HanWool & Jeju한울앤제주

HanWool & Jeju's shares have fallen sharply and the company is still loss-making, with heavy debt and a stock split, rights offering and convertible bond activity in its filings.

HanWool & Jeju, a Jeju-based craft beer maker, reported trailing twelve-month revenue of about ₩14.3B to H1 2026, with an operating loss of ₩6.6B and a net loss of ₩16.4B. Borrowings of ₩31.9B are far above cash of ₩2.2B, and the share price closed at ₩790 on 2026-10-23, down 83.1% over one year. The data does not include any analyst ratings or fair value estimate.

What stands out

• Revenue has fallen each year from ₩28.8B in 2021 to ₩13.9B in 2025, and the operating margin was -46.2% on a trailing basis.
• Liabilities are 437% of equity and borrowings are ₩31.9B against ₩2.2B of cash; trailing free cash flow was -₩11.2B.
• The company has no positive earnings, so P/E is not meaningful; P/B is 1.6 and P/S is 1.3, with no dividend.
• Filings in Aug–Oct 2026 include a stock split decision, a rights offering, convertible bond issue amendments, a conversion price adjustment and a loan extension.
• Foreign ownership rose from 0% to 1.1% over 60 days, while retail investors were net sellers over the last 20 days; no news headlines were in the data.

What to watch

• Upcoming shareholder meeting and the record date set in October 2026, and the terms of the rights offering and convertible bonds.
• Whether the loan extension and debt levels are addressed in future filings, given the high borrowings relative to cash.
• Next periodic results, to see whether revenue and operating losses narrow from the H1 2026 trend.