SHEIN 首份财报：订单 2.98 亿，利润下滑三分之二

Shein fulfilled 298 million orders between April and June, 21 million more than the same period a year earlier. It counted 291 million active customers over the 12 months to June, up from 254 million. 

By the measures that made its name, the business is still growing. The trouble is what those orders are now worth.

A profit that isn’t

For the second quarter ended June 30, Shein posted net revenue growth of just 0.9 per cent to US$11.08 billion. Adjusted net income fell 66.6 per cent to $228 million. For the first half, revenue edged up 1 per cent to $20.13 billion while adjusted net income dropped 55.6 per cent to $499 million.

The market’s verdict was quick. Bloomberg reported that the shares fell as much as 12.1 per cent on Tuesday to a record low, cutting Shein’s market value to about US$16.8 billion from roughly $26 billion at listing.

Sky Xu, Shein’s founder, chairman and chief executive, blamed logistics.

“The compression was primarily driven by a sharp spike in oil prices and freight rates amid Middle East geopolitical tensions,” he wrote in his chairman’s statement. “Excluding this impact, our adjusted net income over net revenues would have been broadly similar to a year ago.”

Fulfilment expenses rose 18.1 per cent to US$5.59 billion and absorbed 50.4 per cent of revenue, up from 43.1 per cent. Fulfilment and marketing together consumed around 64 cents of every revenue dollar, up from 57 cents a year earlier. 

“We made a deliberate decision to absorb these costs – which we view as transitory – rather than pass them through to consumers, maintaining a consistent pricing experience and order momentum,” Xu wrote, presenting it as policy rather than improvisation. 

“We will at times absorb near-term costs to strengthen our competitive position – but where these trade-offs create meaningful cost pressure, we will manage the impact carefully, without compromising the customer experience.”

The West shrinks, the rest grows

Shein’s two founding markets are shrinking. US revenue fell 6 per cent in the second quarter to US$2.47 billion, which the company linked to American tariffs and the marketplace shift.

That was an improvement on a 14.3 per cent decline in the first quarter, and the report speaks of “the continued recovery of our US business”. Across the half, US revenue was down about 10 per cent.

Europe was worse. Revenue there fell 13.9 per cent to $3.77 billion as Shein raised prices and cut online advertising ahead of the EU’s removal, from 1 July, of the customs duty exemption on consignments worth less than 150 euros. AFP reported that Shein’s average monthly users in the EU had dropped to 128 million by June, about 28 million fewer than at the end of last year.

Meanwhile, revenue from the rest of the world rose 21.6 per cent to $4.84 billion, driven mainly by Latin America, even as the Iran conflict disrupted trading in the Middle East. That bucket now makes up 43.7 per cent of revenue, more than either Europe or the US.

Europe is where Shein is changing its operations most visibly. 

“On fulfilment, a key priority is increasing local inventory coverage in Europe,” Xu wrote. “As our demand forecasting capabilities improve, we can hold more inventory closer to consumers with greater confidence – enabling faster, more reliable delivery and a better customer experience. Localising more inventory will drive a modest increase in fulfilment costs in the near term.”

The second-half test

Finally, Xu told investors that the business expects economic uncertainty to persist in the second half of 2026, with tariff headwinds and volatile logistics costs likely to continue, while the fourth quarter – taking in 11.11, Black Friday, Cyber Monday and Christmas – should drive an uplift in orders. Management also remains cautiously optimistic on adjusted net income prospects in the second half of 2026. “Looking further ahead, we recognise that we are still far from realising the company’s full potential,” Xu wrote, promising to let the long-term performance speak for itself. 

Further reading: How will acquisitions power Shein’s next phase of growth?

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