On February 23, Kingboard Holdings issued an announcement stating that it anticipates the net profit for the year ended December 31, 2025 to surge by more than 165% compared with the same period in 2024, equivalent to a net profit exceeding HK$4.32 billion.
 
The growth is primarily attributable to the profit increase recorded in the Group’s investment business segment and the copper-clad laminate (CCL) business segment. Driven by robust demand for CCL and its upstream materials (including glass fiber yarn, glass fiber cloth, and copper foil), the Group has seen a substantial general rise in the unit prices of CCL and its upstream material products, coupled with an increase in sales volume compared to the same period in 2024. At present, market demand remains strong.
 
CCL is a core foundational material for manufacturing printed circuit boards (PCBs), classified by the M-series grading system. Common grades include M7, M8, and M9, with higher grades representing superior material performance. In terms of production, CCL is manufactured by impregnating electronic glass fiber cloth or other reinforcing materials with resin, laminating copper foil on one or both sides, and then subjecting the composite to hot pressing.
 
Earlier, a report from HSBC pointed out that the accelerated iteration of AI servers has driven a dual upcycle in technology and pricing for PCBs and CCL, the core components of AI servers. Currently, expectations for AI server upgrades are intensifying, with NVIDIA’s next-generation Vera Rubin 200 platform scheduled to commence shipments in the fourth quarter.
 
Guojin Securities noted that some PCBs for NVIDIA’s Rubin platform will adopt M9 materials in 2026. The ongoing development of orthogonal backplanes is generating significant demand for M9 materials. Google’s new TPU products are also expected to use M9 materials, as are other ASIC manufacturers. It is projected that the demand for M9 materials will witness explosive growth over the next three years.