PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,000 per share · Prices as of the 2026-10-02 close
Samlip (formerly SPC Samlip) has swung to a net loss over the trailing four quarters amid recurring safety incidents at its Sihwa plant and cost pressures, while distribution and export growth offer a partial offset that investors will need to monitor alongside safety investment outcomes.
2025 consolidated revenue was KRW 3.3705 trillion (-1.7%), operating profit KRW 38.7 billion (-59.2%), and owners' net income KRW 14.0 billion (-83.8%), marking a sharp earnings slowdown.
Over the trailing four quarters (2025Q3-2026Q2), cumulative owners' net income turned negative at roughly KRW -9.3 billion.
A fatal accident at the Sihwa plant in May 2025 and a fire at the same facility in February 2026 have driven up costs and disrupted production.
A new product commemorating Pokemon's 30th anniversary surpassed 10 million units sold within about 50 days of launch, helping to support revenue.
At the March 2026 shareholders' meeting, the company changed its name from 'SPC Samlip' to 'Samlip' and restructured leadership under a co-CEO system.
Samlip operates across three business segments: Bakery, Food, and Distribution.
The Bakery segment produces mass-market bread products such as cream bread, steamed buns, and character-collaboration items like Pokemon-branded bread, with captive supply to affiliated brands Paris Croissant, Paris Baguette, and La Grillia forming a core pillar.
The Food segment covers flour milling, meat processing, fresh food, and HMR, with the 'City Deli' brand being cultivated as a new growth driver.
The Distribution segment consists of franchise and B2B channel expansion along with food ingredient distribution and logistics through SPC GFS, and has recently been the main driver of revenue growth.
Online channel expansion for the fresh food brand 'P.I.G' and synergies from the group's overseas expansion are also cited as growth avenues. Production spans multiple plants including the Sihwa facility, which is known to be a major hub accounting for a substantial share of the company's mass-produced bread output.
In terms of competitive positioning, the bakery and mass-bread market overlaps partly with players such as CJ CheilJedang and Orion, but Samlip's captive volume tied to affiliated franchise brands is a structural differentiator.
At the March 2026 shareholders' meeting, the company changed its name from 'SPC Samlip' to 'Samlip,' with Do Se-ho, who also heads Sangmidang Holdings, and Jung In-ho, a former CEO of Nongshim Kellogg, taking on a co-CEO structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩823.5B | ₩8.8B | 1.1% |
| 2025Q3 | ₩863.1B | ₩9.1B | 1.1% |
| 2025Q4 | ₩869B | ₩4.7B | 0.5% |
| 2026Q1 | ₩812.3B | -₩4.3B | −0.5% |
| 2026Q2 | ₩847.8B | ₩100M | 0.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩3.3T | ₩89.5B | ₩53.2B | 2.7% | 13.7% | 232.9% |
| 2023 | ₩3.4T | ₩91.7B | ₩50.2B | 2.7% | 12.0% | 208.8% |
| 2024 | ₩3.4T | ₩95B | ₩86.5B | 2.8% | 18.0% | 158.6% |
| 2025 | ₩3.4T | ₩38.7B | ₩14B | 1.1% | 2.9% | 158.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
In 2025, consolidated revenue was KRW 3.3705 trillion, down 1.7% from KRW 3.4279 trillion in 2024, while operating profit fell 59.2% to KRW 38.7 billion from KRW 95.0 billion, and owners' net income dropped 83.8% to KRW 14.0 billion from KRW 86.5 billion.
Operating margin declined sharply from 2.8% in 2024 to 1.1% in 2025.
Part of the reason 2024's owners' net income was relatively elevated appears to relate to a one-off reversal gain from a favorable ruling in a Fair Trade Commission fine lawsuit, and the absence of that base effect widened the apparent decline in 2025.
On a quarterly basis, operating profit was KRW 9.1 billion and owners' net income KRW 0.66 billion in 2025Q3, already showing compressed profitability, before 2025Q4 saw operating profit of KRW 4.7 billion but a net loss of KRW 0.12 billion at the owners' level.
In 2026Q1, revenue was KRW 812.3 billion with an operating loss of KRW 4.3 billion and an owners' net loss of KRW 6.8 billion, widening the loss, and in 2026Q2 revenue rose slightly to KRW 847.8 billion but operating profit was a mere KRW 0.11 billion while the owners' net loss continued at KRW 3.1 billion.
As a result, cumulative owners' net income over the trailing four quarters (2025Q3-2026Q2) came to roughly KRW -9.3 billion, confirming a swing from full-year profitability to a loss on a trailing basis.
The company attributed the profitability deterioration to increased safety-related costs from shift-system restructuring, higher raw material prices, an unfavorable exchange rate, and production disruption from the Sihwa plant fire.
The domestic bakery and mass-produced bread market is growing modestly amid demographic shifts and softer domestic consumption, and captive-channel volume swings have a direct impact on results relative to franchise and convenience-store channels.
According to brokerage research found in search results, weaker domestic consumption reduced captive supply volumes to affiliated brands Paris Croissant, Paris Baguette, and La Grillia, while slowing sales of the high-margin Pokemon bread also weighed on profitability.
Conversely, the Distribution segment saw revenue growth from franchise and B2B market expansion, and the logistics business showed improving profitability through client base expansion.
Given the industry's exposure to grain prices such as wheat flour and to currency swings that directly affect input costs, recent raw material price increases and an unfavorable exchange rate have pressured margins across the sector.
Relative to peers such as CJ CheilJedang, Samyang Foods, and Nongshim, differences in overseas revenue mix and the pace of portfolio diversification are cited as differentiating factors.
Samlip benefits from a stable demand base tied to captive volume from affiliated brands, but as this episode shows, it also carries the structural exposure of having weak domestic demand at those affiliated channels flow directly into its results.
The company is understood to have outlined a 2026 improvement plan centered on production efficiency gains and expanded overseas exports.
A new product marking Pokemon's 30th anniversary showed strong sales, surpassing 10 million units within about 50 days of launch, and the company said expanded global export performance contributed to the 2026Q2 revenue increase.
Following the fire, the Sihwa plant is reported to have resumed most production lines other than the bread line in Building R, restoring utilization to roughly 95%, but the timing for full normalization of the line where the fire originated remains unspecified as the cause investigation, safety inspections, and equipment remediation are still ongoing.
New growth drivers cited include the HMR brand 'City Deli' and online channel expansion for the fresh food brand 'P.I.G,' along with expected synergies from the group's overseas expansion.
The Distribution segment is expected to continue driving top-line growth through franchise and B2B market expansion, while the Bakery and Food segments may see a more gradual pace of profitability recovery if raw material costs, exchange rates, and safety-related fixed costs remain elevated.
Under the co-CEO structure newly formed in March 2026 (Do Se-ho and Jung In-ho), expanded safety management investment and organizational reorganization are being pursued, and whether these measures translate into actual safety indicator improvement and profitability recovery is a key point to watch going forward.
Samlip's shares are trading at a level below net asset value at a time when trailing four-quarter net income has swung to a loss, making conventional earnings-based valuation metrics difficult to apply cleanly.
Annual results remained profitable from 2022 through 2024 before profit contracted sharply in 2025, and the loss trend has continued into the first half of 2026.
A dividend was still declared based on 2025 results, though media reports have raised controversy over the differentiated payout structure between general and controlling shareholders framed as a minority-shareholder benefit.
The price-to-book ratio shows the stock trading below net asset value, which could be interpreted as the market pricing in a discount for recurring safety issues and earnings uncertainty.
The pace of any profit recovery and whether safety-related costs normalize are cited as the key variables that would influence any change in this trading level.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
A new product marking Pokemon's 30th anniversary surpassed 10 million units sold within about 50 days, and expanded global export performance contributed to revenue growth. Such character-collaboration products and overseas channel expansion have partly offset domestic demand softness.
The Distribution segment also grew revenue through franchise and B2B market expansion, supporting top-line growth.
The company is cultivating the HMR brand 'City Deli' as a new growth driver and is also pursuing online channel expansion for the fresh food brand 'P.I.G.' Synergies with the group's overseas expansion are also cited as a potential positive. This can be read as an attempt at portfolio diversification that reduces reliance on existing captive channels.
The stock trades at a level below its book value per share, placing it in a discount range relative to net assets. Utilization at the Sihwa plant has also recovered to roughly 95% following the fire, indicating that production disruption effects are gradually narrowing. However, how this valuation level evolves will depend on the pace of any profit recovery.
A series of incidents including a fatal accident at the Sihwa plant in May 2025, a fire at the same facility in February 2026, and a finger amputation accident in April have kept safety management concerns alive.
Despite a commitment to KRW 100 billion in safety management investment, repeated accidents have raised doubts about its effectiveness. Such issues could weigh not only on results but also on corporate image and investor sentiment.
A combination of rising raw material prices, an unfavorable exchange rate, and higher safety-related costs from shift-system restructuring has significantly hurt profitability. The 2025 operating margin fell to 1.1%, and quarterly operating profit in 2026 has continued to hover around breakeven or in losses. If this cost structure fails to normalize quickly, the pace of profit recovery could remain constrained.
Weaker domestic consumption has reduced supply volumes to captive-channel affiliates Paris Croissant, Paris Baguette, and La Grillia, and sales of existing product lines outside the high-margin Pokemon bread have also softened.
Growth in the Distribution segment has partly offset this, but given the business's heavy reliance on captive channels, results could remain highly sensitive to the pace of any domestic demand recovery.
Repeated fatal accidents and fires at the Sihwa plant have shaken confidence in the company's safety management system. Brokerage analysis has noted a distinct pattern of net selling by institutions and foreigners following past similar incidents, suggesting ESG risk could remain a persistent valuation overhang.
With the fire's cause investigation and full normalization timing still undetermined, any further incident could again widen production disruption and cost burdens.
If raw material price increases and an unfavorable exchange rate persist, profitability could be further eroded given the business's high exposure to input costs such as flour and meat processing.
Rising fixed costs, including safety-related expenses from shift-system restructuring, are also a constraint on margin recovery. It remains uncertain when these cost items will normalize.
The group's governance structure is reported to be a family-controlled system centered on Sangmidang Holdings, and media reports have raised controversy over a differentiated dividend structure between general and controlling shareholders framed as a minority-shareholder benefit.
The multi-affiliate concurrent role structure held by key executives such as Co-CEO Do Se-ho has also drawn commentary that it diverges from the professional-manager-led independent management approach the group had previously emphasized. Such governance issues are a factor that could affect investor sentiment separately from earnings.
The 2026 Q3 quarterly report filing should be checked to assess the trajectory of revenue, operating profit, net income, and the progress of Sihwa plant normalization.
Whether the investigation results into the Sihwa plant fire are announced and the timing for full normalization of the bread production line is confirmed should be checked.
The full-year 2026 consolidated results filing and any decision on the next dividend policy should be reviewed to gauge whether profitability has recovered and whether the differentiated dividend controversy has evolved.
Monitoring is needed on the execution status of the KRW 100 billion safety management investment commitment and whether any further safety incidents occur.
Since 2025, Samlip's profits have contracted sharply amid recurring safety issues at its Sihwa plant—including a fatal accident and a fire—together with rising raw material costs, an unfavorable exchange rate, and higher fixed costs from shift-system restructuring, and on a trailing four-quarter basis net income has turned negative.
At the same time, strong sales of the Pokemon-collaboration new product, expanded overseas exports, and growth in the Distribution segment's franchise and B2B channels have acted as offsetting factors supporting revenue.
Following the March 2026 name change and co-CEO restructuring, the company is pursuing expanded safety investment and cultivating new growth brands such as City Deli and P.I.G, though the timing of full Sihwa plant normalization and the easing of cost and currency pressures remain uncertain.
The stock trades at a level below net asset value, which may reflect the market pricing in some of this uncertainty. Upcoming quarterly results, safety indicator improvements, and any changes to dividend policy remain the key variables to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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