PIGEON CORPORATION (7956) Stock Price

Pigeon Corporation's primary business is the manufacturing, procurement, and sales of childcare and nursing care products. Operating with 26 subsidiaries, the company manages four business segments.

The **Japan Business** sells childcare and women's products manufactured by subsidiaries including Pigeon Home Products Co., Ltd. and Pigeon Manufacturing Hyogo Co., Ltd. Pigeon Hearts Co., Ltd. operates childcare, babysitting, and early childhood education services. The company also manufactures and sells nursing care products, with Pigeon Tahira Co., Ltd. playing a key role in this area.

The **China Business** manufactures childcare and women's products through PIGEON MANUFACTURING (SHANGHAI) CO., LTD. and PIGEON INDUSTRIES (CHANGZHOU) CO., LTD., which are distributed by PIGEON (SHANGHAI) CO., LTD. and DOUBLEHEART CO., LTD. This strengthens the company's presence in the Chinese market.

The **Singapore Business** distributes products manufactured by PIGEON INDUSTRIES (THAILAND) CO., LTD. and PIGEON MANUFACTURING (SHANGHAI) CO., LTD. through PIGEON SINGAPORE PTE., LTD. and PIGEON INDIA PVT., LTD. This supports the company's expansion in Southeast Asian markets.

The **Lansinoh Business** manufactures products through LANSINOH LABORATORIES MEDICAL DEVICES DESIGN INDUSTRY AND COMMERCE LTD. CO. and distributes them via LANSINOH LABORATORIES, INC. This segment specializes in childcare products and strengthens the company's competitive position in international markets.

Pigeon Corporation is pursuing a distinctive growth strategy aimed at sustainable growth and enhanced corporate value. The company upholds "Pigeon Group DNA・Pigeon Way" as its corporate philosophy, striving to create a world that is kind to babies. Based on this philosophy, the company has identified five material issues and is conducting business operations accordingly.

To respond to the rapidly changing global business environment, Pigeon has formulated its "8th Medium-Term Management Plan (fiscal year ending December 2023 through December 2025)." The plan adopts three core strategies: strengthening brand power, enhancing product strategy, and innovating regional strategy. The company is focusing on growth in existing businesses and exploring new growth areas. In particular, it is reinforcing nursing bottles and baby skincare products while considering entry into new markets.

The company has identified five key priorities: improving business competitiveness, reducing environmental impact, contributing to social issues, developing human resources and organizational culture, and building a robust management foundation. Through these initiatives, the company aims to achieve sustainable growth. Additionally, Pigeon is strengthening the functions of its global headquarters and promoting collaboration among business divisions to reinforce its management foundation.

For the fiscal year ending December 2025, Pigeon has set targets of 113,800 million yen in net sales and 16,000 million yen in operating profit. However, changes in the external environment are making these targets challenging to achieve. Nevertheless, the company aims to maximize the efforts of each business division and lay the groundwork for growth toward the next medium-term management plan.