Oversight of the China business and collaboration with business partners
First written in FY2016. 15 of 21 entries say "Advanced", first in FY2017-Q2. Latest entry: FY2024.
2 other companies' latest entry also says "Advanced".
- FY2024AdvancedAnnual report
「The China Group's performance deteriorated under the zero-COVID policy and the rapid spread of infections after its removal, and financially difficult conditions, including cash-flow constraints, have continued. Because the company needs to normalize its relationships with financial institutions as soon as possible, it decided to transfer the shares of its Hong Kong subsidiary to eliminate negative risks from its China business, including the impact on earnings from temporary closures and poor performance, and to increase the amount available for future debt repayments.」
The company transferred shares in the company overseeing the China business, resulting in the 11 companies in the China Group being removed from the scope of consolidation. A concrete change in structure is taking shape, reducing risk and funding requirements rather than pursuing expansion through business partners. - FY2024-Q3AdvancedAnnual report
「The company had operated hot-spring bathing facilities in China, but following the sale of its shares in its consolidated Chinese subsidiaries on 1 November 2023, the China Group (11 consolidated Chinese subsidiaries) was removed from the scope of consolidation at the end of December 2023. As a result, the impact of this risk on the Group's operating performance and financial position has been substantially reduced.」
The sale of shares in the consolidated Chinese subsidiaries removed the 11 companies in the China Group from the scope of consolidation, substantially changing the structure for overseeing and coordinating the China business. - FY2024-Q2AdvancedAnnual report
「Of the 146,949 shares of its Hong Kong subsidiary held by the company, representing an ownership interest of 51.00%, the company transferred 131,827 shares to 金之泉有限公司, represented by 劉暁鋒, for ¥350 million. As the company's ownership interest fell to 5.24% (15,122 shares), the company's management structure is expected to change, including changes in directors, resulting in a change in the actual control situation, regardless of the execution of the Hong Kong subsidiary's rights offering, which is currently being arranged. When control by the Group changes in the future, the consolidated subsidiaries of the China Group overseen by that Hong Kong subsidiary are expected to be removed from the scope of consolidation.」
Regarding the policy announced in the previous fiscal year to reduce the China Group's ownership interest, the partial transfer of shares in the Hong Kong subsidiary was completed on 1 November 2023, reducing the ownership interest from 51.00% to 5.24%. The change in actual control of the China Group and its future removal from the scope of consolidation are taking concrete form. - FY2023ReframedAnnual report
「The company decided to reduce its ownership interest in the China Group. As a result, its ownership interest in the shares of its Hong Kong subsidiary fell from 51.00% to 4.04%, and the China Group is expected eventually to cease to be a subsidiary of the company.」
For the China business, the company is shifting its operating and capital structure away from expansion through its former subsidiaries and overseeing company by substantially reducing its ownership interest, with the aim of eventually removing the China Group from its subsidiaries. - FY2023-Q3AdvancedAnnual report
「Regarding new openings, Beidahu Onsen in Jilin City, Jilin Province, opened in November 2022 under a partnership operating model (franchise format). In the fourth quarter (January 2023), Lingang Onsen in Shanghai also opened under a partnership operating model (franchise format).」
The China business expanded store openings through franchise operations using local partners, opening Beidahu Onsen-kan in Jilin and Lingang Onsen-kan in Shanghai. - FY2022RestatedAnnual report
「In China, the company will advance sales activities and negotiations for new franchise openings, while working to operate existing company-operated locations stably and improve their profitability in order to establish the Gokurakuyu brand.」
For the China business, the company continues to expand through franchise operations using local partners and improve the profitability of existing directly operated stores. - FY2022-Q1AdvancedAnnual report
「In China, the company is reducing assets and liabilities by converting GOKURAKUYU Jinyintan Onsen-kan in Wuhan, Hubei Province, which had suspended reopening, to a franchise operation.」
The China business transitioned the Wuhan store to franchise operations with a Chinese company and explicitly advanced the reduction of assets and liabilities. - FY2021-Q3AdvancedAnnual report
「In China, the company transferred the operating rights for GOKURAKUYU Jinyintan Onsen-kan in Wuhan, Hubei Province, which had suspended reopening, to a Chinese company and is reducing liabilities by converting the facility to a franchise operation.」
For Jinyintan Onsen-kan in Wuhan, the company proceeded with converting the facility to a franchise operation on the premise that the operating rights would be transferred to a Chinese company, advancing a change in the operating structure aimed at reducing liabilities. - FY2021-Q2AdvancedAnnual report
「In China, the company transferred the operating rights for GOKURAKUYU Jinyintan Onsen-kan in Wuhan, Hubei Province, which had suspended reopening, to a Chinese company and is reducing liabilities by converting the facility to a franchise operation.」
For the directly operated Wuhan store, the company proceeded with transferring the operating rights to a Chinese company and converting it to a franchise operation, advancing a specific change in the operating structure using a business partner to reduce liabilities. - FY2020-Q2AdvancedAnnual report
「In China, the company prepared to open company-operated and franchise locations. As a result, it opened Gokurakuyu Baoshan Onsen, a franchise location in Baoshan District, Shanghai, in October. The facility has the largest floor area in Shanghai among its franchise locations.」
The China business expanded through potential franchise partners and opened a franchise store in Baoshan District, Shanghai. - FY2020-Q11 China franchise agreement terminatedAnnual report
「GOKURAKUYU Qingdao Hongshulin-kan (Qingdao, Shandong Province), which opened as a franchise store in November 2017, had its franchise agreement terminated at the end of June 2019.」
In the China franchise business, the franchise agreement for Qingdao Hongshulin-kan was terminated at the end of June 2019. - FY2019-Q3AdvancedAnnual report
「At GOKURAKUYU Jiading Onsen-kan (Shanghai), at the strong request of the local partner, the company changed its ownership interest in the operating company and changed the store from a directly operated format to a franchise store in October 2018.」
For Jiading Onsen-kan in Shanghai, the company changed its ownership interest in the operating company and changed the store from a directly operated format to a franchise store in October 2018. This was a specific change in the operating structure achieved through collaboration with the local partner. - FY2019-Q1AdvancedAnnual report
「The company also selected locations for directly operated and franchise stores throughout China and worked on staff training in order to actively expand its store network.」
The company proceeded with selecting locations for directly operated and franchise stores throughout China and also worked on staff training to support store expansion. - FY2018AdvancedAnnual report
「In China, the company proceeded with refurbishments, centered on accommodation rooms, at GOKURAKUYU Biyun Onsen-kan (Shanghai) and GOKURAKUYU Jinyintan Onsen-kan (Wuhan, Hubei Province) to improve customer satisfaction and profitability. It also prepared to open directly operated and franchise stores in various parts of China, including Qingdao and Shanghai. As a result, GOKURAKUYU Qingdao Hongshulin-kan (Qingdao, Shandong Province), the first overseas franchise store, opened in November 2017; GOKURAKUYU Chuansha Onsen-kan (Shanghai), the second overseas franchise store, opened in December 2017; and GOKURAKUYU Jiading Onsen-kan (Shanghai), the fourth overseas directly operated store, opened in February 2018.」
In addition to refurbishing existing stores in China to accommodate overnight stays and preparing to open directly operated and franchise stores, the company opened 2 franchise stores and its fourth directly operated store. - FY2018-Q3AdvancedAnnual report
「In China, the company worked on refurbishing existing stores, preparing to open directly operated and franchise stores, and negotiating with potential new locations and franchise partners. During the third quarter (October to December), GOKURAKUYU Qingdao Hongshulin-kan (Qingdao, Shandong Province), the Group's first overseas franchise store, opened in November 2017, followed by GOKURAKUYU Chuansha Onsen-kan (Shanghai) in December as its second franchise store.」
In China, the company proceeded with existing-store refurbishments, preparations to open directly operated and franchise stores, and negotiations with new potential partners, and opened franchise stores in Qingdao and Chuansha. - FY2018-Q2RestatedAnnual report
「In China, the company worked on refurbishing directly operated stores, preparing to open directly operated and franchise stores, and selecting locations for new stores.」
The company continued refurbishing directly operated stores in China, preparing to open directly operated and franchise stores, and selecting locations for new stores. - FY2018-Q1AdvancedAnnual report
「In China, the company worked on refurbishing directly operated stores, implementing various measures to improve customer satisfaction, and preparing to open franchise stores scheduled to open during the fiscal year.」
In China, the company proceeded with refurbishments of directly operated stores, measures to improve customer satisfaction, and preparations to open franchise stores scheduled to open during the fiscal year. - FY2017AdvancedAnnual report
「In China, the company will prepare to open additional directly operated stores following China Store No. 3 (Wuhan, Hubei Province), while strengthening ties with overseas companies and pursuing various business initiatives, including franchising, in order to establish and rapidly expand the Gokurakuyu brand.」
For the China business, the company announced plans to prepare additional directly operated stores following Store No. 3, strengthen collaboration with overseas companies, and pursue initiatives including franchising. During the fiscal year, it also signed 4 franchise store-opening agreements. - FY2017-Q3RaisedAnnual report
「In China, we plan to open 3 new franchise stores in the next fiscal year and 1 in the fiscal year after that, and will work to open additional stores.」
The company presented a specific plan to open 3 stores in China in the next fiscal year and 1 store in the following fiscal year through business partners, an increase from the previous plan for 2 stores in the next fiscal year. - FY2017-Q2AdvancedAnnual report
「As part of its franchise expansion in China, the company plans to open 2 new stores in the next fiscal year and is working to open additional stores.」
The company presented a specific plan to open 2 stores in China through business partners in the next fiscal year as part of its franchise expansion. - FY2016First statedAnnual report
「Going forward, we will work to open new stores in China promptly in collaboration with business partners.」
The company plans to expand its China store network in collaboration with business partners through its Hong Kong-based company overseeing the China business.