PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Having exited court rehabilitation, Q-AID has substantially repaired its capital structure, but still faces shrinking revenue and an unresolved KRX listing eligibility review.
Owner net income turned positive at KRW 7.16 billion in 2025 as the debt ratio fell sharply from 909.2% to 174.3%
Revenue has contracted for four straight years, from KRW 439.5 billion in 2022 to KRW 91.6 billion in 2025
H1 2026 operating losses widened, and the half-year report was corrected by roughly KRW 37.7 billion in August
A KRX Listing Eligibility Review Committee decision on continued listing and trading resumption is imminent
The company is diversifying revenue via its own AIDON brand and the co-branded Quming line
Q-AID was spun off from the Winia Group in 2015, merged with Daewoo Electronics Service in 2019, and changed its name from Winia Aid to Q-AID in March 2026.
Its business is organized into distribution (appliance retail), logistics (integrated logistics services), Care service (outsourced appliance after-sales service), and other segments. In the first half of 2026, Care service accounted for 57% of revenue, distribution 32.8%, and logistics 10.0%.
Care service handles after-sales support not only for Winia and Daewoo Electronics products but also for global brands including Apple Authorized Service, Sony, Electrolux, Tefal, and Xiaomi, operating a nationwide network of roughly 80 directly-run service centers.
More recently, the company launched its own product-planning brand AIDON, starting with a hair dryer in September 2025, before expanding the lineup in 2026 to wall-mounted air conditioners, fans, microwaves, and refrigerators.
It has also been rolling out new products under the Quming brand, co-developed with Hyundai Rental Care, since January 2026, including washing machines, kimchi refrigerators, microwaves, and air conditioners, extending a brand once centered on rentals into general retail.
Both brands focus on compact, value-oriented products aimed at one- and two-person households, distributed through the company's own mall, Naver Store, Coupang, and G-market alongside directly operated stores.
Competitively, the company's service network competes with large manufacturer-affiliated service arms such as Samsung Electronics Service and SK Magic, while its own-brand business overlaps with numerous small and mid-sized home appliance makers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩23.4B | ₩900M | 4.1% |
| 2025Q3 | ₩26B | -₩1B | −4.0% |
| 2025Q4 | — | — | — |
| 2026Q1 | ₩19.2B | -₩1.4B | −7.3% |
| 2026Q2 | ₩23.5B | -₩700M | −3.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩439.5B | ₩22.3B | ₩15.8B | 5.1% | 7.6% | 88.5% |
| 2023 | ₩274.3B | -₩106.1B | -₩123.5B | −38.7% | −161.6% | 256.8% |
| 2024 | ₩116.3B | -₩900M | -₩47B | −0.8% | −240.9% | 909.2% |
| 2025 | ₩91.6B | -₩1.9B | ₩7.2B | −2.1% | 12.6% | 174.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue contracted for four consecutive years, from KRW 439.46 billion in 2022 to KRW 274.31 billion in 2023, KRW 116.30 billion in 2024, and KRW 91.65 billion in 2025.
The company was profitable in 2022, with operating income of KRW 22.26 billion (a 5.1% margin) and owner net income of KRW 15.85 billion, but swung sharply in 2023 to an operating loss of KRW 106.09 billion (a -38.7% margin) and an owner net loss of KRW 123.53 billion, the backdrop for the start of court rehabilitation proceedings.
In 2024 the operating loss narrowed considerably to KRW 0.93 billion (-0.8%), yet the owner net loss still reached KRW 47.02 billion, suggesting large separate impairment or valuation charges.
In 2025, even as revenue fell a further 21.2%, the operating loss held at roughly KRW 1.91 billion (-2.1%) while owner net income turned positive at KRW 7.16 billion, a swing largely attributable to debt restructuring gains tied to the approved rehabilitation plan rather than core profitability.
Total equity jumped from KRW 19.54 billion in 2024 to KRW 56.8 billion in 2025, and the debt ratio fell sharply from 909.2% to 174.3%, reflecting a clear improvement in the balance sheet.
On a quarterly basis, the company posted revenue of KRW 23.36 billion with operating income of KRW 0.95 billion and owner net income of KRW 10.17 billion in Q2 2025, before swinging back to an operating loss of KRW 1.03 billion and a net loss of KRW 0.34 billion on revenue of KRW 25.96 billion in Q3 2025.
In 2026, the company recorded an operating loss of KRW 1.39 billion on revenue of KRW 19.22 billion in Q1 and an operating loss of KRW 0.70 billion on revenue of KRW 23.53 billion in Q2, marking two consecutive quarters of core operating losses, and in August 2026 the half-year report's originally disclosed operating profit of KRW 35.64 billion was corrected to an operating loss of KRW 2.09 billion.
According to media reports, the pre-correction figure matched cost of goods sold to the exact won, pointing to a filing error, and separate figures for Q4 2025 remain undisclosed.
The home appliance distribution and after-sales service industry is sensitive to macro conditions and consumer sentiment; in periods of high interest rates and inflation, new purchase demand tends to soften while repair and maintenance demand for existing products remains relatively stable.
The rise of single-person households and the spread of rental-based consumption support structural growth in compact, value appliances and subscription-style services, a trend that aligns with Q-AID's push into the AIDON and Quming brands.
That said, large manufacturer-affiliated service networks such as Samsung Electronics Service and LG Electronics Service operate with overwhelming scale and brand trust, forcing independent service and distribution players to compete in relatively narrow niches.
Q-AID has targeted this niche by taking on outsourced domestic service contracts for numerous global brands, including Apple Authorized Service, Sony, Electrolux, Tefal, and Xiaomi.
Within the sector, the parent Winia Group and its affiliates have experienced liquidity crises and court rehabilitation, which has heightened market sensitivity to financial stability across appliance distribution and service companies.
The expanding share of online distribution channels, including proprietary malls and open marketplaces, is a broad industry-wide trend that also pressures traditional offline-store-centered operators to shift channels.
The most important near-term variable is the KRX Listing Eligibility Review Committee's decision on whether to maintain listing status and resume trading.
The company's 10-month improvement period, granted in October 2025, ended on August 2, 2026, requiring submission of an improvement plan implementation report, after which the exchange is set to convene the committee within 20 business days to make a final delisting determination.
It is not yet clear how the August 2026 restatement of the half-year report will affect the outcome of this review.
On the business front, the company is in the process of expanding both the AIDON own-brand and the co-branded Quming lineup across cooling, kitchen, and general living appliances, with Q-AID and Hyundai Rental Care stating plans to further extend brand coverage into heating/cooling and care appliances.
Expanded direct sales through online channels (its own mall, Naver Store, Coupang, G-market) and strengthened after-sales support via its roughly 80 nationwide service centers are presented as core pillars for improving the earnings structure.
The largest shareholder changed to Kuming Aid First Yuhan Hoesa in July 2025, and further changes to governance or capital structure remain worth monitoring.
While court rehabilitation formally concluded in August 2025, the core business (distribution, logistics, Care service) continues to see a shrinking revenue base, leaving top-line stabilization as a preceding task.
Because the debt restructuring and capital changes following the approved rehabilitation plan sharply increased total equity while also increasing the share count, conventional per-share comparisons need to be read with caution given the effect of the changed capital structure.
The swing to positive net income in 2025 was driven largely by one-off debt-restructuring gains even as the core operating loss persisted, making that net income figure a poor proxy for multi-year earning power on its own.
Regarding the price relative to net assets, because total equity has just been substantially reset, comparing simply against historical bands is less informative than tracking how equity and share count continue to evolve going forward.
Above all, the ongoing KRX listing eligibility review and the pending decision on trading resumption are considerations that should take precedence over any standard valuation framework. No dividend has been paid based on the most recent fiscal year.
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 2026-09-04
Debt restructuring under the approved rehabilitation plan drove the debt ratio down sharply from 909.2% in 2024 to 174.3% in 2025, while total equity rose from roughly KRW 19.5 billion to about KRW 56.8 billion. Owner net income turned positive at KRW 7.16 billion in 2025 even as the core business remained loss-making. Court rehabilitation was formally concluded in August 2025, removing part of the legal uncertainty.
The own-brand AIDON began with a hair dryer in September 2025 and expanded into cooling, kitchen, and living appliances in 2026. The co-branded Quming line with Hyundai Rental Care has been rolling out new products since January 2026 that extend a once rental-focused business into general retail.
Both brands pursue a value-oriented strategy targeting one- and two-person households, aiming to diversify revenue through online channels.
Care service, the largest revenue contributor at 57% of H1 2026 sales, handles domestic after-sales service for global brands including Apple Authorized Service, Sony, Electrolux, Tefal, and Xiaomi.
The nationwide network of roughly 80 directly-run service centers can serve as a base for maintaining and expanding such outsourced service contracts. Service demand itself tends to be relatively stable, independent of any particular manufacturer brand's fortunes.
Consolidated revenue has fallen for four straight years, from KRW 439.5 billion in 2022 to KRW 91.6 billion in 2025. The decline spans distribution, logistics, and Care service segments, making it difficult to attribute to a temporary factor in any single area.
A continually shrinking top line could increase the relative burden of fixed costs needed to sustain the service network.
The company posted an operating loss of KRW 1.91 billion in 2025, followed by losses of KRW 1.39 billion and KRW 0.70 billion in Q1 and Q2 2026, respectively.
The 2025 swing to net income appears to have been driven largely by non-operating, debt-restructuring-related factors, while core profitability itself has yet to show a clear improvement signal. The widened H1 operating loss confirmed via the half-year report correction reinforces this concern.
The company entered the substantive listing eligibility review process after delisting triggers arose from audit opinion issues in fiscal years 2023 and 2024, and the KRX Listing Eligibility Review Committee has not yet issued its decision on continued listing.
The impact of the large-scale August 2026 half-year report correction on this review process is not yet known. A negative outcome could result in continued trading suspension or delisting.
In August 2026, the company corrected its half-year report, revising a previously disclosed H1 operating profit of KRW 35.64 billion down to an operating loss of KRW 2.19 billion.
While the pre-correction figure matched cost of goods sold to the won and was attributed to a filing error, this incident, combined with the earlier delisting triggers tied to fiscal 2023 and 2024 audit opinion issues, may require time before market confidence is fully restored.
The 10-month improvement period granted by KRX ended on August 2, 2026, and the company must now go through the Listing Eligibility Review Committee's deliberation on continued listing or delisting after submitting its improvement plan implementation report.
The outcome could range from trading resumption to delisting, and neither the timing nor the specific content of the decision has yet been finalized.
With the revenue base shrinking for four consecutive years, the company must still maintain fixed infrastructure such as its roughly 80-center nationwide service network, raising the risk of eroding economies of scale.
As an independent service and distribution player competing against large manufacturer-affiliated service networks, building negotiating leverage and brand trust may take relatively more time.
The KRX Listing Eligibility Review Committee is expected to convene around this period to decide whether Q-AID retains its listing or faces delisting, and when trading might resume. This decision is a pivotal variable governing the company's market accessibility itself.
The Q3 2026 consolidated results, once disclosed, will show whether the core business (distribution, logistics, Care service) operating loss is narrowing and whether the revenue decline trend continues.
Follow-up IR materials or disclosures on the pace of new product launches under the AIDON and Quming brands and their contribution to online-channel revenue should be monitored.
The stability of the largest shareholder, Kuming Aid First Yuhan Hoesa, and any plans for further capital raising or rights offerings should be checked.
Q-AID has shown clear improvement on the balance sheet side, sharply lowering its debt ratio and increasing total equity through the conclusion of court rehabilitation and debt restructuring.
However, revenue has declined for four consecutive years since 2022, and core operating losses persisted through 2025 and into H1 2026, meaning a recovery in scale and profitability remains a work in progress.
The swing to net income in 2025 appears largely attributable to one-off debt-restructuring gains, and the large-scale correction of the August 2026 half-year report is a matter warranting further scrutiny on disclosure reliability.
The most important near-term variable is the KRX Listing Eligibility Review Committee's decision on continued listing and trading resumption, which will determine the company's very access to the market.
Efforts to diversify revenue through the AIDON and Quming brands are underway, but it remains unconfirmed whether they are large enough to offset the ongoing core business losses.
Ahead of any investment decision, it is necessary to check the outcome of the listing eligibility review, Q3 results, and the follow-on effects of the accounting correction together.
Report written 2026-09-05 · Data as of 2026-09-04
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