Amifa Co.,Ltd.

Business Details

The company sells gift wrapping, design stationery, kitchen and tableware items, and flower-related products, primarily to major customers such as 100-yen shops (Seria, Daiso Industries, Can Do, etc.). As a fabless manufacturer without its own factories, it maintains an overseas production ratio of approximately 94%, and more than 40 in-house designers and over 100 freelance illustrators collaborate on product development. The company launches approximately 1,900 new items annually, using the speed of its product renewal cycle as a competitive advantage. Based on its medium-term management plan, the company promotes "differentiation and profitability enhancement based on brand value," developing along two axes: NB Products (National Brand) (amifa® brand) and PB Products (Private Brand).

Recent Overview

In the first half of FY2026 (ending September 2026), net sales increased 3.7% and operating profit increased 168.4%, achieving substantial profit growth

In the first half of FY2026 (ending September 2026) (October 2025 to March 2026), the company achieved net sales of ¥5,326 million (up 3.7% year on year), operating profit of ¥631 million (up 168.4% year on year), and interim net income of ¥406 million (up 264.6% year on year), representing substantial profit growth. NB Products led the way, growing 12.4% year on year to ¥4,159 million, while PB Products declined 18.8% year on year to ¥1,168 million. The cost of sales ratio improved by 5.7 percentage points (aided by a significant reduction in inventory valuation losses recorded in the previous fiscal year and cost reductions), and SG&A expenses were also reduced by ¥34 million. Foreign exchange losses narrowed from ¥20 million in the same period of the previous year to ¥10 million. The company recorded ¥32 million in extraordinary losses for head office relocation expenses. The full-year earnings forecast was revised upward, with the company now projecting net sales of ¥9,000 million, operating profit of ¥620 million, and net income of ¥680 million. The dividend forecast was also revised upward from ¥26 to ¥30. Additionally, in January 2026, the company disposed of 200,000 treasury shares through a third-party allotment to the Amifa Design and Art Promotion Foundation, a public interest incorporated foundation.

Key Products

Growth Drivers

• Enhanced differentiation and profitability through strengthening of NB Products (amifa® brand) (NB sales up 12.4% year on year in the first half of FY2026, ending September 2026)
• Improved cost of sales ratio through strengthened sales floor proposal capabilities, concentration on best-selling products, and continuous cost reduction (5.7 percentage point improvement in the first half)
• Steady sales of event-related products such as Christmas and Valentine's Day items, and stationery centered on stickers
• Stable sales base with the three major 100-yen shop customers (Seria, Daiso Industries, Can Do) (combined sales share of approximately 88.7%)
• Maintenance of the product renewal cycle and acquisition of repeat customers through the launch of approximately 1,900 new items annually
• Improved profitability through continuous reduction of selling, general and administrative expenses

Risks

• Risk of rising procurement costs due to continued yen depreciation (overseas production ratio of approximately 94%; the company recorded a foreign exchange loss of ¥10 million in this interim period as well)
• Risk of sales concentration among three major customers (Seria, Daiso Industries, and Can Do account for a combined total of approximately 88.7%)
• Risk of supply chain disruption due to the impact of U.S. trade policy and escalating tensions in the Middle East, leading to higher energy prices, among other factors
• Risk of worsening consumer sentiment and rising consumer prices due to continued inflation
• Risk of recurrence of inventory valuation losses (significantly reduced in this interim period, but demand forecasting accuracy remains an ongoing challenge)
• Impact on sales scale if the decline in PB Products sales (down 18.8% year on year) continues
• Attention warranted regarding the structure in which the full-year operating profit forecast of ¥620 million is lower than the first-half actual result of ¥631 million, implying an assumed loss in the second half (April to September)