YA-MAN LTD.
6630・Prime Market・Electric Appliances
Business
YA-MAN Ltd. is a beauty and health-related manufacturer established in 1978, whose core business is the R&D, manufacturing, and procurement/sales of home-use beauty and health appliances such as Face Care/Body Care products, as well as cosmetics. Domestically, the company operates through three channels—Mail Order, Retail Store, and Direct Sales—while globally expanding into the U.S., China, and emerging markets. The group consists of a total of 7 companies, including 5 consolidated subsidiaries (LABO WELL Co., Ltd., forty-four Co., Ltd., YA-MAN U.S.A. LTD., YA-MAN (Shanghai) Beauty Technology Co., Ltd., and YA-MAN (Zhejiang) E-Commerce Co., Ltd.) and 1 affiliated company. The company is listed on the Prime Market of the Tokyo Stock Exchange. Its main customers are individual consumers (BtoC), as well as BtoB business partners such as consumer electronics retailers, department stores, and mail order operators.
Business Model
The in-house development division plans and develops products, which are manufactured through outsourced production. Sales are conducted through four channels: the Mail Order Segment (TV shopping, catalogs, and internet-exclusive distributors), the Retail Store Segment (consumer electronics retailers, department stores, and variety shops), the Direct Sales Segment (direct-to-consumer sales via infomercials and the web, etc.), and the Overseas Segment (targeting China, the US, and emerging markets). Profit margins by channel are 26.9% for Mail Order, 17.7% for Retail Store, 9.2% for Direct Sales, and 8.2% for Overseas, with the Mail Order and Retail Store Segments being highly profitable. Funding needs are met in principle with on-hand own funds, and the balance of interest-bearing debt stands at ¥119 million, maintaining financial soundness.
Company Strengths
In June 2025, the company's RF facial device received Class III medical device approval from China's National Medical Products Administration (NMPA). This is the first such case for a non-Chinese brand, establishing a competitive advantage ahead of sales regulations scheduled to take effect in April 2026. The product has also ranked No. 1 in the beauty appliance category on China's Tmall "Singles' Day" event for two consecutive years.
As of the end of December 2025, the total number of patents acquired stood at 171 (113 domestic, 58 overseas), with 201 applications pending (99 domestic, 102 overseas). Research and development expenses for the fiscal year under review were ¥499 million. Centered on the "Facial Muscle Research Institute" established in 2020, the company promotes industry-academia collaboration to differentiate its products from similar offerings.
At the end of the fiscal year ended December 2025, the equity ratio stood at 87.4%, with cash and cash equivalents of ¥14,498 million. Interest-bearing debt was extremely low at ¥119 million. Even under a net loss, the company maintained net assets of ¥24,386 million, adhering to a financial policy of funding capital needs primarily through its own cash on hand.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥42,996 million in FY2023 (ending April 2023) before sharply decelerating to ¥25,040 million in FY2025 (ending December 2025, an irregular 8-month period), but Q1 FY2026 (ending December 2026) (January 1 to March 31, 2026) recorded ¥6,524 million. This represents a significant increase from ¥4,688 million in the comparable prior Q1 (May 1 to July 31, 2025), and the operating loss also narrowed substantially from ¥830 million to ¥15 million. However, a simple comparison is not possible due to the change in fiscal period end resulting in differing period lengths. As external factors, cautious personal consumption due to price increases, concerns over the slowdown in the Chinese economy, and uncertainty over US trade policy continue to affect the business environment. The full-year forecast remains unchanged at revenue of ¥27,500 million and operating profit of ¥450 million.
Growth Strategy
Targeting sales of ¥50 billion in FY2028 (ending December 2028), the company pursues renewed growth through new products, overseas expansion, and a directly-operated store OMO strategy
"YA-MAN THE MIYABI" (equipped with CERTEC® + RF) has gained strong support both domestically and internationally. In March 2026, the company launched "Ray Bote Cool Power" to capture spring/summer hair removal demand. Development of global strategic products such as LED-equipped masks also continues, with R&D expenses of ¥194 million invested (Q1 FY2026, ending December 2026).
In March 2026, the Ginza flagship store's single-month sales reached a record high. This has contributed to enhanced experiential value for both inbound and domestic customers, and the establishment of the Brand Store Division is driving improvements in customer service quality and expanded sales of high value-added products. The Retail Store Segment achieved a segment profit margin of 27.7% in Q1 FY2026 (ending December 2026).
In April 2026, the company established a new consolidated subsidiary in Shanghai (Yaman (Shanghai) Trading Co., Ltd.) to bring BtoC operations in-house on a new EC platform. Alongside expansion of the NMPA-approved product lineup, the company aims to improve profitability and strengthen brand management.
Through partnerships with high-sensitivity retail channels such as "Anthropologie" and the premium spa "Rescue Spa," the company is enhancing its brand presence in the US. The Overseas Segment's sales grew to ¥2,335 million in Q1 FY2026 (ending December 2026), the largest among all segments.
Since March 2026, the company has strengthened its efforts on TikTok Shop, promoting both the nurturing of existing customers and the acquisition of new customers in combination with CRM initiatives on its proprietary EC site. The Direct Sales Segment recorded sales of ¥1,408 million and segment profit of ¥251 million in Q1 FY2026 (ending December 2026).
Last updated: July 17, 2026