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How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.1%
基準 2,026Target2,028Hundreds of millions of yen
ROE+2.0pt
基準 2,026Target2,028％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planOutlook for the fiscal year ended March 2026 (13 February 2026): net sales ¥8,800 million, operating income ¥850 million, net income ¥600 million → Actual results for the fiscal year ended March 2026: net sales ¥9,093 million, operating income ¥1,024 million, net income ¥766 million+3.3%Calculated from the two disclosed figures
Total investment plan¥6.6 billion (¥2.0 billion for maintenance and replacement of equipment + ¥4.6 billion for growth investment)
Investment amount by sectorField Maintenance and renewal of facilities / Amount ¥2 billion, Field Functional materials: low-metal manufacturing building / Amount ¥1.4 billion, Field Functional materials: investment to expand production capacity / Amount ¥900 million, Field Pharmaceuticals: investment to expand production capacity / Amount ¥700 million, Field Biotechnology: new BRC active pharmaceutical ingredient manufacturing building / Amount ¥1 billion, Field Biotechnology: investment to expand production capacity / Amount ¥600 million
Statements about the use of capital
Payout ratio / DOE policyDividend policy based on DOE. Shareholder returns during the medium-term management plan period, from the fiscal year ended March 2026 through the fiscal year ending March 2028, will be at least ¥800 million. The interim dividend for the fiscal year ending March 2027 is ¥16; the year-end dividend has not been determined.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe PBR has generally remained at or below 1x, standing at 0.6x at the end of the fiscal year ended March 2026. The share price has remained near its lows, while daily trading volume has also stayed low. The Company recognizes that market expectations have declined substantially.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Pursue the adoption of new mass-production-stage projects, focusing on display materials and chemicals used in semiconductor manufacturing
02Advance the division of labor with the pharmaceuticals business and produce pharmaceutical raw materials at the mass-production stage
03Raise the utilization rate of the new low-metal facility, FP-4, at an early stage and contribute to earnings
04Further strengthen the seamless solutions framework
05Focus on strengthening the quality assurance framework to capture globally developed products, which are increasing among customers
06Further expand the mass-production-stage business for pharmaceuticals and stabilize sales
07Focus on human resources development and other measures to ensure a rapid ramp-up of the new active pharmaceutical ingredient manufacturing building, Building D
08Acquire new projects through joint research with customers
09Improve the processes for existing products
10Conduct drug discovery research and develop basic technologies for manufacturing mid-sized molecule pharmaceuticals through joint research with universities and participation in projects operated by independent administrative agencies
11Make effective use of results from projects operated by independent administrative agencies, including AMED and NEDO
Plan assumptionsThe outsourced R&D market is valued at ¥142.7 billion for chemicals (2023), with a CAGR of 6.4%, and ¥1.0777 trillion for pharmaceuticals (2025), with a CAGR of 9.1%. Dependence on the Strait of Hormuz is 80% for naphtha-derived chemicals and solvents, the key raw materials, while direct import dependence is approximately 60%.
Segment targetSegment Functional materials (functional materials) / Sales Target ¥4 billion, Segment Pharmaceuticals / Sales Target ¥5 billion, Segment Bio / Sales Target ¥3 billion
Non-financial targetsIndicator Number of employees / Target value 364 / Timing Fiscal year ending March 2027, Indicator Number of employees / Target value 380 / Timing Fiscal year ending March 2028, Indicator Share of sales from the mass-production stage / Target value At least 2/3 / Timing Medium- to Long-Term Outlook
Size of the Target MarketOutsourced R&D market for chemicals: ¥142.7 billion (2023), CAGR 6.4%. Outsourced R&D market for pharmaceuticals: ¥1.0777 trillion (2025), CAGR 9.1%. Source: Statistics Bureau of the Ministry of Internal Affairs and Communications, Survey of Research and Development, number of research personnel, in-house research expenditures, research funds received and external research expenditures by industry and capital size (companies), processed for use.
Risks identified by the company
Risks arising from natural disasters, war, terrorism and other events
Risks relating to the progress of customers' and the Company's R&D plans
Risks arising from dependence on major customers
Risks relating to relationships with competitors
Reason for revision or withdrawal
It is currently difficult to disclose a reasonable full-year earnings outlook. Given the current situation in the Middle East, reliable procurement of key raw materials is difficult, and the increased risk of supply shortages and price surges has created significant uncertainty over the earnings outlook.
| Item | Details |
|---|---|
| Plan name | Three-year medium-term management plan |
| Plan period | Fiscal year ending March 2026–fiscal year ending March 2028 |
| Progress against the plan | Annual update |
| Sales Target | ¥9.09 billion (actual results for the fiscal year ended March 2026) → ¥12.0 billion (target for the fiscal year ending March 2028)（CAGR of +13% (from actual results for the fiscal year ended March 2025 to the target for the fiscal year ending March 2028)） |
| ROE target | 5.6% (actual results for the fiscal year ended March 2026) → 10% (target for the fiscal year ending March 2028) |
| Payout ratio / DOE policy | Dividend policy based on DOE. Shareholder returns during the medium-term management plan period, from the fiscal year ended March 2026 through the fiscal year ending March 2028, will be at least ¥800 million. The interim dividend for the fiscal year ending March 2027 is ¥16; the year-end dividend has not been determined. |
| Self-assessment of PBR and share price | The PBR has generally remained at or below 1x, standing at 0.6x at the end of the fiscal year ended March 2026. The share price has remained near its lows, while daily trading volume has also stayed low. The Company recognizes that market expectations have declined substantially. |
| Total investment plan | ¥6.6 billion (¥2.0 billion for maintenance and replacement of equipment + ¥4.6 billion for growth investment) |
| Investment amount by sector | Field Maintenance and renewal of facilities / Amount ¥2 billion, Field Functional materials: low-metal manufacturing building / Amount ¥1.4 billion, Field Functional materials: investment to expand production capacity / Amount ¥900 million, Field Pharmaceuticals: investment to expand production capacity / Amount ¥700 million, Field Biotechnology: new BRC active pharmaceutical ingredient manufacturing building / Amount ¥1 billion, Field Biotechnology: investment to expand production capacity / Amount ¥600 million |
| Segment target | Segment Functional materials (functional materials) / Sales Target ¥4 billion, Segment Pharmaceuticals / Sales Target ¥5 billion, Segment Bio / Sales Target ¥3 billion |
| Non-financial targets | Indicator Number of employees / Target value 364 / Timing Fiscal year ending March 2027, Indicator Number of employees / Target value 380 / Timing Fiscal year ending March 2028, Indicator Share of sales from the mass-production stage / Target value At least 2/3 / Timing Medium- to Long-Term Outlook |
| Plan assumptions | The outsourced R&D market is valued at ¥142.7 billion for chemicals (2023), with a CAGR of 6.4%, and ¥1.0777 trillion for pharmaceuticals (2025), with a CAGR of 9.1%. Dependence on the Strait of Hormuz is 80% for naphtha-derived chemicals and solvents, the key raw materials, while direct import dependence is approximately 60%. |
| Key initiatives | Pursue the adoption of new mass-production-stage projects, focusing on display materials and chemicals used in semiconductor manufacturing, Advance the division of labor with the pharmaceuticals business and produce pharmaceutical raw materials at the mass-production stage, Raise the utilization rate of the new low-metal facility, FP-4, at an early stage and contribute to earnings, Further strengthen the seamless solutions framework, Focus on strengthening the quality assurance framework to capture globally developed products, which are increasing among customers, Further expand the mass-production-stage business for pharmaceuticals and stabilize sales, Focus on human resources development and other measures to ensure a rapid ramp-up of the new active pharmaceutical ingredient manufacturing building, Building D, Acquire new projects through joint research with customers, Improve the processes for existing products, Conduct drug discovery research and develop basic technologies for manufacturing mid-sized molecule pharmaceuticals through joint research with universities and participation in projects operated by independent administrative agencies, Make effective use of results from projects operated by independent administrative agencies, including AMED and NEDO |
| Results under the previous plan | Outlook for the fiscal year ended March 2026 (13 February 2026): net sales ¥8,800 million, operating income ¥850 million, net income ¥600 million → Actual results for the fiscal year ended March 2026: net sales ¥9,093 million, operating income ¥1,024 million, net income ¥766 million |
| Reason for revision or withdrawal | It is currently difficult to disclose a reasonable full-year earnings outlook. Given the current situation in the Middle East, reliable procurement of key raw materials is difficult, and the increased risk of supply shortages and price surges has created significant uncertainty over the earnings outlook. |
| Size of the Target Market | Outsourced R&D market for chemicals: ¥142.7 billion (2023), CAGR 6.4%. Outsourced R&D market for pharmaceuticals: ¥1.0777 trillion (2025), CAGR 9.1%. Source: Statistics Bureau of the Ministry of Internal Affairs and Communications, Survey of Research and Development, number of research personnel, in-house research expenditures, research funds received and external research expenditures by industry and capital size (companies), processed for use. |
| Risks identified | Risks arising from natural disasters, war, terrorism and other events, Risks relating to the progress of customers' and the Company's R&D plans, Risks arising from dependence on major customers, Risks relating to relationships with competitors |
| Publication date | 14 May 2026 |
Items this document does not state (7)
Operating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyCost of capitalDate of board resolution
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.The situation in the Middle East has made it difficult to procure key raw materials reliably, increasing the risk of supply shortages and price surges and creating significant uncertainty over the earnings outlook.
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