Core Viewpoint - The report from CICC indicates a systematic expansion in global computing power demand, particularly for GPUs and ASICs, which is expected to significantly enhance the value of PCB products due to advancements in materials and high-layer designs [1] Industry Summary - The AI-related PCB market is projected to reach a total scale of $5.6 billion in 2025 and $10 billion in 2026, driven by strong demand for computing infrastructure [1] - The PCB and CCL markets are experiencing sustained high demand due to AI, prompting core suppliers in the industry to accelerate capacity expansion [1] - A total investment of approximately 32 billion yuan has been announced by seven listed companies in A-shares for PCB capacity expansion, with a focus on upgrading products to higher-end specifications [1] Supply Chain Insights - The ramp-up period for high-end product yields is lengthy, and the local supply chain in Southeast Asia is not yet fully mature, which may lead to a lag in capacity release compared to demand growth [1] - A supply-demand gap is expected to persist in the medium term due to these factors [1]

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,120,000,000 | | 0 | | 3,120,000,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,120,000,000 | | 0 | | 3,120,000,000 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: 建滔積層板控股有限公 ...

Group 1 - The demand for high-end PCBs, such as AI servers and switches, is surging, driven by the release of Nvidia's GB200 and ASIC chips, which further stimulates industry growth [1] - The global AI server PCB market is expected to reach 19 billion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 30% from 2023 to 2028 [1] - Domestic leading manufacturers, such as Shenyin Technology and Huitian Technology, are capturing market share due to their technological advantages, with some companies achieving capacity utilization rates exceeding 95% [1] Group 2 - Companies like Shenyin Electronics and Guanghua Technology are projected to see significant profit increases, with Shenyin Electronics' net profit expected to rise by 432%-471% year-on-year [2] - The demand for high-end PCBs is rapidly increasing due to AI computing power, leading to a notable supply-demand gap in AI PCBs this year [2] - CITIC Securities forecasts that the supply-demand ratio for global AI PCBs will be between 80% and 103% by 2026, indicating a tight supply situation [2] Group 3 - Kinsus Interconnect Technology's performance is expected to benefit from the recovery in copper-clad laminate demand, with price increases supporting its performance [3] - Kinsus Group is focusing on the entire PCB industry chain, developing a research center for copper-clad laminates and successfully creating various high-frequency and high-speed products for AI server GPU motherboards [3]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Financial Performance - The Group's revenue increased by 11% to HK$18,541.0 million in FY2024 compared to HK$16,750.2 million in FY2023[11]. - Underlying net profit attributable to owners rose by 36% to HK$1,349.0 million, up from HK$991.0 million in the previous year[11]. - Reported net profit increased by 46% to HK$1,326.1 million from HK$907.4 million in FY2023[11]. - EBITDA grew by 21% to HK$2,962.7 million, compared to HK$2,450.3 million in FY2023[11]. - The full-year dividend per share was proposed at HK$62.0 cents, a significant increase of 288% from HK$16.0 cents in FY2023[11]. - The net asset value per share increased by 3% to HK$4.92 from HK$4.79[11]. - The net gearing ratio improved to 9% from 16% in the previous year[11]. - The Group's total revenue increased by 11% year-on-year to HK$18,541.4 million, with a significant rise in net profit attributable to shareholders by 36% to HK$1,349.0 million after accounting for credit impairment provisions[29]. Divisional Performance - The Laminates Division experienced growth in both revenue and profits due to a vertically integrated value chain and broad client base[23]. - The Laminates Division's revenue increased by 11% to HK$18,304.5 million, driven by recovery in demand from the consumer electronics market and growth in air conditioning and photovoltaic panels[27]. - EBITDA for the Laminates Division rose by 26% to HK$3,023.0 million, aided by price increases in laminate products to offset rising copper costs[27]. - The Property Division's revenue decreased by 44% to HK$126.7 million, with EBITDA down 34% to HK$38.0 million, primarily focusing on rental income[28]. Investment and Capacity Expansion - The Group invested approximately HK$700 million in new capacity during the year, aiming for long-term stable returns for shareholders[32]. - The Group's laminate production capacity in Thailand is set to increase by 400,000 sheets per month, reaching a total capacity of 1 million sheets per month by the end of 2024, with further expansions planned to reach 1.8 million sheets per month[50]. - A new low-dielectric fiberglass yarn project in Qingyuan City, Guangdong Province, with an annual capacity of 500 tonnes, is under construction and expected to commence operations in the second half of 2025[50]. - The newly added 1,500-tonne monthly copper foil capacity in Lianzhou City, Guangdong Province, will be fully operational in 2025, enhancing the Group's cost efficiencies[50]. Market and Demand Trends - The electronics industry is entering a new growth phase driven by automotive electronics and AI sectors, leading to increased demand[23]. - The overall electronic market demand is strong, with significant growth in shipment volume in the first two months of 2025 compared to the same period last year[52]. - The demand for copper foil used in data centers and cloud computing has increased significantly, driving growth in the group's product offerings[52]. Environmental and Sustainability Initiatives - The group has invested approximately HK$600 million in distributed solar photovoltaic projects, expected to generate 130 million kWh of green electricity annually, saving HK$117 million in electricity costs[53]. - The group has reduced carbon dioxide emissions by 45,000 tons in 2024 through thermal energy recovery investments totaling HK$120 million[53]. - The Group is committed to environmental sustainability and complies with relevant environmental laws and regulations[103]. Corporate Governance and Management - The company has a strong board with members holding significant experience in finance, governance, and management across various sectors[72]. - The board is committed to providing independent oversight and strategic guidance to ensure sustainable growth and shareholder value[73]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024[188]. Risks and Challenges - The Group faces intense competition in its industry, which may adversely affect its financial condition and business prospects if it fails to compete effectively[97]. - Management may encounter challenges related to upgrading or expanding facilities and training personnel, which could hinder expansion plans[96]. - The Group's ability to successfully implement its business strategy is contingent upon obtaining adequate funding for its expansion plans[95]. Shareholder Information - The interests held by KHL in the Company are approximately 44.03% as of December 31, 2024[187]. - KHL Group accounted for approximately 20% of the Group's total sales, making it the largest customer during the year[189]. - The proposed annual cap for the supply framework agreement with Hallgain for the years ending December 31, 2026, is HK$563 million, HK$580 million, and HK$597 million respectively[196].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a rebound in performance in H1 2025, driven by both volume and price increases, while the sustainability of performance in H2 2025 needs to be monitored [4][5] - The forecast for net profit for 2025-2026 has been revised down from HKD 27.0 billion and HKD 29.0 billion to HKD 19.8 billion and HKD 22.1 billion, respectively, with a new forecast for 2027 at HKD 30.3 billion, representing year-on-year growth of 48.3%, 11.8%, and 36.9% [4] - The current market capitalization corresponds to a PE ratio of 11.3, 10.2, and 7.4 for 2025-2027 [4] Financial Summary and Valuation Indicators - Revenue (million HKD): 2023A: 16,750, 2024A: 18,541, 2025E: 20,261, 2026E: 21,112, 2027E: 23,916, with year-on-year growth rates of -25.1%, 10.7%, 9.3%, 4.2%, and 13.3% respectively [7] - Net Profit (million HKD): 2023A: 907, 2024A: 1,326, 2025E: 1,977, 2026E: 2,210, 2027E: 3,027, with year-on-year growth rates of -64.5%, 45.5%, 48.3%, 11.8%, and 36.9% respectively [7] - Gross Margin (%): 2023A: 16.0, 2024A: 15.7, 2025E: 19.8, 2026E: 20.5, 2027E: 22.5 [7] - Net Margin (%): 2023A: 5.4, 2024A: 7.2, 2025E: 9.8, 2026E: 10.5, 2027E: 12.7 [7] - ROE (%): 2023A: 6.1, 2024A: 8.7, 2025E: 14.0, 2026E: 15.0, 2027E: 19.4 [7] - EPS (diluted/HKD): 2023A: 0.29, 2024A: 0.43, 2025E: 0.63, 2026E: 0.71, 2027E: 0.97 [7] - P/E (times): 2023A: 24.7, 2024A: 16.9, 2025E: 11.3, 2026E: 10.2, 2027E: 7.4 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a rebound in performance in H1 2025, driven by both volume and price increases, while the sustainability of performance in H2 2025 remains to be monitored [4][5] - The forecast for net profit for 2025-2026 has been revised down from HKD 27.0 billion and HKD 29.0 billion to HKD 19.8 billion and HKD 22.1 billion respectively, with a new forecast for 2027 at HKD 30.3 billion, representing year-on-year growth of 48.3%, 11.8%, and 36.9% [4] - The current market capitalization corresponds to a PE ratio of 11.3, 10.2, and 7.4 for 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue (million HKD): 2023A: 16,750, 2024A: 18,541, 2025E: 20,261, 2026E: 21,112, 2027E: 23,916 with year-on-year growth rates of -25.1%, 10.7%, 9.3%, 4.2%, and 13.3% respectively [7] - Net Profit (million HKD): 2023A: 907, 2024A: 1,326, 2025E: 1,977, 2026E: 2,210, 2027E: 3,027 with year-on-year growth rates of -64.5%, 45.5%, 48.3%, 11.8%, and 36.9% respectively [7] - Gross Margin (%): 2023A: 16.0, 2024A: 15.7, 2025E: 19.8, 2026E: 20.5, 2027E: 22.5 [7] - Net Margin (%): 2023A: 5.4, 2024A: 7.2, 2025E: 9.8, 2026E: 10.5, 2027E: 12.7 [7] - ROE (%): 2023A: 6.1, 2024A: 8.7, 2025E: 14.0, 2026E: 15.0, 2027E: 19.4 [7] - EPS (diluted/HKD): 2023A: 0.29, 2024A: 0.43, 2025E: 0.63, 2026E: 0.71, 2027E: 0.97 [7] - P/E (times): 2023A: 24.7, 2024A: 16.9, 2025E: 11.3, 2026E: 10.2, 2027E: 7.4 [7]

Financial Performance - Revenue for the fiscal year 2024 reached HKD 18,541 million, an increase of 11% compared to HKD 16,750 million in fiscal year 2023[2] - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose to HKD 2,963 million, reflecting a 21% growth from HKD 2,450 million in the previous year[2] - Profit before tax increased by 38% to HKD 1,758 million, up from HKD 1,277 million in fiscal year 2023[2] - Basic earnings per share (EPS) improved by 36% to HKD 0.432, compared to HKD 0.318 in the prior year[2] - The company proposed a total dividend of HKD 0.620 per share, a significant increase of 288% from HKD 0.160 per share in the previous year[2] - Total comprehensive income for the year amounted to HKD 1,081 million, compared to HKD 666 million in the previous year, marking a substantial increase[5] - The company reported a pre-tax profit of HKD 1,735,367,000 for the year, compared to HKD 1,192,926,000 in the previous year, an increase of 45.6%[14] - Basic and diluted earnings per share rose to HKD 1,326,096,000 in 2024 from HKD 907,402,000 in 2023, marking an increase of approximately 46.2%[27] - The group reported a significant increase in pre-tax profit by 38% to HKD 1,758.3 million[36] Financial Position - Net debt ratio decreased to 9% from 16% year-on-year, indicating improved financial stability[2] - Total assets less current liabilities were HKD 17,346,712,000 in 2024, down from HKD 17,967,573,000 in 2023, a decrease of 3.4%[9] - The net asset value increased to HKD 15,369,889,000 in 2024 from HKD 14,975,237,000 in 2023, representing a growth of 2.6%[9] - The total equity attributable to the company’s shareholders increased to HKD 15,342,427,000 in 2024 from HKD 14,951,235,000 in 2023, reflecting a growth of 2.6%[9] - The group maintained a healthy financial position with a net debt ratio of 9%, down from 16%[36] - The group plans to distribute a final dividend of HKD 20.0 cents per share and a special final dividend of HKD 30.0 cents per share, pending shareholder approval[34] Revenue Breakdown - The sales of copper-clad laminates and upstream materials amounted to HKD 16,820,701,000, up from HKD 15,227,815,000, reflecting a growth of 10.5%[12] - Revenue from China increased to HKD 17,149,637,000 in 2024 from HKD 15,410,846,000 in 2023, representing a growth of approximately 11.3%[17] - The company’s total revenue from other Asian countries was HKD 1,151,361,000 in 2024, up from HKD 1,073,565,000 in 2023, reflecting a growth of approximately 7.2%[17] - The company’s total revenue from the Americas decreased slightly to HKD 120,391,000 in 2024 from HKD 127,474,000 in 2023, a decline of about 5.4%[17] Segment Performance - The segment performance for copper-clad laminates showed a profit of HKD 2,088,474,000, compared to HKD 1,516,358,000 in the previous year, indicating a growth of 37.7%[14] - The revenue from the copper-clad laminate segment increased by 11% to HKD 18.3045 billion, driven by recovering demand in traditional electronics and significant growth in air conditioning and optoelectronics[37] - The real estate segment's revenue decreased by 44% to HKD 12.67 million, with EBITDA declining by 34% to HKD 3.8 million[38] Costs and Expenses - The company’s financing costs decreased to HKD 255,172,000 in 2024 from HKD 273,694,000 in 2023, a reduction of 6.8%[14] - Income tax expenses increased to HKD 405,238,000 in 2024 from HKD 284,282,000 in 2023, reflecting a rise of about 42.5%[20] - The company’s depreciation expense for property, plant, and equipment was approximately HKD 933,200,000 in 2024, compared to HKD 886,100,000 in 2023, an increase of about 5.3%[19] Operational Efficiency - The inventory turnover period improved to 63 days from 71 days year-on-year, while trade receivables turnover decreased to 82 days from 86 days[40] - Trade receivables net amount reached HKD 3,617,182 thousand, up from HKD 3,101,157 thousand in the previous year[28] - Trade payables decreased slightly to HKD 775,711 thousand from HKD 792,963 thousand[30] - The average credit period for trade customers remains at 120 days, consistent with the previous year[29] Investments and Future Plans - The group invested approximately HKD 700 million in new production facilities during the review period[39] - The group has invested approximately HKD 600 million in solar photovoltaic power generation projects, expected to produce 130 million kWh of green electricity annually, saving 36,000 tons of standard coal and reducing CO2 emissions by 78,000 tons[41] - The group has invested about HKD 120 million in thermal energy recovery equipment, resulting in a reduction of 45,000 tons of CO2 emissions in 2024, equivalent to saving 18,000 tons of standard coal[41] - The group plans to increase copper foil production capacity in Thailand to 1 million sheets per month by the end of 2024, with further expansions to reach a total capacity of 1.8 million sheets per month[41] - The low dielectric fiberglass yarn project in Qingyuan, Guangdong, with an annual production capacity of 500 tons, is set to commence in the second half of 2025 to meet market demand[41] Sustainability and ESG Commitment - The group is committed to sustainable development goals in environmental, social, and governance (ESG) aspects, reflecting its dedication to long-term benefits[41] - The group continues to receive increasing customer recognition due to stable product quality and timely delivery, aiming to create greater returns for shareholders[41] Corporate Governance - The audit committee has reviewed the accounting policies and practices adopted by the group, including discussions on the financial statements for the year ending December 31, 2024[49] - The company has agreed with Deloitte to publish the consolidated financial statements for the year ending December 31, 2024, which will be approved by the board on March 24, 2025[50] - The preliminary announcement of the consolidated financial statements will reflect the amounts presented in the audited financial statements[50]

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]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 8,638.2 million, representing a 7% increase from HKD 8,109.9 million in the same period of 2023[2] - EBITDA for the same period was HKD 1,569.7 million, up 35% from HKD 1,163.1 million year-on-year[2] - Profit before tax increased by 69% to HKD 957.5 million, compared to HKD 567.3 million in the previous year[2] - Net profit attributable to shareholders rose by 72% to HKD 727.8 million, up from HKD 422.2 million in 2023[2] - Basic earnings per share increased by 73% to HKD 0.233, compared to HKD 0.135 in the same period last year[2] - The interim dividend per share was increased by 100% to HKD 0.12, up from HKD 0.06 in 2023[2] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 15,293.4 million, compared to HKD 13,816.9 million at the end of 2023[6] - Cash and cash equivalents increased to HKD 2,761.4 million from HKD 2,027.2 million at the end of 2023[6] - Trade and other receivables rose to HKD 4,077.3 million, up from HKD 3,765.0 million in the previous year[6] - Net debt-to-equity ratio improved to 17% from 18% year-on-year[2] - The total trade receivables as of June 30, 2024, amounted to HKD 3,861,507, with a credit loss allowance of HKD 417,715, resulting in net trade receivables of HKD 3,443,792, compared to HKD 3,101,157 in December 2023[24] Revenue Segments - The company's revenue for the six months ended June 30, 2024, was HKD 5,576,843,000, an increase from HKD 4,877,455,000 in the same period of 2023, representing a growth of approximately 14.3%[12] - The sales of epoxy glass fiber copper-clad laminates reached HKD 719,422,000, up from HKD 660,149,000, indicating a growth of about 8.5%[12] - The revenue from the copper-clad board segment amounted to HKD 8,525,245,000, compared to HKD 7,914,721,000 in the previous year, reflecting an increase of approximately 7.7%[15] - The revenue from customer contracts totaled HKD 8,553,475,000, compared to HKD 8,051,004,000 in the previous year, representing an increase of about 6.2%[12] Costs and Expenses - Interest income from debt instruments rose to HKD 4,751,000, compared to HKD 1,222,000 in the previous year, showing a substantial increase of approximately 288.5%[12] - The company’s financing costs increased to HKD 153,841,000 from HKD 131,689,000, representing a rise of about 16.8%[17] - The total other income, gains, and losses decreased to HKD 48,900,000 from HKD 69,179,000, indicating a decline of approximately 29.3%[16] - Depreciation of property, plant, and equipment for the reporting period was approximately HKD 450,060,000, compared to HKD 456,200,000 for the six months ended June 30, 2023[18] - Income tax expenses for the six months ended June 30, 2024, included corporate income tax in China of HKD 176,617, land appreciation tax of HKD 141, and Hong Kong profits tax of HKD 9,211, totaling HKD 228,129, compared to HKD 144,713 for the same period in 2023[19] Investments and Capital Expenditure - The company invested approximately HKD 195,371,000 in property, plant, and equipment during the reporting period, a decrease from HKD 766,000,000 for the six months ended June 30, 2023[23] - The group invested approximately HKD 200 million in new production facilities during the review period[34] - The group has invested a total of HKD 420 million in solar photovoltaic power generation projects, producing 37 million kWh of green electricity in the first half of 2024, equivalent to saving 10,000 tons of standard coal[36] - The group has invested approximately HKD 80 million in thermal energy recovery equipment, resulting in a reduction of 18,500 tons of carbon dioxide emissions in the first half of 2024[37] Operational Metrics - The copper-clad laminate segment saw a 16% increase in shipment volume, with a monthly average of 8.6 million sheets sold[32] - The segment's revenue increased by 8% to HKD 8,520.5 million, despite rising copper prices[32] - The group employed approximately 9,900 employees as of June 30, 2024, down from 10,000 on December 31, 2023[35] Governance and Oversight - The audit committee has reviewed the accounting policies and practices adopted by the group[43] - The committee discussed the unaudited interim financial report for the six months ending June 30, 2024[43] - The board of directors includes several executive and non-executive members, ensuring diverse oversight[43] - The chairman of the board is Zhang Guohua, indicating strong leadership presence[43] - The company is committed to maintaining internal controls and financial reporting standards[43] - The audit committee's discussions included internal control matters, highlighting a focus on governance[43] - The report is part of the company's ongoing transparency efforts to stakeholders[43] - The financial report is expected to provide insights into the company's performance and future outlook[43] - The company aims to enhance its financial practices through regular reviews and discussions[43] - The date of the report indicates a proactive approach to financial disclosures[43] Sustainability and Future Plans - The group plans to increase copper foil production capacity by 400,000 sheets per month in Thailand in the second half of the year to meet growing overseas customer demand[36] - The group aims to achieve sustainable development goals in environmental, social, and governance (ESG) aspects, with a focus on high-quality continuous development[37] - The group maintains a prudent financial policy and has not entered into any significant derivative financial instruments during the review period[34] - The group benefits from vertical integration and economies of scale, leading to competitive pricing and resilient gross profit margins[36]