PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
Global fur demand recovery and surging pelt prices helped Jindo return to profit in both 2025 and the first half of 2026, but its sales remain structurally concentrated in the fourth and first quarters, leaving seasonal volatility as an ongoing challenge.
2025 consolidated operating profit reached 3.98 billion won, sharply up from 1.14 billion won a year earlier, and Q1 2026 operating profit stayed strong at 4.13 billion won
Operating losses recurred in Q2-Q3 2025 and Q2 2026, underscoring a seasonal structure heavily skewed toward the winter selling season
Chinese demand surge pushed global mink pelt auction prices up roughly 96% year-on-year, prompting parallel increases in finished-product prices
Following its dual-track Sovereign (high-end) and Essential (casual) strategy, the company launched a new premium cashmere brand, Jindo Cashmere, in September 2026
An agenda including treasury share buybacks and a capital reserve reduction, part of a shareholder value enhancement plan, is on the table at the October 8, 2026 general shareholders' meeting
Jindo is Korea's leading fur apparel specialist, built around its core brand Jindo Fur. The brand portfolio spans three lines: the classic 'Original Jindo' line that preserves heritage value, the casual 'Essential' line targeting younger consumers, and the premium 'Sovereign' line at the top end.
In 2025, the number of Essential-line models more than doubled from the prior year and sales from the line also more than doubled, helping draw in younger customers.
In September 2026, the company launched a new premium cashmere brand, Jindo Cashmere, designed to offset fur's seasonal limitations by letting fur customers also purchase cashmere innerwear in a one-stop shopping format.
Distribution remains concentrated in department-store offline channels, and the company has also been expanding its spring/summer sales base through combined stores with the US premium accessories brand Eric Javits.
In the domestic fur market, competitors such as Tae Rim Fur, with roughly 10 billion won in sales, compete using material mix-and-match strategies, while Jindo maintains the top brand position in this market.
The fur industry links pelt sourcing through design, manufacturing and distribution, with costs heavily influenced by European and North American pelt auction prices.
Over the medium term, the company has outlined profitability improvement in its non-fur business segment and diversification through new business reviews as key tasks.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.5B | -₩1B | −28.7% |
| 2025Q3 | ₩7.4B | -₩300M | −3.8% |
| 2025Q4 | ₩21.1B | ₩4.4B | 20.6% |
| 2026Q1 | ₩24.8B | ₩4.1B | 16.6% |
| 2026Q2 | ₩3.7B | -₩400M | −11.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩63.4B | ₩6.1B | ₩4.6B | 9.6% | 4.4% | 24.0% |
| 2023 | ₩56.4B | ₩3.8B | ₩4.4B | 6.7% | 4.1% | 15.6% |
| 2024 | ₩44.2B | ₩1.1B | ₩900M | 2.6% | 0.8% | 24.9% |
| 2025 | ₩47.6B | ₩4B | ₩4.1B | 8.4% | 3.7% | 25.6% |
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
Jindo's consolidated revenue fell for three straight years, from 63.42 billion won in 2022 to 56.37 billion won in 2023 and 44.15 billion won in 2024, before rebounding to 47.61 billion won in 2025.
Operating margin also bottomed at 2.6% in 2024 after declining from 9.6% in 2022 and 6.7% in 2023, before recovering to 8.4% in 2025.
Operating profit, which had slipped to just 1.14 billion won in 2024, expanded sharply to 3.98 billion won in 2025, while net profit attributable to owners rose from 910 million won to 4.11 billion won over the same period.
The quarterly pattern shows pronounced seasonality: revenue was only 3.46 billion won in Q2 2025, with an operating loss of 990 million won, and the off-season Q3 2025 also posted a loss, with revenue of 7.38 billion won and an operating loss of 280 million won.
By contrast, the peak-season Q4 2025 saw revenue jump to 21.15 billion won with operating profit of 4.35 billion won and net profit of 3.77 billion won, and Q1 2026 continued the strength with revenue of 24.84 billion won, operating profit of 4.13 billion won and net profit of 3.67 billion won.
Q2 2026, however, reverted to the typical off-season pattern, with revenue falling to 3.72 billion won and an operating loss of 426 million won.
Because most of the annual profit is generated in the fourth and first quarters, isolated quarterly figures can swing between losses and profits depending on the period examined.
On the balance sheet side, the debt ratio eased from 24.0% in 2022 to 15.6% in 2023 before edging back up to 24.9% in 2024 and 25.6% in 2025, remaining at a stable level overall, and operating cash flow of 7.58 billion won in 2025 exceeded net profit for the year.
Across the global fashion industry, the fur-free movement is spreading quickly, with major fashion weeks in New York and London banning real fur from official runway shows.
In South Korea, however, demand for natural fur remains robust, with Shinsegae Department Store's fur product sales up 40.5% year-on-year in the second quarter of 2026.
On the supply side, according to global fur auction house Saga Furs, the average winning price for brown female mink pelts in the March 2026 auction was 51 euros per pelt, up 96.2% from 26 euros a year earlier.
The surge in pelt prices has been driven by aggressive buying from Chinese buyers, compounded by a shrinking supply base as fur farms in major European producing countries closed in succession after the pandemic.
As a result, industry observers expect finished fur product prices to rise by anywhere from 50% to 100% this winter.
At the same time, younger consumers are showing growing interest in 'faux fur' products, which carry less price burden and avoid animal welfare concerns, raising the possibility that the overseas fur-free trend could gradually influence domestic consumer attitudes over the longer term.
Against this backdrop, Jindo appears to be reinforcing its position as Korea's top fur brand through its dual-track Sovereign/Essential strategy and expansion into non-fur categories, while competitors such as Tae Rim Fur are responding with material mix-and-match strategies of their own.
In its value enhancement plan disclosed on March 31, 2026, Jindo set a target of achieving fur business segment sales of at least 95.1 billion won and an operating margin of at least 12% by 2030.
Detailed action items included strengthening the Sovereign line to expand the share of high-margin products, reforming distribution structures and reducing fees, securing cost competitiveness through direct sourcing and proactive raw material procurement, and expanding investment in the non-fur business segment.
On shareholder returns, the company also disclosed plans to maintain a certain minimum level of common stock cash dividends for the 2026-2027 fiscal years.
At the general shareholders' meeting scheduled for October 8, 2026, an agenda item related to shareholder value enhancement, including a 5 billion won treasury share buyback and a 10 billion won capital reserve reduction, is on the table.
On the operating front, momentum has continued, with first-half 2026 sales up roughly 50% year-on-year and operating profit turning positive.
The company has also preemptively raised prices on high-end products such as the Sovereign line in response to surging pelt costs, with some top-tier coat products reportedly nearly doubling in price within a year.
With further pelt cost increases likely to be reflected in finished product prices during this winter's peak season, how sales volumes and price increase effects play out in fourth-quarter results will be a key point to watch.
The share price is trading near the lower end of the range it has occupied over the past several years, and it sits at a discount relative to net asset value. On the earnings side, the trajectory has shifted from a sharp profit decline in 2024 toward an expanding profit base through 2025 and the first half of 2026.
On dividends, the company has paid common stock cash dividends consistently in recent years and has disclosed a policy of maintaining dividends at or above a certain level for the next few fiscal years.
Given that sales and profits are concentrated in the winter peak season due to the business's seasonal structure, it is worth examining annual trends and quarterly patterns together rather than judging from any single quarter or point in time.
With an agenda covering treasury share buybacks and a capital reserve reduction on the table at the imminent shareholders' meeting, whether and how fully these shareholder-return measures are executed remains a variable to confirm going forward.
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
Despite mink pelt auction prices rising roughly 96% year-on-year amid expanding Chinese and other global demand, Jindo has raised prices on high-end products like the Sovereign line in tandem, passing cost pressure through to finished product prices.
Some top-tier coats reportedly nearly doubled in price within a year, suggesting that cost increases are not necessarily translating directly into margin erosion.
The dual-track strategy of a high-end Sovereign line and a young, casual Essential line has helped broaden the revenue base, with overall 2025 sales growing more than 20% year-on-year.
In September 2026, the launch of the new Jindo Cashmere brand marked a further attempt to offset the seasonal limitations of the fur-centric business.
The company has set a target of fur segment sales above 95.1 billion won and an operating margin above 12% by 2030, and has also disclosed a policy of maintaining dividends at a certain level for the 2026-2027 fiscal years.
The October 2026 shareholders' meeting includes agenda items for treasury share buybacks and a capital reserve reduction, putting concrete shareholder-return measures up for discussion.
Operating losses were posted in Q2 and Q3 of 2025 and Q2 of 2026, with revenue concentrated in the fourth and first quarters. As a result, full-year earnings are heavily dependent on winter peak-season sales performance, and losses recur repeatedly when looking only at off-season quarters.
The fur-free movement is spreading quickly across the global fashion industry, with major fashion weeks in New York and London banning real fur from runway shows.
While domestic demand remains robust for now, concerns are being raised about the longer-term impact given that overseas fashion trends typically filter into the domestic market over time.
While finished product prices are expected to rise by up to 100% amid surging mink pelt costs, the possibility that stronger consumer price resistance could slow sales volumes cannot be ruled out.
If rising raw material costs are compounded by currency pressures, the burden felt by consumers could intensify even as prices are raised.
Global fur auction prices can fluctuate sharply over short periods depending on demand shifts in specific regions such as China, and there are also structural supply-side constraints from the reduction of farms in major European producing countries.
Because pelt procurement costs feed directly into the cost base, auction price swings have a direct impact on profitability.
The fur-free movement driven by animal welfare concerns could influence domestic consumer perceptions over the long term, and the spread of faux fur products, which carry less price burden and align with ethical consumption preferences, is also progressing. This is a factor that could affect the long-term demand base for a business model centered on natural fur.
With sales concentrated in the autumn-winter season, quarterly results show substantial volatility, and currency exposure exists in overseas raw material procurement since European pelt auctions are transacted in euros.
If peak-season sales fall short of expectations due to weather or shifts in consumer sentiment, the impact could extend to full-year results.
Check whether the agenda items including a 5 billion won treasury share buyback and a 10 billion won capital reserve reduction are approved at the shareholders' meeting, and what the concrete implementation timeline looks like.
It is worth checking how much the pelt price increases have fed into costs and affected profitability in the typically off-season third quarter results.
The impact of finished-product price increases, reflecting the surge in pelt costs, on actual sales volumes and peak-season revenue growth should be examined.
It will be worth checking whether the minimum dividend policy for the 2026-2027 fiscal years has been honored, and how progress compares against the 2030 medium-term targets of fur segment sales above 95.1 billion won and an operating margin above 12%.
Jindo has shown a clear improving trend in operating and net profit through 2025 and the first half of 2026, following a weak earnings year in 2024.
However, this improvement is built on a seasonal structure heavily reliant on peak-season sales in the fourth and first quarters, with operating losses still recurring in the off-season second and third quarters.
Mink pelt prices surged roughly 96% year-on-year amid rising Chinese demand, and the company appears to be passing this through to finished product prices by raising prices on high-end offerings such as the Sovereign line.
At the same time, it is attempting both diversification and seasonal mitigation through the expansion of the Essential line and the launch of the new Jindo Cashmere brand.
The treasury share buyback and capital reserve reduction agenda at the October 2026 shareholders' meeting, along with progress toward the 2030 medium-term targets, will serve as concrete points to gauge both shareholder returns and business performance going forward.
That said, industry-wide structural variables such as the global fur-free movement and raw material price volatility remain unresolved challenges.
Report written 2026-10-02 · Data as of 2026-10-01
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