Korea's top high-nickel cathode precursor maker (EcoPro group)
EcoPro Materials
EcoPro Materials, part of the EcoPro group, makes high-nickel cathode precursors (CPM process) and nickel sulfate (RMP process). It is Korea's top precursor maker, with most of its revenue coming from precursors sold to affiliate EcoPro BM. It has secured a stake in Indonesia's Green Eco Nickel to internalize nickel feedstock, and returned to an operating profit in Q4 2025 after eight quarters.
450080.KS Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, EcoPro Materials is directly linked to 3 companies (0 supply, 2 revenue, 1 investment relationships) and reaches 7 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Q4 2025 sales of KRW 115.2bn (operating profit KRW 3.3bn, first profit in eight quarters); 2026 consolidated sales guided at about KRW 1.1tn
- Customer concentration · Most revenue is precursor to EcoPro BM. EcoPro BM targets 30% precursor internalization and outsources the rest. External customers such as Samsung SDI are being added
- Segments · Precursor (CPM) · Nickel sulfate (RMP)
Revenue from
- EcoPro BM High confidence
Most revenue is high-nickel precursor sold to affiliate EcoPro BM. EcoPro BM's 2025 cathode capacity is 400kt with precursor about 90% by weight and a 30% internalization target, sourcing the remainder from EcoPro Materials.Mentions KO NH Investment & Securities Published Dec 17, 2025: Ecopro Materials FY2026 return-to-profit outlook — new customers, nickel refining (NH Investment)Confirms KO Eugene Investment & Securities Published Oct 30, 2023: EcoPro Materials (450080) IPO reportConfirms EN KED Global Published Sep 26, 2023: EcoPro Materials to quadruple precursor output by 2027 - Samsung SDI Medium confidence
Beyond the group, EcoPro Materials supplies high-nickel precursors to external customers including Samsung SDI as it diversifies its customer base.Mentions EN KED Global Published Sep 26, 2023: EcoPro Materials to quadruple precursor output by 2027
Pays to
- 니켈 원료 (인도네시아 GEM·그린에코니켈) High confidence· Amount 10,000톤 · 연간 장기계약 · Green Eco Nickel long-term nickel offtake (EcoPro group)
Low-grade nickel and MHP for the RMP process are sourced from Indonesia's Green Eco Nickel (operated by GEM, with EcoPro Materials the 28% largest shareholder). Of the smelter's 20,000 tons/year, EcoPro group secures 10,000 tons under a long-term contract at a 2-3% discount to market.Confirms KO Herald Corp Published Mar 31, 2025: EcoPro Materials pushes into Indonesian nickel smeltingConfirms EN KED Global Published Mar 25, 2024: Korea's EcoPro invests $11 mn in Indonesian nickel smelter - 코발트·망간 등 금속 원료 바스켓 (비공개) Medium confidence
Beyond nickel, EcoPro Materials procures cobalt, manganese and other metals for NCM precursor production. Individual suppliers and amounts are not disclosed.Mentions KO Eugene Investment & Securities Published Oct 30, 2023: EcoPro Materials (450080) IPO report
Investors
- Ecopro High confidence· Market share 43% · 2023 공모 후 · EcoPro stake post-IPO
Holding company EcoPro Co. is the largest shareholder with 43.0% after the IPO. The company originated as a joint venture between EcoPro and China's precursor maker GEM.Confirms KO Eugene Investment & Securities Published Oct 30, 2023: EcoPro Materials (450080) IPO report
Investments
- 그린에코니켈 (Green Eco Nickel) High confidence· Market share 28% · 2025 · Green Eco Nickel stake (EcoPro Materials)
EcoPro Materials acquired a 28% stake in Indonesia's nickel smelter Green Eco Nickel to become its largest shareholder (about KRW 389bn), consolidating it from January 2026 to internalize the nickel upstream.Confirms KO News2day Published Feb 12, 2026: EcoPro Materials returns to profit after eight quarters as nickel smelting is consolidated
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| SK Innovation (SK On) | lead2 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| EcoPro BM | lead1 | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
| EcoPro Materials | node | · | · | · | -52.5 | -4.9 | -43.6 |
| Ecopro | benef1 | -5.1 | +94.5 | +309.5 | -39.2 | +172.1 | -47.1 |
| Ecopro HN | benef2 | · | +4.6 | +17 | -47.7 | +38 | -32 |
| EcoPro BM | benef2 | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
EcoPro Materials's thesis has two axes: internalizing the nickel upstream and reducing group dependence. It is Korea's top high-nickel cathode-precursor maker, but most revenue is to affiliate EcoPro BM, so results are tied to EcoPro BM's cathode capacity and its precursor-outsourcing mix (30% internalization target, the rest sourced here) — that group concentration is both stability and risk. Its 28% stake in Indonesia's Green Eco Nickel (consolidated from January 2026), which supplies low-grade nickel/MHP at a discount to market, internalizes RMP-process feedstock and is the core of cost competitiveness, while adding external customers like Samsung SDI is the diversification axis. The Q4 2025 return to profit after eight quarters signals the start of a nickel-price and utilization recovery. Re-rating triggers are rising nickel self-sufficiency, the external-customer revenue share, and the EV-battery demand cycle.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 0 · Hold 0 · Sell 0
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Kiwoom Securities | Not Rated | — | Feb 12, 2026 | Report ↗ |
| Mirae Asset Securities | Not Rated | — | Feb 21, 2025 | Report ↗ |
| Mirae Asset Securities | Not Rated | — | Dec 12, 2024 | Report ↗ |
No price-target coverage, but Kiwoom and Mirae Asset follow the name with Not Rated notes; Kiwoom's Feb 2026 note flagged the first profit in eight quarters and Green Eco Nickel consolidation.