Group 1 - The core highlight of Sea's Q1 2025 earnings report is the significant growth in the gaming segment, with revenue increasing nearly 51% year-over-year, far exceeding the market expectation of around 11% [1][16][21] - The collaboration with the popular IP "Naruto" has greatly boosted the daily active users of Free Fire, bringing the active user count close to pre-pandemic levels [1][21] - The number of paying users reached 65 million, significantly surpassing the market expectation of 53 million, with the paying user ratio increasing from 8.2% to 9.8% [1][21][24] Group 2 - The adjusted EBITDA for the gaming segment surged by 56.8%, aligning with the revenue growth, and the EBITDA margin improved from 57.1% to 59.1% year-over-year [2][42] - However, due to a significant portion of new revenue being recorded as deferred income, the GAAP revenue and operating profit fell short of expectations [2][6] - The Shopee e-commerce segment reported a GMV of $28.6 billion, showing a year-over-year growth of 21.2%, but this was below the market expectation of 23% [2][28] Group 3 - The e-commerce segment's revenue growth was 28%, a notable decline from the previous quarter's 41%, and it also missed the market expectation of 33% [3][32] - The decline in revenue was attributed to a decrease in the monetization rate of the 3P marketplace model, which fell by nearly 0.3 percentage points [3][32] - Despite the growth challenges, the e-commerce segment achieved approximately $200 million in operating profit, significantly exceeding the market expectation of $86 million [3][42] Group 4 - The financial segment, recently rebranded as Monee, reported revenue of approximately $790 million, a year-over-year increase of 58%, surpassing the market expectation of 48% [3][38] - The total loan balance reached $5.8 billion, reflecting a year-over-year growth of 76%, while the overdue loan ratio decreased to 1.1% [4][39] - However, the provision for bad debts increased significantly, indicating rising credit risk as the business expands into new markets [4][39] Group 5 - Overall, Sea's total revenue grew by 30% year-over-year, but this was below the market expectation of 31% [6][45] - The company reported a gross profit of $2.24 billion, with a gross margin improving from 44.6% to 46.2%, exceeding market expectations [5][48] - Operating expenses increased by 19%, primarily driven by a significant rise in marketing expenses related to the financial segment [5][51]
小腾讯 Sea：蹭上 “火影” 大 IP，炸裂业绩能持久吗？
海豚投研·2025-05-17 09:38