SHEIN Global Holdings Limited
希音-W
💡 定價範圍HK$47.60–49.50，取中位數48.55
Offer Price
HK$48.55
Market Cap
HK$2061.5B
Listing Date
2026-09-01
Sector
消費
📊 Valuation Analysis
P/S ratio
0.6x
偏低 — 定價有水位消費 sector P/S benchmark: 1.5x – 4x
Revenue growth (YoY)
8.0%
Gross margin
67.9%
Net margin
4.9%
Profitability
Profitable
Fair value range by sector P/S benchmark: HK$115.24 – HK$307.31
💰 Financial Summary (FY2025)
Revenue
RMB3033.91B
Prior revenue
RMB2809.23B
Gross profit
RMB2060.02B
Net profit
RMB149.64B
Figures in RMB (some companies converted from their prospectus reporting currency — see notes below).
📝 Key Notes
W股架構。全球最大線上時尚零售商，2025年活躍顧客2.73億。FY2025淨收入418.5億美元(+8.0%)，淨利潤20.6億美元。財務以美元呈報，已按1美元≈7.25人民幣換算。市值2,021–2,102億港元。定價8/28，預期9/1上市。
🏢 Company Overview
希音國際控股有限公司（SHEIN），全球最大線上時尚零售商，以「小單快反」柔性供應鏈模式聞名。平台銷售自有品牌及第三方商家商品，覆蓋服裝、配飾、美妝、家居等品類，2025年活躍顧客2.73億，服務全球超過150個國家及地區。公司以不同投票權（W）架構於港交所上市。
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⚠️ For educational reference only and not investment advice. IPO pricing, listing dates and financial data are subject to change — always refer to HKEX announcements and the prospectus. Investing involves risk.