SHEIN’s crypto contract plunges 17% as it prices its IPO

In the first quarter, SHEIN's U.S. revenue fell 14% while global revenue grew just 1% year over year. Net margin also narrowed sharply, dropping from 8.7% in 2023 and 2024 to 4.9% in 2025, before turning negative at minus 1.1% in the first quarter of this year.