快时尚电商平台Shein公布的第一季度财报显示，公司从上年同期的盈利状态转为亏损[1]。根据财报，Shein第一季度亏损9900万美元（7410万英镑），而去年同期净收入为3.95亿美元[1]。这一业绩下滑主要源于美国总统特朗普政策变化对其业务的冲击。
特朗普政府于2025年8月29日生效的行政令取消了全球关税豁免政策，原先豁免适用于800美元及以下商品[1]。此举直接影响了Shein依赖低关税成本保持竞争力的商业模式。对此，Shein表示："我们正在考虑包括提高美国市场价格在内的多种选择，以抵消部分增加的成本"[1]。此外，欧盟也在7月早期对低价值电商进口商品征收3欧元的税费[1]。
尽管面临成本压力，Shein的用户基础仍在持续增长[1]。截至2026年3月底，Shein拥有2.81亿活跃用户，同比增长超过16%，用户下单总数超过10亿笔[1]。财报中的亏损数字还包含因特殊投资者股份会计变更导致的3.28亿美元账面亏损[1]。
在资本层面，Shein已获得中国证监会于7月10日的批准，计划在香港股票市场上市，预计在未来数月内完成[1]。
Fast-fashion retailer Shein reported a first-quarter loss of $99 million, marking a dramatic reversal from the previous year's net income of $395 million, as new U.S. tariff policies took their toll on the company's financial performance [1]. The sharp decline was driven by the elimination of import duty exemptions for packages under $800, following a Trump administration order that took effect on August 29, 2025 [1].
The tariff headwinds coincided with mounting international trade barriers, including a 3-euro tax introduced by the European Union in early July on low-value e-commerce imports [1]. In response to the increased costs, Shein indicated it is exploring multiple mitigation strategies, stating: "We are considering various options, including raising prices in the U.S. market, to offset some of the added costs" [1]. Beyond tariff impacts, the quarter also reflected a $328 million accounting loss stemming from changes in special investor shares accounting treatment [1].
Despite these financial challenges, Shein's user base continued to expand, reaching 281 million active users by the end of March 2026—a year-over-year increase exceeding 16 percent—with cumulative orders surpassing one billion transactions [1]. The company has received approval from Chinese regulators to proceed with a Hong Kong stock listing, with the China Securities Regulatory Commission granting clearance on July 10 [1]. Shein is preparing for the public offering, which is expected to occur within the coming months [1].