【中国服装圈.第3389期】来源：广东新闻 2月24日，跨境快时尚电商巨头SHEIN希音创始人兼董事长许仰天出现在2026广东省高质量发展大会现场，并作为企业代表发言。 他表示，希音自2014年落户广州，保持高速增长，2025年平台出口额已超千亿元。他还公布SHEIN计划未来三年在广东投入超过100亿元建设智慧供应 链。 许仰天在讲话中透露，SHEIN业务覆盖160多个国家和地区，已成长为全球三大时尚零售商之一。此前，胡润研究院发布的《2025全球独角兽榜》显示， SHEIN以3650亿元估值位列全球第九。 许仰天表示，未来三年，将在广东省内深度参与跨境电商加产业带的试点，让更多中小工厂享受到跨境电商的红利，同时助力广货行天下行稳致远。将持 续投入供应链赋能及人才培养，进一步提升传统制造业的数字化转型，同时向大湾区输送更多复合型的人才。 ...

许仰天共分享了三点感悟，一是广东完备的产业生态、一流的营商环境，成就了希音的快速成长。希音 与广东的结缘始于对产业生态的深度认同，从番禺的服装工厂，到白云的物流枢纽，再到遍布全省的跨 境电商生态，构成了希音"小单快反"模式的核心支撑，使其能将设计稿到交付的周期压缩至2-3周。 谈及企业快速成长的密码，许仰天将其归结于广东完备的产业生态和"无事不扰、有求必应"的营商环 境。许仰天说："如今，希音在广东的合作供应商近万家，带动省内就业超60万人，广东成为我们名副 其实的发展沃土。" 二是制造业与服务业的深度融合，成就了希音的全球商业版图。希音依托跨境电商新业态，以数字化为 纽带，将用户需求洞察、供应链响应、全球服务网络嵌入制造全链条，不断探索制造业与服务业融合发 展新路径。 三是SHEIN将践行链主企业的社会责任，全力服务广东制造业高质量出海。 2月24日，2026广东省高质量发展大会上，跨境快时尚电商巨头SHEIN希音创始人兼董事长许仰天出现 在广东省高质量发展大会现场，并作为企业代表发言。 他表示，希音自2014年落户广州，保持高速增长，2025年平台出口额已超千亿元。他还公布SHEIN计划 未来三年在广东投 ...

"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。 2026.02.24 本文字数：893，阅读时长大约2分钟 作者 |第一财经 陈杨园 向来神秘的跨境快时尚电商巨头SHEIN创始人兼董事长许仰天公开亮相了 ...

许仰天在讲话中透露，SHEIN业务覆盖160多个国家和地区，已成长为全球三大时尚零售商之一。此 前，胡润研究院发布的《2025全球独角兽榜》显示，SHEIN以3650亿元估值位列全球第九。 "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。 向来神秘的跨境快时尚电商巨头SHEIN创始人兼董事长许仰天公开亮相了。2月24日，2026广东省高质 量发展大会上，许仰天作为企业代表发言，他表示，希音自2014年落户广州，保持高速增长，2025年平 台出口额已超千亿元。 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链的建设。许仰天表示，SHEIN将继续扎根广东，投入超 100 亿元 建设希音智慧供应链总部。 公开信息 ...

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].

Core Insights - Bureau Veritas has issued a Carbon Neutral Verification Certificate to SHEIN for its logistics park in Zhaoqing, marking it as SHEIN's first carbon-neutral logistics facility and a significant step towards the company's green transformation [1][2] Group 1: Carbon Neutrality Achievement - The logistics park has achieved carbon neutrality in accordance with the ISO 14068-1:2023 standards for Scope 1 and Scope 2 greenhouse gas emissions by 2024 [1] - Carbon neutrality refers to the state where total carbon emissions are zero over a specific accounting period through technical carbon reduction and offsetting measures [2] Group 2: Long-term Sustainability Goals - SHEIN aims to achieve net-zero emissions by 2050, a goal validated by the Science Based Targets initiative (SBTi) [2] - By 2030, SHEIN plans to reduce absolute emissions for Scope 1 and Scope 2 by 42% from a 2023 baseline, and Scope 3 emissions by 25% [2] - The long-term target for 2050 includes a 90% reduction in absolute greenhouse gas emissions across Scope 1, Scope 2, and Scope 3 [2]

Core Viewpoint - Shein is considering relocating its headquarters back to China to facilitate regulatory approval for its planned Hong Kong listing, amidst ongoing challenges with its overseas listing efforts [1] Group 1: Company Strategy - Shein has consulted lawyers regarding the establishment of a parent company in China, indicating that discussions are still in the preliminary stages [1] - Once the Chinese parent company is established, Shein's current Singapore headquarters and all overseas operations will become subsidiaries [1] Group 2: Listing Challenges - Shein's overseas listing plans have faced multiple obstacles, initially aiming for a U.S. listing in 2023, which was subsequently hindered [1] - The company shifted its focus to London, submitting a listing application in June of the previous year, but reports in May indicated that the London listing plan is nearing stagnation [1]

Group 1 - The Italian antitrust authority fined Shein €1 million for misleading green marketing practices [1] - Shein's claims regarding its "evoluSHEIN by design" product line and the use of "green fibers" were deemed misleading by the AGCM [1] - The AGCM criticized Shein's environmental claims as vague, overly generalized, or misleading, particularly regarding its greenhouse gas reduction targets for 2030 and 2050 [1] Group 2 - In July, Shein faced regulatory challenges in France, incurring fines and compensation totaling approximately ¥1.587 billion [2] - The French Competition, Consumption and Fraud Repression Directorate fined Shein €40 million (approximately ¥337 million) for fictitious discounts and unsupported environmental claims [2] - The French National Commission on Informatics and Liberty (CNIL) proposed a €150 million (around ¥1.25 billion) fine for violations related to cookie usage [2]

Core Viewpoint - Shein is facing significant compliance challenges as it attempts to accelerate its IPO process in Hong Kong, following setbacks in the US and UK listings. Recent regulatory actions in Europe and the US have raised concerns about the sustainability of its business model and the potential costs associated with compliance [1][10]. Compliance Status - Shein has encountered multiple compliance issues across its marketing and supply chain, with a notable penalty of €40 million for false discount practices in France. Additionally, 57% of promotional items were found to have no actual price reduction, and 19% had significantly reduced discounts [1][2]. - The company is under investigation for algorithm-induced consumer behavior, which could lead to fines up to $1.52 billion based on its 2024 revenue projections. This is a significant risk given that it exceeds Shein's expected net profit for the year [2]. - Data compliance issues are also prominent, with France proposing a €150 million fine for unauthorized tracking of users through cookies, highlighting Shein's reliance on user data for its algorithmic recommendations [2][3]. Problem Origins - The fast fashion industry, including Shein, has inherent compliance challenges due to its focus on cost-cutting and rapid production cycles. The company's business model prioritizes efficiency and low costs, often at the expense of compliance with labor and environmental standards [5][6]. - Shein's unique AI-driven supply chain system, while efficient, raises additional compliance concerns under the EU's AI regulations, particularly regarding transparency and potential violations related to intellectual property and consumer rights [6]. Business Impact - Shein's previous success was driven by a favorable trade environment and a rapid response model, but current regulatory pressures are creating significant operational challenges. The concentration of production in China poses risks amid ongoing trade tensions [7][8]. - The company faces a complex regulatory landscape across different markets, with various taxes and compliance requirements that could erode profit margins and lead to customer attrition if costs are passed on [7][9]. - The dual pressures of compliance and cost management are creating a precarious situation for Shein, where any misstep could lead to a loss of consumer trust and a decline in market share [8][10]. Cost Implications - Compliance costs are expected to rise, impacting Shein's pricing strategy and potentially leading to a loss of competitive advantage in the fast fashion market. Increased tariffs and taxes in key markets will likely be reflected in consumer prices [9][10]. - The company's reliance on a network of suppliers means that any increase in compliance costs could lead to higher prices for consumers, further complicating its business model in a price-sensitive market [9][10].

Group 1 - Shein is considering a listing in Hong Kong, which has sparked discussions about its compliance and regulatory challenges in the UK and Europe [1][5][14] - The Hong Kong Stock Exchange (HKEX) has a "Special Technology Companies" listing route, but Shein does not fit the defined criteria for this category [2][4] - Shein's growth has slowed significantly, with projected revenue growth dropping to 19% in 2024 and a nearly 40% decline in net profit [4][15] Group 2 - Shein has faced multiple compliance issues, including a €40 million fine in France for misleading commercial practices, which raises concerns for HKEX [6][8][9] - The company is under investigation for privacy violations and has been accused of using deceptive marketing practices that may infringe on consumer rights [8][9] - Shein's legal troubles extend to intellectual property disputes in both the US and Europe, with numerous lawsuits filed against it [9][10] Group 3 - Shein has been criticized for its "de-China" stance, distancing itself from its Chinese roots to appeal to Western regulators [10][12][13] - The company has been accused of supporting policies that could harm the interests of the Chinese market, which has led to backlash [12][13] - There are concerns that Shein's potential listing could negatively impact the reputation of HKEX due to its ongoing controversies [14] Group 4 - Shein's valuation target of $50 billion is considered inflated, with a more reasonable estimate around $30 billion based on industry standards [15][18] - The company reportedly has $12 billion in cash, indicating it does not have an urgent need for capital, suggesting the listing may primarily benefit existing shareholders [18] - The HKEX's "Special Technology Companies" route is intended for genuine tech firms, and Shein's listing may undermine the integrity of this initiative [18]