YOMEISHU SEIZO CO., LTD.
2540・Prime Market・Foods
Business
Yomeishu Seizo Co., Ltd. is a health-related company established in 1923 (the history of Yomeishu itself spans over 300 years). In its core Yomeishu-related Business, the company manufactures and sells alcoholic beverages and food, including Yomeishu, and engages in Real Estate Leasing & Solar Power Generation. In the Kurasuwa-related Business, it operates retail and service businesses including the experience-based facility Kurasuwa no Mori in Komagane City, Nagano Prefecture, and a bakery in Tokyo. Its main customers are general consumers via drugstores and wholesalers, with Alfresa Healthcare Co., Ltd. (36.5% of sales) and Ohki Co., Ltd. (18.7% of sales) as key sales channels. Following a tender offer by Reno, Inc. in April 2026, a going-private process is currently underway, and the company is ultimately expected to become a subsidiary of Tsumura & Co.
Business Model
The Yomeishu-related Business (net sales of ¥8,198 million) accounts for approximately 85% of the total, with wholesale and retail channel sales of "Yomeishu" forming the core of earnings. Alcoholic Beverages & Food (¥1,167 million), including kuromoji throat lozenges, and Real Estate Leasing & Solar Power Generation (¥377 million) supplement stable earnings. The Kurasuwa-related Business (¥1,429 million) operates through a combination of store, mail order, and external sales channels, but is currently recording a loss. The company continues to invest ¥226 million in R&D expenses to develop new products. Funding is based primarily on internal funds, maintaining debt-free management.
Company Strengths
"Yomeishu" is a long-selling product with over 300 years of history, and has established a nationwide wholesale distribution network through Alfresa Healthcare Co., Ltd. (36.5% of sales) and Ohki Co., Ltd. (18.7% of sales). The company continues to strengthen shelf placement in major retail channels such as drugstores, and possesses brand assets and sales infrastructure that competitors cannot easily replicate in the short term.
As of the end of FY2026 (ending March 2026), total assets stood at ¥54,045 million against net assets of ¥46,345 million (equity ratio of approximately 85.8%), indicating extremely high financial soundness. The company holds a large-scale portfolio of investment securities, including a ¥4,393 million increase from mark-to-market valuation, with dividend income being the primary source of non-operating income of ¥635 million. Capital expenditures of ¥482 million were funded entirely from internal funds, reflecting a debt-free financial structure.
The Alcoholic Beverages & Food category achieved sales of ¥1,167 million for the period (up 9.2% year on year), driven by steady sales of "Yomeishu Seizo Kuromoji Nodo Ame" (throat lozenges). The craft gin "Kanomori" won a gold medal at the World Gin Awards 2025. The company also continues to develop new products such as "Yojo Soup" and medicated bath additives, and diversification away from dependence on "Yomeishu" is progressing.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥10,577 million in FY2022 and has declined for five consecutive periods, falling to ¥9,628 million in FY2026 (down 3.9% year on year). Yomeishu (Domestic) struggled, down 8.6% year on year, affected by changes in consumer behavior driven by price increases. Operating profit recovered to ¥255 million due to a reduction in advertising expenses (down ¥693 million year on year), but the recording of extraordinary losses—including an impairment loss of ¥2,998 million and advisory expenses of ¥391 million related to the Kurasuwa-related Business—resulted in a swing to a net loss of ¥2,271 million (versus net income of ¥680 million in the prior period). Ordinary profit was secured at ¥890 million (up 42.2% year on year), supported by dividend income of ¥573 million and gain on sale of investment securities of ¥414 million, but this made clear a structural dependence on non-operating and extraordinary income and losses.
Growth Strategy
Following the delisting, the medium-term management plan has been withdrawn, and the company is shifting to a business restructuring phase
Continued TV commercials, newspaper and web advertising, along with strengthened product displays at major channels such as drugstores. During the period, advertising expenses were reduced by 41% year-on-year through a review of promotional activities, improving operating profit, but net sales declined 8.6% year-on-year, revealing an impact on demand generation. Setting the future level of advertising investment will determine the balance between profitability and sales.
"Yomeishu Seizo Kuromoji Nodo Ame" (throat lozenges) performed steadily, and Alcoholic Beverages & Food achieved ¥1,167 million (up 9.2% year-on-year). External sales (sales through other companies' channels) were reclassified into the Yomeishu-related Business, streamlining segment management. Continued expansion of sales channels for existing products and development of new products will remain growth drivers going forward.
Due to significant deviation of business performance from the initial plan, an impairment loss of ¥2,984 million was recorded on fixed assets, prompting a fundamental review of business strategy. One store in Tokyo was already closed in February 2026. The medium-term management plan has been withdrawn, and the policy for business continuation after delisting has not been disclosed. A decision was also made to discontinue the beverage water business, and manufacturing equipment was impaired accordingly.
Last updated: July 19, 2026