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: | 2026年3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: | 澳門博彩控股有限公司 | | | 呈交日期: | 2026年4月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 00880 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 上月底結存 7,101,805,366 0 7,101,805,366 增加 / 減少 (-) 0 0 本月底結存 7,101,805,366 0 7,101,805,366 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本 ...

Investment Rating - The report maintains a "Hold" rating for the company [7] Core Insights - The company reported a total revenue of HKD 28.17 billion for the year 2025, a decrease of 2.1% year-on-year, with adjusted EBITDA of HKD 3.20 billion, down 15.0% year-on-year [1] - The fourth quarter of 2025 saw total revenue of HKD 6.50 billion, a decline of 13.0% year-on-year and 7.6% quarter-on-quarter, with adjusted EBITDA of HKD 670 million, down 32.4% year-on-year [1][2] - The company is undergoing a structural transition due to the closure of satellite gaming venues, which has impacted its gross gaming revenue (GGR) recovery [3][4] Summary by Sections Financial Performance - For Q4 2025, GGR was HKD 6.66 billion, down 11.6% year-on-year and 6.8% quarter-on-quarter, recovering to 66% of Q4 2019 levels [2] - The VIP segment generated HKD 590 million, down 19.6% year-on-year, while the mass market segment generated HKD 5.46 billion, down 11.5% year-on-year [2] - The company reported a loss of HKD 28 million for the EBITDA of the Grand Lisboa, with an EBITDA margin of -3.3% [2] Strategic Developments - The company has completed strategic acquisitions in the core area of the peninsula, including a HKD 529 million acquisition of a designated area in the Lisboa Hotel and a HKD 1.75 billion acquisition of the property at the Parisian Macao [3] - The transition period is expected to stabilize as the company reallocates resources and optimizes operations [4] Profit Forecast and Valuation - The EBITDA forecast for 2026 and 2027 has been revised down to HKD 4.073 billion and HKD 4.320 billion, respectively, reflecting a decrease of 12% and 10% from previous estimates [5][13] - The target price has been adjusted to HKD 2.54, corresponding to a 12x EV/EBITDA multiple for 2026 [5][14]

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings, but it highlights significant declines in revenue and EBITDA, indicating potential concerns for investors. Core Insights - SJM Holdings reported a net revenue of HKD 6.5 billion for 25Q4, a decrease of 13% year-on-year, and an adjusted EBITDA of HKD 0.67 billion, down 32.4% year-on-year, with an EBITDA margin of 10.3%, down 3 percentage points year-on-year [1][7][11]. - The closure of satellite casinos has negatively impacted the company's gross gaming revenue (GGR), which reached HKD 6.66 billion, down 11.6% year-on-year, and the growth rate was below the industry average of +15% [3][10]. - The company's market share in 25Q4 was 10.4%, down from 11.8% in 25Q3 and 13.5% in 24Q4, indicating a decline in competitive positioning [5][12]. Summary by Sections Financial Performance - In 25Q4, SJM Holdings' net revenue was HKD 6.5 billion, down 13% year-on-year and 7.6% quarter-on-quarter. The gaming and non-gaming segments contributed HKD 6.04 billion and HKD 0.46 billion, respectively, with declines of 13.2% and 10.9% year-on-year [2][8]. - The adjusted EBITDA for 25Q4 was HKD 0.67 billion, reflecting a 32.4% year-on-year decline and a 23.8% quarter-on-quarter decline, with a margin of 10.3% [4][11]. Market Dynamics - The closure of satellite casinos has led to a slowdown in the company's GGR growth, with significant declines in the GGR from VIP and mass market segments [3][10]. - The company has undertaken acquisitions and property upgrades to consolidate market share, including properties on the Macau Peninsula, which are expected to attract customers previously served by satellite casinos [5][12]. Operational Adjustments - SJM Holdings has been reallocating gaming tables and operational resources from closed satellite casinos to its self-operated properties, aiming to mitigate the impact of the closures [5][12]. - The company plans to gradually close its satellite casinos, with the first closure occurring at the end of July 2025, and the remaining closures concentrated in the fourth quarter of 2025 [4][11].

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings, but it highlights significant declines in revenue and EBITDA, indicating potential concerns for investors. Core Insights - SJM Holdings reported a net revenue of HKD 6.5 billion for Q4 2025, a decrease of 13% year-on-year, and an adjusted EBITDA of HKD 0.67 billion, down 32.4% year-on-year, with an EBITDA margin of 10.3%, down 3 percentage points year-on-year [1][7][11]. - The closure of satellite casinos has negatively impacted the company's gross gaming revenue (GGR), which reached HKD 6.66 billion, down 11.6% year-on-year, and the growth rate was below the industry average of +15% [3][10]. - The company's market share in Q4 2025 was 10.4%, down from 11.8% in Q3 2025 and 13.5% in Q4 2024, indicating a decline in competitive positioning [5][12]. Summary by Sections Financial Performance - In Q4 2025, SJM Holdings' net revenue was HKD 6.5 billion, down 13% year-on-year and 7.6% quarter-on-quarter. The gaming and non-gaming segments contributed HKD 6.04 billion and HKD 0.46 billion, respectively [2][8]. - The adjusted EBITDA for Q4 2025 was HKD 0.67 billion, reflecting a 32.4% decline year-on-year and a 23.8% decline quarter-on-quarter, with a margin of 10.3% [4][11]. Market Dynamics - The closure of satellite casinos has led to a slowdown in the company's GGR growth, with significant declines in the revenue from VIP and mass market segments [3][10]. - The company has undertaken acquisitions and property upgrades to consolidate market share, including properties on the Macau Peninsula [5][12]. Operational Adjustments - SJM Holdings has been reallocating gaming tables and operational resources from closed satellite casinos to its self-operated properties to mitigate the impact of the closures [5]. - The company plans to gradually close its satellite casinos, with the first closure occurring at the end of July 2025, and the remaining closures concentrated in Q4 2025 [4][11].

最新版本 （於 2026 年 3 月 5 日） 提名委員會職權範圍 一. 宗旨 澳門博彩控股有限公司（「本公司」）的提名委員會（「委員會」）的主要目 的是負責物色及推薦合資格可擔任本公司董事會的董事人選（「董事」，統稱 為「董事會」）以填補董事會的空缺，及負責監督繼任計劃，以確保本公司的 長期成功。 二. 組成 2.1 委員 委員會應包括最少三位董事，包含不同性別，及當中大多數應為獨立非 執行董事。董事會將委任一位委員會委員作為委員會主席，如董事會並 未委任委員會主席，獲授權的委員會委員將以大多數票數的方式選出一 位委員會委員作為委員會主席。委員會主席應為董事會主席或獨立非執 行董事。 每位委員會委員須向委員會披露其於委員會將予決定的任何事項中所擁 有之利益。假若任何一位委員經委員會確定為擁有重大利益衝突時，有 關事項不能由委員會全體委員以書面決議方式通過，及有利益之委員不 能就有關決議案投票及計算在會議法定人數內。此外，當其他委員討論 及對有關決議案進行投票時，該委員須親身離開會議場地。 2.2 獨立性 董事會必須確定獲委任加入委員會的獨立非執行董事符合香港聯合交易 所有限公司證券上市規則（「上市規則」）中 ...

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告的內容概不負責，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告全部或任何部分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。 建議修訂現有細則 及 採納新細則 本公告乃由澳門博彩控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.51 (1)條作出。 建議修訂及採納新細則須獲得股東於本公司將於2026年6月9日（ 星期二 ）舉行的周年成員大 會（「周年成員大會」）上以特別決議案方式批准後，方可作實。 一份載有（ 其中包括 ）建議修訂及採納新細則詳情之通函連同周年成員大會通告將於切實可 行的情況下盡快寄發予股東。 承董事會命 澳門博彩控股有限公司 主席兼執行董事 何超鳳 香港，2026年3月5日 於本公告日期，本公司執行董事為何超鳳女士、霍震霆博士、梁安琪議員、陳婉珍博士及岑康權先生；本公 司非執行董事為曾安業先生；及本公司獨立非執行董事為何厚鏘先生、黃汝璞女士及楊秉樑先生。 本公司董事會（「董事會」）建議對本公司現有組織章程細則（「現有細則」）作出若干修訂（「建 議修訂」）以使現有細則符合香 ...

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告的內容概不負責，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告全部或任何部分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。 持續關連交易 洗衣服務協議 洗衣服務協議 董事會欣然宣佈，於2026年3月5日，澳娛綜合與白洋舍訂立洗衣服務協議，據 此，白洋舍同意自2026年1月1日起為期12個月內，向本公司附屬公司澳娛綜合提 供新葡京酒店及海立方娛樂場╱回力酒店的布草、制服及其他洗衣物品的外判洗 衣服務。 上市規則的涵義 白洋舍為信德的全資附屬公司，而信德本身為董事何女士及其家屬佔多數控制權 的公司。因此，白洋舍為何女士的聯繫人，亦因此為本公司的關連人士。據此， 訂立洗衣服務協議及其項下擬進行的交易構成本公司根據上市規則第十四A章的 持續關連交易。 由於參照年度上限釐定的最高百分比率（盈利比率除外）（定義見上市規則）超過 0.1%，惟所有適用百分比率均低於5%，因此洗衣服務協議將構成本公司根據上 市規則的持續關連交易。本公司須遵守上市規則第十四A章項下的公告、申報及 年度審閱規定，惟獲豁免遵守通函及獨立股東批准規定。 – 2 – 主 ...

與澳娛集團 有關經重續產品及服務主協議及 籌碼協議之持續關連交易 終止與澳娛集團有關商舖使用權協議之持續關連交易 經重續產品及服務主協議 茲提述2023年公告，內容有關（其中包括）本公司與澳娛訂立的現有產品及服務主 協議，其已於2025年12月31日屆滿。董事會欣然宣佈，本公司已於2026年3月 5日與澳娛重續現有產品及服務主協議。根據經重續產品及服務主協議，澳娛集 團於2026年1月1日起向本集團提供酒店住宿服務、宣傳及廣告服務、餐飲產品及 服務、交通服務、維修服務、洗衣服務以及酒店管理及營運服務，為期12個月。 籌碼協議 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告的內容概不負責，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告全部或任何部分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。 於2008年6月18日與澳娛訂立的籌碼協議將繼續有效，並無任何更改。由於就籌 碼協議的相關年度上限已於2025年12月31日屆滿，故董事會批准籌碼協議項下截 至2028年12月31日止三個年度各年的交易的新年度上限。 終止協議 於2026年3月5日，澳娛綜合與NYH相互同意並訂立終止 ...

Financial Performance - The company's gaming revenue for the year ended December 31, 2025, was HKD 26,203 million, a decrease of 2.4% from HKD 26,846 million in 2024[4] - Adjusted EBITDA for the group was HKD 3,198 million, down 15.0% from HKD 3,764 million in 2024[4] - The company reported a loss attributable to shareholders of HKD 429 million, compared to a profit of HKD 3 million in 2024[4] - The group's total revenue for 2025 was HKD 30,586.5 million, a decrease of 0.5% from HKD 30,746.5 million in 2024[23] - The group reported a pre-tax loss of HKD 304.1 million for 2025, compared to a profit of HKD 158.8 million in 2024[23] - Total net revenue decreased by 2.1% from HKD 28,769 million in 2024 to HKD 28,170 million in 2025[45] - The total revenue from hotel, dining, retail, leasing, and related services for 2025 was HKD 1,966.9 million, an increase of 2.3% from HKD 1,922.8 million in 2024[23] Assets and Liabilities - Cash, bank balances, and short-term bank deposits amounted to HKD 3,010 million, with total debt at HKD 29,252 million as of December 31, 2025[6] - The company’s total assets less current liabilities were HKD 37,013 million as of December 31, 2025, down from HKD 41,791 million in 2024[8] - The total assets of the group increased to HKD 51,207.4 million in 2025, up from HKD 48,724.9 million in 2024, representing a growth of 3.0%[24] - The total liabilities of the group rose to HKD 37,415.5 million in 2025, compared to HKD 34,548.9 million in 2024, indicating an increase of 5.4%[24] - The total liabilities decreased slightly from HKD 7,022.2 million in 2024 to HKD 7,073.9 million in 2025[43] - The total equity attributable to owners of the company decreased from HKD 13,924.1 million in 2024 to HKD 13,468.8 million in 2025, representing a decrease of approximately 3.3%[9] Revenue Breakdown - The gross revenue from the company's flagship properties included HKD 7,373 million from gaming and HKD 1,307 million from non-gaming sources for the year 2025[6] - The gaming business segment's assets increased to HKD 37,129.9 million in 2025, up from HKD 35,117.6 million in 2024, reflecting a growth of 5.7%[24] - The gaming revenue from the casino increased by 15.8% to HKD 6,066 million, compared to HKD 5,238 million in the previous year[50] - The total electronic gaming revenue surged by 35.6% to HKD 28,587 million, up from HKD 21,086 million[50] - The gross gaming revenue from electronic gaming increased to HKD 2,717.1 million in 2025, up from HKD 2,374.2 million in 2024[30] Expenses and Costs - The company’s marketing and promotional expenses were HKD 4,678.8 million, a decrease from HKD 5,071.8 million in 2024[7] - The company’s financing costs decreased to HKD 1,654.7 million from HKD 1,892.6 million in the previous year[7] - The total employee benefits cost increased to HKD 6,620.4 million in 2025, up from HKD 6,297.5 million in 2024[31] - Non-gaming revenue, including hotel, dining, and retail, showed a significant increase in depreciation and amortization costs, rising to HKD 988.8 million in 2025 from HKD 977.6 million in 2024[28] Corporate Governance and Compliance - The company has complied with the corporate governance code as of December 31, 2025[70] - The company has maintained a high level of corporate governance and transparency[69] - The audit report for the financial statements did not contain any reservations or emphasis of matter[74] - The company’s financial statements for the year ended December 31, 2025, have been reviewed by the audit committee and confirmed by Deloitte[73] Future Outlook and Strategy - The company plans to focus on business opportunities in Macau and consider expansion opportunities in Asia[46] - The group aims to maintain a prudent approach focusing on cost control and customer mix optimization to enhance operational efficiency and profit growth[58] - The company plans to close all satellite casinos by the end of 2025, impacting short-term performance[55] Investments and Acquisitions - The group invested HKD 3,897.1 million in non-current assets in 2025, significantly higher than HKD 1,991.9 million in 2024[26] - Strategic acquisitions in Macau include the Crystal Palace and the Triumph Hotel, enhancing operational scale in the central entertainment area[55] - The group acquired the entire issued share capital of the Parisian Macao Development Limited for a total consideration of HKD 1.75 billion, including the repayment of bank loans[65] Employee and Operational Metrics - The group has approximately 20,400 full-time employees as of December 31, 2025, with a low employee turnover rate[66] - The group hosted or participated in nearly 70 large-scale non-gaming events in 2025, enhancing Macau's appeal as a global tourism and leisure center[57] - The average daily room rate increased by 4.1% to HKD 1,240, while the occupancy rate slightly decreased to 96.5%[50] Miscellaneous - The company has received approval for a tax exemption on gaming-related income from January 1, 2023, to December 31, 2032, from the Macau government[35] - The company has not applied new or revised Hong Kong Financial Reporting Standards that are not yet effective, indicating a stable accounting framework for the foreseeable future[14] - The company will submit its financial statements for the year ended December 31, 2025, to the Companies Registry in due course[73]