Bioplus is an aesthetic and regenerative-medicine materials company that treats hyaluronic acid (HA) technology as its core capability, supplying HA fillers made with its own cross-linking technology both at home and abroad; on top of that it is broadening its revenue streams with the 'HUGRO' skin booster, a bio-raw-material B2B line, and biopharmaceuticals in human-type collagen, anti-adhesion, and joint therapy. On March 30, 2026 its corporate value enhancement plan set out commercialization of human-type collagen (rH-Col3), expansion of bio-raw materials, and a stronger dividend, disclosing a 2025 payout ratio of 28.7% and a dividend of about ₩4.31 billion (up 47.7% year over year); on April 30 the conversion price on its second convertible bond (₩53.7 billion outstanding) was adjusted slightly from ₩6,550 to ₩6,508, and the first quarter showed rising revenue with falling profit. The point worth watching is that on top of a proven HA-filler cash cow, revenue is growing quickly and the company has formalized its new-business and dividend direction -- strengths -- but with operating profit held down during the investment phase and tight finances (current ratio 83.8%, interest coverage below 1x, ₩53.7 billion of CBs) overlapping, the key question is how quickly revenue converts into profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 83.8%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 36.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 15.3% higher than a year earlier.
- ROE is 8.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 16.5%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Jeong Hyun-gyu 21.54% (individual)
Controlling bloc incl. related parties 29.02%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Bioplus is an aesthetic and regenerative-medicine materials company whose core capability is the technology to make hyaluronic acid (HA, a viscous biomaterial used in skin and joints).
- Its mainstay is HA filler that fills facial wrinkles, made with the company's own cross-linking technology (a technique that links molecules together to make the product last longer) and supplied as a medical device at home and abroad.
- On top of this, the company is broadening into several lines: skin boosters that deliver nourishment into the skin (its own brand 'HUGRO'), a bio-raw-material B2B business that supplies ingredients to cosmetics and pharmaceutical firms, and biopharmaceuticals in human-type collagen and in anti-adhesion and joint therapy.
- In short, it can be understood as a materials-and-bio company transplanting the technology and cash earned from HA fillers into collagen, bio-raw materials, and new drugs while widening its revenue streams.
- The latest closing price is ₩3,885 and the market cap is ₩239.5 billion.
- The price sits below the 20-day line (₩4,240) and below the 60-day line (₩5,091).
- Trading below both its short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures upward versus downward force over the past 14 days on a 0-100 scale) is 35.6, a neutral level.
- The one-month change is -15.1%, the three-month change is -22.9%, and the position versus the 52-week high is -50.4%.
- Relative strength versus the KOSDAQ is 52 (1-99, computed from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 48% of all stocks by strength.
- Over the past three months it edged the index by 1.6%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- For 2025, revenue was ₩90.9 billion, operating profit ₩15.0 billion, and net profit ₩15.0 billion.
- ROE (the ratio of profit earned in a year on shareholders' equity) is 8.6% and the operating margin is 16.5%, a solid margin for a materials business.
- The P/E ratio (price divided by earnings per share) is 16.8x on last year's confirmed results and about 18x on this year's estimate.
- Within the HA-filler peer group it sits roughly in the middle -- neither the most expensive nor the cheapest.
- The P/B (price divided by net assets per share) is 1.37x, and on a forward basis also 1.37x, edging slightly lower as net assets grow.
- This kind of valuation is more naturally seen as one that carries a reasonable amount of growth expectation than as an excessive burden for a fast-growing materials company.
- That said, the balance sheet warrants attention.
- The current ratio (assets that can be turned into cash quickly against debt due within a year) is 83.8%, below 100%, and interest coverage (how many times operating profit can pay interest) is under 1x, so operating profit alone is tight to cover interest in full.
- With ₩53.7 billion of convertible bonds (CBs, debt that can be converted into shares) still outstanding, financial headroom cannot be called ample.
- The heart of the growth story is the top line.
- Revenue grew at an annual average of about 25% over five years, and in 2025 it jumped 36.9% year over year, so the pace of increase actually quickened.
- In the first quarter of 2026 revenue continued to grow at +15.4%.
- This top-line growth is the result of expanding HA fillers overseas plus new revenue streams such as collagen, bio-raw materials, and skin boosters; the strength is that demand is attaching along several axes rather than leaning on one product.
- The reason this year's estimated profit is set at a level similar to last year's (forward P/E of about 18x) is clear: the company is in an investment-and-expansion phase, building up collagen commercialization and the bio-raw-material B2B, so the added revenue is partly absorbed into costs and new-business spending rather than dropping straight through to profit.
- Indeed, 2025 operating profit of ₩15.0 billion was lower than the prior year, and in the first quarter revenue rose but operating profit was held down (-20.4%).
- In other words, this is a growth-investment phase of 'growing the top line while giving up some margin for now,' and if this investment takes hold as revenue diversification, there is room for the direction of profit to turn back up.
- The key disclosure showing the company's direction was the 'corporate value enhancement plan (voluntary disclosure)' of March 30, 2026.
- The company set out commercialization of human-type collagen (rH-Col3), expansion of the bio-raw-material B2B, strengthening of the 'HUGRO' skin booster, and a stronger dividend policy as its medium- to long-term goals.
- On the same day it disclosed a 2025 payout ratio of 28.7% and a dividend amount of about ₩4.31 billion, up 47.7% year over year, qualifying as a high-dividend company -- showing it is also building up shareholder returns.
- On April 30, the conversion price on the second convertible bond (₩53.7 billion outstanding) was adjusted slightly from ₩6,550 to ₩6,508 as the share price fell (a refixing).
- The first-quarter report on May 14 confirmed the pattern of rising revenue and falling profit, and on May 27 the company held an investor briefing (IR) to explain its business and the progress of its new growth areas directly.
- The strengths are clear.
- On the back of a proven cash cow in HA fillers, revenue is growing quickly, and it is positive that the company has laid out its direction for both growth and shareholder returns in official documents -- broadening into collagen, bio-raw materials, and biopharmaceuticals while also raising the dividend.
- The valuation is mid-range within the HA-filler peer group, and the P/B is edging lower as net assets grow, so the price is not in overheated territory.
- The share price has also fallen well off its high, making it hard to see expectations as excessively priced in.
- On the other side, what to watch is margin and finances.
- The top line is growing but operating profit is held down during the investment phase, so the pace at which added revenue converts into profit is the key going forward.
- In addition, a current ratio of 83.8%, interest coverage below 1x, and ₩53.7 billion of CBs overlap to leave financial headroom on the tight side.
- In short, if new-business revenue flows through to profit and operating cash flow eases the financial burden, both the top line and the valuation become more convincing; conversely, if margin recovery is slow or the interest and CB burden surfaces, this is a phase in which finances can hold back growth.
🔎 Valuation vs peers Fairly valued
The KOSDAQ peer group that shares the HA (hyaluronic acid) filler, aesthetic, and regenerative-medicine materials business.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Huons Medix | 5.62x | 0.97x | 17.29% |
| Caregen | 157.94x | 14.94x | 9.46% |
| L&C Bio | — | 9.50x | -69.71% |
The most closely comparable direct peer is Humedix, an HA-filler company with a similar market cap (about ₩308.8 billion). Humedix has high earnings efficiency at a P/E of about 6x and ROE of 17%, whereas Bioplus, at a P/E of 18x and ROE of 8.6%, is on the expensive side relative to earnings within the HA-filler group. On the other hand, compared with names carrying large growth expectations such as Caregen (high-margin aesthetic peptides, P/E over 100x) and L&C Bio (regenerative medicine, loss-making), a P/B of 1.56x is actually on the low side. In other words it sits at a midpoint -- 'somewhat expensive versus a direct HA peer (Humedix) and low versus growth-expectation peers.' Moreover, the trailing P/E of 18x on last year's confirmed results reflects a period of falling operating profit, so if this year's profit is similar or slightly lower, the forward P/E could be somewhat higher than the trailing figure. With growth and financial burden intertwined and hard to call one-sidedly, we view it as Fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩3,885 and the market capitalization is ₩239.5 billion. The price sits below its 20-day moving average (₩4,240) and below its 60-day moving average (₩5,091). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 35.6, a neutral level. The one-month change is -15.1%, the three-month change is -22.9%, and the position relative to the 52-week high is -50.4%. Relative strength versus the KOSDAQ is 52 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 52% of all stocks. Over the past three months it outpaced the index by 1.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +1.57% / 6M -8.64% / 12M -45.94%
Key metrics vs sector median
Valuation
The P/E is 15.96x. The P/B is 1.37x.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.6%, above the sector average (3.0%). The operating margin is 16.5%. The debt ratio is 163.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $43.1M | $44.0M | $60.2M | +36.87% ↑ faster |
| Operating profit | $18.6M | $15.7M | $9.9M | -36.60% ↓ slower |
| Net profit | $17.0M | $9.4M | $9.9M | +6.01% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $24.8M | $37.6M | $43.1M | $44.0M | $60.2M |
| Operating profit | $12.1M | $16.7M | $18.6M | $15.7M | $9.9M |
| Net profit | $7.1M | $14.0M | $17.0M | $9.4M | $9.9M |
| Revenue CAGR | 4-yr avg 24.84% | ||||
Revenue rose 36.9% year over year (2023 ₩65.0 billion → 2024 ₩66.4 billion → 2025 ₩90.9 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 36.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 24.8%. The two-year revenue CAGR is 18.2%. In the most recent quarter (Q1 2026), revenue was 15.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- Revenue grew 36.9% year over year, a sign of growth.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 83.8%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
Recent news & events searched · sourced
- 2026-03-30FilingCorporate value enhancement plan (voluntary disclosure): commercialization of rH-Col3 human-type collagen, expansion of the bio-raw-material B2B, strengthening of skin boosters, and a stronger dividend policy set out as medium- to long-term goalsThe company's new growth engines and shareholder-return direction stated in an official document. Revenue diversification and a stronger dividend are positives for the medium term, but no specific revenue or profit targets were provided. Source
- 2026-03-30Dividend2025 payout ratio of 28.7% and dividend amount of about ₩4.31 billion, up 47.7% year over year; disclosure that it qualifies as a high-dividend companyConfirms a stance of expanding shareholder returns. That said, with financial burden accompanying it, the sustainability of the dividend depends on operating cash flow. Source
- 2026-04-30UpdateThe second convertible bond (₩53.7 billion outstanding) had its conversion price lowered from ₩6,550 to ₩6,508 (refixing) as the share price fellWith the conversion price above the current share price (₩4,435), there is little incentive to convert right now, but the outstanding CB balance remains a financial burden and a potential dilution factor. Source
- 2026-05-14EarningsFirst-quarter 2026 report: revenue ₩26.5 billion (+15.4% YoY), operating profit ₩5.7 billion (-20.4%), net profit ₩8.0 billion (-6.1%), so revenue rose but profit fellTop-line growth continues, but margin pressure shows up in the quarterly results as well. Whether the direction of profit turns is the near-term point to watch. Source
- 2026-05-27IRInvestor briefing (IR) held; the company explained its business status and the progress of new growth areas directlyA communication channel between the company and the market. An occasion to check the progress of new businesses. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Core business (HA fillers and biomaterials) | approx. · / HA | (HA) ··· , ··approx. | Confirmed | link |
| First-quarter 2026 results (revenue / operating profit / net profit) | revenue 265, operating profit 57, net profit 80 (YoY +15.4%/-20.4%/-6.1%) | 2026 1 | Confirmed | link |
| Payout ratio and dividend growth rate | payout_ratio 28.7%, dps ₩70 | 28.7%, 47.7% | Confirmed | link |
| Convertible bond (CB) outstanding balance and conversion price | base | 2 CB ₩53.7 billion, ₩6,508 | Confirmed | link |
| 2026 estimated net profit (seasonality approximation) | approx. 140(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-27Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-28Disclosure
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-30Disclosure
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.