ENVALITH
アズワン株式会社 logo

AS ONE CORPORATION

7476・Prime Market・Wholesale Trade

Official website
アズワン株式会社 logo
AS ONE CORPORATION7476

Business

AS ONE CORPORATION, founded in 1933, is a specialty trading company handling scientific instruments, equipment, and consumables used in research laboratories, production facilities, medical institutions, and similar settings. Centered on its Lab & Industry segment (net sales of ¥93,185 million) and Medical segment (¥16,925 million), the company provides a hub function connecting suppliers, dealers, and end users through a diverse array of e-commerce tools, including the Product Database "SHARE-DB" with over 14 million items, the Centralized Procurement System "ocean", the Dealer-Support EC System "Wave", and its own online sales site "AXEL". Leveraging its strength in same-day shipping backed by five domestic logistics centers, the company serves a broad customer base including universities, research institutions, manufacturers, and medical institutions.

Business Model

The company adopts an information/logistics-hub wholesale business model that databases vast amounts of product information gathered from suppliers and delivers it to end users and dealers via e-commerce tools. While maintaining a gross profit margin of 30.2%, the structure is designed to improve profitability by expanding high-margin products such as long-tail items (WEB-only products, ¥22,530 million), Original & Private-Brand Products (¥35,721 million), and Rental & Calibration Services. E-commerce sales of ¥38,259 million (34.6% of the total) are driving growth.

Company Strengths

Consolidated net sales for FY2026 (ending March 2026) came to ¥110,698 million (up 6.7% year on year), achieving 16 consecutive fiscal years of revenue growth, while operating profit of ¥12,838 million (up 10.7%) and net income of ¥9,179 million (up 11.5%) both marked record highs. Profit growth was achieved while containing the SG&A ratio to 18.6% (down 0.4 percentage points year on year), confirming that the company is simultaneously achieving scale expansion and greater efficiency.

The number of products handled in the Product Database "SHARE-DB" reached over 14 million (up approximately 1.6 million from the previous fiscal year-end), with the number of companies connected to the Centralized Procurement System "ocean" reaching 643 (up 212 from the previous fiscal year-end) and registered users of the Dealer-Support EC System "Wave" reaching 23,965 (up 2,933), reflecting an expanding customer base. Virtual inventory disclosed at approximately ¥169.1 billion in value terms (16 times the company's own inventory) provides customers with confidence regarding delivery times, thereby building an information infrastructure that is difficult for competitors to replicate in a short period.

Sales of Original & Private-Brand Products, consisting of in-house developed private brands and proprietary imported goods, grew steadily to ¥35,721 million (up 6.8% year on year), while sales of long-tail Web-exclusive items not listed in catalogs reached ¥22,530 million (up 13.4%). These serve as sources of differentiation from competitors and high profit margins, contributing to the maintenance of a gross profit margin of 30.2%.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales reached ¥110,698 million (up 6.7% year on year), operating profit reached ¥12,838 million (up 10.7%), and net income attributable to owners of parent reached ¥9,179 million (up 11.5%), with all profit items marking new record highs. E-commerce sales grew 12.8% year on year, substantially outpacing overall company growth, and combined with an improved SG&A expense ratio, this drove profit growth that exceeded the sales growth rate. While the semiconductor plant construction boom served as an external tailwind for the Industry field, the primary driver was the expansion of the company's proprietary EC platform, which can be assessed as a structural improvement in earning power.

Net sales in the Medical segment came to ¥16,925 million (down 1.0% year on year), the only segment to post a year-on-year decline. While structural cost-cutting and reduced procurement of equipment by medical institutions continued, consumables have trended above the prior-year level since last autumn, supported by a surge in orders for plastic-based consumables such as gloves amid escalating tensions in the Middle East. Since this partly reflects temporary demand increases driven by external factors (geopolitical risk), a genuine recovery in demand for durable goods will be key to the segment's growth.

The company's forecast for FY2027 (ending March 2027) calls for net sales of ¥117,850 million (up 6.5% year on year), operating profit of ¥12,900 million (up 0.5%), and net income attributable to owners of parent of ¥8,970 million (down 2.3%). It should be noted that uncertainties regarding the supply and pricing of plastic-based products due to the situation in the Middle East, rising costs for various materials and utilities, and uncertain promotional expenses have not been factored into the earnings outlook. Operating cash flow (¥6,469 million) declined significantly from the previous period (¥9,311 million), and trends in increased trade receivables and higher corporate tax payments also warrant continued attention.

Growth Strategy

Pursuing medium-term growth along three axes: EC evolution, maximization of supply chain value, and expansion of business domains

The number of connected companies to Centralized Procurement System "ocean" expanded to 643 (up 212 from the previous fiscal year-end), and Wave user registrations expanded to 23,965 (up 2,933). E-commerce sales reached ¥38,259 million (up 12.8% year on year), but this was slightly below plan at 97.0% of the target. The Company continues to expand listed products, acquire new accounts, and propose expanded usage to existing users.

Products handled in SHARE-DB expanded to over 14 million items, achieving sales of ¥22,530 million (up 13.4% year on year) for web-only products (long-tail) and ¥35,721 million (up 6.8%) for Original & Private-Brand Products. The Company strengthened its product lineup through dual-brand OEM products with well-known manufacturers, contributing to improved gross margin. Performance against plan was 94.4% for web-only products and 99.8% for original products.

The Kyushu DC was relocated and newly established in Koga City, Fukuoka Prefecture (total floor area 2,560 tsubo, 2.6 times the previous size), with labor-saving measures implemented through material handling equipment investment. A new Rental & Calibration Center is under construction in Osaka City (scheduled to open in November 2026). Construction in progress has surged from ¥265 million to ¥2,330 million, indicating the Company is in an investment phase.

Rental sales grew to ¥722 million (up 13.8% year on year), and calibration service sales grew to ¥1,474 million (up 4.2%). Amid an environment where price increases and longer lead times are expected for research equipment, further expansion of rental demand is anticipated. The Company plans a full-scale expansion of the service business based on the operation of the new Rental & Calibration Center. However, overall service performance against plan was 91.9%, falling short of the target.

Overseas business sales reached ¥6,503 million (up 15.9% year on year), performing well at 104.6% against plan. The Chinese local subsidiary accounts for approximately 60% of sales. Although not a priority initiative in the medium-term management plan, the business has maintained continuous growth and will play a role in future expansion of business domains.

Last updated: July 19, 2026