Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Consolidated Financial Results for the Six Months Ended May 20, 2025 [Japanese GAAP]
June 30, 2025
Company name: Zojirushi Corporation
Stock exchange listing: Tokyo Stock Exchange Securities code: 7965
URL: https://http://www.zojirushi.co.jp
Representative: Norio Ichikawa, Representative Director, President and Corporate Officer Contact: Shigehisa Okamoto, Corporate Officer and Chief Administrative Officer
Phone: +81-6-6356-2368
Scheduled date of filing semi-annual report: July 2, 2025 Scheduled date of commencing dividend payments: July 25, 2025
Availability of supplementary explanatory materials on financial results: Available Schedule of financial results briefing session: None
(Amounts of less than one million yen are rounded down.)
-
Consolidated Financial Results for the Six Months Ended May 20, 2025 (November 21, 2024 to May 20, 2025)
Consolidated Operating Results (cumulative) (% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
Million yen
%
Million yen
%
Million yen
%
Million yen
%
May 20, 2025
50,132
5.4
4,870
11.4
5,063
(2.6)
3,402
(29.6)
May 20, 2024
47,572
4.7
4,370
(2.4)
5,199
(2.7)
4,830
29.4
(Note) Comprehensive income: Six months ended May 20, 2025: ¥3,862 million [(35.1)%]
Six months ended May 20, 2024: ¥5,950 million [98.4%]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
May 20, 2025
51.86
-
May 20, 2024
71.37
-
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Million yen
Million yen
%
As of May 20, 2025
114,143
89,617
77.8
As of November 20, 2024
114,769
87,305
75.3
(Reference) Equity: As of May 20, 2025: ¥88,767 million
As of November 20, 2024: ¥86,465 million
-
Dividends
Annual dividends
1st quarter-end
2nd quarter-end
3rd quarter-end
Year-end
Total
Fiscal year ended November 20, 2024
Yen
Yen
Yen
Yen
Yen
-
17.00
-
23.00
40.00
Fiscal year ending November 20, 2025
-
30.00
Fiscal year ending November 20, 2025
(Forecast)
-
34.00
64.00
(Note 1) Revision of the dividend forecast announced most recently: Yes
(Note 2) For details on the revision of the dividend forecast, please refer to the "Notice Concerning Dividends from Surplus (Interim Dividend and Special Dividend) and Revision to Year-end Dividend Forecast (Special Dividend)" announced today (June 30, 2025).
- Consolidated Financial Results Forecast for the Fiscal Year Ending November 20, 2025 (November 21, 2024 to November 20, 2025)
(% indicates changes from the previous fiscal year.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Full year | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen |
90,000 | 3.2 | 7,000 | 17.5 | 7,500 | 1.3 | 4,800 | (25.7) | 72.46 | |
(Note 1) Revision of the financial results forecast announced most recently: Yes
(Note 2) For details on the revision of the financial results forecast, please refer to the "Notice Concerning Revisions to Financial Results Forecast" announced today (June 30, 2025).
* Notes:Significant changes in the scope of consolidation during the period: None Newly included: - (Name) -
Excluded: - (Name) -
Accounting methods adopted particularly for the preparation of semi-annual consolidated financial statements: None
Changes in accounting policies, changes in accounting estimates and retrospective restatement
Changes in accounting policies due to the revision of accounting standards: None
Changes in accounting policies other than 1) above: None
Changes in accounting estimates: None
Retrospective restatement: None
Total number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares):
May 20, 2025:
72,600,000 shares
November 20, 2024:
72,600,000 shares
Total number of treasury shares at the end of the period:
May 20, 2025:
6,972,977 shares
November 20, 2024:
7,001,517 shares
Average number of shares during the period (cumulative):
Six months ended May 20, 2025: | 65,606,633 shares |
Six months ended May 20, 2024: | 67,678,521 shares |
These semi-annual consolidated financial results are outside the scope of review by certified public accountants or an audit firm.
Explanation of the proper use of financial results forecast and other notes
Forward-looking statements, such as performance forecasts, made in this document are based on information currently available to the Company and certain assumptions deemed reasonable, and the Company does not in any way guarantee the achievement of the projections. Actual results, etc. may differ significantly due to various factors.
Table of Contents - Attachments
Qualitative Information on Financial Results for the Period under Review 2
Explanation of Operating Results 2
Explanation of Financial Position 3
Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Statements 3
Semi-Annual Consolidated Financial Statements and Principal Notes 4
Semi-Annual Consolidated Balance Sheets 4
Semi-Annual Consolidated Statements of Income and Comprehensive Income 6
Semi-Annual Consolidated Statements of Income 6
Semi-Annual Consolidated Statements of Comprehensive Income 7
Semi-Annual Consolidated Statements of Cash Flows 8
Notes to Semi-Annual Consolidated Financial Statements 9
(Notes on going concern assumption) 9
(Notes when there are significant changes in amounts of equity) 9
(Additional information) 9
Qualitative Information on Financial Results for the Period under Review
Explanation of Operating Results
During the period under review (November 21, 2024 to May 20, 2025), the global economy continued to face uncertainty, including U.S. policy trends and the outlook for the Chinese economy. In Japan, signs of a gradual economic recovery were evident, supported by robust demand from travelers to Japan and improvements in personal consumption. However, concerns persist regarding downward pressure from factors such as rising prices and geopolitical risks.
In this business environment, on November 21, 2022, the Group launched its new three-year medium-term plan, SHIFT, intended to advance a steady shift toward becoming a brand of solutions that grows sustainably while delivering solutions to lifestyle and social issues, and made efforts toward implementation of specific measures under this plan.
For the period under review, the Group's net sales increased by ¥2,559 million (up 5.4% year on year) from the previous year to ¥50,132 million. Net sales by product category exceeded the previous year for cooking appliances, and household appliances also remained strong. Domestic net sales amounted to ¥32,205 million (up 12.8% year on year), and overseas net sales amounted to ¥17,926 million (down 5.8% year on year). As a result, overseas net sales made up 35.8% of net sales. Outside of Japan, sales trended strongly in North America and Taiwan, but sales in China showed a significant decrease from the previous year.
As for profits, despite an increase in selling, general and administrative expenses, strong domestic sales and efforts to pass on the higher import costs due to the depreciation of the yen resulted in operating profit of ¥4,870 million (up 11.4% year on year). Due to foreign exchange losses and other factors, ordinary profit amounted to
¥5,063 million (down 2.6% year on year). Since gain on sale of non-current assets was recorded as extraordinary income in the previous year with the transfer of land and a building associated with the relocation of a warehouse, profit attributable to owners of parent amounted to ¥3,402 million (down 29.6% year on year).
Business results by product category were as follows.
Cooking appliances
Net sales of cooking appliances amounted to ¥36,154 million (up 8.4% year on year).
In Japan, sales of rice cookers/warmers exceeded the previous year's results due to strong sales of the top-of-the-line induction heating pressure rice cooker "Embudaki." Additionally, sales of oven ranges were strong, along with toaster ovens and electric kettles.
Overseas, sales of rice cookers/warmers and electric pots in China fell, but rice cookers/warmers performed well in North America and Taiwan. Additionally, oven range sales were strong in Taiwan, resulting in an overall year-on-year sales increase.
Household and thermal products
Net sales of household and thermal products amounted to ¥9,211 million (down 11.2% year on year).
In Japan, sales increased year on year due to the strong performance of stainless-steel lunch jars and stainless-steel soup jars.
Overseas, despite strong performance in Taiwan, sales decreased year on year due to struggles in selling stainless-steel vacuum bottles in the key Chinese market.
Household appliances
Net sales of household appliances amounted to ¥3,467 million (up 33.3% year on year).
In Japan, sales exceeded the previous year's results due to strong sales of humidifiers in response to increased demand, along with strong performance of dish dryers, air cleaners, and bedding dryers.
Overseas, sales fell below the previous year's results due to decreased sales of humidifiers in South Korea.
Others
Net sales of others amounted to ¥1,299 million (up 4.1% year on year).
Net sales by region and product category
(Million yen)
Japan
Overseas
Total
Asia
Americas
Other
Subtotal
Of which, China
Net sales
Cooking appliances
23,816
5,899
1,528
6,334
103
12,337
36,154
Household and thermal products
4,214
3,907
1,840
715
374
4,997
9,211
Household appliances
3,235
232
39
-
-
232
3,467
Others
939
291
101
67
0
359
1,299
32,205
10,330
3,510
7,117
478
17,926
50,132
Composition (%)
64.2
20.6
7.0
14.2
1.0
35.8
100.0
Explanation of Financial Position
In regard to financial position as of the end of the period under review, total assets decreased by ¥626 million, liabilities decreased by ¥2,938 million, and net assets increased by ¥2,312 million from the end of the previous fiscal year. As a result, the equity ratio increased by 2.5 percentage points to 77.8%.
The decrease of ¥626 million in total assets was attributable to a decrease of ¥486 million in current assets and a decrease of ¥140 million in non-current assets.
The decrease of ¥486 million in current assets was due mainly to decreases of ¥5,253 million in merchandise and finished goods, ¥2,836 million in notes and accounts receivable - trade, and ¥580 million in other current assets, partially offset by increases of ¥7,481 million in cash and deposits and ¥340 million in electronically recorded monetary claims - operating. The decrease of ¥140 million in non-current assets was due mainly to decreases of ¥125 million in leased assets, ¥109 million in deferred tax assets, and ¥80 million in buildings and structures, partially offset by increases of ¥93 million in construction in progress and ¥84 million in retirement benefit asset.
The decrease of ¥2,938 million in liabilities was attributable to a decrease of ¥3,414 million in current liabilities and an increase of ¥475 million in non-current liabilities.
The decrease of ¥3,414 million in current liabilities was due mainly to decreases of ¥1,500 million in current portion of long-term borrowings, ¥1,389 million in income taxes payable, and ¥546 million in notes and accounts payable - trade, partially offset by an increase of ¥532 million in other current liabilities. The increase of ¥475 million in non-current liabilities was due mainly to an increase of ¥592 million in deferred tax liabilities, partially offset by a decrease of ¥102 million in lease liabilities.
The increase of ¥2,312 million in net assets was due mainly to increases of ¥1,893 million in retained earnings, ¥251 million in foreign currency translation adjustment, and ¥108 million in valuation difference on available-for-sale securities.
Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Statements
Regarding the consolidated financial results forecast for the full year, we have revised the forecast announced on December 23, 2024, in light of the strong business performance during the period under review compared to the initial forecast. For details, please refer to the "Notice Concerning Revisions to Financial Results Forecast" announced today (June 30, 2025).
Semi-Annual Consolidated Financial Statements and Principal Notes
Semi-Annual Consolidated Balance Sheets
(Million yen)
As of November 20, 2024
As of May 20, 2025
Assets
Current assets
Cash and deposits
33,726
41,208
Notes and accounts receivable - trade
15,994
13,157
Electronically recorded monetary claims - operating
1,275
1,615
Merchandise and finished goods
24,324
19,070
Work in process
393
350
Raw materials and supplies
6,012
6,422
Other
2,939
2,359
Allowance for doubtful accounts
(22)
(26)
Total current assets
84,644
84,157
Non-current assets
Property, plant and equipment
Buildings and structures
13,399
13,436
Accumulated depreciation
(10,458)
(10,576)
Buildings and structures, net
2,940
2,860
Machinery, equipment and vehicles
4,038
3,991
Accumulated depreciation
(3,637)
(3,582)
Machinery, equipment and vehicles, net
400
408
Tools, furniture and fixtures
12,169
12,311
Accumulated depreciation
(10,006)
(10,213)
Tools, furniture and fixtures, net
2,162
2,097
Land
6,970
6,973
Leased assets
3,212
3,013
Accumulated depreciation
(1,641)
(1,567)
Leased assets, net
1,570
1,445
Construction in progress
85
178
Total property, plant and equipment
14,130
13,964
Intangible assets
Software
507
590
Other
176
170
Total intangible assets
684
760
Investments and other assets
Investment securities
9,272
9,195
Deferred tax assets
619
509
Retirement benefit asset
4,825
4,910
Other
596
671
Allowance for doubtful accounts
(2)
(27)
Total investments and other assets
15,311
15,260
Total non-current assets
30,125
29,985
Total assets
114,769
114,143
(Million yen)
As of November 20, 2024
As of May 20, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade
7,093
6,546
Current portion of long-term borrowings
1,500
-
Lease liabilities
585
550
Accrued expenses
4,629
4,321
Income taxes payable
2,138
749
Contract liabilities
219
227
Refund liabilities
1,946
1,864
Provision for bonuses
1,254
1,161
Provision for product warranties
414
411
Other
1,550
2,082
Total current liabilities
21,331
17,916
Non-current liabilities
Lease liabilities
1,107
1,005
Deferred tax liabilities
2,249
2,841
Retirement benefit liability
2,532
2,523
Other
244
239
Total non-current liabilities
6,133
6,609
Total liabilities
27,464
24,526
Net assets
Shareholders' equity
Share capital
4,022
4,022
Capital surplus
4,327
4,353
Retained earnings
73,555
75,449
Treasury shares
(4,220)
(4,203)
Total shareholders' equity
77,685
79,623
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
3,116
3,224
Foreign currency translation adjustment
5,109
5,360
Remeasurements of defined benefit plans
554
559
Total accumulated other comprehensive income
8,780
9,144
Non-controlling interests
839
849
Total net assets
87,305
89,617
Total liabilities and net assets
114,769
114,143
Semi-Annual Consolidated Statements of Income and Comprehensive Income
Semi-Annual Consolidated Statements of Income
(Million yen)
For the six months ended May 20, 2024
For the six months ended May 20, 2025
Net sales
47,572
50,132
Cost of sales
32,045
33,737
Gross profit
15,526
16,394
Selling, general and administrative expenses
11,155
11,523
Operating profit
4,370
4,870
Non-operating income
Interest income
148
153
Dividend income
43
54
Purchase discounts
11
13
Share of profit of entities accounted for using equity method
289
217
Royalty income
20
21
Rental income
57
57
Foreign exchange gains
274
-
Other
38
66
Total non-operating income
883
584
Non-operating expenses
Interest expenses
36
23
Rental expenses on non-current assets
9
17
Foreign exchange losses
-
313
Other
8
38
Total non-operating expenses
54
391
Ordinary profit
5,199
5,063
Extraordinary income
Gain on sale of non-current assets
1,916
0
Gain on sale of investment securities
16
-
Total extraordinary income
1,933
0
Extraordinary losses
Loss on sale of non-current assets
-
0
Loss on retirement of non-current assets
30
9
Total extraordinary losses
30
9
Profit before income taxes
7,102
5,054
Income taxes - current
1,830
880
Income taxes - deferred
338
606
Total income taxes
2,169
1,486
Profit
4,933
3,567
Profit attributable to non-controlling interests
102
165
Profit attributable to owners of parent
4,830
3,402
Semi-Annual Consolidated Statements of Comprehensive Income
(Million yen)
For the six months ended May 20, 2024
For the six months ended May 20, 2025
Profit
4,933
3,567
Other comprehensive income
Valuation difference on available-for-sale securities
558
108
Foreign currency translation adjustment
414
182
Remeasurements of defined benefit plans, net of tax
6
4
Share of other comprehensive income of entities
accounted for using equity method
37
(1)
Total other comprehensive income
1,017
294
Comprehensive income
5,950
3,862
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
5,802
3,766
Comprehensive income attributable to non-controlling interests
147
95
Semi-Annual Consolidated Statements of Cash Flows
(Million yen)
For the six months ended May 20, 2024
For the six months ended May 20, 2025
Cash flows from operating activities
Profit before income taxes
7,102
5,054
Depreciation
1,094
1,104
Increase (decrease) in allowance for doubtful accounts
1
27
Increase (decrease) in provision for bonuses
(146)
(96)
Decrease (increase) in retirement benefit asset
(65)
(74)
Increase (decrease) in retirement benefit liability
(73)
(12)
Increase (decrease) in provision for product warranties
(10)
(2)
Increase (decrease) in provision for loss on voluntary recall
of products
(1)
-
Interest and dividend income
(192)
(207)
Interest expenses
36
23
Share of loss (profit) of entities accounted for using equity method
(289)
(217)
Loss (gain) on sale of investment securities
(16)
-
Loss (gain) on sale of non-current assets
(1,916)
(0)
Loss on retirement of non-current assets
30
9
Decrease (increase) in trade receivables
1,485
2,561
Decrease (increase) in inventories
3,975
5,254
Increase (decrease) in trade payables
(329)
(706)
Increase (decrease) in accrued expenses
(443)
(232)
Increase (decrease) in refund liability
(160)
(95)
Other, net
513
1,156
Subtotal
10,596
13,544
Interest and dividends received
548
586
Interest paid
(36)
(25)
Income taxes paid
(1,211)
(2,211)
Net cash provided by (used in) operating activities
9,896
11,892
Cash flows from investing activities
Payments into time deposits
(2,024)
(2,106)
Proceeds from withdrawal of time deposits
1,876
2,045
Purchase of property, plant and equipment
(1,213)
(621)
Proceeds from sale of property, plant and equipment
2,467
0
Purchase of intangible assets
(90)
(201)
Purchase of investment securities
(14)
(15)
Proceeds from sale and redemption of investment securities
32
-
Other, net
(87)
(4)
Net cash provided by (used in) investing activities
946
(903)
Cash flows from financing activities
Repayments of long-term borrowings
-
(1,500)
Repayments of lease liabilities
(374)
(347)
Purchase of treasury shares
(0)
(0)
Dividends paid
(1,149)
(1,506)
Dividends paid to non-controlling interests
(90)
(84)
Net cash provided by (used in) financing activities
(1,613)
(3,438)
Effect of exchange rate change on cash and cash equivalents
455
(142)
Net increase (decrease) in cash and cash equivalents
9,684
7,407
Cash and cash equivalents at beginning of period
31,211
30,603
Cash and cash equivalents at end of period
40,896
38,011
Notes to Semi-Annual Consolidated Financial Statements
(Notes on going concern assumption) Not applicable.
(Notes when there are significant changes in amounts of equity) Not applicable.
(Additional information)
(Impact of changes in income tax rates)
With the enactment of the Act for Partial Amendment of the Income Tax Act, etc. (Act No. 13 of 2025) by the Diet on March 31, 2025, a "Special Defense Corporate Tax" will be imposed from consolidated fiscal years beginning on or after April 1, 2026.
Accordingly, the statutory effective tax rate used in calculating deferred tax assets and deferred tax liabilities will change from the previous 30.62% to 31.52% for temporary differences and other items expected to be resolved from the fiscal year beginning November 21, 2026 onwards.
The impact of this tax rate change is minimal.