营收370亿美元，利润与税收却在海外：SHEIN的全球化算盘为何打不响？

Core Viewpoint - SHEIN's latest financial report reveals that the majority of its profits and tax revenues are concentrated in Singapore rather than its supply chain hub in China, highlighting a strategic shift in its global operations [1][10]. Financial Performance - SHEIN's Singapore headquarters is projected to achieve revenue of $37.04 billion in 2024, representing a nearly 20% year-on-year growth, with pre-tax profits of $1.29 billion [1][3]. - The revenue figures for SHEIN's Singapore operations from 2022 to 2024 are $21.58 billion, $30.91 billion, and $37.04 billion respectively, with EBIT of $703 million, $1.49 billion, and $1.33 billion for the same years [2][3]. Tax Contributions - In 2024, SHEIN is expected to pay approximately $1.89 billion in taxes to Singapore, with cumulative tax payments exceeding 3.3 billion RMB over the past four years [1][3]. Global Headquarters Role - SHEIN's Singapore headquarters has evolved into a global hub encompassing procurement, trade, financial investment, brand management, and tax compliance, allowing the company to retain profit margins within Singapore [4][6]. Supply Chain Dynamics - The Singapore headquarters bears 82% of the group's sales costs and holds core procurement and pricing authority, indicating that Chinese factories primarily serve as production sites with limited profit margins [6][10]. Challenges in Globalization - SHEIN's efforts to downplay its Chinese background and present itself as a global company have faced challenges, particularly in its attempts to navigate regulatory scrutiny and pursue overseas listings [7][10]. - The company has encountered multiple setbacks in its listing journey, including stalled applications in the U.S. and U.K. due to regulatory concerns, with its valuation dropping to approximately $50 billion [9][10].