Core Viewpoint - Goldman Sachs reports that Sands China (01928) declared an interim dividend of HKD 0.25 per share, consistent with last year's final dividend, but increased the payout ratio to 63% [1] Group 1: Dividend and Financial Projections - The bank expects the final dividend for 2025 to remain at HKD 0.25, totaling HKD 0.50 for the year; assuming gradual increases to HKD 0.80 in 2026 and HKD 1.00 in 2027 [1] - Sands China's target price is slightly raised from HKD 21.5 to HKD 21.6, maintaining a "Buy" rating [1] Group 2: Market Conditions and Business Strategy - Compared to Galaxy Entertainment (00027), Sands China's dividend may disappoint some investors, but Goldman Sachs believes this aligns with expectations due to recent fluctuations in gaming revenue market share, indicating significant business pressure [1] - The management's short-term goal is to increase gaming volume to achieve an EBITDA close to USD 2.6 to 2.7 billion, which is anticipated to be reached by 2026 [1] - Unlike other gaming companies that base dividends on payout ratios, Sands China prefers to maintain consistent dividend amounts across different market cycles, as evidenced by maintaining a full-year dividend of HKD 1.99 during the anti-corruption period from 2014 to 2015 [1]

格隆汇8月15日丨金沙中国有限公司(01928.HK)公告，集团于2025年上半年的净收益总额为34.9亿美 元，较2024年上半年减少1.7%。集团于2025年上半年的利润为4.13亿美元，同比减少23.7%。于2025年8 月15日，董事会议决向于2025年9月1日名列公司股东名册的股东宣派中期股息每股0.25港元(约0.032美 元)。 澳门伦敦人二期工程主要包括改建澳门喜来登大酒店为伦敦人名汇、升级博彩区，以及增加景点、餐 饮、零售及娱乐选择。澳门喜来登大酒店改建为伦敦人名汇的工程现已完成，标志着澳门首家万豪国际 豪华精选酒店。伦敦人名汇全新装修的客房及套房的建设工程已于2025年4月初完工，合共提供2,405间 客房及套房。该等项目估计总成本为12亿美元，并已于2025年第一季度大致完工。 ...

每经AI快讯，8月15日，金沙中国有限公司(01928.HK)在港交所发布中期业绩报告，上半年收入34.9亿 美元，同比减少1.7%；净利润4.13亿美元，同比减少23.7%。 ...

金沙中国有限公司(01928)公布2025年上半年业绩，经调整物业EBITDA为11亿美元，同比减少5.9%。净 收益总额为34.9亿美元，同比减少1.7%。净利4.13亿美元，同比减少23.66%;每股盈利5.1美仙，中期股 息每股0.25港元。 公告称，经调整物业EBITDA减少主要由于澳门博彩毛收入竞争加剧，导致公司整个业务的娱乐场及餐 饮收益减少。 ...

智通财经APP讯，金沙中国有限公司(01928)公布2025年上半年业绩，经调整物业EBITDA为11亿美元， 同比减少5.9%。净收益总额为34.9亿美元，同比减少1.7%。 净利4.13亿美元，同比减少23.66%;每股盈 利5.1美仙，中期股息每股0.25港元。 公告称，经调整物业EBITDA减少主要由于澳门博彩毛收入竞争加剧，导致公司整个业务的娱乐场及餐 饮收益减少。 ...

金沙中国有限公司(01928)发布公告，该公司将于2025年9月12日派发中期股息每股0.25港元。 ...

智通财经APP讯，金沙中国有限公司(01928)发布公告，该公司将于2025年9月12日派发中期股息每股 0.25港元。 ...

EF001 | EF001 | | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 金沙中國有限公司之董事為: | | | 執行董事： | | | 王英偉 | | | 鄭君諾 | | | 非執行董事： | | | 羅伯特·戈德斯坦 (Robert Glen Goldstein) | | | Patrick Sydney Dumont | | | Charles Daniel Forman | | | 獨立非執行董事： | | | 張昀 | | | Victor Patrick Hoog Antink | | | Steven Zygmunt Strasser | | | 鍾嘉年 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份內容而 ...

[Financial Performance Summary](index=1&type=section&id=1.%20Financial%20Performance%20Summary) The company's key financial metrics showed a slight decline in the first half of 2025 compared to the prior year Performance Summary for the Six Months Ended June 30, 2025 | Metric | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | Total Net Revenues | $3.49 billion | $3.55 billion | -1.7% | | Adjusted Property EBITDA | $1.10 billion | $1.17 billion | -5.9% | | Profit for the Period | $413 million | $541 million | -23.7% | [Business Overview and Outlook](index=2&type=section&id=2.%20Business%20Overview%20and%20Outlook) The Macau tourism and gaming market is experiencing a moderate recovery, supported by the completion of major development projects - Macau's tourism and gaming market shows a moderate recovery trend, with total visitor arrivals from mainland China **increasing by 19.3%** and overall gross gaming revenue **growing by 4.4%** year-over-year in H1 2025[8](index=8&type=chunk) - The core development project, "The Londoner Macao Phase II," was substantially completed in Q1 2025 with an estimated total cost of **$1.2 billion**, featuring the new Londoner Grand hotel tower and upgraded facilities[9](index=9&type=chunk) [Management's Discussion and Analysis](index=3&type=section&id=3.%20Management's%20Discussion%20and%20Analysis) This section details the group's operating results, liquidity, and capital resources, highlighting performance drivers and financial position [Operating Performance](index=3&type=section&id=3.1%20Operating%20Performance) The group's overall operating performance faced pressure in H1 2025, with declines in net revenues, adjusted property EBITDA, and net profit [Net Revenues](index=3&type=section&id=3.1.1%20Net%20Revenues) Total net revenues slightly decreased due to a decline in casino revenue, partially offset by growth in rooms and mall segments Net Revenues by Segment (USD in millions) | Revenue Category | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | Casino | 2,617 | 2,698 | (3.0)% | | Rooms | 406 | 393 | 3.3% | | Mall | 249 | 231 | 7.8% | | Food and Beverage | 123 | 135 | (8.9)% | | Convention, Ferry, Retail and Other | 97 | 94 | 3.2% | | **Total Net Revenues** | **3,492** | **3,551** | **(1.7)%** | - The decrease in casino net revenues was mainly due to lower revenues at The Venetian Macao, The Parisian Macao, and Sands Macao, partially offset by growth at The Londoner Macao following the full operation of Londoner Grand[12](index=12&type=chunk) - Room revenue **grew by 3.3%**, driven by higher occupancy and Revenue Per Available Room (RevPAR), with The Londoner Macao and The Plaza Macao recording significant RevPAR increases of **41.5%** and **12.6%**, respectively[15](index=15&type=chunk)[17](index=17&type=chunk) - Mall revenue **increased by 7.8%**, primarily driven by a **$12 million** increase in percentage rents and a **$4 million** increase in base rents[18](index=18&type=chunk) [Operating Expenses](index=7&type=section&id=3.1.2%20Operating%20Expenses) Operating expenses increased year-over-year, driven by higher employee benefit expenses, foreign exchange losses, and depreciation - Key drivers for the increase in operating expenses include: - A **$42 million** increase in employee benefit expenses - A **$31 million** increase in foreign exchange losses - A **$12 million** increase in depreciation and amortization[24](index=24&type=chunk) [Adjusted Property EBITDA](index=7&type=section&id=3.1.3%20Adjusted%20Property%20EBITDA) Adjusted property EBITDA declined, reflecting increased market competition, though The Londoner Macao showed significant growth Adjusted Property EBITDA by Segment (USD in millions) | Property/Business | H1 2025 | H1 2024 | Change Y-o-Y | | :--- | :--- | :--- | :--- | | The Venetian Macao | 461 | 576 | (20.0)% | | The Londoner Macao | 358 | 275 | 30.2% | | The Parisian Macao | 110 | 154 | (28.6)% | | The Plaza Macao | 140 | 136 | 2.9% | | Sands Macao | 19 | 22 | (13.6)% | | Ferry and Other Operations | 14 | 8 | 75.0% | | **Total** | **1,102** | **1,171** | **(5.9)%** | [Finance Costs](index=8&type=section&id=3.1.4%20Finance%20Costs) Net finance costs decreased due to a lower weighted average borrowing amount and interest rate following debt repayment - The weighted average interest rate **decreased to 4.7%** from 5.0% in the prior-year period, mainly due to lower interest rates on senior notes, interest savings from the repayment of the LVS Term Loan, and benefits from interest rate swaps[28](index=28&type=chunk) - The company fully repaid the outstanding principal of the **$1.06 billion** LVS Term Loan in March 2025, significantly reducing total borrowings[28](index=28&type=chunk) [Profit for the Period](index=8&type=section&id=3.1.5%20Profit%20for%20the%20Period) Profit for the period decreased significantly due to the combined impact of lower revenues and higher expenses - Profit for the six months ended June 30, 2025, was **$413 million**, a **23.7% decrease** year-over-year[29](index=29&type=chunk) [Liquidity, Financial and Capital Resources](index=9&type=section&id=3.2%20Liquidity,%20Financial%20and%20Capital%20Resources) The group maintains a solid financial position with sufficient liquidity to support operations, capital expenditures, and concession commitments [Cash Flows](index=9&type=section&id=3.2.1%20Cash%20Flows) The period saw a net decrease in cash, driven by lower operating inflows and significant outflows for financing activities Cash Flow Summary (USD in millions) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 937 | 1,037 | | Net Cash Used in Investing Activities | (306) | (192) | | Net Cash Used in Financing Activities | (1,607) | (419) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(976)** | **426** | - Net cash used in financing activities of **$1.61 billion** was primarily for the repayment of the LVS Term Loan ($1.06 billion), payment of dividends ($260 million), and interest payments ($232 million)[35](index=35&type=chunk) [Capital Expenditures](index=10&type=section&id=3.2.2%20Capital%20Expenditures) Capital expenditures increased year-over-year, with the majority allocated to the construction of The Londoner Macao Phase II Capital Expenditures by Property (USD in millions) | Property | H1 2025 | H1 2024 | | :--- | :--- | :--- | | The Venetian Macao | 85 | 77 | | The Londoner Macao | 228 | 123 | | The Parisian Macao | 9 | 6 | | The Plaza Macao | 5 | 5 | | Sands Macao | 6 | 6 | | **Total** | **333** | **218** | [Investment Commitments](index=11&type=section&id=3.2.3%20Investment%20Commitments) The company is committed to a significant investment plan under its gaming concession, focusing primarily on non-gaming projects - The company has committed to invest at least **MOP 35.84 billion** (approximately $4.43 billion) by December 2032, with **MOP 33.39 billion** (approximately $4.13 billion) designated for non-gaming projects[40](index=40&type=chunk) [Dividends](index=11&type=section&id=3.2.4%20Dividends) The Board of Directors declared an interim dividend for the period, scheduled for payment in September 2025 - An interim dividend of **HK$0.25 per share** was declared, totaling approximately **$258 million**[41](index=41&type=chunk) [Contingent Liabilities](index=11&type=section&id=3.2.5%20Contingent%20Liabilities) Management believes that existing contingent liabilities from litigation and claims will not materially impact the company's financials - Management believes that existing contingent liabilities will not have a material adverse effect on the company's financial condition[42](index=42&type=chunk) [Capital Risk Management](index=12&type=section&id=3.2.6%20Capital%20Risk%20Management) The group's gearing ratio improved slightly as net debt decreased, reflecting prudent capital management Gearing Ratio (USD in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | 5,939 | 6,036 | | Total Equity | 1,120 | 1,031 | | Total Capital | 7,059 | 7,067 | | **Gearing Ratio** | **84.1%** | **85.4%** | [Financial Results](index=13&type=section&id=4.%20Financial%20Results) This section presents the condensed consolidated financial statements for the first half of 2025 [Consolidated Income Statement](index=13&type=section&id=4.1%20Consolidated%20Income%20Statement) The income statement reflects a year-over-year decrease in net revenues and a significant drop in profit attributable to equity holders Consolidated Income Statement Summary (USD in millions) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Revenues | 3,492 | 3,551 | | Operating Profit | 585 | 688 | | Profit Before Income Tax | 413 | 498 | | **Profit for the Period Attributable to Equity Holders of the Company** | **413** | **541** | | Basic Earnings Per Share | 5.10 US cents | 6.69 US cents | [Consolidated Statement of Comprehensive Income](index=14&type=section&id=4.2%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period declined after accounting for other comprehensive expenses like currency adjustments Consolidated Statement of Comprehensive Income Summary (USD in millions) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Equity Holders of the Company | 413 | 541 | | Other Comprehensive Expense | (67) | (14) | | **Total Comprehensive Income for the Period Attributable to Equity Holders of the Company** | **346** | **527** | [Consolidated Balance Sheet](index=15&type=section&id=4.3%20Consolidated%20Balance%20Sheet) The balance sheet shows a reduction in total assets and liabilities, primarily due to decreased cash and debt repayments Consolidated Balance Sheet Summary (USD in millions) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **10,084** | **11,169** | | Non-current Assets | 8,763 | 8,884 | | Current Assets | 1,321 | 2,285 | | **Total Liabilities** | **8,964** | **10,138** | | Non-current Liabilities | 6,853 | 7,145 | | Current Liabilities | 2,111 | 2,993 | | **Total Equity** | **1,120** | **1,031** | [Notes to the Condensed Consolidated Financial Statements](index=17&type=section&id=4.4%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, segment performance, debt structure, and active debt management activities - Segment information shows The Venetian Macao contributed **$1.30 billion** in net revenues and **$461 million** in adjusted property EBITDA, while The Londoner Macao contributed **$1.17 billion** in net revenues and **$358 million** in adjusted property EBITDA[55](index=55&type=chunk) - In June 2025, the company drew down a **HK$12.75 billion** (approximately $1.64 billion) term loan to redeem its maturing **$1.8 billion** senior notes[73](index=73&type=chunk) - In March 2025, the company voluntarily repaid the LVS Term Loan in full, with a total repayment of principal and interest amounting to **$1.07 billion**[74](index=74&type=chunk) [Corporate Governance](index=30&type=section&id=5.%20Corporate%20Governance) The company confirms its compliance with the Corporate Governance Code and reports a recent change in its board composition - The company confirms compliance with all provisions of the Corporate Governance Code during the reporting period[75](index=75&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the period[78](index=78&type=chunk) - On August 8, 2025, Mr. Patrick Sydney Dumont was appointed as a non-executive Director of the company[77](index=77&type=chunk) [Interim Dividend and Closure of Register of Members](index=31&type=section&id=6.%20Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) This section details the declaration of the interim dividend and the key dates for shareholder eligibility and payment - The Board of Directors has declared an interim dividend of **HK$0.25 per share**[80](index=80&type=chunk) - To determine eligibility for the dividend, the register of members will be closed on September 1, 2025, with the dividend expected to be paid on September 12, 2025[80](index=80&type=chunk)

智通财经APP讯，金沙中国有限公司(01928)发布公告，Patrick Sydney Dumont先生获委任为公司非执行 董事，自2025年8月8日起生效。 该信息由智通财经网提供 ...