1. What’s Happening with GC Wellbeing?

GC Wellbeing achieved robust revenue growth in the first half of 2025, driven by strong performance in the pharmaceutical and aesthetic sectors. Steady growth of Rhinex and nutritional injections, along with the expansion of the aesthetics business overseas, fueled this growth. However, the increasing debt-to-equity ratio due to rising debt raises questions about financial soundness.

2. Analyzing the Positives and Negatives

  • Positives:
    • Consistent growth in pharmaceuticals and aesthetics
    • Expectations for Rhinex indication expansion and new toxin product launch
    • Strengthening expertise through the spin-off of the health functional food business
  • Negatives:
    • Financial risk due to increasing debt and rising debt-to-equity ratio
    • Declining net profit trend
    • Vulnerability to interest rate hikes and exchange rate fluctuations

3. What Should Investors Do?

GC Wellbeing presents a situation with both growth potential and financial risks. Investors should carefully consider the following:

  • Monitor financial health indicators (debt-to-equity ratio, debt repayment plans, etc.)
  • Check market penetration and revenue contribution of the aesthetics business
  • Review new product launches and R&D performance
  • Analyze strategies for responding to changes in the macroeconomic environment

4. Investment Conclusion and Future Outlook

The current investment recommendation for GC Wellbeing is ‘Hold’. Despite the positive growth outlook, securing financial stability is a key variable. Future interest rate cuts, exchange rate stabilization, and successful establishment of new businesses could serve as catalysts for stock price increases.