290650KOSDAQ

L&C BIO

56,400

-1,900 (-3.26%)

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

L&C BIO is a bio company listed on the KOSDAQ market. It operates as a corporate entity with a subsidiary called Global Medical Research Center.

The company manufactures and distributes human tissue transplants, tissue-based medical devices, and cosmeceuticals. It also provides pharmaceutical services and CRO services for functional cosmetics and health supplements. Its main product is MegaDerm. The company supplies products to university hospitals and clinics in Korea and exports to China and Southeast Asia through partners.

Business overview as filed

당사는 조직공학 치료재료와 피부에 대한 전문적인 지식을 바탕으로 인체조직이식재, 인체조직기반 의료기기, 코스메슈티컬 등을 제조ㆍ판매하는 바이오 기업입니다. 또한, 기존 외과 네트워크를 활용한 제약사업 및 자회사 글로벌의학연구센터를 통한 기능성 화장품 및 건강기능식품 CRO사업, 마케팅 및 AI 화장품 추천 플랫폼 사업을 영위하고 있습니다.주요 매출은 인체조직이식재 및 인체조직기반 의료기기 사업에서 발생합니다. 인체조직이식재는 현재 뼈, 연골, 근막, 피부, 양막, 인대, 건, 심장판막, 혈관, 신경, 심낭 등 11종 조직에 대해서 식약처 등 정부 기관의 허가 하에 생산 유통되고 있으며, 인체조직이식재의 국산화와 기술혁신을 통하여 합리적인 가격으로 기존 화상외과, 성형외과 뿐만 아니라 일반외과, 이비인후과, 정형외과, 갑상선외과, 유방외과, 에스테틱 등으로 사용범위를 넓혀왔습니다. 대표 제품은 무세포동종진피(ADM: Acellular Dermal Matrix) MegaDerm이며, 주요 적응증은 유방암 치료 후 유방재건 입니다. 또한 인체조직 기반 의료기기는 기존 인체조직이식재에 0.01% 이상의 바이오폴리머(고분자물질)를 가교하여 만들어집니다. 인체조직이식재에 비해 제품 생산의 균일화 및 사용 편의성 개선 등의 이점이 있습니다. 이에 아직 인체조직법이 완비되지 않은 중국 및 동남아시아 국가 등에는 인체조직 기반 의료기기로 개발하여 수출하고 있습니다. 동아시아 국가의 경제발전에 따라 생체적합성이 뛰어난 바이오 의료기기에 대한 수요는 지속적으로 증가하고 있습니다.주요매입처는 한국공공조직은행, 해외 인체조직은행 등으로 해외 인체조직은행 한 곳과는 원재료 수입 독점 계약이 되어 있어 원재료를 안정적으로 공급 받고 있으며, 생산에 관한 사항은 "Ⅱ-3. 원재료 및 생산설비"를 참고하여 주시기 바랍니다.판매경로는 국내의 경우 서울 및 수도권 지역의 주요 대학병원 및 종합병원과 성형외과, 화상센터, 클리닉 등에 직접판매를 하고 있으며, 정형외과, 신경외과 등의 전문병원, 수도권 외 지역의 종합병원 등은 대리점을 통한 간접판매를 하고 있습니다. 해외의 경우 해외 학회 참석을 통한 판매 및 지역별 파트너를 통해 판매하고 있습니다.연구개발의 경우 주요 제품군인 인체조직이식재의 지속적인 성장과 점유율 확대를 바탕으로 인체조직 기반 의료기기 제품 개발을 진행해왔으며, 성장과 수익성 향상을 목표함과 동시에 인체조직 기반하의 재생의료공학 종합헬스케어 플랫폼 기업으로 거듭나고 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭 및 설립일 등

나. 주요 사업의 내용

주식회사 엘앤씨바이오는 인체조직이식재, 인체조직기반 의료기기 등의 조직공학 치료재료와 피부에 대한 전문적인 지식을 바탕으로 코스메슈티컬 등을 제조ㆍ판매하는 바이오 기업입니다. 또한, 기존 외과 네트워크를 활용한 제약사업 및 자회사 글로벌의학연구센터를 통한 기능성 화장품 및 건강기능식품 CRO사업을 영위하고 있습니다. 당사는 동종진피이식재를 국산화시켜 기존 화상외과, 성형외과뿐 아니라 일반외과, 이비인후과, 정형외과 등으로 제품 적응증을 확대해왔으며, 인체조직기반의 차세대 의료기기를 통하여 글로벌 시장에 진출하며 인체조직이식재 산업을 선도하고 있습니다.

다. 연결대상 종속회사 개황ㅇ 연결대상 종속회사 현황(요약)

ㅇ 연결대상회사의 변동내용

라. 중소기업 등 해당 여부

마. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.24), 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

7.67%

[5.16%, 11.14%] · 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% (2026-09-16). 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

0.74

Beta [0.57, 0.92] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.099%[-0.456%, +0.654%]
R squared: 0.22
Observations: 252
Trading-time corrected beta: 0.70[0.35, 1.06]

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

	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	179	212	292	330	457	526	689	721	855	1,163
Revenue growth%	—	18.66	37.24	13.11	38.53	15.10	31.00	4.68	18.56	—
Operating incomeKRW 100M	49	55	90	73	132	95	77	25	44	194
Operating income growth%	—	12.43	64.90	-18.91	79.81	-27.99	-18.30	-67.19	73.71	—
Net incomeKRW 100M	38	51	85	121	156	57	485	1,410	-1,382	-1,487
Net income growth%	—	35.74	65.95	43.71	28.24	-63.47	752.63	190.46	-198.07	—
Attributable to ownersKRW 100M	38	52	73	108	138	45	484	1,411	-1,382	-1,494
Attributable to minoritiesKRW 100M	0	-1	12	13	18	11	2	-1	-1	7
Operating margin%	27.21	25.79	30.98	22.21	28.83	18.04	11.25	3.53	5.17	16.71
Net margin%	20.97	23.98	29.00	36.85	34.11	10.83	70.47	195.53	-161.74	-127.88
ROE%	22.32	9.93	12.46	18.71	16.25	4.64	32.91	49.61	-69.71	-46.00
ROA%	18.32	8.88	12.77	15.08	14.51	2.85	18.51	29.64	-30.27	-31.15
Debt ratio%	21.87	8.67	9.88	31.55	15.16	85.24	67.18	61.37	118.98	42.43
Current ratio%	549.75	1,630.75	1,355.29	1,238.16	845.31	343.07	128.00	84.15	58.53	132.87
Quick ratio%	386.18	1,448.39	1,172.11	1,018.16	626.82	160.53	82.55	53.91	40.53	101.81
Reserve ratio%	1,025.18	1,349.86	1,528.57	444.94	678.03	708.97	1,119.27	2,336.34	1,408.64	2,289.93
Free cash flowKRW 100M	35	-9	45	44	7	-436	-366	-133	-32	—
FCF margin%	19.74	-4.21	15.35	13.35	1.44	-82.95	-53.20	-18.42	-3.80	—
OCF conversion%	101.73	75.49	76.07	61.07	70.00	-106.74	-25.00	-6.08	—	—
Capex to revenue%	1.59	22.31	6.71	9.15	22.44	71.39	35.58	6.54	18.50	—
Receivable daysdays	—	116.0	110.4	107.8	96.5	109.7	104.4	194.4	170.6	—
Inventory daysdays	—	254.3	205.5	194.7	216.1	331.9	430.8	467.1	407.9	—
Payable daysdays	—	60.5	53.1	53.3	65.1	81.7	78.6	300.3	285.0	—
Cash conversion cycledays	—	309.9	262.8	249.2	247.5	359.8	456.6	361.2	293.5	—
EPSKRW	1,408	830	993	494	620	200	2,132	6,218	-5,613	-5,540
PERx	—	23.67	25.78	69.84	59.03	115.50	13.60	3.88	—	—
BPSKRW	—	7,252	7,906	2,642	3,748	4,318	6,478	12,535	8,052	12,042
PBRx	—	2.71	3.24	13.06	9.77	5.35	4.48	1.92	7.59	7.51
Dividend per shareKRW	—	—	100	50	50	50	100	50	50	—
Payout ratio%	—	—	10.07	10.12	8.06	25.00	4.69	0.80	—	—

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	205	574	662	806	1,074	1,997	2,622	4,756*	4,566
	181	499	461	455	476	643	1,304	1,302	1,392
Cash and cash equivalentsKRW 100M	31	216	128	223	174	66	149	183	309
InventoriesKRW 100M	54	56	62	81	123	342	463	468	428
Trade and other receivablesKRW 100M	60	75	101	93	148	168	226	542	257
	24	75	201	351	598	1,354	1,319	3,454*	3,174
Property, plant and equipmentKRW 100M	14	49	73	95	179	531	747	970	1,066
Intangible assetsKRW 100M	1	1	2	2	11	36	15	1,992	Not applicable
Investments in associatesKRW 100M	—	—	9	96	146	554	135	24	25
	37	46	60	193	141	919	1,054	1,809	2,481
	33	31	34	37	56	187	1,018	1,547	2,378
Trade and other payablesKRW 100M	12	14	16	23	39	76	71	527	99
Short-term borrowingsKRW 100M	2	0	—	—	—	95	82	316	185
Current portion of long-term borrowingsKRW 100M	3	0	—	—	—	2	2	2	—
	4	15	26	156	85	732	35	262	103
Long-term borrowingsKRW 100M	0	10	10	10	9	7	5	201	40
	168	528	603	613	933	1,078	1,569	2,947*	2,085
	168	525	582	578	850	980	1,469	2,844*	1,982
Issued capitalKRW 100M	15	36	37	110	114	114	114	114	124
Capital surplusKRW 100M	69	352	355	282	439	439	439	439	747
Retained earningsKRW 100M	84	137	207	206	333	369	836	2,222*	993
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	4
Other equityKRW 100M	0	0	-17	-21	-36	58	81	69	115
Non-controlling interestsKRW 100M	0	3	21	34	82	99	99	104	103

상각후원가측정 금융자산As filed	—	—	—	40	20	40	402	46	41
파생상품자산As filed	—	—	—	—	—	—	—	7	313
당기손익공정가치 금융자산As filed	—	—	—	11	3	17	41	13	369
만기보유금융자산As filed	35	0	—	—	—	—	—	—	—
상각후원가측정금융자산As filed	0	150	129	—	—	—	—	—	46
공정가치측정금융자산As filed	—	—	32	—	—	—	—	—	—
기타유동자산As filed	1	2	8	7	9	10	22	33	25
당기손익공정가치금융자산As filed	—	—	—	—	—	—	—	—	13
매각예정비유동자산As filed	—	—	—	—	—	—	—	11	0
장기기타채권As filed	2	20	24	29	40	30	33	43	52
비유동상각후원가측정 금융자산As filed	—	—	—	18	18	21	17	—	—
사내근로복지기금As filed	—	—	—	—	—	—	52	—	—
비유동당기손익공정가치 금융자산As filed	—	—	—	110	204	182	320	—	—
비유동상각후원가측정금융자산As filed	—	—	15	—	—	—	—	—	—
장기금융상품As filed	3	0	—	—	—	—	—	—	—
비유동당기손익-공정가치측정금융자산As filed	—	—	72	—	—	—	—	—	—
사내근로복지기금자산As filed	—	—	—	—	—	—	—	44	—
이연법인세자산As filed	4	5	6	1	—	—	—	88	326
무형자산As filed	—	—	—	—	—	—	—	—	1,278
투자부동산As filed	—	—	—	—	—	—	—	9	14
충당부채As filed	7	6	4	3	3	3	—	—	0
유동성장기차입금As filed	—	—	—	—	1	—	—	—	152
기타유동부채As filed	1	3	4	9	7	3	13	17	25
계약부채As filed	0	0	—	—	—	0	0	0	1
당기법인세부채As filed	9	7	10	2	7	8	135	2	10
장기기타채무As filed	0	0	7	8	8	10	11	42	45
자본과부채총계As filed	205	574	662	806	1,074	1,997	2,622	—	—
기타비유동자산As filed	—	—	—	—	—	—	—	3	3
유동성파생상품부채As filed	—	—	—	—	—	—	1	—	—
전환사채As filed	—	—	—	86	46	591	—	—	—
순확정급여부채As filed	4	5	9	9	11	10	8	4	11
신주인수권부사채As filed	—	—	—	43	—	—	—	—	—
장기충당부채As filed	—	—	—	—	0	0	2	15	3
유동성전환사채As filed	—	—	—	—	—	—	638	664	485
유동성교환사채As filed	—	—	—	—	—	—	71	5	2
이연법인세부채As filed	—	—	—	—	12	6	9	1	3
전환상환우선주부채As filed	0	0	—	—	—	—	—	—	—
유동성충당부채As filed	—	—	—	—	—	—	6	—	—
교환사채As filed	—	—	—	—	—	108	—	—	—
부채와 자본총계As filed	—	—	—	—	—	—	—	4,756	4,566
파생상품부채As filed	—	—	—	—	—	—	—	7	1,420
매각예정비유동자산과 직접 관련된 부채As filed	—	—	—	—	—	—	—	7	0

Income statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	179	212	292	330	457	526	689*	721*	855
Cost of salesKRW 100M	68	79	105	134	172	256	341*	364*	401
Gross profitKRW 100M	111	134	187	196	285	270	348*	357*	454
SG&A expensesKRW 100M	63	79	96	122	153	175	270*	332*	410
	49	55	90	73	132	95	77*	25*	44
Finance incomeKRW 100M	1	3	10	14	8	19	56*	50*	343
Finance costsKRW 100M	4	1	2	12	9	63	86*	176*	1,251
Other incomeKRW 100M	0	3	1	1	4	4	5*	4*	13
Other expensesKRW 100M	0	1	0	0	0	1	26*	5*	751
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	1
	46	59	99	129	171	46	629*	1,378*	-1,600
Income tax expenseKRW 100M	9	8	15	8	15	-11	144	-54*	-217
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	1,432*	-1,384
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	-23*	1
	38	51	85	121	156	57	485	1,410*	-1,382
Attributable to ownersKRW 100M	38	52	73	108	138	45	484	1,411*	-1,382
Attributable to minoritiesKRW 100M	0	-1	12	13	18	11	2	-1	-1
Basic earnings per shareKRW	1,408	830	993*	494	620	200	2,132	Not applicable	Not applicable
Diluted earnings per shareKRW	1,408	813	990*	494	620	200	2,096	Not applicable	Not applicable
	39	51	83	119	166	70	461	1,387*	-1,380
Other comprehensive incomeKRW 100M	1	0	-2	-2	10	13	-24	-23	3

기타영업외손익As filed	—	—	—	—	—	—	—	—	-738
상품매출As filed	—	—	—	35	31	27	51	—	36
상품매출액As filed	35	29	29	—	—	—	—	42	—
관계기업투자손익As filed	—	—	—	54	37	-8	603	1,479	—
제품매출As filed	—	—	—	243	331	407	538	—	741
제품매출액As filed	144	179	223	—	—	—	—	569	—
기타매출As filed	0	4	—	—	—	—	—	—	—
기타매출액As filed	—	—	39	—	—	—	—	—	—
용역매출As filed	—	—	—	51	95	92	—	—	78
비지배지분As filed	—	—	—	13	18	12	2	-1	-1
상품매출원가As filed	17	15	17	20	16	17	34	27	14
지배기업 소유주지분As filed	—	—	—	106	148	58	460	1,388	-1,379
제품매출원가As filed	50	58	74	94	122	186	250	255	328
용역매출원가As filed	—	—	—	20	34	53	56	81	59
기타매출원가As filed	0	5	14	—	—	—	—	—	—
관계기업평가손익As filed	—	—	-0	—	—	—	—	—	—
계속영업기본주당손익As filed	—	—	—	—	—	—	—	0	-0
중단영업기본주당손익As filed	—	—	—	—	—	—	—	-0	0
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	-2	—	—	1	-5	-2	-1
후속적으로 당기손익으로 재분류될 수 있는 포괄손익As filed	—	—	—	—	—	12	-19	—	—
지분법자본변동As filed	—	—	—	-2	10	12	-19	-21	0
확정급여채무의 재측정요소As filed	1	0	-2	—	—	1	-5	-2	-1
계속영업희석주당손익As filed	—	—	—	—	—	—	—	0	-0
확정급여제도의 재측정요소As filed	—	—	—	-0	-0	—	—	—	—
중단영업희석주당손익As filed	—	—	—	—	—	—	—	-0	0
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	39	52	71	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	0	-1	12	—	—	—	—	—	—
순금융손익As filed	—	—	—	—	—	—	—	—	-907
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	-21	4
용역매출액As filed	—	—	—	—	—	—	100	110	—
해외사업환산차이As filed	—	—	—	—	—	—	—	—	4
계속영업당기순이익(손실)As filed	—	—	—	—	—	—	—	5	1
중단영업당기순이익(손실)As filed	—	—	—	—	—	—	—	-6	-2

Cash flow statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	38	51	85	121	156	57	485	1,410	-1,382
Total adjustments to operating cash flowcomputed	1	-12	-20	-47	-47	-118	-607	-1,495	1,508
	38	38	64	74	109	-61	-121	-86	126
Interest receivedKRW 100M	1	2	7	5	1	3	7	16	9
Interest paidKRW 100M	0	0	0	0	0	2	5	5	19
Income taxes paidKRW 100M	5	11	13	16	-5	12	12	149	-3
	-6	-168	-158	8	-205	-836	246	-219	-329
Purchase of property, plant and equipmentKRW 100M	3	47	20	30	103	375	245	47	158
Proceeds from sale of property, plant and equipmentKRW 100M	0	11	Not applicable	Not applicable	1	Not applicable	3	5	0
Purchase of intangible assetsKRW 100M	0	0	1	0	12	2	5	6	12
	-5	314	5	13	47	789	-42	338	321
Dividends paidKRW 100M	—	—	—	7	11	11	11	23	11
Acquisition of treasury sharesKRW 100M	—	—	—	127	20	—	8	—	100
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	48
Issue of sharesKRW 100M	0	304	—	—	—	—	—	—	100
Cash at beginning of periodKRW 100M	4	31	216	128	223	174	66	149	183
	31	216	128	223	174	66	149	183	309
Effect of exchange rate changesKRW 100M	-0	-0	0	-0	0	-0	0	0	2
Net change in cash and cash equivalentsKRW 100M	27	185	-89	95	-49	-108	84	33	Not applicable

영업으로부터 창출된 현금As filed	43	47	70	83	102	-51	-111	52	130
매각예정으로 분류된 기초 현금As filed	—	—	—	—	—	—	—	—	6
임대보증금의 감소As filed	—	—	—	—	1	2	1	0	1
리스부채의 감소As filed	—	—	—	—	—	—	15	—	17
배당금의 수취As filed	—	—	—	2	1	1	0	1	3
리스부채의 상환As filed	—	—	3	4	7	11	—	17	—
임대보증금의 증가As filed	—	—	—	0	1	3	—	—	0
관계기업투자자산의 증가As filed	—	—	10	48	—	405	—	—	0
단기대여금의 감소As filed	0	0	—	7	2	19	—	—	0
단기차입금의 증가As filed	—	—	—	—	—	179	84	236	28
전환사채발행제비용As filed	—	—	—	—	—	—	—	—	0
관계기업투자자산의 감소As filed	—	—	—	13	—	—	1,004	—	0
단기대여금의 증가As filed	0	0	—	—	-6	15	—	—	0
상각후원가측정금융자산의 감소As filed	0	226	294	—	—	—	—	—	—
장기차입금의 증가As filed	—	—	—	—	—	—	—	197	37
종속기업의 취득에 따른 순현금흐름As filed	—	—	—	—	—	19	—	—	138
만기보유금융자산의 감소As filed	70	0	—	—	—	—	—	—	—
상각후원가측정금융자산의 감소As filed	—	—	—	170	90	—	—	—	—
상각후원가측정금융자산의 증가As filed	0	341	289	83	69	—	—	—	—
유동성장기차입금의 감소As filed	—	—	—	—	—	1	2	—	2
전환사채의 발행As filed	—	—	—	100	60	600	—	—	630
교환사채의 발행As filed	—	—	—	—	—	116	—	—	35
단기차입금의 감소As filed	—	—	—	—	—	83	96	—	164
만기보유금융자산의 증가As filed	69	0	—	—	—	—	—	—	—
교환사채의 감소As filed	—	—	—	—	—	—	—	66	—
당기손익공정가치금융자산의 감소As filed	—	—	—	59	35	10	24	—	—
당기손익공정가치금융자산의 증가As filed	—	—	120	75	117	20	171	—	—
상각후원가측정 금융자산의 감소As filed	—	—	—	—	—	70	837	497	—
주식매수선택권 행사As filed	—	—	4	—	—	—	—	—	25
상각후원가측정 금융자산의 증가As filed	—	—	—	—	—	93	1,195	145	—
장기대여금의 감소As filed	—	—	0	—	—	2	1	5	20
유동성 장기차입금의 상환As filed	—	—	—	—	—	—	—	2	—
장기금융상품의 감소As filed	0	4	—	—	—	—	—	—	—
종속기업유상증자As filed	—	—	—	—	—	—	8	—	—
임차보증금의 감소As filed	—	—	1	—	1	1	1	16	3
임차보증금의 증가As filed	—	—	14	4	20	3	4	10	1
장기금융상품의 증가As filed	1	1	—	—	—	—	—	—	—
장기대여금의 증가As filed	0	7	—	—	7	6	4	8	6
무형자산의 처분As filed	—	—	—	—	0	2	1	0	0
보증금의 감소As filed	0	1	—	—	—	—	—	—	—
전환사채의 상환As filed	—	—	—	—	—	—	—	—	255
종속기업 유상증자As filed	—	—	—	—	25	—	—	13	14
보증금의 증가As filed	3	12	—	—	—	—	—	—	—
교환사채의 상환As filed	—	—	—	—	—	—	—	—	0
정부보조금의 수취As filed	0	0	1	—	—	—	—	1	—
무상증자As filed	—	—	—	-0	—	—	—	—	—
정부보조금의 사용As filed	0	0	—	—	—	—	—	—	—
장기차입금의 감소As filed	—	—	—	—	—	—	—	—	46
단기차입금의 차입As filed	2	0	—	—	—	—	—	—	—
주식매수선택권의 행사As filed	—	—	—	1	—	—	—	—	—
공정가치측정 금융자산의 감소As filed	—	—	—	—	—	—	—	116	33
유동성장기차입금의 상환As filed	5	3	—	—	—	—	—	—	—
정부보조금의 수령As filed	—	—	—	0	1	0	—	—	1
공정가치측정 금융자산의 증가As filed	—	—	—	—	—	—	—	125	45
단기차입금의 상환As filed	0	2	—	—	—	—	—	—	—
예수보증금의 감소As filed	—	—	—	—	—	—	—	—	0
정부보조금의 상환As filed	0	0	1	—	—	—	—	—	—
비지배지분의 증감As filed	0	5	4	—	—	—	—	—	—
장기차입금의 차입As filed	0	10	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	110	—
신주인수권부사채의 발행As filed	—	—	—	50	—	—	—	—	—
장기차입금의 상환As filed	1	0	—	—	—	—	—	—	—
종속기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	117	—
전환상환우선주사채의 발행As filed	0	0	—	—	—	—	—	—	—
정부보조금의 반환As filed	—	—	—	—	1	1	—	—	—
기타보증금의 감소As filed	—	—	—	—	—	—	—	0	0
기타보증금의 증가As filed	—	—	—	—	—	—	—	0	0
상각후원가금융자산의 감소As filed	—	—	—	—	—	—	—	—	1,185
미수금의 증가As filed	—	—	—	—	—	—	—	-291	0
상각후원가금융자산의 증가As filed	—	—	—	—	—	—	—	—	1,205
선급리스료의 지급As filed	—	—	—	—	—	—	—	—	0
종속기업의 처분에 따른 순현금흐름As filed	—	—	—	—	—	—	—	—	-5
현금의 순증감As filed	—	—	—	—	—	—	—	—	118

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 2026.03.24.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 15	한울회계법인	2025-12-31
2024	적정의견Term 14	한울회계법인	2025-12-31
2023	적정의견Term 13	한울회계법인	2025-12-31
2023	적정의견Term 13	한국회계법인	2025-12-31
2022	적정Term 12	한울회계법인	2022-12-31
2021	적정Term 11	한울회계법인	2022-12-31
2020	적정Term 10	한울회계법인	2022-12-31
2019	적정Term 9	한울회계법인	2019-12-31
2018	적정Term 8	삼일회계법인	2019-12-31
2017	적정Term 7	삼일회계법인	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 5Y0.74

Equity risk premium%

Terminal growth%

Cost of equity8.11%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW56,400

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	808	-98.6%
Dividend discount model DDM	771	-98.6%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-564	-101.0%

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% + 0.74 × 5.00% = 8.11%

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(-69.71% × (1 − 0.00%), 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 = 50 × (1 + 2.00%) / (8.11% − 2.00%) = 51 / 0.0611 = 834 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 = 50, g_1 = 0.00%, g_T = 2.00%, r = 8.11%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	50	0.9250	46
2	0.50%	50	0.8556	43
3	1.00%	51	0.7914	40
4	1.50%	52	0.7320	38
5	2.00%	53	0.6770	36
Terminal value	2.00%	877	0.6770	594
Total				796

P_0 = 796 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 = 8,052 KRW, ROE = -69.71%, payout ratio = 0.00%, r = 8.11%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	8,052	-5,613	653	-6,266	0.9250	-5,796
2	2,439	-1,700	198	-1,898	0.8556	-1,624
3	739	-515	60	-575	0.7914	-455
4	224	-156	18	-174	0.7320	-128
5	68	-47	6	-53	0.6770	-36
Terminal value				-881	0.6770	-596

P_0 = 8,052 + -8,038 + -596 = -582 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