> 澳 門 博 彩 控 股 有 限 公 司 SJM HOLDINGS LIMITED 於香港註冊成立的有限責任公司 20 環境、社會及管治報告 Environmental, Social & Governance Report LAIS OF CULTIANE 目 錄 | 關於我們 | 2 | | --- | --- | | 主㉌的幥 | 3 | | 1 2睝2睡 ㊑重狃屙䠃 | 睢 | | 11 可持續發展㶕嶰 | 6 | | 12 榮影獎項及認證 | 9 | | 2 澳博控股的可持續發展工作 | 1睢 | | 21 可持續發展管治及管理 | 1睤 | | 22 可持續發展策略 | 19 | | 23 可持續發展目標 | 21 | | 24 重要性分析及議題 | 23 | | 3 管治及道德 | 2睢 | | 31 負責任博彩 | 2睤 | | 32 反悞污及反洗黑錢 | 30 | | 33 顧客滿意度 | 34 | | 34 顧客安全及保障 | 3睤 | | 3睢 網絡安全及資料私隱 | 39 | | 36 負責任供應鏈 | 41 | | 3睤 ➠機管理及業務持續性 | 44 | | 睡 | 環境管理 | ...

Financial Performance - The company's gaming net revenue for 2024 reached HKD 26,846 million, a 33.8% increase from HKD 20,059 million in 2023[10]. - Adjusted EBITDA for the group was HKD 3,764 million, up 117.9% from HKD 1,727 million in 2023[10]. - The company reported a profit attributable to owners of HKD 3 million, recovering from a loss of HKD 2,010 million in 2023[10]. - Total net revenue increased by 33.0% from HKD 21,623 million in 2023 to HKD 28,769 million in 2024[29]. - Adjusted EBITDA rose by 117.9% from HKD 1,727 million in 2023 to HKD 3,764 million in 2024, with an adjusted EBITDA margin of 13.1%[29][30]. - Gaming revenue (gross gaming revenue) increased by 35.9% from HKD 21,204 million in 2023 to HKD 28,824 million in 2024[30]. - The total revenue for the new Lisboa reached HKD 7,839 million in 2024, a 36.4% increase from HKD 5,746 million in 2023[34]. - Non-gaming revenue from food and beverage, shopping centers, and others increased by 20.3% to HKD 611 million in 2024[31]. - The adjusted property EBITDA for the new Lisboa increased by 58.0% to HKD 2,094 million in 2024[34]. - The total electronic gaming revenue rose by 91.9% to HKD 21,086 million in 2024[31]. Market Position and Expansion - The overall market share of the group increased from 11.9% in 2023 to 13.1% in 2024, with the gaming revenue from self-promoted casinos rising by 43.6% to HKD 18,000 million[15]. - The company plans to expand its non-gaming investments in Macau to further enhance its market position[15]. - The company is actively promoting sports tourism, hosting major events such as the Macau Golf Open and the Macau Grand Prix to enhance Macau's international reputation[21]. - The company aims to strengthen the "Lisboa" brand's visibility in key Asian markets, including South Korea, Japan, and Thailand, through strategic partnerships[23]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[65]. Visitor and Occupancy Statistics - The number of visitors to Macau increased by 23.6% to 34.93 million, with mainland visitors accounting for 70.1% of the total[14]. - The occupancy rate of the Grand Lisboa increased by 14.4% to 97.0%, while the average room rate decreased by 9.9% to HKD 1,191[11]. - The average occupancy rate for hotels reached 97.0% in 2024, up from 82.6% in 2023, representing a 14.4 percentage point increase[31]. - The Palazzo Versace Macau, with 271 rooms, opened in March 2024, achieving an average occupancy rate of over 96% since its launch, contributing to revenue growth for the overall resort[37]. Strategic Projects and Developments - Palazzo Versace Macau opened in March 2024, marking the brand's first hotel project in Asia, with 271 rooms designed to enhance the overall service experience[17]. - The company opened the "Golden Pavilion" project in Macau, successfully merging urban cultural heritage with modern lifestyle experiences, aiming to attract more young consumers[18]. - The company plans to enhance its conference and exhibition capabilities by adding two new venues at the "Grand Lisboa" in 2025, increasing the resort's event hosting capacity by 132%[20]. - The company is planning significant renovations at the "New Lisboa" hotel, increasing room capacity by over 10% and adding new multifunctional meeting rooms and banquet halls[20]. - The group plans to invest in the revitalization of the historical district in Macau, with the "Golden Pavilion" project set to open in January 2025, aiming to attract younger consumers and enhance foot traffic in the area[38]. Financial Management and Investments - The total cash and undrawn revolving credit facilities reached HKD 7,600 million as of December 31, 2024[15]. - As of December 31, 2024, the group had a bank balance and cash of HKD 2.208 billion, a decrease of 37.7% from HKD 3.542 billion on December 31, 2023, primarily due to loan repayments[42]. - The total outstanding bank loan balance as of December 31, 2024, was HKD 13.499 billion, down from HKD 15.236 billion on December 31, 2023[42]. - The group's capital expenditure commitments as of December 31, 2024, amounted to HKD 760 million, an increase from HKD 427 million on December 31, 2023, with HKD 631 million allocated for government tender projects in Macau[44]. - The group's debt-to-asset ratio at the end of the reporting period was 51.1%, slightly down from 52.2% on December 31, 2023[43]. Corporate Governance and Compliance - The board of directors includes independent non-executive members with extensive experience in various industries[67]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with all relevant provisions[181]. - The board consists of 9 members, with 56% being executive directors, 11% non-executive directors, and 33% independent non-executive directors[187]. - The board has established mechanisms to ensure independent viewpoints are expressed, including annual meetings with independent non-executive directors[188]. - The company encourages independent professional advice for directors to fulfill their responsibilities[189]. Sustainability and Environmental Initiatives - The company has implemented various environmental measures, including LED lighting and electronic processes to reduce paper usage[172]. - The hotel section of the integrated resort has received LEED Silver certification for energy and environmental design[172]. - The company submitted a carbon emissions report for its Hong Kong office in 2024 as part of its commitment to sustainability[173]. - The company has engaged an external consultant to review its sustainability governance structure and policies, aiming for compliance with the new ESG reporting code effective from January 1, 2025[174]. - The company has established a Sustainability Steering Committee, primarily composed of senior executives, to oversee sustainability and climate-related matters[182]. Shareholder and Stock Options Information - The company has a total of 7,101,805,366 shares issued, with key shareholders holding significant stakes[153]. - Major shareholder Macau Leisure Entertainment holds approximately 61.91% of the issued shares, with 3,892,610,855 shares owned[160]. - A total of 477,085,000 stock options were granted under the plan before the completion of the rights issue on September 21, 2022, with 299,765,000 options exercised, generating total proceeds of HKD 2,023,951,490[91]. - The total number of stock options unexercised as of December 31, 2024, is 118,994,700, with 4,815,000 options expected to be exercised[93]. - The company has a strict policy regarding the minimum holding period before exercising stock options, which is set at six months[90].

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。 董事會會議日期 澳門博彩控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司 將於 2025 年 4 月 29 日（星期二）舉行董事會會議，藉以（其中包括）批准刊發載 有本公司及其附屬公司截至 2025 年 3 月 31 日止三個月之節選未經審核主要業務表 現指標之公告。 承董事會命 澳門博彩控股有限公司 公司秘書 郭淑莊 香港，2025 年 4 月 15 日 於本公告日期，本公司執行董事為何超鳳女士、霍震霆先生、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。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 24.3% from the current price of HKD 2.43 [1][2]. Core Insights - The company's Q4 2024 performance met expectations, with a continuous improvement in debt ratios. The overall market share slightly decreased, but the company is expected to benefit from Macau's ongoing recovery [2][3]. - The report highlights significant growth in net income, projecting a remarkable increase from a loss of HKD 2,009.8 million in 2023 to a profit of HKD 885.9 million in 2025, reflecting a growth rate of 27,585.7% [2][3]. - The company is focusing on enhancing its competitive advantage through the performance of "上葡京" and the installation of smart gaming tables, which are expected to be completed by November this year [2][3]. Financial Summary - **Revenue Growth**: The company reported a net income of HKD 21,623.2 million in 2023, with projections of HKD 30,400.2 million in 2025, indicating a growth rate of 33.0% [2][3]. - **EBITDA**: The EBITDA for 2023 was HKD 1,727.0 million, with a forecasted increase to HKD 4,517.7 million in 2025, showing a growth rate of 14.1% [2][3]. - **Net Profit**: The net profit is expected to rise significantly, from a loss in 2023 to a profit of HKD 885.9 million in 2025, with a projected net profit margin of 2.9% [2][3]. - **Debt Ratios**: The net debt/EBITDA ratio improved from 13.7 times to 6.3 times, indicating a healthier financial position [2][3]. Market Performance - The company's overall market share in Q4 2024 was 13.5%, a slight decrease of 0.4 percentage points from the previous quarter [2][3]. - The report notes that the company's cash balance is approximately HKD 3,220 million, with net debt around HKD 23,200 million [2][3]. Future Outlook - The company plans to invest HKD 15-20 billion in capital expenditures starting in 2025, which includes renovations and expansions to enhance its offerings [2][3]. - The report anticipates double-digit growth in gaming revenue for January-February 2025, with the market share expected to remain stable compared to Q4 2024 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q4 2024 met expectations, with a net revenue of HKD 7.47 billion, recovering to 87.2% of Q4 2019 levels. The gaming and non-gaming net revenues were HKD 6.95 billion and HKD 0.52 billion, respectively, recovering to 83.0% and 285.0% of the same period in 2019 [6] - The adjusted EBITDA for Q4 2024 was HKD 0.99 billion, aligning closely with market expectations of HKD 1.02 billion, and recovering to 83.8% of Q4 2019 levels [6] - The company is focused on upgrading its properties, with a target market share of 5% for its flagship property, and has implemented several strategies to enhance operational efficiency and customer experience [6] - The company does not express concern over satellite casinos potentially ceasing operations, as it believes it can effectively utilize its own gaming tables and staff to maintain performance [6] - The revenue forecast for 2024-2026 is maintained at HKD 28.92 billion, HKD 31.41 billion, and HKD 33.52 billion, respectively, with adjusted property EBITDA forecasts of HKD 3.79 billion, HKD 4.71 billion, and HKD 5.43 billion [6] Financial Projections - Total revenue projections for 2023A, 2024E, 2025E, and 2026E are HKD 21,623.2 million, HKD 28,921.2 million, HKD 31,408.8 million, and HKD 33,521.4 million, respectively, with year-on-year growth rates of 223.8%, 33.8%, 8.6%, and 6.7% [6][7] - Adjusted property EBITDA for the same years is projected at HKD 1,928.0 million, HKD 3,786.5 million, HKD 4,712.1 million, and HKD 5,427.4 million, with growth rates of 96.4%, 24.4%, and 15.2% for 2024E, 2025E, and 2026E [6][7] - The diluted earnings per share are forecasted to be HKD -0.28, HKD 0.03, HKD 0.18, and HKD 0.31 for 2023A, 2024E, 2025E, and 2026E, respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q4 2024 met expectations, with a net revenue of HKD 7.47 billion, recovering to 87.2% of Q4 2019 levels. The gaming and non-gaming net revenues were HKD 6.95 billion and HKD 0.52 billion, respectively, recovering to 83.0% and 285.0% of the same period in 2019 [6] - The adjusted EBITDA for Q4 2024 was HKD 0.99 billion, aligning closely with market expectations of HKD 1.02 billion, and recovering to 83.8% of Q4 2019 levels [6] - The company is focused on upgrading its properties, with a long-term market share target of 5% for its flagship property, and has implemented several strategies to enhance operational efficiency and customer experience [6] - The company does not express concern over satellite casinos potentially ceasing operations, as it believes it can effectively utilize its own gaming tables and staff to maintain performance [6] - The revenue forecasts for 2024-2026 are maintained at HKD 28.92 billion, HKD 31.41 billion, and HKD 33.52 billion, respectively, with adjusted property EBITDA forecasts of HKD 3.79 billion, HKD 4.71 billion, and HKD 5.43 billion [6] Financial Projections - Total revenue for 2023 is projected at HKD 21.62 billion, with a year-on-year growth of 223.8%. For 2024, the revenue is expected to reach HKD 28.92 billion, reflecting a growth of 33.8% [7] - The adjusted property EBITDA for 2023 is estimated at HKD 1.93 billion, with projections of HKD 3.79 billion for 2024, indicating a significant increase of 96.4% [7] - The earnings per share (EPS) is expected to turn positive in 2024, with estimates of HKD 0.03 per share, rising to HKD 0.31 by 2026 [7] - The company's EV/adjusted EBITDA ratios for 2024, 2025, and 2026 are projected at 11.12, 8.94, and 7.76, respectively [6][7]

最新版本 （於2025年3月4日） 審核委員會職權範圍 一. 宗旨 澳門博彩控股有限公司（「本公司」）的審核委員會（「委員會」）的主要目的 及職責是代表本公司董事會（統稱為「董事會」，各成員為「董事」）監督以下 事宜： 委員會的職能只是負責監督，並非免除管理人員須編製可準確及公正地反映本 公司財務業績及情況的財務報表，或外聘核數師審計或審閱財務報表的責任。 二. 委員 第1頁，共8頁 草稿 2.1 本委員會委員須由董事會從非執行董事中委任，並須包括不少於三位委 員，當中大多數委員應是獨立非執行董事。 2.2 委員會中最少一位委員應是獨立非執行董事及具備上市規則相關條文 所規定的適當專業資格或會計知識或相關財務管理知識。 2.3 委員會主席須由董事會委任，而該主席應是獨立非執行董事。 三. 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上市規則中對獨立性 不時修訂的定義。 四. 委任 在上市規則的規定所規限下，董事會可根據本公司組織章程細則（「章程細則」） 委任及罷免委員會委員。委員會委員的任期將由董事會釐定，及在任何情況下， 不論是否有特定任期，概由董事會按意願釐定。 五. 職務 第2頁，共8頁 ...

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。 根據上市規則第14A.60(1)條的 持續關連交易 天豪於澳門英皇娛樂酒店博彩區內 向澳娛綜合提供服務 本公告乃由本公司根據上市規則第14A.60(1)條作出。 根據本公司截至2024年12月31日止年度的全年業績（於2025年3月4日刊發），本公 司若干附屬公司不再根據上市規則第14A.09條分類為非重大附屬公司。 由於天豪為一家由該等本公司附屬公司的一名董事的家屬成立的私人酌情信託所 間接控制逾50%權益的公司，根據上市規則第14A.12(2)(b)條，天豪成為上市規 則項下本公司於附屬公司層面的關連人士。因此，澳娛綜合與天豪於2022年訂立 及於2023年修訂的該協議項下的安排成為本公司的持續關連交易。 根據本公司截至2024年12月31日止年度的全年業績（由本公司於2025年3月4日刊 發），本公司若干附屬公司不再根據上市規則第14A.09條分類為非重大附屬公司。 由於天豪為一家由該等本公司附屬公 ...

Financial Performance - The company's gaming net revenue for the year ended December 31, 2024, was HKD 26,846 million, representing a 33.8% increase from HKD 20,059 million in 2023[3]. - Adjusted EBITDA for the group was HKD 3,764 million, up 117.9% from HKD 1,727 million in the previous year[3]. - The profit attributable to the company's owners was HKD 3 million, a significant recovery from a loss of HKD 2,010 million in 2023[3]. - The total revenue from hotel, dining, retail, leasing, and related services was HKD 2,186 million, reflecting a 20.4% increase from HKD 1,815 million in 2023[3]. - Total net revenue increased by 33.0% from HKD 21,623 million in 2023 to HKD 28,769 million in 2024[53]. - The group reported a pre-tax profit of HKD 158.8 million in 2024, a significant improvement from a loss of HKD 1,838.9 million in 2023[26]. - The total gross gaming revenue for the group was HKD 28,824 million, up 35.9% from HKD 21,204 million in 2023[56]. Revenue Breakdown - The group reported segment revenue for the gaming business of HKD 26,846.1 million in 2024, up from HKD 20,059.2 million in 2023, representing a growth of 33.9%[25]. - The hotel, restaurant, retail, and leasing business generated segment revenue of HKD 1,922.8 million in 2024, compared to HKD 1,564.0 million in 2023, reflecting an increase of 22.9%[25]. - The gross gaming revenue from the integrated resort reached HKD 5,238 million, a 94.7% increase compared to HKD 2,690 million in 2023[58]. - Casino gross gaming revenue increased by 18.4% to HKD 5,241 million from HKD 4,428 million[62]. - Satellite casino revenue grew by 24.9% to HKD 10,797 million from HKD 8,647 million[63]. Assets and Liabilities - The group’s total assets less current liabilities amounted to HKD 41,791.5 million as of December 31, 2024[9]. - The total assets decreased to HKD 48,724.9 million in 2024 from HKD 49,739.7 million in 2023, reflecting a decline of 2.0%[30]. - The total liabilities of the group decreased to HKD 34,548.9 million in 2024, down 3.1% from HKD 35,654.5 million in 2023[30]. - The company's financing costs were HKD 1,892.6 million, slightly down from HKD 1,930.1 million in the previous year[8]. - Non-current liabilities decreased from HKD 30,379.0 million in 2023 to HKD 27,615.5 million in 2024, a reduction of approximately 9.2%[10]. - The total outstanding bank loans as of December 31, 2024, was HKD 134.99 billion, down from HKD 152.36 billion on December 31, 2023[73]. Cash Flow and Financial Position - The company recorded cash, bank balances, and short-term bank deposits of HKD 3,217 million, with total debt amounting to HKD 26,458 million as of December 31, 2024[7]. - As of December 31, 2024, the group's cash and bank balances amounted to HKD 22.08 billion, a decrease of 37.7% from HKD 35.42 billion on December 31, 2023[73]. - The group's asset-liability ratio at the end of the reporting period was 51.1%, compared to 52.2% on December 31, 2023[74]. - The group has issued priority notes and convertible bonds totaling HKD 109.52 billion as of December 31, 2024, slightly up from HKD 109.07 billion on December 31, 2023[73]. Employee and Operational Insights - The group employed approximately 20,400 full-time employees as of December 31, 2024, with a low employee turnover rate[80]. - The group’s pre-tax profit for 2024 was impacted by total employee benefits costs of HKD 6,297.5 million, up from HKD 5,723.3 million in 2023[40]. Future Plans and Developments - The company plans to maintain a strong financial position to achieve sustainable long-term growth[54]. - The company will continue to focus on its operations in Macau while considering expansion opportunities in Asia[54]. - The company plans to acquire and convert office properties in Hengqin into a three-star hotel to expand its mid-range hotel market[66]. - The company will enhance its event hosting capabilities by adding two new venues at the Venetian, increasing capacity by 132%[69]. - The group plans to continue participating in promotional activities to enhance the "Pousada" brand's visibility and attract diverse tourist markets in 2025[70]. - The group aims to expand high-end service experiences and diversify tourism services to contribute to sustainable tourism development in Macau[71]. Accounting and Compliance - The group is currently evaluating the specific impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[21]. - The new accounting standards will take effect for annual periods beginning on or after January 1, 2027, with early application permitted[21]. - The group's consolidated financial statements for the year ended December 31, 2024, have been reviewed by the audit committee and confirmed by Deloitte[88]. - The auditor's report for the financial statements of the two years did not contain any reservations or emphasize any matters[89]. - The company has submitted financial statements for the year ended December 31, 2023, to the Companies Registry in accordance with Hong Kong Companies Ordinance[88].

澳門博彩控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司 將於 2025 年 3 月 4 日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准 本公司及其附屬公司截至 2024 年 12 月 31 日止經審核全年業績，以及考慮是否建 議宣派末期股息。 承董事會命 澳門博彩控股有限公司 公司秘書 郭淑莊 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。 董事會會議日期 香港，2025 年 2 月 20 日 於本公告日期，本公司執行董事為何超鳳女士、霍震霆先生、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黃汝璞女士、 楊秉樑先生及何厚鏘先生。 ...