Core Viewpoint - MGM China is expected to achieve a net revenue of HKD 9.617 billion in Q4 2025, reaching 169% of the level seen in the same period of 2019 [1] Financial Performance - Adjusted EBITDA is projected to be HKD 2.753 billion, exceeding market expectations of HKD 2.449 billion [1] - Total gaming revenue for MGM Cotai and MGM Macau has recovered to 214% and 104% of the levels seen in the same period of 2019, respectively [1] Analyst Ratings - The firm maintains its EBITDA forecasts for MGM China for 2026 and 2027, sustaining an "outperform" rating with a target price of HKD 16.1 [1]

智通财经APP获悉，中金发布研报称，维持美高梅中国(02282) 2026年及2027年EBITDA预测。公司当前 股价对应6倍2026e EV/EBITDA。该行维持"跑赢行业"评级及16.10港元目标价，对应8倍2026e EV/EBITDA，目标价较当前股价具备23%的上行空间。 中金主要观点如下： 美高梅中国品牌使用费由月度净收入的1.75%上调至3.5%，20年期，自2026年起生效，按月支付，品牌 使用费的年度上限逐年钉定。2026 年美高梅中国的品牌使用费支付上限为 1.88 亿美元（2025年支付上 限为 6,000 万美元）。 新协议下，品牌使用费的经济利益由美高梅度假集团获得 66.7%，何超琼女士获得 33.3%。该行预计， 新的品牌使用费率的定价及年度支付上限或对公司净利润造成较大不利影响（相当于对中金预测净利润 造成约14%的拖累）。 管理层业绩会上表示，2026 年春节假期（ 2026 年 2 月 17 日起）酒店预订表现强劲，春节前业务表现 亦较为稳健。 风险提示： 复苏速度低于预期；行业竞争加剧导致市场份额流失。 4Q25 经调整EBITDA好于Visible Alpha一致预 ...

我们预计，新的品牌使用费率的定价及年度支付上限或对公司净利润造成较大不利影响（相当于对中金 预测净利润造成约14%的拖累）。 管理层业绩会上表示，2026 年春节假期（ 2026 年 2 月 17日起）酒店预订表现强劲，春节前业务表现亦 较为稳健。 机构：中金公司 研究员：吴昇勇/王嘉钰/侯利维 4Q25 经调整EBITDA 好于Visible Alpha 一致预期 美高梅中国公布4Q25 业绩：净收入为96.17 亿港元（同比上升21%，环比上升13%），恢复至4Q19 水 平的169%；经调整EBITDA 为27.53 亿港元（同比上升29%，环比上升16%），恢复至4Q19 水平的 177%，高于Visible Alpha 一致预期的24.49亿港元。我们认为，美高梅中国的表现主要得益于高端业务 持续超预期，美狮美高梅及澳门美高梅总博彩收入分别恢复至4Q19水平的214%和104%。 发展趋势 4Q25，美高梅中国与美高梅度假集团（MGM US）签署新的长期品牌协议1（20 年期，自2026 年起生 效），品牌使用费由月度净收入的1.75%上调至3.5%，按月支付，品牌使用费的年度上限逐年钉定。 202 ...

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite challenges in Q3 2025 due to high base effects and typhoon impacts [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year increase of 17.4% but a quarter-on-quarter decrease of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year growth of 19.6% but a quarter-on-quarter decline of 5.5% [2] - For the first three quarters of 2025, total revenue reached HKD 25.17 billion, with a year-on-year growth of 7.3%, and adjusted EBITDA was HKD 7.25 billion, reflecting a year-on-year increase of 4.6% [2] Group 2: Market Share and Strategy - The company's market share reached a high level in Q2, and there was a notable recovery in market share during October, particularly during the Golden Week [1] - The company is expected to continue benefiting from its mid-to-high-end customer acquisition strategy and operational capabilities [1] - Revenue projections for 2025, 2026, and 2027 are estimated at HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1]

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite a decline in revenue and EBITDA in Q3 2025 due to high base effects and typhoon impacts, with a positive outlook for Q4 2025 [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year growth of 17.4% but a quarter-on-quarter decline of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year increase of 19.6% but a quarter-on-quarter decrease of 5.5% [2] - The adjusted EBITDA margin for Q3 2025 was 27.9%, reflecting a year-on-year increase of 0.5 percentage points but a quarter-on-quarter decline of 1.1 percentage points [2] Group 2: Segment Performance - Revenue from MGM Macau and MGM Cotai in Q3 2025 was HKD 3.39 billion and HKD 5.12 billion, respectively, with year-on-year growth of 11.6% and 21.5% [2] - Adjusted EBITDA for MGM Macau and MGM Cotai was HKD 0.91 billion and HKD 1.46 billion, with year-on-year growth of 14.1% and 23.3% [2] Group 3: Future Projections - The company is expected to generate revenues of HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1] - The adjusted EBITDA projections for 2025, 2026, and 2027 are HKD 9.5 billion, HKD 9.7 billion, and HKD 10.0 billion, with year-on-year growth rates of 5.0%, 2.4%, and 2.9% [1]

Core Viewpoint - MGM China Holdings Limited reported its unaudited financial results for the third quarter ending September 30, 2025, showing significant growth in revenue and adjusted EBITDA compared to the previous year [1] Financial Performance - Total revenue for the third quarter was approximately HKD 8.51 billion, representing a year-on-year increase of 17.39% [1] - Adjusted EBITDA for the third quarter was approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] - Net income for the third quarter was approximately USD 1.088 billion, marking a year-on-year increase of 17.03% [1] Segment Performance - Revenue from MGM Macau was approximately HKD 3.394 billion, with a year-on-year increase of 11.64% [1] - The occupancy rate for MGM Macau was 92.6%, a decrease of 2.4 percentage points year-on-year [1] - RevPAR (Revenue per Available Room) for MGM Macau was HKD 2,481, a decrease of 1.12% year-on-year [1] - Revenue from MGM Cotai was approximately HKD 5.115 billion, showing a year-on-year increase of 21.54% [1] - The occupancy rate for MGM Cotai was 94%, an increase of 0.1 percentage points year-on-year [1] - RevPAR for MGM Cotai was HKD 2,111, a decrease of 1.49% year-on-year [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 我們的控股股東美高梅國際酒店集團 截至2025年9月30日止第三季度的未經審核業績 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所 有限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2025年10月29日（紐約時間下午4時15分） 或前後公佈其截至2025年9月30日止第三季度的未經審核業績，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財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消息條文及香港 ...

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 2282 6028, 40258, 40634, 5036 內幕消息 我們的控股股東美高梅國際酒店集團 截至2025年3月31日止第一季度的未經審核業績 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所有 限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2025年4月30日（紐約時間下午4時15分）或前 後公佈其截至2025年3月31日止第一季度的未經審核業績，其中包括根據美國公認會 計原則編制及呈列的美高梅中國控股有限公司財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消息條文及香港聯合交易所有限公司（「香港聯交所」）證券上市規則 第13.09及37.47B條刊發。 美高梅中國的控股股東美高梅國際酒店集團 ...