Puella Magi Kazumi Magica
Kazumi is actually a witch that was turned back into a magical girlKazumi has signs of a Dark and Troubled Past, even referring to her amnesiac self as a "new Kazumi" as opposed to the "old Kazumi". At the end of chapter 2, her friends say that anyone can become a witch, with the implication that that they're referring to the "standard" witches of the anime, and they've had to deal with it personally. And let's face it, her magical girl costume is a Cute Witch outfit! A black cat even appears in the second chapter! Of course, the anime has said that such a thing is impossible, which is why this WMG must be taken together with the next WMG Alternatively , given the ending of Madoka Magica, Kazumi might be one of the few Magical Girls who stood on the brink of oblivion via Grief, and while she might have become a Witch under the old rules , she is one of the few who managed to overcome/reversed this. It might also explain her memory loss. Her memory might be deliberately erased by Madoka so that Kazumi's "second chance " can occur.
Kazumi takes place after the anime, specifically after Madoka makes a reality-altering wishSpecifically, a wish to change the magical girl system forever. Part of the changes would include a way to turn witches back into magical girls. Note that the black cat in Kazumi chapter 2 resembles the one seen in the OP of Madoka (and in a piece of official artwork with Homura). Earlier guesses on the Madoka WMG page say the cat could be a result of Madoka's wish.
Either Kazumi or Umika and Kaoru are evil.Think about it. Kazumi's outfit looks like a witch's, and now there's a second magical girl with a similar costume theme. Umika and Kaoru's outfits look more like nun-outfits...there's gotta be something going on with that.
Kazumi can't remember her friends or past......because she wished for it.
Kazumi's wish was to have friends.Explains how she could be in a seven-member magical girl team. Of course, the knowledge that she only has friends because she wished for them may have been causing her grief...
Kazumi's wish Ret Conned reality.In the first chapter, she alters reality by turning the bomb into a toy. A Puella Magi's abilities are linked to the nature of the wish they made. Perhaps, as speculated above, she wished to have friends... and thus, the others' memories were altered to include her in their group.
Kazumi helped create the new type of witches.Possibly with the help of the other Cute Witch magical girl and/or the Pleiades Saints. This is why her hair can only detect the new kind, and not the original kind. She may have given part of her own magic to help make them, therefore giving her a connection to them.
The mysterious, unnamed magical girl wished to save Kazumi from becoming a witch, just like Homura did for Madoka.She has a similar costume because she admired Kazumi and wanted to be like her. She now regrets doing it, possibly due to her own despair that would be the same amount of happiness Kazumi has/makes by existing. By getting rid of Kazumi, she could possibly become happy again.
The new type of witch was born from a wish for more witches.More specifically, for more Grief Seeds. Need a lot of those to maintain a group as big as the Pleiades Saints, after all...
It's All Just a DreamYup. Alternatively, Kazumi's wish was to be able to make her dreams into reality, which is why things don't fit.
Yuuri......is a former Pleiade. Maybe they lost their memories of her, and she was shamed in some way; this is why she holds a grudge.
Plot predictions as of the end of Chapter 4
Yuuri...... made a wish to take revenge on the Pleiades. She was their Muggle Best Friend, but they left her to die in a fight she'd tagged along to. She lived long enough for Jubey to find her and contract her, letting her live until she takes revenge. This is why she continues to use magic even while she's at her limit: she's going to die anyway. Alternatively, she just doesn't know any better, because the Pleiades found out about where Witches come from after her supposed "death".
Kazumi will become the witch SuleikaTruly a Wild Mass Guess, as there is no evidence whatsoever seriously Oriko-as-Charlotte has more evidence than this!. This idea only came about because it was noticed that the symbol on Kazumi's bells (and hair, and hat, and in two places on her Soul Gem) resembles a question mark, as in the question mark found on Suleika's (and Albertine's, and Uhrmann's) witch card. It would also make a very neat pair of Book Ends: Kazumi begins in darkness and ends in darkness. Although that would lead to Kingdom Hearts jokes...
Kazumi wished to be able to make her thoughts into reality."Stop the bomb. Bibbity Bobbity Boo".
Kazumi Magica is actually the prequelThis one here shows that Oriko Magica is likely the actual sequel rather than being the prequel. The Madoka Magica showed that there have already been magical girls in the past so its possible this was before the timeline of the anime.
Kazumi and Yuuri are the same person.Admittedly extremely wild and possibly even able to be debunked at this point. Kazumi has amnesia because she is the "good" side of the entity that Yuuri is the other side of. The girls had thought that they had "purified" Kazumi. (This could be why Yuuri is at her limit of turning into a witch.)
The girl in Yuuri's memory is Kazumi.Specifically the "old Kazumi". She was close with Yuuri. Kazumi and the girl are in an identical position, and Yuuri seems to react in a way that implies she doesn't like the attitude of the "new Kazumi".
Jubey will become evil.He absorbs the blackness into his fur, which is turning black. Perhaps he becomes some Eldritch Abomination and the girls have to fight him. Assuming Kazumi is a prequel, this prolly explains why Kyubey and the other Incubators don't do this anymore.
The person who gave Kazumi her bells is the same person in Yuuri's flashback.This girl is now dead, which set off both Kazumi's amnesia (because she didn't want to remember), and Yuuri's Roaring Rampage of Revenge (because she blames the Pleiades for what happened). She may have been a Magical Girl and died fighting a witch or turned into one.
Juubey is a prototype Incubator.If he's successful, he'll be used as a template for the the tenth 'edition' of Incubators. Kyuubey was a member of the ninth and most recent batch.
Yuuri was a witch but came backThat would explain why everyone is so shocked and yells "Impossible!" when seeing her, as well as the power of her Evil Nuts.
Yuuri is an aliasThat's why no-one recognized her name.
Cosmic Retcon effect predictionsIt's likely the real Yuuri will still vanish because she'll overuse her magic. Since no-one killed Yuuri, Airi won't go on a Roaring Rampage of Revenge; however, she may still become a magical girl to continue what Yuuri did (with a different wish), and then vanish in an attempt to be with her.
Kazumi is the real YuuriWell, I don't have much of an explanation for this, but crazy theories tend to be true in this series. And there are little bits of foreshadowing if you know where to look:
Kazumi is a close friend or sibling of the real Yuuri.This may make a bit more sense than the one above. One of the Pleiades, or someone else altogether, perhaps Kazumi herself, could have wished that Kazumi forgot about the real Yuuri so that she didn't suffer from her death. This still leaves the inconsistency of Kazumi appearing inside a suitcase. Why there and not somewhere else?
Jubey is born from a wish, probably from Kazumi's wishes.
Jubey is from a different, competing race from Kyubey.Jubey and Kyubey both aim to save the universe through emotions. However, Jubey, wishing to help the humans (possibly because he may have emotions), decides to leave it up to the emotions of the girls to generate energy rather than forcing grief on them, and cleans their Soul Gems both to save them from becoming witches and gather more helpers to stop the witches (e.g. fighting things like Walpurgis Night). However Kyubey prefers the more energy-generating method of forcing girls to become witches; it's possible he may not even be able to clean gems. Both of them have struck a truce of sorts, seen by them standing by each other. Either Jubey is dead by the end of Kazumi or his work wasn't effective enough to stop Kyubey's witches.
Jubey is a mentally ill Incubator.That is, he feels emotions. Power Born of Madness, anyone?
Chapter 7 spoilers: The Pleaides are turning Soul Gems directly into Grief Seeds.Probably as part of some Deal with the Devil with Jubey.
More chapter 7 spoilers: The Pleiades are actually trying to slow down The Corruption in order to stop witches from being born.They may be testing out new technology made by Nico on other magical girls to do this.
The Pleaides Saints will become WalpurgisnachtUnlike Kyubey, Jubey is willing to play the long con, waiting for one of them to become a witch in the middle of a fight. Once one of them does it will send the others into despair at which point he'll stop cleaning their gems and tell them it was his plan all along. This one-two punch ought to get the rest to transform in rapid fashion. However, before all this happened they all became such close friends that all they want after their transformation is to be together. So their witch forms fuse to form Walpurgis.
New!Kazumi was a FamiliarBear with me on this. in Madoka Magica, Familiars were stated to become clones of the original witch if they kill a human and therefore drop Grief Seeds. In the first chapter you see a flashback of a naked Kazumi covered in blood and standing next to corpses, add in her amnesia, the subtitle 'The Innocent Malice', the fact she calls herself New Kazumi and Nico not encouraging her to get her memories back: its probable that she is a familiar of the Old'Kazumi.
Kazumi will become the antagonistHer flashback hints at a Dark and Troubled Past with her standing over a pile of dead bodies and during her conversation with Nico about her memories Nico glances at a report about a shooting while saying that some memories are better forgotten implying that Kazumi may have been a mass murderer in her past or at least been a witness or complicit in some dreadful tragedy that caused many deaths. The subtitle 'The Innocent Malice' could be Foreshadowing her as a ticking time bomb waiting to go off at the right provocation. Remember that Madoka Magica and Oriko Magica had the titular characters as DecoyProtagonists, in Oriko's case, she turned out to be the villain, Kazumi could be something similar.
Ayase/Luca Souju are stealing other Magical Girl's powers via their Soul GemsJyubey mentions that they are two Soul Gems that control the same body rather than one Magical Girl with two different transformations. The same magic that allows this also allows the two to draw powers from Soul Gems. Besides acting as a Soul Jar, the Soul Gem also serves as a Transformation Trinket and source of a Magical Girl's power. The Soujus know this and actively seek to increase their own strength by collecting Soul Gems to gain access to a wider variety of powers. (i.e. Kazumi's Reality Warping, Nico's regeneration, etc.) It would explain why their interest in collecting bright gems and their disinterest in darker ones since a Magical Girl's magic strength corresponds to their gem's brightness. It is also possible they're aware of Magical Girls turning into witches once their gems darken. Drawing magic from other gems would decrease their need to use their own thus slowing down The Corruption. If they really needed a Grief Seed, they could just use up a gem until it darkened, and changed into a Grief Seed and destroy the resulting witch, though its more likely they just destroy the gems that get too corrupted.
Jyubey is the 10th species to join Kyubey's alliance to fight off entropyThis is, of course, assuming we can even believe Kyubey's claim to begin with, including the one when he told Madoka his species was waiting for humans to join them someday. According to these thoughts (sort of an "honest Kyubey" theory), Jyubey could be, appropriately for its name, the 10th species to join the alliance Kyubey belongs to. Kyubey itself/themselves could be the 9th, even! ...meaning there are other eight species doing the exact same, each with their own version of an "incubator", perhaps all mixed up and spread through the universe to gather emotions to fuel the universe back. In this case, the 9th and 10th species are assigned to Earth, but other planets with sentient and emotional species could be victims to any combination of -beys ranging from the 1st to the 8th.
The black cat seen around Kazumi's (really, Umika's) house is actually AmyBased on nothing more than the fact that the guy who writes Kazumi Magica wrote the screenplay for the drama CD that introduced Amy. So to make this WMG work, Kazumi Magica has to be set before the events of the anime, and the Pleiades Saints (or at least Kazumi, Kaoru, and Umika) will get wiped out or worse. Then the now lonely cat wanders over from Asunaro to Mitakihara and you know the rest. ...that would actually mean that Kazumi Magica created the anime's events. Shocking.
The witch that appears at the end of Chapter 8..
Kazumi is CharlotteShe adores her sweets, after all, and has a darker personality lurking under her own cuteness...
Kazumi is tapping into Spiral PowerYes, THAT Spiral Power. Given the counter-rotating Spirals on her Soul Gem emblems, and the extremely overpowered, rulebreaking magic she has, and her generous appetite often applicable to Spiral Energy users, this explains so much about why she exhibits powers unusual even for Contractee Magical Girls.
The Pleiades are attacking other magical girls because...They're trying to prevent them from becoming witches by taking away their deteriorating Soul Gems, and are willing to sacrifice the girls in order to prevent the witches from being born.
Kazumi Magica's Chapter 9 Freezer might become Walpurgis Night's birthplace.
Kazumi is a clone
Nico's "backup"......wasn't made from scratch. Her powers are like Fullmetal Alchemist transmutation, and you can't create a soul from that, but her copy had a Soul Gem and it could become a witch. Plus if the Incubators could clone humans you'd think they'd do that instead. What Nico is doing is transmuting another girl into a Body Double. Maybe also used Fake Memories or Brainwashing to make the duplicate think she's Nico. Based off the symbolism, she would then be that girl shooter Nico read about in Chapter 7. Bonus points if Nico was actually paralyzed by that girl shooter, made a wish to regenerate herself, and then took revenge in a horrific fashion.
The Pleiades are taking Soul Gems in order to continue to purify theirs.The Soul Gems they take are used to give Jubey the power to purify their own Gems.
Juubey's energy plan is more diabolical and will be more successful than Kyubey'sWhile many people think that the Madoka Magica characters got gypped by Juubey's cleaning method, in actual fact they are lucky. Juubey only seems to clean the Pleiades' gems, thus creating a very powerful witch fighting team full of special people. He also eats the Grief Seeds straight away, denying other Puella Magi their use. Non-Pleiade Puellas then have less chances of getting a Grief Seed, leading to the reveals in the latest chapters. He has therefore created a situation where if he was to leave, even simply just hiding for a time: His seven special Puellas would find they no longer have the luxury of automatic Gem cleaning and will then have to fight each other for Grief Seeds leading to them all falling into despair at more or less the same time. Seven witches appearing at once will create a very large amount of energy and create more Puellas. Juubey can then rinse and repeat and this way doesn't have to just contract powerful girls to get energy.
Juubey is working with the Pleiades in order to find a way to stop magical girls from being corrupted.Umika and Juubey explain that they attack other magical girls and and put them in the Freezer as a response to the magical girl system, which basically exists to screw them over. Juubey is helping the girls to fix/escape this system either because he's mentally ill and has emotions, or because he's planning on using them for some other purpose.
The series ending will result in the Madoka universe being possible.The Pleides Saints will sacrifice themselves, it may even result in Walpurgis Night being created; but it will enable more than one timeline to be tied together. They will know this; that it will be possible to create a super-magical girl whose wish who can either save them all or destroy the world.
Kazumi Magica is the result of...Kyubey and Jyubey, essentially, are playing space chess against each other, using magical girls as their pawns. In other words, while he's technically helping magical girls, Jyubey isn't necessarily good or bad, it's simply a convenient result of fighting against Kyubey. This will likely end with Kyubey winning and moving on to Madoka's town, possibly with at least one of the Pleiades becoming one of the witches from Madoka. This also explains how a lot of the "enemy" magical girls, thus far, haven't recognized Jyubey - as shown with Yuuri and Airi, they were likely contracted by Kyubey instead of Jyubey as WELL as why Jyubey is still prone to making his crazy grins. This is probably just fun and games to him, regardless of his doing "good."
Jyubey is actually an incubator corrupted by Kazumi's magicJyubey doesn't act anything like we've come to expect incubators to be like. He seems to feel emotions. He can feed on grief directly without needing the soul gem to become completely corrupted. He's changed his mind or corrected himself on his explanations (calling Kazumi's magic 'destruction' vs. 'sacrilege.') He's flat out lied to Kazumi about where witches come from. Of these, the most egregiously out of character actions have all been centered around Kazumi, or at least associated with her. It's possible that Kazumi used her wish to make the incubator trying to contract with her more human/able to understand and empathize with humans, granting her her reality altering powers. If she wished for something else originally, a later incident may have sparked her using her reality altering powers on the incubator, such as learning the Awful Truth about where witches come from and then forcing the incubator to be more helpful. This destruction (desecration) of Jyubey's original nature may have been what lead him to first describe her powers with the the more charged 'sacrilege' before admitting it was -just- 'destruction,' regardless of his personal feelings about it. We see her powers doing something similar to the witch form of Airi when she tries to turn her back into a magical girl. It doesn't work, but then, Kyubey (who has never *outright* lied) did say that it was impossible for a witch to be turned back into a magical girl. This would even explain Jyubey's name. 'Kyubey' is pretty obviously a cutesy shortening of 'Incubator,' which fits with their mentality of 'hide what would upset the target, but don't *lie.*' Since 'Jyubey' was no longer part of the 'Kyubey' hive mind after the incident, the Jyu- suffix was chosen (by him or one of the girls) for the nine/ten pun noted elsewhere. The Kyubey hive mind haven't done anything about him because they regard the situation as an experiment. If the Jyubey model proves effective, they'll adopt it. If not, he's only affecting one city and a relatively small pool of puella magi, and can be dealt with if necessary.
A traumatic event in the past caused Kazumi to become evil or at least antagonisticThe Spin-off series tend to base characters from characters in the anime and Kyoko's the only one without a counterpart comparison. Like Kyoko, Kazumi was once an idealistic Magical Girl who believed in helping others the flashback in Ch 10 shows her rescuing the Pleiades before they became magical girls from a witch-kiss induced suicide kinda of how Kyoko helped protect Madoka and Sayaka from a witch as explained in the 3rd CD Drama.. Unfortunately, her world-view became shattered by a traumatizing event. A flashback in Ch1 shows her standing over dead bodies; its possible she may have been the sole survivor of a massacre wherein she lost loved ones including the person who gave her her bells which may be why she hates people touching them. Alternately, finding out the truth behind the Puella Magi system soured her selfless worldview driving her to despair and deciding that she may as well just look out for herself rather than other people. Of course, it could have been both. The Pleiades shocked at the change in personality and beliefs of the one who saved their lives and failing to convince her to change her mind otherwise erased her memories so she would go back to the old Kazumi. This is why the girls become so desperate to hide the truth behind magical girls from her and what leads them to go to extremes to prevent Puella Magi from becoming witches and turning them back to humans. Also going with the previous theory that Kazumi created the 'new witches', in her Start of Darkness she may have been responsible for the creation of the Evil Nuts.
Juubey is an Incubator capable of feeling emotionConsider what Kyuubey tells Madoka in Madoka Magica:
"Among my species, the phenomenon known as 'emotion' only exists as a mental illness."Or in other words, there are Incubators who feel emotion, but they are regarded as having a mental illness. It's entirely possible that an Incubator with emotions would see the magical girl fights witches → magical girl becomes a witch → more magical girls are needed to fight witches cycle the same way a human would, and that it might want to ally itself with magical girls to end it all.
Saki Asami becomes Gertrud.The symbol on the top of Saki's soul gem and Gertrud's grief seed is a butterfly. In the flashback in chapter ten, Saki shows and interest in flowers. The symbol on top of Gertrud's grief seed is a butterfly. This article  shows that the symbol on both Sayaka's soull gem and Oktavia's is the same musical note. Gertrud is shown to obsessed with roses, and Saki's flashback shows her with lily-of-the-valley flowers saying that her dream is to make a wedding bouquet out of them. Her friend Miyuki says that's impossible as no man is good enough for her, and says she wants to marry Saki. Miyuki is later killed in a car crash. Gertrud's witch card says that "She holds roses dearer than anything else. She expends all of her power for the sake of beautiful roses. Despite stealing the life-force of humans who wander into her barrier to give to her roses, she loathes the thought of them trampling the inside of her barrier.". Roses could represent Miyuki, and the thought someone destroying flowers could represent the car crash that killed Miyuki. Roses are symbols of love, which is why Gertrud's barrier is filled with roses instead of lily-of-the-valleys.
Satomi will die.Satomi shares personality traits with Mami such as patience, friendliness as well as a hidden fragile mind with a tendency to snap. The end of Chapter 12 shows her suggesting to Saki to kill Kazumi with a Slasher Smile after the Evil Nuts insignia appears in her eyes before her fainting. In the orginal series, third timeline Mami wound up killing kyouko in a murder-suicide attempt after finding out the Awful Truth about Magical Girls and was killed by Madoka before she could kill Homura. Its possible that Satomi may have concluded that Kazumi was the one responsible for creating the Evil Nuts and seen her as a threat to be eliminated. She will then try to kill Kazumi resulting in the other Pleides or Kazumi herself killing her making her earlier words about not wanting to die Ironic and Harsher in Hindsight. Bonus points if her crazyness results in her worst fear of turning into a witch.
The Pleiades are lying to Kazumi, and her memories are fake.There are quite a few things here that don't add up.
Jubey is Kyubey.The anime taught us that Incubators have multiple bodies. Who is to say that the two making an appearance in Chapter 4 wasn't just two of the bodies together at the same time? Also, there is an instance in Chapter 10 where a silhouette that appears to be Kyubey turns out to be Jubey - page 14, to be exact. We don't know everything about Incubators, so who is to say that they don't have shapeshifting abilities in addition to everything else?
Jubey's purification...Doesn't work perfectly. All the girls who have become witches so far (Nico, Satomi, and Saki) had no corruption in their Soul Gems when they transformed. Considering what the Pleiades do, Jubey may be able to purify their Soul Gems, but at the cost of their sanity.
The Evil Nuts were created by Incubators.When a Puella Magi went too long without becoming a witch (like, say, the Pleiades Saints), the Incubators would release Evil Nuts into their territory, causing her to use up magic fighting pseudo-witches and transform. Alternatively, Evil Nuts would be used to send the Puella Magi into a fit of rage and exhaust her. Tying into that...
The Incubators are behind most of the plot.All of the big plot points - Evil Nuts, the Freezer, and the clones - are experiments to see if they can milk any more energy out of a single Puella Magi. One of the Pleiades Saints could be working with them, or it might just all be manipulation.
Satomi's Fantasma Bisbiglio works by possessing people with her dead cat.Think about it. Why would wishing to talk to animals let you brainwash humans? The spell is translated as Ghost Whisper, and the runes resemble cat paws and tails. Not to mention that Saki appears to grow fangs while under Satomi's control.
Everything is a part of Juubey's planThe set up is just too delicious for the Mangaka to pass up. In chapter 13, Kazumi learns that she is the 13th clone of the Magical Girl Michiru Kazusa, the original founder of the Pleiades Saints, and all of the previous clones have been set loose on Kazumi. The shock generated will send Kazumi over the edge into despair, and become a witch. Because all the other Pleiades Saints [[spoiler: might be on the verge of becoming witches, the despair of their thirteenth failure to bring back Kazusa will cause them to become witches too. The Pleiades Saints all lose, and Juubey wins. All in all, a good day of business...
All of the Pleiades Saints are witches. It's not just Kazumi, all of them are the same. They all became witches at some point or the other and each of them is an experiment by the remaining girls to bring them back. Each individual girl thinks she's the only remaining one that didn't turn into a witch and hides the truth from the rest, until one of them snaps.
Michiru knew the truth about the Magical Girl system before she became a witch.During the scene in Chapter 14, Michiru turned into a witch while Umika and the Pleiades were talking about how much better their lives had been since meeting her. What better reason to give into despair than knowing you've condemned your six new friends to eventually turn into witches? (Not to mention her being responsible for Yuuri.)
Satomi is about to turn into a witch.However, this time, Kazumi will find a way fully revert her back, unlike Airi due to their bonds of friendship... even after what has happened.
Saki and her sisterwere in the same accident that killed Mami's parents. Its possible as the location of the accident is unknown and Asunaro and Mikitihara may be with in drivable distance of each other.
We'll finally learn exactly what Nico's wish was in chapter 18.It is probably the one thing that can explain Nico's behaviour at the end of chapter 17.
Nico's wish turned her into some sort of Magical Girl/Incubator hybrid.Her powers, as well as her behaviour and ability to create Evil Nuts in chapter 17 may suggest something like this. It was probably not what she intended when she made her wish, but somehow the wording gave her similar abilities to the incubators.
Kazumi will be able to make a contract that can fix everything.As a clone, Kazumi might have the powers of the original Michiru, but technically she has not yet made a contract of her own. Kyubey mentions in the original series that they searched other parts of the universe before settling on Earth, so there's nothing saying that they can only make contracts with humans. So if Kazumi has the chance to contract, she can use her wish to somehow fix everything.
Nico is not a witch, she's either lying or crazy.At the end of Chapter 17, Nico uses the phrase "you humans" to refer to the other girls. This isn't like how Homura used the phrase - she doesn't consider being a Puella as inhuman, as she uses it to refer to OTHER PUELLA. It's fairly clear, then, that she is a witch given flesh like Kazumi, but let's unpack this. Up until this point, we have seen no evidence to support that Nico is any sort of a condition akin to Kazumi's. Kazumi had no memories (although that might have been a failure on their part to completely perform their ritual), she reacted strangely to the Evil Nuts - a reaction only she had and that she couldn't help - and several other things that Nico has not. We can assume that, if they're going to bring Kazumi back, they're definitely going to try it on the others, but we haven't seen too much evidence to indicate that this has happened. There's also the contradiction of how the other remade girls could be so normal and be successes when Kazumi could not. In otherwords, we can assume that they haven't been having the problem of turning into witches until recently (exceptions accounted for, of course). In otherwords, the only thing we have to go on is Nico's single statement and the following actions which doesn't even really do much besides reference herself as being non-human and wanting to protect other non-humans. So what does this mean? It means that Nico may be going crazy, as opposed to ACTUALLY being a witch like Kazumi. There are a few things that might lead her to be this way, too. Nico is the one who turns others into witches in her stead, which may lead her to either believe she let the REAL Nico turn into a witch by accident at one point, or see herself as a horrible evil monster for how she strips innocent people of their lives to give herself a chance she should've lost a long time ago. We also know that the incident where she killed her friend still weighs heavy on her conscious, something that may also degrade her to the point of feeling like she's a monster and doesn't deserve to be human. She also knows, for a fact, that Umika can make up and alter memories to the point where she brainwashed an entirely emotionless being into being a fairly cute if not somewhat aloof and creepy friend. She might BELIEVE she was turned into a witch, brought back, and had her memories of it erased. If this is the case, she may think that her creation of the Evil Nut is a sign of this, even though it's well within her power. There's also another distinct possibility that she may actually just be doing the equivalent of LYING. Nico may find what the girls are doing with the Soul Gems, what they're doing to Kazumi, and several other things as morally reprehensible. Considering how she uses people as fodder for her own continued survival, she probably has a different idea of the value of a life then the others and may see it as cruel how every time they remake Kazumi and flub up, they simply discard the corpse. She may have staged this plan then to fight them off and punish they're evil. Her comment, then, would be a way to sow mistrust and discord among them, in hopes that they start blaming each other for creating Nico and getting angry at Umika for whipping their memories of it. It could also be a deliberately decietful remark simply meant to make them feel bad instead of apply anything
Nico is the In-Kyubey-tor in a human disguise.Spare bodies, she doesn't lie, she just say the ambiguous truth, emotionless face and reality altering powers. She can go back and forth from Nico to Kyubey, maybe even Juubey, that's why two bodies, one in Nico form and other in Kyubey form where in the same place at the same time in chapter 4. Also, Kyuubey is a female being
Nico's wish was to become an Incubator.The trauma from her Dark and Troubled Past turned into Sociopathy or Psychopathy, and she doesn't really care about her friends. She chose to ally with Juubey and become an immortal Incubator. That's why she referred to the girls as "you humans" at the end of chapter 17. She isn't one. Not anymore. She's also responsible for the evil nuts.
Kanna Hijiri will be defeated by having one of her Evil Nuts used against her.For some reason I could see this happening.
Kanna Hijiri used her powers to corrupt Nico, Satomi and Saki's Soul Gems without them knowing. Hence why there was no visible corruption when they turned. This also links in with the idea that her wish was to secretly connect to the Pleiades, and using their magic unknowingly.
Kanna Hijiri is the other Big Bad aside from Kyuubey.Okay, we now have seen what is going on here and her actions are now obvious.
The series will end with a "Where Are They Now?" Epilogue set after the Cosmic Retcon caused by Madoka's wish. After the main plot is resolved, or whatever, we cut to Kazumi some unspecified time later waking up to find herself in a place where she is greeted by Madoka. Madoka explains to her how the universe has changed so that witches no longer exists, but reveals that while Kazumi never existed in the new world, Madoka was able to prevent her from disappearing from existance completely and take her to where she takes fallen magical girls. She then shows Kazumi what the other characters are up to in the new world. Possible things we might see:
Mirai's soul gem is still intactHow else can her bears still be around in chapter 19?
Kanna Hijiri will be Walpurgisnacht's base witchIn the guidebook; a line in Walpurgisnacht's production note reads "My life is nothing more than a drama that you penned."; which mirror's Kanna's situation with Nico. Add that with the other witches and corrupted soul gems in the Freezer, and Kyubey's comment about it being only "the dawn over the miniature garden"; the manga will end with Kanna absorbing all the other witches, maybe even Kazumi, and bringing about the dusk.
One of the Soujus used to be a guy.Why else would one of their attacks mean "cold penis"?