We are the world’s #3 maker of multilayer ceramic capacitors, behind Murata at #1 and Samsung Electro‑Mechanics at #2 – a genuine member of the oligopoly rather than a fringe name. We run a full‑stack chain from materials to mass production, the same vertical model as the leader but at about one‑fifth the scale. Our balance sheet is ordinary, with an equity ratio of 56% versus Murata’s 85%, and we raised ¥97 bn of external funds across the five years to 2025 because operating cash flow did not cover capex through the trough.