# THine Electronics, 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34期(2025/01/01－2025/12/31) (S100XTHX)
> Page: https://vizora.meequs.com/en/company/thine-electronics
> Retrieved: 2026-09-30T20:58:26.025Z

## Company

THine Electronics, founded in 1991, is a company in Semiconductors listed on TSE Standard. It has 134 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THine Electronics, Inc. |
| Ticker | 6769 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6769.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田美土代町9番地1 |
| Representative (per filing) | 代表取締役社長 南 洋一郎 |
| Founded | May 1991 |
| Share capital | ¥1.18B |
| Employees (consolidated) | 134 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.thine.co.jp (https://www.thine.co.jp/) |
| Corporate number | 1010001044837 |
| EDINET | E02062 |
| Industries (Vizora) | Semiconductors, Electronic Components |

> Profile source: annual securities report (S100XTHX, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.7 | 13 |
| Profitability | 17.9 | 14 |
| Efficiency | 39.3 | 14 |

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 61% of THine Electronics's sales come from LSI business, with AIOT business making up much of the rest.
- It lost about ¥8 for every ¥100 of sales at the operating level.
- Revenue changed +0.5% from the prior year, operating profit -1323.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.64B |  |
| Operating income | -¥342.8M | Margin -7.4% |
| Net income | -¥334.3M | Margin -7.2% |
| Free cash flow | -¥733.2M |  |
| Largest business | LSI business | of segment revenue 61.0% |
| Employees (consolidated) | 134 |  |
| EPS | ¥-35.23 |  |
| Book value per share | ¥797.2 |  |
| Equity ratio | 90.4% |  |
| Shares outstanding | 12,340,100 |  |
| Treasury shares | 1,827,700 |  |
| Shareholders | 6,655 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 66.8% | Cash ÷ revenue 139.1% |
| Vs. industry median margin | -10.7 pp | Semiconductors |
| ROA | -3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.0× dividends
- FY2025, cash is 67% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2879686000 | ¥4639402000 | +61.1% |
| Operating income | ¥-707162000 | ¥-342835000 | — |
| Operating margin | -24.6% | -7.4% | +17.2 pp |
| Employees | 133 people | 134 people | +0.8% |
| Cash and equivalents | ¥6732242000 | ¥6454287000 | -4.1% |

### 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 |
| --- | ---: |
| LSI事業 → LSI事業 | 56.1% |
| AIOT事業 → AIOT事業 | 39.0% |
| AIOT事業 → 事業再編・廃止 | 4.9% |
| 新設・再編 → LSI事業 | 4.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,639 | 100.0% | S100XTHX |
| Cost of revenue | 2,354 | 50.7% | S100XTHX |
| Gross profit | 2,285 | 49.3% | S100XTHX |
| SG&A | 2,628 | 56.6% | S100XTHX |
| Operating income | -343 | -7.4% | S100XTHX |
| Ordinary income | -403 | -8.7% | S100XTHX |
| Pretax income | -255 | -5.5% | S100XTHX |
| Income tax | 83 | 1.8% | S100XTHX |
| Net income | -338 | -7.3% | S100XTHX |
| Net income attributable to owners | -334 | -7.2% | S100XTHX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 57 |
| Operating income | -8 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 49.3% → Operating margin -7.4% → Net margin -7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 4,614 | 4,639 | 25 | +0.5% |
| Gross profit | 2,529 | 2,285 | -243 | -9.6% |
| Operating income | 28 | -343 | -371 | -1323.4% |
| Net income attributable to owners | 340 | -334 | -674 | -198.4% |
| Operating cash flow | -74 | -708 | -634 | — |
| Free cash flow | -147 | -733 | -586 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,882 | 194 | 4.0% | 185 | 131 | 114 | S100LB5K |
| FY ending Dec 2020 | 2,880 | -707 | -24.6% | -697 | -520 | -564 | S100NQTB |
| FY ending Dec 2021 | 4,442 | 486 | 10.9% | 728 | 358 | 351 | S100QGL3 |
| FY ending Dec 2022 | 5,457 | 601 | 11.0% | 820 | -192 | -338 | S100T3TP |
| FY ending Dec 2023 | 5,019 | -40 | -0.8% | -70 | 402 | 286 | S100VIN1 |
| FY ending Dec 2024 | 4,614 | 28 | 0.6% | 340 | -74 | -147 | S100XTHX |
| FY ending Dec 2025 | 4,639 | -343 | -7.4% | -334 | -708 | -733 | S100XTHX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.6M |
| Operating income per employee (consolidated) | -¥2.6M |
| Net income per employee (consolidated) | -¥2.5M |

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) | 126 | 128 | 133 | 130 | 134 |
| Average salary (parent company) | ¥6.7M | ¥7.8M | ¥7.5M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 44.0 years | 43.9 years | 44.8 years | 45.0 years | 45.4 years |
| Average tenure (parent company) | 12.4 years | 12.1 years | 12.4 years | 13.5 years | 13.0 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| LSI business | 2,830 | 61.0% | -325 | -11.5% |
| AIOT business | 1,809 | 39.0% | -18 | -1.0% |

### 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 | Margin |
| --- | ---: | ---: |
| LSI business | 61.0% | -11.5% |
| AIOT business | 39.0% | -1.0% |

Loss-making segment (excluded from profit shares): LSI business -325 JPY mn

Loss-making segment (excluded from profit shares): AIOT business -18 JPY mn

Segment → industry: LSI business → Semiconductors / AIOT business → Electronic Components

## 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 | -708 | -15.3% | S100XTHX |
| Capital expenditure | 26 | 0.6% | S100XTHX |
| Free cash flow | -733 | -15.8% | 算出 |
| Investing cash flow | 195 | 4.2% | S100XTHX |
| Financing cash flow | -340 | -7.3% | S100XTHX |
| Dividends paid | 160 | 3.5% | S100XTHX |
| Share buyback | 163 | 3.5% | S100XTHX |
| Change in cash | -852 | -18.4% | S100XTHX |
| Cash and equivalents | 6,454 | 139.1% | S100XTHX |

## 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 | 7,744 | 7,302 | 7,378 | 7,306 | 6,454 | S100T3TP, S100VIN1, S100XTHX |
| Total assets | 9,867 | 10,670 | 10,250 | 10,330 | 9,665 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Net assets | 9,057 | 9,735 | 9,441 | 9,593 | 8,917 | S100T3TP, S100VIN1, S100XTHX |
| Share capital | 1,175 | 1,175 | 1,175 | 1,175 | 1,175 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Property, plant and equipment | 93 | 206 | 212 | 162 | 135 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Intangible assets excluding goodwill | 267 | 148 | 69 | 56 | 51 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Goodwill | 261 | 130 | — | — | — | S100QGL3, S100T3TP |
| Investment securities | 52 | 358 | 385 | 416 | 258 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Current assets | 9,236 | 9,768 | 9,464 | 9,558 | 9,122 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Current liabilities | 678 | 798 | 672 | 596 | 604 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Total liabilities | 810 | 935 | 809 | 737 | 748 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Non-controlling interests | 41 | 52 | 78 | 130 | 94 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Equity attributable to owners of parent | 8,765 | 9,495 | 9,139 | 9,309 | 8,682 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Retained earnings | 8,584 | 9,266 | 9,033 | 9,213 | 8,718 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |
| Treasury stock | -2,281 | -2,233 | -2,356 | -2,355 | -2,472 | S100QGL3, S100T3TP, S100VIN1, S100XTHX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100XTHX |
| Property, plant and equipment | 1% | S100XTHX |
| Intangibles and goodwill | 0% | S100XTHX |
| Investment securities | 3% | S100XTHX |
| Other assets | 29% | S100XTHX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 8% | S100XTHX |
| Equity | 92% | S100XTHX |
| Other liabilities | 0% | S100XTHX |

### 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 | 9,867 | 10,670 | 10,250 | 10,330 | 9,665 |
| Equity | 9,057 | 9,735 | 9,441 | 9,593 | 8,917 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,744 | 7,302 | 7,378 | 7,306 | 6,454 |

## 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) | 2.9% | S100XTHX |
| Fixed assets ÷ total assets | 1.4% | S100XTHX |
| Goodwill ÷ parent equity | — | —, S100XTHX |

### 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) | 66.8% |
| Cash ÷ revenue | 139.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -373 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | 16.4% | 0.45× | 7.4% | 1.13× | 8.3% | S100QGL3 |
| 2022 | 15.0% | 0.53× | 8.0% | 1.12× | 9.0% | S100T3TP |
| 2023 | — | —× | -0.7% | —× | — | S100VIN1 |
| 2024 | 7.4% | 0.45× | 3.3% | 1.12× | 3.7% | S100XTHX |
| 2025 | — | —× | -3.3% | —× | — | S100XTHX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヒルストン | Major shareholder | 20.2% | 2025-12-31 |
| 株式会社ＴＩＥホールディング | Major shareholder | 19.3% | 2025-12-31 |
| 西川典孝 | Major shareholder | 1.5% | 2025-12-31 |
| 治部達夫 | Major shareholder | 1.4% | 2025-12-31 |
| 中原隆志 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-12-31 |
| 澤田泰一郎 | Major shareholder | 0.8% | 2025-12-31 |
| シリコンテクノロジー株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| FUTU SECURITIES INTERNATIONAL （HONG KONG）LIMITED | Major shareholder | 0.7% | 2025-12-31 |
| 市川敏夫 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/01/01－2025/12/31) | S100XTHX | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTHX,, |
| 有価証券報告書－第33期(2024/01/01－2024/12/31) | S100VIN1 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIN1,, |
| 有価証券報告書－第32期(2023/01/01－2023/12/31) | S100T3TP | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3TP,, |
| 有価証券報告書－第31期(2022/01/01－2022/12/31) | S100QGL3 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGL3,, |
| 有価証券報告書－第30期(令和3年1月1日－令和3年12月31日) | S100NQTB | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQTB,, |
| 訂正有価証券報告書－第29期(令和2年1月1日－令和2年12月31日) | S100LB5K | 2021-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LB5K,, |

## 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).