{"schema":"hottub-news/story/v1","story":"st_nv5ro2xpqk4cub2xqkya","title":"当库存只剩36天，SHEIN开始面对另一笔成本","title_en":"With only 36 days of inventory left, SHEIN faces another cost","outlets":1,"brief":null,"page":"https://hottub.news/stories/with-only-36-days-of-inventory-left-shein-faces-another-cost-nv5ro2xpqk","count":1,"items":[{"id":"n_nv5ro2xpqk4cub2xqkya","seq":826513,"kind":"article","title":"当库存只剩36天，SHEIN开始面对另一笔成本","title_en":"With only 36 days of inventory left, SHEIN faces another cost","url":"https://www.huxiu.com/article/4894764.html?f=rss","summary":"本文来自微信公众号： 防冷涂的蜡&书斋 ，作者：防冷涂的蜡 9月28日，SHEIN披露了2026年上半年及第二季度的最新经营数据。第二季度，公司订单量同比增长7.6%，达到2.98亿单；净收入增长0.9%，达到110.8亿美元。经调整净利润却下降66.6%，只剩2.28亿美元，利润率从上年同期的6.2%降至2.1%。同期，履约成本增长18.1%，明显快于收入。 再看SHEIN最受关注的库存指标。2023年至2025年，公司库存周转分别为35天、34天和36天，截至2026年3月底的过去12个月为38天，一直维持在三十多天。2025年底，SHEIN自营模式下的服装款式已经超过200万个，未售库存比例仍处于低个位数。 订单仍在增长，库存也没有明显积压，利润率却快速下降。小单快返一直是SHEIN最重要的经营模式之一。理解这组变化，需要先回答一个更基础的问题：小单快返究竟替服装企业解决了什么，又把成本留在了哪里？ 小单快返怎么降低库存风险 传统服装生意的一道难题，是生产决策必须走在销售前面。…","published":"2026-09-30T03:37:00Z","seen":"2026-09-30T05:06:39Z","lang":"zh","country":"CN","source":{"id":"kite-huxiu-com-dbd1aa","name":"huxiu.com","domain":"rss.huxiu.com"},"via":"kite-huxiu-com-dbd1aa","authors":["author"],"entities":[{"id":"Q107377209","name":"Shein","type":"org"}],"story":"st_nv5ro2xpqk4cub2xqkya","category":"economy-business","category_p":0.9399999976158142,"sentiment":"neutral","tone":-0.28999999165534973,"political":0.03999999910593033}]}