NIHON SEIKO CO.,LTD
5729・Standard Market・Nonferrous Metals
Business
Nippon Seiko Co., Ltd., founded in 1935, is a non-ferrous metal materials manufacturer built on two core pillars: the Antimony Business and the Metal Powder Business. In the Antimony Business, the company manufactures and sells Antimony Trioxide (used in flame retardants and catalysts), Antimony Trisulfide (used in brake materials), Sodium Antimonate, and other products, and also conducts raw material procurement and sales through its local subsidiary in China. In the Metal Powder Business, consolidated subsidiary Nippon Atomized Metal Powders Corporation manufactures and sells copper powder, precious metal powder, and iron-based alloy powder for electronic components, as well as Metal Powder for Powder Metallurgy. Its main customers are manufacturers in the automotive, home appliance, electronic components, and industrial machinery industries. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the Antimony Business, the company procures raw antimony ingot, refines and processes it to manufacture Antimony Trioxide and other products, and sells them through direct sales and via agents. It has a mechanism to pass changes in raw material prices through to product selling prices. In the Metal Powder Business, various metals are melted and atomized to manufacture high-performance powders, which are supplied to electronic component and powder metallurgy manufacturers. Both businesses adopt a build-to-forecast production system and pursue higher value-added products and cost reductions through capital investment and technological development.
Company Strengths
Since commencing antimony smelting at the Nakase Smelter in 1948, the company has held a diverse range of products including Antimony Trioxide, Antimony Trisulfide, Sodium Antimonate, and metal sulfides (SULMICS). In April 2025, it newly established a Technology Development Department, promoting the development of high-value-added products and the advancement of diverse raw material procurement technologies. The company has obtained both ISO9001 and ISO14001 certifications, establishing a quality and environmental management system.
Nitteseiko (Shanghai) Trading Co., Ltd., established in 2013, handles both the sale of antimony products and the procurement of raw materials in the Chinese domestic market. Having a local subsidiary for procuring antimony ingot, whose major production area is China, constitutes a structural advantage over competitors in terms of information gathering, negotiating power, and procurement speed. The company is also promoting diversification of supply sources outside China to spread procurement risk.
Nippon Atomized Metal Powders Corporation manufactures high-functionality products such as fine powders for MLCCs and inductors, iron-based alloy powder for power inductors, and powder metallurgy materials for automotive use. At the Tsukuba Plant, completed in 2012 and expanded in 2024, an iron-based alloy powder manufacturing line was added, with capital expenditure of ¥791 million made in FY2026 (ending March 2026). The company is also engaged in developing next-generation products such as amorphous alloy powder and surface-modified powder.
ENVALITH's Perspective
Performance Trend
Net sales bottomed out at ¥15,589 million in FY2024 (ending March 2024) and expanded sharply for two consecutive periods, reaching ¥40,866 million (up 62.3% year on year) in FY2026 (ending March 2026). The main external factor was a roughly 48% year-on-year rise in the international antimony ingot price (averaging approximately US$46,820/ton), driven by China's tightened export controls and growing demand for solar panels. Net sales of the Antimony Business surged to ¥29,373 million (up 85.8% year on year), and segment profit expanded sharply to ¥5,391 million (up 76.2% year on year). The operating profit margin improved to 14.9% (from 14.3% in the previous period). However, the price in the fourth quarter fell approximately 39% from the third quarter to around US$26,880, and for FY2027 (ending March 2027) the company forecasts a significant decline in both revenue and profit, with net sales of ¥34,400 million and operating profit of ¥1,710 million.
Growth Strategy
Under the medium-term management strategy for FY2025–FY2027, the Company is pursuing strengthened competitiveness of existing businesses, global expansion, and creation of new businesses.
In light of the continuation of export controls by Chinese authorities, the Company will further diversify competitive supply sources outside of China. It will accelerate cost reductions through DX and labor-saving initiatives in the production process to improve profitability. The assumed price for FY2027 (ending March 2027) is conservatively set at USD 24,000 per ton.
The Technology Development Department is leading the development of new products such as metal sulfides for battery materials, as well as establishing manufacturing technology for high-value-added products. The Company aims to expand earnings through the globalization of product sales. The overseas sales ratio for FY2026 (ending March 2026) is approximately 20% (mainly in Asia).
The Company will expand production and sales of Metal Powder for Electronic Components used in power inductors by improving the utilization rate of the newly added iron-based alloy powder production line. It aims to accelerate capture of demand from AI servers and EVs, thereby improving the segment profit margin.
The Company is working on the development of high-value-added new products such as fine powders, amorphous alloy powders, and surface-modified powders for MLCCs and inductors. It will promote cost reduction by improving the metal powder recycling rate and establishing regeneration processing technology toward realizing a circular economy.
Effective April 1, 2026, the Company implemented a stock split at a ratio of 4 shares for every 1 share of common stock. This lowers the amount per investment unit, aiming to expand the investor base, including individual investors, and improve stock liquidity. The total number of authorized shares was changed from 10 million shares to 40 million shares.
Last updated: July 19, 2026