BNC Korea한국비엔씨

BNC Korea is loss-making over the last twelve months after a weak 2025 profit, though its balance sheet holds more cash than debt.

BNC Korea, a Kosdaq-listed maker of aesthetic and biomedical products, reported trailing twelve-month revenue of ₩91.2B to H1 2026 but an operating loss of ₩5.6B and a net loss of ₩4.7B. Cash of ₩92.8B exceeds borrowings of ₩25B, and the shares trade at about 0.8 times book value, but the stock is down 45.9% over one year.

What stands out

• Revenue has grown from ₩25.2B in 2021 to ₩95.9B in 2025, but operating profit fell from ₩10.7B in 2024 to ₩1.6B in 2025 and turned negative over the trailing twelve months.
• Trailing free cash flow is positive at ₩3.4B even though net income is negative, and liabilities are 17.6% of equity.
• The share price is ₩2,665 against a 52-week range of ₩2,050 to ₩6,180, and foreign ownership fell from 5.6% to 1.6% over 60 days.
• Recent filings include a half-year report for June 2026, several 5%+ holding reports, and a corporate value-up plan from March 2026.
• The only news item in the data is an October 2026 report of a Chinese patent for a dexibuprofen liquid injection; the data does not include any forecasts or analyst views.

What to watch

• The next filings and results, including the full-year 2026 report, which will show whether the trailing losses continue.
• Further 5%+ holding reports and foreign selling, given the recent drop in foreign ownership.
• The data does not name specific business risks beyond the reported losses and the sharp share price decline, so further disclosures should be checked directly.