074600KOSDAQ

Wonik QnC

32,500

+900 (+2.85%)

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

Wonik QnC was established on November 11, 2003, through a corporate split from WONIK. The company is listed on the KOSDAQ market and is categorized as a mid-sized enterprise.

The company operates five business segments including quartz, ceramics, lamps, cleaning, and quartz raw materials. It provides specialized quartz and ceramic products for semiconductor and display manufacturing through various domestic and international subsidiaries.

Business overview as filed

당사는 쿼츠, 세라믹, 램프, 세정 및 쿼츠원재료 부문의 5개 부문으로 나누어져 있습니다. 쿼츠 부문은 해외 4개(미국 1, 대만 1, 독일 1, 태국 1)의 종속기업을 포함하고 있으며, 쿼츠원재료 부문은 해외 11개(미국 2, 대만 1, 독일 2, 일본 2, 중국 2, 한국 1, 홍콩 1), 세정 및 코팅 부문은 2개(미국 1, 중국 1)의 종속기업을 포함하고 있습니다.[사업 부문별 주요제품]

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 원익큐엔씨라고 표기합니다. 또한 영문으로 WONIK QnC Corporation이라고 표기합니다. 단 약식으로 표기할 경우에는 (주)원익큐엔씨라고 표기합니다.

다. 설립일자

당사는 반도체 제조용 석영제품 및 반도체·DISPLAY 등의 세라믹 제품을 전문 생산하는 업체로 성장하기 위해 주식회사 원익으로부터 2003년 11월 11일 기업분할로 설립되었습니다. 또한, 2003년 12월 12일에 코스닥시장 재상장 되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지

주소 : 경상북도 구미시 산동읍 5공단3로 14전화번호 : 054-479-2500홈페이지 : https://www.wonikqnc.com

마. 중소기업 등 해당 여부

당사는「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법」제2조에 의한 중견기업에 해당합니다.

바. 주요 사업의 내용

사.

신용평가에 관한 사항 당사는 이크레더블로부터 신용등급 평가를 받고 있으며, 보고일 현재 당사의 신용등급은 아래와 같습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

5.41%

[3.40%, 9.04%] · 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 51.0% (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

1.02

Beta [0.87, 1.17] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.159%[-0.183%, +0.501%]
R squared: 0.57
Observations: 252
Trading-time corrected beta: 1.04[0.74, 1.34]

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	1,402	1,390	1,973	2,665	2,631	5,256	6,241	7,832	8,059	8,915	9,436	10,074
Revenue growth%	—	-0.88	41.96	35.08	-1.28	99.82	18.73	25.49	2.91	10.62	5.84	—
Operating incomeKRW 100M	203	180	296	412	274	412	868	1,151	830	906	596	792
Operating income growth%	—	-11.09	64.47	39.10	-33.61	50.70	110.45	32.71	-27.92	9.19	-34.21	—
Net incomeKRW 100M	159	442	294	412	36	155	625	582	510	615	10	383
Net income growth%	—	178.16	-33.56	40.17	-91.15	324.17	304.29	-6.82	-12.43	20.63	-98.44	—
Attributable to ownersKRW 100M	—	—	289	405	26	258	588	538	381	508	225	483
Attributable to minoritiesKRW 100M	—	—	5	7	10	-104	38	44	128	107	-215	-100
Operating margin%	14.45	12.96	15.01	15.46	10.40	7.84	13.90	14.70	10.30	10.16	6.32	7.86
Net margin%	11.34	31.83	14.90	15.46	1.39	2.94	10.01	7.44	6.33	6.90	0.10	3.81
ROE%	—	—	16.92	19.26	1.22	10.83	19.09	14.33	9.36	10.97	4.62	9.05
ROA%	9.21	19.85	11.44	11.46	0.57	2.08	7.59	4.57	3.70	4.01	0.06	2.36
Debt ratio%	53.56	40.55	41.94	62.57	123.19	145.55	116.86	171.18	170.11	169.57	170.93	161.18
Current ratio%	127.55	158.83	170.79	121.56	381.30	65.71	140.08	145.44	109.59	100.96	117.98	124.84
Quick ratio%	62.08	79.38	86.56	55.77	331.72	38.99	80.74	72.15	49.54	42.36	53.40	52.21
Reserve ratio%	1,481.47	2,140.92	1,210.27	1,518.05	1,542.01	1,731.67	2,188.09	2,627.95	2,904.08	3,250.93	3,412.45	3,680.20
Free cash flowKRW 100M	169	38	-197	-326	-150	625	479	-253	-1,005	-435	4	—
FCF margin%	12.09	2.76	-9.97	-12.22	-5.70	11.89	7.67	-3.23	-12.47	-4.88	0.05	—
OCF conversion%	127.20	27.82	63.10	63.04	952.18	640.36	167.87	110.87	156.72	129.83	8,856.29	—
Capex to revenue%	2.34	6.09	19.37	21.96	18.89	6.95	9.14	11.48	22.38	13.83	8.94	—
Receivable daysdays	—	42.0	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	114.0	96.2	91.9	98.9	64.7	80.5	93.9	120.1	126.9	124.1	—
EPSKRW	1,169	3,317	1,100	1,541	99	982	2,235	2,048	1,451	1,934	856	1,839
PERx	—	5.38	15.00	6.49	157.58	21.64	12.80	11.43	19.78	9.21	25.06	19.11
BPSKRW	—	11,297	6,503	8,003	8,103	9,070	11,705	14,286	15,504	17,636	18,524	20,322
PBRx	—	1.58	2.54	1.25	1.93	2.34	2.44	1.64	1.85	1.01	1.16	1.73
Dividend per shareKRW	—	—	—	—	—	—	150	150	57	100	130	—
Payout ratio%	—	—	—	—	—	—	6.71	7.32	3.93	5.17	15.19	—

Consolidated basis

Profit flowKRW 100M

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,726	2,228	2,569	3,595	6,410	7,431	8,236	12,743*	13,765	15,347	15,459
	555	664	828	1,041	4,022	2,239	2,457	3,519	3,679	4,059	4,330
Cash and cash equivalentsKRW 100M	110	86	186	155	125	506	681	749	585	440	606
Short-term financial instrumentsKRW 100M	—	—	5	7	11	6	—	0	—	—	—
InventoriesKRW 100M	285	332	408	563	523	910	1,041	1,773	2,016	2,356	2,370
Trade and other receivablesKRW 100M	148	172	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	821	Not applicable	Not applicable	Not applicable
	1,171	1,564	1,741	2,554	2,388	5,192	5,779	9,224*	10,086	11,288	11,129
Property, plant and equipmentKRW 100M	649	674	987	1,762	2,118	3,943	4,194	4,837	6,252	7,222	7,542
Intangible assetsKRW 100M	52	26	58	174	168	1,000	1,028	3,701*	3,157	Not applicable	Not applicable
Investments in associatesKRW 100M	426	816	632	577	—	—	—	—	—	—	—
	602	643	759	1,384	3,538	4,405	4,438	8,044*	8,669	9,654	9,753
	436	418	485	856*	1,055	3,407	1,754	2,420	3,357	4,020	3,670
Trade and other payablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	269	216	105	414	431	463	502	932	1,651	2,228	1,935
Current portion of long-term borrowingsKRW 100M	10	10	32	68	303	1,910	228	25	75	233	302
Current lease liabilitiesKRW 100M	—	—	—	—	9	14	16	17	22	28	39
	167	225	274	527*	2,483	997	2,684	5,624*	5,312	5,634	6,083
Long-term borrowingsKRW 100M	98	18	130	356	2,311	216	2,050	4,605	4,815	5,108	5,477
Non-current lease liabilitiesKRW 100M	—	—	—	—	5	57	51	59	56	148	158
	1,124	1,585	1,810	2,211	2,872	3,026	3,798	4,699	5,096	5,693	5,706
	1,035	1,485	1,709	2,104	2,130	2,384	3,077	3,756	4,076	4,636	4,870
Issued capitalKRW 100M	66	66	131	131	131	131	131	131	131	131	131
Capital surplusKRW 100M	191	194	97	97	97	97	97	97	97	97	97
Retained earningsKRW 100M	780	1,213	1,494	1,898	1,930	2,179	2,779	3,357	3,720	4,176	4,388
Other equityKRW 100M	-2	12	-13	-23	-28	-23	70	170	127	232	253
Non-controlling interestsKRW 100M	90	100	100	108	742	642	721	943	1,020	1,057	836

단기미수수익As filed	—	—	—	—	9	—	—	0	6	—	—
미수수익As filed	0	0	0	—	—	—	—	—	—	5	1
단기대여금As filed	0	—	—	—	1,855	3	0	4	1	—	—
단기미수금As filed	—	—	—	37	11	301	32	34	52	—	—
단기선급금As filed	—	—	—	8	6	9	26	86	107	—	—
대여금As filed	—	—	—	—	—	—	—	—	—	4	1
매출채권As filed	—	—	203	246	234	493	665	—	836	981	1,134
미수금As filed	4	39	12	—	—	—	—	—	—	129	97
선급금As filed	4	28	6	—	—	—	—	—	—	13	39
선급비용As filed	5	7	7	—	—	—	—	—	—	114	55
단기선급비용As filed	—	—	—	18	14	10	9	15	49	—	—
장기매출채권As filed	1	1	0	0	—	—	—	—	—	—	—
기타유동자산As filed	—	—	—	—	—	—	2	1	1	4	0
당기법인세자산As filed	—	—	—	5	—	—	—	—	—	2	22
장기대여금As filed	5	6	22	16	19	—	307	313	327	378	2
매도가능금융자산As filed	25	27	24	—	—	—	—	—	—	—	—
보증금As filed	5	4	7	—	—	—	—	—	—	16	11
당기손익-공정가치금융자산As filed	—	—	—	—	1,233	—	—	—	—	—	—
선급법인세As filed	—	—	—	—	—	—	1	2	0	—	—
부가가치세대급금As filed	—	—	—	—	—	—	—	35	26	—	—
장기선급비용As filed	—	—	—	—	—	4	4	4	—	0	—
장기임차보증금As filed	—	—	—	16	15	10	16	19	—	—	—
장기선급금As filed	—	—	—	—	—	—	13	0	—	—	—
부가세대급금As filed	—	—	—	—	—	—	—	—	—	12	5
사용권자산As filed	—	—	—	—	14	154	164	148	143	249	256
장기미수금As filed	—	—	—	—	—	—	1	0	—	—	—
파생상품자산As filed	—	—	—	—	34	51	1	0	—	—	—
장기보증금자산As filed	—	—	—	—	—	—	—	—	20	—	—
이연법인세자산As filed	7	8	10	8	19	28	16	50	71	100	101
기타비유동자산As filed	1	1	1	1	2	2	3	6	5	11	26
투자부동산As filed	—	—	—	—	—	—	5	5	5	5	5
순확정급여자산As filed	—	—	—	—	—	—	—	89	71	10	79
단기매입채무As filed	—	—	—	206	113	305	357	551	572	—	—
매입채무As filed	62	79	94	—	—	—	—	—	—	685	703
미지급금As filed	34	37	63	—	—	—	—	—	—	118	151
단기미지급금As filed	—	—	—	79	71	404	123	146	246	—	—
미지급비용As filed	21	23	43	—	—	—	—	—	—	427	393
단기미지급비용As filed	—	—	—	53	60	170	289	480	421	—	—
선수금As filed	6	3	3	—	—	—	—	—	—	10	8
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	27	53	—	—	—
선수수익As filed	1	0	0	—	—	—	—	—	—	—	—
무형자산As filed	—	—	—	—	—	—	—	—	—	3,248	3,107
예수금As filed	5	4	10	—	—	—	—	—	—	18	26
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	34	—	—
단기선수금As filed	—	—	—	12	11	7	7	40	110	—	—
당기법인세부채As filed	28	45	119	7	54	110	173	165	—	76	64
단기선수수익As filed	—	—	—	0	—	—	—	—	—	—	—
단기예수금As filed	—	—	—	11	2	16	25	38	17	—	—
확정급여부채As filed	38	41	49	58	63	523	341	198	—	133	92
기타장기종업원급여부채As filed	3	3	3	5	8	10	94	88	91	101	116
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	49	0
유동금융보증부채As filed	—	—	—	—	—	8	0	0	—	—	—
이연법인세부채As filed	26	161	88	104	—	93	118	609	146	126	199
주식매입선택권As filed	—	—	15	7	—	—	—	—	—	—	—
예수보증금As filed	0	1	1	—	—	—	—	—	—	0	0
기타비유동채무As filed	2	1	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	1,726	2,228	2,569	3,595	6,410	7,431	8,236	12,743	13,765	—	—
유동파생상품부채As filed	—	—	—	—	—	—	—	—	32	—	—
납입자본As filed	257	259	—	—	—	—	—	—	—	—	—
단기이연수익As filed	—	—	—	—	—	—	24	13	4	—	—
장기예수보증금As filed	—	—	—	1	1	0	0	0	0	—	—
미지급법인세As filed	—	—	—	—	—	—	—	—	76	—	—
파생상품부채As filed	—	—	—	—	72	98	5	61	—	0	—
금융보증부채As filed	—	—	—	—	1	—	—	—	—	—	—
기타비유동부채As filed	—	—	4	2	0	0	—	4	—	16	5
장기미지급금As filed	—	—	—	—	23	—	26	2	—	1	4
기타유동부채As filed	—	—	—	—	—	—	11	13	—	143	41
부채및자본총계As filed	—	—	—	—	—	—	—	—	—	15,347	15,459
기타 유동부채As filed	—	—	—	—	—	—	—	—	131	—	—
단기파생상품부채As filed	—	—	—	—	—	—	—	—	—	51	0
이연수익As filed	—	—	—	—	—	—	—	—	—	3	10
유동성금융보증부채As filed	—	—	—	—	—	—	—	—	—	0	—
퇴직급여부채As filed	—	—	—	—	—	—	—	—	184	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	19	—	—
비유동금융보증부채As filed	—	—	—	—	—	—	0	0	—	—	—
장기파생상품부채As filed	—	—	—	—	—	—	—	—	—	—	32

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,402	1,390	1,973	2,665	2,631	5,256	6,241	7,832	8,059	8,915	9,436
Cost of salesKRW 100M	979	988	1,404	1,930	2,005	4,044	4,422	5,472	5,759	6,288	6,948
Gross profitKRW 100M	423	402	569	735	625	1,212	1,819	2,360	2,300	2,628	2,489
SG&A expensesKRW 100M	220	221	273	323	352	800	951	1,209	1,470	1,721	1,893
	203	180	296	412	274	412	868	1,151	830	906	596
Finance incomeKRW 100M	3	6	9	10	99*	68	149	141	84	50	61
Finance costsKRW 100M	15	14	7	12	178*	165	146	336	349	389	424
Other incomeKRW 100M	19	15	16	45	29*	35	52	454	104	271	92
Other expensesKRW 100M	15	42	40	89	41*	130	82	636	62	140	126
	208	636	369	477	1	221	840	774	606	697	199
Income tax expenseKRW 100M	49	194	75	65	-36	67	215	192	96	82	189
	159	442	294	412	36	155	625	582	510	615	10
Attributable to ownersKRW 100M	Not applicable	Not applicable	289	405	26	258	588	538	381	508	225
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	5	7	10	-104	38	44	128	107	-215
Basic earnings per shareKRW	1,169	3,317*	1,100	1,541	99	982	2,235	2,048	1,451	1,934	856
Diluted earnings per shareKRW	1,157	3,286*	1,100	1,536	99	982	2,235	2,048	1,451	1,934	856
	154	459	261	411	28	155	822	952	436	706	57
Other comprehensive incomeKRW 100M	-5	17	-33	-1	-8	1	197	370	-74	91	47

비지배지분총포괄손익As filed	—	—	—	—	—	—	—	—	—	—	-202
포괄손익, 비지배지분As filed	7	11	—	—	—	—	—	—	77	—	—
관계기업에 대한 손익As filed	14	492	95	111	-182	—	—	—	—	—	—
비지배지분총포괄이익As filed	—	—	—	—	—	—	—	—	—	140	—
지배기업주주지분총포괄이익As filed	—	—	—	—	—	—	—	—	—	566	259
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	147	448	—	—	—	—	—	—	360	—	—
지배기업의 소유주에게 귀속되는 당기순이익(손실)As filed	153	436	—	—	—	—	—	—	—	—	—
비지배지분에 귀속되는 당기순이익(손실)As filed	6	6	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	3	14	-15	6	-11	11	123	227	—	-19	72
매도가능금융자산평가손익As filed	1	1	4	—	—	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	-8	47	129	23	-21	23
관계기업 기타포괄손익 지분As filed	6	6	-14	—	5	—	—	—	—	—	—
보험수리적손익As filed	-16	-2	-8	-4	-1	—	—	—	—	—	—
관계기업 보험수리적손익 지분As filed	-0	-1	-1	-0	-1	—	—	—	—	—	—
공정가치기타포괄인식 금융자산평가손익As filed	—	—	—	—	—	-2	27	14	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-97	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-138	—	—
기타포괄손익-공정가치로 측정되는 금융자산의 세후차손익As filed	—	—	—	—	—	—	—	—	42	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	260	404	26	254	693	732	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	—	112	25
관계기업 기타포관손익 지분As filed	—	—	—	0	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	0	7	2	-98	129	220	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	23	—	—
위험회피평가손익As filed	—	—	—	—	—	—	—	—	—	—	-47
관계기업 자본변동As filed	—	—	—	-4	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	—	—	—	—	—	—	131	—
후속적으로 당기손익으로 재분류 되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	—	23
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	-21	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	159	442	294	412	36	155	625	582	510	615	10
Total adjustments to operating cash flowcomputed	43	-319	-108	-152	311	835	424	63	289	184	839
	202	123	185	260	347	990	1,049	646	799	799	848
Interest receivedKRW 100M	0	0	1	1	47	10	3	3	21	20	3
Interest paidKRW 100M	10	7	5	15	70	79	56	272	326	370	327
Income taxes paidKRW 100M	30	43	75	159	27	75	144	263	314	177	139
	-106	-17	-110	-709	-3,284	-224	-532	-3,001	-1,935	-1,293	-870
Purchase of property, plant and equipmentKRW 100M	33	85	382	585	497	365	570	899	1,804	1,233	844
Proceeds from sale of property, plant and equipmentKRW 100M	0	1	1	0	4	1	2	5	-2	20	4
Purchase of intangible assetsKRW 100M	9	5	14	14	7	20	15	64	31	56	49
	-93	-132	28	417	2,904	-358	-378	2,399	937	361	203
Dividends paidKRW 100M	—	—	—	—	—	2	—	39	39	15	26
Cash at beginning of periodKRW 100M	105	110	86	186	155	125	506	681	749	585	440
	110	86	186	155	125	506	681	749	585	440	606
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-3	1	2	-28	36	24	36	-12	-16
Net change in cash and cash equivalentsKRW 100M	5	-24	101	-31	-30	381	175	68	-163	Not applicable	Not applicable

영업으로부터 창출된 현금흐름As filed	242	173	265	433	398	1,134	1,246	1,178	1,419	1,326	1,312
비지배지분의 취득As filed	—	—	—	—	—	-2	-50	0	—	97	-18
리스부채의 상환As filed	—	—	—	—	-9	-22	-36	-7	-26	39	41
당기손익금융자산의 처분As filed	—	—	—	—	—	0	—	0	—	—	—
당기손익공정가치금융자산의 처분As filed	—	—	—	52	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	5	10	11	—	—	—	—	—	—	—	—
단기금융자산의 처분As filed	—	—	—	—	—	5	6	0	—	—	—
당기손익금융자산의 취득As filed	—	—	—	—	1,264	—	—	—	—	—	—
차입금의 차입As filed	—	—	—	—	—	—	—	—	—	6,418	12,578
무형자산의 처분As filed	—	—	4	—	—	—	0	5	—	0	—
차입금에 따른 유입As filed	—	—	—	—	—	—	—	—	4,650	—	—
단기대여금및수취채권의 감소As filed	—	—	—	—	—	0	12	11	—	—	—
보증금의 감소As filed	0	1	0	1	1	2	0	1	1	—	—
차입금의 상환As filed	813	616	933	1,232	1,034	940	620	2,534	3,647	5,906	12,290
단기금융상품의 취득As filed	—	—	6	1	5	—	—	—	—	—	—
단기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	2	—	—	—
장기대여금및수취채권의 처분As filed	—	0	2	2	3	9	9	27	—	—	—
장기대여금및수취채권의 취득As filed	—	1	23	2	10	—	—	8	10	—	—
단기금융상품의 처분As filed	—	—	—	—	1	—	—	—	—	—	—
보증금의 회수As filed	—	—	—	—	—	—	—	—	—	6	8
단기대여금의 증가As filed	—	—	—	—	-1,902	—	—	—	—	0	0
관계기업에 대한 투자자산의 취득As filed	64	45	33	7	—	—	—	—	—	—	—
보증금의 증가As filed	1	0	3	8	0	3	7	4	1	2	3
대여금의 증가As filed	—	—	—	—	—	—	—	—	0	—	—
단기대여금의 감소As filed	—	—	—	—	—	—	—	—	—	1	4
장기대여금의 감소As filed	—	—	—	—	—	—	—	—	—	0	—
종속기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	28	—	—
사용권자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	4
정부보조금의 수취As filed	—	—	—	—	1	1	—	142	1	3	15
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	260	—	—	—	—	149	—	—
장기대여금의 증가As filed	—	—	—	—	—	—	—	—	—	9	2
관계기업에 대한 투자자산의 처분As filed	0	117	333	113	393	—	—	—	—	—	—
사업매각As filed	—	—	—	—	—	—	—	—	—	0	0
파생상품의 처분As filed	—	—	—	—	—	26	33	89	31	29	1
기타비유동자산의 감소As filed	—	—	—	—	—	—	—	—	0	0	0
기타비유동자산의 증가As filed	—	—	—	—	-1	—	-2	-17	—	0	—
사업결합으로 인한 기초현금유입As filed	—	—	—	—	—	121	—	-2,288	—	—	—
장기대여금의 취득As filed	5	—	—	—	—	—	—	—	—	—	—
차입금As filed	—	—	962	1,650	3,314	608	327	4,979	—	—	—
사업결합As filed	—	—	—	—	—	—	—	—	—	51	0
비유동매도가능금융자산의 취득As filed	—	12	—	—	—	—	—	—	—	—	—
통화선도처분As filed	—	—	—	—	—	—	-0	0	—	—	—
무상증자As filed	—	—	-0	—	—	—	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	—	—	—	—	—	0	0	0
비지배지분의 출자As filed	—	—	—	—	632	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	—	-176
차입금 차입As filed	715	482	—	—	—	—	—	—	—	—	—
조정As filed	—	—	—	—	—	—	—	—	—	—	1,478
당기순이익As filed	—	—	—	—	—	—	—	—	—	—	10
주식매입선택권의 행사As filed	4	2	—	—	—	—	—	—	—	—	—
외화환산으로 인한 현금의 변동As filed	2	3	—	—	—	—	—	—	—	—	—
현금및현금성자산의 감소As filed	—	—	—	—	—	—	—	—	—	-133	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	181

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 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 23	한영회계법인	2025-12-31
2024	적정의견Term 22	한영회계법인	2025-12-31
2023	적정의견Term 21	한영회계법인	2025-12-31
2022	적정Term 20	삼정회계법인	2022-12-31
2021	적정Term 19	삼정회계법인	2022-12-31
2020	적정Term 18	삼정회계법인	2022-12-31
2019	적정Term 17	삼일회계법인	2019-12-31
2018	적정Term 16	삼일회계법인	2019-12-31
2017	적정Term 15	삼일회계법인	2019-12-31
2016	적정Term 14	삼일회계법인	2016-12-31
2015	적정Term 13	삼일회계법인	2016-12-31
2014	적정Term 12	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 5Y0.92

Equity risk premium%

Terminal growth%

Cost of equity9.00%

Weighted average cost of capital6.09%

Initial growth3.9%

Effective tax rate35.0%

Base fiscal year2025

Current priceKRW32,500

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

Model	Model priceKRW	Versus current price
Gordon growth model	1,893	-94.2%
Dividend discount model DDM	1,978	-93.9%
Discounted cash flow FCFF	-5,506	-116.9%
Discounted cash flow FCFE	8,638	-73.4%
Residual income model RIM	6,168	-81.0%

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% + 0.92 × 5.00% = 9.00%

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(4.62% × (1 − 15.19%), 0) = 3.92%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

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

P_0 = 130 × (1 + 2.00%) / (9.00% − 2.00%) = 133 / 0.0700 = 1,893 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 = 130, g_1 = 3.92%, g_T = 2.00%, r = 9.00%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	3.92%	135	0.9174	124
2	3.44%	140	0.8416	118
3	2.96%	144	0.7721	111
4	2.48%	147	0.7083	104
5	2.00%	150	0.6498	98
Terminal value	2.00%	2,190	0.6498	1,423
Total				1,978

P_0 = 1,978 KRW

Residual income model RIM

P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 18,524 KRW, ROE = 4.62%, payout ratio = 15.19%, r = 9.00%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	18,524	856	1,668	-812	0.9174	-745
2	19,250	889	1,733	-844	0.8416	-710
3	20,004	924	1,801	-877	0.7721	-677
4	20,788	960	1,872	-911	0.7083	-646
5	21,603	998	1,945	-947	0.6498	-615
Terminal value				-13,793	0.6498	-8,962

P_0 = 18,524 + -3,394 + -8,962 = 6,168 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 848.5 − 844.0 + 326.7 × (1 − 35.00%) = 216.9 KRW hundred million

Weighted average cost of capital

E = 8,543.6, D = 7,712.9 KRW hundred million; equity weight = 52.55%, debt weight = 47.45%; cost of debt k_d = 4.40%

WACC = 52.55% × 9.00% + 47.45% × 4.40% × (1 − 35.00%) = 6.09%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	3.92%	225.4	0.9426	212.4
2	3.44%	233.1	0.8885	207.1
3	2.96%	240.0	0.8375	201.0
4	2.48%	246.0	0.7895	194.2
5	2.00%	250.9	0.7442	186.7
Terminal value	2.00%	6,260.1	0.7442	4,658.6
Total				5,660.0

Firm value = 5,660.0; less borrowings 7,712.9; plus cash 605.5 → -1,447.3 KRW hundred million

P_0 = -1,447.3 KRW hundred million ÷ 26,288,000 (shares) = -5,506 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 = 848.5 − 844.0 + 144.8 (net borrowing) = 149.3 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	3.92%	155.1	0.9174	142.3
2	3.44%	160.4	0.8416	135.0
3	2.96%	165.2	0.7721	127.5
4	2.48%	169.3	0.7083	119.9
5	2.00%	172.7	0.6498	112.2
Terminal value	2.00%	2,514.2	0.6498	1,633.7
Total				2,270.7

P_0 = 2,270.7 KRW hundred million ÷ 26,288,000 (shares) = 8,638 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.

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