Sea市值直逼星展集团，东南亚龙头宝座争夺战再起

智通财经2025-08-13

8月13日，东南亚互联网巨头Sea飙升的销售额使其即将重夺东南亚最有价值公司头衔，周二股价19%的暴涨令其市值逼近星展集团控股有限公司。这家电商公司目前估值达1030亿美元，而总部同城的区域银行业巨头星展集团市值为1130亿美元。Sea周二公布的销售额超出预期，因东南亚消费者从购买iPhone到日常杂货都越来越多地转向网购。这一业绩缓解了市场对其核心电商业务 Shopee 前景的部分担忧。该地区...

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resumed","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/21d0c853df43a88d0000c6d2bb7737b3","symbols_score_info":{"D05.SI":1.1,"SE":0.9},"content_text":"8月13日，东南亚互联网巨头Sea飙升的销售额使其即将重夺东南亚最有价值公司头衔，周二股价19%的暴涨令其市值逼近星展集团控股有限公司。这家电商公司目前估值达1030亿美元，而总部同城的区域银行业巨头星展集团市值为1130亿美元。Sea周二公布的销售额超出预期，因东南亚消费者从购买iPhone到日常杂货都越来越多地转向网购。这一业绩缓解了市场对其核心电商业务 Shopee 前景的部分担忧。该地区顶级在线零售平台正与字节跳动的TikTok Shop和阿里巴巴的Lazada等资金雄厚的全球竞争者展开较量。SHEIN和拼多多旗下Temu等新兴企业也试图打入这个拥有6.75亿人口的新兴市场——该地区越来越多的消费者开始触网。花旗集团分析师Alicia Yap在报告中指出，业绩\"有助于消除早前对竞争加剧的担忧\"，Sea展现出\"用户转化率、购买频率、客单价、商家广告投放意愿的积极改善，以及蓬勃发展的直播和短视频内容生态\"。截至6月的三个月营收增长38%至创纪录的52.6亿美元，超过分析师平均预估的50亿美元。Sea股价创两年多来最大涨幅，收于2022年初以来最高水平。为吸引用户，Sea通过自建物流网络SPX Express着力提升客户体验。该举措推动最新季度电商总订单和商品交易总额增长近30%。目前SPX承担虾皮每年数十亿包裹中的大部分配送。CFRA Research分析师Jian Xiong Lim表示：\"我们预计Sea的强劲竞争优势将继续支撑盈利增长\"，包括其\"完善的配送网络和物流设施\"。为提高盈利能力，虾皮自去年初以来已在各核心市场将商户佣金率逐步上调约三分之一。这些高于竞争对手的费率调整，表明Sea凭借庞大用户基础和成熟配送服务，有信心吸引并留住商家。虾皮二季度营收增长34%至38亿美元，部分得益于佣金和广告收入激增。Sea还押注数字金融等新举措以巩固优势，向投资者证明增长潜力。其金融业务(现名Monee)上季度销售额增长70%至8.828亿美元，游戏部门Garena收入增长23%。马来亚证券分析师Hussaini Saifee在财报前指出：\"过去Sea用游戏部门Garena的现金流发展虾皮和Monee，如今后两者资金状况更健康，公司可 reinvest 重振Garena——该业务在过去一年半已强势反弹。\"分析师Lea El-Hage和Nathan 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