KB LAMINATES (01888) saw a rise of over 5% during trading, and as of the latest update, it increased by 4.02% to HKD 12.95, with a trading volume of HKD 160 million. On the news front, on the evening of October 23, Shengyi Technology announced its earnings forecast for the first three quarters of 2025, expecting revenue between CNY 6.614 billion and CNY 7.034 billion, representing a year-on-year growth of 108% to 121%. The anticipated net profit attributable to shareholders is projected to be between CNY 1.074 billion and CNY 1.154 billion, an increase of 476% to 519% year-on-year. Shengyi Technology noted in its 2025 interim report that the rapid development of the AI industry is sufficient to support the growth of the PCB market, projecting a 7.6% increase in the global PCB market value in 2025, reaching USD 79.128 billion. KGI Securities pointed out that the upward demand for PCBs and high raw material prices may facilitate smooth price adjustments in the second half of 2025, thereby improving CCL profit margins and driving performance in the latter half of the year. By 2026, Thailand's capacity for 800,000 CCLs is expected to gradually come online, with the expansion of fiberglass capacity alleviating supply bottlenecks and reinforcing cost advantages, while the performance outlook remains dependent on copper price trends and the sustainability of PCB demand. In terms of high-end products, KB LAMINATES has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging substrates, with high-end copper foil already certified for use by several global top-tier communication terminal customers. The first furnace for low dk fiberglass has been put into operation in the first half of 2025, with three additional furnaces expected to be added in the second half, enabling the production of second-generation fiberglass. Furthermore, six more high-end furnaces are anticipated to be operational in 2026 for producing low dielectric, low thermal expansion, and quartz fiberglass.