214370KOSDAQ

Caregen

41,800

-2,700 (-6.07%)

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

Caregen was established in 2001 and is listed on the KOSDAQ market. The company is headquartered in Seoul.

The company develops and supplies medical devices, cosmeceuticals, health functional foods, and bio-materials based on research into biomimetic peptides and growth factor proteins. Its products are distributed to 130 countries worldwide.

Business overview as filed

당사는 펩타이드(Biomimetic Peptide)와 성장인자 단백질(Growth Factor)에 대한 연구 개발을 기반으로, 의약품, 건강기능식품, 의료기기, 화장품 제품을 개발하여 판매하고 있습니다.펩타이드란 성장인자 단백질과 같거나 유사한 효능을 가지는 아미노산 중합체로, 당사는 이를 생화학적 합성을 통해 제조하여 대량 생산하고 있습니다.성장인자 단백질이란 세포의 성장, 증식, 분화에 관여하는 생체 단백질로, 당사는 이를 유전 공학적인 방법을 사용하여 생합성하고 있습니다.당사는 수만 종의 펩타이드 연구를 통해 국내외 특허 등록이 완료된 860여건을 포함한 대규모 펩타이드 라이브러리를 구축하고 있으며, 펩타이드와 성장인자 원료 및 자체 개발한 이중 캡슐화 기술과 서방형 방출 기술 등이 적용된 전문테라피 제품(필러, 메조)과 기능성화장품을 전 세계 130개국에 판매하고 있습니다.또한, 펩타이드의 응용 범위를 확대 적용하여 혈당 조절 기능을 갖는 건강기능식품과근육감소 예방 및 강화 기능을 갖는 출시하였습니다. 이는 건강기능식품 제조에 있어합성 펩타이드를 원료로 사용할 수 있음을 증명한 것으로 향후 키성장, 체중조절 등 다양한 파이프라인 개발을 통해 다양한 제품을 출시할 예정입니다.향후에는 건강기능식품 뿐만 아니라 펩타이드 응용 범위를 확대하여 황반변성 치료제, 당뇨병 치료제, 탈모 치료제, 항비만 치료제, 관절염 치료제, 안구건조증 치료제 등의 다양한 적응증을 효과적으로 치료할 수 있는 신약 파이프라인을 개발에도 역량을 집중하고 있습니다.

Company overview

1. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 케어젠이고, 영문명은 Caregen Co., Ltd. 입니다.

다. 설립일자

당사는 2001년 8월 17일에 설립되었으며, 2015년 11월 17일 코스닥시장 기업공개를 실시하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 서울특별시 강남구 역삼로98길 23(대치동) - 전화번호 : 02-2136-3800- 홈페이지 주소 : http://www.caregen.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규 사업

당사는 세포의 생장, 성장, 분화 등에 관련된 성장인자 단백질(Growth Factor)과 펩타이드(Biomimetic Peptide)에 대한 R&D를 통해 축적된 연구개발 노하우를 적용하여 인체에서 안면미용, 탈모ㆍ두피관리, 바디ㆍ비만관리, 혈당 관리 및 근육감소 예방 및 강화 등에 가장 탁월한 효능/효과를 이끌어내기 위한 의료기기(필러, 메조)와 기능성 화장품(Cosmeceuticals), 건강기능식품, 바이오 원료물질을 생산하여 전 세계 130개국에 판매하고 있습니다.향후 당사가 추진하려는 신규 사업은 황반변성 치료용 의약품 사업, 동물 전문 의약품 및 기능성 사료 등입니다.

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

5.36%

[3.58%, 8.19%] · 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 73.8% (2026-09-22). 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

0.93

Beta [0.75, 1.12] · KOSDAQ150 · As of 2026-10-08

Intercept: -0.105%[-0.593%, +0.383%]
R squared: 0.32
Observations: 252
Trading-time corrected beta: 0.99[0.67, 1.30]

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	302	309	465	512	647	603	591	691	792	826	728	749
Revenue growth%	—	—	50.56	10.06	26.34	-6.81	-2.00	16.94	14.63	4.26	-11.84	—
Operating incomeKRW 100M	138	107	219	197	354	320	282	336	404	342	204	182
Operating income growth%	—	—	105.20	-10.00	79.17	-9.60	-11.80	19.22	20.08	-15.18	-40.44	—
Net incomeKRW 100M	128	114	182	163	280	314	252	272	399	323	201	229
Net income growth%	—	—	60.33	-10.85	72.41	12.24	-19.92	8.07	46.71	-19.07	-37.80	—
Attributable to ownersKRW 100M	—	116	184	165	281	315	253	273	399	323	201	229
Attributable to minoritiesKRW 100M	—	-2	-2	-2	-1	-0	-1	-1	—	—	—	—
Operating margin%	45.74	34.59	47.15	38.55	54.68	53.04	47.73	48.66	50.98	41.47	28.02	24.35
Net margin%	42.37	36.79	39.18	31.73	43.31	52.16	42.62	39.39	50.41	39.13	27.60	30.54
ROE%	—	—	—	—	—	15.34	12.07	12.62	17.57	14.49	9.46	10.46
ROA%	5.14	4.93	8.22	7.42	12.09	14.52	11.11	11.63	16.15	13.43	8.69	9.48
Debt ratio%	3.44	5.00	5.43	6.97	6.90	5.51	8.09	8.38	8.79	7.95	8.85	10.34
Current ratio%	3,384.50	2,130.70	1,943.59	1,559.03	1,962.81	3,061.00	1,516.10	1,515.00	1,471.00	1,195.20	992.42	792.81
Quick ratio%	3,345.57	2,089.71	1,899.91	1,506.84	1,902.57	2,919.08	1,453.41	1,417.11	1,305.52	970.74	722.62	588.02
Reserve ratio%	4,372.23	4,468.27	4,525.01	4,602.68	5,125.25	5,049.77	5,137.75	5,203.66	5,417.99	5,434.14	5,228.76	5,344.65
Free cash flowKRW 100M	—	-200	423	-91	635	97	480	-292	204	-524	147	—
FCF margin%	—	-64.57	90.92	-17.76	98.15	16.08	81.29	-42.30	25.81	-63.43	20.23	—
OCF conversion%	93.33	-140.35	262.65	-41.97	248.61	97.86	206.17	-101.70	71.63	41.74	92.49	—
Capex to revenue%	—	12.93	11.97	4.44	9.52	34.96	6.58	2.24	10.30	79.76	5.30	—
Receivable daysdays	—	—	23.1	20.0	13.2	10.6	4.8	3.4	4.0	3.1	—	—
Inventory daysdays	—	—	106.6	91.9	182.5	187.4	170.9	179.1	253.8	246.5	361.2	—
Payable daysdays	—	—	38.6	54.0	67.4	—	—	—	—	—	—	—
Cash conversion cycledays	—	—	91.0	57.9	128.4	—	—	—	—	—	—	—
EPSKRW	1,374	1,091	1,803	1,613	2,814	3,193	2,582	2,778	813	658	411	426
PERx	—	75.25	47.53	43.96	27.19	22.46	25.76	49.35	33.83	43.77	174.70	161.81
BPSKRW	—	—	—	—	—	19,097	19,521	20,104	4,232	4,151	3,956	4,071
PBRx	—	—	—	—	—	3.75	3.41	6.82	6.50	6.94	18.15	16.93
Dividend per shareKRW	—	1,000	1,200	600	2,800	2,000	2,300	2,700	1,600	640	437	—
Payout ratio%	—	91.66	66.56	37.20	99.50	62.64	89.08	97.19	196.80	97.26	106.33	—

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
	2,494	2,307	2,218	2,189	2,318	2,166	2,268	2,341	2,473	2,407	2,313
	2,097	1,829	1,641	1,660	1,775	1,406	1,493	1,589	1,664	964	831
Cash and cash equivalentsKRW 100M	1,270	705	500	175	217	160	222	52	315	51	89
Short-term financial instrumentsKRW 100M	—	—	—	—	1,457	1,117	1,140*	714	809	—	—
InventoriesKRW 100M	24	35	37	56	54	65	62*	103	187	181	226
Trade and other receivablesKRW 100M	42	24	35	21	26*	9	6	7	10	3	Not applicable
	397	478	577	529	544	760	774	751	808	1,443	1,481
Property, plant and equipmentKRW 100M	243	269	353	356	407	600	621	604	640	1,256	1,254
Intangible assetsKRW 100M	12	12	13	14	18	22	31	39	47	49	51
Investments in associatesKRW 100M	31	62	91	7	0	0	0	—	—	—	—
	83	110	114	143	150	113	170	181	200	177	188
	62	86	84	106	90	46	98	105	113	81	84
Trade and other payablesKRW 100M	9	9	17	38	3	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	0	—	—	—	—	—	—	—	—	—	—
Non-current liabilitiesKRW 100M	21	24	30	36	59	67	71	76	87	97	104
	2,411	2,197	2,104	2,047	2,169	2,052	2,098	2,160	2,273	2,230	2,125
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	2,052	2,097	2,160	2,273	2,230	2,125
Issued capitalKRW 100M	54	54	54	54	54	54	54	54	54	54	54
Capital surplusKRW 100M	1,737	1,737	1,755	1,755	45	45	45	57	58	58	58
Retained earningsKRW 100M	604	656	676	717	2,708	2,667	2,714	2,738	2,853	2,861	2,751
Other equityKRW 100M	16	-296	-414	-479	-637	-715	-716	-689	-691	-743	-738
Non-controlling interestsKRW 100M	Not applicable	46	34	-1	Not applicable	1	1	0	Not applicable	Not applicable	Not applicable

기타수취채권(유동)As filed	—	—	—	—	—	—	—	—	—	—	3
매출채권As filed	—	—	—	—	—	49	55	70	131	330	300
단기금융상품As filed	—	753	652	1,272	—	—	—	—	—	—	—
단기금융자산As filed	192	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	639	203	392	—
유동 상각후원가 측정 금융자산As filed	—	—	—	—	0	0	0	—	—	—	—
당기손익-공정가치측정금융자산(유동)As filed	—	—	—	—	—	—	—	—	—	—	202
만기보유금융자산As filed	559	299	401	120	—	—	—	—	—	—	—
기타유동자산As filed	5	6	8	5	9	6	7	5	8	7	12
기타수취채권As filed	5	6	7	11	12	32	32	—	—	—	—
기타수취채권(비유동)As filed	16	—	—	—	—	—	—	30	30	37	37
이연법인세자산As filed	13	44	62	99	61	61	44	29	32	40	71
기타비유동자산As filed	3	—	—	—	12	16	19	21	22	27	39
기타포괄손익-공정가치측정금융자산As filed	—	—	—	20	16	—	—	12	18	12	9
투자부동산As filed	56	54	4	4	3	3	3	3	3	3	2
매도가능금융자산As filed	—	19	27	0	—	—	—	—	—	—	—
비유동매도가능금융자산As filed	25	—	—	—	—	—	—	—	—	—	—
장기금융자산As filed	—	—	—	—	—	10	11	—	—	—	—
당기손익-공정가치측정금융자산(비유동)As filed	—	—	—	—	—	—	—	—	—	—	18
기타포괄손익공정가치측정금융자산As filed	—	—	—	—	—	16	13	—	—	—	—
비유동채권As filed	—	3	4	7	—	—	—	—	—	—	—
당기법인세부채As filed	34	—	—	—	23	11	55	32	66	33	31
기타지급채무As filed	10	14	9	10	58	23	30	—	—	—	—
매입채무As filed	—	—	—	—	—	4	9	19	9	18	—
기타유동부채As filed	4	8	3	3	3	6	2	18	—	—	—
미지급법인세As filed	—	45	43	53	—	—	—	—	—	—	—
기타지급채무(유동)As filed	—	—	—	—	—	—	—	35	34	24	23
기타충당부채As filed	4	10	13	3	3	3	2	1	—	—	1
자본과부채총계As filed	2,494	2,307	2,218	2,189	2,318	2,166	2,268	2,341	2,473	2,407	2,313
기타비유동부채As filed	0	0	1	1	2	2	2	2	—	—	2
유동충당부채As filed	—	—	—	—	—	—	—	—	2	1	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	2	5	13
기타지급채무(비유동)As filed	—	—	—	—	—	—	—	5	5	5	5
유동매입채무As filed	—	—	—	—	—	—	—	—	—	—	17
확정급여부채As filed	—	23	29	34	57	64	67	70	80	89	97
비지배지분As filed	—	—	—	—	-1	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	2	2	—
납입자본As filed	—	1,791	1,809	1,809	—	—	—	—	—	—	—
퇴직급여부채As filed	19	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	302	309	465	512	647	603	591	691	792	826	728
Cost of salesKRW 100M	69	82	123	184	110	117	136	168	208	273	206
Gross profitKRW 100M	233	227	342	329	537	486	455	523	584	553	522
SG&A expensesKRW 100M	95	120	123	131	183	167	173	187	180	211	318
	138	107	219	197	354	320	282	336	404	342	204
Finance incomeKRW 100M	48	37	31	47	49	47	45*	49	100	63	45
Finance costsKRW 100M	4	4	17	5	7	20	3*	41	15	6	28
Other incomeKRW 100M	2	19	12	41	9*	19	14	2	7	5	4
Other expensesKRW 100M	2	0	1	34	11	5	2	2	1	4	0
Share of profit of associatesKRW 100M	—	-3	-7	-22	-5	—	—	—	—	—	—
	174	155	238	225	389	361	336	345	496	402	224
Income tax expenseKRW 100M	46	42	55	62	109	46	84	72	96	79	23
	128	114	182	163	280	314	252	272	399	323	201
Attributable to ownersKRW 100M	Not applicable	116	184	165	281	315	253	273	399	323	201
Attributable to minoritiesKRW 100M	Not applicable	-2	-2	-2	-1	-0	-1	-1	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	1,374	1,091	1,803	1,613	2,814	3,193	2,582	2,778*	813	658	411
Diluted earnings per shareKRW	1,371	1,088	1,800	1,613	2,814	3,193	2,582	2,778*	813	658	411
	128	Not applicable	Not applicable	Not applicable	265	314	250	281	397	322	206
Other comprehensive incomeKRW 100M	-0	18	-45	15	-15	-0	-2	9	-3	-2	5

지배기업의 소유주에게 귀속되는 총포괄손익As filed	—	—	—	—	—	—	—	—	—	—	206
지배기업의 소유주에게 귀속될 총포괄이익As filed	—	—	—	—	—	—	—	281	397	322	—
관계기업 등에 대한 지분법이익(손실)As filed	—	—	—	—	—	0	0	—	—	—	—
관계기업등에 대한 지분법손실As filed	-8	—	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	-1	—	—	—	-12	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 기타포괄손익As filed	—	—	—	—	—	—	—	0	0	0	-0
기타포괄손익공정가치측정금융자산 평가손익As filed	—	—	—	—	-3	0	-2	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 기타포괄손익As filed	—	—	—	—	—	—	—	9	-3	-2	5
기타자본조정As filed	—	—	—	—	0	0	0	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	-0	—	—	—	0	0	—
확정급여제도의 재측정요소As filed	—	-0	-1	-2	—	0	1	3	-4	-2	3
해외사업장환산손익As filed	—	—	—	—	—	—	—	0	—	—	-0
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	—	—	—	—	6	2	0	—
지분법자본변동As filed	2	2	-5	0	0	0	0	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	-8	—	—	—	—	—	—	2
매도가능금융자산-평가손익As filed	—	-4	3	—	—	—	—	—	—	—	—
매도가능금융자산-재분류조정As filed	—	-1	3	—	—	—	—	—	—	—	—
외화환산외환차이As filed	—	22	-45	24	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	-1	315	251	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	—	—	0	-0	-1	—	—	—	—
비지배 지분에 귀속될 총포괄손익As filed	—	—	—	—	—	—	—	-1	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	132	143	180	—	—	—	—	—	—	—
해외사업환산손익As filed	—	—	—	—	—	-0	0	—	—	—	—
포괄손익, 비지배지분As filed	—	0	-6	-3	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	128	114	182	163	280	314	252	272	399	323	201
Total adjustments to operating cash flowcomputed	-9	-273	296	-231	416	-7	267	-549	-113	-188	-15
	120	-160	479	-68	697	308	519*	-277	286	135	186
Interest receivedKRW 100M	7	25	10	15	16	9	3	5	29	19	3
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	0	Not applicable	Not applicable	Not applicable	Not applicable
Income taxes paidKRW 100M	48	60	77	82	104	59	22	87	64	121	58
	-780	27	-404	-30	-471*	69	-252*	346	261	-40	165
Purchase of property, plant and equipmentKRW 100M	Not applicable	40	56	23	62	211	39	15	82	659	39
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	0	6	0	0	5	0*	Not applicable	Not applicable	Not applicable	0
Purchase of intangible assetsKRW 100M	Not applicable	3	3	5	13	7	14	15	15	11	11
	1,729	-353	-233	-244	-143	-433	-205	-238	-283	-364	-312
Dividends paidKRW 100M	—	64	164	123	—	347	206	245	285	314	311
Acquisition of treasury sharesKRW 100M	—	335	61	62	143	86	0	—	—	-50	—
Issue of sharesKRW 100M	1,728	—	4	-0	—	1	1	—	—	—	—
Cash at beginning of periodKRW 100M	200	1,170	705	500	137*	217	160	222	52	315	51
	1,270	705	500	175	217	160	222	52	315	51	89
Effect of exchange rate changesKRW 100M	0	Not applicable	Not applicable	Not applicable	Not applicable	-1	-0	Not applicable	Not applicable	Not applicable	-1
Net change in cash and cash equivalentsKRW 100M	1,069	-486	-159	-342	83*	-57	63*	-169	264	-269	Not applicable

영업으로부터 창출된 현금흐름As filed	—	-125	545	-1	—	—	—	—	—	—	—
영업활동에서 창출된 현금흐름As filed	—	—	—	—	785	358	538	-196	321	236	—
영업활동으로인한자산ㆍ부채의변동As filed	160	—	—	—	—	—	—	—	—	—	—
임대보증금의 감소As filed	—	-0	-2	—	—	—	—	—	—	—	1
현금및현금성자산에 대한 환율변동As filed	—	—	—	—	—	—	—	-1	-0	4	—
배당금 수취As filed	—	—	—	—	—	0	0	0	—	0	0
배당금수입As filed	0	0	0	0	0	—	—	—	—	—	—
단기금융상품의 감소As filed	572	493	952	1,664	3,961	—	—	—	—	—	—
임대보증금의 증가As filed	2	0	—	—	—	—	—	1	—	1	—
당기손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	3,710	3,773	—	—	—	—
단기금융상품의 증가As filed	684	654	1,152	1,936	4,473	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	0	1	6	—
정부보조금의 증가As filed	—	—	—	—	—	1	1	6	2	—	—
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	3,422	3,675	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	3,509	1,684	2,301	8
장기대여금의 감소As filed	—	—	—	—	—	—	—	4	1	1	1
상각후원가측정금융자산의 취득As filed	—	—	—	—	70	0	298	100	3,253	—	—
만기보유금융자산의 취득As filed	—	1,433	1,065	456	—	—	—	—	—	—	—
상각후원가측정금융자산의 처분As filed	—	—	—	—	190	0	0	398	3,155	580	—
상각후원가측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	—	220
유동만기보유금융자산의 취득As filed	678	—	—	—	—	—	—	—	—	—	—
장기대여금의 증가As filed	—	—	-0	-0	—	1	1	1	0	1	1
만기보유금융자산의 처분As filed	—	1,692	963	737	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	7	—
기타포괄손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	8	—	—	6
매도가능금융자산의 취득As filed	—	16	23	—	—	—	—	—	—	—	—
유동만기보유금융자산의 처분As filed	120	—	—	—	—	—	—	—	—	—	—
대여금의 감소As filed	—	—	—	—	3	—	—	—	—	—	—
기타포괄손익공정가치측정금융자산의 취득As filed	31	—	—	-54	—	0	0	—	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	3,441	1,226	2,481	5
매도가능금융자산의 처분As filed	—	17	24	—	—	—	—	—	—	—	—
관계기업투자주식의 취득As filed	—	32	41	17	—	—	—	—	—	—	—
기타포괄손익공정가치측정금융자산의 처분As filed	119	—	—	51	—	0	0	—	—	—	—
대여금의 증가As filed	—	—	—	—	7	—	—	—	—	—	—
장기대여금의 회수As filed	1	3	2	2	—	2	2	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	0	0	—	—	—	—
단기금융상품의 처분As filed	—	—	—	—	—	—	—	—	—	293	—
상각후원가측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	—	16
종속 관계기업투자주식의 취득As filed	28	—	—	—	—	—	—	—	—	—	—
관계기업투자주식의 처분As filed	—	—	—	21	—	—	—	—	—	—	—
장기 대여금의 지급As filed	16	—	—	—	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	0	0	—	—	—	—
연결범위변동으로인한 현금증감As filed	—	—	—	-14	—	—	—	—	—	—	—
무형자산의 처분As filed	—	0	—	—	1	0	0	—	—	—	—
연결범위변동으로 인한 현금증감As filed	—	—	—	—	—	0	1	—	—	—	—
기타보증금의 증가As filed	0	—	—	—	1	7	1	—	-0	—	—
임대 보증금의 증가As filed	—	0	11	0	—	—	—	—	—	—	—
토지의 취득As filed	63	—	—	—	—	—	—	—	—	—	—
기타보증금의 감소As filed	—	—	—	—	—	0	0	—	0	—	—
단기금융상품의 취득As filed	—	—	—	—	—	—	—	—	—	64	—
보증금의 감소As filed	—	0	—	1	—	—	—	—	—	—	—
건물의 취득As filed	64	—	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	240
기계장치의 취득As filed	6	—	—	—	—	—	—	—	—	—	—
기타포괄손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	3	—	—
차량운반구의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
사무용비품의 취득As filed	1	—	—	—	—	—	—	—	—	—	—
종속기업의 유상감자As filed	—	46	-10	-59	—	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	39
시설장치의 취득As filed	-3	—	—	—	—	—	—	—	—	—	—
배당금수취As filed	—	—	—	—	—	—	—	—	0	—	—
건설중인자산의 취득As filed	18	—	—	—	—	—	—	—	—	—	—
장기미지급금의 증가As filed	—	—	—	—	1	—	—	—	—	—	—
차량운반구의 처분As filed	0	—	—	—	—	—	—	—	—	—	—
장기미지급금의 감소As filed	—	—	—	—	-0	—	—	—	—	—	—
산업재산권의 취득As filed	-1	—	—	—	—	—	—	—	—	—	—
환율변동효과As filed	—	21	-47	16	-3	—	—	—	—	—	—
컴퓨터소프트웨어의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
연결범위의 변동As filed	—	—	—	—	—	—	—	0	—	—	—
종속기업 유상증자As filed	—	—	—	—	—	0	0	—	—	—	—
단기차입금의 순증감As filed	-1	—	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	—	—	—	—	—	6	0	—	—	—	—
단기차입금의 감소As filed	—	—	—	—	—	6	1	—	—	—	—
종속기업투자주식의 취득(지분율증가)As filed	—	—	—	—	—	2	0	—	—	—	—
정부보조금의 감소As filed	—	—	—	—	—	0	0	—	—	—	—

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 25	동현회계법인	2025-12-31
2024	적정의견Term 24	동현회계법인	2025-12-31
2023	적정의견Term 23	동현회계법인	2025-12-31
2022	적정Term 22	다산회계법인	2022-12-31
2021	적정Term 21	다산회계법인	2022-12-31
2020	적정Term 20	다산회계법인	2022-12-31
2019	적정Term 19	삼일회계법인	2019-12-31
2018	의견거절Term 18	삼정회계법인	2019-12-31
2017	적정Term 17	삼정회계법인	2019-12-31
2016	적정Term 16	삼정회계법인	2016-12-31
	적정Term 15	삼일회계법인	2016-12-31
	적정Term 14	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 5Y0.91

Equity risk premium%

Terminal growth%

Cost of equity8.93%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate10.1%

Base fiscal year2025

Current priceKRW41,800

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	6,428	-84.6%
Dividend discount model DDM	6,137	-85.3%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	3,851	-90.8%
Residual income model RIM	4,235	-89.9%

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

r = 4.40% + 0.91 × 5.00% = 8.93%

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(9.46% × (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

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 437 × (1 + 2.00%) / (8.93% − 2.00%) = 446 / 0.0693 = 6,428 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 = 437, g_1 = 0.00%, g_T = 2.00%, r = 8.93%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	437	0.9180	401
2	0.50%	439	0.8427	370
3	1.00%	444	0.7736	343
4	1.50%	450	0.7101	320
5	2.00%	459	0.6519	299
Terminal value	2.00%	6,755	0.6519	4,403
Total				6,137

P_0 = 6,137 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 = 3,956 KRW, ROE = 9.46%, payout ratio = 100.00%, r = 8.93%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	3,956	374	353	21	0.9180	19
2	3,956	374	353	21	0.8427	17
3	3,956	374	353	21	0.7736	16
4	3,956	374	353	21	0.7101	15
5	3,956	374	353	21	0.6519	14
Terminal value				305	0.6519	199

P_0 = 3,956 + 81 + 199 = 4,235 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 = 185.9 − 38.6 + 0.0 (net borrowing) = 147.3 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	147.3	0.9180	135.2
2	0.50%	148.0	0.8427	124.7
3	1.00%	149.5	0.7736	115.7
4	1.50%	151.8	0.7101	107.8
5	2.00%	154.8	0.6519	100.9
Terminal value	2.00%	2,276.7	0.6519	1,484.1
Total				2,068.4

P_0 = 2,068.4 KRW hundred million ÷ 53,715,000 (shares) = 3,851 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