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[스크리너 톱1060-1052] 지씨셀 - 영업권 2,182억을 털었는데 1,126억이 남았다

밸류체인 플랫폼의 저평가 스크리너를 순서대로 뜯어보는 연재, 1051~1060번 구간입니다. 1052위 지씨셀(144510). 기준일 2026-08-28, 스크리너 점수 39.1점 — 저평가 컷(67.2점)에 28.1점 모자란 '고평가' 판정입니다. 가치함정 경고 깃발(red)가 떠 있습니다. 합병으로 얹은 장부가 뒤늦게 정리되는 자리입니다. 지난해 순손실이 2,735억이었다 지씨셀은 세포치료제 개발기업이다. 세포치료제와 검체검사서비스, 제대혈은행, 바이오물류, 위탁개발생산 다섯 가지를 한다. 최대주주는 녹십자이고 설립 이후 바뀐 적이 없다. 2011년에 지씨랩셀로 세워져 녹십자랩셀이 됐고, 2021년 11월 2일 녹십자셀을 흡수합병하면서 지씨셀이 됐다. 지난해 실적이 특이했다. 매출은 1,744.5억원에서 1,655.2억원으로 5.1% 줄었고 영업손실은 200.0억원에서 137.9억원으로 오히려 줄었다. 그런데 당기순손실이 2,735.3억원이다. 그 앞해 757.4억원의 세 배가 넘는다. 차이는 기타비용에 있다. 485.7억원에서 2,330.2억원이 됐다. 그 안에서 무형자산손상차손이 2,326.2억원이다. 연도별 실적 (단위: 억원) 연도 매출 영업이익 순이익 2022 2,361 443 250 2023 1,875 41 -2 2024 1,745 -200 -739 2025 1,655 -138 -2,729 상반기 매출 789.8억원(-4.3%), 영업손실 61.2억원, 반기순손실 7.7억원이다. 지난해 같은 기간 반기순손실 274.3억원에서 크게 줄었다. 시가총액 2,131억원, PER -0.8배·PBR 1.14배·ROE -138.4%(플랫폼 산식, TTM). PER 이 음수라는 것은 싸다는 뜻이 아니라 트레일링 순손실 상태라는 뜻이다. 피어(제약/바이오, 73개) PER 중앙값은 13.45배다. 이익 대비 값이 음수로 극단에 있는데, 잣대가 되는 열두 달에 지난해의 손상차손이 통째로 들어 있기 때문...

Beyond Ramen: CJ’s Global No. 1 Lysine Business and the Hidden Powerhouses of Food and Agriculture

Ramen and snacks, soy sauce and sugar, flour and fertilizer. Consumers remember the brands first, but industry is always what keeps things moving behind the scenes. A meal is not made from finished products alone. It only comes together when fermentation-based amino acids and seasoning ingredients, basic raw materials like starch syrup, sugar, and flour, and the machinery and supplies used in agriculture—the starting point of those raw materials—all move in sync.

What’s interesting is that there are stronger Korean companies behind this than most people realize. CJ CheilJedang is the global No. 1 in fermentation-based bio products such as lysine, tryptophan, and nucleotides, yet its public recognition is strangely low. Isn’t that a twist. In an era when K-food is going global, one real pillar of competitiveness runs not outside on the packaging, but much deeper—in these materials, raw ingredients, and agricultural equipment.

Fermentation & Amino Acid Biomaterials — The Science of Invisible Flavor (4 companies)

Fermentation and amino acid biomaterials may be invisible, but they shape taste and functionality while also determining cost and competitiveness. CJ CheilJedang is the global No. 1 in lysine, tryptophan, and nucleic acid fermentation bio, with production bases spread across China, the U.S., South America, and Southeast Asia. This is not just a case of one company being big; it is a snapshot of the industrial depth of Korea’s fermentation process technology. Daesang started with ‘Miwon,’ Korea’s first fermented seasoning, and has expanded its materials business into amino acids and starch sugars, while Sempio Foods, as a fermentation specialist known for soy sauce and more, continues to demonstrate how fermentation technology can be turned into materials.

Borak also deserves a place here. Food additives such as tartaric acid, flavorings, and gum base rarely register with the public, but they occupy a surprisingly solid position in the manufacturing value chain. Its presence as a leading domestic tartaric acid player is clear. The essence of this sector is that it is not about all-out brand warfare, but about an industry that makes money through fermentation processes and materials portfolios. That is precisely why it matters. If green bio is more than just a slogan, then the accumulated capabilities in fermented amino acids and functional materials are exactly the kind of card Korea can realistically bring to the table.

CompanyCore focus
CJ CheilJedangGlobal No. 1 in lysine, tryptophan, and nucleic acid fermentation bio — production bases in China, the U.S., South America, and Southeast Asia
DaesangFermented seasoning 'Miwon' (Korea’s first) · amino acids · starch sugars — biomaterials + starch sugar materials business
BorakFood additives such as tartaric acid, flavorings, and gum base — leading domestic tartaric acid player
Sempio FoodsFermentation specialist in soy sauce and more — materialization of fermentation technology

Starch Syrup, Sugar Refining, and Flour Milling — The Basic Ingredients of the Table (3 companies)

Starch syrup, sugar refining, and flour milling are not glamorous. But as the phrase “basic ingredients of the table” suggests, they are the kind of industries whose absence would be felt first. Samyang Corporation, beyond starch syrup, has Korea’s largest allulose production capacity at 13,000 tons per year and is also active in prebiotics. Daehan Sugar is one of Korea’s three major sugar refiners, responsible for a key part of sugar—the oldest of food ingredients. Daehan Flour Mills is the company best known for flour and the familiar “Gompyo” brand.

This is where the divergence begins. High-value-added materials like allulose are clearly an area where Korean companies can build global competitiveness. Sugar and flour, by contrast, are fundamentally far more exposed to grain prices and exchange rates, with relatively limited room for differentiation. Samyang Corporation’s allulose speaks the language of growth, while sugar refining and flour milling are much closer to the language of survival and efficiency. In the end, even within food ingredients, one side is valued as a material of the future, while the other becomes a test of endurance under cost pressure. Harsh, but real.

CompanyCore business
Samyang CorporationStarch syrup + Korea’s largest allulose capacity (13,000 tons/year) · prebiotics
Daehan SugarSugar refining — one of Korea’s three major sugar refiners
Daehan Flour MillsFlour milling — the 'Gompyo' brand

Agricultural Machinery & Farm Inputs — The Tools That Produce Food (6 companies)

Agricultural machinery and farm inputs are more direct. They are, quite literally, the tools that produce food. Daedong is the No. 1 tractor maker in Korea and is pushing Level 4 autonomous smart farm machinery. It also ranks No. 3 in North America for compact and mid-sized tractors. TYM is Korea’s No. 2 tractor company, with a large share of its business tied to exports to North America. Asia Technology holds a dominant domestic position in cultivators and SS machines—that is, speed sprayers—making it a strong player in small and mid-sized agricultural machinery. Unlisted LS Mtron, also part of the LS Group, is likewise a notable player in tractors and components.

The structure of the farm inputs side matters too. Nuvoco works in compound fertilizers, organic farming materials, and crop protection, while Hyosung O&B specializes in organic fertilizers and by-product fertilizers. If smart farming is really going to scale, autonomous tractors alone cannot lead the way. Fertilizers suited to field conditions, crop protection, and machinery operating systems all have to move together. As Daedong’s autonomous tractor makes clear, the next competitive battleground in agriculture is not machinery sales, but who can seize the smart farming ecosystem first. Still, the question remains. As the number of farms declines and the domestic demand base thins out, can these companies survive by looking only at the Korean market? That is exactly why North American exports and technological advancement are becoming even more critical.

CompanyCore business
DaedongKorea’s No. 1 in agricultural machinery (tractors) — autonomous (Lv.4) smart farm machinery; exports to North America (No. 3 in compact and mid-sized tractors)
TYMKorea’s No. 2 in agricultural machinery (tractors) — high exposure to North American exports (formerly Tong Yang Moolsan)
Asia TechnologyDominant in Korea in cultivators and SS machines (speed sprayers) — small and mid-sized agricultural machinery
LS MtronTractors, injection molding machines, and components — LS Group affiliate (unlisted)
NuvocoCompound fertilizers, organic farming materials, and crop protection (agrochemicals)
Hyosung O&BSpecialist in organic fertilizers and by-product fertilizers

What to Watch Going Forward

Food security, green biotech, smart agriculture. These three terms are no longer buzzwords—they define where the industry is headed. High-value-added materials such as fermented amino acids, nucleotides, and allulose are areas where Korea holds a relatively clear competitive edge, while smart agricultural machinery like autonomous tractors is directly aligned with the global challenge of farm labor shortages. In other words, companies that have long worked quietly behind the dining table are now stepping into the center of the next stage.

But this is not a story of optimism alone. Much of the sugar refining, flour milling, and starch syrup business remains highly sensitive to grain prices and exchange rates, while agricultural machinery and farm inputs run head-on into the structural decline of the domestic farming base. Even with world-leading fermentation materials, not every company will rise at the same pace. That is exactly what makes this industry more interesting. It holds both global materials competitiveness and the limits of domestic market structure at the same time. To see the next chapter of K-food, you need to look not at the store shelf, but behind this value chain.

※ This article organizes company names, core businesses, and market positions based on publicly available materials verified online, and some assessments reflect the author’s views. It should not be used as a direct basis for investment decisions.

Written: July 2026. Ealexandro

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