CSIWM 个股点评 2026 年 3 月 4 日 冬海集团 SE US 本文内容由 Kylie Kwok (郭凯欣) 提供 新加坡互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 中信证券财富管理(香港) 产品及投资方案部 GMV 与利润率的权衡将持续 集团净利润 4.11 亿美元符合预期，因 Shopee GMV 增长及 Garena 业务增长抵消了 Shopee 和 Monee 利润 率下降的影响。 Shopee GMV 同比增长 29%至 367 亿美元，优于此前预测。GMV 增长得益于总订单量同比增长 33%至 40 亿单。月活跃买家同比增长 15%，购买频率持续提升。台湾市场实现双位数增长，而增长最快的巴西市场保 持盈利。 集团 2025 年第四季度广告收入同比增长超 70%，受平均广告支出同比增超 45%支撑。广告货币化率同比提 升逾 80 个基点。 Shopee 收入达 50 亿美元，货币化率同比微增 0.7%至 13.5%。但调整后息税折旧摊销前利润率走弱至 0.6%，导致调整后息税折旧摊销前利润 2.025 ...

PLDT (NYSE:PHI) Q4 2025 Earnings call February 26, 2026 02:30 AM ET Company ParticipantsBlums Pineda - SVP and Enterprise and International Group HeadDanny Yu - Senior VP, CFO, and Chief Risk Management OfficerJeremiah de la Cruz - Senior Vice President, Head of Consumer Business - HomeJinggay Nograles - Head of Investor RelationsJoan De Venecia-Fabul - First VP and Chief Legal CounselLloyd Dennis R. Manaloto - Co-Officer-in-ChargeManuel V. Pangilinan - Chairman and CEOMarjorie C. Garchitorena - Co-Officer- ...

Investment Rating - The report does not explicitly provide an investment rating for the company [5]. Core Insights - The report highlights that Sea Group (冬海集团) has significant growth potential in online penetration in Brazil and Southeast Asia, supported by current market trends [5]. - The company is increasing its investment in AI and prioritizing the growth of Gross Merchandise Volume (GMV) to expand its ecosystem and mitigate threats from competitors like Coupang [5]. - Management believes they can narrow the gap with existing competitors such as MercadoLibre in terms of product offerings [5]. - The gaming segment, Garena, may face short-term pressure on deferred revenue due to a high base effect in 2025, while the financial services segment shows significant growth potential [5][7]. Summary by Sections Growth Opportunities - Online consumption in key markets like Brazil and Southeast Asia has substantial growth potential, with Shopee prioritizing GMV growth and ecosystem expansion [5]. - Shopee plans to enhance average order value in Brazil by introducing high-priced products and establishing a fulfillment network [6]. - Management believes that new competitors like Temu and Shein will face challenges in scaling in the Brazilian market [6]. AI and Logistics Investment - Shopee will accelerate AI investments to improve platform efficiency and optimize logistics infrastructure to attract premium brands [5][6]. Market Dynamics - In Indonesia, e-commerce is evolving, with more brands expected to enter through online channels rather than offline [6]. - Shopee's logistics capabilities provide a competitive edge over TikTok, which relies on third-party logistics [6]. Financial Services - The financial services segment has significant growth potential, with plans to utilize AI for credit risk assessment, fraud detection, and loan approvals [5][6]. Key Catalysts - A clear game development roadmap and healthy operations will be crucial for the growth of the gaming segment, potentially leading to a revaluation of the company's multiples [8]. - Further consolidation in the e-commerce industry and news of new competitors exiting the market could benefit Shopee [8].

来源：央广网客户端 央广网石家庄1月27日消息（记者李瑶 见习记者张卫军）"今年政府工作报告提出，未来五年要积极探 索、勇于实践，以科技创新引领产业创新。"河北省政协委员、源达信息技术股份有限公司董事长郝旭 说，做好数字金融这篇文章，对河北构建现代化产业体系、实现跨越式发展具有重要意义。 郝旭称，近年来河北数字金融发展成效显著，为产业升级奠定了坚实基础。他曾深入河北各个地市进行 深入考察，并与多个特色产业集群及硬科技、初创型企业进行深入交流，就河北数字金融的高质量发展 提出了一些新想法。 "要充分发挥政府引导、金融助力、企业主体作用，推动三方协同发力，构建'数据互通、产品适配、生 态共荣'的数字金融发展新格局。"郝旭建议，省级层面要加快数字金融基础设施建设，推进政务数据空 间和通用算力平台搭建，健全数据安全可信共享体系，破解数据壁垒。 来源：央广网客户端 央广网石家庄1月27日消息（记者李瑶 见习记者张卫军）"今年政府工作报告提出，未来五年要积极探 索、勇于实践，以科技创新引领产业创新。"河北省政协委员、源达信息技术股份有限公司董事长郝旭 说，做好数字金融这篇文章，对河北构建现代化产业体系、实现跨越式发展具有 ...

Core Insights - The company, Qianxun Technology (01640), announced the launch of its global digital currency financial service platform, PayKet, on December 19, 2025 [1] - The introduction of PayKet signifies the company's expansion into the digital currency financial services sector, building on its strategy of integrating AI technology, SaaS platforms, and supply chain solutions [1] - The platform aims to create a cross-border trade financial service ecosystem driven by both AI technology and Web3 trading platforms [1]

Group 1 - The core viewpoint of the article is that Qianxun Technology (01640) is launching a global digital currency financial service platform called PayKet on December 19, 2025, which is based on compliant stablecoins [1] - The launch of PayKet signifies the company's further expansion into the digital currency financial services sector, building on its strategy of integrating AI technology, SaaS platforms, and supply chain [1] - The aim of PayKet is to create a cross-border trade financial service ecosystem driven by both AI technology and a Web3 trading platform [1]

Core Viewpoint - Qianxun Technology (01640.HK) is set to launch a global digital currency financial service platform, PayKet, on December 19, 2025, which will leverage compliant stablecoins to enhance cross-border trade financial services [1] Group 1: Key Features and Services - Cross-border trade settlement: PayKet utilizes compliant stablecoins (USDT/USDC) to address issues such as long settlement periods, significant exchange rate risks, and high fees associated with traditional SWIFT systems, enabling instant fund transfers and significantly improving capital turnover efficiency [2] - Supply chain finance and digital currency wealth management: By integrating the company's self-developed IoT smart warehousing technology and AI pricing prediction models, PayKet offers new credit intermediary services, digitizing inventory and utilizing smart contracts to lower financing barriers and costs for enterprises; idle funds can also be managed on the platform through low-risk compliant digital currency wealth management [2] - Enterprise and consumer wallets: The PayKet system includes an enterprise wallet for B-end merchants and a consumer wallet currently under development for C-end users, along with the PayKetU card service, which connects to Visa/Master/UnionPay, facilitating online and offline consumption scenarios [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 Qian Xun Technology Limited 千循科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1640） 自願性公告 業務最新發展 推出全球化數幣金融服務平台－「PayKet」 本公告乃由千循科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）自願作 出，旨在知會其股東和潛在投資者有關本集團的最新發展。 董事會欣然宣佈，本集團於2025年12月19日，正式推出以合規穩定幣為基石的全球化數幣金融服務 平台－PayKet。 PayKet (https://www.payket.com/ ) 的推出標誌著本集團在深化「AI技術+SaaS平台+供應鏈」戰略的基 礎上，進一步拓展至數幣金融服務領域，旨在構建AI技術與Web3交易平台雙輪驅動的跨境貿易金融 服務生態。 1. 核心功能與服務： • 跨境貿易結算：PayKet利用合規穩定幣(USDT/USDC)支付結算 ...

Group 1 - The core viewpoint of the article highlights the financial performance of 尚乘数科 (HKD), noting a significant decrease in revenue but a substantial increase in net profit [1] - As of October 31, 2023, 尚乘数科 reported total revenue of $8.673 million, a year-on-year decrease of 37.69% [1] - The company achieved a net profit attributable to shareholders of $31.94 million, reflecting a year-on-year increase of 188.11% [1] Group 2 - 尚乘数科 was established on September 12, 2019, in the Cayman Islands as an exempted limited liability company [1] - The company primarily engages in providing digital financial services and spider web ecosystem solutions, including insurance brokerage services and digital investment activities [1] - Additionally, the group invests in innovative technology companies [1]

Group 1 - The core viewpoint of the article highlights the rapid growth of Vietnam's digital economy, with a projected gross merchandise value (GMV) of $39 billion by the end of 2025, marking a 17% increase from the previous year, positioning Vietnam as the second fastest-growing digital economy in Southeast Asia, following Indonesia [1] - The report indicates strong growth in digital financial services (DFS), with digital payment transaction volume expected to reach $178 billion by 2025, reflecting a swift move towards cashless transactions across the country [1] - E-commerce remains a pillar of Vietnam's economy, accounting for two-thirds of the digital economy, with expectations to exceed $25 billion by 2025, also growing at a rate of 17% [1] Group 2 - Online media revenue, including digital advertising, video games, on-demand video, and online music, is projected to reach $6 billion by 2025, with a growth rate exceeding 16% [2] - The gaming industry continues to be a significant driver, with three Vietnamese game developers ranking among the top 15 globally in terms of download volume [2] - The online travel market in Vietnam is expected to reach $4 billion, growing by 16%, supported by relaxed visa policies and the return of tourists from Asia and Europe [2] Group 3 - Vietnamese citizens show a high acceptance of artificial intelligence (AI), ranking first in Southeast Asia in three key metrics: 81% interact with AI daily, 83% actively learn AI-related skills, and 96% are willing to share data access with AI agents [2] - Revenue from AI-integrated products has surged by 78% within a year, indicating rapid market absorption of new applications [2] - Vietnam has over 40 AI startups and attracted $123 million in private investment over the past year, which constitutes 5% of the country's total AI investment [2]