Shinsung ST (416180)
Shinsung ST (416180) is a KOSDAQ-listed Korean maker of busbars and battery-module cases for EV batteries and energy storage systems. In ETFpedia it represents the component side of the solid-state battery and ESS theme: it supplies the current-carrying and cell-housing hardware that every battery pack needs, with LG Energy Solution a key customer.
| Ticker | 416180 |
|---|---|
| Exchange | KOSDAQ |
| Sector | Battery Components · Busbars & Module Parts |
| Country | South Korea |
| Wikidata | Q131188200 |
| 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 2026-05-15. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)
Revenue rose 71% year over year to ₩502억 (about ₩50.2 billion) as volumes recovered, but the company posted an operating loss of ₩-5억 and a net loss of ₩-9억, swinging to losses from year-earlier profits as a production-site shift raised costs.
| Revenue | ₩502억+71%YoY · Consolidated (CFS) |
|---|---|
| Operating profit | ₩-5억LossYoY · Operating loss; from ₩30억 profit a year earlier |
| Net income | ₩-9억LossYoY · Net loss; from ₩22억 profit a year earlier |
Recent & upcoming events
- · FY2025 results: revenue and profit both fell.Full-year 2025 revenue fell 8% to ₩1,169억, operating profit fell 74% to ₩23억, and net income fell 92% to ₩6억, as US tariffs on China cut LG Energy Solution volumes shipped from Shinsung ST's Chinese plant. (source)
- · Q1 2026 분기보고서 filed.Revenue rebounded 71% YoY to ₩502억, but the company posted an operating loss of ₩-5억 as a shift of production toward Poland and Korea raised costs during the transition. (source)
Figures are consolidated (연결, CFS) per DART. Operating and net figures are losses in Q1 2026; signs match the filing.
Figures are as of 2026-05-15 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Shinsung ST do?
Shinsung ST (신성에스티) makes the unglamorous but essential hardware inside a battery pack. Its core products are busbars, the metal conductors that carry current between cells, and battery-module cases that house and protect the cells. It also makes cooling parts for internal-combustion vehicles and components for semiconductors. The company supplies module and pack hardware into the EV and ESS supply chains, and is extending into ESS containers and, more recently, heat sinks.
Its largest exposure is to LG Energy Solution. Shinsung ST has produced busbars and module cases at a Chinese plant and shipped them through LG Energy Solution to the United States and Europe, which is why customer and trade policy matter as much as battery demand to its results (데일리인베스트, Apr 2026).
Samsung Securities flagged that Shinsung ST’s top-line growth in 2026 comes with somewhat disappointing profitability, as a shift of production toward Poland and Korea raised costs during the transition.
Why is Shinsung ST a solid-state battery and ESS company?
Shinsung ST is a battery-component supplier, not a cell or solid-state developer. It belongs in the solid-state battery and ESS theme because busbars and module cases are needed in every EV battery pack and every grid-storage module, regardless of cell chemistry. That makes it a pick-and-shovel way to play EV and storage volume growth. The flip side is that its results track its main customer closely, so a slowdown or supply-chain shift at LG Energy Solution flows straight through to Shinsung ST.
What did Shinsung ST report most recently?
In Q1 2026 (the quarter ended March 31, 2026), revenue rebounded 71% year over year to ₩502억 (about ₩50.2 billion), but the company posted an operating loss of ₩-5억 and a net loss of ₩-9억, swinging from year-earlier profits (DART 분기보고서). The loss reflects a transition: as US tariffs on China weighed on shipments routed through its Chinese plant, Shinsung ST moved some production to Poland and Korea, which raised costs in the near term. Full-year 2025 had already been weak, with revenue down 8% to ₩1,169억, operating profit down 74% to ₩23억, and net income down 92% to ₩6억 (DART 사업보고서).
What are the risks for Shinsung ST?
- Profitability swung negative. Q1 2026 was an operating loss despite higher revenue, and FY2025 operating profit fell 74%. Volume growth has not yet translated into profit.
- Customer concentration. Heavy reliance on LG Energy Solution means the company is exposed to one customer’s demand, pricing, and sourcing decisions.
- Trade-policy and relocation risk. US tariffs on China cut volumes, and the production shift to Poland and Korea is raising costs during the changeover.
- Commodity and cyclical exposure. Busbars and cases are metal-intensive, lower-margin parts, so input prices and EV demand cycles both bite.
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 Shinsung ST
What does Shinsung ST do?
Shinsung ST (신성에스티) makes parts for EV batteries and energy storage systems, principally busbars (the conductors that carry current between cells) and battery-module cases, plus cooling parts and semiconductor components. It supplies module and pack hardware into the battery supply chain, with LG Energy Solution a key customer, and trades on the KOSDAQ. Full-year 2025 revenue was ₩1,169억 (DART 사업보고서).
Why is Shinsung ST part of the solid-state battery and ESS theme?
Shinsung ST is a battery-component supplier, not a cell maker. Every EV battery pack and ESS module needs busbars to carry current and cases to house and protect the cells, and Shinsung ST makes both. That places it in the supply chain for the solid-state battery and ESS theme, geared to EV and grid-storage volume growth. Its fortunes track its main customer: Korean coverage notes that 2025 weakness came from lower LG Energy Solution volumes (데일리인베스트).
Was Shinsung ST profitable in its latest quarter?
No. In Q1 2026, revenue rose 71% year over year to ₩502억, but Shinsung ST posted an operating loss of ₩-5억 and a net loss of ₩-9억, swinging from year-earlier profits (DART 분기보고서). For full-year 2025, revenue fell 8% to ₩1,169억 and operating profit fell 74% to ₩23억 as US tariffs on China reduced volumes shipped from its Chinese plant (DART 사업보고서).
When does Shinsung ST next report earnings?
Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual filing deadline, Shinsung ST'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 15, 2026 (DART).
Sources & references
- 신성에스티 분기보고서 (2026.03) · Financial Supervisory Service (DART), 2026-05-15
- 신성에스티 사업보고서 (2025.12) · Financial Supervisory Service (DART), 2026-03-16
- [Hot 종목 체크] 신성에스티, LG엔솔향 히트싱크 독점 공급으로 실적 개선할까 · Daily Invest (데일리인베스트), 2026-04-06
- 신성에스티 (416180) 2026년 탑 라인 성장 대비 다소 아쉬운 수익성 · Samsung Securities (삼성증권), 2026-04-06
- 신성ST(주) 공식 웹사이트 (회사 개요) · Shinsung ST Co., Ltd., 2026-06-04