#이차전지 Analysis Reports
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Samsung SDI recorded consolidated revenue of KRW 13.2667 trillion and an operating loss of KRW 1.7224 trillion for FY2025, while Q1 2026 revenue reached KRW 3.5764 trillion (+12.6% YoY) with an operating loss of KRW 155.6 billion — a 64.2% narrowing of the loss YoY — and net income turned positive at KRW 56.1 billion. The battery (energy solutions) segment expanded its supply contracts, including an LFP battery supply agreement for Tesla's ESS, an ESS supply contract with a U.S. energy company (approximately KRW 1.5 trillion), and a domestic power-grid ESS deployment project, while the electronic materials segment showed improved sales of semiconductor and display materials. In July 2026, its UPS batteries became the world's first to pass UL Solutions' large-scale indoor fire test, and in March of the same year, at InterBattery 2026, the company unveiled 'Solidstack,' a solid-state battery sample for physical AI applications.
LG Energy Solution recorded cumulative H1 2026 (semiannual report) revenue of KRW 14.1152 trillion, an operating loss of KRW 94.5 billion, and a net loss of KRW 1.2727 trillion (DART filing no. 20260813000255, as of 2026-06-30). For Q2 2026 alone, revenue was KRW 7.5602 trillion and operating profit was KRW 113.3 billion, returning to profit for the first time in three quarters; however, KRW 241.0 billion of this reflects the U.S. IRA Section 45X (AMPC) production tax credit, and excluding this amount the quarter's underlying operating loss was KRW 127.7 billion (2026-07-30 earnings release). As of 2026-08-14, the closing price was KRW 369,000 (+1.37% vs. the previous day) and market capitalization was KRW 86.346 trillion (Toss Securities Open API, DART, 2026-08-14).
In its semiannual report (DART receipt no. 20260814000512) filed on August 14, 2026, Sungeel HiTech disclosed that H1 2026 (consolidated, cumulative) revenue was KRW 137.7 billion and operating profit turned positive at KRW 6.3 billion, while net loss for the period was KRW 13.5 billion. The closing price on the same day was KRW 38,350, up 7.57% from the previous day, with trading volume of 234,579 shares. As of June 19, 2026, largest shareholder Lee Kang-myung and related parties held a 35.99% stake, and on May 8, 2026 the company received payment for 648,414 new shares (issue price KRW 69,400) from a third-party allotment capital increase, raising working capital for raw material purchases.
EcoPro BM is a battery materials company that manufactures high-nickel NCA and NCMA cathode materials. It disclosed Q2 2026 (consolidated) revenue of KRW 576.7 billion (-26.0% YoY) and operating profit of KRW 18.0 billion (-63% YoY), marking a second consecutive profitable quarter (Herald Corporation, 2026-07-31). On June 30, 2026, the board resolved a KRW 1.1999 trillion rights offering (9,909,900 new shares, planned issue price KRW 121,200); following two rounds of correction requested by the Financial Supervisory Service, the securities registration statement's effective date was pushed back to 2026-08-25 (news.md, as received 2026-08-09). Of the proceeds, KRW 915.0 billion is earmarked for acquiring a stake in the BNSI nickel smelter in Indonesia (90,000-ton annual capacity, 39% stake held by EcoPro Group); the smelter was 39.2% complete as of 2026-08-11 and is targeting trial operation in December (Newspim, 2026-08-11). The closing price as of the analysis date (2026-08-14) was KRW 116,700.
Enchem is a KOSDAQ-listed manufacturer of electrolytes for lithium-ion batteries and EDLCs. For fiscal year 2025, consolidated revenue was KRW 312,794,040,000 and operating loss was KRW 78,386,660,000 (Business Report, DART receipt no. 20260326001049). Cumulative revenue for H1 2026 (as of 2026-06-30) was KRW 186,432,620,000, with an operating loss of KRW 35,781,400,000 (Semiannual Report, DART receipt no. 20260814004135). On 2026-03-25, the largest shareholder changed from Oh Jeong-gang to Wyatt Group Co., Ltd., and around the same time the audit report noted an unqualified opinion together with a disclosure of substantial doubt about the company's ability to continue as a going concern (Semiannual Report; Samil PwC). In December 2025, the company signed a five-year (2026-2030) electrolyte supply agreement with CATL for a total of 350,000 tons, valued at approximately KRW 1.5 trillion (ETNews, 2025-12-23).
iVisionworks is a KOSDAQ-listed company whose core business is machine-vision inspection systems covering the full pre-assembly process for secondary batteries. In FY2025, revenue was KRW 23.0 billion, down 34.48% from the prior year (KRW 35.2 billion), and operating profit swung to a loss of KRW 390 million (audit report, filed 2026-03-20). On 2026-07-01, the board of directors resolved a 5-for-1 reverse stock split reducing total shares outstanding from 34,456,481 to 6,891,296, with an extraordinary general meeting to approve it scheduled for 2026-08-07 (DART filing). On 2026-08-03, a disclosure on changes in shareholding was filed after largest shareholder Gil Gi-jae acquired shares on the open market, increasing his personal holding from 10,624,930 to 10,675,700 shares (DART). The closing price that day was KRW 730, up 15.87% from the previous close, with trading volume of 260,437 shares.
Sebang Global Battery is a lead-acid battery manufacturer founded in 1952 that holds the No. 1 position in the domestic market with an estimated share of approximately 39-40% under its Rocket Battery brand (compiled from wisereport and namu.wiki; the exact as-of date for this figure was not obtained). Q1 2026 consolidated revenue was KRW 525.4 billion, down 0.3% year-over-year, while operating profit was KRW 33.2 billion, down 34.2% (or 34.4%, figures conflict across sources) (FnGuide summary, company IR compilation). Subsidiary Sebang Lithium Battery (92.07% stake, DART Business Report, 2025.12) was reported on 2026-06-15 to have signed a North American ESS battery module supply contract worth approximately KRW 1.8 trillion with LG Energy Solution (The Elec, Newsquest). Regarding the company's disposal of treasury shares totaling KRW 12.2 billion for employee bonus purposes in July-August 2026, a minority shareholder coalition raised objections, and the company responded that this followed proper internal procedures (Today Economy, as of 2026-08-03).
Samkee (122350) closed at 1,664 KRW on 2026-08-04, up +30.00% from the previous day, with trading volume of 7,067,144 shares (Toss Securities Open API). The company is an aluminum die-casting-based manufacturer of automotive engine and transmission parts; it announced on 2026-06-24 that it was selected as a developer of the upper-body skeletal structure frame for a global robotics company's humanoid robot, and on 2026-07-02 announced the start of initial-quantity supply (Newspim). For fiscal year 2025, consolidated revenue was KRW 570.539 billion, operating profit was KRW 8.277 billion, and net loss was KRW -10.342 billion (DART business report, as of 2025-12-31).
SK Inc. is the holding company of SK Group, with subsidiaries including SK hynix, SK Telecom, SK Innovation, and SK Square. Its closing price on 2026-08-06 was KRW 509,000 (a market cap of approximately KRW 36.9039 trillion based on 72,502,703 shares outstanding). Consolidated 2025 results showed revenue of KRW 122.7033 trillion, operating profit of KRW 1.8185 trillion, and net income of KRW 1.5975 trillion, turning profitable after two consecutive years of losses in 2023-2024. On 2026-03-10, the board resolved to retire treasury shares equivalent to approximately 20.3% of total shares outstanding (planned retirement value of approximately KRW 4.8343 trillion, scheduled retirement date 2027-01-04); the largest shareholder, Chairman Chey Tae-won, held a 25.66% stake (30.66% including special related parties) as of the 2026-05-19 large shareholding report. On 2026-07-31, a contract was signed to sell a 70.61% stake in SK Siltron to Doosan for KRW 2.3 trillion.
On August 14, 2026, Seojin System disclosed its confirmed H1 2026 (cumulative) results via its semiannual report (filing no. 20260814004243): consolidated revenue of KRW 690.35 billion, an operating loss of KRW 52.31 billion, and a net loss of KRW 60.68 billion. For FY2025 (consolidated), the company recorded revenue of KRW 1,066.33 billion, operating profit of KRW 1.15 billion, and a net loss of KRW 102.42 billion, with the operating margin plunging to 0.11% (filing no. 20260323001543). During the same period, a substantial portion of the shares held by largest shareholder and CEO Jeon Dong-gyu were pledged as collateral to multiple financial institutions, and on August 7, 2026, an amended disclosure (filing no. 20260807900848) of a share pledge agreement involving a change of largest shareholder was filed. The company carried out a third-party allotment capital increase of KRW 180 billion on April 22-23, 2026, and its Vietnamese subsidiary is contesting a notice of VAT assessment totaling KRW 156.2 billion.
KOSES (089890) closed at KRW 24,850 on 2026-07-24, down -7.28% from the previous close (KRW 26,800), with trading volume of 466,650 shares (Toss Securities Open API). On the same day, the KOSPI and KOSDAQ plunged -5.73% and -5.32% respectively, triggering the year's 21st sidecar (program trading suspension), with large-cap semiconductor stocks such as Samsung Electronics and SK Hynix declining together (Hankook Ilbo, Korea Economic Daily, 2026-07-24). On 2026-07-13, KOSES disclosed a KRW 150.4 billion supply contract with US-based Bloom Energy for AI-server SOFC electrode cell automation equipment (equivalent to 183% of recent revenue) (Bloter, 2026-07-13). No individual disclosures regarding contract termination, litigation, or other special items for KOSES were found in the Seoul Economic Daily corporate disclosure and daily memo listings (2026-07-23, 24).