SHINPO CO.,LTD.
5903・Standard Market・Metal Products
Business
SHINPO CO.,LTD., founded in 1971, is a specialty manufacturer of smokeless roasters headquartered and operating a factory in Miyoshi City, Aichi Prefecture. Its core products are Duct-Type and Non-Duct-Type smokeless roasters, and the company provides a "one-stop service" that extends beyond product sales to include installation work, interior work, air conditioning work, duct cleaning, and Grill Net Cleaning Service. Its main customers are in the food service industry, centered on yakiniku (Korean BBQ) chains, with Monogatari Corporation being its largest customer, accounting for 11.7% of net sales. In addition to its domestic operations, the company is expanding overseas into Taiwan, Hong Kong, North America, and ASEAN, and also maintains a base in China through its consolidated subsidiary, Shenfu Trading (Shanghai) Co., Ltd. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
Revenue consists of three layers: product sales of smokeless roaster units and components; ancillary construction such as installation, interior, and air-conditioning work; and after-sales services including duct cleaning and Grill Net Cleaning Service. In particular, Grill Net Cleaning (a periodic cleaning service for grill nets) is structured as a continuous contract with existing stores, and order intake for FY2025 (ended June 2025) grew a strong 143.0% year on year. Through capital investment in the Nagoya Grill Net Cleaning plant (operational from April 2025), the company is expanding supply capacity, forming a structure aimed at building up stock-type recurring revenue.
Company Strengths
The company has over 45 years of specialized track record since beginning sales of smokeless roasters in 1980, and has obtained ISO9001 and ISO14001 certifications. With a 7-person Technology Development Department, it invested ¥86 million (FY2025 (ended June 2025)) in R&D expenses, promoting the development of next-generation products such as hydrogen-powered smokeless roasters and automatic fire extinguishing devices. The company also actively participates in the formulation of technical standards by the Tokyo Fire Department, being involved in the formation of industry standards.
The company has built a "one-stop service" system that provides consistent support from product sales to installation work, interior work, air conditioning work, Duct Cleaning, and Grill Net Cleaning Service. Sales to Monogatari Corporation reached ¥859 million (up 17.1% year-on-year), reflecting deepening relationships, and Grill Net Cleaning Service order volume surged 143.0% year-on-year, strengthening the recurring revenue base.
As of the end of FY2025 (ended June 2025), total net assets stood at ¥6,921 million, and outstanding interest-bearing debt was ¥566 million, indicating a high level of financial soundness. The company holds ¥1,970 million in cash and cash equivalents, and while funding the construction of the Nagoya Grill Net Cleaning plant (total capital expenditure of ¥1,708 million) through internal funds and borrowings, it has maintained a solid financial base. The operating margin on sales stands at 13.2%, a high level for a manufacturing company.
ENVALITH's Perspective
Performance Trend
Revenue achieved four consecutive years of growth, rising from ¥5,498 million in FY2021 to ¥7,211 million in FY2024, but peaked out at ¥7,369 million in FY2025. The full-year forecast for FY2026 (ending June 2026) stands at ¥6,734 million (down 8.6% year on year), marking the first revenue decline in five periods. Operating profit also peaked at ¥1,015 million in FY2024, before falling to ¥976 million in FY2025 and a forecast of ¥650 million in FY2026, representing a sharp decline in profit for two consecutive periods. As an external factor, the deteriorating business environment in the yakiniku (grilled meat) industry due to yen depreciation and rising prices has directly hit demand for new store openings and renovations. On the other hand, increased Grill Net Cleaning Service sales driven by the operation of the Nagoya grill net cleaning plant and a recovery in overseas sales in the third quarter are positive factors. Cumulative progress through the third quarter stood at 76.7% for revenue and 85.6% for operating profit relative to the full-year forecast, tracking generally in line with expectations.
Growth Strategy
Three pillars of overseas expansion, Grill Net Cleaning expansion, and next-generation product development (to be pursued privately following the MBO)
The Nagoya Grill Net Cleaning plant, which began operations in May 2025, has significantly enhanced service delivery capacity. The Grill Net Rental Service, previously centered on western Japan, is now being actively expanded into the eastern Japan area, with new orders trending solidly. Grill Net Cleaning revenue for the cumulative nine months increased year on year.
Overseas sales recovered to roughly the same level as the same period of the previous year in the third quarter, driven by increased orders from continued store openings by major domestic restaurant chains in the ASEAN region, large-scale orders secured through comprehensive contracts with local chains in Taiwan and Indonesia, and a substantial increase in sales volume in North America following the completion of changes to product certification specifications.
Construction of the Nagoya Fire Extinguishing Equipment Manufacturing Plant is underway, and payments for construction costs resulted in a decrease of ¥250 million in cash and deposits at the end of the third quarter compared to the end of the previous fiscal year. Buildings and structures (net) increased by ¥298 million compared to the end of the previous fiscal year, reflecting ongoing progress in capital expenditure. Enhanced manufacturing capacity and in-house production are expected to improve quality control.
Last updated: July 17, 2026