SE_2025 年第二季度盈利回顾_Shopee 实现强劲增长，同时通过提升服务质量进一步巩固竞争优势；买入-Sea Ltd. (SE)_ 2Q25 Earnings Review_ Shopee delivers strong growth while further strengthens its moats through service quality push; Buy

13 August 2025 | 3:05AM SGT Sea Ltd. (SE) Buy 2Q25 Earnings Review: Shopee delivers strong growth while further strengthens its moats through service quality push; Buy SE 12m Price Target: $206.00 Price: $146.23 Upside: 40.9% Sea delivered a solid 2Q25 print, with Shopee's outperformance being the main highlight where both top & bottom line came in above expectations, and latest commentary on Brazil (Shopee's growth hasn't been impacted by recent step up in competition, also remaining EBITDA positive) that ...