PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,300 per share · Prices as of the 2026-10-02 close
Woosung, centered on its feed subsidiary Woosung Feed, saw steady operating profit improvement from 2023 to 2025, but posted net losses for two consecutive quarters in H1 2026 amid rising grain costs and currency pressure.
Operating margin improved for four straight years, from an operating loss in 2022 to a 3.2% margin in 2025.
Net income attributable to owners was negative in both Q1 2026 (-KRW 3.30bn) and Q2 2026 (-KRW 3.00bn), marking two consecutive loss quarters.
The grain import price index and the won-dollar exchange rate rose together in H1 2026, intensifying cost pressure.
The domestically pioneered low-methane certified feed 'Gamtan Hanwoo' and overseas production units in Vietnam and China form the pillars of business diversification.
Following a 2021 spin-off into a holding structure, consolidated results directly reflect the operating performance of subsidiary Woosung Feed.
Woosung converted to a holding company structure through a 2021 spin-off, with its operating subsidiary Woosung Feed handling the actual manufacture and sale of compound feed.
Woosung Feed produces livestock, aquaculture, and pet feed through domestic plants in Nonsan, Gyeongsan, and Asan, along with overseas production units in Vietnam and China.
Domestically, it manufactures more than 400 product types across three plants and supplies them through a network of seven regional sales offices and roughly 200 distributors nationwide.
Overseas, the company established its first production base in Dong Nai, Vietnam in 2003, followed by a subsidiary in Dezhou, China in 2005, expanding its international sales channels.
To reinforce quality competitiveness, the company holds ISO9001 and HACCP certifications, and it recently developed Korea's first certified low-methane feed line, 'Gamtan Hanwoo,' marketed to Korean beef cattle farms.
The domestic compound feed market has entered a fully competitive stage following rapid growth through the mid-1990s, with multiple players including Farmsco, Sunjin, EasyBio, and Sajo Dongawon competing through scale expansion and vertical integration.
More recently, the company has been actively pursuing the pet feed market and overseas expansion as new growth engines. As the holding entity, Woosung itself focuses on capital allocation and new business development, while consolidated results directly mirror the operating performance of subsidiary Woosung Feed.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩148.5B | ₩4.5B | 3.0% |
| 2025Q3 | ₩162.3B | ₩5.7B | 3.5% |
| 2025Q4 | ₩163B | ₩5.7B | 3.5% |
| 2026Q1 | ₩148.6B | ₩1.2B | 0.8% |
| 2026Q2 | ₩164B | ₩300M | 0.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩612.3B | -₩600M | ₩100M | −0.1% | 0.1% | 132.0% |
| 2023 | ₩634.8B | ₩5.7B | ₩11.1B | 0.9% | 6.1% | 133.0% |
| 2024 | ₩606.2B | ₩8.6B | ₩19.7B | 1.4% | 9.8% | 115.1% |
| 2025 | ₩613B | ₩19.4B | ₩12.9B | 3.2% | 6.1% | 117.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
In 2025, consolidated revenue reached KRW 613.0 billion with operating profit of KRW 19.37 billion, translating to a 3.2% operating margin, a marked improvement from 2024 (operating profit KRW 8.59 billion, margin 1.4%).
However, net income attributable to owners fell to KRW 12.93 billion in 2025 from KRW 19.69 billion in 2024, suggesting non-operating factors moved in the opposite direction from the operating profit trend.
In 2022 the company recorded an operating loss of KRW 0.61 billion and near break-even net income of KRW 0.13 billion, before turning profitable in 2023 with operating profit of KRW 5.68 billion (0.9% margin), and the improvement continued through 2024 and 2025.
On a quarterly basis, profitability remained stable through Q3 2025 (revenue KRW 162.3 billion, operating profit KRW 5.68 billion, net income KRW 4.03 billion) and Q4 2025 (revenue KRW 163.0 billion, operating profit KRW 5.73 billion, net income KRW 3.67 billion).
Operating profit then dropped sharply to KRW 1.22 billion in Q1 2026, with net income attributable to owners turning negative at KRW -3.30 billion. In Q2 2026, revenue rose year-over-year to KRW 164.0 billion, yet operating profit shrank further to KRW 0.33 billion and net income remained negative at KRW -3.00 billion.
Revenue itself stayed within a relatively narrow quarterly range of roughly KRW 148 to 164 billion, while the sharp deterioration occurred at the profit line, the defining feature of H1 2026 results.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative net income attributable to owners totaled roughly KRW 1.40 billion, well below the prior full-year run rate.
Korea's compound feed industry relies heavily on imported grains for raw materials, making its performance highly sensitive to swings in international grain prices and the won-dollar exchange rate.
In Q2 2026, the won-denominated feed grain import price index rose 6.1% quarter-on-quarter, while the dollar exchange rate climbed to roughly KRW 1,488, compounding cost pressure.
For Q3, a preliminary estimate released by the Korea Rural Economic Institute (KREI) in its August 2026 international grain report showed a smaller-than-previously-expected rise in the import price index, though the same report projected the international grain futures price index up 6.2% quarter-on-quarter, leaving the outlook for cost stabilization uncertain.
That said, some research institutions characterize 2025-2026 as a medium-term period of grain supply surplus and price stabilization, raising the possibility that cost pressure could ease with a lag.
On the demand side, fluctuations in livestock product prices tied to disease outbreaks remain a variable affecting feed consumption volumes.
Competitively, the domestic compound feed market is fully competitive, with players such as Farmsco, Sunjin, EasyBio, and Sajo Dongawon vying for share, making it difficult to pass rising costs through to prices.
Meanwhile, the government's low-carbon agriculture program raised the per-head subsidy for low-methane feed use in 2026, creating a more favorable policy environment for companies with eco-certified feed products.
The company continues to expand sales of its low-methane certified feed line 'Gamtan Hanwoo' across livestock categories, reinforcing its eco-friendly premium product portfolio.
In 2026 it also signed a partnership with the Korea Food Safety Management Certification Institute to build a global-standard quality management system, aiming to upgrade quality control across the supply chain.
Under the government's low-carbon agriculture program, the per-head subsidy for low-methane feed use was raised in 2026 to KRW 55,000 for both Korean cattle and dairy cows, creating favorable conditions for expanding farmer demand for eco-certified feed.
That said, the international grain market remains volatile in the second half, with a preliminary estimate released by KREI in August 2026 showing the Q3 international grain futures price index up 6.2% quarter-on-quarter, meaning renewed cost pressure cannot be ruled out.
Efforts to develop new growth engines such as pet feed and overseas market expansion continue, though the specific timing and scale of revenue contribution have not yet been disclosed.
Amid these variables, whether second-half 2026 results can emerge from the cost pressure seen in the first half remains a key point to watch.
The share price trades at a substantial discount to net asset value, a characteristic commonly observed across the domestic feed sector as a whole.
The earnings trajectory has shifted direction several times, moving from an operating loss in 2022 to expanding profitability through 2023-2025, before reverting to a net loss in the first half of 2026.
Cumulative net income over the trailing four quarters (Q3 2025 through Q2 2026) has fallen well below the prior full-year run rate, and the earnings multiple the market currently assigns appears to reflect much of this recent deterioration.
Dividend payments have historically been made, but with net income declining again, whether the payout level can be sustained will depend on the next full-year results. Given the company's relatively small market capitalization, trading volume can be limited, which may result in comparatively larger price volatility.
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
Woosung Feed developed Korea's first certified low-methane feed line, 'Gamtan Hanwoo,' which has received positive reception in the market.
With the government's low-carbon agriculture program raising per-head subsidies for low-methane feed use in 2026, the base of farm demand for eco-friendly premium products has room to expand. This progress was also recognized with a CSV management award in the first half of 2026.
The company has built overseas sales networks through production subsidiaries in Vietnam and China, and has recently moved into the pet feed market and further overseas expansion. This diversification is seen as a factor that could offset growth stagnation in the domestic compound feed market.
The operating margin improved consistently from -0.1% in 2022 to 0.9% in 2023, 1.4% in 2024, and 3.2% in 2025, marking a turnaround from loss to profit. Expanding gross profit, cost reductions, and efficient operational management have been cited as the main drivers behind this improvement.
Operating profit collapsed to KRW 1.22 billion in Q1 2026 and KRW 0.33 billion in Q2 2026, with net income attributable to owners negative in both quarters. Rising grain import price indices and a weaker won during the same period have been cited as the main drivers of increased cost pressure.
The domestic compound feed market is fully competitive, with multiple players including Farmsco, Sunjin, EasyBio, and Sajo Dongawon, making it difficult to pass rising costs through to selling prices. This creates a risk of margins eroding quickly whenever grain prices rise.
According to a preliminary estimate released by KREI in August 2026, the Q3 international grain futures price index rose 6.2% quarter-on-quarter. Geopolitical risks and weather variables could continue to stir grain prices in the second half, making it difficult to gauge when cost conditions might stabilize.
A substantial portion of feed raw materials are imported grains, directly exposing performance to swings in international grain prices and the won-dollar exchange rate. In Q2-Q3 2026, the import price index and exchange rate rose together, and the resulting cost pressure was already reflected in results.
Outbreaks of livestock diseases such as African swine fever or avian influenza can reduce herd sizes and feed consumption. Livestock product prices themselves also tend to fluctuate depending on disease-related variables.
As a relatively small-cap stock, trading volume can be limited, potentially leading to comparatively larger price volatility. The holding company structure also means investors may find it harder to directly verify the detailed performance of the operating subsidiary, Woosung Feed.
The Q3 2026 preliminary earnings release is expected, a key point to check whether the H1 cost pressure persisted into the third quarter.
KREI is scheduled to release its October international grain report, warranting a re-check of Q4 grain import price and exchange rate projections.
Worth monitoring is whether farmer participation in the low-methane feed subsidy program expands and how sales of 'Gamtan Hanwoo' trend.
The FY2026 annual business report (audited financials) is expected to be disclosed, the point to confirm full-year results and any dividend decision.
Woosung, operating under a holding company structure through its subsidiary Woosung Feed, has manufactured and sold compound feed while achieving multi-year profit improvement from an operating loss in 2022 to a 3.2% operating margin in 2025.
However, in Q1 and Q2 2026, operating profit fell sharply and net income attributable to owners turned negative for two consecutive quarters amid a simultaneous rise in international grain import costs and the won-dollar exchange rate.
The low-methane certified feed 'Gamtan Hanwoo,' overseas production bases, and the new pet feed business are cited as medium-to-long-term growth drivers, but structural constraints remain given the fully competitive nature of the domestic compound feed market, which makes it difficult to pass rising costs through to selling prices.
Volatility in the international grain market appears set to continue into the second half, with even KREI's preliminary observations showing the futures price index rising again, leaving the timing of any cost relief unclear.
Against this backdrop, the upcoming Q3 earnings release and grain market indicators will likely serve as important reference points for gauging the future direction of results. This report does not present an investment opinion or target price and is prepared for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.