KB LAMINATES (01888) dropped over 7% during trading. As of press time, the stock declined 7.13% to HK$11.85, with turnover reaching HK$320 million.

On the news front, KB LAMINATES reported first-half revenue of HK$9.588 billion, up 11% year-on-year, with net profit of HK$933 million, representing a 28% year-on-year increase.

Kaiyuan Securities noted that the company has already raised copper clad laminate prices for the second half of 2025, with strong PCB demand potentially supporting price resilience, which should benefit second-half performance. The firm expects accelerated capacity expansion for high-end CCL and materials in 2026, with AI opportunities potentially entering the monetization phase, driving valuation premium upward, while actual financial statement contributions may be concentrated in 2027.

Ta Kung International published a research report stating that KB LAMINATES' first-half gross margin declined by 1.3 percentage points, as the average selling price increase of laminate products failed to fully offset rising copper costs. The firm maintains a positive outlook on the company's business prospects and new material development but believes the current stock price already reflects short-term growth potential, downgrading the rating to "Hold."

The firm kept its 2025-27 revenue forecasts largely unchanged but reduced profit estimates by 16%, 14%, and 9% respectively for each year, reflecting weaker average selling price increases for laminate products.