PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
While quarterly results in the core semiconductor precursor business have improved for five straight quarters, new ventures spanning CCUS, an India plant, and an OLED synthesis facility are attempting to diversify revenue sources.
Q2 2026 revenue reached KRW 21.88 billion, up 90.2% from KRW 11.51 billion in Q2 2025, the highest level in the past five quarters.
Quarterly operating margin improved for five consecutive quarters, from 15.5% in Q2 2025 to 28.9% in Q2 2026.
Full-year 2025 net income attributable to owners fell 37.2% year over year, yet the sum of the most recent four quarters (Q3 2025 through Q2 2026) already exceeds that annual figure.
Multiple new ventures are being pursued simultaneously, including the CCUS subsidiary Daeheung CCU, an India plant in Chegunta, and an OLED organic material synthesis facility.
Overseas dependence for bromine feedstock, customer concentration, and early-stage profitability uncertainty in new ventures are factors that warrant balanced consideration.
JI Tech is a KOSDAQ-listed chemical materials company whose core business is precursors used in semiconductor deposition (CVD/ALD) processes. The company operates diverse businesses including semiconductor precursors, photomask cases (PMC), OLED sublimation purification, and specialty gas distribution.
Its main products are Si-, Ti-, Zr-, and Hf-based precursors, supplied to about ten global semiconductor makers including Samsung Electronics, SK hynix, Micron of the United States, and Kioxia of Japan. The company is reported to hold the largest domestic production capacity for certain silicon precursor products.
Based on recently reported figures, precursors account for roughly 79% of revenue, making them the core of the business structure.
Photomask cases, OLED organic material sublimation purification, and specialty gas distribution make up the remaining revenue, alongside new initiatives such as canisters for secondary battery electrolytes and additives and OLED organic intermediate synthesis.
In carbon-neutral new business, the company runs a CCUS (carbon capture, utilization, and storage) operation through subsidiary Daeheung CCU, which built Korea's first private CO2 capture and liquefaction plant at the Saemangeum industrial complex in Gunsan, North Jeolla Province, with capacity to produce about 42,000 tons of liquefied carbon dioxide annually.
A new plant near Hyderabad, India, in Chegunta was completed in September 2025 and is being used to diversify global customers through canister production for semiconductor and secondary battery applications.
The company has also expanded into bromine-based specialty chemicals, being the sole domestic supplier of boron tribromide, a solar panel doping material, to Hanwha Qcells.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.5B | ₩1.8B | 15.5% |
| 2025Q3 | ₩15.9B | ₩3.2B | 19.8% |
| 2025Q4 | ₩13.5B | ₩3B | 22.0% |
| 2026Q1 | ₩15.4B | ₩3.9B | 25.3% |
| 2026Q2 | ₩21.9B | ₩6.3B | 28.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩68.3B | ₩11.4B | ₩10.9B | 16.7% | 17.6% | 37.1% |
| 2023 | ₩43.4B | ₩4.1B | ₩3.7B | 9.4% | 5.8% | 63.2% |
| 2024 | ₩57.3B | ₩8.7B | ₩10.7B | 15.2% | 15.1% | 73.2% |
| 2025 | ₩53.6B | ₩10.4B | ₩6.7B | 19.4% | 8.6% | 65.7% |
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 was KRW 53.55 billion, down 6.5% from KRW 57.29 billion in 2024, while operating profit rose 19.4% to KRW 10.40 billion, lifting the operating margin from 15.2% to 19.4%.
Net income attributable to owners came to KRW 6.74 billion, down 37.2% from KRW 10.73 billion the prior year, diverging from the revenue and operating profit trend.
Looking at 2022 through 2025, revenue fell sharply from KRW 68.28 billion in 2022 to KRW 43.36 billion in 2023, rebounded to KRW 57.29 billion in 2024, then eased slightly in 2025, reflecting clear sensitivity to industry conditions.
On a quarterly basis, revenue expanded from KRW 11.51 billion in Q2 2025 to KRW 21.88 billion in Q2 2026, the highest level in the past five quarters and a 90.2% increase year over year.
Operating margin over the same period improved for five consecutive quarters, from 15.5% in Q2 2025 to 19.8% in Q3 2025, 21.9% in Q4 2025, 25.3% in Q1 2026, and 28.9% in Q2 2026.
Notably, Q4 2025 posted an operating profit of KRW 2.96 billion yet swung to a net loss of KRW 0.39 billion attributable to owners, suggesting a one-off factor may have affected non-operating items.
Net income attributable to owners recovered to KRW 3.87 billion in Q1 2026 and KRW 3.94 billion in Q2 2026, surpassing the Q4 2025 loss.
The sum of net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) reached about KRW 10.91 billion, already exceeding the full-year 2025 figure of KRW 6.74 billion.
On the cash flow side, operating cash flow narrowed from KRW 16.83 billion in 2024 to KRW 9.32 billion in 2025, while the debt ratio declined from 73.2% in 2024 to 65.7% in 2025.
The semiconductor materials industry is heavily influenced by the memory chip cycle; Kiwoom Securities analyst Oh Hyun-jin noted in a March 2024 report that JI Tech's 2023 revenue fell 35.8% year over year to KRW 43.9 billion, illustrating the impact of the precursor demand slump during the downturn.
Since then, an assessment has emerged that precursor demand is re-entering a growth phase alongside a broader semiconductor recovery and ongoing miniaturization and higher-density trends.
Mirae Asset Securities forecast in a December 2024 report that precursor demand would continue to rise as semiconductor miniaturization and capacity-expansion trends persist.
In terms of competitive structure, a small number of domestic and overseas chemical materials suppliers ship directly to domestic memory makers such as Samsung Electronics and SK hynix, resulting in relatively high barriers to entry.
The company is said to hold the largest domestic production capacity in Si-precursors, positioning it favorably within this group.
Meanwhile, the global CCUS (carbon capture, utilization, and storage) market is cited as a growth industry expected to expand at an average annual rate of 15%, reaching roughly KRW 15 trillion by 2035.
Early commercialization cases for liquefied CO2 and related CCUS applications remain uncommon domestically, making the company's Daeheung CCU operation a relatively early entrant. The OLED materials segment is also linked to the display industry cycle, exposing it to a demand pattern separate from semiconductors.
The company disclosed a corporate value-up plan on March 31, 2026, targeting enhanced profit-generating capacity through core-business competitiveness and profitability-focused operations.
Its stated action items include expanding semiconductor materials sales, diversifying global customers, and improving production efficiency through capacity expansion and production line maintenance.
It also outlined plans to maintain a sustainable dividend policy based on stable cash flow and to operate a shareholder return policy that reflects business performance and financial condition.
On the new business front, the company plans to generate revenue from an OLED organic material synthesis facility starting operation in 2026, while also collaborating with customers on OLED lifespan-extension technology and organic material recycling.
A canister business for secondary battery electrolytes and additives has also been presented as a new initiative, with capacity expansion tied to operations at the India plant.
The plant near Hyderabad, India, was completed in September 2025, and the pace of utilization increases and global customer acquisition going forward is seen as a key variable for the contribution of new businesses.
The company has stated that its CCUS business has revenue potential of over KRW 10 billion annually from liquefied CO2 sales alone, rising to over KRW 50 billion if additional chemical products are produced.
However, the timing and scale at which these new businesses will meaningfully contribute to revenue and profit remain to be confirmed through subsequent quarterly disclosures.
The trend of operating margin improving for five consecutive quarters suggests that the company's profitability indicators have passed a low point and entered a recovery phase.
That said, while 2025 full-year net income attributable to owners fell sharply from the prior year, the sum over the most recent four quarters already exceeds that full-year figure, indicating meaningful period-to-period variance that warrants care in interpreting results.
Within the KOSDAQ semiconductor materials sector, the company is classified as a small-cap with limited brokerage coverage and a relatively low frequency of published research.
Shareholders' equity has expanded steadily from the KRW 62 billion range in 2022 to the KRW 78 billion range in 2025, and this equity growth trend is worth considering alongside the current share price level.
On dividends, the company has continued its shareholder return policy, including a cash dividend decision based on 2025 full-year results, though an assessment of the payout ratio or the absolute yield level is left to the reader.
Depending on whether new businesses such as CCUS, the India plant, and the OLED synthesis facility begin to meaningfully contribute to revenue, the market's interpretation of valuation could shift 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
Since 2026, quarterly revenue and operating margin have improved for five consecutive quarters. Mirae Asset Securities forecast in a December 2024 report that precursor demand would keep rising as semiconductor miniaturization and capacity-expansion trends continue.
The company is said to hold the largest domestic production capacity in Si-precursors, a position viewed as advantageous during a demand expansion phase.
Liquefied CO2 production at subsidiary Daeheung CCU has already entered commercial operation, and the company has cited revenue potential of over KRW 10 billion annually from this business alone, rising to over KRW 50 billion with additional chemical products.
The India plant near Hyderabad was also completed in September 2025, laying the groundwork for global customer diversification. If these new businesses gain traction, they could reduce reliance on the single semiconductor business.
The company disclosed a corporate value-up plan in March 2026, presenting profitability-focused management and a sustainable dividend policy. It also outlined action items for global customer diversification and capacity expansion to improve production efficiency.
This represents the company's own stated medium- to long-term direction, and its credibility can be verified through future implementation progress.
As seen in the sharp drop in revenue from KRW 68.28 billion in 2022 to KRW 43.36 billion in 2023, the company's results are sensitive to the memory chip cycle.
In 2025, full-year revenue also fell 6.5% year over year, and Q4 2025 saw net income attributable to owners swing to a loss despite an operating profit, reflecting large quarter-to-quarter variance.
A revenue structure concentrated in specific business lines and customers is cited as a factor amplifying this volatility.
Multiple new businesses, including CCUS, the India plant, the OLED synthesis facility, and secondary battery canisters, are being pursued simultaneously, but when and how much they will contribute to revenue and profit remains to be verified.
The CCUS revenue potential of KRW 10-50 billion annually cited by the company is a company estimate, and actual achievement needs to be confirmed through future quarterly results. The capital allocation burden of running multiple new businesses in parallel is also a factor to consider.
Net income attributable to owners fell 37.2% year over year in 2025, moving in the opposite direction from operating profit growth, which shows the significant influence of non-operating factors. The debt ratio rose to 65.7% in 2025, up sharply from 37.1% in 2022.
Operating cash flow also narrowed from KRW 16.83 billion in 2024 to KRW 9.32 billion in 2025, indicating year-to-year variance in cash-generating capacity.
Bromine, the raw material for boron tribromide used in solar panels, is reported to have a 99.6% import dependence for Korea.
Industry commentary has noted episodes of heightened tension in the Middle East, including retaliation warnings involving Israel, suggesting that supply of specialty raw materials such as bromine could be affected. This risk could grow if the share of feedstocks sourced from concentrated regions increases.
Precursors account for roughly 79% of revenue, indicating heavy reliance on a single business segment. Major customers are also concentrated among a small number of firms, including domestic memory makers Samsung Electronics and SK hynix along with global players Micron and Kioxia. Changes in these customers' capital expenditure or inventory policies could directly affect results.
Investment burden has accumulated as the company pursues multiple new businesses simultaneously, including CCUS, the India plant, and the OLED synthesis facility, with the debt ratio rising to 65.7% in 2025 from 37.1% in 2022 shortly after listing.
If the timing of new business revenue contribution is delayed, the pace of return on investment could slow. Limited liquidity and information availability, typical of a small-cap stock, are also factors to consider.
Check whether preliminary Q3 2026 results are disclosed and whether the trend of improving quarterly operating margin continues.
Confirm whether utilization at the India Chegunta plant rises with a start of revenue contribution, and the actual start date of the OLED organic material synthesis facility.
Review the confirmed full-year 2026 results and the disclosure of first-year progress on the corporate value-up plan, including dividend and shareholder return policy.
Monitor Middle East geopolitical developments affecting bromine and other raw material supply, as well as progress on expanding CCUS chemical product output through secondary refining upgrades.
JI Tech is in a diversification phase, centered on semiconductor precursors while simultaneously pursuing multiple new businesses including CCUS, an India plant, and an OLED synthesis facility.
Full-year 2025 results showed a mixed picture of declining revenue alongside rising operating profit, and the first half of 2026 has shown quarterly revenue and operating margin improving for five straight quarters.
On the other hand, the swing to a net loss in Q4 2025 and the 37.2% decline in full-year net income attributable to owners show that results can fluctuate significantly by quarter and by year.
On the new business front, confirmed facts are accumulating, including CCUS revenue potential, completion of the India plant, and disclosure of the corporate value-up plan, but the actual timing and scale of profit contribution remain to be verified.
Geopolitical dependence on bromine feedstock, customer and business-line concentration, and balance sheet changes stemming from new business investment burdens are factors that deserve balanced consideration.
Upcoming quarterly results and disclosures on new business operations will likely serve as the key basis for assessing whether this diversification strategy translates into actual performance.
Report written 2026-09-05 · Data as of 2026-09-04
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