DaeryukCan

Daeryuk Can was founded in 1966 as Daeryuk Can Industrial, changed its name to the current one in 1989, and listed on KOSDAQ in 1994 as a specialized metal packaging container manufacturer.

Its main products span general cans such as lubricant, paint, and edible oil containers; fuel cans led by portable butane gas canisters; aerosol cans including hairspray and insecticide cans; injection-molded caps attached to fuel cans; and various canning machinery.

According to revenue-mix data compiled by JobKorea, aerosol cans accounted for the largest share of 2025 revenue at 63%, followed by general cans at 33% and other items at 4%.

The portable butane fuel business is sold domestically and overseas under the Max Butane brand through affiliate Maxsun, and the company has also pursued diversification through the acquisition of Daeyang Korea, which produces electric and electronic components.

Max Butane incorporates the company's own CRV technology, which safely releases gas when internal pressure reaches a dangerous level to prevent explosion, along with a Triple Seam three-layer seaming structure.

The product is exported to 62 countries worldwide including China, and in Australia, where safety certification standards are particularly strict, Daeryuk Can products reportedly account for roughly 90% of butane canister demand.

The Asan production line manufactures 900 butane canisters per minute through 17 process steps, with annual output estimated at around 160 million units. A past report by Energy News noted that Daeryuk Can held a 38% share to rank first in the overseas butane gas market as of the end of 2018.

Consolidated 2025 revenue came to KRW 266.56bn, a modest decline from KRW 274.66bn in the prior year. Operating profit fell 34.9% to KRW 10.30bn from KRW 15.82bn, with the operating margin narrowing from 5.8% to 3.9%. Net profit attributable to owners dropped 20.2% to KRW 9.18bn from KRW 11.51bn a year earlier.

Compared with 2023, when revenue was KRW 271.10bn, operating profit was KRW 15.62bn (5.8% margin), and net profit was KRW 13.07bn, the 2025 figures show revenue held roughly steady while profitability clearly weakened.

Profitability had fallen to a 3.5% operating margin in 2022, recovered to 5.8% in 2023-2024, and then eased back to 3.9% in 2025, a pattern that suggests margins move with cost and pricing conditions.

On a quarterly basis, operating profit was KRW 2.91bn in Q2 2025, KRW 3.29bn in Q3, and KRW 2.77bn in Q4, before rising to KRW 3.50bn in Q1 2026, the highest of the past five quarters.

In Q2 2026, however, revenue jumped to KRW 78.19bn from the prior quarter, yet operating profit fell to KRW 2.34bn and net profit attributable to owners to KRW 1.90bn, a divergence between revenue growth and profit trend.

Combined net profit attributable to owners over the trailing four quarters (Q3 2025-Q2 2026) reached roughly KRW 11.0bn, an improvement over the full-year 2025 figure of KRW 9.18bn. On the balance sheet, the debt ratio has steadily declined from 42.0% in 2022 to 32.4% in 2025, pointing to improving financial stability.

Korea's butane gas industry is led by a small number of producers; a 2021 Hankyung report found that Daeryuk Can and Taeyang together accounted for roughly 80% of global production.

The same report noted that while Korea's domestic butane gas market was stagnant at around 200-210 million units a year, the global market had expanded from about 500 million to about 700 million units over the preceding decade.

Competition in safety technology among domestic producers has continued, with Daeryuk Can steadily upgrading the CRV technology it commercialized in 2010, while affiliate Maxsun has achieved exports to 62 countries.

Amid tightening safety regulations, Daeryuk Can products reportedly maintain a high share in markets with strict certification standards such as Australia. In contrast, the general-can segment is regarded as being in a mature phase of its industry life cycle, limiting growth potential in the domestic market.

The metal can and packaging market overall, spanning aerosol and general cans, is considered a mature market tied to downstream chemical, household-goods, and food industry conditions, and thus subject to economic sensitivity.

Daeryuk Can and Maxsun stated they plan to launch collaboration products for the Year of the Red Horse in 2026, including a Max Butane 'Magpie Tiger' edition and a Max Stove 'Red Steed' edition.

Maxsun previously earned recognition for leading marketing trends by successfully launching a series of limited-edition collaborations with camping brands that triggered buying rushes.

In December 2025, a Maxsun executive received a Prime Minister's citation at the 62nd Trade Day for contributions to export expansion, continuing a run of export-competitiveness achievements.

However, as of this review no specific disclosure of large-scale new capacity expansion or capital investment plans was identified.

Looking at the earnings trend, operating profit was highest in five quarters in Q1 2026 but declined in Q2 despite higher revenue, leaving quarter-by-quarter cost and pricing management as a key variable for the profit trajectory ahead.

Given the business's high export exposure, trends in the exchange rate and raw material costs such as tin-plated steel and aluminum are also cited as factors that could affect margins going forward.