---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39024880.md"
description: "'Little Tencent' Sea 4Q25 First Take: Results showed the familiar split, with business metrics and revenue broadly beating estimates while profits lagged across segments due to heavier investment. The positives and negatives are clear; details as follows: 1) Excluding the less critical games segment, core e-commerce and fintech growth both came in well above expectations. In games, bookings rose Approx. 24% YoY, decelerated QoQ, and ran slightly below the ~25% growth expected. 2) In the most important e-commerce segment, order volume grew 33% YoY vs. 29% last qtr, materially ahead of estimates. Logistics build-out clearly lifted growth. For the first time, GMV and revenue also beat expectations. 3) In fintech, the key metric—outstanding loan balance—grew 80% YoY, re-accelerating vs. last qtr and far exceeding estimates. Revenue showed similarly strong growth. 4) The core issue was opex overshooting estimates by Approx. $50 mn, mainly dragged by a sharp increase in credit loss provisions. Marketing expense also rose ~34% YoY but was broadly in line.Logistics investment in e-commerce showed up in GPM contracting ~90 bps YoY. Together these factors pressured the key profit metric: Adj. EBITDA of Approx. $790 mn, missing by ~$60 mn (~8%), with all three segments below expectations. $Sea(SE.US)"
datetime: "2026-03-03T12:28:48.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39024880.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39024880.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39024880.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39024880.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39024880.md)


# 'Little Tencent' Sea 4Q25 First Take: Results show…


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