# Resonac Holdings Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第117期(2025/01/01－2025/12/31) (S100XTT8)
> Page: https://vizora.meequs.com/en/company/resonac-holdings
> Retrieved: 2026-09-30T21:18:33.729Z

## Company

Resonac Holdings, founded in 1939, is a company in Auto Parts listed on TSE Prime. It has 21,525 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Resonac Holdings Corporation |
| Ticker | 4004 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4004.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番1号 |
| Representative (per filing) | 取締役社長 髙橋 秀仁 |
| Founded | Jun 1939 |
| Share capital | ¥182.1B |
| Employees (consolidated) | 21,525 |
| Average salary (parent only) | ¥11.3M |
| Fiscal year end | December |
| Website | www.resonac.com (https://www.resonac.com/) |
| Corporate number | 9010401014548 |
| EDINET | E00751 |
| Industries (Vizora) | Auto Parts, Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100XTT8, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 10.4 | 24 |
| Cash conversion | 89.6 | 24 |
| Efficiency | 43.8 | 24 |

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 Resonac Holdings's sales come from Semiconductor and Electronic Materials, with Crasus Chemical and Mobility making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit -47.6%.

## Company structure

- Segment revenue mix: Semiconductor and Electronic Materials 37.6%、Crasus Chemical 22.3%、Mobility 13.2%、Chemicals 12.9%、Other 7.1%
- Revenue → net income: ¥1347125000000 → ¥31048000000
- Net income → operating cash flow: ¥31048000000 → ¥130286000000（difference ¥99238000000）
- Main uses of operating cash flow: CapEx ¥106726000000 / dividends ¥11759000000 / buybacks ¥7000000
- Change in cash: ¥-16971000000
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 | ¥1.35T |  |
| Operating income | ¥46.7B | Margin 3.5% |
| Net income | ¥29B | Margin 2.2% |
| Free cash flow | ¥23.6B |  |
| Largest business | Semiconductor and Electronic Materials | of segment revenue 37.6% |
| Employees (consolidated) | 21,525 |  |
| EPS | ¥160.49 |  |
| Diluted EPS | ¥160.49 |  |
| Book value per share | ¥2532.86 |  |
| Equity ratio | 33.2% | Derived from disclosed figures |
| Shares outstanding | 184,901,000 |  |
| Treasury shares | 3,498,000 |  |
| Shareholders | 59,475 |  |
| Average salary (parent only) | ¥11.3M | Filing company only |
| Cash ratio | 12.4% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | -11.3 pp | Semiconductor Materials |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.5× net income
- FY2025, one segment accounts for 82% of positive segment profit
- FY2025, segment profit share differs by 44 points

## What changed in 5 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥973700000000 | ¥1347125000000 | — |
| Operating income | ¥-19449000000 | ¥46676000000 | — |
| Operating margin | -2.0% | 3.5% | +5.5 pp |
| Employees | 33,684 people | 21,525 people | — |
| Cash and equivalents | ¥197928000000 | ¥261971000000 | — |

### 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 |
| --- | ---: |
| 石油化学 → 事業再編・廃止 | 21.1% |
| エレクトロニクス → 事業再編・廃止 | 11.0% |
| ケミカル → 事業再編・廃止 | 16.0% |
| 無機 → 事業再編・廃止 | 8.8% |
| アルミニウム → 事業再編・廃止 | 8.4% |
| 昭和電工マテリアルズ → 事業再編・廃止 | 34.7% |
| 新設・再編 → 半導体・電子材料 | 37.6% |
| 新設・再編 → モビリティ | 13.2% |
| 新設・再編 → イノベーション材料 | 6.8% |
| 新設・再編 → ケミカル | 12.9% |
| 新設・再編 → クラサスケミカル | 22.3% |
| 新設・再編 → その他 | 7.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Semiconductor and Electronic Materials | 2 years | +22.4% | ¥506336000000 | 21.4% | 2 |
| Crasus Chemical | — | — | ¥300302000000 | 1.6% | 2 |
| Mobility | 2 years | -9.7% | ¥178430000000 | 2.5% | 2 |
| Chemicals | 2 years | -42.1% | ¥174358000000 | -3.1% | 2 |
| Other | — | — | ¥95497000000 | 4.6% | 2 |
| Innovation Enabling Materials | 2 years | -0.4% | ¥92202000000 | 11.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,347,125 | 100.0% | S100XTT8 |
| Cost of revenue | 1,023,323 | 76.0% | S100XTT8 |
| Gross profit | 323,802 | 24.0% | S100XTT8 |
| SG&A | 265,692 | 19.7% | S100XTT8 |
| Operating income | 46,676 | 3.5% | S100XTT8 |
| Pretax income | 45,042 | 3.3% | S100XTT8 |
| Income tax | 13,994 | 1.0% | S100XTT8 |
| Net income | 31,048 | 2.3% | S100XTT8 |
| Net income attributable to owners | 29,031 | 2.2% | S100XTT8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 20 |
| Other operating | 1 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.0% → Operating margin 3.5% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.2%; Core profit growth: -47.6%
Operating leverage (core profit growth ÷ revenue growth): 14.93×
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 | 1,391,480 | 1,347,125 | -44,355 | -3.2% |
| Gross profit | 311,099 | 323,802 | 12,703 | +4.1% |
| Operating income | 89,036 | 46,676 | -42,360 | -47.6% |
| Net income attributable to owners | 73,503 | 29,031 | -44,472 | -60.5% |
| Operating cash flow | 163,653 | 130,286 | -33,367 | -20.4% |
| Free cash flow | 75,341 | 23,560 | -51,781 | -68.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 906,454 | 120,798 | 13.3% | 73,088 | 78,554 | 37,846 | S100L2YX |
| FY ending Dec 2020 | 973,700 | -19,449 | -2.0% | -76,304 | 109,286 | 44,786 | S100NSKJ |
| FY ending Dec 2021 | 1,419,635 | 87,198 | 6.1% | -12,094 | 115,283 | 47,542 | S100QICN |
| FY ending Dec 2022 | 1,392,621 | 61,726 | 4.4% | 32,422 | 99,376 | 11,519 | S100T4LL |
| FY ending Dec 2023 | 1,295,395 | -9,407 | -0.7% | -6,505 | 118,715 | 33,156 | S100VHA9 |
| FY ending Dec 2024 | 1,391,480 | 89,036 | 6.4% | 73,503 | 163,653 | 75,341 | S100XTT8 |
| FY ending Dec 2025 | 1,347,125 | 46,676 | 3.5% | 29,031 | 130,286 | 23,560 | S100XTT8 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.6M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 26,054 | 25,803 | 23,840 | 23,936 | 21,525 |
| Average salary (parent company) | ¥7.2M | ¥7.9M | ¥10.3M | ¥10.3M | ¥11.3M |
| Average age (parent company) | 41.1 years | 41.2 years | 46.1 years | 46.1 years | 46.3 years |
| Average tenure (parent company) | 17.1 years | 17.1 years | 16.5 years | 16.4 years | 16.2 years |

Year over year: Employees (consolidated) -10.1% · Revenue (consolidated) -3.2%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor and Electronic Materials | 506,336 | 37.6% | 108,365 | 21.4% |
| Mobility | 178,430 | 13.2% | 4,396 | 2.5% |
| Innovation Enabling Materials | 92,202 | 6.8% | 10,352 | 11.2% |
| Chemicals | 174,358 | 12.9% | -5,484 | -3.1% |
| Crasus Chemical | 300,302 | 22.3% | 4,698 | 1.6% |
| Other | 95,497 | 7.1% | 4,408 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor and Electronic Materials | 37.6% | 82.0% | 44.4 | 21.4% |
| Mobility | 13.2% | 3.3% | -9.9 | 2.5% |
| Innovation Enabling Materials | 6.8% | 7.8% | 1.0 | 11.2% |
| Chemicals | 12.9% | — | — | -3.1% |
| Crasus Chemical | 22.3% | 3.6% | -18.7 | 1.6% |
| Other | 7.1% | 3.3% | -3.8 | 4.6% |

Loss-making segment (excluded from profit shares): Chemicals -5,484 JPY mn

Segment → industry: Mobility → Auto Parts / Crasus Chemical → Chemicals / Chemicals → Chemicals / Innovation Enabling Materials → Chemicals / Semiconductor and Electronic Materials → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 130,286 | 9.7% | S100XTT8 |
| Capital expenditure | 106,726 | 7.9% | S100XTT8 |
| Free cash flow | 23,560 | 1.7% | 算出 |
| Investing cash flow | -87,123 | -6.5% | S100XTT8 |
| Financing cash flow | -69,895 | -5.2% | S100XTT8 |
| Dividends paid | 11,759 | 0.9% | S100XTT8 |
| Share buyback | 7 | 0.0% | S100XTT8 |
| Change in cash | -16,971 | -1.3% | S100XTT8 |
| Cash and equivalents | 261,971 | 19.4% | S100XTT8 |

## 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 | 234,587 | 188,700 | 190,642 | 294,656 | 261,971 | S100T4LL, S100VHA9, S100XTT8 |
| Total assets | 2,142,390 | 2,111,192 | 2,054,594 | 2,172,626 | 2,106,723 | S100QICN, S100VHA9, S100XTT8 |
| Net assets | 818,452 | 566,578 | 586,511 | 692,006 | 727,613 | S100T4LL, S100VHA9, S100XTT8 |
| Share capital | 182,146 | 182,146 | 182,146 | 182,146 | 182,146 | S100QICN, S100VHA9, S100XTT8 |
| Trade receivables | 278,641 | 266,093 | 266,122 | — | — | S100QICN, S100T4LL |
| Property, plant and equipment | 659,521 | 671,610 | 668,686 | 670,776 | 662,921 | S100QICN, S100VHA9, S100XTT8 |
| Intangible assets excluding goodwill | 522,489 | 493,689 | 470,589 | — | — | S100QICN, S100T4LL |
| Goodwill | 311,766 | 291,046 | 286,926 | 287,005 | 275,520 | S100QICN, S100VHA9, S100XTT8 |
| Investment securities | 103,798 | 83,341 | 72,503 | — | — | S100QICN, S100T4LL |
| Current assets | 798,531 | 792,759 | 765,430 | 886,548 | 852,979 | S100QICN, S100VHA9, S100XTT8 |
| Current liabilities | 488,650 | 458,877 | 461,881 | — | — | S100QICN, S100T4LL |
| Trade payables | 207,745 | 194,054 | 177,375 | — | — | S100QICN, S100T4LL |
| Short-term borrowings | 59,451 | 72,419 | 52,489 | — | — | S100QICN, S100T4LL |
| Long-term borrowings | 536,503 | 672,446 | 625,840 | — | — | S100QICN, S100T4LL |
| Bonds | 146,945 | 260,000 | 250,000 | — | — | S100QICN, S100T4LL |
| Interest-bearing debt | 742,899 | 1,004,865 | 928,329 | — | — | 算出 |
| Total liabilities | 1,323,937 | 1,544,614 | 1,468,083 | 1,480,620 | 1,379,110 | S100QICN, S100VHA9, S100XTT8 |
| Non-controlling interests | 304,463 | 24,423 | 25,830 | — | — | S100QICN, S100T4LL |
| Equity attributable to owners of parent | 433,598 | 539,807 | 560,129 | 664,616 | 698,852 | S100QICN, S100VHA9, S100XTT8 |
| Retained earnings | 143,335 | 260,375 | 249,838 | 318,643 | 343,574 | S100QICN, S100VHA9, S100XTT8 |
| Treasury stock | -11,655 | -11,612 | -11,593 | -13,172 | -12,409 | S100QICN, S100VHA9, S100XTT8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XTT8 |
| Property, plant and equipment | 32% | S100XTT8 |
| Intangibles and goodwill | 13% | — |
| Other assets | 43% | S100XTT8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100XTT8 |
| Equity | 35% | S100XTT8 |

### 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 | 2,142,390 | 2,111,192 | 2,054,594 | 2,172,626 | 2,106,723 |
| Equity | 818,452 | 566,578 | 586,511 | 692,006 | 727,613 |
| Interest-bearing debt | 742,899 | 1,004,865 | 928,329 | — | — |
| Cash | 234,587 | 188,700 | 190,642 | 294,656 | 261,971 |

## 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) | 49.2% | S100XTT8 |
| Fixed assets ÷ total assets | 31.5% | S100XTT8 |
| Goodwill ÷ parent equity | 39.4% | S100XTT8 |

Goodwill over 4 years: 311,766 → 275,520 JPY; total investing cash flow: -220,648 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) | 12.4% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 279.1% |
| Cash vs. profit gap | 101,255 JPY mn (of net income 348.8%) |
| Shareholder returns / net income | 40.5% |
| Shareholder returns / FCF | 49.9% |
| Shareholder payments — dividends / net income | 40.5% |
| Shareholder payments — dividends / FCF | 49.9% |
| CapEx intensity (capex ÷ revenue) | 7.9% |
| Investing CF relative to operating CF | 66.9% |

## 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 | — | —× | -0.6% | —× | — | S100QICN |
| 2022 | 2.3% | 0.65× | 1.5% | 4.37× | 6.7% | S100T4LL, S100VHA9 |
| 2023 | — | —× | -0.3% | —× | — | S100VHA9 |
| 2024 | 5.3% | 0.66× | 3.5% | 3.45× | 12.0% | S100XTT8 |
| 2025 | 2.2% | 0.63× | 1.4% | 3.14× | 4.3% | S100XTT8 |

## 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 | 17.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 4.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行） | Major shareholder | 3.2% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 富国生命保険相互会社 | Major shareholder | 2.5% | 2025-12-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.0% | 2025-12-31 |
| ゴールドマン・サックス証券株式会社 BNYM | Major shareholder | 1.7% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥1.35T, down -3.2% from ¥1.39T a year earlier.
- Operating income fell from ¥89B to ¥46.7B (-47.6%), and net income attributable to owners dropped from ¥73.5B to ¥29B (-60.5%).
- Gross profit still rose +4.1% to ¥323.8B, so the profit decline came mostly from one-off charges tied to decisions to sell businesses.
- Operating cash flow also slipped -20.4% to ¥130.3B.

### Drivers

- Semiconductor and Electronic Materials grew sales and profit as volumes of back-end materials for AI and other advanced chips increased
- Impairment losses from deciding to sell several businesses, plus the absence of last year's gain on selling the former head office, cut operating income
- Crasus Chemical's selling prices fell with lower naphtha prices, and the Chemicals segment's losses widened on a weak graphite electrode market

### Risks

- Demand for chip and electronic materials swings with end markets such as data centers and mobile devices, and with fast technology shifts
- Geopolitical risk could raise raw material, energy, and shipping costs or disrupt supply chains
- In mobility, tougher competition and a shrinking market for combustion-engine cars as EVs spread could weigh on results

Cited: Annual Securities Report (117th term) (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 (117th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/01/01－2025/12/31) | S100XTT8 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTT8,, |
| 有価証券報告書－第116期(2024/01/01－2024/12/31) | S100VHA9 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHA9,, |
| 有価証券報告書－第115期(2023/01/01－2023/12/31) | S100T4LL | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4LL,, |
| 有価証券報告書－第114期(2022/01/01－2022/12/31) | S100QICN | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QICN,, |
| 有価証券報告書－第113期(令和3年1月1日－令和3年12月31日) | S100NSKJ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSKJ,, |
| 有価証券報告書－第112期(令和2年1月1日－令和2年12月31日) | S100L2YX | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2YX,, |

## 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).