# Who does Ecopro pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/ecopro · Facet: suppliers · Updated: 2026-10-09T13:13:06.366+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Ecopro discloses no named confirmed suppliers/cost counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 cost edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-10-09).

### 에코프로이노베이션 (high)
- metric: Market share 83.88% · 연결기준 지분율
- note: The lithium stage of the closed loop — an 83.88% stake in unlisted lithium-hydroxide subsidiary EcoPro Innovation. By processing lithium — the biggest variable in cathode cost — inside the group, it is the channel through which the lithium cycle (e.g. an ~80% surge in lithium-hydroxide prices in 2026) is amplified straight into group earnings.
- [mentions] FnGuide (KO, research, published 2026-01-01) https://comp.fnguide.com/SVO2/asp/SVD_Corp.asp?pGB=1&gicode=A086520&MenuYn=Y&NewMenuID=102&stkGb=701: "FnGuide affiliate table: 에코프로이노베이션 at 83.88%."
- [confirms] EcoPro (KO, ir, published 2024-06-01) https://www.ecopro.co.kr/sub010303: "Recycling, precursor, lithium hydroxide and cathode affiliates are clustered in the Pohang closed loop."

### 에코프로머티리얼즈 (high)  → /ecopro-materials.md
- metric: Market share 43.31% · 연결기준 지분율(별도 43.82%)
- note: The upstream gateway of the closed loop — a 43.31% stake in precursor subsidiary EcoPro Materials. As the internal vertical link supplying nickel/cobalt precursors to BM's cathodes, its Indonesia nickel-smelter investments (IMIP, PT ESG) internalize raw materials upstream, building the group's buffer against metal-price swings.
- [confirms] Eugene Investment & Securities (KO, research, published 2023-10-30) https://www.eugenefn.com/common/files/amail/20231030_B_js_heo_1.pdf: "After the offering the main shareholders are EcoPro (largest) at 43.0%, existing holders 32.8%, employee stock ownership 4.1%, and public offering 16.3%."

### 에코프로비엠 (high)  → /ecopro-bm.md
- metric: Market share 40.84% · 연결기준 지분율(별도 45.61%)
- note: The core subsidiary that carries most of the group's value — Ecopro is the largest shareholder in EcoPro BM, a global leader in high-nickel cathodes, at 40.84% (45.61% separate basis). The holding company's price and NAV effectively track BM's cathode cycle, and BM's 2025 swing to a KRW 142.8bn operating profit was the axis of the holding's rebound.
- [confirms] WISEreport (KO, research, published 2026-01-01) https://comp.wisereport.co.kr/company/c1070001.aspx?cmp_cd=247540: "Ecopro holds 39,943,167 shares (40.83%) as Ecopro BM's largest shareholder."

### 에코프로에이치엔 (high)  → /ecopro-hn.md
- metric: Market share 31.11% · 연결기준 지분율(별도 31.15%)
- note: A cash-flow source uncorrelated with the battery cycle — a 31.11% stake in air/water environmental subsidiary Ecopro HN. Its 2025 revenue fell 39.8% on semiconductor/chemical customers' capex cycle, but with low correlation to cathodes it partly diversifies the group's earnings volatility.
- [mentions] FnGuide (KO, research, published 2026-01-01) https://comp.fnguide.com/SVO2/asp/SVD_Corp.asp?pGB=1&gicode=A086520&MenuYn=Y&NewMenuID=102&stkGb=701: "FnGuide affiliate table: 에코프로에이치엔 at 31.09%."
- [confirms] EcoPro (KO, ir, published 2024-06-01) https://www.ecopro.co.kr/sub010303: "Recycling, precursor, lithium hydroxide and cathode affiliates are clustered in the Pohang closed loop."

### 리튬·니켈 등 메탈 원료 (연결 그룹) (high)
- note: The biggest swing factor in group earnings — purchases of lithium, nickel and cobalt feeding the cathode, precursor and lithium-hydroxide processes are most of the cost base and the epicenter of inventory valuation. The 2023-24 lithium crash drove large valuation losses and red ink, while 2025-26 metal-price stabilization and a lithium rebound were the direct trigger of the swing back to profit.
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001612: "Metal-price stabilization and mineral (lithium) price moves are the key driver of battery-materials segment earnings."

### 에코프로에이피 (mid)
- metric: Market share 90.41% · 연결기준 지분율
- note: The utility gateway of the cathode process — a 90.41% stake in unlisted high-purity oxygen/nitrogen subsidiary EcoPro AP. Supplying industrial gases essential to cathode calcination internally across the group campus, it is the vertical chain's utility axis, securing cost and supply stability versus external sourcing.
- [mentions] FnGuide (KO, research, published 2026-01-01) https://comp.fnguide.com/SVO2/asp/SVD_Corp.asp?pGB=1&gicode=A086520&MenuYn=Y&NewMenuID=102&stkGb=701: "FnGuide affiliate table: 에코프로에이피 at 90.41%."
- [confirms] EcoPro (KO, ir, published 2024-06-01) https://www.ecopro.co.kr/sub010303: "Recycling, precursor, lithium hydroxide and cathode affiliates are clustered in the Pohang closed loop."

### 에코프로씨엔지 (mid)
- metric: Market share 46.73% · 연결기준 지분율
- note: The recycling stage that closes the loop — a 46.73% stake in unlisted battery-recycling subsidiary EcoPro CnG. Recovering nickel and lithium from scrap and spent cells to feed back into precursor and lithium processes, it is the structural lever that raises raw-material self-sufficiency and hedges metal prices at once.
- [mentions] FnGuide (KO, research, published 2026-01-01) https://comp.fnguide.com/SVO2/asp/SVD_Corp.asp?pGB=1&gicode=A086520&MenuYn=Y&NewMenuID=102&stkGb=701: "FnGuide affiliate table: 에코프로씨엔지 at 46.73%."
- [confirms] EcoPro (KO, ir, published 2024-06-01) https://www.ecopro.co.kr/sub010303: "Recycling, precursor, lithium hydroxide and cathode affiliates are clustered in the Pohang closed loop."

### 인도네시아 니켈 제련소 (전구체 원료 상류) (mid)
- note: Upstream integration aimed at hedging metal prices — the group has entered Indonesian nickel smelters (Morowali/IMIP, a PT ESG stake) to internalize precursor nickel. This both lowers dependence on external metal purchases and, via equity-method investment gains from the smelters, was a real contributor to the 2025 swing to profit — a dual effect.
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-03-18) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001612: "Investment gains from the Indonesia nickel-smelter entry improved cathode-segment operating profit."
- [confirms] The Korea Herald (EN, news, published 2026-02-05) https://www.koreaherald.com/article/10670754: "Ecopro Group realized investment profits via a 10% stake in the PT ESG smelter in Indonesia's Morowali (IMIP)."

Reverse side: https://valuechain.wiki/ecopro/customers.md · Ripple: https://valuechain.wiki/ecopro/ripple.md

---
Full node: https://valuechain.wiki/ecopro.md · JSON: https://valuechain.wiki/ecopro.json