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
C&C International continues its overseas expansion, with foreign sales crossing 50% of revenue for the first time, but operating margin has declined for three straight years since 2023 amid a shift toward multi-SKU small-batch production and production disruptions.
2025 revenue hit a record 288.48 billion won, but operating margin fell to 7.7%, sharply down from 14.6% in 2023.
Owners' net income swung to a loss of 6.23 billion won in Q2 2026, even as operating profit stayed positive, pointing to a sizable non-operating drag.
Overseas sales exceeded 50% of total revenue for the first time in Q3 2025, with double-digit growth continuing in the US and China.
Ascent Equity Partners became the largest shareholder in 2025 through a third-party capital raise and a stake purchase from the founding shareholder, changing the ownership structure.
A new plant in Cheongju, targeted for completion in 2027, is expected to expand total production capacity to 1.45 billion units.
Founded in 1997, C&C International is a color cosmetics-focused ODM (original development and design manufacturing) company that develops and produces lip, eye, and base makeup products sold under client brands rather than its own, operating on a fully ODM basis.
The company is regarded as a leading player in Korea's lip tint market, and overseas sales have grown to exceed half of total revenue as domestic and indie beauty brands accelerate their global expansion.
Production facilities include the Hwaseong headquarters (Purple County) and Yongin (Green County) owned plants, a leased facility in Dongtan, and two plants in Shanghai, China.
The company is also building a combined color cosmetics and skincare production facility in Cheongju, North Chungcheong Province, which is expected to expand total capacity to 1.45 billion units upon completion.
In 2025, Ascent Equity Partners participated in a third-party capital raise and, together with parties including Shinsegae Group through a special purpose company, purchased a 20% stake from the founding shareholder, resulting in a change of the largest shareholder.
A substantial portion of the funds raised was earmarked for the new plant construction and equity investments in other companies. Lip products remain the largest product category, though the company has been broadening its portfolio into eye makeup, base products, and skincare.
In a competitive landscape shared with large integrated ODM players like Kolmar Korea and Cosmax as well as color-focused specialists such as Cosmecca Korea and Englewood Lab, C&C International positions itself on color cosmetics expertise and a broad global client network.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩73.9B | ₩8.7B | 11.7% |
| 2025Q3 | ₩75.4B | ₩6.9B | 9.2% |
| 2025Q4 | ₩73.2B | ₩1B | 1.4% |
| 2026Q1 | ₩70.8B | ₩3B | 4.2% |
| 2026Q2 | ₩73.3B | ₩1.6B | 2.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩130.6B | ₩17.5B | ₩16.5B | 13.4% | 12.3% | 33.4% |
| 2023 | ₩220.3B | ₩32.1B | ₩31.4B | 14.6% | 18.2% | 48.3% |
| 2024 | ₩282.9B | ₩29B | ₩32.4B | 10.2% | 15.8% | 43.4% |
| 2025 | ₩288.5B | ₩22.2B | ₩14.3B | 7.7% | 4.0% | 23.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Consolidated revenue in 2025 reached a record 288.48 billion won, edging up from 282.88 billion won in 2024, but operating profit fell to 22.17 billion won (7.7% margin) from 28.96 billion won (10.2%) in 2024, and owners' net income dropped sharply to 14.29 billion won from 32.44 billion won.
The margin decline is a clear multi-year trend: operating margin fell from 14.6% in 2023 to 10.2% in 2024 and 7.7% in 2025, even as revenue kept growing.
Quarterly, Q2 2025 revenue was 73.90 billion won with operating profit of 8.68 billion won and owners' net income of 1.21 billion won; for the full first half, revenue fell 8.3%, operating profit fell 34.6%, and net income fell 81.9% year over year, with weakness in the flagship lip category cited as the main driver.
In Q3 2025, revenue was 75.36 billion won with operating profit of 6.90 billion won, yet owners' net income came in higher at 7.46 billion won, suggesting non-operating items lifted the bottom line that quarter.
Operating profit slid further to 1.04 billion won (a 1.4% margin) in Q4 2025, which analysts attributed to production inefficiencies tied to a new ERP system rollout and a rapid rise in new-product mix as the company diversified its overseas client base into a multi-SKU, small-batch production structure.
Operating profit recovered somewhat to 2.97 billion won (4.2% margin) in Q1 2026 with net income of 5.08 billion won, but in Q2 2026, while operating profit held at 1.60 billion won (2.2% margin), owners' net income swung to a loss of 6.23 billion won.
The fact that the operating line stayed profitable while net income deteriorated sharply points to a substantial non-operating item, the details of which require confirmation through subsequent disclosures such as the semiannual report.
Taken together, revenue has held up and continued to grow, but the quality and stability of earnings appear to have become more volatile over the past year.
Korea's cosmetics ODM industry has broadly benefited from indie K-beauty brands expanding into North America and China.
Client brands such as Medicube, Beauty of Joseon, and Anua achieved success in North America, driving order growth for ODM makers such as Cosmecca Korea, while Cosmax also grew through customer diversification and expanded own-brand business across China, Thailand, and the US.
C&C International rode this wave as well, with Q3 2025 revenue rising 1.7% year over year and overseas revenue exceeding 50% of the total for the first time. However, operating profit slipped slightly in the same quarter, showing that revenue growth and margin improvement did not always move together.
Industry observers expect year-end shopping events such as Black Friday and Cyber Monday to support strong fourth-quarter results across the sector.
On the competitive front, large integrated players like Kolmar Korea and Cosmax lead in absolute operating profit, while mid-sized specialists such as Cosmecca Korea and Englewood Lab have also expanded results on the strength of their US operations, intensifying competition among mid-tier ODM makers.
C&C International retains an edge in color cosmetics expertise, but as is structurally typical for ODM businesses, its revenue and profit remain highly sensitive to order volumes from a handful of top clients and the outcome of new-product bidding.
The company has stated plans to improve average selling prices through new projects with global mega-brands and higher-value product launches in the second half, while simultaneously expanding its skincare portfolio, citing rising demand across global markets including North America and China as support for improved results.
On the capacity side, the company has steadily expanded both domestic and overseas capacity, and construction of the new Cheongju plant is underway with a completion target of 2027, after which total production capacity is expected to reach 1.45 billion units.
This is interpreted as a preemptive investment aimed at securing the ability to respond to future project wins.
On governance, since Ascent Equity Partners became the largest shareholder in 2025 through a capital raise and stake purchase, it will be important to continue monitoring whether management strategy and investment direction shift going forward.
In Asia and North America, new client orders have continued, with one new Chinese client reported to have increased order volumes each quarter following an initial batch, supporting the case for further regional revenue growth.
However, given that production disruptions occurred in Q4 2025 and a net loss appeared in Q2 2026, whether the new plant ramp-up and ERP stabilization actually translate into recovered production efficiency will be a key point to watch in upcoming results.
Because earnings over the trailing four quarters were affected by the Q4 2025 production disruption and the Q2 2026 swing to a net loss, the earnings multiple the market currently applies reflects a less stable profit trajectory than during the company's earlier high-growth years.
The stock trades at a level below the company's per-share net asset value, placing its market valuation beneath the accounting book value of equity. No dividend is currently being paid, so there is no shareholder return visible through a dividend yield at this time.
Looking across multiple years, operating margin moved from double digits in 2023 and 2024 down to single digits in 2025, suggesting the company is still in the midst of a margin-normalization process rather than having completed a recovery.
Whether the new plant ramp-up and further customer and product diversification translate into actual margin improvement will likely be a key variable for how the market reassesses this earnings multiple 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 2026-08-21
Overseas revenue exceeded 50% of total sales for the first time in Q3 2025, and Asia region revenue grew 43% year over year in the first half of 2025. North America also continued growing, with Q1 2025 revenue rising about 37% year over year to 20.2 billion won.
A new Chinese client has reportedly increased order volumes each quarter following its initial batch, indicating regional diversification is translating into actual sales.
A combined color cosmetics and skincare production facility is under construction in Cheongju, expected to expand total capacity to 1.45 billion units upon completion in 2027.
The strategy of expanding domestic and overseas capacity ahead of demand is seen as a preemptive move to secure the ability to respond to future project wins. The company already operates diversified production sites across Hwaseong, Yongin, and Dongtan in Korea plus two plants in Shanghai.
In Q2 2025, base product revenue grew 51.4% year over year and eye makeup revenue grew 10.0%, showing the previously lip-concentrated revenue mix gradually diversifying.
The company has stated plans to pursue both average selling price improvement and skincare portfolio expansion through new projects with global mega-brands and higher-value product launches in the second half.
Operating margin fell from 14.6% in 2023 to 10.2% in 2024 and 7.7% in 2025, declining even as revenue grew. Analysts have pointed to a rapid rise in new-product mix during overseas client diversification, which shifted production toward a multi-SKU, small-batch structure and hurt production efficiency. Revenue scale expanded, but earnings quality did not improve in tandem.
Analysts have attributed earnings weakness less to sector conditions and more to heavy reliance on a small number of core clients accounting for a large share of revenue.
Given the structural nature of the ODM business, revenue and profit can swing significantly based on order volumes from top clients, the outcome of new-product bidding, and the timing lag of distributor inventory absorption. This remains a factor that reduces the predictability of quarterly results going forward.
Q2 2026 operating profit remained positive at 1.60 billion won, but owners' net income swung to a loss of 6.23 billion won. The large gap between the operating line and the bottom line suggests a substantial non-operating item, the specific cause of which has not yet been officially detailed. This kind of non-operating volatility reduces the predictability of earnings.
The company depends heavily on a small number of core clients that account for a large share of revenue, so changes in their order volumes or new-product bidding outcomes directly affect results.
This is a structural characteristic of the ODM industry generally, but the risk is amplified when top-client revenue concentration is high. Client diversification is underway but has not yet fully resolved this exposure.
As the share of overseas revenue including the US expands, exposure to tariff policy changes and won-dollar exchange rate movements grows in tandem. Changes in customs clearance or regulatory requirements can affect export logistics and cost structure. As overseas exposure increases, sensitivity of results to these external variables rises correspondingly.
In 2025, Ascent Equity Partners became the largest shareholder through participation in a third-party capital raise and purchase of a stake from the founding shareholder, changing the ownership structure. The capital raise issued 3,615,960 new shares, diluting existing shareholders.
How management strategy and capital allocation may be adjusted under the new controlling shareholder remains a matter requiring ongoing confirmation.
Q3 2026 preliminary results and quarterly report are expected — key to check whether the Q2 net loss was one-off, and how lip product recovery and overseas revenue share trend.
Progress on the Cheongju plant construction and its completion and start-up timing should be checked. Whether the expanded capacity actually translates into new orders after completion is a key point for medium-term revenue growth.
The impact of year-end shopping events such as Black Friday and Cyber Monday on Q4 revenue and overseas revenue share should be monitored.
Whether there are changes to board composition or management strategy under the Ascent Equity Partners ownership, and whether any follow-on ownership structure changes or capital allocation plans are disclosed, should be monitored.
C&C International continues its global expansion, with overseas sales now exceeding half of total revenue, but it is in a margin-decline phase, with operating margin falling for three consecutive years since 2023.
The Q4 2025 production disruption and the Q2 2026 swing to a net loss show that revenue growth and earnings stability have not yet moved together.
On the other hand, with the Cheongju plant completion and further customer and product diversification ahead, whether production efficiency recovers will be a key variable for future results.
The 2025 change of the largest shareholder to Ascent Equity Partners carries both uncertainty and opportunity for the company's capital structure and management strategy.
Overall, the company appears to retain the foundation for top-line growth, but several variables around earnings quality and governance stability still warrant further confirmation.
Report written 2026-09-05 · Data as of 2026-09-04
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