FUJI SEIKI CO.,LTD.
6400・Standard Market・Machinery
Business
Fuji Seiki Co., Ltd. is a precision plastic mold manufacturer founded in 1965, forming a group that includes 5 consolidated subsidiaries with manufacturing bases both domestically (Matsuyama Plant, Suzuka Plant, Kochi Sukumo Plant) and overseas (Thailand, China, Indonesia). The business is composed of two segments: the "Precision Molds for Injection Molding and Molding Systems Business" and the "Precision Molded Products and Other Business". Major customers are medical device manufacturers, food container manufacturers, and automobile/motorcycle parts manufacturers, with the company relying on both stable orders for automotive-related parts in the Southeast Asian market (Thailand and Indonesia) and high-value-added orders for medical precision molds domestically as its two core pillars. Listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The Precision Molds business is built on made-to-order production tailored to customer specifications, focusing on accumulating high-margin orders centered on high-value-added projects in the medical and food container fields. The Precision Molded Products business follows a mass-production model leveraging overseas subsidiaries in Southeast Asia, securing stable medium-term orders for automotive parts. Capital expenditures are funded through long-term borrowings from financial institutions and internal funds, with the structure designed so that operating cash flow (¥927 million in FY2025), including depreciation expense (¥578 million in FY2025), self-sustains the cycle of investment.
Company Strengths
In FY2025, sales growth in precision molds for medical equipment led segment profit for the Precision Molds for Injection Molding and Molding Systems Business to increase 107.6% year on year to ¥166 million. Strength in high-margin medical-field projects directly contributed to the overall recovery in operating profit (up 17.1% year on year to ¥474 million).
At the end of FY2025, the order backlog for the Precision Molds for Injection Molding and Molding Systems Business reached ¥1,943 million, up 138.2% year on year, while the group's overall order backlog also grew to ¥2,402 million (up 125.2% year on year). Given the nature of made-to-order production, this backlog is expected to directly contribute to sales in the following fiscal year.
Starting with the establishment of a Thai subsidiary in 2001, the company expanded its manufacturing base to China (Shanghai and Changzhou) and Indonesia. In 2021, PT. FUJI SEIKI INDONESIA became a wholly owned subsidiary. This overseas production framework, centered on Southeast Asia, has enabled stable mass-production supply for the Precision Molded Products for Automotive Parts business (sales of ¥5,629 million).
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years showed a moderate growth trend, rising from ¥7,468 million in FY2021 to ¥8,719 million in FY2025, while operating profit peaked at ¥606 million in FY2021, declined to ¥405 million in FY2024, and then turned upward to ¥474 million in FY2025. In Q1 FY2026 (ending December 2026), revenue was ¥2,254 million (flat year on year), while operating profit reached ¥195 million (up 41.1% year on year) driven by improved gross profit margins in both segments. The main driver was a decline in the cost ratio of the Precision Molded Products and Other Business. As an external factor, a foreign exchange loss of ¥16 million weighed on ordinary profit, but comprehensive income expanded substantially to ¥362 million (up 310.2% year on year) due to improvement in the foreign currency translation adjustment account. There is no change to the full-year forecast (revenue of ¥8,836 million, operating profit of ¥494 million), and Q1 progress is on track.
Growth Strategy
A growth strategy built on three pillars: a focus on the medical and food container fields, expansion of the automotive parts business in Asia, and response to the shift toward EVs
Promoting concentrated sales efforts in the medical and food container-related fields in the Japanese market, and in the medical-related field in the Chinese market. The uncompleted order backlog for build-to-order production remains at a high level, and is expected to contribute to revenue recognition from the following period onward. In Q1 FY2026 (ending December 2026), net sales of precision molds for medical devices increased slightly year on year.
Promoting improved productivity and enhanced cost competitiveness through investment in automation and semi-automation at subsidiaries in Thailand and Indonesia. In Q1 FY2026 (ending December 2026), segment profit in the Precision Molded Products and Other Business improved significantly, increasing 105.8% year on year to ¥129 million, with the effect of a lower cost ratio becoming evident.
Promoting capital investment and R&D investment in response to EV adoption, based at the Suzuka Plant. As of the end of Q1 FY2026 (ending December 2026), machinery, equipment and vehicles (net) increased by ¥101 million from the end of the previous fiscal year to ¥1,554 million, and construction in progress also remained at a high level of ¥463 million, with continuous capital investment underway.
Last updated: July 17, 2026