Hyosung ONB: 3Q Consolidated Net Profit KRW 1.19bn, Down 64% YoY; Expanded Valuation Losses on Financial Assets

**Sharp decline in revenue and net profit**: Consolidated revenue KRW 17.89bn (vs. KRW 21.4bn, -16.4%), net profit KRW 1.19bn (vs. KRW 3.36bn, -64.5%). Similar trend on separate basis.
**Expanded valuation losses on financial assets**: P/L through FVTPL securities valuation loss KRW 2.21bn (vs. KRW 0.44bn, 5x increase). Losses on corporate bonds, etc.
**Credit loss reversal to expense**: Trade receivables impairment loss KRW 0.37bn (vs. reversal of KRW 0.29bn). Increased allowance.
**Increased borrowings**: Short-term borrowings KRW 8.24bn (vs. KRW 7.03bn, +17.2%). Expanded collateral.
**Credit rating A- maintained**: Korea Enterprise Data, 3 consecutive years. Capital surplus KRW 14.91bn, sound financial structure.
**No dividend**: Last dividend KRW 100 per share in FY2022. Treasury shares 600,000 (7.07%).
**Market share decline**: NH agricultural cooperative organic fertilizer share 6.10% (2025, vs. 6.99%). Still #1.
**Litigation risk**: Defendant in mortgage cancellation lawsuit (KRW 0.35bn), limited impact.
**Mixed subsidiary performance**: Sri Lanka subsidiary continued operating loss KRW 0.16bn; Hwangto Agricultural Union net profit KRW 0.18bn.
**R&D expense**: KRW 0.15bn (0.9% of revenue), down from KRW 0.22bn.