298040KOSPI

Hyosung Heavy Industries

2,785,000

-37,000 (-1.31%)

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

Hyosung Heavy Industries was established in 2018 and is listed on the KOSPI market. Headquartered in Seoul, the company operates as a corporate entity with multiple subsidiaries.

The company operates in heavy industries and construction. The heavy industries segment supplies transformers, circuit breakers, motors, and hydrogen infrastructure. The construction segment provides residential housing, commercial facilities, and civil engineering works for various domestic and international clients.

Business overview as filed

당사는 수익을 창출하는 재화와 용역의 성격, 이익 창출단위, 제품 및 제조 공정의 특징, 시장 및 판매방법의 특징, 사업부문 구분의 계속성 등을 고려하여 2개의 사업부문(중공업, 건설)을 중심으로 사업의 개요를 작성하였습니다.

당사의 중공업 부문에서 생산 및 판매 중인 주요 제품으로는 전력산업의 핵심 설비인 변압기, 차단기와 산업 생산설비 등에 광범위하게 이용되는 전동기, 감속기 등이 있습니다.

전력PU는 초고압 변압기와 차단기, 중저압 변압기와 전장품을 생산, 공급하며 국내시장 오랜 노하우를 바탕으로 유럽, 미주, 중동, 아시아 등 글로벌 시장에 진출하여 품질과 기술력을 인정받고 있습니다. 또한 전력사업 환경 변화(지능화 및 효율적 전력망 구축)에 대응하여 IT기반 전력설비 자산관리(Asset Management), 초고압 직류송전시스템(HVDC), STATCOM과 같은 사업을, 저탄소 친환경 사회로의 변화에 부응하기 위하여 액화수소플랜트, ESS(Energy Storage System)를 중심으로 신재생에너지, 분산발전원과 연계된 신규 사업을 지속적으로 강화하고 있습니다.기전PU는 저압 중소형 전동기부터 고압 초대형 전동기까지 폭넓은 전동기 라인업을 보유하고 있으며, 고효율 전동기, 특수 목적 전동기 등 다양한 산업 환경에 적용 가능한 제품을 생산하고 있습니다. 이와 함께 산업용 발전설비 및 선박용 발전기 등 발전 시스템 분야에서도 경쟁력을 확보하고 있으며, 고정밀 기어와 플랜트용 핵심 장비를 공급하여 석유화학 등 중화학 산업 전반의 기반 설비 수요에 대응하고 있습니다.한편, 수소모빌리티 인프라 구축을 위한 수소충전소 사업을 지속적으로 확대하고 있으며, 최근에는 액화수소 생산 등 수소 밸류체인 전반으로 사업 영역을 확장하고 있습니다. 또한 풍력발전 사업의 경우, 기존 육상 중심의 사업 경험을 바탕으로 대용량 해상풍력터빈 분야까지 단계적으로 확대해 나갈 계획입니다.

당사의 건설 부문은 국내외에서 주택사업, 재개발ㆍ재건축사업, 업무ㆍ상업시설, 토목ㆍ환경, SOC(사회간접자본) 사업 다양한 건설 사업을 영위하고 있습니다. 건설공사는 크게 자체공사와 도급공사로 나누어집니다. 자체공사는 당사가 직접 토지를 매입하여 시행과 시공을 병행하는 주택사업이고, 도급공사는 발주처로부터 수주하여 수행하는 공사형태로서 주택, 일반건축, 토목으로 구분됩니다.

주택부문에서는 브랜드 가치를 중시하는 시장 추세에 따라 브랜드 인지도를 지속 개선해 나가고 있으며, 사업성 우량한 현장을 지속 확보하고 가로주택 사업 및 리모델링 사업 등 신규 사업 부문에 진출하여 안정적인 성장력을 확보해 나가고 있습니다. 일반건축부문은 기업의 투자, 정부의 발주 등을 바탕으로 산업활동의 근간이 되는 업무시설, 상업시설 등의 건축물을 생산하는 사업부문입니다. 토목부문은 경제활동의 근간이 되는 도로, 항만, 철도 등 사회간접자본시설을 생산하는 국가 경제의 기간산업입니다.

당사의 연구개발 조직은 ㈜효성 산하 중공업연구소 및 효성중공업㈜ 자체 조직으로 이원화되어 있으며, 기존 시장 확대와 신규 시장 진입을 통한 매출 증대 및 신기술, 신제품 개발을 통한 미래 비전 제시를 위하여 연구개발활동을 추진하고 있습니다.

당사 연구개발 조직에서는 한국전력공사 수요에 대응하기 위한 170kV 50kA GIS 및 친환경 72.5kV 31.5kA GIS, HVDC 필터용 550kV 63kA GIS를 개발하고 있으며 특정 시장에 대응하기 위한 연구 활동뿐만 아니라 저소음 초고압변압기, 친환경절연유 적용 변압기, MMC Type STATCOM 개발 등 전반적인 시장 확대를 위한 연구 활동도 지속하고 있습니다.

또한, 국내 최초 친환경절연유를 적용한 345kV 리액터 개발을 비롯하여 미래 산업에 이용될 수 있는 신기술 및 신제품을 개발하며 미래 비전을 제시하는 데에도 기여하고 있습니다.

2025년 1~12월 중 당사에서 지출한 연구개발비용은 53,641백만원으로 연결 기준 매출액 대비 0.90% 수준입니다.

당사는 Global 기업으로의 성장을 가속화하기 위해 판매지역을 국내, 미국 및 중동시장 중심에서 아시아, 유럽, 중남미, 아프리카 등으로 다변화 하는 전략을 추진하여 질적, 양적 성장을 추구하고 있으며, 2025년 주요 매출처는 HICO(6.78%), 부산우암1구역 주택재개발정비사업조합(4.31%), 산곡재개발정비사업조합(4.30%), 강원풍력발전(주) (3.89%), 한국전력공사 본사 (3.40%), AL FANAR(3.39%) 등 입니다.

2025년 당사의 연결 기준 매출액 5,968,512백만원 중 중공업 부문의 매출액은 4,149,258백만원으로 전체 매출액의 69.52%이며, 건설 부문의 매출액은 1,786,501백만원으로 전체 매출액의 29.93%입니다.

Company overview

당사 및 종속회사가 영위하는 사업은 크게 중공업과 건설 2개 사업부문으로 구성되어 있습니다.

(1) 연결대상 종속회사 개황

효성중공업 주식회사의 연결대상 종속회사는 보고서 작성기준일(2025.12.31) 현재 효성중공업(주)를 제외하고 24개사이며, 주요종속회사는 6개사입니다.종속회사의 개요와 사업의 내용은 다음과 같습니다.

[연결대상회사의 변동내용]

당기 중 당사의 종속회사인 그린파워제팔차(유)는 Varokub Energy Korea L.C.를 흡수합병 하였습니다. 흡수합병 후 존속회사의 회사명은 바로쿠브에너지코리아 (유)입니다.

(2) 회사의 법적ㆍ상업적 명칭

지배회사의 명칭은 '효성중공업 주식회사'이며, 영문명은 'HYOSUNG HEAVY INDUSTRIES CORPORATION'입니다.

(3) 설립일자 및 존속기간

지배회사는 2018년 6월 4일(분할등기일)에 설립 되었고, 2018년 7월 13일 유가 증권시장에 상장되어 매매가 개시되었습니다.

(4) 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 서울시 마포구 마포대로 119(공덕동) - 전화번호 : 02-707-6000 / 02-707-4400 - 홈페이지 : https://www.hyosungheavyindustries.com/kr

(5) 중소기업 등 해당 여부

지배회사는 본 보고서 제출일 현재 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

(6) 주요 사업의 내용

당사 및 주요종속회사의 주요사업 내용은 아래와 같습니다.

[중공업]

전력산업의 핵심 설비인 변압기, 차단기와 산업 생산설비에 필요한 전동기, 기어 및 화학장치 등을 생산ㆍ판매하고 있습니다. 특히, 초고압 변압기와 차단기 제품의 경우 한 차원 높은 기술력을 바탕으로 국내시장을 선도하고 있으며, 글로벌 시장에서도 뛰어난 품질과 기술력을 인정받고 있습니다. 또한, 중전기 분야의 경험과 역량을 바탕으로 최근 지능화되고 있는 전력산업 환경 변화 및 친환경에너지 시장에 부응하기 위해 ESS(Energy Storage System), 스태콤(STATCOM), IT기반 전력설비 자산관리(Asset Management), 수소 충전 시스템, 액화수소사업 등 신규 사업을 지속적으로 강화하고 있습니다.

[건설]

건설부문은 오랜 경험과 신뢰를 바탕으로 창의적인 노력과 도전을 통해 국내외에서 주택사업, 재개발ㆍ재건축사업, 업무ㆍ상업시설, 토목ㆍ환경, SOC(사회간접자본) 사업 등 다양한 건설사업 분야에 적극 참여하고 있습니다.

(7) 신용평가에 관한 사항

당사가 과거 3년간 신용평가를 받은 평가사의 평가 범위는 각사 공히 회사채는 AAA,AA,A,BBB,BB,B,CCC,CC,C,D의 10단계이며(AA에서 B까지는 등급 내 상대적 위치에 따라 +, - 를 부여할 수 있음), 기업어음은 A1,A2,A3,B,C,D의 6단계(A2에서 B까지는 상대적 우열정도에 따라 +. - 를 부여할 수 있음), 기업신 용평가는 AAA,AA,A,BBB,BB,B,CCC,CC,C,D의 10단계(AA에서 B까지는 등급 내 상대적 위치에 따라 +, - 를 부여할 수 있음) 입니다.

(8) 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

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

VaR

6.44%

[4.41%, 8.87%] · As of 2026-09-29

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 58.8% (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

0.92

Beta [0.75, 1.09] · KOSPI200 · As of 2026-10-02

Intercept: +0.018%[-0.427%, +0.464%]
R squared: 0.48
Observations: 252
Trading-time corrected beta: 1.07[0.77, 1.36]

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

	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	21,805	37,814	29,840	30,947	35,101	43,006	48,950	59,685	64,123
Revenue growth%	—	73.42	-21.09	3.71	13.42	22.52	13.82	21.93	—
Operating incomeKRW 100M	500	1,303	441	1,201	1,432	2,578	3,625	7,470	8,969
Operating income growth%	—	160.53	-66.16	172.41	19.31	79.99	40.58	106.07	—
Net incomeKRW 100M	19	160	-193	765	291	1,319	2,229	5,028	5,749
Net income growth%	—	739.45	-220.19	—	-61.93	352.88	68.99	125.56	—
Attributable to ownersKRW 100M	—	—	—	—	—	1,160	2,226	5,199	5,851
Attributable to minoritiesKRW 100M	—	—	—	—	—	159	3	-171	-101
Operating margin%	2.29	3.44	1.48	3.88	4.08	6.00	7.41	12.52	13.99
Net margin%	0.09	0.42	-0.65	2.47	0.83	3.07	4.55	8.42	8.97
ROE%	—	—	—	—	—	10.74	11.67	22.11	22.61
ROA%	0.06	0.40	-0.52	1.90	0.62	2.77	3.58	6.96	6.72
Debt ratio%	279.40	303.92	282.49	287.86	325.44	288.94	202.53	190.31	213.51
Current ratio%	74.66	74.59	71.17	80.33	88.69	83.64	98.18	104.96	94.41
Quick ratio%	58.01	60.14	52.84	59.07	63.59	57.82	69.55	69.09	60.19
Reserve ratio%	1,941.31	1,945.57	1,906.88	2,011.19	2,096.81	2,325.55	2,706.37	3,728.06	4,132.66
Free cash flowKRW 100M	-192	641	2,974	695	-1,612	4,224	3,281	3,301	—
FCF margin%	-0.88	1.69	9.97	2.25	-4.59	9.82	6.70	5.53	—
OCF conversion%	134.49	469.33	—	144.52	-230.39	344.64	184.85	98.05	—
Capex to revenue%	1.00	0.29	2.99	1.33	2.68	0.75	1.72	2.73	—
Receivable daysdays	—	76.5	82.8	70.5	77.7	71.2	74.9	79.0	—
Inventory daysdays	—	34.4	44.1	49.7	61.8	67.5	71.7	83.7	—
Payable daysdays	—	80.8	92.9	97.6	94.7	97.7	96.1	79.5	—
Cash conversion cycledays	—	30.1	34.0	22.5	44.8	41.0	50.5	83.1	—
EPSKRW	204	1,411	-2,386	6,187	1,097	12,438	23,876	55,755	62,744
PERx	202.70	18.89	—	9.42	71.10	13.02	16.46	31.94	54.79
BPSKRW	97,004	97,403	94,759	99,975	104,517	115,857	204,677	252,208	277,474
PBRx	0.43	0.27	0.66	0.58	0.75	1.40	1.92	7.06	12.39
Dividend per shareKRW	—	—	—	—	—	2,500	5,000	7,500	—
Payout ratio%	—	—	—	—	—	20.10	20.94	13.45	—

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

	2018	2019	2020	2021	2022	2023	2024	2025
	34,325	40,008	37,035	40,227	46,935	47,613	62,188	72,279
	14,926	15,790	12,384	15,616	22,215	23,514	30,364	37,382
Cash and cash equivalentsKRW 100M	410	382	523	810	2,127	2,778	2,491	2,168
InventoriesKRW 100M	3,327	3,060	3,190	4,131	6,287	7,258	8,854	12,776
Trade and other receivablesKRW 100M	7,727	8,115	5,429	6,520	8,418	8,356	11,743	14,078
	19,399	24,218	24,650	24,611	24,720	24,099	31,824	34,897
Property, plant and equipmentKRW 100M	10,776	10,772	11,349	12,562	12,881	12,809	21,717	23,071
Intangible assetsKRW 100M	127	1,606	1,459	1,479	1,451	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	0	—	—	316	363	474
	25,278	30,103	27,352	29,856	35,903	35,371	41,632	47,382
	19,993	21,168	17,400	19,440	25,049	28,115	30,928	35,615
Trade and other payablesKRW 100M	8,149	6,847	6,333	8,059	7,903	11,702	9,899	10,653
Short-term borrowingsKRW 100M	7,467	9,651	5,987	6,306	9,502	—	—	—
	5,285	8,935	9,952	10,415	10,853	7,257	10,704	11,767
Long-term borrowingsKRW 100M	3,141	4,671	5,758	6,313	6,598	3,981	5,631	4,645
	9,047	9,905	9,683	10,371	11,032	12,242	20,556	24,897
	9,045	9,082	8,836	9,322	9,746	10,803	19,085	23,517
Issued capitalKRW 100M	466	466	466	466	466	466	466	466
Capital surplusKRW 100M	9,087	9,087	9,087	9,087	9,087	9,087	9,087	9,087
Retained earningsKRW 100M	-36	-16	-196	290	689	1,755	3,531	8,294
Other equityKRW 100M	-472	-455	-521	-521	-496	-505	6,001	5,670
Non-controlling interestsKRW 100M	2	823	847	1,049	1,286	1,438	1,471	1,380

미청구공사As filed	2,489	2,891	2,185	2,438	3,284	2,930	2,845	2,608
기타금융자산As filed	77	111	126	486	761	465	2,073	2,794
기타유동자산As filed	884	1,204	904	1,166	1,317	1,702	2,304	2,747
당기법인세자산As filed	13	27	26	65	20	24	55	211
장기매출채권 및 기타채권As filed	4,847	5,134	5,146	4,786	4,486	—	2,825	2,279
투자부동산As filed	1,438	5,681	5,473	4,410	4,378	4,340	4,286	4,759
기타비유동금융자산As filed	1,552	467	462	488	499	682	1,238	1,910
기타비유동자산As filed	34	47	58	72	52	156	168	164
종속기업 및 관계기업투자As filed	—	—	—	227	307	—	—	—
이연법인세자산As filed	624	511	635	588	369	494	0	752
장기매출채권 및 기타비유동채권As filed	—	—	—	—	—	3,976	—	—
순확정급여자산As filed	—	—	68	0	297	187	0	271
무형자산As filed	—	—	—	—	—	1,137	1,226	1,217
초과청구공사As filed	2,547	1,652	1,911	1,070	2,295	2,314	4,468	5,864
기타금융부채As filed	26	151	178	256	533	373	1,677	1,605
당기법인세부채As filed	201	190	59	18	127	467	574	916
유동충당부채As filed	95	108	240	209	266	202	797	459
기타유동부채As filed	1,508	2,569	2,693	3,521	4,424	4,027	8,545	12,738
장기매입채무 및 기타채무As filed	1,255	2,390	2,378	2,367	2,512	1,530	1,977	2,309
기타비유동금융부채As filed	11	57	164	44	99	218	853	1,730
순확정급여부채As filed	42	102	115	226	119	157	286	177
비유동충당부채As filed	737	1,463	1,325	1,290	1,303	1,196	1,129	1,655
기타비유동부채As filed	100	252	212	175	222	174	366	343
자본과부채총계As filed	34,325	40,008	—	—	—	47,613	—	—
부채와 자본 총계As filed	—	—	—	—	—	—	62,188	72,279
장기차입금As filed	—	—	—	—	—	9,031	—	—
차입금As filed	—	—	—	—	—	—	4,969	3,380
부채와자본총계As filed	—	—	—	40,227	46,935	—	—	—
부채와자본통계As filed	—	—	37,035	—	—	—	—	—
이연법인세부채As filed	—	—	—	—	—	—	462	908

Income statement

	2018	2019	2020	2021	2022	2023	2024	2025
	21,805	37,814	29,840	30,947	35,101	43,006	48,950	59,685
Cost of salesKRW 100M	19,413	33,888	25,886	26,904	30,751	36,630	41,032	47,159
Gross profitKRW 100M	2,392	3,926	3,954	4,043	4,350	6,375	7,918	12,527
SG&A expensesKRW 100M	1,601	2,274	3,178	2,507	2,530	Not applicable	Not applicable	Not applicable
	500	1,303	441	1,201	1,432	2,578	3,625	7,470
Finance incomeKRW 100M	372	752	1,184	892	3,952	2,021	5,283	4,742
Finance costsKRW 100M	797	1,437	1,692	1,224	4,696	2,968	5,669	5,528
Other incomeKRW 100M	316	163	258	478	161	188	180	716
Other expensesKRW 100M	354	221	371	392	234	95	1,167	1,107
Share of profit of associatesKRW 100M	—	—	—	—	—	-29	—	—
	37	559	-180	944	598	1,697	2,236	6,258
Income tax expenseKRW 100M	18	399	13	178	307	377	7	1,230
	19	160	-193	765	291	1,319	2,229	5,028
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,160	2,226	5,199
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	159	3	-171
Basic earnings per shareKRW	204	1,411	-2,386	6,187	1,097	Not applicable	Not applicable	Not applicable
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	-150	56	-222	Not applicable	Not applicable	1,209	8,521	Not applicable
Other comprehensive incomeKRW 100M	-169	-105	-30	-89	330	-110	6,292	-296

비지배주주지분As filed	-0	18	24	190	198	152	6	—
비지배지분As filed	—	—	—	—	—	—	—	-164
연구개발비As filed	291	350	335	335	387	430	445	536
지배기업의 소유주지분As filed	—	—	—	—	—	—	—	4,896
지배주주지분As filed	-150	37	-247	487	424	1,057	8,515	—
관계기업지분법손실As filed	—	—	-0	-10	17	—	16	35
후속적으로 당기손익으로 재분류되는 항목As filed	21	18	-60	9	26	-13	165	-70
해외사업환산손익As filed	21	18	-60	9	26	-13	165	-102
기타포괄손익-공정가치측정금융상품평가손익As filed	—	—	—	—	—	—	0	-10
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	30	—	—	-97	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	0	—	—
기본주당이익As filed	—	—	—	—	—	—	0	0
지배회사지분순이익As filed	19	131	-222	—	—	—	—	—
기타포괄손익-공정가치측정지분상품 평가손익As filed	-136	-2	-14	—	—	7	—	—
당기손익으로 재분류되지 않는 항목As filed	-191	-122	—	-98	304	—	6,127	-226
비지배지분순이익As filed	0	29	30	189	189	—	—	—
순확정급여부채의 재측정요소As filed	-55	-120	—	-96	306	-104	—	—
위험회피평가손익As filed	—	—	—	—	—	—	—	42
재평가잉여금As filed	—	—	—	—	—	—	6,363	-254
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	-0	-1	—	-13	-0
지배회사지분순이익(손실)As filed	—	—	—	576	102	—	—	—
지분법자본변동As filed	—	—	—	—	—	-0	-0	-0
당기순이익(손실)As filed	—	—	—	—	—	1,319	—	—
순확정급여부채(자산)의 재측정요소As filed	—	—	44	—	—	—	-223	26
당기순이익As filed	—	—	—	—	—	—	2,229	5,028
지분법 자본변동As filed	—	—	—	-1	-1	—	—	—
판매비와관리비As filed	—	—	—	—	—	3,367	3,848	4,520

Cash flow statement

	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	19	160	-193	765	291	1,319	2,229	5,028
Total adjustments to operating cash flowcomputed	7	592	4,058	341	-962	3,227	1,892	-98
	26	752	3,866	1,106	-671	4,547	4,121	4,930
Interest receivedKRW 100M	24	109	156	64	140	95	1,015	386
Interest paidKRW 100M	286	465	472	223	280	807	871	534
Income taxes paidKRW 100M	182	507	294	116	-7	128	841	1,547
	-415	-4,111	-1,089	-899	-1,177	-517	-2,146	-2,128
Purchase of property, plant and equipmentKRW 100M	217	111	892	411	941	323	840	1,629
Proceeds from sale of property, plant and equipmentKRW 100M	1	1	12	6	28	7	16	7
Purchase of intangible assetsKRW 100M	7	3	22	237	10	31	147	156
	-1,794	3,326	-2,627	71	3,177	-3,383	-2,283	-3,127
Dividends paidKRW 100M	—	—	—	—	—	—	-233	466
Acquisition of treasury sharesKRW 100M	7	—	—	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	12	39	0	892	75
Cash at beginning of periodKRW 100M	2,594	410*	382	523	810	2,127	2,778	2,491
	410	382	523	810	2,127	2,778	2,491	2,168
Effect of exchange rate changesKRW 100M	-1	Not applicable	Not applicable	Not applicable	Not applicable	5	21	1
Net change in cash and cash equivalentsKRW 100M	-2,185*	-28	141	287	1,317	651	-287	-323

영업으로부터 창출된 현금흐름As filed	470	1,610	4,470	1,375	-543	5,382	4,813	6,622
예수보증금의 수령As filed	—	—	—	—	—	—	—	0
장기차입금의 차입As filed	—	—	—	1,158	253	330	1,481	1,578
단기차입금의 차입As filed	18,975	47,308	44,501	29,431	48,412	33,690	62,420	58,131
배당금수취As filed	—	—	6	6	6	4	4	3
배당금수취(영업)As filed	—	5	—	—	—	—	—	—
기타채권의 처분As filed	24	50	—	—	—	—	—	—
기타금융자산의 처분As filed	9	8	—	—	—	5	—	0
단기대여금의 회수As filed	—	—	75	3	2	—	—	—
사채의 상환As filed	—	—	—	—	—	0	—	—
유동성 사채의 상환As filed	—	—	—	—	—	—	1,280	—
단기보증금의 회수As filed	—	—	19	100	1	346	354	298
단기차입금의 상환As filed	20,949	45,038	49,205	29,572	44,541	35,542	64,802	59,724
장기기타채권의 처분As filed	42	104	—	—	—	—	—	—
단기금융상품의 처분As filed	—	—	5	6	473	460	156	1,563
유동성사채의 상환As filed	—	—	642	-1,300	-1,250	—	—	702
기타채권의 취득As filed	-8	-101	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	12	14	420	3	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	3,956	10	2	203	0	—	—
리스부채의 지급As filed	—	128	163	141	166	124	136	173
장기기타채권의 취득As filed	-224	222	—	—	—	—	—	—
장기차입금의 상환As filed	1,807	2,210	91	396	—	0	—	221
기타비유동금융자산의 취득As filed	36	44	—	—	—	—	—	—
투자부동산의 처분As filed	—	26	182	34	—	0	63	404
사채의 발행As filed	—	—	—	936	698	0	299	0
장기대여금의 회수As filed	—	—	264	1,323	368	0	—	—
장기보증금의 감소As filed	—	—	253	413	617	69	86	84
종속기업투자의 처분As filed	—	—	1	—	—	—	—	—
유동성장기차입금의 상환As filed	—	—	489	57	270	1,738	—	1,625
장기금융자산의 처분As filed	—	—	—	75	0	—	—	—
기타금융자산의 취득As filed	—	20	—	—	—	—	—	—
장기차입금 차입 및 사채의 발행As filed	1,994	3,395	—	—	—	—	—	—
유동성차입금의 상환As filed	—	—	—	—	—	—	924	—
정부보조금의 수령As filed	—	—	—	—	106	—	135	54
기타비유동자산의 처분As filed	—	—	0	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	-7	7	418	9	—	18	15
단기대여금의 대여As filed	—	—	-6	-1	-2	188	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	-3,616	16	244	22	99	40	28
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	3	4	7
단기보증금의 증가As filed	—	—	80	-171	-2	171	127	76
장기금융상품의 처분As filed	—	—	—	—	—	0	—	—
단기금융상품의 취득As filed	—	—	15	34	479	448	149	1,765
투자부동산의 취득As filed	—	4,268	27	83	—	0	1	135
당기손익-공정가치금융자산의처분As filed	—	—	—	—	—	—	—	23
대여금의 회수As filed	—	—	—	—	—	137	731	160
관계기업투자의 취득As filed	—	1	—	—	—	—	—	—
기타비유동자산의 취득As filed	—	-1	—	0	—	0	—	—
장기대여금의 대여As filed	—	—	438	-793	-327	0	—	—
대여금의 대여As filed	—	—	—	—	—	—	1,296	459
연결범위의 변동As filed	—	126	-0	-86	-427	0	8	13
장기보증금의 증가As filed	—	—	-399	-566	-660	321	245	303
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	15	—	—
장기금융상품의 취득As filed	—	—	21	—	—	0	—	—
파생상품의 현금유입As filed	—	—	—	—	—	89	80	—
관계기업투자주식의 취득As filed	—	—	—	-238	-98	40	920	190
무형자산의 처분As filed	—	—	—	—	—	—	3	0
파생상품의 순현금유입As filed	—	—	—	—	—	—	—	13
현금및현금성자산의 환율변동으로 인한 효과As filed	—	5	-9	9	-11	—	—	—
장기차입금 차입As filed	—	—	3,462	—	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	4	—	—

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 8	한영회계법인	2025-12-31
2024	적정의견Term 7	한영회계법인	2025-12-31
2023	적정의견Term 6	한영회계법인	2025-12-31
2022	적정Term 5	한영회계법인	2022-12-31
2021	적정Term 4	한영회계법인	2022-12-31
2020	적정Term 3	한영회계법인	2022-12-31
2019	적정Term 2	삼덕회계법인	2019-12-31
2018	적정Term 1	삼덕회계법인	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 · 2026-10-064.37%

BetaDaily 5Y0.93

Equity risk premium%

Terminal growth%

Cost of equity9.02%

Weighted average cost of capital8.99%

Initial growth19.1%

Effective tax rate19.6%

Base fiscal year2025

Current priceKRW2,785,000

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	108,982	-96.1%
Dividend discount model DDM	158,171	-94.3%
Discounted cash flow FCFF	820,888	-70.5%
Discounted cash flow FCFE	523,382	-81.2%
Residual income model RIM	1,061,759	-61.9%

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 = 4.37% + 0.93 × 5.00% = 9.02%

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(22.11% × (1 − 13.45%), 0) = 19.13%

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 = 7,500 × (1 + 2.00%) / (9.02% − 2.00%) = 7,650 / 0.0702 = 108,982 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 = 7,500, g_1 = 19.13%, g_T = 2.00%, r = 9.02%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	19.13%	8,935	0.9173	8,196
2	14.85%	10,262	0.8414	8,634
3	10.57%	11,346	0.7718	8,757
4	6.28%	12,059	0.7079	8,537
5	2.00%	12,300	0.6493	7,987
Terminal value	2.00%	178,733	0.6493	116,060
Total				158,171

P_0 = 158,171 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 = 252,208 KRW, ROE = 22.11%, payout ratio = 13.45%, r = 9.02%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	252,208	55,755	22,748	33,007	0.9173	30,277
2	300,464	66,423	27,100	39,323	0.8414	33,085
3	357,952	79,132	32,286	46,846	0.7718	36,155
4	426,439	94,272	38,463	55,810	0.7079	39,509
5	508,031	112,310	45,822	66,488	0.6493	43,174
Terminal value				966,124	0.6493	627,352

P_0 = 252,208 + 182,199 + 627,352 = 1,061,759 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 4,930.1 − 1,629.1 + 533.9 × (1 − 19.65%) = 3,730.0 KRW hundred million

Weighted average cost of capital

E = 259,688.7, D = 4,644.5 KRW hundred million; equity weight = 98.24%, debt weight = 1.76%; cost of debt k_d = 9.02%

WACC = 98.24% × 9.02% + 1.76% × 9.02% × (1 − 19.65%) = 8.99%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	19.13%	4,443.6	0.9175	4,077.2
2	14.85%	5,103.5	0.8419	4,296.4
3	10.57%	5,642.8	0.7724	4,358.6
4	6.28%	5,997.3	0.7087	4,250.5
5	2.00%	6,117.3	0.6503	3,977.9
Terminal value	2.00%	89,285.3	0.6503	58,060.2
Total				79,020.8

Firm value = 79,020.8; less borrowings 4,644.5; plus cash 2,167.7 → 76,544.1 KRW hundred million

P_0 = 76,544.1 KRW hundred million ÷ 9,324,548 (shares) = 820,888 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 = 4,930.1 − 1,629.1 + -986.9 (net borrowing) = 2,314.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	19.13%	2,756.9	0.9173	2,528.8
2	14.85%	3,166.2	0.8414	2,664.0
3	10.57%	3,500.8	0.7718	2,701.8
4	6.28%	3,720.8	0.7079	2,634.0
5	2.00%	3,795.2	0.6493	2,464.4
Terminal value	2.00%	55,147.5	0.6493	35,810.0
Total				48,803.0

P_0 = 48,803.0 KRW hundred million ÷ 9,324,548 (shares) = 523,382 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