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佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份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。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） （股份代號：27） 截至二零二五年三月三十一日止第一季 的若干特定未經審核之主要業務表現指標之公佈 本公佈乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及證券及 期貨條例（香港法例第 571 章）第XIVA部的內幕消息條文（定義見上市規則）而作出。 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 今天我很高興向大家報告銀娛二零二五年第一季度的穩健表現。於本季度，我們繼續透過 傑出的產品及服務、持續的物業提升、多元化的娛樂表演及活動、以及電子娛樂桌的全面 應用等，推動各個業務領域，特別是高端中場。 於二零二五年第一季度，集團錄得淨收益為 112 億港元，按年上升 6%，按季下跌 1%。經 調整 EBITDA 為 33 億港元，按年上升 16%，按季 ...

Core Viewpoint - The Hong Kong stock market opened higher due to a combination of central bank policies and upcoming high-level US-China trade talks, but the gains were limited as major indices showed mixed performance by the end of the trading day [1] Group 1: Market Performance - The Hang Seng Index closed up 0.13% or 29.17 points at 22,691.88 points, with a total trading volume of 240.05 billion HKD [1] - The Hang Seng China Enterprises Index fell by 0.23% to 8,242.25 points, while the Hang Seng Tech Index decreased by 0.75% to 5,200.04 points [1] Group 2: Blue-Chip Stocks - Link REIT (00823) led blue-chip stocks with a rise of 6.68% to 39.95 HKD, contributing 10.74 points to the Hang Seng Index [2] - Other notable blue-chip performances included Zhongsheng Group (00881) up 4.8% and AIA Group (01299) up 2.92%, while Mengniu Dairy (02319) and China Biologic Products (01177) saw declines of 3.6% and 3.04% respectively [2] Group 3: Sector Highlights - Military stocks performed well, with AVIC Aircraft (02357) rising 6.35% and China Shipbuilding Industry (00317) up 5.97%, driven by escalating tensions in the India-Pakistan region [3] - The Macau gaming sector continued its upward trend, with SJM Holdings (00200) increasing by 4.73% and Sands China (01928) by 2.67%, supported by strong visitor numbers during the May Day holiday [4] - Financial stocks generally rose, with China Construction Bank (00939) up 2.02% and China Life Insurance (02628) up 1.51% [4] Group 4: Policy Impact - The People's Bank of China announced a series of monetary policy measures, including a 0.5 percentage point reserve requirement ratio cut and a reduction in policy interest rates by 0.1 percentage points, aimed at stabilizing the market [5] - The housing loan interest rate was also lowered by 0.25 percentage points, which is expected to positively impact the real estate sector [6] Group 5: Notable Stock Movements - Boleton (01333) debuted with a significant increase of 38.33% to 24.9 HKD, focusing on electric engineering machinery [8] - Yuan Da Pharmaceutical (00512) rose 13.36% to 6.79 HKD following successful clinical trial results for a new drug [9] - Country Garden Services (06098) fell 5.55% to 6.64 HKD due to a financing arrangement involving a loan from its major shareholder [10]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the travel and tourism industry during the 2025 May Day holiday period, highlighting significant trends in transportation, tourism consumption, and performance of listed companies in the sector [1][2][3][5][6]. Core Insights and Arguments - **Increased Travel Activity**: There was a notable increase in cross-regional travel during the May Day holiday, with a growth rate of approximately 5% overall, and a peak of 8% on the first day. Daily passenger flow for rail and civil aviation increased by 11.5% and 11.2% year-on-year, respectively [2][11]. - **Strong Performance in Tourism**: The overall tourism market showed robust growth, with significant increases in car rentals and self-driving tours. International cruise bookings surged by 149%, and outbound travel ticket orders rose by over 130% [1][5]. - **Positive Trends in Air Travel**: The aviation sector experienced unexpected growth, with domestic ticket prices showing a favorable trend without significant drops before the holiday. The average daily passenger volume exceeded 180 million, with international passenger flow recovering strongly [8][13][14]. - **Emerging Travel Formats**: New travel formats such as rural tourism and cultural tourism gained popularity, particularly in second-tier cities, which saw a notable increase in visitor numbers and ticket prices [1][17]. - **Strong Performance of Listed Companies**: Companies like Xiangyuan Cultural Tourism and Songcheng Performance reported substantial growth in both revenue and visitor numbers, with Xiangyuan seeing a 54% increase in visitors and a 53% increase in revenue during the holiday [7][19]. Additional Important Insights - **Impact of Weather**: Extreme weather conditions, including heavy rainfall and strong winds, affected some regions, potentially impacting return flights. However, the overall weather was favorable for most of the holiday [3][4]. - **Macau Gaming Industry**: The gaming sector in Macau showed a year-on-year revenue increase of 1.7% in April, with hotel occupancy rates exceeding 95% during the holiday. The sector is expected to see a 3% increase in total gross revenue for the year [18][19]. - **International OTA Performance**: Booking Holdings reported a 10% increase in order volume and a 7% increase in hotel operating volume, indicating stable global travel demand. This is a positive signal for domestic OTA platforms like Ctrip and Tongcheng Travel [20]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the travel and tourism industry's performance during the May Day holiday in 2025.

Group 1 - The core viewpoint of the articles highlights the positive trends in the Hong Kong stock market, particularly in the consumer sector, driven by strong performance during the May Day holiday [1][2] - The Hong Kong consumer index saw significant gains, with companies like MGM China rising over 7%, and Chow Tai Fook, Sands China, and Yum China increasing by more than 4% [1] - The Ministry of Commerce reported a 6.3% year-on-year increase in sales for key retail and catering enterprises during the May Day holiday, indicating a faster growth rate compared to previous holidays [1] Group 2 - There is a notable increase in consumer activity, as evidenced by high subway passenger volumes and urban congestion levels, reflecting strong consumer willingness to spend [2] - The trend of consumption shifting towards lower-tier cities is becoming more pronounced, presenting opportunities for brands targeting these markets [2] - The Hong Kong consumer ETF (159735) is positioned to benefit from the ongoing recovery in consumer sentiment, with a focus on new consumption patterns that include e-commerce, dining, tourism, and entertainment [1]

Market Overview - The Hong Kong stock market experienced a collective rise during the holiday, with the Hang Seng Index increasing by 1.74%, the Hang Seng China Enterprises Index rising by 1.92%, and the Hang Seng Tech Index climbing by 3.08% [1][2]. Technology Sector - Tech stocks saw significant gains, with Xiaomi Group rising over 6%, Alibaba and JD.com increasing by over 3%, and Tencent up by over 2% [2]. - Notable individual performances included Tencent Holdings at 487.80 HKD (+2.22%), Alibaba at 122.00 HKD (+3.83%), and Xiaomi at 53.10 HKD (+6.31%) [3]. Robotics and AI - Robotics stocks surged, with Horizon Robotics increasing by over 14%, and other companies like Shengye and Jinli Permanent Magnet rising by over 11% and 5%, respectively [4][5]. Healthcare and Biotech - The healthcare outsourcing sector was active, with Kanglong Chemical and WuXi AppTec both rising over 7%, and WuXi Biologics increasing by over 5% [6]. New Energy Vehicles - New energy vehicle companies saw substantial increases, with Leap Motor rising over 7%, Xiaopeng Motors and Xiaomi both up over 6%, and Li Auto and BYD increasing by over 3% [7]. Consumer Goods - Beer stocks performed well, with Hong Kong San Miguel rising over 4%, and Qingdao Beer and Budweiser APAC both increasing by over 2% [8]. - Home appliance stocks also strengthened, with Quan Feng Holdings rising over 7%, and Hisense and Techtronic Industries increasing by over 4% [9]. Gambling Sector - The gambling sector saw broad gains, with Galaxy Entertainment and MGM China both rising over 2% [10]. Restaurant Sector - The restaurant sector faced declines, with Yum China dropping over 7% and other companies like Chaogao and Cafe de Coral decreasing by over 1% [11]. Local Consumption - Local consumption stocks weakened, with Chao Yue Holdings falling over 6% and Chow Tai Fook down over 1% [13]. Stock Performance - Hong Kong Exchanges saw a peak increase of 3.46% during trading, reaching 352.6 HKD, marking a new high since early April [13]. - Standard Chartered Group's stock initially rose over 4% post-earnings but closed up only 0.71% at 113.6 HKD, with a total market value of 269.225 billion HKD [15]. Future Outlook - Huatai Securities noted that the market has largely priced in the impact of tariffs on earnings expectations, with a 1.5% downward adjustment in profit expectations for core offshore Chinese stocks [17].

4月30日，恒生指数、恒生科技指数集体高开，消费板块持续活跃。 相关ETF方面，截至发稿，港股消费ETF（159735）开盘后震荡走强，现涨0.77%。成分股中，周大福 涨超2%，蒙牛乳业、百威亚太、银河娱乐、美团-W等股涨幅居前。 港股消费ETF（159735）跟踪中证港股通消费主题指数，该指数选取港股通范围内流动性较好、市值较 大的50只消费主题相关股票组成指数样本，采用自由流通市值加权，以反映港股通内消费类股票的整体 表现。 消息面上，据国家发展改革委微信公众号，近日，国家发展改革委已印发通知，会同财政部及时向地方 追加下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品以旧换新。下一步，国家发展 改革委将充分发挥"两新"部际协调机制作用，强化统筹推进和跟踪调度，督促各地各有关部门加快已拨 资金审核兑付，切实减轻企业垫资压力，确保真金白银优惠直达消费者，推动消费品以旧换新政策发挥 更大效果。 中信证券表示，今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完 善。近日国家税务总局发布离境退税管理办法修订细则，推动前期离境退税"即买即退"推广政策落地。 根据我们测算，乐观假 ...

Group 1: Market Overview - The Hang Seng Index slightly decreased by 0.04%, closing at 21,971.96 points, while the Hang Seng Tech Index rose by 0.12% to 4,988.94 points [2] - The total market turnover for the day was 169 billion HKD, with net purchases from southbound funds amounting to 2.03 billion HKD [2] - The performance of various sectors was mixed, with the telecommunications sector up by 0.73% and the healthcare sector down by 1.63% [4] Group 2: BYD Performance - BYD Electronics saw a significant drop of 8.49%, closing at 31.80 HKD, while BYD Company Limited fell by 3.98% to 381.20 HKD [3][12] - BYD Electronics reported a revenue of 36.88 billion RMB for Q1, a year-on-year increase of 1.1%, but a quarter-on-quarter decline of over 33% [16] - BYD Company Limited achieved a total revenue of 170.36 billion RMB in Q1, marking a year-on-year growth of 34.42% and a net profit increase of 100.38% to 9.15 billion RMB [19][20] Group 3: Pop Mart Performance - Pop Mart's new product LABUBU sparked a buying frenzy overseas, with the stock price reaching a historical high of 193.00 HKD, up 12.01% for the day [8] - According to Zheshang Securities, Pop Mart's revenue is projected to grow significantly, with estimates of 24.06 billion RMB, 32.69 billion RMB, and 40.86 billion RMB for 2025 to 2027 [11] - The company reported a staggering 475%-480% year-on-year revenue growth in overseas markets for Q1 2025, with the Americas seeing an increase of 895%-900% [11]

Core Viewpoint - The China Securities Hong Kong 300 Leisure Index (H300 Leisure) has shown a decline of 6.48% over the past month, but has increased by 3.86% over the last three months and 1.65% year-to-date [2] Group 1: Index Performance - The H300 Leisure Index is currently reported at 2622.85 points [1] - The index reflects the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Hong Kong 300 Index [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] Group 2: Index Holdings - The top ten weighted companies in the H300 Leisure Index are Tencent Holdings (12.0%), NetEase-S (11.48%), Kuaishou-W (10.64%), Baidu Group-SW (10.57%), Yum China (9.36%), Trip.com Group-S (8.2%), Meituan-W (7.81%), Galaxy Entertainment (5.15%), China Resources Beer (3.1%), and Haidilao (2.79%) [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100.00% allocation [2] Group 3: Sector Allocation - The sector allocation of the H300 Leisure Index includes Leisure Services (39.89%), Digital Media (38.67%), Cultural Entertainment (12.69%), Alcohol (7.30%), and Marketing & Advertising (1.45%) [2] Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

【解剖大盘】 关税战终于出现缓和迹象，美股有望二次探底成功，港股今天也跳空高开，全天走势平稳，收盘涨 2.37%，恒指站上了22000点关口。 现在的美股已经到了危险的边缘，如果再跌破近期的低点，后果非常严重，资金的外逃将不可避免。全 球资管巨头骏利亨德森投资公司目前正考虑减少其对美国资产的敞口。大概会有10%的资金或转移到欧 洲、中国、中东和拉丁美洲。这还只是开始，稳不住的话，出逃的比例恐怕会更多。全球资金总量是有 限的，此消彼长也是必然的趋势。看下新兴市场，印度上周成为首个抹平关税引发的跌幅的主要市场， MSCI新兴市场指数周三上涨1.7%，韩国KOSPI指数收复了因美国征收对等关税而导致的跌幅。中国市 场也很接近了。 再看一下基本面状况，据报中方禁韩企向美国国防部门出口含中国稀土产品，这就是防止出现钻漏洞的 情况，我们这一块具有丰富的经验，连马斯克都在担心其擎天柱机器人要用到的稀土永磁材料会被禁。 金力永磁(06680)今天也借机涨超12%，光是稀土一项，美国军工企业就非常难受，高精尖武器就无法继 续生产，军工复合体不慌是假的。还有，据媒体4月23日报道称，美国高关税迫使中国买家用中东的 LPG取代美国 ...

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Leisure Index, which has seen a decline of 15.19% over the past month but an increase of 3.60% over the past three months, with a year-to-date decrease of 0.33% [1] - The China Securities Hong Kong 300 Leisure Index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include Tencent Holdings (11.72%), NetEase-S (11.24%), Kuaishou-W (10.7%), Baidu Group-SW (10.16%), Yum China (9.2%), Meituan-W (8.52%), Trip.com Group-S (8.35%), Galaxy Entertainment (5.09%), China Resources Beer (3.21%), and Qingdao Beer Co. (2.78%) [1] Group 2 - The industry composition of the holdings in the China Securities Hong Kong 300 Leisure Index shows that leisure services account for 40.54%, digital media for 37.99%, cultural entertainment for 12.43%, alcohol for 7.67%, and marketing and advertising for 1.38% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, and weight factors are adjusted accordingly [2]