雅保公司 (ALB) 2024 Q4 法說會逐字稿

Hello, and welcome to Albemarle Corporation's Q4 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 Corporation 2024 年第四季財報電話會議。現在我將把它交給投資者關係和永續發展副總裁 Meredith Bandy。

Thank you, and welcome, everyone, to Albemarle's fourth-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 at the Investors section at albemarle.com.

感謝大家，歡迎大家參加 Albemarle 2024 年第四季財報電話會議。我們的收益是在昨天市場收盤後發布的，您可以在我們網站 albemarle.com 的投資者部分找到新聞稿和收益報告。

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

今天與我一起參加電話會議的還有執行長 Kent Masters；以及財務長 Neal Sheorey； Netha Johnson，營運長；和首席商務官 Eric Norris 也可以回答提問。

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聲明，包括我們的展望、指引、預期的公司業績和策略性舉措可能構成前瞻性聲明。請注意我們的新聞稿和收益報告中關於前瞻性陳述的警告性語言，這也適用於本次電話會議。也請注意，我們今天的一些評論涉及非公認會計準則財務指標。您可以在我們的收益資料中找到對帳表。

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

現在我將電話轉給肯特。

Thank you, Meredith. For the fourth quarter, we reported net sales of $1.2 billion and an adjusted EBITDA of $251 million with year-over-year EBITDA improvements in all of our business segments.

謝謝你，梅雷迪斯。第四季度，我們報告淨銷售額為 12 億美元，調整後 EBITDA 為 2.51 億美元，所有業務部門的 EBITDA 均較去年同期有所提高。

Turning to the full year of 2024. We achieved an adjusted EBITDA of $1.1 billion in line with our outlook considerations due to significant productivity and cost improvements, higher volumes and strong contract performance.

展望 2024 年全年。由於生產效率和成本的顯著提高、產量的增加和強勁的合約履行情況，我們實現了 11 億美元的調整後 EBITDA，符合我們的預期。

Our Energy Storage segment delivered a 26% year-over-year increase in sales volumes, surpassing our initial guidance of 10% to 20% growth, driven by successful project ramps and increased spodumene sales. We also generated $702 million in cash from operations with an operating cash conversion rate exceeding 60%, which is above our target of 50% and in line with our long-term objective.

在專案成功推進和鋰輝石銷售增加的推動下，我們的能源儲存部門銷售量年增 26%，超過了我們最初預期的 10% 至 20% 的成長。我們也從經營活動中產生了 7.02 億美元的現金，經營現金轉換率超過 60%，高於我們 50% 的目標，並符合我們的長期目標。

Albemarle continues to act decisively across four key areas, optimizing our conversion network, improving cost and efficiency, reducing capital expenditure and enhancing financial flexibility. We'll touch on each of these areas in more detail later in the call. As part of these initiatives, today, we're announcing new measures to further optimize our global conversion network, including placing the Chengdu lithium conversion facility into care and maintenance by midyear of 2025 and shifting capacity at our Qinzhou lithium conversion facility somewhat from hydroxide to carbonate.

雅寶 (Albemarle) 繼續在四個關鍵領域採取果斷行動，優化我們的轉換網絡，提高成本和效率，減少資本支出並增強財務靈活性。我們將在稍後的通話中更詳細地討論每個領域。作為這些舉措的一部分，今天，我們宣布了進一步優化全球轉化網絡的新措施，包括到 2025 年中期對成都鋰轉化設施進行維護和保養，並將欽州鋰轉化設施的產能從氫氧化物轉換為碳酸鹽。

As we did last year, we are providing our outlook based on a range of lithium market prices, including a new $9 per kilogram scenario and updated $12 to $15 per kilogram and $20 per kilogram scenarios. Compared to 2024, we have improved our outlook across these ranges due to our ongoing efforts to enhance productivity and reduce cost. Additionally, we have further decreased our full year 2025 CapEx outlook by an additional $100 million, and we now expect to spend in the range of $700 million to $800 million. Thanks to these and other measures, we now have line of sight to achieve breakeven free cash flow in 2025.

與去年一樣，我們根據一系列鋰市場價格提供展望，包括新的每公斤 9 美元的情景和更新的每公斤 12 至 15 美元和每公斤 20 美元的情景。與 2024 年相比，由於我們不斷努力提高生產力和降低成本，我們在這些範圍內的前景有所改善。此外，我們進一步將 2025 年全年資本支出預期下調 1 億美元，現在預計支出在 7 億至 8 億美元之間。由於這些措施和其他措施，我們現在預計在 2025 年實現收支平衡的自由現金流。

Now I'll turn it over to Neal, who will provide more details on our full year and fourth quarter performance, outlook considerations and market conditions. Then I'll conclude our prepared remarks with updates on our long-term competitive position, strategic framework and execution.

現在我將把話題交給尼爾，他將提供有關我們全年和第四季度業績、前景考慮和市場狀況的更多詳細資訊。然後，我將以我們長期競爭地位、策略框架和執行情況的最新進展結束我們的準備好的發言。

Thank you, Kent, and good morning, everyone. I will begin with a review of our fourth quarter and full year 2024 performance on slide 5. In the fourth quarter, we reported net sales of $1.2 billion, which represented a year-over-year decline primarily due to lower lithium market pricing.

謝謝你，肯特，大家早安。我將首先在第 5 張投影片上回顧我們第四季和 2024 年全年的業績。第四季度，我們報告的淨銷售額為 12 億美元，年減，主要原因是鋰市場價格下跌。

Fourth quarter adjusted EBITDA was $251 million, an increase year-over-year driven by improvements across all three businesses as well as reduced corporate costs. Note that last year's adjusted EBITDA included a $604 million lower of cost or market pre-tax charge. Earnings per share for the fourth quarter were $0.29. Adjusted earnings per share reflected a loss of $1.09, excluding gains on asset sales, reduced restructuring charges and discrete tax items.

第四季調整後的 EBITDA 為 2.51 億美元，較去年同期成長，主要得益於三大業務的改善以及公司成本的降低。請注意，去年調整後的 EBITDA 包含 6.04 億美元的成本或市場稅前費用（較低者）。第四季每股收益為 0.29 美元。調整後每股盈餘反映虧損 1.09 美元，不包括資產出售收益、減少重組費用和單獨稅項。

For the full year 2024, net sales were $5.4 billion, marking a year-over-year decrease primarily related to lower lithium pricing, partially offset by robust growth in lithium volumes. Full year EBITDA reached $1.1 billion, in line with our outlook considerations.

2024 年全年淨銷售額為 54 億美元，年減主要由於鋰價格下跌，但鋰產量的強勁成長部分抵消了這一下降。全年 EBITDA 達到 11 億美元，符合我們的預期。

Slide 6 shows the drivers of our year-over-year EBITDA performance. Our Q4 adjusted EBITDA of $251 million surpassed last year's result due to higher volumes, productivity and lower COGS. The EBITDA volume benefit was driven by higher volumes in specialties and the conclusion of the MARBL JV marketing agreement at the end of 2023.

幻燈片 6 展示了我們 EBITDA 同比表現的驅動因素。由於銷量增加、生產力提高和銷貨成本降低，我們第四季度的調整後 EBITDA 為 2.51 億美元，超過了去年的業績。EBITDA 銷售收益主要得益於特種產品銷售量的提高以及 2023 年底達成的 MARBL JV 行銷協議。

The COGS improvement was split between lower spodumene costs and reduced lower of cost or market adjustments. These benefits were partially offset by lower pricing and pre-tax equity income, mainly from reduced lithium and spodumene market prices.

銷貨成本的改善分為鋰輝石成本的降低和成本或市場調整的減少。這些收益被較低的定價和稅前股權收入部分抵消，主要來自鋰和鋰輝石市場價格的下降。

As Kent mentioned, adjusted EBITDA improved year-over-year in all three business segments, and we also reported lower corporate overhead costs.

正如肯特所提到的，三個業務部門的調整後 EBITDA 同比均有所提高，而且我們也報告了企業管理費用的下降。

Moving to slide 7. We present our outlook considerations for 2025. As we did last year, we are providing ranges of outcomes for our energy storage business based on recently observed lithium market pricing, including year-end 2024 market pricing of about $9 per kilogram lithium carbonate equivalent, or LCE, the first half 2024 range of $12 to $15 per kilogram LCE and the fourth quarter 2023 average of about $20 per kilogram LCE. Within each scenario, we have provided ranges based on expected volume and mix. We anticipate that energy storage volumes will be slightly higher year-over-year.

移至幻燈片 7。我們提出了 2025 年的展望。與去年一樣，我們根據最近觀察到的鋰市場價格為我們的儲能業務提供了一系列結果，包括 2024 年底每公斤碳酸鋰當量（LCE）約 9 美元的市場價格，2024 年上半年每公斤 LCE 12 至 15 美元的範圍以及 2023 年第四季的平均價格約為每公斤 LCE 20 美元。在每種情況下，我們都根據預期數量和組合提供了範圍。我們預計能源儲存量將較去年同期略有成長。

All three scenarios reflect the results of assumed flat market pricing across the year in conjunction with Energy Storage's current book of business.

所有這三種情境均反映了假設的全年市場定價平穩與 Energy Storage 當前業務狀況相結合的結果。

These scenarios illustrate the improved stability of our Energy Storage business. Given our extensive resource positions worldwide and our cost and productivity actions, we can sustain margins even with lower year-over-year lithium pricing. Additionally, we have maintained significant operating leverage with potential to benefit if pricing increases. For example, if market pricing were to average $12 per kilogram LCE, similar to last year, we would expect to see margin improvement rising from the mid 20% range that we delivered in 2024 to the mid 30% range.

這些場景顯示我們的儲能業務的穩定性有所提升。鑑於我們在全球範圍內廣泛的資源地位以及我們的成本和生產力行動，即使鋰價同比下降，我們仍能維持利潤率。此外，我們仍保持顯著的經營槓桿，如果價格上漲，我們將有可能獲益。例如，如果市場價格平均為每公斤 LCE 12 美元，與去年相似，我們預計利潤率將從 2024 年實現的 20% 中間水準上升至 30% 中間水準。

Moving to slide 8. We present modeling considerations for Specialties, Ketjen and corporate. Specialties 2025 net sales are projected to be $1.3 billion to $1.5 billion with adjusted EBITDA of $210 million to $280 million. Ketjen's 2025 net sales are projected to be $1 billion to $1.1 billion with adjusted EBITDA of $120 million to $150 million. The corporate outlook shows a planned decrease in capital expenditures, which are now expected to total $700 million to $800 million in 2025, down from $1.7 billion in 2024.

移至幻燈片 8。我們提出了針對特種產品、Ketjen 和企業的建模考量。預計 2025 年特種產品淨銷售額將達到 13 億至 15 億美元，調整後 EBITDA 將達到 2.1 億至 2.8 億美元。Ketjen 2025 年的淨銷售額預計為 10 億至 11 億美元，調整後 EBITDA 為 1.2 億至 1.5 億美元。公司前景顯示，資本支出計畫減少，目前預計 2025 年資本支出總額將從 2024 年的 17 億美元下降至 7 億至 8 億美元。

Corporate costs in 2025 are expected to range between $70 million and $100 million. We are seeing the benefits of our nonmanufacturing cost improvements and the changes in our operating structure. Corporate costs in 2025 are expected to decrease year-over-year, excluding favorable FX and interest income in the prior year.

預計 2025 年企業成本將在 7,000 萬美元至 1 億美元之間。我們正在看到非製造業成本改善和營運結構變化的好處。預計 2025 年企業成本將年減，不包括上一年有利的外匯和利息收入。

Adding it all together, slide 9 presents Albemarle's comprehensive company roll-up for each energy storage market price scenario. Recall that the full year 2024 included approximately $100 million of pre-tax equity income from onetime additional offtake by our JV partner at Talison. Notably, assuming a consistent average lithium market price of $12 per kilogram LCE in 2025, we expect cost and productivity improvements to more than compensate for the reduced equity earnings.

綜合以上內容，投影片 9 展示了 Albemarle 針對每個能源儲存市場價格情境的綜合公司摘要。回想一下，2024 年全年包括來自我們的合資夥伴 Talison 的一次性額外承購的約 1 億美元的稅前股權收入。值得注意的是，假設 2025 年鋰市場平均價格穩定在每公斤 LCE 12 美元，我們預期成本和生產力的提高將足以彌補股權收益的減少。

Turning to slide 10 for additional outlook commentary by segment. For Energy Storage, we anticipate volumes to be slightly higher year-over-year primarily due to the ongoing ramp of the Salar yield improvement project in Chile. In addition, we continue to ramp our conversion sites, including Meishan and Kemerton, which helps improve fixed cost absorption and result in reduced tolling volumes.

請翻到第 10 張投影片查看各部分的更多展望評論。對於能源存儲，我們預計產量將同比略有增長，這主要歸因於智利 Salar 產量提升項目的持續推進。此外，我們繼續擴大包括梅山和凱默頓在內的轉換站點，這有助於提高固定成本吸收率，並減少收費量。

Last year, we indicated that about two-third of our lithium salts volumes were sold on contracts, including both long-term agreements with floors and other contracts. For 2025, we've indicated that 50% of our lithium salts volumes are sold on long-term agreements with floors. This number now excludes other contracts to help simplify modeling. Our contracts continue to perform, and we have no significant contract renewals this year. We continue to have additional sales on contracts with volume commitments, giving us greater confidence in our volume expectations for this year.

去年，我們表示約有三分之二的鋰鹽產量是透過合約銷售的，包括與場內交易商簽訂的長期協議以及其他合約。我們已表明，到 2025 年，50% 的鋰鹽產量將透過與場內交易商簽訂的長期協議進行銷售。現在，該數字不包括其他合同，以幫助簡化建模。我們的合約繼續履行，今年我們沒有重大合約續約。我們繼續根據批量承諾的合約進行額外的銷售，這使我們對今年的銷售預期更有信心。

We foresee a modest volume-led recovery in Specialties year-over-year driven by strength in pharma, autos and oilfield applications. Finally, in Ketjen, we expect modest improvements in 2025 results related to product mix, cost and productivity improvements and continued execution of our turnaround plan. Please refer to our appendix slides in the deck for additional modeling considerations across the enterprise.

我們預計，在製藥、汽車和油田應用領域強勁成長的推動下，特種化學品市場將比去年出現小幅銷售復甦。最後，在 Ketjen，我們預計 2025 年的業績將略有改善，這與產品組合、成本和生產力改進以及我們扭虧為盈計畫的持續執行有關。請參閱本投影片中的附錄，以了解整個企業的更多建模注意事項。

Turning to our balance sheet and liquidity metrics on slide 11. We concluded the fourth quarter with available liquidity of $2.8 billion predominantly comprising $1.2 billion in cash and cash equivalents and the full $1.5 billion available under our revolver. The measures we have implemented to enhance our cost structure and operational efficiency have also increased our financial flexibility. As a result of our proactive actions to reduce costs and optimize cash flow, we ended Q4 with a net debt to adjusted EBITDA ratio of 2.6x, favorable to previous expectations. For additional information on covenants, please refer to the appendix.

轉到第 11 頁的資產負債表和流動性指標。截至第四季度，我們的可用流動資金為 28 億美元，主要包括 12 億美元的現金和現金等價物以及我們的循環信貸額度下的全部 15 億美元。我們為改善成本結構和營運效率所採取的措施也提高了我們的財務靈活性。由於我們採取了積極措施降低成本和優化現金流，第四季度末我們的淨債務與調整後 EBITDA 比率為 2.6 倍，好於先前的預期。有關契約的更多信息，請參閱附錄。

We have a single upcoming maturity, which is our [EUR] 372 million notes at [108%] due in November of this year. Given the favorable rate, there is no immediate urgency to refinance, and we continue to evaluate our options for managing this maturity.

我們有一張即將到期的票據，即今年 11 月到期的 3.72 億歐元、利率為 108% 的票據。鑑於利率優惠，目前沒有緊急進行再融資的必要，並且我們將繼續評估管理此期限的選擇。

Slide 12 shows our focus on execution and converting our earnings into cash, evident in improved operating cash flow conversion due to operational discipline and cash management. For 2024, operating cash conversion was 62%, surpassing our target of 50% and aligning with our long-term target range. This was driven by increased Talison dividends from higher Greenbushes sales volumes and inventory and cash management improvements across operations.

幻燈片 12 顯示了我們對執行的關注以及將收益轉換為現金，這顯然是由於營運紀律和現金管理而改善了營運現金流轉換。2024 年，經營現金轉換率為 62%，超過了我們 50% 的目標，並與我們的長期目標範圍一致。這是由於 Greenbushes 銷售量增加導致 Talison 股利增加以及整個營運部門的庫存和現金管理改善。

Looking to 2025, we expect our cash dividends from Talison in the year to remain below historical averages as Talison completes the CGP 3 project at the Greenbushes mine. Nonetheless, we expect operating cash flow conversion to exceed 80% in 2025, above our long-term target range, due to ongoing working capital improvements and a $350 million customer prepayment. This prepayment relates to a recently signed contract for delivery of spodumene and lithium salts over the next five years at market index prices.

展望 2025 年，隨著 Talison 完成 Greenbushes 礦場的 CGP 3 項目，我們預計當年 Talison 發放的現金股利仍將低於歷史平均水準。儘管如此，由於持續的營運資本改善和 3.5 億美元的客戶預付款，我們預計 2025 年營運現金流轉換率將超過 80%，高於我們的長期目標範圍。該預付款與最近簽署的合約有關，該合約規定未來五年內以市場指數價格交付鋰輝石和鋰鹽。

As you see here, our efforts to enhance operating cash flow and cash flow conversion are paying off. This focus is evident in our free cash flow expectations this year. We now have line of sight to breakeven free cash flow through new capacity ramp-ups, inventory management, bidding events, cost and productivity measures and other cash conversion enhancements.

正如您所看到的，我們為提高經營現金流和現金流轉換所做的努力正在取得成效。這一重點在我們今年的自由現金流預期中有所體現。現在，我們可以透過提高新產能、庫存管理、投標活動、成本和生產力措施以及其他現金轉換增強來實現自由現金流的收支平衡。

Turning to slide 13. I will provide some comments on the current conditions of the lithium market. We are in the process of updating our longer-term supply-demand forecast in light of recent policy and market developments. We expect to provide a more comprehensive update with our first quarter results. Lithium remains crucial to the energy transition and the long-term drivers of our business remain strong. The global energy transition is undoubtedly progressing. It is a matter of when, not if.

翻到第 13 張投影片。我將對當前的鋰市場狀況發表一些評論。我們正在根據最近的政策和市場發展更新我們的長期供需預測。我們希望提供更全面的第一季業績更新。鋰對於能源轉型仍然至關重要，我們業務的長期驅動力仍然強勁。全球能源轉型無疑正在推動。這是一個時間問題，而不是是否會發生的問題。

In 2024, electric vehicle registrations increased by 25% year-over-year. Sales reached a new quarterly record in Q4 with December achieving all-time highs for both BEVs and PHEVs. Sales are influenced by customer preferences and the availability and cost of different models. As early as next year, we anticipate that consumers will find EV prices comparable to those of internal combustion engine vehicles. Global battery costs have fallen below the critical $100 per kilowatt hour pack average, which supports the relative EV affordability.

2024年，電動車註冊量年增25%。第四季銷量創下新的季度紀錄，12 月純電動車和插電式混合動力車的銷量均創下歷史新高。銷售量受顧客偏好以及不同型號的可用性和成本的影響。我們預計最早到明年消費者就會發現電動車的價格與內燃機汽車相當。全球電池成本已降至關鍵的每千瓦時 100 美元的平均水平以下，這支撐了電動車的相對可負擔性。

Plus, EVs represent only a portion of the broader picture. Grid storage demand is also performing exceptionally well, increasing by nearly 50% year-over-year in 2024 driven by installations in the United States and China. Grid storage demand now constitutes nearly 20% of global lithium demand, up from less than 5% a few years ago.

此外，電動車僅代表了整體情況的一部分。電網儲存需求也表現異常出色，在美國和中國的安裝推動下，到 2024 年將年增近 50%。目前，電網儲存需求佔全球鋰需求的近 20%，幾年前這一比例還不到 5%。

On the supply side, there have been several announced curtailments both upstream and downstream. Non-integrated hard rock conversion remains unprofitable and larger integrated producers are facing pressure. Our estimates of pressure on the global cost curve are unchanged. We think that at least 25% of the global resource cost curve is either at or below breakeven.

在供應方面，上游和下游均已宣布多起減產措施。非綜合性硬岩轉化仍無利可圖，大型綜合生產商正面臨壓力。我們對全球成本曲線壓力的估計保持不變。我們認為，全球資源成本曲線至少有 25% 處於損益平衡點或低於損益平衡點。

Slide 14 details 2024 global EV growth by region. China's demand was the key global driver by far, with demand increasing 37% year-over-year driven by balanced subsidies for battery EVs and plug-in hybrids. China now represents about 65% of the market demand. Europe had the weakest demand due to reduced subsidies and economic challenges, but potential price cuts and emissions targets may boost growth in 2025.

投影片 14 詳細介紹了 2024 年全球各地區的電動車成長。迄今為止，中國的需求是全球的主要推動力，受電動車和插電式混合動力汽車平衡補貼的推動，中國的需求年增了 37%。中國目前佔市場需求的65%左右。由於補貼減少和經濟挑戰，歐洲的需求最為疲軟，但潛在的降價和排放目標可能會在 2025 年促進成長。

North America grew 14% year-over-year with US trends improving due to more model availability and affordability. Overall, these trends reinforce confidence in the industry's long-term growth potential but continue to highlight that the regional dynamics are important factors to consider as the industry expands.

北美年增 14%，由於更多車型可供選擇且價格更實惠，美國的趨勢有所改善。總體而言，這些趨勢增強了人們對該行業長期成長潛力的信心，但繼續強調，區域動態是該行業擴張時需要考慮的重要因素。

I'll now hand it back to Kent.

我現在將其交還給肯特。

Thank you, Neal. Moving on to slide 15. I will discuss the major initiatives we are implementing to reset our cost structure. These measures will enable us to sustain our leadership position and be competitive across the cycle.

謝謝你，尼爾。轉到第 15 張投影片。我將討論我們為重置成本結構而實施的主要措施。這些措施將使我們保持領導地位並在整個週期中保持競爭力。

Moving to slide 16. It is essential to place our recent initiatives within the context of the measures we have been implementing over several quarters as we navigate the current business environment. This year, we are optimizing our conversion network, including new actions at Chengdu and Qinzhou, improving cost and efficiency with significant progress toward our $300 million to $400 million target for cost and productivity improvements, reducing capital expenditures as we refine our 2025 execution plans and enhancing financial flexibility.

移至投影片 16。在應對當前商業環境時，必須將我們最近的舉措放在我們過去幾季實施的措施的背景之下。今年，我們正在優化我們的轉換網絡，包括在成都和欽州採取的新行動，降低成本，提高效率，在實現 3 億至 4 億美元的成本和生產力改進目標方面取得重大進展，在完善 2025 年執行計劃的同時減少資本支出，並增強財務靈活性。

Taken together, we now have greater confidence in our ability to achieve breakeven free cash flow as early as this year at current price levels. Our initiatives are comprehensive and designed to sustain our long-term competitive advantages in response to market conditions. As the dynamic environment persists, we are continually adding to our list of potential actions so that we can adapt as necessary.

總的來說，我們現在對最早在今年以當前價格水平實現盈虧平衡的自由現金流的能力更加有信心。我們的舉措是全面性的，旨在根據市場情況保持我們的長期競爭優勢。隨著動態環境的持續，我們不斷增加潛在行動列表，以便根據需要進行調整。

Turning to slide 17 for additional details. The shifting market underscores the need for a globally diversified conversion network with product flexibility. As previously mentioned, we are optimizing production from both our carbonate and hydroxide assets. achieving record production at the La Negra lithium carbonate plant in Chile and the Meishan lithium hydroxide plant in China.

請翻到投影片 17 以了解更多詳細資訊。瞬息萬變的市場凸顯了對具有產品彈性的全球多樣化轉換網路的需求。如前所述，我們正在優化碳酸鹽和氫氧化物資產的生產。智利拉內格拉碳酸鋰工廠和中國梅山氫氧化鋰工廠都實現創紀錄產量。

As we have reviewed our conversion network for improvement opportunities, we have made the decision to place our Chengdu plant on care and maintenance due to market conditions and shifting product mix. Chengdu is a relatively small plant with a capacity to produce approximately 5,000 tons of lithium hydroxide annually. We will continue to service those customers through the ramp of newer, larger plants in Chile, China and Australia. This approach will enable us to provide high-quality secure supply to our customers while driving network efficiencies and better leveraging our scale.

在我們審查了我們的轉換網絡以尋找改進機會後，我們決定根據市場狀況和產品結構的變化對成都工廠進行維護和保養。成都工廠規模相對較小，每年氫氧化鋰產能約 5,000 噸。我們將透過在智利、中國和澳洲建立更新、更大的工廠來繼續為這些客戶提供服務。這種方法使我們能夠為客戶提供高品質的安全供應，同時提高網路效率並更好地利用我們的規模。

Moreover, we have identified a highly capital-efficient project at Qinzhou to shift conversion capacity partially from hydroxide to carbonate in response to strong market demand. In Australia, performance of our Kemerton lithium hydroxide facility continues to improve, and the site recently commenced its first battery-grade commercial sales.

此外，為了滿足強勁的市場需求，我們在欽州確定了一個資本效率極高的項目，將部分轉化產能從氫氧化物轉換為碳酸鹽。在澳大利亞，我們Kemerton氫氧化鋰工廠的性能持續改善，該工廠最近開始了首次電池級商業銷售。

On the resources front, we are focused on preserving and maximizing the value of our advantaged low-cost resources. The Salar yield improvement project has exceeded a 50% operating rate milestone and is progressing towards nameplate capacity. We are leveraging our brine expertise, for example, in hydro geological mapping, to maximize recoveries at every stage of the resource.

在資源方面，我們專注於保護和最大化我們優勢低成本資源的價值。Salar 產量提升專案的營運率已超過 50%，並且正在朝向額定產能邁進。我們正在利用我們的鹽水專業知識，例如在水文地質測繪方面，最大限度地提高資源每個階段的回收率。

At Greenbushes, CGP 3 is expected to produce its first ore in the fourth quarter of 2025, providing additional feedstock for increased lithium salts volumes in 2026. The Talison team, together with our JV partners, has undertaken technical studies to optimize Greenbushes' operation over the life of the mine.

在 Greenbushes，CGP 3 預計將於 2025 年第四季生產第一批礦石，為 2026 年增加的鋰鹽產量提供額外的原料。Talison 團隊與我們的合資夥伴一起進行了技術研究，以在礦山整個生命週期內優化 Greenbushes 的營運。

Please refer to slide 18 for more details on cost and capital considerations. We've achieved over 50% of the $300 million to $400 million cost improvement announced the last quarter as we moved quickly to execute on our plans. Our goal is to reach a full run rate by year-end, possibly sooner.

有關成本和資本考慮的更多詳細信息，請參閱幻燈片 18。由於我們迅速執行計劃，我們已經實現了上個季度宣布的 3 億至 4 億美元成本改善目標的 50% 以上。我們的目標是在年底前實現滿載運轉，甚至可能更快。

Additionally, we're reducing 2025 capital expenditures by $100 million to $700 million to $800 million, down more than 50% from 2024. This result stems from a more detailed review of our projects. Full year 2025 CapEx will focus on core assets with priorities on health, safety, environmental improvements and cost reductions.

此外，我們將把 2025 年的資本支出減少 1 億美元，至 7 億至 8 億美元，比 2024 年下降 50% 以上。這項結果源自於我們對專案的更詳細審查。2025 年全年資本支出將集中於核心資產，優先考慮健康、安全、環境改善和降低成本。

Moving to slide 19. The actions being taken are intended to preserve Albemarle's competitive advantages and position the company for long-term value creation as outlined by the strategic framework on slide 20. Our strategic framework continues to guide how we operate Albemarle as we lead the world in transforming essential resources into critical ingredients for modern living. Our vision is still the same. We want to lead with impact and be purpose-driven.

移至投影片 19。正在採取的行動旨在保持 Albemarle 的競爭優勢，並使公司實現第 20 頁戰略框架所述的長期價值創造。我們的策略架構持續指導 Albemarle 的運作方式，引領世界將基本資源轉化為現代生活的關鍵要素。我們的願景依然不變。我們希望以影響力引領，並以目標為導向。

The markets we serve are unchanged. Both of our core businesses have enormous secular growth opportunities across mobility, energy, connectivity and health, including the energy transition, electrification, population growth and shifting demographics.

我們服務的市場沒有改變。我們的核心業務在行動性、能源、連結性和健康領域都擁有巨大的長期成長機會，包括能源轉型、電氣化、人口成長和人口結構變化。

I want to feature on that next row of boxes, which highlights our strategic and competitive advantages. And they're highlighted in more detail on slide 21. First, our industry-leading resources are unmatched with large-scale, high-grade and therefore low-cost assets. This core advantage is enhanced through our innovation and advanced process chemistry capabilities. We've used this for growth in the past and now are increasingly aiming these capabilities toward cost savings and incremental growth opportunities.

我想重點介紹下一排框，它突顯了我們的策略和競爭優勢。第 21 張投影片上更詳細地突出了這些內容。首先，我們擁有領先業界的資源，無可比擬的大規模、高品味且低成本的資產。這一核心優勢透過我們的創新和先進的製程化學能力得到增強。我們過去曾利用這一點來促進成長，現在我們越來越多地利用這些能力來節省成本和獲得增量成長機會。

Customer centricity is key. We stay focused on both the customer and end user, integrating from the resource to the final product. Close collaboration with customers lets us understand market trends and technology shifts, allowing us to adapt in our dynamic markets. We continue to get positive feedback that our customers seek to work with Albemarle for our capabilities, scale and reach.

以客戶為中心是關鍵。我們始終專注於客戶和最終用戶，從資源到最終產品進行整合。與客戶的密切合作使我們了解市場趨勢和技術變化，使我們能夠適應動態的市場。我們不斷收到正面的回饋，我們的客戶希望與 Albemarle 合作，因為我們的能力、規模和影響力。

Lastly, our commitment to people and planet stewardship is fundamental. It underscores our value proposition by supporting our team and promoting sustainability across all our business lines and in the communities where we operate.

最後，我們對人類和地球管理的承諾是根本。它透過支持我們的團隊並促進我們所有業務線和我們經營所在社區的可持續發展來強調我們的價值主張。

There is no question that while our strategic framework has not changed, our execution has certainly adapted. We have implemented several key initiatives to enhance our operational efficiency and agility. Our commitment to innovation is evident in the strategic investments we have made in research and development.

毫無疑問，雖然我們的戰略框架沒有改變，但我們的執行肯定已經適應了。我們已經實施了多項關鍵措施來提高我們的營運效率和靈活性。我們對創新的承諾體現在我們對研發所做的策略投資。

We are exploring cutting-edge technologies and sustainable practices to ensure that we remain at the forefront of the industry. This includes developing next-generation polymeric flame retardants and optimizing lithium conversion to meet shifting market demand.

我們正在探索尖端技術和永續實踐，以確保我們始終處於行業前沿。這包括開發下一代聚合物阻燃劑和優化鋰轉化以滿足不斷變化的市場需求。

Innovation is also core to preserving our resource advantage with projects like the Salar yield improvement project in Chile and an innovative process upgrade in Jordan that we call NEBO, both of which allow us to increase production more sustainably without incremental brine pumping. We're also driving out cost and reducing capital intensity. For example, by leveraging advanced data analytics and digital tools, we are improving our ability to monitor and optimize production processes in real time.

創新也是我們保持資源優勢的核心，例如智利的 Salar 產量提高項目和約旦的創新製程升級（我們稱之為 NEBO），這兩個項目都使我們能夠在不增加鹽水抽取的情況下更可持續地提高產量。我們也正在降低成本並減少資本密集度。例如，透過利用先進的數據分析和數位工具，我們正在提高即時監控和優化生產流程的能力。

Throughout these changes, we remain dedicated to safety, sustainability and operational excellence, aiming to create long-term value for our stakeholders while fostering a more sustainable future.

在這些變革中，我們始終致力於安全、永續性和卓越運營，旨在為我們的利害關係人創造長期價值，同時促進更永續的未來。

In summary, on slide 23, Albemarle delivered solid 2024 performance while acting decisively to preserve long-term growth optionality and maintain the company's industry-leading position through the cycle. Our full year 2025 company outlook considerations build on the progress we've made to drive enterprise-wide cost improvements, strong energy storage project ramps and contract performance.

總而言之，在幻燈片 23 上，Albemarle 取得了穩健的 2024 年業績，同時採取果斷行動來保持長期增長選擇性並在整個週期內保持公司在行業中的領先地位。我們對 2025 年全年公司前景的考慮建立在我們推動全企業成本改進、強勁的能源儲存專案成長和合約履行方面所取得的進展之上。

We are focusing on taking broad-based proactive steps to control what we can control and ensure we are competitive across the cycle. Albemarle remains a global leader, and I am confident we are taking the right actions to maintain our competitive position and to capitalize on the long-term secular opportunities in our markets.

我們正致力於採取廣泛的主動措施來控制我們能夠控制的事情，並確保我們在整個週期中保持競爭力。雅寶 (Albemarle) 仍然是全球領導者，我相信我們正在採取正確的行動來保持我們的競爭地位，並利用我們市場中的長期機會。

I look forward to seeing some of you face-to-face at upcoming events listed here on slide 24. And with that, I'd like to turn the call back over to the operator to begin the Q&A portion.

我期待在第 24 頁列出的即將舉行的活動中與你們見面。說完這些，我想將電話轉回給接線生，開始問答環節。

(Operator Instructions)

（操作員指令）

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi, good morning, thanks for taking my questions. I guess my first question is on the contract mix. That remaining 50% piece not on long-term agreements, should we assume most of those follow spot mechanisms? And then was there any significant tranche of those long-term agreements that came up for renegotiation recently and had any respective reset in floors?

大家早安，感謝您回答我的問題。我想我的第一個問題是關於合約組合。剩餘的 50% 部分不屬於長期協議，我們是否應該假設大多數跟進機制？那麼，最近對這些長期協議中是否有任何重大部分進行了重新談判並分別重新設定了底線？

Yeah. So your comment about the other 50% pretty much at index is -- that's a good assumption. And the shift that we've moved, I mean, we've reported previously that it was about two-third on contracts. So now we're reporting contracts only with floors. We had some long-term contracts that didn't have floors, and we pulled that out of that definition now.

是的。因此，您對指數中其餘 50% 的評論是 - 這是一個很好的假設。而我們所採取的轉變，我的意思是，我們之前已經報告過，大約三分之二是關於合約的。因此，現在我們僅報告包含樓層的合約。我們有一些沒有底線的長期合同，現在我們將其從該定義中剔除。

So that 50% has floors. I don't think we've had any we renegotiated in the near term recently or that have come up.

因此那 50% 有地板。我認為我們近期沒有進行任何重新談判，或出現任何新情況。

Understood. That's helpful. And if I'm reading the chart correctly, it seems like most of the CapEx reduction was CapEx previously devoted to the resource base. So where are you cutting back investments in resources? And given the current program, how quickly can you repossession and invest in additional brownfield to maybe support higher volume growth 2027 and beyond?

明白了。這很有幫助。如果我沒看錯圖表的話，似乎大部分的資本支出減少都是以前用於資源基礎的資本支出。那麼，您在哪些方面削減了資源投資？並且考慮到當前的計劃，您能多快收回並投資額外的棕地以支持 2027 年及以後更高的產量增長？

Yeah. I'm not sure that's right. I mean, if you go back, I mean, the capital we pulled back a lot of it was conversion initially, and then we've gotten a little bit more focused -- and we have pushed out on some resources and we're getting very focused on kind of the highest-quality, lowest-cost resources and we're not out pursuing as many resources as we were at one time.

是的。我不確定這是否正確。我的意思是，如果你回顧一下，我們收回的大量資本最初都是用於轉換，然後我們變得更加專注——我們已經推出了一些資源，我們非常專注於最高品質、最低成本的資源，我們不會像以前那樣追求那麼多資源。

So I think the biggest, if you look at the capital that we've cut from our plans, a big piece of it was on conversion, at least initially. And then now we're getting a little bit more focused on operations, sustaining capital, and we have to cut back on resources as well.

因此，我認為最大的開支是，如果你看看我們從計劃中削減的資本，其中很大一部分用於轉換，至少在最初階段是如此。現在我們更加關注營運和維持資本，我們也必須削減資源。

And I think, I mean, we've said a number of times that we can -- we think we can grow at 15% kind of a CAGR over a period from '22 to '27. And we start running out of the theme a little bit. So those growth rates come down after '27. And a lot of that -- most of that is about resource.

而且我認為，我的意思是，我們已經多次說過我們可以——我們認為我們可以在22年至27年期間以15%的複合年增長率增長。我們開始有點偏離主題了。因此這些成長率在27年後下降。其中很多——大部分與資源有關。

Rock Hoffman, Bank of America Merrill Lynch.

美銀美林的羅克霍夫曼。

Thank you. Could your actions including cutting CapEx and placing Chengdu under care and maintenance influence the broader market? And how might your actions adjust further if pricing stays at the low end of the scenario analysis?

謝謝。你們的舉措，包括削減資本支出和將成都置於維護和維護之下，是否會影響更廣泛的市場？如果價格維持在情境分析的低端，您的行動將如何進一步調整？

So I think you said do we think our actions at Chengdu will impact the market. So no, it's -- I don't think so. I mean, we're doing that because of market conditions and product mix. So we have an opportunity to shift some product from hydroxide to carbonate at Qinzhou. And Chengdu is one of our smallest facilities, which is why it's probably not that -- wouldn't influence the market that much.

所以我想你會說我們是否認為我們在成都的行動會影響市場。所以不，我不這麼認為。我的意思是，我們這樣做是因為市場條件和產品組合。因此我們有機會在欽州將一些產品從氫氧化物轉化為碳酸鹽。成都是我們最小的工廠之一，因此它可能不會對市場產生太大影響。

And then we make up that capacity because we're still ramping other larger assets at [Xinyu], Qinzhou in as a small investment and then Meishan and Kemerton as well.

然後我們彌補了這一產能，因為我們仍在以小額投資的方式擴大新餘、欽州、眉山和凱默頓等其他更大規模的資產。

Got it. And would you be able to explain the wide range in the tax guide for 2025?

知道了。您能解釋一下 2025 年稅務指南的範圍嗎？

Yeah, hi, good morning. This is Neal. Yes, so the wide range is really driven by the variety of scenarios that we have on the page or in the deck here. One of the reasons why we had kind of an odd tax rate in the fourth quarter and really in 2024 overall is that, as you've seen over the last few quarters, we've been reporting losses in a couple of jurisdictions where we took tax evaluation allowances.

是的，你好，早安。這是尼爾。是的，因此，廣泛的範圍實際上是由我們在頁面上或這裡的平台上擁有的各種場景所驅動。我們的第四季度以及整個 2024 年稅率有點奇怪的原因之一是，正如您在過去幾個季度看到的那樣，我們在幾個採取稅收評估準備金的司法管轄區報告了虧損。

So therefore, we didn't get to recognize the tax credits in our tax expense line. Those two jurisdictions in particular are China and Australia, where we have some particulars that require us to take those tax valuation allowances.

因此，我們無法在稅費項目中確認稅收抵免。這兩個司法管轄區是中國和澳大利亞，那裡的一些特殊規定要求我們採取這些稅收估價準備。

So why there's a wide variety on the tax ranges, it's really about where the lithium price is and that influence on our pre-tax income. Obviously, at the lower end of the range, what our guidance has said is go to a tax rate very similar to what we did in 2024. And if you're at the higher end of the range, you kind of come more to our run rate kind of statutory rate that we have based on our geographic mix.

那麼為什麼稅率範圍會有這麼大的差異，這實際上取決於鋰的價格以及它對我們稅前收入的影響。顯然，在該範圍的低端，我們的指導意見是採用與 2024 年非常相似的稅率。如果您處於該範圍的高端，那麼您就會更接近我們根據地理組合確定的法定利率。

Ben Isaacson, Scotiabank.

加拿大豐業銀行的本‧艾薩克森 (Ben Isaacson)。

Hi, good morning. This is Apurva on for Ben. So you've discussed the line of sight to being free cash flow breakeven in 2025. So is that -- is achieving that really just the case of all the dominoes falling in place? Is there anything that could put at risk beyond just pricing collapsing?

嗨，早安。這是 Apurva 為 Ben 表演的。所以您討論了 2025 年實現自由現金流收支平衡的路線。那麼——實現這一目標真的只是多米諾骨牌全部倒下的結果嗎？除了價格暴跌之外，還有什麼可能帶來風險？

Well, I just -- we have to execute against our plan, right? So that is our plan to do that. We have to execute against that. And pricing would be one of those. But we have -- look, they're a pretty aggressive plan.

好吧，我只是——我們必須按照我們的計劃執行，對吧？這就是我們的計劃。我們必須採取相應措施。定價就是其中之一。但是我們有—看，他們的計劃非常積極。

You see the actions that we've taken. We think executed pretty well against it so far. So -- but we just need to execute to accomplish that.

您看到我們已經採取的行動。我們認為迄今為止執行效果都很好。所以——但我們只需要執行即可實現這一點。

Perfect. And then as a follow-up, at this stage, with all of the kind of revised plans that you've laid out, do you foresee any need for a capital raise in 2025? And if so, is there any sense of what magnitude or what form that could look like? I know last year, you folks did the preferred convertibles. Is that kind of no longer in the picture given all of these actions that you've planned?

完美的。然後作為後續問題，在現階段，根據您制定的所有修訂計劃，您是否預見到 2025 年需要籌集資金？如果是這樣，那麼它的大小和形式是怎麼樣的呢？我知道去年你們做了首選敞篷車。考慮到您計劃的所有這些行動，這種情況是否已不再存在？

Yeah. So we're taking all these actions so we don't do that, right? So -- and we are -- again, that we have to execute against that but we see ourselves being free cash flow positive through the year, and we don't have plans to do an equity raise.

是的。所以我們採取所有這些行動是為了避免那樣做，對嗎？所以 — — 我們 — — 再次強調，我們必須針對這一目標採取行動，但我們認為全年的自由現金流均為正，而且我們也沒有計劃進行股權融資。

David Begleiter, Deutsche Bank.

德意志銀行的 David Begleiter。

Thank you. Good morning. Kent, on your realized lithium prices in Q4, what was the difference in spread between your spot sales and your contract sales?

謝謝。早安.肯特，您在第四季度的鋰實際價格中，現貨銷售和合約銷售之間的價差是多少？

So we don't normally report on the exact pricing and particularly on our contract piece. So I'm going to decline to respond to that.

因此，我們通常不會報告確切的價格，尤其是我們的合約價格。因此我將拒絕對此作出回應。

Understood. I believe back in Q4, you were saying that roughly 10% to 12% of global lifting supply was shut down and curtailed due to lower prices. Is that still a good estimate? Or has it moved up or -- since then?

明白了。我記得在第四季度，您曾說過，由於價格下跌，全球約 10% 至 12% 的開採供應被關閉或削減。這仍然是一個很好的估計嗎？還是從那時起它已經上升了？

Yeah. So I think we were saying about 25%, we believe, is underwater. And we still think that's the case.

是的。所以我認為我們說的是大約 25% 的資產處於負值狀態。我們仍然認為情況確實如此。

But how much is actually curtailed or shut down?

但實際上削減或關閉了多少呢？

Yeah. So probably about -- it's about half of that 25%, I would say. And I think that both those numbers still hold.

是的。所以大概——我想說，大約是那 25% 的一半。我認為這兩個數字仍然成立。

Perfect. Thank you.

完美的。謝謝。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. On slide 7, where you provide different scenarios, is the meaning of this slide that you're -- if there were no change in lithium prices today, the energy storage adjusted EBITDA would be between $0.6 billion and $0.7 billion? Or because of your contract prices, it's more complicated than that?

非常感謝。在第 7 張投影片中，您提供了不同的情景，這張投影片的意思是——如果今天鋰價沒有變化，那麼能源儲存調整後的 EBITDA 將在 6 億美元至 7 億美元之間？或者由於您的合約價格，情況比這更複雜？

Hi, Jeff, this is Neal. I think my answer is probably going to be towards the latter part of how you described it that, look, the prices that you see at the top of that slide are observed market prices, not our price -- what our realized prices are but market prices. The numbers below that then is if you take those market prices and move that through our book of business, you get these kinds of EBITDA ranges.

你好，傑夫，我是尼爾。我想我的答案可能與您描述的後半部分類似，您看，您在幻燈片頂部看到的價格是觀察到的市場價格，而不是我們的價格——我們的實際價格只是市場價格。那麼，以下的數字就是，如果您採用這些市場價格，並將其移至我們的業務簿中，您就會得到這些類型的 EBITDA 範圍。

Okay. Great. And then what you do on the right-hand column is you have some assumption, and you say we assume spodumene market pricing average is 10% of the LCE price. But aren't spodumene prices already below that? And you say you assume full Talison sales volumes.

好的。偉大的。然後您在右側欄中做了一些假設，並假設鋰輝石市場定價平均值是 LCE 價格的 10％。但鋰輝石的價格不是已經低於這個水準了嗎？您說您假設了 Talison 的全部銷售量。

Are you currently receiving full Talison sales volumes? And what does that mean? What has to happen for you to receive full Talison sales volume?

現在您是否已經收到 Talison 的全部銷售量？那是什麼意思呢？要達到什麼程度才能獲得 Talison 的全部銷售量？

Yeah, Jeff, let me take the second one. What we mean by full Talison sales volumes is that all the partners at Talison are taking their full allocation. That is the assumption that we've made. That hasn't always been the case if you go back over the years, but our assumption going forward is that's the case. As -- where I sit right now promptly is that is also the case right now.

是的，傑夫，讓我回答第二個問題。我們所說的 Talison 全部銷售量是指 Talison 的所有合作夥伴都已使用其全部配額。這是我們所做的假設。如果回顧過去的幾年，情況並不總是如此，但我們對未來的假設是，情況會一直如此。正如——我現在所處的位置也是這種情況。

We're taking our full allocation in this environment. With regards to the spodumene average of 10% of LCE price, look, to your point, it has moved around over time, anywhere from -- in the 5% to 10% kind of range. So what we wanted to do was at least just put a mark in, in terms of how we've done these considerations, and we picked 10% because that was something that we sort of recently observed in 2024. But to your point, it can and it does shift around with the market dynamics.

在這種環境下，我們將充分利用我們的分配。關於鋰輝石平均佔 LCE 價格的 10%，正如您所說，它隨著時間的推移一直在 5% 到 10% 的範圍內波動。因此，我們想要做的至少是就我們如何進行這些考慮而言做一個標記，我們選擇 10%，因為這是我們最近在 2024 年觀察到的。但正如您所說，它可以而且確實會隨著市場動態而變化。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. I believe IGO guided for essentially flat 2025 volume at Greenbushes. Can you confirm that? And then where is your growth, the 5% to 10% growth for 2025 coming from?

謝謝。我相信 IGO 預期 Greenbushes 的 2025 年交易量將基本持平。你能否證實？那麼你的成長，2025 年的 5% 到 10% 的成長來自哪裡？

Good morning, John, it's Eric. That's correct. CGP 2 was fully utilized, which was the last expansion of Talison in 2024. CGP 2 does not come on until the very end of this year. So there is no growth capacity at Talison until that comes on.

早安，約翰，我是艾瑞克。沒錯。CGP 2 已充分利用，這是 Talison 在 2024 年的最後一次擴建。CGP 2 要到今年底才會上映。因此，在此之前，塔利森不具備成長能力。

That's sort of the, as you know and appreciate, the lumpy nature of bringing on capacity. Our -- 0% to 10% guidance on growth is all coming out of Chile, where the Salar yield project continues to ramp and drives debottlenecking effectively over the La Negra plant to march towards nameplate.

正如您所知並理解的，這就是增加產能的不平衡性質。我們對 0% 到 10% 的成長預期都來自智利，那裡的 Salar 產量項目繼續提升，並有效推動 La Negra 工廠的瓶頸消除，使其朝向銘牌。

And then on slide 18, you're targeting sustaining CapEx of 4% to 6%. Is the percent of sales the right way to think about targeting sustaining CapEx given the volatility that you get in pricing?

然後在投影片 18 上，您的目標是維持 4% 到 6% 的資本支出。考慮到定價的波動性，銷售百分比是否是考慮維持資本支出目標的正確方法？

Yeah. So we -- that's the right point. So we -- and we say that on a stabilized market, right? So -- and it's aspirational at the moment for us because we're not there, but we're also at what we think is the bottom of the market. So it's a good benchmark.

是的。所以我們——這是正確的觀點。所以我們—我們說這是一個穩定的市場，對嗎？所以 — — 這對我們來說是目前的理想目標，因為我們還沒有達到那個水平，但我們也認為市場已經到達了底部。所以這是一個很好的基準。

We say a mid-cycle pricing is where we go to that. We're not at that level today. We still have some work to do around that. But we're getting focused on it and we wanted to have a benchmark out there that we can aim at.

我們說中期定價就是我們要達成的目標。我們今天還沒有達到那個水準。我們在這方面還有一些工作要做。但我們對此非常關注，並且希望有一個可以作為我們目標的基準。

Joel Jackson, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的喬爾傑克遜 (Joel Jackson)。

Hi, good morning, everyone. I want to follow up a little bit on Ben's associate's prior question. So can you talk about what -- if you go to 2026, how much of the half of your sales are there contract with floors? Do we expect the floors have to be negotiated? And how do you think about the balance sheet leverage if spot prices stick around where they are and you're renegotiating floors for 2026?

大家早安。我想要稍微跟進一下本的同事之前提出的問題。那麼你能談談嗎——如果到 2026 年，你的銷售額中有多少是與樓層簽訂的合約？我們是否希望協商底線？如果現貨價格維持在當前水平，而你們正在重新協商 2026 年的底價，您如何看待資產負債表槓桿率？

Yeah. So look, we provided guidance for '25, not '26. But the way our contracts work is they don't -- and they don't usually end and then get renegotiated. They get adjusted over time as our customer wants something, we want something, they have adjusted. That's how they worked over time. And we expect that to happen.

是的。所以你看，我們提供的是『25』的指導，而不是『26』。但我們的合約是這樣的——它們通常不會終止然後再重新談判。隨著我們的客戶想要什麼，我們想要什麼，他們也會跟著調整。這就是他們長期以來的工作方式。我們期待這種情況發生。

You see our portfolio of contracts has become a little bit more spot oriented in the recent past. That's because China is the biggest market. It's a spot market. It's growing. We've got new capacity coming on there with Meishan ramping.

您會看到，最近我們的合約組合變得更加以現貨為導向。因為中國是最大的市場。這是一個現貨市場。它正在生長。隨著眉山產能的不斷增加，我們的新產能也即將投入生產。

So that's really why that has shifted. Our contracts simply don't just come to an end. We negotiate terms somewhere along that and extend them out a year or two, and we've done that over time. And I suspect that's how it's going to play out going forward.

這就是真正轉變的原因。我們的合約不會就此終止。我們就此進行條款談判，並將其延長一年或兩年，我們已經這樣做了。我猜想這就是事情未來會如何發展。

Okay. And then talking about a quarter -- your estimate, a quarter of lithium supplies underwater, maybe half of that's curtailed. We just -- it seems like CATL is bringing back on production in the last bunch of weeks. There's some maybe some rational behaviour going on, although those mine or downstream with cap and the battery. So I mean it seems like there are actors in this industry that are maybe manipulating price, maybe don't have the same objectives as Albemarle and other public companies.

好的。然後談到四分之一——您的估計是，四分之一的鋰供應處於水下，也許其中一半被削減。我們只是——看起來 CATL 在過去幾週恢復了生產。儘管這些行為是礦井下或下游帶有蓋子和電池的，但仍可能發生一些理性的行為。所以我的意思是，似乎這個行業中的某些參與者可能在操縱價格，也許他們的目標與 Albemarle 和其他上市公司不同。

I mean, how do you act in this market? And is there any hope for material recovery if such behaviour by such actors continue?

我的意思是，你在這個市場中如何行動？如果這類行為者繼續下去，物質復甦還有希望嗎？

Okay. So I don't know if I can comment on all of that. I would say that we're pretty focused on making sure we can compete at the bottom of the cycle. And so when you see us taking actions and have targeted at that. So the capital that we pulled back on our growth to reduce capital as a result of that, driving cost out of the business, getting more focused on cost, not as much on growth and making sure that we can compete at that cycle and then pivot when the market comes back to take advantage of more growth and higher prices.

好的。所以我不知道我是否可以對所有這些發表評論。我想說的是，我們非常專注於確保我們能夠在週期的底部保持競爭力。所以當你看到我們採取行動並以此為目標。因此，我們撤回了成長方面的資本，從而減少了資本，降低了業務成本，更加關注成本，而不是成長，確保我們能夠在那個週期內競爭，然後在市場回升時利用更多的成長和更高的價格。

So that's the approach that we're taking.

這就是我們採取的方法。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you. I wanted to follow up on the $350 million customer prepayment. And just a clarifying question to start off with, which would be, I assume that's included when you talk about the 80% conversion as well as being free cash flow neutral this year. I assume you're including the $350 million. And all else equal then, does that mean next year cash flow would be $350 million less?

謝謝。我想跟進 3.5 億美元客戶預付款的情況。首先要澄清的一個問題是，我假設當你談到今年 80% 的轉換率以及自由現金流中性時這已經包括在內了。我假設你其中包括了 3.5 億美元。那麼，在其他條件相同的情況下，這是否意味著明年的現金流將減少 3.5 億美元？

So Vincent, on the -- this is Neal. On the first part of your question, you are correct. So the $350 million is included in our cash conversion number of 80% for 2025. And with regards to looking over to 2026, let me just give you maybe two things to think about here. You are correct that, that $350 million won't recur again in 2026.

那麼文森特，這是尼爾。關於你問題的第一部分，你的答案是正確的。因此，3.5 億美元包含在我們 2025 年 80% 的現金轉換數字中。展望 2026 年，我只想給你兩件值得思考的事。您說得對，這 3.5 億美元在 2026 年不會再出現。

But also remember that there are a lot of other things from a cash standpoint that will actually start to benefit us in 2026 and beyond.

但也請記住，從現金角度來看，還有很多其他事情實際上將在 2026 年及以後開始使我們受益。

One of the key ones that I'll point out is that from a Talison JV perspective, right now they're obviously going through a large investment program. That program is going to be done at the end of this year. So we would expect -- even in this low environment, as you would expect, Talison is a very competitive asset. So we would expect a return to dividend payouts from the JV as we get into 2026.

我要指出的關鍵一點是，從 Talison JV 的角度來看，他們現在顯然正在進行一項大型投資計畫。該計劃將於今年年底完成。因此我們預期——即使在這種低迷的環境下，正如您所預料的，Talison 仍然是一項非常有競爭力的資產。因此，我們預計到 2026 年，合資公司將恢復派息。

And then just as a follow-up on your cash flow statement, for starters, thank you for the increased disclosure on working capital. But I have a reconciliation question. You have a new line item that says inventory net realizable value adjustment. And this year, it's a negative $500 million. Last year, it was a positive $604 million.

然後，作為對您的現金流量表的後續跟進，首先，感謝您增加對營運資本的揭露。但我有一個和解問題。您有一個新的項目，顯示庫存淨可實現值調整。而今年，這數字是負 5 億美元。去年，這一數字為 6.04 億美元。

So I'm just wondering, does that line reconcile somewhere else within cash flow from operations? Or what is that? Or any more detail you can provide would be helpful.

所以我只是想知道，這條線是否與經營活動現金流中的其他地方相協調？或者那是什麼？或您提供的任何更多詳細資訊都會有所幫助。

Yeah. So that line, Vincent, is predominantly going to be a reflection of the lower of cost or market adjustment that we took in fourth quarter of 2023. And so that's why you see those adjustments, and so that's the best -- the most of that line is related to that.

是的。因此，文森特，這條線主要反映我們在 2023 年第四季採取的成本或市場調整中的較低者。這就是為什麼您會看到這些調整，而且這是最好的——該行的大部分內容都與此相關。

Aleksey Yefremov, KeyBanc.

阿列克謝·葉夫列莫夫，KeyBanc。

Thanks. Good morning, everyone. If you look at your CapEx, you're talking about maintenance level. Assuming market prices don't change, can you get to that maintenance level in 2026? And would you be willing to do so under these conditions?

謝謝。大家早安。如果您看一下資本支出，您就會談論維護水準。假設市場價格不變，你能在 2026 年達到維持水準嗎？在這種情況下，您願意這樣做嗎？

Yeah. So I'm not going to make a commitment for capital for '26. But those are -- our aspirations is that we want to get to like maintenance capital at that particular level. So we still have in our capital opportunity -- growth opportunities, say, growth or cost saving opportunities, smaller investments. So the Qinzhou investment that we talked about on the call is a good example of that, low single-digit millions of dollars. We were able to shift from hydroxide to carbonate about 10,000 tons a year.

是的。所以我不會對26年的資本做出承諾。但那些是──我們的願望是，我們希望獲得那個特定水準的維護資本。因此，我們仍然擁有資本機會——成長機會，例如成長或節省成本的機會以及較小規模的投資。我們在電話會議上談到的欽州投資就是一個很好的例子，投資金額只有數百萬美元。我們每年能夠將約 10,000 噸氫氧化物轉化為碳酸鹽。

So that -- and that's great return project and pretty low capital. So we continue to look for those. Those tend to be more focused on cost savings now and maybe incremental growth, like what we're doing at Qinzhou. But the 4% to 6% at mid-cycle, that's an aspiration that we work to, and we continue to focus to try and drive to that. Whether we get there in '26 or not, we've not laid out plans in that detail for '26, so I can't answer that.

所以 — — 這是一個回報豐厚的項目，而且資本相當低。所以我們繼續尋找這些。現在這些往往更注重成本節約，或許還有增量成長，就像我們在欽州所做的那樣。但中期週期的 4% 到 6% 是我們努力實現的願望，我們將繼續專注於嘗試實現這一目標。無論我們是否能在26年實現這一目標，我們都沒有製定出那麼詳細的26年計劃，所以我無法回答這個問題。

Thank, Kent. And on CGP 3, it's an important project for your cash flow this year and next year especially. Any comments on risk assessment for delays, cost overruns, that kind of thing? Like how is the project going from your point of view?

謝謝，肯特。關於 CGP 3，它對於您今年和明年的現金流來說是一個重要的項目。對於延誤、成本超支等風險評估您有何看法？從您的角度來看，該專案進度如何？

Yeah. I think we're on schedule and around budget. I don't know exactly whether we're right on budget or not, but it's pretty close from a budget and a schedule perspective.

是的。我認為我們的工作進度和預算都在預期之內。我不知道我們的預算是否準確，但從預算和時間表的角度來看，它是相當接近的。

Kevin McCarthy, Vertical Research Partners.

垂直研究夥伴凱文·麥卡錫 (Kevin McCarthy) 。

Yes, thank you and good morning. Kent, you talked a little bit about the grid storage growth in your prepared remarks. Can you comment on your outlook for 2025 in that end market? And is your share in grid storage higher or lower or about the same as it is in your customers in the EV arena?

是的，謝謝你，早安。肯特，您在準備好的發言中談到了電網儲存的增長。您能評論一下 2025 年終端市場的展望嗎？您在電網儲存領域的份額是否與您在電動車領域客戶的份額相比更高、更低還是大致相同？

Yes. So the grid storage has been one that's been a positive surprise for us for a few years now as it's been growing. I think it was up almost 50% this year. And we anticipate that continuing to grow. And a couple of years ago, we probably would have thought lithium may not be the best solution for grid storage, but I think the way battery costs have come down and the popularity of LFP, it looks like grid storage is going to be lithium-based and LFP-based going forward.

是的。因此，電網儲存這幾年來一直為我們帶來驚喜，因為它一直在增長。我認為今年它上漲了近50％。我們預計這一數字還將持續成長。幾年前，我們可能認為鋰電池不是電網儲存的最佳解決方案，但我認為，隨著電池成本的下降和 LFP 的普及，未來電網儲存似乎將以鋰電池和 LFP 為基礎。

So it's a good opportunity. And it's on -- it's kind of, I think, everywhere. So the US. is starting to play out. You see that in Europe, and then China has been really strong around that.

所以這是一個很好的機會。而且我認為，它無所不在。美國也是如此。正在開始上演。您可以在歐洲看到這一點，而中國在這方面也表現得非常強大。

So it's a positive. It's a bright spot and it's offset a little bit of the a little less growth than we saw in EVs and some of the shift between plug-in hybrids and BEVs as well. So it's covered that and build in nicely.

所以這是積極的。這是一個亮點，它在一定程度上抵消了電動車成長放緩的影響，也抵消了插電式混合動力車和純電動車之間的部分轉變的影響。因此，它涵蓋了這一點，並且構建得很好。

And Kevin, as for the market share, first of all, it's largely an LFP market. So if you look at our share in LFP on EVs, PHEVs, et cetera, can be similar to our share in grid storage. It's the same companies. It's deepened back into the supply chain that are providing the cathode and battery materials into that. So that's what determines our shares, those relationships, not necessarily the end markets.

凱文，至於市場份額，首先，它主要是 LFP 市場。因此，如果您看一下我們在電動車、插電式混合動力汽車等的 LFP 中的份額，就會發現它與我們在電網儲存中的份額相似。都是同一家公司。它深入到為其提供陰極和電池材料的供應鏈。所以，這決定了我們的份額，這些關係，而不一定是終端市場。

Understood. And then secondly, if I may, Kent, the tariff regimes continue to evolve here. Are you managing the company any differently today than you were last year as it relates specifically to tariffs?

明白了。其次，如果可以的話，肯特，這裡的關稅制度繼續發展。就關稅而言，您現在管理公司的方式與去年相比有什麼不同嗎？

So are we managing the company differently? Look, we're paying very close attention to see what happened. It's evolving. I'm not sure, no one knows exactly what the final impact will be. But the direct impact on Albemarle is not going to be that significant.

那麼我們是否以不同的方式管理公司？瞧，我們正在密切關注發生的事情。它正在不斷發展。我不確定，沒有人確切知道最終的影響是什麼。但這不會對 Albemarle 造成太大影響。

I mean, we're not -- we don't ship from China to the US, I mean, significantly. There is some, but it's not a big part of our business. It will impact our customers more than it will impact us directly. So the knock-on effect of us is something is what we're really paying attention to.

我的意思是，我們不會從中國向美國運送貨物，我的意思是，我們不會大量運送貨物。有一些，但這不是我們業務的主要部分。它對我們客戶的影響比對我們的直接影響更大。因此，我們真正關注的是其產生的連鎖反應。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大（Laurence Alexander），傑富瑞（Jefferies）。

So a couple of questions. First, on Energy Storage, how much of your capacity is under long-term contract compared to the EV market?

有幾個問題。首先，在能源儲存方面，與電動車市場相比，你們的儲能容量有多少是長期合約？

Laurence, I'm sorry, you said -- that was a fixed storage question?

勞倫斯，很抱歉，您說——這是一個固定存儲問題？

The Energy Storage side of your business, how much of that is under long-term contract? .

您業務中的能源儲存方面有多少是簽訂長期合約的？。

It's about 50%. Eric?

大約是50%。埃里克？

Yeah, it's the same, Laurence. We talked about 50% being under floor-based contracts. The 50% that's not is the pricing mechanism of the spot the contracts. It's a mix of contracts that are shorter in duration and spot.

是的，是一樣的，勞倫斯。我們談到了 50% 是基於底價合約的。那50%不是現貨合約的定價機制。這是期限較短的合約和現貨合約的混合。

Yeah, just may clarify there. So what we when we sit to 50%, so those are long-term agreements, and we have floors on those agreements. There are some other longer-term agreements we don't have floors. So we're now categorizing not in the same category as spot.

是的，只是想澄清一下。那麼當我們達到 50% 時，那些就是長期協議，並且我們對這些協議設有底線。對於其他一些長期協議，我們還沒有確定底線。因此，我們現在將其歸類為與現貨不在同一類別。

Okay. Perfect. For the $350 million of cash inflows, just to be clear, if -- would the net effect be that the EBITDA related to that would show up in 2026 or '27 but then the cash conversion suffers? Or is there also an EBITDA -- is there also an impact on the EBITDA bridge?

好的。完美的。對於 3.5 億美元的現金流入，需要明確的是，其淨效應是否是與之相關的 EBITDA 會在 2026 年或 2027 年出現，但隨後現金轉換會受到影響？或者是否也存在 EBITDA——是否也對 EBITDA 橋產生影響？

Yeah. Laurence, I think you're circling on kind of the right mechanism here. So we have taken the prepayment upfront and already received it here in the first quarter. You'll see that with our first quarter results. And then we satisfy our obligation through product deliveries over actually the next five years.

是的。勞倫斯，我認為你正在研究正確的機制。因此，我們已經預先收取了預付款，並且已經在第一季收到了。您將從我們的第一季業績中看到這一點。然後我們將在未來五年內透過產品交付來履行我們的義務。

So -- and that's at prices that are indexed to market. So you are right. We will then recognize EBITDA in increments as we make those deliveries, but it is over the course of the next five years.

所以 — — 這是與市場掛鉤的價格。所以你是對的。隨著我們完成這些交付，我們將逐步確認 EBITDA，但這是在未來五年內。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen 公司。

Thanks for taking my questions. I was hoping to follow up just on the plans at Qinzhou to convert some of the capacity to carbonate versus hydroxide, mainly just being is this decision really just to capture the discrepancy in margin? Or do you have very differentiated views now over time on just the appetite for hydroxide?

感謝您回答我的問題。我希望跟進欽州將部分產能從氫氧化物轉換為碳酸鹽的計劃，主要是這個決定真的只是為了彌補利潤的差異嗎？或者，隨著時間的推移，您對氫氧化物的需求是否有非常不同的看法？

Are you seeing customer resistance for hydroxide volumes in the market and then you're seeing this pivot as a necessity to sell product at this point? And are there further plans? Should we expect further plans to pursue more conversion from hydroxide to carbonate?

您是否看到市場上的客戶對氫氧化物的抵制，然後您是否認為這種轉變是目前銷售產品的必要條件？還有其他計劃嗎？我們是否應該期待進一步的計劃來追求從氫氧化物到碳酸鹽的更多轉化？

Yeah. So look, it is -- I mean, the hydroxide, there's a market hydroxide, it's growing. Carbonate is growing faster. So there's a stronger demand for carbonate. And this was kind of a unique opportunity for us because plant was designed in this way.

是的。所以看，它是--我的意思是，氫氧化物，有一個市場氫氧化物，它正在成長。碳酸鹽成長速度更快。因此對碳酸鹽的需求更加強勁。這對我們來說是一個獨特的機會，因為工廠就是這樣設計的。

And we had -- there's a few things we have to execute against to take advantage of that. It's very small capital, as I said before. It's low single-digit millions in order to make that shift. It gives us more flexibility in the market. The market is stronger around carbonate now, so we can take advantage of that.

我們必須採取一些措施才能利用這一點。正如我之前所說，這是非常小的資本。要實現這一轉變，成本只有幾百萬。它為我們提供了更大的市場靈活性。現在碳酸鹽市場更加強勁，因此我們可以利用這一點。

Over time, we can shift this back either way. Once we make this investment, we'll be able to go -- we could go back to hydroxide if we wanted to or stay on carbonate. At the moment, it makes more sense to be on carbonate. It's about the market and the fact that this was designed in upfront, and we had to kind of finish some work in order to leverage the capability.

隨著時間的推移，我們可以將其轉變回原來的狀態。一旦我們進行了這項投資，我們就可以——如果我們願意的話，我們可以回到氫氧化物，或者繼續使用碳酸鹽。目前，採用碳酸鹽更有意義。這是關於市場的問題，事實上這是事先設計的，我們必須完成一些工作才能利用這種能力。

If beyond sort of this year and the next you wanted to lean more heavily into carbonate, is there tolling capacity available in China that would enable you to do that? Or would that have to be a more significant investment on your part?

如果今年和明年以後您想更多地依賴碳酸鹽，中國是否有可供您使用的加工能力？或者這對您來說是否是一項更重要的投資？

No, there's tolling capacity that's available and that -- we've taken advantage of that in the past, and it gives us flexibility in our supply chain. And then the growth you see from us in Chile as well at La Negra has allowed us to grow with that market, particularly around kind of on the back of the work at La Negra, but particularly Salar yield in the Salar.

不，我們有可用的加工能力，而且我們過去曾利用過這一點，它為我們的供應鏈提供了靈活性。然後，您將看到我們在智利以及拉內格拉（La Negra）的成長使我們能夠與該市場共同成長，特別是在拉內格拉（La Negra）的工作基礎上，特別是薩拉爾（Salar）的產量。

Benjamin Kallo, Baird.

班傑明卡洛，貝爾德。

Hi, thanks for taking my question. I wanted to follow up to an earlier question and maybe frame it just slightly different. There's capacity coming off-line, utilization going down and demand going up for EVs even at a slower rate than maybe we predicted a couple of years ago. At the same time, with all of that happening, which should indicate prices going up, prices have been coming down. So can you talk to anything to help us understand what that is and then anything that would change that?

你好，謝謝你回答我的問題。我想跟進之前的一個問題，或許以略微不同的方式表達。電動車的產能正在下降，利用率正在下降，而需求正在上升，儘管其成長速度可能比我們幾年前預測的要慢。同時，隨著所有這些事情的發生，價格本應上漲，但實際上價格卻在下降。那麼您能否談談任何事情來幫助我們理解那是什麼以及有什麼可以改變它？

And then my follow-up question is, I do see a lot of reports around recycling in China. It seems like that's becoming a bigger industry there. I'm just wondering your thoughts around the impact of that on pricing as well. Thank you.

我的後續問題是，我確實看到很多關於中國回收的報告。這似乎正在成為那裡的一個更大的產業。我只是想知道您對這對定價的影響的看法。謝謝。

Yeah. So there are a lot of moving pieces in your question, but also in the market, right? So it is -- I mean, there's capacity that has come off, higher cost capacity. There is new capacity that has come on. There's excess conversion that sits in China as well.

是的。所以，你的問題中有很多變動因素，而且在市場中也有很多變動因素，對嗎？所以，我的意思是，有些產能已經下降，產能成本更高。已經有新的產能投入生產。中國也存在著轉換過剩的情況。

And then the recycling part. I mean, recycling has been growing over time. We actually -- with prices come down, we've seen recycling drop off a little bit in China because it's just not economic given where prices are for new material. All of that is going to work its way -- has to work its way through the system. It's a dynamic market. It's hard to say. But I would anticipate higher cost assets coming out, particularly.

然後是回收部分。我的意思是，回收隨著時間的推移一直在增長。事實上，隨著價格下降，我們發現中國的回收利用有所下降，因為考慮到新材料的價格，這在經濟上是不划算的。所有這些都將按照自己的方式發揮作用——必須透過系統發揮作用。這是一個充滿活力的市場。這很難說。但我預計會出現更高成本的資產。

We've got -- we're still growing. This market is still growing 20% plus, right? So it's just not quite as high growth rates as we had anticipated, but it is still growing significantly. And China is the main driver of that, but North America and Europe are kind of coming from there. So there's going to be growth in this market for a long period of time.

我們已經──我們還在成長。這個市場仍在以20%以上的速度成長，對嗎？因此，雖然成長率不如我們預期的那麼高，但仍在大幅成長。其中中國是主要推動力，但北美和歐洲也是其主要動力。因此，這個市場將會長期維持成長。

Capacity comes on in chunks and you get in balance, prices are going to be down. I don't know if I can explain it more than that. It's a very opaque market and particularly because a lot of it happens in China, but it relies basically on the supply or demand.

產能成批增加，達到平衡，價格就會下降。我不知道我是否可以進一步解釋這一點。這是一個非常不透明的市場，特別是因為許多交易發生在中國，但它基本上依賴供給或需求。

Okay, thank you.

好的，謝謝。

Joshua Spector, UBS.

瑞銀的 Joshua Spector。

Yeah, hi, good morning, I wanted to just ask on the prepayment that you got. Is there any requirement there to make further investments or some pre-emptive expectation around CapEx spending? Or was that just something you decided to do given your needs for cash and the customer focus on volumes?

是的，你好，早上好，我想問一下你收到的預付款的情況。是否有進一步投資的要求或對資本支出有一些先發制人的預期？或者這只是您根據現金需求和客戶對數量的關注而決定要做的事情？

Yeah. Hi, Josh. No, there's no further requirement on our side. We have everything we need to be able to satisfy that contract. And I would just say the last part of what you said, I'd say it a little bit differently.

是的。嗨，喬希。不，我們沒有其他要求。我們已做好滿足合約要求的一切準備。我只想說一下你所說的最後一部分，我會用稍微不同的方式來表達。

We have discussions with customers all the time. We've done these kind of prepayments actually in the past, and this was just a unique opportunity that came across our desk. And it was one that we went after. So I think it's just a sign of how we work with our partners in many different ways.

我們一直與客戶進行討論。我們過去實際上已經做過這種預付款，這只是我們遇到的一個獨特機會。這正是我們所追求的。所以我認為這只是我們以多種不同方式與合作夥伴合作的一個標誌。

Understood. And I guess just to follow up on some prior questions, so specifically with the CATL restart, I've heard some mixed things around supply maybe being temporarily tighter versus their cost being more in line, I guess, closer to where the market prices have moved towards driving the restart. Do you guys have any view internally about why that's happening against the low price environment?

明白了。我想只是為了跟進一些先前的問題，特別是關於 CATL 重啟的問題，我聽到一些關於供應可能暫時緊張而其成本更加接近、更接近推動重啟的市場價格走勢的消息。你們對於為什麼會出現低價環境下的這種現像有什麼看法嗎？

No. Look, I would say, I mean, look, we'd modelled more lepidolite coming in. So we weren't exactly targeting this particular asset, be the one that came back on. But we had lepidolite volume. China is a strong market.

不。看，我想說，我的意思是，看，我們已經模擬了更多的鋰雲母的進入。因此，我們並不是專門針對這項特定資產，而是針對重新回歸的資產。但我們有鋰雲母體積。中國是一個強大的市場。

It's growing. They're short of resource, not surprising. They're trying to get more domestic resource. So I think it's no more complicated than that.

它正在生長。他們缺乏資源，這並不奇怪。他們正在試圖獲取更多的國內資源。所以我認為事情並沒有那麼複雜。

Okay, thank you.

好的，謝謝。

Andres Castanos, Berenberg.

安德烈斯·卡斯塔諾斯，貝倫貝格。

Okay, thank you. Of the 2025 lithium volumes, how much of it would be spodumene sales and how much would be lithium salts sales? Are there any significant tolling volumes left? Thank you.

好的，謝謝。2025 年的鋰產量中，鋰輝石的銷售量有多少，鋰鹽的銷售量有多少？還有大量收費業務量剩餘嗎？謝謝。

So I don't have that split, but it's mostly salt, right? There's -- the spodumene sales that we do are really more for transparency in the market, understanding that. We do sell some of that, other than we've shifted a little bit from a prepaid perspective. There's spodumene in that. There's not a lot of that in '25.

所以我沒有那個分裂，但它主要是鹽，對嗎？我們進行的鋰輝石銷售實際上更多是為了實現市場的透明度，理解這一點。除了我們從預付費的角度稍有轉變之外，我們確實銷售了其中一些。其中有鋰輝石。在'25年，這種情況並不多。

Yes. It's under 10%, 15% of total LCEs this year roughly in that order of magnitude. It's basically the production coming out of Wodgina.

是的。今年，這一數量級大致相當於 LCE 總量的 10% 到 15%。這基本上是沃吉納 (Wodgina) 的產品。

Thank you very much.

非常感謝。

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

謝謝。我們回答問題的時間就這麼多了。現在我將發言交還給肯特·馬斯特斯，請他作最後發言。

Okay. Thank you, operator. In conclusion, Albemarle's strong operational execution and strategic framework have positioned us to successfully navigate dynamic market conditions and maintain our long-term competitive edge. We are dedicated to delivering value for our stakeholders and driving sustainable growth. Thank you for joining us today, and we look forward to continuing on our journey together.' Stay safe and take care.

好的。謝謝您，接線生。總之，Albemarle 強大的營運執行力和策略框架使我們能夠成功駕馭動態的市場條件並保持長期競爭優勢。我們致力於為利害關係人創造價值並推動永續成長。感謝您今天加入我們，我們期待繼續共同前進。保持安全並注意保重。

This concludes today's conference call. 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。