007390KOSDAQ

NatureCell

24,550

-150 (-0.61%)

MA5
MA20
MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

NatureCell was established in 1971 and listed on the KOSDAQ market in 1992. The company operates with a subsidiary, Nature Cell America Inc., based in the United States.

The company operates in stem cell and food business segments. It develops stem cell therapies, manufactures culture media, and distributes stem cell culture medium cosmetics under the Dr.Jucre brand. Its food segment produces vegan health drinks and OEM products for customers including Lotte Chilsung Beverage and Haitai HTB.

Business overview as filed

당사는 자가지방유래 줄기세포를 이용한 희귀 난치질환 치료제 연구, 개발사업(해외 임상시험 진행) 및 줄기세포 배양배지사업, 줄기세포배양액 화장품 사업 및 비건 건강음료 사업을 영위하고 있습니다.당사의 주요 사업부문은 다음과 같이 구분됩니다.

줄기세포 사업부문 당사는 관계사인 (주)알바이오, (주)바이오스타줄기세포기술연구원과 협력하여 자가지방유래 성체줄기세포를 이용한 줄기세포치료제의 연구 및 임상 개발을 진행하고 있습니다. 보고서 기준일 현재 당사는 퇴행성관절염 줄기세포치료제 조인트스템의 해외(미국) 임상시험을 통한 글로벌 상용화를 추진하고 있습니다. 종속회사인 Nature Cell America Inc.를 통해서는 자폐 스펙트럼 장애(AU)를 적응증으로 하는 줄기세포치료제 및 중증하지허혈성 질환(CLI)을 적응증으로 하는 줄기세포치료제의 미국 임상개발을 준비하고 있습니다. 또한 당사는 당사의 특허기술을 바탕으로 줄기세포 배양에 필요한 핵심 원료인 배지를 개발하여 제조, 판매하고 있습니다. 한편 당사는 2026년부터 양막줄기세포 보관사업을 영위하기로 결정하고 관련 사업 개시를 위한 준비를 진행하고 있습니다.

줄기세포배양액 화장품 사업부문 당사는 바이오스타의 줄기세포 연구개발을 통해 축적된 첨단 바이오 기술력을 바탕으로 줄기세포배양 과정에서 발생하는 다양한 성장인자를 추출, 정제하여 엄격한 품질관리를 거친 줄기세포 배양액 원료 화장품 라인을 개발, 판매하는 사업을 영위하고 있으며, 대표적인 제품으로는 닥터쥬크르(Dr.Jucre)가 있습니다. 닥터쥬크르(Dr.Jucre)는 네이처셀의 고유 특허기술로 완성된 줄기세포배양액을 주원료로 하여 개발한 MSC 앰플을 비롯하여 기초라인(스킨, 로션, 아이크림, 화이트크림 등) 화장품 및 스템셀샴푸가 주요 제품이며, 자사몰을 비롯한 홈쇼핑, 공항 면세점 등에서 판매하고 있습니다.

음료 사업부문 당사의 음료사업부문은 당사가 개발한 시골집 귀리 식혜, 발효홍삼K, 그라비올라K 등 건강 친화적인 비건음료와 함께 주문자 상표를 부착하여 완제품을 생산하는 OEM에 따른 제품 매출이 발생하고 있습니다. 특히 당사는 자연 친화적인 원료를 이용한 바이오스타 고유의 발효기술을 적용한 비건 음료 시리즈를 자체 브랜드로 개발하여 판매하고 있으며, 편의점, 홈쇼핑, 온라인몰, 직영점 등을 통해 국내 유통망을 확보하고 있습니다. 한편, 미국 현지에서의 줄기세포치료제 연구개발 및 줄기세포배양액 원료 화장품 닥터쥬크르(Dr.Jucre)의 글로벌 홍보, 판매를 위하여 미국 현지 자회사인 Nature Cell America Inc.를 설립, 줄기세포 사업부문 글로벌 활성화를 위한 노력을 하고 있습니다. 당사는 2022년 12월 네이처셀아메리카(NatureCell America Inc.)의 지분 100%를 취득하였으며, 네이처셀아메리카에서 2025년 10월 실시한 유상증자에 참여, 유상 신주(1,100,000주)를 추가 취득하였습니다. 네이처셀아메리카는 현재 당사의 주요 종속회사에 해당합니다.당사의 당기 사업부문별 매출실적은 연결기준, 매출액 약 207억원 중 줄기세포사업부문이약 57%, 식품사업부문이 약 41%를 차지하고 있습니다.

Company overview

1. 연결대상 종속회사 개황

- 연결대상 종속회사 현황(요약)

* 당사의 연결대상 종속회사인 Nature Cell America Inc.는 당사 줄기세포사업부문의 해외 시장 진출을 위하여 2022.9. 미국 캘리포니아주에 설립되었으며 2022.12. 당사가 Nature Cell America Inc.의 지분 100%를 취득하여 당사의 종속회사로 신규 편입 되었습니다. 한편, Nature Cell America Inc.는 2025.10. 본점을 메릴랜드주로 이전하였으며, 2025년 11월 당사가 Nature Cell America Inc.의 유상증자에 추가 출자하였으며, 당사의 주요 종속회사에 해당되었습니다.

1-1. 연결대상회사의 변동내용

2. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "주식회사 네이처셀"이며, 영문으로는 "NatureCell Co.,Ltd."로 표기합니다.

3. 설립일자 및 존속기간

당사는 1971년 설립되어 1992년 코스닥시장(KOSDAQ)에 상장하였으며, 2013년 3월, 현재 사명인 주식회사 네이처셀로 상호를 변경하였습니다.

4. 본사의 주소, 전화번호, 홈페이지 주소

5. 회사사업 영위의 근거가 되는 법률

6. 중소기업 등 해당 여부

7. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

당사는 2014년 줄기세포사업부문을 추가한 후 2019년 5월 2일부터 기초 의약물질 및 생물학적 제제 제조업으로 주요업종을 변경하여 줄기세포 사업부문을 주요 사업으로 영위하고 있으며, 기타 식품사업(음식료품 등)을 영위하고 있습니다.당사의 줄기세포 사업부문은 줄기세포 해외임상시험을 통한 줄기세포치료제의 글로벌 상용화를 도모하고 있으며, 그 외 줄기세포배양액 화장품 판매, 줄기세포 배양배지 사업 등을 영위하고 있습니다. 식품 사업부문은 음료 제조 및 판매 사업을 영위하고 있으며, 해태HTB(주), 롯데칠성음료(주) 등이 주요 고객입니다.또한, 당사는 보고서 기준일 이후인 2026년부터 양막줄기세포 보관사업을 영위하기로 결정하였으며 현재 양막 줄기세포 보관사업 개시를 위한 준비 중입니다. 한편, 2022년 12월 당사의 연결대상 종속회사에 신규 편입된 NatureCell America Inc.는 당사의 줄기세포 연구개발의 미국 시장 진출 및 줄기세포 화장품 사업부문의 글로벌 확장을 위하여 2022년 9월 신설된 법인이며 보고서 제출일 현재 미국 메릴랜드 주 및 캘리포니아 주에 위치하고 있습니다.

보고서 기준일 현재 당사(주요 종속회사 포함)의 주요 사업의 내용은 아래와 같습니다.

8. 신용평가에 관한 사항

당사의 최근 신용평가에 관한 내용은 아래와 같습니다.

주1) 동사의 업력(54년), 대표자의 동업계 경력(2년), 매출추이(2024년 결산기준 매출액 32,104백만원, 매출액증가율 65.85%), 재무안정성(부채비율 9.45%과 차입금의존도 0.74%), 수익성(영업이익률 3.39%), 현금창출능력(보통이상)과 함께 장래의 경제여건 및 시장환경 변화에 따른 전반적인 영업실적 및 재무구조의 변동가능성과 적응력 등을 종합적으로 고려할 때 신용능력이 보통이상 수준으로 판단되어 신용등급을 BB 등급으로 평정함.

주2) 동사의 업력(설립일자없음), 대표자의 동업계 경력(14년), 매출추이(2023년 결산기준 매출액 19,358백만원, 2023년 결산기준 매출액증가율 -8.91%), 재무안정성(부채비율 9.06%과 차입금의존도 1.36%), 수익성(영업이익률 -45.74%), 현금창출능력(미흡)과 함께 장래의 경제여건 및 시장환경 변화에 따른 전반적인 영업실적 및 재무구조의 변동가능성과 적응력 등을 종합적으로 고려할 때 신용능력이 보통이상 수준으로 판단되어 신용등급을 BB- 등급으로 평정함.

주3) 회사의 업력, 대표자의 업계경력, 매출추이, 재무안정성, 수익성, 현금창출능력과 함께 장래의 경제여건 및 시장환경 변화에 따른 전반적인 영업실적 및 재무구조의 변동가능성과 적응력 등을 종합적으로 고려할 때 신용능력이 보통이상 수준으로 판단됨.

9. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

3.91%

[2.05%, 7.98%] · 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 41.2% (2026-04-06). 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

0.62

Beta [0.44, 0.80] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.151%[-0.456%, +0.757%]
R squared: 0.16
Observations: 252
Trading-time corrected beta: 0.70[0.29, 1.10]

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

	2015Separate basis	2016Separate basis	2017Separate basis	2018Separate basis	2019Separate basis	2020Separate basis	2021Separate basis	2022Consolidated basis	2023Consolidated basis	2024Consolidated basis	2025Consolidated basis	TTMConsolidated basis
RevenueKRW 100M	306	268	272	267	231	167	222	216	194	323	207	205
Revenue growth%	—	-12.33	1.60	-1.84	-13.64	-27.53	32.80	—	-10.22	67.09	-35.87	—
Operating incomeKRW 100M	-12	-36	-5	12	18	-64	-95	-95	-103	6	-36	-37
Operating income growth%	—	—	—	—	43.46	-464.13	—	—	—	—	-710.23	—
Net incomeKRW 100M	-13	-32	-5	22	9	-189	-320	-68	-117	12	-28	-27
Net income growth%	—	—	—	—	-59.64	-2,191.96	—	—	—	—	-331.48	—
Attributable to ownersKRW 100M	—	—	—	—	—	—	—	—	-117	12	-28	-27
Attributable to minorities	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Operating margin%	-3.81	-13.55	-1.93	4.59	7.63	-38.34	-42.78	-44.09	-53.09	1.85	-17.59	-17.93
Net margin%	-4.37	-12.03	-1.69	8.37	3.91	-112.86	-144.26	-31.61	-60.36	3.79	-13.69	-13.21
ROE%	—	—	—	—	—	—	—	—	-19.02	1.90	-4.50	-4.31
ROA%	-2.90	-6.12	-0.90	4.23	0.97	-22.01	-45.99	-7.25	-17.08	1.70	-3.80	-3.06
Debt ratio%	45.07	54.82	30.29	22.60	13.70	36.80	14.47	64.49	11.36	11.41	18.57	40.69
Current ratio%	173.50	153.99	211.86	238.58	632.29	274.57	652.15	187.86	963.92	1,019.49	331.83	176.16
Quick ratio%	134.46	104.71	162.93	204.04	596.79	259.22	604.20	179.32	887.78	947.37	264.12	150.70
Reserve ratio%	85.08	21.02	35.03	46.40	153.75	90.68	76.63	67.54	83.45	91.18	88.48	83.66
Free cash flowKRW 100M	-3	-41	—	—	—	—	—	—	—	-16	-164	—
FCF margin%	-0.90	-15.46	—	—	—	—	—	—	—	-4.92	-79.03	—
OCF conversion%	—	—	—	165.55	39.64	—	—	—	—	123.39	—	—
Capex to revenue%	4.10	7.45	—	—	—	—	—	—	—	9.60	79.78	—
Receivable daysdays	—	61.8	—	—	—	—	—	—	—	—	130.4	—
Inventory daysdays	—	80.4	96.7	92.0	113.8	125.8	89.6	—	102.4	73.2	143.5	—
Payable daysdays	—	—	—	—	—	—	—	—	—	—	93.4	—
Cash conversion cycledays	—	—	—	—	—	—	—	—	—	—	180.4	—
EPSKRW	-29	-64	-9	42	16	-308	-519	—	-184	19	-44	-42
PERx	—	—	—	283.33	411.88	—	—	—	—	1,131.58	—	—
BPSKRW	—	—	—	—	—	—	—	913	957	1,004	978	977
PBRx	—	—	—	—	—	—	—	16.71	8.35	21.41	22.29	23.80
Dividend per share	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

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
	460	527*	514	529	931	857	696	940	684	720	747
	196	177	205	221	559	563	429	672	406	420	289
Cash and cash equivalentsKRW 100M	56	34	90	149	212	415	326	313	299	284	168
Short-term financial instrumentsKRW 100M	0	0	3	0	150	70	0	—	—	—	—
InventoriesKRW 100M	44	57	47	32	31	31	32	31	32	30	59
Trade and other receivablesKRW 100M	47	44	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	98	50
	264	350*	310	307	372	294	267	269	278	300	459
Property, plant and equipmentKRW 100M	93	108	111	106	98	67	61	86	112	121	274
Intangible assetsKRW 100M	6	51*	28	26	Not applicable	32	31	29	27	25	Not applicable
Investments in associatesKRW 100M	—	—	—	129	153	92	58	51	—	—	—
	143	186	120	97	112	231	88	369	70	74	117
	113	115	97	93	88	205	66	358	42	41	87
Trade and other payablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	32	25
Short-term borrowingsKRW 100M	27	22	22	22	22	42	0	—	—	—	50
Current portion of long-term borrowingsKRW 100M	17	0	—	—	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	5	8	12	5	9	8	10
	30	72	23	5	24	26	22	11	28	32	30
Long-term borrowingsKRW 100M	2	19	19	1	0	—	—	—	—	—	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	19	19	14	7	14	10	18
	317	340*	395	431	819	627	608	572	614	646	630
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	572	614	646	630
Issued capitalKRW 100M	246	254	264	265	306	306	313	313	321	322	322
Capital surplusKRW 100M	349	88	151	157	496	496	784	822	999	1,015	1,027
Retained earningsKRW 100M	-140	-34*	-59	-34	-25	-218	-544	-611	-732	-721	-742
Other equityKRW 100M	-138	33	38	43	43	43	55	47	26	31	23
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0

당기법인세자산As filed	0	0	0	1	0	1	0	0	1	1	1
매출채권As filed	—	—	41	37	36	51	71	87	40	—	—
정부보조금As filed	—	—	—	—	0	—	—	—	—	—	—
기타유동자산As filed	—	—	—	—	—	—	—	—	—	2	4
대손충당금, 단기미수금As filed	—	—	—	—	—	—	—	—	0	—	—
기타유동금융자산As filed	—	—	—	—	—	—	—	—	—	5	7
대손충당금As filed	-12	-12	10	12	10	28	21	2	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	100	—	—	—	—	—	—
대손충당금, 매출채권As filed	—	—	—	—	—	—	—	—	1	—	—
단기대여금As filed	20	0	3	0	—	4	4	87	3	—	—
단기미수금As filed	—	—	6	4	30	24	29	128	5	—	—
단기미수수익As filed	—	—	0	0	1	0	0	2	0	—	—
장기금융상품As filed	0	0	0	0	0	0	0	0	0	0	0
기타무형자산As filed	—	—	—	—	—	—	—	—	—	—	24
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	—	—	20	—
기타포괄손익-공정가치 측정 금융자산 [개요]As filed	—	—	—	—	—	—	—	—	—	—	13
단기선급금As filed	—	—	9	2	3	2	9	7	7	—	—
투자부동산As filed	0	0	—	—	—	12	11	13	44	59	69
기타비유동자산As filed	—	—	—	—	—	—	—	—	—	39	39
기타비유동금융자산As filed	—	—	—	—	—	—	—	—	—	17	16
사용권자산As filed	—	—	—	—	23	27	25	10	23	18	23
단기선급비용As filed	—	—	15	2	1	3	3	4	19	—	—
자본과부채총계As filed	460	527	514	529	931	857	696	940	684	720	747
단기금융리스채권As filed	—	—	—	—	—	—	—	1	1	—	—
유동계약부채As filed	—	—	—	25	16	17	13	13	—	—	1
유동계약자산As filed	—	—	—	7	5	6	4	4	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	—	1	—
기타유동금융부채As filed	—	—	—	—	—	—	—	—	—	—	1
부가가치세대급금As filed	—	—	0	—	—	—	—	—	—	—	—
파생금융상품자산As filed	—	—	—	—	—	—	—	11	—	—	—
복구충당부채As filed	—	—	—	—	—	—	—	—	2	2	2
순확정급여부채As filed	—	—	4	3	4	6	8	3	11	18	7
미수금As filed	2	32	—	—	—	—	—	—	—	—	—
유동만기보유금융자산As filed	0	0	0	—	—	—	—	—	—	—	—
이연법인세부채As filed	—	—	—	—	—	—	—	—	—	1	1
기타비유동금융부채As filed	—	—	—	—	—	—	—	—	—	1	2
장기선급금As filed	—	—	20	20	43	38	38	38	38	—	—
미수수익As filed	0	1	—	—	—	—	—	—	—	—	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed	—	—	0	—	—	—	—	—	—	—	—
장기보증금자산As filed	—	—	5	—	—	—	—	—	12	—	—
선급금As filed	4	6	—	—	—	—	—	—	—	—	—
장기대여금As filed	—	—	—	4	4	1	2	1	—	—	—
선급비용As filed	18	15	—	—	—	—	—	—	—	—	—
장기선급비용As filed	—	—	—	—	—	—	—	—	1	—	—
비유동매도가능금융자산As filed	—	—	52	0	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	21	—	—
부가세대급금As filed	0	0	—	—	—	—	—	—	—	—	—
지분법적용투자주식As filed	78	0	94	—	—	—	—	—	—	—	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	21	17	18	30	27	—	—	—
장기금융리스채권As filed	—	—	—	—	—	—	—	2	0	—	—
매각예정자산집단As filed	15	0	—	—	—	—	—	—	—	—	—
보증금As filed	4	6	—	5	4	8	13	12	—	—	—
무형자산As filed	—	—	—	—	34	—	—	—	—	—	—
단기매입채무As filed	—	—	11	12	3	4	17	11	3	—	—
전환권대가As filed	3	8	0	0	—	—	—	38	38	—	—
기타자본잉여금As filed	5	3	3	3	3	3	1	1	25	—	—
매도가능금융자산As filed	63	67	—	—	—	—	—	—	—	—	—
유동성장기부채As filed	—	—	0	18	10	0	0	—	—	—	—
만기보유금융자산As filed	0	98	—	—	—	—	—	—	—	—	—
주식발행초과금As filed	342	76	148	154	493	493	783	783	936	—	—
단기미지급금As filed	—	—	8	8	21	17	16	27	25	—	—
주식선택권As filed	—	—	35	32	32	32	31	39	23	—	—
단기미지급비용As filed	—	—	4	3	4	3	3	3	3	—	—
단기선수수익As filed	—	—	0	0	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	4	—	—
단기선수금As filed	—	—	51	4	6	3	4	0	2	—	—
해외사업환산손익As filed	—	—	—	—	—	—	—	-1	-1	—	—
단기예수금As filed	—	—	1	0	0	0	0	0	0	—	—
보통주자본금As filed	—	—	264	265	306	306	313	313	321	—	—
단기예수보증금As filed	—	—	0	0	—	—	—	—	—	—	—
유동성전환사채As filed	—	—	—	—	—	74	—	243	—	—	—
기타As filed	20	20	—	—	—	—	—	—	—	—	—
미처분이익잉여금(미처리결손금)As filed	—	—	-59	-34	-25	-218	-544	-611	-732	—	—
유동파생상품부채As filed	—	—	—	—	—	36	—	—	—	—	—
파생금융상품부채As filed	—	—	—	—	—	—	—	55	—	—	—
전환사채As filed	22	43	0	0	—	—	—	—	—	—	—
매입채무As filed	16	14	—	—	—	—	—	—	—	—	—
장기임대보증금As filed	—	—	1	1	1	1	1	1	1	—	—
미지급금As filed	14	19	—	—	—	—	—	—	—	—	—
미지급비용As filed	6	6	—	—	—	—	—	—	—	—	—
선수수익As filed	0	0	—	—	—	—	—	—	—	—	—
선수금As filed	30	50	—	—	—	—	—	—	—	—	—
예수금As filed	2	1	—	—	—	—	—	—	—	—	—
예수보증금As filed	1	1	—	—	—	—	—	—	—	—	—
신주인수권부사채As filed	0	—	—	—	—	—	—	—	—	—	—
사채As filed	0	0	—	—	—	—	—	—	—	—	—
임대보증금As filed	0	1	—	—	—	—	—	—	—	—	—
퇴직급여채무As filed	6	9	—	—	—	—	—	—	—	—	—
납입자본As filed	246	254	—	—	—	—	—	—	—	—	—
신주인수권대가As filed	0	0	—	—	—	—	—	—	—	—	—
연구및인력개발준비금As filed	2	—	—	—	—	—	—	—	—	—	—
보험수리적손익As filed	0	—	—	—	—	—	—	—	—	—	—
미처리결손금As filed	-142	-34	—	—	—	—	—	—	—	—	—
임의적립금As filed	—	—	0	—	—	—	—	—	—	—	—
주식매수선택권As filed	12	27	—	—	—	—	—	—	—	—	—
자기주식처분손실As filed	-150	—	0	—	—	—	—	—	—	—	—
지분법자본변동As filed	—	5	4	8	12	12	10	-2	—	—	—
공정가치측정금융자산평가누계액As filed	—	—	—	3	-1	-0	14	—	—	—	—
공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	11	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	306	268	272	267	231	167	222	216*	194	323	207
Cost of salesKRW 100M	274	229*	196	157	102	91	128	122*	112	154	113
Gross profitKRW 100M	32	39*	76	110	129	76	94	93*	82	169	95
SG&A expensesKRW 100M	44	76*	81	98	111	140	189	188*	185	163	131
	-12	-36*	-5	12	18	-64	-95	-95*	-103	6	-36
Finance incomeKRW 100M	5	5	3	3	3	5	2	3	11	11	6
Finance costsKRW 100M	5	5	8	2	2	13	169	28	22	2	2
Other incomeKRW 100M	2	8	18	16	4	2	5	27	7	1	7
Other expensesKRW 100M	4	5	12	8	13	119	63	3	5	2	3
	-13	-32*	-5	22	9	-189	-320	-89*	-116	14	-28
Income tax expenseKRW 100M	0	0	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-1	1	1
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	-89*	-114	12	—
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	21*	-2	—	—
	-13	-32*	-5	22	9	-189	-320	-68	-117	12	-28
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-117	12	-28
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	-29	-64*	-9	42	16	-308	-519	Not applicable	-184	19*	-44
Diluted earnings per shareKRW	-29	-64*	-9	42	16	-308	-519	Not applicable	-184	19*	-44
	-15	-29*	-6	32	8	-192	-315	-83	-125	13	-30
Other comprehensive incomeKRW 100M	-1	4	-1	10	-1	-3	5	-15	-9	1	-2

외화환산이익As filed	0	0	0	0	0	0	0	0	0	—	—
잡이익As filed	2	2	9	1	1	1	2	2	0	—	—
급여As filed	17	28	26	14	22	29	42	52	—	—	—
자산임대수익As filed	—	—	1	1	1	1	1	1	2	—	—
퇴직급여As filed	1	0	1	1	2	2	3	4	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	-125	13	-30
복리후생비As filed	1	2	2	2	3	3	4	4	—	—	—
사용권자산처분이익As filed	—	—	—	—	—	—	—	0	0	—	—
여비교통비As filed	1	2	1	1	0	0	2	2	—	—	—
이자수익As filed	3	5	3	0	2	3	1	3	0	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	-0	-0	0	—
복구충당부채환입As filed	—	—	—	—	—	—	—	—	0	—	—
통신비As filed	0	0	0	0	0	0	1	0	—	—	—
기타의대손상각비환입As filed	—	—	—	—	—	—	—	—	1	—	—
계속영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	-0	0	—
수도광열비As filed	0	0	0	0	0	0	0	0	—	—	—
투자자산처분이익As filed	—	—	—	—	—	—	—	—	3	—	—
세금과공과As filed	1	4	0	0	1	0	0	1	—	—	—
유형자산처분이익As filed	0	—	0	0	0	0	0	0	0	—	—
해외사업환산손익As filed	—	—	—	—	—	—	—	-1	1	3	-4
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	-8	-1	-6
임차료As filed	2	4	3	2	1	1	—	—	—	—	—
지급임차료As filed	—	—	—	—	—	—	2	2	—	—	—
순외환차익As filed	—	—	—	—	—	—	—	—	1	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	1	-1	—	-4	-6	1	-4	—	8
감가상각비As filed	0	0	1	1	5	8	14	9	—	—	—
기부금As filed	0	2	2	1	4	3	1	1	1	—	—
소모품비As filed	1	1	1	2	2	3	5	2	—	—	—
확정급여부채의재측정요소As filed	—	—	—	—	—	—	—	—	—	-2	—
도서인쇄비As filed	1	1	0	1	0	1	2	0	—	—	—
외화환산손실As filed	0	0	0	0	0	0	0	0	0	—	—
접대비As filed	1	0	0	0	0	0	0	1	—	—	—
운반비As filed	5	5	6	2	2	3	4	3	—	—	—
잡손실As filed	1	0	1	0	0	2	0	0	3	—	—
재고자산폐기손실As filed	—	—	0	0	2	1	0	1	1	—	—
차량유지비As filed	0	0	0	0	0	0	0	0	—	—	—
수선비As filed	0	0	0	0	0	0	0	0	—	—	—
유형자산처분손실As filed	—	—	—	2	—	—	—	0	0	—	—
교육훈련비As filed	—	0	0	0	0	0	0	0	—	—	—
보험료As filed	0	0	0	0	0	0	0	0	—	—	—
순외환차손As filed	—	—	—	—	—	—	—	—	0	—	—
광고선전비As filed	1	3	2	20	12	10	20	6	—	—	—
지급수수료As filed	8	17	6	10	8	13	32	44	—	—	—
광고선전비, 판관비As filed	—	—	—	—	—	—	—	—	32	—	—
대손상각비(대손충당금환입)As filed	3	-0	0	3	-1	20	-6	—	—	—	—
무형자산상각비, 판관비As filed	—	—	—	—	—	—	—	—	0	—	—
수출비As filed	1	1	—	—	—	—	—	—	—	—	—
경상연구개발비As filed	0	0	—	—	—	—	—	—	—	—	—
대손상각비(대손충당금환입), 판관비As filed	—	—	—	—	—	—	—	—	-1	—	—
견본비As filed	1	1	—	—	—	—	—	—	—	—	—
지급수수료, 판관비As filed	—	—	—	—	—	—	—	—	23	—	—
잡비As filed	0	0	0	0	0	—	—	—	—	—	—
판매수수료As filed	—	4	10	19	32	26	44	46	—	—	—
외환차익As filed	1	1	1	0	1	0	0	1	—	—	—
통신비, 판관비As filed	—	—	—	—	—	—	—	—	1	—	—
수출제비용As filed	—	—	1	1	0	0	1	1	—	—	—
대손상각비As filed	—	—	—	—	—	—	—	-8	—	—	—
감가상각비, 판관비As filed	—	—	—	—	—	—	—	—	11	—	—
복리후생비, 판관비As filed	—	—	—	—	—	—	—	—	4	—	—
대손충당금환입As filed	0	0	—	—	—	—	—	22	—	—	—
무형자산상각비As filed	—	—	0	0	0	0	0	0	—	—	—
수입임대료As filed	—	1	—	—	—	—	—	—	—	—	—
외환차손As filed	1	1	1	0	0	0	0	0	—	—	—
지분법이익As filed	—	4	5	2	—	—	—	—	1	—	—
접대비, 판관비As filed	—	—	—	—	—	—	—	—	0	—	—
경상개발비As filed	—	—	20	15	18	17	14	16	—	—	—
재고자산처분손실As filed	2	1	—	—	—	—	—	—	—	—	—
견본품비As filed	—	—	1	3	1	3	5	1	—	—	—
수출제비용, 판관비As filed	—	—	—	—	—	—	—	—	1	—	—
기타의 대손상각비As filed	0	0	—	—	—	—	—	—	—	—	—
운반비, 판관비As filed	—	—	—	—	—	—	—	—	3	—	—
보험료, 판관비As filed	—	—	—	—	—	—	—	—	0	—	—
매도가능증권손상차손As filed	1	0	—	0	—	—	—	—	—	—	—
협회비As filed	—	—	0	0	—	—	—	—	—	—	—
경상개발비, 판관비As filed	—	—	—	—	—	—	—	—	22	—	—
퇴직급여, 판관비As filed	—	—	—	—	—	—	—	—	3	—	—
이자비용As filed	4	5	6	2	2	5	8	17	—	—	—
도서인쇄비, 판관비As filed	—	—	—	—	—	—	—	—	0	—	—
매출채권처분손실As filed	—	0	—	—	—	—	—	—	—	—	—
사채상환손실As filed	0	0	—	—	—	—	—	—	—	—	—
임차료, 판관비As filed	—	—	—	—	—	—	—	—	4	—	—
당기손익인식금융자산처분이익As filed	—	—	—	—	—	—	0	—	—	—	—
급여, 판관비As filed	—	—	—	—	—	—	—	—	53	—	—
견본품비, 판관비As filed	—	—	—	—	—	—	—	—	2	—	—
소모품비, 판관비As filed	—	—	—	—	—	—	—	—	3	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	-2	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산처분이익As filed	—	—	—	—	—	0	—	—	—	—	—
확정급여부채의 재측정요소As filed	—	-2	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	5	—	—	—	—	—	—	—	—	—
부대사업수익As filed	—	—	—	—	—	—	1	0	—	—	—
세금과공과, 판관비As filed	—	—	—	—	—	—	—	—	1	—	—
지분법자본변동As filed	—	5	-2	4	4	0	-2	-13	2	—	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	—	0	—	—	—	—	—	—
매각예정자산손상차손As filed	—	0	0	—	—	—	—	—	—	—	—
교육훈련비, 판관비As filed	—	—	—	—	—	—	—	—	0	—	—
지분법투자주식처분이익As filed	—	—	—	12	—	—	—	—	—	—	—
여비교통비, 판관비As filed	—	—	—	—	—	—	—	—	3	—	—
수도광열비, 판관비As filed	—	—	—	—	—	—	—	—	0	—	—
매도가능금융자산처분이익As filed	—	—	3	0	—	—	—	—	—	—	—
차량유지비, 판관비As filed	—	—	—	—	—	—	—	—	0	—	—
판매수수료, 판관비As filed	—	—	—	—	—	—	—	—	20	—	—
당기손익인식금융자산처분손실As filed	—	—	—	—	—	—	0	—	—	—	—
관계기업투자손익As filed	—	—	—	—	—	—	—	6	-4	—	—
기타의대손상각비As filed	—	—	1	3	—	13	10	—	—	—	—
당기손익-공정가치측정금융자산처분손실As filed	—	—	—	—	—	2	—	—	—	—	—
관계기업투자주식손상차손As filed	—	—	—	—	—	—	—	-8	-0	—	—
지분법손실As filed	—	—	—	—	2	16	4	-11	-1	—	—
유형자산손상차손As filed	—	—	—	—	5	37	6	—	—	—	—
공정가치측정금융자산처분손실As filed	—	—	—	—	—	—	0	—	—	—	—
유형자산폐기손실As filed	—	—	—	—	0	—	—	—	—	—	—
무형자산손상차손As filed	—	—	0	0	0	0	0	—	—	—	—
매도가능금융자산손상차손As filed	—	—	0	—	—	—	—	—	—	—	—
공정가치금융자산처분손실As filed	—	—	—	—	—	0	—	—	—	—	—
관계기업투자주식주식손상차손As filed	—	—	—	—	—	—	42	—	—	—	—
관계기업투자주식처분손실As filed	—	—	—	—	—	—	—	—	-4	—	—
관계기업/공동기업투자처분손실As filed	—	—	7	0	—	—	—	—	—	—	—
관계기업/공동기업투자손상차손As filed	—	—	—	—	—	44	—	—	—	—	—
관계기업투자주식처분이익As filed	—	—	—	—	—	—	—	—	1	—	—
외화환산이익(금융수익)As filed	—	—	0	2	1	0	1	0	0	—	—
외화환산손실(금융원가)As filed	—	—	2	0	0	1	—	0	0	—	—
파생상품평가손실(금융원가)As filed	—	—	—	—	—	7	162	11	10	—	—
배당금수익(금융수익)As filed	—	—	—	—	—	3	—	—	—	—	—
중단영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	0	-0	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	-1	—	—	—	—	—	—
관계기업투자주식손상차손환입As filed	—	—	—	—	—	—	—	25	—	—	—
중단영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	-0	—	—
공정가치측정금융자산평가누계액As filed	—	—	—	7	-4	—	12	—	—	—	—
이자비용(금융원가)As filed	—	—	—	—	—	—	—	—	11	—	—
사채상환손실(금융원가)As filed	—	—	0	—	—	—	—	—	0	—	—
계속사업손익법인세비용As filed	—	—	—	—	—	—	—	0	—	—	—
중단사업손익법인세비용As filed	—	—	—	—	—	—	—	0	—	—	—
공정가치측정금융자산평가손익As filed	—	—	—	—	—	0	—	-2	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	-1	—	—	—
파생상품평가이익(금융수익)As filed	—	—	—	—	—	—	—	—	4	—	—
이자수익(금융수익)As filed	—	—	—	—	—	—	—	—	7	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	-14	—	—	—
지배기업의 소유주지분As filed	—	—	—	—	—	—	—	-68	—	—	—
비지배지분As filed	—	—	—	—	—	—	—	0	—	—	—
지배기업의 소유주 지분As filed	—	—	—	—	—	—	—	-83	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-13	-32	-5	22	9	-189	-320	-68	-117	12	-28
Total adjustments to operating cash flowcomputed	23	11	39	15	-5	135	219	-81	96	3	30
	10	-21*	35	37	4	-54	-101	-149	-21	15	2
Interest receivedKRW 100M	1	3	3	4	0	3	1	1	8	8	5
Interest paidKRW 100M	3	3	3	2	2	1	1	2	6	2	2
DepreciationKRW 100M	3	5	6	7	12	14	17	11	16	—	—
AmortisationKRW 100M	0	0*	2	2	2	2	2	2	2	—	—
Income taxes paidKRW 100M	-0	-0	-0	-0	-1	-0	Not applicable	Not applicable	1	-0	-0
	-164	-49*	8	16	-307	Not applicable	48	-153	156	-37	-162
Purchase of property, plant and equipmentKRW 100M	13	20	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	31	165
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Purchase of intangible assetsKRW 100M	6	45	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	0
	185	48	16	4	366	103	-37	291	-149	2	49
Issue of sharesKRW 100M	182	2	16	—	378	—	—	—	160	—	—
Cash at beginning of periodKRW 100M	24	56	34	90	149	212	415	326	313	299	284
	56	34	90	149	212	415	326	313	299	284	168
Effect of exchange rate changesKRW 100M	2	0	-2	2	1	-1	1	-2	1	4	-5
Net change in cash and cash equivalentsKRW 100M	32	-22	56	58	64	203	-89	-13	-14	-15	-116

당기순이익(손실)As filed	-13	-32	-5	22	9	-189	-320	-68	-117	12	-28
임대보증금의 증가As filed	—	0	0	—	—	-5	-5	-5	—	1	0
당기순이익조정을 위한 가감As filed	22	26	33	5	22	167	251	-20	40	24	26
재무활동으로 인한 현금유입액As filed	—	—	16	4	—	120	18	301	160	—	—
주식선택권의 행사As filed	—	—	—	4	—	—	18	0	0	12	—
주식선택권행사로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	9
퇴직급여As filed	2	2	3	2	3	4	5	6	—	—	—
단기차입금의 증가As filed	23	—	—	—	—	20	—	—	—	—	50
대손상각비As filed	3	-0	0	3	-1	20	-6	-6	—	—	—
주식보상비용As filed	—	0	—	—	—	—	—	8	—	—	—
외화환산손실As filed	0	0	2	0	0	1	0	0	—	—	—
기타대손상각비As filed	0	—	—	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	—	-7	-13	-10	-10	-11	-10
재고자산평가손실As filed	1	2	2	0	0	6	6	0	—	—	—
재고자산폐기손실As filed	2	1	—	0	2	1	0	1	—	—	—
매도가능증권손상차손As filed	1	0	0	—	—	—	—	—	—	—	—
임대보증금의 상환As filed	—	—	—	—	—	-0	—	—	-0	-0	—
사채상환손실As filed	0	0	0	—	—	—	—	—	—	—	—
무형자산손상차손As filed	—	—	0	—	0	0	0	—	—	—	—
이자비용As filed	4	5	7	2	2	5	8	17	—	—	—
주식선택권(급여)As filed	9	20	6	—	—	—	—	—	—	—	—
법인세비용As filed	0	0	18	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	1	—	—	0	—	0	—	—	0
기타의 대손상각비As filed	—	—	1	3	—	13	10	—	—	—	—
기타의대손상각비(환입)As filed	—	—	—	—	—	—	—	-22	—	—	—
외화환산이익As filed	2	1	0	2	1	0	1	0	—	—	—
재무활동으로 인한 현금유출액As filed	—	—	0	—	-13	-17	-55	-10	-310	—	—
금융리스채권의 회수As filed	—	—	—	—	—	—	—	1	1	1	—
단기대여금의 증가As filed	-40	-10	3	-1	—	—	—	-86	—	-35	-28
유형자산처분이익As filed	—	0	0	0	0	0	—	0	—	—	—
전환사채의 상환As filed	—	—	—	—	—	—	—	—	-300	—	—
보증금의 회수As filed	0	2	2	1	—	—	—	—	1	0	—
보증금의회수As filed	—	—	—	—	0	—	—	—	—	—	1
이자수익As filed	3	5	0	2	2	3	1	3	—	—	—
금융리스채권의회수As filed	—	—	—	—	—	—	—	—	—	—	1
단기대여금의 회수As filed	30	30	0	—	—	—	—	—	85	30	30
유형자산처분손실As filed	—	—	—	—	—	—	—	0	—	—	—
지분법이익As filed	—	-4	5	2	—	—	—	—	—	—	—
대손충당금환입As filed	—	0	3	—	—	—	—	—	—	—	—
장기대여금의 증가As filed	—	—	—	—	—	-2	-1	—	—	-1	—
보증금의 증가As filed	1	4	—	-0	—	—	—	—	-4	-1	—
유형자산손상차손As filed	—	—	—	—	5	37	6	—	—	—	—
잡손실As filed	-0	0	0	—	—	—	0	0	—	—	—
사용권자산처분이익As filed	—	—	—	—	—	—	—	-0	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	54	-28	0
유형자산폐기손실As filed	—	—	—	2	0	—	—	—	—	—	—
재고자산처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유입액As filed	—	—	21	42	1	311	71	64	229	—	—
매도가능증권처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
미수금의 회수As filed	—	—	—	—	—	—	—	—	88	—	—
당기손익 - 공정가치측정금융자산처분손실As filed	—	—	—	—	—	2	—	—	—	—	—
주식보상비용(환입)As filed	—	—	—	0	0	—	2	—	—	—	—
지분법손실As filed	—	—	—	—	2	16	4	11	—	—	—
공정가치측정금융자산처분손실As filed	—	—	—	—	—	0	—	—	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	—	5	—	—
파생금융상품평가손실As filed	—	—	—	—	—	—	162	11	—	—	—
재고자산평가손실환입As filed	—	—	5	1	2	—	3	4	—	—	—
관계기업투자주식손상차손As filed	—	—	—	—	—	44	42	—	—	—	—
관계기업투자주식의 처분As filed	—	—	—	—	—	—	—	—	49	—	—
유형자산의 처분As filed	—	—	0	0	—	2	—	1	0	—	—
파생금융자산평가손실As filed	—	—	—	—	—	7	—	—	—	—	—
관계기업투자처분이익As filed	—	—	—	-12	—	—	—	—	—	—	—
당기손익인식금융자산평가이익As filed	—	—	—	—	0	—	—	—	—	—	—
투자활동으로 인한 현금유출액As filed	—	—	—	-26	-309	-156	-23	-218	-73	—	—
무형자산의 취득As filed	—	—	0	-0	—	-0	-1	-0	-0	—	—
당기손익-공정가치측정금융자산처분이익As filed	—	—	—	—	—	-0	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	6	7	-27	-35	-32	-60	—	—	—
잡이익As filed	—	—	0	—	—	—	0	0	—	—	—
유형자산의 취득As filed	—	—	6	-4	—	-27	-4	-38	-61	—	—
매출채권의 감소(증가)As filed	—	—	—	4	0	-18	-20	-31	48	—	—
종속기업/관계기업/공동기업투자손상차손As filed	—	—	—	—	—	—	—	8	—	—	—
미수금의 감소(증가)As filed	—	—	26	5	-26	5	-4	-11	34	—	—
매도가능증권처분이익As filed	—	—	-3	—	—	—	—	—	—	—	—
배당금수익As filed	—	—	—	—	—	-3	—	—	—	—	—
종속기업/관계기업/공동기업투자손상차손환입As filed	—	—	—	—	—	—	—	25	—	—	—
중단사업 포괄양도As filed	—	—	—	—	—	—	—	—	-8	—	—
선급금의 감소(증가)As filed	-4	-1	-7	6	-0	1	-7	2	0	—	—
중단사업손익As filed	—	—	—	—	—	—	—	-34	—	—	—
선급비용의 증가(감소)As filed	—	—	—	-2	—	—	—	—	—	—	—
계약자산의감소(증가)As filed	—	—	—	7	—	-0	—	—	—	—	—
선급비용의 감소(증가)As filed	-18	3	-0	—	1	-2	0	-1	—	—	—
장기매출채권의 감소(증가)As filed	—	—	-0	—	—	—	—	—	—	—	—
당기법인세자산의 증가(감소)As filed	—	—	—	-1	—	—	—	—	—	—	—
계약자산의감소As filed	—	—	—	—	2	—	—	—	—	—	—
계약자산의 감소(증가)As filed	—	—	—	—	—	—	2	0	0	—	—
당기법인세자산의 감소(증가)As filed	-0	-0	0	—	-0	—	1	0	—	—	—
미수수익의 감소(증가)As filed	—	—	-0	—	—	—	—	—	—	—	—
자산.부채의 변동As filed	3	-17	—	—	—	—	—	—	—	—	—
재고자산의 감소(증가)As filed	—	—	12	16	1	-8	-4	-9	-2	—	—
당기법인세자산의증가As filed	—	—	—	—	—	-1	—	—	—	—	—
매출채권의 증가(감소)As filed	-9	4	—	—	—	—	—	—	—	—	—
미수금의 증가(감소)As filed	-1	-30	—	—	—	—	—	—	—	—	—
미수수익의 감소As filed	1	-1	—	—	—	—	—	—	—	—	—
퇴직금의지급As filed	—	—	—	-5	-3	—	—	—	—	—	—
미지급비용의 증가(감소)As filed	1	1	-2	—	1	-1	-0	-0	-0	—	—
매입채무의감소(증가)As filed	—	—	—	—	—	0	—	—	—	—	—
사외적립자산의 증가As filed	—	—	—	-0	—	—	—	—	—	—	—
매입채무의 감소(증가)As filed	—	—	—	—	—	—	14	-7	—	—	—
사외적립자산의증가As filed	—	—	—	—	-0	—	—	—	—	—	—
선수금의 증가(감소)As filed	—	—	1	1	2	-3	0	-4	2	—	—
매입채무의 증가(감소)As filed	—	—	-3	2	-9	—	—	—	-8	—	—
미지급금의 증가(감소)As filed	9	5	-11	—	13	-4	-1	8	-3	—	—
부가세대급금의 감소As filed	0	0	0	—	—	—	—	—	—	—	—
재고자산의 감소As filed	-2	-16	—	—	—	—	—	—	—	—	—
퇴직금의 지급As filed	-2	-2	-4	—	—	1	-1	-2	-2	—	—
퇴직급여 자산의 감소As filed	1	0	—	—	—	—	—	—	—	—	—
매입채무의 감소As filed	-0	-2	—	—	—	—	—	—	—	—	—
미지급금의 감소(증가)As filed	—	—	—	-2	—	—	—	—	—	—	—
예수금의 증가(감소)As filed	—	—	-0	—	-0	-0	0	-0	0	—	—
계약부채의 증가(감소)As filed	—	—	—	—	—	1	-4	-0	-1	—	—
미지급비용의 감소(증가)As filed	—	—	—	-0	—	—	—	—	—	—	—
선수금의 증가As filed	26	24	—	—	—	—	—	—	—	—	—
예수금의 증가As filed	2	-1	—	—	—	—	—	—	—	—	—
예수보증금의 증가(감소)As filed	1	—	—	—	—	—	—	—	—	—	—
계약부채의감소As filed	—	—	—	—	-8	—	—	—	—	—	—
퇴직급여자산의 증가As filed	—	—	-3	—	—	—	—	—	—	—	—
단기금융상품의 회수As filed	3	—	—	3	—	80	70	—	—	—	—
사외적립자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	2	—	—
장기금융상품의 회수As filed	0	—	—	—	—	—	—	—	—	—	—
계약부채의증가(감소)As filed	—	—	—	-23	—	—	—	—	—	—	—
사외적립자산의 감소As filed	—	—	—	—	—	-7	-8	-5	—	—	—
예수금의 감소(증가)As filed	—	—	—	-1	—	—	—	—	—	—	—
매도가능증권의 취득As filed	132	2	—	—	—	—	—	—	—	—	—
선급비용의 감소 (증가)As filed	—	—	—	—	—	—	—	—	-16	—	—
선수수익의 감소As filed	—	-0	—	—	—	—	—	—	—	—	—
선수수익의 증가(감소)As filed	—	—	0	—	—	—	—	—	—	—	—
투자활동으로 인한 현금 흐름As filed	—	—	—	—	—	155	—	—	—	—	—
매각예정자산의 처분As filed	—	12	0	—	—	—	—	—	—	—	—
장기금융상품의회수As filed	—	—	—	—	0	—	—	—	—	—	—
예수보증금의 감소As filed	—	—	-1	—	—	—	—	—	—	—	—
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	0	—	—
장기대여금의감소As filed	—	—	—	—	1	—	—	—	—	—	—
장기선급금의 증가As filed	-5	—	0	—	—	—	—	—	—	—	—
지분법적용투자주식의 취득As filed	—	-11	0	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	221	—	—	—	—	—
장기대여금의 회수As filed	—	—	—	—	—	1	0	2	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	0	—	—
배당금수취As filed	—	—	—	—	—	3	—	—	—	—	—
유형자산의처분As filed	—	—	—	—	0	—	—	—	—	—	—
투자자산처분이익 조정As filed	—	—	—	—	—	—	—	—	3	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	38	—	—	—	—	—	—	—
임대보증금의 회수As filed	—	—	—	—	—	—	1	6	—	—	—
이자비용 조정As filed	—	—	—	—	—	—	—	—	11	—	—
단기금융삼품의 회수As filed	—	—	0	—	—	—	—	—	—	—	—
단기금융상품의취득As filed	—	—	—	—	-150	—	—	—	—	—	—
지분법손실 조정As filed	—	—	—	—	—	—	—	—	1	—	—
유형자산폐기손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
당기손익인식금융자산의취득As filed	—	—	—	—	-100	—	—	—	—	—	—
무형자산의 처분As filed	—	—	—	—	—	—	—	1	—	—	—
장기선급금의 회수As filed	—	—	—	—	—	5	—	—	—	—	—
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
관계기업투자주식의취득As filed	—	—	—	—	-22	—	—	—	—	—	—
단기차입금의 상환As filed	28	5	0	—	—	—	-42	—	—	—	—
관계기업투자주식의 취득As filed	—	—	—	-18	—	—	-12	—	—	—	—
만기보유금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
신주인수권부사채의 상환As filed	-15	—	0	—	—	—	—	—	—	—	—
유형자산의취득As filed	—	—	—	—	-4	—	—	—	—	—	—
중단사업자산의 처분As filed	—	—	—	—	—	—	—	54	—	—	—
잡손실 조정As filed	—	—	—	—	—	—	—	—	1	—	—
전환사채의 발행As filed	23	50	0	—	—	100	—	300	—	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	-3	—	—	—	—	—	—	—
무형자산의취득As filed	—	—	—	—	-10	—	—	—	—	—	—
신주발행비용As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	—	19	—	—	—	—	—	—	—	—
보증금의증가As filed	—	—	—	—	-0	—	—	—	—	—	—
지분법이익 조정As filed	—	—	—	—	—	—	—	—	1	—	—
장기선급금의증가As filed	—	—	—	—	-22	—	—	—	—	—	—
퇴직급여 조정As filed	—	—	—	—	—	—	—	—	5	—	—
장기차입금의 증가As filed	—	18	—	—	—	—	—	—	—	—	—
재고자산평가손실환입 조정As filed	—	—	—	—	—	—	—	—	1	—	—
재무활동으로 인한 현급유입액As filed	—	—	—	—	379	—	—	—	—	—	—
재고자산평가손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
주식선택권의행사As filed	—	—	—	—	1	—	—	—	—	—	—
유동성장기부채의 상환As filed	—	-17	—	—	—	—	—	—	—	—	—
정부보조금의수령As filed	—	—	—	—	0	—	—	—	—	—	—
장기차입금의 상환As filed	—	-0	0	-0	—	-10	-0	—	—	—	—
중단사업손익 조정As filed	—	—	—	—	—	—	—	—	-0	—	—
투자활동으로인한 현금유출액As filed	—	—	14	—	—	—	—	—	—	—	—
리스부채의상환As filed	—	—	—	—	-4	—	—	—	—	—	—
기타의 대손상각비 환입 조정As filed	—	—	—	—	—	—	—	—	-1	—	—
단기금융상품의 증가As filed	—	—	3	—	—	—	—	—	—	—	—
장기차입금의상환As filed	—	—	—	—	-9	—	—	—	—	—	—
기술이전선급금지급As filed	—	—	—	—	—	—	—	-88	—	—	—
정부보조금의지출As filed	—	—	—	—	-0	—	—	—	—	—	—
관계기업투자주식손상차손 조정As filed	—	—	—	—	—	—	—	—	0	—	—
재무활동으로 인한 현금 유출액As filed	—	—	—	-0	—	—	—	—	—	—	—
매도보유금융자산의취득As filed	—	—	0	—	—	—	—	—	—	—	—
사채상환손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
매도가능금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
재고자산폐기손실 조정As filed	—	—	—	—	—	—	—	—	1	—	—
관계기업투자주식처분손실 조정As filed	—	—	—	—	—	—	—	—	4	—	—
정부보조금의 수취As filed	—	—	—	—	—	0	—	—	—	—	—
대손상각비환입 조정As filed	—	—	—	—	—	—	—	—	-1	—	—
관계기업투자주식처분이익 조정As filed	—	—	—	—	—	—	—	—	-1	—	—
파생금융상품평가이익 조정As filed	—	—	—	—	—	—	—	—	-4	—	—
복구충당부채환입 조정As filed	—	—	—	—	—	—	—	—	-0	—	—
단기차입금의 차입As filed	—	—	0	—	—	—	—	—	—	—	—
정부보조금의 지출As filed	—	—	—	—	—	-0	—	—	—	—	—
주식보상비용 조정As filed	—	—	—	—	—	—	—	—	8	—	—
장기차입금의 차입As filed	—	—	0	—	—	—	—	—	—	—	—
사용권자산처분이익 조정As filed	—	—	—	—	—	—	—	—	-0	—	—
파생금융상품평가손실 조정As filed	—	—	—	—	—	—	—	—	10	—	—
법인세 수익 조정As filed	—	—	—	—	—	—	—	—	-1	—	—
유동성사채의 상환As filed	—	—	0	—	—	—	—	—	—	—	—
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	7	—	—

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 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 55	삼일회계법인	2025-12-31
2024	적정의견Term 54	삼일회계법인	2025-12-31
2023	적정의견Term 53	삼일회계법인	2025-12-31
2022	적정Term 52	정동회계법인	2022-12-31
2021	적정Term 51	정동회계법인	2022-12-31
2020	적정Term 50	정동회계법인	2022-12-31
2019	적정Term 49	진성회계법인	2019-12-31
2018	적정Term 48	진성회계법인	2019-12-31
2017	적정Term 47	진성회계법인	2019-12-31

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.

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 5Y0.68

Equity risk premium%

Terminal growth%

Cost of equity7.82%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW24,550

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	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-673	-102.7%

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% + 0.68 × 5.00% = 7.82%

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(-4.50% × (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 = 978 KRW, ROE = -4.50%, payout ratio = 0.00%, r = 7.82%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	978	-44	76	-121	0.9275	-112
2	934	-42	73	-115	0.8603	-99
3	892	-40	70	-110	0.7979	-88
4	852	-38	67	-105	0.7401	-78
5	814	-37	64	-100	0.6864	-69
Terminal value				-1,758	0.6864	-1,207

P_0 = 978 + -445 + -1,207 = -673 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