# GS Yuasa Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YH71)
> Page: https://vizora.meequs.com/en/company/gs-yuasa
> Retrieved: 2026-09-30T21:04:24.080Z

## Company

GS Yuasa, founded in 2004, is a company in Batteries listed on TSE Prime. It has 12,562 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GS Yuasa Corporation |
| Ticker | 6674 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6674.T) |
| Listing | TSE Prime |
| Head office | 京都市南区吉祥院西ノ庄猪之馬場町1番地 |
| Representative (per filing) | 取締役社長 CEO 阿部 貴志 |
| Founded | Apr 2004 |
| Share capital | ¥52.8B |
| Employees (consolidated) | 12,562 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 6130001025374 |
| EDINET | E02089 |
| Industries (Vizora) | Batteries |

> Profile source: annual securities report (S100YH71, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Batteries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 8 |
| Profitability | 68.8 | 8 |
| Cash conversion | 25 | 6 |
| Efficiency | 68.8 | 8 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 38% of GS Yuasa's sales come from Automotive Batteries, with Overseas Operations and Industrial Batteries and Power Supplies making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +20.3%.

## Company structure

- Segment revenue mix: Automotive Batteries 38.0%、Overseas Operations 26.9%、Industrial Batteries and Power Supplies 12.6%、Domestic Operations 11.0%、Automotive Lithium-ion Batteries 9.2%
- Revenue → net income: ¥608995000000 → ¥47503000000
- Net income → operating cash flow: ¥47503000000 → ¥49543000000（difference ¥2040000000）
- Main uses of operating cash flow: CapEx ¥51143000000 / dividends ¥8537000000 / buybacks ¥6000000
- Change in cash: ¥-24705000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥609B |  |
| Operating income | ¥60.2B | Margin 9.9% |
| Net income | ¥41.9B | Margin 6.9% |
| Free cash flow | -¥1.6B |  |
| Largest business | Automotive Batteries | of segment revenue 38.0% |
| Employees (consolidated) | 12,562 |  |
| EPS | ¥97.54 |  |
| Book value per share | ¥1768.02 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 100,446,000 |  |
| Treasury shares | 32,400 |  |
| Shareholders | 27,023 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 4.3% | Net cash -¥55.9B · Cash ÷ revenue 5.3% |
| Vs. industry median margin | +2.6 pp | Batteries |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +29% over five years
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥386511000000 | ¥608995000000 | +57.6% |
| Operating income | ¥24810000000 | ¥60172000000 | +142.5% |
| Operating margin | 6.4% | 9.9% | +3.5 pp |
| Employees | 13,305 people | 12,562 people | -5.6% |
| Cash and equivalents | ¥35807000000 | ¥31975000000 | -10.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内 → 事業再編・廃止 | 13.2% |
| 海外 → 事業再編・廃止 | 26.0% |
| 自動車電池 → 事業再編・廃止 | 39.2% |
| 産業電池電源 → 事業再編・廃止 | 13.2% |
| 車載用リチウムイオン電池 → 事業再編・廃止 | 5.7% |
| その他 → その他 | 2.3% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 国内 | 11.0% |
| 新設・再編 → 海外 | 26.9% |
| 新設・再編 → 自動車電池 | 38.0% |
| 新設・再編 → 産業電池電源 | 12.6% |
| 新設・再編 → 車載用リチウムイオン電池 | 9.2% |

Segment revenue source references: 12 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive Batteries | 3 years | +3.6% | ¥372518000000 | 9.7% | 2 |
| Overseas Operations | 3 years | +2.3% | ¥264511000000 | 9.3% | 2 |
| Industrial Batteries and Power Supplies | 3 years | +8.3% | ¥124093000000 | 14.8% | 2 |
| Domestic Operations | 3 years | +7.1% | ¥108006000000 | 10.8% | 2 |
| Automotive Lithium-ion Batteries | 3 years | +11.2% | ¥89928000000 | 5.5% | 2 |
| Other | 5 years | +5.0% | ¥22454000000 | 6.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 608,995 | 100.0% | S100YH71 |
| Cost of revenue | 453,946 | 74.5% | S100YH71 |
| Gross profit | 155,048 | 25.5% | S100YH71 |
| SG&A | 94,875 | 15.6% | S100YH71 |
| Operating income | 60,172 | 9.9% | S100YH71 |
| Ordinary income | 58,229 | 9.6% | S100YH71 |
| Pretax income | 62,545 | 10.3% | S100YH71 |
| Income tax | 15,042 | 2.5% | S100YH71 |
| Net income | 47,503 | 7.8% | S100YH71 |
| Net income attributable to owners | 41,863 | 6.9% | S100YH71 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 16 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 25.5% → Operating margin 9.9% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +20.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.11×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 580,340 | 608,995 | 28,655 | +4.9% |
| Gross profit | 139,481 | 155,048 | 15,567 | +11.2% |
| Operating income | 50,028 | 60,172 | 10,144 | +20.3% |
| Net income attributable to owners | 30,416 | 41,863 | 11,447 | +37.6% |
| Operating cash flow | 39,296 | 49,543 | 10,247 | +26.1% |
| Free cash flow | -26,955 | -1,600 | 25,355 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 395,553 | 21,676 | 5.5% | 13,674 | 33,119 | 13,144 | S100LTRR |
| FY ending Mar 2021 | 386,511 | 24,810 | 6.4% | 11,455 | 35,817 | 16,699 | S100OKYC |
| FY ending Mar 2022 | 432,133 | 22,664 | 5.2% | 8,468 | 12,879 | -14,288 | S100R915 |
| FY ending Mar 2023 | 517,735 | 31,500 | 6.1% | 13,925 | 28,330 | -3,221 | S100TVS1 |
| FY ending Mar 2024 | 562,897 | 41,595 | 7.4% | 32,064 | 63,180 | 24,224 | S100W35B |
| FY ending Mar 2025 | 580,340 | 50,028 | 8.6% | 30,416 | 39,296 | -26,955 | S100YH71 |
| FY ending Mar 2026 | 608,995 | 60,172 | 9.9% | 41,863 | 49,543 | -1,600 | S100YH71 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.5M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 13,571 | 14,317 | 12,892 | 12,478 | 12,562 |
| Average salary (parent company) | ¥8.5M | ¥9.5M | ¥9.6M | ¥10.7M | ¥10.9M |
| Average age (parent company) | 55.9 years | 53.6 years | 50.7 years | 51.4 years | 52.1 years |
| Average tenure (parent company) | 31.3 years | 29.3 years | 25.9 years | 26.5 years | 26.4 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +4.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Operations | 108,006 | 11.0% | 11,682 | 10.8% |
| Overseas Operations | 264,511 | 26.9% | 24,485 | 9.3% |
| Automotive Batteries | 372,518 | 38.0% | 36,168 | 9.7% |
| Industrial Batteries and Power Supplies | 124,093 | 12.6% | 18,409 | 14.8% |
| Automotive Lithium-ion Batteries | 89,928 | 9.2% | 4,927 | 5.5% |
| Other | 22,454 | 2.3% | 1,502 | 6.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Operations | 11.0% | 12.0% | 1.0 | 10.8% |
| Overseas Operations | 26.9% | 25.2% | -1.8 | 9.3% |
| Automotive Batteries | 38.0% | 37.2% | -0.7 | 9.7% |
| Industrial Batteries and Power Supplies | 12.6% | 18.9% | 6.3 | 14.8% |
| Automotive Lithium-ion Batteries | 9.2% | 5.1% | -4.1 | 5.5% |
| Other | 2.3% | 1.5% | -0.7 | 6.7% |

Segment → industry: Automotive Lithium-ion Batteries → Batteries / Industrial Batteries and Power Supplies → Batteries / Automotive Batteries → Batteries / Overseas Operations → Batteries / Domestic Operations → Batteries

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 49,543 | 8.1% | S100YH71 |
| Capital expenditure | 51,143 | 8.4% | S100YH71 |
| Free cash flow | -1,600 | -0.3% | 算出 |
| Investing cash flow | -44,898 | -7.4% | S100YH71 |
| Financing cash flow | -31,758 | -5.2% | S100YH71 |
| Dividends paid | 8,537 | 1.4% | S100YH71 |
| Share buyback | 6 | 0.0% | S100YH71 |
| Change in cash | -24,705 | -4.1% | S100YH71 |
| Cash and equivalents | 31,975 | 5.3% | S100YH71 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 25,845 | 36,027 | 60,307 | 56,681 | 31,975 | S100TVS1, S100W35B, S100YH71 |
| Total assets | 480,763 | 540,906 | 656,663 | 693,738 | 740,985 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Net assets | 249,938 | 270,890 | 373,880 | 390,987 | 444,098 | S100TVS1, S100W35B, S100YH71 |
| Share capital | 33,021 | 33,021 | 52,841 | 52,841 | 52,841 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Property, plant and equipment | 143,007 | 165,043 | 188,596 | 219,636 | 255,045 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Intangible assets excluding goodwill | 2,894 | 5,240 | 5,072 | 4,797 | 4,520 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Goodwill | — | 1,233 | 1,046 | 813 | 485 | S100TVS1, S100W35B, S100YH71 |
| Investment securities | 66,319 | 63,254 | 77,362 | 78,432 | 79,005 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Current assets | 226,300 | 266,125 | 316,909 | 320,219 | 313,176 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Current liabilities | 129,376 | 175,312 | 188,530 | 186,273 | 183,683 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Trade payables | 44,174 | 51,691 | 58,624 | 51,705 | 49,240 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Short-term borrowings | 18,782 | 42,318 | 26,196 | 44,255 | 38,226 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Long-term borrowings | 41,696 | 41,357 | 29,962 | 41,400 | 29,600 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Bonds | 20,000 | 10,000 | 10,000 | 20,000 | 20,000 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Interest-bearing debt | 80,478 | 93,675 | 66,158 | 105,655 | 87,826 | 算出 |
| Total liabilities | 230,824 | 270,016 | 282,783 | 302,751 | 296,886 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Non-controlling interests | 34,705 | 40,213 | 43,888 | 43,940 | 49,434 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Equity attributable to owners of parent | 181,623 | 189,404 | 258,078 | 279,384 | 312,281 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Retained earnings | 93,661 | 103,503 | 131,542 | 153,468 | 186,794 | S100R915, S100TVS1, S100W35B, S100YH71 |
| Treasury stock | -351 | -321 | -314 | -375 | -330 | S100R915, S100TVS1, S100W35B, S100YH71 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YH71 |
| Property, plant and equipment | 34% | S100YH71 |
| Intangibles and goodwill | 1% | S100YH71 |
| Investment securities | 11% | S100YH71 |
| Other assets | 50% | S100YH71 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YH71 |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 21% | S100YH71 |
| Equity | 60% | S100YH71 |
| Other liabilities | 0% | S100YH71 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 480,763 | 540,906 | 656,663 | 693,738 | 740,985 |
| Equity | 249,938 | 270,890 | 373,880 | 390,987 | 444,098 |
| Interest-bearing debt | 80,478 | 93,675 | 66,158 | 105,655 | 87,826 |
| Cash | 25,845 | 36,027 | 60,307 | 56,681 | 31,975 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 41.9% | S100YH71 |
| Fixed assets ÷ total assets | 34.4% | S100YH71 |
| Goodwill ÷ parent equity | 0.2% | S100YH71 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 4.3% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | -¥55.9B |
| Net debt ÷ operating cash flow | 1.13× |
| Cash conversion (operating CF ÷ operating income) | 82.3% |
| Cash vs. profit gap | 7,680 JPY mn (of net income 18.3%) |
| Shareholder returns / net income | 20.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 90.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.0% | 0.90× | 1.8% | 2.65× | 4.7% | S100R915 |
| 2023 | 2.7% | 1.01× | 2.7% | 2.75× | 7.5% | S100TVS1 |
| 2024 | 5.7% | 0.94× | 5.4% | 2.68× | 14.3% | S100W35B |
| 2025 | 5.2% | 0.86× | 4.5% | 2.51× | 11.3% | S100YH71 |
| 2026 | 6.9% | 0.85× | 5.8% | 2.42× | 14.2% | S100YH71 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 17.5% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 9.7% | 2026-03-31 |
| 本田技研工業㈱ | Major shareholder | 4.9% | 2026-03-31 |
| 明治安田生命保険(相) | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| トヨタ自動車㈱ | Major shareholder | 2.2% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 1.8% | 2026-03-31 |
| ㈱京都銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 三井住友信託銀行㈱ | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥609B, up 4.9% from ¥580.3B.
- Operating income grew much faster, rising 20.3% from ¥50B to ¥60.2B.
- Net income attributable to owners climbed 37.6%, from ¥30.4B to ¥41.9B.
- Free cash flow was still negative at -¥1.6B, but the gap shrank sharply from -¥27B a year earlier.

### Drivers

- Industrial batteries sold more lithium-ion units for energy storage systems (ESS) and won a large order for emergency power equipment
- Overseas car battery volumes rose in Southeast Asia and Europe, and subsidies under the US Inflation Reduction Act lifted profit
- In Japan, car battery sales grew on higher volumes and price corrections, and vehicle lithium-ion batteries sold more units for hybrids and plug-in hybrids
- Net income also got a boost from larger gains on selling investment securities and smaller impairment losses

### Risks

- Lead is the main raw material, and swings in its price cannot be passed on to customers right away
- Lithium-ion batteries for fully electric cars (BEVs) are still in development, and with BEV demand growing more slowly, mass production on schedule is not guaranteed
- Sales of lead-acid car batteries depend heavily on the weather, such as cool summers or mild winters

Cited: Annual Securities Report, 22nd term (Apr 2025 - Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 22nd term (Apr 2025 - Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YH71 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH71,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W35B | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W35B,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TVS1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVS1,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R915 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R915,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OKYC | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKYC,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LTRR | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTRR,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).