PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
JSTINA turned its full-year operating profit positive in 2025, but the sharp jump in attributable net income in the second quarter of 2026 stemmed largely from factors outside core operations, creating a gap between the pace of underlying business improvement and bottom-line growth.
Consolidated operating profit turned positive at KRW 706 million in 2025, reversing a KRW 2.60 billion loss in 2024.
Annual revenue declined for four straight years, from KRW 77.88 billion in 2022 to KRW 72.24 billion in 2025.
Second-quarter 2026 operating profit remained negative at -KRW 325 million, yet attributable net income surged to KRW 6.91 billion, suggesting a large non-operating contribution.
The debt ratio eased from 27.2% in 2022 to 21.8% in 2025, indicating lower financial leverage.
In March 2026 the company disclosed a value-up plan targeting stable dividends and an expanded operating margin.
JSTINA started in 1988 as watch manufacturer Romanson and expanded into jewelry, handbags, watches and cosmetics after rebranding in 2016.
As of March 2026, jewelry items such as necklaces, earrings and rings accounted for roughly 79% of the product mix, handbags including totes, cross-bags and shoulder bags about 14%, leather and metal watches around 5%, and paid after-sales service about 1%. The jewelry line is positioned as mid-priced "bridge jewelry,
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩17.2B | -₩100M | −0.8% |
| 2025Q3 | ₩18.5B | ₩12,446,498 | 0.1% |
| 2025Q4 | ₩19.1B | ₩200M | 1.0% |
| 2026Q1 | ₩18.7B | -₩600M | −3.0% |
| 2026Q2 | ₩19.7B | -₩300M | −1.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩77.9B | ₩2.6B | ₩1.3B | 3.3% | 2.8% | 27.2% |
| 2023 | ₩75.4B | -₩600M | ₩800M | −0.8% | 1.8% | 26.3% |
| 2024 | ₩74.4B | -₩2.6B | -₩1.5B | −3.5% | −3.7% | 25.6% |
| 2025 | ₩72.2B | ₩700M | ₩1.8B | 1.0% | 4.0% | 21.8% |
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 four consecutive years, from KRW 77.88 billion in 2022 to KRW 75.36 billion in 2023, KRW 74.43 billion in 2024, and KRW 72.24 billion in 2025.
Operating profit swung from a KRW 2.58 billion gain in 2022 to losses of KRW 583 million in 2023 and KRW 2.60 billion in 2024 before turning positive again at KRW 706 million in 2025. Attributable net income likewise flipped from a loss of KRW 1.50 billion in 2024 to a gain of KRW 1.83 billion in 2025.
Operating cash flow, however, moved in the opposite direction: positive at KRW 3.56 billion in 2022, KRW 1.55 billion in 2023 and KRW 1.02 billion in 2024, it turned negative at -KRW 1.48 billion in 2025, diverging from the net income turnaround.
On a quarterly basis, revenue of KRW 17.18 billion with an operating loss of -KRW 144 million and net income of KRW 19 million in the second quarter of 2025 improved gradually to KRW 18.48 billion in revenue with a KRW 12 million operating profit and KRW 238 million net income in the third quarter, then KRW 19.06 billion in revenue, KRW 192 million operating profit and KRW 898 million net income in the fourth quarter.
The first quarter of 2026 slipped back into losses, with revenue of KRW 18.69 billion, an operating loss of -KRW 556 million and a net loss of -KRW 429 million, and the second quarter of 2026 saw revenue of KRW 19.72 billion with the operating loss persisting at -KRW 325 million even as attributable net income jumped to KRW 6.91 billion.
This sizable gap between operating results and net income points to a substantial non-operating contribution, and over the trailing four quarters (Q3 2025 through Q2 2026) cumulative attributable net income reached roughly KRW 7.6 billion while the cumulative operating result over the same period remained in loss territory, underscoring a clear divergence between the pace of core-business improvement and bottom-line growth.
The domestic jewelry and fashion accessories market is sensitive to the pace of consumer spending recovery, with traditional channels such as duty-free and department stores exhibiting considerable revenue volatility.
The "bridge jewelry" segment in which JSTINA operates sits between global high-end luxury brands and mass-market accessory brands, a space marked by intense price and brand positioning competition among numerous small and mid-sized domestic and overseas jewelry makers.
Fluctuations in precious metal input costs, particularly gold, feed directly into cost of goods sold, meaning periods of rising precious metal prices can simultaneously create cost pressure and inventory valuation effects.
Growth in online channels is an industry-wide trend, intensifying competition between direct-to-consumer sites and third-party platforms.
The duty-free channel, heavily reliant on foreign tourist spending including Chinese visitors, remains a variable whose contribution can swing sharply with exchange rates and tourism demand.
Overall, the sector is populated mostly by smaller players with limited scale, making brand strength and cost competitiveness key determinants of survival.
On March 27, 2026, JSTINA voluntarily disclosed a value-up plan targeting stable profit generation and sound financial health, with specific measures including strengthening cost competitiveness to expand operating margins and building up dividend resources through improved profitability.
The same disclosure confirmed a 2025 payout ratio of 82.91% and a cash dividend amount of KRW 1.51 billion, marking a resumption of dividends after none were paid for 2024.
On the product side, the company recently launched premium jewelry brand MORVE and silver jewelry brand UNIS, while continuing to build digital capability through an online virtual try-on service called J Fitting Room.
Management attributed the 2025 operating profit turnaround mainly to more efficient cost management, yet the return to operating losses in both the first and second quarters of 2026 suggests the durability of that cost efficiency needs further confirmation.
Given that the large net income gain in the second quarter of 2026 appears to stem from a one-off factor, the operating trend once that effect fades will be a key point to watch in coming quarters.
The progress of the criminal proceedings related to the mislabeling of Chinese-made watches is another variable worth continued monitoring, given its implications for brand trust and potential costs such as fines or litigation expenses.
The price-to-book ratio remains below 1x, continuing to trade at a discount to net asset value.
The price-to-earnings ratio has fallen into a lower range, driven mainly by the large increase in trailing four-quarter net income following the one-off gain recorded in the second quarter of 2026 — a change that differs in nature from an improvement in operating profitability and therefore warrants careful interpretation.
Dividends resumed starting with fiscal year 2025, and the company stated in its value-up disclosure that it intends to maintain a stable dividend policy within the bounds of distributable profit.
The stock's historical price-to-earnings band has been wide given a pattern of alternating losses and profits over recent years, and where the current level sits within that band depends on whether the recent operating improvement proves durable.
Overall, there is a notable gap between the valuation implied by net assets and that implied by recent earnings, and a large part of that gap traces back to a one-off factor rather than a sustained change in core profitability.
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
Consolidated operating profit turned positive at KRW 706 million in 2025, reversing a KRW 2.60 billion loss in 2024, which the company attributed mainly to more efficient cost management. Operating profit was also positive in both the third and fourth quarters of 2025.
However, operating losses returned in the first and second quarters of 2026, so the durability of the turnaround requires further confirmation.
The debt ratio steadily declined from 27.2% in 2022 to 21.8% in 2025. Over the same period total equity rose from KRW 40.34 billion in 2024 to KRW 45.41 billion in 2025. A low debt ratio can provide a buffer against changes in external financing conditions.
Dividends resumed for fiscal year 2025, with a payout ratio of 82.91% and a cash dividend of KRW 1.51 billion. In March 2026 the company voluntarily disclosed a value-up plan outlining goals for a stable dividend policy and an expanded operating margin. Such expressed commitment to shareholder returns could be a point of interest for investors in small-cap names.
Consolidated revenue declined for four consecutive years, from KRW 77.88 billion in 2022 to KRW 72.24 billion in 2025. There has been no clear sign of expansion across product categories including the core jewelry business. A shrinking revenue base can constrain the pace at which operating leverage recovers going forward.
Operating cash flow was -KRW 1.48 billion in 2025, moving in the opposite direction from the year's KRW 1.83 billion net income gain. Given that operating cash flow was positive every year from 2022 through 2024, the negative turn in 2025 stands out.
Whether the net income turnaround is translating into actual improved cash generation warrants further confirmation.
Attributable net income surged to KRW 6.91 billion in the second quarter of 2026, while operating profit for the same period remained a loss of -KRW 325 million. The large gap between operating result and net income appears to reflect a substantial non-operating gain.
Once that factor fades in subsequent quarters, net income levels could converge more closely with the operating profit trend.
In 2025, the chief executive and other executives along with the company itself were indicted for violating foreign trade law by allegedly mislabeling Chinese-made watches as domestically produced. Depending on the outcome of the criminal proceedings, the company could face fines and reputational damage. The progress of the trial and the timing of a final ruling should be monitored continuously.
Jewelry products rely heavily on precious metals such as gold as raw materials, so fluctuations in precious metal prices directly affect cost of goods sold. During periods of rising input prices, cost pressure can intensify, and margins may vary depending on how quickly the company can pass costs through to consumers. In periods of high price volatility, inventory management and hedging strategy become more important.
Heavy reliance on traditional distribution channels such as duty-free stores and department stores means results can be affected by weaker domestic consumption or shifts in foreign tourist demand.
Given the high share of Chinese tourists in the duty-free channel, performance is also sensitive to external variables such as diplomatic relations and exchange rates. Expanding the online channel may take time to fully offset this dependence.
The statutory filing deadline for the third-quarter 2026 report, which will show whether operating profit returns to positive territory and whether the one-off gain seen in the second quarter has faded.
Check whether and how the first-instance ruling is handed down in the 2025 indictment case over mislabeling the origin of Chinese-made watches.
Watch for any follow-up disclosure on progress under the March 2026 value-up plan, covering cost competitiveness, operating margin expansion, and dividend policy.
Given that 2025 fiscal-year results were disclosed on February 12, 2026, full-year 2026 results and any year-end dividend decision may be disclosed around a similar time.
JSTINA showed signs of financial structure improvement in 2025, including a turn to full-year operating profit and a declining debt ratio, but revenue fell for a fourth straight year and operating profit slipped back into losses in both the first and second quarters of 2026.
The surge in second-quarter 2026 attributable net income to roughly KRW 6.9 billion appears to have relied heavily on non-operating factors, which lifted trailing four-quarter results but differs in character from an improvement in core profitability.
The negative turn in 2025 operating cash flow is another variable to weigh alongside the net income turnaround when assessing its quality.
On the positive side, the debt ratio remains comparatively low within the industry, and dividends resumed for fiscal year 2025 alongside a value-up plan signaling shareholder-return intent.
On the other hand, the ongoing criminal proceedings over watch origin mislabeling, precious metal cost pressure, and heavy reliance on traditional distribution channels remain risk factors requiring continued monitoring.
Overall, this is a juncture where it is important to track both the durability of the operating turnaround and how results evolve once the one-off profit effect fades.
Report written 2026-10-02 · Data as of 2026-10-01
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