Sapeet ＜269A＞ provides AI products and AI solutions utilizing Expert AI. It is a single segment of the Expert AI business, and is developing two axes: AI solutions (45.6% of sales for the fiscal year ended 24/9) and AI products (same 54.4%). The expert AI business is defined by the company as “reproducing and supporting expert knowledge in each area with AI and further amplifying and expanding the value of core operations” in contrast to conventional AI “replacing non-core operations to improve work efficiency.” Technology fields where the company is strong include those related to AI and 3D. Technical fields related to AI are mainly image recognition, natural language processing, and machine learning/deep learning, and the average order unit price for the top 10 projects in the 2024/9 fiscal year for AI solutions is 18 million yen (7 million yen increase compared to the previous fiscal year), and the continuation rate is steadily moving at 90.0% (same 4.3 pt increase).

As for AI products, “Shisei Chart,” “Multi Chart,” “Carty Chat,” and “Carty Sales” are currently being developed, and among them, sales and accounts for “Shisei Chart” account for about 80% of the total AI products. The total number of accounts is 3,465 accounts at the end of 2024/9 (750 account increase compared to the end of the previous fiscal year), and the cancellation rate is 0.63% (down 0.71 points from the previous fiscal year) for the 2024/9 fiscal year. The sales ratio by partner for the fiscal year ending 2023/9 is 12.9% for PKSHA, which is a major shareholder.

Sales for the 2024/9 fiscal year increased 50.8% from the previous fiscal year to 634 million yen, and operating profit and loss landed in deficit of 19 million yen (deficit of 147 million yen in the same period last year). The progress of existing projects in AI solutions, acquisition of new projects centered on communication algorithms, and an increase in the number of accounts for “Shisei Chart” and “Multiple Charts,” which are the main products in AI products, contributed. As for operating income, although it rises and falls due to fixed amounts of volatile costs such as advertising costs and recruitment education expenses, we achieved quarterly surpluses in the 4Q. Sales for the fiscal year ending 2025/9 are expected to increase 45.5% from the previous fiscal year to 924 million yen, and operating profit surplus of 80 million yen.

In the future, the company will achieve discontinuous growth through a virtuous cycle of AI solutions, AI products, platforms, etc., and will also stabilize the profit base and secure investment funds by accumulating stock type sales. In addition to a broad wellness customer base (54%) of osteopathic clinics, fitness, medical institutions, etc., IT and retail also have diverse foundations, and knowledge and know-how in a wide range of fields have been acquired with little dependence on the industry. However, since it can respond to a wide range of customer needs, such as customer scale, project budget, period until the start of use, etc., there is a large market that can be accessed, and it seems that the customer base can be steadily increased as the domestic AI market/DX market expands. Also, about 47% of AI solutions are projects related to generative AI, and it seems that it is assumed that the ratio of generative AI projects will continue to rise in the future due to the current status of inquiries. AI products are also looking ahead to overseas expansion while collaborating with sales partners, and growth in both AI solutions and AI products can be expected. While continuing human resource investments and development investments that will be medium- to long-term growth sources, Topline is aiming for high growth of 40% or more, and I would like to keep an eye on future growth as a recent IPO stock and AI-related stock.