確認メモ（原文・英語）English tanshin every period on the Japanese cycle, and the latest quarter (Q1, 6 Aug 2026) is whole, with segment notes for all three segments. But the full-year FY2026 English tanshin is a 10-page "[Summary]" against 20 Japanese pages, with no qualitative section and no segment note. Two tests, take the lower: a content cut, 3 (was 5, which read only the quarter; re-checked 14 Oct 2026).
確認メモ（原文・英語）Latest English tanshin, 'Consolidated Financial Results for the Three Months Ended June 30, 2026 (Under IFRS)': 15 pages against 13 for the Japanese 2027年3月期第1四半期決算短信. It carries the summary pages, the qualitative section (business results by segment, financial position, forecast explanation with assumptions), the condensed statements and the notes (going concern, segment information, cash-flow notes). The Q2 and Q3 English tanshin match their Japanese originals at 14 pages each. Caveat: the FY2026 full-year English tanshin of 11 May 2026 is a 10-page '[Summary]' (cover pages and statements only, no qualitative section, no segment note) against 20 Japanese pages. Scored on the latest document: the whole tanshin → 5.
確認メモ（原文・英語）Q1 FY2026 English tanshin has the condensed quarterly statements (financial position, P&L, comprehensive income, changes in equity, cash flows) with notes (applicable framework, going concern, segment information, cash-flow notes). For the year end there is also a 67-page 'Consolidated Financial Statements under IFRS Accounting Standards Year Ended March 31, 2026', extracted from the yuho, with full numbered notes (e.g. Note 7 segment information). Full statements and notes for the latest period → 5.
確認メモ（原文・英語）No whole Annual Securities Report in English, but the English IR site carries "Consolidated Financial Statements under IFRS Accounting Standards, Year Ended March 31, 2026", 67 pages "extracted and translated from the Japanese original report (Yukashoken-Hokokusho)": statements and full notes, without the narrative sections or the auditor's report. The FY2025 edition is there too. Statements only: 3 (was 0 on 12 Oct, which searched the disclosure feed only; re-checked 14 Oct 2026).
確認メモ（原文・英語）Q1 tanshin segment note (p14-15) defines the three reportable segments: Semiconductor Materials, ICT Materials, Metals & Recycling, plus Other. It names their products and gives net sales and segment profit per segment, and the qualitative section gives sales and operating profit per segment (e.g. Semiconductor Materials ¥52.1bn sales, ¥14.4bn OP). The Q1 deck repeats revenue and OP by segment and by Focus/Base business every quarter. The FY2026 segment note is in the English IFRS financial statements (Note 7), since the FY English tanshin is a summary. Every period, definitions stated → 5.
確認メモ（原文・英語）No .xlsx/.xls/.csv anywhere on the English IR site. Checked Financial Performance, Financial Report and Cash Flow (performance.html, finance.html, cashflow.html), the IR Library and its type pages, FAQ, stock information and ESG Data. Financial Performance has HTML quarterly tables for FY2023/03 to 2027/03 (sales, OP, PBT, net profit, EPS, ROE), which do not count. No downloadable data file.
確認メモ（原文・英語）Q1 tanshin section 1(3) gives the full-year FY2026 forecast revision (sales ¥930bn→¥1,025bn, OP ¥190bn→¥232bn, previous vs revised table). It explains the revision: higher Focus Business volumes and prices on AI-server demand, a weaker yen and higher copper, offset by lower Chilean mine output. It states the assumptions: LME copper 586¢/lb (580¢ from July) and ¥157/$ (160 from July, 155 from October). The Q1 deck adds an OP bridge from May to August (market environment +¥40bn, mine production −¥6bn, Focus volume +¥3bn, price +¥2.5bn) and full-year volume growth forecasts by product. FX, market view and product/segment forecasts, revisions explained → 5.
確認メモ（原文・英語）The English page 'Long-Term Vision and Medium- to Long-term Business Strategies and Business Targets' carries the same two documents as the Japanese page: the May 2023 Long-Term Vision 2040 (9 pp) and the May 2024 'Medium- to Long-term Business Strategies and Business Targets' (6 pp). The targets run to FY2027: OP CAGR 10-15% consolidated and 35-40% Focus, OP margins by segment, Focus share of OP ≥67%, ROE ≥10%, Net Debt/EBITDA <1.5x. The FY2025 results deck (11 May 2026, p13) repeats the full target table in English. No newer Japanese plan exists. Current plan, complete → 5.
確認メモ（原文・英語）'Quick Guide to JX Advanced Metals' (linked as 'Glance' from the IR top) is a dedicated at-a-glance page. Its 'JX Advanced Metals in Numbers' section gives the FY2025 OP split by segment (Semiconductor ¥39.5bn, ICT ¥31.5bn, Metals & Recycling ¥139.5bn) and world market shares: semiconductor sputtering targets ~65%, magnetic targets ~60%, InP wafers ~40%, high-purity tantalum powder ~50%, rolled copper foil for FPC ~80%, titanium copper ~60%. It also covers the Focus/Base portfolio and the 2040 vision. Dedicated, quantified strengths → 5.
確認メモ（原文・英語）The English Q1 FY2026 deck names the growth drivers and puts numbers on them. AI data-center demand: volume growth by product (sputtering targets for AI data centers +62%, InP substrates, copper titanium +42% forecast). Capacity expansions with scale and timing (Thailand 1.5x from 1H CY2027, Isohara 1.2x, Hitachinaka 1.3x, InP 7-10x). AI-server MLCC market CAGR 20-40% and AI-server shipment CAGR 29.6%. Focus Business OP ¥27.3bn→¥100bn forecast. The plan document adds market shares. Named drivers with market size, share, capacity and contribution → 5.
確認メモ（原文・英語）No English transcript or Q&A. The Japanese side has none either: the Japanese その他IR資料 page and IR news list (2025-2026) carry only the decks and 決算説明会動画 videos, with no 質疑応答 or transcript. The English 'Other IR Information' page has the matching English presentation videos for every quarter (1Q FY25 to 1Q FY26). Neither language publishes a transcript or Q&A → not_found.
確認メモ（原文・英語）The FY2025 results deck (p13, 'Medium- to long-term business target: steadily progressing toward achieving our goals') sets FY2023-FY2025 results and the FY2026 forecast against each FY2027 target. Examples: consolidated OP CAGR 30% vs 10-15% target, Focus OP CAGR 44% vs 35-40%, segment OP margins vs target ranges, Focus share of OP 34-40% vs ≥67%, ROE 15.6% vs ≥10%, Net Debt/EBITDA 1.2x vs <1.5x. The variances are not explained beyond the headline. Integrated Report 2025 has a narrative 'Review of the Previous Fiscal Year and Initiatives Toward Medium- to Long-Term Business Targets'. Reconciliation without explanation → 4.
確認メモ（原文・英語）The sustainability site's "Corporate Governance" page is a prose narrative about the company's 2023-2025 transition to a Prime Market listing - not the filed TSE Corporate Governance Report, which is not published in English.
確認メモ（原文・英語）The English convocation notice (3 Jun 2026) gives all six director candidates' careers, nomination reasons, independence designation ('Reappointment / Independent Outside Director') and years in office ('7 years and 3 months', '2 years', etc.). The 'Executives' IR page gives the career history of every director, appointment dates included. The FY2025 Business Report lists all directors with independent status. Tenure is stated in years only for the candidates (derivable from career dates for others) → 4 (floor).
確認メモ（原文・英語）The English convocation notice (3 Jun 2026) p22 'Planned Composition of Officers' is the board skills matrix after the AGM: corporate management, global, technology/R&D, sustainability/ESG, HR, finance/accounting, legal/risk, per director. It matches the Japanese notice p23. Integrated Report 2025 also carries a Skills Matrix. Current, in English → 5.
確認メモ（原文・英語）FY2025 Business Report (English, 3 Jun 2026) pp21-22 sets out the structure: fixed, short-term performance-linked and long-term share-based pay, with Outside and Audit & Supervisory Committee directors fixed only. The KPIs are consolidated OP and Net Debt/EBITDA (short-term), and OP, ROE, TSR plus safety, engagement and an external ESG rating (long-term). The mix at target is 40/24/36, the caps are stated, and there is a table of total amounts by officer category. The weights of the individual KPIs within each component are not given → 4.
確認メモ（原文・英語）Convocation Notice for the AGM (26 Jun 2026), posted 3 Jun 2026 - 23 days' notice - with proposals set out to page 17+ and "Smart Voting" QR-code internet voting described directly in English, no Japanese-only caveat found. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, soukai.mizuho-tb.co.jp (Mizuho Trust & Banking), is 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）Integrated Report 2025 (English) has 'Policy on Cross-Shareholdings': in principle no listed holdings, with exceptions reviewed by the board against the cost of capital, plus a voting policy. A 'Cross-Shareholdings' table gives the number of issues (3 in each of FY2022-FY2024) and shares held. There is no reduction target or schedule. The Corporate Governance Report and yuho are not in English. Policy and numbers, no target → 3.
確認メモ（原文・英語）Sampled 15 English links, all English documents: Q1 FY26, Q3 FY25, Q2 FY25, FY2025 and FY2026 '[Summary]' tanshin; Q1 FY26 and FY2025 decks; FY2025 convocation notice; FY2025 Business Report; Notice of Resolution (26 Jun 2026); Tronox notice (29 Sep 2026); forecast revision notice (6 Aug 2026); IFRS Consolidated Financial Statements FY2026; Integrated Report 2025; May 2024 Medium- to Long-term Business Targets PDF. No Japanese document behind an English link → 5.
確認メモ（原文・英語）The same 15 links all opened (xj-storage PDFs and jx-nmm.com PDFs) in the rendered browser. The video links (congre-gc.qumucloud.com) are listed but were not opened. No dead links → 5.
確認メモ（原文・英語）Rendered the IR top, IR News, IR Library, Financial Statements, Presentation Documents, GM documents, Other IR, Disclosure, Executives, Governance, Financial Performance, Stock Chart (candlestick chart and quote render, screenshot taken), IR Calendar and Disclaimer. All rendered their content. The xj-storage year selects populate on change → 5.
確認メモ（原文・英語）'IR News' (news.html) is one dated list of every English IR item with type labels and filter tabs (All / Financial Statements / Disclosure / IR Documents / Information) and a year select (2026, 2025). It covers tanshin, decks, videos, AGM documents, timely disclosures, the IFRS financial statements and Integrated Report 2025. The per-type pages also exist. One page, all types, dated and typed → 5.
確認メモ（原文・英語）The archive runs from the listing in March 2025 (Notice of Listing, 19 Mar 2025) to Sep 2026. That is every tanshin and deck since FY2024 full year, two AGM cycles, two IFRS financial-statement extracts and about 35 timely disclosures. It is populated, but the company has only about 19 months of listed history, so it cannot be several years → 4.
確認メモ（原文・英語）The IR top page's "Contact Us" link opens the company's shared inquiry form with the Investors category preselected (category1=99&category2=153). A genuine IR route through the general form, not a dedicated IR contact: 3 (was 4, scored before the ruling that a shared form with IR preselected is not dedicated; re-checked 14 Oct 2026).
確認メモ（原文・英語）The site's posting labels put the English tanshin and deck on the Japanese day every period: 5 Aug 2025, 11 Nov 2025, 10 Feb 2026, 11 May 2026, 6 Aug 2026. The decks' PDF creation dates confirm same day (Q1 FY26 deck 6 Aug 09:07; FY deck 11 May). But the current English quarterly tanshin files were created later, per PDF creation date (no other posting record): Q2 14 Nov (+3 days), Q3 16 Feb (+6), FY2024 20 May 2025 (+11), Q1 FY26 27 Aug (+21). The only verifiably same-day one, FY2026 (11 May), is a 10-page '[Summary]'. Same-day full tanshin not shown in most periods read → days to weeks late → 3 (floor).
確認メモ（原文・英語）Lags, Japanese → English. Q1 FY26 tanshin: 6 Aug → 27 Aug 2026 = 21 days (PDF creation; labelled 6 Aug). FY2026 tanshin: 11 May → 11 May = 0 (summary version). AGM notice: 3 Jun → 3 Jun = 0. Corporate Governance Report: Japanese 26 Jun 2026, no English = >90. Yuho: Japanese 24 Jun 2026, English IFRS financial-statements extract created 26 Aug 2026 (also in its URL timestamp) = 63 days. Median 21 days → 3. Using the site's posting labels instead, the median would be 0.
確認メモ（原文・英語）Japanese IR news, Oct 2025-Sep 2026: about 24 timely disclosures excluding decks. All but four have English versions on the same date. Present: forecast revisions (11 Nov, 10 Feb, 6 Aug), dividend notice, MOU on copper concentrate, crystal-materials and Hitachinaka capex, Caserones transfer, Fireweed acquisition, share exchange, shareholder-return policy, representative director changes, tender-offer commencement and result, treasury share cancellation and correction, controlling-shareholder matters, Tronox. Missing in English: 11 May 2026 自己株式の取得及び自己株式の公開買付け, the euro-yen CB issuance notice and its 補足説明資料 (only the 19 May terms appear, as '[Summary]'), and the 6 Mar 2026 statutory pre-disclosure for the Toho Titanium share exchange. Nearly all, same day → 4.
確認メモ（原文・英語）No machine-translation notice anywhere in the rendered English site: IR top, library pages, Disclaimer, Terms of Use, all checked. The English Disclaimer covers forward-looking statements and liability only. The documents carry 'translated from the Japanese original for reference purposes only... original shall prevail', which is R5 language, not machine translation. Nothing presented as machine-translated → 5.
確認メモ（原文・英語）The AGM notice states "THIS IS AN UNOFFICIAL TRANSLATION... THE JAPANESE ORIGINAL IS THE SOLE OFFICIAL VERSION"; the tanshin carries the standard "for reference purposes only... shall prevail" line.
JX decided on up to ¥120bn of investment over four years, targeting 7–10x FY2025 capacity. Detailed plans were not yet finalized in the reviewed disclosure.
時系列と出典（1件・内容は原文）
2026-06-16Investment policy announced JX announced up to ¥120bn over four years, additional Hitachinaka capacity and a 7–10x production-capacity target versus FY2025.出典資料1
経営陣が表明したこと
JX said it would invest up to ¥120bn over four years to expand InP substrate capacity to roughly 7–10 times FY2025, adding Hitachinaka capacity.
JX cited accelerating optical-communications demand, customer supply requests and price revisions; no project-level IRR, ROIC or payback was disclosed.
Investor question: What demand coverage, qualification gates and return thresholds justify a 7–10x capacity step-up? IR preparation: publish a phased spend-to-capacity-and-returns bridge.
当調査の分析（会社の説明ではありません）
約束は具体的か4／5The issuer quantifies maximum spend, duration, location and capacity ambition, but detailed phasing is deferred.
実行の経過を追えるか3／5The decision and prior capacity actions are traceable, but no program-level spend or commissioning bridge is yet disclosed.
経済性を説明しているか3／5Demand, supply and financing rationales are stated; project return hurdles and downside economics are absent.
目標に対する結果を報告しているか時期未到来The four-year buildout is not due and detailed investment plans remain pending.
JX plans up to ¥120bn over four years for InP capacity and states that the funding comes from convertible-bond proceeds remaining after a tender offer.
資本構成
FY2024/25 Net Debt/EBITDA was 1.6x versus the longer-term target below 1.5x, before the later convertible-bond-funded investment decision.
資本政策の意思決定
Management identifies customer requests, supply stability and a 7–10x capacity goal, while stating that detailed investment plans will follow.