ENVALITH
株式会社ビーイングホールディングス logo

BEING HOLDINGS CO., LTD.

9145・Standard Market・Land Transportation

Official website
株式会社ビーイングホールディングス logo
BEING HOLDINGS CO., LTD.9145

Business

Being Holdings Co., Ltd. is a 3PL (third-party logistics) operator that originated in the Hokuriku region and is expanding nationwide. The company specializes in small-lot logistics across three temperature zones (ambient, chilled, and frozen) for daily necessities such as food, pharmaceuticals, cosmetics, and household goods, and undertakes the operation of logistics centers for convenience stores, supermarkets, drugstores, and similar retailers. As of the end of FY2025 (ending December 2025), the company operated a total of 71 locations, comprising 24 locations across 4 prefectures in the Hokuriku region, 22 locations across Tokyo and 6 prefectures in the Kanto region, and 25 locations across 2 prefectures (Osaka/Kyoto) and 9 other prefectures. It has 11 consolidated subsidiaries and also conducts complementary businesses such as passenger transport, system development, and insurance agency services. Its major customers are Kusuri no Aoki (sales of ¥11,921 million, 35.5% of composition) and the Mitsubishi Shokuhin Group (¥3,927 million, 11.7%).

Business Model

A stock-type business model in which the company undertakes comprehensive outsourcing of a customer's logistics center operations (on-site operations and delivery operations), recording operating revenue as ongoing service compensation. Under the "logistics without transport" concept, the company reduces customers' logistics costs through site consolidation and process rationalization, while controlling costs and securing profit through AI-based volume forecasting and optimal staffing using its in-house developed system, "Jobs". By repeating the growth cycle of opening new sites → achieving full-year operation → expanding existing operations, the structure allows revenue to build up each fiscal period.

Company Strengths

WMS, TMS, PMS, and DMS are developed in-house or jointly with manufacturers, realizing AI-based volume forecasting, optimal staffing, and delivery route rationalization through the integrated system "Jobs" (In-house Developed Logistics System). While maintaining an operating margin of 6.8% in FY2025 (ending December 2025), the company continues to control costs even amid rising fuel and labor costs.

The company specializes in small-lot logistics across three temperature zones (ambient, refrigerated, and frozen) for food, pharmaceuticals, cosmetics, and daily necessities, with strengths in operating logistics centers for drugstores, supermarkets, and convenience stores. It has built mechanisms to standardize on-site quality, including the creation of "store profiles" and the introduction of proprietary equipment (such as the "Obake Lift").

In FY2025 (ending December 2025), 14 new sites were opened, bringing the year-end total to 71 sites. All three key management indicators exceeded plan: number of clients reached 30 (up from 25 in the previous period) and transport capacity reached 1,724 vehicles (up from 1,520 in the previous period). Revenue grew 67% over four years, from ¥20,029 million in FY2021 to ¥33,515 million in FY2025.

ENVALITH's Perspective

In Q1 of FY2026 (ending December 2026), operating revenue was ¥8,355 million (up 10.6% year-on-year), maintaining a revenue growth trend. However, operating profit was ¥388 million (down 28.8% year-on-year) and quarterly net income attributable to owners of the parent was ¥189 million (down 42.4% year-on-year), representing a substantial decline in profitability. The failure of the Tokai SCM Center's profit margin to recover to pre-relocation levels following its relocation is dragging down overall profit margins, making the timing of recovery and the achievability of the full-year forecast (operating profit of ¥2,400 million, up 4.1% year-on-year) key points of focus.

The concentration of sales to a major customer (approximately 35.5% of net sales based on existing analysis) embeds a structural risk whereby customer trends directly affect business performance. On the financial front, long-term borrowings increased from ¥4,289 million at the end of the previous fiscal year to ¥4,404 million at the end of the current Q1, indicating continued expansion of capital expenditure reliant on interest-bearing debt. The equity ratio improved slightly to 41.8% (from 40.1% at the previous fiscal year-end), but the trend in outstanding borrowings continues to warrant close monitoring.

In terms of the market environment, the worsening driver shortage and rising labor costs, combined with a renewed increase in fuel costs driven by rising crude oil prices amid tensions in the Middle East, are pushing up logistics costs, creating a challenging profit environment for the industry as a whole. The Q1 operating profit progress rate was only 16.2% against the full-year forecast of ¥2,400 million, and even accounting for typical seasonality, the weighting of profit toward the latter half of the year is substantial. While the full-year earnings forecast remains unrevised, the pace of profit margin recovery at the Tokai SCM Center and trends in external costs will be key to its achievement.

Growth Strategy

Nationwide expansion of livelihood-supplies-focused 3PL and evolution into a logistics DX platformer

Under the three-year plan "Medium-Term Management Plan 2028" covering FY2026 (ending December 2026) through FY2028 (ending December 2028), the company is pursuing three growth strategies: concentrated investment of management resources in logistics specialized in livelihood supplies, nationwide expansion, and expansion of volume combined with qualitative transformation. Site development continued with the new launch of the Matsusaka TC and Kainan TC in January 2026, and the relocation of the Matsumoto FDC in March.

By enhancing the functionality of the in-house integrated logistics system "Jobs" through the use of data and AI, the company aims to improve logistics center productivity, control costs, and improve demand forecasting accuracy. At the Tokai SCM Center, operational improvements have progressed as planned, and productivity has already recovered to pre-relocation levels, though full recovery of the profit margin remains the next challenge.

The company is progressively expanding the installation of solar panels and procurement of CO2-free electricity at its own centers. In the first quarter under review, installation of solar panels was completed at the Toyama SCM Center, achieving CO2-free electricity procurement in the same manner as existing centers. The company is simultaneously pursuing cost structure improvements amid rising fuel costs and addressing ESG considerations.

Last updated: July 17, 2026