PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩460 per share · Prices as of the 2026-10-02 close
Wonlim, primarily an industrial packaging maker, is seeing its consolidated results diversify as core-business profitability recovers alongside contributions from its medical device distribution and venture investment subsidiaries.
2025 consolidated revenue reached KRW 89.7bn with operating profit of KRW 4.4bn, as the operating margin recovered from 2.1% in 2024 to 4.9%.
The group is structured across four segments beyond packaging manufacturing: real estate leasing, financial investment via Hanbit Investment, and medical device wholesale via Star Bio.
First-half 2026 consolidated revenue and operating profit both improved year over year, reflecting contributions from the medical device and investment segments.
Quarterly operating profit and owners' net income have shown notable volatility, warranting attention to non-operating factors such as investment gains.
Subsidiary Star Bio distributes global medical device maker Stryker's products domestically, giving it exposure to demand tied to an aging population.
Founded in 1968, Wonlim is an industrial packaging specialist that manufactures PE and PP packaging bags at facilities in Yangsan, South Gyeongsang, and Gimje, North Jeolla.
The company and its subsidiaries operate across four business segments: packaging manufacturing, real estate leasing, financial investment, and medical device wholesale.
The core packaging segment produces heavy-duty bags for petrochemical resins, cement, fertilizer, and feed, with flagship products including PE bags, cement bags, sandwich bags, laminated bags, and tarpaulins supplied to major domestic petrochemical firms and export markets worldwide.
The financial investment segment is run through subsidiary Hanbit Investment, a venture-capital-style operation that provides new-technology financing and manages investment partnerships for small and venture businesses.
The medical device wholesale segment is handled by subsidiary Star Bio, which distributes U.S.-based Stryker's orthopedic implants and MAKO robotic surgery-related devices and consumables to hospitals and distributors nationwide.
Star Bio, as a subsidiary of listed Wonlim, has built out its network through regional branches across the country. A real estate leasing business supplements the group's cash flow.
Overall, Wonlim has evolved from a traditional manufacturer into a diversified holding-style enterprise spanning new-technology finance and medical device distribution.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩20.3B | ₩35,147,876 | 0.2% |
| 2025Q3 | ₩21B | ₩1.4B | 6.8% |
| 2025Q4 | ₩27.5B | ₩1.4B | 5.1% |
| 2026Q1 | ₩20.7B | ₩1.2B | 5.9% |
| 2026Q2 | ₩22.3B | ₩800M | 3.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩81.9B | ₩3.4B | ₩7.2B | 4.2% | 6.3% | 18.1% |
| 2023 | ₩84.4B | ₩5.1B | ₩7.4B | 6.0% | 6.1% | 15.2% |
| 2024 | ₩82.4B | ₩1.7B | ₩4B | 2.1% | 3.3% | 19.3% |
| 2025 | ₩89.7B | ₩4.4B | ₩3.7B | 4.9% | 2.9% | 19.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Wonlim's consolidated revenue rose modestly from KRW 81.9bn in 2022 to KRW 89.7bn in 2025, while operating profit fluctuated sharply across the period at KRW 3.4bn (2022), KRW 5.1bn (2023), KRW 1.7bn (2024), and KRW 4.4bn (2025).
Notably, the operating margin fell to 2.1% in 2024 before recovering to 4.9% in 2025, which appears to reflect cost and expense efficiencies in the core packaging business.
Owners' net income, however, moved in the opposite direction, declining from KRW 7.2bn in 2022 and KRW 7.4bn in 2023 to KRW 4.0bn in 2024 and KRW 3.7bn in 2025.
On a quarterly basis, operating profit fell to near breakeven at KRW 0.35bn in the second quarter of 2025 on revenue of KRW 20.3bn, before improving clearly in the third quarter (revenue KRW 21.0bn, operating profit KRW 1.43bn) and fourth quarter (revenue KRW 27.5bn, operating profit KRW 1.41bn).
Into 2026, the first quarter posted revenue of KRW 20.7bn and operating profit of KRW 1.22bn, while the second quarter recorded revenue of KRW 22.3bn and operating profit of KRW 0.79bn; despite the sequential decline in operating profit, owners' net income jumped to KRW 1.44bn from KRW 0.67bn in the prior quarter, suggesting a contribution from non-operating items.
Indeed, an August 2026 Newspim report stated that the company posted first-half revenue of KRW 43.0bn and operating profit of KRW 2.0bn, up 26.4% year over year, with net income of KRW 3.1bn, up 77.7%, attributing the improvement to gains at subsidiaries Star Bio and Hanbit Investment.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative revenue reached approximately KRW 91.5bn with operating profit of roughly KRW 4.8bn, indicating a continued profit recovery on an annualized basis.
Overall, the consolidated results reflect both margin improvement in the core packaging business and volatility from non-manufacturing segments such as Star Bio and Hanbit Investment.
The industrial packaging sector is a classically cycle-following industry, with demand tied to output and freight volumes in base industries such as cement, petrochemicals, fertilizer, and feed.
Packaging volumes are influenced by swings in domestic construction, cement, and petrochemical activity, while raw material costs for PE and PP resin directly affect the cost structure.
Given the maturity of this segment, growth in packaging is limited, and industry participants including Wonlim tend to manage profitability through cost efficiency and a greater mix of higher-value products such as laminated bags and tarpaulins.
By contrast, the medical device distribution business benefits from a relatively stable growth foundation driven by an aging population and rising orthopedic demand, with Star Bio's distribution of Stryker's implants and robotic surgery equipment leveraging global brand strength to secure hospital demand domestically.
The venture investment business operates within Korea's dual-track venture capital industry structure of new-technology finance companies and startup investment firms, and its results tend to be volatile depending on exit outcomes such as IPOs or M&A from investment partnerships.
By holding both a mature manufacturing business and higher-growth medical device and investment operations, Wonlim spreads its exposure to different industry cycles across segments.
In its August 2026 earnings release, a company representative stated that the firm would continue cost and expense efficiencies in the core industrial packaging business while expanding new hospital and client relationships and managing its investment portfolio to reinforce a stable growth base.
This suggests the company intends to defend profitability through cost management in packaging, pursue top-line growth via Star Bio's client expansion in medical devices, and generate returns through Hanbit Investment's portfolio management in the financial investment segment.
However, no specific disclosure of capacity expansion plans or large new orders has been confirmed, so actual execution should be monitored through subsequent quarterly filings.
The packaging segment's volumes may continue to be influenced by cement and petrochemical industry conditions, warranting attention to related sector indicators.
Star Bio has continued to expand its sales network, including regional branches, based on its distribution relationship with Stryker, making the pace of new hospital client acquisition a key variable for future results.
For Hanbit Investment's new-technology investment partnerships, exit events such as IPOs or M&A involving portfolio companies can significantly affect quarterly net income, so sharp swings in net income in any given quarter may reflect such non-operating factors.
Wonlim's shares appear to trade at a notable discount to net asset value, which may relate to the discount that markets often apply to holding-company-style businesses spanning packaging, investment, and medical device segments.
As earnings over the trailing four quarters have shown a recovery, the price-to-earnings multiple has moved within a range consistent with past trading bands, with the earnings recovery relative to the sharp operating profit decline in 2024 underpinning the fundamentals behind that multiple.
On dividends, the disclosed per-share cash dividend appears not low relative to the industry average, though the dividend yield changes daily with the share price, so the absolute level is best referenced from real-time displayed figures.
Because owners' net income has fluctuated year to year, valuation based on per-share metrics can also be affected by one-off factors in a given period, making it important to consider the multi-year earnings trend together.
As the earnings contribution from subsidiaries Star Bio and Hanbit Investment grows, the relationship between the consolidated market value and the segment-level intrinsic value also merits attention.
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 2026-08-23
The 2025 operating margin improved clearly to 4.9% from 2.1% in 2024, and first-half 2026 operating profit was reported to have grown 26.4% year over year. This indicates that cost and expense efficiencies are being reflected in actual results.
Continued margin improvement in the core packaging business could enhance the stability of consolidated earnings.
Subsidiary Star Bio, as the domestic distributor for global brand Stryker, supplies orthopedic implants and robotic surgery equipment, giving it a structural growth foundation tied to rising orthopedic demand from an aging population.
Star Bio's top-line growth was cited as a key driver of the first-half 2026 earnings improvement. Expansion of new hospital and client relationships through its regional branch network continues.
Hanbit Investment, as a new-technology finance company, manages venture investment partnerships that can contribute additional consolidated net income when exit events such as IPOs or M&A occur at portfolio companies.
The fact that owners' net income in the second quarter of 2026 rose significantly from the prior quarter despite a decline in operating profit illustrates this potential investment income contribution. The volatility inherent to venture investment cuts in both directions.
Packaging demand is tied to volumes in mature base industries such as cement, petrochemicals, fertilizer, and feed, limiting organic growth drivers. The sharp drop in the operating margin to 2.1% in 2024 illustrates sensitivity to cost and demand conditions. A slowdown in downstream industry activity could again weigh on core business results.
Owners' net income declined for two consecutive years, from KRW 7.4bn in 2023 to KRW 4.0bn in 2024 and KRW 3.7bn in 2025, diverging from the operating profit recovery over the same period.
With non-controlling interests representing a sizable share of equity (approximately KRW 32.6bn, or roughly 20% of total equity), attention should be paid to the proportion of consolidated net income attributable to owners. The qualitative composition of net income warrants closer examination.
As seen when operating profit fell to just KRW 0.035bn in the second quarter of 2025, quarterly operating profit and net income have shown considerable swings.
Exit gains in the investment segment or other one-off factors can dominate a given quarter's results, making it difficult to judge trends from a single quarter alone. Reviewing annual and multi-year trends together is necessary.
The packaging segment uses petrochemical resins such as PE and PP as raw materials, making costs directly sensitive to global oil prices and petrochemical product price movements. If raw material prices rise and pass-through to selling prices is delayed, margins could be squeezed. The sharp drop in the 2024 operating margin can be viewed as an example of this cost sensitivity.
The new-technology investment partnerships managed by Hanbit Investment carry the venture-capital-industry-specific risk that exit proceeds vary greatly depending on the listing or sale outcomes of portfolio companies.
If a large exit gain is recognized in a given quarter, net income can spike; the reverse can also sharply reduce net income. This segment's results carry inherently unpredictable non-operating volatility.
Star Bio's performance depends heavily on its distribution agreement with Stryker, so changes to contract terms or the supply relationship could affect its business foundation. Health insurance reimbursement policy and medical device regulatory changes are also factors that could influence orthopedic implant sales. Given the distribution structure's heavy reliance on a single overseas brand, this risk warrants attention.
Check the third-quarter report filing to confirm core packaging margins and the quarterly contribution from Star Bio and Hanbit Investment.
Watch for disclosures or news on Star Bio's progress in expanding new hospital and client relationships to gauge the growth pace of the medical device segment.
Review the annual business report and audit report for fiscal year 2026 to reassess whether the operating margin recovery continued and to check the trend in owners' net income.
Check the disclosure on the fiscal year 2026 year-end dividend to see whether the per-share cash dividend level has changed.
Monitor for disclosures or reports on exit events such as IPOs or M&A involving portfolio companies of Hanbit Investment's investment partnerships and assess their impact on that quarter's net income.
Wonlim is structured as a diversified enterprise centered on industrial packaging manufacturing, extending into real estate leasing, new-technology finance (Hanbit Investment), and medical device distribution (Star Bio).
The operating margin recovered from 2.1% in 2024 to 4.9% in 2025, and first-half 2026 operating profit was reported to have grown year over year, indicating a continuing profitability improvement in the core business.
However, owners' net income declined for two consecutive years after 2023, moving in a different direction from the operating profit recovery, warranting closer examination of the qualitative composition of earnings.
Quarterly operating profit and net income have shown considerable swings, and non-operating factors such as exit gains in the investment segment can influence results in any given quarter.
The packaging segment's performance depends on cement and petrochemical industry conditions, the medical device segment on the Stryker distribution relationship and aging-population trends, and the investment segment on exit conditions in the venture capital market.
Monitoring changes in each segment's contribution and the sustainability of earnings through upcoming quarterly and annual disclosures will be important.
Report written 2026-09-05 · Data as of 2026-09-04
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