Mona Yongpyong

Mona Yongpyong began in 1975 as Korea's first modern ski resort and has grown into one of the country's representative four-season integrated resorts.

It became the first company in the resort industry to list on the KOSPI in 2016, and it successfully hosted the opening ceremony reception of the 2018 PyeongChang Winter Olympics.

The business is broadly divided into a resort operating segment, covering ski slopes, golf courses, lodging, food and beverage, and leisure facilities, and a condo development segment that builds and sells premium condominiums.

Following the completion of the premium Lusongchae condo, new presales revenue has become limited, shifting the revenue mix so that the operating segment now accounts for most of sales. To reduce the summer revenue gap, the company hosted the 2026 WHOOP UCI MTB World Series at Mt.

Balwang, the first such event held in Asia, drawing about 1,000 athletes and staff from more than 40 countries and roughly 13,000 spectators.

For regional expansion, beyond its core PyeongChang site, the company is pursuing a comprehensive theme park project with Gochang County targeting completion by 2028, envisioning condos, a golf course, and an international canoe slalom venue on part of a large reclaimed salt-field site.

It has also formalized an "Olympic Village Phase 2" apartment development of 430 units worth roughly KRW 286 billion using owned land, building on its Phase 1 project in 2018 that achieved a 90% contract rate within one month of presales.

Competitively, the company operates alongside major domestic resort operators such as Sono International, Hanwha Hotels and Resorts, iPark Resort, Hoban Hotel and Resort, E-Land Park, Kumho Resort, Phoenix Pyeongchang, KH Gangwon Development, and Shinan Resort.

Overall, Mona Yongpyong is in the process of expanding its business model from a winter-centric leisure resort into a diversified platform combining condo development and four-season content.

Mona Yongpyong's annual revenue grew clearly from KRW 143.3 billion in 2022 to KRW 211.6 billion in 2023 and KRW 267.8 billion in 2024, before declining to KRW 250.1 billion in 2025.

Operating profit expanded from a marginal KRW 1.55 billion in 2022 to KRW 21.4 billion in 2023 and KRW 27.0 billion in 2024, maintaining a double-digit operating margin of 9.3% in 2025 at KRW 23.3 billion.

On the net income side, however, the company swung from owner-attributable net profits of KRW 10.0 billion in 2023 and KRW 8.0 billion in 2024 to an owner-attributable net loss of KRW 30.6 billion in 2025, driven largely by the fourth quarter of 2025, when an operating loss of only KRW 0.49 billion was accompanied by a net loss of KRW 39.9 billion in the same quarter.

The large gap between operating and net results suggests significant non-operating items, though the specific details require further disclosure confirmation.

By quarter, revenue was KRW 48.1 billion with operating profit of KRW 4.5 billion in Q3 2025 and KRW 42.1 billion with an operating loss of KRW 0.49 billion in Q4 2025, reflecting a clear off-season slowdown, while Q1 2026 reconfirmed solid operations-driven profitability with revenue of KRW 47.7 billion and operating profit of KRW 9.4 billion (roughly a 19.6% margin).

Q2 2026, however, saw revenue of KRW 34.0 billion, an operating loss of KRW 8.2 billion, and a net loss of KRW 9.2 billion, reflecting a heavy seasonal off-peak impact.

As a result, first-half 2026 combined revenue reached KRW 81.7 billion with operating profit of about KRW 1.2 billion and a net loss of about KRW 3.3 billion, with the operating segment barely sustaining an operating profit amid limited new presales revenue recognition.

For context, one brokerage forecast in a November 2025 report projected full-year 2025 revenue of KRW 282.0 billion and operating profit of KRW 31.5 billion (an 11.2% margin), but actual results came in lower at KRW 250.1 billion in revenue and KRW 23.3 billion in operating profit, falling short due to presales timing delays among other factors.

Korea's resort and leisure industry faces large seasonal swings and a structural decline in the ski-going population, prompting operators to pivot toward combined revenue models that blend four-season content with real estate development.

Mona Yongpyong, as the pioneering ski resort brand, holds one of the largest resort infrastructures in Korea but competes with major operators such as Sono International, Hanwha Hotels and Resorts, Hoban Hotel and Resort, and Phoenix Pyeongchang in the condo, lodging, and golf markets.

In condo presales, concerns over tight real estate project-financing conditions persist, and recently sharp increases in construction material costs such as cement and labor costs are cited as direct threats to presales margins.

One brokerage source noted that while it was positive for new management to control costs and defend book profits during the presales gap, securing early subscription rates for the year-end premium presales launch and controlling construction cost inflation risk would be the key inflection point for long-term growth.

Seasonally, the recurring pattern of lower profitability in the second quarter, driven by regular costs such as property taxes, has made expanding non-winter content a common challenge across the industry. In this context, Mona Yongpyong's pursuit of the MTB World Series, the Mt.

Balwang cable car, and the Gochang theme park can be seen as efforts consistent with a broader industry trend to reduce seasonal concentration.

The company plans to improve profitability in the second half through resort operations activation and cost efficiency, stating it will expand four-season tourism content and wellness programs centered on Mt. Balwang, manage pricing for rooms and key products, and enhance profitability by channel.

Its stated priorities for the second half include activating operations during the winter peak ("gold season"), diversifying into overseas markets, and pushing forward the Olympic Village Phase 2 presales project to improve earnings and enterprise value.

Olympic Village Phase 2 is an apartment development in PyeongChang's Daegwallyeong-myeon with a total project cost of roughly KRW 286 billion for 430 units, targeting a groundbreaking in December of this year, with the company planning to directly develop and sell the units using its own land.

The project references its Phase 1 development in 2018, which achieved a 90% contract rate within one month of presales and 96% within three months.

The Gochang comprehensive theme park project, targeting completion by 2028, is envisioned as a resort-style complex including condos, a golf course, and an international canoe slalom venue, with local government building review and other permitting steps reportedly in progress as of a March 2025 company statement.

As a condo developer, Mona Yongpyong has stated it plans to sequentially continue condo development using land it holds inside and outside its complex, meaning the execution pace and sell-through of its future presales pipeline are likely to be a key variable for earnings.

However, prolonged high interest rates and concerns over tight project-financing conditions, along with pressure from rising construction material and labor costs, remain variables that could affect new presales margins and construction schedules.