III-1 · INVESTMENT STRATEGY

Investment Strategy

Toyo Bijin Capital · A Letter to Long‑Term Capital

The Group's strategic investment arm is not an independent fund, nor does it raise outside capital — it deploys capital the Group has built up over generations.

THE SOURCE OF STRATEGY

The Other Engine
of the Two

The Other Wheel

"Letting the most patient research meet the most enduring capital."

This promise belongs to the Kyoto Life Sciences Institute as much as to Toyo Bijin Capital. The life sciences engine and the strategic investment engine are not two parallel departments but two expressions of one enduring commitment.

Toyo Bijin Capital exists not so the Group can "also do some investing," but so the Group's R&D cycles are no longer dictated by the quarterly rhythm of the markets — patient capital is what makes patient research possible.

INVESTMENT PHILOSOPHY

Three Principles

Three Convictions

01

Long‑Termism

Long‑Termism

Each investment cycle is at least 7-10 years, aligned with the R&D cycle of the Kyoto Institute. We do not chase quarterly returns; we walk alongside a journey of science.

02

Reciprocity

Reciprocity

The technology of portfolio companies can be absorbed and adapted by the Group's product lines — the point where our two engines, capital and research, truly engage.

03

Scientific Patience

Scientific Patience

We invest not only in companies but in scientists themselves. We believe that treating researchers with patience is the only reliable source of long‑term return.

THREE INVESTMENT DIRECTIONS

On the Same Track as the Group's Mission

01

Life-Science Startups

Life-Science Startups

Regenerative medicine / Stem cells / Signal peptides.

02

Women's Health Frontier

Women's Health Frontier

Echoing Bijin Privé and the Group's Women's Wellness Initiative.

03

Sustainable Beauty Materials

Sustainable Beauty Materials

Echoing the Group's environmental commitment, driving the industry toward green chemistry.

KEY DRIVERS

The boundary between what we invest in and what we do not

· Aligned with the Group's R&D strategy.

· Aligned with the Group's sustainability strategy.

· We do not invest in financial-arbitrage projects unrelated to the Group's core mission — however tempting the short-term return.

This boundary is the most fundamental difference between Toyo Bijin Capital and an ordinary financial-type fund.

CASE

"A senior scientist once backed by Toyo Bijin Capital,
after years of repair-focused research,
saw the fruits transformed into a core ingredient of the Group's next-generation intimate products."

INTERNATIONAL ALIGNMENT
SDG 9

Industry, Innovation & Infrastructure

Industry, Innovation & Infrastructure

SDG 17

Partnerships for the Goals

Partnerships for the Goals