1Q25 SEA 收入为48.4 亿美元,同增29.6%,略低于VA(Visible Alpha)一致预期(口径下同)的同增31.2%,我们认为主因游戏递延收入较多和电商收入略低于预期。经调整EBITDA 9.5 亿美元,好于一致预期的7.0 亿美元。管理层维持2025 年电商GMV 增长20%的指引,并表示游戏板块2025年活跃用户数和预定量有望实现双位数增长。建议关注规模效应逐渐显现后的利润...
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