{
  "schema_version": "seed.company-research-evidence-index.v1",
  "generated_at": "2026-08-26T14:45:56+08:00",
  "as_of": "2026-08-26",
  "combined_artifact": {
    "path": "combined-artifact.v2.json",
    "sha256": "3b05983912bd14b7431b1177733a55cbca00c2926b7d936d79e23cccb8117608"
  },
  "anchors": [
    {
      "id": "KBL-CRIT-001",
      "claim_id": "h1_financials",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 1,
      "source_text": "2026H1 revenue HKD14,903.809m and parent net profit HKD2,886.561m.",
      "period": "2026H1",
      "unit": "million",
      "currency": "HKD",
      "scope": "consolidated income statement",
      "audit_status": "unaudited",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-002",
      "claim_id": "h1_eps_dividend",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 1,
      "source_text": "2026H1 diluted EPS was HKD0.909 and interim dividend was HKD0.28 per share.",
      "period": "2026H1",
      "unit": "per share",
      "currency": "HKD",
      "scope": "parent shareholders",
      "audit_status": "unaudited",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-003",
      "claim_id": "h1_net_debt",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 4,
      "source_text": "Cash was HKD2,196.033m and bank borrowings were HKD7,713.584m at 2026-06-30.",
      "period": "2026-06-30",
      "unit": "million",
      "currency": "HKD",
      "scope": "consolidated balance sheet",
      "audit_status": "unaudited",
      "formula": "2,196.033 - 7,713.584 - 1.968 = -5,519.519",
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-004",
      "claim_id": "h1_working_capital",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 4,
      "source_text": "Inventory was HKD4,285.841m, receivables/prepayments HKD7,127.694m and bills receivable HKD4,949.956m.",
      "period": "2026-06-30",
      "unit": "million",
      "currency": "HKD",
      "scope": "consolidated balance sheet",
      "audit_status": "unaudited",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-005",
      "claim_id": "related_customer",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 8,
      "source_text": "Revenue from fellow subsidiaries of Kingboard Holdings was HKD2,590.350m in 2026H1.",
      "period": "2026H1",
      "unit": "million",
      "currency": "HKD",
      "scope": "related customer revenue",
      "audit_status": "unaudited",
      "formula": "2,590.350 / 14,903.809 = 17.4%",
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-006",
      "claim_id": "segment_result",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 8,
      "source_text": "Laminates segment revenue was HKD14,774.758m and segment result HKD3,830.230m.",
      "period": "2026H1",
      "unit": "million",
      "currency": "HKD",
      "scope": "reportable segment",
      "audit_status": "unaudited",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-007",
      "claim_id": "h1_capex",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 11,
      "source_text": "PP&E additions were HKD1,136.140m and PP&E depreciation HKD504.466m in 2026H1.",
      "period": "2026H1",
      "unit": "million",
      "currency": "HKD",
      "scope": "consolidated PP&E",
      "audit_status": "unaudited",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-008",
      "claim_id": "fy2025_cash",
      "source_id": "S2",
      "document_sha256": "764a2e8c3e2af207a55542e9082c7b85de3921a1d82f793d4f41f937bed20b66",
      "page": 85,
      "source_text": "FY2025 CFO was HKD2,160.158m; PP&E purchases and deposits were HKD822.033m and HKD454.954m.",
      "period": "FY2025",
      "unit": "million",
      "currency": "HKD",
      "scope": "consolidated cash flow",
      "audit_status": "audited",
      "formula": "2,160.158 - 822.033 - 454.954 = 883.171",
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-009",
      "claim_id": "fy2025_investment_adjustments",
      "source_id": "S2",
      "document_sha256": "764a2e8c3e2af207a55542e9082c7b85de3921a1d82f793d4f41f937bed20b66",
      "page": 134,
      "source_text": "FY2025 equity FVTPL gain was HKD503.544m and investment-property fair-value loss was HKD52.110m.",
      "period": "FY2025",
      "unit": "million",
      "currency": "HKD",
      "scope": "earnings-quality bridge",
      "audit_status": "audited",
      "formula": "2,442.174 - 503.544 + 52.110 = 1,990.740",
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-010",
      "claim_id": "fully_diluted_shares",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 11,
      "source_text": "2026H1 basic and diluted weighted shares were 3,137.262m and 3,176.932m.",
      "period": "2026H1",
      "unit": "million shares",
      "currency": "shares",
      "scope": "EPS denominator",
      "audit_status": "unaudited",
      "formula": "3,137.262 + 39.670 = 3,176.932",
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-011",
      "claim_id": "controller_placing",
      "source_id": "S5",
      "document_sha256": "e93d85b33e1951e5bbdf78d7b9a40aa9366cf0a154e7a9502b01a912817bd6cc",
      "page": 1,
      "source_text": "The June parent placing disclosed expected post-completion ownership of 1,944.169m shares or 61.70%.",
      "period": "2026-06",
      "unit": "million shares and percent",
      "currency": "shares",
      "scope": "controller interest",
      "audit_status": "not_applicable",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-012",
      "claim_id": "h1_profit_alert_variance",
      "source_id": "S11",
      "document_sha256": "f026420501c282034562e40cffad9193ceac043f031bdfd5805d45400bd9379f",
      "page": 1,
      "source_text": "The H1 profit alert set an open lower bound of HKD2.8bn and at least 200% year-on-year growth.",
      "period": "2026H1",
      "unit": "million and percent",
      "currency": "HKD",
      "scope": "parent profit alert",
      "audit_status": "unaudited",
      "formula": "2,886.561 - 2,800 = 86.561",
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-013",
      "claim_id": "interim_dividend_dates",
      "source_id": "S1",
      "document_sha256": "885ad5f83bf72683415f6c32fb4a561adc50121e836a529334819cb0ecb8889c",
      "page": 11,
      "source_text": "The interim dividend record date is 2026-12-16 and payment is expected around 2027-01-05.",
      "period": "2026H1 dividend",
      "unit": "date",
      "currency": "not_applicable",
      "scope": "shareholder distribution",
      "audit_status": "not_applicable",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    },
    {
      "id": "KBL-CRIT-014",
      "claim_id": "price_snapshot",
      "source_id": "S10",
      "document_sha256": "b8c0338936bd30ba3caad5a5289b42dcca78adfad74e7bc567fe64177750a280",
      "page": 1,
      "source_text": "A secondary source reported a 2026-08-25 close of HKD39.94.",
      "period": "2026-08-25",
      "unit": "per share",
      "currency": "HKD",
      "scope": "secondary market price",
      "audit_status": "not_applicable",
      "formula": null,
      "critical": true,
      "limitations": "Public research anchor; follow source-boundary and claim-status notes."
    }
  ],
  "claims": [
    {
      "id": "C1",
      "claim": "2026H1收入HKD14,903.8m、归母利润HKD2,886.6m、摊薄EPS HKD0.909。",
      "status": "verified_unaudited",
      "source_ids": [
        "S1"
      ]
    },
    {
      "id": "C2",
      "claim": "2026H1净负债率30%，现金HKD2,196.0m、银行借款HKD7,713.6m。",
      "status": "verified_unaudited",
      "source_ids": [
        "S1"
      ]
    },
    {
      "id": "C3",
      "claim": "2026H1关联集团客户收入HKD2,590.4m，约占总收入17.4%。",
      "status": "verified_derived",
      "source_ids": [
        "S1"
      ],
      "formula": "2,590.350 / 14,903.809"
    },
    {
      "id": "C4",
      "claim": "2026H1库存、应收及预付、票据应收较2025年末分别上升约44.8%、29.2%、38.9%。",
      "status": "verified_derived",
      "source_ids": [
        "S1"
      ],
      "formula": "balance-sheet amounts at 2026-06-30 divided by 2025-12-31"
    },
    {
      "id": "C5",
      "claim": "管理层称AI需求、紧供应、接近满产并多次提价。",
      "status": "verified_as_management_statement_only",
      "source_ids": [
        "S1"
      ]
    },
    {
      "id": "C6",
      "claim": "AI需求映射尚不能被当作命名客户订单、产品收入或耐久护城河。",
      "status": "verified_boundary",
      "source_ids": [
        "S1",
        "S2"
      ]
    },
    {
      "id": "C7",
      "claim": "两次母公司配售披露的预期持股由71.10%降至61.70%，公司仍为集团非全资附属。",
      "status": "verified_with_settlement_gap",
      "source_ids": [
        "S4",
        "S5"
      ]
    },
    {
      "id": "C8",
      "claim": "FY2025研究调整owner earnings范围为HKD722.3m至2,072.3m。",
      "status": "scenario_derived",
      "source_ids": [
        "S2"
      ],
      "formula": "adjusted earnings + D&A - maintenance capex - required WC"
    },
    {
      "id": "C9",
      "claim": "2026-08-25收市价HKD39.94。",
      "status": "secondary_source_only",
      "source_ids": [
        "S10"
      ]
    },
    {
      "id": "C10",
      "claim": "当前内在价值与安全边际结论不可用。",
      "status": "verified_boundary",
      "source_ids": [
        "S1",
        "S2",
        "S10"
      ]
    }
  ]
}