Worth reading
70In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
7000000
Thousands of yen (revenue plan for the fiscal year ending February 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+45.9%
基準 4,796,658Target7,000,000thousand
Operating profit+493.7%
基準 35,373Target210,000thousand
Operating profit margin+3.0pt
基準 2,026Target2,029％
Net income for the current fiscal year+1,207.1%
基準 11,476Target150,000thousand
ROE+5.0pt
基準 2,026Target2,031％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Total investment plan¥1,150 million (total capital investment stated for the fiscal years ending February 2027 through February 2029)
Investment amount by sectorField Capital Expenditure / Amount ¥550 million for the fiscal year ending February 2027, ¥300 million for the fiscal year ending February 2028, and ¥300 million for the fiscal year ending February 2029
Statements about the use of capital
Payout ratio / DOE policyNumerical targets for the dividend payout ratio and DOE are not disclosed. The Company will maintain annual dividends at ¥18 per share during the growth investment period and plans to increase dividends further depending on progress toward its earnings targets. Planned dividends per share are ¥18 for the fiscal year ending February 2027, ¥19 for the fiscal year ending February 2028, and ¥20 for the fiscal year ending February 2029.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceMaintaining a PBR above 1x throughout the medium-term plan period is a management commitment. The current PBR is not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Production strategy: “Double Core + Specialty”
02Sales and marketing strategy
03Strengthening brand communications using social media
04Moving away from summer concentration through the rollout of the new “Marone” brand and frozen Japanese confectionery
05Expanding the market area by using the Toyama Plant as a logistics hub for the Kansai and Chukyo regions
06Focusing on co-creation-oriented businesses in OEM and contract manufacturing
07Profitability restructuring
08Reducing the cost ratio through centralized procurement
09Improving the labor cost ratio through investment in automation and labor-saving measures
10Reducing costs by cutting manufacturing losses, including minor stoppages and waste
11Increasing unit sales prices through price pass-through
12Absorbing fixed costs through full operation of the Toyama Plant
Segment targetSegment Ice cream: in-house brands / Sales target ¥2,200 million for the fiscal year ending February 2029 (31.4%), Segment Ice cream: OEM and contract manufacturing / Sales target ¥3,500 million for the fiscal year ending February 2029 (50.0%), Segment Other (frozen Japanese confectionery, ice manufacturing, etc.) / Sales target ¥1,300 million for the fiscal year ending February 2029 (18.6%)
Non-financial targetsIndicator name Paid leave utilization rate (relative to annual leave granted) / Target value 72.0% or higher / Timing Fiscal year ending February 2029, Indicator name Percentage of women in management positions (of all management positions) / Target value 23.0％ / Timing Fiscal year ending February 2029, Indicator name CO₂ emissions from electricity use / Target value Effectively zero / Timing From April 2026, at the Niigata, Sanjo, Toyama, and Toyosaka plants
Risks identified by the company
Further increases in raw material and energy costs (impact: high)
Manufacturing losses at production plants (impact: medium)
Increasing difficulty in securing personnel (impact: medium)
Unfavorable summer weather (risk of a cool summer) (impact: medium)
Reason for revision or withdrawal
Production capacity expanded significantly after the Company acquired assets, including production equipment, of Morinaga Hokuriku Dairy Co., Ltd.’s Toyama Plant in November 2025 and began operating the facility as the “Seihyo Toyama Plant.” In light of this major change in the business environment, the previous plan was withdrawn and a new plan was formulated with a view to becoming a ¥10 billion-revenue company.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan “ONE SEIHYO, BEYOND LIMITS” |
| Plan period | March 2026 to February 2029 |
| Progress against the plan | Formulated |
| Sales Target | Actual for the fiscal year ended February 2026 4,796,658 → Plan for the fiscal year ending February 2029 7,000,000（Approximately +45.9%） |
| Operating profit target | Actual for the fiscal year ended February 2026 35,373 → Plan for the fiscal year ending February 2029 210,000（Approximately +493.7%） |
| Operating profit margin target | Actual for the fiscal year ended February 2026 0.7% → Plan for the fiscal year ending February 2029 3.0%（Approximately +328.6%） |
| Net income target | Actual for the fiscal year ended February 2026 11,476 → Plan for the fiscal year ending February 2029 150,000（Approximately +1,207.1%） |
| ROE target | Actual for the fiscal year ended February 2026 0.7% → Plan for the fiscal year ending February 2029 6.9%. The management commitment during the plan period is ROE of 8.0% or higher, and the target for the fiscal year ending February 2031 is ROE of 8.0% or higher.（Approximately +885.7%） |
| Payout ratio / DOE policy | Numerical targets for the dividend payout ratio and DOE are not disclosed. The Company will maintain annual dividends at ¥18 per share during the growth investment period and plans to increase dividends further depending on progress toward its earnings targets. Planned dividends per share are ¥18 for the fiscal year ending February 2027, ¥19 for the fiscal year ending February 2028, and ¥20 for the fiscal year ending February 2029. |
| Self-assessment of PBR and share price | Maintaining a PBR above 1x throughout the medium-term plan period is a management commitment. The current PBR is not disclosed. |
| Total investment plan | ¥1,150 million (total capital investment stated for the fiscal years ending February 2027 through February 2029) |
| Investment amount by sector | Field Capital Expenditure / Amount ¥550 million for the fiscal year ending February 2027, ¥300 million for the fiscal year ending February 2028, and ¥300 million for the fiscal year ending February 2029 |
| Segment target | Segment Ice cream: in-house brands / Sales target ¥2,200 million for the fiscal year ending February 2029 (31.4%), Segment Ice cream: OEM and contract manufacturing / Sales target ¥3,500 million for the fiscal year ending February 2029 (50.0%), Segment Other (frozen Japanese confectionery, ice manufacturing, etc.) / Sales target ¥1,300 million for the fiscal year ending February 2029 (18.6%) |
| Non-financial targets | Indicator name Paid leave utilization rate (relative to annual leave granted) / Target value 72.0% or higher / Timing Fiscal year ending February 2029, Indicator name Percentage of women in management positions (of all management positions) / Target value 23.0％ / Timing Fiscal year ending February 2029, Indicator name CO₂ emissions from electricity use / Target value Effectively zero / Timing From April 2026, at the Niigata, Sanjo, Toyama, and Toyosaka plants |
| Key initiatives | Production strategy: “Double Core + Specialty”, Sales and marketing strategy, Strengthening brand communications using social media, Moving away from summer concentration through the rollout of the new “Marone” brand and frozen Japanese confectionery, Expanding the market area by using the Toyama Plant as a logistics hub for the Kansai and Chukyo regions, Focusing on co-creation-oriented businesses in OEM and contract manufacturing, Profitability restructuring, Reducing the cost ratio through centralized procurement, Improving the labor cost ratio through investment in automation and labor-saving measures, Reducing costs by cutting manufacturing losses, including minor stoppages and waste, Increasing unit sales prices through price pass-through, Absorbing fixed costs through full operation of the Toyama Plant |
| Reason for revision or withdrawal | Production capacity expanded significantly after the Company acquired assets, including production equipment, of Morinaga Hokuriku Dairy Co., Ltd.’s Toyama Plant in November 2025 and began operating the facility as the “Seihyo Toyama Plant.” In light of this major change in the business environment, the previous plan was withdrawn and a new plan was formulated with a view to becoming a ¥10 billion-revenue company. |
| Risks identified | Further increases in raw material and energy costs (impact: high), Manufacturing losses at production plants (impact: medium), Increasing difficulty in securing personnel (impact: medium), Unfavorable summer weather (risk of a cool summer) (impact: medium) |
| Publication date | 17 April 2026 |
Items this document does not state (7)
ROIC targetTreasury share acquisition policyCost of capitalPlan assumptionsResults under the previous planSize of the Target MarketDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Production capacity expanded significantly after the Company acquired assets, including production equipment, of Morinaga Hokuriku Dairy Co., Ltd.’s Toyama Plant in November 2025 and began operating the facility as the “Seihyo Toyama Plant.” In light of this major change in the business environment, the previous plan was withdrawn and a new plan was formulated.
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