截至2025年12月24日收盘，金沙中国有限公司（01928）报收于20.84元，较前一交易日下跌0.29%，该 股当日开盘20.98元，最高21.16元，最低20.5元，成交额达1.61亿元。近52周最高22.5元，最低11.86元。 公司近日发布公告称，其附属公司VML、VCL、VOL及CSL2与控股股东Las Vegas Sands Corp.（LVS） 订立二零二六年商标重续协议，以重续国际商标许可协议的期限，自2026年1月1日起至2028年12月31日 止，为期三年。根据协议，LVS允许本集团在中国内地、澳门、香港及台湾等地区使用许可商标及知识 产权，用于经营娱乐场、综合度假村及相关营销活动。各特许使用人需按其非博彩及博彩收益总额的 1.5%向LVS支付年度专利费，专利费按月计算并于次月30日前支付。截至2028年12月31日止三个年度的 年度上限分别为1.385亿、1.524亿及1.676亿美元，基于过往支付费用、预期收益及澳门未来发展等因素 厘定。协议构成上市规则下的持续关连交易，须遵守申报、公告及年度审阅规定，但获豁免独立股东批 准。董事会认为交易按一般商业条款订立，属公平合理，符合公司及股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 SANDS CHINA LTD. 金沙中國有限公司 本公告乃根據上市規則第14A.54條而作出。 茲提述本公司日期為二零二四年十二月十七日有關本公司共享服務協議的公告，該協 議的期限將於二零二五年十二月三十一日屆滿。 於二零二五年十二月二十四日，本公司與LVS訂立二零二六年共享服務重續協議，以 重續共享服務協議的期限，自二零二六年一月一日起至二零二八年十二月三十一日 止，為期三年。 由於LVS是本公司的控股股東並因而根據上市規則為本公司的關連人士，故共享服務 協議（經二零二六年共享服務重續協議予以重續）項下的交易根據上市規則第14A章構 成本公司的持續關連交易。 （於開曼群島註冊成立的有限公司） （股份代號：1928） 持續關連交易 重續共享服務協議 共享服務協議（經二零二六年共享服務重續協議予以重續）項下由LVS集團向本集團提 供的市場推廣服務，及由LVS集團向本集團提供的運輸及相關服務須遵守上市規則 ...

持續關連交易 重續國際商標許可協議 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 SANDS CHINA LTD. 金沙中國有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1928） 本公告乃根據上市規則第14A.54條而作出。 茲提述本公司日期為二零二二年十二月二日有關本公司國際商標許可協議的公告，該 協議的期限將於二零二五年十二月三十一日屆滿。 於二零二五年十二月二十四日，LVS與本公司若干附屬公司（即VML、VCL、VOL及 CSL2）訂立二零二六年商標重續協議，以重續國際商標許可協議的期限，自二零二六 年一月一日起至二零二八年十二月三十一日止，為期三年。 由於LVS是本公司的控股股東並因而根據上市規則為本公司的關連人士，故國際商標 許可協議（經二零二六年商標重續協議予以重續）項下的交易根據上市規則第14A章構 成本公司的持續關連交易。 國際商標許可協議（經二零二六年商標重續協議予以重續）項下的交易須遵守上市規則 第14A章所載的申報 ...

FF301 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11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: 金沙中國有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年12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) | 01928 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 16,000,000,000 | USD | | 0.01 | USD | | 160,000,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | | | 本月底結存 | | | 16,000,000,000 | USD | | 0.01 | USD ...

Core Viewpoint - Sands China (01928) has shown strong performance in Q3 2025, with expectations for continued revenue and profit growth due to the full operation of The Londoner Phase II and new promotional strategies [1] Group 1: Financial Performance - In Q3 2025, Sands China's EBITDA is projected to reach between $2.7 billion and $2.8 billion [1] - The company has experienced a year-on-year increase in both revenue and EBITDA, maintaining growth compared to the previous two quarters [1] - The impact of typhoons in Southern China temporarily affected visitor numbers to Macau, but EBITDA performance would have been better without this disruption [1] Group 2: Market Position and Strategy - The market share of Sands China has rebounded due to the full service of The Londoner Phase II and new promotional strategies [1] - The company is actively adjusting its strategies to capture new market shares, particularly in the context of the ongoing recovery in the industry [1] - Analysts believe that The Londoner will gradually release its potential, contributing to the company's competitive advantages in scale and operational capabilities [1]

Investment Rating - The report maintains a "Buy" rating for Sands China (1928) with a target price of HKD 25.11, representing a potential upside of 27.9% from the current price of HKD 19.63 [3][5]. Core Insights - The new promotional strategies are beginning to show results, with expectations for continued market share and EBITDA growth. The company is projected to achieve EBITDA of USD 2.7 to 2.8 billion in the short term [5][6]. - The third quarter of 2025 saw net income increase by 7.3% year-on-year and 6.1% quarter-on-quarter, reaching USD 1.9 billion, recovering to 90% of 2019 levels [5]. - The company holds approximately USD 1.13 billion in cash, with net debt reduced to USD 5.79 billion [5]. Financial Summary - **Revenue Forecast**: - 2023: USD 6,534 million - 2024: USD 7,080 million (8.4% increase) - 2025: USD 7,356 million (3.9% increase) - 2026: USD 8,010 million (8.9% increase) - 2027: USD 8,476 million (5.8% increase) [4][6] - **EBITDA Forecast**: - 2023: USD 2,225 million - 2024: USD 2,329 million (4.7% increase) - 2025: USD 2,321 million (-0.4% decrease) - 2026: USD 2,595 million (11.8% increase) - 2027: USD 2,793 million (7.6% increase) [4][6] - **Net Profit Forecast**: - 2023: USD 692 million - 2024: USD 1,045 million (51.0% increase) - 2025: USD 1,004 million (-4.0% decrease) - 2026: USD 1,303 million (29.8% increase) - 2027: USD 1,432 million (9.9% increase) [4][6] - **Earnings Per Share (EPS)**: - 2023: 15.86 cents - 2024: 19.99 cents - 2025: 12.40 cents - 2026: 16.09 cents - 2027: 17.69 cents [4][6] - **Dividend Per Share**: - 2024: 3.2 cents - 2025: 3.7 cents - 2026: 4.8 cents - 2027: 5.3 cents [4][6] Market Performance - The company has regained market share in the mid-market and gaming machine segments, reaching 25.4%, with a year-on-year increase of 0.5% and a quarter-on-quarter increase of 1.4% [5]. - The performance of various casinos includes: - Venetian Macao: USD 692 million - Londoner: USD 686 million - Parisian: USD 218 million - Four Seasons: USD 206 million - Sands Macao: USD 72 million [5].

Group 1 - The core viewpoint of the article highlights a general increase in gaming stocks, with notable gains for companies such as Sands China, Galaxy Entertainment, and MGM China, among others [1] - According to a report from JPMorgan, the total gaming revenue for the first 23 days of the month reached MOP 15.6 billion, averaging MOP 678 million per day [1] - Although the average daily revenue decreased by 4% week-on-week to MOP 642 million due to high base effects, the trend for the month indicates a growth of over 10% compared to November of last year [1] Group 2 - JPMorgan maintains a positive outlook for Macau's gaming revenue, suggesting a potential upward adjustment to their forecast of a 13% year-on-year growth for Q4 [1] - In the short term (approximately 6 months), Sands China is favored due to expectations of a dividend increase and greater market share and profits in Q4 [1] - For the long term (over 12 months), Galaxy Entertainment remains JPMorgan's top pick, citing its strong value, long-term growth potential, and the optionality of its fourth phase project expected to open in 2027 [1]

FF301 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10月31日 狀態: 新提交 呈交日期: 2025年11月5日 致：香港交易及結算所有限公司 公司名稱: 金沙中國有限公司 (於開曼群島註冊成立的有限公司) 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) | 01928 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 16,000,000,000 | USD | | 0.01 USD | | 160,000,000 | | 增加 / 減少 (-) | | | 0 | | USD | | | | 本月底結存 | | 16,000,000,000 | USD | | 0.01 USD | | 160,000,000 | 本月底法定/註冊股本總額： USD ...

Core Viewpoint - The company reported a net revenue of $1.9 billion for Q3 2025, representing a year-on-year increase of 7.5%, and a net profit of $272 million, up 1.5% year-on-year, marking the first quarter of positive growth in net profit for the year [1][2] Financial Performance - The adjusted EBITDA for Q3 2025 was $601 million, reflecting a year-on-year increase of approximately 2.7% [1] - The total revenue for the Londoner property reached $686 million, a significant year-on-year increase of 49.1%, driven by the completion of its Phase II renovation [2] - The overall gaming win for the company in Q3 2025 was approximately $1.837 billion, recovering to 90.2% of the 2019 level, with a quarter-on-quarter increase of 9.0 percentage points [2] Market Position and Growth Potential - The company’s market share in Macau's gross gaming revenue (GGR) is expected to improve, supported by the high-end supply structure enhancement [2][3] - The high-end gaming tables are projected to contribute significantly to revenue and EBITDA, with the potential for increased income elasticity if high-end demand remains stable [3] - The company is expected to benefit from upcoming major events, such as the NBA China Games and various concerts, which are likely to support customer traffic in Q4 [3] Capital Expenditure and Dividend Policy - Capital expenditure in Macau for Q3 2025 was $99 million, showing a notable decrease from previous quarters during the renovation peak [2] - The company maintains a high dividend payout ratio, with expectations for continued improvement in dividend yield [3]

Group 1 - Morgan Stanley forecasts a 9% growth in Free Cash Flow to Equity (FCFE) for Sands China (01928) next year [1] - The target price for Sands China has been raised by 10%, from HKD 21 to HKD 23, while maintaining an "Overweight" rating [1] - EBITDA forecasts for Sands China have been increased by 1%, 6%, and 8% for the years 2025 to 2027, leading to per-share earnings estimates rising by 1%, 12%, and 14% respectively [1]