<p><em>香港药妆连锁店在削减中国门店后，受游客和在线消费推动，季度销售实现了两位数增长</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28021058/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_95711_thebambooworks.com_-1024x676.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28021058/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_95711_thebambooworks.com_-1024x676.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>第三季度收入增长 12.5%，得益于香港和澳门核心市场的同店销售增长</li>
<li>电子商务收入在中国大陆转向仅在线销售后增长 14.9%，但整体营业额的份额几乎没有增加</li>
</ul>
<p>化妆品零售商 <strong>莎莎国际控股有限公司</strong>（0178.HK）的最新销售数据因企业改造而增添了一丝光彩。</p>
<p>这家历史悠久的香港品牌去年关闭了所有中国门店，决定在大陆市场完全转向在线销售，进行了一次重大的战略调整。根据公司的最新业绩判断，这一痛苦的决定可能开始见效，尽管投资者尚未完全信服。</p>
<p>这是中国零售业的一个熟悉故事。在消费者支出缓慢复苏后，过去两年中，几家药妆连锁店在中国大陆缩减了实体店的数量。销售多种美容品牌的商店面临着高昂租金、客流分散以及数字销售渠道日益侵蚀的巨大压力。</p>
<p>莎莎于 1970 年代在香港的一家小型家族店起步，发展成为该地区零售市场的中坚力量，以其独特的粉色店面而闻名。它在大陆市场运营了二十年，但去年在持续的盈利压力下，完全撤出中国的线下零售，关闭了其在中国的 18 家门店。另一家化妆品连锁店 Manning 去年底宣布也将效仿。随着 Manning（由 <strong>DFI Retail Group Holdings Ltd.</strong>（D01.SI）拥有）的退出，香港三大药妆品牌中仅剩沃尔玛在中国保留实体店。</p>
<p>这一转变是对中国消费模式变化的回应。曾几何时，新开门店必定盈利，而如今中国的门店却有可能沦为亏损的黑洞。莎莎在截至 2025 年 3 月底的财年中，收入下降约 10%，净利润暴跌 64.8%。</p>
<p>在截至 12 月的季度更新中，情况看起来稍微明亮一些，收益摆脱了中国门店网络的拖累，并因香港和澳门核心市场的销售强劲而提升。</p>
<p>公司报告称，收入同比增长 12.5%，达到 16 亿港元（149 万美元）。三个月内，线下销售增长 12%，达到 9.52 亿港元，而在线销售增长 14.9%，达到 2.07 亿港元。</p>
<h4><strong>游客驱动的复苏</strong></h4>
<p>这些数据与去年同期形成鲜明对比，当时销售下降 10.7%，受到大陆收入暴跌 35% 至仅 2510 万港元的影响。在财年的上半年，整体销售表现疲软，在线收入几乎持平，线下业务因大陆的疲软和游客消费谨慎而受到拖累。</p>
<p>第三季度的改善表现得益于香港和澳门的业务繁荣，同店销售增长 14.7%，交易量和平均消费额的上升显示出需求的增强。两个市场的线下营业额同比增长 11%，而东南亚的销售增长 14%。</p>
<p>由于第三季度是零售的高峰季节，莎莎加大了促销力度，并与合作伙伴合作提供限时优惠，推动了线下和线上渠道的两位数增长。随着大陆游客持续增加到香港和澳门，传统旅游区的商店录得超出预期的增长，零售商表示。</p>
<p>香港旅游局的数据显示，12 月访客人数同比增长 9%，达到 465 万人，其中大陆游客人数增长 8%，达到 335 万人。香港当局的其他统计数据显示，11 月药品和化妆品的销售额同比增长 9.2%，销量增长 8.1%，反映出居民和游客的消费增加。莎莎凭借其广泛的门店网络和品牌知名度，能够从中受益。</p>
<h4><strong>在线提升</strong></h4>
<p>莎莎的在线销售也有所增长，受到旅游高峰季节和产品促销的推动。大陆市场是该公司的主要电子商务引擎，占在线销售的 47.5%，其次是香港和澳门占 33.6%，东南亚及其他地区占 18.9%。</p>
<p>随着中国门店的关闭，莎莎的大陆销售主要通过其微信账号进行，辅以天猫、抖音、拼多多和京东等第三方渠道。到财年中期，其微信的月活跃用户同比增长了 40.8%。</p>
<p>然而，即使有了提升，第三季度的在线销售仍仅占总收入的 17.8%，略高于去年同期的 17.1%，这让人对是否正在发生根本性转变产生怀疑。</p>
<p>根据这些数据，缩减在中国的实体店以支持在线销售的赌注显然没有失利。随着回归两位数增长，该公司的转型可能会随着时间的推移提升利润。</p>
<p>不过，投资者可能需要更多的说服。莎莎的股价在销售消息发布后上涨 1.3%，达到 0.6 港元，尽管交易量仍然较低。仅 0.45 倍的市销率表明市场参与者对该公司能否恢复十年前的股价高峰表示怀疑。</p>
<p>季度数据可能表明，这家零售商在削减其高成本的大陆业务后走上了正确的轨道。为了让投资者完全信服，这家资深的美容零售商需要在此基础上继续发力，以实现稳定的盈利。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位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>

莎莎国际

<p>莎莎国际控股有限公司报告第三季度收入增长 12.5%，这一增长得益于香港和澳门的强劲销售，随后公司在中国大陆采取了仅在线销售的战略。公司的电子商务收入增长了 14.9%，尽管整体在线销售仍仅占总收入的 17.8%。关闭中国门店减轻了盈利压力，核心市场的线下销售也显示出增长。该零售商受益于游客消费的复苏，12 月份香港的访客到达人数增加了 9%</p>

<p><em>The Hong Kong drugstore chain has delivered double-digit growth in quarterly sales, driven by tourist and online spending, after axing its Chinese stores</em></p>
<div class="lb-trans"><p><em>香港药妆连锁店在削减中国门店后，受游客和在线消费推动，季度销售实现了两位数增长</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28021058/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_95711_thebambooworks.com_-1024x676.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/28021058/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-1-2026_95711_thebambooworks.com_-1024x676.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Third-quarter revenue rose 12.5%, boosted by higher same-store sales in its core markets of Hong Kong and Macao</li>
<li>E-commerce revenue climbed 14.9% after a switch to online-only sales in mainland China, but the share of overall turnover barely increased</li>
</ul>
<div class="lb-trans"><ul>
<li>第三季度收入增长 12.5%，得益于香港和澳门核心市场的同店销售增长</li>
<li>电子商务收入在中国大陆转向仅在线销售后增长 14.9%，但整体营业额的份额几乎没有增加</li>
</ul>
</div><p>A corporate makeover has added a little luster to the latest sales figures from  cosmetics retailer <strong>Sa Sa International Holdings Ltd.</strong> (0178.HK).</p>
<div class="lb-trans"><p>化妆品零售商 <strong>莎莎国际控股有限公司</strong>（0178.HK）的最新销售数据因企业改造而增添了一丝光彩。</p>
</div><p>The long-established Hong Kong brand put all its Chinese outlets under the knife last year, deciding to go purely online in the mainland market in a major strategy shake-up. The pain may be starting to pay off, judging from the company's latest results, although investors have yet to be convinced.</p>
<div class="lb-trans"><p>这家历史悠久的香港品牌去年关闭了所有中国门店，决定在大陆市场完全转向在线销售，进行了一次重大的战略调整。根据公司的最新业绩判断，这一痛苦的决定可能开始见效，尽管投资者尚未完全信服。</p>
</div><p>It's a familiar story of Chinese retail. After a fitful recovery in consumer spending, several drugstore chains have scaled back their bricks-and-mortar presence in mainland China over the past two years. Shops selling multiple beauty brands have faced particularly stiff pressure from sky-high rents, fragmented footfall and increasing incursions from digital sales channels.</p>
<div class="lb-trans"><p>这是中国零售业的一个熟悉故事。在消费者支出缓慢复苏后，过去两年中，几家药妆连锁店在中国大陆缩减了实体店的数量。销售多种美容品牌的商店面临着高昂租金、客流分散以及数字销售渠道日益侵蚀的巨大压力。</p>
</div><p>Sa Sa started out in the 1970s as a tiny family-owned outlet in a Hong Kong mall, developing into a stalwart of the territory's retail scene with its distinctive pink storefronts. It operated for two decades in the mainland market but last year made a complete retreat from offline retailing in China, shuttering its entire network of 18 stores in the face of sustained earnings pressure. Another cosmetics chain, Manning, announced late last year it was following suit. With the departure of Manning – owned by <strong>DFI Retail Group Holdings Ltd.</strong> (D01.SI) – only Watson was left with a physical presence in China out of Hong Kong's big three drugstore brands.</p>
<div class="lb-trans"><p>莎莎于 1970 年代在香港的一家小型家族店起步，发展成为该地区零售市场的中坚力量，以其独特的粉色店面而闻名。它在大陆市场运营了二十年，但去年在持续的盈利压力下，完全撤出中国的线下零售，关闭了其在中国的 18 家门店。另一家化妆品连锁店 Manning 去年底宣布也将效仿。随着 Manning（由 <strong>DFI Retail Group Holdings Ltd.</strong>（D01.SI）拥有）的退出，香港三大药妆品牌中仅剩沃尔玛在中国保留实体店。</p>
</div><p>The shift responds to changing consumption patterns in China. Where once a new store was bound to turn a profit, now a Chinese outlet risked becoming a money pit. Sa Sa's revenue slipped around 10% in its fiscal year to the end of March 2025, and net profit plunged 64.8%.</p>
<div class="lb-trans"><p>这一转变是对中国消费模式变化的回应。曾几何时，新开门店必定盈利，而如今中国的门店却有可能沦为亏损的黑洞。莎莎在截至 2025 年 3 月底的财年中，收入下降约 10%，净利润暴跌 64.8%。</p>
</div><p>The picture looked a little brighter in the update for the quarter ending in  December, with earnings freed from the drag of the Chinese store network and lifted by stronger sales in the core markets of Hong Kong and Macao.</p>
<div class="lb-trans"><p>在截至 12 月的季度更新中，情况看起来稍微明亮一些，收益摆脱了中国门店网络的拖累，并因香港和澳门核心市场的销售强劲而提升。</p>
</div><p>The company reported that revenue jumped 12.5% to HK$1.16 billion ($1.49 million) from the year-earlier quarter. Offline sales grew 12% to HK$952 million in the three months, while online sales jumped 14.9% to HK$207 million.</p>
<div class="lb-trans"><p>公司报告称，收入同比增长 12.5%，达到 16 亿港元（149 万美元）。三个月内，线下销售增长 12%，达到 9.52 亿港元，而在线销售增长 14.9%，达到 2.07 亿港元。</p>
</div><h4><strong>Tourist-driven recovery</strong></h4>
<div class="lb-trans"><h4><strong>游客驱动的复苏</strong></h4>
</div><p>The figures contrast starkly with the same quarter of last year, when sales sank 10.7%, hit by a 35% plunge in mainland revenue to just HK$25.1 million. During the first half of the fiscal year, overall sales were subdued as online income barely held steady and the offline segment was dragged down by weakness in mainland China and cautious tourist spending.</p>
<div class="lb-trans"><p>这些数据与去年同期形成鲜明对比，当时销售下降 10.7%，受到大陆收入暴跌 35% 至仅 2510 万港元的影响。在财年的上半年，整体销售表现疲软，在线收入几乎持平，线下业务因大陆的疲软和游客消费谨慎而受到拖累。</p>
</div><p>The improved third-quarter performance was driven by brisk business in Hong Kong and Macao, where same-store sales jumped 14.7%, with rising transaction volume and average ticket value signaling stronger demand. Offline turnover in the two markets rose 11% year on year, while sales in Southeast Asia increased by 14%.</p>
<div class="lb-trans"><p>第三季度的改善表现得益于香港和澳门的业务繁荣，同店销售增长 14.7%，交易量和平均消费额的上升显示出需求的增强。两个市场的线下营业额同比增长 11%，而东南亚的销售增长 14%。</p>
</div><p>With the third quarter serving as the peak retail season, Sa Sa stepped up promotions and worked with its partners to offer limited-time deals, fueling the double-digit growth across offline and online channels. With a continued rise in mainland visitors to Hong Kong and Macao, stores in traditional tourist areas recorded better-than-expected growth, the retailer said.</p>
<div class="lb-trans"><p>由于第三季度是零售的高峰季节，莎莎加大了促销力度，并与合作伙伴合作提供限时优惠，推动了线下和线上渠道的两位数增长。随着大陆游客持续增加到香港和澳门，传统旅游区的商店录得超出预期的增长，零售商表示。</p>
</div><p>Figures from Hong Kong's tourist board show visitor arrivals rose 9% to 4.65 million in December from the same month a year earlier, with the number of mainlanders in the mix rising 8% to 3.35 million. Other statistics from the Hong Kong authorities showed the sales value of medicines and cosmetics rising 9.2% in November on a year-on-year basis, with volume up 8.1%, reflecting a rise in spending by residents and tourists. Sa Sa, with its extensive store network and brand recognition in those markets, was well-placed to benefit.</p>
<div class="lb-trans"><p>香港旅游局的数据显示，12 月访客人数同比增长 9%，达到 465 万人，其中大陆游客人数增长 8%，达到 335 万人。香港当局的其他统计数据显示，11 月药品和化妆品的销售额同比增长 9.2%，销量增长 8.1%，反映出居民和游客的消费增加。莎莎凭借其广泛的门店网络和品牌知名度，能够从中受益。</p>
</div><h4><strong>Online uplift</strong></h4>
<div class="lb-trans"><h4><strong>在线提升</strong></h4>
</div><p>Sa Sa's online sales also advanced, spurred by peak travel season and product promotions. The mainland market is the firm's main e-commerce engine, accounting for 47.5% of online sales, followed by Hong Kong and Macao at 33.6% and Southeast Asia and other regions at 18.9%.</p>
<div class="lb-trans"><p>莎莎的在线销售也有所增长，受到旅游高峰季节和产品促销的推动。大陆市场是该公司的主要电子商务引擎，占在线销售的 47.5%，其次是香港和澳门占 33.6%，东南亚及其他地区占 18.9%。</p>
</div><p>With the closure of Chinese stores, Sa Sa's mainland sales are mostly conducted via its WeChat account, complemented by third-party channels such as Tmall, Douyin, Pinduoduo and JD.com. Its monthly active users on WeChat had notched up a year-on-year jump of 40.8% by the middle of the fiscal year.</p>
<div class="lb-trans"><p>随着中国门店的关闭，莎莎的大陆销售主要通过其微信账号进行，辅以天猫、抖音、拼多多和京东等第三方渠道。到财年中期，其微信的月活跃用户同比增长了 40.8%。</p>
</div><p>However, even with the uplift, online sales still contributed only 17.8% of total revenue in the third quarter, barely higher than the 17.1% level a year earlier, casting doubt on whether a fundamental shift is underway.</p>
<div class="lb-trans"><p>然而，即使有了提升，第三季度的在线销售仍仅占总收入的 17.8%，略高于去年同期的 17.1%，这让人对是否正在发生根本性转变产生怀疑。</p>
</div><p>The gamble on shrinking its physical footprint in China in favor of online sales has certainly not backfired, based on these figures. And with the return to double-digit growth, the company's pivot could boost profits over time.</p>
<div class="lb-trans"><p>根据这些数据，缩减在中国的实体店以支持在线销售的赌注显然没有失利。随着回归两位数增长，该公司的转型可能会随着时间的推移提升利润。</p>
</div><p>Still, investors may take a bit more convincing. Sa Sa shares edged up 1.3% to HK$0.6 on the sales news, although trading volume stayed thin. The price-to-sales ratio of just 0.45 times implies market participants doubt the firm's ability to regain its share price peaks of a decade ago.</p>
<div class="lb-trans"><p>不过，投资者可能需要更多的说服。莎莎的股价在销售消息发布后上涨 1.3%，达到 0.6 港元，尽管交易量仍然较低。仅 0.45 倍的市销率表明市场参与者对该公司能否恢复十年前的股价高峰表示怀疑。</p>
</div><p>The quarterly figures could be taken as a sign that the retailer is on the right track after cutting its costly mainland exposure. For investors to fully buy in, the veteran beauty retailer would need to build on the momentum to deliver reliably stable earnings.</p>
<div class="lb-trans"><p>季度数据可能表明，这家零售商在削减其高成本的大陆业务后走上了正确的轨道。为了让投资者完全信服，这家资深的美容零售商需要在此基础上继续发力，以实现稳定的盈利。</p>
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</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：本文来自一位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>
</div>

企业改造提升了莎莎国际的销售数据表现