Hanmi Science (008930.KS) Q1 2026: Net Profit Surges 73%, Ownership Battle Narrows to 5.8%
The headline earnings jump is real but heavily distorted — remove a one-time disposal gain and underlying profit growth is closer to 20%; the genuine story is a control contest over ₩895.7 billion in equity-method investments that will determine how wide or narrow the holding company's discount to NAV remains.
Source: Quarterly Report (54th Fiscal Year, Q1) — Filed April 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Hanmi Science reported consolidated quarterly net profit of ₩42.3 billion in Q1 2026, a 73% surge year-on-year, while profit attributable to controlling shareholders came in at ₩42.7 billion, up 70.1%, lifting basic earnings per share from ₩370 to ₩630. Taken at face value these figures suggest a company hitting an inflection point; the reality is more nuanced. The ₩18.6 billion year-on-year increase in pre-tax profit was inflated by ₩13.3 billion — 71% of the gain — from a non-cash accounting entry arising from the loss of control over subsidiary Evidnet, which was reclassified from a consolidated entity to an equity-method associate during the quarter. Adjust for that, and the recurring pre-tax profit improvement is approximately 20%, reflecting genuine but measured progress in core operations. For Hanmi Science, however, income statement analysis is inherently incomplete: this is a business-type holding company whose largest single asset — a 41.4% stake in publicly listed Hanmi Pharmaceutical (000128.KS), carried at ₩700.4 billion on the books — commands a market value that dwarfs any quarterly earnings figure, and whose actual worth depends almost entirely on the governance stability of the group it leads. In July 2026, that governance is being actively contested.
