{"id":852,"date":"2026-06-18T10:57:40","date_gmt":"2026-06-18T10:57:40","guid":{"rendered":"https:\/\/equitiesorbis.com\/%e6%8b%90%e7%82%b9%e5%b7%b2%e8%87%b3%ef%bc%9asea-limited-se-%e4%bb%8e%e7%83%a7%e9%92%b1%e9%98%b6%e6%ae%b5%e8%bf%88%e5%90%91%e7%bb%93%e6%9e%84%e6%80%a7%e4%b8%bb%e5%af%bc\/"},"modified":"2026-06-18T10:58:40","modified_gmt":"2026-06-18T10:58:40","slug":"%e6%8b%90%e7%82%b9%e5%b7%b2%e8%87%b3%ef%bc%9asea-limited-se-%e4%bb%8e%e7%83%a7%e9%92%b1%e9%98%b6%e6%ae%b5%e8%bf%88%e5%90%91%e7%bb%93%e6%9e%84%e6%80%a7%e4%b8%bb%e5%af%bc","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/%e6%8b%90%e7%82%b9%e5%b7%b2%e8%87%b3%ef%bc%9asea-limited-se-%e4%bb%8e%e7%83%a7%e9%92%b1%e9%98%b6%e6%ae%b5%e8%bf%88%e5%90%91%e7%bb%93%e6%9e%84%e6%80%a7%e4%b8%bb%e5%af%bc\/","title":{"rendered":"\u62d0\u70b9\u5df2\u81f3\uff1aSea Limited (SE) \u2014\u2014 \u4ece\u70e7\u94b1\u9636\u6bb5\u8fc8\u5411\u7ed3\u6784\u6027\u4e3b\u5bfc"},"content":{"rendered":"\n<p><em>\u4ee5\u72d9\u51fb\u624b\u89c6\u89d2\u5ba1\u89c6\u4e1c\u5357\u4e9a\u6570\u5b57\u5de8\u5934\uff1a\u76c8\u5229\u80fd\u529b\u4e0e\u52a0\u901f\u589e\u957f\u52bf\u5934\u7684\u4ea4\u6c47\u3002<\/em><\/p>\n\n<p>Sea Limited (NYSE: SE) \u5df2\u7834\u91dc\u6c89\u821f\uff0c\u8de8\u8d8a\u4e86\u5173\u952e\u8f6c\u6298\u70b9\u3002\u591a\u5e74\u6765\uff0c\u5173\u4e8e\u8fd9\u5bb6\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u4e92\u8054\u7f51\u516c\u53f8\u7684\u53d9\u4e8b\uff0c\u4e00\u76f4\u662f\u5efa\u7acb\u5728\u4e0d\u53ef\u6301\u7eed\u7684\u70e7\u94b1\u57fa\u7840\u4e0a\u7684\u8d85\u901f\u589e\u957f\u3002\u968f\u7740\u5229\u7387\u4e0a\u5347\u548c\u8d44\u672c\u67af\u7aed\uff0c\u5e02\u573a\u5bf9 Sea \u8fdb\u884c\u4e86\u4e25\u5389\u60e9\u7f5a\uff0c\u8feb\u4f7f\u5176\u8fdb\u884c\u6b8b\u9177\u8f6c\u578b\u3002\u4f46 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u8d22\u62a5\u8bc1\u5b9e\u4e86\u62d0\u70b9\u4ea4\u6613\u8005\u6240\u5bfb\u627e\u7684\u4fe1\u53f7\uff1a\u91cd\u7ec4\u7684\u9635\u75db\u5df2\u7ecf\u7ed3\u675f\uff0c\u62a4\u57ce\u6cb3\u5df2\u7ecf\u62d3\u5bbd\uff0c\u8fd0\u8425\u6760\u6746\u7ec8\u4e8e\u5f00\u59cb\u53d1\u6325\u4f5c\u7528\u3002Sea Limited \u4e0d\u518d\u4ec5\u4ec5\u662f\u4e00\u4e2a\u589e\u957f\u6545\u4e8b\uff1b\u5b83\u5df2\u6210\u4e3a\u4e00\u53f0\u76c8\u5229\u4e14\u80fd\u4ea7\u751f\u73b0\u91d1\u7684\u673a\u5668\uff0c\u4e3b\u5bfc\u7740\u4e00\u4e2a\u89c4\u6a21\u8d85\u8fc7 2,000 \u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7ecf\u6d4e\u4f53\u3002    <\/p>\n\n<p>\u968f\u7740 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6 GAAP \u603b\u8425\u6536\u540c\u6bd4\u589e\u957f 46.6% \u81f3 71 \u4ebf\u7f8e\u5143\uff0c\u4e14\u8c03\u6574\u540e EBITDA \u9996\u6b21\u7a81\u7834 10 \u4ebf\u7f8e\u5143\u5927\u5173\uff0cSea \u8ba9\u6000\u7591\u8005\u95ed\u4e86\u5634\u3002\u5728 Equities Orbis\uff0c\u6211\u4eec\u5bfb\u627e\u7531\u9006\u5411\u4ef7\u503c\u652f\u6491\u7684\u589e\u957f\u52bf\u5934\u3002Sea Limited \u5b8c\u7f8e\u7b26\u5408\u8fd9\u4e00\u7279\u5f81\u3002  <\/p>\n\n<h3 class=\"wp-block-heading\"><a>\u7ed3\u8bba\uff1a\u4e70\u5165<\/a><\/h3>\n\n<p><strong>Sea Limited (NYSE: SE)<\/strong> * <strong>\u5f53\u524d\u4ef7\u683c\uff1a<\/strong> ~$88.59 * <strong>\u76ee\u6807\u4ef7\uff1a<\/strong> $148.00 (\u9690\u542b\u4e0a\u6da8\u7a7a\u95f4\uff1a~67%) * <strong>\u8bc4\u7ea7\uff1a<\/strong> \u4e70\u5165<\/p>\n\n<p>Sea Limited \u662f\u4e00\u4e2a\u503c\u5f97\u575a\u5b88\u7684\u201c\u4e70\u5165\u201d\u6807\u7684\u3002\u8be5\u516c\u53f8\u5df2\u6210\u529f\u4ece\u8865\u8d34\u9a71\u52a8\u7684\u589e\u957f\u6a21\u5f0f\u8f6c\u578b\u4e3a\u53ef\u6301\u7eed\u3001\u76c8\u5229\u7684\u751f\u6001\u7cfb\u7edf\u3002Shopee\uff08\u7535\u5b50\u5546\u52a1\uff09\u3001SeaMoney\uff08\u91d1\u878d\u79d1\u6280\uff09\u548c Garena\uff08\u6e38\u620f\uff09\u8fd9\u4e09\u9a7e\u9a6c\u8f66\u6b63\u5168\u901f\u524d\u8fdb\uff0c\u521b\u9020\u4e86\u4e00\u4e2a\u5730\u533a\u7ade\u4e89\u5bf9\u624b\u65e0\u6cd5\u4f01\u53ca\u7684\u81ea\u6211\u5f3a\u5316\u98de\u8f6e\u3002\u5c3d\u7ba1\u80a1\u4ef7\u5df2\u4ece\u4f4e\u70b9\u53cd\u5f39\uff0c\u4f46\u76f8\u5bf9\u4e8e\u5176\u589e\u957f\u8f68\u8ff9\u548c\u4e0d\u65ad\u6269\u5927\u7684\u5229\u6da6\u7387\uff0c\u5176\u4f30\u503c\u4ece\u6839\u672c\u4e0a\u4ecd\u88ab\u4f4e\u4f30\u3002   <\/p>\n\n<h3 class=\"wp-block-heading\"><a>\u4f30\u503c\u6307\u6807\uff1a\u503c\u5f97\u652f\u4ed8\u7684\u6ea2\u4ef7<\/a><\/h3>\n\n<p>\u4f5c\u4e3a\u4e00\u540d\u62d0\u70b9\u4ea4\u6613\u8005\uff0c\u53ea\u8981\u5e95\u5c42\u7ecf\u6d4e\u903b\u8f91\u5408\u7406\uff0c\u4e3a\u4e0d\u53ef\u5426\u8ba4\u7684\u589e\u957f\u52bf\u5934\u652f\u4ed8\u6ea2\u4ef7\u662f\u53ef\u4ee5\u63a5\u53d7\u7684\u3002Sea \u76ee\u524d\u7684\u4f30\u503c\u6307\u6807\u8868\u660e\uff0c\u5e02\u573a\u4ecd\u5728\u8ffd\u8d76\u8be5\u516c\u53f8\u7684\u7ed3\u6784\u6027\u8f6c\u53d8\u3002 <\/p>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>\u6307\u6807<\/td><td>Sea Limited (SE)<\/td><td>Grab Holdings (GRAB)<\/td><td>GoTo (GOTO.JK)<\/td><\/tr><\/thead><tbody><tr><td><strong>\u5e02\u503c<\/strong><\/td><td>$53.17B<\/td><td>$14.27B<\/td><td>$3.25B (53.10T IDR)<\/td><\/tr><tr><td><strong>\u4f01\u4e1a\u4ef7\u503c<\/strong><\/td><td>$46.21B<\/td><td>$9.97B<\/td><td>$2.33B (38.07T IDR)<\/td><\/tr><tr><td><strong>\u9884\u6d4b\u5e02\u76c8\u7387<\/strong><\/td><td>29.85x<\/td><td>34.25x<\/td><td>125.00x<\/td><\/tr><tr><td><strong>EV\/EBITDA (TTM)<\/strong><\/td><td>38.0x<\/td><td>\u4e0d\u9002\u7528\uff08\u8d1f\u503c\uff09<\/td><td>\u4e0d\u9002\u7528\uff08\u8d1f\u503c\uff09<\/td><\/tr><tr><td><strong>\u6536\u5165\u589e\u957f\uff08\u540c\u6bd4\uff09<\/strong><\/td><td>46.6%<\/td><td>23.0%<\/td><td>\u4e0d\u9002\u7528<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p>Sea \u7684\u8fdc\u671f\u5e02\u76c8\u7387\u7ea6\u4e3a 29.8 \u500d\u3002\u5bf9\u4e8e\u4e00\u5bb6\u8425\u6536\u589e\u957f 46% \u4e14 EBITDA \u5229\u6da6\u7387\u540c\u6b65\u6269\u5927\u7684\u516c\u53f8\u6765\u8bf4\uff0c\u8fd9\u4e0d\u4ec5\u5408\u7406\uff0c\u800c\u4e14\u4fbf\u5b9c\u300238 \u500d\u7684 EV\/EBITDA \u500d\u6570\u53cd\u6620\u4e86\u76c8\u5229\u80fd\u529b\u7684\u5de8\u5927\u62d0\u70b9\u3002\u4e0e <a href=\"https:\/\/finance.yahoo.com\/quote\/GRAB\/\">Grab<\/a> \u548c <a href=\"https:\/\/finance.yahoo.com\/quote\/GOTO.JK\/\">GoTo<\/a> \u7b49\u4ecd\u5728\u52aa\u529b\u5b9e\u73b0\u6301\u7eed GAAP \u76c8\u5229\u7684\u5730\u533a\u540c\u884c\u76f8\u6bd4\uff0cSea \u5df2\u7ecf\u8131\u9896\u800c\u51fa\uff0c\u72ec\u5360\u9ccc\u5934\u3002   <\/p>\n\n<h3 class=\"wp-block-heading\"><a>\u770b\u6da8\u7406\u7531\uff1a\u4e3b\u5bfc\u5730\u4f4d\u7684\u4e09\u4f4d\u4e00\u4f53<\/a><\/h3>\n\n<p>Sea Limited \u7684\u770b\u6da8\u903b\u8f91\u5efa\u7acb\u5728\u5176\u4e09\u4e2a\u6838\u5fc3\u4e1a\u52a1\u677f\u5757\u7684\u534f\u540c\u529b\u91cf\u4e4b\u4e0a\uff0c\u6240\u6709\u8fd9\u4e9b\u677f\u5757\u5728 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u90fd\u8868\u73b0\u51fa\u4e86\u975e\u51e1\u7684\u5b9e\u529b\u3002<\/p>\n\n<h4 class=\"wp-block-heading\"><a>1. Shopee\uff1a\u65e0\u53ef\u4e89\u8bae\u7684\u7535\u5546\u4e4b\u738b<\/a><\/h4>\n\n<p>Shopee \u662f Sea \u589e\u957f\u7684\u5f15\u64ce\u30022026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u53d7\u5546\u54c1\u4ea4\u6613\u603b\u989d (GMV) \u6fc0\u589e 30.2% \u81f3 373 \u4ebf\u7f8e\u5143\u7684\u63a8\u52a8\uff0cShopee \u7684 GAAP \u8425\u6536\u589e\u957f\u4e86 44.4%\uff0c\u8fbe\u5230 45 \u4ebf\u7f8e\u5143\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u6838\u5fc3\u5e73\u53f0\u8425\u6536\uff08\u4ea4\u6613\u8d39\u548c\u5e7f\u544a\uff09\u98d9\u5347 61.0% \u81f3 38 \u4ebf\u7f8e\u5143\u3002  <\/p>\n\n<p>\u8fd9\u91cc\u7684\u62a4\u57ce\u6cb3\u662f\u7269\u6d41\u3002SPX Express \u76ee\u524d\u6bcf\u5929\u5904\u7406\u8d85\u8fc7 3,000 \u4e07\u4e2a\u5305\u88f9\u3002\u901a\u8fc7\u5782\u76f4\u6574\u5408\u7269\u6d41\uff0cShopee \u5927\u5e45\u7f29\u77ed\u4e86\u914d\u9001\u65f6\u95f4\u5e76\u964d\u4f4e\u4e86\u6210\u672c\u3002\u5728\u96c5\u52a0\u8fbe\u7b49\u5173\u952e\u57ce\u5e02\u5730\u533a\uff0c\u4e24\u4f4d\u6570\u589e\u957f\u7684\u8ba2\u5355\u91cf\u73b0\u5728\u901a\u8fc7\u5373\u65f6\u6216\u5f53\u65e5\u9001\u8fbe\u5b8c\u6210\u3002\u8fd9\u79cd\u901f\u5ea6\u4f18\u52bf\u6b63\u5728\u51fb\u57ae\u8f83\u5c0f\u7684\u7ade\u4e89\u5bf9\u624b\uff0c\u5e76\u8feb\u4f7f\u4e70\u5bb6\u5c06\u6d88\u8d39\u96c6\u4e2d\u5728 Shopee \u4e0a\u3002\u6b64\u5916\uff0cShopee \u7684\u53d8\u73b0\u7387 (take rate) \u6301\u7eed\u6269\u5927\uff0c\u8bc1\u660e\u4e86\u5176\u5f3a\u5927\u7684\u5b9a\u4ef7\u6743\u3002\u7ba1\u7406\u5c42 2026 \u5e74\u7684\u6307\u5f15\u76ee\u6807\u662f GMV \u5e74\u589e\u957f\u7387\u8fbe\u5230 25%\uff0c\u4e14\u8c03\u6574\u540e EBITDA \u4e0d\u4f4e\u4e8e 2025 \u5e74\u6c34\u5e73\uff0c\u8fd9\u6807\u5fd7\u7740\u5176\u5411\u76c8\u5229\u6027\u589e\u957f\u7684\u6c38\u4e45\u8f6c\u53d8\u3002      <\/p>\n\n<h4 class=\"wp-block-heading\"><a>2. SeaMoney\uff1a\u9690\u85cf\u7684\u5229\u6da6\u5f15\u64ce<\/a><\/h4>\n\n<p>\u5982\u679c\u8bf4 Shopee \u662f\u589e\u957f\u5f15\u64ce\uff0c\u90a3\u4e48 SeaMoney \u5c31\u662f\u5229\u6da6\u500d\u589e\u5668\u30022026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u6570\u5b57\u91d1\u878d\u670d\u52a1\u677f\u5757\u7684 GAAP \u8425\u6536\u540c\u6bd4\u589e\u957f 57.8% \u81f3 12 \u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540e EBITDA \u8fbe\u5230 2.752 \u4ebf\u7f8e\u5143\uff0c\u589e\u957f 14.0%\u3002  <\/p>\n\n<p>SeaMoney \u7684\u6d88\u8d39\u8005\u548c\u4e2d\u5c0f\u4f01\u4e1a\u8d37\u6b3e\u672a\u507f\u672c\u91d1\u589e\u957f\u4e86\u60ca\u4eba\u7684 71.3%\uff0c\u8fbe\u5230 99 \u4ebf\u7f8e\u5143\uff0c\u800c\u4e0d\u826f\u8d37\u6b3e\uff08\u903e\u671f\u8d85\u8fc7 90 \u5929\uff09\u4fdd\u6301\u5728 1.1% \u7684\u9ad8\u5ea6\u53ef\u63a7\u6c34\u5e73\u3002SPayLater\uff08\u5148\u4e70\u540e\u4ed8\uff09\u76f4\u63a5\u96c6\u6210\u5230 Shopee \u7ed3\u8d26\u6d41\u7a0b\u4e2d\uff0c\u521b\u9020\u4e86\u65e0\u7f1d\u7684\u4fe1\u8d37\u6269\u5f20\u3002\u968f\u7740\u4e1c\u5357\u4e9a\u65e0\u94f6\u884c\u8d26\u6237\u548c\u94f6\u884c\u670d\u52a1\u4e0d\u8db3\u7684\u4eba\u53e3\u8fdb\u5165\u6570\u5b57\u7ecf\u6d4e\uff0cSeaMoney \u5df2\u5b9a\u4f4d\u4e3a\u9ed8\u8ba4\u7684\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u3002  <\/p>\n\n<h4 class=\"wp-block-heading\"><a>3. Garena\uff1a\u73b0\u91d1\u725b\u89c9\u9192<\/a><\/h4>\n\n<p>Garena \u4f5c\u4e3a Sea \u7684\u6570\u5b57\u5a31\u4e50\u90e8\u95e8\uff0c\u5728\u5386\u53f2\u4e0a\u4e00\u76f4\u8d44\u52a9 Shopee \u548c SeaMoney \u7684\u6269\u5f20\u3002\u5728\u7ecf\u5386\u4e86\u4e00\u6bb5\u75ab\u60c5\u540e\u7684\u5e38\u6001\u5316\u65f6\u671f\u540e\uff0cGarena \u56de\u5f52\u4e86\u30022026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u9884\u8ba2\u989d\u589e\u957f 20.1% \u81f3 9.314 \u4ebf\u7f8e\u5143\uff0cGAAP \u8425\u6536\u589e\u957f 40.6% \u81f3 6.966 \u4ebf\u7f8e\u5143\u3002  <\/p>\n\n<p>\u8fd9\u4e00\u590d\u82cf\u662f\u7531 <em>Free Fire<\/em> \u7684\u6301\u4e45\u751f\u547d\u529b\u9a71\u52a8\u7684\uff0c\u5b83\u4ecd\u7136\u662f\u5168\u7403\u4e0b\u8f7d\u91cf\u6700\u9ad8\u7684\u79fb\u52a8\u6e38\u620f\u4e4b\u4e00\u3002\u5b63\u5ea6\u6d3b\u8dc3\u7528\u6237\u6570\u5fae\u5347\u81f3 6.665 \u4ebf\uff0c\u4f46\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u4ed8\u8d39\u7528\u6237\u589e\u957f\u4e86 12.4% \u81f3 7,260 \u4e07\u3002\u4ed8\u8d39\u7528\u6237\u6bd4\u4f8b\u6269\u5927\u81f3 10.9%\uff0c\u63a8\u52a8\u8c03\u6574\u540e EBITDA \u8fbe\u5230 5.736 \u4ebf\u7f8e\u5143\uff08\u9884\u8ba2\u989d\u5229\u6da6\u7387\u4e3a 61.6%\uff09\u3002Garena \u91cd\u65b0\u5438\u5f15\u7528\u6237\u5e76\u63d0\u9ad8\u4eba\u5747\u53d8\u73b0\u7684\u80fd\u529b\uff0c\u4e3a\u6574\u4e2a Sea \u751f\u6001\u7cfb\u7edf\u63d0\u4f9b\u4e86\u5de8\u5927\u7684\u3001\u9ad8\u5229\u6da6\u7684\u73b0\u91d1\u7f13\u51b2\u3002   <\/p>\n\n<h3 class=\"wp-block-heading\"><a>\u770b\u8dcc\u7406\u7531\uff1aTikTok \u7684\u5a01\u80c1\u4e0e\u5b8f\u89c2\u9006\u98ce<\/a><\/h3>\n\n<p>\u6ca1\u6709\u4e00\u4e2a\u72d9\u51fb\u624b\u4f1a\u5728\u4e0d\u8ba1\u7b97\u98ce\u901f\u7684\u60c5\u51b5\u4e0b\u5f00\u67aa\u3002Sea Limited \u9762\u4e34\u7684\u4e3b\u8981\u98ce\u9669\u662f\u6fc0\u70c8\u7684\u7ade\u4e89\u683c\u5c40\uff0c\u7279\u522b\u662f <a href=\"https:\/\/cube.asia\/shopee-lazada-and-tiktok-shop-in-southeast-asia-what-the-data-shows-in-2026\/\">TikTok Shop<\/a> \u7684\u6fc0\u8fdb\u6269\u5f20\u3002 <\/p>\n\n<p>TikTok Shop \u901a\u8fc7\u5229\u7528\u5176\u5e9e\u5927\u7684\u793e\u4ea4\u5a92\u4f53\u7528\u6237\u7fa4\u63a8\u52a8\u76f4\u64ad\u7535\u5546\uff0c\u5728\u4e1c\u5357\u4e9a\u8fc5\u901f\u83b7\u5f97\u4e86\u5e02\u573a\u4efd\u989d\u3002\u5728\u8d8a\u5357\u548c\u6cf0\u56fd\u7b49\u5e02\u573a\uff0cTikTok Shop \u662f\u4e00\u4e2a\u5f3a\u5927\u7684\u6311\u6218\u8005\uff0c\u8feb\u4f7f Shopee \u589e\u52a0\u9500\u552e\u548c\u8425\u9500\u652f\u51fa\u4ee5\u634d\u536b\u9886\u5730\u3002Sea 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u603b\u9500\u552e\u548c\u8425\u9500\u652f\u51fa\u589e\u957f\u4e86 52.1%\uff0c\u8fbe\u5230 14 \u4ebf\u7f8e\u5143\u3002\u5982\u679c TikTok \u53d1\u8d77\u65f7\u65e5\u6301\u4e45\u7684\u4ef7\u683c\u6218\uff0cShopee \u7684\u5229\u6da6\u7387\u53ef\u80fd\u4f1a\u53d7\u5230\u6324\u538b\u3002   <\/p>\n\n<p>\u6b64\u5916\uff0cSea \u5728\u6613\u53d7\u6c47\u7387\u6ce2\u52a8\u3001\u901a\u8d27\u81a8\u80c0\u548c\u76d1\u7ba1\u73af\u5883\u53d8\u5316\u5f71\u54cd\u7684\u65b0\u5174\u5e02\u573a\u8fd0\u8425\u3002\u8fd1\u671f\u5370\u5ea6\u5c3c\u897f\u4e9a\u5bf9 TikTok Shop \u7684\u7981\u4ee4\uff08\u540e\u6765\u901a\u8fc7\u4e0e GoTo \u65d7\u4e0b\u7684 Tokopedia \u5408\u4f5c\u89e3\u51b3\uff09\u51f8\u663e\u4e86\u8be5\u5730\u533a\u76d1\u7ba1\u7684\u4e0d\u53ef\u9884\u6d4b\u6027\u3002 <\/p>\n\n<h3 class=\"wp-block-heading\"><a>\u5206\u6790\u5e08\u5171\u8bc6\u4e0e\u5173\u952e\u50ac\u5316\u5242<\/a><\/h3>\n\n<p>\u534e\u5c14\u8857\u6b63\u9010\u6e10\u610f\u8bc6\u5230\u8fd9\u4e00\u62d0\u70b9\u3002\u5206\u6790\u5e08\u7684\u5171\u8bc6\u662f\u575a\u5b9a\u7684 <strong>\u4e70\u5165<\/strong>\uff0c\u5e73\u5747 <a href=\"https:\/\/www.benzinga.com\/quote\/SE\/analyst-ratings\">\u76ee\u6807\u4ef7\u4e3a $137.16<\/a>\uff0c\u4ee3\u8868\u7740\u5de8\u5927\u7684\u4e0a\u6da8\u7a7a\u95f4\u3002\u9876\u7ea7\u673a\u6784\u751a\u81f3\u66f4\u52a0\u770b\u597d\uff1b\u6469\u6839\u5927\u901a\u8fd1\u671f\u91cd\u7533\u4e86\u201c\u589e\u6301\u201d\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7\u4e3a 163 \u7f8e\u5143\uff0c\u800c CGS International \u5219\u8bbe\u5b9a\u4e86 195 \u7f8e\u5143\u7684\u6700\u9ad8\u76ee\u6807\u4ef7\u3002  <\/p>\n\n<p><strong>2026 \u5e74\u5173\u952e\u50ac\u5316\u5242\uff1a<\/strong> 1. <strong>Shopee \u6301\u7eed\u76c8\u5229\uff1a<\/strong> Shopee \u8fde\u7eed\u591a\u4e2a\u5b63\u5ea6\u5b9e\u73b0\u8c03\u6574\u540e EBITDA \u6b63\u503c\u5c06\u8feb\u4f7f\u5e02\u573a\u91cd\u65b0\u8bc4\u4f30\u5176\u4f30\u503c\u500d\u6570\u30022. <strong>SeaMoney \u6269\u5f20\uff1a<\/strong> \u6210\u529f\u6269\u5c55\u975e Shopee \u8d37\u6b3e\u5e94\u7528\u573a\u666f\u4ee5\u53ca\u5728\u5df4\u897f\u7684\u6269\u5f20\uff0c\u5c06\u8bc1\u660e SeaMoney \u662f\u4e00\u4e2a\u72ec\u7acb\u7684\u91d1\u878d\u79d1\u6280\u5de8\u5934\u30023. <strong>Free Fire \u5370\u5ea6\uff1a<\/strong> <em>Free Fire<\/em> \u5728\u5370\u5ea6\u7684\u6f5c\u5728\u91cd\u65b0\u4e0a\u7ebf\u4ee3\u8868\u4e86 Garena \u4e00\u4e2a\u5de8\u5927\u7684\u3001\u5c1a\u672a\u5f00\u53d1\u7684\u8425\u6536\u50ac\u5316\u5242\u3002  <\/p>\n\n<h3 class=\"wp-block-heading\"><a>\u7ade\u4e89\u5bf9\u624b\u8bc4\u7ea7\uff1a\u5176\u4ed6\u8ffd\u968f\u8005<\/a><\/h3>\n\n<p>\u867d\u7136 Sea \u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\uff0c\u4f46\u66f4\u5e7f\u6cdb\u7684\u4e1c\u5357\u4e9a\u6570\u5b57\u683c\u5c40\u4ecd\u9700\u80cc\u666f\u53c2\u8003\u3002<\/p>\n\n<p><strong>Grab Holdings (NASDAQ: GRAB)<\/strong> * <strong>\u5f53\u524d\u4ef7\u683c\uff1a<\/strong> ~$3.35 * <strong>\u76ee\u6807\u4ef7\uff1a<\/strong> $6.19 * <strong>\u8bc4\u7ea7\uff1a<\/strong> \u6301\u6709 * <em>\u7ed3\u8bba\uff1a<\/em> Grab \u8868\u73b0\u51fa\u8425\u6536\u589e\u957f\uff082026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u589e\u957f 23%\uff09\u548c\u8c03\u6574\u540e EBITDA \u5229\u6da6\u7387\u7684\u6539\u5584\uff08\u5360\u8425\u6536\u7684 16.2%\uff09\u3002\u7136\u800c\uff0c\u5b83\u4ecd\u672a\u5b9e\u73b0 GAAP \u76c8\u5229\uff0c\u4e14\u5e02\u76c8\u7387\u9ad8\u8fbe 87 \u500d\u3002\u51fa\u884c\u548c\u914d\u9001\u5e02\u573a\u9ad8\u5ea6\u5546\u54c1\u5316\uff0c\u7f3a\u4e4f Shopee \u6574\u5408\u7535\u5546\u548c\u91d1\u878d\u79d1\u6280\u751f\u6001\u7cfb\u7edf\u7684\u7ed3\u6784\u6027\u62a4\u57ce\u6cb3\u3002\u5728\u6295\u5165\u8d44\u672c\u524d\uff0c\u8bf7\u7b49\u5f85\u5176\u5b9e\u73b0\u6301\u7eed\u7684 GAAP \u76c8\u5229\u3002   <\/p>\n\n<p><strong>PT GoTo Gojek Tokopedia Tbk (IDX: GOTO)<\/strong> * <strong>\u5f53\u524d\u4ef7\u683c\uff1a<\/strong> ~Rp 66.00 * <strong>\u76ee\u6807\u4ef7\uff1a<\/strong> Rp 78.54 * <strong>\u8bc4\u7ea7\uff1a<\/strong> \u5356\u51fa * <em>\u7ed3\u8bba\uff1a<\/em> \u4e3a\u4e86\u751f\u5b58\uff0cGoTo \u5c06\u5176\u7687\u51a0\u4e0a\u7684\u660e\u73e0 Tokopedia \u7684\u63a7\u5236\u6743\u8ba9\u7ed9\u4e86 TikTok\u3002\u5269\u4f59\u7684\u51fa\u884c\u548c\u6309\u9700\u670d\u52a1\u9762\u4e34\u6765\u81ea Grab \u7684\u6b8b\u9177\u7ade\u4e89\u3002\u7531\u4e8e EV\/EBITDA \u4e3a\u8d1f\uff0c\u4e14\u5728\u4efb\u4f55\u5355\u4e00\u5782\u76f4\u9886\u57df\u90fd\u7f3a\u4e4f\u6e05\u6670\u7684\u4e3b\u5bfc\u8def\u5f84\uff0cGoTo \u662f\u4e00\u4e2a\u7ed3\u6784\u6027\u7684\u8868\u73b0\u843d\u540e\u8005\u3002\u8bf7\u907f\u5f00\u3002   <\/p>\n\n<h3 class=\"wp-block-heading\"><a>\u8bda\u5b9e\u7684\u98ce\u9669\u8bc4\u4f30<\/a><\/h3>\n\n<p>Sea Limited \u5e76\u975e\u65e0\u98ce\u9669\u8d44\u4ea7\u30022026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca (EPS) \u4f4e\u4e8e\u9884\u671f 10.89%\uff08\u5b9e\u9645\u4e3a 0.67 \u7f8e\u5143\uff0c\u9884\u671f\u4e3a 0.76 \u7f8e\u5143\uff09\uff0c\u5bfc\u81f4\u76d8\u524d\u80a1\u4ef7\u6682\u65f6\u4e0b\u8dcc\uff0c\u51f8\u663e\u4e86\u5e02\u573a\u5bf9\u76c8\u5229\u6267\u884c\u60c5\u51b5\u7684\u654f\u611f\u6027\u3002\u8fd9\u4e00\u7f3a\u53e3\u4e3b\u8981\u53d7 SeaMoney \u4fe1\u8d37\u635f\u5931\u51c6\u5907\u91d1\u589e\u52a0\uff08\u540c\u6bd4\u589e\u957f 65.1%\uff09\u4ee5\u53ca\u4e3a\u62b5\u5fa1 TikTok Shop \u800c\u589e\u52a0\u7684\u8425\u9500\u652f\u51fa\u9a71\u52a8\u3002  <\/p>\n\n<p>\u7136\u800c\uff0c\u62d0\u70b9\u4ea4\u6613\u9700\u8981\u900f\u8fc7\u5b63\u5ea6\u7684\u566a\u97f3\u770b\u5230\u7ed3\u6784\u6027\u8d8b\u52bf\u3002\u4fe1\u8d37\u635f\u5931\u51c6\u5907\u91d1\u662f\u8d37\u6b3e\u8d26\u76ee\u589e\u957f 71% \u7684\u81ea\u7136\u7ed3\u679c\uff0c\u4e14\u4e0d\u826f\u8d37\u6b3e\u7387\u4f9d\u7136\u4fdd\u6301\u826f\u597d\u3002\u8425\u9500\u652f\u51fa\u662f\u9632\u5fa1\u6027\u7684\u8d44\u672c\u914d\u7f6e\uff0c\u6210\u529f\u4fdd\u62a4\u4e86\u5e02\u573a\u4efd\u989d\uff0830% \u7684 GMV \u589e\u957f\u8bc1\u660e\u4e86\u8fd9\u4e00\u70b9\uff09\u3002  <\/p>\n\n<p>Sea Limited 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