Core Viewpoint - Sea's recent performance shows significant growth in the gaming sector and a notable improvement in the e-commerce segment's profit margins, despite some indicators falling short of market expectations [3][10][12]. Gaming Segment - The gaming business experienced a remarkable revenue increase of nearly 51% year-on-year, significantly surpassing the sell-side expectations of around 11% [3][14]. - The surge in performance is attributed to the collaboration with the popular IP "Naruto," which boosted daily active users to near pre-pandemic levels, with active users increasing by 15 million and paying users by 4.7 million [3][16]. - The adjusted EBITDA for the gaming segment rose by 56.8%, with the profit margin increasing from 57.1% to 59.1% year-on-year [4][42]. - However, due to a significant portion of new revenue being recorded as deferred income, GAAP revenue growth was only 8%, which fell short of expectations [4][23]. E-commerce Segment - The Shopee e-commerce segment reported a GMV of $28.6 billion, with a year-on-year growth rate of 21.2%, slightly below the market expectation of 23% [5][26]. - Revenue growth for Shopee was 28%, a significant decline from the previous quarter's 41%, and also below the expected 33% [5][30]. - Despite the growth challenges, the e-commerce segment achieved approximately $200 million in operating profit, exceeding market expectations of $86 million, with a profit margin of 5.5% [5][42]. - The gross margin for the e-commerce segment improved from 10% to 16.5% year-on-year, contributing to the overall profit exceeding expectations [7][48]. Financial Segment - The newly renamed financial segment, Monee, reported revenue of approximately $790 million, a year-on-year increase of 58%, surpassing sell-side expectations of 48% [6][36]. - Total loan balances reached $5.8 billion, with a year-on-year growth of 76%, while the overdue loan ratio decreased to 1.1% [6][36]. - However, the provision for bad debts increased significantly, raising concerns about potential risks associated with rapid market expansion [6][35]. Cost and Expense Management - The overall gross profit reached $2.24 billion, with a gross margin improvement from 44.6% to 46.2%, exceeding market expectations [7][48]. - Operating expenses totaled approximately $1.82 billion, reflecting a year-on-year increase of 19%, indicating a continued optimistic expansion phase for the company [7][53]. - Marketing expenses surged by 21%, primarily driven by the financial segment's aggressive market expansion efforts [7][53]. Overall Performance - Sea's overall revenue growth was 30% year-on-year, but this was below the market expectation of 31%, primarily due to the e-commerce and gaming segments underperforming in terms of revenue recognition [8][46]. - The adjusted EBITDA for the entire company reached $950 million, significantly exceeding market expectations of $660 million by approximately 44% [8][12].

北京时间 5 月 13 日晚美股盘前，东南亚小腾讯$Sea.US 公布了 2025 年 1 季度财报，最大亮点在于游戏板块流水大超预期，以及电商板块利润率快速提升，但也并 非所有指标全面好于预期的满分表现，核心要点如下： 1、联名 "火影" 带来游戏炸裂业绩： 本此 业绩最亮眼之处—Garena 游戏业务本季 流水同比暴涨近 51%，大大超出卖方预期仅 11% 上下的增速， 较过往几个季度 不过 20% 上下的增长可谓火箭式提速。据公司解释，主要归功于 Free Fire 本季与头部 IP"火影忍者" 进行联动，大幅提升了 FF 的日活用户数量 （逼近疫情前的 历史最高值）。 实际数据上 ，本季活跃用户和付费用户数分别环比大增 1500 万和 470 万人， 确实验证了用户的大量回归。 实际付费用户 6500 万人大超市场预期的 5300 万。 且 随着流失老玩家的唤回， 本季度的付费用户比例从上季的 8.2% 暴增到 9.8%，付费用户人均流水也同比大涨了 15% 到$12。 这些因素共同促成了流水的暴涨。 与此同时 ，游戏业务的 adj.EBITDA （记入递延收入） 也同比暴增了 56.8%， 和流水增 ...