Impact of the Boycott of South Korean Products in China
First written in FY2017. 10 of 28 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-06-15.
No other company in this theme has enough history to compare yet.
- 2026-06-15WorsenedEarnings presentation
「Due to the downturn in the Chinese market, revenue from the pre-integration business declined by approximately ¥1 billion year on year. The pre-integration business was unable to absorb fixed costs amid production cuts by major customers, resulting in a decline in profit of approximately ¥200 million year on year.」
Separate from the overall increase in revenue and profit resulting from the consolidation of ACT, the pre-integration China business was explicitly reported to have suffered lower revenue and profit due to the market downturn and production cuts by major customers. - FY2026-H1WorsenedAnnual report
「In China, despite lower sales to Japanese customers, revenue was ¥4,134.2 million, up ¥1,528.0 million, or 58.6%, year on year, due mainly to higher revenue from the newly consolidated Act Group. Operating income was ¥126.6 million, up ¥83.4 million, or 193.1%, year on year. Although some manufacturing sites experienced lower capacity utilization due to weak customer performance, revenue from the newly consolidated Act Group and other factors contributed to the increase.」
In China, the newly consolidated Act Group resulted in higher revenue and profit, while the company also cited lower sales to Japanese customers and lower capacity utilization at manufacturing sites due to weak performance by some customers. The previous challenges in the China business coexist with overall performance improvements from the acquisition. - FY2025-H1Higher revenue and lower profit in ChinaAnnual report
「In China, despite foreign-exchange effects from the weaker yen, revenue was ¥2,606.1 million, up ¥46.4 million, or 1.8%, year on year, due partly to increased customer production. Although the company pursued earnings improvements through cost reductions, productivity improvements and expense reductions, operating income was ¥43.2 million, down ¥10.7 million, or 19.9%, year on year.」
In China, revenue increased due to higher customer production, while operating income fell 19.9% despite efforts to streamline operations. - FY2024MitigatedAnnual report
「In China, despite foreign-exchange effects from the weaker yen, revenue was ¥5,102.3 million, up ¥404.2 million, or 8.6%, year on year, due to increased customer production and the launch of production for products for new vehicle models, among other factors. Operating income was ¥101.1 million, compared with an operating loss of ¥79.5 million in the previous year, due to higher capacity utilization accompanying increased revenue and cost reductions, among other factors.」
In China, revenue increased 8.6%, while operating results shifted from a ¥795 million loss in the previous year to a ¥1,011 million profit. Increased customer production, the launch of new vehicle models, higher capacity utilization and cost reductions were cited as factors behind the improvement. - FY2024-Q2MitigatedAnnual report
「In China, despite foreign-exchange effects from the weaker yen, revenue was ¥2,559.6 million, up ¥364.7 million, or 16.6%, year on year, due to increased customer production and the launch of production for products for new vehicle models, among other factors. Operating income was ¥53.9 million, compared with an operating loss of ¥52.8 million in the same period of the previous year, due to higher capacity utilization accompanying increased revenue and cost reductions, among other factors.」
In China, revenue increased 16.6% due to increased customer production and the launch of production for products for new vehicle models, while operating results shifted from a ¥528 million loss to a ¥539 million profit. - FY2024-Q1MitigatedAnnual report
「In China, despite foreign-exchange effects from the weaker yen, revenue was ¥1,469.6 million, up ¥263.6 million, or 21.9%, year on year, due to increased customer production and the launch of production for products for new vehicle models, among other factors. Operating income was ¥50.3 million, compared with an operating loss of ¥27.0 million in the same period of the previous year, due to higher capacity utilization accompanying increased revenue and cost reductions, among other factors.」
In China, revenue increased 21.9% due to increased customer production and the launch of production for products for new vehicle models, while operating results shifted from a ¥270 million loss in the same period of the previous year to a ¥503 million profit. The impact of the previous downturn in China sales eased during the current quarter. - FY2023WorsenedAnnual report
「In China, despite foreign-exchange effects from the weaker yen, revenue was ¥4,698.1 million, down ¥209.3 million, or 4.3%, year on year, due partly to sluggish production by major customers, primarily Japanese automakers. Despite efforts to reduce costs and improve productivity, operating loss was ¥79.5 million, compared with operating income of ¥64.8 million in the same period of the previous year, due to lower capacity utilization accompanying lower revenue and persistently high material costs, among other factors.」
In China, revenue fell 4.3% due to sluggish production by major customers, lower capacity utilization and persistently high material costs, while operating results shifted from income to a ¥795 million loss. The deterioration of the China business was also confirmed for the full fiscal year. - FY2023-Q3WorsenedAnnual report
「In China, despite foreign-exchange effects from the weaker yen, revenue was ¥3,372.7 million, down ¥182.1 million, or 5.1%, year on year, due to expanded sales for new-energy vehicles such as EVs and PHEVs and customer production cuts caused by semiconductor shortages, among other factors. Despite efforts to reduce costs and improve productivity, operating loss was ¥67.4 million, compared with operating income of ¥42.0 million in the same period of the previous year, due to soaring raw material prices and higher labor costs resulting from wage increases, among other factors.」
In China, sales for new-energy vehicles expanded, but revenue fell 5.1% year on year, and operating results shifted from income of ¥420 million in the same period of the previous year to a loss of ¥674 million. The effects of semiconductor shortages, soaring raw material prices and wage increases continue. - FY2023-Q2WorsenedAnnual report
「In China, despite foreign-exchange effects from the weaker yen and signs of economic recovery following the lifting of the zero-COVID policy, revenue was ¥2,194.8 million, down ¥343.2 million, or 13.5%, year on year, due partly to customer production cuts accompanying stagnant demand caused by semiconductor shortages and the abolition of automobile tax reductions and subsidies. Despite efforts to reduce costs and improve productivity, operating loss was ¥52.8 million, compared with operating income of ¥76.0 million in the same period of the previous year, due to higher energy prices and increased labor costs, among other factors.」
In China, recovery following the lifting of policy restrictions was a positive factor, but revenue fell 13.5% due to semiconductor shortages, the abolition of automobile tax reductions and subsidies, and higher energy prices and labor costs. Operating results shifted from income to a ¥528 million loss. - FY2023-Q1WorsenedAnnual report
「In China, despite foreign-exchange effects from the weaker yen, revenue was ¥1,205.9 million, down ¥162.8 million, or 11.9%, year on year, due to lower automobile production resulting from the zero-COVID policy and customer production cuts caused by semiconductor shortages, among other factors. Operating loss was ¥27.0 million, compared with operating income of ¥31.0 million in the same period of the previous year.」
In China, the impact of the zero-COVID policy and semiconductor shortages on automobile production and customer production cuts became evident. Revenue fell 11.9%, and operating results shifted from profit in the same period of the previous year to a loss. - FY2022ReframedAnnual report
「In China, despite the impact of customer production cuts due to semiconductor shortages and production stoppages caused by lockdowns, revenue was ¥4,907.5 million, up ¥618.9 million, or 14.4%, year on year, partly due to foreign-exchange effects from the weaker yen. Although the company pursued cost reductions and productivity improvements, operating income was ¥64.8 million, down ¥100.6 million, or 60.8%, year on year, due to soaring raw material prices and higher labor costs resulting from wage increases, among other factors.」
The explanation for weak sales in China has shifted from the previous references to the boycott of South Korean products and U.S.-China trade issues to lockdowns, semiconductor shortages, soaring raw material prices and wage increases. Revenue increased, while operating income fell 60.8%. - FY2022-Q3WorsenedAnnual report
「In China, despite the impact of customer production cuts due to semiconductor shortages and production stoppages caused by lockdowns, revenue was ¥3,554.8 million, up ¥261.1 million, or 7.9%, year on year, partly due to foreign-exchange effects from the weaker yen. Although the company pursued cost reductions and productivity improvements, operating income was ¥42.0 million, down ¥106.6 million, or 71.7%, year on year, due to soaring raw material prices and higher labor costs resulting from wage increases, among other factors.」
In China, revenue increased 7.9% due to expanded sales for new-energy vehicles, while operating income fell 71.7% due to lockdowns and semiconductor shortages, as well as soaring raw material prices and wage increases. - FY2022-Q2Expansion of new-energy vehicle sales alongside lockdowns and supply constraintsAnnual report
「In China, despite the impact of customer production cuts due to semiconductor shortages and production stoppages caused by lockdowns, revenue was ¥2,538.1 million, up ¥303.9 million, or 13.6%, year on year, due partly to expanded sales for new-energy vehicles such as EVs and PHEVs and foreign-exchange effects from the weaker yen. Although the company pursued cost reductions and productivity improvements, operating income was ¥76.0 million, down ¥49.7 million, or 39.5%, year on year, as material cost reductions failed to make sufficient progress and costs remained high.」
In China, revenue increased 13.6% due mainly to expanded sales for new-energy vehicles, while operating income fell 39.5% due to lockdowns, semiconductor shortages and persistently high material costs. - FY2022-Q1Recovery in China sales alongside semiconductor constraintsAnnual report
「In China, recovery from the impact of lockdowns caused by the spread of COVID-19 continued, supported by the government's economic stimulus measures and other policies. Despite the impact of customer production cuts due to semiconductor shortages, revenue was ¥1,368.7 million, up ¥158.3 million, or 13.1%, year on year. Although the company pursued cost reductions and productivity improvements, operating income was ¥31.0 million, down ¥27.4 million, or 46.9%, year on year, as the impact of production cuts due to semiconductor shortages also increased.」
In China, revenue increased 13.1% as the business recovered from the impact of COVID-19-related lockdowns, while operating income fell 46.9% due to customer production cuts caused by semiconductor shortages. The previous risk of weak sales in China has entered a recovery phase, but supply constraints remain a new burden. - FY2021-Q3MitigatedAnnual report
「In China, recovery from the impact of lockdowns caused by the spread of COVID-19 continued, supported by the government's economic stimulus measures and other policies, and automobile production by major customers increased. As a result, despite the impact of customer production cuts due to semiconductor shortages, revenue was ¥3,293.7 million, up ¥836.1 million, or 34.0%, year on year. Operating income was ¥148.7 million, up ¥71.0 million, or 91.3%, year on year, following efforts to reduce costs and improve productivity.」
In China, revenue increased 34.0% and operating income increased 91.3% due to recovery from the impact of COVID-19-related lockdowns and increased production by major customers. The impact of production cuts due to semiconductor shortages remains. - FY2021-Q2MitigatedAnnual report
「In China, recovery from the impact of lockdowns caused by the spread of COVID-19 continued, supported by the government's economic stimulus measures and other policies. As automobile production by major customers in China increased, revenue was ¥2,234.2 million, up ¥714.8 million, or 47.0%, year on year. Operating income was ¥125.8 million, up ¥108.4 million, or 622.8%, year on year, following efforts to reduce costs and improve productivity.」
Recovery from the impact of COVID-19-related lockdowns continued in China, with revenue up 47.0% and operating income up 622.8%. Government support measures, increased customer production, cost reductions and productivity improvements were cited. - FY2021-Q1MitigatedAnnual report
「In China, recovery from the impact of lockdowns caused by the spread of COVID-19 continued, supported by the government's economic stimulus measures and other policies. As automobile production by major customers in China increased, revenue was ¥1,210.4 million, up ¥232.8 million, or 23.8%, year on year. Operating income was ¥58.4 million, up ¥20.0 million, or 52.1%, year on year, following efforts to reduce costs and improve productivity.」
Although the impact of COVID-19-related lockdowns and U.S.-China trade issues had previously remained in China, revenue and operating income both exceeded the same period of the previous year due to government support measures and increased production by major customers. - FY2020MitigatedAnnual report
「In China, operations resumed after March, but the impact of the spread of COVID-19 could not be fully eliminated. In addition, domestic sales remained weak due to the impact of trade issues with the United States, resulting in revenue of ¥3,501.9 million, down ¥289.5 million, or 7.6%, year on year. Although the company pursued cost reductions and productivity improvements, operating income was ¥146.0 million, down ¥15.0 million, or 9.3%, year on year.」
Weak sales in China due to COVID-19 and trade issues with the United States continued, but the full-year decline in revenue narrowed from 17.5% in the previous year to 7.6%, while the decline in operating income narrowed from 37.9% to 9.3%. The impact remains, but the decline is smaller than in the previous year. - FY2020-Q3MitigatedAnnual report
「In China, operations resumed after March, but the impact of the spread of COVID-19 could not be fully eliminated. In addition, domestic sales remained weak due to the impact of trade issues with the United States, resulting in revenue of ¥2,457.6 million, down ¥478.2 million, or 16.3%, year on year. Although the company pursued cost reductions and productivity improvements, operating income was ¥77.7 million, down ¥36.8 million, or 32.2%, year on year.」
Weak sales in China due to COVID-19 and trade issues with the United States continued. Meanwhile, the year-on-year decline in revenue narrowed from 24.6% in the previous quarter to 16.3%, and the decline in operating income narrowed from 76.7% to 32.2%. The impact remains, but the scale of the decline is narrowing. - FY2020-Q2WorsenedAnnual report
「In China, revenue was ¥1,519.4 million, down ¥496.7 million, or 24.6%, year on year, as domestic sales remained weak, mainly due to the economic downturn caused by the spread of COVID-19 and the impact of trade issues with the United States. Although the company pursued cost reductions and productivity improvements, operating income was ¥17.4 million, down ¥57.3 million, or 76.7%, year on year.」
In addition to the previous explanation of U.S.-China trade issues, the economic downturn caused by the COVID-19 pandemic was explicitly cited as a factor behind weak sales in China. Revenue fell 24.6% and operating income fell 76.7%. - FY2020-Q1RestatedAnnual report
「In China, revenue was ¥977.6 million, down ¥62.2 million, or 6.0%, year on year, as domestic sales remained weak, mainly due to the impact of trade issues with the United States.」
Weak domestic sales in China due to trade issues with the United States continued to be cited as a factor behind the decline in revenue. Meanwhile, revenue declined 6.0% year on year, while operating income increased due to cost reductions and productivity improvements. - FY2019WorsenedAnnual report
「In China, revenue was ¥3,791.5 million, down ¥803.3 million, or 17.5%, year on year, as domestic sales remained weak, mainly due to the impact of trade issues with the United States. Operating income was ¥161.0 million, down ¥98.4 million, or 37.9%, year on year, due to the impact of lower capacity utilization accompanying weak domestic sales in China.」
Weak domestic sales in China due to trade issues with the United States continued throughout the fiscal year, with revenue in China down 17.5% and operating income down 37.9%. - FY2019-Q3WorsenedAnnual report
「In China, revenue was ¥2,935.9 million, down ¥510.5 million, or 14.8%, year on year, as domestic sales remained weak, mainly due to the impact of trade issues with the United States. Operating income was ¥114.5 million, down ¥122.4 million, or 51.7%, year on year, due to the impact of lower capacity utilization accompanying weak domestic sales in China.」
Weak domestic sales in China due to trade issues with the United States continued, with revenue in China down 14.8% year on year and operating income down 51.7%. - FY2019-Q2ReframedAnnual report
「In China, revenue was ¥2,016.1 million, down ¥358.3 million, or 15.1%, year on year, as domestic sales remained weak, mainly due to the impact of trade issues with the United States.」
The explanation for weak sales in China has shifted from the previous references to the boycott of South Korean products and weak sales to South Korean automakers to weak domestic sales due to trade issues with the United States. - FY2018-Q3RestatedAnnual report
「In China, sales to Japanese automakers remained firm, while sales to South Korean automakers remained weak. As a result, revenue was ¥3,446.4 million, down ¥269.8 million, or 7.3%, year on year.」
In China, the company continues to cite weak sales to South Korean automakers as a factor, rather than using the previous description of a boycott of South Korean products. Revenue in China fell 7.3% year on year. - FY2018-Q2ReframedAnnual report
「In China, sales to Japanese automakers remained firm, while sales to South Korean automakers remained weak. As a result, revenue was ¥2,374.4 million, down ¥299.7 million, or 11.2%, year on year.」
The explanation has shifted from explicitly citing the external factor of the boycott of South Korean products in China to focusing on weak sales to South Korean automakers as a customer- and sales-related factor. Revenue in China fell 11.2% year on year, while operating income fell 21.5%. - FY2018-Q1MaterialisedAnnual report
「In China, sales to Japanese automakers remained firm, but revenue was ¥1,329.5 million, down ¥103.3 million, or 7.2%, year on year, partly due to the impact of the boycott of South Korean products in China. Operating income was ¥97.8 million, down ¥27.0 million, or 21.7%, year on year, mainly due to lower profit accompanying reduced production for South Korean manufacturers.」
The boycott of South Korean products in China continued to be cited as a factor behind the decline in sales, while revenue in China fell 7.2% year on year and operating income fell 21.7%. - FY2017MaterialisedAnnual report
「In China, sales to local automakers remained firm, but revenue was ¥4,839 million, down ¥128 million, or 2.6%, year on year, partly due to the impact of the boycott of South Korean products in China.」
The boycott of South Korean products in China was explicitly cited as a factor behind the decline in sales, and revenue in China fell 2.6% year on year.