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
Built on its number-one domestic position in traditional Korean-medicine devices, Dongbang Medical's revenue and operating margin have shown four consecutive quarters of improvement as its hyaluronic acid filler and other aesthetic device business expands.
Annual revenue grew for three straight years, from KRW 90.9bn in 2023 to KRW 105.1bn in 2024 and KRW 113.5bn in 2025.
Over the latest four quarters (2025Q3-2026Q2), the quarterly operating margin trended up from the low-teens to around 19%.
Net income attributable to owners plunged in 2024 before rebounding sharply in 2025, reflecting notable year-to-year volatility.
The aesthetic device segment is expanding its export footprint through overseas partnerships with China's So-Young Group and Brazil's PHD, plus new approvals such as in the UAE.
Following its KOSDAQ listing in February 2025, capital was raised that pulled the debt-to-equity ratio down sharply from 148.3% in 2023 to 48.8% in 2025.
Dongbang Medical traces its roots to Dongbang Acupuncture Manufacturing, founded in 1985, and holds the number-one domestic market share in disposable acupuncture needles and cupping cups among Korean-medicine devices.
Since 2016 the company has expanded into aesthetic medical devices, including hyaluronic acid (HA)-based dermal fillers, cannulas, various needle types, and absorbable sutures (lifting threads).
It operates its own brands, including Dongbang Needle, Dongbang Cupping Cup, and Acuprime on the traditional side, and ELASTY and Miracu on the aesthetic side, supplying hospitals, pharmaceutical firms, and distributors both at home and abroad.
By product, needles and acupuncture needles each account for roughly 30% of revenue, while fillers have expanded to around 20%. Unlike most filler makers that outsource injection needles, Dongbang Medical has a vertically integrated structure capable of producing needles, cannulas, fillers, and sutures in-house.
Overseas distribution runs through regional partners, including Hainan So-Young Medical Tech and Dongbang Bio-Tech for Greater China, Xuli Comercro in South America, and Great Kuei Tai elsewhere in Asia.
The company built an HA filler plant with monthly capacity of 100,000 units in Jiaxing, Zhejiang, in partnership with China's So-Young Group, and has also partnered with Brazil's PHD, which holds a filler distribution network there.
Competitively, the company is seen as dominant in Korean-medicine devices domestically, but in the global filler market it is regarded as smaller in scale and brand power compared with major players such as Galderma, AbbVie (Allergan), and Merz.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩26.2B | ₩3.1B | 12.0% |
| 2025Q3 | ₩30B | ₩4.1B | 13.6% |
| 2025Q4 | ₩29.8B | ₩5.5B | 18.6% |
| 2026Q1 | ₩31.4B | ₩6.1B | 19.3% |
| 2026Q2 | ₩33.9B | ₩6.4B | 18.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩90.9B | ₩16.5B | ₩9.8B | 18.1% | 20.9% | 148.3% |
| 2024 | ₩105.1B | ₩15B | ₩2.9B | 14.3% | 3.6% | 86.3% |
| 2025 | ₩113.5B | ₩17B | ₩11.7B | 15.0% | 9.5% | 48.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue rose for three consecutive years, from KRW 90.875bn in 2023 to KRW 105.114bn in 2024 and KRW 113.537bn in 2025. Operating profit, however, did not move in a straight line: it fell 8.7% from KRW 16.477bn in 2023 to KRW 15.046bn in 2024, before recovering to KRW 17.005bn in 2025.
The operating margin followed a similar pattern, dropping from 18.1% in 2023 to 14.3% in 2024 and partially recovering to 15.0% in 2025. Net income attributable to owners was even more volatile, falling from KRW 9.775bn in 2023 to KRW 2.914bn in 2024 before rebounding to KRW 11.703bn in 2025.
On a quarterly basis, revenue and operating profit improved for five straight quarters: from KRW 26.19bn revenue and KRW 3.14bn operating profit in 2025Q2, to KRW 29.99bn/KRW 4.06bn in 2025Q3, KRW 29.79bn/KRW 5.53bn in 2025Q4, KRW 31.40bn/KRW 6.05bn in 2026Q1, and KRW 33.94bn/KRW 6.36bn in 2026Q2.
A simple calculation of the operating margin across this window shows it starting in the low-teens and climbing to roughly 18-19% around 2025Q4-2026Q1, before holding near 18% in 2026Q2.
Net income to owners rose from KRW 1.965bn in 2025Q2 to KRW 5.403bn in 2026Q1, then eased to KRW 4.144bn in 2026Q2, a wider swing than operating profit that appears to reflect non-operating items affecting individual quarters.
On the balance sheet, the debt-to-equity ratio improved markedly, from 148.3% in 2023 to 86.3% in 2024 and 48.8% in 2025, a change attributable to the capital raised through the February 2025 KOSDAQ listing.
Operating cash flow rose sharply from KRW 6.276bn in 2023 to KRW 18.548bn in 2024, then eased to KRW 12.024bn in 2025.
The global dermal filler market was valued at roughly USD 5.05bn in 2025 and is projected to grow to USD 5.33bn in 2026, expanding at a compound annual growth rate of 7.21% through 2034.
Growth drivers cited include rising demand for minimally invasive aesthetic procedures, an expanding range of area-specific specialized products, and broader practitioner training programs.
At the same time, the spread of counterfeit and unauthorized filler products is flagged as a risk that can erode legitimate manufacturers' revenue and undermine trust in the safety of injectable treatments.
The global filler market remains led by large players such as Galderma, AbbVie's Allergan Aesthetics, and Merz, pushing smaller entrants including Dongbang Medical toward strategies centered on emerging-market approvals and partnerships.
By contrast, the domestic Korean-medicine device market is already mature, and the company maintains a stable cash-generating base there on the strength of its leading position.
The company has pursued a strategy of steadily increasing the share of aesthetic devices in its revenue mix, and by the first half of 2025 the aesthetic segment had come to considerably exceed the traditional-medicine segment.
Dongbang Medical has stated a target of raising the aesthetic device share of revenue to 80% by 2028. In March 2026 the company obtained a product license for its ELASTY HA Filler (G-type) from the United Arab Emirates' Emirates Drug Establishment, adding to its list of export markets for fillers.
In China, a joint-venture filler plant with So-Young Group has been built in Jiaxing, Zhejiang, and is preparing to operate once it secures the relevant hygiene license from the National Medical Products Administration (NMPA), while a separate NMPA approval for its lifting thread (absorbable suture) product is also being pursued.
In Brazil, approval procedures with the National Health Surveillance Agency (ANVISA) are underway in cooperation with filler distributor PHD, and the timing and scale of any approval could affect the extent of its contribution to results.
On the traditional-medicine side, the company has been relocating production from its former China (Qingdao) base to Indonesia, and trade media reported that full local production and an initial shipment were secured around March 2026.
The company has indicated through investor communications that it plans to progressively obtain approvals and launch next-generation products, including CaHA- and PLLA-based skin boosters, during 2026.
Whether these overseas approval and production-normalization schedules proceed as planned is seen as the key variable shaping the direction of future results.
Dongbang Medical's earnings trajectory has moved through a sharp net income decline in 2024 followed by a recovery in 2025, and the operating margin has also shown gradual improvement in recent quarters.
The share price has swung considerably since its initial listing period in reflecting this earnings recovery, and the price-to-book multiple appears to trade in a range that alternates between a modest discount and premium relative to net assets.
As a recently listed company, dividend payment history has not yet been established, leaving limited historical reference for dividend yield.
Sell-side analysts have at times adjusted their earnings estimates around the timing of overseas approvals and production-base normalization, but since those specific price-target calls were issued well in the past, they cannot be reliably applied to the present.
Ultimately, future valuation judgments appear to hinge on when overseas approvals and export contracts actually translate into recognized revenue, and on whether the recovery in the traditional-medicine segment's profitability proves durable.
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 2026-09-04
The operating margin over the latest four quarters rose from roughly the low-teens to around 18-19%. Analysts point to the expanding share of relatively higher-margin aesthetic devices such as fillers as a key driver of this margin improvement. The company has set a target of raising the aesthetic share of revenue to 80% by 2028.
Following its UAE filler license obtained in March 2026, the company has secured multiple overseas channels including a joint production plant with China's So-Young Group and a partnership with Brazil's PHD.
With approvals proceeding simultaneously across several countries, a delay in any single market is less likely to derail the overall growth narrative given this diversified structure.
The debt-to-equity ratio fell sharply from 148.3% in 2023 to 48.8% in 2025, reflecting the capital raised through the February 2025 listing. Operating cash flow has also remained consistently positive over the past three years, suggesting the company has room to fund further investment.
The relocation of the China (Qingdao) production base to Indonesia, together with recertification audits at domestic facilities, has caused production disruptions and one-off costs in the herbal-medicine segment recently. Reports have noted that the segment recorded a temporary operating loss during this process. Quarterly profitability swings could persist until the relocation is fully normalized.
The Brazilian ANVISA filler certification and the Chinese NMPA lifting-thread approval have both seen their expected timing pushed back on previous occasions.
While having multiple approvals in progress simultaneously provides some diversification, a delay in any one market could still lead to downward revisions in related revenue estimates.
In 2024, net income attributable to owners fell sharply year over year due to non-operating factors including losses on derivative transactions. Between 2026Q1 and 2026Q2, net income to owners also declined from KRW 5.403bn to KRW 4.144bn, a swing larger than that seen in operating profit during the same period. Whether such non-operating items recur needs to be monitored on an ongoing basis.
Fillers and medical devices require separate approvals in each country, and delays or changes in conditions in key markets such as Brazil's ANVISA or China's NMPA could push back the timing of related export revenue recognition.
Tightening medical device regulations in various jurisdictions, such as the EU's MDR, could also affect certification costs and timelines.
Fluctuations in the price of hyaluronic acid, a core raw material for fillers, directly affect the cost structure of the aesthetic device segment. If raw material prices continue to rise, the pace of margin improvement could slow even as revenue grows.
The global filler market is led by large players such as Galderma, AbbVie, and Merz, leaving a gap in brand power and marketing resources. Domestically as well, several filler and aesthetic device companies are expanding overseas, raising the likelihood of intensifying competition in emerging markets.
The 2026Q3 quarterly report is expected to be filed - worth checking whether the recent operating margin improvement trend (around 18-19%) continues and whether both the filler and herbal-medicine segments show sustained revenue recovery.
This is a point to check on progress with the Brazilian ANVISA filler certification and revenue recognition tied to the PHD joint venture, as well as whether China's NMPA approval for the lifting thread product has come through. The outcome could materially affect related export revenue estimates.
It is worth verifying whether domestic and overseas approvals and launch schedules for next-generation products, such as CaHA- and PLLA-based skin boosters, are proceeding as planned.
Provisional full-year 2026 results are expected to be disclosed around this time - a point to check the cost-improvement effect from normalized operation of the Indonesia herbal-needle production line, as well as full-year revenue and operating margin levels.
Dongbang Medical uses its firmly established number-one position in the domestic Korean-medicine device market as a cash cow while expanding into the aesthetic device business, including fillers and lifting threads, which carries relatively higher growth and profitability.
Annual revenue rose for three consecutive years from 2023 through 2025, and the operating margin has also shown a gradual improving trend over the latest four quarters.
However, as illustrated by the sharp 2024 net income decline driven by non-operating factors and the swing in owners' net income between 2026Q1 and 2026Q2, the quality and volatility of earnings remain areas to watch.
Whether overseas approval schedules (Brazil's ANVISA, China's NMPA, and others) and the normalization of the Indonesia production base proceed as planned stands out as the key variable shaping future results.
The balance sheet has improved markedly, with the debt-to-equity ratio falling sharply following the capital raised at the 2025 listing.
Overall, the company combines a stable domestic cash cow with an aesthetic device export business still in an early growth stage, and how much and when approvals and export contracts across multiple countries translate into actual results will be the key points to monitor going forward.
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.