PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩500 per share · Prices as of the 2026-10-02 close
Hansae Yes24 Holdings swung back to profit for two consecutive quarters in early 2026 after a sharp 2025 profitability decline, though it remains in a net loss on a trailing four-quarter basis.
Revenue grew 20.4% in 2025, but the operating margin plunged to 1.9%, pushing owner net income into a KRW 33.1 billion loss.
The company posted two consecutive quarters of owner net profit in Q1 and Q2 2026, signaling a recovery.
Hansae is developing apparel for humanoid robots as it seeks a new growth driver.
A delayed correction disclosure on a subsidiary's debt guarantee led to a designation warning as an unfaithful disclosure entity.
A pending US Supreme Court ruling on the legal basis for IEEPA tariffs keeps trade-policy uncertainty alive.
Hansae Yes24 Holdings is a pure holding company built around two main pillars, fashion and cultural content.
The Hansae Yes24 Group expands its business through the fashion and cultural industries centered on the holding company, with the fashion segment comprising global ODM firm Hansae and fashion brand Hansae MK, and the cultural content segment comprising YES24 and Dong-A Publishing.
The core fashion affiliate, Hansae, is an ODM manufacturer that produces apparel for major US retailers and brand companies, and it strengthened its high-performance synthetic fabric capability through its 2024 acquisition of US textile firm Texollini.
Texollini handles synthetic fabric production, dyeing and R&D, with clients including Patagonia, New Balance, Champion and Alo Yoga.
In terms of production bases, the group operates facilities in Guatemala and Nicaragua in addition to Vietnam and Indonesia, and is viewed as having a relatively favorable production footprint for managing tariff exposure compared with peers.
In the cultural content segment, YES24, a leading domestic online bookstore and content platform, is enhancing its competitiveness in the digital content market by expanding its e-reader lineup and strengthening subscription services.
Dong-A Publishing is a 79-year-old education publisher, while Hansae Mobility, an auto-parts affiliate, is a relatively small business within the group. More recently, Hansae has begun developing apparel for humanoid robots in an effort to secure a future growth driver.
Overall, the group combines a stable cash-generating apparel ODM business with smaller content, education-publishing and auto-parts operations under a diversified holding structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩803.8B | ₩500M | 0.1% |
| 2025Q3 | ₩879.6B | ₩23.9B | 2.7% |
| 2025Q4 | ₩873.3B | ₩20.3B | 2.3% |
| 2026Q1 | ₩861.3B | ₩21.2B | 2.5% |
| 2026Q2 | ₩910.6B | ₩40.4B | 4.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩3.3T | ₩192.9B | ₩21.3B | 5.8% | 5.2% | 145.0% |
| 2023 | ₩2.8T | ₩189.7B | ₩56.4B | 6.8% | 11.2% | 123.4% |
| 2024 | ₩2.8T | ₩152.3B | ₩4.6B | 5.4% | 0.9% | 184.1% |
| 2025 | ₩3.4T | ₩65.5B | -₩33.1B | 1.9% | −7.2% | 222.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
Consolidated revenue declined from KRW 3.322 trillion in 2022 to KRW 2.781 trillion in 2023 and KRW 2.831 trillion in 2024, before rebounding to KRW 3.410 trillion in 2025, up 20.4% year over year.
Operating profit, however, fell every year, from KRW 192.9 billion in 2022 and KRW 189.7 billion in 2023 to KRW 152.3 billion in 2024 and KRW 65.5 billion in 2025, with the operating margin sliding from 6.8% in 2023 to 5.4% in 2024 and 1.9% in 2025.
Net income attributable to owners dropped from a KRW 56.4 billion profit in 2023 to KRW 4.6 billion in 2024, then swung to a KRW 33.1 billion net loss in 2025.
On a quarterly basis, owner net losses were recorded in Q2 2025 (-KRW 13.9 billion), Q3 2025 (-KRW 4.0 billion) and Q4 2025 (-KRW 10.2 billion), before turning positive for two straight quarters in Q1 2026 (+KRW 6.2 billion) and Q2 2026 (+KRW 5.5 billion).
Operating profit also bottomed at KRW 0.5 billion in Q2 2025 before recovering to KRW 23.9 billion in Q3, KRW 20.3 billion in Q4, KRW 21.2 billion in Q1 2026 and KRW 40.4 billion in Q2 2026, while quarterly revenue rose from KRW 803.8 billion in Q2 2025 to KRW 910.6 billion in Q2 2026.
Still, cumulative owner net income over the latest four quarters (Q3 2025 through Q2 2026) stood at -KRW 2.5 billion, indicating that the profit recovery in the first half of 2026 has not yet fully offset the earlier quarterly losses.
On a nine-month cumulative basis for 2025, revenue rose 19.7% year over year while operating profit fell 62.0%, with the earnings slowdown attributed to the burden of Hansae's new plant ramp-up and softer global demand, along with tariff uncertainty and high interest rates weighing on Hansae Mobility.
The global apparel OEM/ODM industry is heavily influenced by the pace of US retail demand recovery and shifts in tariff policy. A US Supreme Court ruling on the legal basis for IEEPA tariffs has still not been issued even after oral arguments in November 2025, leaving tariff policy uncertainty unresolved.
In this trade environment, companies concentrating production in a single country face relatively greater tariff exposure, while those with diversified production bases across multiple countries are relatively better positioned.
The cultural content and education-publishing segments operate in mature markets influenced by domestic consumer sentiment and school-age population trends, with limited growth rates. Meanwhile, growth in the humanoid robotics industry has recently emerged as a new topic for the apparel sector.
Market researcher Counterpoint Research forecast that global humanoid market revenue would grow from USD 500 million in 2025 to USD 4.4 billion by 2027, while Goldman Sachs projected the market would reach USD 38 billion by 2035 with cumulative shipments exceeding 1.4 million units.
Humanoid apparel, however, remains at an early stage without established specifications or standards, so the timing of any actual revenue contribution is uncertain. On the competitive front, the company continues to compete for global orders against Taiwan-based ODM manufacturers.
Regarding disclosed future plans, Hansae intends to run humanoid apparel not as a one-off exhibition but as an ongoing research and development platform that advances each year.
Hansae stated that the exhibition is only a starting point and that it plans to unveil more advanced humanoid apparel and research results every year going forward.
On expanding partnerships, the company said it is exploring technical collaboration with US humanoid manufacturers and materials startups, and has already begun discussions with some of them. The company itself, however, indicated that it is still difficult to forecast concrete revenue size or commercialization timing.
On the production side, the group continues to pursue vertical integration in Central America, including Guatemala, aiming to internalize the value chain from fabric to finished goods. In the content segment, YES24 is expanding its e-reader and subscription-service lineup in response to digital transformation.
With owner net income turning positive for two consecutive quarters in 2026, whether this recovery trend continues into the second half is a key point to watch.
Since the final direction of US tariff policy has not yet been settled, the company's earnings trajectory and any capacity expansion plans could also be adjusted depending on this variable.
The stock trades at a significant discount to book value on a self-calculated basis, with the price-to-book ratio sitting well below 1x.
As is common for pure holding companies, the share price tends to trade at a discount to the sum of its subsidiaries' equity values, and this company appears to fit that holdco-discount pattern.
On the earnings side, owner net income remains in negative territory over the latest four quarters, making it difficult to compare the price-to-book level against earnings metrics alone.
Since quarterly operating profit and net income have shown a recovery trend starting in 2026, whether this trend continues will likely be a key variable in future valuation discussions. On the dividend side, a notable feature is that the company has continued a shareholder-return policy through year-end cash dividends.
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 2026-08-24
Owner net income turned positive for two consecutive quarters in Q1 and Q2 2026, while operating profit improved every quarter after bottoming in Q2 2025, recovering to KRW 40.4 billion by Q2 2026. Quarterly revenue has also been rising alongside this, showing simultaneous improvement in scale and profitability. If this trend continues, it could be read as a sign of moving past the 2025 earnings slowdown.
Hansae operates production facilities in Guatemala and Nicaragua in addition to Vietnam and Indonesia, which is viewed as a structure that relatively spreads tariff risk compared with competitors.
This contrasts with Taiwan-based rivals that concentrate production in specific countries such as Vietnam, Indonesia and Cambodia. Such production diversification is cited as a factor that could ease cost pressure from changes in tariff policy.
In June 2026, Hansae unveiled the country's first apparel designed for humanoid robots at its 'Wear the Future' event, seeking a new growth driver.
It is engaging with US humanoid manufacturers and materials startups through its New York design office, and is developing high-performance materials through its 2024 acquisition, US textile firm Texollini.
If the humanoid market grows as projected, this could become a new long-term revenue source for the apparel ODM business.
The 2025 consolidated operating margin fell sharply to 1.9% from 6.8% in 2023 and 5.4% in 2024, and owner net income turned into a KRW 33.1 billion loss. Despite revenue growth, profitability failed to keep pace, suggesting significant cost and expense pressure. Owner net income also remains negative on a trailing four-quarter basis.
Hansae Yes24 Holdings received a designation warning as an unfaithful disclosure entity in January 2026 for delaying disclosure of a correction related to a subsidiary's debt guarantee decision.
This exposed weaknesses in its disclosure management system, and any recurrence of similar disclosure issues could weigh on market confidence. Given the holding company's structure with multiple affiliates, the importance of managing affiliate-related disclosures is heightened.
Hansae's OEM/ODM revenue was affected by the burden of its new US-adjacent plant ramp-up and slowing global demand, while YES24's growth was constrained by weak domestic consumer sentiment. A delayed US Supreme Court ruling on the legal basis for IEEPA tariffs keeps tariff policy uncertainty alive.
If this external trade environment and sluggish domestic consumption persist together, the pace of the group's overall earnings recovery could slow.
A US Supreme Court ruling contesting the legal basis for IEEPA tariffs has still not been issued even after oral arguments in November 2025, keeping tariff-policy uncertainty alive.
Depending on the ruling and any subsequent policy changes, tariff rates and trade-cost structures could shift, directly affecting the cost structure of Hansae, which has significant US export exposure.
Hansae Yes24 Holdings received a designation warning as an unfaithful disclosure entity in January 2026 due to a delayed correction disclosure related to a subsidiary's debt guarantee.
Given the holding company's structure with numerous affiliates, any recurrence of affiliate-related disclosure or internal-control issues could weigh on investor confidence and market reputation.
In the apparel ODM business, raw material purchases and export proceeds are largely denominated in US dollars, so fluctuations in the won-dollar exchange rate can move both revenue and costs together. Rising raw material prices and labor costs can also directly pressure the operating margin.
Preliminary Q3 2026 earnings are due to be disclosed, warranting a check on whether the operating profit and net income recovery seen in Q1-Q2 2026 continued into Q3.
The US Supreme Court's IEEPA tariff ruling remains pending; the outcome could alter tariff cost structures and refund eligibility, so ongoing monitoring is warranted.
It is worth checking whether Hansae announces concrete collaboration outcomes with the humanoid manufacturers and materials startups it has flagged.
A board resolution disclosure on the next year-end dividend is expected around this time, allowing a check on whether the shareholder-return policy continues.
Hansae Yes24 Holdings is a pure holding company centered on apparel ODM affiliate Hansae, alongside cultural content, education publishing and auto-parts businesses.
In 2025, despite revenue growth, profitability deteriorated markedly as the operating margin fell to 1.9% and owner net income turned negative, though Q1 and Q2 2026 brought two consecutive quarters of profit, signaling a recovery.
Still, on a trailing four-quarter basis the company has not yet fully emerged from net loss territory. Production-base diversification and the new humanoid apparel venture are drawing attention as a medium-to-long-term growth story, but remain at an early stage with unconfirmed revenue timing or scale.
On the other hand, the designation warning as an unfaithful disclosure entity stemming from a delayed subsidiary disclosure, along with legal uncertainty over US tariff policy, are variables that warrant continued monitoring.
Before forming any view, it appears necessary to track the earnings trajectory from Q3 2026 onward, changes in the trade environment, and any disclosed progress on the new business collaborations.
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.