1、Japan|Precision EquipmentEquity ResearchAugust 1,2025 MasahiroNakanomyo*|Equity Analyst813 5251 6142|HisakoFurusumi*|Equity Associate+813 5251 6158|Continued Rise in Mirrorless CameraShipments and Decline in 35mm LensesThe CIPA released Jun 2025 data for DSC(Digital Camera)as on Aug 1.Mirrorless vol

2、ume increased 23%YoY to 576,000 units,expanding YoY for a17th straight month.While ASP dropped,volume moved higher.In cameralenses,meanwhile,35mm lens shipment value dropped 7%YoY,the 4thstraight monthly decline,though was still at high levels.Amid concerns onglobal macro impact,mirrorless continues

3、 to increase,while lenses haveplateaued to modestly weakening.June overview:The Camera&Imaging Products Association(CIPA)released June 2025 datafor digital cameras on August 1.Total digital camera shipments(volume)were up 19.0%YoY to834,000 units,the 14th straight monthly gain.Digital camera shipmen

4、t value rose 9.8%YoY to76.6bn,the ninth consecutive monthly increase.In the June breakdown,ILC shipment volumeclimbed 14.4%YoY to 619,000 units and value was up 4.7%to 63.6bn.SLR cameras weredown 41.8%YoY to 43,000 units.Volume increased in November and December 2024,but hastrended lower again from

5、January 2025.Value was 1.9bn(-45%).Compared to June 2019,the results were 12%in volume and 14%in value.Mirrorless cameras were at 576,000 units(+23.4%)and 61.7bn in value(+7.7%)in June.Volume continued rising in a 19th straight month,and value was up in a third consecutivemonth.Compared to June 2019

6、,this years results were 199%in volume and 306%in value.Mirrorless camera announcements were Nikons Z6 iii(roughly 390,000 street price)in June2024 and Z50 II(120,000 street price)in December 2024,Canons EOS R5 Mark II(650,000street price)at the end of August 2024 and EOS R1(1.08mn online price)at t