Investment Rating - The report maintains a "Buy" rating for the gaming industry, specifically for Sands China, due to its resilient performance and aggressive reinvestment strategies [6][3]. Core Insights - In Q2 2025, Macau's gaming gross revenue increased by 8% year-on-year, recovering to 83% of 2019 levels. VIP gaming revenue rose by 23%, while mass market gaming revenue grew by 4% compared to 2019 [6][3]. - Sands China reported net revenue of $1.8 billion, a 3% year-on-year increase and a 5% quarter-on-quarter increase. Adjusted EBITDA was $559 million, down 1% year-on-year but up 3% quarter-on-quarter, recovering to 73% of 2019 levels [6][3]. - The company has implemented aggressive customer reinvestment projects since late April, which have positively impacted performance in May and June. The Londoner project, with 2,405 newly renovated hotel rooms, aims for an annualized EBITDA of $1 billion, achieving $630 million as of Q2 2025 [6][3]. Summary by Sections 1. Overseas Social Services - Sands China's Q2 2025 performance reflects resilience in the gaming sector, driven by limited supply, concert events, and high-end customer demand [6][3]. - The report highlights key companies to watch, including Ctrip, Tongcheng Travel, MGM China, Galaxy Entertainment, and Sands China [7]. 2. Overseas Pharmaceuticals - WuXi Biologics expects a revenue growth of approximately 16% in H1 2025, with a gross margin increase of about 3.6% and a net profit growth of around 56% [10][11]. - WuXi AppTec anticipates revenue growth exceeding 60% in H1 2025, with adjusted net profit growth over 67% [10]. - The report emphasizes the importance of clinical trial advancements and partnerships in the pharmaceutical sector, particularly for companies like Kintor Pharmaceutical and BeiGene [12][14]. 3. Overseas Education - The education index rose by 1.4% in the week of July 18-24, underperforming the Hang Seng Index by 4.2 percentage points [16]. - The report suggests focusing on vocational education companies, particularly China Oriental Education, due to a rebound in training demand and operational adjustments [18][19]. - Key companies in the education sector include New Oriental, TAL Education, and Gaotu, with expectations of improved profitability and market share [18][19].