External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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.

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