<p>香港最大的健康与美容连锁店的撤出，正值其母公司 DFI 削减亏损资产，并且在今年与同行莎莎国际的类似撤出之后。</p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>Mannings 将关闭其在中国大陆的所有线上和线下门店，结束其在市场上 21 年的探索</li>
<li>竞争对手莎莎国际在 6 月的类似举动，使得长江和记实业的 AS Watson 成为在中国健康与美容领域仍在运营的唯一大型香港零售商</li>
</ul>
<p>在香港成立超过一个世纪后，<strong>DFI 零售集团控股有限公司</strong>（D01.SI）一直在努力削减其在亚洲 1 万家零售网络中的资产，以提高其庞大帝国的效率。但该公司最近决定退出中国大陆的举动引起了大家的关注，使其成为最新一家撤出市场的外国零售商。</p>
<p>这一决定对公司观察者来说并不算惊讶。在 2023 年至 2024 年间，该公司关闭了 92 家大陆门店，年初仅剩 16 家。尽管如此，Mannings 在中国大陆的微信频道上发布的 12 月 17 日公告 仍然令人意外。公告称，Mannings 将在 1 月中旬之前关闭其剩余的大陆业务，仅保留一个轻资产的跨境业务，允许大陆客户从其香港门店购买商品。</p>
<p>这一举动使 Mannings 成为香港&#34;三大&#34;个人护理和美容零售商中第二家在中国退出的公司，紧随其后的是 <strong>莎莎国际</strong>（0178.HK），该公司在 4 月关闭了其在大陆的实体店。这使得 Watsons 成为该三家中唯一仍在大陆运营线下门店的代表。</p>
<p>Mannings 于 2004 年 10 月在广州开设了第一家大陆门店，2011 年在市场上达到 200 多家门店的巅峰。但自 2015 年起，其扩张速度放缓，母公司早在 2018 年就表示正在重新评估该业务。DFI 在其 2024 年年报中暗示了退出中国的可能性，称由于越来越多的本地消费者选择在线购物，Mannings 中国的收入下降将导致其&#34;大部分&#34;线下网络的关闭。</p>
<p>DFI 在中国的收缩并不仅限于 Mannings。在 2023 年至 2024 年间，它还关闭了 186 家大陆超市门店。2024 年 9 月，它以 45 亿元人民币（约合 6.4 亿美元）将其在超市运营商 <strong>永辉</strong>（601933.SS）的股份出售给零售商 <strong>名创优品</strong>（9896.HK, MNSO.US）。该公司还在其他亚洲市场（包括新加坡和菲律宾）处置类似表现不佳的资产。</p>
<p>包括 Mannings、莎莎和 Watsons 在内的香港零售品牌，自 2000 年代中期开始大量进入中国，最初销售那些难以获得的国际产品。它们通过利用香港的魅力吸引当地消费者，当时中国刚刚在 2001 年加入 WTO 后进入高速增长模式。</p>
<p>但仅仅十年后，大陆零售市场已经开始显著变化，社交媒体、网络红人和电子商务的崛起使得传统零售商需要在互联网和实体店运营中都具备强大的存在感，以提供更多选择和便利。</p>
<p>这对深深扎根于香港实体零售的香港品牌来说，转型 proved to be a difficult transition，因其在利用互联网应用和不同平台的店面建立在线存在方面反应缓慢，而这些在中国已经变得无处不在。</p>
<h4><strong>香港品牌的衰退</strong></h4>
<p>同样具有挑战性的是，香港的&#34;品牌&#34;在许多中国消费者眼中迅速褪色，不再具备曾经的吸引力。如今，本土的中国零售商同样聪明，并在营销上更加积极，利用当地网络红人在抖音和小红书等热门社交媒体上进行推广。跨境电子商务的兴起也削弱了香港商店在进口产品上的优势。</p>
<p>在 Mannings 正式宣布退出中国的六个月前，莎莎 表示将关闭 其剩余的 18 家大陆实体店，截止日期为 6 月 30 日。它将激烈的竞争和美容零售行业的&#34;洗牌期&#34;作为其问题的主要原因，并报告称其 2024 年收入下降了 9.7%，利润暴跌 65%。</p>
<p>Mannings 和莎莎都表示将转向跨境零售，专注于中国南方的广东和海南省，利用保税仓库，并借助海南自由贸易区于 12 月 18 日的启动。较小的香港健康与美容零售商 <strong>Bonjour Holdings</strong>（0653.HK）自 2018 年达到巅峰以来也在稳步关闭实体店，并于 12 月 11 日宣布与医疗设备制造商 Ziyuanyuan（8223.HK）成立新的跨境零售合资企业。</p>
<p>Mannings 在大陆的 200 家门店和莎莎在 2022 年的 77 家门店，都远远落后于 <strong>AS Watson Group</strong>，后者是全球最大的健康与美容集团，早在 1989 年 4 月就在北京的王府饭店开设了第一家大陆 Watsons 门店。</p>
<p>Watsons 起源于 1856 年的香港药房，现由长江和记实业（0001.HK）拥有，截至今年 6 月 30 日，在中国大陆拥有 3630 家门店，全球总数为 16935 家。与其他品牌一样，该公司在大陆的健康与美容业务也面临疲软，报告称今年上半年收入下降 3%，同店销售下降 1%。过去一年中，它关闭了 145 家大陆门店。</p>
<p>CK Hutchison 的健康与美容中国部门是今年上半年全球零售业务中唯一报告下降的地区。尽管该部门的整体收入同比增长 8%，达到 988 亿港元（127 亿美元），但公司表示，该单位受到中国业务 “不利” 表现的影响，因经济持续放缓导致消费者支出疲软。</p>
<p>据报道，CK Hutchison 正在考虑在 2026 年为 AS Watson 在香港进行 20 亿美元的首次公开募股，因为该市正经历近年来最热的新上市市场之一。但中国市场的疲软可能成为该单位的障碍。考虑到其在中国的网络规模以及公司频繁声明对中国根基的承诺，Watsons 不太可能在短期内退出大陆市场。</p>
<p>但它面临与香港同行相同的压力，零售商们正在探索将线上和线下业务与社交媒体整合的新方式，并应对微薄的利润和疲弱的消费者信心。</p>
<p>根据官方数据，今年前 11 个月，中国的整体零售销售仅同比增长 1.3%。本土零售商的表现也不比香港同行好。普华永道中国消费市场行业负责人 Carrie Yu 在接受《南华早报》采访时表示：“无论是本地、国际还是香港零售商，大家都在挣扎。”</p>
<p><em>图片来源：Bamboo Works</em></p>
<p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

牛奶国际控股

<p>香港最大的健康与美容连锁店 Mannings 将退出中国大陆，计划在 1 月中旬之前关闭所有线上和线下门店。这一举措与莎莎国际的类似，导致屈臣氏成为中国健康与美容领域唯一的主要香港零售商。Mannings 的母公司 DFI Retail Group 正在削减资产以提高效率，原因是收入下降以及来自本地零售商和电子商务的竞争</p>

<p><em>The withdrawal by Hong Kong's largest health and beauty chain comes as parent DFI trims its money-losing assets, and follows a similar departure this year by peer Sa Sa International</em></p>
<div class="lb-trans"><p>香港最大的健康与美容连锁店的撤出，正值其母公司 DFI 削减亏损资产，并且在今年与同行莎莎国际的类似撤出之后。</p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Mannings is closing all of its Mainland Chinese online and offline stores, ending a 21-year foray in the market</li>
<li>A similar move by rival Sa Sa International in June leaves CK Hutchison's AS Watson as the sole major Hong Kong retailer still operating in China's health and beauty segment</li>
</ul>
<div class="lb-trans"><ul>
<li>Mannings 将关闭其在中国大陆的所有线上和线下门店，结束其在市场上 21 年的探索</li>
<li>竞争对手莎莎国际在 6 月的类似举动，使得长江和记实业的 AS Watson 成为在中国健康与美容领域仍在运营的唯一大型香港零售商</li>
</ul>
</div><p>More than a century after its founding as a dairy farm operator in Hong Kong, <strong>DFI Retail Group Holdings Ltd.</strong> (D01.SI) has been busy trimming assets across its 10,000-strong retail network in Asia as it tries to make its sprawling empire more efficient. But it was the company's recent decision to call it quits in Mainland China that caught everyone's attention, making it the latest foreign retailer to withdraw from the market.</p>
<div class="lb-trans"><p>在香港成立超过一个世纪后，<strong>DFI 零售集团控股有限公司</strong>（D01.SI）一直在努力削减其在亚洲 1 万家零售网络中的资产，以提高其庞大帝国的效率。但该公司最近决定退出中国大陆的举动引起了大家的关注，使其成为最新一家撤出市场的外国零售商。</p>
</div><p>The decision wasn't a huge surprise for company watchers. Between 2023 and 2024 the company closed 92 of its Mainland outlets, leaving only 16 at the start of the year. Even so, the Dec. 17 announcement on the Mannings China WeChat channel still came as a surprise. The post said Mannings would shutter its remaining Mainland operations by mid-January, leaving only an asset-light cross-border business allowing Mainland customers to buy from its Hong Kong stores.</p>
<div class="lb-trans"><p>这一决定对公司观察者来说并不算惊讶。在 2023 年至 2024 年间，该公司关闭了 92 家大陆门店，年初仅剩 16 家。尽管如此，Mannings 在中国大陆的微信频道上发布的 12 月 17 日公告 仍然令人意外。公告称，Mannings 将在 1 月中旬之前关闭其剩余的大陆业务，仅保留一个轻资产的跨境业务，允许大陆客户从其香港门店购买商品。</p>
</div><p>The move made Mannings the second of Hong Kong's &#34;big three&#34; personal care and beauty retailers to call it quits in China, following a similar shuttering of its Mainland brick-and-mortar presence by <strong>Sa Sa International</strong> (0178.HK), operator of the Sasa chain, in April. That leaves just Watsons as the sole representative of that trio still operating offline stores on the Mainland.</p>
<div class="lb-trans"><p>这一举动使 Mannings 成为香港&#34;三大&#34;个人护理和美容零售商中第二家在中国退出的公司，紧随其后的是 <strong>莎莎国际</strong>（0178.HK），该公司在 4 月关闭了其在大陆的实体店。这使得 Watsons 成为该三家中唯一仍在大陆运营线下门店的代表。</p>
</div><p>Mannings opened its first Mainland Chinese store in Guangzhou in October 2004, and had over 200 stores in the market at its height in 2011. But its expansion slowed after 2015, and its parent said it was reassessing the business as early as 2018. DFI hinted at the China exit in its annual report for 2024, saying declining revenues of Mannings China as more local consumers shopped online would involve the closure of &#34;the majority&#34; of its offline network.</p>
<div class="lb-trans"><p>Mannings 于 2004 年 10 月在广州开设了第一家大陆门店，2011 年在市场上达到 200 多家门店的巅峰。但自 2015 年起，其扩张速度放缓，母公司早在 2018 年就表示正在重新评估该业务。DFI 在其 2024 年年报中暗示了退出中国的可能性，称由于越来越多的本地消费者选择在线购物，Mannings 中国的收入下降将导致其&#34;大部分&#34;线下网络的关闭。</p>
</div><p>DFI's China retrenchment has not been limited to Mannings. Between 2023 and 2024 it also closed 186 stores in its Mainland supermarket holdings. And in September 2024, it sold its stake in supermarket operator <strong>Yonghui</strong> (601933.SS) to retailer <strong>Miniso</strong> (9896.HK, MNSO.US) for 4.5 billion yuan ($640 million). The company has also been disposing of similar underperforming assets in other Asian markets, including Singapore and the Philippines.</p>
<div class="lb-trans"><p>DFI 在中国的收缩并不仅限于 Mannings。在 2023 年至 2024 年间，它还关闭了 186 家大陆超市门店。2024 年 9 月，它以 45 亿元人民币（约合 6.4 亿美元）将其在超市运营商 <strong>永辉</strong>（601933.SS）的股份出售给零售商 <strong>名创优品</strong>（9896.HK, MNSO.US）。该公司还在其他亚洲市场（包括新加坡和菲律宾）处置类似表现不佳的资产。</p>
</div><p>Hong Kong retail brands, including Mannings, Sasa and Watsons, began entering China in big numbers the mid-2000s, initially stocking international products that were otherwise hard to get. They appealed to local consumers by banking on the glamor associated with Hong Kong in a country just entering hyper-growth mode after its accession to the WTO in 2001.</p>
<div class="lb-trans"><p>包括 Mannings、莎莎和 Watsons 在内的香港零售品牌，自 2000 年代中期开始大量进入中国，最初销售那些难以获得的国际产品。它们通过利用香港的魅力吸引当地消费者，当时中国刚刚在 2001 年加入 WTO 后进入高速增长模式。</p>
</div><p>But just a decade later, the Mainland retail universe had already begun to change notably with the rise of social media, online influencers, and e-commerce. To survive, traditional retailers needed both a massive internet presence and scale in their brick-and-mortar store operations to provide consumers with greater choice and convenience.</p>
<div class="lb-trans"><p>但仅仅十年后，大陆零售市场已经开始显著变化，社交媒体、网络红人和电子商务的崛起使得传统零售商需要在互联网和实体店运营中都具备强大的存在感，以提供更多选择和便利。</p>
</div><p>That proved to be a difficult transition for the Hong Kong brands, which were firmly rooted in brick-and-mortar retailing in Hong Kong and were slow to build online presences using internet-based apps and storefronts on different platforms that have become ubiquitous in China.</p>
<div class="lb-trans"><p>这对深深扎根于香港实体零售的香港品牌来说，转型 proved to be a difficult transition，因其在利用互联网应用和不同平台的店面建立在线存在方面反应缓慢，而这些在中国已经变得无处不在。</p>
</div><h4><strong>Fading Hong Kong brand</strong></h4>
<div class="lb-trans"><h4><strong>香港品牌的衰退</strong></h4>
</div><p>Equally challenging, Hong Kong's &#34;brand&#34; has been rapidly fading in the eyes of many Chinese consumers, no longer carrying the same cachet it once did. These days, homegrown Chinese retailers have become just as savvy, and are more aggressive in their marketing, using local online influencers on popular social media sites like Douyin and RedNote. The rise of cross-border e-commerce has also taken away the edge Hong Kong stores once had with imported products.</p>
<div class="lb-trans"><p>同样具有挑战性的是，香港的&#34;品牌&#34;在许多中国消费者眼中迅速褪色，不再具备曾经的吸引力。如今，本土的中国零售商同样聪明，并在营销上更加积极，利用当地网络红人在抖音和小红书等热门社交媒体上进行推广。跨境电子商务的兴起也削弱了香港商店在进口产品上的优势。</p>
</div><p>More than six months before Mannings formally called it quits in China, Sa Sa said it would close its remaining 18 brick-and-mortar Mainland stores by June 30. It cited intense competition and &#34;a shakedown period&#34; in the beauty retail sector as the main reasons for its problems, as it reported its revenue slipped 9.7% and its profit tumbled 65% in 2024.</p>
<div class="lb-trans"><p>在 Mannings 正式宣布退出中国的六个月前，莎莎 表示将关闭 其剩余的 18 家大陆实体店，截止日期为 6 月 30 日。它将激烈的竞争和美容零售行业的&#34;洗牌期&#34;作为其问题的主要原因，并报告称其 2024 年收入下降了 9.7%，利润暴跌 65%。</p>
</div><p>Both Mannings and Sa Sa have said they will pivot to cross-border retail focusing on South China's Guangdong and Hainan provinces, using bonded warehouses and capitalizing on the launch of Hainan's free trade zone on Dec. 18. Smaller Hong Kong health and beauty retailer, <strong>Bonjour Holdings</strong> (0653.HK) has also been steadily closing brick-and-mortar stores since its peak in 2018, and on Dec. 11 announced a new cross-border retail joint venture with medical device maker Ziyuanyuan (8223.HK).</p>
<div class="lb-trans"><p>Mannings 和莎莎都表示将转向跨境零售，专注于中国南方的广东和海南省，利用保税仓库，并借助海南自由贸易区于 12 月 18 日的启动。较小的香港健康与美容零售商 <strong>Bonjour Holdings</strong>（0653.HK）自 2018 年达到巅峰以来也在稳步关闭实体店，并于 12 月 11 日宣布与医疗设备制造商 Ziyuanyuan（8223.HK）成立新的跨境零售合资企业。</p>
</div><p>Mannings' 200 Mainland stores at its height, and Sa Sa's high of 77 in 2022, both trail far behind <strong>AS Watson Group</strong>, the world's largest health and beauty group, which opened its first Mainland Watsons store back in April 1989 in Beijing's Palace Hotel.</p>
<div class="lb-trans"><p>Mannings 在大陆的 200 家门店和莎莎在 2022 年的 77 家门店，都远远落后于 <strong>AS Watson Group</strong>，后者是全球最大的健康与美容集团，早在 1989 年 4 月就在北京的王府饭店开设了第一家大陆 Watsons 门店。</p>
</div><p>Watsons, which began as a Hong Kong pharmacy in 1856 and is owned by CK Hutchison Holdings (0001.HK), had 3,630 stores in Mainland China as of June 30 this year, out of 16,935 worldwide. Like the others, the company is also seeing weakness in its Mainland health and beauty segment, which reported declines of 3% in revenue and 1% in same-store sales during the first half of this year. It closed 145 Mainland stores over the last year.</p>
<div class="lb-trans"><p>Watsons 起源于 1856 年的香港药房，现由长江和记实业（0001.HK）拥有，截至今年 6 月 30 日，在中国大陆拥有 3630 家门店，全球总数为 16935 家。与其他品牌一样，该公司在大陆的健康与美容业务也面临疲软，报告称今年上半年收入下降 3%，同店销售下降 1%。过去一年中，它关闭了 145 家大陆门店。</p>
</div><p>CK Hutchison's H&amp;B China division was the only region that reported a decline in its global retail business in the first half of this year. While the division's overall revenue rose 8% year-on-year to HK$98.8 billion ($12.7 billion), the company said the unit was hit by &#34;adverse&#34; performance of its China operation, which is taking a hit from weak consumer spending amid a prolonged economic slowdown.</p>
<div class="lb-trans"><p>CK Hutchison 的健康与美容中国部门是今年上半年全球零售业务中唯一报告下降的地区。尽管该部门的整体收入同比增长 8%，达到 988 亿港元（127 亿美元），但公司表示，该单位受到中国业务 “不利” 表现的影响，因经济持续放缓导致消费者支出疲软。</p>
</div><p>CK Hutchison is reportedly considering a $2 billion IPO in Hong Kong for AS Watson in 2026, as the city experiences one of its hottest markets for new listings in years. But weakness in China may be a barrier for the unit. Considering the scale of its China network and the company's frequent statements about its commitment to its China roots, Watsons is unlikely to pull out of the Mainland market anytime soon.</p>
<div class="lb-trans"><p>据报道，CK Hutchison 正在考虑在 2026 年为 AS Watson 在香港进行 20 亿美元的首次公开募股，因为该市正经历近年来最热的新上市市场之一。但中国市场的疲软可能成为该单位的障碍。考虑到其在中国的网络规模以及公司频繁声明对中国根基的承诺，Watsons 不太可能在短期内退出大陆市场。</p>
</div><p>But it faces the same pressures as its Hong Kong peers navigating that retail landscape, as retailers explore new ways of integrating online and offline business with social media and cope with razor-thin margins and weak consumer sentiment.</p>
<div class="lb-trans"><p>但它面临与香港同行相同的压力，零售商们正在探索将线上和线下业务与社交媒体整合的新方式，并应对微薄的利润和疲弱的消费者信心。</p>
</div><p>Overall retail sales in China grew only 1.3% from a year earlier in the first 11 months of this year, according to official data. Homegrown Mainland retailers aren't faring any better than their Hong Kong peers. &#34;It doesn't matter whether it's a local, international or Hong Kong retailer, everyone is struggling,&#34; Carrie Yu, the China consumer markets industry leader at PwC, told the South China Morning Post.</p>
<div class="lb-trans"><p>根据官方数据，今年前 11 个月，中国的整体零售销售仅同比增长 1.3%。本土零售商的表现也不比香港同行好。普华永道中国消费市场行业负责人 Carrie Yu 在接受《南华早报》采访时表示：“无论是本地、国际还是香港零售商，大家都在挣扎。”</p>
</div><p><em>Feature Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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所谓的 14 亿消费者呢？万宁退出中国市场凸显了外国零售业的撤离潮