1. About Winners: What do they do?

Winners is a KOSDAQ-listed company specializing in the manufacturing of wiring devices and electric vehicle (EV) chargers. Since its listing in February 2025, the company has garnered attention due to its involvement in the growing smart home and EV charging sectors.

2. Q2 2025 Earnings Report: Key Highlights

Winners’ Q2 2025 earnings report, released on August 14, 2025, revealed revenue of ₩8.1 billion, operating profit of ₩1.6 billion, and net income of ₩1.4 billion. Notably, the operating profit margin (15.08%) and net income margin (14.00%) showed substantial improvement compared to the same period last year, exceeding market projections.

3. Drivers of Growth: Why such strong performance?

  • Improved cost efficiency and increased sales of high-value-added products
  • High growth trajectory of the smart home and EV charging markets
  • Positive impact of KOSDAQ listing

4. Potential Risks: Factors to Consider

  • Declining revenue trend compared to the previous year
  • High levels of inventory
  • Dependence on a specific customer (Company A, 41.3%)
  • Intensifying market competition

5. Investment Strategy: What to keep in mind

While positive short-term stock performance is anticipated, long-term investment considerations should include:

  • Successful implementation of revenue recovery and growth strategies
  • Performance and market share gains in the EV charger business
  • Maintaining competitiveness in the smart wiring devices market

6. Key Checklist for Investors

  • Monitor next quarter’s earnings release for sustained revenue growth and profitability improvements
  • Track new business performance and market share changes
  • Observe efforts and results related to customer diversification