Aoyama Zaisan Networks Company,Limited
8929・Standard Market・Real Estate
Business
Aoyama Zaisan Networks Co., Ltd. is a comprehensive asset consulting firm that provides integrated consulting services—covering asset succession, business succession, and asset management—primarily to individual asset owners and business owners. The company has 14 consolidated subsidiaries and 2 affiliated companies, and its revenue is composed of two segments: Asset Consulting (Asset Succession Consulting, Business Succession Consulting, Product Structuring, etc.) and Real Estate Transactions (fractionalized real estate products including ADVANTAGE CLUB (Fractionalized Real Estate Product), etc.). The company views the large-scale inheritance wave among the baby-boomer generation heading into the 2030s and the increasing number of companies lacking successors as business opportunities, and is expanding its customer base through partnerships with financial institutions and accounting firms nationwide (the AZN nationwide network). In December 2024, the company integrated the four companies of the Chester Group, aiming to expand its services in the specialized field of inheritance.
Business Model
Revenue is built on two pillars: Asset Consulting (net sales of ¥11,842 million) and Real Estate Transactions (net sales of ¥29,943 million). In Asset Consulting, 281 consultants provide services such as Asset Succession Consulting, Business Succession Consulting, and Product Structuring, etc. to 3,567 clients and earn fees. Real Estate Transactions are centered on structuring, sales, and management fees for the flagship product ADVANTAGE CLUB (Fractionalized Real Estate Product) (a fractionalized real estate product based on the Act on Specified Joint Real Estate Ventures), with 6 products structured and ¥28,389 million recorded in FY2025 (ended December 2025). Client referrals from partners such as megabanks, regional banks, and accounting firms serve as the main channel for client acquisition.
Company Strengths
The company has concluded the "AZN Nationwide Network Membership Agreement" and similar agreements with financial institutions and accounting firms nationwide, making partner-referred customer introductions its primary channel. The number of customers at the end of FY2025 (ending December 2025) reached 3,567, an increase of 449 from the end of the previous fiscal year, with partner collaboration underpinning steady expansion of the customer base.
Asset Consulting Business revenue grew sharply from ¥8,121 million in FY2024 (ending December 2024) to ¥11,842 million in FY2025 (ending December 2025), up 45.8% year on year. Both Asset Succession Consulting (¥6,496 million) and Business Succession Consulting (¥3,026 million) posted substantial revenue growth, and gross profit increased from ¥3,721 million to ¥5,538 million, reflecting improved profitability.
In FY2025 (ending December 2025), the company achieved ROE of 25.7% and DOE of 11.9%, with a dividend payout ratio of 46.2% and a dividend increase of ¥7 year on year. The equity ratio was maintained at a sound 44.4% (42.0% at the end of the previous fiscal year) while continuing high shareholder returns. The medium-term management plan targets maintaining ROE above 20%, a dividend payout ratio of around 50%, and progressive dividends.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years rose from ¥24,213 million in FY2021 to a peak of ¥45,618 million in FY2024, before declining to ¥41,785 million in FY2025, with the full-year forecast for FY2026 at ¥39,000 million, indicating a downward trend. Meanwhile, operating profit has improved for five consecutive terms, rising from ¥1,856 million in FY2021 to ¥3,858 million in FY2025, and the full-year FY2026 forecast projects continued growth to ¥4,000 million. In Q1 of the fiscal year ending December 2026, revenue was ¥7,582 million (down 34.1% year-on-year), while operating profit reached ¥913 million (up 20.9% year-on-year), representing progress rates against the full-year forecast of 22.8% for operating profit and 23.6% for ordinary profit—both on track. External factors such as rising real estate prices, growing inherited assets, and mass inheritance by the baby boomer generation are providing tailwinds, with expansion of Asset Consulting revenue driving profit growth.
Growth Strategy
Accelerating growth through four pillars: deepening partner collaboration, regional office expansion, AI utilization, and Chester Group integration synergies
Deepen collaboration with a network of more than 200 partners including financial institutions and accounting firms to increase referral and consignment volumes. The publication of a book (November 2025) and seminar utilization have contributed to increased referrals, with customer count at the end of Q1 reaching 3,705 (up 138 from the previous fiscal year-end), showing steady progress.
Opened the Okayama office preparation room in January 2026 and the Hokuriku office preparation room in May 2026. Preparations for opening offices in major cities such as Nagoya and Shizuoka are also underway, aiming to accelerate the acquisition of affluent regional customers through strengthened collaboration with leading regional banks and accounting firms.
By having AI take over internal tasks such as asset analysis and document preparation, consultants' meeting time and frequency are increased, aiming to improve contract conversion rates. This is also being used to shorten the training period for junior consultants and is being promoted as a key initiative of the medium-term management plan.
The business combination with Chester Group implemented in December 2024 has strengthened expertise in the inheritance and business succession domain. The provisional accounting treatment was finalized at the end of the previous fiscal year, and Asset Succession Consulting revenue expanded from ¥1,371 million in the same quarter of the previous fiscal year to ¥2,014 million, with integration effects beginning to show in the figures. From Q2 onward, investment recovery from multiple M&A deals and the Business Succession Fund is also expected.
Against the full-year sales plan of ¥19,400 million for the fractionalized real estate product ADVANTAGE CLUB (Fractionalized Real Estate Product), Q1 sales from two properties reached ¥4,553 million (23.4% progress rate), broadly in line with plan. Careful explanations to customers regarding tax reform have been provided, continuing to secure steadfast support from existing customers and acquisition of new customers. An actual average single-year yield of 6.08% underpins the product's competitiveness.
Last updated: July 17, 2026