Shein's IPO prospectus shows Q1 revenue of $9.05B, up 1% YoY, as it swings from $395M profit in Q1 2025 to $99M loss partly due to US' "de minimis" rule removal
THE SO WHAT
Regulatory friction on cross-border e‑commerce is now directly visible in P&L — a $395M profit swinging to a $99M loss on flat revenue is policy risk, not demand collapse. If your margin story depends on customs arbitrage or similar loopholes, assume that edge gets repriced by public markets and regulators over the next few years.
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