Emimen Co., Ltd. (9237) Stock Price

Shoubimen is a company with the vision of "securing a future where elderly people live with smiles," supporting the creation of environments where caregiving families can focus on emotional care. As its core business, the company provides a matching service that introduces optimal facilities to families considering admission to "senior homes," including paid nursing homes and service-oriented housing for the elderly. Coordinators introduce facilities tailored to each prospective resident's physical condition and family circumstances, providing free support through the admission process.

The company's primary customers are "referral partners" such as medical social workers at hospitals and care managers supporting in-home care, from whom it continuously receives referrals of prospective residents. The revenue model centers on referral fees received from senior home operators when admission is finalized, with no fees charged to prospective residents. As of October 2025, the company partners with 10,758 senior homes and secures stable revenue without advertising expenses.

The company's business consists of two segments: "Senior Life Support Services" and "Senior Home Consulting Services." The former operates an information-sharing site called "Care Prime Community Site" for senior home operators in addition to facility referral services, generating advertising revenue. The latter, through subsidiary Care Sunc, matches landowners with senior home operators to support the opening of high-quality new facilities, and as of October 2025, has also begun a business of leasing and subletting land and buildings on a comprehensive basis.

Egao-men pursues a vision of "securing a future where seniors live with smiles." The company has outlined a steady growth strategy targeting October 2028. It aims to expand the number of family conferences conducted from the current 8,911 to approximately 25,710—roughly tripling—while significantly increasing actual move-in agreements (Smile numbers) from 4,723 to 12,741 people. This ambitious numerical target reflects market conditions where the population aged 65 and over is projected to reach 34.8% by 2040, with a continued increase in the number of people requiring long-term care certification.

The core of the company's differentiation strategy lies not in simple matching, but in consulting-type services that emphasize "family conferences." Coordinators conduct careful consultations with prospective residents and their families through in-person meetings, phone calls, and online sessions—from condition assessment to needs confirmation—delivering high-satisfaction proposals that internet searches alone cannot provide. The company has also built a referral network based on trusted relationships with medical social workers and care managers at medical institutions, enabling stable project acquisition without significant advertising expenses. Leveraging its nationwide network of offices, the company plans to continuously expand its outreach to approximately 40,000 medical social workers nationwide.

For new market development, the company is accelerating its senior home consulting business through Care Sunc, a wholly-owned subsidiary established in September 2024. Care Sunc plans to double newly opened rooms from the current 1,083 to 2,000 by October 2028. Notably, through a new business called "Care Sunc Partner Lease," it is strengthening support for operators with operational capabilities but limited creditworthiness. This initiative aims to create synergies: expanding the pool of quality facilities available for referral to care-seeking families and increasing matching opportunities in the referral business.

Regarding technological innovation, the company is improving its sales efficiency system "Sales Enablement" through continuous refinement cycles, enabling rapid onboarding of new coordinators and service standardization. By strengthening training systems through customer relationship management platforms and video content, the company is improving the efficiency of talent development—a key challenge in labor-intensive businesses. Additionally, through the "Care Prime Community Site," a platform for senior home operators, the company promotes the flow of management information between facilities and contributes to raising service quality across the industry.