E130: Shopee, SPX, Monee: Sea Group's Engines Are Powering Ahead, but Eyes Are on Brazil

Shopee’s parent, Sea Group, delivered an impressive set of Q2 2025 results - net income grew 5x YoY, exceptional growth from Monee’s billion-dollar loan books, and the rise of SPX Express in Southeast Asia’s logistics game.

Investors took notice, sending the stock up 19.07% by the end of the trading day.

But there was an unexpected twist. For the first time in recent quarters, no one asked about TikTok Shop during the earnings call. Instead, attention shifted to Brazil, where Shopee is battling it out with MercadoLivre, Temu, SHEIN, TikTok Shop, and possibly Keeta?

From billion-dollar credit plays to last-mile delivery innovations to Brazil’s intense ecommerce battleground, tune in as we break down Sea Group’s latest numbers and what this means for the future of ecommerce in the region.

Timestamps:

00:00:00 - Sea Group’s net income up 5x YoY in Q2

01:21:00 – Monee’s loan books hit US$ 1 Billion-dollar in 3 markets

05:09:00 – How community networks made SPX Express a logistics powerhouse

09:20:00 – Analysts Skip TikTok Shop; Eyes turn to Brazil instead

13:23 – Will Meituan’s Keeta join Brazil’s ecommerce battle?

Featured materials:

Shopee delivers a stellar quarter – but why no one asked about TikTok Shop?

TikTok Shop in the U.S. H1 2025

Ecommerce in Southeast Asia 2025

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