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
Medience's revenue has contracted over multiple years amid Korea's structural low-birth-rate headwind, while recent quarterly results have swung between profit and loss, showing both recovery signals and continued uncertainty.
Consolidated revenue shrank for three straight years, from KRW 71.4 billion in 2022 to KRW 48.8 billion in 2025.
Operating and net profit turned positive in Q1 2026 but swung back to losses in Q2 2026.
Operating cash flow shrank to near break-even in 2025, signaling weakened cash-generating capacity.
The largest shareholder, Chairwoman Kim Eun-jung, and related parties reported a combined stake of 37.87% as of June 2026.
Korea's deepening low birth rate and the simultaneous rise of premium childcare consumption represent two opposing industry currents.
Medience is a total lifecare company covering the entire pregnancy-childbirth-childcare cycle, with a brand portfolio spanning skincare, feeding products, developmental toys, and infant fashion.
Its flagship brands include the hygiene brand B&B, the sensitive-skin specialist Dr.ato, and the feeding-products brand UPIS, which anchor its domestic and overseas operations.
The business is organized into a Mother-Child Living BU covering skincare and feeding products, and a Fashion BU covering infant and toddler apparel. According to somewhat dated disclosure, the hygiene and living-goods segment historically accounted for the majority of revenue, followed by fashion and skincare.
Overseas operations are anchored by the Tianjin, China subsidiary established in 2013, and the company has recently been expanding from an infant-centric lineup toward family care products used by the whole household.
In the domestic baby-goods and baby-cosmetics market, competition remains intense, with a rival brand topping a 2026 brand-reputation survey.
The largest shareholder is Chairwoman Kim Eun-jung, a second-generation founder's family member who serves as a registered executive directly involved in management, and a June 2026 disclosure showed she and related parties had increased their combined stake. The company positions its decades-long track record as a specialized baby-products maker as a core brand asset.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩13.9B | ₩800M | 6.1% |
| 2025Q3 | ₩11.9B | -₩1.7B | −14.4% |
| 2025Q4 | ₩10.7B | ₩67,648,082 | 0.6% |
| 2026Q1 | ₩11.9B | ₩1.3B | 10.7% |
| 2026Q2 | ₩14B | -₩1.3B | −9.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩71.4B | ₩1.6B | -₩11.7B | 2.3% | −14.5% | 43.7% |
| 2023 | ₩66B | -₩1.3B | ₩7B | −2.0% | 8.0% | 39.8% |
| 2024 | ₩49B | -₩8.8B | -₩13.8B | −18.0% | −18.7% | 53.0% |
| 2025 | ₩48.8B | -₩1.1B | -₩6B | −2.3% | −8.8% | 60.3% |
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
Consolidated revenue fell for three consecutive years, from KRW 71.42 billion in 2022 to KRW 66.02 billion in 2023, KRW 48.99 billion in 2024, and KRW 48.77 billion in 2025, a roughly 32% decline over four years.
Operating profit swung from a KRW 1.61 billion gain (2.3% margin) in 2022 to a KRW 1.29 billion loss (-2.0%) in 2023, widened to an KRW 8.82 billion loss (-18.0%) in 2024, then narrowed to a KRW 1.10 billion loss (-2.3%) in 2025.
Net income attributable to owners was a loss of KRW 11.73 billion in 2022, a rare profit of KRW 6.99 billion in 2023, a loss of KRW 13.79 billion in 2024, and a loss of KRW 6.02 billion in 2025.
On a quarterly basis, Q2 2025 posted revenue of KRW 13.95 billion and an operating profit of KRW 0.85 billion, yet still recorded a net loss of KRW 0.94 billion; Q3 2025 saw revenue fall to KRW 11.94 billion as the operating loss widened to KRW 1.73 billion.
Q4 2025 revenue declined further to KRW 10.67 billion, but the company swung to an operating profit of KRW 0.068 billion and a net profit of KRW 0.32 billion.
Q1 2026 showed clear improvement with revenue of KRW 11.90 billion, operating profit of KRW 1.28 billion, and net profit of KRW 2.13 billion, before Q2 2026 reverted to losses—an operating loss of KRW 1.29 billion and a net loss of KRW 2.98 billion—despite revenue rising to KRW 14.04 billion.
Summed over the trailing four quarters (Q3 2025-Q2 2026), owners' net loss was KRW 0.54 billion, showing large quarter-to-quarter swings but a narrower annualized loss than in prior years.
On cash flow, operating cash flow deteriorated from +KRW 2.22 billion in 2022 to +KRW 0.37 billion in 2023 and -KRW 2.20 billion in 2024, before nearing break-even at roughly KRW 100,000 in 2025, while the debt ratio rose from 39.8% in 2023 to 53.0% in 2024 and 60.3% in 2025.
Korea's total fertility rate stands at 0.72, the lowest in the world, and experts anticipate further declines, meaning the absolute domestic demand base for baby products is structurally shrinking.
Even so, the spread of 'gold-kid' and 'ten-pocket' consumption culture—rooted in the belief that 'my child deserves the best'—has fueled a VIB (Very Important Baby) spending trend in which per-child spending rises even as the number of children falls, supporting growth in baby cosmetics and premium childcare products.
Domestic transaction value for children's and infant goods reportedly reached roughly KRW 5.2 trillion in 2023, a sharp increase from 2018, and Korea's premium children's apparel market has grown at a rate ranking among the highest globally.
The global baby wipes market is likewise projected to grow at roughly a 6% compound annual rate from about USD 6.68 billion in 2026, indicating a moderate growth trajectory overseas.
Domestically, competition for market leadership remains intense, with a rival brand repeatedly topping brand-reputation surveys, while Medience leans on its safety- and ingredient-trust brand equity to compete.
Overseas, China's infant market is shifting toward premiumization and safety-focused consumption alongside changing birth trends, making localized family-care product expansion a potential new growth avenue.
Overall, the industry sits at a point where shrinking domestic demand and growth in overseas and premium segments are pulling in opposite directions simultaneously.
The company has not been confirmed to have publicly disclosed numerical earnings guidance, and verifiable facts remain limited to its China strategy and ownership changes.
Its Tianjin, China subsidiary indicated in a media interview that it plans to diversify from an infant-centric brand portfolio toward family-care products aimed at the whole household.
Company representatives stated they intend to keep strengthening R&D-driven competitiveness in both China and the broader global market. Domestically, a June 2026 disclosure confirmed that the largest shareholder and related parties had increased their combined stake, a fact worth noting for governance stability.
On earnings, the pattern of returning to profit in Q1 2026 and then swinging back to loss in Q2 2026 means the direction of upcoming quarters remains undetermined. The forthcoming Q3 quarterly report and annual business report will be the next key disclosures for gauging direction.
Given that the structural constraint of low birth rates and the growth avenues in premium and overseas markets coexist, whether any earnings improvement proves durable will need to be confirmed disclosure by disclosure.
The current share price sits at a level that represents a substantial discount to the company's per-share net asset value. Given that net income has been in the red in most recent years, the valuation the market assigns can be seen as reflecting uncertainty over the durability of any earnings recovery.
On dividends, the company has not paid a cash dividend in the most recent fiscal year, limiting the additional appeal that shareholder returns might otherwise provide.
That said, since certain quarters—such as Q1 2026—did turn profitable, how the market values the shares could shift depending on the trajectory of future quarterly results.
When assessing the share price relative to net assets, it is also worth considering that accumulated losses in recent years have steadily reduced shareholders' equity.
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
Both operating and net profit turned positive in Q4 2025 and Q1 2026, demonstrating a potential path to earnings improvement. In Q1 2026, despite only a modest revenue increase, operating profit reached KRW 1.28 billion and net profit KRW 2.13 billion, suggesting some benefit from cost-structure efficiency.
However, since the company reverted to losses in Q2, whether this improvement is sustained still needs confirmation.
The Tianjin subsidiary has publicly stated a strategy of expanding from an infant-centric brand portfolio into family-care products for the whole household.
This aligns with a shift in China's infant market toward safety- and premium-focused consumption, representing an attempt at diversification built on the brand's local credibility. It signals a direction aimed at partially offsetting Korea's low-birth-rate constraint through overseas revenue expansion.
Despite the falling birth rate, transaction value for domestic children's and infant goods has been expanding, with the VIB consumption trend supporting growth in baby cosmetics and premium product categories.
The company's premium lineup, including its sensitive-skin specialist brand, can be viewed as an asset aligned with this consumption trend. Whether this trend translates into actual revenue and profit improvement, however, still needs to be confirmed through future results.
Consolidated revenue fell for three straight years, shrinking about 32% from KRW 71.4 billion in 2022 to KRW 48.8 billion in 2025. This can be interpreted as closely tied to the structural factor of Korea's deepening low birth rate.
With the revenue base continuing to shrink, any profit improvement achieved mainly through cost cuts may face inherent limits.
Both Q3 2025 and Q2 2026 posted operating losses exceeding KRW 1 billion regardless of revenue level, indicating limited predictability in earnings. The reversion to loss in Q2 2026 immediately after the Q1 2026 profit turnaround raises questions about earnings stability. This pattern of sharply diverging quarterly results makes it difficult for investors to forecast performance.
Operating cash flow deteriorated from a net inflow of roughly KRW 2.2 billion in 2022 to a net outflow of roughly KRW 2.2 billion in 2024, before narrowing to near break-even at about KRW 100,000 in 2025. The debt ratio has also risen, from 39.8% in 2023 to 60.3% in 2025.
Separate from accounting net income, financial flexibility could be constrained if actual cash-generating capacity fails to keep pace.
With Korea's total fertility rate at 0.72—the lowest in the world—and further declines expected, the core customer base for the domestic baby-products industry may continue shrinking over the long term.
Premiumization trends partially offset this, but fully compensating for an absolute decline in newborn numbers remains structurally difficult. This is a shared risk across the industry, not one unique to the company.
The company has a history of trading suspension and a KRX-granted improvement period tied to a past embezzlement/breach-of-duty issue involving its largest shareholder.
Since then, the largest shareholder has returned to management and has been confirmed to have expanded her stake, but as a small-cap issuer, any recurrence of governance-related issues could affect market confidence. Investors should continue monitoring future stake-change and management-related disclosures.
KOSDAQ is progressively raising its market-cap delisting threshold, moving to KRW 15 billion in 2026, KRW 20 billion in 2027, and KRW 30 billion in 2028. A separate delisting requirement targeting sub-KRW 1,000 'penny stocks' has also been introduced and is now in effect.
These regulatory changes, which apply broadly across small-cap KOSDAQ issuers, mean compliance with listing-maintenance requirements needs ongoing monitoring.
The filing deadline for the Q3 2026 quarterly report arrives. The key point to check is which direction Q3 earnings move—profit or loss—following the Q2 2026 reversion to loss.
The FY2026 audit report and full-year results are due for disclosure. It will be important to check whether the annual loss persists, whether dividends resume, and how the debt ratio further evolves.
Any further disclosure of stake changes by the largest shareholder or related parties should be checked for its implications on governance stability.
As the KOSDAQ market-cap delisting threshold rises to KRW 20 billion, it will be important to check whether the company, as a small-cap issuer, continues to meet listing-maintenance requirements.
Medience is a leading Korean baby-products company with more than 46 years of history, leveraging brand assets such as B&B, Dr.ato, and UPIS to compete in domestic and overseas markets.
However, consolidated revenue contracted for three straight years from 2022 through 2025, and net income attributable to owners was in the red in most years except 2023. In 2026, quarterly results have diverged sharply—profitable in Q1, loss-making in Q2—leaving the earnings trajectory not yet clearly established.
Weakening cash flow and a rising debt ratio are aspects worth monitoring from a financial-health standpoint, while the largest shareholder's expanded stake and the China family-care expansion strategy are facts that could serve as catalysts for future change.
On the industry side, the deepening domestic low-birth-rate trend and growth in overseas and premium segments are pulling in opposite directions simultaneously, and how this balance tilts is likely to be the key variable for future results.
Before drawing any conclusions, it will be necessary to confirm through the upcoming Q3 and annual disclosures whether recent signs of improvement prove durable.
Report written 2026-09-05 · Data as of 2026-09-04
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