{"slug":"fujifilm-holdings","name":"후지필름홀딩스","name_en":"Fujifilm Holdings","ticker":"4901.T","updated_at":"2026-09-23T09:58:34.474511+00:00","canonical":"https://valuechain.wiki/fujifilm-holdings","citable":"밸류체인 그래프 기준 후지필름홀딩스의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, Fujifilm Holdings is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-09-23).","kicker":"반도체 소재 · 바이오 CDMO · 이미징","kicker_en":"Semiconductor materials · Biologics CDMO · Imaging","lead":"필름 사업에서 소재·헬스케어로 전환한 일본 대표 소재 기업이다. 헬스케어, 비즈니스 이노베이션, 일렉트로닉스, 이미징 4개 부문을 운영한다. 일렉트로닉스는 CMP 슬러리와 포토레지스트 등 반도체 전공정 소재로 생성형 AI 수요를 탄다. 헬스케어는 자회사 다이오신스의 바이오의약품 위탁개발생산(CDMO)과 내시경·CT/MRI 의료영상 사업을 축으로 한다. FY2024(2025년 3월기) 연결매출은 ¥3조1,958억으로 일렉트로닉스가 20.7% 성장했다.","lead_en":"Fujifilm Holdings pivoted from photographic film into advanced materials and healthcare. It runs four segments: Healthcare, Business Innovation, Electronics, and Imaging. The Electronics segment rides generative-AI demand through front-end semiconductor materials such as CMP slurries and photoresists. Healthcare centers on subsidiary Diosynth's biopharmaceutical contract development and manufacturing (CDMO) plus endoscopy and CT/MRI medical imaging. In FY ended March 2025 consolidated revenue was JPY3,195.8B, with Electronics up 20.7%.","categories":[{"key":"biopharma-manufacturing","ko":"바이오의약품 생산·CDMO","en":"Biopharma Manufacturing & CDMO","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true},{"key":"process-materials-gases","ko":"반도체 공정 소재·가스","en":"Semiconductor Process Materials & Gases","theme":"semiconductor-chain","theme_ko":"반도체 공급망","theme_en":"Semiconductor Supply Chain","theme_kind":"chain","primary":false}],"segments":{"parts":[{"desc":"다이오신스 바이오 CDMO(리제네론 10년·$3B)와 내시경·CT/MRI·IVD — 의료용 필름 감소를 신성장이 상쇄하는 최대 부문.","name":"헬스케어 (바이오 CDMO·의료영상)","metric":"¥1조226억 (+4.9%)"},{"desc":"사무 복합기·그래픽 시스템 — 저성장이나 성장 레그를 뒷받침하는 캐시 기반.","name":"비즈니스 이노베이션 (사무기기·그래픽)","metric":"¥1조1,985억 (+3.5%)"},{"desc":"포토레지스트·CMP 슬러리 등 전공정 소재 — 생성형 AI 칩 수요로 전자재료 +29.3%, 부문 최고 성장.","name":"일렉트로닉스 (반도체 소재)","metric":"¥4,328억 (+20.7%)"},{"desc":"인스탁스 인스턴트 카메라·필름 — 브랜드 파워로 견조한 소비재 캐시카우.","name":"이미징 (카메라·인스탁스)","metric":"¥5,420억 (+15.4%)"}],"total":"연결매출 ¥3조1,958억 (FY2024, 2025년 3월기, +7.9%)"},"segments_en":{"parts":[{"desc":"Diosynth bio CDMO (Regeneron 10-year, $3B) plus endoscopy, CT/MRI and IVD — the largest segment, where new growth offsets declining medical film.","name":"Healthcare (bio CDMO, medical imaging)","metric":"JPY1,022.6B (+4.9%)"},{"desc":"Office multifunction and graphic systems — low-growth but the cash base that funds the growth legs.","name":"Business Innovation (office, graphics)","metric":"JPY1,198.5B (+3.5%)"},{"desc":"Front-end materials such as photoresists and CMP slurries — the fastest-growing segment, with Electronic Materials +29.3% on generative-AI chip demand.","name":"Electronics (semiconductor materials)","metric":"JPY432.8B (+20.7%)"},{"desc":"Instax instant cameras and film — a resilient consumer cash cow on brand strength.","name":"Imaging (cameras, Instax)","metric":"JPY542.0B (+15.4%)"}],"total":"Consolidated revenue JPY3,195.8B (FY ended Mar 2025, +7.9%)"},"returns_yearly":{"2021":29.2,"2022":-8.9,"2023":40.2,"2024":11.6,"2025":-8.5,"2026":13.6},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":3,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":2,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}},{"slug":"eisai","name":"에자이","name_en":"Eisai","tier":2,"returns_yearly":{"2021":-22.9,"2022":42.2,"2023":-10.9,"2024":-32.2,"2025":-3.5,"2026":10.3}},{"slug":"cencora","name":"센코라","name_en":"Cencora, Inc.","tier":2,"returns_yearly":{"2021":44.1,"2022":26.3,"2023":25.3,"2024":10.4,"2025":51.5,"2026":-1.4}},{"slug":"biogen","name":"바이오젠","name_en":"Biogen Inc.","tier":1,"returns_yearly":{"2021":-2,"2022":15.4,"2023":-6.6,"2024":-40.9,"2025":15.1,"2026":28.3}},{"slug":"regeneron-pharmaceuticals","name":"리제네론","name_en":"Regeneron Pharmaceuticals","tier":1,"returns_yearly":{"2021":30.7,"2022":14.2,"2023":21.7,"2024":-18.9,"2025":9,"2026":7.7}}],"benefiting":[],"analysis":"닛케이 225·반도체 소재·바이오 CDMO 기업. 2026년 +8.6%다. 수요·공급 연결은 확인되지만 상장 상대 수익률 데이터는 제한적이다.","analysis_en":"Fujifilm Holdings operates across Nikkei 225, semiconductor materials and bio CDMO. It is +8.6% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. In FY ended March 2025 consolidated revenue was JPY3,195.8B, with Electronics up 20.7%.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"반도체 제조사 (레지스트·CMP 슬러리)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"JPY","as_of":"2025-06","basis":"반도체 소재 성장 투자","value":170000000000,"period":"FY24~26 투자","basis_en":"semiconductor materials growth investment"},"note":"일렉트로닉스 부문 핵심 매출. 포토레지스트(ArF 이머전, imec와 28nm 노드 검증, 세계 5위 점유)와 CMP 슬러리(첨단 패키징용 출시, FY2030 CMP 슬러리 전체 세계 1위 목표)를 반도체 제조사에 공급한다. 생성형 AI용 첨단 칩 수요로 전자재료 매출이 전년비 29.3% 증가했고, 부문 매출은 ¥4,328억으로 20.7% 성장했다. FY24~26 반도체 소재에 ¥1,700억 성장 투자.","note_en":"Core Electronics-segment revenue. Fujifilm supplies photoresists (ArF immersion, 28nm node verified with imec, world No.5 share) and CMP slurries (advanced-packaging product launched, targeting global No.1 in total CMP slurry by FY2030) to semiconductor makers. Generative-AI advanced-chip demand lifted Electronic Materials revenue 29.3% YoY and the segment to JPY432.8B, up 20.7%. JPY170B growth investment in semiconductor materials across FY24-26.","sources":[{"stance":"mentions","publisher":"야후 파이낸스","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-05-01","url":"https://finance.yahoo.com/quote/4901.T/analyst-insights/","title":"후지필름홀딩스(4901.T) 애널리스트 컨센서스","title_en":"FUJIFILM Holdings (4901.T) Analyst Consensus","excerpt":"애널리스트 컨센서스 '매수'(14인 중 매수 10), 평균 목표주가 ¥4,138. 모건스탠리 비중확대 ¥4,100, 반도체 소재·바이오 CDMO 성장 반영.","excerpt_en":"Analyst consensus 'Buy' (10 of 14 buy), average target JPY4,138; Morgan Stanley Overweight at JPY4,100, reflecting semiconductor-materials and bio-CDMO growth."},{"stance":"confirms","publisher":"후지필름","publisher_en":"FUJIFILM","kind":"ir","lang":"en","published_at":"2026-04-01","url":"https://www.fujifilm.com/jp/en/news/hq/12973","title":"후지필름, 첨단 패키징용 CMP 슬러리 출시","title_en":"Fujifilm Launches Advanced Packaging CMP Slurry","excerpt":"첨단 패키징용 CMP 슬러리를 출시했으며 FY2030까지 CMP 슬러리 전체 세계 1위 점유를 목표로 한다.","excerpt_en":"Launched CMP slurry for advanced packaging; aims for No.1 global share of total CMP slurry market by FY2030."},{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2025-11-10","url":"https://www.g-enews.com/article/Global-Biz/2025/11/202511101225542908e7e8286d56_1","title":"후지필름, 2분기 매출 역대 최고…반도체 분야 11.9% 증가","title_en":"Fujifilm posts record Q2 revenue; semiconductor up 11.9%","excerpt":"2분기 반도체(전자재료) 분야 매출이 전년비 11.9% 증가했고 상반기 역대 최고 실적을 기록했다.","excerpt_en":"Q2 semiconductor (electronic materials) revenue rose 11.9% YoY; H1 hit record results."},{"stance":"confirms","publisher":"후지필름","publisher_en":"FUJIFILM","kind":"ir","lang":"en","published_at":"2025-06-01","url":"https://www.fujifilm.com/jp/en/news/hq/12078","title":"후지필름, 구마모토 CMP 슬러리 생산능력 증강","title_en":"Fujifilm to Enhance CMP Slurries Production Capacity at Kumamoto","excerpt":"구마모토 사이트 CMP 슬러리 생산능력 증강 등 반도체 소재 성장 투자.","excerpt_en":"Growth investment in semiconductor materials including CMP slurry capacity expansion at the Kumamoto site."},{"stance":"confirms","publisher":"후지필름홀딩스","publisher_en":"FUJIFILM Holdings","kind":"filing","lang":"en","published_at":"2025-05-02","url":"https://ir.fujifilm.com/en/investors/ir-news/auto_20250502530287/pdfFile.pdf","title":"연결 재무실적 (2025년 3월기)","title_en":"Financial Results (Consolidated) for the Fiscal Year Ended March 31, 2025","excerpt":"일렉트로닉스 부문 매출 ¥4,328억(+20.7%). 전자재료 사업은 생성형 AI용 첨단 반도체 소재 수요로 전년비 29.3% 증가.","excerpt_en":"Electronics segment revenue JPY432.8B (+20.7%); Electronic Materials revenue increased 29.3% YoY, driven by strong demand for advanced semiconductor materials used in generative AI."}]},{"direction":"revenue","counterparty":"Regeneron Pharmaceuticals (바이오 CDMO)","counterparty_slug":"regeneron-pharmaceuticals","confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2025-04-22","basis":"다이오신스 10년 위탁생산 계약","value":3000000000,"period":"10년(2025~)","basis_en":"Diosynth 10-year manufacturing agreement"},"note":"자회사 다이오신스가 리제네론과 10년·$3B+ 미국 위탁생산 계약 — 홀리스프링스 신공장($3.2B)에서 항체를 생산하는, 헬스케어 바이오 CDMO 성장의 앵커 계약이다.","note_en":"Subsidiary Diosynth's 10-year, $3B+ US manufacturing agreement with Regeneron — the anchor deal for Healthcare bio-CDMO growth, producing antibodies at the new Holly Springs plant ($3.2B).","sources":[{"stance":"confirms","publisher":"후지필름 다이오신스","publisher_en":"FUJIFILM Diosynth Biotechnologies","kind":"ir","lang":"en","published_at":"2025-04-22","url":"https://www.fujifilm.com/us/en/news/biotechnology/fujifilm-diosynth-biotechnologies-and-regeneron-sign-a-10-year-us-manufacturing-agreement-valued-at-over-3-billion","title":"후지필름 다이오신스·리제네론, 10년 30억 달러 이상 위탁생산 계약","title_en":"FUJIFILM Diosynth Biotechnologies and Regeneron Sign a 10-Year U.S. Manufacturing Agreement Valued at Over $3 Billion","excerpt":"후지필름 다이오신스와 리제네론이 10년간 30억 달러 이상 규모의 미국 위탁생산 계약을 체결. 홀리스프링스 대규모 바이오의약품 공장에서 생산.","excerpt_en":"FUJIFILM Diosynth Biotechnologies and Regeneron signed a 10-year U.S. manufacturing agreement valued at over $3 billion, with production at the Holly Springs large-scale facility."},{"stance":"confirms","publisher":"팜이데일리","publisher_en":"Pharm Edaily","kind":"news","lang":"ko","published_at":"2024-11-08","url":"https://pharm.edaily.co.kr/news/read?newsId=01918806638856120","title":"후지필름, 美 CDMO 거점 1조6000억 추가투자…항체 시설 늘려","title_en":"Fujifilm adds KRW1.6T to US CDMO base, expanding antibody capacity","excerpt":"후지필름이 약 1,800억엔(1조6,268억원)을 추가 투자해 노스캐롤라이나에 바이오 CDMO 공장을 증설, 항체 시설을 늘린다.","excerpt_en":"Fujifilm invests an additional ~JPY180B (KRW1.6T) to expand its North Carolina bio-CDMO plant, adding antibody capacity."}]},{"direction":"revenue","counterparty":"의료기관 (내시경·CT/MRI·IVD)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"헬스케어 부문 메디컬 시스템 사업. 내시경, CT/MRI, 체외진단(IVD) 장비를 병원·의료기관에 공급한다. 부문 매출 ¥1조226억(+4.9%)으로 내시경·CT/MRI·IVD 호조가 의료용 필름 수요 감소를 상쇄했다.","note_en":"Healthcare segment medical-systems business supplies endoscopes, CT/MRI and in-vitro diagnostics (IVD) to hospitals and clinics. Segment revenue JPY1,022.6B (+4.9%); strong endoscope, CT/MRI and IVD sales offset declining medical-film demand.","sources":[{"stance":"confirms","publisher":"후지필름홀딩스","publisher_en":"FUJIFILM Holdings","kind":"filing","lang":"en","published_at":"2025-05-02","url":"https://ir.fujifilm.com/en/investors/ir-news/auto_20250502530287/pdfFile.pdf","title":"연결 재무실적 (2025년 3월기)","title_en":"Financial Results (Consolidated) for the Fiscal Year Ended March 31, 2025","excerpt":"헬스케어 부문 매출 ¥1조226억(+4.9%). 메디컬 시스템은 내시경, CT/MRI, IVD 제품의 강한 판매로 매출 증가.","excerpt_en":"Healthcare segment revenue JPY1,022.6B (+4.9%); medical systems revenue increased on strong sales of endoscopes, CT/MRI systems and IVD products."}]},{"direction":"cost","counterparty":"설비·바이오리액터 공급사 (CDMO·반도체소재 증설)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"바이오 CDMO 증설(홀리스프링스 NC 총 $3.2B 이상, 덴마크 힐레뢰드 2만L 바이오리액터 증설로 유럽 최대 40만L 규모)과 CMP 슬러리 구마모토 증설에 따른 대규모 설비·바이오리액터·생산장비 투자가 비용 축이다.","note_en":"Large-scale spending on facilities, bioreactors and production equipment for bio-CDMO expansion (Holly Springs, NC over $3.2B total; Hillerød, Denmark 20,000L bioreactor additions to Europe's largest 400,000L capacity) and CMP-slurry expansion at Kumamoto.","sources":[{"stance":"confirms","publisher":"후지필름","publisher_en":"FUJIFILM","kind":"ir","lang":"en","published_at":"2025-06-01","url":"https://www.fujifilm.com/jp/en/news/hq/12078","title":"후지필름, 구마모토 CMP 슬러리 생산능력 증강","title_en":"Fujifilm to Enhance CMP Slurries Production Capacity at Kumamoto","excerpt":"구마모토 사이트 CMP 슬러리 생산능력 증강을 위한 설비 투자.","excerpt_en":"Facility investment to expand CMP slurry production capacity at the Kumamoto site."},{"stance":"confirms","publisher":"팜이데일리","publisher_en":"Pharm Edaily","kind":"news","lang":"ko","published_at":"2024-11-08","url":"https://pharm.edaily.co.kr/news/read?newsId=01918806638856120","title":"후지필름, 美 CDMO 거점 1조6000억 추가투자…항체 시설 늘려","title_en":"Fujifilm adds KRW1.6T to US CDMO base, expanding antibody capacity","excerpt":"약 1,800억엔을 추가 투자해 노스캐롤라이나 CDMO 공장을 증설하고 대형 바이오리액터 설비를 늘린다.","excerpt_en":"Additional ~JPY180B investment to expand the North Carolina CDMO plant with large bioreactor facilities."}]},{"direction":"cost","counterparty":"화학 원료 공급사 (파인케미칼·고순도 화학)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"포토레지스트·CMP 슬러리·현상액 등 반도체 전공정 소재 생산에 필요한 파인케미칼과 고순도 화학 원료를 매입한다. 2024년 6월 디스플레이·산업재·파인케미칼을 통합한 첨단기능재료(AFM) 사업부를 신설했다.","note_en":"Buys fine chemicals and high-purity chemical feedstocks needed to make photoresists, CMP slurries, developers and other front-end semiconductor materials. In June 2024 it created the Advanced Functional Materials division integrating display materials, industrial products and fine chemicals.","sources":[{"stance":"confirms","publisher":"후지필름","publisher_en":"FUJIFILM","kind":"ir","lang":"en","published_at":"2026-04-01","url":"https://www.fujifilm.com/jp/en/news/hq/12973","title":"후지필름, 첨단 패키징용 CMP 슬러리 출시","title_en":"Fujifilm Launches Advanced Packaging CMP Slurry","excerpt":"CMP 슬러리·포토레지스트 등 반도체 소재는 고순도 화학 원료 기반으로 제조된다.","excerpt_en":"CMP slurries and photoresists are manufactured from high-purity chemical feedstocks."},{"stance":"confirms","publisher":"후지필름홀딩스","publisher_en":"FUJIFILM Holdings","kind":"filing","lang":"en","published_at":"2025-05-02","url":"https://ir.fujifilm.com/en/investors/ir-news/auto_20250502530287/pdfFile.pdf","title":"연결 재무실적 (2025년 3월기)","title_en":"Financial Results (Consolidated) for the Fiscal Year Ended March 31, 2025","excerpt":"2024년 6월 디스플레이 소재·산업재·파인케미칼 사업을 통합해 첨단기능재료 사업부 신설.","excerpt_en":"In June 2024 established the Advanced Functional Materials division integrating display materials, industrial products and fine chemicals businesses."}]},{"direction":"revenue","counterparty":"바이오젠","counterparty_slug":"biogen","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2019-03-13","basis":"후지필름 그룹에 지급하는 위탁생산 대가","value":null,"period":"제조서비스 계약기간","basis_en":"Contract manufacturing consideration paid to the Fujifilm group","qualifier":"confirmed_no_disclosed_value"},"note":"후지필름홀딩스는 그룹을 통해 바이오젠의 덴마크 힐레뢰드 공장을 인수하고 TYSABRI 등 상업용 바이오의약품 생산을 맡는 제조서비스 계약을 체결했으며, 개별 제조대가는 공개되지 않았다.","note_en":"Fujifilm Holdings, through its group, acquired Biogen's Hillerød site in Denmark and entered manufacturing-services agreements covering commercial biologics including TYSABRI, with the individual manufacturing consideration undisclosed.","sources":[{"stance":"confirms","publisher":"연합뉴스","publisher_en":"Yonhap News Agency","kind":"news","lang":"ko","published_at":"2019-03-13","url":"https://www.yna.co.kr/view/AKR20190312160400017","title":"삼성바이오에피스, 위탁생산업체 바이오젠→후지필름 변경","title_en":"Samsung Bioepis Changes Contract Manufacturer from Biogen to Fujifilm","excerpt":"바이오젠은 힐레뢰드 생산시설을 후지필름에 8억9천만 달러에 매각했고 기존 생산계약은 후지필름으로 이관됐다.","excerpt_en":"Biogen sold the Hillerød facility to Fujifilm for $890 million, and the existing manufacturing contracts transferred to Fujifilm."},{"stance":"confirms","publisher":"바이오젠 투자자관계","publisher_en":"Biogen Investor Relations","kind":"ir","lang":"en","published_at":"2019-03-12","url":"https://investors.biogen.com/node/20891","title":"바이오젠, 덴마크 힐레뢰드 대규모 바이오의약품 생산시설을 후지필름에 매각하는 계약 체결","title_en":"Biogen Enters Into an Agreement to Sell Its Large-Scale Biologics Manufacturing Site in Hillerød, Denmark to Fujifilm","excerpt":"후지필름은 힐레뢰드 시설에서 TYSABRI 등 바이오젠 상업용 제품을 생산하기로 했다.","excerpt_en":"Fujifilm will use the Hillerød site to produce commercial products for Biogen, such as TYSABRI."}]}]}