Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-222
¥ millions (operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationInterim results for fiscal 2026 (fiscal year ending February 2027)13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales10,899 Millions of yen+3.9%
Operating profit-222 Millions of yen
Gross Profit Margin12.4
Selling, general and administrative expenses1,578 Millions of yen
Full-year earnings forecast
Net Sales
27,000 Millions of yen
Gross profit
5,180 Millions of yen
Selling, general and administrative expenses
3,400 Millions of yen
Operating profit
1,780 Millions of yen
Ordinary income
1,820 Millions of yen
Profit attributable to owners of the parent
1,280 Millions of yen
Earnings per share
¥48.35
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Change in sales-268 Millions of yen
- Change in gross margin-340 Millions of yen
- Changes in selling, general and administrative expenses-26 Millions of yen
- Cotton spunlace and other products27 Millions of yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Domestic and China marketsDetailsSteady
- DELTA salesDetailsContribution
- Impact of higher costs resulting from the situation in the Middle EastDetailsNot incorporated into the earnings forecast as an uncertain factor
New initiatives
- Installation of an automated warehouse at the main factory
- Cost improvements and stronger sales in the spunlace business
- Development of a fully automated coverall processing machine; shipments scheduled to begin in spring 2027
- Development of an automated excreta-processing device; sales planned in South Korea
- Production of a prototype recycling machine for used disposable diapers
- Examination of growth investment opportunities, including capital and business alliances and technology partnerships in the automated packaging machinery sector
Key KPIsA metric the company considers important as a management benchmark.
- Orders received (hygiene product manufacturing machinery)11,331 Millions of yenYear on year against the same period last yearFlat year on year
- Order backlog (hygiene product manufacturing machinery)18,523 Millions of yen
- Order backlog at 瑞光上海7,930 Millions of yen
- Capital Expenditures343 Millions of yenYear on year against the same period last year+232.9%
- Depreciation479 Millions of yenYear on year against the same period last year+12.9%
Segment results
Hygiene Product Manufacturing Machinery
Net Sales
8,656 Millions of yen
Year-on-year change in amount-1,645
Cotton spunlace
Net Sales
2,089 Millions of yen
Year-on-year change in amount2,042
Year-on-year change4,344.7
Operating profit
3 Millions of yen
Other
Net Sales
152 Millions of yen
Medium-term management plan targets
Net Sales
27,000 Millions of yen
Revenue from new businesses
5,000 Millions of yen
Operating profit
1,780 Millions of yen
Gross Profit Margin
19 %
Target fiscal yearFiscal 2026
Financial targets
Debt-to-equity ratio
Fiscal 2025 year-end0.17 times
End of the first half of fiscal 20260.21 times
Equity ratio
Fiscal 2025 year-end69.1 %
End of the first half of fiscal 202666.7 %
Market Size / Share
- Disposable coverall gown marketUS$2.5 billion in 2024; US$4.5 billion in 2033
- Domestic market for elderly-care-related equipment¥800 billion in 2020; ¥5.6 trillion in 2050
- Domestic volume of discarded used adult diapers1.53 million tonnes in 2023; 1.81 million tonnes in 2030; 2.14 million tonnes in 2050
Orders received and order backlog
Orders received
11,331 Millions of yen
Order backlog
18,523 Millions of yen
Capital expenditures
343 Millions of yen
Annual Dividend
Annual dividend per share¥20
BreakdownOrdinary dividend of ¥16 and 80th anniversary commemorative dividend of ¥4
Payout ratio
35 Around %
Acquisition of treasury shares
Number of shares acquired500,000 Shares
Acquisition period25 February 2026
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | Interim results for fiscal 2026 (fiscal year ending February 2027) |
| Net Sales | 10,899 Millions of yen (YoY +3.9%) |
| Operating profit | -222 Millions of yen |
| Gross Profit Margin | 12.4 |
| Selling, general and administrative expenses | 1,578 Millions of yen |
| Full-year earnings forecast | Net Sales 27,000 Millions of yen / Gross profit 5,180 Millions of yen / Selling, general and administrative expenses 3,400 Millions of yen / Operating profit 1,780 Millions of yen / Ordinary income 1,820 Millions of yen / Profit attributable to owners of the parent 1,280 Millions of yen / Earnings per share ¥48.35 |
| Segment results | Hygiene Product Manufacturing Machinery Net Sales 8,656 Millions of yen / Year-on-year change in amount -1,645 / Operating profit Not disclosed / Cotton spunlace Net Sales 2,089 Millions of yen / Year-on-year change in amount 2,042 / Year-on-year change 4,344.7 / Operating profit 3 Millions of yen / Other Net Sales 152 Millions of yen / Operating profit Not disclosed |
| Breakdown of Factors Affecting the Change | Factors Change in sales / Amount -268 Millions of yen, Factors Change in gross margin / Amount -340 Millions of yen, Factors Changes in selling, general and administrative expenses / Amount -26 Millions of yen, Factors Cotton spunlace and other products / Amount 27 Millions of yen |
| Key KPIs | Indicator name Orders received (hygiene product manufacturing machinery) / Value 11,331 Millions of yen / Year on year against the same period last year Flat year on year, Indicator name Order backlog (hygiene product manufacturing machinery) / Value 18,523 Millions of yen / Year on year against the same period last year Not disclosed, Indicator name Order backlog at 瑞光上海 / Value 7,930 Millions of yen / Year on year against the same period last year Not disclosed, Indicator name Capital Expenditures / Value 343 Millions of yen / Year on year against the same period last year 232.9 Millions of yen, Indicator name Depreciation / Value 479 Millions of yen / Year on year against the same period last year 12.9 Millions of yen |
| Assumptions Underlying the Business Outlook | Item Domestic and China markets / Details Steady, Item DELTA sales / Details Contribution, Item Impact of higher costs resulting from the situation in the Middle East / Details Not incorporated into the earnings forecast as an uncertain factor |
| Medium-term management plan targets | Net Sales 27,000 Millions of yen / Revenue from new businesses 5,000 Millions of yen / Operating profit 1,780 Millions of yen / Gross Profit Margin 19 % / Target fiscal year Fiscal 2026 |
| Financial targets | Debt-to-equity ratio Fiscal 2025 year-end 0.17 times / End of the first half of fiscal 2026 0.21 times / Equity ratio Fiscal 2025 year-end 69.1 % / End of the first half of fiscal 2026 66.7 % |
| Annual Dividend | Annual dividend per share ¥20 / Breakdown Ordinary dividend of ¥16 and 80th anniversary commemorative dividend of ¥4 |
| Payout ratio | 35 Around % |
| Acquisition of treasury shares | Number of shares acquired 500,000 Shares / Acquisition period 25 February 2026 / Acquisition price Not disclosed / Period Not disclosed |
| Capital expenditures | 343 Millions of yen |
| Orders received and order backlog | Orders received 11,331 Millions of yen / Order backlog 18,523 Millions of yen |
| Market Size / Share | Market Disposable coverall gown market / Value US$2.5 billion in 2024; US$4.5 billion in 2033, Market Domestic market for elderly-care-related equipment / Value ¥800 billion in 2020; ¥5.6 trillion in 2050, Market Domestic volume of discarded used adult diapers / Value 1.53 million tonnes in 2023; 1.81 million tonnes in 2030; 2.14 million tonnes in 2050 |
| New initiatives | Installation of an automated warehouse at the main factory, Cost improvements and stronger sales in the spunlace business, Development of a fully automated coverall processing machine; shipments scheduled to begin in spring 2027, Development of an automated excreta-processing device; sales planned in South Korea, Production of a prototype recycling machine for used disposable diapers, Examination of growth investment opportunities, including capital and business alliances and technology partnerships in the automated packaging machinery sector |
Items this document does not state (11)
Ordinary incomeNet incomeOperating profit marginResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookKey points of the Q&A
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.The main factors were a substantial decline in sales at 瑞光上海, lower utilization at the company, a decline in gross margin due to price competition in China, and higher costs caused by delays in delivery of new-product projects. In the second half, the company expects sales at 瑞光上海 to increase and the higher costs caused by delivery delays to subside.
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