战略决定，通过在我们的货币化努力之前产生销售和营销费用来投资于我们Shopee市场的增长。我们相信，通过首先建立我们的用户群和提高参与度，采取周到的方法来实现货币化，将使我们能够在未来最大限度地实现货币化

消费者使用AirPayApp进行广泛的在线交易，如购买娱乐活动和交通的门票、订餐、购买保险产品、支付水电费、手机充值、购买或充值预付游戏点数，以及获取线下产品和服务的优惠券和促销代码。

本地化操作利用我们深厚的本地知识、区域技术能力和强大的现场资源，我们能够为我们的游戏开发者合作伙伴和用户提供重要的服务，包括以下内容。• 营销。我们为每个市场设计和执行量身定做的营销计划。我们通过户外和印刷广告、电视广告以及社交媒体平台和其他在线论坛的组合来营销我们的游戏。我们还通过安装了我们的Gcafé管理和计费系统或Gcafé系统的网吧合作伙伴的广泛网络营销我们的游戏。我们对网吧中每台电脑的用户界面进行定制，以突出显示我们的游戏。•游戏托管和服务。我们的游戏托管在我们租赁的数据中心的服务器上，由主要的国内和国际数据中心服务提供商管理，也有云服务器。在我们运营的每个市场中，本地和云服务器和基础设施的网络有助于确保更快的连接和无缝的游戏体验。我们为服务器网络开发的架构是为了在灵活的云环境中有效地工作，具有高度可扩展性。此外，通过我们强大的现场支持团队，我们通过电话或在线提供本地化的客户服务和技术支持。•管理当地的监管事务。我们帮助我们的游戏开发商合作伙伴在我们地区的复杂和多样化的法律制度中航行。特别是，我们经常管理本地区的法律和监管事项，涉及政府对游戏发布和新内容的批准，游戏的知识产权保护，以及其他与游戏有关的当地法律合规事项。有时，我们会定制和修改游戏，以符合当地法规。我们对当地监管要求的熟悉使我们成为游戏开发商的重要合作伙伴。

我们在2014年推出了Garena App。Garena App主要满足我们的移动用户的游戏发现、内容分享和社交沟通需求。GarenaApp的iOS版本可在苹果应用商店下载，而安卓版本可在谷歌Play商店和我们的网站下载。在GarenaApp上，用户可以发现Garena提供的新手机游戏。此外，使用安卓版本的用户可以直接从该应用程序下载我们的手机游戏。在GarenaApp上，用户还可以访问各种形式的内容，包括与游戏相关的新闻、游戏策略、视频、游戏统计，以及与电子竞技相关的内容，如深入的赛事报道、现场比分更新和直播。对内容的轻松访问进一步丰富了他们的游戏体验，提高了用户的获取和保留。

我们采用了双类投票结构，即我们的普通股由A类普通股和B类普通股组成。根据我们的双类投票结构，就需要股东投票的事项而言，A类普通股的持有人将有权获得每股一票，而B类普通股的持有人将有权获得每股三票。由于与我们两类普通股相关的不同投票权，截至2019年1月31日，我们的创始人和腾讯共实益拥有我们普通股总投票权的72.4%

We had a dedicated team of over 880 customer service personnel in GSEA as of June 30, 2017.

AirPay competes primarily with credit card and debit card service providers, banks with payment processing offerings, other offline payment options and other electronic payment system operators. AirPay competes with these companies primarily on the basis of transaction processing speed, convenience, network size, accessibility, reliability and price. We believe the combination of AirPay’s numerous physical service counters and the AirPay App is a significant competitive advantage because of the strong demand in GSEA for convenient forms of payment processing.

Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, subject to certain restrictions agreed upon in an irrevocable proxy between our founder, Forrest Xiaodong Li, and Tencent. Under the irrevocable proxy, Tencent has agreed to grant an irrevocable proxy with respect to its Class B ordinary shares to the founder for any matters concerning the size and/or composition of our board that require a shareholder vote, including, any resolution to approve, authorize or confirm any increase or decrease in the number of or any minimum or maximum number of directors of the Board, any appointment or election of any new director or directors of the Company, and any removal or replacement of any existing director or directors of the Company. Our founder has agreed to vote all of such Class B ordinary shares at the direction of Tencent for the election, removal and replacement of one member of the board, provided the nominee is qualified and permitted to serve on the board under applicable law and stock exchange rules. For all other matters that require shareholder vote, Tencent has agreed to grant our founder an irrevocable proxy with respect to a certain number of the Class B ordinary shares held by Tencent such that Tencent’s total voting power in our company does not exceed 29% of the total voting power of all outstanding shares immediately after this offering.

urrently, our digital financial services business primarily generates revenue from commissions charged to merchants for transactions settled using the AirPay platform. Each merchant pays a commission, which is either a percentage of the transaction value or a fixed fee per transaction. For transactions completed using our AirPay App, we are entitled to the entire amount of the commission, less any banking or credit card fees. For transactions transacted over an AirPay counter, a portion of the commission is shared with the counter operators. We believe that revenue sharing is important in recruiting and motivating new counter operators to join our network. Our digital financial services business also generates revenue from interest payments we receive from the small loans we provide to borrowers. We will continue to leverage our strong on-the-ground resources, local market and operational expertise, as well as regional platform capabilities, to grow the user base and expand the use cases of AirPay. Although we do not currently provide some traditional financial services, such as brokerage, wealth management, insurance securities or retail lending, we plan to further build AirPay into a comprehensive digital financial services platform, supported by insights we develop from analyzing the potentially huge wealth of user data collected from the long-term operations of our consumer technology businesses.

As a natural extension of our digital financial services business, we began extending small loans to small businesses in Thailand in June 2016 through AirPay counters.

AirPay provides payment processing services for Shopee in Vietnam and Thailand by handling incoming payments to Shopee accounts under Shopee Guarantee as well as the outgoing payments from Shopee accounts to Shopee seller accounts.

Garena’s strong relationship with a large network of cybercafés has enabled AirPay to rapidly establish a wide network of AirPay counters. As of June 30, 2017, 73.3% of cybercafés within the Garena network, or 50.0 thousand in total, also operated as AirPay counters. In addition, AirPay processes transactions of prepaid game credits on our Garena platform in Indonesia, Vietnam and Thailand. During the month of June 2017, AirPay processed approximately 40% of the aggregate gross billings for our digital entertainment business across AirPay’s three largest markets, namely Thailand, Vietnam and Indonesia. AirPay also provides the payment processing for Shopee in Vietnam and Thailand, with all incoming payments to Shopee accounts under Shopee Guarantee as well as the outgoing payments from Shopee accounts to Shopee seller accounts operationally handled by AirPay. This payment processing service is an initial step in our long-term plan to further integrate AirPay with the Shopee platform and make the e-wallet function an integral payment option for Shopee users, creating a large captive user base for AirPay.

An AirPay counter is a physical over-the-counter retail location that maintains a balance in its AirPay e-wallet account, which is used to purchase electronic and physical goods and credits, such as prepaid game credits and mobile top-up, food, beverage and other convenience store items, from suppliers or service providers. The AirPay counter then sells those electronic and physical goods and credits to consumers who pay the counters in cash. AirPay counters also provide utility bill and other payment forwarding services to consumers for cash payments. AirPay counters can be found at a variety of convenient locations in Thailand, Vietnam, Indonesia and the Philippines, including cybercafés, small local shops, book stores, food and beverage merchants, sim card stores, accommodation providers and convenience stores. AirPay counters also serve as important cash AirPay 柜台是一个实体的柜台零售点，在其 AirPay 电子钱包账户中保持一个余额，用于从供应商或服务提供商处购买电子和实体商品及信用，例如预付游戏信用和移动充值、食品、饮料和其他便利店物品。空中支付柜台然后出售这些电子和实物商品和信贷的消费者谁支付的柜台现金。AirPay 的柜台还为消费者提供水电费账单和其他现金支付转账服务。在泰国、越南、印尼和菲律宾的多个便利地点，都可以找到空中支付柜台，包括网吧、本地小型商店、书店、食品和饮料商店、智能卡商店、住宿供应商和便利店。AirPay 柜台也是重要的现金来源   163 Table of Contents 目录 access points for the platform. By allowing consumers to pay cash to top up their accounts on the AirPay App, AirPay counters act as a “reverse ATM” providing important avenues for the AirPay App to reach the large unbanked populations in GSEA. 平台的接入点。通过允许消费者在 AirPay 应用程序上支付现金以充实自己的账户，AirPay 柜台就像一台“反向自动取款机”，为 AirPay 应用程序接触到 GSEA 大量无银行账户的人群提供了重要渠道。

Consumers using the AirPay App do not need a credit card or a bank account, as the AirPay App accepts account top-up payments in cash through any of our AirPay counters, in addition to direct bank transfers. The user interface of the AirPay App in each market is localized to reflect local use cases and user preferences.

An AirPay counter is a physical over-the-counter retail location that maintains a balance in its AirPay e-wallet account, which is used to purchase electronic and physical goods and credits, such as prepaid game credits and mobile top-up, food, beverage and other convenience store items, from suppliers or service providers. The AirPay counter then sells those electronic and physical goods and credits to consumers who pay the counters in cash. AirPay counters also provide utility bill and other payment forwarding services to consumers for cash payments. AirPay counters can be found at a variety of convenient locations in Thailand, Vietnam, Indonesia and the Philippines, including cybercafés, small local shops, book stores, food and beverage merchants, sim card stores, accommodation providers and convenience stores. AirPay counters also serve as important cash AirPay 柜台是一个实体的柜台零售点，在其 AirPay 电子钱包账户中保持一个余额，用于从供应商或服务提供商处购买电子和实体商品及信用，例如预付游戏信用和移动充值、食品、饮料和其他便利店物品。空中支付柜台然后出售这些电子和实物商品和信贷的消费者谁支付的柜台现金。AirPay 的柜台还为消费者提供水电费账单和其他现金支付转账服务。在泰国、越南、印尼和菲律宾的多个便利地点，都可以找到空中支付柜台，包括网吧、本地小型商店、书店、食品和饮料商店、智能卡商店、住宿供应商和便利店。AirPay 柜台也是重要的现金来源   163 Table of Contents 目录 access points for the platform. By allowing consumers to pay cash to top up their accounts on the AirPay App, AirPay counters act as a “reverse ATM” providing important avenues for the AirPay App to reach the large unbanked populations in GSEA.

AirPay was initially launched to provide a cost-effective payment solution for our digital entertainment business. We have since integrated our AirPay platform with third-party merchants and cover an increasingly broad set of consumption use cases such as food, entertainment, transportation, mobile telecommunications and bill payment. As of June 30, 2017, we offered 388 use cases across 13 use case categories. This, in turn, attracts a large and growing number of consumers to our platform. Moreover, by integrating with local, regional and global banks and third-party payment gateways, we have built AirPay into a one-stop payment platform facilitating online transactions, which is integrated with local commerce infrastructure and designed to lower transaction costs for us and for our merchant partners.

Opening a physical shop in some GSEA markets, especially in less developed cities and rural 一个提供一站式电子商务解决方案的在线和低成本高效率的市场。在一些 GSEA 市场开设实体店，尤其是在欠发达城市和农村   156 Table of Contents 目录   areas, often entails significant upfront costs yet yields low customer flows due to infrastructure limitations. It is also difficult for individual and smaller-business sellers to create an online presence on their own. Moreover, the social media platforms some online sellers use lack even basic commercial functions to facilitate completion of an online transaction. We provide sellers a centralized, standardized and popular e-commerce platform accessible on smartphones and PCs with no initial setup charge. We empower individual and small-business sellers to reach potentially anyone in their markets with an internet connection. The Shopee platform offers sellers an integrated platform for conducting e-commerce business, combining a large and growing buyer base with an easy-to-use interface, powerful seller tools and convenient access to payments and logistics networks.

We arrange the placements of products from third-party sellers on our platform through targeted seller engagement and product placement. We leverage our deep understanding of local market conditions and user preferences to prioritize product categories that we believe to have higher realization rates and profitability for our sellers. Meanwhile, we also focus on expanding categories to include an increasingly diverse range of products. We have historically emphasized categories such as fashion, health and beauty, baby products and toys, and home and living, which we believe generally have higher gross margins for our seller partners. We believe that categories with higher seller gross margins will ultimately lead to better monetization potential for our marketplace

n 2016, Shopee pioneered “Mobile Shopping Day” as an annual promotional shopping event. Shopee processed 1.4 million orders generating US$18.2 million of GMV on September 9, 2017, supported by our Mobile Shopping Day event in Taiwan, Vietnam, Thailand, the Philippines, Singapore and Malaysia. In 2016, we ran our Mobile Shopping Day event in Indonesia on October 10 and anticipate doing so again on October 10, 2017.

AirPay was launched in Vietnam in April 2014, in Thailand in June 2014, and recently began limited operations in Indonesia, Taiwan and the Philippines. The AirPay App is available in Thailand, Vietnam and Taiwan, and AirPay counters are operating in Thailand, Vietnam, Indonesia and the Philippines. Through our AirPay e-wallet services, our users can make payments for a wide variety of products and services, such as food, entertainment, transportation, mobile telecommunications and bill payment

囤积信息往往效率很高，而门槛很低

囤积行为还是一种自我证明。心理学家、哲学家威廉·詹姆斯（William James）在 1980 年提出，一个人的自我不仅包括他的身体和意识，还包括他拥有的和与他有关的一切，包括他的家人和朋友，甚至是他的土地、马匹、游艇和银行账户。所以我们囤积的行为背后，是潜意识中认为这些囤积东西已经成为了我们的一部分。作为「囤积癖谬误」概念的提出者， Christian Tietze 的总结一针见血：研究让人上瘾，是因为它奖励了一种我们似乎取得进步的假象。我们发现有趣的东西，并不等于知道并能够使用它。

在《如何有效整理信息》一中书作者强调，最应该记录的是「对你造成极大触动的信息」，不是去收藏「知识生产的素材（即某种答案）」。大多数电子书中热门划线，多是金句和现成的答案，这些往往是「素材或答案」，标记的人再多也未必对你有帮助。相反，由于你独特的经历和知识背景，有些东西会对你带来独特的触动，这种触动会以情节记忆的方式存入你的记忆中，最终才能为我们所用。

协同效应推动用户获取并实现有效的成本管理

东南亚六国的主要外卖平台

印度尼西亚和新加坡外卖市场规模最大

东南亚外卖市场渗透率低于中国

越南电商市场的竞争格局（基于2021年GMV）

印度尼西亚电商市场的竞争格局（基于2021年GMV）

1）截至2021年，30岁以下年轻人占比超过50%，互联网用户达4.27亿；2）互联网普及率高达75%；3）经济增速强劲，东南亚6国1990年起的GDP复合年均增长率超过8%。

竞争对手市场份额保持稳定的、颠覆性较小的电子商务市场，同一地区新用户获取成本相似，各公司销售与营销费用占GMV的比率往往会在一定范围内波动。虽然该比率并非盈利能力的指标，但却是运营效率和成本控制的良好证明。

东南亚六国2020年宏观经济数据

Marked upswingin key growthdrivers, buttalent continuesto be a challenge

The confluence of e-wallets, e-commerce platforms, and on-demand creditofferings has highlighted the tangible benefits of BNPL. Competition in thissector is heating up - with pure-play BNPL players, digital retail platforms, banksand even OTAs competing for the same pie

Other bullish signs include the ~30% of digital merchantswho said they would likely increase usage of supply chain financing and BNPLofferings in the near future. On the consumer side, searches for lending aregrowing, with a 14% YoY increase in lending-related queries. Digital lenders haveexperienced enviable growth in new user sign-ups and active users, especiallyin developing countries where regulators are more supportive of fintech playersand have set up regulatory sandboxes to promote innovation.

Account-to-account (A2A) buoyed by real-timepayment rails

More merchants are eager to join the e-commerce rocketship

e-Commerce is the biggest growth driver and could continue tobe until 2025

Majority ofmerchants whouse digitalfinancial servicesintend tocontinue orincrease usage

Digital financial services are critical enablers,with 9 in 10 digital merchants now accepting digital payments.There is immense headroom for growth in digital lendingdue to the popularisation of consumer financing optionsand a growing appetite for supply chain financing.

Digital merchants arehighly satisfied with thedigital platforms they use

8 in 10 digitalconsumers aresatisfied with theirdigital services

Existing consumersare makingpurchases in 4more digitalservices than theydid before thepandemic

Non-metroscomprise themajority of newjoiners to theinternet economy,with ~60%of new digitalconsumers in 2021coming fromnon-metro areas

Thailand and thePhilippines have hadthe highest proportionof new users startconsuming onlineduring the pandemic

我们非常熟悉一家公司时，会提前预判很多催化剂，比如投资新业务等，如果该催化剂与当前市场风格相符，而长线持股一般估值比较低，常常会有一段“借势”的机会。 比如立讯，它之前布局的与奇瑞合作的汽车业务是去年发生的，当时炒了一段后，股价运行就回到了它主要的消费电子的逻辑上了，但到了今年，安徽新能源产业再次发酵，立讯又找到了“势”，所以成为近期大盘消费电子股中走势最强的品种。 如果你长线持有，那些近期应该知道这是一个加仓点，当然，它主要还是消费电子的逻辑，汽车题材只是情绪，到了相关汽车题材炒疲了后，就可以把这个部分仓位卖掉。

顺势减仓，是指你在长线持有的过程中，理解了公司的一些常用基本面短期利空的特点，比如对某一类原料的成本敏感，又掌握了它影响利润的时间规律，那么在财报季之前，可以先卖掉一部分持仓，等利空充分发酵后，再买回来

顺势减仓，是指你在长线持有的过程中，理解了公司的一些常用基本面短期利空的特点，比如对某一类原料的成本敏感，又掌握了它影响利润的时间规律，那么在财报季之前，可以先卖掉一部分持仓，等利空充分发酵后，再买回来

一直而言，长线持股在完成建仓计划后，仓位就不应该随便变动，而是以耐心持仓，并留心基本面的变化。但如果你对这家长期持有的公司了解比较充分，基于基本面边际变化的中线加减仓操作是获取超额利润的最好方法。（这里说的长线是指平均持有周期在两年以上的个股）

的就是佛教的创始人，名为乔达摩，悉达多。虽然信仰佛教的人非常多，在全球大概有几亿人。但是，真正了解的佛陀经历的人可能并不多，也不是知道佛陀是如何成为佛陀的。

为印度新生代演员，因出演佛陀为众人所熟知。他于1988年2月1日出生在印度拉贾斯坦邦首府斋浦尔。曾

陀的一段经历，直观地展现

生 。他从小就心怀众生，慈悲广大，童年期就展现出非同一般的能力，若有所思人生奥秘；青年期聪

；再到青年期的聪慧优秀，对生死疾苦等的思考，以及放弃婚姻和奢华，决然出家，访求道法，修持苦行六

自己的三个重要历程的过程。从自觉的禁欲主

社出版的书籍，德文直译版；诺贝尔文学奖得主黑塞代表作；用体验回答每个人关于自我和生活的困扰。

在左宜动，为吉。而右方属白虎，白虎在右宜静，为劣位。开北门为玄武门，更是不吉，它有“鬼门”之称，也有“败北”之意。因此，如果门

了。然而从风水学上

的时候就有很多争议 - 一些在职和离职的老员工对公司领导层和过去一些年的决策颇有微词。很多人也在2019年股价起飞之前就因为不看好公司早早把股票抛掉了。不过Garena和Shopee的文化和领导风格并不完全相同 - 这是一个大的话题，关系到冬海整个集

友可以看下墨腾学院近期“Shopee背后的故事”的分享 （油管搜索Momentum Works）- 我们对Shopee的领导力、战略和文化都做了一些分析。

我们公司工作30年的基金经理来答这个问题，大概能让金融从业者都产生茅塞顿开的感觉吧。我从业时间不长，还是来给已经有的回答做几点