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
Green LifeScience, once centered on pharmaceutical intermediates, is expanding revenue through AI semiconductor material supply to a group affiliate, while recent quarterly profits have shown a recovering trend.
2025 revenue reached KRW 40.3bn, up sharply year over year, but operating margin was only 0.5%, showing a gap between top-line growth and profitability.
Since 2026, quarterly revenue and net profit have expanded consecutively, moving away from the loss-making, low-margin period of 2023–2024.
Sales to affiliate Green Chemical rose from 21.51% of revenue in 2024 to 50.65% in 2025, indicating very high dependence on a single customer.
In July 2026 the company decided on a KRW 6.5bn facility investment to expand AI semiconductor material and API production capacity by year-end.
The top two customers account for 81.64% of revenue, leaving new capacity utilization exposed to the ordering decisions of a few clients.
Green LifeScience, a KPX Holdings group affiliate, has built its business on pharmaceutical raw materials and intermediates plus agrochemical raw materials, and has recently expanded into precision chemical materials for AI semiconductors and displays.
Its main products include AMZ, a raw material for crop protection agents, CCIM, a key intermediate for cyazofamid, the pharmaceutical intermediate DSIC, and the antibiotic intermediate AM19.
Using large-scale reactor facilities, phosgene reaction processes, and hydrogenation technology, the company is cultivating contract manufacturing (CMO) for multinational pharmaceutical clients as a core strategic business.
More recently it has broadened into precision chemical products such as circuit board and QLED materials in response to growth in the semiconductor and display industries.
The central axis of this business transformation is an AI semiconductor material supply contract with group affiliate Green Chemical (083420), whose share of Green LifeScience's revenue jumped from 21.51% in 2024 to 50.65% in 2025.
Combined with rising utilization at the Hwachi plant, the top two customers now account for 81.64% of revenue (63.83% and 17.81% respectively), reflecting very high customer concentration.
The company is also developing peptide intermediates for GLP-1 class obesity treatments and supplies circuit-board raw materials to a domestic customer.
Comparable companies in the API and precision chemicals sector include Kyungbo Pharm, Kolon Life Science, Chong Kun Dang Bio, Hitech Pharm, and Daejung Chemicals & Metals.
While its once-core pharmaceutical intermediate revenue has been shrinking, the electronic materials segment has overtaken it, shifting the company's identity toward a precision chemicals and electronic materials supplier.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.5B | ₩12,816,915 | 0.1% |
| 2025Q3 | ₩11.4B | ₩100M | 0.9% |
| 2025Q4 | ₩12.6B | ₩1.2B | 9.7% |
| 2026Q1 | ₩15.5B | ₩600M | 3.8% |
| 2026Q2 | ₩19B | ₩1.8B | 9.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩36.5B | -₩4B | -₩3.5B | −10.8% | −6.7% | 18.6% |
| 2023 | ₩22.4B | -₩4.6B | -₩16.4B | −20.8% | −45.5% | 21.9% |
| 2024 | ₩24.9B | ₩400M | ₩1.6B | 1.5% | 4.4% | 25.8% |
| 2025 | ₩40.3B | ₩200M | ₩100M | 0.5% | 0.3% | 43.3% |
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
Consolidated revenue in 2025 reached KRW 40.34bn, sharply higher than KRW 24.86bn in 2024, but operating profit was only KRW 204mn (0.5% operating margin) and net profit attributable to owners just KRW 110mn, meaning profitability improvement lagged the pace of revenue growth.
In 2024, revenue of KRW 24.86bn, operating profit of KRW 377mn (1.5% margin), and net profit of KRW 1.56bn marked a recovery from the prior year's large losses.
In 2023, revenue was KRW 22.37bn with an operating loss of KRW 4.64bn (-20.8% margin) and a net loss of KRW 16.36bn; 2022 also posted a loss, with revenue of KRW 36.50bn, an operating loss of KRW 3.96bn (-10.8%), and a net loss of KRW 3.53bn, extending losses to two consecutive years.
According to FnGuide, cumulative standalone revenue through the third quarter of 2025 rose 54.7% year over year, but cost pressure pushed operating and net profit into losses on that basis. On a quarterly basis, revenue of KRW 11.48bn, operating profit of KRW 1.28bn...
(figures in KRW, using the provided quarterly data), operating profit of KRW 12.8mn and net profit of KRW 36.2mn in 2025Q2 improved to revenue of KRW 11.35bn, operating profit of KRW 105mn and net profit of KRW 490mn in Q3, then revenue of KRW 12.64bn, operating profit of KRW 1.22bn and net profit of KRW 730mn in Q4.
In 2026, Q1 revenue of KRW 15.55bn, operating profit of KRW 585mn and net profit of KRW 1.75bn was followed by Q2 revenue of KRW 19.04bn, operating profit of KRW 1.80bn and net profit of KRW 4.38bn, expanding both revenue and profit simultaneously.
This improvement is attributed to a roughly 18 percentage-point rise in Hwachi plant utilization within a year, which eased the fixed-cost burden, and indeed Q1 2026 operating profit turned positive from a loss a year earlier.
Combined net profit attributable to owners over the most recent four quarters (2025Q3–2026Q2) was about KRW 7.36bn, a marked acceleration versus the full-year 2025 net profit of only KRW 110mn.
Meanwhile the debt ratio rose from 18.6% in 2022 to 43.3% in 2025, and equity fell from KRW 52.64bn in 2022 to KRW 38.29bn in 2025, reflecting both the accumulated impact of past large losses and increased external funding needs tied to revenue expansion.
The API and precision chemicals sector in which Green LifeScience operates sits at the intersection of expanding global pharmaceutical outsourcing and rising domestic demand for localized semiconductor and display materials.
The company has stated that it is preemptively expanding capacity in response to the fast-growing AI semiconductor materials market and increasing global demand for active pharmaceutical ingredients.
However, the core driver of electronic materials growth is sales to group affiliate Green Chemical, and whether the top two customers continue placing orders determines overall performance and plant utilization.
Peer companies in the sector include Kyungbo Pharm, Kolon Life Science, Chong Kun Dang Bio, Hitech Pharm, and Daejung Chemicals & Metals; compared with these, Green LifeScience has a relatively small revenue base and higher dependence on specific customers.
The pharmaceutical intermediates segment has seasonality (agrochemical demand concentrated in the first half) and a shrinking share of revenue, while the electronic materials segment has become the new growth driver.
Because CMO operations carry a high proportion of fixed costs, changes in utilization have an outsized impact on earnings, a dynamic cited to explain both the recent improvement and the prior years' losses.
The GLP-1 obesity-treatment peptide raw material and CDMO field is a growth area drawing competitive interest from multiple domestic materials and bio companies, and Green LifeScience's related development efforts are aligned with this trend.
On July 30, 2026, the company decided on a KRW 6.5bn facility investment aimed at expanding AI semiconductor material production and adding new API items. The investment period runs from July 30 to December 31, 2026, and the amount equals 16.95% of equity (KRW 38.36bn).
Earlier, the company signed successive AI semiconductor material supply contracts with Green Chemical: KRW 14.03bn in March 2026 (contract period March 17–December 31, 2026) and KRW 10.05bn in May 2026 (contract period May 18–December 31, 2026), building near-term revenue visibility.
Since most of these contracts expire on December 31, 2026, whether they are renewed and whether follow-on volumes are secured afterward will be a key point to watch for the next growth phase.
The company is also developing peptide intermediates for GLP-1 class obesity treatments, part of its strategy to diversify into new product items. Management has noted that the investment amount and timeline may change depending on future business conditions and progress, signaling some execution uncertainty.
Still, as long as heavy dependence on the top two customers persists, new capacity utilization remains exposed to those customers' ordering decisions.
Green LifeScience's shares trade close to net asset value, without a clear premium or steep discount to book value being observed.
On the earnings side, the loss-making, low-margin phase of 2023–2024 has given way to sequentially larger quarterly net profits since 2025, and how the market reflects this pace of recovery is a point worth watching. The company has not paid cash dividends in recent years, limiting its dividend appeal.
Given a history of swinging between losses and profits within past earnings bands, the sustainability of the recent quarterly improvement is likely to be a central variable in any valuation discussion.
The business structure's high customer concentration and heavy reliance on affiliate transactions are factors that could amplify earnings volatility and are worth weighing alongside valuation.
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 sharp rise in 2025 revenue was driven by entry into AI semiconductor materials, with successive supply contracts signed with Green Chemical strengthening the revenue base. In July 2026 the company also decided on a KRW 6.5bn investment to expand related capacity. This reflects an effort to diversify growth drivers away from the legacy pharmaceutical intermediate business.
From 2025Q2 through 2026Q2, revenue, operating profit, and net profit generally expanded quarter by quarter. Operating profit in 2026Q1 turned positive from a loss a year earlier, and Hwachi plant utilization rose noticeably.
Given the high fixed-cost nature of the business, rising utilization has translated directly into earnings improvement.
Two contracts signed with Green Chemical during 2026 have secured a substantial portion of the revenue base through year-end. Affiliate transactions can offer some buffer in terms of relationship stability, though this also overlaps with the bear case of dependence on a specific counterparty.
Operating margin was only 0.5% in 2025 and 1.5% in 2024, meaning the profit conversion from revenue growth has been limited. The large losses of 2023 (-20.8%) and 2022 (-10.8%) also remain part of the record, warranting continued attention to whether the margin structure improves fundamentally.
The top two customers account for 81.64% of revenue (63.83% and 17.81% respectively), meaning a change in either customer's ordering policy could directly affect performance. In particular, sales to Green Chemical rose sharply from 21.51% of revenue in 2024 to 50.65% in 2025, deepening this concentration.
The company has not paid cash dividends in recent years. The debt ratio rose from 18.6% in 2022 to 43.3% in 2025, while equity fell from KRW 52.64bn to KRW 38.29bn over the same period, reflecting both accumulated past losses and increased external funding.
Dependence on the top two customers reaches 81.64%, with sales to Green Chemical alone approaching half of revenue. A change in group-internal policy or a reduction in orders from a specific customer could immediately affect performance.
FnGuide noted that even as cumulative standalone revenue rose through the third quarter of 2025, cost pressure pushed operating and net profit into losses. Rising raw material prices have also been cited as a burden on profitability, making cost management a key variable for future margin direction.
As the company itself has stated, the amount and timeline of the KRW 6.5bn facility investment may change depending on future business conditions and progress. There is also a risk that if top customers cut orders, the new facility could become underutilized, with fixed costs such as depreciation weighing on earnings.
Check whether Q3 2026 revenue and operating profit continue the improving trend seen in Q2 (revenue of KRW 19.04bn, operating profit of KRW 1.80bn).
This is the targeted completion date for the KRW 6.5bn facility investment; actual start-up timing and initial utilization should be checked.
This is the expiration date for the KRW 14.03bn and KRW 10.05bn AI semiconductor material supply contracts with Green Chemical; watch for disclosures on renewal or follow-on volumes.
Watch for further disclosures or updates on progress in GLP-1 class peptide intermediate development and new API item expansion.
Green LifeScience has shifted its business axis from legacy pharmaceutical intermediates toward AI semiconductor material supply to a group affiliate, driving substantial revenue growth since 2025, with quarterly operating and net profit showing a clear recovery through 2026.
However, this growth rests heavily on the top two customers, particularly affiliate Green Chemical, leaving performance sensitive to changes in that customer's ordering policy. Operating margin remains in the low single digits, and the large losses of 2022–2023 have not yet been fully offset by subsequent profits.
The KRW 6.5bn capacity expansion and the successive contracts signed with Green Chemical improve near-term revenue visibility, but whether the new facility's utilization materializes as planned still needs to be confirmed.
Efforts to diversify into new items such as GLP-1 peptide intermediate development are meaningful for medium- to long-term growth but remain at an early stage.
Overall, the stock sits at an intersection of bullish factors—growth and earnings recovery—and bearish factors—customer concentration, thin margins, and the absence of dividends.
Report written 2026-09-05 · Data as of 2026-09-04
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