Figure 1: Summary of JPC FY3\/26 2Q Results<\/span><\/p>\n Looking at the\u00a0end-market trends<\/a> (Japanese only), global PC shipments increased 9.4% YoY in the July\u2013September quarter, partly due to the approaching end of Windows 10 support, while smartphone shipments rose 2.6% YoY (with Apple up 2.9%). JPC also highlighted robust demand from AI server and data center applications in its briefing, and we expect the current strength in the AI-related market to continue benefiting JPC\u2019s business performance going forward.<\/p>\n What we\u2019re particularly focused on is the outlook for JPC\u2019s key customer, Ibiden Co., Ltd. (\u201cIbiden\u201d). As shown below, Ibiden accounted for just under 30% of JPC\u2019s total sales in FY3\/25, making it by far the company\u2019s most important client.<\/p>\n Figure 2: Revenue Breakdown by Customer for JPC<\/span><\/p>\n As reported in recent Nikkei articles, Ibiden is enjoying a strong momentum\u2014especially in the area of substrates for generative-AI semiconductors\u2014and is expected to post robust growth. We asked at the earnings briefing, \u201cwhether JPC could capture similar upside from Ibiden\u2019s planned scale-up\u2014Nikkei has reported that Ibiden\u2019s production for IC package substrates for generative-AI servers is expected to increase to 2.5x by FY2027<\/a> (Japanese only)\u201d. JPC\u2019s reply was cautious: \u201cBecause gold plating is used only on surfaces and not in the stacked layers, an increase in substrate area does not automatically translate into a proportional rise in JPC\u2019s plated-volume orders, so the impact is not yet clear.\u201d Nevertheless, we believe JPC should reasonably capture some benefit from higher production volumes, and we expect the company to analyze such upside carefully and communicate, as concretely as possible, what those positives mean for JPC\u2019s earnings.<\/p>\n Overall, we view JPC\u2019s ability to capture new AI-related demand as a constructive sign, and we remain encouraged by the company\u2019s progress in turning such opportunities into sustainable growth.<\/p>\n That said, the company\u2019s persistent weakness in go-to-market capability\u2014especially its limited presence across emerging markets led by China\u2014remains starkly visible in this quarter\u2019s results. In the functional chemicals sector, sales into China can exceed 30% at some peers (e.g., MEC Company Ltd. FY12\/24 \u2192 32%; JCU Corporation FY3\/25 \u2192 38%), whereas JPC\u2019s China exposure was only 4.6% in FY3\/25 and remained low at 3.5% on a standalone basis in 2Q FY3\/26. China is rapidly developing an independent ecosystem for advanced technologies, including semiconductors, and represents a material growth market for Japanese functional-chemical suppliers. Despite strong technology, JPC appears to be losing revenue opportunities because of limited customer reach. We strongly encourage management to adopt strategic, growth-minded options\u2014ranging from capital and business alliances to bold M&A\u2014to expand its market footprint rather than remain wedded to a narrow corporate framework.<\/span><\/p>\n Finally, on the balance sheet: the company announced intentions to sell some investment securities, but at 2Q-end the balance-sheet carrying value of policy shareholdings rose from JPY 6.0 bn at FY3\/25 to JPY 8.4 bn\u2014an increase from 43.9% to 54.1% of net assets. From a shareholder perspective, this further enlarges an exposure to industry-specific risks that far exceed what would be needed to support core operations, which we find undesirable. Management has indicated planned disposals in 3Q that would realize roughly JPY 1 bn in gains at current prices, but the company still retains excess cash that generates returns far below its cost of capital. Maintaining this \u201cmetabolic\u201d excess of cash and investment securities creates large sunk costs for shareholders. We therefore strongly urge management to accelerate measures to return excess capital to shareholders.<\/span><\/p>\n \uff5e\uff5e\uff5e\uff5e\uff5e<\/p>\n Shifting focus, we would like to offer our view on broader trends in the functional-chemicals industry\u2014of which JPC is a participant\u2014and share what we see as the major structural forces shaping the sector going forward.<\/p>\n Looking at the semiconductor industry more broadly, since consolidation in the late 1990s, we are now seeing a clear cycle driven by several forces: (1) a rapid surge in demand for compute resources centered on generative AI; (2) companies that are advantaged not just technologically but also in capital scale gaining ground; (3) those firms pursuing bold, fast-paced investments to achieve economies of scale; and (4) an accelerating winner-takes-most dynamic that fuels further capital accumulation for the leaders. Under this growth regime, Japanese firms\u2019 global share has been eroded by Taiwan and Korea, and in leading-edge segments, the dominant structure today typically features U.S.-based design with manufacturing concentrated in Korea and Taiwan.<\/p>\n Figure 3: Share Trends in the Global Semiconductor Industry<\/span><\/p>\n (Source: Hibiki, compiled from A symbolic event that underscored Japan\u2019s decline in the semiconductor industry was the bankruptcy of Elpida Memory in 2012. Formed through the business integration of NEC and Hitachi in 1999, and later joined by Mitsubishi Electric in 2003, Elpida struggled to maintain the investment scale and policy support required in an intensely competitive field, ultimately filing for corporate rehabilitation under Japan\u2019s Corporate Reorganization Law and effectively going bankrupt, before eventually coming under Micron\u2019s umbrella. In stark contrast, SK Hynix in Korea \u2014 which received strong government backing \u2014 has since thrived, representing the opposite outcome.<\/p>\n That said, a different perspective emerges when we look at the post-acquisition outcomes.<\/p>\n Micron has\u00a0invested roughly JPY 1.8 tn in Japan in the eight years following the acquisition of Elpida<\/a> (Japanese only). Adding to that, retrospective reporting<\/a>\u00a0(Japanese only) has highlighted benefits, including 50% higher R&D spending, placing top talent in key positions regardless of nationality, maintaining facilities, and broader regional economic impacts such as infrastructure.<\/p>\n Even when foreign companies possess strong capital and expertise, many Japanese executives feel a psychological resistance, as it can appear that their firms are being swallowed by foreign ownership. Yet in reality, such investments often bring significant benefits: they expand capital inflows into Japan, strengthen technological competitiveness, create jobs, develop highly skilled talent, and stimulate growth in related industries. These broad, positive spillovers contribute meaningfully to Japan\u2019s national strength and should not be overlooked.<\/p>\n Turning our attention to the semiconductor materials and components industry, Japan still maintains a significant global presence, holding roughly a 50% share in these categories.<\/p>\n Figure 4: Country Shares in Semiconductor Materials and Components<\/span><\/p>\n Precisely because of this, the industry has remained conservative and has seen little consolidation, with numerous small-scale firms persisting in the functional-chemicals sector. Many of these companies possess overwhelming technological capabilities and dominant positions in specific niche areas, and many management teams appear to assume, \u201cIn the past, we managed just fine as a small, highly skilled company, so continuing in the same way going forward should be fine.\u201d<\/p>\n This fragmentation is particularly apparent among PCB-related firms: distinct process steps and unique chemistries create natural territorial boundaries, and companies historically have reinforced these boundaries through complex cross-shareholdings to shield themselves from external takeover threats.<\/p>\n Figure 5: Industry Map \u2014 Semiconductor-Related Functional Chemicals<\/span><\/p>\n By contrast, overseas consolidation has advanced significantly over time. Examples include Rohm and Haas, which became part of Dow Chemical in 2009; Atotech, the world leader in precision plating chemicals, which entered private-equity ownership in 2017, listed on the NYSE in 2021 and was acquired by MKS in 2022 to pursue synergies and Asia expansion; and Coventya, which spun out in an MBO in 2000 and later grew through more than ten acquisitions before joining U.S. MacDermid in 2021. These moves expanded customer access and R&D capabilities and generated exponential growth\u2014strategic playbooks from which Japanese firms should learn.<\/p>\n In light of these trends among overseas companies, we are concerned that if the current situation persists, the same concentration and consequent erosion of Japanese companies\u2019 competitiveness observed in the semiconductor design and manufacturing areas could very well occur in the functional chemicals sector as well.<\/p>\n Recently, activist investors and private equity firms have become increasingly active, and a clear momentum toward industry consolidation is emerging from what has long been a fragmented, \u201csmall-state\u201d landscape. For example, Taiyo Holdings, the world\u2019s largest solder-resist manufacturer, has reportedly received multiple proposals from private equity firms<\/a>. In addition, major semiconductor materials companies such as JSR Corporation, and adjacent industry players like Shinko Electric Industries, have been taken private by the government-backed Japan Investment Corporation Capital (JICC), with the aim of strengthening the semiconductor-related industry from an economic security perspective. In the tender offer filing submitted by JICC\u2019s SPC for JSR, language reflecting the possibility of broader industry consolidation is included.<\/p>\n (Source: JSR press release, March 18, 2024<\/a>)<\/p>\n History has a way of repeating itself. We believe the time has come to decisively cut old ties and pursue strategic consolidation. We urge the management of JPC\u2014whose scale is by no means large\u2014not to retreat into a small-company mindset or indulge in vanity as leaders of a small firm. Similarly, we encourage many executives across the industry to take a zero-based approach in reconsidering all strategic options, including industry consolidation or joining a larger corporate group, to determine what genuinely enhances corporate value. The combined outcome of these decisions will, without exaggeration, shape the trajectory of Japan\u2019s industrial strength and competitiveness for the next century. This is a call to act boldly, with clarity and purpose, to ensure that the choices made today lay the foundation for long-term national and corporate prosperity (Yuya Shimizu, Fumihiro Kawasaki).<\/p>\n (References) This post does not constitute a solicitation for an offer to acquire or recommend the purchase or sale of specific securities, or advice on investment, legal, tax, accounting, or any other matters. In the event of any discrepancy or conflict between the English and Japanese versions, unless otherwise noted, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated.<\/strong><\/p>\n 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2025\u5e746\u67081\u65e5 \u30fc \u65e5\u672c\u9ad8\u7d14\u5ea6\u5316\u5b66\u306b\u5bfe\u3059\u308b\u7b46\u982d\u682a\u4e3b\u3068\u3057\u3066\u306e\u516c\u958b\u30ad\u30e3\u30f3\u30da\u30fc\u30f3\u306e\u5b9f\u65bd\u306b\u3064\u3044\u3066 2025\u5e745\u670828\u65e5 \u30fc \u65e5\u672c\u9ad8\u7d14\u5ea6\u5316\u5b66\u682a\u5f0f\u4f1a\u793e\u306b\u5bfe\u3059\u308b\u30ad\u30e3\u30f3\u30da\u30fc\u30f3\u306b\u95a2\u3059\u308b\u30c0\u30a4\u30e4\u30e2\u30f3\u30c9\u30fb\u30aa\u30f3\u30e9\u30a4\u30f3\u8a18\u4e8b\u63b2\u8f09 2025\u5e745\u670826\u65e5 \u30fc \u7b46\u982d\u682a\u4e3b\u3068\u3057\u3066\u65e5\u672c\u9ad8\u7d14\u5ea6\u5316\u5b66\u306e\u793e\u5916\u53d6\u7de0\u5f79\u306b\u5bfe\u3057\u3066\u610f\u898b\u8981\u8acb\u3092\u5b9f\u65bd 2025\u5e745\u670822\u65e5 \u30fc \u65e5\u672c\u9ad8\u7d14\u5ea6\u5316\u5b66\u306b\u5bfe\u3059\u308b\u682a\u4e3b\u63d0\u6848\u30b3\u30e1\u30f3\u30c8 2025\u5e745\u670821\u65e5 \u30fc \u65e5\u672c\u9ad8\u7d14\u5ea6\u5316\u5b66\u306b\u5bfe\u3059\u308b\u7b46\u982d\u682a\u4e3b\u3068\u3057\u3066\u306e\u682a\u4e3b\u63d0\u6848\u306e\u5b9f\u65bd\u306b\u3064\u3044\u3066 2024\u5e7410\u67082\u65e5 \u30fc \u65e5\u672c\u9ad8\u7d14\u5ea6\u5316\u5b66\u682a\u5f0f\u4f1a\u793e \u53d6\u7de0\u5f79\u4f1a\u3078\u306e\u66f8\u7c21\u9001\u4ed8\u306b\u3064\u3044\u3066 \u5c1a\u3001\u672c\u6295\u7a3f\u306f\u7279\u5b9a\u306e\u6709\u4fa1\u8a3c\u5238\u306e\u7533\u8fbc\u306e\u52e7\u8a98\u82e5\u3057\u304f\u306f\u58f2\u8cb7\u306e\u63a8\u5968\u307e\u305f\u306f\u6295\u8cc7\u3001\u6cd5\u52d9\u3001\u7a0e\u52d9\u3001\u4f1a\u8a08\u306a\u3069\u306e\u52a9\u8a00\u3092\u884c\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002 On October 24, 2025, one of our core portfolio holdings, Japan Pure Chemical Co., Ltd. (\u201cJPC\u201d or \u201cthe Company\u201d), announced its earnings and held a financial briefing. While we continue to view JPC\u2019s business fundamentals as highly attractive, we believe the company still falls short in key areas of corporate value enhancement\u2014most notably, balance sheet management. As a significant shareholder, we have been engaging continuously and constructively with the management on these issues and will continue to encourage more decisive actions to unlock the company\u2019s full potential. A summary of our past engagement activities is provided at the end of this post. The company\u2019s core business lies in the development, manufacturing, and sales of precious metal plating chemicals, with a particular focus on gold. Backed by its exceptional product quality, JPC commands a strong market share in high-end electronics applications such as smartphones, PCs, and servers. In the 2Q earnings results announced on October 24, JPC reported solid performance driven by strong demand for AI servers and data centers, while demand for its core end applications\u2014PCs and smartphones\u2014showed a gradual recovery after a slow rebound. As a result, gross profit rose 9.1% YoY. Despite increased investment in human capital\u2014particularly in expanding its sales force\u2014operating profit still grew 1.9% YoY, which we view as a positive sign. Figure 1: Summary of JPC FY3\/26 2Q Results (Source: JPC FY3\/26 2Q Earnings…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78,39,68],"tags":[],"class_list":{"0":"post-5159","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-78","8":"category-engagement","9":"category-68"},"views":7418,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=5159"}],"version-history":[{"count":5,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5159\/revisions"}],"predecessor-version":[{"id":5173,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5159\/revisions\/5173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=5159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2025\/10\/20251027_figure1_ENG.png\")
(Source: JPC FY3\/26 2Q Earnings Presentation<\/a>)<\/p>\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2025\/10\/20251027_figure2_ENG.png\")
(Source: JPC FY3\/25 Annual Securities Report)<\/p>\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2025\/10\/20251027_figure3_ENG.png\")
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\nMETI, June 2023 \u2014 Semiconductor & Digital Industry Strategy<\/a> (Japanese only))<\/p>\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2025\/10\/20251027_figure4_ENG.png\")
(Source: Hibiki, compiled from
\nMETI, June 2023 \u2014 Semiconductor & Digital Industry Strategy<\/a> (Japanese only))<\/p>\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2025\/10\/20251027_figure5_ENG.png\")
(Source: Hibiki, compiled from public information)<\/p>\n![\"\"](\"https:\/\/www.hibiki-path-advisors.com\/wp-content\/uploads\/2025\/10\/220251027_figure6_ENG.png\")
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\nList of Posts<\/a>
\n30\/Jul\/2025 \u30fc JPC: Revised Large Shareholding Report<\/a>
\n27\/Jun\/2025 \u2014 Results of JPC\u2019s 54th Annual General Meeting of Shareholders (comment on voting results)<\/a>
\n23\/Jun\/2025 \u30fc JPC\u2019s 54th Annual General Meeting of Shareholders<\/a>
\n16\/Jun\/2025 \u2013 Appointment of an Inspector for the 54th Annual General Meeting of JAPAN PURE CHEMICAL CO., LTD.<\/a>
\n11\/Jun\/2025 \u2013 Hibiki Path Advisors finalized Its Policy for the 54th Annual General Meeting of JAPAN PURE CHEMICAL CO., LTD.<\/a>
\n7\/Jun\/2025 \u2013 ISS Endorses Hibiki\u2019s Shareholder Proposals to JAPAN PURE CHEMICAL CO., LTD.<\/a>
\n4\/Jun\/2025 \u2013 Connecting the developments surrounding TAIYO HOLDINGS with our campaign against JAPAN PURE CHEMICAL CO., LTD.<\/a>
\n1\/Jun\/2025 \u2013 Regarding the Public Campaign as the largest Shareholder of JAPAN PURE CHEMICAL CO., LTD.<\/a>
\n28\/May\/2025 \u30fc Publication on DIAMOND online regarding JPC campaign<\/a>
\n26\/May\/2025 \u30fc As the largest shareholder of JAPAN PURE CHEMICAL CO., LTD., requested the Outside Directors to provide their thoughts regarding Hibiki\u2019s opinion<\/a>
\n22\/May\/2025 \u2013 Commentary of the shareholder proposal to JAPAN PURE CHEMICAL CO., LTD.<\/a>
\n21\/May\/2025 \u2013 Submission of a shareholder proposal to JAPAN PURE CHEMICAL CO., LTD. as its largest shareholder<\/a>
\n2\/Oct\/2024 \u30fc About Letter to the board of directors in Japan Pure Chemical Co., Ltd.<\/a><\/p>\n
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