LIHIT LAB.,INC.
7975・Standard Market・Other Products
Business
Lihit Lab, Inc., founded in 1948, is a specialized office supplies manufacturer that manufactures and sells files, binders/clear books, storage and organization products, and other items through its Office Supplies and Related Business (95% of sales), while also operating a leasing business for company-owned real estate (5% of sales). Manufacturing is handled by the domestic Shizuoka Division, the Vietnamese subsidiary LIHIT LAB. VIETNAM INC., and cooperating factories, while sales are conducted through a variety of channels ranging from stationery stores and office supply specialty stores to mass retailers, drugstores, and e-commerce. Major customers include ASKUL Corporation (19.4% of sales) and the Ecole Distribution Group (14.9% of sales). The company is listed on the Tokyo Stock Exchange Standard Market and the Nagoya Stock Exchange Main Market.
Business Model
In the Office Supplies and Related Business, products manufactured at the domestic Shizuoka Division and the Vietnamese subsidiary are sold through diverse channels including stationery stores, mass retailers, and e-commerce. The structure aims to improve profitability through price revisions and the introduction of new products. In the Real Estate Leasing Business, the company earns stable rental income from self-owned properties such as the head office building, and operating profit from real estate leasing in FY2025 (ending February 2025) was ¥150 million, boasting a high profit margin. The combination of these two businesses forms a structure in which the stable earnings from real estate complement the fluctuations in profitability of the office supplies business.
Company Strengths
The company has over 75 years of product development know-how since its founding in 1948. At the Japan Stationery Awards 2024 (Nippon Bungu Taisho), the SELFANA Solid Holder won the Excellence Award in the Design category, and the CUBE FIZZ Ring File won the Excellence Award in the Function category. Dedicated development departments are established at two locations, the head office and the Tokyo branch, with R&D expenditure of ¥63 million (FY2025 (ending February 2025)).
As of the end of FY2025 (ending February 2025), the capital adequacy ratio stood at 79.2%, with net assets of ¥10,637 million and total assets of ¥13,432 million. Total liabilities were low at ¥2,794 million, and the company has maintained financial soundness while proceeding with repayment of long-term borrowings. An unused commitment line balance of ¥1,400 million has also been secured.
In addition to self-owned income-generating properties such as the head office building, the Rental Apartments in Kikukawa, Sumida-ku, Tokyo, acquired in September 2023, are in operation. In FY2025 (ending February 2025), the Real Estate Leasing Business recorded net sales of ¥461 million and operating profit of ¥150 million (up 32.2% year on year), functioning as a stable source of income that complements fluctuations in earnings from the Office Supplies and Related Business.
ENVALITH's Perspective
Performance Trend
Net sales, which had declined in FY2023 and FY2024, have been on a recovery trend since FY2025; Q1 FY2027 (ending February 2027) sales came to ¥2,880 million (up 2.7% year on year). Operating profit recovered from losses in FY2023 and FY2024 to ¥179 million in FY2025, but then fell sharply to ¥36 million in FY2026. Q1 FY2027 (ending February 2027) saw a significant improvement to ¥139 million, mainly due to the elimination of one-off expenses such as taxes and public dues in the Real Estate Leasing Business. The Office Supplies and Related Business saw a year-on-year profit decline due to higher production costs stemming from rising raw material prices and yen depreciation. Externally, yen depreciation and elevated crude oil prices continue to exert downward pressure on earnings. The full-year forecast remains unchanged, with net sales of ¥9,350 million (up 2.5% year on year) and operating profit of ¥230 million (up 538.4% year on year).
Growth Strategy
Aiming to restore profitability through three pillars: aggressive rollout of new products, diversification of sales channels, and stabilization of the Real Estate Leasing Business
Products such as "Kissa Punirabo," "CIRCULA," "XCOA," "Open Ring Notebook Mini," and heatstroke prevention products were launched in the first quarter, contributing to increased sales. The Binder / Clear Book Division showed strong growth of 12.7% year-on-year, reflecting ongoing improvement in the product mix.
Amid continued expansion of the e-commerce market, orders in the mail-order division have been recovering, and sales in the overseas sales division have also increased. The company is pursuing a strategy of expanding sales channels across formats such as mass retailers, drugstores, and convenience stores, thereby offsetting the decline in corporate demand with individual and inbound demand.
One-time expenses such as taxes and public dues related to the Rental Apartment acquired in Higashinari Ward, Osaka City in May 2025 will be resolved from FY2027 (ending February 2027) onward. In the first quarter, the business recorded operating profit of ¥31 million (compared with an operating loss of ¥65 million in the same period of the previous year). Together with the stable operation of existing income-generating properties, this is beginning to have a positive effect on overall company profits.
Last updated: July 17, 2026