PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
CNTus is broadening beyond its mask and filter core into new materials, but shrinking sales and operating losses since the pandemic's end leave profitability recovery as the key watch item.
2025 consolidated revenue fell to KRW 67.18bn year over year, with both operating profit and net income turning negative
Three of the four quarters from 2025Q3 through 2026Q2 posted operating losses
The debt ratio stayed in the single digits (7.6% in 2025), preserving balance-sheet stability
The company has secured supercritical flash-spun nonwoven equipment and is pursuing commercialization of medical packaging and water-treatment filters from 2026
Revenue has structurally contracted for three straight years after the 2022 pandemic-driven peak of KRW 141.58bn
CNTus was founded in 2003, listed on KOSDAQ in 2021, and adopted its current name in 2022. The company operates five domestic production centers and a Vietnam manufacturing base, with five subsidiaries and one sub-subsidiary.
Its core strength is proprietary technology for melt-blown (MB) filter media, a high-performance dust-collection filter material, built on a vertically integrated structure from raw fabric to finished products.
The business spans three areas: Air Solution (health and industrial masks, air-purifier, vacuum-cleaner, and automotive air-conditioning filters), Water Solution (shower filters, water-purification and faucet filters), and Life Care.
The company distributes masks and household filter products under its own brand "Aer" and has built partnerships with e-commerce platforms including Coupang, Naver, and Kakao. In a past interview, the company stated that it supplies air filters to major domestic home-appliance makers including Samsung, LG, and Coway.
More recently, it has secured annual production capacity of 1 million square meters through supercritical flash-spun nonwoven equipment, signaling a push into higher-value materials such as medical packaging and water-treatment filters.
The domestic and overseas mask and filter industry hosts numerous competitors, and price and demand competition has intensified since the pandemic's end.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩17.4B | ₩64,814,611 | 0.4% |
| 2025Q3 | ₩13.2B | -₩2B | −15.1% |
| 2025Q4 | ₩17.2B | -₩4.1B | −24.1% |
| 2026Q1 | ₩15.8B | -₩400M | −2.3% |
| 2026Q2 | ₩16.3B | -₩2B | −12.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩141.6B | ₩26.7B | ₩19.5B | 18.9% | 11.7% | 10.9% |
| 2023 | ₩78B | -₩700M | ₩3.3B | −1.0% | 2.0% | 5.3% |
| 2024 | ₩73B | ₩1.4B | ₩2B | 1.9% | 1.2% | 5.3% |
| 2025 | ₩67.2B | -₩5.8B | -₩7.8B | −8.6% | −5.2% | 7.6% |
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
Annually, revenue peaked at KRW 141.58bn in 2022 with operating profit of KRW 26.72bn (an 18.9% operating margin) during the pandemic surge, before plunging to KRW 78.04bn in 2023 as operating profit turned negative at KRW -0.74bn.
In 2024, revenue declined further to KRW 72.99bn, yet operating profit turned positive at KRW 1.40bn (a 1.9% margin). In 2025, however, revenue fell again to KRW 67.18bn, with operating loss widening to KRW -5.75bn and net loss attributable to owners reaching KRW -7.82bn.
On a quarterly basis, 2025Q2 posted revenue of KRW 17.37bn with a slight operating profit of KRW 0.06bn, but 2025Q3 revenue dropped to KRW 13.19bn with an operating loss of KRW -1.99bn, and 2025Q4 revenue recovered to KRW 17.20bn even as the operating loss widened to KRW -4.14bn, with net loss attributable to owners reaching KRW -10.54bn.
In 2026Q1, revenue was KRW 15.77bn and the operating loss narrowed to KRW -0.36bn, yet net income attributable to owners turned positive at KRW 1.64bn, moving opposite to the operating result, suggesting non-operating factors had a meaningful impact.
In 2026Q2, revenue was KRW 16.34bn with an operating loss of KRW -1.99bn and a net loss attributable to owners of KRW -2.42bn, widening again.
Over the trailing four quarters (2025Q3 through 2026Q2), the cumulative net loss attributable to owners totaled roughly KRW 12.08bn, reflecting notable quarter-to-quarter earnings volatility.
The global air-filter market has been on a long-term growth trajectory driven by rising health and environmental awareness, though the shift to the endemic phase has structurally reduced mask demand, which combined with cost pressure to weigh on results.
The explosive mask demand seen during the COVID-19 pandemic has normalized into seasonal fine-dust, respiratory-illness, and industrial-safety-driven demand. CNTus has pursued a strategy of diversifying beyond mask-centric business into Air Solution, Water Solution, and Life Care to reduce single-product dependence.
The domestic filter and mask market hosts numerous competitors, sustaining price competition, and raw-material costs such as polypropylene-based petrochemical inputs directly affect margins.
The company has positioned its vertically integrated MB-filter production as a competitive edge, but in a post-endemic environment of normalized demand, this advantage has not directly translated into revenue growth.
The new flash-spun nonwoven material segment targets new application areas including medical, construction, and water treatment, offering potential as a growth axis distinct from the existing mask and filter business.
The company has secured annual production capacity of 1 million square meters through supercritical flash-spun nonwoven equipment and reportedly plans to commercialize medical packaging and water-treatment filter applications starting in 2026.
Cost competitiveness and the breadth of potential applications for this new material will be key, and the actual timing and scale of revenue contribution need to be confirmed in future quarterly results.
Seasonally, the Air Solution segment tends to see relatively higher demand during the fall and winter months amid increased fine-dust levels and respiratory illness, warranting attention to second-half quarterly trends.
Given the recurring large gap between operating and net results in 2026Q1 and 2026Q2, whether non-operating items persist is also worth monitoring.
Whether the Water Solution and Life Care segments expand their share of revenue, and whether supply relationships with existing major clients such as Samsung, LG, and Coway are maintained or expanded, are additional variables for future results.
Whether the commercialization timeline the company has laid out for its new materials business proceeds as planned remains the central item to watch for its medium-term growth path.
Because the company has posted a net loss attributable to owners on a trailing four-quarter basis, a conventional price-to-earnings ratio is difficult to calculate. The share price trades at a level below the company's book value per share, placing it in a discount range relative to net assets.
The company has a history of paying dividends, but given the recent earnings deterioration, future dividend continuity and size may depend on the pace of any earnings recovery.
Given the repeated swings between losses and profits, the value the market assigns may be sensitive to shifting expectations about the path to earnings recovery, including from new material businesses.
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 debt ratio stood at just 7.6% at the end of 2025, indicating a very stable balance sheet. This suggests the company has room to fund new-material equipment investment or R&D without heavy reliance on external financing. Low leverage can act as a buffer allowing the company to withstand a period of weak earnings.
Through supercritical flash-spun nonwoven equipment, the company has secured annual capacity of 1 million square meters and is pursuing commercialization of medical packaging and water-treatment filters starting in 2026.
This can be read as an attempt to reduce reliance on the single mask business and secure a new revenue source. If successfully established, it could become a growth axis separate from the existing mask and air-filter business.
Mask and air-filter demand tends to seasonally increase during fall and winter as fine-dust levels and respiratory illnesses rise. As seen when 2025Q4 revenue recovered from 2025Q3 levels, seasonal factors can positively affect sales. However, this is a recurring annual pattern that should be distinguished from structural growth.
Revenue contracted for three straight years, from KRW 141.58bn in 2022 to KRW 67.18bn in 2025. In 2025, revenue declined again year over year, meaning the earlier recovery did not continue. A structural decline in mask-centric demand after the pandemic's end is cited as the key driver of this trend.
The company posted operating losses in three of the four quarters from 2025Q3 through 2026Q2. Over the same period, net income attributable to owners swung sharply from KRW -0.76bn to KRW -10.54bn and then to KRW +1.64bn. Repeated divergence between operating and net results makes it difficult to assess earnings quality.
The domestic and international mask and filter market has numerous competitors, sustaining ongoing price competition. Fluctuations in petrochemical raw-material prices such as polypropylene directly affect costs. The drop in the 2025 operating margin to -8.6% is interpreted as reflecting this competitive and cost pressure.
The company posted operating losses in three of the last four quarters, and net income attributable to owners has also shown large quarter-to-quarter variance. This earnings volatility can reduce the reliability of forward-looking projections. The cause and persistence of non-operating items warrants confirmation.
The new flash-spun nonwoven materials business targets 2026 commercialization, but the actual timing and scale of revenue contribution remain unconfirmed. Given the nature of new materials, certification, production stabilization, and customer acquisition can take time.
If the plan does not proceed as intended, securing a new growth driver to offset weakness in the existing business could be delayed.
As explosive pandemic-era mask demand normalized after the shift to the endemic phase, the revenue base contracted. Beyond seasonal demand, if mask demand structurally reverts to pre-pandemic levels, the ceiling on revenue growth could be constrained. Raw-material cost and currency volatility can also continue to affect costs and profitability.
The 2026Q3 preliminary earnings disclosure is expected, warranting a check on whether operating profit turns positive and whether new-material revenue begins to appear.
This is the season when fine dust and respiratory illness typically increase, making it a point to watch whether Air Solution segment demand recovers.
Progress on commercializing flash-spun nonwoven-based medical packaging and water-treatment filters, and whether it translates into actual revenue, needs to be confirmed.
The regular shareholders' meeting for fiscal year 2026 will finalize dividend policy and confirm full-year results.
CNTus is seeking breakthroughs through diversification into Air and Water Solutions and new materials such as flash-spun nonwovens, even as mask-centric revenue structurally contracts after the pandemic-era surge.
Consolidated 2025 revenue fell again year over year to KRW 67.18bn, with both operating profit and net income attributable to owners posting losses. Operating losses occurred in three of the last four quarters, and repeated divergence between operating and net results makes earnings quality difficult to assess.
Still, the debt ratio remains in the single digits, preserving financial stability that can act as a buffer supporting new-business investment.
Key items to watch going forward include the timing and scale of new-material commercialization, whether seasonal demand recovers, and the persistence of non-operating income items. This report is not intended as investment solicitation, and investment decisions and their outcomes rest with the investor.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.