On August 28, 2025, Hibiki Path Advisors (“we”) attended the Annual General Meeting of Shareholders (“AGM”) of IG Port, Inc. (“the Company”), one of our core holdings. The meeting ran for roughly 80–90 minutes and featured a lively Q&A. In addition, Mr. Hideaki Anno and Mr. Tomonori Tanaka made a brief appearance and offered remarks. Both had recently been appointed to the board of the Company’s subsidiary, Production I.G (see the Company’s August 17 news release; Japanese only). Mr. Anno is renowned for directing the Evangelion series and Shin Godzilla, while Mr. Tanaka has extensive experience in the visual media and content businesses at the NTT Group. Overall, the AGM felt almost dreamlike—not only for the Company’s fans, but for anime fans more broadly.
At the start of the Q&A, President Ishikawa himself spoke passionately about their appointments to the board of Production I.G. He also reflected on his life in 22-year phases—0–22 “patience,” 22–44 “challenge,” 44–66 “defense,” and the next 22 as “the final corner of life.” His remarks conveyed a strong sense of resolve about the future.
As for the individual Q&A, there were far too many questions to cover here. What stood out, however, was that President Ishikawa, who chaired the AGM, did not cut the session short and recognized every questioner. His view of shareholders as “partners who share the same aspirations and dreams” was genuinely uplifting and left us with a renewed sense of what capitalism and the corporate form can—and should—be.
At the meeting, we raised two questions. The first asked why WIT STUDIO, a key subsidiary, posted a loss in FY5/25, and what the outlook is. In response, WIT STUDIO President Wada explained that the loss reflected upfront investments in new production areas—for example, “My Melody & Kuromi.” He said that the studio is expected to return to profitability in FY5/26.
Our second question was about the recently announced capital and business alliance with Sanrio (announcement in Japanese only). Given that many other companies likely approach the Company with various proposals for collaboration, we inquired why Sanrio was chosen as a partner. Both President Ishikawa and WIT STUDIO President Wada responded. President Wada explained —with concrete examples —that over the past two years of working with Sanrio’s creative team, its character-first creative approach yielded many insights and has become a major source of inspiration for the WIT STUDIO team. Furthermore, President Ishikawa added that shareholders can look forward to future results and works, which, as with the first topic, we found very reassuring.
A quick aside: as noted on the Company‘s IR website, because of the characteristics of its business model and accounting —such as an investment-first model and timing differences in revenue recognition —reported results can swing widely from period to period. However, these swings are largely technical. With respect, we do not view short-term fluctuations as central to the investment case, and investors should not be swayed by them. The following chart provides the clearest illustration of the Company’s growth trajectory. From our perspective, we intend to continue focusing on a long-term outlook. The chart below most clearly illustrates the Company’s growth trajectory. We will remain focused on the long-term.
Figure 1: The Company’s growth trajectory
(Source: The Company‘s IR website)
In any case, this year’s AGM felt like a true launch point for the Company’s next stage of growth. As shareholders, we will keep backing a company that is actively shaping the future!
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