整体表现：利润表现超预期。收入端看，2025Q1 公司收入48 亿美元，同比增长30%，增长主要来自电商业务和数字金融业务。利润端看，本季度公司实现净利润4.1 美元，净利率8%，电商的利润率快速改善成为公司整体利润超预期的重要原因。电商业务：GMV 同比+21%，规模效应持续释放。本季度电商业务营收35 亿美元，同比+28%，我们认为主要与GMV 较快增长、货币化率持续提升有关，25Q1 GMV...
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