引 領 未 來 LEADING THE FUTURE CO2 Capture 二氧化碳捕集 Solar Photovoltaic Power 太陽能發電 Thermal Energy Recovery 熱能回收 24 20 ■ SPOT UV CONTENTS 目錄 | 02 | Corporate Information 公司資料 | 79 | Consolidated Statement of Profit or Loss and Other Comprehensive Income | | --- | --- | --- | --- | | 04 | Financial Highlights | | 綜合損益及其他全面收益表 | | | 財務摘要 | | Consolidated Statement of | | 06 | Chairman's Statement 主席報告 | 80 | Financial Position 綜合財務狀況表 | | | | | Consolidated Statement of | | 18 | Directors' and Senior Management's Bi ...

Financial Performance - Revenue for the fiscal year 2024 reached HKD 43,093.3 million, representing a 9% increase from HKD 39,712.5 million in fiscal year 2023[2] - EBITDA for fiscal year 2024 was HKD 5,865.0 million, down 4% from HKD 6,139.0 million in the previous year[2] - Profit attributable to shareholders decreased by 29% to HKD 1,622.0 million from HKD 2,274.3 million in fiscal year 2023[2] - Basic earnings per share fell by 29% to HKD 1.464 from HKD 2.052 in the previous year[2] - The company reported a pre-tax profit of HKD 2,754.3 million, down 9% from HKD 3,025.2 million in fiscal year 2023[2] - The group reported a total segment profit of HKD 4,727,247,000 for 2024, compared to HKD 4,862,991,000 in 2023, indicating a slight decrease of about 2.8%[15][17] - The corporate income tax expense for 2024 was HKD 714,007,000, up from HKD 573,402,000 in 2023, representing an increase of about 24.5%[22] - The basic net profit attributable to the company's shareholders was HKD 1,622.0 million, a decrease of 29% from HKD 2,274.3 million year-on-year[38] - The net profit before tax was HKD 2,754.3 million, down 9% from HKD 3,025.2 million in the previous fiscal year[38] Dividends - The company declared a total annual dividend of HKD 1.40 per share, an increase of 37% compared to HKD 1.02 per share in the previous year[2] - The company declared an interim dividend of HKD 0.40 per share for 2024, compared to HKD 0.16 in 2023, totaling HKD 443.325 million[27] - The proposed final dividend for 2024 is HKD 0.54 per share, an increase from HKD 0.36 in 2023, amounting to HKD 598.488 million[27] - The proposed final dividend is HKD 0.54 per share, with a special final dividend of HKD 0.46 per share, subject to shareholder approval[58] Assets and Liabilities - Non-current assets increased to HKD 58,283,689 thousand in 2024 from HKD 54,792,718 thousand in 2023, representing an increase of approximately 4.5%[7] - Current assets decreased to HKD 39,500,965 thousand in 2024 from HKD 44,175,808 thousand in 2023, a decline of about 10.6%[9] - Total liabilities decreased from HKD 19,511,178 thousand in 2023 to HKD 18,923,121 thousand in 2024, a reduction of approximately 3.0%[9] - Total equity decreased slightly from HKD 64,739,247 thousand in 2023 to HKD 64,434,622 thousand in 2024, a decrease of about 0.5%[9] - The company reported a net asset value of HKD 25,252,687 thousand in 2024, up from HKD 19,989,787 thousand in 2023, reflecting an increase of approximately 26.3%[9] - The company’s total assets increased to HKD 80,045,405 thousand in 2024 from HKD 78,273,476 thousand in 2023, representing an increase of approximately 2.3%[9] Market Performance - The revenue from the Chinese market was HKD 37,597,197,000 in 2024, up from HKD 34,652,221,000 in 2023, indicating a growth of approximately 8.4%[18] - The external sales for the copper foil segment amounted to HKD 15,263,147,000, while the printed circuit board segment generated HKD 12,106,976,000, and the chemical products segment reported HKD 12,779,405,000 for 2024[15] - The sales volume of copper-clad laminates reached 110 million sheets, representing a 10% increase compared to 2023[40] - The revenue from the copper-clad laminates segment rose by 10% to HKD 18.901 billion, with a 23% increase in EBITDA to HKD 3.064 billion[40] - The sales revenue of the printed circuit board segment increased by 4% to HKD 12.107 billion, with EBITDA rising by 1% to HKD 2.033 billion[41] - The chemical segment's revenue increased by 22% to HKD 13.617 billion, with EBITDA rising by 2% to HKD 910 million[42] - The real estate segment's revenue decreased by 28% to HKD 1.973 billion, with a 60% drop in property sales revenue to HKD 517 million[44] Financial Ratios and Metrics - The net debt ratio improved to 28% from 29% in the previous year[2] - The net debt ratio was approximately 28%, a slight decrease from 29% in 2023[45] - The expected credit loss on receivables was HKD 721,591,000 in 2024, compared to HKD 893,907,000 in 2023, showing a decrease of about 19.2%[19] - The aging analysis of trade receivables shows that HKD 6,101.162 million (85%) are within 0-90 days, compared to HKD 5,568.742 million (85%) in 2023[31] - The inventory turnover period was 45 days, compared to 43 days as of December 31, 2023[46] Strategic Initiatives - The company plans to continue focusing on market expansion and new product development to drive future growth[4] - The group anticipates continued strong demand in the electronics market, with significant growth in shipments of copper-clad laminates and upstream materials in the first two months compared to the previous year[51] - The group plans to increase copper foil production capacity by 1,500 tons per month in Lianzhou by 2025, enhancing cost efficiency and meeting rising demand from overseas customers[51] - The printed circuit board (PCB) segment is experiencing significant order growth, driven by emerging applications in AI, high-speed computing, and electric vehicles[53] - The group is set to increase PCB production capacity by 1.2 million square feet per month in Thailand and 1.1 million square feet per month in Vietnam, both expected to commence production in 2026[53] - The group emphasizes cash flow and expenditure management amidst geopolitical tensions and trade wars, focusing on cost control and technological advancements[50] Environmental and Social Responsibility - The group has invested approximately HKD 900 million in distributed solar photovoltaic power generation projects, expected to produce 200 million kWh of green electricity annually, saving 54,000 tons of standard coal and reducing CO2 emissions by 120,000 tons[48] - The group has invested around HKD 200 million in thermal energy recovery equipment, which is projected to reduce CO2 emissions by 59,000 tons in 2024, saving an additional HKD 180 million in expenses[48] - The Hebei acetic acid project utilizes advanced low-energy carbon capture technology, capable of capturing 200,000 tons of CO2 annually, equivalent to saving 80,000 tons of standard coal[48] - The group aims to achieve sustainable development goals in environmental, social, and governance (ESG) aspects through its green transformation initiatives[48] Corporate Governance - The company has adhered to the corporate governance code and the standard code for securities trading by directors throughout the fiscal year ending December 31, 2024[62][63] - The audit committee has reviewed the accounting policies and financial statements for the year ending December 31, 2024[65] - The group’s consolidated financial statements for the year ending December 31, 2024, have been approved by the board and are consistent with the initial announcement[67]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 20,415,160, an increase of 9.0% compared to HKD 18,719,860 in 2023[2] - Gross profit for the same period rose to HKD 4,587,285, reflecting a 18.2% increase from HKD 3,880,196 in 2023[2] - Profit for the period attributable to the company's shareholders was HKD 1,506,928, up 8.4% from HKD 1,389,609 in the previous year[2] - Basic and diluted earnings per share increased to HKD 1.360, compared to HKD 1.253 in 2023, representing an increase of 8.5%[2] - Total comprehensive income for the period was HKD 997,132, a significant recovery from a loss of HKD 199,741 in the same period last year[6] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled HKD 55,736,668, compared to HKD 54,792,718 at the end of 2023[7] - Current assets increased to HKD 44,071,252 from HKD 44,175,808 at the end of 2023, indicating a slight decrease[7] - Total liabilities as of June 30, 2024, were HKD 19,823,518, up from HKD 18,923,121 at the end of 2023[9] - Net assets increased to HKD 64,950,893 from HKD 64,434,622 at the end of 2023, showing a growth of 0.8%[9] Cash Flow - For the six months ended June 30, 2024, the net cash used in operating activities was HKD (317,634) thousand, compared to HKD 1,083,326 thousand for the same period in 2023[15] - The net cash used in investing activities was HKD (887,618) thousand, a significant decrease from HKD (5,203,441) thousand in the previous year[15] - The net cash generated from financing activities was HKD 1,163,702 thousand, down from HKD 2,163,766 thousand in the prior year[15] - As of June 30, 2024, cash and cash equivalents decreased to HKD 4,046,772 thousand from HKD 4,736,987 thousand at the end of June 2023[15] Shareholder Equity - The total equity attributable to the company's owners as of June 30, 2024, was HKD 59,105,181 thousand, compared to HKD 60,057,655 thousand at the beginning of the period[13] - The company’s retained earnings as of June 30, 2024, were HKD 50,326,419 thousand, reflecting a decrease from HKD 50,079,395 thousand at the beginning of the period[13] - The company declared a final dividend payable of HKD (398,992) thousand for the period[13] Segment Performance - The segment performance for the copper-clad laminate division was HKD 1,129,077,000, representing a significant increase compared to HKD 718,816,000 in the previous year[22][26] - The chemical products segment reported a profit of HKD 280,956,000, up from HKD 170,253,000, indicating a growth of 65%[22][26] - The copper-clad laminate segment's revenue increased by 7% to HKD 8,883.2 million, driven by rising demand in the traditional electronics market and AI industry[67] - The printed circuit board segment's sales rose by 2% to HKD 5,813.1 million, with a 16% increase in EBITDA to HKD 1,128.0 million[70] - The chemical segment's revenue surged by 27% to HKD 6,554.0 million, with EBITDA increasing by 43% to HKD 444.0 million[70] Financing Costs - The company reported a financing cost of HKD 615,259, which is an increase from HKD 503,055 in the previous year, reflecting a rise of 22.3%[2] - The income tax expense for the six months ended June 30, 2024, was HKD 417,239,000, compared to HKD 287,102,000 in the same period last year, marking a 45% increase[31] Investments and Impairments - The group recognized an impairment loss of HKD 6.279 million on the bonds held during the reporting period, with a cumulative credit loss of HKD 1.587562 billion[78] - The fair value of the investment in Guangzhou R&F Properties amounted to HKD 2.283441 billion, with a total impairment loss of HKD 2.207346 billion[74] - The group did not purchase or sell any debt instruments of Guangzhou R&F Properties during the reporting period[77] Stock Options and Shareholder Rights - The company has a share option plan that allows the board to grant options to eligible participants, with a total issuance cap of 10% of the company's issued shares as of the plan's approval date[44] - The total number of stock options authorized for grant under the plan as of January 1, 2024, and June 30, 2024, is 46,405,223[51] - The total number of stock options outstanding as of June 30, 2024, remains at 72,800,000[58] - The total number of options granted and outstanding as of June 30, 2024, is 72,800,000 shares[129] Corporate Governance - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange rules during the six months ending June 30, 2024[135] - The audit committee reviewed the accounting policies and practices adopted by the group for the six months ending June 30, 2024[134] - The company has confirmed compliance with the standard code of conduct for directors' securities transactions during the six months ending June 30, 2024[136]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 20,415.2 million, representing a 9% increase compared to HKD 18,719.9 million in the same period of 2023[3]. - EBITDA for the same period was HKD 3,736.0 million, up 12% from HKD 3,337.2 million year-over-year[3]. - Profit before tax increased by 18% to HKD 2,138.7 million from HKD 1,813.6 million in the previous year[3]. - Net profit attributable to shareholders rose by 8% to HKD 1,506.9 million, compared to HKD 1,389.6 million in the prior year[3]. - Basic earnings per share increased to HKD 1.360 from HKD 1.253, reflecting a 9% growth[3]. - Total comprehensive income for the period was HKD 997.1 million, compared to a loss of HKD 199.7 million in the same period last year[7]. - The performance by segment showed that the copper-clad laminate segment generated HKD 8,883,205 in revenue, while the printed circuit board segment contributed HKD 5,811,301, and the chemical products segment brought in HKD 6,515,387[19]. - The total profit before tax for the six months ended June 30, 2024, was HKD 2,138,702, compared to HKD 1,813,597 for the same period in 2023, indicating an increase of about 18%[19][21]. Dividends and Shareholder Returns - The interim dividend per share was raised by 150% to HKD 0.40 from HKD 0.16, with a special interim dividend of HKD 0.50 declared in the previous year[3]. - The group declared an interim dividend of HKD 0.40 per share, representing a 150% increase compared to the previous year[40]. Assets and Liabilities - As of June 30, 2024, total non-current assets amounted to HKD 55,736,668, an increase from HKD 54,792,718 as of December 31, 2023, representing a growth of 1.72%[9]. - Current assets totaled HKD 44,071,252, slightly decreased from HKD 44,175,808 as of December 31, 2023, indicating a decline of 0.24%[9]. - Total liabilities were HKD 64,950,893, up from HKD 64,434,622, marking an increase of 0.80%[10]. - The net asset value decreased to HKD 24,247,734 from HKD 25,252,687, a decline of 3.97%[9]. - The company’s total current liabilities increased to HKD 19,823,518 from HKD 18,923,121, an increase of 4.75%[9]. - The company's total equity attributable to shareholders increased to HKD 60,157,783 from HKD 59,741,361, a growth of 0.70%[10]. Cash Flow and Debt Management - The net debt-to-equity ratio increased to 30% from 28% year-over-year[3]. - The company's cash and cash equivalents were HKD 4,046,772, down from HKD 4,088,322, a decrease of 1.02%[9]. - The financing costs for the six months ended June 30, 2024, amounted to HKD 615,259, up from HKD 503,055 in the previous year, reflecting a rise of approximately 22%[24]. - The group maintained a healthy financial position with a current ratio of 2.22, slightly down from 2.33 as of December 31, 2023[47]. Operational Highlights - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[5]. - The copper-clad laminate division is expected to benefit from government policies stimulating demand for electronic products, with plans to increase production capacity by 400,000 units per month in Thailand[54]. - The printed circuit board (PCB) division is experiencing significant demand growth driven by emerging applications such as AI, high-speed computing, and electric vehicles, with a planned increase in production capacity of 500,000 square feet per month in the second half of the year[55]. - The chemical division is set to launch an 800,000-ton acetic acid project in Hebei by the end of 2024, utilizing advanced low-energy carbon capture technology[57]. Sustainability and Investment - Cumulative investment in distributed solar photovoltaic power generation projects reached HKD 700 million, producing 60 million kWh of green electricity in the first half of 2024, saving 16,200 tons of standard coal and reducing CO2 emissions by approximately 36,000 tons[51]. - The group has saved over HKD 1.76 billion in total expenses as of June 30, 2024, with an expected cumulative investment of about HKD 900 million by December 31, 2024, projected to save HKD 180 million in electricity costs annually[51]. - The group has invested approximately HKD 150 million in thermal energy recovery equipment, reducing CO2 emissions by 25,000 tons in the first half of 2024, and saving a total of over HKD 380 million in expenses[51]. Employee and Management - The group employs approximately 34,000 employees globally as of June 30, 2024, maintaining a strong performance through effective human resource management[49]. - The group is enhancing cash flow management and focusing on cost control while leveraging technology to improve management efficiency[52].

Financial Performance - Revenue decreased by 20% to HK$39,712.5 million compared to the previous year, primarily due to declines in laminate and chemical product prices, as well as reduced residential property handovers[14] - Underlying net profit attributable to owners of the company decreased by 41% to HK$2,274.3 million, excluding non-recurring items[14] - EBITDA dropped by 35% to HK$6,139.0 million, reflecting a challenging high-cost environment[8] - Profit before tax fell by 57% to HK$3,025.2 million, impacted by market conditions and geopolitical conflicts[8] - Basic earnings per share based on underlying net profit decreased by 41% to HK$2.052[8] - Dividend per share for the year decreased by 3% to 102 HK cents, with a proposed final dividend of 36 HK cents, down 52%[8] - Group's basic net profit exceeded HK$2.2 billion after deducting credit loss provisions of HK$893.9 million for loans to Country Garden Holdings and impairment loss provisions of HK$414.8 million for unsold residential properties in East China[15] - Group's turnover decreased by 20% year-on-year to HK$39.7125 billion, with basic net profit attributable to shareholders (excluding non-recurring items) down 41% to HK$2.2743 billion[16] - Laminates Division achieved annual sales volume of 100 million sheets, a 3% increase from 2022, but segment revenue decreased by 14% to HK$17.1827 billion due to declining selling prices[20][23] - PCBs Division's EBITDA increased by 17% to HK$2.0277 billion despite a 12% decrease in segment revenue to HK$11.6478 billion, driven by lower raw material costs and improved production efficiency[21][24] - Chemicals Division's segment revenue decreased by 19% to HK$11.1989 billion, with EBITDA down 68% to HK$896.4 million due to lower selling prices of chemical products[22][24] - Property Division's revenue from property sales decreased by 74% to HK$1.2817 billion, while rental income increased by 14% to HK$1.4705 billion, leading to a 56% decrease in total segment revenue to HK$2.7522 billion[26][28] - Laminates Division's EBITDA decreased by 20% to HK$2.486 billion due to intense market competition and declining gross profit margins[20][23] - Property Division's EBITDA decreased by 62% to HK$1.1613 billion, impacted by reduced property sales and increased rental income[26][28] - Group net current assets decreased to HK$25,252.7 million in 2023 from HK$28,108.6 million in 2022, with a current ratio of 2.33 (2022: 2.64)[29] - Net working capital cycle increased to 65 days in 2023 from 50 days in 2022, driven by higher inventory turnover days (43 days vs. 35 days) and trade receivables turnover days (60 days vs. 50 days)[29] - Group's net gearing ratio rose to 29% in 2023 from 20% in 2022, with short-term to long-term bank borrowings ratio at 36%:64% (2022: 27%:73%)[30][32] - The company invested HK$4,200 million in new production capacity and HK$840 million in property construction during the period[30][32] - Successfully secured a HK$7 billion 5-year sustainability-linked loan facility, oversubscribed by major international and local banks[30][32] - Trade and bills payable turnover days increased to 38 days in 2023 from 35 days in 2022[29] - Financial guarantees provided for property buyers decreased to HK$322,266,000 in 2023 from HK$556,851,000 in 2022[35] - The Group held HK$11,987 million in securities investments as of 31 December 2023, representing approximately 12% of total assets, up from HK$7,171 million (7% of total assets) in 2022[89] - The Group's bond portfolio had a fair value of approximately HK$862 million as of 31 December 2023, with a total investment cost of approximately HK$2,982 million[95] - Interest income from bond investments decreased by approximately 54% to HK$39 million in 2023 compared to HK$84 million in 2022[95] - The Group holds bonds with fixed coupon rates of 6.5% cash/7.5% PIK, maturing in July 2025 (Group A Notes), July 2027 (Group B Notes), and July 2028 (Group C Notes)[91][94] - The Group's investment in Group A Notes had a fair value of HK$39,815,000 as of 31 December 2023, with an accumulated fair value loss of HK$747,914,000[93] - The Group's investment in Group B Notes had a fair value of HK$49,130,000 as of 31 December 2023, with an accumulated fair value loss of HK$977,442,000[94] - The Group's investment in Group C Notes had a fair value of HK$27,412,000 as of 31 December 2023, with an accumulated fair value loss of HK$441,728,000[94] - The Group recognized an impairment loss of HK$2,283,000 during the reporting period, with an accumulated impairment loss of HK$1,581,283,000[94] - Impairment losses recognized in the period amounted to HKD 2,283,000, with cumulative impairment losses totaling HKD 1,581,283,000[96] - The bond investment portfolio had a fair value of approximately HKD 862 million as of December 31, 2023, with a corresponding investment cost of HKD 2,982 million[96] - Interest income from bond investments decreased by 54% to HKD 39 million in 2023 compared to HKD 84 million in 2022[96] - GRFP conducted Consent Solicitations in June 2022 to extend debt maturity and improve financial conditions, completing the debt restructuring in July 2022[99][101] - GRFP was unable to pay bond interests due to adverse financial conditions, leading to impairment assessments under the lifetime expected credit loss (ECL) model[100][102] - The ECL model considers factors such as credit rating downgrades, defaults on interest and principal payments, and forward-looking macroeconomic conditions[100][102] - The Group recognized an impairment loss of HK$2,283,000 under the ECL model for the year, with accumulated ECL of HK$1,581,283,000 on GRFP debt instruments[105] - GRFP's net debt to total equity ratio increased to 262% at 31 December 2023, up from 171% at 31 December 2022[105] - Dividend income from equity instruments at fair value through profit or loss was HK$491,349,000, with a gain on fair value changes of HK$310,844,000[108] - The Company repurchased 500,000 shares on the Stock Exchange for an aggregate consideration of HK$11,926,075 before expenses during the year ended 31 December 2023[118] - The company repurchased 500,000 shares at a total cost of HKD 11,926,075 during the year ended December 31, 2023, with the highest price paid per share being HKD 24.60 and the lowest being HKD 22.95[120] - The company's distributable reserves as of December 31, 2023, included retained profits of HKD 109,158,000, a significant increase from HKD 55,653,000 in 2022[122] - The total retained profits and share premium of the company amounted to HKD 6,728,675,000 as of December 31, 2023, compared to HKD 6,686,612,000 in 2022[122] - Interim dividend of HK16 cents per ordinary share amounting to HK$177,330,000 and a special interim dividend of HK50 cents per ordinary share amounting to HK$554,155,000 were declared during the year[81] - Final dividend of HK36 cents per ordinary share amounting to HK$398,992,000 is recommended for payment on 18 June 2024[81] Business Divisions Performance - The Printed Circuit Boards (PCBs) Division achieved near-full utilization rates despite low industry utilization rates, leading to increased segment earnings[13] - The Property Division experienced steady growth in rental income, driven by higher occupancy rates and contributions from Two London Wall Place[13] - The company made allowances for credit loss of HK$893.9 million related to a loan to Country Garden Holdings Company Limited[13] - Impairment loss for unsold residential properties in eastern China amounted to HK$414.8 million, net of deferred tax[13] - PCBs Division benefited from lower costs of core raw materials and increased automation, leading to improved efficiency and cost savings[21][24] - The Group has invested HK$480 million in distributed solar photovoltaic power projects, generating 100 million kWh of green electricity annually, saving 27,000 tons of standard coal, reducing CO2 emissions by 60,000 tons, and saving HK$90 million in electricity expenses as of 31 December 2023[39] - By 31 December 2024, the Group expects to invest approximately HK$900 million in solar projects, generating 200 million kWh of green electricity annually, saving 54,000 tons of standard coal, reducing CO2 emissions by 120,000 tons, and saving HK$180 million in electricity expenses[39] - The Group has invested HK$130 million in thermal energy recovery equipment, reducing 44,000 tons of CO2 emissions annually, saving 18,000 tons of standard coal, and saving HK$140 million in expenses annually, totaling over HK$300 million in savings[39] - The Hebei acetic acid project captures 200,000 tons of CO2 annually for production, saving 81,000 tons of standard coal, aligning with the Group's green corporate pledge[39] - The Laminates Division has developed low dielectric constant/low thermal expansion coefficient products for AI computing applications, currently undergoing comprehensive testing with customers[41] - The Group plans to expand its laminates monthly capacities in Thailand by 400,000 sheets in 2024 to meet development demands[41] - Raw material prices for laminates production, except for copper, have reached extremely low levels, which is expected to improve the Group's gross profit margin in 2024[41] - The Group anticipates that years of research and development will gradually yield positive results, with a focus on high-quality standards and cost controls[41] - The PCB division plans to add 200,000 square feet of monthly capacity for multi-layered PCBs in Thailand in 2024 to increase industry penetration[42] - The company expects the copper-clad laminate market to stabilize and rebound due to rising export orders, rapid growth in new energy vehicles and related products, and the widespread application of AI and big data technologies[43] - The PCB division is increasing investment in high-aspect-ratio electroplating technology, advanced back-drilling technology, heavy copper PCBs manufacturing capability, and ultra-high-speed materials to embrace the explosive development of AI[44] - The Chemicals Division commissioned a 450,000-tonne phenol acetone project in Daya Bay, Huizhou, Guangdong Province in the second half of 2023 and a 240,000-tonne Bisphenol A project in the first half of 2024[46] - The company plans to build an 800,000-tonne acetic acid project in Xingtai City, Hebei Province, adopting advanced carbon capture technology developed by Tsinghua University[46] - The Property Division estimates rental income to exceed HK$1,400 million for the full year of 2024[47] - The company's copper-clad laminate division plans to increase monthly production capacity by 400,000 sheets in Thailand in 2024 to align with the company's development pace[43] - The PCB division is focusing on developing high-value-added products with higher technical content, such as high aspect ratio and high precision alignment[42] - The company's inventory prices for raw materials, except for copper, have reached extremely low levels, which is expected to improve gross margins in 2024[43] - The Chemicals Division is leveraging innovation and technology to promote enterprise-wide transformation towards a high-quality, green, and low-carbon trajectory[48] Corporate Governance and Leadership - Mr. Cheung Kwok Wing, aged 68, is the chairman and co-founder of the Group, responsible for overall strategic planning and setting the general direction and goals for the Group[54] - Mr. Chang Wing Yiu, aged 57, is the managing director of the Group, responsible for the Group's phenol/acetone plants in Yangzhou, Jiangsu province and Huizhou, Guangdong province[54] - Mr. Cheung Kwong Kwan, aged 59, is an executive director and president of South China Chemical Department, responsible for the Group's chemical business operations and property developments in southern China[55] - Mr. Ho Yin Sang, aged 69, is responsible for the Group's chemical business operations in Hebei province and the rental business of properties in southern China[56] - Mr. Cheung Ka Shing, aged 36, is responsible for the property development business of the Group in eastern China[56] - Ms. Ho Kin Fan, aged 45, is responsible for the Group's PCB plants in Huizhou, Qingyuan, and Dongguan, Guangdong province, with over 12 years' experience in PCB business[56] - Mr. Chen Maosheng, aged 60, is the chief financial controller of the Group in the PRC, responsible for managing the finance and tax matters of the Group in the PRC and the Group's PCB plants in eastern China[56] - Mr. LO Ka Leong, aged 50, is the company secretary and a non-executive director of KLHL, a 73.76% owned subsidiary listed on the main board of the Stock Exchange[62] - Mr. Stanley Chung Wai Cheong, aged 54, has over 27 years of experience in accounting and financial management, and served as the financial controller and company secretary of the Company from 1997 to 2001[61][63] - Mr. CHAN Wing Kee, aged 77, has over 50 years of experience in the textiles and garment manufacturing industry and is an executive director of YGM Trading Limited (stock code: 375)[59] - Dr. CHONG Kin Ki, aged 68, has been a private medical practitioner since 1989 and became a Registered Specialist in General Surgery in 1993[59] - Mr. CHEUNG Ming Man, aged 67, was awarded the Bronze Bauhinia Star in 2010 and was elected as the Hong Kong deputy to the 12th National People's Congress in December 2012[58][60] - The company has adopted and complied with the Corporate Governance Code and Corporate Governance Report as set out in Appendix C1 to the Listing Rules of The Stock Exchange of Hong Kong Limited for the year ended 31 December 2023[183] - The Board held four meetings and one annual general meeting during the year under review, with detailed attendance records provided for each director[185] - The Board is responsible for approving the Group's strategic plan, annual budget, key operational initiatives, major investments, and funding decisions[184] - The company has adopted internal guidelines specifying matters requiring Board approval and ensures that Directors abstain from voting on resolutions where they have a material interest[184] - The Board reviews the Group's financial performance, identifies principal risks, and ensures the implementation of appropriate risk management systems[184] - The company has adopted a code of conduct for securities transactions by directors, which is no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers[183] - The Board observes recommended best practices from Appendix 14 to the Listing Rules and continuously enhances corporate governance standards[183] - The company's articles of association require Directors to abstain from voting on resolutions where they have a material interest, ensuring objective decision-making[184] - The Board meets regularly, with notices, agendas, and relevant meeting papers distributed to Directors well in advance to facilitate informed decision-making[184] - The company held its annual general meeting on 29 May 2023, with detailed attendance records provided for Directors[185] - The Board plans to hold meetings quarterly, with no less than four meetings scheduled for the coming year[187] - The Board currently comprises eleven members, including seven executive Directors and four independent non-executive Directors[191] - One of the independent non-executive Directors possesses appropriate professional qualifications as required by the Listing Rules[191] - The Chairman and Managing Director roles are segregated and not held by the same individual[187] - The Chairman is responsible for scheduling meetings, preparing agendas, and ensuring the flow of information between Management and the Board[187] - The Managing Director is responsible for overall strategic planning and day-to-day management of the Group[188] - The Company has received annual independence confirmations from each independent non-executive Director as required by the Listing Rules[194] - The Board considers that the independent non-executive Directors remain independent[195] - The Board consists of Directors with expertise in laminates, printed circuit boards, property developments, chemical products, and financial management, ensuring effective decision-making for the company's operations[196] - Directors are required to retire and be eligible for re-appointment at the next general meeting or annual general meeting, with one-third of Directors, including the Chairman, subject to retirement by rotation at each annual general meeting[196] - Newly appointed Directors receive a comprehensive induction and are updated on continuing professional development to ensure they understand the company's operations and their responsibilities under applicable laws[198] - Directors participated in relevant training sessions, seminars, and programs related to business and directors' duties during the year, ensuring compliance with the Corporate Governance Code[200] Shareholder and Equity Information - Mr. Cheung Kwok Wing, the Chairman, held 6,939,405 shares, representing approximately 0.6261% of the company's issued share capital as of December 31, 2023[129] - Mr. Chang Wing Yiu, the Managing Director, held 9,570,228 shares, representing approximately 0.8635% of the company's issued share capital as of December 31, 2023[129] - Mr. Cheung Kwok Wing holds 6,653,905 ordinary shares of the Company, representing a significant portion of his total holdings of 6,939,405 shares[130] - Mr. Chang Wing Yiu holds 8,899,488 ordinary shares of the Company, out of his total holdings of 9,570,228 shares[130] - Mr. Ho Yin Sang holds

Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue decreased by 20% to HKD 39,712.5 million from HKD 49,375.9 million in 2022[2]. - The company's profit before tax dropped by 57% to HKD 3,025.2 million compared to HKD 7,050.0 million in the previous year[2]. - Net profit attributable to shareholders decreased by 41% to HKD 2,274.3 million from HKD 3,882.7 million in 2022[2]. - Basic earnings per share fell by 41% to HKD 2.052 from HKD 3.502 in the previous year[2]. - The company reported a loss of HKD 113.4 million from changes in the fair value of investment properties, compared to a loss of HKD 147.6 million in 2022[4]. - The company's profit for the year 2023 was HKD 2,344,102, a decrease of 44% compared to HKD 4,188,554 in 2022[5]. - The total comprehensive income for the year was HKD 1,403,941, significantly up from HKD 57,342 in the previous year[5]. - The group reported a 20% decline in revenue to HKD 39,712,500,000 for the fiscal year, with net profit attributable to shareholders (excluding exceptional items) falling 41% to HKD 2,274,430,000[37]. Dividends - The company declared a total dividend of HKD 1.02 per share, a decrease of 3% from HKD 1.05 in 2022[2]. - The proposed final dividend for the year ending December 31, 2023, is HKD 0.36 per share, down from HKD 0.75 per share in 2022, totaling HKD 398,992,000 compared to HKD 831,594,000 in the previous year[29]. - The declared interim dividend for 2023 was HKD 177,330, down from HKD 332,637 in 2022, indicating a reduction of about 46.8%[28]. - The special interim dividend for 2023 was HKD 554,155, which was not declared in 2022[28]. - The proposed final dividend is HKD 0.36 per share, subject to approval at the 2024 Annual General Meeting[57]. Financial Position - The net debt ratio increased to 29% from 20% in the previous year[2]. - The company's total liabilities decreased to HKD 4,088,322 from HKD 6,693,336, a reduction of approximately 38.9%[7]. - The company's equity attributable to shareholders was HKD 1,182,747, a significant increase from HKD 1,272 in 2022[5]. - The company's total equity attributable to shareholders decreased from HKD 60,057,655 in 2022 to HKD 59,741,361 in 2023[9]. - The company's bank loans due within one year decreased to HKD 5,269,171 from HKD 8,145,695, indicating improved short-term liquidity[9]. - The current ratio decreased to 2.33 from 2.64 year-over-year[46]. - The net current assets of the group were HKD 25.25 billion, down from HKD 28.11 billion on December 31, 2022[46]. Segment Performance - Total revenue for the year ended December 31, 2023, was HKD 39,712,499, with a breakdown of external sales: HKD 13,730,259 for copper-clad laminates, HKD 11,647,776 for printed circuit boards, and HKD 10,567,369 for chemical products[15]. - The company reported a segment profit of HKD 4,862,991 for the year, with the highest contribution from the copper-clad laminates segment at HKD 1,571,625[15]. - The copper-clad laminate segment sold 100 million units, a 3% increase from 2022, despite a 14% decline in revenue to HKD 17,182.7 million due to falling sales prices[41]. - The printed circuit board segment's revenue decreased by 12% to HKD 11,647.8 million, but EBITDA increased by 17% to HKD 2,027.7 million[42]. - The chemical segment's revenue dropped by 19% to HKD 11,198.9 million, with EBITDA declining by 68% to HKD 896.4 million[43]. - The real estate segment's revenue fell by 56% to HKD 2,752.2 million, with EBITDA decreasing by 62% to HKD 1,613.0 million[44]. Costs and Expenses - Gross profit margin decreased significantly, with gross profit dropping to HKD 7,592.2 million from HKD 12,373.1 million[4]. - The company experienced a significant increase in financing costs, rising to HKD 1,124.5 million from HKD 504.3 million in 2022[4]. - Administrative expenses slightly decreased to HKD 2,237.8 million from HKD 2,334.9 million in the previous year[4]. - The total tax expense for 2023 was HKD 443,609, a decrease from HKD 2,588,518 in 2022, representing a decline of approximately 82.8%[22]. - Depreciation for property, plant, and equipment was approximately HKD 1,930,000 in 2023, compared to HKD 1,839,000 in 2022, showing an increase of about 5%[20]. Investments and Future Plans - The group invested approximately HKD 4.2 billion in new production facilities and HKD 840 million in real estate construction costs during the review period[46]. - The group plans to invest approximately HKD 900 million by December 31, 2024, expecting to produce 200 million kWh of green electricity annually, saving 54,000 tons of standard coal and reducing CO2 emissions by 120,000 tons[49]. - The company is planning an 800,000-ton acetic acid project in Hebei, utilizing advanced low-energy carbon capture technology[54]. - The company plans to increase copper-clad laminate production capacity in Thailand by 400,000 pieces per month in 2024[51]. - The printed circuit board (PCB) department is experiencing strong demand for PCBs used in new energy vehicles and photovoltaic applications[52]. - The company will enhance its PCB production capacity in Thailand by 200,000 square feet per month in 2024[52]. Governance and Compliance - The company has implemented new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position or performance for the current and prior years[11]. - The audit committee reviewed the accounting policies and practices of the group, including the financial information for the year ended December 31, 2023[63]. - The company confirmed that the financial statements for the year ended December 31, 2023, were approved by the board on March 18, 2024[65]. - The company is committed to maintaining internal controls and financial reporting standards as part of its governance practices[63]. - The board of directors includes a diverse group of members, ensuring a range of perspectives in decision-making[67].

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 18,719,860, a decrease of 32.6% compared to HKD 27,828,186 in 2022[1] - Gross profit for the same period was HKD 3,880,196, down 52.5% from HKD 8,184,466 in 2022[1] - Profit for the period was HKD 1,526,495, a decline of 47.4% compared to HKD 2,901,633 in 2022[1] - Basic and diluted earnings per share were both HKD 1.253, down from HKD 2.173 in the previous year[1] - Total comprehensive income for the period was HKD (199,741), compared to HKD 1,314,023 in 2022[3] - The company reported a profit for the period of HKD 1,389,609, contributing to a total comprehensive income of HKD 1,526,495[11] - Basic profit attributable to the company's shareholders fell by 45% to HKD 1,389.6 million, down from HKD 2,522.3 million year-on-year[65] - The company experienced a 42% decline in earnings before interest, taxes, depreciation, and amortization (EBITDA), totaling HKD 3,337.2 million[65] Assets and Liabilities - Non-current assets as of June 30, 2023, totaled HKD 52,954,645, slightly up from HKD 52,048,061 at the end of 2022[4] - Current assets increased to HKD 45,958,538 from HKD 45,245,090 at the end of 2022[4] - Total liabilities as of June 30, 2023, were HKD 20,707,634, compared to HKD 17,136,492 at the end of 2022[6] - Net assets decreased to HKD 63,489,538 from HKD 64,695,831 at the end of 2022[6] - The company’s total assets as of June 30, 2023, were HKD 63,489,538, compared to HKD 66,436,236 at the end of the previous year[11] - The group’s current assets net value was approximately HKD 25.25 billion as of June 30, 2023, down from HKD 28.1 billion as of December 31, 2022[84] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 1,083,326, a decrease of 69% compared to HKD 3,497,605 in the same period of 2022[14] - The net cash used in investing activities was HKD (5,203,441), compared to HKD (2,282,477) in the previous year, indicating increased investment outflows[14] - The net cash generated from financing activities was HKD 2,163,766, a significant increase from HKD 99,382 in the prior year, reflecting improved financing conditions[14] - The total cash and cash equivalents decreased by HKD 1,956,349, down from an increase of HKD 1,314,510 in the previous year[14] - As of June 30, 2023, the cash and cash equivalents stood at HKD 4,736,987, down from HKD 6,826,867 at the end of June 2022[14] Segment Performance - The segment performance for the copper-clad laminates was HKD 718,816, for printed circuit boards was HKD 600,682, for chemical products was HKD 170,253, for properties was HKD 587,373, and for investments was HKD 238,522, totaling HKD 2,315,067[21] - The copper-clad laminate segment's revenue decreased by 23% to HKD 8,273.0 million, impacted by declining demand in the electronics industry[67] - The printed circuit board division's sales decreased by 18% to HKD 5.723 billion, but EBITDA increased by 16% to HKD 970 million due to improved production efficiency and reduced raw material costs[68] - The chemical division's revenue fell by 35% to HKD 5.134 billion, with EBITDA declining by 84% to HKD 312 million, impacted by lower sales volume and prices[68] - The real estate division's property sales revenue dropped by 91% to HKD 333 million, while rental income increased by 18% to HKD 714 million due to higher occupancy rates[69] Investment and Capital Expenditures - The total acquisition of property, plant, and equipment during the reporting period was approximately HKD 2,202,099,000, down from HKD 2,457,534,000 for the six months ended June 30, 2022[36] - Capital expenditures contracted but not yet provided for in the financial statements amounted to HKD 741.3 million as of June 30, 2023, compared to HKD 575.8 million at the end of 2022[57] - The group invested approximately HKD 2 billion in production equipment and HKD 500 million in real estate construction costs during the review period[84] Stock Options and Shareholder Information - The company has granted a total of 16,370,000 stock options under the employee stock option plan as of June 30, 2023, with 14,490,000 options granted to directors and/or their associates, and 1,880,000 options granted to employees[47] - The estimated fair value of the stock options granted is HKD 77.3 million, with HKD 68.423 million allocated to directors and/or their associates, and HKD 8.877 million allocated to employees[47] - The exercise price for the stock options granted on June 23, 2022, is HKD 30.89 per share[46] - The total number of stock options that can be granted under the plan is limited to 10% of the company's issued shares as of the approval date[44] - The maximum number of stock options that can be issued in any 12-month period under the plan is capped at 1% of the company's issued shares unless approved by shareholders[44] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the six months ending June 30, 2023[125] - The audit committee reviewed the accounting policies and practices adopted by the group for the six months ending June 30, 2023[124] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[127] Future Outlook and Strategic Initiatives - The group anticipates a recovery in customer confidence and business performance in the second half of the year, with a focus on cash flow management due to ongoing macroeconomic challenges[93] - The copper-clad laminate segment expects a rebound in demand, particularly from the electric vehicle sector, with an increase in monthly copper foil production capacity by 450 tons in the first half and an additional 300 tons in the second half[96] - The printed circuit board department plans to increase monthly production capacity of multilayer printed circuit boards by 400,000 square feet, enhancing market penetration[97] - The chemical division is constructing a phenol-acetone project with an annual capacity of 450,000 tons and a bisphenol A project with an annual capacity of 240,000 tons in Huizhou, Guangdong[99] - The group is committed to enhancing its ESG initiatives, including the establishment of distributed solar photovoltaic power stations across its facilities[93]

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概 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，概不會就因本 公佈全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 KINGBOARD HOLDINGS LIMITED 建 滔 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：148） 中 期 業 績 公 佈 財務摘要 截至六月三十日止六個月 二零二三年 二零二二年 變動 百萬港元 百萬港元 18,719.9 27,828.2 -33% 營業額 未扣除利息、稅項、折舊及 攤銷前盈利* 3,337.2 5,767.4 -42% 除稅前溢利* 1,813.6 4,646.0 -61% 本公司持有人應佔純利 * 1,389.6 2,522.3 -45% －基本純利 1,389.6 2,409.6 -42% －賬面純利 每股盈利 * 1.253 2.275 -45% ...

Financial Performance - In FY 2022, Kingboard Holdings reported revenue of HK$49,375.9 million, a decrease of 13% from HK$56,755.3 million in FY 2021[6] - EBITDA for FY 2022 was HK$9,445.3 million, down 46% from HK$17,559.9 million in FY 2021[6] - The net profit attributable to owners of the Company for FY 2022 was HK$3,882.7 million, a decline of 63% compared to HK$10,565.4 million in FY 2021[6] - Basic earnings per share based on underlying net profit decreased to HK$3.502 in FY 2022 from HK$9.537 in FY 2021, representing a 63% drop[6] - The proposed final dividend per share for FY 2022 is HK$0.75, down 69% from HK$2.44 in FY 2021[6] - The net asset value per share decreased by 5% to HK$54.2 in FY 2022 from HK$56.8 in FY 2021[6] Segment Performance - Laminates Division sales declined by 23% to 96 million sheets, with segment revenue down 32% to HK$19,938.6 million and EBITDA decreasing by 66% to HK$3,119.6 million[16] - The PCBs Division's revenue slightly decreased by 3% to HK$13,183.7 million, while EBITDA showed a mild decrease of 2% to HK$1,726 million[17] - Chemicals Division revenue fell by 15% to HK$13,893.4 million, with EBITDA down 36% to HK$2,804 million due to dropping chemical product prices and rising raw material costs[18] - Property Division revenue surged by 164% to HK$6,261.6 million, driven by a 3.2 times increase in property sales and an 8% rise in rental income[20] Strategic Initiatives - The Group plans to continue market expansion and product portfolio enhancement, particularly in high-end and high-value-added products[16] - The Group's management focused on enhancing production efficiency and reducing energy consumption amid rising costs, achieving better price-performance in laminate products[16] - The Group's diversified business portfolio and vertical value chain helped maintain a robust financial position despite challenging market conditions[11] Investment and Capacity Expansion - The Group invested approximately HK$4.8 billion in new production capacity and HK$1.7 billion in property construction expenses during the period[23] - The new laminates plant in Shaoguan has been fully commissioned, adding strategic capacities to the Group[33] - Monthly capacities of 4,200 tonnes of glass yarn and 1,050 tonnes of copper foil were added in Lianzhou, Guangdong Province[33] - The Group's expansion plans in Thailand aim to support overseas growth and increase capacities for laminates and upstream materials[33] Environmental and Sustainability Efforts - The Group is establishing solar photovoltaic power projects expected to recoup costs within five years while providing long-term benefits[32] - The Hebei acetic acid project aims to capture and recycle 200,000 tonnes of carbon dioxide per year, supporting the Group's green initiatives[32] - The Chemicals Division aims to promote green and low-carbon development through innovation and technology, focusing on high-quality growth with intelligent solutions[39] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2022[130] - The Board recognizes the importance of corporate governance practices for the benefit of stakeholders and shareholders[165] - The Board plans to hold meetings quarterly, with a minimum of four meetings in the coming year[174] - The Company has adopted internal guidelines for matters requiring Board approval[172] Risk Management - The Group faces significant risks including product defects, which could lead to substantial liability claims affecting operations and reputation[56] - The Group's financial condition and business prospects may be adversely affected if it fails to compete effectively in its industry[63] - The Group's operations are subject to various uncertainties that could materially impact its business performance and outlook[61] Shareholder Relations - The Group expressed gratitude to shareholders, clients, banks, management, and employees for their support during the period[43] - The Board will review the dividend policy periodically, considering financial results, distributable reserves, and future development plans[76] - The total amount of retained profits and share premium of the company as of December 31, 2022, was HK$6,686,612,000, down from HK$7,151,279,000 in 2021[105] Human Resources - The Group employed approximately 35,000 staff globally, down from 36,000 the previous year, emphasizing the importance of human resources management[25] - The Group continues to nurture talent through training programs and has recruited several hundred promising graduates annually from mainland China, Hong Kong, and Taiwan[27] Financial Investments - For the year ended December 31, 2022, the Group's investments in securities instruments totaled HK$7,171 million, a decrease from HK$9,577 million in 2021, representing approximately 7% of total assets[80] - The Group's bond portfolio had a fair value of approximately HK$630 million as of December 31, 2022, with a total investment cost of approximately HK$2.36 billion[86] - The Group's investment strategy includes retaining listed bonds to generate stable and fixed interest income[86] Director and Management Information - Mr. Cheung Kwok Wing, aged 67, is the chairman and co-founder of the Group, with over 13 years of experience in electronic components sales prior to establishing the Group[43] - The Group's management team includes experienced professionals with significant industry backgrounds[43] - The Company has arranged appropriate insurance covering liabilities for directors and senior management arising from Group activities[159]

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概 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，概不會就因本 公佈全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 KINGBOARD HOLDINGS LIMITED 建 滔 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：148） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 業 績 公 佈 財務摘要 二零二二年 二零二一年 財政年度 財政年度 變動 百萬港元 百萬港元 49,375.9 56,755.3 -13% 營業額 未扣除利息、稅項、折舊及 攤銷前盈利* 9,445.3 17,559.9 -46% 除稅前溢利* 7,050.0 15,338.1 -54% 本公司持有人應佔純利 * 3,882.7 10,565.4 -63% －基本純利 3,655.2 10,778.0 -66% －賬面純利 每股基本盈利 * 3.502 9.537 -63% －以基本純利計算 港元 港元 3.297 9.729 -66% ...