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
ANP, an automotive-PCB maker, is pushing into higher-spec products and new businesses even as chronic losses and a dual administrative-issue designation raise listing-maintenance concerns.
FY2025 revenue was KRW 117.49bn with an operating loss of KRW 7.29bn and an owner net loss of KRW 14.12bn, extending the loss streak.
In 2026Q2 the operating loss narrowed to KRW 0.24bn and owner net income turned positive at KRW 0.33bn, though quarterly revenue remains below prior-year levels.
In August 2026 ANP's administrative-issue designation was expanded to include a 'penny stock' reason (price below KRW 1,000 for 30 sessions) on top of an existing market-cap shortfall.
The company is diversifying via a shift to high-spec PCBs, entry into robot-actuator PCBs, and a wireless power transfer (WPT) PCB supply deal tied to Japan's Ather Energy.
Repeated third-party capital increases and a share sale by controlling shareholder YSP highlight recurring capital-structure and governance issues.
ANP's core business is printed circuit board (PCB) manufacturing, sold entirely on a build-to-order basis. Major customers include Hyundai Mobis, Hyundai Kefico, Daesung Eltec, and Infac Elex, and the company holds Tier-1 supplier status to Hyundai and Kia.
ANP's estimated share of the domestic PCB market is only 1-2%, while Samsung Electro-Mechanics, Daeduck Electronics, and Simmtech together account for 60-70% of industry revenue, leaving ANP at a scale disadvantage versus the larger players.
The company also runs a Yongsan facility producing automotive seat and quilting components, which maintains an S-grade SQ certification, meaning ANP operates a secondary seat-related business alongside PCB.
In February the company announced it would shift its core automotive PCB business toward high-spec, higher value-added products, and outlined a strategy to expand into the fast-growing robotics field by strengthening its competitiveness in actuator PCBs.
The rationale is that its current lineup is centered on low-spec, general-purpose automotive PCBs, which limits profitability.
To fund this shift, ANP is using proceeds from a third-party capital increase plus internal reserves to build high-spec PCB production equipment, with the capital increase involving CEO Jeon Woon-gwan and Chun Hak-su, the CEO of related-party controlling shareholder YSP.
The company has also pursued new business expansion through a tripartite wireless power transfer (WPT) PCB supply agreement with Miraiya and Ontec tied to Japan's Ather Energy.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩31.7B | -₩1.8B | −5.6% |
| 2025Q3 | ₩30.9B | -₩1.1B | −3.7% |
| 2025Q4 | ₩24.4B | -₩2.2B | −9.1% |
| 2026Q1 | ₩27.8B | -₩1.1B | −4.0% |
| 2026Q2 | ₩33.6B | -₩200M | −0.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩107.5B | -₩10.7B | -₩30.4B | −9.9% | −101.0% | 255.4% |
| 2023 | ₩140.9B | -₩1.8B | -₩9.9B | −1.3% | −30.6% | 194.7% |
| 2024 | ₩113.5B | -₩6B | -₩10.4B | −5.3% | −40.1% | 261.5% |
| 2025 | ₩117.5B | -₩7.3B | -₩14.1B | −6.2% | −68.8% | 384.4% |
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
On an annual basis, revenue moved from KRW 107.46bn in 2022 to KRW 140.91bn in 2023, then declined to KRW 113.49bn in 2024 before recovering modestly to KRW 117.49bn in 2025.
The operating loss narrowed from KRW 10.68bn in 2022 to KRW 1.82bn in 2023, but widened again to KRW 5.99bn in 2024 and KRW 7.29bn in 2025, so the improvement did not carry through.
The owner net loss, after a large KRW 30.36bn shortfall in 2022, stayed at a similar KRW 9.85bn and KRW 10.35bn in 2023 and 2024 before widening again to KRW 14.12bn in 2025.
Owner's equity fell from KRW 32.22bn in 2023 to KRW 25.83bn in 2024 and KRW 20.51bn in 2025, indicating ongoing capital erosion, while the debt ratio climbed sharply from 194.7% in 2023 to 261.5% in 2024 and 384.4% in 2025.
Operating cash flow (CFO) turned positive only once, at KRW 5.72bn in 2023, while it was negative KRW 12.22bn in 2022, KRW 3.60bn in 2024, and KRW 11.98bn in 2025, pointing to persistent cash burn.
On a quarterly basis, the operating loss widened from KRW 1.77bn in 2025Q2 to KRW 1.13bn in Q3 and KRW 2.22bn in Q4, before gradually narrowing to KRW 1.11bn in 2026Q1 and KRW 0.24bn in 2026Q2.
Notably, 2026Q2 revenue of KRW 33.57bn was the highest of the five quarters shown, and owner net income turned positive at KRW 0.33bn for the first time in the observed window.
However, since the operating result itself remained in loss, non-operating items may have contributed to the net income swing, and whether this improving trend continues in coming quarters warrants monitoring.
Korea's PCB industry is an oligopoly in which large players such as Samsung Electro-Mechanics, Daeduck Electronics, and Simmtech together account for 60-70% of total revenue; per Ministry of Trade, Industry and Energy data cited in a 2022 report, the domestic PCB market was sized at KRW 10.8 trillion in the prior year (2021), up 3.4% year over year.
ANP is a small player with only a 1-2% share of that market, and its reliance on general-purpose automotive electronic PCBs leaves it exposed to cost-reduction pressure from automakers.
That said, the industry generally expects demand for high-spec, high-layer-count PCBs to keep growing at a relatively fast pace as vehicle electrification and electronic content expand.
Emerging application areas such as wireless power transfer and robot actuators are also opening room for niche positioning distinct from the large incumbents.
However, long-term supply contract structures with automakers make independent market entry difficult for new suppliers, and component makers face cost-reduction pressure from the design stage onward, requiring both scale and technology development capability.
Overall, ANP appears to be in a transitional phase, attempting to move from commodity-product competition toward higher value-added niche products.
In February the company formalized its shift toward high-spec, higher value-added PCBs and said it would use proceeds from a third-party capital increase plus internal reserves to quickly build related production equipment.
Around the same time it outlined plans to strengthen competitiveness in robot-actuator PCBs, though the specific mass-production timeline or expected revenue contribution has not been disclosed.
In March, the company announced a tripartite agreement with Miraiya and Ontec to supply wireless power transfer (WPT) PCBs tied to Japan's Ather Energy, intended for products requiring long-range, high-efficiency power delivery and high-speed data communication.
However, the specific order volume or revenue-recognition timing for this contract has not been confirmed, so its actual earnings contribution should be tracked through future disclosures.
Separately, media reports indicate the company carried out a disposal of land, buildings and other fixed assets worth roughly KRW 10.5bn, raising the possibility that non-operating items partly affected recent quarterly results.
The most important variable going forward is the additional 'penny stock' administrative-issue reason added in August 2026, which now sits alongside the pre-existing market-cap shortfall reason; failing to meet the threshold for at least 45 of 90 trading sessions could trigger delisting procedures, making the stock price/market-cap trajectory and the company's response (share consolidation, buybacks, etc.) the key items to watch.
The current share price trades at a low multiple relative to net asset value per share, meaning the market value sits below the company's accounting net assets.
However, because net losses have continued over the most recent four quarters, a conventional price-to-earnings comparison is difficult to construct, and the absence of dividend payments also limits dividend-based comparisons.
Given that operating losses and owner net losses have recurred over the past several years while equity has shrunk annually, valuation metrics need to be read alongside this earnings trajectory.
The narrowing of the operating loss and the partial swing to net income in the most recent quarter are notable in terms of direction, but it remains unconfirmed whether this translates into a sustained earnings recovery.
With a dual administrative-issue designation creating listing-maintenance risk at the same time, this is a period where a simple price-to-net-asset comparison alone is insufficient for judgment.
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 company has stated it is shifting its business mix from low-spec, general-purpose PCBs toward high-spec, higher value-added products and robot-actuator PCBs. Funding for the related equipment investment is planned via a third-party capital increase plus internal reserves. If this transition proceeds successfully, it could create room for improvement in operating margin.
ANP signed a tripartite agreement with Miraiya and Ontec to supply WPT PCBs used in Japan's Ather Energy applications. This could serve as an opportunity to reduce reliance on commodity automotive PCBs and diversify the revenue base toward emerging applications. However, the contract size and revenue-recognition timing have not yet been disclosed.
The operating loss narrowed progressively from KRW 2.22bn in 2025Q4 to KRW 1.11bn in 2026Q1 and KRW 0.24bn in 2026Q2. In 2026Q2, revenue also hit the highest level of the past five quarters and owner net income turned slightly positive. Whether this improving trend persists needs to be confirmed with the next quarter's results.
Operating losses and owner net losses recurred from 2022 through 2025, and owner's equity fell each year from KRW 32.22bn in 2023 to KRW 20.51bn in 2025. Over the same period, the debt ratio surged from 194.7% to 384.4%, rapidly increasing financial leverage. Operating cash flow has also been mostly negative, indicating weak cash-generating capacity.
After concerns first emerged over a market-cap shortfall, on August 13, 2026 a second administrative-issue reason was added because the stock price had stayed below KRW 1,000 for the prior 30 trading sessions.
Under the revised listing rules, failing to exceed the threshold for at least 45 of 90 trading sessions can lead to final delisting. The current KOSPI market-cap threshold is KRW 30 billion, and it is expected to rise to KRW 50 billion next year, raising the bar further.
The company has repeatedly conducted third-party capital increases citing equipment investment and business normalization, and controlling shareholder YSP, which rose to top-shareholder status via a 2022 capital increase, disposed of part of its stake through an off-market sale in December 2025.
Given the governance pattern of recurring transactions between the founding family and related-party entities, dilution risk from new share issuance and governance risk persist.
The stock carries an administrative-issue status combining both a market-cap shortfall and a penny-stock reason (price below KRW 1,000 for 30 sessions); failing to meet the threshold for at least 45 of 90 trading sessions can trigger delisting procedures.
Market-wide, administrative-issue designations have surged since August 2026, making the regulatory environment unfavorable.
With equity shrinking each year and the debt ratio rising to 384.4%, operating cash flow has also been mostly negative, leaving the company highly dependent on external financing. Repeated additional capital increases or asset sales could increase dilution for existing shareholders.
Heavy reliance on general-purpose PCBs for automakers leaves the company exposed to cost-reduction pressure, and its 1-2% share of the domestic PCB market puts it at a scale disadvantage versus the top three players.
New businesses such as robotics and wireless power transfer are still at an early stage, with uncertain revenue contribution size and timing.
Around the 2026 Q3 report filing date, check whether the narrowing operating loss and net-income swing seen in Q2 continue.
Around the point when 90 trading sessions have elapsed since the August 2026 administrative-issue designation, whether the 45-session threshold is met will determine if delisting procedures are triggered.
Check on the progress of the high-spec PCB production equipment build announced in February and any concrete progress in the robot-actuator PCB business.
Watch for follow-on disclosures specifying the order volume and revenue-recognition status of the WPT PCB supply agreement tied to Japan's Ather Energy.
Continue monitoring stake changes by controlling shareholder YSP and related parties to track shifts in governance and dilution risk.
ANP is attempting to pivot from a business structure concentrated in general-purpose automotive PCBs toward higher value-added new businesses such as high-spec PCBs, robot actuators, and wireless power transfer, and 2026Q2 showed some improving signals, including a narrower operating loss and a partial swing to net income.
However, the accumulated operating losses and equity decline since 2022, a debt ratio that has climbed to 384.4%, and mostly negative operating cash flow all point to a fragile financial structure.
In particular, the dual administrative-issue designation—market-cap shortfall followed by a penny-stock reason added in August 2026—creates a structural risk that could lead to delisting procedures within a 90-trading-session window, making the stock price and market-cap trajectory a critical variable independent of business fundamentals.
The new businesses (WPT PCB, robot actuators) remain uncertain in contract size and revenue-contribution timing, limiting judgment beyond directional observations.
On balance, positive factors—the business pivot and short-term earnings improvement signs—coexist closely with negative factors—chronic losses, financial deterioration, and listing-maintenance risk—making next quarter's results and the resolution of the administrative-issue status the key items to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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