TAIYO BUSSAN KAISHA,LTD.
9941・Standard Market・Wholesale Trade
Business
Taiyo Butsusan Co., Ltd. is an independent specialty trading company founded in 1936, listed on the Standard Market of the Tokyo Stock Exchange. The company operates four segments: the Food Products Department (beef, chicken, and Thai processed foods), the Agricultural Products Department (import and domestic sales of agricultural products), the China Development Department (exports to China and triangular trade), and the Living Industry Department (imported pork and chemical products). Major customers include the restaurant industry (Saizeriya Co., Ltd. accounts for 14.8% of net sales) and China-related trading partners (BEIJING CRANE TRADING CO., LTD. accounts for 21.5%). The company has two affiliated companies and one non-consolidated subsidiary in China, and has built an international trading network centered on Asia.
Business Model
The company generates revenue through a trading company model, intermediating imports, exports, and triangular trade in meat, agricultural products, and daily necessities. The overall gross profit margin remains at a low 3.8% (FY2025, ending September 2025), but the company has set a medium-term target of a gross profit margin of 4% or higher, and is promoting selective concentration on high-value-added products and higher-margin business partners. Working capital relies mainly on short-term borrowings from financial institutions, and with an equity ratio of 11.6%, the company's financial structure exhibits high leverage.
Company Strengths
Food Division net sales for FY2025 (ending September 2025) were ¥8,810 million (up 22.0% year on year), with segment profit of ¥221 million (up 12.7% year on year). Gross profit margin of 4.7% exceeded the company-wide target of 4%. Growth was driven by the expansion of new business partners for domestic chicken and increased contracts for high-value-added Thai processed food products.
Since opening a representative office in Beijing in 1966, the company has established three local subsidiaries in China—Shanghai Taiyo Eiko Trading Co., Ltd. (established 2008), Xuzhou Taipeng Construction Machinery Co., Ltd. (established 1993), and Taiyo Butsusan Kagi (Yantai) Co., Ltd. (established 2023)—building a multi-layered China business foundation that combines exports, triangular trade, and local manufacturing and sales.
Gross profit margin reached 3.8% company-wide in FY2025 (ending September 2025). The Food Division achieved 4.7%, exceeding its 4% target. Under a policy of selective focus on high-value-added products and higher-margin business partners, net sales rose 4.8% year on year to ¥19,662 million, while gross profit was maintained at ¥761 million.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal periods, revenue has trended gradually downward, peaking at ¥21,046 million in FY2022 before declining to ¥19,662 million in FY2025. The trend continued into the first half of FY2026 (ending September 2026), with revenue of ¥9,571 million (down 6.6% year on year). On the profit side, however, expanded new contracts in the Food Division and reductions in SG&A expenses drove increases across all profit items: operating profit of ¥144 million (up 13.6%), ordinary profit of ¥106 million (up 14.3%), and interim net profit of ¥88 million (up 10.2%). As an external factor, rising raw material prices and transportation costs are making it difficult to secure profits across the meat business as a whole, but this has been absorbed through a focus on high-value-added products. The full-year forecast remains unchanged, at revenue of ¥25,052 million (up 27.4%) and operating profit of ¥290 million (up 17.2%).
Growth Strategy
Strengthening the profit base through selective focus on high-value-added products, expansion of China operations, and development of new business relationships
Promoting new contract wins for imported chicken, expansion of high-value-added items in Thai processed foods, and increased orders from new domestic chicken customers. In H1 FY2026 (ending September 2026), sales increased +31.0% and segment profit increased +29.8%, confirming the effectiveness of the strategy.
Based on the reportable segment change announced on December 26, 2025, chemicals operations were transferred from the Lifestyle Industry Division to the China Development Division, optimizing staffing allocation. Efforts are underway to expand product offerings such as automobile sales to China, but challenges remain as H1 sales fell △20.0% due to weak sales of cosmetics and sundries.
Switching to Brazilian pork sourcing following the suspension of Spanish pork imports. In H1, local shipments did not progress smoothly, resulting in a sharp sales decline to ¥136 million (down 87.1% year on year) and a recorded loss. Normalizing shipments is a key challenge for achieving full-year results.
H1 sales struggled, down △22.6%, due to soaring producer prices for soybeans and other products (an external factor) and delays in developing new products. While there were achievements such as increased handling volume of buckwheat (from China), expanding contracts for new high-margin products is an urgent priority.
Last updated: July 17, 2026