建滔积层板2024 年报

LEADINGTHE FUTURE CONTENTS 70Consolidated Statement of Profit or Loss andOther Comprehensive Income71Consolidated Statement ofFinancial Position73Consolidated Statement ofChanges in Equity76Consolidated Statement ofCash Flows78Notes to the ConsolidatedFinancial Statements198Information on the Group’s Properties200Financial Summary 02Corporate Information04Financial Highlights06Chairman’s Statement13Directors’ and Senior Management’sBiographies18Directors’ Report41Corporate Governance Report63Independent Auditor’s Report69Consolidated Statement ofProfit or Loss CORPORATE INFORMATION 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 (appointed on 27 May 2024)Mr. Zhou Pei Feng Non-Executive DirectorMr. Lo Ka Leong Independent Non-Executive DirectorsMr. Ip Shu Kwan, StephenMr. Zhang Lu FuMr. Kung, PeterMr. Ho Kwok Ming 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 2024 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 CHAIRMAN’S STATEMENT Turnover Breakdown by Products 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 2024 (the “Period”). During 2023, competition in the laminates market intensified as theelectronics industry recorded relatively high inventory levels across its end-user and upstream-to-downstream segments, with the decline in electronicsdemand coinciding with an excess capacity in the laminates industry followingan overall expansion of capacity over the previous two years. In 2024, theelectronics industry emerged from the bottom of the cycle and entered a newgrowth phase. This positive momentum was driven by the rapid developmentof the automotive electronics and artificial intelligence (AI) sectors, whichspurred significant demand growth, as well as by the successive introductionof a series of favourable policies to boost demand for electronic products.In addition, improved demand forecasts from downstream clients haveprompted active restocking in various downstream sectors. Against thisbackdrop, the Laminates Division posted growth in both revenue and profits,supported by the Group’s vertically integrated value chain and broad clientbase, continued technical enhancements, and stringent cost controls. 20232024 CHAIRMAN’S STATEMENT BUSINESS REVIEW(continued) 11%36%20.030.0 The Group’s revenue increased 11% over that of 2023 to HK$18,541.0million. After deducting allowances for credit loss on investments in bonds ofHK$82.9 million, underlying net profit attributable to owners of the Companywas increased 36% to HK$1,349.0 million. On the basis of a healthy financialposition, the Board has proposed a final dividend of HK20.0 cents pershare and a special final dividend of HK30.0 cents per share, subject toShareholders’ approval. PERFORMANCE AI11%26% Laminates Division:The Period witnessed a gradual recovery in demandin the traditional consumer electronics market, with particularly notablegrowth in air conditioning and photovoltaic panels. The rapid developmentof the AI industry and the increased integration of electronic and smartapplications in the automotive sector have further boosted the demand forlaminates. The laminates market is trending towards small-volume, diversifiedproduction. The division has actively responded by undertaking researchand development (R&D) into new products that meet the functionality andpricing requirements of different clients. Such R&D initiatives have also helpedthe division establish footholds in new market arenas. Steady progress hasbeen made in the optimisation of the product portfolio, with a gradual shifttowards high-end, high-value-added products. Revenue of the LaminatesDivision increased by 11% to HK$18,304.5 million. During the Period, ascopper prices surged significantly, the G