[Click e-Stock] "GFC Life Science, Visibility for Performance Normalization in 2026"

On December 24, Daishin Securities forecast that GFC Life Science is expected to normalize its performance next year, driven by expanding demand for bio-materials.

GFC Life Science was established in 2002 and transferred its listing to the KOSDAQ market in June 2025. The company is engaged in the development and manufacturing of bio-materials, as well as conducting human application tests for cosmetics.

Han Songhyeop, a researcher at Daishin Securities, explained, "The premium skincare market is shifting from brand- and marketing-focused competition to one centered on the scientific validity of ingredients and efficacy data. Bio-platform materials such as extracellular vesicles (EVs, including exosomes), postbiotics derived from the microbiome, and plant cell culture platforms are emerging as key competitive axes."

He continued, "GFC Life Science is responding to these changing trends with a portfolio of materials that are relatively easy to explain mechanistically and offer reproducible quality, including microbiome-based (Genovation-based DB/strain banking), plant cell culture (standardization), and exosomes (purification and verification systems). To address the structural growth limitations of materials, the company is simultaneously pursuing a strategy of developing skin boosters and ODM products."

GFC Life Science's sales this year are estimated at 1.92 billion won, with operating profit at around 1 billion won, which is expected to fall short of the guidance in its securities registration statement (sales of 2.3 billion won).

Regarding this, the researcher explained, "The main reason is the deferral of overseas sales recognition for finished products such as skin boosters compared to the initial plan. Due to delays in licensing and registration, the lead time from certification completion to local partner development and initial orders/sales recognition has shifted to 2026. At the same time, costs related to the listing and global distribution network establishment were reflected in SG&A expenses in advance, and despite cumulative sales growth through the third quarter, profit margins declined."

The researcher predicted that GFC Life Science will normalize its performance and make a leap forward next year. He added, "In 2026, the costs that were recognized in advance in 2025 are likely to be absorbed as the company enters a phase of top-line growth and normalizes its operating leverage."

He also noted, "Discussions on supplying bio-materials and products to globally recognized customers are progressing from a commercialization perspective. Leveraging its experience supplying to major domestic ODMs, the company is accelerating its global expansion. The launch of fillers (medical devices), mentioned for early 2026, presents an option for margin improvement through a better product mix."