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及票據證券代號：5142、5733、 40246、40247、40584、40585、40852、40853、40854、5413、5414、5415） 內幕消息 本公司控股股東 LAS VEGAS SANDS CORP. 截至二零二五年九月三十日止 第三個財政季度業績 1 0 - Q表季度報告 LVS及其綜合附屬公司的財務業績（包括於LVS季度報告中所載者）乃根據美國公認會計 原則（「美國公認會計原則」）編製，該等原則與我們在編製及呈列本公司的財務業績及 有關財務資料時所受限於的國際財務報告準則（「國際財務報告準則」）不同。本公司證 券持有人及本公司證券潛在投資者應諮詢彼等各自的專業顧問，以了解國際財務報告 準則與美國公認會計原則的差異。 前瞻性陳述 本公告可能載有前瞻性陳述。該等前瞻性陳述包括有 ...

Core Viewpoint - Sands China reported 3Q25 results that met market expectations, with net revenue of $1.906 billion, an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of 3Q19 levels [1] Financial Performance - Adjusted property EBITDA for 3Q25 was $601 million, up 3% year-on-year and 6% quarter-on-quarter, aligning closely with Bloomberg's consensus estimate of $596 million [1] - The increase in gaming revenue market share from 22.6% in 2Q25 to 23.7% in 3Q25 was driven by rebate incentive policies [1] Development Trends - Management reiterated a full-year Macau gross gaming revenue assumption of $33-34 billion, maintaining a short-term EBITDA target of $2.7-2.8 billion for the year, equating to $675 million per quarter [1] - Despite intense competition in the high-end mass segment, Sands China aims to remain competitive to achieve its short-term EBITDA goals while adjusting reinvestment plans and sales team resource allocation across properties [1] - The company plans to re-enter the intermediary VIP business as high-end VIP customer visits increase, although the mass market is expected to contribute the majority of revenue [1] - Strong passenger traffic driven by same-day round trips continued in 3Q25, with ordinary mass market growth lagging behind high-end mass business; ordinary mass traffic recovered to 119% of 3Q19 levels (7% quarter-on-quarter growth), while high-end mass recovered to 106% of 3Q19 levels (10% quarter-on-quarter growth) [1] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 10 times 2025 and 9 times 2026 EV/EBITDA [1] - The company maintains an outperform rating and a target price of HKD 23.80, which corresponds to 12 times 2025 and 11 times 2026 EV/EBITDA, indicating a 29% upside potential from the current stock price [1]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 24.00 [1][9]. Core Insights - The company's total Gross Gaming Revenue (GGR) for Q3 2025 reached USD 1.837 billion, reflecting a year-on-year increase of 9% and a quarter-on-quarter increase of 7%, recovering to 90% of the levels seen in Q3 2019, which is above the industry average of 88% [6][9]. - The report highlights that while the overall GGR recovery is strong, the recovery in VIP and mass market segments is lagging behind the industry, with VIP GGR at USD 148 million, recovering only to 34% of 2019 levels compared to the industry average of 54% [7]. - The company is expected to increase its dividend to HKD 0.50 in 2025, compared to HKD 0.25 in 2024, indicating a positive outlook for shareholder returns [6][9]. Financial Performance - Projected revenue for the company is expected to grow from HKD 55.224 billion in 2024 to HKD 66.820 billion by 2027, with a compound annual growth rate (CAGR) of approximately 9.72% [5]. - The net profit attributable to the parent company is forecasted to increase from HKD 8.340 billion in 2024 to HKD 11.878 billion in 2027, reflecting a significant growth trajectory [5]. - The report anticipates an increase in the company's EBITDA from USD 6.01 billion in Q3 2025, which is 80% of the levels seen in Q3 2019, indicating a recovery in operational efficiency [8]. Market Dynamics - The company is leveraging innovative gaming solutions such as smart gaming tables and side betting to enhance market share, particularly in the mass market segment [6][7]. - The report notes that the Londoner property has maintained its attractiveness, with a year-on-year GGR increase, and is expected to benefit from upcoming non-gaming events, including concerts and sports events, which could drive additional foot traffic [8][9]. - The report suggests that the overall gaming sector in Macau is likely to continue its upward trend in the second half of 2025, supported by favorable policies and increased consumer spending [9].

Investment Rating - The report maintains an "Outperform" rating for Sands China [2][6] Core Insights - The company achieved net revenue of USD 1.91 billion in Q3 2025, representing a year-on-year increase of 7.6% [3][10] - Adjusted property EBITDA reached USD 601 million, up 2.7% year-on-year, with an adjusted property EBITDA margin of 31.5% [3][13] - The market share of Sands China increased to 23.7% in Q3 2025, up from 22.7% in Q2 2025 [5][14] Financial Performance Summary - Revenue projections for 2025-2027 are USD 7,395 million, USD 7,907 million, and USD 8,325 million, with year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [6][15] - Gaming gross revenue is expected to be USD 7,034 million, USD 7,471 million, and USD 7,864 million for the same period, with growth rates of 4.2%, 6.2%, and 5.3% [6][15] - Adjusted property EBITDA is forecasted at USD 2,327 million, USD 2,601 million, and USD 2,784 million, with margins of 31.5%, 32.9%, and 33.4% [6][15] Property Performance Breakdown - The performance of individual properties varied, with The Londoner showing a net revenue increase of 49% year-on-year, while The Venetian and The Parisian experienced declines [3][11] - The net revenue contributions from properties were as follows: The Venetian and The Londoner at USD 690 million each, The Parisian at USD 220 million, Plaza at USD 210 million, and Sands at USD 70 million [3][11] Market Share and Competitive Position - Sands China continues to hold the leading market share in Macau, benefiting from its large-scale casinos and convention centers [6][15] - The company’s gaming gross revenue reached USD 1.84 billion, up 9.2% year-on-year, although this growth was below the industry average of 12.5% [4][12]

Core Viewpoint - CICC maintains its "outperform" rating and a target price of 23.8 HKD for Sands China (01928) for the years 2025 and 2026 adjusted EBITDA forecasts [1] Financial Performance - Sands China reported a net revenue of 1.906 billion USD for Q3 2025, representing an 8% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 90% of the level seen in Q3 2019 [1] - The adjusted property EBITDA for Sands China was 601 million USD, showing a 3% year-on-year increase and a 6% quarter-on-quarter increase, recovering to 80% of the level in Q3 2019, aligning with market expectations of 596 million USD [1] Market Position - The company's promotional strategies have positively impacted its performance, with market share increasing from 22.6% in Q2 2025 to 23.7% in Q3 2025 [1] - The operational scale of The Londoner Macao is gradually improving [1]

Core Viewpoint - Goldman Sachs reports that Sands China (01928) showed robust performance in Q3, with a significant reversal from the decline seen earlier this year [1] Financial Performance - EBITDA recorded at $601 million, with adjusted VIP win rate leading to an adjusted EBITDA of $599 million, representing a quarter-on-quarter growth of 7% [1] - Adjusted EBITDA margin slightly improved to 31.5% [1] Market Outlook - Management's positive attitude indicates increased confidence in further growth of market share in the gaming sector [1] - Goldman Sachs maintains a "Buy" rating on the company, raising the target price from HKD 23.6 to HKD 24.2 [1] - Sands China continues to be listed as a preferred stock by Goldman Sachs [1]

Company Performance - Sands China reported 3Q25 net revenue of US$1.9 billion, reflecting an 8% year-over-year increase and a 6% quarter-over-quarter increase, recovering to 79% of 2019 levels [1] - Luck-adjusted property EBITDA for the same period was $599 million, showing a 2% year-over-year increase and a 7% quarter-over-quarter increase [1] - The company maintains its EPS forecasts of US$0.13 for 2025, US$0.16 for 2026, and US$0.19 for 2027, with a target price of HK$22.5, indicating a 22% upside potential [1][3] Industry Overview - Macau's gross gaming revenue (GGR) grew 13% year-over-year in 3Q25, recovering to 88% of 2019 levels [1] - VIP GGR rose 29% year-over-year, reaching 54% of 2019 levels, while mass GGR increased 7% year-over-year, up 15% compared to 2019, contributing 73% of total revenue [1] - Mass GGR specifically grew 12% year-over-year, with premium mass GGR up 6% year-over-year and base mass up 19% year-over-year, recovering to 111% and 99% of 2019 levels respectively [2] Market Share - The company's mass gaming market share improved by 1.4 percentage points quarter-over-quarter to 25.4%, attributed to more aggressive customer reinvestment programs since mid-2Q25 [2] - The resilience of the gaming business and Sands China's potential for further market share gains are highlighted as positive factors [3]

Group 1 - Sands China (01928.HK) has seen an increase of over 3%, currently up by 3.07% at HKD 19.82 [1] - The trading volume reached HKD 138 million [1]

Core Viewpoint - Sands China (01928) has shown a strong performance with a stock increase of 3.07%, reaching HKD 19.82, driven by positive quarterly results from its parent company, Las Vegas Sands Corp. [1] Financial Performance - For the third quarter ending September, Sands China reported a net revenue increase of 7.5% year-on-year to USD 1.9 billion [1] - The net income rose by 1.5% to USD 272 million [1] - Adjusted property EBITDA increased by 2.7% to USD 601 million [1] Market Position and Strategy - Citi noted that Sands China has started the 2025 third quarter earnings season with solid performance, achieving property EBITDA of USD 601 million, marking a 3% year-on-year increase and a 6% quarter-on-quarter increase, the first time surpassing USD 600 million since Q1 2024 [1] - The company's new customer rebate strategy has begun to show results, with an estimated market share increase of 1 percentage point to 23.4% compared to the previous quarter [1] - Encouragingly, the improvement in EBITDA occurred with only a slight decline in profit margins [1] Analyst Outlook - Citi continues to favor Sands China as a top pick, anticipating that the EBITDA recovery will persist into Q4 of this year and into next year [1]

智通财经APP获悉，摩根士丹利发布研报称，金沙中国(01928)第三季度EBITDA为6.01亿美元(经持有调 整后为5.99亿美元)，符合预期。大摩表示，金沙中国2025全年市场共识EBITDA为22.72亿美元，意味着 第四季需按季增22%。该行认为第四季预期存在下行风险。评级增持，目标价21港元。 季内，公司中场博彩份额较上季增长100个基点至25.4%。高端中场(按季增11%)和基础中场(按季增7%) 的表现均优于行业整体水平(按季增2%)。然而，再投资率(占中场收入百分比)续升至24%，较上季增加 80个基点。竞争强度仍然高企。尽管业务组合有所改善(中场收入按季增9%，贵宾厅收入按季减5%)， EBITDA利润率仅与上季持平，为31.5%。 ...