PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩450 per share · Prices as of the 2026-10-02 close
Wonpoong, primarily a maker of industrial tarpaulin and advertising flex fabric, is expanding into eco-friendly, leisure, and EV safety materials while posting two consecutive quarters of double-digit operating margins in the first half of 2026.
2025 consolidated revenue reached KRW 87.6bn with operating profit of KRW 6.6bn, improving from the prior year with an operating margin of 7.5%
Operating margin hit double digits in both 1Q26 (13.8%) and 2Q26 (10.0%)
Net income attributable to owners has consistently exceeded operating profit each year, reflecting a meaningful non-operating income contribution
The core PVC advertising/industrial materials segment faces intensifying price competition from China and Taiwan, prompting diversification into eco-friendly, leisure, and EV safety materials
Debt ratio stood at a low 5.9% in 2025, supported by stable operating cash flow
Founded in 1973 and listed on KOSDAQ in 1992, Wonpoong specializes in industrial tarpaulin and advertising flex fabric, with headquarters in Seoul and production plants in Cheongju and Okcheon in Chungbuk Province.
Its core products are PVC, TPU, and TPO-based industrial tarpaulin and advertising flex fabric supplied to more than 60 countries.
In the roofing waterproofing segment, the company produces TPO sheet roofing waterproofing materials and the 100% recyclable eco-friendly material INNO GREEN, building a higher value-added product line.
More recently, the company has been developing outdoor leisure materials such as boats, kayaks, and gym mats alongside new equipment investment to expand exports of higher-quality products.
It has also entered the safety materials space by launching disposable and reusable versions of the 'FIRE SHIELD BLANKET,' designed to slow the spread of EV battery fires.
On the competitive front, the PVC advertising and industrial materials segment faces intensifying price competition from China and Taiwan, though Korean-made products remain preferred for quality stability and service differentiation.
Against this backdrop, the company is diversifying its revenue structure away from commoditized general-purpose products toward higher value-added areas such as eco-friendly, leisure, and safety materials.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩20.9B | ₩1B | 4.7% |
| 2025Q4 | ₩18.9B | ₩500M | 2.5% |
| 2026Q1 | ₩23.3B | ₩3.2B | 13.8% |
| 2026Q2 | ₩23.5B | ₩2.4B | 10.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩89.5B | ₩7.8B | ₩8.5B | 8.7% | 9.9% | 8.9% |
| 2023 | ₩73.8B | ₩4.6B | ₩6.6B | 6.2% | 7.4% | 7.9% |
| 2024 | ₩79.6B | ₩4.5B | ₩7.1B | 5.7% | 7.8% | 7.4% |
| 2025 | ₩87.6B | ₩6.6B | ₩7B | 7.5% | 7.6% | 5.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue declined from KRW 89.49bn in 2022 to KRW 73.79bn in 2023, then rose for two consecutive years to KRW 79.61bn in 2024 and KRW 87.64bn in 2025.
Operating profit stagnated at KRW 4.55bn in both 2023 and 2024 after falling from KRW 7.76bn in 2022, before recovering to KRW 6.60bn in 2025, with operating margin moving from 8.7% to 6.2% to 5.7% before rebounding to 7.5%.
Net income attributable to owners was relatively stable at KRW 8.49bn (2022), KRW 6.57bn (2023), KRW 7.11bn (2024), and KRW 7.04bn (2025), a pattern that suggests a recurring non-operating income contribution exceeding operating profit each year.
The slowdown seen in 3Q25 (revenue KRW 20.86bn, operating profit KRW 0.98bn) and 4Q25 (revenue KRW 18.90bn, operating profit KRW 0.46bn) improved markedly in 2026.
First-quarter 2026 revenue reached KRW 23.30bn with operating profit of KRW 3.22bn, lifting operating margin to 13.8%, while second-quarter revenue of KRW 23.48bn and operating profit of KRW 2.36bn produced a 10.0% margin, marking two straight quarters of double-digit operating margins.
As a result, the trailing four quarters from 3Q25 through 2Q26 totaled roughly KRW 86.5bn in revenue, KRW 7.0bn in operating profit, and KRW 9.4bn in net income attributable to owners, indicating a continuing profitability improvement.
Standalone (non-consolidated) figures for the first half of 2025 also showed revenue up 10.4% and operating profit up 14.4% year-on-year, consistent in direction with the consolidated improvement trend.
On the cash flow side, 2025 operating cash flow of KRW 7.36bn was broadly in line with net income, indicating healthy cash conversion of earnings.
The PVC-based industrial tarpaulin and advertising flex fabric market is under price pressure from intensifying low-cost competition, particularly from China and Taiwan.
Nonetheless, preference for Korean-made products persists due to quality stability and service differentiation, allowing domestic makers to defend export market share through quality and certification rather than price.
In the roofing waterproofing market, growing demand for eco-friendly and recyclable materials has made TPO sheet roofing products and 100% recyclable material lines a source of higher value-added revenue.
In recent years, emerging application areas such as outdoor leisure equipment (boats, kayaks) and EV safety materials (battery fire-spread prevention) have become a backdrop for diversifying the company's product portfolio away from its traditional industrial materials focus.
Within the KOSDAQ chemical sector, Wonpoong is classified as a small-cap name with lower liquidity and market attention relative to larger chemical companies.
Against this backdrop, the company is expanding into new application areas such as eco-friendly, leisure, and safety materials in a strategy aimed at partially offsetting price competition risk in its traditional PVC industrial materials segment.
The company is pursuing expanded exports of higher-quality products through outdoor leisure material development (boats, kayaks, gym mats) and new equipment investment.
It has formalized its entry into the safety materials market by launching disposable and reusable versions of the 'FIRE SHIELD BLANKET,' designed to slow EV battery fire spread.
The double-digit operating margins seen in first-half 2026 results can be interpreted as reflecting both a rising mix of new higher value-added products and cost efficiency gains occurring simultaneously.
However, there is no confirmed evidence that the company has publicly issued specific numerical guidance, so the direction of future earnings needs to be confirmed sequentially through quarterly disclosures.
Price competition with China and Taiwan in the PVC advertising/industrial materials segment is likely to continue, making the pace at which new application areas contribute to revenue a key point to watch for the medium-term portfolio shift.
The eco-friendly materials and roofing waterproofing lines are tied to tightening global environmental regulations, making related certifications and supply chain expansion variables that will shape the medium-term growth path.
A confirmed financial characteristic is that, while maintaining cash generation, the company has capacity for further equipment investment or shareholder returns on the back of a low debt ratio.
Wonpoong's shares tend to trade at a discount to net asset value, a characteristic reflecting a relatively modest valuation multiple assigned by the market.
Despite a recovering earnings trend over the trailing four quarters, the low trading liquidity and limited market attention typical of small-cap names are factors influencing valuation.
The company has maintained a consistent cash dividend policy in recent years, and whether this continuity is sustained remains a point to watch. Views may differ among market participants as to whether the current valuation level fully reflects the pace of fundamental improvement in the business.
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 2026-09-05
Operating margin hit double digits in both 1Q26 (13.8%) and 2Q26 (10.0%), moving away from the low-margin range seen in 2023-2024. Revenue also grew from KRW 79.6bn in 2024 to KRW 87.6bn in 2025, indicating that top-line and profitability improved together. Whether this trend continues will need to be confirmed through future quarterly results.
Beyond traditional PVC advertising and industrial fabric, the company is expanding into eco-friendly materials, roofing waterproofing, outdoor leisure materials, and EV fire-prevention materials.
This can be interpreted as a move to reduce dependence on commoditized general-purpose products facing intense price competition. Whether these new lines translate into meaningful revenue contribution is a key point to watch.
The debt ratio has remained low, moving from 8.9% in 2022 to 5.9% in 2025. Annual operating cash flow has consistently been in line with or above net income, indicating a high degree of financial stability. This could provide a foundation for future investment or shareholder return policies.
The PVC advertising/industrial materials segment, which accounts for a large share of revenue, faces intensifying price competition from Chinese and Taiwanese producers. While the company differentiates through quality and service, rising cost pressure could squeeze margins. This is also part of the reason the company is accelerating its shift toward higher value-added products.
Net income attributable to owners has exceeded operating profit in each of the past four years, meaning that a significant contribution from non-operating items is a variable to weigh when assessing earnings quality. Operating profit alone has not fully explained the net income trend over this period.
With a small market capitalization and classification as a small-cap within the KOSDAQ chemical sector, trading liquidity is limited. This can be a backdrop for elevated price volatility driven by information asymmetry or supply-demand factors.
Fluctuations in petrochemical-based raw material prices such as PVC resin and polyester yarn directly affect the cost structure. Cost burdens could expand depending on international oil prices or petrochemical market conditions.
Given a business structure exporting to more than 60 countries, revenue and earnings are exposed to currency fluctuation volatility. In periods of a stronger won, price competitiveness or translated earnings could deteriorate.
Capacity expansion or pricing policy changes at low-cost production bases in China and Taiwan could directly affect the competitive landscape for Wonpoong's core product lines. Whether the quality differentiation strategy remains effective over time is an important variable.
3Q26 (July-September) earnings disclosure is expected — worth checking whether the double-digit operating margin improvement seen in the first half continues into the third quarter.
Expected fiscal year-end dividend record date — a point to confirm whether the cash dividend policy maintained in recent years continues.
Audit report and annual business report for fiscal year 2026 are expected to be disclosed — the point at which confirmed annual results and segment revenue composition become available.
Whether outdoor leisure materials and EV fire-prevention materials expand their revenue contribution — worth monitoring through quarterly disclosures to see if new application areas translate into actual top-line growth.
Wonpoong is a KOSDAQ small-cap chemical materials maker centered on industrial tarpaulin and advertising flex fabric, recently expanding into eco-friendly, leisure, and EV safety materials.
Its 2025 consolidated revenue reached KRW 87.6bn with operating profit of KRW 6.6bn, an improvement over the prior year, and the profitability recovery has continued into the first half of 2026 with two consecutive quarters of double-digit operating margins.
However, net income attributable to owners has continued to exceed operating profit each year, warranting a closer look at the contribution from non-operating items.
The core PVC advertising/industrial materials segment remains exposed to structural price competition pressure from China and Taiwan, making the growth pace of new application areas that could offset this a key medium-term point to watch.
The financial structure, underpinned by a low debt ratio and stable cash flow, confirms the company has capacity for further investment or shareholder returns.
Overall, this appears to be a period where positive signals of margin improvement and business diversification coexist with the low liquidity and price competition risks typical of small-cap names.
Report written 2026-09-05 · Data as of 2026-09-04
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