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121600KOSDAQ

Advanced Nano Products

63,500
+900 (+1.44%)

Price chart

  • 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

Advanced Nano Products is a company listed on the KOSDAQ market. The company is headquartered in Sejong Special Self-Governing City.

Established in 2000, the company manufactures advanced materials for displays, semiconductors, secondary batteries, and solar cells. Its main products include materials for display panels, solar cells, semiconductor CMP processes, and CNT conductive agents for secondary battery electrodes.

Business overview as filed

가. 사업의 내용

당사는 2000년 3월 15일 설립되었으며 디스플레이, 반도체, 이차전지, 태양전지 등의 첨단소재 제조업을 목적으로 하고 있습니다. 나노신소재는 원재료인 금속 또는 비금속 Metal을 구입하여 초미립 나노 분말로 합성하고 이를 다시 고체인 Target 형태나 Paste/Sol/Slurry 형태의 액상으로 제품화할 수 있는 기술력을 확보하고 있습니다. 이러한 기술을 통해서 디스플레이 패널시장 및 태양전지 시장, 반도체 CMP공정에 투입되는 소재 제조 그리고 이차전지 전극에 적용되는 CNT도전재를 주요 사업으로 영위하고 있습니다.

나. 공시대상 사업부문의 구분

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

주1)

ANP USA Inc 는 2025년 12월 31일자로 청산이 완료 되었습니다.

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 나노신소재(이하,"회사"라 한다)이라 한다. 영문으로는 Advanced Nano Products Co.,Ltd.(약호 "ANP")라 표기한다.

다. 본사의 주소, 전화번호, 홈페이지 주소 (1) 본사의 주소 : 세종특별자치시 부강면 금호안골길 78 (2) 대표전화번호 : 044-275-6966 (3) 홈페이지 주소 : http://www.anapro.com

라. 중소기업 등 해당 여부

마. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

바. 신용평가에 관한 사항

- 최근 3년간의 신용평가에 관한 내용은 다음과 같습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

5.83%
[4.05%, 8.26%] · 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 60.2% (2026-07-29). 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

1.09
Beta [0.99, 1.19] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.140%[-0.228%, +0.507%]
R squared
0.62
Observations
252
Trading-time corrected beta
1.15[0.97, 1.33]
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.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M4314114565224894856117998328781,1171,293
Revenue growth%—-4.7010.8414.66-6.42-0.7525.8530.864.085.5327.32—
Operating incomeKRW 100M916385875115571681193047106
Operating income growth%—-30.8035.522.56-41.21-71.54290.87194.02-29.31-74.8856.68—
Net incomeKRW 100M77596877581674192168-1916154
Net income growth%—-22.4114.9512.36-24.38-71.57350.40158.16-12.54-111.05——
Attributable to ownersKRW 100M7759—77581674192168-1916154
Attributable to minoritiesKRW 100M00—————0——0—
Operating margin%21.0915.3118.7216.7510.523.029.3721.0514.303.404.198.23
Net margin%17.7514.4514.9814.6811.873.4012.1724.0020.17-2.111.4611.89
ROE%10.367.66—8.636.191.797.449.647.00-0.760.665.79
ROA%9.177.057.677.795.691.556.138.973.90-0.420.363.92
Debt ratio%12.948.577.3010.838.6415.7221.477.4779.5681.1184.1147.85
Current ratio%852.511,647.961,573.40923.161,398.81747.92526.711,356.051,802.352,923.96150.05193.72
Quick ratio%446.77859.50783.43401.62690.04413.51321.151,042.421,587.762,548.74127.93149.69
Reserve ratio%1,261.351,335.921,442.631,564.501,643.921,651.641,776.733,197.053,419.273,326.043,305.053,491.78
Free cash flowKRW 100M784550-999-416326-296-25552—
FCF margin%17.9810.9611.05-1.6820.26-8.3810.283.28-35.65-29.044.66—
OCF conversion%152.59110.93139.9651.45205.20529.99142.68101.2555.48—1,024.72—
Capex to revenue%9.105.079.929.234.0926.397.0721.0246.8456.9810.33—
Receivable daysdays—90.988.790.387.386.374.556.481.998.9——
Inventory daysdays—462.1446.6436.0479.8378.5291.6280.6281.8262.6209.9—
Payable daysdays———61.175.480.2114.0108.6108.294.0——
Cash conversion cycledays———465.2491.6384.7252.1228.4255.5267.6——
EPSKRW7155486377175411567031,8111,489-1551361,254
PERx—27.7626.8421.3430.87242.6397.7242.7980.99—367.2840.83
BPSKRW—7,1527,6438,1918,6458,4949,20118,33419,69620,02120,25521,650
PBRx—2.132.241.871.934.467.474.236.122.912.472.36
Dividend per shareKRW150100130140120100120250250250250—
Payout ratio%20.9818.2620.4119.5322.1864.1017.0713.8016.79—183.82—

Consolidated basis

Profit flowKRW 100M

Revenue
1,117
Cost of sales
737
Gross profit
381
SG&A expenses
334
Operating income
47
Non-operating expenses
24
Profit before tax
23
Net income
16
Income tax expense
7

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

20152016201720182019202020212022202320242025
8348428909851,0191,0661,2122,1384,3004,4224,554
96676196811452141491,9051,9802,080
7397768298899389219981,9892,3952,4422,473

Income statement

20152016201720182019202020212022202320242025
4314114565224894856117998328781,117
916385875115571681193047
9765718365679197192-5023
77596877581674192168-1916
Basic earnings per shareKRW715Not applicable6377175411567031,8111,489-155136
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable1,6891,406-155136
755777735613801971616342

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement77596877581674192168-1916
Total adjustments to operating cash flowcomputed40627-376171322-75264151
1176696391198710619493245168
-52-48-115-16-59-92-144-755-1,749-292-46
10-30-33-16-928657091,859-51-38
Cash at beginning of periodKRW 100M621371296574126141179316525470
1371296574126141179316525470553
Net change in cash and cash equivalentsKRW 100M75-12*-649521537137210*-98Not applicable

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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 26성현회계법인2025-12-31
2024적정의견Term 25성현회계법인2025-12-31
2023적정의견Term 24서우회계법인2025-12-31
2022적정의견 예외사항 없음 (반기)Term 23서우회계법인2022-12-31
2021적정의견 예외사항 없음 (반기)Term 22서우회계법인2022-12-31
2020적정의견 예외사항 없음 (반기)Term 21신한회계법인2022-12-31
2019적정Term 20신한회계법인2019-12-31
2018적정Term 19신한회계법인2019-12-31
2017적정Term 18신한회계법인2019-12-31
2016적정Term 17신한회계법인2016-12-31
2015적정Term 16신한회계법인2016-12-31
2014적정Term 15신한회계법인2016-12-31

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 5Y1.14
%
%
Cost of equity10.10%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate28.9%
Base fiscal year2025
Current priceKRW63,500

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

ModelModel priceKRWVersus current price
Gordon growth model3,148-95.0%
Dividend discount model DDM3,007-95.3%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE5,130-91.9%
Residual income model RIM-1,855-102.9%
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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.14 × 5.00% = 10.10%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_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(0.66% × (1 − 100.00%), 0) = 0.00%

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

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 250 × (1 + 2.00%) / (10.10% − 2.00%) = 255 / 0.0810 = 3,148 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)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 = 250, g_1 = 0.00%, g_T = 2.00%, r = 10.10%

YearGrowthDividend KRWDiscount factorPresent value KRW
10.00%2500.9083227
20.50%2510.8249207
31.00%2540.7493190
41.50%2580.6805175
52.00%2630.6181162
Terminal value2.00%3,3080.61812,045
Total3,007

P_0 = 3,007 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_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 = 20,255 KRW, ROE = 0.66%, payout ratio = 100.00%, r = 10.10%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
120,2551342,046-1,9120.9083-1,737
220,2551342,046-1,9120.8249-1,577
320,2551342,046-1,9120.7493-1,433
420,2551342,046-1,9120.6805-1,301
520,2551342,046-1,9120.6181-1,182
Terminal value-24,0760.6181-14,881

P_0 = 20,255 + -7,229 + -14,881 = -1,855 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\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 = 167.5 − 115.5 + 0.0 (net borrowing) = 52.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%52.10.908347.3
20.50%52.30.824943.2
31.00%52.90.749339.6
41.50%53.70.680536.5
52.00%54.70.618133.8
Terminal value2.00%689.10.6181426.0
Total626.4

P_0 = 626.4 KRW hundred million ÷ 12,211,191 (shares) = 5,130 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.

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Neighbours in the market capitalisation order.

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