FUJICOPIAN CO.,LTD.
7957・Standard Market・Other Products
Business
Fujicopian Co., Ltd. is a manufacturer of printing/recording media and office supplies founded in 1950, producing and selling Thermal Transfer Media (TTM), Impact Ribbon, Tapes, Functional Film, and related products. Its domestic manufacturing base is consolidated at the Okayama Plant (Shoo-cho), and it has three consolidated subsidiaries: Fuji Kako Co., Ltd. (domestic manufacturing), FC Vietnam Corporation (manufacturing and plastic molding), and Fuji Copian (HK) Limited (Hong Kong, sales). Its core product, TTM, is deployed both domestically and overseas, mainly for barcode ribbon and light packaging applications, while the Functional Film "FIXFILM" is being expanded into the electronics, optics, and precision processing fields. Consolidated net sales for FY2025 (ending December 2025) were ¥8,475 million. The company is listed on the Standard Market of the Tokyo Stock Exchange and the Main Board of the Fukuoka Stock Exchange.
Business Model
The company develops and manufactures products in-house using formulation design, precision coating, and transfer technology as core technologies, offering a wide range of items from industrial consumables such as barcode ribbons to stationery items such as correction tapes. It operates a global manufacturing and sales structure combining integrated production at its domestic Okayama plant with overseas subsidiaries (Vietnam and Hong Kong), creating added value through joint development of functional materials tailored to customer applications and proposal-based sales. The Printing/Recording Media and Office Supplies-Related Business accounts for approximately 95% of net sales, and the company continues to invest in R&D (¥421 million in FY2025 (ending December 2025)) to maintain its technological edge.
Company Strengths
Thermal Transfer Media (TTM) is the company's core business, which it was the first in the world to commercialize, and it holds a high market share domestically. In FY2025 (ending December 2025), TTM sales were ¥5,096 million, accounting for approximately 60% of total company sales, and overseas orders for barcode ribbon and tape tube applications are also steadily increasing.
Over the past 10 years, the number of domestic and overseas patents held has consistently remained at around 200, totaling 190 as of the end of fiscal 2025 (164 domestic and 26 overseas). The company has established a "Patent Application Examination Committee" that meets in principle once every two months, and continues to make ongoing investments in intellectual property.
The company continues industry-academia collaboration with three universities—Kyoto Institute of Technology (organic synthesis technology and new materials research), Kyushu University (CO2 capture technology using nanoporous separation membranes, selected for the Cabinet Office's Moonshot R&D Program), and Kyoto University (practical application of concentrated polymer brushes)—to incorporate next-generation technologies.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥9,851 million in FY2022 (ended December 2022) before declining, falling to ¥8,476 million in FY2025 (ended December 2025). Operating profit remained in the doldrums, posting losses for three consecutive fiscal years from 2023 to 2025 (cumulative loss of approximately ¥1,020 million), but turned profitable in Q1 FY2026 (ending December 2026), with revenue of ¥2,234 million (up 15.3% year on year), operating profit of ¥45 million, ordinary profit of ¥48 million, and quarterly net profit of ¥35 million. The recovery was driven by a rebound in demand for barcode ribbons, Impact Ribbon, and Tapes (supported externally by improvements in Japan's domestic employment and income environment underpinning personal consumption), as well as the significant effects of reduced amortization expenses stemming from an impairment charge recorded in the prior period (down ¥52 million year on year) and lower SG&A expenses (down ¥46 million year on year). The full-year forecast calls for revenue of ¥9,400 million, operating profit of ¥150 million, and net profit of ¥600 million.
Growth Strategy
FCX80 (2026–2030): Aiming for sales of ¥11,000 million and operating profit of ¥1,000 million in 2030 through selection and concentration
The top priority is capturing domestic and overseas demand for TTM, centered on barcode ribbons. For Impact Ribbon, sales activities based on selection and concentration achieved a 60.1% year-on-year increase in 1Q FY2026. Demand for Tapes also recovered, mainly in overseas markets, rising 25.1% year on year.
Promoting production efficiency improvements and control of selling, general and administrative expenses across the group. SG&A expenses in 1Q FY2026 were reduced to ¥479 million (compared with ¥526 million in the same period of the previous year). Combined with a decline in amortization expenses following the impairment recorded in the previous period, the company achieved an operating profit.
Under the new medium-term management plan (FCX80), investment priority is being concentrated on promising themes based on business portfolio analysis. Although Functional Film is focused on expanding sales of new products, it struggled in 1Q FY2026, with a 14.8% year-on-year decline, raising questions about the effectiveness of the selection and concentration approach.
Last updated: July 17, 2026