The storyteller has departed; the performance evaluator has yet to arrive.

In 2025, Kingboard Holdings recorded revenue of HK$45.375 billion, an increase of 5% year-on-year; attributable basic profit amounted to HK$4.985 billion, surging 207% year-on-year (accounting profit was HK$4.402 billion; the difference primarily stemmed from an impairment provision of approximately HK$991 million against unsold residential properties in East China—this non-recurring item was excluded from basic profit). Within this, the copper-clad laminate (CCL) division generated revenue of HK$20.713 billion, up 10% year-on-year, with annual CCL sales totaling 116 million sheets; the chemical division posted revenue of HK$13.506 billion and profit of HK$1.038 billion, up 14% year-on-year. These figures mark Kingboard’s emergence from the cyclical trough experienced between 2022 and 2024, as AI-driven demand propels its performance into a new upward cycle. First Half of 2026: Concentrated Realization of Pricing Benefits Interim results for 2026 show revenue of HK$29.131 billion for the first half, up 35% year-on-year; attributable profit was HK$2.711 billion, up 5% year-on-year; pre-tax profit totaled HK$4.511 billion, up 42% year-on-year. Although the 5% growth in attributable profit appears modest, a deeper look reveals robust profit growth in core businesses: ● Copper-Clad Laminate Division (consolidated group basis): Revenue reached HK$15.118 billion, up 55% year-on-year; segment profit surged 230% year-on-year to HK$3.946 billion. Profit from electronic glass fiber yarn and fabric operations stood at approximately HK$1 billion, up ~280% year-on-year. ● Chemical Division: Revenue was HK$7.465 billion, up 12% year-on-year; segment profit was HK$441 million, up 152% year-on-year. ● Investment Division: Turned from a profit of HK$1.295 billion in the prior-year period to a loss of HK$554 million, primarily due to a fair-value loss of approximately HK$1.203 billion on FVTPL equity investments triggered by the stock market decline at end-June. Combined profit from core businesses (CCL + chemicals) totaled approximately HK$4.5 billion, rising significantly year-on-year—but was dragged down by the investment division’s unrealized losses. Management specifically noted in the earnings announcement that, following the reporting period, the recovery in equity markets has lifted investment business profits back above the HK$1.3 billion level achieved in the first half of 2025. Even more noteworthy is the July monthly data: Kingboard Laminate’s profit for July 2026 was approximately HK$1.1 billion—the highest monthly profit ever recorded. Third-quarter profit has already approached the full first-half level. This implies second-half performance will substantially exceed the first half, raising the possibility of a significant upside surprise to full-year results. Full-Year 2026 Performance Projection Based on institutional forecasts and available data, the following projection can be made for 2026: Guotai Junan Securities (initiated coverage on September 1, 2026) forecasts 2026 EPS of HK$8.04, implying net profit of approximately HK$9 billion—a roughly 80% increase year-on-year. Citibank, following the August 25 interim results release, updated its forecast to core net profit of approximately HK$8.5–9 billion (its earlier June forecast was HK$9.325 billion; on August 13, amid concerns over AI-related capital expenditure, it had lowered earnings estimates by 9%–14%; after the results release, it raised them again by 9%–10%). Its target price is HK$125, with a reiterated “Buy” rating.

A Brief Analysis of Enterprises Collaborating with the U.S. Military

Planet Labs operates a large fleet of small Earth-observation satellites, providing medium-resolution global imagery and change-detection data to the U.S. military and intelligence agencies. (Ten) Sierra Nevada Corporation Sierra Nevada Corporation supplies the U.S. military with spaceplanes, satellite platforms, mission systems, electronic warfare equipment, and specialized mission modification services, and participates in the Dream Chaser spacecraft program. (Eleven) Rocket Lab Rocket Lab provides rapid small-satellite launch services to the U.S. Space Force; its Electron rocket supports responsive launch missions, and it is developing the Neutron medium-lift rocket. (Twelve) Firefly Aerospace Firefly Aerospace supplies small launch vehicles and lunar landers to the U.S. Space Force and participates in rapid-launch demonstration missions. Ten. Nuclear Industry and Strategic Deterrence Enterprises in this category support U.S. nuclear weapons, nuclear-powered submarines, strategic missiles, and nuclear facility operations. (One) Northrop Grumman Corporation Northrop Grumman serves as the prime contractor for the U.S. Air Force’s Ground-Based Strategic Deterrent system, responsible for developing the next-generation intercontinental ballistic missile (ICBM) and maintaining the existing Minuteman III missile system. (Two) Lockheed Martin Corporation Lockheed Martin manufactures the Trident II D5 submarine-launched ballistic missile (SLBM) for the U.S. Navy and supplies re-entry vehicles and nuclear command-and-control systems. (Three) General Dynamics Electric Boat General Dynamics Electric Boat constructs the Columbia-class strategic nuclear submarine—the next-generation cornerstone platform of the U.S. sea-based nuclear deterrent. (Four) Huntington Ingalls Industries Huntington Ingalls participates in module construction and maintenance of Columbia-class strategic nuclear submarines and builds reactor-related structures for nuclear-powered aircraft carriers. (Five) BWX Technologies, Inc. BWX Technologies supplies nuclear reactor components, nuclear fuel, and support services for U.S. Navy nuclear submarines and nuclear-powered aircraft carriers, and provides specialty materials for strategic weapons systems. (Six) Honeywell Federal Manufacturing & Technologies Honeywell operates portions of the U.S. nuclear weapons complex, producing non-nuclear components, electronic assemblies, and sensors to support nuclear weapon life extension and modernization programs. (Seven) Bechtel Corporation Bechtel participates in foundational engineering and construction for U.S. Department of Energy (DOE) nuclear weapons facilities, nuclear waste treatment, and defense nuclear infrastructure. (Eight) Fluor Corporation Fluor operates nuclear facilities for the U.S. DOE and the Department of Defense, delivering nuclear cleanup, decontamination, decommissioning, and engineering services. (Nine) Consolidated Nuclear Security, LLC Consolidated Nuclear Security—comprising Bechtel, Fluor, and others—operates U.S. nuclear weapons production facilities, supporting nuclear stockpile maintenance and modernization. (Ten) Amentum Amentum provides operations, maintenance, security, and logistics services for DOE nuclear facilities and defense nuclear industrial infrastructure, serving as a key nuclear-industry contractor. Eleven. Logistics, Engineering, Base Operations, and Supply Chain Enterprises in this category manage U.S. military base operations, equipment maintenance, logistics transportation, and construction projects. (One) KBR, Inc. KBR delivers logistical support, base operations, fuel distribution, food services, facility maintenance, and construction to the U.S. military, maintaining a long-standing prominent role in theater logistics. (Two) AECOM

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