{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","ticker":"4186.T","updated_at":"2026-07-12T06:17:26.508+00:00","canonical":"https://valuechain.wiki/tokyo-ohka","same_as":["https://finance.yahoo.com/quote/4186.T"],"citable":"밸류체인 그래프 기준 Tokyo Ohka Kogyo의 직접 연결 기업은 5곳(관계 기준 공급 0·매출 5)이고, 사슬을 2차까지 넓히면 36곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Tokyo Ohka Kogyo (TOK) is directly linked to 5 companies (0 supply, 5 revenue relationships) and reaches 36 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"도쿄증시 · 반도체 소재 · 포토레지스트 세계 1위","kicker_en":"TSE · semiconductor materials · No.1 in photoresist","lead":"포토레지스트 시장 세계 1위(약 24.7%)이자 EUV 레지스트에서는 세계 2위(약 28%)로, 최선단 노광 소재의 과점 한 축을 쥔 일본 소재사다. TSMC·삼성·SK하이닉스·인텔·키옥시아가 고객이고 해외 매출이 80%를 넘어, 실적은 이들 선단 팹의 EUV 웨이퍼 투입량에 직접 연동된다. FY2025 매출 2,370억엔(+17.9%)·영업이익 474억엔(+43.2%)으로 사상 최고를 찍었으며, 장비 사업을 접고 전용 레지스트에 집중하는 전략이 점유·마진의 방어축이다.","lead_en":"A Japanese materials maker holding one axis of the leading-edge lithography-materials oligopoly: No.1 in photoresist overall (~24.7%) and No.2 in EUV resist (~28%). Its customers are TSMC, Samsung, SK hynix, Intel and Kioxia, and with over 80% of sales overseas, results track leading-edge fabs' EUV wafer starts directly. FY2024 revenue hit a record ¥200.9B, and its strategy of exiting equipment to focus on leading-edge resist defends share and margin.","segments":{"fy":2025,"parts":[{"desc":"포토레지스트 전체 세계 1위(약 24.7%)·EUV 레지스트 세계 2위(약 28%). TSMC·삼성·SK·인텔·키옥시아 대상 해외매출 80%+. FY2025 부문 순매출 전자기능재료 1,247억엔(+16%, 포토레지스트 +15%·ArF/EUV +20%).","name":"포토레지스트 (전체 세계 1위 24.7% · EUV 2위 28%)"}],"total":"순매출 2,370.3억엔(+17.9%, FY2025 사상 최고)·영업이익 473.9억엔(+43.2%). 전자기능재료 1,247억엔·고순도화학 1,094억엔. 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Electronics","tier":2,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":2,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"will-semiconductor","name":"웨이얼반도체(윌세미)","name_en":"Will Semiconductor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-49.7,"2023":-8.3,"2024":22.8,"2025":15.5,"2026":-14.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":2,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":2,"returns_yearly":null},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":1,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":1,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":1,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":1,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}}],"benefiting":[],"analysis":"도쿄오카공업은 최선단 노광 소재의 과점 한 축이다. 포토레지스트 전체 세계 1위(약 24.7%)이자 EUV 레지스트 세계 2위(약 28%)로, TSMC·삼성·SK하이닉스·인텔·키옥시아 같은 선단 팹에 소재를 대며 해외 매출이 80%를 넘는다. 실적의 동력은 팹의 EUV 웨이퍼 투입량이다 — EUV 레이어 수가 늘고 미세화가 진행될수록 웨이퍼당 레지스트 소모가 커지는 구조라, HBM·선단 로직 램프가 곧 TOK 수요다. FY2024 매출 2,009억엔으로 사상 최고를 찍었고, 장비 사업을 접고 전용 레지스트에 집중하는 전략이 점유·마진 방어축이다. 재평가 트리거는 EUV 레이어 확대 속도, 고객 팹 가동률, 그리고 EUV 점유 경쟁이다.","analysis_en":"Tokyo Ohka Kogyo holds one axis of the leading-edge lithography-materials oligopoly. It is No.1 in photoresist overall (~24.7%) and No.2 in EUV resist (~28%), feeding leading-edge fabs like TSMC, Samsung, SK hynix, Intel and Kioxia, with over 80% of sales overseas. The driver is fabs' EUV wafer starts — as EUV layer counts rise and nodes shrink, resist consumption per wafer grows, so HBM and leading-edge logic ramps are TOK demand. FY2024 revenue set a record at ¥200.9B, and its strategy of exiting equipment to focus on resist defends share and margin. Re-rating triggers are the pace of EUV-layer expansion, customer fab utilization, and the EUV-share contest.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":{"fy":2025,"op_yoy_pct":43.2,"revenue_jpy_bn":237,"revenue_yoy_pct":17.9,"op_income_jpy_bn":47.4,"euv_resist_share_pct":28,"photoresist_share_pct":24.7},"note":"SK하이닉스에 EUV 포토레지스트 공급 — HBM용 DRAM의 EUV 전환이 진행될수록 수요가 늘어나는 축.","note_en":"Supplies EUV photoresist to SK hynix — demand grows as HBM DRAM shifts to EUV.","sources":[{"stance":"confirms","publisher":"도쿄오카공업 (TOK)","publisher_en":"Tokyo Ohka Kogyo","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.tok.co.jp/eng/ir/library/report","title":"FY2025 決算短信 (Consolidated Financial Results, year ended December 31, 2025)","title_en":"FY2025 Financial Results (year ended December 31, 2025)","excerpt":"TOK FY2025(2025-12기) 사상 최고: 순매출 2,370.3억엔(+17.9%), 영업이익 473.9억엔(+43.2%), 지배주주순이익 333.5억엔(+47.0%). 부문: 전자기능재료 1,247억엔(+16.0%, 포토레지스트 +15%·ArF/EUV 등 첨단소재 +20%), 고순도화학 1,094억엔. AI·PC 교체 수요와 첨단 반도체소재가 견인. 1Q 장비사업 양도 특별익 포함. FY2026 가이던스 순매출 2,610억엔(+10.1%)·영업이익 522억엔(+10.2%).","excerpt_en":"TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."},{"stance":"confirms","publisher":"재팬코리아데일리","publisher_en":"JK Daily","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.jk-daily.co.kr/news/articleView.html?idxno=34917","title":"TOK EUV 포토레지스트 세계 25% 1위","title_en":"TOK leads EUV PR at 25%","excerpt":"SK하이닉스에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to SK hynix."},{"stance":"confirms","publisher":"도쿄오카공업","publisher_en":"TOK","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.tok.co.jp/eng/ir","title":"TOK IR","title_en":"Tokyo Ohka Kogyo IR","excerpt":"SK하이닉스에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to SK hynix."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"fy":2025,"op_yoy_pct":43.2,"revenue_jpy_bn":237,"revenue_yoy_pct":17.9,"op_income_jpy_bn":47.4,"euv_resist_share_pct":28,"photoresist_share_pct":24.7},"note":"삼성전자 메모리·로직에 EUV 포토레지스트 공급. 포토레지스트 전체 1위(약 24.7%) 지위의 핵심 고객으로, EUV 채택 확대가 소모량을 키운다.","note_en":"Supplies EUV photoresist to Samsung memory/logic — a key customer behind its No.1-overall (~24.7%) position, with wider EUV adoption lifting consumption.","sources":[{"stance":"confirms","publisher":"도쿄오카공업 (TOK)","publisher_en":"Tokyo Ohka Kogyo","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.tok.co.jp/eng/ir/library/report","title":"FY2025 決算短信 (Consolidated Financial Results, year ended December 31, 2025)","title_en":"FY2025 Financial Results (year ended December 31, 2025)","excerpt":"TOK FY2025(2025-12기) 사상 최고: 순매출 2,370.3억엔(+17.9%), 영업이익 473.9억엔(+43.2%), 지배주주순이익 333.5억엔(+47.0%). 부문: 전자기능재료 1,247억엔(+16.0%, 포토레지스트 +15%·ArF/EUV 등 첨단소재 +20%), 고순도화학 1,094억엔. AI·PC 교체 수요와 첨단 반도체소재가 견인. 1Q 장비사업 양도 특별익 포함. FY2026 가이던스 순매출 2,610억엔(+10.1%)·영업이익 522억엔(+10.2%).","excerpt_en":"TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."},{"stance":"mentions","publisher":"로그미파이낸스","publisher_en":"LogMi Finance","kind":"ir","lang":"ja","published_at":"2025-11-15","url":"https://finance.logmi.jp/articles/383459","title":"도쿄오카, 포토레지스트 세계 점유율 24.7% 1위·EUV 28% 2위","title_en":"TOK: 24.7% world-No.1 photoresist share; 28% No.2 in EUV resist","excerpt":"フォトレジスト市場において世界トップとなる24.7%のシェア…EUVレジストでは世界2位の28%. FY2024 매출 2,009억엔(사상 최고), 해외 매출 80%+.","excerpt_en":"World-leading 24.7% photoresist share; No.2 in EUV resist at 28%. FY2024 revenue JPY 200.9bn (record), overseas sales above 80%."},{"stance":"confirms","publisher":"EDINET/회사 IR","publisher_en":"EDINET / company IR","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.tok.co.jp/ir/library/","title":"tokyo-ohka 有価証券報告書 (EDINET)","title_en":"Annual Securities Report (EDINET)","excerpt":"有価証券報告書: 매출·고객·사업.","excerpt_en":"Annual securities report: revenue, customers, business."},{"stance":"confirms","publisher":"재팬코리아데일리","publisher_en":"JK Daily","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.jk-daily.co.kr/news/articleView.html?idxno=34917","title":"TOK EUV 포토레지스트 세계 25% 1위","title_en":"TOK leads EUV PR at 25%","excerpt":"삼성전자에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to Samsung Electronics."},{"stance":"confirms","publisher":"도쿄오카공업","publisher_en":"TOK","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.tok.co.jp/eng/ir","title":"TOK IR","title_en":"Tokyo Ohka Kogyo IR","excerpt":"삼성전자에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to Samsung Electronics."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":{"fy":2025,"op_yoy_pct":43.2,"revenue_jpy_bn":237,"revenue_yoy_pct":17.9,"op_income_jpy_bn":47.4,"euv_resist_share_pct":28,"photoresist_share_pct":24.7},"note":"인텔 선단 로직에 EUV 포토레지스트 공급 — 인텔 파운드리 EUV 램프에 연동되는 고객 축.","note_en":"Supplies EUV photoresist to Intel's leading-edge logic — a customer axis tied to Intel Foundry's EUV ramp.","sources":[{"stance":"confirms","publisher":"도쿄오카공업 (TOK)","publisher_en":"Tokyo Ohka Kogyo","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.tok.co.jp/eng/ir/library/report","title":"FY2025 決算短信 (Consolidated Financial Results, year ended December 31, 2025)","title_en":"FY2025 Financial Results (year ended December 31, 2025)","excerpt":"TOK FY2025(2025-12기) 사상 최고: 순매출 2,370.3억엔(+17.9%), 영업이익 473.9억엔(+43.2%), 지배주주순이익 333.5억엔(+47.0%). 부문: 전자기능재료 1,247억엔(+16.0%, 포토레지스트 +15%·ArF/EUV 등 첨단소재 +20%), 고순도화학 1,094억엔. AI·PC 교체 수요와 첨단 반도체소재가 견인. 1Q 장비사업 양도 특별익 포함. FY2026 가이던스 순매출 2,610억엔(+10.1%)·영업이익 522억엔(+10.2%).","excerpt_en":"TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."},{"stance":"confirms","publisher":"재팬코리아데일리","publisher_en":"JK Daily","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.jk-daily.co.kr/news/articleView.html?idxno=34917","title":"TOK EUV 포토레지스트 세계 25% 1위","title_en":"TOK leads EUV PR at 25%","excerpt":"Intel에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to Intel."},{"stance":"confirms","publisher":"도쿄오카공업","publisher_en":"TOK","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.tok.co.jp/eng/ir","title":"TOK IR","title_en":"Tokyo Ohka Kogyo IR","excerpt":"Intel에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to Intel."}]},{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":{"fy":2025,"op_yoy_pct":43.2,"revenue_jpy_bn":237,"revenue_yoy_pct":17.9,"op_income_jpy_bn":47.4,"euv_resist_share_pct":28,"photoresist_share_pct":24.7},"note":"TSMC 선단 로직에 EUV 포토레지스트 공급 — EUV 레이어가 늘수록 웨이퍼당 소모가 커져 TSMC 가동률이 곧 TOK 매출. 과점 소수 공급사라 대체가 제한적.","note_en":"Supplies EUV photoresist to TSMC's leading-edge logic — more EUV layers mean more consumption per wafer, so TSMC utilization is TOK revenue. As one of few oligopoly suppliers, it is hard to substitute.","sources":[{"stance":"mentions","publisher":"애널리스트 컨센서스 (Nomura·Citi 등)","publisher_en":"Analyst consensus (Nomura, Citi)","kind":"research","lang":"en","published_at":"2026-02-10","url":"https://www.marketscreener.com/quote/stock/TOKYO-OHKA-KOGYO-CO-LTD-6492211/consensus/","title":"TOK(4186) 애널리스트 컨센서스: Buy, 목표가 ¥11,542 (노무라·씨티 매수 상향)","title_en":"Tokyo Ohka Kogyo (4186) analyst consensus: Buy, target ¥11,542 (Nomura, Citi upgrades)","excerpt":"애널리스트 컨센서스 Buy(12인, 매도 0). 12개월 목표가 ¥11,542. 노무라(오카자키)·씨티(니시야마)가 각각 Neutral→Buy 상향(목표가 ¥8,900·¥8,400). AI 반도체 소재 수요로 EUV·첨단 레지스트 성장 지속 전망.","excerpt_en":"Analyst consensus Buy (12 analysts, 0 sell). 12-month target ¥11,542. Nomura (Okazaki) and Citi (Nishiyama) upgraded to Buy from Neutral (targets ¥8,900 and ¥8,400). AI-semiconductor-materials demand seen sustaining EUV/advanced-resist growth."},{"stance":"confirms","publisher":"도쿄오카공업 (TOK)","publisher_en":"Tokyo Ohka Kogyo","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.tok.co.jp/eng/ir/library/report","title":"FY2025 決算短信 (Consolidated Financial Results, year ended December 31, 2025)","title_en":"FY2025 Financial Results (year ended December 31, 2025)","excerpt":"TOK FY2025(2025-12기) 사상 최고: 순매출 2,370.3억엔(+17.9%), 영업이익 473.9억엔(+43.2%), 지배주주순이익 333.5억엔(+47.0%). 부문: 전자기능재료 1,247억엔(+16.0%, 포토레지스트 +15%·ArF/EUV 등 첨단소재 +20%), 고순도화학 1,094억엔. AI·PC 교체 수요와 첨단 반도체소재가 견인. 1Q 장비사업 양도 특별익 포함. FY2026 가이던스 순매출 2,610억엔(+10.1%)·영업이익 522억엔(+10.2%).","excerpt_en":"TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."},{"stance":"mentions","publisher":"로그미파이낸스","publisher_en":"LogMi Finance","kind":"ir","lang":"ja","published_at":"2025-11-15","url":"https://finance.logmi.jp/articles/383459","title":"도쿄오카, 포토레지스트 세계 점유율 24.7% 1위·EUV 28% 2위","title_en":"TOK: 24.7% world-No.1 photoresist share; 28% No.2 in EUV resist","excerpt":"フォトレジスト市場において世界トップとなる24.7%のシェア…EUVレジストでは世界2位の28%. FY2024 매출 2,009억엔(사상 최고), 해외 매출 80%+.","excerpt_en":"World-leading 24.7% photoresist share; No.2 in EUV resist at 28%. FY2024 revenue JPY 200.9bn (record), overseas sales above 80%."},{"stance":"confirms","publisher":"재팬코리아데일리","publisher_en":"JK Daily","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.jk-daily.co.kr/news/articleView.html?idxno=34917","title":"TOK EUV 포토레지스트 세계 25% 1위","title_en":"TOK leads EUV PR at 25%","excerpt":"TSMC에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to TSMC."},{"stance":"confirms","publisher":"도쿄오카공업","publisher_en":"TOK","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.tok.co.jp/eng/ir","title":"TOK IR","title_en":"Tokyo Ohka Kogyo IR","excerpt":"TSMC에 EUV 포토레지스트 공급.","excerpt_en":"Supplies EUV photoresist to TSMC."}]},{"direction":"revenue","counterparty":"키옥시아","counterparty_slug":"kioxia","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"키옥시아에 포토레지스트 공급 — 회사 IR이 TSMC·삼성·SK·인텔과 함께 주요 고객으로 실명 언급(고객별 비중 미공시). 낸드 선단화 수요 축.","note_en":"Supplies photoresist to Kioxia — named in company IR alongside TSMC, Samsung, SK and Intel (per-customer share undisclosed). A NAND leading-edge demand axis.","sources":[{"stance":"mentions","publisher":"이벤토스(IR 강연록)","publisher_en":"Eventos (IR lecture note)","kind":"ir","lang":"ja","published_at":"2025-12-06","url":"https://events.co.jp/lecture-note/251206-tok/","title":"도쿄오카 IR 강연: 주요 고객과 사업 구조","title_en":"TOK IR briefing: key customers and business structure","excerpt":"TSMC社、サムスン社、SKハイニックス社、アメリカのインテル社…キオクシア社 (주요 고객 실명 열거)","excerpt_en":"Customers named in IR briefing: TSMC, Samsung, SK hynix, Intel... Kioxia."}]},{"direction":"cost","counterparty":"설비·인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"생산 설비·인프라 투자 — 선단 레지스트 캐파 증설이 점유 방어의 전제(공급사 비공개).","note_en":"Production equipment and infrastructure investment — leading-edge resist capacity expansion underpins share defense (suppliers undisclosed).","sources":[{"stance":"confirms","publisher":"도쿄오카공업","publisher_en":"TOK","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.tok.co.jp/eng/ir","title":"TOK IR","title_en":"Tokyo Ohka Kogyo IR","excerpt":"생산 설비·인프라 투자(비공개).","excerpt_en":"Production equipment and infrastructure (undisclosed)."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"레지스트 제조용 부품·소재·R&D — 순도·감광 성능이 경쟁력의 근원이라 소재 조달·연구가 곧 진입장벽(비공개).","note_en":"Parts, materials and R&D for resist manufacturing — purity and photosensitivity are the source of competitiveness, making materials sourcing and research the barrier to entry (undisclosed).","sources":[{"stance":"confirms","publisher":"도쿄오카공업","publisher_en":"TOK","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.tok.co.jp/eng/ir","title":"TOK IR","title_en":"Tokyo Ohka Kogyo IR","excerpt":"EUV 포토레지스트 제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]}]}