Seoul Economic Daily EnglishCodex · 实盘不做把握 5/10
北京时间·🕒 发布 16:23:41时区推断·⟳ 抓取 16:49:05·⚡ 决策 07-28 16:53:06 +4m01s·91.2 天前
韩美科学二季度营业利润同比增长70.9%，主要受子公司增长及礼来技术转让收益带动
韩美科学二季度收入3679亿韩元、营业利润591亿韩元、净利润437亿韩元，利润增速明显高于收入增速。
📄 原文Seoul Economic Daily English↗ 原文
Hanmi Science Q2 Operating Profit Jumps 71% on Subsidiary Growth, Distribution Gains
Hanmi Science, the holding company of Hanmi Group, significantly improved its profitability in the second quarter, driv…
不做 韩美科学（008930.KS）
盘后财报虽为利好，但核心利润改善逻辑在7月10日已被预期，且股价财报前连续上涨；缺少明确超预期幅度和可执行低吸边界，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 7月10日已有报道预期韩美药品二季度将因礼来首付款显著改善利润，削弱本次盘后财报的新鲜度。
- 公司此前公告7月28日召开二季度业绩说明会，财报披露属于排期内事件。
- 韩媒报道韩美科学二季度营业利润591亿韩元、同比增长70.9%，确认本次业绩数据。
- 008930.KS在7月21日至7月27日从33000韩元升至35500韩元，财报前已有同向上涨。市场反应:7月27日收盘35500韩元，涨2.60%。
关键理由
- 韩美科学二季度收入3679亿韩元、营业利润591亿韩元、净利润437亿韩元，利润增速明显高于收入增速。
- 盈利改善主要来自OnlinePharm分销业务增长、韩美药品业绩以及sonepegludutide对礼来授权收入的部分并表，事件方向偏正面。
- 但韩美药品二季度受礼来首付款改善业绩的预期在7月10日已被财经媒体和券商报道，韩美科学股价近几日已连续上行，盘后明牌财报缺少明确未预期增量。
主要风险
- 核心利润改善部分来自一次性或阶段性技术转让收入，若剔除授权款后经营恢复弱于预期，次日追高容易见光死。
- 当前为韩国收盘后财报披露，次日开盘可能直接跳空反映，缺少可量化的低吸边界。
原文全文
展开原文 · 2,168 字
Hanmi Science, the holding company of Hanmi Group, significantly improved its profitability in the second quarter, driven by solid growth at its subsidiaries and strong performance in its pharmaceutical distribution business.
Hanmi Science reported second-quarter revenue of 367.9 billion won on a consolidated basis, up 8.7% from a year earlier, according to a preliminary disclosure on the 28th. Operating profit rose 70.9% to 59.1 billion won, while net profit increased 54.2% to 43.7 billion won. Cumulative first-half revenue reached 721.6 billion won, up 7.6% from the same period a year earlier. Over the same period, operating profit stood at 92.7 billion won and net profit at 86 billion won, continuing a stable growth trend.
The improvement in earnings was led by growth at major affiliates including OnlinePharm, the pharmaceutical distribution business, and Hanmi Pharmaceutical. OnlinePharm posted second-quarter revenue of 305.7 billion won, driven by the expansion of its domestic distribution business centered on ethical drugs (ETC). This represents an increase of 19.1 billion won from a year earlier. Results from Hanmi Pharmaceutical's technology transfer agreement for sonepegludutide with Eli Lilly were also partly reflected in the consolidated results, helping improve profitability, analysts said.
Hanmi Science is accelerating its transition into an operating holding company by expanding its own businesses, including health functional foods and dermo-cosmetics. It recently launched the health functional food brand "NPLE" and the dermo-cosmetics brand "ADESII," broadening its business into the wellness and beauty markets. The strategy is to move away from the traditional holding company structure, which relies on affiliate dividends and brand fees, and to cultivate its own businesses as a new growth axis.
"The solid growth of our core subsidiaries and our efforts to strengthen the competitiveness of our own businesses have translated into stable results," Hanmi Science CEO Kim Jae-kyo said. "We will maximize synergies among affiliates and expand our healthcare business portfolio to leap forward as a global healthcare company."
Hanmi Science reported second-quarter revenue of 367.9 billion won on a consolidated basis, up 8.7% from a year earlier, according to a preliminary disclosure on the 28th. Operating profit rose 70.9% to 59.1 billion won, while net profit increased 54.2% to 43.7 billion won. Cumulative first-half revenue reached 721.6 billion won, up 7.6% from the same period a year earlier. Over the same period, operating profit stood at 92.7 billion won and net profit at 86 billion won, continuing a stable growth trend.
The improvement in earnings was led by growth at major affiliates including OnlinePharm, the pharmaceutical distribution business, and Hanmi Pharmaceutical. OnlinePharm posted second-quarter revenue of 305.7 billion won, driven by the expansion of its domestic distribution business centered on ethical drugs (ETC). This represents an increase of 19.1 billion won from a year earlier. Results from Hanmi Pharmaceutical's technology transfer agreement for sonepegludutide with Eli Lilly were also partly reflected in the consolidated results, helping improve profitability, analysts said.
Hanmi Science is accelerating its transition into an operating holding company by expanding its own businesses, including health functional foods and dermo-cosmetics. It recently launched the health functional food brand "NPLE" and the dermo-cosmetics brand "ADESII," broadening its business into the wellness and beauty markets. The strategy is to move away from the traditional holding company structure, which relies on affiliate dividends and brand fees, and to cultivate its own businesses as a new growth axis.
"The solid growth of our core subsidiaries and our efforts to strengthen the competitiveness of our own businesses have translated into stable results," Hanmi Science CEO Kim Jae-kyo said. "We will maximize synergies among affiliates and expand our healthcare business portfolio to leap forward as a global healthcare company."
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