引 領 未 來 LEADING THE FUTURE Solar Photovoltaic Power 太陽能發電 24 20 Thermal Energy Recovery 熱能回收 11.6mm ■ spot UV CONTENTS 目錄 | 02 | Corporate Information 公司資料 | 70 | Consolidated Statement of Profit or Loss and Other Comprehensive Income | | --- | --- | --- | --- | | 04 | Financial Highlights | 71 | 綜合損益及其他全面收益表 | | | 財務摘要 | | Consolidated Statement of | | | Chairman's Statement | | Financial Position | | 06 | 主席報告 | | 綜合財務狀況表 | | | Directors' and Senior Management's | 73 | Consolidated Statement of | | 13 | B ...

电子/元件 建滔积层板（01888.HK） 2025H1 业绩有望回升，2025H2 持续性仍需跟踪 2025 年 04 月 09 日 投资评级：买入（维持） | 日期 | 2025/4/8 | | --- | --- | | 当前股价(港元) | 7.190 | | 一年最高最低(港元) | 10.100/5.370 | | 总市值(亿港元) | 224.33 | | 流通市值(亿港元) | 224.33 | | 总股本(亿股) | 31.20 | | 流通港股(亿股) | 31.20 | | 近 3 个月换手率(%) | 20.1 | 股价走势图 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 建滔积层板 恒生指数 数据来源：聚源 相关研究报告 《覆铜板行业龙头，铜周期驱动业绩 反 弹 — 港 股 公 司 首 次 覆 盖 报 告 》 -2024.6.7 吴柳燕（分析师） 陈沆（联系人） wuliuyan@kysec.cn 证书编号：S0790521110001 chenhang1@kysec.cn 2025H1 业绩有望受益量价齐升，2025H2 业绩持续性仍需跟踪 ...

电子/元件 建滔积层板（01888.HK） 2025H1 业绩有望回升，2025H2 持续性仍需跟踪 2025 年 04 月 09 日 投资评级：买入（维持） 相关研究报告 《覆铜板行业龙头，铜周期驱动业绩 反 弹 — 港 股 公 司 首 次 覆 盖 报 告 》 -2024.6.7 吴柳燕（分析师） 陈沆（联系人） wuliuyan@kysec.cn 证书编号：S0790521110001 chenhang1@kysec.cn 2025H1 业绩有望受益量价齐升，2025H2 业绩持续性仍需跟踪 考虑到贸易摩擦升温加剧铜价不确定性、公司新增产能折旧影响、发力高端覆铜 板业务，我们将 2025-2026 年归母净利润预测由 27.0/29.0 亿港元下调至 19.8/22.1 亿港元，并新增 2027 年预测 30.3 亿港元，同比增长 48.3/11.8/36.9%，当前市值 分别对应 2025-2027 年 11.3/10.2/7.4 倍 PE。2025H1 公司覆铜板价格调涨、国补 刺激需求景气回暖支撑业绩表现，2025H2 铜价及需求持续性仍需跟踪；长周期 来看，逆势扩产进军高端覆铜板及物料有望提升 A ...

二 零 二 四 年：投 資 物 業 公 平 值 變 動 之 虧 損 二 千 二 百 九 十 萬 港 元。 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 LAMINATES HOLDINGS LIMITED 建滔積層板控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1888） 截至二零二四年十二月三十一日止年度 業績公佈 財務摘要 二零二四年 財政年度 二零二三年 財政年度 變動 百萬港元 百萬港元 營業額 18,541.0 16,750.2 +11% 未 扣 除 利 息、稅 項、折 舊 及 攤 銷 前盈利* 2,962.7 2,450.3 +21% 除稅前溢利* 1,758.3 1,276.5 +38% 本公司持有人應佔純利 －基 本 純 利* 1,349.0 991.0 +36% －賬 面 純 利 1,326.1 907 ...

Revenue and Profit Performance - Revenue for the six months ended June 30, 2024, increased to HKD 8,638,244 thousand, up from HKD 8,109,913 thousand in the same period in 2023[3] - Gross profit rose to HKD 1,704,498 thousand in 2024, compared to HKD 1,297,850 thousand in 2023[3] - Net profit attributable to the company's owners increased to HKD 727,797 thousand in 2024, up from HKD 422,244 thousand in 2023[3] - Basic earnings per share improved to HKD 0.233 in 2024, compared to HKD 0.135 in 2023[3] - Total comprehensive income for the period was HKD 594,195 thousand in 2024, a significant improvement from a loss of HKD 412,806 thousand in 2023[4] - The company's revenue increased by 7% year-over-year to HKD 8,638.2 million, with net profit attributable to shareholders rising by 72% to HKD 727.8 million[44][45] - The company's profit before tax for the first half of 2024 was 957,465 thousand HKD, up from 567,288 thousand HKD in the same period of 2023[18][19] - Interim dividend per share increased to 12.0 HK cents for the six months ended June 30, 2024, compared to 6.0 HK cents for the same period in 2023[26] - Basic earnings per share for the six months ended June 30, 2023, were 422,244 thousand HKD[27] Assets and Liabilities - Total assets as of June 30, 2024, stood at HKD 15,257,432 thousand, up from HKD 14,975,237 thousand as of December 31, 2023[6] - Cash and cash equivalents increased to HKD 2,761,388 thousand as of June 30, 2024, compared to HKD 2,027,179 thousand as of December 31, 2023[5] - Trade and other receivables rose to HKD 4,077,349 thousand as of June 30, 2024, up from HKD 3,765,005 thousand as of December 31, 2023[5] - Total liabilities decreased to HKD 6,931,206 thousand as of June 30, 2024, down from HKD 8,362,182 thousand as of December 31, 2023[6] - Non-current assets decreased slightly to HKD 9,371,932 thousand as of June 30, 2024, compared to HKD 9,745,949 thousand as of December 31, 2023[5] - Trade receivables net of credit loss provisions increased to 3,443,792 thousand HKD as of June 30, 2024, from 3,101,157 thousand HKD as of December 31, 2023[30] - Trade payables decreased slightly to 786,377 thousand HKD as of June 30, 2024, from 792,963 thousand HKD as of December 31, 2023[32] - The company's net current assets were approximately HKD 8.362 billion as of June 30, 2024, with a current ratio of 2.21[53] - Total debt as of June 30, 2024, is HK$5,333,319 thousand, compared to HK$4,451,394 thousand as of December 31, 2023[54] Cash Flow - Operating cash flow from business activities for the six months ended June 30, 2024, was HKD 302.74 million, compared to a negative HKD 497.393 million in the same period in 2023[10] - Net cash used in investing activities for the six months ended June 30, 2024, was HKD 159.209 million, a decrease from HKD 267.007 million in the same period in 2023[10] - Net cash from financing activities for the six months ended June 30, 2024, was HKD 590.678 million, down from HKD 699.473 million in the same period in 2023[10] - Net increase in cash and cash equivalents for the six months ended June 30, 2024, was HKD 734.209 million, compared to a net decrease of HKD 64.927 million in the same period in 2023[10] - Cash and cash equivalents at the end of the period were HKD 2,761.388 million, up from HKD 2,027.179 million at the beginning of the period[10] Segment Performance - Revenue from sales of epoxy glass fiber copper-clad panels increased to 5,576,843 thousand HKD in the first half of 2024, up from 4,877,455 thousand HKD in the same period of 2023[15] - Revenue from sales of paper copper-clad panels rose to 719,422 thousand HKD in the first half of 2024, compared to 660,149 thousand HKD in the first half of 2023[15] - Revenue from sales of upstream materials decreased to 1,536,320 thousand HKD in the first half of 2024, down from 1,822,264 thousand HKD in the same period of 2023[15] - Revenue from property sales dropped significantly to 2,791 thousand HKD in the first half of 2024, compared to 109,275 thousand HKD in the first half of 2023[15] - Revenue from sales of special resins increased to 591,481 thousand HKD in the first half of 2024, up from 468,558 thousand HKD in the same period of 2023[15] - Total customer contract revenue reached 8,553,475 thousand HKD in the first half of 2024, compared to 8,051,004 thousand HKD in the first half of 2023[15] - Revenue from the copper-clad panel segment accounted for 8,525,245 thousand HKD in the first half of 2024, representing the majority of the company's total revenue[18] - The copper-clad laminate (CCL) division saw a 16% increase in shipment volume compared to the previous year, with monthly average shipments reaching 8.6 million sheets[46] - The CCL division's revenue grew by 8% to HKD 8,525.2 million, driven by strong demand from the AI and automotive electronics sectors[46] - The real estate division's revenue declined by 64% to HKD 58.4 million, primarily due to a focus on the CCL business[46] Financial Ratios and Metrics - The company's EBITDA increased by 35% to HKD 1,569.7 million, reflecting improved operational efficiency and cost control[45] - The company's net debt ratio decreased slightly from 18% to 17%, indicating a stable financial position[45] - The net working capital turnover period increased to 134 days as of June 30, 2024, from 125 days at the end of 2023, with inventory turnover at 71 days, trade receivables at 93 days, and trade payables at 30 days[53] - The net debt ratio was approximately 17% as of June 30, 2024, with a short-term to long-term borrowing ratio of 60:40[53] - The actual interest rate on bank borrowings as of June 30, 2024, is 4.45%, down from 5.59% as of December 31, 2023[55] Investments and Capital Expenditures - The company's total investment in debt and equity instruments stood at HKD 2,041.161 million as of June 30, 2024, representing 8% of total assets[47] - The company provided bank mortgage guarantees of approximately HKD 10.1 million for property buyers, down from HKD 12.4 million at the end of 2023[42] - The company's contracted but not yet provided capital expenditures for property, plant, and equipment increased to HKD 79.342 million from HKD 33.867 million at the end of 2023[41] - The company recognized an impairment loss of HKD 742,000 on Guangzhou R&F Properties' debt instruments under the expected credit loss model, with a cumulative credit loss of HKD 187,513,000[49] - The bond investment portfolio had a fair value of HKD 91,361,000 and a corresponding investment cost of HKD 347,705,000 as of June 30, 2024, with interest income increasing by approximately 289% to HKD 4,751,000 compared to the same period in 2023[50] - Dividend income from equity instruments at fair value through profit or loss was HKD 49,794,000, while fair value changes resulted in a loss of HKD 53,424,000 during the period[51] - The company invested approximately HKD 200 million in new production facilities during the period[53] - Additions to property, plant, and equipment amounted to 195,371 thousand HKD for the six months ended June 30, 2024, down from 766,000 thousand HKD in the same period in 2023[29] - Cumulative investment in distributed solar power generation projects as of June 30, 2024, is HK$420 million, with a total of 37 million kWh of green electricity produced in the first half of 2024[59] - Cumulative investment in heat recovery equipment as of June 30, 2024, is HK$80 million, reducing CO2 emissions by 18,500 tons in the first half of 2024[59] Shareholder Information - The company's directors collectively hold approximately 0.607% of the issued share capital as of June 30, 2024[62] - Hallgain Management Limited holds 2,301,434,000 shares, representing 73.76% of the company's issued share capital[68] - Jamplan (BVI) Limited holds 1,785,000,000 shares, representing 57.21% of the company's issued share capital[68] - Capital Research and Management Company holds 177,205,851 shares, representing 5.68% of the company's issued share capital[68] - Zhang Guohua holds 17,123,820 shares, representing 1.545% of the issued share capital of Kingboard Holdings Limited[66] - Zhang Guoqiang holds 2,610,222 shares, representing 0.236% of the issued share capital of Kingboard Holdings Limited[66] - Zhang Guoping holds 7,236,383 shares, representing 0.653% of the issued share capital of Kingboard Holdings Limited[66] - Lin Jiabao holds 2,500,000 shares, representing 0.226% of the issued share capital of Kingboard Holdings Limited[66] - Zhang Guohua, Zhang Guoqiang, and Zhang Guoping each hold 12,000,000 shares, representing 0.385% of the company's issued share capital[64] - Zhang Jiahao holds 4,000,000 shares, representing 0.128% of the company's issued share capital[64] - Zhou Peifeng holds 2,000,000 shares, representing 0.064% of the company's issued share capital[64] Share Option Plan - The company's share option plan, approved in 2017, remains in effect for ten years from the effective date, with options exercisable within ten years from the grant date[35] - The total number of shares that can be issued upon the exercise of all granted share options under the plan shall not exceed 10% of the total issued shares on the date of approval by shareholders, which is 312,100,000 shares, representing 10.0% of the total issued share capital as of the date of the interim financial report[36] - The maximum number of shares that can be issued upon the exercise of all granted and outstanding share options under the plan and any other share option plans shall not exceed 30% of the company's issued share capital at any time[36] - The total number of shares issued and to be issued upon the exercise of share options granted to participants in any 12-month period shall not exceed 1% of the company's issued share capital at that time, unless approved by shareholders[36] - As of December 31, 2023, the company granted 35,900,000 share options under the plan, with 29,000,000 granted to directors and 6,900,000 to employees. As of December 31, 2023, and June 30, 2024, 72,800,000 share options remained unexercised[40] - The closing price of the company's shares on July 27, 2023, was HK$7.69, and the estimated fair value of the granted share options was HK$48,750,000, with HK$39,780,000 allocated to directors and HK$9,372,000 to employees[40] - The fair value per share option was HK$1.3579, and all options vested on the grant date with no vesting period or performance targets[40] - As of June 30, 2024, the number of share options available for grant under the plan was 196,300,000[40] Operational and Strategic Updates - The company employs approximately 9,900 people as of June 30, 2024, down from 10,000 as of December 31, 2023[58] - The company plans to increase CCL production capacity in Thailand by 400,000 sheets per month in the second half of 2024[59] - The company has successfully developed high-frequency and high-speed products for AI server GPU motherboards[59] - The company's CCL products are benefiting from increased demand due to automotive electronics, AI industry growth, and high-speed network upgrades[59] Accounting and Financial Reporting - The company adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which had no significant impact on the financial performance or position[14] - The company's financial statements are prepared in accordance with Hong Kong Accounting Standards and the Hong Kong Stock Exchange Listing Rules[11] - Historical cost basis is used for the preparation of financial statements, except for investment properties and certain financial instruments measured at fair value[12] - Weighted average number of ordinary shares for basic earnings per share calculation remained constant at 3,120,000 thousand for both 2023 and 2024[28] - Depreciation of property, plant, and equipment was 450,060 thousand HKD in the first half of 2024, slightly lower than 456,200 thousand HKD in the same period of 2023[23] - Income tax expense increased to 228,129 thousand HKD in the first half of 2024, compared to 144,713 thousand HKD in the first half of 2023[24] - The average credit period for purchasing goods remained at 90 days as of June 30, 2024, consistent with the previous year[33]

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佈的內容概不 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 佈 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 KINGBOARD LAMINATES HOLDINGS LIMITED 建滔積層板控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1888） 中期業績公佈 財務摘要 截至六月三十日止六個月 二零二四年 二零二三年 變動 百萬港元 百萬港元 | --- | --- | --- | --- | |---------------------------------|-----------|-----------|-------| | 營業額 | | | | | 未 扣 除 利 息、稅 項、折 舊 及 | | | | | 攤銷前溢利 | | | | | 除稅前溢利 | | | | | 本公司持有人應佔純利 | | | | | 每股基本盈利 | 23.3港 仙 | 13.5港 仙 | +73% | | 每股中期股 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Insights - The company, a leader in the copper-clad laminate industry, is expected to see a rebound in performance driven by rising copper prices and recovering downstream demand, with projected revenues of HKD 20.94 billion, HKD 23.38 billion, and HKD 24.02 billion for 2024-2026, representing year-on-year growth of 25.0%, 11.6%, and 2.7% respectively [4][8]. - The company has a strong vertical integration capability, maintaining a leading market share of over 15% in the copper-clad laminate industry, which allows it to benefit from cost advantages and pricing power [5][12]. - The cost structure of copper-clad laminates shows that copper foil constitutes 42.1% of the total cost, with the company able to pass on copper price increases to customers, thus enhancing revenue and profit margins [6][29]. Company Overview - The company has established a comprehensive supply chain, producing key raw materials such as glass fiber cloth and epoxy resin, which supports its leading position in the market [5][24]. - The company has a high degree of shareholding concentration, with the parent company holding over 73% of the shares, and a board of directors with extensive industry experience [14][15]. Revenue Structure - The primary revenue source for the company is copper-clad laminates, which accounted for over 70% of total revenue from 2019 to 2023, with epoxy glass fiber laminates making up 61% of this segment in 2023 [17][18]. Market Dynamics - The automotive and home appliance sectors are experiencing strong demand, while the consumer electronics market is showing signs of recovery, positioning the company to benefit from these trends [7][32]. - The company has a diversified customer base, with no single customer contributing more than 3% to total revenue, allowing it to maintain strong pricing power in a high-demand environment [7][11]. Financial Projections - The company is projected to achieve net profits of HKD 1.80 billion, HKD 2.70 billion, and HKD 2.90 billion for 2024-2026, with corresponding P/E ratios of 13.7, 9.1, and 8.5 [4][8].

22002233 CONTENTS 目錄 02 Corporate Information 72 Consolidated Statement of Profit or Loss and 公司資料 Other Comprehensive Income 綜合損益及其他全面收益表 04 Financial Highlights 財務摘要 73 Consolidated Statement of Financial Position 06 Chairman’s Statement 綜合財務狀況表 主席報告 75 Consolidated Statement of 13 Directors’ and Senior Management’s Changes in Equity Biographies 綜合權益變動表 董事及高級管理人員之資歷 78 Consolidated Statement of 18 Directors’ Report Cash Flows 董事會報告 綜合現金流量表 43 Corporate Governance Report 80 Notes to the Consolidated 企業管治報告 ...

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 LAMINATES HOLDINGS LIMITED 建 滔 積 層 板 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1888） 截 至 二 零 二 三 年 十 二 月 三 十 一 日 止 年 度 業 績 公 佈 財務摘要 二零二三年 二零二二年 財政年度 財政年度 變動 百萬港元 百萬港元 16,750.2 22,363.7 -25% 營業額 未扣除利息、稅項、折舊及攤銷 前盈利* 2,450.3 4,378.6 -44% 除稅前溢利* 1,276.5 3,451.3 -63% 本公司持有人應佔純利 – * 991.0 2,002.7 -51% 基本純利 – 907.4 1,909.1 -52% 賬面純利 每股盈利 ...

01 建滔積層板控股有限公司 中期業績 建滔積層板控股有限公司（「本公司」）之董事會（「董事會」）欣然公佈本公司及其附屬公司（統稱 「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合業績及二零二二年同期之比較數 字如下： 簡明綜合損益表 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 營業額 3 8,109,913 13,175,953 銷售成本 (6,812,063) (9,172,836) 毛利 1,297,850 4,003,117 其他收入、收益及虧損 5 69,179 45,190 分銷成本 (204,650) (391,212) 行政成本 (406,161) (543,918) 按公平值計入損益之權益工具之 公平值變動虧損 (69,042) (67,578) 出售按公平值計入其他全面收益之 債務工具之收益 12,071 – 預期信貸虧損模式項下按公平值計入 其他收益之債務工具之減值虧損 (270) (181,660) 融資成本 6 (131,689) (44,301) 除稅前溢利 567,288 2,819,638 所得稅開支 8 (144 ...