### Overall ConclusionThis quarter's results exceeded expectations, primarily driven by strong AI demand, a significant increase in HBM pricing, and long-term SCA agreements securing supply.

### Key Data- Quarterly revenue up 25% YoY, HBM revenue up 40% QoQ- HBM pricing for 2027 substantially raised, narrowing the profit gap with conventional DRAM- SCA coverage for 2026 reaches 35% of sales, with 10 new customer agreements added

### Business ProgressProgress has been made in co-developing HBM4E with NVIDIA, which is expected to become the first customized HBM product, enhancing system performance and value. 1-gamma DRAM has become the main node, while development of the 1-delta node is proceeding smoothly, with mass production expected in the second half of 2027. On the NAND front, G9 technology continues to provide cost-effective supply, and a new cleanroom in Singapore is set to begin production in the second half of 2028. SCA agreements now cover all business segments, with some customers extending commitments beyond 2030, boosting long-term demand visibility.

### Guidance and OutlookManagement has raised its 2027 outlook, forecasting sustained gross margin expansion throughout the year, supported by moderate price increases, an optimized product mix, and continued market tightness. No clear supply-demand equilibrium is expected in 2028, due to the rising share of HBM, diminishing returns from technology nodes, and long cleanroom construction cycles.

### Risk/Positive SignalsPositive signals: Management repeatedly emphasized "no timeline for supply-demand balance," with a confident tone; the number and duration of SCA agreements exceeded expectations, reflecting customers' urgent need for long-term supply. Negative signals: None mentioned.