MATSUMOTO INC.
7901・Standard Market・Other Products
Business
Matsumoto Inc., originating from Matsumoto Photo Printing Co. (a general partnership founded in 1949), is a single-segment company based in Kitakyushu City engaged in the manufacture and sale of printed materials (listed on the TSE Standard Market). Its core business is School Albums for graduation commemoration, accounting for approximately 79% of net sales. The remaining approximately 20% consists of General Commercial Printing such as posters, catalogs, and pamphlets. The company also operates an Internet-Related Business, including digital photo albums, self-publishing, mail-order printing, and photo print sales. It maintains an integrated in-house production system covering planning, plate-making, printing, and bookbinding, and operates sales offices nationwide (Tokyo, Nagoya, Fukuoka, etc.).
Business Model
The core of earnings is the business model of producing graduation memorial albums for schools on a made-to-order basis and selling them directly to schools nationwide. In General Commercial Printing, the company is winning new customers through the new product "Holonis" (hologram printing) and small-lot, short-lead-time production utilizing the latest inkjet printers. The Internet-Related Business (digital photo albums, GigaPhotorage, etc.) is being cultivated as a third pillar of earnings. To address the seasonal concentration of sales, the company procures working capital through short-term borrowings from banks (¥600 million in the current fiscal year).
Company Strengths
The company possesses an integrated production system covering the entire process of planning, plate-making, printing, and bookbinding using its own equipment. It has brought a state-of-the-art high-performance inkjet printer into full operation, strengthening its capability to handle small-lot orders with short delivery times. Capital expenditure for the fiscal year amounted to ¥53 million for printing machinery and other equipment, reflecting ongoing efforts to expand production capacity and improve quality.
The company introduced "Holonis," a new product applying hologram printing technology, in both the School Albums and General Commercial Printing segments. Sales in the General Commercial Printing segment reached ¥444 million, up 10.2% year on year, and sales results confirm that the product has contributed to acquiring new customers.
Originating from Matsumoto Photo Printing Co. (a limited partnership) founded in 1949, the company has expanded sales offices to Tokyo, Nagoya, Fukuoka, and other locations. It listed on JASDAQ in 2004 and transitioned to the Tokyo Stock Exchange Standard Market in 2022. The company maintains a nationwide sales network for schools, backed by its long operating history.
ENVALITH's Perspective
Performance Trend
Net sales declined for five consecutive periods, from ¥2,350 million in FY2022 to ¥2,126 million in FY2026. The School Albums segment fell 0.2% year on year to ¥1,722 million due to the declining birthrate and intensifying price competition, while the General Commercial Printing segment fell 9.1% year on year to ¥404 million due to changes in demand for paper media. The operating loss narrowed from ¥265 million in the previous period to ¥159 million, mainly due to a ¥155 million decrease in manufacturing costs. Net income of ¥155 million was attributable to a total of ¥247 million in extraordinary gains, comprising gain on sale of fixed assets, gain on sale of investment securities, reversal of provision for retirement benefits for directors, and penalty income received; this does not reflect an improvement in the earning power of the core business. External conditions such as rising prices, surging raw material costs, and higher electricity charges continue, and cost pressures remain structurally ongoing.
Growth Strategy
Short-term profitability turnaround through price optimization, cost reduction, and site consolidation, combined with a mid- to long-term transformation via the DAT (Digital Asset Treasury) concept
To pass on manufacturing cost increases stemming from soaring raw material and logistics costs to selling prices, the company is working to optimize pricing under a company-wide price revision policy while explaining and negotiating with customers. This is one of the key measures for achieving an operating profit turnaround in FY2027 (ending April 2027).
The company is promoting restraint on new hiring, review of the personnel cost structure, a 40% reduction in the representative director's compensation, and organizational restructuring and operational efficiency improvements. It aims to compress labor costs, which account for approximately 44% of manufacturing costs, and personnel expenses, which account for approximately 50% of selling, general and administrative expenses.
The company plans to consolidate some factories and offices to compress assets and improve manufacturing process efficiency. New capital investment will be limited for the time being to replacement investment only. In FY2026 (ending April 2026), the company has already sold tangible fixed assets (proceeds of ¥250 million) and reduced land holdings by ¥130 million.
The company is working to improve its profit structure through operational efficiency gains achieved by standardizing and digitalizing production processes and utilizing new technologies such as AI. It is also concurrently promoting the review of unprofitable transactions, appropriate price revisions, and measures to encourage early order submission in order to level out the production workload.
Leveraging the knowledge of the education field and the school networks cultivated through the School Albums business, the company is considering new services that combine visualization of human capital capabilities with finance. Collaboration with partner companies is proceeding at a rapid pace, but the specific timing of monetization remains undetermined.
Last updated: July 17, 2026