Apologies to our participants. We are experiencing some technical problems, but that's been solved, so we would now like to begin. Once again, good morning. Thank you for joining the company's earnings call today. I have with me today from EcoPro, CFO Park Jae-ha, Kim Soon-ju, Managing Director of Finance and Accounting, Jang In-won, Managing Director of Global Resources Department, from EcoPro BM, CFO Kim Jang-woo, Development Team 2 Leader Choi Eun-young, from EcoPro Materials, Cho Byung-ik, Business Management Team Leader, Park Byung-hwan, Procurement and Sales Leader, and EcoPro HN, Kim Joo-hyung, CFO, and Choi Jin-young, Business Management Team Leader. Please also note that the earnings are yet to be audited by an independent auditor and hence are subject to change upon the review. With that said, we would like to now begin with the presentation of the earnings for the third quarter of 2024. Good morning. I am Kim Soon-ju, Managing Director of the Finance and Accounting Department at EcoPro. Please take a look at the earnings material, which we've previously shared. We will begin today with performance highlights of four EcoPro Group companies, followed by a Q&A. Let's begin on page five, consolidated P&L of EcoPro BM. EcoPro BM's third quarter 2024 consolidated revenue was down 36% on quarter to KRW 521.9 billion, with operating loss of KRW 41.2 billion. On the back of slowing demand for EV and power tools, revenue fell Q over Q, and on decline in dollar exchange rate and metal prices, we booked KRW 18.8 billion of inventory valuation loss, which had a negative impact on profit. Lithium hydroxide price, which was $12.8 per kilo end of Q2, fell to $9.8 end of the third quarter, with $1 exchange rate falling to 1,319.6 KRW per dollar. This dealt a blow to this quarter's earnings. We expect meaningful levels of earnings rebound to be delayed in the face of clients' inventory adjustment in Q4, while higher utilization and reversals of inventory loss will work as positive levers. Also, against stronger emission control for EVs in Europe and ramping up with new customer factories in North America in 2025, we project rebound in sales volume in Q1 of 2025. Next on page six is revenue structure and financial status. Despite the fact that total cathode sales volume in Q3 fell 35% versus last quarter, cathodes for ESS increased 81% on quarter, powering the growth in sales volume. Moving on to financial status statement on the right, total asset as at end of Q3 2024 was down 3.6% Q over Q, reporting KRW 4,152.4 billion. Total liability was down 2.1% Q over Q to KRW 2,597.5 billion, and equity fell 5.9% Q over Q to KRW 1,555 billion. Thanks to efforts to reduce inventory asset, inventory asset as of end of Q3 was KRW 680.2 billion, down 9.1% Q over Q. That ratio inched up marginally Q over Q to 167% due to increases in borrowing. But we expect there to be significant improvement in financial position as of the fourth quarter end, following the issuance of KRW 336 billion of hybrid securities that can be counted towards equity capital. Next, page seven is P&L for EcoPro Materials. Q3 2024 revenue for EcoPro Materials was down 1.2% Q over Q, coming in at KRW 65.9 billion, with operating loss of negative KRW 38.5 billion. In Q3, we saw captive sales inch up slightly following shipment to new customers, but in terms of bottom line, decline in international nickel price and narrowing spread margin between selling price and material cost, coupled with falling exchange rate, there was KRW 15.2 billion of inventory valuation loss, dealing a blow to profitability. Just to note, nickel price used to be $18.4 per kilo end of Q2, but it fell to around $16.3 as of the end of the third quarter. In Q4 2024, we expect higher precursor sales to external customers, and we believe that this will drive earnings improvement and have a positive impact on profitability. Also, volatilities of international nickel price are expected to ease, and an increase in sales volume, there will be less fixed cost burden underpinning bottom line improvement. Page eight is revenue structure and financial position. Q3 precursor sales was up 21% on quarter, while ASP fell 1.5%. On the right-hand side, you see financial statement showing total asset as of third quarter end, increasing 0.5% Q over Q to KRW 1,119.9 billion. Total liability increased 13% Q over Q to KRW 390.8 billion, with total equity decreasing 5% on quarter, reporting KRW 729.1 billion. We are in the process of making CapEx investment into Campus 4 in Pohang City to respond to demand from multiple number of new customers, result of which increased borrowings leading to rise in debt ratio by 45% Q over Q, reporting 54%. Page nine is EcoPro HN's P&L update. Revenue for EcoPro HN in Q3 2024 was up 20% on quarter, reporting 56.1 billion KRW, with operating profit increasing 58% Q over Q to 5.7 billion KRW, and OP margin came in at 10%. Driven by solid growth from the chemical filter and water treatment business, top-line revenue trended upwards, while changes to the revenue mix helped OP margin to regain 10% level. We project revenue uptrend to expand as we enter into Q4, which is the start of the peak season. Also, with the completion of construction of Chopyeong Industrial Complex, we will be able to start production of prototypes for a new business. Page 10 is the revenue structure and financial position. Looking at each segment, revenue from chemical filter business was KRW 13.7 billion, and water treatment revenue was KRW 27.8 billion won, attesting to robust demand and construction progress rate of greenhouse gas and fine particles business increased versus last quarter, driving overall top-line growth across business segments. Statement of the financial status show total asset as of third quarter end 2024 was up 17% Q over Q, reporting KRW 267.1 billion, and total liability was up 29% Q over Q to KRW 150.1 billion, and total equity increased 4.6% Q over Q to KRW 117 billion won. Due to increase in borrowings for CapEx required for Chopyeong Industrial Complex, debt ratio increased to 128.3%, but we are planning on financing through capital injection, which is expected to improve company's financial position. Next on page 11 is EcoPro, the holding company's consolidated P&L. EcoPro's Q3 2024 consolidated revenue was down 31% Q over Q to KRW 594.3 billion, and operating profit came in at minus KRW 108.8 billion. Battery material business saw a decline in sales volume, which drove revenue down, and on continuing lithium price decline, KRW 34.4 billion of inventory valuation loss was booked, which eroded profitability. Nevertheless, we are seeing steady profit stream from global resource investment made by the holding company on a sustained basis. For the QMB project, for instance, there was KRW 5.4 billion of equity method gain in Q3. Also, EcoPro completed investment into three projects this year, through which we were able to secure nickel sufficient for producing 400,000 EV vehicles per year. In Q4, for the lithium and recycling business, we expect there will be additional provisioning for inventory valuation, which means we will need a bit more time before we see improvements in battery materials business environment. The EcoPro Group will expand nickel smelting business, which crystallizes our innovation strategy and will carry forward with integrated cathode business and kickstart the Indonesian project so as to proactively cater to market environment. Our management team will share a more detailed plan during next week's upcoming Eco-Friendly Day. Next is page 12 and consolidated financial update for EcoPro. Total asset end of Q3 declined 2% on quarter, reporting KRW 7 trillion 536.3 billion. Total liabilities was up 0.5% on quarter to KRW 4 trillion 290.5 billion, while total equity fell 5.2% on quarter to KRW 3 trillion 245.7 billion. That ratio inched up marginally to 132.2%. On the back of continuing overseas investment to secure critical minerals and CapEx for capacity addition, cash and cash equivalent decreased somewhat, while following inventory rationalization across the entire group companies, total inventory level declined 6.9% Q over Q. Borrowings across group companies are around KRW 3.3 trillion, with leverage dependence rising to 35%. But we expect to recapitalize in Q4, which will in turn improve financial metrics as of the end of the year. 마치고 당사의 4분기 사업 전망에 대해 설명드리겠습니다. Provide a presentation. The fourth quarter business outlook. 예, 에코프로 경영관리본부장 박재하입니다. 질의응답에 앞서서 저희 에코프로 그룹사 전반의 4분기하고 그 이후의 사업 전망에 대해서 간략히 설명드릴 수 있도록 하겠습니다. 먼저 양극재 사업은 전반 고객사들의 재고 조정 영향으로 인해서 지금 매우 어려운 상황을 지나고 있습니다. 그리고 4분기에도 유의미한 물량 증가를 기대하기는 어려운 상황으로 보입니다. 하지만 2차전지 시장이 장기적으로 성장한 것은 분명하기에 내년 중에는 점차 개선되는 모습을 볼 것으로 예상하고 있습니다. 또한 전구체의 경우도 양극재 물량 감소 영향을 크게 받고 있지만 내부 캡티브 수요의 한계에서 벗어나기 위해서 지금 다수의 국내외 고객사들과 협의 중인 만큼 조만간 외판 물량이 대폭 증가할 것으로 기대하고 있습니다. 이 부분은 오는 4분기부터 그 효과가 나타날 것입니다. So before we go into the Q&A session, I would like to talk about the fourth quarter outlook and also the outlook for thereafter. So this is the CFO of EcoPro, Park Jae-ha. First, to talk about our cathodes business. Because on the downstream side, there are inventory adjustments that our customers are now facing, that does lead to a very challenging market situation. In the fourth quarter, we also believe that it would be difficult to expect any meaningful increase in the overall volume. However, that has been said for the secondary battery market as a whole, we do believe that it is clear that the growth trajectory would be in place over the longer period of time, so therefore, we do think that within the next year, we will be able to see a gradual recovery taking place within the market. To talk about the precursor business, because of the volume decrease that we have seen in cathodes, of course, that is impacting our precursor business, and we are trying to address the limitations of internal captive demand, so as a result of that, we're currently in discussions with customers in Korea and abroad, and we do believe that this will result in the near future to a significant increase in non-captive volume, so we do believe that the effects of those discussions will start to take place from the fourth quarter. 3분기에는 양극재하고 전구체 이외에도 리튬과 리사이클 사업에서도 실적이 부진한 부분이 좀 있었습니다. 메탈 시세가 지속적으로 하락하는 상황에서 오랫동안 쌓여왔던 고가의 재고로 인해서 적자가 지속되고 있고, 메탈 가격이 반등하지 않는다면 4분기에는 상당한 규모의 재고 평가 손실이 발생할 수도 있는 상황입니다. 다만 내부 경쟁력 측면에서는 좋은 시그널들이 나타나고 있습니다. 리튬 전환 사업을 영위하는 에코프로 이노베이션은 현재 2개 공장을 가동 중인데, 1공장은 최근에 가동률 90% 이상을 달성하여 풀 가동 체제를 갖추게 되었고, 또 2공장의 경우는 현재 램프업 중이긴 하지만 1공장의 노하우를 접목하면 빠른 시일 내에 가동률을 높이고, 또 리사이클된 리튬 용액을 추가로 투입하게 됨으로써 원가 경쟁력을 강화할 수 있을 것으로 저희는 기대하고 있습니다. In addition to the cathodes and precursor business, in the third quarter, there was also a bit sluggishness in the performance of our lithium and also recycling businesses. In a backdrop where the metal prices continue to fall, we do have high-priced inventory that has been accumulated, which has led to continuous losses. In the case that the metal prices do not recover in the fourth quarter, we do believe that there is a possibility that we could have significant inventory-related valuation losses that we incur. However, in terms of our internal competitiveness, we do think that there are positive signs that are showing. For the lithium conversion business that EcoPro Innovation is engaged upon, we currently have two factories that are running as of now. For factory number one, right now the utilization is 90% plus, which represents a full utilization situation. And in the case of factory number two, it is in a ramp-up period as of now. However, if we are able to apply the know-how that we have accumulated from the operations of factory number one, we do think that we will be able to increase the utilization in the near future, and if we add on the recycled lithium solvent solutions as input, we do believe that that will strengthen our overall cost competitiveness. 네, 리사이클 사업의 경우에는 피드 원료를 안정적으로 확보하는 것이 가장 중요하고, 최근 시장에서 신규로 참여하는 업체들이 많아지고 경쟁이 심해지면서 피드 확보에 열을 많이 올리고 있는데, 저희 에코프로 C&G는 그럴 필요가 없어서 한 발 앞서 있는 상황이라고 할 수 있습니다. 다만 과거에 확보한 재고로 인해 메탈 시세가 하락하면서 단기 실적에는 악영향을 미치고 있습니다. 그리고 지난 9월에 연중 최대 생산량을 기록하는 등 라인 생산성이 좋아지고, 또 다양한 종류의 원료를 처리하는 역량들이 쌓이고 있어서 시장 회복에 따라서 점진적으로 이익이 개선될 것으로 저희는 예상하고 있습니다. For the recycling business, having a stable supply of feed is very important, and if you look at the recent market situation, because there are a lot of new players entering into the market, competition is increasing, and that is making securing feed more difficult. However, in the case of EcoPro CnG, we are not in such a situation, so we do think that this provides us with a step advantage versus our peers. However, because there is inventory that we have secured in the past, as metal prices continue to fall in the short term, we do think that this will have a negative impact on our performance. In September, we were able to reach, in terms of our overall production, the highest level within the year. So the overall productivity of our lines is improving, and we are also increasing and beefing up our capacity to be able to process a wide variety of different feed. So as the market does recover, we do think that this will lead to a gradual improvement in our profits. 네, 마지막으로 지우사에서는 저렴한 원가에 니켈을 확보하는 노력을 지속하고 있습니다. 앞에서도 설명드렸지만 인도네시아의 3개의 제련 사업 프로젝트에 투자를 완료했고, 여기서 발생하는 지분법 이익도 지금 분기당 약 KRW 5 billion 정도가 계속 발생하고 있고, 점차 그 규모가 커져갈 것으로 보입니다. 그리고 니켈 제련부터 양극재까지의 밸류 체인을 통합해서 경쟁력을 높이는 혁신 전략을 구체화하고 있습니다. 이러한 혁신 전략에 대해서는 11월 8일 에코프렌드리 데이에서 자세히 설명드릴 수 있도록 하겠습니다. 이상입니다. Lastly, at the H oldCo level, of course, we continue to exert our efforts to be able to secure nickel at a more affordable price. So right now, for the three refining projects that we have in Indonesia, the overall investment has been completed there. So if we look at the equity method gains that are being generated from this location on a per quarter basis, it's approximately KRW 5 billion. And we do believe that this is an amount that will increase going forward. In addition, by integrating the full value chain from the nickel refining to the cathode production, we do think that we have an innovative strategy in place to strengthen our competitiveness. So with regards to the detail of such strategy, I do believe that we will be able to elaborate a bit more during the Eco-Friendly Day event that we have on November 8th. 질문을 하실 분은 전화기 버튼의 별표와 3번을 눌러... 예, 이어서 에코프로 BM의 24년 4분기 및 25년 영업 전망에 대해 말씀을 드리도록 하겠습니다. 아시다시피 지금 전기차 시장의 회복 지연으로 금년도 4분기에도 전분기 대비 유의미한 판매 물량 증가가 조금 어려울 것으로 전망하고 있습니다. 다만 2025년도의 경우에는 주요 OEM들의 전기차 2월 재고가 소진되고, 또 금리 인하 추세에 따라서 소비자 구매력 회복과 함께 신차 출시 효과 등으로 2023년도와 유사한 수준의 판매 물량 반등을 예상하고 있습니다. So next, maybe I can talk about our 4Q outlook and 2025 business outlook for EcoPro BM. As you are aware, because the overall recovery in the EV market is a bit sluggish in the fourth quarter, we do think on a QoQ basis that it will be a bit difficult to expect an increase in the overall meaningful increase in sales volume. However, for 2025, we do think that for the key OEMs, they will be able to deplete some of the EV inventory that they have carried forward. As the overall rates continue to decline, we think that that will lead to a recovery in consumer purchasing capabilities, and there will also be new cars that will be launched within the market. As a result, in 2025, we do think that the overall sales volume will recover to a similar level to 2023. 일단 에코프로 머티리얼즈 말씀드리겠습니다. 경영관리담당 조병익입니다. 2024년 4분기와 2025년 영업 전망에 대해 말씀드리겠습니다. 2024년 4분기에는 가족사안의 재고 소진 영향이 계속되고 있어서 캡티브 양 출하 회복은 제한적이 될 것으로 예상되고 있습니다. 다만 3분기부터 신규 고객사 양 출하가 시작됐기 때문에 4분기는 3분기 대비해서 판매량이 증가될 것으로 전망되고 있고, 수익성 측면에서도 가동률 상승에 따라 고정비 부담이 축소되고 니켈 및 메탈 가격 변동성도 축소되어서 일정 부분 회복을 예상하고 있습니다. Maybe I can discuss the outlook for EcoPro Materials. In the fourth quarter of this year, because the impact of inventory being depleted at our affiliates is continuing, we do think that a recovery in the shipments for captive customers will be limited. However, from the third quarter, we have been able to start shipments for new customers. So as a result of that, on a Q2 basis, we think that 4Q will represent an increase in overall sales volume. In terms of profitability, as our overall utilization improves, that will decrease our fixed cost burden. And added to that, if we look at nickel and key metal prices, there will be less volatility. So we do think that profitability in some certain areas should recover. 25년 전망은 현재 시점에서 좀 말씀드리기는 좀 조심스럽긴 합니다만, 양극재를 포함한 크리티컬 미네랄에 대해서 FEOC 규제가 적용되다 보니 미국향으로 비중국산 전구체 수요가 가파르게 증가할 것으로 전망되고 있습니다. 이로 인해서 당사에서도 미국향 중심으로 전구체 판매량이 큰 폭으로 증가할 것으로 예상합니다. 특히 올해 확보한 신규 고객사를 비롯해서 외부 판매가 크게 증가할 것으로 기대되고 있습니다. In addition, to talk about the outlook for 2025, as of the current time, I do think that we are a bit cautious. However, for 2025, if we look at various critical minerals, including cathodes, there will be the FEOC regulations that will be applied. So we do think that this will lead to stronger non-Chinese precursor demand in the U.S. and a steep increase in this area. As a result of that, for the company, we do think that focused on the U.S. market, we will be able to experience a large increase in precursor sales volume. And in addition to the new customers that we have been able to secure this year, we do think that our non-captive sales will increase. 또한 당사는 현재 IRA 규제에 적극적으로 대응하고 산하 전구체, 또 고전환 미드니켈 전구체 등 차세대 제품 개발 능력에 기반해서 고객사를 늘리기 위해 총력을 다하고 있습니다. 향후 2, 3년간은 여러 신규 고객사를 확보하고 외판 비중을 확대하여 확대하는 데 집중해서 사업의 안정성을 강화하고 성장 동력을 확보하도록 하겠습니다. For the company, right now we are actively trying to address the various IRA-related regulations, and in addition to that, we are focusing on developing the next generation products, which would include NCA precursors and also the high-conversion mid-nickel precursors, so we are trying to secure various new customers within these areas. Across the next two to three years, we will continue to focus on acquiring new customers and also increasing our overall non-captive portion of business so that we can further stabilize our business operations and also create more growth drivers for the future. 에코프로 HN 경영관리팀장 최진용 이사입니다. 2024년도 4분기와 2025년도 영업 전망에 대해서 말씀드리겠습니다. 이번 3분기는 지난 분기 대비 크게 유의미한 반등은 없었지만, 작년 하반기부터 시작된 반도체 감산과 화학 제철 시장의 불황으로 실적이 감소되었던 2분기 대비 투자 심리가 조금씩 완화되기 시작하면서 매출의 증가세를 확인할 수 있었습니다. 4분기는 계절적 성수기 영향으로 공사 진행률이 확대되고 안정적인 매출 상승세가 이어갈 것으로 예상하고 있습니다. So this is Business Management Team Leader of EcoPro HN, Choi Jin-young, and maybe I can talk about our outlook. If you look at the third quarter on a Q2 basis versus the second quarter, we were not able to see a meaningful rebound. However, from the second half of last year in the semiconductor side, there have been production cuts that are taking place, and sluggish chemicals and the overall steel market has been sluggish also, which led to a reduction in our overall performance in the second quarter. So in Q3, we do think that we were able to see somewhat of a gradual recovery taking place in terms of investment sentiment, and that led to an increase in our overall top line. In addition, if we look at the fourth quarter, we are entering into a seasonally high season. So we do think that the percentage of completion of construction will expand going forward, which will lead to more stable revenue trends for the fourth quarter. 2025년도는 기존 환경 사업하고 신규 사업인 전지 및 반도체 소재 사업이 함께 영업 활동을 진행하는 한 해가 될 것으로 예정하고 있습니다. 먼저 환경 사업은 이전보다 더 다양한 전방 시장을 커버할 수 있는 신규 아이템들을 계약하고 있으며, 안정적인 수주 규모로 유지될 것으로 예상하고 있습니다. Next, if we talk about 2025, for 2025, we do think that our overall sales and marketing activities will be focusing on our existing environment business, and added to that, our new business areas, which would be the battery and semiconductor materials business. First, to talk about our environment business versus the past, I do think that we will be developing new items that can cover a wider range of downstream industries. So we are currently focusing on creating a base that would enable us to enjoy stable order sizes. 다음으로 신규 사업은 25년부터 2차 전지 소재 사업이 본격적으로 매출이 반영되기 시작할 예정입니다. 도포트 및 도가니는 캡티브 양으로 시작으로 하반기에는 외부 고객사로 판매가 확대해 나갈 계획이고, 전해액 첨가제는 외부 고객사와 테스트 및 협의를 마치는 대로 판매를 본격적으로 시작할 예정입니다. 반도체 소재의 경우에는 25년에 큰 매출이 계획되어 있지는 않지만, 반도체 소재 사업이 첫 발을 디뎠다는 것에 큰 의미를 가지고 있으며, 현재 고객사와의 라인 평가 중으로 물량은 점차적으로 확대돼 나갈 계획입니다. 이상입니다. Next, to talk about our new businesses in 2025, we do think that it will be a year during which, for the battery materials business, we will be able to see a full-fledged recognition in terms of our overall top line. So first, we will be starting with captive demand for dopants and saggars, and then during the second half of the year, we are going to expand our overall sales to non-captive customers. In addition, for electrolyte additives, as we are completing various tests and discussions with our non-captive customers, we do think that sales there will start to also materialize. In the case of semiconductor-related materials, in 2025, we're not planning any large growth in terms of sales, but we do think that it will be a meaningful first year in making a start in this business. So right now, we are receiving line evaluations from our customers, and we do think that the volume will gradually expand going forward. This ends the overall forecast. Thank you. 이상으로 4분기 사업 전망 설명을 마치고 질의응답 시간을 갖겠습니다. So with this, we will wrap up our overall outlook for the fourth quarter and thereafter, and now we will start the Q&A session. 지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼의 별표와 3번을 눌러주십시오. 질문을 취소하시려면 별표와 4번을 눌러주시면 됩니다. Now, Q&A session will begin. Please press star 3. That is star 3 if you have any questions. Questions will be taken according to the order you have pressed star 3. For cancellations, please press star 4. That is star M4 on your phone. 다음으로 질문해 주실 분은 IBK 투자증권의 이현욱 님입니다. 질문해 주십시오. The first question will be provided by Lee Hyun-wook from IBK Investment & Securities. Please go ahead, sir. 네, 안녕하세요. IBK 투자증권 이현욱입니다. 질문해 주셔서 감사합니다. 그리고 총 두 가지 질문이 있는데, 첫 번째로는 지주사와 EcoPro Materials 질문이 있습니다. 3분기 중에 재고자산 평가 손실이 발생을 했는데, 4분기와 2025년에도 평가 손실이 계속 이어질 것으로 전망하는지 궁금하고요. 만약에 이어진다면 평가 손실이 한 몇 분기 정도까지 이어지는지 궁금합니다. 그리고 두 번째로는 BMA 질문이 있습니다. 코스피 인정한 상장을 발표를 했었는데, 현재 진행 상황을 공유 부탁드리겠습니다. 감사합니다. Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. The first question I would like to address to the parent and also EcoPro Materials and also EcoPro BM. If you look at the third quarter, there have been inventory valuation losses that you have seen. Do you believe that these losses are something that will continue into the fourth quarter and also 2025? and if so, how many quarters consecutively going forward do you think that this will continue? The second question is something that I would like to ask EcoPro BM. You did announce plans to transfer over or move to the KOSPI market. Could you provide us with an update with regards to those plans? 네, 에코프로 대응관리본부장 박재하입니다. 먼저 지주사의 연결 관점에서 재고 평가 이슈에 대해서 답변을 드리겠습니다. 지난 2분기에 저희가 실적 발표할 당시에 메탈 관련 전문 시장 조사 업체인 패스트마켓에서 2분기 이후에 수산화 리튬 시세가 소폭 상승될 것이라는 전망을 했는데, 사실은 그와 다르게 하락 추세가 지속되었고, 그래서 3분기 말 지금 수산화 리튬 가격은 연중 최저 수준인 kg당 지금 $9.8 수준을 기록하였습니다. Yes, maybe I can address your first question. This is the CFO of EcoPro, and maybe I can talk about the inventory valuation from a consolidated basis at the whole call level. So during the second quarter conference call, I do think that I quoted the outlook that Fastmarkets, a market survey institution for metal prices, had provided, which was that the overall market after the second quarter in terms of the lithium hydroxide prices would see a gradual or a slight recovery going forward. However, different from that overall outlook, if you look at the market in itself, it did continue to decline. So if you look at the prices of lithium hydroxide as of the end of the third quarter, it actually reached the yearly bottom price, which is around $9.8 per kilogram. 그리고 전방 고객사들의 수요 회복이 진행되면서 상대적으로 재고 회전율이 낮은 리튬 그리고 리사이클 원재료의 경우에 가격 희석이 더뎌지고 있어서 올해 연말에 상당한 규모로 재고 자산 평가 충당금에 대한 추가 설정이 지금 불가피할 것으로 지금 예상되는 상황입니다. 에코프로 이노베이션하고 C&G는 연말에 전년도와 같이 가장 보수적인 메탈 가격을 적용하여 충당금을 잡을 예정입니다. 연결 기준으로는 지금 기말에 BM과 그리고 저희 에코프로 머티리얼즈의 충당금 환입이 예상이 되지만 이노베이션과 C&G의 평가 손실을 전부 상쇄하는 것은 지금으로서는 좀 어려워 보입니다. If we look at our downstream customers, as the overall recovery on that side is slow. If you look at lithium in terms of where on a relative basis the inventory turnover is a bit slow, and also the raw material for recycling, the overall price decline that we see in the area is actually taking place at a slower pace. So as a result of that, at the end of the year, we do think that it would be inevitable for us to not set aside additional reserves for inventory valuation of a significant amount. So if we look at EcoPro Innovation and C&G, at the end of this year, as we did last year, we will use the most conservative metal prices to actually set aside these provisions. In addition, on a consolidated basis at the end of the year, we do expect there to be a reversal in provisions at the EcoPro BM and EcoPro Materials level. However, we do think that it will not be sufficient to offset the valuation losses that we will see at EcoPro Innovation and C&G. 내년에는 생산량이 회복되면서 고가의 원재료가 소진되고, 그리고 올해 보수적으로 설정한 재고 자산 평가 충당금의 상당 부분이 차례로 환입될 것으로 예상하고 있습니다. 지금 내부적으로 내년 사업 계획을 수립 중에 있는데, 재고 규모가 클수록 메탈가 변동에 따른 가치 변동이 커지고, 또 자금 운용에 있어서도 악영향을 주는 만큼 내년에는 적극적인 재고 효율화 정책을 시행할 계획입니다. 이상입니다. So for next year, in terms of our overall production volume, we do think that there will be a recovery in that, and that will lead to us using up more of the high-priced inventory. So for this year, since we will be setting aside our valuation provisions using very conservative methods, we do think that next year that will lead to significant reversals that we will be able to experience. Internally, we are in a process right now in which we are setting aside our business plan for next year, and as the overall inventory levels that we have are larger, of course, the value changes that we see according to the changes in metal prices will be larger. So this is having a negative impact on our overall capital management. So for next year, we do want to be more proactive in terms of having a more efficient, a higher level of efficiency in terms of our inventory management. 이어서 에코프로 BM의 재고 자산 평가 손실에 대해 답변드리겠습니다. 에코프로 BM 경영 지원 본부장 김장우입니다. 앞서 발표에서도 언급한 바와 같이 이번 3분기에는 지난 9월 미국 연준의 0.5% 기준 금리 인하와 또 추가 금리 인하 기대감으로 분기 말 환율이 1,300 KRW 초반까지 하락한 바 있습니다. 또한 9월 말 기준 리튬 시세 또한 전분기 대비 23% 하락함에 따라 188억 원의 재고 자산 평가 손실을 인식한 바 있습니다. 다만 최근 환율이 1,300원 후반으로 다시 반등 추세에 있으며, 메탈 가격도 하락세를 멈추고 안정적인 상태를 보이고 있음에 따라 4분기 중에는 재고 자산 평가 충당금 환입을 예상하고 있습니다. So this is the CFO of EcoPro BM, Kim Jang-woo, and maybe I can talk about our inventory valuation losses. As we mentioned during the presentation in the third quarter, as the U.S. Fed did cut rates by 0.5% points in September, and because there are expectations about future rate cuts going forward, if you look at the end of the quarter exchange rate between the Korean won and U.S. dollar, the won went to the low 1,300 levels versus the dollar. In addition to that, if we look at the lithium prices as of the end of September, on a QQ basis, it also fell by 23%. So all in all, this led to us recognizing inventory valuation losses of around KRW 18.8 billion. However, since then, if you look at the exchange rate, the won has strengthened again to the upper or higher levels of 1,300 versus the dollar, and the metal prices also have stopped declining and are showing stable trends going forward. So in the fourth quarter, we do think that there will be a reversal of inventory valuation reserves. 2025년의 경우 메탈 가격 전망에 대한 불확실성이 여전히 존재하지만, 최근 Albemarle와 SQM 등 주요 광산 업체들의 리튬 공급 과잉에 따라 호주 및 칠레에 대한 투자를 보류하고 있는 것으로 알려져 있습니다. 기존 시세 하락과 더불어 상기 업체들의 광산 투자 보류 영향 등으로 리튬 시세 하락은 상당히 제한적일 것으로 전망하고 있으며, 이에 따라 추가적인 재고 자산 평가 손실 리스크는 미미할 것으로 예상하고 있습니다. In the case of 2025, for the outlook of metal prices, of course, there is still a lot of uncertainty related to that. However, if you look at key mining companies like SQM and Albemarle recently, as there has been an oversupply situation in lithium, they have suspended some of their investment plans for assets in Australia and Chile. So in addition to the overall decline in market prices, because these types of companies have actually decided to suspend their mine investments, we do think that the overall fall in lithium prices going forward will be somewhat limited. In addition to that, as a result, we do think that any additional losses on inventory because of valuation in terms of the overall risk will also be very small. 두 번째 질문 주신 에코프로 BM의 코스피 이전 상장 진행 상황에 대해 말씀드리겠습니다. 에코프로 BM 경영 지원 본부장 김장우입니다. 금년 초에 발표하였던 거래소 이전 상장 계획은 자회사인 에코프로 글로벌과의 합병 절차 진행, 또 최근 완료된 영구채 발행 등으로 불가피하게 일정이 지연되었습니다. 다만 지난 10월 29일 영구채 발행이 종료됨에 따라 11월 내에는 이전 상장 신청서를 제출할 예정에 있으며, 내년 1분기 내 이전 상장 완료를 목표로 관련 프로세스를 진행하고 있습니다. 이전 상장과 관련된 진행 사항은 추후 공시 등을 통해 공유하도록 하겠습니다. 이상입니다. And maybe I can move on to your second question about us moving to the Kospi market. This is the CFO of EcoPro BM, Kim Jang-woo, again. At the beginning of the year, we did disclose our overall plans to change exchanges. However, this was somewhat delayed inevitably because of the merger with EcoPro Global and also because of the recent transaction that we did to issue a perpetual bond. However, that has been said, the overall perpetual bond in terms of the issuance itself was completed on October 29th, and as a result of that, we are planning to submit the documents for the move within November. So the overall target is to complete the move to the KOSPI market within the first quarter of next year, and right now we are going through that process. So if we have any updates related to this initiative, we will make sure to share it through future disclosures. 다음으로 질문해 주실 분은 NH Investment & Securities의 Joo Min-woo 님입니다. 질문해 주십시오. The following question will be provided by Joo Min-woo from NH Investment & Securities. Please go ahead, sir. BM 관련 두 가지, 네, 저는 에코프로 BM 관련 두 가지 질문이 있는데요. 첫 번째는 신규 수주 진행 상황이 궁금하고요. 두 번째는 CAM9, 최근에 저희 가동 시점도 주셨는데 이런 것들 반영해서 중장기 CAM8랑 CapEx 한번 업데이트해 주시면 감사하겠습니다. I have two questions related to EcoPro BM that I would like to ask. The first is that in terms of new orders that you have received recently, if there's any progress that you can share on that side, that would be appreciated. And the second is that you have pushed back some of the new lines that you were planning to run. So in addition to that, over the mid to long term, if you could share us with an updated capacity plan, that would be appreciated. 예, 질문에 답변드리겠습니다. 에코프로 BM 김장우입니다. 먼저 신규 수주 확보 계획에 대해 말씀드리겠습니다. 당사는 최근 업황 둔화뿐만 아니라 고객사 편중에 따른 리스크를 축소하기 위해서 기존 고객사의 신규 프로젝트 참여, 또 신규 고객을 대상으로 영업 활동을 강화하고 있습니다. So maybe I can address your questions. This is the CFO of EcoPro BM, Kim Jang-woo. So first to talk about our new order plans going forward, not only to deal with the recent sluggishness within the market, but also to try to decrease any risk that we may have from concentration on any one customer. We are trying to focus our marketing activities in winning new projects from our existing customers and also developing new customers. 고객 확보를 위해서 협의를 진행하고 있지만 고객사와의 비밀 유지 협약에 따라서 구체적인 부분을 여기서 언급하기는 어렵지만 당사는 최소한 두 곳 내지 세 곳 정도의 OEM향 물량 수주를 위하여 고객사와 긴밀하게 협의 중이며 가까운 시일 내에 긍정적인 결과를 도출할 것으로 기대하고 있습니다. So of course there are various discussions that are ongoing, but due to the non-disclosure agreements that we have with our customers, it would be difficult for us to delve into the details. What we can say is that we are right now in close discussions with our customers around two to three different parties to be able to gain more orders to OEMs, and we do think that we will be able to come up with positive results in the near future. 조금 더 구체적으로 유럽 지역의 영업 활동에 대해서 말씀드리도록 하겠습니다. 아시다시피 당사는 유럽 현지 내 신규 양극재 공장 증설을 진행하고 있으며 유럽 지역 역내 생산 양극재의 경쟁 우위 요소를 활용하여 신규 수주 확보에 박차를 가하고 있습니다. 유럽 내 핵심 원자재법인 CRMA, EU와 영국 간 무역 협정인 TCA 규정, 그리고 중국 전기차에 대한 고관세 부과 등에 따라 주요 OEM 및 배터리 업체들은 양극재 등 배터리 주요 원소재에 대한 유럽 현지화 움직임을 강화하고 있습니다. 당사는 헝가리 신규 공장을 중심으로 현지화 수요에 적극적으로 대응할 계획입니다. In addition to maybe delve into a bit more detail about the marketing activities that we have ongoing in Europe, right now on the ground in Europe, we are in the process of building out capacity for a new cathode factory. So in the case of our locally produced European cathodes, using the competitive edge that we have, we are right now focusing on trying to win new orders. Due to the European CRMA, in addition to that, the trade cooperation agreement between the EU and U.K., and also the high tariff levels that will be levied on Chinese-related EVs, the key OEMs and battery producers in Europe are looking for localized European battery parts and also materials, which include cathodes. So as a result of that, using the overall new capacity that we have at our Hungary factory, we are going to actively try to address this local demand. 예, 다음 질문 받겠습니다. 다음으로 질문해 주실 분은 메리츠증권의 노우호 님입니다. 질문해 주십시오. The following question will be provided by Noh Woo-ho from Meritz Securities. Please go ahead, sir. 네, 안녕하세요. 저 메리츠증권의 노호우입니다. 질문 기회 주셔서 감사합니다. 저는 에코프로 HN 쪽 관련해서 두 가지 질문을 좀 드리려고 하는데요. 지난 9월에 공식 통해서 알 수 있었던 것이 유상증자 진행 상황입니다. 관련해서 유상증자에 대한 추진 배경과 그리고 향후 자금 활용 전략 방안 관련해서 저희의 충북 초평 산업단지 사업 진행 상황이랑 같이 연계하여서 설명 좀 부탁드리고 싶고요. 그리고 두 번째 질문은 연간으로 봤을 때 저희 HN의 온실가스 그리고 미세먼지 저감 사업 등에 대해서 방향성, 가이던스 등에 대해서 답변 주시면 감사하겠습니다. 이상입니다. Yes, thank you for the opportunity to ask questions. I actually have two questions that I would like to ask about EcoPro HN. First is that in September you did disclose that you would be deciding to do a rights offering for the company. So if you could elaborate a bit about the background to that rights offering decision, how you are going to use the proceeds of the offering, and also maybe elaborate a bit about how that ties into the overall Chopyeong Industrial Complex that you are building out. The second question that I have about the company is that if we were to talk about the future direction and also maybe guidance for the greenhouse gas mitigation and also fine particles reduction business of the company, that would be appreciated. 에코프로 HN 경영 관리팀장 최진영 이사입니다. 유상증자 배경과 자금 사용 계획에 대해서 먼저 말씀드리겠습니다. HN은 지난 9월 4일에 유상증자를 결정했고 이번 유상증자의 가장 큰 목적은 신규 사업 확대 및 기존 사업 강화를 위한 생산 설비, 시설 투자입니다. 자금 사용 계획은 현재 1차 발행가액 기준으로 신제품인 전해유 첨가제와 반도체 소재 생산 라인에 900억, 그리고 기존 사업인 온실가스 촉매와 케미칼 필터 생산 라인 증설로 600억, 기타 R&D 설비 투자로 200억, 그리고 주요 원자재 구입 등 운용 자금 등으로 670억 정도 투입할 예정입니다. 그리고 대부분의 자금들이 현재 촉평 산업단지에 진행되고 있는 신규 사업 아이템에게 집중 투입될 예정입니다. Maybe I can address the first question that you have about the background to our rights offering and how we're going to use the proceeds. This is from EcoPro HN, the Business Management Team Leader, Choi Jin-young. As you have mentioned, we did decide to do a rights offering as of September the 4th, and if you look at the purpose of why we want to do this, it would be to secure the CapEx that is required for various facility investments that we need to expand our new businesses and also to strengthen the existing businesses that we have. So, to maybe break down the overall use of proceeds in terms of the plans that we have, based upon the first issuance price that we have presented, we do think that of the proceeds, around KRW 90 billion would be used to build out production lines for our new products, which would be the electrolyte additives and also for the very semiconductor materials. KRW 60 billion would be to build out additional capacity for production lines that are used for our greenhouse gas catalysts and also chemical filters. KRW 20 billion would be used for other R&D equipment investments, and then around KRW 67 billion would be used for operating capital purposes such as purchasing the key raw material that we require. So as you can see, most of the funds that would be raised are going to be invested into and focused in the new business items that we would be conducting at the Chopyeong Industrial Complex. 촉평 산업단지 진행 현황은 10월 말 기준으로 대부분 마감 공사가 완료되었고, 자세하게는 생산 동 건축이 완료되었고, 10월 말 준공 승인 후 11월 중에 준공될 예정입니다. 4분기에는 일부 아이템들이 설치 완료된 양산 설비를 통해서 샘플 제조를 시작할 예정이고, 이후 고객사의 샘플 테스트를 마치고 본격적인 양산을 시작할 예정입니다. So to elaborate a bit about what is going on at the Chopyeong Industrial Complex as of the end of October right now, most of the finishing work has been completed, and the production building construction in itself is also completed. So we have received the approval for construction completion, and in November in itself, we do think that the overall project will reach final completion. In the fourth quarter, for some of the items that we are currently thinking of, through the mass production equipment that has already been installed, we will start to produce the samples that are required, and as the sample testing at our customers is completed, we will go into full production. 첫 번째는 설비 설치 완료 후 시 생산을 진행하였고, 현재 고객사에 완제품 샘플을 제공하여 평가 진행 중입니다. 4분기에는 고객사의 승인을 거쳐 내년에는 1분기부터 매출이 나올 것으로 기대하고 있습니다. 당사는 FEOC 리스크가 없는 두 가지 종류의 양산품을 확보한 만큼 25년도 하반기에는 외판까지 이루어질 수 있도록 주요 양극재 제조사들과 접촉하고 있습니다. NCA 소속용 도가니는 현재 설비 설치 완료 후 공정용 단위별로 시운전 및 더미 테스트를 완료하였으며, 연말에는 고객사 제품 인증 진행이 예정입니다. 당사는 현재 NCA 소속용뿐만 아니라 NCM 소속용 열처리용 도가니 개발도 검토하고 있으며, 확대된 모델은 25년 하반기부터 판매할 계획으로 수립하고 있습니다. 도가니도 캡티브향 물량뿐만 아니라 외부 판매까지 세우고 있으며, 현재 주요 양극재 제조사들과 접촉하고 있습니다. So on the dopant side right now, all of the facilities have been installed, and right now we are in test production. So with the customers, we currently are providing finished goods and going through an evaluation process. So once approval is provided in the fourth quarter, we do think that we will be able to start to generate sales in the first quarter of next year. Because we do have two types of products that have no FEOC-related risks, we do think that in the second half of 2025 we will be able to expand our non-captive business. So right now we are in contact with key cathode producers. In the case of NCA high-nickel saggars, the facilities again have all been installed as of now, and according to the various unit processes that we have, right now we're in the test running phase and also doing dummy tests. So this process has been completed. At the end of the year, we are planning to go through a product certification process with our various customers. So on the saggars side, not only for NCA high-nickel saggars, but we are also currently reviewing the development of NCM high-nickel saggars. So for the expanded models, we do think that we can start the sales of that from the second half of 2025, and that would not only be for captive volume but also including non-captive customers. So again, we are in contact with key cathode producers for this product. 전해유 첨가제는 총 네 가지의 첨가제를 개발하고 있으며, 24년도 말부터 26년까지 순차적으로 사업할 예정입니다. 이 중 2종의 첨가제는 현재 개발이 완료되었고, 9월에 완공된 오창 준양산 시설을 통해서 시제품 생산 및 공정 안정화 진행 중입니다. 내년 상반기에는 고객사 공급 예정으로 일정에 맞추는 샘플 테스트와 Audit 일정 협의 중에 있습니다. So in the case of electrolyte additives right now, we do have four different products that are in development, and this is something that we will start to commercialize one by one from the end of 2024 to 2026. So of those four, two currently have been completed in terms of the development in itself, and we do think that we will be able to produce the prototype products at our small facilities in Ochang that was completed in September. And in terms of the production in itself, right now we're in the process of stabilizing that process. We are planning to supply to customers from the first half of next year, and according to that schedule, we are currently discussing sample testing and audits. 다른 한 가지 첨가제는 파일럿 테스트 중으로 결과가 확보되면 25년도 상반기에 촉평 산업단지 내 양산 시설 착공을 추진할 계획이며, 25년도 하반기 준공 후 26년에 사업할 예정입니다. 마지막으로 한 종의 첨가제는 HN 자체적으로 개발한 공정으로 원가 경쟁력을 확보한 제품으로 9월에 특허 등록이 완료되었고, 이에 기반으로 스케일업은 25년도에 진행할 계획이며, 스케일업 결과에 따라서 사업화를 진행할 계획입니다. 또 이와 별도로 현재 진행 중에 있는 LFP 국책 과제를 통해 LFP에 사용될 첨가제 개발도 계획하고 수립하고 있습니다. For the third additive that we have right now, it is in a pilot test, and once we have secured the results from the first half of 2025, we are planning to start the groundbreaking for mass production facilities within the Chopyeong Industrial Complex. From the second half of next year, once that facility is completed, then we do think that from 2026 we will be able to commercialize the product. For the last and fourth additive, this is something that the company is in a proprietary development process for, and we do think that this will be very cost competitive once completed. We have completed the patent registration in September. Based upon that, we're planning to do the scale-up in 2025, and as a result of the scale-up, we will determine when we will go ahead with the commercialization. In addition to these products that we have, we also have an LFP national sponsored project that is ongoing, and we are also planning to develop the various dopants or additives that will be used for these LFPs. 반도체 소재는 전공정 소재와 후공정 소재가 개발을 진행하고 있으며, IDM에 공급하기 위한 밸류 체인을 구성을 완료하였습니다. 밸류 체인에서 정의된 고객을 대상으로 소재별로 고객사 샘플 승인이 지금 대기 중에 있습니다. 조속한 사업화를 위해서 준양산 라인 건설을 준비하고 있으며, 내년부터는 단계적으로 사업화를 추진할 계획입니다. For the semiconductor materials business right now, we are developing front-end and back-end process material, and we are trying to complete and have completed the full value chain to supply to IDMs. Based upon the identified customers that we have within this value chain for each of the different material types, we are waiting for the approvals for various samples that we have set for evaluation at the customer level. And to try to accelerate the commercialization of these products as fast as possible, we are planning to—we are preparing some small production lines, and we are trying to commercialize them one by one from next year. Thank you. 온실가스와 미세먼지 사업 실적 저조 사유와 내년 전망에 대해서 말씀드리겠습니다. 올해 상반기에는 작년 실적을 주도한 반도체, 제철, 화학 등 전반 시장의 투자 심리 축소로 당사의 공사 수주 지연과 공사 진행의 연기로 실적이 감소되었습니다. 하지만 이번 하반기부터는 해당 산업들이 시설 투자에 대한 기조가 조금씩 다시 살아나고 있고, 이에 더불어 내년에는 미세먼지 저감 사업에 대해서 제철, 화학 쪽이 아닌 발전소 영역까지 수주도 예상되고 있기 때문에 전방 시장 확대가 가능할 것으로 보입니다. 올해 영업 성과 실적으로 미세먼지 저감 사업과 온실가스 저감 사업에 대한 해외 기업에 대한 수주도 예상되고 있고, 내년에는 더 안정적인 수주를 유지할 것으로 예상하고 있습니다. 이상입니다. Maybe to move on to the second question about our greenhouse gas mitigation and also fine particles reduction businesses. The reason for the sluggish performance recently was because in the first half of this year, if we look at our key customers, which would be the semiconductor companies, also the steel and chemical manufacturing companies, the downstream market in itself did see less investments taking place in terms of the overall sentiment. And for that reason, some of the orders were delayed, and some of the construction in itself was also delayed. However, from the second half of this year, we do see that there is some recovering sentiment for investments by these downstream industries. So we do think that added to that for next year in the fine particles reduction business in itself, we also think that there will be orders that we will be able to see from power generation companies, not only the traditional steel and chemical manufacturers. So the overall downstream market in itself will become larger. So based upon the overall performance that we have seen this year, for next year for these two businesses, we also believe that we will be able to win orders from overseas clients. So that should create a more stable base for performance next year. 네, 그 질문해 주셨던 것 중에서 답변 못 드린 캡라인 일정 지연 관련 또 중장기 캡파 및 CapEx 변화 등에 대해 답변드리겠습니다. 에코프로비엠 경영지원본부장 김장우입니다. 에코프로비엠은 지난해 5월 고객사 수요에 대응하여 캡라인 신규 공장을 증설을 결정한 바 있습니다. 당초 계획상으로는 올해 말까지 해당 공사를 종료할 예정이었으나, 전기차 시장 수요 둔화 등에 따라 해당 공장의 완공 시기를 내년 내후년인 2026년으로 연기한 것으로 결정한 바 있으며, 최근에 이를 관련 절차에 따라 공시한 바 있습니다. So before we move on to the next question, I do think that there was a part of a previous question that was not addressed, which was related to the CAM9 overall construction delay and also our mid- to long-term CapEx plans at EcoPro BM. Maybe I can address that first, and then we can move on to the next question. So this is the CFO of EcoPro BM, Kim Jang-woo. In May of last year, because we did expect more demand from our customers, we did make the decision to build out a new factory, which would be CAM9. However, versus the initial plan that we had, which was to complete the overall construction by the end of this year, the overall sluggishness in the EV market in itself has led us to decide to push back the completion of this facility to 2026. So as a result of that, we did make a disclosure accordingly. 중장기 캡파의 경우에 기존의 증설 계획인 2027년 71만 톤에서 일부 캡파들의 증설 속도 조절을 검토 중에 있습니다. 또한 최근 언론에 보도된 인도네시아 통합 양극재 법인 설립 등 중장기 캡파 증설 전략의 변화가 있을 것으로 전망하고 있습니다. 자세한 사항은 당사가 11월 8일 예정한 에코프렌드리 데이 행사를 통해 구체적으로 말씀드리겠습니다. So to talk about our mid- to long-term capacity overall plans, the initial capacity expansion plans that we had was to reach 710,000 tons by 2027. However, right now we are reviewing, moderating down our capacity addition, the speed of capacity additions that we are achieving, and also, as you have seen recently in the news, we also have made the decision to establish an Indonesia entity for integrated cathode operations, so we do think that there will be changes that we would see in our mid to long-term capacity strategy accordingly, but for the details of that, I do think that it is something that we can share with you during our Eco-Friendly Day event on November 8th. 마지막으로 금년도 캡팩스의 경우 당초 연초에 1.5조원 지출을 예상한 바 있으나, 캡라인을 포함한 투자 속도 조절 효과로 올해 캡팩스 지출은 1.0조 내외로 예상하고 있습니다. 이상입니다. In addition, in terms of our CapEx for this year, initially we had come out with a CapEx budget of KRW 1.5 trillion for the year. However, as mentioned, we are trying to moderate some of our investment pace, including CAM9. So as a result, we think that for the full year, our final CapEx will end up at around KRW 1 trillion level. 예, 시간 관계상 마지막 질문을 받도록 하겠습니다. So due to the current time constraint, I think that we have time for one last person. 다음으로 질문해 주실 분은 KB증권의 이창민 님입니다. 질문해 주십시오. The following question will be provided by Lee Changmin from KB Securities. Please go ahead, sir. 예, 질문해 주셔서 감사합니다. 두 가지 질문인데요. 에코프로 머티리얼즈 관련된 질문들입니다. 첫 번째는 신규 고객사 확보 진행 상황과 내년 외부 판매 비중 어떻게 전망하시는지 궁금하고요. 두 번째로 3분기에 수익성이 왜 부진했고 언제쯤 정상화되는지 궁금합니다. 이상입니다. Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask related to EcoPro Materials. The first question is that for new customers, in terms of securing new customers, what type of progress has been made? And in terms of next year, what do you think your percentage of non-captive customers will be? The second question that I would like to ask is about your third quarter profitability. It does seem to be a bit sluggish. When do you think there will be a normalization in this trend? 네, 에코프로 머티리얼즈 구매 영업 담당 박병환입니다. 먼저 에코프로 머티리얼즈의 신규 고객사 확보 진행 상황과 내년 외부 판매 비중 전망에 대해 말씀드리겠습니다. 당사는 올해 3월 초에 미국 OEM사와 중장기 공급 계약 체결을 공시한 바 있고, 또 올해 3분기부터 다른 신규 고객사로 전구체 출하를 시작했습니다. 이렇게 당사는 올해 두 개의 신규 고객사를 확보하였으며, 내후년까지 당사의 IRA 적격 전구체 제품을 중심으로 추가적으로 여러 신규 고객사를 확보할 예정입니다. So maybe I can address your first question. This is the Purchase and Sales Managing Director, Park Byung-hwan from EcoPro Materials. If we look at the beginning of this year, around March, we did sign a supply agreement, a mid- to long-term supply agreement with the U.S. OEM. And then from the third quarter of this year, we also started shipments to an additional new customer. So for this year, we have been able to add on new customers to our overall portfolio. Until 2026, focusing on the IRA compliant precursors that we have, we do think that we will be able to secure new orders from a wide variety of additional customers. 최근 미국 대선을 앞두고 미국 OEM사들이 FEOC 규정 해석에 매우 보수적인 태도를 유지하고 있습니다. 현재 시점에서 대부분 밸류 체인의 중국 기업들의 지분율을 25% 이하로 낮춰달라는 요청을 많이 하고 있습니다. 당사는 이를 충족하는 국내 유일의 전구체 업체로서 시장 지위를 활용해서 고객들의 니즈에 맞는 IRA 적격 밸류 체인을 갖추고 차세대 제품 개발 및 영업을 적극적으로 추진하고 있습니다. And with the U.S. elections upcoming, if you look at the U.S. OEMs and the interpretation of the FEOC regulations, I do think that they are showing a very conservative stance towards that. So as of the current time, the overall request that we receive a lot is to make sure that the overall China content within the overall value chain is less than 25%. So as a company, which is the only producer in Korea for precursors that is able to satisfy this condition, we're trying to utilize the current market position that we have to be able to put in place an IRA compliant value chain that satisfies our customer needs and can also develop next generation products and focus on the marketing of that. 이러한 환경에서 당사는 내년부터 여러 외부 고객사용 전구체 출하를 본격적으로 시작할 예정이고, 내년에는 외부 판매 비중이 50%를 넘을 것으로 예상하고 있습니다. 올해는 전기차 시장 저전 및 메탈 가격 하락으로 어려운 상황을 겪고 있습니다만, 내년부터는 외부 판매 확대를 통해서 큰 폭의 전구체 출하량 증가를 기대하고 있습니다. 추가 신규 고객사 확보를 위해서 지속적으로 노력하겠습니다. So within this backdrop, from next year, we do think that we will be able to see a larger volume of shipments to non-captive customers. So as a result of that, we do think that the percentage of our non-captive sales will reach 50% or be above that. For this year, because the EV market was in a chasm phase and because metal prices were falling, that led to a very challenging market situation. However, from next year, by expanding our non-captive sales, we do think that there will be a significant increase in shipments that we will be able to enjoy. And by acquiring new additional customers, of course, this is an effort that we will continue going forth. 이어서 3분기 수익성 부진 원인, 수익성 정상화 시점에 대해서 말씀드리겠습니다. 에코프로 머티리얼즈 경영관리담당 조병익입니다. 3분기 수익성 부진에 대해 말씀드리면, 당사의 전구체 제품의 주요 원재료인 니켈 가격의 경우, 앞에 실적 발표 때도 말씀드렸습니다만, 3분기에 전분기 대비 약 한 12% 수준의 가격 하락이 있었습니다. 이로 인해서 재고 평가 손실이 한 152억원이 발생하였지만, 4분기에는 이 중의 일부가 환입될 것으로 예상하고 있습니다. 그 외로 여러 신규 고객사 제품 개발 대응과 관련하여 큰 비용과 낮은 가동률에 따른 고정비 부담이 반영되었습니다. 이 금액이 합쳐져서 한 385억 정도 3분기에 손실이 발생하였습니다. 가동률은 3분기를 바닥으로 해서 회복을 전망하고 있고, 점진적인 수익성 개선을 따라가지고 전망을 하고 있습니다. So this is Cho Byung-ik, in terms of the Business Management Team Leader at EcoPro Materials, and maybe I can talk about the sluggish Q performance in terms of our profitability. If you look at nickel prices, which is the key material behind our precursors, in the third quarter, on a Q2 basis, the overall price level dropped by 12%. As a result of that, if you look at the inventory valuation losses that we incurred, it was KRW 15.2 billion. In the fourth quarter, we do think that there will be a reversal of some of that amount. And in addition to that, we do think that there will be a reversal in that amount. However, in addition to that, from other new customers that we have, we are trying to develop new products, and also there's a related cost related to that. And also there is a burden in terms of our fixed cost because of the low utilization that we have. So all in all, the losses were KRW 38.5 billion in total. If we look at the utilization, we think that with this quarter being the bottom, we will see a recovery going forward, and as a result of that, our profitability should gradually improve also. 다음으로 수익성 정상화는 가동률이 정상화되는 시점일 것이며, 외부 판매 물량이 본격적으로 증가되는 내년 상반기 중으로 예상을 하고 있습니다. 당사는 향후 손익 구조 변동성을 축소하기 위해 잠재적으로 황산니켈 등 원료 판매 사업 확대와 추가 업스트림 확장을 검토하고 있습니다. 이에 대해서는 차주 에코프렌들리 데이에서 자세히 설명드릴 수 있도록 하겠습니다. 이상입니다. So in terms of when we think our profitability will be back to normal, it would be the time in which our utilization levels are back to normal. So that would be when our overall non-captive sales volume is increased, which would be the first half of next year. So we are trying to also make efforts to decrease the overall volatility of our margin structure. So gradually, we are making plans to delve into the materials sales business for nickel sulfate and also expand more into the upstream side. For the details of that, I do think that this is something that we can share with you during our Eco-Friendly Day next week. 이상으로 실적 발표회를 마치도록 하겠습니다. 참석해 주신 모든 분들께 다시 한번 감사의 말씀을 드립니다. So with that, we would like to wrap up our conference call for this quarter. For all of you who have participated, thank you very much.