PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters · Dividend yield is based on ₩185 per share · Prices as of the 2026-10-02 close
Cellromax Science, a health functional food specialist, has posted three straight years of revenue growth, but its operating margin slipped from 25.4% in 2024 to 12.8% in 2025 before showing a quarter-by-quarter recovery through 2026, while the clinical and listing progress of its biotech investee SN Bioscience has emerged as a fresh watch point.
Revenue rose for three consecutive years, from KRW19.3bn (2023) to KRW21.6bn (2024) to KRW22.2bn (2025)
Operating margin eased to 12.8% in 2025 but rebounded from 7.4% in 1Q26 to 19.3% in 2Q26
The company operates a member-pharmacy network of 5,617 pharmacies, covering 22.3% of all pharmacies nationwide
Acquired a 17.17% stake in oncology drug developer SN Bioscience in September 2025, which has since secured FDA Orphan Drug Designations including for gastric cancer
Implementing a 2025-2027 shareholder return policy allocating 30-40% of net income, combined with quarterly dividends and treasury share cancellations
Founded in 2014, Cellromax Science develops and distributes premium health functional foods, functional cosmetics, and over-the-counter drugs, and listed on KOSDAQ in December 2024 through a merger with Hanwha Plus 3rd SPAC.
The company currently offers a broad lineup of 132 health functional food items and more than 30 functional cosmetics, with health functional foods accounting for over 90% of revenue.
The core of its business is a member-pharmacy distribution model built on relationships with pharmacists nationwide, with 5,617 member pharmacies representing 22.3% of all pharmacies in Korea.
Its premium 'Black Label' line and new product 'Panacea Hwan' form key sales pillars, with a structure in which consumers purchase products through pharmacist consultation, reinforcing trust.
Founder and CEO Seo Jung-min, a pharmacist by training, has drawn on his experience working in pharmacies and pharmaceutical companies to pursue an ingredient-quality-first product strategy over cost-cutting.
Overseas expansion is in early stages centered on Hong Kong and Taiwan, with the company also attempting channel expansion into Vietnam and Singapore. In September 2025, the company diversified into a biotech investment portfolio by acquiring a 17.17% stake in oncology drug developer SN Bioscience.
Competitively, the pharmacy channel is a relatively narrow market compared with large online, mart, and drugstore retail channels, but it is distinguished by a loyal consumer base built through expert consultation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.5B | ₩1.2B | 17.9% |
| 2025Q3 | ₩5.3B | ₩700M | 13.8% |
| 2025Q4 | ₩4.5B | ₩86,388,494 | 1.9% |
| 2026Q1 | ₩4.7B | ₩300M | 7.4% |
| 2026Q2 | ₩5.1B | ₩1B | 19.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩19.3B | ₩4.6B | ₩4.5B | 23.9% | 14.9% | 9.0% |
| 2024 | ₩21.6B | ₩5.5B | ₩3.8B | 25.4% | 8.6% | 10.3% |
| 2025 | ₩22.2B | ₩2.8B | — | 12.8% | — | 8.5% |
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
On a consolidated basis, revenue rose for three straight years, from KRW19.3bn in 2023 to KRW21.6bn in 2024 and KRW22.2bn in 2025. Operating profit, however, moved from KRW4.6bn (23.9% margin) in 2023 to KRW5.5bn (25.4%) in 2024 before falling sharply to KRW2.8bn (12.8%) in 2025, a notable margin compression.
On a quarterly basis, the operating margin stood at 17.9% in 2Q25 (revenue KRW6.46bn, operating profit KRW1.16bn), eased to 13.8% in 3Q25, bottomed at 1.9% in 4Q25 (revenue KRW4.48bn, operating profit KRW86mn), then recovered to 7.4% in 1Q26 (revenue KRW4.71bn, operating profit KRW348mn) and 19.3% in 2Q26 (revenue KRW5.09bn, operating profit KRW981mn).
This margin weakness has been attributed mainly to rising costs from building new sales organizations and expanding overseas headcount. Cash flow from operations also declined sharply, from KRW5.1bn in 2023 and KRW6.3bn in 2024 to KRW1.8bn in 2025, meaning cash generation weakened even as revenue grew.
Shareholders' equity expanded steadily from KRW30.1bn in 2023 to KRW44.5bn in 2024 and KRW46.9bn in 2025, while the debt ratio stayed low at 9.0%, 10.3%, and 8.5% respectively, indicating a financially stable balance sheet.
Overall, top-line growth continued, but profitability clearly softened through 2025, with quarterly results in the first half of 2026 pointing to a renewed improvement in operating margin.
Korea's health functional food market was valued at roughly KRW6.4 trillion in 2025, up 5.2% year on year, and is projected to grow at a 4.8-6.2% CAGR from 2026 to 2028, reaching about KRW7.5 trillion by 2028.
The domestic market is structured such that the top ten companies hold roughly 45% of total sales, with numerous small and specialized brands competing for the remainder.
On the distribution side, online channel share rose from 63.8% in 2024 to 68.3% in 2025 while offline shrank to 31.7%, reflecting a clear channel shift; consumer search data also shows pharmacy-channel search volume trailing large offline channels such as Daiso.
This trend could act as a structural variable for Cellromax Science, which relies on the pharmacy channel as its core distribution network.
Still, the pharmacy channel is characterized by trust-based purchasing mediated by professional pharmacist consultation, positioning the company to retain a consumer base distinct from online, price-driven competition.
Separately, the oncology drug development field in which its investee SN Bioscience operates is a competitive area centered on nanoparticle drug-delivery technology and ADC payloads, with numerous domestic and global biotech companies developing similar technology platforms.
Since 2025, the company has sought to improve its product portfolio and profitability through the launch of a new 'Solid' line, a renewed kids line, and its first-ever price increase since founding.
Positive consumer response to new products such as the premium 'Black Label' line and 'Panacea Hwan' is expected to help stabilize its domestic revenue base.
Overseas, following an initial foothold in Hong Kong and Taiwan, the company has sought channel expansion through participation in a Vietnam beauty expo, though overseas revenue contribution and concrete results have not yet been disclosed.
On shareholder returns, the company is implementing a 2025-2027 policy allocating 30-40% of separate-basis net income to dividends and share buybacks/cancellations, with quarterly dividends introduced from 2025.
In its biotech investment arm, SN Bioscience recently selected Korea Investment & Securities as lead underwriter and raised KRW14bn in a pre-IPO round, and is reportedly preparing for a technology evaluation and preliminary listing review with a goal of listing on KOSDAQ within the year.
Whether that IPO proceeds and how SNB-101's follow-on clinical and indication expansion unfolds are variables that could affect the valuation of Cellromax Science's equity stake. Whether the operating margin recovery seen in the first half of 2026 continues into the second half remains the key point to watch.
The stock tends to trade close to its book value level, without a pronounced premium or discount relative to net assets.
In terms of earnings trajectory, after a margin recovery in 2024 the operating margin softened in 2025 before improving again in the first-half 2026 quarterly results, meaning any multiple the market assigns needs to be considered alongside this earnings volatility.
Given the shareholder return policy of allocating 30-40% of net income to dividends and buybacks, the payout ratio itself is not low among small and mid-cap health-supplement peers, though the absolute dividend appeal will vary with earnings size and share price levels.
The unlisted biotech investment stake in SN Bioscience has not yet been market-priced, leaving a gap between its book acquisition cost and its potential underlying value as a factor to monitor.
Overall, the current trading level can be read as reflecting a combination of a stable balance sheet, earnings volatility, and the latent value of an unlisted investment asset.
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
Revenue grew for three consecutive years, from KRW19.3bn in 2023 to KRW22.2bn in 2025. The expert-consultation-based sales model through 5,617 member pharmacies nationwide is seen as securing a consumer base distinct from online, price-driven competition.
The domestic health functional food market itself is forecast to grow at a 4.8-6.2% annual rate from 2026 to 2028, providing a favorable industry backdrop.
Operating margin, which had fallen to 1.9% in 4Q25, recovered quarter by quarter to 7.4% in 1Q26 and 19.3% in 2Q26. This suggests the temporary cost burden from new sales organization and overseas headcount investment may be easing. A low debt ratio (8.5%) and solid equity base support financial capacity for further investment.
The 17.17% stake in SN Bioscience acquired for KRW6bn in September 2025 is tied to anticancer drug candidate SNB-101, which has secured successive FDA Orphan Drug Designations for gastric, small cell lung, and pancreatic cancers.
SN Bioscience has selected Korea Investment & Securities as lead underwriter and is preparing for a KOSDAQ listing within the year, which, if realized, could prompt a reassessment of the stake's value.
Operating margin roughly halved, from 25.4% in 2024 to 12.8% in 2025, and cumulative 3Q25 operating profit reportedly fell about 38.4% year on year. If investment in new sales organizations and overseas headcount continues, cost pressure could re-expand.
According to mandatory IPO-related brokerage reports, the largest shareholder and related parties hold over 70% of shares, limiting free float, with foreign ownership reportedly below 1%. As a small-cap KOSDAQ name, trading value is limited, which can amplify short-term volatility.
Online channels have expanded from 63.8% to 68.3% of domestic health functional food distribution between 2024 and 2025, reflecting a relative decline in offline and pharmacy channels. A business model centered on the pharmacy channel could be affected by this channel shift.
Despite revenue growth, operating margin plunged from 25.4% in 2024 to 12.8% in 2025, meaning costs tied to new products and overseas investment can swing quarterly results significantly.
Operating cash flow also fell from KRW6.3bn in 2024 to KRW1.8bn in 2025, making cash-generation management an important item to monitor.
The SN Bioscience stake is an investment in an unlisted biotech company whose value can fluctuate significantly depending on clinical and regulatory progress. A delayed listing or clinical setbacks could negatively affect the valuation of this investment asset.
High ownership concentration among the largest shareholder and related parties makes alignment with minority shareholder interests an important variable. Equity events such as RSU-related treasury share dispositions to employees may recur, warranting ongoing monitoring of potential supply overhang.
The 3Q26 quarterly report is due, providing a checkpoint on whether the operating margin recovery seen through 2Q26 (from 7.4% to 19.3%) continues.
Progress on SN Bioscience's technology evaluation and preliminary listing review toward its stated goal of a KOSDAQ listing within the year should be checked. Whether and when the listing occurs could affect the valuation of Cellromax Science's investment stake.
This is the point to check for a quarterly dividend disclosure under the 2025-2027 shareholder return policy, and the scale of the dividend funding.
It is worth watching whether further disclosures emerge on overseas channel expansion in Hong Kong, Taiwan, Vietnam, and Singapore, and on sales performance of new products such as the Black Label line and Panacea Hwan.
Cellromax Science has sustained three straight years of revenue growth in its pharmacy-channel-based health functional food business, but its operating margin weakened significantly in 2025 due to rising costs from new sales organization and overseas headcount investment.
Still, first-half 2026 quarterly results show a renewed improvement in operating margin, making the durability of this recovery into the second half a key point to watch. A low debt ratio and steadily rising equity are positive factors for financial stability.
In addition, the SN Bioscience stake acquired in September 2025 comes with concrete catalysts such as FDA Orphan Drug Designations and a targeted listing within the year, functioning as a variable separate from the core business.
Conversely, the rapid shift of domestic health functional food distribution toward online channels could pose a structural challenge to a pharmacy-centered business model, and low liquidity along with concentrated ownership are additional factors to weigh.
Ultimately, both the sustainability of the core business's margin recovery and the progress of its biotech investment asset warrant continued attention.
Report written 2026-09-05 · Data as of 2026-09-04
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