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
Chunbo's 2025 annual operating profit turned positive for the first time in two years, yet a one-off charge in the fourth quarter widened the net loss, leaving the delayed Saemangeum plant startup and Tesla Cybercab supply hopes as the key variables ahead.
2025 consolidated operating profit turned positive at KRW 3.7bn after two years of losses, but a fourth-quarter owner net loss of KRW 50.7bn widened the full-year net loss to KRW 57.8bn.
Revenue recovered sequentially to KRW 40.8bn in Q1 2026 and KRW 51.0bn in Q2 2026, though operating profit remained in the red in both quarters.
The new Saemangeum F-electrolyte (LiFSI) plant remains in trial production, with commercial startup pushed back from Q4 2025 to H1 2026.
Mirae Asset Securities raised its target price in April 2026, citing Tesla Cybercab 4680-cell demand as the final destination for F-electrolyte supply, while maintaining a Buy rating.
The structural cause of the 2023-2024 earnings slump—below-cost pricing by Chinese rivals—has not been fully resolved, and competitive intensity remains a swing factor.
Founded in 2007, Chunbo is a fine chemical materials company operating four business segments: electronic materials, secondary battery materials, pharmaceutical materials, and precision chemical materials.
Revenue is concentrated in the secondary battery materials segment, with Jungwon New Materials and Chunbo BLS as subsidiaries.
In battery materials, the company centers on F-electrolyte (LiFSI), which it commercialized for the first time globally at the end of 2016, and P-electrolyte (LiPO2F2), in which it holds a near-monopoly global position, alongside B-electrolyte (LiBOB), D-electrolyte (LiDFOP), and additives FEC and VC.
The electronic materials segment covers LCD etchant additives, OLED materials, and semiconductor process materials, while the pharmaceutical materials segment produces intermediates used in tuberculosis and diabetes treatments.
The precision chemical materials segment supplies high-value-added products such as potassium nitrate and lithium nitrate used in tempered glass and tire manufacturing. Customers include LG Energy Solution, Samsung SDI, and SK On domestically, and CATL, BYD, Panasonic, and Tesla overseas.
The company has set a mid-to-long-term goal of raising its F-electrolyte and P-electrolyte market shares to roughly 60% and over 90%, respectively.
The competitive landscape is shaped by low-price competition from Chinese producers on one side and growing Western customer demand for non-Chinese-origin materials on the other.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩33.1B | ₩2.9B | 8.7% |
| 2025Q3 | ₩30.6B | ₩600M | 1.8% |
| 2025Q4 | ₩34.6B | -₩2.5B | −7.4% |
| 2026Q1 | ₩40.8B | -₩3.4B | −8.4% |
| 2026Q2 | ₩51B | -₩3.8B | −7.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩328.9B | ₩56.5B | ₩37.4B | 17.2% | 10.9% | 107.3% |
| 2023 | ₩182.7B | -₩8B | -₩41.8B | −4.4% | −14.1% | 166.4% |
| 2024 | ₩144.9B | -₩22.8B | -₩27.4B | −15.7% | −7.5% | 142.9% |
| 2025 | ₩133.8B | ₩3.7B | -₩57.8B | 2.8% | −13.6% | 81.8% |
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
After peaking in 2022 with revenue of KRW 328.9bn and operating profit of KRW 56.5bn (17.2% operating margin), Chunbo's revenue fell 44% to KRW 182.7bn in 2023 as operating profit swung to a loss of KRW -8.0bn.
In 2024, revenue declined further to KRW 144.9bn (-21%) while the operating loss widened to KRW -22.8bn, largely due to fixed-cost burdens tied to new plant construction. In 2025, revenue fell again to KRW 133.8bn (-8%), but operating profit turned positive at KRW 3.7bn (2.8% margin) for the first time in two years.
However, the 2025 owner net loss widened to KRW -57.8bn from KRW -27.4bn in 2024, driven largely by a KRW -50.7bn owner net loss recorded in the fourth quarter alone.
Quarterly, revenue of KRW 33.1bn and operating profit of KRW 2.9bn in Q2 2025 slipped to revenue of KRW 30.6bn and operating profit of KRW 0.6bn in Q3, before swinging back to an operating loss of KRW -2.5bn on revenue of KRW 34.6bn in Q4.
In 2026, revenue rose sequentially to KRW 40.8bn in Q1 (operating loss KRW -3.4bn) and KRW 51.0bn in Q2 (operating loss KRW -3.8bn), showing clear top-line recovery even as operating losses persisted for two consecutive quarters.
The trailing four-quarter owner net income (Q3 2025-Q2 2026) totaled KRW -64.6bn, indicating the annual profitability trend has yet to enter a full recovery phase.
The battery electrolyte and additive market moved from a 2021-2022 super-cycle into a structural oversupply phase during 2023-2024, driven by below-cost selling from Chinese producers. Chunbo, which had a high China export exposure, reportedly had to partially match local rivals' aggressive pricing during this period.
More recently, lithium carbonate and hydroxide prices have risen from their lows and LiPF6 prices have also surged from trough levels, a pattern attributed to inventory depletion after producers cut or halted output for several years.
Because LFP batteries use higher concentrations of specialty lithium salts and additives than NCM chemistries, wider LFP adoption is seen by some analysts as a driver of related material demand. Growing ESS demand tied to AI data center buildouts is also cited as a favorable factor for battery material stocks broadly.
On the competitive front, Nippon Shokubai, a key North American electrolyte supplier to Tesla, is reportedly building a new plant in Fukuoka, Japan targeting 2028 mass production with roughly 3,000 tons of annual capacity, suggesting the competitive landscape within the non-China supply chain could shift going forward.
Chunbo's new Saemangeum F-electrolyte (LiFSI, 2,500 tons per year) and FEC plant applies a non-China-origin, lower-cost process aimed at cutting costs relative to existing lines, and remains in trial production with negotiations underway to supply a key North American customer.
The commercial startup timeline has slipped from Q4 2025 to H1 2026, and given a history of repeated delays, further postponement cannot be ruled out.
In an April 2026 report, Mirae Asset Securities noted that the F-electrolyte supply that began early in the year is ultimately destined for Tesla's next-generation robotaxi Cybercab (supporting Tesla's own 4680 cell production), forecasting that F-electrolyte's share of segment revenue would expand from 2% in 2025 to 36% in 2026 and 46% in 2027.
The report also flagged that initial depreciation burdens from the new line could delay net profit recovery relative to the top-line recovery. The company is reported to be planning phased F-electrolyte capacity expansion through 2025-2027, targeting roughly 20,000 tons by 2027.
On pricing, because electrolyte and additive prices are not directly linked to raw material costs, ongoing unit-price negotiations with customers carry significant weight for future results and remain a key variable to watch.
With net losses still persisting, the market appears to be assigning Chunbo a valuation at or near a premium to net asset value, which can be interpreted as partly reflecting expectations for a future earnings recovery.
Because net income remains in loss, price-to-earnings-based comparisons carry limited meaning, making a price-to-book-based approach the more practical lens. Dividends have not been paid in recent years amid continued net losses, limiting the stock's appeal from an income perspective.
Some brokerages have flagged that valuation looks demanding based on 2026 earnings estimates, reflecting differing views on the pace and magnitude of any earnings recovery.
Ultimately, until new-plant startup and revenue recovery are confirmed to translate into actual profit, views on whether the market's current valuation is appropriate are likely to remain divided.
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
Full-year 2025 operating profit turned positive at KRW 3.7bn after two consecutive years of losses, and revenue in H1 2026 rose clearly on a quarterly basis. Continued revenue recovery could allow for further operating margin improvement through fixed-cost dilution.
Mirae Asset Securities raised its target price in April 2026, citing Tesla Cybercab's 4680 cells as the final destination for F-electrolyte supply, while maintaining a Buy rating.
The report cited robotaxi-linked supply as a differentiating factor given its higher mid-to-long-term demand visibility versus typical EV models.
LFP batteries require higher concentrations of specialty lithium salts and additives than NCM chemistries, and Chunbo holds a near-monopoly position in P-electrolyte. Growing ESS demand tied to AI data center expansion is also cited as a favorable backdrop for battery materials broadly.
Although operating profit turned positive in 2025, a fourth-quarter owner net loss of KRW 50.7bn widened the full-year net loss to KRW 57.8bn. Operating losses persisted in both Q1 and Q2 2026, showing that revenue recovery has not yet translated directly into profit recovery.
The Saemangeum F-electrolyte plant's startup has again slipped, from Q4 2025 to H1 2026, following a history of repeated delays. If negotiations with the North American customer are not finalized during the trial production stage, revenue recognition could be pushed back further.
The 2023-2024 earnings slump was triggered by below-cost pricing from Chinese producers. While lithium salt prices have recently rebounded from lows, price volatility could resurface if Chinese producers restart idled capacity, as production normalization takes time.
The Saemangeum F-electrolyte line remains in trial production, requiring both yield stabilization and North American customer qualification. Any further delay could push back both revenue recovery and the point at which depreciation burdens ease.
Until the U.S. IRA's Foreign Entity of Concern (FEOC) rules and related amendments are finalized, the scope and timing of any benefit from being a non-China-origin supplier remain uncertain. Competitor Nippon Shokubai's new plant expansion in Japan could also affect the competitive landscape for North American supply.
Because electrolyte and additive pricing is not directly linked to raw material costs, the outcome of individual price negotiations with customers has a direct impact on results. Volatility in the EV and ESS demand cycle can also affect volume and utilization rates.
Watch the Q3 earnings disclosure for updates on the Saemangeum plant's startup progress and whether revenue recognition has begun.
Confirm whether the Saemangeum F-electrolyte line begins full commercial operation and whether a supply agreement with the North American customer is finalized.
Track the actual production ramp-up schedule of Tesla's Cybercab 4680 cells and the extent to which it translates into F-electrolyte shipment volumes.
Check whether the proposed U.S. IRA FEOC amendment is finalized and whether non-China-origin material requirements are tightened.
Chunbo turned its operating profit positive in 2025 for the first time in two years, and revenue showed clear sequential recovery through H1 2026, yet a fourth-quarter one-off loss widened the full-year net loss, and operating profit remained negative through H1 2026.
The new Saemangeum F-electrolyte plant remains in trial production with North American customer negotiations ongoing, and its startup has again slipped to H1 2026.
Confirmation of F-electrolyte supply into Tesla's Cybercab has shifted some brokerage views more positively, but initial depreciation burdens from the new line and the risk of renewed China-driven price competition remain live variables.
Whether revenue recovery translates into actual profit improvement, and whether the new plant startup proceeds without further delay, will likely be the key markers for the company's earnings trajectory going forward.
Dividends have not been paid amid ongoing net losses, limiting the stock's appeal from an income standpoint. Investors will want to track Q3 earnings, confirmation of new-plant startup, the Cybercab production schedule, and any changes to IRA rules as they unfold.
Report written 2026-09-05 · Data as of 2026-09-04
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