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 【下载黑猫投 诉客户端】不断，进一步伤害了品牌信任度。 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。 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。 清仓甩卖、货架空空……万宁闭店前夜，谁在抢购"最后的港妆"？ 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 ...

Core Viewpoint - Watsons, once a cash cow for Li Ka-shing's business empire, is facing significant challenges in the Chinese market, with profits from health and beauty products declining for six consecutive years since 2019, and a projected 18% drop in sales for 2024, alongside a 55% decrease in EBITDA [1][11][19] Group 1: Financial Performance - Watsons' revenue from health and beauty products in China for 2024 is projected to be 135.08 billion HKD, down from 164.53 billion HKD in the previous year, marking an 18% decline [11][12] - EBITDA for the same segment is expected to fall to 4.67 billion HKD from 10.42 billion HKD, reflecting a 55% decrease, with EBITDA margin dropping from 6% to 3% [11][12] - The number of stores in China has decreased to 3,875 from a peak of 4,179, indicating a contraction in physical retail presence [13] Group 2: Quality Issues and Brand Reputation - Recent controversies surrounding product quality, including complaints about a Watsons-branded disposable underwear allegedly containing mold, have severely impacted brand reputation [4][6] - Watsons has faced multiple lawsuits related to product liability, with its own brand products frequently criticized for quality issues on consumer complaint platforms [5][7] - The company has been penalized by market supervision authorities for issues such as unauthorized cosmetic formulations and false advertising [7] Group 3: Market Challenges - The rise of e-commerce and new beauty retail formats has intensified competition, making Watsons' traditional offline retail model less effective [1][13] - The company has struggled to adapt to digital channels, despite efforts to establish online platforms, as consumer perceptions remain tied to its physical stores [14] - New entrants in the beauty retail space are further diverting customers away from Watsons, particularly in lower-tier cities where its performance is relatively better [13] Group 4: Historical Context and Ownership Changes - Watsons was acquired by Cheung Kong Holdings in 1981, becoming a significant part of Li Ka-shing's business empire, which at its peak generated over 160 billion HKD annually [17][18] - The company was once poised for an IPO in 2013, but a significant stake sale to Temasek Holdings in 2014 led to the shelving of those plans, reflecting cautious sentiment about its future [19]