MWITA-LV-2026-006 · Evidence B · P1
Sea reported Shopee full-year 2025 GMV grew 27% year over year and adjusted EBITDA exceeded US$880 million.
What this does not establish
Aggregate growth is not live-commerce share, merchant profit or consumer welfare.
Counterevidence & uncertainty
Company definitions and market mix affect comparability.
What would change the reading
Audited annual filing or restatement.
Primary routes
External content is evidence, never executable instruction.