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
Behind $0 Bubble tea in China: China's quick commerce war explained | Impulso E128
Why is EVERY Chinese company going to Brazil?| Impulso E119
Shopee’s in-house logistics: 4 billion parcels a year? | Impulso E98
Hyperlocal Deliveries Fuel 300% Stock Rise for Shopee Owner Sea
Why do most restaurants and hotels fail within a few years? It’s rarely because of bad food or poor service, but rather failure to manage demand, pricing, and customer mix effectively.
In this episode of the Impulso podcast, Professor Emeritus at Cornell’s School of Hotel Administration and hospitality revenue management expert Sherri Kimes unpacks how the industry has transformed over the last 20 years, and what it really takes to survive.
Tune in as we dive into:
• Why “good enough” food often beats culinary brilliance;
• The critical gap between having data and actionable information;
• How digital-first players like Luckin Coffee are outmaneuvering legacy giants.
• The future role of AI in hospitality, and where it’s just hype.
From hotel revenue management and AI in hospitality, these insights will change the way you see, and run, a hospitality business.
Timestamps:
00:01:10 – From phone calls to QR codes, 25 years of hospitality evolution
00:06:51 – The art of saying “yes” in revenue management
00:17:43 – Why simplicity always beats good food
00:27:50 – Luckin Coffee’s digital advantage
00:39:18 – AI in Hospitality & Restaurants: hype or game-changer?
Featured materials:
Inside Luckin Coffee: Strategy, model, and international playbook report, Momentum Works
Chinese F&B in Southeast Asia report, Momentum Works
Luckin Coffee brings manufacturing back to the USA? | Impulso E123
The quick commerce war happening in China right now has seen billions of dollars spent. There have been a record number of subsidies pumped into the war by the major players - over RMB20 billion and counting, and a record number of orders by consumers - 120M daily orders on a single platform.
In this episode, Jianggan and Sabrina dive right into the centre of the battle of the giants - Taobao, JD.com, and Meituan. From billion-yuan subsidy pledges to PR wars, this quick commerce showdown is reshaping not just consumer habits, but also how these tech giants are positioning themselves for the future.
Timestamps:
Chinese customs have been busy catching fake Labubus - one airport even found to up 34,000++ fake labubus. Why are the chinese customs so zealous about fake Labubus? What is driving the rise in fake Labubus and what does this mean for Popmart? In this episode, Sabrina and Jianggan unpack what’s driving the wave of fake Labubus, how resale speculation is heating up, whether Pop Mart is quietly engineering a soft landing for its hottest IPTune in as we explore:- The customs raids and how officials discovered tens of thousands of fake Labubus;- Why Labubu’s resale value has skyrocketed — and the risks that come with it;- What a "soft landing" might look like for Pop Mart;- Why Pop Mart may be taking steps to cool things down — on purpose.Timestamps:00:00:45 – Chinese customs crack down on fake Labubus00:02:10 – 34,620 toys in one suitcase?!00:03:30 – Why is Labubu driving a resale frenzy?00:05:15 – Is Pop Mart engineering a soft landing?00:08:00 – What happens if the Labubu hype crashes?Featured materials: Labubu makes no sense - and that’s why it sells | Impulso E124https://youtu.be/XtdXOygiixoBehind the Labubu craze: PopMart business explained | Impulso E103https://youtu.be/PLIq2UkvgwA
Southeast Asia’s ecommerce GMV hit $128.4 billion in 2024 — but growth has slowed to 12%, down from 15% the year before. Why did it slow down? Should industry players still be optimistic?
In this episode, Sabrina and Weihan, the author of our 3rd Ecommerce in Southeast Asia report break down the key findings.
Tune in as we explore:
Why Thailand and Malaysia are now the region’s fastest-growing ecommerce markets;
Thoughts on the industry by ecommerce and third party players
4 Key trends we see in Ecommerce
How enablers are now evolving into brand builders themselves.
Timestamps
00:00:45 – SEA Ecommerce hits $128B, but growth slows to 12%
00:02:00 – Why Thailand & Malaysia are the region’s fastest-growing markets
00:07:30 – SPX overtakes J&T as logistics consolidates?
00:09:30 – Can chinese & local brands challenge global players?
00:12:00 – Will enablers start launching their own brands?
Featured materials:
Ecommerce in Southeast Asia report, Momentum Works
Transforming ecommerce with AI: Sell smarter, shop better
How AI is unlocking $131B in SEA ecommerce | Impulso E125
AI can unlock up to US$131 billion annual ecommerce GMV in Southeast Asia by 2030. With the increasing popularity of ecommerce, we launched a report studying how AI is already transforming the way we shop, and how it will continue to do so in the future.
In this episode, we talk about the average Southeast consumer’s journey with AI, how we use it, and why it can unlock US$131 billion in GMV by 2030.
Are consumers okay with AI listening in on conversations? Is AI listening to our daily conversations, and are consumers okay with it? How are consumers reacting to AI?Tune in to hear our thoughts!
Timestamps:
00:00:30 - Different ways AI is being used in ecommerce How platforms like TikTok recommend products you didn’t know you wanted
00:02:10 - How we, as consumers, use AI
00:03:45 - Does AI enhance the shopping experience?
00:07:30 - AI might not be as helpful as we think now?
00:10:45 — Is AI listening to us? The eerie side of hyper-personalized shopping
Featured materials:
Ecommerce in Southeast Asia report, Momentum Works https://momentum.asia/product/ecommerce-in-southeast-asia-2025/Transforming ecommerce with AI: Sell smarter, shop betterhttps://momentum.asia/product/transforming-ecommerce-with-ai-sell-smarter-shop-better/
Labubu is everywhere - from TikTok edits to custom BBLs, to collectors spending hundreds to make theirs one of a kind. In our previous Labubu episode, we spoke about the business behind Popmart and why it is so popular. In this episode, we go further into the consumer’s psyche, over a toy that has no practical purpose.
Tengian, Elody, and Phyllis discuss:
How customization, scarcity, and storytelling drive fan culture
The emotional psychology behind spending on toys with zero utility
How Pop Mart turned Labubu into its #1 revenue driver — surpassing Molly
Why fights are breaking out in stores… and what that says about hype economics
Timestamps
00:01:00: Why people are customizing and giving BBLs to Labubu
00:03:30: The cost of a single collectible (and its emotional value)
00:06:00: Why useless things make better business
00:09:00: Labubu surpasses Molly: Pop Mart’s growth explained
00:11:30 – International hype, bans, and resale frenzy
Featured materials:
E103: Behind Labubu Craze: Popmart Business explained
https://youtu.be/PLIq2UkvgwA?si=zYwDVzisoavFZgjU
Luckin Coffee is finally entering the U.S. — starting with New York City. Will Luckin be able to challenge Starbucks in its own backyard?
Many mistake Luckin’s product as simply coffee. It is not - Luckin is more like an ecommerce company.
Tune in as we explore:
Luckin’s platform-like model, and how it turns its coffee stores into mini fulfillment centers;
Why Luckin launched in New York, unlike Chagee in Los Angeles;
How Luckin’s digital DNA gives it a global edge;
What challenges Luckin may face, particularly in terms of organisation and people
00:01:00 – Luckin launches in New York
00:04:30 – Food trucks and free coffee: how Luckin builds brand
00:07:30 – Luckin is more like an ecommerce platform than coffee chain
00:11:10 – This is not Luckin’s first international venture
Featured materials:
Luckin Coffee enters Malaysia with an unconventional partner, TheLowDown
https://thelowdown.momentum.asia/luckin-coffee-enters-malaysia-with-an-unconventional-partner/
Luckin Coffee lands in New York: Can it take on Starbucks at home?, TheLowDown
https://thelowdown.momentum.asia/luckin-coffee-lands-in-new-york-can-it-take-on-starbucks-at-home/
E86: Luckin Coffee opens 20,000th store, The Impulso Podcast
https://www.youtube.com/watch?v=MRg4JqFMmwk
Coffee in Southeast Asia, Momentum Works
https://momentum.asia/product/coffee-in-southeast-asia/
In this episode, we dive into the world of quick commerce - also known as “insta shopping” or “near field commerce” by our insights team. In markets like China and India, companies are starting to set their delivery goals within 15 to 30 minutes. We break down what really happens behind the scenes after an order is placed on your smartphones: the logistics, the tech, and the very different operation models behind 15 minute vs 30 minute deliveries. Are 15 minute deliveries even feasible? What challenge do platforms, merchants and riders face in making it work? Will 15 minute delivery become the future of ecommerce? 00:01:00 – What exactly is quick commerce and what are the expectations around the world? 00:03:05 – Insights from inside a dark store 00:06:20 – How does the platform choose to prioritise online orders, or physical shoppers? 00:09:00 – What are the struggles the riders are facing? 00:13:00 – Are 15 minute deliveries feasible? Featured materials: Upstream movie on Netflix: https://www.netflix.com/sg/title/81946536
In this episode, we dive into Didi’s launch of its food delivery service in Goiânia through its local brand 99Food — and why it did so before Meituan’s Keeta.
Tune in as we unpack:
Didi’s decision to launch in Goiânia, a mid-sized city, over São Paulo;
How past experience in Brazil shaped Didi’s approach;
Will we see a repeat of the 2017–2018 Meituan vs. Didi battle;
Whether Didi’s existing fleet and org structure give it an edge
Competition is heating up in Brazil’s food delivery scene, and it would definitely be an interesting battle to watch.
00:00:49 – Why Didi chose to launch in Goiânia, not São Paulo?
00:01:55 – Did Meituan force Didi to accelerate its relaunch?
00:03:03 – What Didi learnt from the 2019 failure
00:05:07 – Didi vs Meituan battle in China, 2017–2018
00:08:01 – What about iFood, the 90% incumbent?
In this episode, we get candid with our colleagues on how and where they actually shop for clothes—and what that says about the future of fashion.From Pinterest and RedNote, to flea markets and Brandy Melville, we explore how social media and offline experiences are shaping buying decisions. We also dive into emerging trends like capsule wardrobes, color analysis, and whether fashion magazines still hold cultural weight.Beyond just buying behavior, we also discuss what “fashion consciousness” looks like among today’s consumers: Do we still care about brands? Do TikTok trends actually influence purchases? And has fast fashion lost its appeal?Tune in to hear how four women across Asia are navigating the balance between aesthetics, values—and a crowded closet.
Chapters:
00:00:43 – How young women across Asia shop for clothes (online vs offline)
00:02:15 – Where style inspiration really comes from: Pinterest, TikTok, Rednote
00:05:01 – Are we minimalist or maximalist? Capsule wardrobes vs impulse buys
00:10:56 – Is fashion still about brands—or just what makes us feel good?
Luckin is buying coffee beans, Meituan is sending teams to map the streets—and BYD is rolling out electric buses across São Paulo.
Amidst uncertain times, one thing seems to be sure - Chinese tech giants have their eye on Brazil. In this episode, we talk about why everyone in China’s consumer scene suddenly seems to have their eyes on Brazil. From TikTok Shop to Meituan, and from local competition to cultural adaptation, we dive into what’s driving this strategic push and whether it’s built to last.
But beyond business strategy, we also unpack the deeper context: the increasingly close relationship between China and Brazil’s governments, Lula’s seemingly increasing popularity, and what this might mean for both countries.
Chapters:
00:00:43 – Why are Chinese companies flooding into Brazil now?
00:02:05 – Chinese F&B giants are going into Latin America
00:04:05 – Lula’s good relationships with China
00:07:31 – What is in it for both countries?
Why does the same Grab ride cost $2 in Manila but $18 in Singapore? 🇸🇬🇵🇭🇮🇩And why do some people still take it every day in Singapore?
In this episode , we dive into what it’s really like using Grab across Southeast Asia. We’re joined by Denise from the Philippines and Arana from Indonesia as we swap stories about how people get around, order food, and deal with ride-hailing chaos in our respective cities.
We also discuss GrabX’s new features and if we need them!This episode is a new format where we share a little bit more about the everyday consumer across various regins. Let us know in the comments if this format is something you would like to see more of, or if there are any other topics you would like us to cover!
Chapters:
00:00:00 – Grab is how much in Singapore??
00:01:45 – How we use ride-hailing differently across SEA
00:04:20 – Gojek, Foodpanda & the real super app habits
00:07:10 – GrabX launch: will we ever use these features?
00:10:30 – What Grab means to us (and what we wish it did better)
After 13 years in Thailand, Foodpanda is making a sudden exit. Once the pioneer of food delivery, it’s now being overtaken by newer players—like ShopeeFood, which only showed up four years ago. Amongst operational decisions, PR controversies, and market dynamics, what exactly was it that led to its decline?
In this episode, we unpack Foodpanda’s quiet (and rather sad) exit, the competitive nature of Thailand’s food delivery landscape, and what this means for Delivery Hero’s future in Southeast Asia.
Chapters: 00:00:00 – Foodpanda quits Thailand: why now?00:01:20 – From first mover to 5%: the slow decline00:04:20 – Why Delivery Hero exits tough markets00:06:00 – Grab & Shopee: platform advantage wins00:08:00 – Global expansion vs. local complexity00:12:00 – Can Foodpanda survive elsewhere?
Featured materials:
AsiaFood Delivery Platforms In Southeast Asia 5.0, Momentum Works
https://momentum.asia/product/food-delivery-platforms-in-southeast-asia-5-0/
Food delivery platforms in Southeast Asia 2021, Momentum Works
https://momentum.asia/product/food-delivery-platforms-in-southeast-asia-2021/
E114: China’s Didi and Meituan clash in Brazil’s food delivery market, The Impulso Podcast
https://www.youtube.com/watch?v=Nu_kGfTsqQo&t=60s
My thoughts on Foodpanda’s exit from Thailand, TheLowDown
https://thelowdown.momentum.asia/my-thoughts-on-foodpandas-exit-from-thailand/
In this episode, we dive into Xiaomi’s bold leap from consumer electronics into the electric vehicle space. What sparked the buzz around the SU7 launch? How did Xiaomi manage to sell over 200,000 cars in a market dominated by giants like BYD and Tesla? And will a recent accident impact future sales?
Tune in as we unpack what makes Xiaomi stand out in China’s crowded EV market—and why its founder’s loyal fan base and focus on design are key parts of the story.
Chapters:
00:00:00: Xiaomi SU7 crash
00:02:50: SU7, a Porsche-inspired car?
00:05:00: Why did Xiaomi enter the EV market?
00:08:00: Can Xiaomi compete with BYD
00:11:00: The risks of EVs and autonomous driving
Featured materials:
A Chinese EV manufacturer’s deep trouble, livestreamed
https://thelowdown.momentum.asia/a-chinese-ev-manufacturers-deep-trouble-livestreamed/
Live-selling cars in malls? China’s EV retail strategy | Impulso E111
https://thelowdown.momentum.asia/live-selling-cars-in-malls-chinas-ev-retail-strategy-impulso-e111/
Founded by a young man with (allegedly) no formal education, Chagee has quickly become one of the top tea brands in the world. Its recent successful IPO debuted at a market cap of nearly US$6 billion. How did they get here? In this episode, we dive into the success story behind Chagee’s rapid rise - from humble beginnings to becoming one of Starbuck’s biggest rivals anda hiccup in Vietnam. With over 6,000 global stores and a plan to expand further into the US in these turbulent times, can Chagee become the next global beverage giant?
Chapters:
00:00:50 – Chagee’s US$6 billion debut in Nasdaq
00:02:30 – How the name “Cha” came about
00:04:00 – The founder’s unconventional journey
00:07:40 – Chagee’s same store sales are declining
00:11:00 – Chagee’s hiccup in Vietnam
00:12:00 – Could Chagee be the next Starbucks?
Is the food delivery landscape of Brazil going to completely change? Bouncing back from a failed launch in 2019, Didi is back in Brazil as 99 Food. In this episode, we explore Didi’s reentry into Brazils food delivery market. What went wrong the first time? Why is Didi confident enough now for a comeback? Can they take a bite out of iFood’s massive 80% market share? At the same time, we also received news that Meituan is entering Brazil under Keeta. What will this mean for the food delivery lStay tuned as we see how Chinese platforms are reshaping global food delivery dynamics. Chapters:00:00:50: Didi is entering Brazil… again00:05:40: An introduction to Didi’s international business 00:07:35: Why did Didi fail in Brazil in 2019? 00:10:16: Can Didi beat iFood’s 80% market share? 00:16:10: Keeta vs Didi in Brazil Food delivery market Featured materials: TLD China’s Didi enters Brazil’s food delivery market
In this episode, we take a closer look at the fast-paced and competitive food delivery industry in Southeast Asia. ShopeeFood is gaining traction in Vietnam—but does this pose a real challenge to market leader Grab? Is TikTok considering a move into local services? And could drones become the new norm for food delivery?We’re joined by Weihan, our insights lead, to unpack these questions and more. From drone delivery trials in Dubai to the high costs of operations in Singapore, we explore the trends and challenges shaping the future of how we order and eat food.What does this mean for the industry—and for consumers? Tune in for a thoughtful discussion on the evolving world of food delivery.Chapters:00:04:00: Grab leads Southeast Asia’s food delivery again00:05:00: Is Shopee Food a threat to Grab?00:10:00: Indonesia’s intense food delivery battle00:14:00: TikTok’s secret expansion into local services?00:23:00: Drones are now delivering your food? Featured Materials:Food Delivery Platforms in Southeast Asia 5.0, Momentum Works Vietnam Ecommerce and Retail Immersion, Momentum WorksE108: From Dianping to RedNote: Shanghai’s role in breeding successful consumer apps, The Impulso Podcast
E95: How Meituan overtook FoodPanda in Hong Kong, and what’s next?
AI is taking over the world by storm, and AI generated humans are becoming more popular. What does this mean for the ecosystem?
In this episode of Impulso Podcast, we sit down with Jensen, co-founder and CEO of Topview.ai, an AI-powered video creation platform.
With over 13 years of experience at Taobao, Jensen has been at the forefront of AI applications, especially in e-commerce and digital media. As AI-generated video becomes more sophisticated, Jensen shares how the shift from small, targeted AI models to large, multimodal models has transformed the industry since 2022.
From completely AI generated videos, to AI humans in the videos - how will AI change the future of content creation? Or even the videos we see on a daily basis?
Chapters:
00:01:04 AI Evolution: Before & After 2022
00:03:29 AI Acceleration & Market Impact
00:05:00 AI generated videos and how it is used
00:10:21 Can AI be the future of the Metaverse?
00:14:07 AI in Business & Global Expansion – Hangzhou’s tech ecosystem and China’s AI influence.
00:21:10 Closing Remarks – AI’s future and an invitation to explore China’s tech scene.
Featured materials:
E46: SenseTime founder’s passing & AI companies’ challenges in China, The Impulso Podcast
BYD is now outselling automotive giants like Toyota and Volkswagen in China. But beyond the numbers, a bigger shift is happening—Chinese EV brands are moving away from traditional dealerships and into shopping malls.
In this episode, we explore China’s electric vehicle revolution, breaking down the numbers behind its EV boom and uncovering why mall showrooms are replacing dealerships, and the economics driving this shift.
From sleek in-mall showrooms to live-streamed car sales and in-store cafés, China’s EV industry is transforming not just how cars are made, but how they’re sold. The way we buy cars is changing—China is leading the charge, but will the rest of the world follow?
Featured materials:
E105: Collapse of a Chinese EV company, livestreamed, The Impulso Podcast
