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GRT 사업보고서 훑어보기 — Transcript

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0:02Hello. I'm Sotu. Are you having a hard
0:04time with the recent stock market
0:05decline? GRT is in the same boat. Other
0:07stocks are also crashing significantly,
0:10but I think this is a time when we
0:12should study companies more and keep our
0:14faith in them. GRT's business report was
0:17released recently.
0:19The content of the business report is
0:20very good. As of the first half,
0:22semiconductor-related revenue increased
0:25by 153%. MLCC revenue also grew by a
0:28staggering 41%.
0:30China is currently going all-in on AI,
0:32and it seems like the company is
0:35properly benefiting from the ripple
0:37effects of this AI boom.
0:40Let's briefly go over the GRT business
0:44report.
0:47This data draws heavily from the blog '
0:50Omnibus 77', 'Investing for a Happy Life
0:53', and Job's reference materials, so
0:56please check the original source for a
0:59more detailed explanation.
1:04The most recent quarterly earnings for
1:06April through June were released.
1:09It posted record-high revenue.
1:12In the first quarter, there was a slight
1:14decrease due to the Chinese New Year,
1:16but it showed a trend of rising again
1:18afterwards.
1:20Looking at it QoQ, since it's '26, this
1:21would be the 2nd quarter of '25, right?
1:24Revenue increased significantly compared
1:26to the 2nd quarter of '25. It is
1:27currently maintaining a very positive
1:29trend. You can always see that in the
1:30first quarter, which includes the
1:32holiday period, it’s the same here too.
1:33There is a tendency for revenue to drop
1:36significantly.
1:39So it dropped again, but looking at the
1:40future trend, the 3rd quarter was
1:42slightly higher than the 2nd, and the
1:434th quarter was higher than the 3rd.
1:46Since it increased from the 2nd to the
1:483rd and 4th quarters, it’s highly likely
1:51that the earnings to be announced in
1:53early December will be slightly higher
1:56than this.
1:57Of course, it won't increase
1:59dramatically. Like this. But because the
2:02performance is so strong, even a small
2:04increase is meaningful; the current
2:07annual revenue is 1.2 trillion won,
2:09whereas total revenue at the time of
2:11listing was 160 billion won.
2:15Last year's revenue was about 950
2:17billion won, so it jumped by a whopping
2:20250 billion won in just one year.
2:23It is increasing its revenue by more
2:25than the total revenue at the time of
2:27its listing every single year.
2:30The trend in revenue by product is also
2:31important. These optical protective
2:34films here are likely
2:35semiconductor-related films.
2:37In the past, there was only this much;
2:40at the time of listing in '16, the films
2:43were mostly packaging films. Although
2:45there was other revenue.
2:47But the revenue from these packaging
2:50films has hardly increased at all. It
2:52remains almost the same, and here are
2:54the optical protective films,
2:58optical adhesive films, functional
3:00coating materials, and especially
3:02recently, other films, which seem to be
3:04primarily nano-material films.
3:06These nano-material films are
3:08cutting-edge technology. They are
3:10growing little by little. With the 4th
3:12factory and others scheduled for
3:14completion starting next year, it seems
3:16the production of nano and semiconductor
3:18MLCC films will increase. That’s the
3:20general outlook. Sales are consistently
3:22growing, and the occasional dips in the
3:24middle are due to the Lunar New Year
3:26impact on first-quarter results. So,
3:29excluding the first quarter, they are
3:31continuing to rise. That’s how it
3:33appears.
3:35Looking here, revenue has increased,
3:37with operating profit up 25%and net
3:40profit up 27%, meaning profit is growing
3:43faster than revenue, indicating
3:46high-quality sales. If revenue rose
3:49while profits fell, it could imply
3:51dumping or low-price sales, but since
3:53profit margins are actually improving,
3:56this is a positive sign. The operating
3:58profit margin increased by about 1%
3:59compared to the previous year. This
4:01means that operating leverage hasn't
4:03fully kicked in yet.
4:05While revenue is growing, depreciation
4:08costs, product development, and R&D
4:10expenses are also rising, so it doesn't
4:13seem like operating leverage is fully
4:15realized yet.
4:17Looking at the breakdown, raw material
4:22costs increased, while depreciation
4:25costs saw a slight decrease.
4:29Since these represent rates of change.
4:31Labor costs and others decreased
4:33slightly, but overall, raw material
4:36costs went up while depreciation and
4:39labor costs fell.
4:41The rise in raw material costs is likely
4:46due to the recent surge in oil prices
4:50caused by the war.
4:53However, since the rate of change isn't
4:55drastic, it implies that they are
4:58defending against these costs well. This
5:01is also a positive sign.
5:04This part is important: looking at the
5:06first-half revenue, most of the growth
5:08came from semiconductors.
5:10Looking at semiconductor-related
5:12material films,
5:14they increased by a staggering 153%.
5:19An incredible 153%increase—that’s more
5:21than double, a 2.5-fold growth.
5:23Secondary batteries and automotive also
5:26increased, but they don't account for a
5:28large portion. MLCCs also saw a massive
5:3141%increase.
5:33Secondary batteries, semiconductors, and
5:35MLCCs are responsible for almost all of
5:37the performance growth. And one more
5:40thing, since this portion is so small,
5:43it’s almost insignificant, and chemical
5:46/display segments have decreased a bit.
5:48Now, for displays, OLEDs are currently
5:51...
5:54BOE started its new 8.6 th generation
5:56line in the second quarter, so I expect
5:58revenue to really start taking off from
6:01the third quarter.
6:03So, looking at the overall picture,
6:05GRT's top revenue source is currently
6:07automotive. PPF film is currently number
6:11one, followed by secondary batteries and
6:14displays, which have significant sales.
6:17Automotive is number one, and those two
6:19come in at about second or third.
6:20Semiconductors seem to be around fourth
6:22, but because their growth is so strong
6:24, they should rise to number one after
6:27this year.
6:28The reason GRT's stock hasn't risen is
6:30that it has such diverse revenue streams
6:32; while this is actually good, it lacks
6:35a single defining focus. Once
6:37semiconductors rise to the top of their
6:39revenue, I believe it will establish
6:41itself as a Chinese
6:42semiconductor-related stock. MLCC is
6:44also, of course, quite significant. So,
6:46I see this breakdown of revenue as a
6:49very positive phenomenon. Also, we have
6:52reviewed the liabilities and equity of
6:55each subsidiary.
6:57When we checked this, we looked into the
6:59fourth factory, which is the
7:00Pyeongchon-Hong factory.
7:02Its assets have also increased
7:03significantly. The assets have now
7:05reached 340 billion won, which is a
7:08whopping 340 billion won. GRT's market
7:11cap is 250 billion won, right?
7:15But the fourth factory, which isn't even
7:17the largest portion of their facilities
7:19, has reached 340 billion won in assets
7:21. Production is expected to begin from
7:232027. It seems likely that it could
7:25generate around 600 billion won in
7:26revenue, which is about double its
7:27assets. That seems possible.
7:30The fifth factory is important, as it
7:32sits on a massive 150,000-pyeong site
7:35where the exterior is already fully
7:37completed.
7:39A notable point is that new revenue has
7:42already been generated here.
7:44So, we need to clarify with the company
7:47whether they are currently running trial
7:50production.
7:52If they are doing trial production,
7:53doesn't that mean it's progressing
7:55faster than expected?
7:56If full-scale production begins in 2027
7:59or 2028, it might be earlier than
8:02expected, or perhaps late; the reason it
8:05might be faster is that they didn't buy
8:08the land and build from scratch—it was
8:11already an industrial complex where
8:14another company built the factory and
8:16offered it for sale or lease.
8:20Since they are paying rent, it's almost
8:22like they received special treatment.
8:24Because the government designated it,
8:25they are just paying rent, which seems
8:27to be why things are moving so quickly.
8:30It's actually progressing faster than
8:32the fourth factory, precisely because
8:34revenue has already been generated.
8:37However, since the scale is so large,
8:39we'll need to hear from the company to
8:41see how things will unfold. And then
8:43there is the Turkey subsidiary. Since a
8:46lot of capital has flowed in and
8:47contracts with AIIB and IFC have been
8:49signed, construction on this part should
8:51begin soon as well.
8:53For the Türkiye plant, it seems
8:56completion and production will take
8:58until around 2028, so there are still
9:01about 10 months left, but since it is
9:04the first entity outside of China and is
9:06100%owned, it should have a positive
9:09effect on dividends and future earnings
9:12without non-controlling interests.
9:16And since it is outside of China, the
9:18typical "China discount" is not an issue
9:21; in fact, if this plant alone operates
9:23properly, it’s worth more than 250
9:26billion KRW in market cap. Because the
9:28plant's projected annual revenue is over
9:31500 billion KRW and operating profit is
9:33expected to be quite high, around 100
9:36billion KRW.
9:38Even just looking at this, relative to
9:40GRT's total market cap, the company is
9:43undervalued based on the Türkiye plant
9:45alone.
9:46Also, since Türkiye is not a Chinese
9:47company, there are no concerns regarding
9:49a "China discount." And because the
9:51parent company, GRT in Hong Kong, holds
9:54a 100%stake, I believe this will be a
9:56clear basis for resolving the "China
9:58discount" in the future. And the number
10:01of factories doesn't carry much
10:02significance. It is not official yet.
10:05The factory within Jiangsu Zhunshengtong
10:08now has assets worth about 20 billion
10:10KRW, which is at the level of paid-in
10:12capital.
10:15You can verify through public filings
10:17that it is being recorded and yielding
10:19results.
10:20Also, the loans from the IFC and AIIB
10:23have been disclosed in the business
10:26report for the first time. Therefore
10:31a total of 150 million dollars, which is
10:32over 200 billion KRW,
10:35was received in funding. This could also
10:38have a major impact on resolving GRT's "
10:40China discount," but since the company
10:42hasn't promoted it accurately yet, it
10:45might not be reflected in the market.
10:48Regarding the company's promotion, this
10:50is something I heard about a month or
10:52two ago regarding Türkiye.
10:55I predict that once they receive
10:56government approval in Türkiye and
10:58construction officially begins, they
10:59will start promoting it then. It seems
11:01the process is getting slightly delayed
11:03.
11:05And looking at the construction contract
11:08types, the total contract size is a
11:10staggering 9 billion, which is 1.8
11:13trillion KRW. That 1.8 trillion KRW
11:16means the CAPEX for all factories, from
11:20the first one on, totals approximately
11:241.8 trillion KRW.
11:26That is the contract amount, and much of
11:29the balance has been resolved, so out of
11:32the 1.8 trillion to 2 trillion KRW
11:34project, about 800 billion KRW has been
11:36recognized as assets, meaning more than
11:39half is now complete.
11:42Based on the remaining contract balance
11:45, about 30%is complete.
11:48While there are some hurdles, the CapEx
11:52is ongoing, and I’d say we’re more than
11:55halfway there.
11:58With two plants starting production in
12:022027, the massive CapEx from 2024 should
12:05start showing results by 2027.
12:10It feels like in the AI industry, we’ve
12:13built the ship, and now the tide is
12:16finally coming in.
12:17Therefore, whether revenue can be
12:19consistently maintained seems to be the
12:21most important factor. It’s crucial to
12:24see if revenue continues to grow
12:27slightly year-over-year.
12:29The production results for the third
12:31plant are out, and this is likely the
12:34most important part.
12:36After showing a downward trend in
12:38utilization, it has been on a steady
12:41rise since 2025.
12:43It saw a significant increase compared
12:46to the previous quarter, reaching about
12:4967%, which is a very high utilization
12:52rate. When the utilization rate was low
12:54at around 50%, there was a lot of
12:56criticism. People asked why the output
12:58was low when we had expanded capacity.
12:59They questioned whether it made sense to
13:01invest in massive CapEx when utilization
13:03was so low. That was the situation back
13:04then. But it’s showing a great
13:07turnaround, and the current utilization
13:10rate gives us high expectations for
13:13future plants.
13:15Looking at the depreciation, up until
13:182023, it was mostly CapEx for the first
13:21plant.
13:22But starting in 2024, it increases
13:24significantly for the fourth plant. Then
13:26, the Jiangyin plant.
13:28Starting from Jiangyin, it includes the
13:30Yangzhong plant.
13:34As we see such a large increase in CapEx
13:36, the Turkey plant is also starting to
13:38be reflected in the numbers.
13:42With five plants including the Nanjing
13:44facility, CapEx is being accounted for.
13:47Also, the depreciation for 2024 includes
13:50the machinery for the third plant. As
13:53you can see, CapEx increased drastically
13:55starting in 2024 compared to 2023. This
13:58CapEx will finally start to reflect in
14:00the results from 2027 onwards. That is
14:02why the stock price is currently
14:03suppressed.
14:04We expect the stock price to improve
14:07once the revenue from the 2027 CapEx
14:09starts to materialize.
14:12The first plant also started showing
14:14results around 2021 and 2022.
14:16If you look at the stock price, it was
14:18very low back then, and it was around
14:19the 1,000 won range from that point on.
14:21The stock price was in the 1,000 won
14:24range and pumped to the 6,000–7,000 won
14:26range once, and I expect another pump as
14:29the 2027 performance figures start to be
14:32recorded.
14:33Back in 2021, when the aviation plant
14:35was completed, if you look at that
14:36period, the stock price showed a
14:38continuous upward trend. Usually, for a
14:41Korean company, analyst reports exist
14:44and expectations for the five plants are
14:47priced in years in advance, but since
14:50Chinese companies lack analyst coverage
14:53and trust, it seems the stock price will
14:56only reflect the value after actual
14:59sales are generated. I predict that once
15:02sales actually start appearing, the
15:03market will slowly gain trust and the
15:05stock price will reflect it afterward,
15:07rather than in advance. Of course,
15:09nobody really knows what will happen.
15:13Depreciation costs are increasing, but
15:15their proportion is falling because
15:16sales are gradually being reflected.
15:19It is showing a good trend. The same
15:20applies to research and development
15:21expenses. If you look here, it surged
15:24from 2023 because that is when China
15:27started producing MLCCs. So, R&D related
15:31to MLCCs exploded in 2023.
15:34Explaining the current MLCC status, the
15:36low-end components are already being
15:38supplied to groups like Man Group and
15:40various other Chinese groups. And for
15:42companies like Murata in Japan,
15:46or S Electric in Korea, low-end
15:48components are being supplied, and I
15:49understand they are currently undergoing
15:51qualification tests. So, the
15:53qualification is expected to come by the
15:55end of this year or early next year. S
15:57Electric is currently expanding
15:58tremendously. Including their Sejong
16:00business division and overseas sites as
16:02well.
16:04S Electric has factories in Tianjin,
16:07China, and in Korea as well.
16:09They are currently expanding in Vietnam
16:11and also carrying out various expansions
16:13at their Sejong business site.
16:16There are various sites like the Busan
16:18plant, and GRT is shipping and supplying
16:21products from its plants to these
16:23locations, but for now, low-end is for
16:26test purposes and AI-related is just at
16:28the test level.
16:31Therefore, the revenue coming from S
16:32Electric or Murata is currently very
16:34small. It is at a very low level.
16:35However, if they truly pass the
16:37qualification test for AI, I believe
16:40this will become a very important pillar
16:42of their revenue.
16:44I am not sure if the company will
16:47announce it once they pass the
16:49qualification, but if the MLCC portion
16:51starts being supplied to S Electric in
16:54large volumes—needing at least 60
16:56billion won or so—they could potentially
16:59issue a supply contract disclosure.
17:03Actually, if the company has the will,
17:04they could issue a supply contract
17:05disclosure, and if such a disclosure
17:07comes out, wouldn't that be the catalyst
17:08for the stock price to gain momentum?
17:11Looking at the R&D expenditure, it
17:13increased sharply once MLCC production
17:15began; there seems to be a specific
17:18reason for that spike.
17:20So, if you look at the trend of R&D
17:22costs, it has been increasing steadily
17:25since the MLCC and AI era, but the
17:27proportion is gradually decreasing
17:29because sales are growing.
17:31That would be an important point. So,
17:33excluding that one-time spike, this is
17:35the highest level of R&D expenditure
17:37ever. To give you an idea of the scale,
17:39since this is in 100 millions, it’s
17:41around 20 billion won. It would be
17:43around 18 billion won, slightly lower
17:44than 20 billion won. They are pouring 18
17:46billion won into R&D per quarter. Then,
17:48roughly speaking, they are investing 50
17:50billion won per year. But the good thing
17:52about R&D costs is that this is also an
17:54economy of scale. Economy of scale.
17:56They are going from Factory 1 to
17:58eventually Factory 8, but they don't do
18:01R&D separately for each one.
18:03Once the headquarters R&D team develops
18:05something, it has a trickle-down effect
18:07to all of them.
18:08And as the GRT chairman said back then,
18:11GRT currently handles about 1,000 to
18:142,000 types of products, and each one
18:16requires R&D costs to develop.
18:19But in the future, they want to become
18:20the 3M of China, and 3M currently has
18:22about 60,000 to 70,000...
18:24...types of films, and they say they
18:26will head in that direction. So, as they
18:29keep spending on R&D, GRT's moat will
18:31likely keep getting deeper.
18:34They have a capital moat, an R&D moat,
18:37and it is a company with a very high
18:40moat. It's not easy to imitate this
18:42company.
18:43Since they are the number one company in
18:45China, there probably won't be anyone in
18:46Korea investing in this scale anymore.
18:48At least not Korean companies. That's
18:49because they are being overtaken by
18:50China across the board. Therefore,
18:51Korean film companies are also in a
18:53situation where they cannot make strong
18:55investments right now. The same goes for
18:57MLCC. Like Sumo Advanced Materials.
19:00So, to summarize, sales are at an
19:03all-time high. And even better, they are
19:06transforming into a semiconductor and
19:07MLCC company. Semiconductor grew 53%and
19:10MLCC grew 41%. In the third quarter.
19:12So in the future, it is important for
19:15the market to recognize them as a
19:18semiconductor or MLCC-related stock in
19:21China, and I think that will happen once
19:24these become their top revenue sources.
19:27The operating rate of the first factory
19:29has also exceeded 50%to reach 67%,
19:31hitting a record high.
19:33The factory is raising expectations, and
19:36since it's at 67%capacity, there is
19:38still room left for sales growth.
19:41Also, excluding that one-time spike,
19:43depreciation and R&D costs are almost at
19:45all-time highs. Nevertheless, the ratio
19:47relative to sales is decreasing, showing
19:49a positive trend.
19:50The market cap is about 250 billion won
19:52, and the recent quarterly operating
19:54profit was 51.7 billion won. In terms of
19:56won.
19:57If you multiply that by four, it comes
19:59to about 210 billion won.
20:02But since operating profit is on an
20:04upward trend, I think it could reach
20:07around 240 or 250 billion won over the
20:09next four quarters. In that case, it
20:12could even go below a P/E of 1.
20:15The P/E might not just be in the 1s, but
20:17could even drop below 1.
20:19This is a really low valuation because
20:23it's a difficult company for Korean
20:26investors.
20:28It makes no sense for such a growing
20:31company to have a P/E of 1, and since
20:33perceptions of Chinese companies among
20:36Korean investors are likely to change,
20:39isn't this actually a comfortable zone?
20:42Of course, when the stock price falls,
20:44it's unsettling. You might want to sell
20:46or cut your losses, but I see this as a
20:49more comfortable zone right now. That is
20:51, if you have faith in the company. Of
20:53course, I was quite disappointed during
20:54the recent shareholders 'meeting.
20:57I was disappointed.
21:01But honestly, they were just so busy, so
21:03I'm sure this won't happen again next
21:05time.
21:07There was only one person who could
21:08speak Korean, and since that person
21:10couldn't attend, the company seemed to
21:13have skipped it without much thought, so
21:15we should strongly request that even if
21:17the person who speaks Korean can't make
21:19it next time, someone else should attend
21:21via video conference.
21:23I think there might be some selling out
21:24of disappointment. When they said they
21:26couldn't attend the meeting, I saw some
21:29people reacting strongly. Some said they
21:31sold their shares, and they sold them
21:33while speculating.
21:34Some dumped their holdings, and I see
21:36those retail investors' stop-loss sells
21:39as a factor currently driving the price
21:41down.
21:42The company is growing, and it's heavily
21:45undervalued, which is a growth value.
21:48In the stock market, there's no such
21:50thing as a 100%certainty. But compared
21:53to how much it has grown, you know
21:56there's usually a chart like this. Wait
22:00, let me see.
22:01There's a chart that shows the company's
22:04trajectory and how the stock price moves
22:08.
22:11It's the idea that this point is
22:12undervalued and that point is overvalued
22:14, but the way I see it, GRT is moving
22:16upward while the stock price is just
22:17hovering down here.
22:20So if it ever reaches the company's
22:23intrinsic value, it will skyrocket.
22:25That's why I see the stock price
22:27currently being formed far below the
22:30company's actual value. This is a chart
22:33of GRT over the last three years. This
22:37is 2024.
22:39This is 2025, and it goes roughly like
22:41this from here.
22:44It's 2025 and 2026, but back in August
22:472024, the index itself plummeted, and
22:49while it was falling, it suddenly surged
22:52because they announced a Nasdaq listing
22:55.
22:55They said they were preparing for a
22:56Nasdaq listing. So, it surged once, but
22:58then the expectations faded, and it fell
23:01back down.
23:02Around this time, it hit the upper limit
23:04twice due to a DeepSeek theme and surged
23:06briefly, but then fell as they announced
23:08the failure of their Nasdaq listing
23:10attempt.
23:12At this point, they were hit with an
23:15unfair disclosure regarding the Nasdaq
23:17listing, causing a plunge, and that’s
23:19when I first visited GRT.
23:22It was so difficult because of the sharp
23:24drop that I just flew to China without
23:27much notice to visit GRT, and then after
23:29returning, it fell again because the
23:32dividends they promised were repeatedly
23:34delayed, leading to issues about whether
23:37they would even be paid, until the
23:39dividends finally came in around this
23:42time. So, this is when the business
23:44report came out, and around this time
23:46was the benchmark for last year's
23:48business report.
23:49And this moment here is when the Q1
23:51earnings were announced. The Q1 earnings
23:54.
23:55So, in a way, this is when it was
23:58written. We saw it based on last year's
23:59records. Q1 earnings came out and the
24:01stock price was doing well, but
24:04I don't really know why it went up
24:05exactly to this point; I'm not sure of
24:07the reason.
24:09There were various things: there was the
24:12MLCC theme, earnings were good, and
24:15there was talk about listing on Nasdaq
24:18again with GFT.
24:21Looking back, someone at the
24:23shareholders 'meeting mentioned that the
24:27stock price rise was manipulated by the
24:30chairman to sell off his shares.
24:33Many people who attended the meeting
24:35were saying that, so it's possible.
24:37But when it was going up, it didn't feel
24:39like foreigners were buying that much,
24:40but anyway, there was that narrative,
24:42and around this time, they did a block
24:44deal of a massive 10 million shares,
24:45although we didn't know they were
24:47selling 10 million shares when the
24:48disclosure first came out.
24:51There was a one-month grace period, so
24:53it fell like this, and the brief rebound
24:56here was because of information found on
24:59Yooni Hooni's blog regarding IFC and
25:02AIBB, not a formal disclosure, so we
25:05thought the undervaluation would finally
25:08be resolved, but then the 10 million
25:10shares started being offloaded in
25:13earnest over five times.
25:16So, with a 10-million-share bomb
25:17dropping, the stock price had no choice
25:19but to fall, eventually hitting 2,120
25:22won.
25:22So, around this time, I started my
25:24YouTube channel and spoke with the
25:26company again, even visiting in person
25:28to meet the Chairman.
25:31The stock rebounded, but now, with the
25:33market index recently performing poorly
25:36and disappointment following the general
25:38shareholders' meeting, it seems the
25:40stock price is undergoing another
25:42correction.
25:44It’s 210 won.
25:46Back then,
25:49There was a constant series of block
25:51deals, and the situation with the
25:53company's Chairman and Lucky TI in
25:54January was such that the price dropped
25:57to 2,120 won, and they were effectively
25:59selling 100,000 shares every day. Almost
26:01every day.
26:03In a situation where they were dumping
26:05millions of shares, 100,000 shares a day
26:07, 2,120 won was the low point. As I
26:09recall, around 2,200 won, at LS
26:12Securities on that day, it hit -10%...
26:16They even placed 500,000 or 600,000
26:19shares on the order book.
26:21Retail investors cut their losses back
26:23then, and in that worst-case scenario,
26:25the price was 2,120 won, while the
26:26current price was around 2,700 won.
26:29So, no matter how poor the supply and
26:31demand might be, I personally don't
26:33think it will reach those worst-case
26:35levels again.
26:36And so, last year, the annual report
26:39came out around this time, and...
26:43It rebounded, and when you look at the
26:45stock price, it always seems to surge
26:48strangely in February.
26:50It was better from February onwards this
26:52time as well.
26:53So, for next year—though this is just a
26:55guess—I wonder if there might be
26:57something positive around February 2027
27:00?
27:00Because the performance results for
27:02early December this year will be
27:03announced, and the first-quarter results
27:05will be released as well.
27:07So, I see it as potentially starting off
27:09with a good feeling again.
27:11And the company mentioned they would do
27:15so by the end of this year. They said
27:18they would mobilize institutions,
27:21research firms, and reporters to invite
27:24them to the company and hold an IR
27:27session, so I’m looking forward to that
27:30; if it happens by year-end, great, but
27:33even if it’s early next year, I hope
27:36they do a good IR to help people learn
27:39more about the company.
27:43That’s all for now.
27:44Moving on, I see many people in the
27:47comments talking about controlling
27:50interest and non-controlling interest.
27:54They say they can't make investment
27:55decisions because the non-controlling
27:56interest is low.
27:57But I will make a video sharing my
28:00opinion on this topic soon.
28:03Please subscribe and leave some good
28:05comments. Yes. Thank you.

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