Kirin Holdings (2503): Health science business briefings: Targeting growth by combining management resources

Research evidence excerpt

Kirin Holdings (2503): Health science business briefings: Targeting growth by combining management resources

J P M O R G A N Asia Pacific Equity Research

08 July 2026

Kirin Holdings (2503) Neutral

2503.T, 2503 JP

Health science business briefing: Targeting growth by Price (08 Jul 26):¥2,905

combining management resources Price Target (Dec-26):¥2,800

Kirin Holdings hosted a health science business briefing (IR Day) July 8. We Japan Equity Research

confirmed progress in consolidating scattered management resources and

Food, Beverage, and Tobacco

developing a system that leads to medium- to long-term growth investments. The

health science business is positioned as the company’s growth driver, and it plans Satoshi Fujiwara AC

to grow segment sales and business profit from ¥251.4 billion and ¥11.1 billion (81-3) 6736-8652

satoshi.fujiwara@jpmorgan.com

respectively in 2025 to ¥300 billion and ¥30-33 billion in 2030. At the briefing, the

Hideto Takahashi

company outlined (1) synergy creation by integrating overseas businesses, (2) (81-3) 6736-8638

Fancl’s domestic growth strategy, and (3) the strategy to add value by using hideto.takahashi@jpmorgan.com

proprietary materials. The 2030 targets assume the continuation of high growth in JPMorgan Securities Japan Co., Ltd.

China and the ASEAN region and faster overseas expansion of lactic-acid plasma,

so we expect a focus on quantitative progress of the growth strategy going forward.

• Overseas business reorganization: The company established Kirin Health

Science International (KHSI) in 2026, building a system to oversee the

overseas health science business. It will shift from its previous country- and

operating company-based management to management by category such as

supplements, skincare, and beverages.