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DEEP RESEARCH · COSMAX BTI

COSMAX BTI: Holding-Company Turnaround Across K-Beauty and K-Health

A review of 2025 record earnings, global ODM expansion and the KRW 150B convertible-bond overhang.

Published: 2026-02-24 · Q4 2025 earnings/holding-company valuation · Naver Blog

Investment decisions are your responsibility. This material is research, not a recommendation to buy or sell.

0. Bottom line first

COSMAX BTI is the control tower that can extend the group’s leading K-beauty ODM infrastructure into K-health and supplements. The 2025 turnaround is strong, but the KRW 150 billion CB maturing in June 2026 and its KRW 15,279 conversion price are the key supply risk.

COSMAX BTI source attachment 1COSMAX BTI source attachment 2COSMAX BTI source attachment 3COSMAX BTI source attachment 4

1. Macro and top-pick logic

The source frames global aging, longer healthspan demand and self-medication as the demand drivers for supplements. COSMAX uses China, the U.S. and Southeast Asian routes to raise global penetration of K-beauty and K-health.

Official fact: The source cites 2025 consolidated revenue of KRW 645.2 billion, up 8.0% YoY, operating profit of KRW 26.9 billion, up 60.7%, and net income of KRW 20.9 billion, up 159.9%.

Interpretation: The turnaround looks strong versus Kolmar BNH’s weak Q1 2025 revenue of KRW 136.7 billion, down 15%, and operating profit of KRW 3.6 billion, down 52%. The caveat is valuation risk after the stock reached around 36x PER.

COSMAX BTI growth pathTransferring K-beauty strengths into supplements
K-beauty ODMGlobal indie brands
Supplement ODMProbiotics and functional ingredients
Global networkKorea, China, U.S., Australia, SE Asia
Value-upESG A grade and return pressure
The business turnaround and holding-company discount need to be solved together

2. Business structure and moat

Relationship

Global value-chain lock-in

The production network across Korea, China, the U.S., Australia, Indonesia and Thailand makes vendor switching harder.

Synergy

COSMAX spillover

K-beauty indie brands can use group supplement infrastructure when expanding into inner beauty.

Policy

Green bio

The Seungju green-bio knowledge industrial center, targeted for completion by end-2027, is a policy catalyst.

3. Governance and financing

ItemDetail
CB1st unsecured private convertible bond, issued 2021-06-03, maturing 2026-06-03
AmountKRW 150,000,000,000
Conversion priceKRW 15,279
InvestorsMirae Asset Securities and six other institutions
ShareholderStakeNote
Suh Sung-suk21.62%Effective largest shareholder
Lee Byung-man19.95%Second generation owner
Lee Byung-joo10.52%CEO/president
COSM&M9.43%Family company
ReCapital and others6.61%Financial investors

Interpretation: With related-party ownership near 62%, control risk is low, but a thin float plus conversion of roughly 980,000 CB shares could create an overhang wall.

4. Risks and strategy

  • If the stock moves strongly above KRW 15,279 toward KRW 18,000-20,000, CB conversion and profit-taking become more likely.
  • If the stock remains below the conversion price, maturity repayment can become a liquidity issue.
  • The source mentions strategic long entry after confirming support; this is the author’s scenario, not advice.
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Sources

Naver original