Shinnihonseiyaku Co., Ltd.
4931・Prime Market・Chemicals
Business
Shinnihon Pharmaceutical was established in 1992 and is headquartered in Fukuoka City, engaged in the development and sale of cosmetics and healthcare products. Its flagship brand "PERFECT ONE" is an all-in-one skincare brand certified by Guinness World Records as the world's No. 1 in sales in the facial moisturizing gel market. Mail Order Sales (TV, newspapers, and e-commerce) account for over approximately 90% of net sales, with the remainder consisting of Wholesale Sales to drugstores and others, and Overseas Sales. In the healthcare domain, the company offers foods with function claims such as "W no Kenko Aojiru" and "Slimore Coffee." The company transitioned to the Prime Market in 2022 and formulated its medium-term management plan "Growth Next 2027" in November 2024. Its main customers are domestic individual consumers in the senior and middle-aged generations.
Business Model
New customers are acquired through advertising via TV, newspapers, EC, and other channels, then directed to the "Subscription Purchase Service (Shopping Service)" through call centers and online shops. A tiered discount system based on cumulative purchase amounts is used to boost retention, while cross-selling and up-selling leveraging the customer database maximize LTV. Manufacturing is outsourced to external partners (TOA Corporation, Mikimoto Pharmaceutical Co., Ltd., etc.), while logistics are handled through the company's own centers. Wholesale Sales, through expansion into drugstores and similar channels, plays a complementary role in enhancing brand recognition.
Company Strengths
The "PERFECT ONE All-in-One Beauty Gel Series" was certified by Guinness World Records as the world's No.1 selling facial moisturizing gel (based on sales performance from January to December 2023). The long-term brand equity built since its launch in 2006 supports lower new customer acquisition costs and a high retention rate.
As of FY2025 (ending September 2025), the equity ratio stood at 80.7%, with net assets of ¥22,809 million against total assets of ¥28,251 million. Operating CF was abundant at ¥4,690 million, and cash and cash equivalents held totaled ¥17,118 million. The company has also secured overdraft agreements totaling ¥13,000 million with multiple financial institutions, giving it extremely high financial stability.
Joint research with Nagoya University and a Nagoya University-affiliated venture confirmed the tight junction-loosening and skin penetration-enhancing effects of "ferulic acid" and "swertia extract," leading to a patent acquisition in June 2025. Joint research with Saga University also demonstrated the superior penetration of active ingredients in gel formulations, reinforcing the scientific basis for product claims.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥33,899 million in FY2021 to ¥41,140 million in FY2025. In the interim period of FY2026 (ending March 2026)... wait, this should be FY2026 (ending September 2026), revenue also grew to ¥20,517 million (up 1.2% year on year), maintaining growth, but the growth rate has shown a decelerating trend. Operating profit for the interim period fell to ¥2,311 million (down 8.8% year on year), turning to a decline, as increased SG&A expenses from expanded advertising investment pressured profits. As an external factor, continued consumer thrift-consciousness driven by price increases has weighed on personal consumption. Net profit rose sharply by 73% to ¥1,619 million due to the disappearance of a ¥759 million impairment loss recorded in the same period of the previous year. The financial position remains sound, with an equity ratio of 82.5%. The full-year forecast of ¥45,000 million in revenue and ¥5,000 million in operating profit remains unrevised.
Growth Strategy
A three-pronged strategy of omnichannel expansion, global expansion, and new product development based on "Growth Next 2027"
Advertising investment is being expanded against a backdrop of strong new customer acquisition for the flagship product Slimore Coffee. The launch of the new product Slimore Coffee Latte is expanding the customer base, and further new customer acquisition is being pursued through expansion of the series. The number of stores handling the product is steadily expanding in both mail order sales and wholesale sales.
Even under restrained advertising investment, various KPIs are improving through enhanced database marketing, raising LTV and expanding the subscription customer base. New customer acquisition is also being strengthened through speedy product development and expansion into new lines and new categories.
Brand awareness and new customer creation are being promoted through enhanced in-store actions at major business partners, verification of promotional measures, and events featuring celebrities. Sales structure reinforcement is also being advanced in response to changes in the composition of inbound visitors. However, results for the interim period fell short of plan.
With an effective date of October 1, 2025, the wholly owned subsidiary Flat Craft (food import and wholesale sales) was absorbed through an absorption-type merger. The aim is to maximize synergy effects through knowledge sharing, efficient utilization of management resources, and reinforcement of a rapid decision-making structure.
In the United States, preparations are underway for expansion in the healthcare domain (expansion of cosmetics is behind schedule). In Taiwan, promotional measures have begun, with preparations for EC mall sales and continued test marketing in the ASEAN region. In Vietnam, progress is being made on initiatives toward cosmetics sales.
Last updated: July 17, 2026