Aiji net아이지넷

Aiji net (Bodoc insurance platform) grew revenue sharply in 2025 and is profitable on a trailing basis, but the shares are down 29% over the past year and cash flow is negative.

Aiji net runs Bodoc, an AI-driven insurance platform and app, and earns commissions through its subsidiary The Partners, an independent insurance agency, plus enterprise insurance software sales. Trailing twelve-month figures to H1 2026 show revenue of ₩41.6B, operating income of ₩5.2B and net income of ₩3.4B, a clear turnaround from 2024. Free cash flow over the same period was negative at ₩21.4B, and the data does not explain the cause.

What stands out

• 2025 revenue was ₩39.0B, up 67.2% on 2024, and operating margin rose from 1.5% to 8.5%.
• Trailing operating margin is 12.4% and net margin is 8.2%, with ROE of 23.1%.
• Free cash flow is negative ₩21.4B against cash of ₩6.5B, and liabilities are 169.7% of equity; the filings data shows no borrowings figure.
• At ₩1,528 the shares are 29.1% lower over a year but up 16.1% over three months; they trade well below the 52-week high of ₩2,655.
• Valuation is P/E 8.2 and P/B 1.2, with no dividend. The DCF model gives a base value of ₩1,170, a bear case of ₩192 and a bull case of ₩2,921; these are model outputs, not forecasts.
• Foreign ownership fell from 2.3% to 1.7% over 60 days, and 20-day flows were net negative for foreign and retail investors.

What to watch

• The shareholders' meeting and record date notices filed in October 2026, including any agenda items disclosed in those filings.
• Full-year 2026 results and whether free cash flow turns positive, since the trailing figure is negative.
• The company said at a 14 October investor event that it aims to become profitable in the first half; the data does not confirm how or when this will happen.