Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Kohjin Bio (177A TSE Growth)

May 7, 2024

Engaged in three businesses utilizing culture media to promote cellular and microbialgrowthThis report is an English translation of part of the report issued on April 26, 2024.
For inquiries concerning the report, please contract info@stock-r.org【177A Kohjin Bio Sector：Chemicals】
Fiscal Year
Mar.2023

Net sales

YoY

OperatingprofitYoY

Ordinary
profitYoYProfitYoY

EPSBPSDPS(mn yen)(%)(mn yen)(%)(mn yen)(%)(mn yen)

(%)

(yen)

(yen)

(yen)

724.6

19.0

4,742

20.1

1,267-

1,244

35.7

829

41.2 199.2

Mar.2024f

4,724-0.4

537-57.6

560

-55.0

289

-65.1

69.4

-

14.0

Mar.2025

f

4,852

2.7

857

59.6

876

56.4

629

2.2x 126.9

-

14.0

Note: Consolidated basis.Figures for the fiscal year ending March 2024 and March 2025 are the company's forecasts.

Engaged in Businesses Utilizing Culture Media to Promote Cellular andMicrobial GrowthKohjin Bio corporate group specializes in (1) the tissue culture business, which handles
cell culture media, (2) the microbiology business, which handles in vitro diagnostic
pharmaceuticals such as microbiological testing media and virus testing kits, and (3) thecell processing business which utilizes its media for the contracted manufacturing andprocessing of specific cell processed products used in regenerative medicine.
In fiscal year ended March 2023, the tissue culture business accounted for 34.8% of net
sales, the microbiology business accounted for 50.5% and the cell processing businessaccounted for 14.7%. Additionally, up until the same fiscal year, sales from themicrobiology business grew sharply, driven by the temporary factor of COVID-19 testingkits.
In the tissue culture business, Kohjin Bio develops, manufactures and sells cell culture
media for clinical use and research related to cell-based regenerative medicine, targeting
medical and research institutions.
Cell manufacturing is carried out by the company, a subsidiary located in China andAjinomoto Kohjin Bio, an equity affiliate company that manufactures culture media for iPScells.
Kohjin Bio’s microbiology business is divided into two categories, microbiological testing
media and in vitro diagnostic pharmaceuticals. Microbiological testing media are forgrowing bacteria and include clinical testing media such as those used for specimen
testing in health checks and environmental testing media such as stamp media used for
microbiological testing at manufacturing sites of food, cosmetics and pharmaceuticalcompanies. In vitro diagnostic pharmaceuticals refer to antigen testing kits.
In the cell processing business, Kohjin Bio is contracted to manufacture specific cellprocessed products using its own cell culture media based on the “Act on Securing Safetyof Regenerative Medicine.” The uses of specific cell processed products include cancer
immunotherapy and anti-aging treatments such as wrinkle improvement. The sales
destinations are medical institutions such as clinics that conduct treatments not coveredby the national health insurance. Patients are mainly wealthy Asians who visit Japan for
medical tourism purposes.

Newly Listed Company Introduction Report

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Centermakes no warranty or representation concerning the accuracy, reliability, completeness, adequacy and reliability of the information indicated in the report, and shall not assume
no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Kohjin Bio (177A TSE Growth)

May 7, 2024

Financial Statements

Statement of income

Fiscal Year

Mar. 2022(mn yen)Nine months
to Dec.2023

Mar.2023(%)(mn yen)(%)(mn yen)(%)

Net sales

3,947

100.0

4,742

100.0

3,544

100.0

Cost of sales

1,907

48.3

2,288

48.2

2,234

63.0

Gross profit

2,039

51.7

2,45451.8

1,310

37.0

Selling, general and administrative expenses

1,069

27.1

1,186

25.0

939

26.5

Operating profit

969

24.6

1,267

26.7

370

10.4

Non-operating income

22-

25-

66-

Non-operating expenses

74-

48-

39-

Ordinary profit

917

23.2

1,244

26.2

397

11.2

Profit before income taxes

922

23.4

1,244

26.2

397

11.2

Profit attributable to owners of parent

587

14.9

829

17.5

207

5.8

Balance sheet

Fiscal Year

Mar. 2022(mn yen)Current assets

Mar.2023(%)(mn yen)Dec.2023(%)(mn yen)

(%)

3,433

61.4

3,478

56.7

3,324

52.5

Cash and deposits

1,734

31.0

1,462

23.8

1,582

25.0

Accounts receivable-trade

1,139

20.4

844

13.8

1,028

16.2

520

9.3

1,102

18.0

619

9.8

2,161

38.6

2,655

43.3

3,003

47.5

1,709

30.5

2,171

35.4

2,452

38.8

50.1

40.1

30.0

Inventories
Non-current assets
Property, plant and equipment
Intangible assets

445

8.0

479

7.8

547

8.6

Total assets

Investments and other assets

5,595

100.0

6,134

100.0

6,327

100.0

Current liabilities37.3

2,198

39.3

3,021

49.3

2,361

Accounts payable - trade

396

7.1

236

3.8

270

4.3

Short-term borrowings

900

16.1

1,200

19.6

1,500

23.7

Current portion of long-term borrowings
Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation

209

3.7

864

14.1

152

2.4

1,180

21.1

95

1.5

782

12.4

1,064

19.0

--562

8.9

2,216

39.6

3,017

49.2

3,184

50.3

2,216

39.6

3,017

49.2

3,184

50.3

Mar. 2022

Mar.2023(mn yen)(mn yen)

762

461

179

167

Cash flows from investing activities

82-575

Cash flows from financing activities

-360

-172

-33

-41

Dividends paid
Net increase in cash and cash equivalents
Cash and cash equivalents

514

-271

1,734

1,462

Note:Consolidated
Source: Prepared by Stock Research Center based on the notifiable prospectus.

Newly Listed Company Introduction Report

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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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