082920KOSDAQ

Vitzrocell

27,950

-1,600 (-5.41%)

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

Vitzrocell is a company established in 1987. It is listed on the KOSDAQ market and is headquartered in Dangjin, Chungcheongnam-do. The company operates as a small enterprise and includes subsidiaries such as Vitzrocell USA, Inc. and Innova Power Solutions Inc. in its corporate structure.

The company operates in the battery business segment, focusing on the production and distribution of lithium batteries. Its main products include primary lithium batteries for wireless communication and smart meters, high temperature batteries for the oil and gas industry, and batteries for military systems. It supplies these products to global markets through its subsidiaries and distribution channels.

Business overview as filed

당사 및 연결대상 종속기업은 배터리 및 리튬전지의 생산 및 판매 등을 주 영업목적으로 하고 있으며, 연결회사의 영업부문은 전지 사업부문만으로 구성되어 있습니다. 당사 및 종속기업의 사업의 개요는 아래 표와 같습니다.

당사는 제41기 연결기준으로 전년대비 매출액은 15.3% 증가한 2,431억 원, 영업이익은 33.4% 증가한 693억 원, 당기순이익은 11.1% 증가한 569억 원을 기록하여 창사 이래 최고 실적을 달성하였습니다. 주요 손익 증감사유로는 군수용 전지와 석유·가스 시추용 고온전지 수요 확대 및 달러 환율 강세에 따른 매출 증가, 리튬 등 주요 원자재 가격 안정화에 따른 재료비 절감, 원가 절감 및 매출 증가에 따른 고정비 감소 효과로 인한 영업이익 증가, Innova 인수 완료(2025.10.01) 이후 2025년 4분기 Innova 실적이 연결 손익에 반영된 영향 등을 주요 요인으로 볼 수 있습니다.

Company overview

1) 연결대상 종속회사 개황

1. 연결대상 종속회사 현황(요약)

1)-1. 연결대상회사의 변동내용

2025년말 현재 연결대상 종속기업은 2024년 말 대비 1개 기업이 증가하였습니다.

2) 회사의 법적, 상업적 명칭

당사의 명칭은 주식회사 비츠로셀이라고 표기합니다. 또한 영문으로 VITZROCELL Co.,Ltd. 라 표기합니다.

3) 설립일자 및 존속기간

당사는 1987년 10월 31일 설립되었습니다.

4) 본사의 주소, 전화번호 및 홈페이지 주소

주소 : 충남 당진시 합덕읍 인더스파크로 70 전화번호 : 041-330-0007 홈페이지 : http://www.vitzrocell.com

5) 회사사업 영위의 근거가 되는 법률

* 당사는 당사업보고서 작성기준일 현재 해당사항이 없습니다.

6) 중소기업 해당 여부

당사는 당사업보고서 작성기준일 현재 중소기업기본법 제2조에 의한 중소기업입니다.

7) 대한민국에 대리인이 있을 경우

* 당사업보고서 작성기준일 현재 해당사항이 없습니다.

8) 주요사업의 내용 및 향후 추진하려는 신규사업

당사는 배터리 및 리튬전지의 생산·판매를 주된 영업목적으로 사업을 영위하고 있으며, 미국에 소재한 고온전지 판매를 주요 영업활동으로 하는 Vitzrocell USA, Inc.의 지분 100%를 보유한 연결대상 법인입니다. 또한 당기 중 Downhole tool용 배터리 팩 및 모니터링 칩 솔루션의 제조·설계를 주요 사업으로 영위하는 캐나다 소재 Innova Power Solutions Inc.의 지분 100%를 취득하여 연결범위에 포함하였습니다.

당사의 주력제품인 리튬 일차전지는 과거 메모리 백업용 전원 시장에서 시작하여 현재는 Smart Meter와 같은 무선통신분야의 시장에서 사용되고 있습니다. 향후에는 IoT/IoE와 같은 미래산업 환경의 전원으로서도 채택되어 갈 전망입니다.

과거 메모리 백업 시장에서 전지는 오랫동안 사용할 수 있는 고용량이 주요사양이었으나, 현재 무선통신분야의 시장은 출력이 높은 전지와 혹독한 환경에서도 운용이 가능한 전지를 요구하고 있습니다. 그동안 당사는 이런 하이브리드형 고출력 전지와 고온전지와 같은 고내구성을 갖는 전지를 개발했고 시장에서 우수한 평가를 받고 있습니다.

고온전지는 Biz model을 cell제품 위주 사업의 한계를 극복. 확대하고자 전방산업인 Pack 제품을 개발 및 판매하여 미주를 포함하여 전세계 Oil&Gas시장에서 Total Solution을 제공함으로써 높은 수익성 및 시장점유율을 상승를 기대하고 있습니다 또한, Li/SOCL2 기반 앰플형 비축전지는 종래의 기계식에서 전자식 다기능화로 전환하는 무기체계에서 주·보조전원으로써 그 역할이 증가되는 추세이며, 다양한 활성화 구조설계, 고출력 소형화, 성능&신뢰성 검증장비 개발을 통해 고객에 최적의 솔루션을 제공하고 국내외 사업확대 및 매출확대를 실현할 전망입니다.

이 분야의 세계적 선두업체인 프랑스 S社와 후발주자인 중국의 E社와 함께 이 분야의 기술발전을 도모하고 있고 당사의 독자적인 솔루션인 EDLC 연계형 하이브리드형 전지는 러시아와 같은 극저온 환경에서도 출력이 가능한 솔루션으로 평가 받고 있습니다.

더불어 다가오는 미래산업 환경에서 전지는 내누액성 및 고안전성을 기반으로 한 초고출력 전지를 요구하고 있는데, 이를 위한 솔루션으로 VLB(Vitzro Li-ion Battery),초고출력 소형 Li-ion 전지인 VHC(Vitzro Hybrid Supercapacitor), 인쇄형 박형전지(Thin Flim Battery)를 개발하여 미래산업 환경에 적합한 전지를 개발하고 있습니다. 통상 Li-ion 전지는 사용온도범위가 -20~+60℃이고 ESS 및 EV시장을 타겟으로 하지만, 당사가 차별화하여 개발코자하는 초고출력 소형 Li-ion 전지는 -40~+85℃의 운영온도범위를 갖는 초고출력 전지로서 주력제품인 리튬 일차전지와 하이브리드형으로 연계하면, 당사가 확대해 가고자 하는 IoT/IoE 시장의 핵심전원으로 부상해 갈 전망입니다.인쇄형 박형전지(Thin Film Battery)는 집전층은 물론 전극과 전해질 모든 공정을 인쇄공법으로 구현함으로써 생산성을 극대화하고 전지의 형상을 자유롭게 하는 것이 가능합니다. 또한, 전지내부에서 전지의 전압을 효과적으로 승압하는 방법과 출력을 높이는 기술적 방법들이 고안되어 3V급 리튬 전지 시장의 일부 영역을 대체하게 되었습니다. 지속적인 기술개발을 통해 센서태그, 사물인터넷, RFID, 웨어러블 디바이스, 헬스케어, 라벨형 센서 전원 등 다양한 기술적 흐름에 적극 대처해 나갈 것입니다. 특히, 전기적 안전성과 기계적 유연성이 요구 되어지는 의료 및 미용 분야의 기술적 차별화 전략은 제품의 경쟁력을 키울 것이며, 향후 전개될 수많은 IT산업과 접목하여 다양한 응용 분야 시장을 만들어갈 것입니다. 또한, Super Capacitor, Ultra Capacitor로 불리는EDLC(Electrical Double Layer Capacitor)는 차세대 에너지 저장보조 장치로 주목받고 있습니다. 당사는 Captive Market인 Smart Meter시장을 1차 Target으로 한 소형 EDLC 사업에 진출했으며, 추가적으로 2차 Target으로 중, 대형 EDLC를 개발 중에 있습니다. 당사는 이외에도 이차전지 소재사업 및 리튬 리사이클링 사업 등 신사업을 확장하기 위해 연구·개발(R&D) 및 투자에 집중하고 있으며 리튬일차전지“World No.1”을 넘어 모바일 에너지 솔루션 시장을 선도하는 "The Only One"의 기업으로 자리매김할 것을 기대하고 있습니다.

9) 신용평가에 관한 사항

10) 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.17), 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

6.98%

[4.51%, 9.78%] · 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 61.8% (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

0.68

Beta [0.53, 0.83] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.327%[-0.209%, +0.862%]
R squared: 0.23
Observations: 252
Trading-time corrected beta: 0.68[0.37, 1.00]

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	822	910	252	1,126	1,334	1,132	1,132	1,410	1,762	2,108	2,431	2,771
Revenue growth%	—	10.78	-72.29	346.47	18.51	-15.18	0.06	24.49	25.00	19.61	15.33	—
Operating incomeKRW 100M	108	161	4	196	253	182	174	288	377	519	693	771
Operating income growth%	—	48.81	-97.77	5,366.21	29.00	-28.33	-4.05	65.45	30.75	37.73	33.44	—
Net incomeKRW 100M	—	—	12	154	201	141	170	231	361	513	569	713
Net income growth%	—	—	—	1,145.63	30.64	-29.64	20.47	35.78	56.00	42.17	11.05	—
Attributable to ownersKRW 100M	101	141	12	154	201	141	170	—	—	—	—	—
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%	13.17	17.69	1.42	17.44	18.99	16.04	15.38	20.45	21.39	24.63	28.50	27.83
Net margin%	—	—	4.89	13.65	15.05	12.48	15.03	16.39	20.46	24.32	23.42	25.73
ROE%	—	—	1.14	12.77	14.20	9.07	10.21	—	—	—	—	—
ROA%	—	—	0.93	10.58	12.25	7.50	8.25	9.74	14.07	16.13	15.35	16.70
Debt ratio%	29.88	25.94	22.92	20.69	15.92	20.81	23.69	27.72	10.59	12.31	12.21	18.98
Current ratio%	217.63	290.06	271.13	237.51	391.29	883.67	331.22	295.92	761.53	724.02	730.43	515.82
Quick ratio%	165.47	202.00	187.01	117.70	251.24	648.74	243.22	207.01	581.12	583.55	560.66	398.22
Reserve ratio%	1,055.05	1,079.99	844.18	986.78	1,075.15	1,334.49	1,467.82	1,658.62	1,998.96	2,409.07	1,371.51	1,480.40
Free cash flowKRW 100M	—	—	—	—	—	—	—	215	288	557	522	—
FCF margin%	—	—	—	—	—	—	—	15.26	16.35	26.42	21.47	—
OCF conversion%	—	—	2,552.82	111.15	131.47	173.01	147.79	114.66	107.63	116.60	111.70	—
Capex to revenue%	—	—	—	—	—	—	—	3.53	5.67	1.93	4.69	—
Receivable daysdays	—	84.0	300.2	61.1	55.9	56.0	52.9	52.4	63.1	71.1	69.3	—
Inventory daysdays	—	86.6	333.9	98.0	97.3	117.0	132.3	137.6	123.4	112.5	125.9	—
Payable daysdays	—	56.2	228.3	66.0	46.9	43.1	43.3	51.3	43.2	38.0	44.6	—
Cash conversion cycledays	—	114.4	405.8	93.0	106.2	130.0	141.8	138.6	143.3	145.6	150.6	—
EPSKRW	787	1,046	63	785	936	656	796	1,089	1,667	2,300	1,267	—
PERx	—	12.14	230.16	13.89	14.32	25.15	18.03	11.71	9.77	9.20	13.91	—
BPSKRW	—	—	5,514	6,143	6,567	7,235	7,741	8,622	10,252	12,374	7,289	7,915
PBRx	—	—	2.63	1.77	2.04	2.28	1.85	1.48	1.59	1.71	2.42	5.12
Dividend per shareKRW	20	25	—	—	100	120	150	200	250	460	260	—
Payout ratio%	2.54	2.39	—	—	10.68	18.29	18.84	18.37	15.00	20.00	20.52	—

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
	980	1,139*	1,328	1,453	1,640	1,883	2,062	2,372	2,563	3,179	3,708
	484	598*	613	519	721	1,006	1,176	1,453	1,703	2,377	2,522
Cash and cash equivalentsKRW 100M	103	72*	212	38	107	379	184	466	356	280	244
Short-term financial instrumentsKRW 100M	78	77	32	0	125	198	473	279	517	1,163	1,166
InventoriesKRW 100M	116	181*	190	262	258	268	313	437	403	461	586
Trade and other receivablesKRW 100M	175	244*	171	206*	203	144	184	221	388	433	490
	496	541*	715	933	919	877	886	919	860	802	1,186
Property, plant and equipmentKRW 100M	379	413*	580	845	837	792	801	728	716	636	673
Intangible assetsKRW 100M	88	94*	74	61	51	52	49	46	40	33	210
Investments in associatesKRW 100M	—	—	—	—	—	6	7	5	4	2	0
	225	235*	248	249	225	324	395	515	245	348	403
	222	206*	226	219	184	114*	355	491	224	328	345
Trade and other payablesKRW 100M	96	97*	157	148*	103	91*	99	180	114	178	193
Short-term borrowingsKRW 100M	24	16*	35	4	11*	4	5	5	—	—	19
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	1	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	—	—	4
	3	29*	21	30	41	211*	40	24	22	20	58
Long-term borrowingsKRW 100M	—	—	—	6	1	—	—	—	—	—	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	3	3	1	2	1	2	12
	754	904*	1,080	1,204	1,414	1,558	1,667	1,857	2,317	2,830	3,305
	Not applicable	Not applicable	1,080	1,204	1,414	1,558	1,667	1,857	2,317	2,830	3,305
Issued capitalKRW 100M	64	74*	98	98	108	108	108	108	113	114	227
Capital surplusKRW 100M	168	161*	18	18	18*	176	176	176	334	375	262
Retained earningsKRW 100M	510	640*	808	948	1,139	1,262	1,405	1,611	1,925	2,380	2,847
Treasury sharesKRW 100M	12	0*	0	11	0	—	—	—	—	—	—
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	-4	-4	-3	-2	1	9
Other equityKRW 100M	12	29*	11	-6	14*	18	-18	-34	-53	-40	-40
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	0

기타유동자산As filed	12	24	8	13	28	18	24	42	26	40	37
파생상품자산As filed	—	—	—	—	—	—	—	—	12	0	0
유동파생상품자산As filed	—	—	—	—	—	—	—	8	—	—	—
장기금융상품As filed	0	0	0	0	0	0	0	0	80	117	261
기타비유동금융자산As filed	—	—	—	—	—	—	—	114	—	—	—
비유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	1	1	1	1	1	—	—	—
비유동매도가능금융자산As filed	—	—	4	0	0	—	—	—	—	—	—
장기대여금As filed	2	1	1	1	0	—	—	1	—	—	—
장기매출채권 및 기타비유동채권As filed	—	—	1	0	0	0	0	0	3	—	—
이연법인세자산As filed	11	15	24	25	28	24	27	23	17	11	16
매출채권 및 기타채권As filed	1	0	—	—	—	—	—	—	—	2	13
매각예정 비유동자산As filed	—	—	32	0	0	—	—	—	—	—	—
순확정급여자산As filed	—	—	—	—	—	—	—	—	—	0	13
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	0	—	—
매각예정자산As filed	—	—	—	—	—	—	—	—	—	0	0
당기법인세부채As filed	9	23	0	21	34	5	32	37	48	91	90
기타금융자산As filed	—	—	—	—	—	—	—	—	—	0	—
유동성리스부채As filed	—	—	—	—	—	—	—	2	—	—	—
기타유동부채As filed	94	69	34	45	34	11	35	33	—	54	38
유동성장기리스부채As filed	—	—	—	—	2	2	2	—	1	2	—
유동성전환사채As filed	—	—	—	—	—	—	182	185	—	—	—
자본과부채총계As filed	980	1,139	1,328	1,453	1,640	1,883	2,062	2,372	2,563	3,179	3,708
퇴직급여부채As filed	—	—	21	24	37	37	25	5	1	—	—
파생상품부채As filed	—	—	—	—	—	—	—	—	1	0	0
유동파생상품부채As filed	—	—	—	—	—	—	—	48	—	—	—
전환사채As filed	—	—	—	—	—	171	—	—	39	0	0
단기차입금As filed	—	—	—	—	—	—	—	—	1	2	—
장기매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	10	12	16	—	—
장기종업원급여부채As filed	—	—	—	—	—	—	4	4	—	4	5
기타 유동부채As filed	—	—	—	—	—	—	—	—	19	—	—
주식발행초과금As filed	—	—	145	145	135	—	—	—	—	—	—
매도가능금융자산As filed	16	19	—	—	—	—	—	—	—	—	—
종업원급여충당부채As filed	—	—	—	—	—	—	—	—	4	—	—
장기기타채무As filed	—	—	—	—	—	—	—	—	—	14	16
이연법인세부채As filed	—	—	—	—	—	—	—	—	—	—	25
기타자본조정As filed	—	—	11	6	14	—	—	—	—	—	—
순확정급여부채As filed	—	—	—	—	—	—	—	—	—	0	0
퇴직급여채무As filed	3	9	—	—	—	—	—	—	—	—	—
납입자본As filed	232	235	—	—	—	—	—	—	—	—	—
기타자본잉여금As filed	18	18	—	—	—	—	—	—	—	—	—
기타자본As filed	5	10	—	—	—	—	—	—	—	—	—
장기선수금As filed	—	20	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	822	910*	252	1,126	1,334	1,132	1,132	1,410	1,762	2,108	2,431
Cost of salesKRW 100M	596	627*	203	842	975	820	800	994	1,242	1,403	1,518
Gross profitKRW 100M	225	284*	49	284	359	312	332	416	520	705	912
SG&A expensesKRW 100M	117	123*	45	87	106	131	158	128	143	186	220
	108	161*	4	196	253	182	174	288	377	519	693
Finance incomeKRW 100M	4	4*	2	1	2	6	17	49	88	101	73
Finance costsKRW 100M	0	0*	0	0	1	13	14	56	35	31	54
Other incomeKRW 100M	15	18*	21	13	24	36	58	48	51	80	59
Other expensesKRW 100M	11	16*	14	26	31	49	34	42	39	21	47
	115	166*	13	184	246	162	201	285	440	645	723
Income tax expenseKRW 100M	14	25*	1	30	46	20	30	54	80	132	153
	Not applicable	Not applicable	12	154	201	141	170	231	361	513	569
Attributable to ownersKRW 100M	101	141*	12	154	201	141	170	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	787	1,046*	63	785	936	656	796	1,089	1,667	2,300*	1,267
Diluted earnings per shareKRW	787	1,046*	63	785	936	656	Not applicable	1,089	1,616	2,300*	1,267
	Not applicable	Not applicable	12	141	191	143	170	242	358	513	577
Other comprehensive incomeKRW 100M	2	-5*	-1	-13	-10	2	-0	11	-3	1	8

영업외수익(비용)As filed	—	—	—	—	—	—	—	—	63	126	30
지분법손실As filed	—	—	—	—	—	—	0	2	1	3	2
지배기업 소유주지분As filed	—	—	—	—	—	—	—	231	—	—	—
지분법자본변동As filed	—	—	—	—	—	—	—	0	0	0	-0
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	12	141	191	143	170	242	—	—	—
해외사업환산차이As filed	—	—	—	—	—	—	—	1	—	—	—
보험수리적손익As filed	—	—	—	—	—	—	—	10	4	—	—
해외사업환산손익As filed	—	—	—	—	—	—	—	—	0	—	—
해외사업환산이익As filed	—	—	—	—	—	—	—	—	—	3	7
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	—	—	—	-2	1
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	103	136	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	—	—	12	154	201	141	170	231	361	513	569
Total adjustments to operating cash flowcomputed	—	—	303	17	63	103	81	34	27	85	67
	160	64*	315	171	264	244	252	265	388	598	636
Interest receivedKRW 100M	3	2*	1	2	1	1	0	1	9	33	21
Interest paidKRW 100M	0	0*	0	0	0	1	1	1	6	2	2
DepreciationKRW 100M	—	—	9	55	81	88	95	—	—	—	—
AmortisationKRW 100M	—	—	16	18	16	10	9	—	—	—	—
Income taxes paidKRW 100M	9	14*	9	5	35	53	7	47	61	84	155
	-136	-103*	-351	-308	-205	-141	-385	78	-408	-617	-587
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	50	100	41	114
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	22	Not applicable	0	0
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	4	3	0	0
	17	6*	19	-36	11	168	-61	-62	-81	-58	-88
Dividends paidKRW 100M	—	3	—	—	—	-22	-26	-32	42	55	103
Acquisition of treasury sharesKRW 100M	12	—	0	11	—	—	35	31	36	0	0
Disposal of treasury sharesKRW 100M	23	16	—	—	11	—	—	—	—	—	—
Issue of sharesKRW 100M	1	—	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	61	103*	232	212	38	107	379	184	466	356	280
	103	72*	212	38	107	379	184	466	356	280	244
Effect of exchange rate changesKRW 100M	1	2*	-3	-0	-1	-0	1	1	-9	1	3
Net change in cash and cash equivalentsKRW 100M	42	-31*	-20	-173	69	272	-195	281	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	—	—	12	154	201	141	170	—	—	—	—
영업에서 창출된 현금흐름As filed	167	75	—	—	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	274	-108	-55	19	-62	312	—	—	—
(1)당기순이익As filed	101	141	—	—	—	—	—	—	—	—	—
당기순이익조정을 위한 가감As filed	—	—	37	128	153	138	151	—	—	—	—
(2)조정As filed	64	86	—	—	—	—	—	—	—	—	—
신주발행비 지급As filed	—	—	—	—	—	—	—	—	0	0	1
퇴직급여As filed	11	10	6	12	13	15	14	—	—	—	—
감가상각비As filed	32	41	—	—	—	—	—	—	—	—	—
단기금융상품의 처분As filed	—	—	9	32	—	—	—	1,297	853	—	—
대손상각비As filed	6	4	-1	5	-5	—	0	—	—	—	—
무형자산상각비As filed	4	6	—	—	—	—	—	—	—	—	—
유동성장기리스부채의 상환As filed	—	—	—	—	—	—	—	—	2	2	3
재고자산폐기손실As filed	1	3	—	—	1	0	0	—	—	—	—
재고자산평가손실As filed	—	—	0	2	—	—	—	—	—	—	—
단기차입금의 상환As filed	—	—	—	—	4	1	—	—	4	0	0
단기차입금의 증가As filed	15	—	20	—	6	—	1	0	—	1	17
당기손익인식금융자산평가손실As filed	—	—	—	—	1	4	—	—	—	—	—
외화환산손실As filed	1	0	6	0	2	—	—	—	—	—	—
정부보조금의 상환As filed	—	—	—	—	—	—	—	—	—	4	3
이자비용As filed	0	0	0	0	0	2	13	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	4	—	—
무형자산손상차손As filed	3	0	—	—	—	—	5	—	—	—	—
법인세비용As filed	14	25	1	30	46	20	30	—	—	—	—
유형자산처분손실As filed	—	—	—	6	1	—	—	—	—	—	—
단기금융상품의 취득As filed	—	—	—	—	124	78	259	1,081	1,004	—	—
당기손익인식금융자산처분손실As filed	—	—	—	—	—	—	1	—	—	—	—
정부보조금의 증가As filed	—	—	—	—	—	—	—	—	—	2	4
보증금의 감소As filed	—	—	—	—	—	—	0	—	0	0	0
이자수익As filed	3	2	2	1	1	1	0	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	0	—	—	—
지체상금As filed	—	—	3	—	—	—	—	—	—	—	—
보증금의 증가As filed	—	—	—	—	—	-0	—	—	0	0	13
외화환산이익As filed	4	—	1	0	0	—	—	—	—	—	—
단기대여금의 증가As filed	—	—	—	—	—	-2	—	—	115	9	0
배당금수익As filed	1	2	0	—	—	—	—	—	—	—	—
잡이익As filed	—	—	—	—	—	0	0	—	—	—	—
지분법손실As filed	—	—	—	—	—	—	0	—	—	—	—
당기손익인식금융자산평가이익As filed	—	—	—	—	1	0	3	—	—	—	—
대여금의 감소As filed	—	—	0	15	0	0	—	—	—	—	1
유형자산처분이익As filed	—	0	—	—	—	—	—	—	—	—	—
(3)자산부채의 증감As filed	2	-152	—	—	—	—	—	—	—	—	—
장기금융상품의 처분As filed	—	—	—	0	—	—	—	—	21	—	—
매출채권의 감소(증가)As filed	-78	-69	-30	-85	-1	59	-45	—	—	—	—
미수금의 감소(증가)As filed	0	1	416	-5	-0	2	3	—	—	—	—
장기금융상품의 감소As filed	—	—	—	—	—	—	—	—	—	10	76
장기금융상품의 취득As filed	—	—	—	—	—	—	—	105	59	60	216
선급금의 감소(증가)As filed	-7	-12	9	-3	-1	3	2	—	—	—	—
장기대여금의 증가As filed	—	—	—	—	—	—	—	1	2	0	0
당기손익인식금융자산처분이익As filed	—	—	—	—	—	—	-13	—	—	—	—
선급비용의 감소(증가)As filed	-0	-0	-1	-2	12	0	-1	—	—	—	—
단기금융상품의 감소As filed	—	2	—	—	—	—	—	—	—	1,469	1,691
재고자산의 감소(증가)As filed	-13	-68	-142	-74	3	-10	-45	—	—	—	—
정부보조금의증가As filed	—	—	—	—	—	—	—	2	—	—	—
매입채무의 증가(감소)As filed	7	8	37	48	-55	-17	16	—	—	—	—
미지급금의 증가(감소)As filed	2	-2	-10	-3	6	-2	1	—	—	—	—
단기대여금의 감소As filed	—	—	—	—	—	—	—	—	—	50	—
미지급비용의 증가(감소)As filed	9	5	18	-13	4	5	-5	—	—	—	—
선수금의 증가(감소)As filed	79	-12	2	14	-12	-27	0	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	446	—	—
종속기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	314
예수금의 증가(감소)As filed	2	-1	0	0	-0	1	-1	—	—	—	—
관계회사퇴직금의 승계액As filed	0	0	0	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	41	—	—	—	—	—	—	—	—	2,035	1,699
유동성장기리스의 상환As filed	—	—	—	—	-2	-2	-2	-2	—	—	—
퇴직금의 지급As filed	5	3	—	—	—	—	—	—	—	—	—
선급부가세의 감소(증가)As filed	7	-5	—	—	—	—	—	—	—	—	—
영업활동으로부터 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	651	772
임대보증금의 증가(감소)As filed	-0	-0	-1	-0	0	—	-0	—	—	—	—
하자보수충당금의증가(감소)As filed	-1	7	—	—	—	—	—	—	—	—	—
현금및현금성자산의 순증가(감소)As filed	—	—	—	—	—	—	—	—	—	-77	-40
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	—	—	—	—	—	—	-101	—	—
지급어음의 증가As filed	—	—	—	—	—	2	-2	—	—	—	—
퇴직급의 지급As filed	—	—	-6	-7	-7	-8	-8	—	—	—	—
미지급배당금의 증가(감소)As filed	—	—	—	—	—	-0	0	—	—	—	—
부가가치세 선급금의 감소(증가)As filed	—	—	-16	25	-4	8	-8	—	—	—	—
하자보수충당부채의 증가(감소)As filed	—	—	-4	-3	—	2	24	—	—	—	—
배당금수취As filed	—	2	—	—	—	—	—	—	—	—	—
퇴직연금운용자산의 감소As filed	—	—	4	5	4	4	3	—	—	—	—
투자활동으로 인한 현금유입액As filed	7	6	—	—	—	—	—	—	—	—	—
회원권의 처분As filed	—	—	—	—	—	1	—	—	—	—	—
기계장치의 취득As filed	24	15	1	93	1	25	31	—	—	—	—
매도가능증권의 처분As filed	6	2	—	—	—	—	—	—	—	—	—
공구와기구의 취득As filed	1	1	3	28	3	11	5	—	—	—	—
배당금수취(영업)As filed	—	—	0	—	—	—	—	—	—	—	—
장기대여금의 회수As filed	1	1	—	—	—	—	—	—	—	—	—
보조금의 감소As filed	0	0	—	—	—	—	—	—	—	—	—
집기의 취득As filed	—	—	2	10	2	4	4	—	—	—	—
시설장치의 취득As filed	4	10	0	78	0	2	3	—	—	—	—
장기종업원급여부채의증가(감소)As filed	—	—	—	—	—	—	4	—	—	—	—
투자활동으로 인한 현금유출액As filed	-143	-110	—	—	—	—	—	—	—	—	—
금형의 취득As filed	2	2	2	2	2	2	1	—	—	—	—
기계장치의 처분As filed	—	1	—	—	0	—	—	—	—	—	—
매도가능증권의 취득As filed	1	5	—	—	—	—	—	—	—	—	—
임차보증금의 감소As filed	—	—	0	1	0	—	—	—	—	—	—
건설중인자산의 취득As filed	43	54	354	77	63	2	14	—	—	—	—
금형의처분As filed	—	0	—	—	—	—	—	—	—	—	—
시설장치의 처분As filed	—	—	—	2	—	—	—	—	—	—	—
집기의 처분As filed	—	—	—	—	0	—	—	—	—	—	—
컴퓨터소프트웨어의 취득As filed	1	1	0	—	1	6	0	—	—	—	—
토지의 처분As filed	—	—	—	20	—	—	—	—	—	—	—
건물의 처분As filed	—	—	—	8	—	—	—	—	—	—	—
산업재산권의 취득As filed	0	0	0	0	0	0	-0	—	—	—	—
집기비품의 취득As filed	2	1	—	—	—	—	—	—	—	—	—
개발비의 증가As filed	14	11	2	5	2	0	0	—	—	—	—
구축물의 처분As filed	—	—	—	1	—	—	—	—	—	—	—
합병에따른현금유입As filed	—	—	—	—	—	—	0	—	—	—	—
차량운반구의 처분As filed	—	—	—	0	—	—	—	—	—	—	—
토지의 취득As filed	—	—	—	—	—	—	37	—	—	—	—
퇴직연금운용자산의 증가As filed	—	—	—	21	10	7	23	—	—	—	—
건물의 취득As filed	—	—	0	56	—	—	—	—	—	—	—
구축물의 취득As filed	0	1	0	18	1	—	0	—	—	—	—
종속회사주식의 취득As filed	—	—	—	—	—	-6	—	—	—	—	—
전환사채의 증가As filed	—	—	—	—	—	198	—	—	—	—	—
차량운반구의 취득As filed	0	0	0	3	0	—	0	—	—	—	—
퇴직연금운융자산의 증가As filed	9	8	—	—	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	—	—	—	—	—	-5	-1	—	—	—	—
장기차입금의 증가As filed	—	—	—	10	—	—	—	—	—	—	—
대여금의 증가As filed	—	—	—	—	—	—	2	—	—	—	—
장기차입금의 상환As filed	—	—	—	35	—	—	—	—	—	—	—
재무활동으로 인한 현금유입액As filed	39	16	—	—	—	—	—	—	—	—	—
주식발행초과금의 감소As filed	—	—	—	—	-0	—	—	—	—	—	—
관계회주식의 취득As filed	—	—	—	—	—	—	-7	—	—	—	—
재무활동으로 인한 현금 유출액As filed	-22	-10	—	—	—	—	—	—	—	—	—
국고보조금의증가As filed	—	—	—	—	—	—	2	—	—	—	—
유동성장기부채의상환As filed	10	—	—	—	—	—	—	—	—	—	—
단기차입금의 감소As filed	—	7	—	—	—	—	—	—	—	—	—

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 2026.03.17.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 41	한울회계법인	2025-12-31
2024	적정의견Term 40	삼일회계법인	2025-12-31
2023	적정의견Term 39	삼일회계법인	2025-12-31
2022	적정(연결 동일)Term 38	삼일회계법인	2022-12-31
2021	적정(연결 동일)Term 37	한울회계법인	2022-12-31
2020	적정(연결 동일)Term 36	한울회계법인	2022-12-31
2019	적정(연결 동일)Term 35	한울회계법인	2019-12-31
2018	적정(연결 동일)Term 34	한울회계법인	2019-12-31
2017	적정(연결 동일)	한울회계법인	2019-12-31
2016	적정(연결 동일)Term 31	한울회계법인	2016-06-30
2015	적정(연결 동일)Term 30	한울회계법인	2016-06-30
2014	적정(연결 동일)Term 29	한울회계법인	2016-06-30

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 5Y0.58

Equity risk premium%

Terminal growth%

Cost of equity7.29%

Weighted average cost of capital7.29%

Initial growth2.0%

Effective tax rate21.2%

Base fiscal year2025

Current priceKRW27,950

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	5,013	-82.1%
Dividend discount model DDM	5,013	-82.1%
Discounted cash flow FCFF	22,762	-18.6%
Discounted cash flow FCFE	22,194	-20.6%
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% + 0.58 × 5.00% = 7.29%

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 = 260 × (1 + 2.00%) / (7.29% − 2.00%) = 265 / 0.0529 = 5,013 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 = 260, g_1 = 2.00%, g_T = 2.00%, r = 7.29%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	265	0.9321	247
2	2.00%	271	0.8687	235
3	2.00%	276	0.8097	223
4	2.00%	281	0.7547	212
5	2.00%	287	0.7034	202
Terminal value	2.00%	5,535	0.7034	3,893
Total				5,013

P_0 = 5,013 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 = 635.9 − 114.0 + 1.9 × (1 − 21.24%) = 523.4 KRW hundred million

Weighted average cost of capital

E = 12,672.4, D = 19.5 KRW hundred million; equity weight = 99.85%, debt weight = 0.15%; cost of debt k_d = 7.29%

WACC = 99.85% × 7.29% + 0.15% × 7.29% × (1 − 21.24%) = 7.29%

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	2.00%	533.8	0.9321	497.6
2	2.00%	544.5	0.8688	473.0
3	2.00%	555.4	0.8097	449.7
4	2.00%	566.5	0.7547	427.6
5	2.00%	577.8	0.7035	406.5
Terminal value	2.00%	11,146.5	0.7035	7,841.4
Total				10,095.8

Firm value = 10,095.8; less borrowings 19.5; plus cash 243.7 → 10,320.0 KRW hundred million

P_0 = 10,320.0 KRW hundred million ÷ 45,339,477 (shares) = 22,762 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 = 635.9 − 114.0 + 0.0 (net borrowing) = 521.9 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	532.3	0.9321	496.2
2	2.00%	543.0	0.8687	471.7
3	2.00%	553.8	0.8097	448.4
4	2.00%	564.9	0.7547	426.3
5	2.00%	576.2	0.7034	405.3
Terminal value	2.00%	11,110.2	0.7034	7,814.9
Total				10,062.8

P_0 = 10,062.8 KRW hundred million ÷ 45,339,477 (shares) = 22,194 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