281820KOSPI

KC Tech

124,000

+1,000 (+0.81%)

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

KC Tech was established on November 1, 2017, through a spin-off from KC Co., Ltd. The company is listed on the KOSPI market and is headquartered in Anseong, Gyeonggi-do.

The company provides equipment and materials for semiconductor and display processes. Its portfolio includes CMP and wet cleaning systems for semiconductors, as well as wet stations and coaters for displays. It also supplies materials such as ceria and silica slurries.

Business overview as filed

당사는 2017년 11월 1일을 분할기일로 하여 주식회사 케이씨(구, 주식회사 케이씨텍)로부터 반도체 장비, 디스플레이 장비 및 소재 사업부문이 인적분할되어 설립되었습니다. 반도체 장비 제품으로는 CMP, Wet Cleaning System이 있으며, 디스플레이장비는 Wet Station, APP, CO2 Cleaner, Coater가 있습니다. 그리고 소재는 Ceria Slurry, Silica Slurry, Zirconia, Hollow Silica가 있습니다. 보고 부문에 대한 매출정보 및제품별 주요 내용은 아래와 같습니다.

1) 보고부문에 대한 매출정보 (단위 : 천원)

2) 제품별 주요 내용① 반도체 장비- CMP : Wafer를 화학적 반응과 기계적 힘을 이용하여 평탄하게 연마- Wet Cleaning System : Wafer상의 불순물 제거 ② 디스플레이 장비- Wet Station : LCD, LTPS, OLED, Flexible 등 Display 제조에서 액체를 이용하여 Cleaning, Etching, Stripping, Developing 등의 공정을 통해 패턴을 형성하고 최종 결과물을 만드는 장비의 통칭- CO2 Cleaner : 저온의 드라이아이스 스노우 입자를 노즐을 통해 고속으로 분사 하여 기판 표면의 오염물을 건식으로 제거, 세정이 가능한 친환경적인 세정 Module- Coater : LCD, LTPS, OLED, Flexible Display 제조라인에서 기판에 PR 및 Coating Material을 균일하게 도포하는 장비③ 소재- Ceria Slurry : 반도체 CMP공정에 사용되어 80nm~300nm입자와 초순수 및 Chemical이 혼합되어 만들어진 현탁액으로 연마대상의 막질을 화학적, 기계적 으로 연마하는 역할- Silica Slurry : CMP공정 중 Metal Contact / Plug & Poly 공정에 사용되는 Slurry 로서, Colloidal Silica와 기능성 Chemical을 DIW에 혼합하여 사용하는 현탁액- Zirconia : 광학분야에 사용되며 디스플레이의 휘도, 굴절률 등 광특성 향상을 위해 광학필름과 고굴절 렌즈에 응용- Hollow Silica : 저굴절, 저유전, 단열 특성을 바탕으로 Anti Glare, Low Reflection, Anti Reflection, FPCB기판, 단열필름 등에 응용

Company overview

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적, 상업적 명칭

당사의 명칭은 국문으로는 "주식회사 케이씨텍"이고, 영문으로는 "KCTECH CO.,LTD."라 표기합니다. 단, 약식으로 표기할 경우에는 "㈜케이씨텍" 으로 표기합니다.

라. 설립일자 및 존속기간

당사는 2017년 11월 1일을 분할기일로 하여 주식회사 케이씨(구, 주식회사 케이씨텍)로부터 반도체 장비, 소재 및 디스플레이 장비 사업부문이 인적분할되어 설립되었으며, 2017년 12월 5일 한국거래소 유가증권시장에 재상장되었습니다.

마. 본사의 주소, 전화번호 및 홈페이지

- 주 소 : 경기도 안성시 미양면 제2공단3길 12- 전 화 : 031-670-8000- 홈페이지 : http://www.kctech.com

바. 중소기업 등 해당 여부

사. 주요 사업의 내용 및 신규사업

당사는 반도체 및 디스플레이 공정에 사용되는 전공정 장비 및 소모성 재료의 제조 및 판매를 주력사업으로 영위하는 기업으로서 반도체 CMP/세정 장비, 디스플레이 Wet-station/Coater 장비, 반도체 Slurry 및 디스플레이 소재 등의 Line-up을 갖추고 있습니다. KCTech America Inc는 미국 지역 고객의 기술적 대응력 강화를 위해 Slurry 및 Chemical 제품 연구개발을 하고 있습니다.

아. 신용평가에 관한 사항

(*) 'CCR'은 Corporate Credit Rating의 약자로 기업신용평가를 의미함

- 기업의 신용능력에 따라 'AAA'등급에서 'D'등급까지 10등급으로 구분 표시되며, 등급 중 'AA'등급부터 'CCC'등급까지는 등급 내 우열 정도에 따라 +,- 기호가 첨부

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.13), 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

7.55%

[5.03%, 11.57%] · 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 53.1% (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

1.02

Beta [0.84, 1.21] · KOSPI200 · As of 2026-10-08

Intercept: +0.255%[-0.437%, +0.947%]
R squared: 0.38
Observations: 252
Trading-time corrected beta: 0.60[0.17, 1.02]

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 KOSPI200 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

	2017Separate basis	2018Separate basis	2019Separate basis	2020Separate basis	2021Separate basis	2022Separate basis	2023Separate basis	2024Separate basis	2025Consolidated basis	TTMConsolidated basis
RevenueKRW 100M	751	3,573	2,653	3,199	3,445	3,782	2,869	3,854	3,829	4,765
Revenue growth%	—	375.75	-25.73	20.57	7.71	9.77	-24.14	34.34	—	—
Operating incomeKRW 100M	139	670	491	561	521	603	327	498	600	949
Operating income growth%	—	381.28	-26.80	14.43	-7.19	15.81	-45.80	52.23	—	—
Net incomeKRW 100M	112	544	369	426	419	554	317	527	534	873
Net income growth%	—	386.84	-32.20	15.52	-1.51	32.04	-42.76	66.20	—	—
Attributable to ownersKRW 100M	—	—	—	—	—	—	—	—	534	873
Attributable to minoritiesKRW 100M	—	—	—	—	—	—	—	—	0	0
Operating margin%	18.54	18.76	18.49	17.55	15.12	15.95	11.40	12.92	15.66	19.92
Net margin%	14.87	15.22	13.89	13.31	12.17	14.64	11.05	13.67	13.95	18.32
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	4.19	17.34	10.92	10.46	9.26	11.46	6.34	9.59	8.89	13.32
Debt ratio%	30.07	22.01	17.01	17.10	17.62	13.46	10.46	13.97	13.25	14.10
Current ratio%	277.58	382.26	490.70	526.91	502.45	673.87	885.43	678.61	714.32	654.30
Quick ratio%	238.00	330.06	415.39	438.95	416.72	562.83	687.07	573.71	586.55	523.58
Reserve ratio%	1,967.26	2,491.60	2,809.27	3,235.45	3,593.61	4,080.60	4,335.89	4,805.97	5,224.23	5,419.43
Free cash flowKRW 100M	-5	482	272	603	177	416	137	898	326	—
FCF margin%	-0.64	13.50	10.25	18.86	5.15	11.00	4.77	23.29	8.52	—
OCF conversion%	63.53	104.00	109.75	169.42	97.94	100.14	83.87	189.64	112.67	—
Capex to revenue%	10.09	2.32	5.00	3.70	6.78	3.66	4.50	2.63	7.19	—
Inventory daysdays	—	40.9	66.1	71.5	80.2	83.5	137.1	103.5	—	—
Payable daysdays	—	—	30.2	29.6	28.7	23.2	—	—	—	—
EPSKRW	—	2,741	1,859	2,118	2,011	2,692	1,562	2,615	2,686	4,408
PERx	—	3.46	12.56	14.52	11.96	5.50	17.16	9.96	14.76	26.11
BPS	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
PBR	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Dividend per shareKRW	180	270	200	220	220	250	180	—	270	—
Payout ratio%	—	9.85	10.76	10.39	10.94	9.29	11.52	—	10.05	—

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

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

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	2,666	3,135	3,376	4,073	4,530	4,833	5,000	5,491	6,005
	1,652	2,119	2,312	2,977	3,217	3,526	3,727	4,200	4,684
Cash and cash equivalentsKRW 100M	71	98	474	232	456	161	542	822	292
Short-term financial instrumentsKRW 100M	248	669	478	1,397	1,165	1,697	1,369	1,751	—
InventoriesKRW 100M	236	289	355	497	549	581	835	649	838
Trade and other receivablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	1,014	1,016	1,063	1,096	1,313	1,307	1,273	1,292	1,320
Property, plant and equipmentKRW 100M	821	810	872	856	983	963	974	939	1,101
Intangible assetsKRW 100M	44	54	50	86	58	64	Not applicable	67	Not applicable
	616	566	491	595	679	573	473	673	702
	595	554	471	565	640	523	421	619	656
Trade and other payablesKRW 100M	Not applicable	122	172	180	194	120	Not applicable	171	Not applicable
Current lease liabilitiesKRW 100M	—	—	—	—	—	17	20	18	13
	21	11	20	30	38	50	52	54	47
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	27	21	8	8
	2,050	2,570	2,885	3,478	3,852	4,260	4,526	4,818	5,302
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Issued capitalKRW 100M	99	99	99	104	104	104	104	104	104
Capital surplusKRW 100M	1,840	1,840	1,840	2,042	2,042	2,042	2,042	2,042	2,043
Retained earningsKRW 100M	112	632	947	1,333	1,707	2,215	2,481	2,971	3,407
Accumulated other comprehensive incomeKRW 100M	0	—	—	—	—	—	—	—	1
Other equityKRW 100M	-1	-1	-1	-1	-1	-101	-101	-299	-252
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

매출채권As filed	982	862	586	190	456	422	236	309	—
유동금융기관예치금As filed	—	—	—	—	—	—	—	—	2,552
기타채권As filed	13	12	9	16	22	39	58	49	—
유동계약자산As filed	—	—	—	—	—	—	545	561	470
유동매출채권As filed	—	—	—	—	—	—	—	—	273
계약자산As filed	—	148	344	567	514	520	—	—	—
기타유동자산As filed	47	23	55	41	42	41	58	13	31
기타유동금융자산As filed	56	18	12	36	14	66	84	44	178
기타 유동채권As filed	—	—	—	—	—	—	—	—	50
기타비유동채권As filed	6	9	8	12	18	19	22	20	—
기타비유동금융자산As filed	62	51	65	55	166	174	137	184	51
무형자산As filed	—	—	—	—	—	—	63	—	—
장기투자자산As filed	—	—	—	—	—	—	—	5	10
이연법인세자산As filed	81	82	60	70	83	83	75	77	78
기타비유동자산As filed	0	10	9	17	5	4	2	0	0
무형자산 및 영업권As filed	—	—	—	—	—	—	—	—	68
부채와자본총계As filed	—	—	—	4,073	4,530	4,833	5,000	5,491	—
기타 비유동채권As filed	—	—	—	—	—	—	—	—	13
금융부채As filed	—	13	8	7	—	—	—	—	—
기타금융부채As filed	—	—	—	—	9	0	—	—	—
매입채무As filed	188	—	—	—	—	—	112	—	—
미지급법인세As filed	44	63	58	79	81	91	49	101	—
기타유동채무As filed	119	122	114	136	136	146	102	142	—
자본과부채총계As filed	2,666	3,135	3,376	—	—	—	—	—	6,005
기타유동부채As filed	168	2	2	2	3	5	—	—	—
유동계약부채As filed	—	—	—	—	—	—	27	38	56
계약부채As filed	—	141	32	56	93	31	—	—	—
충당부채As filed	76	92	85	104	124	113	—	—	—
매입채무 외의 유동채무As filed	—	—	—	—	—	—	—	—	148
유동충당부채As filed	—	—	—	—	—	—	104	113	113
기타비유동부채As filed	21	11	12	15	13	13	—	—	—
기타유동금융부채As filed	—	—	—	—	—	—	1	5	0
기타 유동부채As filed	—	—	—	—	—	—	7	30	5
기타비유동금융부채As filed	—	—	8	5	14	—	—	—	—
당기법인세부채As filed	—	—	—	—	—	—	—	—	105
기타비유동채무As filed	—	—	—	10	0	0	—	—	—
비유동충당부채As filed	—	—	—	—	10	11	17	18	6
기타 비유동 부채As filed	—	—	—	—	—	—	14	28	33
유동매입채무As filed	—	—	—	—	—	—	—	—	215

Income statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	751	3,573	2,653	3,199	3,445	3,782	2,869	3,854	3,829
Cost of salesKRW 100M	494	2,341	1,779	2,175	2,379	2,471	1,885	2,616	2,404
Gross profitKRW 100M	257	1,232	874	1,024	1,067	1,311	984	1,238	1,425
SG&A expensesKRW 100M	117	561	383	462	546	708	657	740	825
	139	670	491	561	521	603	327	498	600
Finance incomeKRW 100M	0	8	19	12	25	38	93	101	91
Finance costsKRW 100M	Not applicable	Not applicable	0	0	1	1	2	2	1
Other incomeKRW 100M	34	70	57	67	69	137	32	129	47
Other expensesKRW 100M	29	69	69	105	77	71	21	62	63
	144	679	497	536	537	705	429	664	674
Income tax expenseKRW 100M	32	135	129	110	117	151	112	137	140
Profit from continuing operationsKRW 100M	112	—	—	—	—	—	—	—	—
	112	544	369	426	419	554	317	527	534
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	534
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0
Basic earnings per shareKRW	Not applicable	2,741	1,859*	2,118	2,011	2,692	1,562	2,615	2,686
Diluted earnings per shareKRW	Not applicable	2,741	1,859*	2,118	2,011	2,692	Not applicable	2,615	2,685
	112	544	369	426	419	554	317	527	535
Other comprehensive incomeKRW 100M	0	Not applicable	Not applicable	0	0	0	0	0	1

포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	0
지배기업의 소유주에게 귀속되는 총포괄손익As filed	—	—	—	—	—	—	—	—	535
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	0	—	—	—	—	—	—	—	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	0	—	—	—	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	—	—	—	—	—	—	—	—	1
계속영업기본주당이익As filed	0	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	1

Cash flow statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	112	544	369	426	419	554	317	527	534
Total adjustments to operating cash flowcomputed	-41	22	36	296	-9	1	-51	472	68
	71	565	405*	722	411	555	266	999	602
Interest receivedKRW 100M	0	7	19*	8	13	20	88	87	82
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	0	0	1	2	1	1
DepreciationKRW 100M	16	93	106	119	135	145	143	155	160
AmortisationKRW 100M	2	11	10	9	10	8	9	8	9
Income taxes paidKRW 100M	0	122	111	99	128	141	147	87	136
	-27	-502	37	-1,111	-133	-680	181	-491	-1,057
Purchase of property, plant and equipmentKRW 100M	76	83	133	118	234	139	129	101	275
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	0	2	1	0	77	0	0	0
Purchase of intangible assetsKRW 100M	1	20	7	9	13	11	8	18	11
	-1	-36	-62*	159	-56	-161	-72	-261	-76
Dividends paidKRW 100M	—	36	54	40	46	46	51	37	53
Acquisition of treasury sharesKRW 100M	1	—	0	—	—	100	0	200	0
Issue of sharesKRW 100M	—	—	—	207	0	0	—	—	—
Cash at beginning of periodKRW 100M	29	71	98	474	232	456	161	542	822
	71	98	474	232	456	161	542	822	292
Effect of exchange rate changesKRW 100M	-1	-0	-4	-11	2	-10	7	33	1
Net change in cash and cash equivalentsKRW 100M	42	27	376	-242	224	-296	382	280	Not applicable

당기순이익As filed	112	—	369	426	419	554	317	527	—
당기순이익(손실)As filed	—	544	—	—	—	—	—	—	534
당기순이익조정을 위한 가감As filed	77	340	247	359	371	336	235	230	232
리스부채의 상환As filed	—	—	-8	—	—	15	22	25	—
리스부채의 지급As filed	—	—	—	—	—	—	—	—	23
법인세비용As filed	32	135	129	110	117	151	—	—	—
대손상각비As filed	—	6	-45	-12	-4	—	—	—	—
대손상각비(환입)As filed	16	—	—	—	—	6	—	—	—
임차보증금의 감소As filed	0	35	4	24	12	37	15	24	22
기타비유동비금융자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	-1
임차보증금의 증가As filed	13	14	6	28	122	96	16	17	20
금융기관예치금의 순감소(순증가)As filed	—	—	—	—	—	—	-324	368	—
무형자산폐기손실As filed	0	0	0	—	—	—	—	—	—
유형자산처분이익As filed	—	0	0	0	0	37	—	—	—
장기대여금의 순감소(순증가)As filed	—	—	—	—	—	—	-2	-2	—
단기대여금의 순감소(순증가)As filed	—	—	—	—	—	—	-2	0	—
무형자산손상차손As filed	0	0	-1	1	37	1	—	—	—
외화환산이익As filed	3	21	8	11	22	15	—	—	—
유형자산처분손실As filed	—	0	0	0	0	10	—	—	—
장기투자자산의 취득As filed	—	—	—	—	—	—	—	5	5
유형자산폐기손실As filed	—	0	0	0	0	0	—	—	—
금융기관예치금의 감소(증가)As filed	-58	—	—	—	—	—	—	—	-774
무형자산처분이익As filed	—	0	0	0	0	—	—	—	—
외화환산손실As filed	24	6	14	53	3	20	—	—	—
유형자산손상차손As filed	—	—	—	—	1	0	—	—	—
통화선도거래의 정산As filed	5	-5	-18	-17	-1	17	1	18	-2
장기대여금의 감소(증가)As filed	—	—	—	—	—	—	—	—	6
영업권손상차손As filed	—	—	—	—	—	0	—	—	—
재고자산폐기손실As filed	0	0	0	0	—	—	—	—	—
단기대여금의 감소(증가)As filed	—	—	—	—	—	—	—	—	4
무형자산손상차손환입As filed	—	—	—	0	0	0	—	—	—
이자수익As filed	0	8	19	12	15	38	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	1	—
무형자산의 처분As filed	—	1	2	0	0	—	—	10	0
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	-226	244	-110
통화선도평가이익As filed	28	0	12	23	0	2	0	0	—
계약자산의 감소(증가)As filed	—	282	-211	-225	59	-7	-34	-10	92
기타비유동자산의 감소(증가)As filed	—	1	2	2	2	2	2	2	—
통화선도거래이익As filed	3	0	0	1	0	0	—	—	—
계약부채의 증가(감소)As filed	—	-18	-109	0	37	-62	-5	12	18
이자비용As filed	—	—	—	0	1	1	—	—	—
기타비유동부채의 증가(감소)As filed	0	2	1	3	-2	-1	1	15	—
투자활동으로 분류된 정부보조금As filed	—	—	—	—	—	—	—	—	0
충당부채의 증가(감소)As filed	—	-66	-75	-77	-75	-80	-67	-65	-42
판매보증충당부채전입(환입)액As filed	21	—	—	—	—	—	—	—	—
기타유동채무의 증가(감소)As filed	61	2	-18	32	5	9	-41	36	10
기타채권의 감소(증가)As filed	-8	3	5	-1	-3	-4	2	1	—
영업활동으로인한자산ㆍ부채의변동As filed	-118	-203	-118	28	-263	-212	—	—	—
통화선도평가손실As filed	—	13	0	0	2	0	1	5	—
매출채권의 감소(증가)As filed	-327	-302	334	394	-250	30	192	-61	34
통화선도거래손실As filed	—	23	6	30	22	15	3	17	—
재고자산의 감소(증가)As filed	34	-54	-66	-142	-52	-32	-254	186	-230
판매보증충당부채전입액As filed	—	82	67	88	93	66	43	74	—
기타유동자산의 감소(증가) 조정As filed	—	—	—	—	—	—	-16	—	-17
미지급금평가손실As filed	—	—	—	0	0	0	—	—	—
미지급금평가이익As filed	—	—	—	—	-10	0	0	—	—
기타비유동비금융부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	5
기타유동자산의 감소(증가)As filed	-15	14	-32	13	3	3	—	47	—
공사손실충당부채전입액As filed	—	—	—	8	1	3	15	1	—
기타비유동자산의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	0
기타유동부채의 증가(감소)As filed	83	1	-0	20	1	2	2	23	-24
매입채무의 증가(감소)As filed	64	-66	51	8	13	-73	-8	58	44
기타채권의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	-0
대손상각비 조정As filed	—	—	—	—	—	—	-2	-6	-1
판매보증충당부채의 증가(감소)As filed	-11	—	—	—	—	—	—	—	30
유형자산처분이익 조정As filed	—	—	—	—	—	—	0	0	0
단기대여금의 증가As filed	0	4	2	5	7	6	—	—	—
단기대여금의 감소As filed	0	2	2	3	4	4	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	9	62	28
무형자산손상차손 조정As filed	—	—	—	—	—	—	-1	-1	—
장기대여금의 증가As filed	1	9	4	10	17	14	—	—	—
무형자산처분이익 조정As filed	—	—	—	—	—	—	—	5	0
유형자산손상차손 조정As filed	—	—	—	—	—	—	0	—	—
장기대여금의 감소As filed	0	5	5	6	11	12	—	—	—
이자비용 조정As filed	—	—	—	—	—	—	2	2	1
유형자산폐기손실 조정As filed	—	—	—	—	—	—	0	1	0
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	43	28	380	-230	221	-286	375	247	-531
유형자산처분손실 조정As filed	—	—	—	—	—	—	0	0	3
외화환산손실 조정As filed	—	—	—	—	—	—	12	3	2
공사손실충당부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	1
금융기관예치금의 증가As filed	—	421	-191	943	—	—	—	—	—
영업권손상차손 조정As filed	—	—	—	—	—	—	0	—	—
기타투자자산폐기손실As filed	—	—	—	—	—	—	0	0	—
주식보상비용As filed	—	—	—	—	—	—	—	2	—
무형자산폐기손실 조정As filed	—	—	—	—	—	—	—	1	0
법인세비용 조정As filed	—	—	—	—	—	—	112	137	140
사업결합으로 인한 순현금유출As filed	—	—	—	-6	0	0	—	—	—
이자수익 조정As filed	—	—	—	—	—	—	93	101	—
지급수수료As filed	—	—	—	—	—	—	—	0	—
무형자산손상차손환입 조정As filed	—	—	—	—	—	—	—	—	0
장기선급금의 증가As filed	—	—	—	-10	0	0	—	—	—
재고자산평가손실환입 조정As filed	—	—	—	—	—	—	—	—	0
금융기관예치금의 순증감As filed	—	—	—	—	-232	529	—	—	—
주식보상비용(환입) 조정As filed	—	—	—	—	—	—	—	—	2
재고자산평가손실 조정As filed	—	—	—	—	—	—	—	—	8
기타금융부채의 감소As filed	—	—	—	-8	-11	—	—	—	—
지급수수료 조정As filed	—	—	—	—	—	—	—	—	0
통화선도거래이익 조정As filed	—	—	—	—	—	—	—	—	3
통화선도평가이익 조정As filed	—	—	—	—	—	—	—	—	0
기타투자자산폐기손실 조정As filed	—	—	—	—	—	—	—	—	0
통화선도거래손실 조정As filed	—	—	—	—	—	—	—	—	0
통화선도평가손실 조정As filed	—	—	—	—	—	—	—	—	0
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	91

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 2026.03.13.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 9	한길회계법인	2025-12-31
2024	적정의견Term 8	삼정회계법인	2025-12-31
2023	적정의견Term 7	삼정회계법인	2025-12-31
2022	적정Term 6	삼정회계법인	2022-12-31
2021	적정Term 5	삼정회계법인	2022-12-31
2020	적정Term 4	삼정회계법인	2022-12-31
2019	적정Term 3	삼정회계법인	2019-12-31
2018	적정Term 2	삼정회계법인	2019-12-31
2017	적정Term 1	삼정회계법인	2019-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y1.11

Equity risk premium%

Terminal growth%

Cost of equity9.93%

Weighted average cost of capital—

Initial growth2.0%

Effective tax rate20.8%

Base fiscal year2025

Current priceKRW124,000

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	3,474	-97.2%
Dividend discount model DDM	3,474	-97.2%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	20,291	-83.6%
Residual income model RIM	No book value or return on equity

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% + 1.11 × 5.00% = 9.93%

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 = g_T = 2.00%

Gordon growth model

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

P_0 = 270 × (1 + 2.00%) / (9.93% − 2.00%) = 275 / 0.0793 = 3,474 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 = 270, g_1 = 2.00%, g_T = 2.00%, r = 9.93%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	275	0.9097	251
2	2.00%	281	0.8276	232
3	2.00%	287	0.7528	216
4	2.00%	292	0.6848	200
5	2.00%	298	0.6230	186
Terminal value	2.00%	3,836	0.6230	2,390
Total				3,474

P_0 = 3,474 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 = 601.6 − 275.3 + 0.0 (net borrowing) = 326.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	332.8	0.9097	302.7
2	2.00%	339.4	0.8276	280.9
3	2.00%	346.2	0.7528	260.6
4	2.00%	353.1	0.6848	241.8
5	2.00%	360.2	0.6230	224.4
Terminal value	2.00%	4,635.2	0.6230	2,887.7
Total				4,198.2

P_0 = 4,198.2 KRW hundred million ÷ 20,690,323 (shares) = 20,291 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