ZINUS Reports 30.1 Billion Won Operating Loss in Q1 2026, Cancels All Treasury Shares

Consolidated Q1 2026 sales: 139.6 billion won, operating loss: 30.1 billion won (swing from profit in prior year period)
All 328,763 treasury shares cancelled on April 27, 2026 (308,478 via profit cancellation, 20,285 via capital reduction)
Dividend policy: target consolidated payout ratio of 25%+ (2023~2026), no dividend for Q1
Production restructuring: sold Zhangpu plant (Jan 2025), suspended US plant (Nov 2025), started Cambodia plant (Aug 2025)
Top 3 customers account for 59.4% of sales (Customer1 21.2%, Customer2 24.0%, Customer3 14.2%)
R&D expense 1.3 billion won (0.9% of sales), holds 619 patents/trademarks
Debt ratio 64.9%, net debt ratio 9.6% (up from 7.2% at year-end 2025)
Derivative valuation loss of 0.5 billion won (currency forwards)