<p><em>香港藥妝連鎖店在削減中國門店後，受遊客和在線消費推動，季度銷售實現了兩位數增長</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>關鍵要點：</strong></h4>
<ul>
<li>第三季度收入增長 12.5%，得益於香港和澳門核心市場的同店銷售增長</li>
<li>電子商務收入在中國大陸轉向僅在線銷售後增長 14.9%，但整體營業額的份額幾乎沒有增加</li>
</ul>
<p>化妝品零售商 <strong>莎莎國際控股有限公司</strong>（0178.HK）的最新銷售數據因企業改造而增添了一絲光彩。</p>
<p>這家歷史悠久的香港品牌去年關閉了所有中國門店，決定在大陸市場完全轉向在線銷售，進行了一次重大的戰略調整。根據公司的最新業績判斷，這一痛苦的決定可能開始見效，儘管投資者尚未完全信服。</p>
<p>這是中國零售業的一個熟悉故事。在消費者支出緩慢復甦後，過去兩年中，幾家藥妝連鎖店在中國大陸縮減了實體店的數量。銷售多種美容品牌的商店面臨着高昂租金、客流分散以及數字銷售渠道日益侵蝕的巨大壓力。</p>
<p>莎莎於 1970 年代在香港的一家小型家族店起步，發展成為該地區零售市場的中堅力量，以其獨特的粉色店面而聞名。它在大陸市場運營了二十年，但去年在持續的盈利壓力下，完全撤出中國的線下零售，關閉了其在中國的 18 家門店。另一家化妝品連鎖店 Manning 去年底宣佈也將效仿。隨着 Manning（由 <strong>DFI Retail Group Holdings Ltd.</strong>（D01.SI）擁有）的退出，香港三大藥妝品牌中僅剩沃爾瑪在中國保留實體店。</p>
<p>這一轉變是對中國消費模式變化的回應。曾幾何時，新開門店必定盈利，而如今中國的門店卻有可能淪為虧損的黑洞。莎莎在截至 2025 年 3 月底的財年中，收入下降約 10%，淨利潤暴跌 64.8%。</p>
<p>在截至 12 月的季度更新中，情況看起來稍微明亮一些，收益擺脱了中國門店網絡的拖累，並因香港和澳門核心市場的銷售強勁而提升。</p>
<p>公司報告稱，收入同比增長 12.5%，達到 16 億港元（149 萬美元）。三個月內，線下銷售增長 12%，達到 9.52 億港元，而在線銷售增長 14.9%，達到 2.07 億港元。</p>
<h4><strong>遊客驅動的復甦</strong></h4>
<p>這些數據與去年同期形成鮮明對比，當時銷售下降 10.7%，受到大陸收入暴跌 35% 至僅 2510 萬港元的影響。在財年的上半年，整體銷售表現疲軟，在線收入幾乎持平，線下業務因大陸的疲軟和遊客消費謹慎而受到拖累。</p>
<p>第三季度的改善表現得益於香港和澳門的業務繁榮，同店銷售增長 14.7%，交易量和平均消費額的上升顯示出需求的增強。兩個市場的線下營業額同比增長 11%，而東南亞的銷售增長 14%。</p>
<p>由於第三季度是零售的高峰季節，莎莎加大了促銷力度，並與合作伙伴合作提供限時優惠，推動了線下和線上渠道的兩位數增長。隨着大陸游客持續增加到香港和澳門，傳統旅遊區的商店錄得超出預期的增長，零售商表示。</p>
<p>香港旅遊局的數據顯示，12 月訪客人數同比增長 9%，達到 465 萬人，其中大陸游客人數增長 8%，達到 335 萬人。香港當局的其他統計數據顯示，11 月藥品和化妝品的銷售額同比增長 9.2%，銷量增長 8.1%，反映出居民和遊客的消費增加。莎莎憑藉其廣泛的門店網絡和品牌知名度，能夠從中受益。</p>
<h4><strong>在線提升</strong></h4>
<p>莎莎的在線銷售也有所增長，受到旅遊高峰季節和產品促銷的推動。大陸市場是該公司的主要電子商務引擎，佔在線銷售的 47.5%，其次是香港和澳門佔 33.6%，東南亞及其他地區佔 18.9%。</p>
<p>隨着中國門店的關閉，莎莎的大陸銷售主要通過其微信賬號進行，輔以天貓、抖音、拼多多和京東等第三方渠道。到財年中期，其微信的月活躍用户同比增長了 40.8%。</p>
<p>然而，即使有了提升，第三季度的在線銷售仍僅佔總收入的 17.8%，略高於去年同期的 17.1%，這讓人對是否正在發生根本性轉變產生懷疑。</p>
<p>根據這些數據，縮減在中國的實體店以支持在線銷售的賭注顯然沒有失利。隨着迴歸兩位數增長，該公司的轉型可能會隨着時間的推移提升利潤。</p>
<p>不過，投資者可能需要更多的説服。莎莎的股價在銷售消息發佈後上漲 1.3%，達到 0.6 港元，儘管交易量仍然較低。僅 0.45 倍的市銷率表明市場參與者對該公司能否恢復十年前的股價高峰表示懷疑。</p>
<p>季度數據可能表明，這家零售商在削減其高成本的大陸業務後走上了正確的軌道。為了讓投資者完全信服，這家資深的美容零售商需要在此基礎上繼續發力，以實現穩定的盈利。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

莎莎國際

<p>莎莎國際控股有限公司報告第三季度收入增長 12.5%，這一增長得益於香港和澳門的強勁銷售，隨後公司在中國大陸採取了僅在線銷售的戰略。公司的電子商務收入增長了 14.9%，儘管整體在線銷售仍僅佔總收入的 17.8%。關閉中國門店減輕了盈利壓力，核心市場的線下銷售也顯示出增長。該零售商受益於遊客消費的復甦，12 月份香港的訪客到達人數增加了 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>香港藥妝連鎖店在削減中國門店後，受遊客和在線消費推動，季度銷售實現了兩位數增長</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>關鍵要點：</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>第三季度收入增長 12.5%，得益於香港和澳門核心市場的同店銷售增長</li>
<li>電子商務收入在中國大陸轉向僅在線銷售後增長 14.9%，但整體營業額的份額幾乎沒有增加</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>化妝品零售商 <strong>莎莎國際控股有限公司</strong>（0178.HK）的最新銷售數據因企業改造而增添了一絲光彩。</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>這家歷史悠久的香港品牌去年關閉了所有中國門店，決定在大陸市場完全轉向在線銷售，進行了一次重大的戰略調整。根據公司的最新業績判斷，這一痛苦的決定可能開始見效，儘管投資者尚未完全信服。</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>這是中國零售業的一個熟悉故事。在消費者支出緩慢復甦後，過去兩年中，幾家藥妝連鎖店在中國大陸縮減了實體店的數量。銷售多種美容品牌的商店面臨着高昂租金、客流分散以及數字銷售渠道日益侵蝕的巨大壓力。</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>莎莎於 1970 年代在香港的一家小型家族店起步，發展成為該地區零售市場的中堅力量，以其獨特的粉色店面而聞名。它在大陸市場運營了二十年，但去年在持續的盈利壓力下，完全撤出中國的線下零售，關閉了其在中國的 18 家門店。另一家化妝品連鎖店 Manning 去年底宣佈也將效仿。隨着 Manning（由 <strong>DFI Retail Group Holdings Ltd.</strong>（D01.SI）擁有）的退出，香港三大藥妝品牌中僅剩沃爾瑪在中國保留實體店。</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>這一轉變是對中國消費模式變化的回應。曾幾何時，新開門店必定盈利，而如今中國的門店卻有可能淪為虧損的黑洞。莎莎在截至 2025 年 3 月底的財年中，收入下降約 10%，淨利潤暴跌 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，情況看起來稍微明亮一些，收益擺脱了中國門店網絡的拖累，並因香港和澳門核心市場的銷售強勁而提升。</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>公司報告稱，收入同比增長 12.5%，達到 16 億港元（149 萬美元）。三個月內，線下銷售增長 12%，達到 9.52 億港元，而在線銷售增長 14.9%，達到 2.07 億港元。</p>
</div><h4><strong>Tourist-driven recovery</strong></h4>
<div class="lb-trans"><h4><strong>遊客驅動的復甦</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>這些數據與去年同期形成鮮明對比，當時銷售下降 10.7%，受到大陸收入暴跌 35% 至僅 2510 萬港元的影響。在財年的上半年，整體銷售表現疲軟，在線收入幾乎持平，線下業務因大陸的疲軟和遊客消費謹慎而受到拖累。</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>第三季度的改善表現得益於香港和澳門的業務繁榮，同店銷售增長 14.7%，交易量和平均消費額的上升顯示出需求的增強。兩個市場的線下營業額同比增長 11%，而東南亞的銷售增長 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>由於第三季度是零售的高峰季節，莎莎加大了促銷力度，並與合作伙伴合作提供限時優惠，推動了線下和線上渠道的兩位數增長。隨着大陸游客持續增加到香港和澳門，傳統旅遊區的商店錄得超出預期的增長，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>香港旅遊局的數據顯示，12 月訪客人數同比增長 9%，達到 465 萬人，其中大陸游客人數增長 8%，達到 335 萬人。香港當局的其他統計數據顯示，11 月藥品和化妝品的銷售額同比增長 9.2%，銷量增長 8.1%，反映出居民和遊客的消費增加。莎莎憑藉其廣泛的門店網絡和品牌知名度，能夠從中受益。</p>
</div><h4><strong>Online uplift</strong></h4>
<div class="lb-trans"><h4><strong>在線提升</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>莎莎的在線銷售也有所增長，受到旅遊高峰季節和產品促銷的推動。大陸市場是該公司的主要電子商務引擎，佔在線銷售的 47.5%，其次是香港和澳門佔 33.6%，東南亞及其他地區佔 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>隨着中國門店的關閉，莎莎的大陸銷售主要通過其微信賬號進行，輔以天貓、抖音、拼多多和京東等第三方渠道。到財年中期，其微信的月活躍用户同比增長了 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，第三季度的在線銷售仍僅佔總收入的 17.8%，略高於去年同期的 17.1%，這讓人對是否正在發生根本性轉變產生懷疑。</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>根據這些數據，縮減在中國的實體店以支持在線銷售的賭注顯然沒有失利。隨着迴歸兩位數增長，該公司的轉型可能會隨着時間的推移提升利潤。</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>不過，投資者可能需要更多的説服。莎莎的股價在銷售消息發佈後上漲 1.3%，達到 0.6 港元，儘管交易量仍然較低。僅 0.45 倍的市銷率表明市場參與者對該公司能否恢復十年前的股價高峰表示懷疑。</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>季度數據可能表明，這家零售商在削減其高成本的大陸業務後走上了正確的軌道。為了讓投資者完全信服，這家資深的美容零售商需要在此基礎上繼續發力，以實現穩定的盈利。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
</div>

企業改造提升了莎莎國際的銷售數據表現