Shein最新财报实锤文件曝光 四年向新加坡纳税超33亿元

Core Insights - SHEIN's Singapore headquarters reported a revenue exceeding $37.04 billion for 2024, marking a nearly 20% year-on-year increase, while net profit fell over 15% to $1.099 billion [1] - The total assets of SHEIN's Singapore headquarters reached $15.27 billion in 2024, a more than 70% increase from $8.85 billion in 2023 [1] - Concerns have been raised regarding SHEIN's potential tax avoidance by shifting significant revenue to Singapore, alongside speculation about its intentions to relocate its headquarters back to China to facilitate a Hong Kong IPO [1][2] Financial Performance - SHEIN's Singapore headquarters paid over $188 million in local taxes for 2024, equivalent to over 1.34 billion RMB [2] - From 2021 to 2023, SHEIN's net profits in Singapore were reported as 1.41 billion RMB, 4.55 billion RMB, and 9.32 billion RMB, totaling over 15 billion RMB, with cumulative local tax payments exceeding 3.3 billion RMB [2] Regulatory Challenges - SHEIN is facing increasing scrutiny and challenges in overseas markets, particularly in France, where it has encountered a €190 million (approximately 1.59 billion RMB) fine for compliance issues [2] - The company's expansion into physical retail in France has sparked backlash, leading to the withdrawal of several local brands from its partnered stores [2] - The combination of compliance issues and rising sales costs may further pressure SHEIN's profitability, as indicated by the 15% decline in net profit reported for 2024 [2]