# ANAP HOLDINGS INC.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2024/09/01－2025/08/31) (S100X7OR)
> Page: https://vizora.meequs.com/en/company/anap-holdings
> Retrieved: 2026-09-30T22:47:56.715Z

## Company

Anap Holdings, founded in 1992, is a company in Crypto & Blockchain listed on TSE Standard. It has 250 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ANAP HOLDINGS INC.(旧英訳名 ANAP INC.) (注)2025年3月31日開催の臨時株主総会の決議により、2025年4月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 3189 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3189.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南青山四丁目20番19号 |
| Representative (per filing) | 代表取締役社長 川合 林太郎 |
| Founded | Sep 1992 |
| Share capital | ¥9.2B |
| Employees (consolidated) | 250 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | August |
| Website | www.anap.co.jp (https://www.anap.co.jp/) |
| Corporate number | 4011001003243 |
| EDINET | E30020 |
| Industries (Vizora) | Crypto & Blockchain, Apparel, Beauty Salons |

> Profile source: annual securities report (S100X7OR, filed 2025-12-01). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 0.8 | 61 |
| Efficiency | 0.8 | 61 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 62% of Anap Holdings's sales come from Retail and wholesale sales, licensing business, with Aesthetic and relaxation salon business and Internet Sales making up much of the rest.
- It lost about ¥82 for every ¥100 of sales at the operating level.
- Revenue changed -34.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.77B |  |
| Operating income | -¥1.46B | Margin -82.1% |
| Net income | -¥2.66B | Margin -149.9% |
| Free cash flow | -¥2.5B |  |
| Largest business | Retail and wholesale sales, licensing business | of segment revenue 62.3% |
| Employees (consolidated) | 250 |  |
| EPS | ¥-137.15 |  |
| Book value per share | ¥343.77 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 37,893,500 |  |
| Treasury shares | 345,700 |  |
| Shareholders | 4,391 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 4.1% | Cash ÷ revenue 42.1% |
| Vs. industry median margin | -85.1 pp | Apparel |
| ROA | -14.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 100 points
- FY2025, operating loss is 82 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2021 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5078905000 | ¥1774723000 | — |
| Operating income | ¥-644032000 | ¥-1456570000 | — |
| Operating margin | -12.7% | -82.1% | -69.4 pp |
| Employees | 205 people | 250 people | — |
| Cash and equivalents | ¥666617000 | ¥748005000 | — |

### Change in segment revenue mix

Span: FY ending Aug 2021 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 店舗販売事業 → 事業再編・廃止 | 47.2% |
| インターネット販売事業 → インターネット販売事業 | 10.4% |
| インターネット販売事業 → 事業再編・廃止 | 39.5% |
| 卸売販売事業 → 事業再編・廃止 | 2.3% |
| ライセンス事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 0.0% |
| 新設・再編 → 店舗・卸売販売、ライセンス事業 | 62.3% |
| 新設・再編 → エステティック・リラックスサロン事業 | 27.0% |
| 新設・再編 → 投資関連事業 | 0.0% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail and wholesale sales, licensing business | — | — | ¥1104871000 | -34.7% | 2 |
| Aesthetic and relaxation salon business | — | — | ¥479995000 | -54.7% | 2 |
| Internet Sales | 4 years | -48.1% | ¥184129000 | -44.1% | 2 |
| Other | 4 years | +51.7% | ¥5118000 | 4.4% | 2 |
| Investment-related business | — | — | ¥609000 | -1620.7% | 2 |

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,775 | 100.0% | S100X7OR |
| Cost of revenue | 890 | 50.2% | S100X7OR |
| Gross profit | 885 | 49.8% | S100X7OR |
| SG&A | 2,341 | 131.9% | S100X7OR |
| Operating income | -1,457 | -82.1% | S100X7OR |
| Ordinary income | -317 | -17.8% | S100X7OR |
| Pretax income | -2,556 | -144.0% | S100X7OR |
| Income tax | 104 | 5.8% | S100X7OR |
| Net income | -2,660 | -149.9% | S100X7OR |
| Net income attributable to owners | -2,660 | -149.9% | S100X7OR |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 132 |
| Operating income | -82 |
| (Ref.) Net income | -150 |

### Margin funnel

Gross margin 49.8% → Operating margin -82.1% → Net margin -149.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,709 | 1,775 | -935 | -34.5% |
| Gross profit | 1,297 | 885 | -412 | -31.8% |
| Operating income | -996 | -1,457 | -460 | — |
| Operating cash flow | -748 | -1,948 | -1,201 | — |
| Free cash flow | -791 | -2,496 | -1,706 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 6,261 | 88 | 1.4% | 62 | -222 | -337 | S100K91P |
| FY ending Aug 2020 | 5,660 | -330 | -5.8% | -372 | -45 | -144 | S100MXNR |
| FY ending Aug 2021 | 5,079 | -644 | -12.7% | -791 | -397 | -534 | S100PP7P |
| FY ending Aug 2022 | 5,060 | -425 | -8.4% | -526 | -580 | -631 | S100SBR1 |
| FY ending Aug 2023 | 4,216 | -741 | -17.6% | -1,165 | -598 | — | S100UUP0 |
| FY ending Aug 2023 | 4,216 | -740 | -17.6% | -1,165 | -598 | -658 | S100SBR1 |
| FY ending Aug 2024 | 2,709 | -996 | -36.8% | -1,188 | -748 | -791 | S100UUP0 |
| FY ending Aug 2025 | 1,775 | -1,457 | -82.1% | -2,660 | -1,948 | -2,496 | S100X7OR |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.1M |
| Operating income per employee (consolidated) | -¥5.8M |
| Net income per employee (consolidated) | -¥10.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 152 | 140 | 140 | 105 | 250 |
| Average salary (parent company) | ¥3.9M | — | ¥3.4M | ¥3.2M | ¥7.9M |
| Average age (parent company) | 32.8 years | — | 32.8 years | 30.2 years | 51.2 years |
| Average tenure (parent company) | 6.0 years | — | 6.9 years | 5.3 years | 1.5 years |

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail and wholesale sales, licensing business | 1,105 | 62.3% | -384 | -34.7% |
| Internet Sales | 184 | 10.4% | -81 | -44.1% |
| Aesthetic and relaxation salon business | 480 | 27.0% | -263 | -54.7% |
| Investment-related business | 1 | 0.0% | -10 | -1620.7% |
| Other | 5 | 0.3% | 0 | 4.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Retail and wholesale sales, licensing business | 62.3% | — | — | -34.7% |
| Internet Sales | 10.4% | — | — | -44.1% |
| Aesthetic and relaxation salon business | 27.0% | — | — | -54.7% |
| Investment-related business | 0.0% | — | — | -1620.7% |
| Other | 0.3% | 100.0% | 99.7 | 4.4% |

Loss-making segment (excluded from profit shares): Retail and wholesale sales, licensing business -384 JPY mn

Loss-making segment (excluded from profit shares): Internet Sales -81 JPY mn

Loss-making segment (excluded from profit shares): Aesthetic and relaxation salon business -263 JPY mn

Loss-making segment (excluded from profit shares): Investment-related business -10 JPY mn

Segment → industry: Investment-related business → Crypto & Blockchain / Internet Sales → Apparel / Retail and wholesale sales, licensing business → Apparel / Aesthetic and relaxation salon business → Beauty Salons

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,948 | -109.8% | S100X7OR |
| Capital expenditure | 548 | 30.9% | S100X7OR |
| Free cash flow | -2,496 | -140.6% | 算出 |
| Investing cash flow | -10,681 | -601.9% | S100X7OR |
| Financing cash flow | 13,207 | 744.2% | S100X7OR |
| Change in cash | 577 | 32.5% | S100X7OR |
| Cash and equivalents | 748 | 42.1% | S100X7OR |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 920 | 425 | 438 | 171 | 748 | S100SBR1, S100UUP0, S100X7OR |
| Total assets | 2,570 | 1,669 | 1,660 | 823 | 18,320 | S100SBR1, S100UUP0, S100X7OR |
| Net assets | 103 | -885 | -894 | -2,077 | 12,645 | S100SBR1, S100UUP0, S100X7OR |
| Share capital | 439 | 523 | 523 | 523 | 9,200 | S100SBR1, S100UUP0, S100X7OR |
| Trade receivables | 213 | — | 207 | — | — | S100SBR1 |
| Property, plant and equipment | 286 | 0 | 0 | 0 | 45 | S100SBR1, S100UUP0, S100X7OR |
| Intangible assets excluding goodwill | 54 | 0 | 0 | 0 | 0 | S100SBR1, S100UUP0, S100X7OR |
| Investment securities | 75 | 63 | 67 | 21 | — | S100SBR1, S100UUP0 |
| Current assets | 1,811 | 1,276 | 1,288 | 497 | 17,952 | S100SBR1, S100UUP0, S100X7OR |
| Current liabilities | 1,879 | 1,838 | 1,838 | 2,721 | 5,506 | S100SBR1, S100UUP0, S100X7OR |
| Short-term borrowings | 1,591 | 1,450 | 1,450 | 2,050 | 5,000 | S100SBR1, S100UUP0, S100X7OR |
| Long-term borrowings | 300 | 463 | 463 | — | — | S100SBR1, S100UUP0 |
| Total liabilities | 2,466 | 2,554 | 2,554 | 2,900 | 5,675 | S100SBR1, S100UUP0, S100X7OR |
| Equity attributable to owners of parent | 100 | -890 | -898 | -2,077 | 12,617 | S100SBR1, S100UUP0, S100X7OR |
| Retained earnings | -894 | -2,056 | -2,059 | -3,243 | -5,903 | S100SBR1, S100UUP0, S100X7OR |
| Treasury stock | -195 | -195 | -195 | -195 | -195 | S100SBR1, S100UUP0, S100X7OR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100X7OR |
| Property, plant and equipment | 0% | S100X7OR |
| Other assets | 96% | S100X7OR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100X7OR |
| Equity | 69% | S100X7OR |
| Other liabilities | 0% | S100X7OR |

### Balance sheet history

| Metric | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,570 | 1,669 | 1,660 | 823 | 18,320 |
| Equity | 103 | -885 | -894 | -2,077 | 12,645 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 920 | 425 | 438 | 171 | 748 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.5% | S100X7OR |
| Fixed assets ÷ total assets | 0.2% | S100X7OR |
| Goodwill ÷ parent equity | — | —, S100X7OR |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 4.1% |
| Cash ÷ revenue | 42.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 712 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 30.9% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -20.5% | —× | — | S100SBR1 |
| 2023 | — | —× | -69.8% | —× | — | S100UUP0 |
| 2023 | — | —× | -70.2% | —× | — | S100SBR1 |
| 2024 | — | —× | -144.3% | —× | — | S100UUP0 |
| 2025 | — | —× | -14.5% | —× | — | S100X7OR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ネットプライス事業再生合同会社 | Major shareholder | 42.1% | 2025-08-31 |
| 株式会社キャピタルタイフーン | Major shareholder | 22.0% | 2025-08-31 |
| ＧＡＤ有限責任事業組合 | Major shareholder | 13.9% | 2025-08-31 |
| ＱＬ有限責任事業組合 | Major shareholder | 1.7% | 2025-08-31 |
| 森 博和 | Major shareholder | 1.3% | 2025-08-31 |
| 家髙 利康 | Major shareholder | 1.3% | 2025-08-31 |
| ＬＩＵ ＹＡＮ | Major shareholder | 1.2% | 2025-08-31 |
| ＥＵＲＯＣＬＥＡＲ ＢＡＮＫ Ｓ．Ａ．／Ｎ．Ｖ．(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.0% | 2025-08-31 |
| ＬＥＯＭＯ．Ｉｎｃ． | Major shareholder | 0.9% | 2025-08-31 |
| 株式会社Ｔiｇｅｒ Ｊａｐａｎ Ｉｎｖｅｓｔｍｅｎｔ | Major shareholder | 0.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2024/09/01－2025/08/31) | S100X7OR | 2025-12-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7OR,, |
| 有価証券報告書－第33期(2023/09/01－2024/08/31) | S100UUP0 | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUP0,, |
| 有価証券報告書－第32期(2022/09/01－2023/08/31) | S100SBR1 | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SBR1,, |
| 有価証券報告書－第31期(令和3年9月1日－令和4年8月31日) | S100PP7P | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP7P,, |
| 有価証券報告書－第30期(令和2年9月1日－令和3年8月31日) | S100MXNR | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXNR,, |
| 有価証券報告書－第29期(令和1年9月1日－令和2年8月31日) | S100K91P | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K91P,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).