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033790KOSDAQ

Fino

11,580
+1,700 (+17.21%)

Price chart

  • 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

Fino was established in 1990 to produce and distribute instruments. The company is listed on the KOSDAQ market and is headquartered in Anyang, Gyeonggi Province.

The company focuses on the research, production, and distribution of cathode materials and precursors for lithium ion batteries. Its products include ternary and phosphate precursors and lithium iron phosphate. These materials are supplied for use in electric vehicles, energy storage systems, consumer electronics, and robotics. The company also develops and manufactures telecommunications equipment.

Business overview as filed

당사는 "글로벌 신에너지 소재 과학 기업"을 전략 목표로 삼고 있습니다. 이를 위해 △기술의 다변화 △글로벌 성장 △디지털 운영 △산업 생태계 구축 등을 핵심 전략 기반으로 설정하고, 자원 공유와 가치 공동 창출을 통해 저탄소ㆍ친환경 중심의 지속 가능한 신재생에너지 소재 생태계를 구축해 나가고 있습니다. 궁극적으로는 인류의 더 나은 삶에 기여하는 것을 지향하고 있습니다.

당사는 니켈계, 코발트계, 인계, 나트륨계 소재를 포함한 신에너지 배터리용 양극재 및 전구체의 연구개발(R&D), 생산, 판매를 핵심 사업으로 영위하고 있습니다. 주요 산업 영역은 양극재 및 배터리 산업이며, 당사 제품은 전기차(EV), 에너지저장장치(ESS), 소비자 전자제품, 드론, 도심항공교통(UAM), 인공지능(AI), 로봇 등 다양한 분야에 폭넓게 적용되고 있습니다.당사는 안정적인 제품 품질과 기술 경쟁력을 바탕으로 주요 고객사와 장기적이고 우호적인 협력 관계를 유지하고 있으며, 전략적 협력 계약을 통해 파트너십을 더욱 공고히 하고 있습니다. 또한 주요 원자재 공급업체와도 장기적 협력 체계를 구축하여 원자재 공급의 안정성과 적시성을 확보하고 있습니다.이와 함께 이동통신용 중계기 등 통신장비의 개발ㆍ제조ㆍ판매와 전기통신공사업, 이차전지 관련 사업도 병행하고 있습니다.자세한 내용은 Ⅱ.

Company overview

1. 연결대상 종속회사 개황

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

2. 회사의 법적 ㆍ 상업적 명칭

회사의 명칭은 "주식회사 피노"라고 표기합니다. 또한 영문으로는 "FINO INC."라 표기 합니다. 단, 약식으로 표기할 경우에는 "(주)피노"라고 표기합니다.

3. 설립일자

당사는 1990년 02월 계기 제작 및 판매 등을 영위할 목적으로 설립되었습니다. 또한 2001년 06월 22일 코스닥시장 신규상장을 승인받아 회사의 주식이 2001년 06월 26일 자로 상장되어 코스닥시장에서 매매가 개시되었습니다.

4. 본사의 주소, 전화번호, 홈페이지 주소

주소 : 경기도 안양시 동안구 부림로 170번길 41-13 (관양동) 전화번호 : 031-345-5161 홈페이지 : http://www.finoes.co.kr

5. 중소기업 등 해당 여부

6. 주요 사업의 내용

당사는 전문적인 신에너지 소재 과학 기업으로, 리튬이온배터리 양극재 및 전구체 등의 관련 소재에 대한 연구개발, 생산, 가공 및 판매를 주력으로 하고 있습니다.당사의 주요 제품으로는 삼원계 전구체, 인산철 전구체, 인산철리튬, 신에너지 금속 소재 등이 있으며, 이러한 소재들은 추가 가공을 거쳐 리튬이온배터리로 제조됩니다. 최종적으로는 전기차, 에너지저장장치(ESS), 소비자 전자제품, 드론, 도심항공교통(UAM), 인공지능(AI), 로봇 등 다양한 분야에 적용됩니다.

7. 신용평가에 관한사항

최근 3년간 신용평가에 관한 내용은 다음과 같습니다.

8. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

10.54%
[7.30%, 15.46%] · 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 75.2% (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

0.87
Beta [0.66, 1.08] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.542%[-0.284%, +1.368%]
R squared
0.21
Observations
252
Trading-time corrected beta
0.96[0.55, 1.37]
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.

Financials

2015Separate basis2016Separate basis2017Consolidated basis2018Consolidated basis2019Separate basis2020Separate basis2021Consolidated basis2022Consolidated basis2023Separate basis2024Separate basis2025Separate basis
RevenueKRW 100M23013113514457251113114703072,648
Revenue growth%—-43.15—6.76—337.20—1.35—340.31763.08
Operating incomeKRW 100M-3-22-43-54-105-151915-21088
Operating income growth%———————-23.96——116,185.79
Net incomeKRW 100M1-21-48-78-123-82217-19-25-59
Net income growth%—-2,602.66—————-22.95———
Attributable to ownersKRW 100M——-47-74———————
Attributable to minoritiesKRW 100M——-1-4———————
Operating margin%-1.49-17.07-31.91-37.68-183.32-5.8317.0912.82-30.490.023.34
Net margin%0.36-15.90-35.35-54.35-214.86-3.3119.9115.13-27.89-8.04-2.21
ROE%——-11.92-23.14———————
ROA%0.27-7.30-7.59-14.34-45.75-3.228.936.83-8.11-2.12-3.58
Debt ratio%24.3627.4958.5372.2334.6533.7115.827.4711.25107.3766.55
Current ratio%558.16486.76513.08171.32196.93192.50433.64856.28594.86590.70215.41
Quick ratio%538.48468.81510.54169.17185.01185.35384.40761.41426.86504.52150.93
Reserve ratio%332.59296.00360.87276.54137.36128.88155.78176.86153.61392.48189.22
OCF conversion%5,561.00—————-20.3878.59———
Receivable daysdays—39.3—66.2—24.1—34.7—45.137.8
Inventory daysdays—15.3—12.2—37.0—129.0—115.139.8
Payable daysdays—69.7—538.2—367.9—198.8—119.957.9
Cash conversion cycledays—-15.1—-459.8—-306.8—-35.1—40.319.7
EPSKRW7-187-274-439-715-49133103-116-111-135
PERx——————6.238.05———
BPSKRW——2,3021,864——1,2661,375———
PBRx——1.881.27——0.650.60———
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot 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

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.

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

20152016201720182019202020212022202320242025
3022856275452692582512532401,1631,637
59612312286965341824602654
243223395316200193217235215561983

Income statement

20152016201720182019202020212022202320242025
23013113514457251113114703072,648
-3-22-43-54-105-151915-21088
-0-20-44-78-123-82217-19-25-59
1-21-48-78-123-82217-19-25-59
Basic earnings per shareKRW7-187Not applicable-439-715-49133103-116*-111-135
Diluted earnings per shareKRW7-187Not applicable-439-715-49131103-116*-111-135
2-20-46-79-122-82318-20-25-58

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1-21-48-78-123-82217-19-25-59
Total adjustments to operating cash flowcomputed4510-443445-27-4-618-53
46*-11-52-35-79-3-514-25-7-111
-621-94-36175-3155-0-0-136-129
2*0398-20-168-16-1-140777-1
Cash at beginning of periodKRW 100MNot applicableNot applicable172691781065610510579714
Not applicableNot applicable2691781065610510579714473
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable252-91-72-5150-1-25634-241

In the latest fiscal year all three activities were net cash outflows.

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 yearOpinionAuditorFiscal year end
2025적정의견Term 36안경회계법인2025-12-31
2024적정의견Term 35한미회계법인2025-12-31
2023적정의견Term 34한미회계법인2025-12-31
2019적정Term 30삼일회계법인2019-12-31
2018적정Term 29삼일회계법인2019-12-31
2017적정Term 28삼일회계법인2019-12-31
2016적정Term 27도원회계법인2016-12-31
2015적정Term 26도원회계법인2016-12-31
2014적정Term 25도원회계법인2016-12-31

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.

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 3Y0.90
%
%
Cost of equity8.91%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW11,580

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

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFNo cash flow lines
Discounted cash flow FCFENo cash flow lines
Residual income model RIMNo book value or return on equity
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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.90 × 5.00% = 8.91%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_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 = g_T = 2.00%

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.

Other issues on the same market

Neighbours in the market capitalisation order.

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