2025年第二季永利皇宫的经营收益为5.396亿美元，较2024年第二季的5.480亿美元减少840万美元。2025 年第二季永利皇宫经调整后的物业EBITDAR为1.572亿美元，而2024年第二季则为1.845亿美元。中场业 务的赌枱赢额百分比为22.3%，低于2024年第二季录得的23.6%。贵宾赌枱赢额占转码数百分比为 2.86%，低于3.1%至3.4%的物业预期范围，并低于2024年第二季录得的4.10%。 2025年第二季永利澳门的经营收益为3.438亿美元，较2024年第二季的3.373亿美元增加650万美元。2025 年第二季永利澳门经调整后的物业EBITDAR为9,650万美元，而2024年第二季则为9,590万美元。中场业 务的赌枱赢额百分比为17.4%，略低于2024年第二季录得的17.5%。贵宾赌枱赢额占转码数百分比为 3.41%，略高于3.1%至3.4%的物业预期范围，并高于2024年第二季录得的2.19%。 永利澳门(01128)公布控股股东Wynn Resorts,Limited2025年第二季度业绩，澳门业务经营收入约1.28亿美 元，同比减少20.78%。经调整后的物业EBI ...

Core Insights - SMIC (00981.HK) reported Q2 sales revenue of $2.209 billion, a decrease of 1.7% quarter-on-quarter, with a gross margin of 20.4%, down 2.1 percentage points [1] - For the first half of 2025, SMIC's sales revenue reached $4.46 billion, an increase of 22.0% year-on-year, with a gross margin of 21.4%, up 7.6 percentage points compared to the same period last year [1] - SMIC's guidance for Q3 indicates a revenue increase of 5% to 7% quarter-on-quarter, with a gross margin forecast of 18% to 20% [1] Financial Performance - China Mobile (00941.HK) reported a 5.0% increase in net profit to 84.2 billion yuan for the first half of the year, with an interim dividend of HKD 2.75 per share [2] - MGM China (02282.HK) reported a 11.3% decrease in profit attributable to owners, amounting to 2.3833 billion HKD [2] - Huahong Semiconductor (01347.HK) reported a profit of $8 million for Q2, an increase of 19.2% year-on-year and 112.1% quarter-on-quarter [2] - Sihuan Pharmaceutical (00013.HK) reported a net profit of $455 million for the first half of 2025 [2] - Innovent Biologics (01801.HK) reported total product revenue exceeding 5.2 billion yuan for the first half of the year, a growth of over 35% year-on-year [2] Operational Data - Longyuan Power (00916.HK) completed a power generation of 6.33 million MWh in July, representing a year-on-year growth of 2.44% [3] - China Mobile (00941.HK) added 1.499 million new customers in Q2 [4]

Revenue Performance - In Q2 2025, MGM China achieved total revenue of HKD 8.67 billion, an increase of 8.9% year-on-year (YoY) and 8.4% quarter-on-quarter (QoQ) [1][10] - The gaming and non-gaming segments contributed HKD 7.63 billion and HKD 1.04 billion respectively, with YoY changes of +9.5% and +4.5% [2][10] - The revenue from MGM Cotai increased by 12.4% YoY, reaching HKD 5.28 billion, while MGM Macau's revenue grew by 2.8% YoY to HKD 3.38 billion [2][10] Gaming Metrics - The company's gross gaming revenue (GGR) reached HKD 9.83 billion in Q2 2025, up 11.8% YoY, surpassing the industry growth rate of 8.3% [3][12] - VIP gaming revenue saw a significant increase of 46.9% YoY, contributing HKD 1.29 billion to the GGR [3][12] - Total betting amount reached HKD 86.19 billion, reflecting a 12.5% YoY increase, with VIP betting accounting for 44.2% of the total [2][11] EBITDA and Profitability - Adjusted EBITDA for Q2 2025 was HKD 2.51 billion, a 2.8% YoY increase, with an adjusted EBITDA margin of 29.0%, down 1.72 percentage points YoY [4][13] - The adjusted EBITDA for MGM Macau and MGM Cotai was HKD 0.98 billion and HKD 1.54 billion respectively, with margins of 28.8% and 29.0% [4][13] Market Share and Future Outlook - MGM China's market share increased to 16.6% in Q2 2025, up from 15.7% in Q1 2025 [5][14] - The company plans to enhance its offerings with the launch of 28 new high-end villas and the Alpha Club targeting ultra-high-end customers [6][15] Risks - Potential risks include lower-than-expected macroeconomic growth, stricter gaming regulations in Macau, and increased competition in overseas gaming markets [7][16]

Financial Performance - The Interactive segment achieved record quarterly gaming revenue, leading to strong year-over-year improvements in Adjusted Revenue and Adjusted EBITDA[7, 32] - Q2 2025 Adjusted Revenue for the Interactive segment was $178 million, a $28 million increase year-over-year[33] - Q2 2025 Adjusted EBITDA for the Interactive segment improved by $41 million year-over-year[33] - For the first half of 2025, Adjusted Revenue for the Interactive segment was $340 million, a $99 million increase year-over-year[33] - For the first half of 2025, Adjusted EBITDA for the Interactive segment improved by $148 million year-over-year[33] - The company repurchased $115 million of shares year-to-date and aims to repurchase at least $350 million of shares this year[7] Retail Business - The total retail portfolio experienced a 1% revenue growth year-over-year in Q2[9] - Excluding new supply markets, the retail portfolio saw a 4% revenue growth year-over-year in Q2[9] Interactive Segment - Standalone iCasino incrementality is at 73%[39] - Q2 North America iCasino saw a 29% NGR growth year-over-year[39] - Q2 North America iCasino saw a 49% MAU growth year-over-year[39]

Group 1 - MGM China reported interim results on the Hong Kong Stock Exchange, with revenue approximately HKD 16.661 billion, representing a year-on-year increase of 2.73% [2] - The net profit for the period was HKD 2.383 billion, showing a year-on-year decrease of 11.25% [2]

美高梅中国(02282.HK)公布2025年中期业绩，经营收益约166.61亿港元，同比增长2.73%;公司拥有人应 占期间利润23.83亿港元，同比减少11.25%;基本每股盈利62.8港仙，中期股息每股0.313港元。 本文源自：金融界AI电报 ...

Group 1 - MGM China (02282.HK) announced a mid-term dividend of HKD 0.313 per share to be distributed on September 3, 2025 [1]

美高梅中国(02282)公布2025年中期业绩，经营收益约166.61亿港元，同比增长2.73%;公司拥有人应占期 间利润23.83亿港元，同比减少11.25%;基本每股盈利62.8港仙，中期股息每股0.313港元。 公告称，净利减少是由于经营成本与开支上升，以及由美元计值的优先票据所产生的净汇亏损增加所 致。 ...

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.69%, marking a four-day consecutive rise and returning above the 25,000-point level [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 0.55% and 0.26% respectively, indicating a gradual recovery in market sentiment [1] Technology Sector - Major technology stocks served as market indicators, with Alibaba rising by 2.14%, and JD.com and Baidu increasing by 1.7% [1] - Xiaomi, however, saw a decline of nearly 4% as Daiwa projected that Q2 smartphone shipments may fall below expectations [1] Brain-Computer Interface Industry - The Ministry of Industry and Information Technology, along with six other departments, issued implementation opinions to promote innovation in the brain-computer interface industry, leading to significant gains in related stocks [1] - Nanjing Panda Electronics surged over 19%, showcasing strong performance in this sector [1] Gaming and Gambling Sector - The Macau gaming industry is experiencing a robust recovery, with institutional support boosting the performance of gaming stocks [1] - Following a 5% increase in Apple’s stock price in the overnight US market, related stocks in Hong Kong also saw collective strength, with GoerTek rising by 9.6% [1] Other Sectors - Various sectors including gold stocks, property stocks, restaurant stocks, banking stocks, shipping stocks, paper industry stocks, and gas stocks all experienced gains [1] - Conversely, the biopharmaceutical sector saw a collective pullback, with innovative drug stocks like CanSino Biologics, Innovent Biologics, and Junshi Biosciences experiencing notable declines [1] - Other sectors such as military, robotics, steel, and photovoltaic stocks generally faced downward pressure [1]

Market Overview - The Hang Seng Index rose by 0.52%, gaining 130 points to close at 25,041 points, while the Hang Seng Tech Index fell by 0.55% [1] - The early trading volume in the Hong Kong market reached 141.8 billion HKD [1] Apple-Related Stocks - Apple-related stocks saw significant gains due to the impact of Trump's additional 25% tariffs on India, affecting Apple's manufacturing strategy in India [1] - High伟电子 (01415) increased by 9.99%, 鸿腾精密 (06088) rose by 7.24%, and 舜宇光学 (02382) gained 3.7% [1] Gaming Sector - The gaming sector experienced a positive trend, with Macau's July gaming revenue exceeding expectations, leading to favorable outlooks from several major banks [1] - 金沙中国 (01928) rose by 3.68%, 银河娱乐 (00027) increased by 3.11%, and 澳博控股 (00880) gained 3.61% [1] Technology and AI Stocks - 赤子城科技 (09911) surged over 8% following a profit warning, with expectations of at least doubling its net profit in the first half of the year due to AI-enabled diversified social products [1] - 出门问问 (02438) rose over 5%, driven by the success of its TicNote product both domestically and internationally, potentially boosting the company's valuation [1] - 英诺赛科 (02577) increased by 12%, recognized as the world's largest GaN IDM company and recently became a partner with NVIDIA for 800V DC power supplies [1] Retail Sector - 名创优品 (09896) saw an increase of over 4%, as 永辉超市 plans to implement a "胖东来" model transformation for its stores, following the company's previous acquisition of 永辉超市 [1] Company Performance - 上美股份 (02145) rose over 2% to reach a new high, with strong performance forecasts for the first half of the year attributed to channel and brand structure optimization enhancing profit margins [2] - 小米集团-W (01810) fell over 4%, with Nomura noting high market expectations for its automotive business, while富瑞 indicated that its mobile phone business may drag down second-quarter performance [2]