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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 內幕消息公告 截至2025年12月31日止年度及季度的 若干未經審核財務資料 恢復買賣 本公告乃根據上市規則第13.09(2)條及香港法例第571章證券及期貨條例第XIVA部的 內幕消息條文（定義見上市規則）而作出。 我們的控股股東美高梅國際酒店集團已於2026年2月4日（紐約時間下午十二時二十分） 或前後於紐約證券交易所刊發第四季度及截至2025年12月31日止年度的若干初步未 經審核財務資料，其中包括根據美國公認會計原則編製及呈列的美高梅中國控股有限 公司若干未經審核財務資料。 恢復買賣 | | 截至以下日期止三個月 | | 截至以下日期止十二個月 | | | --- ...

Core Viewpoint - The company will adopt Chinese Accounting Standards for its financial reporting starting from the 2025 annual financial report, aiming to enhance disclosure efficiency and reduce costs [1][2]. Group 1: Financial Reporting Changes - The company will unify its financial reporting by using Chinese Accounting Standards due to the substantial convergence with International Financial Reporting Standards [1][2]. - This change is expected to simplify the financial preparation process and save on disclosure and audit costs [1]. Group 2: Audit Firm Appointment - The company has appointed Crowe (Hong Kong) CPA Limited as the auditor for its H-share issuance and listing on the Hong Kong Stock Exchange, with the appointment concluding after the completion of the listing on October 28, 2025 [1]. - The audit firm Crowe (Special General Partnership) has been recognized by the Ministry of Finance and the China Securities Regulatory Commission, allowing it to provide audit services under Chinese mainland standards [2]. Group 3: Board Approval - The entire audit committee and board of directors unanimously agree that the adoption of Chinese Accounting Standards will not adversely affect the authenticity and accuracy of financial reports or investor decision-making [2]. - The decision to not appoint a separate overseas audit firm for the 2025 financial year was made based on the qualifications of the domestic audit firm [2].

Core Viewpoint - The International Financial Reporting Standards Foundation has renewed its memorandum of understanding with the Chinese Ministry of Finance, ensuring continued support for the International Sustainability Standards Board (ISSB) in China and other developing and emerging economies [1][2]. Group 1: Memorandum Renewal - The renewal of the memorandum was completed during Erkki Liikanen's visit to Beijing on December 10 and 11, as part of a week-long trip to Asia [2]. - The Beijing office of the Foundation will continue to be responsible for ISSB-related work and support capacity building and innovative practices in China [1][2]. Group 2: Leadership Changes - Erkki Liikanen welcomed the appointment of Zhang Minwen as the special advisor to the ISSB Chair and the director of the Beijing office [2]. - Zhang Minwen has extensive experience in international economics, finance, and development cooperation, having represented the Chinese Ministry of Finance in various multilateral mechanisms [2]. Group 3: Future Directions - Liikanen emphasized the importance of the Beijing office in advancing ISSB standards in China and deepening cooperation in the world's second-largest economy [2]. - The renewal of the memorandum ensures that the work will continue under the leadership of the new office director, Zhang Minwen [2].

Group 1 - The Ministry of Finance has issued an opinion to strengthen the implementation of accounting laws and the national unified accounting system, consisting of seven parts and fifteen aspects [3][5] - The first part outlines the overall requirements, clarifying the guiding ideology and main objectives [5] - The second part specifies the accounting responsibilities of the unit as the accounting entity, including handling accounting affairs, strengthening organizational and personnel arrangements, and conducting internal supervision [5] Group 2 - The third part defines the responsibilities of relevant personnel within the unit, including the unit leader, chief accountant, accounting staff, and other personnel [5] - The fourth part details the responsibilities of accounting service institutions, including bookkeeping agencies, accounting firms, and software service providers [5] - The fifth part clarifies the regulatory responsibilities of government departments, including financial and supervisory departments [5] Group 3 - The sixth part emphasizes the self-regulatory responsibilities of industry associations, such as the CPA association and bookkeeping industry association [5] - The seventh part calls for strengthening organizational leadership, requiring regions and departments to conduct training and ensure implementation [5] - The document also highlights the importance of maintaining and consistently applying international financial reporting standards and updates from the International Financial Reporting Standards Interpretations Committee [6]

Core Viewpoint - The company reported a significant decline in coal business revenue and profit for the first nine months of 2025 compared to the same period in 2024, primarily due to falling coal prices and reduced sales volume [6][8][10]. Financial Performance - For the first nine months of 2025, the coal business achieved operating revenue of 89.33 billion yuan, a decrease of 28.52 billion yuan or 24.2% compared to 117.85 billion yuan in the same period of 2024 [6][7]. - The revenue from self-produced coal sales was 48.13 billion yuan, down 9.18 billion yuan or 16.0% year-on-year, mainly due to a price drop of 97 yuan per ton [6][7]. - The operating cost for the coal business was 66.81 billion yuan, a reduction of 21.79 billion yuan or 24.6% compared to 88.60 billion yuan in the previous year [7][8]. - The gross profit for the coal business was 22.52 billion yuan, down 6.73 billion yuan or 23.0% from 29.25 billion yuan in the same period last year [8][9]. Production and Sales Data - The total sales volume of coal for the first nine months of 2025 was 14.45 million tons, an increase from 12.94 million tons in the same period of 2024 [9]. - The unit sales cost of self-produced coal was 257.67 yuan per ton, a decrease of 28.93 yuan per ton or 10.1% year-on-year [9]. Shareholder Information - As of September 30, 2025, the company held 7,614,346,308 A-shares, accounting for 57.43% of the total issued share capital [10][11]. - The company’s major shareholders include China Coal Energy Group, which holds approximately 58.43% of the total issued share capital through its subsidiaries [10][11]. Board Meeting Decisions - The board approved the third-quarter report for 2025 with unanimous support [15][16]. - The board also approved the acquisition of a 30% stake in Shanxi Zhongmei Pingshuo New Energy Co., Ltd. for 114.93 million yuan [15][16]. - Additionally, the board approved revisions to the senior management compensation management measures and the compensation plans for 2024 and 2025 [17][19].

Core Viewpoint - There is a significant discrepancy between the financial data reported in the Hong Kong IPO prospectus and the A-share annual report of Shouchuang Securities, with a total revenue difference of 31 billion yuan for the years 2022-2024 [1] Financial Data Discrepancy - The total revenue disclosed in the Hong Kong IPO prospectus for 2022-2024 is 91.16 billion yuan, while the A-share annual report shows a total of 59.33 billion yuan for the same period [1] - The difference in revenue represents a variation of between one-third to one-half [1] Accounting Standards - The financial report in the Hong Kong IPO prospectus is prepared based on International Financial Reporting Standards (IFRS), which includes various income sources such as commission income, interest income, investment income, and other gains and losses [1] - The A-share financial report is based on Chinese Accounting Standards, which reports net commission income and net interest income, among other categories [1] Source of Discrepancy - The primary reason for the discrepancy lies in how commission and interest expenses are treated, either as deductions from revenue or as total expenses [1] - Differences in segment reporting of income and expenses are also attributed to the varying accounting standards used [1]

Group 1 - The article summarizes important developments and hot topics in accounting for Q3 2025, providing insights into the latest trends in the field [2] - It includes updates from various regulatory bodies such as the Ministry of Finance and the China Securities Regulatory Commission, highlighting new guidelines and reports [4] - The article discusses the IFRS Foundation's updates on accounting standards and the implementation of sustainable reporting guidelines [4] Group 2 - The Ministry of Finance released a draft for public consultation regarding the implementation of accounting standards for insurance contracts [4] - The China Securities Regulatory Commission published a regulatory report on annual reports of listed companies, indicating ongoing oversight in financial reporting [4] - The International Accounting Standards Board initiated a post-implementation review of IFRS 16, reflecting a commitment to continuous improvement in accounting standards [4]

Group 1 - IFRS 19 is a simplified disclosure standard within the IFRS family aimed at reducing reporting costs for eligible subsidiaries by allowing them to adopt less complex disclosure requirements while maintaining the same recognition and measurement rules [1][2][20]. - The standard is voluntary, meaning eligible companies can choose whether or not to adopt it [2]. Group 2 - Eligible subsidiaries must meet two criteria: they do not have public accountability (i.e., their stocks or bonds are not publicly traded) and their parent company prepares consolidated financial statements in accordance with full IFRS [3]. - The adoption of IFRS 19 can help eliminate the complexity of dual reporting, where subsidiaries maintain two sets of accounts to meet different reporting requirements [4][5][7]. Group 3 - IFRS 19 can significantly reduce the disclosure burden for subsidiaries currently using full IFRS, as it allows them to reduce the amount of information they need to disclose by over 70%, according to IASB assessments [12][21]. - This reduction in disclosure requirements can lead to substantial savings in time and auditing costs for subsidiaries [13][21]. Group 4 - The benefits of adopting IFRS 19 depend on several factors, including the current accounting policies used by the company, the internal financial reporting systems, the number of subsidiaries opting for IFRS 19, and the scale and complexity of the subsidiary's operations [14][16][18]. - Companies may incur one-time transition costs when adopting the new standard, such as adjusting financial reporting systems and identifying new disclosure requirements [18][19]. Group 5 - IFRS 19 serves as a "disclosure relief package" for non-public companies within a group that reports under IFRS, simplifying their reporting process and potentially leading to significant cost savings [20][21].

Group 1 - The China Securities Regulatory Commission (CSRC) has released the "Accounting Regulatory Report for Annual Financial Reports of Listed Companies in 2024," indicating that listed companies generally comply well with accounting standards and financial disclosure rules, although some companies have errors in accounting treatment or financial disclosures related to revenue, long-term equity investments, business combinations, financial instruments, asset impairment, and non-recurring gains and losses [3] - The International Accounting Standards Board (IASB) has provided updates on its agenda, including research and standard-setting activities, maintenance and consistent application of standards, and governance strategies [4] - The International Sustainability Standards Board (ISSB) has outlined its work plan, including revisions to greenhouse gas emissions disclosure, and has published materials related to the application of international financial reporting standards [5][6] Group 2 - The latest updates from the IASB include topics such as financial instruments with equity characteristics, business combinations, cash flow statements, and indicators for assessing hyperinflationary economies [6] - The ISSB is focusing on biodiversity, ecosystems, and human capital as part of its sustainability reporting initiatives [7] - The IASB has released a climate-related example and a financial reporting example for real estate companies for 2024 [9]

Core Insights - The publication aims to provide analytical opinions on accounting treatments based on China's accounting standards and international financial reporting standards, referencing other capital market practices when necessary [3] - The book is intended to help market participants better understand the relevant regulations of China's accounting standards and international financial reporting standards, facilitating effective professional judgment [3] - The initiative encourages all participants in the capital market to enhance research on accounting issues faced by listed companies, promoting the improvement of financial information disclosure quality [3]