007810KOSPI

Korea Circuit

88,100

-300 (-0.34%)

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

Korea Circuit was established in 1972 and is listed on the KOSPI market. The company is headquartered in Ansan, Gyeonggi-do, and operates as a holding company with several domestic and overseas subsidiaries.

The company produces and supplies printed circuit boards for mobile devices, memory modules, and LCDs. Its business segments include HDI and Package Substrate. Through its subsidiaries, it also provides flexible printed circuit boards and semiconductor packaging to global electronics manufacturers.

Business overview as filed

지배회사인 당사는 PCB를 제조, 판매하는 사업을 영위하고 있습니다. 또한 국내 종속기업 중 테라닉스는 특수 PCB를, 인터플렉스는 FPCB를, 시그네틱스는 반도체 패키징업을 영위하고 있습니다. 해외 종속기업에는 INTERFLEX VINA CO.,LTD., KOREA CIRCUIT VINA COMPANY LIMITED가 PCB 제조업을, SIGNETICS HIGH TECHNOLOGY USA INC는 반도체 패키지 해외영업을 영위하고 있습니다.

지배회사는 전자 및 정보통신산업의 지속적인 성장 흐름 속에서 반도체·이동통신·가전산업 분야의 국내외 주요 고객사에 첨단 PCB를 공급하는 것을 핵심 사업으로 하고 있습니다. 사업부문은 통신기기 중심의 HDI 부문과 반도체 중심의 Package Substrate 부문으로 구분되며, 특히 스마트폰용 HDI와 메모리 모듈 제품은 세계적인 Top 생산기업에 공급하고 있으며 영업 영역을 지속적으로 확대하고 있습니다.

Package Substrate 부문은 차세대 성장 동력으로, 전용 라인 구축과 지속적 투자를 통해 경쟁력을 강화하고 있습니다. 기존 BOC, CSP 제품에서 나아가 FC-CSP, PoP, BGA SSD 등 고부가가치 제품군으로 다변화하며, 고객사 개발 및 글로벌 시장 매출 확대, 수익성 제고를 위해 전력을 다하고 있습니다.

2025년 연결매출은 15,097억원이며, PCB는 9,379억원(62.13%), FPCB는 4,645억원(30.76%), 반도체 패키징업은 1,030억원(6.83%), 기타 43억원(0.28%)을 차지하고 있습니다. 내수 및 수출제품의 가격 변동은 주력 생산품의 구성 변경, 전방산업의 변화, 환율 영향 등의 복합적인 요인이 반영되고 있습니다.주요 원재료는 당사와 특수관계가 없는 기업과 주로 거래를 하고 있으며, 일반 PCB와 FPCB 관련해서는 동박판 및 약품 등이 사용되며, 반도체패키지 관련해서는 BGAPCB 및 Mold Compound 등이 사용되고 있습니다.본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 "II. 사업의 내용"의 "2. 주요 제품 및 서비스"부터 "7. 기타 참고사항"까지 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

1) 사업의 분류

2) 매출 요약보고서 작성기준일 현재 매출 요약은 다음과 같습니다.

Company overview

가. 연결대상 종속회사 개황

1-1. 연결대상 종속회사 현황(요약)

1-2. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

다. 설립일자 및 존속기간당사는 1972년 4월 11일 PCB(Printed Circuit Board) 제조, 판매 등을 주 영업목적으로 설립되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지(1) 주 소 : 경기도 안산시 단원구 강촌로 139번길 9 (성곡동)(2) 전화번호 : 031-491-3061(3) 홈페이지 : https://www.kcg.co.kr

마. 중소기업 등 해당 여부

바. 주요사업의 내용 및 향후 추진하는 사업지배회사인 당사는 전자제품의 핵심부품인 PCB 전문 생산업체로 이동통신기기와 메모리모듈, LCD 등에 사용하는 PCB와 반도체 Package용 PCB 등을 생산하여 국내외 전자제품 제조업체에 판매하고 있습니다. 종속회사인 (주)테라닉스는 특수 PCB 전문 생산업체로 LED PCB등을 생산, 판매하고 있습니다. 종속회사인 (주)인터플렉스는 연성인쇄회로기판(FPCB)을 전문 생산 판매하고 있습니다. 종속회사인 시그네틱스(주)는 반도체 패키징 제조업을 영위하고 있습니다. 해외에서 KOREA CIRCUIT VINA COMPANY LIMITED, INTERFLEX VINA CO.,LTD가 PCB 제조업을, SIGNETICS HIGH TECHNOLOGY USA INC는 반도체 패키지 해외영업을 영위하고 있습니다.

사. 신용평가에 관한 사항(1) 최근 신용평가에 관한 내용

당사는 공시대상기간 동안 회사채 발행 및 회사채를 신용평가 받은 사실이 없습니다.(2) 신용평가 회사의 신용등급 체계 및 평가등급 의미

AA부터 CCC 등급까지는 '+', '-' 부호를 부가하여 동일 등급 내에서의 우열을 표기함.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

10.16%

[6.96%, 13.95%] · 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 72.9% (2026-07-30). 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

0.96

Beta [0.79, 1.12] · KOSPI200 · As of 2026-10-08

Intercept: +0.482%[-0.281%, +1.245%]
R squared: 0.27
Observations: 252
Trading-time corrected beta: 0.92[0.55, 1.28]

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	5,643	5,453	5,916	5,358	5,434	9,021	14,242	15,969	13,322	14,070	15,097	16,509
Revenue growth%	—	-3.37	8.49	-9.43	1.42	66.01	57.87	12.13	-16.57	5.61	7.30	—
Operating incomeKRW 100M	470	160	111	-179	139	134	851	992	-321	-332	538	951
Operating income growth%	—	-65.90	-31.02	-261.60	—	-3.31	535.01	16.55	-132.36	—	—	—
Net incomeKRW 100M	74	-42	296	-279	21	-118	722	858	-283	-1,290	538	997
Net income growth%	—	-156.61	—	-194.05	—	-654.18	—	18.78	-132.96	—	—	—
Attributable to ownersKRW 100M	40	-68	234	-357	7	116	562	686	-366	-1,259	473	850
Attributable to minoritiesKRW 100M	34	26	62	79	14	-233	160	171	83	-31	65	146
Operating margin%	8.34	2.94	1.87	-3.34	2.55	1.49	5.98	6.21	-2.41	-2.36	3.56	5.76
Net margin%	1.31	-0.77	5.01	-5.20	0.39	-1.31	5.07	5.37	-2.12	-9.17	3.56	6.04
ROE%	1.11	-1.95	6.38	-10.78	0.21	3.37	13.82	14.38	-8.47	-33.22	10.74	17.21
ROA%	1.41	-0.81	5.32	-5.57	0.44	-1.28	6.78	6.63	-2.29	-10.28	3.86	6.85
Debt ratio%	32.15	33.15	33.98	29.07	22.44	62.75	63.29	72.09	74.18	84.29	76.14	81.62
Current ratio%	200.64	194.17	204.91	266.98	367.46	155.15	184.71	186.78	215.18	197.95	170.09	170.43
Quick ratio%	155.28	139.87	141.38	191.66	293.60	123.67	136.09	128.80	161.16	156.55	121.80	124.34
Reserve ratio%	2,414.70	2,346.15	2,493.25	2,231.46	2,236.92	2,351.49	2,780.16	3,304.72	3,030.12	2,102.87	2,430.70	2,801.32
Free cash flowKRW 100M	279	-19	-15	-49	443	-74	164	-1,007	-249	497	-380	—
FCF margin%	4.94	-0.35	-0.25	-0.91	8.15	-0.83	1.15	-6.31	-1.87	3.54	-2.52	—
OCF conversion%	831.63	—	117.33	—	2,221.82	—	92.58	177.96	—	—	72.75	—
Capex to revenue%	5.98	3.07	6.13	2.78	0.54	2.91	3.54	15.86	5.85	3.54	5.11	—
Receivable daysdays	—	55.3	55.4	56.4	58.6	56.5	54.3	51.7	59.1	59.1	61.3	—
Inventory daysdays	—	35.7	41.2	46.3	39.6	30.7	37.4	42.6	42.5	33.1	39.9	—
Payable daysdays	—	38.8	41.0	39.4	37.9	51.1	59.4	54.9	49.5	42.5	46.4	—
Cash conversion cycledays	—	52.3	55.6	63.4	60.3	36.0	32.3	39.4	52.2	49.6	54.8	—
EPSKRW	—	-287	991	-1,513	29	490	2,379	2,906	-1,550	-4,601	1,726	3,545
PERx	—	—	13.32	—	410.12	30.42	13.11	4.13	—	—	27.98	26.94
BPSKRW	—	14,747	15,541	14,040	14,100	14,521	17,218	20,204	18,289	16,046	18,620	20,600
PBRx	—	0.77	0.85	0.36	0.85	1.03	1.81	0.59	1.09	0.57	2.59	4.64
Dividend per shareKRW	100	100	—	—	—	—	—	—	—	—	100	—
Payout ratio%	—	—	—	—	—	—	—	—	—	—	5.79	—

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
	5,270	5,205	5,565	5,005	4,781*	9,217	10,646	12,934	12,365	12,554	13,925
	1,956	2,012	2,288	2,328	2,257	4,899	6,162	5,581	5,224	5,768	6,529
Cash and cash equivalentsKRW 100M	694	468	313	281	227	895	715	706	895	1,369	735
InventoriesKRW 100M	442	563	710	657	454	994	1,622	1,733	1,311	1,206	1,854
Trade and other receivablesKRW 100M	707	946	851	806	940	1,851	2,389	2,136	2,181	2,372	2,697
	3,314	3,193	3,277	2,677	2,525*	4,318	4,484	7,353	7,141	6,786	7,397
Property, plant and equipmentKRW 100M	2,119	1,951	2,016	1,829	1,630	3,812	3,962	6,060	5,821	3,971	4,037
Intangible assetsKRW 100M	8	8	8	8	10	23	23	23	28	28	29
Investments in associatesKRW 100M	884	939	1,232	820	739*	319	298	164	72	49	22
	1,282	1,296	1,411	1,127	876*	3,554	4,126	5,418	5,266	5,742	6,020
	975	1,036	1,117	872	614	3,158	3,336	2,988	2,427	2,914	3,838
Trade and other payablesKRW 100M	469	621	646	515	548	1,862	2,291	2,031	1,514	1,723	1,834
Short-term borrowingsKRW 100M	356	379	417	315	0	—	650	360	289	545	871
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	131	65	106	235	248	702
	307	260	295	255	262*	397	790	2,430	2,838	2,828	2,181
Long-term borrowingsKRW 100M	—	—	—	—	—	—	365	1,725	2,059	2,145	1,532
	3,988	3,909	4,154	3,878	3,905*	5,663	6,520	7,516	7,099	6,812	7,906
	3,584	3,483	3,671	3,316	3,330*	3,430	4,067	4,772	4,320	3,790	4,398
Issued capitalKRW 100M	137	137	137	137	137	137	137	137	137	137	137
Capital surplusKRW 100M	840	840	840	840	840	840	840	840	840	840	840
Retained earningsKRW 100M	2,465	2,371	2,572	2,214	2,222*	2,378	2,965	3,683	3,307	2,038	2,487
Accumulated other comprehensive incomeKRW 100M	—	—	122	—	—	—	—	—	—	—	—
Other equityKRW 100M	—	136	—	126	133*	75	126	113	37	776	935
Non-controlling interestsKRW 100M	404	426	483	561	574*	2,233	2,453	2,744	2,779	3,022	3,508

기타유동자산As filed	6	9	6	8	4	31	60	56	68	140	102
기타유동금융자산As filed	107	27	409	577	632	1,128	1,376	951	768	681	1,141
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	0	90	85	109	949	983	2,420	3,166
매도가능금융자산As filed	284	275	0	0	0	—	—	—	—	—	—
기타비유동금융자산As filed	5	7	7	6	7	10	17	18	19	28	17
이연법인세자산As filed	—	—	—	—	—	—	—	3	59	143	0
투자부동산As filed	13	13	13	13	12	—	—	48	80	67	56
기타비유동자산As filed	0	0	0	0	32	45	7	7	9	9	9
사용권자산As filed	—	—	—	—	4	24	68	82	70	70	61
기타유동부채As filed	8	10	6	11	6	20	45	108	—	—	150
차입금As filed	—	—	—	—	—	1,000	—	—	—	—	—
기타유동금융부채As filed	64	21	20	23	35	108	140	184	223	197	212
당기법인세부채As filed	77	5	28	7	21	28	136	185	25	40	24
충당부채As filed	—	38	38	0	4	9	9	15	19	22	46
기타비유동금융부채As filed	—	—	4	5	5	15	71	19	14	10	10
자본과부채총계As filed	5,270	—	5,565	5,005	4,781	9,217	10,646	12,934	12,365	12,554	13,925
퇴직급여부채As filed	—	72	75	88	98	266	245	154	205	134	113
이연법인세부채As filed	197	145	177	163	158	115	109	0	—	—	76
기타 유동부채As filed	—	—	—	—	—	—	—	—	122	139	—
기타비유동부채As filed	—	—	—	—	—	—	—	532	—	—	450
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	561	539	—
기타비유동비금융부채As filed	4	4	—	—	—	—	—	—	—	—	—
퇴직급여채무As filed	68	—	—	—	—	—	—	—	—	—	—
비유동충당부채As filed	38	—	—	—	—	—	—	—	—	—	—
부채및자본총계As filed	—	5,205	—	—	—	—	—	—	—	—	—
기타자본잉여금As filed	143	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	5,643	5,453	5,916	5,358	5,434	9,021	14,242	15,969	13,322	14,070	15,097
Cost of salesKRW 100M	5,009	5,136	5,637	5,385	5,121	8,598	12,751	14,363	13,063	13,889	13,999
Gross profitKRW 100M	635	317	279	-26	313	423	1,490	1,606	259	180	1,098
SG&A expensesKRW 100M	164	156	168	153	174	289	639	614	580	512	560
	470	160	111	-179	139	134	851	992	-321	-332	538
Finance incomeKRW 100M	14	12	34	15	16	25	21	64	108	110	77
Finance costsKRW 100M	13	10	15	18	5	14	18	125	92	203	146
Other incomeKRW 100M	61	82	63	86	81	237	359	867	618	683	603
Other expensesKRW 100M	39	81	75	40	66	277	263	668	589	1,813	514
Share of profit of associatesKRW 100M	-325	-220	156	-265	-87	-71	-55	-134	12	—	—
	168	-56	378	-279	78	34	895	995	-265	-1,584	555
Income tax expenseKRW 100M	94	-14	82	-1	57	152	173	138	18	-294	17
	74	-42	296	-279	21	-118	722	858	-283	-1,290	538
Attributable to ownersKRW 100M	40	-68	234	-357	7	116	562	686	-366	-1,259	473
Attributable to minoritiesKRW 100M	34	26	62	79	14	-233	160	171	83	-31	65
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-4,601	1,726
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	41	-51	272	-277	27	-217	863	889	-418	-277	1,067
Other comprehensive incomeKRW 100M	-33	-9	-24	2	6	-99	141	31	-135	1,013	529

지분법손익As filed	—	—	—	—	—	—	—	—	—	-29	-4
비지배지분As filed	20	22	57	79	13	-283	231	193	35	252	184
지배기업 소유주지분As filed	—	—	—	-356	14	66	632	695	-453	-529	883
지배기업소유주에 대한 2우선주 기본 및 희석주당손익As filed	—	—	—	-0	0	0	0	0	-0	-0	—
관계기업투자주식처분이익As filed	—	—	104	122	0	—	—	—	—	—	—
지배기업소유주에 대한 보통주 기본 및 희석주당손익As filed	—	—	—	-0	0	0	0	0	-0	—	—
지배기업소유주에 대한 우선주 기본 및 희석주당손익As filed	—	—	—	-0	0	0	0	0	-0	-0	—
당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	-1	34	-0	—	—	—
우선주 기본 및 희석주당손익As filed	—	—	—	—	—	—	—	—	—	—	0
2우선주 기본 및 희석주당손익As filed	—	—	—	—	—	—	—	—	—	—	0
지분법자본변동As filed	-1	-6	-15	10	7	-1	34	-0	-25	6	1
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	-19	5	7	—	—	—	—	—	1
후속적으로 당기손익으로 재분류되지 않는항목As filed	—	—	—	-4	-1	-98	107	31	-111	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	-0	-1	-5	21	-49	-106	—	—
매도가능금융자산평가손익As filed	-34	—	-11	0	0	—	—	—	—	—	—
확정급여제도의 재측정요소As filed	-10	3	—	-5	1	-47	37	50	-28	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-24	6	—
법인세효과As filed	—	—	-7	-5	0	9	-14	0	29	—	-186
지분법자본잉여금As filed	—	—	—	—	—	—	—	—	1	—	0
해외사업평가손익As filed	—	—	—	—	—	-55	62	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	-5	—	—	—	—	—	—	1,007	528
매도가능금융자산평가손실As filed	—	-9	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	—	—	—	—	—	—	—	20	-7	—	—
기타포괄손익-공정가치측정금융자산평가손익, 세전As filed	—	—	—	—	—	—	—	—	—	1,236	—
매도가능금융자산평가손실 법인세효과As filed	—	3	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손실 법인세 차감 후 금액As filed	—	-6	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익 법인세효과As filed	11	—	—	—	—	—	—	—	—	—	—
재평가잉여금As filed	—	—	—	—	—	—	—	6	—	—	—
지분법이익잉여금As filed	-2	-0	-4	0	-2	—	—	—	—	—	—
확정급여제도의 재측정손익As filed	—	—	-2	—	—	—	—	—	—	—	—
매도가능금융자산평가손익 법인세 차감 후 금액As filed	-23	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산 처분손익As filed	—	—	—	—	—	—	—	5	—	—	—
지분법자본변동 법인세효과As filed	0	2	—	—	—	—	—	—	—	—	—
파생상품평가손익As filed	0	—	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세전기타포괄이익)As filed	—	—	—	—	—	—	—	—	—	58	—
지분법자본변동 법인세 차감 후 금액As filed	-1	-4	—	—	—	—	—	—	—	—	—
파생상품평가손익 법인세효과As filed	0	—	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목과 관련된 법인세As filed	—	—	—	—	—	—	—	—	—	-260	—
파생상품평가이익 법인세 차감 후 금액As filed	0	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	—	746
확정급여제도의 재측정요소 법인세효과As filed	2	-1	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세전기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	-26	—
확정급여제도의 재측정요소 법인세 차감 후 금액As filed	-7	2	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정지분증권처분손익As filed	—	—	—	—	—	—	—	—	—	—	6
지분법이익잉여금 법인세효과As filed	0	0	—	—	—	—	—	—	—	—	—
지분법이익잉여금 법인세 차감 후 금액As filed	-2	-0	—	—	—	—	—	—	—	—	—
해외사업환산이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	-34
지배기업소유주지분As filed	21	-73	215	—	—	—	—	—	—	—	—
지배기업소유주에 대한 보통주 기본 및 희석주당이익(손실)As filed	—	-0	0	—	—	—	—	—	—	—	—
지배기업소유주에 대한 우선주 기본 및 희석주당이익(손실)As filed	—	-0	0	—	—	—	—	—	—	—	—
확정급여제도의 재측정 이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	-3
지배기업소유주에 대한 2우선주 기본 및 희석주당이익(손실)As filed	—	-0	0	—	—	—	—	—	—	—	—
보통주 기본 및 희석주당이익As filed	0	—	—	—	—	—	—	—	—	—	—
우선주 기본 및 희석주당이익As filed	0	—	—	—	—	—	—	—	—	—	—
2우선주 기본 및 희석주당이익As filed	0	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	74	-42	296	-279	21	-118	722	858	-283	-1,290	538
Total adjustments to operating cash flowcomputed	542	190	51	379	451	306	-54	668	813	2,285	-147
	616	148	348	100	472	188	668	1,526	530	995	391
Interest receivedKRW 100M	11	8	6	9	15	26	14	34	43	58	48
Interest paidKRW 100M	6	1	15	19	2	12	9	16	22	44	50
DepreciationKRW 100M	460	401	344	295	232	283	358	537	944	1,119	652
AmortisationKRW 100M	0	0	—	—	—	1	4	3	1	0	0
Income taxes paidKRW 100M	115	106	20	38	47	34	44	181	180	38	-3
	-320	-369	-508	-31	-207	-558	-790	-2,936	-649	-647	-1,097
Purchase of property, plant and equipmentKRW 100M	337	167	362	149	29	263	504	2,533	780	498	771
Proceeds from sale of property, plant and equipmentKRW 100M	0	1	0	Not applicable	1	Not applicable	34	29	7	7	41
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-2	Not applicable	4	2	Not applicable	0
	-28	-5	6	-102	-319	445	-62	1,412	317	82	101
Dividends paidKRW 100M	28	28	28	—	0	—	—	—	—	—	—
Issue of sharesKRW 100M	0	—	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	426	694	468	313	281	227	895	715	706	895	1,369
	694	468	313	281	227	895	715	706	895	1,369	735
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-0	Not applicable	-0	-4	4	-12	-8	43	-30
Net change in cash and cash equivalentsKRW 100M	268	-226	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	74	-42	296	-279	21	-118	722	858	-283	-1,290	538
임대보증금의 증가As filed	0	0	0	0	0	0	0	1	3	1	1
비현금항목의 조정As filed	904	636	172	438	406	553	680	1,172	1,171	2,554	732
임대보증금의 감소As filed	—	-0	0	0	0	0	0	0	—	0	1
리스부채의 감소As filed	—	—	—	—	—	—	—	—	15	12	11
법인세비용As filed	94	—	82	—	—	—	—	—	18	-294	17
법인세비용(수익)As filed	—	-14	—	-1	57	152	173	138	—	—	—
이자비용As filed	13	10	14	18	5	14	18	21	82	130	145
장기차입금의 증가As filed	—	—	—	—	—	—	299	1,742	400	200	50
투자부동산감가상각비As filed	0	0	0	0	0	0	—	1	2	1	0
무형자산손상차손As filed	0	0	0	—	—	4	—	1	—	0	0
유형자산처분손실As filed	0	0	0	—	0	0	8	7	22	9	23
퇴직급여As filed	27	29	29	34	31	46	86	88	79	87	87
단기차입금의 감소As filed	—	—	—	—	—	—	—	400	71	189	101
단기차입금의 증가As filed	248	—	—	—	—	—	—	111	—	245	427
대손상각비As filed	-2	2	-2	—	—	—	—	—	—	—	—
기타의대손상각비As filed	0	0	—	—	—	—	—	—	0	—	0
대손상각비(환입)As filed	—	—	—	0	0	-5	3	10	—	1	3
외화환산손실As filed	0	6	5	2	11	17	29	229	88	261	66
임차보증금의 감소As filed	—	0	1	0	1	1	0	20	6	1	10
기타의 대손상각비As filed	—	—	0	-0	0	0	1	—	—	—	—
매도가능금융자산처분손실As filed	0	—	0	—	0	—	—	—	—	—	—
지급임차료As filed	0	0	0	—	—	2	—	0	—	—	—
매도가능금융자산손상차손As filed	0	0	—	—	—	—	—	—	—	—	—
유동성장기차입금의 감소As filed	—	—	—	—	—	—	—	20	—	162	199
임차보증금의 증가As filed	—	0	0	0	0	—	18	0	5	13	2
종속기업투자주식의 취득As filed	—	—	—	—	—	—	48	—	—	—	64
금융상품처분손실As filed	0	0	—	—	—	—	—	—	—	—	—
기타의 대손충당금환입As filed	—	—	0	—	0	0	—	—	—	—	—
기타의대손상각비(환입)As filed	—	—	—	—	—	—	—	-1	—	—	—
당기손익공정가치금융자산평가손실As filed	—	—	—	—	—	—	0	—	—	—	—
지분법손실As filed	325	220	0	—	—	—	—	—	—	—	—
정부보조금의 비용대체As filed	—	1	-0	1	0	1	0	0	—	—	—
국고보조금의비용대체As filed	0	—	—	—	—	—	—	—	—	—	—
매도가금융자산처분이익As filed	—	—	—	—	—	5	—	—	—	—	—
하자보수비As filed	0	0	—	—	4	—	—	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	1,871	52	—	0
당기손익인식금융자산평가손실As filed	—	—	—	—	—	—	—	6	—	—	—
배출원가As filed	0	1	-0	—	0	—	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	104	—	0
금융자산처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
단기대여금의 증가As filed	—	—	—	—	—	—	—	4	—	0	1
이자수익As filed	12	10	7	15	16	16	16	39	52	67	54
배당금수익As filed	-2	-2	3	—	0	3	3	4	51	34	18
외화환산이익As filed	1	8	6	1	3	2	19	91	14	148	111
장기대여금의 감소As filed	—	—	—	—	—	—	—	3	7	0	0
무형자산손상차손환입As filed	0	-0	0	0	1	1	3	0	4	1	0
제품보증비As filed	—	—	—	—	—	—	0	2	2	4	33
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	95	—	—	97
단기금융상품의 처분As filed	300	—	—	—	—	535	920	3,397	3,516	128	291
유형자산처분이익As filed	0	1	0	—	1	4	12	16	1	4	29
기타의대손충당금환입As filed	-0	0	—	—	—	—	—	—	—	—	—
단기대여금의 감소As filed	—	—	—	—	—	—	—	0	0	3	3
기타포괄손익-공정가치측정금융자산처분손실As filed	—	—	—	—	—	—	—	0	—	—	—
재고자산평가손실As filed	—	—	—	—	—	—	—	82	67	107	4
종속기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	10	0
장기대여금의 증가As filed	—	—	—	—	—	—	—	—	0	—	0
지분법손실(이익)As filed	—	—	—	265	87	71	55	—	—	—	—
파생상품거래손실As filed	—	—	—	—	—	—	—	99	9	52	0
단기금융상품의 증가As filed	—	190	605	950	859	—	—	—	3,412	23	747
당기손익공정가치금옹자산평가이익As filed	—	—	—	—	—	—	1	—	—	—	—
파생상품거래 정산As filed	—	—	—	—	—	—	—	99	2	42	18
공동기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
지분법손익As filed	—	—	—	—	—	—	—	134	-12	29	4
지분법적용주식처분이익As filed	—	—	104	122	0	—	—	—	—	—	—
파생상품평가이익As filed	—	—	—	—	—	1	—	8	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	878	141	200	0
잡이익(소송충당부채환입)As filed	—	—	—	38	0	—	—	—	—	—	—
운전자본의 조정As filed	-254	-349	-94	-12	79	-229	-697	-344	-250	-279	-898
매출채권As filed	-5	-218	110	35	-124	-228	-495	274	-154	-114	-316
잡이익As filed	—	—	—	—	—	—	0	0	1	13	37
단기매매금융자산처분이익As filed	—	—	24	—	0	—	—	—	—	—	—
미수수익As filed	3	2	1	—	0	—	-1	-9	2	-23	-27
당기손익인식금융자산평가이익As filed	—	—	—	—	—	—	—	2	2	—	2
미수금As filed	13	-3	10	9	-21	-42	62	-21	39	-42	-102
재고자산처분이익As filed	—	—	—	—	—	—	0	0	0	1	1
매도가능금융자산처분이익As filed	—	—	0	—	0	—	—	—	—	—	—
선급금As filed	-0	-2	4	-2	-0	-145	-0	-2	-6	7	3
지분법이익As filed	—	—	156	—	—	—	—	—	—	—	—
무형자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
예치보증금As filed	—	—	—	—	—	—	17	-23	-6	—	0
사외적립자산As filed	-20	-13	-10	-4	-6	—	—	-88	-23	-134	-91
선급비용As filed	1	-1	2	2	0	1	-2	5	-3	3	1
선수수익As filed	—	—	—	—	—	—	—	—	-16	-53	-74
재고자산As filed	-35	-120	-147	53	203	-151	-594	-179	356	26	-573
판매보증충당부채As filed	—	—	—	—	—	—	—	4	3	3	-9
환불부채As filed	—	—	—	1	-1	—	-4	0	-0	-3	0
매입채무As filed	-155	79	5	-59	42	362	129	-602	-370	-55	336
미지급비용As filed	17	-43	-1	4	9	31	23	26	41	-16	70
반환제품회수권As filed	—	—	—	-1	1	—	—	—	—	—	—
선수금As filed	0	0	-0	0	0	—	17	12	9	-9	3
미지급금As filed	-64	-20	-45	-30	-8	51	255	125	-88	208	-99
장기선급비용As filed	0	-0	-2	—	0	—	—	—	—	—	—
장기선급비용의 감소(증가)As filed	—	—	—	—	—	-38	—	0	—	—	—
장기선수금As filed	—	—	—	—	—	—	—	177	-6	-18	-32
재고자산평가손실환입As filed	—	—	—	—	—	—	—	1	—	2	84
장기미지급금As filed	0	0	—	—	—	—	—	-1	—	-1	0
퇴직급여부채As filed	—	—	-18	-22	-13	-14	-41	-40	-34	-48	-19
판매보증충당부채의 증가(감소)As filed	—	—	—	—	—	2	4	—	—	—	—
당기손익인식금융자산처분이익As filed	—	—	—	—	—	—	—	11	3	—	0
예수금As filed	4	1	-3	3	-3	1	8	-1	-4	2	-5
계약자산As filed	—	—	—	—	—	—	-9	-2	11	-10	2
선수금의 증가(감소)As filed	—	—	—	—	—	-12	—	—	—	—	—
장기선수수익As filed	—	—	—	—	—	—	—	—	—	—	33
수입임대료As filed	—	—	—	—	—	—	—	12	—	—	—
유동성배출권As filed	—	-1	0	—	—	—	—	—	—	—	—
단기금융상품의 감소As filed	—	270	220	789	804	—	—	—	—	—	—
비유동성배출권As filed	—	-1	0	—	—	—	—	—	—	—	—
대여금의 증가As filed	-2	-1	2	0	2	2	14	—	—	—	—
사외적립자산의공정가치의 감소(증가)As filed	—	—	—	—	—	-48	-24	—	—	—	—
확정급여채무As filed	-13	-9	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	3	3	4	—	—	—
사용권자산As filed	—	—	—	—	—	—	-41	0	—	—	—
관계기업투자주식의 처분As filed	—	—	191	279	0	—	—	—	—	—	—
단기금융상품의 취득As filed	270	—	—	—	—	614	455	3,629	—	—	—
단기차입금의 순증감As filed	—	—	33	-102	-315	450	-350	—	—	—	—
대여금의 감소As filed	2	—	—	—	1	2	0	—	—	—	—
배당금의 수취As filed	—	2	—	—	—	—	—	—	—	—	—
당기손익공정가치금융자산As filed	—	—	—	—	—	—	706	—	—	—	—
배당금수취As filed	2	—	3	—	0	—	—	—	51	34	18
파생상품거래이익As filed	—	—	—	—	—	—	—	—	—	9	4
기타포괄손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	91	230	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	-155	-32	-53	76	-184	2	198	430	—
유형자산손상차손As filed	—	—	—	—	—	—	—	—	—	1,308	10
유형자산의 감소As filed	—	—	—	—	—	12	—	—	—	—	—
파생상품평가손실As filed	—	—	—	—	—	—	—	—	—	22	0
대여금의 회수As filed	—	0	4	—	—	—	—	—	—	—	—
리스부채의지급As filed	—	—	—	—	—	5	11	22	—	—	—
잡손실As filed	—	—	—	—	—	—	—	—	0	—	0
장기금융상품의 처분As filed	—	—	—	—	—	—	0	0	—	—	—
연결범위 변동으로 인한 현금 증가As filed	—	—	—	—	—	596	—	0	—	—	—
관계기업투자주식의 취득As filed	—	282	242	—	0	—	—	0	—	—	—
단기매매금융자산의 처분As filed	—	—	24	—	0	—	—	—	—	—	—
대손충당금 환입As filed	—	—	—	—	—	—	—	—	2	3	0
보증금의 증가As filed	-0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	0	—	263	—	0	—	—	—	—	—	—
보증금의 감소As filed	-0	—	—	—	—	—	—	—	—	—	—
회원권의취득As filed	-3	0	—	—	—	—	—	—	—	—	—
관계기업의 취득As filed	11	—	—	—	—	—	—	—	—	—	—
기타의대손상각비환입As filed	—	—	—	—	—	—	—	—	—	0	0
단기차입금의 차입As filed	—	123	—	—	—	—	—	—	—	—	—
단기차입금의 상환As filed	247	100	—	—	—	—	—	—	—	—	—
회원권의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
국고보조금의 비용대체As filed	—	—	—	—	—	—	—	—	0	—	0
장기선급금(사용권자산)의 취득As filed	—	—	—	—	32	—	—	—	—	—	—
지분법적용투자주식손상차손As filed	—	—	—	—	—	—	—	—	—	—	25
현금및현금성자산의 환율변동As filed	—	0	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	1,208	—	—	—
장기차입금의 상환As filed	0	—	—	—	—	—	—	—	—	—	—
리스부채의 지급As filed	—	—	—	—	3	—	—	—	—	—	—
무형자산처분손실As filed	—	—	—	—	—	—	—	—	—	—	0
임대보증금의 상환As filed	-1	—	—	—	—	—	—	—	—	—	—
현금및현금성자산에 대한 환율변동As filed	0	—	—	—	—	—	—	—	—	—	—
관게기업투자주식의 처분As filed	—	—	—	—	—	—	—	5	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-604

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 2026.03.19.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 54	대주회계법인	2025-12-31
2024	적정의견Term 53	대주회계법인	2025-12-31
2023	적정의견Term 52	대주회계법인	2025-12-31
2022	적정Term 51	이촌회계법인	2022-12-31
2021	적정Term 50	이촌회계법인	2022-12-31
2020	적정Term 49	이촌회계법인	2022-12-31
2019	적정Term 48	한영회계법인	2019-12-31
2018	적정Term 47	한영회계법인	2019-12-31
2017	적정Term 46	한영회계법인	2019-12-31
2016	적정Term 45	한영회계법인	2016-12-31
2015	적정Term 44	한영회계법인	2016-12-31
2014	적정Term 43	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 5Y1.09

Equity risk premium%

Terminal growth%

Cost of equity9.84%

Weighted average cost of capital—

Initial growth10.1%

Effective tax rate3.1%

Base fiscal year2025

Current priceKRW88,100

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	1,301	-98.5%
Dividend discount model DDM	1,558	-98.2%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	21,406	-75.7%

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% + 1.09 × 5.00% = 9.84%

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(10.74% × (1 − 5.79%), 0) = 10.12%

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 = 100 × (1 + 2.00%) / (9.84% − 2.00%) = 102 / 0.0784 = 1,301 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 = 100, g_1 = 10.12%, g_T = 2.00%, r = 9.84%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	10.12%	110	0.9104	100
2	8.09%	119	0.8289	99
3	6.06%	126	0.7546	95
4	4.03%	131	0.6870	90
5	2.00%	134	0.6255	84
Terminal value	2.00%	1,743	0.6255	1,090
Total				1,558

P_0 = 1,558 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 = 18,620 KRW, ROE = 10.74%, payout ratio = 5.79%, r = 9.84%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	18,620	2,000	1,832	168	0.9104	153
2	20,505	2,203	2,017	185	0.8289	154
3	22,580	2,426	2,222	204	0.7546	154
4	24,865	2,671	2,446	225	0.6870	155
5	27,382	2,942	2,694	248	0.6255	155
Terminal value				3,222	0.6255	2,015

P_0 = 18,620 + 771 + 2,015 = 21,406 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