140860KOSDAQ

Park Systems

312,000

+4,000 (+1.30%)

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

Park Systems is a technology venture company established on April 2, 1997. The company is listed on the KOSDAQ market.

The company develops, produces, and distributes atomic force microscopes globally. Its business segments include research-grade and industrial-grade microscopes, as well as consumables and services. Its customers include the semiconductor and information storage industries, and it distributes products through global sales channels.

Business overview as filed

당사는 첨단 나노계측장비인 원자현미경(Atomic Force Microscope)을 개발, 생산하여 전 세계에 판매하는 기술벤처기업입니다. 당사의 주요 수익 모델은 원자현미경이며, 현재 연구용 원자현미경과 산업용 원자현미경을 판매하고 있습니다.

당사의 당기 연결 누적 매출액은 205,613백만원이며, 연구용 약 23%, 산업용 약 71%, 기타 소모품 및 서비스가 약 6% 비율로 이루어져 있습니다. 당기 매출액 중 해외 수출은 약 87%, 국내 매출은 약 13%를 차지하고 있습니다. 기타 세부내용은 '2.주요제품 및 서비스', '4.매출 및 수주상황'을 참고하여 주시기 바랍니다.

원자현미경은 원자, 분자 수준의 분해능을 갖는 나노계측장비로서 미세한 구조물의 형상 측정과 특성 분석에 널리 활용되고 있으며 나노기술 발전에 크게 기여를 해왔습니다. 최고 수천 배의 배율을 가진 광학현미경과 최고 수십만 배의 배율을 가진 전자현미경(SEM)에 비해 원자현미경의 배율은 최고 수천만 배에 달하며 특히 수직 방향의 분해능이 좋기 때문에 원자 지름의 수십 분의 일(0.01nm)까지도 측정이 가능합니다. 원자현미경은 높낮이와 각도 등 시료의 3차원적 형상을 정량적으로 측정할 수 있을 뿐 아니라 전자기적 특성, 기계적 특성, 광학적 특성 등 다양한 물리적 성질을 나노미터 수준에서 측정 분석할 수 있습니다. 뿐만 아니라 전자현미경은 진공 상태에서만 작동하는데 비해 원자현미경은 대기 중이나 액체 속에서도 작동이 가능하며 시료의 전도성과 관계없이 별도의 시료 준비과정을 거치지 않고 바로 측정이 가능합니다. 나아가 나노미터 수준에서 물체를 조작할 수 있고 나노리소그래피에도 응용이 가능하여 앞으로 nano-manufacturing 장비로도 활용될 수 있습니다.

당사는 가장 오랫동안 원자현미경 기술을 개발해왔고 오직 원자현미경 한 품목에만 집중해 왔습니다. 지난 수십년간의 기술적 know-how와 창의적인 기법을 기반으로 꾸준히 원자현미경 기술을 개발하여 경쟁사와의 기술력 격차와 제품의 성능 격차가 상당히 벌어진 상태입니다. 당사의 비접촉식 모드는 아직도 경쟁사들이 쫒아오지 못하고 있으며 당사가 개발한 유연힌지 가이드 스캔 시스템은 경쟁사들이 모방하려고 노력하고 있으나 정확도와 정밀도에서 아직도 크게 뒤쳐져 있습니다.

이러한 당사 제품의 우수성은 산업용 시장에서 그 진가를 발휘하고 있으며, 연구용 시장에서도 기술에 대한 안목이 있는 high-end 고객들을 중점적으로 공략하여 reference site로 만들고 이러한 reference site들을 지속적으로 증대시켜 나아가고 있습니다. 당사는 글로벌 마케팅 활동을 강화하고 글로벌 판매망을 확충하여 시장점유율을 높이고 동시에 더욱 사용하기 편리하고 우수한 결과를 쉽게 얻을 수 있는 원자현미경을 개발하여 원자현미경 시장의 저변을 확장해 나갈 것입니다. 또한, 국내 및 해외 반도체 산업에서의 기회를 최대한 살려서 산업용 장비의 판매실적을 향상시키고 지난 2022년 독일 Accurion 인수에 이어, 2025년 3월, 스위스 Lyncee tec SA을 인수하며 광학 계측 기술 역량을 더욱 강화하였습니다. 이번 인수를 통해 당사는 Digital Holographic Microscope 기술을 확보면서, 반도체 및 첨단 산업 전반에서의 계측 솔루션을 한층 고도화할 수 있게 되었습니다.

Company overview

1. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

2. 회사의 법적ㆍ상업적 명칭 회사의 국문 및 영문 명칭은 다음과 같습니다.

3. 설립일자 및 존속기간 회사의 설립일은 1997년 4월 2일 입니다.4. 본사의 주소, 전화번호, 홈페이지 주소

5. 중소기업 등 해당 여부

6. 주요 사업의 내용 당사는 첨단 나노계측장비인 원자현미경(Atomic Force Microscope)을 개발, 생산하여 전 세계에 판매하는 기술벤처기업입니다. 원자현미경은 시료의 형상과 물성을 나노미터 수준에서 계측하고 분석하는 장비로 나노기술의 발전에 핵심적인 역할을 해왔습니다. 원자현미경은 전자현미경으로 측정이 불가능한 극미세 구조를 고해상도로 관측할 수 있고 시료표면의 형상과 여러 가지 물리적 특성을 정량적으로 측정할 수 있기 때문에 반도체산업과 정보저장산업, 그리고 다양한 나노기술 연구에 활용되고 있으며 신물질, 에너지, 환경, 바이오, 의학진단 등 미래 산업에도 크게 기여할 수 있는 장비입니다. 상세한 내용은 'II. 사업의 내용'을 참조해주시기 바랍니다.7. 신용평가에 관한 사항

8. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

4.37%

[2.72%, 7.09%] · 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 33.1% (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

0.81

Beta [0.67, 0.95] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.095%[-0.230%, +0.421%]
R squared: 0.36
Observations: 252
Trading-time corrected beta: 0.81[0.53, 1.09]

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	200	245	329	418	520	712	853	1,245	1,448	1,751	2,056	1,948
Revenue growth%	—	22.31	34.48	27.15	24.31	37.04	19.69	46.07	16.29	20.89	17.45	—
Operating incomeKRW 100M	24	35	60	57	80	150	176	326	276	385	422	234
Operating income growth%	—	46.45	74.16	-5.74	41.35	86.43	17.36	85.70	-15.58	39.80	9.50	—
Net incomeKRW 100M	36	37	45	56	85	100	91	280	246	428	345	232
Net income growth%	—	3.31	21.93	23.12	52.02	17.04	-8.75	208.02	-12.23	74.26	-19.46	—
Attributable to ownersKRW 100M	36	37	45	56	85	100	91	—	246	428	345	232
Attributable to minoritiesKRW 100M	—	—	—	—	—	—	—	—	—	—	0	—
Operating margin%	11.83	14.16	18.34	13.60	15.46	21.03	20.62	26.22	19.03	22.01	20.52	12.01
Net margin%	18.05	15.24	13.82	13.38	16.37	13.98	10.66	22.47	16.96	24.45	16.77	11.91
ROE%	15.96	14.10	14.87	15.49	19.17	18.76	10.08	—	17.12	22.78	15.31	6.82
ROA%	14.14	11.57	12.26	12.94	14.06	9.53	6.78	16.75	12.18	15.60	9.85	4.89
Debt ratio%	12.88	21.95	21.32	19.69	36.40	96.71	48.56	39.83	40.55	45.98	55.44	39.26
Current ratio%	820.57	535.28	531.00	566.04	360.83	296.09	400.01	318.25	298.21	303.71	268.09	361.95
Quick ratio%	608.12	441.19	386.11	384.30	249.19	221.48	308.53	221.77	221.73	231.71	193.33	278.34
Reserve ratio%	—	—	—	—	1,224.44	1,500.13	2,519.36	3,387.55	4,034.64	5,214.56	6,122.68	9,311.27
Free cash flowKRW 100M	-0	-5	20	31	3	-21	83	237	191	65	-293	—
FCF margin%	-0.18	-1.96	6.09	7.47	0.67	-2.94	9.69	19.05	13.18	3.74	-14.23	—
OCF conversion%	0.90	6.36	58.52	70.34	18.29	125.30	118.77	98.55	127.45	81.10	71.00	—
Capex to revenue%	0.34	2.93	2.00	1.95	2.32	20.45	2.97	3.10	8.44	16.09	26.13	—
Receivable daysdays	—	148.2	149.2	112.8	119.8	111.9	116.0	48.4	46.5	86.8	92.8	—
Inventory daysdays	—	233.2	252.4	262.9	304.3	270.5	271.6	265.7	265.7	249.9	264.4	—
Payable daysdays	—	68.2	127.5	129.1	196.3	189.8	157.4	90.2	86.1	129.2	—	—
Cash conversion cycledays	—	313.2	274.2	246.6	227.9	192.6	230.2	223.9	226.1	207.5	—	—
EPSKRW	732	573	694	844	1,277	1,498	1,361	4,061	3,553	6,175	4,963	3,312
PERx	—	31.06	43.37	47.75	31.75	63.08	112.42	28.05	48.83	34.25	42.11	75.03
BPSKRW	—	4,049	4,637	5,434	6,656	7,960	13,067	17,194	20,598	26,892	32,176	48,598
PBRx	—	4.40	6.49	7.42	6.09	11.87	11.71	6.62	8.42	7.86	6.50	5.11
Dividend per shareKRW	50	50	80	100	120	180	250	400	400	500	500	—
Payout ratio%	6.83	8.73	11.53	11.85	9.40	12.02	18.37	9.85	11.26	8.10	10.07	—

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
	255	322	371	432	605	1,044	1,339	1,670	2,017	2,743	3,499
	234	296	344	401	542	807	1,067	1,263	1,481	1,912	1,967
Cash and cash equivalentsKRW 100M	52	50	108	111	116	353	400	451	709	934	751
Short-term financial instrumentsKRW 100M	—	—	5	28	6	0	81	6	8	6	—
InventoriesKRW 100M	61	52	94	129	168	203	244	383	380	453	548
Trade and other receivablesKRW 100M	61	138*	131	127	214	223	319*	11*	358	475*	571
	21	26	27	32	63	237	272	407	536	832	1,533
Property, plant and equipmentKRW 100M	5	14	18	21	47	208	229	260	372	635	1,160
Intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	0	0	0	0	98	106	112	283
Investments in associatesKRW 100M	—	—	—	—	—	—	—	3	3	3	24
	29	58	65	71	161	513	438	476	582	864	1,248
	28	55	65	71	150	273	267	397	497	629	734
Trade and other payablesKRW 100M	13	20*	54	55	136	125	134*	78*	169	262	Not applicable
Short-term borrowingsKRW 100M	—	—	—	—	—	—	—	102*	208	201	330
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	18	21	29	31
	1	3	0	0	11	241	171	79	85	235	514
Long-term borrowingsKRW 100M	—	—	—	—	—	100	100	7	5	158	423
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	29	40	34	43
	226	264	306	361	444	531	901	1,195	1,435	1,879	2,251
	226	264	306	361	444	531	901	1,195	1,435	1,879	2,251
Issued capitalKRW 100M	32	33	33	33	33	33	34	35	35	35	35
Capital surplusKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	146	146	436	481	492	508	518
Retained earningsKRW 100M	57	91	133	184	262	354	433	695	913	1,314	1,624
Accumulated other comprehensive incomeKRW 100M	-3	-2	—	—	-1	-1	-3	-10	-4	10	46
Other equityKRW 100M	3	2	-4	-1*	4	-2	1	-7	-1	12	29
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

기타유동자산As filed	10	10	6	6	39	28	23	37	26	43	56
단기금융자산As filed	50	46	—	—	—	—	—	—	—	—	—
당기법인세자산As filed	—	—	—	—	—	—	—	—	—	—	0
매출채권As filed	—	—	—	—	—	—	—	375	—	—	—
기타수취채권As filed	1	1	—	8	9	9	—	—	—	—	—
장기금융상품As filed	—	—	0	—	—	—	16	16	17	15	—
장기금융자산As filed	—	0	—	0	0	9	—	—	—	—	—
장기매출채권 및 기타비유동채권As filed	—	—	7	—	—	—	15	16	18	28	4
기타비유동금융자산As filed	9	3	0	0	4	—	—	—	—	—	7
기타비유동자산As filed	—	—	—	—	—	0	—	0	0	—	0
기타유동금융자산As filed	—	—	—	—	—	—	—	—	—	—	40
이연법인세자산As filed	2	3	2	3	3	11	12	15	21	38	43
비유동당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	12
단기리스부채As filed	—	—	—	—	—	—	13	—	—	—	—
유동충당부채As filed	—	—	1	—	—	—	2	2	3	4	17
기타유동부채As filed	2	16	7	9	11	13	21	86	—	—	—
충당부채As filed	1	0	—	1	1	2	—	—	—	—	—
파생상품부채As filed	—	—	—	0	0	—	—	—	—	—	—
기타채무As filed	12	17	—	0	11	—	—	—	—	—	—
당기법인세부채As filed	1	2	3	5	2	17	2	45	10	45	46
유동파생상품부채As filed	—	—	—	—	—	—	94	0	—	6	—
파생금융부채As filed	—	—	—	—	—	115	—	—	—	—	—
단기매입채무As filed	—	—	—	—	—	—	—	64	—	—	75
장기매입채무 및 기타비유동채무As filed	—	—	0	—	—	—	—	—	—	11	—
자본과부채총계As filed	255	322	371	432	605	1,044	1,339	1,670	2,017	2,743	3,499
기타불입자본As filed	138	141	143	145	—	—	—	—	—	—	—
전환사채As filed	—	—	—	—	—	118	39	—	—	—	—
기타비유동부채As filed	—	—	—	—	—	23	30	3	—	—	—
기타유동금융부채As filed	—	—	—	—	—	—	—	—	14	15	163
기타 유동부채As filed	—	—	—	—	—	—	—	—	71	68	68
장기리스부채As filed	—	—	—	—	—	—	2	—	—	—	—
비유동충당부채As filed	—	—	—	—	—	—	0	1	2	13	3
이연법인세부채As filed	—	—	—	—	—	—	—	5	5	5	8
비유동 당기손익인식금융부채As filed	—	—	—	—	—	—	—	—	26	—	18
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	8	—	—
기타비유동금융부채As filed	—	—	—	—	—	—	—	—	—	14	19
비유동 당기손익-공정가치 측정 지정 금융부채As filed	—	—	—	—	—	—	—	34	—	—	—
유동당기손익인식금융부채As filed	—	—	—	—	—	—	—	—	—	—	0
유동 파생상품 금융부채As filed	—	—	—	—	—	—	—	—	—	—	4

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	200	245	329	418	520	712	853	1,245	1,448	1,751	2,056
Cost of salesKRW 100M	79	88	105	154	178	250	301	431	524	608	691
Gross profitKRW 100M	121	156	223	264	342	462	552	815	924	1,142	1,365
SG&A expensesKRW 100M	97	122	163	207	262	312	376	488	648	757	943
	24	35	60	57	80	150	176	326	276	385	422
Finance incomeKRW 100M	0	2	0	1	2	1	82*	12	42	90*	95
Finance costsKRW 100M	7	0	0	0	2	37	183*	4	26	26*	114
Other incomeKRW 100M	20	8	4	10	13	20	28*	102	24	58*	21
Other expensesKRW 100M	2	5	15	5	9	26	15*	117*	45	35*	11
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	—	-1
	35	39	50	62	84	107	88	319	271	472	412
Income tax expenseKRW 100M	-1	2	4	6	-1	8	-3	39	26	44	67
	36	37	45	56	85	100	91	280	246	428	345
Attributable to ownersKRW 100M	36	37	45	56	85	100	91	Not applicable	246	428	345
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0
Basic earnings per shareKRW	732	573	694	844*	1,277	1,498	1,361	4,061	3,553	6,175	4,963
Diluted earnings per shareKRW	704	562	685	844*	1,277	1,498	1,353	4,041	3,542	6,156	4,943
	36	39	43	58	86	100	89	273	252	442	380
Other comprehensive incomeKRW 100M	0	2	-3	2	1	0	-2	-7	6	14	36

포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	252	442	380
1. 후속적으로 당기손익으로 재분류될 수 있는 항목As filed	0	2	—	—	—	—	—	—	—	—	—
지분법손실As filed	—	—	—	—	—	—	—	0	—	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	—	—	0
해외사업장환산외환차이As filed	0	2	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-3	2	1	0	-2	-7	6	14	—
지배기업의 소유주As filed	36	39	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-3	2	1	0	-2	-7	6	14	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	43	58	86	100	89	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	—	—	—	—	—	—	—	—	—	—	36
외화환산외환차이의 세후차익(차손)As filed	—	—	—	—	—	—	—	—	—	—	36

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	36	37	45	56	85	100	91	280	246	428	345
Total adjustments to operating cash flowcomputed	-36	-35	-19	-17	-70	25	17	-4	67	-81	-100
	0	2	27	39	16	125	108	276	313	347	245
Interest receivedKRW 100M	0	0	1	0	0	0	1	2	10	15	20
Interest paidKRW 100M	2	0	0	0	1	1	0	2	2	8	20
Income taxes paidKRW 100M	1	1	3	5	2	0	13	5	65	20	76
	-28	-4	33	-32	9	-149	-38	-142*	-128*	-287	-709
Purchase of property, plant and equipmentKRW 100M	1	7	7	8	12	146	25	39	122	282	537
Proceeds from sale of property, plant and equipmentKRW 100M	3	0	Not applicable	0	Not applicable	-0	0	Not applicable	0	0	5
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	0	Not applicable	Not applicable	Not applicable	0	5	4	6
	46	-1	-1	-4	-20	266	-24	-89*	64*	101	292
Dividends paidKRW 100M	—	3	3	5	7	8	12	17	28	28	35
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	8	—	15	—	—	—
Issue of sharesKRW 100M	88	—	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	33	52	50	108	111	116	353	400	451	709	934
	52	50	108	111	116	353	400	451	709	934	751
Effect of exchange rate changesKRW 100M	0	0	-1	-0	0	-5	2	7	8	64	-12
Net change in cash and cash equivalentsKRW 100M	19	-2	58	3	5	237	47	Not applicable	258	225	-184

금융리스부채의 지급As filed	—	—	—	—	14	19	20	20	22	28	34
영업활동으로부터 창출된 현금As filed	2	3	—	—	—	—	—	—	—	—	—
영업활동으로부터 창출된 현금흐름As filed	—	—	29	—	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	—	44	18	125	121	280	—	—	—
금융상품의 처분As filed	—	—	70	—	—	—	0	—	—	—	—
금융상품의 취득As filed	—	—	30	—	—	8	8	—	—	—	—
단기금융상품의 처분As filed	—	—	—	68	148	5	—	—	6	6	6
주식선택권행사로 인한 현금유입As filed	—	—	2	2	1	0	8	5	8	12	7
기타유동금융자산의 처분As filed	—	—	—	—	—	—	—	0	—	—	—
단기금융상품의 취득As filed	50	168	—	90	126	—	—	—	6	6	15
단기금융자산의 감소As filed	20	173	—	—	—	—	—	—	—	—	—
장기차입금의 증가As filed	—	—	—	—	—	100	—	—	—	155	259
단기차입금의 증가As filed	—	—	—	—	11	72	—	0	206	—	102
파생상품부채의 정산As filed	—	—	—	—	—	-0	0	-8	—	—	—
임차보증금의 감소As filed	0	0	0	0	0	0	0	—	0	3	10
장단기대여금의 감소As filed	0	—	—	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	2	0	1	1	0	7	—	2	8	4
장기차입금의 상환As filed	—	—	—	—	—	—	—	2	2	2	2
장기금융상품의 처분As filed	—	—	—	—	—	—	—	0	0	3	5
단기차입금의 상환As filed	—	—	—	—	11	72	—	5	100	8	5
매도가능금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	0	1	1	0	2	1	—
기타유동금융자산의 취득As filed	—	—	—	—	—	—	—	6	—	—	—
보증금의 증가As filed	0	—	—	—	—	—	—	—	—	—	—
종속기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	86	—	—	—
매도가능증권의 취득As filed	—	—	—	—	0	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	3	—	—	20
파생상품부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-2
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	59	4	5	242	45	45	249	161	-172
장기금융상품의 취득As filed	—	0	—	—	—	—	—	—	0	—	0
주식선택권의 행사As filed	1	3	—	—	—	—	—	—	—	—	—
차입금의 차입As filed	14	—	—	—	—	—	—	—	—	—	—
기타비유동금융자산의 취득As filed	—	—	—	—	—	—	—	1	—	0	0
차입금의 상환As filed	56	—	—	—	—	—	—	—	—	—	—
임대보증금의 반환As filed	-1	—	—	—	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	370	360	—
전환사채의 전환As filed	—	—	—	—	—	—	0	0	—	—	—
전환사채의 증가As filed	—	—	—	—	—	200	—	—	—	—	—
전환사채의 감소As filed	—	—	—	—	—	—	—	35	—	—	—
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	141
조건부대가 자산(부채)의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-9
투자활동으로 분류된 정부보조금As filed	—	—	—	—	—	—	—	—	—	—	0
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	320

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 2026.03.19.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 29	한울회계법인	2025-12-31
2024	적정의견Term 28	다산회계법인	2025-12-31
2023	적정의견Term 27	다산회계법인	2025-12-31
2022	적정Term 26	다산회계법인	2022-12-31
2021	적정Term 25	다산회계법인	2022-12-31
2020	적정Term 24	다산회계법인	2022-12-31
2019	적정Term 23	다산회계법인	2019-12-31
2018	적정Term 22	다산회계법인	2019-12-31
2017	적정Term 21	다산회계법인	2019-12-31
2016	적정Term 20	다산회계법인	2016-12-31
2015	적정Term 19	안진회계법인	2016-12-31
2014	적정Term 18	다산회계법인	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 5Y0.68

Equity risk premium%

Terminal growth%

Cost of equity7.81%

Weighted average cost of capital—

Initial growth13.8%

Effective tax rate16.4%

Base fiscal year2025

Current priceKRW312,000

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

Model	Model priceKRW	Versus current price
Gordon growth model	8,773	-97.2%
Dividend discount model DDM	11,411	-96.3%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	32,886	-89.5%
Residual income model RIM	93,389	-70.1%

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% + 0.68 × 5.00% = 7.81%

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(15.31% × (1 − 10.07%), 0) = 13.77%

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 = 500 × (1 + 2.00%) / (7.81% − 2.00%) = 510 / 0.0581 = 8,773 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 = 500, g_1 = 13.77%, g_T = 2.00%, r = 7.81%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	13.77%	569	0.9275	528
2	10.83%	630	0.8603	542
3	7.89%	680	0.7980	543
4	4.94%	714	0.7401	528
5	2.00%	728	0.6865	500
Terminal value	2.00%	12,775	0.6865	8,770
Total				11,411

P_0 = 11,411 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 = 32,176 KRW, ROE = 15.31%, payout ratio = 10.07%, r = 7.81%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	32,176	4,928	2,514	2,414	0.9275	2,239
2	36,607	5,606	2,860	2,746	0.8603	2,362
3	41,649	6,378	3,254	3,124	0.7980	2,493
4	47,384	7,257	3,702	3,554	0.7401	2,631
5	53,910	8,256	4,212	4,044	0.6865	2,776
Terminal value				70,956	0.6865	48,711

P_0 = 32,176 + 12,501 + 48,711 = 93,389 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 = 244.8 − 537.4 + 393.4 (net borrowing) = 100.8 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	13.77%	114.7	0.9275	106.4
2	10.83%	127.1	0.8603	109.4
3	7.89%	137.1	0.7980	109.4
4	4.94%	143.9	0.7401	106.5
5	2.00%	146.8	0.6865	100.8
Terminal value	2.00%	2,575.9	0.6865	1,768.4
Total				2,300.9

P_0 = 2,300.9 KRW hundred million ÷ 6,996,477 (shares) = 32,886 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