Core Viewpoint - CICC has revised down the adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion respectively, due to increased operating expenses [1] Group 1: Financial Performance - Galaxy Entertainment reported Q3 2025 revenue of HKD 12.163 billion, a year-on-year increase of 14% and a quarter-on-quarter increase of 1%, recovering to 96% of Q3 2019 levels [2] - The adjusted EBITDA for the same period was HKD 3.341 billion, reflecting a year-on-year increase of 14% but a quarter-on-quarter decrease of 6%, recovering to 81% of Q3 2019 levels [2] - The performance was in line with market expectations, with the adjusted EBITDA closely matching the consensus estimate of HKD 3.321 billion [2] Group 2: Market Strategy and Operations - Galaxy aims to achieve a total gaming revenue market share of 20-22% and has seen strong market performance in October 2025, aided by higher VIP win rates [3] - The company noted an improvement in demand in the last weeks of October 2025, with expectations for a strong finish in Q4 2025 [3] - Despite a 300 basis point decline in profit margins due to one-time marketing expenses during the summer, daily fixed operating costs remained stable compared to Q2 2025 [3] Group 3: Future Plans and Developments - The company plans to relocate some gaming tables from Galaxy Macau to the StarWorld Hotel, anticipating demand from existing satellite gaming customers after the satellite casino closes at the end of 2025 [4] - Galaxy's Phase 4 is expected to be completed by 2027, with Broadway potentially serving as future land reserves for expansion projects [4] - Despite delays in the legalization of gaming in Thailand, Galaxy remains interested in investment opportunities in the region [4]

Core Insights - Galaxy Entertainment reported a total gaming revenue of HKD 12.2 billion for Q3 2025, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 2% [1] - The group's net revenue for Q3 2025 was HKD 12.2 billion, up 14% year-on-year and 1% quarter-on-quarter [1] - Mass gaming revenue totaled HKD 9.5 billion, reflecting a 13% year-on-year increase and a 7% quarter-on-quarter increase [1] - VIP gaming revenue reached HKD 2 billion, showing a significant year-on-year increase of 86%, but a quarter-on-quarter decline of 15% [1] - Slot machine gaming revenue amounted to HKD 738 million, with an 11% year-on-year increase and a 6% quarter-on-quarter decline [1] Financial Performance - The main revenue and profit contributor for the group was "Galaxy Macau™," which generated net revenue of HKD 10.1 billion in Q3 2025, up 20% year-on-year and 1% quarter-on-quarter [1] - Adjusted EBITDA for Q3 2025 was HKD 3.1 billion, reflecting a 20% year-on-year increase but an 8% quarter-on-quarter decline [1] - The high win rate in the "Galaxy Macau™" gaming business contributed an additional HKD 18 million to adjusted EBITDA [1] - After normalizing the win rate, adjusted EBITDA was HKD 3.1 billion, representing an 11% year-on-year increase and a 5% quarter-on-quarter increase [1]

Major Events - Yuejiang (02432) plans to place 16.66 million shares at a discount of approximately 10.3%, raising about HKD 771 million [1] - Qingci Games (06633) has signed a game licensing transfer agreement with Disney [1] - Yaoshi Bang (09885) experiences stock price fluctuations and will repurchase shares up to a total of HKD 100 million [1] - China Qinfa (00866) has been included in the MSCI Global Small Cap Index [1] - China Tobacco Hong Kong (06055) signs an exclusive distribution agreement for "Crown" cigars in the global market with Anhui Tobacco [1] - Weichai Power (02338) signs a manufacturing license agreement with Hylis [1] Financial Reports - Galaxy Entertainment (00027) reports third-quarter net income of HKD 12.2 billion, a year-on-year increase of 14% [1] - BeiGene (06160) reports adjusted net profit of approximately USD 304 million for the third quarter, a year-on-year increase of 489% [1] - Hua Hong Semiconductor (01347) reports third-quarter profit attributable to shareholders of USD 25.725 million, a year-on-year decrease of 42.6% [1] - Autohome-S (02518) reports third-quarter net profit attributable to the parent of HKD 436.6 million, with online marketing and other business revenue increasing by 32.1% year-on-year [1] - Zai Lab (09688) reports total revenue growth of 14% year-on-year, reaching USD 116.1 million for the third quarter [1] - Yidu International Holdings (00259) issues a positive profit alert, expecting half-year profit attributable to shareholders of approximately HKD 1.2 billion, a year-on-year increase [1] - Tianli International Holdings (01773) issues a positive profit alert, expecting annual profit of approximately HKD 650 million, a year-on-year increase of about 17% [1] - Damai Entertainment (01060) expects mid-term net profit to increase to no less than HKD 500 million year-on-year [1] - Cafe de Coral Group (00341) issues a profit warning, expecting mid-term profit attributable to shareholders to decrease by 65% to 70% year-on-year [1] - China Overseas Development (00688) reports cumulative contract property sales of approximately HKD 189.165 billion for the first ten months, a year-on-year decrease of 21.3% [1]

Investment Rating - The report does not explicitly state an investment rating for Galaxy Entertainment, but it provides detailed financial performance metrics that suggest a positive outlook for the company [1][7]. Core Insights - Galaxy Entertainment reported a net revenue of HKD 12.16 billion for Q3 2025, representing a year-on-year increase of 14.0% and a quarter-on-quarter increase of 1.0% [2][8]. - The adjusted EBITDA for the same period reached HKD 3.34 billion, up 13.6% year-on-year, with an adjusted EBITDA margin of 27.5%, slightly down by 0.1 percentage points year-on-year [4][11]. - The company's total betting amount increased significantly, reaching HKD 127.84 billion, a 24.5% year-on-year increase, driven by a substantial rise in VIP betting [3][9]. - The gaming revenue specifically saw an 18.4% year-on-year growth, with contributions from both gaming and non-gaming sectors [2][8]. - The market share of Galaxy Entertainment stood at 20.2% in Q3 2025, stable compared to the previous quarter and up from 18.8% in Q3 2024 [5][12]. Financial Performance Summary - For Q3 2025, the net revenue was HKD 12.16 billion, with gaming revenue contributing HKD 9.71 billion and non-gaming revenue contributing HKD 1.73 billion [2][8]. - The adjusted EBITDA margin for the quarter was 27.5%, with a total adjusted EBITDA of HKD 3.34 billion [4][11]. - The total revenue for the company reached HKD 35.41 billion year-to-date, reflecting a 10.2% year-on-year increase [1][7]. Betting and Revenue Breakdown - The total betting amount for the company was HKD 127.84 billion, with VIP, mass market, and slot machine betting amounts at HKD 65.0 billion, HKD 35.41 billion, and HKD 27.42 billion respectively [3][9]. - The win rates for VIP, mass market, and slot machines were 3.1%, 26.7%, and 2.7% respectively, indicating a relatively high overall win rate [3][9]. Strategic Developments - The company has engaged in several strategic partnerships and events to enhance its competitive position, including collaborations with UFC and Tencent Music [5][12]. - Major entertainment events hosted by the company contributed positively to its performance, including concerts by popular artists [2][8].

Core Viewpoint - Citigroup's report indicates that Galaxy Entertainment's Q3 performance met expectations, with net revenue increasing by 14% year-on-year and 1% quarter-on-quarter to HKD 12.163 billion [1] Financial Performance - Adjusted EBITDA grew by 14% year-on-year but declined by 6% quarter-on-quarter to HKD 3.341 billion, exceeding Citigroup's forecast by approximately 3% and aligning closely with market expectations [1] - The adjusted EBITDA margin decreased by 0.1 percentage points year-on-year and 2.2 percentage points quarter-on-quarter to 27.5%, outperforming Citigroup's prediction of 26.5% [1] Market Share - Citigroup estimates that Galaxy Entertainment's market share remained stable quarter-on-quarter at approximately 20.2% [1] Investment Rating - Citigroup maintains a "Buy" rating for Galaxy Entertainment, with a target price set at HKD 54 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 銀河娛樂集團有限公司 | | | | 呈交日期: | 2025年11月6日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 銀河娛樂集團有限公司並無法定股本，及其股本並無股份面值。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00027 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結 ...

Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 12.2 billion for Q3 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 1% [1] Financial Performance - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter [1] - Adjusted EBITDA for "Galaxy Macau™" reached HKD 3.1 billion, marking a 20% increase year-on-year but an 8% decrease quarter-on-quarter [1] - Adjusted EBITDA for the StarWorld Hotel was HKD 369 million, down 7% year-on-year but up 22% quarter-on-quarter [1] - Adjusted EBITDA for "Broadway Macau™" was HKD 1 million, compared to HKD 11 million in Q3 2024 and HKD 4 million in Q2 2025 [1] - Over the past twelve months, the group's adjusted EBITDA totaled HKD 13.4 billion, reflecting a 14% year-on-year increase and a 3% quarter-on-quarter increase [1] Gaming Operations - In Q3 2025, the gaming business experienced a higher net win rate, contributing an additional HKD 14 million to adjusted EBITDA [1] - After normalizing the net win rate, the adjusted EBITDA was HKD 3.3 billion, which is a 7% increase year-on-year and a 5% increase quarter-on-quarter [1]

Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 12.2 billion for Q3 2025, representing a 14% year-on-year increase and a 1% quarter-on-quarter increase [1] Financial Performance - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter [1] - Adjusted EBITDA for "Galaxy Macau™" reached HKD 3.1 billion, marking a 20% year-on-year increase and an 8% quarter-on-quarter decrease [1] - Adjusted EBITDA for the Galaxy StarWorld Hotel was HKD 369 million, down 7% year-on-year but up 22% quarter-on-quarter [1] - Adjusted EBITDA for "Broadway Macau™" was HKD 1 million, compared to HKD 11 million in Q3 2024 and HKD 4 million in Q2 2025 [1] - Over the past twelve months, the group's adjusted EBITDA totaled HKD 13.4 billion, reflecting a 14% year-on-year increase and a 3% quarter-on-quarter increase [1] Gaming Operations - In Q3 2025, the gaming business's net win rate was higher than normal, contributing an additional HKD 14 million to adjusted EBITDA [1] - After normalizing the net win rate, adjusted EBITDA was HKD 3.3 billion, which is a 7% year-on-year increase and a 5% quarter-on-quarter increase [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 今日我很高興向大家報告集團於二零二五年第三季度之財務業績。於二零二五年第三季度 集團淨收益按年上升 14%至 122 億港元，經調整 EBITDA 按年上升 14%至 33 億港元。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） （股份代號：27） 截至二零二五年九月三十日止第三季 的若干特定未經審核之主要業務表現指標之公佈 本公佈乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及證 券及期貨條例（香港法例第 571 章）第XIVA部的內幕消息條文（定義見上市規則）而作 出。 銀娛宣佈華都娛樂場已於二零二五年十月三十一日終止營運。銀娛一直積極支持澳門特區 政府保障本地居民優先就業的方針，團隊成員除了可以保留原有職位，還有機會按自身意 願探索一系列 ...

Core Insights - The forum emphasized that the intergenerational succession of private enterprises is crucial not only for family businesses but also for the healthy development of the private economy and high-quality economic growth in China [2][3] Group 1: Importance of Succession - Intergenerational succession is not just about passing on the business but also about inheriting entrepreneurial spirit, social responsibility, and professional management traditions [2] - Family businesses account for about two-thirds of global enterprises, with a significant presence in countries like the U.S., Germany, and Japan, where they represent over 80% [2] Group 2: Challenges in Succession - A significant 76% of family businesses lack clear top-level design and succession plans, while 54% of entrepreneurs have immature considerations regarding succession [3] - Cultural transmission is deemed essential for the success of family business succession, with a focus on legal systems and spiritual beliefs as foundational elements [3] Group 3: Best Practices for Succession - Successful succession requires a top-level design that should be planned 10 to 20 years in advance, including governance structure, equity design, and successor training [3] - The release of the "2025 Best 100 Succession Companies" list highlights the importance of succession planning, with the average age of controlling shareholders being 62.3 years [4][5] Group 4: Key Metrics for Succession - The "succession capability" framework includes control stability, financial health, governance maturity, legal compliance, long-term strategic planning, successor capability, and cultural transmission [5] - The forum aims to shift the perception of succession from a future concern to an immediate necessity for businesses to avoid crises and potential wealth loss during generational transitions [5]