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創業以来培ってきた熱交換器技術を活かして、持続可能な社会に貢献する会社を目指します

Fiscal 2024 was a year in which production was suspended due to the inappropriate issue of certification at the beginning of the year and, at the end of the fiscal year, the new U.S. administration's sudden change in the customs policy, and other events. Monetary policy by the authorities of each country also entered a turning point, and this was also a year in which changes occurred in the business environment, such as interest rates and foreign exchange rates. Under these circumstances, we made significant progress in improving profitability in the U.S. business by promoting the transfer of production, and our results in Japan and ASEAN were also firm.
Looking at the outlook for fiscal 2025, while we are still unable to see where the U.S. tariff policy will take place, restructuring the supply chain and optimizing the allocation of production resources will be major challenges. Conflicts in Ukraine and the Middle East are still ongoing, and the outlook for the Chinese economy is uncertain. In this context, we recognize that the global business environment remains unpredictable.

The 4-year medium-term management plan, "T.RAD-12(2022-2025 Year," has finished the 3-year period and ROE has reached 9.1%. In fiscal 2024, we also completed the introduction of DOE with the aim of strengthening and stabilizing shareholder returns. The environment surrounding our industry is becoming increasingly rapid year by year. In order to respond flexibly to the pace of change, and based on our judgment that we have achieved a certain level of results in the current medium-term management plan, we have recently completed T.RAD-12 one year ahead of schedule and decided to formulate and launch a new "T.RAD-2025." The new medium-term plan sets out mediumto long-term management targets (2030 targets), but sets and works on management targets based on the environment on a single-year basis. Under the new medium-term management plan, we will focus on improving our capital-efficiency and profitability, and will strive to further improve ROE and double PBR1.0.

As part of our efforts to become a company that realizes GX, we will develop and expand sales of heat exchangers that can contribute to GX.
In the multi-pass age, the need for heat exchangers is becoming more diverse and increasing, so this is an opportunity for us to expand our market. We will make efforts to contribute to a recycling-oriented society by realizing energy-saving factories such as photovoltaic power generation and promoting recycling, including aluminum and resin materials.

Based on our management philosophy of "contributing to the realization of a sustainable society that is friendly to the global environment through the provision of superior thermal energy conversion technologies and services," since our founding in 1936, we have been a pioneer in the manufacture of heat exchangers, providing products for a wide range of applications such as automobiles
Toward the milestone of the 90th anniversary of our founding in 2026, we will pursue the happiness of our customers, shareholders, employees, business partners, and local communities from the perspectives of manufacturing and environmental contribution.

I would like to ask for the continued understanding and support of our shareholders.