格隆汇10月6日｜莎莎国际(0178.HK)在港交所发布公告称，由2025年7月1日至9月30日止第二财季未经 审计的总营业额为10.308亿港元，同比增8.4%。 来源：格隆汇APP ...

Core Insights - Sasa International (00178) reported a total revenue of HKD 1.031 billion for the second quarter from July 1 to September 30, 2025, representing an 8.4% year-on-year increase [1] Group Performance - The overall business of the group showed steady progress during the period [1] - Offline sales reached HKD 826 million, up 9.4% year-on-year, accounting for 80.2% of total revenue [1] - Offline sales were generated from Hong Kong, Macau, and Southeast Asia (Malaysia and Singapore) [1] - As of September 30, 2025, the group operated 157 offline stores, an increase of two stores compared to the same period last year [1] Online Sales - Online sales amounted to HKD 205 million, reflecting a 4.9% year-on-year increase, and represented 19.8% of total revenue [1] - Online sales were derived from self-operated online stores and third-party platforms in mainland China, Hong Kong, Macau, Southeast Asia, and other regions, maintaining stable growth [1]

Core Viewpoint - Sasa International (00178) reported a year-on-year increase in overall revenue of 8.4% for the second quarter from July 1 to September 30, 2025, reaching HKD 1.031 billion, indicating stable business growth [1] Group 1: Overall Performance - The group's total revenue for the period was HKD 1.031 billion, reflecting an 8.4% year-on-year increase [1] - The business is described as stable with positive growth trends [1] Group 2: Offline Sales - Offline sales amounted to HKD 826 million, representing a 9.4% year-on-year increase and accounting for 80.2% of total revenue [1] - The offline sales are derived from operations in Hong Kong, Macau, and Southeast Asia (Malaysia and Singapore) [1] - As of September 30, 2025, the company operated 157 offline stores, an increase of two stores compared to the same period last year [1] Group 3: Online Sales - Online sales reached HKD 205 million, showing a year-on-year increase of 4.9% and making up 19.8% of total revenue [1] - Online sales are sourced from mainland China, Hong Kong, Macau, Southeast Asia, and other regions through the company's own online stores and third-party platforms, maintaining steady growth [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 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 9 月 30 日止 第二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7月 1日至9月30日止第二季度(「第二季」或「期內」）未經審核之最新銷售數據。 集團持續經營業務 | 營業額 | 2025/26 | 2024/25 | 按年變動 | | --- | --- | --- | --- | | (百萬港元) | 財政年度第二季 | 財政年度第二季 | (%) | | 線下業務 | | | | | 香港及澳門 | 737.5 | 670.0 | +10.1% | | 東南亞 | 88.8 | 85.6 | +3.7% | | | 826.3 | 755.6 | +9 ...

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9月30日 狀態: 新提交 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 | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | 本月底法定/註冊股本總額： HKD 800,000,000 第 1 頁 共 10 頁 v 1.1 ...

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8月31日 狀態: 新提交 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 | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 HKD | | 800,000,000 | 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 ...

（於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：178） 股東週年大會投票結果 SA SA INTERNATIONAL HOLDINGS LIMITED 莎莎國際控股有限公司 董事會欣然宣佈，載於股東週年大會通告內之所有決議案已於2025年8月21日 （星 期 四）舉 行 的 股 東 週 年 大 會 上 獲 股 東 以 按 股 數 投 票 表 決 方 式 正 式 通 過。 謹提述莎莎國際控股有限公司（「本公司」）日期為2025年7月21日之通函（「通 函」）， 其內容包括(i)股東週年大會（「股東週年大會」）通告及(ii)有關重選董事及發行 新 股 與 回 購 股 份 之 一 般 性 授 權 的 建 議。除 文 義 另 有 所 指 外，於 本 公 告 所 採 用 之 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 董 事 會 欣 然 宣 佈，於 股 東 週 年 大 會 上 提 呈 之 所 有 決 議 案（載 於 股 東 週 年 大 會 通 告 內）已獲得本公司的股東（「股 東」）以 按 股 數 投 票 表 決 方 式 正 式 通 過。 香港交易及結算所有限公司及香港 ...

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7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: 2025年8月4日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,103,189,458 | | 0 | | 3,103,189,458 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 3,103,189,458 | | 0 | | 3 ...

[Sa Sa International Holdings Limited Annual Report Supplementary Announcement](index=1&type=section&id=Supplementary%20Announcement) This supplementary announcement provides additional details regarding the Company's 2022 Share Option Scheme for the annual reports ended March 31, 2024, and 2025 [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement provides supplementary information for the annual reports concerning the 2022 Share Option Scheme - This announcement is a supplementary document to the annual reports for the years ended March 31, 2024, and March 31, 2025[2](index=2&type=chunk) - The supplementary information provides additional details related to the 2022 Share Option Scheme, as required by Listing Rule 17.09(7)[2](index=2&type=chunk) [Supplementary Details of the Share Option Scheme](index=1&type=section&id=Supplementary%20Details%20of%20the%20Share%20Option%20Scheme) The announcement clarifies the share option acceptance terms, requiring a HKD 1.00 payment and acceptance within 30 days - Grantees must pay **HKD 1.00** to the Company as consideration when accepting the share option offer[2](index=2&type=chunk) - The acceptance offer for share options must be completed within **30 days** from the grant date[2](index=2&type=chunk) [Other Information](index=1&type=section&id=Other%20Information) The Company confirms the supplementary information does not alter other annual report content, with the announcement authorized by the Board - The Company confirms that, apart from the additional information disclosed herein, other contents of the annual reports remain unchanged[3](index=3&type=chunk) - The announcement is issued by Chairman and Chief Executive Officer Dr. Simon Kwok Siu Ming on behalf of the Board, with a complete list of Executive Directors and Independent Non-executive Directors appended[4](index=4&type=chunk)[5](index=5&type=chunk)

[Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For FY2024/25, the Group's turnover and core profit both decreased year-on-year, with turnover at HKD 3.94 billion and core profit at HKD 107 million, while maintaining a robust financial position and a 70% core profit payout ratio FY2024/25 Financial Summary | Metric | 2024/25 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | | **Turnover** | 3,941.7 Million HKD | -9.7% | | **Gross Profit** | 1,570.7 Million HKD | -11.9% | | **Gross Margin** | 39.8% | -1.0 Percentage Point | | **Profit for the Year** | 77.0 Million HKD | -64.8% | | **Core Profit*** | 107.0 Million HKD | -51.1% | | **Basic EPS** | 2.5 HK Cents | -4.6 HK Cents | | **Basic Core EPS*** | 3.5 HK Cents | -3.6 HK Cents | | **Final Dividend** | 1.7 HK Cents | - | | **Payout Ratio** | ~70% (based on core profit) | - | *Excluding provision for Mainland China store closure costs Robust Financial Position (As of March 31, 2025) | Metric | Amount | | :--- | :--- | | **Total Available Funds** | 686.8 Million HKD | | **Total Cash** | 371.1 Million HKD | | **Current Ratio** | 1.6 Times | Asia Retail Network and Sales Performance (As of March 31, 2025) | Region | Number of Sales Points | Offline Sales Change | | :--- | :--- | :--- | | Hong Kong and Macau | 84 | -12.9% | | Mainland China* | 18 | -38.2% | | Southeast Asia | 72 | +15.4% | | **Total** | **174** | - | *The Group plans to close all Mainland China offline stores by June 30, 2025 Group Turnover Geographical Distribution (For the year ended March 31, 2025) | Region | Proportion | | :--- | :--- | | Hong Kong and Macau | 75.9% | | Mainland China | 13.2% | | Southeast Asia | 10.6% | | Others | 0.3% | [Strategic Report](index=18&type=section&id=%E7%AD%96%E7%95%A5%E5%A0%B1%E5%91%8A) [Three Key Development Strategies](index=18&type=section&id=%E8%8E%8E%E8%8E%8E%E3%80%8C%E7%B7%A0%E9%80%A0%E7%BE%8E%E9%BA%97%E4%BA%BA%E7%94%9F%E3%80%8D%E7%9A%84%E4%B8%89%E5%A4%A7%E7%99%BC%E5%B1%95%E7%AD%96%E7%95%A5) The Group's 'Creating a Beautiful Life' mission is supported by three core strategies: people-centricity, sourcing global trend products, and building an OMO omnichannel experience for sustainable growth - The Group's three core development strategies include: - **People-centricity**: Leveraging digitalization to analyze consumer preferences and providing quality shopping experiences through professional beauty consultants[51](index=51&type=chunk) - **Sourcing global quality trend products**: Collaborating closely with trend brands to build an attractive portfolio of flagship products[52](index=52&type=chunk) - **Online-Merge-Offline (OMO)**: Establishing an efficient sales network based on regional consumption habits to enhance customer activity and repurchase rates[53](index=53&type=chunk) - To implement the "People-centricity" strategy, the Group will focus on four key areas: - **Next-Generation Customer Relationship Management (CRM)**: Unifying regional membership mechanisms to provide personalized value-added services[55](index=55&type=chunk) - **Enhanced Digital Management**: Centralizing operational data management to improve decision-making efficiency and accuracy[55](index=55&type=chunk) - **Strengthened OMO Operating Model**: Enhancing technological capabilities to offer diverse shopping and pickup options[55](index=55&type=chunk) - **Focus on Talent Development**: Fostering two-way interaction between the company and employees to enhance employee skills[55](index=55&type=chunk) [Product and Brand Strategy](index=19&type=section&id=%E6%90%9C%E7%BE%85%E5%85%A8%E7%90%83%E6%9C%80%E5%84%AA%E8%B3%AA%E7%9A%84%E6%BD%AE%E6%B5%81%E7%94%A2%E5%93%81) The Group optimizes its brand portfolio and inventory using data analytics, focusing on building a strong exclusive brand lineup for higher loyalty and profitability, offering over 600 international and 120 exclusive brands Product Portfolio Overview (As of March 31, 2025) | Metric | Quantity/Range | | :--- | :--- | | **International Beauty Brands** | Over 600 | | **Exclusive Agency Brands** | Over 120 | | **Product Categories** | Over 9,000 | | **Product Price Range** | HKD 1 – HKD 5,000 | - The Group is committed to building a strong lineup of exclusive brands, as they provide greater influence in strategy, positioning, marketing, pricing, and sales channels, helping the Group stand out among retailers, attract partners, and maintain ideal profitability[60](index=60&type=chunk) - Sa Sa establishes long-term partnerships with brands and suppliers, leveraging omnichannel sales and social networks to comprehensively tell brand stories and collect customer feedback for product development, pricing, and promotion decisions, creating synergistic effects[58](index=58&type=chunk) [Omnichannel Strategy](index=22&type=section&id=%E7%B7%9A%E4%B8%8A%E7%B7%9A%E4%B8%8B%E8%9E%8D%E5%90%88%E7%9A%84%E5%85%A8%E6%B8%A0%E9%81%93%E8%B3%BC%E7%89%A9%E6%97%85%E7%A8%8B) The Group enhances its omnichannel sales network by leveraging online platforms' 'infinite shelf' and social media to complement offline operations, aiming to boost brand influence and customer engagement across its 174 retail stores Retail Store Geographical Distribution (As of March 31, 2025) | Region | Number of Retail Stores | | :--- | :--- | | Hong Kong and Macau | 84 | | Mainland China | 18 | | Southeast Asia | 72 | | **Total** | **174** | - The Group will leverage various popular social media platforms to develop and review the effectiveness of online operating models, utilizing advantages like live commerce and online stores' "infinite shelves" to complement offline operational limitations, meeting customer needs and enhancing social media influence[65](index=65&type=chunk) [Chairman's Statement](index=27&type=section&id=%E4%B8%BB%E5%B8%AD%E7%8D%BB%E8%BE%9E) [Chairman's Statement](index=27&type=section&id=%E4%B8%BB%E5%B8%AD%E7%8D%BB%E8%BE%9D) Chairman Dr. Simon Kwok highlights the Group's steady development despite global uncertainties, with FY2024/25 turnover at HKD 3.94 billion and core profit at HKD 107 million, driven by strategic shifts in Mainland China and Southeast Asia, while maintaining a stable 70% core profit payout ratio FY2024/25 Performance Overview | Metric | Amount | | :--- | :--- | | **Overall Turnover** | 3,941.7 Million HKD | | **Core Profit** | 107.0 Million HKD | - Hong Kong and Macau's offline turnover year-on-year decline narrowed from **20.1% in Q1** to **4.4% in Q4**, primarily benefiting from tourism stimulus measures like "multiple-entry visas" and the "mega event economy"[88](index=88&type=chunk) - Group business strategy adjustments: - **Mainland China**: Due to online retail dominance (80%), the Group plans to close all offline stores by end of June 2025, focusing resources on online business to achieve profitability in H2 FY2025/26[89](index=89&type=chunk) - **Southeast Asia**: Both online and offline sales recorded double-digit growth, but the Group will closely monitor variables arising from 2025 tariff issues[89](index=89&type=chunk) - The Board recommends a final dividend of **1.7 HK cents per share**, bringing the total annual dividend to **2.45 HK cents per share**, representing approximately **70% of the core profit** for the year, maintaining a consistent and stable dividend policy[89](index=89&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Financial Performance Summary](index=29&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) For FY2024/25, the Group's turnover decreased by **9.7%** to **HKD 3.94 billion**, with profit for the year down **64.8%** to **HKD 77.0 million**, primarily due to weak Hong Kong and Macau offline sales, partially offset by slight online growth Consolidated Income Statement Summary (Million HKD) | Metric | 2025 Fiscal Year | 2024 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Turnover** | 3,941.7 | 4,367.5 | -9.7% | | **Gross Profit** | 1,570.7 | 1,783.4 | -11.9% | | **Operating Profit** | 106.3 | 285.1 | -62.7% | | **Profit for the Year** | 77.0 | 218.9 | -64.8% | - Offline sales year-on-year decline narrowed from **17.4% in H1** to **6.2% in H2**, with a full-year decline of approximately **11.9%**. Online sales slightly increased by **1.2%** to **HKD 715 million**, primarily driven by growth in the Southeast Asian market[113](index=113&type=chunk) - Excluding a one-off provision of **HKD 30.0 million** for Mainland China store closure costs, core profit was **HKD 107 million**. Basic core EPS was **3.5 HK cents**. The Board recommends a final dividend of **1.7 HK cents per share**, bringing the total annual dividend to **2.45 HK cents per share**, with a payout ratio of approximately **70% of core profit**[115](index=115&type=chunk) [Market Overview](index=30&type=section&id=%E5%B8%82%E5%A0%B4%E6%A6%82%E8%A6%BD) The global economy faces geopolitical, inflation, and tariff challenges, while Hong Kong and Macau adapt to changing consumption patterns, Mainland China's beauty retail undergoes fierce competition, and Southeast Asia's e-commerce thrives amidst tariff uncertainties - **Hong Kong and Macau**: Local residents' cross-border travel to Mainland China has become normalized, impacting local footfall. Meanwhile, visa measures like "multiple-entry visas" are expected to inject momentum into the tourism retail sector. Mainland Chinese tourists' consumption patterns are shifting, showing a greater willingness to try niche brands, which presents opportunities for the Group to develop exclusive brands[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - **Mainland China**: The beauty retail industry is highly competitive and undergoing an adjustment period. Online content has become the mainstream sales model, with a market preference for cost-effective and functional products, creating opportunities for domestic and niche brands[108](index=108&type=chunk) - **Southeast Asia**: The economy continues to recover, with high internet penetration and thriving e-commerce. However, tariff issues starting from 2025 introduce uncertainty for local trade[109](index=109&type=chunk)[110](index=110&type=chunk) [Business Review](index=33&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's business review by region shows Hong Kong and Macau as the main revenue source despite a **12.3%** turnover decline, Mainland China down **10.5%** due to adjustments, and Southeast Asia up **14.7%**, with offline sales comprising **81.9%** of total turnover FY2024/25 Turnover by Market (Million HKD) | Market | Offline | Online | Total Turnover | Year-on-Year Change (%) | % of Total Turnover | | :--- | :--- | :--- | :--- | :--- | :--- | | **Hong Kong and Macau** | 2,792.2 | 199.6 | 2,991.8 | ▼ 12.3% | 75.9% | | **Mainland China** | 102.6 | 417.9 | 520.5 | ▼ 10.5% | 13.2% | | **Southeast Asia** | 331.5 | 88.1 | 419.6 | ▲ 14.7% | 10.6% | | **Others** | – | 9.8 | 9.8 | ▼ 5.8% | 0.3% | | **Total** | **3,226.3** | **715.4** | **3,941.7** | **▼ 9.7%** | **100.0%** | [Hong Kong and Macau](index=34&type=section&id=1.%20%E9%A6%99%E6%B8%AF%E5%8F%8A%E6%BE%B3%E9%96%80) Hong Kong and Macau turnover decreased by **12.3%** to **HKD 2.99 billion**, with profit down **45.0%** to **HKD 129 million**, as offline sales decline narrowed and online sales reached **HKD 199 million** with **6.7%** penetration - Offline sales decline in Hong Kong and Macau significantly narrowed from **-19.4% in H1** to **-6.3% in H2**, primarily due to tourism stimulus measures driving footfall recovery and the Group's product portfolio optimization[130](index=130&type=chunk)[131](index=131&type=chunk) - As of March 31, 2025, the Group operated **84 stores** in Hong Kong and Macau, a net increase of **2 stores**. The number of stores in core tourist areas was **26**, compared to **45** pre-pandemic[132](index=132&type=chunk) - Hong Kong and Macau online business penetration increased from **0.1% pre-pandemic** to **6.7%**. Live commerce showed initial effectiveness, contributing **18.3%** of total online sales in Hong Kong and Macau[133](index=133&type=chunk)[136](index=136&type=chunk) [Mainland China](index=37&type=section&id=2.%20%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0) Due to weak consumption and online trends, the Group will close all Mainland China offline stores by June 30, 2025, focusing on online business, which contributed **80.3%** of the **HKD 520 million** turnover, with market loss narrowing to **HKD 14.9 million** - The Group decided to close all Mainland China offline stores by **June 30, 2025**, to concentrate resources on developing online business, aligning with local consumption trends[141](index=141&type=chunk) - Mainland China's online turnover for the fiscal year reached **HKD 418 million**, a slight year-on-year increase of **0.6%**, accounting for **80.3%** of the region's total sales. The Group's proprietary WeChat mini-program saw a **13.4%** year-on-year increase in Monthly Active Users (MAU)[146](index=146&type=chunk)[148](index=148&type=chunk) [Southeast Asia](index=39&type=section&id=3.%20%E6%9D%B1%E5%8D%97%E4%BA%9E) Southeast Asia's total sales grew **14.7%** to **HKD 420 million**, with offline sales up **15.4%** and online sales up **12.4%**, despite a **HKD 5 million** loss due to re-entry costs in Singapore where **5 stores** were reopened - Southeast Asia's total sales reached **HKD 419.6 million**, a year-on-year increase of **14.7%**. Offline sales accounted for **79.0%**, and online sales for **21.0%**[151](index=151&type=chunk) - The Group re-entered the Singapore offline market in **December 2023**, operating **67 stores in Malaysia** and **5 stores in Singapore** by fiscal year-end[154](index=154&type=chunk)[155](index=155&type=chunk) - Online business operates through third-party platforms like Shopee, Lazada, and Zalora, covering Singapore, Malaysia, the Philippines, and Thailand, maintaining a leading position in the "Beauty & Health" category across multiple platforms[158](index=158&type=chunk) [Future Outlook](index=41&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) Facing uncertain global conditions, the Group will remain agile, adapting product offerings, accelerating digital upgrades, and enhancing OMO to achieve sustainable profit growth through increased sales and gross profit while maintaining stable gross margins - The Group will closely monitor market changes and strengthen inter-departmental collaboration to maintain and enhance market competitiveness with greater flexibility and responsiveness[160](index=160&type=chunk) - The core strategy is to create a thoughtful, comprehensive shopping journey, aiming for sustainable profit enhancement by pursuing dual growth in sales and gross profit while maintaining stable gross margins[160](index=160&type=chunk) [Financial Position](index=41&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E6%B3%81) The Group maintains a robust financial position with **HKD 1.16 billion** in total equity and **HKD 687 million** in available funds as of March 31, 2025, featuring zero gearing and 103 inventory turnover days Capital and Liquidity Position (As of March 31, 2025) | Metric | Amount (Million HKD) | | :--- | :--- | | **Total Equity** | 1,157.7 | | **Working Capital** | 465.3 | | **Cash and Bank Balances** | 371.1 | | **Undrawn Bank Facilities** | 315.7 | | **Total Available Funds** | 686.8 | - As of March 31, 2025, and 2024, the Group's gearing ratio (total borrowings to total equity) was **zero**[164](index=164&type=chunk) - The Group's inventory stood at **HKD 670 million**, with inventory turnover days increasing by **3 days to 103 days**[167](index=167&type=chunk) [Environmental, Social and Governance Report](index=50&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Environmental Protection (Our Planet)](index=56&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E5%9C%B0%E7%90%83) The Group is committed to reducing environmental impact, achieving its **70%** GHG emission reduction target for Scope 1 and 2, with total emissions down **2.1%** to **5,956 tonnes CO2e**, and significantly reducing packaging material usage, including a **17.6%** decrease in shopping bag usage - The Group has achieved its 2025 reduction target for Scope 1 and 2 greenhouse gas emissions, decreasing them by **70%** compared to the 2014/15 baseline year[247](index=247&type=chunk)[248](index=248&type=chunk) Greenhouse Gas Emissions Performance | Metric | 2024/25 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | | **Total GHG Emissions** | 5,956 Tonnes CO2e | -2.1% | | **Electricity Consumption** | 11,697 MWh | -3.3% | | **Carbon Intensity (per square meter)** | 130 kg CO2e | -4.1% | Packaging Material Usage Change | Material | 2024/25 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | | **Plastic Shopping Bags** | 1,173,057 Units | -17.6% | | **Paper Cartons (Offline Business)** | 104,791 kg | -26.9% | | **Paper Cartons (Online Business)** | 91,357 kg | -37.8% | | **Air Cushions** | 8,442 kg | -22.7% | [Employee Care (Our People)](index=68&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E5%93%A1%E5%B7%A5) The Group prioritizes employee care, with **1,544** staff, **79.4%** female, and **96.6%** receiving training, averaging **180.5 hours** per person, while also improving occupational health and safety with reduced accidents and lost workdays Employee Training Overview | Metric | 2024/25 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | | **Proportion of Employees Trained** | 96.6% | +7.5 Percentage Points | | **Total Training Hours** | 278,765 Hours | +30.9% | | **Average Training Hours per Employee** | 180.5 Hours | +41.8% | - The Group demonstrates high gender diversity, with **79.4%** female employees. At the leadership level, **63%** of directors are female, and **65%** of management are female[285](index=285&type=chunk)[281](index=281&type=chunk) Occupational Health and Safety Performance | Metric | 2024/25 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | | **Work-related Accidents** | 10 Cases | -16.7% | | **Total Lost Workdays due to Accidents** | 74 Days | -69.0% | | **Work-related Fatalities** | 0 | Unchanged | [Customer Responsibility (Our Customers)](index=77&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E9%A1%A7%E5%AE%A2) The Group prioritizes product quality and customer rights, evidenced by a **68.5%** increase in compliments for offline stores, continuous "Quality Tourism Services" recognition, and a strategic focus on expanding sustainable beauty product offerings Product Responsibility Performance | Metric | 2024/25 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | | **Compliments Received by Offline Stores** | 214 Cases | +68.5% | | **Complaints Received by Offline Stores** | 59 Cases | +7.3% | | **Product Recalls due to Safety and Health Reasons** | 0 | Unchanged | | **Hong Kong Retail Management Association Mystery Shopper Score** | 91.39 Score | +1.7% | - The Group actively promotes sustainable beauty products, offering over **280 clean beauty products** from more than **30 brands** in stores, and launched **37 exclusive products** using FSC-certified paper packaging[348](index=348&type=chunk) - The Group has established a comprehensive information security system to protect consumer personal information and implemented detailed information security policies, with no significant information security or customer privacy incidents occurring this fiscal year[357](index=357&type=chunk) [Community Investment (Our Community)](index=83&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E7%A4%BE%E5%8D%80) The Group is committed to community investment, contributing **HKD 2.0 million** this fiscal year, a **17.6%** increase, and **HKD 35.6 million** cumulatively since 2013, while fostering future retail leaders through university partnerships and earning "Caring Company" recognition for over 20 years - This fiscal year, the Group invested **HKD 2.0 million** in the community, a **17.6%** year-on-year increase. Since its establishment in 2013, the charitable foundation has cumulatively contributed **HKD 35.6 million**[369](index=369&type=chunk)[370](index=370&type=chunk) - The Group has been awarded the "Caring Company" logo by the Hong Kong Council of Social Service for over **20 consecutive years**, acknowledging its long-term efforts in corporate social responsibility[372](index=372&type=chunk) - The Group actively collaborates with institutions like Lingnan University and The Chinese University of Hong Kong to host business case competitions and offers summer internship programs, dedicated to nurturing future retail industry elites[373](index=373&type=chunk)[374](index=374&type=chunk)[375](index=375&type=chunk) [Corporate Governance and Risk Management](index=95&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) [Corporate Governance Report](index=95&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The Group maintains high corporate governance standards, complying with most code provisions, with a diverse Board of **8 directors** including **50% INEDs** and **62.5% female**, demonstrating strong independence and active participation in governance - Except for the combined roles of Chairman and Chief Executive Officer (Dr. Simon Kwok), the Company has complied with all code provisions of the Corporate Governance Code. The Board believes this structure facilitates the execution of business strategies and maximizes operational efficiency[416](index=416&type=chunk) - The Board's composition demonstrates high independence and diversity, with **4 Independent Non-Executive Directors (44.4%)** and **5 female directors (55.6%)** among its **9 members**. The Audit Committee is composed entirely of Independent Non-Executive Directors[422](index=422&type=chunk)[425](index=425&type=chunk) - During the year, **5 Board meetings** were held with an average attendance rate of **97.2%**; **19 Board committee meetings** were held, with attendance rates for all committees exceeding **96%**, indicating active director participation in corporate governance[415](index=415&type=chunk)[481](index=481&type=chunk) [Enterprise Risk Management Report](index=119&type=section&id=%E4%BC%81%E6%A5%AD%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%A0%B1%E5%91%8A) The Group's systematic enterprise risk management framework, led by the Risk Management Committee, identifies and mitigates 10 major risks across strategic, operational, financial, and compliance areas, with consumer behavior, product competitiveness, cybersecurity, and talent acquisition risks trending upwards - The Group's enterprise risk management framework comprises three main components: risk governance, risk infrastructure and oversight mechanisms, and risk ownership allocation, employing both bottom-up and top-down approaches to identify and manage risks[524](index=524&type=chunk)[526](index=526&type=chunk) Summary of Key Risks and Mitigation Measures | Key Risk | Mitigation Plan | Risk Assessment Trend | | :--- | :--- | :--- | | **1. Consumer Behavior and Lifestyle** | Focus on exclusive brands, strengthen new product categories, promote OMO strategy | Upward | | **2. Product Competitiveness** | Conduct market research, invest in data analytics, introduce emerging brands, broaden product portfolio | Upward | | **3. Product Quality and Counterfeit Goods** | Strict quality control, participate in "No Fakes Pledge" scheme, offer 30-day shopping guarantee | Stable | | **4. Market Concentration Risk** | Diversify sales channels, formulate market-specific strategic plans, strengthen social media marketing | Downward | | **5. Cybersecurity and Personal Data Privacy** | Develop cyber risk management processes, conduct cybersecurity training, implement disaster recovery testing | Upward | | **7. Talent Acquisition, Retention, and Training** | Expand recruitment channels, implement management trainee programs, provide systematic training | Upward | | **8. Technology and Artificial Intelligence** | Actively utilize AI technologies (e.g., AI smart beauty advisors), establish AI privacy protection systems | Upward | [Directors' Report](index=132&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This report outlines the Group's FY2024/25 principal business, performance, and statutory disclosures, including the recommended **1.7 HK cents** final dividend, director and major shareholder interests, and public float compliance - The Board recommends a final dividend of **1.7 HK cents per share**, which, together with the interim dividend of **0.75 HK cents per share** already paid, totals **HKD 76,028,000** in dividends for the year[566](index=566&type=chunk) - As of March 31, 2025, Dr. Simon Kwok and Dr. Eleanor Kwok jointly held approximately **64.05%** equity interest in the Company, serving as its controlling shareholders[622](index=622&type=chunk) - Save for the disclosed share option scheme, neither the Company nor its subsidiaries repurchased, sold, or redeemed any listed securities during the year[573](index=573&type=chunk)[609](index=609&type=chunk) [Investor Relations Report](index=127&type=section&id=%E6%8A%95%E8%B3%87%E8%80%85%E9%97%9C%E4%BF%82%E5%A0%B1%E5%91%8A) [Investor Relations Report](index=127&type=section&id=%E6%8A%95%E8%B3%87%E8%80%85%E9%97%9C%E4%BF%82%E5%A0%B1%E5%91%8A) The Group fosters long-term investor relations through transparent, multi-channel communication, leveraging digital platforms and investor events to convey strategies and market dynamics, while maintaining a high payout ratio of approximately **70%** of core profit - The Group employs diverse and digital communication platforms, including results briefings, webcasts, quarterly conference calls, social media, and the company website, to ensure highly transparent, real-time communication with global investors[539](index=539&type=chunk)[543](index=543&type=chunk)[545](index=545&type=chunk) Share Price and Market Capitalization Performance | Fiscal Year | Closing Price as of March 31 (HKD) | Market Capitalization (Billion HKD) | | :--- | :--- | :--- | | **2024/25** | 0.62 | 1.9 | | **2023/24** | 0.83 | 2.6 | Dividend Information | Fiscal Year | Total Dividend Per Share (HK Cents) | Dividend Yield | Payout Ratio | | :--- | :--- | :--- | :--- | | **2024/25** | 2.45 | 3.9% | 70%* | | **2023/24** | 5.0 | 6.0% | 71% | *Based on core profit [Financial Statements and Notes](index=147&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E5%8F%8A%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Independent Auditor's Report](index=147&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) PricewaterhouseCoopers issued an unqualified opinion on the Group's FY2025 consolidated financial statements, confirming fair presentation, with key audit matters including retail store asset impairment and inventory provision, where management's judgments were supported - The auditor believes that the consolidated financial statements fairly and truthfully reflect the Group's financial position in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[644](index=644&type=chunk) - Key audit matters include: - **Impairment of Retail Store Assets**: Due to significant management judgment involved in identifying impairment indicators and estimating recoverable amounts[652](index=652&type=chunk)[650](index=650&type=chunk) - **Inventory Provision**: Due to the large volume of inventory and the high degree of management judgment involved in estimating provisions[654](index=654&type=chunk) [Consolidated Financial Statements](index=152&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's audited consolidated financial statements for FY2025, showing total assets decreased to **HKD 2.33 billion**, net assets to **HKD 1.16 billion**, and net cash from operations at **HKD 506 million** Consolidated Income Statement Summary (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Turnover** | 3,941,704 | 4,367,496 | | **Gross Profit** | 1,570,682 | 1,783,355 | | **Operating Profit** | 106,332 | 285,134 | | **Profit for the Year Attributable to Owners of the Company** | 76,973 | 218,883 | Consolidated Statement of Financial Position Summary (HKD Thousand) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | 2,326,127 | 2,504,118 | | **Total Liabilities** | 1,168,384 | 1,252,029 | | **Total Equity** | 1,157,743 | 1,252,089 | Consolidated Cash Flow Statement Summary (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Generated from Operating Activities** | 506,377 | 585,179 | | **Net Cash Used in Investing Activities** | (117,770) | (61,898) | | **Net Cash Used in Financing Activities** | (547,121) | (362,559) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | (158,514) | 160,722 | [Notes to the Consolidated Financial Statements](index=157&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) Notes to the financial statements detail accounting policies and data, showing Hong Kong and Macau as primary contributors, disclosing Mainland China store closure expenses, and reporting total lease liabilities of **HKD 659 million** and net inventory of **HKD 670 million** Segment Results (For the year ended March 31, 2025, HKD Thousand) | Segment | Turnover | Segment Results | | :--- | :--- | :--- | | **Hong Kong and Macau** | 2,991,827 | 128,568 | | **Mainland China** | 520,440 | (44,945) | | **Southeast Asia** | 419,593 | (5,040) | | **Others** | 9,844 | (1,610) | | **Total** | **3,941,704** | **76,973** | - Due to the Mainland China store closure plan, the Group recognized related expenses this fiscal year, including **HKD 17.224 million** for severance payments, **HKD 3.01 million** for early lease termination compensation, **HKD 5.905 million** for inventory provisions, and **HKD 0.4 million** for property and equipment impairment[744](index=744&type=chunk)[739](index=739&type=chunk) - As of March 31, 2025, the Group's total lease liabilities amounted to **HKD 659 million**, of which **HKD 312 million** were current liabilities[795](index=795&type=chunk)