241710KOSDAQ

Cosmecca Korea

111,400

-5,600 (-4.79%)

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

Cosmecca Korea was established in 1999 and is headquartered in Eumseong-gun, Chungcheongbuk-do. The company is listed on the KOSDAQ market and operates with nine consolidated subsidiaries.

The company provides ODM and OEM manufacturing for cosmetics, specializing in basic skincare and emulsion makeup. It offers OGM services to domestic and international brand owners and operates production bases in Korea, China, and the United States through its subsidiary Englewood Lab.

Business overview as filed

코스메카코리아는 화장품 ODM/OEM 기업으로서, 글로벌 선두 기업을 포함한 국내외 다수의 화장품 브랜드 업체를 고객사로 확보하고 있습니다. ODM에서 나아가 OGM(Original Global Standard and Good Manufacturing), 즉 판매 국가의 트렌드, 유통구조, 법적 규제 등을 고려한 코스메카코리아만의 독자적인 글로벌 토탈 서비스를 제공하고 있습니다. 또한, 독자적인 자동화 생산 시스템(CPS, Cosmecca Production System)을 구축하여 불량률 감소 및 생산 효율화를 이루었으며, 제품의 품질을 향상시키기 위한 혁신 활동을 지속적으로 수행하고 있습니다.화장품 사업부문 매출유형은 다음과 같습니다.

코스메카코리아는 국내 최초 3중 기능성 BB크림을 개발하며, 전세계 화장품 시장에 불어 닥친 BB크림 열풍을 선도한 독보적인 '유화 메이크업의 강자'입니다. 그 후로도 다수의 혁신적인 신제형으로 시장을 선도하고 있습니다. 연구개발 인력이 전체 인력의 약 40%에 달하며, 전문 인력 인프라를 바탕으로 지식재산권 등록 활동을 진행하고 있습니다.당사의 생산사업장은 '혁신'과 '품질경영'을 기반합니다. 국제표준화기구가 제정한 안전, 보건 분야 최고 수준의 국제 인증인 ISO45001(안전보건경영시스템)을 비롯하여, ISO14001(환경경영시스템)과 ISO9001(품질경영시스템), ISO22716(우수 화장품 제조 및 품질관리 기준), ISO37701(부패방지 경영시스템). ISO37301(준법 경영시스템), ISO13485(의료기기품질경영시스템), ISO27001(정보보안경영시스템) 등을 획득하여 글로벌화를 위한 생산 경영 시스템을 완벽하게 장착했습니다.

2018년 미국 뉴저지에 본사를 두고 있는 잉글우드랩을 인수하며, 한국, 중국, 미국에 생산거점을 확보하였습니다. 잉글우드랩은 기초 및 OTC 제품 생산 차별화를 바탕으로 글로벌 업체의 요구에 대응하고 있습니다. 중국에서는 현지 트렌드를 반영한 제품을 생산하고 있습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

1) 연결대상회사수2025년 12월 31일 현재 지배회사의 연결대상 종속기업은 9개입니다.

주) 주요 종속회사 기준은 아래와 같습니다(1) 직전연도 자산총액이 지배회사 자산총액의 10% 이상인 종속회사(2) 직전연도 자산총액이 750억원 이상인 종속회사

2) 연결대상회사의 변동내용

주) 당기 중 신규연결 회사나 연결제외 회사는 없습니다.

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 코스메카코리아'라고 표기합니다.또한 영문으로는 'COSMECCA KOREA CO., LTD.'라 표기합니다.

다. 설립일자 및 존속기간

당사는 1999년 10월 5일에 설립하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

1) 주소 : 충청북도 음성군 대소면 대금로 196번길 17-12, 17-9, 272) 전화번호 : 043-535-71613) 홈페이지 : http://www.cosmecca.com

마. 중소기업 등 해당여부

바. 주요 사업의 내용

주식회사 코스메카코리아는 화장품 주문자 표시 제조 및 판매, 개발 등을 영위하며, 기초화장품의 ODM(생산자 개발방식) 제조 및 OEM(주문자 상표부착방식) 제조를 주된 영업활동으로 하고 있습니다. 최근 판매 국가의 트렌드, 유통구조, 법적 규제 등을 고려한 독자적인 글로벌 토탈 서비스 OGM(Original Global Standard and Good Manufacturing)을 제공하며, 글로벌 선두 기업을 포함한 국내외 다수의 화장품 브랜드 업체를 고객사로 확보하고 있습니다. 또한, 2018년 미국 뉴저지에 본사를 두고 있는 잉글우드랩 인수를 통해 미국 등에 생산거점을 추가 확보하였습니다.

[부문별 주요 제품]

주) 자세한 사항은 II. 사업의 내용 - 2. 주요 제품 및 서비스를 참고하여 주시기 바랍니다.

사. 신용평가에 관한 사항당사는 신용평가 전문기관으로부터 평가를 받았으며, 신용평가 현황은 다음과 같습니다.

아. 회사의 주권상장 여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.30), tables and figures omitted.

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

VaR

7.11%

[4.27%, 11.87%] · 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 38.0% (2026-06-25). 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

0.35

Beta [0.23, 0.47] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.247%[-0.272%, +0.766%]
R squared: 0.08
Observations: 252
Trading-time corrected beta: 0.19[-0.08, 0.46]

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	991	1,652	1,823	3,033	3,470	3,391	3,965	3,994	4,707	5,243	6,409	7,721
Revenue growth%	—	66.59	10.38	66.34	14.42	-2.29	16.93	0.74	17.86	11.39	22.24	—
Operating incomeKRW 100M	64	131	110	98	83	99	201	104	492	604	835	1,022
Operating income growth%	—	105.54	-16.27	-10.60	-15.87	19.78	102.99	-48.43	374.12	22.80	38.39	—
Net incomeKRW 100M	50	115	99	92	40	34	170	60	339	537	578	777
Net income growth%	—	128.85	-13.65	-7.75	-55.98	-15.31	396.63	-64.62	464.52	58.43	7.73	—
Attributable to ownersKRW 100M	50	115	99	90	49	26	89	27	223	428	454	638
Attributable to minoritiesKRW 100M	0	0	0	2	-8	8	81	33	116	109	124	139
Operating margin%	6.44	7.95	6.03	3.24	2.38	2.92	5.07	2.60	10.44	11.51	13.03	13.23
Net margin%	5.07	6.97	5.45	3.02	1.16	1.01	4.28	1.50	7.20	10.24	9.02	10.07
ROE%	21.99	10.97	8.75	7.18	3.81	2.02	6.26	1.81	13.17	19.60	17.98	23.31
ROA%	7.19	8.04	6.58	2.91	1.15	0.95	4.33	1.53	7.83	10.37	9.15	10.58
Debt ratio%	205.66	36.44	33.13	83.57	103.53	108.02	99.44	89.72	78.65	68.36	87.91	119.56
Current ratio%	98.28	279.54	260.80	154.53	126.01	105.91	135.34	130.61	143.11	149.80	133.07	130.29
Quick ratio%	73.81	237.56	216.42	94.91	81.18	63.65	85.89	80.83	—	—	101.44	96.36
Reserve ratio%	1,036.03	3,829.37	4,179.77	2,259.66	2,289.72	2,348.00	2,498.70	2,551.67	2,970.07	3,770.58	4,429.77	4,712.08
Free cash flowKRW 100M	-4	-81	-107	-321	-114	-23	-11	51	234	208	-63	—
FCF margin%	-0.44	-4.92	-5.87	-10.58	-3.27	-0.68	-0.28	1.28	4.97	3.97	-0.99	—
OCF conversion%	53.77	38.26	105.11	118.25	479.71	348.59	46.49	278.13	123.85	129.41	95.15	—
Capex to revenue%	3.17	7.59	11.60	14.15	8.85	4.20	2.26	2.90	3.94	9.28	9.58	—
Receivable daysdays	—	63.1	67.7	52.7	58.5	60.1	61.1	74.3	76.1	80.2	80.0	—
Inventory daysdays	—	35.3	39.0	45.5	62.2	71.5	71.5	75.4	—	—	—	—
Payable daysdays	—	80.8	78.6	54.4	58.6	57.9	49.8	53.9	55.5	52.0	54.1	—
Cash conversion cycledays	—	17.5	28.1	43.8	62.1	73.7	82.7	95.8	—	—	—	—
EPSKRW	1,257	2,708	1,860	840	456	245	834	249	2,090	4,007	4,255	5,976
PERx	—	20.68	34.95	38.69	24.89	49.80	15.53	41.16	17.37	13.80	15.65	10.04
BPSKRW	—	19,633	21,249	11,702	11,958	12,150	13,319	13,732	15,874	20,450	23,663	25,638
PBRx	—	2.85	3.06	2.78	0.95	1.00	0.97	0.75	2.29	2.70	2.81	2.34
Dividend per shareKRW	—	—	200	100	—	—	—	—	—	100	370	—
Payout ratio%	—	—	10.75	11.90	—	—	—	—	—	2.50	8.70	—

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
	699	1,430	1,511	3,150	3,509	3,590	3,916	3,928	4,326	5,179	6,318
	398	1,014	905	1,224	1,385	1,498*	1,833	1,868	2,212	2,555	3,314
Cash and cash equivalentsKRW 100M	32	500	382	133	156	314	301	260	329	538	689
Short-term financial instrumentsKRW 100M	—	—	—	0	—	—	—	—	—	—	—
InventoriesKRW 100M	99	152	154	472	493	598	670	712	Not applicable	Not applicable	788
Trade and other receivablesKRW 100M	236	335	341	534	579	537	791	836	1,129	1,175	1,636
	301	416	605	1,926	2,124	2,092*	2,083	2,060	2,114	2,625	3,005
Property, plant and equipmentKRW 100M	259	379	532	1,363	1,458	1,471	1,470	1,474	1,535	1,961	2,395
Intangible assetsKRW 100M	7	7	32	521	461	446	424	402	378	363	Not applicable
Investments in associatesKRW 100M	—	—	—	—	1	1	1	12	11	9	7
	470	382	376	1,434	1,785	1,864	1,952	1,857	1,905	2,103	2,956
	405	363	347	792	1,099	1,414	1,354	1,430	1,546	1,706	2,490
Trade and other payablesKRW 100M	261	315	303	446	464	418	466	521	584	555	877
Short-term borrowingsKRW 100M	130	24	21	294*	368	417	607	660	568	783	1,317
Current portion of long-term borrowingsKRW 100M	—	—	—	—	161	284	141	151	—	—	42
Current lease liabilitiesKRW 100M	—	—	—	—	—	22	22	25	21	24	20
	66	19	29	642	686	450	598	427	359	398	466
Long-term borrowingsKRW 100M	51	0	0	376	346	310	476	347	278	258	296
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	45	32	26	11	59	44
	229	1,048	1,135	1,716	1,724	1,726	1,963	2,070	2,422	3,076	3,362
	229	1,048	1,135	1,250	1,277	1,298	1,422	1,467	1,695	2,184	2,527
Issued capitalKRW 100M	20	27	27	53	53	53	53	53	53	53	53
Capital surplusKRW 100M	0	702	702	717	694	700	584	584	584	690	628
Retained earningsKRW 100M	207	321	414	490	528	554	751	779	1,002	1,323	1,737
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	—	—	108
Other equityKRW 100M	1	-1	-8	-10	1	-10	35	51	56	117	—
Non-controlling interestsKRW 100M	0	0	0	466	447	428	541	604	726	892	835

재고자산As filed	—	—	—	—	—	—	—	—	656	670	—
당기법인세자산As filed	3	0	0	26	1	5	30	25	10	19	24
당기손익-공정가치측정금융자산As filed	—	—	—	21	17	19	20	12	13	29	—
기타유동금융자산As filed	—	—	—	—	4	4	—	4	65	77	128
단기금융상품As filed	25	4	—	—	—	—	—	—	—	—	—
기타자산As filed	4	22	—	—	—	—	—	—	—	—	—
기타유동자산As filed	—	—	28	59	51	29	42	31	23	47	50
장기금융상품As filed	2	—	0	—	—	—	—	—	—	—	—
장기매출채권 및 기타채권As filed	4	9	—	—	—	—	13	16	27	27	—
매각예정비유동자산As filed	—	—	—	—	102	11	5	—	—	—	—
매도가능금융자산As filed	15	17	19	—	—	—	—	—	—	—	—
장기매출채권 및 기타비유동채권As filed	—	—	11	12	—	—	—	—	—	—	—
매출채권및기타채권As filed	—	—	—	—	—	12	—	—	—	—	—
매출채권 및 기타채권As filed	—	—	—	—	12	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	128	91	80	76	56	111	87
이연법인세자산As filed	14	5	11	8	39	49	68	66	92	135	136
기타비유동자산As filed	—	—	0	0	7	0	0	0	0	0	0
무형자산As filed	—	—	—	—	—	—	—	—	—	—	356
기타금융자산As filed	—	—	—	1	—	—	—	—	2	2	—
기타비유동금융자산As filed	—	—	—	—	1	1	2	2	—	—	20
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	—	—	—	3
순확정급여자산As filed	—	—	—	—	—	—	—	—	—	—	0
당기법인세부채As filed	0	7	3	5	4	11	0	—	68	113	82
유동충당부채As filed	0	2	4	5	—	—	—	—	—	—	—
기타부채As filed	13	15	—	—	—	—	—	—	—	—	—
기타유동부채As filed	—	—	16	43	69	79	111	70	—	—	141
장기매입채무 및 기타비유동채무As filed	1	1	2	4	11	5	6	2	3	3	—
전환사채As filed	—	—	—	130	143	158	—	—	—	—	—
순확정급여부채As filed	13	18	27	43	38	46	41	24	12	8	5
충당부채As filed	—	—	—	—	5	5	5	3	3	7	10
납입자본As filed	20	27	—	—	—	—	—	—	—	—	—
유동성파생상품부채As filed	—	—	—	—	—	—	1	—	—	—	—
자본과부채총계As filed	699	1,430	1,511	3,150	3,509	3,590	3,916	3,928	4,326	5,179	—
유동성장기부채As filed	—	—	—	—	—	—	—	—	210	100	—
리스유동부채As filed	—	—	—	—	29	—	—	—	—	—	—
이연법인세부채As filed	—	—	—	63	54	44	43	27	55	70	119
기타금융부채As filed	—	—	—	—	—	21	—	—	—	—	—
기타비유동금융부채As filed	—	—	—	27	20	—	—	—	—	—	—
부채및자본총계As filed	—	—	—	—	—	—	—	—	—	—	6,318
기타 유동부채As filed	—	—	—	—	—	—	—	—	92	123	—
기타비유동부채As filed	—	—	—	—	75	—	—	—	—	—	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	—	—	—	2

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	991	1,652	1,823	3,033	3,470	3,391	3,965	3,994	4,707	5,243	6,409
Cost of salesKRW 100M	773	1,301	1,434	2,513	2,833	2,783	3,237	3,343	3,636	3,998	4,829
Gross profitKRW 100M	218	351	389	520	637	608	727	651	1,071	1,245	1,581
SG&A expensesKRW 100M	155	220	279	422	554	509	526	547	580	641	Not applicable
	64	131	110	98	83	99	201	104	492	604	835
Finance incomeKRW 100M	3	10	12	12	23*	18	59	56	35	112	91
Finance costsKRW 100M	12	10	16	27	52*	61	57	92	71	Not applicable	119
Other incomeKRW 100M	2	4	6	20	21*	5	5	20	19	9	11
Other expensesKRW 100M	2	2	5	6	9*	18	33	24	13	6	39
	55	134	107	98	63	43	175	64	461	676	779
Income tax expenseKRW 100M	5	19	7	6	23	9	5	4	122	139	200
	50	115	99	92	40	34	170	60	339	537	578
Attributable to ownersKRW 100M	50	115	99	90	49	26	89	27	223	428	454
Attributable to minoritiesKRW 100M	0	0	0	2	-8	8	81	33	116	109	124
Basic earnings per shareKRW	1,257	2,708	1,860*	840	456	245	834	249	2,090	4,007	4,255
Diluted earnings per shareKRW	1,257	2,708	1,860*	840	456	245	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	48	111	86	85	66	1	247	107	351	667	530
Other comprehensive incomeKRW 100M	-2	-4	-13	-6	26	-33	77	47	13	130	-49

비지배지분에 귀속되는 총포괄손익As filed	—	—	—	—	—	—	—	—	—	—	114
금융비용As filed	—	—	—	—	—	—	—	—	—	43	—
지배기업의 소유주에게 귀속되는 총포괄손익As filed	—	—	—	—	—	—	—	—	—	—	416
비지배지분As filed	—	—	—	—	—	-14	113	63	123	178	—
관계기업에대한 지분법손익As filed	—	—	—	—	-2	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	48	111	—	—	—	—	—	—	—	—	—
지배기업소유주지분As filed	—	—	—	—	—	—	134	44	229	489	—
포괄손익, 비지배지분As filed	0	0	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-7	-4	24	—	—	—	13	131	—
해외사업환산손익As filed	—	—	—	—	—	-32	76	44	—	—	-20
순확정급여제도의 재측정요소As filed	—	—	—	—	—	—	1	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-6	-3	—	—	—	—	—	—	-29
확정급여제도의 재측정요소As filed	—	—	—	—	—	-0	—	2	-1	-1	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	-20
지배기업의소유주지분As filed	—	—	—	—	—	15	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	86	84	60	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	2	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	-29
총 포괄손익, 비지배지분As filed	—	—	0	1	6	—	—	—	—	—	—
판매비와관리비As filed	—	—	—	—	—	—	—	—	—	—	745

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	50	115	99	92	40	34	170	60	339	537	578
Total adjustments to operating cash flowcomputed	-23	-71	5	17	153	85	-91	107	81	158	-28
	27	44	104	108	194	119	79	167	420	695	550
Interest receivedKRW 100M	2	2	4	4	2	1	1	1	2	5	4
Interest paidKRW 100M	-0	3	1	9	20	21	27	32	42	44	29
Income taxes paidKRW 100M	4	-1	16	11	35	27	46	14	37	124	Not applicable
	-17	-132	-222	-971	-343	-49	-85	-104	-221	-526	-638
Purchase of property, plant and equipmentKRW 100M	31	125	211	429	307	142	90	116	186	487	614
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	16	8	14	8	3	21	14	0	1
Purchase of intangible assetsKRW 100M	1	1	28	1	2	7	2	2	2	4	1
	5	555	0	611	172	103	-18	-103	-132	20	238
Dividends paidKRW 100M	—	—	—	11	11	—	—	—	—	12	23
Issue of sharesKRW 100M	0	724	0	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	17	32	500	382	133	156	314	301	260	329	538
	32	500	382	133	156	314	301	260	329	538	689
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-1	2	0	-14	11	-0	3	Not applicable	0
Net change in cash and cash equivalentsKRW 100M	15	467*	-118	-249	23	158	-13	-41	69	209	150

당기순이익As filed	—	—	—	—	—	34	170	60	339	537	—
당기순이익(손실)As filed	50	115	99	92	40	—	—	—	—	—	578
종속기업지분의 추가 취득As filed	—	—	—	—	—	—	—	—	—	—	221
현금및현금성자산에대한환율변동효과As filed	—	—	—	—	—	—	—	—	—	20	—
리스부채의 지급As filed	—	—	—	—	—	—	—	27	27	—	—
비현금항목의 조정As filed	43	65	57	137	253	243	205	265	379	347	464
영업활동으로인한자산ㆍ부채의변동As filed	—	—	—	-103	-46	-111	-224	-113	—	—	—
운전자본의 변동As filed	-63	-136	-39	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	30	29	—	—	—	207	30	—	110	50	80
리스부채의 감소As filed	—	—	—	—	—	—	—	—	—	—	29
단기차입금의 차입As filed	296	236	—	—	—	508	428	333	223	—	970
리스부채의 상환As filed	—	—	—	—	—	—	—	—	—	31	—
기타유동금융자산의 처분As filed	—	—	—	—	—	—	4	—	—	—	—
단기금융상품의 처분As filed	—	—	4	3	—	—	—	—	—	—	—
기타유동금융자산의 취득As filed	—	—	—	—	4	—	—	3	146	—	—
단기금융상품의 취득As filed	—	—	—	1	—	—	—	—	—	—	—
단기대여금및수취채권의 처분As filed	—	—	3	13	2	—	0	—	4	—	—
단기차입금의 증가As filed	—	—	0	224	637	—	—	—	—	470	—
기타비유동금융자산의 처분As filed	—	—	—	—	—	0	—	—	—	—	—
기타비유동금융자산의 취득As filed	—	—	—	—	1	—	0	0	—	—	—
단기차입금의 상환As filed	296	334	0	15	499	486	221	287	314	277	440
단기대여금및수취채권의 취득As filed	—	—	2	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	1	—	—	—	—	45
유동성장기차입금의 상환As filed	—	—	—	—	-64	-76	-28	-123	-123	180	100
장기금융상품의 처분As filed	—	—	—	1	—	—	—	—	—	—	—
단기금융상품의 감소As filed	31	27	—	—	—	—	—	—	—	1	—
당기손익공정가치측정금융자산의 처분As filed	—	—	—	—	7	—	—	9	—	—	—
당기손익공정가치측정금융자산의 취득As filed	—	—	—	—	-1	—	1	—	—	—	—
매도가능금융자산의 취득As filed	2	2	2	1	—	—	—	—	—	—	—
단기금융자산의 증가As filed	32	3	—	—	—	—	—	—	—	—	—
임차보증금의 감소As filed	—	—	—	—	4	1	0	1	0	2	1
관계기업투자주식의 취득As filed	—	—	—	—	3	2	—	—	—	—	—
단기대여금의 감소As filed	0	0	—	—	—	—	—	—	—	2	0
종속기업에 대한 투자자산의 취득As filed	—	—	—	563	—	—	—	-0	—	—	—
무형자산의 처분As filed	—	—	0	—	—	—	—	—	—	—	—
보증금의 증가As filed	1	4	—	—	—	—	—	—	—	—	2
임차보증금의 증가As filed	—	—	2	0	4	1	2	3	1	14	—
관계기업투자자산의 취득As filed	—	—	—	—	—	—	—	12	—	—	—
단기대여금의 증가As filed	0	22	—	—	—	—	—	—	1	—	25
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	4	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	23
연결범위 변동As filed	—	—	—	—	-48	—	—	—	—	—	—
장기금융상품의 감소As filed	34	0	—	—	—	—	—	—	—	—	—
장기금융상품의 증가As filed	16	2	—	—	—	—	—	—	—	—	—
사용권자산의 처분As filed	—	—	—	—	—	0	—	—	—	—	—
종속기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	1	—	—
기타유동금융자산의 감소As filed	—	—	—	—	—	—	—	—	84	—	0
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	30	—
매각예정비유동자산의 처분As filed	—	—	—	—	—	94	—	—	—	—	—
정부보조금의 수취As filed	1	0	—	—	—	2	—	—	—	—	—
보증금의 감소As filed	0	0	—	—	—	—	—	—	—	—	—
국고보조금의 수령As filed	—	—	—	—	—	—	2	2	8	3	23
장기차입금의 상환As filed	0	78	0	1	—	6	—	—	—	—	—
주식발행비As filed	0	-15	0	—	—	—	—	—	—	—	—
장기차입금의 조기상환As filed	—	—	0	—	—	—	—	—	—	—	—
장기차입금의 증가As filed	-25	-7	0	215	134	—	—	—	—	—	—
단기금융상품의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-222	-27	-288
전환사채의 증가As filed	—	—	—	200	—	—	—	—	—	—	—
리스부채(유동)의 지급As filed	—	—	—	—	—	—	27	—	—	—	—
배당금 수취As filed	—	—	—	—	—	—	—	—	—	0	—
주식발행비 지급As filed	—	—	—	0	—	—	—	—	—	—	—
리스부채 지급As filed	—	—	—	—	-25	-33	—	—	—	—	—
전환사채의 상환As filed	—	—	—	—	—	—	200	—	—	—	—
배당의수취As filed	—	—	—	—	—	—	—	—	—	—	1
현금및현금성자산에대한 환율변동효과As filed	0	1	—	—	—	—	—	—	—	—	—
법인세납부(환급)As filed	—	—	—	—	—	—	—	—	—	—	181
임대보증금의 감소As filed	—	—	—	—	—	0	—	—	—	—	—
임대보증금의 증가As filed	—	—	—	—	—	0	—	—	—	—	—
미지급금의 감소As filed	—	—	—	—	—	-11	—	—	—	—	—

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 2026.03.30.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 27	다산회계법인	2025-12-31
2024	적정의견Term 26	다산회계법인	2025-12-31
2023	적정의견Term 25	대주회계법인	2025-12-31
2022	적정Term 24	대주회계법인	2022-12-31
2021	적정Term 23	대주회계법인	2022-12-31
2020	적정Term 22	대주회계법인	2022-12-31
2019	적정Term 21	한영회계법인	2019-12-31
2018	적정Term 20	한영회계법인	2019-12-31
2017	적정Term 19	한영회계법인	2019-12-31
2016	적정Term 18	한영회계법인	2016-12-31
2015	적정Term 17	안진회계법인	2016-12-31
2014	적정Term 16	한길우림회계법인	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 5Y0.42

Equity risk premium%

Terminal growth%

Cost of equity6.49%

Weighted average cost of capital—

Initial growth16.4%

Effective tax rate25.7%

Base fiscal year2025

Current priceKRW111,400

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	8,404	-92.5%
Dividend discount model DDM	11,606	-89.6%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	161,656	+45.1%
Residual income model RIM	121,859	+9.4%

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% + 0.42 × 5.00% = 6.49%

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(17.98% × (1 − 8.70%), 0) = 16.42%

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 = 370 × (1 + 2.00%) / (6.49% − 2.00%) = 377 / 0.0449 = 8,404 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 = 370, g_1 = 16.42%, g_T = 2.00%, r = 6.49%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	16.42%	431	0.9390	404
2	12.81%	486	0.8818	428
3	9.21%	531	0.8281	439
4	5.60%	560	0.7776	436
5	2.00%	572	0.7302	417
Terminal value	2.00%	12,983	0.7302	9,480
Total				11,606

P_0 = 11,606 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 = 23,663 KRW, ROE = 17.98%, payout ratio = 8.70%, r = 6.49%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	23,663	4,255	1,536	2,719	0.9390	2,553
2	27,548	4,953	1,788	3,165	0.8818	2,791
3	32,070	5,766	2,082	3,685	0.8281	3,051
4	37,335	6,713	2,423	4,290	0.7776	3,335
5	43,464	7,815	2,821	4,994	0.7302	3,646
Terminal value				113,420	0.7302	82,819

P_0 = 23,663 + 15,377 + 82,819 = 121,859 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 = 550.4 − 613.8 + 613.8 (net borrowing) = 550.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	16.42%	640.8	0.9390	601.7
2	12.81%	722.9	0.8818	637.4
3	9.21%	789.4	0.8281	653.7
4	5.60%	833.7	0.7776	648.3
5	2.00%	850.4	0.7302	620.9
Terminal value	2.00%	19,313.8	0.7302	14,102.8
Total				17,264.9

P_0 = 17,264.9 KRW hundred million ÷ 10,680,000 (shares) = 161,656 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.

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