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 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， ...

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： 致新登記股東之函件 － 選擇公司通訊之收取方式及語言版本 根據《香港聯合交易所有限公司證券上市規則》及莎莎國際控股有限公司（「本公司」）的《章程細則》，本公 司現特致函以確定 閣下就收取本公司日後公司通訊 （附註） 之意願， 閣下可選擇(i)收取以英文及╱或中文 製備的印刷本（「印刷本」）；或(ii)以電子方式透過本公司網站(http://corp.sasa.com)或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（)「電子版本」）收取公司通訊。 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。請 閣下作出選擇，並填妥、簽署及寄回隨附之回條，並使用該回條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，請 貼上適當郵票），或交回香港夏愨道16號遠東金融中心17樓。 閣下亦可將已填妥 ...

Financial Performance - For the six months ended September 30, 2025, turnover reached HK$1,990.6 million, representing a year-on-year increase of 6.6% from HK$1,866.9 million[8]. - Gross profit for the same period was HK$755.0 million, up from HK$724.8 million, indicating a growth of 4.0%[8]. - Profit for the period was HK$50.2 million, a significant increase of 55.0% compared to HK$32.4 million in the previous year[8]. - Basic earnings per share rose to 1.6 HK cents, compared to 1.0 HK cents in the prior year, reflecting a 60.0% increase[8]. - The company declared an interim dividend of 1.15 HK cents per share, with a payout ratio of approximately 71%[8]. - Operating profit for continuing operations was HK$69,523, compared to HK$65,357 in the previous year, indicating a growth of 3.2%[9]. - Profit for the period from continuing operations was HK$52,891, up from HK$47,498, reflecting an increase of 5.0%[9]. - Total comprehensive income for the period attributable to owners of the Company was HK$58,354, an increase of 19.4% from HK$48,876 in 2024[150]. Financial Position - As of September 30, 2025, total equity stood at HK$1,163.0 million, with cash and bank balances of HK$251.1 million[8]. - The current ratio was reported at 1.6 times, indicating a solid financial position[8]. - Total assets decreased to HK$2,323,124 from HK$2,343,253, a decline of 0.9%[9]. - Total liabilities decreased to HK$1,160,142 from HK$1,197,336, a reduction of 3.1%[9]. - Net assets increased to HK$1,162,982, up from HK$1,145,917, showing a growth of 1.5%[9]. - The Group's total equity as of September 30, 2025, was HK$1,162,982,000, an increase from HK$1,145,917,000 as of September 30, 2024[154]. Sales and Market Performance - The geographical sales mix showed that Hong Kong & Macau contributed 77.1% to total sales, while Chinese Mainland and Southeast Asia accounted for 11.4% and 11.3%, respectively[8]. - The number of points of sale increased to 157, with Hong Kong & Macau sales points growing by 8.9% and Southeast Asia by 3.7%[8]. - Offline sales in Hong Kong and Macau reached HK$1,424.9 million, an increase of 8.9% year-on-year, while Southeast Asia's offline sales were HK$168.5 million, up by 3.7%[49]. - Online sales in Hong Kong and Macau grew by 16.3% year-on-year to HK$110.3 million, while online sales in Southeast Asia surged by 43.6% to HK$55.5 million[50]. - Same-store sales in Hong Kong and Macau grew by 11.4% year-on-year, with offline sales performance increasing by 8.9%[76][80]. Operational Insights - The company is actively integrating its physical and online business presence to enhance the customer-centric omni-channel shopping experience[4]. - The Group plans to focus on market expansion and new product development in the upcoming quarters[9]. - The Group plans to strategically expand its store network in Hong Kong and Macau, contingent on reasonable rental costs[73][74]. - The Group's online sales network includes a diverse range of brands and products, enhancing customer engagement through social media platforms[87][88]. - The Group's Buy-Online-Pick-Up-In-Store (BOPIS) service remains popular, enhancing customer interaction and sales[96][100]. Challenges and Market Trends - The ongoing geopolitical conflicts and trade protectionism have led to economic slowdowns, affecting international trade liquidity and increasing volatility in import and export activities[22]. - The shift in travel habits of Chinese Mainland tourists towards experiential travel has created opportunities for the Group to promote exclusive brands, enhancing customer loyalty and profit margins[29]. - The competitive landscape in the beauty retail sector is prompting companies to optimize their operating models between online and offline channels to enhance efficiency[38][42]. - The Group remains cautiously optimistic about the Hong Kong and Macau markets, despite challenges such as labor shortages and high operating costs[35][39]. Visitor Statistics - In the first half of 2025, Hong Kong welcomed 24.2 million visitors, with 18.7 million from the Chinese Mainland, representing a 13.3% increase compared to the previous year[23]. - Macau received 19.8 million visitors, with 14.3 million from the Chinese Mainland, marking a 20.2% increase year-on-year[23]. Inventory and Cash Flow - Group inventories increased to HK$833.5 million, with stock turnover days rising by 21 days to 124 days[138]. - Cash flow from operating activities was negative at HK$42,647, compared to a positive cash flow of HK$54,911 in the previous year[9]. - The Group's total cash balance decreased to HK$251.1 million from HK$371.1 million as of March 31, 2025[65]. Future Outlook - The Group anticipates that further increases in the number of Individual Visit Scheme cities could yield additional positive effects for the tourism and retail sectors in Hong Kong and Macau[27]. - The e-commerce sector in Southeast Asia is projected to grow from USD184 billion in 2024 to USD410 billion by 2030, with a compound annual growth rate of 14%[44][47].

截至月份: 2025年11月30日 狀態: 新提交 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 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12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 | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 H ...

November 2025 2025 年 11 月 1 Sa Sa International Holdings Limited 莎莎國際控股有限公司 (Stock Code 股份代號：178) 財務表現 財務狀況 財務表現 Financial Performance P.4-6 財務狀況 Financial Position For the six months ended 30 September 2025 截至2025年9月30日止六個月中期業績 業務回顧 Business Review P.10-14 策略及展望 Strategy & Outlook P. 16 2 Financial Performance Financial Position Business Review 業務回顧 Strategy & Outlook 策略及展望 P.8 3 Improved Consumer Sentiment in HK and Macau Drives Group's Offline Sales Up by 8.3% YoY; Online Sales Remained Flat, While Profi ...

Core Viewpoint - Citi's research report indicates that Sa Sa International's performance for the first half of the fiscal year ending September 2026 exceeded expectations, with a net profit of HKD 50 million, reaching the upper limit of its profit forecast [1] Financial Performance - Net profit growth was primarily driven by a 7% year-on-year increase in sales due to a rebound in tourist numbers, improved consumer sentiment, and optimized market strategies [1] - Gross margin decreased by 0.9 percentage points to 37.9% due to the impact of product mix [1] - The dividend payout ratio remained stable at 71%, with expectations for continuity in the future [1] Future Outlook - Despite uncertainties in the macro environment, the company is prioritizing sales and gross margin improvements, and the decision to close offline operations in mainland China has begun to show results [1] - Net profit forecasts for the fiscal years 2026 to 2028 have been raised by 11% to 15% to reflect improved sales prospects and enhanced operating leverage, leading to upward adjustments in revenue and profit margin predictions [1] Investment Rating - Based on attractive valuations, Citi maintains a "Buy" rating for the company, with a slight increase in the target price from HKD 1 to HKD 1.02 [1]