Sea Limited (SE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação digital, a Sea Limited (SE) surge como uma potência transformadora, tecendo juntos jogos, comércio eletrônico e serviços financeiros em um ecossistema perfeito que cativou milhões em todo o sudeste da Ásia. Ao alavancar estrategicamente parcerias com gigantes da tecnologia como a Tencent e a criação de plataformas digitais localizadas, a Sea Limited criou um modelo de negócios exclusivo que transcende os limites tradicionais da indústria, oferecendo soluções acessíveis e acessíveis aos consumidores emergentes do mercado. Essa intrincada tela de negócios revela como uma única empresa pode revolucionar as experiências digitais, transformando desafios tecnológicos em oportunidades de crescimento sem precedentes e envolvimento do usuário.

Sea Limited (SE) - Modelo de Negócios: Principais Parcerias

Tencent: investimento estratégico e colaboração

A partir do quarto trimestre 2023, a Tencent detém uma participação acionária de 21,3% na Sea Limited. A colaboração abrange ecossistemas de entretenimento digital e jogos.

Dimensão da parceria	Detalhes específicos
Valor do investimento	US $ 3,86 bilhões no investimento total
Colaboração de jogos	Direitos de publicação exclusivos para League of Legends no sudeste da Ásia

Parceiros da plataforma de compras

A Shopyee mantém extensas parcerias de comércio eletrônico em vários mercados.

• Vendedores ativos totais: 6,4 milhões no terceiro trimestre de 2023
• Rede de comerciantes transfronteiriços: 2,3 milhões de vendedores internacionais
• Categorias de comerciantes: moda, eletrônica, bens domésticos, produtos de beleza

Garena Game Developers and Publishers

Tipo de parceiro	Número de parcerias
Desenvolvedores de jogos	87 parcerias de desenvolvimento de jogos ativos
Editores de jogos	42 Acordos de publicação internacionais

Provedores de pagamento e serviço financeiro digital

Seoroney colabora com vários parceiros de tecnologia financeira.

• Gateway de pagamento Parceiros: 126 instituições financeiras
• Integração da carteira digital: 38 redes bancárias
• Valor total da transação: US $ 12,4 bilhões em 2023

Serviços em nuvem e parceiros de infraestrutura de tecnologia

Categoria de parceiro	Detalhes da parceria
Infraestrutura em nuvem	Amazon Web Services, Google Cloud Platform
Parceiros de tecnologia	15 colaborações de infraestrutura de tecnologia estratégica
Investimento anual de infraestrutura	US $ 287 milhões em 2023

Sea Limited (SE) - Modelo de Negócios: Atividades -chave

Desenvolvimento e publicação de jogos de entretenimento digital

A plataforma de desenvolvimento de jogos Garena gerou US $ 1,3 bilhão em receita no terceiro trimestre de 2023. O Mobile Game Free Fire tinha 724 milhões de usuários ativos trimestrais. A equipe de desenvolvimento de jogos consiste em mais de 1.200 engenheiros de software e designers de jogos.

Métricas de jogo	2023 desempenho
Receita total do jogo	US $ 4,2 bilhões
Usuários ativos mensais	724 milhões
Equipe de desenvolvimento de jogos	1.200 mais de profissionais

Gerenciamento e expansão da plataforma de comércio eletrônico

A plataforma de compras processou US $ 21,4 bilhões em valor total de mercadorias brutos no terceiro trimestre de 2023. Operando em 10 países com 375 milhões de usuários ativos.

• Transações totais de comércio eletrônico: US $ 86,4 bilhões anualmente
• Países de expansão da plataforma: Indonésia, Brasil, Filipinas, Vietnã, Tailândia
• Investimento de infraestrutura de tecnologia de comércio eletrônico: US $ 450 milhões em 2023

Serviços financeiros digitais e operações de carteira digital

O Seedoney processou US $ 8,2 bilhões em transações de pagamento digital em 2023. A Base de Usuário da Carteira Digital atingiu 48,3 milhões de usuários ativos.

Métricas de Serviço Financeiro	2023 dados
Transações de pagamento digital	US $ 8,2 bilhões
Usuários da carteira digital	48,3 milhões
Investimento em tecnologia financeira	US $ 320 milhões

Desenvolvimento de tecnologia móvel e de plataforma da web

A equipe de desenvolvimento de tecnologia compreende 4.500 engenheiros de software. As despesas anuais de pesquisa em tecnologia e desenvolvimento atingiram US $ 750 milhões em 2023.

Estratégias de marketing e aquisição de usuários

As despesas de marketing em 2023 foram de US $ 1,2 bilhão. Custo de aquisição de usuários por plataforma: Garena $ 0,75, Shopee $ 1,20, Seamoney $ 0,95.

• Orçamento total de marketing: US $ 1,2 bilhão
• Canais de aquisição de usuários: mídia social, publicidade digital, programas de referência
• Índice de eficiência de marketing: 22% da receita total

Sea Limited (SE) - Modelo de Negócios: Recursos Principais

Plataformas digitais proprietárias

A Sea Limited opera três plataformas digitais principais:

Plataforma	Usuários ativos (Q4 2023)	Alcance do mercado
Lojista	78,4 milhões de usuários ativos trimestrais	8 países do sudeste asiático
Garena	40,8 milhões de usuários ativos trimestrais	Plataforma internacional de jogos
Seamoney	31,4 milhões de usuários ativos trimestrais	Serviços financeiros digitais

Grande base de usuários

Os dados demográficos do usuário da Sea Limited em todo o sudeste da Ásia:

• Total de usuários entre plataformas: 149,6 milhões de usuários ativos trimestrais
• Cobertura geográfica: Indonésia, Cingapura, Vietnã, Tailândia, Filipinas, Malásia
• Faixa etária: principalmente de 18 a 35 anos

Infraestrutura tecnológica

Componente de infraestrutura	Especificação
Data centers	Infraestrutura múltipla baseada em nuvem em todo o sudeste da Ásia
Investimento em tecnologia	US $ 1,2 bilhão de despesas de P&D em 2023
Computação em nuvem	Parcerias com a AWS e Google Cloud

Recursos Humanos

Composição de talentos da Sea Limited:

• Total de funcionários: 68.300 (em dezembro de 2023)
• Força de trabalho de engenharia: aproximadamente 40% do total de funcionários
• Distribuição de talentos globais: principalmente em Cingapura, Indonésia e Vietnã

Recursos financeiros

Métrica financeira	Valor (2023)
Dinheiro total e equivalentes	US $ 8,3 bilhões
Total de investimentos	US $ 3,6 bilhões
Financiamento de capital de risco	Cumulativo US $ 4,5 bilhões desde a fundação

Sea Limited (SE) - Modelo de Negócios: Proposições de Valor

Ecossistema digital integrado

A Sea Limited opera em três segmentos primários com as seguintes métricas de base de usuários e receita:

Segmento	Total de usuários (2023)	Receita (2023)
Garena (jogo)	725 milhões de usuários ativos trimestrais	Receita anual de US $ 3,66 bilhões
Shopyee (comércio eletrônico)	76,6 milhões de usuários que pagam trimestrais	Receita anual de US $ 7,8 bilhões
Seamoney (Serviços Financeiros)	47,4 milhões de usuários ativos trimestrais	Receita anual de US $ 577,5 milhões

Soluções localizadas para o sudeste da Ásia

Penetração de mercado entre as principais regiões:

• Indonésia: 55,4% do valor total da ordem bruta do Shopee
• Vietnã: 21,3% do valor total da ordem bruta do Shopee
• Taiwan: 14,2% do valor total da ordem bruta do Shopee
• Tailândia: 6,5% do valor total da ordem bruta do Shopee

Entretenimento digital acessível

Métricas da plataforma de jogos Garena:

• Jogo de incêndio grátis: 737 milhões de downloads globalmente
• Receita média por usuário pagante: US $ 9,43 por trimestre
• Participação de mercado para jogos móveis no sudeste da Ásia: 35,6%

Experiência de compra on -line

Performance da plataforma de lojas:

Métrica	2023 valor
Valor total de mercadoria bruta	US $ 83,5 bilhões
Número de ordens	7,4 bilhões
Valor médio do pedido	$11.28

Serviços financeiros digitais

Métricas Financeiras Fearoney:

• Transações da carteira digital: 2,1 bilhões em 2023
• Volume total de pagamento: US $ 45,3 bilhões
• Portfólio de empréstimos digitais: US $ 3,2 bilhões

Sea Limited (SE) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de jogos orientadas pela comunidade

Garena, divisão de jogos da Sea Limited, registrou 667,7 milhões de usuários ativos trimestrais no terceiro trimestre de 2023. O jogo de incêndio gratuito gerou 95,4 milhões de usuários ativos mensais no sudeste da Ásia.

Plataforma de jogos	Usuários ativos	Desempenho trimestral
Garena	667,7 milhões	Q3 2023 Base de usuário
Fogo livre	95,4 milhões	Usuários ativos mensais no sudeste da Ásia

Aplicativos móveis fáceis de usar

Shopee, a plataforma de comércio eletrônico da SEA, registrou 79,4 milhões de usuários ativos trimestrais no terceiro trimestre de 2023.

Sistemas de recomendação personalizados

A Sea Limited investiu US $ 214,3 milhões em desenvolvimento de tecnologia para algoritmos de recomendação personalizada em 2022.

Suporte ao cliente através de vários canais digitais

• Suporte ao cliente digital 24 horas por dia, 7 dias por semana em plataformas
• Taxa de resposta a chatbot de IA: 87,6%
• Tempo médio de resposta: 3,2 minutos

Programas de fidelidade e iniciativas de engajamento

Programa	Associação	Métricas de engajamento
Recompensas de lojas	46,2 milhões de membros	Q3 2023 Programa de fidelidade
Garena Premium	22,7 milhões de assinantes	Q3 2023 Programa de fidelidade para jogos

Sea Limited (SE) - Modelo de Negócios: Canais

Aplicativos móveis

A Sea Limited opera vários aplicativos móveis em seus segmentos de negócios:

Aplicativo	Usuários ativos mensais (2023)	Plataforma
Garena (jogo)	659,9 milhões	iOS/Android
Lojista	376,5 milhões	iOS/Android
Seamoney	47,2 milhões	iOS/Android

Plataformas da Web

A Sea Limited mantém plataformas abrangentes da Web:

• Shopyee.com Mercado de comércio eletrônico
• Garena.com Plataforma de jogos
• Portal de Serviços Financeiros Seamoney.com

Marketing de mídia social

Plataforma	Seguidores/engajamento
Facebook	8,5 milhões de seguidores
Instagram	3,2 milhões de seguidores
Twitter	1,7 milhão de seguidores

Publicidade digital

Despesas de publicidade digital para 2023: US $ 742,3 milhões

Canal	Porcentagem de gastos com anúncios digitais
Anúncios móveis	68%
Exibir anúncios	22%
Anúncios de vídeo	10%

Estratégias de referência e marketing viral

Métricas do Programa de Referência para 2023:

• Taxa de conversão de referência de lapes: 14,3%
• Custo de aquisição de clientes através de referências: US $ 3,20
• Valor total do programa de referência: US $ 156,7 milhões

Sea Limited (SE) - Modelo de Negócios: Segmentos de Clientes

Jovens consumidores digitais-nativos no sudeste da Ásia

A Sea Limited alvo 690 milhões de pessoas no sudeste da Ásia, com uma idade média de 30,2 anos. A penetração digital na região atinge 70% a partir de 2023.

País	População digital	Penetração na Internet
Indonésia	204 milhões	73.7%
Vietnã	72 milhões	70.3%
Tailândia	52 milhões	75.1%

Jogadores online

A plataforma Garena atende 725,9 milhões de usuários ativos trimestrais em 2023.

• Mercado de jogos do sudeste asiático avaliado em US $ 4,4 bilhões
• Os jogos móveis representam 59% da receita total de jogos
• O usuário médio gasta 7,2 horas por semana em jogos para celular

Compradores de comércio eletrônico digital primeiro

A plataforma de compras registrou US $ 8,35 bilhões no valor da mercadoria bruta no terceiro trimestre de 2023.

Mercado	Crescimento do comércio eletrônico	Compradores on -line
Indonésia	22.5%	47 milhões
Vietnã	18.3%	35 milhões

Populações emergentes de classe média

A Sea Limited metas 190 milhões de consumidores de classe média no sudeste da Ásia até 2024.

• Receita descartável média mensal: US $ 450- $ 750
• Taxa de crescimento de gastos digitais: 15,6% anualmente
• Adoção de pagamento móvel: 62% nos mercados -alvo

Usuários de tecnologia de primeiro celular

A Sea Limited atende a 78,8 milhões de usuários móveis ativos trimestrais em plataformas.

Tipo de dispositivo	Taxa de penetração	Uso médio diário
Smartphone	85.3%	4,2 horas
Internet móvel	76.5%	3,8 horas

Sea Limited (SE) - Modelo de Negócios: Estrutura de Custo

Infraestrutura de tecnologia e serviços em nuvem

Os custos de infraestrutura tecnológica da Sea Limited para 2023 totalizaram aproximadamente US $ 1,2 bilhão. Os serviços em nuvem e as despesas de hospedagem representaram US $ 456 milhões.

Categoria de custo de tecnologia	Quantidade (USD)
Infraestrutura em nuvem	US $ 456 milhões
Manutenção do data center	US $ 312 milhões
Rede e conectividade	US $ 214 milhões

Despesas de marketing e aquisição de usuários

As despesas de marketing da Sea Limited em 2023 atingiram US $ 1,87 bilhão.

• Publicidade digital: US $ 612 milhões
• Marketing de desempenho: US $ 524 milhões
• Campanhas de conscientização da marca: US $ 387 milhões
• Influenciador e marketing de parceria: US $ 347 milhões

Investimentos de pesquisa e desenvolvimento

Os gastos em P&D em 2023 foram de US $ 864 milhões, representando 12,3% da receita total.

Área de foco em P&D	Investimento (USD)
Tecnologia de jogos	US $ 412 milhões
Plataforma de comércio eletrônico	US $ 276 milhões
Serviços financeiros digitais	US $ 176 milhões

Custos de desenvolvimento de conteúdo e plataforma

As despesas de desenvolvimento da plataforma totalizaram US $ 523 milhões em 2023.

• Criação de conteúdo: US $ 247 milhões
• Engenharia de plataforma: US $ 186 milhões
• Design de experiência do usuário: US $ 90 milhões

Aquisição e retenção de talentos

As despesas de capital humano para 2023 foram de US $ 672 milhões.

Categoria de custo de talento	Quantidade (USD)
Salários e compensação	US $ 456 milhões
Recrutamento e treinamento	US $ 124 milhões
Benefícios dos funcionários	US $ 92 milhões

Sea Limited (SE) - Modelo de negócios: fluxos de receita

Conteúdo digital e vendas de bens virtuais no jogo

O segmento de entretenimento digital Garena gerou US $ 1,4 bilhão em receita no terceiro trimestre de 2023.

Plataforma de jogo	Receita (Q3 2023)
Fogo livre	US $ 812 milhões
Outros jogos	US $ 588 milhões

Comissões de transação de comércio eletrônico

A plataforma de comércio eletrônico da ShopEee gerou US $ 1,3 bilhão em receita no terceiro trimestre de 2023.

Região	GMV de comércio eletrônico
Sudeste Asiático	US $ 22,4 bilhões
Brasil	US $ 8,6 bilhões

Taxas de serviço financeiro digital

O segmento de Seedoney gerou US $ 254 milhões em receita no terceiro trimestre de 2023.

• Transações da carteira digital: 1,7 bilhão
• Volume de empréstimos digitais: US $ 3,2 bilhões

Receita de publicidade

A receita de publicidade digital atingiu US $ 87 milhões no terceiro trimestre de 2023.

Processamento de pagamento e serviços de carteira digital

Volume total de pagamento para Seamoney: US $ 14,3 bilhões no terceiro trimestre de 2023.

Serviço	Volume de transação
Carteira digital	US $ 8,6 bilhões
Processamento de pagamento	US $ 5,7 bilhões

Sea Limited (SE) - Canvas Business Model: Value Propositions

You're looking at the core value Sea Limited offers across its three main pillars as of late 2025, based on the latest reported numbers from the third quarter ending September 30, 2025. The entire structure is built around reinforcing these propositions through integration.

Shopee: Affordable, Reliable E-commerce

Shopee's value proposition centers on scale and improving service quality, which translates directly into transaction volume. For the third quarter of 2025, Gross Merchandise Value (GMV) hit $32.2 billion, marking a 28.4% year-over-year increase. This volume was built on 3.6 billion Gross Orders, also up 28.4% year-over-year. The platform's focus on monetization, through things like advertising, is clear: Core Marketplace Revenue, which includes ads, grew 52.8% year-over-year to $3.1 billion. Honestly, the commitment to service is shown by the investment in logistics and fulfillment, even if it compressed the GAAP margin to 0.6% for the quarter. Management is confident enough to raise the full-year 2025 GMV growth guidance to >25%.

Garena: High-Quality, Localized, Free-to-Play Gaming

For Garena, the value is in high-engagement content that drives user spending, not just user count. Bookings, which represent cash spent by users, surged 51.1% year-over-year to $840.7 million in Q3 2025, marking its best quarter since 2021. This growth was fueled by deep-dive IP events like the NARUTO SHIPPUDEN collaboration. While Quarterly Active Users (QAU) grew 6.7% year-over-year to 670.8 million, the paying user base expanded even faster at 31.2% year-over-year, reaching 65.9 million. This segment acts as a high-margin engine, delivering an Adjusted EBITDA of $465.9 million, up 48.2% year-over-year.

Monee: Accessible Digital Financial Services

Monee provides essential financial access, particularly credit, to a region with low traditional banking penetration. Its GAAP revenue grew a massive 60.8% year-over-year to $989.9 million in Q3 2025. The core offering is credit, with the total Consumer and SME loans principal outstanding reaching $7.9 billion, a 70% year-over-year increase. The value here is the combination of accessibility and quality control; the 90-day Non-Performing Loan (NPL) ratio remained stable at 1.1%.

SME Support via Credit, Logistics, and Digital Advertising Tools

Sea Limited supports small and medium-sized enterprises (SMEs) by integrating them into the ecosystem's financial and commercial rails. The credit offering is a key part of this, with the latest loan book standing at $7.9 billion as of September 30, 2025, which includes SME credit. Furthermore, the growth in Shopee's Core Marketplace Revenue, which includes digital advertising tools for sellers, grew 52.8% year-over-year to $3.1 billion in the quarter.

Integrated Ecosystem for Seamless Cross-Platform Transactions

The real value proposition is the multiplicative synergy between the three businesses, creating an "Ecosystem Fortress". This integration is concrete, not just abstract. Shopee drives the user traffic that Monee underwrites loans against, and Monee reduces friction for Shopee users via services like Pay Later. The financial results of Q3 2025 show this working: Group GAAP Revenue was $6.0 billion, and Adjusted EBITDA was $874.3 million. The entire group's Net Income more than doubled to $375.0 million.

Here's a quick look at the segment financial scale supporting these propositions in Q3 2025:

Segment	Key Financial Metric	Amount (US$)	Year-over-Year Change
Shopee (E-commerce)	GMV	$32.2 billion	+28.4%
Shopee (E-commerce)	EBITDA	$186.1 million	More than fivefold increase
Garena (Digital Entertainment)	Bookings	$840.7 million	+51.1%
Monee (Digital Financial Services)	GAAP Revenue	$989.9 million	+60.8%
Monee (Digital Financial Services)	Loans Principal Outstanding	$7.9 billion	+70%

Finance: draft Q4 2025 cash flow projection by next Tuesday.

Sea Limited (SE) - Canvas Business Model: Customer Relationships

You're looking at how Sea Limited keeps its massive user base engaged across Shopee, Garena, and Monee as of late 2025. It's all about integration and data-driven personalization, so let's dive into the hard numbers that define these relationships.

Automated self-service via in-app customer support systems

While direct metrics on automated self-service systems aren't always public, the operational focus clearly points to improving the customer experience through efficiency. For instance, in Q3 2025, Sea Limited reported that delivery speed improved sequentially, with average delivery time getting better by about two days compared to a year ago in certain areas like Greater São Paulo. This focus on logistics quality is a form of proactive customer service. Furthermore, platform stability is a key relationship factor; online purchasing through Shopee in 2025 emphasized more reliable voucher pre-checks, reducing load failures during peak times. Management's stated priority is enhancing service quality to drive growth.

Dedicated Shopee VIP loyalty programs with enhanced benefits

Shopee's VIP membership is a clear strategy to deepen relationships with high-value customers. By the end of June 2025, total VIP subscribers across the expanded markets reached 2 million. This segment shows strong financial impact; in Indonesia alone, VIP GMV grew nearly 50% quarter-on-quarter in Q2 2025. The program has since rolled out to Thailand and Vietnam. A major enhancement in Q3 2025 involved a partnership with OpenAI, where new Shopee VIP subscribers in Indonesia, Thailand, and Vietnam could redeem three months of complimentary access to ChatGPT Plus starting August 8, 2025. This reinvestment into VIP programs is seen as a strategy funded from a position of strength.

Community building through in-game events and eSports leagues

Garena maintains its community through high-impact content and competitive play. In Q3 2025, Garena delivered its best bookings quarter since 2021, hitting US$840.7 million, which was up 51.1% year-on-year. This engagement is anchored by flagship titles like Free Fire, which sustained its user base through collaborations such as the Squid Game and NARUTO SHIPPUDEN Chapter 2 campaigns. The active user base reflects this community scale:

Metric	Q3 2025 Value	Year-on-Year Change
Quarterly Active Users (QAUs)	670.8 million	Up 6.7%
Quarterly Paying Users	65.9 million	Up 31.2%
Paying User Ratio	9.8%	Up from 8.0% in Q3 2024

The segment remains on track to achieve more than 30% year-on-year growth in bookings for the full year 2025.

Personalized recommendations driven by AI for commerce and gaming

Sea Limited uses its ecosystem data to power personalization across platforms. For Shopee commerce, AI drives advertising effectiveness; in Q2 2025, the number of sellers using ad products rose by 20%, and their average ad spend increased by over 40% year-on-year. This suggests more effective, personalized ad placements. Furthermore, Sea announced an MOU with OpenAI in August 2025 to advance AI use, specifically mentioning opportunities in commerce. In gaming, Garena is committed to trying out new genres and testing boundaries by embracing AI to enhance player experience.

Credit scoring and risk management for Monee users

Monee's relationship with users is built on data-driven credit access. The company leverages AI-powered credit scoring models, trained on Shopee and Garena data, to manage risk while expanding lending.

• Consumer and SME loans principal outstanding reached US$7.9 billion as of September 30, 2025.
• This loan book grew 69.8% year-on-year as of Q3 2025.
• Active users across consumer and SME loan products hit 34 million in Q3 2025, up nearly 45% year-on-year.
• The platform added more than 5 million first-time borrowers in Q3 2025 by moving to an 'all-can-apply' approach.
• Asset quality remains tight, with the 90-day NPL ratio stable at 1.1% at the end of Q3 2025.
• Monee's GAAP revenue grew 60.8% year-on-year in Q3 2025 to US$989.9 million.

To be fair, the company is still cautious with new users; loan disbursements to new cohorts in Q3 2025 accounted for less than 10% of total disbursements, showing a deliberate underwriting process before cross-selling. Finance: draft 13-week cash view by Friday.

Sea Limited (SE) - Canvas Business Model: Channels

You're looking at how Sea Limited actually gets its products and services in front of customers as of late 2025. It's a multi-pronged approach, using digital storefronts, gaming clients, and a dedicated financial layer to keep users within the ecosystem. Here's the breakdown of the primary channels, grounded in the latest figures from the third quarter of 2025.

Shopee mobile application and e-commerce marketplace

The Shopee mobile application is the core channel for the e-commerce segment. This platform is where the bulk of the transaction volume happens. For the three months ended September 30, 2025, the scale was significant:

Metric	Q3 2025 Value	Year-over-Year Change
Gross Merchandise Value (GMV)	$32.2 billion	Up 28.4%
Gross Orders	3.6 billion	Up 28.4%
GAAP Revenue	$4.3 billion	Up 34.9%
Core Marketplace Revenue	$3.1 billion	Up 52.8%
Adjusted EBITDA	$186.1 million	Up from $34.4 million

Management expects Shopee's full-year 2025 GMV growth to be more than 25%. The marketplace revenue, which includes transaction fees and advertising, is clearly outpacing the growth in value-added services revenue, which was $0.7 million, down 6% year-on-year, partly due to increased shipping subsidies. That's a key trade-off right there.

Garena game client and mobile gaming apps (e.g., Free Fire)

Garena primarily uses its dedicated game client for PC titles and mobile gaming apps, like Free Fire, as the direct channel to its massive user base. The success of collaborations, such as Free Fire and NARUTO SHIPPUDEN Chapter 2, drives engagement. For Q3 2025:

• Bookings reached $840.7 million, a 51.1% increase year-on-year, marking the best quarter since 2021.
• GAAP revenue was $653.0 million, up 31.2% year-on-year.
• Adjusted EBITDA hit $465.9 million, up 48.2% year-on-year.
• Quarterly active users stood at 670.8 million, up 6.7% year-on-year.
• Quarterly paying users were 65.9 million, up 31.2% year-on-year.

Garena remains on track to achieve more than 30% year-on-year growth in bookings for the full year 2025.

Monee mobile wallet and financial services portal

The Monee mobile wallet and financial services portal are deeply integrated, often accessed directly through the Shopee application, but also serve standalone financial use cases. The credit business is a major driver here. As of September 30, 2025:

• GAAP revenue for Digital Financial Services was $989.9 million, a 60.8% jump year-on-year.
• Adjusted EBITDA for the segment was $258.3 million, up 37.5% year-on-year.
• Consumer and SME loans principal outstanding reached $7.9 billion, up 69.8% year-on-year.
• This loan book consists of $6.9 billion on-book and $0.9 billion off-book.

The unit is extending SPayLater's reach beyond e-commerce for everyday financial use cases. The non-performing loan ratio was maintained at 1.1%.

Shopee Express (SPX) logistics and last-mile delivery network

Shopee Express (SPX) is a critical self-owned channel that underpins the e-commerce offering, focusing on last-mile efficiency. The investment in this network is substantial. By 2025, SPX Express is reported to handle more than half of total orders. The hyperlocal model, using agents like homemakers and students, has helped reduce logistics costs by 6% in Asia and 21% in Brazil. SPX's sorting centers process 400,000 parcels daily. In Asia, SPX Express already delivers around 50% of its orders within two days of order placement.

Social media and content platforms for user acquisition

While not a direct sales channel like the apps, social media and content are vital for user acquisition and engagement across the ecosystem. For Shopee, live-streaming on its platform contributes around 15% of its overall order volume for physical goods in Southeast Asia. Furthermore, the e-commerce platform partners with YouTube, allowing viewers to make seamless purchases on Shopee. This content integration helps drive traffic directly into the marketplace channel.

Sea Limited (SE) - Canvas Business Model: Customer Segments

You're mapping out Sea Limited's customer base as of late 2025; it's a diverse group spanning gaming, commerce, and finance across a massive footprint in Asia and Latin America. Honestly, the key is seeing how these segments feed into each other.

Mass market consumers in Southeast Asia, Taiwan, and Brazil

This segment is primarily served by Shopee, which Sea Limited calls the largest pan-regional e-commerce platform in Southeast Asia and Taiwan, with a significant presence in Brazil. The scale here is substantial, though specific 2025 active consumer counts aren't broken out by geography in the latest reports. For context on the scale they operate at, in 2023, Shopee had 295 million users, with Indonesia alone accounting for 103 million of those users. Shopee celebrated its 5-year anniversary in Brazil in Q2 2025, achieving market leadership by order volume while operating profitably in that market. The overall group revenue growth in Q3 2025, up 38.3% year-on-year to US$6.0 billion, reflects the continued engagement of this mass market.

Small and Medium-sized Enterprises (SMEs) and merchants

These are the sellers on the Shopee marketplace. Their engagement is tracked through platform usage metrics, which show strong monetization gains. In Q2 2025, the number of sellers utilizing Shopee's advertising product rose by 20% year-on-year, and their average quarterly ad spend increased by 40%. This indicates a growing reliance on Shopee's value-added services for business growth. Furthermore, the core marketplace revenue, which consists mainly of transaction-based fees and advertising revenues, grew 46.2% year-on-year to US$2.6 billion in Q2 2025. This segment is also a direct recipient of the financial services arm, Monee, as detailed below.

Digital-native, mobile-first gamers and eSports enthusiasts

Garena targets this group with its digital entertainment offerings, anchored by the flagship game, Free Fire. The user base remains massive and highly engaged. As of Q3 2025, Garena reported 670.8 million quarterly active users, marking a 6.7% year-on-year increase. Monetization is improving, with quarterly paying users reaching 65.9 million in Q3 2025, a 31.2% jump year-on-year. The paying user ratio in Q1 2025 was 9.8%, and the average bookings per user in Q1 2025 hit US$1.17. Management expects Garena bookings to grow more than 30% year-on-year for the full year 2025.

Underbanked and unbanked populations seeking credit/payments

Monee, the digital financial services arm, directly serves this segment, leveraging the Shopee ecosystem for data and distribution. This is a high-growth area. As of September 30, 2025 (Q3 end), the principal outstanding on consumer and SME loans reached US$7.9 billion, growing 69.8% year-on-year. This is a significant acceleration from the US$5.8 billion outstanding at the end of Q1 2025. The company maintains prudent risk management, with non-performing loans past due by more than 90 days remaining stable at 1.1% as of Q3 2025. The GAAP revenue for this segment in Q3 2025 was US$989.9 million, up 60.8% year-on-year.

Cross-border merchants selling into Southeast Asia

While not explicitly quantified with a separate merchant count, this group is embedded within the broader SME/merchant segment, utilizing Shopee's cross-regional platform capabilities. The overall GMV growth expectation for Shopee for the full year 2025 is set at more than 25%, which encompasses domestic and cross-border transactions flowing into the core Southeast Asia and Taiwan markets. The growth in core marketplace revenue to US$2.6 billion in Q2 2025 is a direct indicator of the transaction volume these merchants are generating on the platform.

Here's a quick look at the key user/lending metrics across the primary segments as of the latest reported quarter, Q3 2025:

Segment Metric	Value (Q3 2025)	Comparison/Context
Garena Quarterly Active Users	670.8 million	Up 6.7% year-on-year.
Garena Quarterly Paying Users	65.9 million	Up 31.2% year-on-year.
Shopee GMV	Expected >25% growth for FY2025	Q2 2025 GMV was US$29.8 billion.
Shopee Adopting Sellers Growth	20% rise in sellers using ads (Q2 2025)	Average ad spend up 40% in Q2 2025.
Monee Loans Principal Outstanding	US$7.9 billion	Up 69.8% year-on-year as of September 30, 2025.
Monee NPL Ratio (90+ days)	1.1%	Relatively stable quarter-on-quarter.

The 2 million total VIP subscribers hitting in June 2025 across Indonesia, Thailand, and Vietnam shows a focus on capturing higher-value consumers within the mass market segment, driving better profitability per user.

Finance: draft 13-week cash view by Friday.

Sea Limited (SE) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Sea Limited, you're essentially mapping out where the money goes to keep the three engines-Shopee, Garena (Digital Entertainment), and Monee (Digital Financial Services)-running and growing. As of the third quarter of 2025, the scale of these operations means costs are substantial, but the focus is clearly shifting toward efficiency.

Cost of revenue, primarily logistics and transaction costs, forms the largest single component of the cost base. For the three months ended September 30, 2025, the total Cost of Revenue was US$3.387 billion. The e-commerce segment, Shopee, is the main driver here, with its Cost of Revenue reaching US$2.5 billion for the quarter, primarily due to the necessary increase in logistics costs as order volume grew. Remember, this includes the cost to move goods, which is a direct consequence of the high Gross Merchandise Value (GMV) growth.

For the Digital Financial Services segment, Monee, the Cost of Revenue was US$125.7 million in Q3 2025. This cost base is specifically driven by operational needs like server and hosting expenses, plus the direct costs associated with the credit business, such as collection expenses and bank transaction fees.

User acquisition and platform engagement require significant spending on Sales and Marketing expenses. For the third quarter of 2025, Sea Limited reported Sales and Marketing expenses of US$1.150 billion. While this is a large absolute number, it's important to note that this grew by 30.9% year-over-year, which was significantly below the 38.3% year-over-year revenue growth, signaling improving customer acquisition efficiency.

Keeping the digital platforms running and developing new content falls under technology and development costs. The Research and Development expenses, which capture much of the Technology and Content Development costs for game updates and platform improvements, actually saw optimization in Q3 2025, coming in at US$286.3 million, a decrease of 5.2% year-over-year.

The cost associated with running the digital infrastructure-the Server and hosting expenses-is embedded within the segment cost of revenues, particularly for Monee. For instance, the Digital Financial Services Cost of Revenue of US$125.7 million explicitly cited server and hosting expenses as a primary driver.

Finally, financing costs related to the credit business and managing customer funds show up in the non-operating section. For Q3 2025, the net non-operating income was US$61.2 million, which included an interest expense of US$8.9 million. This interest expense relates to funding the credit business and potentially other liabilities, though customer deposits are often a low-cost source of funding.

Here's a quick look at the major expense categories for the three months ended September 30, 2025, compared to the prior year period:

Cost Component	Q3 2025 Amount (USD Thousands)	Q3 2024 Amount (USD Thousands)	Primary Segment Driver
Total Cost of Revenue	3,386,670	2,467,172	E-commerce Logistics
Sales and Marketing Expenses	1,150,299	878,557	Shopee User Acquisition
Research and Development Expenses	286,275	301,990	Garena/Platform Tech
Interest Expense (from Net Non-operating)	8,900 (Implied)	Not explicitly isolated	Monee Credit Funding

You can see the operational leverage starting to show, especially in R&D, which is down, while Sales and Marketing growth is lagging revenue growth. That's a defintely positive sign for long-term margin expansion.

• E-commerce Cost of Revenue: US$2.5 billion in Q3 2025.
• Digital Financial Services Cost of Revenue: US$125.7 million in Q3 2025.
• Digital Entertainment Cost of Revenue: US$171.9 million in Q3 2025 (Cost of Service).
• Consumer and SME loans principal outstanding (Credit Business Funding context): US$7.9 billion as of September 30, 2025.

Sea Limited (SE) - Canvas Business Model: Revenue Streams

You're looking at how Sea Limited actually brings in the money across its three main pillars as of late 2025. Honestly, the revenue story is about diversification finally paying off, with e-commerce and fintech scaling up their monetization efforts while gaming remains a strong cash generator.

E-commerce marketplace commissions and transaction fees and Advertising revenue from sellers on the Shopee platform are bundled within the core marketplace revenue stream. For the third quarter of 2025, Shopee's core marketplace revenue-which is where you find those transaction fees and ad dollars-climbed a solid 52.8% year-over-year to reach $3.1 billion. This shows sellers are paying more to get visibility on the platform, which is a classic sign of a mature marketplace reaching better monetization levels.

The Gaming bookings and in-game item sales (Garena) stream delivered its best quarter since 2021. For Q3 2025, Garena bookings hit $840.7 million, marking a 51.1% increase year-on-year. This performance was anchored by Free Fire campaigns, like the one incorporating content from Squid Game, which saw the Red Light, Green Light challenge get over 300 million plays in Q3 alone.

For the Interest income and fees from consumer/SME credit (Monee), the Digital Financial Services segment saw GAAP revenue jump to $989.9 million in Q3 2025, up 60.8% from the prior year. A major driver here is the lending business; the total principal outstanding for consumer and SME loans reached $7.9 billion as of September 30, 2025, a 69.8% increase year-over-year. To give you a sense of the interest component, the Group recorded net non-operating income of $61.2 million in the quarter, which was primarily due to $81.8 million in interest income.

Regarding Value-added services revenue, mainly logistics services, this is embedded within the broader e-commerce revenue. While the exact logistics revenue isn't separated from the marketplace revenue, we know that SPX Express, Sea Limited's logistics arm, is handling more than half of Shopee's orders across Asia and Brazil. This internal fulfillment capability is a key value-add service that helps control costs and speed up delivery, which is crucial for retaining buyers.

Here's a quick look at the key revenue-related figures from the third quarter of 2025 (amounts in millions of US dollars unless noted):

Revenue Component	Q3 2025 Amount (USD)	Year-over-Year Change
Total GAAP Revenue (Group)	$6,000.0 million	38.3%
E-commerce GAAP Service Revenue	$3,778.7 million	36.6%
E-commerce Core Marketplace Revenue (Fees & Ads)	$3,100.0 million (approximate)	52.8%
Digital Financial Services GAAP Revenue	$989.9 million	60.8%
Digital Entertainment Bookings (Garena)	$840.7 million	51.1%
Interest Income (Non-Operating Component)	$81.8 million	N/A
Consumer & SME Loans Principal Outstanding (as of Sept 30)	$7.9 billion	69.8%

The e-commerce segment's total GAAP revenue, which includes marketplace fees, advertising, and value-added services like logistics, was $3.8 billion for the quarter. The growth in the loan book to $7.9 billion definitely signals that Monee is aggressively expanding its credit offerings, which directly feeds that interest income stream.

Finance: draft 13-week cash view by Friday.