PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
CJ Seafood posted an operating loss in 2025 amid surging raw seaweed and surimi costs, and while it has set a target to return to operating profit in 2026, quarterly results continue to swing between gains and losses.
Consolidated 2025 revenue reached KRW 192.1 billion with an operating loss of KRW 0.91 billion, swinging from prior-year profit, while net income stayed positive at KRW 2.8 billion helped by equity-method gains from a Thai affiliate.
Raw seaweed and surimi (fish-cake material) costs rose together, pushing the cost-of-sales ratio to 88.5%, while average fish-cake selling prices actually declined due to a shift in product mix.
Results kept swinging through 2026 — the operating loss widened to KRW 1.47 billion in Q1 before narrowing to KRW 0.58 billion in Q2.
The company has set a target of returning to operating profit in 2026 through expanded B2B transactions and higher factory utilization to cut costs.
The Ministry of Oceans and Fisheries said 2026 dried laver output fell from the prior year but still exceeded the historical average, with the government's laver supply-chain overhaul program emerging as a medium-term cost variable.
CJ Seafood was founded in 1976 as Samho Corporation and grew in Korea's processed seafood market through its 'Samho Eomuk' (fish cake) and 'Samho Matsal' (crab stick) brands before joining the CJ Group in 2006. The company states it holds the No.1 domestic market share in fish cake and crab stick products.
Its main products span fish cake, crab stick, laver (gim), fried tofu skin (yubu), and grilled fish, with the grilled-fish convenience product line launched under CJ CheilJedang's 'Bibigo' brand and expanded through species diversification and production-line additions.
In 2023 the company acquired full ownership of Samhae Sangsa, a dried seafood wholesaler, from parent CJ CheilJedang, gaining laver brands such as 'Myungga Gim' and export capacity in seasoned laver.
Overseas, CJ Seafood holds a 20% stake in Thailand's Lucky Union Foods, an affiliate that posted 2025 revenue of KRW 203 billion and net income of KRW 29.8 billion, contributing meaningfully to consolidated net income.
Production is spread across four plants in Seongnam, Icheon, Gimpo (Samhae Sangsa) and Buan (Samhae Sangsa), with recent years seeing continued line expansions for snack-type fish cakes and facility upgrades.
In laver, the company competes with Dongwon F&B, CJ CheilJedang, and Pulmuone, while it is viewed as holding a relatively dominant position in fish cake and crab stick. Distribution spans retail channels such as hypermarkets and convenience stores alongside an expanding B2B food-service business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩42.5B | -₩1.5B | −3.5% |
| 2025Q3 | ₩49.4B | -₩600M | −1.3% |
| 2025Q4 | ₩47.7B | ₩2.2B | 4.6% |
| 2026Q1 | ₩55B | -₩1.5B | −2.7% |
| 2026Q2 | ₩48.3B | -₩600M | −1.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩152.7B | ₩4.1B | ₩7.4B | 2.7% | 9.8% | 89.5% |
| 2023 | ₩148.3B | ₩4.1B | ₩4.4B | 2.8% | 5.7% | 115.5% |
| 2024 | ₩193.7B | ₩4.4B | ₩5B | 2.2% | 6.0% | 107.0% |
| 2025 | ₩192.1B | -₩900M | ₩2.8B | −0.5% | 3.2% | 91.5% |
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
Consolidated revenue in 2025 was KRW 192.1 billion, a slight decline from KRW 193.7 billion in 2024, while operating profit swung to a loss of KRW 0.91 billion from a KRW 4.36 billion profit the prior year.
The operating margin drifted down from 2.7% in 2022 and 2.8% in 2023 to 2.2% in 2024 before turning negative at -0.5% in 2025.
Net income moved from KRW 7.42 billion in 2022 to KRW 4.44 billion in 2023 and KRW 5.02 billion in 2024, then fell again to KRW 2.83 billion in 2025; net income stayed positive despite the core operating loss because equity-method gains from the Thai affiliate cushioned the bottom line.
On a quarterly basis, Q2 2025 revenue was KRW 42.47 billion with an operating loss of KRW 1.49 billion, and Q3 2025 revenue was KRW 49.42 billion with a loss of KRW 0.63 billion, before Q4 2025 revenue of KRW 47.69 billion and an operating profit of KRW 2.21 billion driven by seasonal winter demand for fish cake.
However, Q1 2026 revenue rose to KRW 54.95 billion while the operating loss widened again to KRW 1.47 billion, with a net loss of KRW 1.29 billion marking the weakest quarter in the recent five-quarter window.
Q2 2026 revenue was KRW 48.25 billion with a narrower operating loss of KRW 0.58 billion, while net income recovered to KRW 0.74 billion. This quarterly volatility reflects the combined effect of fluctuating raw-material input costs (dried laver, surimi) and seasonal demand patterns.
The sharp revenue jump in 2024 versus 2023 is attributable to the consolidation of Samhae Sangsa following the full stake acquisition at the end of 2023.
Korea's processed seafood industry has grown on the back of a laver export boom and the spread of K-food, but it also faces a structural burden from surging prices for raw green laver (the input for dried laver).
According to Newsquest, dried laver wholesale prices more than doubled from KRW 5,760 per 100 sheets in 2022 to KRW 11,670 in 2025, and remained elevated at KRW 11,340 in April 2026.
However, per a Korea Economic Daily report, the Ministry of Oceans and Fisheries tallied 2026 dried laver output at roughly 180 million units, down from 203.69 million units the prior year but still above the historical annual average of about 150 million units, with the ministry stating that two consecutive years of healthy raw laver output have kept dried and seasoned laver prices at a stable level.
Competitors Dongwon F&B, CJ CheilJedang, and Pulmuone have all acknowledged raw-material cost pressure while saying they have no immediate plans to raise prices, indicating a similar cost-versus-price dilemma across the industry.
The government has forecast dried laver demand reaching 210 million units by 2030 and unveiled a laver export supply-chain overhaul plan involving expanded farming areas, contract-production systems, and a new government stockpiling scheme, designed to reduce raw-material price volatility over the medium term.
While CJ Seafood holds a relatively dominant position in fish cake and crab stick, it is exposed to a cost structure similar to major competitors in the laver segment, limiting differentiation within the industry.
In its 2025 annual report, CJ Seafood stated it would make fundamental improvement of its earnings structure the top priority and achieve a turnaround, setting a goal of returning to operating profit in 2026.
A company official explained the cost-relief approach as improving profitability through expanded B2B transactions and maximized factory utilization to cut manufacturing costs.
However, raw-material cost pressure persisted through Q1 2026, when the operating loss actually widened, before narrowing again in Q2, meaning the path to the stated target remains unclear.
On the industry side, the Ministry of Oceans and Fisheries plans to convene an annual laver industry council each September — ahead of the October-to-May main production season — to set data-based supply management plans, making the September 2026 council outcome a near-term gauge for second-half cost trends.
Over the medium term, the government plans to pilot an AI-based dried laver grading system and pursue an international dried laver exchange by 2027, along with storage facilities capable of holding about 30% of annual output (56 million units) by 2028, which could gradually ease raw-material price volatility.
On the company's own initiative, continued line expansions and facility repairs across its four plants in Seongnam, Icheon, Gimpo, and Buan, along with new snack-type fish cake products, mean utilization rates and product mix will be key points to watch in the second half.
The current share price trades below the company's per-share net asset value, indicating the market is pricing the stock at a discount to book value.
At the same time, because the absolute profit base is small, the price-to-earnings multiple sits in a relatively elevated range when measured against results from the most recent four quarters, a pattern typical when the earnings base is thin.
With no recent dividend payments, shareholder return through dividends is considered limited.
Looking at multi-year results, performance moved from modest profit in 2022-2023 to an operating loss in 2025, and has continued swinging between quarterly losses and gains through the first half of 2026, meaning earnings stability has not yet been firmly established. This earnings volatility remains a factor worth noting when interpreting valuation metrics going forward.
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
Lucky Union Foods, a 20%-owned affiliate, posted 2025 revenue of KRW 203 billion and net income of KRW 29.8 billion, serving as a key support for CJ Seafood's consolidated net income.
Even in years when the core business posted an operating loss, equity-method gains have repeatedly kept consolidated net income positive. This provides a partial hedge against domestic cost volatility.
The Ministry of Oceans and Fisheries has stated that two consecutive years of healthy raw laver output have kept dried and seasoned laver prices at a stable level, and 2026 production remains above the historical average.
If the government's plans to expand farming areas and introduce a stockpiling system are executed, raw-material cost pressure could ease over the medium term, a potential variable for improving the cost-of-sales ratio.
CJ Seafood is a CJ Group affiliate able to draw on the group's capital and distribution network, and states it holds the No.1 domestic market share in fish cake and crab stick.
It has scaled up its laver business through the Samhae Sangsa acquisition and leverages group synergies such as the Bibigo-branded grilled fish line. This group relationship offers stability in financing and distribution access.
Four of the most recent five quarters (Q2 2025 through Q2 2026) posted operating losses, with the only profitable quarter being the seasonally strong Q4 2025. In Q1 2026 the loss actually widened, running counter to the stated turnaround target. This suggests cost-structure improvements have not yet translated into clear results.
The 2025 cost-of-sales ratio surged to 88.5%, and while raw laver and surimi prices rose together, average fish-cake selling prices actually declined due to a product-mix shift. The operating margin steadily deteriorated from 2.7% in 2022 to -0.5% in 2025.
A market structure that makes it difficult to immediately pass on cost increases to selling prices has also been cited as an obstacle to margin recovery.
The reason consolidated net income has stayed positive lies not in core-business improvement but in equity-method gains from the Thai affiliate.
As long as the core fish-cake and laver segments continue to post operating losses, the stability of consolidated net income remains tied to fluctuations at the affiliate, a risk separate from genuine profitability improvement.
Raw green laver and surimi account for a substantial share of raw-material purchases, and prices swing significantly with international supply-demand conditions and climate factors such as high sea temperatures.
As seen in the sharp rise in dried laver wholesale prices over the past three years, cost pressure could re-intensify with weather anomalies or a surge in export demand, and the effectiveness of government policy measures remains uncertain.
Amid the government's price-stability stance, competitors have also acknowledged cost pressure while stating they have no plans to raise prices, reflecting an industry-wide environment where cost increases are difficult to pass through immediately.
CJ Seafood itself has stated that market structure makes it hard to immediately reflect cost increases in selling prices, constraining the pace of margin recovery.
With a small market capitalization and modest absolute profit levels, share-price reactions to earnings swings can be relatively pronounced. Given the limited liquidity typical of small-cap stocks, volatility tied to trading volume also warrants attention. These characteristics can also constrain information accessibility and analyst coverage.
Check the outcome of the Ministry of Oceans and Fisheries' annual September laver industry council, held ahead of the October-to-May main production season, as a near-term gauge for second-half raw laver price trends.
Watch the (preliminary) Q3 2026 earnings release for signs of easing cost pressure and progress toward the stated operating-profit turnaround target.
Monitor production volumes and dried laver wholesale price trends (via aT statistics) during the new laver farming season to verify whether cost stabilization is actually sustained.
Check the 2026 full-year annual report and results disclosure to confirm whether the company's stated turnaround-to-profit target was actually achieved.
CJ Seafood has maintained positive net income on the strength of its domestic market position in fish cake and crab stick and equity-method gains from its Thai affiliate, but its core laver and processed seafood business swung to an operating loss in 2025 amid surging raw laver and surimi costs, with quarterly results continuing to fluctuate through the first half of 2026.
The company has set a target of returning to operating profit in 2026 through expanded B2B transactions and higher factory utilization, but a widening loss in Q1 followed by a narrowing loss in Q2 leaves the path to that target unclear.
On the industry side, two consecutive years of healthy raw laver output have kept prices at a stable level per government statements, and the government's laver supply-chain overhaul plan (expanded farming areas, a stockpiling system, and more) is cited as a potential factor reducing medium-term cost volatility.
On the other hand, a cost-of-sales ratio that climbed to 88.5%, fish-cake selling prices that actually declined, and a consolidated net income structure reliant on equity-method gains rather than the core business remain burdens.
Investors will likely want to watch the upcoming September laver industry council outcome and Q3 earnings to gauge whether the cost-versus-price structure is genuinely improving. This report is provided for informational purposes and does not constitute a buy or sell recommendation.
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.