# ASULINA Co.,Ltd.: 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15期(2024/09/01－2025/08/31) (S100X6VP)
> Page: https://vizora.meequs.com/en/company/asulina
> Retrieved: 2026-09-30T20:26:06.093Z

## Company

Asulina, founded in 2000, is a company in Electric Power & Gas listed on TSE Standard. It has 14 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | G Three Holdings Corporation |
| Ticker | 3647 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3647.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東品川二丁目3番14号 |
| Representative (per filing) | 代表取締役社長 山元 秀樹 |
| Founded | May 2000 |
| Share capital | ¥1.17B |
| Employees (consolidated) | 14 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | August |
| Website | www.g3holdings.com (https://www.g3holdings.com/) |
| Corporate number | 7010401094468 |
| EDINET | E24998 |
| Industries (Vizora) | Electric Power & Gas, Electrical Equipment, Processed Foods |

> Profile source: annual securities report (S100X6VP, filed 2025-11-26). As of filing

## Key points (generated from figures)

- About 96% of Asulina's sales come from Renewable energy business, with Sustainable business making up much of the rest.
- It lost about ¥49 for every ¥100 of sales at the operating level.
- Revenue changed +134.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥606.5M |  |
| Operating income | -¥299.6M | Margin -49.4% |
| Net income | -¥315.7M | Margin -52.1% |
| Free cash flow | — |  |
| Largest business | Renewable energy business | of segment revenue 95.5% |
| Employees (consolidated) | 14 |  |
| EPS | ¥-20.13 |  |
| Book value per share | ¥34.31 |  |
| Equity ratio | 56.7% |  |
| Shares outstanding | 19,373,720 |  |
| Treasury shares | 1,021,500 |  |
| Shareholders | 6,836 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 45.5% | Cash ÷ revenue 91.8% |
| Vs. industry median margin | -56.4 pp | Electric Power & Gas |
| ROA | -22.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.2× its level five years ago
- FY2025, operating loss is 49 per ¥100 of revenue
- FY2025, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5470056000 | ¥606547000 | -88.9% |
| Operating income | ¥954196000 | ¥-299648000 | -131.4% |
| Operating margin | 17.4% | -49.4% | -66.8 pp |
| Employees | 17 people | 14 people | -17.6% |
| Cash and equivalents | ¥709284000 | ¥556873000 | -21.5% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → 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 |
| --- | ---: |
| 再生可能エネルギー事業 → 再生可能エネルギー事業 | 53.2% |
| 環境関連事業 → 事業再編・廃止 | 43.9% |
| ＳＢＹ事業 → 事業再編・廃止 | 2.6% |
| FATBURGER事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 再生可能エネルギー事業 | 42.4% |
| 新設・再編 → サステナブル事業 | 4.5% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 607 | 100.0% | S100X6VP |
| Cost of revenue | 578 | 95.3% | S100X6VP |
| Gross profit | 28 | 4.7% | S100X6VP |
| SG&A | 328 | 54.1% | S100X6VP |
| Operating income | -300 | -49.4% | S100X6VP |
| Ordinary income | -312 | -51.4% | S100X6VP |
| Pretax income | -323 | -53.2% | S100X6VP |
| Income tax | 1 | 0.2% | S100X6VP |
| Net income | -324 | -53.4% | S100X6VP |
| Net income attributable to owners | -316 | -52.1% | S100X6VP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 95 |
| SG&A | 54 |
| Operating income | -49 |
| (Ref.) Net income | -52 |

### Margin funnel

Gross margin 4.7% → Operating margin -49.4% → Net margin -52.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 259 | 607 | 347 | +134.1% |
| Gross profit | -285 | 28 | 313 | — |
| Operating income | -667 | -300 | 367 | — |
| Net income attributable to owners | -743 | -316 | 427 | — |
| Operating cash flow | -68 | 282 | 350 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 4,858 | -343 | -7.1% | 265 | 503 | -1,369 | S100KA43 |
| FY ending Aug 2020 | 5,470 | 954 | 17.4% | 825 | -275 | -343 | S100O15S |
| FY ending Aug 2021 | 3,310 | 212 | 6.4% | 35 | 2,584 | 1,943 | S100PPMI |
| FY ending Aug 2022 | 1,927 | 38 | 2.0% | -453 | 64 | 64 | S100SD8H |
| FY ending Aug 2023 | 1,187 | -256 | -21.5% | -488 | -840 | -979 | S100UVHD |
| FY ending Aug 2024 | 259 | -667 | -257.3% | -743 | -68 | -68 | S100X6VP |
| FY ending Aug 2025 | 607 | -300 | -49.4% | -316 | 282 | — | S100X6VP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.3M |
| Operating income per employee (consolidated) | -¥21.4M |
| Net income per employee (consolidated) | -¥22.6M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 20 | 20 | 13 | 11 | 14 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.2M | ¥6.5M | ¥6.2M |
| Average age (parent company) | 42.0 years | 41.5 years | 47.4 years | 45.2 years | 43.9 years |
| Average tenure (parent company) | 2.4 years | 2.8 years | 2.5 years | 2.2 years | 1.7 years |

Year over year: Employees (consolidated) +27.3% · Revenue (consolidated) +134.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy business | 579 | 95.5% | -5 | -0.9% |
| Sustainable business | 27 | 4.5% | -25 | -91.4% |
| New energy business | — | 0.0% | -0 | — |

### 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 | Margin |
| --- | ---: |
| Renewable energy business | -0.9% |
| Sustainable business | -91.4% |
| New energy business | — |

Loss-making segment (excluded from profit shares): Renewable energy business -5 JPY mn

Loss-making segment (excluded from profit shares): Sustainable business -25 JPY mn

Loss-making segment (excluded from profit shares): New energy business -0 JPY mn

Segment → industry: Renewable energy business → Electric Power & Gas / New energy business → Electrical Equipment / Sustainable business → Processed Foods

## 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 | 282 | 46.5% | S100X6VP |
| Investing cash flow | -1 | -0.2% | S100X6VP |
| Financing cash flow | -55 | -9.0% | S100X6VP |
| Share buyback | 0 | 0.0% | S100X6VP |
| Change in cash | 226 | 37.3% | S100X6VP |
| Cash and equivalents | 557 | 91.8% | S100X6VP |

## 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 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,646 | 1,300 | 223 | 331 | 557 | S100SD8H, S100UVHD, S100X6VP |
| Total assets | 3,763 | 2,933 | 2,140 | 1,551 | 1,224 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Net assets | 2,474 | 2,020 | 1,532 | 1,016 | 696 | S100SD8H, S100UVHD, S100X6VP |
| Share capital | 1,063 | 1,063 | 1,063 | 1,171 | 1,173 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Property, plant and equipment | 701 | 656 | 206 | 112 | 106 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Intangible assets excluding goodwill | 482 | 370 | 27 | 0 | 0 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Goodwill | 473 | 369 | 27 | — | — | S100PPMI, S100SD8H, S100UVHD |
| Current assets | 2,468 | 1,813 | 1,871 | 1,402 | 1,082 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Current liabilities | 306 | 301 | 122 | 109 | 164 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Long-term borrowings | 172 | 103 | 53 | 31 | 16 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Total liabilities | 1,289 | 913 | 608 | 534 | 528 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Non-controlling interests | — | — | — | 10 | 2 | S100X6VP |
| Equity attributable to owners of parent | 2,474 | 2,020 | 1,532 | 1,006 | 694 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Retained earnings | 965 | 512 | 24 | -719 | -1,034 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |
| Treasury stock | -226 | -227 | -227 | -228 | -228 | S100PPMI, S100SD8H, S100UVHD, S100X6VP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100X6VP |
| Property, plant and equipment | 9% | S100X6VP |
| Other assets | 46% | S100X6VP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100X6VP |
| Equity | 57% | S100X6VP |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,763 | 2,933 | 2,140 | 1,551 | 1,224 |
| Equity | 2,474 | 2,020 | 1,532 | 1,016 | 696 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,646 | 1,300 | 223 | 331 | 557 |

## 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) | 17.5% | S100X6VP |
| Fixed assets ÷ total assets | 8.7% | S100X6VP |
| Goodwill ÷ parent equity | — | —, S100X6VP |

### 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) | 45.5% |
| Cash ÷ revenue | 91.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 598 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 0.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.1% | 0.88× | 0.9% | 1.52× | 1.4% | S100PPMI |
| 2022 | — | —× | -13.5% | —× | — | S100SD8H |
| 2023 | — | —× | -19.2% | —× | — | S100UVHD |
| 2024 | — | —× | -40.2% | —× | — | S100X6VP |
| 2025 | — | —× | -22.8% | —× | — | S100X6VP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西村 浩 | Major shareholder | 16.1% | 2025-08-31 |
| オーエスシーエンジニアリング株式会社 | Major shareholder | 4.9% | 2025-08-31 |
| ＳＫ ＴＥＣ株式会社 | Major shareholder | 2.8% | 2025-08-31 |
| 株式会社ＳＢＹデジタルプロダクツ | Major shareholder | 2.7% | 2025-08-31 |
| 株式会社シンキ | Major shareholder | 2.5% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 2.1% | 2025-08-31 |
| 森 昭平 | Major shareholder | 1.8% | 2025-08-31 |
| 成富 直行 | Major shareholder | 1.6% | 2025-08-31 |
| 株式会社サンライフコーポレーション | Major shareholder | 1.6% | 2025-08-31 |
| 陳 尚春 | Major shareholder | 1.6% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2024/09/01－2025/08/31) | S100X6VP | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6VP,, |
| 有価証券報告書－第14期(2023/09/01－2024/08/31) | S100UVHD | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVHD,, |
| 有価証券報告書－第13期(2022/09/01－2023/08/31) | S100SD8H | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD8H,, |
| 有価証券報告書－第12期(令和3年9月1日－令和4年8月31日) | S100PPMI | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPMI,, |
| 訂正有価証券報告書－第11期(令和2年9月1日－令和3年8月31日) | S100O15S | 2022-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O15S,, |
| 有価証券報告書－第10期(令和1年9月1日－令和2年8月31日) | S100KA43 | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KA43,, |

## 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).