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: 新提交 FF301 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4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 | | 10,000,000,00 ...

Core Viewpoint - MGM China reported strong financial results for 2Q25, with net revenue and adjusted EBITDA reaching record levels, driven by increased market share and a focus on the high-end mass market segment [1][2]. Financial Performance - 2Q25 net revenue was HK$8.7 billion, representing a 9% year-over-year increase and an 8% quarter-over-quarter increase, setting a new single-quarter record [1]. - Adjusted EBITDA for the same period was HK$2.5 billion, up 3% year-over-year and 6% quarter-over-quarter, which is 72% higher than in 2019 [1]. - Total gross gaming revenue (GGR) increased by 12% year-over-year and quarter-over-quarter, with a 54% increase compared to 2Q19 levels [2]. Market Share and Growth Drivers - MGM China's market share in Q2 was 16.6%, marking the highest sequential gain among gaming companies, with monthly increases throughout the quarter [2]. - The strong gaming revenue was primarily driven by the high-end mass market, supported by concerts and an influx of customers seeking new experiences and quality products and services [2]. Future Projects - MGM Macau's Alpha Villas began trial operations in July, featuring 20 gaming tables, with an official opening planned before the National Day Golden Week [3]. - All 28 new villa suites at MGM Macau were available as of July, and a project to convert 63 standard rooms into suites at MGM Cotai is expected to open in 1Q26 [3]. Investment Outlook - The target price for MGM China has been raised from HK$15.5 to HK$19, indicating a 22% upside potential, and a Buy rating is maintained [1][3].

Core Viewpoint - MGM China reported better-than-expected performance for Q2 2025, with net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of Q2 2019 levels [1] Financial Performance - Adjusted EBITDA for Q2 2025 was HKD 2.511 billion, up 3% year-on-year and 6% quarter-on-quarter, recovering to 172% of Q2 2019 levels, exceeding Bloomberg consensus estimate of HKD 2.387 billion [1] - Total gaming revenue market share increased to 16.5% in Q2 2025, up from 15.6% in Q1 2025 [1] Business Development Trends - Management observed strong performance across all business segments in July 2025, with expectations for continued strong performance during the summer [1] - The strong market share in July 2025 was attributed to the soft opening of the Alpha Villas targeting ultra-high-end customers, with a full opening expected before the Golden Week in October 2025 [1] - The company aims to maintain its current market share while focusing on product updates and strong performance in high-end mass market operations [1] Market Share and Visitor Trends - Total gaming revenue market share reached 16.6% in Q2 2025, with monthly growth in market share throughout the quarter, peaking at approximately 17% in June 2025, driven by visitor volume and high-end customer engagement [1] - All 28 villa rooms at MGM Macau opened in Q2 2025, and the company plans to maintain a dividend policy with a payout ratio of 50% [1] Earnings Forecast and Valuation - Adjusted EBITDA forecasts for 2025 and 2026 have been raised by 3% to HKD 9.888 billion and HKD 10.271 billion, respectively, due to the opening of villa products [2] - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with an 18% target price increase to HKD 19.80, reflecting a 27% upside potential based on a 9 times 2025 EV/EBITDA valuation [2]

Core Viewpoint - Macquarie has raised its adjusted EBITDA forecasts for MGM China for the years 2025 to 2027, with slight adjustments to the target price and maintaining an "outperform" rating [1] Financial Performance - MGM China's gaming revenue increased by 12% year-on-year and quarter-on-quarter, exceeding Macquarie's expectations by 2% [1] - Total revenue rose by 9% year-on-year and 8% quarter-on-quarter, aligning with Macquarie's forecasts [1] - Adjusted EBITDA reached a record high of HKD 2.51 billion, surpassing Macquarie's expectations by 3% [1] Market Share - The company's market share grew by 0.6 percentage points year-on-year to 16.6%, the highest among six operators, indicating consistent growth [1] - Management expresses confidence in maintaining market share at a mid-double-digit level [1]

智通财经APP获悉，麦格理发布研报称，上调美高梅中国(02282)2025至27年各年经调整EBITDA预测分 别升2.2%、降0.5%及升0.4%，将公司目标价由22.2港元略微下调至22.1港元，评级为"跑赢大市"。 报告称，美高梅中国次季博彩收入同比及按季计各升12%，超出该行预期2%; 总收入同比升9%，按季 增8%，符合该行预期; 经调整EBITDA创新高，达25.1亿港元，胜于该行预期3%。此外，期内公司的市 场份额同比增长0.6个百分点至16.6%，为六间营运商中最高的连续增长，管理层对其市场份额能够保持 在中双位数水平充满信心。 ...

麦格理发布研究报告指出，美高梅中国第二季度赌收按年及按季均增长12%，超出预期2%；总收入按 年升9%、按季增8%，符合预期；经调整EBITDA创新高至25.1亿港元。期内公司市场份额按年增长0.6 个百分点至16.6%，管理层对其维持中双位数市场份额有信心。麦格理上调美高梅中国2025至2027年经 调整EBITDA预测，并微降目标价至22.1港元，维持"跑赢大市"评级。 ...

Core Viewpoint - Macquarie's research report indicates that MGM China’s Q2 gaming revenue increased by 12% year-on-year and quarter-on-quarter, exceeding the firm's expectations by 2% [1] - Total revenue rose by 9% year-on-year and 8% quarter-on-quarter, aligning with the firm's forecasts [1] - Adjusted EBITDA reached a record high of HKD 2.51 billion, surpassing the firm's expectations by 3% [1] Revenue and Market Share - The company's market share grew by 0.6 percentage points year-on-year to 16.6%, the highest among six operators, with management confident in maintaining a mid-double-digit market share [1] - The firm has adjusted its EBITDA forecasts for MGM China for the years 2025 to 2027, with increases of 2.2% for 2025, a decrease of 0.5% for 2026, and an increase of 0.4% for 2027 [1] Target Price and Rating - The target price for MGM China has been slightly reduced from HKD 22.2 to HKD 22.1, while maintaining an "Outperform" rating [1]

Group 1 - The core viewpoint of the report is that MGM China (02282) has its adjusted EBITDA forecasts for 2025 and 2026 raised by 3% to HKD 9.888 billion and HKD 10.271 billion respectively, due to the opening of villa products [1] - The current stock price corresponds to a 7x EV/EBITDA for 2025, and the target price has been raised by 18% to HKD 19.80, indicating a 27% upside potential compared to the current stock price [1] - MGM China's 2Q25 performance showed net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of 2Q19 levels [1] Group 2 - The management observed strong performance across all business segments in July 2025, with market share and profit margins remaining stable, and expects continued strong performance during the summer [2] - The strong market share is attributed to the trial operation of the Alpha villa targeting ultra-high-end customers, with the official opening expected before the National Day Golden Week in 2025 [2] - MGM China's total gaming revenue market share reached 16.6% in 2Q25, with a monthly increase, and the market share in June 2025 was approximately 17%, driven by visitor volume and high-end customers [2]

Group 1 - The core viewpoint of the report is that MGM China (02282) is expected to see an increase in adjusted EBITDA forecasts for 2025 and 2026 by 3% to HKD 9.888 billion and HKD 10.271 billion respectively, due to the opening of villa products [1] - The current stock price corresponds to a 7x EV/EBITDA for 2025, and the target price has been raised by 18% to HKD 19.80, indicating a 27% upside potential compared to the current stock price [1] - MGM China's Q2 2025 performance showed net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of Q2 2019 levels [1] Group 2 - The adjusted EBITDA for Q2 2025 was HKD 2.511 billion, reflecting a year-on-year increase of 3% and a quarter-on-quarter increase of 6%, recovering to 172% of Q2 2019 levels, outperforming consensus expectations [1] - The strong performance is attributed to the robust results from MGM Macau and MGM Cotai, with total gaming revenue recovering to 100% and 214% of Q2 2019 levels respectively [1] - The total gaming revenue market share increased to 16.5% in Q2 2025, up from 15.6% in Q1 2025 [1] Group 3 - The management observed strong performance across all business segments in July 2025, with stable market share and profit margins, and expects continued strong performance during the summer [2] - The strong market share is primarily driven by the trial operation of the Alpha villa targeting ultra-high-end customers, which is expected to officially open before the National Day Golden Week in 2025 [2] - The total gaming revenue market share reached 16.6% in Q2 2025, with a monthly increase, and approximately 17% in June 2025, driven by visitor volume and high-end customers [2]

花旗表示，美高梅中国业务持续强劲，升目标价至18港元，维持"买入"评级。 ...