Slower market growth due to China's economic slowdown
First written in FY2016. 12 of 35 entries say "Softened", first in FY2017. Latest entry: 2026-11-13.
Kyosha moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2019: 19 of 42 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- FY2026MaterialisedAnnual report
「(China) Although orders for consumer electronics products such as LED lighting and high-value-added metal substrates for automotive applications increased, orders for automotive-related products destined for ASEAN and for office equipment and other products in China declined. As a result, revenue was ¥12,634 million, including intersegment transactions, down 12.0% year on year, a decrease of ¥1,724 million.」
In China, orders for consumer electronics and high-value-added metal substrates increased, but revenue declined 12.0% year on year due to lower orders for automotive-related products destined for ASEAN and office equipment and other products in China. - 2026-05-15MaterialisedResults
「Overseas, orders for LED lighting, air conditioners and other home appliances, as well as high-value-added metal substrates for automotive applications, increased. However, total orders for automotive applications declined, causing revenue to fall below the same period of the previous year.」
中国を含む海外では一部製品の受注が増加したものの、自動車向け全体の受注減少により海外売上高が前年同期を下回った。 - FY2025-H1SoftenedAnnual report
「(China) The printed wiring board business reported revenue of ¥7,088 million, including intersegment transactions, up 12.1% year on year, an increase of ¥765 million, as orders recovered in the office equipment and automotive-related sectors. Segment operating profit was ¥581 million, up 38.9%, an increase of ¥162 million, reflecting cost improvements and strong sales of high-value-added metal substrates for automotive applications.」
In China, orders recovered in the office equipment and automotive-related sectors, and both revenue and segment profit exceeded the year-earlier levels, reducing the risk of slowing Chinese demand based on the results for the interim period. However, the report continues to identify a prolonged slowdown in the Chinese economy as a factor contributing to the uncertain outlook. - FY2024MaterialisedAnnual report
「(China) In the printed circuit board business, orders declined mainly in the office equipment and electronic components fields, including power supplies, due to the impact of inventory adjustments. As a result, revenue was ¥13,074 million, including intersegment transactions, down 3.5% year on year, a ¥478 million decrease」
The slowdown in the Chinese economy and inventory adjustments were reflected in the results as lower orders in the office equipment and electronic components businesses and a 3.5% decline in full-year revenue. - FY2024-Q3MaterialisedAnnual report
「(China) In the printed circuit board business, orders declined mainly in the office equipment and electronic components fields, including power supplies, due to the impact of inventory adjustments. As a result, revenue was ¥9,913 million, including intersegment transactions, down 1.8% year on year, a ¥178 million decrease」
In China, orders in the office equipment and electronic components fields, including power supplies, declined due to inventory adjustments, resulting in revenue declining 1.8% year on year. - FY2024-Q2MaterialisedAnnual report
「(China) In the printed circuit board business, orders in the automotive-related field for North America remained strong. However, orders declined mainly in the office equipment and electronic components fields, including power supplies, due to customers' inventory adjustments and the fading of stay-at-home consumption. As a result, revenue was ¥6,323 million, including intersegment transactions, down 4.5% year on year, a ¥297 million decrease」
In China, while some automotive-related orders remained strong, orders in the office equipment and electronic components fields, including power supplies, declined due to inventory adjustments and the fading of stay-at-home consumption, resulting in revenue declining 4.5% year on year. - FY2024-Q1MaterialisedAnnual report
「(China) In the printed circuit board business, orders in the home appliance field, including LED lighting and air conditioners, remained strong. However, orders declined mainly in the office equipment and electronic components fields, including power supplies, due to customers' inventory adjustments and the fading of stay-at-home consumption. As a result, revenue was ¥3,185 million, including intersegment transactions, down 6.9% year on year, a ¥237 million decrease」
In China, while some home appliance fields performed well, orders in the office equipment and electronic components fields, including power supplies, declined due to inventory adjustments and the fading of stay-at-home consumption, resulting in revenue declining 6.9% year on year. - FY2023SoftenedAnnual report
「(China) In the printed circuit board business, revenue was ¥13,552 million, including intersegment transactions, up 18.8% year on year, a ¥2,149 million increase, due to the development of new customers, mainly in the automotive-related field, and increased orders for new aluminum substrates. Segment profit (operating profit) was ¥699 million, up 8.4% year on year, a ¥54 million increase, due to higher revenue.」
In China, revenue and profit increased due to higher orders from new customers and for aluminum substrates, and the expression of the risk of slower market growth due to China's economic slowdown has weakened based on the results. - FY2023-Q3SoftenedAnnual report
「(China) In the printed circuit board business, revenue was ¥10,092 million, including intersegment transactions, up 19.4% year on year, a ¥1,638 million increase, due to the development of new customers, mainly in the automotive-related field, and increased orders for new aluminum substrates. Segment profit (operating profit) was ¥579 million, up 6.8% year on year, a ¥37 million increase, due to higher revenue.」
In China, revenue and profit increased due to the development of new customers, mainly in the automotive-related field, and increased orders for aluminum substrates, and the risk of slower market growth due to China's economic slowdown has weakened based on the results. - FY2023-Q2Lockdown impact coexisted with contributions from new customers and productsAnnual report
「Overseas, China was affected by lockdowns, but sales from new customers and new products, mainly in the automotive-related field, contributed, while orders in the office equipment field remained strong in both China and Indonesia.」
While the disclosure cited the impact of lockdowns in China, orders from new customers and for new products, as well as orders in the office equipment field, contributed, so risks of slowing demand coexisted with business expansion. - FY2023-Q1SoftenedAnnual report
「(China) In the printed circuit board business, revenue was ¥3,422 million, including intersegment transactions, up 34.6% year on year, a ¥880 million increase, due to the development of new customers, mainly in the automotive-related field, and increased orders for new aluminum substrates. Segment profit (operating profit) was ¥197 million, up 18.8% year on year, a ¥31 million increase, due to higher revenue.」
In China, revenue and profit increased due to the development of new customers, mainly in the automotive-related field, and increased orders for aluminum substrates, weakening the expression of the risk of slower market growth due to China's economic slowdown. - FY2022-Q3SoftenedAnnual report
「(China) In the printed circuit board business, revenue was ¥8,453 million, including intersegment transactions, up 38.3% year on year, a ¥2,339 million increase, due to the recovery in orders in the automotive-related, office equipment and home appliance fields. Segment profit (operating profit) was ¥541 million, up 135.0% year on year, a ¥311 million increase, as a result of the substantial revenue growth and improved operating efficiency, including higher productivity.」
In China, orders in the automotive-related, office equipment and home appliance fields recovered, and both revenue and operating profit were substantially higher than in the same quarter of the previous year. Based on the results for the quarter, the expression of the risk of slower market growth due to China's economic slowdown weakened. - FY2022-Q2SoftenedAnnual report
「(China) In the printed circuit board business, revenue was ¥5,404 million, including intersegment transactions, up 38.6% year on year, a ¥1,504 million increase, due to the recovery in orders in the home appliance, office equipment and automotive-related fields. Segment profit (operating profit) was ¥366 million, up 200.3% year on year, a ¥244 million increase, as a result of the substantial revenue growth and improved operating efficiency, including higher productivity.」
In China, orders in the home appliance, office equipment and automotive-related fields recovered, and both revenue and operating profit were substantially higher than in the same quarter of the previous year. Based on the results for the quarter, the expression of the risk of slower market growth due to China's economic slowdown weakened further. - FY2022-Q1SoftenedAnnual report
「In the printed circuit board business, revenue was ¥2,542 million, including intersegment transactions, up 26.1% year on year, a ¥525 million increase, due to the recovery in orders in the home appliance, office equipment and automotive-related fields. Segment profit (operating profit) was ¥166 million, up 207.8% year on year, a ¥112 million increase, as a result of the substantial revenue growth and improved operating efficiency, including higher productivity.」
In China, orders in the home appliance, office equipment and automotive-related fields recovered, and both revenue and operating profit exceeded the same quarter of the previous year. Based on the results of the China business this quarter, the expression of the risk of slower market growth due to China's economic slowdown has weakened. - FY2021China orders recovering, but full-year revenue downAnnual report
「Orders in the automotive-related, office equipment and home appliance fields have been recovering since the third quarter following the reopening of economic activity, but the impact of weakness in the first half and the classification of Mexico as a reportable segment from the current consolidated fiscal year resulted in revenue of ¥8,582 million, including intersegment transactions, down 4.8% year on year, a ¥428 million decrease」
In China, orders recovered in the second half, but the impact of weakness in the first half remained, resulting in full-year revenue declining 4.8% year on year. - FY2021-Q3China orders recovering, but cumulative revenue still downAnnual report
「Orders in the automotive-related, office equipment and home appliance fields have been recovering since the third quarter following the reopening of economic activity, but the impact of weakness in the first half of the period resulted in revenue of ¥6,159 million, including intersegment transactions, down 7.5% year on year, a ¥500 million decrease」
In China, orders in the automotive-related, office equipment and home appliance fields began recovering from the third quarter, but the impact of weakness in the first half resulted in China segment revenue declining 7.5% year on year. - FY2021-Q2MaterialisedAnnual report
「Overseas, in addition to prolonged US-China trade friction, the impact of the COVID-19 pandemic caused orders to decline in China in the automotive-related, office equipment and home appliance fields, including LED lighting, and in Indonesia, mainly in the automotive-related and home appliance fields.」
Orders for automobiles, office equipment and LED lighting, among other products, continued to decline in China and Indonesia, reflecting the slowdown in China's economy and Asian demand. - FY2021-Q1MaterialisedAnnual report
「Overseas, prolonged US-China trade friction and the impact of the COVID-19 pandemic caused orders to remain weak in China, mainly in the office equipment and home appliance fields, including LED lighting, and in Indonesia, mainly in the automotive-related field.」
The slowdown in China's economy and demand was reflected in weak orders in the office equipment and home appliance fields, including LED lighting. - FY2020-Q3MaterialisedAnnual report
「Overseas, including in China, emerging Asian markets remained on a slowing economic trend due to weak exports amid uncertainty arising from US-China trade friction, and demand struggled to grow.」
The economic slowdown and weak exports in emerging Asian markets, including China, were reflected in sluggish demand in the actual business environment. - FY2020-Q2MaterialisedAnnual report
「Overseas sales fell below the same quarter of the previous year because orders for consumer electronics, particularly LED lighting, remained weak in China and Indonesia, while orders in China's automotive field also declined.」
The slowdown in China's economy and demand was reflected in weak orders for home appliances such as LED lighting and lower automotive-related orders in China. - FY2020-Q1MaterialisedAnnual report
「Overseas revenue declined as, although orders in China's office equipment field increased, home appliances, led by LED lighting, remained weak due to inventory adjustments from the end of the previous period, and automotive-related orders also declined.」
The slowdown in China's economy and demand was reflected in weak home appliance sales, including LED lighting, due to inventory adjustments, and lower automotive-related orders. - FY2019MaterialisedAnnual report
「In China, orders for office equipment and imaging-related products remained strong, but orders for home appliances such as LED lighting fell sharply in the fourth quarter, while orders for automotive-related and amusement-related products for double-sided printed circuit boards also remained weak, resulting in」
Concerns about China's economy and exports were reflected in the sharp decline in fourth-quarter orders for home appliances and weak orders in the automotive-related and amusement-related fields. - FY2019-Q3WorsenedAnnual report
「Overseas, moderate growth centered on domestic demand continued in emerging Asian economies, but signs of a slowdown in China's economic recovery emerged. Concerns over an escalation in global trade friction and sharp fluctuations in foreign exchange and financial markets also heightened uncertainty about the outlook.」
Compared with the previous references to stable growth in China and Asia, the disclosure explicitly indicated a slowdown in China's economic recovery and heightened uncertainty about the outlook, again expressing the risk of a slowdown in China's economy more strongly. - FY2019-Q2SoftenedAnnual report
「Although intensifying global trade friction was a concern overseas, economies continued to grow steadily, supported by economic measures such as China's promotion of infrastructure investment and resilient domestic demand in emerging Asian markets, and demand remained firm.」
Rather than China's economic slowdown or downside risks, the disclosure cited stable growth and firm demand supported by measures such as infrastructure investment promotion, weakening the expression of market-growth risks. However, intensifying global trade friction was newly identified as a concern. - FY2019-Q1RestatedAnnual report
「Demand remained firm as economies in China and emerging Asian markets continued to expand steadily, supported by strong domestic demand and higher exports.」
The disclosure continues to cite higher exports in addition to domestic demand, along with steady economic expansion and firm demand in China and emerging Asian markets. - FY2018-Q3SoftenedAnnual report
「Demand remained firm overseas as economies in China and emerging Asian markets achieved stable growth on resilient domestic demand and strong exports.」
Rather than China's economic slowdown and downside risks, the disclosure referred to domestic demand, strong exports and stable economic growth in China and emerging Asian markets, weakening the expression of market-growth risks. - FY2018-Q2SoftenedAnnual report
「Demand remained firm overseas as domestic demand stayed resilient and economic recovery gained momentum in China and emerging Asian markets.」
Rather than concerns about China's economic slowdown and downside risks, the disclosure referred to resilient domestic demand and economic recovery in China and emerging Asian markets, weakening the expression of market-growth risks. - FY2018-Q1SoftenedAnnual report
「Demand remained firm overseas as economic recovery gained momentum in China and emerging Asian markets.」
Rather than China's economic slowdown and uncertainty about the outlook, the disclosure referred to economic recovery in China and emerging Asian markets and resilient demand, further weakening the expression of risks from slowing demand in China. - FY2017SoftenedAnnual report
「Overseas demand remained firm overall as the automotive-related field continued to grow in China and emerging Asian markets.」
References to China's economic slowdown and uncertainty about the outlook in prior periods were replaced by references to growth and resilience in automotive-related demand in China and emerging Asian markets, weakening the expression of risk. - FY2017-Q3RestatedAnnual report
「Downside risks to China's economy remained a concern overseas and uncertainty about the outlook persisted, but demand remained firm as the automotive-related field continued to grow in emerging Asian markets and elsewhere.」
Downside risks to China's economy and uncertainty about the outlook remain, while demand in China's automotive-related field and in the automotive-related fields of emerging Asian markets remains firm. - FY2017-Q2RestatedAnnual report
「Overseas markets continued to see growth in the automotive-related field in emerging Asian markets and elsewhere, but China's economic growth remained on a slowing trend, and uncertainty about the outlook continued.」
Slower economic growth in China and uncertainty about the outlook have continued from the previous quarter. - FY2017-Q1WorsenedAnnual report
「Overseas markets continued to grow moderately, mainly in the automotive-related field in emerging markets, but market growth showed a slowing trend due to China's economic slowdown, and uncertainty about the outlook continued.」
The slowing trend in market growth and continued uncertainty about the outlook due to China's economic slowdown also affected the decline in orders, mainly for home appliances and office equipment. - FY2016First statedAnnual report
「Overseas markets continued to grow moderately, led by automotive-related businesses in China and emerging markets, but market growth slowed due to China's economic slowdown.」
The business environment for the period was characterised by China's economic slowdown and slower market growth.