莎莎国际2025/26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, Chinese Mainlandand 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 and health products as well as beautyequipment. Our diversified e-commerce platforms offer round-the-clock online shoppingservices along with comprehensive product information to customers fromdifferent countries. In line with the new retail era, we are integrating our physicaland online business presence, striving to provide a customer-centric omni-channel shopping experience. The Company is included in the FTSE Index Series, MSCI Index and S&P IndexSeries. Our Vision FINANCIALHIGHLIGHTSCONTINUINGOPERATIONS財務摘要（持續經營業務） Six months ended 30 September 2025截至2025年9月30日止六個月 TEN-YEAR FINANCIAL SUMMARY十年財務資料摘要 For the period ended 30 September截至9月30日期間 TENYEARFINANCIALSUMMARY十年財務資料摘要 For the period ended 30 September截至9月30日期間 1)Prior to 1 April 2016, the Group recognised certain incentives received from suppliers aspart of its revenue or offset against the Group’s selling expenses. During the year end 31March 2017, the Group has revisited its arrangements with its suppliers and consideredincentives received from suppliers for which the Group did not provide any separableidentifiable promotion service, should be accounted for as a reduction of its cost of sales.Adjustments have been made to reclassify the comparative information to conform withthe current year presentation. 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”. 3)Due to the offline business of retailing of cosmetic products in Chinese Mainland wasdiscontinued during the Period, the result of Chinese Mainland offline retail operation wasclassified as discontinued operation and comparative information in 2016 to 2024 has beenrestated. 4)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. MANAGEMENT DISCUSSION & ANALYSIS管理層討論及分析 Market Overview市場概覽 1.馬來西亞及菲律賓政府沒有提供有關藥物及化粧品零售的統計數據。2.菲律賓政府提供的零售貿易數據，不包括機動車輛和摩托車的統計數據。3.新加坡政府分類為「化粧品、盥洗用品和醫療用品」。*以上所有數據及推算來自相關政府統計部門公佈之統計數據。不同的政府統計處對化粧品行業零售的釋義和統計方法各有差異。 1.There were no medicines and cosmetics retail sales statistics provided by the Malaysianand the Philippines 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 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. MANAGEMENTDISCUSSION&ANALYSIS管理層討論及分析 期內，地緣政治衝突頻繁、貿易保護主義加劇、消費者信心不足、國際金融市場動盪等因素，各國經濟出現不同程度的放緩。同時，關稅問題也影響國際貿易的流動性，令企業需要重新調整生產及供應鏈方面的部署，令進出口貿易增加不穩定性。 During the Period, the frequent geopolitical conflicts, escalating tradeprotectionism, waning consumer confidence and volatility in internationalfinancial markets have led to varying degrees of economic slowdown acrossnations. Meanwhile, tariff issues have affected the liquidity of international trade,prompting enterprises to realign their production and supply chain strategies,thereby increasing volatility in import and export activities. 香港及澳門 Hong Kong & Macau 內地旅客量持續增長，但北上趨勢常態化、外圍環境不明朗，影響港澳客流及消費力 Chinese Mainland Tourism Continues to Expand Despite the Norm ofNorthbound Travel Trend Amid the Uncertain External Environment,Impacting Foot Traffic and Spending in Hong Kong and Macau Following the progressive implementation of visa policies, including “Multiple-entry Individual Visit Scheme (IVS)” and “One Trip per Week”, the number ofChinese Mainland visitors to Hong Kong and Macau in 2025 has increased ascompared with last year (see Charts 2 and 3). During the Period, Hong Kong andMacau welcomed 24.2 million and 19.8 million visitors respectively. Visitors toHong Kong and Macau are mainly from Chinese Mainland with 18.7 million and14.3 million respectively, representing increase of 13.3% and 20.2% comparedwith last year respectively. 「一簽多行」、「一周一行」等簽證措施陸續推出後，2025年到訪港澳的內地旅客較去年有所上升（見圖表二及三）。期內，到訪香港及澳門的旅客分別有24.2百萬及19.8百萬；到訪港澳的旅客主要來自中國內地，分別有18.7百萬及14.3百萬，較去年分別增加13.