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
The Lamy, which runs ferrous scrap trading, cosmetics and resort operations side by side, turned profitable in 2024 but has posted operating losses for five consecutive quarters since 2025.
Originally a ferrous scrap distributor, the company added a resort business in 2021 and a cosmetics business via the 2023 merger with Lamy Cosmetics
2025 revenue came to KRW 50.9 billion with an operating loss of KRW 1.7 billion and a net loss of KRW 4.6 billion, reversing the prior year's net profit of KRW 2.5 billion
The company posted operating losses in all five quarters from Q2 2025 through Q2 2026, with the net loss widening to roughly KRW 4.3 billion in Q4 2025
A 5-for-1 share consolidation took effect in August 2026, while controlling shareholder BioSmart and its affiliates raised their combined stake to roughly 54% through on-market purchases
The stock was designated an investment-caution issue twice, in May and July 2026, due to trading concentration in a small number of accounts, underscoring short-term price volatility
Founded in 1985, The Lamy is a KOSDAQ-listed company whose original business was domestic distribution and import/export of ferrous scrap. The company later diversified: in 2021 it acquired an income-generating property in Gapyeong, Gyeonggi Province, and began operating the Over The Mountain resort.
In 2023, it absorbed Lamy Cosmetics, founded in 1976, adding a cosmetics business spanning basic skincare, hair and body-care products.
Its cosmetics brands include Catalina Geo, Sortie and Rapine, sold through a mix of domestic brand shops, online malls and home-shopping channels, while the company also pursues overseas OEM/ODM opportunities.
The company went through a court-led corporate rehabilitation process that began in July 2022 and was terminated early in November the same year. Its controlling shareholder is BioSmart, a smart-card manufacturer, which together with affiliates such as Bona Networks has been expanding its stake.
A defining feature of the business is the coexistence of unrelated segments—ferrous scrap trading, cosmetics and resort operations—which can make it difficult for investors to identify a single core profit driver.
At the March 2026 annual general meeting, former CEO Cho Yoon-sung stepped down from his roles as representative director and in-house director, marking a change in management.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩12.4B | -₩400M | −3.0% |
| 2025Q3 | ₩11.8B | -₩500M | −4.2% |
| 2025Q4 | ₩13.3B | -₩81,365,491 | −0.6% |
| 2026Q1 | ₩10.1B | -₩700M | −6.6% |
| 2026Q2 | ₩12.8B | -₩800M | −6.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩62.6B | -₩3.2B | -₩5.6B | −5.1% | −22.1% | 11.9% |
| 2023 | ₩51B | -₩3.5B | -₩3.3B | −6.9% | −6.4% | 27.0% |
| 2024 | ₩69.8B | ₩1.6B | ₩2.5B | 2.3% | 4.4% | 9.2% |
| 2025 | ₩50.9B | -₩1.7B | -₩4.6B | −3.4% | −8.9% | 6.2% |
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, the company posted revenue of KRW 62.6 billion and a net loss of KRW 5.6 billion in 2022, and losses continued in 2023—the year of the Lamy Cosmetics merger—with revenue of KRW 51.0 billion, an operating loss of KRW 3.5 billion and a net loss of KRW 3.3 billion.
In 2024, revenue rose to KRW 69.8 billion and the company swung to an operating profit of KRW 1.6 billion and a net profit of KRW 2.5 billion, only to reverse again in 2025 as revenue fell roughly 27% to KRW 50.9 billion alongside an operating loss of KRW 1.7 billion and a net loss of KRW 4.6 billion.
Operating cash flow also turned negative at KRW -2.1 billion in 2025, tracking the net loss.
On a quarterly basis, the operating loss widened slightly from KRW -0.37 billion in Q2 2025 (revenue KRW 12.4 billion) to KRW -0.49 billion in Q3 2025 (revenue KRW 11.8 billion), and in Q4 2025 the net loss jumped to roughly KRW -4.3 billion even as revenue rose to KRW 13.3 billion—far exceeding the operating loss of KRW -0.08 billion for that quarter, suggesting a non-operating, possibly one-off item whose specific cause requires further disclosure confirmation.
Losses persisted into 2026, with an operating loss of KRW -0.67 billion and net loss of KRW -0.75 billion on revenue of KRW 10.1 billion in Q1, followed by an operating loss of KRW -0.81 billion and net loss of KRW -0.79 billion on revenue of KRW 12.8 billion in Q2, extending the streak to five straight quarters of operating losses.
At year-end 2025, owners' equity stood at KRW 52.4 billion against total liabilities of KRW 3.2 billion, putting the debt ratio at a low 6.2%.
Still, consecutive net losses shrank owners' equity from KRW 56.6 billion in 2024 to KRW 52.4 billion in 2025, signaling that the company's accumulated profit base remains fragile.
The global cosmetics market is forecast to grow at roughly 6% annually through 2027, led by North America, with emerging markets in the Middle East, Africa and India gaining prominence while the Korea- and Japan-centered Asia-Pacific region is expected to retain its status as a major market.
Domestically, post-pandemic outdoor activity and sustained K-beauty popularity are offset by shifting skincare trends in North America and Europe and diminished influence from the Chinese market, which limits profitability expansion.
The Lamy produces basic skincare, hair/scalp-care and body-care products on an OEM/ODM basis, pursuing diversified distribution—domestic brand shops, online channels and home shopping—alongside efforts to expand overseas sales.
Its ferrous scrap distribution business follows the typical pattern of a commodity-trading operation, with revenue and profitability tied to domestic construction and manufacturing activity, steelmaker utilization rates, and import/export volume swings.
The resort business, run out of a single facility in Gapyeong, appears to account for a relatively small share of total revenue.
Competitively, the company points to turn-key OEM/ODM services and long-standing brand recognition as differentiators in cosmetics, but it remains comparatively small in scale next to larger dedicated OEM/ODM manufacturers and established brand companies.
The company has indicated a direction of expanding cosmetics revenue opportunities through R&D and overseas exhibition support tied to Korean Wave-related government programs, along with the launch of eco-friendly and functional-ingredient products.
The next scheduled regulatory filing, the Q3 2026 quarterly report, is due within 45 days of quarter-end under capital markets law, placing it around November 2026 and offering the next checkpoint for whether the five-quarter streak of operating losses continues.
On the governance front, controlling shareholder BioSmart expanded its stake through on-market purchases via affiliate Bona Networks during July-August 2026, and whether this accumulation trend continues remains worth watching.
The 5-for-1 share consolidation implemented in August 2026 reduced total shares outstanding from roughly 40.4 million to about 8.1 million without changing paid-in capital, a move the company stated was aimed at maintaining an appropriate float and stabilizing the share price.
The two investment-caution designations triggered by concentrated trading in a small number of accounts in May and July 2026 remain a volatility factor that could recur.
Amid the prolonged operating losses, no specific earnings-improvement targets or numerical guidance from the company have been identified in publicly available materials to date.
The Lamy's operating and net results have alternated between losses and profits over recent years, making earnings-based valuation metrics difficult to apply consistently.
The current share price trades at a discount to book net asset value, a relationship that should be read alongside the ongoing decline in owners' equity driven by consecutive net losses.
On dividends, there has been no recorded cash dividend payment based on recent disclosures, which limits the basis for assessing dividend appeal.
In addition, following the August 2026 5-for-1 share consolidation and the associated change in par value and share count, simple comparisons to historical share price levels are not meaningful.
Investors may find it more useful to track the persistence of operating losses and the trajectory of owners' equity alongside any price-based metrics.
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
Controlling shareholder BioSmart continued on-market purchases through affiliate Bona Networks from July through August 2026, raising its combined stake with special-related parties to roughly 54%. Continued accumulation could be read as a signal of governance stability.
However, this is a control-stabilization purchase and is not directly linked to minority shareholder liquidity or share price trends.
The company achieved full-year profitability in 2024, with revenue of KRW 69.8 billion, operating profit of KRW 1.6 billion and net profit of KRW 2.5 billion. This demonstrates that a return to profit is structurally possible when revenue recovers and costs are managed.
However, the fact that this profit reversed immediately in 2025 also raises questions about earnings sustainability.
The company operates OEM/ODM-based basic skincare and hair/body-care product lines and is exploring overseas sales expansion. With the global cosmetics market projected to grow around 6% annually through 2027, channel diversification and entry into emerging markets could present revenue opportunities. That said, this has not yet translated into confirmed order or revenue outcomes.
The Lamy recorded an operating loss in every quarter from Q2 2025 through Q2 2026. In particular, the operating loss widened to KRW 0.67 billion in Q1 2026 and KRW 0.81 billion in Q2 2026 compared with the preceding quarter. No concrete external signal yet indicates when profitability might recover.
2025 revenue fell to KRW 50.9 billion, down roughly 27% from KRW 69.8 billion the prior year. The revenue decline may have relatively increased the fixed-cost burden, contributing to the continued operating losses.
Q1 2026 revenue also dropped to KRW 10.1 billion before partially recovering in Q2, reflecting quarter-to-quarter volatility as well.
The Lamy was designated an investment-caution issue twice in 2026—on May 29 and July 3—due to trading concentration in a small number of accounts, with share prices moving -21.65% and +25.68% over three-day windows, respectively.
It also experienced a trading halt tied to the August 2026 share consolidation and an earlier halt from its corporate rehabilitation process, underscoring liquidity and volatility risks typical of a small-cap stock.
The Lamy simultaneously operates ferrous scrap distribution, cosmetics and resort businesses with very different characteristics, making it difficult for investors to pinpoint a single core profit driver. Each segment can move through different industry cycles, adding complexity to earnings interpretation. It is worth continuously checking for any disclosed business restructuring or strategic-focus initiatives.
Management changed at the March 2026 annual general meeting when former CEO Cho Yoon-sung resigned. Given the company's governance structure, which is heavily dependent on the BioSmart group as controlling shareholder, changes in the parent group's strategy could also affect The Lamy. The strategic direction and execution capability of the new management team warrant continued monitoring.
Given its small market capitalization, concentrated trading in just a handful of accounts can move the share price sharply over a short period, and the stock was designated an investment-caution issue twice in 2026 alone.
A history of trading halts—from the earlier corporate rehabilitation process to the 2026 share consolidation—has also recurred, which can constrain investors' trading timing. Changes in supply-demand indicators such as short-selling activity and securities lending balances also warrant attention.
The statutory deadline (45 days after quarter-end) for the Q3 2026 quarterly report arrives, offering a chance to check whether the five-quarter streak of operating losses continues.
Watch for any further on-market purchases or stake-change disclosures by controlling shareholder BioSmart and its affiliates.
The FY2026 annual business report (consolidated) disclosure will show whether the company returned to full-year profitability and how owners' equity has trended.
Monitor for any additional disclosures regarding investment-caution or warning designations tied to concentrated trading, or concerns about administrative-issue designation.
The Lamy is a diversified company built on ferrous scrap distribution with added cosmetics and resort operations; it achieved full-year profitability in 2024 but has seen profitability recovery stall amid five consecutive quarters of operating losses since 2025. 2025 revenue fell roughly 27% year-over-year to KRW 50.9 billion, and the net loss widened to KRW 4.6 billion, with the sharp jump in the Q4 2025 net loss to around KRW 4.3 billion warranting further clarification of its cause.
Financial leverage remains low, with a debt ratio of 6.2% at year-end 2025, though consecutive net losses reduced owners' equity from KRW 56.6 billion in 2024 to KRW 52.4 billion in 2025.
On governance, controlling shareholder BioSmart and affiliates expanded their combined stake to roughly 54%, and a 5-for-1 share consolidation took effect in August 2026, adjusting both total shares outstanding and the per-share price basis.
Two investment-caution designations in 2026 alone highlight significant short-term volatility in this stock.
The next quarterly report (statutory deadline around November 2026) and any further stake-change disclosures from the BioSmart side are likely to serve as important reference points for assessing the company's trajectory going forward.
Report written 2026-10-02 · Data as of 2026-10-01
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