SKInnovation2025Q2电池业务实现营收2.11万亿韩元，实现亏损664亿韩元

Investment Rating - The report provides a "Recommended" investment rating for the industry, indicating a positive outlook for the sector [7]. Core Insights - In Q2 2025, SK Innovation reported a revenue of 19.31 trillion KRW (approximately 1042.74 billion RMB), a decrease of 1.84 trillion KRW (99.36 billion RMB) quarter-on-quarter but an increase of 507.5 billion KRW (27.41 billion RMB) year-on-year [2]. - The overall operating loss for the company was 417.6 billion KRW (22.55 billion RMB), which represents a reduction of 373 billion KRW (20.14 billion RMB) from the previous quarter and a decrease of 371.8 billion KRW (20.08 billion RMB) year-on-year [2]. - The decline in revenue is attributed to global economic uncertainties, tariff impacts, and falling oil prices, while the battery division saw significant profit improvements due to increased production efficiency in North America and record-high advanced manufacturing production tax credits (AMPC) [2][8]. Summary by Sections Refining Business - Revenue was 11.12 trillion KRW (600.48 billion RMB) with an operating loss of 466.3 billion KRW (25.18 billion RMB). The business faced market volatility due to U.S. tariff policies and OPEC+ production adjustments [2]. Petrochemical Business - Revenue reached 2.27 trillion KRW (122.58 billion RMB) with an operating loss of 118.6 billion KRW (6.40 billion RMB). The business was impacted by a decline in benzene price spreads and scheduled maintenance of paraxylene plants [3]. Lubricants Business - Sales amounted to 893.8 billion KRW (48.27 billion RMB) with an operating profit of 134.6 billion KRW (7.27 billion RMB), driven by stable sales prices and reduced costs due to falling oil prices [4]. Exploration and Production Business - Revenue was 341.7 billion KRW (18.45 billion RMB) with an operating profit of 109 billion KRW (5.89 billion RMB), although profits decreased due to falling oil and gas prices [5]. Battery Business - Revenue was 2.11 trillion KRW (113.94 billion RMB) with an operating loss of 664 billion KRW (3.59 billion RMB). The business experienced a 31% quarter-on-quarter revenue growth, attributed to increased production efficiency and sales growth in U.S. and European factories [8]. Materials Division - Revenue was 19.5 billion KRW (1.05 billion RMB) with an operating loss of 53.7 billion KRW (2.90 billion RMB), although losses decreased due to expanded sales of electric vehicle (EV) and energy storage system (ESS) products [9]. SK Innovation E&S - Revenue was 2.55 trillion KRW (137.7 billion RMB) with an operating profit of 115 billion KRW (6.21 billion RMB), impacted by seasonal sales declines and maintenance at power plants [10]. Q3 2025 Outlook - SK Innovation anticipates improved refining margins, reduced oil tariff pressures, and increased sales in its European battery business, which are expected to positively impact performance [11]. - The company plans to consolidate SK On and SK Enmove and raise significant capital to enhance its electrification-focused growth strategy, aiming for an EBITDA exceeding 200 trillion KRW (10.80 billion RMB) by 2030 [11].