“东南亚小腾讯”Sea业绩狂飙，战略重回“增长优先”

Core Viewpoint - Sea Limited has shifted its strategy from "profit-first" to "growth-first," focusing on market share expansion and business development, as evidenced by its strong financial performance in Q2 2025 [1][5]. Group 1: Financial Performance - Sea Limited reported a GAAP revenue of $5.3 billion in Q2 2025, marking a 38.2% year-over-year increase, the fastest growth in nearly 12 quarters, surpassing market expectations of $5.12 billion [1]. - The net profit surged from $79.9 million in the same quarter last year to $410 million, reflecting a 418% year-over-year growth [1]. - The e-commerce platform Shopee remains the largest revenue source, contributing $3.8 billion, a 33.7% increase year-over-year, accounting for 71.7% of total revenue [2]. Group 2: Business Segments Growth - All three major business segments of Sea achieved double-digit growth in Q2 2025 [2]. - The core market revenue, including transaction commissions and advertising, grew by 46.2% to $2.6 billion, significantly outpacing GMV growth, indicating improved monetization efficiency [2]. - Digital financial services (Monee) revenue reached $883 million, a 70% year-over-year increase, marking it as the fastest-growing segment [3]. Group 3: Strategic Shift - The company has communicated a clear shift in strategy, prioritizing growth over profitability, with CEO Forrest Li emphasizing the potential of the market and the current stage of the business [5]. - Sea has established a more efficient operational system and a sustainable business model after two years of adjustments, allowing for a balance between growth and profitability [7]. - Future investments are expected to focus on market acquisition, technology development, and infrastructure, including logistics and AI technology [7]. Group 4: Market Position and Competition - Shopee has become the leading e-commerce platform in Brazil, competing effectively against local and international players like Mercado Livre and Amazon [3]. - Despite competitive pressures, Shopee's growth in Brazil has remained strong, with no significant impact from competitors lowering shipping thresholds [3]. - Analysts believe that Shopee's penetration in emerging markets still has room for improvement, and the digital financial services segment is in its early development stage [8].