1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
MJID
Event Date
2025-07-18
Sector
Consumer
Subsector
Textiles, Apparel & Luxury Goods
Offer Range
$6.00
Shares Offered
2.5M
Shares Outstanding Pre-IPO
20.5M
20.5M
$123.0M
12.2%
Implied Upside vs Midpoint
Description
We are a holding company incorporated in the Cayman Islands with operations conducted by our PRC subsidiary New Brand, which is headquartered in Hong Kong. We are a provider of SCM services in the apparel industry delivering a one-stop solution to our customers for a broad range of yarn products, textiles and finished garments. Our service offerings encompass every key aspect of the supply chain of these products: market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management. Through our integrated capabilities, we provide end-to-end supply chain solutions that are tailored to meet our customers’ unique needs. --- Our principal offices are located at 22/F, China United Plaza, 1008 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong Kong and our telephone number is +852 3915 2600. Our registered office in the Cayman Islands is located at the Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our website is newbrandcashmere.com. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor New York, NY 10168.
Ping An Biomedical Co., Ltd. annual income statement and balance sheet, FY 2023 to FY 2025, as reported in SEC filings (CNY).
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | CNY 82.6M | CNY 87.6M | CNY 34.1M |
| Gross profit | CNY 4.2M | CNY 5.4M | CNY 950K |
| Operating income | CNY 612K | (CNY 2.0K) | (CNY 14.7M) |
| Net income | (CNY 994K) | (CNY 1.3M) | (CNY 12.8M) |
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Total assets | — | CNY 56.8M | CNY 68.4M |
| Total liabilities | — | CNY 64.0M | CNY 23.2M |
| Total equity | (CNY 5.9M) | (CNY 7.2M) | CNY 45.2M |
| Cash & equivalents | CNY 592K | CNY 131K | CNY 1.2M |