博彩股全线走低，截至发稿，新濠国际发展(00200)跌6.21%，报4.53港元；永利澳门(01128)跌4.58%， 报5.83港元；澳博控股(00880)跌1.64%，报2.4港元；美高梅中国(02282)跌1.59%，报13.58港元。 摩根士丹利研究报告指，去年十一黄金周的前五天，澳门日均博彩收入约为11亿澳门元。由于今年农历 新年假期的入住率与该时段相若，且平均每日房价(ADR)高约25%，预期今年农历新年假期的博彩收入 将与去年十一黄金周相若、甚至更强劲。基于入住率较高，该行预期今年节后需求将延续更长时间，支 持其对2月博彩总收入按年增长13%的预期。 消息面上，永利澳门宣布，2025年第四季物业EBITDA按年下跌7%至21.13亿港元，里昂研究报告指， 永利澳门四季度业绩符合该行预期，但较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业 EBITDA利润率按年收缩3.6个百分点至28%，亦符合该行预期。此外，新濠国际发展公告，附属新濠博 亚去年经调整EBITDA增17%至14亿美元。 ...

Group 1 - The National Arts Fund's 2025 talent training project "Cultural Creative Design Talent Training of the Maritime Silk Road" was launched in Macau, showcasing the results of nearly a year of training for 30 students [2] - The training program involved collaboration with the Palace Museum and Beijing Institute of Fashion Technology, focusing on a systematic approach combining cultural theory, professional investigation, and design practice [2] - The exhibition features 30 original works across various forms, including cultural creativity, fashion, and multimedia installations, reflecting the students' interpretations of Maritime Silk Road culture [2] Group 2 - MGM China Holdings Limited's Chairman, Pansy Ho, emphasized the importance of combining traditional cultural heritage with contemporary expression as a core competency for the cultural creative industry [2] - Participants expressed their learning experiences, with one student describing the program as a "cultural root-seeking journey" that deepened their understanding of the Maritime Silk Road [3] - An academic seminar titled "Silk Road: Creative Wisdom and Cultural Revival" was held during the event, where experts discussed the relationship between the land and maritime Silk Roads and the contemporary transformation of Silk Road aesthetics [3]

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，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 內幕消息 我們的控股股東 美高梅國際酒店集團業績 截至2025年12月31日止年度 表格10-K年度報告 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所 有限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2026年2月11日（紐約時間下午4時20分）或 前後公佈其截至2025年12月31日止年度的年度報告。 美高梅中國的控股股東美高梅國際酒店集團是一家在美國紐約證券交易所上市的公司。 於本公告刊發日期，美高梅國際酒店集團實益擁有美高梅中國已發行股本約56%的權 益。 – 1 – 美高梅國際酒店集團已 ...

Group 1 - Morgan Stanley maintains a positive outlook on the Chinese stock market, emphasizing the need for more refined stock selection [1] - The preferred sectors during the Lunar New Year period include high-end liquor, quality protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] Group 2 - The top stock picks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (03288, 603288.SH), Kweichow Moutai (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858.SZ) [1]

Core Viewpoint - Morgan Stanley reaffirms its bullish trading strategy on the Chinese consumer market ahead of the Lunar New Year (February 15 to 23), favoring high-end liquor, premium protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] Group 1: Market Strategy - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] - Morgan Stanley maintains a positive outlook on the Chinese stock market but emphasizes the need for more refined stock selection [1] Group 2: Preferred Stocks - The preferred stocks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (603288) (03288, 603288.SH), Kweichow Moutai (600519) (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858) (000858.SZ) [1]

Group 1 - The core focus for investors in MGM China (02282) will be the dividend payout ratio, specifically whether there are indications that the annual payout ratio will increase from 50% to offset the impact of higher franchise and brand usage fees [1] - The current price of MGM China corresponds to an enterprise value multiple of 7.1 times for 2026, maintaining a "Outperform" rating and a target price of HKD 20.9, with the stock being one of the top picks alongside Galaxy Entertainment (00027) [1] - Regardless of the new franchise and brand fee allocation mechanism, the company has already distributed two special dividends in 2024, and some peers are also showing an expanding payout ratio trend [1]

Investment Rating - The report does not explicitly provide an investment rating for MGM China [5]. Core Insights - The report aligns with the views of Citic Lyon Research, indicating that MGM International's recent management comments justify the higher licensing and brand fees charged to MGM China, although prior communications could have been handled better [5]. - The market is now focused on whether MGM China will increase its dividend payout ratio to offset the impact of rising costs on profitability, which Citic Lyon believes is a manageable threshold [5][8]. - The significant increase in licensing and brand fee revenue is attributed to MGM China's improved market share and Ebitdar, with total gaming revenue expected to grow 1.7 times to 16.2% and Ebitdar by 1.6 times to $1.203 billion by 2025 [6]. Summary by Sections Licensing Fee Debate - The report discusses the rationale behind MGM International's decision to charge higher fees to MGM China, supported by reverse engineering analysis [5][7]. Dividend Payout Focus - Investors are expected to closely monitor the potential increase in the dividend payout ratio from 50% to above 53% to mitigate the effects of higher fees [8]. Catalysts for Growth - Continuous growth in the mid-market gaming segment, expansion of dividend payout ratios, and supportive Chinese policies are seen as factors driving profit recovery [9]. Company Overview - MGM China operates two casinos in Macau, focusing on high-quality mid-market strategies, with approximately 750 gaming tables, 1,920 slot machines, and 2,003 hotel rooms/suites [11]. Financial Metrics - As of February 9, 2026, MGM China's stock price is HKD 13.14, with a market capitalization of $6.39 billion and a consensus target price of HKD 18.17 [14].

Group 1 - The core focus for investors in MGM China will be the dividend payout ratio, specifically whether there are indications that the annual payout ratio will increase from 50% to offset the impact of higher franchise and brand usage fees [1] - The expectation threshold for this increase is considered low by the firm [1] - MGM China has already distributed two special dividends in 2024, regardless of the new franchise and brand fee allocation mechanism [1] Group 2 - Some peers in the industry are also showing an expanding dividend payout ratio trend [1] - The current price of MGM China corresponds to an enterprise value multiple of 7.1 times for 2026 [1] - The firm maintains a "Outperform" rating and a target price of HKD 20.9, with MGM China being one of its preferred stocks alongside Galaxy Entertainment [1]

Group 1 - Morgan Stanley reaffirms its bullish strategy on the Chinese consumer market ahead of the Lunar New Year, focusing on high-end liquor, premium protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] - Historical data indicates that the appreciation of the RMB against the USD will enhance returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] - Morgan Stanley maintains a positive outlook on the Chinese stock market but emphasizes the need for more refined stock selection, highlighting preferred stocks such as Tencent, Lao Pu Gold, MGM China, TAL Education, Trip.com, Haitian Flavoring, Kweichow Moutai, Mengniu, and Wuliangye [1]

Core Viewpoint - Macquarie has raised its adjusted EBITDA forecasts for MGM China (02282) for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively, reflecting better-than-expected Q4 performance [1] Financial Performance - The group's Q4 performance exceeded expectations, with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, which is 6% higher than the firm's forecast [1] - Total gaming revenue reached HKD 10.5 billion, up 21% year-on-year and 11% quarter-on-quarter, exceeding the firm's prediction by 3.1% [1] - VIP room business grew by 40% year-on-year, while mass market business increased by 20%, indicating strong growth in both segments [1] - Adjusted EBITDA reached a record high of HKD 2.75 billion, representing a 29% year-on-year increase and a 16% quarter-on-quarter growth, surpassing market expectations by 11% [1] Strategic Initiatives - MGM China plans to upgrade its hotel rooms this year, which is expected to enhance its high-end appeal and increase market share [1] - Management indicated strong hotel booking conditions ahead of the Lunar New Year [1] Dividend Policy - The firm assumes a dividend payout ratio of 50% for MGM China, consistent with the company's updated dividend policy, estimating a leading industry dividend yield of over 5% [1]