杰拉什控股有限公司2025年度报告

Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the registrant’s common stock, par value $0.001 per share, held by non-affiliates of the registrant, ascomputed by reference to the September 30, 2025 closing price reported by Nasdaq, was approximately $21.9 million. Shares ofvoting stock held by executive officers, directors, holders owning more than 10% of the outstanding voting stock, and stockholdersaffiliated with a director or an executive officer have been excluded from this calculation because such persons may be deemed to be The number of the registrant’s shares of common stock, $0.001 par value per share, outstanding on June 18, 2026 was 12,699,940. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s 2026 Proxy Statement (as defined below) are incorporated by reference in Part III of this Annual Report on Table of Contents PART I Item 1.Business Item 1A.Risk Factors Item 1B.Unresolved Staff Comments19 PART II21Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.21Item 6.[Reserved]21Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations21 PART III30Item 10.Directors, Executive Officers and Corporate Governance30 PART I Item 1. Business. Overview Jerash Holdings (US), Inc. (“Jerash Holdings”), through its wholly owned operating subsidiaries (together, the “Group,” “we,” “us,” or“our”), is principally engaged in the manufacturing and exporting of customized, ready-made sportswear and outerwear from knittedfabricproducedinitsfacilitiesintheHashemiteKingdomofJordan(“Jordan”).Ourwebsiteaddressishttp://www.jerashholdings.com. Information available on our website is not a part of, and is not incorporated into, this Annual Report We are a manufacturer for several well-known brands and retailers, such as VF Corporation (which owns brands such as The NorthFace, Timberland, and Vans), New Balance, G-III (which owns DKNY and licenses brands such as Calvin Klein, Tommy Hilfiger, andNautica), Hugo Boss, American Eagle, and Acushnet (which owns brands such as Footjoy and Titleist). Our production facilitiesinclude eight factories and six warehouses and we currently employ approximately 6,300 people. The total annual capacity at our Organizational Structure Jerash Holdings is a holding company incorporated in Delaware in January 2016. As of the date of this annual report, Jerash Holdingshas the following wholly owned subsidiaries: (i) Jerash Garments and Fashions Manufacturing Co., Ltd. (“Jerash Garments”), anentity formed under the laws of Jordan, (ii) Treasure Success International Limited (“Treasure Success”), an entity formed under thelaws of Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”), (iii) Chinese Garments andFashions Manufacturing Co., Ltd. (