ALMEDIO INC.
7859・Standard Market・Other Products
Business
Almedio Inc. is composed of two segments: the Insulation Materials Business, centered on two consolidated subsidiaries in China (Alsid (Suzhou) Inorganic Materials Co., Ltd. and Almei (Suzhou) Technology Co., Ltd.), and the Nanomaterials Business, which conducts R&D, manufacturing, and sales of nano-sized fibrous carbon (CNF). The Insulation Materials Business develops, manufactures, and sells auxiliary materials for electronic components, refractory materials, and related products, with major customers being companies in industrial applications such as solar panel manufacturers, semiconductor-related companies, and steel manufacturers. The Nanomaterials Business is in a growth stage, aiming to expand adoption of Conductive Carbon Nanofiber (CNF) across multiple industries including coatings, batteries, semiconductors, and heat dissipation materials. Originating from the Test Media business, the company is progressing its transformation into a functional materials manufacturer.
Business Model
In the Insulation Materials Business, Chinese consolidated subsidiaries manufacture auxiliary materials for electronic components and refractory materials, selling them directly to domestic and overseas industrial customers, while the company handles import sales. In the Nanomaterials Business, CNF is manufactured and researched/developed at domestic sites, with efforts underway to progress from paid sample sales toward full-scale adoption. The majority of revenue comes from the Insulation Materials Business, while the Nanomaterials Business is currently in an investment and nurturing phase.
Company Strengths
阿爾賽（蘇州）無機材料有限公司 (Alsher (Suzhou) Inorganic Materials Co., Ltd.) has obtained High-Tech Enterprise certification, and independently develops and mass-produces new products such as alumina particles for semiconductors, SiO, Ceramic Rack for MLCC Firing, and plasma ZrO2-coated Ni mesh. In FY2026 (ending March 2026), the company invested ¥490,383 thousand in capital expenditure in the Insulation Materials Business, continuing to advance production capacity and quality improvements.
In the Nanomaterials Business, two CNF patents were acquired during the current fiscal year. Conductive Carbon Nanofiber (CNF) (highly dispersed) is undergoing expanding customer evaluations across multiple industries including semiconductors, batteries, and coatings, and is at the adoption progression stage for semiconductor applications. Registration under the European REACH Regulation and additional ISO9001 certification have also been completed, establishing a foundation for overseas expansion.
As of the end of FY2026 (ending March 2026), the equity ratio stood at an extremely high 93.6%, with net assets maintained at ¥7,904 million. The period-end balance of cash and cash equivalents was secured at ¥3,280 million, and the interest coverage ratio was 72.6 times. The company has maintained financial stability even amid a deteriorating business environment.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥11,557 million in FY2024 (ended March 2024) before falling sharply, dropping to ¥2,372 million in FY2026 (ending March 2026), a level below even FY2022 (ended March 2022) (¥3,266 million). The company posted an operating loss of ¥826 million and net loss of ¥470 million, marking losses for two consecutive periods. As an external factor, the sharp decline in demand in China's solar power generation market directly hit the Insulation Materials Business. On the cash flow front, operating CF secured ¥501 million (restated), down 42.2% year on year. Investing CF resulted in an outflow of ¥744 million due to an increase in time deposits and other factors. Financing CF resulted in an outflow of ¥366 million due to the repayment of ¥350 million in short-term borrowings and other factors, and the cash balance fell to ¥3,280 million. Among CF-related indicators, the interest coverage ratio improved to 72.6x (restated), and the cash flow to interest-bearing debt ratio improved to 35.8 (restated).
Growth Strategy
Aiming to transform into a functional materials manufacturer through diversification of sales channels for insulation materials and cultivation of the nanomaterials business
Move away from dependence on solar power generation applications and expand sales channels toward high-value-added applications such as heater modules for semiconductor manufacturing equipment. This field is expected to offer stable demand and high margins, and directly contributes to diversifying the revenue base of the Insulation Materials Business.
Consolidate manufacturing and sales functions of Chinese subsidiaries at Almen (Suzhou) Technology Co., Ltd. to reduce fixed costs and improve profitability. This is positioned as a structural reform amid the phase of sluggish performance, and cost competitiveness is expected to be strengthened.
Evaluation of CNF is progressing in multiple industries including paints, batteries, semiconductors, and heat dissipation materials, and adoption decisions for High-purity SiO as a ceramic additive have also been confirmed. Development of new products such as highly dispersible Conductive Carbon Nanofiber (CNF) and CNF-containing PEEK compounds is also being promoted in parallel.
Aiming to transform into a functional materials manufacturer that goes beyond the scope of the Insulation Materials Business, establish and expand the production system for new products such as High-purity SiO/Alumina Particles. Promote research and development of advanced products leveraging the high-tech enterprise certification of the Chinese subsidiary.
Last updated: July 19, 2026