The small lecture hall was not too far from the campus road used for recruitment.
Naoki Kojima led the three of them around two classroom buildings, then walked along a path lined with ginkgo trees for a few minutes, soon stopping in front of a slightly aged building.
An activity poster for the Economics Research Department was already posted at the entrance.
External Economies and Odaiba Development—Has Seibu Really Been Saved?
Below the poster stood a long table covered with a white cloth, displaying past issues of the Economics Research Department's journals, introductions to club activities, and several membership application forms.
Two students responsible for reception sat behind it; seeing Naoki bring three new students over, they immediately perked up.
"These three were invited by me from outside."
Naoki walked to the table first.
"Has the lecture already started?"
"It started about ten minutes ago."
The girl sitting on the left said, her gaze unable to help but drift past Naoki and linger on Satsuki and the others for a moment.
She quickly picked up a few handouts from the table.
"Do they need to register first?"
"Today is an open research seminar; they can fill it out after it ends."
Naoki clearly had no intention of asking for the three's names at this moment.
He had already brought them to the door; if the registration form and contact information made them feel inconvenienced, all his efforts along the way would have been in vain.
Furthermore, as long as Takahashi-senpai's lecture could keep them there, there would always be opportunities to learn their names and faculties later.
"Please, go on in."
Naoki took the handouts and pushed open the lecture hall door for the three of them.
It was livelier inside than Satsuki had imagined.
This was a tiered classroom that could accommodate sixty or seventy people; the front rows were mostly full, while the back rows were sparsely scattered with newly arrived freshmen.
Aside from the club members managing the event, there were about thirty people there to audit the lecture.
Several large charts were hung at the front of the classroom.
Seibu Railway, Prince Hotel, Seibu Stadium, and the Odaiba project were listed on the left, while Saionji Logistics, S-Farm, Saionji Construction, and several retail companies were placed on the right.
Arrows of different colors were drawn between the two sides to represent the flow of capital, goods, passenger traffic, and engineering resources.
Next to the charts were several photos clipped from newspapers.
These included news of when Saionji and Seibu announced their basic partnership, counters that had just started operating within the stations, and the hotels and convention facilities still under construction in Odaiba.
Standing in front of the podium was a male student wearing thin-rimmed glasses.
His appearance was not particularly striking; he was wearing just a plain white shirt with the sleeves rolled up near his elbows.
A large stack of categorized materials lay on the podium, with different colored labels on the edges, but he rarely needed to look down to search through them.
Whenever someone in the audience looked at a certain chart, he could immediately state which newspaper issue or public document the data on it came from.
Naoki did not leave immediately.
He first led the three of them to some empty seats in the back row and lowered his voice, saying, "The overview of the partnership has already been covered; now is just the right time to start analyzing the benefits gained by both sides."
"I have to go back outside to continue recruitment."
As he said this, he handed the remaining handouts to Reiko and Ayako.
"If there is anything you do not understand, you can ask Takahashi-senpai directly after it ends."
Ayako took the handouts and nodded very obediently.
"Thank you, Kojima-senpai."
Naoki glanced at her.
He did not know if it was just his imagination, but the corner of this underclassman's mouth seemed to twitch again.
Before he could think more about it, a club member sitting near the door waved at him, signaling that there were more people waiting outside.
Naoki had to put this suspicion aside for the moment and hurried out of the lecture hall.
The door closed again.
Ayako finally lowered her head, using the handout in her hand to cover half her face.
Reiko turned to look at her.
"What have you been laughing at since just now?"
"I am not laughing."
Ayako's voice came from behind the paper, sounding a bit muffled.
"I was just thinking that Kojima-senpai seems to really believe in the senior on stage."
"Is he really going to teach Saionji-san how to analyze economics?"
"You cannot put it that way."
Satsuki, at her side, had already opened the brochure in her hand.
She spoke in a very soft voice, not disturbing the people sitting in front.
"Takahashi-senpai has indeed done a lot of research."
The one Naoki had handed her was more complete than the handouts distributed at the door; besides the general content of today's lecture, it also compiled the key stations of Seibu's two main lines, partial public passenger traffic data, the distribution of Prince Hotel in Tokyo and Hokkaido, and the changes in the progress of the Odaiba project before and after the two sides announced their partnership.
Some of the data had discrepancies with the figures held internally by Saionji.
However, for public information that a student club could access, it was already done quite well.
More importantly, Takahashi had not just simply pieced together a few news items.
He truly understood that Seibu's railway, hotel, land, and Odaiba projects were interconnected, and he also saw that after Saionji acquired the station operating rights and hotel procurement rights, it could integrate its own agriculture, logistics, and retail businesses into the Seibu system.
This already exceeded the analytical depth of most financial reports.
"He really did go to the stations to investigate."
Ayako flipped to the photos in the back.
The photos captured Saionji Logistics trucks and station counters that had already been stocked with new products.
The camera angles were not professional, and one was even partially blocked by a utility pole on the side of the road, but the shooting location and date were marked in the bottom right corner of each photo.
"I was just saying they were playing house."
Ayako lowered her voice.
"Was that a bit too much?"
Reiko glanced at her.
"You finally know how to reflect?"
"I have always been very good at reflecting."
"Usually after you have already said it."
Satsuki ignored the two's whispered argument.
She looked up and turned her attention back to Takahashi on the stage.
By this time, the lecture had moved on to the part about the terms of the partnership.
"Based on the publicly available information, there are three main core interests that Seibu has conceded."
Takahashi picked up a piece of chalk and wrote a few lines on the blackboard one by one.
In-station commerce.
Hotel procurement.
Stadium peripheral operations.
"Among them, for certain key stations on the Seibu Ikebukuro Line and Shinjuku Line, the in-station commercial operations will be handed over to the Saionji system for a period of fifteen years."
"For various procurements by Prince Hotel in Tokyo and Hokkaido, priority will be given to using products provided by S-Farm and Saionji-related enterprises, for a period of ten years."
Takahashi turned around and tapped the relationship chart hanging next to the blackboard with his chalk.
"In addition, there are the catering, advertising, and merchandise sales around the stadium. The specific terms for these projects have not been fully disclosed, but judging from the recent changes, Saionji has already begun to enter some of these businesses."
Someone in the audience lowered their head to flip through their handouts.
Takahashi waited for a moment, giving the freshmen time to find the corresponding page, before continuing his lecture.
"Looking only at these conditions, Seibu is undoubtedly the party making concessions."
"Stations have fixed daily passenger traffic, and Prince Hotel can also provide long-term procurement orders. Seibu has handed these revenue entry points over to Saionji in exchange for capital, materials, and construction resources."
He wrote two more numbers on the other side of the blackboard.
Ten years.
Fifteen years.
"However, these operating rights all have expiration dates."
"After fifteen years, the stations will still belong to Seibu. After ten years, Prince Hotel can still choose new suppliers. Saionji has gained the qualification to enter these operating systems, but it has not obtained the railway, the hotels, or the land itself."
Takahashi spoke at a measured pace.
When he reached more important points, he would pause to observe the audience's reaction.
Only after confirming that the freshmen had kept up would he lead the topic toward Odaiba.
"What we need to consider next is Odaiba."
He put down the chalk and walked over to the largest location map.
"Saionji has already invested a massive amount of resources in Odaiba. Saionji Tower, the group headquarters, the headquarters of various subsidiaries, as well as energy facilities and computing centers are all concentrated here."
"These projects require transportation, hotels, and also convention and commercial facilities."
"And Seibu happens to possess these things."
Takahashi pointed to the locations on the map representing Prince Hotel and the convention center.
"Saionji could, of course, choose to build these itself, but that would mean higher costs and a longer timeline. Now that the two sides have reached a partnership, Saionji helps Seibu resume stalled projects, and Seibu provides complete peripheral support for Saionji's group projects."
"This is a deal that both sides need."
Several freshmen in the front row nodded.
This logic was not complex.
Saionji Tower could attract employees, clients, and overseas visitors.
Once those people arrived in Odaiba, they would need accommodation, dining, and transportation, and the hotels, land, and related facilities that Seibu had retained would naturally benefit from this.
The more Saionji invested in Odaiba, the higher the value of these assets would become.
Takahashi wrote "Positive Externality" on the blackboard. (Positive Externality: After one party invests resources, in addition to profiting themselves, they also allow those around them who did not directly pay to benefit as well.)
"Saionji's construction investment has increased the overall value of the surrounding area."
"However, this value will not all return to Saionji. Prince Hotel can gain more guests, Seibu's transportation facilities can gain more users, and the land Seibu has retained will also appreciate in value due to the Odaiba development."
"From this perspective, although Seibu has surrendered a portion of its short-term gains, it has preserved its truly important core assets, while also being able to share in the external benefits generated by Saionji's investment."
His tone remained steady.
He did not belittle Saionji, nor did he intentionally portray Seibu as the ultimate victor just to make his conclusion sound sensational.
But as the content on the blackboard gradually became complete, his bias became quite evident.
Satsuki lowered her head and glanced at the estimates Takahashi provided in the handout.
The value of the in-station operating rights was primarily based on the rent of shops around the stations, while hotel procurement was calculated according to the average profit margin of the food supply industry.
As for the construction, logistics, and capital costs that Saionji invested in Odaiba, Takahashi listed almost all of them on Saionji's side.
On the other hand, for the hotels, land, and transportation facilities retained by Seibu, he used the long-term gains that might be generated after development was completed.
Reiko also saw the problem in this.
She leaned slightly closer to Satsuki, her gaze falling on the valuation table in the handout.
Satsuki picked up the fountain pen she carried with her and wrote a few words in the blank space on the page.
"Comparison object?"
After reading it, Reiko looked back toward the podium, lost in thought.
Takahashi's presentation did not stop.
"Therefore, my judgment on this collaboration is that Saionji certainly gained a significant advantage during the negotiation phase, and Seibu also suffered quite obvious losses."
"However, if we extend the timeframe to ten or even fifteen years later, the situation is very likely to change."
"Seibu still possesses the railways, hotels, land, and supporting facilities in Odaiba, while Saionji needs to continue investing resources into its own Odaiba layout. The better Saionji develops, the easier it will be for the assets retained by Seibu to generate revenue."
Takahashi placed the chalk back on the podium.
"In summary, based on the currently available public information, I believe Seibu is not necessarily at a disadvantage regarding long-term gains."
"If Odaiba is completed according to the current plan, Seibu might even become the party that benefits more from the collaboration."
A low murmur of discussion arose in the classroom.
This conclusion was clearly more likely to pique the interest of the freshmen than the news headlines of "Seibu bows down, Saionji wins"—because it was clearly different from the mainstream societal view.
Ayako put down her handout and stole another glance at Satsuki.
The expression on Satsuki's face did not change much; she was neither displeased nor did she show mockery because Takahashi had underestimated Saionji's gains.
She simply clipped her fountain pen back into her notebook and continued to wait for Takahashi to finish speaking.
Over the next few minutes, Takahashi briefly introduced the usual activities of the Economics Research Department.
They would select recent economic events, have members separately collect newspapers, corporate announcements, and statistical data, and then present their respective judgments at regular meetings.
More complete articles would be included in the department journal, and they would occasionally invite teachers from the Faculty of Economics to sit in.
After the introduction ended, he checked the time.
"That is roughly all for today's presentation."
"There is still some time left, so if anyone has any questions about what was just covered, feel free to ask."
The lecture hall was quiet for a moment.
Soon, a male student sitting in the front row raised his hand.
"Senior Takahashi, I have a question."
"Please go ahead."
"Since Seibu can gain so much from Saionji's investment in Odaiba, why did Saionji agree to this collaboration?"
Takahashi had clearly considered this question long ago and answered quickly.
"Because Saionji also needs Seibu."
He picked up the chalk again and circled several facilities on the map of Odaiba.
"Saionji has constructed a large-scale group project here, but a corporate headquarters cannot operate independently of its surrounding environment."
"Roads, hotels, conventions, transportation, and commercial amenities will all affect the value of the entire Odaiba."
"If some of Seibu's projects remain stalled for a long time, Saionji's own investments will also be affected."
"Helping Seibu resume construction is also protecting the capital that Saionji has already invested in Odaiba."
The student who asked the question nodded and lowered his head to take notes.
The second question came from a female student sitting in the middle.
"Then how much are the station operating rights that Seibu gave up actually worth?"
Takahashi pushed up his glasses.
"It is difficult to get an accurate number."
"Public data only allows us to find the passenger flow, commercial area, and nearby rent for some stations, and the specific contracts have not released the full content."
"We have made estimates based on the data we can currently obtain, and the value is certainly very high. However, the operating rights are only for fifteen years; compared to the permanent assets Seibu retained, I believe it is still within an acceptable range."
He flipped through the materials on the table and quickly announced the corresponding page number in the handout.
After the questioner found the table, she did not continue to press the issue.
Several other people asked questions one after another.
Someone asked if the continued decline in land prices would affect Seibu's revenue, and another asked if the Prince Hotel could really rely on the Odaiba project to resume operations.
Takahashi answered quickly.
When encountering content he could not confirm, he would explicitly state that public information was insufficient, and he did not provide numbers arbitrarily just to maintain his conclusion.
After several rounds of questions, the freshmen in the audience clearly had a bit more confidence in him.
The back door of the lecture hall was gently pushed open at this moment.
Naoki walked in again, bringing two more freshmen with him.
He first had the two sit in empty seats near the door, then looked toward the podium.
Seeing Takahashi calmly finish answering a question about land prices, a satisfied look immediately appeared on his face.
"As expected."
Once it entered the Q&A session, it was easy to see just how thoroughly Senior Takahashi had prepared.
Naoki looked back at the three young women in the back row.
They were still sitting there, and they did not show any expression of boredom.
This could basically declare that this recruitment drive was already half successful.
On the podium, Takahashi finished answering the last question and scanned the classroom.
"Are there any other questions?"
No one raised their hand for the moment.
The members in the front row had already begun organizing the materials on the table, seemingly thinking that today's open research seminar would end soon.
Ayako looked at Satsuki.
Reiko also did not speak, simply looking down at the few words Satsuki had written on the handout.
A few seconds later, Satsuki raised her hand.
There were not many freshmen sitting in the back row, so Takahashi quickly noticed her.
He still had some impression of this girl.
When she came in earlier, quite a few people in the lecture hall had turned their heads to look.
Since then, she had been listening quietly, rarely speaking with her companions, only writing things down on the handout a few times.
"A first-year student?"
Takahashi raised his hand to signal.
"Please go ahead."
Satsuki did not stand up.
She placed the handout on her lap, a very natural smile on her face.
"Senior Takahashi just said that Seibu might be the party that benefits more in the long term."
"I would like to confirm one question first."
Takahashi nodded.
"What question?"
"The Seibu advantage you mentioned—which Seibu are you comparing it to?"
The classroom became a bit quieter.
Takahashi looked at her, not understanding the meaning of that sentence for a moment.
"Naturally, it is a comparison with the benefits Saionji obtained in this collaboration."
Satsuki shook her head gently.
"I am asking about the benchmark you used when calculating Seibu's gains."
She flipped open the handout and revealed that valuation table.
"Here, when calculating the value of the Prince Hotel, the Odaiba land, and the transportation facilities, you used the future gains they might generate after the engineering projects are restored."
"Then, in your opinion, should these gains be compared to Seibu before the collaboration was reached, or should they be compared to Seibu without Saionji's intervention?"
The few members who were still tidying up their materials stopped their movements.
Naoki was also stunned for a moment.
The question did not sound complicated, but as he ran it through his mind, he suddenly realized he did not know which one to choose.
If compared to before the collaboration was reached, Seibu certainly preserved a large amount of assets.
But if there were no Saionji intervention, could those projects that had already slowed down or even stopped really be completed in the way Senior Takahashi estimated?
The ease on Takahashi's face diminished somewhat.
He looked back at the valuation table in the handout.
"Do you mean that I overestimated what Seibu originally possessed?"
"It cannot be judged that way yet."
Satsuki's tone remained gentle.
"I just want to know which Seibu Senior Takahashi placed at the starting point of the model."
Takahashi did not answer immediately.
He looked down for a few seconds, then looked up at the young woman in the back row.
This was no longer an ordinary question asked by a freshman who did not understand the presentation.
What she was asking about was the very first condition that needed to be determined before the entire conclusion could hold.
A moment later, Takahashi turned around, picked up the chalk, and wrote two lines of text in the blank space on the blackboard.
Collaboration reached.
No collaboration.
After writing it, he lowered his arm and turned back around.
"Alright."
Takahashi looked at Satsuki, his gaze now completely serious.
"Then let us start with this question."