BWS

Listed Company · UPCOM

Price

34,800

Latest close

03 Apr 2026

P/E 13.0x

EPS (TTM) 2,679

ROE (TTM) 23.6%

P/B 3.2x

BVPS (Latest) 10,974

ROA (TTM) 21.2%

What Is Changing

BWS no longer looks like a business simply rebounding from a weak base. Revenue posted +1.1% YoY, while net margin reached 34.72% with an additional +0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 34.06% in 2023 to 34.72% in 2025.
Net Income reached a multi-period high at VND 261.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	752.6	744.6	682.5	680.5	629.0
Growth	+1%	+9%	+0%	+8%	—
Net Income	261.3	254.7	232.5	191.7	196.5
Net Margin	34.72%	34.21%	34.06%	28.16%	31.25%

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	179.5	200.2	191.3	181.6	178.0	186.0	195.5	187.3	161.6	173.3	182.1	165.5
Growth	-10%	+5%	+5%	+2%	-4%	-5%	+4%	+16%	-7%	-5%	+10%	—
Net Income	48.6	80.6	72.3	66.4	46.3	75.9	78.1	67.5	49.0	62.5	84.2	44.3
Net Margin	27.06%	40.25%	37.82%	36.57%	26.03%	40.81%	39.92%	36.03%	30.29%	36.06%	46.25%	26.77%

Financial Statements

Profitability

Net margin reached 34.72% while Revenue posted +1.1% YoY.

Balance Sheet

Inventory stood at 52.4bn, liabilities at 147.2bn, and equity at 1,093.8bn.

Cash Flow

Operating cash flow was 317.4bn in 2024, while investing cash flow was -95.7bn.

Financing cash flow: -99.4bn.

Item	2025	2024	2023	2022	2021
Revenue	752.6	744.6	682.5	680.5	679.5
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	752.6	744.6	682.5	680.5	629.0
Cost of Goods Sold	320.4	308.6	324.7	310.0	0.0
Gross Profit	432.2	436.0	357.8	370.5	294.8
Financial Income	46.8	24.7	36.7	18.7	18.2
Financial Expenses	0.0	0.0	0.0	0.5	-0.2
Interest Expense	0.0	0.0	0.0	0.5	-0.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	102.6	83.3	62.7	118.1	-55.0
General and Administrative Expenses	99.5	93.1	75.4	71.3	-38.8
Operating Profit	276.9	284.4	256.3	199.3	218.9
Other Income	26.1	11.8	12.7	18.6	0.0
Other Expenses	12.5	11.5	10.9	3.2	0.0
Other Profit	13.5	0.3	1.7	15.4	0.6
Profit Before Tax	290.4	284.7	258.0	214.7	219.5
Current Income Tax Expense	29.1	30.0	25.5	23.0	-23.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	261.3	254.7	232.5	191.7	196.5
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	261.3	254.7	232.5	191.7	196.5
Earnings per Share	2,286.00	2,227.00	2,239.00	1,810.00	2,183.79
Diluted EPS	2,286.00	2,227.00	2,239.00	1,810.00	2,183.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	321.9	367.4	237.6	223.1	300.0
I. Cash and cash equivalents	57.3	152.6	30.3	69.1	60.6
1. Cash	29.3	8.3	12.3	8.6	0.0
2. Cash equivalents	28.0	144.3	18.0	60.5	0.0
II. Short-term financial investments	176.8	152.1	86.2	11.8	0.0
1. Available for sale securities	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
3. Held to maturity investments	176.8	152.1	86.2	11.8	0.0
III. Short-term receivables	22.2	13.6	53.5	89.8	30.2
1. Short-term trade accounts receivable	15.3	8.8	9.6	14.3	0.0
2. Short-term prepayments to suppliers	3.5	2.0	2.1	6.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	41.0	70.0	0.0
6. Other short-term receivables	3.8	3.2	1.5	0.5	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.7	-1.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	52.4	45.0	55.9	47.2	52.8
1. Inventories	52.4	45.0	55.9	47.2	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	13.1	4.0	11.7	5.1	11.6
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.8	5.1	0.0
3. Taxes and other receivables from state authorities	13.1	4.0	11.0	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	919.1	893.7	876.4	902.0	863.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	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
3. Capital at inter-company	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
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	757.2	749.5	760.2	623.8	479.5
1. Tangible fixed assets	755.6	748.6	759.1	622.6	479.0
- Cost	2,053.1	1,984.0	1,927.8	1,698.1	0.0
- Accumulated depreciation	-1,297.5	-1,235.4	-1,168.7	-1,075.6	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.6	0.9	1.1	1.2	0.6
- Cost	4.0	3.2	3.2	3.2	0.0
- Accumulated depreciation	-2.4	-2.2	-2.1	-2.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	52.6	42.4	38.3	220.1	309.3
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	52.6	42.4	38.3	220.1	0.0
V. Long-term financial investments	55.5	55.5	55.5	55.5	75.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	28.6	28.6	28.6	28.6	0.0
3. Investments in other entities	26.9	26.9	26.9	26.9	0.0
4. Provision for diminution in value of long-term investments	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
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	53.8	46.3	22.5	2.7	0.0
1. Long-term prepayments	53.8	46.3	22.5	2.7	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,241.0	1,261.0	1,114.0	1,125.1	1,163.9
A. LIABILITIES (300=210+330)	147.2	194.0	69.4	75.8	138.9
I. Short -term liabilities	143.6	190.1	65.1	71.3	132.9
1. Short-term trade accounts payable	6.7	5.2	12.4	13.5	50.6
2. Short-term advances from customers	6.3	3.2	2.0	1.2	12.4
3. Taxes and other payables to state authorities	57.0	10.2	3.8	10.2	0.0
4. Payable to employees	37.0	33.5	31.8	28.2	0.0
5. Short-term acrrued expenses	8.0	2.7	0.9	9.6	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	8.2	119.9	5.0	2.1	0.0
10. Short-term borrowings and financial leases	6.0	5.7	5.3	5.0	4.7
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	14.4	9.6	4.0	1.5	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	3.6	3.9	4.2	4.6	6.0
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.6	3.9	4.2	4.6	4.9
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	1,093.8	1,067.0	1,044.7	1,049.3	1,024.9
I. Owner's equity	1,093.8	1,067.0	1,044.7	1,049.3	0.0
1. Owner's capital	1,000.1	1,000.1	900.0	900.0	1,024.9
- Common stock with voting right	1,000.1	1,000.1	900.0	900.0	900.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	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
5. Treasury shares	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	91.4	54.8	116.7	53.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	2.3	12.1	28.0	96.3	101.7
- Accumulated retained earning at the end of the previous period	0.3	9.6	4.5	5.3	1.2
- Undistributed earnings in this period	2.0	2.5	23.5	90.9	100.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,241.0	1,261.0	1,114.0	1,125.1	1,163.9

Item	2024	2023	2022	2021	2020
Profit Before Tax	284.7	258.0	214.7	219.5	186.7
Depreciation of Fixed Assets and Investment Property	98.3	113.7	107.2	98.0	70.4
Provision (Increase)/Reversal	-0.3	0.7	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-24.7	-35.7	-18.6	0.0	0.0
Interest Expense	0.0	0.0	0.5	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	358.0	336.7	303.8	302.3	238.5
Increase/(Decrease) in Receivables	8.0	-0.3	10.2	0.0	0.0
Increase/(Decrease) in Inventory	10.9	-8.7	5.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	14.0	6.1	-48.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-23.8	-19.8	-2.7	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	-0.5	0.0	0.0
Corporate Income Tax Paid	-23.0	-40.5	-24.4	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-26.7	-27.7	-45.1	0.0	0.0
Net Cash Flow from Operating Activities	317.4	245.9	198.0	190.6	235.6
Payments for Fixed Assets and Other Long-term Assets	-93.9	-70.7	-157.8	-293.6	-149.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	-334.9	-133.2	-311.1	-449.5	-301.4
Receipts from Loan Repayments and Sale of Debt Instruments	310.0	87.8	375.8	499.3	252.6
Investments in Other Entities	0.0	0.0	-7.1	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	23.1	35.8	20.7	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-95.7	-80.3	-79.4	-239.3	-183.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	79.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	-79.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-99.4	-204.4	-135.0	0.0	-21.5
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-99.4	-204.4	-135.0	0.0	-21.5
Net Cash Flow During the Period	122.3	-38.9	-16.4	90.9	28.8
Cash and Cash Equivalents at Beginning of Period	30.3	69.1	85.5	280.7	282.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	152.6	30.3	69.1	232.1	280.7

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	179.5	200.2	191.3	181.6	198.7	203.4	203.8	205.1	169.0	186.8	189.8	169.0
Revenue Deductions	0.0	0.0	0.0	0.0	20.7	17.4	8.2	17.8	7.4	13.6	7.7	3.5
Net Revenue	179.5	200.2	191.3	181.6	178.0	186.0	195.5	187.3	161.6	173.3	182.1	165.5
Cost of Goods Sold	81.2	79.8	77.9	79.5	77.7	73.4	79.7	77.2	81.9	75.6	83.6	77.3
Gross Profit	98.3	120.4	113.4	102.1	100.3	112.6	115.9	110.1	79.7	97.7	98.5	88.3
Financial Income	15.9	14.4	2.7	14.3	3.3	14.3	2.3	4.9	15.6	2.9	16.2	2.2
Financial 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
Interest 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
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	26.2	27.6	25.0	23.5	26.6	19.5	19.5	16.8	17.2	15.5	9.2	20.6
General and Administrative Expenses	31.7	17.7	24.2	21.6	23.1	23.2	24.0	22.9	23.2	15.9	17.7	17.9
Operating Profit	56.3	89.4	66.9	71.4	53.9	84.2	74.7	75.3	54.9	69.2	87.8	52.0
Other Income	3.8	3.2	18.1	1.8	3.0	2.4	16.1	0.0	3.3	3.0	5.9	0.5
Other Expenses	6.8	3.9	2.5	0.2	4.9	3.1	2.1	0.0	4.7	2.3	1.1	2.7
Other Profit	-3.0	-0.7	15.6	1.7	-1.9	-0.7	14.0	-0.0	-1.5	0.7	4.8	-2.1
Profit Before Tax	53.2	88.7	82.6	73.0	52.0	83.5	88.7	75.2	53.4	69.9	92.6	49.8
Current Income Tax Expense	4.7	8.1	10.2	6.6	5.7	7.6	10.6	7.8	4.4	7.4	8.4	5.5
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	48.6	80.6	72.3	66.4	46.3	75.9	78.1	67.5	49.0	62.5	84.2	44.3
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	48.6	80.6	72.3	66.4	46.3	75.9	78.1	67.5	49.0	62.5	84.2	44.3
Earnings per Share	485.74	805.72	723.41	664.05	463.27	759.27	867.42	749.61	543.94	694.18	935.73	492.40
Diluted EPS	485.74	805.72	723.41	664.05	463.27	759.27	867.42	749.61	543.94	694.18	935.73	492.40

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)	330.6	357.0	280.4	326.2	381.0	364.8	398.3	333.2	263.4	320.5	371.6	284.8
I. Cash and cash equivalents	83.5	117.7	42.7	87.9	152.6	78.2	199.2	108.8	20.3	114.4	232.7	132.9
1. Cash	29.3	20.8	19.7	13.9	8.3	16.4	18.5	27.6	12.3	15.8	11.7	13.4
2. Cash equivalents	54.2	96.9	23.0	74.0	144.3	61.8	180.7	81.2	8.0	98.6	220.9	119.5
II. Short-term financial investments	150.6	153.8	166.6	166.6	152.1	218.2	111.7	112.4	96.2	61.5	0.0	0.0
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	150.6	153.8	166.6	166.6	152.1	218.2	111.7	112.4	96.2	61.5	0.0	0.0
III. Short-term receivables	22.6	31.2	23.7	19.2	24.0	17.9	33.8	58.8	79.3	101.7	99.7	103.2
1. Short-term trade accounts receivable	15.7	23.2	12.1	12.5	9.1	10.7	7.9	9.6	9.6	20.1	20.5	14.9
2. Short-term prepayments to suppliers	3.5	4.8	4.2	2.4	2.0	2.2	3.9	4.5	3.4	5.2	3.4	6.9
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	0.0	0.0	0.0	0.0	2.0	0.0	20.0	41.0	50.0	60.0	80.0
6. Other short-term receivables	3.8	3.6	7.7	4.7	13.2	3.7	22.7	25.4	25.3	27.3	16.8	2.3
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.4	-0.4	-0.7	-0.7	-0.7	0.0	-1.0	-1.0	-1.0
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	52.3	42.1	47.1	44.6	45.0	50.4	53.6	49.4	56.0	42.9	39.2	47.9
1. Inventories	52.3	42.1	47.1	44.6	45.0	50.4	53.6	49.4	56.0	42.9	39.2	47.9
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	21.4	12.1	0.3	7.8	7.3	0.0	0.0	3.7	11.6	0.0	0.0	0.8
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
2. Value added tax to be reclaimed	7.2	0.0	0.0	0.3	0.0	0.0	0.0	0.0	1.1	0.0	0.0	0.7
3. Taxes and other receivables from state authorities	14.2	12.1	0.2	7.5	7.3	0.0	0.0	3.7	10.5	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)	923.4	914.6	902.1	896.2	890.8	886.2	882.2	879.7	876.4	879.8	885.7	893.4
I. Long-term 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
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	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. 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	757.2	738.1	749.0	753.0	750.1	744.5	719.4	736.8	760.2	550.5	568.9	596.2
1. Tangible fixed assets	755.6	737.0	747.9	751.6	749.1	743.6	718.4	735.8	759.1	549.4	567.7	595.1
- Cost	2,053.0	2,033.5	2,023.7	2,010.4	1,974.2	1,966.1	1,936.4	1,929.5	1,927.8	1,688.4	1,701.1	1,700.2
- Accumulated depreciation	-1,297.4	-1,296.5	-1,275.9	-1,258.9	-1,225.1	-1,222.5	-1,218.1	-1,193.7	-1,168.7	-1,139.0	-1,133.3	-1,105.1
2. Financial leased 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	0.0	0.0	0.0	0.0	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
3. Intangible fixed assets	1.6	1.1	1.1	1.4	0.9	1.0	1.0	1.0	1.1	1.1	1.1	1.2
- Cost	4.0	3.4	3.4	3.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.4	-2.4	-2.3	-2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	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	0.0	0.0	0.0	0.0	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	52.6	57.9	42.1	39.9	42.4	45.4	72.5	57.6	38.3	254.8	251.3	241.7
1. Long-term production in progress	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. Construction in progress	52.6	57.9	42.1	39.9	42.4	45.4	72.5	57.6	38.3	254.8	251.3	241.7
V. Long-term financial investments	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5	55.5
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	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	50.1	50.1
3. Investments in other entities	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	5.3	5.3
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	58.1	63.1	55.6	47.8	42.9	40.8	34.8	29.7	22.5	19.1	10.1	0.0
1. Long-term prepayments	58.1	63.1	55.6	47.8	42.9	40.8	34.8	29.7	22.5	19.1	10.1	0.0
2. Deferred income tax 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
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)	1,253.9	1,271.5	1,182.5	1,222.3	1,271.9	1,251.0	1,280.5	1,212.9	1,139.7	1,200.4	1,257.4	1,178.2
A. LIABILITIES (300=210+330)	156.5	108.0	98.3	99.0	94.3	97.8	100.3	100.7	96.8	110.7	93.0	94.6
I. Short -term liabilities	152.9	104.2	94.5	95.3	90.4	93.7	96.2	96.5	92.6	106.3	88.6	90.0
1. Short-term trade accounts payable	6.7	7.0	6.5	22.2	5.2	13.4	10.3	16.9	13.7	12.6	5.3	21.6
2. Short-term advances from customers	6.7	1.0	1.4	0.3	3.5	3.7	0.0	2.0	2.0	1.2	0.3	2.3
3. Taxes and other payables to state authorities	63.7	37.4	17.5	11.0	10.2	16.4	16.8	10.4	4.1	18.6	18.1	11.7
4. Payable to employees	42.4	36.5	31.6	22.8	35.5	26.4	23.1	18.4	31.8	25.7	20.5	15.1
5. Short-term acrrued expenses	8.0	6.0	5.8	5.2	0.8	5.6	5.9	1.9	0.9	5.2	30.0	20.1
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	2.4	2.4	0.0	0.0	0.0	0.0
9. Other short-term payables	10.4	8.3	12.5	21.8	19.9	21.0	25.1	39.1	28.8	28.6	4.0	5.0
10. Short-term borrowings and financial leases	6.0	5.8	13.3	5.8	5.7	5.5	5.5	5.3	5.3	5.2	5.2	5.0
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	8.9	2.4	5.7	6.0	9.6	1.7	7.1	0.0	6.0	9.3	5.2	9.1
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	3.6	3.8	3.8	3.8	3.9	4.1	4.1	4.2	4.2	4.4	4.4	4.6
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	3.6	3.8	3.8	3.8	3.9	4.1	4.1	4.2	4.2	4.4	4.4	4.6
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	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. 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)	1,097.4	1,163.5	1,084.2	1,123.3	1,177.6	1,153.2	1,180.2	1,112.1	1,042.9	1,089.7	1,164.4	1,083.6
I. Owner's equity	1,097.4	1,163.5	1,084.2	1,123.3	1,177.6	1,153.2	1,180.2	1,112.1	1,042.9	1,089.7	1,164.4	1,083.6
1. Owner's capital	1,000.1	1,000.1	1,000.1	1,000.1	1,000.1	1,000.0	900.0	900.0	900.0	900.0	900.0	900.0
- Common stock with voting right	1,000.1	1,000.1	1,000.1	1,000.1	1,000.1	1,000.0	900.0	900.0	900.0	900.0	900.0	900.0
- 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	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. 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	54.8	54.8	16.6	16.6	16.6	16.7	116.7	116.7	115.8	81.8	81.8	81.8
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	42.6	108.6	67.6	106.6	160.9	136.6	163.6	95.5	27.1	107.9	182.6	101.8
- Accumulated retained earning at the end of the previous period	12.1	12.1	40.2	50.2	9.6	9.6	4.5	4.5	4.1	4.1	68.4	67.5
- Undistributed earnings in this period	30.4	96.5	27.3	56.4	151.3	126.9	159.1	91.0	23.0	103.8	114.2	34.3
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	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. 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)	1,253.9	1,271.5	1,182.5	1,222.3	1,271.9	1,251.0	1,280.5	1,212.9	1,139.7	1,200.4	1,257.4	1,178.2

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	0.0	80.8	73.0	-149.8	74.6	75.2	258.0	-141.2	91.3	49.8
Depreciation of Fixed Assets and Investment Property	0.0	23.9	24.7	-49.5	24.4	25.1	113.7	-57.8	28.2	29.6
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.7	0.0	0.0	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
Gain/Loss from Investment Activities	0.0	-5.6	-11.8	7.2	-4.2	-2.9	-35.7	18.2	-18.2	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
Interest Income and Dividends	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
Other Adjustments	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	0.0	99.1	85.9	-192.1	94.7	97.4	336.7	-180.8	101.4	79.4
Increase/(Decrease) in Receivables	0.0	5.7	-5.4	-8.1	34.2	-26.1	-0.3	0.1	-18.3	18.3
Increase/(Decrease) in Inventory	0.0	-2.5	0.4	-2.3	-4.2	6.5	-8.7	-8.2	8.8	-0.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	77.2	-91.7	-6.5	-28.5	35.0	6.1	-11.3	5.5	5.8
Increase/(Decrease) in Prepaid Expenses	0.0	-9.6	-1.6	11.5	-4.2	-7.2	-19.8	7.5	-10.1	2.6
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.7	-3.7
Corporate Income Tax Paid	0.0	0.0	-10.0	0.5	0.0	-0.5	-40.5	9.0	-5.0	-4.0
Other Operating Receipts	0.0	0.0	0.3	0.0	-0.3	0.3	0.0	0.0	-80.7	80.7
Other Operating Payments	0.0	-106.0	81.0	6.8	-3.1	-3.8	-27.7	9.5	18.7	-28.3
Net Cash Flow from Operating Activities	0.0	63.7	59.0	-190.3	88.6	101.7	245.9	-174.1	23.9	150.2
Payments for Fixed Assets and Other Long-term Assets	0.0	-24.2	-24.5	43.8	-22.7	-21.1	-70.7	36.3	3.0	-39.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.9	0.0	0.0	0.0	0.0	0.0	0.0	2.1	-2.1
Loans and Purchases of Debt Instruments	0.0	0.0	-148.1	153.3	-66.1	-87.2	-133.2	10.0	128.6	-138.6
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	133.6	-168.8	86.8	82.0	87.8	-25.8	-55.6	81.4
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	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	0.0	8.7	7.3	-6.9	3.8	3.2	35.8	-3.9	3.6	0.4
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
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
Other Investing Receipts	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
Net Cash Flow from Investing Activities	0.0	-14.7	-31.7	21.4	1.7	-23.1	-80.3	16.6	81.7	-98.2
Proceeds from Equity Issuance and Capital Contributions	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
Proceeds from Borrowings	0.0	12.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	-5.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-101.7	-92.0	0.0	0.0	0.0	-204.4	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
Other Financing Payments	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	0.0	-94.2	-92.0	0.0	0.0	0.0	-204.4	0.0	0.0	0.0
Net Cash Flow During the Period	0.0	-45.2	-64.7	-168.9	90.4	78.5	-38.9	-157.5	105.6	51.9
Cash and Cash Equivalents at Beginning of Period	42.7	87.9	152.6	0.0	30.3	30.3	69.1	0.0	69.1	81.0
FX Difference from Revaluation	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	0.0	42.7	87.9	0.0	199.2	108.8	30.3	0.0	226.6	132.9

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