Founded in Hong Kong in 1841 as a single store, AS Watson has grown into a global retail powerhouse operating over 17,000 stores across 31 markets in Asia and Europe, serving millions of customers every day through trusted brands in health, beauty, personal care and wellness.

Sustained Momentum in a Fast-Changing World

AS Watson continues to demonstrate strong growth momentum driven by customer relevance, operational excellence and a clear long-term strategy regardless of an increasingly complex global environment.

In 2025, the Group delivered 8% growth in health category, with double-digit growth in Europe; and 6% growth in beauty category, with double-digit growth in Asia. With continuous investment strengthening its O+O (Offline plus Online) ecosystem, O+O sales achieved double-digit growth, reflecting strong customer engagement across channels. Its loyalty member base grew by ten million in the year, from 170 million to over 180 million.

Building for the Future

Looking ahead, AS Watson plans to open about 1,000 new stores this year, underpinned by a total investment of HK$3.8 billion (approximately US$490 million) across new store openings, store upgrades, technology and supply chain, as it continues to strengthen its global presence and O+O capabilities.

In an environment where consumer expectations, technologies and markets evolve rapidly, AS Watson views change not as a barrier, but as an opportunity — to innovate faster, operate smarter and serve customers better.

Purpose-Driven Growth

Alongside commercial success, AS Watson remains deeply committed to doing good for people, community, and the planet. Sustainability continues to be embedded across its operations — from reducing environmental impact and promoting responsible sourcing, to supporting community wellbeing and health education in the markets it serves.

As part of its commitment to its communities, AS Watson reached a major milestone in its global youth employment pledge - recruiting over 134,000 young people to date and delivering 3.8 million hours of training. This achievement marks more than halfway toward its goal of creating 200,000 opportunities by 2030. In addition, the year also marks a major achievement in its "Give a Smile" campaign with Operation Smile, surpassing its goal of 10,000 free surgeries for children with cleft conditions ahead of schedule, reaffirming its commitment to brighter futures for our next generation.

Throughout its 185^th anniversary year, AS Watson will host celebrations and initiatives across all 31 markets, recognising colleagues, partners and customers who have shaped the company's journey and continue to drive its success.

Dr Malina Ngai, Group CEO of AS Watson, reflects on the company's incredible journey while looking ahead to the future: "When we think about the next century, the truth is this: we have never been able to see 100 years ahead — not then, and not now."

"Today, change moves faster than ever. Markets shift overnight. Technologies redefine industries. Expectations evolve constantly. So, when we talk about building the next century, it's not about predicting the future. It's about preparing for it."

"And we prepare the same way we always have — by staying grounded in what does not change: our commitment to customers, our people, our partners, and to doing business responsibly."

A Legacy of Resilience, A Future of Opportunity

After 185 years, AS Watson's story remains one of adaptability, ambition and purpose. From one store to a global network of 17,000 locations, the company enters its next chapter focused on sustainable growth, innovation and continued leadership in health and beauty retail.

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