Worth reading
80Important
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
117.9
Percentage compared with fiscal 2025 operating profitWording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,025Target2,028100 million
Operating profit+0.1%
基準 2,025Target2,028100 million
Operating profit margin+3.0pt
基準 2,025Target2,028%
ROE+2.0pt
基準 2,026Target2,028%
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.
ROICNot disclosed → 10.0% or higher (fiscal 2028)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNet sales of ¥85.0 billion, operating profit of ¥6.8 billion, 580 stores (revised to 560 stores in the fiscal year ending February 2023), and an EC sales ratio of 15.0% (VISION2025 targets) → Net sales of ¥81.3 billion, operating profit of ¥3.9 billion, 557 stores, and an EC sales ratio of 18.0% (actual results)-72.5%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyDividend payout ratio of 35% or higher (fiscal 2028)The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalApproximately 7–8% currentlyThe cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe share price has remained sluggish at around ¥1,300, compared with its peak during the COVID-19 special-demand period. PBR has been below 1x in recent years, falling to 0.83x at the end of the fiscal year ending February 2026. The Company aims to achieve a PBR above 1x at an early stage.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Deepening OMO
02Strengthening CRM
03Expanding adjacent businesses
04Expansion of Strategic Partnerships
05Strengthening the Management Platform
06Human Capital Management
07Sustainability management
Plan assumptionsJapan's domestic new bicycle market is expected to have fallen just below 5 million units in 2025 and to continue declining at an annual rate of approximately 4–5%., The electric bicycle ratio has risen to approximately 14% currently and is expected to continue trending upward., Targeting the 60 million bicycles held in Japan, Consumers are tending to defer purchases of durable goods due to rising prices and other factors.
Segment targetSegment Store/EC / Net Sales ¥89.3 billion (fiscal 2028) / FY2025 actual ¥78.5 billion / Compared with fiscal 2025 +13.8%, Segment New bicycles / Net Sales ¥61.9 billion (fiscal 2028) / FY2025 actual ¥55.5 billion / Compared with fiscal 2025 +11.5%, Segment Parts and services / Net Sales ¥27.4 billion (fiscal 2028) / FY2025 actual ¥22.9 billion / Compared with fiscal 2025 +19.7%, Segment Adjacent Businesses / Net Sales ¥7.4 billion (fiscal 2028) / FY2025 actual ¥2.8 billion / Compared with fiscal 2025 +164.2%
Non-financial targetsIndicator Asahi membership / Target 8.5 million or more / Timing FY2028, Indicator Number of stores carrying the Asahi brand / Target 1,700 stores or more / Timing FY2028, Indicator Share of bicycle unit sales / Target 29% / Timing FY2028, Indicator Number of Asahi Bicycle Meisters / Target 930 / Timing FY2028, Indicator Average employee salary / Target +10% versus 2025 / Timing Not disclosed, Indicator Engagement score / Target +6% versus 2025 / Timing Not disclosed
Size of the Target MarketJapan's domestic new bicycle market has declined from approximately 10 million units in 2011 to just below 5 million units in 2025. The number of bicycles held in Japan is 60 million. The market is expected to continue declining at an annual rate of approximately 4–5%. Source: Company estimates based on bicycle statistics from the Ministry of Finance's Trade Statistics and electric bicycle statistics from the Ministry of Economy, Trade and Industry's Current Survey of Production. The estimate of 60 million bicycles held in Japan is based on the Company's calculations using, among other sources, the Bicycle Ownership and Usage Survey Report for fiscal 2021 issued by the Japan Bicycle Promotion Institute.
Risks identified by the company
Structural contraction of Japan's domestic new bicycle market
Consumers deferring purchases of durable goods due to rising prices and other factors
Higher manufacturing costs and changes in the cost environment
Declining working-age population and workforce diversification
Addressing environmental and social issues
Reason for revision or withdrawal
Sales and profit fell short of targets due to deteriorating market conditions. The new bicycle sales market underperformed the plan, while rising costs of raw materials due to the depreciation of the yen and higher store-opening costs also led the Company to restrain store openings in favor of marketing priorities.
| Item | Details |
|---|---|
| Plan name | VISION2028 |
| Plan period | 3 years from the fiscal year ending February 2027 through the fiscal year ending February 2029 |
| Progress against the plan | Formulated |
| Sales Target | ¥81.3 billion (fiscal 2025 actual) → ¥96.8 billion (fiscal 2028 plan)（+19.4%） |
| Operating profit target | ¥3.9 billion (fiscal 2025 actual) → ¥8.5 billion (fiscal 2028 plan)（+117.9%） |
| Operating profit margin target | 4.8% (fiscal 2025 actual results) → 8.9% (fiscal 2028 plan) |
| ROE target | 5.7% (fiscal 2025 actual; fiscal year ending February 2026) → 10.0% or higher (fiscal 2028) |
| ROIC target | Not disclosed → 10.0% or higher (fiscal 2028) |
| Payout ratio / DOE policy | Dividend payout ratio of 35% or higher (fiscal 2028) |
| Cost of capital | Approximately 7–8% currently |
| Self-assessment of PBR and share price | The share price has remained sluggish at around ¥1,300, compared with its peak during the COVID-19 special-demand period. PBR has been below 1x in recent years, falling to 0.83x at the end of the fiscal year ending February 2026. The Company aims to achieve a PBR above 1x at an early stage. |
| Segment target | Segment Store/EC / Net Sales ¥89.3 billion (fiscal 2028) / FY2025 actual ¥78.5 billion / Compared with fiscal 2025 +13.8%, Segment New bicycles / Net Sales ¥61.9 billion (fiscal 2028) / FY2025 actual ¥55.5 billion / Compared with fiscal 2025 +11.5%, Segment Parts and services / Net Sales ¥27.4 billion (fiscal 2028) / FY2025 actual ¥22.9 billion / Compared with fiscal 2025 +19.7%, Segment Adjacent Businesses / Net Sales ¥7.4 billion (fiscal 2028) / FY2025 actual ¥2.8 billion / Compared with fiscal 2025 +164.2% |
| Non-financial targets | Indicator Asahi membership / Target 8.5 million or more / Timing FY2028, Indicator Number of stores carrying the Asahi brand / Target 1,700 stores or more / Timing FY2028, Indicator Share of bicycle unit sales / Target 29% / Timing FY2028, Indicator Number of Asahi Bicycle Meisters / Target 930 / Timing FY2028, Indicator Average employee salary / Target +10% versus 2025 / Timing Not disclosed, Indicator Engagement score / Target +6% versus 2025 / Timing Not disclosed |
| Plan assumptions | Japan's domestic new bicycle market is expected to have fallen just below 5 million units in 2025 and to continue declining at an annual rate of approximately 4–5%., The electric bicycle ratio has risen to approximately 14% currently and is expected to continue trending upward., Targeting the 60 million bicycles held in Japan, Consumers are tending to defer purchases of durable goods due to rising prices and other factors. |
| Key initiatives | Deepening OMO, Strengthening CRM, Expanding adjacent businesses, Expansion of Strategic Partnerships, Strengthening the Management Platform, Human Capital Management, Sustainability management |
| Results under the previous plan | Net sales of ¥85.0 billion, operating profit of ¥6.8 billion, 580 stores (revised to 560 stores in the fiscal year ending February 2023), and an EC sales ratio of 15.0% (VISION2025 targets) → Net sales of ¥81.3 billion, operating profit of ¥3.9 billion, 557 stores, and an EC sales ratio of 18.0% (actual results) |
| Reason for revision or withdrawal | Sales and profit fell short of targets due to deteriorating market conditions. The new bicycle sales market underperformed the plan, while rising costs of raw materials due to the depreciation of the yen and higher store-opening costs also led the Company to restrain store openings in favor of marketing priorities. |
| Size of the Target Market | Japan's domestic new bicycle market has declined from approximately 10 million units in 2011 to just below 5 million units in 2025. The number of bicycles held in Japan is 60 million. The market is expected to continue declining at an annual rate of approximately 4–5%. Source: Company estimates based on bicycle statistics from the Ministry of Finance's Trade Statistics and electric bicycle statistics from the Ministry of Economy, Trade and Industry's Current Survey of Production. The estimate of 60 million bicycles held in Japan is based on the Company's calculations using, among other sources, the Bicycle Ownership and Usage Survey Report for fiscal 2021 issued by the Japan Bicycle Promotion Institute. |
| Risks identified | Structural contraction of Japan's domestic new bicycle market, Consumers deferring purchases of durable goods due to rising prices and other factors, Higher manufacturing costs and changes in the cost environment, Declining working-age population and workforce diversification, Addressing environmental and social issues |
| Date of board resolution | 3 April 2026 |
| Publication date | 3 April 2026 |
Items this document does not state (4)
Net income targetTreasury share acquisition policyTotal investment planInvestment amount by sector
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.In response to the structural contraction of Japan's new bicycle market and changes in the cost environment, it is necessary to further develop the OMO, EC and SPA platforms established under the previous medium-term management plan. The Company will shift to a growth model that does not rely solely on expanding new bicycle sales and build a circular business centered on the bicycles held in Japan.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.