美高梅中国(02282)公布2025年中期业绩，经营收益约166.61亿港元，同比增长2.73%;公司拥有人应占期 间利润23.83亿港元，同比减少11.25%;基本每股盈利62.8港仙，中期股息每股0.313港元。 公告称，净利减少是由于经营成本与开支上升，以及由美元计值的优先票据所产生的净汇亏损增加所 致。 ...

EF001 | 代扣所得稅信息 | | | --- | --- | | 股息所涉及的代扣所得稅 | 不適用 | | 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 | | | 截至本公告刊發日期，本公司的董事如下：何超瓊、William Joseph HORNBUCKLE、John M. MCMANUS、劉珍伲及馮小峰為執行 | 董事；Daniel J. TAYLOR、Ayesha Khanna MOLINO及Jonathan S. HALKYARD為非執行董事；及黃林詩韻、Russell Francis | BANHAM、孟生及劉志敏為獨立非執行董事。 第 2 頁 共 2 頁 v 1.1.1 EF001 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產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | 股票發行 ...

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) H1 2025 operating revenue reached a record HKD 16.66 billion (+2.7%), but profit attributable to owners decreased 11.3% to HKD 2.38 billion due to rising costs and exchange losses Financial Summary for the Six Months Ended June 30, 2025 | Metric | H1 2025 (HKD Thousands) | H1 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 16,660,956 | 16,217,982 | +2.7% | | **Adjusted EBITDA** | 4,879,212 | 4,948,002 | -1.4% | | **Operating Profit** | 3,383,020 | 3,522,333 | -4.0% | | **Profit Attributable to Owners of the Company for the Period** | 2,383,261 | 2,685,454 | -11.3% | | **Basic Earnings Per Share** | 62.8 HK cents | 70.6 HK cents | -11.0% | [Operational Highlights](index=3&type=section&id=%E7%87%9F%E9%81%8B%E6%91%98%E8%A6%81) The Group's H1 2025 gaming market share was 16.2%, with mass table GGR up 2.1% and VIP table GGR up 2.7% due to higher win rates, despite a slight 0.9% drop in slot GGR - For the six months ended June 30, 2025, the Group's overall gaming market share was **16.2%**, slightly lower than **16.5%** in the prior year but higher than **15.8%** for the full year 2024[5](index=5&type=chunk) - Mass table gross gaming revenue increased by **2.1%** year-on-year to **HKD 15.07 billion**, primarily driven by a **2.6%** increase in wagering volume at MGM Cotai[5](index=5&type=chunk) - VIP table gross gaming revenue increased by **2.7%** year-on-year to **HKD 2.44 billion**, mainly due to a higher win rate offsetting the decline in rolling chip turnover[5](index=5&type=chunk) - Slot machine gross gaming revenue slightly decreased by **0.9%** year-on-year to **HKD 1.09 billion**, as a lower win rate was partially offset by increased wagering volume[5](index=5&type=chunk) [Interim Dividend](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board declared an interim dividend of HKD 0.313 per share, totaling HKD 1.1894 billion, representing 49.9% of H1 profit, while maintaining sufficient resources 2025 Interim Dividend Details | Item | Amount/Date | | :--- | :--- | | Interim Dividend | HKD 0.313 per share | | Total Dividend Amount | Approximately HKD 1.1894 billion | | Payout Ratio | Approximately 49.9% of Profit Attributable | | Book Closure Date | August 22, 2025 | | Estimated Payment Date | On or about September 3, 2025 | [Management Discussion and Analysis](index=22&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Overview](index=22&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD) MGM China operates two integrated resorts in Macau, holding a gaming concession until 2032, leveraging global brand strength and local expertise - The Group is one of Macau's six licensed gaming operators, managing two integrated resorts: MGM Macau and MGM Cotai[51](index=51&type=chunk) - The controlling shareholder is MGM Resorts International (**55.95%** stake), with Ms. Pansy Ho as a major shareholder (**22.49%** stake)[51](index=51&type=chunk) - Under the gaming concession contract, MGM Grand Paradise is authorized to operate a total of **750 gaming tables** and **1,700 slot machines** until December 31, 2032[52](index=52&type=chunk) [MGM Macau](index=23&type=section&id=%E6%BE%B3%E9%96%80%E7%BE%8E%E9%AB%98%E6%A2%85) MGM Macau, opened in 2007, features 335 gaming tables, 985 slot machines, and 585 hotel rooms, with "The Box" added in H1 2025 MGM Macau Facilities Overview (As of June 30, 2025) | Facility | Quantity/Area | | :--- | :--- | | Casino Floor Area | Approximately 23,283 square meters | | Gaming Tables | 335 | | Slot Machines | 985 | | Hotel Rooms | 585 | [MGM Cotai](index=23&type=section&id=%E7%BE%8E%E7%8D%85%E7%BE%8E%E9%AB%98%E6%A2%85) MGM Cotai, opened in 2018, features 415 gaming tables, 989 slot machines, and 1,418 hotel rooms, highlighted by the Spectacle and dynamic theater MGM Cotai Facilities Overview (As of June 30, 2025) | Facility | Quantity/Area | | :--- | :--- | | Casino Floor Area | Approximately 24,549 square meters | | Gaming Tables | 415 | | Slot Machines | 989 | | Hotel Rooms | 1,418 | [Competitive Strengths and Operating Strategies](index=24&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E7%AB%B6%E7%88%AD%E5%84%AA%E5%8B%A2%E5%8F%8A%E7%B6%93%E7%87%9F%E7%AD%96%E7%95%A5) The Group's strengths include a world-class brand and unique market position, with strategies focused on enhancing customer experience and investing in non-gaming offerings - The Group's competitive advantages include a widely recognized brand, unique market positioning, innovative "tourism+" products, strong leadership, and a supportive shareholder network[57](index=57&type=chunk) - Operating strategies align with the Macau government's goals, committing to invest **MOP 19.7 billion** during the concession period, with approximately **91% (MOP 18 billion)** allocated to expanding international visitor markets and non-gaming projects[58](index=58&type=chunk) - Since 2023, the Group has expanded its overseas sales network and leveraged MGM Resorts International's network to further develop international markets, while enriching its non-gaming product portfolio through facility upgrades and new offerings like the MGM Art Space and "MGM 2049" resident show[59](index=59&type=chunk) [Key Factors Affecting Operating Results and Financial Position](index=26&type=section&id=%E5%BD%B1%E9%9F%BF%E6%88%91%E5%80%91%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E7%9A%84%E5%9B%A0%E7%B4%A0) Group performance is influenced by Macau's gaming and tourism market, benefiting from infrastructure and policy, but facing risks from economic slowdowns and regulatory changes - Macau's tourism industry shows a growth trend, with total visitor arrivals increasing by **14.9%** year-on-year and gross gaming revenue growing by **4.4%** year-on-year in the first half of 2025[61](index=61&type=chunk) - Long-term growth drivers include continuous investments by gaming concessionaires, improved infrastructure in the Greater Bay Area, favorable policies from the Chinese government, and increasing outbound tourism demand from mainland China[62](index=62&type=chunk)[65](index=65&type=chunk) - Risks to performance include China's economic slowdown, changes in gaming regulations, visa and currency control policies, and competition from other integrated resorts regionally and globally[63](index=63&type=chunk)[64](index=64&type=chunk) [Financial Performance Analysis](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E5%88%86%E6%9E%90) H1 2025 operating revenue increased 2.7% to HKD 16.66 billion, driven by casino growth, but profit attributable to owners declined 11.3% to HKD 2.38 billion due to rising expenses and exchange losses [Operating Revenue](index=33&type=section&id=%E7%B6%93%E7%87%9F%E6%94%B6%E7%9B%8A) Operating revenue grew 2.7% to HKD 16.66 billion, with casino revenue up 3.1% driven by mass market, and MGM Cotai's growth offsetting MGM Macau's slight decline Operating Revenue by Segment (For the Six Months Ended June 30) | Segment | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **MGM Macau** | 6,535,458 | 6,755,319 | -3.3% | | Casino Revenue | 5,716,030 | 5,970,852 | -4.3% | | Other Revenue | 819,428 | 784,467 | +4.5% | | **MGM Cotai** | 10,125,498 | 9,462,663 | +7.0% | | Casino Revenue | 8,880,649 | 8,191,381 | +8.4% | | Other Revenue | 1,244,849 | 1,271,282 | -2.1% | | **Total** | **16,660,956** | **16,217,982** | **+2.7%** | - Mass table gross gaming revenue increased by **2.1%** year-on-year, primarily due to increased wagering volume and a higher win rate at MGM Cotai[85](index=85&type=chunk) - VIP table gross gaming revenue increased by **2.7%** year-on-year, as a higher win rate offset significant declines in rolling chip turnover (**-43.2%** at MGM Macau and **-23.0%** at MGM Cotai)[86](index=86&type=chunk) [Operating Costs and Expenses](index=37&type=section&id=%E7%B6%93%E7%87%9F%E6%88%90%E6%9C%AC%E5%8F%8A%E9%96%8B%E6%94%AF) Total operating costs increased 4.6%, driven by higher gaming taxes, an 8.8% rise in staff costs, a 113.4% surge in trade receivables impairment, and a 9.4% increase in depreciation Key Operating Costs and Expenses (For the Six Months Ended June 30) | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Gaming Taxes and Levies | 7,396,466 | 7,242,106 | +2.1% | | Staff Costs | 2,480,319 | 2,279,459 | +8.8% | | Net Impairment Losses on Trade Receivables | 67,953 | 31,849 | +113.4% | | Other Expenses and Losses | 1,696,912 | 1,681,712 | +0.9% | | Depreciation and Amortization | 1,007,845 | 921,369 | +9.4% | [Finance Costs and Net Profit](index=39&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC%E8%88%87%E6%B7%A8%E5%88%A9%E6%BD%A4) Total finance costs decreased 5.4% to HKD 793 million, but a significant net exchange loss of HKD 207 million on USD senior notes contributed to an 11.3% decline in profit attributable to owners - Total finance costs decreased from **HKD 839 million** to **HKD 793 million**, primarily due to reduced interest expenses on unsecured credit facilities and the cancellation of MGM Resorts International's revolving credit facility[98](index=98&type=chunk)[99](index=99&type=chunk) - Net exchange losses surged from **HKD 7 million** in the prior period to **HKD 207 million**, mainly due to losses on USD-denominated senior notes amidst Hong Kong dollar depreciation[98](index=98&type=chunk) - The combined effect resulted in a **11.3%** decrease in profit attributable to owners of the Company, from **HKD 2.686 billion** to **HKD 2.383 billion**[101](index=101&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E8%88%87%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) [Capital Structure and Cash Flow](index=40&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E8%88%87%E7%8F%BE%E9%87%91%E6%B5%81) As of June 30, 2025, the Group held HKD 5.52 billion cash and HKD 17 billion undrawn credit, with capital gearing at 88.7%; operating cash flow was HKD 4.46 billion Capital Gearing Ratio | Item (HKD Thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | 15,432,375 | 16,924,499 | | Total Equity | 1,966,593 | 527,527 | | **Capital Gearing Ratio** | **88.7%** | **97.0%** | Cash Flow Summary (For the Six Months Ended June 30) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 4,464,779 | 4,256,843 | | Net Cash Used in Investing Activities | (882,133) | (564,517) | | Net Cash Used in Financing Activities | (3,382,697) | (2,707,385) | | **Cash and Cash Equivalents at End of Period** | **5,518,326** | **5,214,454** | [Debt Overview](index=45&type=section&id=%E5%82%B5%E5%8B%99%E6%A6%82%E8%A6%BD) As of June 30, 2025, total borrowings were HKD 21.63 billion; the Group repaid USD 500 million senior notes and refinanced with a new HKD 23.4 billion revolving credit facility [Unsecured Senior Notes](index=45&type=section&id=%E7%84%A1%E6%8A%B5%E6%8A%BC%E5%84%AA%E5%85%88%E7%A5%A8%E6%93%9A) The Group has three outstanding unsecured senior notes maturing in 2026, 2027, and 2031, having repaid USD 500 million notes due June 2025, with special redemption clauses - On June 18, 2025, the **USD 500 million** aggregate principal amount of senior notes due 2025 was fully repaid[31](index=31&type=chunk)[55](index=55&type=chunk)[116](index=116&type=chunk) - On June 26, 2024, **USD 500 million** aggregate principal amount of **7.125%** senior notes due 2031 was issued[32](index=32&type=chunk)[117](index=117&type=chunk) - The notes include special put option provisions in the event of a change of control or a material adverse change to the gaming concession[34](index=34&type=chunk)[35](index=35&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) [2025 Revolving Credit Facility](index=48&type=section&id=2025%E5%B9%B4%E5%BE%AA%E7%92%B0%E4%BF%A1%E8%B2%B8%E8%9E%8D%E9%80%9A) In April 2025, a new HKD 23.4 billion revolving credit facility was secured, maturing in 2030, which is unsecured and includes financial covenants - On April 15, 2025, a new **HKD 23.4 billion** revolving credit facility was entered into, maturing on April 15, 2030, replacing the previous credit arrangements[37](index=37&type=chunk)[56](index=56&type=chunk)[122](index=122&type=chunk) - The facility includes financial covenants: a leverage ratio not exceeding **4.5:1** and an interest coverage ratio of not less than **2.5:1**; as of the period-end, the Group has complied with all covenants[40](index=40&type=chunk)[41](index=41&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) [Market Risk Management](index=50&type=section&id=%E5%B8%82%E5%A0%B4%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces foreign currency and interest rate risks, managing USD-denominated notes and floating-rate credit facilities through a balanced portfolio, with no hedging undertaken - Foreign currency risk primarily arises from **USD 2 billion** of outstanding senior notes; while exchange rate fluctuations are generally not expected to be significant due to the HKD-USD peg, the depreciation of the Hong Kong dollar during the period still resulted in substantial exchange losses[133](index=133&type=chunk) - Interest rate risk stems from floating-rate borrowings under the 2025 revolving credit facility, which the Group manages through a combination of fixed-rate notes and floating-rate credit facilities[134](index=134&type=chunk) [Capital Commitments and Guarantees](index=44&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E8%88%87%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group had HKD 611.4 million in contracted but unprovided capital commitments and HKD 978.7 million in outstanding bank guarantees Capital Commitments and Guarantees | Item | Amount (HKD) | | :--- | :--- | | Capital Commitments (Contracted but not provided for) | 611.4 million | | Outstanding Bank Guarantees | 978.7 million | [Other Significant Matters](index=52&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) [Employees and Remuneration Policy](index=52&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed 13,556 staff, with a market-based remuneration system including performance-based incentives - As of June 30, 2025, the Group employed a total of **13,556** full-time and part-time employees across Macau, Hong Kong, and Zhuhai[137](index=137&type=chunk) [Purchases, Sales or Redemptions of the Company's Listed Securities](index=53&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2025, the Company repurchased 2,002,150 shares for HKD 22.3 million to offset new shares from share option exercises and maintain issued capital H1 2025 Share Repurchase Details | Month of Repurchase | Total Shares Repurchased | Total Consideration Paid (HKD Thousands) | | :--- | :--- | :--- | | March 2025 | 374,700 | 4,208 | | June 2025 | 1,627,450 | 18,055 | | **Total** | **2,002,150** | **22,263** | [Corporate Governance Practices](index=54&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company complied with Listing Rules' Corporate Governance Code, and interim financial statements were reviewed by the Audit Committee and Deloitte - The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period[143](index=143&type=chunk) - The unaudited condensed consolidated financial statements have been reviewed by the Company's Audit Committee and auditor Deloitte[145](index=145&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) Operating revenue for the period was HKD 16.66 billion, with operating profit at HKD 3.38 billion, leading to HKD 2.38 billion profit attributable to owners Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Operating Revenue | 16,660,956 | 16,217,982 | | Operating Profit | 3,383,020 | 3,522,333 | | Profit Before Tax | 2,415,234 | 2,716,848 | | **Profit Attributable to Owners of the Company for the Period** | **2,383,261** | **2,685,454** | [Consolidated Statement of Financial Position](index=5&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were HKD 30.86 billion, total liabilities HKD 28.90 billion, and total equity rose to HKD 1.97 billion, with a net current liability of HKD 4.54 billion Asset Position (As of June 30, 2025) | Item (HKD Thousands) | Amount | | :--- | :--- | | Total Non-current Assets | 23,886,560 | | Total Current Assets | 6,976,684 | | **Total Assets** | **30,863,244** | Equity and Liability Position (As of June 30, 2025) | Item (HKD Thousands) | Amount | | :--- | :--- | | **Total Equity** | **1,966,593** | | Total Non-current Liabilities | 17,383,257 | | Total Current Liabilities | 11,513,394 | | **Total Liabilities** | **28,896,651** | [Summary of Notes to Financial Statements](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB%E6%91%98%E8%A6%81) Financial statements are historical cost-based; despite net current liabilities, management expects to meet obligations given cash, undrawn credit, and expected cash flows, with notes detailing key financial information - Despite a net current liability of **HKD 4.5367 billion**, the Group believes it can meet its financial obligations for the next 12 months, considering its cash position (**HKD 5.5183 billion**), available credit facilities (**approximately HKD 17 billion**), and projected operating cash flows[11](index=11&type=chunk) - The Group's two properties (MGM Macau and MGM Cotai) have been aggregated into one reportable segment due to similar economic characteristics, customers, products, and regulatory environments, with Adjusted EBITDA used as the primary measure of segment profit[13](index=13&type=chunk) - MGM Grand Paradise has committed to invest **MOP 19.7 billion** over the 10-year concession period, with **MOP 18 billion** allocated to non-gaming projects[23](index=23&type=chunk)

智通财经APP获悉，港股今早探底回升，午后涨幅有所扩大，恒生指数成功站上两万五大关。截止收 盘，恒生指数涨0.69%或171点，报25081.63点，全日成交额为2457.48亿港元；恒生国企指数涨0.55%， 报8981.73点；恒生科技指数涨0.26%，报5546.73点。 国泰海通证券指出，年初以来的中国资产重估行情中，港股整体涨幅较A股更为可观，创新药、新消 费、AI应用等方向亮点纷呈。借鉴历史上港股占优行情，该行认为本轮行情或和其中的2012-2014年具 有一定相似性，港股表现强劲源于部分资产更具稀缺性。展望未来，港股稀缺性资产基本面更优，或吸 引南下持续流入，支撑港股继续向上。 蓝筹股表现 至6%，这带来显著的正向经营杠杆、竞争减少和盈利预估的提升。尽管近期表现优异，但如果增长得 以维持，该行认为该行业估值仍偏低。 1. 苹果概念表现亮眼。截至收盘，高伟电子(01415)涨9.62%，报29.86港元；鸿腾精密(06088)涨6.91%， 报3.25港元；舜宇光学(02382)涨3.3%，报76.75港元；蓝思科技(06613)涨2.93%，报21.1港元。 美国当地时间8月6日，苹果公司宣布追 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年8月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02282 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,0 ...

Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue reaching 22.125 billion MOP, a year-on-year increase of 19% [1] - For the first seven months of the year, Macau's total gross gaming revenue amounted to 140.896 billion MOP, reflecting a year-on-year growth of 6.5% [1] - Morgan Stanley has revised its annual growth forecast for Macau's gaming revenue from 5% to 10%, and EBITDA growth forecast from 2% to 6%, indicating strong operational leverage and improved profit estimates [1] Group 2 - HSBC Global Research reported that the 19% year-on-year increase in Macau's gaming revenue exceeded expectations, driven by strong high-end demand [1] - The increase in demand is attributed to a rise in tourism frequency and higher gaming budgets from high-end mid-tier players [1] - Despite a 20% rise in Macau gaming stocks since June, the potential for continued growth into August and beyond, along with low valuations, could further drive stock prices upward [1]

Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue reaching 22.125 billion MOP, a year-on-year increase of 19% [1] - For the first seven months of the year, Macau's total gross gaming revenue amounted to 140.896 billion MOP, reflecting a year-on-year growth of 6.5% [1] - Morgan Stanley has raised its annual growth forecast for Macau's gaming revenue from 5% to 10%, and EBITDA growth forecast from 2% to 6%, indicating strong operational leverage and improved profitability expectations [1] Group 2 - HSBC Global Research reported that the 19% year-on-year increase in Macau's gaming revenue exceeded expectations, driven by strong high-end demand and increased tourism frequency [1] - The report suggests that the growth momentum is likely to continue into August and the remaining quarters, despite a 20% rise in gaming stocks since June [1] - The industry is characterized by low valuations, which could further drive stock prices upward [1]

Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue reaching 22.125 billion MOP, a year-on-year increase of 19% [1] - For the first seven months of the year, Macau's total gross gaming revenue amounted to 140.896 billion MOP, reflecting a year-on-year growth of 6.5% [1] - Morgan Stanley has revised its annual growth forecast for Macau's gaming revenue from 5% to 10%, and EBITDA growth forecast from 2% to 6%, indicating strong operational leverage and improved profit estimates [1] Group 2 - HSBC Global Research reported that the 19% year-on-year increase in Macau's gaming revenue exceeded expectations, driven by strong high-end demand [1] - The increase in demand is attributed to a rise in tourism frequency and higher gaming budgets from high-end players, suggesting sustained demand in the coming months [1] - Despite a 20% rise in Macau gaming stocks since June, there remains potential for growth into August and beyond, supported by low valuations [1]

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。花旗 指，澳门博彩收入连续第四个月超预期，月内日均达7.14亿澳门元。看好"天王效应"持续，鉴于陈奕迅 8月银河综艺馆演唱会在即，参考此前张学友演唱会带动的积极影响，将8月博彩收入预测从200亿调升 至215亿澳门元（同比增9%）。 港股濠赌股普遍上涨，其中，银河娱乐涨2.4%，澳博控股涨1.8%，金沙中国涨超1%，新濠国际发展、 美高梅中国跟涨。 消息上，7月澳门博彩收入创下疫情后新高，并恢复至疫前约90%水平，强势超出市场预期。根据澳门 统计暨普查局最新资料显示，2025年上半年入境旅客共192.19万人次，按年上升14.9%。业内人士分 析，出境游热度回升及高端大众玩家博彩预算增加成为核心推动力。 | 代码 | 名称 | 最新价 涨跌幅 v | | | --- | --- | --- | --- | | 00027 | 银河娱乐 | 40.880 | 2.40% | | 00880 | 澳博控股 | 3.380 | 1.81% | | 01928 | 金沙中国有限公 | 19.800 | 1.23% | | 00 ...

Market Overview - US stock indices rebounded, influenced positively by Trump's market support, leading to a 0.68% rise in Hong Kong stocks [1] - San Francisco Fed President Daly indicated that the timing for interest rate cuts is approaching, with expectations for two 25 basis point cuts this year [1] - Goldman Sachs predicts three consecutive 25 basis point cuts starting in September, with a potential 50 basis point cut if unemployment rises further [1] Domestic Market Sentiment - A-share new account openings in July reached 1.96 million, a 71% year-on-year increase, indicating rising domestic confidence [2] - The stock of Upwind New Materials surged 20% after resuming trading, reigniting market enthusiasm [2] - The steel sector saw a significant rise, with Maanshan Iron & Steel's stock increasing over 15% due to improved loss forecasts and supportive policies [2] Industry Trends - The paper industry is experiencing a price increase, with major companies like Nine Dragons Paper and Lee & Man Paper announcing price hikes [2] - The eleventh batch of centralized drug procurement in China saw a record 45 companies applying for the same drug, intensifying competition in the generic drug market [3] - Investment is shifting towards innovative drugs, with companies like Junshi Biosciences seeing stock increases of nearly 34% due to promising clinical trials [3] Financial Support for Key Industries - A joint guideline from the central bank and seven departments aims to support financing for key manufacturing sectors, including integrated circuits and medical equipment [4] - AI-related companies like Longi Green Energy and Lenovo's server business are seeing stock increases due to new orders and market interest [4] Gaming Industry Performance - The domestic gaming market is projected to reach RMB 168 billion in sales by the first half of 2025, a 14.08% year-on-year increase [4] - Heartbeat Games anticipates a revenue increase of approximately 37% for the first half of 2025, driven by strong performance from self-developed games [4] Individual Company Highlights - Tencent's mobile game "Valorant: Source Action" is set to launch on August 19, with projected annual revenue exceeding RMB 6 billion [5] - Oriental Selection's stock surged nearly 17% ahead of its upcoming financial report, reflecting strong market performance [6] - The Macau gaming sector is experiencing a positive trend, with Morgan Stanley raising its revenue growth forecast for the year from 5% to 10% [6] Technological Advancements - Apple's breakthrough in brain-computer interface (BCI) technology allows users to control devices through thought, indicating a significant market opportunity [7] - The Chinese BCI market is expected to exceed RMB 3.8 billion by 2025, with a CAGR of approximately 20% [7] Investment Opportunities - Kelun-Bio has become a top holding in a major fund, indicating strong market confidence in its innovative drug pipeline [8] - The company has established multiple technology platforms and is expected to accelerate commercialization in 2025 [8]