[Edaily Reporter Kim Hyung-il ] NH INVESTMENT & SECURITIES projected that JETEMA Co.,Ltd.(216080)is shifting its medium- to long-term growth focus from fillers to botulinum toxin and that the company’s earnings are likely to improve following the approval of its products in China.

On the 10th, Baek Jun-ki, an analyst at NH INVESTMENT & SECURITIES, stated, “JETEMA Co.,Ltd. is a medical aesthetics company specializing in hyaluronic acid (HA) fillers and botulinum toxin,” adding, “Currently, fillers account for 58% of revenue and toxin for 29%, with toxin serving as the core of the company’s mid- to long-term growth.”

JETEMA Co.,Ltd. is expanding its overseas presence through global partners. It has signed supply agreements with local partners in China, Türkiye, Brazil, and Thailand, and currently generates more than 60% of its revenue from exports. In the U.S., the company is seeking a partner to jointly conduct Phase 3 clinical trials following the completion of Phase 2 trials.

After obtaining domestic botulinum toxin approval in 2024, the company entered the full-scale commercialization phase and is expanding its business scope beyond aesthetics to include the therapeutic botulinum toxin market.

Researcher Baek cited JETEMA Co.,Ltd.’s strategy of collaborating with top-tier distribution partners in each country—rather than building its own overseas sales network—as the company’s key differentiator from competitors. In China, Huadong Aesthetics secured exclusive sales rights in exchange for covering the costs of the Phase 3 clinical trial, while in Türkiye, Brazil, and Thailand, the company is simultaneously pursuing regulatory approval and sales through local partners. JETEMA’s headquarters focuses on manufacturing, while local partners handle regulatory approvals and distribution.

In particular, he identified China as the most important growth driver. The agreement JETEMA Co.,Ltd. signed with Huadong Aesthetics is valued at approximately $460 million over 10 years following product registration and includes minimum order quantity (MOQ) terms.

Research Analyst Baek stated, “Once product approvals are granted and sales in China gain momentum, we expect to see an increase in the low utilization rate at the Wonju plant, along with expanded operating leverage.” He added, “Considering the growth of the Chinese botulinum toxin market and the successful market penetration of Korean companies that have already entered the market, we anticipate a meaningful contribution to revenue following product approval.” He added, “Given the revenue growth expected following product approval in China in 2027, it is time for the stock price to reflect this improvement in earnings in advance.”

Meanwhile, NH INVESTMENT & SECURITIES estimated that JETEMA Co.,Ltd.’s revenue this year will reach 86.1 billion won, an 11.9% increase year-over-year, while operating profit will rise 99.4% to 7.6 billion won. The firm projected that earnings improvement in the second half of the year will be particularly notable compared to the first half, attributing this to increased revenue contributions from Thailand.