AND CONSOLIDATED SUBSIDIARIES FINANCIAL STATEMENTS (Year ended March 31, 2025) ▸ PDF

(Year ended March 31, 2025)

ASSETS

Current assets

March 31, March 31, 2025

2025 2024 Thousands of (Millions of Yen) (Millions of Yen) U.S. Dollars

Non-current assets

Property, plant and equipment

Total ASSETS ………………………………………………………… 386,870 396,408 2,587,415

LIABILITIES

Current liabilities

March 31, March 31, 2025

2025 2024 Thousands of

(Millions of Yen) (Millions of Yen) U.S. Dollars

See accompanying notes to consolidated financial statements.

March 31, March 31, 2025

2025 2024 Thousands of

(Millions of Yen) (Millions of Yen) U.S. Dollars

March 31, March 31, 2025

2025 2024 Thousands of (Millions of Yen) (Millions of Yen) U.S. Dollars

Note: Based on the Board of Directors resolution on February 5, 2025, the Articles of Incorporation were amended effective April 1, the Company conducted a 3-for-1 stock split of ordinary shares as of April 1, 2025.

As a result, the total number of authorized shares increased by 54 million to 81 million shares, The total number of shares outstanding increased by 17,721,124 to 26,581,686 shares.

See accompanying notes to consolidated financial statements.

Operating activities

Profit before income taxes,

March 31, March 31, 2025

2025 2024 Thousands of

(Millions of Yen) (Millions of Yen) U.S. Dollars

1. Basis of presenting consolidated financial statements

   The accompanying consolidated financial statements of Shinsho Corporation (the "Company") and its consolidated subsidiaries have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Act and its related accounting regulations and in conformity with accounting principles generally accepted in Japan ("Japanese GAAP"), which are different in certain respects as to the application and disclosure requirements of International Financial Reporting Standards.

   Japanese yen figures less than a million yen are rounded down to the nearest million yen and U.S. dollar figures less than a thousand dollars are rounded down to the nearest thousand dollars, except for per share data.

   In preparing these consolidated financial statements, certain reclassifications and rearrangements have been made to the consolidated financial statements issued domestically in order to present them in a form which is more familiar to readers outside Japan. In addition, certain reclassifications have been made in the 2024 financial statements to conform to the classifications used in 2025. The accompanying consolidated financial statements are stated in Japanese yen, the currency of the country in which the Company is incorporated and principally operates. The translation of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of ¥149.52 to $1, the rate of exchange at March 31, 2025. Such transaction should not be construed as representations that Japanese yen amounts could be converted into U.S. dollars at that or any other rate.

2. Summary of significant accounting policies

   1. Scope of consolidation

      The Company had 42 subsidiaries (majority-owned companies) at March 31, 2025. The accompanying consolidated financial statements include the accounts of the Company and 42 of its subsidiaries for the year ended March 31, 2025, which are listed below:

      Shinsho American Corporation Shinsho Steel Products Corporation Shinsho Non-ferrous Corporation Thai Escorp Ltd.

      Kobelco Trading (Shanghai) Co., Ltd. Suzhou Shinko-shoji Material Co., Ltd. Matsubo Corporation

      35 other consolidated subsidiaries

   2. Elimination and combination

      For the purposes of preparing the consolidated financial statements of the Company and its consolidated subsidiaries, all significant inter-company transactions, account balances and unrealized profits among the Company and its consolidated subsidiaries have been entirely eliminated to "Non-controlling Interests". In the elimination, any differences between the cost of investments in subsidiaries and the amount of underlying equity in net assets of the subsidiaries is treated "Goodwill" or "Gain on bargain purchase". Goodwill is recorded on balance sheet as an asset and amortized within twenty years by cause. Gain on bargain purchase is recorded on the income statement as non-operating income.

   3. Equity method of accounting for investments in affiliates

      The Company had 22 affiliates (companies owned from 20% to 50% actually) at March 31, 2025. The equity method is applied to these 17 investments.

   4. Cash and cash equivalents

      Cash and cash equivalents include all highly liquid investments. Cash equivalents are generally at the maturity of three months or less and readily convertible to cash. Cash equivalents near maturity indicate insignificant risk of changes in value because of changes in interest rates.

   5. Investment securities

      Securities are classified into the categories based on the purpose of holding, which can result in the different measurement and can account for the changes in the fair value. Debt securities that are intended to be held to maturity ("held-to-maturity debt securities") are measured at amortized cost in the balance sheet. Securities other than held-to-maturity debt securities and the equity investment in subsidiaries and affiliates ("other securities") are measured at the fair value.

      The difference between the fair value and the historical cost is recorded in the category of shareholder's equity. The historical cost is determined by the moving average cost. Securities that have no market price are stated at their historical cost.

   6. Inventories

      Inventories are mainly stated at cost determined by the moving average method (unless market value of inventories declines significantly and is not expected to recover to cost, in such cases costs are reduced to net realizable values).

   7. Property, plant and equipment

      Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment are computed principally by the declining balance method. However, depreciation of buildings booked from April 1, 1998 is computed using the straight-line method.

   8. Long-lived assets

      The Company reviews its long-lived assets for the impairment whenever events or changes in circumstance indicate the carrying amount of an asset or asset group may not be recoverable.

      An impairment loss would be recognized if the carrying amount of an asset or asset group exceeds the sum of the undiscounted future cash flows expected as a result of the continuous use and eventual disposition of the asset or asset group.

      The impairment loss would be measured when the carrying amount of the asset exceeds its recoverable amount, which is higher of the discounted cash flows from the continuous use and eventual disposition of the asset or the net selling price at disposition.

   9. Employees' retirement benefits

      The Company and certain subsidiaries have defined contribution pension plans.

      Certain consolidated subsidiaries estimated net defined benefit liability and retirement benefit costs using the simplified method whereby the retirement benefit obligations amount that would be payable if the eligible employees terminate the employment on the consolidated balance sheet date.

   10. Allowance for doubtful accounts

       The allowance for doubtful accounts is provided in amounts which are sufficient to cover possible losses on collection. It consists of individually estimated uncollectible amounts and amounts calculated using the actual rate of historical bad debt.

   11. Provision for bonuses

       The provision for bonuses is accrued at the fiscal year end to which such bonuses are attributable.

   12. Provision for share awards for directors (and other officers) The provision for share awards for directors (and other officers) is provided at the estimated of stock delivery and share-based remuneration according to the points allocated to directors (and other officers) in accordance with the internal rule for stock delivery.

   13. Provision for retirement benefits for directors (and other officers) The Provision for retirement benefits for directors (and other officers) is provided at retirement benefits to be paid to directors and other officers in accordance with the internal rule in One consolidated subsidiary.

   14. Provision for loss on guarantees

       The provision for loss on guaranees is provided at the estimated of loss arising from the guarantee obligation which considering the financial position of the guarantee.

   15. Finance leases

       Lease assets related to finance lease transactions that do not involve the transfer of ownership are depreciated on a straight-line basis, with the lease period used their useful life and no residual value.

   16. Deferred tax assets and liabilities

       The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

   17. Translation of foreign currency accounts

       Current and non-current monetary assets and liabilities denominated by foreign currencies are translated into Japanese yen at the exchange rates at the end of fiscal year, and the resulting exchange gains and losses are recognized in the income statement. Balance sheets of consolidated overseas subsidiaries are translated into Japanese yen at the exchange rates at the end of fiscal year except for stockholders' equity accounts, which are translated at the historical rates. Income statements of consolidated overseas subsidiaries are translated at the average exchange rates.

       The resulting translation adjustments are reflected in the consolidated financial statements as "Foreign currency translation adjustments".

   18. Derivative financial instruments

       The Company and its subsidiaries use derivative financial instruments to manage its exposures to fluctuations in foreign exchange rates and commodity prices.

       Derivatives include foreign currency forward contracts, currency option trading and commodities futures, which are utilized by the Company to reduce foreign currency exchange rate risks and commodity price risks. The Company and its subsidiaries do not enter into derivatives for trading or speculative purposes.

       The Company and its subsidiaries have taken various steps, including the establishment of internal management rules, to ensure that transactions are implemented appropriately and that risk is managed. Gains and losses on hedge of existing assets or liabilities are included in carrying amounts of those assets or liabilities and ultimately recognized the income as a part of those carrying amounts. Gains and losses related to qualifying hedges of firm commitments and anticipated transactions are deferred and recognized the income, or adjustments of carrying amounts, when the hedged transaction occurs.

   19. Net income per share

       The computation of net income per share is based on the weighted average number of issued shares of common stock outstanding during the relevant period.

   20. Accounting Standard for Leases ( i ) Overview

   As part of its efforts to make Japanese accounting standards consistent with international standards, the ABSJ has been considering, in view of international accounting standards, the development of an accounting standard for leases where the lessee recognizes assets and liabilities for all leases. The basic policy is to adopt the single lessee accounting model of IFRS 16 as a basis, but instead of adopting all provisions of IFRS 16, the new accounting standard for leases that has been announced seeks to be simpler, more convenient, and basically to require no modifications even if the provisions of IFRS 16 are used in separate financial statements, by adopting only the main provisions of IFRS 16.

   For the accounting treatment of lessees, a single lessee accounting model for allocating the costs of leases to the lessee is applied to all leases regardless of whether a lease is a finance lease or an operating lease, as in IFRS 16,and depreciation of right-of-use assetsand amounts equivalent to interest on lease liabilities are recognized.

   ( ii ) Planned date of application

   To be applied from the beginning of the fiscal year ending March 2028.

   ( iii ) Impact of application of these accounting standards, etc. The amount of impact of the application of the Accounting Standard for Leases, etc.,on financial statements is being evaluated at the current time.

3. Short-term loans payable and long-term loans payable

   Short-term loans payable at March 31, 2025 and 2024 consisted of the following:

   (¥ millions) ($ thousands) Short-term loans payable principally 2025 2024 2025 from banks at March 31, 2025 and

   2024 represent short-term notes

   with the interest on the principal at 38,747 37,125 259,143 the average rate of both 3.445%.

   Long-term loans payable at March 31, 2025 and 2024consisted of the following:

   (¥ millions) ($ thousands) Long-term loans payable from 2025 2024 2025 banks, insurance companies and

   other financial institutions due

   through 2032, at the averaged 22,508 23,632 150,537

   rate of 0.770%

   Less current portion (7,158) (3,032) (47,875)

   15,350 20,599 102,661

   The aggregate annual maturity of long-term loans payable at March 31, 2025 were as follows:

   Year ending March 31 (¥ millions) ($ thousands)

   2027	2,950	19,729
   2028	3,300	22,070
   2029	2,500	16,720
   2030	900	6,019
   2031	5,700	38,121

4. Income taxes

   Income taxes applicable to the Company and its domestic subsidiaries comprise of the corporation tax, inhabitants' taxes and the enterprise tax, which in the aggregate resulted in the normal statutory tax rate of approximately 30.6% for both 2025 and 2024. The effective tax rates reflected in the statements of operations differ from the statutory tax rates. The difference is due primarily to the timing difference in the recognition of certain income and expenses for tax and financial reporting purposes, and the effect of permanent non-deductible expenses.

   (Note) Revision of the amounts of deferred tax assets and deferred tax liabilities due to change in income tax rate Since the Act for Partial Amendment of the Income Tax Act, etc. (Act No.13 of 2025) passed the Diet on March 31, 2025, a special defense income tax will be imposed from the fiscal year starting on or after April 1, 2026. The effective statutory tax rate has therefore been changed from 30.6% to 31.5% for the calculation of deferred tax assets and deferred tax liabilities for temporary differences that are expected to be settled in the fiscal year starting April 1, 2026 or later.

   The impact of this tax rate change is immaterial.

5. Contingent liabilities

The Company and certain consolidated subsidiaries guarantee the following obligations, including loans payable to financial institutions, etc., of companies other than consolidated subsidiaries. For obligations with reguarantees, the amount borne by the Company is stated.

(¥ millions) ($ thousands)

2025 2024 2025

Vina Washin Aluminum Co., Ltd. 101 605 680

Total 1,052 1,407 7,041

Notes regarding trade notes receivable discounted or transferred by endorsement at March 31, 2025 and 2024 were as follows:

(¥ millions) ($ thousands)

2025 2024 2025

Maximum amount of obligations to repurchase transferred receivables

Significant components of deferred tax assets and liabilities at March 31, 2025 and 2024, were as follows:

(¥ millions) ($ thousands)

2025 2024 2025

Valuation allowance (3,342) (2,779) (22,357)

Gross deferred tax assets 3,312 3,657 22,156

Deferred tax liabilities:

Unrealized gain on available-for-sale securities (3,159) (4,145) (21,132)

Undistributed earnings of affiliates (1,933) (1,903) (12,928)

Other (279) (441) (1,867)

Gross deferred tax liabilities (5,371) (6,490) (35,928) Net deferred tax assets, liabilities (2,059) (2,832) (13,771)

Application of "Partial Amendments to Accounting Standard for Tax Effect Accounting" (Accounting Standards Board of Japan

(ASBJ) Statement No. 28) has a material impact on the amount of tax loss carryforwards. Accordingly, the Company presents tax loss carryforwards and deferred tax assets by expiry date.

(¥ millions) ($ thousands) Tax loss carryforwards: 2025 2024 2025

After 5 years 842 882 5,631

Total 1,250 1,195 8,363

(¥ millions) ($ thousands)

Valuation allowance: 2025 2024 2025

Reconciliation of the differences between the statutory tax rate and the effective tax rate is as follows:

2025 2024

Other 0.9 (1.5)

Effective tax rate 34.0% 33.0%

1. Lease transactions

   ・Operating lease

   Under non-cancelable operating leases, future minimum lease payments at March 31, 2025 were ¥3,707 millions ($24,798 thousands) of which ¥991 millions ($6,632 thousands) is due within one year.

   1. Derivative transactions

      (1) Hedge accounting not applied

      The following tables summarize the outstanding contract amounts and fair values of financial derivatives of the Company at March 31, 2025 and 2024, for which hedge accounting has not been applied.

2. Retirement and severance benefits plans

a. Currency related:

(¥ millions) ($ thousands)

2025 2024 2025

The Company has defined contribution plan. Certain consolidated subsidiaries, differently, have defined contribution plan and defined benefit plan.

Certain consolidated subsidiaries have the smaller enterprise retirement allowance mutual aid or special retirement allowance

Forward currency exchange contracts Sell (Japanese yen)

Contracts outstanding 179 88 1,202

Fair values 0 (2) 2

Sell (U.S. dollar)

Reconciliation between the liability recorded in the consolidated balance sheet and the balances of defined benefit obligation and plan assets as of March 31, 2025 were as follows:

(¥ millions) ($ thousands)

Buy (U.S. dollar)

Contracts outstanding 6,708 8,293 44,865

Fair values (25) 143 (173)

Total currency forward contracts 30,520 31,304 204,124

Liability for retirement benefits 970 828 6,493

Asset for retirement benefits (20) (27) (138)

Net liability for defined benefit obligation 950 800 6,355

Buy (Japanese yen)

Contracts outstanding 1,665 1,498 11,136

Fair values (1) 13 (10)

subsidiaries to the defined contribution pension plans totaled ¥395 millions ($2,646 thousands) as of March 31, 2025 and ¥367 millions as of March 31, 2024.

(2) Hedge accounting applied

The following tables summarize the outstanding contract amounts and fair values of financial derivatives of the Company at March

Buy (U.S. dollar)

(¥ millions) ($ thousands)

2025 2024 2025

31, 2025 and 2024, for which hedge accounting has been applied.

(¥ millions) ($ thousands)

2025 2024 2025

Contracts outstanding 1,152 70 7,705

Fair values (31) 1 (210)

1. Currency related:

   Forward currency exchange contracts Sell (U.S. dollar)

   Contracts outstanding	4,109	3,824	27,487
   Fair values	(47)	(4)	(318)
   Sell (Euro)
   Contracts outstanding	1,753	1,897	11,728
   Fair values	(11)	(15)	(75)
   Sell (Chinese yuan)
   Contracts outstanding	499	860	3,343
   Fair values	0	(1)	4
   Sell (Other)
   Contracts outstanding	1,439	973	9,630
   Fair values	2	1	19
   Buy (Japanese yen)
   Contracts outstanding	129	164	864
   Fair values	1	1	6
   Buy (U.S. dollar)
   Contracts outstanding	299	336	2,001
   Fair values	4	10	28
   Buy (Euro)
   Contracts outstanding	2,344	3,671	15,677
   Fair values Buy (Chinese yuan)	80	196	540
   Contracts outstanding	2,189	1,386	14,644
   Fair values	(16)	34	(113)

   Buy (Other)

   Contracts outstanding 513 380 3,434

   Fair values (5) (24) (39)

   Total currency forward contracts	13,279	13,494	88,812
   Net fair values	7	198	52

2. Commodities futures: Sell (Japanese yen)

1. Significant accounting estimates

   1. Amount recorded in the consolidated financial statements for the current fiscal year

      765 million yen is reclassed as doubtful receivables from 142,861 million yen of trade receivables in non-consolidated statement. (142,861 million yen is included in 207,480 million yen of the trade receivables in conslolidated statement.)

      However, it has been determined that the full amount of doubtful receivables are collectible and has not recorded an allowance for doubtful accounts. As for 30 million yen of distressed receivables, allowance for doubtful accounts is recorded among the entire amount of claims.

   2. Other information for users of the consolidated financial statements regarding the accounting estimates

   Classification of receivables	Calculation of allowance for doubtful accounts
   General receivables	The allowance for doubtful accounts is calculated based on the actual rate of historical bad debt.
   Doubtful receivables	The allowance for doubtful accounts is calculated by subtracting the amount expected to be collected through the disposal of collateral and guarantees from the balance of receivable. It is totally considered by comprehensively reviewing customer's financial condition, overdue payments, support from financial institutions, the feasibility of restructuring plans, and the other factors.
   Distressed receivables	The allowance for doubtful accounts is calculated by subtracting the amount expected to be collected through the disposal of collateral and guarantees from the balance of receivable.

   When determining the allowance for doubtful accounts for trade receivables, the amount expected to be collected is estimated after the trade receivables are classified into three categories as follows. The categories is totally considered by comprehensively reviewing the financial condition and business performance of the customer, the situation of liability delinquency, and other factors.

   Contracts outstanding	1,486	523	9,943
   Fair values	8	(17)	59
   Sell (U.S. dollar)
   Contracts outstanding	1,561	336	10,442
   Fair values	46	(14)	312
   Buy (Japanese yen)
   Contracts outstanding	223	295	1,491
   Fair values	7	5	51

   The judgement of these receivable classifications and the collectability of receivables are subject to a high degree of uncertainty and may have a material impact on the consolidated financial statements in the next consolidated fiscal year.

2. Notes Regarding Per Share Information

   2025 2024 2025

   Net assets per share 3,461.36 yen 3,256.71 yen US$ 23.15 Earnings per share 324.24 yen 345.13 yen US$ 2.17 (Note) 1. Earnings per share after adjustment for the effects of dilutive

   potential shares is not reported due to the absence of dilutive potential shares.

   1. The Company's shares held by the BIP trust for directors are included in treasury stock as a deduction in the calculation of the average number of shares during the period to calculate net income per share (52 thousand shares for the current consolidated fiscal year).

   2. The Company carried out a 3-for-1 stock split for its common stock on April 1, 2025.

      Net assets per share of common stock and earnings per share of common stock are calculated on the assumption that stock split was conducted at the beginning of the prior fiscal year.

   3. The basis for calculating earnings per share during the period is as follows.

      Profit attributable to

      (¥ millions) ($ thousands)

      2025 2024 2025

      owners of parent 8,563 9,111 57,275 Amount not attributable to

      common shareholders − − −

      Profit attributable to owners of

      the parent for common stock 8,563 9,111 57,275 Number of common shares at

      end of period used to calculate 26,412 26,401 net assets per share (1,000 shares)

3. Product and service information

   For the year ended March 31, 2025

   ( Millions of yen )

   	Reportable Segment								Other	Consolidated
   	Metals Division				Machinery & Welding Division			Total
   	Iron & Steel	Non-Ferrous	Ferrous & Recycling Materials	Subtotal	Machinery	Welding	Subtotal
   Special steel	189,959	−	−	189,959	−	−	−	189,959	−	189,959
   Steel plates	46,080	−	−	46,080	−	−	−	46,080	−	46,080
   Steel bar	14,417	−	−	14,417	−	−	−	14,417	−	14,417
   Titanium and stainless steel	4,007	−	−	4,007	−	−	−	4,007	−	4,007
   Copper products	−	73,541	−	73,541	−	−	−	73,541	−	73,541
   Aluminum products	−	57,450	−	57,450	−	−	−	57,450	−	57,450
   Nonferrous raw materials	−	44,025	−	44,025	−	−	−	44,025	−	44,025
   Cold iron materials	−	−	49,798	49,798	−	−	−	49,798	−	49,798
   Alloy steel	−	−	13,664	13,664	−	−	−	13,664	−	13,664
   Coal	−	−	9,857	9,857	−	−	−	9,857	−	9,857
   Compressors	−	−	−	−	7,735	−	7,735	7,735	−	7,735
   Construction machinery parts	−	−	−	−	11,614	−	11,614	11,614	−	11,614
   Industrial machinery	−	−	−	−	26,937	−	26,937	26,937	−	26,937
   Electronic equipment	−	−	−	−	6,174	−	6,174	6,174	−	6,174
   Welding materials	−	−	−	−	−	15,298	15,298	15,298	−	15,298
   Materials for production	−	−	−	−	−	3,965	3,965	3,965	−	3,965
   Welding-related equipment	−	−	−	−	−	8,738	8,738	8,738	−	8,738
   Others	49,212	20,714	11,582	81,508	9,198	1,801	11,000	92,508	607	93,116
   Internal sales	(45,885)	(7,604)	(4,226)	(57,716)	(528)	(607)	(1,136)	(58,853)	(351)	(59,205)
   Revenue from contracts with customers	257,791	188,126	80,676	526,594	61,131	29,195	90,326	616,921	255	617,177
   Sales to external customers	257,791	188,126	80,676	526,594	61,131	29,195	90,326	616,921	255	617,177

   For the year ended March 31, 2025 ( Thousands of US$ )

   	Reportable Segment								Other	Consolidated
   	Metals Division				Machinery & Welding Division			Total
   	Iron & Steel	Non-Ferrous	Ferrous & Recycling Materials	Subtotal	Machinery	Welding	Subtotal
   Special steel	1,270,461	−	−	1,270,461	−	−	−	1,270,461	−	1,270,461
   Steel plates	308,189	−	−	308,189	−	−	−	308,189	−	308,189
   Steel bar	96,425	−	−	96,425	−	−	−	96,425	−	96,425
   Titanium and stainless steel	26,803	−	−	26,803	−	−	−	26,803	−	26,803
   Cold iron materials	−	−	333,056	333,056	−	−	−	333,056	−	333,056
   Alloy steel	−	−	91,390	91,390	−	−	−	91,390	−	91,390
   Coal	−	−	65,928	65,928	−	−	−	65,928	−	65,928
   Copper products	−	491,852	−	491,852	−	−	−	491,852	−	491,852
   Aluminum products	−	384,230	−	384,230	−	−	−	384,230	−	384,230
   Nonferrous raw materials	−	294,444	−	294,444	−	−	−	294,444	−	294,444
   Compressors	−	−	−	−	51,736	−	51,736	51,736	−	51,736
   Construction machinery parts	−	−	−	−	77,676	−	77,676	77,676	−	77,676
   Industrial machinery	−	−	−	−	180,157	−	180,157	180,157	−	180,157
   Electronic equipment	−	−	−	−	41,294	−	41,294	41,294	−	41,294
   Welding materials	−	−	−	−	−	102,317	102,317	102,317	−	102,317
   Materials for production	−	−	−	−	−	26,518	26,518	26,518	−	26,518
   Welding-related equipment	−	−	−	−	−	58,442	58,442	58,442	−	58,442
   Others	329,133	138,538	77,463	545,134	61,522	12,047	73,569	618,705	4,061	622,766
   Internal sales	(306,886)	(50,862)	(28,265)	(386,013)	(3,537)	(4,063)	(7,600)	(393,616)	(2,352)	(395,969)
   Revenue from contracts with customers	1,724,126	1,258,204	539,572	3,521,902	408,850	195,262	604,112	4,126,014	1,708	4,127,723
   Sales to external customers	1,724,126	1,258,204	539,572	3,521,902	408,850	195,262	604,112	4,126,014	1,708	4,127,723

4. Geographic information

   For the year ended March 31, 2025

   ( Millions of yen )

   		Reportable Segment								Other	Consolidated
   		Metals Division				Machinery & Welding Division			Total
   		Iron & Steel	Non-Ferrous	Ferrous & Recycling Materials	Subtotal	Machinery	Welding	Subtotal
   Japan		143,834	142,750	44,662	331,247	43,509	17,717	61,227	392,475	4	392,479
   	China	22,062	30,157	5,439	57,660	3,453	4,252	7,705	65,365	250	65,616
   	Other Asia	28,971	8,619	30,001	67,592	12,007	6,950	18,957	86,550	−	86,550
   	North America	61,094	5,878	571	67,544	2,087	5	2,092	69,637	−	69,637
   	Others	1,827	720	1	2,549	74	269	343	2,893	−	2,893
   Overseas		113,956	45,375	36,014	195,346	17,621	11,478	29,099	224,446	250	224,697
   Revenue from contracts with customers		257,791	188,126	80,676	526,594	61,131	29,195	90,326	616,921	255	617,177
   Sales to external customers		257,791	188,126	80,676	526,594	61,131	29,195	90,326	616,921	255	617,177

   For the year ended March 31, 2025 ( Thousands of US$ )

   		Reportable Segment								Other	Consolidated
   		Metals Division				Machinery & Welding Division			Total
   		Iron & Steel	Non-Ferrous	Ferrous & Recycling Materials	Subtotal	Machinery	Welding	Subtotal
   Japan		961,974	954,727	298,706	2,215,408	290,995	118,496	409,491	2,624,899	32	2,624,932
   	China	147,556	201,696	36,382	385,635	23,096	28,439	51,535	437,171	1,676	438,847
   	Other Asia	193,765	57,647	200,649	452,062	80,303	46,488	126,792	578,854	−	578,854
   	North America	408,605	39,314	3,823	451,742	13,958	38	13,997	465,740	−	465,740
   	Others	12,224	4,818	11	17,053	495	1,799	2,295	19,348	−	19,348
   Overseas		762,151	303,476	240,866	1,306,493	117,854	76,765	194,620	1,501,114	1,676	1,502,790
   Revenue from contracts with customers		1,724,126	1,258,204	539,572	3,521,902	408,850	195,262	604,112	4,126,014	1,708	4,127,723
   Sales to external customers		1,724,126	1,258,204	539,572	3,521,902	408,850	195,262	604,112	4,126,014	1,708	4,127,723

5. Segment information

For the year ended March 31, 2024

( Millions of yen )

For the year ended March 31, 2025 ( Millions of yen )

For the year ended March 31, 2025 ( Thousands of US$ )

Notes: "Other" segment is not included in the reportable segment.

Investor Information (As of March 31, 2025)

Founded November. 12 1946

Number of Employees 566 (Consolidated 1,437)

Fiscal Year April 1 − March 31

Ordinary General Meeting of Shareholders June of each year

Authorised Share Capital 27,000,000

Number of Shares Issued 8,860,562

Number of Shareholders 4,659

Principal Shareholders

At March 31, 2025, the ten largest Shareholders of the Company's Shareholders were as follows:

Note: The Investment ratio is computed excluding 5,151 shares of treasury stock held by Shinsho Corporation.

Head Office

• Osaka

Yodoyabashi Square, 6-18, Kitahama 2-chome, Chuo-ku, Osaka 541-8557, Japan

Phone:+81-6-6206-7010 Fax:+81-6-6206-7018

• Tokyo

  Museum Tower Kyobashi, 7-2, Kyobashi 1-chome, Chuo-ku, Tokyo 104-8389, Japan

  Phone:+81-3-5579-5201 Fax:+81-3-5524-5703

  Overseas Representative Offices (As of June 30, 2025)

  • Dubai

    Dubai Airport Free Zone Bldg. 2E, East Wing, 1st Floor, No.2E 103 P.O.Box 293563 Dubai, United Arab Emirates

    Phone:+971-4-299-7003 Fax:+971-4-299-7004

    Overseas Subsidiaries (As of June 30, 2025)

    • SHINSHO AMERICAN CORP.

      27555 Executive Drive, Suite 120, Farmington Hills, MI 48331, U.S.A.

      Phone:+1-248-675-0058 Fax:+1-248-675-0061

    • AIKEN WIRE PROCESSING, L.L.C.

      75 Windham Blvd. Verenes Industrial Park, Aiken, SC 29805, U.S.A.

      Phone:+1-803-641-6091 Fax:+1-803-641-6092

    • GRAND BLANC PROCESSING, L.L.C.

      10151 Gainey Drive Holly MI 48442, U.S.A. Phone:+1-810-694-6000 Fax:+1-810-694-5164

    • SHINSHO-MEIHOKU WIRE, INC.

      3475 West International Court, Columbus, Indiana 47201, U.S.A.

      Phone:+1-812-342-2409 Fax:+1-812-342-3257

    • SHINSHO MEXICO S.A. DE C.V.

      Paseo de la Altiplanicie No. 11. Int. 6BC Col. Villas de Irapuato, C.P. 36670, Irapuato, Guanajuato, Mexico

      Phone:+52-462-104-5019

    • SHINSHO EUROPE GMBH

      Berliner Allee 55, 40212 Duesseldorf, Germany Phone:+49-211-4181-960 Fax:+49-211-4181-9629

    • KOBELCO TRADING AUSTRALIA PTY. LTD.

      Level 12, 124 Walker Street,

      North Sydney NSW 2060, Australia Phone:+61-2-9959-5660 Fax:+61-2-9959-5740

    • SHINSHO MORANBAH COAL PTY. LTD.

      Suite 1203 Level 12, 124 Walker Street, North Sydney NSW 2060, Australia

      Phone:+61-2-9959-5660 Fax:+61-2-9959-5740

    • SHANGHAI SHINSHO TRADING CO., LTD.

      Room 368, No.211-302, Fute North Road, Pudong New Area, Shanghai 200131, China Phone:+86-21-5396-6464 Fax:+86-21-5396-5975

    • SUZHOU SHINKO-SHOJI MATERIAL CO., LTD.

      No.46 Pingsheng Rd. Forth District Suzhou Industrial Park, Jiangsu Province, China Phone:+86-512-6287-1233 Fax:+86-512-6287-1231

    • KOBELCO TRADING (SHANGHAI) CO., LTD.

    Suite 802, Pingan Riverfront Financial Center, No.757,Mengzi Road, Huangpu District, Shanghai, China

    Phone:+86-21-5396-6464 Fax:+86-21-5396-5975

• KOBELCO PRECISION PARTS (SUZHOU) CO., LTD.

  No.12 Factory, No. 666 Jianlin Road, Suzhou Hi-Tech District, Jiangsu 215151, China Phone:+86-512-8187-8277 Fax:+86-512-8187-8272

• KOBELCO PRECISION PARTS (YANGZHOU) CO., LTD.

  Export Processing Zone, Yangtze River South Rd. No. 9, Yangzhou, China

  Phone:+86-514-8788-7757 Fax:+86-514-8788-7357

• SHINSHO OSAKA SEIKO (NANTONG) CORPORATION

  J8 Qing Feng Establishment Park, No.1 Qing Feng Road Sutong Science and Technology Industrial Park, Nantong, Jiangsu Province, China

  Phone:+86-513-8919-1055 Fax:+86-513-8919-1056

• SHINSHO METALS (SHANGHAI) CO., LTD.

  Suite 804, Pingan Riverfront Financial Center, No.757, Mengzi Road, Huangpu District, Shanghai 200023, China

  Phone:+86-21-5187-0002 Fax:+86-21-5081-2428

• THAI ESCORP LTD.

  1126/2 Vanit Bldg. Ⅱ, Room 2102, 2103,

  New Petchburi Road., Makkasan, Bangkok 10400, Thailand

  Phone:+66-2-254-7645 Fax:+66-2-254-7644

• TES E&M SERVICE CO., LTD.

  1126/2 Vanit Bldg. Ⅱ, Room 1801-2, 18th Floor, New Petchburi Road., Makkasan, Bangkok 10400, Thailand

  Phone:+66-2-254-7645 Fax:+66-2-069-2255

• SHINSHO METALS (THAILAND) LTD.

  1126/2 Vanit Bldg. Ⅱ, Room 1804, 18th Floor, New Petchburi Road, Makkasan, Bangkok 10400, Thailand

  Phone:+66-2-255-8537 Fax:+66-2-255-8539

• SHINSHO KOREA CO., LTD.

  5F, Seoul Square, 416, Hangang-daero, Jung-gu, Seoul Korea 04637

  Phone:+82-2-753-7915 Fax:+82-2-6456-8394

• KTN CO., LTD.

  182, Seotan 2-ro, Seotan-myeon, Pyeongtaek-si, Gyeonggi-do, Korea 17704

  Phone:+82-31-321-4179 Fax:+82-31-321-4189

• PT. KOBELCO TRADING INDONESIA

  Wisma Keiai, 7th Floor, Suite 0703 JI. Jend Sudirman Kav.3 Jakarta 10220, Indonesia Phone:+62-21-572-4325 Fax:+62-21-572-4327

• PT. SHINSHO METALS INDONESIA

  Jl.Celebration Boulevard Blok AA 5/26 Grand Wisata, Lambang Jaya, Tambun Selatan, Bekasi 17510, Jawa Barat, Indonesia Phone:+62-21-8261-5526 Fax:+62-21-8261-5528

• KTN METAL VIETNAM CO., LTD.

  Lot G1-6, G1-7 Dong Tho Industrial Cluster, Dong Tho Commune, Yen Phong District, Bac Ninh, province Vietnam

  Phone:+84-357-68-6061

• KOBELCO TRADING VIETNAM CO., LTD.

  Unit 1808, 18th Floor, Sun Wah Tower, 115 Nguyen Hue, Sai Gon Ward, HCMC, Vietnam Phone:+84-28-3911-0900 Fax:+84-28-3911-0902

• KOBELCO TRADING INDIA PRIVATE LIMITED

  UGF-C, Unit 2D Block C Building, No.10 DLF Cyber City, DLF Phase 3, Gurugram, Haryana 122002, India

  Phone:+91-124-478-6550

• SHINSHO (MALAYSIA) SDN. BHD.

  Letter Box No.86 18th Floor, UBN Tower No.10, Jalan P. Ramlee, 50250

  Kuala Lumpur, Malaysia

  Phone:+60-3-2711-2708 Fax:+60-3-2711-2707

• TAIWAN SHINSHO CORPORATION

4 Shengxiang Hall, 5F, 146, Songjiang Road, Zhongshan District, Taipei, City, Taiwan Phone:+886-2-2560-1085 Fax:+886-2-2560-1086