Core Viewpoint - Kintor Group (00148) reported a strong performance for the first half of 2025, with significant growth in revenue and profit driven by robust demand in the electronics market, particularly in AI-related products [1] Financial Performance - Revenue for the period was approximately HKD 21.608 billion, representing a year-on-year increase of 6% [1] - Profit attributable to shareholders was around HKD 2.582 billion, showing a substantial year-on-year growth of 71% [1] - Basic earnings per share were HKD 2.329, with an interim dividend of HKD 0.69 per share [1] Market Demand and Product Performance - The overall demand in the electronics market was strong, with rapid development in high-end sectors such as AI [1] - Emerging electronic products related to AI saw particularly strong demand, boosting the sales of copper-clad laminate and printed circuit board products [1] - Both segments experienced profit growth compared to the same period last year [1] Investment Business - The investment business segment also reported profit growth compared to the previous year [1] - The company's competitive advantages stem from its vertically integrated supply chain and diversified business portfolio [1] - The efforts of Kintor's team contributed to achieving over HKD 2.5 billion in net profit [1]

Core Viewpoint - The company reported a strong financial performance for the first half of 2025, driven by robust demand in the electronic market, particularly in AI-related products, leading to significant profit growth [1] Financial Performance - The company achieved a revenue of approximately HKD 21.608 billion, representing a year-on-year increase of 6% [1] - The profit attributable to shareholders was around HKD 2.582 billion, marking a substantial year-on-year growth of 71% [1] - Basic earnings per share were HKD 2.329, with an interim dividend of HKD 0.69 per share [1] Market Demand and Product Performance - Overall demand in the electronic market was strong, with rapid development in high-end sectors such as AI [1] - The demand for emerging electronic products related to AI was particularly robust, contributing to the growth in the company's copper-clad laminate and printed circuit board products [1] - Both segments experienced profit increases compared to the same period last year [1] Investment Business - The company's investment business segment also saw profit growth compared to the previous year [1] Competitive Advantages - The company's success is attributed to the efforts of its team, a vertically integrated business model, and a diversified business portfolio, which provided a competitive edge [1]

回顾期内，整体电子市场需求畅旺，AI人工智能等高端领域快速发展，围绕AI人工智能概念的新兴电 子产品更是需求强劲，带动集团覆铜面板产品及印刷线路板产品的需求增长，两个部门的利润均较去年 同期提升。另外，集团投资业务部门的利润也较去年同期录得增长。同时有赖建滔同仁努力不懈，加上 集团垂直整合产业链之经营模式及多元化之业务组合的竞争优势，集团收获超过二十五亿的纯利。 格隆汇8月25日丨建滔集团(00148.HK)公布中期业绩，2025年上半年，集团营业额较去年同期上升6%至 216.08亿港元，公司持有人应占纯利上升71%至25.82亿港元。董事会决定派发中期股息每股69港仙。 ...

第 1 頁 共 2 頁 v 1.1.1 EF001 EF001 免責聲明 其他信息 其他信息 不適用 發行人董事 董事會成員包括本公司執行董事張國榮先生、鄭永耀先生、張廣軍先生、何燕生先生、張家成先生、何建芬女士及陳茂盛先生、及 | 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 公告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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 建滔集團有限公司 | | 股份代號 | 00148 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月之中期股息 | | | 公告日期 | 2025年8月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 ...

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 | | | | | 二零二五年 | 二零二四年 | 變動 | | | 百萬港元 | 百萬港元 | | | 營業額 | 21,608.3 | 20,415.2 | +6% | | 未 扣 除 利 息、稅 項、折 舊 及 | | | | | 攤銷前盈利 | 4,771.2 | 3,736.0 | +28% | | 除稅前溢利 | 3,174.0 | 2,138.7 | +48% | | 本公司持有人應佔純利 | 2,581.6 | 1,506.9 | +71% ...

Core Viewpoint - Country Garden (碧桂园) has swiftly acted on the recently relaxed refinancing policies for listed real estate companies by announcing a new share issuance to convert part of its debt into equity, thereby improving its financial position [1][4]. Group 1: Share Issuance Details - Country Garden plans to issue 351 million new shares at a price of HKD 0.77 per share, representing a discount of approximately 15.38% from the closing price of HKD 0.91 on August 29 [1]. - The total consideration for the new shares amounts to HKD 270 million, which will account for about 1.27% of the existing issued share capital and approximately 1.25% of the total share capital post-issuance [1]. Group 2: Purpose and Implications of the Issuance - The proceeds from the share issuance will be used to offset part of the amounts owed to the subscriber under a financing agreement, meaning the company will not receive cash from this transaction [3]. - This issuance is effectively a "debt-to-equity swap," allowing the subscriber to convert part of its debt into shares, which will help Country Garden to capitalize on certain payment amounts and reduce cash outflows [3][4]. Group 3: Subscriber Information - The subscriber is a limited company registered under Hong Kong law, fully owned by Kwan Hung Group (建滔集团), which primarily engages in investment holding [3]. - Kwan Hung Group operates through five divisions, including manufacturing and sales of chemical products, property development, and investment [3][4]. Group 4: Financial Position and Future Outlook - Following the completion of the subscription, the outstanding principal amount owed by Country Garden to the subscriber will be HKD 1.598 billion, which will be repaid in installments, with the final payment due in December 2023 [4]. - The recent refinancing actions coincide with favorable policies announced by the China Securities Regulatory Commission, which have eased restrictions on refinancing for real estate companies [4][5]. Group 5: Additional Corporate Actions - On August 25, Country Garden announced the sale of a 26.67% stake in the Guangzhou Asian Games City project to China Overseas for approximately HKD 1.29 billion, expected to yield a pre-tax profit of about HKD 500 million [5]. - The company has initiated a second bondholders' meeting for the "16碧园05" bond, proposing a 40-day grace period for the repayment of principal and/or interest due on September 2 [5].

致：香港交易及結算所有限公司 公司名稱: 建滔集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 截至月份: 2025年7月31日 狀態: 新提交 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 | 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) | 00148 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | | 0.1 HKD | | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | | 本月底結存 | | | 2,000,000,000 | HKD | | | 0.1 HKD | | | 200,000, ...

Financial Performance - The company reported a revenue of HK$43,093.3 million for FY 2024, representing a 9% year-on-year increase from HK$39,712.5 million in FY 2023[10]. - Underlying net profit attributable to owners decreased by 29% to HK$1,622 million, down from HK$2,274.3 million in the previous year[10]. - The basic earnings per share based on underlying net profit fell to HK$1.464, a decline of 29% compared to HK$2.052 in FY 2023[10]. - The Group recorded a basic net profit attributable to shareholders of HK$16.22 million, a decrease of 29% year-on-year due to credit loss provisions related to real estate investments[20]. - The Group's financial results for the year ended December 31, 2024, are detailed in the consolidated statement of profit or loss[119]. Dividends - The company declared a total dividend per share of HK$1.40, which is a 37% increase from HK$1.02 in the previous year[10]. - The Group proposed a final dividend of HK$0.54 per share and a special final dividend of HK$0.46 per share, subject to shareholder approval[22][23]. - The Group declared an interim dividend of HK 40 cents per ordinary share, amounting to HK$443,325,000 during the year[120]. - The Directors recommend a final dividend of HK 54 cents and a special final dividend of HK 46 cents per ordinary share, totaling HK$1,108,311,000[120]. Revenue Segments - The Chemicals Division's revenue grew by 22% to HK$13,617.7 million, driven by new projects and increased sales volume of core chemical products[31][34]. - The Laminates Division's annual sales volume increased to 110 million sheets, a 10% increase compared to 2023, with revenue rising by 10% to HK$18,901.5 million[26][28]. - The PCBs Division achieved a 4% revenue growth to HK$12,107.0 million, with EBITDA increasing by 1% to HK$2,033.3 million[27][29]. - The Property Division's revenue from property sales decreased by 60% to HK$516.7 million, while rental income slightly decreased by 1% to HK$1,457.0 million[32][34]. Financial Position - The net gearing ratio improved slightly to 28% from 29% in the previous year, indicating a stable capital structure[10]. - The Group's net current assets as of December 31, 2024, were HK$19,989.8 million, down from HK$25,252.7 million in 2023, with a current ratio of 2.02[33]. - The Group maintained a healthy capital structure and financial position despite the challenges in the real estate sector[20]. - The net working capital cycle increased to 71 days as of December 31, 2024, from 65 days in the previous year[34]. - The Group's net gearing ratio was approximately 28% as of December 31, 2024, slightly down from 29% as of December 31, 2023, with a short-term to long-term bank borrowings ratio of 41%:59%[36]. Investments and Projects - During the period, the Group invested approximately HK$4 billion in production capacity and HK$600 million in property construction expenses, aiming for stable long-term returns for shareholders[36]. - The Group has invested approximately HK$900 million in distributed solar photovoltaics, achieving an annual generating capacity of 200 million kWh, resulting in energy savings equivalent to 54,000 tonnes of standard coal and a reduction of 120,000 tonnes in carbon dioxide emissions[57]. - The thermal energy recovery investments totaled HK$200 million, leading to a reduction of 59,000 tonnes of carbon dioxide emissions in 2024, equivalent to energy savings of 24,000 tonnes of standard coal and cost savings of HK$180 million[57]. - The Group's new 1,500-tonne monthly copper foil capacity will be fully operational in 2025, enhancing cost efficiencies[60]. - The Group plans to add 1.2 million square feet of monthly PCB capacity in Thailand and 1.1 million square feet in Vietnam, both expected to commence operations in 2026, to meet growing overseas demand[62]. Market Conditions - The electronics industry showed signs of recovery, driven by growth in automotive electronics and AI sectors, positively impacting revenue and profits in the Laminates and PCB segments[17]. - The electronics market is experiencing robust demand, with significant year-on-year growth in shipment volume for the first two months of 2025[60]. - The management anticipates ongoing geopolitical tensions and fluctuating industry performance due to protectionism and trade wars, emphasizing the need for strong cash flow and expense management[57]. - The Group's business operations are affected by recent global market fluctuations and a slowdown in the PRC economy, which may lead to reduced demand for its products[106]. Environmental and Sustainability Initiatives - The Group is committed to environmental sustainability and regularly reviews its environmental policies to comply with relevant laws and regulations[108][113]. - The Group's internal manufacturing facilities operate in compliance with environmental regulations, aiming for efficient resource use and waste reduction[108][113]. - The Group is committed to green and low-carbon practices in its Chemicals Division, focusing on production safety and compliance with emission standards[65]. Leadership and Management - Mr. Cheung Kwok Wing, aged 69, is the chairman and co-founder of the Group, responsible for overall strategic planning and direction[72]. - The Group's executive team includes members with significant industry experience, enhancing its operational capabilities in the PCB and chemical sectors[76]. - The Group's strategic direction is supported by a strong leadership team with diverse expertise across various sectors[76]. Risks and Challenges - The Group faces significant risks including product defects, which could lead to substantial liability claims affecting operations and reputation[96]. - Customer contracts are typically one-off purchase orders, leading to variability in order amounts and making future forecasts challenging[97]. - The Group operates in a highly competitive industry, with no assurance of successful competition against current or emerging companies[98]. - The Group has identified key risks including product defects, unpredictable customer contracts, and intense industry competition[102][103][104]. Shareholder Information - The interests of directors in the company's shares included Mr. Cheung Kwok Wing holding 10,267,405 shares, representing approximately 0.926% of the issued share capital[170]. - The company has no awareness of any tax relief available to shareholders due to their shareholding[160]. - The company maintains a register of substantial shareholders as required by Section 336 of the SFO[197].

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]