{"id":502,"date":"2025-12-25T03:11:45","date_gmt":"2025-12-25T00:11:45","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=502"},"modified":"2025-12-25T03:11:45","modified_gmt":"2025-12-25T00:11:45","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-imasm-imas-makina-sanayi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/502","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #IMASM | \u0130MA\u015e Makina Sanayi 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #IMASM | \u0130MA\u015e Makina Sanayi 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/qgztP-I6t5Q?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Faaliyet Raporunun Derinliklerinden: \u0130ma\u015f Makina Hakk\u0131nda Sizi \u015ea\u015f\u0131rtacak 5 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Strateji<\/b><\/h3>\n<p>Kurumsal faaliyet raporlar\u0131, genellikle rakamlar, tablolar ve yasal beyanlarla dolu, okunmas\u0131 zor belgeler olarak bilinir. Bir\u00e7o\u011fumuz i\u00e7in bu raporlar, kahvemizi yudumlarken g\u00f6z gezdirece\u011fimiz t\u00fcrden i\u00e7erikler de\u011fildir. Ancak y\u00fczeyin alt\u0131na indi\u011finizde, bu kuru belgelerin bir \u015firketin gelece\u011fini \u015fekillendiren cesur stratejileri, \u015fa\u015f\u0131rt\u0131c\u0131 inovasyonlar\u0131 ve \u00f6nemli d\u00f6n\u00fc\u015f\u00fcmleri bar\u0131nd\u0131ran gizli hikayelerle dolu oldu\u011funu g\u00f6r\u00fcrs\u00fcn\u00fcz.<\/p>\n<p>Bu yaz\u0131da, bir a\u011f\u0131r sanayi \u00fcreticisinin s\u0131k\u0131c\u0131 g\u00f6r\u00fcnen finansal belgelerinin ard\u0131ndaki dinamizmi ortaya \u00e7\u0131karaca\u011f\u0131z. \u0130ma\u015f Makina&#8217;n\u0131n 2025 y\u0131l\u0131 dokuz ayl\u0131k faaliyet raporunu inceleyerek, \u015firketin gelece\u011fine dair ipu\u00e7lar\u0131 veren en \u00e7arp\u0131c\u0131 ve beklenmedik be\u015f detay\u0131 sizler i\u00e7in derledik.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>1. A\u011f\u0131r Sanayi Devi, Ye\u015fil Enerji \u015eampiyonuna D\u00f6n\u00fc\u015f\u00fcyor<\/b><\/h3>\n<p>\u0130ma\u015f&#8217;\u0131n s\u00fcrd\u00fcr\u00fclebilirlik vizyonu, sadece bir beyandan ibaret de\u011fil. \u015eirket, 2021&#8217;de kurdu\u011fu ve 1.750 kWp toplam DC panel g\u00fcc\u00fcne sahip g\u00fcne\u015f enerjisi sistemiyle yenilenebilir enerji alan\u0131nda somut ad\u0131mlar at\u0131yor. Faaliyet raporundaki rakamlar, bu yat\u0131r\u0131m\u0131n \u00e7evresel etkisini \u00e7arp\u0131c\u0131 bir \u015fekilde g\u00f6zler \u00f6n\u00fcne seriyor:<\/p>\n<ul>\n<li><b>\u00d6nlenen Karbon Sal\u0131m\u0131:<\/b> 4.785.225 kg CO\u2082<\/li>\n<li><b>Tasarruf Edilen K\u00f6m\u00fcr:<\/b> 3.989 ton<\/li>\n<li><b>A\u011fa\u00e7land\u0131rma E\u015fde\u011feri:<\/b> Yakla\u015f\u0131k 227.868 a\u011fa\u00e7<\/li>\n<\/ul>\n<p>Bu rakamlar, ana i\u015fi makine \u00fcretimi olan bir sanayi kurulu\u015fu i\u00e7in olduk\u00e7a etkileyici. Ancak as\u0131l stratejik hamle, bu tesisin \u00f6tesinde yat\u0131yor. \u015eirket, %80 i\u015ftiraki olan <b>Norm Ye\u015fil Enerji A.\u015e.<\/b> ile enerji depolama \u00e7\u00f6z\u00fcmleri alan\u0131na iddial\u0131 bir giri\u015f yapm\u0131\u015f durumda. Konya&#8217;da kurulumu devam eden ve 2026&#8217;n\u0131n ilk aylar\u0131nda \u00fcretime ba\u015flamas\u0131 hedeflenen bu fabrika, \u0130ma\u015f&#8217;\u0131 sadece \u00e7evresel sorumluluk alan bir \u00fcretici olmaktan \u00e7\u0131kar\u0131p, k\u00fcresel ESG trendleriyle uyumlu, y\u00fcksek b\u00fcy\u00fcme potansiyeline sahip enerji sekt\u00f6r\u00fcnde yeni bir gelir kap\u0131s\u0131 in\u015fa eden stratejik bir yat\u0131r\u0131mc\u0131ya d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor. Bu, ayn\u0131 zamanda a\u011f\u0131r sanayinin d\u00f6ng\u00fcsel yap\u0131s\u0131na kar\u015f\u0131 bir korunma (hedge) mekanizmas\u0131d\u0131r.<\/p>\n<h3><b>2. Geleneksel Sekt\u00f6rde Yapay Zeka Hamlesi<\/b><\/h3>\n<p>\u0130ma\u015f&#8217;\u0131n inovasyona verdi\u011fi \u00f6nem, sahip oldu\u011fu 77 tescilli belgeyle (19 marka, 25 patent, 2 faydal\u0131 model, 31 tasar\u0131m) zaten ortada. Ancak rapordaki en \u015fa\u015f\u0131rt\u0131c\u0131 detaylardan biri, \u015firketin geleneksel bir alana yapay zeka teknolojisini entegre etme \u00e7abas\u0131.<\/p>\n<p>T\u00dcB\u0130TAK destekli &#8220;Yapay Zeka Tabanl\u0131 Yeni Nesil \u015eerit Testereli Metal Kesme Makinelerinde \u0130zlenebilirlik, Verimlilik ve Kestirimci Bak\u0131m Projesi&#8221;, bu vizyonun en somut \u00f6rne\u011fi. Proje, metal kesim gibi k\u00f6kl\u00fc bir end\u00fcstriyel s\u00fcre\u00e7te verimlili\u011fi art\u0131rmak, operasyonel problemleri azaltmak ve makinelerin ar\u0131zalar\u0131n\u0131 \u00f6nceden tahmin eden kestirimci bak\u0131m uygulamalar\u0131 geli\u015ftirmek i\u00e7in yapay zekay\u0131 kullanmay\u0131 hedefliyor. Bu, sadece bir verimlilik art\u0131\u015f\u0131 hedefi de\u011fil; ayn\u0131 zamanda rakiplerinin kolayca kopyalayamayaca\u011f\u0131 derin bir rekabet hende\u011fi (competitive moat) olu\u015fturma hamlesidir. \u0130ma\u015f, geleneksel bir metal kesme makinesini, veri \u00fcreten, ak\u0131ll\u0131 bir varl\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fcrerek daha y\u00fcksek k\u00e2r marjlar\u0131 ve yaz\u0131l\u0131m tabanl\u0131 yeni gelir modelleri i\u00e7in kap\u0131 aral\u0131yor.<\/p>\n<h3><b>3. Sadece Makine De\u011fil, &#8220;Anahtar Teslim Fabrika&#8221; \u00dcretiyorlar<\/b><\/h3>\n<p>\u0130ma\u015f&#8217;\u0131n ba\u015far\u0131s\u0131n\u0131n ard\u0131nda, markalar\u0131 aras\u0131nda kurdu\u011fu g\u00fc\u00e7l\u00fc sinerji ve entegre i\u015f modeli yat\u0131yor. \u015eirket, farkl\u0131 uzmanl\u0131k alanlar\u0131na sahip markalar\u0131yla m\u00fc\u015fterilerine tek bir \u00e7at\u0131 alt\u0131nda b\u00fct\u00fcnsel \u00e7\u00f6z\u00fcmler sunuyor:<\/p>\n<ul>\n<li><b>Milleral:<\/b> Tah\u0131l de\u011firmencili\u011fi alan\u0131nda anahtar teslim tesisler kuruyor.<\/li>\n<li><b>Viteral:<\/b> Yem de\u011firmencili\u011fi i\u00e7in entegre \u00e7\u00f6z\u00fcmler sunuyor.<\/li>\n<li><b>Steral:<\/b> Kurulacak fabrikalar\u0131n \u00e7elik konstr\u00fcksiyon yap\u0131lar\u0131n\u0131 tasarlay\u0131p \u00fcretiyor.<\/li>\n<li><b>ProSupport:<\/b> Kurulum sonras\u0131 t\u00fcm teknik destek, bak\u0131m ve yedek par\u00e7a hizmetlerini sa\u011fl\u0131yor.<\/li>\n<\/ul>\n<p>Bu yap\u0131, \u015firkete \u00f6nemli bir rekabet avantaj\u0131 kazand\u0131r\u0131yor. Bir m\u00fc\u015fteri, ihtiya\u00e7 duydu\u011fu fabrikan\u0131n \u00e7elik iskeletinden (Steral) i\u00e7indeki son teknoloji makinelere (Milleral\/Viteral) ve uzun vadeli teknik deste\u011fe (ProSupport) kadar her \u015feyi tek bir muhataptan temin edebiliyor. Bu &#8220;u\u00e7tan uca \u00e7\u00f6z\u00fcm&#8221; yakla\u015f\u0131m\u0131, m\u00fc\u015fteri ya\u015fam boyu de\u011ferini (customer lifetime value) art\u0131r\u0131rken, rakiplerin araya girmesini zorla\u015ft\u0131ran g\u00fc\u00e7l\u00fc bir m\u00fc\u015fteri ba\u011fl\u0131l\u0131\u011f\u0131 (customer lock-in) yarat\u0131yor. \u0130ma\u015f, bu modelle kendini basit bir \u00fcr\u00fcn sat\u0131c\u0131s\u0131ndan, m\u00fc\u015fterileri i\u00e7in vazge\u00e7ilmez, uzun vadeli bir stratejik orta\u011fa d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor.<\/p>\n<h3><b>4. \u0130hracattaki Sert D\u00fc\u015f\u00fc\u015f Stratejik \u00c7evikli\u011fi Test Ediyor<\/b><\/h3>\n<p>Faaliyet raporlar\u0131, bazen en kritik hikayeleri finansal tablolarda gizler. \u0130ma\u015f&#8217;\u0131n 2024 ve 2025 y\u0131llar\u0131na ait ilk dokuz ayl\u0131k sat\u0131\u015f verileri de tam olarak b\u00f6yle bir hikaye anlat\u0131yor. \u0130lk bak\u0131\u015fta, sat\u0131\u015f kompozisyonunda dramatik bir de\u011fi\u015fim g\u00f6ze \u00e7arp\u0131yor:<\/p>\n<ul>\n<li><b>2024 (\u0130lk 9 Ay):<\/b> \u0130hracat %75.20, Yurt \u0130\u00e7i Sat\u0131\u015f %24.80<\/li>\n<li><b>2025 (\u0130lk 9 Ay):<\/b> \u0130hracat %46.80, Yurt \u0130\u00e7i Sat\u0131\u015f %53.20<\/li>\n<\/ul>\n<p>Ancak bu oranlar, hikayenin tamam\u0131n\u0131 anlatm\u0131yor. Derinlemesine bir bak\u0131\u015f, bu de\u011fi\u015fimin bilin\u00e7li bir stratejik odaktan ziyade, ihracat pazarlar\u0131nda ya\u015fanan zorlu bir tablonun sonucu oldu\u011funu g\u00f6steriyor. Faaliyet raporuna g\u00f6re, ihracat gelirleri bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 1.470,7 milyon TL&#8217;den 653,2 milyon TL&#8217;ye d\u00fc\u015ferek %55&#8217;in \u00fczerinde sert bir daralma ya\u015fad\u0131. Ayn\u0131 d\u00f6nemde yurt i\u00e7i sat\u0131\u015flar artsa da bu b\u00fcy\u00fcme, ihracattaki b\u00fcy\u00fck kayb\u0131 telafi etmeye yetmedi ve \u015firketin toplam has\u0131lat\u0131 %28&#8217;den fazla azalarak 1.955,6 milyon TL&#8217;den 1.395,9 milyon TL&#8217;ye geriledi. Daha da \u00f6nemlisi, \u015firket bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 192 milyon TL&#8217;lik k\u00e2rdan, bu d\u00f6nem 220 milyon TL&#8217;lik zarara ge\u00e7ti. Bu tablo, \u015firketin stratejik \u00e7evikli\u011finin ne denli ciddi bir s\u0131navdan ge\u00e7ti\u011fini ve i\u00e7 pazara y\u00f6nelimin bir tercihten \u00e7ok bir zorunluluk olabilece\u011fini ortaya koyuyor.<\/p>\n<h3><b>5. Gelece\u011fe Haz\u0131rl\u0131k: &#8220;B\u00f6l\u00fcnerek B\u00fcy\u00fcme&#8221; Karar\u0131<\/b><\/h3>\n<p>\u0130ma\u015f, 20.06.2025 tarihinde ald\u0131\u011f\u0131 kararla gelece\u011fe y\u00f6nelik \u00f6nemli bir organizasyonel ad\u0131m att\u0131. \u015eirket, ana faaliyet alanlar\u0131 olan yem, de\u011firmen ve testere makineleri i\u015f kollar\u0131n\u0131, %100 i\u015ftirak modeliyle k\u0131smi b\u00f6l\u00fcnme y\u00f6ntemi uygulayarak \u00fc\u00e7 yeni ve odaklanm\u0131\u015f \u015firkete devretme karar\u0131 ald\u0131. Kurulacak \u015firketler \u015funlar:<\/p>\n<ul>\n<li>Viteral Yem Makineleri Sanayi ve Ticaret A.\u015e.<\/li>\n<li>Milleral Makine Sanayi ve Ticaret A.\u015e.<\/li>\n<li>Cuteral Makine Sanayi ve Ticaret A.\u015e.<\/li>\n<\/ul>\n<p>Bu stratejik hamlenin temel amac\u0131, &#8220;daha etkin ve odakl\u0131 bir yap\u0131 olu\u015fturmak&#8221;. Ancak bu hamle, sadece operasyonel verimlilik art\u0131\u015f\u0131n\u0131n \u00f6tesinde, potansiyel bir &#8220;de\u011fer yaratma&#8221; (value-unlocking) stratejisi olarak okunmal\u0131d\u0131r. Her bir i\u015f kolunun performans\u0131n\u0131 \u015feffaf hale getiren bu yap\u0131, gelecekte bu birimler i\u00e7in stratejik ortakl\u0131klar kurulmas\u0131n\u0131n, her birine \u00f6zel yat\u0131r\u0131mc\u0131 \u00e7ekilmesinin ve hatta belirli bir b\u00f6l\u00fcm\u00fcn k\u00e2rl\u0131 bir \u015fekilde elden \u00e7\u0131kar\u0131lmas\u0131n\u0131n (spin-off) \u00f6n\u00fcn\u00fc a\u00e7abilir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3><b>Sonu\u00e7: D\u00f6n\u00fc\u015f\u00fcm\u00fcn \u015eifreleri<\/b><\/h3>\n<p>Bir faaliyet raporunun sat\u0131r aralar\u0131ndan \u00e7\u0131kan bu be\u015f ger\u00e7ek, \u0130ma\u015f Makina&#8217;n\u0131n karma\u015f\u0131k bir d\u00f6nemden ge\u00e7ti\u011fini g\u00f6steriyor. Bir yanda ye\u015fil enerji ve yapay zeka gibi alanlarda gelece\u011fe d\u00f6n\u00fck cesur yat\u0131r\u0131mlar, entegre i\u015f modeliyle yarat\u0131lan pazar g\u00fcc\u00fc ve b\u00f6l\u00fcnme karar\u0131yla gelen yap\u0131sal \u00e7eviklik potansiyeli var. Di\u011fer yanda ise ihracat pazarlar\u0131ndaki sert daralman\u0131n getirdi\u011fi ciddi finansal bask\u0131 ve k\u00e2rl\u0131l\u0131k sorunu bulunuyor. \u015eirket, bir yandan gelece\u011fi proaktif olarak \u015fekillendirmeye \u00e7al\u0131\u015f\u0131rken, di\u011fer yandan bug\u00fcn\u00fcn zorlu ko\u015fullar\u0131yla m\u00fccadele ediyor.<\/p>\n<p>Peki, \u0130ma\u015f&#8217;\u0131n teknoloji ve s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131ndaki cesur yat\u0131r\u0131mlar\u0131, ihracat pazar\u0131nda ya\u015fad\u0131\u011f\u0131 bu sars\u0131nt\u0131y\u0131 atlat\u0131p \u015firketi gelece\u011fe ta\u015f\u0131yacak birer can simidi mi, yoksa k\u00e2rl\u0131l\u0131k bask\u0131s\u0131 alt\u0131nda ertelenmek zorunda kalacak l\u00fcksler mi olacak? \u00d6n\u00fcm\u00fczdeki d\u00f6nem, bu stratejik ikilemin cevab\u0131n\u0131 verecek.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u0130ma\u015f Makina Sanayi A.\u015e. 2025 Dokuz Ayl\u0131k Faaliyet \u00d6zeti ve Stratejik De\u011ferlendirme<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, \u0130ma\u015f Makina Sanayi A.\u015e.&#8217;nin 1 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemine ait faaliyet raporu ve finansal tablolar\u0131n\u0131 analiz ederek \u015firketin operasyonel performans\u0131, stratejik giri\u015fimleri ve finansal durumu hakk\u0131nda kapsaml\u0131 bir de\u011ferlendirme sunmaktad\u0131r.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal geli\u015fmeleri, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla ciroda %28,62&#8217;lik ve faaliyet k\u00e2r\u0131nda %67,87&#8217;lik bir d\u00fc\u015f\u00fc\u015f\u00fc i\u00e7ermektedir. \u015eirket, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 192,4 milyon TL net k\u00e2r a\u00e7\u0131klarken, 2025&#8217;in ayn\u0131 d\u00f6neminde 220,4 milyon TL net zarar kaydetmi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fe ra\u011fmen, br\u00fct k\u00e2r marj\u0131 37,94&#8217;ten 41,92&#8217;ye y\u00fckselmi\u015f, bu da maliyet y\u00f6netiminde g\u00f6receli etkinli\u011fe i\u015faret etmektedir. Sat\u0131\u015f kompozisyonunda da \u00f6nemli bir de\u011fi\u015fim g\u00f6zlenmi\u015f; 2024&#8217;te ihracat\u0131n toplam sat\u0131\u015flardaki pay\u0131 %75,20 iken, 2025&#8217;te bu oran %46,80&#8217;e gerilemi\u015f ve yurt i\u00e7i sat\u0131\u015flar a\u011f\u0131rl\u0131k kazanm\u0131\u015ft\u0131r.<\/p>\n<p>Stratejik olarak \u015firket, ana i\u015f kollar\u0131 olan yem, de\u011firmen ve testere makineleri faaliyetlerini %100 i\u015ftirak modeliyle yeni kurulacak \u00fc\u00e7 ayr\u0131 \u015firkete (Viteral A.\u015e., Milleral A.\u015e., Cuteral A.\u015e.) devretme karar\u0131 alarak daha odakl\u0131 bir organizasyonel yap\u0131ya ge\u00e7i\u015f yapmaktad\u0131r. \u0130novasyon alan\u0131nda ise, T\u00dcB\u0130TAK destekli &#8220;Yapay Zeka Tabanl\u0131 Yeni Nesil \u015eerit Testereli Metal Kesme Makineleri&#8221; projesi gibi ileri teknoloji giri\u015fimleriyle Ar-Ge g\u00fcc\u00fcn\u00fc peki\u015ftirmektedir. \u015eirket, bug\u00fcne dek 77 adet tescilli marka, patent, faydal\u0131 model ve tasar\u0131ma ula\u015fm\u0131\u015ft\u0131r. Ayr\u0131ca, 2025 itibar\u0131yla T.C. Ticaret Bakanl\u0131\u011f\u0131 taraf\u0131ndan TURQUALITY\u00ae Marka Destek Program\u0131&#8217;na dahil edilmesi, k\u00fcresel markala\u015fma hedeflerini g\u00fc\u00e7lendiren \u00f6nemli bir ad\u0131md\u0131r.<\/p>\n<p>S\u00fcrd\u00fcr\u00fclebilirlik ve enerji yat\u0131r\u0131mlar\u0131, \u015firketin g\u00fcndeminde \u00f6nemli bir yer tutmaktad\u0131r. 1.750 kWp g\u00fcc\u00fcndeki G\u00fcne\u015f Enerjisi Sistemi (GES) yat\u0131r\u0131m\u0131, 2025&#8217;in ilk dokuz ay\u0131nda \u00f6nemli miktarda karbon sal\u0131m\u0131n\u0131 \u00f6nlemi\u015ftir. Ba\u011fl\u0131 ortakl\u0131k Norm Ye\u015fil Enerji A.\u015e. arac\u0131l\u0131\u011f\u0131yla enerji depolama \u00e7\u00f6z\u00fcmleri alan\u0131na yap\u0131lan yat\u0131r\u0131m, Konya&#8217;da kurulan yeni \u00fcretim tesisinin 2026 ba\u015f\u0131nda faaliyete ge\u00e7mesiyle somutla\u015facakt\u0131r. Bu giri\u015fimler, \u015firketin gelecekteki b\u00fcy\u00fcme ve rekabet stratejisinin temel ta\u015flar\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Kurumsal Profil ve Yap\u0131<\/h2>\n<h3>A. Genel Bilgiler<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kategori<\/td>\n<td>Bilgi<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>\u0130ma\u015f Makina Sanayi A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>B\u00fcy\u00fckkayac\u0131k Mah. 407 Sok. No: 8 Sel\u00e7uklu\/KONYA<\/td>\n<\/tr>\n<tr>\n<td><b>Telefon<\/b><\/td>\n<td>(0332) 239 01 41<\/td>\n<\/tr>\n<tr>\n<td><b>Faks<\/b><\/td>\n<td>(0332) 239 01 44<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130nternet Sitesi<\/b><\/td>\n<td>www.imas.com.tr<\/td>\n<\/tr>\n<tr>\n<td><b>Borsa Bilgisi<\/b><\/td>\n<td>Borsa \u0130stanbul Ana Pazar&#8217;da i\u015flem g\u00f6rmektedir.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>B. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, 2.000.000.000 TL kay\u0131tl\u0131 sermaye tavan\u0131 i\u00e7erisinde 925.000.000 TL \u00e7\u0131kar\u0131lm\u0131\u015f sermayeye sahiptir. Sermaye, A ve B grubu paylardan olu\u015fmaktad\u0131r:<\/p>\n<ul>\n<li><b>A Grubu Paylar:<\/b> 165.000.000 TL nominal de\u011ferde olup borsada i\u015flem g\u00f6rmemektedir. Bu paylar, y\u00f6netim kurulu \u00fcyelerinin se\u00e7iminde ve Genel Kurul toplant\u0131lar\u0131nda oy hakk\u0131nda imtiyaza sahiptir (A grubu paylar i\u00e7in 5 oy, B grubu paylar i\u00e7in 1 oy).<\/li>\n<li><b>B Grubu Paylar:<\/b> 760.000.000 TL nominal de\u011ferde olup borsada i\u015flem g\u00f6rmektedir.<\/li>\n<\/ul>\n<p><b>Ana Hissedar (30.09.2025 itibar\u0131yla):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ticaret Unvan\u0131<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermayedeki Pay\u0131 (%)<\/td>\n<td>Oy Hakk\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Loras Holding Anonim \u015eirketi<\/b><\/td>\n<td>302.149.500<\/td>\n<td>32,66<\/td>\n<td>60,7<\/td>\n<\/tr>\n<tr>\n<td><b>Di\u011fer<\/b><\/td>\n<td>622.850.500<\/td>\n<td>67,34<\/td>\n<td>39,3<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>925.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Ba\u011fl\u0131 Ortakl\u0131klar (30.09.2025 itibar\u0131yla):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ticaret Unvan\u0131<\/td>\n<td>Faaliyet Konusu<\/td>\n<td>\u0130\u015ftirak Oran\u0131 (%)<\/td>\n<td>Niteli\u011fi<\/td>\n<\/tr>\n<tr>\n<td><b>Norm Ye\u015fil Enerji A.\u015e.<\/b><\/td>\n<td>Enerji Depolama \u00c7\u00f6z\u00fcmleri<\/td>\n<td>80<\/td>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<\/tr>\n<tr>\n<td><b>Selva G\u0131da Sanayi A.\u015e.<\/b><\/td>\n<td>Makarna, Un ve \u0130rmik \u00dcretimi<\/td>\n<td>13,46<\/td>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<\/tr>\n<tr>\n<td><b>Konya Savunma Sanayi A.\u015e.<\/b><\/td>\n<td>Savunma Sanayi \u0130malat\u0131<\/td>\n<td>3,93<\/td>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>C. Y\u00f6netim ve Organizasyon<\/h3>\n<p><b>Y\u00f6netim Kurulu (G\u00f6rev S\u00fcresi: 29.07.2025 \u2013 29.07.2028):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>Unvan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Adnan \u00c7OLAK<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Mustafa \u00d6ZDEM\u0130R<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<\/tr>\n<tr>\n<td>Caner ERATAK<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Hasan \u00d6Z\u00dcLK\u00dc<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Fulya \u00c7OLAK<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>\u015eeyda DEM\u0130R<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>G\u00fcrsel \u00d6ZDO\u011eAN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>C\u00fcneyt Arda CEYLAN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00dcst D\u00fczey Y\u00f6neticiler:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>Unvan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Mehmet Sever KALKAN<\/td>\n<td>\u0130cra Kurulu Ba\u015fkan\u0131- CEO<\/td>\n<\/tr>\n<tr>\n<td>Mustafa \u00d6ZDEM\u0130R<\/td>\n<td>Genel M\u00fcd\u00fcr<\/td>\n<\/tr>\n<tr>\n<td>Hasan TOSUN<\/td>\n<td>Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>Murat APAKHAN<\/td>\n<td>Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>G\u00f6khan MANTI<\/td>\n<td>Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>Muhammed UZUN<\/td>\n<td>Pazarlama ve Sat\u0131\u015f Direkt\u00f6r\u00fc<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firket, 371 personel istihdam etmektedir.<\/p>\n<h2>2. Faaliyet Alanlar\u0131, Markalar ve Stratejik Yeniden Yap\u0131lanma<\/h2>\n<p>\u0130ma\u015f Makina, 1989&#8217;da Konya&#8217;da kurulmu\u015f olup, d\u00f6rt k\u0131tada 100&#8217;den fazla \u00fclkeye ihracat yapan k\u00fcresel bir m\u00fchendislik ve \u00fcretim \u015firketidir. \u015eirket, faaliyetlerini be\u015f ana marka alt\u0131nda y\u00fcr\u00fctmektedir.<\/p>\n<ul>\n<li><b>Milleral:<\/b> Bu\u011fday, m\u0131s\u0131r gibi tah\u0131llar\u0131n un ve irmi\u011fe d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi i\u00e7in y\u00fcksek teknolojili makineler ve anahtar teslim entegre tesis \u00e7\u00f6z\u00fcmleri sunar.<\/li>\n<li><b>Viteral:<\/b> B\u00fcy\u00fckba\u015f, k\u00fc\u00e7\u00fckba\u015f ve kanatl\u0131 hayvan yemi \u00fcretimine y\u00f6nelik entegre tesislerin tasar\u0131m\u0131, imalat\u0131 ve kurulumunu ger\u00e7ekle\u015ftirir.<\/li>\n<li><b>Cuteral:<\/b> Yar\u0131\/tam otomatik, s\u00fctunlu ve PLC kontroll\u00fc \u015ferit testere makineleri ile y\u00fcksek h\u0131zl\u0131 daire testereler geli\u015ftirir.<\/li>\n<li><b>Steral:<\/b> Sanayi yap\u0131lar\u0131, stadyumlar, k\u00f6pr\u00fcler gibi projeler i\u00e7in anahtar teslim \u00e7elik konstr\u00fcksiyon \u00e7\u00f6z\u00fcmleri sa\u011flar.<\/li>\n<li><b>ProSupport:<\/b> Sekt\u00f6rdeki t\u00fcm de\u011firmen ve yem tesislerine y\u00f6nelik 7\/24 teknik destek, yedek par\u00e7a temini ve dan\u0131\u015fmanl\u0131k hizmetleri sunar.<\/li>\n<\/ul>\n<h3>Stratejik Yeniden Yap\u0131lanma (K\u0131smi B\u00f6l\u00fcnme)<\/h3>\n<p>20.06.2025 tarihinde al\u0131nan kararla \u015firket, farkl\u0131 sekt\u00f6r dinamiklerine sahip olan ana i\u015f kollar\u0131n\u0131 daha etkin y\u00f6netmek amac\u0131yla organizasyonel yeniden yap\u0131lanmaya gitmi\u015ftir. Bu kapsamda, yem, de\u011firmen ve testere makineleri faaliyetleri, %100 i\u015ftirak modeliyle k\u0131smi b\u00f6l\u00fcnme y\u00f6ntemi kullan\u0131larak a\u015fa\u011f\u0131daki yeni \u015firketlere devredilecektir:<\/p>\n<ul>\n<li><b>Viteral Yem Makineleri Sanayi ve Ticaret A.\u015e.<\/b><\/li>\n<li><b>Milleral Makine Sanayi ve Ticaret A.\u015e.<\/b><\/li>\n<li><b>Cuteral Makine Sanayi ve Ticaret A.\u015e.<\/b><\/li>\n<\/ul>\n<p>Bu i\u015flem, 30.06.2025 tarihli mali tablolar esas al\u0131narak ger\u00e7ekle\u015ftirilmektedir.<\/p>\n<h2>3. Pazar Konumu ve Rekabet Avantaj\u0131<\/h2>\n<p>\u0130ma\u015f Makina, tah\u0131l ve yem de\u011firmencili\u011fi sekt\u00f6rlerindeki sinerjiyi kullanarak pazarda g\u00fc\u00e7l\u00fc bir konum elde etmi\u015ftir. \u015eirketin rekabet \u00fcst\u00fcnl\u00fc\u011f\u00fcn\u00fc sa\u011flayan temel fakt\u00f6rler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Entegre \u00c7\u00f6z\u00fcm Sa\u011flay\u0131c\u0131:<\/b> Milleral (de\u011firmen), Viteral (yem), Steral (\u00e7elik konstr\u00fcksiyon) ve ProSupport (sat\u0131\u015f sonras\u0131 hizmetler) markalar\u0131yla m\u00fc\u015fterilere sadece makine de\u011fil, anahtar teslim entegre fabrika \u00e7\u00f6z\u00fcmleri sunabilmektedir.<\/li>\n<li><b>M\u00fchendislik ve Esneklik:<\/b> G\u00fc\u00e7l\u00fc m\u00fchendislik altyap\u0131s\u0131 ve esnek \u00fcretim kabiliyeti sayesinde, farkl\u0131 \u00fclkelerin altyap\u0131 ko\u015fullar\u0131na ve m\u00fc\u015fteri ihtiya\u00e7lar\u0131na h\u0131zla adapte olabilmektedir.<\/li>\n<li><b>G\u00fc\u00e7l\u00fc Sat\u0131\u015f Sonras\u0131 Hizmetler:<\/b> ProSupport markas\u0131, rakip firmalar\u0131n kurdu\u011fu tesislere dahi servis verebilme yetkinli\u011fi ile hem m\u00fc\u015fteri sadakatini art\u0131rmakta hem de yeni pazarlara giri\u015fte stratejik bir avantaj sa\u011flamaktad\u0131r.<\/li>\n<li><b>Pazar Pay\u0131:<\/b> D\u00fcnya genelinde yakla\u015f\u0131k 2 milyar USD&#8217;lik bir d\u0131\u015f ticaret hacmine sahip olan tah\u0131l ve yem de\u011firmencili\u011fi sekt\u00f6r\u00fcnde T\u00fcrkiye, %14&#8217;l\u00fck payla \u00c7in&#8217;in ard\u0131ndan ikinci s\u0131rada yer almaktad\u0131r. \u0130ma\u015f Makina, T\u00fcrkiye&#8217;nin de\u011firmencilik makineleri ihracat\u0131nda %11&#8217;lik paya sahiptir.<\/li>\n<\/ul>\n<h2>4. Ara\u015ft\u0131rma-Geli\u015ftirme ve \u0130novasyon<\/h2>\n<p>Ar-Ge, \u0130ma\u015f&#8217;\u0131n rekabet stratejisinin merkezinde yer almaktad\u0131r. \u015eirket, bug\u00fcne kadar <b>19 marka, 25 patent, 2 faydal\u0131 model ve 31 tasar\u0131m tescili<\/b> olmak \u00fczere toplam <b>77 tescilli belgeye<\/b> ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p><b>2023-2025 Y\u0131llar\u0131 Ar-Ge Faaliyetleri:<\/b><\/p>\n<ul>\n<li><b>Patent Ba\u015fvurular\u0131 ve Tescilleri:<\/b> Pelet so\u011futucu sistemleri, vals makinesi \u015faseleri, elek makinesi g\u00fcvenlik sistemleri ve \u015ferit testere mekanizmalar\u0131 gibi alanlarda \u00e7ok say\u0131da patent ba\u015fvurusu ve tescili ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Tasar\u0131m Tescilleri:<\/b> \u0130rmik sas\u00f6r\u00fc, gran\u00fcl makinesi ve de\u011firmen valsi gibi \u00fcr\u00fcnler i\u00e7in yeni tasar\u0131mlar tescil ettirilmi\u015ftir.<\/li>\n<\/ul>\n<p><b>T\u00dcB\u0130TAK Destekli Yapay Zeka Projesi:<\/b><\/p>\n<ul>\n<li>\u015eirketin &#8220;Yapay Zeka Tabanl\u0131 Yeni Nesil \u015eerit Testereli Metal Kesme Makinelerinde \u0130zlenebilirlik, Verimlilik ve Kestirimci Bak\u0131m Projesi&#8221;, T\u00fcbitak 1711 Yapay Zeka Ekosistem \u00c7a\u011fr\u0131s\u0131 kapsam\u0131nda desteklenmeye de\u011fer g\u00f6r\u00fclen 16 projeden biri olmu\u015ftur.<\/li>\n<li>Ocak 2024&#8217;te ba\u015flayan 24 ayl\u0131k proje kapsam\u0131nda, 2024&#8217;\u00fcn ilk iki d\u00f6neminde toplam <b>354.619 TL<\/b> destek al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p><b>TURQUALITY\u00ae Program\u0131:<\/b><\/p>\n<ul>\n<li>\u0130MAS markas\u0131, 20.01.2025 itibar\u0131yla T.C. Ticaret Bakanl\u0131\u011f\u0131 taraf\u0131ndan <b>TURQUALITY\u00ae \/ Marka Destek Program\u0131<\/b> kapsam\u0131na al\u0131nm\u0131\u015ft\u0131r. Bu destek, \u015firketin \u00fcretim, pazarlama ve kurumsalla\u015fma s\u00fcre\u00e7lerini g\u00fc\u00e7lendirerek k\u00fcresel pazarlardaki konumunu peki\u015ftirecektir.<\/li>\n<\/ul>\n<h2>5. S\u00fcrd\u00fcr\u00fclebilirlik ve Enerji Yat\u0131r\u0131mlar\u0131<\/h2>\n<h3>A. G\u00fcne\u015f Enerjisi Sistemi (GES)<\/h3>\n<p>\u0130ma\u015f, s\u00fcrd\u00fcr\u00fclebilirlik vizyonu do\u011frultusunda yenilenebilir enerjiye \u00f6nemli yat\u0131r\u0131mlar yapmaktad\u0131r.<\/p>\n<ul>\n<li><b>Teknik Kapasite:<\/b> 1.750 kWp toplam DC panel g\u00fcc\u00fc ve 1.400 kVA AC s\u00f6zle\u015fme g\u00fcc\u00fc.<\/li>\n<li><b>Toplam \u00dcretim:<\/b> Kurulumundan Eyl\u00fcl 2025 sonuna kadar <b>11.395.772 kWh<\/b> enerji \u00fcretilmi\u015ftir.<\/li>\n<li><b>\u00c7evresel Katk\u0131lar (01.01.2025 \u2013 30.09.2025):<\/b>\n<ul>\n<li>\u00d6nlenen Karbon Sal\u0131m\u0131: <b>4.785.225 kg CO\u2082<\/b><\/li>\n<li>Tasarruf Edilen K\u00f6m\u00fcr: <b>3.989 ton<\/b><\/li>\n<li>A\u011fa\u00e7land\u0131rma E\u015fde\u011feri: <b>227.868 a\u011fa\u00e7<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>B. Norm Ye\u015fil Enerji A.\u015e.<\/h3>\n<p>\u0130ma\u015f&#8217;\u0131n %80 i\u015ftiraki olan Norm Ye\u015fil Enerji, enerji depolama \u00e7\u00f6z\u00fcmleri alan\u0131nda faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li>2024 sonunda \u00fcretim faaliyetlerini \u0130stanbul&#8217;dan Konya&#8217;ya ta\u015f\u0131ma karar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li>May\u0131s 2025&#8217;te Konya&#8217;daki fabrikan\u0131n fiziki kurulumu ba\u015flam\u0131\u015f olup makine yerle\u015fimi ve senkronizasyon ayarlar\u0131 devam etmektedir.<\/li>\n<li>Tesisin 2025 sonu itibar\u0131yla tamamlanmas\u0131 ve ilk \u00fcr\u00fcnlerin <b>2026&#8217;n\u0131n ilk aylar\u0131nda<\/b> piyasaya s\u00fcr\u00fclmesi hedeflenmektedir.<\/li>\n<\/ul>\n<h2>6. Finansal Durum ve Performans Analizi (30.09.2025)<\/h2>\n<h3>A. 2025 Y\u0131l\u0131 Dokuz Ayl\u0131k Operasyonel Ger\u00e7ekle\u015fmeler<\/h3>\n<p><b>\u00dcretim Miktarlar\u0131 ve Kapasite Kullan\u0131m Oranlar\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcr\u00fcn Grubu<\/td>\n<td>30.09.2024 \u00dcretim (Adet)<\/td>\n<td>30.09.2024 Kapasite Kullan\u0131m (%)<\/td>\n<td>30.09.2025 \u00dcretim (Adet)<\/td>\n<td>30.09.2025 Kapasite Kullan\u0131m (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Testere Tezg\u00e2hlar\u0131<\/b><\/td>\n<td>377<\/td>\n<td>94%<\/td>\n<td>259<\/td>\n<td>81%<\/td>\n<\/tr>\n<tr>\n<td><b>Tah\u0131l (Un) Makineleri<\/b><\/td>\n<td>901<\/td>\n<td>69%<\/td>\n<td>1.034<\/td>\n<td>80%<\/td>\n<\/tr>\n<tr>\n<td><b>Yem Makineleri<\/b><\/td>\n<td>232<\/td>\n<td>77%<\/td>\n<td>163<\/td>\n<td>86%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Sat\u0131\u015flar\u0131n Da\u011f\u0131l\u0131m\u0131 (Milyon TL):<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sat\u0131\u015f T\u00fcr\u00fc<\/td>\n<td>30.09.2024 Tutar<\/td>\n<td>30.09.2024 Oran (%)<\/td>\n<td>30.09.2025 Tutar<\/td>\n<td>30.09.2025 Oran (%)<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130hracat<\/b><\/td>\n<td>1.470,7<\/td>\n<td>75,20%<\/td>\n<td>653,2<\/td>\n<td>46,80%<\/td>\n<\/tr>\n<tr>\n<td><b>Yurt \u0130\u00e7i Sat\u0131\u015f<\/b><\/td>\n<td>484,9<\/td>\n<td>24,80%<\/td>\n<td>742,6<\/td>\n<td>53,20%<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>1.955,6<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<td><b>1.395,9<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>B. \u00d6zet Gelir Tablosu (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30.09.2024<\/td>\n<td>30.09.2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Gelirler<\/b><\/td>\n<td>1.955.620<\/td>\n<td>1.395.839<\/td>\n<td>\u25bc -28,62<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>742.022<\/td>\n<td>585.188<\/td>\n<td>\u25bc -21,14<\/td>\n<\/tr>\n<tr>\n<td><b>Faaliyet Kar\u0131<\/b><\/td>\n<td>370.707<\/td>\n<td>119.097<\/td>\n<td>\u25bc -67,87<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>221.763<\/td>\n<td>-171.228<\/td>\n<td>\u25bc -177,21<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>192.407<\/td>\n<td>-220.395<\/td>\n<td>\u25bc -214,55<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>C. \u00d6zet Finansal Durum Tablosu (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31.12.2024<\/td>\n<td>30.09.2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>1.725.957<\/td>\n<td>2.208.778<\/td>\n<td>\u25b2 27,97<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Duran Varl\u0131klar<\/b><\/td>\n<td>2.926.998<\/td>\n<td>3.126.181<\/td>\n<td>\u25b2 6,80<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>4.652.955<\/b><\/td>\n<td><b>5.334.959<\/b><\/td>\n<td><b>\u25b2 14,66<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.655.324<\/td>\n<td>2.189.484<\/td>\n<td>\u25b2 32,27<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>2.997.631<\/td>\n<td>3.145.475<\/td>\n<td>\u25b2 4,93<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>4.652.955<\/b><\/td>\n<td><b>5.334.959<\/b><\/td>\n<td><b>\u25b2 14,66<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>D. Se\u00e7ilmi\u015f Finansal Rasyolar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Rasyo<\/td>\n<td>2024 (9 Ayl\u0131k)<\/td>\n<td>2025 (9 Ayl\u0131k)<\/td>\n<td>Y\u00f6n<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar Marj\u0131 (%)<\/b><\/td>\n<td>37,94<\/td>\n<td>41,92<\/td>\n<td>\u25b2<\/td>\n<\/tr>\n<tr>\n<td><b>Net Kar Marj\u0131 (%)<\/b><\/td>\n<td>9,84<\/td>\n<td>-15,79<\/td>\n<td>\u25bc<\/td>\n<\/tr>\n<tr>\n<td><b>Bor\u00e7 \/ \u00d6zkaynak<\/b><\/td>\n<td>0,55<\/td>\n<td>0,70<\/td>\n<td>\u25b2<\/td>\n<\/tr>\n<tr>\n<td><b>Cari Oran<\/b><\/td>\n<td>1,58<\/td>\n<td>1,45<\/td>\n<td>\u25bc<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>E. 2025 Y\u0131l\u0131 Dokuz Ayl\u0131k Yat\u0131r\u0131mlar<\/h3>\n<p>\u015eirket, 01.01.2025 \u2013 30.09.2025 d\u00f6neminde toplam <b>219.308.000 TL<\/b> yat\u0131r\u0131m yapm\u0131\u015ft\u0131r. Ba\u015fl\u0131ca yat\u0131r\u0131mlar:<\/p>\n<ul>\n<li><b>Norm Ye\u015fil Enerji \u00dcretim Hatt\u0131:<\/b> 104.796.107 TL (%47,78)<\/li>\n<li><b>Bili\u015fim Teknolojileri:<\/b> 67.683.940 TL (%30,86)<\/li>\n<li><b>Model-Kal\u0131p:<\/b> 32.256.530 TL (%14,70)<\/li>\n<\/ul>\n<p>Bu d\u00f6nemde \u015firket, <b>108.798.903 TL<\/b> vergi ve sigorta primi te\u015fvikinden ve <b>96.817.525 TL<\/b> Ar-Ge te\u015fvikinden yararlanm\u0131\u015ft\u0131r.<\/p>\n<h2>7. Risk Y\u00f6netimi ve Kurumsal Y\u00f6netim<\/h2>\n<ul>\n<li><b>Risk Y\u00f6netimi:<\/b> \u015eirket; faiz oran\u0131, yabanc\u0131 para, kredi ve likidite risklerini y\u00f6netmek i\u00e7in bir risk komitesi ve etkin i\u00e7 kontrol sistemleri kurmu\u015ftur. \u00c7inli \u00fcreticilerle rekabetin yaratt\u0131\u011f\u0131 stratejik riske kar\u015f\u0131; kaliteli \u00fcretim, h\u0131zl\u0131 sat\u0131\u015f sonras\u0131 hizmet ve s\u00fcrekli Ar-Ge yat\u0131r\u0131mlar\u0131 ile cevap vermektedir.<\/li>\n<li><b>Kurumsal Y\u00f6netim:<\/b> \u015eirket, SPK Kurumsal Y\u00f6netim \u0130lkeleri&#8217;ne uyum g\u00f6stermekte olup bu kapsamda Denetimden Sorumlu Komite, Riskin Erken Saptanmas\u0131 Komitesi ve Kurumsal Y\u00f6netim Komitesi gibi yap\u0131lar olu\u015fturmu\u015ftur.<\/li>\n<li><b>K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131:<\/b> 29.07.2025 tarihli Genel Kurul&#8217;da, Y\u00f6netim Kurulu&#8217;nun teklifi do\u011frultusunda 2024 y\u0131l\u0131 i\u00e7in k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>Ba\u011f\u0131\u015f ve Yard\u0131mlar:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda herhangi bir ba\u011f\u0131\u015f ve yard\u0131m yap\u0131lmam\u0131\u015f, sosyal sorumluluk projesi olarak K\u0131z\u0131lay ile kan ba\u011f\u0131\u015f\u0131 kampanyas\u0131na kat\u0131l\u0131m sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"502\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Faaliyet Raporunun Derinliklerinden: \u0130ma\u015f Makina Hakk\u0131nda Sizi \u015ea\u015f\u0131rtacak 5 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Strateji Kurumsal faaliyet raporlar\u0131, genellikle rakamlar, tablolar ve yasal beyanlarla dolu, okunmas\u0131 zor belgeler olarak bilinir. Bir\u00e7o\u011fumuz i\u00e7in bu raporlar, kahvemizi yudumlarken g\u00f6z gezdirece\u011fimiz t\u00fcrden i\u00e7erikler&#8230; <\/p>\n","protected":false},"author":1,"featured_media":503,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[108],"class_list":["post-502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-imasm"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=502"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/502\/revisions"}],"predecessor-version":[{"id":504,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/502\/revisions\/504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/503"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}