近日，《 BUG》栏目在万宁广州某店看到， 昔日琳琅满目的货架，如今已显得有些空旷， 店内多处悬挂着 "限时优惠"的醒目标语， 头部大品牌都已下架，店员直言 " 因为要关 店，之前卖完了就不再进货了 " 。 昔日风光 的 万宁 、 莎莎国际（ SaSa） 、 屈臣氏等 港资美妆零售 巨头，如今已纷纷 寻 找新生路径 。万宁 、 莎莎 相继选择 "离场"， 屈臣氏 的 日子 其实 也不好过。根据其母 公司长江和记的财报，屈臣氏中国区的业绩持续承压，利润已连续多年下滑，门店数量已较 巅峰期萎缩超过 一成 。 此外，屈臣氏在内地积极布局毛利率较高的自营品牌，屡次陷入质量争议，消费者投诉不 断，进一步伤害了品牌信任度。 文 | 《 BUG》栏目徐苑蕾 近日，一则公告在中国零售市场激起千层浪。继莎莎国际（ SaSa）退出后，另一港资零售 品牌万宁（Mannings）也正式宣布挥别内地市场。万宁进入内地20年，巅峰期门店数量一 度突破200家，覆盖33城。截至发稿，天眼查资料显示，其关联公司旗下仍存续门店仅剩 13家。 现场： 最后清仓，低折甩卖 "因公司业务战略调整需要，万宁中国内地所有线下门店及线上商城将陆续停止运营 ...

就关店相关问题，北京商报记者对万宁进行采访，但截至发稿未收到回复。 万宁在公告中提及："内地市场启动战略重置，旨在积极响应消费者行为变化及个人健康与美容需求增 长的趋势，致力于打造健康美容零售新格局。作为转型的一部分，万宁将凭借值得信赖的品牌及区域网 络，通过重置线上平台，为消费者提供来自中国香港及东南亚的优质健康美容产品。" 这意味着之后万宁在中国内地市场的布局将以线上模式为主。根据万宁官方披露的信息，其之后布局的 线上渠道包括万宁跨境官方商城（微信小程序）、万宁跨境拼多多旗舰店、万宁跨境天猫旗舰店、万宁 近日，美妆零售连锁品牌万宁宣布将关闭内地线下所有门店，线上相关官方旗舰店也将相继关闭。同 时，万宁方面表示，之后将重点放在线上跨境电商渠道。万宁关闭线下门店不是个例。今年6月，另一 家美妆零售连锁品牌莎莎国际宣布关闭中国内地所有线下门店，将重心放在线上。不论是万宁还是莎莎 国际，都是较早布局中国内地市场的香港美妆零售品牌，随着电商以及新兴美妆集合店的不断发展，卖 场式线下模式难以满足当下消费者需求，而这也被认为是美妆集合店关闭的重要原因之一。 部分商品5折出售 根据万宁官方网站的信息，其内地市场线下门店最 ...

近日，美妆零售连锁品牌万宁宣布将关闭中国内地线下所有门店，线上相关官方旗舰店也相继关闭。同时，万宁方面表示，之后将重点放在线上跨境电商渠 道。万宁关闭线下门店不是个例。今年6月，另一家美妆零售连锁品牌莎莎国际宣布关闭中国内地所有线下门店，将重心放在线上。不论是万宁还是莎莎国 际，都是较早布局中国内地市场的香港美妆零售品牌，随着电商以及新兴美妆集合店的不断发展，卖场式线下模式难以满足当下消费者需求，而这也被认为 是美妆集合店关闭的重要原因之一。 撤出线下市场，部分商品5折出售 根据万宁官方网站的信息，其内地市场线下门店最后营业日为2026年1月15日，之后将正式停止运营。线上万宁官方商城（小程序）将于2025年12月28日24 时停止运营，而天猫旗舰店、京东旗舰店、天猫保健品专营店则将在12月26日停止运营。 在美妆资深评论人、美云空间电商创始人白云虎看来，当时的万宁等香港美妆对于消费用户而言是有吸引力的，所以会在主流消费城市拥有一定的竞争力并 有着不错的业绩表现。但随着后来的发展，万宁等品牌的平价零售商特点在中国内地市场发展空间越来越小，尤其是在线上渠道蓬勃发展之际，其线下竞争 力逐渐下滑。据了解，2015年 ...

近日，美妆零售连锁品牌万宁宣布将关闭中国内地线下所有门店，线上相关官方旗舰店也相继关闭。同时，万宁方面表示，之后将重点放在线上跨境电商渠 道。万宁关闭线下门店不是个例。今年6月，另一家美妆零售连锁品牌莎莎国际宣布关闭中国内地所有线下门店，将重心放在线上。不论是万宁还是莎莎国 际，都是较早布局中国内地市场的香港美妆零售品牌，随着电商以及新兴美妆集合店的不断发展，卖场式线下模式难以满足当下消费者需求，而这也被认为 是美妆集合店关闭的重要原因之一。 撤出线下市场，部分商品5折出售 根据万宁官方网站的信息，其内地市场线下门店最后营业日为2026年1月15日，之后将正式停止运营。线上万宁官方商城（小程序）将于2025年12月28日24 时停止运营，而天猫旗舰店、京东旗舰店、天猫保健品专营店则将在12月26日停止运营。 万宁自2004年进入中国内地市场，官网资料显示，万宁作为香港最大型的健与美产品连锁店，拥有超320间分店遍布港澳，同时中国内地也有超120间分店。 北京商报记者了解到，早在2020年左右，万宁就经历过"线下大撤退"。例如在北京市场，合生汇万宁、乐成中心万宁、银泰中心万宁、王府中环万宁4家门 店都被关闭。目 ...

12月16日，香港知名健与美连锁品牌万宁在其中国官网发布公告，宣布将于2026年1月15日关闭在中国 内地的所有线下门店。同时，其线上官方商城及天猫、京东等平台旗舰店也将在2025年12月26日至28日 期间陆续停止运营。 这家自2004年进入内地、深耕超过二十年的零售品牌，正式结束了线下零售故事。紧随莎莎国际于2025 年6月完全退出内地线下市场后，万宁成为又一家败走内地的港资美妆巨头。 万宁在内地市场的败退，根源在于其战略上的保守与迟缓。与1989年就进入内地的屈臣氏相比，万宁足 足晚了15年才迈出这一步。 2004年仍是中国零售业的黄金时期，居民消费能力持续提升，现代零售业态正从一线城市向全国蔓延。 然而，万宁未能把握这一历史机遇。 相较于屈臣氏的激进拓店，万宁的步伐显得尤为审慎。截至2011年，万宁在内地的门店数仅达到200 家，覆盖33个城市，且高度集中于华南地区，而同期屈臣氏已经实现了"百城千店"的布局。 2014年，万宁一度提出"三年净增300家店"的激进目标，以实现2016年末店铺数量达到500家，但这一计 划最终落空。没有规模，就意味着品牌声量微弱、供应链成本高企、市场反馈滞后。 受内地药品 ...

Core Insights - Mannings has officially announced its exit from the mainland China market, with all offline stores set to close by January 15, 2026, and online sales ceasing by December 26, 2025, transitioning to cross-border e-commerce thereafter [2][4][10] Company Overview - Mannings, a well-known retail brand in beauty and health, has been in the mainland market since 2004, reaching a peak of over 240 stores by 2018, primarily concentrated in Southern China [4][12] - The brand's decline is attributed to a series of strategic missteps, including frequent changes in leadership and failure to resonate with the local market [6][10] Market Context - The beauty retail sector has undergone significant restructuring, with competitors like Sephora and Watsons adapting through digital transformation and unique product offerings, while Mannings struggled to keep pace [2][15] - The overall sales in the cosmetics specialty store channel saw a total of 1,030 billion yuan in the first three quarters, with a year-on-year decline of 2.8% and 46,900 stores shutting down [3][15] Strategic Failures - Mannings faced challenges in its operational strategy, including a lack of effective execution in its membership program and slow product selection, which hindered its competitiveness [7][10] - The brand's attempt to replicate its Hong Kong success in mainland China did not materialize, leading to a loss of its core "pharmaceutical cosmetics" identity [10][12] Consumer Perception - Social media feedback indicates that consumers found Mannings' offerings to be less appealing compared to competitors, with comments highlighting a lack of unique advantages and product diversity [11][12] - The brand's failure to establish a strong emotional connection with consumers contributed to its decline, as it could not differentiate itself in a crowded market [15][20] Industry Implications - Mannings' exit serves as a cautionary tale for traditional retail models facing the pressures of e-commerce and changing consumer preferences, emphasizing the need for agility and innovation in the retail space [15][24] - The shift in consumer expectations towards personalized experiences and emotional connections highlights the evolving landscape of beauty retail, where brands must adapt to survive [20][24]

Core Viewpoint - Joy City Holdings (00653) has seen its stock price double over the past five trading days, with a current price of 0.125 HKD and a trading volume of 4.275 million HKD, indicating strong market interest and potential growth opportunities [1] Group 1: Strategic Partnership - Joy City Holdings' subsidiary, Joy Supply Chain, has entered into a non-binding memorandum of understanding with Ziyuan Yuan (08223) to explore comprehensive strategic cooperation aimed at mutual benefits and expanding cross-border business and new retail markets [1] - The cooperation will focus on leveraging each company's strengths in beauty retail and nationwide operational sales resources, exploring collaboration in market development, product cooperation, equipment support, and talent exchange [1] - Both companies intend to establish a joint venture to create a cross-border new retail business model in the Greater Bay Area, with Joy City Holdings planning to authorize some products and equipment for Ziyuan Yuan to sell in the region [1]

根据备忘录，双方将利用各自在美妆零售与全国运营销售资源上的优势，在市场开拓、产品合作、设备 支援及人才交流等领域探索合作。双方有意成立合资公司，在大湾区范围内共同建立跨境新零售业务模 式。此外，卓悦集团有意将部分产品及设备授权予紫元元在大湾区销售。具体合作须待订立正式协议方 告落实。 消息面上，卓悦控股近期发布公告，附属卓悦供应链与紫元元(08223)订立不具法律约束力的谅解备忘 录，双方拟开展全面战略合作，通过优势互补实现互惠共赢，共同拓展跨境业务及新零售市场。合作内 容包括探索优势互补、在大湾区共同建立线上及线下跨境新零售业务、以及可能的业务授权合作。 智通财经APP获悉，卓悦控股(00653)再涨超11%，近五个交易日股价实现翻倍。截至发稿，涨6.9%，报 0.124港元，成交额427.5万港元。 ...

卓悦控股(00653)再涨超11%，近五个交易日股价实现翻倍。截至发稿，涨6.9%，报0.124港元，成交额 427.5万港元。 消息面上，卓悦控股近期发布公告，附属卓悦供应链与紫元元(08223)订立不具法律约束力的谅解备忘 录，双方拟开展全面战略合作，通过优势互补实现互惠共赢，共同拓展跨境业务及新零售市场。合作内 容包括探索优势互补、在大湾区共同建立线上及线下跨境新零售业务、以及可能的业务授权合作。 根据备忘录，双方将利用各自在美妆零售与全国运营销售资源上的优势，在市场开拓、产品合作、设备 支援及人才交流等领域探索合作。双方有意成立合资公司，在大湾区范围内共同建立跨境新零售业务模 式。此外，卓悦集团有意将部分产品及设备授权予紫元元在大湾区销售。具体合作须待订立正式协议方 告落实。 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **large consumption sector**, highlighting the emergence of new consumer demands that drive growth in the sector through new products (personalized, green, low-carbon), new channels (snack chains, discount formats), and new business models (diverse consumption scenarios) supported by the "14th Five-Year Plan" [1][2]. Core Insights and Arguments - **Traditional Consumption Recovery**: The traditional consumption sector is expected to recover by 2026, driven by the release of residents' purchasing power and policy measures aimed at boosting employment and income stability. The food and beverage industry is stabilizing, with the liquor sector showing signs of fundamental stability and dairy products expected to recover quickly [1][5]. - **Commodity Market Trends**: The commodity market has shown a trend of high followed by low prices, with the government implementing various promotional policies to stimulate service consumption and domestic demand. The Ministry of Commerce has issued opinions to expand service consumption, aiming to enhance residents' quality of life and stimulate domestic demand potential [1][6][7]. - **Emerging Consumer Demands**: New consumer demands are impacting the large consumption sector through three main directions: the development of new products that meet diverse and personalized needs, the optimization of new channel structures, and the promotion of new business models that foster diverse consumption scenarios [2][4]. Important but Overlooked Content - **Social Services Sector Changes**: The social services sector is evolving to meet changing consumer demands, with slight increases in beauty care and retail sectors. Key areas of investment include outdoor sports, gold and jewelry, and cultural and trendy IPs, with recommendations for companies like Anta Sports and Lao Pu Gold [8][22]. - **Tourism Market Trends**: The tourism market is gradually recovering, with leading companies like Ctrip and Huazhu Group adapting through technological innovation and marketing to meet the new demands of both young and elderly consumers. China Duty Free's Hainan business has benefited significantly from new duty-free policies [9][10]. - **Food and Beverage Sector Stability**: The food and beverage sector is stabilizing, with the liquor market facing challenges but showing resilience in mass consumption. The snack sector is experiencing performance differentiation, while dairy product demand is steady and supply is gradually clearing [12][17]. - **Investment Opportunities in Agriculture**: The agriculture, forestry, animal husbandry, and fishery sectors present investment opportunities, particularly in pig farming and the pet industry, which is growing due to demographic changes and emotional needs [3][13][19]. - **Household Appliance Sector**: The household appliance industry is seeking structural highlights amid steady growth, with a focus on high-dividend white goods and improving profit margins in black goods. The market for robotic vacuum cleaners is also expected to grow due to technological advancements [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the large consumption sector and its various components, along with potential investment opportunities and market trends.