COMP <GO>

NCI vs PASW // EV/EBITDA & P/E VALUATION

Neo-Concept International Group Holdings Limited (Class A) (NASDAQ) VS. Ping An Biomedical Co. Ltd. (Class A) (NASDAQ) • 15-METRIC TALLY: NCI 4 — PASW 2

■ METRIC PARITY

NCI — Neo-Concept International Group Holdings Limited (Class A) ROARABLE D- • RQD 42/100

LAST: $0.73 (-1.68%) • MKT CAP: $6.6M

DES <GO> FA <GO> 10-K RED <GO>

valuation

9.3x

PASW — Ping An Biomedical Co. Ltd. (Class A) ROARABLE E • RQD 34/100

LAST: $5.00 (-0.20%) • MKT CAP: $15.6M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NCI VS. PASW) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NCI	PASW	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	36.90%	2.80%	+34.10	NCI	/gross-margins <GO>
Return on Invested Capital (ROIC)	2.60%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	9.3x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	-5.77%	—	TIE	/fcf-yield <GO>
Operating Margin	1.30%	-43.10%	+44.40	NCI	/operating-margins <GO>
Net Profit Margin	0.20%	-37.60%	+37.80	NCI	/net-margins <GO>
Revenue Growth (YoY)	-41.90%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.49	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	1/9	+5.00	NCI	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	17.7	51.7	-33.99	PASW	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	140.0x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$6.6M	$15.6M	-$9.1M	PASW	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NCI REV	PASW REV	NCI GROSS %	PASW GROSS %	NCI FCF	PASW FCF
FY 2025	$17.6M	$4.8M	36.9%	2.8%	$2.2M	-$902.9K
FY 2024	$30.3M	—	21.0%	—	-$478.4K	—
FY 2023	$22.3M	—	—	—	-$6.3M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NCI // BETA —

PASW // BETA —