Aptocrom앱토크롬

Aptocrom's latest filings show a small loss-making operation, with a large net profit in H1 2026 that looks non-operating rather than from core business.

Aptocrom distributes pharmaceuticals and owns a subsidiary, Aprogen I&C, that makes industrial insulation for nuclear and petrochemical plants. Trailing revenue is about ₩10.8B with an operating loss of about ₩1.4B, yet trailing net income is about ₩38.5B, a gap the data does not explain. The share price is ₩1,842, down 68.7% over one year, with a market cap of about ₩27.9B.

What stands out

• Trailing operating margin is -12.8%, while trailing net margin is 356.7%, so the reported profit is far above what operations generated.
• Revenue fell 40.2% in 2025 to about ₩9.8B, after a 2024 level near ₩16.4B, and the business has been volatile across years.
• Net income was negative in 2024 and 2025 but turned strongly positive on a trailing basis through H1 2026; the data does not give the cause.
• Trailing cash of about ₩4.1B is below borrowings of about ₩7.9B, though liabilities to equity is only 4.9%.
• Recent filings are dominated by equity-linked bond acquisition decisions and amendments, plus a trading halt on 27 May 2026; the data does not explain their purpose.
• Foreign ownership is 0%, and the 52-week low is ₩0 in the data, which looks like a data gap rather than a real price.

What to watch

• The half-year report for June 2026 filed on 13 August 2026: check the source of the trailing net profit and whether operating results improve.
• Any further filings on equity-linked bonds, since several amendments were made in June and August 2026.
• Whether the trading halt and management-related filings from May and June 2026 lead to further disclosures; the data does not say more.