Company: OSRH
Filing Date: 2025-06-23
Form Type: 424B3
Source: 0001213900-25-056351
Chunk: 70

Company: OSR Holdings, Inc.
Filing Date: 2025-06-23
Form: 424B3
Chunk 70
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:----|:--|------------:|:--|:----|:--|-------------:|:--|
| 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 | % |

<div align='center'>44</div>

| (5) | Fair               
 value measurements |

Book value and fair value of financial instruments

The difference between the carrying
amount and fair value of the Group’s financial assets and liabilities as of March 31, 2025 and December 31, 2024 are insignificant.

Fair value hierarchy

All financial assets and liabilities
for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as a whole:

| ● | Level 1 - Quoted (unadjusted) market prices in active markets 
 for identical assets or liabilities                           |

| ● | Level 2 - Valuation techniques for which the lowest level                                    
 input that is significant to the fair value measurement is directly or indirectly observable |

| ● | Level 3 - Valuation techniques for which the lowest level               
 input that is significant to the fair value measurement is unobservable |

Fair values of the Group’s financial
assets and liabilities as of March 31, 2025 and December 31, 2024, which are accounted as amortized cost, are categorized as Level 3.

Fair values of the Group’s financial
assets and liabilities as of March 31,