Wemade위메이드

Wemade's shares are down sharply over the past year, and its founder's large stake sale has been pushed back to December.

Wemade, a Korean game developer and blockchain operator, returned to a trailing twelve-month net profit of about ₩64.4B through H1 2026 on revenue of about ₩617B, after a loss-making 2025. The stock closed at ₩14,450 on 2026-10-20, roughly 48% lower over one year, and the company's largest shareholder is changing following a ₩920B stake sale that has been delayed.

What stands out

• Trailing twelve-month operating margin is 6.2% and net margin is 10.4%, but net income is well above operating income, so the profit may partly reflect non-operating items that the data does not break down.
• 2025 was a loss year: revenue fell 13.7% to about ₩614B and net income was about -₩18.6B, while 2024 had net income of about ₩188B.
• The stock trades at a trailing P/E of 7.6 and P/B of 1.2, with no dividend. The company's own DCF base value in the data is ₩144, which is far below the market price and looks like a model output rather than a reliable anchor.
• The founder's ₩920B stake sale was postponed to December 30 because conditions precedent were not met, and Kingnet is reported as a new investor, with the founder reported to leave the chairman role.
• Foreign ownership fell from 8.3% to 7.5% over about 60 days, while retail investors were net sellers of about ₩2.9T over the past 20 days in the investor flow data.

What to watch

• Whether the postponed ₩920B share sale completes on or around December 30, and what the new shareholder structure and leadership look like.
• The advance earnings notice filed on 2026-10-20 and the full results that follow, to see whether profitability holds.
• Leverage is high at 108.2% liabilities to equity, and the data does not show borrowings or a lot about the WEMIX blockchain business's contribution to results.