BMJ

Listed Company · UPCOM

Price

9,600

Latest close

02 Apr 2026

P/E 10.4x

EPS (TTM) 920

ROE (TTM) 7.4%

P/B 0.7x

BVPS (Latest) 13,306

ROA (TTM) 5.5%

What Is Changing

BMJ no longer looks like a business simply rebounding from a weak base. Revenue posted +15.3% YoY, while net margin reached 15.54% with an additional +6.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 255bps to 15.54% in 2025.
Revenue increased 15.3% YoY to VND 616.9bn in 2025.
Net Income reached a multi-period high at VND 95.8bn in 2025.

Metric	2025	2024	2023	2022
Revenue	616.9	535.1	454.1	200.6
Growth	+15%	+18%	+126%	—
Net Income	95.8	48.5	52.7	26.1
Net Margin	15.54%	9.07%	11.60%	12.99%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	92.5	207.5	201.5	115.4	228.2	132.0	111.9	63.0	115.7	132.1	110.4	95.9
Growth	-55%	+3%	+75%	-49%	+73%	+18%	+78%	-46%	-12%	+20%	+15%	—
Net Income	45.0	15.3	24.1	12.3	11.7	10.8	17.7	8.3	12.0	11.9	18.4	11.6
Net Margin	48.58%	7.36%	11.97%	10.64%	5.13%	8.20%	15.82%	13.22%	10.39%	9.03%	16.67%	12.05%

Financial Statements

Profitability

Net margin reached 15.54% while Revenue posted +15.3% YoY.

Balance Sheet

Inventory stood at 308.4bn, liabilities at 481.0bn, and equity at 1,396.6bn.

Cash Flow

Operating cash flow was -50.0bn in 2024, while investing cash flow was -87.1bn.

Financing cash flow: 126.4bn.

Item	2025	2024	2023	2022
Revenue	616.9	535.1	454.1	200.6
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	616.9	535.1	454.1	200.6
Cost of Goods Sold	485.7	457.0	372.9	163.3
Gross Profit	131.2	78.0	81.2	37.3
Financial Income	35.8	27.4	14.6	9.6
Financial Expenses	27.0	22.8	12.0	1.5
Interest Expense	26.4	22.8	12.0	1.5
Share of Associates and Joint Ventures	1.8	0.0	0.0	0.0
Selling Expenses	11.4	10.1	15.7	4.3
General and Administrative Expenses	14.4	11.8	9.8	8.0
Operating Profit	116.0	60.8	58.2	33.2
Other Income	4.0	0.8	8.2	1.7
Other Expenses	0.7	0.9	0.6	1.9
Other Profit	3.3	-0.0	7.6	-0.2
Profit Before Tax	119.4	60.7	65.8	32.9
Current Income Tax Expense	23.5	12.2	13.2	6.9
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	95.8	48.5	52.7	26.1
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	95.8	48.5	52.7	26.1
Earnings per Share	913.00	462.00	502.00	130.00
Diluted EPS	912.83	462.32	501.60	248.20

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	425.8	514.6	689.0	452.0
I. Cash and cash equivalents	39.1	35.7	46.4	19.6
1. Cash	39.1	5.7	46.4	19.6
2. Cash equivalents	0.0	30.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	2.0	2.0
1. Available for sale securities	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	2.0	2.0
III. Short-term receivables	70.8	334.9	484.6	67.3
1. Short-term trade accounts receivable	36.5	31.8	80.6	7.0
2. Short-term prepayments to suppliers	9.9	61.2	13.0	12.6
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	194.0	338.4	0.0
6. Other short-term receivables	25.1	48.5	53.2	48.2
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	308.4	142.5	155.8	361.5
1. Inventories	308.4	142.5	155.8	361.5
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	7.5	1.5	0.1	1.7
1. Short-term prepayments	3.0	1.5	0.1	0.4
2. Value added tax to be reclaimed	4.3	0.0	0.0	1.3
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,451.8	1,131.9	841.5	806.2
I. Long-term receivables	14.2	6.3	4.8	3.4
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	14.2	6.3	4.8	3.4
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	178.2	164.4	106.7	73.9
1. Tangible fixed assets	88.7	102.0	74.4	73.9
- Cost	158.0	164.1	126.2	116.7
- Accumulated depreciation	-69.3	-62.1	-51.8	-42.8
2. Financial leased fixed assets	89.5	62.4	32.2	0.0
- Cost	102.7	67.6	33.0	0.0
- Accumulated depreciation	-13.2	-5.1	-0.8	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2
III. Investment properties	8.7	8.7	8.6	8.6
- Cost	8.7	8.7	8.6	8.6
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	435.2	0.0	0.0	0.0
1. Long-term production in progress	435.2	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	778.0	921.5	697.5	697.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	399.8	224.0	0.0	0.0
3. Investments in other entities	378.2	697.5	697.5	697.5
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	37.6	31.0	24.0	22.7
1. Long-term prepayments	37.5	31.0	24.0	22.7
2. Deferred income tax assets	0.1	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,877.6	1,646.5	1,530.5	1,258.2
A. LIABILITIES (300=210+330)	481.0	430.6	362.3	142.3
I. Short -term liabilities	446.2	393.4	327.7	123.7
1. Short-term trade accounts payable	31.6	41.8	133.4	17.6
2. Short-term advances from customers	60.5	25.1	19.6	72.4
3. Taxes and other payables to state authorities	17.3	10.5	7.4	4.7
4. Payable to employees	2.8	2.5	1.1	1.0
5. Short-term acrrued expenses	2.3	1.0	1.4	3.4
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0
9. Other short-term payables	0.8	0.5	0.6	0.3
10. Short-term borrowings and financial leases	330.6	312.0	163.8	23.3
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.0	0.2	1.1
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	34.8	37.2	34.6	18.6
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	30.7	33.3	30.9	15.1
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	4.1	3.9	3.7	3.4
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,396.6	1,216.0	1,168.2	1,115.9
I. Owner's equity	1,396.6	1,216.0	1,168.2	1,115.9
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0
- Common stock with voting right	1,050.0	1,050.0	1,050.0	1,050.0
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	-1.4	-1.4	-1.4	-1.4
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0
8. Investment and development fund	12.9	12.9	12.9	12.9
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	249.5	154.4	106.6	54.4
- Accumulated retained earning at the end of the previous period	153.7	105.9	54.0	28.3
- Undistributed earnings in this period	95.8	48.5	52.7	26.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	85.5	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,877.6	1,646.5	1,530.5	1,258.2

Item	2024	2023	2022
Profit Before Tax	60.7	65.8	32.9
Depreciation of Fixed Assets and Investment Property	14.9	10.0	6.7
Provision (Increase)/Reversal	0.2	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	-27.5	-14.6	-9.8
Interest Expense	22.8	12.0	1.5
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	71.1	73.3	31.4
Increase/(Decrease) in Receivables	5.7	-66.6	-47.5
Increase/(Decrease) in Inventory	13.3	205.7	-279.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-95.9	63.9	46.7
Increase/(Decrease) in Prepaid Expenses	-8.4	-1.0	26.9
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-22.7	-11.7	-1.5
Corporate Income Tax Paid	-12.3	-12.6	-4.8
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	-0.7	-1.1	-0.8
Net Cash Flow from Operating Activities	-50.0	249.9	-229.1
Payments for Fixed Assets and Other Long-term Assets	-60.5	-32.6	-32.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	23.8	0.0	0.2
Loans and Purchases of Debt Instruments	-1,076.3	-421.5	-646.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,222.6	83.2	644.0
Investments in Other Entities	-224.0	0.0	-551.8
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	27.4	14.7	8.7
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-87.1	-356.2	-577.2
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	750.0
Share Repurchases	0.0	0.0	0.0
Proceeds from Borrowings	537.9	231.1	58.0
Repayment of Borrowings	-402.7	-96.5	-30.2
Repayment of Finance Leases	-8.8	-1.4	0.0
Dividends Paid	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	126.4	133.2	777.8
Net Cash Flow During the Period	-10.7	26.8	-28.5
Cash and Cash Equivalents at Beginning of Period	46.4	19.6	48.1
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	35.7	46.4	19.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	92.5	207.5	201.5	115.4	228.2	132.0	111.9	63.0	115.7	132.1	110.4	95.9
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	92.5	207.5	201.5	115.4	228.2	132.0	111.9	63.0	115.7	132.1	110.4	95.9
Cost of Goods Sold	56.0	178.1	160.9	90.4	205.7	114.6	85.9	50.8	96.4	113.2	84.6	76.4
Gross Profit	36.5	29.4	40.6	24.9	22.5	17.4	26.0	12.2	19.3	18.9	25.8	19.5
Financial Income	27.9	2.3	2.0	3.2	7.3	7.3	6.5	6.3	5.5	4.8	4.0	0.3
Financial Expenses	7.0	6.4	6.7	6.0	7.2	6.6	5.2	3.8	4.5	3.4	2.7	1.3
Interest Expense	7.0	6.4	6.7	6.0	7.2	0.0	5.2	3.8	4.5	3.4	2.7	1.3
Share of Associates and Joint Ventures	1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.4	2.8	2.6	3.6	4.3	1.7	2.1	2.0	2.7	2.7	7.6	2.7
General and Administrative Expenses	4.0	3.7	3.4	3.1	3.7	2.9	2.8	2.4	2.6	2.7	2.4	2.3
Operating Profit	52.8	18.8	29.8	15.3	14.5	13.5	22.5	10.3	15.0	14.9	17.1	13.5
Other Income	3.2	0.5	0.5	0.1	0.2	0.2	0.2	1.5	0.2	0.1	6.0	1.1
Other Expenses	0.2	0.2	0.2	0.1	0.1	0.2	0.5	1.3	0.2	0.1	0.2	0.1
Other Profit	3.0	0.3	0.4	0.0	0.1	0.0	-0.3	0.1	0.0	-0.0	5.9	1.0
Profit Before Tax	55.8	19.1	30.2	15.3	14.6	13.5	22.2	10.4	15.0	14.9	23.0	14.5
Current Income Tax Expense	10.8	3.8	6.0	3.1	2.9	2.7	4.5	2.1	3.0	3.0	4.6	2.9
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	45.0	15.3	24.1	12.3	11.7	10.8	17.7	8.3	12.0	11.9	18.4	11.6
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	45.0	15.3	24.1	12.3	11.7	10.8	17.7	8.3	12.0	11.9	18.4	11.6
Earnings per Share	428.00	145.00	230.00	117.00	112.00	103.00	169.00	79.00	114.00	114.00	175.00	110.00
Diluted EPS	428.18	145.39	229.74	116.91	111.52	103.07	168.62	79.27	114.46	113.55	175.31	110.10

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	422.3	416.1	399.1	392.8	516.1	757.2	740.3	668.9	688.9	649.0	544.0	461.1
I. Cash and cash equivalents	39.1	10.0	46.8	141.9	35.7	173.5	72.4	20.7	46.4	74.0	10.3	11.7
1. Cash	39.1	10.0	46.8	141.9	5.7	173.5	72.4	20.7	46.4	74.0	10.3	11.7
2. Cash equivalents	0.0	0.0	0.0	0.0	30.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	2.0	2.0	2.0	2.0	2.0	2.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	2.0	2.0	2.0	2.0	2.0	2.0
III. Short-term receivables	70.7	253.7	191.0	90.6	334.9	430.8	523.3	499.9	484.6	407.4	381.4	113.5
1. Short-term trade accounts receivable	36.5	42.9	31.5	32.7	31.8	21.8	24.3	25.1	80.6	76.8	22.9	7.8
2. Short-term prepayments to suppliers	9.9	20.2	21.3	4.6	61.2	70.9	61.5	32.1	13.0	0.0	24.5	11.2
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	128.5	80.0	0.0	194.0	253.0	364.0	390.3	338.4	266.4	273.5	38.0
6. Other short-term receivables	25.0	62.7	58.8	53.9	48.5	85.6	74.1	53.0	53.2	64.8	61.1	57.1
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	305.1	149.4	158.0	159.1	142.5	150.2	142.4	146.0	155.8	152.4	149.7	333.7
1. Inventories	305.1	149.4	158.0	159.1	142.5	150.2	142.4	146.0	155.8	152.4	149.7	333.7
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.3	3.0	3.3	1.2	3.0	2.7	0.2	0.3	0.1	13.2	0.6	0.2
1. Short-term prepayments	3.0	3.0	3.2	1.2	3.0	0.8	0.2	0.3	0.1	13.2	0.6	0.2
2. Value added tax to be reclaimed	4.3	0.0	0.1	0.0	0.0	1.9	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,451.7	1,323.5	1,319.8	1,307.8	1,130.4	891.8	871.9	848.4	841.3	845.7	806.7	808.3
I. Long-term receivables	14.2	14.2	14.2	14.2	6.3	6.3	6.3	5.0	4.8	4.8	3.7	3.7
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	14.2	14.2	14.2	14.2	6.3	6.3	6.3	5.0	4.8	4.8	3.7	3.7
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	178.2	151.8	155.1	159.8	164.4	132.6	135.4	104.2	106.7	109.8	71.1	71.8
1. Tangible fixed assets	88.7	60.2	61.3	63.8	102.0	68.7	70.2	72.6	74.4	76.9	71.1	71.8
- Cost	158.0	129.2	127.8	127.8	164.1	127.8	126.7	126.7	126.2	126.5	118.2	116.8
- Accumulated depreciation	-69.3	-69.0	-66.5	-64.0	-62.1	-59.1	-56.6	-54.1	-51.8	-49.6	-47.2	-45.0
2. Financial leased fixed assets	89.5	91.6	93.8	96.0	62.4	63.8	65.2	31.5	32.2	32.9	0.0	0.0
- Cost	102.7	102.7	102.7	102.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.2	-11.0	-8.9	-6.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.6	8.6	8.6	8.6	8.6
- Cost	8.7	8.7	8.7	8.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	435.2	19.7	11.9	0.0	0.0	23.8	0.0	10.7	0.0	0.0	0.4	0.0
1. Long-term production in progress	435.2	0.0	0.0	0.0	0.0	23.8	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	19.7	11.9	0.0	0.0	0.0	0.0	10.7	0.0	0.0	0.4	0.0
V. Long-term financial investments	778.0	1,095.5	1,095.5	1,095.5	921.5	697.5	697.5	697.5	697.5	697.5	697.5	697.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	399.8	398.0	398.0	398.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	378.2	697.5	697.5	697.5	921.5	697.5	697.5	697.5	697.5	697.5	697.5	697.5
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	37.5	33.7	34.4	29.7	29.5	22.8	24.0	22.4	23.8	25.0	25.5	26.7
1. Long-term prepayments	37.4	33.7	34.4	29.7	29.5	22.8	24.0	22.4	23.8	25.0	25.5	26.7
2. Deferred income tax assets	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,874.0	1,739.6	1,718.9	1,700.6	1,646.5	1,649.0	1,612.2	1,517.3	1,530.2	1,494.7	1,350.7	1,269.4
A. LIABILITIES (300=210+330)	476.8	472.9	467.3	472.3	430.6	444.7	418.7	340.8	362.1	391.0	257.7	141.9
I. Short -term liabilities	437.9	434.0	419.4	409.7	393.4	403.8	372.9	309.8	321.7	347.3	233.3	115.9
1. Short-term trade accounts payable	28.4	24.4	26.1	34.5	41.8	27.0	37.8	58.3	133.4	114.1	30.4	25.4
2. Short-term advances from customers	60.5	57.1	61.0	61.2	25.1	35.0	40.4	50.3	19.6	31.2	11.7	32.9
3. Taxes and other payables to state authorities	17.4	8.4	9.8	10.7	10.5	4.9	11.0	5.9	7.4	6.6	8.9	7.2
4. Payable to employees	2.8	2.2	1.9	2.1	2.5	1.4	1.1	1.1	1.1	1.1	1.1	1.0
5. Short-term acrrued expenses	1.2	0.8	1.3	1.4	1.0	0.9	2.3	0.7	1.4	12.6	1.1	0.9
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.8	0.9	0.8	0.6	0.5	0.8	0.8	0.6	0.5	53.1	53.3	0.4
10. Short-term borrowings and financial leases	326.4	339.7	318.1	299.3	312.0	333.9	279.7	192.9	158.0	128.4	126.6	48.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.3	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	38.9	38.9	47.9	62.6	37.2	40.9	45.8	31.0	40.4	43.8	24.4	26.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	34.8	34.8	43.9	58.7	33.3	37.5	42.4	27.6	36.7	40.1	20.7	22.6
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	4.1	4.1	4.0	3.9	3.9	3.4	3.4	3.4	3.7	3.7	3.7	3.4
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,397.2	1,266.7	1,251.6	1,228.2	1,216.0	1,204.3	1,193.4	1,176.5	1,168.1	1,103.6	1,093.0	1,127.5
I. Owner's equity	1,397.2	1,266.7	1,251.6	1,228.2	1,216.0	1,204.3	1,193.4	1,176.5	1,168.1	1,103.6	1,093.0	1,127.5
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Common stock with voting right	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	250.1	205.2	190.1	166.7	154.4	142.7	131.9	115.0	106.6	42.1	31.4	65.9
- Accumulated retained earning at the end of the previous period	153.7	153.7	153.7	154.4	105.9	105.9	105.9	106.6	54.0	1.5	1.5	54.4
- Undistributed earnings in this period	96.4	51.5	36.4	12.3	48.6	36.9	26.0	8.3	52.6	40.6	30.0	11.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	85.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,874.0	1,739.6	1,718.9	1,700.6	1,646.5	1,649.0	1,612.2	1,517.3	1,530.2	1,494.7	1,350.7	1,269.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	54.0	19.1	29.9	15.3	14.6	13.5	22.2	10.4	15.1	14.9	21.4	14.5
Depreciation of Fixed Assets and Investment Property	6.0	4.7	4.6	4.6	4.5	3.9	3.3	3.2	3.2	2.5	2.2	2.2
Provision (Increase)/Reversal	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.4	-0.2	0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-26.1	-2.3	-1.9	-3.2	-7.3	-7.3	-6.5	-6.4	-5.4	-4.8	0.3	-4.6
Interest Expense	7.0	6.4	6.8	6.0	7.2	6.6	5.2	3.8	4.5	3.4	2.7	1.3
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	40.8	28.1	39.6	22.9	19.1	16.7	24.1	11.3	17.2	16.0	26.8	13.4
Increase/(Decrease) in Receivables	39.6	-13.6	-10.5	44.7	11.9	-19.0	-25.0	37.7	-34.8	-2.6	-22.1	-7.1
Increase/(Decrease) in Inventory	-155.8	8.7	1.1	-16.6	7.7	-7.7	3.5	9.8	-3.4	4.0	177.3	27.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	456.4	-22.6	5.2	28.9	11.7	-21.5	-26.1	-46.5	30.3	78.9	-13.4	-32.0
Increase/(Decrease) in Prepaid Expenses	-3.6	0.9	-6.7	1.6	-8.8	0.5	-1.5	1.4	14.1	-11.3	0.1	-3.8
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.9	-6.5	-6.8	-6.0	-7.2	-6.7	-5.1	-3.8	-4.2	-3.4	-2.7	-1.3
Corporate Income Tax Paid	-3.9	-5.9	-3.1	-2.9	-2.7	-4.5	-2.1	-3.0	-2.7	-4.6	-2.9	-2.4
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	-0.2	-0.1	0.0	0.0	-0.0	-0.3	-0.7	0.0	0.0	0.0	-1.1
Net Cash Flow from Operating Activities	366.6	-11.2	18.7	72.6	31.6	-42.2	-32.3	6.1	16.5	76.8	163.2	-6.6
Payments for Fixed Assets and Other Long-term Assets	-437.5	-1.7	-29.8	0.0	6.6	-19.2	-26.3	-12.6	10.2	-41.5	-1.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	7.0	-7.0	28.1	0.0	0.0	0.0	1.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-70.0	-128.5	-128.5	-117.0	-165.0	-50.0	-471.0	-390.3	-87.0	-61.0	-235.5	-38.0
Receipts from Loan Repayments and Sale of Debt Instruments	198.5	80.0	48.5	311.0	224.0	163.0	497.3	338.4	15.0	68.2	0.0	0.0
Investments in Other Entities	-382.9	0.0	0.0	-174.0	-224.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	319.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	27.9	5.2	-1.0	3.2	15.0	0.2	6.6	5.6	14.6	0.1	-4.6	4.6
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-344.7	-38.0	-117.8	51.3	-143.3	94.0	6.6	-57.6	-47.2	-34.3	-241.2	-33.5
Proceeds from Equity Issuance and Capital Contributions	20.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	26.6	172.6	160.9	91.7	181.4	140.4	105.2	110.9	47.8	49.0	96.1	38.1
Repayment of Borrowings	-34.7	-155.0	-151.8	-106.4	-204.6	-88.1	-26.4	-83.6	-43.3	-27.8	-19.5	-5.9
Repayment of Finance Leases	-5.1	-5.1	-5.1	-3.0	-3.0	-3.0	-1.4	-1.4	-1.4	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	7.2	12.5	4.0	-17.7	-26.1	49.3	77.4	25.8	3.1	21.2	76.6	32.2
Net Cash Flow During the Period	29.1	-36.7	-95.2	106.2	-137.8	101.1	51.7	-25.7	-27.6	63.7	-1.4	-7.9
Cash and Cash Equivalents at Beginning of Period	10.0	46.8	141.9	35.7	46.4	46.4	46.4	46.4	19.6	19.6	19.6	19.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	39.1	10.0	46.8	141.9	35.7	173.5	72.4	20.7	46.4	74.0	10.3	11.7

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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