Core Viewpoint - Goldman Sachs reports that Wynn Macau (01128) slightly underperformed expectations for Q4 2025 due to rising costs and an unfavorable gaming revenue mix [1] Financial Performance - Property EBITDA for Wynn Macau was $271 million, at the lower end of market consensus expectations [1] - Adjusted VIP room win rate is expected to return to a range of 3.1% to 3.4%, while the actual win rate for Q4 2025 was 2.94% [1] - EBITDA is projected to stabilize around $287 million, compared to $285 million in Q3 2025 [1] Cost and Revenue Dynamics - Increased gaming volume was largely offset by rising costs, with average daily operating expenses rising 4% quarter-over-quarter to $2.85 million [1] - Promotional offers increased by 16% quarter-over-quarter, accounting for 17.9% of total gaming revenue, compared to 17.6% and 15.2% in Q2 and Q3 2025 respectively [1] - The shift in gaming revenue mix towards VIP rooms saw a significant increase in turnover by 43%, while mass gaming revenue declined by 1% due to a lower win rate of 19.6%, compared to the previous quarters' range of 20% to 22% [1]

Core Viewpoint - Wynn Macau's Q4 2025 performance fell short of Visible Alpha consensus expectations, with net revenue of $968 million, a year-on-year increase of 4% but a quarter-on-quarter decline of 3%, recovering to 87% of Q4 2019 levels [1] Performance Review - Q4 2025 adjusted property EBITDA was $271 million, down 7% year-on-year and down 12% quarter-on-quarter, recovering to 78% of Q4 2019 levels, which was below the $298 million consensus expectation [1] - The decline in total gaming revenue market share from 13.0% in Q3 2025 to 12.0% in Q4 2025 contributed to the underperformance [1] - The win rate was below expectations, and daily operating costs along with the reinvestment rate at Wynn Palace were relatively high [1] Development Trends - Based on hotel booking outlook, the company anticipates a strong performance during the 2026 Spring Festival, aided by the new 63,000 square feet Chairman's Club gaming area at Wynn Palace [1] - Strong business trends are expected to continue into 2026, with January 2026 business volume exceeding that of Q4 2026 [1] - Despite a competitive marketing rebate environment in the Macau gaming industry, the overall situation has stabilized, with the high-end segment continuing to drive industry growth [1] - Management believes AI will have a dual positive impact on demand growth (wealth creation for customers) and cost control (AI-based reinvestment rates, operational cost efficiency, and product visibility) [1] - Capital expenditures for 2026 are projected to be between $400 million and $450 million, with some projects pending government approval [1] Earnings Forecast and Valuation - The company maintains EBITDA forecasts for 2026 and 2027, currently trading at 7x 2026e EV/EBITDA [2] - The company maintains an outperform rating and a target price of HKD 7.20, corresponding to 8x 2026e EV/EBITDA, indicating an 18% upside from the current stock price [2]

以下文章来源于棱镜 ，作者吴遮 ----------------------------- 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 作者： 吴遮 来源： 棱镜 谢霆锋、容祖儿、陈伟霆等明星的老板杨受成，再次受到关注。 过往一段时间，这位"娱乐大亨"多次因为与明星们的互动而登上热搜，但这一次与明星、娱乐无 关，而与79公斤的黄金有关。 杨受成身上的标签很多，除了"娱乐大亨""钟表大王"之外，还有重要标签，就是"赌场老板"。 他 的赌场是位于澳门老城区的英皇宫殿，位置优越，距离澳门标志性建筑新葡京赌场只有400米的路 程。 这个赌场曾经有一个网红打卡地——"黄金大道"，这条"大道"由78块、总重量79公斤的999.9千足 纯金铺设而成，尽显"土豪气派"。 今年1月底，有游客发现，"黄金大道"里的"黄金"没了。当时，工作人员解释称是"内部装修需 要"，待装修结束后会再行展出。但是，2月4日晚间，英皇娱乐（00296.HK）的一纸公告，明确 了这些黄金的去向。 根据公告，这批黄金已经全部出售，套现了约9970万港元。要知道，英皇娱乐的总市值，也仅3亿 港币左右。 此次出售黄金事件，有着多重背景，比如 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Wynn Macau's EBITDA for Q4 2025 is expected to decline by 7% year-on-year to HKD 21.13 billion, aligning with the bank's expectations but falling 10% short of market forecasts, primarily due to a decrease in VIP and mass market win rates [1] Financial Performance - The property EBITDA margin contracted by 3.6 percentage points year-on-year to 28%, which also meets the bank's expectations [1] - The company has revised its capital expenditure guidance for 2026 from the previous range of USD 450 million to 500 million down to USD 400 million to 450 million [1] Operational Updates - The renovation of the Chairman's Club at Wynn Palace is expected to be completed before the Lunar New Year [1] - The company reported that business volume in January is comparable to that of Q4 last year [1]

智通财经APP获悉，里昂发布研报称，永利澳门(01128)2025年第四季物业EBITDA同比下跌7%至21.13 亿港元，符合该行预期，但较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业EBITDA利润率 同比收缩3.6个百分点至28%，亦符合该行预期。该行现予"跑赢大市"评级，目标价8.2港元。 公司将2026年资本开支指引由原先介乎4.5亿至5亿美元，下调至介乎4亿至4.5亿美元；预期永利皇宫的 Chairman's Club翻新工程将于农历新年前完成。公司又透露，今年1月的业务量与去年第四季相若。 ...

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

来源：智通财经网 消息面上，2月13日，永利澳门发布控股股东WYNN RESORTS, LIMITED截至2025年12月31日止第四季 及年度业绩。于2025年第四季，拉斯维加斯业务、永利皇宫、Encore Boston Harbor及永利澳门经调整后 的物业EBITDAR较2024年第四季分别减少2,660万美元、2,110万美元、180万美元及70万美元。 里昂发布研报称，永利澳门2025年第四季物业EBITDA按年下跌7%至21.13亿港元，符合该行预期，但 较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业EBITDA利润率按年收缩3.6个百分点至 28%，亦符合该行预期。此外，公司将2026年资本开支指引由原先4.5亿-5亿美元，下调至4亿-4.5亿美 元。 永利澳门(01128)绩后跌超4%，截至发稿，跌4.58%，报5.83港元，成交额4053.48万港元。 ...

永利澳门(01128)绩后跌超4%，截至发稿，跌4.58%，报5.83港元，成交额4053.48万港元。 消息面上，2月13日，永利澳门发布控股股东WYNN RESORTS,LIMITED截至2025年12月31日止第四季 及年度业绩。于2025年第四季，拉斯维加斯业务、永利皇宫、Encore Boston Harbor及永利澳门经调整后 的物业EBITDAR较2024年第四季分别减少2,660万美元、2,110万美元、180万美元及70万美元。 里昂发布研报称，永利澳门2025年第四季物业EBITDA按年下跌7%至21.13亿港元，符合该行预期，但 较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业EBITDA利润率按年收缩3.6个百分点至 28%，亦符合该行预期。此外，公司将2026年资本开支指引由原先4.5亿-5亿美元，下调至4亿-4.5亿美 元。 ...

港股點評 2026年2月13日9:30 a.m 恒指跌 233 點，滬指升 2 點，標普 500 跌 108 點 港股連升三個交易日後， 12 日回落，恒指低開 55 點後，曾挫 333 點一度低見 26,932 點，其後跌幅收窄，二萬七關失而復得，全日收報 27,032 點，跌 233 點 或 0.9%；國指跌 93 點或 1%，收報 9,175 點；恒生科指跌 91 點或 1.7%，收報 5,408 點。大市全日成交總額 2,387.05 億元。 人民幣兌美元中間價按日下調 19 點，報 6.9457 兌一美元。人民銀行 12 日在公 開市場開展 1,665 億元人民幣七天期逆回購操作，操作利率持平於 1.4%；開展 4,000 億元 14 天期逆回購操作。有 1,185 億元逆回購到期，單日淨投放 4,480 億 元。A 股三大指數表現向好，滬指反覆靠穩，創板反彈超過 1%。滬綜指全日升 2 點或 0.05%，報 4,134 點，成交 8,980 億元。深成指全日升 122 點或 0.9%，報 14,283 點，成交 1.24 萬億元。創板指數全日升 43 點或 1.3%，報 3,328 點，成交 6, ...

消息面上，2月13日，永利澳门发布控股股东WYNN RESORTS, LIMITED截至2025年12月31日止第四季 及年度业绩。于2025年第四季，拉斯维加斯业务、永利皇宫、Encore Boston Harbor及永利澳门经调整后 的物业EBITDAR较2024年第四季分别减少2,660万美元、2,110万美元、180万美元及70万美元。 里昂发布研报称，永利澳门2025年第四季物业EBITDA按年下跌7%至21.13亿港元，符合该行预期，但 较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业EBITDA利润率按年收缩3.6个百分点至 28%，亦符合该行预期。此外，公司将2026年资本开支指引由原先4.5亿-5亿美元，下调至4亿-4.5亿美 元。 智通财经APP获悉，永利澳门(01128)绩后跌超4%，截至发稿，跌4.58%，报5.83港元，成交额4053.48万 港元。 ...