Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index rising by 0.23% to 21,466.27 points, while the Hang Seng Tech Index fell by 0.67% to 4,981.6 points, indicating a mixed performance across indices [1] - Short-term impacts from the U.S. tariff policy on China have led to a decline in investor risk appetite, causing a valuation adjustment in the Hong Kong stock market [1] Blue-Chip Stocks Performance - Semiconductor stocks, particularly SMIC, led the decline among blue-chip stocks, with SMIC dropping 4.53% to HKD 45.35, contributing to a loss of 15.99 points in the Hang Seng Index [2] - New Oriental and Nongfu Spring saw gains of 3.66% and 2.48%, respectively, contributing positively to the index [2] Sector Performance Semiconductor Sector - The semiconductor sector faced significant declines, with Shanghai Fudan down 5.17% and Huahong Semiconductor down 3.2% [3] - The U.S. government has initiated investigations into semiconductor imports under national security concerns, which may impact the sector's future [3] Apple-Related Stocks - Apple-related stocks experienced pressure, with notable declines in companies like Sunny Optical and BYD Electronics, attributed to ongoing tariff discussions [4] Gaming Sector - The gaming sector saw widespread declines, with Galaxy Entertainment down 3.57% and other major gaming stocks also falling [4] Consumer Sector - Consumer stocks showed resilience, with notable gains in brands like Zhou Hei Ya, which rose 7.83% [6] - The Chinese government's push for consumption growth is expected to bolster the consumer market, enhancing investment preferences in this sector [6] Notable Company Movements - Yineng Biopharma saw a significant increase of 116.7% on its first trading day, reflecting strong investor interest in its innovative drug development [8] - Yujian Robotics rose 4.57% following the release of a national standard for industrial robots, indicating positive market sentiment towards the company [9] - Sunac China experienced a decline of 6.58% amid news of plans to convert offshore bonds into company stock, alongside a report of its March sales figures [10]

(Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code: 27) （股份代號：27） 11 April 2025 Dear non-registered shareholder1 , Galaxy Entertainment Group Limited (the "Company") - Notice of Publication of Annual Report, Circular, Notice of 2025 Annual General Meeting and Proxy Form (collectively "Current Corporate Communications") and 2024 Environmental, Social and Governance Report ("2024 ESG Report") as well as Arrangement of Electronic Dissemination of Corporate Communications The Company' ...

（於香港註冊成立之有限公司） （股份代號：27） 各位股東： 銀河娛樂集團有限公司（「本公司」） - (1) 年度報告、通函、二零二五年股東週年大會通告及代表委任表格（統稱為「本次公司通訊」）及《2024年環境、社會及管 治報告》之發佈通知; 及 (2) 以電子方式發佈公司通訊之安排 本公司之股東週年大會將於2025年5月8日（星期四）下午2時30分假座香港中區法院道太古廣場港島香格里拉大酒店五樓香島殿 舉行。本公司的本次公司通訊的英文及中文版本已上載於本公司網站(www.galaxyentertainment.com)及香港交易及結算所有限公 司（「香港交易所」）網站(www.hkexnews.hk)。 閣下可在本公司網站主頁「投資者關係」一欄內或在香港交易所網站開啟並 瀏覽本次公司通訊。 閣下須使用Adobe® Reader® 開啟有關文件。如 閣下已選擇收取公司通訊的印刷本，隨本函件附上 閣 下所選擇語言版本的本次公司通訊的印刷本。如 閣下若因任何理由以致在收取或接收載於本公司網站上的本次公司通訊出現 困難或欲收取本次公司通訊之印刷本，本公司將於收到 閣下要求後，盡快向 閣下免費發送本次公司通訊的印刷本 ...

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 27 二零二五年股東週年大會通告 茲訂於二零二五年五月八日（星期四）下午二時三十分假座香港中區法院道太古廣場港島 香格里拉大酒店五樓香島殿召開銀河娛樂集團有限公司（「本公司」）二零二五年股東週年 大會，以商議下列事項： 8.1 「動議 (a) 在下文(b)段之限制下，批准以一般性及無條件授權本公司董事在有關期間 內行使本公司所有權力以購買本公司之股份； - 1 - 1. 省覽及討論截至二零二四年十二月三十一日止年度之經審核財務報表及董事會與核 數師報告書； 2. 宣派截至二零二四年十二月三十一日止年度之末期股息； 3. 重選鄧呂慧瑜女士為董事； 4. 重選葉樹林博士為董事； 5. 重選萬卓祺先生為董事； 6. 釐定董事酬金； 7. 重聘核數師及授權董事釐定核數師酬金； 8. 作為特別事項考慮並酌情通過下列決議案為普通決議案： 「有關期 ...

此乃要件 請即處理 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證 券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓所有名下之銀河娛樂集團有限公司股份，應立即將本通函及隨附之代表委 任表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理商，以便轉交買主 或承讓人。 本通函應連同隨附截至二零二四年十二月三十一日止年度之年報一併閱讀。 GALAXY ENTERTAINMENT GROUP LIMITED 27 建議重選退任董事、 回購股份及發行股份及轉售庫存股之一般授權 及 二零二五年股東週年大會通告 銀河娛樂集團有限公司謹訂於二零二五年五月八日（星期四）下午二時三十分假座香港中區法院 道太古廣場港島香格里拉大酒店五樓香島殿召開二零二五年股東週年大會，召開二零二五年股 東週年大會之通告載於本通函第13至17頁。 不論 閣下能否出席大會， ...

銀河娛樂集團有限公 司 2024 年 環境、社會及管治報告 P02/ 關於本報告 P02/ 報告期間及範圍 P02/ 報告框架 P03/ 前言 P06/ 關於銀娛 P07/ 二零二四年可持續發展摘要 P08/ 可持續發展方針 P09/ 環境、社會及管治 P10/ 持份者參與及重要性評估 P12/ 我們的運營 P13/ 顧客至上 P14/ 負責任博彩 P17/ 負責任商業行為 P20/ 負責任供應鏈 P25/ 環保承諾 P26/ 環境控制 P27/ 能源與氣候韌性 P34/ 資源循環 P36/ 融入綠化景觀 P39/ 氣候足跡 P40/ 治理 P41/ 戰略 P41/ 風險管理 P46/ 指標與目標 P48/ 團隊成員協作 P49/ 人才管理 P53/ 職業健康與安全 P57/ 人才強企 P60/ 社區影響 P61/ 主要項目 P71/ 附錄 P71/ 獎項、認證及嘉許 P73/ 表現數據摘要 P77/ 香港交易所環境、社會及管治內容索引 P82/ 國際財務報告可持續披露準則第2號 —氣侯相關披露內容索引 P32/ 水資源管理 關於本報告 關於本報告 本報告為銀河娛樂集團有限公司（「銀娛」或「公司」）及其附屬公 ...

Business Strategy and Market Position - Galaxy Entertainment Group aims to become Asia's leading gaming and entertainment company, leveraging its understanding of local markets and Chinese culture as a competitive advantage[5]. - The company has a clear positioning as a leading operator of integrated gaming and leisure facilities, focusing on demand-driven strategies[6]. - The group has a strong financial performance, being a constituent of the Hang Seng Index since June 2013, indicating its market significance[14]. - Galaxy Entertainment's strategic partnership with Monte-Carlo SBM was established in 2017, enhancing its international presence[17]. - The company is focusing on enhancing its resorts with new dining and retail options to maintain competitiveness and customer appeal[85]. - The company is committed to creating sustainable value for shareholders and stakeholders through long-term growth strategies[118]. - The company is committed to sustainable development, implementing initiatives such as replacing all guest and team member buses with new energy vehicles and installing more electric vehicle charging stations and solar panels[181]. Financial Performance - The group's net revenue reached HKD 43.4 billion, an increase of 22% year-on-year[38]. - Adjusted EBITDA for the group was HKD 12.2 billion, up 22% year-on-year[39]. - Shareholders' profit attributable to the group was HKD 8.8 billion, reflecting a 28% year-on-year increase[38]. - Non-gaming revenue amounted to HKD 6.4 billion, a year-on-year increase of 18%[39]. - The group maintained a strong balance sheet with cash and liquid investments totaling HKD 31.3 billion, net of liabilities of HKD 4.2 billion[41]. - The total revenue from non-gaming activities for 2024 is HKD 6.4 billion, up 19% year-on-year[69]. - The group’s gaming win rate remains stable at 2.9% for 2024, with a total turnover of HKD 180.9 billion[69]. - The company achieved a total dividend payout of HKD 1.00 per share for the fiscal year ending December 31, 2024, combining the interim and proposed final dividends[177]. Development and Expansion - The third phase of Galaxy Macau™ officially opened in December 2023, adding around 1,100 hotel rooms and a convention space of 40,000 square meters[21]. - The Galaxy Macau™ has expanded significantly with the opening of its third phase in 2023, covering a total area of 1.4 million square meters[28]. - The upcoming Galaxy Capella is set to open in mid-2025, featuring around 100 luxury sky villas and suites[34]. - The fourth phase of development will expand the resort by an additional 600,000 square meters, increasing total hotel supply to approximately 7,500 rooms and suites[35]. - The company plans to invest over HKD 33 billion in non-gaming projects to enrich Macau's tourism offerings, supporting its vision to become a world tourism and leisure center[89]. - The ongoing Phase 4 project will introduce several high-end hotel brands to Macau, with a capacity of up to 5,000 seats in a theater and various non-gaming facilities, targeted for completion in 2027[91]. Corporate Social Responsibility - The company has invested approximately HKD 13 billion to establish the Galaxy Entertainment Group Foundation, enhancing its corporate social responsibility initiatives[15]. - Galaxy Entertainment has committed HKD 200 million to support various pandemic prevention efforts in mainland China and Macau as of July 2020[18]. - The Galaxy Entertainment Group Foundation was established with a commitment of HKD 1.3 billion to support youth education and development in Macau and mainland China[36]. - The company has received awards for community engagement initiatives, including the "Community Integration Excellence Award" and "ESG Reporting Model Award" for its volunteer activities[184]. Awards and Recognition - Galaxy Macau™ was awarded "Best Integrated Resort" at the IAG Academy IR Awards in September 2024, highlighting its market leadership[22]. - The company received the "Best Integrated Resort in Asia" award from Travel + Leisure Luxury Awards 2024 for "Galaxy Macau"[59]. - "Galaxy Hotel™" ranked fourth in the "Best Hotel" category at the Macau Best Hotel Awards[59]. - "Banyan Tree Spa Macau" was awarded first place in the "Best Hotel Spa" category at the Macau Best Hotel Spa Awards[59]. - "Galaxy Macau" won the "Energy Saving Concept Award" at the Macau Energy Saving Activity 2023[59]. - "Galaxy Hotel™" received the Gold Award at the Macau Environmental Hotel Awards[60]. - "Andaz Macau" was recognized as a "Special Recommendation for Newly Opened Hotels" in the 2023 China Top 100 Hotels[60]. - "Galaxy Macau" was awarded the "Most Favorite Integrated Resort" at the Travel Awards 2024[60]. Governance and Management - The board of directors is composed of three executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced and effective governance structure[123]. - The company adheres to a high standard of corporate governance, focusing on effective risk management and internal controls to protect shareholder rights[117]. - The company has established an audit committee since 1999, consisting of four members, mostly independent non-executive directors, to oversee financial reporting and risk management systems[136]. - The company has implemented a structured delegation of authority to various committees to streamline responsibilities and enhance governance[134]. - The company is committed to hiring and retaining top management and employees to strengthen its gaming and hotel executive team[113]. - The company emphasizes the importance of independent judgment and sufficient commitment from non-executive directors in the selection process[145]. Visitor and Event Management - The company hosted approximately 460 performances and events in 2024, including major events like the UFC Fight Night and the International Table Tennis Federation World Cup[51]. - The Galaxy International Convention Center and Galaxy Arena are positioned to capture the growing trend of entertainment events, with an estimated ticket sales revenue of MOP 1.1 billion from 240 concerts in 2023[51]. - International visitor numbers to Macau are expected to increase by 66% year-on-year to 2.4 million in 2024[51]. - The central government has expanded the list of cities eligible for the Individual Visit Scheme to 59, covering a population of about 500 million[52]. Operational Efficiency - The introduction of electronic gaming tables across all casinos is anticipated to enhance operational efficiency and customer management[53]. - The company is evaluating a series of upgrades at the StarWorld Hotel, including enhancements to the gaming floor and dining options[53]. - The company aims to enhance operational efficiency in the gaming and entertainment business through continuous development of management talent[116]. - The internal audit department conducts regular independent evaluations of the risk management and internal control systems to provide assurance to the board[160].

Core Insights - The report highlights a significant decline in major stock indices, with the Hang Seng Index dropping by 2.35% to 23,344.25 and H-shares down by 2.65% to 8,616.05, reflecting ongoing uncertainties in US-China trade relations [2][7] - Economic indicators show a mixed performance, with Hong Kong's exports increasing by 15.4% year-on-year in February, while imports rose by 11.8% [8] - The report notes that the global economic outlook remains cautious, with the Boao Forum projecting Asia's weighted real GDP growth rate to rise to 4.5% this year, slightly above last year's 4.4% [10] Market Performance - The Hang Seng Index and H-shares experienced significant declines, with the former down 2.35% and the latter down 2.65% [2] - The Shanghai Composite Index and Shenzhen Component Index also fell, with the latter showing a larger decline [7] - Northbound trading in the Shanghai Stock Connect showed a net buy of 8.479 billion HKD, while the Shenzhen Stock Connect recorded a net buy of 5.416 billion HKD [7] Economic Indicators - Hong Kong's export growth for February was reported at 15.4%, significantly higher than the market expectation of 1.7% [8] - The US consumer confidence index for March was reported at 92.9, below the expected 94.0 [8] - The IFO business climate index in Germany remained stable at 86.7, indicating a cautious outlook for the European economy [8] International Economic News - Former Fed Vice Chair Lael Brainard indicated that there is still room for a 25 basis point rate cut, suggesting that the Fed is in a favorable position for policy adjustments [10] - Trump's chief economic advisor downplayed the short-term impact of tariffs on the US economy, suggesting that the effects would primarily affect foreign economies [10] - The European Central Bank's officials expressed concerns about the high risks of economic downturn in the Eurozone [10] Corporate News - Standard Chartered's CFO indicated that net interest income growth is expected to face pressure this year, but the bank plans to leverage its customer network to boost fee income [9] - XPeng Motors announced a patent for a bipedal robot, addressing technical challenges in maintaining a single-leg stance [9] - Galaxy Entertainment is considering a multi-billion dollar investment in a proposed casino and entertainment complex in Bangkok, reflecting optimism in the post-pandemic tourism recovery [9]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the cryptocurrency market, particularly focusing on Bitcoin, and its relationship with traditional assets like gold and the stock market. It also touches on the Hong Kong stock market as a platform for global capital allocation. Core Points and Arguments Bitcoin as an Alternative Asset - Bitcoin has transitioned from being primarily driven by retail speculation to being influenced by institutional investment and U.S. dollar liquidity, showing a negative correlation with U.S. real interest rates [3][4][5] - The price of Bitcoin is highly correlated with mining costs, which increase with greater computational power [3][4] - Bitcoin's long-term annualized return can exceed 80%, but it also exhibits a volatility rate over 60%, posing challenges for institutional investors [5][6] Relationship with Gold - Gold prices are influenced by multiple factors, including central bank purchases, U.S. fiscal deficits, and market dynamics, with a mid-term target price of $3,100 to $3,200 [3][19] - Central bank gold purchases have altered the supply-demand dynamics in the gold market, particularly with China reducing U.S. Treasury holdings while increasing gold reserves [21][22] - The creditworthiness of the U.S. dollar significantly impacts gold prices, with high fiscal deficits undermining dollar credibility and pushing gold prices higher [23][24] Market Dynamics and Risks - Bitcoin faces risks from technological vulnerabilities, potential competition from superior cryptocurrencies, and significant sell-offs by large holders (whales) [8][9] - The correlation between Bitcoin and the Nasdaq index has strengthened since 2020, indicating that both are influenced by macro liquidity conditions [5][15] - The tightening of U.S. dollar liquidity is expected to support gold and Bitcoin prices in the near term [12] Hong Kong Stock Market - The Hong Kong stock market is positioned as a crucial platform for global capital allocation, with mechanisms like ETF cross-listing facilitating cross-border investments [35][36] - The market has seen a significant increase in cross-border investment activities, with a notable rise in the proportion of southbound capital [35][41] - The future of the Hong Kong market is expected to be shaped by its role as an international financial center, with ongoing developments in ETF products and cross-border investment channels [39][40] Other Important but Possibly Overlooked Content - The potential for AI technology to enhance productivity in various sectors, including logistics and transportation, is highlighted as a significant trend that could impact market dynamics [55] - The ongoing geopolitical tensions and their effects on gold demand and pricing are noted, with a focus on how these factors could influence investment strategies [28][29] - The historical context of gold price fluctuations and the factors leading to significant market corrections are discussed, providing insights into potential future trends [32][34] This summary encapsulates the key insights from the conference call, focusing on the cryptocurrency market, particularly Bitcoin, its relationship with gold, and the evolving role of the Hong Kong stock market in global capital allocation.

Investment Rating - The report maintains a "Strong Outperform" rating for the social services sector [6]. Core Insights - The government emphasizes boosting consumption and investment to expand domestic demand, aiming to make it a primary driver of economic growth [1][4]. - The report highlights the importance of optimizing the consumption environment and enhancing service supply in sectors like health, elderly care, and tourism [4]. - The report notes a significant increase in domestic tourism, with Heilongjiang province expecting to receive 135.08 million visitors in the 2024-2025 winter season, a year-on-year growth of 18.5% [5]. Summary by Sections Market Performance - The consumer services sector saw a weekly increase of 3.27%, outperforming the Shanghai Composite Index by 1.72 percentage points [2]. - The commercial trade sector had a modest increase of 0.48%, underperforming the Shanghai Composite Index by 1.08 percentage points [2]. Sector Performance - The outbound tourism sector led with a 9.04% increase, while hotels, restaurants, and scenic spots showed varied performance [3]. - The e-commerce and services sector also performed well, with a 3.90% increase, indicating strong consumer engagement [3]. Policy and Regulatory Developments - The government plans to implement special actions to boost consumption, including measures to enhance consumer capacity and improve the consumption environment [4]. - The report mentions the allocation of 300 billion yuan in special government bonds to support the replacement of old consumer goods [4]. Investment Recommendations - The report suggests monitoring the duty-free sector closely, especially with the expected decline in sales in early 2025, while also noting the potential benefits from policy optimizations [37]. - The hotel sector is expected to stabilize in 2025, with a focus on improving operational efficiency and managing supply pressures [39]. - The restaurant sector faces challenges but may see improvements in efficiency and market dynamics as competition evolves [42].