Earnings volatility due to concentrated sales in Japan and China and seasonality
First written in FY2021. 2 of 5 entries say "Worsened", first in FY2025. Latest entry: 2026-08-10.
Yonex moved to the "Worse" side of this theme in 2025, 6 years after the typical company in this theme (2019).
The whole theme swung hardest in 2017: 3 of 10 companies on the "Worse" side.
5 other companies' latest entry also says "Worsened".
- 2026-08-10WorsenedFinancial Results Presentation
「Overseas revenue ratio 77.1%」
The overseas revenue ratio was 77.1%, up from 74.4% in the same period of the previous year, indicating a greater numerical concentration in overseas sales. - FY2026RestatedAnnual report
「Overseas markets account for approximately 70% of the Group's consolidated sales, with Asia representing a particularly high proportion. Sales to China, which has a large badminton market, account for approximately 50% of consolidated sales, resulting in a relatively high concentration of sales in a specific region.」
The company continues to disclose concentration of sales overseas and in China at approximately 70% and 50%, respectively. - FY2025WorsenedAnnual report
「Overseas markets account for approximately 70% of the Group's consolidated sales, with Asia representing a particularly high proportion. Sales to China, which has a large badminton market, account for approximately 50% of consolidated sales, resulting in a relatively high concentration of sales in a specific region.」
The proportion increased from approximately 40% for China reported in the previous fiscal year to approximately 50% in the current fiscal year, providing a clearer quantitative indication of the greater concentration of sales overseas and in China. - FY2024The sales mix in Japan and China changedAnnual report
「Domestic sales alone also account for approximately 30% of consolidated sales. Overseas, sales to China, which has a large badminton market, account for approximately 40% of consolidated sales.」
Regarding sales concentration risk, the company reported the current-year mix of approximately 30% for domestic sales and approximately 40% for sales to China. - FY2021First statedAnnual report
「Domestic sales alone also account for approximately 50% of consolidated sales. Overseas, China has a large badminton market and accounts for approximately 30% of consolidated sales.」
The company has identified concentration of sales in Japan, which accounts for approximately 50%, and China’s badminton market, which accounts for approximately 30%, together with seasonal concentration in Japan’s fourth quarter, as risks to earnings volatility for the first time.