ENVALITH
マニー株式会社 logo

MANI,INC.

7730・Prime Market・Precision Instruments

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マニー株式会社 logo
MANI,INC.7730

Business

MANI, INC. is a medical device manufacturer founded in 1956, operating three business segments: Surgical-related Products (Ophthalmic Knives, Skin Staplers, etc.), Ailee Needle-related Products (Needled Sutures, surgical suture needles), and Dental-related Products (root canal treatment instruments, rotary cutting instruments, restorative materials). Centered on its domestic manufacturing bases (Utsunomiya Kiyohara Plant and Hanaoka Smart Factory), the company operates globally through a total of 11 companies, including overseas production subsidiaries in Vietnam, Myanmar, and Laos, and sales subsidiaries in China, India, Germany, the United States, Malaysia, and elsewhere. Its main customers are distributors and needled suture manufacturers (thread manufacturers) around the world, and it is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

Under the banner of "world's best quality," the company adopts a global niche top strategy, handling everything from development to manufacturing and sales in-house. It secures stable production efficiency through a make-to-forecast production system, combining cost competitiveness at overseas production subsidiaries (Vietnam, Myanmar, Laos) with highly automated smart factories domestically. Gross profit margin reached 64.5% (FY2025, ending August 2025), and a wide-ranging sales network through distributors supports a high operating profit margin (27.3%).

Company Strengths

Demand for ophthalmic knives used in cataract surgery is expanding across Europe, Asia, Japan, and North America. In FY2025 (ended August 2025), sales of Surgical-related Products reached ¥9,274 million (up 13.8% year on year), with a segment profit margin of 33.2%. The Medium-Term Management Plan 2029 sets a target of raising global share from 30% to 50%.

Ailee Needle-related Products generated sales of ¥11,183 million in FY2025 (ended August 2025) (up 9.4% year on year), making it the largest revenue source among all segments. Orders continue to increase steadily from Asia, centered on China, Thailand, and India, as well as from North American customers serving Latin America, forming a stable order base underpinned by the company's position as the world's No.2 independent needle manufacturer.

As of the end of FY2025 (ended August 2025), the equity ratio stood at 92.4% with zero interest-bearing debt. Operating cash flow has exceeded ¥6,000 million for five consecutive fiscal years, and the company holds cash and deposits of ¥17,401 million. Under the Medium-Term Management Plan 2029, the company has the financial capacity to allocate an M&A investment budget of ¥20.0 billion.

ENVALITH's Perspective

China sales resumed approximately 8 months after the March 2025 voluntary recall, ahead of schedule relative to the initial target (approximately 90% of pre-recall levels within 2 years). Cumulative Dental segment profit for the first nine months of FY2026 (ending August 2026) was ¥1,473 million, up 102.4% year on year. The full-year earnings forecast was revised upward to net sales of ¥32,900 million, operating profit of ¥9,700 million, and ordinary profit of ¥10,150 million (versus the previous forecast: operating profit +¥500 million, ordinary profit +¥1,200 million). It should be noted that external factors such as yen depreciation (EUR/JPY 181.52, CNY/JPY 22.28) are contributing to the boost in overseas sales.

Cumulative selling, general and administrative expenses for the first nine months of FY2026 (ending August 2026) continued to rise, reaching ¥8,794 million (up 8.4% year on year). In addition to higher headquarters personnel costs, this reflects overlapping factors such as business launch costs at the U.S. subsidiary MANI MEDICAL AMERICA, INC. and organizational reform costs at MMG in Germany. Furthermore, idle land-related costs doubled to ¥394 million (versus ¥190 million in the same period of the previous year). Whether these costs turn into a structural cost increase remains an important point to monitor going forward.

NiTi Rotary File "JIZAI" obtained regulatory approval in China ahead of schedule in May 2026, with official sales and smart-factory mass production scheduled to begin in September 2026. A new Vitreous Forceps product is planned for launch in Japan in April 2026, with subsequent expansion into the U.S., Europe, India, and China. MMG in Germany's three proprietary brand products (MANIFill, MANIBond, and MANIShine) have already begun sales in the DACH region. Whether these next-generation product lines can contribute to earnings toward achieving the targets of the Medium-Term Management Plan 2029 (net sales of ¥45.0 billion and operating margin of 32% for FY2029, ending August 2029) will be a key medium- to long-term evaluation criterion.

Growth Strategy

Under the Medium-Term Management Plan 2029, the company aims for net sales of ¥45.0 billion and an operating margin of 32% in FY2029 (ending August 2029), centered on a global five-region structure, ¥20.0 billion in M&A, and smart factories.

Sales in China officially resumed in November 2025. Through vigorous activity by the Chinese sales subsidiary, progress toward the initial target (approximately 90% of pre-recall levels within two years) is ahead of schedule. Full-year recovery to ¥2,100 million (approximately 80% of pre-recall levels) is expected. It is assessed that sales are highly likely to continue exceeding the plan going forward.

Regulatory approval in China was obtained ahead of schedule in May 2026, with shipments to LD starting in August. Official sales launch and mass production at the smart factory are scheduled to begin in September 2026. In FY2027 (ending August 2027), sales promotion of JIZAI-2, which features enhanced cutting power, is planned for Japan. Sales in Japan, India, and Vietnam are also ongoing.

27G and 25G products with improved grip performance have been developed and were launched in Japan in April 2026. Full-scale automated mass production at the smart factory is planned to begin in August 2028. Expansion into the United States, Europe, India, and China is planned going forward, with the aim of developing this into a new profit pillar for the Surgical segment.

Three initiatives are being advanced: selection and focus in the OEM business, expansion of three in-house brand products (MANIFill, MANIBond, MANIShine) into the DACH region (already begun in September 2025), and establishing MMG as a European sales hub by transferring bur and file product lines to MMG. Global expansion into Asia is also planned.

On December 22, 2025, the company acquired a 36.67% equity interest in iRIS EYE GmbH, a German ophthalmic sales agency, making it an equity-method affiliate. Europe is positioned as one of the key focus regions, and the company will strengthen the sales structure of its Surgical business, centered on ophthalmic products, with iRIS EYE GmbH at its core.

With the launch of operations at the Hanaoka Plant (smart factory), production systems for next-generation products are being established, including mass production of JIZAI (scheduled to begin September 2026) and full-scale mass production of vitreous forceps (scheduled for August 2028). The company aims to stabilize quality and strengthen cost competitiveness through automation.

Last updated: July 17, 2026