Medium-Term Management Plan FY25
FY12/2022–FY12/2025
Released February 25, 2022
Updated February 13, 2024

Noritsu Koki Co., Ltd.

Stock Code: 7744 (Prime Market of Tokyo Stock Exchange )© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

1

Revisions to Medium-Term Management Plan FY25
February 25, 2022 Medium-Term Management Plan FY25 released
February 13, 2024 Plan targets revised up (P15)
Revisions to segment targets (P16, P21)
Revisions to capital allocation and breakdown of growth investments (P23)
Sustainability progress updates (P24)© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

2

Cautionary note on forward-looking statements
The Company’s current plans, strategies, and other matters in these materials that are not historicalfacts are forward looking statements estimated at the time of publication based on the Company’s
judgement from information currently available. Actual results may differ significantly due to various
factors and risks, and the Company makes no assurances or guarantees whatsoever.

Operating EBITDA
Operating EBITDA is defined as operating profit less other income and expenses plus depreciation
and amortization (excluding depreciation costs for right-of-use assets).
Although operating EBITDA is not a performance indicator defined in the consolidated financial
statements, it provides a clearer picture of underlying earnings capabilities by removing the impact
of non-recurring profit and loss items and depreciation and amortization. The Company has
included operating EBITDA in financial disclosures to provide users of the consolidated financial
statements with more information to evaluate the Group’s earnings.

Presentation methods used in these briefing materials
Figures: Rounded down to the nearest unit
Ratios: Converted from yen and rounded to the nearest single digit of the unit
Net profit: Profit attributable to owners of parent
Medium-Term Management Plan FY25: New Medium-Term Management Plan (Jan 2022–Dec 2025)
Medium-Term Management Plan FY21: Old Medium-Term Management Plan (Apr 2019–Dec 2021)© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

3

Contents

1. Medium-Term Management Plan FY21
Review– Review of FY21 plan results

2. Medium-Term Management Plan FY25
– Mission, Vision, Values and Targets– Business Strategy© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

4

Message

Create unparalleled products
and services for society“We must become the leader in business fields where we operate.” That was the declaration our founder made in1951 as he held his automatic photo print washer invention, heralding the start of Noritsu Koki’s corporate story.
Although our products were unseen by most people, they became essential to daily life.
Over time, we sought out new challenges, moving into more business fields critical to modern society.
Amid constant change in society, our goal is to deliver products that people need and want, that are indispensablefor everyday life, and that support people behind the scenes.
We will continue to create these kinds of vital products for society with care and commitment.
Sparing no effort, we will work quietly and steadily to open up new paths to the future.
This is our mission and our commitment to all stakeholders.

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

5

(Review) Medium-Term Management Plan FY21 Positioning
Medium-Term Management Plan FY21 was positioned to reinforce the Group’s earnings andorganizational capabilities to take Noritsu Koki into the next phase of growth, while also
maintaining stable growth.
During the plan, the Company changed its fiscal year-end and revised up the plan’s targets.
Up to March 2019

Moving out offounding business andadopting a businesssegment structure

April 2019 to December 2021

Strengthened
business opportunity
creation andearnings/organization
al capabilities while
maintaining stable
growthJanuary 2022 onwards

To the next stage

FY12/2021 Target

Operating EBITDA¥9.0–12.0 billion※ Target before revision
FY3/2022
Operating EBITDA¥9.0–10.0 billion© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

6

Medium-Term Management Plan FY21 Highlights
Key highlights of the plan:

Operating EBITDA
target range:¥9.0–12.0 billion

Stronger earnings/organizational
capabilities••

Result: ¥16.4 billion (FY12/2021)
Sharply higher than EBITDA of ¥7.5 billion in the fiscal year before
the plan started•

Six segments streamlined into one segment; channeled businessresources into priority areas to create a highly efficient operating
structure
Established a global business base focused on Manufacturing(overseas business now generates more than 80% of sales)
Created a highly profitable corporate group with an EBITDA margin of
more than 20%••

Shareholder
returns••

Achieved the target dividend payout ratio of 25% (ordinary
dividend)
Decided to pay a special dividend of ¥160 after the plan’s targets
were achieved (pending approval by Annual General Meeting of
Shareholders on March 24, 2022)© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

7

Business Portfolio Realignment Chart
2012

2013

2014

NK Works (original business)

2015

2016

2017

2018

2019

2020

2021

Revised February 22,
2022

2022

2016/2 Business transfer

Teibow (2015/1)
soliton (2019/2)
AlphaTheta (2020/4)
JLab (2021/5)
Doctor-NET (2010/6)
JMDC (name changed from Japan Medical Data Center) (2013/5)

Newly
establishedentityUNIKE Software Research (2016/6)

2019/12
Listedon stockmarketNS PARTNERS (2012/7)

PreMedica (name changed from NK Medico) (2010/7)
FEED (2013/5)
Newly establishedentity2020/9 Business transfer

IMEDIC (2013/5)

2016/3 Business transfer

Japan Regenerative Medicine (JRM) (2013/10)

2020/2 Business transfer

Kidswell Bio Corporation (2016/6)2019/4 Equity-method affiliate
GeneTech (2016/4)

2018
Convertedto holding
company

HALMEK (2012/9)
Newly
establishedentityNK AGRI (2009/11)

Zenkokutsuhan (2012/12)
Newly establishedentityNihon Kyosai (2017/12)
Health Age SAST Insurance (2014/11)

2020/9 Business transfer
2020/8 Business transfer
2020/11 Business transfer

2020/4 Business transfer
2020/3 Business transfer

KIRARITO (2014/8)

Newly establishedentity2019/12 Business transfer

DT Lab/Bluevo (2016/2)

2020/1 Business transfer© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

8

Business Portfolio after Realignment
Growth prospects of each business evaluated based on business vision, competitive advantages,
growth potential, IRR, etc.
Aiming to become a corporate group that generates sustained growth worldwide, with
manufacturing as the core business
Earning
capability<Released Sep 2020><As of Feb 25, 2022>

Lead markets

Teibow(Parts/Materials)
AlphaTheta(Audio Equipment/Peripherals)

JLab(Audio Equipment/Peripherals)

Top in Japan

Build
uniquenessStrengthen
uniquenessTop worldwide*PreMedica not shown in the portfolio, as it is currently preparing a market listing.

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

9

Medium-Term Management Plan FY21: Main Actions and Outcomes of Key
Strategies
Key Strategy 1

Increase core business earning capability, continue growth<Main actions and outcomes>• Business portfolio realignment: Worked to create “No. 1/Only 1” businesses, positioned Manufacturing as core business, andstreamlined business segments• Manufacturing – Parts/Materials: Improved productivity (writing instruments business) and acquired soliton Corporation (reinforcing
the cosmetics business)

Key Strategy 2

Appropriate investment in development and growth fields (create and expand)<Main actions and outcomes>• Manufacturing – Parts/Materials: Constructed new plant (aiming to develop MIM into next growth driver)• Manufacturing – AlphaTheta joined Group as a core business• Manufacturing – JLab acquired and joined Group as a core business

Key Strategy 3

Create synergies with reorganization of Group management system<Main actions and outcomes>• Sold some shares in listed companies in Feb 2020 to improve liquidity on hand
• Repurchased and retired share subscription warrants in Mar 2020 to prevent future dilution; shares in subsidiaries provided as
payment for the warrants, limiting cash outflow• Sold some shares in JMDC in Jun 2020 and Feb 2022, improving liquidity on hand
• Overhauled management structure in response to changes in operating environment; outside directors appointed to more than halfof board positions to enhance supervisory functions, executive officer system upgraded; Nomination & Remuneration Committee
also established; measures reinforced governance, accelerated decision-making and improved effectiveness of business execution• Formulated the Medium-Term Management Plan to deepen understanding of the Group’s growth potential and business vision, andto capture synergies by raising awareness within the Group• Improved business efficiency (inc. switch to paperless processes), created remote-working system, and upgraded systems to increase
efficiency and speed of consolidated accounting• Upgraded IR and PR activities with new corporate website (Jun 2019), better disclosures and new factsheets, English language
information, and more video and press release content© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

10

Contents

1. Medium-Term Management Plan FY21
Review– Review of FY21 plan results

2. Medium-Term Management Plan FY25
– Mission, Vision, Values and Targets– Business Strategy© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

11

Supplementary Information to February 22, 2022 Disclosures
As disclosed in the press release, “Change in specified subsidiary (partial sale of shares),” Noritsu
Koki approved the partial sale of shares (33% of voting rights) in former consolidated subsidiary
JMDC Inc. to OMRON Corporation.
Background•

Noritsu Koki has realigned its business portfolio to focus on the Manufacturing businessand channeled management resources into strategic business fields in response to dramaticchanges in the operating environment, aiming to create a stable high-growth corporategroup and reinforce its financial position.

•

OMRON has a very positive view of JMDC’s business and a deep understanding of the needto maintain JMDC’s management independence. In light of this, we see prospects for further
growth in JMDC’s corporate value through business collaboration with OMRON.
Outlook•

Noritsu Koki’s holding in JMDC will decrease to 15% and the company will be excluded fromthe scope of consolidation.

•

The Healthcare segment will also be discontinued, with any remaining businesses folded into
the Manufacturing segment.
© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

12

Segments After Realignment
We have reaffirmed Manufacturing as the Group’s core business following portfolio realignment.
Reportable segments will also be changed.
Now

Manufacturing

Healthcare

Parts/Materials
Audio
Equipment/Peripherals
MedicalInformation

OthersMedicalTesting＜Key companies＞

Manufacturing
Parts/Materials

Manufacturing
Audio Equipment/Peripherals
OthersTeibow(Inc. soliton)

AlphaTheta
JLab

PreMedica,others© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

13

Vision for the Company

MISSION

Prosperity for society
and people

VISIONA corporate group that continues
producing “No. 1/Only 1” businesses

VALUE

Understand the needs of the age and think one step ahead
Pursue products and services that enrich lives

Respect the potential for growth and innovation andsupport a spirit of challenge© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

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Medium-Term Management Plan FY25: Management Targets
Updated February 13,2024

Key targets of the Medium-Term Management Plan FY25 are as follows:
Targets

Medium-Term*1
Management Plan
FY21

Medium-Term*2
Management Plan
FY25

Revenue¥54.4 billion¥100.0 billion

16.4%

Operating EBITDA¥11.0 billion¥20.0 billion

16.1%

Operating profit¥6.3 billion¥15.0 billion

24.2%

¥110

¥290

27.4%

ROIC

2.5％

5%–6%

-

Payout ratio

25%

40% or more

-

EPS
*3,4

CAGR

*1 Medium-Term Management Plan FY21 excludes figures for the medical information business, which has been removed from the scope of consolidation*2 Forex assumptions for FY25 estimates: ¥135.0/USD, ¥145.0/EUR*3 ROIC = NOPLAT (operating profit x (1 - deemed tax rate)) ÷ invested capital (average of net interest-bearing debt + total equity at beginning and end of FY)*4 Assumed cost of capital (WACC) 5-6%
© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

15

Targets by Segment
Updated February 13,
2024

Targets by segment are as follows:
Billions of yen

*1

FY21

FY25

ChangeCAGR

Manufacturing(Parts/Materials)
Teibow

Revenue

12.2

12.8

+0.6

1.2%

Operating EBITDA

4.1

3.7

-0.4

-2.5%

Manufacturing(Audio Equipment/Peripherals)

Revenue

41.1

85.5

+44.4

20.1%

Operating EBITDA

7.3

17.2

+9.9

23.9%

Revenue

26.5

56.5

+30.0

20.8%

Operating EBITDA

5.6

13.8

+8.2

25.3%

Revenue

14.5

29.0

+14.5

18.9%

Operating EBITDA

1.7

3.4

+1.7

18.9%

Revenue

1.0

1.7

+0.7

14.2%

Operating EBITDA

(0.5)

(0.9)

(0.4)

-

Revenue

54.4

100.0

+45.6

16.4%

Operating EBITDA

11.0

20.0

+9.0

16.1%

AlphaThetaJLabOthers and companywide
expenses

Consolidated total*1 Forex assumptions for FY25 estimates: ¥135.0/USD, ¥145.0/EUR© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

16

Contents

1. Medium-Term Management Plan FY21
Review– Review of FY21 plan results

2. Medium-Term Management Plan FY25
– Mission, Vision, Values and Targets– Business Strategy© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

17

Noritsu Koki – Who We Are

Noritsu Koki continues to leverage is manufacturing DNA
to create highly unique businesses, creating a platform for future
investment
Creating Value

Creating Markets

Human resources

Technology

A legacy of highly specialized
knowledge and expertise

Responsive technology
improvements and R&D

Committed to customers,
proud of our products

Top positions in niche markets
and market categories

Rapid, flexible management decisions
and business execution

Ability to offer and pursue
appropriate pricing

The Noritsu Koki Group brings together numerous technologies, proven companies and highly experienced humanresources, backed by a corporate culture committed to consistently providing new value to society.

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

18

Noritsu Koki’s Businesses

Parts/Materials

Audio Equipment/Peripherals

Audio Equipment/Peripherals

Teibow Co., Ltd.

AlphaTheta Corporation

JLab Audio

Maker of cutting-edge miniatureparts and technologies, with theleading global share in pen nibs

World’s largest maker of DJ andother equipment, with the top
global share in DJ equipment

US-based audio device business,selling its products under the JLab
Audio brand

Noritsu Koki Co., Ltd.

Aiming to be a corporate group of manufacturing companies with worldclass technologies and quality, consistently creating “No. 1/Only 1”
businesses© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

19

Key Strategies
We will implement the following key strategies under Medium-Term Management Plan FY25:

Key Strategy 1•

Reinforce existing Group businesses and invest in growth fields
to become a high-growth, innovative business group

Key Strategy 2•

Implement financial strategies to achieve ROE of 8%

Key Strategy 3•

Promote sustainability and governance management© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

20

Summary of Key Strategies in Each Business

Key Strategy 1

Key strategies for each company in our core business (manufacturing) are as follows:
Targets

Teibow

AlphaThetaJLab

Revenue:¥12.8 billion
EBITDA:¥3.7 billion

Existing/foundation businesses<Writing instruments business>・Develop high-value-added products
・Expand sales channels into emerging
markets and China<Cosmetics business>
・Expand sales channels for strategic
products, targeting China
・Offer new proposals for the eyeliner
market・Increase sales of PBT brushes

Revenue:¥56.5 billion
EBITDA:¥13.8 billion<DJ equipment business>・Leverage technical capabilities and brandpower in DJ equipment to offer moreinnovative value and expand sales channels
in key markets
・Provide customer-focused experiencevalue by combining hardware and software,etc.

Revenue:¥29.0 billion
EBITDA:¥3.4 billion<Personal audio business>
・Expand sales channels in markets outside
the US (increase the share of non-US sales
to more than 30%)・Accelerate product launches andincrease the cost-competitiveness of new
products
・Stabilize quality and production systemmanagement

Updated February 13,2024

Growth/new businesses<MIM business>・Leverage high-quality, volume
production system to grow sales in new
fields and worldwide, aiming to more thandouble sales<New business fields>
・Step up sales of Teibow products
incorporating cutting-edge pen nib
technologies for air freshener, medical andother new applications
・Expand and commercialize services incore business peripheral markets, such as
DJ lifestyle ideas for new customer
segments, music production equipment
and music performance-related data
・Increase sales from software services tomore than ¥4.0 billion
・Move into peripheral businesses, aiming
to become a personal technology
company・Use products to contribute to society(CSR) through brand ambassadors andsupport for sports, etc.

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

21

Financial Strategy

Key Strategy 2Strengthen cash flow generation to achieve ROE of at least 8%.
Pay a continuous and stable dividend and maintain financial discipline, while also balancing theneed to invest in growth.
Cash Flow
Generation• Operating EBITDA margin of 20% or more
• ROIC 5-6% (higher than WACC)

GrowthInvestments• Actively channel capital into growth fields in each business• Explore M&A opportunities to reinforce core businesses

Shareholder
Returns• Continuous, stable dividends with a target payout ratio exceeding
40%

Capital Policy• Maintain financial discipline, targeting net debt to operating
EBITDA ratio of under 3.0x

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

22

Capital allocation and components of growth investment

Key Strategy 2Updated February 13,
2024

Revisions to capital allocation (totals for FY22-25) and breakdown of growth investments
Breakdown of growth investments
FY22–FY25

Asset sales¥95.0 billion*2

Growthinvestment¥74.0 billion

Shareholder
returns¥21.0 billion*3

Production capacity increase andrationalization, etc. (Teibow)
Acquisition of shares in DJ Monitor andSerato, etc. (AlphaTheta)

Debt repayment¥45.0 billion*4¥10.0-12.0 billion

Investment in DX and IT systems¥2.0 billion

Upgrades to existing facilities¥4.0 billion

10-year outlook
Reinforce existing businesses
New businesses and M&A

Operating CF¥45.0 billion*1¥1.0 billion

500億円¥55.0 billion

Sustainability implementation*1 Before tax deductions related to asset sales*2 After tax deductions related to asset sales*3 Including ¥10 billion special dividend*4 Including ¥20 billion early repayment© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

23

Progress with Sustainability Initiatives

Key Strategy 3
Updated February 13,
2024

In FY23, we will continue to improve information disclosure, including publishing an Integrated Report, as part ofbroader efforts to realize a sustainable society and ensure the Group’s sustainable growth

FY21

FY22

• To address various
social issues bypromotingsustainability
management, we
identified fourmaterialities (keyissues) for theGroup, in line withour corporate
mission and vision,as well as
stakeholder
perspectives• Implemented
Materiality ActionPlan-----------------------------• Disclosed Materiality
Action Plan
• Establishedsustainability
promotion system• HeldSustainability
Promotion
Meetings
(Aug
2022)

-----------------------------•

Endorsed TCFD
recommendations•

Disclosed policies

FY23 initiatives (results)• Implemented Materiality Action
Plan- Disclose outcomes of FY22
initiatives- Disclose targets for FY23 initiatives•

Hold Sustainability Promotion
Meetings (Feb/Aug 2023)•

Hold Sustainability Promotion
Committee (Mar 2023)•

Published Integrated Report, 2023

FY24

•

Continue to
implement
action plan,building on
progress in FY23•

PublishIntegrated
Report (planned)etc.

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

24

Our Vision for the Noritsu Koki GroupKey Strategy 3

Contribute to a better society through our business activities as a corporate group focused on
manufacturing companies with world-class technologies and quality, consistently creating “No.
1/Only 1” businesses.

Generate longerterm businessgrowth(Increase corporate
value)•••Create new markets with
“No. 1/Only 1” businesses
Push ourselves to provide
even better products andservices
Help to build a bright future
through business growth

Address social issues
Promotesustainability

Contribute to abetter society
through ourbusiness
activities••<Social issues>
Urbanization, resource depletion,
shrinking/aging societies,
population growth, global warming,
environmental pollution, poverty,
disasters, etc.
Provide products free of charge toeducational institutions, otherplaces in need
Provide support to create better
environments, etc.
© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

25

Appendix© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

26

About Noritsu Koki

Company:

Noritsu Koki Co., Ltd. (Prime Market of Tokyo Stock Exchange:

Representative:

7744)

Founded:Ryukichi Iwakiri, Representative Director and CEO

Established:

June 1951

Capital:June 1956

Headquarters:¥7,025,302,000
Joule A 5th Floor, 1-10-10 Azabu-juban, Minato-ku, Tokyo

Directors:
Ryukichi Iwakiri
Ryosuke Yokobari
Akari Otsuka

Directors(audit andsupervisorycommittee
member) :Akihisa Ota
Motoaki Ibano
Tsuyoshi Takada© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

27

Noritsu Koki’s Story

1951

Founder Kan'ichi Nishimoto
invents automatic photo
print washer by applying
principles behind water
wheel

1976

QSS-1 Automatic Systemshortens photo processing
times from several days tojust 45 minutes

1961

First company worldwide toautomate black-and-white film
development process;Company reformed as Noritsu
Koki Co., Ltd.

1997

2016

Company lists on TSE First
Section1985

New domestic plantcompleted in Wakayama
City, global expansion
accelerates

Head office relocated to
Minato Ward, Tokyo (2015),
decision taken to sellfounding business of photoprocessing equipment

2009

Imaging division faces
existential crisis
Strategic direction shifts to
M&A to create new
businesses

2022

Aiming to become aunique, sustainable global
corporate group focusedon manufacturing

2020

Business portfolio realigned
under new vision: “A
corporate group that
continues to create “No.
1/Only 1” businesses”© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

28

Manufacturing

A passion for manufacturing passed down over the years

Parts/Materials
business

Audio Equipment/Peripherals
business

Noritsu Koki will leverage its world-class advanced technologies
in the pen nib business to move into new fields and pursue
manufacturing of everyday products.

Backed by forward-thinking R&D, JLab will provide a wide rangeof unique audio devices that help make life more convenient andenjoyable.

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

29

Parts/Materials Business

Main businessWriting instruments business

1957〜

Global market leader

 Products based on capillary force control technology
 Pen nibs used worldwide
 Global market share of over 50%
Standard pens, Oil-based markers, Highlighters, Water-based coloring
pens,
Paint markers, White board markers, Household products, Medical
products, etc.

MIM businessTeibow Co., Ltd.

1994〜

 Components made using the latest metal parts
processing methods

 New plant to support business expansion
worldwide

Using global market-leading pen nibs toopen up opportunities in new fields
Key competitive advantages and strengths

Market-leading felt cores Consistently high quality Technology and expertisefor writing instruments - from mass production to accumulated over more
small lots
than 120 years
have global share of over50%

Global business presence backed by hollow injection molding
technology* and materials developed in house*Molding technology to make metal molds for hollow metal parts→ technology to make hollow metal parts

Cosmetics business2014〜 Industry-leading company supplying applicatorsfor liquid liner cosmetics

 More than 200 million brushes shipped forcosmetics applicator nibs, eyeliner and eyebrow
applicators, etc.

Supplies a wide range of products, including synthetic, felt and plastic
nibs and polybutyleneterephthalate (PBT) brushes© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

30

Audio Equipment/Peripherals Business

Main businessDJ/nightclub equipment
business

AlphaTheta Corporation

1994～

 World’s top 10 DJs all use the Pioneer DJ brand Popular pro DJs involved in product development
CDJ players, DJ mixers DJ controllers, Applications, DJ headphones,
etc.

Professional audio equipment 2013～business
 Leverages long history of expertise in “music
making”

 Leading clubs in London installed PA/SR speakers
PA/SR speakers, etc.

Creating products and services that help
people achieve their potential through music
Key competitive advantages and strengths

World’s leading maker of Equipment favored by theDJ equipment
world’s top DJs and clubs

Rising appeal among
ordinary consumers
spurred by growth of DJ
cultureMusic production equipment
business2016～

 Full-scale move into music production market
 TORAIZ series – High-quality rendition withintuitive music production

Monitor speakers, Monitor headphones, Multitrack samplers,Multitrack sequencers, etc.

Related service business2014〜 Community site services for music users
 Initiatives to encourage wider interest in DJ culture Opened Pioneer DJ Yokohama Lab
KUVO services, KUVO applications and DJ Schools© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

31

Audio Equipment/Peripherals Business

Main business

Audio devices business2005～

 No.1 in US market for True Wireless Earphones
under 100 USD

 No.1 in US market for Headphones under 50 USD
 No.1 kids headphone brand
Planning, development and sale of portable audio devices

SportsJLabWork

Maker of audio devices and one of thefastest-growing companies in the US
Key competitive advantages and strengths

Rapidly develops and
Top US share in multiple
Sales capabilities andlaunches new products that
product and market
product development skills
incorporate the latest
categories
technology trends

Wide range of products
for various applications

Calls

Music

Games
Kids

Highest quality products at reasonable prices

$9

$19

$29

$34

$39

$69

$99

© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

32

Overview of Group Companies

Parts/Materials

Audio Equipment/Peripherals

Audio Equipment/Peripherals

Production of cutting-edge miniatureparts and materials

Development of audio and music
production equipment

Personal audio device products business

AlphaTheta Corporation

PEAG, LLC dba JLabCompany name:
Representative:

Teibow Co., Ltd.
Kiyoshi Kochi, President andRepresentative Director
Capital:¥50 million
Major shareholder: Noritsu Koki Co., Ltd.
Main businessactivities:
Manufacture and sale of nib partsfor writing applications (felt,
synthetic fiber, plastic) and nonwriting applications, cutting-edgeparts and materials, MIM
manufactured products, cosmetics
nibs (synthetic cores, plastic cores,
polybutyleneterephthalate (PBT)
brushes, etc.)

Company name:

AlphaTheta Corporation(formerly Pioneer DJ
Corporation)
Representative:
Yoshinori Kataoka,
Representative Director andPresident
Capital:¥100 million(As of December 31, 2021)
Major shareholder: Noritsu Koki Co., Ltd.
Main businessactivities:
Design, production, sales andrelated services for DJ/nightclub
equipment, professional audio
equipment and music
production equipment

Company name:
Representative:
Capital:■Group companies:
Teibow Nib Manufacturing (Chang Shu) Co., Ltd.
(wholly owned Teibow subsidiary)・Manufacture and sale of marker pen nib parts in China(Jiangsu Province)■Sales companies:
AlphaTheta EMEA Limited
AlphaTheta Music Americas, Inc.
AlphaTheta (Shanghai) CO., Ltd.

Teibow Co., Ltd.

PEAG, LLC dba JLabWinthrop Cramer, CEO
US$19 million(As of March 31, 2023)
Major shareholder: Noritsu Koki Co., Ltd.
Main businessactivities:
Design and sale of personal audio
devices and technology products

soliton corporation (wholly owned Teibow subsidiary)・Manufacture and sale of nib parts for cosmetics
applications© 2024 NORITSU KOKI Co., Ltd. All Rights Reserved.

33

None of the information in this material is intended as an inducement to buy or sell the Company’s stock.
Moreover, the Company makes no guarantees regarding the content of this material.

The Company’s current plans, strategies, and other matters in this material that are not historical facts are forward looking
statements estimated at the time of publication based on the Company’s judgement from information available to date.
Actual results may differ significantly due to various factors and risks, and the Company makes no assurances orguarantees whatsoever.

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