ENVALITH
売れるネット広告社グループ株式会社 logo

Ureru Net Advertising Group Co.,Ltd.

9235・Growth Market・Services

Official website
売れるネット広告社グループ株式会社 logo
Ureru Net Advertising Group Co.,Ltd.9235

Business

Ureru Net Advertising Group Inc. is a direct-marketing-focused holding company founded in 2010 and listed on the Tokyo Stock Exchange Growth Market in October 2023. The company transitioned to a holding company structure in January 2025 and now comprises seven consolidated subsidiaries. In its core "D2C (Online Retail) Digital Marketing Support Business," the company provides the cloud service "Ureru D2C Tsukuru," which incorporates insights from over 2,600 A/B tests, along with a performance-based advertising platform, to health food and cosmetics D2C operators. In its "D2C (Online Retail) Business," the company operates its own proprietary cosmetics brands, while its "Global Information & Communications Business" handles BtoB-focused mobile communication device rental services covering 150 countries worldwide. The company aims to expand its business, riding the tailwind of growth in the internet advertising market (¥3,651,700 million in 2024, up 107.8% year on year) and the domestic e-commerce market.

Business Model

In the Marketing Support Business, the company uses the ¥149,800 monthly SaaS subscription fee for "Ureru D2C Tsukuru" as its foundation, and monetizes advertising costs by providing performance-based Programmatic Advertising exclusively to the same clients. Consulting (¥500,000 per month) and landing page production (¥980,000 or more) serve as additional revenue sources. The Global Information & Communications Business secures stable revenue through mobile device rentals for BtoB corporate clients. The D2C (Online Retail) Business operates a direct sales model for its own products.

Company Strengths

Ureru D2C Tsukuru incorporates only the features that improved advertising cost-effectiveness in 4 or more out of 5 companies among the more than 2,600 A/B test results accumulated since the company's founding. It functions as a differentiated cloud service that enables one-stop construction from landing pages to follow-up emails, LINE, and SMS by simply entering 10 items, requiring no specialized knowledge.

The Global Information & Communications Business, operated by JCNT Co., Ltd., which became a subsidiary in August 2024, recorded net sales of ¥688 million and segment profit of ¥76 million for the full fiscal year ended July 2025, making it the group's only profitable segment. Through its BtoB-focused model covering 150 countries worldwide, it steadily captures demand from school trips and overseas business travel.

In February 2024, the company acquired Grups, a programmatic advertising firm, and Orlinx Pharma, a D2C manufacturer, as subsidiaries, and newly established the cross-border e-commerce company and the M&A company in the same month. In August 2024, JCNT became a subsidiary, and in October 2025, the company acquired a 94.2% stake in SOBA Project through a share delivery. This resulted in a consolidated subsidiary structure of 7 companies within two years of listing. Net sales expanded approximately 2.1-fold, from ¥757 million in the fiscal year ended July 2024 to ¥1,568 million in the fiscal year ended July 2025.

ENVALITH's Perspective

Cumulative operating loss for the first three quarters of FY2026 (ending March 2026) was ¥171 million, an improvement of ¥10 million from the same period a year earlier (¥182 million loss), but losses continue. The full-year forecast calls for net sales of ¥1,880 million and operating income of ¥14 million, implying a turnaround to profitability, but this calculation requires an approximate ¥185 million increase in sales and approximately ¥186 million improvement in operating income in the fourth quarter alone, setting a high bar for achievement. While the company states there is no change to its earnings forecast, investors need to carefully monitor fourth-quarter progress.

Cumulative net sales for the Commerce Business in the first three quarters of FY2026 (ending March 2026) fell sharply to ¥85 million, or 43.4% of the same period a year earlier, and segment loss also worsened to ¥45 million (versus a loss of ¥19 million in the same period a year earlier). The main cause was reduced advertising efficiency due to algorithm changes on SNS platforms, and the high degree of dependence on specific platforms has become apparent as a structural risk. While diversification of sales channels toward TikTok Shop is beginning to show some traction, the pace and scale of recovery remain uncertain.

In the cumulative first three quarters, four companies were newly added to the scope of consolidation, expanding the goodwill balance to ¥368 million (versus ¥343 million at the previous fiscal year-end). Corporate expenses (segment income adjustment) of ¥149 million account for the majority of the operating loss, with the increase in group management costs associated with M&A weighing on earnings improvement. As a subsequent event, the acquisition price of the Adways China/Hong Kong subsidiary was a nominal ¥2, but the amount of goodwill has not yet been finalized, requiring careful assessment of the financial impact, including future impairment risk. The equity ratio declined to 29.9% (versus 35.5% at the previous fiscal year-end), and changes in the financial base also warrant attention.

Growth Strategy

Maximizing group synergies through expansion into the China/global market and growth of the digital asset business

The Marketing Support Business is on a recovery trend thanks to strengthened countermeasures against fraudulent orders. Programmatic Advertising continues to expand steadily. The company aims for a full recovery from the current sales level of 92.5% year on year.

As of May 1, 2026, the company acquired Adways' China subsidiary (Aidewei Advertising (Shanghai) Co., Ltd.) and Hong Kong subsidiary (ADWAYS ASIA HOLDINGS LIMITED). This secures a business foundation and customer network in the Chinese SNS, e-commerce, and live commerce fields, creating synergies with the company's "Ureru know-how."

To recover sales in the Commerce Business, which declined sharply due to changes in SNS algorithms, the company is diversifying its sales channels, focusing on video and live commerce areas including TikTok Shop Sales Channel. The business is beginning to see responses from new customer segments.

The SOBA Project (education, conferencing, and Web3 solutions utilizing the patented "SOBA Framework" technology) and Bitcoin Saver (a crypto asset recovery business) were consolidated, and as a new segment recorded cumulative sales of ¥125 million for the first nine months of FY2026 (ending March 2026). Progress is proceeding smoothly.

On May 18, 2026, the company conducted a third-party allotment of new shares with Adways as the allottee. It issued 397,000 shares of common stock at ¥526 per share, raising approximately ¥206 million in net proceeds, which will be allocated to working capital for subsidiaries.

Last updated: July 17, 2026