[Edaily Reporter Kwon Oh Seok ] On the 31st, independent research firm Value Finder assessed that BIOBIJOU Co., Ltd. is emerging as a global medical aesthetics company through the full-scale launch of its offline channels in North America and the expansion of new business ventures. The firm also analyzed that the valuation discount resulting from the company’s previously high reliance on the Chinese market is rapidly being resolved through the diversification of export markets.

According to Valuefinder, BIOBIJOU Co., Ltd. is a medical aesthetics company established in 2018 and listed on the KOSDAQ market in 2025. Its largest shareholder is CHUNGDAMGLOBAL Co., Ltd., a cosmetics distributor holding a 51.85% stake. The company has established a dual “manufacturing and distribution” portfolio: it handles the in-house R&D and manufacturing of hyaluronic acid (HA)-based skin boosters and fillers, while distributing medical cosmetics and ECM (extracellular matrix) products sourced externally.
In the first half of this year, the company reported revenue of 17.9 billion won (up 0.4% year-over-year) and operating profit of 5.3 billion won (up 17.2%, with an operating profit margin of 29.6%), already surpassing last year’s full-year operating profit (4.2 billion won).
In particular, rapid growth in U.S. sales drove this improvement in performance. U.S. sales surged from an annual level of 300 million won in 2025 to approximately 7.1 billion won in the first half of this year, accounting for 39.5% of total revenue. Consequently, the share of sales from China—which previously stood at 68%—declined to 45% (8.0 billion won), significantly reducing the company’s reliance on any single country.
These results stem from proactive marketing investments made last year. Last year, BIOBIJOU Co., Ltd. concentrated 3.8 billion won (+719%) in advertising spending on platforms such as Amazon and TikTok to secure placement on offline store shelves; starting this year, the company is implementing a strategy to reduce the proportion of conversion ads to boost profitability.
Currently, the company is available online on Amazon, Walmart’s online store, and Ulta Beauty. Offline, starting with its entry into the North Carolina-based pharmacy chain “REALO DRUGS” last July, it is in discussions for additional placements with approximately 1,400 pharmacy chains across the United States. The company is also operating pop-up stores in key commercial districts in collaboration with Kreassive, the U.S. subsidiary of CHUNGDAMGLOBAL Co., Ltd.
The growth of “Cellivion Lindsay,” an ECM skin revitalizer and new growth driver, is also drawing attention. This product is made from acellular human dermal matrix (hADM), with AllsoTech handling manufacturing and BIOBIJOU Co., Ltd. serving as the exclusive distributor. The domestic ECM skin booster market is projected to grow rapidly, expanding from 9.9 billion won last year to approximately 110 billion won this year and about 200 billion won by 2027. The market is truly taking off, with combined sales of competing products alone reaching 33.5 billion won in the first half of this year.
Regulatory approval momentum for the filler lineup is also on the horizon. In March, the company obtained domestic product approval from the Ministry of Food and Drug Safety (MFDS) for “Corena Premium Filler Soft Molecule” and will begin full-scale sales to domestic hospitals and clinics starting in the second half of the year. Overseas, the European CE (MDR) review is underway, and the company plans to sequentially obtain approvals, including those from China’s NMPA and Brazil, by 2027.
Jeon Woo-bin, an analyst at Value Finder, stated, “The simultaneous expansion of U.S.-bound sales across both online and offline channels has significantly improved earnings stability,” adding, “The increasing penetration of the new ECM business into hospitals and clinics, along with the anticipated acquisition of filler approvals in Europe, China, and Brazil by 2027, will be the key triggers for a future stock re-rating.”