{
  "code": "4838",
  "name": "スペースシャワーSKIYAKIホールディングス株式会社",
  "status": "要確認",
  "pipeline_status": "分析・HTML生成完了",
  "investment_conclusion": "歪み確定ではない。仮説検証段階。",
  "analyst": "Codex（この会話で原文を確認して作成）",
  "as_of": "2026-10-18",
  "info_type": "H1",
  "confidence": "限定的",
  "headline": "増収9.0%でも営業増益1.2%。稼ぐ事業の交代を検証",
  "hypothesis": "プラットフォームとカフェの成長がライブ・放送の減益を吸収している。成長事業の構成比上昇が続けば利益の安定性が高まる可能性がある。市場の過小評価は未確定。",
  "counter_evidence": "全社営業利益率は低下。イベント規模拡大の原価と放送縮小が成長事業の利益を相殺すれば、構成転換が全社増益につながらない。",
  "watch": [
    "ソリューション利益の伸びが継続するか",
    "ライブ事業の増収が増益につながるか",
    "全社営業利益率が前年同期を上回るか",
    "有料会員数の増加率25.2%と26.9%の差を照合",
    "30円配当と営業キャッシュフローの整合"
  ],
  "ir_questions": [
    "有料会員数の前年同期比が短信25.2%、説明資料26.9%となる理由は？",
    "プラットフォーム増益のうち継続課金とECの寄与は？",
    "ライブ拡大に伴う費用のうち来期に残る額は？",
    "中計の利益目標に対して放送事業縮小をどう補うか？"
  ],
  "quantitative": {
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      "code": "4838",
      "name": "スペースシャワーSKIYAKIホールディングス株式会社",
      "industry": "エンターテイメント >  CATV・衛星放送",
      "business": "音楽エンタテインメント会社、CCC・フジTV・伊藤忠系列。放送・ライブコンテンツ、プラットフォーム、映像制作、エンタメカフェ、ディストリビューション、ファンクラブ運営を展開。音楽を主軸としたエンタテインメントグループとして、放送、ライブ・イベント、Web、音楽ソフト・パッケージ、ファンビジネス等の幅広い事業分野でコンテンツ制作・管理・販売。スペースシャワーはメディア（音楽専門チャンネル「スペースシャワーTV」をスカパーやCATV局等に提供）、ライブ・コンテンツ（音楽イベント主催、ライブハウス運営、所属アーティスト管理）、ソリューション（ディストリビューション、音楽レーベルの企画・制作）を展開。SKIYAKIはクリエーターとファンをつなぐファンプラットフォーム「bitfan」（ファンクラブ・EC・チケット）を基盤にファンビジネスサービスを提供。2024年スペースシャワーネットワークとSKIYAKIが経営統合。2025年「100％ヒッツ！スペースシャワーTVプラス」の放送終了。\n(2026/03更新)",
      "fiscal_month": "3月",
      "is_target": 1
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      "date": "2026-07-24",
      "date_basis": "HTML内の更新日（開示日ではない）",
      "note": "保存HTMLの表示値。現在の倍率ではなく、最新開示の利益・株価との再計算もしていない。",
      "PER": 8.8,
      "PBR": 1.22,
      "market_cap_oku": 112.0,
      "dividend_yield": 4.55
    },
    "calculations": {
      "sales_delta": {
        "id": "4838_sales_delta",
        "metric": "sales_delta",
        "value": 508.0,
        "unit": "百万円",
        "formula": "当期実績−前年同期実績",
        "inputs": [
          {
            "value": 6158.0,
            "unit": "百万円",
            "fact_id": 1041,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[1]"
          },
          {
            "value": 5650.0,
            "unit": "百万円",
            "fact_id": 1049,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[9]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "sales_yoy": {
        "id": "4838_sales_yoy",
        "metric": "sales_yoy",
        "value": 8.991150442477869,
        "unit": "%",
        "formula": "(当期実績÷前年同期実績−1)×100",
        "inputs": [
          {
            "value": 6158.0,
            "unit": "百万円",
            "fact_id": 1041,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[1]"
          },
          {
            "value": 5650.0,
            "unit": "百万円",
            "fact_id": 1049,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[9]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "op_delta": {
        "id": "4838_op_delta",
        "metric": "op_delta",
        "value": 7.0,
        "unit": "百万円",
        "formula": "当期実績−前年同期実績",
        "inputs": [
          {
            "value": 613.0,
            "unit": "百万円",
            "fact_id": 1043,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[3]"
          },
          {
            "value": 606.0,
            "unit": "百万円",
            "fact_id": 1051,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[11]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "op_yoy": {
        "id": "4838_op_yoy",
        "metric": "op_yoy",
        "value": 1.1551155115511635,
        "unit": "%",
        "formula": "(当期実績÷前年同期実績−1)×100",
        "inputs": [
          {
            "value": 613.0,
            "unit": "百万円",
            "fact_id": 1043,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[3]"
          },
          {
            "value": 606.0,
            "unit": "百万円",
            "fact_id": 1051,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[11]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "ordinary_delta": {
        "id": "4838_ordinary_delta",
        "metric": "ordinary_delta",
        "value": -5.0,
        "unit": "百万円",
        "formula": "当期実績−前年同期実績",
        "inputs": [
          {
            "value": 630.0,
            "unit": "百万円",
            "fact_id": 1045,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[5]"
          },
          {
            "value": 635.0,
            "unit": "百万円",
            "fact_id": 1053,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[13]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "ordinary_yoy": {
        "id": "4838_ordinary_yoy",
        "metric": "ordinary_yoy",
        "value": -0.7874015748031482,
        "unit": "%",
        "formula": "(当期実績÷前年同期実績−1)×100",
        "inputs": [
          {
            "value": 630.0,
            "unit": "百万円",
            "fact_id": 1045,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[5]"
          },
          {
            "value": 635.0,
            "unit": "百万円",
            "fact_id": 1053,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[13]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "net_delta": {
        "id": "4838_net_delta",
        "metric": "net_delta",
        "value": 20.0,
        "unit": "百万円",
        "formula": "当期実績−前年同期実績",
        "inputs": [
          {
            "value": 366.0,
            "unit": "百万円",
            "fact_id": 1047,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[7]"
          },
          {
            "value": 346.0,
            "unit": "百万円",
            "fact_id": 1055,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[15]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "net_yoy": {
        "id": "4838_net_yoy",
        "metric": "net_yoy",
        "value": 5.780346820809257,
        "unit": "%",
        "formula": "(当期実績÷前年同期実績−1)×100",
        "inputs": [
          {
            "value": 366.0,
            "unit": "百万円",
            "fact_id": 1047,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[7]"
          },
          {
            "value": 346.0,
            "unit": "百万円",
            "fact_id": 1055,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[15]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "current_margin": {
        "id": "4838_current_margin",
        "metric": "current_margin",
        "value": 9.954530691783047,
        "unit": "%",
        "formula": "営業利益÷売上高×100",
        "inputs": [
          {
            "value": 613.0,
            "unit": "百万円",
            "fact_id": 1043,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[3]"
          },
          {
            "value": 6158.0,
            "unit": "百万円",
            "fact_id": 1041,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[1]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "prior_margin": {
        "id": "4838_prior_margin",
        "metric": "prior_margin",
        "value": 10.72566371681416,
        "unit": "%",
        "formula": "営業利益÷売上高×100",
        "inputs": [
          {
            "value": 606.0,
            "unit": "百万円",
            "fact_id": 1051,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[11]"
          },
          {
            "value": 5650.0,
            "unit": "百万円",
            "fact_id": 1049,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2025-04-01",
            "period_end": "2025-06-30",
            "locator": "nonFraction[9]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "forecast_margin": {
        "id": "4838_forecast_margin",
        "metric": "forecast_margin",
        "value": 8.695652173913043,
        "unit": "%",
        "formula": "営業利益÷売上高×100",
        "inputs": [
          {
            "value": 2000.0,
            "unit": "百万円",
            "fact_id": 1097,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentYearDuration_ConsolidatedMember_ForecastMember",
            "period_start": "2026-04-01",
            "period_end": "2027-03-31",
            "locator": "nonFraction[57]"
          },
          {
            "value": 23000.0,
            "unit": "百万円",
            "fact_id": 1091,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentYearDuration_ConsolidatedMember_ForecastMember",
            "period_start": "2026-04-01",
            "period_end": "2027-03-31",
            "locator": "nonFraction[51]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "margin_delta": {
        "id": "4838_margin_delta",
        "metric": "margin_delta",
        "value": -0.7711330250311139,
        "unit": "pt",
        "formula": "当期営業利益率−前年同期営業利益率",
        "inputs": [
          {
            "id": "4838_current_margin",
            "metric": "current_margin",
            "value": 9.954530691783047,
            "unit": "%",
            "formula": "営業利益÷売上高×100",
            "inputs": [
              {
                "value": 613.0,
                "unit": "百万円",
                "fact_id": 1043,
                "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
                "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
                "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
                "period_start": "2026-04-01",
                "period_end": "2026-06-30",
                "locator": "nonFraction[3]"
              },
              {
                "value": 6158.0,
                "unit": "百万円",
                "fact_id": 1041,
                "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
                "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
                "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
                "period_start": "2026-04-01",
                "period_end": "2026-06-30",
                "locator": "nonFraction[1]"
              }
            ],
            "limitations": "短信表示の百万円未満切捨て値を使用。"
          },
          {
            "id": "4838_prior_margin",
            "metric": "prior_margin",
            "value": 10.72566371681416,
            "unit": "%",
            "formula": "営業利益÷売上高×100",
            "inputs": [
              {
                "value": 606.0,
                "unit": "百万円",
                "fact_id": 1051,
                "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
                "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
                "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
                "period_start": "2025-04-01",
                "period_end": "2025-06-30",
                "locator": "nonFraction[11]"
              },
              {
                "value": 5650.0,
                "unit": "百万円",
                "fact_id": 1049,
                "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
                "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
                "context": "PriorAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
                "period_start": "2025-04-01",
                "period_end": "2025-06-30",
                "locator": "nonFraction[9]"
              }
            ],
            "limitations": "短信表示の百万円未満切捨て値を使用。"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "op_progress": {
        "id": "4838_op_progress",
        "metric": "op_progress",
        "value": 30.65,
        "unit": "%",
        "formula": "累計営業利益÷同一年度通期予想×100",
        "inputs": [
          {
            "value": 613.0,
            "unit": "百万円",
            "fact_id": 1043,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[3]"
          },
          {
            "value": 2000.0,
            "unit": "百万円",
            "fact_id": 1097,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentYearDuration_ConsolidatedMember_ForecastMember",
            "period_start": "2026-04-01",
            "period_end": "2027-03-31",
            "locator": "nonFraction[57]"
          }
        ],
        "limitations": "単純進捗率。均等な季節性を仮定せず、上方修正の判定には使わない。"
      },
      "remaining_op": {
        "id": "4838_remaining_op",
        "metric": "remaining_op",
        "value": 1387.0,
        "unit": "百万円",
        "formula": "同一年度通期予想営業利益−累計営業利益",
        "inputs": [
          {
            "value": 2000.0,
            "unit": "百万円",
            "fact_id": 1097,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentYearDuration_ConsolidatedMember_ForecastMember",
            "period_start": "2026-04-01",
            "period_end": "2027-03-31",
            "locator": "nonFraction[57]"
          },
          {
            "value": 613.0,
            "unit": "百万円",
            "fact_id": 1043,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[3]"
          }
        ],
        "limitations": "短信表示の百万円未満切捨て値を使用。"
      },
      "remaining_margin": {
        "id": "4838_remaining_margin",
        "metric": "remaining_margin",
        "value": 8.23536397102482,
        "unit": "%",
        "formula": "(通期予想営業利益−累計営業利益)÷(通期予想売上高−累計売上高)×100",
        "inputs": [
          {
            "value": 2000.0,
            "unit": "百万円",
            "fact_id": 1097,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentYearDuration_ConsolidatedMember_ForecastMember",
            "period_start": "2026-04-01",
            "period_end": "2027-03-31",
            "locator": "nonFraction[57]"
          },
          {
            "value": 613.0,
            "unit": "百万円",
            "fact_id": 1043,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[3]"
          },
          {
            "value": 23000.0,
            "unit": "百万円",
            "fact_id": 1091,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentYearDuration_ConsolidatedMember_ForecastMember",
            "period_start": "2026-04-01",
            "period_end": "2027-03-31",
            "locator": "nonFraction[51]"
          },
          {
            "value": 6158.0,
            "unit": "百万円",
            "fact_id": 1041,
            "asset": "43030a54b06cd7511e58366e40fbd41ba52cee055085b0bead003f757a62c0da",
            "member": "XBRLData/Summary/tse-qcedjpsm-48380-20260810348380-ixbrl.htm",
            "context": "CurrentAccumulatedQ1Duration_ConsolidatedMember_ResultMember",
            "period_start": "2026-04-01",
            "period_end": "2026-06-30",
            "locator": "nonFraction[1]"
          }
        ],
        "limitations": "残存期間の必要利益率。過去季節性・案件構成と合わせて判断。"
      },
      "event_return": {
        "id": "4838_event_return",
        "metric": "event_return",
        "value": 1.3452914798206317,
        "unit": "%",
        "formula": "(開示後初営業日調整終値÷開示前営業日調整終値−1)×100",
        "inputs": [
          {
            "code": "4838",
            "trade_date": "2026-08-07",
            "open": 671.0,
            "high": 674.0,
            "low": 668.0,
            "close": 669.0,
            "adj_close": 669.0,
            "volume": 15900.0,
            "asset": "6a81323be56289fbc2d2bf7bdd3beb55be7737fce1e3167776d78151679f8e99"
          },
          {
            "code": "4838",
            "trade_date": "2026-08-12",
            "open": 673.0,
            "high": 685.0,
            "low": 669.0,
            "close": 678.0,
            "adj_close": 678.0,
            "volume": 51100.0,
            "asset": "6a81323be56289fbc2d2bf7bdd3beb55be7737fce1e3167776d78151679f8e99"
          }
        ],
        "limitations": "開示前営業日→開示後初営業日の調整終値。指数・他材料を未調整のため因果関係は断定できない。"
      }
    }
  },
  "evidence": [
    {
      "id": "4838_E00",
      "code": "4838",
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842",
      "page": 1,
      "statement": "短信の実績・前年比較・配当表をXBRLと照合。表示数値は百万円未満切捨て。",
      "info_type": "F1",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年３月期 第１四半期決算短信〔日本基準〕（連結）",
      "disclosure_date": "2026-08-10",
      "date_basis": "保存先日付フォルダ（開示日要照合）",
      "href": "../sources/cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842.pdf#page=1",
      "page_numbering": "PDF物理ページ"
    },
    {
      "id": "4838_E01",
      "code": "4838",
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842",
      "page": 4,
      "statement": "ファンクラブの有料会員数が180.0万人（同25.2％増）",
      "info_type": "F2",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年３月期 第１四半期決算短信〔日本基準〕（連結）",
      "disclosure_date": "2026-08-10",
      "date_basis": "保存先日付フォルダ（開示日要照合）",
      "href": "../sources/cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842.pdf#page=4",
      "page_numbering": "PDFファイルの先頭から数えたページ。印刷ページ番号とは異なる場合あり。"
    },
    {
      "id": "4838_E02",
      "code": "4838",
      "asset": "7d36f51866c22ec010a902f080529e85cc4d11f1313ab2e2f1b62d14b5c3cf6f",
      "page": 9,
      "statement": "プラットフォーム事業",
      "info_type": "F2",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年3月期 第1四半期 決算説明資料",
      "disclosure_date": "2026-08-10",
      "date_basis": "保存先日付フォルダ（開示日要照合）",
      "href": "../sources/7d36f51866c22ec010a902f080529e85cc4d11f1313ab2e2f1b62d14b5c3cf6f.pdf#page=9",
      "page_numbering": "PDFファイルの先頭から数えたページ。印刷ページ番号とは異なる場合あり。"
    },
    {
      "id": "4838_E03",
      "code": "4838",
      "asset": "7d36f51866c22ec010a902f080529e85cc4d11f1313ab2e2f1b62d14b5c3cf6f",
      "page": 20,
      "statement": "+26.9%",
      "info_type": "F2",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年3月期 第1四半期 決算説明資料",
      "disclosure_date": "2026-08-10",
      "date_basis": "保存先日付フォルダ（開示日要照合）",
      "href": "../sources/7d36f51866c22ec010a902f080529e85cc4d11f1313ab2e2f1b62d14b5c3cf6f.pdf#page=20",
      "page_numbering": "PDFファイルの先頭から数えたページ。印刷ページ番号とは異なる場合あり。"
    },
    {
      "id": "4838_E04",
      "code": "4838",
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842",
      "page": 1,
      "statement": "30.00",
      "info_type": "F1",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年３月期 第１四半期決算短信〔日本基準〕（連結）",
      "disclosure_date": "2026-08-10",
      "date_basis": "保存先日付フォルダ（開示日要照合）",
      "href": "../sources/cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842.pdf#page=1",
      "page_numbering": "PDFファイルの先頭から数えたページ。印刷ページ番号とは異なる場合あり。"
    },
    {
      "id": "4838_D24",
      "code": "4838",
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842",
      "page": 8,
      "statement": "XBRL財務諸表の表示精度で、前年32.50%→当期29.92%（-2.58pt）。当期は当該改善条件に該当しない。",
      "info_type": "D1",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年３月期 第１四半期決算短信〔日本基準〕（連結）",
      "disclosure_date": "2026-08-10",
      "date_basis": "同日決算短信の原本本文・XBRLを照合",
      "href": "../sources/cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842.pdf#page=8",
      "page_numbering": "PDF物理ページ。比率は原数値からPython計算。"
    },
    {
      "id": "4838_D25",
      "code": "4838",
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842",
      "page": 8,
      "statement": "XBRL財務諸表の表示精度で、前年10.73%→当期9.96%（-0.77pt）。当期は当該改善条件に該当しない。",
      "info_type": "D1",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年３月期 第１四半期決算短信〔日本基準〕（連結）",
      "disclosure_date": "2026-08-10",
      "date_basis": "同日決算短信の原本本文・XBRLを照合",
      "href": "../sources/cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842.pdf#page=8",
      "page_numbering": "PDF物理ページ。比率は原数値からPython計算。"
    },
    {
      "id": "4838_D26",
      "code": "4838",
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842",
      "page": 8,
      "statement": "XBRL財務諸表の表示精度で、前年21.77%→当期19.96%（-1.81pt）。数値上の改善を確認。持続性・構造要因は追加確認。",
      "info_type": "D1",
      "verified": true,
      "title": "4838_ＳＳＳＫ ＨＤ_2027年３月期 第１四半期決算短信〔日本基準〕（連結）",
      "disclosure_date": "2026-08-10",
      "date_basis": "同日決算短信の原本本文・XBRLを照合",
      "href": "../sources/cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842.pdf#page=8",
      "page_numbering": "PDF物理ページ。比率は原数値からPython計算。"
    }
  ],
  "checks": [
    {
      "id": 1,
      "category": "A 正常利益",
      "label": "一過性費用で見た目が悪化",
      "criteria": "○=金額と一過性の明記あり / △=示唆のみ / ×=恒常費用",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 2,
      "category": "A 正常利益",
      "label": "一過性利益で見た目が良化",
      "criteria": "○=利益の主要因が一過性 / △=一部含む / ×=本業改善中心",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 3,
      "category": "A 正常利益",
      "label": "前年比較が特殊要因で歪んでいる",
      "criteria": "○=前年特殊要因が明記 / △=推定 / ×=通常比較可能",
      "status": "○",
      "na_reason": null,
      "rationale": "前年大型ライブ収益の反動減を短信が明記。単純YoYには事業要因の分解が必要。",
      "evidence_ids": [
        "4838_E00",
        "4838_E01",
        "4838_E02",
        "4838_E03",
        "4838_E04"
      ],
      "info_type": "H1"
    },
    {
      "id": 4,
      "category": "A 正常利益",
      "label": "期ずれ・前倒しで四半期が歪んでいる",
      "criteria": "○=具体案件/金額あり / △=時期のみ / ×=なし",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 5,
      "category": "A 正常利益",
      "label": "減損・償却負担が次期に減る",
      "criteria": "○=次期負担減が数値で確認 / △=方向のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 6,
      "category": "A 正常利益",
      "label": "構造改革費用が縮小・消滅する",
      "criteria": "○=今期→来期の費用減が明示 / △=終了示唆",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 7,
      "category": "A 正常利益",
      "label": "為替を除いた実力利益が改善",
      "criteria": "○=為替除外でも改善 / △=影響分離困難",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 8,
      "category": "A 正常利益",
      "label": "補助金・特益を除いても実力増益",
      "criteria": "○=除外後増益 / △=概算のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 9,
      "category": "B ガイダンス",
      "label": "進捗率が会社計画・季節性比で高い",
      "criteria": "○=季節性考慮後も高い / △=単純進捗のみ",
      "status": "△",
      "na_reason": null,
      "rationale": "単純進捗30.65%。前年同Qの季節性を踏まえる必要があり、高進捗とは断定しない。",
      "evidence_ids": [
        "4838_E00",
        "4838_E01",
        "4838_E02",
        "4838_E03",
        "4838_E04"
      ],
      "info_type": "H1"
    },
    {
      "id": 10,
      "category": "B ガイダンス",
      "label": "上期だけ上方修正、通期据え置き",
      "criteria": "○=上期↑/通期据置 / △=類似構図",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 11,
      "category": "B ガイダンス",
      "label": "残り期間の会社前提が不自然に弱い",
      "criteria": "○=逆算で極端 / △=やや弱い",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 12,
      "category": "B ガイダンス",
      "label": "会社が保守的前提を明記",
      "criteria": "○=具体的保守前提あり / △=慎重表現のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 13,
      "category": "B ガイダンス",
      "label": "会社に保守ガイダンス・上方修正の癖",
      "criteria": "○=複数年確認 / △=1-2回のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 14,
      "category": "C 先行指標",
      "label": "受注高が売上より先に急増",
      "criteria": "○=YoY+20%以上等明確 / △=増加のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 15,
      "category": "C 先行指標",
      "label": "受注残が大幅増",
      "criteria": "○=大幅増 / △=増加",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 16,
      "category": "C 先行指標",
      "label": "受注残の期内売上化が見える",
      "criteria": "○=期間と消化可能性明記 / △=推定",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 17,
      "category": "C 先行指標",
      "label": "生産能力増強・新工場稼働が近い",
      "criteria": "○=需要裏付け＋稼働時期明確 / △=投資のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 18,
      "category": "C 先行指標",
      "label": "稼働率改善で固定費吸収",
      "criteria": "○=利益率改善要因として明記 / △=推定",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 19,
      "category": "C 先行指標",
      "label": "月次・KPIが決算後も加速",
      "criteria": "○=決算後も加速 / △=横ばい改善",
      "status": "△",
      "na_reason": null,
      "rationale": "会員増は確認。決算後の連続加速は未確認。",
      "evidence_ids": [
        "4838_E00",
        "4838_E01",
        "4838_E02",
        "4838_E03",
        "4838_E04"
      ],
      "info_type": "H1"
    },
    {
      "id": 20,
      "category": "D 利益率",
      "label": "価格改定が浸透している",
      "criteria": "○=利益寄与確認 / △=実施のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 21,
      "category": "D 利益率",
      "label": "ベース価格引上げで恒久マージン改善",
      "criteria": "○=恒久性説明あり / △=不明",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 22,
      "category": "D 利益率",
      "label": "高粗利・高付加価値製品の比率上昇",
      "criteria": "○=構成比/利益率明示 / △=高付加価値化のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 23,
      "category": "D 利益率",
      "label": "事業セグメントミックスが改善",
      "criteria": "○=高採算比率上昇 / △=転換途中",
      "status": "△",
      "na_reason": null,
      "rationale": "ソリューション増益とコンテンツ減益。全社採算改善への転換は未確認。",
      "evidence_ids": [
        "4838_E00",
        "4838_E01",
        "4838_E02",
        "4838_E03",
        "4838_E04"
      ],
      "info_type": "H1"
    },
    {
      "id": 24,
      "category": "D 利益率",
      "label": "粗利率が改善",
      "criteria": "○=複数Q改善 / △=1Qのみ",
      "status": "×",
      "na_reason": null,
      "rationale": "XBRL財務諸表の表示精度で、前年32.50%→当期29.92%（-2.58pt）。当期は当該改善条件に該当しない。",
      "evidence_ids": [
        "4838_D24"
      ],
      "info_type": "H1"
    },
    {
      "id": 25,
      "category": "D 利益率",
      "label": "営業利益率が改善",
      "criteria": "○=構造要因あり / △=市況要因中心",
      "status": "×",
      "na_reason": null,
      "rationale": "XBRL財務諸表の表示精度で、前年10.73%→当期9.96%（-0.77pt）。当期は当該改善条件に該当しない。",
      "evidence_ids": [
        "4838_D25"
      ],
      "info_type": "H1"
    },
    {
      "id": 26,
      "category": "D 利益率",
      "label": "外注費・販促費・採用費など売上比率低下",
      "criteria": "○=率低下が計画/実績で確認 / △=方針のみ",
      "status": "△",
      "na_reason": null,
      "rationale": "XBRL財務諸表の表示精度で、前年21.77%→当期19.96%（-1.81pt）。数値上の改善を確認。持続性・構造要因は追加確認。",
      "evidence_ids": [
        "4838_D26"
      ],
      "info_type": "H1"
    },
    {
      "id": 27,
      "category": "E 構造改革",
      "label": "赤字・低収益事業を撤退/売却",
      "criteria": "○=売却/撤退確定 / △=検討",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 28,
      "category": "E 構造改革",
      "label": "不採算拠点閉鎖・人員削減",
      "criteria": "○=実行済/費用効果あり / △=計画",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 29,
      "category": "E 構造改革",
      "label": "売上重視から利益重視・選別受注へ",
      "criteria": "○=方針変更＋利益率改善 / △=方針のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 30,
      "category": "E 構造改革",
      "label": "M&A後のPMI・シナジーが数字に出始める",
      "criteria": "○=KPI改善確認 / △=売上増のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 31,
      "category": "E 構造改革",
      "label": "低収益事業から高収益事業へ構成転換",
      "criteria": "○=利益構成が明確に変化 / △=売上のみ",
      "status": "△",
      "na_reason": null,
      "rationale": "利益を稼ぐ事業が変化しているが、3年利益構成の厳密な連続比較は不足。",
      "evidence_ids": [
        "4838_E00",
        "4838_E01",
        "4838_E02",
        "4838_E03",
        "4838_E04"
      ],
      "info_type": "H1"
    },
    {
      "id": 32,
      "category": "E 構造改革",
      "label": "新規事業が利益の柱になり始める",
      "criteria": "○=利益柱化 / △=売上のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 33,
      "category": "F 資産価値",
      "label": "現金・正味流動資産が時価総額に対し大きい",
      "criteria": "○=時価総額に対し大きい / △=一定余力",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 34,
      "category": "F 資産価値",
      "label": "保有有価証券・不動産・子会社持分に隠れ価値",
      "criteria": "○=金額大/換金可能 / △=価値不明",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 35,
      "category": "F 資産価値",
      "label": "負債・優先株の解消で財務負担が低下",
      "criteria": "○=解消済 / △=縮小中",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 36,
      "category": "F バリュエーション",
      "label": "PERでは高く見えるがFCF/EVでは安い",
      "criteria": "○=FCF/EV指標で明確 / △=概算",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 37,
      "category": "F バリュエーション",
      "label": "PBR1倍割れ＋ROE/資本効率改善策",
      "criteria": "○=改善策＋実績 / △=目標のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 38,
      "category": "G 還元",
      "label": "DOE・累進配当・配当下限で待てる",
      "criteria": "○=明確な下限/DOE / △=配当性向のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "増配は確認したが、DOE・累進・下限の保証はこの根拠だけでは確認できない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 39,
      "category": "G 還元",
      "label": "配当性向引上げ余地・利益成長で増配余地",
      "criteria": "○=会社方針と乖離 / △=過去傾向のみ",
      "status": "△",
      "na_reason": null,
      "rationale": "年間予想30円へ増配。さらに増配できる余地は正常EPSの検証待ち。",
      "evidence_ids": [
        "4838_E00",
        "4838_E01",
        "4838_E02",
        "4838_E03",
        "4838_E04"
      ],
      "info_type": "H1"
    },
    {
      "id": 40,
      "category": "G 還元",
      "label": "自社株買い＋消却で1株価値上昇",
      "criteria": "○=取得規模大＋消却 / △=買いのみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 41,
      "category": "G 還元",
      "label": "政策保有株・余剰資産売却が還元原資になる",
      "criteria": "○=還元方針明記 / △=売却のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 42,
      "category": "G 還元",
      "label": "経営者交代後にIR・中計・還元姿勢が変化",
      "criteria": "○=複数施策実施 / △=発言のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 43,
      "category": "H カタリスト",
      "label": "アクティビスト・株主提案・TOB/MBO圧力",
      "criteria": "○=重要提案行為/提案あり / △=保有のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 44,
      "category": "H カタリスト",
      "label": "TOPIX・浮動株・指数基準が企業行動を促す",
      "criteria": "○=会社が意識を明言 / △=外部推定",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 45,
      "category": "H カタリスト",
      "label": "低注目・低視聴率で見落とされている",
      "criteria": "○=低注目＋ファンダ根拠 / △=低注目のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 46,
      "category": "H カタリスト",
      "label": "悪い見出しに対し中身が良い",
      "criteria": "○=見出しと中身が逆 / △=一部相殺",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 47,
      "category": "H カタリスト",
      "label": "同業比較で評価差が大きい",
      "criteria": "○=業績質を揃えても差大 / △=単純倍率差",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    },
    {
      "id": 48,
      "category": "H カタリスト",
      "label": "一過性特需ではなく継続性をIR/開示で確認",
      "criteria": "○=会社が継続性を確認 / △=状況証拠のみ",
      "status": "N/A",
      "na_reason": "insufficient_data",
      "rationale": "資料不足：この条件を判定する金額・比較期間・継続性を原本で確認できていない。キーワード不在を非該当の根拠としない。",
      "evidence_ids": [],
      "info_type": "H1"
    }
  ],
  "lenses": [
    {
      "id": "L01",
      "name": "正常利益レンズ",
      "question": "本当に実力が落ちたのか？",
      "status": "△",
      "rationale": "前年大型ライブ収益の反動減を短信が明記。単純YoYには事業要因の分解が必要。",
      "counter": "費用が継続",
      "check_ids": [
        1,
        2,
        3,
        4,
        5,
        8
      ]
    },
    {
      "id": "L02",
      "name": "保守ガイダンスレンズ",
      "question": "残り期間の前提は不自然に弱くないか？",
      "status": "△",
      "rationale": "単純進捗30.65%。前年同Qの季節性を踏まえる必要があり、高進捗とは断定しない。",
      "counter": "前倒し/季節性",
      "check_ids": [
        9,
        10,
        11,
        12,
        13
      ]
    },
    {
      "id": "L03",
      "name": "受注先読みレンズ",
      "question": "利益になる前の注文は積み上がっているか？",
      "status": "△",
      "rationale": "会員増は確認。決算後の連続加速は未確認。",
      "counter": "低採算受注",
      "check_ids": [
        14,
        15,
        16,
        19
      ]
    },
    {
      "id": "L04",
      "name": "利益率レンズ",
      "question": "売上ではなく儲け方が変わったか？",
      "status": "△",
      "rationale": "粗利率 32.50%→29.92%。販管費率 21.77%→19.96%。構造要因・持続性は追加確認。",
      "counter": "市況一過性",
      "check_ids": [
        24,
        25,
        26
      ]
    },
    {
      "id": "L05",
      "name": "価格・ミックスレンズ",
      "question": "その改善は来期にも残るか？",
      "status": "N/A",
      "rationale": "資料不足：値上げ率−原価上昇、ミックス寄与の原本根拠・連続比較が不足。",
      "counter": "原価再上昇",
      "check_ids": [
        20,
        21,
        22
      ]
    },
    {
      "id": "L06",
      "name": "構造改革レンズ",
      "question": "悪い部分を切った後の会社はいくら稼ぐ？",
      "status": "N/A",
      "rationale": "資料不足：撤退事業損失の足し戻し、固定費削減額の原本根拠・連続比較が不足。",
      "counter": "新事業不振",
      "check_ids": [
        6,
        27,
        28,
        29
      ]
    },
    {
      "id": "L07",
      "name": "事業転換レンズ",
      "question": "市場は昔の会社として評価していないか？",
      "status": "△",
      "rationale": "ソリューション増益とコンテンツ減益。全社採算改善への転換は未確認。 / 利益を稼ぐ事業が変化しているが、3年利益構成の厳密な連続比較は不足。",
      "counter": "転換が一過性",
      "check_ids": [
        23,
        30,
        31,
        32
      ]
    },
    {
      "id": "L08",
      "name": "資産価値レンズ",
      "question": "事業が普通でも下値を支える資産は？",
      "status": "△",
      "rationale": "簡易NCAV 1,561.9百万円を計算。資産の換金性、税負担、現在の時価総額との比較は未確認。",
      "counter": "資産が毀損",
      "check_ids": [
        33,
        34,
        35,
        36,
        37
      ]
    },
    {
      "id": "L09",
      "name": "還元レンズ",
      "question": "待っている間に何が返ってくる？",
      "status": "△",
      "rationale": "年間予想30円へ増配。さらに増配できる余地は正常EPSの検証待ち。",
      "counter": "還元余力低下",
      "check_ids": [
        38,
        39,
        40,
        41
      ]
    },
    {
      "id": "L10",
      "name": "経営変化レンズ",
      "question": "会社は株価/資本効率を意識し始めたか？",
      "status": "N/A",
      "rationale": "資料不足：交代前後のROE・配当・IRの原本根拠・連続比較が不足。",
      "counter": "口だけ",
      "check_ids": [
        42
      ]
    },
    {
      "id": "L11",
      "name": "IR確認レンズ",
      "question": "何が事実で、何が会社の認識か？",
      "status": "N/A",
      "rationale": "未実施：IRへの連絡はしていない。下記に公開情報から生じた質問を整理。",
      "counter": "非公開情報依存",
      "check_ids": [
        48
      ]
    },
    {
      "id": "L12",
      "name": "相対価値レンズ",
      "question": "安い理由は正当か？",
      "status": "N/A",
      "rationale": "比較データ不足。同一決算年月の通期採算比較のみ。最新期受注・現在の倍率比較は不足。",
      "counter": "構造的ディスカウント",
      "check_ids": [
        47
      ]
    },
    {
      "id": "L13",
      "name": "カタリストレンズ",
      "question": "いつ市場が気づく？",
      "status": "N/A",
      "rationale": "資料不足：日付/条件と影響額の原本根拠・連続比較が不足。",
      "counter": "材料出尽くし",
      "check_ids": [
        43,
        44,
        45,
        46
      ]
    }
  ],
  "nine_questions": [
    {
      "id": 1,
      "question": "何で儲かった？",
      "analysis": "全社営業利益率は前年同期より低下。",
      "impact": "利益の『質』と『続く可能性』が分かります。利益が伸びた理由が強いほど、次の四半期にも再現しやすいです。",
      "info_type": "H1"
    },
    {
      "id": 2,
      "question": "それは本物の利益？",
      "analysis": "前年大型ライブ収益の反動減を短信が明記。単純YoYには事業要因の分解が必要。",
      "impact": "利益が来期以降も残るかを判断できます。本物の利益ほど株価の評価倍率が上がりやすいです。",
      "info_type": "H1"
    },
    {
      "id": 3,
      "question": "何が変わっている？",
      "analysis": "会員増は確認。決算後の連続加速は未確認。",
      "impact": "会社の『変曲点』を見つけます。株価は決算数字より先に、変化を織り込み始めることがあります。",
      "info_type": "H1"
    },
    {
      "id": 4,
      "question": "会社は未来を何と言っている？",
      "analysis": "単純進捗30.65%。前年同Qの季節性を踏まえる必要があり、高進捗とは断定しない。",
      "impact": "経営陣が何を前提に行動しているか分かります。未来の業績を考える材料になります。",
      "info_type": "H1"
    },
    {
      "id": 5,
      "question": "いつ利益になる？",
      "analysis": "資料不足：日付/条件と影響額の原本根拠・連続比較が不足。",
      "impact": "良い材料が『いつ決算に出るか』を判断できます。株価は利益計上より前に動くこともあります。",
      "info_type": "H1"
    },
    {
      "id": 6,
      "question": "いくら利益になる？",
      "analysis": "資料不足：正常利益のBase/Bull/Bearを支える数量・単価・原価等が不足。架空のEPSは算定しない。",
      "impact": "将来EPSを計算できるので、『今の株価が本当に安いか』を判断できます。",
      "info_type": "H1"
    },
    {
      "id": 7,
      "question": "会社予想に入ってる？",
      "analysis": "単純進捗30.65%。前年同Qの季節性を踏まえる必要があり、高進捗とは断定しない。",
      "impact": "好材料が会社予想に未反映なら、上方修正の余地があります。ここは歪みの重要ポイントです。",
      "info_type": "H1"
    },
    {
      "id": 8,
      "question": "株価に入ってる？",
      "analysis": "開示後株価反応は確認可能。ただし正常利益と市場予想の乖離は未確認。",
      "impact": "最終的に『市場とのズレ』があるかを確認します。良い会社でも株価に全部入っていれば歪みは小さいです。",
      "info_type": "H1"
    },
    {
      "id": 9,
      "question": "何が起きたら自分の予想は外れる？",
      "analysis": "全社営業利益率は低下。イベント規模拡大の原価と放送縮小が成長事業の利益を相殺すれば、構成転換が全社増益につながらない。",
      "impact": "予想が外れた時に早く気付けます。『株価が下がったから売る』ではなく、事業仮説が崩れたかで判断します。",
      "info_type": "H1"
    }
  ],
  "missing": [
    {
      "code": "4838",
      "item": "XBRL前年同期",
      "state": "該当期の決算XBRL原本なし",
      "note": "XBRL対象期一覧で内容を確認。最新期ZIP内の比較数値は過年度原本とは区別"
    },
    {
      "code": "4838",
      "item": "XBRL前期通期",
      "state": "該当期の決算XBRL原本なし",
      "note": "XBRL対象期一覧で内容を確認。最新期ZIP内の比較数値は過年度原本とは区別"
    },
    {
      "code": "4838",
      "item": "分析HTMLの鮮度",
      "state": "2026/07/24",
      "note": "保存時点のスナップショット。最新開示との時間差に注意"
    },
    {
      "code": "4838",
      "item": "日足の鮮度",
      "state": "最終日 2026-09-18",
      "note": "更新スクリプト未実行。現行株価として利用しない"
    },
    {
      "code": "4838",
      "item": "決算短信",
      "state": "前年同期: 2026年3月期 第1四半期 原本未確認",
      "note": "当期資料の前年比較数値・HTML過去推移は別途存在し得るが、原本取得済とは扱わない"
    },
    {
      "code": "4838",
      "item": "決算説明・補足",
      "state": "前年同期: 2026年3月期 第1四半期 原本未確認",
      "note": "当期資料の前年比較数値・HTML過去推移は別途存在し得るが、原本取得済とは扱わない"
    }
  ],
  "segments": [
    {
      "segment": "コンテンツ",
      "sales": 3112.874,
      "op": 370.077,
      "unit": "百万円",
      "page": 4,
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842"
    },
    {
      "segment": "ソリューション",
      "sales": 3045.891,
      "op": 241.896,
      "unit": "百万円",
      "page": 4,
      "asset": "cc2c66b3d847dce0f03eb7e50e2a86ddfb425c0e802a7f40141f434d2a2fc842"
    }
  ],
  "limitations": [
    "手元の保存資料内での最新。市場の最新開示を網羅したものではない。",
    "計算はPython、原因分析・反証はCodex。新しい資料の追加後は仮説を再レビューする。",
    "当期短信内の前年数値と前年同期の原本保有を区別。",
    "閾値未設定の正常利益・目標株価・売買推奨は算定しない。"
  ],
  "additional_detail_file": "4838_detail.json"
}