{"slug":"orion","name":"오리온","name_en":"Orion","ticker":"271560.KS","updated_at":"2026-07-12T04:08:40.349+00:00","canonical":"https://valuechain.wiki/orion","same_as":["https://finance.yahoo.com/quote/271560.KS","https://finance.naver.com/item/main.naver?code=271560"],"citable":"밸류체인 그래프 기준 오리온의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Orion is directly linked to 3 companies (0 supply, 2 revenue, 1 investment relationships) and reaches 4 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"아시아 소비 시계로 도는 초코파이 제국","kicker_en":"The Choco Pie empire that runs on Asia's own consumption clock","lead":"오리온은 초코파이·포카칩·꼬북칩으로 알려진 한국 제과 대표기업이지만 매출의 약 65%는 중국·베트남·러시아 해외 법인에서 나온다. FY2025 연결 매출은 3조3,324억원, FY2024 영업이익은 5,444억원으로 창사 이래 처음 5천억원을 넘어섰다. 이 종목은 AI 사이클이 아니라 현지 소비량과 밀가루·팜유·코코아 원가에 따라 움직인다.","lead_en":"Orion is Korea's flagship confectioner behind Choco Pie, Poca Chip and Kkobuk Chip, but roughly 65% of its revenue comes from overseas subsidiaries in China, Vietnam and Russia. FY2025 consolidated revenue was KRW 3.33T and FY2024 operating profit cleared KRW 500B for the first time in its history. The stock moves on local snack volumes and on wheat, palm oil and cocoa costs, not on the AI cycle.","segments":{"fy":2025,"parts":[{"desc":"그룹 매출의 약 41%(FY2024 1조2,701억)","name":"중국"},{"desc":"약 35%(1조976억)","name":"한국"},{"desc":"5,145억. 성장축","name":"베트남"},{"desc":"2,305억, 루블 기준 6년 연속 두 자릿수","name":"러시아"}],"total":"FY2025 연결 매출 3조3,324억원(+7.3%). FY2024 영업이익 5,444억원(창사 첫 5천억 돌파). 해외 매출 약 65%.","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001320","concentration":"중국·베트남·러시아 해외 소비량 + 밀가루·팜유·코코아 원가 + 환율 시계. AI 무관."},"segments_en":{"fy":2025,"parts":[{"desc":"~41% of group (FY2024 KRW 1,270.1B)","name":"China"},{"desc":"~35% (KRW 1,097.6B)","name":"Korea"},{"desc":"KRW 514.5B, the growth engine","name":"Vietnam"},{"desc":"KRW 230.5B, six straight years of double-digit growth in rubles","name":"Russia"}],"total":"FY2025 consolidated revenue KRW 3.33T (+7.3%). FY2024 operating profit KRW 544B, clearing KRW 500B for the first time. Overseas ~65% of sales.","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001320","concentration":"Runs on overseas snack volumes (China, Vietnam, Russia), wheat/palm-oil/cocoa costs and FX. AI-independent."},"returns_yearly":{"2021":-18.4,"2022":29,"2023":-25.5,"2024":10.6,"2025":18.7,"2026":19.8},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":1,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":1,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}}],"benefiting":[{"slug":"ligachem-biosciences","name":"리가켐바이오","name_en":"LigaChem Biosciences","tier":1,"returns_yearly":{"2021":-26.2,"2022":-18.1,"2023":37.1,"2024":151,"2025":60.5,"2026":-40.7}},{"slug":"samsung-biologics","name":"삼성바이오로직스","name_en":"Samsung Biologics","tier":2,"returns_yearly":{"2021":-6.8,"2022":8.6,"2023":5.8,"2024":28.7,"2025":5,"2026":-20.1}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":3,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-12.7}}],"analysis":"투자 논점은 이 종목이 AI 사이클과 무관하게 중국·베트남·러시아 현지 소비량과 원가·환율로 움직이는 방어적 성장주라는 점이다. 매출의 약 65%가 해외 4대 지역에서 나오고(중국 41%·한국 35%·베트남·러시아), 베트남·러시아가 두 자릿수 성장으로 성숙한 국내를 상쇄한다. FY2024 영업이익이 창사 첫 5천억을 넘은 것은 밀가루·팜유·코코아 원가 안정과 현지 판가·믹스 개선의 결과 — 마진의 변수는 수요가 아니라 원재료가와 환율이다. 리가켐바이오 25.58% 최대주주 등극은 제과 캐시카우를 바이오로 재투자하는 자본배분 실험으로, 리스크와 성장 옵션을 동시에 만든다.","analysis_en":"The thesis is that this is a defensive growth stock that moves on local consumption in China, Vietnam and Russia and on input costs and FX — independent of the AI cycle. About 65% of revenue comes from four overseas regions (China 41%, Korea 35%, Vietnam, Russia), with double-digit growth in Vietnam and Russia offsetting a mature home market. FY2024 operating profit topping KRW 500bn for the first time reflected stable flour, palm-oil and cocoa costs plus better local pricing and mix — the margin variable is not demand but raw materials and FX. Becoming LigaChem Bio's 25.58% largest shareholder is a capital-allocation experiment reinvesting the confectionery cash cow into bio, creating both risk and a growth option.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investment","counterparty":"리가켐바이오 (PAN Orion 최대주주)","counterparty_slug":"ligachem-biosciences","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2024-03","value":25.58,"period":"리가켐바이오 지분율"},"note":"오리온그룹이 투자목적회사 PAN Orion Corp.을 통해 2024.03 리가켐바이오 지분 25.58%를 확보, 최대주주로 등극.","note_en":"Through its vehicle PAN Orion Corp., the Orion Group took a 25.58% stake in LigaChem Biosciences in Mar 2024, becoming the largest shareholder.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001538","title":"리가켐바이오 사업보고서 (2025)","title_en":"LigaChem Biosciences Annual Business Report (FY2025)","excerpt":"최대주주명 PAN ORION Corp. Limited, 지분율 25.58%.","excerpt_en":"Largest shareholder PAN Orion Corp. Limited, 25.58%."}]},{"direction":"revenue","counterparty":"중국·베트남·러시아 해외 소비자 (현지 유통)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"조원","basis":"연결 매출(해외 ~65%)","value":3.33,"period":"FY2025","basis_en":"consolidated revenue (~65% overseas)"},"note":"매출의 약 65%가 중국·베트남·러시아 현지 법인·유통망에서 발생(비노드). 러시아는 6년 연속 두 자릿수.","note_en":"About 65% of revenue comes from local subsidiaries and distributors in China, Vietnam and Russia (non-nodes); Russia has grown double digits for six straight years.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001320","title":"오리온 2025 사업보고서","title_en":"Orion FY2025 Annual Business Report (DART)","excerpt":"FY2025 연결 매출 3조3,324억원, 해외 비중 약 65%.","excerpt_en":"FY2025 consolidated revenue KRW 3.33T; overseas ~65%."},{"stance":"confirms","publisher":"코리아타임스","publisher_en":"Korea Times","kind":"news","lang":"en","published_at":"2025-01-26","url":"https://www.koreatimes.co.kr/business/companies/20250126/orion-pulmuone-report-more-than-3-tril-won-in-sales-in-2024","title":"오리온, 2024년 매출 3조원 돌파","title_en":"Orion reports more than 3 tril. won in sales in 2024","excerpt":"오리온, 2024년 매출 3조원 돌파.","excerpt_en":"Orion reports more than 3 trillion won in sales in 2024."}]},{"direction":"revenue","counterparty":"이마트","counterparty_slug":"emart","confidence":"high","metric":{"qualifier":"sales_channel"},"note":"초코파이·포카칩·꼬북칩이 이마트몰 등 국내 대형 유통에 상시 진열. 국내 소매 채널.","note_en":"Choco Pie, Poca Chip and Kkobuk Chip are stocked across E-mart and domestic mass retail; a core domestic channel.","sources":[{"stance":"confirms","publisher":"이마트몰","publisher_en":"E-mart Mall (SSG.COM)","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://emart.ssg.com/item/itemView.ssg?itemId=0000008783898","title":"오리온 초코파이 (이마트몰 리스팅)","title_en":"Orion Choco Pie, E-mart mall listing","excerpt":"오리온 초코파이 24입 936g — 이마트몰 판매.","excerpt_en":"Orion Choco Pie 24-count 936g, sold on E-mart mall."}]},{"direction":"revenue","counterparty":"Costco Wholesale","counterparty_slug":"costco","confidence":"high","metric":{"qualifier":"sales_channel"},"note":"초코파이가 Costco 창고형 SKU로 판매(48입 박스, 아이템 #1360023). 국내외 Costco 채널.","note_en":"Choco Pie is carried as a Costco warehouse SKU (48-count box, item #1360023) in the US and Korea.","sources":[{"stance":"confirms","publisher":"CostcoCouple","publisher_en":"CostcoCouple","kind":"news","lang":"en","published_at":"2019-10-15","url":"https://costcocouple.com/orion-choco-pie/","title":"오리온 초코파이 (Costco SKU #1360023)","title_en":"Orion Choco Pie, Costco SKU #1360023","excerpt":"48 individually-wrapped pies per box, Costco item #1360023.","excerpt_en":"48 individually-wrapped pies per box, Costco item #1360023."}]},{"direction":"revenue","counterparty":"국내 소비자","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"KRW","basis":"Korea segment","value":1097600000000,"period":"FY2024"},"note":"한국 법인 매출 약 1조976억(그룹의 약 35%).","note_en":"Korea revenue ~KRW 1,097.6B (~35% of group).","sources":[{"stance":"confirms","publisher":"오리온","publisher_en":"Orion","kind":"ir","lang":"ko","published_at":"2025-02-11","url":"https://www.orionworld.com/board/view/87?boardno=1329","title":"오리온 2024 경영실적 발표","title_en":"Orion FY2024 earnings release","excerpt":"한국 법인 매출 1조976억.","excerpt_en":"Korea revenue KRW 1,097.6B."}]},{"direction":"cost","counterparty":"제조·마케팅·해외 물류","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"manufacturing_marketing"},"note":"4대 지역 생산설비·마케팅·물류 비용.","note_en":"Manufacturing, marketing and logistics across four regions.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001320","title":"오리온 2025 사업보고서","title_en":"Orion FY2025 Annual Business Report (DART)","excerpt":"제조·판관비.","excerpt_en":"Manufacturing and SG&A."}]},{"direction":"cost","counterparty":"밀가루·팜유·코코아·설탕 원재료","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"agri_commodity_costs"},"note":"제과 원재료(밀가루·팜유·코코아·설탕) 원가에 노출.","note_en":"Exposed to confectionery input costs: wheat flour, palm oil, cocoa, sugar.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001320","title":"오리온 2025 사업보고서","title_en":"Orion FY2025 Annual Business Report (DART)","excerpt":"주요 원재료 밀가루·유지·코코아.","excerpt_en":"Key raw materials include wheat flour, oils and cocoa."}]}]}