股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 建滔積層板控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01888 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | 本月 ...

Group 1 - The core point of the article is that Ye Shukun, an independent non-executive director of Kwan Hung Holdings Limited (01888.HK), reduced his shareholding by selling 200,000 shares at an average price of HKD 12.37 per share, amounting to approximately HKD 2.474 million [1] - After the sale, Ye Shukun's total shareholding decreased to 1.15 million shares, resulting in a reduction of his ownership percentage from 0.04% to 0.03% [1][2] Group 2 - The transaction took place on September 30, 2025, as per the latest disclosure from the Hong Kong Stock Exchange [1][3] - The average price per share during the transaction was HKD 12.37 [3]

Core Insights - The latest shareholder equity disclosures for several companies were made on October 1, 2025, including Longji Group, Minth Group, Kingboard Laminates, Junshi Biosciences, and Bonny Holdings [1] Group 1: Longji Group (00255) - Shareholder Shao Yulong increased his holdings from 407 million shares to 414 million shares, raising his ownership percentage from 64.49% to 65.52% [2] - Shareholder Shao Tielong also increased his holdings from 407 million shares to 414 million shares, with the same ownership percentage change as Shao Yulong [2] Group 2: Minth Group (00425) - Shareholder Wei Qinglian maintained his holdings at 451 million shares, with a slight increase in ownership percentage from 38.34% to 38.35% [2] Group 3: Kingboard Laminates (01888) - Shareholder Ye Shukun reduced his holdings from 1.35 million shares to 1.15 million shares, resulting in a decrease in ownership percentage from 0.04% to 0.03% [2] Group 4: Junshi Biosciences (01877) - Shareholder Li Xin significantly increased his holdings from 82,900 shares to 1.2829 million shares, raising his ownership percentage from 0.04% to 0.49% [2] Group 5: Bonny Holdings (01906) - Hong Kong Jun He Limited completely divested from Bonny Holdings, reducing holdings from 550 million shares to 0 shares, resulting in a drop in ownership percentage from 37.39% to 0% [2]

Group 1 - The stock of Kintor Pharmaceutical (01888.HK) increased by over 7%, specifically by 7.52%, reaching a price of 12.44 HKD [2] - The trading volume for Kintor Pharmaceutical was 379 million HKD at the time of reporting [2]

Core Viewpoint - Jiantao Laminated Board (01888) has seen a significant increase in stock price, attributed to positive market conditions and pricing strategies in the copper-clad laminate industry [1][2] Group 1: Company Performance - Jiantao Laminated Board's stock rose by 7.52%, reaching HKD 12.44, with a trading volume of HKD 379 million [1] - The company is recognized as a leading player in the copper-clad laminate industry, benefiting from upstream material integration that creates a differentiated competitive barrier [1] Group 2: Industry Trends - The overall demand for copper-clad laminates is expected to improve, driven by the growth in AI-related applications, with major companies focusing on high-end product expansion [1] - A new round of price increases in the industry is anticipated in the second half of 2025, reflecting a positive supply-demand dynamic [1] - Recent price hikes of approximately 8% for CEM-1/22F/V0/HB and FR-4 products were implemented due to rising costs of copper, glass cloth, and chemical raw materials [2] - The underlying logic for price increases has shifted from recovery-based adjustments to a more optimistic outlook driven by industry growth and profitability potential [2]

Core Viewpoint - Jiantao Laminates (01888) is experiencing a significant stock price increase, attributed to positive market conditions and pricing strategies in the copper-clad laminate industry [1][2] Group 1: Company Performance - Jiantao Laminates' stock rose by 7.52%, reaching HKD 12.44, with a trading volume of HKD 379 million [1] - The company is recognized as a leading player in the copper-clad laminate industry, benefiting from an integrated supply chain that creates competitive advantages [1] Group 2: Industry Trends - The copper-clad laminate industry is optimistic about the supply-demand dynamics, particularly with the anticipated growth in demand driven by AI technologies [1] - Major companies in the industry are focusing on expanding high-end production capacities, while some mid-range capacities are being upgraded to high-end products [1] - A new round of price increases is expected in the second half of 2025, reflecting a positive outlook for traditional copper-clad laminate pricing cycles [1] Group 3: Pricing Strategies - Jiantao Laminates announced a price increase of approximately 8% for its products due to rising costs of copper, glass fabric, and chemical raw materials [2] - The rationale behind the recent price hikes has shifted from recovery-based adjustments to a reflection of improved industry conditions and profit potential [2]

Summary of the Conference Call for 建滔积层板 Industry Overview - 建滔积层板 is a significant player in the domestic special electronic cloth industry, with production capacity second only to 中国巨石 [2][3] - The company is actively upgrading its industry position, focusing on high-frequency and high-speed performance driven by AI demand [2][3] - The copper-clad laminate (CCL) market is experiencing improved conditions due to supply-demand adjustments, despite minor disruptions from electronic tariffs [2][3] Key Points and Arguments - **Product Development and Market Position** - Currently, 建滔's high-end products reach only the 马六 level, lagging behind the mainstream 马八 and 马九 levels [2][4] - The company has integrated production capabilities for copper foil, fiberglass cloth, and resin, enhancing its competitiveness [2][4] - Plans to expand production by 70,000 tons of fine sand indicate strong cost control capabilities [2][3] - **Market Dynamics** - The special electronic materials industry is facing tight supply, particularly for second-generation cloth and low-expansion cloth, with shortages expected to exceed 100% [10] - A significant price increase in the CCL market occurred on August 15, marking the first effective price hike of the year, with further increases anticipated in Q4 [2][18] - **Future Development Plans** - 建滔 plans to complete the production of second-generation cloth by the end of this year and expand production lines for low-expansion cloth and quartz cloth [11] - The company aims to accelerate the development and verification of third and fourth-generation HVLP copper foil products [11] - **High-End Strategy** - The high-end strategy focuses on upstream raw materials, with plans to gradually catch up to 马七, 马八, and 马九 series products [8][9] - The company is establishing close collaborations with core customers, including cloud computing firms and NVIDIA, to enhance market competitiveness [13] Additional Important Insights - **Profitability and Valuation** - 建滔's profit forecast for 2025 is approximately HKD 3 billion, with a price-to-earnings ratio of around 12 times [16] - The static price-to-earnings ratio is about 15 to 16 times, while the dynamic ratio is approximately 11 to 12 times, indicating strong valuation potential compared to the A-share market [16] - **Catalysts to Watch** - Key catalysts include the certification progress of first-generation electronic cloth with overseas CCL manufacturers, the pace of copper foil certification, and pricing actions from major competitors [17] - **Impact of Electronic Tariffs** - The anticipated electronic tariffs may affect the entire supply chain, but the extent of the impact remains unclear [20] - Adjustments in the market could present opportunities, especially in the context of poor performance in the Hong Kong stock market [20]

Core Viewpoint - Cathay Pacific Haitong has initiated coverage on Jiantao Laminated Board (01888) with a "Buy" rating, highlighting its position as a leading company in the copper-clad laminate industry and optimistic about the price trends and performance growth from product upgrades [1] Group 1: Company Overview - Jiantao Laminated Board is recognized as a leader in the copper-clad laminate industry, with an integrated layout of upstream materials creating a differentiated barrier [1] - The company is expected to achieve net profits of HKD 23.49 billion, 31.23 billion, and 38.15 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 20 based on PE valuation [1] Group 2: Product Development and Market Position - The company is advancing in high-end product development, with its first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market in technical progress [1] - The company has a production capacity of 200,000 tons for traditional electronic yarn, corresponding to an estimated 7-8 million meters per year, with current price trends for traditional electronic cloth on an upward cycle [1][2] Group 3: Industry Trends and Demand - The copper-clad laminate industry is expected to see a new round of price increases in the second half of 2025, driven by improved demand from AI and limited expansion of mid-range production capacity [2] - The overall demand for copper-clad laminates is anticipated to grow positively, with major companies focusing on high-end products, indicating a favorable supply-demand balance for traditional mid-range copper-clad laminates [2]

Group 1 - The core viewpoint of the report is that Jiantao Laminated Board (01888) is rated as "Buy" due to its leading position in the copper-clad laminate industry and optimistic price trends for traditional copper-clad laminates [1] - The company is expected to achieve net profits of HKD 2.349 billion, HKD 3.123 billion, and HKD 3.815 billion for the years 2025-2027, with a target price set at HKD 20 based on PE valuation [1] - The company has made significant progress in high-end material integration, with the first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market [1] Group 2 - The company's core advantage in high-end products lies in the stability of material integration, with the HVLP-3 copper foil entering the verification phase for further upgrades [2] - The demand for traditional copper-clad laminates is expected to improve alongside AI demand, with major companies focusing on high-end board production [2] - The overall supply-demand dynamics in the copper-clad laminate industry are optimistic, with limited expansion in mid-range capacity and a moderate upward trend in global demand [2]

Financial Performance - The company reported a revenue of HKD 9,588,032 thousand for the six months ended June 30, 2025, representing a 11.0% increase from HKD 8,638,244 thousand in the same period of 2024[2] - Gross profit for the same period was HKD 1,762,820 thousand, up 3.4% from HKD 1,704,498 thousand year-on-year[2] - The net profit for the period was HKD 933,545 thousand, an increase of 28.0% compared to HKD 729,336 thousand in 2024[2] - Basic and diluted earnings per share increased to HKD 0.299 from HKD 0.233, reflecting a growth of 28.3%[2] - Total comprehensive income for the period was HKD 1,160,014 thousand, compared to HKD 594,195 thousand in the previous year, marking a 95.5% increase[4] - The overall profit before tax for the six months ended June 30, 2025, was HKD 1,171,287,000, compared to HKD 957,465,000 for the same period in 2024, indicating an increase of about 22.3%[16] - The group’s revenue for the six months ended June 30, 2025, increased by 11% to HKD 9,588 million compared to HKD 8,638.2 million in the same period last year[46] - Net profit attributable to shareholders rose by 28% to HKD 933.3 million, up from HKD 727.8 million year-on-year[46] Assets and Liabilities - The company's total assets as of June 30, 2025, amounted to HKD 15,125,297 thousand, up from HKD 13,799,534 thousand at the end of 2024[5] - Current liabilities increased to HKD 8,498,438 thousand from HKD 5,763,418 thousand, indicating a significant rise in short-term obligations[6] - The company’s equity attributable to shareholders decreased to HKD 14,941,786 thousand from HKD 15,342,427 thousand, reflecting a decline of 2.6%[6] - The company reported a cash and cash equivalents balance of HKD 1,461,212 thousand, down from HKD 1,924,271 thousand at the end of 2024[5] - The net trade receivables as of June 30, 2025, amounted to HKD 4,057,935,000, compared to HKD 3,617,182,000 as of June 30, 2024, showing an increase of approximately 12.2%[29] - The company’s total assets as of June 30, 2025, were HKD 8,426,589,000, compared to HKD 7,038,277,000 as of December 31, 2024, reflecting an increase of approximately 19.7%[29] - As of June 30, 2025, the group's total borrowings amounted to HKD 4,466,709,000, with HKD 3,357,547,000 due within one year[55] Cash Flow and Investments - The net cash used in operating activities for the six months ended June 30, 2025, was HKD (327,008,000), compared to HKD 302,740,000 generated in the same period of 2024[9] - The net cash used in investing activities was HKD (896,531,000), significantly higher than HKD (159,209,000) in the previous year[9] - The company reported a net cash inflow from financing activities of HKD 760,480,000, compared to HKD 590,678,000 in the prior year, reflecting an increase of approximately 28.73%[9] - The group’s investment in securities increased to approximately HKD 2,535.7 million, representing about 10% of total assets as of June 30, 2025[48] - The bond investment portfolio's fair value totaled HKD 249.6 million, with interest income from bond investments rising by approximately 5% to HKD 4.99 million[48] Dividends - The company declared a dividend of HKD 1,560,000 thousand for the period, significantly higher than HKD 374,400 thousand in the previous year[6] - The company declared an interim dividend of HKD 0.15 per share for the six months ended June 30, 2025, up from HKD 0.12 per share for the same period in 2024, reflecting a 25% increase[26] Operational Efficiency - The inventory turnover period was 62 days, while trade receivables turnover was 90 days, indicating changes in operational efficiency[54] - The average monthly shipment volume for copper-clad laminates rose by 5% year-on-year to 9 million sheets[47] Market and Growth Prospects - The company expects to continue expanding its market presence and investing in new technologies to drive future growth[8] - The group anticipates strong demand in the overall electronics market driven by AI technology and the growth of cloud data centers, robotics, and autonomous driving[61] - The group plans to increase production capacity of low dielectric fiberglass yarn by adding three more kilns in the second half of 2025, enhancing its market share in high-end products[62] Corporate Governance - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the six months ending June 30, 2025[75] - The audit committee reviewed the accounting policies and practices adopted by the group, including the unaudited interim financial report for the six months ending June 30, 2025[74] - The directors confirmed compliance with the standard code of conduct regarding securities transactions during the six months ending June 30, 2025[76] Employee and Management Information - The group employed approximately 10,600 staff as of June 30, 2025, an increase from 9,900 employees as of December 31, 2024[59] - The company’s directors believe the likelihood of default by the parties involved in the financial guarantees is extremely low[43]