Worth reading
70In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
405.95
¥ hundred millionWording
Conditional
How definitive the wording is.Contents of this document
Earnings briefing transcriptSecond quarter of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥40,595 million+6.8%
Operating profit¥7,735 million+8.9%
Ordinary income¥9,016 million+26.0%
Net income¥4,149 million+9.2%
Operating profit margin19.1%, up 0.4 percentage points year on year
Full-year earnings forecast
Net Sales
¥84,000 million
Operating profit
¥15,400 million
Ordinary income
¥17,200 million
Net income attributable to owners of the parent
¥10,000 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Achieved both the first-half revenue and operating profit plansKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Prices for reclaimed wafers will continue to be negotiated to reflect rising costs, including electricity and labor costs, while also taking market prices and competitiveness into account.
- Demand for reclaimed wafers is strong, with customers requesting increased production, and supply and demand conditions are likely to remain favorable over the medium to long term.
- The company is considering entering the Chinese reclaimed wafer business, leveraging its strengths in production efficiency, quality, pricing, and stable supply.
- The impact on earnings of the M&A of an epitaxial wafer plant in Anhui Province is under review. At present, negative goodwill is expected to arise.
- Construction of the single-crystal plant in Inner Mongolia is scheduled for completion in December 2027, with operations scheduled to begin in 2028.
- The payback period for investment in the energy business is 5 to 7 years. Three consecutive periods of deterioration in operating profit or loss will be used as the criterion for considering withdrawal.
New initiatives
- Development and full-scale operation of the Sanponki No. 7 plant, including automated lines and production of new products
- Expansion of production capacity at the Sanponki and Tainan plants
- M&A of an epitaxial wafer plant in Anhui Province, China
- Establishment of a single-crystal silicon ingot plant in Inner Mongolia
- Consideration of full-scale entry into the Chinese reclaimed wafer plant business
Key KPIsA metric the company considers important as a management benchmark.
- Monthly 8-inch wafer production volume27 10,000 passes
- Planned monthly 8-inch wafer production volume at fiscal year-end30 10,000 passes
- Monthly 12-inch wafer production volume (at end-2025)11 10,000 passes
- Planned monthly 12-inch wafer production volume at fiscal year-end15 10,000 passes
- Planned monthly 12-inch wafer production volume in 202930 10,000 passes
- Global market share of reclaimed wafers3 Times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Reclaimed wafer sales volumes increased, and selling prices also rose. Monthly 8-inch wafer production and sales reached a record high of 270,000 wafers.Segment results
- Wafer reclamation businessNet Sales¥14,284 millionRevenue year-on-year_pct6.8Operating profit¥5,069 millionOperating profit year-on-year_pct6.9
- 200mm Prime Wafer BusinessNet Sales¥13,902 millionRevenue year-on-year_pct39Operating profit¥3,240 millionOperating profit year-on-year_pct39.1
- Semiconductor-related equipment, materials and other businessesNet Sales¥13,642 millionRevenue year-on-year_pct-12.1Operating profit¥413 millionOperating profit year-on-year_pct-54.6
Medium-term management plan targets
Period Covered2026-2028
Budget for the fiscal year ending December 2026
Net Sales84,000
Operating profit15,400
Ordinary income17,200
Net income attributable to owners of the parent10,000
ROIC11% or higher
ROE13% or more
Budget for the fiscal year ending December 2028
Net Sales115,000
Operating profit19,000
Ordinary income20,000
Net income attributable to owners of the parent13,000
Financial targets
ROIC11% or higher
ROE13% or more
Actual results
ROIC10.8% for the fiscal year ended December 2025
ROE12.5% for the fiscal year ended December 2025
Market Size / Share
The global market share of reclaimed wafers is approximately 30%. In the South Korean market, the initial goal is to achieve a market share at the same level as globally.Annual Dividend
Forecast for the fiscal year ending December 2026
¥55 per share
Payout ratio
not disclosed (total payout ratio forecast at 14.6% for 2026)| Item | Details |
|---|---|
| Document type | Earnings briefing transcript |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥40,595 million (YoY +6.8%) |
| Operating profit | ¥7,735 million (YoY +8.9%) |
| Ordinary income | ¥9,016 million (YoY +26.0%) |
| Net income | ¥4,149 million (YoY +9.2%) |
| Operating profit margin | 19.1%, up 0.4 percentage points year on year |
| Full-year earnings forecast | Net Sales ¥84,000 million / Operating profit ¥15,400 million / Ordinary income ¥17,200 million / Net income attributable to owners of the parent ¥10,000 million |
| Self-assessment against the plan | Achieved both the first-half revenue and operating profit plans |
| Segment results | Segment Wafer reclamation business / Net Sales ¥14,284 million / Revenue year-on-year_pct 6.8 / Operating profit ¥5,069 million / Operating profit year-on-year_pct 6.9, Segment 200mm Prime Wafer Business / Net Sales ¥13,902 million / Revenue year-on-year_pct 39 / Operating profit ¥3,240 million / Operating profit year-on-year_pct 39.1, Segment Semiconductor-related equipment, materials and other businesses / Net Sales ¥13,642 million / Revenue year-on-year_pct -12.1 / Operating profit ¥413 million / Operating profit year-on-year_pct -54.6 |
| Key KPIs | Indicator name Monthly 8-inch wafer production volume / Value 27 10,000 passes / Year on year against the same period last year Not disclosed, Indicator name Planned monthly 8-inch wafer production volume at fiscal year-end / Value 30 10,000 passes / Year on year against the same period last year Not disclosed, Indicator name Monthly 12-inch wafer production volume (at end-2025) / Value 11 10,000 passes / Year on year against the same period last year Not disclosed, Indicator name Planned monthly 12-inch wafer production volume at fiscal year-end / Value 15 10,000 passes / Year on year against the same period last year Not disclosed, Indicator name Planned monthly 12-inch wafer production volume in 2029 / Value 30 10,000 passes / Year on year against the same period last year Not disclosed, Indicator name Global market share of reclaimed wafers / Value 3 Times / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Reclaimed wafer sales volumes increased, and selling prices also rose. Monthly 8-inch wafer production and sales reached a record high of 270,000 wafers. |
| Medium-term management plan targets | Period Covered 2026-2028 / Budget for the fiscal year ending December 2026 Net Sales 84,000 / Operating profit 15,400 / Ordinary income 17,200 / Net income attributable to owners of the parent 10,000 / ROIC 11% or higher / ROE 13% or more / Budget for the fiscal year ending December 2028 Net Sales 115,000 / Operating profit 19,000 / Ordinary income 20,000 / Net income attributable to owners of the parent 13,000 |
| Financial targets | ROIC 11% or higher / ROE 13% or more / Actual results ROIC 10.8% for the fiscal year ended December 2025 / ROE 12.5% for the fiscal year ended December 2025 |
| Annual Dividend | Forecast for the fiscal year ending December 2026 ¥55 per share |
| Payout ratio | not disclosed (total payout ratio forecast at 14.6% for 2026) |
| Market Size / Share | The global market share of reclaimed wafers is approximately 30%. In the South Korean market, the initial goal is to achieve a market share at the same level as globally. |
| Key points of the Q&A | Prices for reclaimed wafers will continue to be negotiated to reflect rising costs, including electricity and labor costs, while also taking market prices and competitiveness into account., Demand for reclaimed wafers is strong, with customers requesting increased production, and supply and demand conditions are likely to remain favorable over the medium to long term., The company is considering entering the Chinese reclaimed wafer business, leveraging its strengths in production efficiency, quality, pricing, and stable supply., The impact on earnings of the M&A of an epitaxial wafer plant in Anhui Province is under review. At present, negative goodwill is expected to arise., Construction of the single-crystal plant in Inner Mongolia is scheduled for completion in December 2027, with operations scheduled to begin in 2028., The payback period for investment in the energy business is 5 to 7 years. Three consecutive periods of deterioration in operating profit or loss will be used as the criterion for considering withdrawal. |
| New initiatives | Development and full-scale operation of the Sanponki No. 7 plant, including automated lines and production of new products, Expansion of production capacity at the Sanponki and Tainan plants, M&A of an epitaxial wafer plant in Anhui Province, China, Establishment of a single-crystal silicon ingot plant in Inner Mongolia, Consideration of full-scale entry into the Chinese reclaimed wafer plant business |
Items this document does not state (12)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastBreakdown of Factors Affecting the ChangeNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlog
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In the reclaimed wafer business, increased production capacity from capital investment contributed to higher revenue and profit. In the prime wafer business, growth was driven by capturing demand in the Chinese market, increased demand for silicon materials, and expanded sales to China. In the Chinese 12-inch prime wafer business, the equity-method investment loss narrowed as certification progressed, sales volumes increased, and selling prices rose.
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