Group 1 - The core viewpoint of the news highlights the significant growth expectations for Shengyi Electronics, projecting a revenue increase of 108% to 121% and a net profit increase of 476% to 519% for the first three quarters of 2025 [1] - Shengyi Electronics anticipates that the rapid development of the AI industry will support growth in the PCB market, with a projected global PCB market value increase of 7.6% to reach $79.128 billion by 2025 [1] - The stock price of Jiantao Laminated Board rose over 5% during trading, reflecting positive market sentiment following Shengyi Electronics' performance forecast [1] Group 2 - Open Source Securities indicates that rising PCB demand and high raw material prices may facilitate smooth price adjustments in the second half of 2025, potentially improving CCL profit margins [2] - The company has successfully developed high-end products such as HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, which have been certified by several leading global tier 1 and communication terminal customers [2] - The first furnace for low dk glass fiber has been put into production in the first half of 2025, with plans for three additional furnaces in the second half of 2025 and six more high-end furnaces expected to be operational in 2026 [2]

Core Viewpoint - The stock of Kwan Tong Laminates (1888.HK) experienced a decline of 3.74%, reaching HKD 13.4 during trading, following news of share disposals by an independent non-executive director [1] Summary by Relevant Sections Shareholding Changes - On October 14, independent non-executive director Ye Shukun sold 150,000 shares at an average price of HKD 13.45, totaling approximately HKD 2.0175 million [1] - After this transaction, Ye Shukun's remaining shareholding is 1,000,000 shares, representing 0.03% of the total shares [1] - Previously, on September 30, Ye Shukun also sold 200,000 shares at an average price of HKD 12.37, amounting to about HKD 2.474 million [1]

Group 1 - The independent non-executive director of Kwan Tong Laminates Holdings Limited, Ye Shukun, reduced his stake by selling 150,000 shares at an average price of HKD 13.45 per share, totaling approximately HKD 2.0175 million [1] - After the sale, Ye Shukun holds 1,000,000 shares, representing 0.03% of the total issued shares [1][2] - The transaction occurred on October 14, 2025, as per the latest disclosure from the Hong Kong Stock Exchange [1][3]

Summary of Kingboard Laminates Holdings (1888.HK) Conference Call Company Overview - **Company**: Kingboard Laminates Holdings (KBL) - **Industry**: Copperclad laminate (CCL) production, primarily for printed circuit boards (PCBs) - **Market Position**: KBL holds approximately 17% global market share in rigid laminates and over 30% in the PRC [17][18] Key Points and Arguments 1. ASP Inflation and Copper Costs - KBL has increased the average selling price (ASP) of copperclad laminate by Rmb10/sheet (~7-8% increase) in mid-August due to rising copper costs, which have surged by ~12% to US$10.7k per tonne [1][11] - A further ASP inflation is anticipated in October, driven by ongoing copper cost increases and improved industry demand due to AI applications [2][16] 2. Utilization Rate (UTR) Improvement - KBL's UTR improved to ~88% in September with shipments of 10 million sheets, compared to an average of 79% in the first half of 2025 [1][3] - The overall CCL industry is experiencing improved demand/supply dynamics, with leading players like SYTECH and Shennan also operating at high capacity [2] 3. Monthly Shipment Growth - Monthly shipments of CCL increased by 8-9% YoY in 3Q25, indicating a consistent improvement in the overcapacity situation within the CCL industry [3] - The gross margin (GM) is expected to improve significantly in 2H25 compared to 1H25 due to higher UTR and ASP inflation [3] 4. Earnings Projections - KBL's net profit is projected to grow from HK$991 million in 2023 to HK$4.747 billion by 2027, with a core EPS growth forecast of 53.1% in 2025 [3][7] - The company is expected to achieve a core profit growth of 58% YoY in 2H25, driven by a low base from 2H24 and increasing UTR [10] 5. Market Dynamics and AI Influence - The demand for AI-related products is expected to boost the CCL sector, with major suppliers reducing production of non-AI CCL due to lower profitability [2][8] - KBL is on track to secure NVDA certification for its fiberglass in 4Q25, which could lead to further re-rating of the stock [1] 6. Valuation and Investment Strategy - KBL is rated as a "Buy" with a target price of HK$20.50, representing a potential upside of 62.4% from the current price of HK$12.62 [4][19] - The investment strategy anticipates a 3-year EPS CAGR of 52% through 2027, following a downturn in 2022-2023 [18] 7. Risks - Key risks include the pace of customer certification for AI-CCL materials, macroeconomic growth in China, and fluctuations in demand for electronic goods [20] Additional Important Information - The correlation between KBL's share price and copper costs is noted to be over 60%, indicating that fluctuations in copper prices significantly impact KBL's market performance [2][14] - The company is positioned to benefit from the ongoing AI boom, which is expected to enhance profitability across the CCL sector [2][8] This summary encapsulates the critical insights from the conference call regarding Kingboard Laminates Holdings, highlighting the company's strategic positioning, market dynamics, and financial outlook.

Group 1 - The stock price of Jiantao Laminates (01888) has increased by over 6%, currently at 12.79 HKD with a trading volume of 237 million HKD, driven by macroeconomic factors and copper price fluctuations [1] - In August, Jiantao Laminates announced a price increase of 10 HKD per sheet for CEM-1/22F/V0/HB and FR-4 products, reflecting an approximate 8% increase due to rising costs of copper, glass fabric, and chemical raw materials [1] - CITIC Securities noted that the high levels of raw material prices and utilization rates are prompting copper-clad laminate manufacturers to push for price increases, with leading manufacturers' net profit margins rising to about 10% in Q2 2025 [1] Group 2 - Guotai Junan Securities indicated that during periods of rising traditional copper-clad laminate prices, limited supply expansion benefits the market structure, with historical trends showing optimism during copper and glass fiber price upcycles [2] - The industry is expected to initiate a new round of price increases in the second half of 2025, supported 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, leading to a favorable supply-demand balance in the traditional mid-range segment [2]

Group 1 - The stock price of Jiantao Laminates (01888) increased by over 6%, reaching HKD 12.79 with a trading volume of HKD 237 million [1] - In August, Jiantao Laminates announced a price increase of HKD 10 per sheet for CEM-1/22F/V0/HB and FR-4 products, reflecting an approximate 8% increase due to rising costs of copper, glass fabric, and chemical raw materials [1] - CITIC Securities noted that the high levels of raw material prices and utilization rates are prompting copper-clad laminate manufacturers to push for price increases, with leading manufacturers' net profit margins rising to about 10% in Q2 2025 [1] Group 2 - Guotai Junan Securities indicated that during periods of rising traditional copper-clad laminate prices, limited supply expansion benefits the market structure [2] - The demand for copper-clad laminates is expected to grow positively alongside improvements in AI demand, with major companies focusing their expansion plans on high-end boards [2] - Since the profitability bottom in 2023, the expansion of mid-range production capacity has been relatively limited, while global demand is anticipated to rise moderately, suggesting an optimistic outlook for the traditional copper-clad laminate market [2]

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]

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]