olivLaw · US equity research
Ping An Biomedical Co., Ltd. PASW
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
Ping An Biomedical Co., Ltd. is a supply chain management provider for the apparel industry, offering integrated solutions for yarn products, textiles and finished garments through its PRC subsidiary New Brand. The company matters now because it remains concentrated on a few large customers and the China market, while planning to diversify toward the United States and Europe after its Nasdaq listing in July 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ping An Biomedical Co., Ltd. (PASW) stock was 2.93 USD (−40.93% on the day), with market capitalisation 60.1 m USD, dividend yield 0.54%, beta 7.72, 52-week range 0.12–6.44 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.9
- neutral
- Bollinger (20, 2)
- -1.39 – 7.58
- in the lower half of the band · %B 0.48 · band width 289.9%
- SMA 50 / 200
- 1.42 / 0.57
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.03 / 1.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2,207.1% | −1.1% | +2,208.2 pp | — |
| 3 months | +2,171.3% | −0.5% | +2,171.8 pp | — |
| 6 months | +1,766.2% | +4.4% | +1,761.8 pp | — |
| Year to date | +483.7% | +12.3% | +471.3 pp | — |
| 1 year | +332.2% | +13.5% | +318.6 pp | +6.7% |
| 3 years | unavailable | +76.4% | unavailable | +15.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | 4.8 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | unavailable | unavailable | -1.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.10 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -37.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 164.7 k USD
- Financial debt
- 1.4 m USD
- Net debt
- 1.2 m USD
- Equity
- 6.4 m USD
- Total assets
- 9.6 m USD
- Debt / equity
- 0.22x
- Current ratio
- 2.76x
- ROE
- unavailable
- ROA
- -18.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | — | 4.8 m | SEC (XBRL)· 30 Jan 2026verified |
| Cost of revenue | — | — | 4.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Gross profit | — | — | 133.4 k | SEC (XBRL)· 30 Jan 2026verified |
| Operating income | — | — | -2.1 m | SEC (XBRL)· 30 Jan 2026verified |
| Interest expense | — | — | 43.1 k | SEC (XBRL)· 30 Jan 2026verified |
| Pre-tax income | — | — | -2.1 m | SEC (XBRL)· 30 Jan 2026verified |
| Income tax | — | — | 260.7 k | SEC (XBRL)· 30 Jan 2026verified |
| Net income | — | — | -1.8 m | SEC (XBRL)· 30 Jan 2026verified |
| Diluted EPS | — | — | -0.10 | SEC (XBRL)· 30 Jan 2026verified |
| Weighted average diluted shares | 18.0 m | 18.0 m | 18.5 m | SEC (XBRL)· 30 Jan 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 18.4 k | 164.7 k | SEC (XBRL)· 30 Jan 2026verified |
| Receivables | — | — | 2.4 m | SEC (XBRL)· 30 Jan 2026verified |
| Inventories | — | — | 62.1 k | SEC (XBRL)· 30 Jan 2026verified |
| Current assets | — | — | 8.9 m | SEC (XBRL)· 30 Jan 2026verified |
| Total assets | — | — | 9.6 m | SEC (XBRL)· 30 Jan 2026verified |
| Accounts payable | — | — | 1.3 m | SEC (XBRL)· 30 Jan 2026verified |
| Short-term debt | — | — | 1.4 m | SEC (XBRL)· 30 Jan 2026verified |
| Current liabilities | — | — | 3.2 m | SEC (XBRL)· 30 Jan 2026verified |
| Total liabilities | — | — | 3.3 m | SEC (XBRL)· 30 Jan 2026verified |
| Equity | — | — | 6.4 m † | SEC (XBRL)· 30 Jan 2026verified |
| Shares outstanding at year end | — | — | 20.5 m | SEC (XBRL)· 30 Jan 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | — | -902.9 k | SEC (XBRL)· 30 Jan 2026verified |
| Financing cash flow | — | — | 6.1 m | SEC (XBRL)· 30 Jan 2026verified |
| Dividends paid | 9.6 m | 322.4 k | — | SEC (XBRL)· 30 Jan 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 60.1 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -22.8% | 0 (vs peers) | 31% |
| Net margin · Quality | -37.6% | 6 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -47.9x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.5% | 8 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PING AN BIOMEDICAL CO., LTD. (PASW). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 4.8 m USD in 2025; net margin -37.6%; ROE -28.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.8x
What contradicts it
- ROIC: -22.8%
- Net margin: -37.6%
- Interest coverage: -47.9x
- Shareholder yield (distributions): 0.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −39% / −75% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +14% / +15% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +87% / +103% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +332% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −23% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −93% / unavailable |
| UAUnder Armour, Inc. | — | — | -29.8% | -10.0% | −3.8% | +26% / −27% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +124% / +202% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
1- and 3-year price returns: for PASW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jan 2026; since then the company filed 6-K (30 Oct 2026), 6-K (26 Oct 2026), 6-K (22 Oct 2026), 6-K (21 Oct 2026), 6-K (11 Sept 2026), 6-K (07 Aug 2026).
In brief
Ping An Biomedical Co., Ltd. is a supply chain management provider for the apparel industry, offering integrated solutions for yarn products, textiles and finished garments through its PRC subsidiary New Brand. The company matters now because it remains concentrated on a few large customers and the China market, while planning to diversify toward the United States and Europe after its Nasdaq listing in July 2025 1.
SWOT
Strengths
- The company offers integrated SCM services from design to logistics, giving it high control over quality and efficiency 1.
- Management's industry experience and an established supplier network are cited as competitive advantages 1.
- A model based on partnerships with suppliers and contract manufacturers allows flexibility without large capital investment 1.
Weaknesses
- Revenue is highly concentrated in a few large customers, and the absence of long-term contracts makes it only partly predictable 1.
- The company has a working capital deficit, with current liabilities above current assets, although management believes it can meet its obligations 1.
- Purchases are dominated by one type of raw material, which exposes the company to price volatility 1.
Opportunities
Risks
- Raw material price volatilityhigh
Prices of cashmere yarns and other raw materials are volatile, and the company cannot always pass cost increases fully to customers 1.
- PRC regulatory riskhigh
PRC laws may be interpreted inconsistently and changed with little notice, which could affect operations and the value of the securities 1.
- Supply chain disruptionsmedium
Logistics disruptions and pandemic-related restrictions could interrupt production and deliveries and raise costs 1.
- Audit and listing riskmedium
If the PCAOB cannot inspect the company's auditor, trading of its securities could be restricted in the United States 1.
Investment thesis
What would need to be true (bull case)
- The company could benefit if it diversifies its customers toward the United States and Europe, reducing dependence on a few large buyers 1.
- Its integrated SCM model, industry experience and access to established suppliers could support business expansion 1.
- Interest in sustainable raw materials and lower-impact products could open new market segments 1.
What would break the thesis
- Dependence on a small number of large customers and the lack of long-term contracts could make revenue unstable 1.
- The working capital deficit and volatile raw material costs could limit financial flexibility 1.
- Fragmented competition in China and unpredictable regulation could pressure margins and operations 1.
What to watch
- Revenue trend and customer concentration, including the share of the top five customersnext 10-K
- Development of cashmere yarn costs and gross marginsnext 10-K
- Progress on diversifying customers toward the United States and Europe2027
- Audit status and PCAOB inspection standing, including any regulatory changesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jan 2026; since then the company filed 6-K (30 Oct 2026), 6-K (26 Oct 2026), 6-K (22 Oct 2026), 6-K (21 Oct 2026), 6-K (11 Sept 2026), 6-K (07 Aug 2026).
The business
The company is a holding company incorporated in the Cayman Islands with no material operations of its own, operating through New Brand, headquartered in Hong Kong 1. It provides supply chain services for the apparel industry, covering market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management 1. Its main products are cashmere and cashmere-mix yarns and finished garments made to customer specifications 1.
The business was launched in 2013 through Multi Ridge, and New Brand was established in 2014 to focus on apparel SCM services in China 1. The company was incorporated in November 2021 as a holding company, completed its IPO in July 2025 and began trading as PASW on Nasdaq in September 2025 after a name change 1. The controlling shareholders' group originated in garment manufacturing in Hong Kong in the 1980s 1.
The company relies on raw material vendors, contract manufacturers and logistics providers, which gives flexibility without heavy capital investment but also creates dependence on third parties 1. Orders are placed on an order-by-order basis, with no long-term agreements with its top customers 1.
Segments
Market context
All operations are in China, and all revenue was generated there in fiscal 2023, 2024 and 2025 1. The apparel SCM market in China is very large and fragmented, with many participants competing on service quality and price 1. The company plans to expand its customer base toward the United States and Europe 1.
Raw material costs are volatile and influenced by supply and demand, commodity prices, transit costs and government policies 1. The company's ability to pass these increases on to customers is limited by competitive pressure 1.
Trends
- Shorter fashion cyclesmixed
Apparel brands demand faster inventory changes, with some launching a new collection every month, which places pressure on short lead times 1. The company has adapted its supply model to respond to this demand 1.
- Growing focus on sustainabilitytailwind
Consumers are increasingly concerned about the environmental impact of products, and the company intends to explore sustainable raw materials and suppliers with recycling lines 1. This could open new commercial opportunities.
- China regulation and listing mattersheadwind
The Chinese government could change rules on overseas offerings and foreign investment quickly, and PCAOB audit inspection requirements could affect the US listing 1. These uncertainties may influence the company's access to capital markets.
Competitive position
The apparel SCM market in China has a large number of participants, making it highly fragmented and competitive 1. Competitors compete on service quality and pricing, and some have broader service offerings, stronger brand recognition and more established customer bases 1.
The company relies on vertical integration and category expertise to differentiate itself, but competitors may adapt faster to industry trends 1. Dependence on a few large customers means losing one could strongly affect results 1.
- Other apparel SCM providers in China
The source describes a large number of fragmented competitors without naming them individually 1.
- Textile and apparel manufacturers
These participants may offer more varied services and closer customer relationships 1.
- Apparel sourcing agents
Sourcing agents are among the company's customers but can also act as an alternative to its services 1.
- Suppliers with in-house production capacity
Competitors with in-house technology and brands may offer price and flexibility advantages 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)20 Jul 2026
- Current report (foreign issuer)27 May 2026
- Current report (foreign issuer)19 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / Ping An Biomedical Co., Ltd. · 30 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.