Performance fluctuations caused by business cycles in the semiconductor industry
First written in FY2016. 13 of 23 entries say "Restated". Latest entry: FY2026.
Fuso Chemical moved to the "Worse" side of this theme in 2019, 3 years before the typical company in this theme (2022).
The whole theme swung hardest in 2023: 44 of 69 companies on the "Worse" side.
10 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「Demand in the semiconductor market remained firm and expanded, particularly for AI applications.」
The company continues to disclose semiconductor business-cycle risk while explaining that demand expanded during the period, particularly for AI applications. - FY2025RestatedAnnual report
「Inventory adjustments in the semiconductor market have run their course, and demand has recovered, particularly for AI applications.」
Although the semiconductor market is described as being in a recovery phase, the risk of earnings volatility due to business cycles continues to be disclosed. - FY2025-H1RestatedAnnual report
「Inventory adjustments in the semiconductor market have run their course, and demand has recovered, particularly for AI applications.」
The company describes the completion of inventory adjustments in the semiconductor market and the recovery in demand, particularly for AI applications, but states that there has been no material change in the business-cycle risk itself in the semiconductor industry. - FY2024MaterialisedAnnual report
「The semiconductor market entered an adjustment phase in the second half of fiscal 2022, which continued throughout fiscal 2023. Although some products, particularly those for AI applications, showed signs of recovery from the second half of fiscal 2023, recovery was slow in high-volume end-product markets such as smartphones and PCs, resulting in only a gradual recovery and affecting the company's sales.」
The semiconductor market remained in an adjustment phase throughout the fiscal year. While some demand for AI applications recovered, recovery in major end-product markets was slow, affecting the company's sales. - FY2024-Q3RestatedAnnual report
「Although inventory adjustments appear to have run their course and demand appears to have bottomed out, the semiconductor market remained sluggish without reaching a recovery.」
The company explains that, although the decline in semiconductor market demand appears to have bottomed out, the market has remained sluggish without reaching a recovery. - FY2024-Q2WorsenedAnnual report
「The downturn in the semiconductor market has been substantially greater and more prolonged than anticipated.」
The company explains that the semiconductor market downturn has been substantially greater and more prolonged than anticipated, with regard to business-cycle risk in the semiconductor industry. - FY2024-Q1MaterialisedAnnual report
「Although demand is expected to increase over the longer term in growth areas such as AI, the semiconductor market remained sluggish as the impact of declining demand for end products such as PCs and smartphones was substantial in the near term.」
Regarding business-cycle risk in the semiconductor industry, the market downturn resulting from declining demand for end products such as PCs and smartphones became evident during the quarter as well. - FY2023MaterialisedAnnual report
「Although medium- to long-term growth is expected in the semiconductor market, a downturn has recently become evident, particularly in the memory market, and signs of stagnation have also emerged in related industrial sectors.」
Regarding business-cycle risk in the semiconductor industry, a market downturn centered on the memory market and stagnation in related industrial sectors became evident throughout the fiscal year. - FY2023-Q3MaterialisedAnnual report
「In addition, the semiconductor market downturn became evident as the recession reduced demand for smartphones, personal computers and other products.」
Regarding cyclical risk in the semiconductor industry, the company stated that the recession-driven decline in demand for smartphones and personal computers and the semiconductor market downturn had become evident. - FY2023-Q2WorsenedAnnual report
「Although concerns remained about declining demand due to the slowdown of the US and European economies and the Chinese economy, the semiconductor market continued to grow and perform steadily.」
The company newly specified concerns about declining demand due to the slowdown of the US, European and Chinese economies. It also stated that the semiconductor market continued to grow and perform steadily. - FY2023-Q1RestatedAnnual report
「Although concerns remained about declining demand due to global inflation and the slowdown of the Chinese economy, the semiconductor market continued to grow and perform steadily.」
The company cited concerns about declining demand due to inflation and the slowdown of the Chinese economy, while describing the semiconductor market as continuing to grow and perform steadily. - FY2022RestatedAnnual report
「Although concerns including prolonged US-China tensions and supply uncertainty caused by shortages of raw materials remained, the semiconductor market continued to perform steadily as digitalization advanced.」
The company cited US-China tensions and supply uncertainty caused by shortages of raw materials and continued to report cyclical risk in the semiconductor market. - FY2022-Q2RestatedAnnual report
「Although concerns including US-China tensions and semiconductor shortages remained, the semiconductor market continued to perform steadily due to increased IT demand accompanying the advance of digitalization.」
The company cited US-China tensions and semiconductor shortages as concerns and continued to report cyclical risk in the semiconductor market. - FY2022-Q1RestatedAnnual report
「Although concerns including US-China tensions and semiconductor shortages remained, the semiconductor market continued to perform steadily due to increased IT demand accompanying the advance of digitalization.」
The company cited US-China tensions and semiconductor shortages as concerns and continued to report cyclical risk in the semiconductor market. - FY2021RestatedAnnual report
「The Electronic Materials and Functional Chemicals businesses sell products and merchandise mainly to the semiconductor industry, which is characterized by sharp swings between booms and downturns. Accordingly, the Group faces the risk of being affected by semiconductor industry cycles, which could affect the performance of these businesses in specific accounting periods.」
The company continues to report the risk that semiconductor industry cycles may affect the performance of the Electronic Materials business. - FY2021-Q3RestatedAnnual report
「Although concerns including US-China tensions remained, the semiconductor market continued to perform steadily, supported by increased server demand resulting from growing data volumes accompanying the advance of digitalization and increased demand across industries as economic activity resumed.」
The company cited concerns including US-China tensions but described the semiconductor market as steady on the back of server demand and the resumption of economic activity. No new manifestation of cyclical risk was reported. - FY2021-Q2RestatedAnnual report
「Although concerns including US-China tensions remained, the semiconductor market continued to perform steadily, supported by increased server demand resulting from growing data volumes accompanying the advance of digitalization.」
The company cited concerns including US-China tensions but described the semiconductor market as steady on the back of server demand and other factors. No new manifestation of cyclical risk was reported. - FY2020MaterialisedAnnual report
「Although the semiconductor market slowdown affected the first half, the market began to recover in the second half.」
The semiconductor market slowdown affected the business in the first half, while the company described a recovery trend in the second half. - FY2020-Q3RestatedAnnual report
「Although sales of products used outside the semiconductor polishing field, such as nanopowder, remained firm, the semiconductor market slowdown in the first half had a significant impact, and net sales fell below the cumulative consolidated period of the previous quarter. Operating profit also fell below the cumulative consolidated period of the previous quarter due to higher depreciation associated with capital investment, higher personnel expenses from securing staff to establish a higher-production structure, and the effect of lower net sales, resulting in lower sales and lower profit.」
The semiconductor market slowdown continued, resulting in lower net sales and operating profit in the Electronic Materials and Functional Chemicals businesses. - FY2020-Q2RestatedAnnual report
「Although sales of products used outside the semiconductor polishing field, such as nanopowder, remained firm, the semiconductor market slowdown had a significant impact, and net sales fell below the cumulative consolidated period of the previous quarter. Operating profit also fell below the cumulative consolidated period of the previous quarter due to higher depreciation associated with capital investment, higher personnel expenses from securing staff to establish a higher-production structure, and the effect of lower net sales, resulting in lower sales and lower profit.」
The semiconductor market slowdown continued, resulting in lower net sales and operating profit in the Electronic Materials and Functional Chemicals businesses. - FY2020-Q1WorsenedAnnual report
「Although sales of products used outside the semiconductor polishing field, such as nanopowder, remained firm, the semiconductor market slowdown had a significant impact, and net sales fell below the cumulative consolidated period of the previous quarter. Operating profit also fell below the cumulative consolidated period of the previous quarter due to higher depreciation associated with capital investment, higher personnel expenses from securing staff to establish a higher-production structure, and the effect of lower net sales, resulting in lower sales and lower profit.」
Following the impact of the semiconductor market adjustment on shipments, the market slowdown had a significant impact in the current quarter, resulting in lower net sales and operating profit in the Electronic Materials and Functional Chemicals businesses. - FY2019MaterialisedAnnual report
「In the fourth quarter, the semiconductor market entered an adjustment phase, affecting shipments of the Company's product, ultrahigh-purity colloidal silica. Overall, however, business remained on track.」
Cyclical risk in the semiconductor market materialized in the fourth quarter as a market adjustment affected product shipments. - FY2016First statedAnnual report
「A characteristic of the semiconductor industry is its sharp swings between booms and downturns. Accordingly, the Group faces the risk of being affected by semiconductor industry cycles, which could affect the performance of its Electronic Materials and Functional Chemicals businesses.」
Cyclical risk associated with the Electronic Materials business's concentration on semiconductor demand.