214150KOSDAQ

Classys

30,350

-350 (-1.14%)

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

Classys was established on January 10, 2007. The company is listed on the KOSDAQ market of the Korea Exchange.

The company provides medical devices for aesthetic purposes. Its business includes the supply of equipment such as Ultraformer and Volnewmer, along with necessary consumables. Products are distributed to clinics and distributors in over 80 countries through direct channels and agencies, while home care cosmetics and beauty devices are provided to general consumers.

Business overview as filed

당사는 미용목적을 위한 의료기기 사업을 영위하고 있습니다. 의료기기인 장비 판매와 함께 주요 제품의 누적 판매대수와 사용 횟수 증가에 따라 기계장치를 사용하는데 필요한 필수 소모품도 하나의 카테고리로 자리잡고 있습니다. 매출처는 전세계 80여 개국 대리점 및 국내외 병의원, 일반 소비자 등으로 이루어져 있으며, 지속적인 제품의 업그레이드와 다양한 마케팅 기법을 통해 브랜드를 확장하고 있습니다. 당사는 집속초음파(HIFU), 모노폴라 RF(MRF) 외에, 마이크로니들 RF(MNRF) 및 레이저(Laser) 분야의 기술경쟁력을 보유하고 있어 EBD 주요 전 영역을 커버할 수 있는 역량을 구축하고 있습니다.

이러한 역량을 바탕으로 HIFU 장비 슈링크(Ultraformer) 시리즈 및 MRF 볼뉴머(Volnewmer, Everesse) 중심에서 MNRF 쿼드세이(Quadessy)와 레이저 장비 리팟(reepot)을 성공적으로 출시함으로써 EBD 주요 영역을 포괄하는 포트폴리오를 구축하고 있습니다.

Company overview

1. 연결대상 종속회사 개황

(1)연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 클래시스' 입니다. 영문으로는 'CLASSYS Inc.' 라고 표기합니다.

다. 설립일자

당사는 2007년 01월 10일에 설립되었습니다.(주)클래시스는 2017년 12월 28일 케이티비스팩2호(주)와의 스팩 합병 상장으로 한국거래소 코스닥시장에 상장되었으며, 사업자등록증 상 회사 설립일은 케이티비스팩2호의 법인 설립일인 2015년 1월 15일입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 회사사업 영위의 근거가 되는 법률

당사의 제품은 「의료기기법」에 의해 의료기기로 분류되고 있으며, 이에 따라 국내 생산/판매를 위해서는 식품의약품안전처의 제조품목허가와 생산허가를 획득해야 하며 해외판매를 위해서는 국가별 제도에 따른 인증을 획득해야 합니다.

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

당사는 미용목적을 위한 의료기기 사업을 영위하고 있습니다. 주요 제품인 슈링크(Ultraformer III) 및 슈링크 유니버스(Ultraformer MPT), 볼뉴머(Everesse), 쿼드세이(Quadessy), 리팟(reepot) 등의 장비를 판매하고 있으며, 시술 횟수 증가에 따라 당사 장비를 사용하는데 필요한 필수 소모품이 하나의 카테고리로 자리잡고 있습니다. 또한 지속적인 제품의 업그레이드와 다양한 마케팅 기법을 통해 브랜드를 확장하고 있습니다.매출처는 전세계 80여 개국 대리점 및 국내외 병의원, 일반 소비자 등으로 이루어져 있으습니다. 미용 의료기기는 국내와 해외에서 판매가 이루어지고 있으며, 국내판매의 경우 직접 판매와 더불어 지역별로 대리점을 구축하여 운영하고 있습니다. 또한 국내 소모품의 경우 자사 인터넷쇼핑몰(http://classysmall.com)에서 주로 판매가 이루어지고 있습니다. 해외판매는 대리점을 통한 판매가 이루어지고 있으며, 2024년 자회사 설립으로 일본은 직영판매를 병행하고 있습니다. 브라질은 2025년 10월 자회사인 클래시스 브라질(Classys Brasil Ltda.)을 통해 브라질 소재 JL Health Participacoes S.A.의 지분을 인수하는 계약을 체결하였으며, 2026년 03월 인수가 완료되어 자회사를 통한 직영 판매를 시작하였습니다.화장품 및 개인용 미용기기는 일반 소비자가 직접 구매하는 홈케어 제품으로 온ㆍ오프라인에서 판매하고 있습니다. 사업의 내용에 관한 자세한 사항은 본 공시서류의 'II. 사업의 내용'을 참조 하시기 바랍니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.76%

[1.99%, 7.64%] · 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 60.1% (2026-09-30). 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

0.66

Beta [0.55, 0.77] · KOSDAQ150 · As of 2026-10-08

Intercept: -0.204%[-0.581%, +0.173%]
R squared: 0.37
Observations: 252
Trading-time corrected beta: 0.55[0.35, 0.75]

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

	2015Separate basis	2016Consolidated basis	2017Consolidated basis	2018Consolidated basis	2019Consolidated basis	2020Consolidated basis	2021Consolidated basis	2022Consolidated basis	2023Consolidated basis	2024Consolidated basis	2025Consolidated basis	TTMConsolidated basis
RevenueKRW 100M	—	272	349	475	811	765	1,006	1,418	1,801	2,429	3,368	3,691
Revenue growth%	—	—	27.99	36.18	70.87	-5.76	31.57	40.96	27.02	34.87	38.64	—
Operating incomeKRW 100M	-0	83	108	175	417	406	517	689	896	1,224	1,706	1,699
Operating income growth%	—	—	30.70	61.78	138.66	-2.64	27.34	33.19	30.12	36.62	39.33	—
Net incomeKRW 100M	1	71	-51	149	334	382	438	754	742	975	1,320	1,345
Net income growth%	—	—	-172.52	—	124.69	14.29	14.78	72.08	-1.53	31.42	35.29	—
Attributable to ownersKRW 100M	—	71	-51	149	334	382	438	754	742	979	1,319	1,376
Attributable to minoritiesKRW 100M	—	0	0	0	—	—	—	—	—	-3	0	-32
Operating margin%	—	30.34	30.98	36.81	51.41	53.11	51.41	48.57	49.76	50.40	50.65	46.04
Net margin%	—	25.96	-14.71	31.30	41.16	49.91	43.54	53.16	41.21	40.15	39.18	36.43
ROE%	—	43.31	-14.61	29.12	37.98	30.84	26.75	32.84	26.18	21.56	23.86	25.05
ROA%	0.53	32.09	-8.12	19.64	29.38	27.75	20.24	22.74	19.77	16.03	18.73	17.35
Debt ratio%	13.21	34.98	79.99	48.26	29.28	11.13	32.14	44.37	32.43	34.41	27.73	39.57
Current ratio%	—	333.38	192.07	179.43	226.18	617.21	435.54	407.97	635.08	181.69	368.77	159.74
Quick ratio%	—	261.05	156.76	139.59	191.96	543.30	337.49	343.38	568.63	158.41	331.25	127.11
Reserve ratio%	1,784.24	295.05	478.73	720.58	1,265.99	1,812.87	2,429.74	3,526.89	4,557.41	6,674.03	8,410.56	8,149.80
Free cash flowKRW 100M	—	56	-231	12	328	373	37	273	602	987	1,511	—
FCF margin%	—	20.57	-66.29	2.58	40.48	48.83	3.72	19.23	33.40	40.64	44.85	—
OCF conversion%	50.66	81.59	—	107.60	116.89	99.90	83.02	72.64	87.08	105.39	124.22	—
Capex to revenue%	—	0.61	90.94	31.10	7.63	1.04	32.43	19.38	2.48	1.68	3.82	—
Receivable daysdays	—	—	20.7	18.5	12.8	15.7	10.1	13.0	26.1	42.3	—	—
Inventory daysdays	—	—	154.9	157.6	155.0	219.7	211.9	216.3	197.0	174.1	144.8	—
Payable daysdays	—	—	18.9	20.2	16.5	18.2	20.9	21.1	20.7	69.1	—	—
Cash conversion cycledays	—	—	156.7	155.9	151.3	217.3	201.1	208.2	202.4	147.4	—	—
EPSKRW	—	129	-93	242	534	590	677	1,165	1,155	1,517	2,017	2,110
PERx	—	15.47	—	16.88	26.50	26.10	27.77	15.79	32.68	31.41	27.02	22.09
BPSKRW	—	2,969	580	824	1,366	1,913	2,530	3,544	4,377	6,930	8,442	8,424
PBRx	—	0.67	7.18	4.96	10.36	8.05	7.43	5.19	8.63	6.88	6.46	5.53
Dividend per shareKRW	—	—	8	14	46	60	66	116	200	257	1,000	—
Payout ratio%	—	—	—	5.79	8.61	10.17	9.75	9.96	17.32	16.94	49.58	—

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
	119	220	632	757	1,137	1,375	2,164	3,314	3,754	6,084	7,046
	119	184	277	266*	576	830	731	1,478	1,857	2,342	2,958
Cash and cash equivalentsKRW 100M	3	120	192	105	340	644	428	260	183	227	375
Short-term financial instrumentsKRW 100M	116	0	2	60	70	32	—	654	904	1,353	1,695
InventoriesKRW 100M	Not applicable	40	51	59	87	99	165	234	194	300	301
Trade and other receivablesKRW 100M	Not applicable	17	23	25	31	35	21	80	177	387	Not applicable
	0	36	355	491*	560	545	1,432	1,836	1,897	3,742	4,089
Property, plant and equipmentKRW 100M	Not applicable	5	320	461	511	501	807	1,042	1,390	1,932	1,997
Intangible assetsKRW 100M	Not applicable	0	1	2	7	8	11	15	28	1,409	Not applicable
	14	57	281	246	257	138	526	1,019	919	1,557	1,530
	0	55	144	148	255	134	168	362	292	1,289	802
Trade and other payablesKRW 100M	Not applicable	5	6	8	7	8	18	21	24	172	Not applicable
Short-term borrowingsKRW 100M	—	0	74	58	96	—	—	—	—	—	—
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	—	—	24	24	767	—
Current lease liabilitiesKRW 100M	—	—	—	—	2	2	5	6	7	5	2
	14	2	137	98	3	3	358	656	627	268	728
Long-term borrowingsKRW 100M	—	0	120	96	—	—	350	644	620	115	628
Non-current lease liabilitiesKRW 100M	—	—	—	—	1	2	3	5	5	2	0
	105	163	351	510	879	1,238	1,637	2,296	2,835	4,526	5,517
	Not applicable	163	351	510	879	1,238	1,637	2,296	2,835	4,540	5,530
Issued capitalKRW 100M	6	55	60	62	64	65	65	65	65	66	66
Capital surplusKRW 100M	97	0	179	192	235	241	241	242	242	1,063	99
Retained earningsKRW 100M	1	162	111	255	580	932	1,331	2,042	2,710	3,361	5,475
Accumulated other comprehensive incomeKRW 100M	—	0	-0	-0	-0	-0	0	0	1	1	2
Other equityKRW 100M	2	—	—	—	—	—	—	—	—	—	-113
Non-controlling interestsKRW 100M	Not applicable	0	0	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-13	-13

당기손익-공정가치측정금융자산As filed	—	—	—	—	40	—	51	202	282	91	5
당기법인세자산As filed	0	0	0	0	0	0	0	0	0	0	0
기타금융자산As filed	—	1	0	1	0	15	9	21	14	19	—
기타유동자산As filed	—	6	8	16	7	5	57	27	103	56	61
미수수익As filed	1	—	—	—	—	—	—	—	—	—	—
매출채권As filed	—	—	—	—	—	—	—	—	—	—	484
장기금융상품As filed	—	3	1	4	4	3	3	3	1	1	1
이연법인세자산As filed	—	3	5	4	6	11	—	8	14	—	—
기타채권As filed	—	—	—	—	—	—	—	—	—	—	36
기타비유동금융자산As filed	—	—	—	21	29	18	19	10	11	6	—
투자부동산As filed	—	—	—	—	—	—	584	747	411	294	293
기타금융부채As filed	0	3	3	6	8	6	10	55	68	76	—
무형자산As filed	—	—	—	—	—	—	—	—	—	—	1,396
전환사채As filed	13	0	15	0	—	—	—	—	—	21	24
사용권자산As filed	—	—	—	—	3	4	8	11	12	8	3
이연법인세부채As filed	0	—	—	—	—	—	4	—	—	138	97
자본과부채총계As filed	119	220	632	757	1,137	1,375	2,164	3,314	3,754	6,084	7,046
자본조정As filed	—	-54	1	2	0	0	0	-54	-183	48	—
당기법인세부채As filed	—	12	14	19	73	44	60	182	105	174	275
장기기타채권As filed	—	—	—	—	—	—	—	—	—	—	295
유동충당부채As filed	—	—	—	—	—	8	8	12	14	20	—
기타유동부채As filed	—	33	45	52	62	66	67	63	—	—	49
유동파생상품부채As filed	—	—	—	—	—	—	—	—	—	0	0
기타 유동부채As filed	—	—	—	—	—	—	—	—	51	53	—
충당부채As filed	—	2	2	5	8	—	—	—	—	—	21
기타비유동금융부채As filed	—	2	2	2	1	1	2	7	2	1	—
파생상품부채As filed	—	—	—	0	0	—	—	—	—	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	—	213
비유동파생상품부채As filed	—	—	—	—	—	—	—	—	—	12	0
기타채무As filed	—	—	—	—	—	—	—	—	—	—	171
매입채무As filed	—	—	—	—	—	—	—	—	—	—	46
장기기타채무As filed	—	—	—	—	—	—	—	—	—	—	3

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	Not applicable	272	349	475	811	765	1,006	1,418	1,801	2,429	3,368
Cost of salesKRW 100M	Not applicable	86	107	127	172	155	227	336	397	518	757
Gross profitKRW 100M	Not applicable	186	242	347	639	610	779	1,082	1,404	1,911	2,611
SG&A expensesKRW 100M	Not applicable	103	134	173	222	204	261	393	508	687	Not applicable
	-0	83	108	175	417	406	517	689	896	1,224	1,706
Finance incomeKRW 100M	2	6	2	4	5	12	42	26	87	242	101
Finance costsKRW 100M	0	5	7	6	7	26	4	47	36	47*	109
Other incomeKRW 100M	Not applicable	5	4	5	3	1	2	304	0	0	Not applicable
Other expensesKRW 100M	Not applicable	0	138	0	0	0	1	4	9	130	Not applicable
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	—	0
	1	88	-31	178	417	393	556	968	938	1,279	1,686
Income tax expenseKRW 100M	0	17	20	29	83	11	118	214	196	304	367
	1	71	-51	149	334	382	438	754	742	975	1,320
Attributable to ownersKRW 100M	Not applicable	71	-51	149	334	382	438	754	742	979	1,319
Attributable to minoritiesKRW 100M	Not applicable	0	0	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-3	0
Basic earnings per shareKRW	Not applicable	129	-93	242	534	590	677	1,165	1,155	1,517*	2,017
Diluted earnings per shareKRW	Not applicable	129	-93	238	531	589	676	1,165	1,152	1,509*	2,005
	1	71	-51	149	334	382	439	754	743	976	1,320
Other comprehensive incomeKRW 100M	0	0	-0	-0	-0	0	1	0	0	1	0

기타비용As filed	0	—	—	—	—	—	—	—	—	—	16
영업수익As filed	0	—	—	—	—	—	—	—	—	—	—
지분법손익As filed	—	—	—	—	—	—	—	—	—	11	—
기타수익As filed	0	—	—	—	—	—	—	—	—	—	4
영업비용As filed	0	—	—	—	—	—	—	—	—	—	—
판매비와관리비As filed	0	—	—	—	—	—	—	—	—	—	905
지배기업소유주As filed	—	71	-51	149	334	382	439	754	743	980	1,320
비지배지분As filed	—	0	0	0	—	—	—	—	—	—	0
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	—	-3	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	0	0	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	0	-0	-0	-0	0	1	0	0	1	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	0	1	—
파생상품평가손익As filed	—	—	—	-0	-0	0	—	—	—	—	—
해외사업환산손익As filed	—	—	-0	-0	0	-0	1	0	—	—	0
기본및희석주당이익(손실)As filed	0	—	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목의 법인세As filed	—	—	0	—	—	—	—	—	—	—	—
지분법자본변동As filed	—	—	—	—	—	—	—	—	—	—	0

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	1	71	-51	149	334	382	438	754	742	975	1,320
Total adjustments to operating cash flowcomputed	-0	-13	137	11	56	-0	-74	-206	-96	53	320
	0	58	86	160	390	381	364	548	646	1,028	1,639
Interest receivedKRW 100M	1	1	0	1	2	2	0	4	46	49	52
Interest paidKRW 100M	0	0	8	4	3	2	1	26	18	19	21
DepreciationKRW 100M	—	1	2	7	14	20	24	32	37	48	65
AmortisationKRW 100M	—	0	0	0	0	1	1	2	3	22	80
Income taxes paidKRW 100M	Not applicable	13	19	23	31	44	88	103	276	206	297
	Not applicable	-5	-206	-203	-127	67	-925	-920	-482	-822	-1,090
Purchase of property, plant and equipmentKRW 100M	Not applicable	2	317	148	62	8	326	275	45	41	129
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	0	0	0	0	Not applicable	1	600	1	1	24
Purchase of intangible assetsKRW 100M	Not applicable	0	1	1	6	2	4	5	16	67	64
	118	-0	194	-44	-25	-122	307	211	-256	-167	-395
Dividends paidKRW 100M	—	0	0	5	9	30	39	43	75	128	168
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	54	146	0	181
Issue of sharesKRW 100M	103	—	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	0	67	120	192	105	340	644	428	260	185	227
	3	120	192	105	340	644	428	260	183	227	375
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	-0	-4	-22	38	-6	15	5	-6
Net change in cash and cash equivalentsKRW 100M	3	53	74	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	—	71	-51	149	334	382	438	754	742	975	1,320
당기순이익(손실)에 대한 조정사항As filed	—	20	166	—	—	—	—	—	—	—	—
당기순이익조정을 위한 가감As filed	—	—	—	49	113	61	110	-17	237	378	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	6	4	3	—
법인세비용As filed	0	17	20	29	83	11	118	214	—	304	367
영업활동에서 창출된 현금흐름As filed	-0	—	—	—	—	—	—	—	—	—	—
재무활동으로인한현금유입액As filed	—	—	—	—	—	—	—	—	—	—	111
이자수익As filed	-2	0	0	2	2	2	1	8	—	48	54
임대보증금의 증가As filed	—	—	—	—	—	—	—	1	1	1	—
당기순이익As filed	1	—	—	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	2	3	4	6	9	8	5
예수보증금의 증가As filed	—	—	—	—	—	—	—	—	—	—	2
이자비용As filed	0	0	1	4	3	2	1	26	—	20	24
외화환산이익As filed	—	1	0	0	0	0	37	9	—	128	3
조정As filed	-1	—	—	—	—	—	—	—	—	—	—
외화환산손실As filed	—	0	3	0	4	22	0	12	—	0	26
주식선택권의 행사As filed	—	—	—	—	—	—	—	—	—	—	1
단기차입금의 상환As filed	—	0	0	50	34	1	—	372	24	29	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	—	—	0	2	2	—	31	—
당기손익-공정가치 측정 금융자산 평가이익As filed	—	—	—	—	1	—	—	—	—	—	—
유형자산처분손실As filed	—	0	0	0	—	0	0	1	—	1	9
차입금의 증가As filed	—	—	—	—	—	—	—	—	—	—	108
대손상각비As filed	—	2	1	0	2	2	-1	0	—	0	0
임차보증금의 감소As filed	—	0	8	8	7	4	7	2	8	2	13
재무활동으로인한현금유출액As filed	—	—	—	—	—	—	—	—	—	—	506
파생상품자산의 증가As filed	—	—	—	—	—	—	—	—	—	16	0
당기손익-공정가치측정금융자산평가손실As filed	—	—	—	—	—	—	—	0	—	0	—
유형자산처분이익As filed	—	—	—	—	0	—	0	303	—	0	1
사업결합으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	51	0
운전자본의 변동As filed	0	—	—	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	11	11	2	11	8	7	1	1	1	1
판매보증비As filed	—	2	1	7	7	5	5	12	—	9	11
미지급금의 증가(감소)As filed	0	—	—	—	—	—	—	—	—	—	—
예수보증금의 감소As filed	—	—	—	—	—	—	—	—	—	—	2
주식보상비용(환입)As filed	—	—	—	1	0	—	—	—	—	19	—
법인세의 지급As filed	-0	—	—	—	—	—	—	—	—	—	—
주식보상비용As filed	—	0	1	—	—	—	—	—	—	—	12
차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	149
당기손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	41	—	51	—	291	5
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	100	—	—
투자활동으로 인한 순현금흐름As filed	-116	—	—	—	—	—	—	—	—	—	—
합병비용As filed	—	—	—	0	—	—	—	—	—	—	—
단기금융상품의 취득As filed	-116	—	—	50	—	—	—	—	396	—	—
투자부동산 감가상각비As filed	—	—	—	—	—	—	1	5	3	—	2
투자활동으로인한현금유입액As filed	—	—	—	—	—	—	—	—	—	—	4,300
합병상장비용As filed	—	0	137	—	—	—	—	—	—	—	—
당기손익인식금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	0	—
재고자산평가손실As filed	—	0	0	0	2	0	1	1	—	4	—
기타보증금 감소As filed	—	—	—	—	—	—	—	0	0	0	—
기타의 대손상각비As filed	—	0	1	0	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	-21	-2	-11	-25	-17	-96	-64	—	—	—
잡손실As filed	—	0	0	0	—	—	—	—	—	—	—
장기금융상품의 감소As filed	—	—	—	—	0	—	—	1	2	—	0
전환사채의 발행As filed	15	—	—	—	—	—	—	—	—	—	—
단기금융상품의 감소As filed	—	6	0	52	60	—	32	—	146	3,138	4,255
단기대여금의 증가As filed	—	1	0	0	—	—	—	—	—	390	0
단기매매증권 처분손실As filed	—	0	0	—	—	—	—	—	—	—	—
매출채권의 감소(증가)As filed	—	-13	-6	—	-5	-7	14	-49	-119	-130	—
잡이익As filed	—	—	—	0	—	—	0	—	—	0	0
기타유동채권의 감소(증가)As filed	—	—	—	—	-2	2	0	-7	6	-3	—
단기금융상품의 증가As filed	—	0	0	—	70	30	—	709	—	3,482	5,111
단기매매증권 처분이익As filed	—	0	0	—	—	—	—	—	—	—	—
선급금의 증가As filed	—	—	—	—	—	—	—	—	80	—	—
기타유동자산의 감소(증가)As filed	—	—	—	—	8	2	-52	30	—	1	—
기타보증금의 증가As filed	—	0	0	0	0	—	0	0	1	—	0
매출채권의 증가(감소)As filed	—	—	—	1	—	—	—	—	—	—	—
관계기업투자주식의 증가As filed	—	—	—	—	—	—	—	—	—	309	—
재고자산의 감소(증가)As filed	—	-23	-10	—	-30	-17	-71	-78	21	29	—
기타유동채권의 증가(감소)As filed	—	—	—	-2	—	—	—	—	—	—	—
단기대여금의 감소As filed	—	2	0	0	—	—	—	—	—	—	2
매입채무의 증가(감소)As filed	—	1	-2	-0	-2	0	5	-6	1	9	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-85	-149	48
기타채권의 감소(증가)As filed	—	-0	-2	—	—	—	—	—	—	—	—
기타보증금의 감소As filed	—	1	0	0	—	—	0	—	—	—	0
기타유동자산의 증가(감소)As filed	—	—	—	-7	—	—	—	—	—	—	—
기타채무의 증가(감소)As filed	—	3	0	1	-1	0	4	9	1	-39	—
보증금의 감소(증가)As filed	—	—	—	0	—	—	—	—	—	-0	—
투자활동으로인한현금유출액As filed	—	—	—	—	—	—	—	—	—	—	5,390
기타유동부채의 증가(감소)As filed	—	—	—	10	12	2	3	37	-2	-1	—
기타자산의 감소(증가)As filed	—	-4	-2	—	—	—	—	—	—	—	—
유동충당부채의 증가(감소)As filed	—	—	—	-5	-4	-0	—	—	—	—	—
재고자산의 증가(감소)As filed	—	—	—	-9	—	—	—	—	—	—	—
관계기업 투자주식의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
기타유동자산의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	6	—	—
충당부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	-15	—
기타비유동부채의 증가(감소)As filed	—	—	—	—	-1	—	—	—	—	—	—
당기손익－공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
단기금융상품의 처분As filed	—	—	—	—	—	70	—	—	—	—	—
기타부채의 증가(감소)As filed	—	14	19	—	—	—	—	—	—	—	—
장기대여금의 감소As filed	—	—	—	—	—	—	5	—	—	—	—
단기대여금 감소As filed	—	—	—	—	—	—	—	54	—	—	—
예수보증금의 감소(증가)As filed	—	1	0	—	—	—	—	—	—	—	—
기타투자활동의 지급As filed	—	—	—	—	—	—	—	—	—	—	85
대손상각비 조정As filed	—	—	—	—	—	—	—	—	4	—	—
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	0	—	—
장기금융상품의 증가As filed	—	1	1	63	1	1	0	0	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	22	—	—
단기차입금의 증가As filed	—	—	—	34	—	1	—	—	—	—	—
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	40	—	50	200	—	—	—
당기손익인식금융자산평가이익 조정As filed	—	—	—	—	—	—	—	—	11	—	—
이자비용 조정As filed	—	—	—	—	—	—	—	—	20	—	—
주식매수선택권의 행사As filed	—	—	—	—	43	6	0	1	—	—	—
무형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
장기대여금의 증가As filed	—	—	—	—	5	—	—	—	—	—	—
매출채권처분손실 조정As filed	—	—	—	—	—	—	—	—	7	—	—
영업으로부터 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	1,905
유동성장기부채 상환As filed	—	0	6	24	24	96	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	—	—	—	583	438	—	—	—
합병으로 인한 증가As filed	—	0	-114	—	—	—	—	—	—	—	—
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
합병으로인한증가As filed	—	—	—	0	—	—	—	—	—	—	—
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	10	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	239	326	-254	-162	-92	38	—
장기차입금의 증가As filed	—	—	—	0	—	—	350	690	—	—	—
판매보증비 조정As filed	—	—	—	—	—	—	—	—	10	—	—
주식보상비용(환입) 조정As filed	—	—	—	—	—	—	—	—	15	—	—
충당부채As filed	—	—	—	—	—	—	—	—	—	—	0
장기금융상품의 처분As filed	—	0	0	—	—	—	—	—	—	—	—
재고자산평가손실 조정As filed	—	—	—	—	—	—	—	—	10	—	—
관계기업투자자산처분손실As filed	—	—	—	—	—	—	—	—	—	117	—
보증금As filed	—	—	—	—	—	—	—	—	—	—	0
사용권자산 처분이익As filed	—	—	—	—	—	—	—	—	-0	—	—
단기차입금의 차입As filed	—	0	50	—	—	—	—	—	—	—	—
무형자산처분손실As filed	—	—	—	—	—	—	—	—	—	0	2
단기금융상품As filed	—	—	—	—	—	—	—	—	—	—	498
매출채권처분손실As filed	—	—	—	—	—	—	—	—	—	10	3
법인세비용 조정As filed	—	—	—	—	—	—	—	—	196	—	—
장기차입금의 차입As filed	—	0	150	—	—	—	—	—	—	—	—
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	46	—	—
재고자산As filed	—	—	—	—	—	—	—	—	—	—	-33
기타유동자산As filed	—	—	—	—	—	—	—	—	—	—	-11
외화표시 현금및현금성자산의 환율변동효과As filed	—	1	-2	—	—	—	—	—	—	—	—
기타채권As filed	—	—	—	—	—	—	—	—	—	—	-15
매출채권As filed	—	—	—	—	—	—	—	—	—	—	-405
기타유동부채As filed	—	—	—	—	—	—	—	—	—	—	-2
사용권자산 처분손실As filed	—	—	—	—	—	—	—	—	—	0	—
기타채무As filed	—	—	—	—	—	—	—	—	—	—	9
지분법손실As filed	—	—	—	—	—	—	—	—	—	11	0
매입채무As filed	—	—	—	—	—	—	—	—	—	—	7
경상개발비, 판관비As filed	—	—	—	—	—	—	—	—	—	1	—
당기순이익에 대한 조정사항As filed	—	—	—	—	—	—	—	—	—	—	537
감가상각비, 투자부동산As filed	—	—	—	—	—	—	—	—	—	2	—
파생상품평가손실As filed	—	—	—	—	—	—	—	—	—	16	23
파생상품평가이익As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익-공정가치 측정 금융자산평가이익As filed	—	—	—	—	—	—	—	—	—	—	23
관계기업투자처분손실As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익-공정가치 측정 금융자산평가손실As filed	—	—	—	—	—	—	—	—	—	—	0
재고자산평가손실(환입)As filed	—	—	—	—	—	—	—	—	—	—	-7
사용권자산처분이익As filed	—	—	—	—	—	—	—	—	—	—	0
사용권자산처분손실As filed	—	—	—	—	—	—	—	—	—	—	0
경상연구개발비As filed	—	—	—	—	—	—	—	—	—	—	0
현금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	154

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 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 11	한영회계법인	2025-12-31
2024	적정의견Term 10	삼덕회계법인	2025-12-31
2023	적정의견Term 9	삼덕회계법인	2025-12-31
2022	적정Term 8	삼덕회계법인	2022-12-31
2021	적정Term 7	다산회계법인	2022-12-31
2020	적정Term 6	다산회계법인	2022-12-31
2019	적정Term 5	서린회계법인	2019-12-31
2018	적정Term 4	서린회계법인	2019-12-31
2017	적정Term 3	삼덕회계법인	2019-12-31
2016	적정Term 2	삼덕회계법인	2016-12-31
2015	적정Term 1	삼덕회계법인	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 5Y0.62

Equity risk premium%

Terminal growth%

Cost of equity7.51%

Weighted average cost of capital7.39%

Initial growth12.0%

Effective tax rate21.7%

Base fiscal year2025

Current priceKRW30,350

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	18,506	-39.0%
Dividend discount model DDM	23,194	-23.6%
Discounted cash flow FCFF	54,946	+81.0%
Discounted cash flow FCFE	44,477	+46.5%
Residual income model RIM	43,428	+43.1%

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% + 0.62 × 5.00% = 7.51%

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(23.86% × (1 − 49.58%), 0) = 12.03%

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 = 1,000 × (1 + 2.00%) / (7.51% − 2.00%) = 1,020 / 0.0551 = 18,506 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 = 1,000, g_1 = 12.03%, g_T = 2.00%, r = 7.51%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	12.03%	1,120	0.9301	1,042
2	9.52%	1,227	0.8651	1,062
3	7.02%	1,313	0.8047	1,057
4	4.51%	1,372	0.7485	1,027
5	2.00%	1,400	0.6962	974
Terminal value	2.00%	25,902	0.6962	18,033
Total				23,194

P_0 = 23,194 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 = 8,442 KRW, ROE = 23.86%, payout ratio = 49.58%, r = 7.51%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	8,442	2,014	634	1,380	0.9301	1,284
2	9,457	2,256	710	1,546	0.8651	1,338
3	10,595	2,528	796	1,732	0.8047	1,394
4	11,869	2,832	892	1,940	0.7485	1,452
5	13,297	3,173	999	2,174	0.6962	1,513
Terminal value				40,228	0.6962	28,006

P_0 = 8,442 + 6,980 + 28,006 = 43,428 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 = 1,639.4 − 128.7 + 20.8 × (1 − 21.74%) = 1,527.0 KRW hundred million

Weighted average cost of capital

E = 19,881.0, D = 627.8 KRW hundred million; equity weight = 96.94%, debt weight = 3.06%; cost of debt k_d = 4.40%

WACC = 96.94% × 7.51% + 3.06% × 4.40% × (1 − 21.74%) = 7.39%

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	12.03%	1,710.7	0.9312	1,593.0
2	9.52%	1,873.6	0.8672	1,624.7
3	7.02%	2,005.0	0.8075	1,619.0
4	4.51%	2,095.4	0.7520	1,575.6
5	2.00%	2,137.3	0.7002	1,496.6
Terminal value	2.00%	40,467.1	0.7002	28,336.1
Total				36,245.0

Firm value = 36,245.0; less borrowings 627.8; plus cash 375.2 → 35,992.5 KRW hundred million

P_0 = 35,992.5 KRW hundred million ÷ 65,505,659 (shares) = 54,946 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 = 1,639.4 − 128.7 + -254.5 (net borrowing) = 1,256.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	12.03%	1,407.2	0.9301	1,308.9
2	9.52%	1,541.3	0.8651	1,333.4
3	7.02%	1,649.4	0.8047	1,327.2
4	4.51%	1,723.7	0.7485	1,290.2
5	2.00%	1,758.2	0.6962	1,224.0
Terminal value	2.00%	32,536.7	0.6962	22,651.2
Total				29,135.0

P_0 = 29,135.0 KRW hundred million ÷ 65,505,659 (shares) = 44,477 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