# Nisshinbo Holdings Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第183期(2025/01/01－2025/12/31) (S100XT05)
> Page: https://vizora.meequs.com/en/company/nisshinbo-holdings
> Retrieved: 2026-09-30T21:12:17.262Z

## Company

Nisshinbo Holdings, founded in 1907, is a company in Smartphones & Communications Equipment listed on TSE Prime. It has 17,811 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nisshinbo Holdings Inc. |
| Ticker | 3105 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3105.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋人形町二丁目31番11号 |
| Representative (per filing) | 取締役社長 石井靖二 |
| Founded | Feb 1907 |
| Share capital | ¥27.8B |
| Employees (consolidated) | 17,811 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Corporate number | 6010001034882 |
| EDINET | E00544 |
| Industries (Vizora) | Smartphones & Communications Equipment, Semiconductors, Auto Parts, Industrial Machinery, Chemicals, Textiles & Fibers, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XT05, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35 | 10 |
| Profitability | 45.8 | 12 |
| Cash conversion | 77.3 | 11 |
| Efficiency | 45.8 | 12 |

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 50% of Nisshinbo Holdings's sales come from Electronics Wireless and Communications, with Electronics Microdevice and Automobile brakes making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +59.2%.

## Company structure

- Segment revenue mix: Electronics Wireless and Communications 50.1%、Electronics Microdevice 12.4%、Automobile brakes 11.5%、Precision instruments 11.0%、Textiles 6.6%
- Revenue → net income: ¥502339000000 → ¥14897000000
- Net income → operating cash flow: ¥14897000000 → ¥49337000000（difference ¥34440000000）
- Main uses of operating cash flow: CapEx ¥16839000000 / dividends ¥5640000000 / buybacks ¥939000000
- Change in cash: ¥-6842000000
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 | ¥502.3B |  |
| Operating income | ¥26.4B | Margin 5.3% |
| Net income | ¥13.9B | Margin 2.8% |
| Free cash flow | ¥32.5B |  |
| Largest business | Electronics Wireless and Communications | of segment revenue 50.1% |
| Employees (consolidated) | 17,811 |  |
| EPS | ¥110.02 |  |
| Book value per share | ¥736.66 |  |
| Equity ratio | 43.0% |  |
| Shares outstanding | 169,328,000 |  |
| Treasury shares | 13,130,100 |  |
| Shareholders | 53,021 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 6.6% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -0.1 pp | Smartphones & Communications Equipment |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.5× net income
- FY2025, employees -4% while operating income rose 59%
- FY2025, segment profit share differs by 31 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥457051000000 | ¥502339000000 | +9.9% |
| Operating income | ¥1248000000 | ¥26401000000 | +2015.5% |
| Operating margin | 0.3% | 5.3% | +5 pp |
| Employees | 21,725 people | 17,811 people | -18.0% |
| Cash and equivalents | ¥48699000000 | ¥44055000000 | -9.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 無線・通信 → 無線・通信 | 31.6% |
| マイクロデバイス → マイクロデバイス | 12.4% |
| マイクロデバイス → 事業再編・廃止 | 1.0% |
| ブレーキ → ブレーキ | 11.5% |
| ブレーキ → 事業再編・廃止 | 13.6% |
| 精密機器 → 精密機器 | 11.0% |
| 精密機器 → 事業再編・廃止 | 0.2% |
| 化学品 → 化学品 | 1.9% |
| 化学品 → 事業再編・廃止 | 0.2% |
| 繊維 → 繊維 | 6.6% |
| 繊維 → 事業再編・廃止 | 0.8% |
| 不動産 → 不動産 | 3.6% |
| 不動産 → 事業再編・廃止 | 0.9% |
| その他 → その他 | 2.8% |
| その他 → 事業再編・廃止 | 2.0% |
| 新設・再編 → 無線・通信 | 18.6% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics Wireless and Communications | 5 years | +11.8% | ¥251837000000 | 7.0% | 2 |
| Electronics Microdevice | 5 years | +0.4% | ¥62400000000 | -8.8% | 2 |
| Automobile brakes | 5 years | -12.8% | ¥57795000000 | 5.9% | 2 |
| Precision instruments | 5 years | +1.5% | ¥55442000000 | 5.4% | 2 |
| Textiles | 5 years | -0.4% | ¥33345000000 | 0.3% | 2 |
| Real estate | 5 years | -2.4% | ¥17939000000 | 70.6% | 2 |
| Other | 5 years | -8.5% | ¥13841000000 | 2.7% | 2 |
| Chemicals | 5 years | +0.3% | ¥9736000000 | -0.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 502,339 | 100.0% | S100XT05 |
| Cost of revenue | 384,789 | 76.6% | S100XT05 |
| Gross profit | 117,550 | 23.4% | S100XT05 |
| SG&A | 91,149 | 18.1% | S100XT05 |
| Operating income | 26,401 | 5.3% | S100XT05 |
| Ordinary income | 29,327 | 5.8% | S100XT05 |
| Pretax income | 25,002 | 5.0% | S100XT05 |
| Income tax | 10,105 | 2.0% | S100XT05 |
| Net income | 14,897 | 3.0% | S100XT05 |
| Net income attributable to owners | 13,920 | 2.8% | S100XT05 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 23.4% → Operating margin 5.3% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +59.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 38.59×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 494,746 | 502,339 | 7,593 | +1.5% |
| Gross profit | 109,332 | 117,550 | 8,218 | +7.5% |
| Operating income | 16,581 | 26,401 | 9,820 | +59.2% |
| Net income attributable to owners | 10,277 | 13,920 | 3,643 | +35.4% |
| Operating cash flow | 28,371 | 49,337 | 20,966 | +73.9% |
| Free cash flow | 3,523 | 32,498 | 28,975 | +822.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 509,660 | 6,482 | 1.3% | -6,604 | 26,249 | 813 | S100L4SI |
| FY ending Dec 2020 | 457,051 | 1,248 | 0.3% | 13,540 | 42,590 | 17,989 | S100NOGG |
| FY ending Dec 2021 | 510,643 | 21,788 | 4.3% | 24,816 | 39,827 | 19,716 | S100QE3N |
| FY ending Dec 2022 | 516,085 | 15,435 | 3.0% | 19,740 | 19,585 | -2,814 | S100T62Z |
| FY ending Dec 2023 | 541,211 | 12,453 | 2.3% | -20,045 | 23,512 | -1,779 | S100VGXL |
| FY ending Dec 2024 | 494,746 | 16,581 | 3.4% | 10,277 | 28,371 | 3,523 | S100XT05 |
| FY ending Dec 2025 | 502,339 | 26,401 | 5.3% | 13,920 | 49,337 | 32,498 | S100XT05 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.2M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥781.5K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 21,112 | 21,081 | 19,416 | 18,630 | 17,811 |
| Average salary (parent company) | ¥7.1M | ¥7.2M | ¥6.4M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 44.4 years | 44.2 years | 42.7 years | 42.3 years | 43.2 years |
| Average tenure (parent company) | 20.3 years | 18.8 years | 18.5 years | 17.3 years | 17.7 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) +1.5%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics Wireless and Communications | 251,837 | 50.1% | 17,668 | 7.0% |
| Electronics Microdevice | 62,400 | 12.4% | -5,505 | -8.8% |
| Automobile brakes | 57,795 | 11.5% | 3,385 | 5.9% |
| Precision instruments | 55,442 | 11.0% | 2,976 | 5.4% |
| Chemicals | 9,736 | 1.9% | -56 | -0.6% |
| Textiles | 33,345 | 6.6% | 98 | 0.3% |
| Real estate | 17,939 | 3.6% | 12,667 | 70.6% |
| Other | 13,841 | 2.8% | 373 | 2.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics Wireless and Communications | 50.1% | 47.5% | -2.6 | 7.0% |
| Electronics Microdevice | 12.4% | — | — | -8.8% |
| Automobile brakes | 11.5% | 9.1% | -2.4 | 5.9% |
| Precision instruments | 11.0% | 8.0% | -3.0 | 5.4% |
| Chemicals | 1.9% | — | — | -0.6% |
| Textiles | 6.6% | 0.3% | -6.4 | 0.3% |
| Real estate | 3.6% | 34.1% | 30.5 | 70.6% |
| Other | 2.8% | 1.0% | -1.8 | 2.7% |

Loss-making segment (excluded from profit shares): Electronics Microdevice -5,505 JPY mn

Loss-making segment (excluded from profit shares): Chemicals -56 JPY mn

Segment → industry: Electronics Wireless and Communications → Smartphones & Communications Equipment / Electronics Microdevice → Semiconductors / Automobile brakes → Auto Parts / Precision instruments → Industrial Machinery / Chemicals → Chemicals / Textiles → Textiles & Fibers / Real estate → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 49,337 | 9.8% | S100XT05 |
| Capital expenditure | 16,839 | 3.4% | S100XT05 |
| Free cash flow | 32,498 | 6.5% | 算出 |
| Investing cash flow | -10,842 | -2.2% | S100XT05 |
| Financing cash flow | -46,203 | -9.2% | S100XT05 |
| Dividends paid | 5,640 | 1.1% | S100XT05 |
| Share buyback | 939 | 0.2% | S100XT05 |
| Change in cash | -6,842 | -1.4% | S100XT05 |
| Cash and equivalents | 44,055 | 8.8% | S100XT05 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 42,596 | 45,092 | 49,918 | 50,411 | 44,055 | S100T62Z, S100VGXL, S100XT05 |
| Total assets | 604,799 | 616,273 | 675,042 | 680,112 | 667,817 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Net assets | 272,631 | 278,498 | 277,459 | 297,785 | 316,591 | S100T62Z, S100VGXL, S100XT05 |
| Share capital | 27,698 | 27,737 | 27,774 | 27,807 | 27,841 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Trade receivables | 106,915 | — | — | — | — | S100QE3N |
| Property, plant and equipment | 172,748 | 178,103 | 172,028 | 178,491 | 167,854 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Intangible assets excluding goodwill | 14,529 | 13,876 | 12,522 | 13,366 | 10,913 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Goodwill | 3,304 | 1,257 | 949 | 1,085 | 548 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Investment securities | 74,456 | 60,491 | 68,566 | 69,917 | 70,275 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Current assets | 304,152 | 325,036 | 366,519 | 371,117 | 370,062 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Current liabilities | 200,391 | 259,554 | 247,806 | 198,881 | 181,707 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Trade payables | 44,606 | 46,880 | 40,549 | 38,274 | 41,102 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Short-term borrowings | 41,054 | 59,344 | 83,892 | 47,311 | 19,931 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Long-term borrowings | 53,972 | 10,854 | 88,749 | 130,160 | 116,515 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Total liabilities | 332,167 | 337,775 | 397,582 | 382,327 | 351,225 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Non-controlling interests | 13,446 | 14,678 | 26,823 | 27,996 | 29,269 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Equity attributable to owners of parent | 225,548 | 230,129 | 204,665 | 209,685 | 217,409 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Retained earnings | 193,920 | 196,754 | 171,211 | 176,167 | 184,763 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |
| Treasury stock | -15,952 | -13,240 | -13,236 | -13,237 | -14,177 | S100QE3N, S100T62Z, S100VGXL, S100XT05 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XT05 |
| Property, plant and equipment | 25% | S100XT05 |
| Intangibles and goodwill | 2% | S100XT05 |
| Investment securities | 10% | S100XT05 |
| Other assets | 56% | S100XT05 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XT05 |
| Other liabilities | 47% | S100XT05 |
| Equity | 47% | S100XT05 |
| Other liabilities | 0% | S100XT05 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 604,799 | 616,273 | 675,042 | 680,112 | 667,817 |
| Equity | 272,631 | 278,498 | 277,459 | 297,785 | 316,591 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 42,596 | 45,092 | 49,918 | 50,411 | 44,055 |

## 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) | 33.4% | S100XT05 |
| Fixed assets ÷ total assets | 25.1% | S100XT05 |
| Goodwill ÷ parent equity | 0.3% | S100XT05 |

Goodwill over 4 years: 3,304 → 548 JPY; total investing cash flow: -106,674 JPY. This does not imply causation.

### 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) | 6.6% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.9% |
| Cash vs. profit gap | 35,417 JPY mn (of net income 254.4%) |
| Shareholder returns / net income | 47.3% |
| Shareholder returns / FCF | 20.2% |
| Shareholder payments — dividends / net income | 40.5% |
| Shareholder payments — dividends / FCF | 17.4% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 22.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.9% | 0.84× | 4.1% | 2.68× | 11.0% | S100QE3N |
| 2022 | 3.8% | 0.85× | 3.2% | 2.68× | 8.7% | S100T62Z |
| 2023 | — | —× | -3.1% | —× | — | S100VGXL |
| 2024 | 2.1% | 0.73× | 1.5% | 3.27× | 5.0% | S100XT05 |
| 2025 | 2.8% | 0.75× | 2.1% | 3.16× | 6.5% | S100XT05 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.7% | 2025-12-31 |
| 富国生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2025-12-31 |
| 帝人株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 日清紡グループ従業員持株会 | Major shareholder | 1.5% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE WS WALES PENSION PARTNERSHIP (WALES PP) ASSET POOLING ACS UMBRELLA（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2025-12-31 |
| 日本毛織株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 2025-12-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥502.3B, barely up from ¥494.7B (+1.5%).
- Profit rose much faster: operating income went from ¥16.6B to ¥26.4B (+59.2%), and net income from ¥10.3B to ¥13.9B (+35.4%).
- Operating cash flow grew to ¥49.3B, and free cash flow climbed from ¥3.52B to ¥32.5B.

### Drivers

- Wireless and communications won more orders for local-government disaster systems, defense equipment, and marine gear and servicing, which lifted profit sharply.
- Microdevices sold less, but cutting unprofitable products and fixed costs made the loss smaller.
- Real estate revenue and profit fell because this year's sale of a large shopping-center property was smaller than last year's.

### Risks

- Swings in demand, raw material prices and exchange rates could hurt results.
- Fast technology shifts, or delays in its own product development, could weaken its position.
- Geopolitical events could also affect the business.

Cited: Annual Securities Report (FY ending Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY ending Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第183期(2025/01/01－2025/12/31) | S100XT05 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT05,, |
| 有価証券報告書－第182期(2024/01/01－2024/12/31) | S100VGXL | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGXL,, |
| 有価証券報告書－第181期(2023/01/01－2023/12/31) | S100T62Z | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T62Z,, |
| 有価証券報告書－第180期(2022/01/01－2022/12/31) | S100QE3N | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QE3N,, |
| 有価証券報告書－第179期(令和3年1月1日－令和3年12月31日) | S100NOGG | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOGG,, |
| 訂正有価証券報告書－第178期(令和2年1月1日－令和2年12月31日) | S100L4SI | 2021-04-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L4SI,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| PT.WARGA DJAJA TRADING CORP. | Joint venture | 糸・織物の合弁会社 PT.NIKAWA TEXTILE INDUSTRY（インドネシア） | S100XT05 |
| 帝人フロンティア㈱ | Joint venture | 糸・織物の合弁会社 PT.NIKAWA TEXTILE INDUSTRY（インドネシア） | S100XT05 |
| AUMOVIO GLOBAL HOLDING NETHERLANDS B.V. | Joint venture | 自動車用EBSの合弁会社オモビオ㈱（旧コンチネンタル・テーベス）ほか | S100XT05 |
| AUMOVIO HOLDING CHINA CO., LTD. | Joint venture | EBS部品バルブブロックの合弁会社（中国・揚州） | S100XT05 |
| ULTRA ELECTRONICS FLIGHTLINE SYSTEMS INC. | Co-development | 日本無線がソノブイ受信機の製造販売実施権の許諾を受ける | S100XT05 |
| デンソー | Co-development | 日清紡マイクロデバイスが半導体装置等の特許・技術の許諾を受ける | S100XT05 |
| ルネサス | Co-development | 日清紡マイクロデバイスが半導体装置の特許実施許諾を受ける | S100XT05 |
| RANE (MADRAS) LTD. | Co-development | 日清紡ブレーキがブレーキ摩擦材の製造技術ノウハウを供与 | S100XT05 |
| 日立 | Joint venture | ㈱国際電気の運営及び株主権行使に関する株主間契約 | S100XT05 |

## 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).