Ping An Biomedical (Nasdaq: PASW), formerly Majestic Ideal Holdings, is a small apparel supply chain management company operating in China through its PRC subsidiary, New Brand Cashmere Products. Despite the company's name suggesting a biomedical focus following a September 2025 rebrand, its only operations are in apparel SCM. New Brand acts as a supply chain intermediary — it does not own manufacturing facilities but instead manages the full process from raw material sourcing through contract manufacturing and logistics to final delivery. New Brand handles two main product categories: yarn products (primarily cashmere, cashmere-mix, merino wool, and cotton yarn, as well as knitted panels) and finished knitwear produced to customer specifications, with a focus on ladies' knitwear. New Brand uses a cost-plus pricing model, marking up combined supplier, manufacturing, and logistics costs. Customers pay a 30%–50% upfront deposit, which New Brand uses to fund supplier contracts. New Brand's customers include brand owners, textile manufacturers, sourcing agents, and online fashion retailers, all based in China. The business is very small, with only seven full-time employees, and the top five customers account for roughly 91% of revenue. Garment sales are highly seasonal, concentrated from August to December. The company completed a Nasdaq IPO in July 2025, and controlling shareholders retain approximately 85% of shares.