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
KODI has improved its balance sheet and shifted to profitability in 2024-2025 since GP Club became its controlling shareholder, but revenue has stagnated or declined for two straight years, placing the company in a restructuring phase where growth and profit recovery are proceeding in parallel.
2025 consolidated operating profit rose 143% year-on-year to KRW 3.75 billion from KRW 1.54 billion, while net profit attributable to owners jumped to KRW 5.25 billion from KRW 0.60 billion.
The debt ratio fell sharply from 148.3% in 2022 to 41.4% in 2025, indicating improved financial stability.
The controlling shareholder changed from Synergy Partners to GP Club—owner of the skincare brand JM Solution—in 2024, and has since expanded its stake into the high-30% range.
In June 2026, the company secured a patent for its powder-molding platform 'WETPREX®', reinforcing its push into the premium color cosmetics segment.
A fire broke out at the Gimcheon plant in June 2026, but resulted in no injuries and only minor property damage.
KODI was founded in 1999 and listed on KOSDAQ in 2010, initially operating in LCD/LED inspection equipment, industrial batteries, and rapid chargers. It entered the color cosmetics business in 2016 through the acquisition of Marine Cosmetics and subsequently restructured around cosmetics.
Its core business today is color cosmetics OEM/ODM manufacturing and sales, complemented by cosmetics container manufacturing through subsidiary Innocostec and, since 2025, beauty-device operations via newly consolidated JM Medi Laser, which uses femtosecond laser technology.
As of 2024, the cosmetics segment accounted for 77.56% of revenue and the container business for 27.74%, with the container unit's losses cited as a factor limiting overall results.
Since GP Club—owner of the skincare brand JM Solution—became the controlling shareholder in 2024 (replacing Synergy Partners), the company has been diversifying its client base and demand sources by leveraging GP Club's domestic and overseas distribution and marketing capabilities.
Compared with larger ODM players such as Kolmar Korea and Cosmax, KODI is a relatively small, color-cosmetics-focused manufacturer attempting to differentiate itself through proprietary technology such as the WETPREX® platform aimed at the premium segment.
Production is centered on plants in Hwaseong, Gyeonggi Province, and Gimcheon, North Gyeongsang Province; a small fire occurred at the Gimcheon plant in June 2026 with no injuries.
In 2026 the company appointed CEO Kim Do-yeon, a former Kolmar Korea executive, resulting in a management structure that blends GP Club-affiliated personnel with cosmetics-industry professionals.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩22B | ₩2B | 9.2% |
| 2025Q3 | ₩16.8B | ₩300M | 1.7% |
| 2025Q4 | ₩14.5B | -₩600M | −3.9% |
| 2026Q1 | ₩20B | ₩1.1B | 5.4% |
| 2026Q2 | ₩23.6B | ₩1B | 4.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩55.2B | -₩5.2B | -₩13B | −9.4% | −53.7% | 148.3% |
| 2023 | ₩79.2B | -₩800M | -₩6.2B | −1.0% | −24.4% | 150.4% |
| 2024 | ₩78.4B | ₩1.5B | ₩600M | 2.0% | 1.5% | 88.7% |
| 2025 | ₩76.5B | ₩3.8B | ₩5.2B | 4.9% | 8.9% | 41.4% |
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
KODI's annual revenue surged 43.6% from KRW 55.2 billion in 2022 to KRW 79.24 billion in 2023, then declined modestly for two consecutive years to KRW 78.41 billion in 2024 (-1.0%) and KRW 76.53 billion in 2025 (-2.4%). Profitability, however, improved markedly.
Operating profit swung from losses of KRW 5.20 billion in 2022 and KRW 0.77 billion in 2023 to a profit of KRW 1.54 billion in 2024, then rose 143% to KRW 3.75 billion in 2025, expanding the operating margin from 2.0% to 4.9%.
Net profit attributable to owners followed a similar trajectory, moving from large losses of KRW 12.96 billion in 2022 and KRW 6.22 billion in 2023 to KRW 0.60 billion in 2024 and KRW 5.25 billion in 2025.
The balance sheet strengthened in tandem, with the debt ratio falling from 148.3% in 2022 and 150.4% in 2023 to 88.7% in 2024 and 41.4% in 2025, reflecting capital increases—including GP Club's third-party share allotment and bond-warrant conversions—that boosted equity.
Recent quarterly results have been uneven, however: strong second-quarter 2025 results (revenue KRW 22.02 billion, operating profit KRW 2.02 billion, a 9.2% margin) gave way to a sharp slowdown in the third quarter (revenue KRW 16.78 billion, operating profit KRW 0.28 billion, 1.7% margin), and the fourth quarter saw revenue fall to KRW 14.52 billion alongside an operating loss of KRW 0.57 billion.
Net profit attributable to owners in that fourth quarter nonetheless rose to KRW 1.95 billion, suggesting non-operating items drove the bottom line.
Revenue recovered into 2026, with first-quarter revenue of KRW 19.99 billion and operating profit of KRW 1.07 billion (5.4% margin), and second-quarter revenue of KRW 23.60 billion and operating profit of KRW 1.03 billion (4.4% margin), though the operating margin remained below the year-earlier second quarter; over the trailing four quarters (Q3 2025-Q2 2026), the company posted combined revenue of KRW 74.89 billion, operating profit of KRW 1.81 billion (2.4% margin), and owner net profit of KRW 5.16 billion.
Korea's cosmetics industry remains a technology-intensive, high-value-added sector where competitiveness continues to be reinforced through R&D investment and export expansion, with growing K-beauty demand in Japan and the United States, along with post-pandemic normalization, cited as key drivers of makeup product demand recovery.
Shinhan Investment & Securities characterized the second half of 2026 for the cosmetics sector as a period in which sustained export demand, category expansion, and margin improvement are occurring simultaneously, noting that for ODM companies, maintaining an order flow capable of generating economies of scale is the key variable.
In the color-cosmetics ODM market, large players such as Kolmar Korea and Cosmax have achieved scale by spanning both skincare and color cosmetics, while KODI operates as a smaller player combining color-cosmetics specialization with container manufacturing, seeking differentiation through proprietary technology such as WETPREX® aimed at the premium segment.
Because raw-material cost weight is relatively lower than in industries such as semiconductors or automobiles, and brand competitiveness allows for price pass-through, some views suggest the sector-wide earnings impact from logistics costs and raw-material price swings would be limited.
The overseas distribution experience of controlling shareholder GP Club's skincare brand JM Solution, including in China, is cited as a factor that could be leveraged for KODI's demand diversification.
That said, KODI trails leading ODM companies in revenue scale, and its two consecutive years of stagnant or declining revenue indicate relatively slower top-line growth even amid an improving industry backdrop.
In June 2026, KODI disclosed that it had secured a patent for its independently developed powder-molding platform technology, WETPREX®, stating its strategy to internalize a standardized process asset applicable across powder-based categories such as eyeshadow, blusher, and highlighter, thereby strengthening its technical differentiation in premium color-cosmetics order competition.
Controlling shareholder GP Club has prior experience of leading structural improvements at another company, Korea Miracle People, which it acquired while it was in a loss-making Konex-listed state, raising the possibility of a similar management-improvement approach being applied at KODI.
Following a March 2026 stock consolidation decision, the company has also carried out treasury-share retirements as part of value-enhancement measures, which can be interpreted as part of a shareholder-value policy involving management of shares outstanding.
GP Club's stake in KODI expanded to 36.78% by June 2025 and stood at a similar 36.68% after the April 2026 stock consolidation, and prior disclosures have noted the possibility of the stake rising further should additional rights exercises or capital increases occur.
The June 2026 fire at the Gimcheon plant was estimated by fire authorities at roughly KRW 29 million in damage, confined to a cafeteria area, suggesting limited impact on the production lines themselves.
New CEO Kim Do-yeon, a cosmetics-industry veteran who previously headed Kolmar Korea's cosmetics division and served as vice president of AIQUE's cosmetics business, is expected to bring practical experience to the company's strategy-setting.
Following the 2025 turnaround to profitability, the company faces the ongoing task of stabilizing revenue recovery and earnings, with whether new orders driven by WETPREX® and demand diversification through GP Club's distribution network translate into actual sales and profit remaining a key point to watch.
Having turned profitable in 2025 and continued to recover earnings into the first half of 2026, KODI can be seen as having entered a different phase compared with the large losses recorded in 2022-2023.
The stock trades at a discount to net asset value, suggesting the market remains cautious about the durability of the earnings recovery. The company currently pays no dividend, meaning shareholder returns rely on non-dividend measures such as treasury-share retirement.
The March 2026 stock consolidation and subsequent treasury-share retirement are measures that manage the number of shares outstanding, and remain a variable that could affect how per-share metrics are interpreted going forward.
On the earnings side, since the absolute scale of annual profit remains modest and quarterly operating margins have shown pronounced swings, assessing valuation warrants looking at earnings stability across multiple quarters rather than any single quarter.
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
The debt ratio fell from 148.3% in 2022 to 41.4% in 2025, and operating profit rose 143% in 2025 after turning positive in 2024. Net profit attributable to owners also grew sharply from KRW 0.60 billion in 2024 to KRW 5.25 billion in 2025, showing a financial condition markedly different from the loss-making years. This is attributable to a combination of capital reinforcement and cost efficiency gains.
GP Club, which became the controlling shareholder in 2024, has a track record of overseas distribution success in markets including China through its skincare brand JM Solution.
GP Club has also previously led structural improvements at other loss-making companies it acquired, suggesting such capabilities could be applied to diversify KODI's client base. Its stake has also expanded into the high-30% range, indicating heightened management involvement.
The powder-molding platform WETPREX®, patented in June 2026, combines the advantages of dry and wet processes and can be applied across various powder-based products. It is also compatible with talc-free, vegan, and clean-beauty formulations, which may enhance responsiveness to global regulatory requirements.
Through this, the company is pursuing a strategy to strengthen its order-winning competitiveness in the premium color cosmetics market.
Revenue peaked at KRW 79.24 billion in 2023 before declining for two straight years to KRW 78.41 billion in 2024 and KRW 76.53 billion in 2025. While profitability has improved, top-line growth has retreated, showing relatively slower revenue resilience even amid an improving industry backdrop.
Operating margin swung from 9.2% in the second quarter of 2025 to 1.7% in the third quarter and to an operating loss (-3.9% margin) in the fourth quarter, reflecting large quarter-to-quarter volatility.
Margins recovered to 5.4% and 4.4% in the first and second quarters of 2026, respectively, but remained below the second-quarter 2025 level, underscoring the need to continue monitoring earnings stability.
GP Club, as the controlling shareholder, has expanded its stake into the high-30% range and exercises broad influence over management. With several new board members drawn from GP Club, the possibility that client and demand diversification becomes concentrated around GP Club-affiliated volume cannot be ruled out.
A fire broke out at the Gimcheon plant in June 2026, partially destroying the cafeteria.
The incident resulted in no injuries and roughly KRW 29 million in property damage as estimated by fire authorities, but as a cosmetics manufacturing facility handling chemicals and equipment, the possibility of similar safety incidents in the future cannot be excluded.
As controlling shareholder GP Club continues to expand its stake and place affiliated personnel on the board, the alignment of interests between minority and controlling shareholders and the fairness of related-party transactions remain matters requiring ongoing scrutiny.
The company's history of share-count increases through past rights offerings, convertible bonds, and bonds with warrants is also a factor to bear in mind for any future capital raising.
In scale competition against large ODM companies such as Kolmar Korea and Cosmax, KODI remains a relatively smaller player, and intensifying cost and order competition could widen operating-margin volatility.
The container business segment's history of losses has also weighed on overall profitability, making it necessary to monitor whether segment-level profitability improvements are sustained.
Expected timing of the third-quarter 2026 report, when it will be important to check whether the revenue and operating-margin recovery trend continues.
It will be worth watching whether new client order contracts based on the WETPREX® technology are actually disclosed, and whether the push into the premium color cosmetics market translates into revenue.
It will be necessary to check for disclosures regarding any further stake expansion by controlling shareholder GP Club through additional rights exercises or capital increases.
Follow-up disclosures or media reports should be checked regarding whether the Gimcheon plant has returned to normal operation after the fire and whether there was any impact on production capacity.
KODI has moved past the large losses of 2022-2023, turning profitable in 2024 and expanding earnings further in 2025, alongside an improved balance sheet reflected in a lower debt ratio.
Revenue, however, has declined for two consecutive years since peaking in 2023, and quarterly operating margins have swung widely, ranging from 9.2% to an operating loss.
The distribution and marketing capabilities of GP Club, which became the controlling shareholder in 2024, along with the WETPREX® patent secured in 2026, are cited as potential growth drivers, but the reliance on the controlling shareholder's affiliated group and the company's scale disadvantage relative to larger ODM firms are factors that warrant equal attention.
The June 2026 fire at the Gimcheon plant ended with no injuries and only minor damage, but similar risks warrant ongoing monitoring given the chemical-handling nature of cosmetics manufacturing.
Going forward, key points to watch include whether the revenue and margin recovery continues into the third quarter and whether new orders based on WETPREX® translate into actual sales. This report does not present an investment opinion or target price and is prepared for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.