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
INNOX Corp is the holding company atop INNOX Advanced Materials, INNOX Lithium, INNOX Eco&M and Alton, with modest standalone revenue but net income that swings sharply on affiliate equity-method gains each quarter.
2025 consolidated revenue of KRW 59.1bn and operating profit of KRW 6.5bn, a modest improvement year-on-year
Turned from two straight years of net losses (2023-2024) to owner net income of KRW 23.2bn in 2025
In Q4 2025 the company posted an operating loss yet net income surged on equity-method gains from affiliates
Core affiliate INNOX Advanced Materials holds a dominant 95% domestic share in circuit materials and 23% in semiconductor packaging materials
Stake in INNOX Lithium raised to 93.3% as the group deepens its battery materials push
INNOX Corp (088390) was founded in 2001 and was reorganized into a group holding company after spinning off its core materials business into INNOX Advanced Materials in 2017.
INNOX Corp is a holding company that controls its group affiliates and supports their funding, engaging in bicycle and bicycle-parts manufacturing and sales, investment activities and battery materials, with its consolidated business segments consisting of management consulting fee income, brand royalty income and equity-method gains.
Revenue directly consolidated at the holding-company level comes largely from smart-mobility affiliate Alton (electric bicycles, lifestyle bicycles, etc.), while the parent's own revenue base remains modest.
The group's cash cow is INNOX Advanced Materials, a maker of display and semiconductor materials, whose stake INNOX Corp classifies as an equity-method associate and reflects through equity income in its consolidated results.
Other key affiliates include INNOX Eco&M, a silicon anode materials maker; INNOX Lithium, which is preparing lithium hydroxide production; and investment specialist i-Best.
INNOX Corp has been increasing control of INNOX Lithium, and in April 2025 it acquired an additional 300,000 shares for KRW 6 billion to secure management control and fund facility investment, raising its stake to 93.3%.
Alton has also continued to win orders in its finished-product business, including an electric-bicycle supply contract worth KRW 11.8 billion, equivalent to about 42% of its recent revenue, with a leading domestic IT company.
Core affiliate INNOX Advanced Materials maintains a dominant 95% domestic market share in circuit materials and has secured a 23% share in semiconductor packaging materials with the only full lineup made domestically.
As such, INNOX Corp is best understood as a portfolio holding company spanning display/semiconductor materials, battery materials and smart mobility rather than a single-product business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩19.8B | ₩2.8B | 14.4% |
| 2025Q3 | ₩13.3B | ₩2.3B | 17.0% |
| 2025Q4 | ₩10.7B | -₩1.9B | −18.0% |
| 2026Q1 | ₩14.4B | ₩800M | 5.7% |
| 2026Q2 | ₩26.2B | ₩5.3B | 20.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩80.4B | ₩21.6B | ₩14.9B | 26.9% | 7.0% | 31.0% |
| 2023 | ₩61.7B | ₩5.1B | -₩13.8B | 8.3% | −7.2% | 43.5% |
| 2024 | ₩56.2B | ₩6.5B | -₩19.9B | 11.5% | −10.8% | 45.8% |
| 2025 | ₩59.1B | ₩6.5B | ₩23.2B | 11.0% | 13.2% | 55.8% |
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
INNOX Corp's consolidated revenue fell for two straight years, from KRW 80.4bn in 2022 to KRW 61.7bn in 2023 (-23%) and KRW 56.2bn in 2024 (-9%), before rebounding roughly 5% to KRW 59.1bn in 2025.
Operating margin dropped sharply from 26.9% in 2022 to 8.3% in 2023, then partially recovered to 11.5% in 2024 and 11.0% in 2025.
More notable is the net income pattern: even while operating income stayed positive in 2023-2024, owner net income posted losses of KRW -13.8bn and KRW -19.9bn respectively, before swinging to a profit of KRW 23.2bn in 2025.
This turnaround appears driven largely by non-operating factors such as equity-method gains from affiliates and investment-related income.
On a quarterly basis, Q4 2025 showed an operating loss of KRW -1.9bn yet owner net income of KRW 12.9bn, highlighting a clear gap between operating results and bottom-line net income.
Subsequently, Q1 2026 was modest with revenue of KRW 14.4bn, operating profit of KRW 0.8bn and net income of KRW 1.5bn, before Q2 2026 expanded sharply to revenue of KRW 26.2bn, operating profit of KRW 5.3bn and net income of KRW 11.1bn, bringing the trailing four-quarter (Q3 2025-Q2 2026) owner net income total to KRW 28.2bn.
On the balance sheet, the debt ratio has climbed steadily from 31.0% in 2022 to 55.8% in 2025, reflecting liabilities incurred from additional stake acquisitions and capital injections into new ventures such as INNOX Lithium.
Operating cash flow was negative for two consecutive years, at KRW -2.6bn in 2024 and KRW -4.5bn in 2025, a reminder that improved net income does not necessarily translate into improved cash generation.
The INNOX group's earnings are exposed to three main end markets. The first is display and semiconductor materials, where INNOX Advanced Materials is targeting growth from large OLED TV and foldable smartphone material demand as well as expanding AI semiconductor packaging material needs.
However, INNOX Advanced Materials preliminarily disclosed (May 6, 2026, not yet finalized) that its Q1 2026 consolidated revenue fell 15.91% year-on-year to KRW 95.1bn and operating profit dropped 35.96% to KRW 16.9bn, alongside concerns about share losses among large and Greater China customers.
The second is battery materials, where INNOX Eco&M is pursuing its silicon anode 'Full Si Solution' portfolio to address demand for high-performance batteries tied to robotics, drones and autonomous mobility under the 'physical AI' theme.
INNOX Lithium is at the stage of entering the battery materials market through lithium hydroxide processing, a business whose economics are directly tied to lithium price movements.
The third is smart mobility, where Alton continues to win orders in finished products such as electric and shared bicycles from domestic IT companies among others.
Competitively, INNOX Advanced Materials holds a dominant 95% domestic share in circuit materials, though there are reports of a competitor's re-entry into the encapsulation film segment, suggesting competitive intensity could rise again.
Overall, the group combines a mature display-materials business generating stable cash flow with a battery-materials new-business area whose growth potential has yet to fully materialize.
Following plant completion, full-scale customer supply from INNOX Lithium is expected by industry observers to begin in the second half of 2026, with initial supply volumes starting in the thousands of tons and expanding gradually thereafter.
INNOX Eco&M announced in January 2026 that it had built out its silicon anode 'Full Si Solution' portfolio to pursue the global battery market in earnest.
For INNOX Advanced Materials, one analyst forecast (Shinhan Investment Corp, August 2025 report) anticipated benefits from unit-price increases on high-performance materials tied to a 2026 flagship foldable smartphone launch, plus full-scale automotive material supply in the second half of 2026 following quality certification completion in the first half.
Smart-mobility affiliate Alton has continued diversifying its finished-product revenue base, including an electric-bicycle supply contract worth KRW 11.8 billion signed in early 2026.
At the group level, a 2023 new-business briefing laid out a long-term target of KRW 3 trillion in group revenue and KRW 4 trillion in assets by 2030, making the pace of execution on this roadmap a point to watch.
These targets, however, are multi-year plans whose annual progress needs to be verified through each quarter's disclosures and affiliate results.
Ultimately, the direction of INNOX Corp's own earnings will hinge on how stably its affiliates' and associates' results, including equity-method gains, flow through into consolidated performance.
INNOX Corp's stock trades at a level below its net asset value, indicating the market is applying a meaningful holding-company discount. Recent periods have seen no dividend payments, making it difficult to discuss dividend appeal at this stage.
The earnings trend shifted direction from consecutive net losses in 2023-2024 to a net profit in 2025, but this turnaround should be weighed alongside the fact that it stemmed largely from non-operating factors such as equity-method gains and investment income from affiliates rather than from the core operating business.
Given the nature of a holding company, valuation multiples tend to be directly exposed to volatility in affiliate results and equity-method gains, and trading multiples have historically varied widely around earnings inflection points.
As such, an approach that also examines the standalone performance and equity value changes of core affiliates and associates such as INNOX Advanced Materials, INNOX Lithium and INNOX Eco&M may be more informative than looking at holding-company metrics alone.
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
INNOX Eco&M has built a silicon anode 'Full Si Solution' portfolio to address high-performance battery demand linked to robotics, drones and other physical AI applications.
INNOX Lithium's stake has been raised to 93.3%, strengthening control, with customer supply expected from the second half of 2026 after plant completion. Some analysis has suggested profitability could improve if lithium prices recover.
INNOX Advanced Materials maintains a dominant 95% domestic market share in circuit materials and has secured a 23% share in semiconductor packaging materials with the only full lineup made domestically.
Expanding demand for large OLED displays and foldable smartphones can flow positively into INNOX Corp's results through equity-method income. Efforts are also underway to broaden material applications into new areas such as aerospace and AI semiconductors.
Alton has continued to win orders in its finished-product business, including an electric-bicycle supply contract worth KRW 11.8 billion, equivalent to about 42% of its recent revenue, with a leading domestic IT company.
Diversifying its revenue base across product lines such as electric and shared bicycles is also a positive factor.
While the holding company's own consolidated revenue base remains modest, net income is heavily influenced by non-operating factors such as equity-method gains from affiliates.
In Q4 2025, net income surged even as an operating loss was posted, illustrating that operating results alone do not reliably indicate bottom-line net income. This structure adds to the uncertainty in forecasting earnings.
INNOX Advanced Materials preliminarily disclosed that its Q1 2026 consolidated revenue fell 15.91% year-on-year and operating profit dropped 35.96%.
Share losses among large and Greater China customers and the possibility of a competitor re-entering the encapsulation film segment have been cited as second-half variables, which could also weigh on INNOX Corp's equity-method income.
The debt ratio has risen steadily from 31.0% in 2022 to 55.8% in 2025, reflecting liabilities incurred from additional stake acquisitions and capital injections into new ventures such as INNOX Lithium.
Operating cash flow was also negative in both 2024 and 2025, showing that improved net income has not directly translated into improved cash generation.
Because the holding company's net income depends heavily on equity-method gains from affiliates, any wobble in the performance or equity value of core affiliate INNOX Advanced Materials could similarly ripple through INNOX Corp's consolidated results.
New businesses such as INNOX Lithium and INNOX Eco&M are still in a pre-revenue-scale stage, and delays to planned schedules cannot be ruled out.
The debt ratio rose from 31.0% in 2022 to 55.8% in 2025, and operating cash flow was negative in both 2024 and 2025. Continued additional stake acquisitions and facility-investment support for new businesses could create further funding needs.
In display materials, there have been reports of a possible competitor re-entry into the encapsulation film segment along with concerns about share losses among large and Greater China customers.
The battery materials business is directly exposed to lithium price volatility, which could erode economics during a price downturn.
Check INNOX Corp's Q3 2026 (Jul-Sep) consolidated results disclosure — a key point is whether the gap between operating income and equity-method gains recurs.
Check INNOX Advanced Materials' (272290) Q3 results and sales performance in foldable-phone and automotive materials — its results directly affect INNOX Corp's equity-method income.
Confirm whether INNOX Lithium's customer supply begins and initial volumes — progressing as planned would be a gauge of the new business's credibility.
Track INNOX Eco&M's progress in securing customers and mass production of its silicon anode materials.
As a group holding company, INNOX Corp has a modest standalone revenue base, but its net income is heavily shaped by equity-method gains from affiliates including INNOX Advanced Materials.
After posting owner net losses in 2022-2024 despite positive operating income, the direction shifted to a net profit in 2025, though this stemmed more from non-operating factors than the core business.
Core affiliate INNOX Advanced Materials holds a solid market position in circuit and semiconductor materials, but its preliminary Q1 2026 results showed both revenue and profit declining together.
New battery-materials ventures such as INNOX Lithium and INNOX Eco&M remain in a pre-revenue-scale stage, making adherence to planned timelines an important variable.
A rising debt ratio and two consecutive years of negative operating cash flow are points that warrant attention on the financial soundness side, separate from the net-income improvement.
Ultimately, assessing INNOX Corp requires looking beyond the holding company's own figures to the standalone performance and equity value changes of its core affiliates.
Report written 2026-09-05 · Data as of 2026-09-04
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