[비즈한국] SK Hynix000660's 2025 business report, released on the 17th, confirms a revenue structure reorganized around a specific major customer and the US market. Last year, the company generated 23.2601 trillion won in revenue from a single external customer. This accounts for 23.9% of its total consolidated revenue of 97.1467 trillion won. Although the company did not disclose the customer's name, the industry widely identifies them as Nvidia.
Revenue from this 'single external customer' has grown significantly compared to a year ago. In 2024, revenue from the same category was 10.9028 trillion won, but it more than doubled last year. In its earnings announcement this January, SK Hynix stated that HBM revenue in 2025 more than doubled year-on-year, driving record-breaking performance.
By region, the US accounted for the largest share. Last year, US revenue reached 66.8851 trillion won, representing 68.9% of the total. Revenue from China was 19.1362 trillion won. Revenue for SK Hynix America, the US sales subsidiary, was also reported at 58.6933 trillion won.
This improved performance is also reflected in financial indicators. As of the end of last year, cash and cash equivalents stood at 34.9423 trillion won, a 146.8% increase from 14.1564 trillion won the previous year. Borrowings for the same period were recorded at 22.2479 trillion won. This is interpreted as a result of improved semiconductor market conditions and expanded sales of high-value memory products, which increased cash capacity.
Research and development (R&D) investment also expanded. SK Hynix's R&D expenditure last year was 6.7325 trillion won, a 35.9% increase from the previous year. This is the largest scale in its history. The company continues to invest in strengthening competitiveness in HBM, server memory, and next-generation NAND to meet the growing demand for AI memory.
The financial results themselves were also at an all-time high. SK Hynix recorded annual revenue of 97.1467 trillion won, an operating profit of 47.2063 trillion won, and a net profit of 42.9479 trillion won for 2025. Compared to the previous year, revenue increased by 46.8%, operating profit by 101.2%, and net profit by 116.9%. The annual performance for 2024 was 66.1930 trillion won in revenue, 23.4673 trillion won in operating profit, and 19.7969 trillion won in net profit.
Technology development schedules are also accelerating. In March of last year, SK Hynix announced that it had supplied the world's first 12-layer HBM4 samples to a major customer. Following this, the company completed preparations for mass production in the second half of 2025 and unveiled plans to ramp up a mass production system for next-generation HBM this year.
This business report demonstrates that SK Hynix's performance last year was not merely a simple increase in revenue, but the result of a reorganization centered on a specific major customer and the US market. At the same time, it confirms that the company's business structure has become more clearly focused on AI memory as it continues to accumulate large-scale cash reserves and expand R&D.