HS Industries화승인더

HS Industries shows thinner profits and a sharply lower share price over the past year, with its footwear ODM business still the main revenue source.

HS Industries is a Korean footwear and cap ODM maker, with most 2025 revenue coming from adidas-linked production plus chemical products and trading. Trailing twelve-month revenue to H1 2026 was about ₩1.72T with operating income of ₩64B and net income of ₩30B, down from 2024. The shares closed at ₩2,170, near the 52-week low of ₩2,140 and well below the high of ₩4,130.

What stands out

• Revenue fell 4.6% in 2025 to ₩1.78T, and operating margin eased from 6.3% in 2024 to 4.3% in 2025 before dropping to 3.7% on a trailing basis.
• Net income swung from losses in 2021 and 2023 to ₩39B in 2024, then ₩19B in 2025 and ₩30B on a trailing basis to H1 2026.
• Liabilities are about 2x equity and borrowings are ₩771B against cash of ₩204B, so debt is a visible feature of the balance sheet.
• The data shows a 5.2% foreign ownership level, down slightly over 60 days, and net retail selling over the last 20 days.
• Recent filings include a debt guarantee for another party, a change in largest shareholder and a management matter relevant to investors, but the data does not explain their details.

What to watch

• The half-year report for June 2026 was filed on 13 August; the detail behind the amended management matter and the debt guarantees is not in the data and is worth reading in the filings.
• Whether margins hold, given the trend from 6.3% in 2024 to 3.7% on a trailing basis.
• No dividend is shown (yield 0%), and the data includes no analyst views or forecasts.