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
GRT's 2025 consolidated revenue surpassed KRW1 trillion for the first time, yet a sharp Q3 operating margin drop left full-year net profit attributable to owners lower than the prior year.
2025 revenue grew 8.1% year over year, crossing the KRW1 trillion mark for the first time.
Operating margin fell from 17.4% in 2024 to 14.3% in 2025, plunging to the 7% range in Q3.
Net profit attributable to owners fell 22.3% to KRW76.4 billion, while the non-controlling interest share of total profit expanded.
Operating cash flow rose 54% to KRW93.5 billion and the debt ratio eased to 76.6%.
The company is expanding its portfolio into new applications such as MLCC release film and OLED production film.
GRT is a non-financial holding company established in Hong Kong in 2012 and listed on KOSDAQ in 2016, with actual operations conducted through its China-based subsidiaries, Jiangyin Tongli Optoelectronics Technology Co. and Jiangsu Huizhi New Materials Technology Co., in Jiangsu Province.
Its core products are packaging film and optical protective film, produced around a core optical film line that includes optical protective film, PE amorphous protective film, and 3D display optical film.
The business is organized into four segments: precision coating adhesive materials, precision coating protective materials, functional coating materials, and polymer thin-film materials.
End markets include flat-panel displays, semiconductors, and automotive, and the company has recently been expanding sales into new application areas such as wearable devices, robots, and driverless vehicles.
As part of its portfolio expansion strategy, it is increasing the share of so-called fourth-industrial-revolution film coating materials, including MLCC release film and OLED production film.
On the raw-material side, it primarily uses plastic materials such as PE, PP, and PET along with base films and adhesives, with in-house production of base film and adhesive formulation cited as a competitive strength.
However, as a foreign-company special listing on KOSDAQ, the company is structurally exempt from filing the standard business report with Korea's Financial Supervisory Service disclosure system.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2024Q4 | ₩254.8B | ₩42.6B | 16.7% |
| 2025Q1 | ₩275B | ₩44.9B | 16.3% |
| 2025Q2 | ₩303.2B | ₩47.5B | 15.7% |
| 2025Q3 | ₩164.1B | ₩11.9B | 7.3% |
| 2025Q4 | ₩257.8B | ₩38.8B | 15.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩467.4B | ₩57.1B | ₩48.1B | 12.2% | 6.7% | 86.2% |
| 2023 | ₩817.6B | ₩83.9B | ₩58B | 10.3% | 7.5% | 92.8% |
| 2024 | ₩925.4B | ₩161.5B | ₩98.2B | 17.4% | 11.7% | 82.1% |
| 2025 | ₩1T | ₩143.2B | ₩76.4B | 14.3% | 8.4% | 76.6% |
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
2025 consolidated revenue rose 8.1% from KRW925.4 billion in 2024, surpassing KRW1 trillion for the first time. Operating profit, however, fell 11.3% to KRW143.2 billion from KRW161.5 billion, and the operating margin declined from 17.4% in 2024 to 14.3% in 2025.
Net profit attributable to owners dropped 22.3% to KRW76.4 billion from KRW98.2 billion in 2024, a steeper decline than the drop in operating profit.
The owners' share of total consolidated net profit (KRW100.3 billion) fell from roughly 81% in 2024 to about 76% in 2025, meaning the non-controlling interest share of profit grew relatively larger.
On a quarterly basis, margins held up through Q1 2025 (16.3% operating margin) and Q2 (15.7%), before revenue slipped to KRW164.1 billion and operating margin plunged to 7.3% in Q3.
Notably, the Q3 net margin attributable to owners actually rose to 9.4% from 6.6% in the prior quarter, suggesting non-operating items cushioned the bottom line. Margins recovered in Q4, with revenue of KRW257.8 billion and an operating margin of 15.0%.
Meanwhile, operating cash flow rose 54% to KRW93.5 billion from KRW60.6 billion in 2024, an improvement in cash generation that contrasted with the profit decline, while the debt ratio eased from 82.1% to 76.6%, indicating a somewhat lighter balance sheet.
The global optical film market was estimated at roughly USD 26.6 billion in 2023, with a market research firm forecasting a compound annual growth rate above 7.7% between 2024 and 2032.
GRT's core market of display protective and optical film is a mature, TFT-LCD-centered segment closely tied to the flat-panel display cycle.
The company supplies precision coating materials to display, semiconductor, and automotive applications while expanding into new areas such as wearable devices, robots, and driverless vehicles.
As part of its portfolio strategy, it is broadening into fourth-industrial-revolution film coating materials such as MLCC release film and OLED production film to respond to end-market growth.
As a local manufacturer based in Jiangsu Province, China, the company may enjoy cost advantages, but it is simultaneously exposed to China's domestic and export demand cycles, renminbi exchange rates, and trade policy variables.
It is understood to compete with other Chinese, Taiwanese, and Korean film materials producers, though specific market share figures are not disclosed in available sources.
No specific numerical guidance from the company was found, but recent portfolio expansion appears focused on increasing the share of MLCC release film and OLED production film.
According to financial data providers FnGuide and WiseReport (as accessed in 2026), revenue for the most recent quarterly period rose 20.4% year over year on a consolidated basis, with operating profit up 34.3% and net profit up 6.3%.
This figure, however, is a preliminary number not yet finalized through a DART regulatory filing, and should be treated separately from the confirmed results through Q4 2025 used elsewhere in this report.
The same family of sources also noted, referencing an earlier period, that cumulative consolidated revenue for the first three quarters of 2025 rose 8.5% year over year, with operating profit up 35.5% and net profit up 30.8%, though this may not exactly align with the confirmed figures above depending on the company's fiscal reporting basis and disclosure timing.
The specific revenue contribution from new applications such as wearables, robotics, and autonomous driving has not yet been disclosed.
A key point to watch going forward is whether the sharp Q3 2025 operating margin decline was a one-off event or reflects a structural shift tied to raw material costs or changes in customer ordering patterns.
When assessing the share price level, it is more useful to consider its relative position than any single point-in-time figure.
According to market data providers, this stock has historically traded, on a five-year average basis, at a price-to-earnings ratio in the low single digits and a price-to-book ratio well below 1x.
Valuation metrics calculated on the most recent four quarters of results appear to sit in a similar range to that historical band.
On the dividend side, based on the most recent confirmed data, the dividend yield has remained low, suggesting a policy weighted more toward reinvestment and retention than shareholder returns.
The Q3 earnings volatility and the growing share of profit attributable to non-controlling interests are additional factors worth considering when gauging the stability of the profit accruing to controlling shareholders.
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 KRW467.4 billion in 2022 to just over KRW1 trillion in 2025. The operating margin improved sharply from 10.3% in 2023 to 17.4% in 2024, then recovered to 15.0% in Q4 2025 after the Q3 slump.
The combination of revenue growth and margin recovery provides some evidence for the sustainability of the company's scale expansion.
The company is expanding its product lineup into fourth-industrial-revolution materials such as MLCC release film and OLED production film. It has also been moving to broaden supply into new application areas such as wearable devices, robots, and driverless vehicles.
This can be read as an attempt to diversify away from a business structure historically centered on TFT-LCD protective film.
Operating cash flow rose for four consecutive years, from KRW34.5 billion in 2022 to KRW93.5 billion in 2025. Over the same period, the debt ratio peaked at 92.8% in 2023 before falling to 76.6% in 2025.
The fact that both cash generation and the balance sheet improved even in a year when net profit declined is notable from a business stability perspective.
The operating margin fell from 16.3% in Q1 2025 and 15.7% in Q2 to just 7.3% in Q3, before rebounding to 15.0% in Q4. A margin that more than halves in a single quarter and then recovers suggests instability in cost structure or order patterns. If this volatility recurs, it could reduce the predictability of annual results.
Net profit attributable to owners fell 22.3% to KRW76.4 billion in 2025 from KRW98.2 billion, a steeper decline than the 11.3% drop in operating profit. The owners' share of total consolidated net profit fell from roughly 81% in 2024 to about 76% in 2025.
Non-controlling interest equity also grew faster, from KRW143.9 billion in 2024 to KRW184.3 billion in 2025, leaving open the possibility that the minority share of profit allocation could continue to grow.
As a foreign-company special listing on KOSDAQ, the company's business report disclosure obligations differ from those of standard domestic listed companies. Because all actual operations run through Chinese subsidiaries under a holding company structure, there is room for information asymmetry.
Preliminary figures for the most recent quarters sometimes appear through market data providers before a formal DART filing, so investors need to distinguish between preliminary and confirmed data points.
Because actual operations are concentrated in China-based subsidiaries in Jiangsu Province, the company is directly exposed to Chinese industrial policy, trade and tariff conditions, and renminbi-won exchange rate movements.
A deterioration in China's domestic demand or export environment could immediately affect revenue and margins. The structure of a Hong Kong holding company with operating subsidiaries in mainland China also implies dual exposure to differing regulatory and accounting environments.
The sharp Q3 2025 operating margin decline may have stemmed from a combination of factors such as raw material costs (plastic materials including PE, PP, and PET) or shifts in customer order timing, but the exact cause has not been disclosed.
If similar volatility recurs, confidence in quarterly earnings forecasts could be undermined. Whether the Q4 margin recovery was a temporary rebound or the start of a structural improvement requires further confirmation.
If the trend of a shrinking owner-attributable profit share alongside faster-growing non-controlling interest equity continues, consolidated growth may not fully translate into gains for controlling (listed company) shareholders.
The limited scope of domestic business report disclosure under the foreign-company special listing framework also makes it harder for investors to verify information. The limited public detail on equity structure and transactions between the holding company and its subsidiaries is another factor worth considering.
Check whether the sharp margin decline seen in Q3 2025 recurs, and whether the Q4 margin recovery continues.
Watch for whether revenue from new applications such as MLCC release film and OLED production film is disclosed in concrete terms through IR materials or filings.
Check how confirmed annual results and dividend policy are disclosed through DART, and whether they align with the preliminary growth figures previously cited by market data providers.
Continue to monitor how China's display and semiconductor inventory cycle and renminbi-won exchange rate trends affect revenue and margins.
GRT posted growth in 2025, with consolidated revenue surpassing KRW1 trillion for the first time, but a sharp Q3 operating margin decline caused full-year net profit attributable to owners to fall 22.3% from the prior year.
The Q4 margin recovery to 15.0% is a positive sign, though whether this reflects a temporary rebound or a structural improvement requires further confirmation.
Improved operating cash flow and a lower debt ratio are positive signals for financial stability, but the growing share of profit attributable to non-controlling interests warrants continued attention regarding the stability of profit accruing to controlling shareholders.
On the business side, expansion into new applications such as MLCC release film and OLED production film is underway, though the specific revenue contribution has not yet been disclosed.
The company's reliance on a China-based production structure and the limited disclosure associated with its foreign-company special listing status are factors investors should continue to weigh.
Overall, 2025 was a year marked by both revenue growth and margin volatility, and the stability of future results will likely become clearer through upcoming quarterly disclosures and further detail on new application revenue.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.