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
Xexymix rebounded in the second quarter of 2026 on strong overseas subsidiary growth in Japan and Taiwan, but intensifying competition from Andar and global premium brands in the domestic market has kept top-line growth stagnant and quarterly profitability volatile.
Consolidated 2025 revenue rose just 0.9% year-on-year while operating profit fell 30.3%, marking a slowdown in both growth and profitability.
The operating margin plunged to roughly 2% in Q1 2026 before recovering to around 7% in Q2 2026, underscoring sharp quarter-to-quarter swings.
Domestically the company lost the top revenue spot to Andar, while global premium brands such as Lululemon are closing the gap quickly.
Revenue from the three overseas units (Japan, Taiwan, China) is growing at double-digit rates and gaining share, with the company also expanding into Thailand and Indonesia.
Convertible bond put-option exercises and a share buyback-and-cancellation program are proceeding in parallel, reflecting both shareholder-return efforts and financial burden management.
Xexymix is an athleisure specialist founded in 2017 that listed on KOSDAQ in 2020, and it has grown around an online-centric, R&D-based direct-to-consumer model.
The company is an R&D-based D2C firm established in 2017 and listed on KOSDAQ in 2020, manufacturing and selling sportswear under its core athleisure brand Xexymix, offering apparel and accessories usable across yoga, Pilates, and fitness settings.
Most revenue comes from the leggings-centered Xexymix brand, and the company also holds a hygiene and household goods brand called Hwia and a men's leather goods, fashion accessories, cosmetics, and underwear brand called Marcio Diego.
The overseas business began with a Japan subsidiary in 2019, followed by the incorporation of China and Taiwan subsidiaries, expanding the multi-country footprint. More recently, the company has also expanded into Southeast Asia, including Thailand and Indonesia.
In 2025 the combined revenue of the three overseas units grew 29.3% year-on-year to 32 billion won, pushing the overseas share of total revenue into the 10% range.
In the domestic athleisure market the company forms a duopoly with Andar, and the two brands each hold roughly 20% market share, together accounting for about half of the market.
However, global premium brands such as Lululemon, Alo, and Vuori have entered the domestic market in succession, complicating the competitive landscape. The company is diversifying its product portfolio through new categories such as the seamless innerwear line 'Mellowday' and the functional running line 'RX Running.'
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩74.6B | ₩7.6B | 10.1% |
| 2025Q3 | ₩69.9B | ₩6.1B | 8.7% |
| 2025Q4 | ₩78.9B | ₩2.9B | 3.7% |
| 2026Q1 | ₩53B | ₩1.1B | 2.1% |
| 2026Q2 | ₩74.4B | ₩5.3B | 7.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩212.7B | ₩17.9B | ₩10.1B | 8.4% | 12.9% | 40.4% |
| 2023 | ₩232.6B | ₩18.2B | ₩12.2B | 7.8% | 13.8% | 43.3% |
| 2024 | ₩271.6B | ₩24.9B | ₩20.7B | 9.2% | 18.6% | 50.8% |
| 2025 | ₩274.1B | ₩17.3B | ₩11.8B | 6.3% | 10.1% | 46.7% |
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 came to 274.10 billion won, up 0.9% from 271.59 billion won in 2024, while operating profit fell 30.3% to 17.35 billion won from 24.90 billion won, showing a divergence between top-line and profitability.
The operating margin declined from 9.2% in 2024 to 6.3% in 2025, and net profit attributable to owners fell 43% from 20.66 billion won to 11.78 billion won. This appears to reflect a high base effect after operating profit surged 36.9% in 2024, combined with rising overseas marketing spend that pressured 2025 results.
By quarter, revenue reached 74.57 billion won and operating profit 7.55 billion won (10.1% margin) in Q2 2025, recovering, but by Q4 2025 revenue was 78.91 billion won with operating profit falling to 2.94 billion won (3.7% margin), showing wider volatility.
Q1 2026 revenue fell to 53.02 billion won and operating profit dropped below 1.1 billion won (2.1% margin), the weakest quarter in the recent five-quarter window.
Q2 2026, however, rebounded to 74.38 billion won in revenue and 5.35 billion won in operating profit (7.2% margin), and according to the company, first-half 2026 consolidated revenue reached 127.4 billion won and operating profit 6.4 billion won, with revenue up 1.6% year-on-year.
Overseas subsidiaries are cited as the main driver of the rebound, as the Japan subsidiary's revenue rose 40.2% year-on-year to 11.1 billion won and the Taiwan subsidiary grew 18.8% to 5.2 billion won.
On a trailing four-quarter basis (Q3 2025 through Q2 2026), net profit attributable to owners totaled roughly 10.6 billion won, with quarter-to-quarter variability remaining a defining feature of the earnings profile.
The domestic athleisure market is estimated at roughly 1.057 trillion won, with the top two brands, Andar and Xexymix, each holding roughly 20% share and together accounting for about half the market.
Growth rates have diverged recently, however: Andar's consolidated revenue grew 26.1% year-on-year to 298.7 billion won last year, while Xexymix's grew only 0.9% to 274.1 billion won, flipping the two brands' 2024 rankings.
On top of that, global brand Lululemon posted domestic revenue of 219.7 billion won last year, up 40.2% year-on-year, rapidly narrowing its gap with the two homegrown brands from 114.9 billion won in 2024 to 54.4 billion won.
As the market matures, intensifying discount and marketing spend has increasingly weeded out smaller, less capitalized brands, and first-generation athleisure brand Mulawear ultimately had its corporate rehabilitation proceedings terminated by the Seoul Bankruptcy Court.
Amid this shakeout among leading brands, both Andar and Xexymix are pursuing overseas expansion to offset domestic growth stagnation, though their regional strategies differ: Andar is focusing on Japan, Singapore, Australia, and the United States, while Xexymix, having established a base in Japan, Taiwan, and China, is now accelerating its push into Southeast Asia.
The Korea IR Service's research center projected in a March 2026 report that 2026 consolidated revenue would rise 10.9% year-on-year to 304.1 billion won and operating profit would surge 68.8% to 29.3 billion won.
The same report expected the operating margin to recover from 6.3% to 9.6%, citing higher parent-company revenue, fixed-cost leverage from overseas high growth, and a mix improvement from expanded innerwear, running, and overseas sales.
By region, it forecast Taiwan subsidiary revenue rising to 17.5 billion won (up 89.9%) and the China subsidiary to 8.0 billion won (up 70.4%), attributing this to expanded offline presence in Taiwan and normalized partner-channel sales in China.
In practice, the company in the first half of 2026 signed a distribution agreement with Thai CP Group affiliate CP AXTRA, entering Makro and Lotus's stores and launching a local online mall. Domestically, the company stated plans to expand its RX Running lineup with enhanced functionality and design.
A company representative said the company aims to deliver tangible results in Indonesia and Thailand in Southeast Asia in the second half, while strengthening the competitiveness of new growth categories such as running.
These projections, however, come from a specific research institution, and given that Q1 2026 results previously fell short of expectations, whether these targets are met will need to be confirmed through second-half performance.
Xexymix shares have traded within a broad band of price-to-earnings ratios of 7.0 to 35.0 times and price-to-book ratios of 1.0 to 4.2 times since 2022. In fact, the price-to-book ratio gradually declined from 2.10x in 2023 to 1.64x in 2024, 1.32x in 2025, and 1.05x at the end of Q1 2026.
On the earnings side, profits fell after a 2024 peak before turning up again in Q2 2026, leaving quarter-to-quarter variability as a factor to weigh alongside valuation.
The company expanded shareholder returns by paying quarterly dividends twice in the first half of this year, and has also pursued share buybacks followed by cancellation alongside convertible-bond call-option acquisitions and cancellations, addressing potential share overhang.
Still, with the convertible bond's early redemption (put) rights currently in effect, the redemption burden and its implications for per-share value are factors worth monitoring together.
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 Japan and Taiwan subsidiaries posted revenue growth of 40.2% and 18.8%, respectively, in the first half of 2026, offsetting domestic growth stagnation. This is complemented by entry into new Southeast Asian markets such as Thailand and Indonesia, extending regional diversification.
The gradually expanding overseas revenue share can be viewed as a buffer against intensifying domestic competition.
The new innerwear line 'Mellowday' sold more than 84,000 units in its first three months, while the functional running line 'RX Running' continues to expand. Growth in the innerwear and running categories, which tend to generate repeat purchases, could diversify a revenue structure historically centered on leggings. This carries the potential to help moderate future earnings volatility.
The company paid quarterly dividends twice in the first half and decided to fully cancel a 2-billion-won share buyback. It has simultaneously exercised convertible bond call options to acquire and cancel bonds, reducing potential overhang. Disclosures also confirm on-market share purchases by the largest shareholder and the CEO.
In 2025 revenue growth, Andar's 26.1% far outpaced Xexymix's 0.9%, causing the company to lose the top domestic revenue spot it held through 2024. Global brand Lululemon is also narrowing the gap quickly with growth in the 40% range, weakening the company's relative domestic position.
If domestic revenue stagnation persists, overseas growth will play an even more critical role in defending overall results.
The operating margin fell to 6.3% in 2025 from 9.2% a year earlier, dropped to roughly 2% in Q1 2026, and only recovered to around 7% in Q2. Rising marketing and SG&A expenses continue to directly affect quarterly margins.
If discount and advertising competition in the crowded domestic market becomes a permanent fixture, defending margins could remain an ongoing challenge.
The early redemption (put) rights on a convertible bond issued in early 2024 became exercisable every three months starting in early 2026, and since the share price has remained below the adjusted conversion price even after repricing, the need to support the share price to ease early-redemption pressure has grown.
In practice, the company has repeatedly acquired convertible bonds ahead of maturity in response to bondholders exercising put options.
Still, the company has stated that its cash and cash equivalents exceeded the outstanding convertible bond balance as of mid-year, indicating adequate capacity to respond to redemptions.
As the domestic athleisure market enters maturity, discount and marketing competition has become a constant feature, and global premium brands continue to expand their store networks domestically. Prolonged intensification of competition could structurally raise SG&A costs.
Similar to how smaller, less capitalized brands have exited the market, attrition-style competition among larger brands could also pressure profitability.
Since convertible bond early-redemption rights can be exercised repeatedly every three months, further cash outflows may continue.
While cash and cash equivalents currently provide some cushion, managing financial capacity will become more important if additional shareholder-return spending, such as dividends or buybacks, increases. The debt ratio has fluctuated modestly in the 40% to 50% range in recent years.
Because the company is expanding simultaneously across multiple countries including Japan, Taiwan, China, and Southeast Asia, execution risks such as currency fluctuations, reliance on local partners, and differing regulations persist.
As seen previously when store-opening targets in China were scaled back, changes in market-specific strategy can reduce the predictability of results. The pace at which new markets such as Thailand and Indonesia contribute to earnings relative to initial investment is also worth monitoring.
The next quarterly exercise window for the convertible bond's early redemption (put) rights arrives. It will be worth checking the relationship between the share price and conversion price, and whether further bond acquisitions occur.
Q3 2026 earnings are expected to be released around this time, making it important to check whether the margin recovery seen in Q2 continues and how overseas subsidiary growth trends evolve.
This is the scheduled end date of the board-approved share buyback program, making it worth confirming whether the purchase was completed and cancellation proceeded.
It will be important to verify whether sales through the Thai CP AXTRA channel and the Indonesian market begin to show a fuller quarter of contribution and to what extent they contribute to revenue.
Xexymix's 2025 revenue growth stalled and operating margin declined, and in 2026 the company has continued to show a volatile earnings pattern, alternating between a weak first quarter and a recovering second quarter.
Overseas subsidiaries—particularly the double-digit growth in Japan and Taiwan—along with entry into new markets such as Thailand and Indonesia, are helping offset domestic growth stagnation.
In contrast, the domestic competitive landscape has turned less favorable, with the company ceding the top revenue position to Andar and facing intensifying pursuit from global brands such as Lululemon.
Financially, convertible bond early-redemption rights continue to be exercised, but cash and cash equivalents remain above the outstanding bond balance, and the company has paired this with shareholder-return measures such as dividends and share cancellations.
Ultimately, the sustainability of overseas growth, the company's ability to respond to domestic competition, and whether quarter-to-quarter profitability volatility eases will remain the key variables shaping its future earnings trajectory.
Report written 2026-09-05 · Data as of 2026-09-04
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