Core Viewpoint - ST德豪 plans to invest in 惠州德豪光联光电科技有限公司, aiming to enhance its long-term development and profit growth through this joint venture [1] Investment Details - The total subscribed capital for the joint venture is set at 30 million yuan [1] - 芜湖德豪共创 plans to contribute 16 million yuan, representing 53.33% of the total subscribed capital [1] Business Focus - The joint venture will specifically focus on the development of LED lighting and related businesses [1] - This initiative is expected to provide new momentum and profit growth opportunities for the company [1]

Group 1 - The core viewpoint of the article indicates a general decline in gaming stocks, with specific companies experiencing notable drops in share prices [1] - According to HSBC Global Research, Macau's total gaming revenue (GGR) for the first 12 days of October was 9.65 billion MOP, with an average daily revenue of 593 million MOP in the second week, reflecting a year-on-year decline of 8% and a week-on-week decline of 46%, which is higher than the historical average decline of 39% [1] - Citigroup has revised its forecast for October's total gaming revenue down from 23 billion MOP to 22 billion MOP, which is approximately 83% of October 2019 levels and represents a year-on-year increase of 6% [1] Group 2 - The slowdown in overall gaming revenue growth in Macau suggests limited short-term upside potential for gaming stocks, despite potential support from a low base in December for Q4 revenue growth [1] - Specific declines in stock prices include Melco International Development down 3.21% to 4.53 HKD, Suncity Group Holdings down 2.56% to 0.76 HKD, Sands China down 1.65% to 17.93 HKD, and Wynn Macau down 1.56% to 6.3 HKD [1]

Core Viewpoint - The gaming stocks in Macau are experiencing a decline, with significant drops in share prices for major companies, attributed to a slowdown in gaming revenue growth [1] Group 1: Stock Performance - New World Development (00200) decreased by 3.21%, trading at HKD 4.53 [1] - Suncity Group Holdings (01180) fell by 2.56%, trading at HKD 0.76 [1] - Sands China (01928) dropped by 1.65%, trading at HKD 17.93 [1] - Wynn Macau (01128) declined by 1.56%, trading at HKD 6.3 [1] Group 2: Revenue Insights - The total gaming revenue (GGR) for Macau in the first 12 days of October was MOP 9.65 billion, with an average daily revenue of MOP 593 million for the second week of October [1] - Year-on-year, the daily revenue decreased by 8%, and week-on-week, it fell by 46%, which is slightly above the historical average decline of 39% [1] Group 3: Future Projections - HSBC Global Research suggests that despite a low base in December, the short-term upside for gaming stocks is limited due to the slowdown in total gaming revenue growth [1] - Citigroup revised its estimate for total gaming revenue in October from MOP 23 billion to MOP 22 billion, which is approximately 83% of the revenue from October 2019, reflecting a year-on-year increase of 6% [1]

Group 1 - Hong Kong gaming stocks continue to decline, with New World Development down 5.19% to HKD 4.75 [1] - Sands China decreased by 4.2%, trading at HKD 18.23 [1] - Galaxy Entertainment fell by 3.56%, now priced at HKD 36.3 [1] - MGM China dropped by 3.39%, currently at HKD 13.97 [1]

Group 1 - The gaming stocks continue to decline, with New World Development down 5.19% to HKD 4.75, Sands China down 4.2% to HKD 18.23, Galaxy Entertainment down 3.56% to HKD 36.3, and MGM China down 3.39% to HKD 13.97 [1] - According to a report from Credit Lyonnais, the Macau gaming industry is expected to see a year-on-year EBITDA growth of 10% to USD 2.063 billion in Q3, driven by a 12.5% year-on-year increase in gross gaming revenue (GGR) [1] - The report indicates that adjusted profit margins will be under pressure, with a projected quarterly decline of 0.5 percentage points due to a 33-hour casino shutdown caused by Typhoon Haikui [1] Group 2 - The focus for the market will be on the resilience of gaming revenue post-Golden Week and the reinvestment activities of gaming companies [1] - The firm has revised its EBITDA forecasts for the industry downwards by 1.4% and 0.5% for this year and next year, respectively, expecting a year-on-year EBITDA increase of 7% to USD 8.2 billion this year and an 8% increase to USD 8.8 billion next year [1] - Additionally, the forecasts for gaming revenue have been adjusted upwards by 0.1% and 1.3% for this year and next year, respectively [1]

智通财经APP获悉，博彩股延续近期跌势，截至发稿，新濠国际发展(00200)跌5.19%，报4.75港元；金 沙中国(01928)跌4.2%，报18.23港元；银河娱乐(00027)跌3.56%，报36.3港元；美高梅中国(02282)跌 3.39%，报13.97港元。 消息面上，里昂发布研报称，预期澳门博彩行业今年第三季EBITDA按年增长10%至20.63亿美元，主要 受博彩总收入(GGR)按年升12.5%所带动。不过，经幸运调整利润率将承压，预计按季跌0.5个百分点， 因台风桦加沙导致赌场停运33小时。该行认为，黄金周后博彩总收入的韧性及博企再投资的情况将成为 市场关注焦点。该行将今明年行业EBITDA预测分别下调1.4%及0.5%，预计今年行业EBITDA按年升7% 至82亿美元，明年升8%至88亿美元；同时将今明年博彩总收入预测分别上调0.1%及1.3%。 ...

Group 1 - Hong Kong gaming stocks continue to decline, with Melco International Development down 5%, Sands China down nearly 4%, Galaxy Entertainment down over 3%, MGM China down 2.7%, and Wynn Macau down 1.7% [1] - According to a report by Citi Research, the Macau gaming industry is expected to see a year-on-year EBITDA growth of 10% to $2.063 billion in Q3, driven by a 12.5% year-on-year increase in gross gaming revenue (GGR) [1] - However, adjusted profit margins are expected to be under pressure, with a projected quarterly decline of 0.5 percentage points due to a 33-hour casino shutdown caused by Typhoon Haikui [1] Group 2 - The resilience of gaming revenue post-Golden Week and the reinvestment activities of gaming companies will be key focus areas for the market [1] - The firm has revised its EBITDA forecasts for the industry downwards by 1.4% and 0.5% for this year and next year, respectively, anticipating a 7% year-on-year increase in industry EBITDA to $8.2 billion for this year [1]

Group 1 - The gaming stocks continued to decline, with Sands China down 5.41% to HKD 19.05, Melco International Development down 4.05% to HKD 4.98, Wynn Macau down 3.65% to HKD 6.34, and MGM China down 3.16% to HKD 14.4 [1] - Morgan Stanley reported that Macau's total gaming revenue (GGR) for the first five days of October reached MOP 5.5 billion, with an average daily revenue of MOP 1.1 billion, marking the best performance for the Golden Week in five years. However, this represents only a 3% year-on-year increase, which is below expectations [1] - UBS noted that Wynn Macau's market share significantly increased in September, rising by approximately 200 basis points month-on-month, contributing to a quarterly increase of 150 basis points in market share. The second-highest increase was observed in SJM, which saw a month-on-month increase of about 50 basis points, but a decline of 30 basis points in the third quarter [1] Group 2 - The visitor volume from October 1 to 5 remained flat, further dragging down GGR growth, as a typhoon caused a 25% drop in visitor numbers on October 5 [1] - Morgan Stanley expects GGR for October to grow by 11% to 13% year-on-year, reaching MOP 23 billion, which would be the highest in six years [1] - Compared to market expectations, the market shares of Galaxy Entertainment and Wynn were higher than anticipated, while MGM, Sands China, and SJM were below expectations [1]

Core Viewpoint - The gaming stocks continue to decline, extending their downward trend for the month, with significant drops in major companies like Sands China and Wynn Macau [1] Group 1: Stock Performance - Sands China (01928) fell by 5.41%, trading at HKD 19.05 [1] - Melco International Development (00200) decreased by 4.05%, trading at HKD 4.98 [1] - Wynn Macau (01128) dropped by 3.65%, trading at HKD 6.34 [1] - MGM China (02282) declined by 3.16%, trading at HKD 14.4 [1] Group 2: Gaming Revenue Insights - Morgan Stanley reported that Macau's gaming gross revenue (GGR) for the first five days of October reached MOP 5.5 billion, with an average daily revenue of MOP 1.1 billion, marking the best performance for the Golden Week in five years [1] - Year-on-year growth was only 3%, lower than both the bank's and market expectations [1] - Visitor numbers from October 1 to 5 remained flat, further impacting GGR growth, with a 25% drop in visitors on October 5 due to a typhoon [1] - The bank projects a year-on-year GGR growth of 11% to 13% for October, estimating a total of MOP 23 billion, which would be the highest in six years [1] Group 3: Market Share Analysis - UBS noted a significant increase in Wynn Macau's market share in September, rising by approximately 200 basis points month-on-month, contributing to a quarterly increase of 150 basis points [1] - The second-highest market share increase was observed in SJM Holdings, which saw a month-on-month rise of about 50 basis points, although it still declined by 30 basis points in the third quarter [1] - Compared to market expectations, the market shares of Galaxy Entertainment and Wynn exceeded expectations, while MGM, Sands China, and SJM fell short [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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新濠國際發展有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00200 | 說明 | 不適用 | | | | | | | | 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 | | | 2,275,025,632 | | | | 2,275,025,632 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 2,275,025,632 | | 0 | | 2,275,025, ...