Yamami Company

Business Details

The company manufactures tofu, atsuage, aburaage, and other products at three sites — the head office plant in Mihara City, Hiroshima Prefecture, the Kansai plant in Koka City, Shiga Prefecture, and the Fuji Foothills plant in Sunto District, Shizuoka Prefecture — and sells them to retailers and wholesalers from Kyushu to the Kanto region. Its competitive advantages lie in high hygiene standards achieved through mechanization and full automation, and cost reduction through mass production, while also expanding value-added products such as pre-cut tofu. Its major customer is Nippon Access, Inc. (10.9% of net sales). All plants have obtained FSSC22000 certification.

Recent Overview

Net sales up 9.9% and operating profit up 50.7% in cumulative Q3, marking substantial profit growth; full-year forecast unchanged

For the cumulative nine months of FY2026 (ending June 2026) (July 2025 to March 2026), net sales were ¥17,450 million (+9.9% YoY) and operating profit was ¥1,999 million (+50.7% YoY), representing substantial profit growth. Despite the absence of the ¥444 million in subsidy income (extraordinary profit) recorded in the same period of the prior year, quarterly net profit also increased to ¥1,400 million (+14.1% YoY). Construction in progress increased by ¥1,308 million, reflecting ongoing capital investment. There has been no change to the full-year earnings forecast (net sales of ¥23,000 million, operating profit of ¥2,500 million), and the progress rate for operating profit through cumulative Q3 has reached approximately 80%.

Key Products

Growth Drivers

• Expanding market share through aggressive sales development in the Kanto region leveraging the Fuji Foothills plant
• Strengthening production capacity and increasing sales through renewal of the Aburaage line and expansion of the Atsuage line
• Improving manufacturing efficiency and reducing per-unit fixed manufacturing costs through mechanization and IoT adoption
• Raising average selling prices by expanding value-added products such as pre-cut tofu and offering small individual-serving sizes
• Expanding business scope by developing commercial-use channels (food service and convenience stores)
• Differentiation through quality appeals such as the use of 100% Hokkaido-grown soybeans

Risks

• Rising cost of sales due to higher prices of raw materials (soybeans and auxiliary materials) and yen depreciation
• Increased expenses such as utility costs and freight due to persistently high energy prices (including crude oil price increases driven by factors such as Middle East tensions)
• Impact on sales volume from consumers' increased frugality and weaker purchasing sentiment
• Increased labor-related costs and difficulty securing personnel amid tight labor demand
• Risk of food safety and hygiene incidents (given the high quality control requirements for daily delivery products)
• Risk of future increases in depreciation expenses associated with ongoing capital investment (construction in progress of ¥1,417 million)