006280KOSPI

GC Biopharma

129,400

-1,100 (-0.84%)

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

GC Biopharma is a joint stock company listed on the KOSPI market.

The company manufactures and distributes pharmaceuticals, including blood products, vaccines, prescription drugs, and over the counter medicines. Its primary customers include general hospitals, clinics, reagent wholesalers, pharmacies, and the Red Cross.

Business overview as filed

당사는 혈액제제와 백신제제를 필두로 전문의약품, OTC제제 등의 의약품을 제조 및 판매하고 있습니다. 2025년 연간 당사의 매출은 연결 기준 1조 9,913억원으로 전년동기 1조 6,799억 대비

18.54%

증가하였으며, 주요 거래처는 종합병원, 의원, 시약도매상, 약국, 적십자 등으로 구성되어 있습니다.

[부문별 주요 제품 및 서비스]

연결재무제표 기준입니다.

혈액제제는 2021년 2월 면역글로불린 10% IVIG(제품명 ALYGLO)의 미국 품목 허가를 신청하여 2023년 12월 FDA 품목허가를 획득하였습니다. ALYGLO는 2024년 8월 세계 최대 규모의 면역글로불린 시장인 미국시장에 본격 출시하여 성공적으로 안착했습니다. 당사는 오창공장의 혈액제제 생산시설을 통해 국내외 시장에 안정적으로 제품을 공급하고 있습니다.

백신제제는 독감백신과 수두백신을 필두로 해외시장 경쟁력을 강화하고 있습니다. 독감백신은 해외 점유율을 확대하며 당사의 매출 및 수익 증진에 기여하고 있습니다. 또한 당사는 코로나19 팬더믹 상황에서도 국내 독감백신 공급을 안정적으로 공급하여 국민 보건 안정에 이바지했습니다. 수두백신도 꾸준한 수주실적으로 해외시장을 개척해왔습니다. 당사의 2세대 수두백신인 '배리셀라주'는 2023년 2월 WHO 사전적격성평가(PQ) 인증을 취득하였으며, 해외 매출을 확대하고 있습니다. 이와 함께, 2017년 미국에 설립한 해외법인(Curevo Inc.)을 통해 차세대 프리미엄 대상포진백신을 개발하고 있으며, 확장 임상 2상이 진행중입니다.

혈액제제와 백신제제 이외에도 유전자 재조합제제의 주요 제품인 헌터증후군 치료제 '헌터라제'는 10개 이상의 국가에서 판매되고 있으며, 당사는 세계 최초로 뇌실 내에 직접 투여할 수 있는 ICV제형의 헌터증후군 치료제 상업화에 성공했습니다. 또한, 혈우병 치료제인 '그린진에프'가 2021년 중국 국가약품감독관리국(NMPA)에 품목허가를 획득하였습니다. 이를 통해 성장 잠재성이 큰 중국을 포함한 세계시장을 개척해 나아갈 것입니다. 당사는 경쟁력을 갖춘 전략 제품을 필두로 글로벌 진출을 위해 전사적인 자원과 역량을 집중하고 있으며, 지속적으로 글로벌 제약사로의 도약을 위해 전력을 다 할 것입니다.

Company overview

가. 연결대상 종속회사 개황

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

(주) 당사의 명칭은 주식회사 GC녹십자라고 표기합니다.

다. 설립일자

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

당사는 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

바. 주요 사업의 내용

당사와 연결대상 종속회사의 주요 사업은 혈액제제와 백신제제를 필두로 전문의약품, OTC제제 등의 의약품 제조 및 판매이며, 각 사업부문별 주요 제품과 매출비중은 다음과 같습니다.

[부문별 주요 제품 및 서비스]

연결재무제표 기준입니다.

당기말 현재 당사가 정관에서 정하고 있는 목적사업은 다음과 같습니다.

종속회사가 영위하는 주요사업은 다음과 같습니다.

사. 공시서류작성기준일 현재 계열회사의 총수, 주요계열회사의 명칭 및상장여부

계열회사 현황의 경우 'Ⅸ. 계열회사 등에 관한 사항' 을 참조

(*1) ㈜펌킨컴퍼니가 ㈜커브컴퍼니로 사명 변경(*2) BIOCENTRIQ, INC.이 MADE SCIENTIFIC, INC.로 사명 변경

아. 신용평가에 관한 사항

[신용등급체계 및 부여 의미]

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

3.68%

[2.12%, 6.25%] · 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 37.2% (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

0.30

Beta [0.17, 0.44] · KOSPI200 · As of 2026-10-08

Intercept: -0.111%[-0.444%, +0.223%]
R squared: 0.15
Observations: 252
Trading-time corrected beta: 0.22[0.03, 0.41]

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 KOSPI200 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	10,478	11,979	12,879	13,349	13,697	15,041	15,378	17,113	16,266	16,799	19,913	19,640
Revenue growth%	—	14.32	7.51	3.65	2.61	9.81	2.24	11.28	-4.95	3.27	18.54	—
Operating incomeKRW 100M	917	785	903	502	403	503	737	813	344	321	691	473
Operating income growth%	—	-14.43	15.10	-44.46	-19.73	24.84	46.58	10.32	-57.62	-6.76	115.37	—
Net incomeKRW 100M	957	652	567	342	-113	893	1,369	694	-198	-426	-297	-635
Net income growth%	—	-31.91	-12.96	-39.61	-132.96	—	53.41	-49.31	-128.54	—	—	—
Attributable to ownersKRW 100M	950	630	532	344	-36	810	1,232	655	-266	-263	-47	-499
Attributable to minoritiesKRW 100M	7	22	35	-2	-76	82	137	40	68	-164	-250	-135
Operating margin%	8.75	6.55	7.01	3.76	2.94	3.34	4.79	4.75	2.12	1.91	3.47	2.41
Net margin%	9.13	5.44	4.40	2.57	-0.82	5.94	8.91	4.06	-1.22	-2.54	-1.49	-3.23
ROE%	9.93	6.34	5.12	3.25	-0.35	7.25	9.67	4.93	-2.05	-2.10	-0.38	-4.04
ROA%	6.76	4.20	3.33	1.99	-0.58	4.15	5.56	2.75	-0.75	-1.55	-1.00	-2.25
Debt ratio%	41.84	46.42	53.65	53.03	65.47	69.49	64.17	61.21	71.66	85.27	113.09	112.44
Current ratio%	241.59	264.22	356.28	294.39	239.59	192.07	198.17	181.31	119.59	156.19	119.60	134.55
Quick ratio%	136.07	158.47	209.67	166.90	138.31	117.91	115.87	99.50	60.18	59.16	41.79	46.68
Reserve ratio%	—	—	1,714.50	1,760.95	1,737.87	1,872.74	2,144.65	2,219.64	2,167.61	2,073.42	2,041.24	2,055.95
Free cash flowKRW 100M	-759	-824	284	-270	-872	-469	237	612	-846	-855	271	—
FCF margin%	-7.24	-6.88	2.20	-2.02	-6.36	-3.12	1.54	3.57	-5.20	-5.09	1.36	—
OCF conversion%	47.28	-2.67	102.06	42.07	—	40.30	91.99	171.66	—	—	—	—
Capex to revenue%	11.56	6.73	2.29	3.10	9.31	5.51	6.65	3.39	4.86	1.90	3.63	—
Receivable daysdays	—	96.5	101.1	103.8	106.1	100.6	100.7	89.4	97.3	—	—	—
Inventory daysdays	—	139.3	139.1	141.8	145.2	144.8	160.0	145.0	153.2	192.4	208.0	—
Payable daysdays	—	78.2	74.1	76.6	77.6	77.1	80.9	75.1	80.1	83.1	91.1	—
Cash conversion cycledays	—	157.6	166.1	169.0	173.7	168.3	179.9	159.4	170.4	—	—	—
EPSKRW	8,213	5,451	4,665	3,017	-319	7,095	10,796	5,735	-2,333	-2,303	-410	-4,270
PERx	—	28.80	48.45	45.08	—	57.22	20.19	22.58	—	—	—	—
BPSKRW	—	84,976	89,010	90,669	89,738	95,710	109,080	113,645	111,259	107,187	104,178	105,821
PBRx	—	1.85	2.54	1.50	1.48	4.24	2.00	1.14	1.13	1.67	1.53	1.14
Dividend per shareKRW	1,750	1,250	1,250	1,000	1,000	1,500	2,000	1,750	1,500	1,500	—	—
Payout ratio%	21.31	22.93	26.80	33.15	—	21.14	18.53	30.51	—	—	—	—

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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
	14,151	15,506	17,036	17,234	19,593	21,514	24,621	25,255	26,433	27,439	29,711
	7,435	8,014	9,265	8,934	9,618	11,320	10,956	9,804	10,391	12,018	13,704
Cash and cash equivalentsKRW 100M	577	569	1,710	966	985	2,323	1,861	1,054	497	226	494
Short-term financial instrumentsKRW 100M	—	—	—	101	431	232	169	69	58	—	—
InventoriesKRW 100M	3,247	3,208	3,813	3,869	4,066	4,371	4,550	4,424	5,162	7,466	8,916
Trade and other receivablesKRW 100M	2,884	3,450	3,682	3,912	4,052	4,239	4,248	4,139	4,533	Not applicable	Not applicable
	6,717	7,492	7,770	8,300	9,975	10,194	13,665	15,451	16,042	15,420	16,007
Property, plant and equipmentKRW 100M	5,004	5,540	5,520	5,597	6,417	6,737	7,991	8,224	8,280	8,050	8,449
Intangible assetsKRW 100M	602	736	879	1,008	1,030	1,096	2,774	3,116	3,379	Not applicable	Not applicable
Investments in associatesKRW 100M	587	674	627	719	752	467	829	1,799	1,618	1,015	1,216
	4,174	4,916	5,949	5,972	7,752	8,821	9,624	9,589	11,035	12,629	15,768
	3,077	3,033	2,601	3,035	4,014	5,894	5,529	5,407	8,689	7,695	11,458
Trade and other payablesKRW 100M	1,982*	1,641	2,097	2,052	2,188	2,302	2,206	2,440	2,570	2,885	4,289
Short-term borrowingsKRW 100M	587	993	—	—	—	—	—	—	—	3,671	3,522
Current portion of long-term borrowingsKRW 100M	122	138	—	—	—	—	—	—	—	108	2,566
Current lease liabilitiesKRW 100M	—	—	—	—	61	75	99	116	143	143	148
	1,097	1,883	3,348	2,937	3,738	2,927	4,095	4,182	2,345	4,934	4,310
Long-term borrowingsKRW 100M	—	—	—	—	—	—	—	—	—	3,395	2,535
Non-current lease liabilitiesKRW 100M	—	—	—	—	707	704	910	978	1,065	964	1,051
	9,977	10,590	11,087	11,262	11,841	12,693	14,998	15,666	15,399	14,810	13,943
	9,568	9,931	10,402	10,596	10,487	11,185	12,748	13,281	13,002	12,526	12,175
Issued capitalKRW 100M	Not applicable	Not applicable	584	584	584	584	584	584	584	584	584
Capital surplusKRW 100M	3,113	3,245	3,244	3,272	3,360	3,370	3,858	3,935	3,936	3,962	3,962
Retained earningsKRW 100M	5,955	6,372	6,775	7,018	6,795	7,573	8,674	9,035	8,730	8,153	7,965
Accumulated other comprehensive incomeKRW 100M	55	86	157	79	105	15	-11	84	109	184	20
Other equityKRW 100M	—	-357	-357	-357	-357	-357	-357	-357	-357	-357	-357
Non-controlling interestsKRW 100M	409	659	685	666	1,353	1,508	2,250	2,385	2,396	2,284	1,768

기타금융자산As filed	556	603	3	558	463	454	281	364	448	14	14
매각예정자산As filed	—	—	—	—	—	0	51	0	0	0	1
파생상품자산As filed	—	—	6	2	0	—	—	23	4	16	25
기타유동자산As filed	170	185	52	83	85	155	79	95	137	217	158
매출채권As filed	—	—	—	—	—	—	—	—	—	3,865	4,027
장기매출채권 및 기타채권As filed	82	81	—	—	—	—	—	—	—	—	—
매출채권및기타채권As filed	—	—	—	218	199	216	255	310	264	—	—
장기매출채권및기타채권As filed	—	—	87	—	—	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	771	774	1,008	1,084	1,247	1,108	1,156
투자부동산As filed	85	84	83	82	81	220	197	141	167	168	167
확정급여자산As filed	—	—	—	—	—	—	—	101	254	3	1
기타비유동자산As filed	—	—	61	54	38	23	41	34	33	39	36
기타채권As filed	—	—	—	—	—	—	—	—	—	214	68
이연법인세자산As filed	96	116	109	64	224	207	198	278	352	499	653
무형자산As filed	—	—	—	—	—	—	—	—	—	3,074	3,373
단기차입부채As filed	—	—	60	655	1,343	2,944	2,254	1,874	3,154	—	—
순확정급여자산As filed	—	—	—	—	—	—	91	—	—	—	—
당기법인세부채As filed	351	73	103	36	42	117	283	172	20	79	93
기타유동부채As filed	35	189	188	106	175	180	345	281	295	394	680
기타충당부채As filed	—	—	153	187	205	190	289	309	—	—	—
장기매입채무 및 기타채무As filed	14	19	—	—	—	—	—	—	—	—	—
장기차입부채As filed	740	1,495	3,070	2,633	2,721	1,942	2,803	2,788	849	—	—
확정급여부채As filed	180	157	88	126	152	57	15	12	14	168	377
이연법인세부채As filed	19	23	23	19	16	19	19	14	22	41	35
장기매입채무및기타채무As filed	—	—	47	—	—	—	—	—	—	—	—
기타비유동부채As filed	143	188	121	113	89	136	246	227	159	328	292
자본금As filed	584	584	—	—	—	—	—	—	—	—	—
파생상품부채As filed	—	—	—	—	—	86	53	215	171	118	158
매입채무및기타채무As filed	—	—	—	46	52	67	80	150	210	11	10
부채와자본총계As filed	14,151	15,506	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	—	—	17,036	17,234	19,593	21,514	24,621	25,255	26,433	—	—
기타자본잉여금As filed	-139	—	—	—	—	—	—	—	—	—	—
유동성장기차입부채As filed	—	—	—	—	—	—	—	—	2,028	—	—
충당부채As filed	—	—	—	—	—	—	—	—	307	296	3
부채와 자본 총계As filed	—	—	—	—	—	—	—	—	—	27,439	29,711

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	10,478	11,979	12,879	13,349	13,697*	15,041	15,378	17,113	16,266	16,799	19,913
Cost of salesKRW 100M	7,088	8,458	9,211	9,890	9,974*	10,635	10,172	11,295	11,420	11,980	14,372
Gross profitKRW 100M	3,390	3,521	3,668	3,459	3,723*	4,406	5,206	5,818	4,846	4,819	5,541
SG&A expensesKRW 100M	2,473	2,736	2,765	2,957	3,321*	3,904	4,469	5,005	4,502	4,498	4,850
	917	785	903	502	403*	503	737	813	344	321	691
Finance incomeKRW 100M	216	59	78	284	87	407	211	154	109	259	217
Finance costsKRW 100M	106	63	145	116	267	262	202	275	321	499	745
Other incomeKRW 100M	116	131	121	90	115	721	243	593	145	197	556
Other expensesKRW 100M	248	96	212	187	371*	267	78	247	164	414	1,219
Share of profit of associatesKRW 100M	379	-21	—	—	—	—	—	—	—	-275	146
	1,289	795	722	502	-61*	1,045	1,726	857	-271	-411	-353
Income tax expenseKRW 100M	332	144	154	-159	51	154	356	163	-73	15	-56
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	694	-198	—	—
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	0	—	—	—
	957	652	567	342	-113	893	1,369	694	-198	-426	-297
Attributable to ownersKRW 100M	950	630	532	344	-36	810	1,232	655	-266	-263	-47
Attributable to minoritiesKRW 100M	7	22	35	-2	-76	82	137	40	68	-164	-250
Basic earnings per shareKRW	8,213	5,451	4,665	3,017	-319*	7,095	10,796	5,735	-2,333	-2,303	-410
Diluted earnings per shareKRW	8,213	5,451	4,665	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-2,303	-410
	840	668	654	298	-148	881	1,393	836	-33	-505	-429
Other comprehensive incomeKRW 100M	Not applicable	Not applicable	87	-45	-35	-12	Not applicable	Not applicable	Not applicable	-79	-132

관계기업투자손익As filed	—	—	-23	-70	-28	-56	815	-181	-384	—	—
법인세차감후기타포괄손익As filed	—	—	—	—	—	—	24	142	165	—	—
비지배지분As filed	2	17	38	-11	-92	79	147	89	47	-173	-248
종속기업투자손익As filed	16	—	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	-126	30	—	—	—	-100	-14	175	17	—	-181
매도가능금융자산평가손익As filed	-124	-2	91	—	—	—	—	—	—	—	—
관계기업투자평가손익As filed	-4	32	-20	69	38	-102	-8	85	17	86	-174
지배기업 소유주지분As filed	838	651	616	308	-56	801	1,246	747	-80	-332	-181
후속적으로 당기손익으로 재분류되지 않는 항목As filed	10	-13	—	—	—	—	—	—	148	-167	49
계속영업순손익As filed	—	—	—	—	—	891	1,369	—	—	—	—
해외사업환산손익As filed	1	—	—	—	—	2	-7	90	0	2	-7
확정급여제도의 재측정요소As filed	4	-13	16	-63	-60	77	-11	-42	150	-163	42
중단영업순손익As filed	—	—	—	—	—	2	—	—	—	—	—
법인세비용차감후기타포괄이익As filed	-116	17	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목As filed	—	—	71	70	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	39	—	—	—	—	88	—
해외사업장환산손익As filed	—	—	—	2	2	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목As filed	—	—	16	-115	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는항목As filed	—	—	—	—	-74	88	38	-34	—	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	-51	-12	11	48	8	-1	—	—
기타포괄손익-공정가치측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	—	-3	7
중단영업기본(희석)주당손익As filed	—	—	—	—	—	0	0	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	957	652	567	342	-113	893	1,369	694	-198	-426	-297
Total adjustments to operating cash flowcomputed	-504	-669	12	-198	516	-533	-110	497	143	-108	1,291
	452	-17	579	144	403	360	1,260	1,192	-55	-535	995
Interest receivedKRW 100M	9	9	15	19	15	9	4	27	21	14	17
Interest paidKRW 100M	49	46	58	65	71	97	135	194	241	381	383
Income taxes paidKRW 100M	306	433	150	154	178	90	189	373	190	25	111
	78	-1,111	148	-861	-1,779	297	-1,321	-2,053	-1,502	-679	-1,868
Purchase of property, plant and equipmentKRW 100M	1,212	807	295	414	1,275	829	1,023	580	791	320	724
Proceeds from sale of property, plant and equipmentKRW 100M	2	1	5	3	21	2	6	15	13	8	21
Purchase of intangible assetsKRW 100M	145	180	261	236	202	185	212	367	469	104	329
	-276	1,106	482	-45	1,408	810	-413	-25	1,005	938	1,116
Dividends paidKRW 100M	150	205	153	153	124	127	185	240	248	195	188
Acquisition of treasury sharesKRW 100M	—	218	5	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	320	577	569	1,710	966	985	2,323	1,861	1,054	497	226
	577	569	1,710	966	985	2,323	1,861	1,054	497	226	494
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-68	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	4	26
Net change in cash and cash equivalentsKRW 100M	255	-23*	1,141*	-762	32	1,466	-474	-886	-552	Not applicable	Not applicable

영업에서 창출된 현금As filed	795	448	767	339	627	532	1,526	1,729	355	-145	1,469
외화표시현금및현금성자산에 대한 환율변동효과As filed	—	—	—	—	—	—	11	79	-5	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	1	0
배당금수취As filed	—	—	6	6	9	—	—	—	—	—	—
배당금의 수취As filed	4	4	—	—	—	7	54	3	0	3	3
연결자본거래로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	1	0
상각후원가측정금융자산의 처분As filed	—	—	—	—	—	184	221	221	411	—	665
단기금융상품의 감소As filed	1,611	1,619	1,525	1,639	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	396	1,350	149	279	2	—	195
리스부채의 상환As filed	—	—	—	—	77	81	68	86	90	81	109
연결자본거래로 인한 현금유입As filed	—	—	—	—	—	—	—	—	13	0	1
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	3	—	113	—	—	—	—
매도가능금융자산의 처분As filed	355	2	50	—	—	—	—	—	—	—	—
장기차입부채의 증가As filed	910	100	82	6	1,216	38	2,094	6	50	2,794	1,469
전환사채 발행As filed	—	—	—	—	—	—	—	—	—	—	200
전환사채의 발행As filed	—	—	—	99	—	200	—	300	—	0	—
단기차입부채의 증가As filed	9,551	1,689	3,159	2,888	5,643	10,447	8,695	8,062	11,882	12,211	10,531
무형자산의 처분As filed	0	2	79	4	12	2	1	—	10	8	11
종속기업의 설립As filed	—	—	—	—	38	—	—	—	—	—	—
단기금융상품의 증가As filed	1,544	1,663	925	1,737	—	—	—	—	—	—	—
보증금의 감소As filed	9	—	—	—	—	—	—	39	67	44	65
관계기업의 처분As filed	—	—	—	—	28	—	—	—	—	—	—
관계기업투자의 처분As filed	1,303	—	—	—	—	—	55	2	—	0	18
장기금융상품의 증가As filed	—	—	—	0	—	—	—	—	—	—	—
단기차입부채의 상환As filed	10,129	2,123	3,257	2,924	5,253	8,856	9,926	7,217	10,598	11,696	10,672
당기손익-공정가치측정 금융자산의 취득As filed	—	—	—	5	718	574	23	—	—	269	—
매각예정자산의 처분As filed	—	—	—	—	—	1,082	83	51	—	0	—
유동성장기차입부채의 상환As filed	300	—	840	4	645	904	906	1,232	4	2,092	133
전환사채의 상환As filed	—	—	—	—	—	—	—	38	—	0	—
기타포괄손익-공정가치측정 금융자산의 취득As filed	—	—	—	11	—	—	—	—	—	0	—
대여금의 증가As filed	—	—	—	—	—	—	5	60	—	54	35
리스인센티브의 수령As filed	—	—	—	—	—	—	—	—	—	—	17
상각후원가측정금융자산의 취득As filed	—	—	—	—	-0	-415	-35	140	401	—	665
매도가능금융자산의 취득As filed	—	5	40	—	—	—	—	—	—	—	—
대여금의 감소As filed	—	—	—	—	—	—	1	—	—	1	68
관계기업투자자산의 취득As filed	—	—	—	-99	-60	—	—	—	—	—	—
보증금의 증가As filed	13	—	—	—	—	—	—	98	81	21	55
장기대여금의 증가As filed	—	-0	—	—	—	—	—	—	—	—	—
당기손익-공정가치금융자산의 취득As filed	—	—	—	—	—	—	—	340	88	—	—
종속기업투자의 처분As filed	2	—	—	—	—	—	—	-741	—	—	—
관계기업 투자의 취득As filed	—	—	—	—	—	-302	—	—	172	—	—
관계기업투자의 취득As filed	280	79	—	—	—	—	788	334	—	61	452
통화선도거래As filed	—	—	10	-4	-22	-3	18	—	—	—	—
사업결합으로 인한 유출As filed	10	—	—	—	—	—	—	—	—	—	—
동일지배하의 사업결합As filed	—	—	—	—	—	-16	—	—	—	—	—
사채의 발행As filed	—	1,495	1,495	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	3	—	0
당기손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	44	—
신주인수권부사채의 발행As filed	—	—	—	99	—	—	—	—	—	—	—
종속기업의 합병As filed	—	—	—	—	—	—	119	—	—	—	—
상각후원가측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	295	—
종속기업 지분변동As filed	—	0	1	17	841	—	—	—	—	—	—
종속기업의 유상증자As filed	93	368	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	29
외화표시 현금및현금성자산의 환율변동효과As filed	3	15	—	—	—	—	—	—	—	—	—
종속기업 전환사채 전환As filed	—	—	—	—	-0	—	—	—	—	—	—
종속기업지분변동As filed	—	—	—	—	—	113	-426	1	—	—	—
상각후원가측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	251	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	1,209	—	—	—	—	—	—	—	—
종속기업 처분As filed	—	—	—	—	—	—	—	—	—	—	-73
종속기업의 처분으로 인한 현금흐름As filed	—	—	—	—	—	—	—	—	—	2	—
기타금융부채의 상환As filed	—	—	—	74	—	—	—	—	—	—	—
종속기업 유상증자As filed	—	—	—	—	—	—	359	419	—	—	—
종속기업 취득As filed	—	—	—	—	—	—	—	—	—	—	549
외화표시현금및현금성자산의 환율변동효과As filed	—	—	—	18	-14	-128	—	—	—	—	—
장기차입부채의 상환As filed	250	—	—	—	—	-20	50	—	—	—	—
상환우선주 상환As filed	—	—	—	—	93	—	—	—	—	—	—
신주인수권부사채의 감소As filed	—	—	—	—	100	—	—	—	—	—	—
현금및현금성자산의 순증감As filed	—	—	—	—	—	—	—	—	—	-275	243

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 57	한영회계법인	2025-12-31
2024	적정의견Term 56	한영회계법인	2025-12-31
2023	적정의견Term 55	한영회계법인	2025-12-31
2019	적정Term 51	한영회계법인	2019-12-31
2018	적정Term 50	한영회계법인	2019-12-31
2017	적정Term 49	한영회계법인	2019-12-31
2016	적정Term 48	한영회계법인	2016-12-31
2015	적정Term 47	한영회계법인	2016-12-31
2014	적정Term 46	한영회계법인	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 5Y0.46

Equity risk premium%

Terminal growth%

Cost of equity6.72%

Weighted average cost of capital5.89%

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW129,400

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	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	70,305	-45.7%
Discounted cash flow FCFE	303,301	+134.4%
Residual income model RIM	-39,953	-130.9%

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% + 0.46 × 5.00% = 6.72%

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(-0.38% × (1 − 0.00%), 0) = 0.00%

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

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 = 104,178 KRW, ROE = -0.38%, payout ratio = 0.00%, r = 6.72%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	104,178	-400	7,000	-7,400	0.9370	-6,934
2	103,778	-398	6,973	-7,371	0.8780	-6,472
3	103,379	-397	6,946	-7,343	0.8228	-6,042
4	102,983	-395	6,920	-7,315	0.7710	-5,639
5	102,587	-394	6,893	-7,287	0.7224	-5,264
Terminal value				-157,498	0.7224	-113,779

P_0 = 104,178 + -30,351 + -113,779 = -39,953 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 994.6 − 723.6 + 383.3 × (1 − 0.00%) = 654.3 KRW hundred million

Weighted average cost of capital

E = 15,122.4, D = 8,622.5 KRW hundred million; equity weight = 63.69%, debt weight = 36.31%; cost of debt k_d = 4.45%

WACC = 63.69% × 6.72% + 36.31% × 4.45% × (1 − 0.00%) = 5.89%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	654.3	0.9443	617.9
2	0.50%	657.6	0.8918	586.4
3	1.00%	664.2	0.8422	559.3
4	1.50%	674.1	0.7953	536.1
5	2.00%	687.6	0.7510	516.4
Terminal value	2.00%	18,013.7	0.7510	13,528.7
Total				16,344.9

Firm value = 16,344.9; less borrowings 8,622.5; plus cash 493.7 → 8,216.2 KRW hundred million

P_0 = 8,216.2 KRW hundred million ÷ 11,686,538 (shares) = 70,305 KRW

Discounted cash flow FCFE

\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 994.6 − 723.6 + 1,448.2 (net borrowing) = 1,719.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	1,719.2	0.9370	1,611.0
2	0.50%	1,727.8	0.8780	1,517.1
3	1.00%	1,745.1	0.8228	1,435.8
4	1.50%	1,771.3	0.7710	1,365.6
5	2.00%	1,806.7	0.7224	1,305.2
Terminal value	2.00%	39,050.4	0.7224	28,210.7
Total				35,445.4

P_0 = 35,445.4 KRW hundred million ÷ 11,686,538 (shares) = 303,301 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.

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