HanJung NCS (107640)
HanJung NCS (107640) is a KOSDAQ-listed Korean parts maker known for water-cooled energy storage system (ESS) cooling and battery-module components. In ETFpedia it represents the ESS side of the solid-state battery theme: as grid-scale storage scales with renewables and AI power demand, it supplies the thermal management that large battery packs need, with Samsung SDI a key customer.
| Ticker | 107640 |
|---|---|
| Exchange | KOSDAQ |
| Sector | Energy Storage · ESS Cooling & Battery Parts |
| Country | South Korea |
| Wikidata | Q130901544 |
| Last updated | 2026-06-04 |
Next event:Next report · H1 2026 반기보고서, estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-14. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-14)
Revenue jumped 65% year over year to ₩547억 (about ₩54.7 billion) on the ESS ramp, lifting operating profit to ₩14억 (up 330% from a year earlier) and net income to ₩14억, a swing back to profit from a year-earlier net loss.
| Revenue | ₩547억+65%YoY · Consolidated (CFS) |
|---|---|
| Operating profit | ₩14억+330%YoY · From ₩-6억 a year earlier |
| Net income | ₩14억+251%YoY · From ₩-10억 a year earlier |
Recent & upcoming events
- · FY2025 results: flat revenue, profit down.Full-year 2025 revenue was roughly flat at ₩1,753억 (down 1%), operating profit fell 58% to ₩40억, and net income fell 68% to ₩49억, a soft year before the ESS ramp accelerated into 2026. (source)
- · Q1 2026 분기보고서 filed.Revenue rose 65% YoY to ₩547억 and operating profit swung to ₩14억 (+330%) as ESS cooling and module orders ramped, reversing a year-earlier operating loss. (source)
Figures are consolidated (연결, CFS) per DART. Separate-statement (별도) figures cited in some Korean media differ; the snapshot uses the consolidated set.
Figures are as of 2026-05-14 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does HanJung NCS do?
HanJung NCS, full name HanJung Natural Connectivity System (한중엔시에스), makes parts for three markets: energy storage systems, electric vehicles, and internal-combustion vehicles. Its anchor product is a water-cooled (liquid) ESS cooling system, the plumbing that keeps a grid-scale battery pack within its safe temperature window. It also makes busbar assemblies, battery-module parts, fire-spray nozzles, and HVAC components such as cooling-fan modules. Over the past few years the company has shifted its revenue mix away from legacy auto parts toward ESS, which now drives the majority of sales.
The customer relationship that matters most is Samsung SDI. Korean trade press describes HanJung NCS as the first domestic company to commercialize a water-cooled ESS cooling system and a core thermal-management supplier into Samsung SDI’s ESS platform (디일렉, Nov 2025).
Samsung Securities called HanJung NCS the only domestic strongman in water-cooled ESS, and said it expects the company’s earnings to improve next year as the energy-storage ramp continues.
Why is HanJung NCS a solid-state battery and ESS company?
HanJung NCS is an ESS supply-chain company, not a cell or solid-state developer. It sits in the solid-state battery and ESS theme because the near-term cash story in that theme is grid storage, not next-generation cells. Storage capacity is scaling fast as renewables and AI data centers pull on the grid, and every large battery installation needs cooling and module hardware. Water cooling is becoming the preferred approach for dense, high-capacity ESS because it manages heat more effectively than air, which puts HanJung NCS in a useful niche as that market grows.
What did HanJung NCS report most recently?
In Q1 2026 (the quarter ended March 31, 2026), revenue jumped 65% year over year to ₩547억 (about ₩54.7 billion), lifting operating profit to ₩14억, up 330%, and net income to ₩14억, both reversing year-earlier losses (DART 분기보고서). That was a sharp turn from full-year 2025, which was a soft year: revenue was roughly flat at ₩1,753억 (down 1%), operating profit fell 58% to ₩40억, and net income fell 68% to ₩49억 (DART 사업보고서). The 2026 acceleration reflects the ESS order ramp rather than the legacy auto-parts lines.
What are the risks for HanJung NCS?
- Customer concentration. A large share of growth is tied to Samsung SDI’s ESS roadmap. If that demand slips or a competing supplier wins share, HanJung NCS feels it directly.
- ESS cyclicality and contract risk. Grid-storage orders can be lumpy and have been cancelled elsewhere in the industry, so a strong quarter does not guarantee a smooth ramp.
- Margin volatility. FY2025 operating profit fell 58% even with flat revenue, a reminder that profitability swings with mix and cost.
- Small-cap execution. As a smaller KOSDAQ supplier scaling capacity (including planned North American output to follow Samsung SDI), HanJung NCS carries execution and capital-spending risk.
Related securities, concepts & terms
Related indices & ETFs
- Akros Korea Solid-State Battery ESS TOP2 Plus Index · AkrosKorean companies tied to solid-state battery and ESS; includes this company. No licensed tracking ETF.
Frequently asked questions about HanJung NCS
What does HanJung NCS do?
HanJung NCS (한중엔시에스) makes parts for energy storage systems (ESS), electric vehicles, and internal-combustion vehicles. Its signature product is a water-cooled (liquid) ESS cooling system, alongside busbar assemblies, battery-module parts, and HVAC components. ESS now drives most of its revenue, and it supplies thermal-management parts for Samsung SDI's ESS platform. It trades on the KOSDAQ. Full-year 2025 revenue was ₩1,753억 (DART 사업보고서).
Why is HanJung NCS part of the solid-state battery and ESS theme?
HanJung NCS is an ESS supply-chain company, not a cell maker. As grid-scale battery storage scales with renewables and AI data-center power demand, large battery packs need thermal management, and HanJung NCS supplies water-cooled cooling systems and module parts into that build-out. Korean trade press describes it as the first domestic firm to commercialize a water-cooled ESS cooling system and a core supplier to Samsung SDI's ESS line (디일렉).
What was HanJung NCS's latest revenue and profit?
In Q1 2026, revenue rose 65% year over year to ₩547억 (about ₩54.7 billion), operating profit reached ₩14억 (up 330%), and net income reached ₩14억, reversing a year-earlier loss (DART 분기보고서). For full-year 2025, revenue was roughly flat at ₩1,753억 (down 1%) and operating profit fell 58% to ₩40억 (DART 사업보고서).
When does HanJung NCS next report earnings?
Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual filing deadline, HanJung NCS's H1 2026 반기보고서 is expected around August 14, 2026. That date is estimated, not company-confirmed; it last filed its Q1 2026 분기보고서 on May 14, 2026 (DART).
Sources & references
- 한중엔시에스 분기보고서 (2026.03) · Financial Supervisory Service (DART), 2026-05-14
- 한중엔시에스 사업보고서 (2025.12) · Financial Supervisory Service (DART), 2026-03-18
- [Y인사이트] 한중엔시에스, ESS 수냉 냉각 기술 앞세워 북미 확대 본격화 · The Elec (디일렉), 2025-11-27
- 삼성증권 "한중엔시에스, 국내 유일 '수랭식 ESS' 강자…내년 실적 기대" · EBN, 2025-11-27
- 한중엔시에스 IR 자료 (2025.3Q) · HanJung NCS / KIND, 2025-12-01