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DEEP RESEARCH · HANA MICRON

Exynos 2600 Return and Hana Micron's Strategic Position

A look at Samsung's foundry ecosystem, non-memory testing, Vietnam memory back-end work, and role separation with Nepes.

Date: 2025-12-26 · OSAT/Samsung value-chain lens · Original Naver Blog post and references

Investment decisions are your own responsibility. This material is research and is not a buy or sell recommendation.

0. Bottom line first

Hana Micron's key benefit is less about packaging the Exynos 2600 AP itself and more about longer test time and higher utilization at the Asan non-memory test line. If Nepes is closer to PMIC packaging, Hana Micron is closer to final and system testing.

  • The source says Samsung spent about KRW 11.732 trillion on mobile AP solutions in 2023, strengthening the case for in-house AP recovery.
  • Exynos 2600 is presented as a mobile AP combining 2nm SF2 GAA and HPB packaging.
  • Hana Micron is framed as having a two-track model: Vietnam memory back-end growth and Asan system-semiconductor test upgrades.

1. The KRW 11 trillion dilemma and Exynos

Greater Qualcomm Snapdragon dependence raises cost and bargaining-power pressure for Samsung MX. The source cites KRW 11.732 trillion in 2023 mobile AP purchasing, roughly 50% higher than 2021, and more than 20% of smartphone BOM.

Interpretation: Exynos 2600 is a joint proof point for Samsung System LSI, Foundry, MX, and back-end partners.

Samsung mobile AP internalization chainRecovering cost, technology, and supply-chain leverage
System LSIExynos design
Foundry2nm SF2 GAA
OSATTest·packaging
MXGalaxy S26 adoption
Hana Micron is interpreted as a partner absorbing the testing bottleneck.

2. Samsung spin-off DNA and the move into testing

Official fact: The source says Hana Micron was founded in August 2001 as a spin-off of Samsung Electronics' semiconductor packaging division, and founder Chang-ho Choi previously served in Samsung semiconductor planning and management roles.

The company first handled Samsung memory back-end volume, then expanded into system semiconductor testing.

Hana Micron Exynos back-end role image

PeriodRole shiftMeaning
Early 2010sExynos 3/4 overflow packaging and basic testingBuilt volume-handling trust
2015~2020Testing for AP, PMIC, RF, and Touch ICShifted toward higher-value testing
2021~presentAsan as a system semiconductor test hubStrengthened position after Exynos 2100/2200

3. CAPEX and two-track strategy

The source interprets 2022~2024 investment as “focus” and “strategic dual production bases.” Vietnam supports quantitative memory back-end growth, while Asan supports qualitative upgrades in system semiconductor testing.

Vietnam

Memory back-end

A defensive pillar tied to server memory volume, including SK hynix-related work.

Asan

Non-memory testing

More complex Exynos and companion chips can increase test time.

2024

KRW 70bn investment

The source views Asan test-equipment expansion as a clear demand-preparation signal.

4. Hana Micron vs Nepes: role separation

CategoryHana MicronNepes
Core roleFinal test and packagingBumping and packaging
Exynos-related focusTesting for AP, RF, modemPackaging for PMIC and audio codec
TechnologySystem test, burn-in test, flip-chipFan-Out WLP/PLP, solder bumping
Benefit pointLonger testing as chip complexity risesMore PMIC demand as 2nm power control matters

5. Scenario impact

Base Case: Exynos 2600 lands successfully

  • Exynos is used in more than 50% of global Galaxy S26 volume and thermal issues are solved.
  • The source expects Asan non-memory test utilization above 85% in 2H 2025 and possible double-digit OPM recovery.
  • Nepes could see higher FOPLP utilization and a faster turnaround through PMIC growth.

Bear Case: yield issues and limited adoption

  • 2nm yield issues limit Exynos to some regions or Snapdragon fully replaces it.
  • Hana Micron can defend through server memory volume, but Asan depreciation may pressure margins.
  • Nepes' PMIC recovery could be delayed.

My conclusion is to separate Hana Micron as the direct testing beneficiary and Nepes as the PMIC/advanced-packaging turnaround candidate. Watch Exynos 2600 2nm yield, HPB thermal control, and Asan test-line utilization.

Sources

Naver original