目錄 | 管理層討論及分析 | 2 | | --- | --- | | 簡明綜合中期財務資料審閱報告 | 29 | | 簡明綜合損益及其他全面收益表 | 31 | | 簡明綜合財務狀況表 | 33 | | 簡明綜合權益變動報表 | 35 | | 簡明綜合現金流量表 | 37 | | 簡明綜合中期財務資料附註 | 39 | | 其他資料 | 67 | | 公司資料 | 91 | 新濠國際發展有限公司 | 二零二五年中期報告 1 管理層討論及分析 重要事件及發展 於二零二五年上半年，新濠國際發展有限公司（「新濠國際」或「本公司」）及其附屬公司（統 稱「本集團」）旗下綜合度假村表現強韌。 期內，本集團致力優化營運開支，並策略性地投資於物業升級及打造高端賓客體驗，以 實現平衡增長。其上半年表現反映本集團具備適應市場動態的能力，同時為其遍佈各地 的多元化物業組合的可持續增長奠定基礎。 在中華人民共和國澳門特別行政區（「澳門」），本集團通過具策略性的物業優化工程保持 競爭優勢，提升了訪客量及營運效率。於二零二五年五月煥新歸來的《水舞間》入座率超 乎理想，顯著帶動非博彩收入，並提升澳門作為娛樂目的地的魅力。 2 新濠國際發 ...

Core Viewpoint - The Macau gaming stocks experienced a significant decline due to the impending threat of Typhoon Haikui, with the government issuing warnings and potentially requiring casinos to suspend operations [1] Group 1: Stock Performance - SJM Holdings (00200) fell by 4.03%, trading at HKD 5.24 [1] - MGM China (02282) decreased by 2.49%, trading at HKD 15.66 [1] - Galaxy Entertainment (00880) dropped by 2.52%, trading at HKD 3.1 [1] - Wynn Macau (01128) declined by 1.99%, trading at HKD 6.88 [1] Group 2: Government Response - The Macau Meteorological and Geophysical Bureau issued a No. 3 warning at 5 AM on the 23rd, with expectations to upgrade to No. 8 by 5 PM [1] - The government has activated its emergency response mechanism and is implementing evacuation plans for low-lying areas [1] Group 3: Revenue Forecast - Citigroup revised its forecast for Macau's total gaming revenue in September from MOP 19.5 billion to MOP 18.5 billion, reflecting a year-on-year growth of 7% [1] - This adjustment indicates that the gaming revenue for the remaining days of the month is expected to average approximately MOP 561 million per day [1]

智通财经APP获悉，博彩股午后跌幅扩大，截至发稿，新濠国际发展(00200)跌4.03%，报5.24港元；美 高梅中国(02282)跌2.49%，报15.66港元；澳博控股(00880)跌2.52%，报3.1港元；永利澳门(01128)跌 1.99%，报6.88港元。 花旗发布研报称，澳门特区政府已发出警示，若本周超强台风桦加沙触发八号或以上热带气旋警告信 号，将要求赌场暂停营业。因此，该行将9月的博彩总收入预测由195亿下调至185亿澳门元，按年增长 7%，相当于2019年同期约84%，意味今个月余下时间的日均博彩收入约5.61亿澳门元。 消息面上，为防范超强台风"桦加沙"，澳门特区政府地球物理气象局23日5时发出三号风球，预计将在 17时改发八号风球。澳门特区政府已全面启动应急机制。据悉，澳门将进入即时预防状态，将执行低洼 地区疏散撤离计划。 ...

根据国家相关政策规定，对于通过仿制药一致性评价的药品品种，在医保支付方面予以适当支持，医疗 机构应优先采购并在临床中优先选用。同品种药品通过仿制药一致性评价的生产企业达到3家以上的， 在药品集中采购等方面不再选用未通过仿制药一致性评价的品种。公司盐酸林可霉素注射液通过仿制药 一致性评价，有利于提升该药品的市场竞争力，对该药品的市场销售产生积极影响。 智通财经APP讯，*ST苏吴(600200.SH)发布公告，近日，公司全资子公司江苏吴中医药集团有限公司下 属分支机构江苏吴中医药集团有限公司苏州制药厂(简称"苏州制药厂")收到了国家药品监督管理局核准 签发的关于"盐酸林可霉素注射液"的《药品补充申请批准通知书》(通知书编号：2025B04321)，该药品 通过仿制药质量和疗效一致性评价。 ...

Market Overview - The Hong Kong stock market showed a volatile trend, with the Hang Seng Index closing flat after briefly surpassing 27,000 points during the day [1] - The Hang Seng Index remained at 26,545.10, with a slight change of 0.00% and a 5-day increase of 0.59% [2] - The Hang Seng China Enterprises Index rose by 0.17%, closing at 9,472.35, with a 5-day increase of 1.15% [2] - The Hang Seng Tech Index increased by 0.37%, closing at 6,294.42, with a 5-day increase of 5.09% [2] Sector Performance - Large technology stocks showed mixed performance, with NIO, SenseTime, and Hua Hong Semiconductor rising over 4%, while Tencent Music and Horizon Robotics fell over 4% [4] - Gaming stocks performed strongly, with major players like Melco International Development, Sands China, and Wynn Macau rising over 6% [6] - Gold and precious metal stocks saw gains, with Shandong Gold rising over 6% and other gold-related stocks following suit [7] - Automotive parts stocks led the gains, with New Morning Power surging over 27% [9] - Tesla-related stocks were active, with Ganfeng Lithium rising by 9% and Li Auto also showing positive movement [10] Notable Stock Movements - The top gainers included: - NIO-SW: +4.45% [5] - SenseTime-W: +4.58% [5] - Shandong Gold: +6.13% [8] - New Morning Power: +27.66% [9] - Conversely, notable decliners included: - Tencent Music: -4.04% [5] - Orange Sky Golden Harvest: -8.54% [12] - Innovent Biologics: -5.50% [13] Capital Flows - Southbound funds recorded a net inflow of HKD 9.838 billion, with HK Stock Connect (Shanghai) contributing HKD 5.283 billion and HK Stock Connect (Shenzhen) contributing HKD 4.555 billion [14] Future Outlook - The market outlook suggests that the Hong Kong stock market may perform stronger following the Federal Reserve's potential interest rate cuts, particularly in sectors like healthcare, technology, and consumer goods [15]

Group 1 - Macau's gaming revenue reached a record high of 22.16 billion MOP in August, marking a 0.14% month-on-month increase and a 12.2% year-on-year increase, surpassing the estimated growth of 12.0% [1][1][1] - From January to August, the total gaming revenue amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1][1][1] - Haidong International forecasts that September will see a vibrant array of activities, likely boosting visitor numbers and gaming gross revenue (GGR) during the off-peak season [1][1][1] Group 2 - Goldman Sachs attributes the strong performance of Macau's gaming companies to a combination of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing safety concerns in Thailand and the Philippines, which have led more mainland tourists to choose Hong Kong and Macau as destinations [1][1][1] - For the upcoming National Day Golden Week, gaming companies anticipate strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not expected to significantly impact gaming revenue [1][1][1]

Group 1 - The gaming stocks experienced significant gains in early trading, with Wynn Macau rising by 7.07% to HKD 7.12 [1] - Melco International Development increased by 6.79% to HKD 5.66 [1] - Sands China saw a rise of 5.80%, reaching HKD 21.52 [1] - Galaxy Entertainment rose by 5.35%, trading at HKD 42.92 [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Macau's gaming stocks, with significant increases in share prices for major companies such as Wynn Macau, Melco International Development, Sands China, and Galaxy Entertainment [1] - Macau's gross gaming revenue (GGR) for August reached a record high of 22.16 billion MOP, marking a month-on-month increase of 0.14% and a year-on-year increase of 12.2% [1] - For the first eight months of the year, the total GGR in Macau amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1] Group 2 - According to Haitong International, the upcoming September is expected to see a boost in visitor numbers and GGR due to various exciting events planned, despite it being a traditionally low season [1] - Goldman Sachs attributes the recent strong performance of Macau's gaming companies to several factors, including a series of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing safety concerns in Thailand and the Philippines, which have led more mainland travelers to choose Hong Kong and Macau as destinations [1] - For the upcoming National Day Golden Week, gaming companies anticipate strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not expected to significantly impact gaming revenue [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Macau gaming stocks, driven by various factors including events, wealth effects from the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading to increased mainland tourist visits to Hong Kong and Macau [1] - According to Goldman Sachs, the gaming companies in Macau expect strong demand during the upcoming Golden Week, supported by nearly full hotel bookings and positive customer communications, with the National Games not significantly impacting gaming revenue [1] - The overall industry anticipates sustained strong growth momentum for the remainder of the year, with Goldman Sachs projecting a 9% year-on-year increase in Macau's total gaming revenue (GGR) for 2025, translating to a 14% year-on-year growth from September to December this year, and a 7% growth in 2026 [1] Group 2 - Specific stock performances include Wynn Macau rising nearly 3%, Galaxy Entertainment up 2%, Melco International Development increasing by 1.5%, Sands China and Suncity Group both gaining over 1%, and MGM China following suit [1] - The latest stock prices and changes are as follows: Wynn Macau at 6.830 (+2.71%), Galaxy Entertainment at 41.540 (+1.96%), Melco International Development at 5.380 (+1.51%), Sands China at 20.600 (+1.28%), Suncity Group at 0.890 (+1.14%), and MGM China at 15.610 (+0.13%) [1]

Group 1 - The stock of *ST Suwu (600200) closed at 0.95 yuan on September 18, 2025, with an increase of 2.15% and a turnover rate of 4.14% [1] - On September 18, 2025, the net outflow of main funds was 246.04 million yuan, accounting for 8.77% of the total transaction amount [1][3] - The company has been under investigation by the China Securities Regulatory Commission (CSRC) since February 26, 2025, for suspected violations of information disclosure [1] Group 2 - The company received an administrative penalty notice on July 13, 2025, for inflating revenue and profits through transactions with related companies, with inflated revenues reported from 2020 to 2023 totaling 49.53 million yuan, 46.85 million yuan, 43.07 million yuan, and 37.67 million yuan, respectively [1] - The inflated profits during the same period were reported as 1.46 million yuan, 2.03 million yuan, 1.99 million yuan, and 2.12 million yuan [1] - The company’s stock has been subject to a delisting risk warning since July 14, 2025, due to the potential for major illegal delisting circumstances [1][3]