( 於開曼群島註冊成立的有限公司 ) (股份代號：3918) 通知信函 各位非登記股東 （ 附 註 1 ） ： 金界控股有限公司（「本公司」） – 2025 年中期報告（「本次公司通訊」）之發佈通知 本次公司通訊之發佈 本次公司通訊的英文及中文版本已上載於本公司的網站 www.nagacorp.com 和香港交易及結算所所有限公司的網站 www.hkexnews.hk （「香港 交易所網站」）。 閣下可在本公司網站或在香港交易所網站瀏覽本次公司通訊。若 閣下早前曾要求收取公司通訊( 附註 2)的印刷本，隨附本次 公司通訊的印刷本。 作為非登記股東，如 閣下欲透過電郵以電子方式收取所有日後公司通訊之發佈通知， 閣下應聯絡代 閣下持有股份的銀行、經紀、託管商、 代理人或香港中央結算（代理人）有限公司（統稱「中介機構」），並向中介機構提供 閣下的電郵地址。若本公司沒有從中介機構收到 閣下 的有效電子郵件地址，直至本公司收到 閣下有效的電子郵件地址前， 閣下將 (i) 無法收到任何有關發佈公司通訊的電郵通知；及 (ii) 需主 動查看本公司網站或香港交易所網站以留意公司通訊的發佈。 要求收取日後公司通訊印刷本 為展現 ...

( 於開曼群島註冊成立的有限公司 ) (股份代號：3918) 通知信函 各位登記股東： 金界控股有限公司（「本公司」） – 2025 年中期報告（「本次公司通訊」）之發佈通知 如 閣下對本函內容有任何疑問，請於星期一至五（香港公眾假期除外）上午 9 時至下午 6 時的辦公時間內致電股份過戶登記處客戶服務熱線 (852) 2862 8688 或電郵至 nagacorp.ecom@computershare.com.hk 查詢。 代表董事會 金界控股有限公司 主席 Philip Lee Wai Tuck 謹啟 本次公司通訊之發佈 本次公司通訊的英文及中文版本已上載於本公司的網站 www.nagacorp.com 和香港交易及結算所有限公司的網站 www.hkexnews.hk（「香港交易 所網站」）。 閣下可在本公司的網站閱覽或在香港交易所網站瀏覽本次公司通訊。若 閣下先前曾要求收取公司通訊( 附註 1)的印刷本，隨附本次 公司通訊的印刷本。如 閣下已選擇透過本公司網站以電子方式收取日後公司通訊，但因任何理由未能閱覽本次公司通訊，請填妥隨附的回條 （「回條」），並寄回本公司的香港股份過戶登記分處香港中央證券登記有 ...

目錄 | 公司資料 | 4 | | --- | --- | | 投資者關係 | 5 | | 財務摘要 | 6 | | 主席報告 | 7 | | 管理層討論及分析 | 11 | | 權益披露 | 26 | | 有關柬埔寨投資風險的獨立審閱 | 31 | | 企業管治及其他資料 | 35 | | 簡明綜合收益表 | 39 | | 簡明綜合全面收益表 | 40 | | 簡明綜合財務狀況表 | 41 | | 簡明綜合權益變動表 | 43 | | 簡明綜合現金流量表 | 45 | | 簡明綜合財務報表附註 | 46 | 頁次 金界控股有限公司 2025中期報告 3 公司資料 金界控股有限公司（「金界控股」或「本公司」，連同其附屬公司，「本集團」）是柬埔寨最大的綜合度 假村營運商。本公司於二零零六年在香港聯合交易所有限公司（「聯交所」）主板上市（股份代號： 3918）。金界控股是在柬埔寨經營業務的首家上市公司，以及首家在聯交所進行首次公開招股的 博彩類公司。我們的旗艦店 NagaWorld是金邊唯一一家綜合式酒店及娛樂城，持有為期達七十 年至二零六五年的賭場牌照，並享有在金邊方圓 200公里範圍（柬越邊境地區、Bokor ...

Core Viewpoint - UBS reports that the gaming revenue growth for Kingdom Holdings (03918) is accelerating, driven by an increase in business travelers in Phnom Penh, Cambodia, and local demand [1] Group 1: Revenue Forecasts - UBS has raised its total gaming revenue (GGR) forecasts for Kingdom Holdings for 2025-2026 by 21% to 29% due to better-than-expected performance in the first half of the year [1] - The overall gaming revenue is expected to grow by 32% this year and 10% next year [1] Group 2: Financial Projections - The EBITDA forecast for Kingdom Holdings has been increased by 46% for next year [1] - The valuation basis has been adjusted, with the target multiple raised from 5x to 7x, leading to an increase in the target price from HKD 3.8 to HKD 7.5 [1] Group 3: Rating Changes - The rating for Kingdom Holdings has been upgraded from "Neutral" to "Buy" due to the revised forecasts and valuation [1]

Core Viewpoint - UBS reports that the gaming revenue growth momentum for Galaxy Entertainment Group (03918) is accelerating, driven by the increase in business travelers in Phnom Penh, Cambodia, and local demand [1] Group 1: Financial Performance - UBS has raised its forecast for total gaming revenue (GGR) for 2025-2026 by 21% to 29% due to better-than-expected performance in the first half of the year [1] - The overall gaming revenue is expected to grow by 32% year-on-year this year and by 10% next year [1] Group 2: EBITDA and Valuation - The EBITDA forecast for Galaxy Entertainment for next year has been increased by 46% [1] - The valuation multiple has been raised from 5x to 7x, leading to an increase in the target price from HKD 3.8 to HKD 7.5 [1] - The stock rating has been upgraded from "Neutral" to "Buy" due to the attractive valuation [1]

Group 1 - The Hang Seng Index fell by 0.4%, while the Hang Seng Tech Index decreased by 0.54%, with a total turnover of 152 billion HKD in the Hong Kong stock market during the morning session [1] - The Hang Seng Biotechnology Index rose by 1%, with notable gains from companies such as MicroPort Scientific Corporation (02252) up by 10%, and Four Seasons Medicine (00460) up by 8% [1] Group 2 - MicroPort Scientific Corporation (02252) saw a rise of over 10%, indicating renewed interest in the robotics industry and steady progress in the company's commercialization efforts [2] - Dongyang Sunshine Pharmaceutical (06887) increased by nearly 7%, reporting a mid-term gross profit of 1.468 billion HKD, with key data on Ifenprodil presented at the US IPF summit [2] - Chuangsheng Group-B (06628) surged over 28%, with a mid-term net loss narrowing by 17.9%, and TST001 research data making its debut at ASCO [2] - Kingsoft Holdings (03918) rose by over 6%, with first-half performance exceeding market expectations, although uncertainties remain regarding the Naga3 project according to Citigroup [2] - Green Power Environmental (01330) increased by over 7%, with a 24.49% year-on-year increase in net profit attributable to shareholders, driven by its gas supply business [2] - Hylink Technology (01860) rose by 7.9%, with first-half revenue increasing by 40% year-on-year, and institutions optimistic about the continued release of the Mintegral platform's flywheel effect [2] - Zhi Zi Cheng Technology (09911) rose by over 6%, with first-half net profit nearly doubling, and the group's gross profit margin expected to improve significantly year-on-year [2] - Four Seasons Medicine (00460) rose by over 7%, achieving profitability in the first half and making substantial progress in its AI + medical beauty strategic layout [2] - Guofu Quantum (00290) increased by 6.86%, with a cumulative increase of nearly 1.8 times this year, collaborating with Huajian Medical to advance RWA ecosystem construction [2] - New Idea Network Group (01686) fell by over 17% post-results, with annual net profit increasing by 8% to 979 million HKD [2]

Group 1 - The core viewpoint of the article highlights that Kingsoft Holdings (03918) experienced a significant stock price increase, with a rise of over 7% in early trading, currently at 5.76 HKD, with a trading volume of 41.1 million HKD [1] - Kingsoft Holdings reported a total gaming revenue of approximately 332 million USD for the first half of the year, representing a year-on-year growth of 17.2% [1] - The net profit for the same period was around 149 million USD, showing a substantial year-on-year increase of 68.8% [1] Group 2 - UBS's research report indicates that the growth in gaming revenue is driven by an increase in business travelers to Phnom Penh, Cambodia, and local demand [1] - Due to the better-than-expected performance in the first half of the year, UBS plans to raise its gaming revenue forecasts for 2025-2026 by 21% to 29%, with expected overall gaming revenue growth of 32% and 10% for this year and next year, respectively [1] - Citigroup noted that Kingsoft Holdings' first-half performance exceeded expectations, with a strong year-on-year increase of 17% in gaming revenue and an expansion of EBITDA margin by 9.2 percentage points [1] Group 3 - Although the resumption of interim cash dividends was unexpected, Citigroup pointed out that the payout ratio of 30% is lower than their annual expectation of 60% [1] - Despite signs of improvement in the fundamentals, there remains uncertainty regarding the Naga3 project, with no updates provided, suggesting a potential delay in the targeted opening date of September 2029 [1]

Core Viewpoint - Kwan Kee Holdings (03918) reported strong mid-year results, with total gaming revenue of approximately $332 million, a year-on-year increase of 17.2%, and net profit of about $149 million, up 68.8% [1] Group 1: Financial Performance - Total gaming revenue (GGR) for the first half of the year was approximately $332 million, reflecting a year-on-year growth of 17.2% [1] - Net profit reached around $149 million, marking a significant increase of 68.8% compared to the previous year [1] - EBITDA margin expanded by 9.2 percentage points year-on-year, indicating improved profitability [1] Group 2: Market Analysis - UBS noted that the growth in gaming revenue is driven by an increase in business travelers to Phnom Penh, Cambodia, and rising local demand [1] - The firm plans to raise its total gaming revenue forecasts for 2025-2026 by 21% to 29% due to better-than-expected mid-year performance [1] - Citigroup highlighted that while the mid-year cash dividend was unexpected, the payout ratio of 30% is below their annual expectation of 60% [1] Group 3: Future Outlook - Citigroup pointed out that despite signs of improvement in fundamentals, there is ongoing uncertainty regarding the Naga3 project, with the potential for delays in the targeted opening date of September 2029 [1] - Overall gaming revenue is expected to grow by 32% this year and 10% next year [1]

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: NagaCorp Ltd. 金界控股有限公司 呈交日期: 2025年9月1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) | 03918 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | | 0.0125 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 8,000,000,000 | USD | | 0.0125 | USD | | 10 ...

Core Viewpoint - The performance of Kingsoft Holdings in 1H25 exceeded expectations, with significant growth in both total revenue and EBITDA, driven by a recovery in business volume and the introduction of new products [1][2]. Financial Performance - Total revenue reached $342 million, a year-on-year increase of 17% and a quarter-on-quarter increase of 27%, recovering to 38% of the level in 1H19 [1]. - Total gaming revenue was $332 million, also reflecting a 17% year-on-year increase and a 28% quarter-on-quarter increase, recovering to 38% of the level in 1H19 [1]. - EBITDA amounted to $200 million, showing a year-on-year growth of 261% and a quarter-on-quarter growth of 36%, recovering to 61% of the level in 1H19, surpassing the forecast of $188 million [1]. Development Trends - Infrastructure improvements and increased flight frequency have boosted visitor numbers, driving growth in the mid-market segment [1]. - The number of Chinese tourists visiting Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers increasing by 46% year-on-year and 31% quarter-on-quarter [1]. - The new Decho International Airport is set to open in September 2025, with a passenger capacity of 13 million, while the existing Phnom Penh International Airport will cease operations [1]. VIP Business Growth - The direct VIP business turnover increased by 88% year-on-year and 87% quarter-on-quarter in 1H25, driven by the rise in business travelers and expatriates [2]. - The acceleration in foreign direct investment in Cambodia, particularly following Chinese President Xi Jinping's visit in April, has contributed to this growth [2]. Future Plans and Dividend - The Naga 3 project is expected to announce more details in 1H26, with management anticipating more iconic tourist attractions and amenities [2]. - The company declared an interim dividend of $0.0101 per share, corresponding to a 30% payout ratio, compared to a historical level of 60% [2]. Earnings Forecast and Valuation - The EBITDA forecasts for 2025 and 2026 have been raised by 6%, reaching $406 million and $481 million, respectively [2]. - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with a target price raised by 12% to HKD 6.50, indicating a 12% upside potential from the current price [2].