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Sa Sa International Holdings (178) investor relations material
Sa Sa International Holdings H1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 25/26 earnings summary21 Nov, 2025
Executive summary
Turnover rose 6.6% year-over-year to HK$1,990.6M for the six months ended 30 September 2025, driven by increased tourist arrivals in Hong Kong and Macau, improved sales, and a turnaround in the Chinese Mainland segment.
Group profit increased 54.8% to HK$50.2M, reflecting improved profitability in Chinese Mainland and effective marketing strategies.
Offline sales in Hong Kong and Macau rose 8.3%–8.9% year-over-year, supported by improved consumer sentiment and tourism.
Interim dividend declared at 1.15 HK cents per share, about 71% of profit, signaling confidence in future prospects.
Online sales in Hong Kong & Macau grew 16.3% to HK$110.3M, with VIP members contributing 77.5%.
Financial highlights
Gross profit increased 4.2% year-over-year to HK$755M; gross profit margin slightly decreased by 0.9ppt to 37.9%.
Basic earnings per share rose to 1.6 HK cents from 1.0 HK cent last year.
Interim dividend payout ratio was approximately 71% of profit.
Cash balance at 30 September 2025 was HK$251.1M, down from HK$371.1M at 31 March 2025, due to inventory buildup.
Net cash used in operating activities was HK$42.6M; available funds totaled HK$566.8M.
Outlook and guidance
Strategy focuses on curated product portfolio, precision marketing, and omni-channel integration to drive sales and gross profit growth while maintaining stable gross margin.
Q3 sales (up to 16 November) show continued momentum, with turnover up 11.3% year-over-year and online sales up 16.1%.
Plans to expand and optimize store network in Hong Kong and Macau as tourist volumes rise.
Chinese Mainland online growth strategy
Southeast Asia offline sales recovery plan
Inventory management and cash flow strategy
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Next Sa Sa International Holdings earnings date
H2 25/2618 Jun, 2026
Next Sa Sa International Holdings earnings date
H2 25/2618 Jun, 2026
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Frequently asked questions
Sa Sa International Holdings Limited is a Hong Kong-based retail company specializing in beauty and personal care products. The company operates an extensive network of retail stores across Hong Kong, Macau, Mainland China, and Southeast Asia, offering a variety of skincare, fragrance, makeup, and health supplements. In addition to its brick-and-mortar stores, Sa Sa has a growing e-commerce presence, providing online shopping options for its customers. Sa Sa sources products from international brands as well as its own private labels, catering to a wide range of beauty needs and preferences. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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