variable cost or contribution margins to our platforms. The content platform does have a positive contribution margin. Essentially what we’re saying is, if we grow content business more in our platforms, we’ll have more profit rather than has less profit for our businesses. The fulfillment penetration, I think the overall fulfillment has been growing quite a lot year-over-year. We started this in Southeast Asia earlier than Brazil.

對我們而言，我們更看重的是平台的變動成本或貢獻毛利。內容平台確實有正向的貢獻毛利。也就是說，我們的意思是：如果我們在平台上把內容業務做得更大，對整體而言會帶來更多利潤，而不是讓利潤變少。至於履約滲透率，我認為整體履約業務年對年成長相當多。我們在東南亞比在巴西更早開始推進這件事。

So in reality is, the penetration in Southeast Asia will have a slightly higher percentage as overall platform than Brazil. But we do believe that the penetration will further grow in both Brazil and Southeast Asia. The other thing that we spend our time on is to optimize the cost of fulfillment, which is very important for us.

因此實際上，東南亞的履約滲透率占整體平台的比例會比巴西略高。但我們確實相信，巴西與東南亞的滲透率都還會進一步提升。另一個我們投入時間的重點，是優化履約成本，這對我們非常重要。

We’re seeing meaningful reduction in both Southeast Asia and Brazil for our cost to fulfill for our fulfillment businesses. The part of that contributes by the scale that we’ve built over time. Part of that contribution by better automations, which is very important tools for us to reduce the cost to fulfill compared to many of our sellers.

我們看到在東南亞與巴西，我們的履約成本（cost to fulfill）都有顯著下降。其中一部分來自我們隨時間累積建立的規模。另一部分來自更好的自動化，這是我們用來降低履約成本、相較於許多賣家更具效率的非常重要工具。

Part of that also come from how to optimize the way we work with the sellers, the way we inbound, the product selection we have, how long do we keep the products in our fulfillment centers, et cetera. I think all those contribute to the growth of fulfillment while improving the unit economic for fulfillment over time.

另外一部分也來自於我們如何優化與賣家的合作方式、我們如何入庫（inbound）、我們的商品選品、商品在履約中心存放多久等。我認為這些因素都共同促成履約業務的成長，同時也讓履約的單位經濟隨時間改善。

Piyush, for Sea Cloud, for your question, as you know, this is just at the very, very beginning of the business. At this moment, we haven’t secured any enterprise contracts. And for the investment in the data center and the GPUs, let me put it in this way, we definitely probably will invest in the GPUs and primarily for our own use.

Piyush，關於你對 Sea Cloud 的問題，如你所知，這項業務才剛剛、非常非常早期。目前我們還沒有拿到任何企業客戶合約。至於資料中心與 GPU 的投資，我這樣說：我們很可能會投資 GPU，而且主要是為了我們自身使用。

So regardless if there is a Sea Cloud business or not, like how the business progress down the road, we are going to invest into GPUs and primarily for all the internal use cases. And for the data centers, we’ll see how the opportunity look like. In general, we are not interested to invest in the data centers, but we may spend the money to build data centers for our own use cases, primarily for our uses.

所以不論是否有 Sea Cloud 這門業務、或未來業務進展如何，我們都會投資 GPU，且主要用於各種內部使用情境。至於資料中心，我們會視機會而定。整體而言，我們並不太有興趣投資資料中心，但我們可能會為了自身使用情境而投入資金建置資料中心，主要是為了我們自己的用途。

For example, for our financial services business, for Monee, based on regulations, a lot of data need to stay in Singapore. So for those cases, it could be we’ll evaluate the options, in terms of the build up our own data centers, because this is a very, very clear usage and a very, very clear use case versus leasing the data center capacity, right. And so -- I would say we’re going to be open-minded on that part. Again, I would say this has nothing to do with the Sea Cloud business.

例如，就我們的金融服務業務 Monee 而言，基於監管要求，許多資料需要留在新加坡。因此在這類情況下，我們可能會評估各種選項：是自建資料中心，因為這是非常明確的用途與非常明確的使用情境；或是租用資料中心容量，對吧。所以——我會說，我們在這部分會保持開放的態度。再次強調，我會說這與 Sea Cloud 業務無關。

It’s in general from Sea perspective, we’ll keep those options open. And in terms of the guardrail on capital investment here, as I mentioned, we’ll be very, very cautious, right. And the good thing is it’s different from the consumer business, like you have to spend a huge amount of investment upfront, and then along the way, to reach the critical mass and then start to -- because of the density, because of the volume, and you start to see the unit economics from negative to positive.

這是從 Sea 整體角度出發，我們會保留這些選項。至於在這裡資本投資的上限（guardrail），如我所提到的，我們會非常、非常謹慎，對吧。而好處是，這與消費者業務不同；消費者業務往往需要先投入非常大量的前期投資，然後在過程中達到關鍵規模，接著才會——因為密度、因為量體——看到單位經濟從負轉正。

We have gone through several round of that. We know that part very, very well. The business nature is a bit different from the Sea Cloud. I think it will be very much deal-by-deal driven, at least at the beginning stage, and with very, very specific target in terms of the customers, in terms of the projection of the revenue, and what is the timeline for that, and what is the potential investment we put in.

我們已經就此進行了好幾輪討論。我們對那一部分非常、非常熟悉。這項業務的性質與 Sea Cloud 有些不同。我認為至少在初期階段，它會非常以單筆交易（deal-by-deal）為驅動，並且在客戶目標、營收預測、時間表，以及我們可能投入的投資金額等方面，都會有非常、非常明確的具體目標。

I think we are going to have a guardrail. We want to, as I mentioned in the remark, we’ll only pursue opportunity with a clear customer commitment and a clear return profile, right. And we’re going to make the case-by-case judgment if that return is good enough for us or not. We don’t have to pursue the opportunities if we don’t like the return profile.

我認為我們會設置一道護欄（guardrail）。正如我在發言中提到的，我們只會追求具備明確客戶承諾以及明確回報輪廓（return profile）的機會，對吧。而且我們會逐案判斷該回報是否足夠好、是否符合我們的要求。如果我們不喜歡其回報輪廓，我們不必去追逐那些機會。

And at the same time, we’re going to try all the ways to minimize the impact on our own financials, and especially the cash flow, the balance sheet. I think there’s a lot of ways to work with the potential partners. A lot of things can be worked through the customer prepayment, right? So the spirit is we are going to minimize our own financial impact.

同時，我們也會嘗試各種方式，把對我們自身財務的影響降到最低，尤其是對現金流與資產負債表的影響。我認為有很多方式可以與潛在合作夥伴合作。很多事情都可以透過客戶預付款來推進，對吧？所以核心精神是：我們會把對自身財務的影響降到最低。

Thomas Chong, Jefferies.

Thomas Chong，Jefferies。

Hi, good evening. Thanks, management, for taking my question. I also have two questions. The first question is also on the Sea Cloud business. Given that we have talked about it is a project-by-project basis, and we also look into the return profile, I just want to get some color from management strategic perspective.

嗨，晚上好。謝謝管理層回答我的問題。我也有兩個問題。第一個問題同樣是關於 Sea Cloud 業務。鑑於我們談到這是以專案逐案（project-by-project）的方式推進，並且也會看回報輪廓，我想從管理層的策略角度了解更多細節。

If we look at three years or five years down the road, in terms of our business mix or our profit mix, how significant is Sea Cloud to our overall business? Would that become another very meaningful business, like three to five years down the road? That's my first question.

如果我們看三年或五年後，從我們的業務組合或利潤組合來看，Sea Cloud 對我們整體業務的重要性會有多大？它是否會在三到五年後成為另一個非常有意義的業務？這是我的第一個問題。

And then my second question is back to Shopee business outlook. Given that we are seeing the macro is very dynamic, fuel price, and other macro uncertainties, how should we think about our GMV outlook or growth rate going down the road? Are we actually expecting a meaningful slowdown or a gradual slowdown given all these headwinds? Thank you.

第二個問題回到 Shopee 的業務展望。鑑於我們看到宏觀環境非常多變，燃油價格以及其他宏觀不確定性因素存在，未來我們應該如何看待 GMV 的展望或成長率？在這些逆風之下，我們是否預期會出現明顯放緩，或是逐步放緩？謝謝。

Thank you, Thomas. For Sea Cloud, strategically, and in the big picture, we are very, very bullish. We are very optimistic. As I shared, number one, we believe AI, it is a fantastic technology. This will make huge impact for every single organization, every single business. Every organization, every single business will need to, right away, they need to figure out their own strategy and the action plans, executions, how to make that transformation, and how to make them relevant in the AI era. So if you look from that perspective, the demand is huge.

謝謝你，Thomas。就 Sea Cloud 而言，從策略以及大局觀來看，我們非常、非常看多。我們非常樂觀。如我所分享的，第一，我們相信 AI 是一項極佳的技術。它將對每一個組織、每一門業務帶來巨大影響。每個組織、每個企業都需要立刻釐清自身的策略與行動計畫、執行方式，如何完成轉型，以及如何在 AI 時代保持相關性。因此從這個角度看，需求非常龐大。

And the second thing we bet on is the AI adoption across all the industries will be accelerated, and it's mainly because of the model is getting better, and the agent can do more things, and can really make impact in the workflow and in the day-to-day use cases.

第二個我們押注的是：AI 在各行各業的採用將會加速，主要原因是模型變得更好，agent 能做更多事情，並且能在工作流程與日常使用情境中真正產生影響。

And at the same time, the token cost and the token price is going down rapidly. This is the things we -- this will give us the conviction, and the opportunity could be huge. And by the end of the day, this will happen in three years or five years.

同時，token 成本與 token 價格正在快速下降。這些因素——讓我們更有信心，而機會可能非常巨大。而最終，這件事會在三年或五年內發生。

As I said, it depends. I do not have a very, very clear view, and things go very, very fast in this industry, right. So to be honest, I do not have the exact kind of perspective on that specific timeline. But, we build this business, it is not only for three years or five years. We want to build it to become a sustainable business, become a part of our businesses permanently. So that's the aspiration. And of course, we only do this, we do believe this will generate a very, very meaningful, very, very sizable revenue and profit for us down the road.

如我所說，這要看情況。我沒有非常、非常清晰的看法，而且這個產業的變化非常、非常快，對吧。所以坦白說，對於那個特定時間點，我沒有精確的判斷。但我們打造這項業務，不只是為了三年或五年。我們希望把它打造為一個可持續的業務，並永久成為我們業務的一部分。這就是我們的願景。當然，我們之所以做這件事，是因為我們相信它未來將為我們帶來非常、非常可觀、規模非常大的營收與利潤。

On the Shopee growth, first of all, we do not see a big Shopee GMV growth rate slowdown yet. As we shared earlier in Q3, we do see a meaningful growth, a similar growth rate compared to last quarter from a year-to-year perspective, if we take away the ForEx impact.

關於 Shopee 的成長，首先，我們目前還沒有看到 Shopee 的 GMV 成長率出現明顯放緩。如我們先前在第三季分享的，若剔除外匯（ForEx）影響，從年對年角度看，我們確實看到有意義的成長，且成長率與上一季相近。

You are right that there are many macro factors, like fuel price, et cetera, impacting the consumptions. Overall, we see that although we have noticed some more value-seeking behaviors in our market due to all this macro environment, but the general overall demand has relatively resilient. But again, I would like to reiterate that our competitive advantage will continue to differentiate us from the peers, even in the macro situation that we are in right now.

你說得對，確實有許多宏觀因素，例如燃油價格等，正在影響消費。整體而言，我們看到雖然在這樣的宏觀環境下，市場出現更多追求性價比的行為，但整體需求仍相對具韌性。不過我也想再次強調，即使在目前的宏觀情勢下，我們的競爭優勢仍將持續使我們與同業有所區隔。

Given that we built our platform around long-tail products and also the pricing in our platform is a lot more competitive compared to other platforms online or compared to the alternative offline as well. On top of that, a large part of our platforms’ GMV are driven by the people who have the needs to purchase rather than people have impulse buying.

因為我們的平台是圍繞長尾商品所建立，而且我們平台上的定價相較於其他線上平台，或相較於線下替代選項，也更具競爭力。此外，我們平台 GMV 的很大一部分是由有明確購買需求的人所帶動，而不是由衝動型購買所驅動。

All those put us in a more resilient position on the growth for our e-commerce in our market. I think we will continue to monitor our market very closely for any changes. Again, given all the things we mentioned above, and also the e-commerce penetration are still relatively low compared to many other markets, we still believe that there is a big runway for us to grow our e-commerce in the regions.

這些因素都讓我們在市場電商成長方面處於更具韌性的地位。我認為我們會持續非常密切地監測市場的任何變化。再次強調，基於上述各點，以及相較於許多其他市場，電商滲透率仍相對偏低，我們仍相信在這些地區，我們的電商業務仍有很大的成長跑道。

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

問答環節到此結束。我想把電話會議交回給 Elson Choi 先生，請他做結語。

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

感謝各位今天參加本次電話會議。我們期待在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.

本次會議到此結束。感謝各位出席今天的簡報。您現在可以斷線。