■ Company overview, etc.

1. Company Overview

Maru Unyu <9067> was founded in September of Meiji 25 (1892) and is an established transportation company that celebrated its 130th anniversary in 2022. Based on the founder's spirit of "Benefit others for self-benefit (by benefiting others, one can also gain benefits themselves)", the company has overcome numerous difficulties and continued its management through the eras of Meiji, Taisho, Showa, Heisei, and Reiwa, achieving development.

In addition to inheriting this founder's spirit in an evolving manner, the company introduced a new mission: "We provide our customers' logistics solutions with the highest quality and creativity to contribute to the development of society, the prosperity of companies, and the happiness of individuals." At the same time, in December 2015, the company set forth a group management philosophy that focuses on "Compliance as the top priority", "Fostering environmental awareness and sustainable social development", "Promoting human resource development and utilization and diversity". From the fiscal year ending March 2022, the company transitioned to ESG management, integrating business activities based on its previously pursued CSR management to further enhance the group's growth. By promoting ESG management, it takes on the infrastructure of social and economic activities, contributing to the realization of a sustainable society.

As a comprehensive logistics company, Maru Unyu responds to customer needs by having storage and transportation bases, including logistics centers, in a wide range of regions from Hokkaido to Kyushu. In addition, overseas, the company operates two local subsidiaries in China under Maru Un International Freight Agency (Shanghai) Co., Ltd., Maru Un Logistics (Tianjin) Co., Ltd. with five locations. In August 2017, the company localized Maru Un Logistics Vietnam in Hanoi and currently operates offices in Hưng Yên, Ho Chi Minh City, Hà Nam, and Tiền Giang. In July 2024, it aims to expand its Vietnam business by entering into a capital business alliance with a local logistics packaging company.

At its overseas locations, Maru Unyu supports Japanese companies doing business mainly in China and Vietnam in terms of logistics. In China, it focuses on targeted sales efforts to acquire new customers, while in Vietnam, it aims to expand its business capacity through strengthening the logistics supply chain. The company has strengthened its presence in the country and contributed to revenue. The recent capital business alliance with the local logistics packaging company in Vietnam is a catalyst for expanding the business in Vietnam.

Even within the broader category of logistics companies, there is a distinction between companies like Yamato Holdings <9064>, which primarily focus on BtoC businesses centered around home delivery services, and companies like Maru Unyu, which belong to the BtoB category primarily focusing on supporting corporate logistics. Therefore, whether the logistics related to manufacturing materials for manufacturers will be active or not significantly affects the company's revenue.

When viewed by segment, in the fiscal year ending March 2024, the composition ratio of operating revenue is highest in freight transportation at 49.8%. This is primarily driven by common trucking freight. Additionally, being a member of the ENEOS Group, the company has a distinctive feature with the composition ratio of the energy transportation business related to petroleum, lubricants, and chemicals at 34.7%. In addition, overseas logistics (11.4%), technical support (4.0%), and others (0.1%) make up the composition ratios.

(Written by FISCO guest analyst Fumiya Mizuno)