[Table_Title] 研究报告 Research Report 30 Oct 2025 MGM China MGM China (2282 HK) 25Q3 业绩稳健，市场份额环比略有下滑 25Q3 Performance was Stable with Slight QoQ Decline in Market Share 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件: 美高梅国际酒店集团发布美高梅中国25Q3业绩，公司实现总收益85.1亿港元，同比提升17.4%；经调整EBITDA 达 23.7 亿港元，同比提升 19.6%，对应经调整 EBITDA 利润率为 27.9%，同比提升 0.52 个百分点。截至 25Q3，公司 总收益达 251.7 亿港元，同比提升 7.3%；经调整 EBITDA 达 72.5 亿港元，同比提升 ...

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decrease in total revenue for the six months ending June 30, 2025, with an expected decline of approximately 12% compared to the same period in 2024, primarily due to reduced revenue from gaming operations [1] Financial Performance - The company anticipates a loss of approximately HKD 1.421 billion for the reporting period, a substantial increase from a loss of about HKD 110 million in the same period last year [1] - The major increase in losses is attributed to a significant impairment loss of approximately HKD 1.288 billion related to the value of the Macau Fisherman's Wharf, due to the expiration of the service agreement with SJM Holdings Limited on December 31, 2025 [1] - Excluding the impact of the impairment loss and related deferred tax effects, the expected loss for the reporting period is projected to increase by about HKD 23 million (approximately 21%) compared to the previous year, mainly due to a decrease of approximately HKD 30 million in adjusted EBITDA from gaming operations [1]