<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è¿æ¯ä¸ä»½å¯¹ç¬¬ä¸ä¸æµ·è¯å¸å ³äºæ¾³é¨å彩æ§è¡æéå ¬å¸ï¼0880.HKï¼ç 究æ¥åç详ç»å 容æ»ç»ï¼</span></span></span></span></p><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¥åæ ¸å¿è§ç¹ï¼ä¹°å ¥è¯çº§ï¼ç®æ ä»·3.55港å </span></span></strong></span></span></p><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">1. å ¬å¸æ¦åµï¼</span></span></strong></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å ¬å¸å称ï¼æ¾³é¨å彩æ§è¡æéå ¬å¸ï¼æ¾³åæ§è¡ï¼</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è¡ç¥¨ä»£ç ï¼880.HK</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è¯çº§ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¹°å ¥</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> (ç»´æ)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç®æ ä»·ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3.55港å </span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> (åºäº8.8å2026å¹´é¢æµEV/EBITDA)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å½åè¡ä»·ï¼2.96港å (æ¥ååå¸æ¶)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å¸å¼ï¼çº¦210亿港å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">主è¦è¡ä¸ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> SOC DE TURISMO E DIV DE MACAU (54.81%), ON KEI LEONG (8.09%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿èµäº§ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ°è¡äº¬å¨±ä¹åºãä¸è¡äº¬ç»¼å度åæãå ¶ä»èªè¥å¨±ä¹åºã管çå«æ娱ä¹åºã</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. 2025年第äºå£åº¦ä¸ç»©å顾ï¼</span></span></strong></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å彩æ¯æ¶å ¥ï¼72.7亿港å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åæ¯å¢é¿ï¼+5.4%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç¯æ¯åå°ï¼-3.7%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¢å¤è³2019å¹´åæï¼72.6%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¶å ¥ç»åï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">贵宾å彩ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åæ¯ -13.9%ï¼æ¢å¤è³2019å¹´13.0%ï¼ï¼ç¯æ¯ -28.5%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸åºå彩ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åæ¯ +5.6%ï¼æ¢å¤è³2019å¹´100.7%ï¼ï¼ç¯æ¯ -1.7%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è§åæºå彩ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åæ¯ +20.9%ï¼æ¢å¤è³2019å¹´164.1%ï¼ï¼ç¯æ¯ +0.7%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éå彩æ¶å ¥ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åæ¯ +7.4%ï¼ç¯æ¯ -9.3%ï¼å æ¶æ¯6.2%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">EBITDAï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 6.9亿港å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åæ¯åå°ï¼-21.0%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç¯æ¯åå°ï¼-28.2%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¢å¤è³2019å¹´ï¼68.6%</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">EBITDAå©æ¶¦çï¼12.8% (åæ¯ -3.2个ç¾åç¹ï¼ç¯æ¯ -3.1个ç¾åç¹)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ£é¤åèµ¢çè´é¢å½±ååEBITDAï¼8.0亿港å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åå©æ¶¦ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> äºæ2.14亿港å (转ç为äº)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç»è¥å¼æ¯ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ¥å2180ä¸æ¸¯å ï¼åæ¯+4.4%ï¼é¢è®¡æªæ¥ç¨³å®ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¸åºå æçï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç¯æ¯ä¸é1.2个ç¾åç¹è³12.3%ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è´¢å¡ç¶åµ (å£æ«)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ææç°éï¼çº¦33.0亿港å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åè´åºï¼çº¦219亿港å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åè´åº/EBITDAæ¯çï¼6.3å (ç¯æ¯å¢å ï¼ä»5.9å)ã</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3. å娱ä¹åºè¡¨ç° (2025å¹´Q2)ï¼</span></span></strong></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ°è¡äº¬å¨±ä¹åºï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å彩æ¶å ¥ï¼17.9亿港å (åæ¯ +0.3%ï¼ç¯æ¯ -0.3%ï¼æ¢å¤è³2019å¹´53.6%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">EBITDAï¼4.2亿港å (æ¢å¤è³2019å¹´71.8%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ¶ä»èªè¥å¨±ä¹åºï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å彩æ¶å ¥ï¼13.1亿港å (åæ¯ +4.2%ï¼ç¯æ¯ -2.3%ï¼æ¢å¤è³2019å¹´84.4%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">EBITDAï¼3.1亿港å (æ¢å¤è³2019å¹´92.1%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å«æ娱ä¹åºï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å彩æ¶å ¥ï¼28.0亿港å (åæ¯ +6.1%ï¼ç¯æ¯ -1.5%ï¼æ¢å¤è³2019å¹´54.7%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">EBITDAï¼0.75亿港å (æ¢å¤è³2019å¹´41.4%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡äº¬ç»¼å度åæï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ»æ¶å ¥ï¼16.9亿港å (å彩ï¼13.7亿港å ï¼å æ°è¡äº¬46%ï¼éå彩ï¼3.28亿港å ) </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å彩åæ¯+12.6%ï¼éå彩æ¶å ¥ç¯æ¯-12.9%ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">EBITDAï¼äºæ6600ä¸æ¸¯å (主è¦åè¾ä½åèµ¢çæç´¯)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ£é¤åèµ¢çå½±ååEBITDAï¼4800ä¸æ¸¯å </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¥åç»è¥å¼æ¯ï¼860ä¸æ¸¯å (ç¯æ¯+5.0%)</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å¸åºå æçï¼çº¦2.3% (ç¯æ¯-0.5个ç¾åç¹)</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4. éè¦æç¥ä¸¾æªï¼</span></span></strong></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¾³é¨ä¸å¡æå±ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¥èµ5.29亿港å åæ§è¡è¡ä¸æ¶è´æ¯é»âæ°è¡äº¬âçæ¹å¸å¨±ä¹åºé¨åç©ä¸ï¼å å°7504å¹³æ¹ç±³ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">计å转移é¨åå«æ娱ä¹åºèµå°è³æ¤æ©å»ºå彩åºï¼é¢è®¡æåçå©æ°´å¹³ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å«æ娱ä¹åºå°äº2025å¹´å¹´åºåæåºç»æè¥è¿ï¼é¢è®¡åæ¶çº¦458å¼ èµå°å100å°è§åæºã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">éå¢æææ¶è´å ¶ä¸ä¸¤å®¶å«æ娱ä¹åºçç©ä¸ï¼ç¹åæ¾³é¨å¯æé¨ååå 浦ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">横ç´åå±æç¥ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以7.24亿å 人æ°å¸æ¶è´å å°19,781å¹³æ¹ç±³çåä¸å°ç®ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">计åæ¹å»ºä¸ºæ¥æ250é´æ¿çä¸æ级é åºï¼é¢è®¡24个æå å®å·¥ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç®æ å¸å¼ä¸ç«¯å®¢æ·ã</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">5. æèµå»ºè®®ä¸ä¼°å¼ï¼</span></span></strong></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çæä¸ç»©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 2025年第äºå£åº¦ä¸ç»©ä½äºé¢æï¼ä¸»è¦åç´¯äºâä¸è¡äº¬âè¾ä½çåèµ¢çã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¿æå±æï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åæå¸ç好æªæ¥ï¼è®¤ä¸ºä»¥ä¸å ç´ å°æåéå¢çå©è½ååç«äºåï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ°è¡äº¬å¨±ä¹åºæ©å»ºï¼æ¹å¸ç©ä¸æ¶è´åèµå°è¿ç§»ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">横ç´ä¸æ级é åºé¡¹ç®çæ¨åºï¼é¢è®¡2027å¹´ä¸åå¹´å®å·¥ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ½å¨å¯¹ä¸¤å®¶å«æ娱ä¹åºç©ä¸çæ¶è´ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç»´æä¹°å ¥è¯çº§ & ç®æ ä»·ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç»´æâä¹°å ¥âè¯çº§ï¼ç®æ ä»·3.55港å ä¸åã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼åºç¡ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åºäºåä¸å¡æ¿åï¼æ°è¡äº¬ãå ¶ä»èªè¥å¨±ä¹åºãå«æ娱ä¹åºåå ¶ä»ï¼åé¨ä¼°å¼å æ»ï¼è¿ç¨8.8å2026å¹´é¢æµEV/EBITDAå¾åºã</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">6. 主è¦é£é©æ示ï¼</span></span></strong></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç»æµå¢é¿å·®äºé¢æã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¿çé£é©ï¼å°¤å ¶ç管ååï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">âä¸è¡äº¬âç表ç°æç»ä½äºé¢æã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å¸åºç«äºå å§ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è´åºæ°´å¹³ä¸å带æ¥çè´¢å¡ååã</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">7. è´¢å¡é¢æµ (å ³é®æè¦ - æªè³12æ31æ¥è´¢å¡å¹´åº¦)ï¼</span></span></strong></span></span></p><table><tbody><tr style=""><th style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ææ </span></span></span></p></th><th style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2025é¢æµ</span></span></span></p></th><th style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2026é¢æµ</span></span></span></p></th><th style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2027é¢æµ</span></span></span></p></th><th style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å ³é®è¶å¿</span></span></span></p></th></tr><tr style=""><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åæ¶å ¥ (ç¾ä¸æ¸¯å )</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">29,939.6</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">29,210.5</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">30,383.4</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2025å°å¹ å¢é¿ï¼2026ç¥éï¼2027æ¢å¤å¢é¿</span></span></span></p></td></tr><tr style=""><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">EBITDA (ç¾ä¸æ¸¯å )</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">3,556.8</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4,552.4</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4,947.6</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2025å°å¹ ä¸éï¼ä¹åæ¾èå¢é¿</span></span></span></p></td></tr><tr style=""><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åå©æ¶¦ (ç¾ä¸æ¸¯å )</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">187.1</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">1,200.1</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">1,546.9</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¾èæ¹åï¼2026å¹´è·³å¢ï¼+541%ï¼</span></span></span></p></td></tr><tr style=""><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¯è¡çå© (港å )</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.03</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.17</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.22</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¾èæ¹å</span></span></span></p></td></tr><tr style=""><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¸çç (å)</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">112.3</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">17.5</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">13.6</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æªæ¥é¢ææ¹åæ¾èéä½ä¼°å¼åæ°</span></span></span></p></td></tr><tr style=""><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¯è¡è¡æ¯ (港å )</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.00</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.03</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.11</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2026å¹´å¼å§æ´¾æ¯å¹¶å¤§å¹ å¢å </span></span></span></p></td></tr><tr style=""><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¡æ¯æ¶çç (%)</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.0%</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">0.9%</span></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3.7%</span></span></strong></span></span></p></td><td style="max-width: 170.8px;min-width: 170.8px;"><p><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2027å¹´é¢æåæ¥æ¾èæå</span></span></span></p></td></tr></tbody></table><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="n" data-slate-length="0"></span></strong></span></span></p><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ»ç»ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 第ä¸ä¸æµ·è¯å¸çæ¥å认为ï¼å°½ç®¡2025年第äºå£åº¦æ¾³åæ§è¡ä¸ç»©ï¼å°¤å ¶æ¯âä¸è¡äº¬âï¼ä¸åé¢æä¸åºç°åäºæï¼ä½å ¶ç§¯æçæç¥å¸å±ï¼æ°è¡äº¬å彩åºæå±ã横ç´é åºé¡¹ç®ãæ½å¨ç©ä¸æ¶è´ï¼æä¾äºé¿æå¢é¿çæ½åï¼æææ¾èæåå ¶ç«äºååçå©è½åãå æ¤ï¼æ¥åç»´æâä¹°å ¥âè¯çº§å3.55港å çç®æ ä»·ï¼çå¥½å ¶æªæ¥å å¹´ççå©æ¢å¤åå¢é¿ï¼å°¤å ¶æ¯2026å2027å¹´ï¼ãçæé£é©ä¸»è¦æ¥èªç»æµãæ¿çåâä¸è¡äº¬â表ç°ã</span></span></span></span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>