[Edaily Reporter SONG YOUNG-DOO ] With the restructuring of the KOSDAQ market’s promotion-demotion system imminent, interest is growing in which companies will be included in the so-called “Premier League” (Premium Group), which will consist of blue-chip firms. While only about 70 to 100 companies out of approximately 1,700 listed firms are expected to be included, leading companies in the aesthetic medicine sector—such as Hugel, Inc.(145020), CLASSYS Inc.(214150), and PharmaResearch(214450) —are being cited as strong candidates in the pharmaceutical and biotech industries.

The Top Three Aesthetic Medical Device Companies Likely to Join the Premium Group… Why?

On the 16th, the Korea Exchange (KRX) formed a KOSDAQ Segment Advisory Group to prepare for the introduction of the KOSDAQ promotion and demotion system and held a kickoff meeting. This move is seen as an effort to subdivide KOSDAQ—which currently operates as a single market—into segments such as Premium, Standard, and Watch List to promote competition among companies and enhance the market’s overall quality.

The specific criteria have not yet been finalized. However, market observers predict that approximately 70 to 100 companies—selected from among those included in the KOSDAQ 150 index—will be candidates for the Premium Group based on a comprehensive evaluation of their earnings, market capitalization, and corporate governance. Companies operating at a loss, those with weak corporate governance, and those with small market capitalizations are likely to be naturally excluded.

The securities industry is also paying close attention to companies in the aesthetic medical device sector, even within the KOSDAQ market, which has a high concentration of pharmaceutical and biotech firms. This is because, while most biotech companies remain research and development-focused and thus have limited profitability, companies such as Hugel, Inc., CLASSYS Inc., and PharmaResearch are highly likely to meet the Premium Group requirements in terms of earnings and market capitalization. It is reported that each of these companies is also cautiously anticipating inclusion in the Premium Group internally.

Hugel, Inc. recorded sales of 4251억 won and operating profit of 2009억 won last year. This year, sales of 5209억 won and operating profit of 2171억 won are projected. Its market capitalization also exceeds 3 trillion won. CLASSYS Inc. recorded revenue of 336.8 billion won and operating profit of 170.6 billion won last year. This year, revenue is projected to reach 467.1 billion won, with operating profit at 219.6 billion won. Its market capitalization is also approaching the 3 trillion won mark.

PharmaResearch also recorded revenue of 5363억 won and operating profit of 2144억 won last year. This year, revenue is expected to reach 6613억 won, with operating profit projected at 2665억 won. Its market capitalization stands at 3조1117억 won. All three companies rank among the top 30 KOSDAQ-listed firms by market capitalization.

The growth trends in these companies’ performance are also notable. From 2023 to 2025, Hugel, Inc.’s revenue increased by approximately 33% and its operating profit by approximately 70%. Over the same period, CLASSYS Inc. saw its revenue grow by about 87% and its operating profit by about 47%. PharmaResearch recorded the steepest growth among the three companies, with revenue rising by over 105% and operating profit by over 132%.

An industry insider in the aesthetic medical device sector stated, “All three companies have demonstrated stable performance and high profitability, and their market capitalizations are at levels that make inclusion in the premium group highly likely,” adding, “Their relatively simple corporate governance structures and the absence of significant issues such as related-party transactions are also strengths.”

Expected Benefits of Inclusion in the Premium Group:

Improved supply and demand dynamics are cited as the most anticipated benefit of inclusion in the

Premium Group

. If new indices or exchange-traded funds (ETFs) tracking the top-tier group are launched in the future, passive capital inflows are expected for the included stocks.

Furthermore, as the perception takes hold that these are high-quality companies selected by the exchange, there is a possibility that interest from long-term investors, such as the National Pension Service and other institutional investors, will increase. Market analysts also suggest that this could lead to reduced stock price volatility and a revaluation of corporate value.

An official from the aesthetic medical device industry stated, “Increased interest from the National Pension Service and institutional investors could have a positive impact on corporate value and stock prices,” adding, “Rising corporate and brand recognition will also help expand global business.”

Furthermore, the structural growth trend of the aesthetic medical device market itself is positive. According to the Korea Health Industry Development Institute, the number of foreign patients visiting Seoul last year reached 1,755,002, an increase of approximately 3.7 times compared to 2023 (473,340). The number of foreign patients visiting Korea nationwide also exceeded 2 million for the first time in history, with 87.2% of them concentrated in Seoul.

Given that demand for skin and cosmetic procedures is driving the increase in foreign patients, the toxin-, energy-based cosmetic device, and skin booster markets—in which Hugel, Inc., CLASSYS Inc., and Pharmaresearch operate—are also expected to benefit in the medium to long term.

MIRAE ASSET SECURITIES also noted in a report that “the steady increase in per-patient spending by foreign visitors is a noteworthy trend,” analyzing that the expansion of combination treatments is supporting an increase in the average selling price (ASP).

The “Big Three” in aesthetic medical devices also have strong momentum

. Hugel, Inc. is recognized as the leader in the domestic botulinum toxin market. Its flagship product, Botulax, maintains a high market share in Korea. In the U.S. market, the company has established a direct sales system under the Letybo brand. It is also seeking synergies with its toxin products through its filler products, The Chaum and Revolax.

In particular, as its direct sales system in the U.S. has taken root, the share of revenue from North and South America expanded from 5% in the first quarter of last year to 16% in the first quarter of this year. Overseas revenue also increased by 46%, accounting for 63% of total revenue.

CLASSYS Inc. continues to grow, led by its high-intensity focused ultrasound (HIFU) device, Shrink. Shrink is a device that delivers ultrasound energy to the deep superficial musculoaponeurotic system (SMAS) layer of the skin without incisions to achieve a lifting effect; it is regarded as the leading product in the domestic HIFU lifting market.

Following Brazil, the company is pushing to expand direct sales to other South American regions, such as Colombia and Argentina, and export growth is expected to continue in Europe and the United States as well. In the domestic market, sales of consumables are expected to return to normal following the discontinuation of free consumable offerings.

PharmaResearch is recognized as a company that has led the growth of the domestic skin booster market with its Rejuran product. Unlike hyaluronic acid-based fillers, it has established its market position through a differentiated mechanism that induces skin regeneration.

Global market expansion is also gaining momentum. In the first quarter of this year, Rejuran secured approvals in major European countries—including Germany, France, Italy, and Spain—expanding the number of countries where it is approved to 49. The share of medical device exports to Europe and Oceania also rose from 20% in the first quarter of last year to 35% in the first quarter of this year.

The aesthetic medical device industry assesses that PharmaResearch has ample room for further growth, as the company is simultaneously expanding its overseas distribution partnerships and diversifying its business through mergers and acquisitions (M&A).