各位登記股東： 倘 閣下選擇收取公司通訊的印刷本，本公司將向 閣下寄發所選擇的公司通訊語言版本，除非及直至 閣下以書面通 知本公司股份過戶登記處或以電郵方式把通知發送至 sjm.ecom@computershare.com.hk，告知希望以其他（或兩種）語言 版本或以電子形式透過本公司網站及／或聯交所網站（即網上版本）收取公司通訊。 閣下有權隨時在給予合理時間的 書面通知的情況下，通知本公司股份過戶登記處，或以電郵方式把通知發送到上述的電郵地址，並註明 閣下的姓名、地 址及要求，以更改收取公司通訊的語言版本或收取方式的選擇。 閣下收取印刷本之要求將一直維持，直至該指示被撤 銷、取代、或逾期，或自收到 閣下之指示日期的一年內有效（以較早者為準）。 倘 閣下選擇以電子形式收取所有公司通訊（或被視為已同意以電子形式收取），如因任何理由以致收取或接收公司通 訊上出現困難，只要提出要求，均可盡快獲免費發送公司通訊的印刷本。該要求不會構成變更 閣下收取公司通訊之 選擇。 如 閣下對本函件有任何疑問，請於辦公時間星期一至五（香港公眾假期除外）上午9時正至下午6時正（香港時間）期間 致電股份過戶登記處(852) 2862 8 ...

2025 中期報告 INTERIM REPORT SJM HO LDINGS LIMITED 企業簡介 目 錄 澳門博彩控股有限公司（「本公司」）及 其附屬公司（統稱「本集團」）為中華人 民共和國澳門特別行政區（「澳門」）娛 樂場及綜合娛樂度假村的領先擁有 者、經營者和發展商。本公司的主要 附屬公司澳娛綜合度假股份有限公司 （「澳娛綜合」）是澳門六家獲授博彩經 營批給合同的公司之一，獲澳門政府 授權經營娛樂場及博彩區域。澳娛綜 合亦是唯一植根澳門的娛樂博彩承批 公司。 澳娛綜合擁有和經營上葡京綜合度假 村、新葡京酒店及娛樂場，以及其他 位處澳門重要據點的娛樂場。其營運 涵蓋娛樂場博彩以及多元的休閒設施 及酒店服務，包括酒店住宿、高級和 休 閒 餐 飲、購 物、健 康 和 水 療 設 施， 以及可供會議、活動及文化展覽的場 地，以迎合廣泛賓客的需求。 本集團位於路氹的上葡京綜合度假村 設有三座酒店大樓 — 澳 門 上 葡 京、 THE KARL LAGERFELD 及 Palazzo Versace 澳門，提供豪華酒店客房和套房，以 及多元的酒店服務。 澳門博彩控股有限公司 中期報告 INTERIM REPOR ...

Core Viewpoint - Morgan Stanley has downgraded the target price for Melco Resorts & Entertainment (00880) from HKD 3 to HKD 2.8, maintaining a "Reduce" rating due to disappointing interim results and expectations of continued market share loss [1][2] Group 1: Financial Performance and Projections - The company is expected to have a free cash flow equity (FCFE) yield of 8.5% by 2026 [1] - Morgan Stanley has reduced its EBITDA forecasts for Melco by 21% for this year and 8% for next year, along with a significant cut in earnings per share forecasts by 81% and 24% respectively [2] - The current enterprise value to EBITDA multiple for Melco is 13 times, with a projected free cash flow yield of only 4.1%, which is the lowest among peers [2] Group 2: Market Position and Competition - Melco's market share in the second quarter is projected to be 7.7%, down from 9.3% in 2024, compared to competitors like Sands China (24%), Galaxy Entertainment (19%), and MGM China (16.9%) [1] - The company plans to expand the Lisboa Hotel and acquire two satellite casino properties to increase its market share in the Macau Peninsula [1] Group 3: Financial Health - Melco's balance sheet remains tight, with net debt at 6.5 times EBITDA, the highest among its peers, while Sands China and MGM China have net debt at 2.8 times and 2 times EBITDA respectively [1]

Core Viewpoint - Morgan Stanley has downgraded the target price for Austra Holdings (00880) from HKD 3 to HKD 2.8, maintaining a "Reduce" rating due to disappointing interim results and expectations of market share loss [1][2] Group 1: Target Price and Ratings - The target price for Austra Holdings has been reduced to HKD 2.8 from HKD 3 [1] - The company is rated as "Reduce" by Morgan Stanley [1] Group 2: Financial Performance and Projections - The expected free cash flow equity (FCFE) yield for 2026 is projected at 8.5% [1] - EBITDA forecasts for Austra Holdings have been cut by 21% for this year and 8% for next year, with earnings per share estimates reduced by 81% and 24% respectively [2] - The company needs an 18% growth rate in EBITDA for the first half to meet market expectations for the full year, which may lead to further downward adjustments [2] Group 3: Market Position and Competitiveness - Austra Holdings is expected to lose market share, with a projected second-quarter market share of 7.7% compared to 9.3% in 2024 [1] - Competitors such as Sands China (01928), Galaxy Entertainment (00027), and MGM China have market shares of 24%, 19%, and 16.9% respectively [1] Group 4: Financial Health and Debt Levels - The company's net debt is 6.5 times its EBITDA, the highest among peers, while Sands China and MGM China have net debt to EBITDA ratios of 2.8 times and 2 times respectively [1] - The predicted enterprise value to EBITDA multiple for Austra Holdings is 13 times, with a free cash flow yield of only 4.1%, the lowest in the industry [2]

Investment Rating - The report does not explicitly state an investment rating for SJM Holdings, but it provides detailed financial performance metrics that may inform investment decisions. Core Views - SJM Holdings reported a net revenue of HKD 14.64 billion for 25H1, a year-on-year increase of 6.1%, while adjusted EBITDA decreased by 5.1% to HKD 1.65 billion, with an adjusted EBITDA margin of 11.2%, down 1.3 percentage points year-on-year [8][12] - In 25Q2, net revenue reached HKD 7.16 billion, up 4.0% year-on-year, but down 4.3% quarter-on-quarter. Gaming revenue contributed HKD 6.68 billion, a 3.8% increase year-on-year [2][9] - The company's gaming gross revenue (GGR) for 25Q2 was HKD 7.27 billion, reflecting a year-on-year increase of 5.4%, but this growth rate was below the industry average of 8.3% [3][10] - The adjusted EBITDA for 25Q2 was HKD 0.69 billion, down 20.9% year-on-year and 28.2% quarter-on-quarter, with a margin of 9.6%, indicating a decline in profitability [4][11] Financial Performance Summary - For 25H1, SJM Holdings achieved a net revenue of HKD 14.64 billion, with adjusted EBITDA of HKD 1.65 billion and an EBITDA margin of 11.2% [8] - In 25Q2, the breakdown of net revenue included HKD 6.68 billion from gaming and HKD 0.48 billion from non-gaming activities, with respective year-on-year changes of +3.8% and +7.1% [2][9] - The GGR composition showed that VIP, mass market, and slot machines generated HKD 0.46 billion, HKD 6.1 billion, and HKD 0.71 billion, with year-on-year changes of -13.9%, +5.6%, and +20.9% respectively [3][10] Market Share and Strategic Developments - SJM Holdings' market share in 25Q2 was 12.5%, a decrease of 1.2 percentage points from 25Q1 [5][12] - The company plans to acquire a property near the Hengqin Port for conversion into a three-star hotel with approximately 250 rooms, expected to be completed within 24 months after obtaining necessary permits [5] - Additionally, SJM Holdings intends to purchase a former gaming area within the Lisboa Hotel for HKD 529 million, aiming to enhance operational efficiency and profitability [6]

Group 1: Financial Performance - Company reported total revenue of 14.6 billion HKD for 1H25, a year-on-year increase of 6% [1] - EBITDA decreased by 5% year-on-year to 1.65 billion HKD, with EBITDA margin declining by 1.3 percentage points to 11.2% [1] - Net loss widened from 160 million HKD in 1H24 to 180 million HKD in 1H25, primarily due to underperformance of the Lisboa project [1] Group 2: Earnings Forecast - Earnings per share forecast for 2025 revised down from 0.30 HKD to 0.01 HKD, with new forecasts introduced for 2026 at 0.12 HKD and 2027 at 0.17 HKD [1] - Target price adjusted down from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [1] Group 3: Second Quarter Performance - In 2Q25, gross gaming revenue increased by 5% year-on-year, with mass gaming revenue up by 6% and VIP gaming revenue down by 14% [1] - EBITDA for 2Q25 fell by 21% year-on-year to 688 million HKD, with the Lisboa project's EBITDA turning from a profit of 104 million HKD in 2Q24 to a loss of 6.6 million HKD [1] Group 4: Acquisition Plans - Company announced plans to acquire part of the Lisboa Hotel for a total consideration of 529 million HKD, aiming to expand the operational area of the Lisboa Casino by an additional 7,504 square meters [2] - The acquisition is expected to enhance the overall operations of the integrated resort, making it the largest on the Macau Peninsula [2] - The company plans to redistribute gaming tables and slot machines from satellite casinos that will cease operations by the end of 2025 [2] Group 5: Industry Outlook - Company maintains an "overweight" rating, citing resilience in the gaming industry [2]

Investment Rating - The investment rating for the company has been downgraded to "Hold" from "Buy" [1][10][11] Core Views - The target price has been adjusted to HKD 3.00, up from HKD 2.60, reflecting a valuation based on an EV/EBITDA multiple of 8.8x for 2026 [10][11] - The company's market share in the first half of 2025 reached 12.9%, a slight increase from 12.5% in the first half of 2024, but a decrease from 13.5% in the first quarter of 2025 [6][10] - The adjusted EBITDA for the second quarter of 2025 was HKD 690 million, a year-on-year decrease of 21% and a quarter-on-quarter decrease of 28% [6][10] Financial Performance - Revenue projections for the company are as follows: - 2024: HKD 28,769 million - 2025E: HKD 31,184 million (up 8.39% from 2024) - 2026E: HKD 32,248 million (up 3.41% from 2025) - 2027E: HKD 33,247 million (up 3.10% from 2026) [5] - Net profit attributable to the parent company is projected as follows: - 2024: HKD 3.20 million - 2025E: HKD 810.26 million (up 25,221% from 2024) - 2026E: HKD 1,122 million (up 38.46% from 2025) - 2027E: HKD 1,373 million (up 22.37% from 2026) [5] - The company's EBITDA margin for the second quarter of 2025 was 9.6%, down from 12.8% in the first quarter of 2025 [6][10] Market Analysis - The company's GGR (Gross Gaming Revenue) for the second quarter of 2025 was HKD 7.27 billion, a year-on-year increase of 5% but a quarter-on-quarter decrease of 4% [7][10] - The VIP segment's revenue was HKD 460 million, down 14% year-on-year and 28% quarter-on-quarter, indicating a recovery to only 13% of the levels seen in the second quarter of 2019 [7][10] - The mass market segment generated HKD 6.1 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 2% [7][10] Strategic Developments - The company is actively developing non-gaming businesses, including hosting various sports events and expanding its high-end dining options [9][10] - The company plans to end operations at several satellite casinos by the end of 2025, with some properties potentially being integrated into new gaming areas [8][10]

Investment Rating - The report maintains an "Outperform" rating for 澳博控股 (00880) [1] Core Views - The company's 1H25 performance was below expectations, with total revenue of 14.6 billion HKD, a year-on-year increase of 6%. EBITDA decreased by 5% to 1.65 billion HKD, and the net loss widened from 160 million HKD in 1H24 to 180 million HKD, primarily due to underperformance in the 上葡京 project [6] - The earnings per share (EPS) forecast for 2025 has been revised down from 0.3 HKD to 0.01 HKD, with projections for 2026 and 2027 set at 0.12 HKD and 0.17 HKD, respectively. The target price has been adjusted from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [6] - The company plans to acquire a portion of the 葡京酒店 for a total consideration of 529 million HKD, which will expand the operational area of the 葡京娱乐场 by an additional 7,504 square meters, positioning it as the largest integrated resort on the Macau Peninsula [6] Financial Data and Earnings Forecast - Revenue projections for 澳博控股 are as follows: - 2023: 21,624 million HKD - 2024: 28,770 million HKD - 2025E: 29,542 million HKD - 2026E: 26,978 million HKD - 2027E: 27,278 million HKD - The year-on-year growth rates for revenue are projected at 224% for 2023, 37% for 2024, 3% for 2025, -8% for 2026, and 1% for 2027 [5] - The net profit attributable to shareholders is forecasted as follows: - 2023: -2,010 million HKD - 2024: 3 million HKD - 2025E: 84 million HKD - 2026E: 824 million HKD - 2027E: 1,177 million HKD - The corresponding year-on-year growth rates for net profit are projected at 2512% for 2025, 886% for 2026, and 43% for 2027 [5]

Core Viewpoint - Goldman Sachs reports a significant decline in EBITDA for Austar Holdings (00880) in Q2, dropping 28% quarter-on-quarter to HKD 688 million, primarily due to a decrease in VIP win rate to 2.4% [1] Financial Performance - Adjusting for a theoretical win rate of 3.3%, EBITDA's quarter-on-quarter decline narrows to 13%, amounting to HKD 802 million, aligning with prior expectations but still significantly below market expectations of HKD 800 million to HKD 1.05 billion [1] - The forecast for Austar's EBITDA from 2025 to 2027 has been revised down by 12% to an increase of 2% [1] Target Price and Rating - The target price for Austar has been raised from HKD 2.7 to HKD 3.1, while maintaining a "Neutral" rating [1]

FF301 第 1 頁 共 12 頁 v 1.1.1 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8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 澳門博彩控股有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | 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) | 00880 | 說明 | | | | | | | | | 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 | | | 7,101,805,366 | | 0 | | 7,101,805,366 | | 增加 / 減少 (-) | | | 0 | ...