<p>➀ The increase in HBM production in 2025 is expected to be limited, leading to a tighter supply.</p><p>➁ The reasons include adjustments in HBM production capacity, customization trends with a 40% die size penalty, and low yield of HBM3E 12hi and HBM4 from Samsung and Micron.</p><p>➂ The supply-demand ratio is expected to tighten further to -5% compared to the previous -1%, with SK Hynix expected to be a major beneficiary.</p>