2025 Revenue Surges 39.6%, Operating Profit Soars 140%… First Cash Dividend (100 KRW/share) and Zero-Debt Management Enhance Shareholder Value; However, Distribution Board Market Share Declines Slightly and G2 America Impairment Remains a Risk
2025 consolidated revenue 77.38B KRW (+39.6%), operating profit 8.81B (+140.0%), net profit 5.55B (+31.9%). Profitability greatly improved through cost ratio reduction and SG&A efficiency.
First cash dividend after no dividends until 2024: 100 KRW per share (total 1.87B, payout ratio 33.7%) – Shareholder return policy begins.
Distribution board public procurement market share 4.88% (still #1, but down from 6.01% prior year). Solar power system market share 5.24% (record high #4, up from 4.09% #5).
Cash and cash equivalents 18.4B, short-term financial instruments 22.3B; total cash 40.7B, zero borrowings – excellent financial health. Capital gearing ratio negative (net cash position).
Treasury shares of 54,156 granted to executives/employees as performance bonuses (not retired). No separate share buyback plan disclosed.
G2 America (US subsidiary) recorded 2.01B impairment loss (operations suspended). Solar subsidiary G2 Energy generated 69M net profit, stable.
Order backlog 115.3B KRW (distribution boards 72.2B, solar 35.3B, ESS 7.5B, etc.) – revenue visibility for next 2-3 years.
Inventory 11.82B (15.3% of sales), trade receivables 6.04B with individually impaired 1.19B (allowance rate 19.75%) – some credit risk exists.
[AI Final Analysis]G2Power achieved record performance and initiated dividends in 2025, enhancing shareholder value. However, risks remain such as declining market share in its main distribution board segment and G2 America impairment. Zero-debt management and ample liquidity are positives; future stock direction will depend on private market expansion and new business outcomes (immersion cooling ESS, fiber optic sensors).
KOSDAQ Filing Information
Filing: [Correction of Description] Business Report (2025.12)