Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to $170, indicating a potential upside of 19% from the current price of $142.45 [2][4][17]. Core Insights - The company reported a strong performance in Q1 2025, with revenue of $4.84 billion, a year-on-year increase of 30%. Adjusted EBITDA reached $950 million, exceeding market expectations by 36%, with an adjusted EBITDA margin of 19.6% [1]. - E-commerce revenue grew by 28.3% year-on-year, with GMV increasing by 21.5%. The adjusted EBITDA margin for e-commerce improved to 7.5%, driven by scale expansion, cost optimization, and enhanced monetization capabilities [1]. - The digital financial services segment saw a 58% year-on-year revenue growth, with over 4 million new borrowers and a loan principal of $5.8 billion. The business has been rebranded as Monee, positioning it as one of Southeast Asia's largest unsecured consumer loan companies [2]. - The gaming segment experienced an 8% year-on-year revenue growth, with game revenue increasing by 51.4%, largely due to successful IP collaborations [2]. Summary by Sections Financial Performance - For FY25E, the company expects revenue to reach $21.14 billion, with an adjusted EBITDA of $3.59 billion and a net profit of $1.77 billion, reflecting significant growth from previous years [4][9]. - The adjusted net profit margin is projected to improve to 8.4% by FY25E, with a continued upward trend in profitability expected through FY27E [9]. Business Segments - E-commerce remains a key growth driver, with a focus on local market penetration and resilience against tariff uncertainties due to low cross-border trade exposure [1]. - The digital financial services segment is expected to continue its rapid growth, supported by effective credit risk management and adaptability to macroeconomic changes [2]. - The gaming segment is anticipated to maintain double-digit growth in users and revenue, bolstered by successful game launches and collaborations [2]. Market Position - The company is well-positioned in the market with strong competitive advantages, including localized operations and a robust product offering that minimizes the impact of discretionary spending fluctuations [1][2].

智通财经APP获悉，日前，Sea(SE.US)在FY25Q1财报电话会议上表示，Shopee 第一季度良好增长有几 个驱动因素。一是季节性因素，今年是斋月完全落在第一季度的第一年，以往斋月要么在第二季度，要 么部分在第一季度。二是公司逐步提高了变现率，广告变现率较去年增长了 50 个基点。三是持续优化 成本，如运输成本较去年显著下降，同时也优化了销售和营销费用以及运营成本，通过采用更多人工智 能解决方案，实现了客户服务和商品管理等工作的自动化。 从全年来看，GMV 的 20% 增长指引仍然有效。从利润角度，长期来看，公司仍将目标设定为 EBITDA 占 GMV 的 2% - 3%。短期内，公司不会过度挤压生态系统，仍会非常注重增长，在提升 EBITDA 的同 时确保良好增长。 Q&A： Q：Shopee 本季度盈利能力大幅提升的驱动因素是什么？未来季度的利润率趋势如何？在当前不确定 的宏观环境下，Shopee 商品交易总额（GMV）增长面临哪些风险？公司为何有信心维持 20% 的增长 预期？ A：Shopee 第一季度良好增长有几个驱动因素。一是季节性因素，今年是斋月完全落在第一季度的第一 年，以往斋月要么在 ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of Sea Group in Q1 2025, with significant revenue growth and a turnaround in net profit [1][2][3] - Sea Group reported a revenue of $4.841 billion, representing a year-on-year increase of 29.6%, and a net profit of $411 million, reversing a loss of $23 million in the same period last year [1] - The company's three main business segments showed improved profitability, with the e-commerce platform Shopee achieving a gross merchandise value (GMV) of $28.6 billion, up 21.5%, and total orders reaching 3.1 billion, an increase of 20.5% [1] Group 2 - The digital financial services segment, rebranded as "Monee," generated revenue of $787 million, a year-on-year growth of 57.6%, with a stable non-performing loan rate of 1.1% [1] - The digital entertainment segment benefited from collaborations with popular games, resulting in 662 million active users and 64.6 million paying users, with revenue of $496 million and a booking revenue of $775 million [2] - The total EBITDA for the company reached $947 million, doubling compared to the previous year, driven by growth across all three business segments [3]