PASW on Nasdaq

Ping An Biomedical Co., Ltd.

Ping An Biomedical Co., Ltd. is an apparel and Finishd Prods of Fabrics and Similar Matl company.¹ Its shares trade on Nasdaq under the symbol PASW.¹

$0.13 up 0.01 (6.19%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

$4.8MRevenue, fiscal 2025³

-$1.8MNet income, fiscal 2025³

Compare with Neo-Concept International Group Holdings Ltd, Perfect Moment Ltd. or BrilliA Inc, or pick any stock.

TickerPASW on Nasdaq¹
IndustryApparel & Other Finishd Prods of Fabrics & Similar Matl¹
HeadquartersE9¹
Incorporated inCayman Islands⁴
Business address22/F, China United Plaza, 1002-1008 Tai Nan West Street, Cheung Sha Wan, Kowloon, 0000⁴
Filer categoryNon-accelerated filer, Emerging growth company⁴

See how the biggest companies compare on our leaderboards

Company, and Sonic Flash Limited, a British Virgin Islands Company, respectively, following.⁵ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.8%Gross margin³

-43.1%Operating margin³

-37.6%Net margin³

-28.4%Return on equity³

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Sales of yarns brought in 95% of the revenue Ping An Biomedical Co., Ltd. broke down this way in fiscal 2025.

Sales of yarns32.4M CNY³95%down 61% from 2024
Sales of finished garments1.7M CNY³5%down 60% from 2024

Business segments by year

Business segments	2023	2024	2025
Sales of yarns	77.0M CNY	83.3M CNY	32.4M CNY
Sales of finished garments	5.5M CNY	4.4M CNY	1.7M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenue

Cost of revenue95¢$4.7M
Income tax5¢$260.7K

Out of $4.8M in revenue.³ The company lost money this year.

Financial statements

Every line of the income statement as filed: the last 3 fiscal years, latest first.³

Period ending	2025-09-30	2024-09-30	2023-09-30
Revenue	34.1M CNY	87.6M CNY	82.6M CNY
Cost of revenue	-33.2M CNY	-82.2M CNY	-78.3M CNY
Gross profit	949.5K CNY	5.4M CNY	4.2M CNY
Selling and marketing expenses	-300.0K CNY	-306.6K CNY	-332.5K CNY
General and administrative expenses	-6.0M CNY	-5.0M CNY	-3.3M CNY
Provision for credit losses	-9.3M CNY	-119.9K CNY	-29.8K CNY
Total operating expenses	-15.7M CNY	-5.4M CNY	-3.6M CNY
INCOME (LOSS) FROM OPERATIONS	-14.7M CNY	-2.0K CNY	612.5K CNY
Interest income	326.3K CNY	2.0K CNY	156.1K CNY
Interest expense	-307.1K CNY	-705.3K CNY	-1.7M CNY
Other expense	-44.6K CNY	-87.9K CNY
Other income, net	42.0K CNY	110.4K CNY	1.0M CNY
Total other expenses, net	16.7K CNY	-680.7K CNY	-570.8K CNY
INCOME (LOSS) BEFORE INCOME TAXES	-14.7M CNY	-682.7K CNY	41.7K CNY
Current	328.3K CNY	-593.2K CNY	-1.0M CNY
Deferred	1.5M CNY	-8.3K CNY	7.5K CNY
Total income tax (benefit) expense	1.9M CNY	-601.5K CNY	-1.0M CNY
Net Income (Loss)	-12.8M CNY	-1.3M CNY	-993.9K CNY
FOREIGN CURRENCY TRANSLATION ADJUSTMENT	-954.3K CNY	269.8K CNY	138.5K CNY
TOTAL COMPREHENSIVE LOSS	-13.8M CNY	-1.0M CNY	-855.4K CNY
Weighted average number of ordinary shares, Basic	18.5M shares	18.0M shares	18.0M shares
Weighted average number of ordinary shares, Diluted	18.5M shares	18.0M shares	18.0M shares
LOSS PER SHARE BASIC	-0.69 CNY	-0.07 CNY	-0.06 CNY
LOSS PER SHARE DILUTED	-0.69 CNY	-0.07 CNY	-0.06 CNY

Cash³$164.7K in 2025+796% since 2024

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.³

Period ending	2025-09-30	2024-09-30	2023-09-30	2022-09-30
Cash and bank balances	1.2M CNY	130.9K CNY	591.9K CNY
Restricted cash	35.5M CNY
Accounts receivable, net	16.9M CNY	40.4M CNY
Deposits, prepayments and other receivables	9.6M CNY	12.6M CNY
Other Receivables Related Parties Current		7.3K CNY
Inventories	441.9K CNY	127.3K CNY
Total current assets	63.7M CNY	53.3M CNY
Property and equipment, net		5.6K CNY
Right-of-use assets	467.6K CNY	811.8K CNY
Deferred tax assets, net	4.2M CNY	2.7M CNY
Total non-current assets	4.7M CNY	3.5M CNY
Total assets	68.4M CNY	56.8M CNY
Short-term bank borrowings	10.0M CNY	10.0M CNY
Accounts payable	9.4M CNY	15.1M CNY
Accruals and other payables	287.7K CNY	608.0K CNY
Other payables related parties	2.9M CNY	35.6M CNY
Contract liabilities	69.8K CNY	1.7M CNY
Lease liabilities	371.9K CNY	350.4K CNY
Tax payable		328.3K CNY
Total current liabilities	23.1M CNY	63.6M CNY
Lease liabilities	95.7K CNY	461.5K CNY
Total non-current liabilities	95.7K CNY	461.5K CNY
Total liabilities	23.2M CNY	64.0M CNY
Ordinary shares: US$0.0000625 par value, 800,000,000 shares authorized as of September 30, 2024 and 2025, 18,000,000 shares and 20,500,000 shares issued and outstanding as of September 30, 2024 and 2025, respectively	8.4K CNY	7.3K CNY
Additional paid in capital	66.2M CNY
Statutory reserves	1.7M CNY	1.7M CNY
Accumulated other comprehensive loss	-1.6M CNY	-656.7K CNY
Accumulated deficit	-21.0M CNY	-8.2M CNY
Total shareholders (deficit) equity	45.2M CNY	-7.2M CNY	-5.9M CNY	4.6M CNY
Total liabilities and shareholders (deficit) equity	68.4M CNY	56.8M CNY
Ordinary shares, par value	$0.00	$0.00
Ordinary shares, shares authorized	800.0M shares	800.0M shares
Ordinary shares, shares issued	20.5M shares	18.0M shares
Ordinary shares, shares outstanding	20.5M shares	18.0M shares

Period ending	2025-09-30	2024-09-30	2023-09-30	2022-09-30
Cash and bank balances	1.2M CNY	130.9K CNY	591.9K CNY
Restricted cash	35.5M CNY
Accounts receivable, net	16.9M CNY	40.4M CNY
Deposits, prepayments and other receivables	9.6M CNY	12.6M CNY
Other Receivables Related Parties Current		7.3K CNY
Inventories	441.9K CNY	127.3K CNY
Total current assets	63.7M CNY	53.3M CNY
Property and equipment, net		5.6K CNY
Right-of-use assets	467.6K CNY	811.8K CNY
Deferred tax assets, net	4.2M CNY	2.7M CNY
Total non-current assets	4.7M CNY	3.5M CNY
Total assets	68.4M CNY	56.8M CNY
Short-term bank borrowings	10.0M CNY	10.0M CNY
Accounts payable	9.4M CNY	15.1M CNY
Accruals and other payables	287.7K CNY	608.0K CNY
Other payables related parties	2.9M CNY	35.6M CNY
Contract liabilities	69.8K CNY	1.7M CNY
Lease liabilities	371.9K CNY	350.4K CNY
Tax payable		328.3K CNY
Total current liabilities	23.1M CNY	63.6M CNY
Lease liabilities	95.7K CNY	461.5K CNY
Total non-current liabilities	95.7K CNY	461.5K CNY
Total liabilities	23.2M CNY	64.0M CNY
Ordinary shares: US$0.0000625 par value, 800,000,000 shares authorized as of September 30, 2024 and 2025, 18,000,000 shares and 20,500,000 shares issued and outstanding as of September 30, 2024 and 2025, respectively	8.4K CNY	7.3K CNY
Additional paid in capital	66.2M CNY
Statutory reserves	1.7M CNY	1.7M CNY
Accumulated other comprehensive loss	-1.6M CNY	-656.7K CNY
Accumulated deficit	-21.0M CNY	-8.2M CNY
Total shareholders (deficit) equity	45.2M CNY	-7.2M CNY	-5.9M CNY	4.6M CNY
Total liabilities and shareholders (deficit) equity	68.4M CNY	56.8M CNY
Ordinary shares, par value	$0.00	$0.00
Ordinary shares, shares authorized	800.0M shares	800.0M shares
Ordinary shares, shares issued	20.5M shares	18.0M shares
Ordinary shares, shares outstanding	20.5M shares	18.0M shares

Dividends paid³$322.4K in 2024−97% since 2023

Every line of the cash flow as filed: the last 3 fiscal years, latest first.³

Period ending	2025-09-30	2024-09-30	2023-09-30
Net Income (Loss)	-12.8M CNY	-1.3M CNY	-993.9K CNY
Depreciation of plant and equipment	5.6K CNY	10.2K CNY	32.8K CNY
Non-cash lease expense	359.7K CNY	353.1K CNY	384.0K CNY
Provision for credit losses	9.3M CNY	124.0K CNY	29.8K CNY
Provision for Inventory Obsolescence	-6.1K CNY	6.1K CNY
Deferred tax expense (benefit)	-1.5M CNY	8.3K CNY	-7.5K CNY
Accounts receivable	14.2M CNY	6.5M CNY	9.9M CNY
Deposits, prepayments and other receivables	-7.8M CNY	-1.1M CNY	-5.9M CNY
Due from related party	8.1K CNY	3.7K CNY
Inventories	-308.5K CNY	3.1M CNY	1.4M CNY
Accounts payable	-5.6M CNY	5.8M CNY	-8.8M CNY
Accruals and other payables	-324.2K CNY	-252.7K CNY	-930.0K CNY
Contract liabilities	-1.6M CNY	1.1M CNY	258.7K CNY
Advance from related parties	388.9K CNY	290.1K CNY
Repayment of obligation under operating leases	-359.7K CNY	-353.1K CNY	-384.0K CNY
Tax payable	-328.3K CNY	328.3K CNY	-1.1M CNY
Net cash provided by (used in) operating activities	-6.4M CNY	14.6M CNY	-6.1M CNY
Advances Related Parties		15.0M CNY	16.4M CNY
Repayment to Related Parties			-19.8M CNY
Net cash provided by (used in) investing activities	0 CNY	15.0M CNY	-3.4M CNY
Proceed from short-term bank borrowings	10.0M CNY	15.6M CNY	42.5M CNY
Repayment of short-term bank borrowings	-10.0M CNY	-48.1M CNY	-35.5M CNY
Loan from other payables related parties	51.9M CNY	37.8M CNY	39.7M CNY
Repayment to other payables related parties	-85.4M CNY	-35.0M CNY	-28.3M CNY
Proceeds from initial public offering	108.2M CNY
Offering cost paid	-31.1M CNY
Dividend paid		-322.4K CNY	-9.6M CNY
Net cash provided by (used in) financing activities	43.7M CNY	-30.1M CNY	8.9M CNY
Net decrease in cash and bank balances	37.2M CNY	-458.7K CNY	-575.7K CNY
Effect of exchange rate on cash	-667.3K CNY	-2.3K CNY	1.1K CNY
Interest paid	-310.9K CNY	-705.3K CNY	-2.0M CNY
Income tax paid		-220.9K CNY	2.1M CNY
Right-of-use assets obtained in exchange of lease liabilities		1.1M CNY	773.8K CNY
Deferred offering cost charged into additional paid in capital	10.9M CNY

Compare Ping An Biomedical Co., Ltd. with another company

What it owns

What Ping An Biomedical Co., Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Item	Latest	A year before	Change
Property and equipment, before depreciation	$13.9K³ Sep 30, 2025
Accumulated depreciation	$13.9K³ Sep 30, 2025
Operating-lease assets (leased space)	$65.7K³ Sep 30, 2025

Investments

Item	Latest	A year before	Change
Cash and cash equivalents	$164.7K³ Sep 30, 2025

Inventory

Item	Latest	A year before	Change
Inventory, total	$62.1K³ Sep 30, 2025

Leadership

Who has led Ping An Biomedical Co., Ltd., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (2)

Board memberJifeng Gao Mar 18, 2026 to now⁶
Board memberQingxian Liu Mar 18, 2026 to now⁷

Former names

Majestic Ideal Holdings LtdDec 21, 2021 to Sep 29, 2025⁴

Filings

103 filings to the SEC since October 2021: 1 annual reports, 5 insider forms, 97 other. The latest 20:

Sep 11, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Aug 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Jul 22, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Jul 20, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
May 27, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Apr 8, 20263 EDGAR
Apr 1, 20263 EDGAR
Apr 1, 20263 EDGAR
Mar 19, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Mar 18, 20263 EDGAR
Mar 18, 20263 EDGAR
Mar 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Feb 26, 2026EFFECT EDGAR
Feb 24, 2026CORRESP EDGAR
Feb 20, 2026UPLOAD EDGAR
Feb 13, 2026F-1 REGISTRATION STATEMENT EDGAR
Feb 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Jan 30, 202620-F ANNUAL REPORT EDGAR
Jan 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
Nov 28, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 103 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Ping An Biomedical Co., Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

Name on EDGARPing An Biomedical Co., Ltd.¹
CIK0001897532
Filer statusNon-accelerated filer an emerging growth company; not a shell company⁵
Incorporated inCayman Islands⁵
Industry code (SIC)2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl¹
SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance¹
Business address22/F, China United Plaza, 1002-1008 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong 0000, Hong Kong¹
Phone852 9710 8044¹
Shares outstanding20,500,000 shares as of Sep 30, 2025⁵
AuditorWWC, P.C., San Mateo, California PCAOB ID 1171; no auditor attestation of internal control over financial reporting⁵
On EDGAR sinceDec 21, 2021¹
Filings103 in all: 6-K (17), UPLOAD (17), F-1/A (14), CORRESP (13), DRS/A (10), DRSLTR (9), 3 (5), EFFECT (3)¹
All 18 form types
F-1 (3), FWP (3), 8-A12B (2), 20-F (1), 424B3 (1), 424B4 (1), CERT (1), DRS (1), RW (1), S-8 (1)
Latest filingsAnnual report (20-F) Jan 30, 2026

Securities registered for trading

Class	Symbol	Exchange
ordinary shares, par value $0.0000625 per share	PASW	Nasdaq

From the cover page of the 20-F filed Jan 30, 2026 (Section 12(b) of the Exchange Act).⁵

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARPing An Biomedical Co., Ltd. filings on SEC EDGAR
2
Yahoo FinancePASW quote
3
SEC EDGARPing An Biomedical Co., Ltd. 10-K for fiscal 2025
4
SEC EDGARPing An Biomedical Co., Ltd. filings on SEC EDGAR
5
SEC EDGARPing An Biomedical Co., Ltd. annual report, Item 1 (Business)
6
SEC EDGARJifeng Gao, Board member
7
SEC EDGARQingxian Liu, Board member