{"id":244,"date":"2026-09-06T15:54:12","date_gmt":"2026-09-06T06:54:12","guid":{"rendered":"https:\/\/sonokane.net\/?p=244"},"modified":"2026-09-12T18:35:30","modified_gmt":"2026-09-12T09:35:30","slug":"%e3%80%902026%e5%b9%b48%e6%9c%88%e7%99%ba%e8%a1%a8%e3%83%bb%e9%80%9a%e6%9c%9f%e6%b1%ba%e7%ae%97%e3%80%91%e6%a2%85%e4%b9%83%e5%ae%bf%e9%85%92%e9%80%a0%ef%bc%88559a%ef%bc%89%e3%81%af%e9%81%8e%e5%8e%bb","status":"publish","type":"post","link":"https:\/\/sonokane.net\/?p=244","title":{"rendered":"\u30102026\u5e748\u6708\u767a\u8868\u30fb\u901a\u671f\u6c7a\u7b97\u3011\u6885\u4e43\u5bbf\u9152\u9020\uff08559A\uff09\u306f\u904e\u53bb\u6700\u9ad8\u76ca\u3002\u305d\u308c\u306a\u306e\u306b4\u301c6\u6708\u306e3\u304b\u6708\u3060\u3051\u3092\u53d6\u308a\u51fa\u3059\u3068\u55b6\u696d\u5229\u76ca\u304c\u307b\u307c\u30bc\u30ed\u3060\u3063\u305f\u306e\u306f\u306a\u305c\u304b"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u672c\u8a18\u4e8b\u306f2026\u5e749\u6708\u6642\u70b9\u306e\u516c\u958b\u60c5\u5831\u306b\u57fa\u3065\u304f\u500b\u4eba\u306e\u5206\u6790\u30e1\u30e2\u3067\u3059\u3002\u57f7\u7b46\u306b\u306f\u751f\u6210AI\u3092\u5229\u7528\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u6570\u5024\u306f\u7b46\u8005\u304c\u4e00\u6b21\u60c5\u5831\u3068\u7167\u5408\u3057\u3066\u3044\u307e\u3059\u3002\u7279\u5b9a\u9298\u67c4\u306e\u58f2\u8cb7\u3092\u63a8\u5968\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">\u3053\u306e\u8a18\u4e8b\u3067\u308f\u304b\u308b\u3053\u3068<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6885\u4e43\u5bbf\u9152\u9020\uff08559A\uff09\u306e2026\u5e746\u6708\u671f\u901a\u671f\u6c7a\u7b97\u304c\u300c\u904e\u53bb\u6700\u9ad8\u306e\u5897\u53ce\u5897\u76ca\u300d\u3067\u3042\u308a\u306a\u304c\u3089\u3001\u4e0a\u5834\u6642\u306b\u81ea\u793e\u3067\u51fa\u3057\u305f\u55b6\u696d\u5229\u76ca\u30fb\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u30fbEBITDA\u306e\u8a08\u753b\u306b\u306f\u5c4a\u304b\u306a\u304b\u3063\u305f\u3053\u3068<\/li>\n\n\n\n<li>\u901a\u671f\u306e\u6570\u5b57\u304b\u3089\u4e0a\u534a\u671f\u30fb\u7b2c3\u56db\u534a\u671f\u3092\u5dee\u3057\u5f15\u304f\u3068\u30014\u301c6\u6708\u306e3\u304b\u6708\u306f\u55b6\u696d\u5229\u76ca\u304c\u7d04280\u4e07\u5186\u3057\u304b\u306a\u304f\u3001\u7d4c\u5e38\u5229\u76ca\u306f\u8d64\u5b57\u3060\u3063\u305f\u3053\u3068\u3002\u305d\u308c\u3067\u3082\u6700\u7d42\u5229\u76ca\u304c\u9ed2\u5b57\u3060\u3063\u305f\u7406\u7531<\/li>\n\n\n\n<li>\u300c\u65e5\u672c\u9152\u306e\u8535\u3092\u4e00\u5e74\u4e2d\u52d5\u304f\u5de5\u5834\u306b\u4f5c\u308a\u66ff\u3048\u305f\u4f1a\u793e\u300d\u3068\u3044\u3046\u898b\u65b9\u3067\u3001\u3053\u306e\u4f1a\u793e\u306e\u9ad8\u3044\u7c97\u5229\u7387\u3082\u3001\u5b63\u7bc0\u306e\u5f31\u3055\u3082\u3001\u3053\u308c\u304b\u3089\u306e\u8a2d\u5099\u6295\u8cc7\u3082\u4e00\u672c\u306e\u7dda\u3067\u8aac\u660e\u3067\u304d\u308b\u3053\u3068<\/li>\n\n\n\n<li>\u6d77\u5916\u58f2\u4e0a\u304c\u524d\u671f\u6bd4159.6\uff05\u3068\u6025\u4f38\u3057\u305f\u4e00\u65b9\u3067\u3001\u305d\u306e\u4f38\u3073\u304c\u4e0a\u534a\u671f\u306b\u504f\u3063\u3066\u3044\u305f\u3053\u3068<\/li>\n\n\n\n<li>\u4e0a\u5834\u3057\u305f\u306e\u306b\u4f1a\u793e\u306b1\u5186\u3082\u5165\u3063\u3066\u3044\u306a\u3044\uff08\u516c\u52df\u30bc\u30ed\u30fb\u58f2\u51fa\u3057\u306e\u307f\uff09\u3068\u3044\u3046\u8cc7\u672c\u69cb\u9020\u3068\u3001\u521d\u914d\u5f53\u30fb\u682a\u4e3b\u512a\u5f85\u30fb\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u51fa\u53e3\u306e\u95a2\u4fc2<\/li>\n\n\n\n<li>\u682a\u4e3b\u512a\u5f85\uff08100\u682a\u304b\u3089\u306eEC\u5229\u7528\u5238\u3001200\u682a\u304b\u3089\u306e\u9650\u5b9a\u65e5\u672c\u9152\uff09\u306e\u4e2d\u8eab\u3068\u3001\u540d\u76ee\u306e\u5229\u56de\u308a\u3067\u306f\u308f\u304b\u3089\u306a\u3044\u6ce8\u610f\u70b9<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">1. \u6885\u4e43\u5bbf\u9152\u9020\u3068\u306f\u3069\u3093\u306a\u4f1a\u793e\u304b<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1-1. \u8ef8\u3068\u306a\u308b\u898b\u65b9\uff1a\u300c\u51ac\u3057\u304b\u52d5\u304b\u306a\u304b\u3063\u305f\u8535\u3092\u3001\u4e00\u5e74\u4e2d\u52d5\u304f\u5de5\u5834\u306b\u4f5c\u308a\u66ff\u3048\u305f\u4f1a\u793e\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6885\u4e43\u5bbf\u9152\u9020\u306f\u3001\u5948\u826f\u770c\u845b\u57ce\u5e02\u306b\u3042\u308b1893\u5e74\u5275\u696d\u306e\u65e5\u672c\u9152\u8535\u3067\u3059\u30021950\u5e74\u306b\u6cd5\u4eba\u5316\u3057\u307e\u3057\u305f\u3002\u305f\u3060\u3001\u3044\u307e\u306e\u58f2\u4e0a\u306e8\u5272\u8d85\u306f\u65e5\u672c\u9152\u3067\u306f\u306a\u304f\u30ea\u30ad\u30e5\u30fc\u30eb\uff08\u679c\u5b9f\u9152\uff09\u3067\u3059\u3002\u300c\u3042\u3089\u3054\u3057\u6885\u9152\u300d\u300c\u3042\u3089\u3054\u3057\u307f\u304b\u3093\u300d\u306a\u3069\u306e\u3001\u679c\u8089\u304c\u305d\u306e\u307e\u307e\u5165\u3063\u305f\u65e5\u672c\u9152\u4ed5\u8fbc\u307f\u306e\u30ea\u30ad\u30e5\u30fc\u30eb\u304c\u3053\u306e\u4f1a\u793e\u306e\u4e3b\u529b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4f1a\u793e\u3092\u7406\u89e3\u3059\u308b\u306e\u306b\u3001\u3044\u3061\u3070\u3093\u7b4b\u306e\u901a\u308b\u898b\u65b9\u306f\u3053\u3046\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u65e5\u672c\u9152\u3065\u304f\u308a\u306f\u3001\u3082\u3068\u3082\u3068\u51ac\u306b\u3057\u304b\u52d5\u304b\u306a\u3044\u4ed5\u4e8b\u3067\u3057\u305f\u3002<\/strong> \u79cb\u306b\u6e96\u5099\u3092\u3057\u3066\u3001\u51ac\u306b\u4ed5\u8fbc\u307f\u3001\u6625\u306b\u65b0\u9152\u3092\u51fa\u3057\u305f\u3089\u30014\u6708\u304b\u308910\u6708\u306f\u300c\u4f11\u8535\u300d\u306b\u5165\u308b\u3002\u4f1a\u793e\u3068\u3057\u3066\u306f\u3001\u5e74\u306e\u534a\u5206\u8fd1\u304f\u3001\u8535\u3068\u8a2d\u5099\u3068\u4eba\u3092\u904a\u3070\u305b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u6885\u4e43\u5bbf\u9152\u9020\u306f\u3001\u305d\u306e\u7a7a\u3044\u305f\u6642\u9593\u306b\u6885\u9152\u3068\u30ea\u30ad\u30e5\u30fc\u30eb\u3092\u8a70\u3081\u8fbc\u3093\u3060\u4f1a\u793e\u3067\u3059\u30022001\u5e74\u306b\u30ea\u30ad\u30e5\u30fc\u30eb\u306e\u88fd\u9020\u514d\u8a31\u3092\u53d6\u308a\u3001\u65e5\u672c\u9152\u8535\u3068\u3057\u3066\u306f\u5148\u99c6\u3051\u3066\u65e5\u672c\u9152\u4ed5\u8fbc\u307f\u306e\u6885\u9152\u3092\u58f2\u308a\u59cb\u3081\u307e\u3057\u305f\u3002\u4e0a\u5834\u7533\u8acb\u6642\u306e\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\uff08\u2160\u306e\u90e8\uff09\u306b\u3082\u3001\u30ea\u30ad\u30e5\u30fc\u30eb\u3078\u306e\u9032\u51fa\u304c\u300c\u65e5\u672c\u9152\u8535\u306b\u3042\u308a\u304c\u3061\u3067\u3042\u3063\u305f\u5b63\u7bc0\u7684\u306a\u696d\u7e3e\u5909\u52d5\u3092\u514b\u670d\u300d\u3057\u305f\u3068\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u898b\u65b9\u306f\u3001\u3053\u306e\u4f1a\u793e\u306e\u5f37\u307f\u3082\u5f31\u307f\u3082\u540c\u3058\u8a00\u8449\u3067\u8aac\u660e\u3067\u304d\u307e\u3059\u3002\u5f37\u307f\u306e\u5074\u3067\u306f\u3001\u300c\u540c\u3058\u8535\u3092\u3088\u308a\u9577\u304f\u56de\u3059\u300d\u3053\u3068\u304c\u5229\u76ca\u7387\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002\u5f31\u307f\u306e\u5074\u3067\u306f\u3001\u5de5\u5834\u3092\u4e00\u5e74\u4e2d\u52d5\u304b\u305b\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u3082\u3001<strong>\u304a\u9152\u304c\u58f2\u308c\u308b\u5b63\u7bc0\u305d\u306e\u3082\u306e\u306f\u52d5\u304b\u305b\u306a\u3044<\/strong>\u3001\u3068\u3044\u3046\u8a71\u306b\u306a\u308a\u307e\u3059\u3002\u5f8c\u8005\u306f\u3001\u3053\u306e\u8a18\u4e8b\u306e\u3044\u3061\u3070\u3093\u5927\u4e8b\u306a\u8ad6\u70b9\uff08\u7b2c3\u7ae0\uff09\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1-2. \u4f1a\u793e\u306e\u57fa\u672c\u60c5\u5831<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u4f1a\u793e\u540d\uff08\u30b3\u30fc\u30c9\uff09<\/td><td>\u6885\u4e43\u5bbf\u9152\u9020\u682a\u5f0f\u4f1a\u793e\uff08559A\uff09<\/td><\/tr><tr><td>\u4e0a\u5834\u5e02\u5834\u30fb\u4e0a\u5834\u65e5<\/td><td>\u6771\u8a3c\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u5e02\u5834\u30fb2026\u5e744\u670824\u65e5<\/td><\/tr><tr><td>\u6c7a\u7b97\u671f<\/td><td>6\u670830\u65e5\uff08\u5e741\u56de\u30fb\u975e\u9023\u7d50\u3002\u5b50\u4f1a\u793e\u30fb\u95a2\u9023\u4f1a\u793e\u306a\u3057\uff09<\/td><\/tr><tr><td>\u672c\u793e<\/td><td>\u5948\u826f\u770c\u845b\u57ce\u5e02\u5bfa\u53e327\u756a\u57301<\/td><\/tr><tr><td>\u5275\u696d\uff0f\u8a2d\u7acb<\/td><td>1893\u5e74\uff08\u5409\u7530\u718a\u592a\u90ce\u5546\u5e97\uff09\uff0f1950\u5e74<\/td><\/tr><tr><td>\u4ee3\u8868\u8005<\/td><td>\u4ee3\u8868\u53d6\u7de0\u5f79\u793e\u9577 \u5409\u7530\u4f73\u4ee3<\/td><\/tr><tr><td>\u5f93\u696d\u54e1\u6570<\/td><td>71\u540d\uff08\u5916\u3001\u81e8\u664229\u540d\uff09\u203b2026\u5e742\u670828\u65e5\u73fe\u5728<\/td><\/tr><tr><td>\u5e73\u5747\u5e74\u9593\u7d66\u4e0e<\/td><td>549\u4e07\u5186\uff082026\u5e742\u670828\u65e5\u73fe\u5728\uff09<\/td><\/tr><tr><td>\u4e3b\u529b\u5546\u54c1<\/td><td>\u300c\u3042\u3089\u3054\u3057\u30b7\u30ea\u30fc\u30ba\u300d\u7b49\u306e\u65e5\u672c\u9152\u4ed5\u8fbc\u307f\u30ea\u30ad\u30e5\u30fc\u30eb\u3001\u65e5\u672c\u9152\u300c\u845b\u57ce\u300d\u300c\u6885\u4e43\u5bbf\u300d\u307b\u304b<\/td><\/tr><tr><td>\u4e8b\u696d\u30bb\u30b0\u30e1\u30f3\u30c8<\/td><td>\u9152\u985e\u88fd\u9020\u8ca9\u58f2\u4e8b\u696d\u306e\u5358\u4e00\u30bb\u30b0\u30e1\u30f3\u30c8<\/td><\/tr><tr><td>\u56fd\u5185\u53d6\u5f15\u5148<\/td><td>1,000\u793e\u8d85<\/td><\/tr><tr><td>\u6d77\u5916\u5c55\u958b<\/td><td>24\u306e\u56fd\u307e\u305f\u306f\u5730\u57df<\/td><\/tr><tr><td>\u56fd\u7523\u679c\u5b9f\u30ea\u30ad\u30e5\u30fc\u30eb\u5e02\u5834\u30b7\u30a7\u30a2<\/td><td>16.7\uff05\uff082024\u5e74\u30fb\u5bcc\u58eb\u7d4c\u6e08\u306e\u8abf\u67fb\u3092\u7528\u3044\u305f\u4f1a\u793e\u7b97\u51fa\uff09<\/td><\/tr><tr><td>\u58f2\u4e0a\u9ad8\u5e73\u5747\u6210\u9577\u7387<\/td><td>+15.5\uff05\uff082022\u5e746\u6708\u671f\u301c2026\u5e746\u6708\u671f\u306e\u5e74\u5e73\u5747\u30fb\u4f1a\u793e\u958b\u793a\uff09<\/td><\/tr><tr><td>\u682a\u4e3b\u512a\u5f85<\/td><td>\u3042\u308a\uff08\u6bce\u5e746\u670830\u65e5\u57fa\u6e96\u30fb100\u682a\u304b\u3089\u3002\u7b2c6\u7ae0\uff09<\/td><\/tr><tr><td>\u914d\u5f53<\/td><td>2026\u5e746\u6708\u671f\u306b\u521d\u914d\u5f5321\u518644\u92ad\u3002\u914d\u5f53\u6027\u541140\uff05\u76ee\u6a19<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">1-3. \u306a\u305c\u5229\u76ca\u7387\u304c\u9ad8\u3044\u306e\u304b\uff08\u6570\u5b57\u3067\u898b\u308b\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2160\u306e\u90e8\u306b\u306f\u3001\u696d\u754c\u5e73\u5747\u3068\u306e\u6bd4\u8f03\u304c\u5177\u4f53\u7684\u306a\u6570\u5b57\u3067\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u306f\u4f1a\u793e\u304c\u81ea\u5206\u3067\u958b\u793a\u3057\u3066\u3044\u308b\u4e00\u6b21\u60c5\u5831\u306a\u306e\u3067\u3001\u305d\u306e\u307e\u307e\u4f7f\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6bd4\u8f03\u9805\u76ee<\/th><th>\u6885\u4e43\u5bbf\u9152\u9020<\/th><th>\u696d\u754c\u5e73\u5747<\/th><\/tr><\/thead><tbody><tr><td>\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\uff082025\u5e746\u6708\u671f\uff09<\/td><td>55.7\uff05<\/td><td>\u6e05\u9152\u88fd\u9020\u8005 38.8\uff05\uff0f\u30ea\u30ad\u30e5\u30fc\u30eb\u88fd\u9020\u8005 40.5\uff05<\/td><\/tr><tr><td>\u9152\u985e\u4e8b\u696d\u58f2\u4e0a\u9ad8<\/td><td>26.8\u5104\u5186<\/td><td>\u6e05\u9152\u88fd\u9020\u8005 3.09\u5104\u5186\uff0f\u30ea\u30ad\u30e5\u30fc\u30eb\u88fd\u9020\u8005 74.5\u5104\u5186<\/td><\/tr><tr><td>\u65e5\u672c\u9152\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387<\/td><td>31\uff05<\/td><td>\u2014<\/td><\/tr><tr><td>\u4e3b\u529b\u30ea\u30ad\u30e5\u30fc\u30eb\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387<\/td><td>57\uff05<\/td><td>\u2014<\/td><\/tr><tr><td>\u5728\u5eab\u56de\u8ee2\u7387\uff08\u65e5\u672c\u9152\uff09<\/td><td>\u5e741.2\u56de<\/td><td>\u2014<\/td><\/tr><tr><td>\u5728\u5eab\u56de\u8ee2\u7387\uff08\u30ea\u30ad\u30e5\u30fc\u30eb\uff09<\/td><td>\u5e747.5\u56de<\/td><td>\u2014<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u203b\u696d\u754c\u5e73\u5747\u306f\u56fd\u7a0e\u5e81\u300c\u9152\u985e\u88fd\u9020\u696d\u53ca\u3073\u9152\u985e\u5378\u58f2\u696d\u306e\u6982\u6cc1\uff08\u4ee4\u548c6\u5e74\u30a2\u30f3\u30b1\u30fc\u30c8\uff09\u300d\u3001\u7c97\u5229\u7387\u30fb\u5728\u5eab\u56de\u8ee2\u7387\u306f2025\u5e746\u6708\u671f\u306e\u4f1a\u793e\u958b\u793a\u5024\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8868\u306e\u30dd\u30a4\u30f3\u30c8\u306f2\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3072\u3068\u3064\u306f\u3001<strong>\u65e5\u672c\u9152\u3068\u30ea\u30ad\u30e5\u30fc\u30eb\u3067\u7c97\u5229\u7387\u304c31\uff05\u306857\uff05\u3001\u307b\u307c\u500d\u8fd1\u304f\u9055\u3046<\/strong>\u3053\u3068\u3002\u3082\u3046\u3072\u3068\u3064\u306f\u3001<strong>\u5728\u5eab\u304c\u52d5\u304f\u901f\u3055\u304c1.2\u56de\u30687.5\u56de\u30676\u500d\u4ee5\u4e0a\u9055\u3046<\/strong>\u3053\u3068\u3067\u3059\u3002\u65e5\u672c\u9152\u306f\u4ed5\u8fbc\u307f\u306b30\u65e5\u4ee5\u4e0a\u304b\u304b\u308a\u3001\u4eba\u624b\u3082\u304b\u304b\u308b\u3002\u30ea\u30ad\u30e5\u30fc\u30eb\u306f\u88fd\u9020\u30ea\u30fc\u30c9\u30bf\u30a4\u30e0\u304c\u77ed\u3044\u3002\u3064\u307e\u308a\u3001\u540c\u3058\u8535\u30fb\u540c\u3058\u8a2d\u5099\u3067\u3001\u3088\u308a\u901f\u304f\u56de\u3057\u3066\u3001\u3088\u308a\u9ad8\u3044\u7c97\u5229\u3092\u53d6\u308c\u308b\u306e\u304c\u30ea\u30ad\u30e5\u30fc\u30eb\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u300c\u51ac\u3057\u304b\u52d5\u304b\u306a\u304b\u3063\u305f\u8535\u3092\u4e00\u5e74\u4e2d\u52d5\u304b\u3059\u300d\u3068\u3044\u3046\u8a71\u306f\u3001\u4f1a\u793e\u306e\u8a00\u8449\u3067\u8a00\u3044\u63db\u3048\u308b\u3068\u300c\u56fa\u5b9a\u8cbb\u52b9\u7387\u3068\u5728\u5eab\u56de\u8ee2\u7387\u3092\u4e0a\u3052\u308b\u300d\u3068\u3044\u3046\u8a71\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7528\u8a9e\u30e1\u30e2\uff1a\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\uff08\u7c97\u5229\u7387\uff09<\/strong> \u58f2\u4e0a\u9ad8\u304b\u3089\u58f2\u4e0a\u539f\u4fa1\uff08\u6750\u6599\u8cbb\u30fb\u88fd\u9020\u306b\u304b\u304b\u3063\u305f\u52b4\u52d9\u8cbb\u3084\u7d4c\u8cbb\uff09\u3092\u5f15\u3044\u305f\u300c\u58f2\u4e0a\u7dcf\u5229\u76ca\u300d\u304c\u3001\u58f2\u4e0a\u9ad8\u306e\u4f55\uff05\u306b\u3042\u305f\u308b\u304b\u3092\u793a\u3059\u6bd4\u7387\u3067\u3059\u3002\u3053\u3053\u304c\u9ad8\u3044\u307b\u3069\u3001\u58f2\u3063\u305f\u3068\u304d\u306e\u624b\u6b8b\u308a\u304c\u539a\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u3053\u306e\u5f8c\u306b\u8ca9\u58f2\u8cbb\u30fb\u4e00\u822c\u7ba1\u7406\u8cbb\uff08\u5e83\u544a\u8cbb\u3001\u904b\u8cc3\u3001\u4eba\u4ef6\u8cbb\u306a\u3069\uff09\u3092\u5f15\u304b\u306a\u3044\u3068\u55b6\u696d\u5229\u76ca\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7528\u8a9e\u30e1\u30e2\uff1a\u5728\u5eab\u56de\u8ee2\u7387<\/strong> 1\u5e74\u9593\u3067\u5728\u5eab\u304c\u4f55\u56de\u5165\u308c\u66ff\u308f\u3063\u305f\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002\u56de\u8ee2\u7387\u304c\u9ad8\u3044\u307b\u3069\u3001\u540c\u3058\u5728\u5eab\u91d1\u984d\u3067\u3088\u308a\u591a\u304f\u58f2\u308c\u3066\u3044\u308b\uff1d\u8cc7\u91d1\u52b9\u7387\u304c\u826f\u3044\u3001\u3068\u8aad\u3081\u307e\u3059\u3002\u304a\u9152\u306e\u3088\u3046\u306b\u5728\u5eab\u3092\u5bdd\u304b\u305b\u308b\u5546\u58f2\u3067\u306f\u3001\u5546\u54c1\u306b\u3088\u3063\u3066\u3053\u306e\u6570\u5b57\u304c\u5927\u304d\u304f\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">1-4. \u3053\u308c\u307e\u3067\u306e\u696d\u7e3e\u63a8\u79fb\uff086\u671f\uff09<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6c7a\u7b97\u671f<\/th><th>\u58f2\u4e0a\u9ad8<\/th><th>\u55b6\u696d\u5229\u76ca<\/th><th>\u7d4c\u5e38\u5229\u76ca<\/th><th>\u5f53\u671f\u7d14\u5229\u76ca<\/th><th>\u7d14\u8cc7\u7523<\/th><th>\u7dcf\u8cc7\u7523<\/th><th>\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/th><th>ROE<\/th><th>1\u682a\u914d\u5f53<\/th><\/tr><\/thead><tbody><tr><td>2021\u5e746\u6708\u671f<\/td><td>1,817<\/td><td>311<\/td><td>420<\/td><td>297<\/td><td>2,447<\/td><td>3,206<\/td><td>76.3\uff05<\/td><td>12.7\uff05<\/td><td>22.50\u5186<\/td><\/tr><tr><td>2022\u5e746\u6708\u671f<\/td><td>1,738<\/td><td>331<\/td><td>439<\/td><td>212<\/td><td>3,116<\/td><td>6,648<\/td><td>46.8\uff05<\/td><td>7.6\uff05<\/td><td>\u2014<\/td><\/tr><tr><td>2023\u5e746\u6708\u671f<\/td><td>2,410<\/td><td>248<\/td><td>264<\/td><td>218<\/td><td>3,333<\/td><td>6,669<\/td><td>49.9\uff05<\/td><td>6.8\uff05<\/td><td>\u2014<\/td><\/tr><tr><td>2024\u5e746\u6708\u671f<\/td><td>2,698<\/td><td>422<\/td><td>425<\/td><td>317<\/td><td>2,950<\/td><td>6,171<\/td><td>47.8\uff05<\/td><td>10.1\uff05<\/td><td>166.00\u5186<\/td><\/tr><tr><td>2025\u5e746\u6708\u671f<\/td><td>2,684<\/td><td>317<\/td><td>306<\/td><td>241<\/td><td>3,192<\/td><td>6,061<\/td><td>52.7\uff05<\/td><td>7.9\uff05<\/td><td>\u2014<\/td><\/tr><tr><td>2026\u5e746\u6708\u671f<\/td><td>3,091<\/td><td>465<\/td><td>444<\/td><td>322<\/td><td>3,534<\/td><td>6,368<\/td><td>55.5\uff05<\/td><td>9.6\uff05<\/td><td>21.44\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u203b\u5358\u4f4d\u306f\u767e\u4e07\u5186\u30021\u682a\u914d\u5f53\u306f2025\u5e744\u670817\u65e5\u306e1\u5bfe20\u306e\u682a\u5f0f\u5206\u5272\u3092\u53cd\u6620\u3057\u305f\u8abf\u6574\u5f8c\u306e\u91d1\u984d\uff082021\u5e74\u30fb2024\u5e74\u306f\u2160\u306e\u90e8\u306e\u53c2\u8003\u5024\uff09\u30022021\u301c2025\u5e746\u6708\u671f\u306f\u2160\u306e\u90e8\u30012026\u5e746\u6708\u671f\u306f\u6c7a\u7b97\u77ed\u4fe1\u306e\u958b\u793a\u5024\u3002\u55b6\u696d\u5229\u76ca\u306e2021\u301c2023\u5e74\u306f\u2160\u306e\u90e8\u306e\u4e8b\u696d\u6982\u6cc1\u306e\u8a18\u8f09\u5024\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8868\u306e\u8aad\u307f\u3069\u3053\u308d\u306f3\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff081\uff092022\u5e746\u6708\u671f\u306b\u7dcf\u8cc7\u7523\u304c\u307b\u307c\u500d\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/strong> 3,206\u767e\u4e07\u5186\u304b\u30896,648\u767e\u4e07\u5186\u3078\u30013,442\u767e\u4e07\u5186\u5897\u3048\u307e\u3057\u305f\u3002\u3053\u308c\u306f2022\u5e747\u6708\u306b\u672c\u793e\u30fb\u88fd\u9020\u5834\u3092\u65b0\u8535\u3078\u79fb\u8ee2\u3057\u305f\u305f\u3081\u3067\u3001\u305d\u306e\u305f\u3081\u306b2022\u5e743\u6708\u306b\u7dcf\u984d30\u5104\u5186\u306e\u9280\u884c\u501f\u5165\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c76.3\uff05\u304b\u308946.8\uff05\u306b\u843d\u3061\u305f\u306e\u3082\u540c\u3058\u7406\u7531\u3067\u3059\u3002<strong>\u3053\u306e\u4f1a\u793e\u306e\u501f\u5165\u306f\u3001\u3044\u307e\u4f7f\u3063\u3066\u3044\u308b\u8535\u305d\u306e\u3082\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff082\uff092023\u5e746\u6708\u671f\u306b\u7d4c\u5e38\u5229\u76ca\u304c\u5927\u304d\u304f\u843d\u3061\u3066\u3044\u308b\u3002<\/strong> 439\u767e\u4e07\u5186\u304b\u3089264\u767e\u4e07\u5186\u3078\u30014\u5272\u6e1b\u3067\u3059\u3002\u58f2\u4e0a\u306f1,738\u767e\u4e07\u5186\u304b\u30892,410\u767e\u4e07\u5186\u3078\u5927\u304d\u304f\u4f38\u3073\u3066\u3044\u308b\u306e\u306b\u3001\u5229\u76ca\u306f\u843d\u3061\u307e\u3057\u305f\u3002\u65b0\u8535\u79fb\u8ee2\u306b\u3088\u308b\u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u5897\u52a0\u304c\u52b9\u3044\u3066\u3044\u308b\u3068\u8aad\u3080\u306e\u304c\u81ea\u7136\u3067\u3059\u304c\u3001\u4f1a\u793e\u306f\u500b\u5225\u306e\u7406\u7531\u3092\u660e\u793a\u3057\u3066\u3044\u306a\u3044\u306e\u3067\u3001\u3053\u3053\u306f\u300c\u7b46\u8005\u306e\u63a8\u6e2c\u300d\u306e\u57df\u3092\u51fa\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff083\uff092024\u5e746\u6708\u671f\u306b\u7d14\u8cc7\u7523\u304c\u6e1b\u3063\u3066\u3044\u308b\u3002<\/strong> 3,333\u767e\u4e07\u5186\u304b\u30892,950\u767e\u4e07\u5186\u3078\u3001383\u767e\u4e07\u5186\u306e\u6e1b\u5c11\u3067\u3059\u3002\u5f53\u671f\u7d14\u5229\u76ca\u306f317\u767e\u4e07\u5186\u306e\u9ed2\u5b57\u306a\u306e\u306b\u7d14\u8cc7\u7523\u304c\u6e1b\u3063\u305f\u3002\u7406\u7531\u306f\u914d\u5f53\u3067\u3059\u30022023\u5e7412\u6708\u306b999,970\u5343\u5186\uff08\u7d0410\u5104\u5186\uff09\u306e\u81e8\u6642\u914d\u5f53\u3092\u5b9f\u65bd\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u8a71\u306f\u7b2c7\u7ae0\u3067\u8a73\u3057\u304f\u6271\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">2. 2026\u5e746\u6708\u671f\u901a\u671f\u6c7a\u7b97\u306e\u30cf\u30a4\u30e9\u30a4\u30c8<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e748\u670810\u65e5\u306b\u767a\u8868\u3055\u308c\u305f2026\u5e746\u6708\u671f\uff082025\u5e747\u6708\u301c2026\u5e746\u6708\uff09\u306e\u901a\u671f\u6c7a\u7b97\u306f\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2-1. \u524d\u671f\u3068\u306e\u6bd4\u8f03<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>2025\u5e746\u6708\u671f<\/th><th>2026\u5e746\u6708\u671f<\/th><th>\u5897\u6e1b\u7387<\/th><\/tr><\/thead><tbody><tr><td>\u58f2\u4e0a\u9ad8<\/td><td>2,684\u767e\u4e07\u5186<\/td><td>3,091\u767e\u4e07\u5186<\/td><td>+15.1\uff05<\/td><\/tr><tr><td>\u58f2\u4e0a\u7dcf\u5229\u76ca<\/td><td>1,495\u767e\u4e07\u5186<\/td><td>1,734\u767e\u4e07\u5186<\/td><td>+16.0\uff05<\/td><\/tr><tr><td>\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387<\/td><td>55.69\uff05<\/td><td>56.11\uff05<\/td><td>+0.42pt<\/td><\/tr><tr><td>\u8ca9\u58f2\u8cbb\u53ca\u3073\u4e00\u822c\u7ba1\u7406\u8cbb<\/td><td>1,178\u767e\u4e07\u5186<\/td><td>1,268\u767e\u4e07\u5186<\/td><td>+7.7\uff05<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca<\/td><td>317\u767e\u4e07\u5186<\/td><td>465\u767e\u4e07\u5186<\/td><td>+46.8\uff05<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca\u7387<\/td><td>11.81\uff05<\/td><td>15.06\uff05<\/td><td>+3.25pt<\/td><\/tr><tr><td>\u7d4c\u5e38\u5229\u76ca<\/td><td>306\u767e\u4e07\u5186<\/td><td>444\u767e\u4e07\u5186<\/td><td>+45.1\uff05<\/td><\/tr><tr><td>\u7a0e\u5f15\u524d\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>307\u767e\u4e07\u5186<\/td><td>442\u767e\u4e07\u5186<\/td><td>+43.9\uff05<\/td><\/tr><tr><td>\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>241\u767e\u4e07\u5186<\/td><td>322\u767e\u4e07\u5186<\/td><td>+33.6\uff05<\/td><\/tr><tr><td>1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>40.12\u5186<\/td><td>53.61\u5186<\/td><td>+33.6\uff05<\/td><\/tr><tr><td>EBITDA<\/td><td>531\u767e\u4e07\u5186<\/td><td>671\u767e\u4e07\u5186<\/td><td>+26.3\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u58f2\u4e0a\u30fb\u5229\u76ca\u3068\u3082\u904e\u53bb\u6700\u9ad8\u3067\u3059\u3002\u7279\u306b\u55b6\u696d\u5229\u76ca\u7387\u304c11.8\uff05\u304b\u308915.1\uff05\u30783.3\u30dd\u30a4\u30f3\u30c8\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u304c\u76ee\u7acb\u3061\u307e\u3059\u3002\u4f1a\u793e\u306f2026\u5e742\u6708\u306b\u4e3b\u529b\u306e\u300c\u3042\u3089\u3054\u3057\u30b7\u30ea\u30fc\u30ba\u300d\u306e\u4fa1\u683c\u6539\u5b9a\uff08\u5024\u4e0a\u3052\uff09\u3092\u5b9f\u65bd\u3057\u3066\u304a\u308a\u3001\u3053\u308c\u304c\u7c97\u5229\u7387\u306e\u6539\u5584\u306b\u3064\u306a\u304c\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u3072\u3068\u3064\u3001\u8aad\u8005\u304c\u81ea\u5206\u3067\u78ba\u304b\u3081\u3089\u308c\u308b\u691c\u7b97\u3092\u7f6e\u3044\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u55b6\u696d\u5229\u76ca = \u58f2\u4e0a\u7dcf\u5229\u76ca \u2212 \u8ca9\u58f2\u8cbb\u53ca\u3073\u4e00\u822c\u7ba1\u7406\u8cbb\n2025\u5e746\u6708\u671f\uff1a 1,495,301 \u2212 1,178,283 = 317,018 \u5343\u5186\uff08\u958b\u793a317,017\u5343\u5186\u30fb\u7aef\u6570\u51e6\u7406\u306e\u5dee1\u5343\u5186\uff09\n2026\u5e746\u6708\u671f\uff1a 1,734,297 \u2212 1,268,807 = 465,490 \u5343\u5186 \u2713\n\n\u58f2\u4e0a\u9ad8\u304c +15.1\uff05\u3001\u8ca9\u7ba1\u8cbb\u304c +7.7\uff05\n\u2192 \u58f2\u4e0a\u306e\u4f38\u3073\u304c\u8cbb\u7528\u306e\u4f38\u3073\u3092\u4e0a\u56de\u3063\u305f\u3076\u3093\u304c\u3001\u305d\u306e\u307e\u307e\u55b6\u696d\u5229\u76ca\u7387\u306e\u6539\u5584\u306b\u306a\u3063\u3066\u3044\u308b\n\u58f2\u4e0a\u9ad8\u8ca9\u7ba1\u8cbb\u7387\uff1a 43.89\uff05\uff082025\u5e746\u6708\u671f\uff09 \u2192 41.05\uff05\uff082026\u5e746\u6708\u671f\uff09<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">\u55b6\u696d\u5229\u76ca\u7387\u306e\u6539\u5584\u306f\u3001\u7c97\u5229\u7387\u304c0.4\u30dd\u30a4\u30f3\u30c8\u4e0a\u304c\u3063\u305f\u3053\u3068\u3088\u308a\u3082\u3001<strong>\u8ca9\u7ba1\u8cbb\u304c\u58f2\u4e0a\u307b\u3069\u306b\u306f\u5897\u3048\u306a\u304b\u3063\u305f\u3053\u3068<\/strong>\u306e\u5bc4\u4e0e\u304c\u5927\u304d\u3044\u69cb\u56f3\u3067\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7528\u8a9e\u30e1\u30e2\uff1aEBITDA<\/strong> \u3053\u3053\u3067\u306f\u4f1a\u793e\u306e\u5b9a\u7fa9\uff08\u7a0e\u5f15\u524d\u5229\u76ca\u306b\u3001\u7279\u5225\u640d\u76ca\u30fb\u652f\u6255\u5229\u606f\u30fb\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u52a0\u6e1b\u3057\u3066\u7b97\u51fa\uff09\u306b\u5f93\u3063\u3066\u3044\u307e\u3059\u3002\u8a2d\u5099\u3092\u591a\u304f\u6301\u3064\u4f1a\u793e\u3067\u306f\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3068\u3044\u3046\u73fe\u91d1\u306e\u51fa\u3066\u3044\u304b\u306a\u3044\u8cbb\u7528\u304c\u5229\u76ca\u3092\u62bc\u3057\u4e0b\u3052\u308b\u305f\u3081\u3001\u305d\u308c\u3092\u623b\u3057\u3066\u300c\u672c\u696d\u304c\u3069\u308c\u3060\u3051\u73fe\u91d1\u3092\u751f\u3093\u3060\u304b\u300d\u3092\u898b\u308b\u6307\u6a19\u3067\u3059\u3002\u5b9f\u969b\u306b\u8a08\u7b97\u3057\u3066\u307f\u308b\u3068\u3001\u7a0e\u5f15\u524d442\u767e\u4e07\u5186\uff0b\u7279\u5225\u640d\u5931\u306e\u7d14\u984d1\u767e\u4e07\u5186\uff0b\u652f\u6255\u5229\u606f8\u767e\u4e07\u5186\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb218\u767e\u4e07\u5186\uff1d671\u767e\u4e07\u5186\u3068\u306a\u308a\u3001\u4f1a\u793e\u958b\u793a\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">2-2. \u4e0a\u5834\u6642\u306b\u81ea\u793e\u3067\u51fa\u3057\u305f\u8a08\u753b\u3068\u306e\u6bd4\u8f03<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304c\u3001\u6c7a\u7b97\u66f8\u3092\u7d20\u76f4\u306b\u4e26\u3079\u305f\u3060\u3051\u3067\u306f\u898b\u843d\u3068\u3057\u3084\u3059\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u306f\u4e0a\u5834\u65e5\uff082026\u5e744\u670824\u65e5\uff09\u306b\u300c\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u5e02\u5834\u3078\u306e\u4e0a\u5834\u306b\u4f34\u3046\u5f53\u793e\u6c7a\u7b97\u60c5\u5831\u7b49\u306e\u304a\u77e5\u3089\u305b\u300d\u30672026\u5e746\u6708\u671f\u306e\u901a\u671f\u4e88\u60f3\u3092\u51fa\u3057\u3066\u304a\u308a\u3001\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u77ed\u4fe1\uff082026\u5e745\u670813\u65e5\uff09\u3067\u3082\u636e\u3048\u7f6e\u3044\u3066\u3044\u307e\u3057\u305f\u3002\u6c7a\u7b97\u88dc\u8db3\u8aac\u660e\u8cc7\u6599\u306b\u306f\u3001\u305d\u306e\u8a08\u753b\u3068\u5b9f\u7e3e\u306e\u6bd4\u8f03\u304c\u8f09\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>\u4f1a\u793e\u8a08\u753b<\/th><th>\u5b9f\u7e3e<\/th><th>\u9054\u6210\u7387<\/th><\/tr><\/thead><tbody><tr><td>\u58f2\u4e0a\u9ad8<\/td><td>3,019\u767e\u4e07\u5186<\/td><td>3,091\u767e\u4e07\u5186<\/td><td>102.4\uff05<\/td><\/tr><tr><td>\u3046\u3061\u56fd\u5185BtoB<\/td><td>1,863\u767e\u4e07\u5186<\/td><td>1,877\u767e\u4e07\u5186<\/td><td>100.8\uff05<\/td><\/tr><tr><td>\u3046\u3061\u6d77\u5916<\/td><td>707\u767e\u4e07\u5186<\/td><td>770\u767e\u4e07\u5186<\/td><td>109.0\uff05<\/td><\/tr><tr><td>\u3046\u3061BtoC<\/td><td>449\u767e\u4e07\u5186<\/td><td>443\u767e\u4e07\u5186<\/td><td>98.5\uff05<\/td><\/tr><tr><td>\u58f2\u4e0a\u7dcf\u5229\u76ca<\/td><td>1,716\u767e\u4e07\u5186<\/td><td>1,734\u767e\u4e07\u5186<\/td><td>101.0\uff05<\/td><\/tr><tr><td>\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387<\/td><td>56.9\uff05<\/td><td>56.1\uff05<\/td><td>\u25b30.8pt<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca<\/td><td>482\u767e\u4e07\u5186<\/td><td>465\u767e\u4e07\u5186<\/td><td>96.5\uff05<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca\u7387<\/td><td>16.0\uff05<\/td><td>15.1\uff05<\/td><td>\u25b30.9pt<\/td><\/tr><tr><td>\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>315\u767e\u4e07\u5186<\/td><td>322\u767e\u4e07\u5186<\/td><td>102.2\uff05<\/td><\/tr><tr><td>EBITDA<\/td><td>686\u767e\u4e07\u5186<\/td><td>671\u767e\u4e07\u5186<\/td><td>97.8\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u58f2\u4e0a\u306f\u8a08\u753b\u3092\u8d85\u3048\u3001\u7c97\u5229\u7387\u30fb\u55b6\u696d\u5229\u76ca\u30fbEBITDA\u306f\u8a08\u753b\u306b\u5c4a\u304b\u305a\u3001\u6700\u7d42\u5229\u76ca\u306f\u307e\u305f\u8a08\u753b\u3092\u8d85\u3048\u305f\u3002<\/strong> \u300c\u904e\u53bb\u6700\u9ad8\u306e\u5897\u53ce\u5897\u76ca\u300d\u3068\u3044\u3046\u898b\u51fa\u3057\u3060\u3051\u3092\u8aad\u3080\u3068\u6c17\u3065\u3051\u306a\u3044\u5f62\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u753b\u3092\u8d85\u3048\u305f\u306e\u306f\u6d77\u5916\uff08109.0\uff05\uff09\u3060\u3051\u3067\u3001BtoC\u306f98.5\uff05\u3068\u672a\u9054\u3067\u3057\u305f\u3002\u305d\u3057\u3066\u58f2\u4e0a\u304c\u8a08\u753b\u30922.4\uff05\u4e0a\u56de\u3063\u305f\u306e\u306b\u55b6\u696d\u5229\u76ca\u304c3.5\uff05\u4e0b\u56de\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u306f\u3001<strong>\u4e0a\u632f\u308c\u3057\u305f\u58f2\u4e0a\u304c\u5229\u76ca\u306b\u5909\u63db\u3055\u308c\u3066\u3044\u306a\u3044<\/strong>\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u7406\u7531\u306f\u6b21\u306e\u7ae0\u3067\u5206\u89e3\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7528\u8a9e\u30e1\u30e2\uff1a\u55b6\u696d\u5229\u76ca\u30fb\u7d4c\u5e38\u5229\u76ca\u30fb\u5f53\u671f\u7d14\u5229\u76ca<\/strong> \u55b6\u696d\u5229\u76ca\u306f\u672c\u696d\u306e\u3082\u3046\u3051\u3067\u3059\u3002\u7d4c\u5e38\u5229\u76ca\u306f\u3001\u305d\u3053\u306b\u672c\u696d\u4ee5\u5916\u306e\u53ce\u652f\uff08\u53d7\u53d6\u5229\u606f\u3001\u652f\u6255\u5229\u606f\u3001\u4e0a\u5834\u306b\u304b\u304b\u3063\u305f\u8cbb\u7528\u306a\u3069\uff09\u3092\u8db3\u3057\u5f15\u304d\u3057\u305f\u3082\u306e\u3002\u5f53\u671f\u7d14\u5229\u76ca\u306f\u3001\u3055\u3089\u306b\u4e00\u6642\u7684\u306a\u640d\u76ca\uff08\u7279\u5225\u640d\u76ca\uff09\u3068\u7a0e\u91d1\u3092\u5dee\u3057\u5f15\u3044\u305f\u3001\u6700\u5f8c\u306b\u4f1a\u793e\u306b\u6b8b\u308b\u5229\u76ca\u3067\u3059\u3002\u3053\u306e3\u3064\u304c\u540c\u3058\u65b9\u5411\u306b\u52d5\u304b\u306a\u3044\u3068\u304d\u306f\u3001\u5fc5\u305a\u7406\u7531\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">3. \u3044\u3061\u3070\u3093\u5927\u4e8b\u306a\u8ad6\u70b9\uff1a4\u301c6\u6708\u306e3\u304b\u6708\u3092\u53d6\u308a\u51fa\u3059\u3068\u4f55\u304c\u898b\u3048\u308b\u304b<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">3-1. \u56db\u534a\u671f\u306b\u5206\u89e3\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6885\u4e43\u5bbf\u9152\u9020\u306f\u4e0a\u5834\u3057\u305f\u3070\u304b\u308a\u306a\u306e\u3067\u3001\u56db\u534a\u671f\u3054\u3068\u306e\u5358\u72ec\u306e\u6570\u5b57\u3092\u4f1a\u793e\u304c\u958b\u793a\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u305f\u3060\u3001\u4e0a\u534a\u671f\uff082025\u5e747\u6708\u301c12\u6708\uff09\u306e\u6570\u5b57\u306f\u4e0a\u5834\u7533\u8acb\u6642\u306e\u534a\u671f\u5831\u544a\u66f8\u306b\u3001\u7b2c3\u56db\u534a\u671f\u7d2f\u8a08\uff082025\u5e747\u6708\u301c2026\u5e743\u6708\uff09\u306e\u6570\u5b57\u306f\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u77ed\u4fe1\u306b\u3042\u308a\u307e\u3059\u3002\u901a\u671f\u304b\u3089\u3053\u308c\u3089\u3092\u5dee\u3057\u5f15\u3051\u3070\u3001\u305d\u308c\u305e\u308c\u306e\u671f\u9593\u306e\u59ff\u304c\u898b\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u306f<strong>\u7b46\u8005\u304c\u5dee\u3057\u5f15\u3044\u3066\u7b97\u51fa\u3057\u305f\u3082\u306e<\/strong>\u3067\u3059\uff08\u5358\u4f4d\uff1a\u5343\u5186\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>\u4e0a\u534a\u671f\uff087\u301c12\u6708\uff09<\/th><th>1\u301c3\u6708<\/th><th>4\u301c6\u6708<\/th><th>\u901a\u671f<\/th><\/tr><\/thead><tbody><tr><td>\u58f2\u4e0a\u9ad8<\/td><td>1,684,430<\/td><td>674,735<\/td><td>731,976<\/td><td>3,091,141<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca<\/td><td>376,629<\/td><td>86,015<\/td><td>2,846<\/td><td>465,490<\/td><\/tr><tr><td>\u7d4c\u5e38\u5229\u76ca<\/td><td>375,620<\/td><td>81,334<\/td><td>\u25b312,921<\/td><td>444,033<\/td><\/tr><tr><td>\u7a0e\u5f15\u524d\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>377,220<\/td><td>79,144<\/td><td>\u25b313,878<\/td><td>442,486<\/td><\/tr><tr><td>\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>249,395<\/td><td>52,265<\/td><td>21,269<\/td><td>322,929<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5408\u8a08\u306e\u691c\u7b97\u3092\u3057\u3066\u304a\u304d\u307e\u3059\u30021,684,430\uff0b674,735\uff0b731,976\uff1d3,091,141\u5343\u5186\u3067\u901a\u671f\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u69cb\u6210\u6bd4\u306b\u3059\u308b\u3068\u3001\u3053\u306e\u6c7a\u7b97\u306e\u304b\u305f\u3061\u304c\u306f\u3063\u304d\u308a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>\u4e0a\u534a\u671f<\/th><th>1\u301c3\u6708<\/th><th>4\u301c6\u6708<\/th><\/tr><\/thead><tbody><tr><td>\u58f2\u4e0a\u9ad8\u306e\u69cb\u6210\u6bd4<\/td><td>54.5\uff05<\/td><td>21.8\uff05<\/td><td>23.7\uff05<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca\u306e\u69cb\u6210\u6bd4<\/td><td>80.9\uff05<\/td><td>18.5\uff05<\/td><td>0.6\uff05<\/td><\/tr><tr><td>\u7d4c\u5e38\u5229\u76ca\u306e\u69cb\u6210\u6bd4<\/td><td>84.6\uff05<\/td><td>18.3\uff05<\/td><td>\u25b32.9\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u58f2\u4e0a\u306f3\u3064\u306e\u671f\u9593\u306b\u305d\u308c\u306a\u308a\u306b\u5206\u6563\u3057\u3066\u3044\u308b\u306e\u306b\u3001\u55b6\u696d\u5229\u76ca\u306e80.9\uff05\u304c\u4e0a\u534a\u671f\u306b\u96c6\u4e2d\u3057\u3066\u3044\u307e\u3059\u3002<\/strong> \u305d\u3057\u30664\u301c6\u6708\u306e3\u304b\u6708\u306f\u30017\u51043,197\u4e07\u5186\u3092\u58f2\u3063\u3066\u55b6\u696d\u5229\u76ca\u304c284\u4e07\u5186\u3001\u7d4c\u5e38\u5229\u76ca\u306f1,292\u4e07\u5186\u306e\u8d64\u5b57\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3-2. \u306a\u305c4\u301c6\u6708\u306f\u3053\u3046\u306a\u308b\u306e\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7406\u7531\u306f\u5927\u304d\u304f3\u3064\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff081\uff09\u304a\u9152\u304c\u58f2\u308c\u308b\u5b63\u7bc0\u3067\u306f\u306a\u3044\u3002<\/strong> \u2160\u306e\u90e8\u306e\u4e8b\u696d\u7b49\u306e\u30ea\u30b9\u30af\u306b\u3001\u4f1a\u793e\u81ea\u8eab\u304c\u3053\u3046\u66f8\u3044\u3066\u3044\u307e\u3059\u3002\u300c\u5f53\u793e\u306e\u8ca9\u58f2\u3059\u308b\u30a2\u30eb\u30b3\u30fc\u30eb\u98f2\u6599\u306f\u3001\u5fd8\u5e74\u4f1a\u30b7\u30fc\u30ba\u30f3\u3084\u5e74\u59cb\u3092\u63a7\u3048\u305f12\u6708\u304c\u30cf\u30a4\u30b7\u30fc\u30ba\u30f3\u3068\u306a\u3063\u3066\u304a\u308a\u307e\u3059\u300d\u3002\u767a\u751f\u53ef\u80fd\u6027\u306f\u300c\u9ad8\u300d\u3068\u8a55\u4fa1\u3055\u308c\u3066\u3044\u307e\u3059\u30027\u301c12\u6708\u306b\u58f2\u4e0a\u306e54.5\uff05\u3001\u5229\u76ca\u306e80.9\uff05\u304c\u4e57\u308b\u306e\u306f\u3001\u3053\u306e\u5b63\u7bc0\u6027\u304c\u305d\u306e\u307e\u307e\u51fa\u305f\u5f62\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u7b2c1\u7ae0\u306e\u898b\u65b9\u304c\u52b9\u3044\u3066\u304d\u307e\u3059\u3002<strong>\u8535\u306f\u4e00\u5e74\u4e2d\u52d5\u304b\u305b\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3067\u3082\u3001\u98f2\u3080\u4eba\u306e\u5b63\u7bc0\u307e\u3067\u306f\u52d5\u304b\u305b\u307e\u305b\u3093\u3002<\/strong> \u30ea\u30ad\u30e5\u30fc\u30eb\u3078\u306e\u8ee2\u63db\u3067\u300c\u9020\u308b\u5074\u300d\u306e\u5b63\u7bc0\u5909\u52d5\u306f\u514b\u670d\u3067\u304d\u3066\u3082\u3001\u300c\u58f2\u308c\u308b\u5074\u300d\u306e\u5b63\u7bc0\u5909\u52d5\u306f\u6b8b\u308b\u3002\u3053\u306e\u4f1a\u793e\u306e\u56db\u534a\u671f\u6c7a\u7b97\u3092\u8aad\u3080\u3068\u304d\u306f\u3001\u3053\u306e\u975e\u5bfe\u79f0\u3092\u982d\u306b\u7f6e\u3044\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff082\uff09\u4e0a\u5834\u306b\u304b\u304b\u3063\u305f\u8cbb\u7528\u304c4\u301c6\u6708\u306b\u4e57\u3063\u3066\u3044\u308b\u3002<\/strong> \u4e0a\u5834\u306f2026\u5e744\u670824\u65e5\u3001\u3064\u307e\u308a4\u301c6\u6708\u306e\u671f\u9593\u5185\u3067\u3059\u3002\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u55b6\u696d\u5916\u8cbb\u7528\u300c\u4e0a\u5834\u95a2\u9023\u8cbb\u7528\u300d\u306f\u901a\u671f19,919\u5343\u5186\u3001\u7b2c3\u56db\u534a\u671f\u7d2f\u8a08\u3067\u306f4,496\u5343\u5186\u3067\u3057\u305f\u3002\u5dee\u3057\u5f15\u304f\u3068\u3001<strong>4\u301c6\u6708\u306b15,423\u5343\u5186\u306e\u4e0a\u5834\u95a2\u9023\u8cbb\u7528\u304c\u4e57\u3063\u305f<\/strong>\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\uff08\u7b46\u8005\u306e\u5dee\u3057\u5f15\u304d\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u306f\u7d4c\u5e38\u8d64\u5b57\u25b312,921\u5343\u5186\u3092\u4e0a\u56de\u308b\u91d1\u984d\u3067\u3059\u3002\u3064\u307e\u308a\u3001<strong>\u4e0a\u5834\u8cbb\u7528\u3092\u9664\u3051\u30704\u301c6\u6708\u306e\u7d4c\u5e38\u5229\u76ca\u306f\u7d04250\u4e07\u5186\u306e\u9ed2\u5b57<\/strong>\u3060\u3063\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u8d64\u5b57\u305d\u306e\u3082\u306e\u306f\u4e00\u904e\u6027\u306e\u8981\u56e0\u3067\u8aac\u660e\u304c\u3064\u304d\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u305d\u308c\u3092\u9664\u3044\u3066\u3082\u55b6\u696d\u5229\u76ca\u304c284\u4e07\u5186\u3057\u304b\u306a\u3044\u3068\u3044\u3046\u4e8b\u5b9f\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff083\uff09\u6e1b\u4fa1\u511f\u5374\u8cbb\u304c\u6bce\u6708\u51fa\u3066\u3044\u304f\u3002<\/strong> \u901a\u671f\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f218,720\u5343\u5186\u3001\u7b2c3\u56db\u534a\u671f\u7d2f\u8a08\u306f163,537\u5343\u5186\u3067\u3057\u305f\u3002\u5dee\u3057\u5f15\u304f\u30684\u301c6\u6708\u3060\u3051\u306755,183\u5343\u5186\u3067\u3059\uff08\u7b46\u8005\u306e\u5dee\u3057\u5f15\u304d\uff09\u3002\u58f2\u308c\u3088\u3046\u304c\u58f2\u308c\u307e\u3044\u304c\u3001\u8535\u3068\u8a2d\u5099\u306e\u511f\u5374\u306f\u6b62\u307e\u308a\u307e\u305b\u3093\u3002\u300c\u4e00\u5e74\u4e2d\u52d5\u304f\u5de5\u5834\u300d\u3092\u6301\u3064\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u52d5\u304b\u306a\u3044\u5b63\u7bc0\u306b\u3082\u8cbb\u7528\u304c\u51fa\u7d9a\u3051\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3-3. \u305d\u308c\u3067\u3082\u6700\u7d42\u5229\u76ca\u304c\u9ed2\u5b57\u3060\u3063\u305f\u7406\u7531<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7a0e\u5f15\u524d\u304c1,388\u4e07\u5186\u306e\u8d64\u5b57\u306a\u306e\u306b\u30014\u301c6\u6708\u306e\u5f53\u671f\u7d14\u5229\u76ca\u306f2,127\u4e07\u5186\u306e\u9ed2\u5b57\u3067\u3057\u305f\u3002\u9806\u756a\u304c\u9006\u8ee2\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u901a\u671f\u306e\u7a0e\u5f15\u524d\u5f53\u671f\u7d14\u5229\u76ca\u3000\u3000\u3000\u3000\u3000442,486 \u5343\u5186\n\u7b2c3\u56db\u534a\u671f\u7d2f\u8a08\u306e\u7a0e\u5f15\u524d\u56db\u534a\u671f\u7d14\u5229\u76ca\u3000456,364 \u5343\u5186\n\u2192 4\u301c6\u6708\u306e\u7a0e\u5f15\u524d\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u25b313,878 \u5343\u5186\uff08\u8d64\u5b57\uff09\n\n4\u301c6\u6708\u306e\u5f53\u671f\u7d14\u5229\u76ca\u3000\u3000\u3000\u3000\u3000\u3000\u3000+21,269 \u5343\u5186\uff08\u9ed2\u5b57\uff09\n\u2192 4\u301c6\u6708\u306e\u6cd5\u4eba\u7a0e\u7b49\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u25b335,147 \u5343\u5186\uff08\u7a0e\u91d1\u8cbb\u7528\u306e\u30de\u30a4\u30ca\u30b9\u8a08\u4e0a\uff09<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u3001<strong>\u671f\u672b\u306b\u7a0e\u91d1\u8cbb\u7528\u304c3,514\u4e07\u5186\u307b\u3069\u623b\u3055\u308c\u305f<\/strong>\u5f62\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7406\u7531\u3068\u3057\u3066\u6700\u3082\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u306e\u306f\u7a0e\u984d\u63a7\u9664\u3067\u3059\u3002\u2160\u306e\u90e8\u306e\u7a0e\u52b9\u679c\u4f1a\u8a08\u306e\u6ce8\u8a18\u3092\u898b\u308b\u3068\u3001\u3053\u306e\u4f1a\u793e\u306f\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u738734.3\uff05\u306b\u5bfe\u3057\u3066\u30012024\u5e746\u6708\u671f\u306f\u7a0e\u984d\u63a7\u9664\u30676.9\u30dd\u30a4\u30f3\u30c8\u30012025\u5e746\u6708\u671f\u306f12.6\u30dd\u30a4\u30f3\u30c8\u3001\u7a0e\u8ca0\u62c5\u7387\u3092\u4e0b\u3052\u3066\u3044\u307e\u3059\u30022026\u5e746\u6708\u671f\u306e\u7a0e\u8ca0\u62c5\u7387\u306f\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u901a\u671f\u306e\u6cd5\u4eba\u7a0e\u7b49 = \u6cd5\u4eba\u7a0e\u3001\u4f4f\u6c11\u7a0e\u53ca\u3073\u4e8b\u696d\u7a0e 133,656 + \u6cd5\u4eba\u7a0e\u7b49\u8abf\u6574\u984d \u25b314,099 = 119,556 \u5343\u5186\n\u7a0e\u8ca0\u62c5\u7387 = 119,556 \u00f7 442,486 = 27.0\uff05\n\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u738734.3\uff05\u3068\u306e\u5dee = 7.3pt \uff1d \u91d1\u984d\u306b\u3057\u3066\u7d0432\u767e\u4e07\u5186<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c3\u56db\u534a\u671f\u7d2f\u8a08\u306e\u7a0e\u8ca0\u62c5\u7387\u304c33.9\uff05\uff08154,703\u5343\u5186 \u00f7 456,364\u5343\u5186\uff09\u3060\u3063\u305f\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001<strong>\u7a0e\u984d\u63a7\u9664\u306e\u5927\u534a\u304c\u671f\u672b\u306b\u307e\u3068\u3081\u3066\u8a8d\u8b58\u3055\u308c\u305f<\/strong>\u3068\u8aad\u3080\u306e\u304c\u81ea\u7136\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u5185\u8a33\u306f\u6c7a\u7b97\u77ed\u4fe1\u3067\u306f\u78ba\u8a8d\u3067\u304d\u307e\u305b\u3093\u3002\u78ba\u5b9a\u7684\u306a\u3053\u3068\u306f\u3001\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\uff082026\u5e749\u670824\u65e5\u63d0\u51fa\u4e88\u5b9a\uff09\u306e\u7a0e\u52b9\u679c\u4f1a\u8a08\u306e\u6ce8\u8a18\u304c\u51fa\u3066\u304b\u3089\u5224\u65ad\u3059\u3079\u304d\u8ad6\u70b9\u3067\u3059\uff08<strong>\u7b46\u8005\u306e\u63a8\u6e2c<\/strong>\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8aad\u8005\u306b\u3068\u3063\u3066\u306e\u610f\u5473\u306f\u3053\u3046\u3067\u3059\u3002<strong>4\u301c6\u6708\u306e\u6700\u7d42\u5229\u76ca\u304c\u9ed2\u5b57\u3060\u3063\u305f\u306e\u306f\u3001\u672c\u696d\u304c\u3082\u3046\u304b\u3063\u305f\u304b\u3089\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> \u305d\u3057\u3066\u7a0e\u984d\u63a7\u9664\u306f\u6bce\u5e74\u540c\u3058\u984d\u304c\u51fa\u308b\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u304a\u3001\u2160\u306e\u90e8\u306e\u6ce8\u8a18\u306b\u306f\u30012026\u5e747\u67081\u65e5\u4ee5\u964d\u306b\u958b\u59cb\u3059\u308b\u4e8b\u696d\u5e74\u5ea6\u304b\u3089\u300c\u9632\u885b\u7279\u5225\u6cd5\u4eba\u7a0e\u300d\u304c\u8ab2\u3055\u308c\u3001\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u7387\u304c34.3\uff05\u304b\u308935.1\uff05\u306b\u4e0a\u304c\u308b\u3053\u3068\u3082\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u30022027\u5e746\u6708\u671f\u4ee5\u964d\u306e\u7a0e\u8ca0\u62c5\u3092\u898b\u308b\u3068\u304d\u306e\u524d\u63d0\u304c1\u3064\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7528\u8a9e\u30e1\u30e2\uff1a\u7a0e\u984d\u63a7\u9664<\/strong> \u8a08\u7b97\u3057\u305f\u6cd5\u4eba\u7a0e\u984d\u304b\u3089\u3001\u653f\u7b56\u7684\u306a\u7406\u7531\u3067\u4e00\u5b9a\u984d\u3092\u76f4\u63a5\u5dee\u3057\u5f15\u3051\u308b\u5236\u5ea6\u3067\u3059\u3002\u8cc3\u4e0a\u3052\u4fc3\u9032\u7a0e\u5236\u3084\u7814\u7a76\u958b\u767a\u306b\u95a2\u3059\u308b\u5236\u5ea6\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002\u300c\u7d4c\u8cbb\u304c\u5897\u3048\u308b\u300d\u306e\u3067\u306f\u306a\u304f\u300c\u7a0e\u91d1\u305d\u306e\u3082\u306e\u304c\u6e1b\u308b\u300d\u306e\u3067\u3001\u7a0e\u5f15\u524d\u5229\u76ca\u304c\u540c\u3058\u3067\u3082\u6700\u7d42\u5229\u76ca\u304c\u5897\u3048\u307e\u3059\u3002\u305f\u3060\u3057\u9069\u7528\u3067\u304d\u308b\u6761\u4ef6\u306f\u6bce\u5e74\u5909\u308f\u308a\u5f97\u308b\u305f\u3081\u3001\u6052\u5e38\u7684\u306a\u5229\u76ca\u3068\u306f\u5207\u308a\u5206\u3051\u3066\u898b\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">3-4. \u55b6\u696d\u5916\u30fb\u7279\u5225\u640d\u76ca\u3067\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u6570\u5b57<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u4e0b\u306e\u307b\u3046\u306b\u3082\u3001\u5c0f\u3055\u3044\u304c\u65b9\u5411\u6027\u3092\u793a\u3059\u6570\u5b57\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>2025\u5e746\u6708\u671f<\/th><th>2026\u5e746\u6708\u671f<\/th><\/tr><\/thead><tbody><tr><td>\u652f\u6255\u5229\u606f<\/td><td>9,053\u5343\u5186<\/td><td>8,305\u5343\u5186<\/td><\/tr><tr><td>\u4e0a\u5834\u95a2\u9023\u8cbb\u7528\uff08\u55b6\u696d\u5916\u8cbb\u7528\uff09<\/td><td>4,000\u5343\u5186<\/td><td>19,919\u5343\u5186<\/td><\/tr><tr><td>\u88dc\u52a9\u91d1\u53ce\u5165\uff08\u7279\u5225\u5229\u76ca\uff09<\/td><td>2,825\u5343\u5186<\/td><td>2,000\u5343\u5186<\/td><\/tr><tr><td>\u56fa\u5b9a\u8cc7\u7523\u9664\u5374\u640d\uff08\u7279\u5225\u640d\u5931\uff09<\/td><td>1,324\u5343\u5186<\/td><td>956\u5343\u5186<\/td><\/tr><tr><td>\u88fd\u54c1\u958b\u767a\u5951\u7d04\u89e3\u7d04\u640d\uff08\u7279\u5225\u640d\u5931\uff09<\/td><td>\u2014<\/td><td>2,500\u5343\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u55b6\u696d\u5229\u76ca465\u767e\u4e07\u5186\u304b\u3089\u7d4c\u5e38\u5229\u76ca444\u767e\u4e07\u5186\u307e\u306721\u767e\u4e07\u5186\u843d\u3061\u3066\u3044\u308b\u4e3b\u56e0\u306f\u3001\u3053\u306e<strong>\u4e0a\u5834\u95a2\u9023\u8cbb\u752819,919\u5343\u5186<\/strong>\u3067\u3059\u3002\u4e0a\u5834\u306f\u6bce\u5e74\u3042\u308b\u3082\u306e\u3067\u306f\u306a\u3044\u306e\u3067\u30012027\u5e746\u6708\u671f\u306e\u7d4c\u5e38\u5229\u76ca\u304c\u524d\u671f\u6bd421.1\uff05\u5897\u3068\u3001\u55b6\u696d\u5229\u76ca\u306e\u4f38\u3073\uff0816.2\uff05\u5897\uff09\u3092\u4e0a\u56de\u308b\u8a08\u753b\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u306e\u8cbb\u7528\u304c\u6d88\u3048\u308b\u3053\u3068\u304c\u5927\u304d\u304f\u52b9\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u88fd\u54c1\u958b\u767a\u5951\u7d04\u89e3\u7d04\u640d2,500\u5343\u5186\u300d\u306f\u4eca\u671f\u521d\u3081\u3066\u51fa\u3066\u304d\u305f\u9805\u76ee\u3067\u3059\u3002\u91d1\u984d\u306f\u5c0f\u3055\u3044\u3082\u306e\u306e\u3001\u65b0\u5546\u54c1\u958b\u767a\u3092\u9ad8\u901f\u306b\u56de\u3059\u3053\u306e\u4f1a\u793e\u306e\u6027\u683c\u304b\u3089\u3059\u308b\u3068\u3001\u8a66\u884c\u306e\u4e00\u90e8\u304c\u9014\u4e2d\u3067\u6b62\u307e\u3063\u305f\u8a18\u9332\u3068\u3057\u3066\u8aad\u3081\u307e\u3059\u3002\u5185\u8a33\u306f\u958b\u793a\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">4. \u30c1\u30e3\u30cd\u30eb\u5225\u306e\u58f2\u4e0a\uff1a\u6d77\u5916\uff0b159.6\uff05\u306e\u4e2d\u8eab<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u306f\u6c7a\u7b97\u88dc\u8db3\u8aac\u660e\u8cc7\u6599\u3067\u3001\u58f2\u4e0a\u3092\u30c1\u30e3\u30cd\u30eb\u5225\u306b\u958b\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u5358\u4e00\u30bb\u30b0\u30e1\u30f3\u30c8\u306e\u4f1a\u793e\u306a\u306e\u3067\u3001\u5b9f\u8cea\u7684\u306b\u306f\u3053\u308c\u304c\u30bb\u30b0\u30e1\u30f3\u30c8\u60c5\u5831\u306e\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u30c1\u30e3\u30cd\u30eb<\/th><th>2025\u5e746\u6708\u671f<\/th><th>2026\u5e746\u6708\u671f<\/th><th>\u524d\u671f\u6bd4<\/th><th>\u69cb\u6210\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>\u56fd\u5185BtoB\uff08\u9152\u8ca9\u5e97\u30fb\u5927\u624b\u5c0f\u58f2\u5e97\u30fb\u30b3\u30b9\u30c8\u30b3\uff09<\/td><td>1,791\u767e\u4e07\u5186<\/td><td>1,877\u767e\u4e07\u5186<\/td><td>104.8\uff05<\/td><td>60.8\uff05<\/td><\/tr><tr><td>\u6d77\u5916\uff08\u4ee3\u7406\u5e97\u30fb\u7a7a\u6e2f\u514d\u7a0e\u5e97\uff09<\/td><td>482\u767e\u4e07\u5186<\/td><td>770\u767e\u4e07\u5186<\/td><td>159.6\uff05<\/td><td>24.9\uff05<\/td><\/tr><tr><td>BtoC\uff08\u81ea\u793eEC\u30fb\u30e2\u30fc\u30eb\u30fb\u76f4\u55b6\u5e97\uff09<\/td><td>411\u767e\u4e07\u5186<\/td><td>443\u767e\u4e07\u5186<\/td><td>107.8\uff05<\/td><td>14.3\uff05<\/td><\/tr><tr><td>\u3000\u3046\u3061EC<\/td><td>304\u767e\u4e07\u5186<\/td><td>327\u767e\u4e07\u5186<\/td><td>107.6\uff05<\/td><td>\u2014<\/td><\/tr><tr><td>\u3000\u3046\u3061\u76f4\u55b6\u5e97<\/td><td>106\u767e\u4e07\u5186<\/td><td>115\u767e\u4e07\u5186<\/td><td>108.4\uff05<\/td><td>\u2014<\/td><\/tr><tr><td>\u5408\u8a08<\/td><td>2,684\u767e\u4e07\u5186<\/td><td>3,091\u767e\u4e07\u5186<\/td><td>115.1\uff05<\/td><td>100.0\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u203bEC\u30fb\u76f4\u55b6\u5e97\u306e2025\u5e746\u6708\u671f\u306f\u30012026\u5e746\u6708\u671f\u306e\u91d1\u984d\u3092\u4f1a\u793e\u958b\u793a\u306e\u524d\u671f\u6bd4\u3067\u5272\u308a\u623b\u3057\u305f\u7b46\u8005\u306e\u6982\u7b97\u5024\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5897\u53ce406\u767e\u4e07\u5186\u306e\u3046\u3061\u3001\u6d77\u5916\u304c289\u767e\u4e07\u5186\u3092\u7a3c\u3044\u3067\u3044\u307e\u3059\u3002<strong>\u5897\u53ce\u984d\u306e7\u5272\u304c\u6d77\u5916\u3067\u3059\u3002<\/strong> \u4f1a\u793e\u306f\u5317\u7c73\u30fb\u53f0\u6e7e\u306e\u597d\u8abf\u3055\u304c\u3051\u3093\u5f15\u3057\u305f\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6d77\u5916\u306e\u4e2d\u8eab\u3082\u958b\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u8f38\u51fa\u5148\u5730\u57df\uff082026\u5e746\u6708\u671f\uff09<\/th><th>\u69cb\u6210\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>\u30a2\u30b8\u30a2<\/td><td>41.6\uff05<\/td><\/tr><tr><td>\u5317\u7c73<\/td><td>18.6\uff05<\/td><\/tr><tr><td>\u7a7a\u6e2f\u514d\u7a0e\u5e97<\/td><td>12.8\uff05<\/td><\/tr><tr><td>\u6b27\u5dde<\/td><td>11.7\uff05<\/td><\/tr><tr><td>\u305d\u306e\u4ed6<\/td><td>8.5\uff05<\/td><\/tr><tr><td>\u30aa\u30bb\u30a2\u30cb\u30a2<\/td><td>6.8\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a2\u30b8\u30a2\u304c4\u5272\u8d85\u3067\u3001\u4e2d\u56fd\u30fb\u53f0\u6e7e\u30fb\u9999\u6e2f\u304c\u4e2d\u6838\u5e02\u5834\u3067\u3059\u3002\u7a7a\u6e2f\u514d\u7a0e\u5e97\u304c12.8\uff05\u3092\u5360\u3081\u3066\u304a\u308a\u3001\u4f1a\u793e\u306f\u300c\u30a4\u30f3\u30d0\u30a6\u30f3\u30c9\u9700\u8981\u7d99\u7d9a\u3082\u4e2d\u56fd\u65c5\u5ba2\u6570\u6e1b\u5c11\u306e\u5f71\u97ff\u300d\u304c\u3042\u3063\u305f\u3068\u6ce8\u8a18\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4-1. \u300c159.6\uff05\u300d\u3092\u4e0a\u534a\u671f\u3068\u4e0b\u534a\u671f\u306b\u5272\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u306b\u3082\u5206\u89e3\u306e\u4f59\u5730\u304c\u3042\u308a\u307e\u3059\u3002\u4e0a\u534a\u671f\u306e\u30c1\u30e3\u30cd\u30eb\u5225\u58f2\u4e0a\u306f\u534a\u671f\u5831\u544a\u66f8\u306b\u958b\u793a\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u4e0b\u534a\u671f\u3092\u5dee\u3057\u5f15\u3051\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u30c1\u30e3\u30cd\u30eb<\/th><th>\u4e0a\u534a\u671f\uff087\u301c12\u6708\uff09<\/th><th>\u4e0b\u534a\u671f\uff081\u301c6\u6708\uff09<\/th><th>\u4e0a\u534a\u671f\u306e\u69cb\u6210\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>\u56fd\u5185BtoB<\/td><td>973\u767e\u4e07\u5186<\/td><td>904\u767e\u4e07\u5186<\/td><td>51.8\uff05<\/td><\/tr><tr><td>\u6d77\u5916<\/td><td>484\u767e\u4e07\u5186<\/td><td>286\u767e\u4e07\u5186<\/td><td>62.9\uff05<\/td><\/tr><tr><td>BtoC<\/td><td>228\u767e\u4e07\u5186<\/td><td>215\u767e\u4e07\u5186<\/td><td>51.4\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u203b\u4e0b\u534a\u671f\u306f\u901a\u671f\u304b\u3089\u4e0a\u534a\u671f\u3092\u5dee\u3057\u5f15\u3044\u305f\u7b46\u8005\u306e\u7b97\u51fa\u5024\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6d77\u5916\u3060\u3051\u3001\u4e0a\u534a\u671f\u306b62.9\uff05\u304c\u504f\u3063\u3066\u3044\u307e\u3059\u3002<\/strong> \u56fd\u5185BtoB\u3068BtoC\u306f\u534a\u3005\u306b\u8fd1\u3044\u306e\u306b\u3001\u6d77\u5916\u306f\u4e0a\u534a\u671f484\u767e\u4e07\u5186\u306b\u5bfe\u3057\u3066\u4e0b\u534a\u671f286\u767e\u4e07\u5186\u3067\u3059\u3002\u300c\u524d\u671f\u6bd4159.6\uff05\u300d\u3068\u3044\u3046\u6570\u5b57\u306f\u4e8b\u5b9f\u3067\u3059\u304c\u3001\u305d\u306e\u52e2\u3044\u304c\u671f\u3092\u901a\u3058\u3066\u7d9a\u3044\u3066\u3044\u305f\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6d77\u5916\u58f2\u4e0a\u306e\u63a8\u79fb\u3092\u4e26\u3079\u308b\u3068\u3001\u3053\u306e\u4e8b\u696d\u306e\u632f\u308c\u5e45\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6c7a\u7b97\u671f<\/th><th>\u6d77\u5916\u58f2\u4e0a<\/th><th>\u524d\u671f\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>2023\u5e746\u6708\u671f<\/td><td>643\u767e\u4e07\u5186<\/td><td>\u2014<\/td><\/tr><tr><td>2024\u5e746\u6708\u671f<\/td><td>709\u767e\u4e07\u5186<\/td><td>110.3\uff05<\/td><\/tr><tr><td>2025\u5e746\u6708\u671f<\/td><td>482\u767e\u4e07\u5186<\/td><td>68.0\uff05<\/td><\/tr><tr><td>2026\u5e746\u6708\u671f<\/td><td>770\u767e\u4e07\u5186<\/td><td>159.6\uff05<\/td><\/tr><tr><td>2027\u5e746\u6708\u671f\uff08\u8a08\u753b\uff09<\/td><td>800\u767e\u4e07\u5186<\/td><td>103.8\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">2025\u5e746\u6708\u671f\u306b3\u5272\u6e1b\u308a\u30012026\u5e746\u6708\u671f\u306b6\u5272\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u4f1a\u793e\u306f\u88dc\u8db3\u8aac\u660e\u8cc7\u6599\u3067\u30012025\u5e746\u6708\u671f\u306e\u6e1b\u5c11\u8981\u56e0\u3092\u300c\u5317\u7c73\uff1a24\/6\u671f\u306b\u767a\u751f\u3057\u305f\u7e8f\u3081\u8cb7\u3044\u306e\u53cd\u843d\u53ca\u3073\u30c8\u30e9\u30f3\u30d7\u95a2\u7a0e\u306b\u3088\u308b\u8cbf\u6613\u60c5\u52e2\u306e\u4e0d\u900f\u660e\u6027\u306b\u3088\u308b\u9700\u8981\u4f4e\u4e0b\u300d\u300c\u30a2\u30b8\u30a2\uff1a\u4e2d\u56fd\u306e\u666f\u6cc1\u611f\u306e\u4e0d\u900f\u660e\u6027\u306b\u3088\u308b\u9700\u8981\u306e\u843d\u8fbc\u307f\u300d\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002<strong>\u4ee3\u7406\u5e97\u7d4c\u7531\u306e\u8f38\u51fa\u306f\u30011\u4ef6\u306e\u5927\u53e3\u53d6\u5f15\u306e\u6709\u7121\u3067\u5e74\u5ea6\u306e\u6570\u5b57\u304c\u52d5\u304d\u307e\u3059\u3002<\/strong> \u524d\u671f\u6bd4\u3060\u3051\u3092\u898b\u3066\u4f38\u3073\u7387\u3092\u305d\u306e\u307e\u307e\u5c06\u6765\u306b\u5ef6\u3070\u3059\u3068\u3001\u8aad\u307f\u9055\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u81ea\u8eab\u3082\u30012027\u5e746\u6708\u671f\u306e\u6d77\u5916\u8a08\u753b\u3092\u524d\u671f\u6bd4103.8\uff05\u3068\u3001\u4eca\u671f\u306e\u6025\u4f38\u306b\u5bfe\u3057\u3066\u304b\u306a\u308a\u63a7\u3048\u3081\u306b\u7f6e\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u304a\u3001\u2160\u306e\u90e8\u306b\u306f\u300c\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3059\u308b\u5272\u5408\u304c10\uff05\u3092\u8d85\u3048\u308b\u9867\u5ba2\u304c\u306a\u3044\u305f\u3081\u8a18\u8f09\u3092\u7701\u7565\u3057\u3066\u304a\u308a\u307e\u3059\u300d\u3068\u3042\u308a\u3001\u7279\u5b9a\u306e1\u793e\u306b\u4f9d\u5b58\u3059\u308b\u69cb\u9020\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u30022025\u5e746\u6708\u671f\u672b\u306e\u58f2\u639b\u91d1\u306e\u4e0a\u4f4d\u306f\u3001\u6771\u701b\u4e09\u5c71\uff0825\u767e\u4e07\u5186\uff09\u3001\u98ef\u7530\uff0823\u767e\u4e07\u5186\uff09\u3001Spyglass Trading GmbH\uff0823\u767e\u4e07\u5186\uff09\u3001\u30b3\u30b9\u30c8\u30b3\u30db\u30fc\u30eb\u30bb\u30fc\u30eb\u30b8\u30e3\u30d1\u30f3\uff0810\u767e\u4e07\u5186\uff09\u3001Iconic Spirits LLC\uff087\u767e\u4e07\u5186\uff09\u3068\u5206\u6563\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">5. 2027\u5e746\u6708\u671f\u306e\u4f1a\u793e\u8a08\u753b<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>2026\u5e746\u6708\u671f\u5b9f\u7e3e<\/th><th>2027\u5e746\u6708\u671f\u8a08\u753b<\/th><th>\u524d\u671f\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>\u58f2\u4e0a\u9ad8<\/td><td>3,091\u767e\u4e07\u5186<\/td><td>3,250\u767e\u4e07\u5186<\/td><td>105.2\uff05<\/td><\/tr><tr><td>\u3000\u56fd\u5185BtoB<\/td><td>1,877\u767e\u4e07\u5186<\/td><td>1,964\u767e\u4e07\u5186<\/td><td>104.6\uff05<\/td><\/tr><tr><td>\u3000\u6d77\u5916<\/td><td>770\u767e\u4e07\u5186<\/td><td>800\u767e\u4e07\u5186<\/td><td>103.8\uff05<\/td><\/tr><tr><td>\u3000BtoC<\/td><td>443\u767e\u4e07\u5186<\/td><td>485\u767e\u4e07\u5186<\/td><td>109.7\uff05<\/td><\/tr><tr><td>\u58f2\u4e0a\u7dcf\u5229\u76ca<\/td><td>1,734\u767e\u4e07\u5186<\/td><td>1,872\u767e\u4e07\u5186<\/td><td>108.0\uff05<\/td><\/tr><tr><td>\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387<\/td><td>56.1\uff05<\/td><td>57.6\uff05<\/td><td>+1.5pt<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca<\/td><td>465\u767e\u4e07\u5186<\/td><td>540\u767e\u4e07\u5186<\/td><td>116.2\uff05<\/td><\/tr><tr><td>\u55b6\u696d\u5229\u76ca\u7387<\/td><td>15.1\uff05<\/td><td>16.6\uff05<\/td><td>+1.6pt<\/td><\/tr><tr><td>\u7d4c\u5e38\u5229\u76ca<\/td><td>444\u767e\u4e07\u5186<\/td><td>537\u767e\u4e07\u5186<\/td><td>121.1\uff05<\/td><\/tr><tr><td>\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>322\u767e\u4e07\u5186<\/td><td>359\u767e\u4e07\u5186<\/td><td>111.2\uff05<\/td><\/tr><tr><td>EBITDA<\/td><td>671\u767e\u4e07\u5186<\/td><td>763\u767e\u4e07\u5186<\/td><td>113.8\uff05<\/td><\/tr><tr><td>\u7dcf\u8cc7\u7523<\/td><td>6,368\u767e\u4e07\u5186<\/td><td>6,473\u767e\u4e07\u5186<\/td><td>101.7\uff05<\/td><\/tr><tr><td>\u7d14\u8cc7\u7523<\/td><td>3,534\u767e\u4e07\u5186<\/td><td>3,741\u767e\u4e07\u5186<\/td><td>105.9\uff05<\/td><\/tr><tr><td>\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/td><td>55.5\uff05<\/td><td>57.8\uff05<\/td><td>+2.3pt<\/td><\/tr><tr><td>ROE<\/td><td>9.6\uff05<\/td><td>9.9\uff05<\/td><td>+0.4pt<\/td><\/tr><tr><td>1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca<\/td><td>53.61\u5186<\/td><td>59.63\u5186<\/td><td>+6.02\u5186<\/td><\/tr><tr><td>1\u682a\u5f53\u305f\u308a\u914d\u5f53\u91d1<\/td><td>21.44\u5186<\/td><td>23.85\u5186<\/td><td>+2.41\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u4e88\u60f3EPS\u306e\u691c\u7b97\u3092\u3057\u3066\u304a\u304d\u307e\u3059\u3002359\u767e\u4e07\u5186 \u00f7 6,023,920\u682a \uff1d 59.60\u5186\u3002\u4f1a\u793e\u958b\u793a\u306e59.63\u5186\u3068\u306e\u5dee\u306f\u3001\u7d14\u5229\u76ca\u4e88\u60f3\u304c\u767e\u4e07\u5186\u672a\u6e80\u5207\u6368\u3066\u3067\u8868\u793a\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3067\u3059\uff0859.63\u5186\u304b\u3089\u9006\u7b97\u3059\u308b\u3068359,206\u5343\u5186\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4f1a\u793e\u306f\u4e0a\u5834\u6642\u306b\u65b0\u682a\u3092\u767a\u884c\u3057\u3066\u3044\u306a\u3044\u305f\u3081\uff08\u7b2c7\u7ae0\uff09\u3001\u682a\u6570\u304c\u52d5\u304b\u305a\u3001\u5229\u76ca\u306e\u4f38\u3073\u3068EPS\u306e\u4f38\u3073\u304c\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u5f53\u671f\u7d14\u5229\u76ca\u306e\u4f38\u3073\u7387\u3000322 \u2192 359 \uff1d +11.2\uff05\nEPS\u306e\u4f38\u3073\u7387\u3000\u3000\u300053.61\u5186 \u2192 59.63\u5186 \uff1d +11.2\uff05\n\u2192 \u4e00\u81f4\u3002\u5e0c\u8584\u5316\u306f\u30bc\u30ed<\/code><\/pre>\n\n\n\n<h3 class=\"wp-block-heading\">5-1. \u55b6\u696d\u5229\u76ca\u306e\u5897\u6e1b\u8981\u56e0\uff08\u4f1a\u793e\u958b\u793a\u306e\u30d6\u30ea\u30c3\u30b8\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u306f\u88dc\u8db3\u8aac\u660e\u8cc7\u6599\u3067\u3001\u55b6\u696d\u5229\u76ca\u306e\u5897\u6e1b\u8981\u56e0\u30929\u9805\u76ee\u306b\u5206\u3051\u3066\u958b\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u5408\u8a08\u306e\u691c\u7b97\u307e\u3067\u3084\u3063\u3066\u304a\u304d\u307e\u3059\uff08\u5358\u4f4d\uff1a\u767e\u4e07\u5186\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u8981\u56e0<\/th><th>2026\u5e746\u6708\u671f\uff08\u5b9f\u7e3e\uff09<\/th><th>2027\u5e746\u6708\u671f\uff08\u8a08\u753b\uff09<\/th><\/tr><\/thead><tbody><tr><td>\u8d77\u70b9<\/td><td>317<\/td><td>465<\/td><\/tr><tr><td>\u5897\u53ce\u52b9\u679c<\/td><td>+228<\/td><td>+92<\/td><\/tr><tr><td>\u7c97\u5229\u7387\u6539\u5584\u52b9\u679c<\/td><td>+11<\/td><td>+47<\/td><\/tr><tr><td>\u4eba\u4ef6\u8cbb<\/td><td>\u25b337<\/td><td>+19<\/td><\/tr><tr><td>\u8ca9\u58f2\u8cbb<\/td><td>+7<\/td><td>\u25b335<\/td><\/tr><tr><td>\u7269\u6d41\u8cbb<\/td><td>\u25b314<\/td><td>\u25b339<\/td><\/tr><tr><td>\u4fee\u7e55\u8cbb<\/td><td>\u25b312<\/td><td>\u2014<\/td><\/tr><tr><td>\u7ba1\u7406\u8af8\u8cbb<\/td><td>\u25b320<\/td><td>\u25b31<\/td><\/tr><tr><td>\u7814\u7a76\u958b\u767a\u8cbb<\/td><td>+13<\/td><td>\u25b36<\/td><\/tr><tr><td>\u305d\u306e\u4ed6<\/td><td>\u25b327<\/td><td>\u25b31<\/td><\/tr><tr><td>\u5408\u8a08<\/td><td>466<\/td><td>541<\/td><\/tr><tr><td>\u958b\u793a\u5024<\/td><td>465<\/td><td>540<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5408\u8a08\u306f\u958b\u793a\u5024\u30681\u767e\u4e07\u5186\u3057\u304b\u9055\u3044\u307e\u305b\u3093<\/strong>\uff08\u767e\u4e07\u5186\u672a\u6e80\u306e\u4e38\u3081\u306b\u3088\u308b\u3082\u306e\uff09\u3002\u30d6\u30ea\u30c3\u30b8\u56f3\u3092\u898b\u305f\u3089\u5408\u8a08\u3092\u78ba\u304b\u3081\u308b\u3001\u3068\u3044\u3046\u624b\u9806\u3092\u8e0f\u3080\u3068\u3001\u5185\u8a33\u304c\u5168\u90e8\u305d\u308d\u3063\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4e00\u90e8\u3060\u3051\u306e\u958b\u793a\u306a\u306e\u304b\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u3053\u306e\u4f1a\u793e\u306f\u5168\u90e8\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e746\u6708\u671f\u306e\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u5897\u53ce\u52b9\u679c+228\u306b\u5bfe\u3057\u3066\u8cbb\u7528\u5074\u306e\u5408\u8a08\u304c\u25b390\u3042\u308b\u3053\u3068\u3067\u3059\u3002\u4f1a\u793e\u306f\u4eba\u4ef6\u8cbb\u25b337\u3092\u300c\u4eba\u54e1\u5897\u30fb\u4e0a\u5834\u306b\u4f34\u3046\u7279\u5225\u8cde\u4e0e\u300d\u3001\u4fee\u7e55\u8cbb\u25b312\u3092\u300c\u7b2c2\u8535\u571f\u5730\u53d6\u5f97\u306b\u4f34\u3046\u95a2\u9023\u8cbb\u7528\u3001\u672c\u793e\u68df\u7a7a\u8abf\u4fdd\u5b88\u300d\u3001\u7ba1\u7406\u8af8\u8cbb\u25b320\u3092\u300c\u682a\u4e3b\u512a\u5f85\u5f15\u5f53\u91d1\u306b\u3088\u308b\u7ba1\u7406\u8af8\u8cbb\u306e\u5897\u52a0\u300d\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u7814\u7a76\u958b\u767a\u8cbb\u304c+13\uff08\uff1d\u8cbb\u7528\u306e\u6e1b\u5c11\uff09\u3068\u306a\u3063\u3066\u3044\u308b\u306e\u306f\u300c\u30c7\u30b6\u30a4\u30f3\u8cbb\u7b49\u306e\u7814\u7a76\u958b\u767a\u8cbb\u306e\u6291\u5236\u300d\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2027\u5e746\u6708\u671f\u3067\u3044\u3061\u3070\u3093\u5927\u304d\u306a\u5909\u6570\u306f\u3001\u7c97\u5229\u7387\u6539\u5584\u306e+47\u767e\u4e07\u5186\u3067\u3059\u3002\u4f1a\u793e\u306f\u305d\u306e\u6839\u62e0\u3068\u3057\u3066\u30012026\u5e742\u6708\u306e\u4fa1\u683c\u6539\u5b9a\u52b9\u679c\u3068\u3001<strong>2026\u5e7410\u6708\u306b\u4e88\u5b9a\u3055\u308c\u3066\u3044\u308b\u9152\u7a0e\u6539\u5b9a\u306b\u4f34\u3046\u4e3b\u529b\u30ea\u30ad\u30e5\u30fc\u30eb\u306e\u4fa1\u683c\u6539\u5b9a<\/strong>\u3092\u6319\u3052\u3066\u3044\u307e\u3059\u3002\u30ea\u30ad\u30e5\u30fc\u30eb\u306f\u5897\u7a0e\u306e\u5bfe\u8c61\u3067\u3059\u3002\u5897\u7a0e\u5206\u3092\u8ca9\u58f2\u4fa1\u683c\u306b\u304d\u3061\u3093\u3068\u8ee2\u5ac1\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u304c\u3001\u3053\u306e\u8a08\u753b\u306e\u524d\u63d0\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u2160\u306e\u90e8\u306e\u4e8b\u696d\u7b49\u306e\u30ea\u30b9\u30af\u306b\u3082\u300c\u7a0e\u7387\u306e\u6539\u6b63\u306b\u4f34\u3044\u3001\u8ca9\u58f2\u4fa1\u683c\u306e\u6539\u5b9a\u304c\u5186\u6ed1\u306b\u5b9f\u65bd\u3067\u304d\u306a\u304b\u3063\u305f\u5834\u5408\u3001\u5f53\u793e\u306e\u5229\u76ca\u7387\u304c\u60aa\u5316\u3059\u308b\u300d\u3068\u660e\u8a18\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5024\u4e0a\u3052\u306f2026\u5e742\u6708\u306b\u4e00\u5ea6\u5b9f\u65bd\u3057\u305f\u3070\u304b\u308a\u3067\u3059\u3002<\/strong> \u305d\u3053\u306b2026\u5e7410\u6708\u306e\u9152\u7a0e\u6539\u5b9a\u306b\u4f34\u3046\u4fa1\u683c\u8ee2\u5ac1\u304c\u91cd\u306a\u308a\u307e\u3059\u30021\u5e74\u8db3\u3089\u305a\u30672\u56de\u3001\u5e97\u982d\u4fa1\u683c\u304c\u4e0a\u304c\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u9700\u8981\u304c\u8010\u3048\u3089\u308c\u308b\u304b\u3069\u3046\u304b\u306f\u30012027\u5e746\u6708\u671f\u306e\u4e2d\u9593\u6c7a\u7b97\uff087\u301c12\u6708\uff1d\u6700\u9700\u8981\u671f\u3092\u542b\u3080\uff09\u306e\u6570\u5b57\u3067\u306f\u3058\u3081\u3066\u898b\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u304a\u30012026\u5e746\u6708\u671f\u306f\u7c97\u5229\u7387\u304c\u8a08\u753b56.9\uff05\u306b\u5bfe\u3057\u3066\u5b9f\u7e3e56.1\uff05\u3068\u672a\u9054\u3067\u3057\u305f\u3002<strong>\u305d\u306e\u4f1a\u793e\u304c\u3001\u7fcc\u671f\u306f57.6\uff05\u30781.5\u30dd\u30a4\u30f3\u30c8\u5f15\u304d\u4e0a\u3052\u308b\u8a08\u753b\u3092\u7f6e\u3044\u3066\u3044\u308b<\/strong>\u3068\u3044\u3046\u95a2\u4fc2\u306f\u3001\u62bc\u3055\u3048\u3066\u304a\u304f\u4fa1\u5024\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5-2. \u4f1a\u793e\u304c\u793a\u3059\u8cb8\u501f\u5bfe\u7167\u8868\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u8a08\u753b<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>2025\u5e746\u6708\u671f<\/th><th>2026\u5e746\u6708\u671f<\/th><th>2027\u5e746\u6708\u671f\u76ee\u6a19<\/th><\/tr><\/thead><tbody><tr><td>\u6d41\u52d5\u8cc7\u7523\u5408\u8a08<\/td><td>2,861\u767e\u4e07\u5186<\/td><td>2,799\u767e\u4e07\u5186<\/td><td>3,101\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u56fa\u5b9a\u8cc7\u7523\u5408\u8a08<\/td><td>3,199\u767e\u4e07\u5186<\/td><td>3,568\u767e\u4e07\u5186<\/td><td>3,372\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u6d41\u52d5\u8ca0\u50b5\u5408\u8a08<\/td><td>557\u767e\u4e07\u5186<\/td><td>759\u767e\u4e07\u5186<\/td><td>897\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u56fa\u5b9a\u8ca0\u50b5\u5408\u8a08<\/td><td>2,310\u767e\u4e07\u5186<\/td><td>2,074\u767e\u4e07\u5186<\/td><td>1,834\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/td><td>250\u767e\u4e07\u5186<\/td><td>686\u767e\u4e07\u5186<\/td><td>583\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/td><td>\u25b3246\u767e\u4e07\u5186<\/td><td>\u25b3618\u767e\u4e07\u5186<\/td><td>\u25b349\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/td><td>4\u767e\u4e07\u5186<\/td><td>68\u767e\u4e07\u5186<\/td><td>534\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u8ca1\u52d9\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/td><td>\u25b3242\u767e\u4e07\u5186<\/td><td>\u25b3259\u767e\u4e07\u5186<\/td><td>\u25b3399\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u671f\u672b\u73fe\u9810\u91d1<\/td><td>1,516\u767e\u4e07\u5186<\/td><td>1,324\u767e\u4e07\u5186<\/td><td>1,557\u767e\u4e07\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">2027\u5e746\u6708\u671f\u306e\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u304c\u25b349\u767e\u4e07\u5186\u3068\u3001\u4eca\u671f\u306e\u25b3618\u767e\u4e07\u5186\u304b\u3089\u5927\u304d\u304f\u6e1b\u308b\u8a08\u753b\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u7b2c\u4e8c\u8535\u306e\u7528\u5730\u53d6\u5f97\u304c\u4e00\u5de1\u3057\u3001\u6765\u671f\u306f\u300c\u751f\u7523\u81ea\u52d5\u5316\u8a2d\u5099\u6295\u8cc7\u300d\u306b\u7d5e\u308b\u65b9\u91dd\u3060\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306f534\u767e\u4e07\u5186\u307e\u3067\u5897\u3048\u308b\u898b\u8fbc\u307f\u3067\u3001\u8ca1\u52d9\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u25b3399\u767e\u4e07\u5186\uff08\u501f\u5165\u8fd4\u6e08\u3068\u914d\u5f53\uff09\u3092\u8cc4\u3046\u5f62\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7b2c\u4e8c\u8535\u306e\u5efa\u7269\u30fb\u8a2d\u5099\u305d\u306e\u3082\u306e\u306f\u3001\u3053\u306e\u8a08\u753b\u306b\u307e\u3060\u5165\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/strong> \u4f1a\u793e\u306f\u300c\u6570\u5e74\u5f8c\u306e\u7b2c2\u8535\u5efa\u8a2d\u306b\u5411\u3051\u305f\u53ce\u76ca\u306e\u78ba\u4fdd\u300d\u3068\u8868\u73fe\u3057\u3066\u304a\u308a\u3001\u7528\u5730\uff08\u5948\u826f\u770c\u845b\u57ce\u5e02\u30fb\u7d0418,000\u5e73\u65b9\u30e1\u30fc\u30c8\u30eb\u30fb\u672c\u793e\u304b\u3089\u8eca\u3067\u7d045\u5206\uff09\u306f\u53d6\u5f97\u6e08\u307f\u3067\u3059\u304c\u3001\u5efa\u8a2d\u306e\u6642\u671f\u3068\u91d1\u984d\u306f\u672a\u5b9a\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">6. \u682a\u4e3b\u512a\u5f85<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6885\u4e43\u5bbf\u9152\u9020\u306b\u306f\u682a\u4e3b\u512a\u5f85\u304c\u3042\u308a\u307e\u3059\u3002\u4e0a\u5834\u627f\u8a8d\u6642\u304b\u3089\u914d\u5f53\u653f\u7b56\u3068\u30bb\u30c3\u30c8\u3067\u6253\u3061\u51fa\u3055\u308c\u3066\u3044\u305f\u3082\u306e\u3067\u3001\u500b\u4eba\u6295\u8cc7\u5bb6\u306e\u95a2\u5fc3\u3092\u96c6\u3081\u305f\u8981\u7d20\u306e\u3072\u3068\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6-1. \u512a\u5f85\u306e\u5185\u5bb9<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793eIR\u30b5\u30a4\u30c8\u306eFAQ\u3068\u3001\u4e0a\u5834\u7533\u8acb\u6642\u306e\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\uff08\u2160\u306e\u90e8\uff09\u300c\u63d0\u51fa\u4f1a\u793e\u306e\u682a\u5f0f\u4e8b\u52d9\u306e\u6982\u8981\u300d\u306b\u3001\u540c\u3058\u5185\u5bb9\u304c\u8a18\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u6bce\u5e746\u670830\u65e5\u73fe\u5728\u306e\u682a\u4e3b\u540d\u7c3f\u306b\u8a18\u8f09\u3055\u308c\u305f1\u5358\u5143\uff08100\u682a\uff09\u4ee5\u4e0a\u306e\u682a\u4e3b\u304c\u5bfe\u8c61\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u4fdd\u6709\u671f\u9593<\/th><th>100\u682a\u4ee5\u4e0a200\u682a\u672a\u6e80<\/th><th>200\u682a\u4ee5\u4e0a<\/th><\/tr><\/thead><tbody><tr><td>1\u5e74\u672a\u6e80<\/td><td>EC\u5229\u7528\u52381,000\u5186\u5206<\/td><td>EC\u5229\u7528\u52381,000\u5186\u5206\uff0b\u5bfe\u8c61\u682a\u4e3b\u9650\u5b9a\u65e5\u672c\u9152\uff08720ml\uff09<\/td><\/tr><tr><td>1\u5e74\u4ee5\u4e0a<\/td><td>EC\u5229\u7528\u52382,000\u5186\u5206<\/td><td>EC\u5229\u7528\u52382,000\u5186\u5206\uff0b\u5bfe\u8c61\u682a\u4e3b\u9650\u5b9a\u65e5\u672c\u9152\uff08720ml\uff09\uff0b\u682a\u4e3b\u9650\u5b9a\u8535\u898b\u5b66\u4f1a<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">6-2. \u540d\u76ee\u306e\u5229\u56de\u308a\u3092\u8a08\u7b97\u3057\u3066\u307f\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4fa11,173\u5186\uff082026\u5e749\u67082\u65e5\u7d42\u5024\uff09\u3092\u524d\u63d0\u306b\u3001\u8aad\u8005\u304c\u81ea\u5206\u3067\u518d\u8a08\u7b97\u3067\u304d\u308b\u5f62\u3067\u7f6e\u304d\u307e\u3059\u3002EC\u5229\u7528\u5238\u306f\u984d\u9762\u304c\u306f\u3063\u304d\u308a\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u3053\u308c\u3060\u3051\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u3010100\u682a\u3092\u8cb7\u3046\u5834\u5408\u3011\n\u6295\u8cc7\u984d\u30001,173\u5186 \u00d7 100\u682a = 117,300\u5186\n\n\u4fdd\u67091\u5e74\u672a\u6e80\uff1aEC\u5229\u7528\u52381,000\u5186 \u00f7 117,300\u5186 = 0.85\uff05\n\u4fdd\u67091\u5e74\u4ee5\u4e0a\uff1aEC\u5229\u7528\u52382,000\u5186 \u00f7 117,300\u5186 = 1.71\uff05\n\n\uff08\u53c2\u8003\uff092027\u5e746\u6708\u671f\u306e\u4e88\u60f3\u914d\u5f53 23.85\u5186 \u00d7 100\u682a = 2,385\u5186\n\u3000\u3000\u3000\u3000\u914d\u5f53\u5229\u56de\u308a 2,385 \u00f7 117,300 = 2.03\uff05\n\u3000\u3000\u3000\u3000\u914d\u5f53\uff0bEC\u5229\u7528\u5238\uff081\u5e74\u4ee5\u4e0a\uff09= 4,385\u5186 \u2192 3.74\uff05\n\n\u3010200\u682a\u3092\u8cb7\u3046\u5834\u5408\u3011\n\u6295\u8cc7\u984d\u30001,173\u5186 \u00d7 200\u682a = 234,600\u5186\n\n\u4fdd\u67091\u5e74\u672a\u6e80\uff1aEC\u5229\u7528\u52381,000\u5186 \u00f7 234,600\u5186 = 0.43\uff05\uff08\uff0b\u9650\u5b9a\u65e5\u672c\u9152720ml\uff09\n\u4fdd\u67091\u5e74\u4ee5\u4e0a\uff1aEC\u5229\u7528\u52382,000\u5186 \u00f7 234,600\u5186 = 0.85\uff05\uff08\uff0b\u9650\u5b9a\u65e5\u672c\u9152720ml\uff0b\u8535\u898b\u5b66\u4f1a\uff09<\/code><\/pre>\n\n\n\n<h3 class=\"wp-block-heading\">6-3. \u540d\u76ee\u3068\u5b9f\u8cea\u306e\u30ae\u30e3\u30c3\u30d7<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304c\u512a\u5f85\u3067\u3044\u3061\u3070\u3093\u898b\u843d\u3068\u3055\u308c\u3084\u3059\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff081\uff09EC\u5229\u7528\u5238\u306f\u73fe\u91d1\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> \u4f7f\u3048\u308b\u306e\u306f\u6885\u4e43\u5bbf\u9152\u9020\u306e\u516c\u5f0f\u30aa\u30f3\u30e9\u30a4\u30f3\u30b7\u30e7\u30c3\u30d7\u3060\u3051\u3067\u3059\u3002\u305d\u3053\u3067\u8cb7\u3044\u305f\u3044\u3082\u306e\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u3067\u3001\u5b9f\u8cea\u4fa1\u5024\u306f0\u5186\u306b\u30822,000\u5186\u306b\u3082\u306a\u308a\u307e\u3059\u3002\u3082\u3068\u3082\u3068\u6885\u4e43\u5bbf\u306e\u5546\u54c1\u3092\u8cb7\u3063\u3066\u3044\u308b\u4eba\u306b\u3068\u3063\u3066\u306f\u984d\u9762\u3069\u304a\u308a\u306e\u4fa1\u5024\u3067\u3059\u304c\u3001\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u300c2,000\u5186\u5206\u8cb7\u3046\u305f\u3081\u306b\u9001\u6599\u3068\u5dee\u984d\u3092\u6255\u3046\u300d\u3053\u3068\u306b\u306a\u308a\u304b\u306d\u307e\u305b\u3093\u3002<strong>\u3059\u3067\u306b\u3053\u306e\u4f1a\u793e\u306e\u304a\u9152\u3092\u98f2\u3093\u3067\u3044\u308b\u4eba\u307b\u3069\u3001\u984d\u9762\u306b\u8fd1\u3044\u4fa1\u5024\u306b\u306a\u308b\u512a\u5f85<\/strong>\u3060\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff082\uff09200\u682a\u306e\u512a\u5f85\u306f\u30011\u682a\u3042\u305f\u308a\u3067\u898b\u308b\u3068\u8584\u304f\u306a\u308a\u307e\u3059\u3002<\/strong> EC\u5229\u7528\u5238\u306e\u91d1\u984d\u306f100\u682a\u3067\u3082200\u682a\u3067\u3082\u540c\u3058\u3067\u3059\u3002\u5897\u3048\u308b\u306e\u306f\u9650\u5b9a\u65e5\u672c\u9152\uff08720ml\uff09\u3068\u8535\u898b\u5b66\u4f1a\u306e\u6a29\u5229\u3060\u3051\u3002\u4e0a\u306e\u8a08\u7b97\u306e\u3068\u304a\u308a\u3001EC\u5229\u7528\u5238\u3060\u3051\u3067\u898b\u305f\u540d\u76ee\u5229\u56de\u308a\u306f200\u682a\u306b\u3059\u308b\u3068\u534a\u5206\u306b\u306a\u308a\u307e\u3059\u3002\u9650\u5b9a\u65e5\u672c\u9152\u306e\u91d1\u984d\u3092\u4f1a\u793e\u304c\u958b\u793a\u3057\u3066\u3044\u306a\u3044\u305f\u3081\u3001200\u682a\u306e\u5b9f\u8cea\u5229\u56de\u308a\u306f\u8a08\u7b97\u3067\u304d\u307e\u305b\u3093\u3002<strong>\u3053\u306e\u70b9\u306f\u300c\u672a\u78ba\u8a8d\u300d\u3068\u3057\u3066\u6271\u3046\u3079\u304d\u3068\u3053\u308d\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff083\uff09\u8535\u898b\u5b66\u4f1a\u306f\u73fe\u5730\u306b\u884c\u3051\u308b\u3053\u3068\u304c\u524d\u63d0\u3067\u3059\u3002<\/strong> \u8535\u306f\u5948\u826f\u770c\u845b\u57ce\u5e02\u306b\u3042\u308a\u307e\u3059\u3002\u512a\u5f85\u306e\u4e00\u90e8\u3068\u3057\u3066\u91d1\u984d\u306b\u63db\u7b97\u3059\u308b\u306e\u306f\u3001\u5c45\u4f4f\u5730\u306b\u3088\u3063\u3066\u610f\u5473\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uff084\uff09\u300c\u4fdd\u6709\u671f\u95931\u5e74\u4ee5\u4e0a\u300d\u306e\u5224\u5b9a\u65b9\u6cd5\u304c\u516c\u8868\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/strong> \u4f1a\u793eIR\u306eFAQ\u306b\u306f\u300c\u4fdd\u6709\u671f\u9593\u306b\u5fdc\u3058\u3066\u300d\u3068\u3057\u304b\u66f8\u304b\u308c\u3066\u304a\u3089\u305a\u3001\u4f55\u3092\u3082\u3063\u30661\u5e74\u4ee5\u4e0a\u3068\u3059\u308b\u304b\uff08\u9023\u7d9a\u3059\u308b2\u56de\u306e\u57fa\u6e96\u65e5\u3067\u682a\u4e3b\u540d\u7c3f\u306b\u8a18\u8f09\u3055\u308c\u308b\u3053\u3068\u306a\u306e\u304b\u3001\u8a3c\u5238\u4f1a\u793e\u306e\u6b8b\u9ad8\u8a18\u9332\u306a\u306e\u304b\uff09\u304c\u660e\u793a\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<strong>\u3053\u306e\u6761\u4ef6\u306f\u521d\u56de\u53d6\u5f97\u306e\u7de0\u5207\u65e5\u3092\u5de6\u53f3\u3059\u308b\u306e\u3067\u3001200\u682a\u4ee5\u4e0a\u30921\u5e74\u4ee5\u4e0a\u4fdd\u6709\u3057\u3066\u512a\u5f85\u3092\u53d7\u3051\u53d6\u308a\u305f\u3044\u5834\u5408\u306f\u3001\u4f1a\u793eIR\u306b\u76f4\u63a5\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3092\u5f37\u304f\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6-4. \u6a29\u5229\u3092\u5f97\u308b\u306b\u306f\u3044\u3064\u307e\u3067\u306b\u8cb7\u3048\u3070\u3088\u3044\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6a29\u5229\u78ba\u5b9a\u65e5\u306f\u6bce\u5e746\u670830\u65e5\u3067\u3059\u3002\u5b9f\u969b\u306b\u8cb7\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u306f\u3001\u305d\u306e\u524d\u306e\u300c\u6a29\u5229\u4ed8\u304d\u6700\u7d42\u65e5\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u5185\u682a\u5f0f\u306e\u53d7\u6e21\u3057\uff08\u6c7a\u6e08\uff09\u306f\u30012019\u5e747\u670816\u65e5\u306e\u7d04\u5b9a\u5206\u304b\u3089\u300cT+2\u300d\uff08\u7d04\u5b9a\u65e5\u304b\u3089\u8d77\u7b97\u3057\u30663\u55b6\u696d\u65e5\u76ee\u306b\u53d7\u6e21\u3057\uff09\u3067\u3059\u3002\u57fa\u6e96\u65e5\u306e\u6642\u70b9\u3067\u682a\u4e3b\u540d\u7c3f\u306b\u8f09\u3063\u3066\u3044\u308b\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3001<strong>\u6a29\u5229\u4ed8\u304d\u6700\u7d42\u65e5\u306f\u6a29\u5229\u78ba\u5b9a\u65e5\u306e2\u55b6\u696d\u65e5\u524d<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u30ab\u30ec\u30f3\u30c0\u30fc\u3067\u8a08\u7b97\u3059\u308b\u3068\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5bfe\u8c61<\/th><th>\u6a29\u5229\u78ba\u5b9a\u65e5<\/th><th>\u6a29\u5229\u4ed8\u304d\u6700\u7d42\u65e5\uff08\u66dc\u65e5\u3064\u304d\uff09<\/th><\/tr><\/thead><tbody><tr><td>2026\u5e746\u6708\u671f\uff08\u6e08\uff09<\/td><td>2026\u5e746\u670830\u65e5\uff08\u706b\uff09<\/td><td>2026\u5e746\u670826\u65e5\uff08\u91d1\uff09<\/td><\/tr><tr><td>2027\u5e746\u6708\u671f<\/td><td>2027\u5e746\u670830\u65e5\uff08\u6c34\uff09<\/td><td>2027\u5e746\u670828\u65e5\uff08\u6708\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u203b\u795d\u65e5\u3084\u5e02\u5834\u306e\u4f11\u696d\u65e5\u304c\u5165\u308b\u30681\u55b6\u696d\u65e5\u305a\u308c\u307e\u3059\u3002\u5b9f\u969b\u306b\u8cb7\u3046\u524d\u306b\u3001\u5fc5\u305a\u8a3c\u5238\u4f1a\u793e\u306e\u30ab\u30ec\u30f3\u30c0\u30fc\u3067\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6-5. \u3053\u306e\u512a\u5f85\u306f\u7d9a\u304d\u305d\u3046\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u512a\u5f85\u306e\u7d99\u7d9a\u6027\u3092\u8003\u3048\u308b\u3068\u304d\u306f\u3001<strong>\u4f1a\u793e\u5074\u306e\u30b3\u30b9\u30c8<\/strong>\u304b\u3089\u898b\u308b\u306e\u304c\u65e9\u9053\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e746\u6708\u671f\u306e\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u306f\u300c\u682a\u4e3b\u512a\u5f85\u5f15\u5f53\u91d1 15,084\u5343\u5186\u300d\u304c\u65b0\u3057\u304f\u8a08\u4e0a\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u524d\u671f\u306f\u30bc\u30ed\uff09\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u3067\u3082\u540c\u984d\u304c\u52a0\u7b97\u9805\u76ee\u3068\u3057\u3066\u51fa\u3066\u304d\u307e\u3059\u3002\u3053\u306e\u671f\u304b\u3089\u512a\u5f85\u5236\u5ea6\u3092\u59cb\u3081\u305f\u306e\u3067\u3001\u3053\u308c\u304c\u305d\u306e\u307e\u307e\u521d\u5e74\u5ea6\u306e\u512a\u5f85\u30b3\u30b9\u30c8\u306e\u898b\u7a4d\u984d\u3067\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u682a\u4e3b\u512a\u5f85\u5f15\u5f53\u91d1 15,084\u5343\u5186 \u00f7 \u55b6\u696d\u5229\u76ca 465,490\u5343\u5186 = 3.2\uff05\n\u682a\u4e3b\u512a\u5f85\u5f15\u5f53\u91d1 15,084\u5343\u5186 \u00f7 \u767a\u884c\u6e08\u682a\u5f0f\u6570 6,023,920\u682a = 1\u682a\u3042\u305f\u308a2.50\u5186<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">\u6c7a\u7b97\u88dc\u8db3\u8aac\u660e\u8cc7\u6599\u306e\u55b6\u696d\u5229\u76ca\u30d6\u30ea\u30c3\u30b8\u3067\u306f\u300c\u7ba1\u7406\u8af8\u8cbb \u25b320\u767e\u4e07\u5186\u300d\u3068\u3055\u308c\u3001\u305d\u306e\u8aac\u660e\u304c\u300c\u682a\u4e3b\u512a\u5f85\u5f15\u5f53\u91d1\u306b\u3088\u308b\u7ba1\u7406\u8af8\u8cbb\u306e\u5897\u52a0\u300d\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u5f15\u5f53\u91d1\u305d\u306e\u3082\u306e\u306f15\u767e\u4e07\u5186\u306a\u306e\u3067\u3001<strong>\u7ba1\u7406\u8af8\u8cbb\u3068\u3044\u3046\u62ec\u308a\u306b\u306f\u512a\u5f85\u5f15\u5f53\u91d1\u4ee5\u5916\u306e\u5897\u52a0\u5206\u30825\u767e\u4e07\u5186\u7a0b\u5ea6\u542b\u307e\u308c\u3066\u3044\u308b<\/strong>\u3068\u8aad\u3080\u306e\u304c\u81ea\u7136\u3067\u3059\uff08\u7b46\u8005\u306e\u89e3\u91c8\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d99\u7d9a\u6027\u306e\u5224\u65ad\u6750\u6599\u3068\u3057\u3066\u306f\u3001\u6b21\u306e\u70b9\u3092\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u512a\u5f85\u306e\u4e2d\u8eab\u304c<strong>\u81ea\u793e\u5546\u54c1\u30fb\u81ea\u793eEC\u306e\u5229\u7528\u5238<\/strong>\u3067\u3042\u308a\u3001\u91d1\u5238\u3084\u4ed6\u793e\u5546\u54c1\u5238\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4f1a\u793e\u306e\u8ca0\u62c5\u306f\u539f\u4fa1\u30d9\u30fc\u30b9\u306b\u306a\u308b\u305f\u3081\u3001\u984d\u9762\u3069\u304a\u308a\u306e\u73fe\u91d1\u6d41\u51fa\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u91d1\u5238\u578b\u306e\u512a\u5f85\u3088\u308a\u3001\u30b3\u30b9\u30c8\u9762\u3067\u306e\u6301\u7d9a\u6027\u306f\u9ad8\u3044\u985e\u578b\u3067\u3059\u3002<\/li>\n\n\n\n<li>\u4e00\u65b9\u3067\u3001\u512a\u5f85\u306f<strong>\u682a\u4e3b\u6570\u306b\u6bd4\u4f8b\u3057\u3066\u5897\u3048\u307e\u3059\u3002<\/strong> \u73fe\u6642\u70b9\u3067\u767a\u884c\u6e08\u682a\u5f0f\u6570\u306e31.29\uff05\u3092\u5275\u696d\u5bb6\u306e\u8cc7\u7523\u7ba1\u7406\u4f1a\u793e\u304c\u300114.33\uff05\u7a0b\u5ea6\u3092\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u4fdd\u6709\u3057\u3066\u304a\u308a\uff08\u7b2c7\u7ae0\uff09\u3001\u512a\u5f85\u306e\u5bfe\u8c61\u306b\u306a\u308b\u682a\u4e3b\u306f\u9650\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u4eca\u5f8c\u3001\u5927\u682a\u4e3b\u304c\u4fdd\u6709\u682a\u3092\u653e\u51fa\u3057\u3066\u500b\u4eba\u682a\u4e3b\u304c\u5897\u3048\u308c\u3070\u3001\u512a\u5f85\u30b3\u30b9\u30c8\u3082\u6bd4\u4f8b\u3057\u3066\u5897\u3048\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u4f1a\u793e\u306f\u682a\u4e3b\u9084\u5143\u3092\u914d\u5f53\u6027\u541140\uff05\u30fb\u81ea\u5df1\u682a\u5f0f\u53d6\u5f9710\uff05\uff08\u7dcf\u9084\u5143\u6027\u541150\uff05\uff09\u3068\u6570\u5024\u3067\u793a\u3057\u3066\u304a\u308a\u3001\u512a\u5f85\u306f\u305d\u306e\u5916\u5074\u306b\u3042\u308a\u307e\u3059\u3002\u512a\u5f85\u30b3\u30b9\u30c8\u306f\u55b6\u696d\u5229\u76ca\u306e3.2\uff05\u306a\u306e\u3067\u3001\u3044\u307e\u306e\u898f\u6a21\u306a\u3089\u8ca0\u62c5\u306f\u9650\u5b9a\u7684\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u512a\u5f85\u306e\u7d99\u7d9a\u306f\u7d04\u675f\u3055\u308c\u305f\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> \u4f1a\u793e\u306f\u5236\u5ea6\u306e\u5185\u5bb9\u3084\u7d99\u7d9a\u306b\u3064\u3044\u3066\u3001\u4eca\u5f8c\u306e\u958b\u793a\u3067\u5909\u66f4\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u6700\u65b0\u306e\u5185\u5bb9\u306f\u5fc5\u305a\u4f1a\u793eIR\u30b5\u30a4\u30c8\u306e\u300c\u682a\u4e3b\u9084\u5143\u7b56\/\u682a\u4e3b\u512a\u5f85\u300d\u30da\u30fc\u30b8\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6-6. \u512a\u5f85\u3060\u3051\u3092\u76ee\u5f53\u3066\u306b\u8cb7\u3046\u3079\u304d\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u63a8\u5968\u306f\u3057\u307e\u305b\u3093\u304c\u3001\u5224\u65ad\u306e\u8ef8\u3060\u3051\u7f6e\u3044\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">100\u682a\u306e\u6295\u8cc7\u984d\u306f\u7d0411.7\u4e07\u5186\u3067\u3059\u3002EC\u5229\u7528\u5238\u306f1\u5e74\u672a\u6e80\u30671,000\u5186\u30011\u5e74\u4ee5\u4e0a\u30672,000\u5186\u3002<strong>\u3053\u306e\u682a\u306f1\u65e5\u30671\u301c3\uff05\u7a0b\u5ea6\u52d5\u304f\u3053\u3068\u304c\u666e\u901a\u306b\u3042\u308a\u307e\u3059\u3002<\/strong> 1\uff05\u306f\u7d041,170\u5186\u3067\u30011\u5e74\u4ee5\u4e0a\u4fdd\u6709\u3057\u305f\u5834\u5408\u306eEC\u5229\u7528\u5238\u306e\u534a\u5206\u5f37\u306b\u3042\u305f\u308a\u307e\u3059\u3002\u512a\u5f85\u306e\u4fa1\u5024\u306f\u3001\u682a\u4fa1\u306e1\u301c2\u65e5\u5206\u306e\u5024\u52d5\u304d\u3068\u540c\u3058\u6841\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4f1a\u793e\u306e\u304a\u9152\u3092\u3082\u3068\u3082\u3068\u8cb7\u3063\u3066\u3044\u308b\u4eba\u306b\u3068\u3063\u3066\u3001EC\u5229\u7528\u5238\u306f\u984d\u9762\u3069\u304a\u308a\u306e\u4fa1\u5024\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3046\u3067\u306a\u3044\u4eba\u306b\u3068\u3063\u3066\u306f\u3001\u512a\u5f85\u306f\u6295\u8cc7\u5224\u65ad\u306e\u4e3b\u8981\u56e0\u306b\u306f\u306a\u308a\u306b\u304f\u3044\u898f\u6a21\u3060\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">7. \u8cc7\u672c\u653f\u7b56\u3068\u682a\u4e3b\u69cb\u6210\uff1a\u4e0a\u5834\u3057\u305f\u306e\u306b\u4f1a\u793e\u306b1\u5186\u3082\u5165\u3063\u3066\u3044\u306a\u3044<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4f1a\u793e\u306e\u8cc7\u672c\u69cb\u9020\u306f\u3001\u4e0a\u5834\u3057\u305f\u3070\u304b\u308a\u306e\u4f1a\u793e\u3068\u3057\u3066\u306f\u304b\u306a\u308a\u7279\u5fb4\u7684\u3067\u3059\u3002\u3053\u3053\u3092\u7406\u89e3\u3057\u306a\u3044\u3068\u3001\u6307\u6a19\u306e\u898b\u3048\u65b9\u3092\u8aad\u307f\u9055\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7-1. \u516c\u52df\u30bc\u30ed\u30fb\u58f2\u51fa\u3057\u306e\u307f\u306eIPO\u3060\u3063\u305f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6885\u4e43\u5bbf\u9152\u9020\u306f\u4e0a\u5834\u306b\u969b\u3057\u3066\u65b0\u682a\u30921\u682a\u3082\u767a\u884c\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6c7a\u7b97\u77ed\u4fe1\u306e\u300c\u767a\u884c\u6e08\u682a\u5f0f\u6570\uff08\u666e\u901a\u682a\u5f0f\uff09\u300d\u3092\u898b\u308b\u3068\u3001\u671f\u672b\u767a\u884c\u6e08\u682a\u5f0f\u6570\u306f2026\u5e746\u6708\u671f\u30fb2025\u5e746\u6708\u671f\u3068\u30826,023,920\u682a\u3001\u671f\u672b\u81ea\u5df1\u682a\u5f0f\u6570\u306f\u3069\u3061\u3089\u3082\u30bc\u30ed\u3001\u671f\u4e2d\u5e73\u5747\u682a\u5f0f\u6570\u3082\u3069\u3061\u3089\u30826,023,920\u682a\u3067\u3059\u3002\u4e0a\u5834\u3092\u631f\u3093\u30671\u682a\u3082\u52d5\u3044\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u3053\u306e\u4e0a\u5834\u306f\u3001\u65e2\u5b58\u682a\u4e3b\u304c\u6301\u3063\u3066\u3044\u308b\u682a\u3092\u5e02\u5834\u306b\u58f2\u3063\u305f\u300c\u58f2\u51fa\u3057\u300d\u3060\u3051\u3067\u69cb\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u304c\u610f\u5473\u3059\u308b\u306e\u306f\u6b21\u306e3\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u4f1a\u793e\u306b\u306f\u4e0a\u5834\u306b\u3088\u308b\u8cc7\u91d1\u304c1\u5186\u3082\u5165\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/strong> \u4e00\u822c\u7684\u306aIPO\u3067\u306f\u516c\u52df\u5897\u8cc7\u3067\u5f97\u305f\u8cc7\u91d1\u304c\u8a2d\u5099\u6295\u8cc7\u3084\u501f\u5165\u8fd4\u6e08\u306b\u5145\u3066\u3089\u308c\u307e\u3059\u304c\u3001\u3053\u306e\u4f1a\u793e\u306b\u306f\u305d\u308c\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u7b2c\u4e8c\u8535\u306e\u5efa\u8a2d\u3082\u3001\u501f\u5165\u8fd4\u6e08\u3082\u3001\u3059\u3079\u3066\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3068\u9280\u884c\u501f\u5165\u3067\u8cc4\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u5b9f\u969b\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u8ca1\u52d9\u6d3b\u52d5\u306e\u6b04\u306b\u306f\u3001\u9577\u671f\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u30fb\u4e0a\u5834\u95a2\u9023\u8cbb\u7528\u306e\u652f\u51fa\u30fb\u30ea\u30fc\u30b9\u50b5\u52d9\u306e\u8fd4\u6e08\u3057\u304b\u306a\u304f\u3001\u682a\u5f0f\u767a\u884c\u306b\u3088\u308b\u53ce\u5165\u306f1\u884c\u3082\u3042\u308a\u307e\u305b\u3093\u3002<\/li>\n\n\n\n<li><strong>\u5e0c\u8584\u5316\u306f\u30bc\u30ed\u3067\u3059\u3002<\/strong> \u65b0\u682a\u304c\u767a\u884c\u3055\u308c\u3066\u3044\u306a\u3044\u306e\u3067\u3001\u65e2\u5b58\u682a\u4e3b\u306e1\u682a\u3042\u305f\u308a\u5229\u76ca\u304c\u8584\u307e\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u6f5c\u5728\u682a\u5f0f\uff08\u65b0\u682a\u4e88\u7d04\u6a29\u306a\u3069\uff09\u3082\u5b58\u5728\u3057\u306a\u3044\u305f\u3081\u3001\u6c7a\u7b97\u77ed\u4fe1\u306e\u300c\u6f5c\u5728\u682a\u5f0f\u8abf\u6574\u5f8c1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u300d\u306f\u300c\u8a72\u5f53\u306a\u3057\u300d\u3067\u3059\u3002\u4e0a\u5834\u76f4\u5f8c\u306e\u4f1a\u793e\u306b\u3042\u308a\u304c\u3061\u306a\u300c\u4f1a\u793e\u4e88\u60f3EPS\u3068\u5b9f\u682a\u6570\u30d9\u30fc\u30b9EPS\u304c\u305a\u308c\u308b\u300d\u3068\u3044\u3046\u73fe\u8c61\u3082\u8d77\u304d\u307e\u305b\u3093\u3002\u682a\u4fa1\u60c5\u5831\u30b5\u30a4\u30c8\u306ePER\u3084PBR\u3092\u305d\u306e\u307e\u307e\u4f7f\u3048\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u4e0a\u5834\u306f\u3001\u65e2\u5b58\u682a\u4e3b\u304c\u73fe\u91d1\u5316\u3059\u308b\u5834\u3067\u3057\u305f\u3002<\/strong> \u8ab0\u304c\u3044\u304f\u3089\u73fe\u91d1\u5316\u3057\u305f\u306e\u304b\u306f\u3001\u6b21\u306e\u9805\u3067\u898b\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">7-2. \u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u51fa\u53e3<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2160\u306e\u90e8\u306e\u300c\u682a\u4e3b\u306e\u72b6\u6cc1\u300d\u306b\u3088\u308c\u3070\u3001\u4e0a\u5834\u524d\u306e\u682a\u4e3b\u69cb\u6210\u306f\u3053\u3046\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u682a\u4e3b<\/th><th>\u6240\u6709\u682a\u5f0f\u6570<\/th><th>\u6bd4\u7387<\/th><\/tr><\/thead><tbody><tr><td>J-GIA2\u53f7\u6295\u8cc7\u4e8b\u696d\u6709\u9650\u8cac\u4efb\u7d44\u5408<\/td><td>2,751,580\u682a<\/td><td>45.68\uff05<\/td><\/tr><tr><td>\u30b0\u30c3\u30c9\u30d5\u30a3\u30fc\u30eb\u30c9\u30fb\u30d3\u30fc\u30c1\u30b5\u30a4\u30c9\u682a\u5f0f\u4f1a\u793e\uff08\u793e\u9577\u306e\u8cc7\u7523\u7ba1\u7406\u4f1a\u793e\uff09<\/td><td>1,885,040\u682a<\/td><td>31.29\uff05<\/td><\/tr><tr><td>\u5409\u7530\u4f73\u4ee3\uff08\u793e\u9577\u30fb\u500b\u4eba\u5206\uff09<\/td><td>740,400\u682a<\/td><td>12.29\uff05<\/td><\/tr><tr><td>JG\u2161(CAYMAN),L.P.<\/td><td>320,620\u682a<\/td><td>5.32\uff05<\/td><\/tr><tr><td>\u6885\u4e43\u5bbf\u9152\u9020\u6301\u682a\u4f1a<\/td><td>161,840\u682a<\/td><td>2.69\uff05<\/td><\/tr><tr><td>\u677e\u6d6a\u96c4\u4e8c\uff08\u53d6\u7de0\u5f79\uff09<\/td><td>80,280\u682a<\/td><td>1.33\uff05<\/td><\/tr><tr><td>\u305d\u306e\u4ed6\u5f79\u54e1\u30fb\u57f7\u884c\u5f79\u54e1\uff085\u540d\uff09<\/td><td>84,160\u682a<\/td><td>1.40\uff05<\/td><\/tr><tr><td>\u5408\u8a08<\/td><td>6,023,920\u682a<\/td><td>100.00\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u6210\u9577\u6295\u8cc7\u30a2\u30e9\u30a4\u30a2\u30f3\u30b9\uff08J-GIA\uff09\u304c\u904b\u55b6\u3059\u308b2\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u5408\u8a08\u304c51.0\uff05\u3001\u5275\u696d\u5bb6\uff08\u793e\u9577\u500b\u4eba\uff0b\u8cc7\u7523\u7ba1\u7406\u4f1a\u793e\uff09\u304c43.6\uff05\u3067\u3059\u3002<strong>\u4e0a\u5834\u524d\u306f\u3001\u3053\u306e\u4f1a\u793e\u306f\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u904e\u534a\u6570\u3092\u6301\u3064\u4f1a\u793e\u3067\u3057\u305f\u3002<\/strong> 2021\u5e746\u6708\u306b\u3001\u3053\u306e2\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u5408\u8a081,000\u767e\u4e07\u5186\u306e\u51fa\u8cc7\u3092\u53d7\u3051\u305f\u306e\u304c\u59cb\u307e\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u5834\u306b\u3088\u3063\u3066\u4f55\u304c\u8d77\u304d\u305f\u304b\u306f\u3001\u7b46\u982d\u682a\u4e3b\u7570\u52d5\u306e\u958b\u793a\u306b\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u682a\u4e3b<\/th><th>\u4e0a\u5834\u524d\uff082026\u5e743\u670825\u65e5\uff09<\/th><th>\u4e0a\u5834\u5f8c\uff082026\u5e744\u670824\u65e5\uff09<\/th><\/tr><\/thead><tbody><tr><td>J-GIA2\u53f7\u6295\u8cc7\u4e8b\u696d\u6709\u9650\u8cac\u4efb\u7d44\u5408<\/td><td>2,751,580\u682a\u30fb45.68\uff05\u30fb\u7b2c1\u4f4d<\/td><td>863,280\u682a\u30fb14.33\uff05\u30fb\u7b2c2\u4f4d<\/td><\/tr><tr><td>\u30b0\u30c3\u30c9\u30d5\u30a3\u30fc\u30eb\u30c9\u30fb\u30d3\u30fc\u30c1\u30b5\u30a4\u30c9<\/td><td>1,885,040\u682a\u30fb31.29\uff05\u30fb\u7b2c2\u4f4d<\/td><td>1,885,040\u682a\u30fb31.29\uff05\u30fb\u7b2c1\u4f4d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">J-GIA2\u53f7\u306f\u4fdd\u6709\u682a\u306e\u5927\u534a\u3092\u624b\u653e\u3057\u3001\u7b46\u982d\u682a\u4e3b\u304c\u5275\u696d\u5bb6\u5074\u306b\u79fb\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>J-GIA2\u53f7\u306e\u6e1b\u5c11\u5206\u306e\u5185\u8a33\n\u3000\u4e0a\u5834\u524d\u30002,751,580\u682a\n\u3000\u4e0a\u5834\u5f8c\u3000\u3000863,280\u682a\uff08\u30aa\u30fc\u30d0\u30fc\u30a2\u30ed\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u305f\u3081\u306e\u8cb8\u682a246,300\u682a\u3092\u9664\u304f\uff09\n\u3000\u8cb8\u682a\u3000\u3000\u3000246,300\u682a\uff08SMBC\u65e5\u8208\u8a3c\u5238\u3078\u30012026\u5e745\u670828\u65e5\u3092\u671f\u9650\u3068\u3057\u3066\u8cb8\u51fa\uff09\n\n\u3000\u58f2\u51fa\u3057\u306b\u5fdc\u3058\u305f\u682a\u6570 = 2,751,580 \u2212 863,280 \u2212 246,300 = 1,642,000\u682a\n\u3000\u767a\u884c\u6e08\u682a\u5f0f\u6570\u306b\u5bfe\u3059\u308b\u6bd4\u7387 = 1,642,000 \u00f7 6,023,920 = 27.26\uff05<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u767a\u884c\u6e08\u682a\u5f0f\u306e27.26\uff05\u304c\u3001\u3053\u306e1\u793e\u306e\u58f2\u51fa\u3057\u3060\u3051\u3067\u5e02\u5834\u306b\u51fa\u307e\u3057\u305f\u3002<\/strong> \u3053\u308c\u306b\u52a0\u3048\u3066\u3082\u30461\u3064\u306e\u30d5\u30a1\u30f3\u30c9\uff08JG\u2161(CAYMAN),L.P.\u30015.32\uff05\uff09\u306e\u52d5\u304d\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u3061\u3089\u306f\u7570\u52d5\u306e\u958b\u793a\u5bfe\u8c61\u306b\u306a\u3063\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u58f2\u51fa\u3057\u306b\u5fdc\u3058\u305f\u304b\u3069\u3046\u304b\u3092\u4e00\u6b21\u60c5\u5831\u3067\u306f\u78ba\u8a8d\u3067\u304d\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u7528\u8a9e\u30e1\u30e2\uff1a\u30aa\u30fc\u30d0\u30fc\u30a2\u30ed\u30c3\u30c8\u30e1\u30f3\u30c8\uff08OA\uff09<\/strong> IPO\u3067\u9700\u8981\u304c\u60f3\u5b9a\u3088\u308a\u591a\u304b\u3063\u305f\u5834\u5408\u306b\u5099\u3048\u3001\u4e3b\u5e79\u4e8b\u8a3c\u5238\u304c\u5927\u682a\u4e3b\u306a\u3069\u304b\u3089\u682a\u3092\u501f\u308a\u3066\u8ffd\u52a0\u3067\u58f2\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002\u3042\u3068\u3067\u5e02\u5834\u304b\u3089\u8cb7\u3044\u623b\u3059\u304b\u3001\u8cb8\u682a\u4eba\u304b\u3089\u8ffd\u52a0\u3067\u53d6\u5f97\u3057\u3066\u8fd4\u3057\u307e\u3059\u3002\u6885\u4e43\u5bbf\u9152\u9020\u306e\u5834\u5408\u3001\u8cb8\u682a\u306fJ-GIA2\u53f7\u304b\u3089246,300\u682a\u3001\u671f\u9650\u306f2026\u5e745\u670828\u65e5\u3067\u3057\u305f\u3002<strong>\u305d\u306e\u7d50\u679c\u304c\u3069\u3046\u306a\u3063\u305f\u304b\u3092\u793a\u3059\u958b\u793a\u306f\u3001\u7b46\u8005\u304c\u78ba\u8a8d\u3057\u305f\u7bc4\u56f2\u3067\u306f\u898b\u3064\u304b\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/strong> \u682a\u4fa1\u306f\u4e0a\u5834\u5f8c\u3001\u516c\u958b\u4fa1\u683c600\u5186\u3092\u4e00\u5ea6\u3082\u4e0b\u56de\u3063\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u8cb8\u682a\u304c\u8fd4\u9084\u3055\u308c\u308b\u5f62\u3067\u51e6\u7406\u3055\u308c\u305f\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3068\u8003\u3048\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u63a8\u5b9a\u3067\u3059\u3002\u3044\u305a\u308c\u306e\u5834\u5408\u3082\u65b0\u682a\u306f\u767a\u884c\u3055\u308c\u306a\u3044\u305f\u3081\u3001\u682a\u6570\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u6c7a\u7b97\u77ed\u4fe1\u306e\u671f\u672b\u767a\u884c\u6e08\u682a\u5f0f\u6570\u304c6,023,920\u682a\u306e\u307e\u307e\u3067\u3042\u308b\u3053\u3068\u304c\u3001\u305d\u306e\u88cf\u4ed8\u3051\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">7-3. \u4e0a\u5834\u524d\u306b\u7d0410\u5104\u5186\u306e\u914d\u5f53\u3092\u51fa\u3057\u3066\u3044\u305f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3082\u3046\u3072\u3068\u3064\u3001\u2160\u306e\u90e8\u306e\u914d\u5f53\u653f\u7b56\u306b\u66f8\u304b\u308c\u3066\u3044\u308b\u4e8b\u5b9f\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2023\u5e7412\u670820\u65e5\u3001\u4e0a\u5834\u306e2\u5e744\u304b\u6708\u524d\u306b\u30011\u682a3,320\u5186\u30fb\u7dcf\u984d999,970\u5343\u5186\uff08\u7d0410\u5104\u5186\uff09\u306e\u81e8\u6642\u914d\u5f53\u3092\u5b9f\u65bd\u3057\u3066\u3044\u307e\u3059\u3002<\/strong> 2021\u5e746\u6708\u306b\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u53d7\u3051\u5165\u308c\u305f\u51fa\u8cc7\u984d1,000\u767e\u4e07\u5186\u3068\u3001\u307b\u307c\u540c\u984d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u306f\u3053\u306e\u914d\u5f53\u306e\u7d4c\u7def\u3092\u4e01\u5be7\u306b\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u30b3\u30ed\u30ca\u798d\u3067\u624b\u5143\u73fe\u9810\u91d1\u3092\u539a\u304f\u6301\u3064\u5fc5\u8981\u304c\u3042\u3063\u305f\u3053\u3068\u3001\u65b0\u8535\u79fb\u8ee2\u306e\u8cc7\u91d1\u306f2022\u5e743\u6708\u306e\u9280\u884c\u501f\u516530\u5104\u5186\u3067\u8cc4\u3048\u305f\u3053\u3068\u3001\u305d\u306e\u5f8c\u30b3\u30ed\u30ca\u798d\u304c\u53ce\u675f\u3057\u3066\u73fe\u9810\u91d1\u306b\u4f59\u5270\u611f\u304c\u51fa\u305f\u305f\u3081\u3001\u73fe\u9810\u91d1\u6b8b\u9ad8\u30fb\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u30fb\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\u30fb\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\uff0f\u8abf\u6574EBITDA\u306e4\u6307\u6a19\u3092\u52d8\u6848\u3057\u3066\u8cc7\u672c\u52b9\u7387\u6539\u5584\u306e\u305f\u3081\u306b\u914d\u5f53\u3092\u6c7a\u3081\u305f\u3001\u3068\u3044\u3046\u8aac\u660e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u914d\u5f53\u306f\u5168\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u6309\u5206\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u30d5\u30a1\u30f3\u30c9\u3060\u3051\u304c\u53d7\u3051\u53d6\u3063\u305f\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305f\u3060\u3001\u5f53\u6642\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u6301\u5206\u306f51.0\uff05\u306a\u306e\u3067\u3001\u304a\u3088\u305d\u534a\u5206\u304c\u30d5\u30a1\u30f3\u30c9\u306b\u3001\u6b8b\u308a\u304c\u5275\u696d\u5bb6\u5074\u306a\u3069\u306b\u6e21\u3063\u305f\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5e74\u6708<\/th><th>\u51fa\u6765\u4e8b<\/th><\/tr><\/thead><tbody><tr><td>2021\u5e746\u6708<\/td><td>J-GIA2\u53f7\u30fbJG\u2161(CAYMAN)\u304b\u3089\u5408\u8a081,000\u767e\u4e07\u5186\u306e\u7b2c\u4e09\u8005\u5272\u5f53\u5897\u8cc7<\/td><\/tr><tr><td>2022\u5e743\u6708<\/td><td>\u65b0\u8535\u5efa\u8a2d\u306e\u305f\u3081\u7dcf\u984d3,000\u767e\u4e07\u5186\u306e\u9280\u884c\u501f\u5165\u3002\u6885\u4e43\u5bbf\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u7b49\u3092\u5438\u53ce\u5408\u4f75<\/td><\/tr><tr><td>2022\u5e747\u6708<\/td><td>\u5948\u826f\u770c\u845b\u57ce\u5e02\u5bfa\u53e3\u306b\u65b0\u8535\u3092\u5efa\u8a2d\u3057\u672c\u793e\u30fb\u88fd\u9020\u5834\u3092\u79fb\u8ee2<\/td><\/tr><tr><td>2023\u5e7412\u670818\u65e5<\/td><td>\u65b0\u682a\u4e88\u7d04\u6a29\u306e\u884c\u4f7f\uff08\u793e\u9577\u306e\u8cc7\u7523\u7ba1\u7406\u4f1a\u793e\u3068\u53d6\u7de0\u5f79\u3001\u5408\u8a0845,182\u682a\uff09<\/td><\/tr><tr><td>2023\u5e7412\u670820\u65e5<\/td><td>\u81e8\u6642\u914d\u5f53 999,970\u5343\u5186\uff081\u682a3,320\u5186\uff09\u3092\u5b9f\u65bd<\/td><\/tr><tr><td>2025\u5e744\u670817\u65e5<\/td><td>1\u682a\u306b\u3064\u304d20\u682a\u306e\u682a\u5f0f\u5206\u5272\uff08301,196\u682a\u21926,023,920\u682a\uff09<\/td><\/tr><tr><td>2026\u5e743\u670825\u65e5<\/td><td>\u4e0a\u5834\u627f\u8a8d<\/td><\/tr><tr><td>2026\u5e744\u670824\u65e5<\/td><td>\u6771\u8a3c\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u5e02\u5834\u306b\u4e0a\u5834\uff08\u516c\u52df\u306a\u3057\u30fb\u58f2\u51fa\u3057\u306e\u307f\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">2024\u5e746\u6708\u671f\u306e\u914d\u5f53\u6027\u5411\u306f293.3\uff05\u3068\u958b\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u5206\u5272\u524d\u306e1\u682a\u914d\u5f533,320\u5186\u3092\u3001\u5206\u5272\u524d\u306e1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca1,131.90\u5186\u3067\u5272\u3063\u305f\u5024\u3067\u3059\u3002\u914d\u5f53\u7dcf\u984d999,970\u5343\u5186\u3068\u5f53\u671f\u7d14\u5229\u76ca317,170\u5343\u5186\u3067\u5272\u308b\u30683.15\u500d\u306b\u306a\u308a\u307e\u3059\uff08<strong>\u7b46\u8005\u306e\u8a08\u7b97<\/strong>\uff09\u3002\u5206\u6bcd\u306e\u682a\u6570\u304c\u9055\u3046\uff08EPS\u306f\u671f\u4e2d\u5e73\u5747280,210\u682a\u3001\u914d\u5f53\u306f\u57fa\u6e96\u65e5\u306e301,196\u682a\uff09\u305f\u3081\u306b\u3053\u306e\u5dee\u304c\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u3053\u306e\u914d\u5f53\u306f\u4e0a\u5834\u524d\u306e\u8a71\u3067\u3042\u308a\u3001\u3044\u307e\u306e\u682a\u4e3b\u306b\u76f4\u63a5\u95a2\u4fc2\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong> \u305f\u3060\u3001\u300c\u3053\u306e\u4f1a\u793e\u304c\u4e0a\u5834\u307e\u3067\u306b\u3069\u3046\u3044\u3046\u8cc7\u672c\u306e\u52d5\u304d\u3092\u3057\u3066\u304d\u305f\u304b\u300d\u3092\u77e5\u3063\u3066\u304a\u304f\u3053\u3068\u306f\u3001\u3053\u308c\u304b\u3089\u306e\u8cc7\u672c\u653f\u7b56\u3092\u8aad\u3080\u3046\u3048\u3067\u5f79\u306b\u7acb\u3061\u307e\u3059\u3002\u5c11\u306a\u304f\u3068\u3082\u3001\u3053\u306e\u4f1a\u793e\u306f<strong>\u682a\u4e3b\u9084\u5143\u306b\u6d88\u6975\u7684\u306a\u4f1a\u793e\u3067\u306f\u306a\u3044<\/strong>\u3068\u3044\u3046\u4e8b\u5b9f\u306f\u8aad\u307f\u53d6\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7-4. \u521d\u914d\u5f53\u3068\u9084\u5143\u65b9\u91dd<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e746\u6708\u671f\u306b\u521d\u3081\u3066\u306e\u914d\u5f53\u304c\u51fa\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6c7a\u7b97\u671f<\/th><th>1\u682a\u914d\u5f53<\/th><th>\u914d\u5f53\u91d1\u7dcf\u984d<\/th><th>\u914d\u5f53\u6027\u5411<\/th><th>\u7d14\u8cc7\u7523\u914d\u5f53\u7387<\/th><\/tr><\/thead><tbody><tr><td>2025\u5e746\u6708\u671f<\/td><td>0\u5186<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u2014<\/td><\/tr><tr><td>2026\u5e746\u6708\u671f<\/td><td>21\u518644\u92ad<\/td><td>129\u767e\u4e07\u5186<\/td><td>40.0\uff05<\/td><td>3.8\uff05<\/td><\/tr><tr><td>2027\u5e746\u6708\u671f\uff08\u4e88\u60f3\uff09<\/td><td>23\u518685\u92ad<\/td><td>143\u767e\u4e07\u5186\uff08\u7b46\u8005\u306e\u8a08\u7b97\uff09<\/td><td>40.0\uff05<\/td><td>\u2014<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u691c\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>2026\u5e746\u6708\u671f\uff1a21.44\u5186 \u00f7 EPS 53.61\u5186 = 40.0\uff05\n2027\u5e746\u6708\u671f\uff1a23.85\u5186 \u00f7 EPS 59.63\u5186 = 40.0\uff05\n\u2192 \u3069\u3061\u3089\u3082\u304d\u308c\u3044\u306b\u914d\u5f53\u6027\u541140\uff05\u3002EPS\u306b\u9023\u52d5\u3059\u308b\u696d\u7e3e\u9023\u52d5\u578b\n\n\u914d\u5f53\u7dcf\u984d\n2026\u5e746\u6708\u671f\uff1a 21.44\u5186 \u00d7 6,023,920\u682a = 129,152\u5343\u5186\uff08\u77ed\u4fe1\u306e\u958b\u793a\u306f129\u767e\u4e07\u5186\uff09\n2027\u5e746\u6708\u671f\uff1a 23.85\u5186 \u00d7 6,023,920\u682a = 143,670\u5343\u5186\uff08\u4e88\u5b9a\uff09<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u304a\u3001\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u77ed\u4fe1\uff082026\u5e745\u670813\u65e5\uff09\u306e\u6642\u70b9\u3067\u306f2026\u5e746\u6708\u671f\u306e\u671f\u672b\u914d\u5f53\u4e88\u60f3\u306f20\u518695\u92ad\u3067\u3057\u305f\u3002\u5b9f\u7e3e\u304c21\u518644\u92ad\u306b\u306a\u3063\u305f\u306e\u306f\u3001\u5f53\u671f\u7d14\u5229\u76ca\u304c\u8a08\u753b315\u767e\u4e07\u5186\u306b\u5bfe\u3057\u3066322\u767e\u4e07\u5186\u3068\u4e0a\u632f\u308c\u3001\u914d\u5f53\u6027\u541140\uff05\u3092\u7dad\u6301\u3057\u305f\u7d50\u679c\u3067\u3059\u3002<strong>\u914d\u5f53\u304c\u696d\u7e3e\u306b\u305d\u306e\u307e\u307e\u9023\u52d5\u3059\u308b\u4f1a\u793e\u3067\u306f\u3001\u696d\u7e3e\u4e88\u60f3\u306e\u4fee\u6b63\u304c\u305d\u306e\u307e\u307e\u914d\u5f53\u306e\u4fee\u6b63\u306b\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u914d\u5f53\u652f\u6255\u958b\u59cb\u4e88\u5b9a\u65e5\u306f2026\u5e749\u670829\u65e5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u306f\u9084\u5143\u65b9\u91dd\u3068\u3057\u3066**\u914d\u5f53\u6027\u541140\uff05\uff0b\u81ea\u5df1\u682a\u5f0f\u53d6\u5f9710\uff05\uff1d\u7dcf\u9084\u5143\u6027\u541150\uff05**\u3092\u63b2\u3052\u3066\u3044\u307e\u3059\u30022027\u5e746\u6708\u671f\u306e\u5f53\u671f\u7d14\u5229\u76ca\u4e88\u60f3359\u767e\u4e07\u5186\u3067\u8a08\u7b97\u3059\u308b\u3068\u3001\u81ea\u5df1\u682a\u5f0f\u53d6\u5f97\u306f36\u767e\u4e07\u5186\u7a0b\u5ea6\u304c\u76ee\u5b89\u306b\u306a\u308a\u307e\u3059\uff08<strong>\u7b46\u8005\u306e\u6982\u7b97<\/strong>\u3002\u4f1a\u793e\u306f\u81ea\u5df1\u682a\u5f0f\u53d6\u5f97\u306e\u5177\u4f53\u7684\u306a\u91d1\u984d\u30fb\u6642\u671f\u3092\u516c\u8868\u3057\u3066\u3044\u307e\u305b\u3093\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u914d\u5f53\u306e\u57fa\u6e96\u65e5\u306f\u6bce\u5e746\u670830\u65e5\uff08\u671f\u672b\uff09\u3067\u3001\u5b9a\u6b3e\u4e0a\u306f12\u670831\u65e5\u3092\u57fa\u6e96\u65e5\u3068\u3059\u308b\u4e2d\u9593\u914d\u5f53\u3082\u53ef\u80fd\u3067\u3059\u3002\u305f\u3060\u30572026\u5e746\u6708\u671f\u306f\u5e741\u56de\u306e\u671f\u672b\u914d\u5f53\u306e\u307f\u3067\u3057\u305f\u3002<strong>\u300c\u914d\u5f53\u304c\u5e742\u56de\u3042\u308b\u4f1a\u793e\u300d\u3068\u601d\u3044\u8fbc\u307e\u306a\u3044\u3088\u3046\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u5f0f\u5206\u5272\u306b\u3064\u3044\u3066\u306f\u30012025\u5e744\u670817\u65e5\u306e1\u5bfe20\u306e\u5206\u5272\u4ee5\u964d\u3001\u5b9f\u65bd\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<strong>\u904e\u53bb\u8a18\u4e8b\u3068\u306e\u6bd4\u8f03\u3067\u8abf\u6574\u304c\u5fc5\u8981\u306a\u306e\u306f\u3053\u306e1\u56de\u3060\u3051\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u5df1\u682a\u5f0f\u306f\u4fdd\u6709\u3057\u3066\u3044\u307e\u305b\u3093\uff082025\u5e746\u670830\u65e5\u30fb2026\u5e746\u670830\u65e5\u3068\u3082\u30bc\u30ed\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4fdd\u6709\u6709\u4fa1\u8a3c\u5238\u306f\u30012026\u5e746\u670830\u65e5\u6642\u70b9\u3067\u6295\u8cc7\u6709\u4fa1\u8a3c\u523879,354\u5343\u5186\uff08\u524d\u671f49,617\u5343\u5186\uff09\u3067\u3059\u3002\u305d\u306e\u4ed6\u6709\u4fa1\u8a3c\u5238\u8a55\u4fa1\u5dee\u984d\u91d1\u304c8,684\u5343\u5186\u304b\u308927,676\u5343\u5186\u307818,992\u5343\u5186\u5897\u3048\u3066\u304a\u308a\u3001\u3053\u308c\u304c\u4eca\u671f\u306e\u7d14\u8cc7\u7523\u5897\u52a0341,921\u5343\u5186\u306e\u3046\u3061\u5f53\u671f\u7d14\u5229\u76ca322,929\u5343\u5186\u3092\u9664\u3044\u305f\u90e8\u5206\u306b\u305d\u306e\u307e\u307e\u5bfe\u5fdc\u3057\u307e\u3059\u3002\u7dcf\u8cc7\u75236,368\u767e\u4e07\u5186\u306b\u5bfe\u3057\u30661.2\uff05\u7a0b\u5ea6\u3067\u3001<strong>\u542b\u307f\u76ca\u3092\u8ad6\u3058\u308b\u3088\u3046\u306a\u898f\u6a21\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7-5. \u501f\u5165\u306e\u4e2d\u8eab\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u5834\u3067\u8cc7\u91d1\u304c\u5165\u3063\u3066\u3044\u306a\u3044\u4ee5\u4e0a\u3001\u3053\u306e\u4f1a\u793e\u306e\u8a2d\u5099\u6295\u8cc7\u3092\u652f\u3048\u308b\u306e\u306f\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3068\u9280\u884c\u501f\u5165\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305a\u501f\u5165\u306e\u4e2d\u8eab\u3067\u3059\u30022025\u5e746\u670830\u65e5\u6642\u70b9\u306e\u5185\u8a33\u304c\u2160\u306e\u90e8\u306e\u9644\u5c5e\u660e\u7d30\u8868\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u501f\u5165\u5148<\/th><th>\u6b8b\u9ad8<\/th><th>\u69cb\u6210\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>\u5357\u90fd\u9280\u884c<\/td><td>1,025\u767e\u4e07\u5186<\/td><td>41.5\uff05<\/td><\/tr><tr><td>\u65e5\u672c\u653f\u7b56\u91d1\u878d\u516c\u5eab<\/td><td>820\u767e\u4e07\u5186<\/td><td>33.2\uff05<\/td><\/tr><tr><td>\u4e09\u4e95\u4f4f\u53cb\u9280\u884c<\/td><td>626\u767e\u4e07\u5186<\/td><td>25.3\uff05<\/td><\/tr><tr><td>\u5408\u8a08<\/td><td>2,472\u767e\u4e07\u5186<\/td><td>100.0\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e73\u5747\u5229\u7387\u306f0.3\u301c0.4\uff05\u3001\u6700\u7d42\u8fd4\u6e08\u671f\u9650\u306f2037\u5e743\u670831\u65e5\u3067\u3059\u3002\u8fd4\u6e08\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306f\u30011\u5e74\u4ee5\u5185236\u767e\u4e07\u5186\u3001\u4ee5\u964d\u3082\u6bce\u5e74220\u301c236\u767e\u4e07\u5186\u305a\u3064\u3067\u30015\u5e74\u8d85\u304c1,337\u767e\u4e07\u5186\u6b8b\u308a\u307e\u3059\u3002<strong>\u6bce\u5e74\u304a\u3088\u305d2.3\u5104\u5186\u305a\u3064\u300110\u5e74\u4ee5\u4e0a\u304b\u3051\u3066\u8fd4\u3057\u3066\u3044\u304f<\/strong>\u69cb\u9020\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u62c5\u4fdd\u3082\u5165\u3063\u3066\u3044\u307e\u3059\u30022025\u5e746\u670830\u65e5\u6642\u70b9\u3067\u3001\u73fe\u91d1\u53ca\u3073\u9810\u91d150\u767e\u4e07\u5186\u3001\u6295\u8cc7\u6709\u4fa1\u8a3c\u523823\u767e\u4e07\u5186\u3001\u5efa\u72691,250\u767e\u4e07\u5186\u3001\u571f\u5730188\u767e\u4e07\u5186\u306e\u5408\u8a081,513\u767e\u4e07\u5186\u304c\u62c5\u4fdd\u306b\u4f9b\u3055\u308c\u3001\u62c5\u4fdd\u4ed8\u306e\u9577\u671f\u501f\u5165\u91d1\u306f2,387\u767e\u4e07\u5186\u3002<strong>\u501f\u5165\u306e97\uff05\u304c\u62c5\u4fdd\u4ed8\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e746\u6708\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u898b\u308b\u3068\u3001\u3053\u306e\u69cb\u9020\u304c\u52d5\u3044\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>2024\u5e746\u6708\u671f<\/th><th>2025\u5e746\u6708\u671f<\/th><th>2026\u5e746\u6708\u671f<\/th><\/tr><\/thead><tbody><tr><td>\u55b6\u696d\u6d3b\u52d5\u306b\u3088\u308bCF<\/td><td>+570\u767e\u4e07\u5186<\/td><td>+250\u767e\u4e07\u5186<\/td><td>+686\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u6295\u8cc7\u6d3b\u52d5\u306b\u3088\u308bCF<\/td><td>\u25b3120\u767e\u4e07\u5186<\/td><td>\u25b3246\u767e\u4e07\u5186<\/td><td>\u25b3618\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u30d5\u30ea\u30fcCF\uff08\u55b6\u696d\uff0b\u6295\u8cc7\uff09<\/td><td>+449\u767e\u4e07\u5186<\/td><td>+3\u767e\u4e07\u5186<\/td><td>+67\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u8ca1\u52d9\u6d3b\u52d5\u306b\u3088\u308bCF<\/td><td>\u25b3950\u767e\u4e07\u5186<\/td><td>\u25b3242\u767e\u4e07\u5186<\/td><td>\u25b3259\u767e\u4e07\u5186<\/td><\/tr><tr><td>\u671f\u672b\u306e\u73fe\u91d1\u53ca\u3073\u73fe\u91d1\u540c\u7b49\u7269<\/td><td>1,755\u767e\u4e07\u5186<\/td><td>1,516\u767e\u4e07\u5186<\/td><td>1,324\u767e\u4e07\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u691c\u7b97\u3057\u3066\u304a\u304f\u3068\u3001686,524 \u2212 618,998 \u2212 259,794 + \u63db\u7b97\u5dee\u984d1,060 \uff1d \u25b3191,208\u5343\u5186\u3067\u3001\u6c7a\u7b97\u77ed\u4fe1\u306e\u300c\u524d\u4e8b\u696d\u5e74\u5ea6\u306b\u6bd4\u3079\u3066191\u767e\u4e07\u5186\u6e1b\u5c11\u300d\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e746\u6708\u671f\u306f\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u304c686\u767e\u4e07\u5186\u3068\u5927\u304d\u304f\u6539\u5584\u3057\u307e\u3057\u305f\uff08\u524d\u671f\u306f250\u767e\u4e07\u5186\uff09\u3002\u4e00\u65b9\u3067\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u304c618\u767e\u4e07\u5186\u3068\u5927\u304d\u304f\u51fa\u3066\u3044\u307e\u3059\u3002\u4e2d\u8eab\u306f\u7b2c\u4e8c\u8535\u306e\u7528\u5730\u53d6\u5f97\u3068\u9020\u6210\u8cbb\u7528\u304c\u4e2d\u5fc3\u3067\u3001\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u53d6\u5f97\u306b\u3088\u308b\u652f\u51fa\u304c605,657\u5343\u5186\u3067\u3059\u3002<strong>\u7a3c\u3044\u3060\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u307b\u307c\u5168\u984d\u3092\u3001\u6b21\u306e\u8535\u306e\u571f\u5730\u306b\u4f7f\u3063\u305f<\/strong>\u3068\u3044\u3046\u5f62\u3067\u3059\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306f67\u767e\u4e07\u5186\u3068\u3001\u304b\u308d\u3046\u3058\u3066\u30d7\u30e9\u30b9\u306b\u7559\u307e\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8cb8\u501f\u5bfe\u7167\u8868\u3067\u3082\u540c\u3058\u52d5\u304d\u304c\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u79d1\u76ee<\/th><th>2025\u5e746\u670830\u65e5<\/th><th>2026\u5e746\u670830\u65e5<\/th><th>\u5897\u6e1b<\/th><\/tr><\/thead><tbody><tr><td>\u571f\u5730<\/td><td>197,531\u5343\u5186<\/td><td>592,498\u5343\u5186<\/td><td>+394,967\u5343\u5186<\/td><\/tr><tr><td>\u5efa\u8a2d\u4eee\u52d8\u5b9a<\/td><td>59,093\u5343\u5186<\/td><td>201,565\u5343\u5186<\/td><td>+142,472\u5343\u5186<\/td><\/tr><tr><td>\u68da\u5378\u8cc7\u7523<\/td><td>910,623\u5343\u5186<\/td><td>1,004,320\u5343\u5186<\/td><td>+93,697\u5343\u5186<\/td><\/tr><tr><td>\u73fe\u91d1\u53ca\u3073\u9810\u91d1<\/td><td>1,618,184\u5343\u5186<\/td><td>1,486,998\u5343\u5186<\/td><td>\u25b3131,186\u5343\u5186<\/td><\/tr><tr><td>\u9577\u671f\u501f\u5165\u91d1\uff081\u5e74\u5185\u542b\u3080\uff09<\/td><td>2,472,367\u5343\u5186<\/td><td>2,235,556\u5343\u5186<\/td><td>\u25b3236,811\u5343\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u571f\u5730\u304c\u7d044\u5104\u5186\u5897\u3048\u3001\u9020\u6210\u5de5\u4e8b\u306e\u9014\u4e2d\u3067\u3042\u308b\u5efa\u8a2d\u4eee\u52d8\u5b9a\u30821.4\u5104\u5186\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u7b2c\u4e8c\u8535\u306e\u7528\u5730\u53d6\u5f97\u306e\u6295\u8cc7\u4e88\u5b9a\u91d1\u984d\u306f562\u767e\u4e07\u5186\uff08\u2160\u306e\u90e8\u30fb2026\u5e742\u670828\u65e5\u6642\u70b9\u306e\u65e2\u652f\u6255\u984d426\u767e\u4e07\u5186\uff09\u3067\u3057\u305f\u3002<strong>\u571f\u5730\u306f\u8cb7\u3063\u305f\u304c\u3001\u305d\u3053\u306b\u4f55\u3092\u3044\u3064\u5efa\u3066\u308b\u304b\u306f\u307e\u3060\u6c7a\u307e\u3063\u3066\u3044\u306a\u3044<\/strong>\u3068\u3044\u3046\u6bb5\u968e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u6307\u6a19\u3092\u8a08\u7b97\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>\u9577\u671f\u501f\u5165\u91d1\uff081\u5e74\u5185\u8fd4\u6e08\u4e88\u5b9a\u3092\u542b\u3080\uff09\u30002,235,556 \u5343\u5186\n\u73fe\u91d1\u53ca\u3073\u9810\u91d1\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u30001,486,998 \u5343\u5186\n\u30cd\u30c3\u30c8\u30c7\u30c3\u30c8\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000748,558 \u5343\u5186\n\nD\/E\u30ec\u30b7\u30aa\u3000\u3000 2,235,556 \u00f7 \u7d14\u8cc7\u75233,534,789 = 0.63\u500d\n\u30cd\u30c3\u30c8D\/E\u3000\u3000\u3000748,558 \u00f7 \u7d14\u8cc7\u75233,534,789 = 0.21\u500d<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306f55.5\uff05\u3001\u30cd\u30c3\u30c8D\/E\u306f0.21\u500d\u3067\u3001\u8ca1\u52d9\u306e\u5065\u5168\u6027\u305d\u306e\u3082\u306e\u306b\u5f37\u3044\u61f8\u5ff5\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305f\u3060\u3057\u3001<strong>\u7b2c\u4e8c\u8535\u306e\u5efa\u7269\u3068\u8a2d\u5099\u3092\u3053\u308c\u304b\u3089\u5efa\u3066\u308b\u3068\u306a\u308c\u3070\u3001\u3053\u306e\u6570\u5b57\u306f\u52d5\u304d\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7-6. \u88fd\u9020\u539f\u4fa1\u304b\u3089\u898b\u3048\u308b\u3053\u3068<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6c7a\u7b97\u77ed\u4fe1\u306b\u306f\u88fd\u9020\u539f\u4fa1\u660e\u7d30\u66f8\u304c\u4ed8\u3044\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u3082\u8aad\u307f\u3069\u3053\u308d\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u533a\u5206<\/th><th>2025\u5e746\u6708\u671f<\/th><th>\u69cb\u6210\u6bd4<\/th><th>2026\u5e746\u6708\u671f<\/th><th>\u69cb\u6210\u6bd4<\/th><th>\u524d\u671f\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>\u6750\u6599\u8cbb<\/td><td>831,829\u5343\u5186<\/td><td>66.0\uff05<\/td><td>889,595\u5343\u5186<\/td><td>67.4\uff05<\/td><td>106.9\uff05<\/td><\/tr><tr><td>\u52b4\u52d9\u8cbb<\/td><td>197,136\u5343\u5186<\/td><td>15.7\uff05<\/td><td>188,029\u5343\u5186<\/td><td>14.2\uff05<\/td><td>95.4\uff05<\/td><\/tr><tr><td>\u7d4c\u8cbb<\/td><td>230,622\u5343\u5186<\/td><td>18.3\uff05<\/td><td>242,644\u5343\u5186<\/td><td>18.4\uff05<\/td><td>105.2\uff05<\/td><\/tr><tr><td>\u5f53\u671f\u7dcf\u88fd\u9020\u8cbb\u7528<\/td><td>1,259,588\u5343\u5186<\/td><td>100.0\uff05<\/td><td>1,320,269\u5343\u5186<\/td><td>100.0\uff05<\/td><td>104.8\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u58f2\u4e0a\u304c15.1\uff05\u5897\u3048\u3066\u3044\u308b\u306e\u306b\u3001<strong>\u88fd\u9020\u8cbb\u7528\u306f4.8\uff05\u3057\u304b\u5897\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/strong> \u305d\u3057\u3066\u88fd\u9020\u73fe\u5834\u306e\u52b4\u52d9\u8cbb\u306f\u524d\u671f\u6bd495.4\uff05\u3068\u6e1b\u3063\u3066\u3044\u307e\u3059\uff08\u8ca9\u58f2\u8cbb\u53ca\u3073\u4e00\u822c\u7ba1\u7406\u8cbb\u306e\u307b\u3046\u306e\u4eba\u4ef6\u8cbb\u306f\u3001\u4e0a\u5834\u7279\u5225\u8cde\u4e0e\u306a\u3069\u3067\u5897\u3048\u3066\u3044\u307e\u3059\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u304c\u7b2c1\u7ae0\u3067\u898b\u305f\u300c\u540c\u3058\u8535\u3092\u3088\u308a\u901f\u304f\u56de\u3059\u300d\u306e\u4e2d\u8eab\u3067\u3059\u3002\u751f\u7523\u91cf\u304c\u5897\u3048\u3066\u3082\u3001\u88fd\u9020\u73fe\u5834\u306e\u4eba\u4ef6\u8cbb\u306f\u3080\u3057\u308d\u6e1b\u3063\u305f\u3002\u4f1a\u793e\u304c\u9032\u3081\u3066\u304d\u305f\u88fd\u9020\u30e9\u30a4\u30f3\u306e\u81ea\u52d5\u5316\u3068\u3001\u30ea\u30ad\u30e5\u30fc\u30eb\u306e\u88fd\u9020\u30ea\u30fc\u30c9\u30bf\u30a4\u30e0\u306e\u77ed\u3055\u304c\u52b9\u3044\u3066\u3044\u308b\u3068\u8aad\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u6750\u6599\u8cbb\u306e\u69cb\u6210\u6bd4\u306f66.0\uff05\u304b\u308967.4\uff05\u3078\u4e0a\u304c\u3063\u3066\u3044\u307e\u3059\u3002\u539f\u6750\u6599\u4fa1\u683c\u306e\u4e0a\u6607\u5206\u306f\u3001\u5024\u4e0a\u3052\u3067\u5438\u53ce\u3059\u308b\u5f62\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">8. \u682a\u4fa1\u306e\u898b\u65b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u682a\u4fa1\u306f\u65e5\u3005\u52d5\u304d\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u6570\u5b57\u306f2026\u5e749\u67082\u65e5\u7d42\u5024\u3092\u3082\u3068\u306b\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u5b9f\u969b\u306b\u5224\u65ad\u3055\u308c\u308b\u969b\u306f\u3001\u5fc5\u305a\u3054\u81ea\u8eab\u3067\u6700\u65b0\u306e\u682a\u4fa1\u3068\u6307\u6a19\u3092\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u9805\u76ee<\/th><th>\u6570\u5024<\/th><\/tr><\/thead><tbody><tr><td>\u682a\u4fa1\uff082026\u5e749\u67082\u65e5\u7d42\u5024\uff09<\/td><td>1,173\u5186<\/td><\/tr><tr><td>\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/td><td>6,023,920\u682a<\/td><\/tr><tr><td>\u6642\u4fa1\u7dcf\u984d<\/td><td>7,066\u767e\u4e07\u5186<\/td><\/tr><tr><td>PER\uff082027\u5e746\u6708\u671f \u4f1a\u793e\u4e88\u60f3EPS 59.63\u5186\uff09<\/td><td>19.67\u500d<\/td><\/tr><tr><td>PER\uff082026\u5e746\u6708\u671f \u5b9f\u7e3eEPS 53.61\u5186\uff09<\/td><td>21.88\u500d<\/td><\/tr><tr><td>PBR\uff08\u5b9f\u7e3eBPS 586.79\u5186\uff09<\/td><td>2.00\u500d<\/td><\/tr><tr><td>\u914d\u5f53\u5229\u56de\u308a\uff082027\u5e746\u6708\u671f\u4e88\u60f3 23.85\u5186\uff09<\/td><td>2.03\uff05<\/td><\/tr><tr><td>ROE\uff082026\u5e746\u6708\u671f\u5b9f\u7e3e\uff09<\/td><td>9.6\uff05<\/td><\/tr><tr><td>\u5e74\u521d\u6765\u9ad8\u5024<\/td><td>1,350\u5186\uff082026\u5e744\u670827\u65e5\uff09<\/td><\/tr><tr><td>\u5e74\u521d\u6765\u5b89\u5024<\/td><td>900\u5186\uff082026\u5e744\u670824\u65e5\uff1d\u4e0a\u5834\u65e5\u306e\u521d\u5024\uff09<\/td><\/tr><tr><td>\u516c\u958b\u4fa1\u683c<\/td><td>600\u5186<\/td><\/tr><tr><td>\u521d\u5024<\/td><td>900\u5186\uff08\u516c\u958b\u4fa1\u683c\uff0b50\uff05\uff09<\/td><\/tr><tr><td>\u4e0a\u5834\u65e5\u7d42\u5024<\/td><td>1,050\u5186\uff08\u516c\u958b\u4fa1\u683c\uff0b75\uff05\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u5834\u5f8c\u3001<strong>\u682a\u4fa1\u306f\u4e00\u5ea6\u3082\u516c\u958b\u4fa1\u683c600\u5186\u3092\u4e0b\u56de\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/strong> \u4e0a\u5834\u65e5\u306b\u3064\u3051\u305f\u521d\u5024900\u5186\u304c\u305d\u306e\u307e\u307e\u5e74\u521d\u6765\u5b89\u5024\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u30029\u67082\u65e5\u7d42\u5024\u306f\u516c\u958b\u4fa1\u683c\u6bd4\uff0b96\uff05\u3001\u521d\u5024\u6bd4\uff0b30\uff05\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">8-1. \u5f37\u6c17\u306b\u898b\u308b\u6750\u6599<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7c97\u5229\u7387\u304c\u4e0a\u304c\u308b\u65b9\u5411\u306b\u3042\u308b\u3002<\/strong> 2026\u5e742\u6708\u306e\u5024\u4e0a\u3052\u304c\u6d78\u900f\u3057\u3001\u7c97\u5229\u7387\u306f55.69\uff05\u304b\u308956.11\uff05\u3078\u6539\u5584\u3057\u307e\u3057\u305f\u30022027\u5e746\u6708\u671f\u306f57.6\uff05\u3092\u8a08\u753b\u3057\u3066\u3044\u307e\u3059\u3002\u7b2c1\u7ae0\u306e\u898b\u65b9\u3067\u8a00\u3048\u3070\u3001\u300c\u4e00\u5e74\u4e2d\u52d5\u304f\u5de5\u5834\u300d\u306e\u7a3c\u50cd\u3092\u3088\u308a\u9ad8\u3044\u5358\u4fa1\u3067\u57cb\u3081\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/li>\n\n\n\n<li><strong>\u88fd\u9020\u8cbb\u7528\u304c\u58f2\u4e0a\u307b\u3069\u5897\u3048\u3066\u3044\u306a\u3044\u3002<\/strong> \u58f2\u4e0a\u304c15.1\uff05\u5897\u3048\u305f\u306e\u306b\u88fd\u9020\u8cbb\u7528\u306f4.8\uff05\u5897\u306b\u3068\u3069\u307e\u308a\u3001\u88fd\u9020\u73fe\u5834\u306e\u52b4\u52d9\u8cbb\u306f\u3080\u3057\u308d4.6\uff05\u6e1b\u308a\u307e\u3057\u305f\u3002\u5897\u7523\u306b\u5bfe\u3057\u3066\u539f\u4fa1\u304c\u6bd4\u4f8b\u7684\u306b\u5897\u3048\u306a\u3044\u69cb\u9020\u306f\u3001\u4eca\u5f8c\u306e\u5897\u53ce\u304c\u5229\u76ca\u306b\u5909\u63db\u3055\u308c\u3084\u3059\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u4e0a\u5834\u3067\u5e0c\u8584\u5316\u3057\u3066\u3044\u306a\u3044\u3002<\/strong> \u516c\u52df\u30bc\u30ed\u306a\u306e\u3067\u3001\u65e2\u5b58\u682a\u4e3b\u306e1\u682a\u3042\u305f\u308a\u306e\u53d6\u308a\u5206\u304c\u8584\u307e\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u6f5c\u5728\u682a\u5f0f\u3082\u30bc\u30ed\u3067\u3001\u5229\u76ca\u306e\u4f38\u3073\u304c\u305d\u306e\u307e\u307eEPS\u306e\u4f38\u3073\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u6d77\u5916\u306e\u4f38\u3073\u3057\u308d\u304c\u6b8b\u3063\u3066\u3044\u308b\u3002<\/strong> \u6d77\u5916\u306f24\u306e\u56fd\u30fb\u5730\u57df\u3067\u3001\u69cb\u6210\u6bd424.9\uff05\u3002\u65e5\u672c\u7523\u9152\u985e\u306e\u8f38\u51fa\u91d1\u984d\u306f2025\u5e74\u306b1,495\u5104\u5186\u3068\u904e\u53bb\u6700\u9ad8\u3092\u66f4\u65b0\u3057\u3066\u3044\u307e\u3059\uff08\u2160\u306e\u90e8\u306e\u8a18\u8f09\u3001\u56fd\u7a0e\u5e81\u8cc7\u6599\u306b\u57fa\u3065\u304f\uff09\u3002\u5317\u7c73\u30fb\u53f0\u6e7e\u3067\u4f38\u3073\u305f\u5b9f\u7e3e\u304c\u3042\u308a\u3001\u30b3\u30b9\u30c8\u30b3\u306e\u6d77\u5916\u5e97\u8217\u3078\u306e\u5c55\u958b\u3082\u59cb\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u56fd\u5185BtoB\u304c\u5b89\u5b9a\u3057\u3066\u4f38\u3073\u3066\u3044\u308b\u3002<\/strong> \u53d6\u5f15\u51481,000\u793e\u8d85\u3067\u3001\u58f2\u4e0a\u9ad8\u306e10\uff05\u3092\u8d85\u3048\u308b\u5358\u72ec\u9867\u5ba2\u306f\u3044\u307e\u305b\u3093\u3002\u524d\u671f\u6bd4104.8\uff05\u3068\u6d3e\u624b\u3055\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u3053\u306e\u90e8\u5206\u304c\u58f2\u4e0a\u306e60.8\uff05\u3092\u652f\u3048\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u9084\u5143\u65b9\u91dd\u304c\u6570\u5024\u3067\u660e\u793a\u3055\u308c\u3066\u3044\u308b\u3002<\/strong> \u914d\u5f53\u6027\u541140\uff05\u3001\u7dcf\u9084\u5143\u6027\u541150\uff05\u3002\u521d\u914d\u5f53\u3092\u51fa\u3057\u305f\u521d\u5e74\u5ea6\u304b\u3089\u3001\u8a08\u753b\u3069\u304a\u308a\u306e\u6c34\u6e96\u3092\u5b9f\u884c\u3057\u307e\u3057\u305f\u3002<\/li>\n\n\n\n<li><strong>\u30d6\u30e9\u30f3\u30c9\u3068\u3057\u3066\u306e\u9732\u51fa\u304c\u3042\u308b\u3002<\/strong> 2025\u5e7410\u670828\u65e5\u306e\u65e5\u7c73\u9996\u8133\u4f1a\u8ac7\u5f8c\u306e\u30ef\u30fc\u30ad\u30f3\u30b0\u30e9\u30f3\u30c1\u306e\u30e1\u30cb\u30e5\u30fc\u306b\u300c\u845b\u57ce \u7d14\u7c73\u5927\u541f\u91b8\u300d\u304c\u63a1\u7528\u3055\u308c\u305f\u5b9f\u7e3e\u304c\u3042\u308a\u30012026\u5e746\u6708\u306b\u306f350mL\u3067\u7a0e\u8fbc22\u4e07\u5186\u3068\u3044\u3046\u6700\u9ad8\u4fa1\u683c\u5e2f\u306e\u6885\u9152\u300cAFULL \u523b\u899a\u300d\u3092\u767a\u58f2\u3057\u3066\u3044\u307e\u3059\u3002\u9ad8\u4fa1\u683c\u5e2f\u306e\u5546\u54c1\u3092\u51fa\u305b\u308b\u30d6\u30e9\u30f3\u30c9\u306f\u3001\u5024\u4e0a\u3052\u8010\u6027\u306e\u9762\u3067\u6709\u5229\u306b\u50cd\u304d\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">8-2. \u5f31\u6c17\u306b\u898b\u308b\u6750\u6599<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e0a\u5834\u6642\u306b\u81ea\u793e\u3067\u51fa\u3057\u305f\u55b6\u696d\u5229\u76ca\u30fb\u7c97\u5229\u7387\u30fbEBITDA\u306e\u8a08\u753b\u306b\u5c4a\u304b\u306a\u304b\u3063\u305f\u3002<\/strong> \u308f\u305a\u304b2\u304b\u6708\u534a\u5f8c\u306e\u7740\u5730\u3067\u3001\u55b6\u696d\u5229\u76ca\u306f\u8a08\u753b482\u767e\u4e07\u5186\u306b\u5bfe\u3057\u3066465\u767e\u4e07\u5186\uff0896.5\uff05\uff09\u3001EBITDA\u306f686\u767e\u4e07\u5186\u306b\u5bfe\u3057\u3066671\u767e\u4e07\u5186\uff0897.8\uff05\uff09\u3001\u7c97\u5229\u7387\u306f56.9\uff05\u306b\u5bfe\u3057\u306656.1\uff05\u3067\u3057\u305f\u3002\u4e0a\u5834\u76f4\u5f8c\u306e\u521d\u56de\u6c7a\u7b97\u3067\u8a08\u753b\u672a\u9054\u3068\u3044\u3046\u306e\u306f\u3001\u4eca\u5f8c\u306e\u8a08\u753b\u306e\u78ba\u5ea6\u3092\u898b\u308b\u3046\u3048\u3067\u8efd\u304f\u306a\u3044\u4e8b\u5b9f\u3067\u3059\u3002<\/li>\n\n\n\n<li><strong>4\u301c6\u6708\u306e3\u304b\u6708\u306e\u55b6\u696d\u5229\u76ca\u304c284\u4e07\u5186\u3057\u304b\u306a\u3044\u3002<\/strong> \u4e0a\u5834\u8cbb\u7528\u3068\u3044\u3046\u4e00\u6642\u8981\u56e0\u3092\u9664\u3051\u3070\u7d4c\u5e38\u5229\u76ca\u306f\u9ed2\u5b57\u3067\u3059\u304c\u3001\u55b6\u696d\u5229\u76ca\u306e\u6c34\u6e96\u305d\u306e\u3082\u306e\u304c\u6975\u7aef\u306b\u4f4e\u3044\u3002<strong>\u3053\u306e\u4f1a\u793e\u306f\u5e74\u306b2\u56db\u534a\u671f\u3057\u304b\u7a3c\u304c\u306a\u3044\u3001\u3068\u3044\u3046\u5b63\u7bc0\u6027\u3092\u7e54\u308a\u8fbc\u3093\u3067\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/li>\n\n\n\n<li><strong>\u6700\u7d42\u5229\u76ca\u306e\u4e00\u90e8\u306f\u7a0e\u984d\u63a7\u9664\u306b\u652f\u3048\u3089\u308c\u3066\u3044\u308b\u3002<\/strong> \u901a\u671f\u306e\u7a0e\u8ca0\u62c5\u7387\u306f27.0\uff05\u3067\u3001\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u738734.3\uff05\u3068\u306e\u5dee\u306f\u7d0432\u767e\u4e07\u5186\u3002\u904e\u53bb2\u671f\u3082\u540c\u69d8\u306e\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u7a0e\u984d\u63a7\u9664\u306f\u5236\u5ea6\u3068\u5b9f\u7e3e\u306b\u4f9d\u5b58\u3057\u3001\u6bce\u5e74\u540c\u3058\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u52a0\u3048\u30662027\u5e746\u6708\u671f\u304b\u3089\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u7387\u304c35.1\uff05\u306b\u4e0a\u304c\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>ROE\u304c\u4f1a\u793e\u306e\u76ee\u5b89\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u3002<\/strong> 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2026\u5e746\u6708\u671f\u306f\u8a08\u753b449\u767e\u4e07\u5186\u306b\u5bfe\u3057\u3066443\u767e\u4e07\u5186\uff0898.5\uff05\uff09\u3002\u4f1a\u793e\u304c\u300c\u6210\u9577\u30c9\u30e9\u30a4\u30d0\u30fc\u300d\u3068\u4f4d\u7f6e\u3065\u3051\u308b\u30c1\u30e3\u30cd\u30eb\u304c\u3001\u552f\u4e00\u8a08\u753b\u3092\u4e0b\u56de\u308a\u307e\u3057\u305f\u30022027\u5e746\u6708\u671f\u306f109.7\uff05\u306e\u6210\u9577\u3092\u8a08\u753b\u3057\u3001\u305d\u306e\u305f\u3081\u306bEC\u5e83\u544a\u6295\u8cc7\u309235\u767e\u4e07\u5186\u7a4d\u3080\u524d\u63d0\u3067\u3059\u3002<\/li>\n\n\n\n<li><strong>1\u5e74\u8db3\u3089\u305a\u30672\u56de\u306e\u5024\u4e0a\u3052\u306b\u306a\u308b\u3002<\/strong> 2026\u5e742\u6708\u306e\u4fa1\u683c\u6539\u5b9a\u306b\u7d9a\u304d\u30012026\u5e7410\u6708\u306e\u9152\u7a0e\u6539\u5b9a\u306b\u4f34\u3046\u4fa1\u683c\u8ee2\u5ac1\u304c\u63a7\u3048\u3066\u3044\u307e\u3059\u30022027\u5e746\u6708\u671f\u306e\u7c97\u5229\u7387\u6539\u5584+47\u767e\u4e07\u5186\u306f\u3001\u3053\u306e\u8ee2\u5ac1\u304c\u9700\u8981\u3092\u5927\u304d\u304f\u640d\u306a\u308f\u306a\u3044\u3053\u3068\u3092\u524d\u63d0\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u4e0a\u5834\u3067\u8cc7\u91d1\u304c\u5165\u3063\u3066\u3044\u306a\u3044\u3002<\/strong> 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IPO\u60c5\u5831\u30b5\u30a4\u30c8\u306e\u8a18\u8f09\u306b\u3088\u308c\u3070\u3001\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\u671f\u9593\u306f\u4e0a\u5834\u5f8c180\u65e5\uff082026\u5e7410\u670820\u65e5\u307e\u3067\uff09\u3067\u3001\u516c\u958b\u4fa1\u683c\u306e1.5\u500d\uff1d900\u5186\u3067\u89e3\u9664\u53ef\u80fd\u306a\u6761\u9805\u304c\u4ed8\u3044\u3066\u3044\u307e\u3059\uff08<strong>\u5831\u9053\u30fbIPO\u60c5\u5831\u30b5\u30a4\u30c8\u30d9\u30fc\u30b9\u3002\u76ee\u8ad6\u898b\u66f8\u306e\u539f\u6587\u306f\u7b46\u8005\u672a\u78ba\u8a8d<\/strong>\uff09\u3002\u682a\u4fa1\u306f\u521d\u5024\u306e\u6642\u70b9\u3067900\u5186\u3092\u3064\u3051\u3066\u304a\u308a\u3001\u305d\u306e\u5f8c\u3082900\u5186\u3092\u4e0b\u56de\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u6761\u9805\u306e\u5185\u5bb9\u304c\u4e0a\u8a18\u306e\u3068\u304a\u308a\u3067\u3042\u308c\u3070\u3001\u4e3b\u5e79\u4e8b\u8a3c\u5238\u306e\u5224\u65ad\u6b21\u7b2c\u3067\u671f\u9593\u5185\u3067\u3082\u58f2\u5374\u304c\u53ef\u80fd\u306a\u72b6\u614b\u306b\u3042\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<strong>\u3053\u308c\u306f\u8a18\u4e8b\u57f7\u7b46\u6642\u70b9\u3067\u3082\u3063\u3068\u3082\u78ba\u8a8d\u306e\u5fc5\u8981\u306a\u8ad6\u70b9\u3067\u3059\u3002\u76ee\u8ad6\u898b\u66f8\u307e\u305f\u306f\u8a02\u6b63\u5c4a\u51fa\u66f8\u306e\u539f\u6587\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">8-3. \u300c\u4e00\u5e74\u4e2d\u52d5\u304f\u5de5\u5834\u300d\u3068\u3044\u3046\u898b\u65b9\u304b\u3089\u3001\u682a\u4fa1\u3092\u3069\u3046\u8003\u3048\u308b\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c1\u7ae0\u3067\u7f6e\u3044\u305f\u898b\u65b9\u306b\u623b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4f1a\u793e\u306f\u3001\u51ac\u3057\u304b\u52d5\u304b\u306a\u304b\u3063\u305f\u8535\u3092\u30ea\u30ad\u30e5\u30fc\u30eb\u3067\u4e00\u5e74\u4e2d\u52d5\u304f\u3088\u3046\u306b\u3057\u305f\u4f1a\u793e\u3067\u3059\u3002\u3060\u304b\u3089\u7c97\u5229\u7387\u304c\u696d\u754c\u5e73\u5747\u3092\u5927\u304d\u304f\u4e0a\u56de\u308a\u3001\u5728\u5eab\u56de\u8ee2\u7387\u3082\u9ad8\u3044\u3002\u58f2\u4e0a\u304c15.1\uff05\u5897\u3048\u3066\u3082\u88fd\u9020\u8cbb\u7528\u304c4.8\uff05\u3057\u304b\u5897\u3048\u306a\u304b\u3063\u305f\u306e\u3082\u3001\u540c\u3058\u69cb\u9020\u304b\u3089\u51fa\u3066\u304d\u307e\u3059\u3002\u3053\u3053\u307e\u3067\u304c\u5f37\u307f\u306e\u5074\u3067\u3059\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">PER19.67\u500d\uff082027\u5e746\u6708\u671f\u4e88\u60f3\uff09\u3001PBR2.00\u500d\u3068\u3044\u3046\u6c34\u6e96\u3092\u9ad8\u3044\u3068\u898b\u308b\u304b\u59a5\u5f53\u3068\u898b\u308b\u304b\u306f\u3001<strong>\u300c\u3053\u306e\u5de5\u5834\u3092\u57cb\u3081\u7d9a\u3051\u3089\u308c\u308b\u304b\u300d\u3092\u3069\u3046\u8a55\u4fa1\u3059\u308b\u304b<\/strong>\u306b\u5e30\u7740\u3057\u307e\u3059\u3002\u5224\u65ad\u306f\u8aad\u8005\u3054\u81ea\u8eab\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">9. \u4eca\u5f8c\u306e\u30ab\u30ec\u30f3\u30c0\u30fc\u3068\u898b\u308b\u3079\u304dKPI<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">9-1. \u30ab\u30ec\u30f3\u30c0\u30fc<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6642\u671f<\/th><th>\u4e88\u5b9a\u30fb\u30a4\u30d9\u30f3\u30c8<\/th><\/tr><\/thead><tbody><tr><td>2026\u5e749\u670824\u65e5<\/td><td>2026\u5e746\u6708\u671f\u306e\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u306e\u63d0\u51fa\u4e88\u5b9a\u65e5\uff08\u6b63\u5f0f\u306a\u5927\u682a\u4e3b\u8868\u30fb\u7a0e\u52b9\u679c\u6ce8\u8a18\u30fb\u501f\u5165\u91d1\u306e\u5185\u8a33\u304c\u78ba\u8a8d\u3067\u304d\u308b\uff09<\/td><\/tr><tr><td>2026\u5e749\u670828\u65e5<\/td><td>\u7b2c76\u671f\u5b9a\u6642\u682a\u4e3b\u7dcf\u4f1a<\/td><\/tr><tr><td>2026\u5e749\u670829\u65e5<\/td><td>2026\u5e746\u6708\u671f \u671f\u672b\u914d\u5f53\uff0821\u518644\u92ad\uff09\u306e\u652f\u6255\u958b\u59cb\u4e88\u5b9a\u65e5<\/td><\/tr><tr><td>2026\u5e7410\u6708<\/td><td>\u9152\u7a0e\u6539\u5b9a\uff08\u30ea\u30ad\u30e5\u30fc\u30eb\u5897\u7a0e\uff09\u3002\u4fa1\u683c\u8ee2\u5ac1\u306e\u5b9f\u65bd<\/td><\/tr><tr><td>2026\u5e7410\u670820\u65e5<\/td><td>\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\u671f\u9593\u306e\u6e80\u4e86\uff08\u4e0a\u5834\u5f8c180\u65e5\u3002<strong>\u6570\u3048\u65b9\u30671\u65e5\u305a\u308c\u307e\u3059<\/strong>\u3002IPO\u60c5\u5831\u30b5\u30a4\u30c8\u30d9\u30fc\u30b9\uff09<\/td><\/tr><tr><td>2026\u5e7411\u6708\u3054\u308d<\/td><td>2027\u5e746\u6708\u671f \u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\uff087\u301c9\u6708\uff09\u306e\u767a\u8868<\/td><\/tr><tr><td>2026\u5e7412\u6708<\/td><td>\u6700\u9700\u8981\u671f\u3002\u9152\u7a0e\u6539\u5b9a\u5f8c\u306e\u521d\u3081\u3066\u306e\u5e74\u672b\u5546\u6226<\/td><\/tr><tr><td>2027\u5e742\u6708\u3054\u308d<\/td><td>2027\u5e746\u6708\u671f \u4e2d\u9593\u6c7a\u7b97\uff087\u301c12\u6708\uff09\u306e\u767a\u8868\u3002<strong>\u3053\u306e\u671f\u306e\u5229\u76ca\u306e\u5927\u534a\u304c\u3053\u3053\u3067\u6c7a\u307e\u308a\u307e\u3059<\/strong><\/td><\/tr><tr><td>2027\u5e746\u670828\u65e5\uff08\u6708\uff09<\/td><td>2027\u5e746\u6708\u671f\u306e\u914d\u5f53\u30fb\u512a\u5f85\u306e\u6a29\u5229\u4ed8\u304d\u6700\u7d42\u65e5\uff08\u898b\u8fbc\u307f\u3002\u795d\u65e5\u7b49\u3067\u5909\u52d5\uff09<\/td><\/tr><tr><td>2027\u5e748\u6708\u3054\u308d<\/td><td>2027\u5e746\u6708\u671f \u901a\u671f\u6c7a\u7b97\u306e\u767a\u8868<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">9-2. \u898b\u308b\u3079\u304dKPI<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f1a\u793e\u306f\u2160\u306e\u90e8\u3067\u3001EBITDA\u30fbBtoC\u58f2\u4e0a\u30fb\u6d77\u5916\u58f2\u4e0a\u30fbROE\u306e4\u3064\u3092KPI\u3068\u3057\u3066\u63b2\u3052\u3066\u3044\u307e\u3059\u3002\u5b9f\u7e3e\u3068\u8a08\u753b\u3092\u4e26\u3079\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>KPI<\/th><th>2024\u5e746\u6708\u671f<\/th><th>2025\u5e746\u6708\u671f<\/th><th>2026\u5e746\u6708\u671f<\/th><th>2027\u5e746\u6708\u671f\u8a08\u753b<\/th><th>\u4f1a\u793e\u306e\u76ee\u5b89<\/th><\/tr><\/thead><tbody><tr><td>EBITDA<\/td><td>622\u767e\u4e07\u5186<\/td><td>531\u767e\u4e07\u5186<\/td><td>671\u767e\u4e07\u5186<\/td><td>763\u767e\u4e07\u5186<\/td><td>\u660e\u793a\u306a\u3057<\/td><\/tr><tr><td>BtoC\u58f2\u4e0a<\/td><td>448\u767e\u4e07\u5186<\/td><td>411\u767e\u4e07\u5186<\/td><td>443\u767e\u4e07\u5186<\/td><td>485\u767e\u4e07\u5186<\/td><td>\u660e\u793a\u306a\u3057<\/td><\/tr><tr><td>\u6d77\u5916\u58f2\u4e0a<\/td><td>709\u767e\u4e07\u5186<\/td><td>482\u767e\u4e07\u5186<\/td><td>770\u767e\u4e07\u5186<\/td><td>800\u767e\u4e07\u5186<\/td><td>\u660e\u793a\u306a\u3057<\/td><\/tr><tr><td>ROE<\/td><td>10.1\uff05<\/td><td>7.9\uff05<\/td><td>9.6\uff05<\/td><td>9.9\uff05<\/td><td>10\uff05\u8d85\u3092\u7dad\u6301<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>BtoC\u58f2\u4e0a\u306f2024\u5e746\u6708\u671f\u306e448\u767e\u4e07\u5186\u3092\u307e\u3060\u8d85\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/strong> \u4f1a\u793e\u304c\u6210\u9577\u30c9\u30e9\u30a4\u30d0\u30fc\u3068\u4f4d\u7f6e\u3065\u3051\u308b\u30c1\u30e3\u30cd\u30eb\u304c2\u671f\u304b\u3051\u3066\u5143\u306e\u6c34\u6e96\u306b\u623b\u308a\u304d\u3063\u3066\u3044\u306a\u3044\u3001\u3068\u3044\u3046\u8aad\u307f\u65b9\u3082\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u307b\u304b\u3001\u7b46\u8005\u304c\u898b\u3066\u304a\u304d\u305f\u3044\u6570\u5b57\u3092\u6319\u3052\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u4e0a\u534a\u671f\uff087\u301c12\u6708\uff09\u306e\u5229\u76ca\u69cb\u6210\u6bd4\u3002<\/strong> 2026\u5e746\u6708\u671f\u306f80.9\uff05\u3067\u3057\u305f\u3002\u3053\u306e\u504f\u308a\u304c\u7de9\u548c\u3055\u308c\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u69cb\u9020\u3068\u3057\u3066\u7d9a\u304f\u306e\u304b\u3002<\/li>\n\n\n\n<li><strong>\u7c97\u5229\u7387\u3002<\/strong> 2026\u5e746\u6708\u671f56.1\uff05\uff08\u8a08\u753b56.9\uff05\u306b\u672a\u9054\uff09\u21922027\u5e746\u6708\u671f\u8a08\u753b57.6\uff05\u3002\u9152\u7a0e\u6539\u5b9a\u3078\u306e\u4fa1\u683c\u8ee2\u5ac1\u304c\u52b9\u3044\u3066\u3044\u308b\u304b\u306f\u3001\u307e\u305a\u7c97\u5229\u7387\u306b\u51fa\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u6d77\u5916\u58f2\u4e0a\u306e\u56db\u534a\u671f\u306e\u5206\u5e03\u3002<\/strong> \u901a\u671f\u306e\u524d\u671f\u6bd4\u3060\u3051\u3067\u306a\u304f\u3001\u4e0a\u534a\u671f\u3068\u4e0b\u534a\u671f\u3067\u3069\u3046\u5206\u304b\u308c\u3066\u3044\u308b\u304b\u3002<\/li>\n\n\n\n<li><strong>\u7a0e\u8ca0\u62c5\u7387\u3002<\/strong> 2026\u5e746\u6708\u671f27.0\uff05\u3002\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u7387\u304c35.1\uff05\u306b\u4e0a\u304c\u308b\u306a\u304b\u3067\u3001\u5b9f\u52b9\u30d9\u30fc\u30b9\u304c\u3069\u3053\u306b\u7740\u5730\u3059\u308b\u304b\u3002<\/li>\n\n\n\n<li><strong>\u88fd\u9020\u539f\u4fa1\u306e\u52b4\u52d9\u8cbb\u3068\u6750\u6599\u8cbb\u306e\u69cb\u6210\u6bd4\u3002<\/strong> 2026\u5e746\u6708\u671f\u306f\u52b4\u52d9\u8cbb14.2\uff05\u3001\u6750\u6599\u8cbb67.4\uff05\u3002\u81ea\u52d5\u5316\u6295\u8cc7\u304c\u7d9a\u304f\u306a\u304b\u3067\u3001\u3053\u306e\u6bd4\u7387\u304c\u3069\u3046\u52d5\u304f\u304b\u3002<\/li>\n\n\n\n<li><strong>\u7b2c\u4e8c\u8535\u306e\u5efa\u8a2d\u8a08\u753b\u306e\u5177\u4f53\u5316\u3002<\/strong> \u5efa\u7269\u30fb\u8a2d\u5099\u306e\u6642\u671f\u3068\u91d1\u984d\u304c\u6c7a\u307e\u3063\u305f\u6642\u70b9\u3067\u3001\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3068\u501f\u5165\u306e\u898b\u901a\u3057\u304c\u5927\u304d\u304f\u5909\u308f\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\u6e80\u4e86\u5f8c\u306e\u5927\u682a\u4e3b\u306e\u52d5\u304d\u3002<\/strong> J-GIA2\u53f7\u306e14.33\uff05\u3001\u5275\u696d\u5bb6\u306e31.29\uff05\u3002\u5927\u91cf\u4fdd\u6709\u5831\u544a\u66f8\u306e\u63d0\u51fa\u306e\u6709\u7121\u3002<\/li>\n\n\n\n<li><strong>\u682a\u4e3b\u512a\u5f85\u5f15\u5f53\u91d1\u306e\u6b8b\u9ad8\u3002<\/strong> \u500b\u4eba\u682a\u4e3b\u304c\u5897\u3048\u308c\u3070\u5897\u3048\u308b\u6027\u8cea\u306e\u8cbb\u7528\u3067\u3059\u30022026\u5e746\u6708\u671f\u306f15,084\u5343\u5186\u3067\u3057\u305f\u3002<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">10. 3\u884c\u307e\u3068\u3081<\/h2>\n\n\n\n<ol 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