PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
China Crystal New Material, built around synthetic mica and graphene, swung to a net loss in 2025 after disposing of a subsidiary, and posted a mild rebound in revenue and operating profit in the second quarter of 2026 after bottoming out in the first quarter.
2025 consolidated revenue fell to about KRW 71.3 billion and operating profit to about KRW 10.9 billion year on year, while net income attributable to owners turned negative at about KRW -1.8 billion.
The company attributed the shift in its earnings structure mainly to the reclassification of a divested subsidiary's business as discontinued operations.
Revenue and operating profit fell 48.4% and 79.0% year on year in the first quarter of 2026, marking a trough, before improving to about KRW 18.3 billion in revenue and about KRW 2.4 billion in operating profit in the second quarter.
A share consolidation between April and June 2026 reduced total shares outstanding from about 143.26 million to 35,815,001, with trading resuming on June 23.
The debt ratio has stayed steady in a low 5.8%-7.1% range from 2022 through 2025, reflecting a lightly leveraged balance sheet.
China Crystal New Material Holdings (900250) is a holding company incorporated in the Cayman Islands that produces and sells synthetic mica and graphene materials through subsidiaries based in Jiangyin, Jiangsu Province, China. Founded in 2003, the group listed on KOSDAQ in 2016 under the Cayman holding structure.
Its core product lines are synthetic mica pearlescent pigment, synthetic mica powder, synthetic mica flake, and fire-resistant insulating mica tape, and as of the first half of 2025 these three mica products together reportedly accounted for more than half of revenue.
Graphene powder produced by a subsidiary made up a significant share of revenue in the same period, forming a second growth pillar. Reported major customers include global chemical and cosmetics companies such as Merck, BASF, Shiseido, Colorlab, and Intercos.
The company is led by Chairwoman Dai Zhongqiu, daughter of the late founder Dai Zilong and the largest shareholder, and management has stated that its synthetic mica flake production capacity of about 30,000 tons per year is the largest in the world.
Synthetic mica's high heat resistance, insulation, and corrosion resistance make it a substitute for natural mica in automotive coatings, cosmetics, and power equipment.
However, the disposal of a subsidiary in the fourth quarter of 2025 led that business to be reclassified as discontinued operations and excluded from the consolidated scope going forward.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩29.8B | ₩6B | 20.1% |
| 2025Q3 | ₩28.6B | ₩4.5B | 15.9% |
| 2025Q4 | — | -₩2.3B | — |
| 2026Q1 | ₩11.1B | ₩500M | 4.7% |
| 2026Q2 | ₩18.3B | ₩2.4B | 13.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩82.1B | ₩20.3B | ₩15.1B | 24.7% | 3.7% | 6.7% |
| 2023 | ₩90.2B | ₩25.5B | ₩8.3B | 28.2% | 2.0% | 5.8% |
| 2024 | ₩104.7B | ₩20.1B | ₩9.1B | 19.2% | 1.9% | 7.0% |
| 2025 | ₩71.3B | ₩10.9B | -₩1.8B | 15.3% | −0.4% | 7.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-29
2025 consolidated revenue fell sharply to about KRW 71.3 billion from about KRW 104.7 billion in 2024, and operating profit declined to about KRW 10.9 billion from about KRW 20.1 billion a year earlier.
Net income attributable to owners over the same period turned negative at about KRW -1.8 billion, reversing a profit of about KRW 9.1 billion in 2024. The company cited the reclassification of a divested subsidiary's operations as discontinued business as the main driver of this earnings-structure shift.
Indeed, the fourth quarter of 2025 recorded no reported revenue and an operating loss of about KRW 2.3 billion, weighing on the full-year result.
On a quarterly basis, revenue of about KRW 29.8 billion and operating profit of about KRW 6.0 billion in the second quarter of 2025 eased to about KRW 28.6 billion and about KRW 4.5 billion, respectively, in the third quarter.
In the first quarter of 2026, revenue fell further to about KRW 11.1 billion and operating profit to about KRW 0.5 billion, consistent in direction with market data showing year-on-year declines of 48.4% in revenue and 79.0% in operating profit.
Revenue and operating profit then improved to about KRW 18.3 billion and about KRW 2.4 billion, respectively, in the second quarter of 2026, up from the first-quarter trough. Over the multi-year window, the operating margin rose from 24.7% in 2022 to 28.2% in 2023 before declining to 19.2% in 2024 and 15.3% in 2025.
By contrast, the debt ratio remained stable in a 5.8%-7.1% range from 2022 through 2025, indicating a relatively light leverage burden on the balance sheet itself.
The global synthetic mica market has reportedly been growing at more than 20% annually in recent years.
According to Frost & Sullivan, China's synthetic mica market was projected to grow from 5.562 billion yuan in 2022 to 6.553 billion yuan, while the global mica market was expected to expand from 18 billion yuan in 2022 to 41.81 billion yuan by 2027.
In 2023, synthetic mica was added to China's Industrial Foundation Innovation and Development Catalogue as a building-materials-related product and technology, positioning it as a strategic material addressing natural mica depletion.
Synthetic mica is described as offering heat resistance above 1,200 degrees Celsius and resistivity more than 1,000 times that of natural mica. Demand for synthetic mica with low heavy-metal content in the cosmetics industry is said to be rising.
On the demand side, its broad range of applications across automotive coatings, power equipment, cosmetics, and electronics spreads out dependence on any single industry cycle.
The company has described itself as holding the world's largest synthetic mica flake production capacity in this market, asserting a scale-based competitive advantage.
However, since most of its revenue depends on production and export activities within China, the business remains exposed to Chinese industrial policy and currency conditions.
The company has continued a strategy of expanding into graphene based on the technical capabilities it built up in synthetic mica. Management has stated a direction of unifying graphene and synthetic mica production lines to address growth in the electric-vehicle market.
A subsidiary has a track record of signing supply contracts for graphene powder with multiple customers, and potential use as an internal battery material has been mentioned.
On the new-business front, plans have been referenced for entry into fields such as high-quality synthetic mica materials and fluorophlogopite composite titanium pigments. On the raw-material side, cooperation discussions including a potential acquisition of a graphite mine in Henan Province, China have taken place.
That said, since the fourth-quarter 2025 subsidiary disposal reduced the scope of the business, the pace at which the remaining operations normalize revenue and profit in coming quarters warrants continued monitoring.
A key point to watch is whether the improvement seen in revenue and operating profit in the second quarter of 2026, following the first-quarter trough, continues into the second half of the year.
With net income attributable to owners in negative territory on a trailing four-quarter basis, calculating a price-to-earnings ratio has limited meaning at this point.
By contrast, the price-to-book ratio trades at a discount to the company's book net asset value, which may suggest the market is weighting recent earnings volatility and business-structure changes more heavily than net asset value.
On the dividend side, no recent dividend payment history has been confirmed, making it difficult to assess shareholder-return appeal through a dividend yield.
Given the company maintained profitability from 2022 through 2024 before turning to a loss in 2025, whether earnings return to a profitable trend remains a key variable for valuation going forward.
Total equity itself has grown steadily since 2022, preserving the financial base, but during a period of large earnings swings, the price-to-book multiple alone is not sufficient to determine the company's value.
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 2026-09-29
Revenue and operating profit bottomed at about KRW 11.1 billion and about KRW 0.5 billion, respectively, in the first quarter of 2026, then improved to about KRW 18.3 billion and about KRW 2.4 billion in the second quarter.
This can be interpreted as the business passing through a trough as its remaining operations, post subsidiary disposal, reshape the earnings base. Still, it is premature to confirm a trend reversal from just two quarters of data.
The debt ratio stayed within a 5.8%-7.1% range from 2022 through 2025, indicating a light leverage burden. Total equity attributable to owners also grew steadily from about KRW 413.5 billion in 2022 to about KRW 491.4 billion in 2025.
This suggests the company retains some capacity to absorb financial shocks even during periods of earnings volatility.
The company counts global chemical and cosmetics firms such as Merck, BASF, and Shiseido among its customers, and management describes its synthetic mica flake production capacity as the world's largest.
The graphene business is expanding into applications such as electric-vehicle battery materials, positioning it as a second growth pillar. A diversified product lineup can reduce reliance on any single end-market cycle.
2025 consolidated revenue fell sharply to about KRW 71.3 billion from about KRW 104.7 billion a year earlier, and net income attributable to owners turned negative at about KRW -1.8 billion. The operating margin also declined from 28.2% in 2023 to 15.3% in 2025. While a one-off subsidiary disposal was a contributing factor, the shrinkage in scale itself remains a burden.
First-quarter 2026 revenue and operating profit reportedly fell 48.4% and 79.0% year on year, respectively. While the second quarter improved, it still falls short of the second- and third-quarter 2025 levels of about KRW 28.6-29.8 billion in revenue and about KRW 4.5-6.0 billion in operating profit. The durability and pace of the recovery bear further observation.
The fourth-quarter 2025 subsidiary disposal, which reclassified that business as discontinued operations, complicates straightforward year-over-year comparisons. It may take time for results based solely on the remaining operations to settle onto a stable trajectory. This process somewhat limits the continuity of historical performance data available to investors.
The company's financial statements are prepared in Chinese yuan, and won-translated results are calculated using exchange rates quoted by Seoul Money Brokerage Services. Fluctuations in the yuan-won exchange rate can directly affect reported revenue and profit in the consolidated financial statements.
Given the high concentration of production and sales within China, this risk is a persistent feature of the business.
The fourth-quarter 2025 disposal of a subsidiary excluded that business from continuing operations, substantially altering the earnings structure. Any further changes in consolidation scope, such as equity sales or subsidiary reorganization, could again complicate the assessment of earnings continuity. Investors need to continue monitoring disclosed reasons for changes in the revenue and profit structure.
A share consolidation between April and June 2026 reduced total shares outstanding from about 143.26 million to 35,815,001, with trading suspended during that period and resumed on June 23.
The structure of a Cayman Islands holding company with substantive operations in China warrants the usual market attention to governance and accounting transparency. Its relatively small market capitalization can also contribute to greater share-price volatility.
The third-quarter 2026 report is expected around this time, offering a chance to check whether the revenue and operating profit recovery seen in the second quarter continues.
The fiscal 2026 audit report and annual business report are expected around this time, allowing confirmation of whether annual results return to profit and how the stabilized post-disposal business scope performed.
Watch for disclosures of new graphene supply contracts through subsidiaries and their scale, which would indicate the revenue contribution from the new graphene business.
Any further disclosures of equity sales or subsidiary consolidation changes could again shift the basis for comparing results and should be monitored closely.
China Crystal New Material is a China-based materials company built around synthetic mica and graphene, which maintained profitability from 2022 through 2024 before swinging to a loss in 2025 following the disposal of a subsidiary.
Revenue and operating profit fell sharply and bottomed in the first quarter of 2026, and both metrics improved in the second quarter, though they have not yet recovered to first-half 2025 levels.
The balance sheet itself appears stable, with a low debt ratio and steadily growing total equity, but non-recurring factors such as changes in consolidation scope and currency fluctuations have amplified earnings volatility.
The synthetic mica business, which serves global cosmetics and chemical customers, and the graphene business, expanding into electric-vehicle and battery-material applications, are cited as medium- to long-term growth pillars, but whether quarterly results based on the remaining business settle onto a stable trajectory requires further confirmation.
Investors may wish to track third-quarter and annual earnings disclosures, new graphene-related contracts, and any further changes in consolidation scope as they form their own judgment.
Report written 2026-09-30 · Data as of 2026-09-29
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