1. What Happened? Techwing’s H1 2025 Earnings Release

Techwing announced its Q2 2025 preliminary earnings on August 14, 2025. While net profit turned positive, both revenue and operating profit fell short of market expectations.

  • Revenue: KRW 48.8B (YoY -8.17%, -34.3% below estimates)
  • Operating Profit: KRW 6.3B (YoY -50.55%, -42.7% below estimates)
  • Net Profit: KRW 21.7B (Turned to profit, +334.0% above estimates)

2. Why These Results? : Earnings Analysis

The decline in revenue and operating profit is primarily attributed to the weak semiconductor market, impacting sales of semiconductor test equipment. Conversely, the return to profitability stems from non-operating factors like increased financial income and gains from derivative financial instruments. While the HBM test equipment ‘Cube Prober’ is expected to see increased demand due to AI market growth, it hasn’t significantly impacted earnings yet.

3. What’s Next? : Future Outlook and Investment Implications

Techwing’s future stock price will depend heavily on HBM market growth, new business performance, and improvements in financial soundness.

  • Positive Factors: Increasing demand for HBM test equipment, diversification into renewable energy, continuous R&D investment
  • Negative Factors: Dependence on the semiconductor market, reliance on non-operating income, financial health

4. What Should Investors Do? : Investment Strategy

Short-term price volatility is expected. Investors should closely monitor the HBM market and new business developments, considering a dollar-cost averaging strategy. In the long term, it’s crucial to track the growth of HBM test equipment, new business performance, and improvements in financial soundness.