UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of eve ...

PresentationOperator Good day, ladies and gentlemen. Thank you for standing by, and welcome to Tokyo Lifestyle's Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, Friday, July 10, 2026. Joining us today from Tokyo Lifestyle is the company's representative, Cissy Wang. Before we continue, I would like to remind you that some information discussed on this call will contain forward-looking statements within the meaning of Section 21E of the Securities E ...

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. 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. The company cautions investors that actual results may differ materially from the anticipated results and encourages investors t ...

Thank you, operator, and thank you all for joining Tokyo Lifestyle's fiscal year 2026 earnings conference call today. On today's call, I will provide an overview of our performance for the fiscal year ended March 31st, 2026, followed by a detailed review of our financial results. Fiscal year 2026 was a year of strong execution across our business, delivering robust revenue growth in all of our core operating channels. Our directly operated stores, franchise network, and wholesale operations each achieved a ...

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. 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. The company cautions investors that actual results may differ materially from the anticipated results and encourages investors t ...

核心观点 - 公司2026财年收入实现强劲增长，同比增长77.6%至3.732亿美元，主要受特许经营与批发业务（尤其是奢侈品业务）的扩张驱动，该部分收入增长86.9% [1][2][7][8][14][17] - 公司正执行资产轻型增长战略，通过加速发展特许经营和批发业务来优化商业模式，尽管这些业务毛利率较低，但资本投入和运营费用显著减少，提升了运营效率和可扩展性 [3][11] - 盈利能力指标出现分化：毛利润增长17.5%至2810万美元，但毛利率因收入结构变化（低毛利业务占比提升）而下降3.9个百分点至7.5%；运营费用增速（29.6%）远低于收入增速，运营费用占收入比例从9.1%改善至6.7%，显示出运营杠杆效应 [7][11][14][15][24][25][27] - 净利润同比下降至70万美元（上年为660万美元），每股收益为0.02美元（上年为0.16美元），下降主要归因于税收相关因素，而非核心运营表现恶化 [13][15][35][36] - 国际扩张势头强劲，海外销售额占总收入比例提升至47.1%，公司在中国香港和澳大利亚开设新店，并持续投资于本地人才 [6][12] 财务表现总结 - **收入**：2026财年总收入3.732亿美元，较2025财年的2.101亿美元增长77.6% [14][15][17] - **收入构成**： - 直营实体店收入1980万美元，增长15.7% [8][17][19] - 在线商店及服务收入670万美元，下降10.7% [17][20] - 特许经营店及批发客户收入3.467亿美元，增长86.9%，占总收入比例从88.3%提升至92.9% [8][17][21] - **地区收入**：日本地区收入占比从70.5%降至52.9%；中国香港及其他地区收入占比从29.5%升至47.1% [14][16] - **毛利润与毛利率**：毛利润2810万美元，增长17.5%；毛利率为7.5%，较上年同期的11.4%下降3.9个百分点 [15][24][25] - **运营利润**：运营利润为320万美元，低于上年的470万美元 [15] - **净利润与每股收益**：净利润70万美元，基本和稀释后每股收益均为0.02美元 [15][35][36] - **现金流**：投资活动产生的净现金为610万美元（上年为净使用100万美元）；运营活动使用的净现金为1030万美元；融资活动提供的净现金为420万美元 [15][38][39][40] 业务运营与战略 - **增长驱动力**：奢侈品业务表现突出，成为重要增长引擎；批发客户群扩大，新增68个新批发客户 [4][8] - **资产轻型战略**：加速特许经营和批发业务扩张，特别是高端商品领域，以实现更高效、更快速的规模扩张 [3] - **全渠道优化**：将部分表现不佳的直营店转为由当地经验丰富的合作伙伴经营的特许经营店，以优化现金流和运营资本 [6][19] - **国际扩张**：在中国香港和澳大利亚开设新实体店，扩大战略合作伙伴关系，投资于本地人才和基于绩效的激励计划 [6] - **运营效率**：尽管持续投资于营销、品牌发展和全球扩张，但运营费用增速（29.6%）显著低于收入增速（77.6%），体现了商业模型的可扩展性 [7] 财务状况与现金流 - **总资产**：同比增长48%，连续第三年保持盈利 [5] - **现金状况**：截至2026年3月31日，现金为211万美元，低于上年的482万美元 [37] - **应收账款**：应收账款同比增长74.1%至约1.868亿美元，与收入增长基本一致，主要反映批发和特许经营业务的快速扩张 [9][37] - **运营资本影响**：应收账款和存货增加导致运营活动现金流为负，但公司认为这是快速增长的自然结果，而非盈利质量或财务基本面恶化 [9][10][38] 其他重要财务项目 - **销售成本**：同比增长85.3%至3.451亿美元 [23] - **运营费用明细**：增长主要来自运输费用、信贷损失拨备、薪酬福利、专业服务费、促销广告费及租赁费用的增加 [27] - **利息支出**：净利息支出增长15.2%至200万美元 [29] - **消费税调整**：因消费税更正，确认了220万美元的额外消费税及相关少报附加费 [30] - **其他收入**：其他净收入增长700.7%至290万美元，主要由于处置物业和设备的收益增加 [31] - **所得税**：所得税拨备为310万美元（上年为所得税收益190万美元），增长264.8%，主要因应税收入增加及上年度税务裁决产生的退税影响 [33][34]