建滔积层板2025 年报

Al MaterialsOne-Stop Shop SolutionAl 材料一站式服務方案 CONTENTS 71Consolidated Statement of Profit or Loss andOther Comprehensive Income72Consolidated Statement ofFinancial Position74Consolidated Statement ofChanges in Equity77Consolidated Statement ofCash Flows79Notes to the ConsolidatedFinancial Statements198Information on the Group’s Properties200Financial Summary 2Corporate Information4Financial Highlights6Chairman’s Statement15Directors’ and Senior Management’sBiographies21Directors’ Report42Corporate Governance Report64Independent Auditor’s Report70Consolidated Statement ofProfit or Loss CORPORATE INFORMATIONCCCOOORRPPPOOORRRAAATTTTEEEEIINNNNFFFFOOOORRRRMMMMAAAATTTTIIIIOOONNNN BOARD OF DIRECTORS Executive Directors Mr. Cheung Kwok Wa(Chairman)Mr. Cheung Kwok Keung(Managing Director)Mr. Cheung Kwok PingMr. Lam Ka PoMr. Cheung Ka HoMs. Cheung, Emily Chun Ming (resigned on 28 February 2026)Mr. Zhou Pei Feng Non-Executive DirectorMr. Lo Ka Leong Independent Non-Executive DirectorsMr. Ip Shu Kwan, Stephen (resigned on 31 December 2025)Mr. Zhang Lu FuMr. Kung, PeterMr. Ho Kwok MingMs. Yung Hoi Yan(appointed on 31 December 2025) COMPANY SECRETARY Ms. Ng Mei Kam Kennis 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 ANNUALREPORT 2025 CORPORATE INFORMATION HONG KONG LEGAL ADVISERS Allen Overy Shearman Sterling REGISTERED OFFICE P.O. Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands P.O. Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands HEAD OFFICE ANDPRINCIPAL PLACE OF BUSINESS 323 23/F, Delta House3 On Yiu StreetShek Mun, Shatin, N.T.Hong Kong PRINCIPAL SHARE REGISTRAR Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1100, Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1100, Cayman Islands BRANCH SHARE REGISTRARIN HONG KONG 慤 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Revenue Underlying Net Profit attributable to owners of the Company** CHAIRMAN’S STATEMENTCCCHHHAAIIIRRRMMMAAANNN’’’’SSSSSSSSTTTTAAAATTTTEEEEMMMMEEEENNNNTTT BUSINESS REVIEW On behalf of the board of directors (the “Board”), I am delighted to report theannual results of Kingboard Laminates Holdings Limited and its subsidiaries(the “Group”) for the financial year ended 31 December 2025 (the “Period”). In 2025, sustained demand growth for electronic products, together withrapid advancements in high-tech sectors such as artificial intelligence (“AI”),drove exceptionally strong demand for emerging electronic products builtaround the AI concept. This robust demand extended to laminates andits upstream materials, including AI electronic fiberglass yarn. AI electronicfibreglass fabric, and copper foil. The Group’s product unit prices increasedsignificantly overall, while sales volumes also rose compared with the sameperiod in 2024. Meanwhile, the business environment across the entireupstream-to-downstream laminates industry chain continued to improve.Leveraging its fully vertically-integrated supply chain and extensive customernetwork, the Group steadily increased the share of high-end, high-value-added products in its sales mix to better align with evolving market needs. Asa result, both revenue and profit for the Laminates Division recorded healthyyear-on-year growth. Investment business also achieved higher segmentprofit year-on-year. AIAIAIAI CHAIRMAN’S STATEMENT BUSINESS REVIEW(continued) The Group’s revenue increased 10% over that of 2024 to HK$20,400.2million. Underlying net profit attributable to owners of the Company wasincreased 85% to HK$2,494.3 million. On the basis of a healthy financialposition, the Board has proposed a final dividend of HK25.0 cents pershare and a special final dividend of HK28.0 cents per share, subject toShareholders’ approval. 10%85%25.028.0 PERFORMANCE Laminates Division:During the Period, the rapid development of high-end sectors such as AI drove strong demand for related new materials.This demand was further supported by the continued advancements inelectric and smart vehicle technologies, which increased the need forlaminates. Demand for specialty electronic fibreglass yarn and specialtyelectronic fibreglass fabric used in high-end applications, including 5G and5.5G, AI servers, and IC packaging substrates grew significantly, leadingto a sustained supply shortage. Some existing production capacity in themarket for traditional electronic fibreglass yarn and fabric was redirected tothe production of AI-related products, creating a tight supply of traditionalmaterials. This shortage led to multiple price increases during the year, andthus profit from the electronic fibreglass yarn and f