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]

Core Viewpoint - Sasa International (00178.HK) reported a revenue of HKD 1.9906 billion for the six months ending September 30, 2025, representing a year-on-year increase of 6.6% [1] - The gross profit reached HKD 755 million, up 4.2% year-on-year, driven by an increase in tourist numbers from Hong Kong and Macau and successful marketing strategies [1] Group 1 - The group's revenue growth is attributed to the rising number of visitors from its core markets [1] - Effective marketing strategies have successfully increased foot traffic and transaction volume, contributing to overall revenue growth [1] - The increase in gross profit indicates improved operational efficiency and sales performance [1]

Group 1 - The company, Sa Sa International (00178), announced a mid-term dividend of HKD 0.0115 per share, which will be distributed on December 19, 2025 [1] - The dividend pertains to the six-month period ending on September 30, 2025 [1]

Group 1 - The core viewpoint of the article highlights that Sa Sa International (00178) reported a revenue of HKD 1.991 billion for the six months ending September 30, 2025, representing a year-on-year increase of 6.6% [1] - The company's profit attributable to shareholders reached HKD 50.157 million, marking a significant year-on-year increase of 54.77% [1] - Basic earnings per share were reported at HKD 0.016, with a proposed interim dividend of HKD 0.0115 per share [1] Group 2 - The group's revenue for the period was HKD 1.9906 billion, reflecting a 6.6% year-on-year growth [1] - Gross profit amounted to HKD 755 million, which is a 4.2% increase compared to the previous year [1] - The growth in revenue is attributed to the rising number of travelers in the core markets of Hong Kong and Macau, along with successful marketing strategies that boosted customer traffic and sales [1]

莎莎国际(00178)发布公告，该公司将于2025年12月19日派发截至2025年9月30日止6个月的中期股息每 股0.0115港元。 ...

Core Insights - Sasa International (00178) reported a revenue of HKD 1.991 billion for the six months ending September 30, 2025, representing a year-on-year increase of 6.6% [1] - The profit attributable to shareholders was HKD 50.157 million, marking a significant year-on-year increase of 54.77% [1] - Basic earnings per share were HKD 0.016, with a proposed interim dividend of HKD 0.0115 per share [1] Revenue and Profit Analysis - The group's revenue for the period was HKD 1.9906 billion, reflecting a 6.6% year-on-year growth [1] - Gross profit reached HKD 755 million, which is a 4.2% increase compared to the previous year [1] - The growth in revenue and profit was primarily driven by an increase in tourist numbers in the core markets of Hong Kong and Macau, along with successful marketing strategies that boosted customer traffic and sales [1]

Core Insights - Sasa International (00178.HK) reported a revenue of HKD 1.9906 billion for the six months ending September 30, 2025, representing a year-on-year increase of 6.6% [1] - The gross profit reached HKD 755 million, up 4.2% year-on-year, driven by an increase in tourist numbers from Hong Kong and Macau and successful marketing strategies [1] - The company turned its mainland China operations from a loss to a profit, contributing to a 54.8% year-on-year increase in net profit to HKD 50.2 million [1] - The gross margin slightly decreased by 0.9 percentage points to 37.9% due to adjustments in sales strategies and product mix to meet market preferences [1] - Basic earnings per share were HKD 0.016, compared to HKD 0.010 in the same period last year [1] - The board declared an interim dividend of HKD 0.0115 per share, equivalent to the group's earnings for the period [1]

免責聲明 第 2 頁 共 2 頁 v 1.1.1 | 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 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 莎莎國際控股有限公司 | | 股份代號 | 00178 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年9月30日止六個月之中期股息 | | 公告日期 | 2025年11月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2026年3月31日 | | 宣派股息的報告期末 | 2025年9月30日 | | 宣派股息 | 每 股 0.0115 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.0115 HKD | | 匯 ...

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日止六個月中期業績 股息及暫停辦理股份過戶登記手續 2025年10月1日 至11月16日之營運最新情況 莎莎國際控股有限公司（「本公司」）之 董 事 會 宣 佈，本 公 司 與 其 附 屬 公 司（「集 團」）截 至 2025年9月30日止六個月（「期 內」或「本財政年度上半年」）之未經審核簡明綜合中期財 務 資 料。未 經 審 核 簡 明 綜 合 中 期 財 務 資 料 已 經 由 本 公 司 審 核 委 員 會 ...