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Hive's stock price surpassed 200,000 won for the first time in four months. Although the third-quarter earnings report showed a decline, the sentiment that the entertainment industry has hit rock bottom, the successful refinancing of convertible bonds (CB), and the consecutive military discharges of BTS members leading to expectations of a "complete group" are analyzed as multiple factors combined.

As of 10:20 a.m. on the 5th, Hive was trading at 202,000 won, up 4,700 won (2.38%) from the previous trading day. This is the first time Hive's stock price has exceeded 200,000 won since July. Hive had been struggling recently due to "internal adverse factors," having recorded an intraday low of 157,700 won on September 23.

Hive announced that its third-quarter operating profit was preliminarily estimated at 54.2 billion won, a 25.4% decrease compared to the previous year. Revenue fell by 1.9% to 527.8 billion won. Although both revenue and operating profit declined, considering the overall downturn in the entertainment industry this year, internal conflicts with former ADORE CEO Min Hee-jin, and the recent controversy over leaked external artist status reports, it can be seen as a relatively strong performance. While album and digital music sales (-18.8%) and performances (-14.8%) showed negative growth, "indirect participation" sales, which include MD (merchandise), licensing, content, and fan clubs, increased by 31.8% to 204.9 billion won.

Additionally, Hive eliminated financial risks by early refinancing of 400 billion won worth of CB last month. The terms were favorable, including zero interest and a 20% premium on the conversion price compared to the stock price, targeting the Mirae Asset Group. An industry insider commented, "If it’s a zero-interest issuance with a premium, it can simply be interpreted as CB investors being confident in the company's stock price increase and flocking to invest." The conversion price set at 20% higher than the market price is an unexpectedly generous level. The relatively smooth refinancing of the CB is also seen as due to the anticipation of BTS's full group activities. Following Jin, J-Hope was recently discharged. By June next year, all seven members will have completed their military service.