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 公司名稱: 建滔積層板控股有限公司 呈交日期: 2026年4月1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 | 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 第 1 頁 ...

Group 1 - The core viewpoint of the article highlights that 建滔积层板 (Kangtai Laminated Board) has reported a significant increase in both revenue and profit for the year, with a revenue of 20.4 billion HKD, representing a 10% year-on-year growth, and a profit attributable to shareholders of 2.442 billion HKD, which is an 84.16% increase compared to the previous year [3] - The company plans to expand its production capacity of specialty glass fiber cloth to 2,000 tons by mid-year, with an additional increase of 4,000 tons expected by the end of this year or early 2027 [3] - The demand for AI computing power is driving a new cycle of growth in the PCB industry, with expectations for price and volume increases, particularly in the upstream sector [3] Group 2 - The report from Northeast Securities indicates that the continuous price increase of CCL (Copper Clad Laminate) is primarily driven by demand and upstream inflation [3] - It is anticipated that the prices of key raw materials such as copper, resin, and glass fiber cloth will show a fluctuating upward trend in the first half of 2025, contributing to ongoing cost pressures [3] - Several copper-clad board manufacturers have raised their product prices in response to the sustained increase in costs, indicating a positive outlook for the performance of upstream materials like copper foil, electronic cloth, and resin [3]

Group 1 - The core viewpoint of the article highlights that 建滔积层板 (Kangtai Laminated Board) has reported a significant increase in revenue and profit, with a 10% year-on-year growth in revenue to HKD 20.4 billion and an 84.16% increase in profit attributable to shareholders to HKD 2.442 billion [1] - The company plans to expand its production capacity of specialty glass fiber cloth to 2,000 tons by mid-year, with an additional increase of 4,000 tons expected by the end of this year or early 2027 [1] - The revenue contribution from specialty glass fiber cloth is projected to reach 3% this year and 12% next year, according to 大华继显 (Daiwa Capital Markets) [1] Group 2 - Northeast Securities has released a report indicating that the demand for AI computing power is driving the PCB industry into a new cycle of simultaneous volume and price increases, with the upstream sector of PCB becoming the largest area of expected growth [1] - The report notes that the continuous price increase of CCL (Copper Clad Laminate) is primarily driven by demand and upstream inflation, with prices of key raw materials such as copper, resin, and glass fiber cloth expected to show a fluctuating upward trend in the first half of 2025 [1] - Under the pressure of rising costs, multiple copper-clad board manufacturers have raised their product prices, and the performance of upstream materials like copper foil, electronic cloth, and resin is anticipated to improve significantly [1]

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） 自願性公告 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 本 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。 本 公 告 不 構 成 或 組 成 在 美 國 出 售 證 券 的 任 何 要 約 的 一 部 分。該 等 股 份 不 曾 亦 不 會根據一九三三年《美 國 證 券 法》（「證券法」）登 記，且 不 可 在 美 國 境 內 發 售 或 出 售，惟 根 據 證 券 法 獲 豁 免 登 記 規 定 者 除 外。概 不 會 在 美 國 公 開 發 售 該 等 股 份。 – 1 – 根 據 大 宗 交 易 協 議，建 滔 集 團 同 意 作 出 承 諾，自 大 宗 交 易 協 議 日 期 起 直 至 配 售 完成後90日 止，不 會 出 售 股 份（根 據 大 ...

Group 1 - The core viewpoint of the report is that Dahua Jixiang has raised its revenue forecasts for Kintor Holdings (01888) by 19% and 30% for the next two years, and profit forecasts by 20% and 32% respectively, with projected revenue and profit of 30.1 billion and 4.2 billion by 2028 [1] - Kintor Holdings reported a net profit increase of 84% year-on-year to 2.442 billion, driven by improved gross margins and investment income [1] - The company plans to expand its production capacity of specialty glass fiber cloth to 2,000 tons by mid-year, with an additional increase of 4,000 tons expected by the end of this year or early 2027 [1] Group 2 - The forecast for revenue contribution from specialty glass fiber cloth is expected to reach 3% and 12% for this year and next year respectively [1] - The target price for Kintor Holdings has been raised to HKD 25.3, with the rating upgraded to "Buy" [1] - The core net profit, excluding investment income of 503 million, increased by 42% year-on-year to 2.082 billion, which was below the expectations of the firm [1]

Group 1 - The core viewpoint of the report is that the revenue and profit forecasts for 建滔积层板 (Kangtai Laminated Board) have been significantly increased for the next two years, with revenue predictions raised by 19% and 30%, and net profit predictions raised by 20% and 32% respectively [1] - The target price for 建滔积层板 has been adjusted to HKD 25.3, and the rating has been upgraded to "Buy" [1] - Last year's net profit for 建滔积层板 increased by 84% year-on-year to RMB 2.442 billion, driven by improved gross margins and investment income [1] Group 2 - The core net profit, excluding investment income of RMB 503 million, rose by 42% year-on-year to RMB 2.082 billion, which was below the expectations of the firm [1] - 建滔积层板 plans to expand its production capacity of specialty glass fiber cloth to 2,000 tons by mid-year, with an additional increase of 4,000 tons expected by the end of this year or early 2027 [1] - The revenue contribution from specialty glass fiber cloth is forecasted to reach 3% and 12% for this year and next year respectively [1]

Group 1 - The core viewpoint of the report indicates that Kintor's net profit increased by 84% year-on-year to HKD 2.442 billion, primarily benefiting from improved gross margins and investment income [1] - Excluding investment income of HKD 503 million, the core net profit rose by 42% year-on-year to HKD 2.082 billion, which was below the expectations of the firm [1] - The firm forecasts that the revenue contribution from specialty glass fiber cloth will reach 3% and 12% for this year and next year, respectively, and has raised its revenue forecasts for the next two years by 19% and 30% [1] Group 2 - The profit forecast has been adjusted upwards by 20% and 32% for the next two years [1] - The target price has been raised to HKD 25.3, with the rating upgraded to "Buy" [1]

Group 1 - Citigroup has raised the earnings per share forecast for Kingboard Laminates (01888) by 7% to 11% for 2026 and 2027, reflecting the growth in AI fiber and electronic glass fiber businesses [1] - The expected compound annual growth rate for earnings from 2026 to 2028 is projected to be 46% [1] - The target price has been increased from HKD 28 to HKD 30, corresponding to a forecasted price-to-earnings ratio of 25 to 26 times for this year, with a "Buy" rating [1] Group 2 - The gross margin for Kingboard Laminates is expected to expand from 17.7% in 2024 to 19.6% in 2025, slightly below expectations [1] - The company declared a final dividend and a special dividend, resulting in an annual payout ratio of 87%, exceeding the forecasted 50% [1] - The company is anticipated to benefit from the current investment boom in AI servers, amid a significant shortage of AI fibers [1]

Core Viewpoint - Citigroup has raised the earnings per share forecast for Kingboard Laminates (01888) for 2026 and 2027 by 7% to 11%, reflecting the growth in AI fiber and electronic glass fiber businesses, with an expected annual compound growth rate of 46% from 2026 to 2028 [1] Financial Projections - The target price for Kingboard Laminates has been increased from HKD 28 to HKD 30, which corresponds to a projected price-to-earnings ratio of 25 to 26 times for this year [1] - The gross margin for Kingboard Laminates is expected to expand from 17.7% in 2024 to 19.6% in 2025, although this is slightly below expectations [1] Dividend Policy - The company declared a final dividend and a special dividend, resulting in an annual payout ratio of 87%, which exceeds Citigroup's expectation of 50% [1] Market Trends - The company is anticipated to benefit from the current investment boom in AI servers, amid a significant shortage of AI fibers [1]

Core Viewpoint - Citigroup reports that the gross margin of Kintor Holdings is expected to expand from 17.7% in 2024 to 19.6% in 2025, slightly below expectations [1] Group 1: Financial Performance - The company declared a final dividend and a special dividend, with an annual payout ratio reaching 87%, exceeding Citigroup's expectation of 50% [1] - Citigroup has raised its earnings per share forecast for Kintor Holdings for 2026 and 2027 by 7% to 11%, reflecting the impact of AI fiber and electronic glass fiber businesses [1] Group 2: Market Outlook - The company is expected to benefit from the current investment boom in AI servers, amid a severe shortage of AI fibers [1] - Citigroup anticipates a compound annual growth rate of 46% in earnings from 2026 to 2028 [1] Group 3: Target Price and Rating - The target price for Kintor Holdings has been raised from HKD 28 to HKD 30, corresponding to a projected price-to-earnings ratio of 25 to 26 times for this year [1] - The rating for Kintor Holdings is maintained as "Buy" [1]