We will now begin EcoPro's Q4 2024 Earnings Conference Call. Following the earnings announcement, we will provide an outlook on the second half of the year and hold a Q&A session. The earnings announcement will be conducted with simultaneous English interpretation, and after that, the business outlook presentation and responses to pre-submitted questions will follow. The subsequent live Q&A session will be conducted with consecutive English interpretation. Now, we will proceed with EcoPro's presentation. Good morning. Thank you very much for attending today's earnings call despite your busy schedules. I have with me today from EcoPro, CFO Park Jae-ha, Managing Director Kim Soon-joo of Financing and Accounting. From EcoPro BM, CFO Kim Jang-woo and Director Oh Dong-gu of R&D Division. From EcoPro Materials, Lee Seong-jun, in charge of business management. From EcoPro HN, [Choi Jin-young], head of management team. Please note that the earnings presented today may change subject to independent auditors' review. Without further ado, we will now commence EcoPro's earnings conference call for Q4 2024. Good morning. I'm Kim Soon-joo Managing Director of Finance and Accounting Department at EcoPro. Please follow along the earnings material that we shared. We will begin today with the earnings of four EcoPro Group companies in order, after which we will entertain your questions. We begin on page five, consolidated P&L of EcoPro BM. EcoPro BM's Q4 2024 consolidated revenue was down 11% QoQ to KRW 464.9 billion. Meanwhile, operating profit improved QoQ to record a loss of KRW 9.6 billion. Although we saw a rebound in cathode sales volume for EV and power tool, whose demand previously was muted, ESS shipment dipped temporarily, and on the back of decline in metal price pushing down on ASP, quarterly revenue came down. On the other hand, at Q4 end, the $1 exchange rate increased to KRW 1,470, having a positive impact on our earnings, and there was a reversal of KRW 12.9 billion from provisioning for inventory valuation. Due to soft downstream market driving decline in sales volume and fall in metal prices, 2024 annual revenue fell 60% YoY to KRW 2.7668 trillion, with operating losses reporting KRW 40.2 billion. In Q1 2025, however, as customers' inventory is depleted and on the launch of new EVs, we expect to see QoQ revenue increase and additional improvements in profit. In 2025, on a full-year basis, we project sales volume increase against major customers, and by winning orders from new OEMs, we expect revenue to trend upwards. We forecast meaningful improvement following higher utilization and productivity enhancements. Next, on page six, revenue structure and the financials. Revenue mix on a value basis shows cathode materials for EV in Q4 increasing its revenue share from 53% to 62%, up 8.8 percentage points, and as mentioned before, cathode materials for ESS share was 23%, down by 9.7 percentage points. On a 2024 annual basis, amidst slowdown in the EV downstream market, cathode materials for ESS revenue share went up to 70%, and power tool share was 14%, flat YoY, which shows product portfolio is well-balanced and diversified. Moving on to the financials data statement on the right, total assets as at the end of Q4 2024 was up 5.1% QoQ, reporting KRW 4.3647 trillion. Total liabilities was down 8.6% QoQ to KRW 2.3734 trillion, and equity increased 28% QoQ to KRW 1.9912 trillion. Following on from last quarter, thanks to continued efforts to downsize inventory, Q4 end inventory asset decreased 9.4%, and following the issuance of hybrid securities and repayment of borrowings, that ratio improved to 119% from last quarter's 167%. Next, page seven is P&L of EcoPro Materials. EcoPro Materials Q4 2024 revenue was up 34% QoQ to KRW 88.1 billion, with operating profit narrowing loss and coming in at - KRW 7.8 billion. Sales volume was flat QoQ, but product mix improved on higher sales of oxidized precursors and other high-value-added products, which led to revenue expansion, and while due to utilization, fixed cost burden continued as international nickel price declined as exchange rate increased, there was a partial reversal of inventory loss leading to improved profitability QoQ. On a full-year basis, soft downstream market led to a reduction in sales volume, driving revenue down 69% YoY to KRW 299.8 billion, and operating losses of KRW 63 billion. In Q1 2025, we are forecasting revenue increase on higher precursor sales to non-captive customers, and as per our disclosure, we will complete acquisition of stakes in Green Eco Nickel of Indonesia in the first half and commence mass production, which is expected to drive significant improvement in consolidated profits. Page 8 is revenue structure and the financials. In terms of revenue mix on a value basis, in Q4, revenue from new customers expanded, driving NC precursor share to 83%, while total precursor sales volume increased 3% QoQ. Also, as mentioned earlier, on strong dollar and as higher-priced products expanded in the revenue mix, precursor ASP increased 38% QoQ, driving earnings improvement. Furthermore, by expanding sales of metal sulfate, we increased the revenue share of smelting business. In 2024, revenue mix was NCM precursor 55%, NC precursor 29%, metal sulfate 2%, and others accounted for 14%. Through customer diversification and expanding metal sulfate sales, we plan to secure a stable revenue stream going forward. On the right-hand side, you see financial statement showing 2024 Q4 end total assets up 15% QoQ, reaching KRW 1.2916 trillion. Total liabilities up 41% QoQ to KRW 552.6 billion, and total equity increasing 1.4% QoQ, coming in at KRW 739 billion. Borrowings were up due to CAPEX for Pohang # 4 campus and acquisition financing for Green Eco Nickel. As such, a debt ratio increased from 54% in Q3 to 75%. Page nine is EcoPro HN P&L update. Q4 2024 revenue of EcoPro HN was up 43% QoQ, reporting KRW 80 billion. Operating profit was up 34% QoQ to KRW 7.6 billion, with OP margin recording 9.5%. There was revenue increase underpinned by higher revenue from greenhouse gas and fine particle solutions, which are construction-type businesses, as well as steady performance from water treatment business. OP margin was flat QoQ based on the mix of items per business segment and on one-off cost impact. In Q1 2025, we expect revenue trend to slow down temporarily due to the nature of it being a slow season for order-based business. With the start of operation of Chopyeong Industrial Complex, we expect OP margin to slightly dip due to the relatively higher fixed cost when compared to initial run rate, but we expect to see revenue come through starting second half from secondary battery and semiconductor materials, and as a result, profitability is expected to gradually improve. Next, page 10 is revenue structure and the financials. In terms of the revenue breakdown on a value basis, in Q4, order wins for greenhouse gas and fine particles reduction solution projects increased, driving revenue up 164% and 77% QoQ respectively, and pushing the greenhouse gas revenue share to 30%. On a full-year basis, the newly begun water treatment business accounted for 43% of revenue on the 2024 basis, with the established chemical business accounting for 21%, greenhouse gas 27%, and fine particle business at 9% of the revenue mix. Financial statement on the right shows as Q4 end 2024 total asset up 75% QoQ to KRW 466.2 billion, total liabilities up 13% QoQ to KRW 169.9 billion, total equity going up 153% QoQ, reporting KRW 296.3 billion. During Q4, cash and cash equivalent increased on financing via a rights offering, driving debt ratio from 128% end of last quarter to 57% as of Q4 end. Also, on the back of progress on orders, which drove higher shipment volume and inventory adjustment of chemical filter business, inventory asset was reduced by 42% QoQ. Next, on page 11 is EcoPro's, the holding company's consolidated P&L. EcoPro's Q4 2024 consolidated revenue was up 6.2% QoQ to KRW 631.3 billion. Operating losses recorded KRW 121.3 billion. Battery material business saw non-captive sales growth, and on strong performance of environment business, there was QoQ revenue growth, with listed subsidiaries recording improved QoQ profitability. However, due to year-end provisioning for inventory valuation of non-listed entities, EcoPro CnG and EcoPro Innovation, amounting to KRW 82.6 billion, operating loss widened in Q4. In 2024, annual revenue was down 57% YoY to KRW 3.1103 trillion, and operating losses were KRW 314.5 billion. In Q1 2025, battery materials business is expected to move past last year's poor performance, and as downstream customers carry out inventory adjustment and following the base effect, we expect to see recovery in sales volume and profitability. Also, by continuing with the group's cost innovation and business efficiency efforts ongoing since last year, and by entering Indonesia in 2025, we will minimize the external impacts such as IRA and also reinforce core competitiveness in 2025. Next, on page 12 is the holding company's consolidated financial statement. As at Q4 2024, total assets are up 8.3% QoQ to KRW 8.164 trillion. Total liabilities up 0.6%, rather 0.7% QoQ to KRW 4.32 trillion, and total equity growth 18% QoQ to KRW 3.844 trillion. Due to capital raising by subsidiaries, including the issuance of hybrid securities by EcoPro BM and rights offering by EcoPro HN, along with the reduction in borrowings, the debt ratio declined to 112.4% in Q4 from 132.2% in the previous quarter. In addition, through the rationalization of inventory assets within the family companies, inventory was reduced by 10% compared to the previous quarter. We plan to continue our efforts to improve the financial structure and ensure the efficient management of assets going forward. Thank you for listening. [Foreign language] This ends our presentation, and we will now present our 2025 business outlook. [Foreign language] Good morning, this is Park Jae-ha, CFO of EcoPro. As you are aware, the local secondary battery manufacturers went through tough challenges last year, and if we compare the company's performance to the previous year, we have somewhat underperformed. This year, with the start of the second Trump administration, again, we believe that we will be facing new challenges. [Foreign language] On the other hand, however, global raw material prices, such as metal prices, are relatively stable, and we do not foresee any steep volatility like we had in the past. Therefore, valuation losses on inventory assets, which impacted our profits, are not expected to be an important issue in the future. [Foreign language] As of the end of the fourth quarter, non-listed subsidiaries set additional provisions for inventory valuation losses, and Q4 consolidated valuation losses were KRW 65.6 billion. Provisions as a whole on a consolidated basis totaled KRW 243 billion. However, we expect that around 70%, or KRW 170 billion in provisions, will be reversed within 2025. [Foreign language] From a sales perspective, we expect customers this year to see improvements when compared to last year. As new customers realize, we expect our subsidiaries, including EcoPro BM, EcoPro Materials, and EcoPro Innovation, to show a meaningful increase in their top line. At the group level, the inroads in the upstream sector in Indonesia are going smoothly. Not only are we generating equity and gains from the QMB project and interest income on the loans provided, but we are also expanding into new nickel refinery projects. In addition, some projects will contribute strongly to our profitability through consolidated sales and profits. [Foreign language] There are currently uncertainties such as possible shift in U.S. Trade policy and a rollback on the IRA, but regardless of changes in the external environment, the company will continue to pursue innovative projects that can enhance its competitiveness. Through the cost innovation projects we started last year, we are aiming to achieve the best level of processing costs and productivity in the industry, and this year with the Indonesia project, we are striving to achieve the lowest raw material cost level within the industry. These efforts will enable the company to solidify its cost competitiveness and turn around its earnings trend this year based on technology leadership and customer diversification. Thank you. [Foreign language] Next, let me go over the 2025 business outlook for EcoPro BM. This is the CFO, Kim Jang-woo. [Foreign language] If you look at the reports of major market survey companies, they expect EV market growth in 2025 to be in the mid-20% range, which represents an improvement in the market backdrop. In addition, in our case, we expect the base effect from key customers depleting their inventory and the effect of new car releases to be added, which would lead our outlook of a sales volume increase of around 40% for the year. In terms of profitability, we expect higher sales volume to spread out fixed costs and productivity improvements to result in cost savings, which, in all, would lead to significant improvements in our operating profit. Thank you. [Foreign language] This is EcoPro Materials' Strategic Planning Team Leader, Lee Seong-jun. Let me go over the 2025 business outlook of the company. This year, the top priority will be on improving our fundamentals, and we expect our earnings to improve based upon these efforts. First, we are planning to increase our precursor sales volume by diversifying our customer base. Last year, we acquired two non-captive customers, and we plan to increase our sales volume with them this year. In addition, we expect our sales with EcoPro BM to recover, which we expect will result in a significant increase year-over-year. We will also secure additional new customers this year to further diversify our precursor customer base. [Foreign language] Second, the company is planning to improve profitability by innovating our business model. EcoPro Materials is currently pursuing the acquisition of Green Eco Nickel, which is an Indonesia MHP refinery. We plan to close the acquisition by mid of the year and become the majority shareholder of the company. Once completed, the performance of Green Eco Nickel will be included in our consolidated financials. By expanding upstream, we will achieve stronger cost competitiveness, better profitability, and secure a supply chain outside of China. [Foreign language] Lastly, from a business diversification standpoint, the company is planning to expand its RMP process-based metal sulfate refining business. We are currently securing the feed and marketing to customers in Korea and abroad, which we believe will result in meaningful revenues within the year. [Foreign language] The company will focus on improving fundamentals this year to continue to make steady progress against the mid-to-long-term goals that we shared with you during our Eco Friendly Day last year. Thank you. [Foreign language] Good morning. This is the head of the management team of EcoPro HN, [Choi Jin-young], and let me present our outlook for the 2025 business. This year, we are expecting to generate sales from the secondary battery and semiconductor materials business. Dopants and Saggars will be supplied to captive demand from the first half of this year. And in the case of electrolyte additives and dopants, we are currently conducting non-captive customer evaluations with the target of supplying from the second half of the year. In addition, semiconductor back-end materials have increased two to three times in terms of shipment volume compared to last year's small sample units. The development of materials for various HBM models has been completed, and we are awaiting customer approval. In the second half of the year, we expect revenues to come in full-fledged. We have also completed the development of two materials for front-end patterning. We plan to conduct customer mass production evaluations in March, and revenue is expected to start from the fourth quarter. This year, new business sales are expected to be around 10% of the total, and we anticipate continuous growth going forward. [Foreign language] On the environment business, for chemical filters and greenhouse gas mitigation solutions, we expect the HBM market to grow 66%, which is expected to drive sales higher year-over-year. For the greenhouse gas mitigation solutions business, we have secured successful references of overseas semiconductor producers, and we are currently in detailed discussions with clients. The parties we are talking to are currently constructing new fabs, so we are reviewing the possibility of installing the facilities within the site. We expect to win the new orders within the first half of the year. In general, the downstream industry is sluggish, and there continues to be various uncertainties such as U.S. tariff policies, but we will exert our efforts to improve both sales and operating profit by continuing to develop business items that have both high technical expertise and price competitiveness. Thank you. [Foreign language] We will now end the 2025 business outlook and move on to the Q&A session. Before we start the live Q&A, we would like to first address some questions that were submitted in advance. The first question that we received is that if the U.S. IRA is abolished, does the company believe that downstream companies may not try to move away from China? And this question will be addressed by EcoPro. [Foreign language] So this is the CFO of EcoPro, Park Jae-ha. And with regards to the U.S. IRA, I think that if you look at what has happened to date, there are no measures that will be directly impacting our business. However, with the IRA and other policies from the new administration, I do think that there are various analyses that the market is currently providing. However, I do think it is a bit too early to make an accurate forecast about the future. What we can say as of the current time is that even within the Republican Party of the U.S. overall, the Senate and also in terms of the lower house, I do think that there are various opposing opinions, and as a result of that, the possibility of the IRA in itself being abolished does seem to be low. However, I do think that there would be other options available, including executive orders, and at the end of the day, it does seem to be inevitable that the IRA-related subsidies would be cut. [Foreign language] So regardless of what type of measures the U.S. government does take, I do think that there is a strong stance towards trying to move away from China. So as a result of that, I do think that for our downstream customers, they will maintain their stance in such a situation. As a result, in the U.S. market, I do think that we will be able to maintain a relative upper hand versus the Chinese companies. To be able to utilize such a situation to the maximum, that is one of the reasons why we are currently pursuing the Indonesia nickel refinery project so that we can create a partnership structure that can flexibly address any anti- or anti-China-related measures. In particular, in the precursor industry, where there is a high dependency on China, I do think that this would be a very effective type of strategy. [Foreign language] Regardless of the situation, as mentioned in the beginning, I do believe that regardless of what is changing in the external environment, we do want to secure a differentiated competitiveness based upon innovative costs. So this is what we deem to be the most important agenda that we currently have. If the situation were to change and we were to compete on equal grounds with China, we still would like to create a business model in which we would be able to have a sufficient upper hand versus such companies. So that is our target. [Foreign language] So the second pre-submitted question that we received would be the overall revenue and also profit impact from the Indonesia project that is currently being pursued by EcoPro Materials. And EcoPro Materials will address this question. [Foreign language] So this is Lee Seong-jun, the Strategic Planning Team Leader of EcoPro Materials, and maybe I can answer your question about the acquisition of Green Eco Nickel. From the company's perspective, one of the reasons why we are currently pursuing this acquisition is because Green Eco Nickel does represent a nickel production facility capacity of 20,000 tons. So the overall target is to complete the acquisition within the year and also start mass production of nickel MHP. After the acquisition, at the time when we believe that we have fully ramped up our mass production, then that is when we would be including this company as a consolidated subsidiary under our earnings. So for Green Eco Nickel, we expect that the per-year revenues will be around KRW 300 billion-KRW 400 billion, and the operating profit to contribute around KRW 100 billion. [Foreign language] So in the case of Green Eco Nickel and the nickel MHP that they produce, 50% will be supplied to EcoPro Materials. As a result of that, 50% of the sales of Green Eco Nickel will be offset as intercompany transactions. However, in terms of the consolidated operating profit, that would be recognized as is. EcoPro Materials would receive nickel MHP from Green Eco Nickel at a slightly discounted price versus international market prices. So we do believe that it will contribute to strengthening the cost competitiveness of our precursor business. Thank you. [Foreign language] So with this, we would like to wrap up the pre-submitted questions that we have and start the Q&A session. [Foreign language] Now, Q&A session will begin. Please press star three, that is star three, if you have any questions. Questions will be taken according to the order you have pressed star three. For cancellation, please press star four, that is star and 4, on your phone. [Foreign language] The first question will be provided by Lee Hyun-wook from IBK Securities. Please go ahead, sir. [Foreign language] For the opportunity to ask questions, there are two questions that I would like to ask you. One is about EcoPro BM, and one is about EcoPro CnG. So for EcoPro BM, the question would be that from last year, the company has been pursuing a transfer to the KOSPI market. I would like to know what the progress on that overall initiative is as of the current time. And the second question that I would like to ask the whole company is that I do think that in the market there is some concern right now about some uncertainties or instabilities related to the financial profile of the company, such as liquidity-related risks. So how is the company managing its financial profile? [Foreign language] This is the CFO of EcoPro BM, Kim Jang-woo, and maybe I can talk about the progress that we have been making on transferring to the exchange. In November of 2024, we did submit a preliminary review application to the exchange, and after such application was made, we have submitted the required materials and also had meetings with the exchange-related contact parties. In addition to that, we have conducted on-site due diligence, and right now we are going through the review process from the exchange. [Foreign language] So of course, we are continuously communicated with the exchange to ensure that the transfer can be completed as early as possible, but we do believe that the overall review process in itself could be a bit delayed. However, that has been said in terms of our overall market cap size or the business outlook that we have, we do not believe that there will be any special issues in us transferring exchanges. So we do think that the approval will come forth towards the end or around the end of the first quarter. So with regards to any further updates, we will make sure to share this with you through additional disclosures. Thank you. [Foreign language] So this is the CFO of EcoPro, Park Jae-ha, and maybe I can take your second question that you asked about our overall financial profile management. So as you have mentioned recently, because the market continues to be in a downturn in terms of the trends, I do believe that there is a rising concern that we see about financial risk. However, even in such a challenging backdrop, if you look at the group as a whole, we were able to finance in terms of new capital raised around KRW 620 billion. And as a result of that, if you look at our consolidated debt ratio at EcoPro, as of the end of the third quarter, it was 132%. However, we were able to significantly decrease that to 112% as of the end of last year. In addition to that, if you look at our dependency on net debt, it has gone from 35% to 27% during the same period of time. So as a result of that for this year, we do think that we would be able to increase our profitability while decreasing the overall interest expenses that we incur. [Foreign language] In addition to that, in relation to the Hungary project that we are currently conducting through ECA, we have been able to acquire a credit facility of around KRW 1.2 trillion equivalent. So as of the end of last year, if you look at our consolidated cash and cash equivalent assets, that also accounts for around KRW 980 billion. So in such a situation, I would like to say that I don't believe that any financial risk should be of a concern. In terms of our CapEx execution also, we are categorizing CapEx in terms of what is immediately necessary and also what is important so that we have flexible investment scenarios that we can cater to as the situation continues to evolve. So this year, if the overall industry does recover, we do believe that we will be able to enjoy a more solid financial profile. Thank you. [Foreign language] The following question will be presented by Ju Min-woo from NH Investment & Securities. Please go ahead, sir. [Foreign language] I have questions that I would like to ask about your cathode business and also your precursor business. On the cathode side, I do believe that during your last earnings conference call, you talked about new customers and how they would be growing going forward. So if you could talk about your order book as of the current time, that would be appreciated. And secondly, on the precursor side, if you could talk about your outlook for sales volume for 2025, that would be appreciated. [Foreign language] So this is EcoPro BM CFO Kim Jang-woo, and maybe I can talk about our new orders related progress. So in light of not only the declining overall market situation but also in order to deal with any customer concentration related risks, we do continue to make various efforts. And as a result of that, we are trying to make inroads into new projects that our existing customers are planning and also continue to increase our marketing activity towards new customers. [Foreign language] So as of the current time, for the various battery manufacturers and OEMs that we are talking to about new orders, right now we are at the stage in which we are going through quality assessments and also talking about detailed contract terms. However, due to confidentiality arrangements that we have with such customers, please understand that it would be difficult for us to delve into the details. However, what we can say is that within the first half of the year with regards to new orders, we do expect that we will be able to come forth with news about more tangible results. [Foreign language] This is the CFO of EcoPro Materials, Lee Seong-jun, and maybe I can address your second question about our sales plans for 2025. If you look at our sales volume plans that we have for the full year for the precursor business, I do think that because of the recovery in sales volume that we see with our captive customers and also by expanding our non-captive base, we expect that there will be an increase Y over Y. So if we look at the overall percentage of the non-captive volume that we are foreseeing, we do believe that it will be around 50% of the total for this year. In addition, in terms of the total sales volume, it would be difficult to give you specific numbers, but what I can say is that though on the downstream demand side, we do see some sluggishness as we continue to diversify our client base, and because we do believe that there will be more business with our captive customers, in terms of comparing to last year, we do think that there will be around two to three times growth. In addition to that, for EcoPro Materials, we continue to acquire new customers, which we believe would be the growth drivers for the future. So for various customers that we currently have, I do think that there are some concerns about China risks related to IRAs or in terms of tariffs going forward, including any ownership structures that may be of an issue. So utilizing this overall situation, we are currently providing sample tests to partners in the U.S., Japan, and also Europe, and also are having various discussions about cooperation possibilities going forward. So this year again, we will continue to put in efforts to try to acquire new customers and create a foundation for future growth. Thank you. [Foreign language] The next question will be presented by Lee Chang-min from KB Securities. Please go ahead, sir. [Foreign language] Yes, there are two questions that I would like to ask EcoPro BM, and if I elaborate about what they are. First, in terms of the recent situation in the European EV market, it does seem to be that there are some slight recoveries that are taking place. However, in terms of how that situation impacts your overall Hungary business, in terms of the capacity there and in terms of when you will start the ramp-up, I would like to ask about that overall situation. And then for 2025, in terms of the CapEx numbers that you would have for your business, what numbers would we be able to expect? [Foreign language] So this is the CFO of EcoPro BM, Kim Jang-woo, and maybe I can address your first question about the overall ramp-up of our Hungary factory in terms of our production plans going forward. So if you look at the total capacity of our Hungary site right now, we have three production lines, which represent a total capacity of 54,000 tons per year. [Foreign language] So if we look at the current progress that we have made in terms of the actual build-out, the overall structure has been completed, and we do have the various equipment that we require inputted into the site, so right now, we are going through the approval process to actually utilize the building, and also in terms of the facility side, we are preparing to do the test runs right now, so once this overall process is completed, we will go through a process in providing mass production samples, and we do think that beginning with one line in the fourth quarter of this year, we will be able to start commercial production. [Foreign language] So maybe I can move on to your second question about our CAPEX and also funding plans for 2025. In terms of EcoPro BM, I think that in total for the CAPEX that we have in Korea and abroad, that would represent around KRW 500 billion. To break it down in more detail, in Korea, we do think that if you look at the capacity improvements and also the maintenance CAPEX that we have, that would represent around KRW 150 billion for Korea, and then in terms of the overall investments that we would have, including the new Hungary project, that would represent around KRW 350 billion overseas. [Foreign language] In terms of our funding plans for that CAPEX, of course, including the KRW 200 billion line that we have for the ECA funding that we talked about before, we also have internal cash of around KRW 500 billion. We do believe that that represents a sufficient amount of liquidity to facilitate and to fund the CAPEX that we have going forward. [Foreign language] [Foreign language] The following question will be presented by Lee Jin-myung from Shinhan Finance Securities. Please go ahead, sir. [Foreign language] Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask. First is to EcoPro BM. If you look at the current situation, I think that a lot of the local players are currently focused on the LFP side of the business. So for LFP, what type of progress has the company made? In terms of EcoPro Materials, which is the second question that I would like to ask you, for your precursor business going forward, if you could elaborate a bit in more detail about what your plans are, that also would be appreciated. [Foreign language] This is Oh Dong-gu, the director of the R&D division at EcoPro BM, and maybe I can talk about the current progress that we are making recently with regards to LFP. LFP [Foreign language] So on the LFP side, right now, in terms of our overall R&D approaches, we're currently using a methodology that uses precursors and also a no precursor synthesis approach together. So this is simultaneous development that is taking place. And currently, at the lab-level tests that we have had, we have been able to develop a next-generation product that has higher energy density. So even when compared to the LFP cathodes that are produced by the Chinese players, we have been able to achieve the best level of performance within the market. So currently, we are planning a pilot line of around 3,000 tons per year capacity. And from the second quarter of this year, we will be able to provide hundreds of tons of samples to our customers. [Foreign language] In addition, in relation to the cooperation project that we have with OEMs that was disclosed within the press last year, right now we are working together with Hyundai Steel and Hyundai Motor Company to conduct a government project. So in October of last year, there was the kickoff meeting that we had, and then there was a discussion about the roles and responsibilities across the universities, research institutes, and companies that are participating with the target of trying to localize LFP-related materials. With regards to the LFP materials that we are trying to develop, we are trying to create a new local supply chain within this industry. With regards to the final verification, that role will be conducted by the OEMs themselves. We are currently exerting our efforts to try to come up with very positive results. [Foreign language] This is the CFO of EcoPro Materials, Lee Seong-jun, and maybe I can address your second question, which was about the increase in our ASP that we saw in the fourth quarter. So if you look at the drivers behind the increase that we saw in the ASP, we do think that one of the largest drivers there would be with regards to the overall contribution that we had from sales of oxidized precursors, which tend to be of a higher unit price. So oxidized precursors themselves do contribute to improving the overall productivity of firing processes for cathodes, and as a result of that, there is a lot of demand by our customer base. [Foreign language] So when compared to the previous hydroxide-based precursors, oxidized precursors have a lower moisture content, resulting in a 20% less rate. So as a result, if we look at the sales price on a per-kilogram basis, there might be a slight distortion when compared to our existing products. So if we were to look at the quarterly sales volume on an apples-to-apples basis, the actual sales volume increase would be around 20%. And of the 38% increase in the ASP, 20% could be attributed to this factor, with the remaining portion driven by exchange rate differences and also improvements in our product mix. [Foreign language] So with this, we would like to wrap up our overall earnings conference call. And once again, for those of you who participated, we would like to thank you again. Thank you.