FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 00027 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,379,240,712 0 4,379,240,712 增加 / 減少 (-) 0 0 本月底結存 4,379,240,712 0 4,379,240,712 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: | 2026年1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: | 銀河娛樂集團有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 銀河娛樂集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32 ...

瑞银发表研报指，澳门过去7日的日均博彩收入约为6.93亿澳门元，与前7日约7亿澳门元大致持平，使 本月至今的日均博彩收入达到约7.12亿澳门元，按年增长约21%，按月上升约6%，升幅高于2015至2019 年同期平均的2%。至于即将来临的农历新年假期，该行追踪的32间酒店中，有27间显示客房已售罄， 情况与去年同期大致相若。该行维持银河娱乐及永利澳门为行业首选，目标价分别为46.9港元及8.9港 元，均予"买入"评级。 ...

高盛发布研报称，多间澳门博彩股即将公布2025年第四季业绩，预期投资者将关注公司的利润趋势，因 不同公司均表达对11月全运会额外开支及竞争激烈的忧虑。该行料期内行业EBITDA按季及同比分别升 4%及13%，相较于博彩总收入按季及同比升6%及14%，基于经营开支增加，以及博彩收入占比向利润 较低的贵宾厅业务倾斜。 展望2026年，该行料整体博彩收入同比升8%，EBITDA升10%，令行业EBITDA及经常性自由现金流分 别达91亿及64亿美元，接近新冠疫情前水平。该行认为目前行业估值仍属吸引，重申对银娱、美高梅中 国及金沙中国的"买入"评级。 该行料去年第四季，银河娱乐(00027)EBITDA将按季升28%至5.5亿美元，基于贵宾赢率较高;美高梅中 国(02282)EBITDA按季升8%至3.28亿美元，因博彩收入稳健复苏。至于金沙中国(01928)，该行料 EBITDA将按季升4%至6.28亿美元，因零售收入的增长被更高的经营开支及推广费用所抵消。 ...

Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the November National Games and intense competition [1] Industry Summary - The firm anticipates a quarterly and year-on-year increase in industry EBITDA by 4% and 13% respectively, compared to a quarterly and year-on-year rise in total gaming revenue of 6% and 14% [1] - The increase in operating expenses and the shift of gaming revenue towards the lower-margin VIP segment are noted as contributing factors [1] Company-Specific Insights - Galaxy Entertainment (00027) is expected to see its EBITDA rise by 28% quarter-on-quarter to $550 million, driven by a higher VIP win rate [1] - MGM China (02282) is projected to have an EBITDA increase of 8% quarter-on-quarter to $328 million, attributed to a robust recovery in gaming revenue [1] - Sands China (01928) is forecasted to experience a 4% quarter-on-quarter EBITDA increase to $628 million, as retail revenue growth is offset by higher operating expenses and promotional costs [1] Future Outlook - For 2026, the overall gaming revenue is expected to increase by 8% year-on-year, with EBITDA rising by 10%, leading to industry EBITDA and recurring free cash flow reaching $9.1 billion and $6.4 billion respectively, nearing pre-COVID levels [1] - The firm believes that the current industry valuations remain attractive and reiterates a "buy" rating for Galaxy Entertainment, MGM China, and Sands China [1]

同業受品牌費用及地緣局勢影響，集團料獲得較多投資者青睞於2025 年12 月，同業美高梅中國(2282 HK)宣佈與母公司美高梅國際(MGM US)簽定新的品牌協議，新合約收取的品牌費用由原先每月綜合收 益淨額的1.75%，大增一倍至3.5%，於2026 年1 月生效，為期最多不超過20 年，令市場對需要支付品牌 費用的同業，包括金沙中國(1928 HK)及永利澳門(1128 HK)的戒心增加。再加上地緣局勢的考慮，預期 在同業之中，銀河娛樂可獲得較多投資者的青睞。 估值仍處於疫情前區間的偏低水平 按彭博綜合預測，集團現價相當於10.6 倍的2026 年EV/EBITDA，而在疫情前，集團的EV/EBITDA 估 值大多數時間處於10.0 至14.0 倍的區間之中，目前的估值仍處於此區間的偏低水平。隨著業績逐步改 善，估值有進一步重新上調的空間。 机构：信达国际 研究员：彭日飛 2025 年第四季市場份額有所增加，2026 年有望進一步提高於2025 年第三季，銀河娛樂錄得淨收益122 億港元，按年上升14%，經調整EBITDA 為33 億港元，按年上升14%，淨贏率正常化後之經調整 EBITDA 則按年上升 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 45.50, indicating an upside potential of 12.6% from the current price of HKD 40.42 [5][8]. Core Insights - The company recorded a net revenue of HKD 12.2 billion for Q3 2025, representing a year-on-year increase of 14%. Adjusted EBITDA also rose by 14% to HKD 3.3 billion, with a normalized net win rate leading to a 7% increase in adjusted EBITDA [1]. - The company's market share is estimated to be around 20% for the full year of 2025, maintaining its position as the second-largest player in the industry. Management indicated an increase in market share for Q4 2025, with expectations for further growth in 2026 due to the utilization of new projects opening in December 2023 [1]. - Macau's gaming revenue is projected to grow by 9.1% year-on-year to MOP 247.4 billion in 2025, with a significant increase of 13.8% in the second half of 2025. The upcoming longer Spring Festival holiday in 2026 is expected to boost travel demand from mainland citizens, benefiting the tourism sector and the company [2]. - Competitors are facing increased brand fees and geopolitical concerns, which may lead to a preference for the company among investors. MGM China announced a new brand agreement that doubles its brand fees, raising market concerns for other competitors [3]. - The company's current valuation is at 10.6 times the 2026 EV/EBITDA, which is considered low compared to the pre-pandemic range of 10.0 to 14.0 times, suggesting potential for valuation re-rating as performance improves [4]. Financial Summary - Revenue projections for the company are as follows: FY22: HKD 11.474 billion, FY23: HKD 35.684 billion, FY24: HKD 43.432 billion, FY25E: HKD 48.574 billion, FY26E: HKD 52.232 billion [5]. - EBITDA projections are: FY22: HKD (0.553) billion, FY23: HKD 9.955 billion, FY24: HKD 12.188 billion, FY25E: HKD 14.020 billion, FY26E: HKD 14.971 billion [5].

Group 1 - The core viewpoint of the articles indicates a rebound in Hong Kong's gaming stocks, particularly in the Macau gaming sector, with significant increases in stock prices for companies like Melco International Development and Galaxy Entertainment [1] - According to a report by Jefferies, Macau's gaming revenue has shown strong growth, with an average daily revenue of 693 million MOP as of January 11, reflecting an 18% year-on-year increase [1] - Jefferies' industry survey suggests that Macau's gaming revenue is expected to grow by 15% to 21% year-on-year for the entire month of January [1] Group 2 - Specific stock performance includes Melco International Development rising by 3.5%, Galaxy Entertainment and Huayi Tencent Entertainment increasing by over 3%, and Sands China and Wynn Macau rising by over 2% [2] - The report highlights a shift in investor preference towards U.S. regional gaming stocks, although Jefferies maintains that the fundamentals of stocks primarily operating in Macau are superior to their peers [1] - Jefferies continues to favor Wynn and Sands in the U.S. market, as well as Galaxy Entertainment and Sands China in the Hong Kong market [1]

Group 1 - The Hong Kong gaming stocks, which have been experiencing a continuous decline, are now witnessing a rebound in the market [1] - Notable gains include SJM Holdings rising by 3.5%, while Galaxy Entertainment, Melco International Development, and MGM China all increased by over 3% [1] - Sands China and Wynn Macau saw increases of over 2%, and both Genting Hong Kong and Amax Holdings rose by 1% [1]

Core Insights - UBS reports that the average daily gaming revenue in Macau over the past seven days was approximately 693 million MOP, lower than the 800 million MOP in the first four days of the month [1] - Year-to-date, the average daily gaming revenue stands at about 732 million MOP, reflecting a year-on-year increase of approximately 24% and a month-on-month increase of about 9%, outperforming the seasonal growth of around 2% from 2015 to 2019 [1] Business Segment Performance - In the various business segments, the mass market gaming revenue daily run rate increased by 8% to 10% month-on-month, while the VIP room turnover grew by 6% to 8% [1] - The win rate for VIP rooms was reported at 2.7% to 2.9%, compared to a win rate below 3% in December [1] Market Expectations - The market anticipates an average daily gaming revenue of approximately 677 million MOP for January, which represents a year-on-year growth of about 15% [1] - To meet this expectation, the average daily run rate for the remaining 20 days of January needs to reach around 647 million MOP [1] Valuation Metrics - The gaming sector is currently trading at 8.8 times the estimated enterprise value/EBITDA for 2026, which is 0.6 standard deviations below its two-year average [1] - UBS prefers Galaxy Entertainment (00027) and Wynn Macau (01128) as top picks within this sector [1]

Group 1 - The core viewpoint of the articles indicates a rebound in Hong Kong gaming stocks, with notable increases in share prices for companies such as Melco International Development, Galaxy Entertainment, and MGM China [1] - According to a report by Jefferies, Macau's gaming revenue is expected to show strong growth, with an average daily revenue of MOP 693 million for the first seven days of January, representing an 18% year-on-year increase [1] - Jefferies' industry survey suggests that Macau's gaming revenue for January could achieve a year-on-year growth of 15% to 21% [1] Group 2 - Specific stock performance includes Melco International Development rising by 3.5%, Galaxy Entertainment and Huayi Brothers Media increasing by over 3%, and Sands China and Wynn Macau rising by over 2% [2] - The report highlights a shift in investor preference towards U.S. regional gaming stocks, although Jefferies maintains that the fundamentals of stocks primarily operating in Macau are superior to their peers [1] - Jefferies continues to favor Wynn and Sands in the U.S. market, as well as Galaxy Entertainment and Sands China in the Hong Kong market [1]