SEA2025Q3财报点评:收入表现亮眼 电商加大物流基建布局

国信证券
Nov 14

整体表现:电商/数字金融/游戏驱动收入增速亮眼。收入端看,2025Q3 公司收入60 亿美元,同比增长38%,电商/数字金融/游戏业务增速分别为35%/61%/31%。利润端看,本季度公司实现净利润3.8 亿美元,净利率6%,实现经调整EBITDA 8.74 亿美元,对应利润率15%。电商业务:收入端快速增长,加大物流建设影响利润释放。本季度电商业务营收43 亿美元,同比+35%,主要与GMV 较...

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