{
  "commentary": "## 北興化学工業を筆頭とする半世紀超の親密株主構造（FY15・2016年3月期）\n\n東証JASDAQ上場時点で同社の大株主構成は、北興化学工業1,100,000株（10.84%）の筆頭、続いて積水化学工業600,000株（5.91%）、日揮株式会社600,000株（5.91%）、従業員持株会367,789株（3.62%）、オーストリアBWT AKTIENGESELLSCHAFT 357,000株（3.52%）、りそな銀行300,000株（2.96%）、野村殖産300,000株（2.96%）、カツラギ工業229,000株（2.26%）、千田豊作（創業以来の社内幹部）210,000株（2.07%）、西華産業200,000株（1.97%）、ノムラ・ジャパン200,000株（1.97%）、ミクニ200,000株（1.97%）と続いた。1973年に北興化学工業のニュクリポアー部門を統合した経緯と、1980年の日揮との3社合弁によるアクアメディア社設立、合わせて積水化学との取引関係が反映された、産業上の取引先・合弁先による親密株主が前面に並ぶ構造で公開市場へ移行した。\n\n## 半導体投資ピーク期の機関化と創業期株主の希薄化（FY24・2025年3月期）\n\n直近のFY24（2025年3月期）では北興化学工業4,350,000株（11.49%）の筆頭は変わらず、日本マスタートラスト信託銀行（信託口）2,977,400株（7.86%）が機関投資家として第二位に浮上した。続くりそな銀行1,200,000株（3.17%）、野村殖産1,200,000株（3.17%）、千田豊作（創業期からの社内・現在は取締役）1,178,200株（3.11%）、カツラギ工業866,000株（2.29%）、ノムラ・ジャパン800,000株（2.11%）、国土防災技術580,000株（1.53%）、BNYMSANV RE BNYMSANVDUB RE LEGAL（外国法人）572,300株（1.51%）、野村信弘500,000株（1.32%）と続く。\n\nジャスダック上場（2007年10月）から東証一部（2021年6月）・プライム移行（2022年4月）と市場区分が段階的に上がるなか、機関投資家比率が高まる一方で、北興化学工業の筆頭株主としての地位は1973年のニュクリポアー部門統合以来50年以上にわたり継承されている。総株主数は半導体投資ピーク期のFY22以降に拡大し、FY24時点で半導体・FPD向け超純水装置の専業メーカーとして資本市場の注目を集める姿が反映されている。創業期からの取引先・合弁先株主と新規流入の機関投資家が並立する、産業内の親密株主と公開市場の機関投資家の二層構造である。\n\n## 株主構成の歴史的読み解き\n\n同社の株主構成は、創業母体・取引先・合弁先という「産業上の関係先」が長期保有を維持する点で、独立系メーカーとしては珍しい姿である。創業時の1969年に米GEから独占販売権を得て発足し、1973年に北興化学工業ニュクリポアー部門を統合した経緯は、北興化学工業を半世紀超にわたる筆頭株主として残した。1980年の3社合弁（米アクアメディア・日揮・野村マイクロ・サイエンス）は日揮の持株、1980年代の住宅外壁向けPVDF合弁（オーストリアBWT・後のアグルー社合弁）はBWTの持株として今も上位に残る。\n\n経営の独立性は確保される一方で、半導体・FPD・製薬という顧客領域での技術連携先（積水化学・カツラギ工業・西華産業等）が株主として安定保有することで、装置メーカーとしての受注基盤と技術連携の継続性が制度化されている。創業以来の同族による経営支配構造はなく、株式所有と経営は分離されている点は、戦後創業の独立系装置メーカーとして特徴的である。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "北興化学工業株式会社",
      "shareholding_ratio": 10.84,
      "shares_held": 1100000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "積水化学工業株式会社",
      "shareholding_ratio": 5.91,
      "shares_held": 600000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 3,
      "name": "日揮株式会社",
      "shareholding_ratio": 5.91,
      "shares_held": 600000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "野村マイクロ・サイエンス従業員持株会",
      "shareholding_ratio": 3.62,
      "shares_held": 367789
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 5,
      "name": "BWT AKTIENGESELLSCHAFT",
      "shareholding_ratio": 3.52,
      "shares_held": 357000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "name": "株式会社りそな銀行",
      "shareholding_ratio": 2.96,
      "shares_held": 300000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "野村殖産株式会社",
      "shareholding_ratio": 2.96,
      "shares_held": 300000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "カツラギ工業株式会社",
      "shareholding_ratio": 2.26,
      "shares_held": 229000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
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      "shareholding_ratio": 2.07,
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    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "西華産業株式会社",
      "shareholding_ratio": 1.97,
      "shares_held": 200000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 11,
      "name": "ノムラ・ジャパン株式会社",
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      "shares_held": 200000
    },
    {
      "FY": "FY15",
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      "name": "株式会社ミクニ",
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    },
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      "period": "2017/3",
      "rank": 1,
      "name": "北興化学工業株式会社",
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      "shares_held": 1100000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 2,
      "name": "積水化学工業株式会社",
      "shareholding_ratio": 5.91,
      "shares_held": 600000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "日揮株式会社",
      "shareholding_ratio": 5.91,
      "shares_held": 600000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "BWT AKTIENGESELLSCHAFT",
      "shareholding_ratio": 3.52,
      "shares_held": 357000
    },
    {
      "FY": "FY16",
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      "rank": 5,
      "name": "株式会社りそな銀行",
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    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "name": "野村殖産株式会社",
      "shareholding_ratio": 2.96,
      "shares_held": 300000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "野村マイクロ・サイエンス従業員持株会",
      "shareholding_ratio": 2.79,
      "shares_held": 282760
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "千田 豊作",
      "shareholding_ratio": 2.36,
      "shares_held": 240000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "カツラギ工業株式会社",
      "shareholding_ratio": 2.26,
      "shares_held": 229000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 10,
      "name": "西華産業株式会社",
      "shareholding_ratio": 1.97,
      "shares_held": 200000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 11,
      "name": "ノムラ・ジャパン株式会社",
      "shareholding_ratio": 1.97,
      "shares_held": 200000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 12,
      "name": "株式会社ミクニ",
      "shareholding_ratio": 1.97,
      "shares_held": 200000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "北興化学工業株式会社",
      "shareholding_ratio": 12.09,
      "shares_held": 1100000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "積水化学工業株式会社",
      "shareholding_ratio": 6.59,
      "shares_held": 600000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 3,
      "name": "日揮株式会社",
      "shareholding_ratio": 6.59,
      "shares_held": 600000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "BWT AKTIENGESELLSCHAFT",
      "shareholding_ratio": 3.92,
      "shares_held": 357000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 5,
      "name": "株式会社りそな銀行",
      "shareholding_ratio": 3.3,
      "shares_held": 300000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "name": "野村殖産株式会社",
      "shareholding_ratio": 3.3,
      "shares_held": 300000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社）",
      "shareholding_ratio": 3.01,
      "shares_held": 273700
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 2.7,
      "shares_held": 245700
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "千田豊作",
      "shareholding_ratio": 2.64,
      "shares_held": 240000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
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      "name": "野村マイクロ・サイエンス従業員持株会",
      "shareholding_ratio": 2.63,
      "shares_held": 239230
    },
    {
      "FY": "FY17",
      "period": "2018/3",
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      "name": "カツラギ工業株式会社",
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      "shares_held": 229000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 12,
      "name": "ノムラ・ジャパン株式会社",
      "shareholding_ratio": 2.2,
      "shares_held": 200000
    },
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      "FY": "FY17",
      "period": "2018/3",
      "rank": 13,
      "name": "株式会社ミクニ",
      "shareholding_ratio": 2.2,
      "shares_held": 200000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "北興化学工業株式会社",
      "shareholding_ratio": 12.06,
      "shares_held": 1100000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "積水化学工業株式会社",
      "shareholding_ratio": 6.58,
      "shares_held": 600000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 3,
      "name": "日揮株式会社",
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      "shares_held": 600000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "BWT AKTIENGESELLSCHAFT",
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      "shares_held": 357000
    },
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      "period": "2019/3",
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      "name": "株式会社りそな銀行",
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      "shares_held": 300000
    },
    {
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      "period": "2019/3",
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      "name": "野村殖産株式会社",
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      "shares_held": 300000
    },
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      "FY": "FY18",
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      "name": "千田豊作",
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    {
      "FY": "FY18",
      "period": "2019/3",
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      "name": "カツラギ工業株式会社",
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      "shares_held": 229000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 9,
      "name": "GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社）",
      "shareholding_ratio": 2.43,
      "shares_held": 222000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "野村マイクロ・サイエンス従業員持株会",
      "shareholding_ratio": 2.29,
      "shares_held": 208885
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 11,
      "name": "ノムラ・ジャパン株式会社",
      "shareholding_ratio": 2.19,
      "shares_held": 200000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 12,
      "name": "株式会社ミクニ",
      "shareholding_ratio": 2.19,
      "shares_held": 200000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "北興化学工業株式会社",
      "shareholding_ratio": 11.99,
      "shares_held": 1100000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "日揮ホールディングス株式会社",
      "shareholding_ratio": 6.54,
      "shares_held": 600000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 3,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 6.47,
      "shares_held": 593700
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "積水化学工業株式会社",
      "shareholding_ratio": 3.91,
      "shares_held": 359200
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 5,
      "name": "BWT AKTIENGESELLSCHAFT",
      "shareholding_ratio": 3.89,
      "shares_held": 357000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "株式会社りそな銀行",
      "shareholding_ratio": 3.27,
      "shares_held": 300000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 7,
      "name": "野村殖産株式会社",
      "shareholding_ratio": 3.27,
      "shares_held": 300000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "name": "千田豊作",
      "shareholding_ratio": 2.97,
      "shares_held": 272700
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "カツラギ工業株式会社",
      "shareholding_ratio": 2.5,
      "shares_held": 229000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 10,
      "name": "野村マイクロ・サイエンス従業員持株会",
      "shareholding_ratio": 2.44,
      "shares_held": 223524
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 11,
      "name": "ノムラ・ジャパン株式会社",
      "shareholding_ratio": 2.18,
      "shares_held": 200000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 12,
      "name": "株式会社ミクニ",
      "shareholding_ratio": 2.18,
      "shares_held": 200000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "北興化学工業株式会社",
      "shareholding_ratio": 11.96,
      "shares_held": 1100000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 2,
      "name": "BWT HOLDING GMB H",
      "shareholding_ratio": 3.88,
      "shares_held": 357000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "KBC BANK NV - UCITS CLIENTS NON TREATY （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 3.41,
      "shares_held": 313900
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "株式会社りそな銀行",
      "shareholding_ratio": 3.26,
      "shares_held": 300000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "積水化学工業株式会社",
      "shareholding_ratio": 3.26,
      "shares_held": 300000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "野村殖産株式会社",
      "shareholding_ratio": 3.26,
      "shares_held": 300000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 3.23,
      "shares_held": 297200
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "千田豊作",
      "shareholding_ratio": 3.01,
      "shares_held": 277100
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "カツラギ工業株式会社",
      "shareholding_ratio": 2.49,
      "shares_held": 229000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "ノムラ・ジャパン株式会社",
      "shareholding_ratio": 2.17,
      "shares_held": 200000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 11,
      "name": "株式会社ミクニ",
      "shareholding_ratio": 2.17,
      "shares_held": 200000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "北興化学工業株式会社",
      "shareholding_ratio": 11.95,
      "shares_held": 1100000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "株式会社日本カストディ銀行(信託口）",
      "shareholding_ratio": 6.74,
      "shares_held": 620300
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 6.56,
      "shares_held": 604100
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "BWT HOLDING GMB H",
      "shareholding_ratio": 3.88,
      "shares_held": 357000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "KBC BANK NV - UCITS CLIENTS NON TREATY （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 3.54,
      "shares_held": 325500
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "株式会社りそな銀行",
      "shareholding_ratio": 3.26,
      "shares_held": 300000
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