Hanmi Semiconductor and Hanwha Semitech, competitors in thermal compression bonder equipment used in high-bandwidth memory production, delivered sharply different first-half performances as SK Hynix shifted procurement from HBM3E to HBM4. Hanmi reported first-half revenue of ₩302.1 billion and operating profit of ₩138.8 billion, down 7.7% and 11.0% from a year earlier, but its results were reshaped by a strong second quarter after a weak start to the year. Q1 operating profit was ₩8.5 billion with a 17% margin, while Q2 revenue reached a record ₩251.1 billion and operating profit climbed to ₩130.3 billion, for a 51.9% operating margin. The company said customer diversification helped protect profitability, with Micron joining main client SK Hynix as a major customer. Hanmi also approved a $1.5 million investment this month to establish Hanmi USA in San Jose, California, part of a push to broaden its overseas order base. Hanwha Semitech posted first-half revenue of ₩230.8 billion and operating profit of ₩300 million, leaving its operating margin at 0.13%. Q2 revenue rose 77.6% from the previous quarter to ₩147.7 billion, but profit improvement lagged revenue growth. The report points to deeper financial pressure as well: Hanwha Semitech recorded ₩91.6 billion in deferred tax assets last year to avoid capital impairment and must generate about ₩380 billion in cumulative taxable income to realize that value, while operating cash flow has been negative for two straight years, including -₩17.5 billion in 2025. Analysts expect the gap to continue in the second half as HBM4 orders resume. LS Securities analyst Cha Yong-ho said major customers are restarting HBM4 equipment orders, and Hanmi Semiconductor's share of TC bonders supplied to SK Hynix is projected to rise from 50% in 2025 to around 60% this year.