Overview
Machinery

SANDEN CORPORATION

Sanden Corporation is a global manufacturer and seller of automotive air conditioning systems and compressors, as well as automotive heat exchangers, serving automakers and construction/agricultural machinery manufacturers worldwide. The company is pursuing integrated thermal management systems (ITMS) for electric vehicles, positioning itself as a leader in next-generation EV thermal management solutions. Its product lineup also includes residential water heating equipment (eco-cute heat pump water heaters), and it operates across five major manufacturing regions including Japan, the Americas, Europe, Asia, and India.

Market Cap
¥18.8B
US$120M
EV
¥61.0B
US$389M
Stock¥167▼-1.76%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
7.9
x
LTM EV/EBIT
NM
LTM PER
3.8
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-8.3%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Feb 27, 26Stock rise on positive earnings
2Aug 10, 26Q2 FY2026/12 earnings announced
MC → EV Bridge
18.8BUS$120MMarket Cap81.6BUS$520M+ Debt17.9BUS$114M− Cash22.9BUS$146M− Inv. Sec.1.35BUS$8.56M+ NCI61.0BUS$389MEV
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Performance & Balance
Revenue 5Y (¥B)
120US$761M'21/12176US$1.12B'22/12179US$1.14B'23/12184US$1.17B'24/12191US$1.22B'25/12
EBITDA 5Y (¥B)
-8.84-US$56.3M'21/12-1.27-US$8.07M'22/12-6.05-US$38.5M'23/12-0.53-US$3.39M'24/125.56US$35.4M'25/12
Net Income 5Y (¥B)
15.9US$101M'21/12-1.61-US$10.3M'22/12-3.36-US$21.4M'23/12-0.78-US$4.95M'24/120.27US$1.74M'25/12
Capital Structure
28%
72%
EquityD/E 2.63xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
44.5US$284M48.6US$309M'21/1236.8US$234M55.3US$352M'22/1243.0US$274M62.1US$396M'23/1240.5US$258M73.4US$467M'24/1241.9US$267M81.7US$520M'25/12
Shareholders
Top 10 hold 81.9%
1
Hisense Japan Automotive Air Conditioning Systems LLC
71.26%
2
BBH(LUX) FOR FIDELITY FUNDS PACIFIC POOL (Standing Proxy: MUFG Bank, Ltd.)
2.74%
3
Yongyi FANG
1.78%
4
SANDEN CORPORATION Business Partners' Stock Ownership Association
1.61%
5
Xiuli LI
1.18%
6
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
1.06%
7
CACEIS BANK, LUXEMBOURG BRANCH / UCITS CLIENTS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
0.89%
8
CLEARSTREAM BANKING S.A. (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
0.59%
9
Zhan XU
0.44%
10
SANDEN CORPORATION Employee Stock Ownership Association
0.33%
Management
12 officers
Zhan XU
Representative Director, President and Executive Officer
Aug 2007 Director, Business Management Department and General Affairs Department, Hisense KELON (Guangdong) Air-Conditioning Co., Ltd. Jun 2012 General Manager, Shunde Plant, Hisense KELON (Guangdong) Air-Conditioning Co., Ltd. Aug 2015 Assistant General Manager, Hisense (Shandong) Air-Conditioning Co., Ltd.; Deputy Director, Purchasing Management Department, Hisense Group Companies Jan 2016 Deputy General Manager, Hisense (Shandong) Air-Conditioning Co., Ltd.; General Manager, Manufacturing Center; Deputy Director, Purchasing Management Department, Hisense Group Companies May 2018 Deputy General Manager, Qingdao Hisense Communications Co., Ltd.; Director, Purchasing Management Department, Hisense Group Companies Oct 2018 General Manager, Qingdao Hisense Communications Co., Ltd.; Vice President, Hisense Electronics & Information Group; Deputy Director, Management Promotion Department, Hisense Group Companies Oct 2021 Vice President, Hisense Refrigerator Co., Ltd.; General Manager, Manufacturing Center Nov 2022 Vice President and Executive Officer (in charge of SCM and Quality; also Head of Japan Business), the Company Aug 2025 President and Executive Officer, the Company Oct 2025 Representative Director, President and Executive Officer, the Company (current) Member, Nomination and Remuneration Committee, the Company (current) [Principal concurrent positions] Representative Director, President and Executive Officer, the Company
1977-11-14
Hideyuki KOBAYASHI
Director, Vice President and Executive Officer; in charge of General Affairs, Legal, Occupational Safety and Health, Environment and Internal Communications; also Head of Australia and Asia Business
Apr 1991 Joined the Company Sep 2012 Plant Manager, Compressor Business Plant, the Company Jun 2013 Deputy General Manager, Compressor Business Division, the Company Apr 2015 General Manager, Product Strategy Department, Business Division, Sanden Automotive Components Corporation Jan 2016 General Manager, Business Strategy Department, Management Planning Office, the Company Jun 2017 Executive Officer; General Manager, Management Planning Office, the Company Jun 2019 Director, Managing Executive Officer; General Manager, Management Strategy Headquarters; in charge of Business Development, the Company Apr 2020 Director, Managing Executive Officer; in charge of Corporate Strategy, Public Relations and SDGs; General Manager, Management Planning Office, the Company Jun 2021 Director, Vice President and Executive Officer (current) Nov 2021 In charge of General Affairs, Legal, Strategy and Management, and Business Innovation, the Company Mar 2022 Member, Special Committee, the Company Nov 2022 In charge of General Affairs, Legal and Internal Communications; also Head of Australia and Asia Business, the Company Mar 2025 In charge of General Affairs, Legal, Occupational Safety and Health, Environment and Internal Communications; also Head of Australia and Asia Business, the Company (current)
1967-04-26
Shoichi KANEKO
Full-time Audit & Supervisory Board Member
Apr 1988 Joined the Company Sep 2003 General Manager, Sanden System Engineering Corporation Mar 2004 Manager, IT Division, the Company Apr 2008 Deputy General Manager, SANDEN INTERNATIONAL (EUROPE) Ltd. Dec 2013 General Manager, Management Audit Department, Administration Division, the Company Jun 2019 General Manager, Audit Department, Management Administration Division, the Company Jun 2021 Full-time Audit & Supervisory Board Member, the Company (current)
1963-05-17
Zhitao YU
Director
Jul 1998 Engineer, Research Center, Qingdao Hisense Communications Co., Ltd. May 2005 Deputy General Manager, Qingdao Hisense Mobile Technology Co., Ltd. Apr 2008 Assistant General Manager and Deputy General Manager, Qingdao Hisense Media Network Technology Co., Ltd. Jan 2014 Assistant General Manager, Qingdao Hisense Electric Co., Ltd. (later renamed Hisense Visual Technology Co., Ltd., hereinafter Hisense Visual) Apr 2015 Executive Deputy General Manager, Qingdao Hisense Communications Co., Ltd. Apr 2016 Deputy General Manager, Hisense Visual; General Manager, Qingdao Hisense Media Network Technology Co., Ltd. Mar 2017 General Manager, Juhaokan Technology Co., Ltd. Jan 2019 General Manager, Hisense Visual; General Manager, Juhaokan Technology Co., Ltd. Feb 2023 Executive Vice President, Hisense Group Holdings Co., Ltd.; Chairman, Hisense Visual (current) Mar 2023 Director, the Company (current) Jul 2023 President, Hisense Group Holdings Co., Ltd. Oct 2024 Chief Executive Officer, Hisense Group Holdings Co., Ltd. (current) [Principal concurrent positions] Chief Executive Officer, Hisense Group Holdings Co., Ltd.; Chairman, Hisense Visual Technology Co., Ltd.
1976-04-06
He ZHANG
Director
Aug 2008 Evaluation Engineer, Qingdao Hisense Hitachi Air-Conditioning Systems Co., Ltd. Apr 2017 General Manager, Finished Product Quality Department, Qingdao Hisense Hitachi Air-Conditioning Systems Co., Ltd. Aug 2020 General Manager, Manufacturing Center, Qingdao Hisense Hitachi Air-Conditioning Systems Co., Ltd. Jan 2021 Vice President and Secretary of the Discipline Inspection Committee, Qingdao Hisense Hitachi Air-Conditioning Systems Co., Ltd. Nov 2023 Chief Information Officer (CIO); General Manager, Smart Manufacturing Promotion Department, Hisense Group Holdings Co., Ltd. Jan 2025 CIO; President, Manufacturing Center; General Manager, Digital Quality Center, Hisense Group Holdings Co., Ltd. Sep 2025 CIO; General Manager, Digital Quality Center, Hisense Group Holdings Co., Ltd. (current) Mar 2026 Director, the Company (current) [Principal concurrent positions] Chief Information Officer (CIO); General Manager, Digital Quality Center, Hisense Group Holdings Co., Ltd.
1985-01-26
Jiahui SUN
Director
Feb 2012 Assistant Accountant, TMF Group Oct 2012 Auditor, Tenshoku International CPA Firm Sep 2014 Auditor, Audit Department, Hisense Group Co., Ltd. Aug 2017 Accountant, Business Analysis, Business & Financial Management Department, Hisense Group Co., Ltd. Jul 2018 Accountant, Business Analysis, Business & Financial Management Department, Hisense Electronics & Information Group Co., Ltd. Jan 2019 Deputy General Manager, Business & Financial Management Department, Hisense Visual Technology Co., Ltd. Jun 2020 Director, Management Department, Business & Financial Management Department, Hisense Group Holdings Co., Ltd. Jan 2021 Deputy General Manager, Business & Financial Management Department, Hisense Group Holdings Co., Ltd. Jun 2021 Audit & Supervisory Board Member, the Company (resignation scheduled for Mar 30, 2024) Nov 2024 Chief Financial Controller, Business & Financial Management Department, Hisense Group Holdings Co., Ltd. May 2025 Chief Financial Officer (CFO); General Manager, Finance Center, Hisense Group Holdings Co., Ltd. (current) Mar 2026 Director, the Company (current) Member, Nomination and Remuneration Committee, the Company (current) [Principal concurrent positions] Chief Financial Officer (CFO); General Manager, Finance Center, Hisense Group Holdings Co., Ltd.
1988-09-11
Dongying JU
Outside Director
Apr 1992 Specially Appointed Researcher, Kyoto University Nov 1992 Lecturer, Saitama Institute of Technology Dec 1996 Associate Professor, Saitama Institute of Technology Apr 2002 Professor, Saitama Institute of Technology Apr 2011 Vice President, Saitama Institute of Technology Apr 2014 Chief Researcher, High-Tech Research Center, Saitama Institute of Technology Jun 2017 President, General Incorporated Association Japan-China Science, Technology and Culture Center (current) Apr 2020 Foreign Academician, Japan Engineering Academy (current) Jun 2021 Outside Director, the Company (current) Member, Nomination and Remuneration Committee, the Company Mar 2022 Chairman, Special Committee, the Company (current) Mar 2026 Chairman, Nomination and Remuneration Committee, the Company (current) [Principal concurrent positions] President, General Incorporated Association Japan-China Science, Technology and Culture Center; Foreign Academician, Japan Engineering Academy
1954-07-17
Changqing TIAN
Outside Director
May 1990 Associate Professor, Heating and Air-Conditioning Engineering Laboratory, Zhengzhou Textile Engineering Institute May 1999 Completed Doctoral Program in Heat Supply, Gas Supply, Ventilation and Air-Conditioning Engineering, Tsinghua University Aug 2003 Postdoctoral Researcher, Thermal Energy and Power Engineering, Tsinghua University Jul 2005 Associate Researcher, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences Feb 2007 Researcher, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences (current) Mar 2026 Outside Director, the Company (current) Member, Nomination and Remuneration Committee, the Company (current) Member, Special Committee, the Company (current) [Principal concurrent positions] Researcher, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences
1965-04-10
Ming LI
Outside Director
Dec 2006 Lecturer, School of Automotive Engineering, Jilin University Sep 2009 Associate Professor, School of Automotive Engineering, Jilin University Aug 2010 Visiting Researcher, University of Colorado (USA) Dec 2010 Laboratory Director, School of Automotive Engineering, Jilin University Sep 2012 Party Secretary and Deputy Head of Department, School of Automotive Engineering, Jilin University Aug 2013 Seconded as Deputy Town Head, Jiepai Town, Danyang City, Jiangsu Province; Deputy Director, Yunyang Subdistrict; Director, Talent Office, Xinbei District, Changzhou City Sep 2018 Head of Department, School of Automotive Engineering, Jilin University Oct 2018 Entrepreneurship and Innovation Talent, Jiangsu Chaoli Electric Co., Ltd. Sep 2020 Professor, School of Automotive Engineering, Jilin University (current) Jun 2023 Independent Director, Changchun Jieyi Automotive Technology Co., Ltd. Jan 2025 Vice President (Graduate Education, Department Development and Talent Recruitment), Jilin University (current) Mar 2026 Outside Director, the Company (current) Member, Nomination and Remuneration Committee, the Company (current) Member, Special Committee, the Company (current) [Principal concurrent positions] Professor, School of Automotive Engineering, Jilin University; Vice President (Graduate Education, Department Development and Talent Recruitment), Jilin University
1976-12-26
Jia LI
Audit & Supervisory Board Member
Jul 2010 Finance Officer, Marketing Company, Hisense KELON (Guangdong) Air-Conditioning Co., Ltd. Jun 2015 Finance Management Manager, Hisense KELON Electric Co., Ltd. Jun 2016 Finance Management Manager, Hisense Group Co., Ltd. Feb 2018 Deputy Director, Business & Financial Management Department, Guangdong Hisense Refrigerator Marketing Co., Ltd. Jul 2019 General Manager, Finance Department, China Marketing Headquarters Mar 2021 General Manager, Finance Department, Hisense Visual Technology Co., Ltd. Oct 2022 Deputy General Manager, Finance Department, Hisense Home Appliances Group Co., Ltd. Apr 2024 Deputy General Manager (Business Oversight), Internal Control Management Department, Hisense Group Holdings Co., Ltd. Nov 2024 General Manager, Audit Department, Hisense Group Holdings Co., Ltd. (current) Mar 2026 Audit & Supervisory Board Member, the Company (current) [Principal concurrent positions] General Manager, Audit Department, Hisense Group Holdings Co., Ltd.
1987-12-08
Masahiko IMURA
Audit & Supervisory Board Member
Apr 1980 Joined Daiwa Securities Co., Ltd. Apr 2000 General Manager, Corporate Division No. 4, Daiwa Securities SMBC Co., Ltd. Apr 2001 Branch Manager, Mito Branch, Daiwa Securities Co., Ltd. Aug 2004 General Manager, Corporate Division No. 1, Nagoya Corporate Division, Daiwa Securities SMBC Co., Ltd. Apr 2007 Deputy Branch Manager and General Manager, Corporate Division No. 1, Nagoya Branch, Daiwa Securities SMBC Co., Ltd. Apr 2008 General Manager, Corporate Business Division, Daiwa Securities SMBC Co., Ltd. Apr 2009 Director, Daiwa Investor Relations Co., Ltd. Apr 2010 Managing Director, Daiwa Investor Relations Co., Ltd. Apr 2014 Managing Director, Daiwa Office Service Co., Ltd. Apr 2017 Executive Director, Hikari Business Forms Co., Ltd. Jun 2021 Outside Audit & Supervisory Board Member, the Company (current) Jul 2023 Member, Special Committee, the Company (current)
1957-03-27
Takahide TOYAMA
Audit & Supervisory Board Member
Apr 1996 Joined Kitanippon Bank, Ltd. Apr 1997 Joined NIIUS Co., Ltd. Jun 2007 Joined SBI Holdings, Inc. Jan 2008 Joined BMW Japan Finance Corporation Mar 2009 Transferred to BMW Japan Corp. May 2018 Principal, Kiyosumi-Shirakawa Accounting Office (current) Feb 2019 Advisor, Knowledge Creation Technology Inc. (current) Jul 2019 Registered as Certified Public Accountant Jun 2020 Outside Auditor, Koto City Feb 2022 Part-time Staff, SKIP Audit Corporation Jun 2023 Outside Audit & Supervisory Board Member, the Company (current) Jul 2023 Member, Special Committee, the Company (current) Dec 2024 Audit & Supervisory Board Member, Atamagile Inc. (current) Jun 2025 Outside Audit & Supervisory Board Member, Hirota Group Holdings Co., Ltd. (current) [Principal concurrent positions] Principal, Kiyosumi-Shirakawa Accounting Office; Advisor, Knowledge Creation Technology Inc.; Audit & Supervisory Board Member, Atamagile Inc.; Outside Audit & Supervisory Board Member, Hirota Group Holdings Co., Ltd.
1973-01-17
Large Shareholding Reports
Hisense Japan Automotive Air Conditioning Systems LLC
2026-07-06
73.08%→71.65%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 71.26%
Hisense Japan Automotive Air Conditioning Systems LLC
2026-07-01
73.08%→71.65%
Annual report (as of 2026-06-30): 71.26%
Hisense Japan Automotive Air Conditioning Systems LLC
2025-12-04
74.87%→73.08%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 71.26%
Hisense Japan Automotive Air Conditioning Systems LLC
2025-12-01
74.87%→73.08%
Annual report (as of 2026-06-30): 71.26%
Disclosures
No disclosures
Primary Source Filings
EDINETAmended
2026-08-26
Amended Securities Registration Statement
EDINETAmended
2026-08-18
Amended Securities Registration Statement
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-07
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
EDINET
2026-08-07
Securities Registration Statement
EDINETAmended
2026-07-06
Change Report
EDINET
2026-07-01
Large Shareholding Report
EDINETAmended
2026-05-22
Amended Securities Registration Statement
EDINET
2026-05-14
Securities Registration Statement
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-27
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINETAmended
2025-12-04
Change Report
EDINET
2025-12-01
Large Shareholding Report
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Jun 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-30
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-05-16
Quarterly Securities Report
EDINET
2022-03-30
Annual Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
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