064760KOSDAQ

Tokai Carbon Korea

285,000

-11,500 (-3.88%)

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

Tokai Carbon Korea. was established in 1996 and is headquartered in Anseong, Gyeonggi-do. The company is listed on the KOSDAQ market.

The company manufactures components for semiconductors, solar cells, and LEDs. Its main products include high-purity graphite for grower equipment, SiC rings, and SiC wafers. It supplies these components to semiconductor manufacturers and producers of solar ingots and LED chips.

Business overview as filed

가. 산업의 개요반도체 산업은 '산업의 쌀'로 표현되는 반도체칩을 제조하는 산업으로 반도체 제조업(소자산업)과 반도체 주변산업(후방산업)으로 크게 구분됩니다.이 중 반도체 주변산업(후방산업)은 소자생산을 위한 반도체 장비산업(기계, 기구, 전자장비), 반도체 주변장치산업(클린룸 등) 및 소자생산용 소재를 공급하는 반도체 재료산업으로 구분됩니다.이러한 반도체 산업의 분류방법에서 당사와 연관되어 있는 반도체 공정용 부분품에 대한 개념은 아직 명확히 구분되지 않습니다만, 일반적으로 반도체 소자를 생산하는 과정에서 소요되는 공정용 소모품으로 반도체 재료산업에 포함된 개념으로 설명되고 있습니다.당사에서 생산하는 제품은 반도체 및 실리콘 웨이퍼의 제조공정에 사용되는 장비의 부분품과 LED 및 반도체 소자 제조 공정 장비용 부분품으로 사용되고 있습니다.주요 제품은 Growing 장비용 Graphite 부품, 반도체 Device업체 장비용 Solid SiC Wafer와 Ring, 반도체 ALD 장비용 Susceptor류와 LED Chip 생산용 Wafer Carrier 등을 제조 및 판매 하고 있으며, 주요 매출처는 반도체 제조 및 태양광용 잉곳, LED용 칩, 반도체 생산업체입니다.2025년 매출액 중에 Solid SiC Wafer, Ring 등이 포함된 Solid SiC부문이 약 85%를 차지하고 있으며, Growing 장비용 Graphite 부품이 포함된 Graphite부문이 약 11%를 차지하고 있으며, 이외에 Susceptor부문 및 기타부문이 약 4%를 차지하고 있습니다.나. 경기변동의 특성 및 계절성반도체 산업은 고정비 부담이 높고, 투자와 양산의 시차가 존재함으로써 가격변화에 대응하여 생산량을 탄력적으로 대응할 수 없는 이유로 가격 불안정성의 특성을 지니고 있습니다.그러나 반도체 재료산업은 장비산업과 비교하여 반도체 경기변화에 상대적으로 덜 민감합니다. 그 이유는 장비산업은 소자산업의 시설투자와 직접적인 관련이 있지만, 재료산업은 소모성 중심의 구조로 이루어져 있기 때문입니다.다. 시장여건 및 경쟁현황1996년 당사 설립 이전에는 반도체용 고순도 흑연제품은 100% 수입하여 사용하였으나, 높은 가격, 제품 조달의 문제 등으로 국내 생산업체의 필요성이 대두되어, 일본의 TOKAI CARBON CO.,LTD.와 대한민국의 (주)케이씨, 슝크카본테크놀로지(유)의 합작계약에 의거 당사가 설립되었습니다. 설립 이후 최근까지 반도체시장의 꾸준한 확대로 고순도 흑연제품의 판매를 이어가고 있습니다. 아울러, 최근 반도체 시장의 미세화 공정 진전으로, SiC Coating 기술이 경쟁력으로 부각되고 있는 상황입니다.라. 조직도(2025년 12월 31일 기준)

조직도.jpg 조직도

Company overview

가. 연결대상 종속회사 개황- 해당사항 없음.- 연결대상 종속회사 현황(요약)

- 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭당사는 한국어로 [주식회사 티씨케이], 일본어로 [韓國東海カ-ボン株式會社], 영어로 [TOKAI CARBON KOREA CO., LTD. 약호는 'TCK']라고 표기합니다.다. 설립일자 및 존속기간당사는 1996년 08월 07일자로 고순도 흑연제품의 제조, 수입 및 판매를 목적으로 '한국 도카이카본(주)'로 설립되어 인조흑연 및 기타 탄소제품의 제조 및 수입업과 무역대리업을 영위하고 있습니다.당사는 경기도 안성시에 본점, 공장 및 기업부설연구소를 가지고 있으며, 2003년 08월에 한국거래소가 개설한 KRX 코스닥시장에 주식을 상장하였습니다.라. 본사의 주소, 전화번호, 홈페이지 주소- 주 소 : 경기도 안성시 미양면 개정산업단지로 71- 전화번호 : 031-677-0277- 홈페이지 : http://www.tck.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용당사는 반도체, 태양전지 및 LED용 부품전문 제조회사로 국내 최초로 가공공정, 고순화공정, CVD SiC-Coating공정의 일괄생산체제로 제조되고 있는 반도체 및 태양전지 Grower장비부품인 고순도 Graphite와 국내 유일하게 국산화에 성공한 LED Chip 생산용 Susceptor, 반도체 장비용 SiC-Ring, SiC-Wafer 등을 제조ㆍ판매하고 있습니다. 사. 신용평가에 관한 사항- 평가일 : 2025년 09월 18일- 신용평가전문기관명 : (주)이크레더블- 신용등급 : A+ (총 23개의 등급 중 상위 다섯번째의 등급으로 누적분포도 0.5%)- 부여된 신용등급의 정의 : 채무이행 능력이 우량하나, 상위등급에 비해 경기침체 및 환경변화의 영향을 받기 쉬움.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.10), 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

6.88%

[4.86%, 9.79%] · As of 2026-10-01

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 60.3% (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

1.03

Beta [0.86, 1.20] · KOSDAQ150 · As of 2026-10-07

Intercept: +0.277%[-0.112%, +0.667%]
R squared: 0.46
Observations: 252
Trading-time corrected beta: 1.03[0.81, 1.24]

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	619	894	1,303	1,705	1,714	2,282	2,708	3,196	2,267	2,757	3,013	3,406
Revenue growth%	—	44.43	45.68	30.86	0.50	33.16	18.65	18.02	-29.07	21.65	9.29	—
Operating incomeKRW 100M	161	274	477	591	592	803	1,034	1,270	667	807	839	963
Operating income growth%	—	70.48	74.01	23.77	0.16	35.65	28.82	22.85	-47.49	21.06	3.89	—
Net incomeKRW 100M	132	227	373	469	468	605	819	941	612	720	699	832
Net income growth%	—	72.72	64.02	25.62	-0.06	29.22	35.33	14.86	-34.89	17.55	-2.90	—
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%	25.98	30.67	36.63	34.64	34.53	35.17	38.19	39.75	29.43	29.29	27.84	28.28
Net margin%	21.26	25.42	28.62	27.48	27.33	26.52	30.24	29.43	27.02	26.11	23.20	24.42
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%	12.73	17.29	22.10	21.88	18.67	19.61	21.01	19.57	12.36	12.78	12.32	13.75
Debt ratio%	9.95	15.39	16.05	16.29	13.79	14.09	14.78	15.27	8.12	9.16	9.30	9.70
Current ratio%	656.03	386.50	442.07	488.83	520.76	537.78	563.74	551.34	950.84	910.28	926.48	915.89
Quick ratio%	548.78	307.44	361.79	401.29	404.19	455.60	491.64	470.78	763.48	755.89	736.67	740.71
Reserve ratio%	—	—	2,387.67	3,050.36	3,672.59	4,529.23	5,712.06	7,037.31	7,746.47	8,739.77	8,798.72	9,360.20
Free cash flowKRW 100M	116	2	276	285	20	433	651	—	684	820	496	—
FCF margin%	18.71	0.27	21.21	16.72	1.19	18.96	24.03	—	30.18	29.73	16.47	—
OCF conversion%	176.16	109.32	106.25	84.54	77.34	108.87	96.04	92.83	34.26	103.37	77.41	—
Capex to revenue%	18.74	27.52	9.21	6.52	19.95	9.91	5.01	—	-20.93	-2.74	1.49	—
Receivable daysdays	—	36.2	—	—	45.4	39.4	42.0	—	—	—	—	—
Inventory daysdays	—	82.1	84.4	90.0	114.1	91.6	81.4	92.3	157.2	143.3	146.7	—
Payable daysdays	—	21.1	21.0	19.9	25.8	15.8	11.4	—	—	—	—	—
Cash conversion cycledays	—	97.2	—	—	133.8	115.2	112.0	—	—	—	—	—
EPSKRW	1,128	1,948	3,195	4,013	4,011	5,183	7,014	8,056	5,246	6,167	6,138	—
PERx	—	16.61	24.10	10.07	16.43	24.18	21.17	11.74	21.22	11.50	23.17	—
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	240	500	700	900	900	1,100	1,430	1,700	1,200	1,410	1,430	—
Payout ratio%	21.28	25.67	21.91	22.43	22.44	21.22	20.39	21.10	22.87	22.86	23.30	—

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
	1,034	1,315	1,688	2,141	2,509	3,086	3,897	4,805	4,955	5,635	5,676
	571	666	1,009	1,440	1,550	1,980	2,749	3,432	3,345	4,058	4,156
Cash and cash equivalentsKRW 100M	90	55	248	365	277	391	537	447	318	339	Not applicable
InventoriesKRW 100M	93	136	183	258	347	303	352	501	659	688	851
Trade and other receivablesKRW 100M	73	104	Not applicable	210	216	277	347	Not applicable	Not applicable	Not applicable	Not applicable
	463	649	679	701	958	1,106	1,148	1,373	1,610	1,578	1,520
Property, plant and equipmentKRW 100M	451	638	666	678	933	1,066	1,084	1,289	1,572	1,500	1,415
Intangible assetsKRW 100M	7	6	6	15	16	18	19	18	22	24	22
	94	175	233	300	304	381	502	637	372	473	483
	87	172	228	295	298	368	488	623	352	446	449
Trade and other payablesKRW 100M	20	39	41	57	80	32	59	Not applicable	Not applicable	Not applicable	Not applicable
Current lease liabilitiesKRW 100M	—	—	—	—	2	1	3	2	3	3	5
	7	3	5	5	6	13	14	14	21	27	35
Non-current lease liabilitiesKRW 100M	—	—	—	—	2	2	3	2	4	3	4
	940	1,140	1,455	1,841	2,205	2,705	3,395	4,169	4,583	5,163	5,193
	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	Not applicable	Not applicable	58	58	58	58	58	58	58	58	58
Capital surplusKRW 100M	60	60	60	60	60	60	60	60	60	60	60
Retained earningsKRW 100M	819	1,019	1,333	1,720	2,084	2,584	3,274	4,048	4,462	5,041	5,076
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	—	—	-4
Other equityKRW 100M	2	2	2	2	2	2	2	2	2	2	2
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

현금성자산As filed	—	—	—	—	—	—	—	—	—	—	418
2. 파생금융자산As filed	—	—	—	—	—	—	—	—	3	1	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	20	0	0	—	—	—	—
당기손익인식금융자산As filed	0	0	1	—	—	—	—	—	—	—	—
파생금융상품As filed	—	—	—	0	0	2	0	—	—	—	—
2. 파생금융상품As filed	—	—	—	—	—	—	—	9	—	—	—
3. 매출채권As filed	—	—	—	—	—	—	—	380	406	476	—
만기보유금융자산As filed	0	0	—	—	—	—	—	—	—	—	—
파생금융자산As filed	—	—	—	—	—	—	—	—	—	—	3
기타유동금융자산As filed	311	356	437	593	682	1,004	1,506	—	—	—	2,414
매출채권As filed	—	—	137	—	—	—	—	—	—	—	458
기타유동자산As filed	2	14	3	13	8	4	7	—	—	—	11
5. 기타유동자산As filed	—	—	—	—	—	—	—	20	6	10	—
매각예정비유동자산As filed	0	0	—	0	0	0	0	—	—	—	—
기타비유동금융자산As filed	6	5	8	8	6	20	13	—	—	—	21
4. 기타유동금융자산As filed	—	—	—	—	—	—	—	2,076	1,953	2,544	—
1. 기타비유동금융자산As filed	—	—	—	—	—	—	—	35	8	41	—
4. 이연법인세자산As filed	—	—	—	—	—	—	—	27	1	4	—
이연법인세자산As filed	—	—	—	—	—	—	26	—	—	—	8
사용권자산As filed	—	—	—	—	4	3	6	—	—	—	9
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	—	—	—	44
당기손익인식금융부채As filed	0	2	1	—	—	—	—	—	—	—	—
5. 사용권자산As filed	—	—	—	—	—	—	—	4	7	8	—
기타유동금융부채As filed	46	82	98	131	129	195	244	—	—	—	197
기타유동부채As filed	5	4	2	11	4	6	6	—	—	—	11
당기법인세부채As filed	13	42	82	90	77	126	163	—	—	—	105
1. 파생금융부채As filed	—	—	—	—	—	—	—	0	0	8	—
유동충당부채As filed	4	4	5	5	6	7	12	—	—	—	15
2. 매입채무As filed	—	—	—	—	—	—	—	94	61	97	—
자본과부채총계As filed	1,034	1,315	1,688	2,141	2,509	3,086	3,897	4,805	4,955	5,635	5,676
3. 기타유동금융부채As filed	—	—	—	—	—	—	—	301	160	171	—
기타비유동금융부채As filed	2	0	0	0	0	0	11	—	—	—	—
4. 기타유동부채As filed	—	—	—	—	—	—	—	8	6	10	—
이연법인세부채As filed	5	3	5	5	5	1	0	—	—	—	—
5. 당기법인세부채As filed	—	—	—	—	—	—	—	204	110	143	—
6. 유동충당부채As filed	—	—	—	—	—	—	—	13	12	13	—
자본금As filed	58	58	—	—	—	—	—	—	—	—	—
파생금융부채As filed	—	—	—	—	—	—	—	—	—	—	1
기타비유동충당부채As filed	—	—	—	—	—	10	—	—	—	—	—
1. 비유동충당부채As filed	—	—	—	—	—	—	—	12	16	24	—
3. 이연법인세부채As filed	—	—	—	—	—	—	—	0	—	—	—
매입채무As filed	—	—	—	—	—	—	—	—	—	—	115
비유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	31

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	619	894	1,303	1,705	1,714	2,282	2,708	3,196	2,267	2,757	3,013
Cost of salesKRW 100M	374	510	691	894	967	1,293	1,466	1,687	1,347	1,716	1,916
Gross profitKRW 100M	245	384	612	811	747	989	1,241	1,509	919	1,041	1,098
SG&A expensesKRW 100M	84	110	135	220	155*	187	207	238	252	233*	259
	161	274	477	591	592	803	1,034	1,270	667	807	839
Finance incomeKRW 100M	6	7	8	13	16	14	16	47	89	93	83
Finance costsKRW 100M	0	0	0	Not applicable	0	0	0	0	0	0	0
Other incomeKRW 100M	8	15	12	17	19	22	32	86	41	61	54
Other expensesKRW 100M	22	17	16	16	21	37	18	123	45	54	62
	153	280	481	606	605	802	1,063	1,279	753	907	914
Income tax expenseKRW 100M	22	53	108	137	137	197	244	339	140	187	215
	132	227	373	469	468	605	819	941	612	720	699
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	1,128	1,948	3,195	4,013	4,011	5,183	7,014	8,056	5,246	6,167	6,138
Diluted earnings per shareKRW	1,128	1,948	3,195	4,013	4,011	5,183	7,014	8,056	5,246	6,167	6,138
	132	227	373	469	468	605	819	941	612	720	695
Other comprehensive incomeKRW 100M	0	0	0	Not applicable	0	0	0	0	0	0	-4

대손상각비As filed	—	—	—	—	—	—	—	0	1	1	—
대손상각비(환입)As filed	—	—	—	—	—	-0	-0	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	—	—	—	—	—	—	—	—	—	—	-4
기타포괄손익-공정가치로 측정되는 금융자산의 세후차손익As filed	—	—	—	—	—	—	—	—	—	—	-4

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	132	227	373	469	468	605	819	941	612	720	699
Total adjustments to operating cash flowcomputed	100	21	23	-72	-106	54	-32	-67	-403	24	-158
	232	249	396	396	362	659	787	873	210	744	541
Interest receivedKRW 100M	5	6	7	12	15	14*	14	30	90	87	87
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	0	0	0	0
Income taxes paidKRW 100M	34	26	65	129	150	152	235	293	194	158	256
	-210	-285	-204	-278	-447	-537	-637	-960	-336	-720	44
Purchase of property, plant and equipmentKRW 100M	116	246	120	111	342	226	136	Not applicable	-474	-76	45
Proceeds from sale of property, plant and equipmentKRW 100M	2	1	0	1	5	0	0	Not applicable	0	1	0
Purchase of intangible assetsKRW 100M	0	0	2	11	4	2	6	Not applicable	-5	-4	Not applicable
	0	1	1	-1	-2	-3	-3	-3	-3	-3	-505
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	—	500
Cash at beginning of periodKRW 100M	68	90	55	248	365	277	391	537	447	318	339
	Not applicable	Not applicable	248	365	277	391	537	447	318	339	418
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-1	0	-1	-5	0	-0	0	0	-0
Net change in cash and cash equivalentsKRW 100M	22	-35	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	80

1. 영업으로부터 창출된 현금As filed	—	—	—	—	—	—	—	1,303	512	956	—
영업으로부터 창출된 현금흐름As filed	274	296	—	—	—	—	—	—	—	—	875
영업활동으로인한자산ㆍ부채의변동As filed	—	—	513	595	603	902	1,136	—	—	—	—
(1) 당기순이익As filed	—	—	—	—	—	—	—	941	—	—	—
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	—	0
1. 재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	0	—	0	—
배당금수취(영업)As filed	—	—	0	—	—	0	—	—	—	—	—
배당금지급(영업)As filed	—	—	58	82	105	105	128	—	—	—	—
(2) 조정As filed	—	—	—	—	—	—	—	538	265	344	—
2. 재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	-3	-3	-3	—
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	—	505
(1) 리스부채의 상환As filed	—	—	—	—	—	—	—	-3	-3	-3	—
단기금융상품의 취득As filed	340	360	-340	670	680	991	1,480	—	—	—	2,860
리스부채의 상환As filed	—	—	—	—	—	—	—	—	—	—	5
(3) 영업활동으로 인한 자산ㆍ부채의 변동As filed	—	—	—	—	—	—	—	-176	-366	-108	—
1. 투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	1,508	2,071	1,915	—
단기금융상품의 처분As filed	193	320	-420	520	570	680	990	—	—	—	3,013
배당금수취As filed	0	0	—	—	—	—	—	—	—	—	—
(7) 파생상품자산의 감소As filed	—	—	—	—	—	—	—	16	18	—	—
대여금의 감소As filed	—	—	2	2	3	2	2	—	—	—	—
배당금지급As filed	14	28	—	—	—	—	—	—	—	—	165
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	—	3,042
(4) 임차보증금의 감소As filed	—	—	—	—	—	—	—	8	9	0	—
(6) 파생상품자산의 감소As filed	—	—	—	—	—	—	—	—	—	8	—
4. 배당금지급As filed	—	—	—	—	—	—	—	167	198	140	—
금융상품의 취득As filed	—	—	10	-0	—	0	—	—	—	—	—
임차보증금의 감소As filed	—	—	0	0	4	11	4	—	—	—	2
(3) 장기대여금의 감소As filed	—	—	—	—	—	—	—	0	0	0	—
매각예정비유동자산의 처분As filed	—	—	—	—	0	0	0	—	—	—	—
유동당기손익인식금융자산의 처분As filed	—	0	—	—	—	—	—	—	—	—	—
장기금융상품의 처분As filed	3	-0	—	—	—	—	—	—	—	—	—
장기대여금및수취채권의 처분As filed	—	—	1	0	1	1	—	—	—	—	—
(1) 단기금융상품의 처분As filed	—	—	—	—	—	—	—	1,481	2,040	1,900	—
금융상품의 처분As filed	—	—	11	—	—	—	—	—	—	—	—
단기대여금의 감소As filed	2	2	—	—	—	—	—	—	—	—	6
장기대여금및수취채권의 취득As filed	—	—	4	3	2	2	—	—	—	—	—
만기보유금융자산의 처분As filed	1	0	0	—	—	—	—	—	—	—	—
장기금융상품의 취득As filed	0	-2	—	—	—	—	—	—	—	—	50
(2) 단기대여금의 감소As filed	—	—	—	—	—	—	—	3	4	5	—
파생상품자산의 감소As filed	—	—	—	—	—	—	4	—	—	—	18
(6) 무형자산의 처분As filed	—	—	—	—	—	—	—	0	0	—	—
무형자산의 처분As filed	—	—	—	—	—	—	8	—	—	—	—
임차보증금의 증가As filed	—	—	4	4	1	16	8	—	—	—	6
(7) 국고보조금의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
국고보조금의 취득As filed	—	—	—	—	—	—	—	—	—	—	3
당기손익인식금융자산의 처분As filed	1	6	6	-3	—	—	—	—	—	—	—
장기대여금의 감As filed	—	—	—	—	—	—	0	—	—	—	—
장기대여금의 감소As filed	1	1	—	—	—	—	—	—	—	—	—
2. 투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	-2,469	-2,406	-2,635	—
장기대여금의 증As filed	—	—	—	—	—	—	3	—	—	—	—
장기대여금의 증가As filed	4	1	—	—	—	—	—	—	—	—	8
(5) 유형자산의 처분As filed	—	—	—	—	—	—	—	0	—	—	—
(6) 파생상품부채의 감소As filed	—	—	—	—	—	—	—	-44	-20	-29	—
보증금의 감소As filed	0	0	—	—	—	—	—	—	—	—	—
정부보조금의 수취As filed	1	2	1	0	0	0	0	—	—	—	—
파생상품부채의 감소As filed	—	—	—	—	-2	6	-13	—	—	—	29
(3) 임차보증금의 증가As filed	—	—	—	—	—	—	—	-23	-3	-2	—
보증금의 증가As filed	0	5	—	—	—	—	—	—	—	—	—
(2) 장기대여금의 증가As filed	—	—	—	—	—	—	—	-4	-4	-13	—
투자활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	—	2,998
(1) 단기금융상품의 취득As filed	—	—	—	—	—	—	—	-2,040	-1,900	-2,510	—
무형자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	1
당기손익인식금융부채의 감소As filed	-2	-4	-5	—	—	—	—	—	—	—	—
정부보조금의 상환As filed	1	0	—	1	0	0	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	193	117	-87	119	146	—	—	—	—
리스부채의상환As filed	—	—	—	—	-2	-2	-3	—	—	—	—
Ⅵ. 당기순이익As filed	—	—	—	—	—	—	—	—	612	720	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	48	0	—	—	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	—	-142
(4) 유형자산의 취득As filed	—	—	—	—	—	—	—	-355	—	—	—
조정As filed	—	—	—	—	—	—	—	—	—	—	319
(5) 무형자산의 취득As filed	—	—	—	—	—	—	—	-2	—	—	—
당기순이익As filed	—	—	—	—	—	—	—	—	—	—	699
IV. 현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	-129	21	—
현금 및 현금성자산에 대한 환율변동효과As filed	0	0	—	—	—	—	—	—	—	—	—
기말 현금 및 현금성자산As filed	90	55	—	—	—	—	—	—	—	—	—
(2) 정부보조금의 상환As filed	—	—	—	—	—	—	—	0	—	—	—
환율변동효과전현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	80
IV. 환율변동효과 반영전 현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	-91	—	—	—

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 2026.03.10.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견	삼일회계법인	2025-12-31
2025	적정의견	삼정회계법인	2025-12-31
2022	적정	삼정회계법인	2022-12-31
2022	적정	삼일회계법인	2022-12-31
2019	적정Term 25	삼일회계법인	2019-12-31
2018	적정Term 24	삼일회계법인	2019-12-31
2017	적정Term 23	삼일회계법인	2019-12-31
2016	적정Term 22	삼일회계법인	2016-12-31
2015	적정Term 21	삼일회계법인	2016-12-31
2014	적정Term 20	삼일회계법인	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 5Y0.85

Equity risk premium%

Terminal growth%

Cost of equity8.62%

Weighted average cost of capital—

Initial growth2.0%

Effective tax rate23.5%

Base fiscal year2025

Current priceKRW285,000

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	22,032	-92.3%
Dividend discount model DDM	22,032	-92.3%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	65,474	-77.0%
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% + 0.85 × 5.00% = 8.62%

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 = 1,430 × (1 + 2.00%) / (8.62% − 2.00%) = 1,459 / 0.0662 = 22,032 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 = 1,430, g_1 = 2.00%, g_T = 2.00%, r = 8.62%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	1,459	0.9206	1,343
2	2.00%	1,488	0.8476	1,261
3	2.00%	1,518	0.7803	1,184
4	2.00%	1,548	0.7184	1,112
5	2.00%	1,579	0.6614	1,044
Terminal value	2.00%	24,325	0.6614	16,088
Total				22,032

P_0 = 22,032 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 = 541.1 − 45.0 + 0.0 (net borrowing) = 496.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	506.1	0.9206	465.9
2	2.00%	516.2	0.8476	437.5
3	2.00%	526.5	0.7803	410.8
4	2.00%	537.0	0.7184	385.8
5	2.00%	547.8	0.6614	362.3
Terminal value	2.00%	8,439.7	0.6614	5,581.7
Total				7,644.1

P_0 = 7,644.1 KRW hundred million ÷ 11,675,000 (shares) = 65,474 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