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） （股份代號：1928及票據證券代號：5142、5733、 40246、40247、40584、40585、40852、40853、40854、5413、5414、5415） 內幕消息 本公司控股股東 LAS VEGAS SANDS CORP. 截至二零二五年九月三十日止 第三個財政季度業績 1 0 - Q表季度報告 LVS及其綜合附屬公司的財務業績（包括於LVS季度報告中所載者）乃根據美國公認會計 原則（「美國公認會計原則」）編製，該等原則與我們在編製及呈列本公司的財務業績及 有關財務資料時所受限於的國際財務報告準則（「國際財務報告準則」）不同。本公司證 券持有人及本公司證券潛在投資者應諮詢彼等各自的專業顧問，以了解國際財務報告 準則與美國公認會計原則的差異。 前瞻性陳述 本公告可能載有前瞻性陳述。該等前瞻性陳述包括有 ...

Core Viewpoint - Sands China reported 3Q25 results that met market expectations, with net revenue of $1.906 billion, an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of 3Q19 levels [1] Financial Performance - Adjusted property EBITDA for 3Q25 was $601 million, up 3% year-on-year and 6% quarter-on-quarter, aligning closely with Bloomberg's consensus estimate of $596 million [1] - The increase in gaming revenue market share from 22.6% in 2Q25 to 23.7% in 3Q25 was driven by rebate incentive policies [1] Development Trends - Management reiterated a full-year Macau gross gaming revenue assumption of $33-34 billion, maintaining a short-term EBITDA target of $2.7-2.8 billion for the year, equating to $675 million per quarter [1] - Despite intense competition in the high-end mass segment, Sands China aims to remain competitive to achieve its short-term EBITDA goals while adjusting reinvestment plans and sales team resource allocation across properties [1] - The company plans to re-enter the intermediary VIP business as high-end VIP customer visits increase, although the mass market is expected to contribute the majority of revenue [1] - Strong passenger traffic driven by same-day round trips continued in 3Q25, with ordinary mass market growth lagging behind high-end mass business; ordinary mass traffic recovered to 119% of 3Q19 levels (7% quarter-on-quarter growth), while high-end mass recovered to 106% of 3Q19 levels (10% quarter-on-quarter growth) [1] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 10 times 2025 and 9 times 2026 EV/EBITDA [1] - The company maintains an outperform rating and a target price of HKD 23.80, which corresponds to 12 times 2025 and 11 times 2026 EV/EBITDA, indicating a 29% upside potential from the current stock price [1]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 24.00 [1][9]. Core Insights - The company's total Gross Gaming Revenue (GGR) for Q3 2025 reached USD 1.837 billion, reflecting a year-on-year increase of 9% and a quarter-on-quarter increase of 7%, recovering to 90% of the levels seen in Q3 2019, which is above the industry average of 88% [6][9]. - The report highlights that while the overall GGR recovery is strong, the recovery in VIP and mass market segments is lagging behind the industry, with VIP GGR at USD 148 million, recovering only to 34% of 2019 levels compared to the industry average of 54% [7]. - The company is expected to increase its dividend to HKD 0.50 in 2025, compared to HKD 0.25 in 2024, indicating a positive outlook for shareholder returns [6][9]. Financial Performance - Projected revenue for the company is expected to grow from HKD 55.224 billion in 2024 to HKD 66.820 billion by 2027, with a compound annual growth rate (CAGR) of approximately 9.72% [5]. - The net profit attributable to the parent company is forecasted to increase from HKD 8.340 billion in 2024 to HKD 11.878 billion in 2027, reflecting a significant growth trajectory [5]. - The report anticipates an increase in the company's EBITDA from USD 6.01 billion in Q3 2025, which is 80% of the levels seen in Q3 2019, indicating a recovery in operational efficiency [8]. Market Dynamics - The company is leveraging innovative gaming solutions such as smart gaming tables and side betting to enhance market share, particularly in the mass market segment [6][7]. - The report notes that the Londoner property has maintained its attractiveness, with a year-on-year GGR increase, and is expected to benefit from upcoming non-gaming events, including concerts and sports events, which could drive additional foot traffic [8][9]. - The report suggests that the overall gaming sector in Macau is likely to continue its upward trend in the second half of 2025, supported by favorable policies and increased consumer spending [9].

Investment Rating - The report maintains an "Outperform" rating for Sands China [2][6] Core Insights - The company achieved net revenue of USD 1.91 billion in Q3 2025, representing a year-on-year increase of 7.6% [3][10] - Adjusted property EBITDA reached USD 601 million, up 2.7% year-on-year, with an adjusted property EBITDA margin of 31.5% [3][13] - The market share of Sands China increased to 23.7% in Q3 2025, up from 22.7% in Q2 2025 [5][14] Financial Performance Summary - Revenue projections for 2025-2027 are USD 7,395 million, USD 7,907 million, and USD 8,325 million, with year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [6][15] - Gaming gross revenue is expected to be USD 7,034 million, USD 7,471 million, and USD 7,864 million for the same period, with growth rates of 4.2%, 6.2%, and 5.3% [6][15] - Adjusted property EBITDA is forecasted at USD 2,327 million, USD 2,601 million, and USD 2,784 million, with margins of 31.5%, 32.9%, and 33.4% [6][15] Property Performance Breakdown - The performance of individual properties varied, with The Londoner showing a net revenue increase of 49% year-on-year, while The Venetian and The Parisian experienced declines [3][11] - The net revenue contributions from properties were as follows: The Venetian and The Londoner at USD 690 million each, The Parisian at USD 220 million, Plaza at USD 210 million, and Sands at USD 70 million [3][11] Market Share and Competitive Position - Sands China continues to hold the leading market share in Macau, benefiting from its large-scale casinos and convention centers [6][15] - The company’s gaming gross revenue reached USD 1.84 billion, up 9.2% year-on-year, although this growth was below the industry average of 12.5% [4][12]

Core Viewpoint - CICC maintains its "outperform" rating and a target price of 23.8 HKD for Sands China (01928) for the years 2025 and 2026 adjusted EBITDA forecasts [1] Financial Performance - Sands China reported a net revenue of 1.906 billion USD for Q3 2025, representing an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of the level seen in Q3 2019 [1] - The adjusted property EBITDA for Sands China was 601 million USD, showing a 3% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 80% of the level in Q3 2019, aligning with market expectations of 596 million USD [1] Market Position - The company's promotional strategies have positively impacted its performance, with market share increasing from 22.6% in Q2 2025 to 23.7% in Q3 2025 [1] - The operational scale of The Londoner Macao is gradually improving [1]

Core Viewpoint - Goldman Sachs reports that Sands China (01928) showed robust performance in Q3, with a significant reversal in EBITDA and market share decline observed earlier this year [1] Financial Performance - EBITDA recorded at $601 million, with adjusted VIP win rate leading to $599 million, representing a 7% quarter-on-quarter growth [1] - Adjusted EBITDA margin slightly improved to 31.5% [1] Management Outlook - The management of Sands China expresses a positive attitude and increased confidence in further growth of market share in the gaming sector [1] Analyst Rating - Goldman Sachs reiterates a "Buy" rating for Sands China, raising the target price from HKD 23.6 to HKD 24.2, and continues to list it as a preferred stock [1]

Core Viewpoint - Goldman Sachs reports that Sands China (01928) showed robust performance in Q3, with a significant reversal from the decline seen earlier this year [1] Financial Performance - EBITDA recorded at $601 million, with adjusted VIP win rate leading to an adjusted EBITDA of $599 million, representing a quarter-on-quarter growth of 7% [1] - Adjusted EBITDA margin slightly improved to 31.5% [1] Market Outlook - Management's positive attitude indicates increased confidence in further growth of market share in the gaming sector [1] - Goldman Sachs maintains a "Buy" rating on the company, raising the target price from HKD 23.6 to HKD 24.2 [1] - Sands China continues to be listed as a preferred stock by Goldman Sachs [1]

Company Performance - Sands China reported 3Q25 net revenue of US$1.9 billion, reflecting an 8% year-over-year increase and a 6% quarter-over-quarter increase, recovering to 79% of 2019 levels [1] - Luck-adjusted property EBITDA for the same period was $599 million, showing a 2% year-over-year increase and a 7% quarter-over-quarter increase [1] - The company maintains its EPS forecasts of US$0.13 for 2025, US$0.16 for 2026, and US$0.19 for 2027, with a target price of HK$22.5, indicating a 22% upside potential [1][3] Industry Overview - Macau's gross gaming revenue (GGR) grew 13% year-over-year in 3Q25, recovering to 88% of 2019 levels [1] - VIP GGR rose 29% year-over-year, reaching 54% of 2019 levels, while mass GGR increased 7% year-over-year, up 15% compared to 2019, contributing 73% of total revenue [1] - Mass GGR specifically grew 12% year-over-year, with premium mass GGR up 6% year-over-year and base mass up 19% year-over-year, recovering to 111% and 99% of 2019 levels respectively [2] Market Share - The company's mass gaming market share improved by 1.4 percentage points quarter-over-quarter to 25.4%, attributed to more aggressive customer reinvestment programs since mid-2Q25 [2] - The resilience of the gaming business and Sands China's potential for further market share gains are highlighted as positive factors [3]

Group 1: Hong Kong Stocks - Yuewen Group (00772) rose over 4% as the company launched four major initiatives to develop its comic-drama ecosystem and actively promote IP commercialization [1] - ASMPT (00522) increased by over 7% after Morgan Stanley reported a recovery in mainstream semiconductor demand and continuous growth in the advanced packaging market, estimating that ASMPT's third-quarter order shipment ratio will remain above 1 [1] - Sands China (01928) rose over 1% as Citigroup expects its EBITDA recovery to continue in Q4 this year and into next year [1] - Jinli Permanent Magnet (06680) saw an increase of over 5% due to significant improvement in profitability and the strategic importance of rare earth resources [1] - AVIC Aircraft (02357) rose over 4% as its Zihuo future aircraft concept model was showcased at the Airshow, with business spanning the aviation industry chain [1] - Minmetals Resources (01208) increased by over 2% with a reported 11% year-on-year growth in total copper production in Q3, and institutions are optimistic about the performance of the Las Bambas mine [1] - Semiconductor stocks led the gains, with Huahong Semiconductor (01347) up over 10%, Shanghai Fudan (01385) up over 4%, SMIC (00981) up over 5%, and Jingmen Semiconductor (02878) up over 6%. Galaxy Securities noted that semiconductor equipment is a critical support sector in the tech war [1] - Horizon Robotics-W (09660) rose over 3% as it gained favor from domestic and international car manufacturers, with HSD already designated by multiple automakers [1][2] Group 2: US Stocks - Tesla (TSLA.US) rose 2.28% with Q3 2025 revenue at $28.095 billion, a 12% year-on-year increase, exceeding analyst expectations [3] - IBM (IBM.US) fell 0.87% as its Q3 hybrid cloud division revenue growth slowed and fell short of expectations [3] - Micron Technology (MU.US) increased by 4.15% as it officially samples the 192GB SOCAMM2 to customers, actively expanding low-power memory applications in AI data centers [3] - NIO (NIO.US) rose 0.73% with over 10,000 deliveries last week, including a record high of over 3,500 for the L90 model [3] - Hesai (HSAI.US) increased by 3.95% after announcing a strategic partnership with Guanghetong to jointly release a multi-modal perception and control solution based on lidar and dual-vision technology [3] - Baidu (BIDU.US) rose 2.95% as it partnered with Swiss Post's subsidiary PostBus to launch autonomous taxi road tests in Switzerland in December [3] - Futu Holdings (FUTU.US) increased by 3.65% after CICC raised its target price by 6% to $230, maintaining an "outperform" rating [3] - Alibaba (BABA.US) rose 3.64% as its Quark AI glasses are set to launch for pre-sale on the 24th [4] - Southwest Airlines (LUV.US) fell 6.25% despite a 1.1% year-on-year revenue increase to $6.95 billion in Q3, exceeding market expectations [4] - Intel (INTC.US) rose 3.36% with Q3 revenue at $13.65 billion, a 2.8% year-on-year increase [5]

Group 1 - Sands China (01928.HK) has seen an increase of over 3%, currently up by 3.07% at HKD 19.82 [1] - The trading volume reached HKD 138 million [1]