A：C Limited achieved total revenue of $6 billion and an adjusted EBITDA of $874 million in the third quarter of 2025, representing year-on-year growth of 38% and 68%, respectively. Shorts GMV grew by over 28%, money's loan book expanded 70% year on year, and Greener had its best quarter since 2021 with quarterly bookings of over 50% year on year.

A：C Limited's monetization has shown a positive trend, with take rates increasing both year on year and quarter on quarter. Revenue from ad services increased over 70% year on year, and at rates rose by more than 80 basis points year on year. The number of sellers using ad products increased by more than 25%, and their average spend grew by over 40% year on year.

A：C Limited's operational priorities include enhancing price competitiveness, improving service quality, and strengthening the content ecosystem. These priorities are considered a winning formula and remain consistent.

A：C Limited is enhancing its logistics capability by improving delivery speed and efficiency, and adapting its services to specific regional needs. For example, in Indonesia, they introduced same-day and instant delivery with fast delivery times under two hours, and in Taiwan, they expanded their automatic locker store network to over 2500 locations, becoming the only e-commerce player in Taiwan with a local network that accounts for over 70% of all deliveries. The company aims to build S Express into a clear leader in scale, coverage, and cost in the Asian market.

A：The goal of enhancing fulfillment capability is to address an upstream need for sellers by ensuring fast and accurate order handling. This is intended to make fulfillment a second core pillar of C Limited's overall logistics capability and to reinforce customer satisfaction.

A：Offering fulfillment services benefits buyers by providing more consistent service, sellers by reducing the burden of packaging and shipment, and Shopee by enabling better end-to-end logistics optimization while serving more buyers and sellers.

A：The VIP program has gained strong traction, with the number of members across Indonesia, Thailand, and Vietnam exceeding 3.5 million by the end of September, representing a more than 75% increase from the previous quarter. VIP members demonstrate higher engagement, spending around 40% more, buying three times more frequently, and contributing to about 10% of total GMV in Indonesia.

A：The partnership with YouTube has led to the growth of shopping orders driven by YouTube content across Shopee's Southeast Asian markets by more than 200% quarter on quarter.

A：Shopee's AI efforts have contributed meaningfully to monetization gains, improving the consumer retail experience through smarter search, better recommendations, and more personalized content. AI has also helped in product discovery, making it easier for buyers to find relevant items and for sellers to enhance their product listing appeal, resulting in a 10% year on year increase in purchase conversion rates.

A：Shopee has delivered exceptional growth in Brazil, maintaining positive adjusted EBITDA. The growth is attributed to increases in monthly active buyers, purchase frequency, and average basket sizes. Shopee's wide product assortment, competitive pricing, and cost leadership have allowed it to scale rapidly and profitably.

A：The improvements in delivery speed have enabled Shopee to expand into more upmarket product categories. In the greater Sao Paulo area, the delivery speed improvements led to more merchant listings, higher value products, and increased spending patterns, which in turn resulted in a more than doubling of GMD for Shopee's premium shopping section, mall, year on year.

A：Shopee's digital financial services division saw revenue growth of 61% and adjusted EBITDA growth of more than 35% year on year. The division's loan book reached $7.9 billion, solidifying its position as one of the largest unsecured consumer lenders in Southeast Asia. In Brazil, the loan book more than tripled year on year. Shopee added more than 5 million first-time borrowers in the third quarter, and at the end of the quarter, active users across consumer and SME loan products reached 34 million, up nearly 45% year on year.

A：Shopee has transitioned to an applied approach for onboarding new users for digital financial services, allowing any shopping user to apply for pay later credit. This approach has led to quick credit approval decisions and the addition of more than 5 million first-time borrowers in the third quarter, with generally positive unit economics.

A：The standalone 'shopping pay' app supports both online and offline payments, providing a faster and more seamless experience for users. It is a key pillar of Shopee's strategy to grow its money business, offering users services beyond payment, such as credit, insurance, wealth management, and more. The app has been launched in several markets and is showing strong traction, with more than 20% of its monthly transacting users in Indonesia using the standalone app.

A：Personal cash loans grew strongly in Indonesia, with higher limits and longer tenures being offered to attract prime users. In Thailand and Malaysia, user adoption is quickly increasing. In Brazil, personal cash loans grew close to 15% quarter on quarter, driven by the popularity of the combined credit limit.

A：The digital entertainment business delivered another strong quarter with bookings up 61% and adjusted EBITDA up 48% year on year, making it the company's best quarter since 2021.

A：The 'Naruto x Blox Chapter 2' campaigns received a positive response, with strong participation in the red light, green light challenge which was played more than 300 million times. The event expanded on the success of Chapter 1 with new fan favorite ninja characters, attack mechanics, collectible items, and a one-on-one mode. The campaigns achieved the highest satisfaction scores of any launched over the past two years and maintained high engagement and revenue.

A：The unique approach in the 'Naruto' game collaboration focused on authenticity and attention to detail, led by a team of super fans of the anime. The game mirrored key storylines and introduced iconic attack skills from the anime, continuing the narrative between chapters to create a highly immersive experience.

A：The 'Naruto' campaign was localized by hosting Ninja Stamp offline events in eight markets across Asia and America, attracting tens of thousands of fans. The events, such as the international 'Old Star Ninja Clash' eSport tournament in Bangkok, were a success, becoming top trending events on social media. The global and local approach to the campaign helped to build strong community connections and loyalty.

A：EA Pro SD Mobile launched in Vietnam and quickly became the country's most downloaded mobile gaming title based on Sensor Tower. By combining EA's world-class football franchise with local expertise, the game reinforced the company's position as a trusted publishing partner for global titles and is on track to achieve more than 30% year-on-year growth in bookings for 2025.

A：Overall GA revenue increased 38% year over year to $6 billion, driven by GMV growth in the e-commerce business and the digital financial services business. Total adjusted EBITDA was $874 million. The company's e-commerce adjusted EBITDA grew to $186 million from $34 million in the prior year's quarter, and digital financial services revenue increased by 61% year on year to $990 million with adjusted EBITDA up 37% year on year to $258 million.

A：The growth guidance of more than 25% year on year for 2025 is based on the current market momentum and competitive landscapes, which have been observed so far in the quarter. The company's belief in this growth is reflective of its operational performance and expectations as of the current quarter's progression.

A：The decrease in EECOM margin to 0.6% in the quarter, despite a higher take rate, is attributed to investments in logistics capabilities and fulfillment, as well as the expansion of the shopping VIP program. These efforts have shown positive results, such as a 12% year-over-year improvement in buy frequency and a 15% year-over-year increase in average monthly active buyers. The investments mentioned are not fixed, and the timing and scale of investments should become more operational as the program grows.

A：Investors should expect the investment cycle to be quite possible and operational, similar to what is seen in other successful e-commerce platforms across the globe. Initial investments will include efforts to familiarize users with the program and get them to join, but over time, the investment profile should become more operational and sustainable.

A：The decision to close some cross-border operations in Latin America, such as in Chile and Colombia, is part of the company's ongoing review of global business priorities to align with their long-term strategy. This allows the company to focus resources on key business priorities. Argentina is being considered for localized business entry as part of selective market expansion efforts, leveraging existing cross-border infrastructure and operational experience. Argentina is seen as an important market for the company.

A：The company will monitor market trends and learn about the new market without making heavy investments initially. They aim to capture synergies across adjacent regions and open additional channels for sellers. Argentina's entry as a localized business is part of a broader strategy to explore opportunities to serve consumers and businesses in the Latin American market.

A：The competitive landscape in Southeast Asia is intense in some countries, with peers growing faster than Shopee in others. There is a concern that live streaming peers may start diverting more traffic and purchase frequency from the marketplace model, posing a potential threat to Shopee. The company's strategy is to leverage its strong market presence, large assortment, best pricing, and delivery structure to defend its market share and grow further.

A：The company anticipates the current investment cycle to be similar to the one a couple of years ago, with significant upfront investments that are expected to yield better results in the future. This includes ramping up fulfillment capabilities in some markets to support future growth and share gains.

A：The competitive landscape in the South Asia market is relatively stable with no significant differences observed between various markets in the region. The behavior and intensity of competitors have remained consistent over time.

A：The shelf-based model has been a focus area for a long time, not something new. It is a strategy observed not only in South Asia but also in China. The nature of platforms has diversified, and while the share of commerce through this model has been consistent, it may impact app behavior and user retention.

A：The increase in traffic towards share of commerce has the potential to impact how the overall app behaves and affect user retention. However, it is not considered a new impactful trend in competitive landscapes.

A：The company is making continuous investments in infrastructure, particularly in logistics and fulfillment networks. These investments are less capital expenditure (CapEx) intensive and are expected to help penetrate the user base more by lowering service costs and reducing delivery times.

A：The VIP programs have led to a 40% increase in user spending after joining the program. This has resulted in a more ongoing investment strategy to strengthen the company's competitive position, which is projected to impact general growth.

A：The cost of services has been reduced year over year with a focus not only on delivery cost but also on increasing speed. This reduction has contributed to the company's growth. For 2026, the outlook is positive with plans for continued user base growth, more immersive content and experiences, and strong IP collaborations. The company is also exploring the potential of AI in boosting creative and user experiences for future growth.

A：The outlook for Free Fire in 2026 is very positive, with strong momentum continuing from 2024. Growth accelerated in 2025 compared to the previous year. The company expects user base to continue growing, content to become more immersive, and plans for more successful IP collaborations. They are also excited about the potential of AI in enhancing the creative side, production, and user experience.

A：The company has new games in its pipeline with a dedicated team of experienced developers. Some of these games are already live in trial periods. While it is premature to predict the impact, especially considering the scale of Free Fire in terms of user base and revenue, the company remains optimistic about future growth potential from new game developments. They will continue to invest effort and learn about different genres and markets for future opportunities.

A：The unit economics for the VIP membership program are initially negative, but the company is seeing very good growth on users signing up, with a 75% increase in members and GMV penetration in the early stages. The company believes the penetration rate could be similar to global standards. The important thing for the company to focus on is the economics for the platform, members, and core users, as well as working with partners to bring benefits to them. The company monitors the retention rate closely and is working on multiple ways to ensure good retention, especially through a digital science side.

A：The company is deeply excited about AI as it represents a fundamental technological revolution that will create massive new opportunities and supercharge technology's ability to unlock value for people everywhere. The company believes that the impact and value creation from the AI revolution will be much bigger at the current moment. The focus will be on applications of AI and how to connect fantastic technology to people's daily lives around the world. The company plans to work with big tech to develop applications and integrate AI technology that transforms consumer daily life and small businesses in various countries, such as Indonesia and Brazil, leveraging their experience from the past decade. The company's approach will be practical and bottom-up, focusing on immediate results and applying AI to areas like shopping, advertising conversion, product discovery, product listing quality, customer service, and retention and conversion rate improvements.

A：The company is focusing on applications of AI that can immediately improve results and has seen critical use in shopping, helping with advertising conversion, making product discovery easier, improving product listing quality, enhancing retention and conversion rates, and advancing customer service. The majority of customer service is now handled by AI, resulting in a very high satisfaction rate. The company believes that with continued improvement and more advanced large language models and other AI developments, more applications can be implemented into daily business to have a positive impact on people's lives.