Group 1 - The core point of the news is that Southbound funds reduced their holdings in Sensong International (02155.HK) by 1.3254 million shares on September 18, 2025, while there were net increases in holdings on 3 out of the last 5 trading days, totaling a net increase of 1.1714 million shares [1] - Over the last 20 trading days, Southbound funds increased their holdings in Sensong International on 16 days, resulting in a cumulative net increase of 25.1975 million shares [1] - As of now, Southbound funds hold 199 million shares of Sensong International, accounting for 15.99% 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 [2] - 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 [2] - The company also offers value-added services such as design, validation, and maintenance of pressure equipment, operating in both domestic and overseas markets [2]

Group 1 - The executive director, Kawashima Hirotaka, reduced his stake in Sensong International (02155) by selling 50,000 shares at a price of HKD 11.22 per share, totaling HKD 561,000 [1] - After the reduction, the latest number of shares held by Kawashima is 3.117 million, representing a holding percentage of 0.25% [1]

Group 1 - The executive director, Kawashima Hirotaka, reduced his stake in Sensong International (02155) by selling 50,000 shares at a price of HKD 11.22 per share, totaling HKD 561,000 [1] - After the reduction, the latest number of shares held by Kawashima is 3.117 million, representing a holding percentage of 0.25% [1]

Group 1 - The Hong Kong Stock Exchange reported that on August 29, Xishongjiang reduced its stake in SenSong International (02155) by 300,000 shares at an average price of HKD 11.4001 per share, totaling approximately HKD 3.42 million [1] - After the reduction, the latest number of shares held by Xishongjiang is 7.551 million, representing a holding percentage of 0.61% [1]

Group 1 - The Hong Kong Stock Exchange reported that on August 29, Xishongjiang reduced its holdings in Sen Song International (02155) by 300,000 shares at an average price of HKD 11.4001 per share, totaling approximately HKD 3.42 million [1] - After the reduction, Xishongjiang's latest shareholding is 7.551 million shares, representing a holding percentage of 0.61% [1]

Summary of Key Points Core Viewpoint - The CEO and Executive Director of SenSong International (02155.HK), Xi Songjiang Ying, has reduced his shareholding by selling 300,000 shares at an average price of HKD 11.4001 per share, amounting to approximately HKD 3.42 million. Following this transaction, his total shareholding decreased from 0.63% to 0.61% [1][2]. Group 1 - The share reduction occurred on August 29, 2025, with the transaction being disclosed on September 3, 2025 [1]. - After the sale, Xi Songjiang Ying holds a total of 7.551 million shares in SenSong International [2]. - The average selling price of the shares was HKD 11.4001, indicating a significant transaction value of around HKD 3.42 million [1].

Core Viewpoint - The report from CICC indicates an upward adjustment of the target price for Sensong International (02155) by 50% to HKD 12, rating it as "outperforming the industry" due to rising industry valuation and long-term growth potential from global manufacturing shifts and AI development [1] Financial Performance - Sensong International reported a revenue of RMB 2.687 billion for the first half of the year, representing a year-on-year decline of 22.7% [1] - The net profit attributable to the parent company was RMB 340 million, down 10.1% year-on-year [1] - The performance for the first half of the year met market expectations [1] Order and Delivery Insights - The company faces a confirmed order cycle of approximately 9 to 14 months, with new orders signed last year decreasing by 23% and backlog orders down by 10% [1] - The revenue recognition was also impacted by the suspension of certain local projects in China [1] Profit Forecast Adjustments - Due to the time required for the delivery of certain projects, the company's net profit forecast for this year has been revised down by 27.7% to RMB 740 million [1] - The company has introduced a net profit forecast of RMB 937 million for the next year [1]

Group 1 - The core viewpoint of the article is that due to the upward shift in industry valuation and the long-term growth potential from the global manufacturing shift and AI development, the target price for Sensong International (02155) has been raised by 50% to HKD 12, with a rating of "outperforming the industry" [1] - Sensong International reported a revenue of RMB 2.687 billion for the first half of the year, a year-on-year decrease of 22.7%, and a net profit attributable to shareholders of RMB 340 million, down 10.1% year-on-year [1] - The performance in the first half of the year met market expectations, primarily due to a longer order confirmation cycle of approximately 9 to 14 months, a 23% decline in new orders signed last year, and a 10% decrease in orders on hand, along with the impact of certain local project suspensions in China [1] Group 2 - The company has adjusted its net profit forecast for the year down by 27.7% to RMB 740 million, and has introduced a net profit estimate of RMB 937 million for next year [1]

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8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9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 1.1.1 第 2 頁 共 10 頁 v 1.1.1 FF301 FF301 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 | | | | | | | | | 已發行股份 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, primarily due to disruptions in orders and impairment losses, but new order growth and improved cash flow are promising for future performance [1][2]. Financial Performance - 1H25 revenue was 2.687 billion yuan, down 23% year-over-year, with a net profit of 338 million yuan, down 10.1% year-over-year [1]. - New orders in 1H25 reached 6 billion yuan, an increase of 89.5% year-over-year, with backlog orders at 10.6 billion yuan, up 20.4% year-over-year, marking a historical high [1]. Sector Performance - The biopharmaceutical sector saw revenue of 797 million yuan in 1H25, up 20% year-over-year, driven by successful project completions in North Africa [1]. - The green energy sector is expected to become a new growth driver, with 1H25 revenue from other fields at 288 million yuan, up 18% year-over-year [2]. Future Outlook - For 2H25, the company anticipates strong revenue growth, supported by a significant backlog of orders and a recovery in overseas CAPEX demand [2]. - The modular data center technology is expected to enhance collaboration with downstream operators, potentially driving mid-term growth [3]. Capacity Expansion - The company is expanding its international production capacity, with ongoing projects in Nantong, Malaysia, and potential new facilities in Thailand, which will support long-term growth [3]. Earnings Forecast - The company projects EPS of 0.61, 0.76, and 0.97 yuan for 2025-2027, with a target price of 13.41 HKD for 2025, reflecting an increase in the valuation due to the recovery in the pharmaceutical sector [3].