[비즈한국] With the motion to appoint Vice President Shin Sang-yeol (33), the eldest son of Nongshim Group Chairman Shin Dong-won (68), as an executive director on the agenda for the upcoming Nongshim004370 regular shareholders' meeting, the market is interpreting the move in connection with the third-generation ownership succession structure. Beyond the succession issue, this agenda is also drawing attention as it signals that Vice President Shin will take on a full-scale role at the board level in overseeing the future business initiatives and mid-to-long-term tasks he has previously managed.
Vice President Shin will be proposed for an executive director position alongside CEO Jo Yong-chul at the shareholders' meeting on the 20th. According to public filings, Vice President Shin was born in 1993, graduated from Columbia University with a degree in industrial engineering in 2019, and joined Nongshim the same year, subsequently serving as head of the procurement division and head of the future business division. Regarding the reasons for recommending Vice President Shin, the Nongshim board stated that he has played a role in "establishing a stable supply chain and promoting mid-to-long-term management tasks."
Alongside his appointment, interest is directed toward Nongshim's business structure. The challenges facing Nongshim include its heavy reliance on the ramen business and the need to expand new business ventures. Nongshim's separate-basis revenue for 2025 was 3.0807 trillion won. Of this, ramen sales accounted for 1.6498 trillion won (53.6%), and snack sales reached 425.1 billion won (13.8%). Combined, these two categories represent 67.4% of the total. Conversely, beverage sales fell to 171.8 billion won, a 16.0% decrease from the previous year.
Nongshim's overall size continued to show growth. On a consolidated basis, 2025 revenue was 3.5143 trillion won, a 2.2% increase from the previous year, while operating profit rose 12.8% to 183.9 billion won. Notably, revenue from overseas subsidiaries grew by 10.5% to 1.0602 trillion won, while domestic subsidiary revenue fell by 1.0%. The proportion of total revenue generated by overseas subsidiaries rose to 30.2%. In its performance report, the company cited the growth of key subsidiaries in China, Japan, Australia, and Vietnam, as well as the revenue recognition effects following the establishment of its European subsidiary, as contributing factors. As a result, analysts suggest that Nongshim's growth strategy is increasingly focused on overseas expansion rather than the domestic market.
Vice President Shin's role is also aligned with this shift. In its corporate value enhancement plan, Nongshim has set goals for 2030 of 7.3 trillion won in consolidated revenue, a 10% operating profit margin, and an overseas business share of 61%. It also unveiled plans to aggressively target seven key countries in the noodle business. The mid-to-long-term direction presented by Nongshim is focused on expanding into a global food company that exceeds the current structure centered on the domestic ramen market.
In its annual report, Nongshim has also outlined plans to diversify its portfolio into new businesses such as vegan food, health functional foods, and smart farms. However, looking at current performance, some evaluate that it is difficult to say that a non-ramen growth pillar has been firmly established to a degree that the market can feel. As Vice President Shin moves from head of the future business division to an executive director, his primary task going forward will be to ensure that his responsibilities—which go beyond reviewing new business and establishing global strategy—result in tangible changes to the company's revenue and profit structure.