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• Foxconn for activewear and sportswear.
• The 'Intel Inside' for your favorite activewear brands.

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• Activewear: Performance-oriented clothing designed for sports and fitness activities, including tops, bottoms, and other athletic garments.
• Outerwear: Garments worn over other clothing for warmth, protection, or fashion, such as jackets, coats, and vests.
• Lifestyle Apparel: Everyday casual clothing that blends comfort with current fashion trends for general wear.

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Jerash (symbol: JRSH) sells primarily to other companies, specifically apparel brands and retailers. Its major customers include:

• The Children's Place (symbol: PLCE)
• PVH Corp. (symbol: PVH)
• Haddad Brands

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Lin Hung (Sam) Choi, Chairman, Chief Executive Officer, President & Treasurer

Mr. Choi was appointed Chairman of the Board of Directors and Chief Executive Officer in March 2018, and has served as President and Treasurer since May 2017. Previously, he was a director of Global Trend and assumed the roles of President, Treasurer, and director upon the consummation of the merger. Mr. Choi has also served as a director of Jerash Garments since 2012, manager of Chinese Garments and Jerash Embroidery since 2015, and director of Treasure Success since 2016. He is an indirect substantial shareholder of Jerash Holdings through his wholly-owned entity, Merlotte. Before joining Jerash, Mr. Choi worked at Deutsche Bank and First Pacific Bank from 1987 to 1995, and he began his career in the garment and textile industry in 1995. He holds an MBA with distinction from the University of Sheffield and a professional diploma in company secretaryship and administration from Hong Kong Polytechnic University.

Gilbert K. Lee, Chief Financial Officer

Mr. Lee was appointed Chief Financial Officer in December 2019. Prior to joining Jerash Holdings, he served as the Chief Financial Officer of Fuling Global Inc., a Nasdaq-listed manufacturer of plastic and paper serviceware with production facilities in the U.S., China, and Mexico, from August 2015 until November 2019. From August 2011 through May 2015, Mr. Lee was the U.S.-based Chief Financial Officer and subsequently the Vice President of Business Development at Tanke Biosciences Corporation, a livestock nutrition products manufacturer. His experience also includes roles as Director of Finance at Two's Company, a wholesale distributor, and Director of Finance and Marketing at Essilor of America. Earlier in his career, he worked as a Plant Controller for an NYSE-listed roofing materials manufacturer. Mr. Lee earned his MBA from the University of Texas at Austin in 1995, his MPA from the University of Texas at Arlington in 1987, and his BBA in Marketing from the University of Texas at Arlington in 1982.

Wei Yang, Vice President, Secretary & Director

Ms. Yang has served as Deputy General Manager of Jerash Garments since 2014. She possesses extensive executive expertise in human resources management and acts as a liaison with overseas business partners within the manufacturing industry in Jordan. Ms. Yang is fluent in English, Chinese, and Arabic.

Eric Tang, Head of Operations, Jordan

Mr. Tang has been responsible for the operations of Jerash Garments in Jordan since 2007. He brings over 20 years of experience in trade and manufacturing within the garment industry.

Ringo Ng, Head of Marketing

Mr. Ng has been responsible for Sales and Marketing of Jerash Garments since 2012. He has 30 years of experience in trade and manufacturing within the garment industry.

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The key risks to Jerash Holdings (JRSH) are:

1. Customer Concentration Risk: Jerash Holdings relies on a few key customers for a significant portion of its revenue, with VF Corporation being a primary customer. Sales to VF Corporation, directly and indirectly, accounted for approximately 60% and 67% of total sales in fiscal years 2023 and 2022, respectively. There is no assurance that this customer or any other will continue to purchase products in the same volumes or on the same terms, which could materially impact the company's financial performance.
2. Geopolitical and Logistics Risks: The company faces ongoing challenges due to geopolitical turmoil in the region where it operates. Recent logistics challenges at Israel's Haifa port, including bombings, have caused shipment delays, requiring Jerash Holdings to seek alternate routes through Jordan's Aqaba port. This directly impacts revenue and operational efficiency. Furthermore, general political uncertainty and social tensions in Jordan, where its production facilities are located, could negatively affect its business, financial condition, results of operations, and cash flows.
3. Increased Costs and Regulatory Burdens: As Jerash Holdings transitions from an "emerging growth company," it is encountering escalating legal, accounting, and regulatory expenses. The company must navigate an intricate landscape of evolving corporate governance and public disclosure standards enforced by the SEC and Nasdaq. This demands significant investment, potentially diverting focus from core business operations and posing risks of legal action if non-compliance occurs.

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Jerash Holdings (JRSH) specializes in the manufacturing and export of custom, ready-made sportswear and outerwear. The company provides full-service production, including cutting, sewing, embroidery, printing, and quality control, for leading global brands and retailers.

The addressable markets for Jerash's main products and services can be sized as follows:

• Global Activewear Market: This market was valued at approximately USD 320.91 billion in 2024 and is projected to grow to about USD 605.89 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 8.34% from 2025 to 2032.
• U.S. Activewear Market: Valued at USD 97.41 billion in 2024, this market is anticipated to reach USD 203.25 billion by 2033, with a CAGR of 8.55% during the forecast period of 2025-2033.
• Global Apparel Manufacturing Market: This market is expected to grow by USD 127.9 billion between 2025 and 2029, at a CAGR of 4.4%.
• U.S. Cut and Sew Apparel Manufacturing Industry: The total addressable market for the cut and sew apparel manufacturing industry in the U.S. is approximately USD 26 billion, with a CAGR of 3.2%.

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1. Growth in Existing Customer Relationships and Demand for Cost-Effective Manufacturing: Jerash Holdings has seen increased shipments to its major U.S. customers and is experiencing higher demand for its cost-effective manufacturing services. This suggests an expansion of business with current clients and a strong competitive position in the market.
2. Strategic Partnerships: The company has recently secured a significant order from a U.S.-based retail corporation through a collaboration with Hansoll Textile, indicating that new strategic alliances can open doors to substantial new revenue streams.
3. Capacity Expansion: Jerash Holdings is actively evaluating "longer-term larger scale expansion plans" and considering the acquisition of an additional manufacturing facility in Amman, Jordan, or other means to expand its manufacturing capacity. This expansion would enable the company to handle larger production volumes and cater to increased demand.
4. New Product Introductions: As part of its growth strategy, Jerash Holdings is focused on introducing new products, which can attract new customers and increase sales to existing ones.
5. Geographic Expansion: The company also aims for geographic expansion within the global apparel industry, seeking to tap into new markets and broaden its customer base beyond its current operations in the United States, Jordan, and internationally.

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Share Issuance

• In fiscal 2022, Jerash Holdings completed the placement of one million new shares to independent investors on October 4, 2021, generating net proceeds of approximately $6.3 million to strengthen its financial position for growth.

Outbound Investments

• In August 2023, Jerash Holdings' joint venture partner, Busana Apparel Group, began receiving positive feedback from its initial marketing efforts, leading Jerash to start pricing and sample development for more than ten new brands.
• The company has been in discussions for a joint venture with a global leader in sustainable textile dyeing technology, aiming to achieve vertical integration for customers and introduce a new, sustainable dyeing process in Jordan that could reduce water usage by over 80% and carbon footprint by 50%.

Capital Expenditures

• In fiscal 2025, Jerash Holdings completed the construction of a 195,000-square-foot housing facility for its workforce in Al Tajamouat Industrial City.
• Jerash Holdings plans to invest approximately $1.3 million and $7.8 million in capital expenditures for the fiscal years ending March 31, 2026, and 2027, respectively, primarily to enhance production capacity.
• In fiscal 2021, the company deferred construction projects on land acquired in fiscal 2020 to conserve financial resources for operational support.