1. HLB 2025 Half-Year Performance Analysis: What Happened?

HLB recorded revenue of ₩33.4 billion, an operating loss of ₩51.8 billion, and a net loss of ₩129.7 billion in the first half of 2025. Focusing on Q2, revenue was ₩15.7 billion, operating loss was ₩23 billion, and net loss was ₩60.7 billion. Compared to the same period last year, revenue decreased, but the operating loss narrowed. However, the net loss significantly increased due to losses from investments in affiliates.

2. Reasons for Underperformance: Why These Results?

The decline in revenue is primarily attributed to decreased demand for in-vitro diagnostic kits in the bio/healthcare sector. The expanded net loss was significantly influenced by valuation losses related to investments in affiliates. On the other hand, the composite materials sector achieved a turnaround with positive operating profit.

3. Future Stock Outlook & Investment Strategy: What’s Next?

In the short term, the increased net loss is expected to dampen investor sentiment. However, in the medium to long term, the FDA approval of new drug pipelines such as RiboCerib and Lirafugratinib will determine the stock’s direction. Investors should also carefully consider HLB’s financial soundness and fundraising capabilities. Currently, a ‘wait-and-see’ or ‘cautious investment’ approach is recommended.

4. Key Checkpoints for Investors: Investor Action Plan

  • Monitor New Drug Pipeline Progress: Continuously check for updates on clinical trial results and FDA approval status for key pipelines like RiboCerib and Lirafugratinib.
  • Review Financial Health and Funding Plans: Carefully examine the ongoing net losses, operating capital procurement capabilities, and efforts to improve the financial structure.
  • Analyze Business Diversification Strategy: Assess the recovery of revenue in the bio/healthcare sector and the creation of new business achievements.