Sea（纪要）：为长期盈利增长而投资

海豚研究11-12

以下为海豚君整理的SeaFY25Q3 的财报电话会纪要，财报解读请移步《SEA: 没变的答卷，敌不过市场 “变了心” 》一、财报核心数据回顾业绩概况：公司 2025 年第三季度总收入为 60 亿美元，同比增长 38%；三大业务板块均表现强劲：电商平台 Shopee 的 GMV 同比增长 28%；数字金融业务收入同比增长 61%，贷款余额同比增长 70% 至 79 亿美元；数字娱乐业务预订收入同比...

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高层陈述核心信息战略重点与前景：集团持续推动电商、数字金融和数字娱乐三大业务板块实现高速增长。电商与数字金融在目标市场渗透率低但呈上升趋势，强劲增长为最大化长期盈利能力奠定基础。高层对持续实现盈利性增长深感欣慰，并将坚定不移地沿此路径前行。1、电商板块：物流能力：通过定制化地面策略提升配送效率，例如在印尼推出当日达和闪购服务（大雅加达地区加速配送订单量同比增长超 35%），在农村地区推出经济型配送方案（订单量同比增长超 45%），在台湾扩展自提网络（承担 70% 以上配送任务，成本降低逾 30%）。物流能力是 Shopee 强劲增长的基石，未来将聚焦提升履约能力，以优化端到端物流。用户参与：订阅制购物 VIP 会员计划在印尼、泰国、越南增长显著，核心会员规模突破 350 万，较上季度增长逾 75%；印尼 VIP 会员消费额提升约 40%，购买频率是非会员的 3 倍。内容生态系统深化，与 YouTube 合作驱动东南亚订单环比增长逾 30%，并拓展至巴西；与 Meta 合作推出新工具，提升产品推广与结账体验。AI 应用：通过智能搜索、推荐和个性化内容提升购物体验，购买转化率同比增长 10%；为卖家提供 AI 工具生成图片、视频等，推动买家参与度；月均活跃买家同比增长 15%，购买频率同比提升 12%。巴西市场表现突出：GMV 增速超越市场平均水平，ShopeeMall 的 GMV 同比增长超一倍；配送速度提升，平均配送时间缩短约 2 天。指引：基于年初至今表现，预计 Shopee 全年 GMV 增长将超过 25%。2、数字金融板块增长得益于用户规模扩张及多市场产品协同，SPayLater 同比增长超 300%，环比增长逾 40%；新增逾 500 万首次借款用户，活跃用户数达 3400 万，同比增长近 45%。个人现金贷款在印尼、泰国、马来西亚和巴西增长强劲，巴西市场环比增长近 50%。风险控制稳健，不良贷款率稳定在 1.1%；优先保障信贷质量，新用户贷款发放额占总放贷额不足 10%。扩展应用场景：SPayLater 成为线上线下可信赖支付方式，GMV 渗透率在成熟市场超 30%；独立 Shopee Pay 应用在印尼、泰国、越南和马来西亚上线，覆盖支付、信用、保险等服务，月活跃交易用户中超 20% 使用独立应用。前景：SPayLater 在总贷款规模中占比不足 10%，未来增长空间巨大；将继续推动服务超越电商场景，为海外增长奠定基础。3、数字娱乐业务进展与展望：Garena 创 2021 年以来最佳季度表现，增长得益于《鱿鱼游戏》和《火影忍者疾风传》等高影响力营销活动。《鱿鱼游戏》活动参与度高，“红灯绿灯” 挑战被玩超 3 亿次；《火影忍者》活动通过还原动画细节提升用户沉浸感，第二章在用户活跃度与营收方面超越第一章。核心策略：由内部粉丝团队主导 IP 合作，确保真实性；采取全球化与本土化并重方式，在 8 个市场举办线下活动，吸引数万玩家。拓展发行版图：与艺电合作推出《EA Sports FC Mobile》，成为部分市场下载量最高的移动游戏。指引：Garena 有望实现 2025 年预订额同比增长 30% 以上；创意储备、严谨执行力及与玩家联结将持续驱动增长。2.2 Q&A 问答Q：关于电商业务 2025 年增长超过 25% 的指引，其驱动因素和竞争格局考量是什么？这对利润趋势意味着什么？应如何展望 2026 年的趋势？...电话会纪要完整内容，海豚君已发布在了长桥App（“动态-投研”栏目同名文章）。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; 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