Core Viewpoint - Sasa International (00178.HK) announced that unclaimed dividends from the fiscal year 2019 will be forfeited and returned to the company on January 29, 2026, in accordance with Article 156 of the company's articles of association [1]. Summary by Relevant Sections - **Dividend Announcement**: The company has notified shareholders that the unclaimed dividends from the fiscal year 2019 will be forfeited after a six-year period [1]. - **Forfeiture Date**: The specific date for the forfeiture of unclaimed dividends is set for January 29, 2026 [1].

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。 SA SA INTERNATIONAL HOLDINGS LIMITED 凡有權收取但仍未收到以上股息或仍未兌現有關股息單的本公司股東，請盡快 惟不遲 於 2026 年 1 月 29 日下午 4 時 30 分 聯絡本公司之香港股份登記及過戶分處卓佳證 券登記有限公司 (「卓佳」)，地址為香港夏愨道 16 號遠東金融中心 17 樓。卓佳之 客戶服務熱線是 (852) 2980 1333 (辦公時間為星期一至五 (香港公眾假期除外) 上 午 9 時正至下午 5 時正)。 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) 沒收未領取之股息 按照莎莎國際控股有限公司(「本公司」)公司章程細則的規定，凡在股息宣布派發 日期起計六年後仍未領取之股息可被沒收及復歸本公司。 按照本公司章程細則第156條的規定，凡在股息宣布派發日期起計六年後仍未領取之 股息，本公司董事會可將予沒收及復歸本 ...

Core Insights - Mannings has announced its exit from the mainland China market, with offline stores closing by January 15, 2026, and its online store ceasing operations by December 28, 2025, reflecting a significant strategic shift [2] - The closure of Mannings follows a similar move by Sa Sa International, which also exited the mainland retail market due to weak consumer spending and a shift towards online shopping [3] Group 1: Company Actions - Mannings will close its last offline stores in mainland China by January 15, 2026, and its online operations will end by December 28, 2025 [2] - Sa Sa International has already closed its last 18 offline stores in mainland China by June 30, 2025, indicating a trend among Hong Kong beauty retailers [2][3] Group 2: Market Dynamics - The closures reflect a broader trend in the beauty retail market in mainland China, where consumer preferences have shifted significantly towards online shopping, with over 80% of Sa Sa's sales coming from online channels [3] - Both Mannings and Sa Sa International initially thrived in the mainland market but are now struggling due to increased competition from e-commerce platforms and changing consumer preferences [3][4] Group 3: Challenges Faced - Traditional beauty retailers are facing development challenges as their previous advantages are no longer sufficient in a rapidly changing market [5] - The aging product offerings in stores, such as Mannings, have not kept pace with evolving consumer demands, leading to decreased interest from younger consumers [3][5]

Core Viewpoint - Mannings, a Hong Kong retail brand, has announced its exit from the mainland China market, following SaSa's similar decision, highlighting the struggles of Hong Kong retail giants in adapting to changing market conditions [1][10][24]. Group 1: Company Exit and Market Conditions - Mannings will close all its offline stores and online operations in mainland China, with the last offline store closing on January 15, 2026, and online services ceasing earlier on December 28, 2025 [4][19]. - The number of Mannings stores has drastically decreased from over 200 at its peak to only 13 currently operational, primarily located in Guangzhou, Shenzhen, Dongguan, Foshan, and Jiangmen [7][21]. - The closure reflects broader challenges faced by Hong Kong retail brands, including SaSa and Watsons, which are also experiencing declining performance and store numbers [1][10][24]. Group 2: Sales and Consumer Behavior - As Mannings prepares to close, stores are offering significant discounts, but many top brand products have already been removed from shelves due to reduced inventory [5][20]. - Customers are actively purchasing remaining products, although the store staff indicate that large brands are no longer being restocked as the closure approaches [5][20]. Group 3: Competitive Landscape and Strategic Challenges - Mannings attempted to differentiate itself with a focus on "pharmaceutical cosmetics" and health products, but failed to establish a competitive advantage compared to Watsons [6][21]. - The lack of transparency in Mannings' financial reporting has made it difficult for external observers to assess its performance in the mainland market, indicating long-term underperformance [6][21]. - The shift to cross-border e-commerce is fraught with challenges, as local competition is fierce, and Mannings will need to invest significantly to build consumer trust in this new model [9][23]. Group 4: Broader Industry Trends - The exit of Mannings and SaSa from the mainland market is seen as a reflection of the changing retail environment, where traditional business models struggle against e-commerce and rising operational costs [14][28]. - Watsons, despite being the largest player in the mainland market, is also facing declining profits and store closures, indicating a broader trend of difficulties within the sector [12][26].

Core Viewpoint - The exit of Mannings from the mainland market reflects the challenges faced by Hong Kong retail brands in China, following the similar departure of SaSa International, highlighting a significant shift in the retail landscape due to various pressures including e-commerce competition and high operational costs [3][12][18]. Group 1: Company Developments - Mannings has officially announced the closure of all its offline stores and online operations in mainland China, with the last offline store set to close on January 15, 2026, and online services ceasing earlier on December 28, 2023 [6][11]. - At its peak, Mannings operated over 200 stores across 33 cities in mainland China, but as of now, only 13 stores remain operational, primarily located in Guangzhou, Shenzhen, Dongguan, Foshan, and Jiangmen [8][9]. - The store closures have led to significant discounts and clearance sales, with many top brand products already removed from shelves as the company prepares to wind down operations [7][10]. Group 2: Market Context - The performance of other Hong Kong retail brands, such as Watsons, is also declining, with profits dropping for several consecutive years and a reduction in store numbers from 4,179 in 2021 to 3,630 by mid-2025 [4][15]. - Watsons has faced quality issues with its self-branded products, leading to consumer complaints and damaging brand trust, further complicating its market position [4][15]. - The competitive landscape for retail in mainland China is becoming increasingly challenging, with established e-commerce platforms like Tmall and JD.com dominating the market, making it difficult for traditional retailers to maintain their foothold [11][18]. Group 3: Strategic Challenges - Mannings attempted to differentiate itself through a focus on health and beauty products, including the presence of pharmacists in stores, but failed to establish a strong competitive advantage compared to Watsons [9][18]. - The lack of transparency in Mannings' financial reporting regarding its mainland operations has obscured its performance metrics, indicating ongoing struggles in meeting market expectations [9]. - The shift to cross-border e-commerce is fraught with challenges, including the need for significant investment to build consumer trust amidst issues like counterfeit products and logistics [11][18].

Core Viewpoint - Mannings, a drugstore chain, announced the closure of all its offline stores and online mall in mainland China, with the last operating day for physical stores set for January 15, 2026, and the online store ceasing operations on December 28, 2025 [1][3]. Group 1: Company Performance - Mannings entered the mainland China market in 2004 and has over 120 stores in the region, but has struggled to replicate its successful business model from Hong Kong due to regulatory constraints and market differences [3][12]. - The company’s brand image in mainland China is unclear, lacking the professional authority of a pharmacy and the trendy appeal of a modern retail store [3][12]. - Other Hong Kong brands, such as Sa Sa International, have also exited the mainland market, while Watsons continues to explore options despite a 3% revenue decline and a 53% drop in profit in the first half of the year [3][5]. Group 2: Market Environment - The retail landscape in mainland China has shifted dramatically, with local brands rising and e-commerce platforms like Alibaba and JD.com changing consumer shopping habits [12]. - Traditional Hong Kong retail brands, including Mannings, have struggled to adapt to the competitive environment, often relying on outdated operational models that do not resonate with local consumers [12]. - High operational costs, including rent and labor, have further pressured profit margins for these brands, as they often choose locations in prime areas with high rental costs [12]. Group 3: Industry Trends - The trend of closing physical stores is not isolated to Mannings; other brands like AEON and Taste are also reducing their presence in mainland China due to declining performance [6][12]. - The overall market for Hong Kong retail brands is challenging, with many facing significant revenue declines and increased competition from local and online retailers [10][12]. - Experts suggest that for Hong Kong retail brands to succeed in mainland China, they need to adopt strategies such as developing O2O models, optimizing product offerings, and focusing on core urban areas [12].

Core Viewpoint - The beauty retail chain Mannings has announced the closure of all offline stores in mainland China, shifting its focus to online cross-border e-commerce channels, reflecting a broader trend among Hong Kong beauty brands to adapt to changing consumer demands and the rise of e-commerce [1][4][6]. Group 1: Company Actions - Mannings will officially cease operations of its offline stores in mainland China by January 15, 2026, with its online platforms, including its official mini-program, set to stop operating by December 28, 2025 [4]. - The company has already begun discounting some products by 50% as part of its exit strategy from the offline market [3][5]. - Mannings aims to create a new retail landscape focused on health and beauty by leveraging its trusted brand and regional network to provide quality products from Hong Kong and Southeast Asia through online platforms [5][6]. Group 2: Industry Trends - The closure of Mannings' offline stores is part of a larger trend, as evidenced by another beauty retailer, Sa Sa International, which also announced the closure of all its offline stores in mainland China in June 2023, redirecting resources to online sales [6][7]. - The shift towards online sales is driven by changing consumer behavior, with Sa Sa reporting that 80% of its sales in mainland China now come from online channels [6]. - New emerging beauty retailers are gaining popularity by focusing on niche markets and innovative product offerings, contrasting with traditional retailers like Mannings that struggle to meet evolving consumer demands [8][9]. Group 3: Market Dynamics - The traditional beauty retail model, primarily based on offline stores, is becoming less viable as digital marketing and service transformation lag behind emerging brands [7][9]. - Consumers are increasingly attracted to new beauty retailers that offer unique shopping experiences and product selections, leading to a decline in the competitiveness of established brands like Mannings [8][9]. - The future of beauty retail may require a shift from a retail-centric model to a service-oriented approach, integrating both daily and professional product lines to adapt to market changes [9].

Core Viewpoint - Mannings, a well-known beauty and personal care chain from Hong Kong, announced a significant strategic adjustment by closing all its stores and online operations in mainland China, marking a complete withdrawal from the market [2][3][4] Group 1: Store Closures - Mannings will cease operations in mainland China, with the last physical store closing on January 15, 2026, and its online platforms shutting down by December 28, 2025 [2][3] - The company has been gradually reducing its presence in major cities since 2020, with notable closures in Beijing and Wuhan, where several stores have already shut down [3][4] - In Shenzhen, only two stores remain operational, and similar sentiments of regret have been expressed by consumers in Dongguan regarding the brand's exit [3][4] Group 2: Market Challenges - The decision to exit the mainland market is attributed to intensified competition, the rise of domestic beauty brands, and the influx of international brands, which have diversified consumer choices [3][4] - The rapid growth of e-commerce has significantly impacted traditional brick-and-mortar stores, leading to decreased foot traffic and sales for Mannings [3][4] - Rising rental and labor costs have further pressured Mannings' operations, prompting a reevaluation of its market strategy [4] Group 3: Strategic Adjustments - Despite efforts to optimize its store layout and product offerings, including a focus on health and beauty products, Mannings has struggled to compete with emerging beauty retailers that attract younger consumers [4][5] - The company plans to continue offering its products through cross-border e-commerce channels, allowing consumers to purchase items from Hong Kong stores [4] - The exit of Mannings is part of a broader trend, as other Hong Kong beauty retailers like Sa Sa International have also announced their withdrawal from the mainland market due to similar challenges [5]

NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholders(Note 1) 15 December 2025 SA SA INTERNATIONAL HOLDINGS LIMITED 莎莎國際控股有限公司 (Incorporated in Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號: 178) Notification of Publication of Interim Report 2025/26 The Interim Report 2025/26 of Sa Sa International Holdings Limited ("Company") is available on the Company's website at http://corp.sasa.com and the Hong Kong Exchanges and Clearing Limited ("HKEx")'s website at http://www.hkexnews ...

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） 敬啟者： 致現有登記股東之函件 2025/26年中期報告之刊發通知 莎莎國際控股有限公司（「本公司」）之2025/26年中期報告現已登載於本公司網站(http://corp.sasa.com)及香港交 易及結算所有限公司（「港交所」）之披露易網站(http://www.hkexnews.hk)。 閣下可於本公司網站主頁「投 資者關係」項下，選按「財務報告」閱覽2025/26年中期報告。倘若 閣下已選擇收取公司通訊 （附註） 的印刷本， 隨本函附上 閣下的印刷本。 作為一間響應環保的企業及隨着資訊科技的發展，本公司鼓勵 閣下通過本公司或港交所之網站閱覽公 司通訊。 倘若 閣下欲(i)收取2025/26年中期報告的印刷本；及╱或(ii)更改有關日後所有公司通訊的收取方式或 語言版本的選擇，請填妥、簽署及寄回隨附之變更申請表格，並使用該變更申請表格底部的郵寄標籤寄 回本公司之香港股份登記及過戶分處卓佳證券登記有限公司（「卓佳」）（如在本港投寄，毋須貼上郵票；否 則， ...