TORICO Co.,Ltd.
7138・Growth Market・Retail Trade
Business
TORICO Inc. operates under the vision of "Captivating the World," developing an EC Service centered on "Manga Zenkan Dot Com" (Manga Zenkan Dot Com), an online bookstore specializing in complete manga volume sets, as well as a manga event service based at its own stores in Shibuya, Tokyo and Tennoji, Osaka. Founded in 2005, the company listed on the TSE Growth Market in 2022. Since November 2025, it has newly launched a Crypto Asset Business (Ethereum Acquisition & Management), transitioning to a two-segment structure comprising the Manga Business and the Crypto Asset Business. Its primary customers are manga fans in general (domestic, inbound, and overseas), and the company is actively pursuing overseas expansion into the Asian region.
Business Model
In the EC Service, the company earns revenue through sales of complete comic set volumes via malls such as Rakuten, Amazon, and Yahoo, as well as through operation of its own directly-run website. In the Event Service, the company provides experiential content such as manga exhibitions held at its own stores, merchandise sales, and autograph sessions, aiming for synergy with EC traffic generation. In the Crypto Asset Business, the company is building a new revenue source through operational gains (income gains) from Ethereum staking and lending.
Company Strengths
Launched in 2006, Manga Zenkan Dot Com has accumulated years of data as a pioneer in bulk comic-buying services. Through its long-tail strategy combining a proprietary database with warehouse operations specialized in full-set inventory, the company has established a superior competitive position that keeps rivals at a distance. The virtuous cycle of stable procurement capability and sales strength that achieves a low return rate makes short-term imitation by other companies difficult.
The company maintains a robust network built on years of transaction history with publishers. The low return rate enabled by its proprietary database has strengthened publishers' trust, securing a stable procurement capability that other companies cannot easily match. The virtuous cycle of "selling in bulk without returns" and "stable procurement that avoids stockouts" underpins its earnings base.
The company operates EC Service (Manga Zenkan Dot Com, etc.) and Event Service (Manga Exhibition & Store Business) in parallel, creating synergies where each service serves as an entry point that encourages customers to move to and use the other service. In addition to its own stores in Shibuya and Tennoji, the company has also expanded overseas into Asian markets such as Taiwan, Thailand, Malaysia, China, and Shanghai, building multiple points of contact with inbound demand.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥5,391 million in FY2022 (ending March 2022) and has declined for five consecutive periods, falling to ¥3,188 million in FY2026 (ending March 2026), down 13.3% year on year. External headwinds included a 14.4% year-on-year decline in the print comics market and a sharp slowdown in the growth rate of digital comics. Meanwhile, operating loss narrowed substantially from ¥260 million in the prior period to ¥68 million, reflecting the results of profit structure reforms achieved through SG&A cost reductions and improvement in gross margin (from 36.2% to 39.5%). However, the recording of a ¥254 million unrealized loss on crypto assets caused the ordinary loss to widen to ¥340 million (versus ¥264 million in the prior period). Net loss for the period narrowed to ¥365 million (versus ¥446 million in the prior period). Operating cash flow turned positive at ¥49 million (versus negative ¥140 million in the prior period), while investing cash flow saw a large outflow of ¥1,089 million due to crypto asset acquisitions.
Growth Strategy
Targeting operating profitability in FY2027 (ending March 2027) through three pillars: EC revenue structure reform, event business overseas expansion, and the Crypto Asset Business
Curbing points and advertising expenses to prioritize maximizing operating profit at each EC mall. Continuing substantial reductions in online shop operating costs and shipping/packaging costs, shifting policy from pursuing sales scale to building a profit-oriented structure. In FY2026 (ending March 2026), reduced SG&A expenses by ¥268 million year-on-year and achieved operating profitability in the second half.
Domestically, continuing to roll out multiple hit events using diverse IP such as "BL live-action adaptations," "streamer and game commentator projects," and "anime and characters." Overseas, realizing event operations through local partnerships in Thailand, Malaysia, China, and Taiwan, expanding the overseas revenue base for Japan-originated content.
Strategically acquiring and managing Ethereum in the Crypto Asset Business, which commenced in November 2025. Held 2,474.8649 ETH (total acquisition cost of ¥1,080 million) as of the end of March 2026. Aiming to establish an "earning treasury (PER-type financial model)" combining staking, lending, DeFi, and other approaches. Building a funding base through means such as the 11th series of stock acquisition rights for EVO FUND (expected fundraising amount of approximately ¥4.07 billion).
Reviewing the medium-term management plan in light of the greater-than-expected stagnation of the comic market, the shift toward the event and overseas businesses, and the full-scale launch of the Crypto Asset Business. Plans to promptly disclose a new growth policy, including collaboration based on the capital and business alliance with Mint Town Inc., once details are finalized.
Last updated: July 19, 2026