Summary of Key Points Core Viewpoint - *ST Suwu's stock price has significantly declined, with a drop of 14.76% this week, reaching a near one-year low, indicating potential financial distress and market volatility [1][3]. Trading Information Summary - As of May 16, 2025, *ST Suwu's stock closed at 2.31 yuan, down from 2.71 yuan the previous week, marking a 14.76% decrease - The stock reached a weekly high of 2.84 yuan on May 12 and a low of 2.26 yuan on May 16 - The company's total market capitalization is currently 1.645 billion yuan, ranking 148th out of 151 in the chemical pharmaceutical sector and 5022nd out of 5147 in the A-share market [1]. Company Announcement Summary - Chairman Qian Qunshan is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of securities laws and regulations related to information disclosure - The controlling shareholder, Suzhou Wuzhong Investment Holding Co., Ltd., holds 122,795,762 shares, accounting for 17.24% of the total share capital, with 94.48% of these shares pledged - The company has received a qualified audit report from Zhongxing Caiguanghua Accounting Firm for the 2024 fiscal year, indicating issues with non-operating fund occupation by related parties - The stock has been placed under delisting risk warning (ST) and other risk warnings due to significant price fluctuations exceeding 12% over three consecutive trading days [1][3].

Group 1: Company Performance - NetEase-S (09999) saw a significant increase of 10.89% in stock price after reporting Q1 2025 net revenue of RMB 28.8285 billion, a year-on-year increase of 7.4%, and gross profit of RMB 18.5 billion, up 8.6% [1] - H&H International Holdings (01112) rose over 8% as the market speculated on the ergotamine concept, with its Swisse brand showing strong performance in high-growth segments [2] - China Gold International (02099) experienced a stock price increase of over 5% after reporting a 351% rise in Q1 revenue to USD 273 million [2] Group 2: Clinical and Pharmaceutical Developments - Shandong Xinhua Pharmaceutical (00719) surged over 14% as COVID-19 infections showed an upward trend, with the company preparing for Phase II clinical trials of OAB-14 [1] - Innovent Biologics (01801) rose nearly 3% after announcing the completion of the first patient dosing in the Phase III clinical study of Ma Shidu peptide for obesity [1] - Kangxi Biologics (06185) increased over 3% after receiving approval from the Indonesian drug regulatory authority for its inhaled tuberculosis vaccine clinical trial [1] Group 3: Market Trends and Reactions - The Nasdaq Golden Dragon China Index fell over 2%, with notable declines in popular Chinese stocks such as Tiger Brokers (TIGR.US) down over 8% and Beike (BEKE.US) down over 5% [3] - UnitedHealth Group (UNH.US) experienced a significant drop of over 15% following reports of a U.S. Department of Justice investigation into potential insurance fraud [3] - Bitcoin-related stocks declined, with CleanSpark (CLSK.US) down nearly 6% and Coinbase (COIN.US) down over 7%, as Bitcoin itself fell over 1.5% [3]

Core Viewpoint - The chairman of *ST Suwu is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact the company's financial reporting and operations in the future [1][2]. Group 1: Investigation and Regulatory Actions - The CSRC has issued a notice of investigation against chairman Qian Qunshan, which is solely directed at him and is not expected to significantly affect the company's daily operations [1]. - The company has received a non-standard opinion on its 2024 annual report due to issues related to the occupation of funds, with a significant amount of 769 million yuan occupied by related parties [4]. - The company will provide weekly updates on the investigation's progress during the ongoing inquiry [2]. Group 2: Financial Performance - For the year 2024, *ST Suwu reported a revenue of 1.599 billion yuan, representing a year-on-year decrease of 28.64%, and a net profit attributable to shareholders of 70.48 million yuan [4]. - The company has received an audit report from Zhongxing Caiguanghua Accounting Firm that expresses an inability to provide an opinion on the financial statements due to the aforementioned issues [4]. Group 3: Business Operations and Strategy - *ST Suwu operates in the pharmaceutical sector through its wholly-owned subsidiary, Jiangsu Wuzhong Pharmaceutical Group, focusing on drug research, production, and sales, with key products in various therapeutic areas [2]. - The company aims to develop a dual-driven strategy focusing on both industrial development and capital operations, with plans to enhance its pharmaceutical core while nurturing the medical beauty biotechnology sector as a complementary industry [4]. Group 4: Legal and Financial Challenges - The company’s subsidiary, Jiangsu Wuzhong Import and Export Co., faced legal issues related to export tax fraud, with a court hearing scheduled for April 22, 2025 [5]. - Due to overdue loans, some of the company's bank accounts have been frozen, which may further impact its financing capabilities and business operations [5].

金融界消息 截至2025年5月14日收盘，*ST苏吴（600200）报收于2.51元，下跌4.92%，换手率3.1%，成 交量22.04万手，成交金额5568.48万元。 来源：金融界 资金流向方面，今日主力资金净流出1557.82万元，占比成交额27.98%。其中，超大单净流出925.25万 元、占成交额16.62%，大单净流出632.57万元、占成交额11.36%，中单净流出流入0.31万元、占成交额 0.01%，小单净流入1557.51万元、占成交额27.97%。 天眼查商业履历信息显示，江苏吴中医药发展股份有限公司，成立于1994年，位于苏州市，是一家以从 事医药制造业为主的企业。企业注册资本71215.1832万人民币，实缴资本12279.5762万人民币。公司法 定代表人为钱群山。 通过天眼查大数据分析，江苏吴中医药发展股份有限公司共对外投资了13家企业，参与招投标项目5 次，知识产权方面有商标信息46条，专利信息2条，此外企业还拥有行政许可9个。 *ST苏吴最新一期业绩显示，截至2025一季报，公司营业总收入3.17亿元、同比减少25.44%，归属净利 润7031.79万元，同比减少1489.9 ...

Core Insights - The demand for unique cultural experiences among global tourists is growing at an annual rate of 15%, significantly outpacing traditional sightseeing tourism [1] - The integration of culture and tourism is creating opportunities for innovative products that provide consumers with meaningful emotional experiences [1] Group 1: Cultural and Tourism Integration - The return of "The House of Dancing Water" marks a new chapter in the cross-industry integration of tourism and culture in Macau [1][3] - The performance combines water ballet, aerial stunts, and dramatic storytelling, catering to the modern tourist's desire for immersive experiences [3] Group 2: Technological Innovation - The new chapter of "The House of Dancing Water" features significant technological innovations, including a massive water pool equivalent to five Olympic-sized swimming pools and 13 new stage design elements [5] - The performance is enhanced by a newly arranged orchestral score and custom costumes, creating a fully immersive sensory experience [5] Group 3: Artistic Expression and Global Appeal - The new production incorporates Eastern aesthetic elements and employs a "global language, local narrative" strategy to meet the aesthetic expectations of international audiences [7] - The chairman of the parent company emphasizes that the performance is not only an artistic innovation but also a crucial step in promoting the integration of Macau's tourism and cultural industries [7]

Group 1 - The gaming stocks continue to rise, with notable increases in share prices for companies such as Melco International Development (+6.63%), Galaxy Entertainment (+4.07%), Wynn Macau (+1.64%), and Sands China (+1.28%) [1] - Melco International Development reported a total operating revenue of $1.23 billion for Q1 2025, representing an approximate 11% year-on-year increase, attributed to improved performance in both gaming and non-gaming operations [1] - Galaxy Entertainment announced a net revenue of HKD 11.2 billion for Q1 2025, up 6% year-on-year but down 1% quarter-on-quarter, with adjusted EBITDA rising 16% year-on-year to HKD 3.3 billion [1] Group 2 - Morgan Stanley reported that Macau's gaming revenue for the first five days of May reached MOP 1.02 billion, achieving a strong 12% year-on-year growth despite a high base from the previous year, recovering to over 90% of pre-pandemic levels [2] - The reported figures significantly exceeded the expected daily average of MOP 850 million, marking the largest positive surprise in years, with growth particularly encouraging [2] - Over half of Macau's gaming operators have released their Q1 results, but the current financial reports are expected to have limited impact on stock prices, with focus shifting to management's insights on the sustainability of the Golden Week's performance and detailed operational data from various operators [2]

Group 1 - The core viewpoint of the report is that due to the continuous increase in market share, the adjusted EBITDA forecasts for Melco International Development for 2025 and 2026 have been raised by 2% to HKD 14.01 billion and HKD 13.45 billion respectively [1] - The current stock price corresponds to a 5x EV/adjusted EBITDA for 2025, indicating a potential upside of 48% compared to the current stock price [1] Group 2 - In Q1 2025, Melco Resorts reported net revenue of USD 1.232 billion, an increase of 11% year-on-year and 3% quarter-on-quarter, recovering to 89% of Q1 2019 levels [2] - The adjusted property EBITDA for Q1 2025 was USD 341 million, up 14% year-on-year and 15% quarter-on-quarter, exceeding Bloomberg's consensus estimate of USD 315 million [2] - The performance is attributed to the increase in market share at City of Dreams and Studio City in Macau [2] Group 3 - Management indicated that the market share in Macau reached 15.7% in April 2025, with high-end mass gaming continuing to drive performance growth [3] - The show "The House of Dancing Water" premiered at City of Dreams on May 7, 2025 [3] - Management expects the reinvestment rate in the Macau gaming industry to stabilize compared to a year ago [3] Group 4 - During the May Day Golden Week in 2025, the betting volume in Macau properties was strong, with a 20% year-on-year increase in mass gaming at City of Dreams, supported by a 30% increase in property foot traffic [4] - The win amount from rated customers in Macau properties increased by 12% year-on-year [4]

Core Viewpoint - The stock price of Melco International Development (00200.HK) experienced a significant drop, falling over 18% intraday and closing down 13.68%, reaching a new low in over a decade due to a rights issue announcement aimed at raising capital [1][2]. Group 1: Rights Issue Details - Melco International Development announced a rights issue to raise up to approximately HKD 780 million, offering one new share for every two shares held at a price of HKD 1.0286, representing a discount of about 72.93% from the closing price on April 25 [2]. - The chairman and CEO, Ho Yau Lung, who holds approximately 61.44% of the shares, has committed to accept at least 413 million shares in the proposed rights issue, potentially increasing his stake to 69.69% if other shareholders do not participate [2]. Group 2: Financial Health and Debt Levels - As of the end of 2024, Melco International Development reported total assets of approximately HKD 84.75 billion and outstanding interest-bearing borrowings of about HKD 60.69 billion, resulting in a capital-to-debt ratio of 71.6%, a significant increase from 42.4% in June 2019 [3]. - The company has outstanding borrowings of approximately HKD 5.11 billion related to a USD 1 billion secured credit facility established in June 2021, with a portion of this debt due in June 2026 [3]. Group 3: Use of Proceeds from Rights Issue - The company anticipates that 50%-60% of the net proceeds from the rights issue will be used to repay part of the principal of the outstanding credit facility, while the remaining 40%-50% will primarily cover interest payments on the same facility [4]. Group 4: Performance and Market Reaction - Despite a recovery trend in revenue since 2020, Melco International Development has reported continuous net losses, with a projected loss of HKD 785 million for 2024 [5]. - High financing costs have contributed to the ongoing losses, leading to several years without dividend payouts, which has negatively impacted the stock price, resulting in a downward trend in recent years [6].

Financial Performance - The company's net revenue for the year ending December 31, 2024, was HKD 36.17 billion, an increase of HKD 6.64 billion or 22.5% compared to HKD 29.53 billion for the same period in 2023[40] - Adjusted EBITDA for the year was HKD 9.03 billion, up from HKD 7.51 billion in the previous year[39] - The loss attributable to the company's owners was HKD 780 million, significantly reduced from HKD 1.74 billion in 2023[39] - Casino revenue rose by 22.2% from HKD 24,090.4 million in 2023 to HKD 29,432.3 million in 2024, with hotel room revenue increasing by 24.5% and food and beverage revenue increasing by 36.4%[106] - Total operating revenue for Melco Resorts increased to $4,640,000,000 in 2024 from $3,780,000,000 in 2023, representing a growth of 22.8%[115] - Adjusted property EBITDA for Melco Resorts reached $1,220,000,000 in 2024, up from $1,040,000,000 in 2023, marking a 17.3% increase[116] - Net income attributable to Melco Resorts was $43,500,000 in 2024, a significant recovery from a net loss of $326,900,000 in 2023[116] Strategic Expansion and Development - The company is set to launch the highly anticipated "The House of Dancing Water" show in May 2025, enhancing the tourism experience at City of Dreams[41] - The company plans to open a new casino at City of Dreams Sri Lanka in Q3 2025, expanding its brand and customer base[41] - The group anticipates the opening of City of Dreams Sri Lanka in Q3 2025, which is expected to be a light capital investment project with significant returns[59] - The group is exploring strategic options for City of Dreams Manila to optimize investments and effectively reallocate resources[59] - The group continues to invest resources to enrich its cultural, leisure, and tourism projects in Macau, including the return of the acclaimed water show "The House of Dancing Water" to enhance the tourism experience[75] Sustainability and Corporate Social Responsibility - The group has received recognition for its community initiatives, winning awards for best corporate social responsibility programs[25] - The group is committed to achieving carbon neutrality and reducing waste and water consumption as part of its sustainability goals[45] - The group made charitable contributions of approximately HKD 135.7 million in 2024, with nearly 3,600 volunteer hours contributed by employees globally[44] - The company was awarded the "ESG Best Performance Award - Merit" and "Theme Award - Merit" at the BDO ESG Awards 2024, recognizing its outstanding performance in sustainability[101] - The group won the "Best Overall Corporate Social Responsibility Program" and "Best Corporate Social Responsibility Initiative" at the IAG Academy IR Awards for its "Small Kindness, Big Love" initiative[98] Operational Improvements and Guest Experience - The gradual improvement in operations is attributed to the recovery of inbound tourists to Macau and the opening of new facilities[40] - The group is focusing on enhancing guest experiences and has introduced new entertainment facilities, including the first Dolby Cinema in Hong Kong and Macau[56] - The upgraded membership program offers exclusive benefits and personalized experiences to guests, aimed at increasing property attractiveness and foot traffic[56] - The group has implemented significant property upgrades that have improved guest satisfaction and overall financial performance[57] - The company continues to enhance guest experiences at Studio City through the addition of new facilities and attractions, including the opening of the first Dolby Cinema in Hong Kong and Macau[67] Environmental Impact - Greenhouse gas emissions increased from 17,688 MtCO2e in 2022 to 20,770 MtCO2e in 2023, and are projected to reach 28,675 MtCO2e in 2024[46] - Total energy consumption rose from 390,278 MWh in 2022 to 470,030 MWh in 2023, with a forecast of 536,449 MWh in 2024[47] - The total amount of waste generated increased from 7,680 tons in 2022 to 15,633 tons in 2023, expected to reach 20,996 tons in 2024[48] Corporate Governance and Leadership - The company emphasizes maintaining high levels of corporate governance to ensure responsible decision-making and improve transparency to shareholders[178] - The corporate governance framework is designed in accordance with applicable laws and listing rules, with regular reviews by the board of directors[179] - The board of directors consists of six members, with three executive directors and three independent non-executive directors, ensuring compliance with independence regulations[192] - The independent non-executive directors play a crucial role in maintaining financial reporting standards and safeguarding shareholder interests[198] - The company has established a code of conduct to ensure the highest ethical standards are upheld across all employees[181] Employee Development and Community Engagement - The company emphasizes the importance of talent and diversity in its workforce, aiming to create a supportive work environment[156] - The group is committed to providing training and development opportunities to enhance employee skills and performance[159] - The company continues to focus on supporting local SMEs through various initiatives, enhancing communication platforms to better understand their needs and services[100] - The company has implemented training programs for new employees to instill its culture and values, with ongoing monitoring of cultural promotion effectiveness[190] Market Performance and Recognition - The group has received eight Michelin stars across its five fine dining establishments, reaffirming its status as a leader in Macau's culinary scene[77] - The group received a record 107 stars in the 2025 Forbes Travel Guide, with 19 properties awarded five-star honors, reinforcing its leadership in the integrated resort sector in Macau and Asia[86] - The group was recognized as one of the top ten best integrated resorts in the Asia-Pacific region by Travel + Leisure in 2024[91] - The group’s City of Dreams Mediterranean won two awards at the 2024 World Luxury Hotel Awards, showcasing its growing influence in the global market[91]

Financial Performance - Net revenue for the year ended December 31, 2024, was HKD 36.17 billion, an increase of HKD 6.64 billion or 22.5% compared to HKD 29.53 billion for the year ended December 31, 2023[2] - Adjusted EBITDA for the year ended December 31, 2024, was HKD 9.03 billion, up from HKD 7.51 billion for the year ended December 31, 2023[2] - Loss attributable to owners for the year ended December 31, 2024, was HKD 780 million, a significant improvement from a loss of HKD 1.74 billion for the year ended December 31, 2023[2] - Basic loss per share attributable to owners for the year ended December 31, 2024, was HKD 0.52, compared to HKD 1.16 for the year ended December 31, 2023[4] - The company reported a total comprehensive loss of HKD 1.51 billion for the year ended December 31, 2024, compared to HKD 3.44 billion for the year ended December 31, 2023[4] - The company reported a net loss of HKD 1,683,737,000 for the year ended December 31, 2024, compared to a net loss of HKD 3,494,121,000 in the previous year, showing an improvement of approximately 51.9%[24][25] - The total income tax expense for the year ended December 31, 2024, was HKD 48,561,000, compared to HKD 98,363,000 for 2023, reflecting a decrease of approximately 50.7%[6] - The company reported a loss attributable to owners of the company of HKD 784,603,000 for the year ended December 31, 2024, a significant improvement from a loss of HKD 1,743,932,000 in 2023, representing a reduction of approximately 55.0%[42] Assets and Liabilities - Total non-current assets as of December 31, 2024, were HKD 73.47 billion, down from HKD 76.68 billion as of December 31, 2023[5] - Current liabilities increased to HKD 18.65 billion as of December 31, 2024, from HKD 8.73 billion as of December 31, 2023[5] - Total equity as of December 31, 2024, was HKD 8.21 billion, a decrease from HKD 10.37 billion as of December 31, 2023[6] - Total assets as of December 31, 2024, amounted to HKD 84,749,503,000, with classified assets of HKD 84,629,880,000[27] - Total liabilities as of December 31, 2024, were HKD 76,542,982,000, with classified liabilities of HKD 71,361,571,000[27] - The company's equity attributable to owners dropped by 93.1%, from HKD 665.0 million in 2023 to HKD 45.9 million in 2024[90] Revenue Breakdown - The increase in net revenue was primarily driven by the recovery of inbound tourists to Macau and the gradual improvement in operations of new developments[2] - The gaming revenue for the year ended December 31, 2024, was HKD 29,432,330,000, up from HKD 24,090,362,000 in 2023, reflecting a growth of 22.0%[33] - Room revenue grew by 24.5% from HKD 2,647.6 million in 2023 to HKD 3,296.6 million in 2024[92] - Non-gaming revenue for City of Dreams Mediterranean and others reached $75,300,000 in 2024, up from $31,800,000 in 2023, marking a significant increase of 136.6%[112] - The total non-gaming revenue for Melco Resorts was $313,700,000 in 2024, compared to $243,700,000 in 2023, indicating a growth of 28.7%[108] Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2024, were HKD 2,042,744,000, compared to HKD 1,984,670,000 in 2023, reflecting a growth of 2.9%[30] - The company plans to implement significant capital expenditures for new projects in the coming years, seeking various financing methods[127] Debt and Financing - The company’s interest-bearing borrowings as of December 31, 2024, totaled HKD 60,687,698,000, a decrease of 4.4% from HKD 63,557,455,000 in 2023[47] - The company issued new interest-bearing borrowings of HKD 6,651,509,000 in 2024, down from HKD 9,811,171,000 in 2023, representing a decline of 32.5%[48] - The company repaid interest-bearing borrowings amounting to HKD 9,144,543,000 in 2024, a significant decrease of 50.0% compared to HKD 18,633,784,000 in 2023[48] - The group had available undrawn borrowing capacity totaling HKD 17,160,000,000 as of December 31, 2024, compared to HKD 8,250,000,000 in 2023, representing an increase of 107.0%[113] Operational Highlights - The group reported a strong recovery in tourism in Macau, with visitor numbers approaching 2019 levels, indicating a positive market trend[61] - The performance of City of Dreams Manila remained robust in 2024, benefiting from increased international visitor numbers and government support for tourism development[61] - The anticipated opening of City of Dreams Sri Lanka's casino in Q3 2025 is expected to enhance the brand and expand the customer base[63] - The return of the water show "The House of Dancing Water" in May 2025 is expected to elevate the cultural and artistic offerings in Macau[68] Corporate Governance and Social Responsibility - The company emphasizes the importance of high-quality performance and rewards based on performance, responsibilities, and contributions to the group's development[131] - The group won the "Best Overall Corporate Social Responsibility Program" and "Best Corporate Social Responsibility Initiative" at the IAG Academy IR Awards in 2024, reflecting its commitment to social responsibility[85] - The group was recognized as an "Industry Mover" in the 2025 S&P Global Sustainability Yearbook, indicating its progress in sustainable development within the gaming and entertainment sector[87] Employee and Training Initiatives - The total employee count increased to 21,795 as of December 31, 2024, up from 20,220 in 2023, with total employee costs amounting to HKD 6,972,000,000[128] - The company provides employee training to enhance performance and personal growth, aligning training goals with individual and company needs[132]