Shein reveals slowing profit in filings ahead of Hong Kong debut - The Japan Times

Fast-fashion retailer Shein Group revealed softening profitability and slower revenue growth, as it offered investors the first detailed look at its finances ahead of a planned initial public offering in Hong Kong. The closely held company reported a loss of $99 million in the first three months of this year, compared with a profit of $395 million a year earlier, according to a filing to the Hong Kong Stock Exchange that referred to the company as Shein Global Holdings. Revenue rose to $9.05 billion from $8.95 billion, a slower pace of growth compared to previous years, it showed. Shein also disclosed operating income of $258 million in the first-quarter, a 26% drop year-on-year. Profit for 2025 was $2.06 billion, compared to $3.37 billion in 2024. Shein said the first quarter loss was due to fair value losses of $328 million on its convertible redeemable preferred shares.