GNI Group Ltd.
Cite as: Japan IR Index, GNI Group Ltd. (2160), methodology GNT-BDS v1.1.1, reviewed 2026-10-20.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G3 Board skills matrix published in English 0/5 Quick fix
Publish the skills matrix from the Japanese AGM notice in English.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 2/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Pharmaceutical) | 75.4 | 11 of 12 |
| Same size band (¥100–500bn) | 77.1 | 46 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 19 scored 3 or more and 10 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
English 'Consolidated Financial Results' (IFRS, December year-end) every quarter in the English IR Materials and on the English IR News the same day as the Japanese (Q2 FY2026 14 Aug 2026; Q1 15 May 2026; FY2025 13 Feb 2026). Complete despite the cover's 'English summary translation' wording: the Q2 English is 20 pp against 18 Japanese, with the qualitative results by segment, the condensed statements and the notes (going concern, segment information). So 5. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q2 FY2026 against the Japanese 2026年12月期 第２四半期（中間期）決算短信 (18 pp): the English (20 pp) has the same table of contents, from the results by segment (Pharmaceutical, Medical Device, Other) to '(5) Notes ... (Segment Information)'. Whole, so 5; the 'summary translation' label does not describe the contents. Source document →
F3Financial statements including notes available in English5/5
The Q2 FY2026 English tanshin carries the condensed statements and notes, segment information included. So 5. Source document →
F4Annual securities report available in English in any form0/5
The English 'Securities Report' page of IR Materials links only the Japanese 2026年12月期 半期報告書 (33 pp, Japanese). No securities report in English under any name.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Segments Pharmaceutical, Medical Device and Other, with revenue and segment profit or loss in every English tanshin (Q2 FY2026: Pharmaceutical ¥8,919m and ¥2,734m; Medical Device ¥3,017m and a ¥2,200m loss) and the segment note, a narrative per segment, and a bilingual Fact Book with segment profit margins. So 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
The 'FACT BOOK' each quarter is a bilingual PDF (8 pp), not a spreadsheet; no Excel or CSV on the English IR pages.
F7Guidance disclosed in English with the basis explained5/5
The English 'Notice Regarding Revision to Full-Year Consolidated Financial Forecast' (14 Aug 2026) explains the revision, and the English Q2 deck (51 pp) gives the segment outlook with the FX assumptions (USD/JPY 155.0, CNY/JPY 21.0). FX and segment forecasts with the revision explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the six months to 30 June 2026 on 14 Aug 2026, the same day as the Japanese. Same period. Source document →
S1Medium-term management plan in English with numerical targets2/5
GNI has no medium-term plan with numerical targets in either language. The English 'Business Plan and Growth Potential' (69 pp, 1 Apr 2026, a day after the Japanese 31 Mar) states 'GNI Group's Medium- to Long-Term Goals' qualitatively (commercialisation, next-generation pipelines, M&A); its numbers are market sizes, product sales potential and a subsidiary revenue goal (about ¥15bn for an IPO), not group targets. Named, no group numbers, so 2. Source document →
S2IR presentations published in English5/5
An English results presentation every quarter, posted the same day as the Japanese 決算説明資料 (Q2 FY2026 18 Aug 2026, 51 pp; Q1 15 May; FY2025 26 Mar), plus the bilingual Fact Book. The Japanese side publishes no transcript or Q&A to match. So 5. Source document →
S3English equity-story or investment-highlights page3/5
No investment-highlights page in English. 'Business Model' and 'Message' under About Us, and the Growth Potential deck, describe the business and strategy rather than an investor case on one page. So 3. Source document →
S4Growth drivers identified and quantified in English5/5
The English Growth Potential deck and results decks name the drivers and attach numbers: ETUARY and F351 (hydronidone) in China with market sizes and peak-sales ranges (e.g. CNY 1.6-2.1bn), Cullgen's protein degraders, the AYUMI acquisition, the medtech brand business, and revenue history by business. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
Neither language publishes a results-briefing transcript or Q&A (the Japanese side only announces online briefings). The 'Questions from Investors and Answers' of 12 Feb 2026 is a written Q&A, in both languages the same day, not a briefing record.
S6Integrated or annual report available in English0/5
No integrated or annual report in English (IR Materials: Consolidated Financial Report, Fact Book, presentations, AGM, securities report, other materials), and none found on the Japanese IR library either.
S7Progress against the previous plan, including misses, explained in English0/5
No medium-term plan in either language, so no previous-plan reconciliation.
G1Corporate governance report available in English3/5
No Corporate Governance Report in English. The English 'Corporate Governance Policy' page is a narrative, partly stale ('For Fiscal Year 2022, the Audit Committee consists of 3 outside directors'). A site narrative in place of the filing, so 3. Source document →
G2Director biographies in English with tenure, expertise and independence2/5
The English Board of Directors page lists seven directors with titles (three marked External Director) and a biography for the CEO only; no tenure, no careers for the others, no English AGM notice with candidate profiles. Names and titles, so 2. Source document →
G3Board skills matrix published in English0/5
No skills matrix in English: checked the Board of Directors and governance pages, IR Materials and the Growth Potential deck. The AGM materials with the board composition are Japanese only.
G4Executive remuneration structure and its performance linkage explained in English0/5
No English description of executive remuneration: the governance page mentions the Remuneration Committee only; the AGM notice and securities report are Japanese only.
G5AGM notice in English with sufficient lead time to vote0/5
The English 'AGM' page of IR Materials lists only Japanese documents (第25期定時株主総会招集ご通知及び株主総会資料, 5 Mar 2026, and the electronic-provision items), and the English IR News has no convocation notice. No English AGM notice.
G6Shareholder vote results disclosed in English0/5
No English notice of resolutions or voting results on the English AGM page or IR News.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
No English statement on cross-shareholdings: checked the governance page, IR Materials and the Growth Potential deck; there is no English CG Report.
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is in the English homepage navigation and opens /english/ir/. One click, so 5. Source document →
O2English document links resolve to English documents3/5
Sampled 11 links in the English IR Materials: tanshin 2024-2026, decks 2024-2026, the forecast revision, an executive notice, the investor Q&A, the August 2025 briefing deck are English; but the AGM notice (24 pp) and the half-year securities report (33 pp) are Japanese files under Japanese titles, and the 'Other materials' page has Japanese-titled 2024 briefing files. Several Japanese, unlabelled, so 3. Source document →
O3English IR archive free of dead links5/5
All 11 sampled links resolved to live PDFs. So 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the English homepage, IR top, IR News, IR Materials (tanshin with year tabs, AGM, securities report, other materials), governance, management policy, board and contact pages: all render their content. So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
English IR News is one dated list of tanshin, presentations, forecast revisions and other disclosures (back through 2026 and earlier), untyped; the Fact Books and AGM items sit only in IR Materials. One dated list, not every type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Consolidated Financial Reports and presentations by quarter back to 2008 in the year tabs, IR News through 2026. Several years, so 5. Source document →
O7Named English IR contact published2/5
'Contact Us' offers only a general mailbox (infojapan@gnipharma.com) through an 'Email Us' button, with a note that IR inquiries are not answered individually. No IR address or form. So 2. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The English tanshin appears the same day as the Japanese every quarter (14 Aug, 15 May, 13 Feb), and the presentations the same day as the Japanese 決算説明資料 (18 Aug, 15 May, 26 Mar). So 5. Source document →
R2Median lag in days between Japanese and English statutory publication1/5
Q2 tanshin 14 Aug / 14 Aug = 0; Q1 tanshin 15 May / 15 May = 0; AGM notice (Japanese 5 Mar 2026) no English, >90; CG Report no English, >90; securities report (Japanese 27 Mar 2026) no English, >90. Sorted 0, 0, >90, >90, >90: median over 90, so 1. Source document →
R3Timely disclosures published in English4/5
The English IR News mirrors the Japanese 適時開示 list date for date (forecast revisions, AYUMI acquisition, Cullgen, major-shareholder changes, executive changes, F351 filings). Two English items came a day late ('[Delayed]' Business Plan and Growth Potential and the FY2026 forecast disclosure, 1 Apr against 31 Mar), and the 第三者割当に係る株式譲渡報告書 filings (Aug-Oct 2026) and Gyre presentation notices are Japanese only. Nearly all, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR pages, privacy and terms pages: no machine-translation notice. (A footer link is labelled in Japanese, 'ソーシャルメディアポリシー'.) So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin ('please refer to the Japanese version'), the H1 deck, the forecast revision, executive notice and investor Q&A ('the Japanese original shall prevail') are disclaimed; the FY2025 deck on the company site and the Growth Potential deck carry no such statement. Some documents, so 2. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-20. Compare this question across companies →
Capital-policy review
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Acquisition of AYUMI Pharmaceutical Holdings (¥44.8bn, part paid in new shares)
Acquisition · completed · Board decision 5 June 2026
GNI bought all of AYUMI for ¥44.8bn: ¥18.0bn in cash funded by a ¥20bn one-year loan, and ¥26.8bn paid with 9,974,291 new GNI shares. The deal closed on 1 July 2026; AYUMI is consolidated from the third quarter.
Timeline and sources (4 steps)
- 5 June 2026Acquisition and share issue resolved Price ¥44,776m (¥18,005m cash, ¥26,771m by contribution in kind) plus about ¥2,000m of advisory fees; 9,974,291 new shares at ¥2,684 to BCP Asia, Toho Holdings and Hisamitsu, about 17.9% of voting rights; AYUMI revenue ¥38.5bn and operating profit ¥6.2bn in its latest year. Notice Concerning Acquisition of All Shares of AYUMI Pharmaceutical Holdings KK and Issuance of New Shares by Third-Party Allotment
- 26 June 2026Bridge loan agreed ¥20,000m from 1 July 2026 to 1 July 2027, lump-sum repayment, with covenants on consolidated equity and on operating and net profit from FY2026. Notice Regarding the Execution of a Loan Agreement Containing Financial Covenants
- 1 July 2026Acquisition completed All AYUMI shares acquired and the new shares paid; issued shares rose from 55,843,127 to 65,817,418. Notice Concerning the Completion of the Acquisition of All Shares of AYUMI Pharmaceutical Holdings KK
- 14 August 2026Forecast revised for consolidation FY2026 revenue forecast raised from ¥27,158m to ¥47,327m; profit forecasts still withheld. Notice Regarding Revision to Full-Year Consolidated Financial Forecast
What management said it would do
GNI agreed on 5 June 2026 to buy AYUMI for ¥44.8bn: ¥18.0bn cash and ¥26.8bn in new shares, about 17.9% dilution.
From the company’s own disclosure · Notice Concerning Acquisition of All Shares of AYUMI Pharmaceutical Holdings KK and Issuance of New Shares by Third-Party Allotment
What it actually did, and when
A ¥20bn one-year covenanted loan funded the cash part; the deal closed on 1 July 2026 and the revenue forecast was raised to ¥47.3bn.
From the company’s own disclosure · Notice Regarding the Execution of a Loan Agreement Containing Financial Covenants · Notice Concerning the Completion of the Acquisition of All Shares of AYUMI Pharmaceutical Holdings KK · Notice Regarding Revision to Full-Year Consolidated Financial Forecast
What it disclosed about the economics
Target revenue and profit are disclosed; no multiple, synergy or return expectation.
Partly disclosed — a gap remains · Notice Concerning Acquisition of All Shares of AYUMI Pharmaceutical Holdings KK and Issuance of New Shares by Third-Party Allotment
What has happened since
No return target is set; the loan maturity is the first dated check.
Partly disclosed — a gap remains · Notice Regarding the Execution of a Loan Agreement Containing Financial Covenants
The question this leaves open
Investor question: what return justifies the price and the dilution, and how will the bridge loan be refinanced? IR preparation: publish AYUMI's EBITDA contribution and the refinancing plan.
Our analysis, not a company statement
International offering of 5,000,000 new shares for ¥12.6bn, with dated use of proceeds (July-August 2025)
Equity issuance · In progress · Offering resolved 23 July 2025
GNI issued 5,000,000 new shares (about 9.9% of the 50.56 million then outstanding) at ¥2,651, a 7.5% discount, raising ¥12,592m paid in on 8 August 2025. Net proceeds of ¥12,147m were allocated to about 10% more of Gyre Pharmaceuticals by December 2026 (¥4,859m), medical-device M&A by December 2027 (¥6,074m) and group loans (¥1,214m). Progress against the allocation was not reported in the reviewed sources.
Timeline and sources (3 steps)
- 23 July 2025Offering resolved Up to 5,000,000 shares offered outside Japan; proceeds for a further stake in Gyre Pharmaceuticals, medical-device M&A and group loans, each with an amount and deadline; unused M&A funds to go to working capital after December 2027. Announcement Regarding Issuance of New Shares by way of International Offering (English published the same day as the Japanese; Japanese version 2025-07-23)
- 24 July 2025Offering priced 5,000,000 shares at ¥2,651 (7.5% discount to ¥2,866); ¥12,592m to be paid in on 8 August 2025; net proceeds ¥12,147m re-allocated pro rata. Announcement Regarding Determination of Issue Price and Other Matters (English published the same day as the Japanese; Japanese version 2025-07-24)
- 6 August 2025 · announced 7 August 2025Related stake increase Gyre Therapeutics, using its own funds, raised the group's holding in Gyre Pharmaceuticals from 65.18% to 69.72% for USD 1.28m; GNI said it still plans its own direct purchase with the offering proceeds. Notice Regarding Acquisition of Additional Shares of Gyre Pharmaceuticals by Gyre Therapeutics and Increase in the Group's Equity Interests (English published the same day as the Japanese; Japanese version 2025-08-07)
What management said it would do
GNI issued 5,000,000 new shares at ¥2,651 in July 2025 for ¥12.6bn, allocating net proceeds to a further Gyre Pharmaceuticals stake, medical-device M&A and group loans, each with a deadline.
From the company’s own disclosure · Announcement Regarding Issuance of New Shares by way of International Offering (English published the same day as the Japanese; Japanese version 2025-07-23) · Announcement Regarding Determination of Issue Price and Other Matters (English published the same day as the Japanese; Japanese version 2025-07-24)
What it actually did, and when
Pricing was announced; a related stake increase in August 2025 used Gyre's own funds, and progress against the allocation is not reported.
Partly disclosed — a gap remains · Announcement Regarding Determination of Issue Price and Other Matters (English published the same day as the Japanese; Japanese version 2025-07-24) · Notice Regarding Acquisition of Additional Shares of Gyre Pharmaceuticals by Gyre Therapeutics and Increase in the Group's Equity Interests (English published the same day as the Japanese; Japanese version 2025-08-07)
What it disclosed about the economics
The notices quantify each use and explain why: to keep more of Gyre Pharmaceuticals' future profit and to diversify revenue.
From the company’s own disclosure · Announcement Regarding Issuance of New Shares by way of International Offering (English published the same day as the Japanese; Japanese version 2025-07-23) · Announcement Regarding Determination of Issue Price and Other Matters (English published the same day as the Japanese; Japanese version 2025-07-24)
What has happened since
The deadlines for the uses have not passed.
Partly disclosed — a gap remains · Announcement Regarding Determination of Issue Price and Other Matters (English published the same day as the Japanese; Japanese version 2025-07-24)
The question this leaves open
Investor question: how much of the July 2025 proceeds is spent, and on what? IR preparation: add a use-of-proceeds line to each results presentation.
Our analysis, not a company statement
All-stock acquisition of Cullgen by Gyre Therapeutics, valued at about US$300m (agreed March 2026, completed May 2026)
Acquisition · completed · Agreement announced 3 March 2026
GNI's Nasdaq-listed subsidiary Gyre Therapeutics acquired GNI's subsidiary Cullgen in an all-stock deal valued at about US$300m (about ¥47bn), after Cullgen's planned reverse merger with Pulmatrix was terminated. It closed in May 2026 as planned. GNI called it an internal reorganisation and said the accounting effect was under review; no figure was found in the reviewed sources.
Timeline and sources (2 steps)
- 3 March 2026Agreement announced All-stock transaction valued at about US$300m (about ¥47bn); close expected early in the second quarter of 2026; impact on consolidated results under review; no change in consolidation scope. Notice Regarding the Execution of an Agreement for the Acquisition of Cullgen Inc. by Consolidated Subsidiary Gyre Therapeutics, Inc. (English published the same day as the Japanese; Japanese version 2026-03-03)
- 4 May 2026 · announced 7 May 2026Acquisition completed Cullgen became a wholly owned subsidiary of Gyre; Dr Ying Luo became Gyre's President and CEO. (Progress of Disclosure Matters) Notice Regarding Completion of Gyre Therapeutics, Inc.'s Acquisition of Cullgen Inc. as a Wholly Owned Subsidiary (English published the same day as the Japanese; Japanese version 2026-05-07)
What management said it would do
Gyre Therapeutics agreed in March 2026 to acquire Cullgen, another GNI subsidiary, for stock valued at about US$300m, to add a protein-degrader discovery platform.
From the company’s own disclosure · Notice Regarding the Execution of an Agreement for the Acquisition of Cullgen Inc. by Consolidated Subsidiary Gyre Therapeutics, Inc. (English published the same day as the Japanese; Japanese version 2026-03-03)
What it actually did, and when
The acquisition completed in May 2026, as expected.
From the company’s own disclosure · (Progress of Disclosure Matters) Notice Regarding Completion of Gyre Therapeutics, Inc.'s Acquisition of Cullgen Inc. as a Wholly Owned Subsidiary (English published the same day as the Japanese; Japanese version 2026-05-07)
What it disclosed about the economics
GNI describes it as an internal reorganisation; the effect on its look-through ownership and results is not quantified.
Partly disclosed — a gap remains · Notice Regarding the Execution of an Agreement for the Acquisition of Cullgen Inc. by Consolidated Subsidiary Gyre Therapeutics, Inc. (English published the same day as the Japanese; Japanese version 2026-03-03)
What has happened since
The promised disclosure of the accounting effect was not found.
Partly disclosed — a gap remains · Notice Regarding the Execution of an Agreement for the Acquisition of Cullgen Inc. by Consolidated Subsidiary Gyre Therapeutics, Inc. (English published the same day as the Japanese; Japanese version 2026-03-03)
The question this leaves open
Investor question: did GNI's share of Cullgen's value rise or fall in the exchange? IR preparation: publish GNI's ownership of Gyre and Cullgen before and after closing.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
FY2025 operating cash flow was -¥2.4bn; the ¥18.0bn cash part of the AYUMI price was funded by a ¥20bn one-year loan.
Capital structure
The bridge loan is secured on GNI's Gyre Therapeutics shares and carries covenants on equity and on operating and net profit from FY2026.
Governance of capital decisions
9,974,291 new shares were issued to the sellers, about 17.9% of voting rights; GNI gives no profit forecast for FY2026.
Preliminary and not scored: a selected-source reading, reviewed 20 October 2026. Surplus cash, leases, maturities, project returns, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
No score on this page has changed since the change log started on 20 October 2026.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.