Miaheresa HD Research Memo (2): Starting from the pharmaceutical industry, we are expanding into businesses with high social needs such as nursing care and childcare.

Fisco Japan · Jul 23 11:22

■会社概要

1. 会社沿革

1966年に現取締役会長の青木勇氏がミアヘルサホールディングス＜7129＞の前身となる給食普及会（小学校給食食材卸業）を創業。セミナー等に参加するなかで「人の幸せづくり」をしていくことへの想いを強くし、また「医薬分業」時代が本格的に到来しそうだと考え、医薬分野で起業することを決断した。1984年9月に(株)日本生科学研究所を設立し、東洋医学と西洋医学を取り入れた医療モールの第1号店として「くすりの日生薬局（日生薬局駒込店）」を開局。その当時は東洋医学と西洋医学を医療モールで同時に展開するという考えは時期尚早であったため、調剤薬局に絞って事業を拡大していった。1998年10月に東京女子医科大学病院の門前に開局した大型門前薬局1号店「日生薬局河田町店」が盛況だったことから、その後は門前薬局を中心に店舗数を拡大している。

第2の柱となる介護事業については、1997年に介護保険法が成立（2000年施行）し、介護保険制度の1つとして介護サービスが組み込まれることになり、事業参入の好機と判断して1999年より居宅介護支援・福祉用具サービスを開始した。その後、デイサービスや訪問介護・訪問入浴・訪問看護などほぼすべての在宅サービスとグループホーム・サービス付き高齢者向け住宅などの居住系サービスへと展開していった。また、2011年9月にオープンしたサービス付き高齢者向け住宅「日生オアシス和光」（現ミアヘルサオアシス和光）は、自社の薬局のほかクリニックも併設したことで、地域包括ケアシステムのモデル的な取り組みとして国土交通省が推進する「第2回高齢者居住安定化モデル事業」の21社に選ばれた（日本生科学研究所時代）。翌年には、その中の代表的プロジェクト5社としてシンポジウムで全国に紹介されたほか、政府関係者や海外からも多くの関係者が視察に訪れるなど注目を浴びた。

第3の柱となる保育事業については、女性の社会進出に伴って増加する待機児童問題を解消するため、政府と自治体が補助金を拡充するなかで、2011年より事業を開始した。東京都で認可保育園を開業するには認証保育園3園を開設していることが条件であり最初は認証保育園からスタートしたが、認証保育園では園児の募集活動を自身で行う必要があったため、その後は自治体側が園児の募集を行う認可保育園での展開を進めていった。なお、2006年に日本生科学研究所が給食普及会を子会社化後、2011年に吸収合併している。

2019年4月には社名をミアヘルサ(株)に改称した。ミアヘルサとは福祉先進国であるスウェーデンの言葉で「もっと健康に」を意味しており社内公募280案のなかから選定された。また、2020年3月に東京証券取引所（以下、東証）JASDAQ市場に株式上場を果たし、調達した資金等を使ってM&Aによる業容拡大も進めている。同年7月に認可保育園を運営する(株)東昇商事を子会社化（2022年1月に吸収合併）したのに続き、2021年10月には認可及び認証保育園や学童クラブの運営受託、介護施設の運営等を行うライフサポートを子会社化（2024年4月に吸収合併）している。同年10月には経営体制の強化や意思決定の迅速化、M&A等の成長戦略の遂行を目的に持株会社体制に移行し、新たに純粋持株会社として設立した同社がミアヘルサに代わって株式上場し、2022年4月の市場再編によって東証スタンダード市場に移行した。

（執筆：フィスコ客員アナリスト　佐藤　譲）

Company Overview

1. Company History WaveLock Holdings <7940> originated from Japan WaveLock Co., Ltd., which was established in 1964 with equal investment from Nissho Co., Ltd. (currently Sojitz <2768>), Japan Carbide Industry <4064>, and Maruto Chemical Industry Co., Ltd. (currently Takeda Chemical Industries, Ltd.) for the introduction of the WaveLock technology regarding fiber-reinforced plastic sheet from Italy. The WaveLock method is a method of manufacturing a sandwich structure by synthesize fibers in a wave shape between two plastic films and fixing (lock) them. Resin processing sheets made by this method have the characteristics of not only elasticity but also a significant increase in physical strength. In the 1960s, vinyl products used in agriculture were weak in strength and susceptible to tearing, and the founder, Hiromi Kinebuchi, saw the need for WaveLock products in the same field and aimed to introduce the technology from agricultural raincoats. After that, the market expanded to include vinyl greenhouses, raincoats, industrial materials, and more, and the business grew. The operating income of products worth 10-30 billion yen were respectively 401/1288/60 million yen.

In 1966, Yu Aoki, the current chairman of the board, founded the School Lunch Propagation Association (an elementary school lunch ingredient wholesaler) that would become the predecessor to Mia Holdings <7129>. Through his attendance at seminars, he became strongly committed to "creating happiness for people" and decided to start a business in the pharmaceutical industry because he believed that the era of "division of labor in medicine" was about to arrive. In September 1984, he established Japan Bio-Science Research Institute, and opened the first store of a medical mall that integrated Eastern and Western medicine, "Kusuri-no-Nissei Pharmacy (Nissei Pharmacy Koma-ko Store)." At that time, the idea of simultaneously expanding Eastern and Western medicine in a medical mall was still premature, so they focused on expanding their business in the dispensing pharmacy field. In October 1998, the large-scale front-door pharmacy No. 1 store "Nissei Pharmacy Kawadacho Store" opened in front of Tokyo Women's Medical University Hospital and was a great success. As a result, the company expanded its number of stores, focusing on front-door pharmacies.

For the second pillar, the nursing care business, in 1997, the Long-term Care Insurance Act (enforced in 2000) was established, and nursing care services were incorporated as one of the Long-term Care Insurance systems. They judged it to be a good opportunity to enter the business and started offering home-care support and equipment services from 1999. After that, they expanded their business to include almost all home-based services such as day-care services, visiting care, visiting bathing, and visiting nursing, as well as residential services such as group homes and service-oriented elderly housing. In September 2011, they opened a service-oriented elderly housing "Nissei Oasis Wakou" (now Mia Health Service Oasis Wakou), which was selected as one of the 21 companies for the "Second Elderly Residence Stabilization Model Project," promoted by the Ministry of Land, Infrastructure, Transport and Tourism as a model for comprehensive community care system in the Japan Bio-Science Research Institute era. In the following year, it was introduced nationwide at a symposium as one of the 5 representative projects among them, and attracted attention from many government officials and overseas visitors who visited for inspections.

For the third pillar, the childcare business, they started the business in 2011, taking advantage of the expansion of subsidies from the government and local governments to solve the increasing problem of children waiting for childcare due to the advancement of women in society. To establish a licensed nursery school in Tokyo, it was a condition to open 3 certified nursery schools, so they started with certified nursery schools. However, because they needed to conduct their own recruitment activities for children at certified nursery schools, they later promoted the deployment of the business at licensed nursery schools where the local government recruited children. In addition, in 2006, after Japan Bio-Science Research Institute had made the School Lunch Propagation Association a subsidiary, they merged with it in 2011.

In April 2019, the company changed its name to Mia Health (Co.). Mia Health is a Swedish word meaning "more healthy" in a welfare-advanced country and was selected from among 280 proposals in-house. In March 2020, they went public on the Tokyo Stock Exchange (JASDAQ market), and are also expanding their business through M&A by using the funds they raised. Following the subsidiary of Tokyo-based childcare service provider Higashi Shoji Co., Ltd. (merged in January 2022) in July of the same year, they also acquired Life Support, which operates licensed and certified nursery schools as well as after-school clubs and nursing facilities, as a subsidiary in October 2021 (merged in April 2024). In October of the same year, they changed to a holding company structure with the aim of strengthening their management system, speeding up decision-making, and implementing growth strategies such as M&A, and the newly established pure holding company was listed on behalf of Mia Health, and moved to the Tokyo Stock Exchange Standard Market in April 2022 due to market reorganization.

(Written by FISCO guest analyst, Jo Sato)

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ミアヘルサＨＤ Research Memo（2）：医薬事業からスタートし介護事業、保育事業と社会的ニーズの高い事業を展開

Miaheresa HD Research Memo (2): Starting from the pharmaceutical industry, we are expanding into businesses with high social needs such as nursing care and childcare.

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