With Shein’s planned Hong Kong listing appearing to move closer, its disclosure of a post-hearing information pack on July 26 offers a timely opportunity to examine its financial performance.
Based on disclosed information, Shein generated revenue of USD 32.103 billion, USD 38.748 billion, USD 41.847 billion, and USD 9.052 billion in 2023, 2024, 2025, and the first quarter of 2026, respectively. Revenue grew at a compound annual growth rate of 14.2% from 2023 to 2025. Net profit was USD 2.79 billion, USD 3.37 billion, and USD 2.064 billion in 2023, 2024, and 2025, respectively, before the company posted a net loss of USD 99 million in the first quarter of 2026.
The decline in net profit in 2025 was primarily caused by higher income tax and other expenses. In May 2025, the US ended the de minimis exemption for imports from China. Combined with higher tariffs, the change weighed on net profit in the second half of 2025 and the first quarter of 2026.
The first-quarter loss in 2026 was mainly attributable to a nonoperating accounting adjustment. In March 2026, the company amended the terms of its convertible redeemable preferred shares, resulting in a fair value loss of USD 328 million. This was an unrealized accounting loss and did not involve an actual cash outflow.
