Pulp & Paper · Fiscal year end Dec 31

HIKARI BUSINESS FORM CO., LTD.

3948

光ビジネスフォーム株式会社

FIGI BBG000BHY7Q83948.T3948 JPCorp. no. 5010101003318

Latest half-year results

First half · fiscal year to 2026-12 · filed 2026-08-12

For the first half of the fiscal year to 2026-12: Revenue ¥4.1 billion (+8.8% YoY), Ordinary income ¥0.4 billion (+338.3% YoY), Net income ¥0.3 billion (+355.8% YoY).

	This period	Year on year
Revenue	¥4.1bn	+8.8%
Ordinary profit	¥402m	+338.3%
Net profit to owners	¥273m	+355.8%

From the securities report on EDINET, which states no forecast. History via /v1/companies/3948/earnings-releases.

Financials

Japan GAAP · non-consolidated · fiscal year to 2025-12-31

Revenue: ¥7.7bn
Net income: ¥152m
ROE: 1.6%
Equity ratio: 81.1%
Dividend / share: ¥45
Employees: 391

Revenue · ¥bn

Net income · ¥bn

Fiscal year	Revenue	Net income	Total assets	Net assets	ROE	EPS	Operating CF
2025-12-31	¥7.7bn	¥0.2bn	¥11.6bn	¥9.4bn	1.6%	¥27.73	¥0.3bn
2024-12-31	¥7.9bn	¥0.2bn	¥11.1bn	¥9.3bn	1.7%	¥28.87	¥0.2bn
2023-12-31	¥9.9bn	¥0.7bn	¥11.4bn	¥9.4bn	8.2%	¥132.7	¥0.5bn
2022-12-31	¥12.0bn	¥1.3bn	¥11.9bn	¥8.9bn	15.1%	¥220.99	¥1.6bn
2021-12-31	¥9.6bn	¥0.8bn	¥10.8bn	¥7.9bn	10.8%	¥142.39	¥1.1bn

Indicators

Computed by us from filings · fiscal year to 2025-12-31

Metric	Value	Percentile among listed companies
ROE, %	1.6	9.6
Ordinary margin	0.0362	28.7
Equity ratio, %	81.1	91
Revenue growth	-0.0217	17.5
Net income growth	-0.0589	30.7
Operating cash flow / assets	0.0223	24.4

Policy-uncertainty measure1.61 Share of the report's text discussing policy-related uncertainty, by policy area. Proprietary text method.

Trade & tariffs 2 Regulation 1 Politics & geopolitics 2

Ownership activity 0 filer(s) stated they may make proposals in 365 days; 0 new 5% holder(s) in 180 days; net stake change 0.00pt in 90 days; 4.1% held by other listed companies.

Results wording balance: -0.14. Proprietary text method; it describes the wording only and does not interpret context.

Via /v1/companies/3948/indicators. Descriptive figures, not a rating and not investment advice.

From other filings

As the company states them

Share buyback, report to —: ¥200m acquired of a ¥200m limit. /v1/companies/3948/buybacks

Internal control, 2026-03-25: see filing 上記の評価の結果、当事業年度末日時点において、当社の財務報告に係る内部統制は有効であると判断した。 Filing

Segments, votes and tender offers

Stated in EDINET filings

Latest voting result: 2026-03-27 · 剰余金処分の件 · passed. /v1/companies/3948/voting

Ownership changes

All companies →

2026-07-28

Purpose change+1.05pt

Be Brave Inc. changed its stated purpose for holding HIKARI BUSINESS FORM CO., LTD. (3948): may_make_proposals, pure_investment -> may_make_proposals, pure_investment, shareholder_value_engagement.

S100YRL8Filer profile Original filing (PDF, Japanese)
2026-07-28

Increase+1.05pt

Be Brave Inc. raised holdings in HIKARI BUSINESS FORM CO., LTD. (3948) to 10.34% from 9.29%.

S100YRL8Filer profile Original filing (PDF, Japanese)
2026-07-28

Threshold

Holdings of Be Brave Inc. in HIKARI BUSINESS FORM CO., LTD. (3948) moved above 10% (9.29% -> 10.34%).

S100YRL8Filer profile Original filing (PDF, Japanese)
2026-04-10

Increase+1.00pt

individual filer raised holdings in HIKARI BUSINESS FORM CO., LTD. (3948) to 6.02% from 5.02%.

S100XXQ8Original filing (PDF, Japanese)
2025-08-06

New 5% stake

individual filer disclosed a 5.02% stake in HIKARI BUSINESS FORM CO., LTD. (3948), crossing the 5% reporting threshold.

S100WG6COriginal filing (PDF, Japanese)
2025-07-03

Increase+1.16pt

Be Brave Inc. raised holdings in HIKARI BUSINESS FORM CO., LTD. (3948) to 9.29% from 8.13%.

S100W7P2Filer profile Original filing (PDF, Japanese)
2025-06-19

Increase+1.07pt

Be Brave Inc. raised holdings in HIKARI BUSINESS FORM CO., LTD. (3948) to 8.13% from 7.06%.

S100VXXVFiler profile Original filing (PDF, Japanese)
2025-05-13

Increase+1.04pt

Be Brave Inc. raised holdings in HIKARI BUSINESS FORM CO., LTD. (3948) to 7.06% from 6.02%.

S100VP5CFiler profile Original filing (PDF, Japanese)
2025-04-25

Increase+1.02pt

Be Brave Inc. raised holdings in HIKARI BUSINESS FORM CO., LTD. (3948) to 6.02% from 5.00%.

S100VN62Filer profile Original filing (PDF, Japanese)
2025-03-26

Stated it may make proposals

Be Brave Inc. states it may make proposals to the management of HIKARI BUSINESS FORM CO., LTD. (3948) (first filing).

S100VF44Filer profile Original filing (PDF, Japanese)

Trades by 5% holders

From the 60-day trade tables in 5% reports

Holder	Period	Net shares	Net % of shares	Avg. filed price	Range
Be Brave株式会社	2025-03-21 – 2026-07-21	+269,500	+4.67pt	—	—
individual filer	2021-10-11 – 2026-04-03	+61,600	+1.08pt	—	—
Be Brave株式会社	2025-03-19 – 2025-03-19	+300	+0.01pt	—	—
LNS Management Pte. Ltd.	2024-05-27 – 2024-07-26	+120,200	+2.08pt	—	—

Net shares and the average are our calculations. Prices are filed prices as stated by the filer, mostly for off-market trades; they are not market prices. Stock lending, custody transfers and option exercises are excluded from net shares. Every row via /v1/companies/3948/trades.

5% filings

Large shareholding reports on 3948

Filed	Filer	Stake	Change	Stated purpose
2026-07-28	Be Brave Inc.	10.34%	+1.05pt	may make proposals pure investment shareholder value engagement
2026-04-10	individual filer	6.02%	+1.00pt	pure investment
2025-08-06	individual filer	5.02%	—	pure investment
2025-07-03	Be Brave Inc.	9.29%	+1.16pt	may make proposals pure investment
2025-06-19	Be Brave Inc.	8.13%	+1.07pt	may make proposals pure investment
2025-05-13	Be Brave Inc.	7.06%	+1.04pt	may make proposals pure investment
2025-04-25	Be Brave Inc.	6.02%	+1.02pt	may make proposals pure investment
2025-03-26	Be Brave Inc.	5.00%	—	may make proposals pure investment
2024-08-01	LNS Management Pte. Ltd.	5.16%	—	may make proposals
2021-12-15	individual filer	4.23%	−0.78pt	pure investment

Cross-shareholdings

From the annual report's status of shareholdings

Listed strategic holdings: 7 issues
Book value: ¥1.4bn
Sold in the year: — — issues
Bought in the year: ¥25m 1 issues
Mutual, both reports: 2
Held by listed cos.: 5

Holds	Book value	Shares vs. prior year	Mutual
Sumitomo Realty & Development Co.,Ltd. 8830	¥881m	0.0%	stated
Fuji Nihon Corporation 2114	¥331m	0.0%	both reports
JX Advanced Metals Corporation 5016	¥59m	—	no
Daio Paper Corporation 3880	¥43m	0.0%	both reports
Canon Marketing Japan Inc. 8060	¥23m	0.0%	no
Imperial Hotel, Ltd. 9708	¥12m	0.0%	no
東海道リート投資法人 2989	¥12m	0.0%	no

Held by: Fuji Nihon Corporation 2114, Daio Paper Corporation 3880, KPP GROUP HOLDINGS CO., LTD. 9274, Nippon Paper Industries Co., Ltd. 3863, Marusan Securities Co.,Ltd. 8613

Purposes, all holdings and mutual flags via /v1/companies/3948/cross-holdings. Share changes include stock splits.

Major shareholders

As of fiscal year end 2025-12-31

Shareholder	Shares	Ratio
ＥＳＧ投資事業組合	581,000	10.79%
individual holder	550,000	10.22%
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED・HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028・394841	332,000	6.17%
individual holder	255,000	4.73%
LNS MANAGEMENT PTE.LTD.	245,000	4.55%
individual holder	174,000	3.23%
光ビジネスフォーム従業員持株会	155,000	2.89%
individual holder	141,000	2.63%
㈱日本カストディ銀行（信託口）	130,000	2.41%
individual holder	122,000	2.27%

Get this as JSON

GET /v1/companies/3948
GET /v1/companies/3948/financials
GET /v1/companies/3948/details
GET /v1/companies/3948/segments
GET /v1/companies/3948/voting
GET /v1/companies/3948/tender-offers
GET /v1/companies/3948/indicators
GET /v1/companies/3948/earnings-releases
GET /v1/events?ticker=3948
GET /v1/companies/3948/trades         
GET /v1/companies/3948/cross-holdings 
GET /v1/companies/3948/brief

Plans from $9 a month · Documentation