莎莎国际2024/25年中期报告

About Sa Sa Established in 1978, Sa Sa is a leading beauty product retailing group in Asia. Listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1997(Stock code: 178), our business covers Hong Kong and Macau, Mainland Chinaand Southeast Asia. We position ourselves as one-stop beauty product specialtyplatform with a business focus on “Beauty”. We provide diverse and qualityproducts under more than 600 brands ranging from skincare, fragrance, make-up,hair care and body care, inner beauty products as well as beauty equipment. Our diversified e-commerce platforms offer round-the-clock online shopping servicesalong with comprehensive product information to customers from different countries. In linewith the new retail era, we are integrating our physical and online business presence, striving toprovide a customer-centric omni-channel shopping experience. The Company is included in the FTSE Index Series, MSCI Index and S&P Index Series. 2Financial Highlights3Ten-year Financial Summary5Management Discussion & Analysis27Condensed Consolidated Interim Income Statement28Condensed Consolidated Interim Statementof Comprehensive Income29Condensed Consolidated Interim Statementof Financial Position30Condensed Consolidated Interim Statementof Changes in Equity31Condensed Consolidated Interim Statementof Cash Flows32Notes to Condensed ConsolidatedInterim Financial Information55Supplementary Information66Glossary67Corporate Information FINANCIAL HIGHLIGHTS Six months ended 30 September 2024930 TEN-YEAR FINANCIAL SUMMARY For the period ended 30 September TEN-YEAR FINANCIAL SUMMARY For the period ended 30 September 1)20164 120173 31 1)Prior to 1 April 2016, the Group recognised certain incentives received from suppliers as partof its revenue or offset against the Group’s selling expenses. During the year end 31 March2017, the Group has revisited its arrangements with its suppliers and considered incentivesreceived from suppliers for which the Group did not provide any separable identifiablepromotion service, should be accounted for as a reduction of its cost of sales. Adjustmentshave been made to reclassify the comparative information to conform with the current yearpresentation. 2)The Group has adopted HKFRS 16 retrospectively from 1 April 2019, as permitted underthe special transition provisions in the standard. Comparative information has not beenrestated, and thus comparative figures may not be comparable as comparative informationwere prepared under HKAS 17 “Leases”. 2)20194 11617 3)The Group has adopted HKFRS 16 “Leases” from 1 April 2019, the payment of lease liabilities(including interest) are classified as financing activities rather than as operating activities inprevious years. 3)20194 116 4) 4)The information on retail space provided is intended to allow the readers to appreciate thegrowth in retail network and the size of retail space only. As there are significant variationin sales per square foot between stores of different store sizes, as well as stores in differentcountries and location, the retail space information provided should not be used to analysethe trend on sales per square foot. MANAGEMENT DISCUSSION & ANALYSIS Market Overview 1.2.3.* 1.There were no cosmetics retail sales statistics provided by the Malaysian and thePhilippines Governments.2.This is the figure of Retail Trade, except motor vehicles and motorcycles, provided by theGovernment of the Philippines.3.“Cosmetics, toiletries and medical goods” as classified by the Government of Singapore.*All of the above data were sourced and extrapolated from statistics published by thecorresponding governments’ statistics bureaus. There are some inconsistencies in thedefinition of cosmetics retail sales in the methodologies adopted by different governmentstatistics bureaus in conducting statistics on such sales. MANAGEMENT DISCUSSION & ANALYSIS 20249 305.3%2020249 1950 During the six months ended 30 September 2024 (“the period”), the globaleconomy continued to be challenging with heightened geopolitical tensions.During the period, tight monetary policy, high interest rates and a strong UnitedStates dollar were the norm, with the federal funds rate at its 20-year high of 5.3%.It was not until 19 September 2024 that the fed cut its interest rate by 50 basispoints and The People’s Bank of China (“PBOC”) followed suite with a rate cutof their own, and a series of monetary easing policies that generated feel-goodfactor leading into October 2024 golden week. Hong Kong & Macau Northbound travel appears to have stabilised, but the persistent weakdomestic demand and macroeconomic environment continue to impact theretail sectors in Hong Kong and Macau 2024715,00012,000 While we saw a spike in northbound travel by local Hong Kong residents toSouthern China as it stepped up pace in its integration into the Greater Bay Area(“GBA”), the travelling numbers appear to have settled down at current levels andhas become part o