FF301 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1月31日 狀態: 新提交 致：香港交易及結算所有限公司 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) | 01128 | 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 | | | 5,257,977,600 | | 0 | | 5,257,977,600 | | 增加 / 減少 (-) | | | 240,000 | | 0 | | | | 本月底結存 | | | 5,258,217,600 | | 0 | | 5,258,217,600 | 足夠公眾持股量的確認(註4) 公司名稱: 永利澳門有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 20 ...

Core Viewpoint - The Macau gaming stocks have risen significantly, driven by positive revenue data and expectations for continued growth in the coming months [1] Group 1: Stock Performance - New World Development (00200) increased by 6.32%, reaching HKD 4.54 [1] - Wynn Macau (01128) rose by 4.28%, reaching HKD 6.09 [1] - Galaxy Entertainment (00027) saw a rise of 4.11%, reaching HKD 42.08 [1] - MGM China (02282) increased by 1.26%, reaching HKD 12.85 [1] Group 2: Revenue Data - The Macau Gaming Inspection and Coordination Bureau reported a gross gaming revenue of MOP 22.633 billion in January, representing a year-on-year increase of 24% and a month-on-month increase of 8.4% [1] - Morgan Stanley's report indicated that January's total gaming revenue in Macau exceeded market expectations [1] - Due to the Lunar New Year holiday falling entirely in February, additional growth is anticipated, with an estimated revenue increase of 22% year-on-year for that month [1] Group 3: Future Projections - CICC forecasts that the total gaming revenue for February 2026 will range between MOP 21-22.4 billion, with a daily average revenue of MOP 750-800 million [1]

Group 1 - The core viewpoint of the report indicates that the total gaming revenue in Macau is expected to range between 21-22.4 billion MOP in February 2026, with daily average revenue projected at 750-800 million MOP, reflecting a year-on-year growth of 6-13%, but a decline of 12-17% compared to February 2019 [1] - In January 2026, Macau recorded a total gaming revenue (GGR) of 22.6 billion MOP, representing a year-on-year increase of 24.0% and a month-on-month increase of 8.4%, surpassing the consensus expectation of 18.5% growth [1] - The daily average revenue (ADR) for January 2026 was 730 million MOP, which is a 24.0% year-on-year increase and an 8.4% month-on-month increase from December 2025 [1] Group 2 - The strong performance of Macau's gaming industry in January 2026 is attributed to several factors: a longer New Year holiday compared to previous years, sustained demand on other days of the month, and diversified activities attracting visitors [2] - The estimated VIP gaming revenue in January 2026 decreased by 46-55% compared to January 2019, while mass gaming revenue increased by 27-37%, with mass revenue accounting for 70-75% of total gaming revenue [2] - In December 2025, the number of visitors to Macau increased by 17.8% year-on-year, reaching 3,580,130, which is 116.1% of the level seen in December 2019 [2]

Core Viewpoint - The Macau gaming stocks experienced an upward trend, with significant increases in share prices for major companies, driven by strong gaming revenue growth in January 2023 [1] Group 1: Market Performance - Sands China saw a rise of 5.5%, while MGM China increased by 2.56%. Other companies like Galaxy Entertainment and SJM Holdings also reported gains of 1.3% and approximately 1%, respectively [1][2] - The overall performance of Macau gaming stocks is contrary to broader market trends, indicating strong investor confidence in the sector [1] Group 2: Gaming Revenue - The Macau Gaming Inspection and Coordination Bureau reported that January's gaming revenue reached 22.633 billion MOP, marking a year-on-year increase of 24%, surpassing the expected growth of 18.5% [1] - Month-on-month, the revenue increased by 8.35%, reflecting a robust recovery in the gaming sector [1] Group 3: High-End Customer Trends - A monthly survey by Citigroup indicated that the betting volume from high-end gamblers rose by 25% year-on-year in January, attributed to effective marketing strategies [1] - Promotions included free tickets to a concert by the popular K-pop group BLACKPINK in Hong Kong and collaborations with brands like Pop Mart's Twinkle Twinkle [1] Group 4: Hotel Occupancy - UBS's recent research highlighted that among 32 tracked hotels, 27 reported fully booked rooms for the upcoming Lunar New Year holiday, indicating a stable demand compared to the same period last year [1]

Group 1 - The gaming stocks are experiencing an upward trend, with Sands China increasing by 5.5% [1] - MGM China has risen by 2.56% [1] - Galaxy Entertainment and SJM Holdings have both seen a rise of 1.3% [1] - Melco International Development and Wynn Macau have increased by approximately 1% [1]

Group 1 - The gaming stocks in Macau have risen against the trend, with Sands China increasing by 5.5%, MGM China by 2.56%, Galaxy Entertainment and SJM Holdings by 1.3%, and Melco International and Wynn Macau by approximately 1% [1][2] - The Gaming Inspection and Coordination Bureau of Macau reported that gaming revenue for January reached 22.633 billion MOP, a year-on-year increase of 24%, exceeding the expected 18.5%, and a month-on-month increase of 8.35% [1] - According to Citigroup's monthly survey, the betting volume from high-end gamblers in January grew by 25% year-on-year, likely due to aggressive marketing strategies, including free tickets to a concert by the popular K-pop group BLACKPINK in Hong Kong and collaboration with Pop Mart's Twinkle Twinkle [1] - UBS's recent research indicated that for the upcoming Lunar New Year holiday, 27 out of 32 tracked hotels showed sold-out rooms, similar to the situation in the same period last year [1]

Group 1 - The Hong Kong gaming stocks experienced a significant decline, with Sands China dropping over 8%, reaching a new low for the period [1] - Other notable declines include Galaxy Entertainment down over 3%, Wynn Macau down 2.8%, MGM China down 2.5%, Melco International Development down 1.8%, and SJM Holdings down over 1% [1] Group 2 - Sands China announced that its net revenue for Q4 2025 is projected to increase by 16.4% to $2.05 billion compared to Q4 2024, which was $2.37 billion [1] - The adjusted property EBITDA for Q4 2025 is expected to be $608 million, up from $571 million in Q4 2024 [1] - For the full year 2025, the adjusted property EBITDA is projected to be $2.31 billion, slightly down from $2.33 billion in 2024 [1] Group 3 - According to a report by Jefferies, the average daily gaming revenue in Macau for the week ending January 25 was MOP 695 million, reflecting an 18% year-on-year increase but a slight week-on-week decline of 1% [1] - Channel surveys indicate that both mass and VIP gaming revenues have increased by 6% to 8% month-to-date, although the win rate has slightly decreased to between 2.4% and 2.7% [1]

Core Viewpoint - Jefferies reported that the average daily gaming revenue in Macau reached 695 million MOP as of January 25, reflecting an 18% year-on-year increase, but a slight week-on-week decline of 1% [1] Group 1: Revenue Insights - The estimated average daily gaming revenue for the remaining days of the month is projected to be between 650 million and 720 million MOP, indicating a total monthly revenue of 21.7 billion to 22.1 billion MOP, which represents a year-on-year growth of 19% to 21% [1] Group 2: Market Sentiment - The firm anticipates that the upcoming fourth-quarter earnings reports from gaming companies will restore short-term market confidence and holds a positive outlook for the performance during the Lunar New Year [1] Group 3: Company Outlook - Jefferies continues to favor stocks of Wynn Macau, Sands China, Galaxy Entertainment, Las Vegas Sands, and Wynn Resorts [1]

智通财经APP获悉，瑞银发布研报称，澳门过去7日的日均博彩收入约为6.93亿澳门元(下同)，与前7日 约7亿元大致持平，使本月至今的日均博彩收入达到约7.12亿元，同比增长约21%，环比上升约6%，升 幅高于2015至2019年同期平均的2%。 细分而言，中场日均博彩收入及贵宾厅投注额均环比增长6%至8%，而贵宾厅赢率介乎2.4%至2.7%。市 场预期1月日均博彩收入约为6.77亿元，意味着1月余下6日的日均收入只需达到约5.32亿元。 至于即将来临的农历新年假期，该行追踪的32间酒店中，有27间显示客房已售罄，情况与去年同期大致 相若; 维持银河娱乐(00027)及永利澳门(01128)为行业首选，目标价分别为46.9港元及8.9港元，均予"买 入"评级。 ...

Group 1 - The overall sentiment of surveyed residents in Hong Kong is more cautious than expected, despite stable financial conditions over the past 12 months [1] - The number of respondents with a positive outlook on Hong Kong's economic prospects for the next 12 months has decreased, which has suppressed consumer willingness [1] - Investment sentiment remains relatively stable, with key concerns among respondents including rising living costs and job security [1] Group 2 - UBS believes that the positive momentum in Hong Kong's financial sector should support overall economic and labor demand, with potential for improvement in resident confidence by 2026 [1] - The firm maintains a positive outlook on the real estate and financial sectors, removing Henderson Land Development (00012) from its preferred stock list and replacing it with Sino Land Company (00083) due to higher dividend visibility [1] - Other stocks included in the preferred list are AIA Group (01299), Swire Properties (01972), Galaxy Entertainment (00027), and Wynn Macau (01128) [1]