# GNI  Group Ltd.: business model and financials

> Latest period: FY ending Dec 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/01/01－2025/12/31) (S100XV4B), 有価証券報告書－第24期(2024/01/01－2024/12/31) (S100VJ7H)
> Page: https://vizora.meequs.com/en/company/gni-group
> Retrieved: 2026-09-30T21:34:55.762Z

## Company

GNI Group, founded in 2001, is a company in Medical Devices listed on TSE Growth. It has 867 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GNI Group Ltd. |
| Ticker | 2160 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2160.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋本町二丁目2番2号 |
| Representative (per filing) | 取締役代表執行役社長兼CEO イン・ルオ |
| Founded | Nov 2001 |
| Share capital | ¥13.3B |
| Employees (consolidated) | 867 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | December |
| Website | www.gnipharma.com (https://www.gnipharma.com/) |
| Corporate number | 4011101053527 |
| EDINET | E05712 |
| Industries (Vizora) | Medical Devices, Pharmaceuticals |

> Profile source: annual securities report (S100XV4B, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2024-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 43.2 | 22 |
| Cash conversion | 8.3 | 18 |
| Efficiency | 10.9 | 32 |

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 78% of GNI Group's sales come from Pharmaceutical, with Medical device making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -9.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥23.6B |  |
| Operating income | ¥1.4B | Margin 5.9% |
| Net income | ¥1.1B | Margin 4.7% |
| Free cash flow | -¥4.7B |  |
| Largest business | Pharmaceutical | of segment revenue 77.5% |
| Employees (consolidated) | 867 |  |
| EPS | ¥21.96 |  |
| Diluted EPS | ¥21.15 |  |
| Book value per share | ¥480.08 |  |
| Equity ratio | 50.7% | Derived from disclosed figures |
| Shares outstanding | 50,168,243 |  |
| Treasury shares | 13,500 |  |
| Shareholders | 14,338 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 14.1% | Cash ÷ revenue 42.8% |
| Vs. industry median margin | -1.2 pp | Pharmaceuticals |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2024, one segment accounts for 74% of positive segment profit
- FY2024, segment profit share differs by -51 points

## What changed in 7 years

| Metric | FY ending Dec 2017 | FY ending Dec 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2648451000 | ¥23611000000 | +791.5% |
| Employees | 275 people | 867 people | +215.3% |
| Cash and equivalents | ¥4192749000 | ¥10115000000 | +141.2% |

### Change in segment revenue mix

Span: FY ending Dec 2017 → FY ending Dec 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 医薬品事業 | 77.5% |
| 新設・再編 → 医療機器事業 | 22.5% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,611 | 100.0% | S100XV4B |
| Cost of revenue | 5,574 | 23.6% | S100XV4B |
| Gross profit | 18,037 | 76.4% | S100XV4B |
| SG&A | 15,771 | 66.8% | S100XV4B |
| Operating income | 1,402 | 5.9% | S100XV4B |
| Pretax income | 238 | 1.0% | S100XV4B |
| Income tax | 247 | 1.0% | S100XV4B |
| Net income | -9 | -0.0% | S100XV4B |
| Net income attributable to owners | 1,098 | 4.7% | S100XV4B |

## Per ¥100 of revenue（FY ending Dec 2024）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 67 |
| Other operating | 4 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 76.4% → Operating margin 5.9% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2023 → FY ending Dec 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,010 | 23,611 | -2,399 | -9.2% |
| Net income attributable to owners | 8,094 | 1,098 | -6,996 | -86.4% |
| Operating cash flow | 6,549 | -3,164 | -9,713 | -148.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,307 | — | — | -513 | -519 | — | S100L3MC |
| FY ending Dec 2017 | 2,648 | — | — | -175 | -477 | — | S100NYW8 |
| FY ending Dec 2018 | 5,019 | — | — | -200 | 621 | — | S100QIVF |
| FY ending Dec 2021 | 12,690 | — | — | 1,066 | 552 | — | S100XV4B |
| FY ending Dec 2022 | 17,418 | — | — | 388 | 393 | — | S100XV4B |
| FY ending Dec 2023 | 26,010 | — | — | 8,094 | 6,549 | — | S100XV4B |
| FY ending Dec 2024 | 23,611 | 1,402 | 5.9% | 1,098 | -3,164 | -4,699 | S100XV4B |

## People and productivity（FY ending Dec 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.2M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 350 | 629 | 701 | 843 | 867 |
| Average salary (parent company) | — | — | — | — | ¥8.5M |
| Average age (parent company) | — | — | — | — | 42.9 years |
| Average tenure (parent company) | — | — | — | — | 2.3 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) -9.2%

## Segments（FY ending Dec 2024, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical | 18,303 | 77.5% | 371 | 2.0% |
| Medical device | 5,307 | 22.5% | 1,031 | 19.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical | 77.5% | 26.5% | -51.1 | 2.0% |
| Medical device | 22.5% | 73.5% | 51.1 | 19.4% |

Segment → industry: Medical device → Medical Devices / Pharmaceutical → Pharmaceuticals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,164 | -13.4% | S100XV4B |
| Capital expenditure | 1,535 | 6.5% | S100XV4B |
| Free cash flow | -4,699 | -19.9% | 算出 |
| Investing cash flow | -10,361 | -43.9% | S100XV4B |
| Financing cash flow | 694 | 2.9% | S100XV4B |
| Share buyback | 0 | 0.0% | S100XV4B |
| Change in cash | -11,517 | -48.8% | S100XV4B |
| Cash and equivalents | 10,115 | 42.8% | S100XV4B |

## 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 Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,870 | 14,352 | 11,049 | 21,633 | 10,115 | S100L3MC, S100XV4B |
| Total assets | 17,101 | 30,296 | 33,906 | 64,269 | 71,942 | S100QIVF, S100XV4B |
| Net assets | 10,008 | — | — | 36,504 | 39,713 | S100L3MC, S100XV4B |
| Share capital | — | — | — | — | 13,276 | S100XV4B |
| Property, plant and equipment | — | — | — | — | 5,696 | S100XV4B |
| Goodwill | — | — | — | — | 15,994 | S100XV4B |
| Current assets | — | — | — | — | 29,222 | S100XV4B |
| Total liabilities | — | — | — | — | 32,229 | S100XV4B |
| Equity attributable to owners of parent | — | — | — | — | 36,446 | S100XV4B |
| Retained earnings | — | — | — | — | 9,888 | S100XV4B |
| Treasury stock | — | — | — | — | -15 | S100XV4B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XV4B |
| Property, plant and equipment | 8% | S100XV4B |
| Intangibles and goodwill | 22% | — |
| Other assets | 56% | S100XV4B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XV4B |
| Equity | 55% | S100XV4B |

### Balance sheet history

| Metric | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,101 | 30,296 | 33,906 | 64,269 | 71,942 |
| Equity | 10,008 | — | — | 36,504 | 39,713 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,870 | 14,352 | 11,049 | 21,633 | 10,115 |

## 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) | 24.1% | S100XV4B |
| Fixed assets ÷ total assets | 7.9% | S100XV4B |
| Goodwill ÷ parent equity | 43.9% | S100XV4B |

### 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) | 14.1% |
| Cash ÷ revenue | 42.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -225.7% |
| Cash vs. profit gap | -4,262 JPY mn (of net income -388.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2018 | — | —× | -1.2% | —× | — | S100QIVF, S100L3MC |
| 2021 | — | —× | 3.5% | —× | — | S100XV4B |
| 2022 | — | —× | 1.2% | —× | — | S100XV4B |
| 2023 | 31.1% | 0.53× | 16.5% | 1.34× | 22.2% | S100XV4B |
| 2024 | 4.7% | 0.35× | 1.6% | 1.87× | 3.0% | S100XV4B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2 | Major shareholder | 3.6% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.2% | 2025-12-31 |
| 木下 圭一郎 | Major shareholder | 1.9% | 2025-12-31 |
| NATIONAL FINANCIAL SERVICES LLC | Major shareholder | 1.9% | 2025-12-31 |
| PERSHING-DIV.OF DLJ SECS.CORP. | Major shareholder | 1.5% | 2025-12-31 |
| 石橋 拓朗 | Major shareholder | 1.2% | 2025-12-31 |
| MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT | Major shareholder | 1.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XV4B | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV4B,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VJ7H | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ7H,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QIVF | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIVF,, |
| 訂正有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100NYW8 | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYW8,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L3MC | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3MC,, |

## 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).