PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Prices as of the 2026-10-02 close
Revenue has contracted for four straight years while net profit spiked in 2024 on one-off gains before normalizing in 2025, as the company pursues capital restructuring and new businesses to defend its KOSDAQ listing.
Annual revenue kept declining from KRW 110.2bn in 2022 to KRW 76.2bn in 2023, KRW 76.2bn in 2024 and KRW 60.0bn in 2025.
The debt ratio fell from 2.2% in 2022 to 0.5% in 2025, indicating a very lean balance sheet.
The company posted an operating loss of about KRW 3.7bn in 2025Q2 but rebounded to roughly KRW 7.9bn operating profit in 2025Q4, showing large quarter-to-quarter swings.
The company is diversifying beyond its core health-food business into cosmetics distribution and AI healthcare, including hospital AI diagnostic systems.
The firm has repeatedly carried out capital reductions, share consolidations and large third-party share placements in response to tightened KOSDAQ delisting rules for low-priced, small-cap stocks.
CXI is a Cayman Islands holding company listed on KOSDAQ since 2010 and classified as a China-based issuer. It controls nine affiliates including Fujian Jinshandadao Co., and has historically produced and sold health foods such as Chinese caterpillar fungus, Cynomorium and other tonics in China.
Its core products include several health-food items and gift sets such as Wuyi tea sets. The company has diversified distribution channels through import-export and online-marketing subsidiaries to expand new brand distribution.
More recently, it signed a China distribution agreement for the domestic cosmetics maker Kobix's 'Answer Garden' brand, covering fifteen products such as ampoules, toners and foam cleansers, and has made sourcing K-indie beauty brands a new strategy for its cosmetics division.
At the same time, a subsidiary signed a technical-support supply contract for a hospital AI diagnostic system with a Beijing-based medical technology firm, and the company delivered a letter of intent to a Chinese AI data firm to cooperate on AI training-data infrastructure, extending its reach into AI healthcare.
Overall, the company is shifting from a traditional health-food manufacturing and distribution model toward a more diversified portfolio spanning cosmetics distribution and AI healthcare.
It competes against numerous local and global brands in China's health-food market, while the cosmetics and AI healthcare businesses remain at an early stage with limited revenue contribution so far.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2024Q4 | ₩28.2B | ₩16.2B | 57.4% |
| 2025Q1 | ₩17B | ₩5B | 29.6% |
| 2025Q2 | ₩7.5B | -₩3.7B | −50.0% |
| 2025Q3 | ₩15.4B | ₩1B | 6.3% |
| 2025Q4 | ₩20.1B | ₩7.9B | 39.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩110.2B | ₩6.8B | ₩6.5B | 6.2% | 1.5% | 2.2% |
| 2023 | ₩76.2B | ₩7.6B | ₩8B | 10.0% | 1.7% | 0.9% |
| 2024 | ₩76.2B | ₩20.7B | ₩32.2B | 27.2% | 6.3% | 0.6% |
| 2025 | ₩60B | ₩10.1B | ₩13.3B | 16.9% | 2.5% | 0.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Annual revenue fell for four straight years, from KRW 110.17bn in 2022 to KRW 76.18bn in 2023, KRW 76.16bn in 2024 and KRW 60.02bn in 2025.
The operating margin improved sharply from 6.2% in 2022 to 10.0% in 2023 and 27.2% in 2024 before easing to 16.9% in 2025; the 2024 margin surge appears to reflect both cost discipline and one-off gains even as revenue declined.
Net profit attributable to owners jumped from KRW 6.5bn in 2022 and KRW 8.0bn in 2023 to KRW 32.2bn in 2024, before normalizing to KRW 13.3bn in 2025.
On a quarterly basis, owners' net profit reached KRW 23.1bn in 2024Q4 alone, lifting the full-year figure and suggesting the presence of non-recurring items such as asset sales or valuation gains.
Through 2025, owners' net profit swung from KRW 4.9bn in Q1 to a loss of about KRW 3.8bn in Q2, then back to KRW 1.5bn in Q3 and KRW 10.7bn in Q4, underscoring significant quarter-to-quarter volatility.
This pattern appears tied to a business structure where revenue recognition is sensitive to specific contracts or one-off items. Meanwhile, balance-sheet health has steadily strengthened, with total liabilities falling from KRW 9.46bn in 2022 to KRW 2.71bn in 2025 and the debt ratio dropping from 2.2% to 0.5%.
Total equity rose from KRW 439.1bn in 2022 to KRW 525.2bn in 2025, reflecting both retained earnings and the effect of share issuances.
China's health-food market is a mature arena with intense competition from numerous local brands and global players, and the market's slowing growth combined with heightened competition appears to be a key factor behind the company's multi-year revenue decline.
In cosmetics, however, interest in K-beauty and particularly K-indie brands remains strong in China, which underpins the company's strategy of acting as a China distribution partner for smaller Korean cosmetics brands.
In AI healthcare, Chinese medical institutions are increasingly adopting AI and data technologies to improve diagnostic efficiency and service accessibility, and the company has taken its first commercialization step in this area by supplying a hospital AI diagnostic system.
That said, the disclosed contract size is reported at roughly 10% of the company's recent annual revenue, suggesting it is complementary to, rather than a replacement for, the core health-food business.
At the exchange level, KOSDAQ regulation for small-cap stocks has tightened, with the market-cap delisting threshold raised to KRW 20bn and a separate delisting rule introduced for stocks trading below KRW 1,000, both effective from July 1, 2026.
This regulatory backdrop adds capital-policy pressure not only on this company but on small-cap KOSDAQ issuers broadly, including other China-linked names.
To defend its listing and enhance corporate value, the company has outlined a plan centered on profitability-focused management, strengthening its core business competitiveness, securing new growth drivers, and improving financial soundness and operating efficiency.
Cosmetics distribution and AI healthcare are cited as the key new growth drivers, with the hospital AI diagnostic system supply contract running for one year from July 27, 2026 to July 26, 2027 and being settled quarterly based on actual usage.
The company said it plans to use the reference built through this contract to secure follow-on customers and gradually expand its AI-based healthcare business.
It has also delivered a letter of intent to Chinese AI data firm H&P International, saying it is reviewing expanded cooperation on AI training-data infrastructure and, eventually, enterprise AI-building services.
In cosmetics, beyond 'Answer Garden' the company said it is in talks with multiple K-indie brands for entry into the Chinese market and expects to add more brands to its lineup within the year.
Major shareholder and CEO Lin Jin Sheng participated in capital raises in March and June 2026 and then in a KRW 48bn third-party placement in July 2026, cumulatively injecting roughly KRW 30bn, with proceeds earmarked for R&D on new health-supplement and cosmetics products and for expanding core personnel.
Whether these capital measures translate into actual revenue growth or profit improvement, however, will need to be confirmed through subsequent disclosures and quarterly results.
The company's total equity has grown steadily in recent years, while its current market capitalization remains markedly lower relative to that equity base, placing it in a range with a wide gap between net asset value and market value.
The company itself has publicly noted that its market capitalization has remained low relative to its net asset value for an extended period.
This is the company's own assessment, however, and the market's view appears to also reflect other variables such as listing-maintenance uncertainty, repeated share dilution, and trust issues associated with China-linked issuers.
The trajectory of earnings moving from losses to profit, then to a sharp profit surge followed by normalization over recent years, suggests that any valuation assessment needs to separate one-off items from sustainable earnings power.
No dividend-related disclosure has been identified, leaving the direction of shareholder return policy still unclear.
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 2026-09-05
The debt ratio dropped from 2.2% in 2022 to 0.5% in 2025, leaving the company with a near debt-free balance sheet. Over the same period total equity rose from KRW 439.1bn to KRW 525.2bn, steadily expanding its equity base. This provides financial flexibility to fund new business investments or capital-policy responses.
New businesses, including a China distribution deal for a Korean cosmetics brand and a hospital AI diagnostic system supply contract, have entered a concrete revenue-generating stage. Additional cooperation, such as a letter of intent for an AI training-data business, is also under review. These new businesses have the potential to partially offset the decline in the core health-food business.
CEO Lin Jin Sheng has participated in successive capital raises—in March, June and a KRW 48bn third-party placement in July 2026—cumulatively injecting about KRW 30bn into the company. This has secured his position as major shareholder and signals a commitment to responsible management. The company said proceeds will be used for R&D and expanding core personnel.
Annual revenue has steadily declined from KRW 110.2bn in 2022 to KRW 60.0bn in 2025, primarily reflecting stagnant growth in the core China health-food business. With new-business revenue contribution still limited, a continued revenue decline could weaken the earnings base.
After posting an operating and net loss in 2025Q2, the company swung back to profit in Q3 and Q4, showing very large quarterly earnings swings.
The unusually large net-profit spike in 2024Q4 is likely attributable to one-off items, suggesting that the core business's underlying, recurring earnings power is comparatively modest once such items are excluded.
The current share price is close to the KRW 1,000 threshold used for KOSDAQ's coin-stock delisting rule, and the market capitalization reportedly falls well short of the tightened KRW 20bn threshold effective from July 2026.
In response, the company has repeatedly carried out capital reductions, share consolidations and large third-party placements, resulting in ongoing dilution for existing shareholders.
There has also been at least one instance of the Financial Supervisory Service issuing a correction order on a capital-reduction disclosure, indicating procedural risk as well.
From July 1, 2026, the KOSDAQ market-cap delisting threshold was raised to KRW 20bn, and a new rule was introduced under which a stock trading below KRW 1,000 for 30 consecutive trading days is designated an administrative issue, followed by a 90-trading-day grace period during which failing to recover above KRW 1,000 for 45 consecutive trading days results in delisting. The current share price is close to this threshold, warranting ongoing monitoring.
Multiple third-party placements have been carried out to support listing maintenance and capital reinforcement, including a KRW 48bn raise pursued in July 2026. While such repeated capital raises expand the company's equity base, they also continually reduce the ownership share of existing shareholders.
The possibility of further raises cannot be ruled out, making changes in shareholder composition worth watching.
The company operates through a Cayman Islands holding structure controlling mainland China subsidiaries, and market concerns over cross-border accounting and disclosure transparency have persisted.
A Financial Supervisory Service correction order issued during a capital-reduction disclosure process illustrates this procedural risk. In addition, because results are generated in Chinese yuan and translated into Korean won, the company's reported financials carry inherent foreign-exchange translation risk.
Continue tracking whether the share price satisfies KOSDAQ's coin-stock delisting threshold (KRW 1,000) and market-cap requirement (KRW 20bn), including the 30-consecutive-trading-day test.
Check the first quarterly settlement and actual revenue recognition from the hospital AI diagnostic system supply contract that began on July 27, 2026, to gauge the new business's contribution.
Watch for follow-up disclosures on whether the letter of intent with H&P International for the AI training-data business advances into a definitive contract or further investment.
The next quarterly results should be checked to see whether the earnings volatility seen since the 2025Q2 operating loss persists or shifts toward a more stable profit trend.
Confirm the re-disclosed content following the Financial Supervisory Service's correction order on the capital reduction/share consolidation, and monitor for any further capital-policy actions such as additional raises or share purchases.
CXI is a KOSDAQ-listed China-linked company built on a health-food business that has seen revenue decline for four straight years, while diversifying into cosmetics distribution and AI healthcare.
Its balance sheet is very solid, with the debt ratio falling to 0.5%, but quarterly results have been volatile, coexisting an operating loss in 2025Q2 with a sharp rebound in Q4, and the 2024 profit surge appears to have been heavily influenced by one-off items.
To address KOSDAQ's tightened coin-stock and market-cap listing-maintenance thresholds, the company has repeatedly carried out capital reductions, share consolidations and large third-party placements, during which the major shareholder injected roughly KRW 30bn cumulatively, signaling a commitment to responsible management.
At the same time, these capital measures have brought dilution for existing shareholders and procedural risk, including a Financial Supervisory Service correction order.
The new hospital AI diagnostic system supply contract and cosmetics distribution deal remain at an early stage, and their revenue contribution and sustainability will need to be confirmed through future quarterly results.
On balance, this stock combines a solid financial base and diversification efforts with weaknesses including a declining revenue trend, earnings volatility and listing-maintenance uncertainty.
Before forming any investment judgment, it is important to continue monitoring upcoming quarterly results and listing-related disclosures.
Report written 2026-09-05 · Data as of 2026-09-04
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