Topsun

TOPSUN was established in October 2008 as Korea's leading vertically integrated solar solution company, listed on the KONEX market, with SK Eco Plant designated as the de facto controlling entity through Redeemable Convertible Preferred Shares (RCPS).

Its business is structured around four pillars: (1) solar module manufacturing and sales, (2) solar power plant EPC (engineering, procurement, and construction), (3) ESS installation and commissioning, and (4) power project development and operation — with EPC and ESS construction accounting for the majority of revenues.

On the technology front, TOPSUN was the first globally to establish a mass production system for 655 Wp-class solar modules and holds multiple international certifications including Japan's JET and the US UL standard, underpinning its export competitiveness.

Its domestic track record spans 460 MW of cumulative solar plant construction, 420 MVA in 154 kV substation work, and 22.9 kV–154 kV transmission and distribution lines, providing a credible reference base for large project bids.

The key competitive advantage versus peers lies in its end-to-end value chain capability — from project development and design through construction, maintenance, and operation — which has secured its position as the preferred partner for major clients such as SK Innovation and SK Eco Plant.

In the mid-size domestic solar EPC market, TOPSUN competes with peers such as Seojin System and Hankuk Alps; however, few players can combine large-scale EPC, substation construction, and transmission line work under one roof.

The company is accelerating its global footprint through participation in overseas mega-projects such as the approximately KRW 600 billion Texas Concho solar project (456.82 MW) and the establishment of Topsun Power in the UK for a 73 MW solar and BESS program.

SK Eco Plant invested in TOPSUN with the strategic intent of building a fully integrated solar value chain spanning project development, plant construction, and module manufacturing, and this alignment gives TOPSUN privileged access to the parent's global project pipeline.

According to reports from May 2025, TOPSUN's annual revenue peaked at KRW 116.4 billion in FY2022 (operating profit KRW 22.7 billion), before contracting sharply to KRW 89.5 billion in FY2023 (operating profit KRW 1.4 billion) as global inflation, rising interest rates, and monetary tightening weighed on the business.

In FY2023, the cost of goods sold surged 11.2% year-on-year, causing operating profit to decline 42.3% and net profit to plunge 66.5%.

FY2024 showed a meaningful recovery, with revenue rebounding to approximately KRW 110.0 billion, operating profit of roughly KRW 5.0 billion, and net profit of approximately KRW 7.2 billion, reflecting partial restoration of profitability.

In July 2025, TOPSUN secured a landmark single contract — a KRW 160 billion, 137 MW solar plant EPC with SK Innovation E&S at the Taepyeong Salt Farm site in Sinan County — equivalent to roughly 146% of FY2024 annual revenue, with a target commercial operation date of December 2026.

The project scope includes full EPC of the Bitegeseum and Jeungdo Solar Farm plants plus a 154 kV substation and transmission line construction, materially elevating the revenue and value-add of the contract versus a plain plant EPC.

Medium-sized project wins continued through H2 2025, including 28.56 MW in Sinan County and 18 MW at Jeju's Wimi site, building up the order backlog incrementally.

The stock attracted concentrated retail buying in May 2025 amid expectations of a Lee Jae-myung election win and associated renewable energy policy upside; as of June 5, 2026, shares trade at KRW 6,140 (+0.16% day-on-day).

KONEX listing implies extremely thin daily trading liquidity of approximately KRW 100 million, with a market capitalisation of roughly KRW 0.1 trillion, effectively precluding institutional participation.

The structural growth outlook for Korea's solar EPC market is positive given the new government's aggressive renewable energy transition agenda.

The government has set a 2030 target of more than doubling renewable capacity from approximately 35 GW to at least 78 GW, with some analyst estimates suggesting a potential upgrade to 100 GW.

Energy sector research suggests the domestic annual solar and wind installation market could expand from approximately KRW 5 trillion in 2025 to over KRW 15 trillion by 2030.

The expected passage of enabling legislation — including an RE100 Industrial Estate Special Act, the Agri-Solar Act, and transmission expansion under the 'Energy Highway' program — could accelerate EPC order volumes significantly if implemented on schedule.

TOPSUN is well-positioned to capitalise, with the marquee SK Innovation EPC providing a flagship reference, while the 132 MW onshore wind development permit in Uiseong, Gyeongbuk offers a pathway for diversification beyond solar EPC.

Overseas expansion through Topsun Power UK and project pipelines in the US and Guam could drive meaningful international revenue diversification in the medium term, supporting a more balanced and resilient revenue base.

The primary near-term constraints remain the lumpy EPC-concentrated revenue model and the KONEX market's structural illiquidity, while SK Eco Plant's RCPS conversion rights represent a latent governance variable requiring monitoring.