Sea Limited (SE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation numérique, Sea Limited (SE) apparaît comme une puissance transformatrice, tissant les jeux, le commerce électronique et les services financiers en un écosystème transparent qui a captivé des millions de personnes en Asie du Sud-Est. En tirant stratégiquement des partenariats avec des géants de la technologie comme Tencent et en créant des plateformes numériques localisées, Sea Limited a conçu un modèle commercial unique qui transcende les limites traditionnelles de l'industrie, offrant des solutions accessibles abordables aux consommateurs de marché émergents. Cette toile commerciale complexe révèle comment une seule entreprise peut révolutionner les expériences numériques, transformant les défis technologiques en possibilités de croissance sans précédent et d'engagement des utilisateurs.

Sea Limited (SE) - Modèle d'entreprise: partenariats clés

Tencent: Investissement stratégique et collaboration

Depuis le quatrième trimestre 2023, Tencent détient une participation de 21,3% dans Sea Limited. La collaboration s'étend sur les écosystèmes numériques de divertissement et de jeu.

Dimension de partenariat	Détails spécifiques
Montant d'investissement	3,86 milliards de dollars d'investissement total
Collaboration de jeux	Droits de publication exclusifs pour League of Legends en Asie du Sud-Est

Partenaires de la plate-forme des acheteurs

Shopee entretient de vastes partenariats de commerce électronique sur plusieurs marchés.

• Vendeurs actifs totaux: 6,4 millions au troisième trimestre 2023
• Réseau marchand transfrontalier: 2,3 millions de vendeurs internationaux
• Catégories de marchands: mode, électronique, articles de maison, produits de beauté

Développeurs et éditeurs de jeux Garena

Type de partenaire	Nombre de partenariats
Développeurs de jeux	87 partenariats de développement de jeux actifs
Éditeurs de jeux	42 Accords d'édition internationale

Paiement numérique et fournisseurs de services financiers

Seamoney collabore avec plusieurs partenaires technologiques financières.

• Paiement des partenaires de passerelle: 126 institutions financières
• Intégration du portefeuille numérique: 38 réseaux bancaires
• Valeur totale de la transaction: 12,4 milliards de dollars en 2023

Partenaires d'infrastructure de service et de technologie cloud

Catégorie de partenaire	Détails du partenariat
Infrastructure cloud	Amazon Web Services, Google Cloud Platform
Partenaires technologiques	15 collaborations stratégiques d'infrastructures technologiques
Investissement annuel sur les infrastructures	287 millions de dollars en 2023

Sea Limited (SE) - Modèle d'entreprise: activités clés

Développement et publication de jeux de divertissement numérique

La plate-forme de développement de jeux Garena a généré 1,3 milliard de dollars de revenus au troisième trimestre 2023. Mobile Game Free Fire avait 724 millions d'utilisateurs actifs trimestriels. L'équipe de développement de jeux se compose de plus de 1 200 ingénieurs logiciels et concepteurs de jeux.

Métriques de jeu	Performance de 2023
Revenu total du jeu	4,2 milliards de dollars
Utilisateurs actifs mensuels	724 millions
Personnel de développement de jeux	1 200+ professionnels

Gestion et expansion de la plate-forme de commerce électronique

La plate-forme Shopee a traité 21,4 milliards de dollars de valeur totale de marchandises brutes au troisième trimestre 2023. Opérant dans 10 pays avec 375 millions d'utilisateurs actifs.

• Total des transactions de commerce électronique: 86,4 milliards de dollars par an
• Plateforme Expansion Pays: Indonésie, Brésil, Philippines, Vietnam, Thaïlande
• Investissement infrastructure technologique du commerce électronique: 450 millions de dollars en 2023

Services financiers numériques et opérations de portefeuille numérique

Souamoney a traité 8,2 milliards de dollars de transactions de paiement numérique en 2023. La base d'utilisateurs du portefeuille numérique a atteint 48,3 millions d'utilisateurs actifs.

Métriques de service financier	2023 données
Transactions de paiement numérique	8,2 milliards de dollars
Utilisateurs de portefeuilles numériques	48,3 millions
Investissement technologique financière	320 millions de dollars

Développement de technologie de plate-forme mobile et Web

L'équipe de développement technologique comprend 4 500 ingénieurs logiciels. Les dépenses annuelles de recherche et de développement technologiques ont atteint 750 millions de dollars en 2023.

Stratégies de marketing et d'acquisition des utilisateurs

Les dépenses de marketing en 2023 étaient de 1,2 milliard de dollars. Coût d'acquisition des utilisateurs par plate-forme: Garena 0,75 $, acheteur 1,20 $, mateloney 0,95 $.

• Budget marketing total: 1,2 milliard de dollars
• Canaux d'acquisition d'utilisateurs: médias sociaux, publicité numérique, programmes de référence
• Ratio d'efficacité marketing: 22% du total des revenus

Sea Limited (SE) - Modèle d'entreprise: Ressources clés

Plates-formes numériques propriétaires

Sea Limited exploite trois plates-formes numériques de base:

Plate-forme	Utilisateurs actifs (Q4 2023)	Portée du marché
Acheteur	78,4 millions d'utilisateurs actifs trimestriels	8 pays d'Asie du Sud-Est
Garina	40,8 millions d'utilisateurs actifs trimestriels	Plateforme de jeu internationale
Jargot	31,4 millions d'utilisateurs actifs trimestriels	Services financiers numériques

Grande base d'utilisateurs

La démographie des utilisateurs de Sea Limited à travers l'Asie du Sud-Est:

• Total des utilisateurs sur toutes les plateformes: 149,6 millions d'utilisateurs actifs trimestriels
• Couverture géographique: Indonésie, Singapour, Vietnam, Thaïlande, Philippines, Malaisie
• Tranche d'âge: principalement 18-35 ans

Infrastructure technologique

Composant d'infrastructure	Spécification
Centres de données	Infrastructures multiples basées sur le cloud à travers l'Asie du Sud-Est
Investissement technologique	Frais de R&D de 1,2 milliard de dollars en 2023
Cloud computing	Partenariats avec AWS et Google Cloud

Ressources humaines

Composition de talents de Sea Limited:

• Total des employés: 68 300 (en décembre 2023)
• Travail d'ingénierie: environ 40% du total des employés
• Distribution mondiale des talents: principalement à Singapour, en Indonésie et au Vietnam

Ressources financières

Métrique financière	Montant (2023)
Cash total et équivalents	8,3 milliards de dollars
Investissements totaux	3,6 milliards de dollars
Financement du capital-risque	Cumulatif 4,5 milliards de dollars depuis la fondation

Sea Limited (SE) - Modèle d'entreprise: propositions de valeur

Écosystème numérique intégré

Sea Limited fonctionne sur trois segments principaux avec la base d'utilisateurs et les métriques de revenus suivantes:

Segment	Total utilisateurs (2023)	Revenus (2023)
Garena (jeu)	725 millions d'utilisateurs actifs trimestriels	Revenu annuel de 3,66 milliards de dollars
Shopee (e-commerce)	76,6 millions d'utilisateurs payants trimestriels	7,8 milliards de dollars de revenus annuels
Soueamoney (services financiers)	47,4 millions d'utilisateurs actifs trimestriels	577,5 millions de dollars de revenus annuels

Solutions localisées pour l'Asie du Sud-Est

Pénétration du marché dans les régions clés:

• Indonésie: 55,4% de la valeur totale de la commande brute du Shopee
• Vietnam: 21,3% de la valeur totale de la commande brute du Shopee
• Taiwan: 14,2% de la valeur totale de la commande brute du shopee
• Thaïlande: 6,5% de la valeur totale de la commande brute de Shopee

Divertissement numérique abordable

Métriques de la plate-forme de jeu de Garena:

• Jeu de feu gratuit: 737 millions de téléchargements à l'échelle mondiale
• Revenu moyen par utilisateur payant: 9,43 $ par trimestre
• Part de marché des jeux mobiles en Asie du Sud-Est: 35,6%

Expérience d'achat en ligne

Performance de la plate-forme des acheteurs:

Métrique	Valeur 2023
Valeur totale de marchandises brutes	83,5 milliards de dollars
Nombre de commandes	7,4 milliards
Valeur de commande moyenne	$11.28

Services financiers numériques

Métriques financières de la couture:

• Transactions de portefeuille numérique: 2,1 milliards en 2023
• Volume total de paiement: 45,3 milliards de dollars
• Portfolio de prêt numérique: 3,2 milliards de dollars

Sea Limited (SE) - Modèle d'entreprise: relations clients

Plateformes de jeu axées sur la communauté

Garena, la division des jeux de Sea Limited, a rapporté 667,7 millions d'utilisateurs actifs trimestriels au troisième trimestre 2023. Le jeu Free Fire a généré 95,4 millions d'utilisateurs actifs mensuels en Asie du Sud-Est.

Plate-forme de jeu	Utilisateurs actifs	Performance trimestrielle
Garina	667,7 millions	T1 2023 Base d'utilisateurs
Feu libre	95,4 millions	Utilisateurs actifs mensuels en Asie du Sud-Est

Applications mobiles conviviales

Shopee, la plate-forme de commerce électronique de SEA, a enregistré 79,4 millions d'utilisateurs actifs trimestriels au troisième trimestre 2023.

Systèmes de recommandation personnalisés

Sea Limited a investi 214,3 millions de dollars dans le développement technologique pour les algorithmes de recommandation personnalisés en 2022.

Support client via plusieurs canaux numériques

• Support client numérique 24/7 sur toutes les plateformes
• Taux de réponse du chatbot alimenté par AI: 87,6%
• Temps de réponse moyen: 3,2 minutes

Programmes de fidélité et initiatives d'engagement

Programme	Adhésion	Métriques d'engagement
Récompenses des acheteurs	46,2 millions de membres	Q3 2023 Programme de fidélité
Garena Premium	22,7 millions d'abonnés	Q3 2023 Programme de fidélité des jeux

Sea Limited (SE) - Modèle d'entreprise: canaux

Applications mobiles

Sea Limited exploite plusieurs applications mobiles dans ses segments d'activité:

Application	Utilisateurs actifs mensuels (2023)	Plate-forme
Garena (jeu)	659,9 millions	iOS / Android
Acheteur	376,5 millions	iOS / Android
Jargot	47,2 millions	iOS / Android

Plates-formes Web

Sea Limited maintient des plates-formes Web complètes:

• Shopee.com Marketplace de commerce électronique
• Plate-forme de jeu garina.com
• Seamoney.com Portail des services financiers

Marketing des médias sociaux

Plate-forme	Abonnés / engagement
Facebook	8,5 millions de followers
Instagram	3,2 millions de followers
Gazouillement	1,7 million de followers

Publicité numérique

Dépenses publicitaires numériques pour 2023: 742,3 millions de dollars

Canal	Pourcentage de dépenses publicitaires numériques
Publicités mobiles	68%
Affichage des annonces	22%
Publicités vidéo	10%

Stratégies de marketing de référence et virale

Mesures du programme de référence pour 2023:

• Taux de conversion de référence des acheteurs: 14,3%
• Coût d'acquisition des clients grâce aux références: 3,20 $
• Valeur totale du programme de référence: 156,7 millions de dollars

Sea Limited (SE) - Modèle d'entreprise: segments de clients

Jeunes consommateurs numériques natifs en Asie du Sud-Est

Sea Limited cible 690 millions de personnes en Asie du Sud-Est, avec un âge médian de 30,2 ans. La pénétration numérique dans la région atteint 70% en 2023.

Pays	Population numérique	Pénétration d'Internet
Indonésie	204 millions	73.7%
Vietnam	72 millions	70.3%
Thaïlande	52 millions	75.1%

Joueurs en ligne

La plate-forme GARENA dessert 725,9 millions d'utilisateurs actifs trimestriels en 2023.

• Marché des jeux d'Asie du Sud-Est d'une valeur de 4,4 milliards de dollars
• Les jeux mobiles représentent 59% des revenus totaux de jeu
• L'utilisateur moyen passe 7,2 heures par semaine en jeux mobiles

Les acheteurs de commerce électronique au régime numérique

La plate-forme Shopee a enregistré une valeur de marchandise brute de 8,35 milliards de dollars au troisième trimestre 2023.

Marché	Croissance du commerce électronique	Acheteurs en ligne
Indonésie	22.5%	47 millions
Vietnam	18.3%	35 millions

Populations émergentes de classe moyenne

Sea Limited cible 190 millions de consommateurs de classe moyenne en Asie du Sud-Est d'ici 2024.

• Revenu jetable mensuel moyen: 450 $ - 750 $
• Taux de croissance des dépenses numériques: 15,6% par an
• Adoption des paiements mobiles: 62% sur les marchés cibles

Utilisateurs de technologies sur mobile d'abord

Sea Limited dessert 78,8 millions d'utilisateurs mobiles actifs trimestriels sur toutes les plateformes.

Type d'appareil	Taux de pénétration	Utilisation quotidienne moyenne
Smartphone	85.3%	4,2 heures
Internet mobile	76.5%	3,8 heures

Sea Limited (SE) - Modèle d'entreprise: Structure des coûts

Infrastructure technologique et services cloud

Les coûts d'infrastructure technologique de Sea Limited pour 2023 ont totalisé environ 1,2 milliard de dollars. Les services cloud et les frais d'hébergement ont représenté 456 millions de dollars.

Catégorie de coûts technologiques	Montant (USD)
Infrastructure cloud	456 millions de dollars
Maintenance du centre de données	312 millions de dollars
Réseau et connectivité	214 millions de dollars

Dépenses de marketing et d'acquisition des utilisateurs

Les dépenses de marketing pour Sea Limited en 2023 ont atteint 1,87 milliard de dollars.

• Publicité numérique: 612 millions de dollars
• Marketing de performance: 524 millions de dollars
• Campagnes de sensibilisation de la marque: 387 millions de dollars
• Influenceur et marketing de partenariat: 347 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 étaient de 864 millions de dollars, ce qui représente 12,3% des revenus totaux.

Zone de focus R&D	Investissement (USD)
Technologie de jeu	412 millions de dollars
Plate-forme de commerce électronique	276 millions de dollars
Services financiers numériques	176 millions de dollars

Coûts de développement du contenu et des plateformes

Les dépenses de développement des plateformes ont totalisé 523 millions de dollars en 2023.

• Création de contenu: 247 millions de dollars
• Ingénierie de plate-forme: 186 millions de dollars
• Conception de l'expérience utilisateur: 90 millions de dollars

Acquisition et rétention de talents

Les dépenses en capital humain pour 2023 étaient de 672 millions de dollars.

Catégorie de coût des talents	Montant (USD)
Salaires et compensation	456 millions de dollars
Recrutement et formation	124 millions de dollars
Avantages sociaux	92 millions de dollars

Sea Limited (SE) - Modèle d'entreprise: Strots de revenus

Contenu numérique en jeu et ventes de produits virtuels

Le segment de divertissement numérique GARENA a généré 1,4 milliard de dollars de revenus au troisième trimestre 2023.

Plate-forme de jeu	Revenus (T1 2023)
Feu libre	812 millions de dollars
Autres jeux	588 millions de dollars

Commissions de transaction de commerce électronique

La plate-forme de commerce électronique des acheteurs a généré 1,3 milliard de dollars de revenus au troisième trimestre 2023.

Région	GMV du commerce électronique
Asie du Sud-Est	22,4 milliards de dollars
Brésil	8,6 milliards de dollars

Frais de service financier numériques

Le segment de la couture a généré 254 millions de dollars de revenus au troisième trimestre 2023.

• Transactions de portefeuille numérique: 1,7 milliard
• Volume de prêt numérique: 3,2 milliards de dollars

Revenus publicitaires

Les revenus publicitaires numériques ont atteint 87 millions de dollars au troisième trimestre 2023.

Traitement des paiements et services de portefeuille numérique

Volume de paiement total pour la plainte: 14,3 milliards de dollars en troisième trimestre 2023.

Service	Volume de transaction
Portefeuille numérique	8,6 milliards de dollars
Traitement des paiements	5,7 milliards de dollars

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.