Core Viewpoint - Melco Resorts & Entertainment reported better-than-expected Q2 2025 results, with net revenue of $1.328 billion, a 15% year-over-year increase and an 8% quarter-over-quarter increase, recovering to 91% of Q2 2019 levels [1] Group 1: Financial Performance - Adjusted property EBITDA was $378 million, up 25% year-over-year and 11% quarter-over-quarter, recovering to 84% of Q2 2019 levels, exceeding Bloomberg consensus estimate of $347 million [1] - The company maintained stable operating cost control, leading to improved profit margins [1] Group 2: Management Insights - Management indicated that the strong trend observed in June 2025 continued into July 2025, with expectations for this trend to persist into Q3 2025, driven by record visitor numbers at Macau properties and strong performance in the premium mass segment [1] - The company plans to close the Junket Room and three Mocha Clubs by the end of 2025, with an impairment loss of approximately $56 million recognized in Q2 2025 [1] - Management is optimistic about the benefits from the closure of competitor satellite casinos and the company's own satellite properties [1] - Competitors are increasing reinvestment rates, but the company remains focused on enhancing its products to retain customers [1] - Enhanced information technology for smart gaming tables is expected to optimize customer rebate expenditures [1] - The "The House of Dancing Water" show is helping to attract visitors back to City of Dreams, positively impacting non-gaming revenue [1] - Despite the impact of the Israel-Iran conflict on City of Dreams Cyprus, summer hotel bookings have significantly increased [1] - City of Dreams Sri Lanka is set to open on August 1, 2025, primarily targeting Indian customers, with expectations for a longer ramp-up period due to its status as the first resort of its kind in South Asia [1] - City of Dreams Manila's performance remained stable in July 2025 [1] - The company repurchased approximately $120 million worth of shares at about $5 per ADS in April and May 2025 [1] Group 3: Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 7 times the 2025 estimated EV/adjusted EBITDA [2] - A neutral rating is maintained with a target price of $8.50, reflecting an 8 times 2025 estimated EV/adjusted EBITDA, indicating a 1% downside from the current stock price [2] - For Melco International Development, the adjusted EBITDA forecasts for 2025 and 2026 remain unchanged, with an upgraded target price of 14% to HKD 5.80, reflecting a 20% discount to net asset value and a 7% upside from the current stock price [2]

Core Viewpoint - CICC maintains its outperform rating for Melco International Development (00200) and raises the target price by 14% to HKD 5.80, indicating a 7% upside potential based on the current discount level corresponding to a 20% net asset discount rate [1] Group 1: Financial Performance - Melco Resorts & Entertainment reported better-than-expected Q2 2025 results with net revenue of USD 1.328 billion, a year-on-year increase of 15% and a quarter-on-quarter increase of 8%, recovering to 91% of Q2 2019 levels [2] - Adjusted property EBITDA for Q2 2025 was USD 378 million, up 25% year-on-year and 11% quarter-on-quarter, recovering to 84% of Q2 2019 levels, exceeding the consensus estimate of USD 347 million [2] Group 2: Management Insights - Management indicated that the strong trend from June 2025 continued into July 2025, with expectations for this trend to persist into Q3 2025, benefiting from record visitor numbers at Macau properties and sustained performance from high-end gaming [3] - The company plans to close the Dragon Palace Casino and three Mocha slot machine clubs by the end of 2025, with an impairment loss of approximately USD 56 million recognized in Q2 2025 [3] - Management is optimistic about the benefits from the closure of competing satellite casinos and is focused on enhancing product offerings to retain customers [3] Group 3: Non-Gaming Revenue and New Developments - The "The House of Dancing Water" show has positively impacted non-gaming revenue by attracting visitors to City of Dreams Macau, with efforts to convert visitor traffic into gaming revenue [4] - Despite the impact of the Israel-Iran conflict on City of Dreams Cyprus, summer hotel bookings have significantly increased [4] - City of Dreams Sri Lanka is set to open on August 1, 2025, targeting Indian customers, with expectations for a longer ramp-up period due to its status as the first resort of its kind in South Asia [4] - City of Dreams Manila's performance remained stable in July 2025, and Melco Resorts repurchased approximately USD 120 million worth of shares at around USD 5 per ADS in April and May 2025 [4]

通过天眼查大数据分析，浙江新和成股份有限公司共对外投资了23家企业，参与招投标项目675次，知 识产权方面有商标信息366条，专利信息726条，此外企业还拥有行政许可110个。 新和成最新一期业绩显示，截至2025一季报，公司营业总收入54.40亿元、同比增长20.91%，归属净利 润18.80亿元，同比增长116.18%，扣非净利润18.80亿元，同比增长119.22%，流动比率2.610、速动比率 1.988、资产负债率29.74%。 金融界消息 截至2025年8月1日收盘，新 和 成（002001）报收于22.25元，下跌0.67%，换手率1.01%， 成交量30.65万手，成交金额6.90亿元。 天眼查商业履历信息显示，浙江新和成股份有限公司，成立于1999年，位于绍兴市，是一家以从事医药 制造业为主的企业。企业注册资本307342.168万人民币，实缴资本307342.168万人民币。公司法定代表 人为胡柏藩。 资金流向方面，今日主力资金净流入6417.59万元，占比成交额9.31%。其中，超大单净流入3721.99万 元、占成交额5.4%，大单净流入2695.59万元、占成交额3.91%，中单净流 ...

Group 1 - The Hang Seng Index fell by 0.18%, down 45 points, closing at 24,727 points, while the Hang Seng Tech Index decreased by 0.12% [1] - In the semiconductor sector, InnoSilicon became the only Chinese chip manufacturer included in NVIDIA's latest 800V architecture supplier list, leading to a more than 30% increase in InnoSilicon's stock [1] - The Ministry of Industry and Information Technology issued a special energy-saving inspection task list for the polysilicon industry, boosting the solar panel sector, with notable stock increases for companies like Kaisheng New Energy (up over 5%) and Fuyao Glass (up over 4%) [1] Group 2 - Stone Pharmaceutical Group's stock rose over 6% after announcing a more than $2 billion overseas business development deal [2] - Ruihe Smart's stock surged over 10% following a profit warning, with expected net profits for the first half of the year reaching up to 44 million yuan, marking a turnaround from losses [3] - Inspur Digital Enterprises' stock increased nearly 6%, reaching a new high, with expected net profits for the first half of the year up to 190 million yuan, supported by its parent company Inspur Group [4] Group 3 - Xirui's stock rose over 4%, reaching a new high, as institutions predict rapid growth in the private aviation market [5] - Qiniu Intelligent's stock increased by over 8%, with its AI model user base surpassing 10,000, marking a significant milestone in its AI strategy [6] - Tsugami Machine Tool's stock rose over 5%, with its Japanese division reporting a 38.1% year-on-year increase in profits for the first quarter [7] Group 4 - New Macau International Development's stock fell over 4%, with its subsidiary New Macau Borya reporting a nearly 20% year-on-year decline in net income for the second quarter [7] - Kintor Pharmaceutical's stock plummeted over 16% after the company announced a discounted placement of shares at an 18.75% discount, raising approximately 40.34 million Hong Kong dollars [7]

消息面上，新濠国际发展发布公告称，新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比 增加约15%。总营运收益增加，主要可归因于整体博彩及非博彩营运的表现均有改善。营运收入为 1.247亿美元，同比增长0.81%；新濠博亚娱乐应占净收入为1720万美元，同比减少19.63%。 智通财经APP获悉，新濠国际发展(00200)跌超3%，截至发稿，跌3.13%，报5.27港元，成交额3526.56万 港元。 ...

新濠国际发展(00200)跌超3%，截至发稿，跌3.13%，报5.27港元，成交额3526.56万港元。 消息面上，新濠国际发展发布公告称，新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比 增加约15%。总营运收益增加，主要可归因于整体博彩及非博彩营运的表现均有改善。营运收入为 1.247亿美元，同比增长0.81%；新濠博亚娱乐应占净收入为1720万美元，同比减少19.63%。 ...

Core Viewpoint - The total operating revenue of Melco International Development for Q2 2025 reached $1.33 billion, reflecting a year-on-year increase of approximately 15% due to improved performance in both gaming and non-gaming operations [1] Summary by Categories Financial Performance - Total operating revenue increased to $1.33 billion, up about 15% year-on-year [1] - Operating income was $12.47 million, showing a year-on-year growth of 0.81% [1] - Net income attributable to Melco was $17.2 million, representing a year-on-year decrease of 19.63% [1]

新濠国际发展(00200)公布，新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比增加约 15%。总营运收益增加，主要可归因于整体博彩及非博彩营运的表现均有改善。营运收入为1.247亿美 元，同比增长0.81%;新濠博亚娱乐应占净收入为1720万美元，同比减少19.63%。 ...

Group 1 - The core viewpoint of the article is that Melco International Development reported a 15% year-on-year increase in total operating revenue for the second quarter of 2025, amounting to 1.33 billion USD [1] - The increase in total operating revenue is attributed to improvements in both gaming and non-gaming operations [1] - Operating income for Melco was reported at 124.7 million USD, reflecting a year-on-year growth of 0.81% [1] Group 2 - The net income attributable to Melco was 17.2 million USD, which represents a year-on-year decrease of 19.63% [1]

相关事件 格隆汇7月31日丨新濠国际发展(00200.HK)公告，公司上市附属公司─新濠博亚娱乐有限公司公布截至 2025年6月30日止第二季度未经审核财务业绩。 新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比增加约15%。总营运收益增加，主要可 归因于整体博彩及非博彩营运的表现均有改善。 2025年第二季度的营运收入为1.25亿美元，而2024年第二季度的营运收入为1.2亿美元。新濠博亚娱乐于 2025年第二季度录得经调整物业EBITDA(即扣除利息、税项、折旧、摊销、开业前成本、开发成本、物 业开支及其他、以股份为基础的薪酬、根据合作安排付予菲律宾订约方("菲律宾订约方")的款项、综合 度假村及娱乐场租金、企业及其他开支以及其他非营运收入及开支前的净收入／亏损)为3.78亿美元， 而2024年第二季度则录得经调整物业EBITDA为3.03亿美元。 新濠国际发展(00200.HK)附属新濠博亚娱乐第二季度总营运收益13.3亿美元 同比增加约15% 港股异动丨 张学友演唱会带动澳门6月博彩收入超预期，新濠国际发展大涨超13% ...