What SUHEUNG does

SUHEUNG (주식회사 서흥, Suheung Co., Ltd.) is a South Korea-based industrial manufacturer established in 1973 and listed on the Korea Exchange (KOSPI) since March 27, 1990. The company's core business is the production of empty hard capsules, sold under proprietary sub-brands EMBO CAPS® and VG CAPSULE, and serving pharmaceutical, nutraceutical, and food industry customers. Operations are anchored at the Cheongju (Osong) headquarters and manufacturing complex, with additional production at the Noksan and Osong Industrial Complexes, and a Seoul office for domestic and international sales.

The company operates a B2B manufacturing model: empty hard capsules function as drug-delivery vehicles that formulators fill with active pharmaceutical or nutraceutical ingredients. Revenue is generated through three hardware-sales streams — Empty Hard Capsules (primary), Food Products, and Medical Supplies — with B2B pricing that is not publicly disclosed. R&D is conducted in-house and supported by a comprehensive compliance stack, including ISO 14001:2015, AEO (Authorized Economic Operator), EcoVadis sustainability rating, Korea ESG Standards Institute B-grade rating (2025), Responsible Care, and UN Global Compact membership since 2022. Suheung extends internationally through wholly-owned subsidiary Suheung Vietnam and a multi-language corporate presence (Korean, English, Chinese, Japanese, Vietnamese).

The group structure includes Suheung Healthcare (health supplements), Geltech (capsule-related products), and a minority stake in Hankook Cosmo. Yang Juhwan (양주환) serves as Representative Director. Disclosed FY2025 net income was KRW 41,159 million on 1,214 employees and 11,569,113 shares outstanding (December 2025). External audit is conducted by Anjin Accounting Corporation, and the corporate credit rating is A- (Stable) as of June 2026 from Korea Investors Service and NICE Credit Rating.

Name

SUHEUNG

Legal name

주식회사 서흥 (Suheung Co., Ltd.)

Website

https://suheung.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

501–1,000 employees

Short description

SUHEUNG (주식회사 서흥) is a South Korea-based, KOSPI-listed industrial manufacturer of empty hard capsules serving pharmaceutical, nutraceutical, and food industry customers worldwide through proprietary brands EMBO CAPS® and VG CAPSULE, with manufacturing in Korea and Vietnam.

Ownership category

akta.pro rank

Product category

Pharmaceutical Capsule Manufacturing

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Food And Kindred Products (2000), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Parenteral & Injectable Packaging Components (Stoppers, Seals, Syringes, Cartridges) (IMALAIAE)

akta.pro secondary industries

Pharmaceutical & Medical Glass Packaging (Vials, Ampoules, Syringes) (IMALAEAB), Unit-Dose & Compliance Packaging (Sachets, Strip Packs, Pill Organizers) (IMALAIAH), Medical Supplies & Consumables Wholesale (Non-Device) (CRAOAHAE)

Keywords

• Empty hard capsules
• Pharmaceutical capsule manufacturing
• Nutraceutical capsule supply
• Pharmaceutical packaging
• Gelatin capsule production

Headquarters

HQ city

Cheongju

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Empty Hard Capsule Sales: Manufacturing and sale of empty hard capsules for pharmaceutical and nutraceutical applications
2. Food Products: Food sector product manufacturing and sales
3. Medical Supplies: Medical/pharmaceutical supply products

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

SUHEUNG manufactures and sells empty hard capsules for pharmaceutical and nutraceutical drug delivery applications, marketed under proprietary brands including EMBO CAPS® and VG CAPSULE. The company also produces food products and medical supplies that leverage its capsule manufacturing expertise, supplying these as B2B inputs to pharmaceutical, nutraceutical, and food manufacturers domestically in South Korea and internationally.

Product overview

SUHEUNG (주식회사 서흥) is a Korean pharmaceutical and nutraceutical manufacturer specializing in hard capsule production. The company's product portfolio centers on Empty Hard Capsules as its core offering, complemented by Food Products and Medical Supplies divisions. Key capsule brands include EMBO CAPS® and VG CAPSULE. The company operates through several subsidiaries including SUHEUNG HEALTHCARE (health supplements), SUHEUNG VIETNAM (manufacturing), GELTECH (capsule-related products), and maintains a presence in both domestic Korean and international markets.

Differentiator

Problem solved

Functional benefit

Brands

• EMBO CAPS®: Brand of empty hard capsules produced by Suheung
• VG CAPSULE

Products and services

• Empty Hard Capsule SUHEUNG's primary product category: empty hard capsules manufactured for pharmaceutical and nutraceutical applications, serving as drug delivery vehicles for medications and supplements. Sold as a B2B input to drug and supplement manufacturers.
• EMBO CAPS® Proprietary brand of hard capsules offered by SUHEUNG, marketed as part of the company's capsule product portfolio to pharmaceutical and nutraceutical buyers.
• VG CAPSULE Specialized capsule brand variant offered by SUHEUNG, part of the company's family of capsule products targeting pharmaceutical and nutraceutical applications.
• Food Products Food sector products developed and manufactured by SUHEUNG, complementing its capsule manufacturing expertise and serving food and functional-food customers.
• Medical Supplies Medical and pharmaceutical supplies manufactured by SUHEUNG for healthcare applications, leveraging the company's GMP-aligned production capabilities.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• UN Global Compact (UNGC)coreStrategic or Co-development Partner · 1 January 2022Suheung became a member of the UN Global Compact in 2022, committing to the 10 principles covering human rights, labor, environment, and anti-corruption. The company integrates these principles into its business operations for sustainable development.
• RC (Responsible Care)coreStrategic or Co-development PartnerRC (Responsible Care) is a global chemical industry initiative for environmental, safety, and health activities. Suheung participates as part of the chemical industry value chain, committing to sustainable development in its hard capsule manufacturing operations.
• Suheung Healthcare (subsidiary)coreOthersRelated company under Suheung group focused on healthcare products
• Suheung Vietnam (subsidiary)coreOthersVietnam-based subsidiary of Suheung group for manufacturing and sales in the region
• Geltech (젤텍)minorOthersAffiliate company within Suheung ecosystem
• Hankook Cosmo (주)한국코스모)minorOthersAffiliate company within Suheung ecosystem

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• West Pharmaceutical Services: West Pharmaceutical Services is a global leader in injectable drug delivery and packaging components, operating as a broader incumbent in pharmaceutical packaging with overlap on packaging components sold to pharma manufacturers.
• Gerresheimer: Gerresheimer is a major global pharmaceutical packaging and delivery solutions company (glass, plastics, devices), adjacent to Suheung's pharmaceutical packaging components business but with a much broader portfolio.

Direct peers

• Nectar Lifesciences: Nectar Lifesciences operates an empty hard capsule business alongside its API manufacturing, competing with Suheung in pharmaceutical-grade empty capsules, particularly in regulated markets.
• Fortcaps Healthcare: Fortcaps is a dedicated empty capsule manufacturer with gelatin and HPMC portfolios for pharma and nutraceutical customers, directly comparable to Suheung's core business model and customer profile.
• Shanxi Guangsheng Medicinal Capsules: Shanxi Guangsheng is one of China's largest empty hard capsule manufacturers, directly competing with Suheung in pharma and nutraceutical capsule supply, particularly across Asian markets.
• Lonza Capsules & Health Ingredients (formerly Capsugel): Lonza's Capsules & Health Ingredients division is the global market leader in empty hard capsules (gelatin, HPMC, pullulan), directly competing with Suheung's EMBO CAPS® and VG CAPSULE in pharmaceutical and nutraceutical applications.
• Qualicaps: Qualicaps (a Mitsubishi Chemical subsidiary) is a major global manufacturer of empty two-piece hard capsules, competing head-to-head with Suheung in pharmaceutical and supplement applications worldwide.
• ACG (Associated Capsules Group): ACG is one of the world's largest empty capsule manufacturers, with a broad portfolio (gelatin, HPMC, pullulan, starch) and global manufacturing — a direct competitor to Suheung across pharmaceutical and nutraceutical end markets.
• Sunil Healthcare: Sunil Healthcare is an Indian manufacturer of empty hard gelatin and HPMC capsules, competing with Suheung on price in global pharmaceutical and nutraceutical capsule markets, especially in Asia.
• Healthcaps India: Healthcaps is a large Indian empty capsule manufacturer producing gelatin and plant-based capsules for pharma and nutraceutical customers, directly comparable to Suheung's product mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/suheung-capsule

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SUHEUNG