PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
HuM&C, a healthcare packaging affiliate of Huons Group operating glass container and cosmetics-component businesses, has posted sequentially improving quarterly results from 2025Q2 through 2026Q2 as its Vietnam plant stabilizes and the cosmetics division turns profitable.
Both 2026Q1 and 2026Q2 marked record quarterly revenue and operating profit.
The cosmetics segment turned profitable in 2026Q2, improving the overall earnings structure.
The 2025 full-year operating margin fell sharply to 4.7% from 10.5% in 2024, largely attributed to early-stage cost burdens at the Vietnam subsidiary.
A 5-for-1 capital reduction and the company's first-ever cash dividend (KRW 200 per share) accompanied a broader balance-sheet restructuring and shareholder return push.
The controlling shareholder Huons Global has continued to increase its stake in the company.
Founded in 2002, HuM&C is a healthcare-packaging affiliate of Huons Group operating two main segments: glass containers and cosmetics components.
The glass segment focuses on medical glass vials and ampoules along with prefilled syringes (PFS) used in filler and skin-booster procedures, and generated KRW 33.5 billion in 2025, more than half of total revenue.
The cosmetics segment makes makeup sponges, puffs, and hair-care/hair-application containers, posting KRW 18.8 billion in 2025 revenue, up 28% year-on-year. The controlling shareholder is Huons Global, the group holding company, which had expanded its stake to 59.08% as of an August 2025 disclosure.
HuM&C began establishing a Vietnamese subsidiary in November 2023, building a roughly 4,500-pyeong plant in Hung Yen province called "HuM&C Vina,
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩13.4B | ₩800M | 5.8% |
| 2025Q3 | ₩13.4B | ₩700M | 5.5% |
| 2025Q4 | ₩13B | ₩500M | 3.6% |
| 2026Q1 | ₩14.5B | ₩800M | 5.7% |
| 2026Q2 | ₩15.7B | ₩1.2B | 7.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩35.6B | ₩1.8B | ₩800M | 5.0% | 2.6% | 54.3% |
| 2023 | ₩48.4B | ₩4.8B | ₩10.3B | 10.0% | 25.5% | 35.9% |
| 2024 | ₩47.2B | ₩4.9B | ₩3.4B | 10.5% | 7.7% | 40.9% |
| 2025 | ₩52.3B | ₩2.5B | ₩1.6B | 4.7% | 3.5% | 35.8% |
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
On an annual basis, revenue rose from KRW 35.6 billion in 2022 to KRW 48.4 billion in 2023, KRW 47.2 billion in 2024, and KRW 52.3 billion in 2025.
The operating margin climbed from 5.0% in 2022 to 10.0% in 2023 and 10.5% in 2024, then fell to 4.7% in 2025, a decline attributed to cost burdens during the early ramp-up of the Vietnam subsidiary.
Notably, 2023 net income of KRW 10.3 billion far exceeded that year's operating profit of KRW 4.8 billion, suggesting a one-off non-operating item, coinciding with total equity jumping from KRW 30.2 billion to KRW 40.5 billion that year.
Looking at quarterly trends, 2025Q2 posted revenue of KRW 13.4 billion and operating profit of KRW 0.8 billion but a net loss of KRW 34 million, before profits recovered sequentially through 2025Q3 (revenue KRW 13.4 billion, operating profit KRW 0.7 billion, net profit KRW 0.66 billion) and 2025Q4 (revenue KRW 13.0 billion, operating profit KRW 0.46 billion, net profit KRW 0.64 billion). 2026Q1 delivered record quarterly results with revenue of KRW 14.5 billion, operating profit of KRW 0.82 billion, and net profit of KRW 0.91 billion, and 2026Q2 set a new record again with revenue of KRW 15.7 billion, operating profit of KRW 1.24 billion, and net profit of KRW 0.98 billion.
This improvement reflects steady growth in the glass business, the cosmetics segment's return to profitability, and stabilization of the Vietnam plant.
Still, full-year 2025 net income of KRW 1.6 billion remained well below the levels of 2023 (KRW 10.3 billion) or 2024 (KRW 3.4 billion), making it a key question how far the recent quarterly recovery will translate into annual figures.
The healthcare and cosmetics-packaging industry HuM&C operates in is closely tied to growth in downstream pharmaceutical/biotech and beauty/cosmetics markets.
Expansion of aesthetic procedures such as fillers and skin boosters is boosting demand for prefilled syringes (PFS), while growth in the health-supplement market is driving demand for vial containers. In the cosmetics segment, the spread of scalp-care and hair-care trends is pulling demand for related containers.
The glass-container and cosmetics-component industry features numerous small and mid-sized manufacturers competing on cost efficiency and production reliability.
HuM&C is pursuing cost competitiveness through its Vietnamese production base while seeking to expand cooperation with global pharmaceutical and biotech companies. Demand linkage with other Huons Group affiliates also appears to contribute somewhat to business stability.
However, commentary around 2025Q2 results noted that order volumes that had weakened due to fallout from a medical-sector labor dispute were gradually recovering, suggesting healthcare policy conditions can influence downstream demand.
Management has positioned stabilization of the Vietnam plant and diversification of product lines as the pillars of continued growth. The company has said it will leverage expanded production capacity to develop new client relationships and broaden cooperation with global pharmaceutical and biotech firms.
The cosmetics segment, which had seen declining revenue through 2026Q1, rebounded in 2026Q2 with revenue up 44% year-on-year and a swing to profitability, which the company attributed to technology in-house development, process optimization, and new client acquisition.
On the financial side, the company resolved a 5-for-1 capital reduction in June 2025, cutting listed shares from roughly 49.04 million to 9.8 million, and moved capital reserves into retained earnings to offset accumulated deficits and secure distributable profits.
Building on this, the 2025 fiscal-year settlement included the company's first-ever cash dividend of KRW 200 per share, and in June 2025 it signed a KRW 1 billion trust agreement for share buybacks aimed at enhancing shareholder value.
In November of last year, the company obtained a domestic patent for a functional container that combines scalp massage and product application, seeking to strengthen its new-product lineup. The actual earnings contribution of these initiatives will require further confirmation through upcoming quarterly disclosures.
With recent quarterly results improving in succession and net income turning from loss to a recovering profit trend, market valuation multiples appear to be moving in line with this pattern.
The share price relative to net assets sits within the range seen over recent years, and given that a dividend was paid for the first time only in the 2025 fiscal-year settlement, the company's dividend track record within its industry remains short.
The 5-for-1 capital reduction sharply cut the share count, meaning per-share metrics are now calculated on a different basis than in prior periods, which warrants caution in time-series comparisons.
Whether the cosmetics segment's return to profitability and the Vietnam plant's operational stabilization can be sustained stands out as a key variable that could affect future valuation trends.
Market participants appear to be watching both the durability of the quarterly earnings recovery and how shareholder-return policies evolve following the balance-sheet restructuring.
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
After a net loss in 2025Q2, the company posted net profit in each of the four quarters from 2025Q3 through 2026Q2, with 2026Q1 and 2026Q2 both setting new records for quarterly revenue and operating profit. Revenue also showed a clear recovery, rising from KRW 13.0 billion in 2025Q4 to KRW 15.7 billion in 2026Q2.
This is interpreted as reflecting both Vietnam plant stabilization and improvement in the cosmetics business simultaneously.
The cosmetics segment's revenue decline through 2026Q1 reversed in 2026Q2, rising 44% year-on-year and 32% quarter-on-quarter, alongside a swing to profitability. The company attributed this to in-house technology development and new client acquisition.
Growing demand for hair-care containers amid the spread of scalp-care trends is also cited as a supporting factor.
Through the 5-for-1 capital reduction and transfer of capital reserves into retained earnings, the company offset accumulated deficits and secured distributable profits.
Building on this, it paid its first-ever cash dividend (KRW 200 per share) in the 2025 fiscal-year settlement and has been executing a KRW 1 billion share buyback trust agreement. Controlling shareholder Huons Global has also been confirmed to have steadily increased its stake through 2025.
The 2025 full-year operating margin fell to 4.7%, less than half of 2024's 10.5%. Temporary cost increases arising from stabilizing production and building operational systems at the Vietnam subsidiary are cited as the main background.
Whether recent quarterly improvement will firmly translate into annual figures still requires further confirmation.
2023 net income of KRW 10.3 billion far exceeded operating profit of KRW 4.8 billion, suggesting a one-off factor, and net income subsequently declined markedly to KRW 3.4 billion in 2024 and KRW 1.6 billion in 2025. This year-to-year variation is a point of caution when assessing earnings continuity.
As a small-cap KOSDAQ stock, HuM&C may face limited liquidity and trading volume.
Commentary around 2025Q2 results noted that order volumes had weakened due to fallout from a medical-sector labor dispute before recovering, illustrating that earnings can be affected by policy and demand shifts in the healthcare and beauty markets.
Fluctuations in glass raw-material prices and foreign-exchange exposure tied to production in Vietnam can affect cost ratios. Temporary cost increases have already been observed during the early ramp-up of the Vietnamese subsidiary, and further cost variability cannot be ruled out.
Growth trends in the aesthetic-procedure market (fillers, skin boosters) and the health-supplement market, along with changes in healthcare policy, can directly affect revenue.
Given the prior case of weakened order volumes tied to a medical-sector labor dispute, the possibility of similar external variables recurring should be considered.
The controlling shareholder Huons Global has been continuously expanding its stake, increasing ownership concentration. Given the company's small-cap nature with a sharply reduced share count following the capital reduction, trading liquidity may be limited, warranting attention to price volatility.
The 2026Q3 earnings disclosure should be checked to see whether the cosmetics segment's profitability continues and how the Vietnam plant's cost ratio is trending.
Investors should watch for completion of the KRW 1 billion share-buyback trust agreement signed in June 2025 and any announcement of additional shareholder-return measures.
Watch for disclosures or news regarding new client acquisitions and cooperation with global pharmaceutical/biotech firms leveraging the Vietnam production base.
Continued monitoring of disclosures on additional stake purchases or sales by controlling shareholder Huons Global is warranted, as these could signal shifts in ownership structure.
HuM&C is a Huons Group healthcare-packaging affiliate operating glass and cosmetics business segments, having shown a recovering earnings trend with sequential quarterly improvement from a net loss in 2025Q2 through 2026Q2.
Stabilization of the new Vietnam plant and the cosmetics segment's return to profitability are confirmed as the core drivers of this recent improvement.
That said, the 2025 full-year operating margin fell to less than half of 2024's level, and the unusually high 2023 net income followed by subsequent decline illustrates volatility in annual results.
The company has also paired balance-sheet restructuring measures—a 5-for-1 capital reduction, its first-ever dividend, and share buybacks—with shareholder-return initiatives.
Key points to watch going forward include the continuity of quarterly profit improvement, whether the cosmetics segment's profitability holds, and progress in securing new clients through the Vietnam plant.
Continued monitoring of upcoming quarterly disclosures and related news is warranted before drawing further conclusions.
Report written 2026-09-05 · Data as of 2026-09-04
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