Shein reveals slowing profits and a quarterly loss ahead of Hong Kong IPO

Shein has finally shown investors the numbers. In a draft prospectus filed on July 26, the fast-fashion retailer disclosed annual revenue of $41.8 billion for 2025, up roughly 8% on the year before, alongside a net profit that fell 38.7% to $2.064 billion. Growth, of a sort, bought at a visibly thinner margin.

The document, cleared by China’s securities regulator on July 10, is the fullest look at the group’s accounts since it passed its Hong Kong listing hearing earlier this month.

It also lands while Shein is still pursuing Temu through London’s High Court over what it calls industrial-scale copyright theft, a reminder that the company is fighting on several fronts at once.

The trajectory is the story. Revenue climbed from $32.1 billion in 2023 to $38.7 billion in 2024 and then to $41.8 billion last year, a steady but decelerating line.

Profit moved the other way. Net income...

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