金沙中国_2025 年第二季度业绩符合预期。博彩毛收入（GGR）复苏由大众业务而非贵宾业务引领。有基础客源回归迹象。评级 “买入-Sands China (1928.HK)_ 2Q25 results inline. GGR recovery led by mass not VIP. Signs of base mass returning. Buy

24 July 2025 | 9:39AM HKT Sands China (1928.HK) Buy 2Q25 results inline. GGR recovery led by mass not VIP. Signs of base mass returning. Buy | | | Sands China's 2Q25 results were in line with our expectation with headline EBITDA of US $566mn (vs. Bloomberg consensus estimate US$ 555-580mn). Adjusting VIP win rate back to 3.3% theoretical (vs. 3.56% reported), EBITDA would have come in at US$559mn, +3% qoq, implying a slight -0.3pts margin slippage to 31.3% (vs. 31.6% in 1Q25) on 4% qoq revenue growth mostly a ...