Core Insights - The bull market in 2025 has not benefited the company as expected, reflecting a lack of structural opportunities and strategic missteps [1][2][32] - The company acknowledges the need for continuous improvement and adaptation in investment strategies despite the cyclical nature of markets [1][2] Market Review - The global stock market in 2025 saw significant gains, with major indices in developed and emerging markets reaching historical highs, particularly in South Korea with a 76% annual increase [2][32] - The Chinese stock market also performed well, with both A-shares and Hong Kong stocks experiencing double-digit growth, yet the company's relative performance was disappointing [2][32] - The technology sector, especially in computing power, was identified as a missed opportunity, contributing to lower overall portfolio returns [2][33] Historical Context - The company reflects on past market conditions, particularly the extreme differentiation seen in 2013-2015 and 2020-2021, which led to significant investment challenges [3][34][35] - In 2013, the company faced difficulties due to a lack of adjustment in investment logic amidst changing economic conditions, resulting in poor performance [3][34] - The 2020-2021 period saw a focus on high-growth sectors, which, despite being viewed as overvalued, still yielded positive returns due to strategic positioning in certain stocks [3][35] Strategic Insights - The company recognizes the need to prioritize corporate governance in weak-cycle assets, particularly in state-owned enterprises, which may have lower efficiency compared to private firms [6][37] - A strategy to differentiate between strong and weak cycle assets is proposed, emphasizing the importance of governance in investment decisions [6][38] Overseas Investment - The company has made initial strides in overseas investments, particularly in Japan and Southeast Asia, although it acknowledges the need for deeper understanding of these markets [8][39] - Currency fluctuations are highlighted as a significant risk in overseas investments, necessitating careful consideration as investment scales increase [8][39] Future Outlook - The company anticipates a potential systemic revaluation of undervalued stocks in 2026, driven by ongoing liquidity support [10][42] - The AI computing bubble is expected to burst, with a focus on application and edge computing remaining crucial for future investment strategies [14][46][48] - The company emphasizes the importance of distinguishing between short-term market trends and long-term value creation, particularly in the context of consumer spending and economic recovery [19][21][43]

Core Viewpoint - Rohm has successfully launched a new sulfuric acid plant at its Worms production site in Germany, which is crucial for strengthening its global production network [1] Group 1: Company Developments - The Worms site is Rohm's largest production base globally, playing a vital strategic role in the company's operations [1] - Rohm is the only manufacturer with production bases for methyl methacrylate (MMA) and polymethyl methacrylate (PMMA) in Europe, Asia, and North America [1] - The new sulfuric acid plant enhances the regional supply capacity of MMA, which is essential for various industries including automotive, construction, and medical technology [1] Group 2: Strategic Investments - Rohm has been making significant strategic investments, including a substantial increase in PMMA production capacity and the establishment of a leading innovation center at the Worms site [1] - The new plant reflects Rohm's integrated production philosophy of "local production, local service," ensuring reliable delivery and stable planning support for customers [1] Group 3: Operational Impact - The COO of Rohm stated that the new sulfuric acid plant not only improves supply assurance but also strengthens the entire value chain in the long term [1]