中金发布研报称，维持金沙中国(01928)2025年和2026年经调整EBITDA预测。当前股价对应10倍2025年 EV/EBITDA。该行维持跑赢行业评级，并将目标价格上调19%至港币23.80元，对应11倍2H25+1H26 EV/EBITDA，以更好地反映伦敦人物业爬坡，较当前股价存在29%的上行空间。 中金主要观点如下： 3) 新的返点策略将侧重于增加返点支出驱动巴黎人和澳门金沙的客流量，而在有限的返点支出条件 下，强劲的自然客流量仍然可以推动威尼斯人和伦敦人业绩表现; 4) 管理层认为中国澳门已成为区域性娱乐中心(举办大量全球及区域性演出及活动)，管理层相信中国澳 门的娱乐活动安排将持续驱动客流量; 5) 管理层指出，2Q25当日往返旅客持续推动高访客量，普通中场(恢复至2Q19的93%，环比增长10%)， 持续落后于高端中场(恢复至2Q19的106%，环比增长5%)。 风险提示：复苏速度可能慢于预期;工程进度可能落后预期;行业竞争加剧，市场份额可能流失。 金沙中国公布2Q25业绩：净收入为17.97亿美元，恢复到2Q19的84%(同比增长2%，环比增长5%);经调 整物业EBITDA为5.66亿 ...

[Table_Title] 研究报告 Research Report 24 Jul 2025 金沙中国 SANDS CHINA (1928 HK) 25Q2，博彩毛收入同比环比均提升，伦敦人业绩亮眼 In 25Q2, GGR Increased YoY and QoQ, with Impressive Results of The Londoner Macao 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(PTable_summary] lease see APPENDIX 1 for English summary) 事件: LVS 发布金沙中国 25Q2 业绩，公司实现净收益 17.9 亿美元，同比提升 2.5%；净收入达 2.14 亿美元，同比下 滑 13.0%；经调整物业 EBITDA 达 5.66 亿美元，同比提升 0.9%，对应经调整物业 EBITDA 利润率为 31.6%。25H1，公 司净收益达 34.9 亿美元，同比下滑 1.7%；净 ...

6. 雍禾医疗（02279.HK） 盘中涨13%：与美团医药健康达成战略合作，共建医疗级毛发健康服务体 系，强化O2O服务生态。 7. 美图公司（01357.HK） 涨近4%：旗下AI影像创作智能体"RoboNeo"登顶App Store分类榜，通过自 然语言交互降低视觉创作门槛。 8. 宜搜科技（02550.HK） 跌超7%：以先旧后新方式配售6578.7万股（占扩大后股本14.6%），配售价 5.26港元较前日折让14.7%，募资3.46亿港元引发股权摊薄担忧。 点击蓝字，关注我们 今日上午港股 1. 造纸板块延续上行趋势 ：玖龙纸业（02689.HK）领涨板块，单日涨幅逾9%。公司近日向多个生产 基地发布第四轮「提价函」，宣布自8月1日起上调瓦楞纸及再生牛卡纸报价30元/吨，此为继7月1 日、10日及12日后的连续提价动作，反映行业供需结构优化。 2. 券商板块集体走强 ：中资券商股再度拉升，东方证券（03958.HK）涨超6%，中原证券 （01375.HK）涨5%，国联证券（01456.HK）涨逾4%。头部券商华泰证券（06886.HK）、中国银河 （06881.HK）均涨3.5%，申万宏源（0021 ...

Group 1 - The gaming stocks continue to rise, with Wynn Macau up 4.55%, SJM Holdings up 2.16%, Sands China up 1.2%, and Melco International Development up 1.01% [1] - Citigroup reported that Macau's total gaming revenue for the first six days of July may have reached approximately 4.3 billion MOP, indicating a daily average of about 717 million MOP, which is a 2% increase compared to June 2025 and a 30% surge compared to July 2024 [1] - Citigroup conservatively raised its forecast for July 2025 gaming revenue from 19.5 billion MOP to 20 billion MOP, anticipating a slowdown in daily gaming revenue after the conclusion of the concert series by Jacky Cheung [1] Group 2 - JPMorgan noted that despite the positive impact of Jacky Cheung's concert and seasonal factors in July, the performance is stronger than in June or May, with expectations of double-digit year-on-year growth for total gaming revenue in July [2] - The report indicates that Macau's gaming revenue has exceeded seasonal and market expectations for three consecutive months, suggesting that the industry has reached a cyclical turning point after a prolonged period of market profit forecast reductions [2]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

海富通基金指出，港股估值当前处于历史相对低位，估值绝对水平远低于美欧日市场水平，性价比相对 较高。 汇添富基金表示，下半年港股走势或呈现"震荡上行+结构分化"格局。核心驱动因素包括宏观政策将聚 焦高质量发展、科技创新与内需提振，叠加稳增长政策加码，有望推动港股基本面修复；全年南向资金 净流入或突破万亿元规模，持续改善港股流动性。同时，海外区域性资金对港股关注度上升，若基本面 持续改善，外资配置比例有望从当前的低位逐步回升。 华夏基金认为，在国内经济复苏、AI业绩催化预期以及更多优质企业赴港上市的背景下，下半年恒生 科技的估值有望持续提升。而一旦有爆点事件催化，高弹性、高成长等特性也使其具备更大的向上动 能。 恒生指数高开0.96%，恒生科技指数涨1.07%。银河娱乐涨超9%，金沙中国涨6%，吉利汽车涨近5%。 关于港股后市 光大证券称，短期在流动性较难继续放松的背景下，结合A股财报披露扰动、中美关系仍有不确定性等 事件对风险偏好可能有所压制，港股市场可能呈现震荡走势。长期来看，港股整体盈利能力相对较强， 同时互联网、新消费、创新药等资产相对稀缺，结合当前估值仍偏低，长期配置性价比仍较高。 中信证券表示，在港股 ...

金沙中国有限公司在港交所公告，于2025年6月11日（美国时间），所有未偿付二零二五年票据 （1,800,000,000美元5.125%二零二五年到期的优先票据和1,786,475,000美元5.125%二零二五年到期的优 先票据）已根据二零二五年票据契约之条款及条件被全部赎回。因此，不再有未偿付二零二五年票据。 公司已向香港联交所申请撤销二零二五年票据的上市。有关撤销上市预期将于2025年6月20日营业时间 结束时生效。 ...

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]

Financial Performance - The total net revenue for the year ended December 31, 2024, was $7,080,000,000 (HK$54,990,000,000), an increase of 8.4% compared to $6,530,000,000 (HK$51,060,000,000) for the year ended December 31, 2023[8]. - The profit for the year ended December 31, 2024, was $1,050,000,000 (HK$8,120,000,000), representing a significant increase of 51.0% from $692,000,000 (HK$5,410,000,000) in the previous year[8]. - The adjusted property EBITDA for the year ended December 31, 2024, was $2,330,000,000 (HK$18,090,000,000), which is a 4.7% increase from $2,230,000,000 (HK$17,390,000,000) for the year ended December 31, 2023[8]. - The net revenue from the gaming segment was $5,350,000,000, up 10.4% from $4,840,000,000 in the previous year, primarily due to increased visitor volume[144]. - The total revenue from the hotel segment was $774,000,000, reflecting a 1.7% increase from $761,000,000, driven by higher occupancy rates[149]. - The non-gaming revenue from food and beverage increased by 8.3%, reaching $260,000,000, up from $240,000,000[143]. - Operating expenses rose to $5.714 billion, a 7.6% increase from $5.309 billion in 2023, attributed to higher business volumes across most categories[157]. - The average daily room rate for The Venetian Macao was $203, a decrease of 2.4% from $208 in 2023[151]. - The revenue per available room (RevPAR) for The Venetian Macao was $199, a 1.5% increase from $196 in the previous year[151]. Visitor Statistics - The company attracted a total of 95,000,000 visitors in 2024, averaging approximately 260,000 visitors per day[13]. - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023 and 6,000,000 in 2022[61]. - The company hosted approximately 652,000 visitors for incentive travel events in Macau, with around 580,000 attending 30 exhibitions and trade fairs[18]. - Total visitor numbers to Macau reached approximately 24,500,000 for the year ending December 31, 2024, an increase of about 28.6% compared to 2023[135]. - The Venetian Macao recorded approximately 31.6 million visitors in 2024, an increase from 30.3 million in 2023[118]. - The Londoner Macao had approximately 25.6 million visitors in 2024, up from 22.5 million in 2023[125]. - The Parisian Macao had a total of approximately 13,500,000 visitors in 2024, up from about 11,600,000 in 2023[127]. Investments and Developments - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[63]. - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[63]. - The company has made significant progress on the post-completion works of The Londoner Macao, with a capital investment project expected to be completed in the second quarter of 2025[62]. - The company has committed to invest at least MOP 35,800,000,000 (approximately USD 4,480,000,000) in Macau, with a focus on non-gaming projects[187]. - The investment plan includes projects aimed at attracting foreign visitors, hosting exhibitions, entertainment performances, sports events, and enhancing Macau's reputation as a culinary capital[98]. - The company plans to expand its conference and exhibition capabilities by constructing a state-of-the-art venue connected to the existing Cotai Expo[102]. - A unique garden-themed attraction is planned to be developed next to The Londoner Macao, featuring a signature greenhouse and themed green spaces[102]. Corporate Governance and Management - The company has a board of directors consisting of eight members, with four being independent non-executive directors[30]. - The Chairman and non-executive director, Robert Glen Goldstein, has held various senior positions within the company since 2014, including CEO from January 2021 to January 2024[30]. - The Executive Vice Chairman and executive director, Wilfred Wong, has extensive experience in property development and has held senior management positions in several listed companies in Hong Kong[33]. - The CEO and president, Zheng Junuo, has been with the company since 2013 and previously worked at UBS Investment Bank for 14 years, overseeing various roles[37]. - The company has a strong focus on governance, with various committees including the remuneration committee and capital expenditure committee led by experienced directors[33]. - The company emphasizes the importance of financial management expertise within its board, ensuring compliance with regulatory standards[44]. - The company has a commitment to corporate governance, as evidenced by the roles of independent directors in various committees[42][44][49]. Legal Matters - The claim amount from Asian American Entertainment Corporation against the company is approximately $375 million, based on alleged breaches related to a joint bidding agreement[192]. - The claim amount was later increased to approximately $12.06 billion, covering lost earnings from 2004 to 2018, with rights reserved for further claims until 2022[194]. - The Macau Court ruled in favor of the company in April 2022, stating that the claims were malicious[196]. - The company continues to actively defend against the litigation and believes that it will not have a significant adverse effect on its financial condition or cash flow[199]. - The Macau Intermediate Court dismissed the plaintiff's appeal based on procedural defects, reaffirming the malicious nature of the claims[198]. - Management remains confident that the ongoing litigation will not materially affect the company's financial performance[199]. Market Position and Strategy - The company ranked first in market share for sold hotel rooms on major platforms including Ctrip, Alibaba's Fliggy, and Meituan in Macau[15]. - The company’s non-room revenue market share for dining and attraction tickets ranked first, with Meituan leading in dining product market share[15]. - The company is positioned to benefit from Macau's projected gross gaming revenue of MOP 226.78 billion (approximately USD 28.35 billion) in 2024, an increase of 23.9% from 2023[76]. - The company focuses on high-margin mass gaming operations, which accounted for 76% of market revenue in 2024, according to the Gaming Inspection and Coordination Bureau[79]. - The company continues to innovate its gaming product offerings to capture a larger market share across all customer segments in Macau[79]. - The company has established a significant presence in the retail sector with approximately 770 stores across 2.1 million square feet of retail space[71]. Awards and Recognition - The company received multiple awards in 2024, including the Best Integrated Resort in Asia Pacific from Travel + Leisure for the Macau Sands Resort[23]. - The company has been recognized as the best luxury hotel in Macau by the 2024 TTG China Travel Awards[27]. - The company has a platinum rating for its restaurant, 紫逸軒, in the 2024 Ctrip Reputation List for luxury restaurants[27]. - The company received multiple awards in 2024, including the "Best Luxury Hotel" in Macau from Travel + Leisure and a five-star rating from Forbes Travel Guide for the Four Seasons Hotel Macau[27]. Transportation and Visitor Experience - The company has invested in transportation networks to enhance visitor experience, including the "Cotai Water Jet" ferry service, which has been operational since November 2007[87]. - The "Cotai Water Jet" ferry service operates high-speed vessels with a capacity of over 400 passengers, with a maximum speed of approximately 42 knots[87]. - The company provides a fleet of over 110 luxury cars for its "Cotai Limousine" service, ensuring round-the-clock availability for VIP clients[89]. - The company operates 150 shuttle buses, including 34 owned and 116 leased, to facilitate transportation between its properties and key locations[90].

Financial Performance - The total net revenue for the year ending December 31, 2024, was $7,080,000,000, an increase of 8.4% compared to $6,530,000,000 for the year ending December 31, 2023[6]. - The profit for the year ending December 31, 2024, was $1,050,000,000, representing a 51.0% increase from $692,000,000 in the previous year[6]. - Adjusted property EBITDA for the year ending December 31, 2024, was $2,330,000,000, up 4.7% from $2,230,000,000 in 2023[6]. - The net revenue from gaming operations was $5,346,000,000, reflecting a 10.4% increase from $4,841,000,000 in the previous year, driven by increased visitor volume[21]. - The operating profit for the year ended December 31, 2024, was $1,366 million, compared to $1,225 million in 2023, reflecting improved operational efficiency[63]. - The company reported a net profit attributable to equity holders of $1,045 million for 2024, up from $692 million in 2023, marking an increase of approximately 50.9%[98]. - Basic earnings per share increased to $12.91 in 2024 from $8.56 in 2023, reflecting a growth of approximately 50.9%[98]. Visitor Statistics and Tourism - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023, marking a significant recovery in tourism[7]. - The total number of visitors from mainland China to Macau reached 24,500,000, an increase of approximately 28.6% compared to 2023[75]. Capital Investments and Projects - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[9]. - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[11]. - The company is making significant progress on the Londoner project in Macau, with completion expected in the second quarter of 2025[8]. - The Londoner Macao will open on September 26, 2024, featuring 2,405 newly renovated rooms and suites, with a total estimated project cost of $1,200,000,000[19]. - The company announced the opening of The Londoner Macao's second phase on September 26, 2024, which will feature 2,405 rooms and suites, with an estimated total project cost of $1,200 million expected to be completed in the first half of 2025[58]. Revenue Breakdown - The gross gaming revenue in Macau for the year ending December 31, 2024, was approximately $28,350,000,000, an increase of about 23.9% compared to the previous year[15]. - The Venetian Macao's gaming revenue totaled $2,282,000,000, a 6.1% increase from $2,151,000,000, with non-rolling chip drop increasing by 6.8%[23]. - The Londoner Macao's gaming revenue reached $1,462,000,000, up 14.0% from $1,283,000,000, with a 16.2% increase in non-rolling chip drop[23]. - The Parisian Macao reported gaming revenue of $740,000,000, a 13.0% increase from $655,000,000, with a significant 28.8% rise in non-rolling chip drop[23]. - The total revenue from meetings, ferries, retail, and other sources was $207 million, a 15.6% increase from $179 million, attributed to higher visitor numbers[32]. Operating Expenses and Financial Metrics - Operating expenses for the year ended December 31, 2024, were $5.71 billion, a 7.6% increase from $5.31 billion, primarily due to increased expenses in gaming and other operational areas[33]. - The total loss on disposal of properties and equipment was $32 million, up from $12 million, mainly due to increased demolition costs related to renovations[34]. - Depreciation and amortization expenses decreased to $754 million, down 6.8% from $809 million, primarily due to reduced accelerated depreciation related to specific assets[33]. - The net cash generated from operating activities for the year ended December 31, 2024, was $2,070 million, a decrease from $2,290 million in 2023, primarily due to a $63 million cash outflow from working capital changes and $11 million in income tax payments[50]. - The net cash used in investing activities for the year ended December 31, 2024, was $810 million, mainly due to capital expenditures of $871 million, offset by $62 million in interest received[52]. - The net cash used in financing activities for the year ended December 31, 2024, was $658 million, primarily due to the repurchase of $174 million in outstanding principal of 2025 senior notes and interest payments of $398 million[53]. Debt and Financing - Net financing costs for the year ended December 31, 2024, were $424 million, down 20.3% from $532 million for the year ended December 31, 2023, primarily due to a decrease in average borrowing balances and average interest rates[39]. - The average interest rate decreased from 5.4% for the year ended December 31, 2023, to 4.9% for the year ended December 31, 2024, due to credit rating upgrades and changes in interest payment options[39]. - The company maintained a maximum debt to adjusted EBITDA ratio of 4.00 times and a minimum adjusted EBITDA to net interest expense ratio of 2.50 times throughout the financing period[46]. - The 2024 SCL credit facility provides HKD 19,500 million (approximately $2,510 million) in unsecured revolving credit financing, available until September 24, 2029[45]. - The 2024 SCL credit facility also includes HKD 12,950 million (approximately $1,670 million) in unsecured term loan financing, available until August 31, 2025, for repaying outstanding amounts under the 2025 senior notes[46]. Shareholder Information - The board proposed a final dividend of HK$0.25 per share for the year ended December 31, 2024, amounting to an estimated total of approximately $260 million[60]. - The proposed final dividend is expected to be paid on June 20, 2025, if conditions are met[123]. - The company will suspend share transfer registration from May 19, 2025, to May 22, 2025, to determine eligible shareholders for the annual general meeting[125]. - A second suspension of share transfer registration will occur on May 30, 2025, to identify shareholders eligible for the proposed final dividend[125]. Asset and Equity Position - The total assets as of December 31, 2024, were $11,169 million, an increase from $10,258 million in 2023, indicating growth in the company's asset base[67]. - The company reported a total equity of USD 1,031 million, compared to a loss of USD 4 million in the previous year[70]. - The total liabilities decreased slightly to USD 10,138 million from USD 10,262 million year-over-year[70]. - The total assets minus current liabilities amounted to USD 8,176 million, down from USD 8,886 million in the previous year[70]. Operational Developments - The newly renovated Venetian Theatre has reopened with a capacity of 14,000 seats, designed for large-scale live entertainment events[19]. - The company operates a total of 1,680 gaming tables and 3,700 slot machines across its properties[19]. - The total retail space across all properties is 2,127,000 square feet, with 769 retail outlets[18]. - Room revenue for the year ended December 31, 2024, was $774 million, an increase of 1.7% compared to $761 million for the year ended December 31, 2023, primarily due to increased occupancy rates[25]. - Total shopping center revenue decreased to $493 million, down 3.9% from $513 million, mainly due to a reduction in excess rent[28]. - Dining revenue increased to $260 million, an 8.3% increase from $240 million, driven by increased visitor volume and the addition of new dining establishments[32].