Why did Sea collapse again? Who applied the pressure? Is there still hope for valuation? $Sea Ltd(SE)$ ‘s Q2 2023 earning made the stock plummeted 10% in pre-market trading. Despite the profit indicators slightly exceeding market expectations, the main gaming and e-commerce revenue fell short, and there was no guidance for the next quarter, leading investors to doubt its business growth capabilities and the potential for profit margin improvement. We believeThe company deliberately signaled "profit margin indicators" to the market. However, profit margin is merely a new expectation in the market, a promise for the company to improve the "burn money for scale" model in the era of high inflation, without giving up the expectation of "high growth" for