Group 1 - The PCB industry is showing positive performance signals, with approximately 80% of the 20 PCB-related A-share companies reporting profit growth for 2025 [1] - Companies like Jin'an Guoji and Shenghong Technology are expected to see net profit increases exceeding 250% [1] - The demand for high-end PCB products is driven by the rapid deployment of AI data centers, leading to growth in upstream equipment and materials [1] Group 2 - Kintor Laminates has raised prices multiple times since August 2025, indicating a positive pricing cycle across the entire industry driven by AI demand [2] - Kintor Group anticipates a net profit increase of over 165% for the year ending December 31, 2025, primarily due to growth in investment and copper-clad laminate segments [2] - The demand for copper-clad laminates and upstream materials is strong, with significant price increases and sales growth compared to 2024 [2] Group 3 - Dazhu CNC specializes in PCB production equipment and is expected to benefit from increased capital expenditures in the PCB sector starting from Q4 2024 [3] - The company offers a wide range of production equipment covering multiple key processes in the PCB industry [3] - The demand for high-aspect-ratio drilling needles is highlighted as a critical area for growth [3]

Core Viewpoint - Kintor Group (00148) expects a significant increase in net profit for the year ending December 31, 2025, projecting an increase of over 165% compared to the same period in 2024, with net profit exceeding HKD 4.32 billion [1][6] Group 1 - The company's stock opened over 5% higher following the profit announcement and is currently up 2.29%, trading at HKD 35.80, with a transaction volume of HKD 34.12 million [1][6] - The anticipated profit surge is attributed to growth in the investment business segment and increased profits from the copper-clad laminate segment [1][6] - Demand for copper-clad laminates and upstream materials, including fiberglass yarn, fiberglass cloth, and copper foil, remains strong, leading to a general increase in product prices and sales growth compared to 2024 [1][6]

Core Viewpoint - Kintor Group (00148) expects a significant increase in net profit for the fiscal year ending December 31, 2025, projecting an increase of over 165% compared to the same period in 2024, with net profit expected to exceed HKD 4.32 billion [1] Group Performance - The anticipated rise in net profit is primarily attributed to growth in the investment business and increased profits from the copper-clad laminate segment [1] - The demand for copper-clad laminates and its upstream materials, including fiberglass yarn, fiberglass cloth, and copper foil, remains strong, contributing to a notable increase in product prices and sales volume compared to 2024 [1]

2025年年报披露尚未拉开帷幕，PCB行业部分A股上市企业已率先释放积极业绩信号，折射出产业链景 气度持续上升。 Choice数据显示，截至1月23日，已有约20家PCB概念股披露2025年度业绩预告，其中约八成实现净利 润增长，覆盖PCB产品、材料、设备等产业链上下游各环节。 金安国纪、胜宏科技等公司的净利润增幅预计超过250%。 万联证券发布研报称，2025年申万电子行业跑赢沪深300指数，估值略高于近年中枢，2025年前三季度 业绩向好，盈利能力有所提升。展望2026年，建议把握AI算力建设和终端创新的投资机遇。AI算力建 设方面，AI浪潮持续推进，算力关键硬件环节需求旺盛，建议关注存储和PCB等处于高景气的细分板 块，旺盛需求及资本开支加速带来的投资机遇。 PCB电路板相关产业链港股： 建滔积层板(01888)：国泰海通证券表示，2025年下半年以来，建滔8月、10月、12月月初已经提价三 次，12月再次提涨，月内两次提涨超预期。意味着AI景气驱动下全产业链进入良性提价周期。公司同 时布局铜箔、电子布和覆铜板，作为行业一体化龙头有望能全环节受益于涨价周期。 建滔集团（00148）：建滔集团发布公告称， ...

Group 1 - The core viewpoint of the news is that Kintor Group (00148.HK) expects a significant profit increase of over 165% for the fiscal year ending December 31, 2025, with net profit exceeding HKD 4.32 billion [1] - The profit growth is primarily driven by two segments: the investment business and the copper-clad laminate segment, with strong demand for copper-clad laminates and upstream materials leading to increased prices and sales [1] - Kintor Laminates (01888.HK), a subsidiary of Kintor Group, also forecasts a profit increase of over 80% for 2025, with net profit exceeding HKD 2.39 billion, benefiting from similar factors as the parent company [1] Group 2 - Copper-clad laminates are essential materials for printed circuit boards (PCBs), widely used in consumer electronics, communication devices, and automotive electronics [2] - Kintor Group is one of the largest manufacturers of copper-clad laminates globally, covering a complete industrial chain from upstream raw materials to finished products [2] - The PCB industry is experiencing improved market conditions, with Kintor Group's net profit expected to increase by 70% in 2025, driven by rising demand from AI and semiconductor sectors [2]

建滔集团在港交所公告，预计2025年录得的纯利较2024年同期上升超过165%，即纯利超过43.2亿港 元。报告期内，由于复铜面板及其上游物料包括玻纤纱、玻纤布及铜箔的需求畅旺，集团复铜面板及其 上游物料产品的单价普遍明显上升，以及销量较2024年同期录得增长，目前市场需求维持畅旺。 ...

Core Viewpoint - Kintor Pharmaceutical (00148) expects a significant increase in net profit for the year ending December 31, 2025, projecting an increase of over 165% compared to the same period in 2024, with net profit exceeding HKD 4.32 billion [2][5] Financial Performance - The anticipated substantial rise in net profit is primarily attributed to growth in the reported segment profits from the investment business and the copper-clad laminate segment [2][5] - The demand for copper-clad laminates and its upstream materials, including fiberglass yarn, fiberglass cloth, and copper foil, remains strong, leading to a general increase in product prices and sales volume compared to 2024 [2][5]

Core Viewpoint - The company anticipates a significant increase in net profit for the year ending December 31, 2025, projecting an increase of over 165% compared to the same period in 2024, with net profit expected to exceed HKD 4.32 billion [1] Group 1: Financial Performance - The expected substantial rise in net profit is primarily attributed to growth in the investment business segment and the copper-clad laminate segment [1] - The demand for copper-clad laminates and its upstream materials, including fiberglass yarn, fiberglass cloth, and copper foil, remains strong, contributing to the overall profit increase [1] Group 2: Market Demand - There has been a notable increase in the unit prices of copper-clad laminates and their upstream materials, alongside a growth in sales volume compared to the same period in 2024 [1] - The current market demand for these products continues to be robust, supporting the company's positive financial outlook [1]

Core Viewpoint - The company anticipates a significant increase in net profit for the fiscal year ending December 31, 2025, projecting a rise of over 165% compared to the same period in 2024, with net profit expected to exceed HKD 4.32 billion [1] Group 1: Financial Performance - The expected substantial increase in net profit is primarily attributed to growth in the investment business segment and the copper-clad laminate segment [1] - The demand for copper-clad laminates and its upstream materials, including fiberglass yarn, fiberglass cloth, and copper foil, remains strong, contributing to the overall profit increase [1] Group 2: Market Demand - There is a notable increase in the unit prices of copper-clad laminates and their upstream materials, alongside a growth in sales volume compared to the same period in 2024 [1] - The current market demand for these products is sustained and robust, indicating a positive outlook for the company's performance [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 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 對 因 本 公 告 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） 盈利預喜 本公告乃建滔集團有限公司（「建 滔」，連 同 其 附 屬 公 司 統 稱「本集團」）根據香港 聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及證券及期貨條例 （香 港 法 例 第571章）第XIVA部 內 幕 消 息 條 文 而 作 出。 建滔董事會（「建滔董事會」）謹 此 知 會 建 滔 股 東 及 潛 在 投 資 者，按 照 本 集 團 截 至 二零二五年十二月三十一日止年度未經審核管理賬目之初步評估以及建滔董 事 會 現 時 可 得 的 資 料，本 集 團 預 計 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 錄 得的純利較二零二四年同期上 ...