1. What Happened? : Analyzing Tapex’s Weak Performance

Tapex recorded disappointing results in the first half of 2025, with consolidated revenue of KRW 66.9 billion and operating profit of KRW 70 million, down 7.8% and 93% year-on-year, respectively. Net income swung to a loss of KRW 1.879 billion. The decline in sales from the electronic materials business was the primary culprit, with the slowdown in the semiconductor and display industries dealing a direct blow.

2. Why Did This Happen? : Underlying Causes and Hidden Implications

The sluggish performance of the electronic materials business stems from a combination of factors, including not only the downturn in related industries but also declining sales of key products like 2차전지용 테이프 and OCA, along with sluggish growth of newly mass-produced items. Furthermore, despite the decrease in sales, the burden of fixed costs such as salaries and retirement benefits persisted, accelerating the decline in profitability.

3. What’s Next? : Tapex’s Future Outlook and Investment Strategies

In the short term, the key lies in the recovery of the electronic materials business. The rebound of the IT market and the successful market entry of new products will be crucial variables. However, there are positive aspects as well. The consumer goods business maintains stable growth, and new business ventures, such as wholesale of food, beverages, and household goods, are expected to provide long-term growth momentum. Moreover, R&D investments in promising future fields like 2차전지 and MLCC support the growth potential.

4. What Should Investors Do? : Action Plan

Tapex presents a mix of short-term uncertainty and long-term growth potential. Investors should approach cautiously, closely monitoring short-term earnings improvement and changes in the macroeconomic environment. It is particularly important to carefully observe the timing of the electronic materials business recovery, the growth rate of new businesses, and the efficiency of inventory management.