SEA: 没变的答卷,敌不过 “变了心” 的市场

海豚投研
Nov 12, 2025

东南亚小腾讯$Sea(SE.US)于 11 月 11 日晚美股盘前,交付了 3 季度业绩答卷。概括来看,本季业绩属于亮点与缺陷共存。首先是增长仍然非常强劲,三大板块的营收和业务增长都超预期的好。但因公司开始更侧重于增长而非利润,随着毛利环比收窄,以及费用支出维持较高增长,本季各板块的利润率都在边际变差,具体来看:1、GMV 依然强劲,但并非由量驱动:最重要Shopee 电商板块的 GMV 本季同比...

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