I-ne (4933): Premium haircare growth continues; tech and ingredients shape differentiation

Research evidence excerpt

I-ne (4933): Premium haircare growth continues; tech and ingredients shape differentiation

Exhibit 7:The competition axis in hair care is expanding from emotional value to ingredient/function claims

Trend in popular shampoo products and market trend analysis

Period Popular brands Price (¥) Key claim Market trends / implications

-2014 TSUBAKI / Pantene / LUX >1,000 Damage repair /

shine / Functional claims existed, but shampoo was positioned close to daily necessities; price competition and mass

moisturization distribution dominated

2015- BOTANIST / THE PUBLIC 1,000-1,500 Organic /

2018 ORGANIC naturally derived Premium mass segment emerged from the traditional mass price range

2019- &honey / YOLU / 1,000-1,500 Night care / Emotional value, packaging, and storytelling became key purchase drivers; social media diffusion supported brand

2022 THERATIS fragrance growth

2023- MOROCCAN BEAUTY / 1,000-1,500 Barrier / oil Beyond branding, functional and formulation claims (repair, penetration, barrier) strengthened; functional

2024 Essential THE BEAUTY formulations differentiation progressed in higher price segments

2025- THE ANSWER 1,500-2,000 R&D / evidence Rising demand for ingredient transparency shifted the focus from emotional value to functional /evidence-based

value

Note: Representative popular brands are based on products that have received awards in the shampoo category of annual overall rankings by @cosme, LIPS, and BITEKI

Source: BofA Global Research

BofA GLOBAL RESEARCH

Exhibit 8:Sales have nearly doubled over five years, with gross profit and operating profit

expanding, although profits have recently declined

I-ne (4933): Consolidated income statement

21/12 22/12 23/12 24/12 25/12

¥ mn, % JGAAP JGAAP JGAAP JGAAP JGAAP

Net sales 28,397 35,269 41,643 45,006 48,975