建滔集团2025 年报

Al MaterialsOne-Stop Shop SolutionAl 材料一站式服務方案 CONTENTS 02Corporate Information04Financial Highlights06Chairman’s Statement18Directors’ and Senior Management’sBiographies22Directors’ Report44Corporate Governance Report67Independent Auditor’s Report75Consolidated Statement ofProfit or Loss 76Consolidated Statement of Profit or Loss andOther Comprehensive Income77Consolidated Statement ofFinancial Position79Consolidated Statement ofChanges in Equity82Consolidated Statement ofCash Flows85Notes to the ConsolidatedFinancial Statements240Information on the Group’s Properties244Financial Summary CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Cheung Kwok Wing(Chairman)Mr. Chang Wing Yiu(Managing Director)Mr. Cheung Kwong KwanMr. Ho Yin SangMr. Cheung Ka ShingMs. Ho Kin FanMr. Chen Maosheng (resigned on 17 October 2025) Independent Non-Executive Directors Mr. Cheung Ming Man (resigned on 28 February 2026)Dr. Chong Kin KiMr. Chan Wing KeeMr. Stanley Chung Wai CheongMs. Xu Liyin (appointed on 28 February 2026) COMPANY SECRETARY Mr. Lo Ka Leong PRINCIPAL BANKERS Hang Seng Bank LimitedStandard Chartered Bank (Hong Kong) LimitedThe Hongkong and Shanghai Banking Corporation Limited AUDITOR Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor CORPORATE INFORMATION HONG KONG LEGAL ADVISERS Allen Overy Shearman Sterling REGISTERED OFFICE JTC (Cayman) LimitedP.O. Box 3074560 Nexus Way6th Floor, Camana BayGrand Cayman KY1-1203Cayman Islands JTC (Cayman) LimitedP.O. Box 3074560 Nexus Way6th Floor, Camana BayGrand Cayman KY1-1203Cayman Islands HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS 23/F, Delta House3 On Yiu StreetShek MunShatin, N.T.Hong Kong 323 PRINCIPAL SHARE REGISTRAR Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1100, Cayman Island Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1100, Cayman Island BRANCH SHARE REGISTRAR INHONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong In 2025, net loss on fair value changes of investment properties with gross amount ofHK$659.1 million, net loss amount of HK$583.1 million after share by non-controllingshareholders and deferred tax (2024: Net loss on fair value changes of investmentproperties with gross amount of HK$32.3 million, net gain amount of HK$8.3 millionafter share by non-controlling shareholders and deferred tax). FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT BUSINESS REVIEW AIAIAIAI5%207% On behalf of the board of directors (theBoard), I am delighted to presentto our shareholders the results of Kingboard Holdings Limited and itssubsidiaries (theGroup) for the year ended 31 December 2025 (thePeriod). During the Period, growth in the electronics market remainedrobust overall, together with rapid advancements in high-tech sectors such asartificial intelligence (AI), driving exceptionally strong demand for emergingelectronic products built around the AI concept. This robust demandextended to laminates and their upstream materials, including AI electronicfibreglass yarn, AI electronic fibreglass fabric, and copper foil. Unit prices ofthe Groups laminates and upstream products increased significantly, whilesales volumes also rose compared with the same period in 2024, fueling theLaminates Divisions year-on-year profit growth. Meanwhile, the businessenvironment across the entire upstream-to-downstream laminates industrychain continued to improve. Investment business also achieved highersegment profit year-on-year. At the same time, the dedicated efforts of theKingboard team, combined with the competitive strengths of the Groupsvertically-integrated industry chain business model and diversified businessportfolio, drove year-on-year revenue growth by 5% to HK$45,375 millionduring the Period. After deducting the allowance for impairment loss (net ofdeferred tax) of HK$990.6 million for unsold residential properties in easternChina held by the Group, underlying net profit attributable to the Companysowners rose to HK$4,984.7 million, year-on-year growth by 207%. TheGroup maintains a solid business foundation, with a healthy capital structureand financial position. CHAIRMAN’S STATEMENT BUSINESS REVIEW The Board has proposed the payment of a final dividend of HK111 centsper share and a special final dividend of HK40 cents per share, subject toapproval by the shareholders. 11140 Turnover Breakdown by Products CHAIRMAN’S STATEMENT PERFORMANCE AI1.166%5G5.5GAIAI70%AIAI10%23% Laminates Division:During the Period, the rapid development of high-end sectors such as AI drove strong demand for related new materials. Thisdemand was further supported by the continued advancements in electricand smart vehicle technologies, which increased the need for laminates.Total laminate sales for the full year reached