PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Lion Chemtech, a chemical materials maker centered on artificial marble and synthetic wax, has shown improving operating margins since its controlling shareholder changed to Taekyung Group in 2025.
Consolidated 2025 revenue fell 8.1% year-on-year, but operating profit rose 21.3%, lifting the operating margin to 8.7%.
Ownership changed to Taekyung Group in March 2025 after 52 years under the founding family, with new CEO Kim Hong-jin taking charge.
Over the trailing four quarters (2025Q3-2026Q2), revenue fluctuated by quarter, with 2026Q2 marking the highest quarterly revenue in this window.
The debt ratio fell from 32.3% in 2023 to 16.2% in 2024, then edged up to 20.3% in 2025, remaining at a low level overall.
In April 2026, the stock swung sharply on short-term flows tied to a robotics/materials theme, showing volatility disconnected from underlying earnings.
Lion Chemtech, founded in Daejeon in 1973, produces artificial marble used in architectural interior/exterior materials and synthetic wax used as a plastics processing additive.
Revenue mix varies somewhat by period, but artificial marble accounts for roughly 66-71% of sales and synthetic wax roughly 24-30%, with the remainder from other items.
The company is reported to hold the No.1 domestic market share in synthetic wax (around the No.4 position globally) and the No.3 domestic position in artificial marble (also around No.4 globally).
In 2023 the synthetic wax business was spun off via a physical division into a wholly owned subsidiary, Lion Advanced Materials, separating the two businesses into distinct legal entities.
In March 2025, the entire stake held by founder Park Hee-won and family was sold to Taekyung BK and Taekyung Chemical, both Taekyung Group affiliates, marking the first change of controlling shareholder in 52 years, with Kim Hong-jin, a former CEO of Donghwa Industry, appointed as the new chief executive.
Main customers are in construction, interior, kitchen countertop, and bathroom material segments, with Honeywell, Coskem, and SFC cited among global and domestic competitors.
The company has outlined growth strategies including expanding European sales, wider-format marble slabs, wave-pattern product development, and building out engineered stone (E-Stone) production facilities.
Notably, two prior attempts to sell control (in 2017 and 2022) had fallen through, making the 2025 Taekyung Group deal the third and first successfully completed attempt.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩38.4B | ₩5.1B | 13.2% |
| 2025Q3 | ₩36.6B | ₩4.8B | 13.1% |
| 2025Q4 | ₩30.3B | ₩3.5B | 11.7% |
| 2026Q1 | ₩36.6B | ₩4.2B | 11.4% |
| 2026Q2 | ₩42B | ₩5.2B | 12.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩152B | ₩11B | ₩8.8B | 7.2% | 7.2% | 23.9% |
| 2023 | ₩130.8B | ₩7.8B | ₩7.1B | 6.0% | 5.5% | 32.3% |
| 2024 | ₩141.8B | ₩9.4B | ₩8.8B | 6.6% | 6.7% | 16.2% |
| 2025 | ₩130.3B | ₩11.4B | ₩8.5B | 8.7% | 6.1% | 20.3% |
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 2025 revenue came to KRW 130.27 billion, down 8.1% from KRW 141.81 billion in 2024, while operating profit rose 21.3% to KRW 11.37 billion, lifting the operating margin from 6.6% in 2024 to 8.7% in 2025.
Net income attributable to owners was KRW 8.50 billion, down a modest 3.7% from KRW 8.82 billion the prior year.
Looking across years, revenue and operating profit both contracted sharply from KRW 152.0 billion and KRW 11.0 billion, respectively, in 2022 to KRW 130.8 billion and KRW 7.8 billion in 2023, before profitability recovered through 2024-2025.
The debt ratio rose to 32.3% in 2023, fell to 16.2% in 2024, and ticked back up to 20.3% in 2025. Operating cash flow jumped to KRW 27.07 billion in 2025 from KRW 6.06 billion in 2024, with cash generation improving more visibly than reported earnings.
Over the trailing four quarters (2025Q3-2026Q2), revenue moved from KRW 36.55 billion to KRW 30.26 billion to KRW 36.62 billion to KRW 42.02 billion, while operating profit ran KRW 4.78 billion, KRW 3.53 billion, KRW 4.19 billion, and KRW 5.19 billion, keeping the quarterly operating margin roughly in an 11-13% range.
Notably, in 2025Q3 net income attributable to owners (KRW 5.17 billion) exceeded operating profit (KRW 4.78 billion), suggesting a period where non-operating items lifted the bottom line. 2026Q2 net income attributable to owners was KRW 4.49 billion, up 69.6% year-on-year from KRW 2.65 billion.
Artificial marble demand is tied to construction and interior cycles across architectural exterior/interior materials, kitchen countertops, and bathroom fixtures, an industry long dominated globally by competitors such as DuPont.
In the domestic market Lion Chemtech maintains a No.3 position, competing on an ongoing basis against Honeywell, Coskem, and SFC.
Synthetic wax, produced via pyrolysis of polyethylene and polypropylene, is a plastics processing additive that represents a small share of final product content but has an outsized effect on quality, giving it a relatively stable demand base.
Because feedstocks are petrochemical-derived, swings in global crude oil and naphtha prices feed directly into costs. Exports to Europe have historically accounted for a substantial share of total exports, so European construction conditions and exchange rates influence results.
A prolonged slowdown in domestic construction and remodeling activity could weigh on local sales, while demand for higher value-added products such as premium interiors and engineered stone is viewed as relatively resilient.
The company has outlined growth strategies centered on expanding European sales, increasing sales volume of wider-format marble slabs, developing varied wave-pattern designs, and building out engineered stone production capacity.
Since joining Taekyung Group in 2025, the market has shown interest in potential business linkages and portfolio diversification with affiliates such as Taekyung Chemical and Taekyung BK, though no concrete synergy plan has been formally confirmed.
A May 2025 announcement of a joint four-legged robot service development with Neubility and Lion Robotics resurfaced as a driver of theme-based trading flows in April 2026, though its connection to the core business appears limited.
The synthetic wax subsidiary, Lion Advanced Materials, continues R&D and commercialization as a separate legal entity, reportedly favoring a phased expansion approach over large upfront investment.
The fact that operating margins over the trailing four quarters ran in the 11-13% range, above the 2025 full-year figure of 8.7%, suggests ongoing cost management or product-mix improvement.
Whether European certification progress, new facility ramp-up, or a Taekyung Group-level strategic announcement materializes going forward remains a point to monitor.
Because the absolute level of the current share price changes daily, this section describes only its relative positioning. The stock has traded at a discount to net asset value per share, meaning the premium over book value has not been large.
On the earnings side, operating profit and net income have shown a recovery trend since the 2023 trough, and factoring in the trailing four quarters suggests a phase that could be read as improved versus the full-year figures.
On dividends, the company has a track record of paying a year-end cash dividend in the most recent fiscal year, and the appeal of that dividend should be assessed in terms of continuity rather than an absolute figure.
How the market assesses governance stability following the Taekyung Group ownership change is a matter that will need more time to confirm. Judgment on the absolute valuation level is left to individual investors.
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 2025 operating margin of 8.7% rose steadily from 6.0% in 2023 and 6.6% in 2024. Over the trailing four quarters (2025Q3-2026Q2), quarterly operating margins ran in the 11-13% range, above the full-year figure. This suggests possible ongoing improvement in cost management or product mix.
The debt ratio has generally stayed low, moving from 32.3% in 2023 to 16.2% in 2024 and 20.3% in 2025. Operating cash flow rose sharply to KRW 27.07 billion in 2025 from KRW 6.06 billion in 2024, marking a notable improvement in cash generation relative to reported earnings. This can be viewed positively from a financial stability standpoint.
In March 2025, controlling ownership shifted to Taekyung Group affiliates Taekyung BK and Taekyung Chemical, ending 52 years under the founding family. The new CEO, Kim Hong-jin, previously led Donghwa Industry, raising the possibility of a business reset under new management. However, concrete synergy plans have not yet been formalized and warrant monitoring of future announcements.
Consolidated revenue fell sharply from KRW 152.0 billion in 2022 to KRW 130.8 billion in 2023, partially recovered to KRW 141.8 billion in 2024, but declined again by 8.1% to KRW 130.3 billion in 2025. The lack of a clear growth trajectory over four years can be flagged as a weakness in terms of top-line expansion.
In 2025Q3, net income attributable to owners (KRW 5.17 billion) exceeded operating profit (KRW 4.78 billion), suggesting non-operating factors affected the bottom line.
Such quarter-to-quarter divergence is a point to watch when assessing earnings quality, and the wide swings in quarterly net income call for caution in reading trends.
In April 2026, the stock jumped 18.89% in a single day amid a robotics/materials theme, illustrating short-term flow-driven volatility unrelated to fundamentals. Such thematic swings, typical of small-cap stocks, can widen the gap between price and underlying performance. The history of two prior failed attempts to sell control also remains a source of uncertainty.
Key feedstocks for synthetic wax and artificial marble are petrochemical-derived, so swings in global crude oil and naphtha prices directly affect costs. With a reportedly meaningful share of exports going to Europe and other overseas markets, currency fluctuations can also affect results. Cost management capacity is a key variable in defending margins.
Artificial marble demand is linked to construction and remodeling cycles across exterior/interior materials, countertops, and bathroom fixtures. A slowdown in domestic or overseas construction activity could pressure sales volumes and utilization rates.
Even if demand for higher value-added products remains relatively resilient, overall volume growth could still be constrained.
While the change of controlling shareholder to Taekyung Group was completed in 2025, the history of two prior failed control-sale attempts means the market has not yet fully formed confidence in the future strategic direction.
The possibility of business restructuring or further equity changes under the new management cannot be ruled out. Continued monitoring of related disclosures is warranted.
Check the 2026Q3 quarterly report disclosure to see whether revenue and operating profit trends continue the margin improvement seen over the trailing four quarters.
Based on the past pattern of year-end dividend disclosures in late January, this is a point to check the fiscal year 2026 dividend policy announcement (continuation and size of the cash dividend).
Watch related disclosures and IR materials for any announcement of business linkages, new investment, or strategic direction with Taekyung Group affiliates following the ownership change.
Track disclosures and IR updates for concrete progress on the company's stated growth strategies, including European market certification/export expansion and engineered stone facility buildout.
Lion Chemtech is a chemical materials company centered on artificial marble and synthetic wax that underwent its first change of controlling shareholder in 52 years when Taekyung Group acquired control in 2025.
On the earnings side, notably, the 2025 operating margin expanded to 8.7% and operating cash flow rose sharply even as revenue declined year-on-year. Over the trailing four quarters (2025Q3-2026Q2), quarterly operating margins held in the 11-13% range, above the full-year figure.
That said, revenue has lacked a clear growth trajectory since 2022, and periods such as 2025Q3, where non-operating factors affected net income, warrant scrutiny of earnings quality.
Concrete synergies or new strategy following the Taekyung Group ownership change have not yet been formalized, and thematic flow-driven volatility such as that seen in April 2026 remains a risk separate from underlying performance.
Sequentially monitoring upcoming quarterly results, dividend policy, and any Taekyung Group-level strategic announcements appears to be a reasonable approach going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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