Financial Data and Key Metrics Changes - The company reported a steady increase in the number of franchisee clinics, reaching 258, with a 34-location increase, and the annual customer count expanded to approximately 6.5 million [2] - Financial performance showed signs of recovery, with sales previously affected by restructuring and franchise fees, but now supported by an increase in point-related revenues [3] - Operating income and net income improved due to a decline in racing-related costs, including share-based compensation expenses [3] Business Line Data and Key Metrics Changes - The average revenue per customer visit is recovering due to pricing and promotion initiatives, as well as a multi-brand strategy in the dermatology segment [3] - The company is focusing on enhancing R&D and expanding unique service offerings through the acquisition of Waku, which specializes in regenerative medicine and skincare products [4][5] Market Data and Key Metrics Changes - The company has entered into a partnership with BLEZ ASIA to provide laser treatment in Thailand, aiming to tap into the growing aesthetic medical market [4] - The financial impact of the new BREATH initiative in Thailand is expected to be minimal in the near term, with plans to expand into other Asian countries after proof of concept [10] Company Strategy and Development Direction - The company aims to strengthen its overall competitiveness and achieve sustainable growth through strategic acquisitions and partnerships, particularly in the aesthetic medical field [5][20] - The M&A strategy is divided into domestic and global perspectives, focusing on clinic field acquisitions in Japan and exploring investment opportunities in the US market [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining the positive momentum observed in Q3, with expectations for stable financial performance in Q4 and the following year [11][22] - The company is considering providing financial guidance in the near future to address investor needs for revenue and profit expectations [22][26] Other Important Information - The company is working on improving share liquidity through new share issuance and potential share buybacks, acknowledging that the current share price is too low [6][24] - Dividend payments are being considered as a way to attract new investors, although the company prioritizes capital allocation towards strategic initiatives [25] Q&A Session Summary Question: Why was COVID elevated during Q3 2025, and when do you expect a franchise fee division impact to be fully absorbed going forward? - The increase in costs was attributed to medical equipment lease and the consolidation of AHH acquired in Singapore, with financial performance expected to continue improving [8] Question: Could you elaborate on the balance sheet changes during the quarter? - Changes included borrowing for working capital, adjustments in payment terms for related parties, and a decrease in tax debt due to midterm income tax payments [9] Question: What is the expected impact of the new BREATH initiative in Thailand? - The near-term financial impact will be minimal as the company conducts proof of concept for laser treatments, with plans for future expansion into other Asian markets [10] Question: What is the expectation for organic growth going forward? - The company anticipates maintaining the positive momentum from Q3, with expectations for stable financial performance in the upcoming quarters [11] Question: Can you describe the strategic relationship behind acquiring Waku? - The acquisition aims to realize synergies through enhanced sales of Waku products at SBC clinics and joint development of pharmaceutical and medical devices [12][15] Question: Can you comment on the latest status of US business development efforts? - The company is in the phase of understanding the US market and seeking strong partners to leverage its strengths from Japan, with cautious plans for future clinic development [17][18] Question: What are the expectations for M&A going forward? - The M&A strategy will focus on domestic clinic acquisitions and exploring investment opportunities in the global market, particularly in the US [20] Question: How do you plan to improve the liquidity situation? - Plans include increasing free float through new share issuance and potential share buybacks, acknowledging the current low share price [24] Question: Do you think about the dividend going forward? - Dividend payments are considered to attract new investors, but the company prioritizes capital allocation towards growth opportunities [25] Question: Do you have any plan to disclose financial guidance going forward? - The company is considering providing financial guidance in the near future [26]