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
Revenue surged and the operating loss narrowed sharply in Q2 2026, but a stable earnings model has yet to be proven amid repeated changes in controlling shareholder and rapid business diversification.
Q2 2026 revenue reached KRW 6.437 billion with an operating loss of only KRW 27 million, nearing breakeven.
Revenue jumped sharply for two consecutive quarters, reaching KRW 7.271 billion in Q1 2026 and KRW 6.437 billion in Q2 2026.
The controlling shareholder has changed twice since 2024, while business objectives kept expanding into franchise dining, lighting distribution, secondhand IT platforms, and secondary battery equipment.
Operating and net losses persisted for four straight years from 2022 to 2025, and equity shrank from KRW 20.377 billion in 2024 to KRW 9.999 billion in 2025.
The company announced a KRW 30 billion open call for new growth businesses in May 2026 and decided on a KRW 4 billion capital raise in July 2026.
Hanjoo ART was founded in 1978 and listed on KOSDAQ in 2002, originally operating as a maker of mobile phone components and molds for LG Electronics. In 2023, Kyungnam Pharm acquired the company, renamed it Enter Partners, and entered the content business by acquiring drama and film props producer Studio The Black.
In 2024 the controlling shareholder changed from Kyungnam Pharm to RF Tech and other investors, the company was renamed Hanjoo ART, it absorbed franchise dining operator Yeul FC (shabu-shabu brand Kkotmareum), and added secondary battery, semiconductor, and display equipment manufacturing to its business scope.
In 2025 its industry classification changed to film, video, and broadcast program production and distribution, with broadcast equipment rental and prop production through subsidiary Blade Film becoming a core pillar.
In January 2026 the controlling shareholder changed again from RF Tech to PNA Investment Association, and in March the company acquired Vittz, which operates a lighting distribution and secondhand IT trading platform, while also carrying out a capital reduction to offset accumulated deficits.
In dining, the company launched premium codfish soup brand Daegu Ilsaek, expanded directly-operated stores in Seocho and Boramae Park in the Seoul metro area, and is pursuing franchise expansion in the second half, while also forming a distribution partnership with group-buying platform Daiclo.
Subsidiary SF Steel operates a scrap steel business, and the company recently signed a contract with affiliate Hanjoo Hitech to manufacture secondary battery logistics automation equipment.
The result is a structure where legacy electronics parts, content, dining, distribution, and materials businesses coexist, positioning the company as a new entrant competing against established players in each segment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.6B | -₩1.4B | −86.7% |
| 2025Q3 | ₩1.6B | -₩1B | −64.3% |
| 2025Q4 | ₩1.7B | -₩900M | −52.4% |
| 2026Q1 | ₩7.3B | -₩2.7B | −36.6% |
| 2026Q2 | ₩6.4B | -₩27,083,280 | −0.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩5.6B | -₩5.6B | -₩8B | −100.5% | −177.0% | 336.4% |
| 2023 | ₩10.5B | -₩2.9B | -₩3.1B | −27.9% | −17.1% | 103.5% |
| 2024 | ₩14.3B | -₩6.5B | -₩10B | −45.6% | −49.0% | 83.0% |
| 2025 | ₩6.3B | -₩6B | -₩10.4B | −95.3% | −103.8% | 153.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Annual revenue rose from KRW 5.581 billion in 2022 to KRW 10.501 billion in 2023 and KRW 14.264 billion in 2024, before falling sharply to KRW 6.286 billion in 2025.
Operating losses continued for four straight years at KRW 5.607 billion (2022), KRW 2.929 billion (2023), KRW 6.508 billion (2024), and KRW 5.992 billion (2025), with the operating margin reaching -95.3% in 2025.
The net loss attributable to owners actually widened in 2024-2025, reaching KRW 9.993 billion in 2024 and KRW 10.378 billion in 2025, compared with KRW 8.015 billion in 2022 and KRW 3.113 billion in 2023.
On a quarterly basis, the operating loss steadily narrowed from KRW 1.350 billion in Q2 2025 to KRW 1.030 billion in Q3 and KRW 0.914 billion in Q4.
However, despite revenue surging to KRW 7.271 billion in Q1 2026, the operating loss widened again to KRW 2.660 billion, before a marked improvement in Q2 2026 to a KRW 7.271 billion... revenue of KRW 6.437 billion and an operating loss of just KRW 27 million, approaching breakeven.
The net loss also shrank sharply from KRW 2.289 billion in Q1 2026 to KRW 0.214 billion in Q2 2026. Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners totaled KRW 6.850 billion, smaller than the full-year 2025 net loss but still in deficit.
Management attributes the loss narrowing to a reduction in low-margin businesses and ongoing restructuring, and whether this trend continues into subsequent quarters remains the key point to watch.
Although classified under KOSDAQ's media and entertainment sector, Hanjoo ART actually operates a composite structure spanning broadcast equipment rental and prop production, dining franchises, lighting distribution, a secondhand IT platform, scrap steel, and secondary battery/semiconductor equipment subcontract manufacturing.
The broadcast and content segment aims to capture prop and equipment rental demand tied to the spread of new video formats such as short-form dramas, but it operates in a mature market already served by numerous existing rental operators.
The dining franchise segment is attempting to differentiate through a niche codfish soup menu, yet the domestic dining franchise market overall is intensely competitive with wide variance in franchisee profitability.
The lighting distribution and secondhand IT trading platform (Vittz) have an existing revenue base but have shown declining sales in recent years, and their market positioning is not considered particularly strong.
Secondary battery, semiconductor, and display equipment subcontract manufacturing is a newer area built on cooperation with affiliate Hanjoo Hitech, and its revenue contribution remains at an early stage.
Market participants have raised concerns that new businesses keep being added without a clearly articulated synergy or medium-to-long-term strategy across segments.
In July 2026 the company decided on a KRW 4 billion capital raise, stating that proceeds would go toward operational efficiency in existing revenue-generating businesses such as lighting and refurbished platforms, as well as expansion of growth businesses.
In May it launched an open call for KRW 30 billion in new growth investments targeting secondary batteries, renewable energy, AI-based robotics and drones, and AI data-driven businesses, with investment funding to be secured in stages through cash raised via the capital increase, asset sales, and receivables collection.
The company has stated that it is selling certain real estate assets and expects the collection of major trade receivables to be completed within the third quarter of 2026.
In dining, following the expansion of directly-operated Daegu Ilsaek codfish soup stores in the Seoul metro area, the company plans to formally launch franchise operations in the second half.
A company representative explained that the fundraising is intended to convert the revenue growth confirmed in the first quarter into tangible profitability improvement.
However, whether the new growth business call or new investments will translate into concrete contracts, and whether the Daegu Ilsaek franchise push will yield actual signed agreements, remain unconfirmed at this stage.
Because the company has posted operating and net losses for four consecutive years, conventional earnings-based valuation metrics cannot be calculated.
From a price-to-book perspective, the stock appears to trade in a range where the market price is discounted relative to net assets, a point that should be read alongside the sharp decline in equity from 2024 to 2025. No dividend has been paid in recent years, so dividend-related metrics carry little meaning.
Looking at the multi-year earnings trajectory, losses widened before showing a rapid narrowing direction starting in Q2 2026, and whether this improving trend persists is likely to be the key variable for any future valuation reassessment. No brokerage target price could be confirmed for this stock.
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 2026-09-05
The Q2 2026 operating loss shrank sharply to KRW 27 million from KRW 2.660 billion in the prior quarter, approaching breakeven. The net loss for the same period also narrowed significantly to KRW 214 million. The company attributes this improvement to trimming low-margin businesses and cost efficiency measures. Whether this trend continues into the next quarter is a key point to monitor.
The company is simultaneously operating multiple business lines including Daegu Ilsaek franchise expansion, the Daiclo distribution partnership, the Vittz lighting and secondhand IT platform, and secondary battery/semiconductor equipment subcontract manufacturing.
In May 2026 it launched a KRW 30 billion open call for new growth businesses targeting AI, robotics, and secondary battery companies. This diversification offers potential to broaden the future revenue base.
The KRW 4 billion capital raise decided in July 2026 is earmarked as working capital for improving operational efficiency in existing revenue-generating businesses and expanding growth businesses. The company also outlined a plan to secure investment funding in stages through receivables collection and asset sales. This is interpreted as an attempt to convert revenue growth into profitability improvement.
Annual operating losses and net losses attributable to owners have continued every year from 2022 through 2025. Equity fell by more than half, from KRW 20.377 billion in 2024 to KRW 9.999 billion in 2025, while the debt ratio rose from 83.0% to 153.2% over the same period. Accumulated losses have weakened the company's financial buffer.
The controlling shareholder changed twice, from Kyungnam Pharm to RF Tech in 2024 and from RF Tech to PNA Investment Association in January 2026. During this process, the business scope rapidly expanded from entertainment and franchise dining into lighting distribution and secondhand IT platforms.
Market participants have expressed concern that new businesses keep being added without a clear synergy or medium-to-long-term strategy.
The company carried out third-party-allotment and public-offering capital increases in December 2025 and July 2026 respectively, and conducted a capital reduction in March 2026 to offset accumulated deficits.
Some transactions were structured with acquisition proceeds settled via convertible bonds in kind, raising concerns about future overhang. Frequent capital changes can affect the equity value of existing shareholders.
Successive net losses have rapidly reduced equity, and a capital reduction to offset accumulated deficits was carried out in March 2026. If losses persist, additional financial restructuring measures may become necessary. Investors should monitor quarterly changes in equity and the debt ratio going forward.
The profitability of acquired businesses such as the Vittz lighting distribution and secondhand IT platform has been assessed as limited, and a deal structure in which the seller financed the acquisition raised questions about its practical effectiveness.
It is also uncertain whether the KRW 30 billion new growth business open call will translate into actual contracts. Pursuing numerous new businesses simultaneously also carries the risk of spreading management resources too thin.
This is a small-cap KOSDAQ stock that has previously been designated as a stock with excessive buying concentration in a small number of accounts and has triggered volatility interruption mechanisms near price limits.
High trading volume and price volatility mean sharp price swings driven by short-term supply and demand are possible. The repeated history of controlling shareholder changes also leaves uncertainty regarding governance stability.
Around the expected Q3 2026 earnings release, it will be important to check whether the operating loss narrowing seen in Q2 continues and whether the planned trade receivables collection has been completed.
It is worth watching for disclosures of concrete investment contracts or agreements stemming from the KRW 30 billion new growth business open call.
It should be checked whether the new shares from the July 2026 KRW 4 billion capital raise are listed and whether the fund usage disclosure confirms allocation to working capital as planned.
It is worth tracking the results of the Daegu Ilsaek franchise rollout, specifically the number of new franchise contracts signed and the pace of store expansion.
Hanjoo ART is in the midst of transforming from a legacy mobile phone parts maker into a diversified company spanning content, dining, distribution, and materials businesses, and Q2 2026 showed a concrete improvement signal with a sharply narrower operating loss.
However, this comes against a backdrop of four consecutive years of large losses, shrinking equity, and two changes in controlling shareholder, so the durability of the improvement remains to be verified.
Business diversification offers potential to broaden the revenue base, but the company also faces market concerns about being a new entrant competing against established players in each segment without clear synergy.
Frequent capital increases and a capital reduction reflect efforts to improve the financial structure, but such capital changes can affect the equity value of existing shareholders.
Going forward, Q3 earnings, whether the new growth business open call results in actual signed contracts, and the outcome of the franchise expansion will likely serve as key indicators of the company's direction.
Continued monitoring of the persistence of quarterly profitability improvement and changes in the financial structure is warranted before forming an investment judgment.
Report written 2026-09-12 · Data as of 2026-09-11
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