[Edaily Reporter Shin Ha-yeon ] Forecasts indicate that KolmarBNH Co., Ltd(200130)will complete its business restructuring and enter a phase of earnings growth driven by an expansion of its overseas client base. Analysts predict that growth will become pronounced starting in 2027, once the base effect resulting from the liquidation of consolidated subsidiaries is resolved and new orders begin to be fully reflected in earnings.

Lee Da-yeon, an analyst at Daol Investment & Securities, stated in a report on the 29th, “The company is currently restructuring its business alongside the liquidation of its consolidated subsidiaries,” adding, “Going forward, the company’s business structure will be simplified to consist of Kolmar Oral, a separate legal entity engaged in ODM (Original Design Manufacturing) of health functional foods and the dental business, and the discrepancy between standalone and consolidated earnings will become negligible.”

Daol Investment & Securities forecast that KolmarBNH Co., Ltd.’s capacity utilization rate and cost ratio will improve as a result of the business restructuring. Currently, the company-wide capacity utilization rate stands at 80–90%. Analysts expect that the sale of Kangso Kolmar’s manufacturing facilities in China will further boost the company-wide capacity utilization rate and improve the cost ratio. The upper limit of the capacity utilization rate is estimated to be 120–130%.

Colma Oral, acquired from KOLMAR KOREA, is scheduled to be consolidated into the company’s financial results starting in November or December of this year. Daol Investment & Securities projected that, as the business structure has been simplified to a model where new orders directly translate into earnings growth, new orders—particularly from overseas clients—will expand in the second half of the year.

As dedicated K-Beauty shelf space expands in overseas offline retail channels, opportunities to supply dietary supplements are also increasing. KolmarBNH Co., Ltd has secured new orders for private-label (PB) dietary supplement products from overseas drugstore chains and is currently rolling out these products in European stores, with discussions underway for a second round of product supply.

In China, the company is on the verge of securing an order from a new brand client on a scale comparable to Centrum, a product of its existing client, Hailion. Daol Investment & Securities explained that it is highly likely that related revenue will be recognized during the fourth quarter of this year. Discussions regarding product supply to distributors in the U.S. and Southeast Asia are also underway.

The analyst predicted, “In addition to the aforementioned orders, the company is actively reaching out to retailers in the U.S. and Southeast Asia, so the proportion of export revenue is expected to gradually increase alongside the expansion of overseas references.”

Revenue from existing major clients also continues to show a steady trend. Atomy, which accounts for approximately 70% of total revenue, recorded low single-digit growth on a cumulative basis for the first half of this year, driven primarily by its flagship product, “Hemohim.” Haileon’s combined cumulative revenue in South Korea and China reached approximately 10 billion won this year.

However, the analyst projected that consolidated revenue would continue to contract through the second half of this year due to the liquidation of a consolidated subsidiary. “We assess that personnel restructuring and business restructuring have largely been completed following the resolution of the management dispute,” the analyst noted. “The company’s current strategic direction is to expand the share of high-margin overseas sales, and there is potential for margin levels to rise as the effects of business simplification become more visible.”

He added, “We believe that positive expectations regarding earnings can be anticipated starting in 2027, once the base effect is eliminated, and we expect the contribution from the overseas pipeline currently being developed to expand.”

The results of the business restructuring and production efficiency improvements are already being reflected in this year’s earnings. According to the company, KolmarBNH Co., Ltd.’s standalone revenue for the first half of this year reached 245.4 billion won, an 8.1% increase compared to the same period last year. Operating profit rose 46.7% to 20.6 billion won, and the operating profit margin increased by 2.2 percentage points, from 6.2% to 8.4%. The company explained that the improvement in performance was driven by the expansion of product lines and supply volumes for major clients, the acquisition of new clients, and improvements in production efficiency.

The company adjusted its production system in the second half of last year by suspending operations at Kangso Kolmar and shifting from direct local production in China to utilizing its domestic production bases. In January of this year, it secured approximately 40 billion won in funds through the sale of its stake in Kolmask and the transfer of the HNG cosmetics business division.

Currently, the company has an annual production capacity of approximately 700 billion won based on its Sejong Plants 1, 2, and 3, as well as its Eumseong Plant. The company stated that it plans to focus on improving the efficiency of its existing production infrastructure rather than expanding capacity further. In the first half of this year, exports of health functional foods increased by approximately 25% compared to the same period last year, and the company currently supplies products to 26 countries.