AIT CORPORATION
9381・Prime Market・Warehousing & Harbor Transportation Services
Business
AIT Corporation is an independent NVOCC (Non-Vessel Operating Common Carrier) that does not own its own transport vessels, operating a comprehensive international freight forwarding business centered on international ocean container transport, including Import/Export Customs Clearance Services, Inspection & Needle Detection Services, and 3PL (Third-Party Logistics). The majority of cargo handled consists of import cargo from China and Southeast Asia to Japan, and the company has built its own network of bases along the coastal areas of China (Shanghai, Dalian, Tianjin, Qingdao, Suzhou, Ningbo, Xiamen, Shenzhen, etc.). It also has consolidated subsidiaries in Taiwan, Vietnam, and Myanmar, providing integrated services ranging from FCL/LCL transport to customs clearance, delivery, and distribution processing for shipper companies, primarily in the apparel sector. In 2022, the company moved to the Prime Market, and the group consists of the company itself, 6 consolidated subsidiaries, and 4 equity-method affiliates.
Business Model
In FCL transport, revenue is derived from the difference between the freight charged to shippers and the freight paid to shipping lines, while in LCL transport, revenue comes from the difference between the consolidated freight collected from multiple shippers and the freight paid to shipping lines. In addition, fee income from ancillary services such as Import/Export Customs Clearance Services, Inspection & Needle Detection Services, and 3PL (Third-Party Logistics) supplements revenue. As the company does not own its own transport assets, fixed costs remain low, and by providing digital added value through Cargo Information Service, it aims to lock in customers and maintain pricing power.
Company Strengths
Built proprietary bases as an independent NVOCC in Shanghai, Dalian, Tianjin, Qingdao, Suzhou, Ningbo, Xiamen, Shenzhen and other locations. Because it does not belong to any specific trading company or manufacturer group, it can serve a wide range of shippers and has accumulated many years of know-how in Japan-China freight transport. This network of bases forms the foundation for differentiation from competitors.
Independently developed and operates the Cargo Information Service, which provides shipment bookings, shipping status, arrival dates, and other information in real time via the web. It also features visualization and optimization functions for customs clearance procedures, with functional enhancements implemented in FY2026 (ending March 2026)... (Note: source text says 2026年2月期). Subsidiaries also deploy similar digital services, which are used to acquire new customers and deepen transactions with existing customers.
In the fiscal year ending February 2026, the number of customs clearance orders grew substantially to 152,656 (up 9.6% year on year). Import container handling volume also showed a recovery trend, reaching 241,442 TEU (up 4.5% year on year). Ancillary services such as customs clearance, delivery, and Inspection & Needle Detection Services are less susceptible to freight rate fluctuations, contributing to revenue stabilization.
ENVALITH's Perspective
Performance Trend
Operating revenue over the past five fiscal years peaked at ¥69,463 million in FY2023, fell to ¥51,400 million in FY2024, and has since been on a recovery trend, reaching ¥55,638 million in FY2025 and ¥58,399 million in FY2026. The full-year forecast for FY2027 (ending March 2027) is ¥62,500 million (up 7.0% year on year), indicating continued recovery. Operating income also remains at a low level compared with its FY2023 peak of ¥5,288 million, but showed an improving trend in Q1 FY2027 at ¥1,106 million (up 4.3% year on year). As external factors, sustained high ocean freight rates, the yen's depreciation, and fuel surcharge increases have boosted revenue, while a temporary decline in cargo volume due to the shift in the timing of the Lunar New Year (total import/export volume of 62,397 TEU, down 2.8% year on year) and rising personnel expenses (base pay increases) have constrained margin improvement. The gross profit margin improved to 18.0% from 17.4% in the same period of the previous year, confirming that price pass-through is taking hold.
Growth Strategy
Evolution into a comprehensive logistics company through ancillary services, third-country transport, DX, and ASEAN expansion
Continuing efforts to absorb cost increases through price pass-through to shippers. In the first quarter of FY2027 (ending February 2027), the gross profit margin improved by 0.6 percentage points year on year, reflecting the penetration of price pass-through in the numbers.
Promoting new customer acquisition and deepening transactions with existing customers through the expansion of functionality of the digital service "Cargo Information Service." In the Japan segment, operating revenue increased even as the number of containers handled decreased year on year, confirming the effects of higher unit prices and expanded ancillary revenue.
Aiming to expand cargo handling from alternative production locations to China by leveraging local subsidiaries in Taiwan, Vietnam, and Myanmar. While third-country transport has remained solid at the Taiwan subsidiary, Myanmar and Vietnam continue to be sluggish, and it will continue to take time before these contribute meaningfully to earnings.
Aiming to improve productivity across the group by reducing administrative workload and enhancing processing capacity through the use of generative AI. In the first quarter of FY2027 (ending February 2027), selling, general and administrative expenses rose to ¥1,586 million (up from ¥1,500 million in the same period of the previous year) amid continued increases in personnel expenses; efforts to control costs through operational efficiency improvements are ongoing.
Aiming to improve the earnings structure by expanding orders for high-margin ancillary services. In the first quarter of FY2027 (ending February 2027), the number of customs clearance orders was 38,459 (down 2.5% year on year), and while handling volume declined, ancillary services are believed to have contributed to the improvement in gross profit margin.
Last updated: July 17, 2026