PLATZ Co.,,Ltd.
7813・Standard Market・Other Products
Business
Plus Corporation is a specialized manufacturer whose principal business is the planning, development, design, and sale of medical & nursing-care electric beds and peripheral equipment such as mattresses. Domestically, the company operates across three markets—the welfare equipment distribution market, the medical and elderly care facility market, and the furniture and bedding distribution market—holding the top industry share in home care beds and the No. 2 position in medical and elderly care facility beds. Its consolidated subsidiaries include Fu Ruo Ci (Shanghai) Trading Co., Ltd., a sales entity in China, and Yamato Sangyo Co., Ltd., which processes and sells urethane mattresses, while its equity-method affiliate SHENGBANG METAL CO., LTD. (Vietnam) is responsible for manufacturing key components. The company listed on the Standard Market of the Tokyo Stock Exchange in March 2025.
Business Model
In the welfare equipment distribution market, which accounts for more than half of net sales, the company wholesales Home Care Beds (Yokaro, Miorette III, etc.) to welfare equipment rental providers and rental wholesalers serving individuals certified as requiring long-term care. In the medical and elderly care facility market, it sells Medical Facility Electric Beds (P300/P302/P301/Ardel/Reist) through facility equipment sales companies. Products are manufactured and assembled at an affiliated company in Vietnam before being supplied domestically and overseas. Net sales for FY2025 (ended June 2025) were ¥8,422 million, comprising the welfare equipment distribution market at ¥4,684 million (55.6%), the medical and elderly care facility market at ¥2,076 million (24.7%), the furniture and bedding distribution market at ¥1,509 million (17.9%), and overseas markets at ¥151 million (1.8%).
Company Strengths
Established the top share in the industry for home care beds. The company offers a core lineup including "Yokaro," developed through industry-academia collaboration, and "Miorette III," and has obtained ISO9001 and ISO13485 quality management certifications. Total unit sales for FY2025 (ended June 2025) reached 42,000 units (up 4.0% year on year).
The core welfare equipment distribution market is directly linked to the special bed rental scheme under the long-term care insurance system. As of March 2025, the number of certified individuals requiring support or care reached 7.48 million (up 1.9% year on year), and the number of special bed usage cases reached 1.099 million, reflecting continued structural demand growth. Backed by institutional demand support, this market accounts for 55.6% of net sales, forming a stable revenue base.
Despite the yen's depreciation trend (actual procurement exchange rate of ¥151.39 to the US dollar), the company secured a gross profit margin of 29.9% (up 0.2 points year on year) in FY2025 (ended June 2025) through reduced procurement costs and the use of forward foreign exchange contracts. The margin improved to 32.0% (up 2.3 points year on year) in the interim period, demonstrating strong cost management capability.
ENVALITH's Perspective
Performance Trend
Cumulative sales for the nine months of FY2026 (ending June 2026) (July 2025 to March 2026) were ¥6,300 million (down 0.6% year on year). By market, Welfare Equipment Distribution posted ¥3,426 million (up 0.8% year on year) and Medical & Elderly Care Facilities posted ¥1,855 million (up 14.9% year on year), both remaining solid, while Furniture & Bedding Distribution fell sharply to ¥873 million (down 27.2% year on year), dragging down the overall result. On the profit side, gross margin improved to 32.0% (up 2.5 points year on year), driving significant improvement in operating profit to ¥196 million (up 12.7% year on year), ordinary profit to ¥236 million (up 12.0% year on year), and quarterly net income to ¥216 million (up 28.0% year on year). Comprehensive income expanded sharply to ¥335 million (up 215.3% year on year), aided by improvements in the foreign currency translation adjustment account and deferred hedge gains/losses. Comparing the operating profit trend over the past five fiscal years (FY2021: ¥725 million → FY2022: ¥101 million → FY2023: -¥109 million → FY2024: ¥37 million → FY2025: ¥183 million), profitability appears to have bottomed out and is on a recovery trend, though it has yet to return to peak levels.
Growth Strategy
Aiming for sustainable growth through three pillars: deepening penetration of the four domestic markets, strengthening manufacturing functions, and expanding overseas into East Asia
Incorporating the increase in long-term care insurance facility service establishments and serviced housing for the elderly (8,345 buildings / 291,000 units as of November 2025) as an external tailwind, the company has strengthened sales activities targeting facilities. Cumulative sales for the first three quarters reached ¥1,855 million, up 14.9% year on year, establishing this as a growth channel.
Through reductions in manufacturing costs and utilization of foreign exchange forward contracts, gross profit margin improved to 32.0% (up 2.5 percentage points year on year). Despite a slight decline in sales, operating profit increased 12.7%, reflecting an ongoing shift in cost structure. Efforts continue toward achieving the full-year operating profit forecast of ¥400 million (up 118.0% year on year).
Strong shipments to South Korea drove cumulative overseas market sales for the first three quarters to ¥145 million, up 18.1% year on year. In China, the company aims to accelerate growth by leveraging manufacturing capabilities through cooperation with equity-method affiliate SHENGBANG METAL CO.,LTD. and by advancing a joint venture with the Haier Group. Equity in earnings of affiliates recorded ¥43 million for the cumulative first three quarters.
Utilizing mattress products from Yamato Sangyo Co., Ltd., which became a consolidated subsidiary in April 2024, the company is promoting integrated proposals combining beds and bedding. For the cumulative first three quarters, the furniture and bedding distribution market struggled, down 27.2%, as a reaction to the strong performance in the previous fiscal year, making demand stabilization and new order acquisition key challenges. The full-year earnings forecast remains unchanged, with a recovery expected in the second half.
Last updated: July 17, 2026