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Nintendo FY2025 Annual Report - In-depth Analysis of Financial Performance, Accounting Policies, and Risk Management amidst Declining Performance - 任天堂 2025财年年报：业绩下滑背景下的财务表现、会计政策及风险管理深度解析

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Nintendo FY2025 Annual Report

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Nintendo FY2025 Annual Report - Part II 

Key Logic 

Nintendo's financial performance in FY2025 showed a significant decline in revenue and Operating profit, primarily driven by a drop in sales of Dedicated video game platforms. However, the company maintained a substantial level of cash management. The annual report provides detailed disclosures on its accounting policies, significant accounting estimates (such as Inventories and Deferred tax assets valuation), financial instrument risk management, and revenue recognition mechanisms. It particularly highlights the uncertainty surrounding Inventories and Deferred tax assets valuation in the rapidly changing gaming industry environment. Furthermore, the report reveals the detailed composition of changes in equity, cash flow structure, and retirement benefit plans, clarifies Nintendo's principle of reporting as a single operating segment, and details transactions with related parties (e.g., Shuntaro Furukawa).

Consolidated Financial Statements Overview 

Consolidated Balance Sheet Analysis 

The Consolidated Balance Sheet indicates that Nintendo's total assets amounted to ¥3,398,515 million JPY (or $22,808 million USD) at the end of FY2025, showing an increase compared to the previous fiscal year. Significant changes were observed in accounts such as cash and deposits, and inventories.

  • Asset Composition
    • Current Assets: Totaling ¥2,752,352 million JPY ($18,472 million USD) at year-end.
      • Cash and deposits: Increased from ¥1,484,350 million JPY to ¥1,586,275 million JPY ($10,646 million USD), demonstrating the company's ample liquidity.
      • Notes and accounts receivable - trade: Decreased from ¥93,608 million JPY to ¥65,180 million JPY ($437 million USD), potentially reflecting improved accounts receivable collection efficiency or reduced sales.
      • Securities: Significantly decreased from ¥768,355 million JPY to ¥471,915 million JPY ($3,167 million USD).
      • Inventories: Surged from ¥155,987 million JPY to ¥486,428 million JPY ($3,264 million USD), an increase exceeding 200%. This might be due to increased expectations for future sales or could signal inventory accumulation risk stemming from sales slowdown.
    • Non-Current Assets: Totaling ¥646,162 million JPY ($4,336 million USD) at year-end.
      • Property, plant and equipment: Slightly increased, totaling ¥112,612 million JPY ($755 million USD).
      • Intangible assets: Increased, totaling ¥23,362 million JPY ($156 million USD).
      • Investment securities: Increased from ¥290,620 million JPY to ¥369,373 million JPY ($2,479 million USD).
  • Liability Composition
    • Current Liabilities: Totaling ¥597,646 million JPY ($4,011 million USD) at year-end.
      • Notes and accounts payable - trade: Markedly increased from ¥58,084 million JPY to ¥201,091 million JPY ($1,349 million USD), an approximate 246% increase, possibly related to increased purchases or extended payment terms.
      • Income taxes payable: Decreased from ¥94,596 million JPY to ¥34,726 million JPY ($233 million USD).
    • Total Liabilities: ¥673,068 million JPY ($4,517 million USD) at year-end, a significant increase from the previous fiscal year.
  • Net Assets
    • Total net assets: ¥2,725,446 million JPY ($18,291 million USD) at year-end, a slight increase.
    • Retained earnings: Continued to grow, reaching ¥2,732,509 million JPY ($18,338 million USD).
    • Total shareholders' equity: ¥2,486,746 million JPY ($16,689 million USD) at year-end.

Consolidated Balance Sheet Summary 

  • The company's total assets and net assets both increased at the end of FY2025.
  • Cash and deposits remained high, reflecting the company's strong liquidity.
  • The significant increase in Inventories and Notes and accounts payable - trade warrants attention, potentially indicating adjustments in production or sales strategies.

Consolidated Income Statement Analysis 

The Consolidated Income Statement reveals that Nintendo faced performance challenges in FY2025, with several key indicators showing a decline.

  • Revenue and Gross Profit
    • Net sales: Significantly decreased from ¥1,671,865 million JPY to ¥1,164,922 million JPY ($7,818 million USD), an approximate 30.4% decrease.
    • Cost of sales: Decreased from ¥717,530 million JPY to ¥454,754 million JPY ($3,052 million USD).
    • Gross profit: Decreased from ¥954,335 million JPY to ¥710,168 million JPY ($4,766 million USD), an approximate 25.6% decrease.
  • Expenses and Operating Profit
    • Selling, general and administrative expenses: Remained relatively stable, slightly increasing from ¥425,393 million JPY to ¥427,614 million JPY ($2,869 million USD).
    • Operating profit: Significantly decreased from ¥528,941 million JPY to ¥282,553 million JPY ($1,896 million USD), an approximate 46.6% decrease, indicating a substantial impact on the company's profitability.
  • Non-Operating Income/Expenses
    • Interest income: Slightly increased, reaching ¥56,176 million JPY ($377 million USD).
    • Foreign exchange gains: Recorded ¥61,589 million JPY in the previous fiscal year, but no gains in the current fiscal year.
    • Foreign exchange losses: Recorded ¥7,913 million JPY ($53 million USD) in the current fiscal year, with no losses in the previous fiscal year, indicating a negative impact from exchange rate fluctuations.
  • Net Profit
    • Profit attributable to owners of parent: Decreased from ¥490,602 million JPY to ¥278,806 million JPY ($1,871 million USD), an approximate 43.1% decrease.

Consolidated Income Statement Summary 

  • Nintendo faced significant performance pressure in FY2025, with substantial declines in revenue and profit at all levels.
  • Foreign exchange gains turned into losses, negatively impacting non-operating income and expenses.
  • Selling, general and administrative expenses remained relatively stable, not decreasing proportionally with the sharp decline in revenue, which may have exacerbated the decline in Operating profit.

Consolidated Statement of Changes in Equity Analysis 

The Consolidated Statement of Changes in Equity records the changes in shareholders' equity over two fiscal years, primarily influenced by profit distribution and treasury share transactions.

  • Total Shareholders' Equity:
    • Year-end Total shareholders' equity increased from ¥2,401,119 million JPY to ¥2,486,746 million JPY ($16,689 million USD).
  • Retained Earnings:
    • Year-end Retained earnings increased from ¥2,646,967 million JPY to ¥2,732,509 million JPY.
    • Current Period Profit: Profit attributable to owners of parent was ¥278,806 million JPY, which was the primary source of the increase in retained earnings.
    • Dividends Paid: Dividends paid during the current fiscal year amounted to ¥193,263 million JPY.
  • Treasury Shares:
    • Year-end Treasury shares changed from $(271,033) million JPY to $(271,015) million JPY, with a minor net change.
    • Increase: 306 shares repurchased due to requests for share repurchase.
    • Decrease: 10,000 shares disposed of due to restricted stock compensation.
  • Other Comprehensive Income:
    • Total accumulated other comprehensive income increased from ¥202,642 million JPY to ¥237,581 million JPY ($1,594 million USD), primarily affected by Valuation difference on available-for-sale securities (an addition of ¥37,292 million JPY) and Foreign currency translation adjustment (a decrease of ¥10,534 million JPY).

Consolidated Statement of Changes in Equity Summary 

  • Despite the decline in net profit, Retained earnings and Total shareholders' equity still increased.
  • The company continued to engage in dividend distribution and treasury share management.
  • Changes in other comprehensive income were mainly influenced by valuation differences on available-for-sale securities and foreign currency translation adjustments.

Consolidated Statement of Cash Flows Analysis 

The Consolidated Statement of Cash Flows shows a significant reduction in Nintendo's operating cash flow in FY2025, while investing cash flow turned from negative to positive.

  • Operating Activities Cash Flow
    • Net cash provided by (used in) operating activities: Sharply decreased from ¥462,097 million JPY in the previous fiscal year to ¥12,069 million JPY ($81 million USD) in the current fiscal year, a decline of over 97%.
    • Key Influencing Factors:
      • Profit before income taxes: Decreased from ¥680,722 million JPY to ¥372,331 million JPY.
      • Depreciation: ¥15,361 million JPY.
      • Inventories change: An increase in Inventories resulted in a cash outflow of ¥333,837 million JPY in the current fiscal year, compared to a cash inflow of ¥123,853 million JPY in the previous fiscal year. This was the primary reason for the significant decline in operating cash flow.
      • Increase (decrease) in trade payables: Resulted in a cash inflow of ¥57,564 million JPY in the current fiscal year, compared to an outflow of ¥75,315 million JPY in the previous fiscal year.
  • Investing Activities Cash Flow
    • Net cash provided by (used in) investing activities: Shifted from $(630,632) million JPY in the previous fiscal year to ¥753,063 million JPY ($5,054 million USD) in the current fiscal year, achieving a substantial net inflow.
    • Key Influencing Factors:
      • Proceeds from sale and redemption of short-term and long-term investment securities: Inflow of ¥1,555,399 million JPY in the current fiscal year.
      • Proceeds from withdrawal of time deposits: Inflow of ¥2,126,880 million JPY in the current fiscal year.
      • Payments into time deposits: Outflow of ¥1,787,231 million JPY in the current fiscal year.
  • Financing Activities Cash Flow
    • Net cash provided by (used in) financing activities: Decreased from $(236,958) million JPY to $(195,126) million JPY ($1,309 million USD), primarily composed of Dividends paid (¥193,191 million JPY).
  • Year-End Cash and Cash Equivalents
    • Year-end balance increased from ¥853,432 million JPY to ¥1,414,121 million JPY ($9,490 million USD).

Consolidated Statement of Cash Flows Summary 

  • Nintendo's operating cash flow significantly deteriorated in FY2025, primarily due to a substantial increase in Inventories.
  • Investing cash flow shifted from a net outflow to a net inflow, mainly attributed to the sale/redemption and withdrawal of short-term and long-term investment securities and time deposits.
  • The company's year-end cash and cash equivalents balance significantly increased, indicating overall strong liquidity.

Notes to Consolidated Financial Statements 

Scope of Consolidation, Equity Method, and Fiscal Year 

  • Scope of Consolidation: The company's core consolidated entities include 27 subsidiaries. In FY2025, 2 new companies were consolidated (due to establishment and acquisition), and 1 company was excluded (due to organizational restructuring).
  • Unconsolidated Subsidiaries: 2 companies, including Fukuei Co., Ltd., were not consolidated as their scale is minor and do not have a material impact on the consolidated financial statements.
  • Equity Method Accounting: The equity method is applied to 4 affiliates, primarily including The Pokémon Company. Fukuei Co., Ltd. was not accounted for by the equity method as its impact was not material.
  • Subsidiary Fiscal Year-End: The fiscal year-end of China subsidiary iQue (China) Ltd. and 1 other company is December 31. The difference from the consolidated financial statement date is within 3 months, so their financial statements at their fiscal year-end are used for consolidation, with adjustments made for significant transactions.

Significant Accounting Policies and Methods 

  • Asset Valuation Basis and Methods
    • Securities:
      • Held-to-maturity debt securities are valued at amortized cost (straight-line method).
      • Other securities (excluding stocks without market prices) are valued at market price, with valuation differences recognized in net assets and cost of sales determined by the moving average method.
      • Stocks without market prices are valued at cost using the moving average method.
    • Derivatives: Valued at fair value.
    • Inventories: Primarily valued at the moving average cost method, and written down for declines in profitability.
  • Depreciation and Amortization Methods
    • Property, plant and equipment: Japanese companies primarily use the declining balance method. Some tools, furniture, and fixtures are depreciated over their useful lives based on commercial obsolescence. Buildings and structures are depreciated using the straight-line method. Overseas consolidated subsidiaries use the straight-line method. Main asset useful lives: Buildings and structures range from 3-60 years.
    • Intangible assets: Amortized using the straight-line method. Software for internal use is amortized over its estimated internal useful life (typically 5 years).
    • Leased Assets: Finance lease assets (where ownership is not transferred) are depreciated over the lease term using the straight-line method with no residual value.
  • Significant Provision Accounting
    • Allowance for doubtful accounts: Provided based on historical analysis and individual assessment.
    • Provision for bonuses: Provided for estimated bonuses to be paid to employees.
    • Provision for Directors' compensation: Provided for estimated compensation payable to directors (excluding Audit and Supervisory Committee members and outside directors).
  • Retirement Benefit Accounting
    • Obligation Allocation Method: Estimated benefit obligations as of the fiscal year-end March 31, 2025 are allocated to periods based on the benefit formula.
    • Actuarial Gains/Losses and Past Service Cost Amortization: Collectively processed in the year they arise.
    • Simplified Method for Small Enterprises: Some subsidiaries use a simplified method to calculate retirement benefit liabilities and expenses.
    • Retirement benefit asset: When assets in the company's Defined benefit corporate pension plan exceed obligations, it is recorded as a Retirement benefit asset within "investments and other assets".
  • Foreign Currency Asset and Liability Translation:
    • All foreign currency denominated monetary receivables and payables of Japanese companies are translated into Japanese Yen at the exchange rate prevailing on the balance sheet date.
    • Overseas subsidiaries' assets and liabilities are translated at the exchange rate prevailing on the balance sheet date, while income and expenses are translated at the average exchange rate for the fiscal year. The difference is recognized in Foreign currency translation adjustment within net assets.
  • Goodwill Amortization: Primarily amortized equally over 5 years. If the amount is immaterial, it is fully written off in the fiscal year of occurrence.
  • Cash and Cash Equivalents Scope: Includes cash on hand, readily available time deposits and short-term investments, which have minor fluctuation risk in value and mature within 3 months from the acquisition date.
  • Significant Revenue and Expense Recognition Standards:
    • The Nintendo Group is primarily engaged in the development, manufacturing, and sales of products in the home entertainment sector, including video game hardware, software, accessories, and various services like Nintendo Switch Online, as well as mobile application services and content.
    • Dedicated video game platforms:
      • Transaction prices typically equal the expected consideration, usually received within 1 year after performance obligations are satisfied.
      • Revenue from hardware, software, and accessories is recognized when products arrive at the customer's designated location as planned.
      • Downloadable software and add-on content: Revenue is recognized when products or content are available for customer use. For pre-sales or pending distribution content, revenue recognition is deferred until the available date.
      • Staged distribution of add-on content: Transaction price is allocated among stages based on the standalone selling price for each stage.
      • E-commerce pre-charged balances: Revenue is recognized proportionally based on customer usage patterns.
      • Free updates: The company estimates the standalone selling price and available date of updates, allocates a portion of the transaction price to the update, and recognizes revenue when the update is available.
      • Paid membership services like Nintendo Switch Online: Performance obligations are fulfilled gradually over the subscription period, and revenue is recognized periodically.
      • Reward programs: A portion of the transaction price is allocated to points based on estimated point usage, and revenue is recognized when customers use the points.
    • Mobile and IP related income:
      • Mobile application sales: Revenue is recognized when applications are available for customer use.
      • In-game currency sales: Revenue is recognized when customers use the currency.
      • Paid membership services: Revenue is recognized gradually over the subscription period.
      • IP related income: Typically recognized when customers use the company's IP.

Significant Accounting Estimates 

  • Inventories Valuation
    • As of March 31, 2025, Inventories in the consolidated statements amounted to ¥486,428 million JPY ($3,264 million USD).
    • This includes write-downs of raw materials of ¥12,221 million JPY ($82 million USD) and finished goods of ¥15,760 million JPY ($105 million USD).
    • Valuation Method: Primarily uses the moving average cost method, and has been written down for declines in profitability.
    • Uncertainty: Nintendo products have relatively short life cycles, and the realization of future production and sales plans involves uncertainties, which could affect the year-end Inventories balance and cost of sales.
  • Deferred tax assets Valuation
    • As of March 31, 2025, Deferred tax assets in the consolidated statements amounted to ¥80,929 million JPY ($543 million USD).
    • Valuation Method: Determined based on estimated future taxable income to assess recoverability.
    • Uncertainty: Although the company generally generates stable taxable income, changes in the entertainment industry market environment could affect the estimation of future taxable income, thereby impacting Deferred tax assets and deferred income tax.

Unapplied New Accounting Standards and Changes in Presentation 

  • Unapplied New Accounting Standards:
    • Accounting Standard for Leases (ASBJ Statement No. 34) and Implementation Guidance on Accounting Standard for Leases (ASBJ Guidance No. 33) will be applied starting from the fiscal year beginning March 31, 2028.
    • Impact Assessment Ongoing: The impact on the consolidated financial statements for FY2025 is still being assessed.
  • Changes in Presentation:
    • Consolidated Balance Sheet: Previously separately presented "Advances received" is, due to immateriality, reclassified into "Other" under "Other current liabilities" starting from FY2025.
      • The ¥164,504 million JPY of Advances received and ¥157,701 million JPY of "Other" from FY2024 have been reclassified and combined into ¥322,206 million JPY as "Other".
    • Consolidated Income Statement: Previously separately presented "Interest expenses", "Loss on sale of securities", and "Loss on sale of investment securities" are, due to immateriality, reclassified into "Other" under "Non-operating expenses" starting from FY2025.
      • The ¥166 million JPY of Interest expenses, ¥154 million JPY of Loss on sale of securities, ¥131 million JPY of Loss on sale of investment securities, and ¥43 million JPY of "Other" from FY2024 have been reclassified and combined into ¥496 million JPY as "Other".

Details of Notes to Financial Statements 

Notes to Balance Sheet 
  • Notes and accounts receivable - trade:
    • As of March 31, 2025, total accounts receivable amounted to ¥65,180 million JPY ($437 million USD).
    • Comprising Notes receivable - trade of ¥256 million JPY and Accounts receivable - trade of ¥64,923 million JPY.
  • Inventories:
    • As of March 31, 2025, total Inventories amounted to ¥486,428 million JPY ($3,264 million USD).
    • Composition: Finished goods ¥293,462 million JPY ($1,969 million USD), Work in process ¥14,091 million JPY ($94 million USD), Raw materials and supplies ¥178,874 million JPY ($1,200 million USD).
  • Property, plant and equipment accumulated depreciation:
    • As of March 31, 2025, accumulated depreciation was ¥97,327 million JPY ($653 million USD).
  • Investment securities (Equity investments):
    • As of March 31, 2025, investment securities in unconsolidated subsidiaries and affiliates amounted to ¥192,921 million JPY ($1,294 million USD).
  • Contract liabilities:
    • As of March 31, 2025, Contract liabilities amounted to ¥152,188 million JPY ($1,021 million USD).
Notes to Income Statement 
  • Loss on valuation of inventories:
    • Loss on valuation of inventories recognized in cost of sales for FY2025 was ¥14,074 million JPY ($94 million USD), a significant increase from the previous fiscal year (¥6,757 million JPY).
  • Selling, general and administrative expenses breakdown:
    • Key items include:
      • Research and development expenses: ¥143,782 million JPY ($964 million USD).
      • Advertising expenses: ¥86,575 million JPY ($581 million USD).
      • Salaries, allowances and bonuses: ¥54,862 million JPY ($368 million USD).
      • Retirement benefit expenses: ¥11,580 million JPY ($77 million USD).
  • Research and development expenses:
    • Total R&D expenses for FY2025 were ¥143,788 million JPY ($965 million USD).
  • Gain on sale of non-current assets:
    • Primarily gain on sale of Machinery, equipment and vehicles, amounting to ¥6 million JPY for FY2025.
  • Loss on disposal of non-current assets:
    • Total disposal loss for FY2025 was ¥63 million JPY, mainly from Buildings and structures (¥31 million JPY) and Tools, furniture and fixtures (¥25 million JPY).
Notes to Statement of Comprehensive Income 
  • Total other comprehensive income:
    • Total other comprehensive income for FY2025 was ¥34,939 million JPY ($234 million USD).
    • Includes Valuation difference on available-for-sale securities (¥37,292 million JPY) and Foreign currency translation adjustment ($(10,534) million JPY).
Notes to Statement of Changes in Equity 
  • Issued Shares:
    • Number of common shares remained at 1,298,690,000 shares for both fiscal years.
  • Treasury Shares:
    • Number of common treasury shares decreased from 134,451,510 shares to 134,441,816 shares.
    • Increase: 306 shares due to requests for repurchase of fractional shares.
    • Decrease: 10,000 shares disposed of due to restricted stock compensation.
  • Dividends Paid:
    • Dividends of ¥152,515 million JPY (¥131 per share) paid on June 27, 2024.
    • Dividends of ¥40,748 million JPY (¥35 per share) paid on November 5, 2024.
    • Proposed dividends of ¥98,961 million JPY (¥85 or $0.57 per share) to be paid on June 27, 2025.
Notes to Statement of Cash Flows 
  • Cash and Cash Equivalents Reconciliation:
    • Year-end cash and deposits: ¥1,586,275 million JPY ($10,646 million USD).
    • Time deposits maturing over 3 months: $(410,356) million JPY.
    • Short-term investments maturing within 3 months: ¥238,202 million JPY.
    • Total cash and cash equivalents at year-end: ¥1,414,121 million JPY ($9,490 million USD).

Lease Information 

  • Finance Leases: As of March 31, 2025, finance lease information is omitted due to immateriality.
  • Operating Leases: Future non-cancelable operating lease payment obligations.
    • Within 1 year: ¥856 million JPY ($5 million USD).
    • After 1 year: ¥6,470 million JPY ($43 million USD).
    • Total: ¥7,327 million JPY ($48 million USD).

Operating Lease Future Payment Obligations 

  • Total non-cancelable operating lease obligations are ¥7,327 million JPY ($48 million USD), with the majority (¥6,470 million JPY) due after 1 year.

Financial Instruments 

  • Risk Management Policy:
    • Invests funds in highly safe financial assets such as deposits.
    • Uses derivatives to hedge exchange rate fluctuation risks, refraining from speculative trading.
  • Financial Instrument Details, Related Risks, and Risk Management Systems:
    • Notes and accounts receivable - trade are exposed to credit risk, managed by monitoring financial conditions and transaction history, assessing creditworthiness, and setting transaction limits.
    • Bonds within Short-term and long-term investment securities have negligible risk, primarily consisting of high-credit financial institutions or U.S. Treasury bonds, with market prices and issuer financial conditions regularly monitored.
    • Stocks within Investment securities are mainly shares of business partners, exposed to market risk, but held balances are not material.
    • Notes and accounts payable - trade and Income taxes payable are both due within 1 year.
    • Uses forward foreign exchange contracts, non-deliverable forward contracts, and currency option contracts to manage exchange rate fluctuation risks for foreign currency deposits and receivables. Counterparties are limited to highly creditworthy financial institutions to minimize default risk.
  • Fair Value of Financial Instruments:
    • As of March 31, 2025, the total carrying value of Short-term and long-term investment securities was ¥640,961 million JPY ($4,301 million USD), with a total fair value of ¥640,942 million JPY ($4,301 million USD), showing no significant difference.
    • Derivatives: Fair value was ¥5 million JPY ($0 million USD).
    • Unlisted stocks: As of March 31, 2025, carrying value was ¥200,327 million JPY ($1,344 million USD), not included in Short-term and long-term investment securities.
  • Fair Value Hierarchy for Financial Instruments:
    • Level 1: Uses unadjusted quoted prices in active markets (e.g., stocks, certain government bonds).
    • Level 2: Uses observable inputs (e.g., certain debt securities, other non-active market securities).
    • Level 3: Uses significant unobservable inputs (no Level 3 financial assets in the current fiscal year).
  • Monetary Receivables and Time Securities Redemption Plan:
    • As of March 31, 2025, most cash, trade receivables, and time securities are due within 1 year (totaling ¥2,123,078 million JPY, or $14,248 million USD).
    • A small portion of securities mature within 1-5 years (¥7,588 million JPY), 5-10 years (¥552 million JPY), and over 10 years (¥31,513 million JPY).

Securities 

  • Held-to-maturity debt securities:
    • As of March 31, 2025, total carrying value was ¥206,011 million JPY ($1,382 million USD), with a fair value of ¥205,992 million JPY ($1,382 million USD). The difference between fair value and carrying value was minor.
  • Other securities:
    • As of March 31, 2025, total carrying value was ¥434,950 million JPY ($2,919 million USD), with an acquisition cost of ¥336,843 million JPY ($2,260 million USD), and an unrealized gain of ¥98,107 million JPY ($658 million USD).
    • Among them, Equity securities had a carrying value of ¥130,799 million JPY, an acquisition cost of ¥28,581 million JPY, and an unrealized gain of ¥102,218 million JPY.
  • Securities Sold:
    • Total other securities sold in FY2025 amounted to ¥198,060 million JPY ($1,329 million USD), with a total gain of ¥83 million JPY ($0 million USD) and a total loss of (305) million JPY ($(2) million USD).

Derivative Transactions 

  • Derivatives not qualifying for hedge accounting:
    • Currency-related: Primarily forward foreign exchange contracts.
    • Transaction types: Forward sale of Canadian dollar and British pound.
    • As of March 31, 2025, unrealized gain (loss) was ¥5 million JPY ($0 million USD).

Retirement Benefits 

  • Retirement Benefit Plan Overview:
    • The company maintains Defined benefit plans (including corporate pension plans and lump-sum severance payment plans) and Defined contribution plans.
  • Defined Benefit Plans:
    • As of March 31, 2025, the year-end balance of retirement benefit obligations was ¥78,209 million JPY ($524 million USD), and the year-end balance of plan assets was ¥63,465 million JPY ($425 million USD).
    • Retirement benefit expenses: Amounted to ¥7,122 million JPY ($47 million USD) in FY2025, a significant increase from $(871) million JPY in the previous fiscal year.
    • Main components of plan assets: Equity securities accounted for 20%, and Debt securities accounted for 63%.
    • Actuarial Calculation Basis: Discount rates ranged from 2.1% to 5.4%, and expected long-term return on plan assets ranged from 2.0% to 5.0%.
  • Defined Contribution Plans:
    • Contribution amount for FY2025 was ¥5,965 million JPY ($40 million USD), an increase from ¥4,934 million JPY in the previous fiscal year.

Income Taxes 

  • Deferred Tax Assets and Liabilities:
    • As of March 31, 2025, Total deferred tax assets were ¥163,509 million JPY, Total deferred tax liabilities were $(82,720) million JPY, resulting in net deferred tax assets of ¥80,788 million JPY ($542 million USD).
    • Major deferred tax assets include: Research and development expenses (¥65,503 million JPY), Revenue recognition for tax purposes (¥32,175 million JPY), Accounts payable - other and accrued expenses (¥17,951 million JPY), and Inventories impairment (¥8,106 million JPY).
  • Statutory vs. Effective Tax Rate Difference:
    • Statutory tax rate was 30.5% for both periods.
    • The effective tax rate for FY2025 after adjustments was 25.1%.
    • Key adjustments include: tax credits for experimental and research ($(2.9)%), consolidated subsidiaries with different tax rates ($(1.1)%), foreign tax credits for retained earnings of overseas subsidiaries (1.3%), and impact of profit/loss from equity method associates ($(2.8)%).
  • Impact of Tax Rate Change:
    • The Japanese Diet revised the "Income Tax Act" on March 31, 2025, adjusting the statutory tax rate from 30.5% to 31.4% (effective for fiscal years beginning on or after April 1, 2026).
    • This change resulted in a decrease of ¥1,126 million JPY ($7 million USD) in net deferred tax assets, a decrease of ¥911 million JPY ($6 million USD) in valuation difference on available-for-sale securities, and an increase of ¥215 million JPY ($1 million USD) in deferred income tax expense.

Revenue Recognition 

  • Customer Contract Revenue Classification:
    • Nintendo's net sales revenue primarily derives from customer contract revenue.
    • By product/service and geographical area:
      • Dedicated video game platforms: Sales decreased from ¥1,567,824 million JPY to ¥1,083,534 million JPY ($7,272 million USD).
        • Of which, Nintendo Switch Platform sales decreased from ¥1,532,438 million JPY to ¥1,050,296 million JPY ($7,048 million USD).
      • Mobile and IP related income: Sales decreased from ¥92,748 million JPY to ¥67,673 million JPY ($454 million USD).
      • "Other" sales increased from ¥11,293 million JPY to ¥13,714 million JPY ($92 million USD).
    • Geographical Area:
      • The Americas remains the largest market, but sales decreased from ¥741,350 million JPY to ¥515,130 million JPY ($3,457 million USD).
      • Japan sales decreased from ¥362,651 million JPY to ¥274,882 million JPY ($1,844 million USD).
      • Europe sales decreased from ¥405,733 million JPY to ¥285,744 million JPY ($1,917 million USD).
  • Contract Liabilities and Cash Flow Relationship:
    • As of March 31, 2025, Contract liabilities amounted to ¥156,727 million JPY ($1,051 million USD).
    • Of the revenue recognized in FY2025, ¥112,280 million JPY ($753 million USD) was from contract liabilities as of April 1, 2024.
    • Contract liabilities primarily include pre-charged balances on e-commerce websites, advance payments for paid membership services and add-on content, and advance payments for products provided to software manufacturers.
  • Transaction Price of Remaining Performance Obligations:
    • The company applies a practical expedient, omitting the presentation of transaction prices for remaining performance obligations where the contract term is initially expected to be within 1 year, and for immaterial obligations exceeding 1 year.
  • Segment Information:
    • Nintendo operates a single operating segment, which is the development, manufacturing, and sale of entertainment products (handheld and home game system hardware and related software).
    • The company is managed as a whole for resource allocation and performance evaluation, hence segment information is omitted.
  • Product and Service Information:
    • Nintendo Switch Platform sales in FY2025 decreased from ¥1,532,438 million JPY to ¥1,050,296 million JPY ($7,048 million USD).
  • Geographical Area Information:
    • Sales are categorized by customer location, with the Americas, Japan, and Europe being the primary markets.
    • Property, plant and equipment by location: Japan (¥74,335 million JPY) and U.S. (¥26,075 million JPY) are the primary holding locations (FY2024 data).
  • Major Customers:
    • No single customer accounted for 10% or more of total net sales.
  • Related Party Transactions:
    • Transactions involved with Representative Director Shuntaro Furukawa: In FY2025, ¥17 million JPY was obtained from the disposal of treasury shares through in-kind contributions under the restricted stock compensation plan.

Per Share Information 

  • Net assets per share: Increased from ¥2,236.45 to ¥2,339.99 ($15.70 USD).
  • Profit per share: Decreased from ¥421.39 to ¥239.47 ($1.60 USD).
  • Calculation Basis: Profit attributable to owners of common stock was ¥278,806 million JPY. Average common shares outstanding was 1,164,245 thousand shares.

Supplementary Financial Statements 

  • Borrowings Schedule:
    • Short-term borrowings: $0.
    • Long-term borrowings due within one year: ¥19 million JPY ($0 million USD).
    • Lease liabilities due within one year: ¥1,676 million JPY ($11 million USD).
    • Lease liabilities due after one year: ¥5,462 million JPY ($36 million USD), with installment repayment schedule until February 2035.
  • Asset Retirement Obligations:
    • Omitted due to immateriality.

Semi-Annual Information 

  • For the 6-month period ended September 30, 2024:
    • Net sales: ¥523,299 million JPY ($3,512 million USD).
    • Profit before income taxes: ¥147,063 million JPY ($987 million USD).
    • Profit attributable to owners of parent: ¥108,658 million JPY ($729 million USD).
    • Profit per share: ¥93.33 ($0.62).

CN 

Nintendo FY2025 Annual Report - Part II 

Key Logic 

任天堂在2025财年的财务表现显示出收入和Operating profit的显著下滑，主要驱动因素可能与Dedicated video game platforms的销售下降有关，但公司在现金管理上依然保持着可观的水平。同时，年报详细披露了公司在各项会计政策、重要会计估计（如Inventories和Deferred tax assets估值）、财务工具风险管理以及收入确认机制方面的具体实践，尤其强调了在游戏行业快速变化环境下，Inventories和Deferred tax assets估值面临的不确定性。此外，年报揭示了公司在股权变动、现金流结构和退休福利计划方面的详细构成，并阐明了Nintendo作为单一经营分部进行报告的原则，以及与关联方（如Shuntaro Furukawa）的交易细节。

合并财务报表概览 

合并资产负债表分析 

合并资产负债表显示Nintendo的资产总额在2025财年末达到¥3,398,515百万日元（或$22,808百万美元），相较于上一财年有所增长。现金和存款、存货等科目变化显著。

  • 资产构成
    • 流动资产：期末总额为¥2,752,352百万日元（$18,472百万美元）。
      • 现金和存款：从¥1,484,350百万日元增至¥1,586,275百万日元（$10,646百万美元），显示公司流动性充足。
      • Notes and accounts receivable - trade：从¥93,608百万日元降至¥65,180百万日元（$437百万美元），可能反映应收账款回收效率提升或销售额下降。
      • Securities：显著下降，从¥768,355百万日元降至¥471,915百万日元（$3,167百万美元）。
      • Inventories：从¥155,987百万日元暴增至¥486,428百万日元（$3,264百万美元），增长超过200%，这可能是由于对未来销售的预期增加，也可能预示着销售放缓带来的存货积压风险。
    • 非流动资产：期末总额为¥646,162百万日元（$4,336百万美元）。
  • 负债构成
    • 流动负债：期末总额为¥597,646百万日元（$4,011百万美元）。
      • Notes and accounts payable - trade：从¥58,084百万日元大幅增至¥201,091百万日元（$1,349百万美元），增长约246%，可能与采购增加或付款周期延长有关。
      • Income taxes payable：从¥94,596百万日元降至¥34,726百万日元（$233百万美元）。
    • 总负债：期末为¥673,068百万日元（$4,517百万美元），较上一财年显著增长。
  • 净资产

合并资产负债表

  • 公司总资产和净资产在2025财年末均实现增长。
  • 现金和存款保持高位，反映公司良好的流动性。
  • Inventories和Notes and accounts payable - trade的大幅增长值得关注，可能预示着生产或销售策略的调整。

合并利润表分析 

合并利润表显示Nintendo在2025财年的业绩面临挑战，多项关键指标出现下滑。

  • 收入和毛利
    • Net sales：从¥1,671,865百万日元大幅下降至¥1,164,922百万日元（$7,818百万美元），下降约30.4%。
    • Cost of sales：从¥717,530百万日元降至¥454,754百万日元（$3,052百万美元）。
    • Gross profit：从¥954,335百万日元降至¥710,168百万日元（$4,766百万美元），下降约25.6%。
  • 费用和营业利润
    • Selling, general and administrative expenses：保持相对稳定，从¥425,393百万日元略增至¥427,614百万日元（$2,869百万美元）。
    • Operating profit：从¥528,941百万日元大幅降至¥282,553百万日元（$1,896百万美元），下降约46.6%，表明公司盈利能力受到显著影响。
  • 非经营性收入/支出
    • Interest income：略有增长，达到¥56,176百万日元（$377百万美元）。
    • Foreign exchange gains：上一财年为¥61,589百万日元，本财年未录得。
    • Foreign exchange losses：本财年录得¥7,913百万日元（$53百万美元），上一财年未录得，显示汇率波动对公司产生负面影响。
  • 净利润

合并利润表

  • Nintendo在2025财年面临显著的业绩压力，营收和各层级利润均大幅下滑。
  • 汇兑损益由正转负，对非经营性损益产生负面影响。
  • 销售、一般及管理费用相对稳定，未能随营收大幅下降而等比例减少，可能影响了Operating profit的下降幅度。

合并权益变动表分析 

合并权益变动表记录了股东权益在两个财年内的变动情况，主要受利润分配和库存股交易影响。

合并权益变动表

  • 尽管净利润下降，但Retained earnings和Total shareholders' equity仍实现增长。
  • 公司持续进行股利分配和库存股管理。
  • 其他综合收益的变化主要受可供出售证券估值差异和外币换算调整的影响。

合并现金流量表分析 

合并现金流量表显示Nintendo在2025财年的经营现金流大幅缩减，而投资活动现金流由负转正。

合并现金流量表

  • Nintendo的经营现金流在2025财年显著恶化，主要原因在于Inventories的大幅增加。
  • 投资活动现金流由净流出转为净流入，主要得益于短期和长期投资证券以及定期存款的出售/赎回和支取。
  • 公司期末现金及现金等价物余额显著增加，表明整体流动性充裕。

合并财务报表附注 

合并范围、权益法与会计年度 

  • 合并范围：公司核心合并实体包括27家子公司。在2025财年，新增纳入2家公司（因新设和收购），排除1家公司（因组织重组）。
  • 未合并子公司：Fukuei Co., Ltd.等2家未合并，因其规模较小，对合并财务报表不构成重大影响。
  • 权益法核算：对4家联营公司采用权益法核算，主要包括The Pokémon Company。未采用权益法核算Fukuei Co., Ltd.，因其影响不重大。
  • 子公司会计年度末：中国子公司iQue (China) Ltd.等1家公司会计年度末为12月31日，与合并财务报表日期的差异在3个月内，故以其会计年度末报表为基础进行合并，并对重大交易进行调整。

重要会计程序与方法 

  • 资产估值基础与方法
    • 证券：
      • Held-to-maturity debt securities（持有至到期债务证券）采用摊余成本法（直线法）估值。
      • 其他证券（不包括无市价股票）采用市价法估值，估值差异计入净资产，销售成本采用移动平均法。
      • 不具备市价的股票等，按移动平均法成本估值。
    • 衍生品：采用公允价值法。
    • Inventories：主要采用移动平均法，并根据盈利能力下降进行减记。
  • 折旧摊销方法
    • Property, plant and equipment（房屋、厂房和设备）：日本公司主要采用递减余额法，部分工具、家具和固定装置根据商业过时情况按其使用寿命折旧。建筑物及附属设施采用直线法。海外合并子公司采用直线法。主要资产的使用寿命：Buildings and structures为3-60年。
    • Intangible assets（无形资产）：采用直线法摊销。内部使用软件根据估计内部使用寿命（通常为5年）摊销。
    • 租赁资产：金融租赁资产（不转移所有权）以租赁期为使用寿命，采用直线法且无残值。
  • 重要准备金核算
  • 退休福利核算
    • 义务分配方法：截至2025年3月31日财年末，估计福利义务按福利公式分配到各期间。
    • 精算利得损失和过往服务成本摊销：在发生当年集体处理。
    • 小企业简易法：部分子公司采用简易法计算退休福利负债和费用。
    • Retirement benefit asset：公司Defined benefit corporate pension plan中的资产超过义务时，记录为“投资及其他资产”中的Retirement benefit asset。
  • 外币资产负债折算：
    • 日本公司所有外币计价的货币性应收应付项目，按报表日即期汇率折算为日元。
    • 海外子公司资产负债按报表日即期汇率折算，收入和费用按财年平均汇率折算，差额计入净资产中的Foreign currency translation adjustment。
  • 商誉摊销：主要在5年内等额摊销，金额不重大时在发生财年即全额核销。
  • 现金和现金等价物范围：包括库存现金、可随时支取的定期存款和短期投资，这些投资价值波动风险小且购入时到期日为3个月或以内。
  • 重要收入和费用确认标准：
    • Nintendo集团主要从事家庭娱乐领域产品的开发、制造和销售，包括视频游戏硬件、软件、配件及Nintendo Switch Online等各项服务，以及移动应用服务和内容。
    • 专用视频游戏平台：
      • 交易价格通常等于预期的对价，一般在履约义务履行后1年内收到。
      • 硬件、软件和配件的收入在产品按计划到达客户指定地点时确认。
      • 可下载软件和附加内容：在产品或内容可供客户使用时确认收入。预售或待分发内容，收入确认递延至可用日期。
      • 附加内容分阶段分发：交易价格按每阶段的独立售价在各阶段之间分配。
      • 电商预充值余额：根据客户使用模式按比例确认收入。
      • 免费更新：公司估计更新的独立售价和可用日期，将交易价格的一部分分配给更新，并在更新可用日期确认收入。
      • Nintendo Switch Online等付费会员服务：在订阅期内逐步履行履约义务，按期确认收入。
      • 奖励计划：根据预期使用的点数部分分配交易价格给点数，在客户使用点数时确认收入。
    • 移动和IP相关收入：
      • 移动应用销售：在应用可供客户使用时确认收入。
      • 游戏内货币销售：在客户使用货币时确认收入。
      • 付费会员服务：在订阅期内逐步确认收入。
      • IP相关收入：通常在客户使用公司IP时确认收入。

重要会计估计 

  • Inventories估值
    • 截至2025年3月31日，合并报表中的Inventories为$486,428百万日元（$3,264百万美元）。
    • 包括原材料减记$12,221百万日元（$82百万美元）和成品减记$15,760百万日元（$105百万美元）。
    • 估值方法：主要采用移动平均成本法，并已根据盈利能力下降进行减记。
    • 不确定性：Nintendo产品生命周期相对较短，未来生产和销售计划的实现存在不确定性，这可能导致期末Inventories余额和销售成本受影响。
  • Deferred tax assets估值
    • 截至2025年3月31日，合并报表中的Deferred tax assets为$80,929百万日元（$543百万美元）。
    • 估值方法：基于对未来应纳税所得额的估计来确定其可回收性。
    • 不确定性：尽管公司通常能产生稳定的应纳税所得额，但娱乐行业市场环境变化可能影响未来应纳税所得额的估计，从而对Deferred tax assets和递延所得税产生影响。

未应用的新会计准则与列报方式变更 

各项财务报表附注细节 

资产负债表附注 
利润表附注 
综合收益表附注 
权益变动表附注 
  • 已发行股份：
    • 普通股数量在两个财年均保持在1,298,690,000股。
  • 库存股：
    • 普通股库存股数量从134,451,510股降至134,441,816股。
    • 增加：因要求回购零股306股。
    • 减少：因限制性股票补偿处置10,000股。
  • 股利支付：
    • 2024年6月27日支付股利¥152,515百万日元（每股¥131）。
    • 2024年11月5日支付股利¥40,748百万日元（每股¥35）。
    • 提议于2025年6月27日支付股利¥98,961百万日元（每股¥85或$0.57）。
现金流量表附注 
  • 现金和现金等价物调节：
    • 期末现金和存款¥1,586,275百万日元（$10,646百万美元）。
    • 超过3个月到期的定期存款$(410,356)百万日元。
    • 3个月或以内到期短期投资¥238,202百万日元。
    • 期末现金和现金等价物合计¥1,414,121百万日元（$9,490百万美元）。

租赁信息 

  • 融资租赁：截至2025年3月31日，融资租赁信息因不重大而被省略。
  • 经营租赁：未来不可取消的经营租赁付款义务。
    • 1年内：¥856百万日元（$5百万美元）。
    • 1年以后：¥6,470百万日元（$43百万美元）。
    • 总计：¥7,327百万日元（$48百万美元）。

经营租赁未来付款义务

  • 未取消的经营租赁义务总额为¥7,327百万日元（$48百万美元），其中大部分（¥6,470百万日元）需在1年以后支付。

金融工具 

  • 风险管理政策：
    • 将资金投资于高安全性金融资产如存款。
    • 利用衍生品对冲汇率波动风险，不进行投机交易。
  • 金融工具详情、相关风险及风险管理系统：
    • Notes and accounts receivable - trade面临信用风险，通过监控财务状况和交易历史、评估信用状况、设定交易限额进行管理。
    • 短期和长期Investment securities中的债券风险可忽略，主要为高信用金融机构或U.S. Treasury债券，并定期监控其市场价格和发行方财务状况。
    • Investment securities中的股票主要为业务合作公司的股票，面临市场风险，但持有余额不重大。
    • Notes and accounts payable - trade和Income taxes payable均在1年内到期。
    • 使用远期外汇合约、不可交割远期合约和货币期权合约来管理外币存款和应收款项的汇率波动风险，交易对象限于高信用度金融机构以最小化违约风险。
  • 金融工具公允价值：
    • 截至2025年3月31日，Short-term and long-term investment securities总账面价值为¥640,961百万日元（$4,301百万美元），总公允价值为¥640,942百万日元（$4,301百万美元），差额不显著。
    • 衍生品：公允价值为¥5百万日元（$0百万美元）。
    • Unlisted stocks（无市价股票）：截至2025年3月31日，账面价值为¥200,327百万日元（$1,344百万美元），未计入短期和长期Investment securities。
  • 金融工具公允价值级别划分：
    • Level 1：使用活跃市场中的未调整市价（如股票、部分政府债券）。
    • Level 2：使用可观察的输入值（如部分债务证券、其他非活跃市场证券）。
    • Level 3：使用重要不可观察输入值（本财年无Level 3金融资产）。
  • 货币性应收款和有期证券赎回计划：
    • 2025年3月31日，大部分现金、应收贸易款和有期证券均在1年内到期（总计¥2,123,078百万日元，或$14,248百万美元）。
    • 少数证券在1-5年（¥7,588百万日元）、5-10年（¥552百万日元）和10年以上（¥31,513百万日元）到期。

证券 

  • Held-to-maturity debt securities：
    • 截至2025年3月31日，总账面价值为¥206,011百万日元（$1,382百万美元），公允价值为¥205,992百万日元（$1,382百万美元）。公允价值与账面价值差异不大。
  • Other securities：
    • 截至2025年3月31日，总账面价值为¥434,950百万日元（$2,919百万美元），收购成本为¥336,843百万日元（$2,260百万美元），未实现利得为¥98,107百万日元（$658百万美元）。
    • 其中，Equity securities的账面价值¥130,799百万日元，收购成本¥28,581百万日元，未实现利得¥102,218百万日元。
  • 已售证券：
    • 2025财年出售其他证券总额¥198,060百万日元（$1,329百万美元），总利得¥83百万日元（$0百万美元），总损失(305)百万日元（$(2)百万美元）。

衍生品交易 

退休福利 

  • 退休福利计划概述：
  • 设定受益计划：
    • 截至2025年3月31日，退休福利义务期末余额为¥78,209百万日元（$524百万美元），计划资产期末余额为¥63,465百万日元（$425百万美元）。
    • 退休福利费用：2025财年为¥7,122百万日元（$47百万美元），上一财年为$(871)百万日元，显著增加。
    • 计划资产主要组成：Equity securities]]占20%，Debt securities占63%==。
    • 精算计算基础：折现率2.1%至5.4%，计划资产预期长期回报率2.0%至5.0%。
  • 设定提存计划：
    • 2025财年的缴费金额为¥5,965百万日元（$40百万美元），较上一财年（¥4,934百万日元）有所增加。

所得税 

  • 递延所得税资产和负债：
  • 法定税率与有效税率差异：
    • 法定税率均为30.5%。
    • 2025财年有效税率调整后为25.1%。
    • 主要调整项包括：实验和研究的税收抵扣（$(2.9)%）、适用不同税率的合并子公司（$(1.1)%）、海外子公司留存收益的外国税收抵免（1.3%）、权益法核算联营公司损益影响（$(2.8)%）。
  • 税率变更影响：
    • 日本国会于2025年3月31日修订《所得税法》，将法定税率从30.5%调整为31.4%（适用于2026年4月1日或之后开始的财年）。
    • 此变更导致净递延所得税资产减少¥1,126百万日元（$7百万美元），可供出售证券估值差异减少¥911百万日元（$6百万美元），递延所得税费用增加¥215百万日元（$1百万美元）。

收入确认 

  • 客户合同收入分类：
    • Nintendo的净销售收入主要来自客户合同收入。
    • 按产品/服务和地理区域划分：
      • Dedicated video game platforms（专用视频游戏平台）：销售额从¥1,567,824百万日元降至¥1,083,534百万日元（$7,272百万美元）。
        • 其中Nintendo Switch Platform销售额从¥1,532,438百万日元降至¥1,050,296百万日元（$7,048百万美元）。
      • Mobile and IP related income（移动和IP相关收入）：销售额从¥92,748百万日元降至¥67,673百万日元（$454百万美元）。
      • “其他”销售额从¥11,293百万日元增至¥13,714百万日元（$92百万美元）。
    • 地理区域：
      • The Americas（美洲）仍是最大的市场，但销售额从¥741,350百万日元降至¥515,130百万日元（$3,457百万美元）。
      • Japan（日本）销售额从¥362,651百万日元降至¥274,882百万日元（$1,844百万美元）。
      • Europe（欧洲）销售额从¥405,733百万日元降至¥285,744百万日元（$1,917百万美元）。
  • 合同负债与现金流关系：
    • 截至2025年3月31日，Contract liabilities为¥156,727百万日元（$1,051百万美元）。
    • 2025财年确认的收入中，有¥112,280百万日元（$753百万美元）来自2024年4月1日的合同负债。
    • 合同负债主要包括电子商务网站预充值余额、付费会员服务和附加内容的预收款、以及向软件制造商提供产品的预收款。
  • 剩余履约义务的交易价格：
    • 公司采用实际权宜之计，省略了合同期最初预计在1年内的剩余履约义务交易价格的列报，以及金额不重大的超过1年的义务列报。

分部信息与关联方 

  • 分部信息：
    • Nintendo只有一个经营分部，即娱乐产品（掌上和家用游戏系统硬件及相关软件）的开发、制造和销售。
    • 公司作为整体进行管理资源分配和业绩评估，因此省略了分部信息。
  • 产品和服务信息：
    • Nintendo Switch Platform销售额在2025财年从¥1,532,438百万日元降至¥1,050,296百万日元（$7,048百万美元）。
  • 地理区域信息：
    • 销售额按客户地点划分，美洲、日本、欧洲是主要市场。
    • Property, plant and equipment按地点划分，日本（¥74,335百万日元）、U.S.（¥26,075百万日元）是主要持有地（2024财年数据）。
  • 主要客户：
    • 没有单一客户销售额占总净销售额的10%或以上。
  • 关联方交易：
    • 涉及与代表董事Shuntaro Furukawa的交易：2025财年因限制性股票补偿计划以实物出资方式处置库存股取得¥17百万日元。

每股信息 

  • Net assets per share（每股净资产）：从¥2,236.45增至¥2,339.99（$15.70美元）。
  • Profit per share（每股收益）：从¥421.39降至¥239.47（$1.60美元）。
  • 计算基础：归属于母公司所有者的普通股利润为¥278,806百万日元。平均普通股股数为1,164,245千股。

财务报表附表 

  • 借款附表：
    • 短期借款为0。
    • 一年内到期长期借款为¥19百万日元（$0百万美元）。
    • 一年内到期租赁负债为¥1,676百万日元（$11百万美元）。
    • 一年后到期租赁负债为¥5,462百万日元（$36百万美元），分期偿还计划至2035年2月。
  • 资产报废义务：
    • 因金额不重大而被省略。

半年度信息 

  • 截至2024年9月30日的6个月期间：
    • 净销售额：¥523,299百万日元（$3,512百万美元）。
    • 税前利润：¥147,063百万日元（$987百万美元）。
    • 归属于母公司所有者利润：¥108,658百万日元（$729百万美元）。
    • 每股收益：¥93.33（$0.62）。

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