| 交易日 | 持股总数 (股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-12-17 | 1.45亿 | 157.95万 | 1.10% | | 2025-12-16 | 1.43亿 | 27.30万 | 0.19% | | 2025-12-15 | 1.43亿 | -17.10万 | -0.12% | | 2025-12-12 | 1.43亿 | 49.90万 | 0.35% | | 2025-12-11 | 1.43亿 | 48.80万 | 0.34% | 证券之星消息，12月17日南向资金增持157.95万股新濠国际发展（00200.HK）。近5个交易日中，获南向资金增持的有4天，累计净增持266.85万 股。近20个交易日中，获南向资金增持的有12天，累计净增持657.15万股。截至目前，南向资金持有新濠国际发展（00200.HK）1.45亿股，占公 司已发行普通股的6.35%。 新濠国际发展有限公司是一家主要从事娱乐场及酒店业务的投资控股公司。该公司通过两个分部运营业务。娱乐场及酒店分部经营娱乐场及提供 酒店服务及设施，包括博彩、住宿、 ...

Investment Rating - The report maintains an "Outperform" rating for Sands China [2][6] Core Insights - The company achieved net revenue of USD 1.91 billion in Q3 2025, representing a year-on-year increase of 7.6% [3][10] - Adjusted property EBITDA reached USD 601 million, up 2.7% year-on-year, with an adjusted property EBITDA margin of 31.5% [3][13] - The market share of Sands China increased to 23.7% in Q3 2025, up from 22.7% in Q2 2025 [5][14] Financial Performance Summary - Revenue projections for 2025-2027 are USD 7,395 million, USD 7,907 million, and USD 8,325 million, with year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [6][15] - Gaming gross revenue is expected to be USD 7,034 million, USD 7,471 million, and USD 7,864 million for the same period, with growth rates of 4.2%, 6.2%, and 5.3% [6][15] - Adjusted property EBITDA is forecasted at USD 2,327 million, USD 2,601 million, and USD 2,784 million, with margins of 31.5%, 32.9%, and 33.4% [6][15] Property Performance Breakdown - The performance of individual properties varied, with The Londoner showing a net revenue increase of 49% year-on-year, while The Venetian and The Parisian experienced declines [3][11] - The net revenue contributions from properties were as follows: The Venetian and The Londoner at USD 690 million each, The Parisian at USD 220 million, Plaza at USD 210 million, and Sands at USD 70 million [3][11] Market Share and Competitive Position - Sands China continues to hold the leading market share in Macau, benefiting from its large-scale casinos and convention centers [6][15] - The company’s gaming gross revenue reached USD 1.84 billion, up 9.2% year-on-year, although this growth was below the industry average of 12.5% [4][12]

Group 1 - The total non-gaming expenditure of tourists in Macau for Q2 2025 reached MOP 18.25 billion, representing a year-on-year increase of 4.6% [1] - Among the total, overnight tourists contributed MOP 14.64 billion (up 4.4%) and same-day visitors contributed MOP 3.61 billion (up 5.5%) [1] - The average non-gaming expenditure per tourist was MOP 1,950, showing a year-on-year decrease of 12.3% [1] Group 2 - The main spending categories for tourists were shopping (41.5%), accommodation (24.9%), and dining (22.5%), with a noted increase in dining expenditure and a decrease in shopping expenditure [1] - By major source markets, the average non-gaming expenditure per tourist from mainland China, Hong Kong, and Taiwan decreased by 15.0%, 9.1%, and 5.1% respectively [2] - International tourists had an average expenditure of MOP 2,134, down 10.2%, with specific changes noted for tourists from South Korea (down 1.5%) and Japan (up 18.5%) [2] Group 3 - For the first half of 2025, total non-gaming expenditure by tourists was MOP 37.86 billion, a slight increase of 0.2% year-on-year [3] - Overnight tourists' expenditure totaled MOP 30.01 billion (down 1.4%), while same-day visitors' expenditure increased by 7.0% to MOP 7.85 billion [3] - The average non-gaming expenditure per tourist for the first half was MOP 1,970, reflecting a year-on-year decrease of 12.8% [3]