Binex바이넥스

Binex is loss-making on a trailing basis through H1 2026, with revenue around ₩157B and a share price down about 62% over the past year.

Binex makes chemical pharmaceuticals in Busan and offers CDMO services from its Songdo and Osong plants. On a trailing basis to H1 2026 it reported revenue of ₩157B, an operating loss of ₩24B and a net loss of ₩29B, after a profitable 2022 and 2023. The shares closed at ₩6,120 on 2026-10-20, a market cap of about ₩200B.

What stands out

• Trailing operating margin is -15.4% and net margin is -18.6%, compared with a small profit in 2023 and a loss of about ₩4.5B in 2025.
• Revenue grew 29.5% in 2025 to ₩168B, but operating income fell again in the trailing period, so higher sales have not yet translated into profit.
• Borrowings of ₩61B exceed cash of ₩34B, and liabilities are 93.7% of equity; trailing free cash flow was positive at about ₩1.8B.
• The shares are down 62.5% over one year and trade near the lower part of their 52-week range (₩5,500 to ₩16,800).
• Recent filings are mostly 5%+ holding reports and amendments to a major sales or supply contract, and the H1 2026 half-year report was amended on 2026-10-14. No news headlines were included in the data.

What to watch

• The next results release and whether operating losses narrow from the trailing H1 2026 level.
• Further amendments to the major sales or supply contract and any details of its terms, which the data does not include.
• Debt levels against cash, since the data shows borrowings above cash and a high liabilities-to-equity ratio; P/E is not meaningful while the company is loss-making.