# Laox Holdings CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第50期(2025/01/01－2025/12/31) (S100XVC0)
> Page: https://vizora.meequs.com/en/company/laox-holdings
> Retrieved: 2026-09-30T20:31:47.776Z

## Company

Laox Holdings, founded in 1976, is a company in E-commerce listed on TSE Standard. It has 969 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Laox Holdings CO.,LTD. |
| Ticker | 8202 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8202.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門四丁目3番1号 |
| Representative (per filing) | 代表取締役会長兼社長CEO 羅 怡文 |
| Founded | Sep 1976 |
| Share capital | ¥100M |
| Employees (consolidated) | 969 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.laox.co.jp (https://www.laox.co.jp/) |
| Corporate number | 7010401099079 |
| EDINET | E03101 |
| Industries (Vizora) | E-commerce, Real Estate Development & Leasing, Catalog & TV Shopping, Specialty Trading & Wholesale, Electronics Retailers, Apparel |

> Profile source: annual securities report (S100XVC0, filed 2026-04-02). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 9 |
| Profitability | 15 | 10 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 35 | 10 |

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 60% of Laox Holdings's sales come from GIFTSolution Business, with Retail Business and Asset and Services Business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -6.5% from the prior year, operating profit -51.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥57.5B |  |
| Operating income | ¥69M | Margin 0.1% |
| Net income | -¥99M | Margin -0.2% |
| Free cash flow | -¥1.01B |  |
| Largest business | GIFTSolution Business | of segment revenue 60.0% |
| Employees (consolidated) | 969 |  |
| EPS | ¥2.36 |  |
| Book value per share | ¥133.51 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 93,335,103 |  |
| Treasury shares | 1,918,800 |  |
| Shareholders | 31,923 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 18.5% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | -4.5 pp | Catalog & TV Shopping |
| ROA | -0.2% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +85% over five years
- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, segment profit share differs by 23 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥82988000000 | ¥57535000000 | -30.7% |
| Operating income | ¥-3359000000 | ¥69000000 | — |
| Operating margin | -4.0% | 0.1% | +4.2 pp |
| Employees | 1,368 people | 969 people | -29.2% |
| Cash and equivalents | ¥12100000000 | ¥7863000000 | -35.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インバウンド事業 → 事業再編・廃止 | 5.1% |
| 国内リテール事業 → 事業再編・廃止 | 5.6% |
| グローバル事業 → 事業再編・廃止 | 17.9% |
| 海外事業 → 事業再編・廃止 | 17.8% |
| 生活ファッション事業 → 事業再編・廃止 | 42.0% |
| エンターテインメント事業 → 事業再編・廃止 | 5.0% |
| アセット事業 → 事業再編・廃止 | 6.6% |
| 新設・再編 → ギフトソリューション事業 | 60.0% |
| 新設・再編 → リテール事業 | 36.2% |
| 新設・再編 → トレーディング事業 | 0.4% |
| 新設・再編 → アセット・サービス事業 | 3.3% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| GIFTSolution Business | 3 years | -6.7% | ¥34540000000 | 3.3% | 2 |
| Retail Business | 4 years | -17.3% | ¥20841000000 | -0.3% | 2 |
| Asset and Services Business | 4 years | -17.8% | ¥1913000000 | 11.7% | 2 |
| Trading business | 3 years | -67.9% | ¥241000000 | -18.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,535 | 100.0% | S100XVC0 |
| Cost of revenue | 37,798 | 65.7% | S100XVC0 |
| Gross profit | 19,737 | 34.3% | S100XVC0 |
| SG&A | 19,668 | 34.2% | S100XVC0 |
| Operating income | 69 | 0.1% | S100XVC0 |
| Ordinary income | 35 | 0.1% | S100XVC0 |
| Pretax income | -72 | -0.1% | S100XVC0 |
| Income tax | 26 | 0.0% | S100XVC0 |
| Net income | -99 | -0.2% | S100XVC0 |
| Net income attributable to owners | -99 | -0.2% | S100XVC0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 34 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 34.3% → Operating margin 0.1% → Net margin -0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.5%; Core profit growth: -51.4%
Operating leverage (core profit growth ÷ revenue growth): 7.94×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 61,517 | 57,535 | -3,982 | -6.5% |
| Gross profit | 20,402 | 19,737 | -665 | -3.3% |
| Operating income | 142 | 69 | -73 | -51.4% |
| Net income attributable to owners | 670 | -99 | -769 | -114.8% |
| Operating cash flow | -70 | -328 | -258 | — |
| Free cash flow | -505 | -1,011 | -506 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 129,520 | -3,103 | -2.4% | -7,872 | -2,879 | -4,123 | S100L0VC |
| FY ending Dec 2020 | 82,988 | -3,359 | -4.0% | -16,641 | 1,424 | -1,342 | S100NQZQ |
| FY ending Dec 2021 | 68,149 | -2,846 | -4.2% | -7,110 | 928 | 160 | S100QH9H |
| FY ending Dec 2022 | 55,127 | 49 | 0.1% | 69 | -2,075 | -2,330 | S100T3NJ |
| FY ending Dec 2023 | 60,187 | 284 | 0.5% | 2,043 | -187 | -1,019 | S100VHJK |
| FY ending Dec 2024 | 61,517 | 142 | 0.2% | 670 | -70 | -505 | S100XVC0 |
| FY ending Dec 2025 | 57,535 | 69 | 0.1% | -99 | -328 | -1,011 | S100XVC0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.4M |
| Operating income per employee (consolidated) | ¥71.2K |
| Net income per employee (consolidated) | -¥102.2K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 889 | 718 | 1,101 | 1,042 | 969 |
| Average salary (parent company) | ¥4.1M | ¥4M | ¥5.4M | ¥6.5M | ¥7.6M |
| Average age (parent company) | 40.4 years | 40.1 years | 42.2 years | 44.0 years | 45.8 years |
| Average tenure (parent company) | 8.3 years | 8.0 years | 8.8 years | 10.2 years | 10.1 years |

Year over year: Employees (consolidated) -7.0% · Revenue (consolidated) -6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| GIFTSolution Business | 34,540 | 60.0% | 1,126 | 3.3% |
| Retail Business | 20,841 | 36.2% | -64 | -0.3% |
| Trading business | 241 | 0.4% | -45 | -18.7% |
| Asset and Services Business | 1,913 | 3.3% | 224 | 11.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| GIFTSolution Business | 60.0% | 83.4% | 23.4 | 3.3% |
| Retail Business | 36.2% | — | — | -0.3% |
| Trading business | 0.4% | — | — | -18.7% |
| Asset and Services Business | 3.3% | 16.6% | 13.3 | 11.7% |

Loss-making segment (excluded from profit shares): Retail Business -64 JPY mn

Loss-making segment (excluded from profit shares): Trading business -45 JPY mn

Segment → industry: Trading business → E-commerce / Asset and Services Business → Real Estate Development & Leasing / GIFTSolution Business → Catalog & TV Shopping / Trading business → Specialty Trading & Wholesale / Retail Business → Electronics Retailers / Retail Business → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -328 | -0.6% | S100XVC0 |
| Capital expenditure | 683 | 1.2% | S100XVC0 |
| Free cash flow | -1,011 | -1.8% | 算出 |
| Investing cash flow | -1,161 | -2.0% | S100XVC0 |
| Financing cash flow | -320 | -0.6% | S100XVC0 |
| Dividends paid | 180 | 0.3% | S100XVC0 |
| Change in cash | -1,844 | -3.2% | S100XVC0 |
| Cash and equivalents | 7,863 | 13.7% | S100XVC0 |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,246 | 9,681 | 10,143 | 9,708 | 7,863 | S100T3NJ, S100VHJK, S100XVC0 |
| Total assets | 46,720 | 40,944 | 46,262 | 44,061 | 42,414 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Net assets | 20,115 | 20,327 | 22,406 | 22,991 | 22,686 | S100T3NJ, S100VHJK, S100XVC0 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Trade receivables | 15,341 | 13,037 | 13,516 | 12,201 | 11,853 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Inventories | 3,915 | 3,806 | 6,737 | 6,458 | 7,037 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Property, plant and equipment | 6,003 | 5,337 | 5,375 | 5,511 | 5,651 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Intangible assets excluding goodwill | 1,588 | 1,224 | 1,072 | 880 | 848 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Current assets | 33,038 | 30,412 | 35,050 | 33,206 | 31,475 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Current liabilities | 21,984 | 17,109 | 19,313 | 16,985 | 15,820 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Trade payables | 8,356 | 7,914 | 8,363 | 7,428 | 7,081 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Short-term borrowings | 2,032 | 1,200 | 2,550 | 2,700 | 2,550 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Long-term borrowings | 114 | 91 | 192 | 315 | 439 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Total liabilities | 26,605 | 20,617 | 23,855 | 21,070 | 19,728 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Non-controlling interests | 47 | — | — | — | — | S100QH9H |
| Equity attributable to owners of parent | 19,521 | 19,697 | 21,740 | 22,411 | 22,129 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Retained earnings | -20,657 | 4,364 | 6,407 | 7,078 | 9,821 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |
| Treasury stock | -2,419 | -2,419 | -2,419 | -2,419 | -2,419 | S100QH9H, S100T3NJ, S100VHJK, S100XVC0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XVC0 |
| Receivables | 28% | S100XVC0 |
| Inventories | 17% | S100XVC0 |
| Property, plant and equipment | 13% | S100XVC0 |
| Intangibles and goodwill | 2% | S100XVC0 |
| Other assets | 22% | S100XVC0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100XVC0 |
| Other liabilities | 30% | S100XVC0 |
| Equity | 53% | S100XVC0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,720 | 40,944 | 46,262 | 44,061 | 42,414 |
| Equity | 20,115 | 20,327 | 22,406 | 22,991 | 22,686 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,246 | 9,681 | 10,143 | 9,708 | 7,863 |

## 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) | 9.8% | S100XVC0 |
| Fixed assets ÷ total assets | 13.3% | S100XVC0 |
| Goodwill ÷ parent equity | — | —, S100XVC0 |

### 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) | 18.5% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -475.4% |
| Cash vs. profit gap | -229 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -15.2% | —× | — | S100QH9H |
| 2022 | 0.1% | 1.26× | 0.2% | 2.24× | 0.4% | S100T3NJ |
| 2023 | 3.4% | 1.38× | 4.7% | 2.10× | 9.9% | S100VHJK |
| 2024 | 1.1% | 1.36× | 1.5% | 2.05× | 3.0% | S100XVC0 |
| 2025 | — | —× | -0.2% | —× | — | S100XVC0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GRANDA MAGIC LIMITED （常任代理人 大和証券株式会社） | Major shareholder | 30.4% | 2025-12-31 |
| WISEHUB INTERNATIONAL CO.,LIMITED （常任代理人 中田 吉昭） | Major shareholder | 24.2% | 2025-12-31 |
| 日本観光免税株式会社 | Major shareholder | 6.0% | 2025-12-31 |
| 羅 怡文 | Major shareholder | 1.8% | 2025-12-31 |
| 山下 覚史 | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社ＡＩＩＮ | Major shareholder | 0.7% | 2025-12-31 |
| 中文産業株式会社 | Major shareholder | 0.6% | 2025-12-31 |
| 株式会社ＤＭＭ．ｃｏｍ証券 | Major shareholder | 0.6% | 2025-12-31 |
| 和田 建生 | Major shareholder | 0.5% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第50期(2025/01/01－2025/12/31) | S100XVC0 | 2026-04-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVC0,, |
| 有価証券報告書－第49期(2024/01/01－2024/12/31) | S100VHJK | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHJK,, |
| 有価証券報告書－第48期(2023/01/01－2023/12/31) | S100T3NJ | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3NJ,, |
| 有価証券報告書－第47期(2022/01/01－2022/12/31) | S100QH9H | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH9H,, |
| 有価証券報告書－第46期(令和3年1月1日－令和3年12月31日) | S100NQZQ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQZQ,, |
| 有価証券報告書－第45期(令和2年1月1日－令和2年12月31日) | S100L0VC | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0VC,, |

## 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).