雅保公司 (ALB) 2024 Q2 法說會逐字稿

Hello, and welcome to Albemarle's Q2 2024 earnings call. I will now hand it over to Meredith Bandy, Vice President of Investor Relations and Sustainability.

您好，歡迎參加 Albemarle 的 2024 年第二季財報電話會議。我現在將其交給投資者關係和永續發展副總裁梅雷迪思·班迪 (Meredith Bandy)。

Thank you, and welcome, everyone, to Albemarle's second quarter 2024 earnings conference call. Our earnings were released after the market yesterday, and you'll find the press release and earnings presentation posted to our website under the Investors section at Albemarle.com. Also posted to our website is yesterday's additional press release announcing our initiation of a comprehensive review of our cost and operating structure, which we will also reference during our comments today.

謝謝並歡迎大家參加 Albemarle 的 2024 年第二季財報電話會議。我們的財報於昨天盤後發布，您可以在我們網站 Albemarle.com 的投資者部分找到發布的新聞稿和財報演示。我們的網站上也發布了昨天的額外新聞稿，宣布我們開始對成本和營運結構進行全面審查，我們也將在今天的評論中引用新聞稿。

Joining me on the call today are Kent Masters, Chief Executive Officer; Neal Sheorey, Chief Financial Officer; Netha Johnson, President of Specialties; and Eric Norris, President of Energy Storage are also available for Q&A.

今天和我一起參加電話會議的是執行長肯特馬斯特斯 (Kent Masters)；尼爾謝雷 (Neal Sheorey)，財務長； Netha Johnson，專業總裁；能源儲存總裁 Eric Norris 也可以參加問答。

As a reminder, some of the statements made during this call, including our outlook, guidance, expected company performance, and strategic initiatives may constitute forward-looking statements. Please note the cautionary language about forward-looking statements contained in our press release and earnings presentation, which also applies to this call. Please also note that some of our comments today refer to non-GAAP financial measures. Reconciliations can be found in our earnings materials.

提醒一下，本次電話會議中所做的一些陳述，包括我們的前景、指導、預期公司業績和策略性舉措可能構成前瞻性陳述。請注意我們的新聞稿和收益演示中包含的有關前瞻性陳述的警告性語言，這也適用於本次電話會議。另請注意，我們今天的一些評論涉及非公認會計準則財務指標。調節表可以在我們的收益材料中找到。

And now I'll turn the call over to Kent.

現在我將把電話轉給肯特。

Thank you, Meredith. During the second quarter, Albemarle continued to demonstrate strong operational execution. We recorded net sales of $1.4 billion and sequential increases in adjusted EBITDA and cash from operations, thanks in part to successful project delivery, productivity and restructuring initiatives, and working capital improvements. We continued to capture volumetric growth driven by our energy storage segment which was up 37% year over year, highlighting successful project ramp-ups and spodumene sales in that segment.

謝謝你，梅雷迪思。第二季度，雅寶持續展現強勁的營運執行力。我們的淨銷售額達到 14 億美元，調整後的 EBITDA 和營運現金連續成長，這在一定程度上要歸功於成功的專案交付、生產力和重組計劃以及營運資本的改善。我們繼續在能源儲存領域推動銷售成長，年增 37%，突顯了該領域項目的成功推進和鋰輝石銷售。

For example, during the quarter, we achieved first commercial sales for Meishan ahead of our original schedule by approximately six months. During the second quarter, we also delivered more than $150 million in restructuring and productivity improvements, consistent with our efforts to align our operations and cost structure with the current market environment. We are on track to exceed our full year target on this front by 50%.

例如，在本季度，我們比原定計劃提前約六個月實現了梅山的首次商業銷售。第二季度，我們還實現了超過 1.5 億美元的重組和生產力改進，這與我們為使營運和成本結構與當前市場環境保持一致所做的努力是一致的。我們預計在這方面超出全年目標 50%。

Looking to the rest of this year, our operational discipline allows us to maintain our full year 2024 outlook considerations. Notably, we expect our $15 per kilogram lithium price scenario to apply even assuming that lower July market pricing persists. This is due to higher volumes, cost-out and productivity progress, and contract performance. We made great progress in strengthening our competitive position and enhancing our financial flexibility. However, industry headwinds that began last year have persisted longer than the sector anticipated, making it clear that we must proactively take additional steps.

展望今年剩餘時間，我們的營運紀律使我們能夠維持 2024 年全年展望。值得注意的是，即使假設 7 月市場定價持續走低，我們預計每公斤 15 美元的鋰價格情境也將適用。這是由於產量增加、成本支出和生產力進步以及合約履行所致。我們在加強競爭地位和增強財務靈活性方面取得了巨大進展。然而，去年開始的行業逆風持續時間比行業預期的要長，這清楚地表明我們必須積極採取額外措施。

Building on the actions we announced this past January, we announced yesterday that we are taking a comprehensive review of our cost and operating structure with the goal of maintaining Albemarle's competitive position and driving long-term value. As part of the initial review, we announced the difficult but necessary decision to immediately adjust our operating and capital spending plans at our Kemerton site in Australia. These actions showcase our deeper focus on cost and operating discipline.

在我們今年一月份宣布的行動的基礎上，我們昨天宣布，我們正在對我們的成本和營運結構進行全面審查，目標是保持雅寶的競爭地位並推動長期價值。作為初步審查的一部分，我們宣布了一項困難但必要的決定，即立即調整澳洲凱默頓工廠的營運和資本支出計劃。這些行動展示了我們對成本和營運紀律的更加關注。

There's no question that the global energy transition is underway. However, the pace of the industry changes our dynamic and what we must remain agile as well. Later, on the call, I will spend some time diving deeper into the cost and asset actions that we continue to take in this environment to maintain our competitiveness. And I will also highlight the strategic advantages that remain points of Albemarle's competitive and operational strengths.

毫無疑問，全球能源轉型正在進行中。然而，產業的步伐改變了我們的動態，也改變了我們必須保持敏捷的方式。隨後，在電話會議上，我將花一些時間更深入地探討我們在這種環境下為保持競爭力而繼續採取的成本和資產行動。我還將強調仍然是雅寶競爭和營運優勢的戰略優勢。

I'll now hand it over to Neil to talk about our financial results during the quarter.

現在我將把它交給尼爾來談談我們本季的財務表現。

Thanks, Kent, and good morning, everyone. Beginning on slide 5, let's move to our second quarter performance. In Q2 2024, we recorded net sales of $1.4 billion, compared to $2.4 billion in the prior year quarter, a decline of 40% driven principally by lower pricing. During the quarter, we recorded a loss attributable to Albemarle of $188 million and a diluted loss per share of $1.96. This result included an after-tax charge of $215 million, primarily related to capital project asset write-offs for Kemerton 4. Adjusted diluted EPS was $0.4 per share.

謝謝肯特，大家早安。從投影片 5 開始，我們來看第二季的業績。2024 年第二季度，我們的淨銷售額為 14 億美元，而去年同期為 24 億美元，下降了 40%，這主要是由於定價下降。本季度，我們錄得雅保 (Albemarle) 虧損 1.88 億美元，攤薄每股虧損 1.96 美元。這項結果包括 2.15 億美元的稅後費用，主要與 Kemerton 4 的資本項目資產沖銷有關。調整後攤薄每股收益為 0.4 美元。

Moving to slide 6, our second quarter adjusted EBITDA of $386 million was down substantially versus the year ago period, as favorable volume growth was more than offset by lower prices and reduced equity earnings due to soft fundamentals in the lithium value chain. Compared to the first quarter, second quarter adjusted EBITDA rose 33%, driven by higher sales volumes across all businesses and higher income from increased Talison JV sales volumes. As a reminder, on last quarter's earnings call, we said that we expected an approximately $100 million sequential lift to our EBITDA from higher than normal off-take by a partner at the Talison JV, and that's what we saw in the quarter.

轉向幻燈片6，我們第二季調整後的EBITDA 為3.86 億美元，與去年同期相比大幅下降，因為有利的銷售成長被較低的價格和由於鋰價值鏈基本面疲軟導致的股本收益減少所抵消。與第一季相比，第二季調整後的 EBITDA 成長了 33%，這得益於所有業務銷量的增加以及 Talison 合資公司銷量增加帶來的收入增加。提醒一下，在上個季度的財報電話會議上，我們表示，我們預計 EBITDA 會比 Talison JV 合作夥伴的正常承購額高出約 1 億美元，這就是我們在本季看到的情況。

Turning to slide 7. As we've done in prior quarters, we are providing full-year 2024 outlook considerations based on historically observed lithium market pricing scenarios. The price scenario shown represent a blend of relevant market prices, including both China and ex-China pricing for lithium carbonate and hydroxide. The numbers you see here on this slide have not changed since our last earnings call.

轉到投影片 7。正如我們在前幾個季度所做的那樣，我們根據歷史觀察到的鋰市場定價情境提供 2024 年全年展望考慮因素。所示的價格情境代表了相關市場價格的混合，包括中國和中國以外的碳酸鋰和氫氧化鋰的定價。自從我們上次財報電話會議以來，您在這張投影片上看到的數字沒有變化。

What is new is what Kent mentioned at the top of the call. We now expect the $15 per kilogram price scenario to be applicable even assuming lower July market pricing persists for the balance of the year. We are able to maintain this scenario due to the success of our enterprise-wide cost improvements, continued strong volume growth, higher sales volumes at our Talison JV, and contract performance in energy storage.

肯特在電話會議開頭提到的內容是新的。我們現在預計，即使 7 月市場價格在今年餘下時間持續較低，每公斤 15 美元的價格情境也適用。我們之所以能夠維持這種局面，是因為我們在整個企業範圍內的成本改善取得了成功，銷量持續強勁增長，泰利森合資公司的銷量增加，以及能源存儲方面的合約履行情況。

Moving to slide 8. We continue to prioritize our financial flexibility and strong liquidity to navigate the dynamic market environment. We ended the second quarter with available liquidity of $3.5 billion, including $1.8 billion of cash and cash equivalents and $1.5 billion available under our revolver. Our net debt to adjusted EBITDA was 2.1 times which was well below the quarter's covenant maximum of 5 times. We continue to add new liquidity resources such as our AR factoring program, and from a long-term debt perspective, we are well positioned and have no significant maturities due until late 2025.

轉到投影片 8。我們繼續優先考慮財務靈活性和強大的流動性，以應對動態的市場環境。第二季末，我們的可用流動性為 35 億美元，其中包括 18 億美元的現金和現金等價物以及我們的左輪手槍下的 15 億美元可用流動性。我們的淨債務與調整後 EBITDA 比率為 2.1 倍，遠低於本季約定的最高 5 倍。我們繼續增加新的流動性資源，例如我們的 AR 保理計劃，從長期債務的角度來看，我們處於有利地位，並且在 2025 年底之前沒有到期的重大債務。

Turning to slide 9, which shows our improved operating cash flow performance and considerations. Our focus on cash generation and efficiency continues to drive important benefits. Our operating cash flow conversion in the second quarter was 94%, which was unusually high, primarily due to increased Talison dividends. We also continued to drive volume growth, cost and productivity improvements, and working capital efficiencies, all of which contributed to our cash conversion. As we look forward, we now expect our full-year operating cash conversion to be approximately 50%, which is at the higher end of our historical range.

轉向幻燈片 9，它顯示了我們改善的營運現金流績效和考慮因素。我們對現金產生和效率的關注持續帶來重要的效益。第二季我們的營運現金流轉換率為 94%，異常高，這主要是由於泰利森股利增加。我們也繼續推動銷售成長、成本和生產力改善以及營運資金效率，所有這些都有助於我們的現金轉換。展望未來，我們現在預計全年營運現金轉換率約為 50%，這是我們歷史範圍的高端。

I'll now hand it back to Kent.

我現在把它還給肯特。

Thanks, Neal. Turning to slide 10, for more details about the actions we announced yesterday to streamline our operations, build on the cost out and productive actions we already have underway, and maintain Albemarle's competitive position across the cycle. Now on slide 11, I'll first cover the fundamentals in our market.

謝謝，尼爾。請參閱幻燈片10，了解有關我們昨天宣布的行動的更多詳細信息，這些行動旨在簡化我們的運營，以我們已經在進行的成本削減和富有成效的行動為基礎，並保持雅寶在整個週期中的競爭地位。現在在投影片 11 上，我將首先介紹我們市場的基本面。

On the demand side, EV registrations are up more than 20% year-to-date through June, led by strong growth in China. However, the pace of growth in Europe and the US has moderated substantially versus the industry's expectations. Across the value chain, we are seeing meaningful mix shifts.

在需求方面，在中國強勁成長的帶動下，截至 6 月份，電動車註冊量成長了 20% 以上。然而，與業界預期相比，歐洲和美國的成長速度已大幅放緩。在整個價值鏈中，我們看到了有意義的組合轉變。

First, stronger growth in plug-in hybrid sales, which has translated to smaller batteries with less lithium per vehicle. And second, we see a continuation in the trend towards more carbonate-based batteries. Both of these developments are still positive for overall long-term lithium demand however, they highlight the shifting nature of this value chain as it develops and matures. These demand changes are occurring at the same time as we see dynamic conditions on the supply side. We have yet to see significant changes at the mine level as existing and new supplies continue to come to market.

首先，插電式混合動力車銷售成長強勁，這意味著每輛車的電池尺寸更小，鋰含量更少。其次，我們看到更多碳酸鹽電池的趨勢仍在持續。這兩項發展對於鋰的整體長期需求仍然是正面的，然而，它們凸顯了該價值鏈隨著其發展和成熟而發生的轉變。這些需求變化與我們看到供應方面的動態狀況同時發生。隨著現有和新供應不斷進入市場，我們尚未看到礦山層面發生重大變化。

And on the conversion side, there is still oversupply predominantly in China.At current Chinese spot pricing, we believe and are hearing from the market that many non-integrated producers are unprofitable with some operating at reduced rates or idling production. And we're hearing that even producers who are integrated into cathode or batteries are under pressure. Moreover, current pricing is well below the incentive pricing required for Western greenfield lithium projects.

在轉換方面，供應過剩的情況主要發生在中國。我們聽說，即使是整合到陰極或電池的生產商也面臨壓力。此外，目前的定價遠低於西方綠地鋰專案所需的激勵定價。

At the same time, geopolitical developments are also adding uncertainties to our business. This includes escalating trade tensions and ongoing armed conflicts. Challenging Western supply chain dynamics are also at play. Notably, the IRA's 30D consumer tax credit has yet to benefit upstream producers like Albemarle.

同時，地緣政治的發展也為我們的業務增加了不確定性。這包括不斷升級的貿易緊張局勢和持續的武裝衝突。具有挑戰性的西方供應鏈動態也在發揮作用。值得注意的是，IRA 的 30D 消費者稅收抵免尚未讓 Albemarle 等上游生產商受益。

And specific to our position, as written the Final US Department of Energy Foreign Entity of Concern or FEOC rule will impact the eligibility of our Australian product, and we suspect that others could be impacted as well. While current dynamics add challenging uncertainties, there is no question that the energy transition remains well underway, and the long-term growth potential of our end markets is strong, as you can see on slide 12.

具體到我們的立場，美國能源部最終的外國關注實體或 FEOC 規則將影響我們澳洲產品的資格，我們懷疑其他產品也可能受到影響。儘管當前的動態增加了具有挑戰性的不確定性，但毫無疑問，能源轉型仍在順利進行，而且我們終端市場的長期成長潛力強勁，正如您在投影片 12 中看到的那樣。

The global EV supply chain is on track to achieve the critical $100 per kilowatt hour tipping point where EVs are at cost parity with internal combustion engine vehicles. The Chinese industry has likely surpassed that target with the rest of the world not far behind. Taking all these changes into consideration, we continue to anticipate 2.5 times lithium demand growth from 2024 and to 2030. Additionally, we see battery size growing over time, driven by technology developments and EV adoption. These factors all translate to significantly higher long-term global lithium needs.

全球電動車供應鏈預計將達到每度電 100 美元的關鍵臨界點，屆時電動車的成本與內燃機汽車持平。中國工業很可能已經超越了這個目標，世界其他地區也緊跟在後。考慮到所有這些變化，我們繼續預計 2024 年至 2030 年鋰需求將增加 2.5 倍。此外，在技術發展和電動車採用的推動下，我們看到電池尺寸隨著時間的推移而不斷增長。這些因素都轉化為全球鋰長期需求的顯著增加。

Turning to slide 13. In January, we announced a series of proactive actions to preserve growth, reduce cost, and optimize cash flow. Our teams have successfully executed on many of those actions, including ramping in-flight projects at Xinyu, Meishan, and the Salar on or ahead of schedule, delivering cost out and productivity actions and we are now tracking to deliver 50% ahead of our initial targets.

轉到投影片 13。一月份，我們宣布了一系列積極行動，以保持成長、降低成本和優化現金流。我們的團隊已經成功執行了其中許多行動，包括按時或提前推進新餘、眉山和撒拉的飛行項目，實施成本節約和生產力行動，我們現在正在跟踪交付比最初計劃提前 50%目標。

Reducing 2024 estimated capex by between $300 million and $400 million year-over-year, and enhancing our financial flexibility including improving cash generation and conversion. While these steps have served us well, the industry dynamics I just described require us to do more to ensure our competitiveness across the cycle.

預計 2024 年資本支出將年減 3 億至 4 億美元，並增強我們的財務靈活性，包括改善現金產生和轉換。雖然這些措施對我們很有幫助，但我剛才描述的產業動態要求我們採取更多措施來確保我們在整個週期的競爭力。

Building on the actions we announced in January, we announced yesterday that we were embarking on a comprehensive review of our cost and operating structure, pushing deeper into our playbook to further pivot and pace to maintain our leading position. We are focused on the four key areas you see on the slide: optimizing Albemarle's global conversion network to preserve our world-class resource advantages, improving our cost competitiveness and efficiency, continuing to reduce capital expenditures and future capital intensity, and enhancing Albemarle's financial flexibility.

在我們一月份宣布的行動的基礎上，我們昨天宣布，我們將開始對我們的成本和營運結構進行全面審查，深入推進我們的策略，以進一步調整和步伐，以保持我們的領先地位。我們專注於您在幻燈片中看到的四個關鍵領域：優化雅保的全球轉換網絡以保持我們世界一流的資源優勢，提高我們的成本競爭力和效率，繼續減少資本支出和未來資本強度，以及增強雅保的財務靈活性。

The middle section of this slide highlights that we've already taken the next set of actions across these four focus areas. And the bottom of the slide details additional opportunities that we'll closely evaluate as part of the process. The comprehensive review of our cost and operating structure has just begun, and we plan to provide additional details with our third quarter earnings. That said, we took the difficult but necessary decision to bring forward the first step in the review, which is to further optimize our Australian network as we show on slide 14.

這張投影片的中間部分強調我們已經在這四個重點領域採取了下一組行動。幻燈片底部詳細介紹了我們將在流程中仔細評估的其他機會。對我們的成本和營運結構的全面審查剛剛開始，我們計劃提供第三季收益的更多細節。也就是說，我們做出了艱難但必要的決定，並推進了審查的第一步，即進一步優化我們的澳洲網絡，如幻燈片 14 所示。

As one of the first steps in this comprehensive review, we announced yesterday immediate adjustments to our Australian lithium hydroxide footprint. These changes follow our previously announced decision not to proceed with the construction of Kemerton Train 4. Specifically, we will idle production at Kemerton Train 2 and place the unit in care and maintenance. Additionally, we will stop construction activity on Train 3. Notably, we estimate that stopping construction on Train 3 will save at least $200 million to $300 million of capital spending over the next 18 months.

作為全面審查的第一步，我們昨天宣布立即調整我們的澳洲氫氧化鋰足跡。這些變化是在我們之前宣布決定不再繼續建造 Kemerton 4 號列車之後做出的。具體來說，我們將閒置 Kemerton Train 2 的生產，並對設備進行保養和維護。此外，我們將停止 3 號列車的施工活動。值得注意的是，我們估計停止 3 號列車的建設將在未來 18 個月內節省至少 2 億至 3 億美元的資本支出。

These changes allow us to focus on optimizing and ramping Kemerton Train 1 to preserve optionality and diversity across both product type and geography. In the coming weeks, we'll be identifying other ways to optimize our global conversion network with a focus on the highest priority and highest return options. Our global portfolio of convergent assets and our extensive holding network provide the flexibility to maximize the value of our high-quality resources and to provide either carbonate or hydroxide to meet the needs of our customers as their demands and technologies evolve.

這些變化使我們能夠專注於優化和擴大 Kemerton Train 1，以保持產品類型和地理位置的選擇性和多樣性。在接下來的幾週內，我們將確定其他方法來優化我們的全球轉換網絡，並專注於最高優先事項和最高回報的選項。我們的全球融合資產組合和廣泛的控股網路提供了靈活性，可以最大限度地提高我們優質資源的價值，並提供碳酸鹽或氫氧化物，以滿足客戶隨著需求和技術發展的需求。

Turning to slide 15. As we deliver these initial savings and begin the next phase of our review, our operating model, the Albemarle Way of Excellence remains the standard by which we operate. By executing our operating model, we are building a culture of continuous improvement to identify best practices at every point in the cycle. We are on track to exceed our initial goals for restructuring and productivity savings through manufacturing, procurement, and back-office initiatives. Much of the better-than-expected performance to date is in manufacturing improvements.

轉到投影片 15。當我們實現這些初步節省並開始下一階段的審查時，我們的營運模式「雅寶卓越之路」仍然是我們營運的標準。透過執行我們的營運模式，我們正在建立一種持續改進的文化，以確定週期中每個點的最佳實踐。我們預計透過製造、採購和後台措施超越重組和生產力節省的最初目標。迄今為止，好於預期的業績大部分來自於製造方面的改進。

For example, optimized [PON] management at the Salar and overall equipment effectiveness improvements at La Negra have maximized production at one of our lowest-cost assets. These manufacturing benefits in Chile are in addition to the increased efficiency and volume we expect as the Salar yield improvement project continues to ramp.

例如，Salar 的最佳化 [PON] 管理和 La Negra 的整體設備效率改進使我們成本最低的資產之一的產量最大化。隨著 Salar 產量提高專案的不斷推進，我們預計智利的生產效率和產量將會提高，除了這些製造優勢之外。

Moving to slide 16 and our capital spending profile. As I mentioned earlier, we expect 2024 capex to be $300 million to $400 million below 2023 levels. Moving forward, we are evaluating opportunities to further reduce our capital intensity and total capital spending. This will provide enhanced optionality, improve free cash flow, and put Albemarle in a stronger competitive position long term. Our capital spending profile is another element of our comprehensive review and we'll have more to say about our near-term spending plan on future calls.

前往投影片 16 和我們的資本支出概況。正如我之前提到的，我們預計 2024 年的資本支出將比 2023 年的水準低 3 億至 4 億美元。展望未來，我們正在評估進一步降低資本密集度和總資本支出的機會。這將提供更多的選擇，改善自由現金流，並使雅保 (Albemarle) 處於更強大的長期競爭地位。我們的資本支出概況是我們全面審查的另一個要素，我們將在未來的電話會議上更多地談論我們的近期支出計劃。

Moving to slide 17. With all these near-term factors shifting and requiring us to take action, I think it's important to remember that Albemarle continues to have significant competitive strengths. And so I will end with a review of our framework and the core advantages we continue to prioritize as drivers of our long-term value creation.

轉到投影片 17。隨著所有這些近期因素的變化並要求我們採取行動，我認為重要的是要記住雅保仍然擁有顯著的競爭優勢。因此，我將回顧我們的框架和我們繼續優先考慮的核心優勢，作為我們長期價值創造的驅動力。

Slide 18 provides our strategic framework, which informs our planning and gives us confidence that we will achieve our growth ambition to lead the world in transforming essential resources into critical ingredients for modern living. This framework defines where we play, how we win, and how we deliver.

投影片 18 提供了我們的策略框架，它為我們的規劃提供了訊息，並使我們有信心實現我們的成長雄心，引領世界將基本資源轉化為現代生活的關鍵要素。該框架定義了我們的競爭方向、獲勝方式以及交付方式。

Albemarle remains uniquely positioned to enable operational excellence during this dynamic period thanks to our competitive strengths, including our globally diverse portfolio of world-class resources, leading process chemistry, deep innovation, and technical know-how, customer-centric approach to the market, and responsible stewardship. Each of our competitive strength will help us right now and well into the future in ways that we summarize on slide 19.

憑藉我們的競爭優勢，雅保在這段充滿活力的時期保持著獨特的地位，能夠實現卓越運營，包括我們全球多元化的世界一流資源組合、領先的工藝化學、深度創新和技術知識、以客戶為中心的市場方法、和負責任的管理。我們的每項競爭優勢都將透過投影片 19 中總結的方式幫助我們現在和未來。

First, our world-class resources are arguably the best in the industry with large-scale, high-grade and, therefore, low-cost assets. In energy storage, we have access to some of the high-grade resources in both hard rock and brine. In Australia with Greenbushes and Wodgina and one of the largest known hard rock assets in the US, Kings Mountain. And in Chile with our long-standing position in the Salar de Atacama. Similarly, in specialties, we are the only producer with access to both of the two best bromine resources globally.

首先，我們的世界級資源可以說是業界最好的，規模大、品味高，資產成本低。在能源儲存方面，我們可以獲得硬岩和鹽水中的一些高品位資源。在澳洲擁有 Greenbushes 和 Wodgina 以及美國已知最大的硬岩資產之一 Kings Mountain。在智利，我們在阿塔卡馬鹽沼擁有長期的地位。同樣，在特種產品中，我們是唯一一家能夠獲得全球兩種最好的溴資源的生產商。

In Jordan, on the Southeast side of the Dead Sea, the source is the largest concentration of bromine in the world. And in the smack over formation in Arkansas, the only source of commercial bromine in the United States. In both of our core businesses, we maximize the value of our world-class resources by converting and flexibly derivatizing into higher value and use products in our conversion assets or in the case of energy storage, through our extensive tolling network.

在死海東南側的約旦，這裡是全世界最大的溴集中地。阿肯色州是美國商業溴的唯一來源。在我們的兩項核心業務中，我們透過廣泛的收費網路將世界級資源的價值進行轉換和靈活衍生，並在我們的轉換資產或能源儲存中使用產品，並靈活地衍生成更高的價值。

Second, our leading process chemistry know-how is key to achieving further productivity and cost improvements, safely and sustainably. For example, the Salar yield improvement project utilizes a proprietary technology to enable up to 20% higher yield. At Magnolia, we've leveraged advanced process controls to increase production while lowering costs and improving sustainability.

其次，我們領先的製程化學專業知識是安全、永續地進一步提高生產力和成本的關鍵。例如，Salar 產量提高專案利用專有技術使產量提高了 20%。在 Magnolia，我們利用先進的流程控制來提高產量，同時降低成本並提高永續性。

And at both the Salar and Magnolia, we have evaluated a wide range of direct lithium extraction options and are piloting proprietary and third-party solutions in order to be prepared for technology shifts that could be important and more sustainable Salar yield options for this industry.

在 Salar 和 Magnolia，我們評估了各種直接鋰萃取方案，並正在試驗專有和第三方解決方案，以便為技術轉變做好準備，這可能是該行業重要且更永續的 Salar 產量選擇。

Third, we have a pipeline of high-impact innovative solutions in both bromine and lithium. Our research, testing, and piloting facilities in North Carolina, Louisiana, and Langelsheim, Germany, allow us to participate in differentiated high-margin segments and support our customers' specific requirements.

第三，我們擁有一系列具有高影響力的溴和鋰創新解決方案。我們在北卡羅來納州、路易斯安那州和德國蘭格爾斯海姆的研究、測試和試點設施使我們能夠參與差異化的高利潤細分市場並支持客戶的特定要求。

Fourth, Albemarle's leading industry position as a partner of choice is demonstrated through our growing number of partnerships with iconic pioneering companies. Both our businesses have high Net Promoter Scores with significantly positive gaps relative to competitors, reflecting long-standing successful relationships with major customers.

第四，雅寶作為首選合作夥伴的領先產業地位透過我們與標誌性先鋒公司越來越多的合作關係得以體現。我們的兩家公司均擁有較高的淨推薦值，與競爭對手相比有顯著的正差距，這反映出與主要客戶的長期成功關係。

And last but not least, our responsible stewardship, strong values and high-performance culture are increasingly recognized by leading organizations. For example, we recently earned an EcoVadis gold medal placing us in the top 5% of global companies and demonstrating our commitment to creating a more resilient world and advancing the sustainability objectives of our customers.

最後但並非最不重要的一點是，我們負責任的管理、堅定的價值觀和高績效文化越來越受到領先組織的認可。例如，我們最近獲得了 EcoVadis 金牌，使我們躋身全球前 5% 的公司之列，這表明我們致力於創造一個更具彈性的世界並推進客戶的永續發展目標。

In summary, on slide 25, Albemarle delivered another strong quarterly performance in the second quarter, including sequential improvements in adjusted EBITDA and cash from operations. Despite lower market pricing, we've been able to maintain our full year 2024 outlook considerations, thanks in part to enterprise-wide cost improvements, strong energy storage project ramps, and contract performance.

總之，在投影片 25 中，雅寶在第二季再次實現了強勁的季度業績，包括調整後 EBITDA 和營運現金的連續改善。儘管市場定價較低，但我們仍能夠維持 2024 年全年展望，這在一定程度上要歸功於企業範圍內的成本改善、儲能專案的強勁成長和合約履行。

However, we understand these positive actions may not be sufficient given ongoing industry headwinds. Our entire organization is focused on delivering operational excellence while positioning the company to capitalize on the incredible long-term opportunities in our markets. That's why we are taking the proactive steps to control what we can control and ensure we are competitive across the cycle.

然而，我們知道，鑑於持續的行業逆風，這些積極行動可能還不夠。我們整個組織專注於提供卓越運營，同時使公司能夠充分利用市場中令人難以置信的長期機會。這就是為什麼我們正在採取積極主動的措施來控制我們可以控制的事情，並確保我們在整個週期中具有競爭力。

Albemarle is a global leader with a world-class portfolio and vertical integration strength. We are uniquely positioned to win. I am confident we are taking the right actions to maintain our competitive position and ensure we execute with agility today and in the future. I look forward to seeing some of you face-to-face at upcoming events listed here on slide 26. And with that, I'd like to turn the call back over to the operator to begin the Q&A portion.

雅保 (Albemarle) 是一家全球領導企業，擁有世界一流的產品組合和垂直整合實力。我們擁有得天獨厚的優勢，能夠贏得勝利。我相信我們正在採取正確的行動來保持我們的競爭地位，並確保我們今天和未來都能敏捷地執行。我期待在幻燈片 26 列出的即將舉辦的活動中與你們中的一些人面對面交流。這樣，我想將電話轉回接線員以開始問答部分。

(Operator Instructions)

（操作員說明）

Aleksey Yefremov.

阿列克謝·葉夫列莫夫。

Thanks, and good morning, everyone. This is Ryan on for Aleksey. My first question would just be kind of around your EBITDA outlook for the year, right. So I understand that you are kind of maintaining the base case or the low case in the $15 per kilo scenario, even though prices currently are, let's say, $11 to $12 per kilogram. Is there the potential that EBITDA could improve if prices were to recover to that $15 per kilogram scenario here in the back half, I mean, you guys talked a lot about improved costs, so just wondering what you think about that?

謝謝，大家早安。這是阿列克西的瑞安。我的第一個問題是關於您今年的 EBITDA 前景，對吧。因此，據我了解，儘管目前的價格為每公斤 11 至 12 美元，但您還是維持了每公斤 15 美元的基本情況或最低情況。如果下半年價格恢復到每公斤 15 美元的水平，那麼 EBITDA 是否有可能改善，我的意思是，你們談論了很多關於成本改善的問題，所以想知道你們對此有何看法？

So let's say, you characterize what you've said. So even as we've moved that from $15 to, say, $12 to $15. And then we commented that even at July prices, those hold for the rest of the year, we'll make that forecast. And so if there's a chance it could be higher, if prices moved up or -- there are a number of reasons, we're able to hold that forecast is around the volumes that we're selling contract terms, things like that. So it could move up if prices are stronger, it's not collared, so to speak. So if things work in our direction, it could be a number of different things. It could be higher than that. But that's the best visibility we have at the moment.

這麼說吧，你描述了你所說的話。因此，即使我們將價格從 15 美元調整到 12 美元到 15 美元。然後我們評論說，即使以 7 月的價格計算，今年剩餘時間的價格也保持不變，我們也會做出這樣的預測。因此，如果價格有可能更高，如果價格上漲，或者——有很多原因，我們就能夠根據我們銷售合約條款的數量等來進行預測。因此，如果價格走強，它可能會上漲，可以這麼說，它沒有被限制。因此，如果事情朝著我們的方向發展，可能會發生很多不同的事情。它可能比這個更高。但這是我們目前擁有的最好的能見度。

Okay, helpful. And then I know it's early, but just kind of initial expectations on volume growth for maybe 2025 and 2026, just after these actions that have just been taken at Kemerton now? Thanks.

好的，有幫助。然後我知道現在還為時過早，但這只是對 2025 年和 2026 年銷量增長的初步預期，就在 Kemerton 剛剛採取的這些行動之後？謝謝。

Yes. So okay, you're right, it's early. But I think our volume and what we indicated in the beginning of the year, our volume growth shouldn't be significantly different than that. I mean we are changing some of our -- we're taking out conversion capacity, but we still have the resource that should align to that. So it's not significantly different than we had indicated at the last call.

是的。好吧，你是對的，現在還早。但我認為我們的銷量和我們年初表示的銷量成長不應與此有顯著差異。我的意思是，我們正在改變一些——我們正在取消轉換能力，但我們仍然擁有與之相匹配的資源。因此，這與我們上次通話時表示的沒有太大不同。

Steve Byrne.

史蒂夫伯恩。

Yeah, thank you. Kemerton has some more meaningful freight costs than some of your Chinese conversion. But roughly, what is the cash margin for Kemerton 2 and where would you put it on the cost curve, what quartile?

是的，謝謝。凱默頓有一些比您在中國的轉換更有意義的運費。但粗略地說，Kemerton 2 的現金利潤是多少？

Yeah. So I guess we've never put any of our assets and given that type cost out there. So it is a combination of -- so you're talking about 2. So 3 is really about some of the money that we're spending in growing that. And Kemerton 1 and 2 gives us a couple of things. So it's closer to the resource, but it gives us diversity just geographic diversity. So we would have Chile, we would have -- we have Australia, 1 and 2 help us with that, we have China. And then we still aspire to have conversion in the US at some point if prices come back to that. So I'm not going to give you what our marginal cost is or our cash cost is at Kemerton, but that's some of the thinking that goes into the decisions we've made.

是的。因此，我想我們從未將任何資產投入其中，並考慮到這種類型的成本。所以它是 2 的組合。所以 3 實際上是關於我們在發展這個方面所花費的一些錢。Kemerton 1 和 2 給了我們一些東西。所以它更接近資源，但它為我們帶來了多樣性，只是地理上的多樣性。所以我們會有智利，我們會有澳大利亞，1和2幫助我們，我們有中國。然後，如果價格回到那個水平，我們仍然希望在某個時候在美國進行轉換。因此，我不會告訴您我們在 Kemerton 的邊際成本或現金成本是多少，但這是我們所做的決定中的一些想法。

Okay. It seems like there's more than just a cost cut, it's a supply cut. (multiple speakers) sure. Go ahead, Kent.

好的。看起來不僅僅是削減成本，還削減了供應。 （多個發言者）當然可以。來吧，肯特。

No, I was just going to say that it is on conversion. It is capacity cut on conversion. The resource is still available.

不，我只是想說它正在轉換。這是轉換時的容量削減。資源還是可以的。

Right, understood. The $1 billion charge in 3Q, can you put that into buckets and how much of it is cash?

對了，明白了。第三季的10億美元費用，你能把它放進桶子裡嗎？

Yeah, hi Steve, good morning. This is Neal. So let me answer the second part of your question and maybe the two kind of go together. So roughly speaking, at this time, we've only had a very small group of people working on this. So we'll obviously refine this number quite a bit in the third quarter. But you should think about of that roughly $1 billion charge we announced today, somewhere at least 60% of that is non-cash. And similarly, you can expect that kind of on that order represents what's already on our balance sheet that we're writing off. And then we'll give you a better assessment when we get to third quarter in terms of how much of the rest of that is actually cash, but I'd say at least 60% is non-cash.

是的，嗨史蒂夫，早安。這是尼爾。那麼讓我來回答你問題的第二部分，也許兩者是可以結合在一起的。粗略地說，目前我們只有一小部分人在做這件事。因此，我們顯然會在第三季對這個數字進行相當多的改進。但您應該考慮我們今天宣布的大約 10 億美元的費用，其中至少 60% 是非現金。同樣，您可以預期該訂單中的此類內容代表了我們資產負債表上已經註銷的內容。然後，當我們進入第三季時，我們將為您提供更好的評估，即剩餘的資金中有多少實際上是現金，但我想說至少 60% 是非現金。

Patrick Cunningham.

派崔克·坎寧安。

Hi, good morning. Thanks for taking my question. Maybe just trying to square the comments last time, cash conversion expectations expected to be well below historical averages versus strength in the outlook here. You had the $400 million to $600 million in headwinds. Was there any improvement in some of those items, whether it's deferral of discrete tax items or other things, some of the working capital ramp for projects, I'm just trying to understand cash drag for the remainder of the year?

早安.感謝您提出我的問題。也許只是為了修正上次的評論，現金轉換預期預計將遠低於歷史平均與前景的強勁程度。你面臨著 4 億至 6 億美元的逆風。其中一些項目是否有任何改善，無論是離散稅收項目的延期還是其他事情，項目的一些營運資金增加，我只是想了解今年剩餘時間的現金拖累？

Yeah, this is Neal, again. So yeah, thanks for asking that question because we are -- as we said in our considerations in the prepared remarks, we're taking that range now up to a 50% conversion, which is towards the high end of our historical range now. And there's -- I'd say there's two things that I would point to that where we're doing better than expected. The first is from a dividend perspective from our equity companies, that was certainly better than we expected coming into the year.

是的，這又是尼爾。所以，是的，感謝您提出這個問題，因為正如我們在準備好的發言中所考慮的那樣，我們現在將這個範圍提高到 50% 的轉換率，這已經接近我們歷史範圍的高端。我想說，有兩件事我會指出，我們做得比預期更好。首先是從我們的股權公司的股利角度來看，這肯定比我們今年的預期要好。

You heard in our prepared remarks, and you know about the additional offtake that we saw at Talison. So that definitely boosted dividends in the second quarter and helped our cash conversion. And then the other part is, yes, on the working capital side, we are highly focused on it, and we have a lot of initiatives around this, and we're seeing some of those come through already in the first half of the year and are continuing to work on that in the back half of the year. So working capital was another nice tailwind to cash in terms of the release of cash from there.

您在我們準備好的演講中聽到了，並且您知道我們在泰利森看到的額外承購。因此，這無疑增加了第二季的股息，並有助於我們的現金轉換。另一部分是，是的，在營運資金方面，我們高度關注它，我們圍繞這方面有很多舉措，我們看到其中一些舉措已經在今年上半年實現並將在今年下半年繼續開展這方面的工作。因此，就釋放現金而言，營運資金是現金的另一個良好推動力。

Understood, very helpful. And then just generally on how we should think about 3Q sequentially for energy storage. Can you help us triangulate how much lower volumes will be sequentially based on some of this onetime benefit, where we should stand for pricing if we kind of hold the July averages here? And then is the remaining sensitivity in your numbers mostly around volume or is there something else?

了解了，很有幫助。然後一般性地討論我們應該如何依序考慮儲能的第三季。您能否幫助我們根據一些一次性收益來三角測量交易量將連續下降多少，如果我們在這裡保持 7 月的平均水平，我們應該站在哪裡定價？那麼你的數字中剩餘的敏感度主要是圍繞著成交量還是還有其他因素？

Yeah. So I can maybe take the second part of that. We are obviously -- from a volume perspective, we're obviously tracking towards the higher end of the 10% to 20% volume growth range that we gave you at the beginning of the year. And I think at this point for the visibility we have, we're probably going to keep tracking towards the high end of that range. So I wouldn't say our earnings corridor or our outlook considerations are really driven by volume per se. It's really around the pricing range that we've given you, that kind of $12 to $15 range today.

是的。所以我也許可以接受第二部分。顯然，從銷售的角度來看，我們顯然正在朝著年初給出的 10% 至 20% 銷量增長範圍的高端邁進。我認為，就目前我們所擁有的可見度而言，我們可能會繼續朝著該範圍的高端前進。因此，我不會說我們的盈利走廊或我們的前景考慮因素實際上是由交易量本身驅動的。它實際上是在我們給您的定價範圍內，即今天 12 美元到 15 美元的範圍。

Yeah. The first part of the year was strong from a volume standpoint and that was (inaudible) the upper end of that range, 20%, Neal, is saying it's going to be less year-on-year growth in the second half. But that's just because it's so strong in the first half, and we've had a mix of spodumene sales in there as well that's pulled some of that forward.

是的。從成交量的角度來看，今年上半年表現強勁，這是（聽不清楚）該範圍的上限，即 20%，尼爾表示下半年的同比增長將會減少。但這只是因為上半年的表現非常強勁，而且我們也有混合的鋰輝石銷售，這推動了其中的一些發展。

Vincent Andrews.

文森特·安德魯斯。

Thank you, and good morning, everyone. Last quarter, you had a slide on capital allocation priorities and it had a couple of things in it. I just would like to revisit. One was a commitment to investment-grade rating, the second was your ultimate long-term net debt to adjusted EBITDA target of less than 2.5 times, and then thirdly, the continuation to support and grow the dividend. How are you thinking about those three things as part of the comprehensive review?

謝謝大家，大家早安。上個季度，您有一張關於資本配置優先事項的幻燈片，其中包含一些內容。我只是想重溫一下。一是對投資等級的承諾，二是最終長期淨債務與調整後 EBITDA 目標的比例低於 2.5 倍，三是持續支持增加股利。作為全面審查的一部分，您如何看待這三件事？

Yeah, I don't think our view has changed, right. So that will -- as we go through this, I mean, we'll reiterate that, but I suspect it will stay the same.

是的，我認為我們的觀點沒有改變，對吧。因此，當我們經歷這個過程時，我的意思是，我們會重申這一點，但我懷疑它會保持不變。

And as a follow-up, could you speak a little bit about the factoring and how that process works for you and how we'll see it, I guess, in the working capital results?

作為後續行動，您能否談談保理業務以及流程如何為您服務，以及我想我們將如何在營運資本結果中看到它？

Yes. So Vincent, to your question, that's right. We put in place an AR factoring program. It's an initial program. We'll continue to evaluate that and add to it as we can, as we go along. But essentially, that factoring program is currently untapped. We will use it when we need liquidity, if and when we need liquidity. And so basically, at that point, that's when you'll see it, and we'll talk about it. But at this point, it's an untapped resource available to us.

是的。文森特，對於你的問題，這是對的。我們實施了 AR 保理計劃。這是一個初始程序。我們將繼續評估這一點，並在進展過程中盡可能地補充。但從本質上講，該保理計劃目前尚未開發。當我們需要流動性的時候，如果需要流動性，我們就會使用它。所以基本上，到那時你就會看到它，我們會討論它。但目前，它是我們可用的未開發資源。

Chris Parkinson.

克里斯帕金森。

Hey, good morning. This is Harris Fein on for Chris. So we walked through that the $15 per kilo scenario still holds at $12. I guess how much of that is because of higher Talison shipments and cost improvements and I guess, like where would EBITDA be absent those items if we were just isolating the contract component and I am just kind of trying to get a sense of what that looks like if prices go down to, let's say, $10 per kilo through the back half of the year?

嗨，早安。我是哈里斯費恩 (Harris Fein) 替克里斯發言。因此，我們認為每公斤 15 美元的情況仍然保持在 12 美元。我猜其中有多少是因為泰利森出貨量增加和成本改善，我猜，如果我們只是隔離合約部分，那麼 EBITDA 會在哪裡缺少這些項目，而我只是想了解一下它的外觀假設今年下半年價格會跌至每公斤10 美元？

Yeah. So we've said at July pricing, it basically holds the same, right. So $12 to $15 on the slide, but we've said in the remarks that, that July pricing it holds -- July pricing extends throughout the balance of the year, it still holds. So you can work out exactly what that number comes to. And there are a number of pieces that allow us to do that. So it's the volume mix, it is a little bit of additional volume from Talison, it's our contracts. It's a lot of things. It's the cost savings things that we're putting in place. So it's a number of things that go into making that statement true. So it's not one particular thing.

是的。所以我們說過，7 月的定價基本上保持不變，對吧。因此，幻燈片上的價格為 12 美元至 15 美元，但我們在評論中說過，7 月的定價保持不變——7 月的定價在整個一年中保持不變，仍然保持不變。這樣你就可以準確地算出這個數字的結果。有很多部分可以讓我們做到這一點。所以這是銷量組合，是泰利森的一點額外銷量，這是我們的合約。有很多事情。這是我們正在採取的節省成本的措施。因此，要使這說法成為現實，需要考慮許多因素。所以這不是一件特定的事情。

Yeah, maybe just to add on to that, just a reiteration that those outlook considerations we provided were always a view on the average pricing across the year. And so with the last couple of earnings releases, we've given you -- you obviously know the sales that we've had in energy storage, and we've given you the volumes that we've sold.

是的，也許只是補充一點，只是重申我們提供的這些前景考慮因素始終是對全年平均價格的看法。因此，在最近發布的幾份收益報告中，我們已經向您提供了——您顯然知道我們在能源儲存領域的銷售額，並且我們已經向您提供了我們已售出的銷量。

So you can look at what our average realized price has been. It's been above $15 for the first half of the year. And so when you -- you can take whatever lithium price you'd like to in the back half of the year and do the averaging. But that's why we say when you take July pricing and roll it forward, it falls within that range that we've given you.

所以你可以看看我們的平均實現價格是多少。今年上半年的價格一直高於 15 美元。因此，當你——你可以在下半年採取你想要的任何鋰價格並進行平均。但這就是為什麼我們說，當您採用 7 月的定價並將其向前滾動時，它就會落在我們給您的範圍內。

With regards to Talison, I think the best way to answer that is just to go back to what we've said before. We told you that in the second quarter, we expected about $100 million sequential lift related to the Talison offtake, the additional Talison offtake, and that's exactly what we saw. So maybe that gives you an idea of how to think about that part of your question.

關於泰利森，我認為回答這個問題的最佳方法就是回到我們之前說過的內容。我們告訴過您，在第二季度，我們預計與 Talison 承購、額外 Talison 承購相關的連續成長約為 1 億美元，而這正是我們所看到的。因此，也許這可以讓您了解如何思考問題的這一部分。

Got it, that's helpful. And then for my second question, in slide 12 you show that the global average EV is on track for cross parity with ICE in the next year or two. It would be nice to hear your take maybe on what you make of some of the recent challenges that Western OEMs are having in making a profitable EV and also the fallout from European tariffs on Chinese EVs, kind of how that is playing into your demand outlook?

明白了，很有幫助。對於我的第二個問題，在幻燈片 12 中，您表明全球平均電動車預計將在未來一兩年內與 ICE 實現交叉平價。很高興聽到您對西方原始設備製造商最近在製造盈利的電動汽車方面遇到的一些挑戰的看法，以及歐洲對中國電動汽車徵收關稅的影響，這對您的需求前景有何影響？

Okay. I mean, the cost on the -- the cost curve that you see, Neal said on slide 12, I mean that's a curve that we've been -- that the industry has been looking at for some time. That $100 per kilowatt hour has been a benchmark or a tipping point we call it that people have been looking for, and we're below that in China today. Now some of that fair enough is on -- is because lithium prices are low, but the majority of it is just on the experience curve, the technology and the battery technology.

好的。我的意思是，你看到的成本曲線上的成本，Neal 在幻燈片 12 上說，我的意思是，這是我們一直在關注的曲線，業界已經研究了一段時間了。每千瓦時 100 美元一直是人們一直在尋找的基準或臨界點，而今天的中國低於這個水平。現在，其中一些已經足夠公平了——因為鋰價格很低，但其中大部分只是在經驗曲線、技術和電池技術上。

So we think that maintains itself. And then the rest of the world will follow China, and they've hit that hurdle. It's not there in the West yet, but we believe that it comes shortly. I'm not -- I don't think I want to comment on the OEMs' cost position. I think a lot of it goes into it, including batteries is a big part of it, but it's the rest of the vehicle as well. But we're not -- I'm not going to get into the comment on auto cost positions. But I think the battery technology is hitting those benchmarks we've been looking for, for a long time, and it's only going to get better.

所以我們認為這可以維持下去。然後世界其他國家將效仿中國，他們已經遇到了這個障礙。它在西方還沒有出現，但我們相信它很快就會出現。我不想——我想我不想對原始設備製造商的成本狀況發表評論。我認為其中有很多因素，包括電池是其中的很大一部分，但它也是車輛的其餘部分。但我們不會——我不會評論汽車成本狀況。但我認為電池技術正在達到我們長期以來一直在尋找的基準，而且只會變得更好。

David Begleiter.

大衛‧貝格利特.

Thank you. Good morning. Kent, what does the Kemerton capacity curtailments mean for Wodgina production, if anything?

謝謝。早安.Kent，Kemerton 產能削減對 Wodgina 生產意味著什麼（如果有的話）？

I don't think it means anything for Wodgina production. So that there -- as we had said, so we're taking conversion capacity out and the resource piece we continue to operate from both the Greenbushes and a Wodgina standpoint. It's not really related to Kemerton.

我認為這對 Wodgina 的製作沒有任何意義。因此，正如我們所說，我們正在取消轉換能力，並從 Greenbushes 和 Wodgina 的角度繼續經營我們的資源部分。這與凱默頓並沒有真正的關係。

Very good. And just on what's happening in China, how much life production do you think is shut down and has that number changed at all in the last couple of months here?

非常好。就中國正在發生的事情而言，您認為有多少生活生產被關閉，這個數字在過去幾個月裡有什麼變化嗎？

David, this is Eric, good morning. I would say in the last couple of months, it hasn't changed materially. There's some that's come off a bit. I'm going to guess tens of thousands of tons or less that is related to where we are in the cost, where price has gone. I think Kent in his remarks talked about the considerable pressure that anybody who is -- particularly anybody is not integrated in buying either spodumene or [LiFePo] is under. And in fact, most are operating at a loss, if they're not fully integrated inside of China. And so that's a factor.

大衛，這是艾瑞克，早安。我想說的是，在過去的幾個月裡，它沒有發生重大變化。有一些已經脫落了一些。我猜測數萬噸或更少，這與我們的成本水平、價格走勢有關。我認為肯特在他的演講中談到了任何人——特別是任何沒有參與購買鋰輝石或[LiFePo]的人所面臨的巨大壓力。事實上，如果沒有完全融入中國境內，大多數企業都會虧損營運。這是一個因素。

Another thing that happens this time of year is seasonal production of brine starts to ramp up in Western China. And so that's rising to sort of substitute that drop in [LiFePo]. I think overall, though, we're seeing rising inventories of lithium salt. So that is a concern to watch. And obviously, the price pressures I talked about, so I think -- we'll have to see how the industry responds. Obviously, there's a need for some caution in the market given where we see demand versus supply.

每年這個時候發生的另一件事是中國西部的季節性鹽水產量開始增加。所以這正在上升以替代下降[磷酸鋰鐵]。但我認為總體而言，我們看到鋰鹽庫存不斷增加。所以這是一個值得關注的問題。顯然，我談到了價格壓力，所以我認為 - 我們必須看看行業如何反應。顯然，考慮到需求與供應的關係，市場需要保持謹慎。

Stephen Richardson.

史蒂芬理查森.

Hi, good morning. I was wondering Kent, appreciating that the review is ongoing, but I was wondering if you could talk a little bit more about your efforts on defining and lowering your sustaining capital. It seems like from the slide that you put forward on 16 that you're suggesting that sustaining capital is a little bit lower than it was previously and that there's a range here of minimum required capital that's sub-$1 billion. And I guess in an environment where current prices are sustained into 2025 do you envision corporate capex below $1 billion next year, is that a feasible number?

早安.我想知道肯特，對正在進行的審查表示讚賞，但我想知道您是否可以多談談您在定義和降低維持資本方面所做的努力。從您在 16 號上提出的幻燈片看來，您建議維持資本比以前低一些，並且這裡的最低要求資本範圍低於 10 億美元。我想，在當前價格持續到 2025 年的環境下，您是否預計明年企業資本支出將低於 10 億美元，這是一個可行的數字嗎？

Yeah. So we are -- I mean look, we're going through this, we'll be cautious around that, right, to see what we can. As we are operating, we're not growing as fast. We're ramping some of these assets, but we have a view of sustaining capital, and we're challenging that. But we're going to push on that. We'll be rigorous about it. It might take risk, but we're going to be more aggressive around that than others. It's a big piece. Most -- a lot of these assets are still ramping and they're pretty new. So we've been conservative on our estimates around the sustaining capital. So we're going to dig into that and change our approach a little bit, but we see that as an opportunity.

是的。所以我們——我的意思是，我們正在經歷這個，我們會對此保持謹慎，看看我們能做什麼。在我們營運過程中，我們的成長速度沒有那麼快。我們正在增加其中一些資產，但我們有維持資本的觀點，我們正在挑戰這一點。但我們將推動這一點。我們會嚴格執行。這可能會冒險，但我們會比其他人更積極地應對這一點。這是一大塊。大多數——其中許多資產仍在增加，而且它們都是相當新的。因此，我們對維持資本的估計一直保守。因此，我們將深入研究這個問題並稍微改變我們的方法，但我們認為這是一個機會。

Okay, appreciate that. And maybe just a follow-up, if you did indeed kind of reduce a lot of your growth capex and appreciate that you're outperforming growth on the ramping assets this year, would anybody be willing to hazard of guess as to if you -- on this plan what kind of remaining growth do you think you'd have in the program in 2025 just in terms of thinking about Salar and just the different projects that are out there that are still in flight in terms of growth, would that be still -- is it safe to assume you'd still be growing absolute volumes into 2025 just based on those ramps?

好的，謝謝。也許只是一個後續行動，如果你確實減少了很多增長資本支出，並且意識到你今年在不斷增長的資產上表現優於增長，有人會願意冒險猜測你是否——根據這個計劃，您認為到2025 年該計劃還會有什麼樣的剩餘增長，僅考慮Salar 以及現有的不同項目，這些項目在增長方面仍在進行中，那仍然是嗎？年您的絕對銷量仍會成長？

Yeah. No, I think that's right. I go back to the comments we've said earlier. So what we had said previously in the call or in the previous quarter's call, around the changes we did in January. We've got a couple of years of growth in the assets that we have on the ground and ramping.

是的。不，我認為這是對的。我回到我們之前說過的評論。因此，我們之前在電話會議或上一季的電話會議中圍繞我們在一月份所做的改變所說過。我們的現有資產已經連續幾年成長並不斷增加。

So we'll continue to do that at 2025 and into 2026, but then it starts to -- without further investment, we start to maximize on that. But we -- and Kemerton doesn't really change that. Again, the resource is there and the investments that we've made in there continue to ramp up. But it's the conversion capacity. Actually changing Kemerton gives us a little more flexibility on product mix, but it limits us a little bit more, we're less diverse geographically around that. And that's the trade-off we're making.

因此，我們將在 2025 年和 2026 年繼續這樣做，但隨後就開始——無需進一步投資，我們就開始最大化這一目標。但我們和凱默頓並沒有真正改變這一點。同樣，資源就在那裡，我們在那裡所做的投資也持續增加。但這是轉換能力。實際上，改變 Kemerton 為我們在產品組合方面提供了更多的靈活性，但它限制了我們更多一點，我們在地理上的多樣性較少。這就是我們正在做出的權衡。

Laurence Alexander.

勞倫斯·亞歷山大.

Good morning. Two questions. First, can you just give a sense, not so much about kind of the next round of restructuring, but how you think about the longer-term objective. I mean if, for example, prices were to just stay at the current range, where would you expect energy storage margins to go over four, five, six years, however long it took for you to right size? Or how much do you think you can bring down the cost structure? so that's the first one, just how you think about the longer-term objectives for the business if market conditions do not improve?

早安.兩個問題。首先，您能否介紹一下，與其說是關於下一輪重組的方式，不如說是您如何看待長期目標。我的意思是，例如，如果價格保持在當前範圍內，您預計四年、五年、六年內儲能利潤率會達到多少，無論您需要多長時間才能達到合適的規模？或者您認為您可以將成本結構降低多少？這是第一個，如果市場狀況沒有改善，您如何看待企業的長期目標？

And secondly, can you just give a bit of a spotlight comments on sort of the state of play for DLE projects in Latin America, what do you need to see either in terms of partnerships or government support for anything to move forward in current conditions?

其次，您能否就拉丁美洲 DLE 計畫的現狀發表一些重點評論？

Okay. So the first one on the restructuring. So our goal is to put the company within the cost structure and the supply chain that we can compete at the pricing that we see today, and if it stays that way long term. So that's the hypothetical question you're asking, but that's what we're planning for. And we don't know when prices are going to rebound.

好的。第一個是關於重組。因此，我們的目標是將公司置於成本結構和供應鏈之內，使我們能夠以今天看到的價格進行競爭，並且如果長期保持這種狀態的話。這就是您要問的假設問題，但這就是我們的計劃。我們不知道價格何時會反彈。

We know they -- we think a lot of players are operating below cash cost. We think they have to come up, we just don't know when. So we're going to structure the company to operate and be competitive and profitable in that range. So what that margin -- what the margin looks like I'm not going to hazard a guess on that, but it is -- we're going to put ourselves in a position to be profitable and being able to compete where prices are today. Yes, so that's the first question.

我們知道他們－我們認為許多參與者的營運成本都低於現金成本。我們認為他們必須出現，只是不知道什麼時候。因此，我們將建立公司，使其在該範圍內運作、具有競爭力和盈利。那麼，這個利潤率是多少——我不會冒險猜測這個利潤率，但它是——我們將使自己處於有利可圖的位置，並且能夠在當今的價格水平上進行競爭。是的，這是第一個問題。

And the second one, DLE, and you said in South America, I'm going to talk about our view of DLE and our projects, not so much the industry. I mean I don't know -- we're working on deal. We've got two projects, both going into pilot phase. We've done a lot of work around that for quite some time. One focused on the brines we have at the smack over formation at Magnolia and Arkansas in the United States where we process bromine.

第二個，DLE，你在南美洲說，我將談論我們對 DLE 和我們計畫的看法，而不是產業。我的意思是我不知道——我們正在達成協議。我們有兩個項目，都進入試點階段。相當長一段時間以來，我們已經圍繞著這個問題做了很多工作。其中一個重點是我們在美國木蘭和阿肯色州加工溴時所產生的鹽水。

And we have that -- we can take that stream and process that. So we have a pilot that is in start-up at the moment around that. And then we'll do a similar pilot at the Salar de Atacama. One, I think we've said this in the remarks, one of the technologies is proprietary. The other is kind of commercial. So we're doing it in a couple of different ways. But I think the key to the -- I mean, DLE is the whole system, not just the extraction piece.

我們已經有了——我們可以獲取該流並對其進行處理。因此，我們目前正在啟動一個試點計畫。然後我們將在阿塔卡馬鹽沼進行類似的試點。第一，我想我們在評論中已經說過，其中一項技術是專有的。另一種是商業性的。所以我們正在以幾種不同的方式來做這件事。但我認為 DLE 的關鍵是整個系統，而不僅僅是提取部分。

There's a lot of focus on the absorption or a solvent extractor and whatever technology used to actually get the lithium molecule out. But the real art in it is the overall system and the integration in making it operate consistently day in, day out. You can do it in the lab, a lot of people can do it in a lab. You need to be able to do it in the field and do it all the time, and that's -- we're doing scale pilots that will prove that out. And so we'll see.

人們非常關注吸收或溶劑萃取器以及用於實際提取鋰分子的任何技術。但其中真正的藝術在於整個系統以及使其日復一日持續運作的整合。你可以在實驗室裡做，很多人都可以在實驗室裡做。你需要能夠在現場做到這一點，並且一直做到這一點，那就是——我們正在進行規模試點，以證明這一點。我們拭目以待。

And what do we need from a government standpoint around that, I mean, for us, specifically, I don't think we're looking for government necessarily. I mean, funding would help that, but we are moving both of those projects forward. And its important technology for the industry and for us, for us to really leverage the lowest cost resource in the world in Salar de Atacama and get growth from that, we'll need DLE. So it is important. But I don't -- we're not we're not waiting on governments to help us fund it or do anything like that. We're moving forward.

從政府的角度來看，我們需要什麼，我的意思是，對我們來說，具體來說，我認為我們不一定需要政府。我的意思是，資金會有所幫助，但我們正在推動這兩個項目。它對產業和我們來說都是重要的技術，為了我們能夠真正利用阿塔卡馬鹽沼世界上成本最低的資源並從中獲得成長，我們需要 DLE。所以這很重要。但我不——我們不是，我們不是在等待政府幫助我們提供資金或做類似的事情。我們正在前進。

Kevin McCarthy.

凱文·麥卡錫。

Yes, thank you and good morning. Kent, in your prepared remarks, I think you commented that you're seeing an ongoing trend for carbonate-based batteries. Can you discuss why that's the case and whether that trend is intensifying or not and does it have any bearing on your decision to idle Kemerton 2?

是的，謝謝你，早安。肯特，在您準備好的演講中，我認為您評論說您看到了碳酸鹽電池的持續趨勢。您能否討論為什麼會出現這種情況，這種趨勢是否正在加劇，以及它對您閒置 Kemerton 2 的決定有什麼影響嗎？

Okay, so I'll go at a high level. If it gets deeper, Eric will jump in. But I mean, this is -- I mean, it is carbonate is usually the preferred chemistry for LFP technology, and there's been a shift toward LFP. And I would say that's the preferred technology in China. Because China is on such a growth rate and the West is slowing down a little bit. That's -- there's more of a shift of -- a little bit of a portfolio mix toward carbonate.

好的，那我就講一個高水準的。如果它變得更深，埃里克就會跳進去。但我的意思是，碳酸鹽通常是 LFP 技術的首選化學物質，並且已經轉向 LFP。我想說這是中國的首選技術。因為中國正處於這樣的成長速度，而西方正在放緩一點。也就是說，更多的是投資組合轉向碳酸鹽的轉變。

Now the West is looking at carbonate or LFP as well. Therefore, our view from a year or two ago, we always expected a mix. It was a little more hydroxide heavy. Now it's probably carbonate heavy in that view. And then that product mix, I mentioned product mix earlier when I was talking about Kemerton, that does play into that. Kemerton is hydroxide, and we can toll that same resource for carbonate if we need to, and that gives us more flexibility. So it was a consideration in our decisions around two and three.

現在西方國家也關注碳酸鹽或LFP。因此，從一兩年前我們的觀點來看，我們一直期待著一種混合。它的氫氧化物重一點。從這個角度來看，它可能是重碳酸鹽。然後是產品組合，我之前在談論 Kemerton 時提到過產品組合，這確實起到了作用。Kemerton 是氫氧化物，如果需要，我們可以將相同的資源用於碳酸鹽，這給了我們更大的靈活性。因此，這是我們在第二和第三項決策中考慮的因素。

Thank you for that. And then as a follow-up, what would you need to see specifically to make a decision to restart Kemerton 2 and how quickly might you be able to do that and is there a meaningful cost to restart?

謝謝你。然後，作為後續行動，您需要具體了解什麼才能做出重啟 Kemerton 2 的決定，您能夠多快做到這一點，以及重啟是否存在有意義的成本？

Yes. So there's a cost to put it in care and maintenance, right and it would be a cost to come back, but I don't know that it's not dramatic. It would be ordinary course I think if we brought it back. There's a number of things we have to do. Part of the decision about focusing on Train 1 and not 2 is to really optimize that asset, get it to work. We've all -- we have struggled with workforce in Australia and we struggle to ramp the two of them together.

是的。因此，對其進行保養和維護是有成本的，對吧，回來也是有成本的，但我不知道這是否不是戲劇性的。我想如果我們把它帶回來，這將是正常的過程。我們有很多事情要做。專注於訓練 1 而不是訓練 2 的部分決定是為了真正優化該資產，使其發揮作用。我們所有人——我們都在澳洲的勞動力方面掙扎過，我們也在努力讓他們兩個一起成長。

So we're going to focus on one, ramp that up to make that really operate, really understand the technology and process. And we think we can bring it back faster and more efficiently to Train 2 when the conditions make that right. So we've got do a few things before we would do that, we would get the plant to operate, really understand the technology and the process chemistry that's unique to Kemerton. And then we can bring that to Train 2.

因此，我們將專注於其中一個，不斷提高它的性能，使其真正發揮作用，真正理解技術和流程。我們認為，當條件合適時，我們可以更快、更有效地將其帶回列車 2。因此，在此之前，我們必須先做一些事情，讓工廠投入運營，真正了解 Kemerton 獨有的技術和工藝化學。然後我們可以將其帶到火車 2 中。

It will be -- but we'll need the market to improve before we do that. And then there would be a time frame in order to bring it back. So it's not going to turn on a dime, but we'll plan for that. And it is not dramatic from a capital standpoint, but there would be cost to bring it back on, and we'd have to bring people back on to do that as well.

確實如此，但在此之前我們需要市場有所改善。然後會有一個時間框架來將其帶回來。所以它不會立即發生變化，但我們會為此做好計劃。從資本的角度來看，這並不引人注目，但恢復它會產生成本，而且我們也必須讓人們恢復這樣做。

Colin Rusch.

科林·魯施.

Thanks so much guys. As you're working through enforcing these contracts, can you talk about some of the dynamics with the customers and any sort of compromises that you might be making to adjustments. Historically, you've kind of enforced some pricing and you reallocated volumes. Just want to get a sense of how those dynamics are playing out?

非常感謝你們。當您執行這些合約時，您能否談談與客戶的一些動態以及您可能做出的調整的任何妥協。從歷史上看，你已經強制執行了一些定價並重新分配了銷售。只是想了解這些動態是如何運作的嗎？

Yes. Good morning, Colin, it's Eric. As you point out, it's obvious with where market pricing is going. It is a discussion certainly around helping our customers remain competitive through this period of time, while at the same time, respecting the contracts we have and the thresholds that we have there in order to continue to invest on their behalf. I would tell you that all of these contracts are performing to date and it's our expectation that we'll continue to do so. And we'll keep working with our customers.

是的。早安，科林，我是艾瑞克。正如您所指出的，市場定價的走向是顯而易見的。當然，這是一個圍繞著幫助我們的客戶在這段時間內保持競爭力的討​​論，同時尊重我們所擁有的合約和我們在那裡的門檻，以便繼續代表他們進行投資。我想告訴您，所有這些合約迄今均已履行完畢，我們期望我們將繼續這樣做。我們將繼續與客戶合作。

There are things we can do in terms of source. Some of these contracts have a little bit of flexibility, and we can work around spodumene supply versus salt supply. We can look at sourcing points that are different that helps them with their supply chains while at the same time, respecting the core fundamentals of our contracts. So that's basically the nature of the discussions to date.

在來源方面我們可以做一些事情。其中一些合約具有一定的靈活性，我們可以解決鋰輝石供應與鹽供應的問題。我們可以尋找不同的採購點，幫助他們完善供應鏈，同時尊重我們合約的核心基本原則。這基本上就是迄今為止討論的本質。

Thanks so much. And then just a little bit more on the technology side. As we see more silicon-based anodes, whether it's increased levels of doping or silicon, I know it's completely -- the challenge of lithiation is pretty substantial. Can you talk a little bit about how much leverage you're getting out of the R&D center and helping folks figure out process and approaches to the lithiation challenge?

非常感謝。然後是技術方面的更多內容。當我們看到更多的矽基陽極時，無論是摻雜水平還是矽含量的增加，我知道鋰化的挑戰是相當巨大的。您能否談談您從研發中心獲得了多少影響力並幫助人們找出應對鋰化挑戰的流程和方法？

Well, this remains an area of focus for our growth. And when we talk about some of the advanced materials that are lithium-based looking at prelithiation materials that will support the adoption of silicon anodes or silicone doped anodes as you point out, for higher-capacity batteries that can lend themselves, obviously, to longer battery life or range. And furthermore, there is sort of the next journey -- step on that journey is moving towards a lithium metal anode as well, whether that's a solid state or even a liquid electrolyte used with lithium anodes.

嗯，這仍然是我們成長的重點領域。當我們談論一些基於鋰的先進材料時，我們會考慮預鋰化材料，正如您所指出的，這些材料將支持矽陽極或矽摻雜陽極，對於更高容量的電池來說，顯然可以延長使用壽命電池壽命或範圍。此外，還有下一個旅程——這個旅程的下一步也將轉向鋰金屬陽極，無論是固態電解質還是與鋰陽極一起使用的液態電解質。

So these are areas of growth. These areas we see, frankly, having a faster adoption in technologies outside of electric vehicles, whether there's a smaller format battery and perhaps less risk involved in the customer base as a first step, on the one hand. On the other hand, if you speak to some of the more progressive vehicle producers, OEMs who are looking at future technologies, there's a lot of investment they're doing in this area as well.

所以這些都是成長領域。坦白說，我們認為這些領域將更快地採用電動車以外的技術，一方面，是否有更小規格的電池，以及作為第一步在客戶群中涉及的風險是否更低。另一方面，如果你與一些正在關注未來技術的更先進的汽車生產商、原始設備製造商交談，你會發現他們也在這一領域進行了大量投資。

So it's part and parcel of the overall partnership we have with customers. I mean it's the reason that relative to the earlier question, maintaining a contract relationship and supporting us when prices are low, we support them throughout the cycle as well, is if we got to respect and have strong contracts relationships because they're more than just supply. They deal with things like technology as well that you're pointing out.

因此，這是我們與客戶之間整體合作關係的重要組成部分。我的意思是，相對於先前的問題，維持合約關係並在價格較低時支持我們，我們也在整個週期中支持他們，原因是我們是否必須尊重並擁有牢固的合約關係，因為它們不僅僅是只是供應。他們也處理你所指出的技術等問題。

David Deckelbaum.

大衛·德克爾鮑姆。

Hi, thanks for the time today and for taking my questions. Maybe for Neal. I just wanted to understand, I think, the remarks with the Kemerton move, it saves $200 million to $300 million over the next 18 months or so. Can you talk about that in the context of where you expect next year's capex to be, and more just is $1 billion of sustaining capex, is that a reasonable target for what you could get to next year or still have to take sort of a multiyear progression?

您好，感謝您今天抽空回答我的問題。也許是為了尼爾。我只是想了解 Kemerton 此舉的言論，在接下來的 18 個月左右的時間裡可以節省 2 億至 3 億美元。您能否談談您對明年資本支出的預期，更確切地說是 10 億美元的持續資本支出，這是您明年可以達到的合理目標還是仍然需要採取某種多年期的目標進展？

Yes, I think I'm going to answer this probably very similar to the way that Kent did. So obviously, as we look at capex into 2025 and 2026, this decision that we're sharing today around Kemerton will absolutely factor into lowering our capex in those out years. And we've always talked about our focus on doing that in this environment.

是的，我想我的回答可能與肯特的回答非常相似。顯然，當我們審視 2025 年和 2026 年的資本支出時，我們今天在 Kemerton 周圍分享的這一決定絕對會影響我們在這幾年降低資本支出。我們一直在談論我們在這種環境下致力於做到這一點。

Just as Kent mentioned to an earlier question, we're working through that with our teams right now. And obviously, we understand that what the current environment looks like and that we need to spend a lot of hard time looking at our capex spending and how we can -- where we can bring that down and how we can bring that down as quickly as possible without taking unnecessary risk. So I would just say like we're working on that equation now, and we'll have more to share, I think, in the next couple of quarters.

正如肯特在之前的問題中提到的那樣，我們現在正在與我們的團隊一起解決這個問題。顯然，我們了解當前的環境是什麼樣的，我們需要花費大量的時間來研究我們的資本支出以及我們如何能夠——我們可以在哪裡降低這種支出以及我們如何盡快降低這種支出無需承擔不必要的風險即可實現。所以我只想說，我們現在正在研究這個方程，我想，在接下來的幾個季度裡，我們將有更多的東西可以分享。

I appreciate that. And then my follow-up is just on going forward now, with CGP 3 ramping at Greenbushes and volumes growing there, on the back end now with Kemerton having less capacity, is the commercial profile going forward just all going to be reliant on tolling or do you have flexibility to sell spodumen concentrate into the market? And will you be able to satisfy all of your customer contracts through tolling alone?

我很感激。然後我的後續工作就是繼續前進，隨著 CGP 3 在 Greenbushes 的發展，那裡的數量也在增長，在後端，現在 Kemerton 的容量減少了，未來的商業形像是否都將依賴於收費或您是否可以靈活地向市場銷售鋰精礦？僅透過收費您就能滿足所有客戶合約嗎？

Well, it's not -- well, not just totally. So we've got a network of conversion assets today. And so Meishan is up and operating and ramping as we speak. And we've got first sales from Meishan in this quarter. And we -- as we said, ahead of schedule, we have multiple other facilities in China that we own and operate for conversion.

嗯，不完全是這樣。因此，我們今天擁有了一個轉換資產網絡。就在我們說話的時候，眉山已經開始運作並且正在加速發展。本季我們從眉山獲得了第一筆銷售。正如我們所說，我們提前在中國擁有並運營多個其他設施以進行改造。

So Kimberton is a portion of it, of our Hard Rock conversion assets. And it will be a blend. We will use some tolling to supplement our conversion assets, but we have significant conversion assets and the Kemerton 3 and 4 is just a portion of it. And again, we'll have one operating and two to bring on after that. So it's still a significant portfolio of conversion assets that we have, and then we don't want to forget about the carbonate that we bring from Chile as well. So it's a pretty good portfolio of conversion assets. And I would say this is a tweak, not

所以金伯頓是我們硬石轉換資產的一部分。這將是一種混合。我們將使用一些收費來補充我們的轉換資產，但我們擁有大量的轉換資產，而 Kemerton 3 和 4 只是其中的一部分。再說一遍，我們將讓一名手術人員投入使用，之後再安排兩名手術人員繼續工作。因此，它仍然是我們擁有的重要的轉換資產組合，我們也不想忘記從智利帶來的碳酸鹽。所以這是一個非常好的轉換資產組合。我想說這是一個調整，而不是

John Roberts.

約翰·羅伯茨.

Thanks, and who would have thought that catching would be the good performing business here in the portfolio. I'll ask a question on the specialties business. Is some of the weakness in specialties temporary channel destocking or had those -- had your channels already destocked like many others have and the weakness you're seeing actually is reflective of the end market weakness?

謝謝，誰會想到捕捉將成為投資組合中表現良好的業務。我會問一個關於專業業務的問題。特種產品的一些疲軟是暫時的渠道去庫存還是有那些 - 您的渠道是否已經像許多其他渠道一樣去庫存，而您所看到的疲軟實際上反映了終端市場的疲軟？

Yeah, John, this is Netha. We are seeing some end market weakness. And rather than weakness, maybe not as quick as a recovery as we expected, particularly in electronics. We did have volume growth of 9%, but price declined. And if you look at the spot price, which is our only public spot price we have in the market in Q1, the Chinese bromine spot price was $3.11 per metric ton and in Q2 was $2.86 per metric ton, and that explains the pricing.

是的，約翰，這是內莎。我們看到終端市場出現一些疲軟。復甦的速度可能沒有我們預期的那麼快，尤其是在電子產業。我們的銷量確實成長了 9%，但價格卻下降了。如果你看一下現貨價格，這是我們第一季市場上唯一的公開現貨價格，中國溴現貨價格為每噸 3.11 美元，第二季為每噸 2.86 美元，這解釋了定價。

But we are seeing green shoots and we are seeing that electronics recovery come, continuing strength in oil and gas, pharma and ag, and we expect to see that growth continue, maybe a little slower than what we thought, but throughout the rest of the year AND sequential growth in our financials as a result of that.

但我們看到了萌芽，我們看到電子產品復甦的到來，石油和天然氣、製藥和農業的持續走強，我們預計增長將繼續，可能比我們想像的要慢一點，但在整個剩下的時間裡我們的財務狀況因此而持續成長。

That's all the time we have for questions. I will now pass it back to Kent Masters for closing remarks.

這就是我們提問的時間。現在我將把它傳回肯特馬斯特斯以供結束語。

Okay, thank you. And thank you all for joining us today. We continue to adapt and move Albemarle forward to better position ourselves in the current market environment, enhance our company's profitable organic growth trajectory, and create long-term value for shareholders. I remain confident in the long-term secular growth opportunities in our end markets and that we are taking the right steps to position Albemarle for value creation. Thank you.

好的謝謝。感謝大家今天加入我們。我們不斷適應並推動雅保向前發展，以便在當前的市場環境中更好地定位自己，增強公司的獲利性有機成長軌跡，並為股東創造長期價值。我對我們終端市場的長期長期成長機會仍然充滿信心，並且我們正在採取正確的步驟來為雅保創造價值。謝謝。

This concludes today's conference call and thank you for your participation. You may now disconnect.

今天的電話會議到此結束，感謝您的參與。您現在可以斷開連線。