立邦涂料（4612.T）：中国实地考察：专有装饰漆生态体系与下一代出行领域的高增长潜力

We participated in a site tour in the Guangzhou area, China, hosted by Nippon Paint. During this comprehensive three-day tour, we observed the front lines of the Chinese paint market and diverse customer touchpoints. In addition to visiting community-based stores, large building materials markets, factories and logistics hubs, actual construction sites, and customer sites for industrial and automotive coatings, we independently visited competitor stores and other locations. In the Chinese decorative paints market, the business environment remains challenging due to the downturn in the real estate market combined with current consumer sentiment. However, although the TUB (trade use business;