( 於開曼群島註冊成立的有限公司 ) 本公司的本次公司通訊英文及中文版已刊載於本公司網站 www.sandschina.com 「 投 資 者 關 係 」一 欄 及 香港交易所披露易網站 www.hkexnews.hk。 倘 若 閣下希望收取本次公司通訊之印刷本，請 閣下向本公司的香港股份過戶登記處（「香港股份過戶 登記處」），香港中央證券登記有限公司提交書面要求（郵寄至香港灣仔皇后大道東 183 號合和中心 17M 樓 或電郵至 sandschina.ecom@computershare.com.hk），並註明 閣下的姓名、地址、收取本次公司通訊印刷本之要 求。 倘 若 閣下希望收取所有日後公司通訊 2 之印刷本，請在隨附的回條（「回條」）合適的方格內劃上「✓」 號並填妥及簽署回條，並使用回條下方的郵寄標籤寄回香港股份過戶登記處。如 在 香 港 投 寄，毋 須 貼 上 郵 票 ； 如 在 香 港 以 外 地 方 投 寄 ， 請 貼 上 適 當 的 郵 票 。 閣下亦可以發送 電 郵 至 sandschina.ecom@computershare.com.hk，並註明 閣下的姓名、地址、收取公司通訊之印刷本的 ...

通 知 信 函 ( 於開曼群島註冊成立的有限公司 ) (股份代號：1928) 承 董 事 會 命 金沙中國 有 限 公 司 韋狄龍 公 司 秘 書 致 登 記 股 東 ： 金沙中國 有 限 公 司 （「 本 公 司 」） – 2025 年 中 期 報 告 （「 本 次 公 司 通 訊 」） 之 刊 發 通 知 本 公 司 的 本 次 公 司 通 訊 英 文 及 中 文 版 已 刊 載 於 本 公 司 網 站 www.sandschina.com 「 投 資 者 關 係 」一 欄 及 香 港 交 易 所 披 露 易 網 站 www.hkexnews.hk。 倘 若 閣 下 希 望 收 取 本 次 公 司 通 訊 之 印 刷 本 ， 請 閣 下 向 本 公 司 的 香 港 股 份 過 戶 登 記 處（「 香 港 股份過戶 登 記 處 」），香 港 中 央 證 券 登 記 有 限 公 司 提 交 書 面 要 求（ 郵 寄 至 香 港 灣 仔 皇 后 大 道 東 183 號 合 和 中 心 17M 樓 或 電 郵 至 sandschina.ecom@computershare.com.hk），並 註 明 閣 下 的 ...

Financial Performance - The adjusted property EBITDA for the first half of 2025 was $1,100,000,000, a decrease of 5.9% compared to $1,170,000,000 in the first half of 2024[10]. - The total net revenue for the first half of 2025 was $3,490,000,000, down 1.7% from $3,550,000,000 in the first half of 2024[10]. - The profit for the first half of 2025 was $413,000,000, a decrease of 23.7% from $541,000,000 in the first half of 2024[10]. - The net revenue from the gaming segment for the first half of 2025 was $2,620,000,000, down 3.0% from $2,700,000,000 in the first half of 2024[19]. - Total net revenue from the Macau Venetian casino was $1,019 million, a decrease of 14.7% compared to $1,194 million in the previous year[21]. - Total net revenue from the Londoner Macau casino increased by 21.7% to $897 million from $737 million[21]. - The total revenue from the Parisian Macau casino was $316 million, a decrease of 16.8% from $380 million[21]. - For the six months ended June 30, 2025, the net revenue was $3,492 million, a decrease of 1.7% compared to $3,551 million in the same period of 2024[133]. - Operating profit for the same period was $585 million, down 15.0% from $688 million in 2024[133]. - Profit attributable to equity holders for the six months was $413 million, a decrease of 23.6% from $541 million in 2024[133]. Visitor and Gaming Revenue Trends - The Macau government reported a 19.3% increase in the total number of visitors from mainland China for the first half of 2025 compared to the same period in 2024[15]. - The gross gaming revenue in Macau increased by 4.4% for the first half of 2025 compared to the same period in 2024[15]. - The total revenue from slot machines at the Macau Venetian was $2,776 million, down 8.6% from $3,038 million[21]. - The total revenue from shopping centers increased by 7.8% to $249 million from $231 million[27]. - The total revenue from the Venetian shopping center was $121 million, an increase of 12.0% from $108 million[28]. Capital Expenditures and Investments - The Londoner Macao Phase II project, which includes the renovation of the Sheraton Grand Macao into The Londoner Hotel, has an estimated total cost of $1,200,000,000 and was largely completed in the first quarter of 2025[16]. - Capital expenditures for the six months ended June 30, 2025, amounted to $333 million, up from $218 million in the same period in 2024[53]. - The company committed to invest at least MOP 35.84 billion (approximately $4.43 billion), with MOP 33.39 billion (approximately $4.13 billion) allocated for non-gaming projects to be completed by December 2032[58]. Operating Expenses and Financial Management - Total operating expenses for the six months ended June 30, 2025, were $2.91 billion, an increase of 1.5% from $2.86 billion in the same period of 2024[33]. - Employee benefits expenses increased by $42 million, and foreign exchange losses rose by $31 million, contributing to the overall increase in operating expenses[33]. - The financing cost for the six months ended June 30, 2025, was $196 million, a decrease of 12.1% from $223 million for the same period in 2024[41]. - Net financing costs, after capitalized interest, were $195 million for the six months ended June 30, 2025, compared to $220 million for the same period in 2024, reflecting a decrease of 11.4%[41]. Shareholder Returns and Dividends - The company declared an interim dividend of HKD 0.25 per share, totaling HKD 2,020,000,000 (approximately USD 258,000,000) to be paid on September 12, 2025[59]. - A final dividend of HK$0.25 (approximately $0.032) per share was declared, totaling HK$2.02 billion (approximately $261 million), to be paid on June 20, 2025[171]. Legal and Regulatory Matters - A lawsuit was filed against the company for MOP 3,000,000,000 (approximately USD 371,000,000) regarding alleged breaches of a joint bidding agreement[62]. - The Macau court ruled in 2014 that the claims against the company were baseless, but the plaintiff appealed the decision[64]. - The plaintiff increased the claim amount to MOP 96,450,000,000 (approximately USD 11,930,000,000) in 2019, asserting it represented lost earnings from 2004 to 2018[65]. - The company will continue to actively defend against the ongoing litigation[72]. Debt and Financial Position - As of June 30, 2025, the net debt was $5,939 million, a slight decrease from $6,036 million as of December 31, 2024, resulting in a net debt to total equity ratio of 84.1% compared to 85.4%[76]. - The total equity increased to $1,120 million as of June 30, 2025, up from $1,031 million as of December 31, 2024[76]. - The company has a total of 27,052 full-time team members as of June 30, 2025, with a gender ratio of 49% male and 51% female[81]. Corporate Governance and Management - The company has established five board committees to ensure effective corporate governance, including an Audit Committee and a Remuneration Committee[90]. - Patrick Sydney Dumont was appointed as a non-executive director on August 8, 2025, indicating a potential shift in board composition[87]. - The Audit Committee has reviewed the accounting policies adopted by the group and the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting standards[93]. Environmental, Social, and Governance (ESG) Initiatives - The company published its 2024 Environmental, Social, and Governance (ESG) report in March 2025, demonstrating its commitment to sustainability[80].

Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue (GGR) rising by 19.0% year-on-year to 22.1 billion MOP, reaching a post-pandemic high and recovering to 90% of the levels seen in the same period of 2019 [1] - Major gaming stocks in Macau, including Sands China, Galaxy Entertainment, Wynn Macau, and Melco International Development, experienced substantial gains in their stock prices, with increases ranging from 4.34% to 5.45% [1] - HSBC forecasts that the upcoming months will see a continuous influx of visitors due to a series of non-gaming activities, predicting that August's gaming revenue could reach between 21.6 billion to 22.7 billion MOP, reflecting a year-on-year increase of 9% to 15% [1] Group 2 - CITIC Securities notes that a variety of entertainment activities and newly opened or renovated properties are effectively attracting core gaming customers, suggesting potential structural improvements in the industry's win rate [1] - The demand-side changes are identified as a more critical reason for the improvement in gaming data, with Macau's gaming sector being a significant indicator of high-end discretionary spending, benefiting from a marginal improvement in consumption willingness among high-end consumers from mainland China [1] - Under a neutral assumption with no incremental positive or negative factors, CITIC Securities predicts an 8-10% growth in the industry's GGR by 2025 [1]

Core Viewpoint - The Macau gaming sector is experiencing a significant recovery, with July gross gaming revenue (GGR) reaching 22.1 billion MOP, a 19% year-on-year increase, marking the highest level since the pandemic and recovering to 90% of the 2019 levels [1] Group 1: Market Performance - Sands China (01928) shares rose by 5.45% to 21.28 HKD [1] - Galaxy Entertainment (00027) shares increased by 5.44% to 42.26 HKD [1] - Wynn Macau (01128) shares climbed by 4.51% to 6.95 HKD [1] - Melco International Development (00200) shares grew by 4.34% to 5.05 HKD [1] Group 2: Future Projections - HSBC forecasts that the upcoming months will see a continuation of non-gaming activities attracting visitors, with August GGR expected to reach between 21.6 billion to 22.7 billion MOP, representing a year-on-year increase of 9% to 15% [1] - Citic Securities notes that the recovery in the gaming sector is primarily driven by changes in demand, with a projected GGR growth of 8-10% by 2025 under a neutral assumption [1]

此次战略合作是北京市进一步健全本市农产品营销服务体系，推动本地农产品与大型连锁超市"农超对 接"的实践行动。物美集团将充分发挥在供应链管理、销售网络、数字技术和市场影响力等方面的优 势，让首都市民能在物美旗下超市门店及电商平台购买到"更新鲜、更优质、更安心"的北京特色农产 品。北京市农业农村局则将从生产端持续发力，优化调整农业产业结构，实施品牌强农战略，推动更多 本地优质农产品直达首都市民餐桌。 值得关注的是，作为唯一一家参与到该项目的金融机构，民生银行北京分行以全力贯通金融活水、全力 激活消费动能、全力构筑长效平台，三个"全力"践行责任担当。据介绍，针对京郊特色农产品季节性与 供应链痛点，民生银行北京分行将研究为特色农产品提供助农贷款额度，解决产业流动资金难题。同 时，该行还将依托北京区域庞大的持卡用户基础，与物美集团联合推出京郊鲜品消费专属权益，实现拓 客与惠农双向赋能，助力物美"京郊产·本地鲜"专区成为连接城乡的活力枢纽。此外，该行还计划在物 美全市重点门店设立"普惠金融服务站"，派驻专业团队提供金融咨询服务，以长效机制为乡村振兴打造 金融支持范式。 据悉，双方将在四个方面开展深入合作。一是合作拓宽本地 ...

Group 1 - The Hong Kong gaming stocks have seen a rise, with notable increases in shares such as Melco Resorts up 5%, Galaxy Entertainment up 1.37%, and Wynn Macau up 3.57% [1] - Multiple institutions have released reports expressing optimism about the gaming industry, with Morgan Stanley predicting a continuous increase in Macau's gaming revenue from 2025 to 2027 [1] - Since the last upgrade of Macau's gaming industry forecast, Morgan Stanley has revised its predictions for the third time within three months [1] Group 2 - Wynn Macau is set to release its financial report on August 20, with expectations of revenue reaching HKD 7.246 billion for Q2 2025 and an estimated earnings per share of HKD 0.09 [1] - Golden Entertainment plans to hold a board meeting on August 25 to approve its interim results [1] - Amax Holdings is scheduled to hold a board meeting on August 28 to approve its interim results [1]

Core Viewpoint - Goldman Sachs reports that Sands China (01928) declared an interim dividend of HKD 0.25 per share, consistent with last year's final dividend, but increased the payout ratio to 63% [1] Group 1: Dividend and Financial Projections - The bank expects the final dividend for 2025 to remain at HKD 0.25, totaling HKD 0.50 for the year; assuming gradual increases to HKD 0.80 in 2026 and HKD 1.00 in 2027 [1] - Sands China's target price is slightly raised from HKD 21.5 to HKD 21.6, maintaining a "Buy" rating [1] Group 2: Market Conditions and Business Strategy - Compared to Galaxy Entertainment (00027), Sands China's dividend may disappoint some investors, but Goldman Sachs believes this aligns with expectations due to recent fluctuations in gaming revenue market share, indicating significant business pressure [1] - The management's short-term goal is to increase gaming volume to achieve an EBITDA close to USD 2.6 to 2.7 billion, which is anticipated to be reached by 2026 [1] - Unlike other gaming companies that base dividends on payout ratios, Sands China prefers to maintain consistent dividend amounts across different market cycles, as evidenced by maintaining a full-year dividend of HKD 1.99 during the anti-corruption period from 2014 to 2015 [1]

高盛发布研报称，金沙中国(01928)宣派中期每股0.25港元，与去年末期股息持平，但派息率提高至 63%。基于业务复苏与市场份额恢复进度，该行现料2025年末期息维持0.25港元，全年合计为0.5港元; 假设2026年股息逐步提升至0.8港元，2027年可达1港元，将金沙中国目标价由21.5港元微升至21.6港 元，维持"买入"评级。 另外，金沙中国管理层早前指短期目标是提升博彩量，令EBITDA接近26亿至27亿美元水平，该行料有 关目标需到2026年才能达成。同时，与其他以派息比率为基准的博企不同，集团倾向维持相同股息金 额，并在不同市场周期中保持稳定，例如2014至15年反贪期间仍维持全年1.99港元派息。 虽然与银河娱乐(00027)提高派息相比，金沙的股息或令部分投资者略感失望，但该行认为此举符合预 期，因近期集团的博彩收入市场份额波动，反映业务面临较大压力，需要增加促销活动以应对竞争。 ...

Core Viewpoint - Goldman Sachs reports that Sands China declared an interim dividend of HKD 0.25 per share, consistent with last year's final dividend, but the payout ratio has increased to 63%. This move aligns with expectations despite being slightly lower compared to other companies, as Sands faces pressure from fluctuating market share in gaming revenue and needs to enhance promotional activities [1] Group 1 - Sands China's management has set a short-term goal to increase gaming volume, aiming for EBITDA to reach USD 2.6 billion to USD 2.7 billion [1] - Goldman Sachs anticipates that this target will be achieved by 2026 [1] - Goldman Sachs has slightly adjusted Sands China's target price from HKD 21.5 to HKD 21.6 while maintaining a "Buy" rating [1]