[Listing] Mitsunari Market: Clinifar Co., Ltd., Mitsunari Pharmaceutical Co., Ltd. Representative: Kohei Toda, Founder: Hideo Toda

Clinifar Co., Ltd. was newly listed on the Tokyo Stock Exchange TOKYO PRO Market on October 7, 2025.

The securities code is 432A. With the corporate philosophy of "facilitating the distribution of pharmaceuticals," the company, centered on its core operating company Mitsunari Pharmaceutical Co., Ltd., has contributed to the stable supply of pharmaceuticals for over 70 years. Domestically, it operates the industry-specific e-commerce platform "Mitsunari Market," supporting the streamlining of ordering operations for medical professionals. Internationally, it provides information and ordering support to overseas medical institutions through "synapse," aiming to improve global access to pharmaceuticals.

[Clinifar Co., Ltd.] Key points regarding the listing on the Tokyo Stock Exchange TOKYO PRO Market

1. New listing date and market name:

   • Clinifar Co., Ltd. was newly listed on the professional stock market TOKYO PRO Market (securities code: 432A) operated by the Tokyo Stock Exchange on October 7, 2025.

2. Corporate philosophy:

   • The company upholds the corporate philosophy of "We Will achieve smooth global access to medicines ("facilitating the distribution of pharmaceuticals").

3. History and role of the core operating company:

   • The core operating company, Mitsunari Pharmaceutical Co., Ltd., has been working on the stable supply and efficient distribution of pharmaceuticals for over 70 years since its establishment, playing a role in supporting the health infrastructure of society.

4. Core Business (Domestic EC Platform):

   • Operates "Mitsunari Market," an industry-specific domestic EC platform that embodies the digital transformation of pharmaceutical distribution.

   • By handling over 17,000 pharmaceutical products and simplifying and streamlining the complex ordering tasks of medical professionals, it supports them in focusing on medical care and dispensing.

5. Core Business (International EC Platform):

   • Operates the global information provision platform "synapse."

   • It provides information on Japanese-approved pharmaceuticals in English, offering end-to-end support from product information provision to quotes and ordering for overseas medical institutions, thereby contributing to improved cross-border access to pharmaceuticals.

6. Purpose and Significance of Listing:

   • Through this stock listing, we aim to gain even greater social trust from our stakeholders and play a leading role in further transforming pharmaceutical distribution.

7. Future growth strategy:

   • We will pursue the optimization of domestic and international pharmaceutical distribution, support a smooth supply system for medical settings, and contribute to the improvement of the social medical environment. We aim to be a corporate group that adapts to change and meets the expectations of a wide range of customers and local communities.

8. Company characteristics:

   • Founded in 2017, the company has Mitsunari Pharmaceutical Co., Ltd., a pharmaceutical wholesaler established in 1952, under its umbrella, and is an innovation company that provides new solutions through the fusion of medicine and IT.

9. Representative comment (Kohei Toda, President and Representative Director):

   • With the philosophy of "Facilitating the distribution of pharmaceuticals," we have promoted innovation with "Mitsunari Market" and "synapse" as the pillars of our business.

Mitsunari Pharmaceutical Co., Ltd. Company Information (Summary)

Item details supplementary information/related informationCompany NameKosei Yakuhin Co., Ltd. Furigana: KOSEIYAKUHINLocationOMM Building 5F, 1-7-31 Otemae, Chuo-ku, Osaka-shi, Osaka. Head office relocated to OMM Building in February 2025 (Former address: 1-12 Higashikoraibashi)RepresentativeKohei Toda-EstablishedJuly 1952 Founder: Hideo TodaCapital10 million yen-Business DescriptionPharmaceutical sales business (wholesale of ethical drugs, over-the-counter drugs, etc.). Sells pharmaceuticals to clients nationwide (hospitals, clinics, dispensing pharmacies, etc.) and overseas.Main ServicesDomestic EC platform: "Kosei Market" Overseas EC platform: "synapse". This has also become a pillar of the business of the parent company, Clinifer Co., Ltd.Number of Employees22 (as of the end of March 2025) (Number of insured persons: 20 *Information as of August 2025)-Affiliated Company Clinifer Co., Ltd.Since April 2021, it has been under the umbrella of Clinifer Co., Ltd., and has become the core operating company of the group.Financial InformationFiscal year ended March 2020: Sales: - Net profit: -159,359,000 yen Retained earnings: 2,352,385,000 yen Total assets: 2,797,221,000 yen. Past information. Please confirm the latest information.

[Points]

• A pharmaceutical wholesaler with a history of over 70 years, and as a subsidiary (core group operating company) of Clinifer Co., Ltd., it is promoting DX in pharmaceutical distribution.

• Through the domestic EC "Kosei Market" and the overseas EC "synapse", it is working to improve the efficiency and smoothness of pharmaceutical distribution both domestically and internationally.

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Clinifer Co., Ltd. Issuer Information Analysis Report

1. Summary Points

Clinifer Co., Ltd. is a corporate group that promotes DX (Digital Transformation) of pharmaceutical distribution by integrating IT technology based on a long-standing pharmaceutical wholesale business.

• Listing Information: Scheduled to be listed on TOKYO PRO Market on October 7, 2025

• Corporate Philosophy: It upholds the motto "We will achieve smooth global access to medicines"

• Group Structure: Composed of two companies: Clinifar Co., Ltd., which handles EC platform operations and group management, and its 100% consolidated subsidiary Mitsunari Pharmaceutical Co., Ltd. (established July 1952), which handles sales operations, procurement, and product management.

• Business Description: A single segment of pharmaceutical wholesale, developing business for both domestic and international markets by integrating EC systems with physical procurement and sales operations.

• Main Platform (Domestic):

  • "Mitsunari Market": An industry-specialized EC platform handling over 17,000 items including ethical pharmaceuticals.

  • It streamlines complex ordering tasks for doctors and pharmacists and provides a mechanism to sell surplus (non-moving) inventory.

  • Its proprietary information provision functions (therapeutic equivalent search, package insert viewing, supply suspension information, etc.) are patented (Patent No. 7465023).

• Main Platform (Overseas):

  • "synapse": A global information provision platform that comprehensively lists information on Japanese ethical pharmaceuticals in English and provides end-to-end support for quote requests and ordering for overseas medical institutions.

  • This mechanism is patented (Patent No. 7303575), and the company has a track record of transactions with over 300 companies across 50 countries.

• Financial Highlights (Fiscal Year Ending March 2025, Consolidated):

  • Net sales were 3,585,611 thousand yen (up 1.7% year-on-year)

  • Profit attributable to owners of the parent was 190,260 thousand yen

2. Chronological Company History

3. Content Analysis

Business Model and Strategy: The Clinifar Group has established a business model that strengthens and advances the expertise in "real-world distribution"—specifically the pharmaceutical wholesale business that Kosei Yakuhin has cultivated over many years—with the **"IT technology"** of Clinifar's EC platform operations.

• Promotion of Digital Transformation (DX): Centered on the EC platforms "Kosei Market" (domestic) and "synapse" (overseas), we are pursuing the optimization of pharmaceutical distribution by providing added value such as operational efficiency, information provision, and the redistribution of surplus inventory.

• Future challenges and growth strategies:

  • Promoting business on two pillars: We have set the expansion of our pharmaceutical wholesale business (goods) and the consideration and research of information services and SaaS businesses (information) for future revenue diversification as our key challenges.Information services and SaaS business

  • Securing cost competitiveness: We plan to reduce unnecessary expenses by specializing in e-commerce, aiming to pass savings on to customers and improve operational efficiency (optimizing processes and considering automation).

  • Improving market competitiveness and credibility: In addition to promoting patent strategies and accelerating development systems, we aim to improve our social recognition and credibility through stock listing and IR activities.

Major business risks

The company recognizes several business risks inherent to the pharmaceutical wholesale industry.

1. External environmental factors:

   • Pharmaceutical supply shortage issues: Risks where manufacturer quality issues or changes in global conditions lead to delays or reductions at suppliers, resulting in lost sales opportunities.

   • Medical expense containment policies: Risks where more frequent drug price revisions and the accelerated shift to generic drugs cause pharmaceutical sales prices to decline, impacting profitability.

1. Overseas Transaction Risk:

   • Due to export sales to overseas markets (approximately 20.8%), there is a risk of being affected by foreign exchange fluctuations, as well as natural disasters, terrorism, or conflicts at overseas sales destinations, known as country risk.

1. System and Management Risk:

   • As the business relies primarily on e-commerce, there is a risk of computer information security and system failures due to cyberattacks or system outages.

   • There is a risk of dependence on specific individuals, including Representative Director and President Kohei Toda.

   • Significant impact if licenses for sales businesses, etc. under the Pharmaceutical and Medical Device Act are revoked.