TKLF 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2026

Commission File Number: 001-41181

Tokyo Lifestyle Co., Ltd.

Harumi Building, 2-5-9 Kotobashi

Sumida-ku, Tokyo, 130-0022

Japan

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Convocation of the 20th Annual General Meeting of Shareholders

In accordance with the rules and regulations of the Japanese Companies Act, Tokyo Lifestyle Co., Ltd., a joint-stock corporation with limited liability organized under Japanese law (the “Company”), has sent a notice and accompanying information, including proxy instructions, to all holders of its ordinary shares and American Depositary Shares with respect to its 20th Annual General Meeting of Shareholders to be held in Tokyo, Japan on June 26, 2026 (the “Notice”). A complete copy of the Notice is furnished hereto as Exhibit 99.1.

Exhibit 99.1 furnished hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Proposal of a Year-End Dividend

In the Notice, the Company proposed that the shareholders approve a year-end dividend of JPY1.890 per share (the “Year-End Dividend”). Upon shareholders’ approval, the Year-End Dividend distribution will become effective on June 30, 2026 and be payable from September 14, 2026 to September 30, 2026 to all shareholders of record as of March 31, 2026 (Japan Standard Time), with an American depositary receipt record date of March 31, 2026 (Eastern Time).

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Tokyo Lifestyle Co., Ltd.
Date: June 12, 2026	By:	/s/ Mei Kanayama
	Name:	Mei Kanayama
	Title:	Representative Director and Director<br><br>(Principal Executive Officer)

2

EXHIBIT INDEX

Exhibit No.	Description
99.1	Notice of Convocation of<br>Annual General Meeting of Shareholders to be held on June 26, 2026

3

Exhibit 99.1

[This is an English translation of the original issued in Japanese]

[Note] The Company assumes no responsibility for this translation or for direct, indirect, or other forms of damages arising from the translation. This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

		June<br>12, 2026
Dear<br>Shareholders

Harumi Building, 2-5-9 Kotobashi,

Sumida-ku, Tokyo,130-0022

Tokyo Lifestyle Co., Ltd.

President and Representative

Director

Mei Kanayama

Notice of the 20th Ordinary General Meeting of Shareholders

We sincerely appreciate your continued support and kind attention.

You are cordially invited to attend the 20th Ordinary General Meeting of Shareholders of our company. The meeting will be held as described below.

If you are unable to attend the meeting, you may exercise your voting rights in writing. Please review the attached Reference Documents for the General Meeting of Shareholders, indicate your approval or disapproval of the proposals on the enclosed Voting Rights Exercise Form, and send it to our company so that it arrives by 4:30 PM on June 25, 2026.

Best regards,

Notice

1.	Date:<br>Friday, June 26, 2026 at 11:00 AM (Reception starts at 10:00 AM)
2.	Place:<br>Harumi Bldg. 5th Floor, Kotobashi 2-5-9, Sumida-ku, Tokyo, Japan
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3.	Purpose
---	---

Matters to be reported:

Business Report for the 20^th^ Fiscal Year (from April 1, 2025 to March 31, 2026)

Matters to be resolved:

	Proposal<br>1	Approval<br>of the Financial Statements for the 20th Fiscal Year
	Proposal<br>2	Partial<br>Amendments to the Articles of Incorporation
		(Establishment<br>of a Board of Auditors and Appointment of an Accounting Auditor)
	Proposal<br>3	Appropriation<br>of Surplus
	Proposal<br>4	Appointment<br>of Accounting Auditor
	Proposal<br>5	Election<br>of Three Corporate Auditors

The above

When attending the meeting, please bring this Notice of Convocation, the attached documents, and the Reference Documents for the General Meeting of Shareholders, and submit the enclosed Voting Rights Exercise Form to the reception desk.

Reference Documents for the General Meeting of Shareholders

Proposal 1: Approval of the Financial Statements for the 20th Fiscal Year

Approval is hereby requested, in accordance with applicable laws and regulations and the provisions of the Articles of Incorporation, for the financial statements of the Company’s 20th fiscal year (from April 1, 2025 to March 31, 2026).

These financial statements have undergone a voluntary audit by an independent audit firm serving as the accounting auditor; however, they have not been audited under the Companies Act by a Board of Corporate Auditors or an Accounting Auditor in the capacity of a company with such institutions established. Such audits are scheduled to commence from the 21st fiscal year.

Proposal 2: Partial Amendments to the Articles of Incorporation (Establishment of a Board of Auditors and Appointment of an Accounting Auditor)

Reason for the Amendments

In connection with the establishment of an Accounting Auditor, the Company proposes to partially amend the current Articles of Incorporation in accordance with the provisions of the Companies Act by newly establishing provisions regarding the Accounting Auditor.

2.	Details<br>of the Amendments
(1)	In<br>connection with the Company’s transition to a company with a Board of Corporate Auditors,<br>new provisions relating to the Board of Corporate Auditors and Corporate Auditors shall be<br>established in the Articles of Incorporation.
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(2)	New<br>provisions shall be established to provide that the number of Corporate Auditors shall be<br>three (3) or more, and that a majority of such Corporate Auditors shall be Outside Corporate<br>Auditors.
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(3)	In<br>addition, necessary amendments shall be made, including renumbering of articles resulting<br>from the above additions and other related revisions.
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Proposal 3: Appropriation of Surplus

The Company hereby requests approval for the distribution of dividends from surplus as set forth below, with March 31, 2026 (Tuesday) as the record date.

Details

Type of dividend property: Cash

Matters concerning the allocation of dividend property: JPY 1.890 per share of common stock

Total amount of dividends: JPY 79,999,557

Effective date of dividend distribution: June 30, 2026

Dividend Payment Commencement Date: September 14, 2026

Dividend Payment End Date: September 30, 2026

Proposal 4: Appointment of Accounting Auditor

The Company requests approval for the appointment of Sakurazaka Audit Corporation as the Accounting Auditor.

Proposal 5: Election of Three Corporate Auditors

As the Company will transition to a company with an Audit & Supervisory Board, subject to the approval and adoption of Proposal No. 2, we hereby request the election of three (3) Audit & Supervisory Board Members.

Mr. Keiichi Kimura, who currently serves as an Audit & Supervisory Board Member, is scheduled to resign upon the conclusion of this General Meeting. This resignation is intended to align the terms of office of all newly elected Audit & Supervisory Board Members following the transition to a company with an Audit & Supervisory Board pursuant to Proposal No. 2, thereby facilitating the smooth operation of the Audit & Supervisory Board.

• 2 -

Accordingly, we request the election of the following three individuals as Audit & Supervisory Board Members. The remuneration of the Audit & Supervisory Board Members shall be determined within the total amount of remuneration previously approved by resolution of the shareholders’ meeting.

The candidates for Corporate Auditor are as follows:

Candidate<br><br>Number	Name<br><br>(Date of birth)	Brief Biography, Position, Significant Concurrent Positions, and Special Interests with the Company.	Number of<br><br>Company’s<br><br>Shares Held
1	Keiichi Kimura<br><br>(February 9, 1966)<br><br>Reappointment	(Career summary and position)<br><br>November 2014 Joined Takuetsu<br>Co., Ltd.<br><br>June 2020 Appointed as Corporate<br>Auditor of the Company<br><br>October 2021 Appointed<br>as Inside Corporate Auditor of the Company<br><br>June 2025 Reappointed as<br>Internal Corporate Auditor of the Company (incumbent)<br><br>(Significant Concurrent Positions)<br><br>None<br><br>(Special Interests with our Company)<br><br>None	0 shares
2	Akira Kotajima<br><br>(August 20, 1984)<br><br>New Appointment	(Career summary and position)<br><br>December 2013 Joined DinnerBank<br>Co., Ltd.<br><br>March 2016 Appointed Representative<br>Director of DinnerBank Co., Ltd.<br><br>July 2024 Resigned as Representative<br>Director of DinnerBank Co., Ltd.<br><br>July 2024 Left DinnerBank Co.,<br>Ltd.<br><br>(Significant Concurrent Positions)<br><br>None<br><br>(Special Interests with our Company)<br><br>None	0 shares
3	Yoshie Nakamura<br><br>(November 8, 1978)<br><br>New Appointment	(Career summary and position)<br><br>March 2017 Joined Shinichi<br>Shoji Co., Ltd.<br><br>November 2022 Retired<br>from Shinichi Shoji Co., Ltd.<br><br>July 2023 Joined<br>Kosei Co., Ltd.<br><br>(Significant Concurrent Positions)<br><br>None<br><br>(Special Interests with our Company)<br><br>None	0 shares
*	Among<br>the above candidates, Mr. Akira Kotajima and Ms. Yoshie Nakamura are candidates for Outside<br>Corporate Auditor as defined in Article 2, Item 16 of the Companies Act.
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• 3 -

Appendix

Current<br>Articles of Incorporation				Proposed<br>Amendments
(Organs)				(Organs)
Article<br>4	In<br>addition to the General Meeting of Shareholders and Directors, the Company shall establish the following organs:<br><br>1.Board<br>of Directors<br><br>2.Corporate<br>Auditors			Article<br>4	In addition to the General Meeting<br>of Shareholders and Directors, the Company shall establish the following organs:<br><br>1.Board<br>of Directors<br><br>2.Corporate<br>Auditors<br><br>3.Board<br>of Corporate Auditors<br><br>4.Accounting<br>Auditor
Chapter<br>5 Corporate Auditors				Chapter<br>5 Corporate Auditors
(Number<br>of Corporate Auditors)				(Number<br>of Corporate Auditors)
Article<br>26	The<br>Company shall have no more than ten (10) Corporate Auditors.			Article<br>26	The Company shall have no fewer than three (3) and no more than ten<br>(10) Corporate Auditors.
(Method<br>of Election)				(Method<br>of Election)
Article<br>27	Resolutions<br>for the election of Corporate Auditors shall be adopted at a General Meeting of Shareholders by a majority of the voting rights of<br>the shareholders present at the meeting who hold one-third or more of the voting rights exercisable by all shareholders.			Article<br>27	Resolutions<br>for the election of Corporate Auditors shall be adopted at a General Meeting of Shareholders by a majority of the voting rights of<br>the shareholders present at the meeting who hold one-third or more of the voting rights exercisable by all shareholders.
(Term<br>of Office)				(Term<br>of Office)
Article<br>28	The<br>term of office of a Corporate Auditor shall expire at the conclusion of the Ordinary General Meeting of Shareholders relating to<br>the final fiscal year ending within four (4) years after the election.			Article<br>28	The<br>term of office of a Corporate Auditor shall expire at the conclusion of the Ordinary General Meeting of Shareholders relating to<br>the final fiscal year ending within four (4) years after the election.
	2.<br>The term of office of a Corporate Auditor elected as a substitute for a Corporate Auditor who retired before the expiration of his<br>or her term shall continue until the expiration of the term of office of the retired Corporate Auditor.				2.<br>The term of office of a Corporate Auditor elected as a substitute for a Corporate Auditor who retired before the expiration of his<br>or her term shall continue until the expiration of the term of office of the retired Corporate Auditor.
(Remuneration,<br>etc.)				(Remuneration,<br>etc.)
Article<br>29	The<br>remuneration, etc. of Corporate Auditors shall be determined by resolution of the General Meeting of Shareholders.			Article<br>29	The<br>remuneration, etc. of Corporate Auditors shall be determined by resolution of the General Meeting of Shareholders.

• 4 -

Current<br>Articles of Incorporation			Proposed<br>Amendments
(Exemption<br>from Liability of Corporate Auditors)			(Exemption<br>from Liability of Corporate Auditors)
Article<br>30	The<br>Company may, by resolution of the Board of Directors, exempt Corporate Auditors (including former Corporate Auditors) from liability<br>for damages under Article 423, Paragraph 1 of the Companies Act, to the extent permitted by laws and regulations, limited to the<br>amount obtained by deducting the minimum liability amount prescribed by laws and regulations from the total amount of liability for<br>damages.		Article<br>30	The<br>Company may, by resolution of the Board of Directors, exempt Corporate Auditors (including former Corporate Auditors) from liability<br>for damages under Article 423, Paragraph 1 of the Companies Act, to the extent permitted by laws and regulations, limited to the<br>amount obtained by deducting the minimum liability amount prescribed by laws and regulations from the total amount of liability for<br>damages.
	2.<br>Pursuant to Article 427, Paragraph 1 of the Companies Act, the Company may enter into an agreement with a Corporate Auditor limiting<br>liability for damages arising from negligence in the performance of duties; provided, however, that the limit of liability under such<br>agreement shall be the higher of either an amount predetermined to be no less than 1,000,000 or the minimum liability amount prescribed<br>by laws and regulations.			2.<br>Pursuant to Article 427, Paragraph 1 of the Companies Act, the Company may enter into an agreement with a Corporate Auditor limiting<br>liability for damages arising from negligence in the performance of duties; provided, however, that the limit of liability under such<br>agreement shall be the higher of either an amount predetermined to be no less than JPY 1,000,000 or the minimum liability amount prescribed<br>by laws and regulations.
			(Convocation<br>of the Board of Corporate Auditors)
			Article<br>31	Notice<br>of a meeting of the Board of Corporate Auditors shall be given to each Corporate Auditor at least three (3) days prior to the date<br>of the meeting; provided, however, that this period may be shortened in cases of urgent necessity.
				2.<br>A meeting of the Board of Corporate Auditors may be held without following the convocation procedures if all Corporate Auditors consent<br>thereto.
			(Rules<br>of the Board of Corporate Auditors)
			Article<br>32	Matters<br>concerning the Board of Corporate Auditors shall be governed not only by laws and regulations and these Articles of Incorporation,<br>but also by the Rules of the Board of Corporate Auditors established by the Board of Corporate Auditors.

All values are in Japanese Yen.

• 5 -

Current<br>Articles of Incorporation				Proposed<br>Amendments
	No<br>corresponding provision.			Chapter<br>6 Accounting Auditor
				(Election<br>of Accounting Auditor)
				Article<br>33	The<br>Accounting Auditor shall be elected by resolution of the General Meeting of Shareholders.
				(Term<br>of Office of Accounting Auditor)
				Article<br>34	The<br>term of office of the Accounting Auditor shall expire at the conclusion of the Ordinary General Meeting of Shareholders relating<br>to the final fiscal year ending within one (1) year after the election.
					2.<br>Unless otherwise resolved at the Ordinary General Meeting of Shareholders referred to in the preceding paragraph, the Accounting<br>Auditor shall be deemed to have been reappointed at such meeting.
				(Remuneration,<br>etc. of Accounting Auditor)
				Article<br>35	The<br>remuneration, etc. of the Accounting Auditor shall be determined by the Representative Director with the consent of the Board of<br>Corporate Auditors.
				(Exemption<br>from Liability of Accounting Auditor)
				Article<br>36	The<br>Company may, by resolution of the Board of Directors, exempt the Accounting Auditor (including former Accounting Auditors) from liability<br>for damages under Article 423, Paragraph 1 of the Companies Act, to the extent permitted by laws and regulations, limited to the<br>amount obtained by deducting the minimum liability amount prescribed by laws and regulations from the total amount of liability for<br>damages.
					2.<br>Pursuant to Article 427, Paragraph 1 of the Companies Act, the Company may enter into an agreement with the Accounting Auditor limiting<br>liability for damages arising from negligence in the performance of duties; provided, however, that the limit of liability under<br>such agreement shall be the higher of either an amount predetermined to be no less than JPY 1,000,000 or the minimum liability amount<br>prescribed by laws and regulations.

• 6 -

(Attachments)

Business Report

From April 1, 2025

To March 31, 2026

Statutory Financial Statements Prepared in Accordance with Japanese GAAP

Note: The statutory financial statements on the following pages have been prepared in accordance with Japanese GAAP. These results may differ in material respects from our audited consolidated financial results under U.S. GAAP that will be reported later and included in our Annual Report on Form 20-F, which will be filed with the U.S. Securities and Exchange Commission and available at www.sec.gov. The attached financial statements are provided to our shareholders and ADS holders solely in accordance with requirements under the Japanese Companies Act in connection with our Annual Meeting.

1.	Current<br>Status of the Company
(1)	Progress<br>and Results of the Project
---	---

During the current fiscal year, while the U.S. economy showed resilience in consumer spending and the employment market, significant regional disparities emerged due to factors such as the delayed recovery of the Chinese economy and concerns over an economic slowdown in Europe. As a result, the overall outlook remained uncertain. Furthermore, prolonged monetary tightening and ongoing geopolitical risks, coupled with exchange rate fluctuations, began to impact international trade.

In the domestic economy, a moderate recovery trend continued, driven by a recovery in consumer spending against the backdrop of improving employment and income conditions, as well as the expansion of inbound tourism demand. On the other hand, the environment surrounding corporate activities remains challenging, with issues such as a worsening labor shortage, persistently high resource and energy prices, and rising prices due to the weak yen.

Under these conditions, the Company has worked to secure sales opportunities while responding to changes in customer demand trends and shifts in regulatory and logistics environments in various countries, with the aim of stabilizing overseas transactions. At the same time, we have worked to strengthen our sales capabilities and improve operational efficiency at our domestic stores, striving to reinforce our earnings base.

As a result, for the current fiscal year, the Company’s net sales amounted to 38,783,862 thousand yen (up 59.1% year-on-year), operating income was 309,111 thousand yen (up 39.7% year-on-year), and ordinary income was 193,321 thousand yen (up 688.9% year-on-year).

(2)	Fundraising<br>Status
①	To<br>fund working capital, we have borrowed 300,000,000 yen from Tokushin G.K. of which our Representative<br>Director, Kanayama, serves as a representative partner.
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• 7 -

(3)	Changes<br>in Financial Position and Profit or Loss

(Unit: 1,000 yen)

Period \division	17th period<br>Fiscal Year Ended March 2023		18th period<br>Fiscal Year Ended March 2024		19th period<br>Fiscal Year Ended March 2025		20th period<br>Fiscal Year Ended March 2026
Sales		21,667,575		25,615,177		24,373,722		38,783,862
Ordinary Income		192,962		328,353		24,506		193,321
Net Income		△884,219		216,417		△90,736		39,659
Net Income per share(yen)		△24		5		△2		1
Total Asset		22,505,180		21,054,009		18,704,887		30,583,696
Net Worth		4,701,910		5,701,950		5,615,656		5,575,316

Note: Net income per share is calculated based on the total number of shares issued at the end of the fiscal year.

(4)	Issues<br>to be addressed by the company

The business and financial issues that we should prioritize are as follows.

■	Improvement<br>and Stabilization of Internal Control Systems<br><br>To<br>address the diversification of risks associated with our business expansion, we have been<br>working to strengthen our internal control systems. Specifically, we have reviewed our business<br>processes and ensured the thorough implementation and operation of internal controls, while<br>also striving to raise compliance awareness and strengthen our risk management framework,<br>thereby promoting the improvement and stabilization of our internal control systems.
■	Restructuring<br>the Business Model to Strengthen the Revenue Base<br><br>As<br>part of our efforts to achieve sustainable growth and improve profitability, we will review<br>our operational structure and restructure our store strategy to improve the profitability<br>of unprofitable stores in our domestic business. In our overseas business, we will work to<br>stabilize existing transactions while promoting full-scale business expansion into Southeast<br>Asia to expand our sales channels and strengthen our business foundation. Furthermore, to<br>improve profitability across the entire company, we will work to improve profit margins by<br>reviewing our product mix and transaction terms, and we will promote the restructuring of<br>a sustainable business model.
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To overcome the challenges outlined above, we will make every effort as a company. We ask for the continued guidance and support of our shareholders.

(5)	Principal<br>Businesses (as of March 31, 2026)

Management of domestic drug stores

Domestic e-commerce operation and management

Domestic and overseas (including trading) wholesale

(6)	Major<br>business establishments and stores
	Head<br>Office		2-5-9<br>Kotobashi, Sumida-ku, Tokyo Harumi Building
---	---	---	---
	Tokyo<br>Sales Department		16F,<br>Island Triton Square Office Tower W, 1-8-8 Harumi, Chuo-ku, Tokyo
	Saitama<br>Center		3-1-5<br>Koshigaya City Distribution Complex, Saitama

Subsidiary Offices

trade<br>name		location
Tokyo<br>Lifestyle Limited		Unit<br>11, 12/F., Wing On Plaza, No.62 Mody Road, Tsim Sha Tsui East, Kowloon

• 8 -

The names and locations of domestic drugstores are as follows

Store<br>Name		location		Store<br>Name		location
Nishi<br>Kasai Yokohama Chinatown		Edogawa-Ku,<br>Tokyo Yokohama City, Kanagawa		Koshigaya-Ryutsudanchi<br>Quiz Gate Urawa Nishi Kawaguchi		Koshigaya<br>City, Saitama Urawa City, Saitama Kawaguchi City, Saitama
(7)	Status<br>of employees (as of March 31, 2026)
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Number<br>of Employees		Change<br>from the end of the previous fiscal year		Average<br>age		Average<br>length of service
---	---	---	---	---	---	---
85		-19		42<br>years and 5 months old		5<br>years 3 months
Note:	The<br>number of employees includes part-time workers (34).
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(8)	Status<br>of important subsidiaries
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Company<br>Name		location		Paid-in<br>Capital		Description<br>of Business		Investment<br>Ratio
---	---	---	---	---	---	---	---	---
Tokyo<br>Lifestyle Limited		Hong<br>Kong		HK$15.95<br>million		Wholesale<br>& Retail Trade		100％
(9)	Major<br>borrowers and borrowing amounts (as of March 31, 2026)
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①	Commitment<br>Line Agreement
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(Unit: 1,000 yen)

Loans	Outstanding Balance
Mizuho Bank Ltd.		1,248,614
MUFG Bank Ltd.		1,025,724
Resona Bank, Inc.		841,096
Sumitomo Mitsui Banking Corporation, Ltd.		756,986
Note:	1.	To<br>procure stable and efficient working capital, the Company has entered into a commitment line<br>agreement with a maximum borrowing amount of 7,850,000,000 yen. The agreement is a syndicated<br>loan and is cofinanced by a total of 17 banks led by MUFG Bank, Ltd. and Mizuho Bank, Ltd.
---	---	---
Note:	2.	The<br>outstanding balance of loans executed at the end of the fiscal year under this contract is<br>6,732,147,000 yen.
---	---	---
2.	Status<br>of Stocks (as of March 31, 2026)
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①	Total<br>number of shares authorized: 100,000,000 shares
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②	Total<br>number of shares issued: 42,327,806 shares
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③	Number<br>of shareholders: 3
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④	Principal<br>Shareholders
---	---
Name<br>of Shareholder		Number of<br>shares held				Percentage<br>of shares held
---	---	---	---	---	---	---	---	---
THE<br>BANK OF NEW YORK MELLON			21,536,266<br>shares				50.88	%
Tokushin<br>G.K.			13,575,104<br>shares				32.07	%
Mei<br>Kanayama			7,216,436<br>shares				17.05	%

NOTE: THE BANK OF NEW YORK MELLON IS A DEPOSITARY SECURITIES COMPANY THAT ISSUES AMERICAN DEPOSITARY RECEIPTS (ADR).

• 9 -

3.	Matters<br>Concerning the Company’s Stock Acquisition Rights, etc. (as of March 31, 2026)

The total number of stock acquisition rights as of the end of the fiscal year under review is as follows.

(1)	First<br>series of stock acquisition rights
①	Total<br>number of stock acquisition rights: 300,000 units
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②	Type<br>and number of shares subject to stock acquisition rights 300,000 shares of the Company’s<br>common stock represented by U.S. depositary shares in the U.S.
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③	Amount<br>paid for stock acquisition rights
---	---

US$0.01 divided by the number of Stock Acquisition Rights offered

④	Value<br>of assets invested in the exercise of stock acquisition rights

US$4.80 per common stock

⑤	Period<br>for exercising stock acquisition rights

From July 6, 2022, to January 7, 2027

⑥	Increased<br>capital and capital reserves in the case of issuance of shares through the exercise of stock<br>acquisition rights
1.	Amount<br>of capital increased by the exercise of stock acquisition rights
---	---

The amount shall be one-half of the maximum amount of increase in capital, etc., calculated in accordance with the provisions of Article 17, Paragraph 1 of the Company Accounting Regulations, and if a fraction of less than 1 yen is obtained because of the calculation, the amount shall be rounded up.

2.	Amount<br>of capital reserves to increase due to the exercise of stock acquisition rights

The amount shall be calculated in accordance with the provisions of Article 17, Paragraph 1 of the Company Accounting Regulations, minus the amount of capital increase from the maximum amount of increase in capital, etc.

⑦	Allottee<br>of Stock Acquisition Rights - Univest Securities, LLC
(2)	2nd<br>Series of Stock Acquisition Rights
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①	Total<br>number of stock acquisition rights: 5,862,552
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②	Type<br>and number of shares subject to stock acquisition rights
---	---

5,862,552 shares of the Company’s common stock represented by U.S. depositary shares in the U.S.

③	Amount<br>paid for stock acquisition rights

No payment required

④	Value<br>of assets invested in the exercise of stock acquisition rights

US$0.27391 per common stock

⑤	Period<br>for exercising stock acquisition rights

From January 30, 2024, to July 30, 2029

• 10 -

⑥	Increased<br>capital and capital reserves in the case of issuance of shares through the exercise of stock<br>acquisition rights
1.	Amount<br>of capital increased by the exercise of stock acquisition rights
---	---

The amount shall be one-half of the maximum amount of increase in capital, etc., calculated in accordance with the provisions of Article 17, Paragraph 1 of the Company Accounting Regulations, and if a fraction of less than 1 yen is obtained because of the calculation, the amount shall be rounded up.

2.	Amount<br>of capital reserves to increase due to the exercise of stock acquisition rights

The amount shall be calculated in accordance with the provisions of Article 17, Paragraph 1 of the Company Accounting Regulations, minus the amount of capital increase from the maximum amount of increase in capital, etc.

⑦	Assignee<br>of Stock Acquisition Rights
Assignee	Number of allocations
---	---	---
LIND GLOBAL FUND II LP		746,269
S.H.N. FINANCIAL INVESTMENTS LTD		638,669
L1 CAPITAL GLOBAL OPPORTUNITIES MASTER FUND		746,269
ALTO OPPORTUNITY MASTER FUND,		746,269
INTRACOASTAL CAPITAL LLC		746,269
CVI Investments, By: Heights Capital Management, Inc.,		746,269
Hudson Bay Master Fund Ltd.		746,269
Empery Asset Master, LTD		414,861
Empery Tax Efficient, LP		147,466
Empery Tax Efficient III, LP		183,942
4.	Matters<br>Concerning Company Officers (as of March 31, 2026)
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(1)	Status<br>of Directors and Corporate Auditors
---	---
Position		Name		Status<br>of responsibilities and important concurrent positions
---	---	---	---	---
President<br>and Representative Director		Mei<br>Kanayama		President<br>& CEO
Director		Yoichiro<br>Haga		Executive<br>Officer, Administrative Departments
Director		Tetsuya<br>Sato		Director,<br>Japan International Medical Association<br><br>Representative<br>Director, CBJ, Inc.
Director		Yoji<br>Takenaka		Lawyer
Corporate<br>Auditor		Keiichi<br>Kimura		Administrative<br>scrivener
Note:	1.	Directors<br>Tetsuya Sato and Yoji Takenaka are outside directors as defined in Article 2, Item 15 of<br>the Companies Act.
---	---	---
2.	Tadao<br>Iwamatsu and Junji Sato resigned from their positions as auditors effective as of the Annual<br>General Meeting of Shareholders held on June 27, 2025.
---	---

• 11 -

(2)	Total<br>amount of remuneration, etc. of officers for the current fiscal year

(Unit: 1,000 yen)

								Total<br>amount by type of<br><br>remuneration, etc.
District		Number<br>of<br><br>members		Total<br>amount<br><br>of<br><br>remuneration, etc.				Monetary<br><br>Rewards				Performance-<br>linked<br><br>remuneration, etc.				Non-<br>monetary<br><br>remuneration, etc.
Director		4<br>persons			55,200				55,200				—				—
(Outside<br>Directors)		(2<br>persons)			(7,200	)			(7,200	)			(—	)			(—	)
Corporate<br>Auditor		3<br>persons			4,150				4,150				—				—
(Outside<br>Corporate Auditors)		(2<br>persons)			(900	)			(900	)			(—	)			(—	)
Total		7<br>persons			59,350				59,350				—				—
(Outside<br>Officers)		(4<br>persons)			(8,100	)			(8,100	)			(—	)			(—	)
Note:	1.	The<br>maximum amount of remuneration for directors was resolved to be 150,000,000 yen per year<br>at the Ordinary General Meeting of Shareholders held on May 26, 2021.
---	---	---
2.	The<br>maximum amount of remuneration for Board of Corporate Auditors was resolved to be 30,000,000<br>yen per year at the Extraordinary General Meeting of Shareholders held on October 19, 2021.
---	---
5.	System<br>to ensure the appropriateness of business operations (as of March 31, 2026)
---	---
(1)	System<br>to ensure that the execution of duties by directors and employees complies with laws and<br>regulations and the Articles of Incorporation
---	---
①	Directors<br>of the Company and its subsidiaries shall comply with laws and regulations and Articles of<br>Incorporation and promote the establishment of a compliance system.
---	---
②	Directors<br>of the Company and its subsidiaries shall establish a compliance system to ensure that employees<br>comply with laws and regulations and the Articles of Incorporation and shall manage and supervise<br>the status of compliance.
---	---
③	Board<br>of Corporate Auditors Members shall investigate the status of the compliance system and whether<br>there are any problems with laws and regulations or the Articles of Incorporation, and report<br>to the Board of Directors. The Board of Directors shall periodically review the compliance<br>system and strive to identify problems and make improvements.
---	---
④	The<br>Company shall establish rules for whistleblowing and establish a whistleblowing system to<br>promptly report and consult with directors and employees of the Company and its subsidiaries<br>if they discover an act that is suspected of violating laws and regulations.
---	---
(2)	System<br>for the storage and management of information related to the execution of duties by directors
---	---
①	Information<br>related to the execution of duties by directors shall be prepared and stored in accordance<br>with laws and regulations and internal regulations, etc., by establishing document management<br>regulations, etc. In addition, if necessary, the Company shall manage the information in<br>a state where it can be viewed by Directors, Corporate Auditors, Accounting Auditors, etc.
---	---
②	The<br>status of the creation, storage, and management of information related to the execution of<br>duties by directors shall be audited by Corporate Auditors.
---	---
(3)	Regulations<br>and other systems related to the management of the risk of loss
---	---
①	The<br>Company shall formulate the Basic Rules for Risk Management as the basis of the risk management<br>system for the entire Group and establish a risk management system in accordance with the<br>Regulations. In addition, in the event of an unforeseen situation, the Company shall establish<br>a Crisis Management Committee chaired by the President and Representative Director and shall<br>establish a system to prevent and minimize the spread of damage by responding promptly with<br>the advice of legal advisors and others.
---	---
②	Directors<br>and employees shall organize the content of their duties with regard to risk management in<br>each department, grasp, analyze, and evaluate inherent risks, consider and implement appropriate<br>measures, and periodically review the status of such risk management.
---	---

• 12 -

③	Corporate<br>Auditors shall audit the status of risk management in each division and report the results<br>to the Board of Directors. The Board of Directors shall periodically review the risk management<br>system and strive to identify problems and improve them.
(4)	System<br>to ensure efficient execution of duties by directors
---	---
①	With<br>the aim of increasing corporate value, we will work to achieve our goals based on a business<br>plan formulated based on our corporate philosophy, and manage the progress of our goals.
---	---
②	In<br>addition to the regular Board of Directors meeting (once a month), extraordinary meetings<br>of the Board of Directors shall be held as necessary as the basis of the system to ensure<br>that the execution of duties by directors is carried out efficiently.
---	---
③	The<br>Company shall establish various internal regulations, such as the Regulations on the Segregation<br>of Duties, the Regulations on Administrative Authority and Decision-Making Authority, and<br>establish a system for the proper and efficient execution of duties by clarifying the authority<br>and responsibilities of each officer.
---	---
④	The<br>Company shall supervise the establishment and operation of internal control systems at its<br>subsidiaries to ensure a balance between ensuring the efficiency and promptness of the execution<br>of duties by directors.
---	---
(5)	System<br>to ensure the appropriateness of business operations of the corporate group consisting of<br>the Company and its subsidiaries
---	---

To ensure the appropriate business operations of the entire Group, including subsidiaries, we will strive to build a compliance system for the entire Group.

(6)	System<br>for employees who assist the duties of Corporate Auditors and the independence of such employees<br>from Directors;

Matters concerning the effectiveness of instructions to the employees

Employees who assist in the duties of the Corporate Auditors shall be assigned to assist the Corporate Auditors when requested, and the consent of Corporate Auditor shall be obtained for the transfer and evaluation of such employees.

(7)	System<br>for directors and employees to report to Corporate Auditors, other systems for reporting<br>to Corporate Auditors, and other systems to ensure that audits by Corporate Auditors are<br>conducted effectively
①	Directors<br>and employees of the Company and its subsidiaries shall immediately report to the Corporate<br>Auditors of the Company any fact that may cause significant damage to the Company.
---	---
②	Corporate<br>Auditors shall attend important meetings of the Board of Directors, etc. and receive reports<br>from the directors of the Company and its subsidiaries on the status of the execution of<br>the duties for which they are responsible.
---	---
③	Corporate<br>Auditors may inspect important documents related to the execution of business, such as approval<br>documents, and request explanations from directors and employees of the Company and its subsidiaries.
---	---
④	Corporate<br>Auditors and Representative Director shall hold regular meetings to exchange opinions in<br>order to promote mutual communication.
---	---
(8)	To<br>ensure that people who report to the Corporate Auditors are not treated unfavorably because<br>of such reports system
---	---

The Company and its subsidiaries shall prohibit any person who reports unfavorably to a person who has reported to the Corporate Auditors on the grounds that he or she has made a report and shall ensure that this is fully informed.

• 13 -

(9)	Matters<br>concerning procedures for advance payment or reimbursement of expenses incurred in the execution<br>of duties by Corporate Auditors and other policies related to the processing of expenses<br>or liabilities incurred in the execution of such duties

When a Corporate Auditors requests advance payment or reimbursement of expenses incurred in the execution of his/her duties, we will respond promptly.

(10)	Basic<br>Approach to the Elimination of Anti-Social Forces and Status of Development

To ensure sound corporate management, we will take a resolute stance against antisocial forces.

Our basic policy is not to have any relationship whatsoever.

The General Affairs Department is the department that oversees the response to anti-social forces, and the General Manager is responsible for it. In addition, we work closely with external organizations such as corporate lawyers, the police, and the Federation of Special Violence Prevention Measures under the jurisdiction of the Metropolitan Police Department to develop a system and collect information that enables the organization to respond promptly, and to thoroughly educate employees.

6.	Overview<br>of the operational status of the system to ensure the appropriateness of business operations

The Company has established a system to ensure the appropriateness of business operations, and the Board of Directors and other meetings continuously identify and analyze management risks and consider countermeasures. As a result, we review internal regulations and operations as necessary to improve the effectiveness of the internal control system. In addition to audits by Corporate Auditors, Corporate Auditors also attend important internal meetings to monitor the status of business execution and risks related to compliance. In addition, we regularly conduct internal audits to verify that our day-to-day operations do not violate laws and regulations, the Articles of Incorporation, internal regulations, etc.

• 14 -

Financial statements

Balance Sheet

As of March 31, 2026

(Unit: 1,000 yen)

Assets						Liabilities
Accounts		Amount				Accounts		Amount
Current<br>Assets			20,751,282			Current<br>Liabilities			23,840,527
Cash<br>& deposits			251,215			Accounts<br>payable			16,022,856
Accounts<br>receivable			17,697,613			Short-term<br>borrowings			6,910,459
Products			1,954,805			Long-term<br>loans to be repaid within one year			168,220
Previous<br>payment			13,962			Payables			151,203
For<br>prepayment			11,020			Accrued<br>expenses			3,314
Short-term<br>loans			178,312			Advance<br>payments			329,278
Reimbursement			300,292			Deposit			5,565
Unearned<br>money			139,007			Accrued<br>corporate taxes, etc.			219,353
Accrued<br>refundable consumption tax, etc.			383,612			Accrued<br>consumption tax, etc.			9,783
Allowance<br>for bad debts		△	178,560			Short-term<br>lease obligations			12,953
Fixed<br>Assets			9,819,604			Bonus<br>allowance			1,507
Property,<br>plant and equipment			152,079			Point<br>allowance			221
Facilities<br>attached to the building			212,441			Contractual<br>liabilities			5,810
Vehicle<br>transport equipment			9,090			Fixed<br>Liabilities			1,167,851
Tools,<br>Equipment, and Fixtures			116,111			Long-term<br>borrowings			500,000
Tangible<br>leased assets			82,707			Deposit			31,922
Accumulated<br>depreciation		△	268,271			Long-term<br>payables			54,334
Intangible<br>Assets			208,631			Long-term<br>lease obligations			13,878
Intangible<br>leased assets			3,813			Provision<br>for retirement benefits			45,763
Software			204,818			Asset<br>retirement obligations			75,359
Investments<br>and other assets			9,458,894			Deferred<br>tax liabilities			446,593
Investment			2,010			Total<br>Liabilities			25,008,379
Deposit			120,022			Equity
Deposit			104,048			Accounts			Amount
Insurance<br>reserve fund			27,342			Shareholders’<br>Equity			5,575,305
Recycling<br>deposits			8			Paid-in<br>capital			10,000
Long-term<br>upfront costs			1,804			Capital<br>surplus			3,655,033
Long-term<br>unearned income			1,622,183			Capital<br>reserve			3,655,033
Shares<br>of affiliated companies			682,673			Retained<br>earnings			9,458,894
Long-term<br>accounts receivable			6,984,870			Other<br>retained earnings			1,910,271
Allowance<br>for bad debts		△	86,070			Retained<br>earnings carried forward			1,910,271
Deferred<br>Assets			12,808			Stock<br>Acquisition Rights			11
Share<br>grant costs			12,808			Total<br>Equity			5,575,316
Total<br>Assets			30,583,696			Total<br>Liabilities and Equity			30,583,696

• 15 -

Statement of income

From April 1, 2025

To March 31, 2026

(Unit: 1,000 yen)

Accounts		Amount
Sales							38,783,862
Cost<br>of Goods Sold							36,161,287
Gross<br>Profit							2,622,575
Selling,<br>General and Administrative Expenses							2,313,464
Operating<br>Profit							309,111
Non-Operating<br>Income
Interest<br>income and dividends			7,717
Foreign<br>exchange gain			26
Miscellaneous<br>income			104,921				112,665
Non-Operating<br>Expenses
Interest<br>expense			177,711
Deferred<br>asset amortization			15,369
Loan<br>fees			29,928
Miscellaneous<br>loss			5,446				228,456
Ordinary<br>Income							193,321
Extraordinary<br>Profits
Gain<br>on sale of fixed assets			378,569				378,569
Extraordinary<br>Losses
Loss<br>on cancellation of lease			5,582
Consumption<br>taxes for prior periods			378,873				384,456
Net<br>income before income taxes							187,434
Corporate<br>tax, resident tax and business tax							219,353
Adjustment<br>of corporate income taxes						△	71,579
Net<br>Income							39,659

• 16 -

Statement of Changes in net assets

From April 1, 2025

To March 31, 2026

(Unit: 1,000 yen)

		Shareholders’<br>Equity
						Capital<br>Surplus								Retained<br>Earnings
														Other<br>retained earnings
		Paid-in<br>Capital				Capital<br>Reserve				Total<br>capital Surplus				Retained<br>earnings carried forward				Total<br>Retained Earnings				Total<br><br>Shareholders’ Equity				Stock<br><br><br>Acquisition<br><br>Rights				Total<br><br><br>Equity
April<br>1, 2025 Balance			10,000				3,655,033				3,655,033				1,950,611				1,950,611				5,615,644				11				5,615,656
Fluctuations<br>during the fiscal year			-				-				-				-				-				-				-				-
Net<br>Income			-				-				-				39,659				39,659				39,659				-				39,659
Dividends<br>from Surplus			-				-				-			△	79,999			△	79,999			△	79,999				-			△	79,999
Items<br>other than shareholders’ equity During the fiscal year Variable Amount (Net)			-				-				-				-				-				-				-				-
During<br>the fiscal year Total Variable Amount			-				-				-			△	40,339			△	40,339			△	40,339				-			△	40,339
March<br>31, 2026 Balance			10,000				3,655,033				3,655,033				1,910,271				1,910,271				5,575,305				11				5,575,316

• 17 -

Note to Individual Securities

1.	Notes<br>on Important Accounting Policy Matters
(1)	Valuation<br>Criteria and Methods of Securities<br><br><br><br>Shares of subsidiaries and affiliates......... Cost method based on moving average method
---	---
(2)	Inventory<br>Valuation Criteria and Methods<br><br><br><br>Cost method based on moving average method<br><br><br><br>(Balance sheet value is calculated by the method of devaluation due to a decrease in profitability.)
---	---
(3)	Method<br>of depreciation of fixed assets
---	---
①	Property,<br>plant and equipment (excluding leased assets)
---	---

Declining Ratio Method (provided, however, that buildings acquired on or after April 1, 1998 (excluding ancillary facilities) and

Facilities and structures attached to buildings acquired on or after April 1, 2016, are subject to the straight-line method.

The main service life is as follows:

Building	38～50<br>years
Facilities<br>attached to the building	3～18<br>years
Construct	10～30<br>years
Vehicle<br>Transporter	2～7<br>Years
Tools,<br>Fixtures and Fixtures	2～20<br>years
②	Leased<br>Assets
---	---

Leased assets related to finance and lease transactions other than the transfer of ownership

We use a straight-line method in which the lease period is the useful life and the residual value is zero.

(4)	Criteria<br>for recording allowances
(1)	Allowance<br>for doubtful debts
---	---

To prepare for losses due to bad debts, we record the expected number of uncollectible receivables based on the actual rate of bad debts for general receivables and the recoverability of specific receivables such as receivables of doubtful concerns.

(2)	Allowance<br>for bonuses

To prepare for the payment of bonuses for employees, we have recorded an estimated amount corresponding to the current fiscal year out of the estimated amount to be paid.

• 18 -

③	Provision<br>for retirement benefits

To prepare for retirement benefits for employees, based on the retirement benefit obligations at the end of the current fiscal year, the amount that is recognized as occurring is recorded.

Retirement benefit obligations are calculated based on the amount of voluntary payment at the end of the fiscal year stipulated in the retirement allowance regulations.

④	Point<br>Allowance

Of the Company’s points issued under the point system for the purpose of sales promotion, they are not attributable to sales.

The amount expected to be used in the future is recorded based on the actual rate of use in the past, etc., for the unused amount.

(5)	Criteria<br>for Recording Revenues and Expenses

Our main business is the sale of cosmetics and daily necessities, and the sale of These products are related to the delivery at the time of delivery, the customer has acquired control over the goods and has determined that the performance obligations have been satisfied. Therefore, we are aware of the revenue at the time of delivery of the product. In addition, the revenue goes to contracts with customers. It is measured by the amount obtained by deducting returns, discounts, rebates, etc. from the promised consideration.

(6)	Other<br>important matters that form the basis for the preparation of financial statements Accounting<br>for consumption tax, etc.

Consumption tax and other accounting procedures are based on the tax-exclusive method.

• 19 -

2.	Notes<br>on Revenue Recognition
(1)	Decomposition<br>of earnings
---	---

Our company operates wholesale, retail, e-commerce, and franchise businesses both domestically and internationally. The primary types of goods and services offered in each of these businesses include daily necessities, cosmetics, pharmaceuticals, consumer electronics, luxury goods, and trading card games.

Sales<br>of each business	Domestic<br>wholesale	12,199,589<br>thousand yen
	Domestic<br>e-commerce	555,999<br>thousand yen
	Domestic<br>retail	738,743<br>thousand yen
	Overseas<br>wholesale	24,730,535<br>thousand yen
	Franchise<br>business	558,995<br>thousand yen
(2)	Information<br>that forms the basis for understanding earnings
---	---

This is as described in the “Accounting Standards for Revenues and Expenses” section of “Notes on Important Accounting Policies.”

3.	Notes<br>on the Balance Sheet
(1)	Monetary<br>claims and liabilities to affiliated companies
---	---
	Accounts<br>receivable	7,491,260<br>thousand yen
---	---	---
	Short-term<br>loan	178,312<br>thousand yen
	Reimbursement	300,000<br>thousand yen
	Unearned<br>money	1,620<br>thousand yen
	Deposit	64,900<br>thousand yen
	Payable	1,025<br>thousand yen
	Long-term<br>borrowings	300,000<br>thousand yen
(2)<br>Financial obligations to directors	Payable	25,722<br>thousand yen
---	---	---

• 20 -

4.	Notes<br>on the Income Statement
Turnover<br>with affiliated companies
---	---
Turnover<br>by operating transactions
Net<br>sales	8,963,490<br>thousand yen
Purchase<br>amount	10,354<br>thousand yen
Selling,<br>general and administrative expenses	188,348<br>thousand yen
Turnover<br>of non-business transactions	15,265<br>thousand yen
5.	Notes<br>on the Statement of Changes in Shareholders’ Equity
---	---
①	Type<br>and total number of shares issued as of the end of the current fiscal year
---	---
Common<br>stock	42,327,806<br>shares
---	---
②	The<br>type and number of shares for the purpose of stock acquisition rights (excluding those for<br>which the first day of the exercise period has not arrived) as of the end of the fiscal year<br>under review.
---	---
Common<br>stock	6,162,552<br>shares
---	---

• 21 -

6.	Notes<br>on Tax Effect Accounting
(1)	Breakdown<br>of deferred tax assets and liabilities by major causes
---	---
(Deferred<br>Tax Assets)
---	---	---
Paid Business<br>Establishment Tax		278<br>thousand yen
Allowance for<br>bad debts		33,302<br>thousand yen
Bonus allowance		534<br>thousand yen
Point Allowance		78<br>thousand yen
Commodity Valuation<br>Loss		-4,916<br>thousand yen
Asset retirement<br>obligations		26,701<br>thousand yen
Provision for<br>retirement benefits		16,215<br>thousand yen
Deferred tax<br>asset subtotal		72,193<br>thousand yen
Valuation allowance		-71,302<br>thousand yen
Total deferred<br>tax assets		891<br>thousand yen
(Deferred Tax<br>Liabilities)
Retirement costs<br>corresponding to asset retirement		-10,330<br>thousand yen
Input tax
Damages Received		-437,154<br>thousand yen
Total deferred<br>tax liabilities		-447,484<br>thousand yen
Net deferred<br>tax liabilities		-446,593<br>thousand yen
(2)	Revision<br>of the amount of deferred tax assets and deferred tax liabilities due to changes in the rate<br>of corporate tax, etc.
---	---

In conjunction with the introduction of the Special Defense Corporation Tax (effective for fiscal years beginning on or after April 1, 2026), deferred tax assets and deferred tax liabilities related to temporary differences expected to be resolved in the following fiscal year or later are calculated using a statutory effective tax rate of 35.43%, up from 34.59%.As a result of this change, deferred tax liabilities (net of deferred tax assets) for the current fiscal year increased by 10,626 thousand yen, and the income tax adjustment increased by the same amount.

7.	Notes<br>on Financial Instruments
(1)	Matters<br>related to the status of financial instruments
---	---

Borrowings are used for working capital (mainly short-term) and capital investment funds (long-term).

(2)	Matters<br>related to the market value of financial instruments

As of March 31, 2026 (the closing date of the current fiscal year), the balance sheet amount, market value, and the difference between these amounts are as follows.

In addition, notes are omitted for cash, and notes are omitted for deposits, accounts receivable, accounts payable, and short-term borrowings because they are settled in a short period of time, so the market value approximates the book value.

• 22 -

(Unit: 1,000 yen)

		Amount<br>recorded on the balance sheet (*1)				Market<br>price(*1)				Difference
Long-term<br>borrowings (*2)			(668,220	)			(663,478	)			4,741
(*1)	Liabilities<br>are shown in parentheses.
---	---
(*2)	Includes<br>long-term loans that are scheduled to be repaid within one year.
---	---

(Note 1) How to calculate the market value of a financial instrument

Debt

Long-term borrowings

The market value of the long-term borrowing period is calculated by discounting the total amount of principal and interest by the interest rate expected if the same new borrowing were made.

In addition, among long-term loans, those with variable interest rates are based on the book value because the market interest rate is reflected in the short term (within one year) and the market value is approximate to the book value unless the Company’s credit position differs significantly after execution.

(Note 2) Amount recorded on the balance sheet of stocks without market prices

(Unit: 1,000 yen)

Ledger<br>Accounts		Balance<br>sheet
Shares<br>of affiliated companies			682,673

Shares of affiliated companies are not subject to market value disclosure because they do not have a market price.

8.	Notes<br>on Related Party Transactions
	(1)	Parent<br>Company and Major Corporate Shareholders
---	---	---

(Unit: 1,000 yen)

Relationship		Name<br>of company, etc.		Voting<br>rights, etc.<br><br>Ownership<br>Percentage		Details<br>of the transaction		Trading<br>Subjects		Transaction<br>Amount		Accounts		Balance<br>at the end of the period
Major<br>Shareholder<br><br>(Corporation,<br>etc.)		Tokushin<br>G.K.		By<br>all direct<br><br>32.07%		Secondment<br>fee<br><br>Vehicle<br>rental expenses<br><br>Borrowing<br>of funds		Selling,<br>general<br><br>and<br>administrative expenses<br><br>Interest<br>expense		13,904<br><br>953,424		Payables<br><br>Long-term<br>borrowings		1,025<br><br>300,000

Transaction conditions and policy for determining transaction conditions, etc.

(Note 1) Prices and other terms and conditions are determined through price negotiations, etc., considering market performance.

• 23 -

(2)	Subsidiaries<br>and Affiliates, etc.

(Unit: 1,000 yen)

Relationship		Name<br>of company, etc.		Voting<br>rights, etc.<br><br>Ownership<br>Percentage		Details<br>of the transaction		Trading<br>Subjects		Transaction<br>Amount		Accounts		Balance<br>at the end of the period
Subsid-iary		Tokyo<br><br>Lifestyle<br><br>Limited		Owned<br>Directly<br><br>100%		Purchase<br>of goods<br><br>Sale<br>of goods<br><br>Direct<br>store expenses<br><br>Trademark<br>fees<br><br>Lending<br>of funds		Cost<br>of goods sold<br><br>Sales<br><br>Selling,<br>general<br><br>and<br>administrative expenses<br><br>Miscellaneous<br>income<br><br>Interest<br>income		920<br><br>8,963,057<br><br>154,480<br><br>7,346<br><br>5,520		Accounts<br>receivable<br><br>Short-term<br>loans<br><br>Reimbursement<br><br>Unearned<br>money		7,491,260<br><br>178,312<br><br>300,000<br><br>1,620
Affiliated<br>Companies		Dinner<br>Bank<br><br>corporation		without		Purchase<br>of goods<br><br>Sale<br>of goods<br><br>Rent<br>expenses and others<br><br>Secondment<br>fee		Cost<br>of goods sold<br><br>Sales<br><br>Selling,<br>general<br><br>and<br>administrative expenses<br><br>Miscellaneous<br>income		9,434<br><br>433<br><br>19,963<br><br>1,445		Unearned<br>money<br><br>Deposit<br><br>Payables		128,582<br><br>64,900<br><br>172

Transaction conditions and policy for determining transaction conditions, etc.

(Note) Prices and other terms and conditions are determined through price negotiations, etc., considering market performance.

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9.	Notes<br>on Fixed Assets to be Used by Lease

In addition to fixed assets recorded on the balance sheet, some of the office equipment, etc.

It is used under a finance lease agreement outside the transfer of ownership.

10.	Notes<br>on Per Share Information
(1)	Net<br>assets per share	131.72<br>yen
---	---	---
(2)	Net<br>income per share	0.94<br>yen
11.	MISCELLANEOUS<br>NOTES
---	---

The listed amount is rounded down to the nearest 1,000 yen.

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Appendix

From April 1, 2025

To March 31,2026

1.	Itemization<br>of property, plant and equipment and intangible assets (including depreciation expenses recorded<br>on investments and other assets)

(Unit: 1,000 yen)

Category	Asset’s<br><br>Species	Period<br>Leader<br><br>Book<br>value	Period<br><br>Amount<br>of increase	Period<br><br>Amount<br>of reduction	Period<br><br>Depreciation<br>amount	End<br>of Period<br><br>Book<br>value	Impairment<br>loss<br><br>Cumulative<br>amount	Depreciation<br><br>Cumulative<br>amount	End<br>of Period<br><br>Acquisition<br>price
Solid<br>Capital Production	Building	370,888	-	359,829	11,059	-	-	-	-
	Facilities<br>attached to the building	205,416	-	71,927	24,698	108,789	-	103,651	212,441
	structure	25,501	-	23,562	1,938	-	-	-	-
	Vehicle<br>transport equipment	657	-	-	219	437	-	8,652	9,090
	Tools,<br>Equipment, and Fixtures	31,338	1,211	-	10,063	22,486	-	93,624	116,111
	land	340,148	-	340,148	-	-	-	-	-
	Tangible<br>Leased Assets	23,471	12,660	5,895	9,871	20,365	-	62,341	82,707
	Total	997,422	13,872	801,363	57,851	152,079	-	268,271	420,351
Intangible<br><br>fixed<br>asset	Intangible<br>Leased Assets	11,728	-		7,915	3,813
	software	260,677	-		55,859	204,818
	Total	272,406	-		63,774
Investments<br>& Others<br><br>Capital	Long-term<br>upfront costs	3,538	-	1,539	194	1,804
	Total	3,538	-	1,539	194	1,804

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2.	Statement<br>of Allowance

(Unit: 1,000 yen)

Accounts		Period<br>Length Remaining High				Increments<br>for the current fiscal year				Reduction<br>in the current period				End<br>of Period Remaining High
Allowance<br>for bad debts			151,440				113,190				-				264,630
Bonus<br>allowance			3,087				1,507				3,087				1,507
Point<br>Allowance			421				221				421				221
Provision<br>for retirement benefits			37,005				12,587				3,829				45,763

3. Breakdown of selling, general and administrative expenses

(Unit: 1,000 yen)

Accounts		Current<br><br><br>Balance				Description
Advertising<br>expenses			22,678
Sales<br>promotion expenses			43,800
Packing<br>charges			411,828
Amount<br>of point provision		△	199
Product<br>inventory disposal loss			99
Executive<br>compensation			59,350
Salary<br>allowance			361,788
Provision<br>for bonuses			4,181
Statutory<br>benefits			46,279
Benefit<br>expenses			686
Depreciation			121,626
Repair<br>costs			980
Hygiene<br>costs			1,396
Consumables<br>costs			10,378
Utilities			11,401
Travel expenses			41,932
Commission<br>and fees			795,878
Taxes<br>and dues			16,639
Entertainment<br>expenses			66,097
Insurance<br>premiums			16,436
Communication<br>costs			3,438
Membership<br>fees			153
Cost of<br>vehicles			13,259
Lease<br>fee			4,485
Ground<br>rent			118,054
Advisory<br>fees			8,200
Meeting<br>fees			915
Retirement<br>benefit costs			12,587
Miscellaneous<br>expenses			672
Amortization<br>of long-term prepaid expenses			194
Provision<br>for bad debts			113,190
Performance<br>variance			5,048
Total<br>Selling, General and Administrative Expenses			2,313,464

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