I have tried to add some options like "-t 5 -Z -" (flip 90 CCW and output to stdout), but it seems like it doesn't apply the flip on the output. am i missing something?

dcraw_emu w/o args displays:

-Z Output filename generation rules

.suf => append .suf to input name, keeping existing suffix too
suf => replace input filename last extension
- => output to stdout
filename.suf => output to filename.suf

is that what you were asking about?

Have you tried building a dng_validate example from DNG SDK?

Your error screenshot lists missing symbols from XMPCore library, that's why I'm pretty sure you didn't add it to the your build.

I have tried to build libraw as you suggested with USE_JPEG and USE_JPEG8, I have also built it with and without USE_ZLIB just in case.

I was able to open_buffer but when I raw_unpack, it throws an exception on lossy_dng_load_raw -> jpeg_create_decompress. on this line,

uSize = SIZEOF(struct jpeg_decompress_struct);
if (structsize != uSize)
ERREXIT2(cinfo, JERR_BAD_STRUCT_SIZE,
(int) SIZEOF(struct jpeg_decompress_struct), (int) structsize);

Not sure why I'm getting this error :(

Will it also decode the high resolution raw image data? or just the internal embedded jpeg image?

Do you mean in the dng sdk build? As stated in the dng sdk readme,

"XMP SDK

Building DNG SDK requires the XMP SDK. This package includes the XMP
SDK headers and pre-built static libraries for Mac OS (64-bit) and
Windows (32-bit and 64-bit). Thus if you plan to build the DNG SDK on
Mac OS using Xcode and/or on Windows using Visual Studio/C++, no
further action is needed."

I'm not sure how to include it in the project as it said no further action is needed in Windows.

Looks like you have not added required XMP SDK (XMPCore) to your build.

We do not provide direct user support for other's end user products (with the exception of ours end-user products, of course). If Affinity takes money from its users, they should be engaged in support without throwing this ball to us.

LibRAW is targeted to developers, we're ready to provide support for Affinity team, but they never contacted us.

Please send this link to Affinity team: https://www.libraw.org/extended-support

Also, you may just wait: Panasonic DC-S5 II is supported since March, 2023; We'll release it in public snapshot according to our release schedule: https://www.libraw.org/#updatepolicy

If you're a software vendor: please consider extended support/early access option.

If you are just a user of some program - please inform your vendor about the possibility of access to early support for new cameras.

Already replied here: https://www.libraw.org/comment/6577#comment-6577

everything is publicly available and can be googled

here is some results of quick search

https://www.dpreview.com/forums/thread/4566327

https://www.fastcinemadng.com/info/dng/pgm-to-dng-converter.html

https://github.com/fastvideo/pgm2dng

https://github.com/horshack-dpreview/OctaveRawTools

https://www.dpreview.com/forums/post/65037078

also useful = https://github.com/Fimagena/raw2dng

According to our release schedule/policy: https://www.libraw.org/#updatepolicy

If you need to get such support ASAP:
- if you're a software vendor, consider our extended support/advanced option: https://www.libraw.org/extended-support
- If you are just a user of some program using LibRaw: tell your vendor about early camera support access option.