Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Manabi-aid (184A TSE Growth)June 4, 2024

Distributing lecture videos of approx. five minutes per session prepared by prep school
instructors and others to cram schools and similar institutions
This report is an English translation of part of the report issued on May 31, 2024.
For inquiries concerning the report, please contract info@stock-r.org【184A Manabi-aid Sector：Information & Communication】
Fiscal YearNet sales

YoY

OperatingprofitYoY

Ordinary
profitYoYProfitYoY

EPS

BPSDPS(mn yen)(%)

(mn yen)(%)(mn yen)(%)(mn yen)

(%)

(yen)

(yen)

(yen)

Apr.2022290

1.8-47--47--60--29.1

-68.9

0.0

Apr.2023

501

72.8

111-110-93-

45.1

-23.8

0.0

623

24.4

143

28.8

139

26.4

115

23.7

55.9

-

0.0

Apr.2024

fNote: Non-consolidated basis.Figures for the fiscal year ending April 2024 is the company's forecasts.
It conducted 1:100 stock split on February 8, 2024.Per share indicies are adjusted retroactively.

Distributing Short Lecture Videos to Cram Schools and Similar Institutions
Manabi-aid provides “manabi aid” and operates directly managed cram schools forindividuals, provides “manabi aid master” and “manabi aid master for School” for cramschools and “manabi aid for Enterprise” for education-related companies such as
reference book publishers. Its main services are for cram schools and businesses.

manabi aid and Cram Schools
manabi aid for individuals provides micro-lectures, which are video lectures of about fiveminutes per session, covering junior high and senior high school learning content. Themicro-lectures are a format that allows students to learn actively and efficiently by breaking
down lectures into short segments, allowing students to view only the parts they do notunderstand repeatedly. With keyword searches, they can pinpoint and watch the specificlectures they need.
At the cram school operated by the company in Saitama City, Saitama Prefecture, teachingis provided using manabi aid master.

manabi aid master and manabi aid master for School
manabi aid master is a service that provides small to medium-sized cram schools with not
only the distribution service of manabi aid micro-lectures but also the production of lecture
videos tailored specifically for cram schools. Additionally, it includes management
functions to enhance the efficiency of cram school operations, such as entry and exit
management, monthly fee management, learning management, and grade management,
among others.
manabi aid master for School is a service for the headquarters of medium-sized cramschools and large-sized cram schools operating nationwide. It provides services
customized for each customer regarding the selection and distribution system of lecture
videos, including manabi aid, as well as system development services.

manabi aid for Enterprisemanabi aid for Enterprise is a service mainly for reference book publishers It produces
explanatory videos that are played by scanning the QR codes printed on paper reference
books with smartphones or tablets, and develops and provides a system for viewing the
explanatory videos.

Newly Listed Company Introduction Report

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
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Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Manabi-aid (184A TSE Growth)June 4, 2024

Financial Statements

Statement of income

Fiscal Year

Apr.2022(mn yen)

Net sales

Nine months
to Jan.2024

Apr.2023(%)(mn yen)(%)(mn yen)

(%)

290

100.0

501

100.0

388

100.0

Cost of sales

93

32.1

122

24.4

137

35.3

Gross profit

196

67.6

379

75.6

251

64.7

Selling, general and administrative expenses

24484.1

267

53.3

20452.6

Operating profit-47-111

22.2

46

11.9

Non-operating income0-0-0-

Non-operating expenses

0-1-0-

Ordinary profit

-47-

110

22.0

45

11.6

Profit before income taxes

-59-

110

22.0

45

11.6

Net profit

-60-

93

18.6

54

13.9

Balance sheet

Fiscal Year

Apr.2022(mn yen)Current assets

Apr.2023(%)(mn yen)Jan.2024(%)(mn yen)

(%)

134

69.8

313

84.8

277

80.3

Cash and deposits

50

26.0

123

33.3

122

35.4

Accounts receivable-trade

81

42.2

185

50.1

145

42.0

Inventories

00.0

00.0

00.0

58

30.2

56

15.2

67

19.4

Property, plant and equipment

53

27.6

50

13.6

48

13.9

Intangible assets

00.0

0

0.0

0

0.0

Non-current assets

42.1

5

1.4

19

5.5

Total assets

Investments and other assets

192

100.0

369

100.0

345

100.0

Current liabilities

74

38.5

124

33.6

66

19.1

Accounts payable - trade
Current portion of long-term borrowings
Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation------

147.3

32

8.7

28

8.1

39

20.3

7420.152

15.1

30

15.6

64

17.3

44

12.8

77

40.1

171

46.3

225

65.2

77

40.1

171

46.3

225

65.2

Apr.2022

Apr.2023(mn yen)(mn yen)

-56

2466

Cash flows from investing activities-2-3

Cash flows from financing activities

-13

53

--Net increase in cash and cash equivalents

Dividends paid

-72

73

Cash and cash equivalents

50

123

Note:Non-consolidated
Source: Prepared by Stock Research Center based on the notifiable prospectus.

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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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