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
Jooyontech posted two consecutive quarters of operating and net profit in early 2026, but was simultaneously designated an administrative issue stock for falling short of the market capitalization listing requirement, putting its listing status to the test.
Operating and net income turned profitable for two straight quarters in Q1-Q2 2026, the first such streak in years
2025 annual revenue rose 18% year over year to KRW 62.6 billion, while the operating loss narrowed sharply from the prior year
Designated an administrative issue stock in August 2026 for falling below the market-cap listing threshold; failure to recover within the set window would trigger delisting procedures
Controlling shareholder Hwapyung Holdings has been pursuing a sale of control, but as of the June 2026 report no confirmed buyer had emerged
The company has publicly announced it is reviewing new business areas and strategic partnerships, though specific targets and timing remain undetermined
Founded in 1988 as one of Korea's first-generation PC makers, Jooyontech listed on the KOSPI market in 2006. Its core business is the manufacture and sale of PC hardware including desktops, notebooks, and monitors, with a lineup spanning enterprise, public-sector, and gaming PCs.
The company manufactures and sells enterprise PCs, public-institution PCs, and high-performance gaming PCs domestically while maintaining diverse distribution channels.
It has recently expanded B2C reach through online channels such as Coupang's rocket delivery service and a Naver brand store, and after desktops were re-designated as a product reserved for competition among small and medium enterprises, the company has pursued expansion of third-party unit-price public procurement contracts while diversifying into products such as keyboards.
In June 2026, it signed a single supply contract worth KRW 2.16 billion (about 3.45% of recent revenue) for PCs (general and developer) and monitors with Nemo I&C, running from June 2026 to May 2027.
Competitively, the global PC market is dominated by large players such as Lenovo, HP, and Dell, leaving smaller domestic makers like Jooyontech at a scale disadvantage. Controlling shareholder Hwapyung Holdings has held management control since 2016.
The business structure means results are sensitive to component (memory) procurement cost swings and to public-sector/B2B order cycles.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩14.2B | -₩600M | −4.2% |
| 2025Q3 | ₩18.8B | -₩400M | −2.2% |
| 2025Q4 | ₩13.7B | -₩300M | −2.1% |
| 2026Q1 | ₩17.1B | ₩400M | 2.4% |
| 2026Q2 | ₩14.8B | ₩99,507,294 | 0.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩66.7B | -₩6.3B | -₩5.6B | −9.4% | −13.5% | 28.2% |
| 2023 | ₩43.5B | -₩4.7B | -₩4.4B | −10.7% | −11.9% | 24.1% |
| 2024 | ₩53.1B | -₩2.9B | -₩2.6B | −5.5% | −7.1% | 15.2% |
| 2025 | ₩62.6B | -₩1.7B | -₩1.7B | −2.7% | −4.6% | 21.7% |
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 in 2025 was KRW 62.63 billion, up 18.0% from KRW 53.07 billion in 2024.
The operating loss narrowed to KRW 1.68 billion in 2025 from KRW 2.90 billion in 2024, KRW 4.66 billion in 2023, and KRW 6.29 billion in 2022, with the operating margin improving each year from -9.4% (2022) to -10.7% (2023) to -5.5% (2024) to -2.7% (2025).
The owner net loss also narrowed to KRW 1.72 billion in 2025 from KRW 2.63 billion in 2024.
On a quarterly basis, losses continued but gradually shrank through Q2 2025 (revenue KRW 14.18 billion, operating loss KRW 0.60 billion), Q3 2025 (revenue KRW 18.82 billion, operating loss KRW 0.42 billion), and Q4 2025 (revenue KRW 13.70 billion, operating loss KRW 0.29 billion), before turning positive in Q1 2026 with revenue of KRW 17.15 billion, operating income of KRW 0.41 billion, and owner net income of KRW 0.62 billion.
Q2 2026 extended the streak with revenue of KRW 14.79 billion, operating income of KRW 0.10 billion, and owner net income of KRW 0.30 billion, marking two consecutive profitable quarters.
Cumulative owner net income over the trailing four quarters (Q3 2025 to Q2 2026) was KRW 167 million — positive, but still small in absolute terms.
On the cash flow side, operating cash flow turned to a net inflow of KRW 1.99 billion in 2025, an improvement from net outflows of KRW 2.61 billion in 2024 and KRW 0.86 billion in 2023, though still below the KRW 3.62 billion inflow seen in 2022.
The debt ratio ticked up to 21.7% in 2025 from 15.2% in 2024, but remains below the 24-28% range seen in 2022-2023.
The global PC market has entered a recovery phase following the post-pandemic slump, but 2026 presents a more challenging environment.
Counterpoint Research projects global PC shipments in 2026 will decline 5% year over year to 262 million units, citing rising memory prices as a key driver, though ongoing Windows 10/11 replacement demand through the first half of 2026 could partly cushion the decline.
Narrowing to Korea, Korea IDC reported that domestic PC shipments fell 1.1% year over year to 4.74 million units, driven largely by reduced digital-education budgets and a broader economic slowdown.
In contrast, the public sector was relatively resilient, growing 15.2% year over year on demand from election-commission procurement and replacement of PCs installed during the pandemic. As AI PC adoption and premiumization advance, rising component costs are likely to weigh disproportionately on smaller manufacturers.
Competitively, global players Lenovo, HP, and Dell command a large share of shipments both globally and domestically, leaving smaller Korean brands reliant on niche channels such as public procurement and designated SME-competition products to maintain their position.
In a May 2026 press release marking its 38th anniversary, the company emphasized that its PC business division has maintained stable operating profit and stated it would pursue new business opportunities and strategic partnerships on that foundation.
Controlling shareholder Hwapyung Holdings has reportedly retained a professional advisor to review its overall investment strategy and the company's long-term growth direction.
CEO Jang Ji-hwan stated that a rights offering aimed merely at maintaining market capitalization is not under consideration at all, and said the company would seek to reward shareholder trust based on its current earnings structure.
Separately, a June 2026 report indicated that a sale of control — through a stake sale by Hwapyung Holdings and related parties or a third-party capital increase — was being pursued, with law firm Yulchon reportedly serving as legal advisor.
However, as of that report no buyer had shown strong acquisition interest, and industry sources noted that listing-status uncertainty and a gap in price expectations between buyer and seller were complicating valuation.
On the order front, the KRW 2.16 billion PC and monitor supply contract signed with Nemo I&C in June 2026 — equivalent to about 3.45% of recent revenue — will be recognized as revenue through May 2027.
Specific targets and timing for the new business initiative have not yet been disclosed, with the company only confirming it will communicate with the market once concrete results materialize.
Jooyontech's shares tend to trade at a discount to net asset value, with the price-to-book ratio sitting below 1x.
By contrast, the price-to-earnings ratio calculated on the trailing four quarters sits well above the upper end of its historical trading range, a reflection of the still-small absolute profit base following the recent turn to profitability rather than any richer earnings power.
This pattern stems from the fact that the shift to profit in the first half of 2026 is at an early stage with a small absolute profit level, making the continuation of earnings recovery a key variable.
On dividends, the company has not paid dividends in recent years, leaving dividend-related metrics below sector averages.
Combined with a market capitalization currently below the listing maintenance threshold, valuation metrics here may be more sensitive to listing-status developments than to the ordinary industry or earnings cycle.
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 Q1 and Q2 2026 saw operating income and net income turn positive, confirming a two-quarter streak that breaks from a chronic loss pattern. Revenue also grew year over year in both quarters, supporting the earnings improvement.
The results reflect cost management and SG&A reduction efforts, and whether this trend continues is the key variable for future performance.
Expanded online channels such as Coupang's rocket delivery and a Naver brand store, along with strengthened public procurement access following the re-designation of desktops as an SME-competition product, contributed to 2025 revenue growth of 18% year over year.
Product diversification into items such as keyboards is also underway. The KRW 2.16 billion PC and monitor supply contract signed in June 2026, equal to about 3.45% of recent revenue, adds to the near-term revenue base.
The company has publicly stated it will pursue new business discovery and strategic partnerships on top of its stable PC business earnings base, and controlling shareholder Hwapyung Holdings is reviewing its investment strategy through a professional advisor.
Should a sale of control materialize, it could bring in new capital and business direction. However, specific targets and timing remain undetermined.
The global PC market is dominated by Lenovo, HP, and Dell, leaving smaller domestic manufacturers at a disadvantage in price competitiveness and cost structure. Industry conditions themselves are challenging in 2026, with global PC shipments projected to fall 5% year over year due to rising memory prices. The domestic market also saw a slight shipment decline, driven partly by reduced education-sector budgets.
The company has recorded operating losses in most of the past decade, and the return to profit in the first half of 2026 is still at an early stage with a limited cumulative profit base.
A reversal back to losses cannot be ruled out given exposure to external factors such as component price swings or order volume declines. Whether the profitable trend persists for additional quarters will be important for assessing the reliability of the turnaround.
As of a June 2026 report, the controlling shareholder's efforts to sell control had not yet secured a confirmed buyer, leaving the outcome of the transaction uncertain. A gap in price expectations between the seller and potential buyers, along with listing-status uncertainty, was cited as complicating the negotiations.
If the sale is delayed or proceeds via a third-party capital increase, existing shareholders could face dilution.
In August 2026 the company was designated an administrative issue stock for falling below the market capitalization requirement, an actual application of the rule that a listed company on the KOSPI market is designated as such if its market cap stays below KRW 30 billion for 30 consecutive trading days.
If the standard is not met for at least 45 consecutive trading days within the following 90 trading days after designation, the process could lead to final delisting.
A further increase in the KOSPI market cap threshold to KRW 50 billion has been postponed six months from its original schedule to July 2027, but meeting even the currently applicable KRW 30 billion threshold is already proving difficult.
Controlling shareholder Hwapyung Holdings is pursuing a sale of control through a stake sale or third-party capital increase, but as of a June 2026 report no confirmed buyer had been identified. Prolonged negotiations or unfavorable terms could sustain governance uncertainty. If a third-party capital increase is adopted, existing shareholders could face dilution.
Rising memory (DRAM/NAND) prices have been cited as a key driver behind the projected decline in global PC shipments in 2026, and the resulting cost pressure could reverse the recent earnings improvement. Demand volatility also exists domestically, including reduced education-sector budgets.
If price competition with large global players intensifies, smaller manufacturers may have relatively weaker margin defenses.
The statutory filing deadline for the Q3 2026 report; whether the profit streak from Q1-Q2 continues into Q3 is key to assessing the reliability of the turnaround.
The window in which the requirement to meet the KRW 30 billion market-cap threshold for 45 consecutive trading days within 90 trading days after administrative issue designation will be determined, directly affecting listing status.
Watch for disclosures on Hwapyung Holdings' pursuit of a sale of control (stake sale or third-party capital increase) and whether a buyer is confirmed.
Confirm whether the company officially announces specific targets and timelines for the new business discovery and strategic partnership plans it has referenced.
Track quarterly revenue recognition progress on the KRW 2.16 billion PC and monitor supply contract with Nemo I&C signed in June 2026.
Jooyontech showed signs of breaking out of its chronic loss structure by posting positive operating and net income for two consecutive quarters in Q1-Q2 2026, alongside 18% year-over-year revenue growth in 2025.
Still, the trailing four-quarter cumulative net profit remains small, so the durability of the profitable trend is yet to be proven.
At the same time, the company's designation as an administrative issue stock in August 2026 for falling short of the market-cap listing requirement has introduced a separate, significant variable around listing status, while the controlling shareholder's unresolved pursuit of a control sale adds governance uncertainty.
On the industry side, cost pressure from rising memory prices and competition with large global players remain structural burdens. Conversely, expanded online channels, strengthened public procurement access, and new orders help support the revenue base.
Overall, the stock sits at the intersection of an early-stage earnings turnaround and listing-maintenance/governance risk, warranting continued monitoring of both upcoming quarterly results and the administrative issue stock timeline.
Report written 2026-09-05 · Data as of 2026-09-04
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