Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 643

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 643
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                                     |     | 374,446,179 |     | ₩        |     | (83,212,151 | )                  |     | ₩ |     | 11,251,393 |     | ₩ |     | 164,920,724 |     | ₩ |     | 467,406,145 |

33. Operating Segments For business management purposes of the Consolidated Entity, sales consist of pharmaceutical manufacturing and medical device distribution, considered as a single operating division. There are no external customers that account for more than 10% of sales for the reporting period.

F-87

| Shinhan Accounting Corporation       
 8th FL, 8, Uisadang-daero            
 Yeongdeungpo-gu, Seoul, 07236, Korea 
 Telephone: 82-2-782-9940             
 Telefax: 82-2-782-9941               
 www.rsm.global/korea                 |

Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of
OSR Holdings Co., Ltd. Opinion on the Financial Statements We have audited the accompanying consolidated statements of financial position of OSR Holdings Co., Ltd. and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statement of comprehensive income, changes in equity and cash flows for each of the years in the three -yearperiod ended December 31, 2023, and the related notes (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022 and the results of its operations and its cash flows for each of the years in the three -yearperiod ended December 31, 2023 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB.