智通财经APP讯，金沙中国有限公司(01928)发布公告，该公司将于2025年9月12日派发中期股息每股 0.25港元。 ...

EF001 | EF001 | | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 金沙中國有限公司之董事為: | | | 執行董事： | | | 王英偉 | | | 鄭君諾 | | | 非執行董事： | | | 羅伯特·戈德斯坦 (Robert Glen Goldstein) | | | Patrick Sydney Dumont | | | Charles Daniel Forman | | | 獨立非執行董事： | | | 張昀 | | | Victor Patrick Hoog Antink | | | Steven Zygmunt Strasser | | | 鍾嘉年 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份內容而 ...

[Financial Performance Summary](index=1&type=section&id=1.%20Financial%20Performance%20Summary) The company's key financial metrics showed a slight decline in the first half of 2025 compared to the prior year Performance Summary for the Six Months Ended June 30, 2025 | Metric | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | Total Net Revenues | $3.49 billion | $3.55 billion | -1.7% | | Adjusted Property EBITDA | $1.10 billion | $1.17 billion | -5.9% | | Profit for the Period | $413 million | $541 million | -23.7% | [Business Overview and Outlook](index=2&type=section&id=2.%20Business%20Overview%20and%20Outlook) The Macau tourism and gaming market is experiencing a moderate recovery, supported by the completion of major development projects - Macau's tourism and gaming market shows a moderate recovery trend, with total visitor arrivals from mainland China **increasing by 19.3%** and overall gross gaming revenue **growing by 4.4%** year-over-year in H1 2025[8](index=8&type=chunk) - The core development project, "The Londoner Macao Phase II," was substantially completed in Q1 2025 with an estimated total cost of **$1.2 billion**, featuring the new Londoner Grand hotel tower and upgraded facilities[9](index=9&type=chunk) [Management's Discussion and Analysis](index=3&type=section&id=3.%20Management's%20Discussion%20and%20Analysis) This section details the group's operating results, liquidity, and capital resources, highlighting performance drivers and financial position [Operating Performance](index=3&type=section&id=3.1%20Operating%20Performance) The group's overall operating performance faced pressure in H1 2025, with declines in net revenues, adjusted property EBITDA, and net profit [Net Revenues](index=3&type=section&id=3.1.1%20Net%20Revenues) Total net revenues slightly decreased due to a decline in casino revenue, partially offset by growth in rooms and mall segments Net Revenues by Segment (USD in millions) | Revenue Category | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | Casino | 2,617 | 2,698 | (3.0)% | | Rooms | 406 | 393 | 3.3% | | Mall | 249 | 231 | 7.8% | | Food and Beverage | 123 | 135 | (8.9)% | | Convention, Ferry, Retail and Other | 97 | 94 | 3.2% | | **Total Net Revenues** | **3,492** | **3,551** | **(1.7)%** | - The decrease in casino net revenues was mainly due to lower revenues at The Venetian Macao, The Parisian Macao, and Sands Macao, partially offset by growth at The Londoner Macao following the full operation of Londoner Grand[12](index=12&type=chunk) - Room revenue **grew by 3.3%**, driven by higher occupancy and Revenue Per Available Room (RevPAR), with The Londoner Macao and The Plaza Macao recording significant RevPAR increases of **41.5%** and **12.6%**, respectively[15](index=15&type=chunk)[17](index=17&type=chunk) - Mall revenue **increased by 7.8%**, primarily driven by a **$12 million** increase in percentage rents and a **$4 million** increase in base rents[18](index=18&type=chunk) [Operating Expenses](index=7&type=section&id=3.1.2%20Operating%20Expenses) Operating expenses increased year-over-year, driven by higher employee benefit expenses, foreign exchange losses, and depreciation - Key drivers for the increase in operating expenses include: - A **$42 million** increase in employee benefit expenses - A **$31 million** increase in foreign exchange losses - A **$12 million** increase in depreciation and amortization[24](index=24&type=chunk) [Adjusted Property EBITDA](index=7&type=section&id=3.1.3%20Adjusted%20Property%20EBITDA) Adjusted property EBITDA declined, reflecting increased market competition, though The Londoner Macao showed significant growth Adjusted Property EBITDA by Segment (USD in millions) | Property/Business | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | The Venetian Macao | 461 | 576 | (20.0)% | | The Londoner Macao | 358 | 275 | 30.2% | | The Parisian Macao | 110 | 154 | (28.6)% | | The Plaza Macao | 140 | 136 | 2.9% | | Sands Macao | 19 | 22 | (13.6)% | | Ferry and Other Operations | 14 | 8 | 75.0% | | **Total** | **1,102** | **1,171** | **(5.9)%** | [Finance Costs](index=8&type=section&id=3.1.4%20Finance%20Costs) Net finance costs decreased due to a lower weighted average borrowing amount and interest rate following debt repayment - The weighted average interest rate **decreased to 4.7%** from 5.0% in the prior-year period, mainly due to lower interest rates on senior notes, interest savings from the repayment of the LVS Term Loan, and benefits from interest rate swaps[28](index=28&type=chunk) - The company fully repaid the outstanding principal of the **$1.06 billion** LVS Term Loan in March 2025, significantly reducing total borrowings[28](index=28&type=chunk) [Profit for the Period](index=8&type=section&id=3.1.5%20Profit%20for%20the%20Period) Profit for the period decreased significantly due to the combined impact of lower revenues and higher expenses - Profit for the six months ended June 30, 2025, was **$413 million**, a **23.7% decrease** year-over-year[29](index=29&type=chunk) [Liquidity, Financial and Capital Resources](index=9&type=section&id=3.2%20Liquidity,%20Financial%20and%20Capital%20Resources) The group maintains a solid financial position with sufficient liquidity to support operations, capital expenditures, and concession commitments [Cash Flows](index=9&type=section&id=3.2.1%20Cash%20Flows) The period saw a net decrease in cash, driven by lower operating inflows and significant outflows for financing activities Cash Flow Summary (USD in millions) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 937 | 1,037 | | Net Cash Used in Investing Activities | (306) | (192) | | Net Cash Used in Financing Activities | (1,607) | (419) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(976)** | **426** | - Net cash used in financing activities of **$1.61 billion** was primarily for the repayment of the LVS Term Loan ($1.06 billion), payment of dividends ($260 million), and interest payments ($232 million)[35](index=35&type=chunk) [Capital Expenditures](index=10&type=section&id=3.2.2%20Capital%20Expenditures) Capital expenditures increased year-over-year, with the majority allocated to the construction of The Londoner Macao Phase II Capital Expenditures by Property (USD in millions) | Property | H1 2025 | H1 2024 | | :--- | :--- | :--- | | The Venetian Macao | 85 | 77 | | The Londoner Macao | 228 | 123 | | The Parisian Macao | 9 | 6 | | The Plaza Macao | 5 | 5 | | Sands Macao | 6 | 6 | | **Total** | **333** | **218** | [Investment Commitments](index=11&type=section&id=3.2.3%20Investment%20Commitments) The company is committed to a significant investment plan under its gaming concession, focusing primarily on non-gaming projects - The company has committed to invest at least **MOP 35.84 billion** (approximately $4.43 billion) by December 2032, with **MOP 33.39 billion** (approximately $4.13 billion) designated for non-gaming projects[40](index=40&type=chunk) [Dividends](index=11&type=section&id=3.2.4%20Dividends) The Board of Directors declared an interim dividend for the period, scheduled for payment in September 2025 - An interim dividend of **HK$0.25 per share** was declared, totaling approximately **$258 million**[41](index=41&type=chunk) [Contingent Liabilities](index=11&type=section&id=3.2.5%20Contingent%20Liabilities) Management believes that existing contingent liabilities from litigation and claims will not materially impact the company's financials - Management believes that existing contingent liabilities will not have a material adverse effect on the company's financial condition[42](index=42&type=chunk) [Capital Risk Management](index=12&type=section&id=3.2.6%20Capital%20Risk%20Management) The group's gearing ratio improved slightly as net debt decreased, reflecting prudent capital management Gearing Ratio (USD in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | 5,939 | 6,036 | | Total Equity | 1,120 | 1,031 | | Total Capital | 7,059 | 7,067 | | **Gearing Ratio** | **84.1%** | **85.4%** | [Financial Results](index=13&type=section&id=4.%20Financial%20Results) This section presents the condensed consolidated financial statements for the first half of 2025 [Consolidated Income Statement](index=13&type=section&id=4.1%20Consolidated%20Income%20Statement) The income statement reflects a year-over-year decrease in net revenues and a significant drop in profit attributable to equity holders Consolidated Income Statement Summary (USD in millions) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Revenues | 3,492 | 3,551 | | Operating Profit | 585 | 688 | | Profit Before Income Tax | 413 | 498 | | **Profit for the Period Attributable to Equity Holders of the Company** | **413** | **541** | | Basic Earnings Per Share | 5.10 US cents | 6.69 US cents | [Consolidated Statement of Comprehensive Income](index=14&type=section&id=4.2%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period declined after accounting for other comprehensive expenses like currency adjustments Consolidated Statement of Comprehensive Income Summary (USD in millions) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Equity Holders of the Company | 413 | 541 | | Other Comprehensive Expense | (67) | (14) | | **Total Comprehensive Income for the Period Attributable to Equity Holders of the Company** | **346** | **527** | [Consolidated Balance Sheet](index=15&type=section&id=4.3%20Consolidated%20Balance%20Sheet) The balance sheet shows a reduction in total assets and liabilities, primarily due to decreased cash and debt repayments Consolidated Balance Sheet Summary (USD in millions) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **10,084** | **11,169** | | Non-current Assets | 8,763 | 8,884 | | Current Assets | 1,321 | 2,285 | | **Total Liabilities** | **8,964** | **10,138** | | Non-current Liabilities | 6,853 | 7,145 | | Current Liabilities | 2,111 | 2,993 | | **Total Equity** | **1,120** | **1,031** | [Notes to the Condensed Consolidated Financial Statements](index=17&type=section&id=4.4%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, segment performance, debt structure, and active debt management activities - Segment information shows The Venetian Macao contributed **$1.30 billion** in net revenues and **$461 million** in adjusted property EBITDA, while The Londoner Macao contributed **$1.17 billion** in net revenues and **$358 million** in adjusted property EBITDA[55](index=55&type=chunk) - In June 2025, the company drew down a **HK$12.75 billion** (approximately $1.64 billion) term loan to redeem its maturing **$1.8 billion** senior notes[73](index=73&type=chunk) - In March 2025, the company voluntarily repaid the LVS Term Loan in full, with a total repayment of principal and interest amounting to **$1.07 billion**[74](index=74&type=chunk) [Corporate Governance](index=30&type=section&id=5.%20Corporate%20Governance) The company confirms its compliance with the Corporate Governance Code and reports a recent change in its board composition - The company confirms compliance with all provisions of the Corporate Governance Code during the reporting period[75](index=75&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the period[78](index=78&type=chunk) - On August 8, 2025, Mr. Patrick Sydney Dumont was appointed as a non-executive Director of the company[77](index=77&type=chunk) [Interim Dividend and Closure of Register of Members](index=31&type=section&id=6.%20Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) This section details the declaration of the interim dividend and the key dates for shareholder eligibility and payment - The Board of Directors has declared an interim dividend of **HK$0.25 per share**[80](index=80&type=chunk) - To determine eligibility for the dividend, the register of members will be closed on September 1, 2025, with the dividend expected to be paid on September 12, 2025[80](index=80&type=chunk)

花旗研究报告指，该行统计8月澳门高端中场博彩投注额按年升5%至1,340万元，高端中场赌客数量按 年跌5%至624名，意味人均投注额按年升10%至21,543元，连续4个月有双位数升幅，反映赌客质量提 高。 摩根大通称，自从上一次对澳门博彩业进行预测升级以来，三个月内第三次上调对该行业的预测。该行 预测，2025年下半年博彩总收入(GGR)增长13%。(格隆汇) 港股濠赌股普遍上涨，其中，金沙中国、银河娱乐涨近2%，澳博控股涨1.5%，美高梅中国、汇彩控股 涨超1%，永利澳门、新濠国际发展涨0.6%。 消息上，近期多家机构发布研报看好博彩行业前景。摩根士丹利表示，看好经营杠杆与竞争格局改善， 预测澳门2025至2027年博彩收入将持续攀升。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01928 | 金沙中国有限公 | 20.600 | 1.78% | | 00027 | 银河娱乐 | 40.020 | 1.73% | | 00880 | 澳博控股 | 3.290 | 1.54% | | 02282 | 美高梅中国 | 16.200 | 1.25 ...

Core Viewpoint - The China Securities Hong Kong 300 Leisure Index has shown significant growth, with a year-to-date increase of 16.34% and a recent monthly rise of 1.86% [2] Group 1: Index Performance - The China Securities Hong Kong 300 Leisure Index reported a value of 3001.95 points [1] - The index has increased by 8.25% over the past three months [2] - The index is based on a sample of companies from various sectors, including banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic stocks in the Hong Kong market [2] Group 2: Index Composition - The top ten weighted stocks in the index include Kuaishou-W (11.02%), Tencent Holdings (10.37%), NetEase-S (9.58%), Baidu Group-SW (9.45%), Trip.com Group-S (9.27%), Yum China (8.7%), Meituan-W (7.73%), Galaxy Entertainment (5.88%), Bilibili-W (3.44%), and Sands China Ltd. (3.3%) [2] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [2] - The sector breakdown of the index holdings shows that leisure services account for 41.47%, digital media for 38.68%, cultural entertainment for 11.92%, alcohol for 6.84%, and marketing and advertising for 1.09% [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

Core Viewpoint - Morgan Stanley has upgraded its forecast for the Macau gaming industry for the third time in three months, indicating a positive outlook for the sector [1] Group 1: Company Ratings and Target Prices - Galaxy Entertainment's target price has been raised from HKD 42 to HKD 53, maintaining an "Overweight" rating [1] - MGM China’s target price increased from HKD 15 to HKD 23, also with an "Overweight" rating [1] - Sands China’s target price has been adjusted from HKD 18 to HKD 24.5, retaining an "Overweight" rating [1] - SJM Holdings' target price rose from HKD 2.2 to HKD 3, with a "Neutral" rating [1] - Melco International's target price increased from HKD 2.6 to HKD 4.5, but the rating is "Underweight" [1] Group 2: Industry Growth Projections - The total gaming revenue (GGR) is projected to grow by 13% in the second half of 2025, with a 4% increase in the first half [1] - Strong cash flow is expected to drive accelerated EBITDA growth, with forecasts of a 12% increase in Q3 and a 16% increase in Q4, surpassing market expectations [1] - Continuous positive revisions and normalization of price-to-earnings multiples suggest a potential average stock price increase of approximately 35% for the industry [1]

Core Viewpoint - Morgan Stanley has upgraded its forecast for the Macau gaming industry for the third time in three months, indicating a positive outlook for the sector [1] Company Summaries - Galaxy Entertainment's target price has been raised from HKD 42 to HKD 53, maintaining an "Overweight" rating [1] - MGM China’s target price increased from HKD 15 to HKD 23, also with an "Overweight" rating [1] - Sands China’s target price has been adjusted from HKD 18 to HKD 24.5, retaining an "Overweight" rating [1] - SJM Holdings' target price rose from HKD 2.2 to HKD 3, with a "Neutral" rating [1] - Melco International's target price increased from HKD 2.6 to HKD 4.5, but the rating is "Underweight" [1] Industry Insights - The total gaming revenue (GGR) is projected to grow by 13% in the second half of 2025, with a 4% increase in the first half [1] - Strong cash flow is expected to drive EBITDA growth, with forecasts of a 12% increase in Q3 and a 16% increase in Q4, surpassing market expectations [1] - Continuous positive revisions and normalization of price-to-earnings multiples suggest a potential average stock price increase of approximately 35% for the industry [1]

Group 1 - The core viewpoint of the article highlights the overall increase in Hong Kong's gaming stocks, with specific companies like MGM China, Sands China, and Galaxy Entertainment showing notable gains [1] - Citigroup's research report indicates that the high-end gaming turnover in Macau rose by 5% year-on-year to 1.34 billion HKD in August, while the number of high-end players decreased by 5% to 624, suggesting a 10% increase in per capita betting amount to 21,543 HKD, marking four consecutive months of double-digit growth [1] - Galaxy Entertainment leads the market with approximately 34% share of high-end gaming turnover, followed by Sands China at about 23%, reflecting the appeal of the Capella Hotel and Eason Chan's concert to high rollers [1] Group 2 - The article notes that MGM China, Sands China, and Galaxy Entertainment have implemented various strategies and new betting options to attract customers [1] - The stock performance of several gaming companies is detailed, with MGM China up by 2.07%, Sands China by 1.96%, and Galaxy Entertainment by 1.16% [1] - The overall trend indicates a positive outlook for the gaming sector in Hong Kong, driven by increased spending from high-end gamblers despite a decline in their numbers [1]

智通财经APP讯，金沙中国有限公司(01928)发布公告，Patrick Sydney Dumont先生获委任为公司非执行 董事，自2025年8月8日起生效。 该信息由智通财经网提供 ...

格隆汇8月8日丨金沙中国有限公司(01928.HK)公告，Patrick Sydney Dumont获委任为公司非执行董事， 自2025年8月8日起生效。 ...