冬海集团（SE）：评估佣金率

Restricted - External Company UpdateSEOVERWEIGHTChina TechnologyPrice TargetPrice (16-May-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchChina TechnologyJiong Shao, CFA+1 212 526 5562jiong.shao@barclays.comBCI, USLian Xiu (Roger) Duan+1 212 526 4633lianxiu.duan@barclays.comBCI, USXinyao Song+1 212 526 6972xinyao.song@barclays.comBCI, US POSITIVEUSD 200.00USD 161.51+23.8% •TikTok's take-rate upward trajectory was largely at a similar pace. It raised Vietnam rates inApr, Singapore/Philippines in Jan and Thailand in Feb.2. Magnitude of Shopee rate hikes this year is more moderate vs 2024, reflectingmanagement's balanced approach and focus on ecosystem development.SE management expects take-rate expansion this year to not be as much as last year, and ourtracking data reflects thisshift.It also aligns with management's strategy to gradually enhanceShopee's profitability while reinvesting into its ecosystem (e.g., logistics subsidies, marketplacepricing adjustment, etc.). It has closely monitored merchant feedback, and so far there has notbeen too much negative pushback against rising commissions.•Indonesia: Up ~1.5% for mall and relatively stable for marketplace. Rates were updated inJan 2025 and have been unchanged since. The upward magnitude was similar compared tothe last raise in Sep 2024.•Vietnam: Up ~1% for mall and ~1% for marketplace in Jun 2025, compared to the ~3% raise inJul 2024.•Malaysia: Up ~1% for mall and ~2% for marketplace in Mar 2025, compared to the ~4% raisein Aug 2024.•Philippines: Up ~0.5% for mall in Jan 2025 and up ~2% for marketplace in Jun 2025,compared to the 1-2% raise in Jul 2024.•Thailand: Up ~1% for mall and ~1% for marketplace in Mar 2025, compared to ~2% raise in Jul2024.•Singapore: Up ~1% for mall and ~3% for marketplace in Mar 2025, compared to ~2% raise inSep 2024.•Brazil: Commission fee has been unchanged since the Jul 2024 for expansion.•Taiwan: Commission fee has been unchanged since the Feb 2024 for expansion.3. Overall, Indonesia's take-rate range (4-12%) remains structurally lower thanother markets, which are as high as 20%.Specifically, in Indonesia, Shopee's mall take-rate range is 4.3%-12%, which is lower than its6.5%-13.1% range in Vietnam, 8.4%-14.8% in Thailand, 8.9%-11.3% in Philippines, 10.9%-14.2%in Singapore, and 10.5%-20.5% in Malaysia. For marketplace, its take-rate range is at 3.9%-9.4%,which remains lower than other markets.We think this reflects relatively intense competition in Indonesia with players such as TikTok/Shop Tokopedia and management's deliberate pricing strategy, which is aimed at preserving orgaining market leadership. 2 FIGURE 1. Shopee's take-rate tracker across marketsSource: Shopee seller websites, Barclays Research20 May 2025Barclays | SEA Ltd. The figure above reflects a general range of commission rates including Mall and marketplace.Mall commissions are forbrands/officialstores and are usually higher than marketplace, whichis open to all sellers, including individuals and small businesses. We incorporate commissionand transaction take rates into the table, and their sum represents the total take rates. Ourdefinitions are as follows:•Commission fee = (product original price – seller sponsored discounts) * commission fee rate.This is the major adjustment.•Transaction fee = (product original price – seller sponsored discounts + shipping fee paid bybuyer) * transaction fee rate. This is based on the final amount paid by buyer and is relativelystable. 3 Analyst(s) Certification(s):We, Jiong Shao, CFA and Lian Xiu (Roger) Duan, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest o