1. What Happened at Dongjin Semichem in the First Half of 2025?

Dongjin Semichem reported revenue of KRW 376.8 billion, an 8.21% increase year-over-year, demonstrating continued growth. However, both operating and net income decreased compared to the same period last year, likely due to factors such as rising raw material prices and exchange rate fluctuations.

2. Why the Fluctuation in Performance?

  • Electronics Materials: This core business (approximately 59.23% of revenue) maintained steady growth, driven by increased domestic and international sales, benefiting from a booming semiconductor and display market.
  • Foaming Agents: Positive performance was observed due to rising overseas demand and increased sales of Microsphere products.
  • Renewable Energy Materials: Investments in fuel cell and secondary battery materials (MEA, conductive agents, anode materials, etc.) are focused on securing future growth engines, although these investments have not yet translated into profits.

3. The Future of Dongjin Semichem

Dongjin Semichem consistently invests 4.08% of its revenue in R&D and has acquired 28 patents in various fields, including anti-reflective coatings, photoresists, OLED materials, silicon anode materials, and fuel cells. The company is also actively expanding its global presence through investments in overseas subsidiaries. These efforts are expected to positively impact its mid-to-long-term growth.

4. Action Plan for Investors

While the decline in profits requires careful consideration in the short term, the long-term perspective should focus on the stable growth of the electronics materials business and the potential of the renewable energy materials segment. Investors should closely monitor the analysis of the causes of profit decline and any improvements, the commercialization progress of renewable energy materials, and the impact of macroeconomic indicators (exchange rates, oil prices, etc.).