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Sa Sa International Holdings (178) investor relations material

Sa Sa International Holdings H2 24/25 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 24/25 earnings summary19 Jun, 2025

Executive summary

  • Turnover declined 9.7% year-over-year to HK$3,941M, mainly due to outbound travel and cautious tourist spending amid a strong US dollar.

  • Gross profit margin sustained at 39.8%, down 1.0 ppt year-over-year.

  • Recurring profit (excluding one-off China store closure costs) was HK$107M, down 51.1% year-over-year.

  • Board proposed a final dividend of 1.7 HK cents per share; total annual dividend 2.45 HK cents, about 70% of core profit.

  • All physical stores in Mainland China to be closed by June 2025, shifting focus to online business.

Financial highlights

  • Gross profit fell 11.9% year-over-year to HK$1,571M.

  • Net income attributable to owners was HK$77M, down 64.8% year-over-year.

  • Basic EPS was 2.5 HK cents, down from 7.1 HK cents year-over-year.

  • Cash and cash equivalents at year-end were HK$371M; working capital of HK$465.3M.

  • Operating profit dropped to HK$106.3M from HK$285.1M year-over-year.

Outlook and guidance

  • Strategy focuses on curated product portfolio, omni-channel integration, digital upgrades, and enhanced product display to drive sales and gross profit growth while maintaining stable margins.

  • FY2025/26 Q1 sales (up to 15 June) rose 4.5% year-over-year, with HK & Macau up 9.5% and Southeast Asia up 12.5%.

  • Group expects to maintain a sustainable and steady dividend policy.

  • Mainland China offline sales to be discontinued, with focus shifting to online and cross-border e-commerce.

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H1 25/2614 Nov, 2025
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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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