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]
金沙中国有限公司(1928.HK)：业绩渐回稳健轨道 伦敦人增长带动市占率提升