Fact Summary
Paseco is a KOSDAQ-listed company that manufactures seasonal appliances such as window air conditioners, as well as built-in and household appliances. On a non-consolidated basis, per its 2025 business report it recorded revenue of KRW 167.91bn and operating profit of KRW 3.30bn, turning profitable from the prior year's operating loss (KRW -16.81bn) (receipt no. 20260319000245). However, per its 2026 semiannual report (cumulative, receipt no. 20260813000881), it recorded revenue of KRW 74.80bn with an operating loss of KRW 1.01bn and a net loss of KRW 0.45bn, turning to a loss again, and its debt ratio surged from 29.42% at end-2025 to 61.41% in H1 2026. The largest shareholder, CEO Yoo Il-han, together with related persons (11 individuals/entities), held a combined stake of 71.08% (as of 2026-06-30), with no change in shareholding during H1 2026.
Price Context Note
Whenever heat-wave or monsoon forecasts were issued in July-August 2026, Paseco's stock was repeatedly cited as a summer seasonal-appliance play, with numerous intraday double-digit gains observed (e.g., +22.33% on 7/2, +18.03% on 7/13, +17.85% on 8/3, each as of the respective article's publication time). Over the same period, the USD/KRW exchange rate approached a 10-month low at KRW 1,411.8 as of 2026-08-18, while the 15% U.S.-Korea reciprocal tariff that took effect on 2026-08-07 and rising raw material prices (naphtha, copper, hot-rolled coil steel) have been unfolding concurrently.
Business Overview
Paseco began in 1974 as Sinu Textile Industrial Co. and changed its name to Paseco Co., Ltd. in 1999 (Namuwiki); its OpenDART-registered founding date is 1986-08-01. Its business is organized around two pillars: seasonal appliances (window air conditioners, electric heaters, kerosene stoves, camping heaters, etc., exported to roughly 30 countries) and kitchen/household appliances (built-in appliances, clothing care devices, mini washing machines, kimchi refrigerators, etc., including OEM/ODM supply to construction companies and large corporations). Its flagship window air conditioner (PWA series) has reportedly led the market since launching Korea's first vertical-type model in 2019, and its CAMP-25 camping heater is known as the top-selling product of its kind domestically.
5-Year Financial Trend (Non-consolidated)
| Period | Revenue (KRW 100M) | Operating Profit (KRW 100M) | Net Income (KRW 100M) | Debt Ratio (%) |
|---|---|---|---|---|
| 2021 | 2,271.9 | 228.6 | 190.9 | 39.97 |
| 2022 | 2,004.8 | 157.9 | 91.9 | 40.34 |
| 2023 | 1,475.4 | -12.4 | 7.8 | 29.92 |
| 2024 | 1,577.6 | -168.1 | -167.8 | 44.94 |
| 2025 | 1,679.1 | 33.0 | 37.0 | 29.42 |
| H1 2026 (cumulative) | 748.0 | -10.1 | -4.5 | 61.41 |
H1 2026 Financial Detail
The detailed cause of the sharp increase in total liabilities (KRW 25.18bn → KRW 50.11bn) — whether from higher borrowings, working-capital changes, or other factors — is not confirmed, as it would require cross-checking against the notes to the financial statements in the semiannual report.
Risk Factors
- Operating profit alternated between profit and loss over five years: a profit in 2021 (KRW 22.86bn) → two consecutive years of loss in 2023-2024 → a return to profit in 2025 (KRW 3.30bn) → a loss again in H1 2026 (KRW -1.01bn, per DART calculation).
- The debt ratio surged from 29.42% at end-2025 to 61.41% in H1 2026, and the detailed cause is not confirmed (financials.md).
- Rising raw material prices — naphtha (+44.1% YoY, USD 840/ton as of 2026-07-15), copper (approx. USD 14,070/ton as of 2026-08-14, near an all-time high), and hot-rolled coil steel (approx. USD 1,200/ton in August 2026, the highest since June) — together with a falling USD/KRW exchange rate (won strength, KRW 1,411.8 as of 2026-08-18), weigh on the profitability of seasonal-appliance exports (macro.md).
- The 15% U.S.-Korea reciprocal tariff that took effect on 2026-08-07 applies to finished-product exports to the U.S. such as window air conditioners and electric heaters (KITA, Financial News).
- Samsung Electronics and LG Electronics re-entered the window air conditioner market starting in 2023 (Dealsite, 2023).
- The kitchen/household appliance segment, which includes OEM/ODM sales to construction companies, is linked to the housing construction cycle and was cited as one of the causes of weak Q1 2026 performance (based on aggregated web research).
- In December 2024, the Korea Fair Trade Commission imposed a fine of KRW 137 million for resale price maintenance/coercion (Namuwiki; cross-checking against the original FTC document is not confirmed).
- Supply-demand indicators (net buying by foreign investors/institutions/individuals, short-selling ratio/balance, foreign ownership ratio, margin balance) are entirely unconfirmed in this research (pykrx not installed, limited web access; flow.md).
Competitive Landscape — Comparison of Three Seasonal Appliance Makers
In the window air conditioner market, Paseco has been reported to hold a leading position since launching Korea's first vertical-type model in 2019, though Samsung Electronics and LG Electronics re-entered the market starting in 2023. Among the three seasonal-appliance makers (Paseco, Shinil Electronics, Winix), Paseco was reportedly the only one to post a profit in 2025; Winix is reported to have recorded an operating loss due to large losses tied to its entry into the airline business (Parata Air, formerly Fly Gangwon) (based on web research; cross-checking against original disclosures not confirmed). Winia Electronics (formerly the appliance division of Daewoo Electronics) exited the competitive landscape after its bankruptcy was finalized on 2025-07-08 (Namuwiki).
Valuation (Factual Multiples)
Governance and Capital Structure
The largest shareholder, CEO Yoo Il-han (31.34%), together with related persons — including his younger brother Yoo Jeong-han (30.14%) and mother Koo Ja-yeom (3.03%), among 11 individuals/entities in total — hold a combined stake of 71.08%, and all three registered in-house directors are the largest shareholder himself, his father, and his younger brother (OpenDART, as of 2026-06-30). No change in shareholding by the largest shareholder or related persons, and no third-party 5%-or-greater bulk holding disclosures, were identified during H1 2026 or the most recent six months (2026-02-18 to 2026-08-18).
| Name | Position | Responsibility | Relationship to Largest Shareholder |
|---|---|---|---|
| Yoo Byung-jin | Chairman (in-house director, full-time) | Chairman | Father |
| Yoo Il-han | President (in-house director, full-time) | CEO | Self |
| Yoo Jeong-han | Managing Director (in-house director, part-time) | Head of Legal Support Office | Brother |
| Kim Tae-han | Auditor (full-time) | Auditor | None |
| Pyo Jin-ho | Outside Director (part-time) | Outside Director | None |
| Choi A-ram | Outside Director (part-time) | Outside Director | None |
| Filing Date | Disclosure Title |
|---|---|
| 2026-08-13 | Semiannual Report (2026.06) Filed |
| 2026-05-15 | Quarterly Report (2026.03) Filed |
| 2026-03-27 | Corporate Value-Up Plan (Voluntary Disclosure) and Annual General Meeting Results Disclosure |
| 2026-03-19 | Business Report (2025.12) and Audit Report Filed |
| 2026-03-05 | General Meeting Convocation Notice and Related Disclosures (3 filings) |
Macro and Raw Material Environment
Given that Paseco exports seasonal appliances and camping products to markets such as the U.S. and Europe, won strength (a falling exchange rate) weighs on export profitability, while the 15% U.S.-Korea reciprocal tariff pressures the cost competitiveness of finished products exported to the U.S. At the same time, prices of key input raw materials such as naphtha, copper, and hot-rolled coil steel are rising in tandem (macro.md).
Price and News Flow (Based on Secondary Sources, For Reference)
| Date | Key Fact |
|---|---|
| 2026-08-18 | KOSPI -1.55% and KOSDAQ -3.52%, broad market weakness. Paseco was not included in the list of stocks that surged on inter-Korean economic cooperation themes (confirmed against Newspim's original article). |
| 2026-08-03 | Amid forecasts of a heat wave and Typhoon Dolphin, the stock traded intraday at +17.85% (KRW 7,790); a separate intraday reading of +14.52% (KRW 7,560) was also confirmed the same day (Edaily, Electronic Times; as of article publication time). |
| 2026-07-27 | Intraday price of KRW 7,850, up +15.27% from the prior close (KRW 6,810) (auto-generated market-commentary article, low reliability). |
| 2026-07-13 | Amid high heat/humidity and the onset of the monsoon season, the stock rose +18.03% (KRW 8,210) from the previous trading day. |
| 2026-07-03 | The stock rose +12.23% (KRW 6,700) on expectations of dehumidifier demand as the monsoon season began. |
| 2026-06-15~06-24 | Per a secondary aggregation site, the stock fell approximately -22% (-35.98% from its 52-week high); the cause was not confirmed via primary news sources (simplywall.st, low reliability). |
| 2026-03-16 | Launched new 2026-model window air conditioners 'Dual Inverter 2' and 'Hybrid 2' (Electronic Times). |
Supply-demand indicators (net buying by foreign investors/institutions/individuals, short selling, foreign ownership ratio, margin balance) entirely unconfirmed
Theme Relevance
Fact Highlights
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