China's Economic Slowdown Due to U.S.-China Trade Frictions
First written in FY2019-Q3. 4 of 18 entries say "Restated". Latest entry: FY2025.
Nippon Carbide Industries Company moved to the "Worse" side of this theme in 2021, 1 year after the typical company in this theme (2020).
The whole theme swung hardest in 2019: 16 of 42 companies on the "Worse" side.
2 other companies' latest entry also says "Mitigated".
- FY2025MitigatedAnnual report
「Film revenue and profit increased year on year as expanded sales in China led to higher shipments of laser-marking labels.」
The disclosure states that expanded sales in the Chinese market increased shipments of laser-marking labels, resulting in higher revenue and profit. - FY2025-H1MitigatedAnnual report
「Film and sheet product shipments for license plates increased as automobile sales in Europe, the United States and China rose, while foreign exchange movements also had a positive impact on earnings.」
The disclosure describes a recovery in automotive-related markets, including China, as automobile sales increased in Europe, the United States and China and shipments of products for license plates rose. - FY2024-Q3MitigatedAnnual report
「Although shipments of automotive products increased as global automobile production recovered, shipments of products for outdoor signage declined due to weak domestic demand, resulting in lower revenue and profit year on year. ... Shipments of products for license plates increased as automobile sales recovered in Europe, the United States and China, while the higher shipment ratio of high-value-added products had a positive impact on earnings, resulting in higher revenue and profit year on year for retroreflective sheeting.」
With respect to China's economy and automotive-related demand, the recovery in automobile sales in Europe, the United States and China led to increased shipments and higher revenue and profit for retroreflective sheeting. Demand remained weak for other products, however, and the impact differed by product. - FY2024-Q2Slower pace of recovery in the Chinese economyAnnual report
「The global economy during the cumulative second quarter remained uncertain, owing to continued measures to contain inflation through interest-rate hikes, the prolonged Russia-Ukraine situation, persistently high raw material and fuel prices, and a slowdown in the pace of recovery in China's economy.」
The disclosure shifted from describing a slowdown in China's economy stemming from U.S.-China trade frictions to identifying the slowing pace of China's economic recovery as an external factor. - FY2023WorsenedAnnual report
「Electronic and functional products recorded lower sales as shipments of products for LCD panels and electronic components used in PCs, servers, communications equipment and other products declined as the COVID-related demand surge subsided.」
Against the backdrop of the end of the COVID-related demand surge and stagnation in economic activity due to the renewed spread of infections in China, lower demand for products used in electronic components was reflected in actual results. - FY2023-Q3WorsenedAnnual report
「Revenue from retroreflective sheeting increased year on year due to the positive effect of yen depreciation. However, sales for automotive license plates remained sluggish, affected by weak economic growth resulting from inflation in Europe, China's zero-COVID policy and other factors, resulting in lower profit year on year.」
Weak economic growth resulting from China's zero-COVID policy and other factors was reflected in actual results as a cause of lower profit from retroreflective sheeting for automotive license plates. - FY2023-Q1WorsenedAnnual report
「The recovery slowed against the backdrop of rising resource prices due to the rapid depreciation of the yen and other factors, lockdowns in Chinese cities as part of China's COVID-19 measures, and Russia's invasion of Ukraine.」
Lockdowns in Chinese cities as part of China's COVID-19 measures were newly identified as a factor slowing the recovery of the global economy, including China's economy. - FY2022WorsenedAnnual report
「Demand for semiconductors and for PCs and communications-related products associated with the expansion of remote work remained strong in the business environment surrounding the group, resulting in higher sales of electronic and functional products, including functional chemicals and electronic materials. Film and sheet products also posted higher sales as shipments of automobiles and motorcycles in Japan and overseas remained firm, although growth slowed from the second half of the fiscal year due to the impact of declining automobile production caused by semiconductor shortages.」
Although higher sales continued as demand recovered, lower automobile production caused by semiconductor shortages became an actual factor slowing sales in the second half of the fiscal year. - FY2022-Q3Slowing economic recovery and emerging supply constraintsAnnual report
「Although conditions varied by country and region, the global economy during the cumulative third quarter generally continued to recover from the downturn caused by the COVID-19 crisis. However, the pace of recovery slowed against the backdrop of worsening shortages of components and raw materials, rising resource prices and power supply problems in China.」
The disclosure changed to state that the global economy was continuing to recover, but that the pace of recovery was slowing due to shortages of components and raw materials, rising resource prices and power supply problems in China. - FY2022-Q2Economic recovery, including in China, alongside uncertainty caused by the spread of infectionsAnnual report
「Although the outlook for the global economy during the cumulative second quarter remained uncertain due to the spread of the Delta variant, the economy generally remained on a gradual recovery trend, particularly in the United States, the euro area and China, as vaccinations progressed.」
In contrast to the previously reported slowdown in China's economy, the major regions, including China, were described as being on a gradual recovery trend, while uncertainty over the outlook due to the Delta variant was also noted. - FY2021MaterialisedAnnual report
「Revenue declined ¥4,467 million, or 9.6%, from the previous consolidated fiscal year to ¥42,231 million, as sales declined in Europe, Indonesia, Vietnam and elsewhere, mainly due to the impact of measures to prevent the spread of COVID-19 and intensifying tensions between the United States and China, particularly in electronic and functional products and film and sheet products.」
The disclosure identifies intensifying tensions between the United States and China and other factors as causes of lower sales in Europe, Indonesia, Vietnam and elsewhere, with the impact on the business environment reflected in actual results. - FY2021-Q1RestatedAnnual report
「The global economy during the cumulative first quarter deteriorated significantly as the global spread of COVID-19 caused consumption and investment to decline. In addition, uncertainty persisted regarding the outlook amid intensifying tensions between the United States and China and concerns over a second wave of infections.」
The disclosure continues to describe uncertainty in the global economy, including intensifying tensions between the United States and China. It does not explicitly state a direct impact on China's economy. - FY2020RestatedAnnual report
「In addition to lower sales of electronic and functional products, including electronic materials, the group was affected by economic slowdowns in China and Southeast Asia.」
The full-year disclosure also states that economic slowdowns in China and Southeast Asia, together with lower sales of electronic materials and other products, affected the group's business environment. - FY2020-Q3RestatedAnnual report
「In addition to lower sales of electronic and functional products, including electronic materials, the group was affected by economic slowdowns in China and Southeast Asia.」
The disclosure continues to state that economic slowdowns in China and Southeast Asia, together with lower sales of electronic materials and other products, are affecting the group's business environment. - FY2020-Q2RestatedAnnual report
「In addition to lower sales of electronic and functional products, including electronic materials, the group was affected by economic slowdowns in China and Southeast Asia.」
The disclosure continues to state that economic slowdowns in China and Southeast Asia are affecting the group's business environment. - FY2020-Q1MaterialisedAnnual report
「The business environment surrounding the group was affected by economic slowdowns in China and Southeast Asia.」
In addition to the slowdown in China's economy, a slowdown in Southeast Asia was explicitly identified, with the disclosure stating that these factors had actually affected the group's business environment. - FY2019MaterialisedAnnual report
「Against the backdrop of U.S.-China trade frictions, signs emerged of slower growth in European countries, emerging Asian economies and resource-rich countries owing to sluggish export growth, while the economic slowdown became more pronounced in China.」
The slowdown in China's economy due to U.S.-China trade frictions, which was described in the previous quarter, was reported in the current fiscal year as an economic condition that had become evident in China. - FY2019-Q3First statedAnnual report
「In the United States, the economy continued its steady recovery, supported by improvements in employment conditions. European countries, emerging Asian economies and resource-rich countries also remained on a recovery trend, while signs of an economic slowdown emerged in China, owing in part to the impact of trade frictions between the United States and China.」
The slowdown in China's economy due in part to the impact of U.S.-China trade frictions was identified for the first time as part of the global economic environment during the cumulative third quarter. The text did not state any direct impact on the group.