036810KOSDAQ

Fine Semitech

33,850

-650 (-1.88%)

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

Fine Semitech is a KOSDAQ listed company established in 1987. Headquartered in Gyeonggi Province, the company operates with seven subsidiaries across Korea, China, and the United States.

The company specializes in semiconductor and display materials and equipment. Its business segments include the production of pellicles for photomask protection and temperature control units known as chillers. It also provides related components and repair services through its subsidiaries.

Business overview as filed

* 공시대상 사업부문의 구분

- 펠리클사업부＊반도체 펠리클 - 반도체 제조시 노광(Photolithography) 공정에서 포토마스크 (Ph otomask)를 이물질로부터 보호하기 위해 사용되는 부품의 제조 및 판매를 주요 사업으로 영위하고 있습니다.＊ FPD 펠리클 - TFT-LCD, OLED 나 Color Filter기판의 제조시 포토마스크 위에 그려 져 있는 패턴을 외부의 이물질로 부터 보호하기 위해 사용되는 부품의 제조 및 판매를 주요 사업으로 영위하고 있습니다.- TCU사업부 반도체, 디스플레이 공정에서 필요로 하는 챔버 내의 온도와 웨이퍼의 주변 온도를 일정하게 유지함으로써 공정효율을 개선하는 장비를 제조 및 판매 하고 있으며, 장비제품의 품질보증기간 경과후의 수리 용역 등을 주요 사업으로 영위하고 있습니다.- 종속회사 XIAN FST.CO.LTD, WUXI FST.CO.LTD, FINE SEMITECH USA CORPORATION은 칠러장비 품질보증 및 수리 용역을 주사업으로 영위함에 따라 TCU 사업부와 포괄적으로 적용하여 기입하였습니다.- 종속회사 (주)에스피텍은 2010년 3월 25일 설립되어 반도체 펠리클용 프레임 및 FPD 펠리클용 프레임 제조와 판매를 주요 사업으로 하고 있으며 축적된 ECC Coating 기술과 특수정밀가공 기술로 반도체 장비 부품 사업을 선도하고 있습니다. ArF용 ECC 프레임 (SO4, PO4 Free) 을 세계 최초로 개발 및 양산에 성공 및 PID 고평탄 - 13 - 프레임 (2.55t)양산 개발 완료, ECC 부품 등 세계적으로 유일한 독자기술을 확보한 기업입니다 - 종속회사 (주)화인세라텍은 2020년 7월 21일 설립되어세라믹 소재 기술을 활용한 프로브카드용 다층세라믹기판(MLC, Multi Layer Ceramic substrates)을 개발 및 생산하고 있습니다. - 종속회사 (주)에프엑스티는 2019년 8월 21일 설립되어 반도체 핵심공정에 들어가는 실리콘 카바이드 소재의 반도체 부품을 개발 및 생산하고 있습니다. - 종속회사 (주)아이엠디는 1999년 9월 22일 설립되어 전자부품 및 디스플레이에 사용되는 도전성 전극 Paste와 OLED용 Sealing Paste를 제조 및 판매하고 있습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적, 상업적 명칭

당사의 명칭은 (주)에프에스티로 표기합니다. 영문으로는 FINE SEMITECH CORP.으로 표기합니다.

라. 설립일자 및 존속기간

당사는 1987년에 설립되어 반도체 및 디스플레이 공정 중 포토마스크 보호막인 펠리클(Pellicle) 및 반도체 제조장비의 온도를 조절하는 칠러(Chiller)장비 제조업을 영위할 목적으로 설립되었으며, 경기도 오산시에 펠리클 제조설비, 경기도 화성시에 칠러장비 제조설비를 두고 있습니다.

마. 본사의 주소, 전화번호 및 홈페이지

1) 주소 : 경기도 화성시 동탄산단6길 15-23 2) 전화번호 : 031-371-2400 3) 홈페이지 : http://www.fstc.co.kr

바. 중소기업 등 해당 여부

사. 주요사업의 내용

당사는 반도체 및 디스플레이 공정에서 포토마스크용 보호막인 펠리클과 공정 중 온도조건을 안정적으로 제어하는 온도조절장비인 칠러를 주력으로 생산하는 반도체 재료/장비 전문업체 입니다.

아. 계열회사에 관한 사항

당사는 2025년 12월 31일 현재 당사를 제외하고 7개의 계열회사를 가지고 있습니다.- XIAN FST.CO.LTD중국 시장의 고객사에 대한 서비스 제공을 위해 2013년 10월에 설립한 중국 현지 법인으로 당사가 보유한 지분율은 100%입니다.- WUXI FST.CO.LTD중국 시장의 고객사에 대한 서비스 제공을 위해 2018년 6월에 설립한 중국 현지 법인으로 당사가 보유한 지분율은 100%입니다.- FINE SEMITECH USA CORPORATION미국 시장 고객사에 대한 서비스 제공을 위해 2022년 1월에 설립한 미국 현지 법인으로 당사가 보유한 지분율은 100%입니다.- (주)에스피텍펠리클용 프레임 등의 생산을 주요 사업으로 2010년 3월에 설립한 법인으로 당사가 보유한 지분율은 100%입니다.- (주)화인세라텍다층 세라믹 기판 (MLC) 등의 생산을 주요 사업으로 2020년 7월에 설립한 법인으로 당사가 보유한 지분율은 57.17%입니다.- (주)에프엑스티실리콘 카바이드 소재의 반도체 부품 생산을 주요 사업으로 2019년 8월에 설립한 법인으로 당사가 보유한 지분율은 51.18%입니다.- (주) 아이엠디전자부품 핵심 원재료인 Paste를 개발, 생산, 판매 사업을 영위하고 있으며, 2024년 8월에 100% 지분 인수하였습니다.

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

9.55%

[5.83%, 14.56%] · 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 68.9% (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

1.25

Beta [1.14, 1.36] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.103%[-0.366%, +0.572%]
R squared: 0.51
Observations: 252
Trading-time corrected beta: 1.20[0.92, 1.47]

252-day rolling beta

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

252-day rolling annualized volatility

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

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

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	846	1,123	1,917	1,651	1,257	1,662	2,137	2,234	1,976	2,374	2,803	2,946
Revenue growth%	—	32.72	70.66	-13.90	-23.83	32.15	28.59	4.56	-11.54	20.14	18.05	—
Operating incomeKRW 100M	87	97	131	200	189	248	226	62	-108	23	-5	60
Operating income growth%	—	10.81	35.74	52.26	-5.64	31.62	-8.88	-72.70	-274.47	—	-123.89	—
Net incomeKRW 100M	65	50	98	169	183	187	282	408	-181	-16	-143	-63
Net income growth%	—	-22.55	94.47	73.73	7.86	2.23	50.99	44.74	-144.33	—	—	—
Attributable to ownersKRW 100M	—	—	—	—	—	187	321	441	-136	15	-123	-46
Attributable to minoritiesKRW 100M	—	—	—	—	—	0	-39	-32	-46	-31	-20	-17
Operating margin%	10.32	8.62	6.85	12.12	15.01	14.95	10.59	2.77	-5.46	0.96	-0.20	2.04
Net margin%	7.65	4.47	5.09	10.27	14.54	11.25	13.21	18.28	-9.16	-0.69	-5.11	-2.14
ROE%	—	—	—	—	—	14.27	15.72	18.05	-5.67	0.59	-5.10	-1.70
ROA%	5.92	3.91	7.27	11.95	10.09	8.33	8.16	10.35	-4.43	-0.32	-2.65	-1.10
Debt ratio%	101.85	115.79	68.64	48.50	60.08	67.49	65.73	60.63	70.51	107.32	122.88	111.63
Current ratio%	89.99	127.23	129.19	158.58	133.03	148.65	147.46	113.40	104.67	90.26	88.79	91.84
Quick ratio%	65.38	91.12	74.43	124.32	84.64	100.79	98.70	69.45	65.62	55.02	50.48	48.21
Reserve ratio%	617.67	681.63	765.49	905.61	1,075.79	1,255.79	1,833.10	2,226.14	2,158.98	2,227.94	2,127.92	2,320.70
Free cash flowKRW 100M	—	—	—	214	-120	-6	-608	-357	-223	-739	-342	—
FCF margin%	—	—	—	12.95	-9.55	-0.34	-28.47	-15.98	-11.29	-31.14	-12.21	—
OCF conversion%	—	—	—	176.92	93.40	146.38	79.81	-3.81	—	—	—	—
Capex to revenue%	19.32	5.16	2.66	5.22	23.12	16.81	39.01	15.28	15.41	28.87	17.23	—
Receivable daysdays	—	41.9	35.5	49.5	61.4	47.7	40.3	50.2	62.5	63.3	65.4	—
Inventory daysdays	—	55.3	44.0	54.0	84.2	82.0	84.5	95.3	109.5	110.9	114.5	—
Payable daysdays	—	46.3	30.5	37.1	62.8	61.4	59.6	54.0	53.3	54.0	55.9	—
Cash conversion cycledays	—	50.9	49.1	66.4	82.9	68.4	65.2	91.6	118.7	120.2	124.0	—
EPSKRW	476	348	624	941	1,002	1,026	1,657	2,242	-691	73	-613	-212
PERx	—	12.14	8.72	4.03	7.73	25.97	15.30	6.96	—	215.48	—	—
BPSKRW	—	3,625	4,088	4,722	5,592	6,473	9,398	11,223	10,993	11,338	10,991	12,521
PBRx	—	1.17	1.33	0.80	1.39	4.12	2.70	1.39	2.24	1.39	2.79	2.10
Dividend per shareKRW	80	80	80	80	80	100	130	100	50	—	—	—
Payout ratio%	16.81	22.99	12.82	8.50	7.98	9.75	7.85	4.46	—	—	—	—

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
	1,094	1,282	1,342	1,419	1,811	2,242	3,459	3,948	4,088	5,061	5,401
	338	493	520	568	621	774	1,092	1,021	1,052	1,437	1,549
Cash and cash equivalentsKRW 100M	95	193	55	219	127	235	444	188	282	283	316
InventoriesKRW 100M	92	140	220	123	226	249	361	396	392	561	668
Trade and other receivablesKRW 100M	117	141	233	215	208	226	245	370	306	517	487
	756	789	822	851	1,190	1,468	2,367	2,926	3,037	3,625	3,851
Property, plant and equipmentKRW 100M	617	626	618	658	987	986	1,758	1,910	2,038	2,674	3,031
Intangible assetsKRW 100M	49	47	51	20	20	26	60	66	60	114	Not applicable
Investments in associatesKRW 100M	30	47	68	93	102	104	224	588	536	499	356
	552	688	546	463	680	904	1,372	1,490	1,691	2,620	2,978
	375	388	402	358	467	521	740	901	1,005	1,592	1,745
Trade and other payablesKRW 100M	76	118	131	104	156	200	230	198	185	279	321
Short-term borrowingsKRW 100M	279	202	194	210	251	244	367	430	644	1,018	—
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	—	57	170	63	94	—
	176	301	144	105	213	383	632	589	686	1,028	1,233
Bonds issuedKRW 100M	—	—	—	—	—	—	—	—	—	—	111
Long-term borrowingsKRW 100M	149	126	104	56	155	327	536	468	446	936	1,026
	542	594	796	955	1,132	1,339	2,087	2,458	2,398	2,441	2,423
	542	594	796	955	1,132	1,310	2,045	2,442	2,392	2,467	2,413
Issued capitalKRW 100M	82	82	97	101	101	101	109	109	109	109	110
Capital surplusKRW 100M	236	253	349	378	381	392	821	820	870	942	981
Retained earningsKRW 100M	270	305	396	538	707	879	1,173	1,601	1,479	1,482	1,355
Accumulated other comprehensive incomeKRW 100M	-1	-1	-1	-9	-6	-7	-4	-15	6	-8	19
Other equityKRW 100M	—	—	—	—	—	-55	-55	-74	-72	-58	-51
Non-controlling interestsKRW 100M	Not applicable	Not applicable	0	0	0	29	42	16	6	-25	10

당기법인세자산As filed	—	—	0	0	—	0	0	0	1	0	2
기타금융자산As filed	18	17	36	22	22	26	—	—	—	—	—
기타유동금융자산As filed	—	—	5	6	3	13	4	27	9	6	9
기타유동자산As filed	16	2	7	4	57	50	37	41	62	70	67
매도가능금융자산As filed	12	26	35	0	0	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산As filed	—	—	—	30	36	80	—	—	—	—	—
매출채권및기타채권As filed	—	—	—	—	—	—	5	4	3	1	—
장기매출채권 및 기타비유동채권As filed	—	—	—	—	—	21	—	—	—	—	—
공정가치측정금융자산As filed	—	—	—	—	—	—	80	72	81	54	—
기타비유동금융자산As filed	—	—	—	—	—	—	44	48	60	46	52
기타비유동자산As filed	1	1	1	0	0	0	19	19	15	4	3
이연법인세자산As filed	12	13	14	28	24	25	22	14	26	81	120
무형자산 및 영업권As filed	—	—	—	—	—	—	—	—	—	—	111
투자부동산As filed	—	—	—	—	—	200	156	205	218	151	86
비유동 공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	—	92
기타금융부채As filed	5	6	17	13	37	37	—	—	—	—	—
기타유동부채As filed	3	46	15	3	3	5	3	5	—	—	—
당기법인세부채As filed	12	15	16	24	18	24	45	10	2	22	2
매출채권 및 기타비유동채권As filed	—	—	—	—	—	—	—	—	—	—	0
계약부채As filed	—	—	—	4	2	10	13	41	20	23	—
전환사채As filed	—	133	0	—	—	—	—	—	—	—	—
전환사채(유동)As filed	—	—	29	—	—	—	—	—	—	—	—
종업원급여부채As filed	24	31	28	30	40	35	35	27	13	13	—
충당부채As filed	4	8	10	7	3	6	3	4	4	5	—
납입자본As filed	—	82	—	—	—	—	—	—	—	—	—
유동성전환사채As filed	—	—	—	0	0	—	—	—	—	—	—
보통주자본금As filed	—	82	97	101	101	101	—	—	—	—	—
자본조정As filed	-46	-46	-46	-53	-52	—	—	—	—	—	—
이익준비금As filed	—	2	3	5	6	8	—	—	—	—	—
미지급배당금As filed	—	—	0	—	—	—	—	—	—	—	—
미처분이익잉여금(미처리결손금)As filed	—	301	390	531	698	868	—	—	—	—	—
장기미지급금As filed	—	—	—	0	0	0	—	—	—	—	—
임의적립금As filed	—	3	3	3	3	3	—	—	—	—	—
자본과부채총계As filed	1,094	1,282	1,342	1,419	1,811	2,242	3,459	3,948	4,088	5,061	5,401
기타유동금융부채As filed	—	—	—	—	—	—	22	43	62	70	77
우선주자본금As filed	—	—	0	0	0	—	—	—	—	—	—
기타비유동부채As filed	—	—	—	—	—	0	0	0	—	—	—
매입채무및기타채무As filed	—	—	—	—	—	—	0	1	2	7	—
유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	—	101
기타비유동금융부채As filed	—	—	—	—	—	—	37	57	66	40	41
유동성사채As filed	—	—	—	—	—	—	—	—	—	53	—
단기차입금(사채 제외)As filed	—	—	—	—	—	—	—	—	—	—	1,178
유동계약부채As filed	—	—	—	—	—	—	—	—	—	—	21
유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	6
기타 유동부채As filed	—	—	—	—	—	—	—	—	24	27	38
매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	—	—	—	—	10
비유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	27
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	—	18
사채As filed	—	—	—	—	—	—	—	—	121	0	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	846	1,123	1,917	1,651	1,257	1,662	2,137	2,234*	1,976	2,374	2,803
Cost of salesKRW 100M	528	767	1,494	1,160	756	1,057	1,317	1,449*	1,313	1,569	1,959
Gross profitKRW 100M	318	356	423	491	501	604	819	784*	663	805	844
SG&A expensesKRW 100M	231	260	292	291	313	356	593	723*	771	782	849
	87	97	131	200	189	248	226	62*	-108	23	-5
Finance incomeKRW 100M	2	2	2	2	3	1	4	5	8	5	7
Finance costsKRW 100M	8	15	14	6	6	8	13	24	47	57	82
Other incomeKRW 100M	11	21	52	24	28	21	156	451*	50	102	36
Other expensesKRW 100M	6	19	54	47	31	30*	26	43*	55	43	39
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	—	-145
	77	89	122	193	222	233	354	412*	-199	-47	-229
Income tax expenseKRW 100M	12	39	24	23	39	46	72	3	-20	-30	-86
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	—	-180	-16	-143
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	—	-1	0	0
	65	50	98	169	183	187	282	408	-181	-16	-143
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	187	321	441	-136	15	-123
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	-39	-32	-46	-31	-20
Basic earnings per shareKRW	476	348	624	941	1,002	1,026	1,657	2,242	-691	73	-613
Diluted earnings per shareKRW	466	348	562	930	1,002	1,026	1,657	2,242	-691	73	-613
	57	47	102	160	185	185	277	411	-127	-33	-119
Other comprehensive incomeKRW 100M	-8	-3	4	-10	2	-2	-5	2	54	-17	24

관계기업공통기업투자관련손익As filed	-3	9	5	21	40	1	6	-40	-48	-77	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	—	—	-20
기타영업외손익As filed	-6	-5	-0	-2	-1	-1	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	—	—	-99
비지배지분As filed	—	—	0	0	—	0	-39	-32	-46	-31	—
해외사업환산손익As filed	0	0	—	-0	0	0	1	-0	-0	5	—
지분법자본변동As filed	—	0	—	—	—	2	-2	-0	-0	1	—
순확정급여부채의 재측정요소As filed	-8	-3	5	-4	-0	1	-5	17	-7	-3	—
지배기업소유주지분As filed	—	—	—	—	—	185	316	442	-81	-1	—
지배기업 소유주지분As filed	57	47	102	160	185	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	-0	0	-0
중단영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	-0	0	0
계속영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	-0	0	-0
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익(지분상품)As filed	—	—	—	-5	3	—	—	—	—	—	—
중단영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	-0	0	0
후속적으로 당기손익으로 재분류되는 포괄손익As filed	—	—	—	—	—	—	-1	-0	-0	6	—
기타포괄손익-공정가치측정금융자산 평가손익(지분상품)As filed	—	—	—	—	—	-3	—	—	—	—	—
후속적으로 당기손익으로 재분류 되지 않는 포괄손익As filed	—	—	—	—	—	—	-4	3	54	-23	—
기타포괄손익-공정가치측정금융 자산평가이익(손실)As filed	—	—	—	—	—	—	1	-11	64	-20	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	-0
지분법이익잉여금 변동As filed	—	—	—	—	—	-1	-1	-3	-3	-0	—
세후기타포괄손익, 외화환산외환차이As filed	—	—	—	—	—	—	—	—	—	—	-1
당기손익으로 재분류되는 지분법 적용대상 관계기업과 공동기업의 세후기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	24
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	—	—	—	—	—	—	—	26
세후기타포괄손익, 확정급여제도의 재측정손익As filed	—	—	—	—	—	—	—	—	—	—	-3
당기손익으로 재분류되지 않는 지분법 적용대상 관계기업과 공동기업의 세후기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	—	—	1

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	65	50	98	169	183	187	282	408	-181	-16	-143
Total adjustments to operating cash flowcomputed	—	—	—	130	-12	87	-57	-424	262	-37	284
	Not applicable	Not applicable	Not applicable	300	171	274	225	-16	81	-54	141
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Income taxes paidKRW 100M	1	37	25	27	29	24	40	48	16	-2	14
	Not applicable	Not applicable	Not applicable	-90	-235	-334	-834	-482	-187	-782	-482
Purchase of property, plant and equipmentKRW 100M	163	58	51	86	291	279	833	341	305	685	483
Proceeds from sale of property, plant and equipmentKRW 100M	5	5	15	0	77	9	0	1	0	-0	0
Purchase of intangible assetsKRW 100M	14	1	6	1	2	7	5	8	3	3	4
	Not applicable	Not applicable	Not applicable	-46	-27	173	817	246	200	835	376
Dividends paidKRW 100M	10	12	12	14	15	15	18	26	20	10	0
Acquisition of treasury sharesKRW 100M	10	0	0	10	0	4	0	19	0	0	—
Disposal of treasury sharesKRW 100M	—	—	—	6	7	7	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	—	—	—	430	0	0	—	—
Cash at beginning of periodKRW 100M	108	95	193	55	219	127	235	444	188	282	283
	95	193	55	219	127	235	444	188	282	283	316
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-4	0	-5	-1	2	-1
Net change in cash and cash equivalentsKRW 100M	-13	97	-138	164	-92	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

교환사채의 증가As filed	—	—	—	—	—	—	—	—	—	—	200
당기순이익As filed	—	—	—	—	—	—	282	408	—	—	—
리스부채의 감소As filed	—	—	—	—	-2	2	4	8	14	14	—
영업으로창출된현금흐름As filed	-153	-185	4	-327	-199	-297	—	—	—	—	—
비현금항목 조정As filed	—	—	—	—	—	—	123	-130	312	310	—
영업으로부터의 순현금유입As filed	152	147	-29	—	—	—	—	—	—	—	—
교환사채의 감소As filed	—	—	—	—	—	—	—	—	—	—	61
연결자본거래에 의한 현금유출액As filed	—	—	—	—	—	—	—	—	0	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	—	—	—	—	-140	-246	—	—	—
연결실체내의 자본거래As filed	—	—	—	—	—	—	—	—	—	0	—
종속기업 및 관계기업투자주식 취득As filed	—	—	—	12	2	2	—	—	—	—	—
주식발행비용의 지급As filed	—	—	—	—	—	—	0	0	0	—	—
교환사채의 발행As filed	—	—	—	—	—	—	—	—	150	0	—
기타금융부채의 증가As filed	—	2	0	10	-1	-0	0	0	0	0	2
무형자산의 처분As filed	1	0	0	0	—	—	—	8	0	0	—
종속기업 및 관계기업투자주식 처분As filed	—	—	—	6	0	0	—	—	—	—	—
전환상환우선부채의 발행As filed	—	—	—	—	—	—	—	175	0	0	—
관계기업 및 공동기업투자주식 취득As filed	28	9	24	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	-12	-3	—	5	7	0	0	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	49	—	—	—	—	—
재무활동으로 분류된 이자지급As filed	—	—	—	—	—	—	—	—	—	—	64
종속기업,관계기업및공동기업투자의 취득As filed	—	—	—	—	—	—	4	7	—	—	—
종속기업의 유상증자As filed	—	—	—	—	—	—	25	0	31	—	—
재무활동으로 분류된 리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	—	15
종속기업투자주식의 처분(지배력유지)As filed	—	—	—	—	—	—	—	—	3	0	—
관계기업 및 공동기업투자주식 처분As filed	3	0	0	—	—	—	—	—	—	—	—
종속기업,관계기업및공동기업투자의 처분As filed	—	—	—	—	—	—	0	0	—	—	—
차입금에 따른 유입As filed	—	—	—	—	—	—	—	—	—	—	1,481
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	1	—	—	—	—	0
매도가능금융자산의 처분As filed	10	0	4	0	0	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	2	0	—	—	—
매도가능금융자산의 취득As filed	13	19	5	0	0	—	—	—	—	—	—
기타금융자산의 처분As filed	16	21	23	20	16	16	—	—	—	—	55
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	1	0	7	2	—
이자지급As filed	7	11	8	6	4	8	13	22	35	36	—
지배력을 상실하지 않는 종속기업에 대한 소유지분의 변동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	0
기타금융자산의 취득As filed	52	21	18	7	13	29	—	—	—	—	68
차입금의 증가As filed	—	—	—	—	—	—	595	597	697	1,543	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	5	0	71	0	—
비지배지분의 출자As filed	—	—	—	—	—	—	—	—	—	—	56
이자수취As filed	2	2	2	2	4	1	3	5	8	5	—
기타금융자산의 감소As filed	—	—	—	—	—	—	25	46	64	28	—
배당금수취As filed	—	0	0	0	—	0	1	0	0	0	—
차입금의 감소As filed	—	—	—	—	—	—	—	—	—	—	1,223
연결범위의 변동As filed	—	—	—	—	-22	-5	—	—	—	—	—
기타금융자산의 증가As filed	—	—	—	—	—	—	34	75	42	23	—
차입금의 상환As filed	—	—	—	—	—	—	209	452	611	648	—
투자활동에서의 순현금유출As filed	-231	-79	-59	—	—	—	—	—	—	—	—
차입금 및 사채의 증가As filed	262	307	520	102	366	412	—	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	1
사업부의 양도As filed	—	—	—	—	—	—	—	—	9	0	—
차입금 및 사채의 상환As filed	210	258	550	134	379	247	—	—	—	—	—
국고보조금의 수령As filed	—	—	—	—	—	—	1	3	0	12	—
자본의 증가As filed	41	0	0	0	—	—	—	—	—	—	—
연결범위 변동으로 인한 순현금유입액As filed	—	—	—	—	—	—	-13	—	—	—	—
사업결합으로 인한 순현금유입As filed	—	—	—	—	—	—	—	1	0	14	—
투자활동으로 분류된 종속기업과 기타 사업의 지배력 상실에 따른 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익-공정가치금융자산의취득As filed	—	—	—	—	—	—	—	—	0	—	—
연결범위변동으로 인한 순현금유출As filed	—	—	—	—	—	—	—	107	0	0	—
재무활동에서의 순현금유출As filed	66	29	-50	—	—	—	—	—	—	—	—
투자활동으로 분류된 종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	0
투자활동으로 분류된 배당금 수취As filed	—	—	—	—	—	—	—	—	—	—	0
환율변동효과As filed	0	2	-0	-0	-0	—	—	—	—	—	—
비지배지분의 증가As filed	—	—	—	—	—	29	—	—	—	—	—
투자활동으로 분류된 이자수취As filed	—	—	—	—	—	—	—	—	—	—	6
지기주식의 처분As filed	—	—	—	—	—	—	0	0	—	—	—
투자활동으로 분류된 정부보조금As filed	—	—	—	—	—	—	—	—	—	—	13
현금및현금성자산의 증가As filed	—	—	—	—	—	112	208	-252	95	-1	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	—	—	88	0
종속기업투자주식의 처분As filed	—	—	—	—	—	—	0	—	—	—	—
지분법적용 투자지분의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
지분법적용 투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	—	2
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-33	-349	-130
관계기업및공동기업투자의 처분As filed	—	—	—	—	—	—	—	—	1	0	—
당기순이익조정을 위한 가감As filed	—	—	—	—	—	—	—	—	—	—	429
관계기업및공동기업투자의 취득As filed	—	—	—	—	—	—	—	—	0	219	—
당기순이익(손실)As filed	—	—	—	—	—	—	—	—	-181	-16	-143
연결자본거래에의한현금유출액As filed	—	—	—	—	—	—	-10	0	—	—	—
환율변동효과전현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	35

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 39	한울회계법인	2025-12-31
2024	적정의견Term 38	한울회계법인	2025-12-31
2023	적정의견Term 37	동현회계법인	2025-12-31
2022	적정Term 36	동현회계법인	2022-12-31
2021	적정Term 35	동현회계법인	2022-12-31
2020	적정Term 34	한울회계법인	2022-12-31
2019	적정Term 33	한울회계법인	2019-12-31
2018	적정Term 32	한울회계법인	2019-12-31
2017	적정Term 31	한울회계법인	2019-12-31
2016	적정Term 30	한울회계법인	2016-12-31
2015	적정Term 29	한울회계법인	2016-12-31
2014	적정Term 28	한울회계법인	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 5Y1.15

Equity risk premium%

Terminal growth%

Cost of equity10.14%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW33,850

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	-5,287	-115.6%

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% + 1.15 × 5.00% = 10.14%

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(-5.10% × (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 = 10,991 KRW, ROE = -5.10%, payout ratio = 0.00%, r = 10.14%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	10,991	-561	1,114	-1,675	0.9079	-1,521
2	10,430	-532	1,057	-1,590	0.8244	-1,311
3	9,898	-505	1,003	-1,509	0.7485	-1,129
4	9,393	-479	952	-1,432	0.6796	-973
5	8,913	-455	904	-1,359	0.6170	-838
Terminal value				-17,027	0.6170	-10,506

P_0 = 10,991 + -5,772 + -10,506 = -5,287 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