跨境电商新加坡总部资产同比增长7成，当地高管已担任集团董事

Core Insights - Shein's Singapore headquarters reported a revenue of over $37.04 billion for the fiscal year ending December 31, 2024, reflecting a year-on-year growth of nearly 20%, although slightly below the previously reported $38 billion [1] - The net profit for Shein was $1.099 billion, showing a decline of over 15% compared to the previous year, primarily due to a significant increase in sales and marketing expenses [1] - The total assets of Shein's Singapore headquarters reached $15.27 billion in 2024, representing a more than 70% increase from $8.85 billion in 2023 [1] Financial Performance - Revenue for 2024: $37.04 billion, up nearly 20% year-on-year [1] - Net profit for 2024: $1.099 billion, down over 15% year-on-year [1] - Sales expenses for 2024: $5.32 billion, significantly higher than $4.1 billion in the previous year [1] - Total assets for 2024: $15.27 billion, a 70% increase from $8.85 billion in 2023 [1] Tax Contributions - Shein's Singapore headquarters paid over $1.88 million in local taxes in 2024, equivalent to over 134 million RMB [2] - Cumulatively, Shein's tax contributions from 2021 to 2023 amounted to over 3.3 billion RMB [2] Corporate Governance - The board of directors for Shein includes key figures such as Gu Xiaoqing, Miao Miao, Ren Xiaoqing, and Lin Zhiming, with the first three being early partners of founder Xu Yangtian [3] - Lin Zhiming, a local executive, holds 5,065 options in Shein and has been involved in official collaborations with local institutions [3] Strategic Moves - Shein's consideration to relocate its headquarters back to China has garnered attention, aiming to expedite plans for a Hong Kong listing and potentially boost domestic tax revenue and employment [3]