[Edaily Reporter Shin Ha-yeon ] On the 17th, Value Finder assessed that MeatBox Global Inc. is simultaneously achieving revenue growth and improved profitability by expanding direct sales while leveraging its transaction base as a business-to-business (B2B) platform for livestock products. In addition to the operating leverage effect resulting from high repurchase rates and rising commission rates, the firm also highlighted the company’s expansion into overseas markets and strengthened shareholder returns. No investment opinion or target stock price was provided.

Lee Chung-heon, CEO and Research Analyst at Value Finder, explained that MeatBox Global Inc. achieved its best-ever first-half results, with consolidated revenue of 79.7 billion won in the first half of this year—a 33.3% increase year-over-year—and an operating profit of 2.5 billion won, marking a return to profitability. First-half operating profit accounted for approximately 85% of last year’s full-year operating profit, and the operating profit margin improved by 3.2 percentage points year-over-year to 3.1%.

MeatBox Global Inc. connects sellers—such as importers and primary wholesalers—with buyers—such as restaurants and butcher shops—through its B2B direct-trading platform for livestock products. The company operates both a brokerage business—which earns commissions on transactions—and a product sales business that sells directly imported livestock products and private-label (PB) brands such as “Dangdang Pork” and “Dangdang Beef.” In the first half, brokerage revenue accounted for 22.7% of total revenue, PB product sales for 25.8%, and non-PB product sales for 48.9%.

Particular attention was drawn to the fact that revenue is growing faster than the platform’s Gross Merchandise Value (GMV). While the GMV growth rate for the first half of the year was 10.8%, the consolidated revenue growth rate was 33.3%, exceeding the GMV growth rate by 22.5 percentage points. Product sales led this growth, reaching 59.6 billion won—a 43.9% increase compared to the same period last year.

The analyst explained, “It appears the company is achieving sustained growth by converting the purchasing demand generated on the platform not only into commission fees but also into direct sales.” The analyst further noted that, with a repeat purchase rate reaching 83.3% as of last year, the annual number of buyers increased approximately 2.1-fold from 33,000 in 2019 to 69,000 in 2024, while the number of sellers rose from 70 companies to 244 during the same period. The annual number of orders also rose from 1.08 million in 2020 to 1.84 million in 2024.

In the brokerage business, the company also anticipated further improvements in profitability due to rising commission rates. MeatBox Global Inc.’s brokerage commission rate rose from 7.1% in 2021 to 7.5% in 2022, 8.4% in 2023, 8.5% in 2024, and 9.5% last year. The analyst explained, “Even if transactions of the same value occur, the company’s brokerage revenue effectively increases,” adding, “If efficiency is further enhanced by leveraging the existing platform and operational staff, we can also expect an operating leverage effect.”

In the merchandise sales segment, both revenue growth and improved profitability were observed simultaneously. Gross profit from merchandise sales in the first half of the year reached 3.8 billion won, a 57.1% increase year-over-year, outpacing the growth rate of merchandise sales, while the gross profit margin also rose from 5.8% to 6.4%. The analyst noted, “The fact that both sales volume and profitability per unit of merchandise improved is viewed positively.”

Going forward, the expansion of product lines and customer segments is expected to serve as additional growth drivers. MeatBox Global Inc. is expanding its product portfolio from livestock products to seafood and processed food ingredients, and last year, it acquired Stakers (now Meatgram) to secure capabilities in cutting and packaging raw meat. In April of this year, the company expanded the delivery area for “Yukmart” from the Seoul metropolitan area to nationwide. The strategy is to increase sales of additional items and boost the average order value by leveraging existing business relationships and its refrigerated and frozen logistics networks.

The company is also pursuing entry into overseas markets. In Vietnam, it has signed a memorandum of understanding (MOU) with local distributor “Thien A” and aims to establish a joint venture (JV) in 2027 after validating market potential through exports. In Taiwan, it is collaborating with “Natural Meat Corporation,” and in the U.S., it is working to strengthen its supply base through local product procurement and is pursuing the establishment of a local beef distribution subsidiary.

Enhanced shareholder returns were also highlighted as a key investment focus. Based on last year’s financial results, MeatBox Global Inc. paid its first cash dividend since going public, distributing 100 won per share, and recorded a consolidated dividend payout ratio of 32.3%. This month, the company also carried out a 200% stock split, issuing two new shares for every one common share held. CEO Kim Ki-bong, who purchased 10,500 shares on the open market in three separate transactions last April, also announced plans to acquire an additional 1 billion won worth of shares this month.

The analyst emphasized, “If profit improvement in the core business and shareholder returns continue, the company’s investment appeal is expected to strengthen as it simultaneously enhances both its growth potential and shareholder value.”