# SEIWA CHUO HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/01/01－2025/12/31) (S100XSS6)
> Page: https://vizora.meequs.com/en/company/seiwa-chuo-holdings
> Retrieved: 2026-09-30T19:13:43.363Z

## Company

Seiwa Chuo Holdings, founded in 1954, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIWA CHUO HOLDINGS CORPORATION |
| Ticker | 7531 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7531.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区九条南3丁目1番20号 |
| Representative (per filing) | 代表取締役社長 阪上 正章 |
| Founded | Mar 1954 |
| Share capital | ¥767.6M |
| Employees (consolidated) | 218 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | www.seiwa-chuo-holdings.co.jp (https://www.seiwa-chuo-holdings.co.jp/) |
| Corporate number | 2120001044593 |
| EDINET | E02861 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XSS6, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.9 | 179 |
| Profitability | 8.4 | 185 |
| Cash conversion | 96.4 | 179 |
| Efficiency | 39.7 | 185 |

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 50% of Seiwa Chuo Holdings's sales come from West Japan, with East Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -2.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: West Japan 50.1%、East Japan 49.9%
- Revenue → net income: ¥50026375000 → ¥350905000
- Net income → operating cash flow: ¥350905000 → ¥1909266000（difference ¥1558361000）
- Main uses of operating cash flow: CapEx ¥182599000 / dividends ¥39960000 / buybacks —
- Change in cash: ¥1647109000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥50B |  |
| Operating income | ¥400.3M | Margin 0.8% |
| Net income | ¥348M | Margin 0.7% |
| Free cash flow | ¥1.73B |  |
| Largest business | West Japan | of segment revenue 50.1% |
| Employees (consolidated) | 218 |  |
| EPS | ¥66.06 |  |
| Book value per share | ¥2866.77 |  |
| Equity ratio | 44.1% |  |
| Shares outstanding | 3,945,000 |  |
| Treasury shares | 10,900 |  |
| Shareholders | 550 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 6.2% |
| Vs. industry median margin | -2.1 pp | Specialty Trading & Wholesale |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.5× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥42005385000 | ¥50026375000 | +19.1% |
| Operating income | ¥163167000 | ¥400258000 | +145.3% |
| Operating margin | 0.4% | 0.8% | +0.4 pp |
| Employees | 231 people | 218 people | -5.6% |
| Cash and equivalents | ¥1340543000 | ¥3124832000 | +133.1% |

### 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 |
| --- | ---: |
| 西日本 → 西日本 | 50.1% |
| 西日本 → 事業再編・廃止 | 2.6% |
| 東日本 → 東日本 | 47.3% |
| 新設・再編 → 東日本 | 2.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,026 | 100.0% | S100XSS6 |
| Cost of revenue | 44,995 | 89.9% | S100XSS6 |
| Gross profit | 5,031 | 10.1% | S100XSS6 |
| SG&A | 4,631 | 9.3% | S100XSS6 |
| Operating income | 400 | 0.8% | S100XSS6 |
| Ordinary income | 518 | 1.0% | S100XSS6 |
| Pretax income | 517 | 1.0% | S100XSS6 |
| Income tax | 167 | 0.3% | S100XSS6 |
| Net income | 351 | 0.7% | S100XSS6 |
| Net income attributable to owners | 348 | 0.7% | S100XSS6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 9 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 10.1% → Operating margin 0.8% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 51,472 | 50,026 | -1,445 | -2.8% |
| Gross profit | 4,526 | 5,031 | 505 | +11.2% |
| Operating income | -100 | 400 | 500 | — |
| Net income attributable to owners | -101 | 348 | 449 | — |
| Operating cash flow | 1,657 | 1,909 | 253 | +15.2% |
| Free cash flow | 1,331 | 1,727 | 396 | +29.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 52,910 | 805 | 1.5% | 599 | 826 | 327 | S100L34K |
| FY ending Dec 2020 | 42,005 | 163 | 0.4% | 145 | 2,920 | 2,341 | S100NSTC |
| FY ending Dec 2021 | 45,395 | 1,455 | 3.2% | 1,061 | -1,226 | -1,645 | S100QHWZ |
| FY ending Dec 2022 | 57,550 | 807 | 1.4% | 610 | -635 | -1,513 | S100T6B7 |
| FY ending Dec 2023 | 62,577 | 166 | 0.3% | 103 | 2,716 | 2,280 | S100VHT4 |
| FY ending Dec 2024 | 51,472 | -100 | -0.2% | -101 | 1,657 | 1,331 | S100XSS6 |
| FY ending Dec 2025 | 50,026 | 400 | 0.8% | 348 | 1,909 | 1,727 | S100XSS6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥229.5M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 239 | 244 | 234 | 226 | 218 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥6.2M | ¥5.8M | ¥5.7M |
| Average age (parent company) | 42.2 years | 43.2 years | 39.7 years | 41.2 years | 42.3 years |
| Average tenure (parent company) | 13.5 years | 13.6 years | 14.0 years | 16.3 years | 17.4 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) -2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| West Japan | 25,030 | 50.1% | 320 | 1.3% |
| East Japan | 24,971 | 49.9% | 91 | 0.4% |

### 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 |
| --- | ---: |
| West Japan | 50.1% |
| East Japan | 49.9% |

Segment → industry: East Japan → Specialty Trading & Wholesale / West Japan → Specialty Trading & Wholesale

## 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 | 1,909 | 3.8% | S100XSS6 |
| Capital expenditure | 183 | 0.4% | S100XSS6 |
| Free cash flow | 1,727 | 3.5% | 算出 |
| Investing cash flow | -190 | -0.4% | S100XSS6 |
| Financing cash flow | -72 | -0.1% | S100XSS6 |
| Dividends paid | 40 | 0.1% | S100XSS6 |
| Change in cash | 1,647 | 3.3% | S100XSS6 |
| Cash and equivalents | 3,125 | 6.2% | S100XSS6 |

## 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 | 1,028 | 1,152 | 1,182 | 1,478 | 3,125 | S100T6B7, S100VHT4, S100XSS6 |
| Total assets | 36,370 | 47,190 | 39,752 | 37,444 | 36,263 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Net assets | 15,365 | 16,059 | 16,008 | 15,924 | 16,200 | S100T6B7, S100VHT4, S100XSS6 |
| Share capital | 768 | 768 | 768 | 768 | 768 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Trade receivables | 16,513 | 19,064 | — | — | — | S100QHWZ |
| Property, plant and equipment | 7,307 | 7,495 | 7,525 | 7,622 | 7,396 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Intangible assets excluding goodwill | 321 | 735 | 811 | 651 | 475 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Investment securities | 1,341 | 1,709 | 1,622 | 1,753 | 1,720 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Current assets | 26,778 | 36,417 | 28,823 | 26,506 | 25,727 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Current liabilities | 19,536 | 29,463 | 21,949 | 19,679 | 18,186 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Trade payables | 15,026 | 18,899 | — | — | — | S100QHWZ |
| Short-term borrowings | 1,976 | 3,650 | 1,350 | 300 | 270 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Total liabilities | 21,005 | 31,131 | 23,744 | 21,519 | 20,063 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Non-controlling interests | 245 | 245 | 233 | 218 | 221 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Equity attributable to owners of parent | 14,409 | 14,846 | 14,832 | 14,671 | 14,980 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Retained earnings | 13,034 | 13,471 | 13,457 | 13,296 | 13,605 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |
| Treasury stock | -26 | -26 | -26 | -26 | -26 | S100QHWZ, S100T6B7, S100VHT4, S100XSS6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XSS6 |
| Property, plant and equipment | 20% | S100XSS6 |
| Intangibles and goodwill | 1% | S100XSS6 |
| Investment securities | 5% | S100XSS6 |
| Other assets | 65% | S100XSS6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100XSS6 |
| Equity | 45% | S100XSS6 |
| Other liabilities | 0% | S100XSS6 |

### 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 | 36,370 | 47,190 | 39,752 | 37,444 | 36,263 |
| Equity | 15,365 | 16,059 | 16,008 | 15,924 | 16,200 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,028 | 1,152 | 1,182 | 1,478 | 3,125 |

## 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) | 14.8% | S100XSS6 |
| Fixed assets ÷ total assets | 20.4% | S100XSS6 |
| Goodwill ÷ parent equity | — | —, S100XSS6 |

### 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) | 8.6% |
| Cash ÷ revenue | 6.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 477.0% |
| Cash vs. profit gap | 1,561 JPY mn (of net income 448.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.5% |
| Shareholder payments — dividends / FCF | 2.3% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 9.9% |

## 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 | 2.3% | 1.25× | 2.9% | 2.52× | 7.4% | S100QHWZ |
| 2022 | 1.1% | 1.38× | 1.5% | 2.86× | 4.2% | S100T6B7 |
| 2023 | 0.2% | 1.44× | 0.2% | 2.93× | 0.7% | S100VHT4 |
| 2024 | — | —× | -0.3% | —× | — | S100XSS6 |
| 2025 | 0.7% | 1.36× | 0.9% | 2.49× | 2.3% | S100XSS6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ワイエムピー | Major shareholder | 15.5% | 2025-12-31 |
| エスケー興産株式会社 | Major shareholder | 14.6% | 2025-12-31 |
| 阪上 正章 | Major shareholder | 11.0% | 2025-12-31 |
| 大和製罐株式会社 | Major shareholder | 9.6% | 2025-12-31 |
| 阪上 恵昭 | Major shareholder | 8.2% | 2025-12-31 |
| 東洋商事株式会社 | Major shareholder | 3.8% | 2025-12-31 |
| エムエム建材株式会社 | Major shareholder | 3.3% | 2025-12-31 |
| 加藤 匡子 | Major shareholder | 3.1% | 2025-12-31 |
| 小田 敏花 | Major shareholder | 2.5% | 2025-12-31 |
| フルサト工業株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| コンドーテック株式会社 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/01/01－2025/12/31) | S100XSS6 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSS6,, |
| 有価証券報告書－第71期(2024/01/01－2024/12/31) | S100VHT4 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHT4,, |
| 有価証券報告書－第70期(2023/01/01－2023/12/31) | S100T6B7 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6B7,, |
| 有価証券報告書－第69期(2022/01/01－2022/12/31) | S100QHWZ | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHWZ,, |
| 有価証券報告書－第68期(令和3年1月1日－令和3年12月31日) | S100NSTC | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSTC,, |
| 有価証券報告書－第67期(令和2年1月1日－令和2年12月31日) | S100L34K | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L34K,, |

## 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).