作为美妆集合店的早期开创者之一，莎莎国际正处于转型关键期。10月10日，新京报贝壳财经记者获悉，莎莎国际控股有限公司（以下简称"莎莎国际"）发 布今年7月1日至9月30日的第二财季未经审核的销售数据。 报告期内，莎莎国际整体营业额为10.308亿港元，较上年同期增长8.4%，在关闭中国内地市场所有线下店铺后，其线上经营仍面临一定压力。 线下业务营收占比约八成，店铺数量净增2家 官网信息显示，莎莎国际成立于1978年，最初只是一个面积不大的化妆品柜台。凭借"一站式美妆产品平台"定位、多元化的产品组合以及价格优势，莎莎国 际于1997年在香港联交所上市。目前，该公司销售的产品品牌超600个，涵盖护肤品、香水、化妆品、身体护理产品等品类。 报告期内，莎莎国际的整体营业额为10.308亿港元，按年上升8.4%，"整体而言，集团的业务稳中有进。"从销售渠道来看，线下依然是莎莎国际的"主战 场"，第二财季，该公司线下销售录得营业额8.263亿港元，与上年同期相比增长了9.4%，在公司总营业额中的占比达80.2%。 | | 於 2025 年 9 月 30 日 | 於2025年6月30日 | 於 2024 年 | | --- ...

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 ...

受访者 供图 赢商大数据显示，广州塔广场在2025年8月的日均客流突破7.6万人，约为城市客流中位数（约1.8万人）的4.2倍。其中，他们多为19-29岁的年轻人，占比达 55.08%。与过去一代相比，该群体更偏好从游戏、音乐等方式中获取快乐。 相关负责人介绍，针对这一点，广州塔广场近些年来也将商场与音乐强绑定，举办广州塔音乐艺术季阿卡贝拉音乐会、定制版音乐剧《英歌》等，与当代消 费者建立音乐领域的沟通。BEAUTY CHOICE广州首店的设计创意，正是结合了这些地域环境特点，使"音乐"成为BEAUTY CHOICE广州首店成为核心客群 建立沟通的一个新媒介。 中导台的环形唱片设计从地面旋绕到天顶，变幻成黑白钢琴键盘；香水展桌变成了一台斯坦威钢琴…… 国庆期间，广州打卡地标——广州塔广场新开业的美妆集合店BEAUTY CHOICE，以音乐为设计主题，吸引不少消费者。 受访者 供图 品牌方表示，未来将结合城市在地文化，把"美妆+X"主题店拓展至艺术等更多领域，将在上海、北京、深圳、武汉、南京等城市推出更多新的主题店，未 来BEAUTY CHOICE将保持每年30家左右的新店开设计划。 南方+记者 李劼 ...

美妆零售大佬黄韬再次被前妻翁淑华起诉，翁要求将黄名下市值约1.67亿元的上市公司股权过户至子女 名下。 丽人丽妆还强调，公司还拥有消费者舆情分析、各平台特点和广告投放等独特的数据分析能力，能够精 准地把握消费者需求和市场趋势，以精心设计的产品组合和定价策略、策划的消费导向性营销活动和广 告组合，准确地销售相关产品，追求销售转化率和广告效益的最大化。 2021年7月，丽人丽妆公告称收到控股股东、实际控制人黄韬的通知，其因个人与配偶翁淑华离婚纠 纷，向上海市徐汇区人民法院提起诉讼，翁淑华提起财产保全申请，导致黄韬持有公司股份的112万股 被司法冻结。2024年2月，丽人丽妆公告披露，黄韬收悉上海市徐汇区人民法院出具的一份《执行裁定 书》，黄韬持有被冻结的1000万股公司股份将被司法强制执行。 2024年3月，翁淑华请求进行财产分割，将登记在黄韬名下的公司股份合计近1.34亿股中的八分之一股 权份额(即1674.7538万股)进行股权划转。2025年8月，丽人丽妆发布公告称，实控人黄韬与前妻翁淑华 的离婚纠纷所涉股权已完成过户。本次过户后，黄韬持股比例由32.46%降至28.28%，仍为公司实控 人；翁淑华持有16 ...

Core Viewpoint - The leadership changes at Yanli Cosmetics mark a significant shift towards a more investment-driven management style, with key positions now held by individuals from Warburg Pincus, indicating a potential new strategic direction for the company [1][8]. Management Changes - The CEO of Yanli has changed from Wu Tao to Xu Jun, who previously served as a director at Warburg Pincus [1][6]. - The chairman position has also shifted from Zhang Qiong to Fang Min, who is the managing director and co-president of private equity at Warburg Pincus [1][8]. - These changes suggest a move towards a more hands-on approach from the investment firm, potentially leading to a new operational strategy for Yanli [1][8]. Historical Context - Yanli was founded in 1995 and gained significant investment from Today Capital in 2016 due to its unique positioning in the imported beauty market [2]. - Warburg Pincus became the controlling shareholder of Yanli in 2020, marking the beginning of the "Warburg Era" for the company [2]. - The company has undergone multiple leadership changes since then, with a notable shift in 2022 when Wu Tao was appointed CEO [2][4]. Performance and Strategy - Under Wu Tao's leadership, Yanli opened 56 new stores in 2022, bringing the total to over 200, but the pace of expansion has slowed significantly in recent years [10][11]. - The company reported a 146% year-on-year increase in service revenue for the first four months of 2024, but has not disclosed specific revenue figures [11]. - The beauty retail sector is facing challenges, with competitors like Sephora and Watsons also experiencing declines in revenue and store counts [11][12]. Future Plans - Xu Jun has indicated that Yanli will increase investment, accelerate store openings, and enhance product differentiation as part of its future strategy [12]. - The company plans to open over 20 new stores in 2025 and aims for 40 in 2026, with a potential shift towards a franchise model to drive growth [12].

Core Insights - A new individual business named "Huan Yan Mei Zhuang" has been established in Jianggao Town, Baiyun District, Guangzhou, with a registered capital of 30,000 RMB [1] Business Scope - The business operates in various sectors including wholesale of daily necessities, sales of personal hygiene products, internet sales (excluding licensed goods), enterprise management consulting, supply chain management services, and information consulting services [1] - Additional activities include retail of cosmetics, sales of plastic products, home appliances, arts and crafts, stationery, daily chemical products, and various consumer goods [1] - The business also engages in technology services, development, consulting, and promotion, as well as sales of clothing, baby products, disinfectants (excluding hazardous chemicals), and smart home consumer devices [1]

Core Insights - The article discusses the disparity between the hype surrounding AI and its actual implementation in businesses, highlighting that many companies are stuck in a "+AI" mindset rather than fully integrating AI into their core operations [1][4][5] - A new AI Adoption Maturity Model (AIM²) has been developed to help companies transition from a superficial use of AI to a more integrated approach, termed "AI+" [2][9] Group 1: Current State of AI in Business - Many companies are investing in AI due to a sense of insecurity, with 50% of surveyed firms citing this as their primary reason for adoption [1] - A significant 95% of organizations involved in Generative AI (GenAI) projects reported no returns, indicating a failure to translate investments into productivity gains [4][5] - The lack of a systematic framework and reliance on intuition rather than data-driven decisions have led to widespread failures in AI implementation [5][11] Group 2: The AIM² Model - The AIM² model provides a structured approach for businesses to assess their AI maturity across five levels and six dimensions, guiding them from "+AI" to "AI+" [9][11] - The model emphasizes the importance of integrating AI into business strategy, operations, and technology, rather than treating it as an add-on [4][9] - AIM² aims to reduce marginal costs by promoting platformization, standardization, and reuse of AI applications [11] Group 3: Industry Examples and Applications - China Pacific Insurance has successfully integrated AI into its operations by merging various data sources, positioning itself strategically in the "big health" ecosystem [7][12] - Ant Group's AI health manager demonstrates the potential of AI to create a closed-loop ecosystem in healthcare, enhancing decision-making and operational efficiency [8][12] - In the retail sector, L'Oréal has localized AI technologies to enhance its market competitiveness, showcasing the benefits of embedding AI within existing ecosystems rather than building new platforms [13] Group 4: Future Directions - The transition to "AI+" requires a fundamental shift in how businesses approach AI, making it a core driver of innovation rather than a supplementary tool [7][14] - Companies that successfully adopt the AIM² model will not only improve their operational efficiency but also enhance their competitive positioning in the industry [15] - The future of AI in business is expected to reshape industry ecosystems, guiding companies to make informed decisions and optimize their AI strategies [14][15]

Core Insights - The article highlights the contrasting growth trajectories of domestic beauty retail stores like HARMAY and the struggles of high-end beauty retailer Sephora in China, indicating a shift in consumer preferences towards affordable and experiential shopping options [1][5]. Company Performance - Sephora China reported a revenue decline, with total revenue for the first half of 2025 at 34.44 billion yuan, down 12.3% from 39.25 billion yuan in the same period of 2024, and a net loss of 1.2 billion yuan [3]. - In 2024, Sephora Shanghai generated 59.15 billion yuan in revenue with a net loss of 5.1 billion yuan, while Sephora Beijing had 12.25 billion yuan in revenue and a net loss of 1.36 billion yuan, leading to a combined revenue drop of 19% year-on-year [3][5]. Consumer Behavior - Young consumers are increasingly disinterested in shopping at Sephora, citing reasons such as poor service, aggressive sales tactics, and a preference for trying products before purchasing online [2][4]. - A survey on social media platform Xiaohongshu showed that 51% of respondents found it hard to say whether they liked shopping at Sephora, while 49% expressed a positive sentiment [2]. Market Competition - The decline of Sephora is attributed to external competition from emerging beauty retail stores that offer affordable prices and engaging shopping experiences, as well as internal challenges related to outdated business models [4][6]. - New beauty retail brands have gained popularity among young consumers, leading to a significant loss of market share for Sephora, which has seen nearly 30 brands exit its partnership in recent years [6]. Strategic Recommendations - Experts suggest that Sephora should balance its offerings by incorporating both international brands and local emerging brands to attract younger consumers seeking novelty and personalization [7]. - Sephora has initiated programs to support local high-end beauty brands, aiming to enhance its appeal and adapt to changing consumer preferences [7].

Company Overview - Ulta Beauty has over 1,400 stores across the United States and operates in partnership with Target [1] Leadership Insights - Amiee Bayer-Thomas has been with Ulta for nearly 10 years and was recently promoted to Chief Retail Officer in January [1] - In her role, she oversees all aspects of Ulta Beauty's store and services operations [1]

Summary of Ulta Beauty FY Conference Call - September 10, 2025 Company Overview - **Company**: Ulta Beauty (NasdaqGS:ULTA) - **Industry**: Beauty Retail - **Key Speaker**: Amiee Bayer-Thomas, Chief Retail Officer Core Points and Arguments 1. **Leadership and Experience**: Amiee Bayer-Thomas has over 30 years of retail experience, with nearly 10 years at Ulta Beauty, where she has held various leadership roles, including Chief Supply Chain Officer and Chief Store Operations Officer [2][3][4] 2. **Ulta Unleashed Strategy**: The strategy focuses on three pillars: driving core business growth, building new creative businesses, and realigning the organization for future growth through cost optimization and cultural improvements [6][7] 3. **Performance Metrics**: The company reported its best comparable sales growth in two years, with significant improvements in in-stock levels and customer satisfaction, as indicated by growing Net Promoter Scores (NPS) [5][8][9] 4. **New Brand Launches**: Ulta Beauty launched 43 new brands this year, many of which are exclusive, and executed 30,000 in-store events, aiming for over 70,000 events this year, a 40% increase from the previous year [8][9][10] 5. **International Expansion**: The company soft opened its first store in Mexico and plans to open 10 locations in Mexico and 1-2 in the Middle East by year-end [9][10] 6. **Marketplace Launch**: A marketplace is set to launch this quarter, which is expected to enhance the company's growth trajectory [9][10] 7. **Consumer Behavior**: Despite economic pressures, beauty enthusiasts continue to spend on beauty products, indicating resilience in the beauty category [27][29] 8. **Eventing Strategy**: The company is focusing on "eventizing" its marketing efforts, enhancing customer engagement through events like the "21 Days of Beauty" [15][18][20] 9. **Store Expansion Strategy**: Ulta Beauty plans to open 50-60 new stores, down from the previously projected 60-70, due to rising construction costs and a focus on prime real estate locations [37][38][39] Additional Important Insights 1. **Competitive Landscape**: The beauty retail sector is highly competitive, but Ulta Beauty differentiates itself through its unique in-store experience and omnichannel approach [12][13] 2. **Employee Engagement**: The company reported record-high participation in its culture survey, indicating strong employee engagement, with 60,000 associates across stores [9][10] 3. **Brand Partnerships**: Ulta Beauty maintains strong relationships with brands, which are excited about the company's new initiatives and collaborative approach [32][33] 4. **Exclusive Brand Penetration**: Exclusive brands currently account for about 8% of the business, with ongoing efforts to increase this figure through partnerships with both iconic and emerging brands [34][36] This summary encapsulates the key points discussed during the Ulta Beauty FY Conference Call, highlighting the company's strategic initiatives, performance metrics, and future growth opportunities.