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
YeSUN Tech, a functional adhesive materials maker for displays, has posted five consecutive quarters of operating profit while expanding into flame-retardant adhesive materials for secondary batteries.
The company posted operating profit for five consecutive quarters from Q3 2025 through Q2 2026, breaking away from the heavy losses of 2023-2024.
Full-year 2025 revenue was KRW 37.9 billion, down from KRW 43.6 billion, but the operating loss narrowed sharply from KRW 3.24 billion to KRW 0.81 billion.
Following a 5-for-1 reverse stock split completed on July 22, 2026, the company decided on August 31 to retire 48,989 treasury shares, about 0.7% of total shares outstanding.
The company has developed a flame-retardant adhesive material for large secondary batteries and completed patent filing, diversifying beyond its display-centric business.
The largest shareholder has changed to eBEST Investment & Securities, while the OLED TV market continues to grow even as its overall share of the TV market plateaus.
Founded in 2005, YeSUN Tech is a specialized manufacturer of high-functionality adhesive materials, with production bases in Korea, China, Vietnam, and Indonesia, focusing mainly on adhesive materials for LCD and OLED displays.
Built on a materials and components manufacturing foundation, the company supplies adhesive parts with heat dissipation, light-blocking, EMI shielding, and shock absorption functions used to fix and protect internal components of electronic devices.
Its core focus is mid-to-large LCD TVs and monitors, while diversifying into OLED TVs, mobile phones, automotive, and secondary battery markets.
The sales structure is B2B, supplying directly through parts partners of display equipment makers, and the company also supplies domestically developed solutions as products through overseas subsidiaries.
It has historically been reported to count LG Electronics and LG Display among its major customers, and its business is built on transactional relationships with global OLED and LCD panel and set makers.
More recently, to secure new growth drivers, the company developed a flame-retardant adhesive material attached to large secondary batteries and completed patent filing, aiming to address growing safety and thermal management demand for EV and energy storage batteries.
Since its establishment in 2005, the company listed on KOSDAQ through a SPAC merger, and its largest shareholder has since changed from KB Securities to eBEST Investment & Securities.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9.3B | -₩700M | −7.9% |
| 2025Q3 | ₩9.6B | ₩100M | 1.3% |
| 2025Q4 | ₩8.9B | ₩300M | 3.1% |
| 2026Q1 | ₩10.5B | ₩800M | 7.9% |
| 2026Q2 | ₩11B | ₩10,115,518 | 0.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩53.2B | -₩8B | -₩9.1B | −15.1% | −28.0% | 94.0% |
| 2023 | ₩44.1B | -₩8.8B | -₩10.2B | −19.9% | −46.3% | 146.0% |
| 2024 | ₩43.6B | -₩3.2B | -₩6B | −7.4% | −36.6% | 227.3% |
| 2025 | ₩37.9B | -₩800M | -₩800M | −2.1% | −4.9% | 232.8% |
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
YeSUN Tech's annual revenue declined for four consecutive years, from KRW 53.17 billion in 2022 to KRW 44.12 billion in 2023, KRW 43.61 billion in 2024, and KRW 37.88 billion in 2025.
In contrast, the operating loss widened from KRW 8.01 billion in 2022 to KRW 8.80 billion in 2023, before sharply narrowing to KRW 3.24 billion in 2024 and KRW 0.81 billion in 2025.
Net loss attributable to owners followed a similar pattern, from a large deficit of KRW 9.12 billion in 2022 and KRW 10.21 billion in 2023 to a much smaller loss of KRW 5.97 billion in 2024 and KRW 0.76 billion in 2025.
On a quarterly basis, Q2 2025 showed revenue of KRW 9.26 billion with an operating loss of KRW 0.73 billion and a net loss of KRW 1.41 billion, before turning profitable starting Q3 2025 with revenue of KRW 9.58 billion, operating profit of KRW 0.12 billion, and net profit of KRW 0.17 billion.
Profitability then expanded through Q4 2025 (revenue KRW 8.90 billion, operating profit KRW 0.27 billion, net profit KRW 1.28 billion) and Q1 2026 (revenue KRW 10.52 billion, operating profit KRW 0.83 billion, net profit KRW 1.14 billion).
In Q2 2026, revenue rose further to KRW 11.01 billion, but operating profit fell to KRW 0.01 billion and net profit to KRW 0.025 billion, illustrating quarter-to-quarter volatility in earnings scale.
The annual debt-to-equity ratio climbed steadily from 94.0% in 2022 to 146.0% in 2023, 227.3% in 2024, and 232.8% in 2025, alongside shrinking equity.
On the cash flow side, operating cash flow in 2025 was a modest positive KRW 27.6 million, well below the levels seen in 2024 (KRW 1.1 billion) and 2022 (KRW 5.34 billion).
The downstream TV market overall remains stagnant, though OLED TVs show relatively resilient growth. According to Counterpoint Research, global TV shipments declined 0.4% year-on-year in Q2 2026, while OLED TV shipments grew 20% in the same period, with LG Electronics holding more than half of that market.
However, Omdia projects that OLED TV shipment volumes will plateau at around 6.9 million units annually from 2026 to 2030 in the medium to long term, with OLED TV's share of global TV market revenue declining from the low-teens percentage in 2026 to about 9% by 2030.
Mini LED and RGB LED TVs, by contrast, are expected to expand in both shipment volume and revenue share over the same period, intensifying competition with LCD-based premium technologies.
The large-area OLED panel market, per Omdia, is projected to grow 18.7% year-on-year to 38.8 million units in 2026, driven partly by growth in monitor and notebook applications.
Against this backdrop, YeSUN Tech is maintaining its position within the existing display adhesive materials supply chain while expanding into the relatively higher-growth secondary battery flame-retardant materials market to reduce reliance on any single downstream industry.
Within the display materials and components segment, the company is reported to have transactional relationships with a broad range of domestic and global manufacturers, which is said to reduce volatility from dependence on any single customer.
YeSUN Tech stated that it maintained an operating profit trend for five consecutive quarters through Q2 2026 after turning profitable in Q3 2025, and management has outlined a strategy of maintaining profitability in its existing display business while cultivating secondary battery materials as a new revenue source.
The company reported first-half 2026 revenue of approximately KRW 21.5 billion, up about 11% year-on-year (per an August 2026 Asia Economy Daily report, described as a preliminary figure at the time).
On the capital policy front, the company completed a 5-for-1 reverse stock split on July 22, 2026, and its board decided on August 31 to retire 48,989 treasury shares, with a scheduled retirement date of September 10.
A company representative stated that the retirement was "a decision to enhance shareholder value amid an improving earnings trend." In its new business area, the company completed patent filing for a flame-retardant adhesive material attached to large secondary batteries, and plans to pursue customer validation and supply opportunities in response to demand for fire-spread suppression in EV and energy storage batteries.
CEO Jeon Chun-seop was reported in media coverage as saying the company had undergone "a complete transformation into a profitable company" (Asia Economy Daily, August 2026).
However, no formal guidance has yet been provided on the specific timing or scale of revenue contribution from the new secondary battery materials business.
YeSUN Tech has shifted from heavy losses in 2023-2024 to a pattern of quarterly operating profit since the second half of 2025, with cumulative net income turning positive over the most recent four-quarter window.
The stock is currently in a phase where capital policy actions aimed at improving per-share metrics—including the 5-for-1 reverse split and treasury share retirement—are being implemented in parallel.
The share price relative to net assets needs to be considered in a different context than during the period of heavy losses, with the sustainability of the earnings recovery appearing to be a key market focus. Dividend-related comparisons are limited, as no recent dividend payment history has been confirmed.
The volatility in quarterly profit scale—such as the sharp decline in profit from Q1 to Q2 2026—appears to be a factor worth considering alongside valuation.
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
The company posted operating profit for five consecutive quarters from Q3 2025 through Q2 2026, marking a departure from the structural losses of 2022-2024. The annual operating loss also narrowed sharply from KRW 8.80 billion in 2023 to KRW 0.81 billion in 2025. If this trend continues, it could support further improvement in the financial structure.
The company has developed a flame-retardant adhesive material for large secondary batteries and completed patent filing, seeking to secure a new revenue source beyond its display-centric business.
This aligns with growing safety requirements in the EV and ESS battery market, giving the diversification strategy directional support, though the commercialization timeline and revenue contribution have not yet been formalized.
After completing a 5-for-1 reverse stock split in July 2026, the company decided on August 31 to retire 48,989 treasury shares, reducing share count to improve per-share metrics. This can be interpreted as a capital policy action running in parallel with the earnings improvement phase. The company stated it would continue to pursue shareholder value enhancement measures going forward.
Annual revenue declined for four consecutive years, from KRW 53.17 billion in 2022 to KRW 37.88 billion in 2025.
Since profit improvement has been driven mainly by cost reduction and profit-and-loss structure efficiency, questions could arise about the sustainability of earnings improvement if revenue growth does not follow.
Operating profit fell sharply from KRW 0.83 billion in Q1 2026 to KRW 0.01 billion in Q2 2026. The fact that profit shrank significantly even as revenue grew from KRW 10.52 billion to KRW 11.01 billion suggests volatility in the cost structure. The stability of quarterly profit going forward warrants continued monitoring.
The debt-to-equity ratio has continued to rise, from 94.0% in 2022 to 232.8% in 2025, while owners' equity shrank from KRW 32.57 billion in 2022 to KRW 15.35 billion in 2025.
This reflects capital erosion stemming from accumulated losses, which could lead to future capital raising needs or financial burden management issues.
Revenue is structurally tied to TV and display set makers' production volumes and new product development cycles; if OLED TV shipments plateau from 2026 to 2030 as Omdia projects, growth potential in the core business could be constrained. Expanding market share of competing technologies such as Mini LED and RGB LED is also a long-term risk factor.
The secondary battery flame-retardant material is at the patent filing stage, and the process from customer validation to mass-production supply could take time; the commercialization timeline or revenue contribution has not yet been formalized. Uncertainty also exists from potential competitor entry or changes in technical standards.
The debt-to-equity ratio remains elevated at 232.8% as of 2025, and owners' equity has shrunk for four consecutive years. If the profitable trend fails to become firmly established and losses recur, pressure on capital erosion could intensify again.
The scheduled date for the board-approved retirement of 48,989 treasury shares, a point to confirm actual execution and the resulting change in shares outstanding.
The Q3 2026 earnings disclosure will show whether the five-quarter profitable streak extends to a sixth quarter, and whether the sharp Q2 profit decline was a temporary occurrence.
Watch for disclosures on the progress of customer validation or supply contracts for the secondary battery flame-retardant adhesive material.
This will be the point to check whether full-year 2026 revenue and operating profit break the four-year revenue decline trend and rebound, and whether annual profitability is confirmed.
YeSUN Tech has shifted from heavy losses in 2022-2024 to a pattern of quarterly operating profit since Q3 2025, with a core business in functional adhesive materials for displays now expanding into flame-retardant materials for secondary batteries.
Revenue declined for four consecutive years, but the operating loss narrowed quickly, and net income has turned cumulatively positive over the most recent four-quarter window. However, the sharp decline in Q2 2026 profit compared to Q1 is a point worth monitoring in terms of earnings stability.
The company has emphasized shareholder value enhancement through capital policy actions including a 5-for-1 reverse stock split and treasury share retirement, though financial burdens such as a rising debt ratio and shrinking owners' equity remain present.
While the downstream OLED TV market shows resilient near-term growth, medium-to-long-term shipment forecasts point to a plateau, making the progress of commercialization in the new secondary battery materials business a key variable for the company's future growth story.
Report written 2026-09-05 · Data as of 2026-09-04
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