External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Hanmi unveiled phase 3 trial results for next-gen obesity drug efpeglenatide</li><li>Fewer side effects, better affordability; a practical obesity treatment candidate</li><li>Key pipeline results coming into view; we reiterate BUY rating and raise TP</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanmi unveiled phase 3 trial results for next-gen obesity drug efpeglenatideFewer side effects, better affordability; a practical obesity treatment candidateKey pipeline results coming into view; we reiterate BUY rating and raise TPContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanmi Pharma (128940 KS Oct 28, 2025) - Hunting the KOSPI Obesity Leader

<ul><li>2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY)</li><li>High-margin product mix should continue driving profitability; subsidiary expected to post earnings rebound in 2H</li><li>R&amp;D catalysts in obesity treatment slated to remain valid in 2H25; Reiterate BUY with TP unchanged at W380,000</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY)High-margin product mix should continue driving profitability; subsidiary expected to post earnings rebound in 2HR&amp;D catalysts in obesity treatment slated to remain valid in 2H25; Reiterate BUY with TP unchanged at W380,000Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanmi Pharma (128940 KS Jul 28, 2025) - Earnings Recovery in Progress

<ul><li>1Q25 consolidated revenue projected at W397.5bn (-1.5% YoY), with OP of W58.8bn (-23.4% YoY)</li><li>While flagship product growth remains solid, Hanmi’s 1Q earnings look set to fall short of consensus on a high base at Beijing Hanmi</li><li>All eyes on the upcoming presentation at the American Diabetes Association (ADA) in June and Beijing Hanmi’s earnings recovery in 2H25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 consolidated revenue projected at W397.5bn (-1.5% YoY), with OP of W58.8bn (-23.4% YoY)While flagship product growth remains solid, Hanmi’s 1Q earnings look set to fall short of consensus on a high base at Beijing HanmiAll eyes on the upcoming presentation at the American Diabetes Association (ADA) in June and Beijing Hanmi’s earnings recovery in 2H25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

South Korea

Hanmi Pharm. Company Ltd. produces pharmaceutical products, including antibiotics, vitamins, and intestinal tonics.  The Company also provides beverages and processes soft capsules for other pharmaceutical firms.

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Hanmi Pharm (128940 KS)

Hanmi Pharma (128940 KS Oct 28, 2025) - Hunting the KOSPI Obesity Leader

Hanmi unveiled phase 3 trial results for next-gen obesity drug efpeglenatide Fewer side effects, better affordability; a practical obesity...

Daishin Securities

Hanmi Pharma (128940 KS Jul 28, 2025) - Earnings Recovery in Progress

2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY). High-margin product mix should continue driving profitability; subsidiary...

Daishin Securities

Hanmi Pharma (128940 KS Apr 15, 2025)

While flagship product growth remains solid, Hanmi’s 1Q earnings look set to fall short of consensus on a high base at Beijing Hanmi

Daishin Securities

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