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KREDKRED
028300KOSDAQ

HLB

45,650
-250 (-0.54%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

HLB is a company established in 1985 and listed on the KOSDAQ market. It operates as a corporate entity with overseas subsidiaries including Elevar Therapeutics and Immunomic Therapeutics.

The company develops new drugs such as anticancer and immunotherapy agents and conducts clinical trials. It also manufactures and distributes in vitro diagnostic medical devices, quasi-drugs, and medical consumables.

Company overview

당사 및 해외 종속회사 Elevar Therapeutics와 Immunomic Therapeutics는 다양한 신약개발(항암제, 면역치료제 등) 및 임상시험의 경험을 보유하고 있는 글로벌 바이오 의약품 전문회사입니다.당사의 헬스케어사업부는 체외진단 의료기기 및 의약외품, 의료소모품을 제조, 판매하고 있으며, 종속회사 HLB이엔지는 구명정과 데빗(Davit), 특수선, GRP/GRE 파이프 등 선박 및 조선기자재를 제조·판매하고 있습니다.당사는 인류의 생명연장과 삶의 질 개선을 위해 제약 바이오 분야에서 끊임없이 성장해 나가고 있으며, 향후 다양한 항암 신약물질을 기반으로 글로벌 제약기업으로 거듭나고자 'Human Life Better'를 지향합니다.

가. 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 중소기업 등 해당 여부

다. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

라. 회사의 법적ㆍ상업적 명칭당사의 명칭은 "HLB 주식회사" 입니다. 한글로는 "에이치엘비 주식회사"로 표기하며,영문으로는 "HLB Co., LTD." 로 표기합니다.

마. 설립일자당사는 1985년 10월 18일에 설립되었으며, 1996년 07월 27일자로 코스닥시장에 상장된 후 현재까지 상장을 유지하고 있습니다.

바. 본사의 주소, 전화번호, 홈페이지 주소

사. 주요사업의 내용당사는 체외진단 의료기기 및 의약외품, 의료소모품을 제조, 판매하고 있으며 해외 종속회사를 통해 신약개발(항암제, 면역치료제 등) 및 임상시험 사업을 영위하고 있습니다. 2023년 05월 선박사업부문은 물적분할하여 HLB이엔지를 설립하였습니다.

아. 신용평가에 관한 사항

[신용등급 정의]

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

9.65%
[5.19%, 17.79%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 62.4% (2026-07-13). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.70
Beta [0.50, 0.89] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.166%[-0.370%, +0.702%]
R squared
0.19
Observations
252
Trading-time corrected beta
0.62[0.33, 0.92]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M3853012303623845626981,797429681842975
Revenue growth%—-21.64-23.6657.286.1846.2224.30157.37-76.1358.8023.55—
Operating incomeKRW 100M-60-210-261-293-487-613-1,010-747-1,250-1,185-1,042-981
Net incomeKRW 100M104-233-213135-597-887-1,116-986-2,060-1,080-2,354-2,270
Net income growth%—-322.50——-541.26———————
Attributable to ownersKRW 100M126-132-165253-444-801-981-782-1,891-920-2,205-2,135
Attributable to minoritiesKRW 100M-22-100-48-118-153-86-135-204-170-160-149-135
Operating margin%-15.50-69.69-113.51-81.01-126.84-109.14-144.67-41.55-291.43-173.97-123.81-100.66
Net margin%27.17-77.15-92.7037.36-155.28-157.92-159.84-54.87-480.28-158.57-279.68-232.93
ROE%14.93-14.89-21.4014.51-24.01-16.69-22.51-12.25-36.09-15.95-52.69-62.02
ROA%5.64-12.45-11.334.45-16.45-12.56-15.01-10.19-27.41-12.17-25.31-25.00
Debt ratio%61.8850.4865.5545.1191.6126.7445.2038.3829.1136.0888.14114.94
Current ratio%122.34175.7883.44559.95102.93256.64154.44171.49167.27107.1935.7525.54
Quick ratio%100.63150.7973.66541.4995.66251.66143.11165.33154.04101.1733.0321.53
Reserve ratio%437.25414.38346.34695.561,715.282,605.991,119.631,306.861,017.951,009.94788.32650.62
Free cash flowKRW 100M-20-118-208-212-504-575-570-736-1,175-1,343-1,095—
FCF margin%-5.22-39.10-90.34-58.56-131.12-102.33-81.56-40.93-273.89-197.11-130.13—
OCF conversion%5.04——-152.90————————
Capex to revenue%6.595.427.401.434.471.733.136.5313.6829.3120.13—
Receivable daysdays—46.8————————40.0—
Inventory daysdays—64.670.149.246.539.069.942.199.068.761.9—
Payable daysdays—32.6————————35.7—
Cash conversion cycledays—78.8————————66.2—
EPSKRW384-373-462678-1,119-1,465-923-729-1,560-704-1,680-1,603
PERx———117.85————————
BPSKRW—2,4732,1344,4594,3269,0574,0895,4774,0524,3883,1742,585
PBRx—5.3218.1117.9226.5610.218.515.1812.5116.6616.0120.12
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
1,8521,8671,8823,0403,6267,0657,4379,6737,517*8,8749,302
7086267459451,7341,4902,3152,6831,695*2,3534,358
1,1441,2411,1372,0951,8925,5745,1226,9905,822*6,5214,944

Income statement

20152016201720182019202020212022202320242025
3853012303623845626981,797429681842
-60-210-261-293-487-613-1,010-747-1,250-1,185-1,042
106-233-334135-598-932-1,104-884-2,128-1,092-2,405
104-233-213135-597-887-1,116-986-2,060*-1,080-2,354
Basic earnings per shareKRW384-373-462678-1,119*-1,465*-923-729*-1,560*-704-1,680
Diluted earnings per shareKRW377-373-462678-1,119*-1,465*-923-729*-1,470*-704-1,680
109-229-239187-518-1,039-863-772-2,004*-652-2,440

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement104-233-213135-597-887-1,116-986-2,060-1,080-2,354
Total adjustments to operating cash flowcomputed-9913122-342110322568368944-631,428
5-102-191-207*-487-565-548-618-1,116-1,143-926
-552-29-130-115*-268-980-685-1,123255-748-59
480180301608*8673,410132,676-301,703467
Cash at beginning of periodKRW 100M1084494733024092,2079981,9571,089930
449473356*4092,2079981,9571,089930410
Net change in cash and cash equivalentsKRW 100M-66Not applicable-20Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operations and investing consumed cash raised through financing activities.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 41삼정회계법인2025-12-31
2024적정의견Term 40삼정회계법인2025-12-31
2023적정의견Term 39한영회계법인2025-12-31
2022적정Term 38삼덕회계법인2022-12-31
2021적정Term 37삼덕회계법인2022-12-31
2020적정Term 36삼덕회계법인2022-12-31
2019적정Term 35삼정회계법인2019-12-31
2018적정Term 34삼정회계법인2019-12-31
2017적정Term 33삼정회계법인2019-12-31
2016적정Term 32삼정회계법인2016-12-31
2015적정Term 31삼정회계법인2016-12-31
2014적정Term 30삼정회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.86
%
%
Cost of equity8.72%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW45,650

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-927-102.0%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.86 × 5.00% = 8.72%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(-52.69% × (1 − 0.00%), 0) = 0.00%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 3,174 KRW, ROE = -52.69%, payout ratio = 0.00%, r = 8.72%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
13,174-1,672277-1,9490.9198-1,793
21,501-791131-9220.8461-780
3710-37462-4360.7783-339
4336-17729-2060.7159-148
5159-8414-980.6585-64
Terminal value-1,4820.6585-976

P_0 = 3,174 + -3,124 + -976 = -927 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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