After a year of uncertainty, all five members of NewJeans are making their way back to ADOR — a move that is restoring confidence not only among fans but also in the market. The group’s return, relayed through a series of statements this week, is prompting analysts to reassess HYBE’s long-term prospects as one of its most influential IP assets prepares to come back online.
Meritz Securities raised its target price for HYBE Corp. to 380,000 won ($259) from 370,000 won ($252) on Wednesday, citing the anticipated resumption of NewJeans’ activities under its subsidiary ADOR and the group’s potential earnings contribution from 2027 onward.
All five members of NewJeans are reported to have expressed their intention to return to ADOR, roughly a year after they declared the termination of their exclusive contracts in November 2023. ADOR said on Wednesday that members Haerin and Hyein had decided to resume activities after internal discussions. It was also reported that members Minji, Hanni, and Danielle had expressed their intention to return, and the label is currently verifying final details.
“ADOR’s core IP, which had been on hold, is now entering a gradual recovery phase,” said Minyoung Kim, analyst at Meritz Securities. “While the company still needs to provide an official schedule and stance regarding the group’s full lineup, visibility is improving for at least two members to resume album releases, content production and touring starting in 2026.”
Kim added that NewJeans’ full-fledged music activities are unlikely before the second half of 2025, given the hiatus and the need to rebuild their schedule. Considering the broader downturn in K-pop album sales since 2023, Meritz assumes one comeback in the second half of 2026, with album sales of around 900,000 units, along with two to three concerts in Korea and Japan drawing roughly 150,000 fans. This scenario could contribute 60–70 billion won in operating profit in 2026, the analyst estimated.
From 2027, Meritz expects NewJeans to operate either as a two-member unit or as a full group, paving the way for a more complete recovery of activities. ADOR posted 33.5 billion won ($22.8 million) in operating profit in 2023 — achieving break-even just one year after debuting the group — supporting expectations that NewJeans could contribute at least 20–30 billion won in annual profit beginning in 2027.
