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
Semiconductor process material sales have grown to exceed half of total revenue, driving record first-half sales and profit in 2026, though derivative-related net income volatility and a recent change in controlling shareholder remain notable factors.
First-half 2026 revenue reached KRW 41.3 billion (+53.5% YoY) with operating profit of KRW 5.8 billion (14% operating margin), a record first-half result.
The share of semiconductor materials in total revenue rose from about 30% in 2025 to roughly 51% in first-half 2026, overtaking secondary battery additives as the core growth driver.
Full-year 2025 net income attributable to owners was a loss of KRW 11.84 billion, with a KRW 10.54 billion loss concentrated in the fourth quarter alone, before swinging sharply positive in Q1 2026 on a one-off gain tied to bond-with-warrant conversion.
In January 2026, the exercise of bonds with warrants shifted the controlling shareholder to Champion Holdings LLC (29.04% stake), introducing fresh governance-related uncertainty.
Capacity expansion for semiconductor process materials continues to center on the Jincheon Plant 3, and the company remains embedded in the domestic battery value chain serving LG Energy Solution, Samsung SDI, and SK On.
Chemtros is a specialty fine chemicals company organized around two divisions: Advanced Materials and Convergence Materials.
The Advanced Materials division produces secondary battery electrolyte additives, semiconductor process materials (photoresist-related polymers and photosensitizers), display/OLED materials, and pharmaceutical materials (active pharmaceutical ingredients), while the Convergence Materials division makes industrial specialty adhesives used in construction, camera modules, speakers, and printed circuit boards.
Historically, as of first-half 2023 the Advanced Materials division accounted for 70.2% of sales (electrolyte additives 34.6%, semiconductor/display materials 15.0%, pharmaceutical materials 8.2%, other 12.4%), with Convergence Materials at 29.8%, though the business mix has since shifted rapidly as the semiconductor materials share expanded.
Electrolyte additives are supplied into the domestic battery value chain, reaching Samsung SDI via Solbrain Holdings, LG Energy Solution via Dongwha Electrolyte, and SK On through direct supply.
Semiconductor materials pass through intermediate customers such as Dongjin Semichem before ultimately reaching end users including Samsung Electronics and SK Hynix, positioning Chemtros as a second-tier supplier in that chain.
Production is split between the Ansan Plant 1 and 2 (small-batch, multi-product manufacturing of additives, pharmaceutical raw materials, and adhesives) and the Jincheon Plant 3 (large-batch production of battery additives and semiconductor/display materials), with large-scale semiconductor material output concentrated at Jincheon.
In June 2024 the company completed a photoresist (PR) process polymer production facility at Jincheon, beginning sequential mass production of materials such as KrF-grade polymers and photoacid generators.
In late 2024 the company raised a combined KRW 70 billion through a KRW 35 billion equity stake sale and a KRW 35 billion bond-with-warrant issuance to Noan Partners, directed toward expanding semiconductor material production capacity.
Management has stated an ambition to build the company's presence as a specialty chemical materials supplier through this diversification.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩14.7B | -₩900M | −6.0% |
| 2025Q3 | ₩13.1B | -₩600M | −4.9% |
| 2025Q4 | ₩16.8B | ₩2.3B | 13.9% |
| 2026Q1 | ₩17.4B | ₩2.2B | 12.6% |
| 2026Q2 | ₩24B | ₩3.6B | 15.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩57B | ₩4.4B | ₩3.8B | 7.8% | 6.5% | 65.3% |
| 2023 | ₩47.5B | ₩3.4B | ₩2.8B | 7.2% | 4.5% | 58.6% |
| 2024 | ₩50.3B | ₩3.8B | ₩5.1B | 7.5% | 7.7% | 88.6% |
| 2025 | ₩56.8B | ₩1B | -₩11.8B | 1.8% | −21.6% | 127.0% |
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 declined from KRW 57.0 billion in 2022 to KRW 47.5 billion in 2023, before recovering to KRW 50.3 billion in 2024 and KRW 56.8 billion in 2025.
Operating profit was relatively stable at KRW 4.4 billion (7.8% margin) in 2022, KRW 3.4 billion (7.2%) in 2023, and KRW 3.8 billion (7.5%) in 2024, but fell sharply to KRW 1.0 billion (1.8% margin) in 2025.
In contrast, net income attributable to owners remained positive at KRW 3.8 billion in 2022, KRW 2.8 billion in 2023, and KRW 5.1 billion in 2024, before swinging to a large loss of KRW 11.8 billion in 2025, reflecting substantial volatility in non-operating items.
On a quarterly basis, operating losses of KRW 0.88 billion in Q2 2025 and KRW 0.64 billion in Q3 2025 on revenue of KRW 14.7 billion and KRW 13.1 billion respectively marked continued operating weakness through the third quarter, before revenue rose to KRW 16.8 billion in Q4 2025 with operating profit turning positive at KRW 2.3 billion.
Even so, Q4 2025 net income attributable to owners posted the year's largest loss at KRW 10.5 billion despite the operating profit turnaround.
The pattern shifted decisively in 2026, with Q1 revenue of KRW 17.4 billion (operating profit KRW 2.2 billion) and Q2 revenue of KRW 24.0 billion (operating profit KRW 3.6 billion) setting consecutive quarterly revenue records.
Net income was also solid at KRW 8.5 billion in Q1 and KRW 3.8 billion in Q2, with the Q1 figure driven substantially by a one-off gain of roughly KRW 6.1 billion reversed from previously recognized interest expense upon conversion of bonds with warrants into equity.
Taken together, the operating trend shows clear cost-ratio improvement and fixed-cost leverage from expanding semiconductor material sales, while net income has shown considerable quarter-to-quarter volatility tied to non-operating valuation effects on equity-linked bonds.
The end markets split into two main pillars: semiconductors and secondary batteries.
On the semiconductor side, growing demand for high-bandwidth memory (HBM) and advanced packaging driven by the spread of AI data centers is fueling a memory industry supercycle, which in turn is lifting demand for process materials such as photoresist (PR)-related polymers and cleaning thinners that support fine-pitch processes and yield management.
On the battery side, after a period of slowing electric vehicle demand, growth in energy storage system (ESS) demand and a shift toward LFP battery production have emerged as new growth drivers, while expansion plans by Korea's three major battery makers underpin medium-term demand for electrolyte additives.
Chemtros holds a second-tier supplier position feeding materials to domestic and overseas PR producers, and it has sought differentiation by supplying polymers in liquid form rather than the powder form typically imported from Japan, offering processing convenience to customers.
That said, the market includes numerous large chemical companies and specialized materials suppliers both domestically and abroad, and customer qualification and quality verification cycles tend to be lengthy; while this creates high entry barriers, it can also lead to stable revenue once a supplier is integrated into a customer's supply chain.
In the battery additive segment as well, the company competes against a range of domestic and international chemical materials producers, and given its relatively modest scale, revenue remains sensitive to dependence on specific customers and product lines.
Management has stated its intention to make 2026 a resurgence year for the semiconductor and secondary battery materials businesses, and first-half results lent support to that narrative, with semiconductor material sales rising 161.3% year over year to KRW 20.9 billion.
At the time of the Q2 2026 results, management explained that semiconductor material shipment volumes continued to increase alongside simultaneous improvement in cost ratios and revenue expansion.
The company also indicated that the secondary battery segment is showing a revenue rebound after several years of stagnation.
Expansion of semiconductor process material production capacity centered on the Jincheon Plant 3 continues, with plans reportedly extending toward higher value-added product lines such as EUV-grade polymers.
In past interviews, management referenced a medium-term target of KRW 150 billion in revenue and KRW 30 billion in operating profit by 2028, roughly 2.6 times 2025 revenue of KRW 56.8 billion, with achievement of that target hinging on the pace of future semiconductor material qualification and order wins.
Market commentary has suggested full-year 2026 revenue could rise substantially versus the prior year, though such figures remain unconfirmed market estimates pending future quarterly disclosures.
Whether the company's medium-term strategic direction shifts following the January 2026 change in controlling shareholder to Champion Holdings LLC is also a point to monitor going forward.
Chemtros is in a phase of earnings recovery following the 2025 net loss, with market attention centered on whether the quarterly improvement trend continues.
On a self-calculated basis, the share price sits close to net asset value, a different pattern from prior periods when the stock traded at a substantial premium to book value during stronger earnings phases.
The price-to-earnings multiple calculated on a trailing four-quarter combined net income basis appears to sit near the upper end of the trading range seen during the company's past stable-profit periods, reflecting that the 2025 annual loss and quarterly net income volatility have not yet been fully resolved.
Dividends are not currently paid, suggesting that investment interest in this name is directed less at income appeal and more at the earnings-recovery narrative in semiconductor and secondary battery materials.
That said, valuation assessments could shift depending on how future quarterly operating profit and the quality of net income (specifically the share of non-operating items) evolve.
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
First-half 2026 semiconductor material sales rose 161.3% year over year to KRW 20.9 billion, expanding their share of total revenue to 51%. Growing HBM demand driven by AI data centers is simultaneously lifting demand for related process materials. Capacity expansion at the Jincheon Plant 3 is supporting this growth.
The company has stated that secondary battery additive sales, stagnant for several years, showed a rebound entering 2026. Growing ESS demand and the shift toward LFP batteries are emerging as new demand drivers. The company's integration into the domestic three-battery-maker value chain provides a stable revenue base.
Both Q1 and Q2 2026 set consecutive quarterly revenue records while operating margins rose in tandem. Cost-ratio improvement and fixed-cost dilution effects from revenue growth are both evident. The expanding share of higher-margin semiconductor materials is contributing to overall profitability improvement.
Net income attributable to owners plunged to a loss of KRW 10.5 billion in Q4 2025 alone, accounting for most of the full-year loss of KRW 11.8 billion. In Q1 2026, net income surged on a one-off gain (roughly KRW 6.1 billion in reversed interest expense) tied to bond-with-warrant conversion. Non-operating items related to equity-linked bonds continue to significantly sway quarterly net income.
The exercise of bonds with warrants in January 2026 shifted the controlling shareholder to Champion Holdings LLC (29.04% stake), with the disclosed purpose of the stake acquisition being 'influence over management.' The transition from the founder-led management structure to a new controlling shareholder framework carries potential for changes in strategy or personnel. Continued monitoring of further stake changes or strategic announcements is warranted.
With annual revenue in the range of KRW 50-60 billion, the company's small absolute scale means results remain relatively volatile depending on dependence on specific customers or product lines.
If semiconductor material customer qualification and order expansion proceed more slowly than expected, growth-story expectations could be revised. The company also faces relative constraints in capital resources and R&D scale compared to larger competitors.
The debt ratio rose sharply to 127.0% in 2025 from 88.6% in 2024, and net income swung considerably by quarter due to valuation gains and losses on equity-linked bonds (convertible bonds and bonds with warrants). If remaining balances of such bonds persist, similar non-operating income and loss swings could recur.
While operating cash flow (KRW 0.59 billion in 2025) was relatively stable versus net income, the overall volatility in financial structure warrants continued monitoring.
The January 2026 change of controlling shareholder to Champion Holdings LLC introduced fresh governance-related uncertainty. Since the disclosed purpose of the stake acquisition was 'influence over management,' the possibility of future changes to board composition or management strategy cannot be ruled out. Whether founder and CEO Lee Dong-hoon's role changes also warrants ongoing monitoring.
The semiconductor materials business involves lengthy customer qualification and quality verification cycles, so delays in new certifications or order timelines could slow growth relative to expectations.
The secondary battery segment is sensitive to the electric vehicle demand cycle and changes in production plans by the three major battery makers. Should both the semiconductor and secondary battery end markets slow simultaneously, the impact on results could be amplified.
Q3 2026 earnings disclosure should be checked to see whether the semiconductor materials revenue share remains in the 50%-plus range and how the share of non-operating items in net income evolves.
Disclosures or reports on further capacity expansion at the Jincheon Plant 3 and progress on higher value-added product lines such as EUV-grade materials should be monitored.
Continued monitoring of governance-related disclosures is warranted, including any further stake changes by controlling shareholder Champion Holdings LLC, board composition changes, or strategic announcements.
The 2026 annual business report should be checked to confirm whether full-year revenue and operating profit targets were met and to see final segment revenue splits between secondary battery and semiconductor materials.
Chemtros is in a phase of clear revenue and operating profit recovery in first-half 2026, centered on expanding semiconductor material sales, following a full-year net loss in 2025.
Net income, however, has shown substantial quarter-to-quarter volatility due to non-operating valuation effects tied to equity-linked bonds such as bonds with warrants, making it important to distinguish operating performance improvement from the quality of reported net income.
The January 2026 change of controlling shareholder to Champion Holdings LLC represents a new governance-related variable separate from the underlying business.
The secondary battery additive segment is also showing signs of rebound after a period of stagnation, suggesting simultaneous improvement across both the semiconductor and battery growth pillars.
Going forward, Q3 earnings, progress on Jincheon Plant 3 capacity expansion, and any further governance changes will likely serve as key observation points for gauging the sustainability of this earnings trend.
While the direction of the business transformation is clear, both net income volatility and governance uncertainty coexist, making it important to review subsequent disclosures with a balanced perspective.
Report written 2026-09-05 · Data as of 2026-09-04
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