With this purchase, CEO Jeong’s shareholding increased to 4,351,102 shares, bringing his ownership stake to 36.36%. The combined ownership stake of major shareholders and related parties, including CEO Jeong, also rose from 43.59% to 44.11%.

The company explained that this increase in shareholding demonstrates a commitment to responsible management and is a decision aimed at enhancing corporate value. CEO Jeong had previously purchased 60,710 shares on the open market last March.

DUOBACK CO., LTD. has recently been focusing on improving profitability and financial soundness. In the first quarter of this year, revenue increased by 15.5% year-over-year, and the gross profit margin rose from 21.1% to 30.9%. The company explained that it is maintaining financial stability, with the deficit reduced by approximately 70% and the debt-to-equity ratio remaining at around 52%.

CEO Jeong Gwan-young stated, “DUOBACK CO., LTD. is continuing various efforts to address its top priority of strengthening profitability. Believing that restoring corporate value is the role of the largest shareholder and a responsible manager, we decided to repurchase our own shares again, following the purchase in March.” He added, “Our assessment that DUOBACK CO., LTD.’s current asset value and business foundation are not sufficiently reflected in the stock price was also a factor behind this investment of personal funds.”

He added, “Based on our accumulated technological capabilities and brand competitiveness, we will continue to improve our business structure with a focus on profitability, while expanding future growth businesses such as smart chairs and edutech to secure new growth engines.”