2025年第三季度的加权平均债项结余为159.4亿美元，较2024年第三季度的138.7亿美元有所上升。 2025年第三季度的加权平均借贷成本为4.5%，低于2024年第三季度的5.1%。 2025年第三季度，金沙中国的净收益总额为19亿美元，较2024年第三季度增长7.5%。 同期净收入为2.72亿美元，高于2024年第三季度的2.68亿美元。 ...

2025年第三季的经扣除资本化金额后的利息开支为1.87亿美元，而去年同季则为1.79亿美元。2025年第 三季的加权平均债项结余为159.4亿美元，而2024年第三季则为138.7亿美元。2025年第三季的加权平均 借贷成本为4.5%，而2024年第三季则为5.1%。 金沙中国2025年第三季的经调整物业EBITDA为6.01亿美元，而2024年第三季则为5.85亿美元。 金沙中国有限公司(01928)发布公告，根据美国公认会计原则，金沙中国2025年第三季的净收益总额由 2024年第三季增加7.5%至19亿美元。金沙中国2025年第三季的净收入为2.72亿美元，而2024年第三季则 为2.68亿美元。 ...

智通财经APP讯，金沙中国有限公司(01928)发布公告，根据美国公认会计原则，金沙中国2025年第三季 的净收益总额由2024年第三季增加7.5%至19亿美元。金沙中国2025年第三季的净收入为2.72亿美元，而 2024年第三季则为2.68亿美元。 2025年第三季的经扣除资本化金额后的利息开支为1.87亿美元，而去年同季则为1.79亿美元。2025年第 三季的加权平均债项结余为159.4亿美元，而2024年第三季则为138.7亿美元。2025年第三季的加权平均 借贷成本为4.5%，而2024年第三季则为5.1%。 金沙中国2025年第三季的经调整物业EBITDA为6.01亿美元，而2024年第三季则为5.85亿美元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 SANDS CHINA LTD. 金沙中國有限公司 （於開曼群島註冊成立的有限公司） 本公司控股股東Las Vegas Sands Corp.（「LVS」）是一家在美國紐約證券交易所（「紐約證交 所」）上市的公司。於本公告日期，LVS實益擁有本公司已發行股本約74.76%的權益。 LVS根據適用於公開買賣的紐約證交所上市公司的持續披露責任向美國證券交易委員會 （「美國證交會」）分別存檔季度報告及年度報告，包括季度及年度財務資料以及8-K表、 10-Q表及10-K表項下各自的若干營運統計數字。該等存檔包括有關LVS的澳門業務（該等 澳門業務由本公司擁有）的分部財務資料，而該等存檔可於公開領域查閱。 LVS於二零二五年十月二十三日（香港時間上午四時正）或前後宣佈其截至二零二五年九月 三十日止第三個財政季度財務業績（「季度財務業績」），舉行其二零二五年第三季盈利發 佈電話會議（「盈利發佈會」），並將第三季盈利 ...

Financial Highlights - Net revenues increased by 16% from $2682 million in 3Q24 to $3331 million in 3Q25[7] - Net income attributable to LVS increased from $339 million in 3Q24 to $541 million in 3Q25[7] - Adjusted net income attributable to LVS increased from $275 million in 3Q24 to $419 million in 3Q25[7] - Adjusted Property EBITDA increased by 35.6% from $991 million in 3Q24 to $1344 million in 3Q25[7,8] Capital Allocation - $500 million of LVS stock was repurchased in 3Q25[7] - 919 million LVS shares were repurchased at a weighted average price of $5439[7] - $171 million of dividends were paid by LVS ($025 per share)[7] - LVS Board of Directors announced a 20% increase in LVS' recurring common stock dividend for the 2026 calendar year, raising the annual dividend to $120 per share ($030 per share per quarter)[7] - $337 million of SCL shares were purchased from July 1, 2025 through October 10, 2025, increasing LVS ownership interest in SCL to 7476%[7] Macao Market - Macao market gross gaming revenue grew 12% in 3Q25, reaching $77 billion[6,23] - Mass win was $169 billion during 3Q25, up 12% compared to 3Q24[23] - Adjusted Property EBITDA was $601 million[23] - Adjusted Property EBITDA margin was 315%[23] - Assuming expected hold in rolling play, Adjusted Property EBITDA would have been lower by $2 million[23] - Assuming expected hold in rolling play, Adjusted Property EBITDA margin would have remained 315%, a decrease of 160 basis points compared to 3Q24[35,36] Marina Bay Sands (Singapore) - Adjusted Property EBITDA was $743 million[26] - Adjusted Property EBITDA margin was 517%[26] - Mass win was $905 million, up 35% from $668 million in 3Q24[26] - Rolling volume was $91 billion, up 38% from $66 billion in 3Q24[26] - Assuming expected hold in rolling play, Adjusted Property EBITDA would have been lower by $43 million[26] - Assuming expected hold in rolling play, Adjusted Property EBITDA margin would have been 508%[71] Sands China Mass Market - Sands China mass win was ~$17 billion for 3Q25, up 12% from 3Q24[48] - SCL Mass Market Share was 254% in 3Q25[46] Capital Expenditures - Sands committed to spend at least $45 billion of investment in Macao through 2032, 93% of which will be for non-gaming projects[119]

Market Overview - The Hong Kong stock index experienced a notable increase, closing at 25,858 points, showing a recovery from previous declines, although trading volume was relatively low [2] - Investors have mixed sentiments; some anticipate a continued upward trend towards 26,000 points or even 26,500 points, while others remain cautious due to low trading activity [2] Technical Signals - Current technical signals indicate a predominance of "buy" signals, with 8 buy signals and 7 sell signals, suggesting a slightly optimistic market sentiment [3] - The resistance level is identified at approximately 26,436 points, with a potential upward movement towards 27,000 points if this level is breached [4] Individual Stock Analysis Kuaishou-W (01024) - Kuaishou's stock price has shown a slight recovery, but overall sentiment remains bearish, with a current support level at 70.4 yuan; a drop below this could lead to further declines [5][7] - Short-term technical signals for Kuaishou indicate a "strong buy," suggesting potential for upward movement despite the overall weak sentiment [8] Sands China - Sands China's stock price increased by about 4.3%, with a current support level at 18 yuan; if this level is breached, it could drop to 16 yuan [11] - Technical signals for Sands China are predominantly "buy," with 10 buy signals and 5 sell signals, aligning with positive investor sentiment [11] Xiaomi Group-W (01810) - Xiaomi's stock price has rebounded slightly after a significant drop, with a current support level at 45.1 yuan; a breach could lead to a decline to 40.5 yuan [14] - The short-term technical signals for Xiaomi show a "strong buy," indicating potential for upward movement [14] BYD Electronic (00285) - BYD Electronic's stock price has also seen a slight recovery, with a support level at 37.4 yuan; a drop below this could lead to a decline to 34.3 yuan [18] - The technical signals for BYD Electronic are primarily "buy," with 10 buy signals and 5 sell signals, reflecting a slight improvement in market sentiment [18] CNOOC (00883) - CNOOC's stock price has risen to 19.04 yuan, standing above the middle line of the Bollinger Bands; however, 19 yuan is seen as a challenging resistance level [21] - Current technical signals are neutral, indicating uncertainty about the stock's ability to break through the 19 yuan level [21]

Core Viewpoint - The report from CICC maintains the 2025 total gaming revenue forecast for Macau while raising the 2026 forecast, expecting total gaming revenue to grow by 9% and 5% in the next two years, recovering to 84% and 88% of 2019 levels respectively [1] Industry Summary - Total gaming revenue is projected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is expected to increase by 7% and 6% in 2025 and 2026, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is forecasted to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] - The industry EBITDA for Q3 is estimated to reach $2.108 billion, reflecting a 9% year-on-year growth and a 2% quarter-on-quarter increase, recovering to 91% of the 2019 Q3 level [1] - Total gaming revenue remains resilient, but increased market competition and rising reinvestment rates are pressuring EBITDA [1] Company Summary - CICC is optimistic about MGM China (02282) and Sands China (01928), projecting adjusted EBITDA for Q3 to be HKD 2.352 billion and USD 590 million, representing year-on-year increases of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperforming the industry" [1]

Core Viewpoint - CICC maintains its total gaming revenue forecast for Macau in 2025 while raising the forecast for 2026, expecting a year-on-year growth of 9% and 5% respectively, recovering to 84% and 88% of 2019 levels [1] Group 1: Revenue Forecasts - Total gaming revenue is expected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is projected to increase by 7% and 6% in the next two years, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is anticipated to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2: Industry EBITDA - The industry EBITDA for the third quarter is expected to reach $2.108 billion, representing a year-on-year growth of 9% and a quarter-on-quarter increase of 2%, recovering to 91% of the 2019 level [1] - Total gaming revenue remains resilient; however, increased market competition and rising reinvestment rates are expected to pressure EBITDA [1] Group 3: Company Outlook - CICC is optimistic about MGM China (02282) and Sands China (01928), forecasting adjusted EBITDA for the third quarter to be HKD 2.352 billion and USD 590 million, reflecting a year-on-year increase of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperform the industry" [1]

智通财经APP获悉，中金公司发布研报称，维持2025年澳门总博彩收入预测，同时上调2026年预测，预 计今明两年总博彩收入分别同比增长9%和5%，恢复至2019年的84%和88%。其中，该行预计今明两年 的中场博彩收入同比增长7%和6%，恢复至2019年的119%和126%;并预计贵宾博彩收入2025年同比增长 19%，2026年同比下降5%，恢复至2019年的29%和28%。 今年第三季，该行预计行业EBITDA达21.08亿美元，同比增长9%，按季增长2%，恢复至2019年同期水 平的91%。期内总博彩收入维持韧性，但由于市场竞争加剧，再投资率上升，拖累EBITDA。 股份方面，该行较看好美高梅中国(02282)及金沙中国(01928)，料两间博企第三季经调整EBITDA分别为 23.52亿港元及5.90亿美元，同比升19%及1%;目标价分别为19.8港元及23.8港元，均予"跑赢行业"评级。 ...

Group 1: Market Reactions and Economic Data - The Hong Kong stock market showed a strong rebound, with the Hang Seng Index rising by 2.42% [1] - The U.S. government shutdown continues, leading to increased public dissatisfaction, highlighted by a nationwide protest involving approximately 7 million participants [1] - China's economic data for the first three quarters of 2025 shows a GDP of 10,150.36 billion yuan, with a year-on-year growth of 5.2%, although consumption and investment have declined [3] Group 2: Robotics and Technology Developments - Yubiquitous Technology secured a contract worth 126 million yuan for the procurement of humanoid robots, adding to its significant order backlog of over 630 million yuan for the Walker series [4] - The robotics sector is experiencing growth, with companies like Yushutech reporting substantial sales figures and aiming for increased production in the coming year [3][4] Group 3: Stock Buybacks and Market Performance - Companies engaging in significant stock buybacks, such as China Resources Gas, are seeing positive market reactions, with shares rising over 4% [5] - Sanhua Intelligent Control announced an increase in its share repurchase price cap, leading to an 8% rise in its stock price [4] Group 4: Shipping and Aviation Industry Trends - The global shipping industry is undergoing a significant reshuffle due to new port fees, benefiting companies like COSCO Shipping Energy, which saw an 8% increase in stock price [6] - The aviation sector is also thriving, with China Eastern Airlines reporting a 9% increase in stock price, driven by a strategic focus on international routes [6] Group 5: IPOs and Investment in Technology - The rapid IPO process for Muxi Integrated Circuit indicates strong regulatory support for technology firms, with related companies experiencing stock price increases [7] - MINIEYE's successful bid for an autonomous driving project marks a significant step in the commercialization of its technology, leading to a 7% rise in its stock price [7] Group 6: Tourism and Hospitality Sector Insights - The tourism industry shows steady demand, with hotel average daily rates and revenue per available room experiencing positive growth, although supply pressures remain [8] - Analysts are optimistic about the Macau gaming sector, particularly for companies like Sands China and Galaxy Entertainment, due to low revenue baselines [8] Group 7: Company Performance and Global Expansion - Shenzhou International reported a revenue increase of 15.3% year-on-year, driven by strong performance in leisure and overseas markets [9] - The company is expanding its global production capacity, with overseas factories accounting for approximately 53% of total garment output [9][10]