Core Viewpoint - The recent closure of the Emperor Palace Casino in Macau marks a significant shift in the local gaming landscape, with implications for the Emperor Group and its financial health [1][2][9]. Group 1: Company Operations - Emperor Palace Casino ceased operations on October 30, 2023, at 23:59, following a termination agreement between its subsidiary, Tianhao, and AUB [2][9]. - The Emperor Entertainment Hotel will continue its hotel business, including properties like the Emperor Scenic Hotel in Hong Kong, despite the casino closure [10]. - The casino was known for its lavish opening in 2006, featuring a lobby adorned with 78 kilograms of gold, and had generated approximately HKD 1.2 billion in revenue for the fiscal year ending March 31, 2007 [10]. Group 2: Financial Performance - Emperor International reported a total revenue of HKD 1.375 billion for the fiscal year ending March 31, 2025, a 41.5% increase from the previous year, but the net loss increased from HKD 20.28 billion to HKD 48.4 billion, a 138% rise [13][15]. - As of March 31, 2023, Emperor International had HKD 16.6 billion in overdue bank loans, raising concerns about its ongoing viability [15]. - The company has been actively selling assets to improve its financial situation, including properties in Hong Kong and London, with significant price reductions [16][18]. Group 3: Industry Context - The closure of the Emperor Palace Casino is part of a broader trend, as other operators like AUB and Melco International have also announced the cessation of operations at satellite casinos [5][6]. - The gaming industry in Macau is facing increased competition and regulatory scrutiny, impacting the profitability of existing casinos [10].

Core Viewpoint - SINO HOTELS (01221) announced a final dividend of HKD 0.015 per share for the year ending June 30, 2025, to be distributed on December 3, 2025 [1] Company Summary - The company will distribute the final dividend on December 3, 2025 [1] - The dividend amount is set at HKD 0.015 per share [1] - This dividend pertains to the financial year ending June 30, 2025 [1]

Core Insights - The Peninsula Hotels reported average revenue per available room (RevPAR) for Q3 2025, with the Greater China region at HKD 2,477, other Asian regions at HKD 2,011, the United States at HKD 5,994, and Europe at HKD 9,234 [1] - Average room rates for Q3 2025 were HKD 3,697 in the Greater China region, HKD 3,136 in other Asian regions, HKD 8,113 in the United States, and HKD 13,547 in Europe [1] - Occupancy rates for Q3 2025 were 67% in the Greater China region, 64% in other Asian regions, 74% in the United States, and 68% in Europe [1]

Core Viewpoint - The economic hotel sector in China is facing significant challenges, with many brands, including Pudong Hotel, being forced to exit the market due to financial difficulties and declining performance metrics like RevPAR (Revenue per Available Room) [3][4][5]. Group 1: Economic Hotel Sector Decline - The economic hotel segment is experiencing a collective retreat, with projections indicating that by the end of 2024, the share of economic rooms will drop to 54% [4]. - Major hotel chains like Jinjiang, Shoulv, and Huazhu have added over 3,400 hotels in the past year, with less than 600 being economic hotels, representing only 17.6% of new additions [4]. - The average room rates for these major chains have increased significantly, while occupancy rates for mid-to-high-end hotels have surpassed those of economic hotels [4][5]. Group 2: Vulnerabilities of Economic Hotels - Economic hotels have a fragile business model characterized by low pricing power and limited revenue elasticity, making them more susceptible to market fluctuations [7][8]. - The pricing structure of economic hotels is constrained, with limited ability to increase rates compared to mid-to-high-end hotels, which can offer additional services and amenities [9][10]. - Economic hotels often suffer from high competition and low differentiation, leading to a scenario where they are unable to capitalize on peak demand periods effectively [11][12]. Group 3: Market Dynamics and Trends - The hotel industry has seen a shift towards higher-end offerings, with mid-to-high-end hotels gaining market share and occupancy rates [31][33]. - The consolidation of the hotel market has led to increased chain hotel prevalence, with the top three hotel groups controlling 75% of room inventory by 2016 [20][22]. - The pandemic has accelerated the decline of weaker economic hotels, while stronger chains have expanded their market presence, increasing the overall chain hotel rate to over 40% [26][29]. Group 4: Future Outlook - The economic hotel sector is likely to continue facing challenges as consumer preferences shift towards mid-to-high-end accommodations, driven by both supply-side and demand-side factors [35][36]. - The ongoing trend of increasing chain hotel rates and occupancy for higher-end hotels suggests a potential long-term decline for the economic hotel segment [39].

Core Viewpoint - Peninsula Hotels reported occupancy rates and average room rates across various regions for Q3 2025, indicating a mixed performance in the hospitality sector [1] Group 1: Occupancy Rates - The occupancy rate for Peninsula Hotels in Greater China was 67% [1] - Other Asian regions had an occupancy rate of 64% [1] - The occupancy rate in the United States was 74% [1] - Europe reported an occupancy rate of 68% [1] Group 2: Average Room Rates - The average room rate in Greater China was HKD 3,697 [1] - Other Asian regions had an average room rate of HKD 3,136 [1] - The average room rate in the United States was HKD 8,113 [1] - Europe had the highest average room rate at HKD 13,547 [1] Group 3: Average Revenue per Available Room (RevPAR) - Average revenue per available room in Greater China was HKD 2,477 [1] - Other Asian regions reported an average RevPAR of HKD 2,011 [1] - The United States had an average RevPAR of HKD 5,994 [1] - Europe reported an average RevPAR of HKD 9,234 [1] Group 4: Rental Property Performance - The residential rental rate was 47% [1] - The shopping mall rental rate was notably high at 132% [1] - The office building rental rate stood at 68% [1] Group 5: Average Monthly Revenue per Square Foot - Average monthly revenue for residential properties was HKD 94 per square foot [1] - Shopping malls generated an average monthly revenue of HKD 89 per square foot [1] - Office buildings had an average monthly revenue of HKD 76 per square foot [1]

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，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 THE HONGKONG AND SHANGHAI HOTELS, LIMITED （於香港註冊成立的有限公司） （股份代號：45） 未經審核營運數據 – 2025 年第三季度 香港上海大酒店有限公司 (「本公司」) 的 2025 及 2024 年季度未經審核營運數據如下： 半島酒店 | 每平方呎每月平均租金(港元) | 2025 | | | | 2024 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一季 | 第二季 | 第三季 | 第四季 | 第一季 | 第二季 | 第三季 | 第四季 | | 住宅 | 46 | 47 | 47 | | 45 | 45 | 46 | 46 | | 商場 | 136 | 130 | 132 | | 140 | 133 | 135 | 134 | | 辦公大樓 | 67 | 67 ...

Core Viewpoint - The recent closure of the Emperor Palace Casino in Macau marks a significant shift in the local gaming industry, reflecting ongoing challenges faced by the Emperor Group and its subsidiaries [1][3][6]. Group 1: Company Operations - Emperor Entertainment Hotel announced the termination of its gaming operations at the Emperor Palace Casino, effective October 30, 2023, following an agreement with its subsidiary, Tianhao, and Aoyou [1][6]. - The Emperor Palace Casino, which opened on January 20, 2006, was once a prominent player in Macau's gaming sector, generating approximately HKD 1.2 billion in revenue for the fiscal year ending March 31, 2007 [9]. - Despite the closure of the casino, Emperor Entertainment Hotel plans to continue its hotel operations, maintaining stable income from its hotel and rental apartment businesses [9]. Group 2: Financial Challenges - Emperor International reported a significant increase in losses, with the loss rising from HKD 20.28 billion to HKD 48.4 billion year-on-year, marking a 138% increase [13]. - The company faces a severe debt crisis, with HKD 16.6 billion in bank loans overdue or in violation of terms, raising concerns about its ongoing viability [14]. - To address its financial situation, the Emperor Group has been actively selling properties, including residential projects in Hong Kong and properties in Macau, to improve liquidity [16][17]. Group 3: Market Impact - Following the announcement of the casino's closure and the financial difficulties faced by Emperor International, the stock prices of Emperor Group and its subsidiaries experienced a significant decline [16]. - The company's recent financial struggles can be traced back to previous operational failures, including the closure of its cinema business in 2022, which had accumulated substantial debts [17].

Core Viewpoint - A game company, Quanzhou Yanqu Network Technology Co., Ltd., acquired the R&F Wanda Hotel in Quanzhou for 331 million yuan, which is 70% of its assessed value of 473 million yuan [1][2] Group 1: Acquisition Details - The hotel has a land area of 183,376.6 square meters and a building area of 47,767.47 square meters, with a planned use for hotel and actual use for commercial, office, and guest rooms [1] - The hotel was auctioned by the Intermediate People's Court of Guangzhou through JD's judicial auction platform [1] - The acquisition price of 331 million yuan is significantly lower than the market reference price of 473 million yuan [1][2] Group 2: Company Background - Quanzhou Yanqu Network Technology Co., Ltd. was established in February 2025 with a registered capital of 1 million yuan, primarily engaged in software and information technology services [1] - The company is controlled by Xiamen Luqu Consulting Management Co., Ltd., which is a wholly-owned subsidiary of Xiamen Yanqu Network Technology Co., Ltd. [1] Group 3: Future Plans - Yanqu Network plans to build a global headquarters building on a recently acquired land parcel in Xiamen, with a total investment of 150 million yuan, expected to start construction in March 2024 and complete by March 2029 [2] - The company has released several games, including "Call Me the Grandmaster" and "Seeking the Dao of the Universe," with more titles planned for future release [2] Group 4: Industry Context - The R&F Wanda Hotel was originally part of Wanda Group and was taken over by R&F Properties in 2017, following a significant acquisition of hotel assets [4] - R&F Properties has faced financial difficulties, leading to the sale of multiple hotel assets since 2022, including properties in major cities like Guangzhou and Beijing [4][5] - As of the end of 2024, R&F Properties' hotel count has decreased significantly to 22, following asset management changes [5]

Group 1 - The market experienced fluctuations, with the tourism, hotel, and pharmaceutical sectors showing gains, while the only pension ETF (516560) remained flat before rising during the day, with a premium rate of 0.37% [1] - Recent data from the Shanghai Stock Exchange indicates that buying interest in the pension ETF (516560) has increased, with net purchases exceeding 10 million yuan over the last four trading days, reflecting strong optimistic sentiment among investors [3] - Key stocks in the pension sector, such as China Duty Free Group and Huatai Medical, saw gains of over 3%, while non-bank financial stocks like China Life and Ping An experienced slight declines [5] Group 2 - The pension ETF (516560) is the only ETF tracking the CSI Pension Industry Index, which includes companies involved in hotel tourism, cultural media, healthcare, and life insurance, reflecting the overall performance of the pension industry chain [6] - The top ten weighted stocks in the pension ETF include companies like Ecovacs, Changbai Mountain, and Xinhu Insurance, indicating a diverse representation of the pension-related sectors [6] - The ice and snow industry is gaining momentum with various initiatives launched in the northeastern provinces to boost the ice and snow economy, with an expected industry output value exceeding 1 trillion yuan by 2025, driven by policy and supply-side benefits [5]

Core Points - Guangdong Province is launching a series of exclusive accommodation discounts and services for participants and visitors during the upcoming 15th National Games, aiming to convert spectator enthusiasm into tourism consumption [1][4] - Over a hundred hotels in Guangdong have introduced "discount" packages, with unique guest experiences tailored to their resources [2][4] - The Guangdong Welcome Hotel, as the official reception hotel, is offering themed packages and special services to create a warm atmosphere for athletes and guests [3][4] Summary by Sections Accommodation Discounts - More than a hundred hotels in Guangdong are participating in the "discount" initiative, providing various packages and unique guest experiences [2][4] - Specific hotels, such as the Zhuhai Yuecai Crowne Plaza, are offering room upgrades and late check-out options for guests with event tickets [2] Special Services - The Guangdong Welcome Hotel is preparing themed packages that include welcome fruits, late-night milk, and special decorations related to the National Games [3] - The hotel features a dedicated dining area for event spectators, offering discounts for those with valid event tickets [3] Economic Impact - Guangdong plans to distribute at least 20 million yuan in cultural tourism consumption vouchers during the New Year period to stimulate local tourism and hospitality sectors [4] - The initiative encourages hotels to create innovative packages that combine event tickets with accommodation, enhancing the overall visitor experience [4]