股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年3月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 森松國際控股有限公司 | | | | 呈交日期: | 2026年4月1日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 因森松國際控股有限公司("本公司")是於香港註冊成立的公司, "法定股本"之概念不適用於本公司。 | | | | FF301 第 1 頁 共 10 頁 v 1.2.1 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 02155 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,245,419,000 0 1,245,419,000 增加 / 減少 (-) 0 0 本月底結存 1,245,419,000 0 1,245,4 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Morimatsu International Holdings [2] Core Insights - The company achieved newly signed orders of CNY 8.6 billion in 2025, with a significant contribution from the pharmaceutical sector, which reflects improving cyclical demand, particularly in the U.S. market [4][20] - The overall revenue for 2025 was CNY 7.0 billion, remaining flat year-on-year, with a gross margin of 26.1%, down 3.4 percentage points from the previous year [3][14] - The company has adjusted its revenue forecasts for FY26 and FY27 to CNY 8.4 billion and CNY 9.2 billion, respectively, and net profit forecasts to CNY 860 million and CNY 1.0 billion [6][21] Summary by Sections Revenue Performance - In 2025, the company reported revenue of CNY 7.0 billion, with mainland China revenue at CNY 1.6 billion (down 42% YoY) and overseas revenue at CNY 5.4 billion (up 28%) [3][14] - The revenue breakdown shows significant growth in Asia (excluding Mainland China) at CNY 3.1 billion (up 53%) and Europe at CNY 620 million (up 86%) [14] Profitability - The net profit attributable to shareholders for 2025 was CNY 600 million, a decrease of 19% YoY, primarily due to declining gross margins and rising expense ratios [3][18] - The overall gross margin was reported at 26.1%, reflecting pressure from various segments [3][14] Order Backlog and New Orders - As of the end of 2025, the order backlog stood at CNY 8.6 billion, with pharmaceuticals making up CNY 5.2 billion (60% of the total) [4][19] - Newly signed orders in 2025 totaled CNY 8.6 billion, representing a 44% increase YoY, with pharmaceutical orders accounting for 62% of the total [4][20] Expense Analysis - Selling expenses increased by 30% YoY to CNY 210 million, driven by an expanded overseas sales team [18] - Administrative expenses rose by 13% YoY to CNY 660 million, influenced by support for overseas expansion and increased depreciation [18] Valuation - The target price is set at HKD 11.62, based on a Discounted Cash Flow (DCF) model, with a WACC of 10.6% and a terminal growth rate of 2.5% [6][21]

EF001 免責聲明 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | --- | | 發行人所發行上市權證/可轉換債券 不適用 | | 其他信息 | | 其他信息 不適用 | | 發行人董事 | | 於本公告日期，董事會成員包括執行董事西松江英先生、平澤準悟先生、湯衛華先生、盛曄先生及川島宏貴先生；非執行董事松久 晃基先生；及獨立非執行董事陳遠秀女士、于建國先生及倉石英明先生。 | 第 2 頁 共 2 頁 v 1.1.1 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 森松國際控股有限公司 | | 股份代號 | 02155 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月23日 | | 公告狀態 | 新公告 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 6,954,932,000, slightly up from RMB 6,948,354,000 in 2024[3] - Gross profit decreased to RMB 1,816,583,000, resulting in a gross margin of 26.1%, down from 29.5% in the previous year[3] - Net profit for 2025 was RMB 584,292,000, representing a net profit margin of 8.4%, compared to 10.5% in 2024[3] - EBITDA for the year was RMB 971,206,000, down from RMB 1,116,488,000 in the previous year[3] - Basic earnings per share decreased to RMB 0.49 from RMB 0.62 in 2024[3] - The company reported a total comprehensive income of RMB 613,426,000 for 2025, compared to RMB 741,404,000 in 2024[6] Revenue and Orders - New order intake increased significantly to RMB 8,569,000,000, up from RMB 5,968,901,000 in 2024[3] - Revenue from core equipment amounted to RMB 2,272,126,000, while revenue from modular pressure equipment was RMB 4,393,387,000 for the year ended December 31, 2025[16] - The group expects to recognize future revenue from existing customer contracts totaling RMB 8,572,421,000 as of December 31, 2025, up from RMB 7,112,204,000 in 2024[21] - Revenue from external customers in Mainland China was RMB 1,589,405,000, a decrease from RMB 2,750,519,000 in 2024[24] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 6,981,610,000, an increase from RMB 6,079,286,000 in 2024[7] - Non-current assets increased to RMB 3,145,209,000 from RMB 2,829,047,000 in the previous year[7] - The company's equity attributable to shareholders rose to RMB 5,599,317,000, up from RMB 5,048,359,000 in 2024[8] - Trade payables increased to RMB 1,364,674,000 in 2025 from RMB 1,076,073,000 in 2024, representing a growth of 26.8%[54] - The company's financial liabilities measured at amortized cost increased to RMB 2,074,713,000 in 2025 from RMB 1,646,583,000 in 2024, an increase of 26.0%[54] Expenses - Employee costs increased to RMB 1,421,837,000 in 2025 from RMB 1,244,568,000 in 2024, reflecting a rise in salaries and benefits[28] - R&D expenses for 2025 amounted to RMB 310,386,000, a decrease of 22.3% from RMB 399,241,000 in 2024[30] - Sales and marketing expenses grew by approximately 29.8% from about RMB 164,287 thousand for the year ending December 31, 2024, to approximately RMB 213,212 thousand for the year ending December 31, 2025, with the ratio to total revenue increasing from about 2.4% to approximately 3.1%[102] - General and administrative expenses increased by approximately 16.7% from about RMB 565,118 thousand for the year ending December 31, 2024, to approximately RMB 659,378 thousand for the year ending December 31, 2025, with the ratio to total revenue rising from about 8.1% to approximately 9.5%[103][104] Taxation - Actual tax expenses for 2025 were RMB 132,754,000, down 26.8% from RMB 181,373,000 in 2024[32] - The group reported a provision for current tax of RMB 124,698,000 for 2025, down from RMB 168,301,000 in 2024[31] - The company expects to benefit from a 200% tax deduction on qualified R&D expenses incurred up to December 31, 2025[43] Market and Strategic Focus - The company has maintained long-term stable partnerships with numerous leading enterprises in various industries, enhancing its value position within global supply chains over 30 years[70] - The company has focused on diversifying its customer base and product offerings to avoid over-reliance on single markets or products, ensuring sustainable growth[66] - The company emphasizes the importance of innovation and responsiveness to customer needs as key components of its competitive advantage[68] - The group emphasizes three development themes: "health," "green," and "smart," providing comprehensive solutions that empower clients in environmental materials, sustainable energy, and biopharmaceutical commercialization[73] Corporate Governance - The company is committed to maintaining high standards of corporate governance, believing it is essential for protecting shareholder interests and enhancing corporate value[139] - The company confirmed compliance with the corporate governance code, except for specific deviations due to the passing of an independent non-executive director[139] - The audit committee reviewed the annual performance of the group during the reporting period[143] Employee and Shareholder Information - The group had over 4,800 employees as of December 31, 2025, with nearly 500 in research and development, representing over 10% of total employees[133] - A cash dividend of RMB 120,000,000 was declared to shareholders, pending confirmation as a liability under Hong Kong accounting standards[131] - The company reported a proposed final dividend of HKD 0.2 per share for the year ending December 31, 2025, subject to shareholder approval at the annual general meeting on June 25, 2026[135]

Morimatsu International Holdings Company Limited 森松國際控股有限公司 董事會已設立三個常務董事委員會。下表提供若干董事會成員於該等委員會 所擔任職務的資料： | | 董事委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | （主席） 松久晃基先生 | | M | M | C | | 陳遠秀女士 | | C | | M | | 于建國先生 | | | C | M | | 倉石英明先生 | | M | M | | 執行董事： 西松江英先生 平澤準悟先生 湯衛華先生 盛曄先生 川島宏貴先生 非執行董事： 松久晃基先生 （主席） 獨立非執行董事： 陳遠秀女士 于建國先生 倉石英明先生 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （「本公司 」） （股 份 代 號：2155） 董事名單與其角色及職能 本公司董事（「董事」）會（「董事會」）成員載列如下： 附註： C：相關委員會主席 M：相關委員會成員 2026年3月23日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Morimatsu International Holdings Company Limited 森松國際控股有限公司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：2155） 委任獨立非執行董事； 董事委員會成員變更； 及 森松國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，倉石 英明先生（「倉石先生」）獲委任為獨立非執行董事、本公司審核委員會（「審核 委員會」）及薪酬委員會（「薪酬委員會」，連同審核委員會統稱為「董事委員會」） 成員，自2026年3月23日起生效。 倉石先生之履歷詳情載列如下： 倉石英明先生，66歲，於1984年3月取得日本京都大學法學學士學位，並於1989 年12月取得美國密西根大學法學碩士學位。 倉石先生於金融及銀行業擁有逾35年經驗。彼於1984年4月開啟職業生涯，加 入株式會社日本興業銀行（「日本興業銀行」），並於2002年 ...

（股 份 代 號：2155） 董事會會議日期 森松國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董 事會會議將於二零二六年三月二十三日（星期一）舉行，旨在（其中包括）考慮 及通過本公司截至二零二五年十二月三十一日止年度的全年業績以及考慮派 發末期股息之建議（如有）。 承董事會命 森松國際控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Morimatsu International Holdings Company Limited 森松國際控股有限公司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） 香港，二零二六年三月十一日 截至本公告日期，董事會成員包括執行董事西松江英先生、平澤準悟先生、湯衛華先生、盛 曄先生及川島宏貴先生；非執行董事松久晃基先生；及獨立非執行董事陳遠秀女士及于建 國先生。 本公告可於本公司網站 www.morimatsu-online.com 及聯交所網站 www.hkexnews ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 02155 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,245,419,000 0 1,245,419,000 增加 / 減少 (-) 0 0 本月底結存 1,245,419,000 0 1,245,419,000 足夠公眾持股量的確認(註4) | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 森松國際控股有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 因森松國際控股有限公司("本公司")是於香港註冊成立的公司, "法定股本"之概念不適用於本公司。 | | | FF301 第 1 頁 共 10 頁 v 1.2. ...

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Sensong International (02155.HK) by 447,000 shares on February 27, with a total net increase of 5.83 million shares over the last five trading days [1] - Over the past 20 trading days, there have been 11 days of net increases in holdings by southbound funds, totaling 4.2933 million shares [1] - As of now, southbound funds hold 206 million shares of Sensong International, representing 16.55% of the company's total issued ordinary shares [1] Group 2 - Sensong International Holdings Limited primarily engages in the manufacturing of pressure equipment and provides comprehensive pressure equipment solutions [1] - The company's main products include traditional pressure equipment such as heat exchangers, vessels, reactors, and towers, as well as modular pressure equipment including process modules and modular plants [1] - The company also offers value-added services such as design, validation, and maintenance of pressure equipment, operating in both domestic and overseas markets [1]

Core Insights - Southbound funds increased their holdings in Sensong International (02155.HK) by 3.241 million shares on February 23, with a total net increase of 6.507 million shares over the last five trading days [1] - Over the past 20 trading days, there have been 11 days of net increases in holdings by southbound funds, totaling 6.2199 million shares [1] - As of now, southbound funds hold 206 million shares of Sensong International, representing 16.51% of the company's total issued ordinary shares [1] Company Overview - Sensong International Holdings Limited primarily engages in the manufacturing of pressure equipment and provides comprehensive pressure equipment solutions [1] - The company's main products include traditional pressure equipment such as heat exchangers, vessels, reactors, and towers, as well as modular pressure equipment including process modules and skid-mounted units [1] - The company also offers value-added services such as design, validation, and maintenance of pressure equipment, operating in both domestic and overseas markets [1]