Revenue Increased by 94.3% YoY; Gross Profit Increased by 29.8% YoY

收入同比增长 94.3%；毛利润同比增长 29.8%

, /PRNewswire/ -- Tokyo Lifestyle Co., Ltd. ("Tokyo Lifestyle" or the "Company") (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, collectible cards, trendy toys as well as other products in Hong Kong, Japan, North America, Thailand, Vietnam, the United Kingdom and Australia, today announced its unaudited financial results for the first six months of the fiscal year 2026 ended September 30, 2025.

, /PRNewswire/ -- 东京生活有限公司（"Tokyo Lifestyle"或"公司"）（纳斯达克：TKLF），是一家在香港、日本、北美、泰国、越南、英国和澳大利亚销售和批发日本美容和健康产品、杂货、奢侈品、电子产品、收藏卡、时尚玩具及其他产品的零售商，今天公布了截至2025年9月30日的 2026 财年上半年未经审计的财务业绩。

Mr. Mei Kanayama, Principal Executive Officer of Tokyo Lifestyle, commented: "The first half of fiscal year 2026 delivered broad-based, double-digit growth across our core business lines, with revenue from (i) franchise stores and wholesale customers and (ii) directly operated physical stores increasing by 102.5% and 47.1%, respectively. This growth was driven by our continuous efforts to expand our product offerings, acquire new retail and wholesale customers, and grow our global network of directly operated stores.

东京生活的首席执行官梅·金山（Mr. Mei Kanayama）评论道："2026 财年上半年，我们的核心业务线实现了广泛的双位数增长，来自（i）特许经营店和批发客户以及（ii）直营实体店的收入分别增长了 102.5% 和 47.1%。这一增长得益于我们持续努力扩展产品种类、获取新零售和批发客户，以及扩大我们全球直营店网络。

"During the period, we continued to enrich our product portfolio with a clear strategic focus on core categories such as beauty, luxury, and electronic products. Supported by our deliberate global expansion strategy and disciplined execution, sales to wholesale and retail customers in key regions accelerated, reflected in a 59.4% increase in total stock keeping units ("SKUs"), as well as revenue growth from additional physical stores and expanded operations in Hong Kong, the United States, and Canada.

"在此期间，我们继续丰富我们的产品组合，明确战略重点放在美容、奢侈品和电子产品等核心类别。得益于我们有意识的全球扩张战略和严谨的执行，关键地区的批发和零售客户销售加速，反映在总库存单位（"SKUs"）增长 59.4% 以及来自额外实体店和在香港、美国和加拿大扩展业务的收入增长上。

"As commercial and retail environments continued to recover across our core markets, we amplified this momentum through targeted promotional initiatives and proactive pricing strategies built upon our mature membership system. Onsite promotions, including mall events, gifts with purchase above certain thresholds, and foot-traffic-driven activities, effectively boosted sales in our physical stores, particularly in the beauty product category.

"随着商业和零售环境在我们的核心市场持续复苏，我们通过针对性的促销活动和基于成熟会员系统的主动定价策略来增强这一势头。现场促销活动，包括商场活动、购买达到一定金额的赠品以及吸引人流的活动，有效提升了我们实体店的销售，特别是在美容产品类别中。

"These combined efforts led to a 94.3% year-over-year increase in total revenue and a 29.8% increase in gross profit. We also sustained a stable and healthy overall gross margin of 8.3% across our business lines, underscoring our ability to balance scale with profitability.

"这些综合努力导致总收入同比增长 94.3%，毛利润增长 29.8%。我们在各业务线中保持了 8.3% 的稳定健康的整体毛利率，突显了我们在规模与盈利能力之间的平衡能力。

"Despite the impact of prior-period tax adjustments and foreign exchange fluctuations, we remain optimistic and confident in our strategy and execution capabilities. To optimize resource allocation, we are placing greater emphasis on preparations for future expansion and making necessary investments in site evaluation, talent and customer retention and acquisition. At the same time, we are adopting more flexible collaboration models to strengthen our multi-channel sales network to stay aligned with evolving consumer behavior and industry trends.

"尽管受到前期税务调整和外汇波动的影响，我们对我们的战略和执行能力仍然保持乐观和信心。为了优化资源配置，我们将更加重视未来扩张的准备，并在场地评估、人才和客户保留及获取方面进行必要投资。同时，我们正在采用更灵活的合作模式，以加强我们的多渠道销售网络，以适应不断变化的消费者行为和行业趋势。

"While steadily expanding our global physical store network, we are also actively exploring and piloting new technologies and partnership models to accelerate our online sales capabilities, which we believe will be an integral driver of our future growth. Looking ahead, we remain confident in our strategic direction and growth trajectory and expect to deliver sustained, profitable growth and long-term value for our shareholders."

"在稳步扩展我们的全球实体店网络的同时，我们还积极探索和试点新技术和合作模式，以加速我们的在线销售能力，我们相信这将成为我们未来增长的重要驱动力。展望未来，我们对我们的战略方向和增长轨迹充满信心，并预计将为我们的股东提供持续的盈利增长和长期价值。"

Mr. Youichiro Haga, Principal Accounting and Financial Officer of Tokyo Lifestyle, commented: "We are pleased that the Company maintained robust and healthy growth during the first half of fiscal year 2026, supported by solid financial performance metrics. Alongside revenue growth that nearly doubled, our accounts receivable increased by 42.4% while the receivables turnover ratio declined only moderately, reflecting the effectiveness of our disciplined controls and balanced growth strategy. The period's net loss, primarily attributable to tax and foreign exchange impacts, does not reflect our operational performance. In fact, operating profit grew, highlighting ongoing enhancements in our core business fundamentals. We believe that stronger revenue and gross margin performance will lay a solid foundation for a sustained recovery in overall profitability.

东京生活的首席会计和财务官八贺佑一郎（Mr. Youichiro Haga）评论道："我们很高兴公司在 2026 财年上半年保持了强劲健康的增长，得益于稳健的财务表现指标。除了几乎翻倍的收入增长外，我们的应收账款增长了 42.4%，而应收账款周转率仅小幅下降，反映了我们严谨控制和均衡增长战略的有效性。本期的净亏损主要归因于税务和外汇影响，并未反映我们的运营表现。实际上，营业利润增长，突显了我们核心业务基础的持续改善。我们相信，强劲的收入和毛利表现将为整体盈利能力的持续恢复奠定坚实基础。

"At the same time, merchandise inventories decreased by 27.6% despite the 59.4% increase in total SKUs offered, raising our inventory turnover ratio from 13 to 35. This demonstrates a healthy and orderly growth trajectory, too.

"与此同时，尽管总库存单位（SKUs）增加了 59.4%，商品库存却减少了 27.6%，使我们的库存周转率从 13 提升至 35。这也展示了健康有序的增长轨迹。

"We also optimized our liability structure by adjusting the mix of short- and long-term borrowings. The addition of new long-term borrowing not only reduced our financing costs and strengthened cash flow stability, but also signaled increased confidence from lenders and investors in our track record and long-term growth prospects.

"我们还通过调整短期和长期借款的结构来优化我们的负债结构。新增的长期借款不仅降低了我们的融资成本并增强了现金流稳定性，还向贷方和投资者传达了对我们业绩记录和长期增长前景的信心。

"Looking ahead, we will continue to enhance our financial strength through disciplined cost management to support our global expansion strategy and deliver increasing long-term value for our shareholders."

"展望未来，我们将继续通过严谨的成本管理增强我们的财务实力，以支持我们的全球扩张战略，并为我们的股东提供日益增长的长期价值。"

First Six Months of Fiscal Year 2026 Financial Highlights

2026 财年上半年财务亮点

Revenue was $190.4 million for the six months ended September 30, 2025, increased by 94.3% from $98.0 million for the same period of last year.
Gross profit was $15.8 million for the six months ended September 30, 2025, increased by 29.8% from $12.1 million for the same period of last year.
Income from operations was $3.6 million for six months ended September 30, 2025, increased by 13.0% from $3.2 million for the same period of last year.
Income before provision (benefit) for income tax was $0.7 million for the six months ended September 30, 2025, compared to $0.8 million for the same period of last year.
Net loss was $0.9 million for the six months ended September 30, 2025, compared to net income of $1.3 million for the same period of last year.
Basic and diluted loss per share was $0.02 for the six months ended September 30, 2025, compared to basic and diluted earnings per share $0.03 for the same period of last year.

截至2025年9月30日的六个月内，收入为 1.904 亿美元，同比增长 94.3%，而去年同期为 9800 万美元。
截至2025年9月30日的六个月内，毛利润为 1580 万美元，同比增长 29.8%，而去年同期为 1210 万美元。
截至2025年9月30日的六个月内，营业收入为 360 万美元，同比增长 13.0%，而去年同期为 320 万美元。
截至2025年9月30日的六个月内，税前收入为 70 万美元，而去年同期为 80 万美元。
截至2025年9月30日的六个月内，净亏损为 90 万美元，而去年同期净收入为 130 万美元。
截至2025年9月30日的六个月内，基本和稀释后每股亏损为 0.02 美元，而去年同期基本和稀释后每股收益为 0.03 美元。

First Six Months of Fiscal Year 2026 Financial Results

2026 财年上半年财务结果

Revenue

收入

Total revenue was $190.4 million for the six months ended September 30, 2025, increased by 94.3% from $98.0 million for the same period of last year.

截至2025年9月30日的六个月，总收入为 1.904 亿美元，比去年同期的 9800 万美元增长了 94.3%。


	For the Six Months Ended September 30,
	2025		2024
($ millions)	Revenue		Cost of Revenue		Gross Margin	Revenue		Cost of Revenue		Gross Margin
Franchise stores and wholesale customers		176.1		164.0		6.9	%		86.9		78.0	10.3	%
Directly-operated physical stores		10.2		7.7		24.9	%		6.9		4.9	29.4	%
Online stores and services		4.1		3.0		27.5	%		4.1		3.0	27.5	%
Total		190.4		174.7		8.3	%		98.0		85.9	12.4	%


	截至 9 月 30 日的六个月
	2025		2024
（百万美元）	收入		成本
收入		毛
利率		收入		成本
收入		毛
利率
特许经营店和批发客户		176.1			164.0	6.9	%	86.9	78.0	10.3	%
直营实体店		10.2			7.7	24.9	%	6.9	4.9	29.4	%
在线商店和服务		4.1			3.0	27.5	%	4.1	3.0	27.5	%
总计		190.4			174.7	8.3	%	98.0	85.9	12.4	%

Revenue from franchise stores and wholesale customers increased by 102.5%, to $176.1 million for the six months ended September 30, 2025, from $86.9 million for the same period of last year. The increase was mainly due to the Company's continuous effort in extending its products offering as its total SKUs increased from approximately 165,200 SKUs during the six months ended September 30, 2024, to approximately 263,400 SKUs during the six months ended September 30, 2025. Especially, revenue from beauty products, luxury products and electronic products increased significantly during the six months ended September 30, 2025 as compared to the same period last year. In addition, the increase was also due to revenue from new wholesale customers because the Company continued to develop its customer base by entering into business relationships with new wholesale customers during the six months ended September 30, 2025.

截至2025年9月30日的六个月，来自特许经营店和批发客户的收入增长了 102.5%，达到 1.761 亿美元，而去年同期为 8690 万美元。增长主要归因于公司持续努力扩展产品供应，总 SKU 从2024年9月30日的约 165,200 个增加到2025年9月30日的约 263,400 个。尤其是，美容产品、奢侈品和电子产品的收入在2025年9月30日的六个月中相比去年同期显著增长。此外，增长还得益于新批发客户的收入，因为公司在2025年9月30日的六个月中继续通过与新批发客户建立业务关系来发展客户基础。

Revenue from directly-operated physical stores increased by 47.1%, to $10.2 million for the six months ended September 30, 2025, from $6.9 million for the same period of last year. The increase was primarily due to the increase revenue generated by the Company's directly-operated physical stores in Hong Kong due to the increased customer visits, which resulted from 1) rebounded number of tourists from mainland China and overseas countries; 2) greater effort spent by its sales team to carry out face-to-face promotion of its products; 3) optimized promotion and price discounts strategies, together with increased SKUs which attracted more customers; and 4) addition of one new physical store. The increase was also attributable to revenue generated from directly-operated physical stores in the United States and Canada due to its continuous business expansion in those countries. The Company currently operates five directly-operated physical stores in the United States and two directly-operated physical stores in Canada during the six months ended September 30, 2025, as compared to four directly-operated physical stores in the United States and one directly-operated physical store in Canada during the six months ended September 30, 2024.

截至2025年9月30日的六个月，来自直营实体店的收入增长了 47.1%，达到 1020 万美元，而去年同期为 690 万美元。增长主要是由于公司在香港的直营实体店收入增加，客户访问量上升，原因包括：1）来自中国大陆和海外国家的游客数量回升；2）销售团队在面对面推广产品方面投入了更多努力；3）优化的促销和价格折扣策略，以及增加的 SKU 吸引了更多客户；4）新增一家实体店。增长还归因于美国和加拿大直营实体店的收入，因为公司在这些国家持续扩展业务。截至2025年9月30日，公司在美国运营五家直营实体店，在加拿大运营两家直营实体店，而在2024年9月30日时，美国有四家直营实体店，加拿大有一家直营实体店。

Revenue from online stores and services remained relatively stable, and was $4.1 million for the six months ended September 30, 2025 and 2024.

截至2025年9月30日的六个月，在线商店和服务的收入保持相对稳定，均为 410 万美元。

Cost of Revenue

收入成本

Cost of revenue increased by 103.4%, to $174.7 million for the six months ended September 30, 2025, from $85.9 million for the same period of last year.

截至2025年9月30日的六个月，收入成本增长了 103.4%，达到 1.747 亿美元，而去年同期为 8590 万美元。

Gross Profit and Gross Margin

毛利润和毛利率

Gross profit increased by 29.8%, to $15.8 million for the six months ended September 30, 2025, from $12.1 million for the same period of last year.

截至2025年9月30日的六个月，毛利润增长了 29.8%，达到 1580 万美元，而去年同期为 1210 万美元。

Gross margin decreased to 8.3% for the six months ended September 30, 2025, from 12.4% for the same period of last year. The decrease was primarily due to promotional activities at directly-operated stores, as well as a higher proportion of lower-margin luxury and electronic product sales at franchise stores and wholesale customers.

截至2025年9月30日的六个月，毛利率下降至 8.3%，而去年同期为 12.4%。下降主要是由于直营店的促销活动，以及特许经营店和批发客户中低毛利奢侈品和电子产品销售比例的提高。

Operating Expenses

运营费用

Operating expenses increased by 35.8%, to $12.1 million for the six months ended September 30, 2025, from $8.9 million for the same period of last year. The increase was primarily driven by higher shipping expenses in line with the significant growth in sales from franchise stores and wholesale customers; increased travel expenses related to site inspections for new physical stores; higher payroll, employee benefits, and bonus expenses for talent incentivization; as well as rental and other expenses associated with business expansion.

截至2025年9月30日的六个月，运营费用增长了 35.8%，达到 1210 万美元，而去年同期为 890 万美元。增长主要是由于与特许经营店和批发客户销售显著增长相关的运输费用增加；与新实体店现场检查相关的差旅费用增加；人才激励的工资、员工福利和奖金费用增加；以及与业务扩展相关的租金和其他费用增加。

Additional and Delinquent Tax due to Consumption Tax Correction

因消费税修正而产生的额外和逾期税款

During the six months ended September 30, 2025, the Company recorded approximately $1.8 million in additional consumption tax in accordance with the latest assessment issued by the Tokyo Regional Taxation Bureau. The amount has been fully reflected in the Company's financial statements for the period.

截至2025年9月30日的六个月，公司根据东京地方税务局发布的最新评估记录了约 180 万美元的额外消费税。该金额已在公司的财务报表中完全反映。

Loss from Foreign Currency Exchange

外汇损失

Loss from foreign currency exchange decreased to approximately $0.1 million for the six months ended September 30, 2025, compared with $0.8 million for the same period last year.

截至2025年9月30日的六个月，外汇损失减少至约 10 万美元，而去年同期为 80 万美元。

Change in Fair Value of Warrants Liabilities

认股权证负债公允价值变动

Change in fair value of the warrants liabilities was $(508,128) for the six months ended September 30, 2025, compared to $(1,121,968) for the same period last year.

截至2025年9月30日的六个月，认股权证负债的公允价值变动为（508,128 美元），而去年同期为（1,121,968 美元）。

Provision (Benefit) for Income Taxes

所得税准备（收益）

Provision for income taxes was $1.6 million for the six months ended September 30, 2025, compared to an income tax benefit of $0.6 million for the same period of last year. The increase was mainly due to higher current income tax expenses resulting from increased taxable income generated by the Company's Hong Kong subsidiary.

截至2025年9月30日的六个月内，所得税准备金为 160 万美元，而去年同期则为 60 万美元的所得税收益。增加的主要原因是由于公司香港子公司产生的应税收入增加，导致当前所得税费用上升。

Net Income (Loss)

净收入（亏损）

As a result of the foregoing, net loss was $0.9 million for the six months ended September 30, 2025, compared to net income of $1.3 million for the same period of last year.

因此，截至2025年9月30日的六个月内，净亏损为 90 万美元，而去年同期的净收入为 130 万美元。

Basic and Diluted Earnings (Loss) per Share

基本和稀释每股收益（亏损）

Basic and diluted loss per share was $0.02 for the six months ended September 30, 2025, compared to basic and diluted earnings per share of $0.03 for the same period of last year.

截至2025年9月30日的六个月内，基本和稀释每股亏损为 0.02 美元，而去年同期的基本和稀释每股收益为 0.03 美元。

Financial Condition

财务状况

As of September 30, 2025, the Company had cash of $2.2 million as compared to $4.8 million as of March 31, 2025. As of September 30, 2025, the Company also had approximately $148.6 million of account receivable balance due from third parties. Approximately 26.4% of the September 30, 2025 balance has been subsequently collected, and the majority of the remaining balance is expected to be collected by June 30, 2026. The collection of such receivables made cash available for use in the Company's operations as working capital, if necessary.

截至2025年9月30日，公司现金为 220 万美元，而截至2025年3月31日为 480 万美元。截止2025年9月30日，公司还有约 1.486 亿美元的应收账款余额待第三方支付。大约 26.4% 的2025年9月30日的余额已被随后收回，其余余额预计将在2026年6月30日前收回。收回这些应收账款为公司的运营提供了可用现金作为营运资金（如有必要）。

Net cash used in operating activities was $8.1 million for the six months ended September 30, 2025, mainly derived from the net loss of $0.9 million for the period, and net changes in the Company's operating assets and liabilities, which mainly included the increased accounts receivable of $40.5 million resulted from the increased revenue during the period, partially offset by increased accounts payable of $33.3 million which was due to increased purchases to fulfill the Company's customer orders.

截至2025年9月30日的六个月内，经营活动使用的净现金为 810 万美元，主要源于该期间的净亏损 90 万美元，以及公司运营资产和负债的净变化，主要包括由于该期间收入增加而导致的应收账款增加 4050 万美元，部分被由于增加采购以满足客户订单而导致的应付账款增加 3330 万美元所抵消。

Net cash used in investing activities was $0.7 million for the six months ended September 30, 2025, mainly due to investment in life insurance policy of $0.6 million.

截至2025年9月30日的六个月内，投资活动使用的净现金为 70 万美元，主要由于投资于 60 万美元的寿险保单。

Net cash provided by financing activities was $6.0 million for the six months ended September 30, 2025, which primarily consisted of proceeds from short-term borrowings of $8.2 million, proceeds from long-term borrowings of $4.8 million, and advances received from related parties of $1.5 million, partially offset by repayments of short-term borrowings of $8.2 million.

截至2025年9月30日的六个月内，融资活动提供的净现金为 600 万美元，主要包括 820 万美元的短期借款收入、480 万美元的长期借款收入和 150 万美元的关联方预付款，部分被 820 万美元的短期借款偿还所抵消。

About Tokyo Lifestyle Co., Ltd.

关于东京生活株式会社

Headquartered in Tokyo, Japan, Tokyo Lifestyle Co., Ltd. (formerly known as Yoshitsu Co., Ltd) is a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, collectible cards, trendy toys, and other products in Hong Kong, Japan, North America, Thailand, Vietnam, the United Kingdom and Australia. The Company offers various beauty products (including cosmetics, skincare, fragrance, and body care products), health products (including over-the-counter drugs, nutritional supplements, and medical supplies and devices), sundry products (including home goods), collectible cards and trendy toys (including Pokémon cards, BE@RBRICK and other trendy products) and other products (including food and alcoholic beverages). The Company currently sells its products through directly-operated physical stores, through online stores, and to franchise stores and wholesale customers. For more information, please visit the Company's website at https://www.ystbek.co.jp/irlibrary/.

东京生活株式会社（前称为 Yoshitsu 株式会社）总部位于日本东京，是一家在香港、日本、北美、泰国、越南、英国和澳大利亚销售日本美容和健康产品、杂货产品、奢侈品、电子产品、收藏卡、时尚玩具及其他产品的零售商和批发商。公司提供各种美容产品（包括化妆品、护肤品、香水和身体护理产品）、健康产品（包括非处方药、营养补充剂和医疗用品及设备）、杂货产品（包括家居用品）、收藏卡和时尚玩具（包括宝可梦卡、BE@RBRICK 及其他时尚产品）及其他产品（包括食品和酒精饮料）。公司目前通过直营实体店、在线商店以及向特许经营店和批发客户销售其产品。欲了解更多信息，请访问公司网站 https://www.ystbek.co.jp/irlibrary/。

Forward-Looking Statements

前瞻性声明

Certain statements in this press release are forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. In addition, there is uncertainty about the demand for the Company's products, global supply chains, and economic activity in general. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission.

本新闻稿中的某些声明属于前瞻性声明，符合 1934 年证券交易法第 21E 条的定义，并根据 1995 年美国私人证券诉讼改革法案的规定。这些前瞻性声明涉及已知和未知的风险和不确定性，并基于公司认为可能影响其财务状况、经营结果、商业战略和财务需求的未来事件和财务趋势的当前预期和预测。投资者可以通过 “可能”、“将”、“期望”、“预期”、“旨在”、“估计”、“打算”、“计划”、“相信”、“潜在”、“继续”、“可能会” 等词语或短语识别这些前瞻性声明。除法律要求外，公司没有义务更新前瞻性声明以反映后续发生的事件或情况，或其预期的变化。此外，关于公司产品的需求、全球供应链和整体经济活动存在不确定性。尽管公司认为这些前瞻性声明中表达的预期是合理的，但不能保证这些预期会被证明是正确的，公司提醒投资者，实际结果可能与预期结果有重大差异，并鼓励投资者查看可能影响其未来结果的其他因素，这些因素在公司的注册声明和向美国证券交易委员会的其他文件中有所披露。

For more information, please contact:

如需更多信息，请联系：

Tokyo Lifestyle Co., Ltd. Investor Relations Department

东京生活株式会社 投资者关系部

Email: ir@ystbek.co.jp

电子邮件：ir@ystbek.co.jp

Ascent Investor Relations LLC Tina Xiao

President

总裁

Phone: +1-646-932-7242

电话：+1-646-932-7242

Email: investors@ascent-ir.com

电子邮件：investors@ascent-ir.com


TOKYO LIFESTYLE CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,		March 31,
	2025		2025

ASSETS
CURRENT ASSETS:
Cash	$	2,177,691		$	4,819,639
Accounts receivable, net		148,571,553			107,305,580
Accounts receivable - related parties, net		-			117
Merchandise inventories, net		5,340,678			4,370,803
Due from related parties		1,553			1,208
Advance to suppliers - a related party		29,384			-
Compensation receivable for consumption tax, current, net		7,289,882			7,178,775
Prepaid expenses and other current assets, net		12,020,659			13,542,183
TOTAL CURRENT ASSETS		175,431,400			137,218,305

Property and equipment, net		10,392,844			10,763,020
Operating lease right-of-use assets		7,222,465			6,031,284
Life insurance policy, cash surrender value		516,104			-
Compensation receivable for consumption tax, non-current, net		2,071,410			2,039,840
Long-term prepaid expenses and other non-current assets, net		1,642,982			1,777,736
TOTAL ASSETS	$	197,277,205		$	157,830,185

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Short-term borrowings	$	58,582,850		$	57,903,207
Current portion of long-term borrowings		5,569,153			706,531
Accounts payable		58,460,599			25,057,104
Accounts payable - a related party		100,628			2,678,588
Due to related parties		1,530,307			27,678
Deferred revenue		7,551,974			8,027,153
Taxes payable		1,462,736			349,671
Operating lease liabilities, current		2,244,561			2,068,399
Finance lease liabilities, current		119,701			138,180
Warrants liabilities		3,042,829			2,502,718
Dividends payable		540,637			-
Other payables and other current liabilities		1,950,588			1,998,713
TOTAL CURRENT LIABILITIES		141,156,563			101,457,942

Operating lease liabilities, non-current		5,050,752			4,003,366
Finance lease liabilities, non-current		62,769			119,068
Long-term borrowings		6,476,142			6,501,772
Other non-current liabilities		1,353,557			1,470,135
Deferred tax liabilities, net		904,213			1,263,872
TOTAL LIABILITIES	$	155,003,996		$	114,816,155

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY
Ordinary shares, no par value,100,000,000 shares authorized; 42,327,806 shares and 42,220,206 shares issued and outstanding as of September 30, 2025 and March 31, 2025, respectively		81,150			81,150
Capital reserve		26,946,116			26,946,116
Retained earnings		26,301,112			27,695,268
Accumulated other comprehensive loss		(11,062,727)			(11,708,504)
TOTAL SHAREHOLDERS' EQUITY		42,265,651			43,014,030
Non-controlling interest		7,558			-
TOTAL EQUITY		42,273,209			43,014,030

TOTAL LIABILITIES AND EQUITY	$	197,277,205		$	157,830,185


东京生活方式有限公司
未经审计的合并资产负债表

	2025 年 9 月
30 日		2025年3月31日
	2025		2025

资产
流动资产：
现金	$	2,177,691		$	4,819,639
应收账款，净额		148,571,553			107,305,580
应收账款 - 关联方，净额		-			117
商品存货，净额		5,340,678			4,370,803
应收关联方款项		1,553			1,208
预付供应商款项 - 关联方		29,384			-
消费税应收补偿，流动，净额		7,289,882			7,178,775
预付费用及其他流动资产，净额		12,020,659			13,542,183
流动资产总计		175,431,400			137,218,305

固定资产，净额		10,392,844			10,763,020
使用权资产		7,222,465			6,031,284
人寿保险政策，现金退保价值		516,104			-
消费税应收补偿，非流动，净额		2,071,410			2,039,840
长期预付费用及其他非流动资产，净额		1,642,982			1,777,736
资产总计	$	197,277,205		$	157,830,185

负债及股东权益

流动负债：
短期借款	$	58,582,850		$	57,903,207
长期借款的流动部分		5,569,153			706,531
应付账款		58,460,599			25,057,104
应付账款 - 关联方		100,628			2,678,588
应付关联方款项		1,530,307			27,678
递延收入		7,551,974			8,027,153
应付税款		1,462,736			349,671
使用权负债，流动		2,244,561			2,068,399
融资租赁负债，流动		119,701			138,180
权证负债		3,042,829			2,502,718
应付股息		540,637			-
其他应付款及其他流动负债		1,950,588			1,998,713
流动负债总计		141,156,563			101,457,942

使用权负债，非流动		5,050,752			4,003,366
融资租赁负债，非流动		62,769			119,068
长期借款		6,476,142			6,501,772
其他非流动负债		1,353,557			1,470,135
递延所得税负债，净额		904,213			1,263,872
负债总计	$	155,003,996		$	114,816,155

承诺与或有事项

股东权益
普通股，无面值，授权 100,000,000 股；截至2025年9月30日和2025年3月31日，已发行并流通 42,327,806 股和 42,220,206 股		81,150			81,150
资本公积		26,946,116			26,946,116
留存收益		26,301,112			27,695,268
累计其他综合损失		(11,062,727)			(11,708,504)
股东权益总计		42,265,651			43,014,030
非控制性权益		7,558			-
权益总计		42,273,209			43,014,030

负债和权益总计	$	197,277,205		$	157,830,185


TOKYO LIFESTYLE CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERTAIONS AND COMPREHENSIVE INCOME (LOSS)

	For the Six Months Ended September 30,
	2025		2024

REVENUE
Revenue - third parties	$	190,418,636		$	91,136,514
Revenue - related parties		2,749			6,866,951
Total revenue		190,421,385			98,003,465

COSTS AND OPERATING EXPENSES
Merchandise costs		174,661,012			85,858,021
Selling, general and administrative expenses		12,121,307			8,924,982
Total costs and operating expenses		186,782,319			94,783,003

INCOME FROM OPERATIONS		3,639,066			3,220,462

OTHER INCOME (EXPENSE)
Interest expense, net		(833,756)			(823,836)
Additional and delinquent tax due to consumption tax correction		(1,815,619)			-
Gain from disposal of a subsidiary		44,762			-
Cash surrender value loss		(91,243)			-
Other income, net		297,757			319,624
Loss from foreign currency exchange		(67,155)			(810,623)
Change in fair value of warrants liabilities		(508,128)			(1,121,968)
Total other expenses, net		(2,973,382)			(2,436,803)

INCOME BEFORE INCOME TAX PROVISION (BENEFIT)		665,684			783,659

PROVISION (BENEFIT) FOR INCOME TAXES		1,566,339			(552,570)

NET INCOME (LOSS)		(900,655)			1,336,229

Less: net loss attributable to non-controlling interest		(40,612)			-

NET INCOME (LOSS) ATTRIBUTABLE TO TOKYO LIFESTYLE CO., LTD.	$	(860,043)		$	1,336,229

OTHER COMPREHENSIVE INCOME
Net income (loss)		(900,655)			1,336,229
Foreign currency translation gain		645,777			1,876,274
Total comprehensive income (loss)		(254,878)			3,212,503
Less: Comprehensive loss attributable to non-controlling interest		(40,751)			-

TOTAL COMPREHENSIVE INCOME (LOSS)	$	(295,629)		$	3,212,503

Earnings (loss) per ordinary share
- basic	$	(0.02)		$	0.03
- diluted	$	(0.02)		$	0.03

Weighted average shares
- basic		42,327,806			42,220,206
- diluted		42,327,806			42,220,206


东京生活方式有限公司
未经审计的简明合并经营报表和
综合收益（损失）

	截至六个月
结束于
9 月 30 日，
	2025		2024

收入
第三方收入	$	190,418,636		$	91,136,514
关联方收入		2,749			6,866,951
总收入		190,421,385			98,003,465

成本和运营费用
商品成本		174,661,012			85,858,021
销售、一般和行政费用		12,121,307			8,924,982
总成本和运营费用		186,782,319			94,783,003

运营收入		3,639,066			3,220,462

其他收入（费用）
利息费用，净额		(833,756)			(823,836)
由于消费税更正的额外和逾期税款		(1,815,619)			-
出售子公司的收益		44,762			-
现金退保价值损失		(91,243)			-
其他收入，净额		297,757			319,624
外汇损失		(67,155)			(810,623)
权证负债公允价值变动		(508,128)			(1,121,968)
总其他费用，净额		(2,973,382)			(2,436,803)

税前收入（收益）		665,684			783,659

所得税准备（收益）		1,566,339			(552,570)

净收入（损失）		(900,655)			1,336,229

减：归属于非控股权益的净损失		(40,612)			-

归属于东京生活方式有限公司的净收入（损失）	$	(860,043)		$	1,336,229

其他综合收益
净收入（损失）		(900,655)			1,336,229
外汇翻译收益		645,777			1,876,274
总综合收益（损失）		(254,878)			3,212,503
减：归属于非控股权益的综合损失		(40,751)			-

总综合收益（损失）	$	(295,629)		$	3,212,503

每普通股收益（损失）
- 基本	$	(0.02)		$	0.03
- 稀释	$	(0.02)		$	0.03

加权平均股份
- 基本		42,327,806			42,220,206
- 稀释		42,327,806			42,220,206


TOKYO LIFESTYLE CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Six Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net Income (loss)	$	(900,655)		$	1,336,229
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		593,622			409,461
Loss (gain) from disposal of property and equipment		72,518			(202,165)
Gain from unrealized foreign currency translation		(22,615)			(358,309)
Provision for (reversal of) credit losses		446,841			(26,932)
Addition (reversal) of merchandise inventories written down		(112,498)			14,709
Amortization of operating lease right-of-use assets		1,383,934			911,218
Deferred tax benefit		(384,677)			(905,570)
Change in fair value of warrants liabilities		508,128			1,121,968
Loss on cash surrender value		91,243			-
Accrued interest expense		(32,455)			-
Changes in operating assets and liabilities:
Accounts receivable		(40,463,477)			5,844,436
Accounts receivable - related parties		120			(2,907,787)
Advance to suppliers - related party		(29,780)			-
Merchandise inventories		(847,487)			(2,768,207)
Compensation receivable for consumption tax		-			695,565
Prepaid expenses and other current assets		1,644,386			(9,394,219)
Long term prepaid expenses and other non-current assets		164,670			203,598
Accounts payable		33,334,520			3,416,712
Accounts payable - related parties		(2,567,303)			(8,116)
Deferred revenue		(636,566)			6,937,534
Taxes payable		1,113,480			(4,611,614)
Other payables and other current liabilities		(47,034)			(552,070)
Operating lease liabilities		(1,350,756)			(944,078)
Other non-current liabilities		(29,250)			(197,185)
Net used in provided by operating activities		(8,071,091)			(1,984,822)

Cash flows from investing activities:
Purchase of property and equipment		(127,964)			(678,267)
Proceeds from disposal of property and equipment		-			28,868
Investment in life insurance policy		(605,299)			-
Collection of amount due from (advances made to) related parties		(331)			9,256
Net cash used in investing activities		(733,594)			(640,143)

Cash flows from financing activities:
Capital contribution from non-controlling shareholders		48,309			-
Proceeds from short-term borrowings		8,198,954			2,752,445
Repayments of short-term borrowings		(8,173,699)			-
Proceeds from long-term borrowings		4,819,577			-
Repayments of long-term borrowings		(297,564)			(129,984)
Advances received from (payments made to) related parties		1,496,726			(26,132)
Repayment of obligations under finance leases		(79,353)			(110,734)
Net cash provided by financing activities		6,012,950			2,485,595

Effect of exchange rate fluctuation on cash		149,787			740,954

Net increase (decrease) in cash		(2,641,948)			601,584
Cash at beginning of period		4,819,639			2,475,538
Cash at end of period	$	2,177,691		$	3,077,122

Supplemental cash flow information
Cash paid for income taxes	$	65,427		$	2,100,807
Cash paid for interest	$	833,326		$	494,581

Supplemental non-cash operating activities
Right of use assets obtained in exchange for operating lease liabilities	$	5,527,096		$	1,561,296
Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement	$	240,651		$	-


东京生活方式有限公司
未经审计的合并现金流量表

	截至六个月结束于 9 月 30 日，
	2025		2024
经营活动产生的现金流量：
净收入（亏损）	$	(900,655)		$	1,336,229
调整以使净收入与经营活动使用的净现金对账：
折旧和摊销		593,622			409,461
处置物业和设备的损失（收益）		72,518			(202,165)
未实现外币转换收益		(22,615)			(358,309)
信用损失的准备（冲回）		446,841			(26,932)
商品存货减值的增加（冲回）		(112,498)			14,709
租赁使用权资产的摊销		1,383,934			911,218
递延税收收益		(384,677)			(905,570)
权证负债公允价值变动		508,128			1,121,968
现金退保价值损失		91,243			-
应计利息费用		(32,455)			-
经营资产和负债的变动：
应收账款		(40,463,477)			5,844,436
应收账款 - 关联方		120			(2,907,787)
预付款项 - 关联方		(29,780)			-
商品存货		(847,487)			(2,768,207)
消费税应收补偿		-			695,565
预付费用和其他流动资产		1,644,386			(9,394,219)
长期预付费用和其他非流动资产		164,670			203,598
应付账款		33,334,520			3,416,712
应付账款 - 关联方		(2,567,303)			(8,116)
递延收入		(636,566)			6,937,534
应付税款		1,113,480			(4,611,614)
其他应付款和其他流动负债		(47,034)			(552,070)
租赁负债		(1,350,756)			(944,078)
其他非流动负债		(29,250)			(197,185)
经营活动使用的净现金		(8,071,091)			(1,984,822)

投资活动产生的现金流量：
购买物业和设备		(127,964)			(678,267)
处置物业和设备的收益		-			28,868
投资于人寿保险政策		(605,299)			-
收回应收款项（预付款项）		(331)			9,256
投资活动使用的净现金		(733,594)			(640,143)

融资活动产生的现金流量：
非控股股东的资本贡献		48,309			-
短期借款的收益		8,198,954			2,752,445
短期借款的偿还		(8,173,699)			-
长期借款的收益		4,819,577			-
长期借款的偿还		(297,564)			(129,984)
从（向）关联方收取的预付款项		1,496,726			(26,132)
融资租赁义务的偿还		(79,353)			(110,734)
融资活动提供的净现金		6,012,950			2,485,595

汇率波动对现金的影响		149,787			740,954

现金的净增加（减少）		(2,641,948)			601,584
期初现金		4,819,639			2,475,538
期末现金	$	2,177,691		$	3,077,122

补充现金流信息
支付的所得税	$	65,427		$	2,100,807
支付的利息	$	833,326		$	494,581

补充非现金经营活动
以租赁负债换取的使用权资产	$	5,527,096		$	1,561,296
由于提前终止租赁协议而减少的使用权资产和租赁义务	$	240,651		$	-

SOURCE Tokyo Lifestyle Co., Ltd.

来源：东京生活方式有限公司

Tokyo Lifestyle 有限公司公布 2026 财年前六个月的财务业绩 | TKLF 股票新闻