SK Telecom Co Ltd (SKM) 2025 Q2 法說會逐字稿

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

（外語）早上好，晚上好。感謝大家參加 SK Telecom 收益結果電話會議。本次會議將以演講開始，然後是問答環節。（操作員指示）

Now we will begin the presentation on SK Telecom's second quarter of fiscal year 2025 earnings results.

現在我們開始介紹SK Telecom 2025財年第二季的獲利業績。

(interpreted) Good afternoon. I am Hee Jun Chung, IRO of SK Telecom. Let us begin the earnings conference call for the second quarter of 2025.

（翻譯）下午好。我是 SK Telecom 的 IRO Hee Jun Chung。讓我們開始2025年第二季的收益電話會議。

Today, we will first deliver a presentation on the financial and business highlights followed by a Q&A session. Please note that all forward-looking statements are subject to change depending on various factors, such as market and management situations.

今天，我們將首先介紹財務和業務亮點，然後進行問答環節。請注意，所有前瞻性陳述都可能根據市場和管理情況等各種因素而變化。

Let me now present our CFO.

現在讓我來介紹一下我們的財務長。

(interpreted) Good afternoon. This is Yang-Seob Kim, CFO of SK Telecom. Results of the joint public private investigation into SK Telecom cybersecurity incident were announced in early July. SK Telecom takes the findings of the investigation very seriously, and we sincerely apologize to our customers and investors for the concern we have caused.

（翻譯）下午好。我是 SK Telecom 財務長 Yang-Seob Kim。針對SK電訊網路安全事件的公私聯合調查結果已於7月初公佈。SK Telecom 非常重視調查結果，並向我們的客戶和投資者就由此造成的擔憂表示誠摯的歉意。

The executives and employees of SK Telecom have taken seriously our customers' voices that we have gathered on the ground after the incident and carefully consider the advice and recommendations of SK Telecom's Customer Trust Committee and SK Group's Special Committee on Information Protection innovation. Above all, as a company responsible for our customers' daily lives, we have given careful consideration to convey our desire to continue to be with them. And through this process, we have announced the accountability and commitment program.

SK電訊的管理階層和員工認真看待事件發生後我們在當地收集的顧客聲音，並認真考慮SK電訊客戶信任委員會和SK集團資訊保護創新特別委員會的建議和意見。最重要的是，作為一家對客戶日常生活負責的公司，我們經過深思熟慮，傳達了我們希望繼續與他們在一起的願望。並透過這個過程，我們宣告了問責和承諾計畫。

We have strengthened the customer assurance package, which includes the provision of a mobile device security solution free of charge to all subscribers to prevent any secondary damage resulting from the incident and protect against the sophisticated cybersecurity threats in the future. We have developed information protection innovation plan, where KRW700 billion will be invested over the next five years to build a world-class information protection system.

我們加強了客戶保障方案，包括向所有用戶免費提供行動裝置安全解決方案，防止事件造成的二次損害，並防範未來複雜的網路安全威脅。我們制定了資訊保護創新計劃，未來5年將投資7,000億韓元，打造世界級的資訊保護體系。

In addition, we have prepared the customer appreciation package to express our appreciation to our customers for their loyalty, including 50% tariff discounts for August, additional 50 gigabytes of data every month until the end of the year, and team membership discounts and benefits.

此外，我們還準備了客戶答謝包，以感謝客戶的忠誠，包括 8 月份 50% 的資費折扣、截至年底每月額外 50GB 的數據以及團隊成員折扣和福利。

Inevitably, our 2025 earnings will be temporarily affected by the measures that we've been taking to respond to the incident, including using replacement for all subscribers, the accountability and commitment program, and M&O contract cancellation fee waivers. However, from the medium- to long-term perspective, we believe that our highest priority is to restore the trust of the customers, which is the foundation of our business through these efforts. We are determined to take this as an opportunity to strengthen our business fundamentals and ultimately enhance corporate value.

不可避免的是，我們 2025 年的收益將暫時受到我們為應對該事件所採取的措施的影響，包括對所有訂戶進行替換、問責和承諾計劃以及免除 M&O 合約取消費。然而，從中長期來看，我們認為我們的首要任務是透過這些努力來恢復客戶的信任，這是我們業務的基礎。我們決心以此為契機，加強我們的業務基礎，並最終提升企業價值。

Let me now report on the consolidated financial results for the second quarter of 2025. Consolidated revenue posted KRW4,338.8 billion. MNO revenue fell due to net subscriber losses on the back of the cybersecurity incident and suspension of new subscriber sign-ups. With the additional impact of sales of certain subsidiaries at the end of last year, the consolidated revenue saw a decline of 1.9% year on year. The impact of the customer appreciation package on earnings, including 50% tariff discounts and team membership discounts, will be reflected in Q3 and Q4 when these benefits are provided.

現在，我來報告一下2025年第二季的合併財務表現。合併營收為4.3388兆韓元。行動電信商由於網路安全事件和新用戶註冊暫停導致淨用戶流失，收入下降。加上去年底層分子公司出售的額外影響，綜合營業收入較去年同期下降1.9%。客戶答謝套餐對收益的影響，包括 50% 的關稅折扣和團隊成員折扣，將在第三季和第四季提供這些福利時體現出來。

Operating income posted KRW338.3 billion, down 37.1% year on year. As for used SIM replacement costs, according to accounting principles, theoretical maximum costs were reflected in the second quarter based on a conservative assumption that all customers could request used SIM replacements. In addition, one-off costs totaling approximately KRW250 billion incurred in the second quarter, including loss compensation for authorized dealers. Net income posted KRW83.2 billion, down 76.2% year on year.

營業收入為3,383億韓元，年減37.1%。至於二手 SIM 卡更換成本，根據會計原則，理論上的最高成本反映在第二季度，這是基於所有客戶都可以申請更換二手 SIM 卡的保守假設。此外，第二季發生約2,500億韓元的一次性成本，包括授權經銷商的損失補償。淨利832億韓元，年減76.2%。

Next, let me report on business updates. Fixed and mobile business saw a decline in the subscriber base due to the impact of the cybersecurity incident and suspension of new subscriber acquisition for more than a month. The number of 5G subscribers declined by approximately 220,000 quarter on quarter to 17.02 million accompanied by the loss in the broadband and IPTV subscribers.

接下來我報告一下業務進度。固定和行動業務受網路安全事件影響，新用戶獲取暫停一個多月，用戶數量下降。5G用戶數季減約22萬戶至1,702萬戶，寬頻及IPTV用戶數也流失。

The AI business revenue grew 13.9% year on year, partially offsetting the drop in telecom revenue. AIDC revenue posted KRW108.7 billion, up 13.3% year on year, thanks to the increase in data center utilization rates. AIX revenue grew 15.3% year over year to KRW46.8 billion on the back of the increase in B2B solution sales. With the cumulative subscribers surpassing a 10 million mark at the end of July, Adot is building a basis for monetization by launching new features such as Adot note and briefing beta service.

人工智慧業務營收年增13.9%，部分抵銷了電信收入的下降。由於資料中心利用率的提高，AIDC 營收達到 1,087 億韓元，年增 13.3%。由於 B2B 解決方案銷售額的成長，AIX 營收年增 15.3% 至 468 億韓元。隨著 7 月底累積訂閱用戶突破 1,000 萬大關，Adot 正在透過推出 Adot 筆記和簡報測試服務等新功能來建立貨幣化基礎。

In June, SK Telecom announced a plan to establish a hyperscale AI data center together with AWS and SK Group affiliates. In the Ulsan region, where SK Group has secured sufficient land and electricity, we will build Korea's first and largest AI data center with the world's largest cloud company, AWS, to secure a hub for AI Infrastructure Superhighway.

今年 6 月，SK 電訊宣布計畫與 AWS 和 SK 集團旗下公司共同建立超大規模 AI 資料中心。SK集團在確保了充足土地和電力的蔚山地區，將與全球最大的雲端運算公司AWS共同建造韓國首個、也是最大的AI資料中心，確保AI基礎設施高速公路的樞紐地位。

We aim to start the operation of Ulsan AIDC in 2027. Together with the data center in Seoul, we will secure a combined capacity of over 300 million -- 300 megawatts by 2030. In the future, data centers alone are expected to generate approximately KRW1 trillion of annual sales following the increase in their utilization rates.

我們的目標是在2027年開始營運蔚山AIDC。加上首爾的資料中心，到2030年，我們將確保總容量超過3億—300兆瓦。未來，隨著資料中心利用率的提高，預計年銷售額將達到約1兆韓元。

SK Telecom will review and strengthen its core telecom business while continuing to grow its AI business and generate profits through AI.

SK電訊將重新審視並加強其核心電信業務，同時繼續發展其AI業務並透過AI創造利潤。

Finally, the Board of Directors resolved to set the second-quarter DPS at KRW831 with the record date of August 31. SK Telecom is firmly committed to facing the cybersecurity incident with a clear head and unwavering results and making thorough improvements. We ask for your continued interest and warm support of the investors and analysts as we embark on a new chapter of growth and transformation with a renewed sense of purpose. Thank you.

最終，董事會決議將第二季每股股息定為831韓元，記錄日期為8月31日。SK電訊將以清醒的頭腦和堅定的決心面對此網路安全事件，並進行徹底的改進。我們懇請各位投資人和分析師繼續關注和熱情支持，我們將以新的目標開啟成長和轉型的新篇章。謝謝。

We will now like to begin the Q&A session.

我們現在開始問答環節。

(interpreted) (Operator Instructions) Hoi Jae Kim, Daishin Securities.

（翻譯）（操作員指示）大信證券的 Hoi Jae Kim。

(interpreted) I'm Kim Hoi Jae, from Daishin Securities. I would like to ask two questions. First of all, I'd like to understand the specific response measures that you have been taking to respond to the cybersecurity incident in more detail, as well as the prevention measures that you will continue to employ. And I would also like to understand in more detail the financial impact of the incident on your earnings. Thank you.

（翻譯）我是大信證券的金會宰。我想問兩個問題。首先我想更詳細地了解你們為應對此網路安全事件所採取的具體應對措施，以及將繼續採取的預防措施。我還想更詳細地了解該事件對您的收入造成的財務影響。謝謝。

(interpreted) Thank you for your questions. First, I'd like to respond to your question on our response measures and future prevention measures regarding the cybersecurity incident.

（翻譯）感謝您的提問。首先我想回答你提到的我們針對這次網路安全事件的應對措施以及下一步的預防措施。

We humbly accept the government's announcement and their investigation results. In addition to quickly implementing the recommended corrective measures, we have also announced the accountability and commitment program which includes the customer assurance package to thoroughly prevent any damage from customers, a damage for customers, and the information protection innovation plan to invest a total of KRW700 billion for the next five years.

我們謙卑地接受政府的公告和調查結果。除了迅速實施建議的糾正措施外，我們還宣布了問責和承諾計劃，其中包括徹底防止客戶遭受任何損害的客戶保證方案、客戶遭受的損害以及未來五年共投資 7000 億韓元的信息保護創新計劃。

And the Head of the Infrastructure Strategy will provide you with more details.

基礎設施策略負責人將向您提供更多詳細資訊。

(interpreted) I'm the Head of the Infrastructure Strategy. I'd like to give you more detail in terms of responses and preventive measures. First of all, after the cybersecurity incident, we introduced the customer assurance package to fundamentally prevent any damage from occurring to our customers so that they can be reassured.

（翻譯）我是基礎設施策略主管。我想向大家詳細介紹一下應對措施和預防措施。首先，在網路安全事件發生後，我們推出了客戶保障方案，從根本上杜絕對客戶造成損害，讓客戶安心。

The customer assurance package includes the SIM protection service that is provided to all customers as of May 14; the highest level of the operation of the fraud detection system; and the used SIM replacements for those who request them. In addition, a world-class mobile device security solution used by militaries and government agencies is provided free of charge for one year, and further customer protection will be provided by introducing a cybersecurity damage compensation insurance program to compensate for all the costs related to the damage if that happens to customers in the future.

客戶保障套餐包括自 5 月 14 日起向所有客戶提供的 SIM 卡保護服務、最高級別的詐欺檢測系統運行以及為提出要求的客戶提供的二手 SIM 卡更換服務。此外，還免費提供軍隊和政府機構使用的世界級行動裝置安全解決方案一年，並透過引入網路安全損害賠償保險計劃來進一步保護客戶，如果客戶將來發生此類損害，該計劃將賠償與損害相關的所有費用。

Also, through the medium- and long-term information protection innovation measures, SK Telecom will become a company with very strong level of security. Right after the incident, we restructured and improved the security system to ensure that there is zero malicious code and installed next-generation security solutions such as EDR and MDR to our major systems to block any data leak and intrusion.

此外，透過中長期資訊保護創新措施，SK電訊將成為一家安全等級非常高的公司。事件發生後，我們立即重構並改進了安全系統，確保零惡意程式碼，並在主要係統中安裝了EDR和MDR等下一代安全解決方案，阻止任何資料外洩和入侵。

Furthermore, used SIM information encryption has been completed. And going forward, we will continue to strengthen information security levels with KRW700 billion of investment for the next five years and put priority on IT security environment business management.

此外，所用SIM卡資訊加密已完成。今後五年內，我們將投資7,000億韓元繼續加強資訊安全水平，並將IT安全環境業務管理放在首位。

To this end, we are working on the implementation of the Information Protection Innovation plan, which includes restructuring of the security governance framework, implementing multi-layered next-generation information protection systems based on the zero-trust principle, strengthening personal information security beyond legal obligations, and operating a systematic internal and external verification framework.

為此，我們正在實施資訊保護創新計劃，其中包括重構安全治理框架、建立基於零信任原則的多層次下一代資訊保護系統、超越法律義務加強個人資訊安全、以及營運系統化的內部和外部驗證框架。

Through all of these measures, we aim to strengthen our IT security and information security to the global top levels based on the cybersecurity framework by the National Institute of Standards and Technology of the US.

透過這些措施，我們的目標是在美國國家標準與技術研究院的網路安全框架的基礎上，將我們的IT安全和資訊安全提升到全球頂級水平。

Next, let me respond to your question on the financial impact of the cybersecurity incident and our annual earnings guidance.

接下來，我來回答您關於網路安全事件的財務影響以及我們年度獲利預期的問題。

First of all, the financial impact of the incident started to be reflected in the second quarter and larger financial impact is anticipated in the second half of the year. The financial impact in the second quarter include MNO revenue decline due to subscriber turnout, an increase in costs due to the free used SIM replacements, and compensation for sellers.

首先，事件的財務影響在第二季開始顯現，預計下半年的財務影響將更大。第二季的財務影響包括由於用戶流失導致的 MNO 收入下降、由於免費更換二手 SIM 卡而導致的成本增加以及對賣家的補償。

With the suspension of new subscriber sign-ups to secure used SIM chips for the existing customers, the handset subscribers as of the end of June fell 750,000 from the end of March, resulting in the drop of KRW38.7 billion quarter over quarter in MNO revenue.

由於暫停新用戶註冊，以便為現有客戶提供二手 SIM 卡，截至 6 月底的手機用戶數較 3 月底減少了 75 萬，導致 MNO 收入環比下降 387 億韓元。

The cost of replacing used SIM for all customers, including MVNO subscribers free of charge, was fully recognized in the second quarter, and compensation was paid to the dealers to partially cover for damages incurred by the distributors due to the incident and suspension of new contract sign-ups. And as a result, approximately KRW250 billion of one-off expense incurred.

為所有客戶（包括 MVNO 用戶）免費更換舊 SIM 卡的成本已於第二季度全額確認，並向經銷商支付了賠償金，以部分彌補經銷商因該事件和暫停新合約簽約而遭受的損失。結果產生了約2500億韓元的一次性費用。

The accountability and commitment program will be implemented in full swing in the second half of the year. In particular, 50% tariff discounts are scheduled for the third quarter, which bears the biggest financial impact. So we anticipate a decline in revenue and operating profit compared to Q2. This is why we have lowered the annual revenue guidance from KRW17.8 trillion to KRW17 trillion, and this year's operating profit is also expected to underperform compared to the prior year.

問責承諾制將於下半年全面實施。其中，50%的關稅折扣計劃在第三季實施，對財務的影響最大。因此，我們預計收入和營業利潤將與第二季相比下降。這就是為什麼我們將年度收入預期從 17.8 兆韓元下調至 17 兆韓元，並且今年的營業利潤預計也將低於前一年。

So the financial impact of the cybersecurity incident this year will be substantial. However, it is important to protect our customer base, which is the biggest asset of SK Telecom. So we will regain the trust of our customers through a full implementation of the accountability and commitment program and further enhance our corporate value. Thank you.

因此今年網路安全事件的財務影響將是巨大的。然而，保護我們的客戶群非常重要，這是 SK Telecom 最大的資產。因此，我們將透過全面實施問責和承諾計畫來重新贏得客戶的信任，並進​​一步提升我們的企業價值。謝謝。

(interpreted) [Won Seok-Jong, Shunyang Securities].

（譯）[順陽證券，元錫鐘]。

(interpreted) I'm Jong Won Seok from Shunyang Securities. I would like to ask two questions. The first question is related to your dividend payout plans. You already made an announcement regarding the second-quarter dividend, but investors are interested in learning more about the full-year dividend guidance. So if you can provide us with more details, we would appreciate it. And we would like to know if the level of dividend payout for the whole year will be maintained.

（譯）我是順陽證券的鐘元碩。我想問兩個問題。第一個問題與您的股息支付計劃有關。您已經發布了有關第二季度股息的公告，但投資者有興趣了解更多有關全年股息指引的資訊。因此，如果您能向我們提供更多詳細信息，我們將不勝感激。我們想知道全年的股息支付水準是否會維持下去。

The second question is related to your strategies to win back customers that you have lost. According to the presentation materials you provided, we can see that there was a decline of 750,000 people of MNO handset subscribers because of the incident. I'd like to understand if you have any specific strategies to win them back, including the payout of subsidies.

第二個問題與您贏回失去的客戶的策略有關。根據您提供的介紹資料，受此事件影響，MNO手機用戶數量下降了75萬人。我想了解您是否有具體的策略來贏回他們，包括發放補助。

(interpreted) Thank you for your questions. Let me first answer your question on our dividend policy. As you are already aware, the July Board determined the second-quarter dividend per share to be the same as the prior quarter at KRW831. But regarding future dividends, the Board will have discussions when we have more visibility for the whole-year earnings.

（翻譯）感謝您的提問。首先讓我回答您關於我們的股利政策的問題。如您所知，7 月董事會確定第二季每股股息與上一季相同，為 831 韓元。但至於未來的股息，董事會將在我們對全年收益有更清晰的了解後進行討論。

As we announced on July 4, we adjusted the 2025 annual revenue guidance, down from KRW17.8 trillion to KRW17 trillion in consideration of the financial impact of the cybersecurity incident on our earnings. Also, 2025 profit is expected to decline significantly compared to the prior year. So we are currently giving serious thought to our shareholder return policy.

正如我們在 7 月 4 日宣布的那樣，考慮到網路安全事件對我們收益的財務影響，我們調整了 2025 年年度收入預期，從 17.8 兆韓元下調至 17 兆韓元。此外，預計 2025 年的利潤將與前一年相比大幅下降。因此，我們目前正在認真考慮我們的股東回報政策。

Going forward, we will make decisions on dividends in consideration of various factors, but as we strive to regain customers' trust through the accountability and commitment program, I'd like to reiterate that we consider trust of our shareholders and shareholder value extremely important because they are valuable stakeholders for the company. Thank you.

展望未來，我們將考慮各種因素來決定股息，但在我們努力透過問責和承諾計劃重新贏得客戶信任的同時，我想重申，我們認為股東的信任和股東價值極其重要，因為他們是公司寶貴的利益相關者。謝謝。

Regarding your second question on strategies to win back customers, the Head of Marketing Strategy will respond.

關於您提出的第二個問題，贏回客戶的策略，行銷策略主管將作出回答。

(interpreted) I am Yoon Jae Woong, Head of Marketing and Strategy. Let me comment on our strategies to win back customers.

（翻譯）我是行銷和策略主管 Yoon Jae Woong。讓我評論一下我們贏回客戶的策略。

For about three months from April 19, when the incident occurred until July 14, when the cancellation fee waiver period ended, we had 1.05 million MNP out and 330,000 MNP in. And despite the suspension of new subscriber acquisition and cancellation fee waivers, we also offered KRW500 billion worth of the customer appreciation package to minimize customer turnout. And we executed marketing expenses at levels higher than normal focused on handset replacement.

從4月19日事件發生到7月14日免除取消費期間結束的約三個月內，我們共借出105萬張MNP，借入33萬張MNP。儘管暫停了新用戶獲取和取消費用減免，我們還提供了價值 5,000 億韓元的客戶答謝套餐，以最大限度地減少客戶流失。我們將行銷費用的水平設定得高於正常水平，重點用於手機更換。

For those who have already switched to other operators, rather than trying to win them back with any quantitative targets or measures, we are going to continue to regain their trust naturally by becoming a telecom operator with the strongest level of security. The customer assurance package and the information protection innovation plan are part of our efforts to regain their trust.

對於已經轉投其他業者的用戶，我們不會試圖透過任何量化目標或措施來挽回他們，而是透過成為安全等級最高的電信營運商，自然而然地重新獲得他們的信任。客戶保證方案和資訊保護創新計畫是我們重新贏得客戶信任的努力的一部分。

Also, to help customers return to SK Telecom without any burden, we are restoring their subscription years and membership grades if they come back within three years. And those who come back within this year will also enjoy benefit such as membership discount benefits as part of the customer appreciation package.

此外，為了讓客戶無負擔地重返 SK 電訊，如果他們在三年內重返 SK 電訊，我們將恢復他們的訂閱年限和會員等級。今年再次光臨的顧客也將享有會員折扣等優惠，作為顧客感謝套餐的一部分。

In addition, the Handset Subsidy Law was abolished on July '22, so we can give additional subsidies to dealers and have more autonomy in terms of promotions. These may lead to a one-off increase in expenses, but we will operate the market in a way that can offer maximum substantial benefits to our customers through more sophisticated and personalized marketing. Thank you.

此外，《手機補貼法》已於2022年7月廢除，因此我們可以向經銷商提供額外補貼，並在促銷方面擁有更多自主權。這些可能會導致一次性的費用增加，但我們將透過更精細、更個人化的行銷，以能夠為客戶帶來最大實質利益的方式來經營市場。謝謝。

(interpreted) Aram Kim, Shinhan Securities.

（翻譯）新韓證券的 Aram Kim。

(interpreted) I'm Kim Aram from Shinhan. I'd like to ask two questions regarding your new businesses. First of all, you made an announcement to build an AI data center in Ulsan. I'd like to understand the overall annual investment plans and the actual revenue projections that you have the Ulsan AIDC. I would also like to understand if this project will have an impact on the medium- to long-term CapEx guidance.

（翻譯）我是新韓的金阿拉姆。我想問兩個有關你們新業務的問題。首先，你們宣布將在蔚山建立一個人工智慧資料中心。我想了解蔚山AIDC的整體年度投資計畫和實際收入預測。我還想了解該專案是否會對中長期資本支出指導產生影響。

The second question is related to your AI business. SK Telecom was selected as a company that is responsible for the national AI model development by the government. I'd like to understand what specific plans and preparations you are making regarding sovereign AI development. Thank you.

第二個問題與您的人工智慧業務有關。SK Telecom 被政府選定為負責國家 AI 模型開發的公司。我想了解一下，你們在自主發展人工智慧方面做了哪些具體的規劃和準備。謝謝。

(interpreted) Thank you for your questions. I'd like to hand it over to Hyunwoo, Head of AIDC Development, for his responses.

（翻譯）感謝您的提問。我想把它交給 AIDC 開發主管 Hyunwoo 來聽他的回應。

(interpreted) I'm the Head of the AIDC Development. Thank you for your question on our AIDC investment plans and revenue projections.

（翻譯）我是 AIDC 開發部門的負責人。感謝您對我們的 AIDC 投資計劃和收入預測提出的問題。

First of all, SK Broadband, our subsidiary, will carry out investments to design and build Ulsan AI data center. And AWS will invest AI computing facilities such as the GPUs that go into the data center. And most of the investments by SK Broadband will be made from the second half of 2025 until 2028. Please understand that we cannot disclose any specific annual investment plans due to the agreement with AWS for confidentiality.

首先，我們的子公司SK Broadband將投資設計和建造蔚山AI資料中心。而AWS則會投資資料中心的GPU等AI運算設施。SK Broadband 的大部分投資將在 2025 年下半年至 2028 年期間進行。請瞭解，由於與 AWS 達成的保密協議，我們無法透露任何具體的年度投資計畫。

Also, please understand that we cannot share with you any specific revenue projection numbers for Ulsan AI data center alone. But given the overall AI data center business plans of SK Telecom, we aim to secure a total of more than 300 megawatts capacity by 2030 and expect an annual revenue of around KRW1 trillion with increasing utilization rates.

此外，請您理解，我們無法與您分享蔚山人工智慧資料中心的具體收入預測數字。但考慮到 SK 電訊的整體 AI 資料中心業務計劃，我們的目標是到 2030 年確保總容量超過 300 兆瓦，並預計年收入約為 1 兆韓元，同時利用率不斷提高。

The Ulsan AI data center features ultra-high rack density to support strong computing power for AI and advanced solutions to support the operation, including structural design and cooling systems. Therefore, this AIDC is expected to bear higher profitability compared to conventional data centers.

蔚山AI資料中心具有超高機架密度，可支援AI的強大運算能力，並具有支援運作的先進解決方案，包括結構設計和冷卻系統。因此，與傳統資料中心相比，此AIDC預計將具有更高的獲利能力。

We also will secure a stable supply of massive amounts of electricity from SK Multi-Utility, which is a electricity business operator. And we can shorten the construction period by utilizing a large ground area that we have secured in Ulsan, and these factors are expected to increase the profitability of the Ulsan AI data center.

我們還將確保來自電力運營商SK Multi-Utility的大量電力的穩定供應。而且，透過利用在蔚山確保的大面積土地，可以縮短建設週期，這些因素有望提高蔚山AI資料中心的獲利能力。

(interpreted) Before I hand it over back to the Head of AIDC Development, I'd like to comment on the impact of this particular project on our CapEx guidance. So it is true that the recent decision to invest in Ulsan AI data center and also investments in information protection will drive out the total CapEx amount.

（翻譯）在我將其交還給 AIDC 開發主管之前，我想先評論一下這個特定項目對我們的資本支出指導的影響。因此，最近對蔚山人工智慧資料中心的投資決定以及對資訊保護的投資確實將推動總資本支出金額的成長。

Well, due to the contract on Ulsan AIDC, we cannot disclose any specific figures, but the groundbreaking is scheduled for the second half of the year. As a result, SK Broadband's CapEx is expected to be up nearly 10% year over year. However, thanks to the structural factors such as the completion of nationwide 5G network, this year's combined CapEx of SK Telecom and SK Broadband is expected to continue to maintain a stable trend this year and onward. Thank you.

嗯，由於蔚山AIDC的合同，我們不能透露任何具體數字，但破土動工預計將在今年下半年舉行。因此，SK Broadband 的資本支出預計將年增近 10%。不過，由於全國5G網路建成等結構性因素，SK電訊和SK寬頻今年的合併資本支出預計將在今年及以後繼續保持穩定趨勢。謝謝。

(interpreted) Moving on to the question on SK Telecom's plans and opportunities regarding the sovereign AI initiative by the government. We have been actively participating in the government-led sovereign AI projects, and we have been accumulating relevant references. And indeed, some projects have already produced meaningful outcomes.

（翻譯）接下來將討論 SK Telecom 在政府自主 AI 計劃方面的計劃和機會。我們一直積極參與政府主導的自主人工智慧項目，並持續累積相關經驗。事實上，有些計畫已經取得了有意義的成果。

To give you more details, in May, we apply to the GPU lease support project to secure national AI infrastructure, and we were chosen as a supplier of AI data center featuring NVIDIA's advanced GPUs. And in July, we led the creation of a consortium, which submitted a proposal to participate in the government project to develop and advance sovereign AI foundation models, and we were chosen as one of the five finalists.

具體來說，今年5月，我們申請了GPU租賃支援項目，以確保國家AI基礎設施，並被選為採用NVIDIA先進GPU的AI資料中心供應商。今年 7 月，我們領導成立了一個聯盟，該聯盟提交了一份提案，參與政府開發和推進主權人工智慧基礎模型的項目，我們被選為五名決賽選手之一。

In addition to participating in these national AI projects, we're also making efforts to capture new business opportunities and secure policy support in line with the government's initiatives to promote the AI industry. For instance, in June, we announced a plan to build an AI data center in Ulsan, which is expected to contribute proactively to the government's initiative to build an AI highway and create a national AI innovation hub, thereby positioning SK Telecom as an important partner for the government in terms of AI policy implementation.

除了參與這些國家人工智慧計畫外，我們還努力抓住新的商業機會，並根據政府推動人工智慧產業發展的措施獲得政策支持。例如，今年6月，我們宣布了在蔚山建設人工智慧資料中心的計劃，預計將為政府建設人工智慧高速公路和創建國家人工智慧創新中心的倡議做出積極貢獻，從而使SK電訊成為政府在人工智慧政策實施方面的重要合作夥伴。

Furthermore, we released A.X 3.1, our own Korean-specific LLM, as open source to support AI adoption in diverse domestic and foreign business sectors. And we tested Rebellions' AI chip ATOM for our AI services, including [A.QoL]. This represents our efforts to boost AI technology independence and establish an AI ecosystem based on proprietary technologies.

此外，我們也開源了我們自己的韓國專用用法碩士 A.X 3.1，以支援國內外各個商業領域採用人工智慧。我們也測試了 Rebellions 的 AI 晶片 ATOM，用於我們的 AI 服務，包括：[A.生活品質]。這是我們推動人工智慧技術自主化、建立基於自主技術的人工智慧生態系統的努力。

We already declared a vision at last year's SK AI Summit that we would realize independence of the domestic AI ecosystem through Korean sovereign AI development and create new business opportunities in this ecosystem as a key player. Based on our prepared capabilities, we will establish ourselves as a leading AI company representing Korea.

我們在去年的SK AI高峰會上就已經宣布了這樣的願景：透過韓國自主的AI開發，實現國內AI生態系統的獨立，並作為關鍵參與者，在這個生態系統中創造新的商業機會。我們將以已準備好的能力為基礎，成為代表韓國的領先AI公司。

(interpreted) With that, we would like to conclude the second-quarter earnings conference call for SK Telecom. If you have additional inquiries, please contact us. Thank you.

（翻譯）至此，我們想結束 SK 電訊第二季財報電話會議。如果您還有其他疑問，請與我們聯絡。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。