Manyo Factory마녀공장

Manyo Factory's profits have held up in 2026 while revenue has shrunk, and the share price is well below its 52-week high.

Manyo Factory is a Korean skincare and cosmetics company that sells through brands such as Witch's Factory and relies on outside manufacturers. Trailing twelve-month revenue to H1 2026 is ₩107.2B, below 2025's ₩113.0B, but trailing net income of ₩16.1B is higher than the 2025 full-year figure of ₩9.1B. The shares closed at ₩14,580 on 2026-10-23, roughly 31% below the 52-week high of ₩21,250.

What stands out

• Trailing operating margin is 13.6% and net margin is 15.1%, compared with 9.3% operating margin for full-year 2025.
• 2025 revenue fell 11.7% year on year, and the data does not give a reason beyond the reported figures.
• Net income is above operating income in the trailing numbers, so non-operating items or other factors contributed; the data does not break this down.
• Filings show repeated trust contracts for own share acquisition, terminated in June and August 2026, and a buyback trust contract signed again in October 2026.
• A change of CEO was filed on 2026-10-01; the company now lists Kim Ki-hyun as sole representative director.
• Foreign ownership rose from 0.8% to 4.2% over about 60 days, while retail investors were net sellers of about ₩5.4B over the last 20 days.

What to watch

• Next periodic results and any update to the trailing revenue trend, which has been declining.
• Progress of the new buyback trust contract signed in October 2026 and whether further termination filings follow.
• Effects of the CEO change on strategy, which the data does not describe; no recent news headlines are included in the pack.