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。 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （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2025年8月28日（星期四）舉行，旨在（其中包括）考慮及通過本公 司及其附屬公司截至2025年6月30日止六個月的未經審核中期業績及其發佈， 及考慮建議派發之中期股息（如有）。 承董事會命 森松國際控股有限公司 行政總裁兼執行董事 西松江英 香港，2025年8月18日 Morimatsu International Holdings Company Limited 森松國際控股有限公司 於本公告日期，執行董事為西松江英先生、平澤準悟先生、湯衛華先生、盛曄先生及川島宏 貴先生；非執行董事為松久晃基先生；及獨立非執行董事為陳遠秀女士、菅野真一郎先生及 于建國先生。 本公告可於本公司網站 www.morimatsu- ...

最近一个月来，森松国际累计涨幅25.95%，今年来累计涨幅117.59%，跑赢恒生指数25.97%的涨幅。 8月18日，截至港股收盘，恒生指数下跌0.37%，报25176.85点。森松国际（02155.HK）收报10.54港元/ 股，上涨13.09%，成交量1865万股，成交额1.9亿港元，振幅14.16%。 行业估值方面，工业工程行业市盈率（TTM）平均值为6.89倍，行业中值3.08倍。森松国际市盈率14.58 倍，行业排名第54位；其他中国航天万源（01185.HK）为0.32倍、谊砾控股（00076.HK）为0.39倍、亿 都(国际控股)（00259.HK）为0.89倍、北京控股环境集团（00154.HK）为3.06倍、同景新能源 （08326.HK）为3.08倍。 资料显示，森松国际控股有限公司致力成为全球领先的核心设备、工艺系统和数智化工厂解决方案的提 供商。公司的主要业务为设计、制造、安装以及运维业务,主要应用于包含化学反应、生物反应和聚合 反应的核心设备、工艺系统(如工艺模块)以及整体解决方案(如模块化工业装置)。公司服务于客户的价 值需求,提供基于数字化技术的全生命周期覆盖服务,包括联合研发 ...

Core Viewpoint - The construction machinery industry in China is experiencing a recovery driven by domestic demand and stable export growth, with significant projects like the Yarlung Tsangpo River hydropower project expected to further boost equipment demand [1][2][3] Industry Summary - In July 2025, a total of 17,138 excavators were sold, marking a year-on-year increase of 25.2%, with domestic sales at 7,306 units (up 17.2%) and exports at 9,832 units (up 31.9%) [1] - From January to July 2025, 137,658 excavators were sold, reflecting a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [1] - The average working hours for major construction machinery products increased to 80.8 hours in July, a month-on-month growth of 4.58%, despite a decrease in the monthly operating rate to 56.2% [1] Project Impact - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to generate over 200 billion yuan in equipment demand, with engineering machinery and other equipment needs exceeding 100 billion yuan [2] - The project will likely drive demand for large, electric, and intelligent construction machinery due to the unique high-altitude working conditions, enhancing product structure optimization and profitability for manufacturers [2] Policy and Market Outlook - The Ministry of Industry and Information Technology aims for widespread application of digital technologies in the machinery industry by 2027, targeting a 50% maturity rate in intelligent manufacturing capabilities among enterprises [3] - Long-term prospects for construction machinery exports remain strong, particularly in regions along the Belt and Road Initiative, with Asia accounting for 43% of exports and significant growth in the Middle East market [3][4] Company Performance - Zoomlion achieved a revenue of 12.117 billion yuan in Q1 2025, a year-on-year increase of 2.92%, with a net profit of 1.41 billion yuan, up 53.98% [6] - Sany International reported a revenue of 5.876 billion yuan in Q1 2025, a 14.6% increase year-on-year, with a net profit of 635 million yuan, up 23.2% [6]

智通财经APP获悉，8月1日，工业和信息化部等八部门印发《机械工业数字化转型实施方案》，目标到 2027年，数智技术在产品研发设计、生产制造、经营管理、运维服务等环节广泛应用，智能制造能力成 熟度二级及以上企业占比达50%，建成不少于200家卓越级智能工厂，带动机械企业研发设计、生产制 造、供应链管理数字化智能化水平稳步提升；培育一批既懂行业又懂数字化的系统解决方案供应商，形 成不少于200个优秀场景化解决方案，服务能力显著增强。相关概念股：创新奇智(02121)、森松国际 (02155)、中联重科(01157)。 相关概念股： 创新奇智(02121)：创新奇智宣布旗下AInnoGC工业大模型迎来技术升级，已经完成DeepSeek-R1蒸馏 AInno-75B技术适配。据介绍，通过蒸馏DeepSeek-R1 ，显著提升了AInno-75B的推理能力，同时还保持 了AInno-75B模型对工业知识深入理解和低成本私有化部署的优势。创新奇智始终致力于为客户提供高 效、灵活且经济实惠的AI解决方案。此次技术升级使得AInno-75B能够在更广泛的工业环境中实现部署 应用，满足不同规模企业的需求。 据中心负责人介绍， ...

第 1 頁 共 10 頁 v 1.1.1 FF301 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: | 2025年7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: | 2025年8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 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 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 ...

Group 1 - Heavy machinery stocks have seen a general increase, with notable gains in companies such as Sany International (up 0.17% to HKD 5.77) and China National Heavy Duty Truck Group (up 1.38% to HKD 19.1) [1] - In Q1 2025, the domestic sales of excavators reached 36,562 units, marking a year-on-year increase of 38.3%, while total excavator sales from major manufacturers amounted to 61,372 units, up 22.8% year-on-year [1] - The average operating rate of construction machinery nationwide was reported at 44.67%, reflecting a year-on-year increase of 1.62%, with 12 provinces exceeding an average operating rate of 50% [1] Group 2 - The acceleration of major engineering projects across various regions is expected to enhance infrastructure investment in Q2, contributing positively to economic stability and growth [2] - Analysts from Huachuang Securities express optimism regarding domestic policy efforts to boost internal demand, suggesting that the engineering machinery sector is likely to benefit significantly [2]

Company Performance and Financials - The company achieved significant results despite a challenging global economic environment, showcasing resilience and strength[6]. - Total revenue for the fiscal year ending December 31, 2024, is reported at RMB 6,948,354 thousand, a decrease of 5.6% compared to RMB 7,360,262 thousand in 2023[38]. - Gross profit for the same period is RMB 2,049,777 thousand, slightly down from RMB 2,055,704 thousand in 2023, indicating a marginal decline of 0.3%[38]. - Profit before tax for 2024 is RMB 911,254 thousand, reflecting a decrease of 7.4% from RMB 984,334 thousand in 2023[38]. - Net profit attributable to equity shareholders for 2024 is RMB 737,241 thousand, down from RMB 844,684 thousand in 2023, representing a decline of 12.7%[38]. - Total assets as of December 31, 2024, stand at RMB 8,908,333 thousand, a slight decrease from RMB 8,932,076 thousand in 2023[38]. - Total liabilities decreased to RMB 3,632,477 thousand in 2024 from RMB 4,541,467 thousand in 2023, marking a reduction of 20.0%[38]. - Net asset value increased to RMB 5,275,856 thousand in 2024, up from RMB 4,390,609 thousand in 2023, indicating a growth of 20.2%[38]. - The company reported a significant increase in revenue from other segments, rising by 368.0% to approximately RMB 786.21 million in 2024[111]. - The company's total sales cost decreased by RMB 405,981 thousand, a decline of 7.7% from RMB 5,304,558 thousand in 2023 to RMB 4,898,577 thousand in 2024[113]. Strategic Initiatives and Market Positioning - The company emphasizes market diversification to mitigate risks associated with reliance on a single market or industry[7]. - The company aims to transform from a high-end equipment manufacturer to a global provider of integrated process engineering solutions, enhancing its international brand image and service capabilities[12]. - The company is actively advancing multiple projects with multinational giants in various industries, enhancing its market position in life sciences[9]. - The company is focusing on strategic collaborations with leading multinational corporations to continuously create value for global clients[10]. - The company is committed to expanding into higher value segments of the industry chain and standardizing products to strengthen its market presence[9]. - The company is transitioning from merely exporting cost advantages to creating technological and operational value for its customers[10]. - The company is concentrating resource allocation on international markets, providing long-term services to existing clients and developing potential new clients[88]. Innovation and Technology Development - Approximately 20% of resources are allocated to process and R&D, focusing on new technology development and product innovation in collaboration with downstream customers[8]. - The company is focusing on innovation and technology upgrades in collaboration with clients, particularly in the fields of advanced materials and chemical synthesis[55]. - The company has initiated the launch of single-use bioreactors and high-efficiency microchannel reactors, targeting various application scenarios in pharmaceuticals and fine chemicals[50]. - The company is set to establish a new benchmark in intelligent manufacturing amidst the wave of digitalization and intelligence[12]. - The company is leveraging AI platforms to optimize design speed and quality, improve engineering solutions, and enhance production management through data-driven processes[11]. Sustainability and Environmental Commitment - The company has made substantial progress in green energy, sustainable food, and non-metal material synthesis, aligning with global trends towards healthier and more sustainable living[9]. - The company is committed to providing sustainable solutions, including renewable energy production technologies and biodegradable materials, aligning with global sustainability goals[69]. - The company is committed to sustainable development, focusing on industries such as oil refining, chemicals, and biopharmaceuticals[46]. Leadership and Governance - The board includes independent directors with extensive experience in corporate governance and financial oversight, enhancing strategic planning[23][25]. - The leadership team is well-educated, with advanced degrees from prestigious institutions, ensuring informed decision-making[21][27]. - The management team emphasizes the importance of maintaining compliance and financial risk management as part of its strategic initiatives moving forward[35]. - The management discussion and analysis section of the annual report provides insights into the company's business review and future development plans[154]. Shareholder Value and Capital Management - The company is committed to maximizing shareholder value through annual dividends and share buybacks, reinforcing shareholder confidence[12]. - The company completed a placement of 80,000,000 shares at a price of HKD 8.30 per share, raising approximately HKD 654.7 million net of expenses[145]. - The net proceeds from the placement will primarily be used for capital investments in manufacturing facilities in Suzhou, China, and Malaysia, as well as for expanding into the European market[145]. - The company plans to implement a stock incentive plan, which will involve an increase in registered capital by approximately RMB 12.87 million, representing about 14.91% of the total capital post-increase[148]. Market Trends and Industry Insights - The global consumption market demand has declined significantly, particularly in the major markets of China and the US, leading to a slowdown in investment and consumption rhythms across various industries[87]. - The global clean energy sector is experiencing a strategic opportunity period, with a consensus on increasing the share of clean energy in energy development[89]. - By 2050, global hydrogen demand is projected to reach approximately 528 million tons, with over 30% used for ammonia synthesis and fuel[91]. - The demand for sustainable aviation fuel (SAF) is expected to rise significantly, with estimates of 1.8 million tons by 2030 and 35 million tons by 2050, accounting for about 65% of total fuel demand[93]. Employee and Compensation Structure - The employee count stands at approximately 4,565, with nearly 500 in R&D, accounting for over 10% of total employees[178]. - The company has a comprehensive compensation and benefits system to attract and retain high-quality employees, ensuring competitive market salaries[178]. - The annual remuneration for five executive directors will be adjusted to RMB 158,400 starting July 2024, while four non-executive directors will receive RMB 198,000[162].

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company involved in various sectors including energy materials, green energy, and semiconductor chemicals, indicating a diversified business model across multiple industries [1][3][4][16]. Key Points and Arguments 1. **Profit Decline and Order Trends**: - The adjusted net profit is expected to decline by 2.3% from 2023 to 2024 due to increased net profit margins and income tax, alongside new factories entering the depreciation phase [1]. - A noticeable drop in orders, approximately 20%, has been observed in the lithium battery sector, attributed to a sustained demand decline across multiple markets [1][2]. 2. **Order Backlog and Financial Goals**: - The company reported an order backlog of approximately 84 billion as of March 27, 2024, with a goal to return to revenue and profit growth [2]. - The dividend per share has increased from 0.1 billion to 0.15 billion, reflecting improved financial performance [2]. 3. **Strategic Focus**: - The company emphasizes resilience in development, diversification in downstream industries, and continuous evolution of products and technologies [3]. - A dual strategy is highlighted: the α strategy focuses on sustained growth, while the β strategy is dynamic, allowing for tactical responses to market demands [3]. 4. **Sector-Specific Insights**: - The energy materials sector is witnessing a recovery, particularly in lithium, oil, and hydrogen energy, with significant opportunities in overseas markets [4][5]. - The green energy sector, especially green methanol, is gaining traction, with increasing interest from investors and clients [6][7]. 5. **International Market Dynamics**: - The overseas photovoltaic market is expanding, particularly in regions like India and the Middle East, where the company is actively engaging with clients [7][24]. - The semiconductor chemicals sector is also highlighted, with a focus on providing high-quality materials and equipment to major players like TSMC [16][17]. 6. **Future Outlook**: - The company expresses confidence in a recovery in 2025, with substantial groundwork laid in 2024 to facilitate this rebound [8][18]. - The management anticipates that many of the current design orders will transition into construction orders, contributing to future revenue [41][42]. Additional Important Content - The company is adapting to changes in order placement, moving from bundled orders to more segmented approaches, which may impact revenue recognition in the short term [35][36]. - There is a strong emphasis on maintaining relationships with top-tier clients and enhancing profit margins through strategic project management and design services [21][22]. - The management acknowledges the challenges posed by geopolitical factors and tariffs but remains optimistic about leveraging existing production capabilities to maintain competitiveness [59][60]. This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of the company's current status and future prospects.

Investment Rating - The report maintains an "OUTPERFORM" rating for Morimatsu International Holdings, with a target price of HKD 6.96, reflecting a potential upside from the current price of HKD 4.67 [2][20]. Core Insights - The company's FY24 revenue was CNY 6.95 billion, a decrease of 5.6% year-on-year, primarily due to delays in project execution. However, the gross profit margin improved to 29.5%, up 1.6 percentage points year-on-year, attributed to better operational efficiency and material cost control [3][4][16]. - The net profit attributable to shareholders for FY24 was CNY 737 million, down 12.7% year-on-year, mainly impacted by accounts receivable impairment [17][20]. - The company’s backlog at the end of FY24 was CNY 8.1 billion, down from CNY 8.8 billion at the end of 1H24, with new orders for FY24 totaling CNY 6.0 billion, reflecting a shift in project execution practices [5][18][20]. - Overseas revenue accounted for 60.4% of total revenue in FY24, with 70.6% of new orders being export orders, indicating stable international demand [6][19]. Financial Summary - Revenue projections for FY25 and FY26 have been revised down to CNY 7.77 billion and CNY 8.47 billion, respectively, with expected growth rates of 11.8% and 9.1% [8][20]. - The net profit forecasts for FY25 and FY26 have also been adjusted to CNY 872 million and CNY 939 million, suggesting growth rates of 18.3% and 7.7% [8][20]. - The report utilizes a discounted cash flow (DCF) model for valuation, maintaining a WACC of 10.6% and a perpetual growth rate of 2.5% [8][20].

Investment Rating - The report maintains an "OUTPERFORM" rating for Morimatsu International Holdings with a target price of HKD 6.96, reflecting a potential upside from the current price of HKD 4.67 [2][20]. Core Insights - The company's FY24 revenue was CNY 6.95 billion, a decrease of 5.6% year-on-year, primarily due to delays in project execution. However, the gross profit margin improved to 29.5%, up 1.6 percentage points year-on-year, attributed to better operational efficiency and material cost control [3][4][16]. - The net profit attributable to shareholders was CNY 737 million, down 12.7% year-on-year, mainly impacted by accounts receivable impairment [17][20]. Revenue Breakdown - Revenue from Mainland China was CNY 2.75 billion, down 29.2% year-on-year, while overseas revenue reached CNY 4.20 billion, an increase of 20.8% year-on-year. Notably, North America saw a significant growth of 60.2% year-on-year [3][16]. - By segment, the oil and gas sector generated CNY 630 million (-35.2% y-y), while the power battery segment reported CNY 1.22 billion (+6.5% y-y) [22]. Order Backlogs - As of the end of FY24, the company had a backlog of CNY 8.1 billion, down from CNY 8.8 billion in the first half of 2024. The pharmaceutical sector accounted for CNY 2.3 billion of this backlog [5][18]. - New orders for FY24 totaled CNY 6.0 billion, with a notable decline of 11.3% in the second half of the year [5][18]. Valuation Adjustments - Due to weak backlog growth, revenue forecasts for FY25 and FY26 have been revised down to CNY 7.77 billion and CNY 8.47 billion, respectively, indicating growth rates of 11.8% and 9.1% year-on-year [8][20]. - The net profit forecasts for FY25 and FY26 have also been adjusted to CNY 872 million and CNY 939 million, suggesting growth rates of 18.3% and 7.7% year-on-year [8][20].