FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Sa Sa International Holdings Limited 莎莎國際控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00178 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | H ...

Core Insights - Sasa International (00178) reported a total revenue of HKD 1.159 billion for the third quarter from October 1 to December 31, 2025, representing a year-on-year growth of 12.5% [1] - Offline sales reached HKD 0.952 billion, up 12.0% year-on-year, accounting for 82.2% of total revenue, while online sales amounted to HKD 0.207 billion, increasing by 14.9% year-on-year, making up 17.8% of total revenue [1] - The company operated 159 offline stores as of December 31, 2025, an increase of four stores compared to the same period last year [1] Group Performance - The offline sales in Hong Kong and Macau rose by 11.8% to HKD 0.852 billion, with same-store sales increasing by 14.7% [2] - Average transaction value and total transaction volume grew by 9.4% and 2.9% year-on-year, respectively [2] - Sales from traditional tourist areas such as Causeway Bay, Mong Kok, and Tsim Sha Tsui performed better than expected, with a noticeable increase in sales from mainland tourists [2] Online Sales and Market Segmentation - Online sales for the third quarter reached HKD 0.207 billion, reflecting a year-on-year increase of 14.9%, with mainland China being the largest online market, accounting for 47.5% of online sales [2] - The Hong Kong and Macau markets contributed 33.6%, while Southeast Asia and other regions accounted for 18.9% [2] - The company has seen stable growth across all online platforms, supported by improved supply chain stability [2] Marketing and Customer Engagement - The company actively engaged on popular social media platforms, particularly those used by mainland customers, to promote products and offers, enhancing the reputation of Sasa for "genuine products" and "quality service" [2] - This strategy has led to a continuous increase in the number of Sasa members [2]

Core Viewpoint - Sasa International (00178.HK) reported a year-on-year revenue growth of 12.5% for the third quarter ending December 31, 2025, reaching HKD 1.1588 billion, driven by strong performance in both offline and online sales [1] Group 1: Revenue Performance - The overall revenue for the third quarter was HKD 1.1588 billion, reflecting a 12.5% increase compared to the previous year [1] - Offline sales amounted to HKD 952.1 million, up 12.0% year-on-year, accounting for 82.2% of total revenue [1] - Online sales reached HKD 206.7 million, marking a 14.9% year-on-year increase, representing 17.8% of total revenue [1] Group 2: Store Operations - As of December 31, 2025, the company operated 159 offline stores, an increase of four stores compared to the same period last year [1] Group 3: Sales Strategy and Market Conditions - The third quarter coincided with peak retail periods, where the company actively sourced popular beauty and personal care products [1] - Promotions were intensified during key events such as the National Day Golden Week in October, the Mega Sale in November, and Christmas in December, leading to double-digit year-on-year growth in both online and offline sales [1] - The increase in mainland Chinese tourists visiting Hong Kong and Macau contributed to better-than-expected growth in traditional tourist area stores [1]

SA SA INTERNATIONAL HOLDINGS LIMITED 莎莎國際控股有限公司 ( 於開曼群島註冊成立之有限公司 ) (股份代號：178) 截至 2025 年 12 月 31 日止 第三季度未經審核之最新銷售數據 莎莎國際控股有限公司（「公司」） 董事會公佈本公司及其附屬公司（「集團」）由2025年10月 1日至12月31日止第三季度(「第三季」或「期內」）未經審核之最新銷售數據。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 由 2025 年 10 月 1 日至 12 月 31 日止第三季，集團整體營業額為 1,158.8 百萬港 元，按年增長 12.5%。期內，線下銷售錄得 952.1 百萬港元，按年升 12.0%，佔集 團總營業額 82.2%；於 2025 年 12 月 31 日，集團共營運 159 間線下店舖，較去年同期增 加四間。線 上 銷 售 則 錄 得 206.7 百 萬 港 元 ，按年升 14.9%，佔集團總營業額 ...

Core Insights - The decline of traditional beauty retail stores like Sa Sa and Watsons reflects a significant transformation in China's beauty retail industry, driven by changing consumer preferences and the rise of e-commerce [1][2][4] - The traditional retail model based on information asymmetry and personal sales has become ineffective, leading to a shift towards online shopping and new retail formats that prioritize consumer experience [4][5][12] Group 1: Decline of Traditional Retail - Watsons' parent company reported a 3% year-on-year decline in revenue to HKD 6.666 billion, with a net reduction of 145 stores, marking the fourth consecutive year of revenue decline [1] - Sa Sa International has completely exited the mainland China market, closing all physical stores by June 30, 2025, with a staggering 38.2% drop in revenue from offline channels, amounting to HKD 103 million [1] - The profitability of Watsons has significantly decreased, with EBITDA dropping 53% to HKD 117 million, the lowest in seven years [1] Group 2: Rise of New Retail Formats - New beauty retail players are emerging, focusing on experiential shopping and social media engagement, which resonate more with younger consumers [5][8] - These new stores, such as The Colorist and WOW COLOUR, emphasize a "freedom of experience" and have become popular destinations for young shoppers [7][9] - The new retail model prioritizes immersive experiences and interactive activities, transforming traditional shopping into a more engaging and enjoyable process [8][11] Group 3: Challenges and Future Outlook - The beauty retail industry faces the risk of homogenization, as many new stores adopt similar aesthetics and experiences, potentially diminishing their appeal [12][13] - To sustain consumer interest, new retail formats must innovate beyond surface-level replication and focus on unique brand narratives and product offerings [15][18] - The challenge remains to convert one-time visitors into loyal customers, requiring either exclusive product offerings or exceptional service experiences [16][17]

I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Sa Sa International Holdings Limited 莎莎國際控股有限公司 呈交日期: 2026年1月7日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00178 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 HKD | | 800,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 HK ...

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Sa Sa International (00178.HK) by 2,000 shares on January 5, with a total net reduction of 98,000 shares over the past five trading days and 214,000 shares over the past 20 trading days [1] - As of now, southbound funds hold 1.8252 million shares of Sa Sa International, which represents 0.05% of the company's total issued ordinary shares [1] Group 2 - Sa Sa International Holdings Limited is primarily engaged in the retail business of beauty products in Asia, selling skincare, perfumes, cosmetics, hair care, body care products, beauty supplements, and home beauty devices through its own brands and exclusive international brand agencies [1] - The company operates retail stores in Hong Kong, Macau, mainland China, and Southeast Asia, and also provides online retail services through e-commerce platforms, offering customers an omnichannel shopping experience [1]

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Sa Sa International (00178.HK) by 2,000 shares on December 30, with a total net reduction of 100,000 shares over the past five trading days and 218,000 shares over the past 20 trading days [1] - As of now, southbound funds hold 1.8272 million shares of Sa Sa International, which represents 0.05% of the company's total issued ordinary shares [1] Group 2 - Sa Sa International Holdings Limited is primarily engaged in the retail business of beauty products in Asia, selling skincare, perfumes, cosmetics, hair care, body care products, beauty supplements, and home beauty devices through its own brands and exclusive international brand agencies [1] - The company operates retail stores in Hong Kong, Macau, mainland China, and Southeast Asia, and also provides online retail services through e-commerce platforms, offering customers an omnichannel shopping experience [1]

Core Viewpoint - Sasa International (00178) announced that the unclaimed dividend will be forfeited and returned to the company on January 29, 2026, specifically the final dividend of HKD 0.09 per share declared on June 20, 2019 [1] Group 1 - The company has a specific deadline for unclaimed dividends, which is set for January 29, 2026 [1] - The unclaimed dividend amount is HKD 0.09 per share, which was declared on June 20, 2019 [1]

Core Viewpoint - Sasa International (00178) announced that unclaimed dividends will be forfeited and returned to the company on January 29, 2026, specifically the final dividend of HKD 0.09 per share declared on June 20, 2019 [1] Group 1 - The company will forfeit unclaimed dividends on January 29, 2026 [1] - The specific unclaimed dividend is HKD 0.09 per share [1] - The dividend was originally declared on June 20, 2019 [1]