Deep Intelligence Across Industries

Kewpie Corporation is Japan's dominant mayonnaise and salad-dressing franchise and, through its egg-processing operations, the country's largest industrial user and processor of eggs. Founded in 1919 and maker of Japan's first domestically produced mayonnaise (1925), the group has evolved into a vertically integrated "salads and eggs" company spanning retail condiments, chilled delicatessen and packaged salads, food-service sauces and liquid/frozen/dried egg products, jams (Aohata), fine chemicals (hyaluronic acid, egg yolk lecithin) and food machinery. Roughly 80% of revenue is domestic and mature, but the Overseas segment (19.5% of FY2025 sales, 13.6% operating margin) generates over 30% of segment profit and is the designated growth engine, with new capacity in the U.S. (Tennessee), China and Southeast Asia. Under the FY2025–FY2028 "Change & Challenge" plan, management targets JPY 600bn sales, JPY 45bn operating income and ROE of at least 8.5% by FY2028, pursued through domestic structural reform, price discipline and global brand expansion. --- ### What the company does — company's own description In its FY2025 consolidated financial statements, Kewpie organises its operations into six reporting segments according to market. The company's own segment descriptions (FY2025 Kessan Tanshin, segment note) are: **Retail Market:** manufactures and sells mayonnaise, dressings, pasta sauces, salads, delicatessen foods, packaged salads, baby foods and nursing-care foods for the retail market. **Food Service:** manufactures and sells mayonnaise, dressings, vinegar, liquid egg, frozen egg, dried egg and egg-processed foods for the food-service market. **Overseas:** manufactures and sells mayonnaise and dressings in overseas markets including China, Southeast Asia and North America. **Fruit Solutions:** manufactures and sells jams and frozen processed fruit for household use and fruit-processed foods for industrial use. **Fine Chemicals:** manufactures and sells hyaluronic acid and egg yolk lecithin used as ingredients for pharmaceuticals, cosmetics and food products. **Common Business:** sale of food products and food-production equipment. The group's stated ideal is to contribute to "the food culture and health of the world through great taste, empathy, and uniqueness", and its 2030 Vision (as restated in the Medium-Term Plan, Nov 2024) has three pillars: "Leading Company for Salads and Eggs", "Food Partner for Every Person" and "Supporter for Bringing Smiles to Children". ### Business model and revenue model | Revenue engine | Nature | FY2025 scale (JPY bn) | Comment | |---|---|---|---| | Branded retail condiments (mayonnaise, dressings, sauces) | Branded consumer packaged goods | 77.5 | Highest-margin domestic franchise; FY2025 segment OI 8.5 | | Delicatessen / chilled salads | Branded and customer-specified chilled foods | 65.4 | Low-to-mid single-digit margin | | Cut vegetables / packaged salads | Fresh produce processing (Salad Club) | 30.0 | Volatile; weather-driven | | Food-service condiments | B2B branded and custom sauces | 53.2 | Restaurant, delicatessen, CVS channels | | Egg products | B2B liquid/frozen/dried egg and processed egg | 115.8 | Largest single sub-business; egg-price pass-through | | Overseas | Branded KEWPIE mayonnaise and dressings, plus contract manufacturing | 100.3 | Highest-margin segment (13.6%) | | Fruit Solutions (Aohata) | Jams, spreads, industrial fruit | 17.6 | Wholly owned from Nov 2025 | | Fine Chemicals | B2B ingredients plus direct mail-order supplements | 11.8 | Hyaluronic acid, lecithin, acetic acid bacteria supplements | | Common Business | Machinery and raw-material sales | 8.3 | External machinery sales | Kewpie is overwhelmingly a product business. Revenue is generated from the manufacture and sale of branded and private-specification food products and ingredients; there is no material subscription or licensing revenue disclosed. Within the product mix, the main economic engines are: *Source: Supplementary Data for 1H FY2026 (FY2025 columns), FY2025 Kessan Tanshin.* A small but growing direct-to-consumer element exists through Fine Chemicals' mail-order supplement sales (cited as a driver of segment growth in FY2025 and 1H FY2026). No customer accounted for 10% or more of consolidated net sales in FY2024 or FY2025 (FY2025 Kessan Tanshin, "Information by major customer"). ### Value-chain position Kewpie occupies the processing and branded-manufacturing stage of the food value chain, sitting between agricultural/commodity inputs (eggs, edible oils, vinegar, vegetables, fruit) and distribution (supermarkets, convenience stores, restaurants, delicatessen operators, e-commerce). Its integration is unusually deep for a condiment maker: **Upstream:** Kewpie Egg Corporation (egg breaking/processing; production and purchasing company for egg products), Kewpie Jozo (vinegar), and in-house use of by-products (egg shells, egg yolk → lecithin; egg membranes; unused vegetable portions — 88.0% effective utilisation rate in 1H FY2026). **Midstream:** mayonnaise/dressing plants (Japan, U.S., China, Southeast Asia, Poland), chilled delicatessen (Deria Foods, Shunsai Deli), cut vegetables (Salad Club), fruit processing (Aohata), packaging (Kepack), machinery (Shiba Seisakusho). **Logistics:** historically in-house; K.R.S. Corporation (Kewsoe) was partly sold in January 2021 and is now an equity-method affiliate (Kewpie holds 43.29%). **Downstream:** own sales force for retail and food-service; KEWPIE brand marketing overseas. ### Customer types and end-markets | Customer type | Segment(s) | Examples of channel | |---|---|---| | Households (via retailers) | Retail Market, Overseas, Fruit Solutions | Supermarkets, drugstores, CVS, e-commerce | | Restaurants and food-service operators | Food Service, Overseas | Chains, delicatessen counters, bakeries, CVS food makers | | Food manufacturers / industrial | Food Service (egg), Fruit Solutions (industrial fruit), Fine Chemicals | Bakeries, confectioners, prepared-food makers | | Pharmaceutical and cosmetics makers | Fine Chemicals | Hyaluronic acid, egg yolk lecithin | | Consumers direct | Fine Chemicals (mail order) | Supplements | | Third-party brand owners | Overseas (U.S. contract manufacturing) | Q&B Foods co-packing | ### Independent characterisation Kewpie is best understood as a mature, high-share domestic franchise funding an international brand build. The Japanese condiment business is price-led rather than volume-led — 1H FY2026 household salad-condiment volume was flat at 62 thousand tonnes while unit price rose 6% to JPY 655/kg (Supplementary Data 1H FY2026). Earnings volatility is dominated by two commodity inputs: edible oil (soybean/rapeseed) and eggs, the latter exposed to highly pathogenic avian influenza (HPAI) cycles. The FY2023 earnings trough (operating income JPY 19.7bn, margin 4.3%) and the FY2024 rebound (JPY 34.3bn, 7.1%) illustrate the lag between input-cost shocks and price pass-through. The structural thesis rests on (a) restored domestic pricing power, (b) value-added mix shift (e.g., egg products, "Kewpie Half"), and (c) the KEWPIE brand's growing recognition abroad, particularly in the Americas and Asia-Pacific.

Company Headquarters: Dolní Dobrouc, Czech Republic Founded: 1990 Workforce: ~224 Company Working: Contipro a.s. (Contipro) is engaged in the production of hyaluronic acid for manufacturing nutritional supplements and active ingredients for cosmetics. It conducts research and development for use of hyaluronan acid in tissue engineering, nanotechnology, wound healing, and drug delivery. The company has marketing network spread across more than 61 countries with over 100 researchers. The company’s sales revenue in 2017 was USD 31.05 million.

Company Headquarters: Massachusetts, US Founded: 1997 Workforce: ~ 250 Company Working: LUTRONIC is a manufacturer and supplier of aesthetic medical devices. The company offers skin care products for melisma, soft tissue incision and tattoo eradication, wrinkle reduction, body and facial contouring, and melisma. The business invests a sizeable portion of its earnings on research and development, developing innovative software to investigate the prospective applications of medical lasers in urology, neurosurgery, and other surgical. specialties. The company sells skin care products online across the US and Europe. The business invests in research and development, developing innovative software to look into the prospective applications of medical lasers in the fields of urology, neurosurgery, and ophthalmology. Lutronic offers customer service to all countries. Moreover, Lutronic spends more than 15% of company revenue on R&D and has more than 270 active and pending patents worldwide. Additionally, Lutronic maintains significant production facilities in Korea, as well as locations in the US, Germany, France, China, and Japan.

Company Headquarters: California, US Founded: 1999 Workforce: ~150+ Company Working: Revance Therapeutics, Inc.is a global healthcare company engaged in the development, manufacture, distribution of botulinum, and other aesthetics & skincare products. The company is a market leader in developing neuromodulators for the treatment of aesthetic and therapeutic conditions. Revance has a strong R&D department, which is providing innovative products. It is pursuing product approval for its blockbuster innovation DaxibotulinumtoxinA for Injection (DAXI) for treatment of crow’s feet, cervical dystonia, adult upper limb spasticity and plantar fasciitis. The company is anticipated to capture significant market share in the therapeutic segment in the botulinum toxin market owing to the strong pipeline.

Company Headquarters: Brisbane, US Founded: 2001 Workforce: ~70 Company Working: Hugel, Inc. is involved in manufacturing beauty/cosmetics products. The company operates through business segments that include botulinum toxin, hyaluronic acid filler, cosmetics, and medical devices. The company is directly present in all the major markets including the Americas, Europe, and Asia-Pacific. Botulax is manufactured by the company in the global botulinum toxin market and sold under the brand names of Regenox, Zentox, Reage, Magnion, Hugel Toxin, Juvenlife, Botulim, and Botoshot. The company has two manufacturing facilities in South Korea and offers its products in more than 40 countries.

Company Headquarters: Newport Beach, California, US Founded: 2014 Workforce: ~ 201-500 Company Working: Evolus, Inc. develops, manufactures, and markets products related to aesthetic procedures and treatment. It focuses on the self-pay aesthetic market and designs products related to it. Jeuveau is a flagship product offered by Evolus, Inc for medical aesthetic procedures in the global market. The company has strategically collaborated with Daewoong Pharmaceutical Co., Ltd for the manufacturing and distribution of its products across the globe. The company invests a huge amount on R&D and has a strong product pipeline.

Daewoong Pharmaceutical is a top-tier Korean pharmaceutical company. By FY2025 consolidated revenue it ranked sixth among Korean traditional and bio-pharma companies (KRW 1,570.9 bn) and was among only three large traditional drugmakers with a double-digit operating margin (12.5%). The franchise rests on three internally developed products. Nabota is a botulinum toxin sold in the US as Jeuveau through Evolus and is the only Korean toxin approved by the FDA. Fexuclue (fexuprazan) is a P-CAB acid blocker. Envlo (enavogliflozin) is an SGLT2 inhibitor for diabetes. Behind these sit a large domestic prescription (ETC) business anchored by the heritage liver brand Ursa, a fast-growing hospital digital-health distribution business (thynC), and an R&D engine running at about 15.8% of sales. Strategically the company is pivoting from a domestic ETC distributor to a global, product-led company, with Indonesia as its manufacturing hub for ASEAN and the halal market. The defining overhang is the decade-long Medytox trade-secret litigation over the Nabota strain. --- ### What the company does Daewoong Pharmaceutical researches, manufactures and sells finished pharmaceuticals and biologics. It also distributes in-licensed products and medical devices. In the FY2025 annual report it describes its operating activity almost entirely as pharmaceutical manufacturing and sales. Sell-side summaries of DART segment data put this at about 98% of revenue, with service provision at about 2% (Butler.works, citing Q2 2026 filing data). Management and investors, however, track the business by commercial division: 1. **ETC (prescription drugs).** The largest division: KRW 894.2 bn in FY2025, +4.9% YoY (Dealsite, FY2025 provisional results, 9 Feb 2026). It combines own products (Fexuclue, Envlo/Envlomet, Ursa Rx, Olostar) with in-licensed multinational brands such as Olmetec. Management stated that own-product share of ETC is "close to 60%" and reached 59.0% in Q3 2025 (Kiwoom, Nov 2025). This rising mix is the main driver of margin expansion. 2. **Nabota (botulinum toxin type A).** KRW 228.9 bn in FY2025, +19% YoY, with about 84% from exports (Dealsite, Feb 2026; Money Today, Jul 2026). It is sold as Jeuveau in the US and Nuceiva in Europe through Evolus, Inc., and through about 80 partner arrangements with approvals in 69 countries (Medigate, Jul 2026). 3. **OTC and consumer health.** KRW 162.6 bn in FY2025 per Dealsite. Brands include Ursa (OTC version), Impactamin, EzN6, Easydew and Bearse, plus health functional foods. Distribution was broadened in 2025 into the Daiso variety-store channel. 4. **Digital healthcare.** A distribution and service business built around thynC, a wearable-based inpatient vital-sign monitoring system developed by Seers Technology. Other products are Mobicare (wearable ECG), Abbott FreeStyle Libre continuous glucose monitors, CART BP (ring-type blood-pressure monitor) and WISKY (AI retinal-disease screening). Revenue was KRW 17.0 bn in Q1 2026 (+52%) and KRW 15.7 bn in Q2 2026 (+27%) (Dealsite; Kormedi, Jul 2026). 5. **Global/contract manufacturing and "consolidated & other".** This line holds subsidiary revenue, chiefly Hanall Biopharma (FY2024 revenue KRW 138.9 bn), and global contract business. Kiwoom puts "consolidated & other" at KRW 154.1 bn (FY2024) and KRW 183.0 bn (FY2025). ### Business and revenue model **Product sales dominate:** Most revenue is recognised on shipment of finished goods to wholesalers (Korea), partners (exports) or hospitals. **Licensing and milestones:** are periodic. Examples: upfronts and milestones on fexuprazan, Envlo and bersiporocin out-licensing; royalty and milestone streams inherited from the 2026 Turn Biotechnologies asset acquisition. **Supply-and-distribution partnering:** for exports. Nabota is supplied as finished product to Evolus, which books US retail revenue. Daewoong records export revenue at transfer price, so its toxin revenue tracks Evolus shipment timing rather than US end-demand directly. **Usage-linked service revenue:** in digital healthcare. Roughly half of thynC revenue is linked to usage contracts rather than one-off equipment sales (Kiwoom, Apr 2026). That half recurs but builds slowly. **No subscription model:** of material size. ### Value-chain position Daewoong is vertically integrated from discovery (Yongin research centre) through API sourcing and finished-dose manufacturing (Hyangnam, Osong) to a large domestic sales force. In March 2026 it moved its domestic wholesale logistics to a "block-type hub wholesaler" model. Korea was divided into 10 regions, and the number of distributors was cut from about 40 to 5 (MTN, Jul 2026). Overseas, it relies on partners in the US/EU and on its own subsidiaries in Indonesia, China (Beijing), Thailand and the US. ### Customers and end-markets - Korean hospitals and clinics, through wholesalers, for ETC. - Pharmacies and retail (including Daiso) for OTC. - Aesthetic physicians and dermatology clinics for Nabota, mostly via partners. - Hospitals (16 of 47 Korean tertiary hospitals, 200+ institutions) for thynC. - Licensing partners and pharmaceutical companies for technology-transfer deals. End-markets span gastroenterology, diabetes and metabolic disease, hepatology, cardiovascular, medical aesthetics, and hospital monitoring and digital health. ### Company self-description vs. independent characterisation The company presents itself as a global healthcare company pursuing "first-in-class/best-in-class" innovation and open collaboration. Its signature slogan is "1품 1조" ("one product, one trillion won"), the goal of building single products to KRW 1 tn in annual sales (CEO Lee Chang-jae, AGM March 2025). Independently, Daewoong is better characterised as a high-quality Korean ETC franchise funding a toxin export growth story. The toxin and digital businesses are the profit-growth engines. The own-NCE franchise (Fexuclue, Envlo) has proven domestically but has not yet scaled internationally, and the long-dated pipeline (bersiporocin, microneedle GLP-1 patch, anti-ageing mRNA) is option value rather than earnings. Nabota contributed about 21% of H1 2026 separate revenue (Money Today, Jul 2026) and a disproportionate share of profit, which makes Evolus shipment cadence the single largest swing factor in quarterly results.

Company Headquarters: California, US Founded: 1998 Workforce: ~540 Company Working: Cutera is a global manufacturer and supplier of laser and energy-based aesthetic systems to practitioners all over the world. The Company creates, develops, manufactures, distributes, and markets light and energy-based product platforms for physicians and other qualified practitioners to employ to provide safe and effective cosmetic treatments to its consumers. Furthermore, the Company sells third party-made skincare items. The Company's continuous research and development activities are primarily focused on the creation of new products as well as the improvement and enhancement of the Company's existing product line.

Company Headquarters: New Jersey, US Founded: 1978 Workforce: 111 Company Working: Antares Pharma is a combination of drug-device companies focused primarily on the development and commercialization of self-administered parenteral pharmaceutical products and technologies. The company develops, manufactures, and commercializes, novel therapeutic products using its advanced drug delivery systems that are designed to provide commercial or functional advantages, such as improved safety and efficacy, reduced side-effects, and enhanced patient comfort and adherence. Antares Pharma’s intramuscular and subcutaneous injection technology platforms include the Vibex and Vibex QuickShot pressure-assisted autoinjector systems suitable for branded and generic injectable drugs in unit dose containers as well as disposable multi-dose pen injectors. The company has a portfolio of proprietary and partnered commercial products and ongoing product development programs in various stages of development. It has formed significant strategic alliances and partnership arrangements with industry-leading pharmaceutical companies including Teva, Amag, and Pfizer.

Company Headquarters: Burgdorf, Switzerland Founded: 2003 Workforce: 1,604 Company Working: Ypsomed Holding AG (Ypsomed) develops, manufactures, and sells injection and infusion systems to pharmaceutical and biotechnology companies. The three business segments of the company include – Ypsomed Diabetes Care, Ypsomed Delivery Systems, and others. The company promotes and sells its products, directly to patients or through pharmacies and clinics under the umbrella brand, mylife Diabetes care. The company offers business-to-business (B2B) to pharmaceutical companies under Ypsomed Delivery Systems (YDS). Ypsomed operates in Switzerland, other European countries, North America, and internationally.

Company Headquarters: Düsseldorf, Germany Founded: 1881 Workforce: 18,490 Company Working: GEA Group Aktiengesellschaft is engaged in designing, manufacturing, and marketing of machinery, plants, as well as process technology and components. The company provides sustainable solutions for sophisticated production processes in diverse end-user markets and offers a comprehensive service portfolio. The company’s product portfolio includes automation and control systems, freeze dryers, fermentation systems, centrifuges, separation equipment, tablet presses, and vacuum systems, among others. GEA Group Aktiengesellschaft constitutes tie-ups with high-performing suppliers all across the world.

Company Headquarters: Barcelona, Spain Founded: 1963 Workforce: 409 Company Working: Azbil Telstar, S.L.U. deals in the development of engineering projects, equipment, and services for the companies related to life sciences, healthcare, and research. The products of the company include laminar airflow systems, sterilization systems, containment systems, purified water, water for injection (WFI) and pharmaceutical steam, freeze drying systems, bioreactor systems, consultancy & validation services, engineering & construction, and engineering, procurement and construction (EPC) and engineering, procurement, construction management (EPCM) services. The company operates in over a hundred countries and has four production plants, 7 technology centers, 12 consultancy and engineering services centers, and commercial offices all over the world. It has manufacturing plants in Spain, China, and the UK. Azbil Telstar, S.L.U. operates as a part of Azbil Corporation.

Company Headquarters: Barcelona, Spain Founded: 1940 Workforce: 24,003 Company Working: Grifols, S.A. is a global leader in producing plasma-derived medicines and transfusion medicine. It operates through major four business segments namely, bioscience, diagnostic, hospital, and bio supplies. The bioscience division offers plasma medicines for the treatment of chronic, rare, and other life-threatening conditions. It has three manufacturing facilities for plasma-derived medicines one is located in Spain and the other two located in the US. The diagnostic division offers diagnostic solutions for disease detection and management of laboratory operations. Hospital division offers equipment, software, and services used in for operational pharmacy. The bio supplies business segment offers biological products for non-therapeutic areas. The company offers its broad range of products and services in more than 100 countries. It has a strong presence in North America and Europe.

Company Headquarters: USA Founded: 2000 Workforce: ~27,000 Revenue: USD 10.56 Billion (December 31, 2021) Company Working: CSL Behring is a biopharmaceutical company, manufacturing plasma-derived, and recombination therapeutic products. Its line of therapies includes products for the treatment of bleeding disorders such as hemophilia; hereditary angioedema; inherited respiratory disease; and neurological disorders. CSL Behring is focused on serving patients with serious and rare diseases, including coagulation disorders, primary immune deficiencies, hereditary angioedema, respiratory disease and neurological disorders. Company collaborates with patient and biomedical communities to improve access to therapies, advance scientific knowledge and support future medical research. CSL Behring's dynamic environment fosters innovation and attracts the best and brightest who share a commitment to helping save lives. CSL Behring is committed to diversity and inclusion, both of which underpin our Values of patient focus, innovation, collaboration, integrity, and superior performance. CSL Behring operates one of the world's largest plasma collection networks, CSL Plasma. The parent company, CSL Limited, headquartered in Melbourne, Australia, employs more than 27,000 people, and provides its life-saving medicines in more than 70 countries. CSL Limited is the parent company of global biotechnology leader CSL Behring; the world's largest collector of human plasma, CSL Plasma; and global leader in influenza prevention, Seqirus. CSL Limited is based in Melbourne, Victoria, Australia, and is traded on the Australian Securities Exchange (ASX) under the symbol CSL.

Company Headquarters: Boston, US Founded: 1992 Workforce: ~ 3082 Company Working: Alexion Pharmaceuticals, Inc. is a global biopharmaceutical company. The company researches and develops proprietary immunoregulatory compounds for the treatment of autoimmune and cardiovascular diseases. It develops C5 complement inhibitors and apogens which are two classes of potential therapeutic compounds designed to selectively target specific disease-causing segments of the immune system. The company has 4 growing, durable franchises and it serves more than 50 countries including major regions such as North America, Latin America, Europe, the Middle East, and Asia-Pacific.

Company Headquarters: New York, US Founded: 1976 Workforce: ~460 Company Working: Enzo Biochem Inc. is a life science, and biotechnology company focused on harnessing genetic processes to develop research tools, diagnostics, and therapeutics and provides reference laboratory services to the medical community. The company has significant therapeutic candidates for the treatment of viral and immunological based disorders, several of which are in various phases of human clinical trials. It operates three wholly-owned subsidiaries, namely, Enzo Life Sciences, Enzo Therapeutics, and Enzo Clinical Labs.

Company Headquarters: Penarth, Cardiff, UK Founded: 1990 Workforce: ~300 Company Working: EKF Diagnostics is a healthcare company. It specializes in the development, manufacture, and distribution of point of care analyzers for hemoglobin, HbA1c, glucose, lactate, as well as a wide range of clinical chemistry products and biomarker-based ELISA and rapid tests. EKF Diagnostics provides its products to more than 100 countries. It is listed on the alternative investment market at the London Stock Exchange

Company Headquarters: Connecticut, US Founded: 2015 Workforce: 5,900 Company Working: Edgewell Personal Care manufacturers and distributes feminine, infant, skin, pet, and sun care products, as well as shaving products. The company operates through a portfolio of more than 25 brands that include Schick, Wilkinson Sword, Edge, Skintimate, Playtex, Stayfree, Carefree, o.b., Banana Boat, Hawaiian Tropic, Diaper Genie, Bulldog, Jack Black, and Wet Oness. It conducts its business through four segments, namely, Wet Shave, Sun and Skin Care, Feminine Care, and others. This segment consists of products sold under the Schick, Wilkinson Sword, Edge, Skintimate, Shave Guard, and Personna brands, as well as non-branded products. Its wet shave products include razor handles and refillable blades, disposable shave products, and shaving gels and creams.

Company Headquarters: Paris, France Founded: 1971 Workforce: 1,56,000 Company Working: Moët Hennessy - Louis Vuitton (LVMH) is a diversified luxury goods group. The company produces and sells wine, cognac, perfumes, cosmetics, luggage, and watches and jewelry. It serves customers through a vast online network. It also comprises a unique portfolio of over 70 prestigious brands. The LVMH selective retailing sector covers four corners of the world with Sephora, DFS, La Grande Épicerie, Le Bon Marché, and Starboard Cruise Services. It has a retail network of over 4,910 stores worldwide. The company’s subsidiary, Sephora, is a French multinational chain of personal care and beauty stores, featuring nearly 300 brands, along with its private label.

Company Headquarters: California, US Founded: 2004 Workforce: 277 Company Working: e.l.f. Cosmetics, Inc. offers beauty products for eyes, lips, and face. The company provides eyeliners, lipsticks, lip care and brushes, powder, and skincare products. The company develops high-quality products at reasonable prices. The products of the company are all formulated, 100% vegan, and cruelty-free. The company has a strong distribution channel with leading retailers such as Target, Walmart, and Ulta Beauty, and also has a growing international presence.

### Core identifiers | Field | Detail | Source / note | |---|---|---| | Legal name | Shiseido Company, Limited (株式会社資生堂) | FY2025 Tanshin | | Former names / origin | Founded 1872 as Shiseido Pharmacy, Ginza, Tokyo. Incorporated as a joint-stock company in 1927. Historically rendered in English as "Shiseido Co., Ltd." | Corporate history; press | | Founding year | 1872 (founder: Arinobu Fukuhara) | Corporate history | | Incorporation jurisdiction | Japan | — | | Registered head office | 7-5-5 Ginza, Chuo-ku, Tokyo 104-0061, Japan | AGM notice, Mar 2025 | | Principal business office | 1-6-2 Higashi-Shimbashi, Minato-ku, Tokyo (Shiodome) | AGM notice, Mar 2025 | | Primary listing / ticker | Tokyo Stock Exchange Prime Market: 4911 | FY2025 Tanshin | | Other trading lines | US OTC ADR: SSDOY. US OTC ordinary: SSDOF. Frankfurt: SHD / SHDA | Market data aggregators | | ISIN | JP3351600006 | Aggregators | | CUSIP (ADR) | — | — | | Fiscal year end | 31 December. Changed from 31 March in 2015, with a nine-month transition period | Company disclosures | | Shares issued | 400,000,000. Treasury shares: 463,674 at 31 Dec 2025 | FY2025 Tanshin | | Accounting standard | IFRS, voluntarily adopted from FY2022 | FY2025 Tanshin | | Auditor | KPMG AZSA LLC | confirm before reliance | | Group structure | Parent plus about 64 consolidated subsidiaries and 3 affiliates | FY2025 securities-report summary via aggregator | | Countries of operation | About 120 countries and regions | Company and aggregator profiles | | Website | https://corp.shiseido.com/en/ | — | | Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |---|---|---|---|---|---| | Employees (headcount) | 35318 | — | 30540 | — | 26330 | | Net sales per employee (JPY M) | 28.6 | — | 31.9 | — | 36.8 | *Source:* FY2025 Results presentation, page 20. FY2022 and FY2024 headcounts were not given in the documents reviewed. The workforce shrank by about 25% between 2021 and 2025. This reflects three things: - Business disposals (Personal Care, the three makeup brands, Professional, and the Kuki and Vietnam factories). - Early-retirement programmes in Japan in 2024 and 2025. - About 300 role eliminations in the Americas in 2025. ### Market capitalisation (indicative) | Date | Price | Implied market cap | Source | |---|---|---|---| | 24 Apr 2026 | ¥3,153 | ¥1,259.7bn | Fintel | | 7 Aug 2026 | ADR US$22.84 | US$9.1bn | PitchBook | | Aug–Sep 2026 | ¥3,404 to ¥3,696 (previous-close snapshots) | about ¥1.3–1.5 trillion | Stockopedia | A verified live quote for 7 October 2026 was not available. The latest verifiable snapshots are below. **Working estimate:** about ¥1.3–1.5 trillion (about US$9–10bn). Confirm against a live quote before use. Shiseido is Japan's largest cosmetics company and one of the oldest beauty groups in the world. Its portfolio is concentrated in prestige skincare, suncare, makeup and fragrance. Sales of ¥970.0bn in FY2025 are spread across five regional segments: - China & Travel Retail: 35.3% - Japan: 30.4% - EMEA: 14.5% - Americas: 11.0% - Asia Pacific: 7.6% Three "Core" brands (SHISEIDO, Clé de Peau Beauté and NARS) produce about 55% of sales. "Next" brands (ELIXIR, ANESSA, the fragrance licences and Dr. Dennis Gross Skincare) bring Core-plus-Next to about 77%. After four years of declining profitability, Shiseido is in a self-declared turnaround, caused by: - China and duty-free weakness; - the 2023 treated-water boycott; - the collapse of Drunk Elephant. Structural reforms delivered ¥27.0bn of cost savings in 2025. Core operating margin is targeted at 7% in 2026 and at 10% or more by 2030. Its competitive edge rests on dermatological R&D heritage, Japanese manufacturing quality and strong Asian prestige equity. Its main exposures are Chinese consumer sentiment, Japan–China relations and an unprofitable US business. --- ### What the company does Shiseido develops, manufactures, markets and sells beauty products. The main categories are: - Skincare (the largest category and the strategic core) - Suncare (a category of global leadership through ANESSA and SHISEIDO) - Makeup (NARS, SHISEIDO, Clé de Peau Beauté, MAQuillAGE and others) - Fragrance (mostly licensed designer and niche houses run from Paris) It also runs several smaller businesses: - Healthcare in Japan: health and beauty foods ("The Collagen") and over-the-counter products. - Shiseido Parlour: restaurants, cafés and confectionery in Ginza (reported in "Other"). - Directly operated beauty experience stores, such as SHISEIDO GLOBAL FLAGSHIP STORE and THE GINZA. ### The company's own description (paraphrased from the FY2025 Tanshin segment note) | Segment | What it covers | |---|---| | Japan Business | Domestic business by brand category, plus healthcare (health and beauty foods, OTC drugs). From 2025 it also includes IPSA domestic sales. | | China & Travel Retail Business | Mainland China and worldwide duty-free operations. Merged into one segment from 31 March 2025. | | Asia Pacific Business | Asia and Oceania, excluding Japan and China | | Americas Business | North and South America | | EMEA Business | Europe, Middle East and Africa | | Other | Mainly the restaurant business | The group's main business is manufacturing and selling cosmetics. It is managed through a matrix that combines brand categories, defined by how consumers buy (Prestige, Fragrance, Premium/Cosmetics), with five regions. Each regional leader carries broad authority and accountability for regional sales and profit. The group mission is "BEAUTY INNOVATIONS FOR A BETTER WORLD." The 2030 vision, announced in November 2025, centres on connecting with people to pursue, create and share new beauty that enriches lives. ### Business model and revenue model | Revenue type | Approx. share | Comment | |---|---|---| | Product sales (wholesale to retailers and distributors) | Large majority | Department stores, specialty and cosmetics stores, drugstores, Sephora, Ulta and other prestige multi-brand retailers, and duty-free operators such as Hainan, Korea and airports | | Direct-to-consumer product sales | Growing | Own e-commerce (Watashi+ in Japan, brand.com), marketplace flagships (Tmall, JD, Douyin in China, Amazon Premium Beauty in the Americas), flagship stores. Japan targeted an EC ratio of about 30% by 2025 (SHIFT 2025 update, Feb 2024). | | Licensed-in fragrance sales | About 8% of group sales in 1H 2026 | Shiseido is licensee for Issey Miyake, Zadig&Voltaire, Max Mara (from 2026), Tory Burch and others. It earns product margin and pays royalties to the licensors. | | Licensing-out / royalty income | Immaterial, n/d | e.g., the "Shiseido Professional" brand licensed to Henkel after the 2022 transfer | | Services | Immaterial | In-store counselling, beauty services, restaurant operations (Shiseido Parlour) | | Subscription | n/d / immaterial | No disclosed subscription model | **Gross margin.** On a core basis, gross margin was 76.7% in FY2025 and 78.9% in 1H 2026. This is typical of prestige beauty and is close to L'Oréal's 74.3% in FY2025. **Operating costs.** The cost structure is dominated by: - Marketing investment: 29.3% of sales in FY2025 - Personnel: 22.3% - Other SG&A: 17.0% - Brand development and R&D: 3.8% ### Value-chain position Shiseido is vertically integrated from R&D through manufacturing, with a significant in-house production ratio. Key manufacturing sites in Japan are Nasu, Osaka-Ibaraki, Fukuoka-Kurume and Kakegawa. Overseas sites are in China, France and the US. The Hsinchu (Taiwan) plant closes in 2027. Shiseido sells mostly through third-party retailers, with an expanding owned and marketplace e-commerce layer. It controls brand equity, formulation IP, packaging and the in-store beauty-consultant workforce. That last point is a historical differentiator in Japan and China. ### Customer types and end-markets | Dimension | Detail | |---|---| | End consumers | Affluent and aspirational women (core). Growing men's grooming and suncare segments. Chinese consumers at home and as travellers (the merged C&TR segment was designed around them). Inbound tourists in Japan. | | Trade customers | Department stores (Japan, China, US); prestige specialty (Sephora, Ulta); drugstores and GMS in Japan; duty-free concessionaires (Hainan offshore duty-free, Korean and airport operators); online pure players (Tmall, JD, Douyin, Amazon) | | End-markets | Global prestige beauty: skincare, makeup, fragrance, suncare. Japanese masstige and self-selection. Inner-beauty and wellness (small). | ### Independent characterisation Shiseido has transformed itself from a diversified Japanese cosmetics conglomerate into a focused prestige-beauty company. From 2021 to 2023 it exited mass personal care (to CVC), three US makeup brands (to Advent), the salon/professional business (to Henkel) and two personal-care factories. The reshaped portfolio is more profitable at the gross level: the core gross margin rose from about 69% in 2022 to 76.7% in 2025. However, profit became structurally over-dependent on China & Travel Retail. In FY2025 that segment generated ¥64.5bn of the ¥99.7bn of segment core operating profit, about 65%. That dependence was exposed by four shocks in quick succession: - the post-COVID Chinese consumption slump; - the August 2023 Fukushima treated-water boycott; - tighter Hainan and Korean duty-free regulation; - renewed Japan–China diplomatic friction from late 2025. At the same time, Western acquisitions failed to become profitable: - Bare Escentuals (2010) was largely written off and sold in 2021. - Drunk Elephant (2019) collapsed in 2024–25. - Dr. Dennis Gross Skincare (2024) declined in 2025. The current investment case is a margin-recovery story. It depends on cost reform already banked and on modest top-line growth. It is not, at this stage, a growth story.

Company Headquarters: Clichy Cedex, France Founded: 1909 Workforce: ~86,000 Company Working: L’oreal S.A. (L’oreal) is engaged in the manufacturing and selling of beauty and hair products. It operates through four major segments, namely, consumer products, L’oreal Luxe, professional products, and active cosmetics. It provides hair care products under its consumer products and professional products segment. The company owns 36 brands and marks its presence in around 150 countries across the globe. The consumer products segment offers beauty and personal care products for men and women through mass-market retail channels. The professional products segment manufactures products that are used and sold in hair salons. The L'oréal Luxe segment markets high-end skincare and beauty products in select retail outlets such as department stores, perfumeries, and duty-free shops. The active cosmetics segment offers dermo-cosmetic skincare products that are sold in pharmacies and specialist sections of drugstores.

Company Headquarters: Sweden Founded: 1849 Workforce: 7,760 Company Working: Mölnlycke Health Care AB develops and manufactures single-use surgical and wound care products for customers, healthcare professionals, and patients internationally. It offers wound care systems, antiseptics, customized procedure trays, dermatology/scar treatment products, dental/stoma/tracheostomy, support/compression products, surgical drapes, surgical gloves, surgical staff clothing, wound care dressings, and wound care supplementary products for angiographic procedures, cardiovascular surgery, ear, nose and throat (ENT) surgery, and others.

Company Headquarters: Sydney, Australia Workforce: Worldwide the company employs about 2,800 people (2016). Founded: 1981 Company Working: It's a medical device company that designs, manufactures, and supplies the Nucleus cochlear implant, the Hybrid electro-acoustic implant, and the Baha bone conduction implant

Company Headquarters: Japan Founded: 1948 Workforce: 3,132+ Company Working: Fukuda Denshi Co. Ltd (Fukada) is engaged in manufacturing and selling electronic medical equipment worldwide. The company’s product portfolio includes resting electrocardiograph products, data management software, stress test products, Holter products, and patient monitoring systems such as central and bedside monitors, digital transmitters, and central viewer workstations. It also offers defibrillator monitors, ultrasound scanners, and vascular screening systems.

Company Headquarters: Villepinte, France Founded: 1926 Workforce: ~2,800 Company Working: Guerbet operates in the medical imaging field, offering a wide range of pharmaceutical products, medical devices, digital and artificial intelligence solutions for diagnostic and interventional imaging, to improve the diagnosis and treatment of patients. Guerbet is continuously incorporating innovation in its products with research and development centers in France, Israel, and the US. The company operates in two reportable segments, diagnostic imaging, and intervention imaging.