新加坡科技巨头Sea(SE.US)凭借旗下电商平台Shopee推动股价实现300%的强势反弹，成功超越星展集 团，重夺东南亚市值最高上市公司的头衔。 为向投资者证明自身的长期盈利潜力，Sea还在押注数字金融等新业务领域。其一大"秘密武器"是鲜为 人知的物流业务SPX Express：在新加坡等市场，该物流网络依靠家庭主妇、学生及退休人员组成的配 送队伍，实现了常态化、可靠的物流配送服务。 另一边，星展集团的股价自去年年初以来已上涨65%，创下历史新高。作为新加坡规模最大的银行，星 展集团依托贷款业务与财富管理业务实现了稳健盈利，在此基础上，该集团承诺通过提高股息、回购并 注销股票的方式，向投资者返还数十亿美元资金。 随着越来越多消费者通过线上渠道购买从iPhone到日用百货的各类商品，Sea旗下电商平台Shopee已巩 固了在东南亚市场的领导地位。8月，Sea公布的销售额创下历史新高且超出市场预期，表明其成功抵御 了字节跳动旗下TikTok和阿里巴巴(BABA.US)旗下Lazada等强劲对手的攻势。自去年年初以来，Sea股 价涨幅超四倍，投资者对其在东南亚市场优势的信心持续增强。 尽管面临TikTok、La ...

Core Viewpoint - Watsons Group, under Li Ka-shing, is continuously reducing its store count in China, reflecting a strategic shift in response to declining performance in the region [2][4]. Financial Performance - In the first half of 2025, Watsons Group reported a revenue of HKD 6.666 billion in China, a year-on-year decrease of 3% [2][3]. - The EBITDA for the same period was HKD 117 million, down 53% compared to the previous year [2][3]. Store Count and Sales Performance - The number of stores in China decreased by 145, representing a 4% reduction year-on-year [4][6]. - The year-on-year sales growth rate for stores in China improved from -18.6% to -1% [4][5]. Strategic Adjustments - The reduction in store count is part of a strategy to optimize the store portfolio, closing underperforming locations upon lease expiration [6]. - The company is increasing its online fulfillment capabilities, with the number of micro-fulfillment centers rising from 131 to 394 [6]. Regional Performance - Other regions, such as Asia and Europe, are performing well, with significant growth in sales and store counts, contrasting sharply with the decline in China [3][5]. - In Asia, store count increased by 796, with a sales growth rate of 6.4% [5]. Employment Trends - The number of employees in Chengdu Watsons has decreased from 1,582 in 2022 to 1,204 in 2024, indicating a trend of workforce reduction [8]. - Similarly, in Chongqing, employee numbers have also shown a continuous decline from 600 in 2022 to 501 in 2024 [10]. Overall Strategy - The company is adopting a dual strategy of closing inefficient physical stores while expanding its online and warehousing capabilities to enhance competitive advantage amid pressures from e-commerce and local beauty stores [11].

Core Viewpoint - Sea's stock surged nearly 18% to a three-year high of $171.12 following the release of its second-quarter earnings, which exceeded analyst expectations due to increased online purchasing trends among Southeast Asian consumers [1] Financial Performance - Sea's revenue for the three months ending in June reached a record $5.26 billion, representing a 38% year-over-year growth, significantly surpassing the average analyst estimate of $5 billion [1] - The company's net profit rose from $79.9 million in the same period last year to $414.2 million, although it fell short of analyst predictions of $444 million [1] Business Segments - Historically, Sea relied on cash flow from its gaming business, Garena, to support the growth of its e-commerce platform Shopee and digital financial services through Monee. However, both Shopee and Monee have now achieved healthier financial positions [1] - This improved financial status allows Sea to increase investments in Garena, which has shown strong recovery over the past year and a half [1]