PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
Jincostech, a hydrogel mask and patch-focused cosmetics ODM/OEM maker, posted 63% revenue growth and a swing to net profit in 2025 before launching its Kosdaq relisting offering process.
2025 revenue reached 48.6 billion won (+63.0%), operating profit 4.8 billion won (+321.7%), and net income swung to 6.0 billion won, marking a turn to profitability.
After a brief operating loss of 0.14 billion won in Q4 2025, operating profit recovered to 1.19 billion won in Q1 2026, while Q2 2026 revenue and operating profit have not yet been officially disclosed.
The preliminary review for Kosdaq relisting has been approved, and following the securities registration filing, the company targets listing within the year via September book-building and October subscription.
H1 2026 utilization for hydrogel masks and patches reached 101.7% and 96.9% respectively, prompting plans for a new third plant.
Capital restructuring through RCPS conversion and retirement sharply reduced the debt ratio from 1,305.3% in 2024 to 176.8% in 2025.
Founded in 2010, Jincostech is a cosmetics ODM/OEM specialist that listed on the KONEX market in November 2019. Its core products are hydrogel mask packs and hydrogel eye patches, alongside sheet masks and biocellulose-based mask formulations.
In 2025, mask pack products accounted for 86.3% of total revenue, with hydrogel masks contributing 44.0% and patch products 42.3%. The company's domestic and overseas client base includes cosmetics brands such as It's Skin, Kiehl's, THE SAEM, AHC, and Mediheal. Jincostech holds quality certifications including U.S.
FDA cGMP and has passed audits from global brand clients, operating an in-house system covering product planning, formulation design, mass production, and quality control. Export revenue rose from 3.8 billion won in 2023 to 9.6 billion won in 2025, driving overall top-line growth.
The company has stated plans to diversify beyond its mask-and-patch-centered portfolio into basic skincare, suncare, and haircare product lines.
Compared with larger domestic cosmetics ODM/OEM players, Jincostech remains smaller in scale but positions its hydrogel formulation technology and patent-backed manufacturing capability as its core competitive edge.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩12.3B | ₩1.2B | 10.1% |
| 2025Q3 | ₩15.1B | ₩2.4B | 15.9% |
| 2025Q4 | ₩10.3B | -₩100M | −1.4% |
| 2026Q1 | ₩13.5B | ₩1.2B | 8.8% |
| 2026Q2 | — | — | — |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩17.6B | -₩3.2B | -₩4.7B | −18.2% | −79.2% | 460.1% |
| 2023 | ₩19.5B | -₩2.6B | -₩3.5B | −13.4% | −144.1% | 1228.8% |
| 2024 | ₩29.8B | ₩1.1B | -₩41,201,380 | 3.9% | −1.7% | 1305.3% |
| 2025 | ₩48.6B | ₩4.8B | ₩6B | 10.0% | 32.0% | 176.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Jincostech's revenue rose steadily over four years, from 17.6 billion won in 2022 to 19.5 billion won in 2023, 29.8 billion won in 2024, and 48.6 billion won in 2025.
Operating profit moved from losses of 3.2 billion won and 2.6 billion won in 2022 and 2023 to a profit of 1.1 billion won in 2024 and 4.8 billion won in 2025, with operating margin improving from -18.2% and -13.4% to 3.9% and 10.0% over the same period.
Net income also posted consecutive losses from 2022 to 2024 (-4.7 billion won, -3.5 billion won, and -0.04 billion won respectively) before turning to a 6.0 billion won profit in 2025.
On a quarterly basis, revenue grew from 12.3 billion won and operating profit of 1.2 billion won in Q2 2025 to 15.1 billion won and 2.4 billion won in Q3 2025, before revenue dipped to 10.3 billion won and operating profit briefly turned negative at -0.14 billion won in Q4 2025.
Q1 2026 saw a recovery to 13.5 billion won in revenue and 1.2 billion won in operating profit.
As of the reference date (September 5, 2026), Q2 2026 revenue and operating profit have not yet been disclosed, while the owners' net income figure for the quarter is recorded at an unusually large scale, suggesting a non-recurring factor outside the normal course of operations that warrants further confirmation once full details are disclosed.
Operating cash flow moved from negative territory (-3.2 billion won and -1.3 billion won in 2022 and 2023) to positive figures of 2.2 billion won in 2024 and 5.3 billion won in 2025, supporting the cash conversion of reported profits.
The global sheet mask pack market is projected to grow from roughly USD 360-400 million in 2024 to about USD 600 million by 2030, with Korean sheet masks gaining popularity in Europe, the US, and Asia and helping drive export growth.
Domestically, K-beauty consumption patterns are said to be shifting from brand-name recognition toward valuing ingredient, functional, and sensory differentiation of products, expanding the role of specialized ODM/OEM manufacturers.
Within this trend, Jincostech has positioned itself as a niche player specialized in hydrogel formulations, and as of H1 2026 utilization for its core hydrogel mask and patch lines reached 101.7% and 96.9% respectively, indicating demand outpacing production capacity.
In contrast, utilization on its sheet mask line stood at a lower 26.8%, pointing to an imbalance in supply-demand across product lines.
Korea's cosmetics ODM/OEM industry features a number of large integrated manufacturers, and while Jincostech remains smaller in scale, it has built a position around technology concentrated in a specific formulation category.
The KONEX market itself has structural limitations in attracting institutional and professional investor participation, which has been cited as a backdrop for the recurring trend of well-performing companies pursuing Kosdaq relisting.
Jincostech received approval for its preliminary review for Kosdaq relisting from the Korea Exchange on August 13, 2026, and filed a securities registration statement with the Financial Services Commission on August 28 to begin the offering process.
The offering consists of 852,000 newly issued shares, with an indicative price band of 19,500 to 23,500 won and expected proceeds of 16.6 to 20 billion won. Institutional book-building is scheduled for September 16-22 and general subscription for October 2 and 6, with the company targeting a listing within the year.
Proceeds are planned to fund a new third plant of roughly 2,000 pyeong to be leased near Siheung or Ansan, raw and subsidiary material procurement, hydrogel new product R&D, and working capital.
The third plant will add two water-soluble hydrogel production lines, aimed at easing capacity pressure on hydrogel mask and patch lines that have already exceeded full utilization.
Domestically, the company plans to expand new project orders through tailored product proposals for brand owners, vendors, and distributors, while overseas it intends to increase buyer meetings and trade show participation across North America, Europe, the Middle East, and Southeast Asia to secure ODM/OEM order volume.
The company is also pursuing commercialization of new formulations such as mucin-concept and negative-pressure hydrogel patches, alongside expansion into adjacent categories including basic skincare, suncare, and haircare.
The valuation multiples currently displayed are calculated using the trailing four-quarter results, a window that includes an unusually large owners' net income figure for Q2 2026, so readers should be aware that this multiple may be heavily influenced by a one-off item in a single quarter rather than by ordinary operating performance.
Notably, the Kosdaq relisting registration statement applied an average peer price-to-earnings multiple of 17.61x to derive an appraised value and then applied only a 5.16% discount at the upper end, a level considerably narrower than the average discount range applied by Kosdaq general listings since 2023 (33.89% at the low end and 22.4% at the high end), resulting in an offering price close to recent KONEX trading levels.
On the book-value side, equity itself changed substantially in 2025 following the conversion and retirement of RCPS shares, so comparing book value per share across years requires context on this capital-structure shift rather than a simple year-over-year read.
No cash dividend per share has been identified in disclosures. Overall, rather than drawing a single conclusion from any one valuation metric, it appears necessary at this point to weigh the Kosdaq relisting offering price formation process alongside the one-off factor embedded in recent results.
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 2026-09-05
2025 revenue grew 63% year-on-year to 48.6 billion won, and operating margin improved from -18.2% in 2022 to 10.0% in 2025, showing growth and profitability improving together. Operating cash flow also strengthened to 2.2 billion won in 2024 and 5.3 billion won in 2025, supporting the cash conversion of earnings.
The growth trend continued into Q1 2026 with revenue of 13.5 billion won and operating profit of 1.2 billion won.
Capital restructuring through RCPS conversion and retirement sharply cut the debt ratio from 1,305.3% in 2024 to 176.8% in 2025. Completion of the Kosdaq relisting offering (16.6 to 20 billion won) would secure funding needed for the third plant and R&D. The preliminary listing review has already been approved, indicating the process is well advanced.
Export revenue rose from 3.8 billion won in 2023 to 9.6 billion won in 2025, and the company has secured a diverse client base including It's Skin, Kiehl's, THE SAEM, AHC, and Mediheal.
Demand remains robust enough that hydrogel mask and patch utilization has exceeded 100%, and plans are underway to expand sales channels into North America, Europe, the Middle East, and Southeast Asia.
The company posted consecutive net losses from 2022 to 2024, and operating profit briefly turned negative (-0.14 billion won) in Q4 2025.
H1 2026 net income declined 19.0% due to a base effect from a one-off tax-related gain of about 1.8 billion won in the prior-year period, illustrating how non-recurring items have repeatedly influenced reported earnings.
Q2 2026 revenue and operating profit remain undisclosed as of the reference date, while the owners' net income figure alone is recorded at a scale far outside normal levels. Until the composition is confirmed, the quarter's results are difficult to interpret as a measure of underlying operating profitability.
The KONEX market has limited institutional and professional investor participation, and institutions were reported as net sellers throughout 2025. Until the Kosdaq relisting is completed, trading may continue to be dominated by retail investor activity.
The Kosdaq relisting has remaining steps including September book-building and October subscription, and depending on market conditions the final offering price, capital raised, and listing timing could differ from plans. If the offering underperforms, it could also affect investment plans such as the third plant construction.
H1 2026 utilization for hydrogel masks and patches reached 101.7% and 96.9% respectively, potentially limiting capacity to absorb additional orders. A bottleneck could persist until the new third plant is completed and operational.
Korea's cosmetics ODM/OEM industry includes numerous large integrated manufacturers, resulting in intense competition, and fluctuations in raw and subsidiary material prices can affect costs. Policy risks such as changes to cosmetics labeling and advertising regulations also exist.
Institutional book-building for the Kosdaq relisting will take place. The final offering price and amount raised will be set based on the results.
General public subscription for the offering will be held. The subscription competition rate and whether the offering is successfully completed should be checked.
Whether the Kosdaq relisting is completed should be confirmed, along with the actual listing date and post-listing changes in tradable share volume.
The Q3 2026 disclosure should be reviewed to confirm the composition of the Q2 owners' net income figure and to check the Q3 revenue and operating profit trend.
Jincostech is a cosmetics ODM/OEM company centered on hydrogel mask packs and patches, pursuing a Kosdaq relisting following 63% revenue growth and a return to net profit in 2025.
Having emerged from consecutive losses in 2022-2024, the company has seen its operating margin and cash flow improve, alongside a substantially strengthened balance sheet through RCPS restructuring.
However, the brief operating loss in Q4 2025 and the unusually large net income figure in Q2 2026 illustrate the earnings volatility and the caution needed in interpreting the data.
The Kosdaq relisting targets completion within the year through September book-building and October subscription, with proceeds earmarked for a third plant and R&D.
Demand for hydrogel products exceeding production capacity provides a rationale for business expansion, but the execution of the offering and post-listing supply-demand dynamics remain variables to watch. Investors should track upcoming quarterly disclosures alongside the progress of the listing process.
Report written 2026-09-05 · Data as of 2026-09-04
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