Sincere Co., LTD.
7782・Standard Market・Precision Instruments
Business
Sincere Co., Ltd. was established in 2008 as a contact lens manufacturing and sales company. Centered on clear lenses and color contact lenses, it operates through diverse channels including ophthalmology-affiliated stores, mass retailers, drugstores, and e-commerce. Its core products are the "Sincere S Series" made of silicone hydrogel material, developed under two axes: the company's own brand and Private Brand (Clear Lens / Color Lens). In 2022, it made Consulting Business a subsidiary, and in 2023 it made Taros Systems Co., Ltd., which handles POS System for the Reuse Industry, a subsidiary, promoting business diversification through M&A. In March 2025, it acquired the color contact lens business (the EC site "Mew Contact") from FLYU Co., Ltd. from Furyu Corporation, further strengthening the foundation of its Contact Lens Business. Group-wide sales, including five consolidated subsidiaries, were ¥7,456 million (FY2025, ending December 2025).
Business Model
The Contact Lens Business does not manufacture in-house; instead, it operates a buy-and-sell model, procuring products from overseas group companies in Taiwan and Hong Kong and supplying them to domestic and international sales channels. The company develops both its own brand products and Private Brand (Clear Lens / Color Lens) products in parallel, covering ophthalmology clinics, mass retailers, drugstores, and EC channels. The System Business generates stock-type recurring revenue through the design, development, sales, and maintenance of the POS System for the Reuse Industry. The company pursues a strategy of expanding its business domains through M&A to drive sales and profit growth across the group as a whole.
Company Strengths
The flagship product "Sincere One Day S" series achieved sales of ¥1,558 million (up 11.6% year on year) in FY2025 (ending December 2025). With the addition of the astigmatism-correcting lens launched in February 2025, the series as a whole has expanded steadily, and brand recognition and the number of retail outlets in the ophthalmology and mass retailer channels have increased.
The company has executed M&A every fiscal year: the acquisition of the Consulting Business in 2022, the subsidiarization of Talos Systems in 2023, and the acquisition of the color contact lens business from Fryu Corporation in March 2025 (¥160 million). Sales of the color lens Private Brand surged 104.5% year on year, demonstrating that M&A is directly contributing to business performance.
Talos Systems Co., Ltd., a leading company in the POS System for the Reuse Industry, achieved sales of ¥449 million (up 10.8% year on year) and segment profit of ¥90 million (up 57.3% year on year) in FY2025 (ending December 2025). With a profit margin of approximately 20%, the business continues to grow on the back of the expanding reuse market.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥4,557 million in FY2021 to ¥7,456 million in FY2025. Cumulative revenue for Q1 FY2026 also maintained high growth at ¥1,935 million (up 24.1% year on year), driven by the effect of the transfer of the color contact lens business from Fully Co., Ltd. On the profit side, however, rising raw material costs (external factors: continued yen depreciation and elevated material prices) pushed down the gross profit margin, causing operating profit to decline to ¥143 million (down 6.4% year on year). In addition, an extraordinary loss of ¥32 million from unauthorized use of a subsidiary's cloud server significantly reduced net profit, with quarterly net profit attributable to owners of the parent falling to ¥68 million (down 22.6% year on year). The full-year forecast remains unchanged, but managing procurement costs and preventing the recurrence of one-time losses are prerequisites for a recovery in profitability.
Growth Strategy
Pursuing sustainable growth through deepening the Contact Lens Business and diversifying operations via M&A
The company has expanded its operating structure for the color contact lens sales business (EC site "Mew Contact") acquired in March 2025, significantly growing sales of its own-brand color lenses, Private Brand (Clear Lens / Color Lens) color lenses, and other companies' products. In cumulative 1Q FY2026 (ending March 2026), sales related to color lenses increased over 71% year on year, with results becoming clearly visible.
The company aims to expand sales of the "Sincere S" series at prescribing facilities by strengthening web-centered marketing measures. However, in cumulative 1Q FY2026 (ending March 2026), sales of Sincere One Day S (Clear Lens) declined 6.8% year on year due to intensifying price and promotional competition with rivals and a shift to private brand products, making the realization of measure effects a challenge.
The company has fully launched its Pharmaceutical Affairs Consulting Business, which supports companies entering the Japanese market from overseas. In cumulative 1Q FY2026 (ending March 2026), Consulting Business sales increased 86.7% year on year to ¥24 million, and segment profit increased 94.5% year on year to ¥15 million, with steady acquisition of projects, yielding certain results as a new revenue source.
Subsidiary Talos Systems newly began development of a next-generation POS system this fiscal year. Due to increased development-related costs, System Business segment profit in 1Q FY2026 (ending March 2026) decreased 29.9% year on year, reflecting the burden of upfront investment, but the company aims to strengthen competitiveness and capture new demand once the system is completed.
Last updated: July 17, 2026