智通财经网·2026-02-24 03:05Core Viewpoint - The report from Haitong International indicates that SJM Holdings (00200) experienced a slight decline in market share in Q4 2025, while showing improvement compared to Q4 2024, with a strong start to 2026 and steady recovery in industry demand [1] Group 1: Financial Performance - In Q4 2025, SJM Holdings reported operating revenue of $1.29 billion, an increase of 8.6% year-on-year; adjusted EBITDA reached $300 million, up 11% year-on-year, with an adjusted EBITDA margin of 23.2%, improving by 0.5 percentage points [2] - The company's operating revenue for 2025 was $5.16 billion, reflecting an 11.3% year-on-year increase; adjusted EBITDA was $1.32 billion, up 15.5% year-on-year, with an adjusted EBITDA margin of 25.5%, an increase of 0.9 percentage points [2] Group 2: Macau Market Performance - SJM Holdings' operating revenue in Macau for Q4 was $1.1 billion, a year-on-year increase of 11.1% and a slight quarter-on-quarter increase of 0.1%; the contributions from gaming and non-gaming segments were $930 million and $180 million, respectively, with year-on-year changes of +11.5% and +8.8% [3] - The operating revenue from different properties was $700 million from Grand Lisboa, $360 million from Lisboa Palace, and $30 million from other properties, with year-on-year changes of +17.7%, +5.4%, and -18.9% respectively [3] Group 3: Betting Trends - Total betting amount in Macau reached $11.76 billion, a year-on-year increase of 1.7% and a quarter-on-quarter increase of 8.0%; the breakdown for VIP, mass market, and slot machines was $6.28 billion, $2.83 billion, and $2.66 billion, with year-on-year changes of -2.0%, +8.5%, and +3.9% respectively [4] - The VIP win rate for SJM Holdings was 3.18%, exceeding the expected range of 2.85% to 3.15% [4] Group 4: Revenue Growth and Margins - The gross gaming revenue in Macau was $1.16 billion, a year-on-year increase of 9.9%, but below the industry average growth of 15%; the gross revenue from VIP, mass market, and slot machines was $200 million, $850 million, and $80 million, with year-on-year changes of +31.1%, +7.9%, and -8.8% respectively [5] - Adjusted EBITDA for Macau was $280 million, a year-on-year increase of 24%, but a quarter-on-quarter decline of 11.2%, with an adjusted EBITDA margin of 25.5%, up 2.7 percentage points year-on-year [6]