Annual Report 2024

Publishing date: 21.03.2025

Throughout the year, significant shifts in macroeconomic and geopolitical dynamics, compounded by competitive pressures and fluctuating market conditions, have again tested our operational efficiency. The complex landscape and subdued demand that characterized 2023 persisted into 2024, with market conditions remaining weak and China's recovery progressing more slowly than anticipated. Furthermore, ongoing geopolitical tensions and supply chain issues impacted logistics, increasing costs and creating additional challenges.

Amid this unpredictable market environment, SONGWON's businesses performed in line with expectations throughout 2024, supported by the valuable synergies across the organization and our committed global team, making quick decisions and driving efficient and timely actions.