日本トムソン reported a sharp improvement in its April–June 2026 earnings, with order intake reaching ¥32.2 billion and the operating margin rising to 14.1%, and revised its full-year forecast upward. However, the share price fell 11% on the earnings release date, highlighting growing market uncertainty over the sustainability of China’s windfall demand.
In its April–June 2026 earnings, 日本トムソン reported order intake of ¥32.2 billion, up 2.1 times year on year, and said that increased semiconductor-related demand contributed to its sales mix. The operating margin jumped from 4.9% to 14.1%, while the full-year ordinary profit forecast was also raised substantially, putting a record profit after four fiscal years within sight. Supplemental earnings materials showed that orders from China had swelled to approximately ¥8.0 billion, about three times the year-earlier level. The share price fell 11% at the close on the earnings release date.
As background to investment related to semiconductors, one analysis found that China accounted for approximately 36% of global demand for semiconductor manufacturing equipment in 2025 and is expected to maintain a high level of demand in 2026, although China’s share is trending lower. The progress of domestic production in China is seen as providing some support for demand for Japanese-made components. At the same time, there is concern over regulatory developments, including the continuation of US export controls and the “50% rule,” which is due to expire on 9 November 2026.
Dependence on the Chinese market and the progress of in-house production could also affect other linear-motion component manufacturers. While CXMT’s Shanghai listing and the expansion of local production in China are progressing, the risk has also been identified that upward revisions based on a weaker yen could put pressure on profits if the yen strengthens. The focus will be on how growth in Chinese demand changes in future earnings results.