Corporate Profile
2

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2

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M aki ng y our d ream s com e true

Tokyo Head Office
2-15-3, Konan, Minato-ku, Tokyo 108-6216, Japan
Tel: +81-3-5781-6200
Osaka Head Office(until September 16, 2024)
1-7-3, Awajimachi, Chuo-ku, Osaka 540-8603, Japan(from September 17, 2024)
4-2-13, Awajimachi, Chuo-ku, Osaka 540-8603, Japan
Tel: +81-6-6228-5000
URL: https://www.chori.co.jp/english/

Issued in July 2024

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CHORI CO., LTD.

Corporate Profile

Introduction

Corporate Philosophy

As members of the global community, we will work forthe betterment of society. We take pride in being fair andsincere, and in continuing to offer superb service in orderto deliver superior customer satisfaction.

Corporate Slogan

Continuing to Pursue New Businesses
with Our Vision for the Future
Our Corporate Profile serves as an introductory guide to

The Chori Group is a multifaceted specialized trading

the Chori Group’s history and businesses, sustainability

company engaged in the Fibers, Textiles, and Garments,

initiatives, and other activities. We hope readers can gain

Chemicals, and Machinery businesses. Since its founding

an understanding of Chori’s strengths and distinctivenessover 160 years ago, Chori has expanded its operations

as a company after reading this report.

changes, we will frame these changes as opportunities

needs of customers and society. Moreover, throughout ourand address them in a timely manner. Going forward,

history, we have expanded our business by building a wide

Chori will continue to meet the expectations of all of its

global network centered on China and the ASEAN region.

stakeholders, including customers and shareholders, andthe identification of material issues (materiality) and挑戦你的夢想Amid a business environment marked by drastic

high-performance products while constantly addressing the

In April 2024, we made an announcement regarding

あなたの夢に挑戦します。

Regarding Our Corporate Profile Multifaceted Specialized Trading Company
A
Boasting a Track Record of over 160 Years

beyond trading and delivered high-value-added,(We are) Making your dreams come true

enhance its corporate value with the aim of realizing­sustainable growth and development.

the establishment of sustainability-related policies.

CONTENTS
3
Chori’s Business Segments andStrengths

11
Overview of Business Segments:
Fibers, Textiles, and Garments Business5
Chori’s History

15
Overview of Business Segments:
Chemicals Business7
Chori’s Global Network

We will steadily implement the basic strategies and various
measures and initiatives of Chori Innovation Plan 2025,

9
Chori at a Glance

our medium-term management plan covering
the three-year period from fiscal 2023 to fiscal 2025, andcontinue to move forward as a corporate group that
constantly evolves and changes on a global scale,Tatsuyuki Sakoda

underpinned by our exceptional capabilities and expertise.

President, CEO & COO

10
Medium-Term Management Plan:
Chori Innovation Plan 2025

18
Overview of Business Segments:
Machinery Business
19
Chori’s Sustainability Initiatives
21
Corporate Information

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CHORI CO., LTD.

Corporate Profile

Chori’s Business Segments and Strengths

Chori will continue to evolve and change asa corporate group, underpinned by its
outstanding expertise, in order to roll out­high-value-added products worldwide.
We continue to build solid relationships with prominent suppliers in Japan and overseas.
Chori has acquired a wealth of expertise and technology through the close business
relationships developed with its customers and throughout its supply chain. By leveraging
these long-cultivated strengths, we will promptly identify the needs of markets and­customers and respond accordingly in a swift and flexible manner.

Chori’s Business = Outstanding Capabilities and Expertise × Robust Global

Network

Fibers, Textiles, andGarments Business

Chemicals

Machinery

Building a Robust Global Network

Expanding Business on the Strength of
Our Unique Global Network​

Swiftly Addressing Changes in the Global
Market through Information Acquired from
Our Unique Network​

Chori has continued to deliver high-value-added products on the strength ofits deep-rooted relationship with the Hokuriku region of Japan, which boasts
exceptional world-class capabilities in yarn processing, textile manufacturing,and dyeing technologies. Together with our multiple supply chains in Japanand overseas, we will continue to expand our production operations in China
and the ASEAN region and develop a global network that enables us to
conduct our procurement, production, and sales activities at the most­suitable locations. Through “GLOBAL ONE STOP CHORI,” we are proposing
a range of materials, including fibers, fabrics, and product materials, covering
sportswear and fashion apparel, worldwide.

Business

Chori handles a wide range of products that includes not only basic chemical
products but also food chemicals; raw materials that enhance the moisturizing
effects of cosmetics; functional materials, such as pharmaceutical products
and agrochemical intermediates; electronics materials; battery materials;
5G-related materials; and environment-friendly products, including biodegradable plastics. Leveraging its global network that centers on its long-standing
business in China, Chori is stepping up the pace of its strategic measures inregions with the potential for economic growth and working closely together
with business partners to enhance procurement and sales on a global scale.

Business

Chori engages in exports and intermediary transactions of transportationequipment, such as four-wheeled vehicles, two-wheeled vehicles, andtrucks, along with agricultural machinery and other equipment with theCentral American, South American, and European markets. We will draw on
our sophisticated information network and our sound relationships withbusiness partners to respond promptly to market changes and engage inoffshore trade with China and Mexico for automobiles based on semiknocked-down production.

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CHORI CO., LTD.

Corporate Profile

Chori’s History

1993
Establishes CHORI(SHANGHAI) CO., LTD. as
its first subsidiary in China

Chori was founded as a raw silk wholesaler in Kyoto in 1861, near the end of the Edo Period. Since then, we have been proactive in ourefforts to grow our business by always keeping in step with the times and addressing the needs of society.

Domestic

Global1861
Founded as a raw silkwholesaler in the Nishijin
district of Kyoto, JapanThe Origin of “Chori”
The name “Chori” originates from the
combination of the Japanese characters “蝶” (cho), derived from the imageof a moth creating raw silk, and “理”(ri), stemming from the first name ofChori’s first president, Riichiro Ohashi.

1926
Begins handling rayon
yarn in line with dramatic
growth of rayon industry
1948
CHORI CO., LTD.
established with capitalof ¥5 million

Launch of Chemicals Business
1957
Establishes subsidiary
Chori New York Co., Ltd.
(currently CHORIAMERICA, INC.)

1961
Stock listed on theTokyo Stock Exchange

1995
Establishes subsidiary P.T.
CHORI INDONESIA

1963
Establishes subsidiary
Chori GmbH (currently
Chori Europe GmbH)1973
Establishes subsidiary
CHORI SINGAPORE PTE LTD
1974
Establishes subsidiary
THAI CHORI CO., LTD.
1987
Establishes subsidiary
CHORI COMPANY,(HONG KONG) LIMITED1989
Establishes subsidiary
CHORI TRADING(MALAYSIA) SDN. BHD.

Recognizing the potential of petrochemical products early on, in 1956
Chori engaged in the business ofchemical products, such as polyvinyl
chloride (PVC), polyester resin, andother types of synthetic resin. We also
tapped into the market for machineryand other products. In so doing, Chori
bolstered its business portfolio withthe launch of the Chemicals andMachinery businesses to complement
its already existing core business ofFibers, Textiles, and Garments.

One of the First to Be
Designated as a Friendly
Trading Company by China
Chori was designated as one of thefirst friendly trading companies by thegovernment of China in 1961, prior to
the normalization of diplomatic relations between Japan and China. This
designation paved the way for Chori’s
full-scale launch of the China businessas a pioneer of Japan–China trade, as
well as for the expansion of its­network with prominent business
partners in China.

2003
Formulates the Reborn
Management Plan
2004
Becomes a consolidated
subsidiary of
Toray Industries, Inc.

2001
Establishes Chori
Middle East FZE

2004
Establishes subsidiaries
CHORI (TIANJIN) CO.,LTD. and CHORI (DALIAN)
TRADING CO., LTD.
2010
Establishes a­representative office in
Dhaka, Bangladesh

2013
Makes CHORI GLEX
CO., LTD. a consolidated subsidiary

2012
Establishes subsidiary
CHORI KOREA CO., LTD.

2014
Moves Tokyo Head
Office to Shinagawa

2014
Establishes subsidiary
CHORI TRADING INDIA
PRIVATE LIMITED2015
Makes Miyako Kagaku
Co., Ltd. a consolidated
subsidiary
2017
Establishes Chori
Machinery Co., Ltd.
Makes ASADA U CO.,LTD. a consolidated
subsidiary2018
Makes KOZAKURASHOKAI CO., LTD. aconsolidated subsidiary2021
Makes STX Co., Ltd. a
consolidated subsidiary2022
Launches Companywide
business transformation
project
2023
Formulates medium-term
management plan Chori
Innovation Plan 2025

2016
Establishes subsidiary
CHORI VIETNAMCOMPANY LIMITED

Acquisition of Rights to Sell
and Trade in China
CHORI (CHINA) CO., LTD. was established as the first Japanese trading
company subsidiary with the rights tosell and trade in China. Firmly rooted
in China as a well-known company,
Chori regards China not only as a hub
for manufacturing but also as a mega
market that serves as a strategic basefor offshore trade.

2017
Establishes subsidiary
CHORI COMERCIAL DE
MEXICO, S.A. DE C.V.

2018
Establishes subsidiary
TAIWAN CHORIMERCHANDISE
COOPERATION LTD.
2019
Establishes subsidiary
CHORI (DALIAN)
COMMERCIAL IMPORTEXPORT CO., LTD.

2024
Sustainability-Focused Management
To advance even further in our efforts torealize a sustainable society and enhance
corporate value over the medium to longterm, we have identified material issues(materiality) and formulated sustainabilityrelated policies.

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CHORI CO., LTD.

Corporate Profile

Chori’s Global Network

After the end of World War II, Chori recommenced the full-scale development of its overseas business in 1949, when
private foreign trade resumed. Today, Chori boasts a global network consisting of subsidiaries and offices located invarious regions of the world. As we move forward, we will step up the pace of our globalization efforts while addressing
the needs of our customers.

Subsidiary	 Chori Europe GmbH (Neu‐Isenburg)

Major Overseas Subsidiaries and Affiliates 

CHORI AMERICA, INC. (Jersey City)

Subsidiaries	 INGDAO RED BUTTERFLY PRECISION MATERIALS
Q
CO., LTD. (China)
Production and sale of inorganic chemicals

	CHORI COMERCIAL DE MEXICO,S.A. DE C.V. (Mexico City) eijing Chostar Equipment Engineering Technology
BCO., LTD. (China)
Import and export of equipment and materials for chemicalplantsEuropeAsia

 HORI Analysis & Technology Service (Suzhou) CO., LTD.
C
(China)Analysis and research and development of chemicals

U.S.A. andCentral America

 CC Industry COMPANY LIMITED (Hong Kong)
M
Sale of textile products

Japan

 EGACHEM LIMITED (Singapore)M
Trading company specializing in chemicals
Middle East T. MATSUOKA INDUSTRIES INDONESIA (Indonesia)P
Sewing of textile products

Chori Middle East FZE (Dubai)

Subsidiary

Representative office

Major Domestic Subsidiaries and Affiliates 

Jeddah SADA U CO., LTD.
A
Sale of interior and packaging materials
South
America
Representative officeSubsidiaries 

CHORI (CHINA) CO., LTD. (Shanghai)
CHORI (SHANGHAI) CO., LTD. (Shanghai) CHORI (TIANJIN) CO., LTD. (Tianjin)
CHORI (DALIAN) TRADING CO., LTD. (Dalian)	CHORI (DALIAN) COMMERCIAL IMPORT EXPORT CO.,LTD. (Dalian)
CHORI COMPANY, (HONG KONG) LIMITED (Hong Kong)
	TAIWAN CHORI MERCHANDISE COOPERATION LTD. (Taipei)

CHORI KOREA CO., LTD. (Seoul)









Santiago TX Company Limited
S
Trading company specializing in textiles
 iyako Kagaku Co., Ltd.
M
Trading company specializing in chemicals

THAI CHORI CO., LTD. (Bangkok)
P.T. CHORI INDONESIA (Jakarta)
	CHORI SINGAPORE PTE LTD (Singapore)	CHORI TRADING (MALAYSIA) SDN. BHD.
(Puchong, Selangor)
CHORI VIETNAM COMPANY LIMITED (Ho Chi Minh City)	CHORI TRADING INDIA PRIVATE LIMITED (Mumbai)

 OZAKURA SHOKAI CO., LTD.
K
Trading company specializing in chemicals
 HORI GLEX CO., LTD.
C
Trading company specializing in chemicals
Subsidiary

Representative office or Branch

Handles textile products

Handles chemical products(Japan: 4 locations Overseas: 31 locations)Representative offices	Beijing, Wuhan, Ruian, Guiyang, Shenzhen; Ho Chi Minh City; Manila; Dhaka
Branches			Qingdao, Nantong, Guangzhou

Domestic Offices Tokyo Head OfficeTower C, Shinagawa Intercity,
2-15-3, Konan, Minato-ku, Tokyo
108-6216, Japan
Tel: +81-3-5781-6200

Osaka Head Office(until September 16, 2024)
Nittochi Sakaisuji Bldg.,
1-7-3, Awajimachi, Chuo-ku, Osaka
540-8603, Japan(from September 17, 2024)
4-2-13, Awajimachi, Chuo-ku, Osaka
540-8603, Japan
Tel: +81-6-6228-5000

 HORI MODA CO., LTD.
C
Planning of fashion apparel

Hokuriku Branch
15F Visage Office Zone,
16-1, Showa-machi, Kanazawa
920-8676, Japan
Tel: +81-76-232-3521

Okayama Liaison Office
10F Okayama
Fukokuseimei-ekimae Bldg.,
1-6, Ekimotomachi,
Kita-ku, Okayama
700-0024, Japan
Tel: +81-86-224-6188

 hori Machinery Co., Ltd.
C
Trading company specializing in transportation equipment
 usiness Anchor Corporation
B
Outsourcing of administrative work

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CHORI CO., LTD.

Corporate Profile

Chori at a Glance
Ratio of Net Sales
through Trade

Overseas Operations

31

Central and South America

and Others¥2.9 billion (0.9%)

67.1%¥10.7 billion¥8.1 billion

Japan (Domestic
Sales)(2.6%)¥101.2 billion

to fiscal 2025. CIP2025 marks the final stage of consistently delivering ordinary profit at the ¥10.0 billion level,a goal we set out to reach under the Chori Innovation Plan in fiscal 2017. We will set our sights on further expanding businessand increasing corporate value based on our basic policy of becoming a corporate group that constantly evolves andchanges on a global scale, underpinned by its outstanding capabilities and expertise.

Sustainability(14.9%)(As of June 2024)

Chori has been aggressively expanding its
business in emerging countries since theprewar period through efforts including theexport of rayon yarn to China, India, andMexico since the 1930s. Since then, theCompany has expanded its global network toother parts of the world, including Asia,
Europe, the United States, and the Middle
East, and its overseas transactions now
account for roughly 70% of its total net sales.

Chori Innovation Plan 2025 (CIP2025) is our three-year medium-term management plan covering the period from fiscal 2023

(32.9%)¥45.7
billion−1.9 points YoY

Medium -Term Management Plan: Chori Innovation Plan 2025

(3.5%)

Middle EastAsia

business sites
Net Sales by Region in
Fiscal 2023
Europe, the U.S.,

Domestic Sales:
sales

67.7

Overseas

67.1

Transactions

Greater China

Japan (Imports)(14.9%)(30.3%)¥46.0 billion

2021

A company that can ­coexist
in harmony with society andcontribute to the realizationof its ­sustainable and­prosperous future

Amount of domestic

69.0

2022

2023

Well-being¥93.2 billion

A company that contributes
to the well-being of each­stakeholder and provides
employees with a rewardingand enjoyable workplaceenvironment

FY

Consolidated Financial Highlights for Fiscal 2023 (the Year Ended March 31, 2024)
Net Sales

Ordinary Profit(¥ million)

(¥ million)

400,000

DOWN
340,000
280,000

15,0006.6%

307,699

14,476

Basic Strategies and KPIs of Chori Innovation Plan 2025
We aim to achieve our key performance indicators (KPIs) by executing our basic strategies while transforming our business andmanagement structures through the promotion of digital transformation (DX).

10,274

284,096

9,000
6,000

0

0
2021

2022

2023

Net Profit before Income Taxes

15,000

14.9%

2023

UP

(¥ million)

10,00014,69812,78812,0002022

FY

Net Profit Attributable to Owners of ParentUP(¥ million)

2021

FY

8,000

10,77818.5%

Basic Strategy 2

Basic Strategy 3

Develop sustainable businesses that
adapt quickly to the changing
business environment

Promote ESG management

Net Sales and Net Profit before Income Taxes
Net Sales

Net Profit before Income Taxes(¥ billion)(¥ billion)

2022

2023

FY

360.0

320.0

307.7

300

6,811

400.0

15
10

100

5

0

2022

2023

2024 (Forecast)

FY2025 (Plan)

2030 (Plan)

FY

Financial Targets

In April 2022, we introduced Chori Accelerate Renovation Achievement Transformation (CARAT)with a view to implementing and developing our next-generation mission-critical system (SAP).
CARAT is a project aimed at transforming the Chori Group’s business model and operational stylethrough the process of enhancing business management. We are proceeding toward its full-scalelaunch in fiscal 2025.

15.0

2023 (Result)2024 (Forecast)

2025 (Plan)

2030 (Plan)FY

Non-Financial Targets
Fiscal 2025 Plan

Companywide Business Transformation Project:
Chori Accelerate Renovation Achievement Transformation (CARAT)

14.7

16.0

0
2023 (Result)

2021

20.0

20

200

0
2021

25

400

8,124

4,000

0

Basic Strategy 1
Promote consolidated management
centered on our global business

500

9,624

6,000

6,000

A company that can­ onstantly generate higherclevels of profit by developing
new businesses through­continuous innovation andinvestment in growth areas

16.4%

12,437

12,000329,389

220,000

9,000

UP

Innovation

VISION 2030
The Company
We Aspire to Be

Net Sales¥360.0 billion

Net Profit before Income Taxes¥16.0 billion

Net Profit Attributable to Owners of Parent¥11.0 billion

ROA (Net Profit Basis*1)

7% or more

ROE (Net Profit Basis*1)

12% or more

ROIC*2

Approx. 10%*1 Net profit attributable to owners of parent basis*2 R eturn on invested capital (ROIC) = Operating profit after income taxes ÷
Average invested capital during the period (Equity + Interest—bearing debt)• Expand our line of environment-friendly SDG-oriented products• Increase the percentage of women among career-track hires andemployees who have transferred to career-track positions to over 30%• Increase the percentage of male employees taking childcare leave• Increase the percentage of women in management positions• Continue to acquire certification as an outstanding organization
under the Ministry of Economy, Trade and Industry’s CertifiedHealth & Productivity Management Outstanding Organizations
Recognition Program• Invest approximately ¥5.0 billion in DX measures, including the
adoption of SAP software

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CHORI CO., LTD.

Corporate Profile

Overview of Business Segments

Fibers, Textiles, and Garments BusinessBusiness Model epresenting Chori’s Core Business
R
Since 1861
Founded as a raw silk wholesaler in 1861, Chori has built its businessaround its core Fibers, Textiles, and Garments Business for over 160
years. By drawing on our wealth of expertise and insight, we havedeveloped a strong track record and earned the trust of our ­customers
in the process. The Fibers, Textiles, and Garments Business engages
in every stage of the textile manufacturing ­process, from the handlingof raw materials (upstream) to the management of textiles and othermaterials (midstream) and the manufacture and distribution of
apparel and other finished products (downstream).

Fibers & Textiles Business Department 

Upstream
FieldsMidstream
FieldsDownstream
FieldsFabric materials(raw yarn andcotton)Textiles(­including woven
and knit fabrics)

Apparel products(clothing)

Product Portfolio and Strengths

We develop an array of raw materials and textiles for use in sports apparel, uniforms, and other products.

Fiber Raw Materials Department 

We conduct an array of product proposals by drawing on
our diverse global network of business partners, which
we have built over the years in tandem with our longtrack record. The strength of the Fibers, Textiles, andGarments Business lies in its ability to collaborate
throughout each stage of the textile manufacturing
process, from the procurement of raw materials to
weaving, knitting, dyeing, and sewing. Moreover, we also
engage in the development of our own original products
by taking advantage of our diverse network.

CIP2025 Segment Strategy
Continue to enhance the strengths of “GLOBAL ONE STOPCHORI” and expand business in growth sectors• Reinforce our proprietary business model• Ensure stable growth in the three areas of materials,­products, and resources• Expand business in growth sectors(the environment, health, and comfort)• Continue to grow the business across the globe• Pursue exceptional levels of functionality and expertise andfurther set ourselves apart from the competition

Industrial Textiles Business Department 

Product Portfolio and Strengths

We develop materials for a wide range of applications.

Technical Textiles Department 

Key Products• Synthetic fiber intermediates, polyester fibers, and nylon thread

Key Products• Hygienic and lifestyle-related materials and construction materials

Leading Share of Raw Material Sales in Japan

Reliable High-Performance Nonwoven Fabric and Composite Sheets That
Accommodate a Range of Uses and Needs
Chori handles a wide range of materials and products, such as nonwoven fabrics that aresoft on the skin and perfect for babies, printed waterproof film that can reproduce highquality images in a variety of designs, and cleaning wipes made of special raw cotton thatare highly effective against tough-to-remove stains. We are also in the development stagesof moisture-permeable and waterproof sheets, which will be mass produced and offer a
combination of durability, thermal insulation, antifungal properties, sound insulation andabsorption, and other high-performance features that have been cultivated in the market
for construction materials. We will work to maintain a high reputation for safety throughout
Asia and remain highly committed to helping promote our customers’ sales worldwide.

Chori supplies raw materials and develops original yarn in Japan and overseas, primarilyin Europe, the United States, and the ASEAN region. By optimizing procurement
through our overseas network and drawing on our sophisticated yarn processing
technologies in Japan, we develop a wide range of businesses through the sale ofhigh-value-added, high-performance materials and environment-friendly products fora variety of apparel and material applications.

Textile-Fabric Department 

Automotive Materials and Fabrics Department 
Key Products• Fabrics used in casual wear, sportswear, Middle Eastern garments, and various materials

Key Products• Raw materials used in automotive and other product materials and automotive interiors

Integration of Japanese Technology and Global Production Network
Chori’s high-quality, high-performance materials made in Japan and its fabrics
developed at production sites in Indonesia, Vietnam, China, and other countries are
deployed to a variety of markets around the world. We supply fabrics to markets not
only in Japan but also in China, South Korea, and other parts of Asia; the Middle East;
Europe; and the United States.

Adoption in Automotive Interiors by Major Automakers
Chori sells the polyester fiber and fabric used in automotive interiors and other products.
Boasting a domestic market share of over 40% for raw materials and over 30% for fabrics,
we are embracing these strengths to aggressively expand our business outside of Japan.
Going forward, we will continue to provide raw materials and fabrics that separate us fromthe competition by forming a solid business network with major players across the globe.

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CHORI CO., LTD.

Corporate Profile

Overview of Business Segments③成長戦略（中期経営計画「Chori Innovation Plan 2022」）

Apparel Business Department 

繊維事業のサステナビリティ

Product Portfolio and Strengths

We handle an extensive line of apparel that includes workwear, men’s suits, ladies’ and men’s casual wear, and sportswear.
Planningand design

PatterncreationPrototype
andPrototype andsample creation
creationsampleOn‐site andweb exhibitions

Commercialization

Inspection

連結経営基盤強化

次世代型ビジネスモデル創出

コンプライアンス throughout
人的基盤強化 the Entire Supply Chain 
Achieving Sustainability

コーポレート･ガバナンス

サステナビリティコンセプト：BLUE CHAIN®（ブルーチェーン）

Distribution

BLUE CHAIN™ is a concept unique to Chori that aims to achieve optimal
sustainability across the entire supply chain through a versatile combinationof sustainability-focused initiatives carried out along each stage of the
textile industry chain, from upstream to downstream (from silk to fabric to
the final product). BLUE CHAIN™ was established as a means to address
the various issues associated with the textile industry, such as greenhousegas emissions and water use.

・「川上から川下まで全体でサステナビリティを考える」
サプライチェーンのサステナビリティ全体最適化を実現する当社独自のプロジェクト。

・取引先企業と協働し、環境に配慮した糸・生地・製品での取組みを拡大。
Facilitate small-lot orders and timely responses
BLUE CHAIN
t ®の取り組み

Career Apparel & Workwear Department 

ECO BLUE®

Key Products• Lab coats, uniforms, suits, and clothing materials

回収ペットボトルから生まれた、リサイクルポリエステル糸当社の環境配慮型商材の主力商品。回収した使用済ペットボトルを洗浄・粉砕し、BLUE CHAIN™ Products and Initiatives
新たな繊維に生まれ変わらせ、貴重な資源を循環。長繊維から短繊維まで200種類以上の取り扱いが可能。国内外の生産背景を持つ蝶理独自の高機能素材とECO BLUE®を組み合わせ、リサイクルだけでない価値ある糸を生み出せることが強み。
Sale of Uniforms to Healthcare and Nursing Care Facilities, Construction Sites,
and a Range of Other Work Settings
速染糸「WS」
Outside of Japan, Chori is expanding its business of designing and manufacturing
環境配慮型ポリエステル繊維

uniforms, which are expected to be highly functional in a range of work settings. For our
小松マテーレ㈱との共同開発。糸作りの工程を変えることで染色時間を大幅に短縮
high-value-added products utilizing environment-friendly and functional materials,し、染色段階でのCO²を約30%削減。ECO
weBLUE®との組み合わせで、CO²を
have established production lines in Japan, China, and the ASEAN region. Moreover,
ダブルで削減。
with Japan, China, and Cambodia serving as hubs, our men’s suits and clothingmaterials are being procured and sold in the most suitable locations.

Apparel Department 
Key Products• Men’s apparel, ladies’ apparel, and unisex apparel

蝶理株式会社 CHORI CO., LTD.

30

ECO BLUE™

WS™

ECO BLUE™ is a recycled
polyester fiber produced byturning used plastic bottles into
plastic pellets, which are used to
manufacture over 200 types of
products, including long- andshort-fiber fabric.

WS™ is a material we developed
together with KOMATSU
MATERE Co., Ltd. that can bedyed quickly at low temperatures.
This quick-dyeing yarn also
reduces CO2 emissions from thefabric dyeing process by 31.7%*
compared with conventional yarn.

Global Production and Supply of Products for the Leading Brands of Major
Apparel Manufacturers* Based on measurements using
standard WS™ materials

Chori has developed an OEM*1 business for major SPAs*2 and leading apparel brands.
We handle all types of fashion apparel and are developing a global supply chain
management business that integrates each process of the supply chain, from planningand proposals to production and distribution. We always provide high-quality products byassessing both retail and e-commerce markets on a monthly basis. Through cooperation
with the Fibers & Textiles Business Department, we are also directing our attention to thecommercialization of sustainable products.

TEXBRID™

SPX™

TEXBRID™ is a highly stretchable
material that offers excellent
elongation recovery capabilities
through its spring-like molecular
structure, making it especially
comfortable to wear. This wrinkleresistant material caters to avariety of situations, including
sports activities and businessenvironments.

SPX™ is a stretchable, highly
crimped polyester yarn made by
PIN texturizing, a unique
Japanese yarn processing­technology that has been used
for over 50 years in the Hokuriku
region. Due to the unique puffiness and lightness of this yarn,
SPX™ is remarkably soft on theskin and comfortable to wear.

NEXUEDE™

NEXUEDE™

*1 Original equipment manufacturer*2 Specialty store retailers of private label apparel

Performance Apparel Department 
Key Products• Sportswear, fitness wear, golf wear, and innerwear
Global Production and Supply of Products for the Leading Brands of Major
Manufacturers
Chori handles highly fashionable and functional sportswear and casual wear centeredon golf apparel and athletic wear. By harnessing the strengths of our global supply
chain, we continue to build a strong collaborative framework with our clients. Moreover,
we also engage in the sale of materials and products to inner apparel ­manufacturers aswell as the sale of yoga clothing and loungewear.

BLUENY™

B-LOOP™

ECOSOL™

NEXUEDE™

BLUENY™ is a line of three typesof nylon: LOOP, a nylon madefrom recycled fiber waste;
OCEAN, a post-consumer nylon
derived from used fishing nets;
and SAVE, a bio-nylon derived
from plants.

A recycling initiative for textile
products in which polyester andother materials are processed
into recycled cotton and yarn andused in clothing and various
materials, such as soundproofing
materials for automobiles andpavement materials for riverbeds
to prevent flooding.

A polyester yarn that is coloredby blending pigments into theyarn during the spinning stage.
Adding colors at the yarn-making
stage uses less water andproduces less CO2 emissions
than dyeing fabric.

NEXUEDE™ is a high-quality
woven microfiber fabric that canbe used as an alternative to
artificial leather. Due to its suedelike feel, NEXUEDE™ is used on
car seats and a number of otherproducts.

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CHORI CO., LTD.

Corporate Profile

Overview of Business Segments

Chemicals Business
Chemical & Materials Business Department  eveloping a Proprietary Business Model That Caters to UniqueD
Materials, Fields, and Markets
Recognizing the potential of petrochemicals, Chori entered the chemicals business in 1956. Since then, we have accumulated a trackrecord spanning over 60 years in the Chemicals Business. We have continued to take advantage of our global network, not only in terms
of procurement and sales within China but also through exports and intermediary transactions with the Middle East and other regions.
Through these efforts, coupled with our ability to meet the diverse needs of our clients, we have set ourselves apart from our­competitors and enhanced our market presence.
Business Model

Product Portfolio and Strengths

Performance Chemicals Department 
Key Products• Urethane materials• Coatings, inks, and adhesives• Resins and compounds• Cosmetics and personal care materials• Environment-related products

CIP2025 Segment Strategy

Developing Businesses That Swiftly Address Market Needs for Everything from
Functional Chemicals to Environmental Products

ees, Chori develops and supplies products based

Develop new businesses through continuous innovation

on a market-in approach. We respond to customer• Promote consolidated management centered on our global
business• Establish environmentally conscious businesses that offer
high levels of functionality and profitability in place of­existing sub-standard businesses• Develop frameworks and product domains that are resilient
to changes in market and economic conditions• Strengthen cooperative efforts with China, India, South
Korea, and countries in Southeast Asia and South America

We engage in export and import activities primarily for resin materials, cosmetic­ingredients, and paint materials. In light of the increase in environmental awareness aroundthe world, we are strengthening our measures in growth markets through efforts such as
improvements to our lineups of recycled products and various types of environmental
materials, including bio-based materials, in a bid to realize carbon neutrality.

Taking advantage of its highly specialized employ-needs through our extensive lineup of highperformance materials.

Inorganic Fine Materials Department 
Key Products • Lithium-ion battery-related materials andbattery raw materials• Glass and ceramic raw materials

Electronics and semiconductor materials

Battery materials
and nonferrous metals

Digital integration• Agriculture-related materials and­fertilizer-related raw materials• Functional inorganic chemical materials• Functional metal materials

Providing a Comprehensive Line of Support Services, from the Supply of Glass
Substrate Materials and Functional Materials for Electronic Visual Displays to
Their After-Sales Services
Riding the wave of the growing market for flat-panel displays (FPDs) used in flat-screen
TVs and PCs, Chori established a joint venture with a local manufacturer in China to
manufacture glass substrate materials for use in FPDs, which are being supplied to glass
manufacturers around the world.

Industrial Chemicals Department Green business

Key Business
FieldsKey Products

Healthcare• Raw materials for aluminum electrolytic
capacitors• Raw materials for ceramic capacitors• Refined phosphoric acid and phosphate• Resin raw materials and resin additives(talc and glass fibers)• Aluminum
raw materials for heatexchangers

Using Phosphate in Metal Surface Treatment Agents, Food Additives, and a
Range of Other Applications

Food material

Agrochemicals, animal feed,
and fertilizers

Chori engages in the stable import and sale of refined phosphoric acid materials as a
distributor for a major manufacturer in China. These materials are used to produce
secondary phosphate, and Chori owns storage tanks in Japan dedicated to food-grade
refined phosphoric acid. The phosphoric acid is used in a wide range of applications,
including materials for surface treatment agents used in car paint sealers, food­preservatives, and the palm oil refining process.

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CHORI CO., LTD.

Corporate Profile

Overview of Business Segments

Overview of Business Segments

Machinery BusinessLife & Fine Chemicals Business Department 

Product Portfolio and Strengths

Fine Chemicals Department  xpanding Operations by Leveraging Our Long-CultivatedE
Know-How in Trade and Distinctive Trade Routes
 hori is expanding the operations of Chori Machinery Co., Ltd., a trading company
C
specializing in transportation equipment that was spun off in April 2017.

Key Products• Pharmaceutical ingredients andintermediates• Agrochemical ingredients andintermediates• Agrochemical• Functional intermediates
ingredients andintermediates(semiconductor and electronics materials)• F•unctional
Bio-related
intermediates
products

Providing Comprehensive Support from R&D to Commercial Production
Chori has established global partnerships with contractors and suppliers in five regions of
the world (India, China, Eastern Europe, North America, and Asia). We promote a market-in
business model and develop raw materials that are customized according to customer
needs through the services of our contractors. We are focused on developing new products and expanding our network of business partners in the Indian subcontinent as well as
expanding our line of bio-related products.

Life Science Department Transportation Equipment Four-Wheeled Vehicles, Two-Wheeled Vehicles, and Trucks; Agricultural Machinery;
Construction Materials; and Marine Equipment​
Chori Machinery engages in exports and intermediary transactions of transportationequipment, such as four-wheeled vehicles, two-wheeled vehicles, and trucks, as well as
agricultural machinery and construction machinery, with Central and South America,
the ASEAN region, and Europe.
Through our investment in a Mexican automotive assembly manufacturer, we havebeen participating in a project since February 2017 in which automobiles of Chinese
automakers are assembled through semi-knocked-down production and sold in Mexico.
Going forward, we will continue to draw on our long-cultivated know-how in international
trade, distinctive trade routes, and other strengths to further expand our business.

Key Products• Food chemicals• Feedstuff materials and additives• Healthcare products and ingredients for
supplements and health foods• Pharmaceutical raw materials• Medical equipment

Chori has been involved in a project to extract
lithium compounds from brine water without
reducing the water volume of salt flats.

Mexico

India

ASEAN

Core Initiative 

SDG-Oriented Initiatives MarketSupplier and market

Japan

Procuring Raw Materials for Food, Feedstuff, Pharmaceuticals, and Fertilizers
from North America, Europe, China, and Asia
Chori handles a variety of raw materials for food, such as feedstuff and fertilizers,
ingredients for processed food, and pharmaceutical ingredients, and is developing
businesses that help people lead healthy and affluent lifestyles. Looking ahead to the
future, we are working with business partners around the world to promote thedevelopment of new alternative protein businesses in the food and feedstuff fields.

Lithium Compound Production
Project in Chile

Supplier

China

EuropeSustainable Sources of Protein

Biodegradable Resin

Enhancement of Our Presence in Italy and Other Parts of Europe

Chori is developing sustainable sources ofmarine feed by producing novel protein using
the latest biotechnology.

Chori handles the biodegradable resin used inseed sheets, which are eventually decomposed into water and CO2 by microorganisms,
and is proposing the use of this naturally
derived synthetic resin in garbage bags andother products.

Chori Machinery has established a partnership with a company based in
Italy to develop businesses in the country and other parts of Europe, including Spain, Germany, and countries in Eastern Europe. The stylish vehicles
developed by Chori’s business partner have been well received by theyounger generation and the local markets, spurring a growth in sales. In
addition, Chori Machinery is aggressively moving forward in the development of electric vehicles, which will play a key role in realizing the
Sustainable Development Goals (SDGs).
This joint initiative began with the establishment of our presence in Italy,
a market on the scale of 1.6 million units. Since then, in addition to expanding our business in Europe, we have continued to form partnerships withother companies to examine new business opportunities in Asia and Central
and South America.

Centraland South
America

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CHORI CO., LTD.

Corporate Profile

Chori’s Sustainability Initiatives

Environment

We at Chori engage in business with sustainability at the forefront of our minds by developing environment-friendly products, conducting
procurement and export control activities that ensure compliance, and establishing a system that optimizes operations, thereby contributing toa better society as global citizens. Accordingly, we will promote ESG management, which was declared as one of the basic strategies of our
medium-term management plan Chori Innovation Plan 2025.

Recognizing the importance of environmental awareness to our business activities, we at Chori believe it is our responsibility to actively pursue
solutions to environmental issues.

Consideration for the Global Environment
Basic Principle

The Chori Group Basic Policy on Sustainability
The Chori Group's spirit of coexistence and co-prosperity, which has remained unchanged since the Company’s founding, declares that
we aim “to develop our business for the benefit of the world and people and to always strive to grow together with our customers.”
Guided by this unwavering spirit, we work unstintingly for “the betterment of society as members of the global community,” as set forthin our corporate philosophy. In keeping with our corporate slogan, “Making your dreams come true,” we remain firmly dedicated toachieving a sustainable society by continuously growing as a group through our steadfast approach to materiality.

Material Issues

Acquisition of ISO 14001 Certification
Since its acquisition of the ISO 14001 international standard for environmental management systems in 2000, Chori has continued to conduct
and engage in environmental conservation activities. We adopted the 2015 standard in December 2017, acquired ISO 14001 certification for
our Hokuriku Branch and Okayama Liaison Office in December 2019, and continue to engage in Groupwide efforts with Business Anchor
Corporation and other subsidiaries in our aim to help preserve the environment.

Key Themes
Help reduce the impact of climate change in order to achieve carbon neutrality by 2050

Promote businesses
that contribute to
the realization ofa sustainable andprosperous societyWith a view to generating substantive value and helping to realize a more enriched society, Chori strives to provide accurate information andexceptional products tailored to the needs of its customers. As the environment continues to garner global attention, we believe the role weplay in contributing to environmental conservation is essential to establishing a solid management foundation.

Establish a circular economy by further expanding our line of carbon-free,recycling-oriented products

Information Disclosure Based on the TCFD Recommendations
In accordance with the Recommendations of the Task Force on Climate-related Financial Disclosures, the final report released by the TCFD in
June 2017, Chori continues to strive to ensure appropriate information disclosure for the recommended disclosure items.

Resolve social issues through business activities
Create value through activities that go beyond the import and export of goods
Further expand our line of sustainable materials

Society

Provide employees with a rewarding and enjoyable working environment

Promote human resource
development and diversity

Invest in human capital (human resource development, strengthening of recruitment,
promotion of diversity)

Increase employee engagement (create a rewarding, comfortable working
environment) and promote health and productivity management

Chori strives to be a company that contributes to the well-being of each stakeholder and provides employees with a rewarding and enjoyable
workplace environment.



Ensure ability to procure safe, high-quality products and raw materials

Strengthen
supply chain
management

Strengthen and ensure stability of supply chains (maintain a stable and effective
business continuity plan)

Make effective use of resources and ensure their stable procurement and supply inline with global demand

Guided by the Chori Group’s Vision for Human Resources, “Utilize people, and be useful to them. Nurture people, and develop with them. Connect
people, and join together with them,” we regard our employees as our most valuable management resource. Accordingly, in addition to our various
in-house training programs, we implement overseas training and language course programs to secure and cultivate employees who are able to work
successfully outside of Japan.

Address the human rights, labor, and health and safety concerns of suppliers

Strengthen governanceand ensure compliance

Human Resource Development

Strengthen governance structure with a view to achieving sustainable growth
Continue to foster employee awareness of the importance of compliance

Respect for Human Rights
In order to fulfill its social responsibilities as a company that procures materials from all over the world, Chori has established human rights
policies and the CSR Procurement Guidelines and promotes procurement activities that underline the importance of corporate ethics, legal
compliance, safety, disaster prevention, environmental protection, product safety, quality assurance, human rights, and working conditions.
The CSR Procurement Guidelines prescribe our 11 Guidelines for Corporate Behavior to ensure employees are fully aware of our social
mission and the ways in which they must act at all times. We also conduct CSR-based procurement surveys on a periodic basis and arestrengthening activities with ESG-conscious companies with the goal of realizing a sustainable supply chain.

Please refer to the following sections of our corporate website for more details.

Governance

Sustainability section of Chori’s corporate website
https://www.chori.co.jp/english/sustainability/

Tsumugu Reporthttps://www.chori.co.jp/english/ir/library/tsumugu/

Chori has established systems to ensure the appropriate operation of its business with the aim of realizing sound business management andsustainable growth. We strive to constantly strengthen corporate governance by complying with laws and social norms, conducting efficient andeffective operations, and ensuring the credibility of our financial reports while positioning the Board of Directors as a strategic decision-making
body and a supervisory body for business execution.

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CHORI CO., LTD.

Corporate Profile

Corporate Information
Company Overview (As of March 31, 2024)
Company Name

Organization (As of June 18, 2024)

CHORI CO., LTD.
Business Administration Dept.
(Textile)

Tokyo Head Office
2-15-3, Konan, Minato-ku, Tokyo
108-6216, Japan
Tel: +81-3-5781-6200
Headquarters

Osaka Head Office (Main Headquarters)(until September 16, 2024)
1-7-3, Awajimachi, Chuo-ku, Osaka
540-8603, Japan(from September 17, 2024)
4-2-13, Awajimachi, Chuo-ku, Osaka 540-8603, Japan
Tel: +81-6-6228-5000

Capital¥6.8 billion

Date of Incorporation

September 2, 1948 (Founded in 1861)

Closing Date

March 31

Number of Employees

Consolidated: 1,304
Non-consolidated: 418 (Including 75 employees ­dispatchedto other companies)

Corporate Website

Logistics Dept. (Textile)

Textile Division

General Meetingof Shareholders

Fibers & Textiles
Business Dept.

Textile-Fabric Dept.

Industrial Textiles
Business Dept.

Audit & Supervisory
Committee

GovernanceCommittee
Apparel Business
Dept.

Board of Directors
President,
CEO & COO
Legal Compliance
Committee

https://www.chori.co.jp/english/

Technical Textiles Dept.
Automotive Materials
and Fabrics Dept.
Career Apparel &Workwear Dept.
Apparel Dept.
Performance Apparel Dept.
Material Development Team

Executive Committee

Business Administration Dept.
(Chemicals)
Logistics Dept. (Chemicals)

Sustainability
Promotion Committee

Stock Information (As of March 31, 2024)

Fiber Raw Materials Dept.

Expert Committees

Chemicals Division

Chemical &Materials
Business Dept.

Performance Chemicals Dept.
Inorganic Fine Materials Dept.

Total Number of Shares
Authorized to Be Issued

55,000,000

Total Number of Shares
Outstanding

25,303,478

Number of Shareholders

7,767

Stock Listing

Prime Market of the Tokyo Stock Exchange

Corporate Management Dept.

Major Shareholder

Toray Industries, Inc.

Affiliate Business Dept.

Internal Auditing
Dept.

Life & Fine
Chemicals
Business Dept.

Directors & Executive Officers (As of June 18, 2024)
Managing Executive Officer

Yoshihiro Teratani

Managing Executive Officer

Naohiko Ashida

Hiroshi Yoshida

Senior Executive Officer

Satoko Nakayama

Director / Executive Officer

Kazuhiro Tohge

Senior Executive Officer

Masao Nakamura

Director

Nobuyuki Inohara

Executive Officer

Yasuhiro Oiwa

Director / Full-Time Audit &Supervisory Committee
MemberShigemasa Yabu

Executive Officer

Masahiro Takamaru

Outside Director / Audit &Supervisory Committee
Member

Masaaki Sawano

Executive Officer

Yasutaka Kawamura

Outside Director / Audit &Supervisory Committee
Member

Hiromasa Suzuki

Note: Directors Masaaki Sawano, Hiromasa Suzuki, and Hiroko Noda have beenregistered as independent directors with the Tokyo Stock Exchange.

Outside Director/ Audit &Supervisory Committee
MemberHiroko Noda

President, CEO & COO /President and Executive Officer

Tatsuyuki Sakoda

Director / Managing Executive
Officer

Corporate Planning
Division

Industrial Chemicals Dept.
Fine Chemicals Dept.
Life Science Dept.

Human Resources &General Affairs Dept.
Information System Dept.
Pharmacovigilance &Quality Assurance Office
Companywide Business ­Transformation Project(for the implementation of
mission-critical system)
Executive Chief Representative
for China
Hokuriku Branch
Okayama Liaison Office
Overseas Representative Offices

Caution Regarding Forward-Looking Statements
The forecasts presented in this report include forward-looking statements and plans based on assumptions and projections made at the time of its publication and do not represent any­­promises or guarantees on the part of the Company.

Overseas Subsidiaries

22