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
Aminologics turned profitable on a consolidated basis in 2025 and has maintained quarterly operating profit through the first half of 2026, but its revenue structure remains heavily dependent on its largest shareholder, Samo Pharm.
Consolidated revenue reached KRW 22.02 billion with operating profit of KRW 3.59 billion in 2025, swinging from an operating loss the prior year.
Both the first and second quarters of 2026 showed sequential revenue and operating profit growth, extending the earnings recovery trend.
According to a report by IB Tomato, a significant portion of amino acid sales flow to largest shareholder Samo Pharm, with overall revenue dependence reportedly at a record high.
Expectations of entering the global GLP-1 obesity drug supply chain have driven a market theme around the stock, though no concrete supply contract disclosure has been confirmed yet.
A KRW 20 billion fourth-round convertible bond issued in June 2025 became convertible starting June 30, 2026, leaving potential equity dilution as an overhang.
Aminologics was founded in 1997 and listed on KOSDAQ in 2004, and it has operated two business lines since acquiring an active pharmaceutical ingredient (API) distribution right from Samo Pharm in 2015: API distribution and unnatural amino acid derivative manufacturing.
The API distribution segment supplies raw pharmaceutical ingredients used in treatments for stroke, eye disease, and dermatitis to domestic pharmaceutical companies.
Since 2009, the company has pursued an unnatural amino acid and derivative business, developing products such as D-Serine, and this amino acid segment now forms the core of recent revenue.
According to a business-composition summary compiled by JobKorea based on disclosed filings, the amino acid segment accounted for roughly 78% of revenue and the API segment about 22% as of the first quarter of 2026.
The company has received quality recognition from global customers leading to new development requests, and it is actively pursuing R&D aimed at securing an early position in the peptide drug market.
It has diversified its product portfolio with protected amino acids, amino esters, and oligopeptides, aiming to secure supplier status when new drugs register Drug Master Files (DMFs) and thereby expand market share.
However, according to IB Tomato, a substantial portion of amino acid sales is concentrated through direct and indirect export channels tied to largest shareholder Samo Pharm, with roughly 80% of total revenue reportedly dependent on Samo Pharm.
Samo Pharm holds a 30.5% stake as the largest shareholder, and members of the founding family sit on both companies' boards, reflecting very close governance and business ties. This structure offers the advantage of a stable sales channel but simultaneously poses the challenge of building independent sales capability.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.8B | ₩200M | 4.5% |
| 2025Q3 | ₩6B | ₩1.4B | 23.4% |
| 2025Q4 | ₩6.5B | ₩1.5B | 22.4% |
| 2026Q1 | ₩5.4B | ₩600M | 11.7% |
| 2026Q2 | ₩8.2B | ₩2B | 24.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩27.3B | ₩7B | -₩7.3B | 25.7% | −14.2% | 8.1% |
| 2023 | ₩20.9B | ₩1.5B | ₩2.4B | 7.0% | 4.5% | 6.0% |
| 2024 | ₩16.8B | -₩2.2B | -₩1.6B | −12.8% | −3.1% | 9.9% |
| 2025 | ₩22B | ₩3.6B | ₩3.5B | 16.3% | 6.3% | 50.3% |
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
Aminologics' annual results have shown clear volatility.
In 2022, revenue reached KRW 27.34 billion with operating profit of KRW 7.03 billion (25.7% operating margin), yet the company still posted a net loss of KRW 7.28 billion; in 2023, revenue fell to KRW 20.89 billion but the company remained profitable with operating profit of KRW 1.46 billion and net income of KRW 2.44 billion.
In 2024, revenue declined further to KRW 16.79 billion, and the company swung to an operating loss of KRW 2.15 billion (-12.8% margin) and a net loss of KRW 1.62 billion, marking a significant deterioration.
In 2025, revenue rebounded to KRW 22.02 billion, with operating profit of KRW 3.59 billion (16.3% margin) and net income of KRW 3.52 billion, turning both top and bottom lines positive.
On a quarterly basis, revenue of KRW 4.76 billion and a modest operating profit of KRW 216 million in the second quarter of 2025 improved markedly to KRW 6.01 billion in revenue and KRW 1.40 billion in operating profit in the third quarter, with the operational improvement continuing into the fourth quarter at KRW 6.52 billion in revenue and KRW 1.46 billion in operating profit.
However, owner net income in the fourth quarter of 2025 was negative KRW 258 million despite the operating profit, which relates to impairment charges on the API business right (a customer-relationship intangible asset) noted by IB Tomato.
This intangible asset recorded impairment losses of KRW 956 million in 2024 and KRW 1.031 billion in 2025, booked as other non-operating expenses, which created a gap between operating profit and net income.
In 2026, revenue of KRW 5.38 billion with operating profit of KRW 630 million and net income of KRW 1.07 billion in the first quarter was followed by revenue of KRW 8.25 billion, operating profit of KRW 1.98 billion, and net income of KRW 990 million in the second quarter, extending a trend of clearly expanding revenue scale.
Peptide drugs are considered a rapidly growing modality alongside the expansion of the global obesity and diabetes treatment market.
Made of amino acid chains, the basic protein building block, peptide drugs require complex synthesis processes and strict quality control, and a large share of developers rely on specialized contract development and manufacturing organizations (CDMOs).
Reflecting this trend, Samsung Biologics acquired Switzerland-based peptide CDMO PolyPeptide Group, expanding its portfolio from antibody-focused operations into the peptide segment, illustrating how large players are accelerating their entry into the peptide and obesity-drug raw material value chain.
Aminologics is positioned at a different tier from these large CDMOs, as a materials supplier providing key intermediate raw materials such as unnatural amino acids and protected amino acids needed for peptide synthesis.
Since late 2025, news that a global pharmaceutical company was considering establishing a production base in Korea led to a sharp short-term rally in the stock, during which the company also received a pre-designation warning from the Korea Exchange for excessive volatility.
This thematic interest reflects hopes for localizing the raw material supply chain, but it remains unconfirmed whether it has translated into binding supply contracts or formal order disclosures. As a small-cap KOSDAQ stock, it also tends to show greater trading volatility compared with large-cap biotech names.
A company representative has stated in press interviews that the company aims to expand market share and amino acid sales growth by building trust with global pharmaceutical companies and expanding sales of amino acid derivatives and compounds.
To this end, the company participates annually in international pharmaceutical exhibitions such as CPhI held in Japan and Europe to promote the company and expand marketing of key raw materials, a practice expected to continue into the second half of 2026.
The KRW 20 billion fourth-round convertible bond issued in June 2025 was aimed at raising operating and R&D funds, with 25% of the face value, or KRW 5 billion, subscribed by largest shareholder Samo Pharm.
The largest shareholder's participation in the CB can be interpreted as a sign of committed management, as it can serve as a defense against dilution of control upon future conversion.
However, the company's earnings expansion still depends heavily on the sales channel through Samo Pharm, and whether it can build independent direct overseas sales channels will likely be a key variable determining the quality of future growth.
There have been mentions that mid- to long-term investment plans, such as a shift to in-house manufacturing facilities, are under review, but specifics such as site selection or construction timing have not yet been officially confirmed.
Regarding the GLP-1 value chain, there may be a lag between expectations and actual revenue recognition until a concrete supply contract is confirmed.
Based on the most recent four quarters of results, Aminologics' shares trade at a level above net asset value, which can be interpreted as the market attaching some premium to the growth potential of the amino acid and peptide raw material business.
However, the company's net income has swung between losses and profits with significant volatility from 2022 through 2025, which limits the usefulness of simply comparing a point-in-time earnings multiple with historical averages.
The company currently pays no dividend, suggesting a structure that prioritizes reinvestment and business expansion over shareholder returns.
Whether actual revenue materializes from the GLP-1 value chain and the extent to which dependence on Samo Pharm eases are likely to be key variables in determining whether the market's valuation premium persists.
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
Following an operating loss in 2024, the company turned profitable in 2025, and both revenue and operating profit expanded sequentially in the first and second quarters of 2026, extending the improvement trend.
Second-quarter 2026 revenue reached KRW 8.25 billion, a large increase from the prior quarter, with operating profit expanding to KRW 1.98 billion. The repeated quarter-over-quarter improvement in results supports the business's directional momentum.
Aminologics is exposed to the growing demand for unnatural amino acids, a key raw material for peptide drugs, driven by the expansion of the global obesity drug market.
Large-scale investments by major players in the peptide value chain, such as Samsung Biologics' acquisition of PolyPeptide Group, support broader growth expectations for the related raw materials industry.
News that a global pharmaceutical major was considering establishing a Korean production base has previously highlighted hopes for localizing the raw material supply chain as a market theme.
Largest shareholder Samo Pharm holds a 30.5% stake in Aminologics and directly subscribed KRW 5 billion, or 25%, of the KRW 20 billion fourth-round convertible bond issued in June 2025.
The largest shareholder's participation in the CB can be interpreted both as financial support and as a sign of committed management aimed at defending against dilution of control upon future conversion.
The close relationship with the largest shareholder has also contributed to a stable sales channel that has helped build the earnings base.
According to IB Tomato, roughly 80% of Aminologics' total revenue depends on largest shareholder Samo Pharm, reportedly at a record-high level. A substantial portion of amino acid sales is also concentrated in direct and indirect export channels tied to Samo Pharm.
Excessive reliance on a single customer poses a structural risk in which Samo Pharm's own business conditions can directly determine Aminologics' results.
The API business right (a customer-relationship intangible asset) acquired from Samo Pharm in 2015 has recorded successive impairment losses of KRW 956 million in 2024 and KRW 1.031 billion in 2025. This has caused net income to turn negative even in quarters when operating profit was positive.
While the company has denied the likelihood of further impairment, the fact that this asset's value has shrunk annually remains a financial burden.
The KRW 20 billion fourth-round convertible bond issued in June 2025, with a conversion price of KRW 957, became convertible starting June 30, 2026. Even full conversion of just the KRW 5 billion portion subscribed by Samo Pharm alone would result in roughly 5.22 million newly issued shares.
Since the bond's coupon and maturity interest rates were both set at zero, investors have an incentive to exercise conversion rights to realize gains, leaving potential equity dilution as an overhang.
With roughly 80% of revenue dependent on largest shareholder Samo Pharm, changes in Samo Pharm's business environment can directly affect Aminologics' results.
If dependence on this specific customer does not decline while independent overseas direct-export channels remain underdeveloped, concerns about the qualitative aspects of growth could persist.
Two consecutive years of impairment losses on the API business right have increased net income volatility, and the possibility of further impairment cannot be completely ruled out.
In addition, the conversion window for the KRW 20 billion fourth-round convertible bond has opened, and continued exercise of conversion rights could result in equity dilution and supply pressure.
The stock previously received a pre-designation warning from the Korea Exchange after rallying sharply in a short period on expectations of entering the GLP-1 value chain, and similar overheating and sharp pullbacks could recur.
Until an actual supply contract is confirmed, a gap and uncertainty between expectations and realized results remain.
It is worth checking whether participation in international pharmaceutical exhibitions such as CPhI leads to concrete new partnership or order discussions.
Around this time the third-quarter report is expected to be disclosed, allowing a check on whether the revenue and operating profit expansion trend seen through the second quarter of 2026 continues and whether the gap between net income and operating profit recurs.
It is necessary to continuously monitor whether disclosures of conversion right exercises on the fourth-round convertible bond appear, to track the progress of potential equity dilution.
It will be important to check whether additional impairment losses are recognized on the API business right intangible asset, and their size.
It is worth watching for any disclosure of an actual supply contract or new order tied to the GLP-1 value chain, as well as signals of reduced dependence on largest shareholder Samo Pharm.
Aminologics has demonstrated growth in its amino acid and peptide raw material business, extending sequential quarterly improvement through the first half of 2026 after turning profitable in 2025.
At the same time, structural challenges persist, including the significant concentration of revenue with largest shareholder Samo Pharm, recurring impairment losses on the API business right intangible asset, and the potential for equity dilution as the KRW 20 billion convertible bond entered its conversion window.
Expectations of entering the global GLP-1 obesity drug supply chain have created a market theme around the stock, but whether this has translated into actual revenue remains unconfirmed.
Going forward, the degree to which dependence on Samo Pharm eases, whether further intangible asset impairment occurs, the progress of convertible bond conversions, and whether an actual GLP-1-related supply contract materializes are likely to be the key variables shaping the qualitative direction of the business. These bullish and bearish factors should be weighed carefully before forming any investment judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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