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SHEIN新加坡公司财务真相调查：去年营收370亿美元，增收不增利，过去3年纳税约4亿美元
Sou Hu Cai Jing·2025-10-19 15:55

Core Viewpoint - SHEIN, a fast fashion e-commerce platform, is facing scrutiny over its tax payments in Singapore, where it reportedly paid over 3.3 billion RMB in taxes over four years. The company denies these claims, labeling them as malicious speculation [1][6]. Financial Performance - In 2024, SHEIN Singapore reported revenues of $37.044 billion (approximately 264.016 billion RMB), marking a year-on-year growth of nearly 20% [1][6]. - The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) declined by 11.54% year-on-year, with figures of $1.325 billion in 2024 compared to $1.498 billion in 2023 [6][8]. - From 2022 to 2024, SHEIN Singapore's total revenue was $21.582 billion, $30.915 billion, and $37.044 billion respectively, while its EBITDA for the same years was $703 million, $1.498 billion, and $1.325 billion [5][6]. Tax Payments - SHEIN Singapore's corporate tax payments from 2022 to 2024 are estimated to be around $440 million (approximately 3.136 billion RMB) [1][9]. - The estimated corporate tax for 2024 is about $189 million (approximately 1.347 billion RMB) [9]. Asset and Liability Growth - As of the end of 2024, SHEIN Singapore's total assets reached $15.267 billion, reflecting a year-on-year increase of 72.47%, while total liabilities were approximately $12.484 billion, up about 74.43% [11][12]. Corporate Structure and Control - SHEIN Singapore is the actual controller of Guangzhou Roadget Business PTE. LTD., which is the largest entity under SHEIN in China [1][4]. - The management team of SHEIN Singapore does not include one of its founders, Xu Yangtian, who has reportedly changed his nationality to Singaporean [16]. IPO Plans - SHEIN is reportedly planning to go public in Hong Kong, with previous attempts to list in the US and UK facing challenges [18][20]. - The company aims to submit a confidential listing application to the Hong Kong Stock Exchange, potentially becoming the first large IPO without public disclosure of financial details [20].