FY2025 revenue was ¥29.58B, up 11.2%, but net profit to shareholders was ¥2.78B, down 7.4%, with weighted return on equity falling from 16.6% to 12.4%. Operating cash flow rose to ¥4.48B, up 38.5%, and we spent ¥1.5B on R&D, about 5% of sales. Across 2025 and Q1 2026 the pattern repeats—double‑digit revenue growth, profit decline—but the profit drop has narrowed from roughly –12% at nine months to –7.4% for the year and –2.4% in Q1 2026, and whether margins recover is still to be seen.