I am Tsutomu Murakawa. I am honored and grateful to have the opportunity to serve as President for KOKEN LTD. Firstly,I would like to express my heartfelt gratitude for your continued support and patronage to the Company.
Since its foundation, KOKEN LTD. has grown in the safety business domain with a central focus on the development of respirators for industrial use. Having launched the cleanliness business domain with a central focus on the recently developed KOACH, an open clean zone creator, we are now ready to step up to a new growth stage.
Towards the new growth stage, we have set forth the management principles that are supposed to be contained in the Company’s DNA: “Nurture people,”“Nurture technology” and “Nurture new markets in cleanliness, health and safety business domains.”
For the next generation we would like to establish the health business domain as the third main pillar of operations. Then, by making each of three main pillars of business stand on its own two feet, everybody from the management down to each employee in the Company is now striving as one to achieve a stable and strongly growing company in the future.
We look forward to your continued understanding and support in the future.

Based on our Management Principles: (1) Nurture people, (2) Nurture technology and (3) Nurture new markets in cleanliness, health and safety business domains, through which we will contribute to society, we, at the KOKEN Group, aim to achieve long-term sustainable growth.
The current business environment surrounding our Group remains uncertain at home and abroad due to its fast and drastic change.
In this circumstance, while maintaining the unchanging long-term goal to nurture new markets in cleanliness, health, and safety business domains based on our own original technological innovations, we consider that (1) establishing specific targets and an action plan to achieve them every year and implementing them steadily and (2) achieving each year’s targets by modifying the action plan quickly and flexibly to respond to ever-changing business environment are the best and surest ways to achieve long-term sustainable growth of our Group.
As mentioned above, to establish the “cleanliness” and the “health” business domains as the second and third pillars of operations, respectively, following the “safety” business, we are now striving to develop our own original products such as an open clean zone creator, an automatic endoscope washer/disinfector, an antivirus mask and a copper-based antimicrobial agent, which have never before existed, and cultivate and expand new markets for them.
With such management stance, rather than aiming for a rapid profit growth and capital efficiency, we will right now focus on nurturing new businesses in the domains of “cleanliness” and “health” businesses as a high priority, which may eventually result in an improved operating margin as well as increased net sales and operating income.
In September 2018, the Advanced Technology Center was completed with the main objectives of increasing management efficiency through integration of research and development divisions located separately in each business office, promoting of collaboration and joint research activities with external institutes and corporations, strengthening research and development, and promoting human resource development. I am sure that this new facility will help further increase the customer’s trust and expectation for our Group’s technologies and products and enable us as an R&D hub to further expand the number and scale of cooperation and joint research with various external organizations and corporations that we have been involved in.
The Advanced Technology Center, which was completed in 2018, is a facility where development engineers gather to exchange wisdom and greatly contribute to improving the ability to “nurture original technology.” In the future, we will intensify our efforts to increase its presence as a base for promoting collaboration and joint research with external institutions and corporations, aiming for sustainable growth and enhancement of corporate value.
We hope that our shareholders will continue to look forward to the growth of the Group in the long run.

The future business environment surrounding the Group is expected to remain unpredictable, as there are various factors such as rising prices of goods, slowing overseas economies, and heightened geopolitical risks, while economic recovery is expected due to improvements in employment and income conditions. Under these circumstances, the Group will diligently strive to develop and cultivate markets using its comprehensive responsive abilities based on its technological capabilities while further evolving our efforts. For the fiscal year ending December 31, 2026, we expect revenue to increase for the third consecutive year, driven not only by maintaining steady growth in the mask-related business but also by expanding sales of the “KOACH” open clean system. On the other hand, regarding profit, we anticipate that cost increases will continue. Although we will continue to strive to reduce costs through measures such as optimizing manufacturing and procurement systems and improving business processes, we forecast a decrease in profit. For the operating forecasts, we forecast net sales of 12,200 million yen (up 2.9% year on year), operating income of 1,220 million yen (down 4.1% year on year), ordinary profit of 1,150 million yen (down 5.8% year on year), and net income attributable to owners of parent of 830 million yen (down 6.2% year on year).

(Mask-related business segment)
Regarding industrial masks, sales to the manufacturing industry are expected to remain at the same level as the previous fiscal year, while sales to the public-works projects are expected to increase mainly due to progress in infrastructure development. For medical masks, we do not anticipate an increase in demand due to the spread of infection, and therefore expect a decrease in sales. Sales of protective masks are expected to continue to increase in the next year, supported by factors such as an increase in defense costs. Therefore, net sales for the mask-related business segment are expected to be 9,800 million yen (up 2.5% year on year).

(Environment-related business segment)
The semiconductor market is expected to continue growing and expanding. Since highly cleanliness is essential for achieving high-performance semiconductors, we anticipate that demand for the “KOACH” open clean system which can create an ISO Class 1 environment, the world’s highest level of air cleanliness, will continue to grow. Currently, we are steadily accumulating property listings and consultation requests. Therefore, net sales for the environment-related business segment are expected to be 2,100 million yen (up 8.3% year on year).

(Other business segment)
Net sales for the other business segment are expected to be 300 million yen (down 15.1% year on year).


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