確認メモ（原文・英語）Published every quarter in English and on time, but abridged: 9 pages against the Japanese tanshin's 14. The cash flow statement survives the translation; the segment note does not, and 'segment' appears nowhere in the English for a company that runs wafer reclaim, prime wafers, consumables and renewable energy as separate businesses.
確認メモ（原文・英語）Latest tanshin, six months to 30 Jun 2026, both dated 13 Aug 2026. The English 'Consolidated Financial Results for the Six Months Ended June 30, 2026' runs 8 pages: a 2-page summary (results, dividends, forecast, notes on share counts), then the BS, P&L, comprehensive income and cash-flow statement. The Japanese 決算短信 runs 13 pages. It has the same summary and statements, plus a contents page and the notes section on pp10-13: change in presentation, the segment note (三事業 sales and segment profit for both half-years, with the definition of 'Other'), shareholders' equity, going concern and subsequent events. The English stops after the cash-flow statement. The full year is cut the same way: the FY2025 English tanshin (13 Feb 2026) is 13 pages against the Japanese 19, and it drops the 経営成績等の概況 qualitative review (segment-by-segment narrative and financial position, Japanese pp2-4) as well as the notes. Notes cut, segment note above all, so 3.
確認メモ（原文・英語）English statements exist for every period. The 2Q FY2026 and FY2025 English tanshin carry the BS, P&L, comprehensive income and cash flows, and the full year adds changes in equity. No English source carries the notes. The tanshin stop after the statements. The securities report is not in English (the English Securities Reports page says 'There is no document.'). Annual Report 2025 (16 PDF spreads) has only a ten-year PDF summary table and segment charts, no statements or notes. Statements without notes, so 3.
確認メモの要点（当調査による日本語要約）英文の有価証券報告書ページには見出しと「There is no document.」の表示があり、会社自身が掲載なしと示しています。
確認メモ（原文・英語）The English Securities Reports page carries the heading and the words 'There is no document.' The company says so itself; nothing is hidden behind a script.
確認メモ（原文・英語）Three reporting segments (Wafer Reclaim, Prime Wafer, Semiconductor-related Equipment & Materials) plus Other. Sales and operating income by segment appear every quarter in the English deck: 2Q FY2026 deck p5 (YoY table with margins) and p6 (quarterly sales and OP by segment), FY2025 deck pp6-7, 3Q and 1Q decks likewise. Annual Report 2025 and deck p57 add segment trend data. Segment definitions are never stated in English. The tanshin segment note, which defines the segments and 'Other' (solar, technical consulting) and reconciles to operating profit, is cut from every English tanshin. Every period, but figures only in the deck and definitions unstated, so 4.
確認メモ（原文・英語）No .xls, .xlsx or .csv anywhere on the English IR site. We searched the links on the IR top, IR Library, Financial Information and its four sub-pages (Financial Highlights, Business Performance, Financial Status, Cash Flow Status), the sitemap and CSR Data with 'xls|csv|excel|download|data'. The financial pages are HTML tables (Takara Printing feed) covering FY2022 to 2Q FY2026 by quarter. Annual Report 2025 has a ten-year PDF table. Neither counts.
確認メモ（原文・英語）The English tanshin (13 Aug 2026) gives the FY2026 forecast: net sales ¥84.0bn, OP ¥15.4bn, ordinary ¥17.2bn, net ¥10.0bn, EPS ¥376.54, dividend ¥55, with 'Revisions ... None'. The Japanese tanshin has no 今後の見通し either. The basis in English comes from the decks and transcripts. The FY2025 deck and transcript (13/16 Feb 2026) set FY2026 inside the 2026-2028 plan as an investment phase, and give the capacity build behind it: Sanbongi Plant 7 restart, reclaim capacity 690K to 1.19M/month by 2028, 8-inch prime to 300K/month in 2026, ¥57bn capex. The 2Q transcript says the first-half targets were met and guidance is unchanged. There is no FX assumption and no segment forecast. The forecast with part of the basis, so 4.
確認メモ（原文・英語）The current plan is the rolling Medium-Term Management Plan 2026-2028. It was published inside the FY2025 results deck on 13 Feb 2026, the same day as the Japanese deck, and repeated in the 2Q FY2026 deck (13 Aug 2026, EN 59 pages = JA 59 pages). Quantified targets: sales ¥84.0/105.0/115.0bn, OP ¥15.4/17.5/19.0bn, ordinary ¥17.2/19.0/20.0bn, net ¥10.0/11.5/13.0bn for FY2026-28, ROIC over 11%, ROE over 13%. It also gives WACC 9.0%, cost of equity 10.5%, a cash allocation (¥53bn operating CF, ¥57bn capex, ¥36.5bn strategic investment, ¥7.5bn returns), per-plant capacity and capex tables, and an M&A hurdle of 14-20%. Japan has no separate plan document. Complete and same day, so 5.
確認メモ（原文・英語）FY2026/12 2Q Financial Results presentation in English (13 August 2026), a transcript of the results briefing released four days later, and a separate Q&A document for the first quarter.
確認メモ（原文・英語）The English site has no 'why invest' or investment-highlights page. 'Information for Shareholders and Investors' links to the CEO message (aims to be 'No. 1 in all of our businesses', no numbers). The strengths are told in company-overview and strategy material. The deck's Company Profile section (pp21-23) has 'Top company in the reclaimed wafer business with a global market share of 31%', the segment mix and a sales history. Annual Report 2025 'Overview of Each Segment and Growth Strategies' has per-segment Strengths / Opportunity / Growth strategy boxes with share targets. Strengths described, quantified in places, but not framed as an equity story, so 3.
確認メモ（原文・英語）The drivers are named and quantified in English. Reclaimed wafers: global share 31% now, 33% medium-term, over 40% long-term (AR 2025). Capacity from 690K to 1.19M wafers/month by 2028, plant by plant (Sanbongi 380K to 520K, Tainan 330K to 570K, China 50K to 100K), with capex of ¥17.3bn+, ¥24.7bn and ¥10bn. Prime wafers: 8-inch to 300K/month in 2026, 12-inch to 250K/month by 2028, a 20% China 8-inch share by 2027 and 7% in 12-inch. The semiconductor market is put at USD 1tn by 2029 (SEMI) (2Q FY2026 deck pp12-14, 25-35). Energy (VRFB electrolyte) also has capacity plans. Named drivers with numbers attached, so 5.
確認メモ（原文・英語）The Japanese side publishes a briefing transcript (書き起こし) for the half and full year and a Q&A (質疑応答集) for Q1 and Q3. The English library mirrors each one on the same day. Transcripts: 2Q FY2026 (17 Aug 2026, EN 24pp vs JA 21pp), FY2025 (16 Feb 2026, EN 23pp vs JA 21pp), 2Q FY2025 (29 Aug 2025 both). Q&A: Q1 FY2026 (14 May 2026, EN 4pp vs JA 4pp), Q3 FY2025 (13 Nov 2025 both), Q1 FY2025 (28 May 2025 both). The English transcripts carry the 'abridged translation' label, but at 38,000-43,000 characters against Japanese files of the same length they read as full transcripts. Every one, same day, so 5.
確認メモ（原文・英語）The plan rolls each year. The previous version, MTP 2025-2027 in the FY2024 deck (14 Feb 2025), targeted FY2025 sales ¥75.0bn and OP ¥15.1bn, FY2026 ¥88.0bn and ¥17.7bn, ROIC over 13% and ROE over 14%. The new plan shows FY2025 actuals (sales ¥76.7bn, OP ¥14.3bn, ROIC 10.8%, ROE 12.5%) next to the new targets, and cuts FY2026 to ¥84.0bn and ¥15.4bn. It never refers to the previous targets and has no target-versus-actual table. The only explanation is the FY2025 transcript line 'ROIC decreased by about 2 points ... temporarily declined due to an increase in investment capital'. Actuals and a remark, not a reconciliation, so 2.
確認メモ（原文・英語）No Corporate Governance Report in English. The English governance page (/en/csr_sustainability/governance/policy/) links five Corporate Governance Reports, April 2023 to 27 March 2026, but every one is the Japanese filing to TSE. The company files one; it is not in English. (Reason corrected 14 Oct 2026; an earlier version said no report existed.)
確認メモ（原文・英語）All eight directors were elected at the 27 Mar 2026 AGM, so the English notice's reference documents cover the whole board. Each has date of birth, a dated career summary (for example 'Director (incumbent)' since Apr 2017 for Endo, 'Statutory Auditor' 2013 and A&SC Director 2022 for Kanamori), shareholding, and the reasons for nomination with the expertise expected. Independence is stated for Nakano, Kanamori, Zhang and Izawa (to be notified as independent officers), and the Directors page lists all four as independent outside directors. Board tenure must be read off the career dates, and there is no board-attendance record. All three elements, tenure thin, so 4.
確認メモ（原文・英語）No skills matrix in English. We checked the English 16th AGM notice (11 pages, reference documents for both director proposals), the Directors and Executive Officers page, the governance Basic Stance page (a 'Diversity of Directors and Training' paragraph only) and Annual Report 2025. The Japanese CG report (27 Mar 2026) has no スキル entry either.
確認メモ（原文・英語）The English has fragments. Annual Report 2025 describes the Nomination and Compensation Committee's role (and still names a former member). The 'Notice Concerning Issuance of New Shares as Restricted Stock Compensation' (24 Apr 2026) gives the restricted-stock plan: a cap of ¥100m and 31,000 shares a year, ¥110.3m allotted to 4 directors and 4 officers, restricted until retirement. The overall structure (基本報酬, 賞与, restricted stock), the policy and the ¥550m cash cap are set out only in the Japanese CG report and AGM notice. No KPIs, no weights and no total director pay in English. One component and a mention, so 2.
確認メモ（原文・英語）Notice of the 16th AGM, dated 6 March 2026 (effective 4 March) for a meeting on 27 March - 21 days, voting open to 26 March. Full: 28,000 characters including the meeting agenda and the reference documents for all three proposals, and carrying no 'translated from a part' caveat. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Sumitomo Mitsui Trust Bank as share registrar, whose voting websites (www.web54.net and www.soukai-portal.net) are in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4.
確認メモ（原文・英語）The General Shareholders' Meetings page lists the 6th through the 16th meeting, each with a convocation notice and nothing else. No resolution notice and no voting-results report in English for any year.
確認メモ（原文・英語）The cross-shareholding policy exists only in Japanese. It is Principle 1-4 of the CG report (in principle no listed strategic holdings; the board reviews any holding), and the English governance page links only the Japanese report. We found nothing in English: not in the governance Basic Stance page, the AGM notice, Annual Report 2025 or the IR library. There is no English yuho.
確認メモ（原文・英語）We sampled 19 English-labelled document links. 15 are English: tanshin 2Q FY2026 and FY2025; decks 2Q FY2026, FY2025, FY2024 and FY12/19; transcripts 2Q FY2026 and FY2025; Q&A Q1 FY2026; AGM notices 2026 and 2025; Annual Report 2025; restricted-stock notice; RSPDH dissolution notice (9 Oct 2026); FY2016 results summary. Four are Japanese with no label: the 'Corporate Governance Report' links on the English governance page (27 Mar 2026, 31 Mar 2025 and 3 Apr 2023 opened, all Japanese 14-15pp), and the English General Shareholders' Meetings page's 'Notice of Convocation' links for 2022, 2023 and 2024 (the 2024 and 2022 links opened, the Japanese 59pp and 76pp notices). 'Stock Price Information' also goes to Yahoo! Japan. Several unlabelled, so 3.
確認メモ（原文・英語）All 19 sampled links, dated 2017 to Oct 2026, opened and rendered with page counts. No dead links. The /en/ir/stock/price/ path we guessed returns 404, but nothing on the site links to it.
確認メモ（原文・英語）Rendered in Chromium, every page showed its content: English homepage, IR top (IR news widget with type tabs), IR News (year select), IR Library and its Financial Results, Briefing Materials and Timely Disclosures lists (year and FY selects work), Annual Report, Financial Information and its four HTML data tables, General Shareholders' Meetings, governance Basic Stance, Directors and IR Contact. The only defect is in the data, not a script failure: in IR News the 13 Aug 2026 'Briefing Materials' entry (the 2Q tanshin) renders with a blank title.
確認メモ（原文・英語）'IR News' is one dated list with type tabs (All, Financial Results, Briefing Materials, Statutory Disclosures, Timely Disclosure, News Release) and a year selector back to 2017. It covers tanshin, decks, transcripts, Q&A, timely disclosures, the AGM notice and the annual report. It leaves out the Corporate Governance Reports (governance page only) and the older AGM notices (meeting page only). Two type labels are swapped: decks are tagged 'Financial Results' and tanshin 'Briefing Materials'. One dated page, not every type, so 4.
確認メモ（原文・英語）Several years across types. English tanshin from FY2016 (FY2016 results summary dated 23 Feb 2017), decks FY2019-FY2026, timely disclosures 2017-2026, transcripts and Q&A from FY2025 back to the FY2024 briefing (Mar 2025), and annual reports 2024 and 2025. English AGM notices exist only for 2025 and 2026 (the earlier links are Japanese).
確認メモ（原文・英語）The English IR top (rs-tec.jp/en/ir/) lists 'IR Contact' in its IR menu, so a reader finds it at once, but the page behind it (/en/ir/contact/) gives no IR-specific address: it points to the IR library, gives the transfer agent's (Sumitomo Mitsui Trust Bank) toll-free line for share administration, links to the general Contact Us Form (/en/contact/input/: name, company, email, phone, free text, no inquiry category at all) and lists the head office telephone and fax (03-5709-7685 / 03-5709-7686). That head-office number is the same one given for Kiyohide Tomatsu, Director, in the results summary. Re-checked 17 Oct 2026 under the current bands, which no longer require a named person: the obvious IR menu item would earn a 4 if it led to a dedicated route, but it leads to the shared corporate form and the switchboard number, which the rulings treat as not dedicated. A genuine, easily found IR contact page whose routes are shared is a 3; this is the floor between 3 and 4 and the closest of the four to a 4.
確認メモ（原文・英語）English and Japanese library dates are the same for every period checked. 2Q FY2026: tanshin and deck 13 Aug 2026 both, transcript 17 Aug both. Q1 FY2026: tanshin, deck and Q&A 14 May both. FY2025: tanshin and deck 13 Feb 2026 both, transcript 16 Feb both. Q3 FY2025: tanshin, deck and Q&A 13 Nov 2025 both. 2Q FY2025: 13 Aug 2025 both. Same day every period, so 5.
確認メモ（原文・英語）Lags, English vs Japanese. 2Q FY2026 tanshin 13 Aug / 13 Aug = 0. Q1 FY2026 tanshin 14 May / 14 May = 0. 16th AGM notice: both TDnet-stamped 2 Mar 2026 (JA …573891, EN …573892), but the English list dates it 4 Mar, so 0-2 days. CG report: JA 27 Mar 2026, no English = over 90. Yuho (FY2025): no English = over 90. The median is the AGM notice: 0 by file stamp, 2 by the English posting date. On the floor it is 1-7 days, so 4.
確認メモ（原文・英語）Twelve months to 14 Oct 2026. The Japanese timely-disclosure list has 18 items (19 Dec 2025 to 9 Oct 2026). All 18 have English counterparts, and 16 of them were posted the same day. Examples: holding-company discontinuation, Shinetech schedule change, dividend (13 Feb), share-sale notices, director changes (18 Feb), China subsidiary, Annual Report, restricted stock, battery-storage investment, Shinetech talks ended, prime-wafer reorganisation (31 Aug, 4 Sep, 11 Sep), RSPDH dissolution (9 Oct). The exception is the Japanese Anhui Jinglong acquisition notice and its correction of 7 Jul, which became one '(Updated)' English notice on 9 Jul, two days later. English also carries extras such as personnel changes, the Gritek excerpt and the AGM notice. Nearly all same day, one late, so 4.
確認メモ（原文・英語）Rendered English homepage, IR top, IR Library, IR Disclaimer and IR Contact: no machine- or AI-translation notice and no translation banner. The documents carry only human-translation precedence lines ('translated from a part of the Japanese original ... the original shall prevail' on the tanshin, 'abridged translation ... the Japanese original shall prevail' on transcripts and notices), which belong to R5.
確認メモ（原文・英語）The results summary carries 'translated from a part of the Japanese original for reference purposes only ... the original shall prevail'. The AGM notice is the exception - it carries no such caveat. Re-checked 14 Oct 2026 in the other-24 pass: the AGM notice carries no prevailing-language line, so the disclaimer is on some documents, not all: 2 (was 1).