What this is
What explains Pokémon Korea's ₩23.8bn fall in operating profit from 2022 to 2025: about 56% higher advertising, 22% lower gross profit, and 22% other overheads.
Normalised from KRW millions so it can sit beside KRW billion rows. Pokémon Korea’s filings use both.
How it’s built
- Operating profit fell from ₩37,099.85m to ₩13,275.32m.
- Advertising rose by ₩13,431.15m, gross profit fell by ₩5,208.45m, and other selling and administrative costs rose by ₩5,184.93m; each was divided by the fall.
What we assumed
- The 2025 gross-profit fall includes a ₩1.28bn stock write-down.It sits inside cost of goods sold, so part of the gross-profit leg is a one-off rather than weaker trading.
Sanity check
₩13,431.15m ÷ ₩23,824.53m = 56.4%: advertising is more than half of the fall, but not all of it.
Where it comes from
Our calculation from other figures in the trainer’s notes:
Show the working
- Op change KRWm: -23,825
- Advertising change KRWm: 13,431
- Gross profit change KRWm: -5,208
- Non advertising sga change KRWm: 5,185
- Inventory writedown in 2025 cogs KRWm: 1,276
- 13,275.32 − 37,099.85 = −23,824.53
- 15,653.72 − 2,222.57 = 13,431.15 (56.4%)
- 41,136.28 − 46,344.73 = −5,208.45 (21.9%)
- SG&A change −5,208.45 + 23,824.53 = 18,616.08 − 13,431.15 = 5,184.93 (21.8%)