DEEP RESEARCH · Nepes Ark

Nepes Ark: Exynos 2600 and the 2nm test bottleneck

PMIC cash flow, SoC test expansion, and HPB thermal testing as structural growth drivers

Published: 2025-12-26 · Semiconductor test research · Original Naver Blog post

0. Bottom line first

Official fact: Nepes Ark was established on April 1, 2019 through the physical spin-off of Nepes' semiconductor test division. The Nepes group built vertical integration across Nepes for WLP/FOWLP packaging and bumping, Nepes Ark for wafer/final test, and Nepes Lawe for FO-PLP.

Interpretation: Testing has moved from simple defect screening to a bottleneck for yield stabilization and performance assurance in advanced nodes.

1. Role in the Exynos ecosystem

A smartphone contains 7-8 PMICs, which supply the right voltage and current to the AP, camera, display, and other parts. From its early days, Nepes Ark focused on wafer testing for Exynos PMICs, and PMIC demand tied to smartphone shipments acted as a cushion when Exynos AP share fluctuated.

SoC testing has a higher barrier. At inception in 2019, SoC/AP testing was only about 10% of revenue. Using IPO proceeds from 2020, the company invested in SoC test equipment such as Teradyne UltraFLEX. The source says the SoC mix rose to the 20% range in 2020, 25% in 2021, and about 40% by end-2023.

2. 2023-2025 CAPEX flow

Official fact: For 2024, the source mentions replacement of aging equipment, software upgrades, automation, and interface board/test socket investment for Exynos 2400's 10-core CPU and AMD GPU architecture.

3. Exynos 2600 and utilization model

The source views Exynos 2600 adoption in the 2026 Galaxy S26 as likely, but frames three scenarios because yield and market trust remain variables.

Official fact: Past utilization is cited as 70-80% during Exynos 2200 production in 2021-early 2022, low-50% after the Exynos 2300 was excluded in 2023, and mid-60% after the partial Exynos 2400 return in 2024.

Interpretation: The source assumes 2nm test time per wafer can rise about 20-30% versus 4nm. Even if chip volume is similar, longer equipment occupancy can lift both unit revenue and utilization.

4. Competition: is LB Semicon zero-sum?

Samsung's addition of LB Semicon as an Exynos 2600 wafer-test partner raises near-term share concerns. The source says Doosan Tesna and Nepes Ark previously split Exynos test volume at roughly 40-50% each.

Interpretation: But if 2nm test time rises 20-30%, the total test demand pool itself grows. LB Semicon's entry may be not only share loss, but Samsung's capacity and pricing-risk management.

5. 2nm GAA, HPB, and thermal test

2nm GAA uses an MBCFET structure in which the gate surrounds all four sides of the channel. It improves power efficiency and performance, but makes tiny defects in stacked nanosheets harder to detect. That requires more precise probe cards, higher-resolution test equipment, and longer test time.

HPB mitigates the heat trap of conventional PoP structures by placing memory beside the AP or using FOWLP, then attaching a copper heat sink on the chip to dissipate heat directly.

Official fact: The source says thermal-characteristic tests become more important for HPB chips and that Nepes Ark could add advanced Thermal Test processes to raise test pricing. It also names AI-compute test algorithms for stronger NPUs, RFIC/5G testing, and FOWLP/PLP-linked test as roadmap items.

6. Checkpoints and risks

• Exynos 2600's 2nm yield must actually stabilize.
• Nepes Ark's AP test share defense after LB Semicon's entry matters.
• High PMIC share and AP+PMIC turnkey experience support the defense case, but Samsung's pricing pressure remains a variable.
• Key KPIs are utilization, test time, CAPEX pace, Thermal Test pricing, and Samsung vendor allocation.