Group 1 - The People's Bank of China has increased its gold reserves for eight consecutive months, with the latest figures showing a rise of 70,000 ounces to a total of 73.9 million ounces as of the end of June [2] - By the end of 2027, China aims to have over 100,000 high-power charging facilities nationwide, focusing on local economic development and the promotion of new energy vehicles [2] - The Shanghai Stock Exchange and the China Securities Index Company will launch several specialized indices on July 21, including the Shanghai Stock Exchange Specialized New Index and the China Securities Specialized New 100 Index [3] Group 2 - A new mandatory national standard for passenger car braking systems will take effect on January 1, 2026, introducing requirements for electric transmission braking systems and emergency braking signals [3] - An international standard for testing scenarios of autonomous vehicle systems has been officially released, detailing evaluation processes and testing methods [4] - The U.S. President has signed an executive order extending the delay for "reciprocal tariffs" until August 1, affecting imports from 14 countries with varying tariff rates [8][5] Group 3 - The U.S. stock market saw declines across major indices, with the Dow Jones down 0.94%, the Nasdaq down 0.92%, and the S&P 500 down 0.79%, impacting stocks of Japanese and Korean companies listed in the U.S. [5] - Companies such as Nissan and Toyota experienced significant stock drops, with Nissan down over 7% and Toyota down nearly 4% [5] - The market sentiment is shifting towards a balanced approach, with a focus on large-cap stocks and potential inflows of incremental capital in July [8][9]

Group 1 - The article expresses a beneficial long position in the shares of SKM, indicating a positive outlook on the company's stock performance [1] - The author emphasizes that the article reflects personal opinions and is not influenced by any business relationships with mentioned companies [1] - The information provided is intended for informational purposes only and does not constitute a solicitation to buy or sell securities [2] Group 2 - Past performance of investments is highlighted as not guaranteeing future results, suggesting a cautious approach to investment decisions [3] - The article clarifies that no specific recommendations or advice are given regarding the suitability of investments for particular investors [3] - The authors of the article are identified as third-party contributors, which may include both professional and individual investors without formal licensing [3]

Core Viewpoint - Investors in the Wireless Non-US sector should consider SK Telecom (SKM) and TeliaSonera AB (TLSNY) for potential value investment opportunities [1] Valuation Metrics - SKM has a Zacks Rank of 1 (Strong Buy), indicating a stronger earnings outlook compared to TLSNY, which has a Zacks Rank of 3 (Hold) [3] - SKM's forward P/E ratio is 8.85, significantly lower than TLSNY's forward P/E of 22.39, suggesting SKM may be undervalued [5] - The PEG ratio for SKM is 1.36, while TLSNY's PEG ratio is 4.34, indicating that SKM's valuation is more favorable when considering expected earnings growth [5] - SKM's P/B ratio is 1.03, compared to TLSNY's P/B of 2.63, further supporting the argument that SKM is a better value option [6] Value Grades - SKM has a Value grade of A, while TLSNY has a Value grade of C, highlighting SKM's superior valuation metrics and earnings outlook [6]

Core Viewpoint - The article emphasizes the importance of value investing and highlights SK Telecom Co. (SKM) as a strong candidate for value investors due to its favorable valuation metrics and strong earnings outlook [2][8]. Valuation Metrics - SKM has a Zacks Rank of 1 (Strong Buy) and an A grade for Value, indicating it is among the strongest value stocks currently available [4]. - The stock's P/E ratio is 9.31, which is lower than the industry average of 10.04. Over the past 52 weeks, SKM's Forward P/E has ranged from 9.01 to 10.91, with a median of 9.80 [4]. - SKM's P/B ratio is 1, compared to the industry's average P/B of 1.84. The P/B has fluctuated between 0.81 and 1.10 over the past 12 months, with a median of 1.01 [5]. - The P/S ratio for SKM is 0.63, significantly lower than the industry average of 1.07, indicating a potentially undervalued stock based on sales [6]. - SKM's P/CF ratio stands at 8.64, which is attractive compared to the industry's average P/CF of 15.59. The P/CF has varied from 8.36 to 11.18 over the past year, with a median of 9.24 [7]. Investment Outlook - The combination of SKM's favorable valuation metrics and strong earnings outlook suggests that it is likely undervalued at present, making it an appealing option for value investors [8].

Group 1 - SK Telecom Co., Ltd. filed its Annual Report on Form 20-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission on April 29, 2025 [1] - The 2024 Annual Report can be accessed on SK Telecom's official website and the U.S. Securities and Exchange Commission's website [1] - Printed copies of the complete audited financial statements for the year ended December 31, 2024 can be requested free of charge [1]

[Certain Defined Terms and Conventions Used in This Annual Report](index=4&type=section&id=CERTAIN%20DEFINED%20TERMS%20AND%20CONVENTIONS%20USED%20IN%20THIS%20ANNUAL%20REPORT) Key terms, abbreviations, and conventions are defined, noting IFRS compliance and a change in MSIT subscriber data reporting - Consolidated financial statements are prepared in accordance with **International Financial Reporting Standards (IFRS)**, as issued by the International Accounting Standards Board (IASB)[16](index=16&type=chunk) - Beginning December 31, 2023, the Ministry of Science and ICT (MSIT) started publishing subscriber data for mobile phone services only, which is **not comparable to prior years' overall wireless service subscriber data**[15](index=15&type=chunk) [Forward-Looking Statements](index=5&type=section&id=FORWARD-LOOKING%20STATEMENTS) Forward-looking statements are identified, subject to risks and uncertainties regarding 5G, AI, and capital expenditures - Plans for capital expenditures in 2025 include investments to maintain and enhance 5G/LTE/Wi-Fi networks, develop IoT and AI solutions, data infrastructure, and further research and development of 5G and 5G-Advanced technologies, with an emphasis on incorporating **AI technology** into various business areas[20](index=20&type=chunk) - The company aims to make significant investments to build and develop next-generation growth businesses in cloud computing, data centers, subscription services, AI B2C/B2B services, and other innovative products, actively integrating **AI technology**[20](index=20&type=chunk) - Forward-looking statements are subject to risks and uncertainties, including changes in the regulatory environment, technology changes, competitive pressures, political changes, foreign exchange currency risks, foreign ownership limitations, and credit risks[21](index=21&type=chunk) Part I [Item 1. Identity of Directors, Senior Management and Advisers](index=7&type=section&id=Item%201.%20IDENTITY%20OF%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20ADVISERS) Information regarding directors, senior management, and advisers is stated as 'Not applicable' for this section [Item 1.A. Directors and Senior Management](index=7&type=section&id=Item%201.A.%20Directors%20and%20Senior%20Management) [Item 1.B. Advisers](index=7&type=section&id=Item%201.B.%20Advisers) [Item 1.C. Auditors](index=7&type=section&id=Item%201.C.%20Auditors) [Item 2. Offer Statistics and Expected Timetable](index=7&type=section&id=Item%202.%20OFFER%20STATISTICS%20AND%20EXPECTED%20TIMETABLE) Information regarding offer statistics and expected timetable is stated as 'Not applicable' [Item 3. Key Information](index=7&type=section&id=Item%203.%20KEY%20INFORMATION) [Item 3.A. [Reserved]](index=7&type=section&id=Item%203.A.%20%5BReserved%5D) [Item 3.B. Capitalization and Indebtedness](index=7&type=section&id=Item%203.B.%20Capitalization%20and%20Indebtedness) [Item 3.C. Reasons for the Offer and Use of Proceeds](index=7&type=section&id=Item%203.C.%20Reasons%20for%20the%20Offer%20and%20Use%20of%20Proceeds) [Item 3.D. Risk Factors](index=7&type=section&id=Item%203.D.%20Risk%20Factors) Various risks are detailed, including competition, regulation, technology, cybersecurity, foreign ownership, and Korean-specific factors - The company faces substantial competition across all businesses, including from three mobile and fixed network operators (KT, LG U+) and Mobile Virtual Network Operators (MVNOs); MVNOs' combined market share increased from **15.5% in 2023 to 16.9% in 2024**[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) - The company's businesses are subject to extensive government regulation, including rate regulation (e.g., mandated discounts, introduction of mid-tier/low-tier 5G plans), technology standards, frequency allocation, MVNO network leasing obligations, interconnection rates, and competition regulation as a 'market-dominating business entity'; new regulations related to AI technology are also emerging[45](index=45&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - Failure to implement or adapt to technological advancements (e.g., 5G-Advanced, successor to 5G) in a timely and cost-effective manner, or to recoup significant capital expenditures for network development, could adversely affect the business[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) - A malware attack on April 19, 2025, resulted in the leakage of certain USIM information of 5G and LTE network subscribers; the company is investigating and implementing mitigation measures, but cannot predict the full extent of harm or regulatory actions[87](index=87&type=chunk) - The Telecommunications Business Act limits aggregate foreign ownership of voting stock to **49.0%**; if SK Inc. (**30.6% owner**) is deemed a foreign entity, this limit could be exceeded, leading to voting rights restrictions and potential corrective orders from the MSIT[94](index=94&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - The company is exposed to political, economic, legal, and regulatory risks specific to Korea, including global economic volatility, domestic political instability (e.g., impeachment of former President Yoon, tariffs on exports), and heightened tensions with North Korea[99](index=99&type=chunk)[100](index=100&type=chunk)[104](index=104&type=chunk) [Item 4. Information on the Company](index=23&type=section&id=Item%204.%20INFORMATION%20ON%20THE%20COMPANY) [Item 4.A. History and Development of the Company](index=23&type=section&id=Item%204.A.%20History%20and%20Development%20of%20the%20Company) The company's history as Korea's leading wireless provider, its 2021 spin-off, and market shares are outlined - SK Telecom is Korea's leading wireless telecommunications services provider, with **24.6 million mobile phone subscribers** and a **43.7% market share** as of December 31, 2024[120](index=120&type=chunk) - Effective November 1, 2021, the company conducted a horizontal spin-off of its semiconductor and certain other non-telecommunications businesses to SK Square, a newly established holding company; concurrently, a **5-to-1 stock split** of common stock was executed[122](index=122&type=chunk)[123](index=123&type=chunk) Korean Telecommunications Industry Penetration (as of December 31, 2024) | Metric | Value | | :--------------------------------- | :------ | | Population of Korea | 51,217 thousand | | Mobile Phone Subscribers | 56,185 thousand | | Mobile Phone Subscribers per 100 Population | 109.7 | | Telephone Lines in Service | 10,325 thousand | | Telephone Lines per 100 Population | 20.2 | | Number of Smartphones | 56,112 thousand | | Penetration of Smartphones | 99.9% | Korean Wireless Telecommunications Market Share (as of December 31, 2024) | Operator | Market Share (%) | | :------- | :--------------- | | SK Telecom | 43.7 | | KT | 30.0 | | LG U+ | 26.2 | | MVNOs (combined) | 16.9 | [Item 4.B. Business Overview](index=29&type=section&id=Item%204.B.%20Business%20Overview) Business segments, strategic vision to become an 'AI Company,' network infrastructure, and regulatory landscape are outlined - The company's operations are reported in three segments: cellular services (wireless voice/data, device sales, IoT, cloud, smart factory, subscription, advertising, curated shopping, AI B2C/B2B), fixed-line telecommunications services (fixed-line telephone, broadband Internet, advanced media, business communications), and other businesses (T-commerce and miscellaneous)[135](index=135&type=chunk) - The strategic vision is to transform into an **'AI Company'** by developing and expanding AI infrastructure, applying AI technology to innovate core business lines and promote new growth businesses, and developing innovative AI services (e.g., 'A.' and 'A*')[141](index=141&type=chunk) - The company formed the Global Telco AI Alliance (GTAA) with Deutsche Telecom, e&, Singtel, and Softbank to establish a joint venture for telecommunications-tailored large-language models and explore AI-related business opportunities[142](index=142&type=chunk) - Operational efficiency efforts include utilizing AI in marketing and customer services, shifting 5G network capital expenditure focus to quality, and reorganizing non-essential businesses through disposals (e.g., SK M&Service, NATE Communications Corporation, F&U Credit Information, Kakao Corp. shares)[146](index=146&type=chunk) Mobile Phone Subscribers by Network (SK Telecom, as of December 31, 2024) | Network | Subscribers (thousands) | | :------ | :---------------------- | | 5G | 17,052 | | LTE | 7,536 | | WCDMA | 325 | | **Total** | **24,913** | - SK Telecom's 5G network provided the fastest upload and download speeds among the three mobile network operators in Korea in December 2024, with a nationwide average download speed of **1,065 Mbps**; 5G penetration reached **50.6%** of total subscribers[180](index=180&type=chunk

Group 1 - The article discusses the performance of KT, a Korean Telecom company, highlighting its declining margins and consistent earnings misses [1] - The author expresses a lack of confidence in KT's financial outlook, suggesting a flight to safety among investors [1] Group 2 - The author has extensive experience in investment analysis, focusing on deep-discount value plays and underappreciated companies [1] - The article reflects a contrarian investment philosophy, aiming to identify companies that can return value to investors [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR THE MONTH OF APRIL 2025 COMMISSION FILE NUMBER: 333-04906 SK Telecom Co., Ltd. (Translation of registrant's name into English) 65, Eulji-ro, Jung-gu Seoul 04539, Korea (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover ...

Core Insights - SK Telecom has formed a strategic partnership with Schneider Electric to collaborate on mechanical, electrical, and plumbing (MEP) systems for artificial intelligence data centers (AIDCs) [1][2] - The partnership aims to enhance the stability and efficiency of AIDCs from construction to operational capability [2][3] - The collaboration will initially focus on the development of hyperscale AIDCs in key regions in Korea, with plans for global market expansion [3][4] Company Overview - SK Telecom has been a leader in the mobile industry since 1984 and is transitioning into an AI-focused company, emphasizing AI Infrastructure, AI Transformation, and AI Service [6] - Schneider Electric is recognized for its comprehensive integrated infrastructure solutions for AI data centers, covering all stages from design to operation [2][4] Strategic Goals - The partnership is expected to generate significant synergies by combining SK Telecom's AIDC expertise with Schneider Electric's MEP capabilities, ultimately enhancing efficiency and performance in AIDC infrastructure [4][5] - The collaboration will serve as a foundation for expanding AIDC projects into global markets, strengthening SK Telecom's competitiveness [4][5]

Corporate Governance - The board of directors has resolved to call the annual general meeting of shareholders on March 26, 2025, to approve the financial statements for the fiscal year 2024[4]. - The total amount of remuneration paid to directors for fiscal year 2024 was Won 5,781,914,670, with a maximum authorized amount for fiscal year 2025 set at Won 10,000,000,000[16]. - The company plans to amend its Articles of Incorporation to enhance dividend predictability by allowing the record date for quarterly dividends to be set after the Board's resolution[7]. - The company appointed Kang, Dong-soo as a non-executive director, who has extensive experience in business strategy and finance, expected to contribute to growth in telecommunications and AI sectors[11]. - Kim, Changbo has been nominated as an independent non-executive director and audit committee member, bringing expertise in risk management and compliance[12][14]. - The number of directors will decrease from nine to eight if the appointment agenda is approved at the annual general meeting[16]. - The company aims to strengthen the independence and expertise of the audit committee through the appointment of qualified candidates[17]. - The company emphasizes the importance of management transparency and shareholder rights protection through the appointment of independent directors[17]. Financial Performance - Operating revenue for 2024 reached W 17,940,609 million, an increase of 1.88% from W 17,608,511 million in 2023[22]. - Operating profit for 2024 was W 1,823,409 million, up 4.00% compared to W 1,753,204 million in 2023[22]. - Profit for the year increased to W 1,438,795 million in 2024, representing a growth of 25.59% from W 1,145,937 million in 2023[24]. - Basic earnings per share rose to W 6,023 in 2024, a 21.58% increase from W 4,954 in 2023[22]. - The company reported a total comprehensive income of W 1,599,571 million for 2024, up from W 1,121,970 million in 2023, indicating a growth of 42.66%[24]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]. - Profit for the year increased to W 1,438,795 million in 2024, up from W 1,145,937 million in 2023, representing a growth of 25.5%[29]. Assets and Liabilities - Current assets increased to 5.3 million won as of December 31, 2024, compared to 4.3 million won in 2023, reflecting a growth of approximately 23.3%[19]. - Total assets as of December 31, 2024, were W 30,515,255 million, compared to W 30,119,227 million in 2023, reflecting a growth of 1.31%[20]. - Total liabilities increased to W 18,635,921 million in 2024, up from W 17,890,828 million in 2023, marking a rise of 4.15%[20]. - Shareholders' equity attributable to owners of the Parent Company was W 11,750,327 million in 2024, compared to W 11,389,046 million in 2023, an increase of 3.17%[20]. - Non-controlling interests decreased significantly from W 839,353 million in 2023 to W 129,007 million in 2024[20]. Cash Flow - Net cash provided by operating activities rose to W 5,087,285 million in 2024, compared to W 4,947,205 million in 2023, an increase of 2.8%[30]. - Net cash used in investing activities decreased to W (2,711,827) million in 2024 from W (3,352,905) million in 2023, reflecting a reduction of 19.1%[30]. - Cash inflows from financing activities totaled W 1,552,192 million in 2024, down from W 2,416,817 million in 2023, a decline of 35.8%[30]. - The company reported a net increase in cash and cash equivalents of W 565,605 million in 2024, compared to a decrease of W (426,690) million in 2023[30]. Investments and Subsidiaries - SK Telecom established a new subsidiary, Astra AI Infra LLC, in 2024, while several subsidiaries were excluded from consolidation due to liquidation or loss of control[39]. - The non-controlling interest in SK Broadband Co., Ltd. decreased in 2024, resulting in no material non-controlling interests for the Group as of December 31, 2024[40]. - Total assets of SK Broadband Co., Ltd. reached W 6,806,280 million in 2024, with total liabilities of W 3,760,426 million and total equity of W 3,045,854 million[37]. - Revenue for SK Broadband Co., Ltd. was W 4,415,270 million in 2024, an increase from W 4,281,932 million in 2023, showing a growth of 3.1%[37]. Tax and Compliance - The Group expects the exposure to Pillar Two income tax, effective January 1, 2024, to be immaterial based on recent assessments[57]. - The Group assesses uncertainty over income tax treatments and reflects the effect of uncertainty using the most likely amount or expected value methods[183]. - Deferred tax assets and liabilities are measured at expected tax rates applicable when the asset is realized or the liability is settled[181]. Accounting Policies - The Group applies hedge accounting for derivatives to manage interest rate and foreign exchange risks, with changes in fair value recognized in other comprehensive income for effective hedges[104]. - Property and equipment are initially measured at cost and depreciated over their estimated useful lives, which range from 3 to 40 years depending on the asset type[110]. - Intangible assets are measured at cost and amortized on a straight-line basis, except for those with indefinite useful lives such as club memberships and brands[113]. - The Group derecognizes financial assets when contractual rights to cash flows expire or when risks and rewards of ownership are transferred[88]. Research and Development - Expenditures on research activities are recognized in profit or loss as incurred, while development expenditures are capitalized only if they meet certain criteria[116].