Performance Review - The company reported 4Q25 net revenue of $1.293 billion, a year-on-year increase of 9% but a quarter-on-quarter decrease of 1%, recovering to 89% of 4Q19 levels [1] - Adjusted property EBITDA was $331 million, up 12% year-on-year but down 13% quarter-on-quarter, recovering to 81% of 4Q19 levels, which was below the Visible Alpha consensus estimate of $341 million [1] - The performance was primarily impacted by rising operational costs and underperformance of overseas properties [1] Development Trends - Management indicated a strong start for 2026, with market share growth in Macau's gaming revenue, expecting strong performance during the 2026 Chinese New Year [1] - The marketing rebate environment in Macau's gaming industry remains competitive but is stabilizing, with no signs of intensified competition [1] - Details of the licensing fee contract with Melco International Development (200.HK) were disclosed: a 10-year term starting January 2024, with fees set at 1.5% of gross revenue from City of Dreams Macau (excluding the Hyatt Hotel), with no upper limit [1] - The average daily operational cost for the company's Macau business in 4Q25 was $3.3 million, primarily due to one-time expenses from various events, with expectations to decrease to $3.2 million in 1Q26 due to activities during the Chinese New Year and new brand promotion plans [1] - Management anticipates the renovation of the Nüwa Hotel at City of Dreams Macau to be completed by 3Q26, along with upgrades to the retail area [1] - The property sale plan for City of Dreams Manila has been paused, with the company waiting for valuation recovery before reassessment [1] Earnings Forecast and Valuation - The company has raised its EBITDA forecasts for 2026 and 2027 by 1% to HKD 8.754 billion and HKD 9.946 billion, respectively [2] - The current stock price corresponds to 7.2 times the 2026 EV/EBITDA [2] - The company maintains an outperform rating and a target price of HKD 5.60, reflecting a 21% discount to net asset value and a 16% upside potential from the current stock price [2]

以下文章来源于棱镜 ，作者吴遮 ----------------------------- 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 作者： 吴遮 来源： 棱镜 谢霆锋、容祖儿、陈伟霆等明星的老板杨受成，再次受到关注。 过往一段时间，这位"娱乐大亨"多次因为与明星们的互动而登上热搜，但这一次与明星、娱乐无 关，而与79公斤的黄金有关。 杨受成身上的标签很多，除了"娱乐大亨""钟表大王"之外，还有重要标签，就是"赌场老板"。 他 的赌场是位于澳门老城区的英皇宫殿，位置优越，距离澳门标志性建筑新葡京赌场只有400米的路 程。 这个赌场曾经有一个网红打卡地——"黄金大道"，这条"大道"由78块、总重量79公斤的999.9千足 纯金铺设而成，尽显"土豪气派"。 今年1月底，有游客发现，"黄金大道"里的"黄金"没了。当时，工作人员解释称是"内部装修需 要"，待装修结束后会再行展出。但是，2月4日晚间，英皇娱乐（00296.HK）的一纸公告，明确 了这些黄金的去向。 根据公告，这批黄金已经全部出售，套现了约9970万港元。要知道，英皇娱乐的总市值，也仅3亿 港币左右。 此次出售黄金事件，有着多重背景，比如 ...

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

Group 1 - The gaming stocks are experiencing a decline, with notable drops in share prices for major companies such as Melco International Development down 6.21% to HKD 4.53, Wynn Macau down 4.58% to HKD 5.83, and MGM China down 1.59% to HKD 13.58 [1] - Wynn Macau announced a year-on-year decline of 7% in property EBITDA for Q4 2025, amounting to HKD 21.13 billion, which is 10% lower than market expectations due to decreased win rates in VIP and mass gaming segments [1] - The property EBITDA margin contracted by 3.6 percentage points year-on-year to 28%, aligning with Morgan Stanley's expectations [1] Group 2 - Melco International Development reported a 17% increase in adjusted EBITDA to USD 1.4 billion for its subsidiary, Melco Resorts [1] - Morgan Stanley's report indicated that the average daily gaming revenue in Macau during the first five days of the Golden Week last year was approximately MOP 1.1 billion, with expectations for this year's Lunar New Year holiday gaming revenue to match or exceed last year's figures due to similar occupancy rates and a 25% increase in average daily room rates [1] - The high occupancy rates are expected to extend demand beyond the holiday period, supporting a projected 13% year-on-year growth in total gaming revenue for February [1]

智通财经APP获悉，博彩股全线走低，截至发稿，新濠国际发展(00200)跌6.21%，报4.53港元；永利澳 门(01128)跌4.58%，报5.83港元；澳博控股(00880)跌1.64%，报2.4港元；美高梅中国(02282)跌1.59%， 报13.58港元。 摩根士丹利研究报告指，去年十一黄金周的前五天，澳门日均博彩收入约为11亿澳门元。由于今年农历 新年假期的入住率与该时段相若，且平均每日房价(ADR)高约25%，预期今年农历新年假期的博彩收入 将与去年十一黄金周相若、甚至更强劲。基于入住率较高，该行预期今年节后需求将延续更长时间，支 持其对2月博彩总收入按年增长13%的预期。 消息面上，永利澳门宣布，2025年第四季物业EBITDA按年下跌7%至21.13亿港元，里昂研究报告指， 永利澳门四季度业绩符合该行预期，但较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业 EBITDA利润率按年收缩3.6个百分点至28%，亦符合该行预期。此外，新濠国际发展公告，附属新濠博 亚去年经调整EBITDA增17%至14亿美元。 ...

Group 1 - The core viewpoint of the article highlights that southbound funds have increased their holdings in Melco International Development (00200.HK) by 763,000 shares on February 12, indicating a positive trend in investor interest [1] - Over the past five trading days, there have been three days of net increases in holdings by southbound funds, totaling 2.1915 million shares [1] - In the last 20 trading days, there were 12 days of net increases, with a cumulative total of 5.8675 million shares added to holdings by southbound funds [1] Group 2 - As of now, southbound funds hold 149 million shares of Melco International Development, which represents 6.53% of the company's total issued ordinary shares [1] - Melco International Development Limited primarily engages in entertainment and hotel operations, functioning through two segments: the entertainment and hotel segment, and the investment segment [1] - The entertainment and hotel segment operates integrated resort businesses, providing services such as gaming, accommodation, dining, entertainment performances, shopping, and conference exhibitions [1]

截至2026年2月12日收盘，新濠国际发展(00200.HK)报收于4.83港元，上涨1.26%，成交量552.4万股，成 交额2612.46万港元。投行对该股关注度不高，90天内无投行对其给出评级。 新濠国际发展(00200.HK)发布公告，新濠博亚娱乐2025年第四季度的总营运收益为12.9亿美元，较2024 年同期的11.9亿美元增加约9%。总营运收益增加，主要可归因于整体泥码下注额及中场赌桌下注额均 有改善。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 新濠国际发展港股市值108.52亿港元，在其他休闲服务行业中排名第8。主要指标见下表： ...

Core Viewpoint - The announcement from SJM Holdings indicates a positive growth trajectory in operational revenue for the fourth quarter of 2025, driven by improvements in overall betting amounts and table game wagers [1] Group 1: Financial Performance - SJM Holdings reported total operational revenue of $1.29 billion for the fourth quarter of 2025, representing an approximate 9% increase compared to $1.19 billion in the same period of 2024 [1] - The net income attributable to SJM Holdings for the fourth quarter of 2025 was $60.6 million, or $0.16 per American Depositary Share, a significant recovery from a net loss of $20.3 million, or a loss of $0.05 per share in the fourth quarter of 2024 [1] Group 2: Non-controlling Interests - The non-controlling interests reported net losses of $14.3 million and $19.6 million for the fourth quarters of 2025 and 2024, respectively, primarily related to losses from Studio City and City of Dreams Mediterranean, among others [1]

Core Viewpoint - The announcement from Melco International Development indicates a positive growth trajectory for Melco Resorts, with a significant increase in operational revenue and a turnaround in net income for Q4 2025 compared to the same period in 2024 [1] Group 1: Financial Performance - Melco Resorts reported total operational revenue of $1.29 billion for Q4 2025, representing an approximate 9% increase from $1.19 billion in Q4 2024 [1] - The net income attributable to Melco Resorts for Q4 2025 was $60.6 million, or $0.16 per American Depositary Share, compared to a net loss of $20.3 million, or a loss of $0.05 per American Depositary Share in Q4 2024 [1] - Non-controlling interests reported net losses of $14.3 million and $19.6 million for Q4 2025 and Q4 2024, respectively, primarily related to losses from Studio City and City of Dreams Mediterranean [1]

Core Viewpoint - New Macau International Development reported significant financial improvements for the fourth quarter and the full year ending December 31, 2025, with notable increases in total operating revenue and net income compared to the previous year [1][2]. Group 1: Quarterly Performance - For Q4 2025, total operating revenue reached $1,290,000,000, a 9% increase from $1,190,000,000 in Q4 2024, driven by improved overall betting amounts [1]. - The operating income for Q4 2025 was $146,400,000, compared to $97,000,000 in Q4 2024 [1]. - The net income attributable to New Macau International Development for Q4 2025 was $60,600,000, or $0.16 per American Depositary Share, a turnaround from a net loss of $20,300,000, or -$0.05 per share in Q4 2024 [1]. Group 2: Annual Performance - For the year ending December 31, 2025, total operating revenue was $5,160,000,000, up from $4,640,000,000 in 2024, attributed to improved performance across all gaming and non-gaming segments [2]. - The operating income for 2025 was $600,400,000, compared to $484,600,000 in 2024 [2]. - Adjusted property EBITDA for 2025 was $1,430,000,000, an increase from $1,220,000,000 in 2024 [2]. - The net income attributable to New Macau International Development for 2025 was $185,000,000, or $0.46 per American Depositary Share, compared to $43,500,000, or $0.10 per share in 2024 [2].