HBM4 Orders Rebound: Hanmi Semiconductor Widens Profitability Gap
Nashnova编辑部
HBM4 equipment orders are recovering, and the two leading Korean TC-bonding equipment makers are diverging sharply: Hanmi Semiconductor posted a record 51.9% operating margin in Q2, while Hanwha Semitech managed just 0.13% for the first half.
Both hit an order gap — why did one recover so much faster?
SK hynix shifted its TC-bonding (thermo-compression bonding — a process that presses multiple DRAM dies together under heat) equipment purchases from HBM3E to HBM4, creating a brief order gap for both suppliers.
Hanmi's operating margin fell to roughly 17% in Q1 but snapped back to 51.9% in Q2. Hanwha Semitech's first-half margin sat at just 0.13% — revenue rose 77.6% quarter-on-quarter in Q2, yet profit barely moved.
This means → the order gap hit both companies, but the damage was lopsided — Hanmi filled the void quickly; Hanwha Semitech has not found a buffer.
What gave Hanmi Semiconductor that speed?
Customer diversification is the core answer. Beyond its largest client SK hynix, Micron accounted for 46% of Hanmi's Q2 sales, spreading the risk of any single buyer's procurement rhythm.
Micron's HBM4 — built on 1-beta DRAM — entered high-volume shipment in June and sent qualification samples to multiple customers. Hanmi rode that ramp directly.
Q2 revenue hit a record KRW 251.1 billion; gross margin reached 62%. Revenue and operating profit beat consensus by 8% and 13%, respectively, per CLSA data.
In plain terms = Hanmi does not depend on SK hynix alone. Micron now contributes nearly half of revenue, so when one client slows, the other picks up the slack.
Has Hanwha Semitech actually been shut out?
Not at all. Per ZDNet Korea citing industry sources, Hanwha Semitech secured an HBM4 TC-bonding equipment order from SK hynix comparable in size to Hanmi's disclosed KRW 44.2 billion contract.
SK hynix is deliberately dual-sourcing to stabilize its equipment supply chain; ASMPT is also a TC-bonding supplier to hynix.
But the financial strain is real: Hanwha Semitech's operating cash flow turned negative for the second straight year at KRW −17.5 billion in 2025. A KRW 91.6 billion deferred tax asset booked last year requires roughly KRW 380 billion in cumulative taxable income to be fully realized.
This means → winning orders is not the same as making money. Hanwha Semitech's problem is not a lack of contracts — it is razor-thin margins and persistent cash burn even when orders come in.
The two companies are also suing each other?
Hanmi Semiconductor and Hanwha Semitech have filed mutual patent-infringement lawsuits, disputing intellectual-property boundaries around TC-bonding technology.
This reflects how fast TC bonding's strategic value is rising as the core packaging process for HBM — the market is not yet large enough for peaceful coexistence, and the battle for share has moved from order books to courtrooms.
What comes next?
LS Securities estimates Hanmi's share of SK hynix's TC-bonding equipment purchases could rise from roughly 50% in 2025 to about 60% in 2026.
Hanmi also approved a $1.5 million investment to set up a U.S. subsidiary in San Jose, California, to strengthen overseas client support.
The key test ahead: whether Micron's HBM4 capacity ramp continues to deliver a durable second growth curve for Hanmi — the proof point for its diversification strategy.
Content is for reference only, not financial advice.