[Edaily Reporter Kwon Oh Seok ] On the 7th, Yuanta Securities Korea analyzed that, considering its differentiating factors, COSMAX NBT, INC.(222040)has a high likelihood of sustaining earnings growth. However, the firm did not provide an investment rating or target price.

COSMAX NBT, INC. focuses on the domestic and international ODM (Original Design Manufacturing) production of health functional foods. Its second-quarter results showed revenue of 102.26 billion won and operating profit of 8.47 billion won, representing year-over-year increases of 35.2% and 236.2%, respectively. This marks the first time in the company’s history that quarterly revenue has exceeded 100 billion won.
Kwon Myung-jun, an analyst at Yuanta Securities Korea, stated, “Looking at the first half of the year, revenue rose 32.3% to 195.53 billion won, and operating profit improved by 452.8% to 18.75 billion won. This indicates that the company is demonstrating differentiated performance compared to 2025,” he explained, adding, “Improvements in domestic sales are largely driven by new clients such as convenience stores, Olive Young, and Daiso. Exports to key markets—China and the U.S.—are on the rise, and sales are also expanding in the Southeast Asian market.”
He predicted that these strengths would continue to be highlighted in the second half of the year and beyond. Analyst Kwon emphasized, “First, we expect sales growth to continue through new retail channels. Olive Young, Daiso, large pharmacies, and convenience stores fall under these new retail channels. Domestic consumers are showing increasing demand for convenient purchases through offline channels, and the number of consumers seeking personalized products is on the rise.”
He added, “Second, we expect the company’s strengths in diverse formulations and miniaturization to continue. The company has developed ‘a:dam,’ an ultra-miniaturization technology that enhances the convenience of consuming health functional foods, and has also developed and launched ‘a:dam Mini,’ a spin-off product,” he explained. “We developed micro-emulsification technology, which increases absorption rates by breaking down particles in a liquid through impact, and applied this technology to liquid-form products such as gummies and jellies.”
The analyst continued, “This means the company can produce products that align with the recent trend of increasing importance placed on taste, portability, and convenience when selecting health supplements. We believe it is highly likely that K-Beauty companies will collaborate on a variety of items through ODM and OEM partnerships to expand their export lineups,” adding, “We expect the company’s formulation competitiveness to serve as a key differentiator from its competitors.”