1. Mirae Semiconductor’s 2025 Semi-Annual Report: What Happened?

Mirae Semiconductor reported revenue of KRW 302 billion (a 20.5% YoY increase), operating profit of KRW 9.17 billion (a 2.1% YoY increase), and net income of KRW 7.24 billion (an 84.5% YoY increase) for the first half of 2025. Although there are some discrepancies with the Q2 preliminary results, the overall growth trend remains positive.

2. Why These Results?

Positive Factors:

  • • Stable Revenue Growth: Strong position in the semiconductor distribution market.
  • • Improved Profitability: Efficient cost management and successful high-value-added product sales strategy.
  • • Excellent Financial Health: Low debt ratio (4.16%).
  • • Healthy Inventory Turnover Ratio.

Points to Consider:

  • • High dependence on a specific customer (99% of sales).
  • • Cyclical nature of the semiconductor industry.
  • • Foreign exchange risk (10% fluctuation impacts pre-tax profit by KRW 2.36 billion).

3. What’s Next?

Mirae Semiconductor is expected to secure mid- to long-term growth momentum with the expansion of new markets such as AI and autonomous driving. However, continuous monitoring of macroeconomic factors like the global economic situation and exchange rate volatility is necessary. Efforts to reduce dependence on a specific customer are crucial.

4. What Should Investors Do?

While a long-term investment outlook can be positive, investors should be mindful of exchange rate fluctuations and macroeconomic factors. Further investigation is required into the discrepancies between Q2 preliminary and semi-annual report figures, details of derivative transactions, and competitor analysis.