行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 胡梦婷 A0230524060004 humt@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 ⚫ 海外社服： 金沙中国 2Q25 业绩点评——新改造的酒店房间和更激进的再投资促进 业绩提升 二季度，中国澳门的博彩毛收入同比增长 8%，恢复到 2019 年的 83%。按照业务 板块拆分，贵宾博彩毛收入同比增长 23%，恢复到 2019 年的 47%，中场博彩毛 收入同比增长 4%，对比 2019 年增长 16%，贡献总收入的 73%。我们认为二季 度博彩收入具备韧性主要受益于受限的供给，演唱会的带动，以及 VIP 及高端中场 客的驱动。金沙中国 2Q25 实现净收入 ...

生及立北 海外消费服务 相关研究 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 胡梦婷 A0230524060004 humt@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 (8621)23297818× humt@swsresearch.com 金沙中国 2Q25 业绩点评- 新改造的酒店房 间和更激进的再投资促进业绩提升 2025 年 07 月 25 日 版 发行业 -海外消费周报（20250718-20250724） 本期投资提示： 海外社服： 金沙中国 2Q25 业绩点评 -- 新改造的酒店房间和更激进的再投资促进 业绩提升 二季度，中国澳门的博彩毛收入同比增长 8%，恢复到 2019 年的 83%。按照业务 板块拆分，贵宾博彩毛收入同比增长 23%，恢复到 2019 年的 47%，中场博彩毛 收 ...

证券研究报告 金沙中国有限公司 (1928 HK) GGR 恢复低于行业,伦敦人或支撑营 收修复 | 华泰研究 | 中报点评 | 投资评级(维持): | 头人 | | --- | --- | --- | --- | | 2025年7月25日 中国香港 | 博彩 | 目标价(港币): | 21.20 | | 金沙中国母公司 LVS 于美国时间 7/23 盘后发布 25Q2 财报,当中澳门业务 | | 何翩翩 | 研究员 | | | | SAC No. S0570523020002 | purdvho@htsc.com | | (金沙中国)博彩毛收入(GGR) 17.2 亿美元,同比+0.3%,环比+6.5%, | | SFC No. ASI353 | +(852) 3658 6000 | | 恢复至 19Q2 的 81%(行业 83%)。LVS 盘后涨约 5%,主因新加坡业务 | | | | | 超预期,但澳门业务恢复不及预期。尽管 2Q整体访澳客流强劲、高端需求 | | 易楚妍 | 联系人 | | 回升,但金沙中国恢复节奏滞后。管理层坦言过于依赖酒店硬件吸引力,容 | | SAC No. S057012407 ...

| 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 7 月 | 25 日│中国香港 | 博彩 | 目标价(港币): | 21.20 | 证券研究报告 金沙中国有限公司 (1928 HK) 港股通 GGR 恢复低于行业，伦敦人或支撑营 收修复 2025 年 7 月 25 日│中国香港 博彩 经营预测指标与估值 | 会计年度 (港币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 (百万) | 55,224 | 57,770 | 62,173 | 65,272 | | +/-% | 19.33 | 7.19 | 9.57 | 6.08 | | 归属母公司净利润 | 8,340 | 7,278 | 9,478 | 10,108 | | (百万) | | | | | | +/-% | 43.87 | (12.74) | 30.23 | 6.65 | | EPS (最新摊薄) | 1.03 | 0.90 ...

金沙中国（1928） 更新报告 5 和 6 月份的表现在提升中；预计未来 EBITDA 将能达 27 亿美元 王柏俊 852 2532 1915 Patrickwong@firstshanghai.com.hk 主要数据 | 行业 | 博彩和娱乐 | | --- | --- | | 股价 | 18.60 港元 | | 目标价 | 25.31 港元 | | | (+36.1%) | | 股票代码 | 1928 | | 已发行股本 | 80.93 亿股 | | 市值 | 1511 亿港元 | | 52 周高/低 | 22.45/11.95 港元 | | 每股净现值 | 0.99 港元 | | 主要股东 | LVS Sands Corp 73.4% | | 盈利摘要 | | | | | | 股价表现 | | --- | --- | --- | --- | --- | --- | --- | | 截止12月31日财政年度 | 2023实际 | 2024实际 | 2025预测 | 2026预测 | 2027预测 | 25 | | 收入（百万美元） | 6,534 | 7,080 | 7,436 | 8,071 | 8, ...

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]