Our FY2025 revenue reached ¥29.58B, up 11.2%, but net profit fell 7.4% to ¥2.78B as weighted ROE dropped from 16.6% to 12.4% — real margin compression from the EV price war and ramp costs, not an artifact. Operating cash flow rose 38.5% to ¥4.48B and R&D ran at ¥1.5B (~5% of sales). The profit decline has narrowed from -12% at nine months to -7.4% full year to -2.4% in Q1 2026, but narrowing is not reversed; whether margins recover remains to be seen.