Sea(SE.US)FY25Q1业绩会：公司仍将目标设定为EBITDA占GMV的2%-3%

Core Viewpoint - Sea's Shopee has shown strong growth in Q1 FY25, driven by seasonal factors, improved monetization rates, and cost optimization strategies [1][3] Group 1: Growth Drivers - Seasonal factors contributed to growth, as Ramadan fully fell in Q1 for the first time [1][3] - The company improved its monetization rate, with advertising monetization increasing by 50 basis points compared to last year [1][3] - Cost optimization efforts led to a significant reduction in transportation costs, along with improved sales, marketing, and operational expenses through AI solutions [1][3] Group 2: Market Position and Resilience - The macro environment has not significantly impacted Shopee's growth, as it operates primarily as a local market platform with minimal cross-border trade influence [2][4] - Shopee's price leadership in markets with low e-commerce penetration helps attract users seeking lower-priced products, enhancing market penetration [2][4] - The demand-driven nature of Shopee's market means it is less affected by discretionary spending fluctuations, with foreign exchange rates being the only potential risk factor [2][4] Group 3: Financial Performance and Projections - The company maintains a GMV growth guidance of 20% for the full year, with a long-term EBITDA target of 2% to 3% of GMV [1][3] - Short-term strategies focus on growth without excessively squeezing the ecosystem, ensuring both EBITDA improvement and sustained growth [1][3] Group 4: Regional Insights - In Brazil, Shopee's growth is supported by pricing advantages and significant infrastructure improvements, including reduced delivery times [7] - The company has successfully launched a VIP membership service, enhancing purchase frequency and user retention, which does not conflict with VAS revenue growth [7] Group 5: Financial Technology and Market Potential - Monee's strong performance is attributed to increased penetration of Shopee financial products and growth in non-Shopee business segments [5][6] - The Brazilian market shows significant growth potential for financial technology, with the company integrating more data to enhance service offerings [9]