058470KOSDAQ

Leeno Industrial

87,900

+2,700 (+3.17%)

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

Leeno Industrial was founded in 1978 and incorporated in 1996. The company is listed on the KOSDAQ market and is headquartered in Busan. It has no consolidated subsidiaries.

The company develops and manufactures semiconductor test components and medical device parts. Its main products include LEENO PIN probes and IC test sockets for semiconductor testing, as well as components for ultrasound diagnostic devices. It distributes products through direct sales and agencies in domestic and overseas markets.

Business overview as filed

당사는 전량 수입에 의존하던 검사용 PROBE(SPRING CONTACT PROBE:LEENO PIN)와 반도체 검사용 소켓(IC TEST SOCKET)을 자체브랜드로 개발하여 제조 및 판매하는 사업과 초음파 진단기 등에 적용되는 의료기기 부품을 제조 및 판매하는사업 등을 영위하고 있습니다.

[ LEENO PIN & IC TEST SOCKET 부문]

당사는 지난 40년 이상의 업력과 축적된 노하우를 바탕으로 다품종 및 단납기에 대응할 수 있는 생산시스템을 보유하고 있습니다. 또한, 당사가 국내 최초로 개발한 LEENO PIN을 적용한 IC TEST SOCKET은 전기전자 부품과 반도체 칩을 안정적으로 테스트할 수 있는 강점이 있습니다. 당사는 전 공정을 자체적으로 수행할 수 있는 생산 시스템을 구축하여 안정적인 품질유지, 원가 경쟁력, 짧은 리드타임 측면에서 우위를 확보하고 있으며, 고객의 요구에 부합하는 제품을 당사의 축적된 기술력과 노하우로 생산하여, 빠르게 변화하는 시장 환경 속에서도 선도적인 제품을 공급하기 위해 지속적으로 노력하고 있습니다.해외 시장에서는 대리점을 통한 간접 판매와 해외 현지 바이어 대상 직접 판매 등 다양한 제품 유통 방식을 통해 대응하고 있으며, 국내 시장에서는 전략적인 기술 영업체계를 구축하여 제품 개발 초기 단계부터 양산까지 신속하게 대응하고 있습니다.

2025년도 매출기준으로 반도체(메모리 및 비메모리) 테스트 PACKAGE용 장비의 소모성 부품인 IC TEST SOCKET 류는 전체 매출대비 65.48%(2,439억원 : 해외수출 2,288억원, 국내 151억원)를 차지하였으며, 반도체나 인쇄회로기판의 전기적 불량여부를 체크하는 소모성 부품인 LEENO PIN 류는 전체 매출대비 23.38%(871억원 : 해외수출 665억원, 국내 206억원), 기타 상품은 0.04%(1억원)를 차지하였습니다.

[의료기기 부문]당사는 다품종 및 단납기에 대응할 수 있는 유연한 생산시스템을 보유하고 있으며, LEENO PIN과 IC TEST SOCKET 등의 제조 공정에서 축적한 미세제조공정 노하우를 바탕으로 초음파 진단기 시장에서 차별화된 경쟁력을 확보하고 있습니다. 또한, 철저한 생산 및 품질관리 역량을 통해 향후 의료기기 분야에서도 높은 경쟁력을 발휘할 수 있을 것으로 기대됩니다. 아울러 고객에게 양질의 부품을 안정적으로 공급함으로써 초음파 장비 및 시스템의 우수한 영상 성능과 고객 포트폴리오의 다양화, 신뢰도 제고에 기여하고 있습니다.2025년도 매출기준으로 초음파 프로브 등에 적용되는 의료기기 부품류는 전체 매출대비 10.24%(381억원)를 차지하였으며, 상품은 0.86%(32억원)를 차지하였습니다.

Company overview

가. 연결대상 종속회사 개황

본 보고서 작성기준일 현재 당사의 연결대상 종속회사는 없습니다.

연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 '리노공업주식회사'로 표기하며, 영문으로는 'LEENO INDUSTRIAL INC.'로 표기합니다. 단, 약식으로 표기할 경우에는 '리노공업(주)' 및 'LEENO IND.INC.'로 표기합니다.

다. 설립일자 및 존속기간

당사는 1978년 11월에 리노공업사로 창업 이후, 1996년 12월에 법인전환을 하였습니다. 이후, 2001년 12월 회사의 주식을 코스닥증권시장에 상장하여 매매가 개시되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지

주 소 : 부산광역시 강서구 미음산단로105번길 10 전 화 : 051-831-3232 홈페이지 : https://leeno.com/kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용1978년 11월 리노공업사로 창업 이후 1996년 12월 법인전환을 하였으며, 2001년 코스닥시장에 주식을 상장하였습니다. 당사는 전량 수입에 의존하던 검사용 프로브(SPRING CONTACT PROBE:LEENO PIN)와 반도체 검사용 소켓(IC TEST SOCKET)을 자체브랜드로 개발하여 제조 및 판매하는 사업과 초음파 진단기 등에 적용되는 의료기기 부품을 제조 및 판매하는 사업 등을 영위하고 있습니다. 사업부문별 자세한 내용은 II.

사. 신용평가에 관한 사항

*(주)이크레더블 신용등급의 정의-신용등급의 정의

- 현금흐름등급의 정의

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

6.15%

[4.09%, 9.45%] · 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 56.5% (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

0.91

Beta [0.79, 1.03] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.234%[-0.126%, +0.593%]
R squared: 0.48
Observations: 252
Trading-time corrected beta: 0.77[0.53, 1.01]

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	995	1,128	1,415	1,504	1,703	2,013	2,802	3,224	2,556	2,782	3,725	4,246
Revenue growth%	—	13.38	25.47	6.25	13.27	18.22	39.15	15.08	-20.73	8.85	33.92	—
Operating incomeKRW 100M	360	393	492	512	641	779	1,171	1,366	1,144	1,242	1,770	2,094
Operating income growth%	—	9.18	25.03	4.15	25.29	21.42	50.36	16.68	-16.29	8.59	42.51	—
Net incomeKRW 100M	326	354	404	486	528	554	1,038	1,144	1,109	1,133	1,520	1,878
Net income growth%	—	8.47	14.03	20.51	8.53	4.90	87.45	10.17	-3.01	2.12	34.15	—
Attributable to owners	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
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%	36.20	34.86	34.74	34.05	37.66	38.68	41.80	42.38	44.75	44.65	47.51	49.33
Net margin%	32.80	31.38	28.52	32.35	31.00	27.51	37.05	35.47	43.40	40.72	40.79	44.24
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	17.33	16.33	16.38	17.21	16.21	15.32	22.26	21.52	19.03	17.23	19.19	21.92
Debt ratio%	5.72	7.86	8.13	7.52	8.51	7.17	11.65	7.77	4.63	5.59	8.30	10.31
Current ratio%	1,123.58	990.07	943.02	1,051.30	980.36	1,175.67	729.99	1,036.26	1,611.25	1,468.24	972.07	765.15
Quick ratio%	1,074.41	950.05	898.45	1,001.03	932.01	1,119.34	704.77	1,000.23	1,549.58	1,425.91	943.75	737.34
Reserve ratio%	2,303.21	2,602.00	2,956.60	3,397.27	3,869.61	4,357.24	5,411.70	6,402.10	7,240.43	8,100.60	9,525.44	10,123.05
Free cash flowKRW 100M	—	—	275	404	298	781	855	903	419	985	1,195	—
FCF margin%	—	—	19.45	26.84	17.53	38.77	30.51	28.02	16.39	35.40	32.08	—
OCF conversion%	89.76	117.44	86.93	118.52	85.92	180.22	125.79	94.95	99.52	97.20	118.10	—
Capex to revenue%	—	—	5.34	11.51	9.11	10.80	16.10	5.66	26.80	4.18	16.09	—
Inventory daysdays	—	29.1	30.1	35.8	39.0	38.1	29.3	26.9	39.2	35.5	29.2	—
EPSKRW	2,160	2,343	2,672	3,219	3,485	3,648	6,839	7,534	7,308	7,463	2,002	—
PERx	—	18.50	21.52	14.62	18.45	37.01	29.00	20.64	27.71	25.67	30.12	—
BPS	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
PBR	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Dividend per shareKRW	800	900	1,000	1,100	1,200	1,500	2,500	3,000	3,000	3,000	800	—
Payout ratio%	37.04	38.41	37.43	34.17	34.43	41.12	36.56	39.82	41.05	40.20	39.96	—

Separate 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
	1,883	2,167	2,465	2,826	3,257	3,615	4,664	5,315	5,829	6,574	7,919
	1,051	1,377	1,683	1,973	2,255	2,577	3,357	3,770	3,724	4,495	5,326
Cash and cash equivalentsKRW 100M	219	502	600	442	319	994	772	304	342	548	852
InventoriesKRW 100M	46	56	80	94	111	123	116	131	143	130	155
Trade and other receivablesKRW 100M	Not applicable	Not applicable	246	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	832	790	782	853	1,002	1,038	1,306	1,545	2,105	2,079	2,593
Property, plant and equipmentKRW 100M	637	686	686	772	846	963	1,244	1,285	1,831	1,814	2,280
Intangible assetsKRW 100M	15	16	17	17	17	21	20	18	20	20	19
	102	158	185	198	255	242	487	383	258	348	607
	94	139	178	188	230	219	460	364	231	306	548
Trade and other payablesKRW 100M	Not applicable	Not applicable	83	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Current lease liabilitiesKRW 100M	—	—	—	—	—	1	1	1	1	1	1
	8	19	7	10	25	23	27	19	27	42	59
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	1	1	1	1	1	0
	1,781	2,009	2,279	2,628	3,002	3,373	4,177	4,932	5,571	6,226	7,312
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Issued capitalKRW 100M	76	76	76	76	76	76	76	76	76	76	76
Capital surplusKRW 100M	46	46	46	50	56	56	56	56	56	56	56
Retained earningsKRW 100M	1,709	1,937	2,207	2,539	2,893	3,265	4,068	4,823	5,462	6,118	7,203
Other equityKRW 100M	-4	-4*	-50	—	—	—	—	—	—	—	—
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

매출채권As filed	142	170	—	271	424	291	354	393	298	511	529
기타유동금융자산As filed	638	626	755	—	—	—	—	—	—	—	—
기타채권As filed	4	2	2	5	42	33	54	68	33	35	70
기타금융자산As filed	—	—	—	1,153	1,356	1,122	2,058	2,868	2,892	3,250	3,700
기타자산As filed	2	2	—	8	4	13	4	6	16	22	20
당기법인세자산As filed	—	19	—	—	—	—	—	—	—	—	—
기타유동자산As filed	—	—	2	—	—	—	—	—	—	—	—
기타비유동금융자산As filed	165	86	74	—	—	—	—	—	—	—	—
이연법인세자산As filed	10	—	—	—	4	9	13	13	9	16	22
순확정급여자산As filed	—	—	2	—	—	—	—	16	10	0	38
비유동채권As filed	4	—	—	—	—	—	—	—	—	—	—
매입채무As filed	17	24	—	31	46	46	47	47	26	46	57
기타채무As filed	28	32	—	39	59	53	59	62	65	68	74
당기법인세부채As filed	46	67	71	96	119	108	278	247	132	183	294
기타유동부채As filed	—	—	25	—	—	—	—	—	—	—	—
기타부채As filed	3	17	—	22	4	11	75	7	7	8	123
순확정급여부채As filed	8	10	—	7	14	9	10	—	—	2	0
이연법인세부채As filed	—	8	7	3	—	—	—	—	—	—	—
기타자본조정As filed	—	—	-50	—	—	—	—	—	—	—	—
자본조정As filed	-50	-50	—	-37	-24	-24	-24	-24	-24	-24	-24
자본과부채총계As filed	1,883	2,167	2,465	2,826	—	—	—	—	—	—	—
부채와자본총계As filed	—	—	—	—	3,257	3,615	4,664	5,315	5,829	6,574	7,919
리스부채As filed	—	—	—	—	1	—	—	—	—	—	—
기타장기종업원급여As filed	—	—	—	—	10	—	—	—	—	—	—
기타장기종업원급여부채As filed	—	—	—	—	—	13	15	18	26	39	59
납입자본As filed	76	76	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	995	1,128	1,415	1,504	1,703	2,013	2,802	3,224	2,556	2,782	3,725
Cost of salesKRW 100M	539	638	819	887*	962	1,126	1,489	1,678	1,272	1,400	1,781
Gross profitKRW 100M	456	490	596	617*	742	888	1,312	1,546	1,283	1,382	1,944
SG&A expensesKRW 100M	96	97	105	105	100	109	141	180	140	140	174
	360	393	492	512*	641	779	1,171	1,366	1,144	1,242	1,770
Finance incomeKRW 100M	46	66*	24	18	28	Not applicable	Not applicable	Not applicable	Not applicable	110	96
Finance costsKRW 100M	Not applicable	Not applicable	9	0	0	Not applicable	Not applicable	Not applicable	Not applicable	0	0
Other incomeKRW 100M	Not applicable	Not applicable	77	121*	58	Not applicable	Not applicable	Not applicable	Not applicable	137	143
Other expensesKRW 100M	Not applicable	Not applicable	64	20	17	Not applicable	Not applicable	Not applicable	Not applicable	23	51
	407	459	519	631	710	736	1,389	1,541	1,422	1,465	1,959
Income tax expenseKRW 100M	80	105	115	145	182	182	351	397	313	333	439
	326	354	404	486	528	554	1,038	1,144	1,109	1,133	1,520
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
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	2,160	2,343	2,672	3,219	3,485	3,648	6,839	7,534	7,308	7,463*	2,002
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	7,308	7,463*	2,002
	326	349	406	483	521	554	1,031	1,134	1,094	1,111	1,541
Other comprehensive incomeKRW 100M	0	-5	3	-3	-7	-0	-7	-9	-15	-22	22

영업외손익As filed	—	—	—	—	—	-43	218	174	279	223	—
영업외이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	189
금융비용As filed	-9	-0	—	—	—	0	0	0	0	—	—
금융수익As filed	16	13	—	—	—	20	18	57	112	—	—
기타수익As filed	46	73	—	—	—	46	223	188	205	—	—
기타비용As filed	-7	-19	—	—	—	110	23	70	38	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-5	-5	—	—	—	—	—	—	—	—	—
확정급여제도의 보험수리적손익의 세후기타포괄손익As filed	-5	-5	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 포괄손익As filed	—	—	—	-3	-7	—	—	—	—	-22	22
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	3	—	—	—	—	—	—	—	—
종업원급여 재측정요소As filed	—	—	—	-3	-7	—	—	—	-15	-22	22
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	3	—	—	—	—	—	—	—	—
종업원급여재측정요소As filed	—	—	—	—	—	-0	-7	-9	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	5	—	—	—	—	—	—	—	—	—	—
매도가능금융자산As filed	5	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 세후재측정이익(손실)As filed	5	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	326	354	404	486	528	554	1,038	1,144	1,109	1,133	1,520
Total adjustments to operating cash flowcomputed	-33	62	-53	90	-74	444	268	-58	-5	-32	275
	293	416	351	577	454	998	1,306	1,086	1,104	1,101	1,795
Interest receivedKRW 100M	14	11	10	16	26	24	15	51	107	113	96
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	0	0	0	0	0	0	0
DepreciationKRW 100M	56	—	—	—	—	—	—	—	—	—	—
AmortisationKRW 100M	1	—	—	—	—	—	—	—	—	—	—
Income taxes paidKRW 100M	80	83	96	124	165	197	182	427	420	281	339
	-191	-26	-100	-584	-407	-77	-1,317	-1,173	-610	-468	-1,039
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	76	173	155	217	451	182	685	116	600
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	0	1	0	0	106	3	0	0	2
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	4	2	3	7	2	1	5	4	3
	-108	-121	-136	-151	-168	-183	-229	-381	-456	-456	-456
Dividends paidKRW 100M	106	121	136	151	167	182	228	379	455	455	455
Acquisition of treasury sharesKRW 100M	2	—	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	218	219	502	600	442	319	994	772	304	342	548
	219	502	600	442	319	994	772	304	342	548	852
Effect of exchange rate changesKRW 100M	7	13	-16	1	-2	-62	18	-1	1	29	5
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	326	—	—	—	—	—	—	—	—	—	—
영업으로부터 창출된 현금As filed	—	—	—	685	—	—	—	—	—	—	—
영업으로부터 창출된 현금흐름As filed	—	—	436	—	593	1,171	1,474	1,462	1,417	—	—
금융리스부채의 지급As filed	—	—	—	—	—	—	—	—	1	1	—
당기순이익조정을 위한 가감As filed	32	—	—	—	—	—	—	—	—	—	—
금융자산(유동)의 처분As filed	—	—	826	1,150	2,117	2,749	2,604	6,450	11,306	11,982	12,877
재무활동으로 분류된 리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	—	1
기타채권(유동)의 감소As filed	—	—	4	3	3	3	5	6	5	9	8
기타채권(비유동)의 감소As filed	—	—	0	—	1	—	0	—	0	0	0
퇴직급여As filed	12	—	—	—	—	—	—	—	—	—	—
금융자산(비유동)의 처분As filed	—	—	54	—	1	—	1	—	454	401	453
외화환산손실As filed	0	—	—	—	—	—	—	—	—	—	—
당기손익인식금융자산평가손실As filed	3	—	—	—	—	—	—	—	—	—	—
유형자산 관련 기타채무의 증가As filed	—	—	2	0	14	1	1	0	0	1	0
금융자산(유동)의 취득As filed	—	—	-886	1,527	2,367	2,560	3,559	193	11,304	12,291	13,327
기타채권(비유동)의 증가As filed	—	—	-0	—	—	0	0	—	0	0	0
기타채권(유동)의 증가As filed	—	—	-4	3	3	3	5	6	5	9	8
매도가능금융자산처분손실As filed	6	—	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	487	—	—	—	—	—	—	—	1,269	2,038
금융자산(비유동)의 취득As filed	—	—	-16	31	16	27	16	7,248	376	440	440
금융기관 예치금의 감소As filed	1,151	1,100	—	—	—	—	—	—	—	—	—
단기대여금의 감소As filed	3	3	—	—	—	—	—	—	—	—	—
대손상각비As filed	0	—	—	—	—	—	—	—	—	—	—
유형자산 관련 기타채무의 감소As filed	—	—	-0	-2	-0	14	1	1	0	0	1
매출채권처분손실As filed	0	—	—	—	—	—	—	—	—	—	—
보증금의 감소As filed	1	2	—	—	—	—	—	—	—	—	—
차량운반구의 처분As filed	0	0	—	—	—	—	—	—	—	—	—
경상개발비As filed	5	—	—	—	—	—	—	—	—	—	—
사무용비품의 처분As filed	0	0	—	—	—	—	—	—	—	—	—
미지급금의 증가As filed	1	0	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	-5	269	115	-159	-121	—	—	—	—	—	—
금융기관 예치금의 증가As filed	1,274	1,004	—	—	—	—	—	—	—	—	—
재고자산폐기손실As filed	0	—	—	—	—	—	—	—	—	—	—
단기대여금의 증가As filed	3	3	—	—	—	—	—	—	—	—	—
배당금수취As filed	—	—	—	—	0	—	—	—	—	—	—
매도가능금융자산의 취득As filed	37	4	—	—	—	—	—	—	—	—	—
법인세비용As filed	80	—	—	—	—	—	—	—	—	—	—
건물의 취득As filed	10	21	—	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	1	1	1	1	—	—	—
연구개발시설의 취득As filed	-1	-1	—	—	—	—	—	—	—	—	—
이자수익As filed	15	—	—	—	—	—	—	—	—	—	—
기계장치의 취득As filed	59	90	—	—	—	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	738	-240	-467	37	177	300
외화환산이익As filed	8	—	—	—	—	—	—	—	—	—	—
차량운반구의 취득As filed	2	0	—	—	—	—	—	—	—	—	—
공구와기구의 취득As filed	1	1	—	—	—	—	—	—	—	—	—
사무용비품의 취득As filed	1	2	—	—	—	—	—	—	—	—	—
시설장치의 취득As filed	-1	-0	—	—	—	—	—	—	—	—	—
유형자산처분이익As filed	0	—	—	—	—	—	—	—	—	—	—
컴퓨터소프트웨어의 취득As filed	3	2	—	—	—	—	—	—	—	—	—
산업재산권의 취득As filed	—	0	—	—	—	—	—	—	—	—	—
매도가능금융자산처분이익As filed	-0	—	—	—	—	—	—	—	—	—	—
미지급금의 감소As filed	-0	-1	—	—	—	—	—	—	—	—	—
당기손익인식금융자산평가이익As filed	-1	—	—	—	—	—	—	—	—	—	—
당기손익인식금융자산처분이익As filed	-0	—	—	—	—	—	—	—	—	—	—
매출채권의 감소(증가)As filed	17	—	—	—	—	—	—	—	—	—	—
선급금의 감소(증가)As filed	-1	—	—	—	—	—	—	—	—	—	—
선급비용의 감소(증가)As filed	-0	—	—	—	—	—	—	—	—	—	—
미수금의 감소(증가)As filed	-1	—	—	—	—	—	—	—	—	—	—
재고자산의 감소(증가)As filed	-1	—	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 증가As filed	-99	—	—	—	—	—	—	—	—	—	—
매입채무의 증가(감소)As filed	-3	—	—	—	—	—	—	—	—	—	—
선수금의 증가(감소)As filed	0	—	—	—	—	—	—	—	—	—	—
예수금의 증가(감소)As filed	0	—	—	—	—	—	—	—	—	—	—
미지급비용의 증가(감소)As filed	2	—	—	—	—	—	—	—	—	—	—
미지급금의 증가(감소)As filed	-2	—	—	—	—	—	—	—	—	—	—
사외적립자산의공정가치의 증가(감소)As filed	-19	—	—	—	—	—	—	—	—	—	—
퇴직금의 지급As filed	1	—	—	—	—	—	—	—	—	—	—
만기보유금융자산의 처분As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	106	—	—	—	—	—	—	—	—	—	—
공구와 기구의 처분As filed	0	—	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	2	—	—	—	—	—	—	—	—	—	—
만기보유금융자산의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
토지의 취득As filed	12	—	—	—	—	—	—	—	—	—	—
건설중인자산의 취득As filed	45	—	—	—	—	—	—	—	—	—	—

In the latest fiscal year cash generated by operations covered both investing outflows and financing 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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 30	성현회계법인	2025-12-31
2024	적정의견Term 29	성현회계법인	2025-12-31
2023	적정의견Term 28	성현회계법인	2025-12-31
2022	적정Term 27	신우회계법인	2022-12-31
2021	적정Term 26	신우회계법인	2022-12-31
2020	적정Term 25	신우회계법인	2022-12-31
2019	적정Term 24	성도이현회계법인	2019-12-31
2018	적정Term 23	성도회계법인	2019-12-31
2017	적정Term 22	성도회계법인	2019-12-31
2016	적정Term 21	성도회계법인	2016-12-31
2015	적정Term 20	성도회계법인	2016-12-31
2014	적정Term 19	성도회계법인	2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y0.78

Equity risk premium%

Terminal growth%

Cost of equity8.31%

Weighted average cost of capital—

Initial growth2.0%

Effective tax rate22.4%

Base fiscal year2025

Current priceKRW87,900

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	12,934	-85.3%
Dividend discount model DDM	12,934	-85.3%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	25,353	-71.2%
Residual income model RIM	No 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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.78 × 5.00% = 8.31%

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 = g_T = 2.00%

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 800 × (1 + 2.00%) / (8.31% − 2.00%) = 816 / 0.0631 = 12,934 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 = 800, g_1 = 2.00%, g_T = 2.00%, r = 8.31%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	816	0.9233	753
2	2.00%	832	0.8525	710
3	2.00%	849	0.7871	668
4	2.00%	866	0.7267	629
5	2.00%	883	0.6709	593
Terminal value	2.00%	14,280	0.6709	9,581
Total				12,934

P_0 = 12,934 KRW

Discounted cash flow FCFE

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

Base-year cash flow FCFE

FCFE_0 = 1,794.7 − 599.5 + 0.0 (net borrowing) = 1,195.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	1,219.0	0.9233	1,125.5
2	2.00%	1,243.4	0.8525	1,060.0
3	2.00%	1,268.3	0.7871	998.2
4	2.00%	1,293.7	0.7267	940.1
5	2.00%	1,319.5	0.6709	885.3
Terminal value	2.00%	21,333.3	0.6709	14,313.1
Total				19,322.2

P_0 = 19,322.2 KRW hundred million ÷ 76,211,850 (shares) = 25,353 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