Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

SHEIN IPO in Hong Kong: Has OP Margin Bottomed? If It Has, SHEIN Is Approaching Value

SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>H1/Q2 results largely match tone of management guidance from the IPO process</li>
<li>Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)</li>
<li>Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line</li>
</ul>


H1/Q2 results largely match tone of management guidance from the IPO process
Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)
Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line


Cainiao Smart Logistics Network (1437124D HK)

SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

SHEIN Global Holdings

SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply