W-SCOPE Corporation
6619・Prime Market・Electric Appliances
Business
W-SCOPE Corporation is a membrane technology specialist company founded in 2005, whose core business is separators for lithium-ion secondary batteries (LiB). Manufacturing is handled by its consolidated subsidiary W-SCOPE KOREA CO.,LTD. (WSK), which has a production base in Chungcheongbuk-do, South Korea, and its equity-method affiliate W-SCOPE CHUNGJU PLANT CO.,LTD. (WCP), and products are sold to battery manufacturers and lithium refining plants across Asia, Europe, and the United States. In addition to the Separator Business, the company launched a new segment from FY2026 (ending January 2026) for the Ion Exchange Membrane Business (Bipolar Electrodialysis (BPED) Module, etc.), which applies the same technology, and has begun mass-production sales to the POSCO Group. The company is listed on the Prime Market of the Tokyo Stock Exchange (currently under transitional measures for improving compliance with listing maintenance criteria).
Business Model
Leveraging advanced film-forming technology that controls thickness at the micron level and achieves uniform distribution of micropores approximately 100 nanometers in diameter, the company manufactures and sells LiB Separators and Ion Exchange Membranes. Production is planned based on customers' monthly and quarterly purchase forecasts, with shipments made to markets in Asia, Europe, and the United States. Capital expenditure funds are raised through the stock market and long-term borrowings from financial institutions, while working capital is financed through short-term borrowings. The balance of borrowings for the current period was ¥7,876 million.
Company Strengths
Since its founding in 2005, the company has specialized for 20 years in the development and manufacture of Separators for LiB, accumulating technology for controlling thickness at the micron level and achieving uniform micropore distribution at diameters of around 100 nanometers. This technological foundation has been applied to Ion Exchange Membranes (CEM/AEM/BEM), enabling flexible product design and strong price competitiveness. R&D is handled by a 35-person research laboratory within WSK.
Starting from FY2026 (ending January 2026), the Ion Exchange Membrane Business was launched as a new segment, recording revenue of ¥1,419 million and segment profit of ¥504 million, achieving profitability. The core driver is supply of Bipolar Electrodialysis (BPED) Modules to the POSCO group, generating profit against segment assets of ¥5,053 million. While the Separator Business remains in the red, this is the only segment contributing profit.
WSK has entered into multiple land lease agreements with the Korea Industrial Complex Corporation running until 2055 (renewable every 10 years), securing over 143,000 square meters of production land in Ochang, Chungcheongbuk-do. The company meets the conditions for rent reduction measures under the Foreign Investment Promotion Act, maintaining a long-term, low-cost production base.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for Q1 FY2027 (ending January 2027) (February–April 2026) were ¥1,386 million (versus ¥756 million in the same period of the prior year), an increase of 83.2%. Both the Separator Business at ¥589 million (up 121.6% year-on-year) and the Ion Exchange Membrane Business at ¥797 million (up 292.8% year-on-year) posted revenue growth. Operating loss was ¥364 million, a significant improvement from ¥1,494 million in the same period of the prior year. However, an equity-method investment loss of ¥1,682 million (including a ¥932 million valuation loss on WCP convertible bonds) weighed heavily on results, resulting in an ordinary loss of ¥2,028 million and a net loss of ¥2,033 million. The full-year forecast calls for net sales of ¥6,000 million (up 65.2% year-on-year), an operating loss of ¥2,400 million, and a net loss of ¥4,400 million. Over the past five fiscal years, net sales peaked at ¥45,100 million in FY2022 (ending January 2022) before declining sharply, falling to ¥3,630 million in FY2026 (ending January 2026); however, FY2027 (ending January 2027) appears to be entering a recovery trajectory. Externally, sluggish EV demand in Europe and crude oil/naphtha price trends continue to be the primary drivers of performance fluctuations.
Growth Strategy
Aiming for a business recovery through diversification of applications into ESS and Ion Exchange Membranes and diversification of the customer base
In response to customers shifting their battery production from EV to ESS applications, the company expects Separator shipments for ESS to recover from the third quarter onward to a level exceeding the shortfall from the first half. Shipment plan adjustments with customers are underway.
In discussions with Samsung SDI, a key customer of WCP, the company expects demand to recover from the current fourth quarter onward. Based on the view that the European EV market bottomed out in the previous Q4, a gradual recovery is anticipated.
In addition to the stable operation of two existing projects with the POSCO group, the company is responding to inquiries from multiple new prospective customers by providing samples, which is expected to contribute to expanded Ion Exchange Membrane sales from next fiscal year onward. Entry into new applications such as water treatment and water electrolysis is also planned.
The company is actively promoting cost reduction activities related to personnel expenses, utilities, and packaging/transportation costs, the rollout of new film-forming line processes to large-scale lines, and the introduction of new equipment for automated manufacturing process systems. In Q1, reduction effects were confirmed of ¥68 million in personnel expenses, ¥70 million in depreciation, and ¥222 million in inventory valuation losses.
The company is preparing for mass-market sales of high-end automotive EV and ESS batteries with new customers, aiming to diversify the customer base of the Separator Business and broaden its earnings foundation.
Last updated: July 17, 2026