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

收入同比增長 94.3%；毛利潤同比增長 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/ -- 東京生活有限公司（"Tokyo Lifestyle"或"公司"）（納斯達克：TKLF），是一家在香港、日本、北美、泰國、越南、英國和澳大利亞銷售和批發日本美容和健康產品、雜貨、奢侈品、電子產品、收藏卡、時尚玩具及其他產品的零售商，今天公佈了截至2025年9月30日的 2026 財年上半年未經審計的財務業績。

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.

東京生活的首席執行官梅·金山（Mr. Mei Kanayama）評論道："2026 財年上半年，我們的核心業務線實現了廣泛的雙位數增長，來自（i）特許經營店和批發客户以及（ii）直營實體店的收入分別增長了 102.5% 和 47.1%。這一增長得益於我們持續努力擴展產品種類、獲取新零售和批發客户，以及擴大我們全球直營店網絡。

"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.

"在此期間，我們繼續豐富我們的產品組合，明確戰略重點放在美容、奢侈品和電子產品等核心類別。得益於我們有意識的全球擴張戰略和嚴謹的執行，關鍵地區的批發和零售客户銷售加速，反映在總庫存單位（"SKUs"）增長 59.4% 以及來自額外實體店和在香港、美國和加拿大擴展業務的收入增長上。

"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.

"隨着商業和零售環境在我們的核心市場持續復甦，我們通過針對性的促銷活動和基於成熟會員系統的主動定價策略來增強這一勢頭。現場促銷活動，包括商場活動、購買達到一定金額的贈品以及吸引人流的活動，有效提升了我們實體店的銷售，特別是在美容產品類別中。

"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.

"這些綜合努力導致總收入同比增長 94.3%，毛利潤增長 29.8%。我們在各業務線中保持了 8.3% 的穩定健康的整體毛利率，突顯了我們在規模與盈利能力之間的平衡能力。

"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.

"儘管受到前期税務調整和外匯波動的影響，我們對我們的戰略和執行能力仍然保持樂觀和信心。為了優化資源配置，我們將更加重視未來擴張的準備，並在場地評估、人才和客户保留及獲取方面進行必要投資。同時，我們正在採用更靈活的合作模式，以加強我們的多渠道銷售網絡，以適應不斷變化的消費者行為和行業趨勢。

"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."

"在穩步擴展我們的全球實體店網絡的同時，我們還積極探索和試點新技術和合作模式，以加速我們的在線銷售能力，我們相信這將成為我們未來增長的重要驅動力。展望未來，我們對我們的戰略方向和增長軌跡充滿信心，並預計將為我們的股東提供持續的盈利增長和長期價值。"

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.

東京生活的首席會計和財務官八賀佑一郎（Mr. Youichiro Haga）評論道："我們很高興公司在 2026 財年上半年保持了強勁健康的增長，得益於穩健的財務表現指標。除了幾乎翻倍的收入增長外，我們的應收賬款增長了 42.4%，而應收賬款週轉率僅小幅下降，反映了我們嚴謹控制和均衡增長戰略的有效性。本期的淨虧損主要歸因於税務和外匯影響，並未反映我們的運營表現。實際上，營業利潤增長，突顯了我們核心業務基礎的持續改善。我們相信，強勁的收入和毛利表現將為整體盈利能力的持續恢復奠定堅實基礎。

"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.

"與此同時，儘管總庫存單位（SKUs）增加了 59.4%，商品庫存卻減少了 27.6%，使我們的庫存週轉率從 13 提升至 35。這也展示了健康有序的增長軌跡。

"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.

"我們還通過調整短期和長期借款的結構來優化我們的負債結構。新增的長期借款不僅降低了我們的融資成本並增強了現金流穩定性，還向貸方和投資者傳達了對我們業績記錄和長期增長前景的信心。

"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."

"展望未來，我們將繼續通過嚴謹的成本管理增強我們的財務實力，以支持我們的全球擴張戰略，併為我們的股東提供日益增長的長期價值。"

First Six Months of Fiscal Year 2026 Financial Highlights

2026 財年上半年財務亮點

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日的六個月內，收入為 1.904 億美元，同比增長 94.3%，而去年同期為 9800 萬美元。
截至2025年9月30日的六個月內，毛利潤為 1580 萬美元，同比增長 29.8%，而去年同期為 1210 萬美元。
截至2025年9月30日的六個月內，營業收入為 360 萬美元，同比增長 13.0%，而去年同期為 320 萬美元。
截至2025年9月30日的六個月內，税前收入為 70 萬美元，而去年同期為 80 萬美元。
截至2025年9月30日的六個月內，淨虧損為 90 萬美元，而去年同期淨收入為 130 萬美元。
截至2025年9月30日的六個月內，基本和稀釋後每股虧損為 0.02 美元，而去年同期基本和稀釋後每股收益為 0.03 美元。

First Six Months of Fiscal Year 2026 Financial Results

2026 財年上半年財務結果

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日的六個月，總收入為 1.904 億美元，比去年同期的 9800 萬美元增長了 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 日的六個月
	2025		2024
（百萬美元）	收入		成本
收入		毛
利率		收入		成本
收入		毛
利率
特許經營店和批發客户		176.1			164.0	6.9	%	86.9	78.0	10.3	%
直營實體店		10.2			7.7	24.9	%	6.9	4.9	29.4	%
在線商店和服務		4.1			3.0	27.5	%	4.1	3.0	27.5	%
總計		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日的六個月，來自特許經營店和批發客户的收入增長了 102.5%，達到 1.761 億美元，而去年同期為 8690 萬美元。增長主要歸因於公司持續努力擴展產品供應，總 SKU 從2024年9月30日的約 165,200 個增加到2025年9月30日的約 263,400 個。尤其是，美容產品、奢侈品和電子產品的收入在2025年9月30日的六個月中相比去年同期顯著增長。此外，增長還得益於新批發客户的收入，因為公司在2025年9月30日的六個月中繼續通過與新批發客户建立業務關係來發展客户基礎。

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日的六個月，來自直營實體店的收入增長了 47.1%，達到 1020 萬美元，而去年同期為 690 萬美元。增長主要是由於公司在香港的直營實體店收入增加，客户訪問量上升，原因包括：1）來自中國大陸和海外國家的遊客數量回升；2）銷售團隊在面對面推廣產品方面投入了更多努力；3）優化的促銷和價格折扣策略，以及增加的 SKU 吸引了更多客户；4）新增一家實體店。增長還歸因於美國和加拿大直營實體店的收入，因為公司在這些國家持續擴展業務。截至2025年9月30日，公司在美國運營五家直營實體店，在加拿大運營兩家直營實體店，而在2024年9月30日時，美國有四家直營實體店，加拿大有一家直營實體店。

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日的六個月，在線商店和服務的收入保持相對穩定，均為 410 萬美元。

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日的六個月，收入成本增長了 103.4%，達到 1.747 億美元，而去年同期為 8590 萬美元。

Gross Profit and Gross Margin

毛利潤和毛利率

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日的六個月，毛利潤增長了 29.8%，達到 1580 萬美元，而去年同期為 1210 萬美元。

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日的六個月，毛利率下降至 8.3%，而去年同期為 12.4%。下降主要是由於直營店的促銷活動，以及特許經營店和批發客户中低毛利奢侈品和電子產品銷售比例的提高。

Operating Expenses

運營費用

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日的六個月，運營費用增長了 35.8%，達到 1210 萬美元，而去年同期為 890 萬美元。增長主要是由於與特許經營店和批發客户銷售顯著增長相關的運輸費用增加；與新實體店現場檢查相關的差旅費用增加；人才激勵的工資、員工福利和獎金費用增加；以及與業務擴展相關的租金和其他費用增加。

Additional and Delinquent Tax due to Consumption Tax Correction

因消費税修正而產生的額外和逾期税款

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日的六個月，公司根據東京地方税務局發佈的最新評估記錄了約 180 萬美元的額外消費税。該金額已在公司的財務報表中完全反映。

Loss from Foreign Currency Exchange

外匯損失

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日的六個月，外匯損失減少至約 10 萬美元，而去年同期為 80 萬美元。

Change in Fair Value of Warrants Liabilities

認股權證負債公允價值變動

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日的六個月，認股權證負債的公允價值變動為（508,128 美元），而去年同期為（1,121,968 美元）。

Provision (Benefit) for Income Taxes

所得税準備（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日的六個月內，所得税準備金為 160 萬美元，而去年同期則為 60 萬美元的所得税收益。增加的主要原因是由於公司香港子公司產生的應税收入增加，導致當前所得税費用上升。

Net Income (Loss)

淨收入（虧損）

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日的六個月內，淨虧損為 90 萬美元，而去年同期的淨收入為 130 萬美元。

Basic and Diluted Earnings (Loss) per Share

基本和稀釋每股收益（虧損）

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日的六個月內，基本和稀釋每股虧損為 0.02 美元，而去年同期的基本和稀釋每股收益為 0.03 美元。

Financial Condition

財務狀況

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，公司現金為 220 萬美元，而截至2025年3月31日為 480 萬美元。截止2025年9月30日，公司還有約 1.486 億美元的應收賬款餘額待第三方支付。大約 26.4% 的2025年9月30日的餘額已被隨後收回，其餘餘額預計將在2026年6月30日前收回。收回這些應收賬款為公司的運營提供了可用現金作為營運資金（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日的六個月內，經營活動使用的淨現金為 810 萬美元，主要源於該期間的淨虧損 90 萬美元，以及公司運營資產和負債的淨變化，主要包括由於該期間收入增加而導致的應收賬款增加 4050 萬美元，部分被由於增加採購以滿足客户訂單而導致的應付賬款增加 3330 萬美元所抵消。

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日的六個月內，投資活動使用的淨現金為 70 萬美元，主要由於投資於 60 萬美元的壽險保單。

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日的六個月內，融資活動提供的淨現金為 600 萬美元，主要包括 820 萬美元的短期借款收入、480 萬美元的長期借款收入和 150 萬美元的關聯方預付款，部分被 820 萬美元的短期借款償還所抵消。

About Tokyo Lifestyle Co., Ltd.

關於東京生活株式會社

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/.

東京生活株式會社（前稱為 Yoshitsu 株式會社）總部位於日本東京，是一家在香港、日本、北美、泰國、越南、英國和澳大利亞銷售日本美容和健康產品、雜貨產品、奢侈品、電子產品、收藏卡、時尚玩具及其他產品的零售商和批發商。公司提供各種美容產品（包括化妝品、護膚品、香水和身體護理產品）、健康產品（包括非處方藥、營養補充劑和醫療用品及設備）、雜貨產品（包括家居用品）、收藏卡和時尚玩具（包括寶可夢卡、BE@RBRICK 及其他時尚產品）及其他產品（包括食品和酒精飲料）。公司目前通過直營實體店、在線商店以及向特許經營店和批發客户銷售其產品。欲瞭解更多信息，請訪問公司網站 https://www.ystbek.co.jp/irlibrary/。

Forward-Looking Statements

前瞻性聲明

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.

本新聞稿中的某些聲明屬於前瞻性聲明，符合 1934 年證券交易法第 21E 條的定義，並根據 1995 年美國私人證券訴訟改革法案的規定。這些前瞻性聲明涉及已知和未知的風險和不確定性，並基於公司認為可能影響其財務狀況、經營結果、商業戰略和財務需求的未來事件和財務趨勢的當前預期和預測。投資者可以通過 “可能”、“將”、“期望”、“預期”、“旨在”、“估計”、“打算”、“計劃”、“相信”、“潛在”、“繼續”、“可能會” 等詞語或短語識別這些前瞻性聲明。除法律要求外，公司沒有義務更新前瞻性聲明以反映後續發生的事件或情況，或其預期的變化。此外，關於公司產品的需求、全球供應鏈和整體經濟活動存在不確定性。儘管公司認為這些前瞻性聲明中表達的預期是合理的，但不能保證這些預期會被證明是正確的，公司提醒投資者，實際結果可能與預期結果有重大差異，並鼓勵投資者查看可能影響其未來結果的其他因素，這些因素在公司的註冊聲明和向美國證券交易委員會的其他文件中有所披露。

For more information, please contact:

如需更多信息，請聯繫：

Tokyo Lifestyle Co., Ltd. Investor Relations Department

東京生活株式會社 投資者關係部

Email: ir@ystbek.co.jp

電子郵件：ir@ystbek.co.jp

Ascent Investor Relations LLC Tina Xiao

President

總裁

Phone: +1-646-932-7242

電話：+1-646-932-7242

Email: investors@ascent-ir.com

電子郵件：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


東京生活方式有限公司
未經審計的合併資產負債表

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

資產
流動資產：
現金	$	2,177,691		$	4,819,639
應收賬款，淨額		148,571,553			107,305,580
應收賬款 - 關聯方，淨額		-			117
商品存貨，淨額		5,340,678			4,370,803
應收關聯方款項		1,553			1,208
預付供應商款項 - 關聯方		29,384			-
消費税應收補償，流動，淨額		7,289,882			7,178,775
預付費用及其他流動資產，淨額		12,020,659			13,542,183
流動資產總計		175,431,400			137,218,305

固定資產，淨額		10,392,844			10,763,020
使用權資產		7,222,465			6,031,284
人壽保險政策，現金退保價值		516,104			-
消費税應收補償，非流動，淨額		2,071,410			2,039,840
長期預付費用及其他非流動資產，淨額		1,642,982			1,777,736
資產總計	$	197,277,205		$	157,830,185

負債及股東權益

流動負債：
短期借款	$	58,582,850		$	57,903,207
長期借款的流動部分		5,569,153			706,531
應付賬款		58,460,599			25,057,104
應付賬款 - 關聯方		100,628			2,678,588
應付關聯方款項		1,530,307			27,678
遞延收入		7,551,974			8,027,153
應付税款		1,462,736			349,671
使用權負債，流動		2,244,561			2,068,399
融資租賃負債，流動		119,701			138,180
權證負債		3,042,829			2,502,718
應付股息		540,637			-
其他應付款及其他流動負債		1,950,588			1,998,713
流動負債總計		141,156,563			101,457,942

使用權負債，非流動		5,050,752			4,003,366
融資租賃負債，非流動		62,769			119,068
長期借款		6,476,142			6,501,772
其他非流動負債		1,353,557			1,470,135
遞延所得税負債，淨額		904,213			1,263,872
負債總計	$	155,003,996		$	114,816,155

承諾與或有事項

股東權益
普通股，無面值，授權 100,000,000 股；截至2025年9月30日和2025年3月31日，已發行並流通 42,327,806 股和 42,220,206 股		81,150			81,150
資本公積		26,946,116			26,946,116
留存收益		26,301,112			27,695,268
累計其他綜合損失		(11,062,727)			(11,708,504)
股東權益總計		42,265,651			43,014,030
非控制性權益		7,558			-
權益總計		42,273,209			43,014,030

負債和權益總計	$	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


東京生活方式有限公司
未經審計的簡明合併經營報表和
綜合收益（損失）

	截至六個月
結束於
9 月 30 日，
	2025		2024

收入
第三方收入	$	190,418,636		$	91,136,514
關聯方收入		2,749			6,866,951
總收入		190,421,385			98,003,465

成本和運營費用
商品成本		174,661,012			85,858,021
銷售、一般和行政費用		12,121,307			8,924,982
總成本和運營費用		186,782,319			94,783,003

運營收入		3,639,066			3,220,462

其他收入（費用）
利息費用，淨額		(833,756)			(823,836)
由於消費税更正的額外和逾期税款		(1,815,619)			-
出售子公司的收益		44,762			-
現金退保價值損失		(91,243)			-
其他收入，淨額		297,757			319,624
外匯損失		(67,155)			(810,623)
權證負債公允價值變動		(508,128)			(1,121,968)
總其他費用，淨額		(2,973,382)			(2,436,803)

税前收入（收益）		665,684			783,659

所得税準備（收益）		1,566,339			(552,570)

淨收入（損失）		(900,655)			1,336,229

減：歸屬於非控股權益的淨損失		(40,612)			-

歸屬於東京生活方式有限公司的淨收入（損失）	$	(860,043)		$	1,336,229

其他綜合收益
淨收入（損失）		(900,655)			1,336,229
外匯翻譯收益		645,777			1,876,274
總綜合收益（損失）		(254,878)			3,212,503
減：歸屬於非控股權益的綜合損失		(40,751)			-

總綜合收益（損失）	$	(295,629)		$	3,212,503

每普通股收益（損失）
- 基本	$	(0.02)		$	0.03
- 稀釋	$	(0.02)		$	0.03

加權平均股份
- 基本		42,327,806			42,220,206
- 稀釋		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		$	-


東京生活方式有限公司
未經審計的合併現金流量表

	截至六個月結束於 9 月 30 日，
	2025		2024
經營活動產生的現金流量：
淨收入（虧損）	$	(900,655)		$	1,336,229
調整以使淨收入與經營活動使用的淨現金對賬：
折舊和攤銷		593,622			409,461
處置物業和設備的損失（收益）		72,518			(202,165)
未實現外幣轉換收益		(22,615)			(358,309)
信用損失的準備（衝回）		446,841			(26,932)
商品存貨減值的增加（衝回）		(112,498)			14,709
租賃使用權資產的攤銷		1,383,934			911,218
遞延税收收益		(384,677)			(905,570)
權證負債公允價值變動		508,128			1,121,968
現金退保價值損失		91,243			-
應計利息費用		(32,455)			-
經營資產和負債的變動：
應收賬款		(40,463,477)			5,844,436
應收賬款 - 關聯方		120			(2,907,787)
預付款項 - 關聯方		(29,780)			-
商品存貨		(847,487)			(2,768,207)
消費税應收補償		-			695,565
預付費用和其他流動資產		1,644,386			(9,394,219)
長期預付費用和其他非流動資產		164,670			203,598
應付賬款		33,334,520			3,416,712
應付賬款 - 關聯方		(2,567,303)			(8,116)
遞延收入		(636,566)			6,937,534
應付税款		1,113,480			(4,611,614)
其他應付款和其他流動負債		(47,034)			(552,070)
租賃負債		(1,350,756)			(944,078)
其他非流動負債		(29,250)			(197,185)
經營活動使用的淨現金		(8,071,091)			(1,984,822)

投資活動產生的現金流量：
購買物業和設備		(127,964)			(678,267)
處置物業和設備的收益		-			28,868
投資於人壽保險政策		(605,299)			-
收回應收款項（預付款項）		(331)			9,256
投資活動使用的淨現金		(733,594)			(640,143)

融資活動產生的現金流量：
非控股股東的資本貢獻		48,309			-
短期借款的收益		8,198,954			2,752,445
短期借款的償還		(8,173,699)			-
長期借款的收益		4,819,577			-
長期借款的償還		(297,564)			(129,984)
從（向）關聯方收取的預付款項		1,496,726			(26,132)
融資租賃義務的償還		(79,353)			(110,734)
融資活動提供的淨現金		6,012,950			2,485,595

匯率波動對現金的影響		149,787			740,954

現金的淨增加（減少）		(2,641,948)			601,584
期初現金		4,819,639			2,475,538
期末現金	$	2,177,691		$	3,077,122

補充現金流信息
支付的所得税	$	65,427		$	2,100,807
支付的利息	$	833,326		$	494,581

補充非現金經營活動
以租賃負債換取的使用權資產	$	5,527,096		$	1,561,296
由於提前終止租賃協議而減少的使用權資產和租賃義務	$	240,651		$	-

SOURCE Tokyo Lifestyle Co., Ltd.

來源：東京生活方式有限公司

Tokyo Lifestyle 有限公司公佈 2026 財年前六個月的財務業績 | TKLF 股票新聞