PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩115 per share · Prices as of the 2026-10-02 close
Gritee posted second-quarter 2026 revenue of KRW 59.89 billion and operating profit of KRW 3.69 billion, returning to profit after two consecutive quarterly net losses, even as full-year 2025 operating margin fell from prior years and the debt ratio rose sharply.
Annual revenue rose for four straight years, from KRW 143.1 billion in 2022 to KRW 201.7 billion in 2025.
2025 operating margin fell to 3.9% from 6.3% in both 2023 and 2024, while the debt ratio jumped to 70.5% from 26.7% a year earlier.
After net losses in both 2025Q4 and 2026Q1, the company swung back to profit in 2026Q2 with owners' net income of KRW 3.50 billion.
As of 2026Q1, underwear products accounted for 92.9% of sales and domestic sales for 92.5%, indicating high reliance on a single category and the home market.
Diversification efforts continue via functional-fabric collaboration with Hyosung TNC and growth of the athleisure brand 'huit'.
Gritee is a lifestyle-wear company whose core business is women's underwear, holding domestic distribution rights to Wonderbra and Playtex, brands owned by global underwear maker HBI.
The company operates a multi-brand portfolio combining its own brand 'Gamtan Bra' with licensed brands such as Benetton, Just My Size, and Juicy Couture.
Through its subsidiary M Global, the company sources contract-manufactured products from overseas factories in Vietnam, Indonesia, and China, distributing them through online, TV home shopping, and offline channels.
As of 2026Q1, underwear products (bras, panties, etc.) accounted for 92.9% of total revenue, reaffirming their status as the core business, while athleisure and other apparel made up about 7.1%.
By sales channel, domestic underwear sales represented 92.5% of revenue while overseas sales were just 0.3%, underscoring a domestic-market-centric structure.
In 2020 the company launched the athleisure brand 'huit,' pursuing diversification through department store counters, directly-operated stores, and its own online mall.
Competition in the domestic underwear market has intensified with entries by large SPA brands and fashion companies, though the company is assessed as maintaining a leading position based on brand power and design competitiveness.
Founder and chairman Moon Young-woo remains the largest shareholder, while recent business momentum has reportedly been led by his second son, business strategy office head Moon Myung-ki, suggesting a gradually forming succession structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩62.1B | ₩2.4B | 3.8% |
| 2025Q3 | ₩56.5B | ₩3.6B | 6.3% |
| 2025Q4 | ₩42.1B | ₩700M | 1.6% |
| 2026Q1 | ₩38.4B | ₩600M | 1.5% |
| 2026Q2 | ₩59.9B | ₩3.7B | 6.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩143.1B | ₩2.9B | ₩2B | 2.0% | 2.9% | 29.5% |
| 2023 | ₩176.1B | ₩11.1B | ₩8.5B | 6.3% | 11.1% | 24.1% |
| 2024 | ₩194.7B | ₩12.3B | ₩9.7B | 6.3% | 11.9% | 26.7% |
| 2025 | ₩201.7B | ₩7.9B | ₩4.7B | 3.9% | 5.6% | 70.5% |
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
Annual revenue rose for four consecutive years, from KRW 143.16 billion in 2022 to KRW 176.10 billion in 2023, KRW 194.74 billion in 2024, and KRW 201.72 billion in 2025.
However, operating margin, which improved from 2.0% in 2022 to 6.3% in both 2023 and 2024, fell back to 3.9% in 2025, meaning revenue growth and margin improvement did not move together that year.
Owners' net income likewise climbed to KRW 8.49 billion in 2023 and KRW 9.72 billion in 2024 before falling by more than half to KRW 4.69 billion in 2025. On the balance sheet side, the debt ratio jumped sharply from 26.7% in 2024 to 70.5% in 2025, marking a notable shift in capital structure.
Quarterly, owners' net income was solid at KRW 1.68 billion in 2025Q2 and KRW 2.41 billion in 2025Q3, but revenue fell to KRW 42.14 billion in Q4, turning into a net loss of KRW 0.40 billion.
The net loss continued into 2026Q1, with revenue of just KRW 38.42 billion and operating profit of KRW 0.59 billion translating into a net loss of KRW 0.38 billion.
Revenue then recovered to KRW 59.89 billion in 2026Q2, with operating profit of KRW 3.69 billion and owners' net income of KRW 3.50 billion, ending two consecutive quarters of losses.
Summing owners' net income over the most recent four quarters (2025Q3 through 2026Q2) yields KRW 5.14 billion, highlighting considerable quarter-to-quarter earnings volatility.
Operating cash flow rose to KRW 9.73 billion in 2025 from KRW 3.12 billion in 2024, showing improved cash generation even as net income declined.
Competition in the domestic underwear market is reportedly intensifying due to the entry of large SPA brands and general fashion companies.
Gritee has grown on the back of its distribution rights to Wonderbra and Playtex, brands owned by HBI, the world's largest underwear company, but this also implies meaningful dependence on licensed brands.
The company continues a diversification strategy built around its own brand Gamtan Bra and the athleisure brand huit, aiming to reduce concentration in any single brand or category.
It recently partnered with Hyosung TNC to launch a new product using 'AquaFresh25,' a high-functionality fabric with cooling and odor-neutralizing properties, applied to Gamtan Bra, with plans to extend the collaboration across Wonderbra, Playtex, Just My Size, Benetton, Juicy Couture, and huit.
On the distribution side, there is a shift away from the traditional TV home shopping-centric model toward greater emphasis on the company's own online mall and digital marketing.
The outsourced manufacturing structure using overseas production bases in Vietnam, Indonesia, and China exposes the company to global supply-chain variables such as labor costs and foreign exchange.
Given the overwhelming share of domestic sales, changes in domestic consumption conditions and online-offline distribution trends carry relatively large influence on results.
Based on its technology research agreement with Hyosung TNC, the company has stated plans to extend high-functionality fabric applications beyond Gamtan Bra to Wonderbra, Playtex, Just My Size, Benetton, Juicy Couture, and huit.
On the distribution front, the company has outlined plans to grow its own online mall through expanded e-commerce and digital marketing, and to continue expanding into major department stores and mixed-use retail complexes.
The athleisure brand huit continues to operate as a diversification pillar through offline stores and department-store counters. On the ownership side, founder and chairman Moon Young-woo made his first share gift to his second son, office head Moon Myung-ki, suggesting a gradually materializing succession structure.
In terms of shareholder value initiatives, the company canceled treasury shares equal to 3.46% of total shares outstanding in 2025. Whether the pattern of quarterly volatility seen from late 2025 into early 2026—losses in Q4 and Q1 followed by a return to profit in Q2—recurs in coming quarters is a key point to watch.
The background to the sharp rise in the debt ratio in 2025 and its subsequent trajectory also warrants continued monitoring from a balance-sheet stability standpoint.
Gritee's share price trades at a level that appears discounted relative to book net asset value, a pattern that can be interpreted in light of the earnings volatility of recent years and the rise in the debt ratio in 2025.
Looking at multi-year results, the company moved from a period of lower profitability in 2022 through an earnings-recovery phase in 2023–2024, before margins compressed again in 2025, while on a quarterly basis the pattern of swinging between losses and profits has recurred.
On dividends, the company has a history of paying cash dividends, though the yield level itself is best considered alongside earnings volatility rather than in isolation.
As a small-cap KOSDAQ stock with a limited market capitalization, trading liquidity and supply-demand factors may also exert a relatively larger influence on price than for larger issues.
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
After net losses in both 2025Q4 and 2026Q1, the company returned to profit in 2026Q2 with revenue of KRW 59.89 billion and owners' net income of KRW 3.50 billion. Revenue also recovered sharply from the prior quarter, suggesting a possible seasonal rebound. Whether this rebound continues into subsequent quarters remains to be observed.
The company operates global licensed brands such as Wonderbra and Playtex alongside its own brand Gamtan Bra and athleisure brand huit, spreading single-brand risk across a broader portfolio.
Its functional-fabric collaboration with Hyosung TNC is planned to expand across all brands, leaving room to strengthen product competitiveness. A multi-channel distribution network spanning TV home shopping, online, and offline also stands out as a strength.
Annual revenue increased for four consecutive years from 2022 through 2025. In 2025, the company canceled treasury shares equal to 3.46% of shares outstanding alongside other shareholder-value measures. The founder's share gift to his second son also continued, a point relevant to management stability.
2025 operating margin fell to 3.9% from 6.3% in both 2023 and 2024, and owners' net income dropped to less than half of the prior year's level. At the same time, the debt ratio jumped from 26.7% to 70.5%. Despite revenue growth, profitability and balance-sheet structure did not improve together that year.
The company posted net losses in both 2025Q4 and 2026Q1 before swinging sharply back to profit in Q2, reflecting substantial quarter-to-quarter earnings dispersion. This volatility makes it difficult to judge the full-year trend from any single quarter's results.
As of 2026Q1, underwear products made up 92.9% of revenue and domestic sales 92.5%, indicating high concentration in both product category and geography. This structure leaves results sensitive to shifts in a single category or domestic consumption conditions.
The domestic underwear market is reportedly experiencing intensifying competition from continued entry by large SPA brands and general fashion companies.
While the company is assessed as maintaining a leading position through brand power and design competitiveness, rising competitive intensity could pressure market share and pricing policy.
Brands such as Wonderbra and Playtex, which account for a substantial share of revenue, are based on domestic distribution rights contracts with HBI. Changes in licensing terms or issues around contract renewal could affect business stability.
The reasons behind the sharp rise in the 2025 debt ratio and its future trajectory warrant continued monitoring from a balance-sheet stability perspective.
In addition, as share gifting from the founder to his second son is ongoing, changes in ownership structure and related tax burdens during the succession process are also variables to watch.
Around the expected filing date of the Q3 2026 report, a key point to check whether the 2026Q2 return to profit continued and how the debt ratio trended.
A window to check whether the functional-fabric collaboration with Hyosung TNC is actually extended to other brands such as Wonderbra and huit, and whether related new products are launched.
Should further share gifts to the founder's son or new treasury-share disclosures occur, the direction of the succession structure and shareholder-return policy would need to be reassessed.
A point to comprehensively review changes in the athleisure brand huit's store count and revenue share, along with the final direction of annual operating margin and the debt ratio.
Gritee is a multi-brand, multi-channel lifestyle-wear company centered on underwear, with revenue growing steadily from 2022 through 2025, even as 2025 saw a decline in operating margin alongside a sharp rise in the debt ratio.
Quarterly results showed a volatile pattern, with net losses in both 2025Q4 and 2026Q1 followed by a clear return to profit in 2026Q2.
Amid ongoing diversification through expanded functional-fabric collaboration with Hyosung TNC and growth of the athleisure brand huit, high dependence on licensed brands such as Wonderbra and Playtex and a domestic-market-concentrated structure remain relevant considerations.
Governance and shareholder-return-related developments, including share gifting from the founder to his second son and treasury-share cancellation, have also been observed.
Going forward, the trajectory of quarterly earnings, the debt ratio, and the extent of brand-collaboration expansion are likely to be the key points for understanding this company.
Report written 2026-09-05 · Data as of 2026-09-04
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