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
TS Trillion has shown improving profitability in 2026 through distribution channel restructuring, while its core manufacturing partner Woosin Cosmetics has increased its stake, signaling an attempt at governance stabilization.
Consolidated operating profit turned positive at KRW 1.1 billion and owner net income at KRW 920 million in Q1 2026, but the company slipped back into a net loss in Q2, showing high quarterly volatility.
Core manufacturing partner Woosin Cosmetics acquired shares through open-market purchases, bringing its combined stake with related parties to 5.01% and making it a major shareholder.
The company signed an exclusive distribution agreement with Vietnam's Thunder Trading Global, targeting total purchases of USD 4.8 million, aiming to enter large retail networks such as WinMart.
Annual revenue has contracted for four consecutive years, from KRW 62.9 billion in 2022 to KRW 26.0 billion in 2025.
A share consolidation (par value from KRW 100 to KRW 500) was completed in April 2026, resetting the outstanding share count and price unit.
TS Trillion was founded in 2007 and listed on KOSDAQ in 2020 through a merger with a special-purpose acquisition company, operating as a specialist in anti-hair-loss functional shampoo.
Its flagship product line is the 'TS Shampoo' anti-hair-loss and haircare series, and the company has been expanding into functional products and basic skincare using key ingredients such as biotin and niacinamide.
Through consolidated subsidiaries, it also runs advertising agency and food-service businesses, so revenue is not confined solely to haircare. Manufacturing relies heavily on outsourcing partner Woosin Cosmetics, which holds Good Cosmetics Manufacturing Practice (CGMP) and ISO 22716 certifications.
On the distribution side, the company has recently restructured its channel mix toward general retail accounts such as Olive Young and Daiso and its own smart-store, while scaling back lower-margin channels.
Overseas, it shifted its China operations from direct subsidiary management to granting distribution rights to a local partner, and more recently signed an exclusive distribution agreement with Vietnam's Thunder Trading Global to expand into Southeast Asia.
Competitively, the domestic hair-loss and haircare market includes multiple rivals such as Amos Professional and large personal-care conglomerate brands, making channel and brand competition intense.
The company also continues efforts to broaden its customer base beyond its traditionally dominant 40s-to-60s demographic, including a youth-targeted product line.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.5B | -₩700M | −12.3% |
| 2025Q3 | ₩7.3B | ₩200M | 2.5% |
| 2025Q4 | ₩6.1B | ₩100M | 2.1% |
| 2026Q1 | ₩10.1B | ₩1.1B | 11.0% |
| 2026Q2 | ₩7.9B | ₩300M | 3.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩62.9B | -₩5.8B | -₩10B | −9.2% | −55.9% | 291.9% |
| 2023 | ₩40B | ₩1.2B | -₩1.6B | 3.1% | −6.0% | 189.0% |
| 2024 | ₩30.8B | ₩400M | -₩4.2B | 1.2% | −16.6% | 130.9% |
| 2025 | ₩26B | ₩25,672,167 | -₩2B | 0.1% | −6.9% | 92.3% |
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
Annual revenue fell for four straight years, from KRW 62.9 billion in 2022 to KRW 40.0 billion in 2023, KRW 30.8 billion in 2024, and KRW 26.0 billion in 2025.
Operating profit swung from a large loss of KRW 5.8 billion in 2022 to positive KRW 1.2 billion in 2023 and KRW 0.38 billion in 2024, before narrowing to essentially break-even at KRW 0.026 billion in 2025.
Owner net income remained negative throughout, at roughly negative KRW 10.0 billion in 2022, negative KRW 1.6 billion in 2023, negative KRW 4.2 billion in 2024, and negative KRW 2.0 billion in 2025. The debt ratio steadily declined from 291.9% in 2022 to 189.0% in 2023, 130.9% in 2024, and 92.3% in 2025.
On a quarterly basis, the company moved from a KRW 5.5 billion revenue and KRW 0.68 billion operating loss in Q2 2025 to KRW 7.3 billion revenue and KRW 0.18 billion operating profit in Q3, and KRW 6.1 billion revenue and KRW 0.12 billion operating profit in Q4, before posting a clear turnaround in Q1 2026 with KRW 10.1 billion revenue, KRW 1.11 billion operating profit, and KRW 0.92 billion owner net income.
However, in Q2 2026 revenue fell back to KRW 7.9 billion, operating profit shrank to KRW 0.29 billion, and owner net income reverted to a loss of about KRW 0.13 billion.
Summing the most recent four quarters (Q3 2025 through Q2 2026) yields revenue of KRW 31.3 billion, operating profit of KRW 1.71 billion, and owner net income of just KRW 0.078 billion, barely positive and still subject to significant quarter-to-quarter swings.
The company separately stated that on a standalone basis, first-half 2026 revenue rose 18% year-on-year with operating profit surging more than fifteenfold, a figure that can be referenced alongside the consolidated results.
The global anti-hair-loss and haircare market is expected to see moderate growth driven by aging populations, stress, and environmental factors, with multiple market research firms projecting mid-single-digit compound annual growth rates over the coming years.
The domestic Korean market has relatively low demand volatility given its essential-goods character, though prolonged economic slowdown can still weigh on consumer spending.
Asia-Pacific is cited as one of the fastest-growing regions for haircare overall, and interest in K-beauty continues in Southeast Asian countries including Vietnam.
In Korea, large personal-care and cosmetics conglomerates hold multiple anti-hair-loss brands, making shelf space and marketing competition intense, while expanding e-commerce channels present both opportunities and threats for smaller brands.
TS Trillion, as a small-cap KOSDAQ-listed haircare specialist, is relatively disadvantaged in capital scale and brand recognition versus larger competitors but maintains a focused positioning in the anti-hair-loss category.
Recently, the company has attempted to diversify its growth drivers by combining domestic channel efficiency efforts with overseas distribution agreements.
The company plans to target Vietnamese beauty-specialist channels such as Venesa and a.SENSE, as well as the large WinMart retail chain, under its exclusive distribution agreement with Thunder Trading Global; WinMart's operator runs more than 5,000 stores nationwide in Vietnam, so confirmed listing could substantially expand consumer touchpoints.
The agreement was reached through the government-supported 'K-Beauty Glow Week Vietnam' program, and the company intends to first gauge market response with its anti-hair-loss functional shampoo before gradually expanding its product lineup.
The company stated its intention to develop Vietnam as a key hub for Southeast Asian market expansion.
Domestically, it continues to scale back lower-margin sales channels and restructure distribution toward general retail accounts such as Olive Young and Daiso along with its smart-store, which the company said contributed to first-half 2026 profitability improvement.
On the governance front, core manufacturing partner Woosin Cosmetics becoming a major shareholder with a combined 5.01% stake, including related parties, has been cited as a factor that could reinforce management stability.
However, given that Q2 2026 results reverted to a loss, whether the company can sustain quarterly profitability in the second half and beyond remains a key variable for the earnings trajectory.
TS Trillion recorded consecutive net losses from 2022 through 2025, and on a trailing four-quarter basis has only just crossed into marginal profitability. Given this earnings trajectory, conventional profit-based valuation metrics can swing significantly with quarterly fluctuations.
The share price trades at a level relatively close to net asset value, making it difficult to characterize it as trading at either a large discount or a large premium to book value.
The company currently pays no dividend, meaning shareholder returns depend on earnings improvement and governance stabilization rather than direct cash distribution.
As profitability is only in an early stage of transitioning from losses to modest gains, the continuity of upcoming quarterly results is likely to be an important reference point for valuation going forward.
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 has scaled back lower-margin sales channels and restructured distribution toward relatively higher-margin channels such as Olive Young, Daiso, and its own smart-store.
As a result, Q1 2026 showed a clear consolidated turnaround with operating profit of KRW 1.1 billion and owner net income of KRW 0.92 billion. The debt ratio has also steadily declined, from 291.9% in 2022 to 92.3% in 2025.
Core manufacturing partner Woosin Cosmetics, through open-market purchases combined with related-party holdings, became a major shareholder with a 5.01% stake.
Woosin also participated in a KRW 1 billion third-party allocated capital increase last year, reinforcing a strategic partnership beyond manufacturing cooperation through equity ownership. The company expects this stake increase to positively affect management stability.
The company signed an exclusive distribution agreement with Vietnam's Thunder Trading Global targeting total purchases of USD 4.8 million.
The deal was reached through the government-supported 'K-Beauty Glow Week Vietnam' program and covers both beauty-specialist channels and large retail networks such as WinMart, which operates more than 5,000 stores. The company stated its plan to develop Vietnam as a key hub for Southeast Asian market expansion.
Annual revenue has declined for four consecutive years, from KRW 62.9 billion in 2022 to KRW 40.0 billion in 2023, KRW 30.8 billion in 2024, and KRW 26.0 billion in 2025. This can be a negative factor for achieving economies of scale and spreading fixed costs. While recent quarters show some revenue recovery, levels have not yet returned to prior years' scale.
Owner net income was positive at KRW 0.92 billion in Q1 2026 but reverted to a loss of KRW 0.13 billion in Q2. The sum of owner net income over the most recent four quarters remains barely positive at KRW 0.078 billion, indicating a stable earnings pattern has not yet been established.
The company recorded owner net losses for four consecutive years from 2022 through 2025. Total equity stood at about KRW 29.0 billion at the end of 2025, still reflecting the impact of previously accumulated large losses. While the debt ratio has been improving, the absolute capital base remains relatively small.
The company has a history of a trading halt related to a past management dispute. While the recent stake acquisition by Woosin Cosmetics signals an attempt at stabilization, further changes in the related-party ownership structure could re-surface management uncertainty. Minority shareholders need to continue monitoring related disclosures.
The company carried out a share consolidation in April 2026, resetting the per-share value and outstanding share count.
As a small-cap stock, liquidity may be relatively limited, and if future capital needs arise, the possibility of shareholder value dilution through rights offerings or convertible bond issuance cannot be ruled out.
The domestic anti-hair-loss and haircare market features multiple brands from large personal-care and cosmetics conglomerates, making marketing and distribution channel competition intense.
A prolonged economic slowdown could reduce consumer spending capacity for premium or functional products, and competition with local incumbent brands is unavoidable in newly entered overseas markets as well.
Check the Q3 2026 quarterly report disclosure to assess whether the earnings trend, which reverted to a loss in Q2, recovers in the second half.
Verify whether actual listing at WinMart and beauty-specialist channels through Thunder Trading Global in Vietnam occurs, and whether initial sales are reflected.
Monitor for additional disclosures on stake changes by Woosin Cosmetics and related parties to check whether the governance stabilization trend continues.
Check whether the shift in revenue mix from domestic channel restructuring (toward Olive Young, Daiso, and smart-store) continues to support margin improvement.
TS Trillion, after years of revenue contraction and net losses dating back to 2022, showed the emerging effects of distribution channel restructuring with a clear turnaround to profit in Q1 2026.
However, it reverted to a loss in Q2, leaving even the trailing four-quarter sum only marginally positive, meaning earnings continuity has not yet been firmly established.
On the governance side, core manufacturing partner Woosin Cosmetics securing more than a 5% stake has raised expectations for management stabilization, while overseas the company is pursuing new sales channels through an exclusive distribution agreement with Vietnam's Thunder Trading Global.
The debt ratio has shown a positive financial-structure trend, improving from 291.9% in 2022 to 92.3% in 2025.
That said, revenue scale itself has shrunk for four straight years, so whether channel efficiency gains and overseas expansion translate into actual revenue growth remains to be confirmed through upcoming results.
Investors will need to continue monitoring upcoming quarterly earnings, the progress of Vietnam distribution channel entry, and governance-related disclosures.
Report written 2026-09-05 · Data as of 2026-09-04
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