"Listed for five years, overseas revenue accounts for nearly 80%. MORIMATSU INTL (02155) is building a moat with talent strategy."

On June 28, 2026, MORIMATSU INTL (02155) celebrated its fifth anniversary of listing in Hong Kong. Over the past five years, the company's overseas revenue has increased from less than 20% to nearly 80%, with business covering more than ten sectors including pharmaceuticals, lithium batteries, solar energy, and semiconductors. Its global network extends from Shanghai to dozens of countries, and the employee size is expected to exceed 5,000 soon. In the face of challenges such as talent drain, skills gap, and generational turnover that traditional manufacturing companies generally face, MORIMATSU has taken a different path of "investment in people -> organizational evolution -> performance realization". Nearly half of the company's cadres are under the age of 40, and employees with more than ten years of service range from the founding members to management core members born in the 1990s, ensuring a continuous talent pipeline. Pyramid talent structure: Why engineers can cross ten sectors A typical challenge for manufacturing companies expanding across industries is that entering a new field requires hiring a completely new team. MORIMATSU has solved this problem with a unique talent structure. Data shows that MORIMATSU divides technical personnel into three levels: the top 10% are process experts deeply rooted in a single sector; the middle 70% are general engineering personnel who can work across sectors; and the bottom level consists of highly standardized manufacturing teams. Compared to the common practice in the industry where most manufacturing companies set up independent teams by project or industry, and personnel cannot be exchanged, MORIMATSU's structure means that when entering a new sector, only the top experts need to be redeployed, while the middle and bottom levels can be quickly reused. Take engineer Qian Liqin as an example. Since joining in 2008, he has been with the company for 18 years, starting with single pressure vessel design and gradually moving into dynamic equipment, process pipes, modular integration, and participating in the localization of China's first 9.9-meter PTA oxidation reactor. "When the company encounters problems in projects, the focus is on how to solve them, not on blame," he said. This error-tolerant mechanism allows experience to continuously accumulate as organizational assets. The first similar project delivered overseas was successful. Li Ying, head of training at MORIMATSU Training Center, said that this structure was not naturally formed but was shaped through long-term systematic training. Investing hundreds of millions over two years: the compounding account of a corporate university MORIMATSU has an internal institution called MORIMATSU University, which is regarded as the cradle for the management team. Since its launch in 2018, it has trained over 700 participants. The basic class is aimed at potential core staff members, while the advanced class is held only once a year, with over ten participants, and is taught by the company's CEO personally, along with professors from well-known universities such as Jiao Tong University and Fudan University who build the theoretical framework. In comparison, the median annual training investment per capita for A-share manufacturing listed companies is about 1200 yuan, mostly for externally procured general courses. MORIMATSU chose to build its own system, with direct costs for each class not less than 500,000 yuan per period, plus long-term institutional benefits such as summer school for all employees, certified caring nannies, and paid overseas doctoral studies, resulting in annual investments far above industry levels. The return on investment is reflected in two sets of data: nearly half of the cadres are under 40 years old, indicating that young talents have a career path rather than just "waiting"; from employee number 0001 to over 14,000, there are a large number of employees who have served for 10, 20, or even 30 years - against the background of an average turnover rate of about 18% in the manufacturing industry, MORIMATSU is much lower. A more profound impact can be seen overseas. In response to the limited educational resources for Malaysian Chinese students, MORIMATSU introduced a "2+1+3" fully funded training program, targeting local technical talents from high school graduates. The company's core values, the "Twelve Military Rules", have been implemented through a WeChat app medal system - allowing employees to give each other electronic medals across departments for immediate encouragement, transforming abstract culture into daily behavioral feedback. Not building fences: global reuse of a cultural operating system Ge Zhengyi, head of the Modular Project Department, a post-90s employee who returned from studying in the United States, has been promoted from a grassroots project manager to a management position in ten years. Over 80% of the businesses in the modular business unit come from overseas. There is an unwritten rule within MORIMATSU - "Don't build fences too high". When collaborating on projects between business units, there are no rigid boundaries for revenue allocation; the focus is on completing the work first and negotiating at the end of the year, with the overall goal of the Chinese company taking precedence. This mechanism was designed in the Twelve Military Rules - "Team is supreme", "No blaming, focus on results". This collaborative mechanism has been amplified when applied overseas. In a project for a top international client involving 32 modules, 178 pieces of equipment, and 23,000 meters of piping, the conventional delivery time of 6 to 8 months was reduced to 4 months and production began in 7 months. Ge Zhengyi said, "When demands exceed the norm, the question is how to get it done first, not if it can be done." The Malaysian factory, which started production in 2021, effectively avoided North American tariff barriers. Practices such as embedding local employees at the front-end customer communication in offices in Italy, South Korea, and other countries, and long-term on-site training by overseas experts in China, have formed a collaborative network of "local front-end + Chinese manufacturing back-end". When it went public in 2021, the company granted stock options to approximately 150 core employees, covering business frontliners from design, projects to production. Compared to the average equity incentive coverage rate of 5%-8% for manufacturing companies listed on the same period in Hong Kong, MORIMATSU's strategy of tilting incentives towards the business end is more focused. When a core asset of a manufacturing company is no longer its plants and equipment, but a system that enables ordinary people to continuously evolve into experts, a culture mechanism that enables cross-department collaboration without depending on personal relationships, its competitive barriers no longer rely on a single product or market. After five years of listing, MORIMATSU has proven that "investing in people's one minute is the most valuable minute" is not just a slogan. The true realization will come when the managers trained in the training system make independent decisions globally, and the technical backbones from the Malaysian class grow into local cornerstones.