中期股息有惊喜，宣布派发每股股息0.7 港元，派息比率提升到59%；是行业里首家再提升派息的公 司。总体业绩表现亮丽；增长主要由高端中场来带动。 资产负债状况维持非常稳健， 持有净现金为303 亿港元（在行业里是最强大的，相信能支持最新的派息比率)。 机构：第一上海 研究员：王柏俊 25 年第二季度业绩概况：银河净收益同比增长10.3%，环比增长7.5%到120.4 亿港元（恢复到2019 年同 期的91.4%）。 贵宾赌枱转码数同比增长20.8%, 环比增长20.2%（恢复到2019 年同期的31.2%）；中场 博彩收益同比增长6.4%, 环比增长7.1%（为2019年同期的129.2%）。集团经调整EBITDA 同比增长 12.4%，环比增长8.3%到35.7 亿港元（恢复到2019 年同期的82.4%），EBITDA 率为29.6(同比提升 0.5%，环比提升0.2%。 维持买入评级, 目标价49.81 港元: 集团 25 年第二季度业绩亮丽，提升派息比率更是惊喜。 随着智能赌 台的引入和更多产品的推出和优化(尤其是嘉佩乐酒店及度假村的投入)，我们相信集团的市场份额将能 继续回升。由于集团拥有良好的产品 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 49.81, representing a potential upside of 26.61% from the current price of HKD 39.34 [4][5]. Core Insights - The company reported a strong performance in Q2 2025, with net revenue increasing by 10.3% year-on-year and 7.5% quarter-on-quarter, reaching HKD 12.04 billion, which is 91.4% of the revenue from the same period in 2019 [5]. - The adjusted EBITDA grew by 12.4% year-on-year and 8.3% quarter-on-quarter to HKD 3.57 billion, with an EBITDA margin of 29.6% [5]. - The company announced an interim dividend of HKD 0.7 per share, raising the payout ratio to 59%, marking it as the first in the industry to increase dividends [5]. - The company has a robust balance sheet with net cash of HKD 30.3 billion, which supports the increased dividend payout [5]. Financial Summary - Total net income for 2023 was HKD 35,683.6 million, with projections of HKD 43,432.0 million for 2024, HKD 47,197.2 million for 2025, HKD 51,038.1 million for 2026, and HKD 53,549.2 million for 2027, reflecting a growth of 211.0% in 2023 and 21.7% in 2024 [6]. - EBITDA for 2023 was HKD 9,955.0 million, with forecasts of HKD 12,188.0 million for 2024, HKD 13,856.1 million for 2025, HKD 15,179.9 million for 2026, and HKD 16,297.0 million for 2027, showing a year-on-year growth of 22.4% in 2024 [6]. - Net profit for 2023 was HKD 6,828.0 million, with projections of HKD 8,759.2 million for 2024, HKD 10,132.8 million for 2025, HKD 11,160.3 million for 2026, and HKD 12,138.0 million for 2027, indicating a growth of 28.3% in 2024 [6]. Operational Highlights - The company’s VIP gaming table turnover increased by 20.8% year-on-year and 20.2% quarter-on-quarter, while mass gaming revenue grew by 6.4% year-on-year and 7.1% quarter-on-quarter [5]. - The occupancy rates for "Galaxy Macau™" and the StarWorld Hotel were reported at 98% and 100%, respectively [5]. - The company is progressing with the construction of the fourth phase of "Galaxy Macau™," expected to be completed in 2027, which will introduce several high-end hotel brands and a theater with 5,000 seats [5].