Worth reading
77Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
100
¥10 billion (FY2028 revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+40.8%
基準 71Target100million
Operating profit+105.1%
基準 3.9Target8million
ROE+2.5pt
基準 5.5Target8%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit marginNot disclosed → 8 %
Only the target level is shown because the current level for comparison was not provided.Total investment plan¥1 billion (cumulative M&A investment; the total investment amount for the overall plan is Not disclosed)
Investment amount by sectorField M&A / Amount ¥1 billion / Timing Cumulative through fiscal 2028, Field Photobook business / Amount Not disclosed / Details Renewal and expansion of production facilities, Field Aerial Display business / Amount Not disclosed / Details Necessary research and development
Statements about the use of capital
Payout ratio / DOE policyThe company will maintain a minimum dividend of ¥7 per share and set the payout ratio at 30% or higher. The applicable period is Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company will conduct share buybacks as appropriate, taking into account stock market trends and the availability of cash on hand.
Key initiatives
01Expansion of existing businesses
02Utilization of in-house assets
03Growth of B2C businesses
04Promotion of regional revitalization
05Improved sales efficiency
06Improved production and development efficiency
07Improving capital efficiency
08Promotion of innovation, information dissemination and a foundation for growth investment
09Strengthen human capital
10Compliance, information security and utilization of intellectual property
Plan assumptionsThe funeral services market is approximately ¥1.9 trillion. The photo imaging market is approximately ¥160 billion. The global holographic display market is expected to grow from approximately ¥450 billion in 2024 to approximately ¥1.2 trillion in 2030, with a compound annual growth rate of 18.1%, based on an exchange rate of ¥150 per US dollar. The pet funeral services market is approximately ¥35 billion. The market related to oshikatsu is approximately ¥1.3 trillion. Sources for market-size data include the Yano Research Institute, JPIA and Mordor Intelligence.
Segment targetSegment Funeral business / Fiscal 2025 net sales ¥3.30 billion / Fiscal 2028 net sales ¥4.3 billion, Segment Photobook business / Fiscal 2025 net sales ¥3.43 billion in fiscal 2025 / Fiscal 2028 net sales ¥3.9 billion, Segment Aerial Display business / Fiscal 2025 net sales ¥370 million / Fiscal 2028 net sales ¥800 million, Segment Future investment areas / Fiscal 2025 net sales Not disclosed / Fiscal 2028 net sales ¥1 billion or more
Non-financial targetsIndicator Number of newly processed memorial portraits / Standard 478,000 in fiscal 2025 / Target 600,000 in fiscal 2028 (annual), Indicator Number of DX service contracts / Standard 824 contracts in fiscal 2025 / Target 1,500 contracts in fiscal 2028, Indicator Number of new services and businesses launched / Standard Not disclosed / Target 6 (cumulative over 3 years), Indicator Asuka Book contracts and utilization rate / Standard 19,000 contracts; 35.3% utilization rate / Target 22,000 contracts; 40.0% utilization rate, Indicator Number of outsourcing service contracts / Standard 90 contracts / Target 200 contracts, Indicator Number of MyBook members / Standard 420,000 members / Target 500,000 members, Indicator Number of package products sold / Standard 6 entries / Target 30 (annual), Indicator Licensing Agreements / Standard 1 item / Target 4 items, Indicator Patent applications related to new technologies / Standard 6 entries / Target 15 projects, Indicator Cumulative number of M&A transactions / Standard Not disclosed / Target 3 to 5
Size of the Target MarketFuneral services market: approximately ¥1.9 trillion (source: Yano Research Institute, “Survey of the Funeral Services Market (2025)”). Photo imaging market: approximately ¥160 billion (source: JPIA Photo Imaging Market Statistics). Global holographic display market: approximately ¥450 billion in 2024 and an estimated approximately ¥1.2 trillion in 2030, with a compound annual growth rate of 18.1% (source: Mordor Intelligence, “Holographic Display Market” (2025)). Market related to oshikatsu: approximately ¥1.3 trillion (source: Yano Research Institute, “Survey of the Otaku Market” (2025)).
Risks identified by the company
Changes in domestic and international economic conditions
Trends in the industries in which the company operates
The shift toward smaller-scale funerals and weddings and the transition of photographic output to digital formats
The possibility that advances in generative AI will lower barriers to entry in the memorial portrait field
The aerial display market is still in its early stages both domestically and internationally, and the formation of a full-scale market may take time
Creating the aerial display market independently may be difficult, making cooperation with strategic partners necessary
Information security risks associated with the use of generative AI
Actual operating results and financial condition may differ materially from projections due to known and unknown risks and uncertainties
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (2026–2028) — Taking Our Aspirations to the Next Stage |
| Plan period | Fiscal 2026 through fiscal 2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥71.0 million → ¥100 million |
| Operating profit target | ¥3.9 million → ¥8 million |
| Operating profit margin target | Not disclosed → 8 % |
| ROE target | 5.5 % → 8 % |
| Payout ratio / DOE policy | The company will maintain a minimum dividend of ¥7 per share and set the payout ratio at 30% or higher. The applicable period is Not disclosed. |
| Treasury share acquisition policy | The company will conduct share buybacks as appropriate, taking into account stock market trends and the availability of cash on hand. |
| Total investment plan | ¥1 billion (cumulative M&A investment; the total investment amount for the overall plan is Not disclosed) |
| Investment amount by sector | Field M&A / Amount ¥1 billion / Timing Cumulative through fiscal 2028, Field Photobook business / Amount Not disclosed / Details Renewal and expansion of production facilities, Field Aerial Display business / Amount Not disclosed / Details Necessary research and development |
| Segment target | Segment Funeral business / Fiscal 2025 net sales ¥3.30 billion / Fiscal 2028 net sales ¥4.3 billion, Segment Photobook business / Fiscal 2025 net sales ¥3.43 billion in fiscal 2025 / Fiscal 2028 net sales ¥3.9 billion, Segment Aerial Display business / Fiscal 2025 net sales ¥370 million / Fiscal 2028 net sales ¥800 million, Segment Future investment areas / Fiscal 2025 net sales Not disclosed / Fiscal 2028 net sales ¥1 billion or more |
| Non-financial targets | Indicator Number of newly processed memorial portraits / Standard 478,000 in fiscal 2025 / Target 600,000 in fiscal 2028 (annual), Indicator Number of DX service contracts / Standard 824 contracts in fiscal 2025 / Target 1,500 contracts in fiscal 2028, Indicator Number of new services and businesses launched / Standard Not disclosed / Target 6 (cumulative over 3 years), Indicator Asuka Book contracts and utilization rate / Standard 19,000 contracts; 35.3% utilization rate / Target 22,000 contracts; 40.0% utilization rate, Indicator Number of outsourcing service contracts / Standard 90 contracts / Target 200 contracts, Indicator Number of MyBook members / Standard 420,000 members / Target 500,000 members, Indicator Number of package products sold / Standard 6 entries / Target 30 (annual), Indicator Licensing Agreements / Standard 1 item / Target 4 items, Indicator Patent applications related to new technologies / Standard 6 entries / Target 15 projects, Indicator Cumulative number of M&A transactions / Standard Not disclosed / Target 3 to 5 |
| Plan assumptions | The funeral services market is approximately ¥1.9 trillion. The photo imaging market is approximately ¥160 billion. The global holographic display market is expected to grow from approximately ¥450 billion in 2024 to approximately ¥1.2 trillion in 2030, with a compound annual growth rate of 18.1%, based on an exchange rate of ¥150 per US dollar. The pet funeral services market is approximately ¥35 billion. The market related to oshikatsu is approximately ¥1.3 trillion. Sources for market-size data include the Yano Research Institute, JPIA and Mordor Intelligence. |
| Key initiatives | Expansion of existing businesses, Utilization of in-house assets, Growth of B2C businesses, Promotion of regional revitalization, Improved sales efficiency, Improved production and development efficiency, Improving capital efficiency, Promotion of innovation, information dissemination and a foundation for growth investment, Strengthen human capital, Compliance, information security and utilization of intellectual property |
| Size of the Target Market | Funeral services market: approximately ¥1.9 trillion (source: Yano Research Institute, “Survey of the Funeral Services Market (2025)”). Photo imaging market: approximately ¥160 billion (source: JPIA Photo Imaging Market Statistics). Global holographic display market: approximately ¥450 billion in 2024 and an estimated approximately ¥1.2 trillion in 2030, with a compound annual growth rate of 18.1% (source: Mordor Intelligence, “Holographic Display Market” (2025)). Market related to oshikatsu: approximately ¥1.3 trillion (source: Yano Research Institute, “Survey of the Otaku Market” (2025)). |
| Risks identified | Changes in domestic and international economic conditions, Trends in the industries in which the company operates, The shift toward smaller-scale funerals and weddings and the transition of photographic output to digital formats, The possibility that advances in generative AI will lower barriers to entry in the memorial portrait field, The aerial display market is still in its early stages both domestically and internationally, and the formation of a full-scale market may take time, Creating the aerial display market independently may be difficult, making cooperation with strategic partners necessary, Information security risks associated with the use of generative AI, Actual operating results and financial condition may differ materially from projections due to known and unknown risks and uncertainties |
| Publication date | 9 June 2026 |
Items this document does not state (7)
Net income targetROIC targetCost of capitalSelf-assessment of PBR and share priceResults under the previous planReason for revision or withdrawalDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The plan is intended to address challenges including the shift toward smaller-scale funerals and weddings following the COVID-19 pandemic, the transition of photographic output to digital formats, the aerial display business still being in the process of creating a market, and delays in recovering the operating profit margin, while strengthening the earnings power of existing businesses and pursuing growth investments.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.