089030KOSDAQ

Techwing

55,100

+1,400 (+2.61%)

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

Techwing is a company established in 2002 and headquartered in Gyeonggi-do, South Korea. The company is listed on the KOSDAQ market.

The company develops and manufactures inspection equipment for semiconductors and displays. Its main products include Cube Probers, Probe Stations, and Test Handlers for memory and SOC. It supplies these products and related components to global semiconductor companies including Samsung Electronics, SK Hynix, Micron, Intel, and Infineon.

Business overview as filed

당사는 2002년 설립되었으며, 반도체 전 분야의 검사장비를 개발 및 제조하여 유수의 글로벌 반도체 고객사들에게 제품을 공급하고 있는 반도체 검사장비 전문업체입니다. 당사는 2011년 코스닥에 상장하였습니다. 또한 디스플레이 검사장비를 제조하여 전세계 각국 수요처들에게 공급하고 있습니다. 당사 주력 제품으로는 Cube Prober, Probe Station, Memory 및 SOC Test Handler 등이 있으며, 당사는 반도체 전 분야의 검사장비를 개발 및 제조할 수 있는 세계적인 기술 경쟁력을 보유하고 있습니다.

business line up.jpg business line up 당사의 제품은 SK하이닉스, 삼성전자, Micron, Intel, Infineon 등 유수의 글로벌 반도체 기업에공급되고 있습니다.

주요고객현황.jpg 주요 고객 현황 최근 반도체 검사장비는 반도체 제조공정의 고도화, 적층단수 증가 등에 따라 기술적난이도가 높아지고 있고, 최근 이슈로 떠오른 챗GPT 등 AI 반도체 용량과 처리속도가 빠르게 증가하고 있어 그에 따라 전체적인 테스트 시간이 증가하여 꾸준히 수요가발생하고 있으며, 반도체 불량 이슈 증가로 새로운 테스트 도입도 발생되고 있는 등 중요성이 더욱 확대되고 있습니다. 또한 당사는 설립이후 Memory Test Hanlder에 한정되어 공급하던 것에서 SoC Test Hanlder, SSD 검사솔루션, Burn-in 검사솔루션, Wafer 검사솔루션, HBM 검사 솔루션 등으로 그 제품 영역을 확대하고 있고 또한 Factory Automation 등을 통하여 더욱 다양한 검사솔루션을 제공하기 위하여 노력하고 있습니다.디스플레이 장비로는 광학평가시스템(Optical evaluation system), Module process system(광학검사기, 모듈수명/잔산검사기 등), Panel process system(OLED inspection등) 등이 포함되어 있습니다. 최근에는 Module 외관검사기가 주력 제품으로 공급되고 있으며, 최근 AOI 검사장비의 개발로 향후 계속적인 성장의 발판이 될 것입니다.

이엔씨테크놀로지 사업영역.jpg 이엔씨테크놀로지 사업영역

Company overview

1. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용 중소기업 등 해당 여부 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

2. 회사의 법적, 상업적 명칭당사의 명칭은 "주식회사 테크윙" 으로 표기합니다. 또한 영문으로는 "Techwing, Inc."로 표기합니다. 단, 약식으로 표기할 경우에는 "(주)테크윙" 또는 "Techwing, Inc."라고 표기합니다.3. 설립일자 및 존속기간당사는 2002년 7월 18일에 설립되었습니다. 또한 2011년 11월 10일에 코스닥시장 상장을 승인받아 회사의 주식이 상장되어 코스닥시장에서 매매가 개시되었습니다.

4. 본사의 주소, 전화번호 및 홈페이지본사 주소 : 경기도 화성시 동탄구 동탄산단6길 37 안성사업장 : 경기도 안성시 원곡면 기업단지로 129아산사업장 : 충청남도 아산시 음봉면 아산밸리로 387번길 118(음봉면 신휴리 777)

전화번호 : 031-379-8000(본사), 031-678-8000(안성사업장), 041-536-7000(아산사업장)

홈페이지 : https://www.techwing.co.kr

5. 주요사업의 내용당사는 반도체 시험 및 검사에 사용되는 다양한 시험, 검사 장비 및 부품, 주변장치들를 제조하여 판매하고 있습니다. 반도체의 성능과 관련된 검사는 반도체의 제조기술 향상과 더불어 그 중요성이 높아지고 있는 검사로서 최근에는 검사시간의 증가, 불량 이슈 증가 등에 기인하여 관련 검사공정이 확대되고 있는 상황입니다. 당사는 이와 관련하여 반도체 후공정 전분야에서 고객 요구에 맞춰 다양한 검사 솔루션을 제공하고 있습니다.

■ 주력제품1 : 반도체 Test Handler(Memory + Non-Memory + Module/SSD)반도체 후공정 Final Test 공정 및 Module/SSD검사 공정에서 주검사장치인 테스터에 반도체 소자를 이송하고, 테스트 온도환경을 제공하며, 테스터의 검사결과에 따라 불량 유무를 판단하고 분류하는 검출장비로 매우 중요한 핵심 검사장비입니다. 당사는 Memory Test Handler 사업을 시작으로 Non-Memory Test Handler의 사업영역까지 확대하였고, 더불어 고객사의 Module/SSD검사 공정 투자 확대에 따라 꾸준한 지속성장이 전망되고 있습니다. 또한 최근 반도체 제조기술의 향상으로 검사시간이 증가되고 있고, 새로운 검사공정이 도입되기도 하며 그 중요성이 확대되고 있습니다.

■ 주력제품2 : 번인(검사) 장비(Burn-In Chamber)당사는 그동안 Final Test 공정에 제한적이었던 장비 공급 영역에서 번인(검사)공정 장비인 Burn-In Chamber와 Sorter를 추가하여 공급하기 시작하였습니다. 번인공정은 장시간 동안 고온, 고압, 주사수 등의 Stress를 인가하여 제품의 수명 및 신뢰성과 관련된 취약한 제품을 제거하기 위한 신뢰성 Test 공정입니다. 당사는 해외 SSD 번인공정장비 공급을 시작으로 DRAM을 비롯하여 비메모리 관련 번인공정 장비 공급으로 사업을 확대할 계획입니다.■ 주력제품3 : 웨이퍼(검사) 장비 Probe stationProbe station은 웨이퍼와 Tester장비를 연결, 전기적 신호를 보내 전기적 특성을 검사하는 자동화 장비입니다. 도쿄일렉트론(TEL) 등 일본 업체들이 프로브 스테이션 시장을 사실상 점유하고 있습니다. 당사의 제품이 정식 양산공급에 성공한다면 국산화 대체 효과가 커질 것으로 기대됩니다. 당사는 주력제품인 TWP300을 통해 양산라인에 진입한 뒤 2세대 비전기술을 도입한 TWP300H 제품을 통해 시장 점유율을 끌어올릴 계획입니다. ■ 주력제품4 : HBM Test 장비 Cube ProberHBM이란 고성능 컴퓨터 시스템에서 사용되는 혁신적인 메모리 기술을 말합니다. 최근 인공지능(AI) 시장이 매우 가파르게 성장하고 있으며, 이에 따라 데이터 처리가 필수적인 만큼 HBM의 수요는 크게 증가하고 있습니다. 현재 HBM 시장은 SK하이닉스, 삼성전자, 마이크론 등 글로벌 반도체 기업들이 주도하고 있습니다. 당사 HBM 테스트 장비 Cube Prober는 HBM을 개별단위 수준으로 정밀하게 전수검사할 수 있는 장비로 개발되었습니다. 또한 정밀한 비전기술을 활용하여 경쟁사 제품 대비 공정 프로세스를 효율화하였습니다. 통상 핸들러 제품 내에서 웨이퍼 양품 검사를 한 후 회로를 연결하고, 검사를 위한 프로세스로 이동할 때 로더 장비, 언로더 장비, COK(반도체 칩을 담는 트레이) 등의 과정을 거치는데, 당사 Cubr Prober는 5μm 이하의 비전 정밀도를 기반으로 이 과정을 생략하고, 웨이퍼 상태로 척(Chuck)에 바로 이송할 수 있습니다. 당사는 제품 및 시장 경쟁력 우위를 바탕으로 HBM Test 장비 시장을 선도할 계획입니다. ■ 주력제품5 : 부품 및 주변장치당사는 검사장비 공급 이후 지속적인 관련 부품공급을 통해 또하나의 수익을 창출하고 있습니다. 당사 COK(Change over Kit)는 검사 대상(Device)의 변화에 따라 반드시 교체되어야 하는 특성을 갖고 있으며, 당사는 이를 직접 공급하면서 수익을 창출하고 있습니다. 설치 장비수의 지속적인 증가와 반복적으로 발생되는 반도체 기술변화에 따라 매출규모도 꾸준히 증가하고 있습니다. Parts 또한 장비 내용연수 증가에 따라 지속 교체되고 있어 매출에 기여하고 있습니다. 또한 최종 검사단계에서 Test Handler 및 Tester와 함께 사용되는 Interface Board(Test Board)가 Device의 전기적인 기능과 특성평가를 목적으로 사용되고 있는데, 당사는 Handler + Interface Board의 Total Solution을 함께 제공하고 있습니다.

[품목별 매출 비중]

* 부품 : Interface Board, COK, Parts, 장비 Upgrade 매출이 포함되어 있습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), 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

7.28%

[4.52%, 11.41%] · 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 55.1% (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

1.17

Beta [0.93, 1.42] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.067%[-0.531%, +0.666%]
R squared: 0.48
Observations: 252
Trading-time corrected beta: 1.14[0.67, 1.60]

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	1,360	1,420	2,228	1,937	1,869	2,282	2,559	2,675	1,336	1,855	1,591	1,848
Revenue growth%	—	4.37	56.90	-13.05	-3.53	22.10	12.17	4.52	-50.05	38.85	-14.22	—
Operating incomeKRW 100M	233	231	415	251	244	379	362	577	32	234	158	299
Operating income growth%	—	-0.80	79.78	-39.56	-2.76	55.37	-4.46	59.23	-94.52	640.74	-32.35	—
Net incomeKRW 100M	167	146	394	186	113	329	171	332	-111	-220	90	-122
Net income growth%	—	-12.34	168.98	-52.88	-39.01	190.90	-48.04	94.25	-133.39	—	—	—
Attributable to ownersKRW 100M	167	148	380	201	109	321	180	326	-93	-209	94	-117
Attributable to minoritiesKRW 100M	-0	-1	14	-15	5	9	-9	6	-18	-11	-4	-4
Operating margin%	17.11	16.26	18.64	12.95	13.06	16.62	14.15	21.56	2.37	12.62	9.95	16.18
Net margin%	12.28	10.31	17.68	9.58	6.06	14.43	6.69	12.43	-8.31	-11.84	5.65	-6.58
ROE%	17.33	—	25.18	12.27	6.19	15.84	8.28	14.09	-4.29	-10.95	4.37	-5.58
ROA%	7.90	5.47	11.50	5.53	2.98	7.92	3.36	6.81	-2.28	-4.34	1.42	-1.87
Debt ratio%	118.87	149.17	124.33	105.24	101.16	92.32	120.78	98.83	125.38	168.83	198.75	213.89
Current ratio%	129.68	125.08	116.95	122.20	140.91	138.71	156.25	102.47	103.29	71.43	171.76	121.36
Quick ratio%	77.54	84.52	83.30	71.68	90.52	91.83	98.31	53.39	44.87	35.15	98.09	63.28
Reserve ratio%	—	1,132.35	1,519.99	1,708.40	1,801.69	2,069.96	2,214.44	1,195.55	1,118.41	980.02	993.37	967.06
Free cash flowKRW 100M	-163	-239	-66	146	173	48	-526	586	-237	-195	-434	—
FCF margin%	-11.99	-16.84	-2.94	7.56	9.26	2.08	-20.56	21.90	-17.74	-10.51	-27.30	—
OCF conversion%	20.89	46.89	66.41	213.08	181.34	76.22	14.07	205.10	—	—	-178.84	—
Capex to revenue%	14.56	21.68	14.68	12.85	1.72	8.92	21.50	3.59	32.99	28.15	17.19	—
Receivable daysdays	—	124.9	118.5	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	144.1	107.0	158.2	181.4	158.3	162.2	198.5	365.1	257.0	382.3	—
Payable daysdays	—	48.9	66.4	90.8	77.8	68.5	59.3	49.4	58.1	46.6	—	—
Cash conversion cycledays	—	220.1	159.1	—	—	—	—	—	—	—	—	—
EPSKRW	989	856	2,182	1,091	584	1,712	928	886	-260	-584	263	-317
PERx	—	16.12	9.42	8.41	23.80	13.81	24.35	6.37	—	—	174.14	—
BPSKRW	—	—	8,202	8,686	9,076	10,478	11,203	6,200	5,807	5,107	5,804	5,670
PBRx	—	—	2.51	1.06	1.53	2.26	2.02	0.91	1.97	7.53	7.89	9.45
Dividend per shareKRW	220	220	230	230	230	230	230	130	130	130	130	—
Payout ratio%	22.24	25.70	10.54	21.08	39.38	13.43	24.78	14.67	—	—	49.43	—

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
	2,116	2,676	3,424	3,359	3,793	4,160	5,088	4,883	4,859	5,062	6,337
	927	1,053	1,757	1,482	1,693	1,923	2,295	1,813	1,438	1,561	2,642
Cash and cash equivalentsKRW 100M	141	65	114	113	153	297	203	233	136	255	422
InventoriesKRW 100M	373	342	506	613	605	650	851	868	813	793	1,133
Trade and other receivablesKRW 100M	389	583	864	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	1,189	1,623	1,667	1,877	2,100	2,237	2,793	3,070	3,421	3,501	3,695
Property, plant and equipmentKRW 100M	846	1,196	1,350	1,648	1,860	2,009	2,416	2,427	2,706	2,320	2,522
Intangible assetsKRW 100M	171	184	156	187	184	185	199	182	210	117	Not applicable
Investments in associatesKRW 100M	—	45	—	—	0	—	—	—	—	—	—
	1,149	1,602	1,898	1,722	1,908	1,997	2,783	2,427	2,703	3,179	4,216
	715	842	1,502	1,213	1,202	1,386	1,469	1,769	1,392	2,185	1,538
Trade and other payablesKRW 100M	132	110	416	226	296	247	302	126	142	150	Not applicable
Short-term borrowingsKRW 100M	469	574	737*	620	595	645	831	571	739	691	855
Current portion of long-term borrowingsKRW 100M	—	—	—	100	124	35	81	834	379	957	362
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	2	1	1	1
	434	760	395	509	706	611	1,315	658	1,311	994	2,678
Bonds issuedKRW 100M	—	—	—	331	345	0	0	—	—	—	—
Long-term borrowingsKRW 100M	183	281	166	135	315	546	1,244	558	1,202	877	1,837
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	2	1	1	1
	967	1,074	1,526	1,637	1,886	2,163	2,304	2,456	2,156	1,883	2,121
	967	Not applicable	1,509	1,635	1,753	2,024	2,172	2,316	2,169	1,908	2,151
Issued capitalKRW 100M	Not applicable	91	93	95	97	97	98	190	190	190	190
Capital surplusKRW 100M	289	341	373	430	482	483	490	398	398	398	398
Retained earningsKRW 100M	586	690	1,035	1,189	1,269	1,530	1,670	1,871	1,725	1,462	1,488
Accumulated other comprehensive incomeKRW 100M	0	4	0	0	-10	0	0	0	-0	1	1
Other equityKRW 100M	4	-31	8	-79	-86	-86	-87	-143	-143	-143	75
Non-controlling interestsKRW 100M	0	-21	17	1	132	139	132	139	-13	-24	-30

유동파생상품자산As filed	—	—	107	3	0	37	29	33	22	0	0
기타금융자산As filed	7	36	—	—	—	—	—	—	—	—	—
기타유동금융자산As filed	—	—	137	212	249	252	310	123	49	43	666
매출채권As filed	—	—	—	521	662	662	896	533	395	438	408
파생상품자산As filed	3	10	—	—	—	—	—	—	—	—	—
기타유동자산As filed	14	18	29	21	24	24	6	22	19	15	10
당기법인세자산As filed	0	—	—	0	0	0	0	—	4	16	3
매도가능금융자산As filed	0	44	—	—	—	—	—	—	—	—	—
비유동매도가능금융자산As filed	—	—	37	—	0	—	—	10	20	—	—
기타비유동금융자산As filed	—	—	14	18	20	30	125	300	250	48	50
장기매출채권As filed	—	—	—	—	—	—	—	13	13	—	4
투자부동산As filed	112	111	109	—	0	—	—	94	158	806	803
기타비유동자산As filed	0	0	0	—	0	—	—	—	—	—	—
장기매출채권, 총액As filed	—	—	—	—	—	—	—	—	—	3	—
이연법인세자산As filed	20	14	—	23	37	13	52	45	64	182	141
무형자산As filed	—	—	—	—	—	—	—	—	—	—	150
기타금융부채As filed	18	100	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	—	25	—
비유동파생상품자산As filed	—	—	—	—	—	—	—	—	—	—	0
파생상품부채As filed	25	37	—	—	—	—	—	—	—	—	—
당기법인세부채As filed	49	4	53	45	26	39	69	48	0	6	1
기타포괄손익-공정가치 금융자산As filed	—	—	—	—	—	—	—	—	—	—	25
유동성사채As filed	—	—	214	—	0	325	0	0	—	—	—
판매보증충당부채As filed	12	10	—	—	—	—	—	—	—	—	—
기타유동금융부채As filed	—	—	62	38	38	38	49	48	65	30	40
유동성전환사채As filed	—	—	—	159	7	7	0	0	—	—	—
유동파생상품부채As filed	—	—	4	9	87	16	82	91	31	319	124
기타유동부채As filed	10	7	8	10	24	30	48	41	—	—	—
사채As filed	232	240	—	—	—	—	—	—	—	—	—
유동판매보증충당부채As filed	—	—	10	5	5	5	6	8	6	4	3
전환사채As filed	—	213	194	—	0	—	—	—	—	—	—
순확정급여부채As filed	20	26	23	40	40	58	60	88	102	109	110
신주인수권부사채As filed	0	—	—	—	—	—	—	—	—	—	—
지배기업 소유주에게 귀속되는 자본As filed	—	1,095	—	—	—	—	—	—	—	—	—
기타비유동금융부채As filed	0	—	1	1	4	4	6	4	0	0	0
자본과부채총계As filed	2,116	2,676	3,424	3,359	3,793	4,160	5,088	4,883	4,859	5,062	6,337
이연법인세부채As filed	—	—	11	—	0	—	—	—	—	—	—
비유동판매보증충당부채As filed	—	—	—	2	2	2	4	3	1	2	1
기타 유동부채As filed	—	—	—	—	—	—	—	—	29	27	34
매입채무As filed	—	—	—	—	—	—	—	—	—	—	119
자본금As filed	87	—	—	—	—	—	—	—	—	—	—
교환사채As filed	—	—	—	—	—	—	—	—	—	—	704
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	4	5	2
비유동파생상품부채As filed	—	—	—	—	—	—	—	—	—	—	24
기타비유동부채As filed	—	—	—	—	—	—	—	3	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,360	1,420	2,228	1,937	1,869	2,282	2,559	2,675	1,336	1,855	1,591
Cost of salesKRW 100M	905	905	1,445	1,290	1,226	1,447	1,689	1,580	841	1,140	919
Gross profitKRW 100M	455	515	782	647	643	834	870	1,094	495	715	672
SG&A expensesKRW 100M	222	284	367	396	399	455	508	518	464	481	514
	233	231	415	251	244	379	362	577	32	234	158
Finance incomeKRW 100M	15	11	61	18	24	35	86*	30	39	27	14
Finance costsKRW 100M	27	39	55	56	67	56	188*	118	65	160	138
Other incomeKRW 100M	47	60	176	54	71	158	25*	260	103	139	156
Other expensesKRW 100M	54	81	118	38	144	110	66*	321	238	594	116
	214	181	480	228	128	407	219	427	-129	-354	75
Income tax expenseKRW 100M	47	-35	86	43	15	77	48	95	18	134	-15
	167	146	394	186	113	329	171	332	-111	-220	90
Attributable to ownersKRW 100M	167	148	380	201	109	321	180	326	-93	-209	94
Attributable to minoritiesKRW 100M	-0	-1	14	-15	5	9	-9	6	-18	-11	-4
Basic earnings per shareKRW	989	856	2,182	1,091	584	1,712	Not applicable	886	-260	-584	263
Diluted earnings per shareKRW	970	838	2,039	1,055	515	1,706	Not applicable	886	-260	-584	263
	162	145	394	181	123	320	177	324	-119	-226	95
Other comprehensive incomeKRW 100M	-5	-2	0	-5	10	-9	6	-8	-8	-7	5

포괄손익, 비지배지분As filed	-0	—	—	—	—	—	—	—	-19	-11	—
비지배지분As filed	—	-1	—	—	—	—	—	—	—	—	-4
순확정급여부채의 재측정요소As filed	-5	-6	—	—	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	162	—	—	—	—	—	—	—	-101	-215	—
해외사업환산손익As filed	0	-0	—	—	—	—	—	—	—	—	—
지배기업의 소유주지분As filed	—	—	—	—	—	—	—	—	—	—	99
지분법자본변동As filed	—	4	—	—	0	—	—	—	—	—	—
지배기업 소유주지분As filed	—	146	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	-5	9	-9	3	-8	-8	-8	4
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	6	-8	-8	-8	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	380	196	118	311	184	317	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	0	0	0	0	0	-0	1	—
총 포괄손익, 비지배지분As filed	—	—	14	-15	5	9	-7	7	—	—	—
매도가능금융자산평가이익As filed	—	—	—	—	—	—	3	0	0	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	0	0	-1	1	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	-1	—	—
기타포괄손익-공정가치로 측정되는 금융자산의 세후차손익As filed	—	—	—	—	—	—	—	—	—	0	—
해외사업환산이익As filed	—	—	—	—	—	—	—	—	—	—	0
기타포괄손익-공정가치측정 채무금융자산 평가손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	0

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	167	146	394	186	113	329	171	332	-111	-220	90
Total adjustments to operating cash flowcomputed	-132	-78	-132	210	92	-78	-147	349	315	547	-251
	35	69	262	395	205	251	24	682	204	327	-161
Interest receivedKRW 100M	2	2	3	8	10	11	9	13	12	7	7
Interest paidKRW 100M	24	25	37	40	45	37	39	55	74	110	101
Income taxes paidKRW 100M	27	82	10	85	52	39	58	106	51	-11	-9
	-239	-490	-492	-334	-84	-252	-647	-249	-672	-299	-1,093
Purchase of property, plant and equipmentKRW 100M	198	308	327	249	32	203	550	96	441	522	273
Proceeds from sale of property, plant and equipmentKRW 100M	4	2	4	2	6	1	1	11	3	17	2
Purchase of intangible assetsKRW 100M	44	20	22	54	26	30	47	46	91	18	Not applicable
	305	345	279	-62	-82	149	528	-400	374	85	1,426
Dividends paidKRW 100M	33	38	40	42	42	43	43	43	46	46	46
Acquisition of treasury sharesKRW 100M	0	58	15	90	0	0	0	129	0	0	—
Disposal of treasury sharesKRW 100M	98	—	58	—	0	0	0	—	—	—	—
Cash at beginning of periodKRW 100M	40	141	65	114	113	153	297	203	233	136	255
	141	65	114	113	153	297	203	233	136	255	422
Effect of exchange rate changesKRW 100M	0	1	-1	0	-0	-3	0	-2	-2	6	-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	172

영업으로부터 창출된 현금흐름As filed	84	—	306	513	291	317	111	830	316	—	—
영업활동으로부터 창출된 현금흐름As filed	—	173	—	—	—	—	—	—	—	—	-76
리스부채의 상환As filed	—	—	—	—	—	—	—	—	—	2	2
장기차입금의 증가As filed	—	139	63	40	200	274	768	0	380	284	459
교환사채의 발행As filed	—	—	—	—	—	—	—	—	—	—	933
금융리스부채의 지급As filed	—	—	—	—	—	—	1	2	2	—	—
기타유동금융자산의 처분As filed	11	27	104	153	115	67	81	173	112	42	49
단기차입금의 증가As filed	—	363	504	192	110	130	308	369	259	250	480
전환권/신주인수권 행사로 인한 현금유입As filed	—	—	—	-0	-0	0	-0	0	0	—	—
장기차입금의 상환As filed	95	117	5	—	—	—	—	—	184	103	0
기타비유동금융자산의 처분As filed	11	-17	6	8	41	3	4	2	46	210	3
기타비유동금융자산의 취득As filed	22	66	213	13	9	20	8	38	98	19	15
기타유동금융자산의 취득As filed	1	-13	15	239	93	69	131	256	29	28	653
단기차입금의 상환As filed	692	238	277	197	205	70	122	515	33	298	317
무형자산의 처분As filed	—	—	—	0	0	0	0	1	0	0	—
유형자산 등의 취득대금 정산As filed	0	—	—	—	—	—	—	—	—	—	—
사업결합As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	—	7	37	0	0	3	0	0	—	—
사채의 상환As filed	—	—	—	214	0	0	347	0	0	—	—
지분법적용 투자지분의 처분As filed	—	—	41	—	0	0	0	0	0	—	—
정부보조금의 수취As filed	—	—	—	22	0	0	0	0	0	—	—
전환사채의 감소As filed	—	—	—	—	117	0	0	0	0	—	—
유동성장기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	81
연결범위의 변동As filed	—	—	-79	-0	-85	0	0	0	-4	0	0
투자부동산의 취득As filed	0	—	—	—	—	—	—	—	40	0	17
종속기업 투자지분의 취득As filed	—	—	—	—	0	0	0	—	—	—	—
파생상품거래손익As filed	—	—	—	—	—	—	—	—	130	—	—
사업의결합As filed	—	—	—	—	0	0	0	—	—	—	—
단기차입금의 차입As filed	704	—	—	—	—	—	—	—	—	—	—
무형자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	35
파생상품의정산As filed	—	—	—	—	—	—	—	—	—	160	—
장기차입금의 차입As filed	139	—	—	—	—	—	—	—	—	—	—
사채의 증가As filed	—	—	—	332	0	0	0	—	—	—	—
지분법투자주식의 취득As filed	—	-41	—	—	—	—	—	—	—	—	—
사업의 결합As filed	—	-79	—	—	—	—	—	—	—	—	—
회사채As filed	235	—	—	—	—	—	—	—	—	—	—
신주인수권부사채의 발행As filed	-51	—	—	—	—	—	—	—	—	—	—
유동성 장기차입금의 상환As filed	—	—	—	33	27	142	35	81	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	—	—	179	0
파생상품의 정산As filed	—	—	—	—	—	—	—	—	—	—	154
장기차입금의 조기상환As filed	—	—	—	-50	-0	0	0	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	49	-1	40	148	-95	32	-95	113	—
연결자본거래로 인한 현금유출As filed	0	—	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	419	—
현금및현금성자산의증가As filed	101	—	—	—	—	—	—	—	—	—	—
전환사채의 발행As filed	—	245	—	—	—	—	—	—	—	—	—
신주인수권의 행사As filed	—	49	—	—	—	—	—	—	—	—	—
전환사채의 증가As filed	—	—	—	—	0	0	0	—	—	—	—
현금및현금성자산의 증가As filed	—	-76	—	—	—	—	—	—	—	—	—

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.03.16.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 24	대주회계법인	2025-12-31
2024	적정의견Term 23	회계법인 리안	2025-12-31
2023	적정의견Term 22	회계법인 리안	2025-12-31
2022	적정Term 21	회계법인 리안	2022-12-31
2021	적정Term 20	대주회계법인	2022-12-31
2020	적정Term 19	대주회계법인	2022-12-31
2019	적정Term 18	대주회계법인	2019-12-31
2018	적정Term 17	대주회계법인	2019-12-31
2017	적정Term 16	대주회계법인	2019-12-31
2016	적정Term 15	대주회계법인	2016-12-31
2015	적정Term 14	대주회계법인	2016-12-31
2014	적정Term 13	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 5Y1.02

Equity risk premium%

Terminal growth%

Cost of equity9.47%

Weighted average cost of capital—

Initial growth2.2%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW55,100

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	1,775	-96.8%
Dividend discount model DDM	1,784	-96.8%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	3,457	-93.7%
Residual income model RIM	1,815	-96.7%

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.02 × 5.00% = 9.47%

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(4.37% × (1 − 49.43%), 0) = 2.21%

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%) / (9.47% − 2.00%) = 133 / 0.0747 = 1,775 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 = 2.21%, g_T = 2.00%, r = 9.47%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.21%	133	0.9135	121
2	2.16%	136	0.8345	113
3	2.11%	139	0.7623	106
4	2.05%	141	0.6963	98
5	2.00%	144	0.6361	92
Terminal value	2.00%	1,970	0.6361	1,253
Total				1,784

P_0 = 1,784 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 = 5,804 KRW, ROE = 4.37%, payout ratio = 49.43%, r = 9.47%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	5,804	254	550	-296	0.9135	-270
2	5,933	259	562	-302	0.8345	-252
3	6,064	265	574	-309	0.7623	-236
4	6,198	271	587	-316	0.6963	-220
5	6,335	277	600	-323	0.6361	-205
Terminal value				-4,410	0.6361	-2,805

P_0 = 5,804 + -1,184 + -2,805 = 1,815 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 = -160.9 − 273.5 + 527.7 (net borrowing) = 93.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.21%	95.4	0.9135	87.2
2	2.16%	97.5	0.8345	81.3
3	2.11%	99.5	0.7623	75.9
4	2.05%	101.6	0.6963	70.7
5	2.00%	103.6	0.6361	65.9
Terminal value	2.00%	1,414.6	0.6361	899.8
Total				1,280.8

P_0 = 1,280.8 KRW hundred million ÷ 37,053,645 (shares) = 3,457 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