000250KOSDAQ

SAM Chun Dang Pharm

243,500

+2,500 (+1.04%)

MA5
MA20
MA60

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

SAM Chun Dang Pharm was established on December 29, 1943. The company is headquartered in Hwaseong, Gyeonggi Province, and is listed on the KOSDAQ market.

The company produces and distributes prescription pharmaceuticals including antibiotics and treatments for circulatory and digestive diseases. Its business segments include ophthalmic products and pharmaceutical wholesale through subsidiaries such as Optus Pharm and SCD Japan.

Business overview as filed

(1) 사업부문 정보[지배회사의 개요]당사는 1943년 의약품 제조업 및 판매업을 사업목적으로 하여 설립되었으며, 1985년 경기도 화성시 향남제약단지내에 KGMP공장을 준공하여 항생제, 순환기질환치료제, 소화기질환치료제 및 안약류 등 처방위주의 전문의약품을 생산ㆍ판매하고 있습니다. 당사의 당기 연결 매출액은 전기(2024년) 대비 9.9% 증가한 2,318억원이며,연결 영업이익은 85억원, 연결 당기순이익은 116억원입니다.

[종속회사의 개요] 당사의 사업보고서 작성 기준일 현재 연결재무제표 작성 대상에 포함된 종속기업의 현황은 다음과 같습니다. 옵투스제약은 점안제 및 안과용제 등 의약품 제조 및 판매를, SCD US, INC는 미국 등 북미지역에서 기타 금융투자업, 수출품목 인증 및 승인을 목적으로 설립된 회사입니다. SCD BIOTECH, LLC는 수출품목 인증 및 승인을 목적으로 설립됐으며, SCD US, INC가 100%의 지분을 소유하고 있습니다. SCD JAPAN은 일본에서 의약품도매업을 목적으로 설립된 회사입니다. 종속회사 옵투스제약의 당기 개별 매출액은 전기(2024년) 대비 6.4% 증가한 871.6억원이며, 개별 영업이익은 88.7억원, 개별 당기순이익은 113.6억원입니다.

Company overview

(1) 연결대상 종속회사 개황가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

(2) 회사의 법적, 상업적 명칭당사의 명칭은 삼천당제약 주식회사라고 표기합니다.또한 영문으로는 SAM CHUN DANG PHARM. CO., LTD라 표기합니다. 단, 약식으로 표기할 경우에는 삼천당제약(주) 또는 SCD PHARM. CO., LTD라고 표기합니다.

(3) 설립일자 및 존속기간당사는 의약용 약제품 제조 판매를 영위할 목적으로 1943년 12월 29일에 설립되었습니다. 또한 2000년 10월 04일에 한국거래소가 개설하는 코스닥시장에 상장되어 매매가 개시되었습니다. 회사의 존속기간은 본 보고서 제출일 기준 설립일로부터 만 81년이 경과하였습니다.

(4) 본사의 주소, 전화번호 및 홈페이지주소 : 경기도 화성시 만세구 향남읍 제약공단2길 71전화번호 : 031) 350-7300홈페이지 : http://www.scd.co.kr

(5) 중소기업 등 해당 여부

주) 당사는 보고서 작성기준일 현재 중소기업기본법 제2조 및 중소기업기본법 시행령 제3조에 의거 중소기업에 해당되지 않습니다.

(7) 신용평가에 관한 사항

가. 신용등급 변동내역

나. 신용평가사의 신용등급 체계 및 등급 의미

(8) 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.02), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.69%

[4.33%, 10.61%] · As of 2026-10-02

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 89.3% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.15

Beta [0.93, 1.38] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.138%[-0.573%, +0.848%]
R squared: 0.33
Observations: 252
Trading-time corrected beta: 1.26[0.89, 1.63]

252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	1,321	1,474	1,611	1,600	1,866	1,669	1,673	1,773	1,927	2,109	2,318	2,599
Revenue growth%	—	11.59	9.32	-0.71	16.66	-10.58	0.25	6.01	8.65	9.47	9.90	—
Operating incomeKRW 100M	208	244	265	155	252	55	-153	122	96	26	85	177
Operating income growth%	—	17.32	8.84	-41.54	62.64	-78.09	-376.90	—	-21.80	-72.36	220.46	—
Net incomeKRW 100M	179	156	230	146	196	75	-104	88	-42	-51	120	255
Net income growth%	—	-12.65	47.49	-36.63	34.31	-61.76	-238.24	—	-147.42	—	—	—
Attributable to ownersKRW 100M	116	87	151	88	105	-10	-166	58	-104	-109	53	178
Attributable to minoritiesKRW 100M	62	69	80	58	91	85	62	30	62	58	68	77
Operating margin%	15.72	16.53	16.46	9.69	13.51	3.31	-9.14	6.89	4.96	1.25	3.65	6.83
Net margin%	13.53	10.59	14.29	9.12	10.50	4.49	-6.19	4.98	-2.17	-2.41	5.19	9.80
ROE%	—	—	10.29	5.89	6.62	-0.52	-9.51	3.36	-4.71	-4.10	1.91	5.88
ROA%	9.70	7.61	9.79	5.59	6.76	2.36	-3.01	2.37	-1.03	-0.98	2.14	4.43
Debt ratio%	19.41	19.95	18.31	26.92	30.00	23.04	37.41	51.96	36.71	48.76	54.36	43.57
Current ratio%	455.69	445.96	553.63	370.32	359.45	703.89	312.70	413.39	282.81	259.61	226.85	221.14
Quick ratio%	373.99	372.64	461.44	311.93	308.49	596.79	261.04	329.76	221.96	218.73	177.48	165.72
Reserve ratio%	—	—	1,109.98	1,196.95	1,279.14	1,491.44	1,400.43	1,399.87	1,753.43	1,665.13	1,748.82	1,771.95
Free cash flowKRW 100M	87	137	254	135	240	-54	-226	-33	167	47	-364	—
FCF margin%	6.58	9.27	15.75	8.43	12.87	-3.25	-13.50	-1.83	8.65	2.25	-15.68	—
OCF conversion%	97.02	113.77	124.33	171.55	156.14	43.36	—	150.35	—	—	81.41	—
Capex to revenue%	6.55	2.79	2.02	7.22	3.53	5.20	8.90	9.32	3.51	8.07	19.91	—
Receivable daysdays	—	87.5	87.4	86.3	73.6	81.7	76.9	74.3	68.5	80.1	89.3	—
Inventory daysdays	—	98.6	98.7	105.3	109.3	121.2	115.4	125.0	128.1	120.5	135.4	—
Payable daysdays	—	82.6	82.2	94.8	105.6	100.7	92.3	102.9	86.8	100.6	144.4	—
Cash conversion cycledays	—	103.5	103.9	96.8	77.3	102.2	99.9	96.3	109.8	100.0	80.3	—
EPSKRW	570	422	704	409	488	-45	-750	265	-463	-474	226	758
PERx	—	27.73	21.95	92.91	72.95	—	—	165.28	—	—	1,028.76	298.13
BPSKRW	—	—	6,620	6,719	7,142	8,197	7,646	7,631	9,400	11,344	11,767	12,893
PBRx	—	—	2.33	5.66	4.98	10.02	5.67	5.74	8.22	13.09	19.76	17.53
Dividend per shareKRW	50	50	50	50	50	—	—	—	—	200	50	—
Payout ratio%	8.77	11.85	7.10	12.22	10.25	—	—	—	—	—	22.12	—

Consolidated basis

Profit flowKRW 100M

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,843	2,051	2,351*	2,612	2,902	3,171	3,439	3,733*	4,080	5,198	5,612
	989	1,166	1,312*	1,423	1,625	1,665	1,689	1,577	1,639	2,425	2,418
Cash and cash equivalentsKRW 100M	349	486	619	515	603	589	491	221	404	1,056	959
Short-term financial instrumentsKRW 100M	—	—	10	—	—	—	—	—	—	—	—
InventoriesKRW 100M	177	192	218*	224	230	253	279	319	353	382	526
Trade and other receivablesKRW 100M	324	383	389	368	385	362*	342	379	344	581	553
	853	885	1,039*	1,189	1,277	1,506	1,750	2,155*	2,441	2,772	3,195
Property, plant and equipmentKRW 100M	593	579	552	607	573	633	741	872	900	1,036	1,431
Intangible assetsKRW 100M	86	131	200	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	299	341	364	554	670	594	936	1,276*	1,096	1,704	1,976
	217	261	237	384	452	237	540	382	580	934	1,066
Trade and other payablesKRW 100M	151	158	183	216	224	178	248	245	211	402	566
Short-term borrowingsKRW 100M	46	70	23	22	24	20	16	28	122	123	118
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	—	200	0	200	160	330
Current lease liabilitiesKRW 100M	—	—	—	—	7	9	7	13	15	15	16
	82	80	127	170	217	357	396	895*	516	769	911
Bonds issuedKRW 100M	—	—	—	72	75	—	261	278	—	—	—
Long-term borrowingsKRW 100M	—	—	30	—	—	200	0	400	160	170	0
Non-current lease liabilitiesKRW 100M	—	—	—	—	21	41	32	47	39	31	24
	1,543	1,710	1,988*	2,058	2,232	2,577	2,503	2,456	2,985	3,494	3,636
	Not applicable	Not applicable	1,463*	1,485	1,579	1,866	1,741	1,737	2,205	2,661	2,760
Issued capitalKRW 100M	Not applicable	Not applicable	111	111	111	114	114	114	117	117	117
Capital surplusKRW 100M	133	158	166	166	166	469	469	473	996	998	1,091
Retained earningsKRW 100M	807	911	1,061*	1,157	1,248	1,229*	1,125	1,121	1,060	955	960
Treasury sharesKRW 100M	—	—	20	20	20	20	20	20	20	6	6
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	21	18	19	13	14
Other equityKRW 100M	-20	—	—	—	—	—	—	—	—	—	—
Non-controlling interestsKRW 100M	400	458	524	572	653	711	762	719	780	833	876

유동 당기손익인식금융자산, 의무적으로 측정된 공정가치As filed	—	—	—	—	—	—	—	—	113	5	203
기타포괄손익-공정가치 측정 유동금융자산As filed	—	—	—	—	—	—	—	—	—	5	48
기타유동금융자산As filed	39	—	—	293	391	422	461	445	410	382	82
기타유동자산As filed	7	10	12	10	12	30	7	11	14	14	46
유동단기매매금융자산As filed	—	—	62	—	—	—	—	—	—	—	—
유동 당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	109	202	—	—	—
유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	13	4	8	—	—	—	—	—
기타금융자산As filed	—	20	—	—	—	—	—	—	—	—	—
단기매매금융자산As filed	94	72	—	—	—	—	—	—	—	—	—
유동만기보유금융자산As filed	—	—	2	—	—	—	—	—	—	—	—
기타비유동금융자산As filed	—	—	—	12	2	0	0	30	47	39	58
장기금융상품As filed	—	—	1	—	—	—	—	—	—	—	—
퇴직급여운용자산/퇴직연금운용자산As filed	—	—	—	—	—	—	—	5	0	0	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	117	125	135	175	133	—	—	—
비유동매도가능금융자산As filed	—	—	247	—	—	—	—	—	—	—	—
장기매출채권 및 기타비유동채권As filed	—	—	19	20	14	16	10	17	17	17	27
비유동 당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	209	194	—	—	—
비유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	198	198	355	—	—	—	—	—
무형자산As filed	—	—	—	211	302	329	464	808	963	1,222	1,298
유동성만기보유금융자산As filed	—	4	—	—	—	—	—	—	—	—	—
이연법인세자산As filed	—	—	—	4	43	19	132	77	166	87	83
투자부동산As filed	21	20	20	20	20	19	19	19	8	8	7
장기기타금융자산As filed	0	1	—	—	—	—	—	—	—	—	—
매도가능금융자산As filed	132	136	—	—	—	—	—	—	—	—	—
비유동 당기손익인식금융자산, 의무적으로 측정된 공정가치As filed	—	—	—	—	—	—	—	—	203	191	85
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	126	113	65
만기보유금융자산As filed	4	—	—	—	—	—	—	—	—	—	—
기타비유동자산As filed	—	—	—	—	—	—	—	—	11	59	141
당기법인세부채As filed	12	25	22	0	26	11	11	6	13	212	14
유동충당부채As filed	—	—	8	18	19	18	18	18	19	21	—
장기매출채권 및 기타채권As filed	18	18	—	—	—	—	—	—	—	—	—
퇴직급여부채As filed	—	—	77	82	94	116	103	94	123	114	—
기타비유동부채As filed	2	2	2	2	2	—	0	74	—	—	—
유동성사채As filed	—	—	—	108	112	—	0	—	—	—	—
이연법인세부채As filed	7	3	18	—	—	—	—	—	—	—	—
유동파생상품부채As filed	—	—	—	21	40	—	41	72	0	0	0
자기주식처분이익As filed	32	32	32	32	32	32	32	32	32	583	584
충당부채As filed	8	8	—	—	—	—	—	—	—	—	—
적립금As filed	85	60	114	39	42	42	—	—	—	—	—
자본과부채총계As filed	1,843	2,051	2,351	2,612	2,902	3,171	3,439	3,733	4,080	5,198	5,612
확정급여부채As filed	74	74	—	—	—	—	—	—	—	—	—
비유동파생상품부채As filed	—	—	—	14	26	—	0	—	—	—	—
유동반품충당부채As filed	—	—	—	—	—	—	—	—	—	—	21
자본금As filed	106	110	—	—	—	—	—	—	—	—	—
비유동충당부채As filed	—	—	—	—	—	—	1	1	2	—	—
자기주식As filed	—	-20	—	—	—	—	—	—	—	—	—
사채As filed	—	—	—	—	—	—	—	—	—	0	210
전환사채As filed	—	—	—	—	—	—	—	—	0	—	—
확정급여채무의현재가치As filed	—	—	—	—	—	—	—	—	—	—	76
비유동 사후처리, 복구, 정화 비용을 위한 충당부채As filed	—	—	—	—	—	—	—	—	—	2	2
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	192	446	594
비유동종업원급여충당부채As filed	—	—	—	—	—	—	—	—	—	7	5

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,321	1,474	1,611*	1,600	1,866	1,669	1,673	1,773	1,927	2,109	2,318
Cost of salesKRW 100M	601	683	758*	768	759	729	842	873	957	1,113	1,224
Gross profitKRW 100M	720	791	853*	832	1,107	940	831	900	970	997	1,094
SG&A expensesKRW 100M	512	547	588*	677	854	885	984	778	874	970	1,009
	208	244	265*	155	252	55	-153	122	96	26	85
Finance incomeKRW 100M	Not applicable	Not applicable	14	17	21	18	15	23	28	59	42
Finance costsKRW 100M	Not applicable	Not applicable	3	3	9	9	19	29	29	6	14
Other incomeKRW 100M	4	4	5	19	26	196	120	37	65	61	103
Other expensesKRW 100M	13	32	14	43	98	95	159	65	205	30	89
	208	227	266*	145	193	166	-195	89	-45	110	125
Income tax expenseKRW 100M	30	70	36	-1	-3	91	-92	1	4	161	5
	179	156	230*	146	196	75	-104	88	-42	-51	120
Attributable to ownersKRW 100M	116	87	151*	88	105	-10	-166	58	-104	-109	53
Attributable to minoritiesKRW 100M	62	69	80	58	91	85	62	30	62	58	68
Basic earnings per shareKRW	570	422	704*	409	488	-45	-750	265	-463	-474	226
Diluted earnings per shareKRW	553	413	704*	409	488	-45	-750	426	159	-474	226
	160	158	294*	141	195	79	-64	94	-56	-54	122
Other comprehensive incomeKRW 100M	-19	2	64	-5	-1	4	39	6	-14	-3	1

포괄손익, 비지배지분As filed	—	68	—	—	—	—	—	—	63	57	70
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	90	—	—	—	—	—	—	-119	-111	52
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	64	2	1	-1	-0	-6	6	5	1
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	64	—	—	—	—	—	—	—	—
매도가능금융자산평가손익의 세후재분류조정As filed	—	—	-0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익(세후기타포괄손익)As filed	—	—	—	2	1	0	-3	-9	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	0	-7	-2	5	40	12	-21	-9	1
순금융수익As filed	10	10	—	—	—	—	—	—	—	—	—
금융수익As filed	11	12	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익의 세후재분류조정As filed	—	—	—	0	—	-0	0	0	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	0	-4	-7	5	21	12	-18	1	1
금융원가As filed	-1	1	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	—	-1	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산As filed	—	-1	—	—	—	—	—	—	—	—	—
재분류조정As filed	-0	—	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	-1	2	3	0	2	1
매도가능금융자산의 세후재측정이익(손실)As filed	—	0	—	—	—	—	—	—	—	—	—
보험수리적손익As filed	-19	—	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	214	82	104	-8	-125	64	—	—	—
매도가능금융자산의 세후재분류조정As filed	—	2	—	—	—	—	—	—	—	—	—
지배기업의 소유주As filed	98	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치로 측정되는 금융자산의 세후차손익As filed	—	—	—	—	—	—	—	—	6	3	-0
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	—	3	—	—	—	—	—	—	—	—	—
비지배지분As filed	62	—	—	—	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	80	58	91	87	61	30	—	—	—
법인세비용차감후기타포괄손익, 확정급여제도의 재측정손익As filed	—	3	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치로 측정되는 금융자산의 세후재분류조정As filed	—	—	—	—	—	—	—	—	—	0	0

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	179	156	230	146	196	75	-104	88	-42	-51	120
Total adjustments to operating cash flowcomputed	-5	22	56	104	110	-42	27	44	276	268	-22
	173	178	286*	250	306	32	-77	133	234	218	98
Interest receivedKRW 100M	13	11	16	16	21	18	14	19	25	44	31
Interest paidKRW 100M	1	1	2	2	2	2	4	14	29	1	1
DepreciationKRW 100M	39	50	58	58	60	62	63	72	80	84	91
AmortisationKRW 100M	3	4	4	5	5	5	4	4	4	6	19
Income taxes paidKRW 100M	32	61	43	30	20	81	33	24	14	26	220
	-138	-72	-119*	-503	-193	-192	-301	-539	-84	-232	-424
Purchase of property, plant and equipmentKRW 100M	87	41	33	116	66	87	149	165	68	170	461
Proceeds from sale of property, plant and equipmentKRW 100M	0	4	2	2	0	0	0	13	7	0	0
Purchase of intangible assetsKRW 100M	23	50	76*	84	36	31	144	300	152	243	134
	-19	32	-33	148	-24	147	277	133	34	658	228
Dividends paidKRW 100M	25	20	21	21	21	21	10	10	9	9	47
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	20	0	60	0	0	0
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	712	1
Cash at beginning of periodKRW 100M	331	349	486	619	515	603	589	491	221	404	1,056
	349	486	619	515	603	589	491	221	404	1,056	959
Effect of exchange rate changesKRW 100M	0	0	-1	-0	-0	-0	2	3	-1	8	1
Net change in cash and cash equivalentsKRW 100M	18	138	133	-104	88	-13	-98	-270	183	652	-96

당기순이익(손실)As filed	179	156	230	146	196	75	-104	88	-42	-51	120
당기순이익조정을 위한 가감As filed	94	150	125	102	150	77	80	166	—	237	148
신주발행비 지급As filed	—	—	0	—	—	0	0	0	0	0	0
리스부채의 상환As filed	—	—	—	—	-6	-8	-9	-9	12	—	—
법인세비용As filed	30	70	36	-1	-3	91	-92	1	—	—	—
사채발행비 지급As filed	—	—	—	—	—	—	—	—	—	—	0
금융원가As filed	1	1	—	—	—	—	—	—	—	—	—
금융리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	16	17
금융비용As filed	—	—	3	3	9	9	19	27	—	—	—
금융수익As filed	11	-12	-14	-17	-21	-18	-15	-18	—	—	—
사채의 증가As filed	—	—	—	200	—	—	300	0	0	—	—
퇴직급여As filed	22	28	32	35	35	37	40	33	—	—	—
장기차입금의 증가As filed	—	—	—	—	—	200	0	200	160	70	0
재고자산폐기손실As filed	9	9	—	—	—	—	—	—	—	—	—
배당금수익As filed	—	—	—	-0	-0	-0	-0	-1	—	—	—
유형자산처분손실As filed	0	2	0	0	1	0	0	0	—	—	—
교환사채의 증가As filed	—	—	—	—	—	—	—	—	—	—	295
단기매매금융자산평가이익As filed	-1	—	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	90	124	78	68	77	271	56	81	352	176	81
재고자산감모손실As filed	—	—	8	10	10	17	21	15	—	—	—
단기매매금융자산처분이익As filed	-0	-0	—	—	—	—	—	—	—	—	—
단기매매금융자산평가손실As filed	—	0	2	—	—	—	—	—	—	—	—
유동성장기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	100	—
장기차입금의 상환As filed	—	—	—	30	—	—	—	—	200	—	—
기타의 대손상각비As filed	—	—	—	—	—	12	-2	-3	—	—	—
단기차입금의 상환As filed	88	101	95	69	75	275	61	70	258	175	86
대손상각비As filed	—	—	—	—	—	—	—	2	—	—	—
무형자산손상차손As filed	—	—	—	10	1	—	5	0	—	—	—
단기매매금융자산처분손실As filed	—	0	0	—	—	—	—	—	—	—	—
매도가능금융자산처분이익As filed	-0	-1	-4	—	—	—	—	—	—	—	—
매도가능금융자산손상차손As filed	2	—	—	—	—	—	—	—	—	—	—
외화환산손실As filed	—	—	—	0	1	0	0	1	—	—	—
유동성장기차입금의 감소As filed	—	—	—	—	—	—	—	—	—	—	0
투자자산처분이익As filed	0	—	—	—	—	—	0	0	—	—	—
기타의대손충당금환입As filed	-0	—	—	—	—	—	—	—	—	—	—
외화환산이익As filed	—	—	—	0	1	2	-1	5	—	—	—
임차보증금의 감소As filed	—	—	0	—	—	—	—	—	—	0	0
매도가능금융자산손상차손환입As filed	—	-2	—	—	—	—	—	—	—	—	—
보증금의 감소As filed	—	—	—	1	7	0	4	0	3	—	—
유형자산처분이익As filed	0	0	—	0	—	0	0	8	—	—	—
임차보증금의 증가As filed	—	—	1	—	—	—	—	—	—	0	10
투자자산처분손실As filed	—	0	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	0	1	—	-3	-1	-2	-0	-9	2	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	115	152	105
매도가능금융자산처분손실As filed	—	—	1	0	—	—	—	—	—	—	—
장기금융상품의 처분As filed	—	—	—	—	—	20	2	0	0	0	0
당기손익인식금융자산평가손실As filed	—	—	—	3	30	1	149	30	—	—	—
장기대여금및수취채권의 처분As filed	—	—	—	—	—	—	—	0	1	0	0
재고자산평가손실As filed	—	—	—	—	—	—	—	-2	—	—	—
리스자산처분이익As filed	—	—	—	—	—	-0	-0	—	—	—	—
단기금융상품의 처분As filed	—	—	10	—	293	790	640	600	510	620	313
당기손익인식금융자산처분손실As filed	—	—	—	0	11	—	0	1	—	—	—
만기보유금융자산의 처분As filed	0	—	2	2	—	—	—	—	—	—	0
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-41	19	-39	-54	-32	-104	—	—	—
당기손익인식금융자산평가이익As filed	—	—	—	17	20	187	3	14	—	—	—
매출채권 및 기타채권의 감소(증가)As filed	11	-59	-6	11	13	41	-24	-35	—	—	—
기타유동자산의 감소(증가)As filed	-10	20	4	3	-1	-18	-1	-2	—	—	—
단기대여금및수취채권의 처분As filed	—	—	0	0	4	5	6	6	6	0	22
당기손익인식금융자산처분이익As filed	—	—	—	-0	-0	-2	-96	-1	—	—	—
운전자본의증감As filed	-79	-77	—	—	—	—	—	—	—	—	—
파생금융부채평가손실As filed	—	—	—	13	31	—	-13	32	168	0	0
만기보유금융자산의 취득As filed	—	—	—	—	—	—	—	—	10	-1	0
사용권자산처분이익As filed	—	—	—	—	—	—	—	-0	—	—	—
재고자산의 감소(증가)As filed	-17	-23	-35	-16	-16	-40	-23	-53	-58	-51	-158
기타포괄손익인식금융자산처분손실As filed	—	—	—	—	—	0	0	0	—	—	0
매입채무 및 기타채무의 증가(감소)As filed	-40	8	25	42	10	-54	46	-37	-63	132	95
장기금융상품의 취득As filed	—	—	1	1	0	20	0	0	0	0	—
파생금융자산평가손실As filed	—	—	—	—	—	52	—	—	—	—	—
기타비유동부채의 증가(감소)As filed	—	—	-0	—	—	—	—	54	118	256	236
장기대여금및수취채권의 취득As filed	—	—	—	10	—	—	—	0	33	28	0
퇴직금의 지급As filed	-14	—	-18	-30	-12	-15	-15	-32	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	177
사외적립자산의 감소(증가)As filed	-8	-12	-10	-5	-19	5	-10	0	—	—	—
국민연금전환금의 감소(증가)As filed	—	—	0	-0	—	0	0	0	—	—	0
단기금융상품의 취득As filed	—	—	—	283	391	819	640	620	470	564	70
단기대여금및수취채권의 취득As filed	—	—	—	0	14	37	0	0	0	0	24
퇴직금의지급As filed	—	-10	—	—	—	—	—	—	—	—	—
국민연금전환금의감소(증가)As filed	—	0	—	—	—	—	—	—	—	—	—
기타포괄손익인식금융자산(채무)의 처분As filed	—	—	—	—	—	—	1	50	0	0	5
단기금융상품의 감소As filed	-16	30	—	—	—	—	—	—	—	—	—
기타의투자자산처분As filed	—	—	—	—	—	—	—	0	0	0	—
기타포괄손익인식금융자산(채무)의 취득As filed	—	—	—	—	—	—	20	20	10	0	0
단기대여금의 감소As filed	0	—	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 감소(증가)As filed	—	—	—	14	-13	26	-5	0	0	—	—
매도가능금융자산의 처분As filed	6	55	37	40	—	—	—	—	—	—	—
보증금의 회수As filed	5	0	—	—	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	7	13	20
무형자산의 처분As filed	3	1	2	9	10	—	0	—	—	—	—
사외적립자산의공정가치의 감소(증가)As filed	—	—	—	—	—	—	—	—	-2	-21	-45
투자활동으로 분류된 무형자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	7
배당금수취(영업)As filed	—	—	—	0	0	0	0	1	1	1	1
퇴직급여채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	-22	-27	-34
국민연금전환금의 감소As filed	—	—	—	—	—	—	—	—	0	0	—
매도가능금융자산의 취득As filed	19	58	63	61	—	—	—	—	—	—	—
국고보조금의증가As filed	0	—	—	—	—	—	—	—	—	—	—
매출채권 및 기타유동채권의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	—	29
단기금융상품의 증가As filed	9	11	—	—	—	—	—	—	—	—	—
전환권/신주인수권 행사로 인한 현금유입As filed	—	—	4	—	—	—	—	—	—	—	—
기타유동자산의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	1	-41	-102
기타포괄손익인식금융자산의 처분As filed	—	—	—	—	—	15	—	—	—	—	—
단기대여금의 증가As filed	—	0	—	—	—	—	—	—	—	—	—
매출채권 및 기타채권의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	32	-235	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	17	138	134	-104	88	-13	-101	-273	184	644	-98
장기금융상품의 증가As filed	—	0	—	—	—	—	—	—	—	—	—
대손상각비 조정As filed	—	—	—	—	—	—	—	—	1	3	0
신주인수권행사As filed	7	29	—	—	—	—	—	—	—	—	—
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	3	0	0
유동성장기부채의 상환As filed	7	—	—	—	—	—	—	—	—	—	—
기타포괄손익인식금융자산의 취득As filed	—	—	—	—	—	-26	—	—	—	—	—
신주의 발행As filed	4	—	—	—	—	—	—	—	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	0	13	7
당기손익인식금융자산처분이익 조정As filed	—	—	—	—	—	—	—	—	12	—	63
증자 비용As filed	0	—	—	—	—	—	—	—	—	—	—
금융자산처분이익As filed	—	—	—	—	—	—	—	—	—	24	—
증자비용As filed	—	-0	—	—	—	—	—	—	—	—	—
투자자산처분이익 조정As filed	—	—	—	—	—	—	—	—	0	0	0
당기손익인식금융자산평가이익 조정As filed	—	—	—	—	—	—	—	—	44	28	15
무형자산손상차손 조정As filed	—	—	—	—	—	—	—	—	10	1	1
재고자산감모손실 조정As filed	—	—	—	—	—	—	—	—	14	20	24
당기손익인식금융자산처분손실 조정As filed	—	—	—	—	—	—	—	—	0	—	15
무형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	—	4
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	0	1	0
금융자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	0	—
당기손익인식금융자산평가손실 조정As filed	—	—	—	—	—	—	—	—	21	19	43
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	3	2	5
기타의 대손상각비 조정As filed	—	—	—	—	—	—	—	—	0	1	1
퇴직급여 조정As filed	—	—	—	—	—	—	—	—	34	40	42
주식보상비용(환입) 조정As filed	—	—	—	—	—	—	—	—	1	5	-5
재고자산평가손실 조정As filed	—	—	—	—	—	—	—	—	10	2	7
배당금수익 조정As filed	—	—	—	—	—	—	—	—	-1	-1	—
금융수익 조정As filed	—	—	—	—	—	—	—	—	-28	-46	—
사용권자산처분이익 조정As filed	—	—	—	—	—	—	—	—	-0	-0	—
금융비용 조정As filed	—	—	—	—	—	—	—	—	26	—	—
복리후생비 조정As filed	—	—	—	—	—	—	—	—	—	1	-0
법인세비용 조정As filed	—	—	—	—	—	—	—	—	-4	161	5
지급수수료As filed	—	—	—	—	—	—	—	—	—	—	-0
사채할인상각비에 대한 조정As filed	—	—	—	—	—	—	—	—	—	—	0
금융원가의 조정As filed	—	—	—	—	—	—	—	—	—	4	10
배당금수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	—	-1
현금의기타유입(유출)As filed	—	—	—	—	—	—	—	—	5	—	—
금융수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	—	-35
리스자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	—	-0
장기종업원급여 조정As filed	—	—	—	—	—	—	—	—	—	—	0
상각후원가측정금융자산평가손실As filed	—	—	—	—	—	—	—	—	—	—	15

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.06.02.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 82	선진회계법인	2025-12-31
2024	적정의견Term 81	선진회계법인	2025-12-31
2023	적정의견Term 80	진일회계법인	2025-12-31
2022	적정Term 79	진일회계법인	2022-12-31
2021	적정Term 78	진일회계법인	2022-12-31
2020	적정Term 77	선진회계법인	2022-12-31
2019	적정Term 76	선진회계법인	2019-12-31
2018	적정Term 75	선진회계법인	2019-12-31
2017	적정Term 74	선진회계법인	2019-12-31
2016	적정Term 73	신한회계법인	2016-12-31
2015	적정Term 72	선진회계법인	2016-12-31
2014	적정Term 71	선진회계법인	2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y1.17

Equity risk premium%

Terminal growth%

Cost of equity10.25%

Weighted average cost of capital—

Initial growth1.5%

Effective tax rate3.9%

Base fiscal year2025

Current priceKRW243,500

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	618	-99.7%
Dividend discount model DDM	611	-99.7%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	64	-100.0%

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.17 × 5.00% = 10.25%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(1.91% × (1 − 22.12%), 0) = 1.48%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 50 × (1 + 2.00%) / (10.25% − 2.00%) = 51 / 0.0825 = 618 KRW

Dividend discount model DDM

P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 50, g_1 = 1.48%, g_T = 2.00%, r = 10.25%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	1.48%	51	0.9070	46
2	1.61%	52	0.8227	42
3	1.74%	52	0.7462	39
4	1.87%	53	0.6768	36
5	2.00%	55	0.6138	33
Terminal value	2.00%	674	0.6138	414
Total				611

P_0 = 611 KRW

Residual income model RIM

P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 11,767 KRW, ROE = 1.91%, payout ratio = 22.12%, r = 10.25%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	11,767	224	1,206	-982	0.9070	-891
2	11,941	228	1,224	-997	0.8227	-820
3	12,119	231	1,242	-1,011	0.7462	-755
4	12,299	234	1,261	-1,026	0.6768	-695
5	12,481	238	1,280	-1,042	0.6138	-639
Terminal value				-12,875	0.6138	-7,903

P_0 = 11,767 + -3,800 + -7,903 = 64 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart