CHUOKEIZAI-SHA HOLDINGS,INC.
9476・Standard Market・Information & Communication
Business
CHUOKEIZAI-SHA HOLDINGS, INC. is the holding company of a specialized publishing group founded in 1948. The group publishes a wide range of books centered on management, economics, law, accounting, taxation, and information technology, including academic research works, specialized practical books, university textbooks, and qualification exam guides, as well as four specialized magazines: "Kigyo Kaikei," "Zeimu Koho," "Junkan Keiri Joho," and "Business Homu." Its main customers include corporate accounting, legal, and tax practitioners, professionals such as certified public accountants, tax accountants, and lawyers, as well as university and graduate school researchers and students. The group consists of four subsidiaries (Chuokeizai-sha, Inc., Chuokeizai Group Publishing Co., Ltd., CO2 Co., Ltd., and Planning Center Co., Ltd.), maintaining an integrated system covering everything from planning and editing to production, sales, and advertising agency services. Listed on the Tokyo Stock Exchange Standard Market.
Business Model
The Publishing Business (FY2025 (ending September 2025): ¥3,137,126 thousand), which accounts for the majority of revenue, consists of the planning, editing, production, and sales of books and magazines. Sales channels are centered on bookstore distribution via Tohan and Nippon Shuppan Hanbai (each approximately 20%). In addition, the provision of electronic data for subscription services is growing, and digital revenue is expanding. The Publishing-Related Business (revenue of ¥119,537 thousand) mainly consists of contracted agency services for advertising in specialized magazines. Working capital is in principle funded from internal resources, maintaining sound financial health.
Company Strengths
Founded 77 years ago, the company has established overwhelming brand recognition in the accounting, tax, and legal fields. In FY2025 (ending September 2025) alone, it published books that received more than seven academic awards, including the Ota-Kurosawa Award from the Japan Accounting Association, the Academic Award from the Japanese Institute of Certified Public Accountants, and the Academic Award from the Japan Cost Accounting Association. This authority in both academia and practice contributes to a stable customer base.
The company has launched multiple well-received books related to the new lease accounting standard (mandatory application from April 2027) and was quick to publish a guide to SSBJ standards, demonstrating its ability to swiftly bring books to market in step with legal and accounting system reforms. The ongoing cycle of institutional reform creates a structure of continuous new demand.
The equity ratio at the end of FY2025 (ending September 2025) remained at a high level of 71.5%. Outstanding borrowings totaled only ¥430,226 thousand, and the interest coverage ratio stood at an extremely high 132.7x, indicating very strong financial soundness. Net assets per share stood at ¥1,124.31, exceeding the average for the TSE Standard Market, forming a stable foundation for shareholder returns.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue declined from ¥3,156 million in FY2021 to ¥3,031 million in FY2023 before recovering to ¥3,257 million in FY2025. In the first half of FY2026 (ending September 2026), revenue fell again to ¥1,666 million (down 1.8% year on year). On the other hand, a decrease in cost of sales (from ¥1,068 million to ¥1,026 million year on year) led to an improvement in gross profit from ¥629 million to ¥641 million, and with SG&A expenses kept roughly flat at ¥492 million year on year, operating profit increased to ¥148 million (up 8.1% year on year). With a gain of ¥99 million on the sale of investment securities recorded as extraordinary income, interim net profit rose sharply to ¥201 million (up 54.7% year on year). In terms of the external environment, the book and magazine market contracted 3.8% year on year, and elevated raw material and logistics costs continue to weigh on profitability. The financial position remains stable, with total assets of ¥6,210 million and an equity ratio of 71.5%.
Growth Strategy
Three-pronged strategy of capturing demand from regulatory changes, advancing digitalization, and strengthening the backlist
The company continues to launch new titles in step with the regulatory change cycle, focusing on books related to the new lease accounting standard (mandatory application from April 2027) and the SSBJ standards (to be applied progressively from FY2027, ending March 2027). In the interim period of FY2026 (ending September 2026), several titles went into additional printing immediately after publication, reflecting steady progress in capturing demand from practitioners.
The company is expanding distribution of textbooks in fields such as management, macroeconomics, and accounting to universities nationwide, building a stable revenue base through expanded adoption by schools. In the interim period of FY2026 (ending September 2026), titles such as "Essential Marketing" and "Fundamentals of Macroeconomics (3rd Edition)" achieved expanded nationwide adoption and early reprinting.
Through publication commemoration seminars held by authors and continuous posting of articles on note, the company is expanding points of contact with readers and practitioners across multiple channels. Cases have been confirmed in which reaction on social media directly led to increased sales (such as "Understanding 'Management Labor Affairs' through Dialogue"), with the digital communication strategy contributing to earnings.
The company is promoting backlist management and return-reduction measures, as existing titles published two years ago continue to maintain top positions in sales rankings. In response to rising costs in publishing distribution, the company has also implemented pricing and marketing measures tailored to the inflationary environment.
The company launched a new label for pet-related books in the lifestyle and practical fields, supplementing the decline in sales resulting from the discontinuation of periodicals. It has also begun expanding into new practical fields such as game business legal affairs, progressively broadening the scope of its specialized publishing.
Last updated: July 17, 2026