Noevir Holdings Co., Ltd.
4928・Prime Market・Chemicals
Cosmetics Business
Core business accounting for approximately 79% of consolidated net sales, operated across three pillars: Counseling, Self-Selection, and OEM.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (H1 FY2026, ending March 2026) | ¥24,173 million | ¥25,442 million (H1 FY2025, ending March 2025) | ↓ |
| Segment Profit (H1 FY2026, ending March 2026) | ¥5,357 million | ¥6,413 million (H1 FY2025, ending March 2025) | ↓ |
| Segment Profit Margin (H1 FY2026, ending March 2026) | 22.2% | 25.2% (H1 FY2025, ending March 2025) | ↓ |
| Net Sales (Full-Year Results, FY2025 ending March 2025) | ¥50,525 million | — | — |
| Segment Profit (Full-Year Results, FY2025 ending March 2025) | ¥12,292 million | — | — |
| Net Sales (Q1 FY2026, ending March 2026) | ¥12,279 million | — | ↓ |
| Segment Profit (Q1 FY2026, ending March 2026) | ¥2,525 million | — | ↓ |
Business Details
The Group's flagship segment, engaged in the manufacture and sale of cosmetics and toiletries and the wholesale/retail of cosmetics-related goods. Domestically, the business is operated by Noevir Co., Ltd. (Counseling Cosmetics: face-to-face sales via consignment sales agents), Tokiwa Yakuhin Kogyo Co., Ltd. (Self-Selection Cosmetics: for drugstores and medical institutions), and Bonanza Co., Ltd. (OEM business). Overseas, the segment operates cosmetics wholesale and retail across four locations: the U.S., Canada, Taiwan, and China. The segment accounted for 79.0% of net sales in the first half of FY2026 (ending March 2026).
Recent Overview
In H1 FY2026 (ending March 2026), both net sales and profit continued to decline significantly year on year.
In H1 FY2026 (ending March 2026) (October 2025 to March 2026), the Cosmetics Business recorded net sales of ¥24,173 million (down 5.0% year on year) and segment profit of ¥5,357 million (down 16.5% year on year). The segment's share of net sales was 79.0%, a slight decline from 79.4% in the same period of the previous year. The segment profit margin also fell from 25.2% to 22.2%, as the decline in sales combined with an increase in selling, general and administrative expenses (up ¥323 million year on year on a consolidated basis) weighed on profit. Separately, an impairment loss of ¥120 million was recorded on land held for sale within the Pharmaceuticals & Food Business, though no direct impact on the Cosmetics Business is noted. There has been no change to the full-year earnings forecast, which remains as announced on November 7, 2025.
Key Products
Growth Drivers
- Deepening customer touchpoints in Counseling Cosmetics through face-to-face sales and salon operations
- Expansion of drugstore and medical institution channels for Self-Selection Cosmetics
- Strengthening competitiveness through accelerated diversification of R&D, production, and logistics (mid- to long-term strategy)
- Maintaining a firm market position through brand value enhancement initiatives
- Expanding transactions with major sales customers (PALTAC Corporation and Ida Ryogokudo Co., Ltd.)
Risks
- Declining demand due to downward pressure on personal consumption (impact of price increases, Middle East situation, etc.)
- Continued significant decline in net sales and profit in H1 FY2026, ending March 2026 (net sales down 5.0% year on year, segment profit down 16.5%)
- Downward pressure on profit margin due to increased selling, general and administrative expenses
- Risk related to securing and retaining personnel among sales agents in the counseling sales channel
- Limited diversification of geopolitical and foreign exchange risk given high dependence on the domestic market (over 90% of net sales)
- Risk of continued year-on-year decline in production volume
Last updated: December 8, 2025