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Chengsoul

?????????

????????????????

3?2??????????Sea Limited???????????Sea????2020?????????????

???????Sea 2020?????43.8????????101.1%????13.5????????123.0%???Q4??15.7????????101.6%????????101.5%?5.3????

?????????????????????????2020??????????????Garena???31.9??????????????Shopee GAAP???????????????????????????????24.7????

???Sea ???????????Garena ?Shopee ???????2020???????

????????

????????Sea ???????? Garena 2020?Q4??6.934????????71.6%????? EBITDA?????????????6.635????????149.1%?

? Sea ???????????????????????? Free Fire??????

???????PUBG???????????????????????????

2017?12??Garena ?????�??�???Free Fire?????????????????????????????Free Fire?????????????????????

??Sea???????2019?Q3?????????????4.5?????????????????????????????????10????

????????Free Fire?????????????????????????

App Annie??????Free Fire??2020?????????????????????????????

?????2020?Q4????????????????????????????????????????

????????Sea ???2020?Q4 Garena??????????72%?6.10????????????120%?7310??

??????????�????�??????????????????Free Fire??????????????????2020?Q4????Free Fire???????????????????????1.7????????

????????????????????????�????�??????????????????????????Sea????????????

?????????

????Free Fire?? Garena ????????????????????????

??????????Free Fire????????PUBG MOBILE??????????????

????????????? 118 ??? App????????????PUBG Mobile???????????????????????????????Free Fire???9?????????Free Fire??youtube?twitch???????????PUBG Mobile??

??????????�????�???????

???????????????????????????????????????????Garena??????????????????

????2017?????????????? Sea 39.8%?????????????20.7%?

????????Sea????????????????????�??????�?

?Garena???????????????????2010??Garena???????????????????

????????????????EA?PUBG Corp?NEXON???????????????????

2018?11??Garena????????5????????????????????????????????????????????????????

?Garena??????????????????????????????????????PC??????????????????????????QQ??????????????????????????????????

???????Garena???????�??�???2020?4???????Garena???Sea 25.6%?????25.1%???????Sea?????

?YouTube ????? ?2020 ????????????2020???Free Fire??????????720???????????????????????Free Fire?????????1000??

???????????????????Sea???????????????????????????????????????????????????Sea??????????????

????Sea?????????

???????????

??????Sea ??????????????Shopee?????????SeaMoney??

??????????????????Sea????????

??Sea????????Shopee2015???????????Sea?????????????????????

?????Shopee?????????C2C???????????????????????????????????????????

?2016??2019??Sea????????1770????4700????2.7????8.2????????????359%?

?????????

??Sea?????????2020????Shopee???????28????????133?GMV???????354????????101.1%?GAAP??????159.8%???21.7???????Q4 Shopee????8.422????????178.3%?GMV?119????????112.5%?

???????Shopee????????????????2016??????10????????????????Lazada 51%????2017???????10??????????83%?

Shopee?Lazada???????????????????????????????????????????????????

App Annie?????2020????Shopee ??????App?????????????????????????App??????????????????????????

?????Sea??????????????????????

???Sea??????????????2020??????Shopee?????????????????SeaMoney????????78????

?????Sea?????????�??????�?????+??+??????????????

????????????�??+??�??????

??????Sea????????????????????????�??????�????????????

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