Company: OSRH
Filing Date: 2025-06-10
Form Type: S-1/A
Source: 0001213900-25-053114
Chunk: 65

Company: OSR Holdings, Inc.
Filing Date: 2025-06-10
Form: S-1/A
Chunk 65
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 | $                 | 3,916,903 |     | $           | 4,055,188 |     | $                  | 3,428,028 |     | $         | 79,605 |     | $         | 547,555 |

Capital risk management

Capital includes issued capital, share premium
and all other equity reserves attributable to the equity holders of the Group. The primary objective of the Group’s capital management
is to maximize the shareholder value.

The Group manages its capital structure and makes
adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group uses
the debt ratio as a capital management indicator. This ratio is calculated by dividing total liabilities by total equity, and total liabilities
and total equity are calculated based on the amounts in the Group’s consolidated financial statements.

The group’s debt ratio as of March 31, 2025
and December 31, 2024 are as follows:

|                                 |     |   |   March 31, 
        2025 |   |     |   | December 31, 
         2024 |   |
|:--------------------------------|:----|:--|------------:|:--|:----|:--|-------------:|:--|
| Net borrowings (A)              |     |   |             |   |     |   |              |   |
| Borrowings                      |     | $ |   4,710,699 |   |     | $ |    2,297,411 |   |
| Lease liabilities               |     |   |      68,359 |   |     |   |       78,113 |   |
| Less: cash and cash equivalents |     |   |  (1,595,697 | ) |     |   |     (341,543 | ) |
|                                 |     |   |   3,183,361 |   |     |   |    2,033,981 |   |
| Total equity (B)                |     |   | 132,282,477 |   |     |   |  143,208,215 |   |
| Debt ratio (A / B)              |     |   |         2.4 | % |     |   |          1.4 | % |