"Cellomax Science is a small but strong company. In the global era, we will grow into a company that produces high-end luxury health functional foods that can be more recognized overseas."
Seo Jeong-min, CEO of Cellomax Science, held a press conference in Yeouido, Seoul on the 17th and announced these growth goals.
Founded in 2014, Cellomax Science is a premium health functional food specialist company utilizing high-quality raw materials and original formulas, offering a wide range of 132 products addressing various health issues from nutritional supplementation to mental disorders. The company has also established a member pharmacy business model using pharmacy channels, allowing consumers to purchase customized products through consultations with professional pharmacists, thereby enhancing product reliability.
As of the first half of 2024, the number of member pharmacies reached 5,210, accounting for 20.8% of all pharmacies in Korea. Last year, the company achieved sales of 19.3 billion KRW, operating profit of 4.6 billion KRW, and net profit of 4.5 billion KRW, securing high profitability. Kim Seong-rak, President of Cellomax Science, explained, "Compared to others, our selling and administrative expenses ratio is very low," adding, "The secret to our high profitability is conducting advertising in an efficient way."
Cellomax Science has expanded its member pharmacies online and has been operating Cellomax Store since 2021, where individual consumers can receive consultations online and purchase optimized products, thereby expanding its B2C business. Sales generated from Cellomax Store in 2023 amounted to approximately 1.15 billion KRW, recording an average annual growth rate of 33% over the past two years.
Additionally, Cellomax Science is accelerating its entry into the Asian market by expanding into Vietnam and Hong Kong. Strategically entering the Hong Kong market, which has similar income levels and dietary culture, the company has been listed on HK TVMALL, the largest online shopping mall platform. The company plans to diversify sales channels by entering drugstores and pharmacy chains in Hong Kong and aims to expand into the Chinese market based on this foundation.
CEO Seo Jeong-min stated, “Through this KOSDAQ listing, Cellomax Science will enhance corporate awareness and credibility and expand growth in the global market. We will continue to strengthen our position in the global health functional food market through continuous research and development and innovative product launches.”
Cellomax Science is pursuing a KOSDAQ listing through a merger with Hanwha Plus No.3 SPAC. The merger price is 2,000 KRW, and the merger ratio is 1 to 0.2270405. The shareholders' meeting for merger approval is scheduled for the 23rd of this month. The scheduled listing date for the new shares from the merger is December 13.
The funds raised through this merger will be used for ▲ expanding sales networks to diversify sales channels ▲ research and development and workforce reinforcement ▲ business operating funds for overseas market expansion.
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