SEA: 疯狂撒币求未来,东南亚 “小腾讯” 又进无底洞?

海豚研究
Mar 03

东南亚小腾讯$Sea(SE.US) ,3 月 3 日晚美股盘前交付了 25 年 4 季度业绩,又是熟悉的 “割裂” 表现,一方面核心电商和金融板块增长都相当强劲,远超预期。另一方面,又因投入增加,所有板块利润则全部不及预期。但当前是市场环境,还是相比增长更看重利润,因而又是一次暴跌。具体来看:1、电商加速增长,物流投入已见成效:不同于市场预期的,随着基数走高而增长放缓,本季电商板块的单量反而在加速...

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