Core Viewpoint - *ST Suwu has been found guilty of financial fraud for four consecutive years, leading to potential forced delisting due to significant violations of regulations [2][3]. Financial Misconduct - From 2020 to 2023, *ST Suwu's annual reports contained false records and significant omissions, inflating revenue by 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion respectively, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported revenue for those years [5]. - The company also inflated total profits by 14.58 million, 20.27 million, 19.92 million, and 21.22 million, representing 2.89%, 51.65%, 26.42%, and 29.81% of the total profits for the respective years [5]. Control and Disclosure Issues - *ST Suwu failed to accurately disclose its actual controller, with the reports from 2018 to 2023 incorrectly identifying Qian Qunying as the actual controller instead of Qian Qunshan, who gained control after a shareholding change in February 2018 [5]. Related Party Transactions - The company provided funds to related parties through non-commercial trade business payments, which were not disclosed in the annual reports from 2020 to 2023. The non-operating fund occupation by related parties was 127 million, 1.393 billion, 1.543 billion, and 1.693 billion, representing 6.88%, 74.2%, 84.6%, and 96.09% of the net assets for those years [6]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has decided to impose a fine of 10 million on *ST Suwu and has mandated corrective actions. The former chairman Qian Qunshan faces a total fine of 15 million, while other executives also received fines and warnings [6]. - Starting July 14, *ST Suwu's stock will be subject to a delisting risk warning due to the serious violations [6].

Group 1 - The stocks of New World Development (00200.HK) increased by 6.73% [1] - The shares of SJM Holdings (00880.HK) rose by 5.15% [1] - Wynn Macau (01128.HK) saw a gain of 4.91% in its stock price [1] - Galaxy Entertainment (00027.HK) experienced a 2.09% increase [1]

Core Viewpoint - The company Xinhecheng (002001) experienced a stock price decline of 1.36% to 21.8 yuan as of July 4, 2025, with a trading volume of 317,100 shares and a turnover of 693 million yuan [1]. Group 1: Company Operations - The liquid methionine project in partnership with Sinopec has entered the trial production phase, with mass production dependent on trial outcomes [2]. - The company emphasizes a customer-centric and market-oriented sales strategy, providing innovative and efficient solutions, showcasing its combined "hard power + soft service" capabilities [2]. Group 2: Investor Relations - The company values investor relations management and maintains communication through various channels, including field research, conference calls, and investor hotlines, aiming to convey its value proposition and listen to shareholder feedback [2]. - The company is open to suggestions from investors and is focused on creating long-term value for them [2]. Group 3: Trading Information - On July 4, the net inflow of main funds was 22.21 million yuan, while speculative funds and retail investors saw net outflows of 10.91 million yuan and 11.29 million yuan, respectively [2].

Group 1 - The stock price of *ST Suwu (600200) closed at 2.44 yuan on July 4, 2025, down 3.17% with a turnover rate of 4.71% and a trading volume of 334,700 hands, amounting to 82.78 million yuan [1] - The latest financial report for *ST Suwu shows total operating revenue of 317 million yuan for Q1 2025, a year-on-year decrease of 25.44%, and a net profit attributable to shareholders of 70.32 million yuan, down 1489.93% year-on-year [1] - The company has a current ratio of 1.477, a quick ratio of 1.426, and a debt-to-asset ratio of 54.16% [1] Group 2 - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. was established in 1994 and is primarily engaged in the pharmaceutical manufacturing industry, located in Suzhou [2] - The company has made investments in 12 enterprises and participated in 5 bidding projects, holding 47 trademark registrations and 2 patents, along with 9 administrative licenses [2]

Financial Performance - Total operating revenues increased by 10.8% to $1.232 billion in 1Q'25, compared to $1.112 billion in 1Q'24[17] - Gaming revenue increased by 12.2% to $1.024 billion in 1Q'25, compared to $913 million in 1Q'24[17] - Non-gaming revenue increased by 4.4% to $208 million in 1Q'25, compared to $199 million in 1Q'24[17] - Net income increased significantly by 4944.9% to $28 million in 1Q'25, compared to $1 million in 1Q'24[17] - Adjusted Property EBITDA increased by 14.1% to $341 million in 1Q'25, compared to $299 million in 1Q'24[17] Performance by Property - City of Dreams Macau's Adjusted EBITDA increased by 27.5% to $196 million in 1Q'25, compared to $154 million in 1Q'24[17] - Studio City's Adjusted EBITDA increased by 10.7% to $97 million in 1Q'25, compared to $88 million in 1Q'24[17] - Altira recorded a negative Adjusted EBITDA of $1 million in 1Q'25, compared to a positive $1 million in 1Q'24, a decrease of 148.3%[17] - City of Dreams Manila's Adjusted EBITDA decreased by 20.6% to $30 million in 1Q'25, compared to $38 million in 1Q'24[17] - City of Dreams Mediterranean and Other's Adjusted EBITDA increased by 10.2% to $12 million in 1Q'25, compared to $11 million in 1Q'24[17] Shareholder Returns - Approximately $4.1 billion has been returned to shareholders from 2016 to 2025 YTD in the form of dividends and share repurchases[45, 46, 47] - From January 1, 2025, to May 7, 2025, Melco repurchased 32.3 million ADSs for approximately $165 million[47]

金融界消息 截至2025年5月14日收盘，*ST苏吴（600200）报收于2.51元，下跌4.92%，换手率3.1%，成 交量22.04万手，成交金额5568.48万元。 来源：金融界 资金流向方面，今日主力资金净流出1557.82万元，占比成交额27.98%。其中，超大单净流出925.25万 元、占成交额16.62%，大单净流出632.57万元、占成交额11.36%，中单净流出流入0.31万元、占成交额 0.01%，小单净流入1557.51万元、占成交额27.97%。 天眼查商业履历信息显示，江苏吴中医药发展股份有限公司，成立于1994年，位于苏州市，是一家以从 事医药制造业为主的企业。企业注册资本71215.1832万人民币，实缴资本12279.5762万人民币。公司法 定代表人为钱群山。 通过天眼查大数据分析，江苏吴中医药发展股份有限公司共对外投资了13家企业，参与招投标项目5 次，知识产权方面有商标信息46条，专利信息2条，此外企业还拥有行政许可9个。 *ST苏吴最新一期业绩显示，截至2025一季报，公司营业总收入3.17亿元、同比减少25.44%，归属净利 润7031.79万元，同比减少1489.9 ...

Financial Performance - The company's net revenue for the year ending December 31, 2024, was HKD 36.17 billion, an increase of HKD 6.64 billion or 22.5% compared to HKD 29.53 billion for the same period in 2023[40] - Adjusted EBITDA for the year was HKD 9.03 billion, up from HKD 7.51 billion in the previous year[39] - The loss attributable to the company's owners was HKD 780 million, significantly reduced from HKD 1.74 billion in 2023[39] - Casino revenue rose by 22.2% from HKD 24,090.4 million in 2023 to HKD 29,432.3 million in 2024, with hotel room revenue increasing by 24.5% and food and beverage revenue increasing by 36.4%[106] - Total operating revenue for Melco Resorts increased to $4,640,000,000 in 2024 from $3,780,000,000 in 2023, representing a growth of 22.8%[115] - Adjusted property EBITDA for Melco Resorts reached $1,220,000,000 in 2024, up from $1,040,000,000 in 2023, marking a 17.3% increase[116] - Net income attributable to Melco Resorts was $43,500,000 in 2024, a significant recovery from a net loss of $326,900,000 in 2023[116] Strategic Expansion and Development - The company is set to launch the highly anticipated "The House of Dancing Water" show in May 2025, enhancing the tourism experience at City of Dreams[41] - The company plans to open a new casino at City of Dreams Sri Lanka in Q3 2025, expanding its brand and customer base[41] - The group anticipates the opening of City of Dreams Sri Lanka in Q3 2025, which is expected to be a light capital investment project with significant returns[59] - The group is exploring strategic options for City of Dreams Manila to optimize investments and effectively reallocate resources[59] - The group continues to invest resources to enrich its cultural, leisure, and tourism projects in Macau, including the return of the acclaimed water show "The House of Dancing Water" to enhance the tourism experience[75] Sustainability and Corporate Social Responsibility - The group has received recognition for its community initiatives, winning awards for best corporate social responsibility programs[25] - The group is committed to achieving carbon neutrality and reducing waste and water consumption as part of its sustainability goals[45] - The group made charitable contributions of approximately HKD 135.7 million in 2024, with nearly 3,600 volunteer hours contributed by employees globally[44] - The company was awarded the "ESG Best Performance Award - Merit" and "Theme Award - Merit" at the BDO ESG Awards 2024, recognizing its outstanding performance in sustainability[101] - The group won the "Best Overall Corporate Social Responsibility Program" and "Best Corporate Social Responsibility Initiative" at the IAG Academy IR Awards for its "Small Kindness, Big Love" initiative[98] Operational Improvements and Guest Experience - The gradual improvement in operations is attributed to the recovery of inbound tourists to Macau and the opening of new facilities[40] - The group is focusing on enhancing guest experiences and has introduced new entertainment facilities, including the first Dolby Cinema in Hong Kong and Macau[56] - The upgraded membership program offers exclusive benefits and personalized experiences to guests, aimed at increasing property attractiveness and foot traffic[56] - The group has implemented significant property upgrades that have improved guest satisfaction and overall financial performance[57] - The company continues to enhance guest experiences at Studio City through the addition of new facilities and attractions, including the opening of the first Dolby Cinema in Hong Kong and Macau[67] Environmental Impact - Greenhouse gas emissions increased from 17,688 MtCO2e in 2022 to 20,770 MtCO2e in 2023, and are projected to reach 28,675 MtCO2e in 2024[46] - Total energy consumption rose from 390,278 MWh in 2022 to 470,030 MWh in 2023, with a forecast of 536,449 MWh in 2024[47] - The total amount of waste generated increased from 7,680 tons in 2022 to 15,633 tons in 2023, expected to reach 20,996 tons in 2024[48] Corporate Governance and Leadership - The company emphasizes maintaining high levels of corporate governance to ensure responsible decision-making and improve transparency to shareholders[178] - The corporate governance framework is designed in accordance with applicable laws and listing rules, with regular reviews by the board of directors[179] - The board of directors consists of six members, with three executive directors and three independent non-executive directors, ensuring compliance with independence regulations[192] - The independent non-executive directors play a crucial role in maintaining financial reporting standards and safeguarding shareholder interests[198] - The company has established a code of conduct to ensure the highest ethical standards are upheld across all employees[181] Employee Development and Community Engagement - The company emphasizes the importance of talent and diversity in its workforce, aiming to create a supportive work environment[156] - The group is committed to providing training and development opportunities to enhance employee skills and performance[159] - The company continues to focus on supporting local SMEs through various initiatives, enhancing communication platforms to better understand their needs and services[100] - The company has implemented training programs for new employees to instill its culture and values, with ongoing monitoring of cultural promotion effectiveness[190] Market Performance and Recognition - The group has received eight Michelin stars across its five fine dining establishments, reaffirming its status as a leader in Macau's culinary scene[77] - The group received a record 107 stars in the 2025 Forbes Travel Guide, with 19 properties awarded five-star honors, reinforcing its leadership in the integrated resort sector in Macau and Asia[86] - The group was recognized as one of the top ten best integrated resorts in the Asia-Pacific region by Travel + Leisure in 2024[91] - The group’s City of Dreams Mediterranean won two awards at the 2024 World Luxury Hotel Awards, showcasing its growing influence in the global market[91]

Financial Performance - Net revenue for the year ended December 31, 2024, was HKD 36.17 billion, an increase of HKD 6.64 billion or 22.5% compared to HKD 29.53 billion for the year ended December 31, 2023[2] - Adjusted EBITDA for the year ended December 31, 2024, was HKD 9.03 billion, up from HKD 7.51 billion for the year ended December 31, 2023[2] - Loss attributable to owners for the year ended December 31, 2024, was HKD 780 million, a significant improvement from a loss of HKD 1.74 billion for the year ended December 31, 2023[2] - Basic loss per share attributable to owners for the year ended December 31, 2024, was HKD 0.52, compared to HKD 1.16 for the year ended December 31, 2023[4] - The company reported a total comprehensive loss of HKD 1.51 billion for the year ended December 31, 2024, compared to HKD 3.44 billion for the year ended December 31, 2023[4] - The company reported a net loss of HKD 1,683,737,000 for the year ended December 31, 2024, compared to a net loss of HKD 3,494,121,000 in the previous year, showing an improvement of approximately 51.9%[24][25] - The total income tax expense for the year ended December 31, 2024, was HKD 48,561,000, compared to HKD 98,363,000 for 2023, reflecting a decrease of approximately 50.7%[6] - The company reported a loss attributable to owners of the company of HKD 784,603,000 for the year ended December 31, 2024, a significant improvement from a loss of HKD 1,743,932,000 in 2023, representing a reduction of approximately 55.0%[42] Assets and Liabilities - Total non-current assets as of December 31, 2024, were HKD 73.47 billion, down from HKD 76.68 billion as of December 31, 2023[5] - Current liabilities increased to HKD 18.65 billion as of December 31, 2024, from HKD 8.73 billion as of December 31, 2023[5] - Total equity as of December 31, 2024, was HKD 8.21 billion, a decrease from HKD 10.37 billion as of December 31, 2023[6] - Total assets as of December 31, 2024, amounted to HKD 84,749,503,000, with classified assets of HKD 84,629,880,000[27] - Total liabilities as of December 31, 2024, were HKD 76,542,982,000, with classified liabilities of HKD 71,361,571,000[27] - The company's equity attributable to owners dropped by 93.1%, from HKD 665.0 million in 2023 to HKD 45.9 million in 2024[90] Revenue Breakdown - The increase in net revenue was primarily driven by the recovery of inbound tourists to Macau and the gradual improvement in operations of new developments[2] - The gaming revenue for the year ended December 31, 2024, was HKD 29,432,330,000, up from HKD 24,090,362,000 in 2023, reflecting a growth of 22.0%[33] - Room revenue grew by 24.5% from HKD 2,647.6 million in 2023 to HKD 3,296.6 million in 2024[92] - Non-gaming revenue for City of Dreams Mediterranean and others reached $75,300,000 in 2024, up from $31,800,000 in 2023, marking a significant increase of 136.6%[112] - The total non-gaming revenue for Melco Resorts was $313,700,000 in 2024, compared to $243,700,000 in 2023, indicating a growth of 28.7%[108] Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2024, were HKD 2,042,744,000, compared to HKD 1,984,670,000 in 2023, reflecting a growth of 2.9%[30] - The company plans to implement significant capital expenditures for new projects in the coming years, seeking various financing methods[127] Debt and Financing - The company’s interest-bearing borrowings as of December 31, 2024, totaled HKD 60,687,698,000, a decrease of 4.4% from HKD 63,557,455,000 in 2023[47] - The company issued new interest-bearing borrowings of HKD 6,651,509,000 in 2024, down from HKD 9,811,171,000 in 2023, representing a decline of 32.5%[48] - The company repaid interest-bearing borrowings amounting to HKD 9,144,543,000 in 2024, a significant decrease of 50.0% compared to HKD 18,633,784,000 in 2023[48] - The group had available undrawn borrowing capacity totaling HKD 17,160,000,000 as of December 31, 2024, compared to HKD 8,250,000,000 in 2023, representing an increase of 107.0%[113] Operational Highlights - The group reported a strong recovery in tourism in Macau, with visitor numbers approaching 2019 levels, indicating a positive market trend[61] - The performance of City of Dreams Manila remained robust in 2024, benefiting from increased international visitor numbers and government support for tourism development[61] - The anticipated opening of City of Dreams Sri Lanka's casino in Q3 2025 is expected to enhance the brand and expand the customer base[63] - The return of the water show "The House of Dancing Water" in May 2025 is expected to elevate the cultural and artistic offerings in Macau[68] Corporate Governance and Social Responsibility - The company emphasizes the importance of high-quality performance and rewards based on performance, responsibilities, and contributions to the group's development[131] - The group won the "Best Overall Corporate Social Responsibility Program" and "Best Corporate Social Responsibility Initiative" at the IAG Academy IR Awards in 2024, reflecting its commitment to social responsibility[85] - The group was recognized as an "Industry Mover" in the 2025 S&P Global Sustainability Yearbook, indicating its progress in sustainable development within the gaming and entertainment sector[87] Employee and Training Initiatives - The total employee count increased to 21,795 as of December 31, 2024, up from 20,220 in 2023, with total employee costs amounting to HKD 6,972,000,000[128] - The company provides employee training to enhance performance and personal growth, aligning training goals with individual and company needs[132]

Financial Performance - The group's net revenue for the six months ended June 30, 2024, was HKD 17,770,000,000, an increase of 36.3% compared to HKD 13,040,000,000 for the same period in 2023[4]. - The group reported a loss of HKD 443,600,000 for the six months ended June 30, 2024, significantly reduced from a loss of HKD 1,400,000,000 in the same period of 2023[4]. - The company's net revenue increased by 36.3% to HKD 17,765.6 million for the six months ended June 30, 2024, compared to HKD 13,038.4 million in the same period of 2023[25]. - Adjusted EBITDA rose by 40.2% to HKD 4,489.3 million for the six months ended June 30, 2024, from HKD 3,202.6 million in the previous year[27]. - The company reported a loss attributable to shareholders of HKD 253.2 million, a 65.5% improvement from a loss of HKD 733.2 million in the same period last year[28]. - The total comprehensive loss for the period was HKD 579,122,000, compared to a loss of HKD 1,556,816,000 in the previous year, showing an improvement[61]. - Basic and diluted loss per share for the period was HKD 0.17, compared to HKD 0.49 in the same period last year[61]. Operational Highlights - The opening of the Dolby Cinema at Studio City in June 2024 marks a significant investment in enhancing entertainment experiences[3]. - The group announced a strategic partnership with John Keells Holdings PLC to establish the first integrated resort in Sri Lanka, City of Dreams Sri Lanka, with a 20-year gaming license granted[3]. - The average operation for City of Dreams Manila included approximately 430 gaming tables and 624 gaming machines in the first half of 2024[5]. - Mocha Entertainment, the largest non-casino electronic gaming operation in Macau, averaged about 905 gaming machines in the first half of 2024[8]. - The average operation for Studio City included approximately 249 gaming tables and 656 gaming machines in the first half of 2024[6]. - City of Dreams Mediterranean opened in July 2023, becoming the largest integrated resort in Europe with 500 rooms and over 8,000 square meters of meeting space[10]. - In the first half of 2024, the average operation of gaming facilities in Cyprus included approximately 103 tables and 890 slot machines, while City of Dreams Mediterranean operated about 99 tables and 730 slot machines[10]. Guest Experience and Investments - The group continues to enhance guest experiences in Macau through significant investments in staff and property optimization[3]. - The flagship integrated resort, City of Dreams, aims to attract high-end travelers and is set to feature the return of the acclaimed show "The House of Dancing Water" in early 2025[5]. - The company is investing in diverse cultural tourism projects to support Macau's "1+4" diversification strategy, enhancing its position as a dynamic entertainment hub[12]. - The opening of the Marcos Baghdatis Tennis Academy at City of Dreams Mediterranean aims to provide a top-tier tennis experience, contributing to property optimization[11]. Tourism and Visitor Trends - Visitor numbers to Macau increased by 43.6% compared to the same period in 2023, reaching 82.4% of pre-pandemic levels from the first half of 2019[11]. - The Philippines saw a 13.7% increase in foreign tourist arrivals in the first half of 2024 compared to the previous year, indicating strong demand in the tourism market[12]. - Cyprus recorded over 1.65 million inbound tourists in the first half of 2024, a 2.4% increase from the same period in 2023[12]. Awards and Recognition - The company received multiple awards for excellence in corporate governance and investor relations, including being named "Best Investor Relations Company" for the 13th time in the Asia Excellence Awards[15]. - The group received 16 five-star honors in the 2024 Forbes Travel Guide, maintaining its leading position among integrated resort operators in Macau and Asia[16]. - The group’s properties, including City of Dreams and Studio City, won a total of eight stars in the 2024 Hong Kong and Macau Michelin Guide, with the Cantonese restaurant Yu Long Xuan receiving three Michelin stars for six consecutive years[17]. - The group was awarded the "2024 Best Learning Organization Award" by the Association for Talent Development (ATD) for the third consecutive year, recognizing its commitment to talent development[18]. Community Engagement and Sustainability - The group launched the "Small Dreams, Big Love" initiative to support local communities, including food donations of 500 food baskets to the Macau Caritas[20]. - The group organized the first "Business Exchange" event to support local SMEs, providing a platform for marketing and sales exposure[21]. - The "RISE" sustainability strategy led to the group receiving the Asia Sustainability Award for its commitment to integrating sustainability into business operations[22]. - City of Dreams Mediterranean won the "International Best Sustainable Business Development Project" and "European Best Sustainable Business Development Project" awards in 2024[22]. Financial Position and Liabilities - Total assets decreased by 3.3% to HKD 86,495.6 million as of June 30, 2024, compared to HKD 89,411.4 million at the end of 2023[24]. - Total liabilities also decreased by 3.0% to HKD 76,650.2 million as of June 30, 2024, from HKD 79,038.2 million[24]. - The company's cash and bank balances amounted to HKD 9,199,700,000, a decrease from HKD 10,765,500,000 as of December 31, 2023[45]. - The total available undrawn borrowing capacity as of June 30, 2024, was HKD 15,220,000,000, significantly increased from HKD 8,250,000,000 as of December 31, 2023[45]. - The capital-to-debt ratio as of June 30, 2024, was 71.2%, slightly up from 71.1% as of December 31, 2023[48]. - The group repaid a total of HKD 1,170,000,000 in principal and accrued interest under a credit facility agreement on March 28, 2024[46]. Employee and Operational Costs - As of June 30, 2024, the total number of employees in the group was 20,686, an increase from 19,676 as of June 30, 2023[55]. - Employee costs for the six months ended June 30, 2024, amounted to HKD 3,324,400,000, compared to HKD 2,991,700,000 for the same period in 2023, representing an increase of approximately 11.1%[55]. - Total operating costs and expenses for the six months ended June 30, 2024, were HKD 15,945,436,000, compared to HKD 12,403,304,000 in 2023, indicating an increase of about 28.5%[60]. Shareholder Information - The company has not declared an interim dividend for the six months ended June 30, 2024, consistent with the decision made in May 2020 to suspend the interim dividend plan[90]. - The total number of issued shares as of June 30, 2024, is 1,516,683,755 shares[167]. - Major shareholders holding 5% or more of the issued shares are recorded as of June 30, 2024[165]. Corporate Governance - The company has established various board committees to maintain high corporate governance standards[170]. - The company has complied with the corporate governance code as of June 30, 2024, except for certain deviations[170]. - Deloitte has been appointed as the new auditor of the company effective June 28, 2024, following the resignation of Ernst & Young[175].

Financial Performance - For the six months ended June 30, 2024, net revenue was HKD 17.77 billion, an increase of HKD 4.73 billion or 36.3% compared to HKD 13.04 billion for the same period in 2023, driven by the recovery of inbound tourist numbers in Macau[3]. - Adjusted EBITDA for the six months ended June 30, 2024, was HKD 4.49 billion, up from HKD 3.20 billion for the same period in 2023[3]. - The after-tax loss for the six months ended June 30, 2024, was HKD 440 million, significantly improved from a loss of HKD 1.40 billion for the same period in 2023[3]. - Basic loss per share attributable to owners for the six months ended June 30, 2024, was HKD 0.17, compared to HKD 0.49 for the same period in 2023[3]. - The company reported a loss attributable to owners of HKD 5,400,984,000 for the period ending June 30, 2024, compared to a loss of HKD 5,036,855,000 for the same period in 2023[10]. - The company reported a net loss of HKD 443,629 for the six months ended June 30, 2024, compared to a net loss of HKD 1,402,622 for the same period in 2023, indicating an improvement in performance[17][18]. - The company reported a loss attributable to shareholders of HKD 253,216,000 for the six months ended June 30, 2024, compared to a loss of HKD 733,248,000 for the same period in 2023, indicating a significant improvement[29]. Revenue and Expenses - The total operating costs and expenses for the six months ended June 30, 2024, were HKD 15.95 billion, compared to HKD 12.40 billion for the same period in 2023[4]. - The company recorded operating income of HKD 1.82 billion for the six months ended June 30, 2024, compared to HKD 635 million for the same period in 2023[4]. - Total revenue for the six months ended June 30, 2024, was HKD 17,765,628,000, a 36.1% increase from HKD 13,038,389,000 in the same period of 2023[21]. - Entertainment revenue reached HKD 14,516,622,000, up 35.5% from HKD 10,723,324,000 year-over-year[22]. - Customer contract revenue for the six months ended June 30, 2024, was HKD 17,543,106,000, compared to HKD 12,844,373,000 in the prior year, reflecting a 36.5% increase[23]. - Depreciation and amortization expenses totaled HKD 2,250,395,000 for the six months ended June 30, 2024, compared to HKD 2,099,709,000 in 2023, an increase of 7.2%[24]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled HKD 75.31 billion, a decrease from HKD 76.68 billion as of December 31, 2023[7]. - Current assets as of June 30, 2024, amounted to HKD 11.18 billion, down from HKD 12.73 billion as of December 31, 2023[7]. - The total assets as of June 30, 2024, amounted to HKD 86,495,623, a decrease from HKD 89,411,449 as of December 31, 2023, indicating a reduction of approximately 3.2%[19]. - The total liabilities as of June 30, 2024, were HKD 76,650,186, down from HKD 79,038,242 as of December 31, 2023, showing a decrease of about 3.0%[19]. - The company's equity as of June 30, 2024, was HKD 9,845,437,000, down from HKD 10,373,207,000 at the end of 2023[10]. - The total current liabilities amounted to HKD 16,317,284,000 as of June 30, 2024, significantly higher than the previous figure of HKD 8,726,114,000[10]. Cash and Borrowings - The company's cash and bank balances stood at HKD 9,199,738,000, with available undrawn borrowing capacity of HKD 15,217,857,000, subject to certain conditions[10]. - The total interest-bearing borrowings were HKD 61,566,991,000 as of June 30, 2024, down from HKD 63,557,455,000 as of December 31, 2023, showing a reduction in debt levels[35]. - The group's available undrawn borrowing capacity as of June 30, 2024, was HKD 15,217,857,000, up from HKD 8,246,959,000 as of December 31, 2023[43]. - The debt-to-capital ratio was 71.2% as of June 30, 2024, slightly up from 71.1% as of December 31, 2023[93]. Operational Highlights - The company operates integrated resort facilities in Asia and Europe, with significant investments in Macau and the Philippines[9]. - The company plans to continue expanding its operations in Macau and other jurisdictions, focusing on enhancing customer experience and service offerings[26]. - The group continues to maintain strong performance in its Philippine operations, particularly at City of Dreams Manila and City of Dreams Mediterranean in Cyprus[49]. - Macau's visitor numbers increased by 43.6% compared to the same period in 2023, reaching 82.4% of the pre-pandemic levels in the first half of 2019[58]. - The group is expanding globally with a partnership with John Keells Holdings PLC to develop Sri Lanka's first integrated resort, expected to open in Q4 2024, featuring hotels, restaurants, and banquet facilities[59]. Strategic Initiatives - The company continues to focus on environmental sustainability through its "RISE" strategy, which includes investments in renewable energy and sustainable practices[68]. - The company has actively supported local SMEs by organizing promotional events and training workshops to enhance their market presence and competitiveness[67]. - The group announced a strategic partnership with John Keells Holdings PLC to establish the first integrated resort in Sri Lanka, named City of Dreams Sri Lanka[49]. Employee and Governance - The total number of employees in the group was 20,686, an increase from 19,676 as of June 30, 2023[98]. - Employee costs for the six months ended June 30, 2024, amounted to HKD 3,324,400,000, compared to HKD 2,991,700,000 for the same period in 2023[98]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ended June 30, 2024[102]. - Deloitte has been appointed as the new auditor following the resignation of Ernst & Young, effective June 28, 2024[104].