SK Telecom Co Ltd (SKM) 2024 Q4 法說會逐字稿

Good morning, and good evening. Thank you all for joining the conference call for the earnings results of SK Telecom. This conference will start with a presentation followed by a Q&A session. (Operator Instructions)

早安，晚上好。感謝大家參加 SK Telecom 獲利結果電話會議。本次會議將以演講開始，然後是問答環節。（操作員指令）

Now we will begin the presentation on SK Telecom's fourth quarter earnings results of the fiscal year 2024.

現在我們開始介紹SK Telecom 2024財年第四季的獲利結果。

Good afternoon. I am Hee Jun Chung, IRO of SK Telecom. Let us begin the earnings conference call for the fourth quarter and fiscal year 2024. Today, we will first deliver a presentation on the financial and business highlights, followed by a Q&A session.

午安.我是 SK Telecom 的 IRO Hee Jun Chung。讓我們開始2024年第四季和財年的收益電話會議。今天，我們將首先介紹財務和業務亮點，然後進行問答環節。

Please note that all forward-looking statements are subject to change, depending on various factors, such as market and management situations. Let me now present our CFO.

請注意，所有前瞻性陳述都可能因市場和管理情況等各種因素而改變。現在我來介紹一下我們的財務長。

Good afternoon. This is Yang-Seob Kim, CFO of SK Telecom. It is my first time to greet to in 2025. I'd like to wish you a happy New Year and good health and happiness in the new year.

午安.我是 SK Telecom 的財務長 Yang-Seob Kim。這是我第一次迎接2025年。祝大家新年快樂，新的一年身體健康，閔家幸福。

For SK Telecom, 2024 was all about operational improvements and artificial intelligence. While operational improvement efforts further strengthened our competitiveness in the telecom business, the AI pyramid strategy guided us in refining business models and establishing execution systems to lay the foundation to become an AI company.

對 SK Telecom 來說，2024 年的關鍵在於營運改善和人工智慧。在營運改善努力進一步增強我們在電信業務的競爭力的同時，AI金字塔策略引導我們完善商業模式、建立執行體系，為成為一家AI公司奠定基礎。

We focused on operational improvements, not just to reduce cost, but also to enhance our overall portfolio, processes and culture to strengthen the company's business fundamentals. Thanks to these efforts, the consolidated operating profit grew 4% year-over-year and the OP margin exceeded 10%. Let me now report on the consolidated financial results for 2024. Consolidated revenue reported KRW17,940.6 billion, up 1.9% year-over-year.

我們專注於營運改進，不僅是為了降低成本，也是為了增強我們的整體產品組合、流程和文化，以加強公司的業務基礎。由於這些努力，綜合營業利潤年增4%，營業利益率超過10%。現在，我來報告 2024 年的綜合財務表現。合併營業額為179,406億韓元，較去年成長1.9%。

With sustained growth in all business areas, including fixed and mobile, enterprise and AI, our consolidated revenue has continued the upward trend since the spin-off in 2021. MNO business saw a slight slowdown in its top line growth, but customer-friendly roaming services contributed to MNO revenue growth, while significant growth in data center and B2B business such as cloud and AICC, contributed to consolidated revenue growth.

隨著固定和移動、企業和AI等所有業務領域的持續成長，我們的綜合收入自2021年分拆以來一直保持上升趨勢。MNO業務的營收成長略有放緩，但客戶友善的漫遊服務促進了MNO收入的成長，而資料中心和雲端、AICC等B2B業務的顯著成長促進了綜合收入的成長。

Operating income posted KRW1,823.4 billion. Throughout the year, we successfully reduced major expenses such as marketing and D&A costs through cost efficiency measures. To continue the trend, we are utilizing AI to further drive cost efficiency in key business areas and processes.

營業收入為18,234億韓元。全年我們透過成本效率措施成功削減了行銷和 D&A 成本等主要開支。為了延續這一趨勢，我們正在利用人工智慧進一步提高關鍵業務領域和流程的成本效率。

Last year, we also rebalanced our business portfolio by phasing out low profit businesses and increasing the share of high profit line, thereby laying the foundation for sustainable growth in the future, not just short term operating income growth.

去年我們也重新平衡了業務組合，逐步淘汰低利潤業務，增加高利潤業務的份額，從而為未來的永續成長奠定基礎，而不僅僅是短期的營業收入成長。

Net income posted KRW1,438.8 billion, up 25.6% year-over-year, thanks to the business portfolio restructuring and asset efficiency enhancement as part of the operational improvement. Next, let me report on AI-related highlights.

淨收入達14,388億韓元，比去年同期成長25.6%，這得益於業務組合重組和資產效率提升等營運改善。接下來，我來報告一下人工智慧相關的亮點。

In 2024, SK Telecom strengthened its global AI partnerships through equity investments in diverse AI-related domains. Specifically, we made strategic investments in Lambda and Penguin solutions to utilize their expertise in AI data center business.

2024年，SK Telecom 透過在多個人工智慧相關領域進行股權投資，加強了其全球人工智慧合作夥伴關係。具體來說，我們對Lambda和Penguin解決方案進行了策略性投資，以利用他們在AI資料中心業務方面的專業知識。

Furthermore, we're closely collaborating with global AI tech companies such as Perplexity and Anthropic for A Dot, Aster and [Telco L&M]. Last month, we launched SKT GPU-as-a-Service that we have been preparing for a year with Lambda. This year, we will carry out AI business activities and in earnest to achieve meaningful growth in AI-related revenue.

此外，我們也與 Perplexity 和 Anthropic 等全球人工智慧科技公司密切合作，開發 A Dot、Aster 和[電信公司 L&M]。上個月，我們推出了與 Lambda 合作籌備了一年之久的 SKT GPU 即服務。今年，我們將大力開展AI業務活動，並努力實現AI相關收入的有意義的成長。

In this regard, we have changed the classification of AI-related revenue. The entire business of SK Telecom is largely divided into two categories: telecom business and AI business, which includes AIX, AIDC, A-Dot and GPAA.

對此，我們改變了人工智慧相關收入的分類。SK Telecom的整個業務大致分為兩類：電信業務和AI業務，其中包括AIX、AIDC、A-Dot和GPAA。

Previously, we showed figures on cloud and data center business. But starting from this year, we will announce quarterly sales of AIX and AIDC, which are AI-related B2B business to provide you with a more comprehensive view of AI business growth. In 2024, AI-related revenue grew 19% year-over-year. Going forward, we will continue to accelerate AI business growth the construction of AI Infrastructure Superhighway and monetization efforts.

之前我們展示了雲端和資料中心業務的數據。但從今年開始，我們將按季度公佈AI相關的B2B業務AIX和AIDC的銷售額，以便為您提供更全面的AI業務成長視圖。2024年，AI相關收入年增19%。未來，我們將持續加速AI業務成長、AI基礎設施高速公路建設和貨幣化努力。

Another pillar of our AI business is PAA, which is now organized in two tracks, A Dot for the domestic market and Aster for global customers. After an overhaul in August last year, A Dot was able to achieve a 160% growth year-over-year in total users, thanks to the application of AI to phone calls and multi-LLM agent features. Having been unveiled in November last year, Aster presented a comprehensive daily management service model at CES 2025 and will launch a beta service in the first half of the year in the US.

我們AI業務的另一個支柱是PAA，目前分為兩個軌道，A Dot針對國內市場，Aster針對全球客戶。A Dot在去年8月進行全面改版後，憑藉AI在電話溝通中的應用以及多LLM代理功能，用戶總數同比增長了160%。Aster 於去年 11 月亮相，在 CES 2025 上展示了全面的日常管理服務模式，並將於今年上半年在美國推出測試版服務。

Finally, let me turn to shareholder return for 2024 and earnings guidance for 2025. The DPS for 2024 was determined by the Board at KRW3,540 including the quarterly dividend of KRW2,490 that was already paid out. It is subject to the approval at the Annual General Meeting of Shareholders in March.

最後，我來談談 2024 年的股東回報和 2025 年的獲利指引。董事會確定 2024 年每股股息為 3,540 韓元，其中包括已支付的季度股息 2,490 韓元。此舉需獲得三月年度股東大會的批准。

Our annual consolidated revenue target for 2025 is KRW17.8 trillion. It represents approximately 1% growth year-over-year on a normalized basis after removing the impact of sales of certain subsidiaries late last year. We also aim to achieve a Y-o-Y growth in operating income through continuous operational improvements.

我們2025年的年度合併收入目標是17.8兆韓元。剔除去年年底部分子公司銷售的影響後，以正常化基礎計算，該數字較上年同期成長約 1%。我們還旨在透過持續的營運改善實現營業收入的同比增長。

This year, we anticipate significant economic, industrial and political changes, both in Korea and globally. We will strengthen our fundamental competitiveness to cope with high uncertainty and pioneer the AI era through challenges and innovations, thereby further enhancing our corporate value. We look forward to your continued support and encouragement. Thank you.

今年，我們預計韓國和全球都將發生重大的經濟、工業和政治變化。我們將加強應對高度不確定性的基本競爭力，透過挑戰和創新開拓人工智慧時代，進一步提升企業價值。我們期待您繼續給予支持與鼓勵。謝謝。

(Operator Instructions)

（操作員指令）

Kim Hoi Jae, Daishin Securities.

大信證券的金會宰（Kim Hoi Jae）。

I'm Kim Hoi Jae from Daishin Securities. I would like to ask two questions. First of all, in your opening speech, you already talked about your plans for AI-related businesses, but I'd like to understand what would be the key focus areas for SK Telecom in conducting AI business. And if you can provide us with some guidance on AI-related revenue outlook, we will appreciate that.

我是大信證券的金會宰。我想問兩個問題。首先，您在開幕致詞中已經談到了AI相關業務的計劃，但我想了解SK Telecom開展AI業務的重點關注領域是什麼。如果您能為我們提供一些有關人工智慧相關收入前景的指導，我們將不勝感激。

My second question is concerned with shareholder return. There were some concerns that SK Telecom's dividend per share might decline. However, you've decided to go ahead with DPS of KRW3,540, which is similar to -- which is the same as the previous year.

我的第二個問題與股東回報有關。有人擔心 SK Telecom 的每股股息可能會下降。但是，您決定繼續執行 3,540 韓元的每股 DRW，這與去年的 DRW 相同。

So I'd like to understand the background behind this decision. And also, if you can add some color on what we can expect for 2025 for shareholder return, including any plans on share buyback, I would appreciate that. Thank you.

所以我想了解這個決定背後的背景。此外，如果您能詳細說明我們對 2025 年股東回報的預期，包括任何股票回購計劃，我將不勝感激。謝謝。

I'm CFO, Kim Yang-Seob. Thank you for your questions. I'd first like to talk about AI-related revenue. At the end of last year, SK Telecom restructured the company into seven business units based on two pillars of telecom and AI. And the AI business includes A-Dot and GPA for B2C business and AIX and AIDC for B2B business.

我是財務長 Kim Yang-Seob。感謝您的提問。我首先想談談與人工智慧相關的收入。去年底，SK電訊將公司重組為以電信和人工智慧兩大支柱為基礎的七個業務部門。其中AI業務包括B2C業務的A-Dot、GPA以及B2B業務的AIX、AIDC。

You asked a question about AI-related revenue and it is being materialized, first of all, in our B2B business, such as AIX and AIDC. The AIX business unit includes not only the AI cloud business but also other diverse AI B2B products such as AI Vision and AICC. And in this category, we posted KRW193 billion of revenue last year, and it is expected to grow about 30% this year.

您問了一個關於人工智慧相關收入的問題，它首先在我們的 B2B 業務中實現，例如 AIX 和 AIDC。AIX業務部門不僅包括AI雲端業務，還包括AI Vision、AICC等其他多樣化的AI B2B產品。在這個類別中，我們去年的收入為1930億韓元，預計今年將成長約30％。

Now revenue from AIDC in 2024 was KRW397.4 billion, up 13% year-over-year. It is mostly revenue coming from our conventional data center business operation, but we recently launched GPU-as-a-Service in partnership with Lambda and so we will pursue this business in earnest this year.

現在，AIDC 2024年的營收為3,974億韓元，年增13%。這主要來自我們傳統的資料中心業務營運的收入，但我們最近與 Lambda 合作推出了 GPU 即服務，因此今年我們將認真開展這項業務。

So we plan to conduct AIDC business more actively by establishing a cooperation system with global players as well as SK Group affiliates. Well, we see a growing demand for AI data centers in the market, so we believe that the AIDC revenue can grow more significantly. We anticipate about a double-digit growth rate for AIDC business this year.

因此，我們計劃與全球參與者以及 SK 集團旗下公司建立合作體系，更積極地開展 AIDC 業務。我們看到市場對人工智慧資料中心的需求不斷增長，因此我們相信 AIDC 的收入可以實現更大幅度的成長。我們預計今年AIDC業務的成長率將達到兩位數。

And this year, we will also develop more concrete business models for our AI B2C business. A Dot has established itself as a major personal AI agent servicing Korea. And with the total users of 8.27 million, we're currently working on expanding services to offer more diverse features, and we plan to introduce a subscription-based paid service within this year.

今年我們也將為我們的AI B2C業務制定更具體的商業模式。A Dot 已成為韓國主要的個人 AI 代理商。目前，我們的用戶總數已達827萬，我們目前正在致力於擴展服務以提供更多樣化的功能，並計劃在今年內推出基於訂閱的付費服務。

To sum it up, we will strive to grow our AI business revenue in a meaningful manner. And for this, we will strengthen our execution capabilities in all AI-related business areas to produce meaningful results. Thank you.

總而言之，我們將努力以有意義的方式增加我們的人工智慧業務收入。為此，我們將加強所有與人工智慧相關的業務領域的執行能力，以取得有意義的成果。謝謝。

Let me now comment on our shareholder return policy. So regarding our dividend, the Board determined that the 2024 year-end DPS would be KRW1,050, which is, as you know, the same as what we had in 2023, and the annual EPS is the same as the prior year, which is KRW3,540.

現在我來評論一下我們的股東回報政策。因此，關於我們的股息，董事會確定 2024 年年末的每股股息為 1,050 韓元，如您所知，這與 2023 年的股息相同，年度每股股息與上一年相同，為 3,540 韓元。

As a CFO, I had to put a lot of thought before determining this year's dividend, and I understand that some shareholders expected an increase in dividend payout, but we decided to maintain the minimum dividend level expected by the market, a consideration of the uncertain business environment.

作為財務官，我在確定今年的股息之前經過了深思熟慮，我知道一些股東預計股息會增加，但考慮到不確定的商業環境，我們決定維持市場預期的最低股息水平。

Our earnings improved in 2024, but in the context of rapidly changing economic and political circumstances both at home and abroad, we need to secure resources for investment to stay in the competition for AI, and funds secured through operational improvements and business performance will be used to make investments for growth in AIDC and other businesses. And this year, we also need resources to acquire equity of SK Broadband.

2024年我們的收益有所改善，但在國內外經濟和政治環境迅速變化的背景下，我們需要確保投資資源以維持在AI領域的競爭力，透過營運改善和業務績效獲得的資金將用於投資AIDC和其他業務的成長。而且今年我們還需要資源收購SK Broadband的股權。

Going forward in 2025, what I can say is that our shareholder return is still the highest level in the industry, and we anticipate a lot of challenges in terms of both politics and economies. So we will continue to pursue operational improvements, including the liquidation of noncore assets and pursue better improvements, and this is what we are going to reflect in our shareholder return.

展望2025年，我可以說的是，我們的股東回報仍然是行業中最高水平，我們預計在政治和經濟方面都會面臨許多挑戰。因此，我們將繼續追求營運改進，包括清算非核心資產並追求更好的改進，這就是我們將在股東回報中反映的。

To achieve these objectives, we will continue to make investments for growth in AI areas, and we will have to continue to make relevant investments. However, at the same time, we're committed to a stable shareholder return.

為了實現這些目標，我們將繼續在人工智慧領域進行投資，並且我們必須繼續進行相關投資。但同時，我們也致力於穩定的股東回報。

And as for the methods of shareholder return, our priority is to maintain a stable trend of cash dividend payout and the treasury share purchase and cancellation can still be a meaningful option when the stock is undervalued.

在股東回報方式上，我們優先考慮維持現金股利的穩定趨勢，庫存股的回購和註銷在股價被低估時仍不失為有意義的選擇。

However, for share buyback, we believe it is effective to announce a medium-term plan rather than just carrying it out as a one-off event. We will consider a share buyback by considering various factors, such as the stock price trend and market views in a more comprehensive manner.

然而，對於股票回購，我們認為宣布中期計畫比僅僅作為一次性事件執行更為有效。我們將更全面地考慮股價趨勢、市場觀點等各種因素來考慮回購股票。

Lee Sun-Jung, Bank of America.

美國銀行的李善正 (Lee Sun-Jung)。

I'm Lee Sun Jung from Bank of America. My first question is related to your AI business. You mentioned about possibly introducing a subscription model for A-Dot within this year. And if you can provide us with more details, we'll be able to better understand how you're going to monetize using your AI business.

我是美國銀行的李善正。我的第一個問題與你們的人工智慧業務有關。您提到可能在今年為 A-Dot 引入訂閱模式。如果您能向我們提供更多詳細信息，我們將能夠更好地了解您如何利用人工智慧業務實現盈利。

And also, you've recently launched Aster for the global audience, and you mentioned it in your opening speech. So if you -- if there's any more detail that you can provide us with, it will be great.

另外，您最近向全球觀眾推出了 Aster，並在開幕致詞中提到了這一點。所以如果您能為我們提供更多詳細信息，那就太好了。

My second question has to do with the marketing situation. In the fourth quarter, I can see that your marketing cost has gone down, and I'd like to understand any update on the market competition situation, and the handset subsidy ban was lifted in December last year. So I'd like to better understand how your marketing strategy will unfold in the near future.

我的第二個問題與行銷情況有關。在第四季度，我看到你們的行銷成本下降了，我想了解一下市場競爭情況有什麼新的進展，去年12月手機補貼禁令已經取消。因此，我想更了解貴公司的行銷策略在不久的將來將如何展開。

Thank you for your questions. Regarding your question on A-Dot, the Head of AI business strategy will address that. And for Aster, the Head of AI growth strategy will address the question. And then the team Head of Marketing Strategy will comment on your question regarding our marketing expenses.

感謝您的提問。關於您對 A-Dot 的疑問，AI 業務策略負責人將會解答。對 Aster 來說，人工智慧成長策略主管將解決這個問題。然後團隊行銷策略主管將對您有關我們的行銷費用的問題發表評論。

So this is Kim Jihoon, Head of AI Business Strategy. So as you know, A-Dot is Korea's number one personal agent AI agent service with the largest number of customers in our customer base. And for the past year, we focused on advancing A-Dot as a primary agent and we utilize divergence strategy for external expansion.

這是 AI 業務策略主管 Kim Jihoon。如您所知，A-Dot 是韓國排名第一的個人代理 AI 代理服務，在我們的客戶群中擁有最多的客戶。而過去一年，我們專注於推進A-Dot作為主要代理，並利用發散策略進行外部擴張。

Before I comment on our plans for monetization, I'd like to elaborate more on this initiative and the kinds of approaches we're taking. We continue to advance A-Dot as a primary agent so that we can offer A Dot phone service, which is an improved version of the existing for phone call services, and we have been mobilizing our capabilities internally.

在我評論我們的貨幣化計劃之前，我想更詳細地闡述這一舉措以及我們採取的方法。我們繼續推進 A-Dot 作為主要代理，以便我們可以提供 A Dot 電話服務，這是現有電話服務的改進版本，並且我們一直在內部調動我們的能力。

So for the evolution of this agent, we focus on making the agent, not only engaging in some simple conversation or do search for users, but also be able to complete requested tasks and we will continue to test these functions to improve the user experience, and this is our priority.

因此對於這個代理的進化，我們專注於使代理不僅能夠進行一些簡單的對話或搜尋用戶，還能夠完成請求的任務，我們將繼續測試這些功能以改善用戶體驗，這是我們的首要任務。

As A-Dot has already established itself as a leading personal AI agent through service improvements last year, we believe that we have a strong foundation for the introduction of paid services. No specific decisions have been made yet on how we're going to go about it, but our first consideration will be utilizing the subscription model.

由於 A-Dot 去年已經透過服務改進確立了其作為領先個人 AI 代理的地位，我們相信我們為推出付費服務奠定了堅實的基礎。我們尚未就如何進行做出具體決定，但我們首先考慮的是利用訂閱模式。

We're working on offering services for daily task management as well as search and combining it with other telecom features. So we're working on a plan for specific services, and we're also considering various bundled offerings in order to generate synergies with other services that SK Telecom is offering.

我們致力於提供日常任務管理以及搜尋服務並將其與其他電信功能結合。因此，我們正在製定特定服務的計劃，我們也正在考慮各種捆綁產品，以便與 SK Telecom 提供的其他服務產生協同效應。

So we're working on all these plans. And when we have more details to share, we will make sure to communicate them with the market.

所以我們正在製定所有這些計劃。當我們有更多細節可以分享時，我們一定會與市場溝通。

This is Lee Jae-Shin, Head of the AI Growth Strategy for global business of personal AI agent. We unveiled Aster on agent AI service at the SK AI Summit last year and currently a closed beta testing is ongoing. And this year, in January, we showcased the service demonstration at CES 2025.

這是個人 AI 代理全球業務 AI 成長策略負責人李在信 (Lee Jae-Shin)。我們去年在 SK AI 高峰會上推出了代理 AI 服務 Aster，目前正在進行封閉測試。今年 1 月，我們在 CES 2025 上進行了這項服務展示。

Unlike other AI services that simply respond to user prompts, Aster aims to be an agenetic AI that cannot only respond to user prompts, but also execute necessary daily tasks through the communication with the users.

與其他單純響應用戶提示的AI服務不同，Aster的目標是成為一種智慧AI，它不僅可以響應用戶提示，還可以透過與用戶的交流執行必要的日常任務。

And we plan to start an open beta service in the US for US customers in the first half of the year, which will include some of the key use cases such as creating meal preps and also working on weekend preps as well as managing all these schedules and executing necessary actions.

我們計劃在今年上半年在美國為美國客戶推出公開測試服務，其中將包括一些關鍵用例，例如創建餐點準備、進行週末準備以及管理所有這些日程安排並執行必要的操作。

So for this, we are accelerating collaboration with diverse tech partners such as Perplexity, and we're also, at the same time, actively pursuing partnerships with global telecom companies who can benefit from (inaudible) AI services.

因此，為此，我們正在加快與 Perplexity 等多種技術合作夥伴的合作，同時，我們也積極尋求與可以從（聽不清楚）人工智慧服務中受益的全球電信公司的合作。

As we're still preparing for an official launch, please understand that it is too early to discuss any specific business models, but I'd like to ask for your continued interest in this process of developing and launching the service. Thank you.

由於我們仍在為正式發布做準備，因此請理解現在討論任何具體的商業模式還為時過早，但我希望大家能繼續關注這一開發和發布服務的過程。謝謝。

This is (inaudible) from the Marketing Strategy team. After the abolishment of handset subsidy ban at the end of 2024, there were some news reports on how certain sales offices offered huge subsidies, but this was a limited phenomenon mainly to get rid of subsidy -- get rid of handset inventory.

這是（聽不清楚）來自行銷策略團隊的。2024年底手機補貼禁令取消之後，確實有新聞報導過某些售樓處給予巨額補貼，但那隻是有限的現象，主要是為了取消補貼——去掉手機庫存。

The current market situation is very different from when the subsidy ban was introduced. As the unit shipment cost of handsets continues to increase and the handset replacement cycle of customers continues to lengthen, we've seen more stability in the market and the size of the market itself has been reduced.

當前的市場狀況與補貼禁令出台時有很大不同。隨著手機單位出貨成本的不斷提高以及用戶的手機更換週期不斷延長，我們看到市場越來越穩定，而市場本身的規模也在縮小。

In the fourth quarter, there were no signs of fierce competition in the market, and the market is likely to wait for a new enforcement decree of the Korea Communications Commission to come up with response strategies. We will continue to monitor the market situation closely.

第四季度，市場競爭並未出現激烈跡象，市場很可能將等待韓國通訊委員會新的執行法令來制定應對策略。我們將繼續密切關注市場情況。

Going forward, we will continue to create a momentum in the market to offer more personalized and differentiated value to our customers.

未來，我們將持續創造市場動力，為客戶提供更個人化、差異化的價值。

Jeong Jisoo, Meritz Securities.

Jeong Jisoo，Meritz 證券公司。

This is Jeong Jisoo from Meritz Securities. I would like to ask a question on the impact of operation improvements on your earnings. So how much was the impact coming from the O/I on -- in 2024, and what is your outlook on the impact of your operational improvement initiative in 2025? And if you can, if possible, please provide us with the guidance on 2025 CapEx plan?

我是 Meritz Securities 的 Jeong Jisoo。我想問營運改善對你們收益的影響。那麼，O/I 對 2024 年的影響有多大？如果可以的話，請為我們提供 2025 年資本支出計畫的指導？

Thank you for the question. We have been implementing operational improvements across the company to ultimately strengthen our fundamental competitiveness of the telecom business and also secure basis for AI-related growth investments.

感謝您的提問。我們一直在整個公司範圍內實施營運改進，以最終增強我們電信業務的根本競爭力，並為人工智慧相關的成長投資奠定基礎。

Operational improvement can be achieved mainly through OpEx savings, CapEx efficiency and also disposal of noncore assets. And in addition to company-wide cost saving efforts, we also shifted our CapEx paradigm to focus on network quality improvement, which our customers can as CapEx is our major cash flow, cash outflow category, while at the same time, restructuring the business portfolio centered on AI.

營運改善主要可以透過節省營運支出、提高資本支出效率以及處置非核心資產來實現。除了全公司範圍內的成本節約努力之外，我們還改變了資本支出模式，將重點放在網路品質改進上，因為資本支出是我們的主要現金流、現金流出類別，我們的客戶可以同時重組以人工智慧為中心的業務組合。

As a result, we were able to increase our operating income by 4% and reduced CapEx while maintaining a strong 5G subscriber base. Net borrowings were also reduced through free cash flow improvement, and these efforts helped strengthen our fundamentals to transform into an AI company.

結果，我們在保持強大的 5G 用戶群的同時，成功提高了 4% 的營業收入並降低了資本支出。透過改善自由現金流，淨借款也減少了，這些努力幫助我們增強了轉型為人工智慧公司的基礎。

And we will continue with operational improvements this year as well so that this initiative is not short lived, but it's maintained sustainably, and we will develop growth plans optimized for each business model in our telco and AI businesses and allocate resources in a balanced manner so that we can achieve our bottom line growth and cash flow improvement much more so than what we achieved in 2024.

今年我們還將繼續進行營運改進，以使這一舉措不會曇花一現，而是能夠持續維持。

As for our CapEx plan, we cannot disclose any specific number, but we're planning to optimize CapEx for efficient network operation for the benefit of customers and strategic AI growth investments, and the medium to long-term stabilization trend for CapEx is going to continue.

至於我們的資本支出計劃，我們無法透露任何具體的數字，但我們計劃優化資本支出，以實現高效的網絡運營，從而造福客戶和戰略性人工智能增長投資，並且資本支出的中長期穩定趨勢將會持續下去。

Kim Hong-Sik, Hana Securities.

韓亞證券的金弘植（Kim Hong-Sik）

I'm Kim Hong-Sik from Hana Securities. My first question is related to the stock price trend. And recently, there was a reversal of stock prices between KT and SK Telecom. And I believe it is mainly because of uncertainty surrounding long-term dividend payout from SK Telecom. And so based on what you discussed today, it seems that it's not very optimistic for SK Telecom for shareholders and investors to expect.

我是韓亞證券的黃金弘植。我的第一個問題與股價趨勢有關。而最近，KT和SK Telecom的股價出現了逆轉。我認為這主要是因為 SK Telecom 的長期股息支付存在不確定性。所以根據您今天討論的內容，股東和投資者對 SK Telecom 的預期似乎不太樂觀。

And so there are still concerns over the future stock price trend of SK Telecom. So what is your outlook or view on your stock price going forward?

因此，人們對SK電訊未來的股價走勢仍有擔憂。那麼您對於未來股價的展望或看法是什麼？

And secondly, SK Telecom's IR releases and the press releases often mentioned becoming an AI company. But in reality, there aren't many companies who are able to generate profit using AI. And when I actually visit an SK Telecom's sales offices, I don't get the impression that they are focusing on AI. And you've been talking about using AI for profit generation for some times, so I like to understand if you have any plans for B2C, price plan or pricing for B2C as well as bundling of AI with your M&N price plans. Thank you.

其次，SK Telecom的IR發布和新聞稿中經常提到成為AI公司。但現實中，能夠利用AI創造獲利的公司並不多。而當我真正造訪 SK Telecom 的銷售辦公室時，我並沒有感覺到他們專注於人工智慧。您也一直在談論使用 AI 來創造利潤，所以我想知道您是否有針對 B2C 的任何計劃、價格計劃或 B2C 定價，以及將 AI 與您的 M&N 價格計劃捆綁在一起。謝謝。

Thank you for your valuable questions. I'd like to comment on your first question. You mentioned about the market cap. And back in 2021, there was a spin-off from SK Telecom, so that we split it off SK Hynix and T-mobility and other noncore -- non telecom businesses at SK Square. And so the combined market cap of SK Square and SK Telecom is currently more than KRW24 trillion. And after the spin-off, we continue to focus on AI business and telecom business in order to improve our corporate value.

感謝您提出寶貴的問題。我想對您的第一個問題做出評論。您提到了市值。早在 2021 年，SK Telecom 就進行了分拆，因此我們將其從 SK Hynix、T-mobility 和 SK Square 的其他非核心（非電信業務）中分離出來。因此，SK Square 和 SK Telecom 的總市值目前超過 24 兆韓元。分拆後，我們繼續專注於人工智慧業務和電信業務，以提高我們的企業價值。

As you point out, shareholder return is an important factor that determines the stock price in the market. But however, as you may know very well, market valuation does not just reflect shareholder return, but also reflects other factors, including future growth potentials.

正如您所指出的，股東回報是決定市場股價的重要因素。但是，正如大家所知道的，市場估值不僅反映股東回報，也反映其他因素，包括未來的成長潛力。

We know that 2025 will be a very important year where we need to demonstrate the effect of AI business to the market, and we are going to produce tangible results through AI investment and business partnerships and corporations so that we can show to the market that our AI business is competitive. And as part of the plan, starting from this earnings conference call, we will continue to announce specific AI-related revenue and other figures.

我們知道2025年是非常重要的一年，我們需要向市場展示AI業務的效果，我們會透過AI投資、商業夥伴關係和企業合作產生切實的成果，向市場展示我們的AI業務具有競爭力。並且作為計畫的一部分，從本次財報電話會議開始，我們也將陸續公佈AI相關的具體收入和其他數據。

And as I mentioned earlier, the additional financial resources that we secure from business operations and operational improvements will be used in diverse areas to boost our corporate value, including growth investments, financial structure improvement and acquisition of equity of SK Broadband. So we will use these resources in a balanced manner.

正如我之前提到的，我們從業務營運和營運改善中獲得的額外財務資源將用於不同領域，以提升我們的企業價值，包括成長投資、財務結構改進和收購 SK Broadband 的股權。所以我們將平衡地使用這些資源。

I would like to reiterate that SK Telecom will continue to maintain the best or the highest level of shareholder return in the industry in a stable manner, and we are committed to sharing additional fruits of growth investments with shareholders. And about your second question, the Head of the Marketing Strategy team will address.

我想重申，SK Telecom 將繼續以穩定的方式保持業界最佳或最高水準的股東回報，並致力於與股東分享成長投資的額外成果。關於您的第二個問題，行銷策略團隊負責人將進行解答。

(inaudible) I am (inaudible) from Marketing Strategy team. To give you the answer right away, we do not have any specific plans yet, when it comes to -- including AI B2C services such as A-Dot to our MNO price plans.

(聽不清楚) 我是 (聽不清楚) 來自行銷策略團隊。為了立即給您答案，我們目前還沒有任何具體計劃，包括將 A-Dot 等 AI B2C 服務納入我們的 MNO 價格計劃。

But as Mr. Kim, the Head of AI Business Strategy elaborated, there will be continuous results coming from A-Dot operation, and there's a plan to introduce a paid service within this year. And I believe that these types of AI B2C services that are popular among users can strengthen the competitiveness of our MNO products. So when we have more details coming out from the monetization of A-Dot, we will, of course, consider the option of bundling A-Dot with our mobile price plans.

但正如AI商業策略負責人金先生所闡述的那樣，A-Dot的營運將會不斷帶來成果，並計劃在今年內推出付費服務。我相信這些受到用戶歡迎的AI B2C服務可以增強我們的MNO產品的競爭力。因此，當我們獲得有關 A-Dot 貨幣化的更多細節時，我們當然會考慮將 A-Dot 與我們的行動價格計劃捆綁在一起的選擇。

I believe the investors well understand the product and service competitiveness of SK Telecom with our attractive price plans. We will continue to make sure that our competitiveness is further strengthened by developing a diverse price plans to satisfy the needs of users and launching them in the right time.

我相信投資者可以透過我們具有吸引力的定價計劃充分了解 SK Telecom 的產品和服務競爭力。我們將繼續制定多樣化的價格計劃來滿足用戶的需求並在適當的時間推出這些計劃，從而確保進一步增強我們的競爭力。

Kim Joon-Sop, KB Securities.

Kim Joon-Sop，KB證券。

(inaudible) I'm Kim Joon-Sop from KB Securities. I'd like to ask questions on your AI Infrastructure and AIX business. Recently, a very affordable and cheaper AI models such as DeepSeek has been introduced in the market. And I'm sure it has had some impact on your AI Infrastructure business. So if you can elaborate more on that, I would appreciate that.

（聽不清楚）我是 KB 證券的金俊紀。我想問一下你們的 AI 基礎設施和 AIX 業務。最近，市場上推出了非常實惠且更便宜的 AI 模型，例如 DeepSeek。我確信這對您的人工智慧基礎設施業務產生了一定的影響。因此，如果您能對此進行更詳細的說明，我將不勝感激。

And you can also comment on that in connection with your AIDC business that you're pursuing at the SK Group level.

您也可以就您在 SK 集團層級開展的 AIDC 業務對此發表評論。

My second question is related to your AIX business. And I'm sure that it is critical for SK Telecom to show how much visible or tangible results you can produce from your AI business. And I would appreciate it if you can provide us with more details on specific business models that you are considering or pursuing as part of your AIX business. And you mentioned that you're expecting about 30% growth in revenue in 2025. At which business models within AIX are expected to contribute to this revenue growth?

我的第二個問題與您的 AIX 業務有關。我確信，對於 SK Telecom 來說，展示其 AI 業務能夠產生多少可見或實際的成果至關重要。如果您能向我們提供有關您正在考慮或追求的 AIX 業務的具體業務模式的更多詳細信息，我將不勝感激。您提到預計 2025 年營收將成長 30% 左右。AIX 中的哪些業務模式預計將為這項營收成長做出貢獻？

(inaudible) Thank you for the question. Your first question will be addressed by the head of AIDC development and the second question on AIX business will be addressed by the head of AIX business development.

（聽不清楚）感謝您的提問。您的第一個問題將由 AIDC 開發負責人回答，有關 AIX 業務的第二個問題將由 AIX 業務開發負責人回答。

I am (inaudible) Head of the AIDC Development. I would like to comment on specific plans that we're pursuing for AIDC business and as well as the impact of AI models like DeepSeek growth in demand for AIDC infrastructure.

我是（聽不清楚）AIDC 開發部門的主管。我想評論一下我們針對 AIDC 業務制定的具體計劃，以及 DeepSeek 等人工智慧模型對 AIDC 基礎設施需求成長的影響。

As the full-fledged AI arise, we're witnessing an evolution from real estate-based colocation data center business to AI data center business with IT capabilities.

隨著成熟人工智慧的興起，我們正在見證從基於房地產的主機託管資料中心業務向具有 IT 能力的人工智慧資料中心業務的演變。

On the core of AI data centers is to be able to provide continuous AI computing power that can process massive AI workloads, which requires high technological capabilities in the areas of high-performance computing power represented by GPUs, high-efficiency power supply to provide maximum computing power and the operational solutions for DCIM that can organically link these within a limited physical space.

AI資料中心的核心是能夠提供持續的AI算力，處理海量AI工作負載，這需要在以GPU為代表的高性能算力、提供最大算力的高效電源、在有限物理空間內將這些有機串聯起來的DCIM運營解決方案等方面具備較高的技術能力。

And the kinds of required technological capabilities that I just mentioned cannot be secured by any individual companies on their own. So what we're doing is to implement plans to build the most affordable and most efficient data centers by pulling together and utilizing the kinds of capabilities possessed by major affiliates of SK Group at the group level.

而我剛才提到的這些必要的技術能力，不是任何一家公司能夠單獨掌握的。因此，我們所做的就是，在集團層級整合並利用SK集團各主要子公司所擁有的各種能力，實施建置最經濟、最高效的資料中心的計畫。

So the kind of data centers that SK will offer will utilize high-tech capabilities that exist within the SK Group and our partner companies. To give you some examples, SK Hynix has world's best HBM and other advanced chip solutions in the computing power area and SK Energy, affiliates and partner companies have low carbon LNG, power generation, small modular reactors, fuel cells and other eco-friendly energy solutions. We're going to pull together all these capabilities to offer the best data center as possible.

因此，SK 提供的資料中心將利用 SK 集團和我們的合作公司現有的高科技能力。舉幾個例子，SK海力士在運算能力領域擁有全球最好的HBM和其他先進晶片解決方案，SK能源及其關聯公司和合作夥伴擁有低碳液化天然氣、發電、小型模組化反應器、燃料電池和其他環保能源解決方案。我們將整合所有這些功能，盡可能提供最好的資料中心。

And within the framework, SK Telecom is focusing on developing and operating a data center management solution or a DCIM that is used for optimal operation of AI data center. And in doing so, SK Telecom will orchestrate the AI data center ecosystem and continue to further develop this ecosystem.

在此框架內，SK Telecom 致力於開發和營運用於 AI 資料中心最佳運作的資料中心管理解決方案或 DCIM。在此過程中，SK Telecom 將協調 AI 資料中心生態系統並繼續進一步發展該生態系統。

And in the process of creating and developing the AI data center ecosystem, there are multiple bottlenecks that we expect in the value chains, and SK will continue to develop and utilize these bottlenecks as an opportunity for new business models and new business opportunities.

並且在創建和發展AI資料中心生態系統的過程中，我們預期價值鏈中會出現多個瓶頸，SK將繼續開發和利用這些瓶頸作為新商業模式和新商業機會的機會。

Based on these synergies that we can create, we are considering a plan to build a hyperscale AI data center in a location not within Seoul. And in the medium to long term, we are planning to scale it up so that it can be common AI Data Center hub in the Asia Pacific region.

基於我們可以創造的這些協同效應，我們正在考慮在首爾以外的地區建立超大規模人工智慧資料中心的計畫。從中長期來看，我們計劃擴大其規模，使其成為亞太地區共同的人工智慧資料中心樞紐。

And secondly, I'd like to talk about the implications of DeepSeek and other similar more affordable and less infrastructure-intensive models. Even though the scale of resources invested in the development of DeepSeek has not been confirmed, the emergence of cost-effective AI models could actually serve as an opportunity to promote the growth of the AI infrastructure markets such as AI data centers.

其次，我想談談 DeepSeek 和其他類似的更實惠、基礎設施密集程度更低的模型的影響。儘管尚未確認投入DeepSeek開發的具體資源規模，但高性價比的AI模型的出現實際上可以成為促進AI資料中心等AI基礎設施市場成長的機會。

As of development costs were services will continue to go down, more companies will accelerate the adoption of AI and as various application services continue to emerge based on these inexpensive AI models, we believe that the demand for AI infrastructure to support them will also increase.

隨著服務的開發成本不斷下降，越來越多的公司將加速採用人工智慧，並且隨著基於這些廉價人工智慧模型的各種應用服務不斷湧現，我們相信對支援它們的人工智慧基礎設施的需求也將增加。

These AI models need to continue to improve through learning and training, and this will lead to more demand for computing power. So I believe that the recent trend has positive impact on our AI infrastructure business.

這些AI模型需要透過學習和訓練不斷完善，而這又會帶來對算力的更多需求。所以我相信最近的趨勢對我們的人工智慧基礎設施業務有正面的影響。

We're not just aiming at providing high-capacity computing power, but we aim to build the most affordable and efficient data centers in terms of computing power, power supply and operation and to supply an AI infrastructure solution package based on this, and we will respond flexibly to market changes and create an AI infrastructure ecosystem optimized for them.

我們的目標不僅是提供大容量的算力，更致力於在算力、供電、營運等方面建構最經濟、最高效的資料中心，並在此基礎上提供AI基礎設施解決方案包，靈活應對市場變化，打造為其優化的AI基礎設施生態。

I'm Kim (inaudible) Head of the AIX Business Development. Let me comment on your question on our current status and affected revenue for 2025 from AIX.

我是 AIX 業務開發主管 Kim（聽不清楚）。讓我來評論一下您關於我們目前狀況以及 AIX 對 2025 年的影響收入的問題。

Our AIX business consists of: number one, existing AI-related B2B business, such as AI Vision and AICC; and number two, AI Cloud business that provides cloud computing power and number three, AT use case business that supports corporate clients AI transformation using SK Telecom's AI technologies, such GenAI.

我們的AIX業務包括：第一，現有的AI相關的B2B業務，如AI Vision、AICC；第二是提供雲端運算能力的AI雲端業務；第三是利用SK Telecom的AI技術（如GenAI）支援企業客戶AI轉型的AT用例業務。

To give you more details by these business types, first of all, AI Cloud refers to cloud MSP business that provides GPU and CPU computing power, and it is a very solid business model that accounts for about 2/3 of the total AIX revenue, and its revenue growth in 2024 was already more than 20%.

以這些業務類型給你更詳細的介紹，首先，AI Cloud 是指提供 GPU 和 CPU 運算能力的雲端 MSP 業務，它是一個非常紮實的商業模式，約佔 AIX 總收入的 2/3，而且它在 2024 年的收入成長已經超過 20%。

Moving on to the AI B2B business, such as AI Vision and AICC, revenue grew more than 30% year-over-year in 2024 to KRW60 billion, and we aim to accelerate growth this year with a target revenue growth rate of more than 30%.

至於AI Vision和AICC等AI B2B業務，2024年營收年增30%以上，達到600億韓元，我們的目標是今年加速成長，目標營收成長率超過30%。

Finally, the AT use case business is a new business area where SK Telecom, SK Broadband and SK C&C are working as one team. We aim to innovate the way SK Group conducts business by applying AI agents to diverse work domains. And based on these results, we are planning to turn it into an actual business model external customers to produce meaningful revenue.

最後，AT 用例業務是 SK Telecom、SK Broadband 和 SK C&C 作為一個團隊合作的新業務領域。我們的目標是透過將AI代理商應用於不同的工作領域來創新SK集團的經營方式。並且基於這些結果，我們計劃將其轉變為實際的商業模式，為外部客戶創造有意義的收入。

To give you more details, the AT use case business has basically three main products: first, A-Dot Biz, which automates not only common tasks such as meeting minutes generation, but also specialized tasks such as legal and tax affairs.

更詳細地說，AT 用例業務基本上有三個主要產品：首先是 A-Dot Biz，它不僅可以自動執行會議記錄產生等常見任務，還可以自動執行法律和稅務等專門任務。

The second product is market intelligence, which supports decision making through predictions on commodity trades such as LNG. And finally, the manufacturing AI product that improves R&D efficiency using AI in the manufacturing sector.

第二個產品是市場情報，透過對液化天然氣等商品交易的預測來支持決策。最後是製造業AI產品，利用製造業的AI來提高研發效率。

This year, we will focus on expanding and working on these three major AT use cases to our SK Group affiliates to secure best practices and references. And later, we plan to expand the business toing external clients to reduce to produce sizable results.

今年，我們將重點將這三大 AT 用例擴展並推廣到 SK 集團的附屬公司，以獲得最佳實踐和參考。並且之後我們計劃將業務拓展到外部客戶，以減少成本並產生可觀的成果。

And the AIX business revenue in 2024 was KRW193 billion, and our growth target for 2025 is 30%. It still takes up a small portion in the total revenue of SK Telecom, but we will demonstrate the potential of using AI for profit generation by driving meaningful revenue growth from our AIX business.

且2024年的AIX業務收入為1,930億韓元，2025年我們的成長目標是30%。它仍然只佔 SK 電訊總收入的一小部分，但我們將透過推動 AIX 業務的有意義的收入成長，展示使用 AI 創造利潤的潛力。

Thank you. With this, we would like to end this earnings conference. If you have any further inquiries, please contact the IR team. Thank you.

謝謝。本次財報會議到此結束。如果您有任何疑問，請聯絡 IR 團隊。謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯說出的。翻譯由贊助此活動的公司提供。