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
Humasis is navigating a transition period in which its revenue base has shifted toward subsidiary Billyonce and its controlling shareholder has changed repeatedly since the COVID-19 diagnostics boom ended.
2025 consolidated revenue was KRW 30.1 billion with an operating loss of KRW 10.6 billion, remaining well below pre-pandemic boom levels.
In March 2026 the CEO changed to Park Woo-ram, and in May 2026 the controlling shareholder shifted to Incon, restructuring governance under the Stella Private Equity group.
Through subsidiary Billyonce (formerly Blade Entertainment), the company operates condom and medical rubber manufacturing plus an entertainment business, with a large share of consolidated revenue now dependent on this unit.
Between 2024 and 2026 the company added new business purposes in mineral development and sales as well as semiconductor materials and equipment, pursuing diversification.
Over the trailing four reported quarters (2025Q3-2026Q2), net income swung between profit and loss, reflecting significant volatility from non-operating items.
Founded in 2000, Humasis has operated as a point-of-care testing (POCT) diagnostics company developing and manufacturing immunoassay reagents and quantitative analyzers.
Through subsidiary Billyonce, the company also produces condoms and medical rubber products and runs an entertainment business, a structure created after acquiring a 34.8% stake in Blade Entertainment (now Billyonce) for roughly KRW 48 billion in 2024.
As a result, the center of gravity of consolidated revenue has shifted heavily toward the subsidiary: Billyonce's recent annual consolidated revenue was about KRW 25.3 billion, while Humasis's standalone revenue was only about KRW 4.7 billion.
Over the same period, sales of core POCT diagnostic products fell sharply, dragging down the legacy business as well.
The company acquired a 9.67% stake in Gyeongnam Pharm in November 2024, and added mineral development and sales as a new business purpose at its 2024 annual general meeting, followed by semiconductor materials and equipment as a new business purpose at its March 2026 annual general meeting, continuing its diversification push.
On the governance side, Park Woo-ram, a former managing director at Igis Investment Partners, was appointed as an inside director and CEO at the March 31, 2026 annual general meeting, and in May 2026 the controlling shareholder changed from Artist Co. to Incon, restructuring the group under Stella Private Equity at the top of the ownership chain.
A par-value consolidation from KRW 100 to KRW 500 per share was also decided in early 2026, reportedly with an eye toward KOSDAQ penny-stock regulations.
Humasis is thus in the midst of transforming from a single-business diagnostics company into a diversified group spanning entertainment, rubber products, minerals, and semiconductor materials.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.9B | -₩2B | −23.1% |
| 2025Q3 | ₩8.7B | -₩2.5B | −28.3% |
| 2025Q4 | ₩6.4B | -₩3.3B | −51.8% |
| 2026Q1 | ₩8.9B | -₩1.6B | −18.2% |
| 2026Q2 | ₩7.7B | -₩3.3B | −42.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩471.3B | ₩214.7B | ₩182.6B | 45.6% | 52.7% | 34.8% |
| 2023 | ₩13.8B | -₩52.4B | -₩55.4B | −378.6% | −19.3% | 20.9% |
| 2024 | ₩25.4B | -₩10.6B | -₩30.4B | −41.5% | −13.3% | 33.2% |
| 2025 | ₩30.1B | -₩10.6B | -₩15.6B | −35.0% | −7.3% | 38.9% |
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 results clearly illustrate the fading of the COVID-19 diagnostics windfall.
After peaking in 2022 with revenue of KRW 471.2 billion and operating profit of KRW 214.7 billion (a 45.6% operating margin), revenue collapsed to KRW 13.8 billion in 2023, producing an operating loss of KRW 52.4 billion (a -378.6% margin).
Revenue recovered somewhat to KRW 25.4 billion in 2024, but the operating loss continued at KRW 10.6 billion (-41.5% margin), and in 2025 revenue reached KRW 30.1 billion while the operating loss remained at KRW 10.6 billion (-35.0% margin).
Net loss attributable to owners narrowed from KRW 30.4 billion in 2024 to KRW 15.6 billion in 2025, a change that appears driven more by non-operating items than by operating improvement.
On a quarterly basis from 2025Q2 through 2026Q2, revenue fluctuated between roughly KRW 6.4 billion and KRW 8.9 billion, while the operating loss persisted every quarter in the range of KRW 1.6-3.3 billion.
Net income attributable to owners, however, swung dramatically: it turned positive in 2025Q3 (+KRW 0.68 billion) and 2026Q1 (+KRW 3.47 billion) but reverted to sizeable losses in 2025Q4 (-KRW 8.53 billion) and 2026Q2 (-KRW 11.22 billion), suggesting non-operating factors such as equity-method or valuation gains and losses have driven earnings direction more than operating performance.
Market commentary has also noted that gross profit turned positive on the back of higher service revenue and a recovery in product sales alongside reduced cost burden, pointing to some improvement in cost structure.
On the cash flow side, operating cash flow reversed from -KRW 55.4 billion in 2023 to +KRW 25.0 billion in 2024 and +KRW 10.1 billion in 2025, a notable sign that actual cash generation improved even as the company continued to report net accounting losses.
The in-vitro diagnostics (IVD) industry is generally viewed as a long-term growth sector supported by an aging population and expanding early-diagnosis trends.
However, once the explosive pandemic-era demand for diagnostic kits faded, many domestic and global diagnostics companies experienced sharp revenue declines and inventory adjustments, and Humasis was significantly affected by this cycle.
Domestic competitors such as SD Biosensor and other testing kit makers have gone through similar normalization phases while competing to secure new revenue sources.
Rather than waiting for a diagnostics-market recovery, Humasis has pursued a diversification strategy spanning entertainment and rubber products, minerals, and semiconductor materials, a path that appears to lean more on group-affiliated resources than on the core diagnostics cycle.
The condom and rubber products and entertainment industries in which subsidiary Billyonce operates have been described as benefiting from expanding OTT platform investment and diversifying sales channels.
Meanwhile, capital-raising activity and governance restructuring—including rights offerings, convertible bond issuance, and stake exchanges—have been occurring simultaneously across affiliates including controlling shareholder Incon, meaning group-level capital policy currently carries relatively more weight for the stock and business direction than the underlying industry cycle alone.
The company's near-term outlook is likely to hinge heavily on concrete progress in its new businesses and the pace of governance stabilization.
The semiconductor materials and equipment business added at the March 2026 shareholder meeting has not yet been confirmed through disclosures as generating tangible revenue, so future filings on related contracts, capital investment, or hiring will be key evidence of the business's substance.
Financial support was extended to subsidiary Billyonce to improve its capital structure, which could serve as an indicator of whether the loss-making subsidiary can normalize.
Controlling shareholder Incon, which took control via open-market purchases in May 2026, has continued expanding its stake and disclosed a further open-market purchase plan running from August 12 to September 10, 2026, aiming to raise its holding from 7.20% to 10.80%.
This ongoing buying is generally read as an effort to reinforce control, and whether this purchase plan is completed as announced, or followed by further buying, will offer clues about governance stability going forward.
The company is also carrying out capital-structure measures such as the par-value consolidation and treasury share retirement, and the actual impact of these steps on outstanding share count and financial ratios should be checked in upcoming quarterly filings.
Overall, the coming quarters represent a period in which both the recovery of the core diagnostics business and the revenue realization of the new ventures need to be monitored simultaneously.
Because Humasis has continued to post net losses even on a trailing four-quarter basis, its price-to-earnings ratio remains in a non-meaningful range.
Its price-to-book ratio, whether calculated internally or by the exchange, sits well below 1x, indicating the stock trades at a discount to its accounting net asset value. The company has not paid a cash dividend in recent fiscal years, so there is no dividend track record to compare against peers.
Looking at the multi-year pattern, the shift from a large profit in 2022 to consecutive losses from 2023 through 2025 represents a fundamental change in the earnings base, which complicates the use of traditional earnings-based valuation metrics.
At present, the share price appears to reflect a mix of its discount to net asset value and market expectations about how the new businesses and governance restructuring will reshape the earnings structure 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
New controlling shareholder Incon has continuously purchased Humasis shares on the open market since May 2026 and disclosed a further purchase plan from August 12 to September 10, 2026. Such repeated stake expansion can be read as a signal of commitment to responsible management from the top of the ownership structure. This reflects an effort toward control stabilization as a fact, not a judgment on share price direction.
Following the acquisition of entertainment and rubber-products subsidiary Billyonce, the company has expanded its business scope into mineral development and semiconductor materials and equipment. This can be seen as an attempt to secure multiple new business pillars amid a shrinking core diagnostics market.
Whether each business will translate into actual revenue remains unconfirmed, but the expansion of options itself is a fact.
Operating cash flow, which was negative at -KRW 55.4 billion in 2023, turned positive in both 2024 (+KRW 25.0 billion) and 2025 (+KRW 10.1 billion). Even as accounting losses continued, actual cash generation showed a sign of improvement. This can be viewed as a factor that partially eases pressure on the company's funding needs.
Consolidated revenue, which reached KRW 471.2 billion in 2022, plunged to KRW 13.8 billion in 2023 and has remained around KRW 30.1 billion as of 2025. Market commentary notes that sales of point-of-care testing products fell sharply, shrinking the core business alongside this decline. Since the COVID-19 windfall ended, the core business alone has not recovered to its former revenue scale.
Operating losses were recorded in all five quarters from 2025Q2 through 2026Q2, ranging between KRW 1.6 billion and KRW 3.3 billion per quarter. Net income attributable to owners swung between profit and loss in a pattern that is difficult to predict directionally. This suggests earnings quality remains heavily dependent on non-operating factors.
Equity attributable to owners fell for four consecutive years, from KRW 346.7 billion in 2022 to KRW 215.1 billion in 2025, while the debt ratio rose from 20.9% in 2023 to 38.9% in 2025.
At the same time, subsidiary Billyonce, which accounts for a substantial share of consolidated revenue, has itself been loss-making and received financial support from the parent. The combination of new business investment and subsidiary support raises the possibility of continued capital consumption.
Humasis has had its controlling shareholder change multiple times in recent years, and is currently under the control of a group structure running through Incon, Mirae I&G, and Stella Private Equity.
Frequent intra-group stake acquisitions, disposals, and fund transfers mean further changes in management or business direction cannot be ruled out. This fluidity in governance could also affect the consistency of new business execution.
Mineral development/sales and semiconductor materials/equipment remain at the stage of newly added business purposes in the articles of incorporation, with no concrete revenue or contract outcomes yet confirmed through disclosures.
As a diagnostics specialist expands into unrelated industries, securing the necessary technology, personnel, and capital may take time. If the new businesses fail to generate revenue as expected, there is a risk of underperformance relative to capital deployed.
Because a substantial portion of consolidated revenue originates from subsidiary Billyonce, weak performance at that unit flows directly into consolidated results. Billyonce itself has been loss-making and received financial support from its parent, raising the possibility that further capital injections may be needed.
Combined with equity capital declining for four consecutive years and a rising debt ratio, future fundraising terms could become a burden.
This is the end date of Incon's disclosed additional open-market purchase plan (targeting a rise from 7.20% to 10.80% ownership); actual completion and the resulting final stake should be checked via filings.
This is when 2026 third-quarter results are expected to be disclosed; it should be checked whether the operating loss narrows and whether net income volatility driven by non-operating items recurs.
It is worth continuously checking whether concrete filings on contracts, investment, or hiring related to the semiconductor materials and equipment business added at the March 2026 shareholder meeting are announced.
The impact of the financial support extended to subsidiary Billyonce on its performance and on consolidated results should be checked in upcoming quarterly filings.
The timing and details of how the par-value consolidation (from KRW 100 to KRW 500) and treasury share retirement affect outstanding share count and financial ratios should be confirmed through disclosures.
Humasis is a company undergoing major structural change after its core diagnostics revenue shrank and it posted consecutive losses following the end of the COVID-19 testing kit boom.
The entertainment and rubber-products business run through subsidiary Billyonce now accounts for a substantial share of consolidated revenue, and the company has added mineral development and semiconductor materials/equipment as further new business purposes in an attempt at diversification.
At the same time, 2026 has brought a CEO change and a shift in controlling shareholder toward the Incon/Stella Private Equity group, with Incon steadily raising its stake through open-market purchases.
Financially, equity capital has declined for four straight years and the debt ratio has risen, yet operating cash flow turned positive in both 2024 and 2025, creating a notable contrast.
Quarterly results show persistent operating losses alongside net income that swings widely due to non-operating factors, meaning operating profit and net income need to be considered separately when assessing earnings quality.
Going forward, whether the new businesses generate real revenue, whether subsidiary Billyonce normalizes, and whether the governance restructuring settles smoothly will likely be the key variables shaping the company's direction. This report is intended for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.