ASAHIMATSU FOODS CO.,LTD.
2911・Standard Market・Foods
Business
Asahimatsu Foods, founded in 1950, is a soy food specialty manufacturer headquartered in Iida City, Nagano Prefecture, engaged in the manufacture and sale of three product categories: Frozen Tofu (Shin Asahi Tofu) (koya-tofu), Processed Foods (Instant Miso Soup, etc.), and medical-use food ingredients for people with dysphagia. The group operates through its business including consolidated subsidiary Asahimatsu Fresh System, and is listed on the Standard Market of the Tokyo Stock Exchange. Its main customers are Mitsubishi Corporation (51.8% of net sales) and Mitsui & Co. (7.8% of net sales), leveraging distribution networks via major trading companies. While anticipating a shrinking domestic food market, the company aims to differentiate itself along three axes: appeals based on health functionality, demand from medical and nursing care facilities, and overseas expansion.
Business Model
The company manufactures Frozen Tofu (Shin Asahi Tofu), Processed Foods, and medical-use food ingredients at its own plants (Tenryu Plant, Takamori Plant, etc.), and sells them through retail distribution channels via major trading companies as well as direct-sales channels to hospitals and nursing care facilities. By combining price revisions with SKU-level profitability management, the company absorbs cost increases while enhancing added value through FSSC22000 certification acquisition, full adoption of GlobalG.A.P.-certified soybeans, and publication of research papers on health functionality, aiming to secure appropriate profit levels even amid declining sales volumes.
Company Strengths
Obtained FSSC22000 certification at all plants in 2016 and has continued to upgrade the certification since. The main raw material, soybeans, was fully switched to GlobalG.A.P.-certified products (2020). By maintaining external certification of its food safety management system, the company has built a quality foundation that underpins the trust of major trading companies, mass retailers, and medical/nursing care facilities.
Supplies cooked and texture-modified foods for people with dysphagia to hospitals and nursing care facilities, contributing to labor-saving in kitchen operations and alleviating staff shortages. In FY2026 (ending March 2026), the company invested ¥501 million in manufacturing equipment at the Takamori Plant to improve productivity, quality, and safety. Demand has remained stable against the backdrop of structural staff shortages in nursing care settings.
Published a joint research paper with the Shinshu University School of Medicine on the anti-obesity and anti-fatty liver effects of resistant protein. Obtained a patent for the new Asahi tofu manufacturing method in 2019. In 2025, the company received the "6th Japan Childcare Support Award 2025" and its products were also adopted as disaster preparedness supplies at the Osaka-Kansai Expo, building science-based brand value.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥8,034 million in FY2022 and has continued to decline gradually since, reaching ¥7,686 million in FY2026 (down 4.1% year on year). Operating profit bottomed out at a loss of ¥50 million in FY2023, recovered for two consecutive periods, then plunged to ¥87 million in FY2026. This reflected external factors such as persistently high raw material and energy prices amid yen depreciation and rising logistics and labor costs, compounded by an internal factor: price revisions in prior years led to a decline in sales volume. Net income was secured at ¥230 million, aided by a gain on the sale of an overseas subsidiary (¥164 million), but this was a one-time factor. For FY2027, the company forecasts a recovery to revenue of ¥7,800 million and operating profit of ¥120 million, though uncertainty over the cost environment persists.
Growth Strategy
Four pillars: health appeal for frozen tofu, cultivation of medical food materials, overseas expansion, and new business development
Launched the "Shin Asahi Tofu" brand website, won the 6th Japan Childcare Support Award 2025, had products adopted as disaster preparedness supplies at Expo 2025 Osaka, Kansai, and ran a year-end TV commercial, among other awareness-raising initiatives. Also proposed new usages such as products utilizing high-oleic-acid soybeans and fried frozen tofu (koridofu karaage). However, sales volume has declined due to the impact of price revisions, and converting these appeal efforts into a volume recovery remains a challenge.
Promoting expansion of sales of dysphagia (swallowing difficulty) foods to hospitals and nursing care facilities. Introduced the latest manufacturing equipment to improve quality and safety, and expanded sales through direct mail and other channels. Stable demand is expected given the progression of an aging society, but the other food products segment as a whole struggled in FY2026, down 5.5% year on year, making a return to a growth trajectory an urgent priority.
Continuing the policy of focusing on developing overseas sales channels for frozen tofu. Meanwhile, in FY2026 (ended March 2026), the company transferred its equity stake in a Chinese joint venture (Qingdao Asahimatsu Kangda Food Co., Ltd. and one other company), removing it from consolidation (equity stake reduced from 90.0% to 19.5%), thereby scaling back overseas production bases. Going forward, the focus is expected to shift toward export-centered overseas expansion.
The company has stated its policy of focusing on developing new businesses with growth potential following medical food materials, and continuing to cultivate a new pillar of business. Specific business content and investment scale have not been disclosed in the earnings report. The forecast for FY2027 (ending March 2027) plans to offset the decline from the reduction in overseas subsidiaries through maintaining and expanding existing businesses plus contributions from new businesses.
Capital expenditure on tangible fixed assets in FY2026 (ended March 2026) was ¥501 million (up from ¥422 million in the previous fiscal year). The company continues to promote changes to a more efficient production system, review of raw material procurement methods, and review of delivery methods to curb logistics costs. Additional price revisions will also be considered if cost increases exceed forecasts.
Last updated: July 19, 2026