《经济学人》Shein的坠落：从千亿神话到流血上市 [C1]

发布于 2026-09-01 · 时长 4:54

字幕摘录

时间	英文	中文
0:15	Only a few years ago, Xin looked unstoppable.	仅仅几年前,阎锡山看似不可阻挡.
0:19	Its novel business model, using oodles of	它的新商业模式,使用面条
0:22	data and clever algorithms to spot fashion trends and generate new designs, which its	数据和智能算法,以发现时尚趋势并产生新的设计。
0:27	network of Chinese suppliers stitched for a pittance, proved a hit in Western markets.	中国供货商的网络缝合了针线,证明在西方市场受到打击。
0:33	Americans in particular spent endless hours scrolling through the $3 blouses and $5 car keys	特别是美国人花了无休止的小时翻过三块布和五块车钥匙
0:39	available on its app.	在它的应用上。
0:42	In 2022, shortly after it moved its headquarters from Nanjing to Singapore,	2022年,其总部从南京迁至新加坡后不久,
0:47	the company was valued by private investors, including America's General Atlantic,	该公司受到私人投资者,包括美国大西洋总公司的重视,
0:52	at $100 billion.	1000亿美元。
0:54	On September 1, Xin plans to list on the Hong Kong Stock Exchange,	9月1日,新计划上市香港证券交易所,

展开字幕全文（63 条）

序号	英文	中文
1	Only a few years ago, Xin looked unstoppable.	仅仅几年前,阎锡山看似不可阻挡.
2	Its novel business model, using oodles of	它的新商业模式,使用面条
3	data and clever algorithms to spot fashion trends and generate new designs, which its	数据和智能算法,以发现时尚趋势并产生新的设计。
4	network of Chinese suppliers stitched for a pittance, proved a hit in Western markets.	中国供货商的网络缝合了针线,证明在西方市场受到打击。
5	Americans in particular spent endless hours scrolling through the $3 blouses and $5 car keys	特别是美国人花了无休止的小时翻过三块布和五块车钥匙
6	available on its app.	在它的应用上。
7	In 2022, shortly after it moved its headquarters from Nanjing to Singapore,	2022年,其总部从南京迁至新加坡后不久,
8	the company was valued by private investors, including America's General Atlantic,	该公司受到私人投资者,包括美国大西洋总公司的重视,
9	at $100 billion.	1000亿美元。
10	On September 1, Xin plans to list on the Hong Kong Stock Exchange,	9月1日,新计划上市香港证券交易所,
11	reportedly at a valuation of just $27 billion.	据报道,价值只有270亿美元。
12	Its business has deteriorated dramatically.	它的业务急剧恶化。
13	In 2024, it generated $39 billion in revenue, up by 21% from the year before.	2024年,它创造了360亿美元的收入,比前一年增加了21%。
14	In 2025, sales grew by only 8% to $42 billion, and in the first quarter of 2026, they increased	2025年,销量仅增长8%,达到420亿美元,2026年第一季度,销量有所增长.
15	by a mere 1% year on year.	每年只增加1%。
16	In 2024, the company's net profit reached $3.4 billion.	2024年,公司净利润达到34亿元.
17	It is now	现在
18	operating at a loss.	运行损失。
19	What went wrong?	发生什么了?
20	Xin's business model was undoubtedly	阿信的生意模式无疑是
21	inventive.	发明.
22	The prospectus for its listing says that it offers more than 2 million distinct	它的上市计划说明它提供200多万个不同的
23	items of clothing, with 4,700 new ones added every day.	每天增加4 700件新的衣服。
24	Its 280 million customers worldwide	全球2.8亿客户
25	excluding China, where it does not sell its wares, put in four orders a year on average,	不包括不出售其商品的中国,平均每年发出四份订单,
26	suggesting many are not perturbed by the occasionally shoddy quality of its products.	说明许多产品并不受到其产品偶尔质量低劣的影响。
27	The success of the model encouraged copycats.	该模型的成功鼓励了模仿者.
28	One reason for the company's mounting troubles.	公司越来越麻烦的原因之一
29	In 2022, PDD, a Chinese e-commerce company, set up Timu, a Shian-like business in America.	2022年,中国电子商务公司PDD在美国创办了类似Shian的企业Timu.
30	Then in 2024, Amazon, the world's biggest online marketplace, launched Hall,	之后在2024年,世界最大的在线市场亚马逊推出了Hall,
31	its own ultra-cheap offering.	它自己的超廉价献礼。
32	Meanwhile, TikTok, a short video platform beloved of youngsters,	同时,TikTok,一个爱年轻人的短视频平台,
33	has also been expanding into e-commerce with TikTok Shop, which has overtaken Shian in sales	与TikTok Shop一起发展成电子商务,在销售方面已经超过了Shian。
34	in America.	在美国。
35	Perhaps an even bigger reason for Shian's slowing sales and deteriorating	或许是Shian减速减速的原因
36	profitability is the closing last year of a tax loophole in America and the European Union	利润率是去年美国和欧洲联盟税收漏洞的收尾
37	known as the de minimis rule, which had allowed packages below a certain value to be imported	称为最小规则,该规则允许进口低于一定值的包件
38	free of duties.	免职。
39	That change, in combination with the higher tariffs on Chinese goods	这种变化,加上中国商品关税的提高
40	levied by the second Trump administration, has hit Shian's business in America especially hard.	第二任特朗普政府征收,使希安在美国的业务受到特别重的打击.
41	The percentage of global revenue it generates from the country fell from nearly 30% in 2023	它从该国创造的全球收入百分比从2023年的近30%下降
42	to around 23% in the first three months of this year.	今年头3个月中大约23%。
43	Shian has responded by diversifying its	世安对此的回应是,
44	manufacturing base.	制造业基础。
45	Last year, for example, it established a partnership with the retail arm	例如去年,它与零售商建立了合作关系
46	of Reliance, an Indian conglomerate, to produce clothing in the country, which Shian reportedly	印度企业集团Reliance在该国生产服装,据说是Shian
47	plans to sell both locally and abroad.	计划在当地和国外销售。
48	Shian's prospectus, however, is conspicuously quiet on	不过Shian的预告片很安静
49	the topic of supply chain diversification.	供应链多样化专题。
50	That may in part reflect its desire to avoid antagonising	这可能部分反映了它希望避免对抗
51	Chinese officials who are keeping a close eye on the share of its digital operations that are run	中国官员密切关注其数字运营份额
52	from outside the country.	从国外。
53	They may be unhappy to see manufacturing jobs also leave China.	他们可能不高兴看到制造业的工作也离开中国。
54	Shian has spent years sounding out various potential stock markets.	希安花了多年时间探究各种潜在的股票市场
55	Its original plan to list in New York was abandoned amid pushback from American lawmakers	原本计划在纽约名单在美国立法者的推后被放弃了
56	over the alleged use of forced labour in the firm's supply chain, which Shian denies.	关于据称在公司供应链中使用强迫劳动,Shian否认这一点。
57	It then flirted	然后调情
58	with a London listing, for which it obtained approval from Britain's regulator in April last	去年4月,英国监管部门批准了伦敦清单
59	The switch to Hong Kong came after China's government failed to bless the London option.	转投香港是在中国政府未能祝福伦敦选择之后.
60	The collapse in Shian's valuations since it began efforts to go public has forced it to	Shian的估价崩溃自从它开始努力公开迫使它
61	pay settlements to investors who have experienced precipitous losses.	向遭受过急剧损失的投资者支付结算。
62	It is hardly the debut for	根本不是开场白
63	which the once mighty company would have hoped.	曾经强大的公司本希望如此

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