ENVALITH
株式会社あさひ logo

ASAHI CO.,LTD.

3333・Prime Market・Retail Trade

Official website
株式会社あさひ logo
ASAHI CO.,LTD.3333

Business

Asahi Co., Ltd. is a bicycle specialty retail chain operating under the "Cycle Base Asahi" brand, with 528 directly-operated stores and 17 franchise stores nationwide (557 stores at the end of FY2026 (ending February 2026)). Founded in 1949, it launched as a bicycle specialty store in 1975 and has expanded into every prefecture from Hokkaido to Kyushu. In addition to Bicycle Sales (general-purpose bicycles, electrically power-assisted bicycles, sports cycles, etc.), the company operates Repair & Maintenance Service, the Reuse Business, EC sales through its official online store, Yahoo! store, and Rakuten Ichiba store, as well as a wholesale business supplying merchandise to domestic retailers. It employs an SPA-type business model, handling private-brand products (manufactured in China and Taiwan) and other-brand products at a roughly 50:50 composition ratio.

Business Model

Bicycle unit sales account for approximately 71% of revenue, Parts & Accessories Sales for approximately 12%, and Repair & Maintenance Service and other services for approximately 12%. Gross margin is secured through an SPA-type model that combines in-house planned, overseas-manufactured proprietary brand products with third-party brand products at roughly a 50/50 ratio. Demand for repair and maintenance is on an expanding trend as rising prices lengthen the replacement cycle. The OMO strategy (online ordering with in-store pickup) integrates e-commerce sales with physical stores, maximizing customer touchpoints.

Company Strengths

2026年2月期末時点で直営528店舗・FC17店舗の計557店舗を全国展開。北海道・東北・関東・甲信越エリアだけで252店舗・売上高39,749百万円（構成比48.7%）を占める。毎期15〜20店舗の新規出店ペースを維持しており、2026年2月期も15店舗純増を達成した。

中国・台湾の海外メーカーで生産した自社ブランド商品と他社ブランド商品を各50%前後で構成するSPA型モデルを採用。「確かな品質で値ごろ感のある商品」を提供し、2025年2月期の売上総利益は38,739百万円（売上総利益率47.5%）を達成。

新ブランド「COOSA」の立ち上げなど商品開発も継続している。

全国店舗に修理技能を有する専門スタッフを配置し、物価高による「1台を長く使う」需要増に対応。2025年2月期にシティサイクルの買取を開始し、スポーツサイクル・電動アシスト・キッズサイクルと合わせて全車種の買取・再販売体制を確立。西日本サポートセンターの機能強化により商品化効率も向上している。

ENVALITH's Perspective

For the cumulative Q1 of FY2027 (ending February 2027), net sales came to ¥27,786 million (up 2.5% year-on-year), securing an increase in sales; however, operating profit declined to ¥3,097 million (down 5.3% year-on-year), ordinary profit fell to ¥3,138 million (down 7.8% year-on-year), and quarterly net profit dropped to ¥2,140 million (down 8.4% year-on-year), with all profit items falling below the prior-year level. Selling, general and administrative expenses increased by ¥460 million to ¥9,499 million (from ¥9,039 million in the same period of the prior year), and the structure in which cost increases driven by rising personnel expenses and inflation squeeze profitability continues.

The full-year earnings forecast (net sales of ¥86,278 million, up 6.0% year-on-year; operating profit of ¥4,300 million, up 9.2% year-on-year) remains unchanged. However, while the Q1 cumulative operating profit progress rate appears high at approximately 72% (¥3,097 million ÷ ¥4,300 million), given that spring through early summer is the peak season for bicycle retail, capturing demand in the second half (autumn/winter), factoring in seasonality, is key to achieving the full-year target. Amid a continuing market environment of sluggish new bicycle replacement demand, the expansion of repair and maintenance demand and the profit contribution of peripheral businesses will be put to the test.

At the end of Q1 of FY2027 (ending February 2027), total assets stood at ¥58,500 million against net assets of ¥41,669 million, with an equity ratio of 71.2% (a slight decline from 71.6% at the end of the prior fiscal year), indicating a solid financial base. Cash and deposits amounted to ¥15,456 million, an increase of ¥3,153 million from the end of the prior fiscal year. The annual dividend forecast is maintained at ¥50 (the same amount as the prior fiscal year), and despite a decline in quarterly net profit per share to ¥82.18 (from ¥89.71 in the same period of the prior year), there has been no change to the shareholder return policy. Maintaining the dividend during a phase of declining profit implies a rise in the payout ratio, and future profit recovery will determine the sustainability of shareholder returns going forward.

Growth Strategy

Under VISION2028, building a circular business model through OMO, CRM, and expansion of peripheral businesses

Building a framework that integrates EC and physical stores to provide a unified customer experience from information gathering through purchase and use. In Q1 FY2027 (ending February 2027) as well, the company continues to promote platformization through mutual linkage of each service, aiming to shift toward a revenue structure not solely dependent on new bicycle sales.

Through information provision and service integration via the "Cycle Base Asahi Official App," the company is strengthening its approach to the approximately 60 million bicycles owned domestically. It aims to capture repair and maintenance demand and improve customer repeat rates, cultivating this as a revenue source to complement sluggish new bicycle sales.

The company aims to move away from dependence on new bicycle sales by expanding into peripheral business areas, including the Reuse Business. Amid a strengthening consumer trend toward using a single bicycle for longer periods through repair and maintenance, favorable external conditions are emerging, and expansion of revenue contribution from the circular model is expected.

Trade area expansion through collaboration with strategic partners is positioned as a key strategy. In Q1 FY2027 (ending February 2027), one new store was opened in the Kanto region (with one store closed simultaneously), maintaining a total of 557 stores at period end (539 directly operated stores and 18 franchise stores). Optimization of the store network through openings and closures continues.

Last updated: July 17, 2026