The July 7, 2025 issue of Nikkei Business, a leading Japanese business magazine, featured a cover story on ORIX Group.
Nikkei Business is published by Nikkei Business Publications, Inc. ("Nikkei BP"), a group company of Nikkei Inc., one of Japan’s leading media organizations.
This feature was researched and edited by Nikkei BP with the aim of shedding light on the evolution of ORIX’s diversified businesses, its future strategies, the strength that has enabled the company to remain profitable for 60 consecutive years, and the unique qualities that define ORIX.
To make this story accessible to a global audience, we have translated the article into English and Chinese, and divided it into four parts.
We begin with the first installment:
Part 1: The Super-Diversified Management Style Supporting 60 Consecutive Years of Profitability
Having No Core is Core: “We’ll Do Anything That Makes Money”
Learn about the bold strategies behind ORIX’s enduring success.
<Sources>
Nikkei Business, July 7, 2025 issue, "ORIX The Shapeshifter: 60 Years in the Black. The Art of Investment through Profit and Hard Work", pp. 10–36
Nikkei Business Online Edition, July 8, 2025 issue, ORIX The Shapeshifter: What Happens After M&A? The Two Rules, Explained by Robeco’s CEO
In January, a new president took over at ORIX for the first time in 14 years. Founded in leasing, ORIX has remained profitable for 60 years while continuously evolving its business. The company’s top management describes ORIX as a “resourceless trading company.” The key is a shapeshifting management style that constantly transforms its business models. It is a hands-on approach that emphasizes returns from a finance-sector perspective. This investment skill supports ORIX’s super-diversification.
By Yuta Asomura, Hideka Saito, and Takashi Narumi
Part 1: The Super-Diversified Management Style Supporting 60 Consecutive Years of Profitability. Having No Core is Core: “We’ll Do Anything That Makes Money”
Originally founded in leasing, ORIX has continued to diversify, always making a profit every year for 60 consecutive years. What has been at the center of its business expansion? The answer is simply “having no core is core.” We take a close look at the secret behind the continually shifting shape of ORIX, which today continues to set new profit records, as well as its future prospects.
On April 24, a ceremony was held on the northern side of Yumeshima, an artificial island in Osaka – bustling with crowds of tourists as the venue of Expo 2025 Osaka, Kansai, Japan – to mark the start of construction for Japan’s first integrated resort (IR). The plan includes the development of a casino, an international convention center with a capacity of over 6,000 people, and high-class hotels, with opening slated for the autumn of 2030. The initial investment alone amounts to approximately 1.27 trillion yen, and this huge project is led by ORIX.
Japan’s First IR, Airports, and Aquariums
At the ceremony, ORIX Group’s Executive Officer and Group Kansai Representative Toyonori Takahashi said of the integrated resort, “We hope to make it a hub for international tourism.” The ripple effect on the regional economy due to the IR’s opening is projected to be approximately 1.14 trillion yen annually. So far, ORIX has been involved in numerous projects in the Kansai region, including Kansai International Airport, Kyocera Dome Osaka, KYOTO AQUARIUM, and a redevelopment project in front of JR Osaka Station, and the IR can be seen as the culmination of these efforts.
What kind of company is ORIX, with its unique presence in Kansai? Many people may associate ORIX with the professional baseball team ORIX Buffaloes, rental cars, or life insurance. There may also be an impression of ORIX being a company riding the wave of deregulation, such as airport concessions (private operation of public facilities) and the Feed-in Tariff (FIT) system for renewable energy. Recently, the company’s name has also been mentioned in connection with investments in Toshiba, which is undergoing a corporate restructuring, and the acquisition of DHC, a major online cosmetics retailer based in Minato-ku, Tokyo.
“ORIX is in its own Business Category”
“We’ll do anything that makes money.” ORIX’s push toward business super-diversification goes beyond comprehensive financial services, and ORIX has declared that “ORIX continues to challenge itself by being in a business category of its own.” Chairman and Chief Executive Officer (CEO) Makoto Inoue explains the essence of this challenge is that “having no core is core.”
Entering an era of volatility, uncertainty, complexity, and ambiguity (VUCA), including the Trump tariffs and tension in the Middle East, the managements of companies in and outside Japan are now required to respond to change with flexibility. Let us look at the financial results to explain the strengths of ORIX, which has improved business performance despite such circumstances while changing its business with versatility.
ORIX’s 10 Business Segments
ORIX’s businesses are categorized into 10 segments, including leasing, real estate, and insurance. Unlike conglomerates, the company has diversified its business to spread risk due to a lack of a specific financial backer. Supporting the company as the main profit generator was its automobile leasing business during the bankruptcy of Lehman Brothers in 2008, and its banking business during the COVID-19 pandemic in 2020. Excluding the period right after its founding, it has remained profitable for 60 consecutive years. In contrast, after the Lehman Brothers bankruptcy, in the fiscal year ended March 2009, Japan’s three megabanks incurred massive losses of several hundred billion yen, and major trading companies were unable to secure profits due to falling resource prices and delays in mine development. Achieving continuous profits is a remarkable feat given that the company is not in an industry with stable long-term demand and it keeps expanding and replacing its businesses.
Resilience Through a Diversified Portfolio
“A recession is the biggest risk, but we’ve diversified our business portfolio. We have had strong resilience to stress in past financial crises.” This was the answer given by President and Chief Operating Officer (COO) Hidetake Takahashi when asked about the impact of the Trump tariffs during the press conference regarding ORIX’s financial results on May 12. For the fiscal year ended March 2025, the company achieved a consolidated net income of 351.6 billion yen, an increase of 2% compared to the previous fiscal year and setting a record high for the second consecutive year. By segment, the private equity investment and concession segment as well as the aircraft and ships segment saw significantly higher profits.
To understand the source of ORIX’s strengths, let us take a look back over its history of diversification.
ORIX was established in 1964, led by Nichimen (currently Sojitz) and Sanwa Bank (currently MUFG Bank) as the main bank. During Japan’s period of rapid economic growth, heavy and chemical industries became the center of industry, and Nichimen’s attention was drawn to leasing when it was attempting to diversify away from textiles. The leasing industry was growing significantly in the United States, and the scope was expanding from general leases connected to real estate rental, into industrial machinery and office equipment necessary for corporate activities. Collaborating with U.S. Leasing, which was based in the United States, expertise was brought back to Japan.
Expansion into Adjacent Business Fields
However, entering the 1970s, competition from leasing companies that had newly been set up by trading companies and banks intensified. In response to the Nixon shock and the oil crisis, ORIX was forced to diversify its business. Step by step, the company expanded into business fields that were adjacent to its existing businesses, such as ship leasing, automobile operating leases, and real estate secured loans.
Senior Chairman Yoshihiko Miyauchi studied leasing in the United States as an employee of Nichimen and was seconded to ORIX as a founding member, going on to serve in its top management for 34 years from the 1980s. He stated, “Business is 30% success and 70% failure. It’s very important to reduce this 70% as much as possible.” He believed that new businesses could be relatively safely launched in adjacent fields where the company had expertise.
Painful failures also fueled ORIX’s business expansion. As the 1980s began, there was stagnation in maritime freight. The company owned approximately 100 vessels in its ship leasing business, but its customers began to default on their leases one after another. Chairman Inoue recalled going to ports to seize the ships, carrying a bag of cash with him and paying the outstanding wages to the crew on the spot.
“We were at rock bottom. We clenched our teeth and toiled to avoid losses,” said Executive Officer Ryujiro Tokuma, who is ORIX’s Head of Global Transportation Services Headquarters. As selling ships would result in losses, the company changed its business model and shifted from ship leasing to a business that handles operational management, maintenance and inspections, and crew staffing of ships. Subsequently, the maritime freight market recovered, and the company made a significant profit from the sale of ships. Even after selling its ships, the company received fees for management operations carried out on behalf of ship buyers, leading to the current business model of earning twice from a single source.
Further Change with the Bankruptcy of Lehman Brothers
Management during the time when Senior Chairman Miyauchi was president used ORIX’s own capital for investment and continued to hold onto assets, but this form of management became the cause of major losses during the bankruptcy of Lehman Brothers. Therefore, the company switched from management that continued to hold onto businesses, to a model that enhances the value of a business, then sells it or undertakes its operational management. With the expansion of the company’s size, investments also reached huge amounts of several hundred billion yen.
How are investment decisions made? ORIX’s investment criteria are clear. They emphasize the internal rate of return (IRR) as an indicator of the expected returns in an investment, with a value of 15% or higher as a guideline. Due to the company’s beginnings in the financial industry, employees are instilled with the ability to interpret balance sheets, profit and loss statements, and cash flow statements from a young age. This financial logic, together with the human network cultivated through hands-on corporate sales since the company’s early days, supports diversified management.
President Takahashi commented on business diversification, stating, “While some point to a conglomerate discount, collaboration can actually create a premium.” He revealed that the keyword for ORIX’s future growth is “collaboration,” as the company has continuously shifted its core businesses to fit the times. Let’s take a look at some concrete examples.
Group Collaboration for Decarbonization
About a three-hour drive southeast from Madrid, the capital of Spain, past hills lined with windmills that the protagonist in the novel Don Quixote mistook for giants, a shining black hill covered with approximately 560,000 solar panels comes into view. This is the Campanario project, developed by Elawan Energy, a renewable energy company acquired by ORIX in 2021 for 100 billion yen.
A hybrid power plant combining solar and wind energy is under construction, with the final goal of reaching a generation capacity of 540 megawatts—equivalent to half a nuclear power plant. The total investment exceeds 400 million euros. Elawan’s strength lies in identifying land suitable for wind and solar projects and commercializing the business, while ORIX leverages its expertise in capital procurement.
Solar power generation has already begun, supplying electricity to the city of Madrid, and there are plans to commence wind power plant construction within the year. Although power generation efficiency of renewable energy is susceptible to weather conditions, Spain’s long daylight hours and strong winds offer complementarity. A neighboring gas pipeline also makes it possible to transport green hydrogen produced with electricity using renewable energy.
ORIX aims to increase its global capacity of power generation using renewable energy to 25 million kilowatts in the fiscal year ending March 2035 – over five times the current level – with a target of 100 billion yen in segment profit. Executive Officer Atsunori Sato, who is Head of Energy and Eco Services Headquarters, stated, “In the next five to 10 years, this will become our top priority.” The company positions renewable energy as one of its strategic investment businesses, planning to grow assets from the current 1 trillion yen to 1.5 trillion yen by 2035.
Elawan, which operates in 15 countries, mainly across Europe, plays a central role. The expertise accumulated in Spain, a leader in renewable energy, will be leveraged in North America and other markets. With the spread of data centers for artificial intelligence (AI), global electricity demand is rising, and ORIX has entered into power purchase agreements (PPAs) with 10 companies, including Amazon.com in the United States.
Elawan CEO Dionisio Fernández Auray commented, “Renewable energy is clean and the lowest-cost,” seeing strong business opportunities. In 2024, the company acquired a Spanish hydroelectric power generation firm for 46 billion yen, and plans to develop solar, wind, and hydroelectric power as its three main pillars worldwide.
ORIX also operates solar, geothermal, and biomass power generation in Japan. Its solar power generation capacity stands at about 1 gigawatt, the largest among domestic companies, making it a major—if somewhat hidden—player.
Why is ORIX so invested in the environmental sector? Executive Officer Sato explained, “It’s not just about individual business growth; we aim to fill the gaps between each business area as we expand.” The company has a broad business portfolio, including automobiles and real estate, where synergetic themes such as the introduction of electric vehicles (EVs) and renewable energy sources for data centers are evident, allowing the company to utilize synergies among ORIX Group companies.
Generation of More Passengers for Kansai Airports Through the Osaka IR Project
ORIX Group’s internal collaboration can also be seen in inbound tourism, which has become a leading source of income for Japanese businesses today. We return again to the Kansai region.
About a month before the ceremony for the commencement of the IR’s construction, the newly renovated Kansai International Airport Terminal 1 reopened on March 27. This is part of a huge project which started in 2021 and will cost approximately 70 billion yen. This renovation expanded the immigration and security inspection areas of Terminal 1, increasing the capacity of international passengers to 40 million each year. CEO Yoshiyuki Yamaya, who transferred from ORIX to Kansai Airports, and is in charge of airport operations, said, “We’ve established a system to receive passengers in the Kansai region when the government’s 2030 goal of 60 million inbound tourists is achieved.”
In 2015, ORIX partnered French airport operator VINCI Airports, acquiring the operating rights for Kansai International Airport and Osaka (Itami) International Airport for a period of 44 years for 2.2 trillion yen. This was the first airport concession in Japan. Currently, Kansai Airports operates three airports in the Kansai region, including Kobe Airport. Although the three airports were directly affected by the COVID-19 pandemic in 2020 and 2021, in the fiscal year ended March 2025, they set a new record of 50.86 million passengers, an increase of 15% compared to the previous fiscal year. Net income increased 2.4 times, reaching 36.8 billion yen.
One of the key catalysts for the future is the IR project spearheaded by ORIX itself. It is slated to open in 2030. Being involved in hotels, aircraft leasing, car rental, and other such businesses, the company is seeking to further boost the growing inbound tourism demand.
Goal of Tripling Net Income by 2035
So far, ORIX has expanded its businesses and prioritized their respective growth, but it is shifting its focus to a strategy of further increasing profits through collaboration between businesses. Using its organizational culture that turns failures into fuel, the company is also gaining more knowledge that reduces future failures.
In its long-term vision, the company aims to achieve a net income of 1 trillion yen for the fiscal year ending March 2035. At almost three times the current level, it is an ambitious goal. It has evolved into a style of expanding horizontally, launching self-operated and fee-based businesses, and turning over acquired assets at high prices. The seeds that have been sown everywhere are beginning to sprout, entering a stage where they interconnect like an ecosystem to generate income. Part 2 will explore why ORIX’s investments can compete with both domestic and overseas funds.
Nikkei Business特辑：欧力士的变身经营（Part1）
2025年7月7日发行的《Nikkei Business》杂志刊登了关于欧力士集团的封面特辑报道。
《Nikkei Business》由株式会社日经BP（以下简称“日经BP”）出版，该公司隶属于日本领先的媒体集团——株式会社日本经济新闻社。
本特辑由日经BP独立调研与编辑，旨在呈现欧力士超多元化经营的发展历程、未来战略、支撑公司连续60年保持盈利的坚实实力，以及定义欧力士独特性的企业DNA。
我们已将该报道翻译为英文和中文，并分为四篇陆续刊登，与欧力士集团全球合作伙伴分享。
现推出第一篇：
Part 1：支撑欧力士连续60年保持盈利的超多元化经营模式——“没有主业就是主业：以价值为导向，广泛布局”
让我们一同深入了解欧力士持续成功背后的战略故事。
资料来源：
《Nikkei Business》2025年7月7日刊《欧力士的变身经营：60年持续盈利，利润与汗水铸就的投资之道》，第10–36页
《Nikkei Business》电子版2025年7月8日刊《欧力士的变身经营：Robeco CEO解读欧力士并购后的两大原则》
今年1月，欧力士时隔14年进行了社长更替。起家于租赁业务的欧力士，在不断拓展业务版图的同时，已连续60年保持盈利。现任管理层将公司定位为“没有资源的综合商社”。其成功之道在于持续推动商业模式改革创新的“变身式经营”。以金融视角审视投资，既追求投资回报，又强调务实作风与勤勉精神。正是这种独特的投资理念与经营方式，支撑了欧力士的高度多元化发展。
（撰稿：阿曽村 雄太、齋藤 英香、鳴海 崇）
PART1：支撑欧力士连续60年保持盈利的超多元化经营模式——“没有主业就是主业：以价值为导向，广泛布局”
欧力士从最初的租赁业务出发，不断拓展业务版图，至今已连续60年保持盈利。
它究竟依托怎样的逻辑实现了超多元化经营？答案可以用“没有主业就是主业”一语概括。
在不断刷新历史最高业绩的当下，欧力士的转型之路与未来方向，值得深入探究。
4月24日，大阪市人工岛“梦洲”热闹非凡。岛内，大阪・关西世博会人潮涌动；岛北，日本首个综合度假区（IR）项目奠基启动。项目规划建设赌场、可容纳6000人的国际会议中心和高端酒店等设施，计划于2030年秋季开业运营，初期投资规模高达约1.27万亿日元。主导这一超大规模项目的，正是欧力士。
打造日本首个综合度假区，延续机场与水族馆布局
在项目的动工仪式上，欧力士执行董事、集团关西代表高桥丰典表示，要把这里建设成为国际观光枢纽的核心。据测算，作为日本首个综合度假区，项目开业后对区域经济的带动效应将达到约1.14万亿日元/年。此前，欧力士已在关西参与关西国际机场、大阪京瓷巨蛋、京都水族馆、JR大阪站前再开发等多个标志性项目，此次综合度假区项目可视为欧力士在关西的集大成之举。
在关西展现独特存在感的欧力士，究竟是一家怎样的公司？不少人首先联想到的是职业棒球队“欧力士野牛（ORIX Buffaloes）”、租车业务或人寿保险，也有人将其与机场特许经营、可再生能源固定收购制度（FIT）等契合监管改革方向的业务联系在一起。近年来，欧力士因出资参与东芝重组、收购化妆品电商和健康食品企业DHC等动作，也多次进入公众视野。
欧力士自身就是一个行业
“只要能创造价值，就要敢于尝试。”在欧力士，超多元化经营早已突破“综合金融服务”的范畴。公司方面表示，将持续挑战自我，力争使“欧力士”本身被认可为一种独立的行业。集团CEO井上亮对此概括为：“没有主业才是主业”。
在特朗普关税政策、中东局势紧张等因素叠加的VUCA（易变性、不确定性、复杂性、模糊性）时代，全球企业经营者愈发需要具备顺势应变的能力。在这样的环境下，欧力士通过灵活调整业务结构，持续取得稳健业绩。下文将从业绩层面探析其韧性所在。
十大业务板块支撑多元化布局
欧力士的业务主要分为十大板块，涵盖租赁、不动产、保险等多个领域。不同于财阀系企业拥有雄厚的资金支持，欧力士依靠业务多元化来分散风险。2008年全球金融危机中，汽车租赁业务成为公司主要支柱；2020年新冠疫情期间，则由银行业务承担主力。除创业当年外，公司已连续60年实现盈利。这与2009年3月财年三大银行出现数千亿日元规模的巨额亏损、部分大型商社因资源价格下跌及矿山开发延迟而未能盈利形成鲜明对比。欧力士并不依靠长期有稳定需求的行业，其难能可贵之处在于，通过不断扩张和灵活调整业务结构实现连续盈利。
分散投资提升抗风险能力
“经济衰退是最大的风险，但我们通过分散业务组合来应对。历次金融危机的考验证明，欧力士具备较强的抗风险能力。”在5月12日的业绩发布会上，集团COO髙桥英丈在回答特朗普关税政策影响时如是说。数据显示， 2025年3月财年，欧力士合并净利润达到3516亿日元，同比增长2%，连续第二年创业绩历史新高。其中，“投资及特许经营”和“飞机及船舶业务”板块实现大幅增长。
回溯多元化历程，探寻韧性根源
欧力士成立于1964年，由日绵实业（现双日）与三和银行（现三菱UFJ银行）共同发起。在日本经济高速增长期，重化工业居于产业核心，日绵在谋求“脱纺织”的过程中，将目光投向了租赁业务。当时，美国租赁行业发展迅速，业务对象从不动产租赁扩展至企业所需的工业机械和办公设备。欧力士与美国U.S. Leasing建立合作，并将其经验引入日本，为后续发展奠定基础。
向既有业务的“相邻领域”扩展
进入20世纪70年代，随着商社、银行等相继进入租赁行业，竞争日趋激烈。叠加“尼克松冲击”和两次石油危机，欧力士不得不加快多元化步伐。在既有业务的基础上，公司选择向“相邻领域”拓展，先后进入船舶租赁、汽车经营性租赁以及不动产抵押贷款等板块。
作为欧力士的创始成员之一，现任资深董事长宫内义彦曾赴美学习租赁业务，并于20世纪80年代起执掌公司长达34年。他常说：“做生意，三分成功，七分失败。关键在于如何减少那个‘七’。”在他看来，向相邻且相对熟悉的领域拓展，更能确保新业务的稳健起步。
但即便是失败，也可以成为推动业务拓展的养分。20世纪80年代，全球航运业陷入低谷。彼时欧力士船舶租赁业务持有约100艘船，却因承租企业相继违约，业绩受挫。集团CEO井上亮曾提着装满现金的手提包赶赴港口，扣押船舶并当场向船员支付拖欠工资。
“当时已经到了谷底。但为了避免亏损，即便是咬紧牙关、流着汗，也要把局面撑下去。”执行董事、运输设备事业本部长德间隆二郎回忆道。正因如此，公司及时调整业务模式，从单纯船舶租赁转向船舶自营，涵盖航运管理、船舶检修和船员配置等业务。随着航运市场回暖，公司不仅通过出售船舶获利，也通过售后继续受托管理船舶获得了管理费收入，逐步形成如今“一次交易，双重收益”的业务模式。
在雷曼危机中进一步转型升级
在“宫内时代”，欧力士依靠自有资本投资并长期持有资产，但这一模式在雷曼危机期间引发了大幅减值。公司迅速调整战略，从“长期持有”转向“通过提升资产价值后出售，或受托承担资产运营管理”的业务模式。伴随企业规模的不断扩大，单个投资项目的体量也跃升至数千亿日元级别。
那么，投资项目如何决策？欧力士的标准十分明确：以预期回报率为核心，内部收益率（IRR）15%以上被视为关键门槛。得益于金融业起家，欧力士的员工自入职起便接受系统训练，熟练掌握资产负债表、利润表和现金流量表的解读能力。正是这种严谨的财务逻辑，加上自创业以来在企业金融服务中积累的人脉与信任，支撑了集团的多元化发展。
对于外界关注的多元化问题，集团COO髙桥英丈表示：“虽然常有人提到‘集团企业折价’的问题，但只要能产生协同效应，就可以转化为溢价。”他提出，欧力士不断顺应时代发展调整主力业务，下一阶段的增长关键词是“协同”。下面让我们来看一个具体案例。
以脱碳为轴 促进集团业务协同
从西班牙首都马德里驱车向东南行约三小时，翻越过在小说《堂吉诃德》中被主人公误认为是巨人的风车群山，映入眼帘的是一整片由约56万块光伏板铺就、泛着黑色光泽的坡地。这正是欧力士于2021年斥资1000亿日元收购的可再生能源公司Elawan Energy开发的“Campanario项目”。
该项目正在建设光伏发电与风力发电相结合的混合式电站，预计最终发电量将达54万千瓦，相当于半座核电站的水平，总投资规模超4亿欧元。项目有效结合了欧力士在资金筹措方面的丰富经验，以及Elawan在风光资源开发与项目实施上的优势。
目前，光伏电站已顺利投运，并开始为马德里市区供电。风电场建设也计划于年内启动。虽然可再生能源的发电效率容易受天气影响，但在日照充足、风力强劲的西班牙，光伏与风能可实现互补。项目邻近天然气管道，未来还将探索利用可再生能源发电生产绿色氢气并通过管道输送的可行性。
欧力士提出，计划到2035年3月，将集团全球可再生能源发电设施的总发电能力提升至2500万千瓦，相较目前规模扩大五倍；同时，力争实现板块利润突破1000亿日元。执行董事、环境能源本部长佐藤厚范表示：“从未来5到10年的视角看，这是最重要的业务。”公司已将可再生能源定位为战略投资领域，相关资产规模计划从目前的1万亿日元扩大到2035年的1.5万亿日元。
以欧洲为中心，在15个国家开展业务的Elawan，是欧力士可再生能源布局的核心。其在西班牙积累的经验正逐步推广至北美等地。随着面向人工智能的数据中心快速普及，全球电力需求不断攀升，Elawan已与包括亚马逊在内的10家公司签订了电力购买协议（PPA）。
Elawan CEO Dionisio Fernández Auray表示：“可再生能源既清洁且成本最低”，蕴含着巨大商机。2024年，Elawan以约460亿日元收购了一家西班牙水力发电企业，今后将在全球范围内以光伏、风电和水电为三大支柱推进项目开发。
在日本国内，欧力士同样积极布局光伏、地热、生物质等清洁能源业务。其光伏发电能力约100万千瓦，规模位居日本企业之首，被业内视为“隐形巨头”。
为何欧力士在环境能源领域投入如此之多？执行董事、环境能源本部长佐藤厚范指出，这不仅是为了做大单一板块，更是为了在既有业务基础上不断外延，打通并填补各板块之间的空白。欧力士的业务横跨汽车、不动产等多个领域，在电动汽车（EV）和数据中心引入可再生能源电力等方面均可实现协同，而这正是集团力图发挥的综合优势。
大阪IR带动关西机场旅客量增长
入境旅游已成为日本产业的重要增长点之一，欧力士也在这一领域谋求内部协同。让我们再次把目光投向关西。
在IR项目动工仪式约一个月前的3月27日，关西国际机场T1航站楼完成升级改造，盛大开业。这是自2021年启动、总投资约700亿日元的大型改造项目的一部分。此次改造扩建了T1航站楼的入境审查区和安检区，将国际航线年旅客接待能力提升至4000万人次。曾在欧力士任职，后至关西机场股份有限公司任社长的山谷佳之表示：“为实现政府提出的2030年入境游客6000万人目标，关西方面已经建立起相应的接待体系。”
2015年，欧力士携手法国机场运营商VINCI Airports，以2.2万亿日元取得关西国际机场和大阪国际机场（伊丹机场）为期44年的运营权，成为日本首个机场特许经营项目。后又取得了神户机场的运营权，目前负责关西三大机场的运营。尽管2020至2021年受新冠疫情冲击，但截至2025年3月财年，三大机场旅客人数较上年度增长15%，达到5086万人，创下历史新高；净利润同比增长2.4倍，达到368亿日元。
另一个潜在的增长引擎是由欧力士主导推进、计划于2030年开业的综合度假区（IR）项目。欧力士深耕酒店、飞机租赁、租车等业务领域，力图通过内部协同，进一步释放入境旅游需求带来的增长潜力。
2035年实现净利润三倍跃升
迄今为止，欧力士一直侧重于业务板块的扩张及各板块的增长，但正逐步将战略重心转向通过业务间的协同提升整体收益。在延续“从失败中汲取经验”的企业文化的同时，公司在降低失败风险方面的能力也在不断增强。
在长期愿景中，欧力士计划截至2035年3月财年实现净利润1万亿日元，这一雄心勃勃的目标相当于当前水平的三倍。公司已由单纯横向扩张，转型为“自营与资产管理业务并行”，并形成了通过提升资产价值再高价售出获得收益的资产循环策略。过去多点布局撒下的“种子”已生根发芽，各业务间正在形成如生态系统般的相互协同，创造更多收益。
Part2将进一步深入解析欧力士的投资模式，探究其为何能够在国内外基金林立的竞争中脱颖而出。
