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].

Core Viewpoint - The company reported a strong recovery in its business segments for the first half of 2025, with significant growth in net income and EBITDA, driven by robust performance in the mid-market gaming sector [1][2]. Financial Performance - In H1 2025, the company achieved net revenue of $292 million, a year-on-year increase of 19.9% [1] - EBITDA, excluding the impact of the Vladivostok project impairment, was $200 million, reflecting a year-on-year growth of 38.5% [1] - The overall gross gaming revenue (GGR) reached $332 million, up 17.2% year-on-year [1] - The mid-market gaming table GGR was $162 million, increasing by 24.0% year-on-year [1] - The company’s comprehensive gross margin improved to 80.7%, a 1.8% increase year-on-year, primarily due to faster growth in the mid-market gaming table segment [2] Business Segment Analysis - The mid-market gaming table segment showed a gross margin of 91.9%, up 0.3 percentage points year-on-year [2] - High-end VIP business GGR recovered to 138.8% of the same period in 2019, with a year-on-year increase of 89.0% [1][2] - The company’s administrative expenses were reduced by 35.6% year-on-year, contributing to improved EBITDA and net profit margins [2] Competitive Advantage - The company holds exclusive operating rights in the Phnom Penh area until 2045, enhancing its competitive position in Southeast Asia [3] - Cambodia's gaming tax rates are competitive, at 7% for mid-market GGR and 4% for non-mid-market GGR, allowing the company to offer attractive commission policies to high-end clients [3] Growth Outlook - The company is expected to maintain steady growth in the medium to long term, supported by ongoing foreign direct investment and increased tourism demand [3] - Projections for EBITDA from 2025 to 2027 are $401 million, $445 million, and $487 million, respectively [3] - The company is rated as a strong buy due to its exclusive operating rights and sustainable growth potential, with a 2025 EV/EBITDA of 7.4x and a P/E of 11.4x [3]

Market Overview - US stock indices experienced adjustments, with European markets also facing challenges, particularly in France where the CAC 40 index fell over 2% [1] - Hong Kong stocks corrected after a strong rally, closing down 1.18% [1] - Optimism regarding potential Fed rate cuts was tempered by concerns over Trump's threats to dismiss Fed Governor Lisa Cook, which could undermine confidence in USD assets [1] Gold and Mining Sector - Gold stocks surged, with China Gold International reporting a turnaround in its mid-year results, showing strong growth and significant capacity expansion potential [1] - Other gold stocks like Lingbao Gold and Zhaojin Mining also saw substantial gains, reflecting a broader trend in the sector [1] Trade and Tariff Implications - Trump threatened to impose approximately 200% tariffs on rare earth magnets from China and additional tariffs on countries implementing digital taxes, impacting major US tech companies [2] - The US government proposed adding copper, silicon, and silver to a list of critical minerals, indicating a shift in tariff strategy to protect domestic industries [2] Automotive Industry Dynamics - The automotive sector is undergoing rapid changes, with Chinese electric vehicle companies and Tesla significantly shortening the development cycle for new models to about two years [3] - Traditional players like Puma are exploring strategic options, including potential sales, indicating a shift in competitive dynamics within the industry [3] AI and Technology Sector - The Chinese government announced plans to integrate AI with six key sectors by 2027, which will drive capital expenditure towards AI-related technologies [6] - Companies like SMIC and SenseTime are positioned to benefit from increased investment in AI and related technologies [6] Company Performance Highlights - Angelalign reported a 33.1% increase in revenue to $161.4 million, with a significant rise in net profit, indicating strong performance in the orthodontics market [4] - Meituan was included in the MSCI China Index, leading to an 8% increase in its stock price [5] Individual Stock Insights - SenseTime is expected to report improved financial results, with projected revenue growth and a potential narrowing of losses, reflecting a positive outlook for the company [7] - The company has a strong competitive position in AI technology, with significant advancements in model capabilities and market share in various applications [8]

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing a collective adjustment. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of HKD 31.78 billion. The Hang Seng China Enterprises Index decreased by 1.07% to 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74% to 5,782.24 points [1] Blue-Chip Stocks Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to HKD 10.38, with a trading volume of HKD 1.797 billion, contributing a loss of 6.04 points to the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with attributable net profit down 24% to RMB 1.1 billion. The firm revised its revenue forecasts for 2025 to 2027 down by 25%, 2%, and 11% respectively [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. Gold stocks surged, with China Gold International rising over 10%. Apple is expected to initiate a three-year innovation cycle, boosting related stocks like Lens Technology, which rose over 5%. Gaming stocks and some new consumption concepts performed well, with Melco International Development up over 9% [3][5] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated rising downside risks in the U.S. labor market, suggesting a potential policy adjustment could be appropriate. This statement is seen as a strong signal for a possible interest rate cut as early as September. The market reacted positively, particularly for precious metals, with expectations for further increases in gold prices [4] Gaming Sector Performance - The gaming sector continued its upward trend, with Melco International Development rising 9.27% to HKD 5.54. According to JPMorgan, Macau's gaming revenue for the first 24 days of August reached MOP 17.65 billion, with a daily average of MOP 735 million, reflecting a 9% increase from the previous week [6] Pharmaceutical Sector Challenges - The pharmaceutical sector faced pressure, with several stocks declining. Notably, CStone Pharmaceuticals (09966) fell 6.74% to HKD 10.24. U.S. President Trump's announcement to drastically reduce drug prices could create significant challenges for the global pharmaceutical industry, presenting both opportunities and risks for Chinese biotech stocks [6] Notable Stock Movements - Double Ended Co. (06960) debuted with a 31.29% increase, closing at HKD 19.05. The company focuses on energy storage solutions in the data and communication sectors, with a projected market share of 11.1% by 2024 [7] - Kingsoft Holdings (03918) reached a new high, rising 17.94% to HKD 5.72, reporting a 16.76% year-on-year revenue increase to USD 342 million [8] - Angelalign Technology (06699) saw a 10.28% increase to HKD 75.1, with a 33.1% year-on-year revenue growth reported [9] - Meitu Inc. (01357) rose 7.9% to HKD 11.47 after being included in the MSCI China Index, with Morgan Stanley expressing confidence in its long-term growth potential [10] - Xintai Medical (02291) experienced a significant drop of 12.75% to HKD 23.96 following a major shareholder's sale of shares [11]

8月26日，金界控股(03918)盘中上涨20.0%，截至10:41，报5.82元/股，成交2.42亿元。 8月25日，2025年中期每股派美元0.0101元(相当于港币0.0783元)，除权除息日2025-09-09，派息日2025- 09-30(董事会预案)。 本文源自：金融界 作者：行情君 金界控股有限公司是由Tan Sri Dr Chen Lip Keong在1995年创立的博彩娱乐公司，其主营业务是运营湄 公河地区最大的综合博彩娱乐度假村NagaWorld，该公司在2006年在香港联交所上市，并且是首家在联 交所上市的博彩类公司等，目前市值已经增长了11倍。同时，金界控股持有为期达70年至2065年的赌场 牌照，并且在金边方圆200公里范围内享有至2045年的独家赌场经营权。 截至2025年中报，金界控股营业总收入24.47亿元、净利润10.65亿元。 ...

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's gaming stocks, particularly driven by the strong performance of Golden Century Holdings, which surged 18% after its earnings report [1] - Golden Century Holdings reported a revenue of $342 million for the first half of the year, representing a year-on-year increase of 16.76% [1] - The company achieved a profit attributable to shareholders of $149 million, marking a turnaround from a loss, with earnings per share at 3.36 cents and an interim dividend of 1.01 cents [1] Group 2 - The financial position of Golden Century Holdings showed a substantial increase in cash and bank balances, which surged by 103.5% to $245 million, with a net asset value of $2.3 billion [1] - Several institutions have released research reports expressing optimism about the gaming industry, with Morgan Stanley predicting continuous growth in Macau's gaming revenue from 2025 to 2027 due to improved operating leverage and competitive dynamics [1] - JPMorgan has raised its forecasts for the Macau gaming industry for the third time in three months since the last upgrade [1] Group 3 - Other gaming stocks also experienced gains, with Macau Legend rising 7.6%, Melco International Development up 6.9%, and Wynn Macau increasing by over 3% [1] - Additional stocks such as SJM Holdings and Galaxy Entertainment saw increases of over 1%, indicating a positive trend across the sector [1]

金界控股(03918)高开逾5%，截至发稿，涨5.15%，报5.1港元，成交额973.08万港元。 消息面上，金界控股发布截至2025年6月30日止6个月业绩，该集团期内取得收入3.42亿美元，同比增加 16.76%；公司拥有人应占溢利1.49亿美元，同比扭亏为盈；每股盈利3.36美仙，中期息派1.01美仙。公 告指出，博彩总收入增长17.2%至3.3亿美元，中场博彩总收入增长20.9%，贵宾市场博彩总收入增长 9.6%，而中场分部毛利率扣除博彩税后为89.1%，占博彩总收入69.8%及总毛利75%，而剔除去年同期 确认俄罗斯海参崴的博彩及度假村项目减值亏损8910万美元元的影响，纯利增加68.8%至1.49亿美元， 未计利息、税项、折旧及摊销的盈利(EBITDA)增加38.5%至2亿美元。 ...

消息面上，金界控股发布截至2025年6月30日止6个月业绩，该集团期内取得收入3.42亿美元，同比增加 16.76%；公司拥有人应占溢利1.49亿美元，同比扭亏为盈；每股盈利3.36美仙，中期息派1.01美仙。公 告指出，博彩总收入增长17.2%至3.3亿美元，中场博彩总收入增长20.9%，贵宾市场博彩总收入增长 9.6%，而中场分部毛利率扣除博彩税后为89.1%，占博彩总收入69.8%及总毛利75%，而剔除去年同期 确认俄罗斯海参崴的博彩及度假村项目减值亏损8910万美元元的影响，纯利增加68.8%至1.49亿美元， 未计利息、税项、折旧及摊销的盈利（EBITDA）增加38.5%至2亿美元。 智通财经APP获悉，金界控股(03918)高开逾5%，截至发稿，涨5.15%，报5.1港元，成交额973.08万港 元。 ...

每经AI快讯，8月25日，金界控股(03918.HK)在港交所发布中期业绩报告，上半年博彩总收入约3.32亿 美元，同比增长17.2%；净利润约1.49亿美元，同比增长68.8%。 ...