NORITZ CORPORATION (5943) Stock Price

Noritz's main business is the manufacture and sale of hot water air conditioning equipment and kitchen equipment. This business is conducted by Noritz headquarters in coordination with subsidiaries and affiliated companies both domestically and internationally. As of December 31, 2024, the Noritz Group consists of 35 companies.

Domestically, subsidiaries including Taisei Kogyo, Shinwa Kogyo, Harman, Tada Smith, and RB handle the manufacture of products and components under Noritz. Additionally, Noryoku Electronics Technology (Hong Kong) Limited and Dongguan Daxin Noryoku Electronics Limited procure and manufacture components.

Noritz products are sold through distributors from branch offices nationwide. Furthermore, subsidiaries such as Harman and Noritz Living Create provide sales and after-sales service. Other subsidiaries, including Escore Hearts, provide shared services and component manufacturing for hot water equipment.

In overseas operations, Noryoku (Shanghai) Housing Equipment Limited manufactures in China, while Noryoku (China) Investment Limited handles sales. In North America, subsidiaries including NORITZ AMERICA CORPORATION conduct sales, and in Australia, Dux Manufacturing Limited handles both manufacturing and sales. In Hong Kong, Noryoku Hong Kong Limited manages sales.

Noritz has changed its reporting segment classification, with details provided in the notes to the consolidated financial statements. This change aims to enhance business transparency and operational efficiency.

Noritz has adopted the group mission "Creating new happiness" and is pursuing sustainable growth. Under its medium-term management plan "V Plan 26," the company targets revenue of 210 billion yen, operating profit of 4.5 billion yen, and ROE exceeding 6% by 2026. The plan prioritizes three key strategies: transforming the business portfolio, expanding strategic investments, and advancing sustainability management.

In domestic operations, Noritz is working to recover demand for residential water heating equipment while strengthening sales of hybrid water heating systems and Eco Jozu products. In the kitchen appliance segment, the company aims to expand sales of built-in cooktops and range hoods, and is developing niche products to open new markets in the non-residential sector. These efforts contribute to realizing a low-carbon society.

In overseas operations, Noritz is reducing its dependence on the Chinese market while developing new markets. In North America, the company is strengthening coordination among subsidiaries to contribute to carbon neutrality. In Australia, Noritz is improving costs through capital investments and developing new heat pump water heater products to secure stable earnings.

Noritz plans strategic investments of 32.5 billion yen over three years, allocating 23.5 billion yen to growth businesses and strategic initiatives. The company is enhancing shareholder returns and raising awareness of capital costs to pursue sustainable growth. Through sustainability management, Noritz is addressing environmental, social, and economic sustainability to drive continuous business improvement.