PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩140 per share · Prices as of the 2026-10-02 close
Polyurethane foam dressing and cosmetics businesses grew together, lifting both revenue and operating profit in 2025, while a Gumi plant expansion completed in August 2026 moves the company into a capacity-expansion phase.
2025 consolidated revenue of KRW 35.24 billion and operating profit of KRW 7.93 billion, both up from the prior year
Q2 2026 owners' net profit of KRW 2.99 billion, the highest among the most recent five quarters
Polyurethane foam dressing (about 47% of sales) and cosmetics (about 30%) make up the bulk of revenue
KRW 3.6058 billion hydrocolloid production facility expansion in Gumi, completed August 14, 2026
Holds 148 intellectual property rights and is expanding R&D in response to an aging population and rising aesthetic procedure demand
Wonbiogen is a KOSDAQ-listed bio-pharma company that manufactures and sells medical-grade materials, wound dressings, and biosensor patches, while also operating a cosmetics wholesale business. Its core products are polyurethane foam dressings and hydrocolloid dressings, supplied to customers on an ODM basis.
As of June 2026, product revenue mix was led by polyurethane foam dressings at roughly 47.31%, followed by cosmetics at about 30.49%, hydrocolloid dressings at about 10.54%, household goods at 2.63%, and other items at 9.03%.
The company holds 148 intellectual property rights and is expanding R&D and its product portfolio in response to an aging population and rising demand for aesthetic procedures.
In the domestic wound-dressing market, Genewel is regarded as the leading domestic producer of hydrocolloid- and polyurethane-based dressings, with Wonbiogen competing alongside CGBio, Bioland, and Duksung.
The cosmetics segment has been cited as a key driver of recent quarterly earnings improvement, with the company attributing part of the gain to expanded brand exposure through sports marketing.
Operating both a medical device (wound dressing) business and a cosmetics business diversifies revenue sources, but also means managing two distinct regulatory and competitive environments simultaneously.
As a smaller bio-materials company, dependence on specific ODM customers or distribution channels is likely a factor influencing earnings variability.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.4B | ₩1.9B | 22.5% |
| 2025Q3 | ₩9.2B | ₩2.4B | 26.0% |
| 2025Q4 | ₩9.4B | ₩2.1B | 22.4% |
| 2026Q1 | ₩9.3B | ₩2.1B | 22.8% |
| 2026Q2 | ₩9.9B | ₩2.8B | 28.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩26.7B | ₩5.2B | ₩3.3B | 19.3% | 12.2% | 45.1% |
| 2023 | ₩29.6B | ₩7.1B | ₩5.5B | 24.1% | 17.1% | 31.5% |
| 2024 | ₩30.4B | ₩6.4B | ₩5.7B | 21.0% | 15.3% | 10.7% |
| 2025 | ₩35.2B | ₩7.9B | ₩6.6B | 22.5% | 15.5% | 11.7% |
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
Consolidated revenue in 2025 reached KRW 35.244 billion, up from KRW 30.440 billion in 2024, while operating profit rose to KRW 7.926 billion from KRW 6.407 billion. Owners' net profit increased to KRW 6.615 billion from KRW 5.690 billion in 2024, extending the annual profit growth trend.
The operating margin moved from 19.3% in 2022 to 24.1% in 2023, eased to 21.0% in 2024, then rebounded to 22.5% in 2025.
On a quarterly basis, revenue of KRW 8.397 billion and operating profit of KRW 1.892 billion in Q2 2025 improved to revenue of KRW 9.219 billion and operating profit of KRW 2.398 billion in Q3 2025, while Q4 2025 revenue reached KRW 9.374 billion but operating profit eased to KRW 2.103 billion and owners' net profit slipped to KRW 1.589 billion versus the prior quarter.
In 2026, Q1 revenue of KRW 9.281 billion and operating profit of KRW 2.118 billion were followed by Q2 revenue of KRW 9.931 billion and operating profit of KRW 2.780 billion, bringing quarterly revenue close to the KRW 10 billion mark for the first time.
Notably, Q2 2026 owners' net profit of KRW 2.986 billion exceeded operating profit of KRW 2.780 billion for the same quarter, suggesting an additional contribution from non-operating items.
Over the most recent four quarters (Q3 2025 through Q2 2026), combined revenue totaled KRW 37.800 billion and owners' net profit totaled KRW 8.423 billion, indicating that despite some quarter-to-quarter fluctuation, both scale and profitability have continued to expand on an annual basis.
On the cash flow side, operating cash flow of KRW 8.483 billion in 2025 was broadly in line with KRW 8.850 billion in 2024.
In the domestic wound-dressing market, polyurethane foam and hydrocolloid-based products form the core segment, with Genewel regarded as the leading domestic producer and Wonbiogen competing alongside CGBio, Bioland, and Duksung.
Hydrocolloid materials are increasingly applied beyond wound care dressings into acne and blemish patches, often marketed as 'second skin' beauty products.
According to industry research, the second skin dressing market was valued at roughly USD 2.77 billion in 2026 and is projected to grow at an 8.3% compound annual rate through 2030, with trouble-care patches valued by consumers for being non-invasive and wearable under makeup.
Asia-Pacific is identified as the fastest-growing region for both wound dressings and acne patches, suggesting a favorable demand backdrop for regional producers including those in Korea.
The broader global hydrocolloids market is projected to grow from about USD 13.64 billion in 2026 at a 6.8% compound annual rate through 2034, pointing to continued structural growth in the end market.
That said, the wound-dressing industry features numerous domestic and overseas players competing with similar material technologies, meaning price competition and the contest for ODM customers persist, while the cosmetics segment also faces intense competition from both domestic and international brands.
After disclosing a new facility investment on August 26, 2025, Wonbiogen twice revised the completion date due to delays in building completion inspection and occupancy approval, ultimately finishing the project on August 14, 2026.
The investment involved constructing an addition on already-owned land in Gumi, Gyeongsangbuk-do, at a cost of KRW 3.6058 billion (excluding VAT), equivalent to 9.68% of equity as of the end of 2024.
The company stated the expansion's purpose was to increase production volume of hydrocolloid-based products, and in a November 2025 disclosure it indicated that once a similarly intended facility expansion was completed, cosmetics production volume, sales, and profitability were expected to improve.
Results through Q2 2026 showed revenue and operating profit both rising sequentially, indicating that top-line growth continued even before the expansion's completion.
However, because the expansion was completed only recently, in August 2026, the timing and magnitude of its contribution to sales and profitability will need to be confirmed through upcoming quarterly results.
The company has stated an intention to continue strengthening its market position in core businesses and expanding R&D investment, though no specific numerical medium-term revenue targets or guidance figures are disclosed in public materials.
Given that the sports-marketing effect cited as a driver of cosmetics growth was concentrated around Q3 2025, the persistence of that effect and related base-effect comparisons may influence upcoming quarterly results.
On the earnings side, owners' net profit has grown each year since 2022, and on a quarterly basis the sum of the most recent four quarters has accumulated to a level approaching past full-year totals.
The price-to-book ratio, whether calculated independently or on the official KRX basis, sits near 1x, indicating the share price trades relatively close to the company's net asset value.
The price-to-earnings ratio sits in single-digit territory, which is lower than the double-digit-or-higher trading multiples commonly cited for small and mid-cap bio-materials companies.
On dividends, per-share cash dividends have continued, though the dividend yield itself remains relatively modest compared to the average for growth or high-dividend stocks.
These metrics leave room for differing interpretations as to whether the market has yet to fully reflect the pace of earnings recovery and top-line growth, or whether the gap instead reflects the liquidity discount typical of smaller-cap issues.
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
Consolidated revenue and operating profit both rose in 2025 versus the prior year, and growth continued into Q1 and Q2 2026 with quarterly revenue approaching record levels. The operating margin also improved from 21.0% in 2024 to 22.5% in 2025. Simultaneous expansion in both cosmetics and foam dressing reduces reliance on any single product line.
A KRW 3.6058 billion hydrocolloid-based production facility expansion was completed in August 2026, moving the company into a capacity-expansion phase. The company has indicated it expects increased production volume for cosmetics and hydrocolloid product lines as a result.
Because the expansion was built on already-owned land, the burden of securing additional sites was relatively limited.
Holding 148 intellectual property rights, the company continues R&D aimed at structural demand shifts from an aging population and rising aesthetic procedures. Hydrocolloid materials are increasingly applied beyond wound care into beauty applications such as acne and blemish patches.
Asia-Pacific is classified as the fastest-growing region for related markets, placing the company in a geographically favorable demand environment.
In Q4 2025, despite higher revenue, operating profit and owners' net profit eased from the prior quarter. In Q2 2026, owners' net profit exceeded operating profit, suggesting a non-operating contribution whose persistence is uncertain.
Quarter-to-quarter profitability swings, separate from the annual trend, warrant care when interpreting near-term results.
The Gumi plant expansion disclosed in August 2025 had its completion date revised twice due to delays in building inspection and occupancy approval, running later than originally planned. This illustrates that the timing of new capacity's revenue contribution can run behind initial expectations. Similar schedule variability cannot be ruled out for any future investment plans.
The domestic wound-dressing market features numerous players, including Genewel, competing with similar material technologies, creating ongoing potential for price pressure.
The cosmetics segment also faces intense competition from domestic and international brands, which may constrain ODM supply pricing negotiating power. As a smaller company, it may be relatively disadvantaged in marketing and distribution resources compared with larger competitors.
Materials such as polyurethane foam and hydrocolloid are exposed to fluctuations in petrochemical-based raw material prices. If raw material costs rise, the resulting pressure on cost of goods sold could become a factor affecting the operating margin. Currency fluctuations could also affect the cost structure to the extent imported raw materials are used.
Wound dressings are classified as medical devices and must comply with related approval and quality regulations, while the cosmetics segment is subject to separate safety standards and labeling/advertising rules.
Regulatory changes in either area, domestically or abroad, could affect product launch timelines or sales scope. Additional certification procedures for products made at the new facility cannot be ruled out.
As a small-cap stock, trading volume and supply-demand conditions can lead to relatively large share price volatility. Smaller-cap stocks often see limited institutional participation, meaning the share price may at times move independently of underlying earnings changes. This volatility is a structural characteristic that warrants attention.
Statutory filing deadline for the Q3 2026 quarterly report, allowing confirmation of whether the Gumi plant expansion has begun contributing to results and whether growth in the cosmetics and dressing segments continues.
Worth checking through quarterly results how the base effect from the sports-marketing boost concentrated in Q3 2025 affects the year-over-year comparison for the same period in 2026.
Ongoing confirmation needed on whether the hydrocolloid production facility expansion completed in August 2026 translates into actual sales and output increases, and whether further voluntary disclosures on new investments emerge.
Timing of the annual general meeting and the 2026 business report disclosure, when the finalized annual dividend amount and full-year results can be confirmed.
Wonbiogen has posted year-over-year growth in both revenue and owners' net profit since 2022, built on a two-pillar business structure of polyurethane foam dressings and cosmetics.
Quarterly results through H1 2026 showed revenue approaching record quarterly levels, and in Q2 2026 net profit exceeded operating profit, pointing to a possible non-operating contribution worth monitoring.
The hydrocolloid production facility expansion at the Gumi plant, completed in August 2026, could form a basis for medium-term capacity growth, though its actual sales contribution has not yet been confirmed in quarterly results.
On valuation, the share price trades close to net asset value, and earnings multiples sit in a relatively low range within the sector. Raw material costs, regulatory and approval changes, and the supply-demand volatility typical of small-cap stocks remain factors requiring ongoing attention.
The upcoming Q3 2026 earnings disclosure and whether the expansion's effects show up in results will likely be key points to watch going forward.
Report written 2026-10-02 · Data as of 2026-10-01
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