【申万纺服】SHEIN passes HKEX Main Board listing hearing; 2025 revenue USD 41.8 billion, net profit USD 2.06 billion

English summary

SHEIN is a leading global online fashion and lifestyle company, serving approximately 160 markets and 273 million active customers. Revenue from 2023 to 2025 was USD 32.1 billion, USD 38.7 billion, and USD 41.8 billion, corresponding to growth rates of 41%, 21%, and 8%, # with a 14% CAGR for 2023-2025; net profit was USD 2.79 billion, USD 3.37 billion, and USD 2.06 billion, respectively. The profit decline in 2025 was mainly due to changes in the company's valuation, resulting in a decrease in the fair value change gain of convertible redeemable preferred shares from USD 2.4 billion in 2024 to USD 300 million. The company operates under its own operational model, # with core characteristics of large scale, automation, small orders and quick returns. It has built its own LATR infrastructure, enabling rapid iteration and delivery of products, including testing new products (initial batch of 100-200 units), real-time evaluation of feedback, and restocking hot-selling products within as short as 5 days. From 2023 to 2025, active customers increased from 186 million to 273 million, with a CAGR of 21.2%, and customers placed an average of 4 orders per year. …