Factors Behind Quantum Growth: Technological Advancement and Entry into New Markets
Coupang's Sales Surge Over 400%
68 Companies Experience Negative Growth Due to Weakened Competitiveness
Despite the global economic slowdown, it has been found that the sales of 44 companies, including SK Hynix, HD Hyundai Heavy Industries, LG Innotek, and Hanwha Aerospace, have more than doubled over the past five years. In particular, 13 large companies, including Coupang, saw their sales soar by more than 400%.
According to a recent five-year performance survey released on April 23, 2025 by corporate data research institute CEO Score, which analyzed 407 companies (excluding financial firms) among Korea's top 500 companies that submitted financial statements for both 2019 and 2024, the total sales of these companies last year reached 3,064 trillion won. This represents an increase of 42.1% (908 trillion won) compared to 2,156 trillion won in 2019. Operating profit also rose from 110 trillion won in 2019 to 195 trillion won last year, an increase of 77.5% (85 trillion won). This indicates that the profitability of major conglomerates has grown significantly, even amid economic stagnation and a low-growth environment.
The survey found that 13 companies, or 3.2% of the total, saw their sales increase by more than 400% compared to 2019, while 44 companies (10.8%) recorded sales growth of between 100% and 400%. Conversely, 68 companies (16.7%) experienced a sharp decline in sales and negative growth over the past five years.
Among the large companies surveyed, 13 recorded an explosive increase of over 400% in sales over the five-year period. Of these, Coupang was the only company with sales exceeding 10 trillion won. Coupang, leveraging its Rocket Delivery service, dominated the domestic online shopping market, growing from 7.2 trillion won in sales in 2019 to 38.3 trillion won last year, a 435% increase.
Among companies with less than 10 trillion won in sales, 12?including POSCO Flow, CJ Olive Young, SGC Energy, Woowa Brothers, Hanwha Energy, and Samsung Biologics?achieved growth rates of over 400%.
There were also 44 companies whose sales grew by between 100% and 400%. Of these, nine companies?including Daou Technology, HD Hyundai Heavy Industries, LG Innotek, SK Hynix, E1, and Hanwha Aerospace?had sales exceeding 10 trillion won. Companies with sales under 10 trillion won, such as Ecopro BM, KG Chemical, CS Wind, Celltrion, Kakao, Krafton, and KCC, also saw significant sales growth over the five-year period.
The sales increase of these 57 "quantum jump" companies, whose sales more than doubled over the past five years, amounted to 254 trillion won, accounting for 27.9% of the total sales increase (908 trillion won) among the top 500 companies. In other words, these high-growth companies were the main drivers of sales expansion among Korean firms. Notably, Coupang (from 7.2 trillion won in 2019 to 38.3 trillion won last year, up 435.4%), Daou Technology (2.9 trillion won to 11.6 trillion won, up 300.6%), HD Hyundai Heavy Industries (5.5 trillion won to 14.5 trillion won, up 165.5%), LG Innotek (8.3 trillion won to 21.2 trillion won, up 155.4%), and SK Hynix (27 trillion won to 66.2 trillion won, up 145.2%) recorded particularly strong growth.
In addition, the number of companies belonging to the "10 trillion won club"?those with annual sales exceeding 10 trillion won?rose from 39 in 2019 to 59 last year, an increase of 20. Naver, Korea's leading AI company, joined the 10 trillion won club for the first time, growing rapidly from 6.593 trillion won in sales in 2019 to 10.738 trillion won in 2024, despite competition with global big tech firms. Other new entrants representing emerging industries included LG Innotek (components), Hanwha Aerospace (defense), HMM (logistics), and HD Hyundai Heavy Industries (shipbuilding), with a total of 21 companies newly joining the 10 trillion won club.
When analyzing the success factors of the 57 quantum jump companies with sales growth rates of 100% or more, it was found that 23 companies (40.4%) achieved rapid growth by entering new markets or launching new businesses. Another 20 companies (35.1%) achieved quantum jumps by strengthening their internal capabilities. In addition, 14 companies (24.6%) achieved sales growth through collaboration with other companies or mergers and acquisitions (M&A).
On the other hand, 68 companies experienced a sharp decline in performance and negative growth over the past five years. Among them, only two?Lotte Shopping and Samsung Display?had sales exceeding 10 trillion won. The majority of these negative-growth companies saw their performance deteriorate due to worsening external conditions and weakened internal competitiveness.
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