ENVALITH
株式会社マイネット logo

Mynet Inc.

3928・Standard Market・Information & Communication

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株式会社マイネット logo
Mynet Inc.3928

Business

Mynet Inc. is a game-focused company whose core business is the "Secondary Domain," in which it acquires and takes on outsourced operation of smartphone game titles from game makers for long-term management. Founded in 2006, the company listed on the Tokyo Stock Exchange Mothers market (now the Standard market) in 2015. Operating as a group of 8 companies including 7 consolidated subsidiaries, it runs two segments: Game Business (net sales of ¥6,797 million) and Cross-Industry Business (net sales of ¥681 million). Within the Game Business, in addition to the Secondary Domain, the company is expanding into a "New Domain" covering staffing and development solutions, and a "Sports DX Domain" covering officially licensed J.LEAGUE and B.LEAGUE fantasy sports. In the Cross-Industry Business, centered on Digon Co., Ltd., the company provides one-stop Strategic Consulting Service and Kitting BPO Service. Major customers include game makers and platform operators such as Bushiroad (25.1% of sales), DeNA (14.6% of sales), and Sega (11.4% of sales).

Business Model

In the core Secondary Domain, the company acquires or takes on outsourced operation of mature game titles from game makers, generating user payment revenue through long-term operation. Flexible contract schemes such as profit sharing enhance its competitiveness in acquiring large-scale titles. In new domains, the company builds up BtoB fee revenue through the dispatch of specialized personnel and the provision of development solutions. In the Cross-Industry Business, it aims to build recurring revenue through one-stop support that combines Strategic Consulting Service with Kitting BPO Service.

Company Strengths

As of October 2022, 10 titles operated by Mynet had achieved their 10th anniversary, reflecting the company's specialized know-how in the long-term, stable operation of mature titles. In FY2025 (fiscal year ending December 2025) as well, operations of existing titles have progressed favorably, with the Secondary Domain functioning as a stable cash-generating foundation.

In response to the increasing scale and diversification of game titles, the company has established diverse contract formats, including profit-sharing arrangements and simultaneous domestic and overseas operation frameworks. As the number of players capable of acquiring and operating large-scale, diversely deployed titles is limited, the company has built differentiated competitiveness in title acquisition.

The company maintains ongoing business relationships with major domestic game makers and platformers, including Bushiroad (25.1% of sales), DeNA (14.6%), Sega (11.4%), and GREE Holdings (8.8%), and also maintains distribution agreements with major platforms including Apple and Google.

ENVALITH's Perspective

Operating loss for Q1 of FY2026 (ending December 2026) worsened significantly to ¥101 million (versus operating profit of ¥147 million in the same period of the prior year). Cost of sales increased by ¥63 million year-on-year, causing gross profit margin to decline from 45.2% to 38.6%, while SG&A expenses also increased by ¥59 million. The full-year forecast remains unchanged at net sales of ¥9,000 million and operating profit of ¥390 million (up 4.1% year-on-year), requiring the company to earn ¥491 million in operating profit over the remaining three quarters. Upfront investment in the sports content domain appears to be the main cause of the Q1 loss, and progress in monetization will be key to achieving the full-year target.

'J.LEAGUE FANTASY CARD' has seen steady user acquisition with over 110,000 new registrations, but the Game Business segment posted an operating loss of ¥118 million in Q1, reflecting a heavy upfront investment burden. Software in progress (construction-in-progress account) declined sharply from ¥590 million at the end of the previous fiscal year to ¥48 million, with ¥525 million transferred to the software account, creating a structure in which future increases in depreciation expense (¥55 million in Q1 actual, versus ¥1 million in the same period of the prior year) will weigh on profits. The timing and pace of transition to the monetization phase will be the dividing point for stock valuation.

The equity ratio at the end of Q1 of FY2026 (ending December 2026) declined to 30.2% (versus 32.4% at the end of the previous fiscal year). Cash and deposits remained at a certain level of ¥2,096 million, but short-term interest-bearing debt totaled ¥1,002 million, combining ¥762 million in long-term borrowings due within one year and ¥240 million in bonds due for redemption within one year. There is no note regarding going concern assumptions, but the impact on cash flow should continued operating losses persist warrants ongoing monitoring. As a subsequent event, the company transferred capital stock and capital reserves to other capital surplus, a move that draws attention as apparently intended to secure flexibility in capital policy.

Growth Strategy

Transitioning to a re-growth phase along three axes: monetization of sports DX, expansion of development solutions, and cross-industry BtoB business

Based on a supporting company agreement with the J.League, development and operation of "J.LEAGUE FANTASY CARD" began in January 2026. New registrations have surpassed 110,000, and the fan community has been energized through initiatives such as real card distribution at match venues. The business is currently in an upfront investment phase, and the transition to a monetization phase is key to achieving full-year performance targets.

This domain involves externally selling specialized know-how in game planning, development, and operation to BtoB clients. In the first quarter of FY2026 (ending December 2026) as well, a solid track record of support that accurately addresses client companies' needs has steadily accumulated, and the business scale has expanded smoothly. It is being cultivated as a new revenue pillar, with continued customer acquisition as the challenge.

Building on a system that provides one-stop support from strategy formulation to execution support, the company is promoting deeper relationships with existing clients and the acquisition of new clients. In the first quarter of FY2026 (ending December 2026), operations of the Kitting BPO Service began in earnest, recording net sales of ¥269 million and operating profit of ¥17 million. Strategic Consulting Service also progressed steadily, contributing to revenue diversification.

The company continues to promote the acquisition of new titles that meet its investment criteria. In the first quarter of FY2026 (ending December 2026) as well, it disclosed favorable progress as a result of focusing on the long-term, stable operation of existing titles. By utilizing flexible contract schemes such as profit sharing, the company maintains its competitiveness in acquiring large-scale titles.

Approved at the Annual General Meeting of Shareholders on March 26, 2026, and effective as of April 1. ¥39 million of common stock and ¥1,390 million of capital reserve were transferred to other capital surplus. This measure has no impact on net assets and is intended to secure flexibility and agility in capital policy. It is seen as a step to broaden future options for shareholder returns and capital utilization.

Last updated: July 17, 2026