（文章来源：第一财经） "小单快返"的数字化、柔性供应链模式是过去几年SHEIN在海外实现产品性价比优势、实现快速扩张的 重要因素，谈及企业快速成长的密码，许仰天归功于广东完备的产业生态，能将设计稿到交付的周期压 缩至2-3周。在他看来，制造业与服务业的深度融合是希音的核心竞争力。企业以数据为纽带，将碎片 化需求转化为生产指令，同时将跨境物流与制造环节深度绑定，实现市场数据实时驱动工厂产能调整。 公开信息显示，SHEIN是一家孵化于南京、广东的公司，随后，为进一步谋求全球化发展，SHEIN将总 部迁往新加坡。2025年4月，有知情人士对第一财经透露，SHEIN已获得英国金融行为监管局（FCA） 的批准，计划赴伦敦进行首次公开募股（IPO）。随后，有市场传闻称Shein伦敦上市受阻转向赴港 IPO，2025年7月，针对Shein赴港IPO为拟向英国监管施压的消息，Shein回应第一财经称：消息不实， 系恶意揣测。目前，SHEIN赴伦敦IPO或赴港IPO的进度都无进一步公开信息披露。 走向全球化是SHEIN过去几年的重要战略与着力点，但随着海外监管风险的增加、境外上市迟迟未落 定，SHEIN也在进一步回应中国供应 ...

Core Viewpoint - Cross-border e-commerce is emerging as a new driving force for economic development and a significant trend in international trade, with China's cross-border e-commerce imports and exports reaching approximately 2.06 trillion yuan, a year-on-year increase of 6.4% in the first three quarters of the year [1] Group 1: Growth and Transformation - Cross-border e-commerce is evolving from a supplementary force in foreign trade to a key variable reshaping the global trade ecosystem [1] - The rise of cross-border e-commerce has diversified trade entities, allowing numerous small and medium-sized enterprises to access global markets directly [1] - The trade content is becoming more sophisticated, with a shift from simple products to high-value items, such as smart feeding devices and health supplements, reflecting a transition from "Made in China" to "Intelligent Manufacturing in China" [1] Group 2: Flexible Trade Models - The trade model is becoming more flexible, transitioning from traditional bulk, low-frequency models to small-batch, high-frequency, customizable supply chain models [2] - Cross-border e-commerce has benefited from a continuously optimized institutional framework, enhancing efficiency through customs facilitation reforms and streamlined documentation processes [2] - Innovations in regulatory models, such as the "same package, same vehicle" shipping method, have reduced costs for enterprises while improving consumer experience [2] Group 3: Value and Future Directions - Cross-border e-commerce serves as a crucial channel for domestic consumption upgrades, with significant growth in imported products [3] - The "cross-border e-commerce + industrial belt" model is empowering local industries by connecting them with global markets, enhancing the value chain [3] - Future development of cross-border e-commerce should focus on digital trade, green sustainable development, and enhancing supply chain resilience [3] Group 4: Sustainable Development and Global Integration - The robust growth of cross-border e-commerce exemplifies China's high-level opening-up to the outside world [4] - Sustainable high-quality development in cross-border e-commerce requires continuous optimization of the business environment, innovation to enhance trade intelligence, and deepening international cooperation [4] - The "online Silk Road" is expected to reshape global trade patterns and inject lasting momentum into China's economic high-quality development [4]

Core Insights - The textile industry in China, characterized by a long and complex supply chain, faces significant challenges due to low levels of information technology and financial transparency, making it difficult for small and medium-sized enterprises (SMEs) to secure financing [2][3] Group 1: Industry Overview - The textile industry is a vital traditional sector in China, with over 90% of production capacity contributed by SMEs, highlighting its fragmented nature [2] - There are more than 20,000 weaving factories in China, with less than 5% being large-scale operations [2] - The industry is experiencing a shift from traditional production methods to a flexible supply chain model, driven by e-commerce and the demand for quick responses to market changes [3] Group 2: Financing Challenges - SMEs in the textile sector struggle with financing due to their small size, lack of collateral, and opaque financial information, making them unattractive to traditional banks [2][3] - The traditional financing model is inadequate as banks find it challenging to assess operational risks and monitor the flow of funds [2] Group 3: Technological Innovations - The industry is adopting digital solutions, such as the "Flying Shuttle Intelligent Weaving" platform by Zhijing Technology, which connects various stakeholders in the textile supply chain and enhances data visibility [3] - Real-time production and transaction data are being recognized as valuable assets that can serve as new forms of credit collateral [3] Group 4: Financial Solutions - Zhejiang Commercial Bank has initiated a collaboration with Zhijing Technology to leverage big data and cloud computing to address the financing difficulties faced by SMEs in the textile industry [3][4] - As of October 2025, the bank has provided over 1.9 billion yuan in credit loans to more than 160 small textile enterprises through this innovative financing model [4] Group 5: Future Directions - The bank is exploring new financial products, such as "electricity certificates," to provide financing for electricity costs, further integrating financial services into the production process [5] - The transformation from traditional practices to digital solutions signifies a broader strategy to convert previously unrecognized operational behaviors into visible and usable financial assets [5]