1. Hanmi Semiconductor Q2 Earnings: Analyzing the Shock

Hanmi Semiconductor reported KRW 180 billion in revenue and KRW 86.3 billion in operating profit for Q2 2025, missing market expectations by 3% and 6%, respectively. While revenue increased compared to Q1, the slowing growth rate is a cause for concern.

2. Unpacking the Underperformance: A Multifaceted Analysis

This earnings shock wasn’t caused by a single factor but rather a confluence of issues.

  • Currency Fluctuations: The rise in the KRW/USD exchange rate negatively impacted Hanmi’s profitability, given its significant reliance on exports.
  • Rising Raw Material Prices: The global economic slowdown and rising raw material prices likely increased cost pressures.
  • Economic Slowdown: The global economic downturn led to decreased demand in the semiconductor market, impacting Hanmi’s performance.
  • Increased Competition: Intensifying competition in the semiconductor market is also a suspected contributor to the earnings decline.

3. Investor Action Plan: Future Outlook and Strategies

While the stock price may decline in the short term, the growth of the HBM market offers a silver lining. Investors should pay close attention to the following:

  • The company’s future management strategies and risk management plans
  • Monitoring raw material prices and competitive landscape
  • Analyzing HBM market growth trends

In the long term, the growth of the HBM market and the company’s ability to maintain its technological competitiveness will determine the stock’s trajectory.