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Introduction & Market Context
Fields Corp (TYO:2767), a Japanese entertainment company specializing in pachinko/pachislot machines and content production, reported exceptional first-quarter results for fiscal year 2025, with profits more than tripling year-over-year. The company’s July 2025 presentation revealed a stark contrast between its business segments, with the Amusement Equipment division powering overall growth while the Content and Digital segment faced challenges, particularly in the Chinese market.
The company, which operates through its Tsuburaya Fields Holdings structure on the Tokyo Stock Exchange Prime Market, is pursuing a dual strategy of expanding its iconic Ultraman franchise globally while strengthening its dominant position in the Japanese amusement equipment market.
Quarterly Performance Highlights
Fields Corp reported consolidated net sales of ¥55,555 million for Q1 FY2025, representing a 112.2% increase year-over-year. Operating profit surged 210.0% to ¥7,809 million, with profit attributable to owners of the parent climbing 228.5% to ¥5,570 million.
As shown in the following comprehensive profit and loss statement, the company’s operating profit margin expanded to 14.1% from 9.6% in the same period last year:
The company’s performance was driven by a remarkable showing in the Amusement Equipment segment, which offset weakness in the Content and Digital business. This segment-level contrast is clearly illustrated in the breakdown below:
Detailed Financial Analysis
The Amusement Equipment Business segment was the primary growth driver, with net sales of ¥51,703 million (up 131.9% YoY) and operating profit of ¥8,177 million (up 297.4% YoY). This exceptional performance stemmed from strong sales of both pachinko and pachislot machines, with the company reporting sales of 39,000 pachinko units and 55,000 pachislot units during the quarter.
The following image showcases the main sales titles that contributed to this strong performance:
In contrast, the Content and Digital Business segment experienced challenges, with net sales declining 1.6% to ¥3,541 million and operating profit falling 57.7% to ¥443 million. This decline was primarily attributed to issues in the Chinese market, where unauthorized products impacted licensing revenue.
A detailed breakdown of Tsuburaya Productions’ revenue shows the geographic disparities in performance:
While licensing revenue in China declined 34.5%, North America and Asia saw impressive growth of 101.4%, indicating the company’s global expansion efforts are gaining traction outside of China. Additionally, merchandise product sales increased 250.3%, demonstrating success in the company’s in-house planning initiatives.
Strategic Initiatives
Fields Corp is implementing several strategic initiatives to address challenges and capitalize on growth opportunities. A cornerstone of these efforts is the 60th anniversary celebration of the Ultraman series, which will feature worldwide initiatives spanning games, merchandising, exhibitions, and events.
The following image outlines the comprehensive approach to the anniversary celebrations:
To expand global reach, the company has launched a new TV series, ULTRAMAN OMEGA, with simultaneous broadcasting and distribution in multiple languages. The series is being promoted through a global greeting tour across eight countries and regions:
Addressing challenges in the Chinese market, Fields Corp has formed a strategic alliance with Alibaba Japan to accelerate global e-commerce initiatives. This partnership includes opening an official flagship store on TMALL GLOBAL and leveraging Alibaba’s ecosystem to capture inbound tourism demand:
The company is also expanding its product portfolio with the Ultraman Card Game, which has distributed approximately 91 million cards globally as of July 2025. A global championship is scheduled for May 2026, with qualifying events being held across 23 countries:
In the Amusement Equipment segment, Fields Corp is strengthening its position through the integration with ACE DENKEN Co., Ltd., aiming to generate synergies by combining sales expertise and optimizing distribution centers to improve operational efficiency.
Forward-Looking Statements
Looking ahead, Fields Corp maintains its full-year FY2025 forecasts of ¥150 billion in net sales and ¥16 billion in operating profit. The company expects continued strong performance in the Amusement Equipment segment, with several new titles scheduled for release in Q2 FY2025:
For the Content and Digital segment, the company is focusing on global expansion beyond China, strengthening content protection measures, and leveraging strategic partnerships to create new revenue opportunities. The 60th anniversary of Ultraman is expected to be a significant driver of growth in this segment over the next two years.
Fields Corp’s balance sheet remains strong, with total assets of ¥107.02 billion as of June 2025, up from ¥98.95 billion at the end of March 2025. The company’s net assets increased to ¥58.21 billion, providing a solid foundation for its growth initiatives and strategic investments.
Despite challenges in certain markets, Fields Corp’s diversified business model and strategic initiatives position the company well for continued growth in FY2025 and beyond, particularly as it capitalizes on the global appeal of the Ultraman franchise while maintaining strength in its core amusement equipment business.
Full presentation:
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