The company has the dominant share of paint markets in China and smaller Asian countries, as well as Australia, and is often one of the three largest players in other regions. About two-thirds of sales are in decorative paint, serving mostly residential and some commercial customers, positioning it as a diversified global coatings leader with significant exposure to growth markets.
Cyborg Score Rationale
FY 2025 showed trailing twelve month revenue of ¥1.77t and net income of ¥179.80b, with earnings growing from ¥54.22 to ¥76.66 EPS. Record trailing earnings with 24.1% per year multi-year growth counter concerns about business model fragility. Strong market positioning in Asia and margin expansion support bullish outlook.
Top Insights
FY 2025 revenue reached ¥1.77t with net income of ¥179.80b, up significantly from ¥1.64t and ¥127.34b in FY 2024
Dominant market position in China and Asia with demonstrated pricing power as number-one player in key regions
Products distributed via ~300,000 global distributors including household brands like Nipsea, Dulux, British Paints, and Betek Boya
Diverse geographic and end-market operations shield the company from country- or regional slowdowns
Named Competitors
PPG — Global coatings and specialty materials
Sherwin-Williams — Paint and coatings manufacturer
Akzo Nobel — Paints and coatings multinational
Recent Developments
(February 2026) FY 2025 completion with record margins and earnings reinforcing bullish narratives
(2024) Revenue increased 13.6% to ¥1.64t with strong earnings growth of 7.48%
(Ongoing) Margin expansion in coatings business with improved net income conversion
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