CMF

Listed Company · UPCOM

Price

423,000

Latest close

16 Mar 2026

P/E 16.2x

EPS (TTM) 26,104

ROE (TTM) 37.8%

P/B —

BVPS (Latest) —

ROA (TTM) 23.2%

What Is Changing

CMF no longer looks like a business simply rebounding from a weak base. Revenue posted +9.8% YoY, while net margin reached 6.98% with an additional +0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 284.9bn in 2025.
Revenue increased 9.9% YoY to VND 4,083.5bn in 2025.
Net margin improved from 6.73% in the prior period to 6.98% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	4,083.5	3,717.2	3,410.4	3,219.0	2,508.6
Growth	+10%	+9%	+6%	+28%	—
Net Income	284.9	250.1	231.6	221.7	186.0
Net Margin	6.98%	6.73%	6.79%	6.89%	7.41%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q1'21
Revenue	0.0	1,055.0	974.8	887.8	990.8	858.5	862.8	807.0	235.5	735.3	549.8	579.0
Growth	-100%	+8%	+10%	-10%	+15%	-0%	+7%	+243%	-68%	+34%	-5%	—
Net Income	0.0	75.2	72.2	64.0	65.5	63.4	59.6	56.2	19.5	55.4	35.3	44.4
Net Margin	—	7.13%	7.41%	7.21%	6.61%	7.39%	6.91%	6.96%	8.27%	7.54%	6.42%	7.67%

Financial Statements

Profitability

Net margin reached 6.98% while Revenue posted +9.8% YoY.

Balance Sheet

Inventory stood at 261.8bn, liabilities at 587.5bn, and equity at 1,394.4bn.

Cash Flow

Operating cash flow was 274.6bn in 2024, while investing cash flow was -284.0bn.

Financing cash flow: 35.8bn.

Item	2025	2024	2023	2022	2021
Revenue	4,087.7	3,721.5	3,411.9	3,219.9	2,513.0
Revenue Deductions	4.2	4.3	1.5	0.8	0.0
Net Revenue	4,083.5	3,717.2	3,410.4	3,219.0	2,508.6
Cost of Goods Sold	2,940.1	2,674.3	2,509.3	2,332.8	0.0
Gross Profit	1,143.4	1,043.0	901.1	886.3	673.8
Financial Income	29.6	39.5	41.5	35.1	22.7
Financial Expenses	13.0	12.2	11.2	7.1	-2.1
Interest Expense	8.9	5.0	8.6	3.4	-2.3
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	601.5	571.7	474.6	494.8	-348.0
General and Administrative Expenses	210.6	185.3	168.6	144.5	-117.8
Operating Profit	347.9	313.3	288.2	275.0	228.6
Other Income	9.3	7.6	1.4	2.6	0.0
Other Expenses	1.1	5.1	0.1	0.6	0.0
Other Profit	8.2	2.6	1.3	2.1	3.8
Profit Before Tax	356.2	315.8	289.5	277.1	232.5
Current Income Tax Expense	71.2	65.7	57.9	55.4	-46.5
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	284.9	250.1	231.6	221.7	186.0
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	284.9	250.1	231.6	221.7	186.0
Earnings per Share	33,369.00	29,283.00	27,161.00	25,996.00	22,961.40
Diluted EPS	35,177.83	30,877.26	28,590.80	27,364.47	22,961.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,066.9	1,040.9	999.1	1,045.0	864.0
I. Cash and cash equivalents	275.7	192.9	162.9	186.1	167.7
1. Cash	270.4	124.9	128.0	168.2	0.0
2. Cash equivalents	5.3	68.0	34.9	17.9	0.0
II. Short-term financial investments	292.2	324.8	302.0	343.5	0.0
1. Available for sale securities	2.0	1.7	1.4	0.2	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	290.2	323.1	300.6	343.3	0.0
III. Short-term receivables	237.2	258.7	255.0	204.7	167.4
1. Short-term trade accounts receivable	220.7	233.9	229.0	193.5	0.0
2. Short-term prepayments to suppliers	5.6	14.3	12.3	2.1	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	0.0	0.0	0.0
6. Other short-term receivables	10.9	10.5	13.8	9.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.1	0.0
IV. Inventories	261.8	264.6	277.1	308.9	152.1
1. Inventories	261.8	264.6	277.1	308.9	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	0.0	0.0	2.1	1.7	0.0
1. Short-term prepayments	0.0	0.0	0.0	1.7	0.0
2. Value added tax to be reclaimed	0.0	0.0	2.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	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)	915.0	862.7	617.4	384.6	297.8
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	761.1	532.3	213.5	233.6	242.9
1. Tangible fixed assets	731.1	502.0	183.1	201.7	209.5
- Cost	1,059.0	777.9	428.6	418.3	0.0
- Accumulated depreciation	-327.9	-275.8	-245.5	-216.6	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	30.1	30.2	30.5	31.9	33.4
- Cost	51.3	50.1	48.9	48.9	0.0
- Accumulated depreciation	-21.2	-19.9	-18.4	-16.9	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	29.3	201.7	271.0	15.7	54.9
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	29.3	201.7	271.0	15.7	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	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	124.6	128.7	132.9	135.3	0.0
1. Long-term prepayments	124.6	128.7	132.9	135.3	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)	1,981.9	1,903.6	1,616.5	1,429.6	1,161.8
A. LIABILITIES (300=210+330)	587.5	724.8	621.2	600.3	492.5
I. Short -term liabilities	581.3	684.3	592.3	594.2	486.3
1. Short-term trade accounts payable	207.1	207.8	218.7	237.3	171.6
2. Short-term advances from customers	25.4	36.5	16.0	9.3	13.5
3. Taxes and other payables to state authorities	33.2	29.1	42.0	45.0	0.0
4. Payable to employees	88.6	68.8	57.8	62.2	0.0
5. Short-term acrrued expenses	57.2	67.4	39.2	72.1	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	13.1	6.1	4.6	1.7	0.0
10. Short-term borrowings and financial leases	107.4	225.8	161.8	113.6	104.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	49.3	42.7	52.2	53.0	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	6.1	40.5	28.9	6.1	6.1
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	0.0	34.4	22.7	0.0	0.0
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	6.1	6.1	6.1	6.1	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)	1,394.4	1,178.9	995.4	829.3	669.3
I. Owner's equity	1,394.4	1,178.9	995.4	829.3	0.0
1. Owner's capital	81.0	81.0	81.0	81.0	669.3
- Common stock with voting right	81.0	81.0	81.0	81.0	81.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	38.5	38.5	38.5	38.5	38.5
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	129.4	129.4	129.4	129.4	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	1,145.6	930.0	746.5	580.4	420.5
- Accumulated retained earning at the end of the previous period	861.0	680.3	515.3	359.7	235.5
- Undistributed earnings in this period	284.5	249.7	231.2	220.7	185.0
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)	1,981.9	1,903.6	1,616.5	1,429.6	1,161.8

Item	2024	2023	2022	2021	2020
Profit Before Tax	315.8	289.5	277.1	0.0	0.0
Depreciation of Fixed Assets and Investment Property	31.8	30.4	29.8	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	-3.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.9	-0.1	-6.6	0.0	0.0
Gain/Loss from Investment Activities	-14.5	-29.8	-20.5	0.0	0.0
Interest Expense	5.0	8.6	3.4	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	333.1	298.6	279.8	0.0	0.0
Increase/(Decrease) in Receivables	-3.8	29.8	-39.8	0.0	0.0
Increase/(Decrease) in Inventory	12.5	31.8	-156.8	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	50.8	-41.5	87.2	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	4.1	4.1	-82.1	0.0	0.0
Changes in Trading Securities	-0.3	-1.3	6.6	0.0	0.0
Interest Paid	-5.1	-8.5	-3.4	0.0	0.0
Corporate Income Tax Paid	-81.1	-60.4	-36.5	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-35.7	-25.8	-35.0	0.0	0.0
Net Cash Flow from Operating Activities	274.6	227.0	20.0	200.0	242.7
Payments for Fixed Assets and Other Long-term Assets	-288.3	-271.1	-31.7	-66.1	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.2	0.1	0.0
Loans and Purchases of Debt Instruments	-118.4	-194.1	-383.0	-57.6	-197.3
Receipts from Loan Repayments and Sale of Debt Instruments	104.9	159.6	413.3	0.0	113.5
Investments in Other Entities	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
Dividends and Interest Income Received	17.9	24.9	21.5	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	-284.0	-280.8	20.2	-96.5	-79.8
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	738.2	697.5	474.4	323.2	0.0
Repayment of Borrowings	-662.4	-627.0	-463.8	-322.8	-183.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0	-11.1
Dividends Paid	-39.9	-40.4	-40.4	-40.5	-0.5
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	35.8	30.1	-29.8	-40.0	-195.1
Net Cash Flow During the Period	26.5	-23.8	10.4	44.0	0.0
Cash and Cash Equivalents at Beginning of Period	162.9	186.1	167.7	104.0	134.2
FX Difference from Revaluation	3.5	0.5	8.1	0.2	0.0
Cash and Cash Equivalents at End of Period	192.9	162.9	186.1	167.7	0.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q1'21
Revenue	0.0	1,055.2	975.1	887.9	994.6	858.7	863.0	807.2	235.6	735.5	550.3	579.1
Revenue Deductions	0.0	0.2	0.3	0.1	3.8	0.2	0.2	0.2	0.0	0.0	0.0	0.0
Net Revenue	0.0	1,055.0	974.8	887.8	990.8	858.5	862.8	807.0	235.5	735.3	549.8	579.0
Cost of Goods Sold	0.0	750.0	694.1	655.6	706.9	612.5	619.4	591.2	171.0	0.0	0.0	0.0
Gross Profit	0.0	304.9	280.8	232.2	283.9	246.1	243.4	215.8	64.5	201.0	144.8	155.6
Financial Income	0.0	5.2	6.6	2.6	1.2	9.1	7.1	2.8	0.3	13.8	7.1	0.4
Financial Expenses	0.0	2.9	2.9	4.3	5.1	1.6	0.9	1.4	0.3	0.5	-0.5	-0.9
Interest Expense	0.0	2.4	2.3	2.4	2.7	1.0	0.9	1.0	0.3	0.1	-0.5	-0.7
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	0.0	157.1	147.4	118.7	160.0	136.5	140.9	112.0	30.4	-104.9	-78.5	-78.2
General and Administrative Expenses	0.0	57.7	50.2	36.8	38.8	41.9	36.4	36.3	9.8	-42.5	-29.1	-22.6
Operating Profit	0.0	92.4	86.9	74.9	81.1	75.2	72.2	68.9	24.4	67.8	43.7	54.4
Other Income	0.0	2.3	3.4	5.2	0.9	4.4	2.4	1.3	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.7	0.1	0.1	0.2	0.4	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	1.6	3.3	5.1	0.7	4.0	2.3	1.3	-0.0	1.5	0.4	1.2
Profit Before Tax	0.0	94.0	90.3	80.1	81.9	79.3	74.5	70.2	24.4	69.3	44.1	55.5
Current Income Tax Expense	0.0	18.8	18.1	16.0	16.4	15.9	14.9	14.0	4.9	-13.9	-8.8	-11.1
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	0.0	75.2	72.2	64.0	65.5	63.4	59.6	56.2	19.5	55.4	35.3	44.4
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	0.0	75.2	72.2	64.0	65.5	63.4	59.6	56.2	19.5	55.4	35.3	44.4
Earnings per Share	0.00	9,282.08	8,915.23	7,906.56	8,084.29	7,827.98	7,361.00	6,937.40	2,405.11	6,844.03	4,357.37	5,485.69
Diluted EPS	0.00	9,282.08	8,915.23	7,906.56	8,084.29	7,827.98	7,361.00	6,937.40	2,405.11	6,844.03	4,357.37	5,485.69

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q1'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,198.8	1,237.4	1,116.3	1,260.8	1,245.1	935.8	875.5	935.7	864.0	728.4	749.6
I. Cash and cash equivalents	133.6	227.5	206.2	187.3	203.9	168.5	102.6	166.0	167.7	123.5	124.7
1. Cash	128.3	223.0	163.2	145.7	199.0	163.9	97.9	161.4	0.0	0.0	0.0
2. Cash equivalents	5.3	4.6	43.0	41.6	4.9	4.6	4.6	4.6	0.0	0.0	0.0
II. Short-term financial investments	293.4	303.4	328.3	282.2	272.2	315.7	334.8	380.5	0.0	0.0	0.0
1. Available for sale securities	1.7	1.7	1.7	1.4	1.4	0.2	0.2	0.2	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
3. Held to maturity investments	291.7	301.7	326.5	280.8	270.8	315.5	334.6	380.3	0.0	0.0	0.0
III. Short-term receivables	326.9	250.8	205.3	358.7	289.8	198.4	170.0	144.1	167.4	116.1	118.2
1. Short-term trade accounts receivable	300.9	232.7	180.7	250.9	186.3	189.1	155.6	125.1	0.0	0.0	0.0
2. Short-term prepayments to suppliers	19.0	11.5	15.9	99.4	94.3	3.8	8.6	8.1	0.0	0.0	0.0
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
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
5. Short-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
6. Other short-term receivables	7.1	6.7	8.7	8.4	9.1	5.6	5.7	10.9	0.0	0.0	0.0
7. Provision for short-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
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
IV. Inventories	319.7	326.8	247.6	303.3	346.3	253.1	268.0	245.1	152.1	168.2	178.1
1. Inventories	319.7	326.8	247.6	303.3	346.3	253.1	268.0	245.1	0.0	0.0	0.0
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
V. Other short-term assets	125.2	128.7	128.9	129.3	132.9	0.1	0.2	0.0	0.0	0.5	1.8
1. Short-term prepayments	125.2	128.7	128.7	129.3	132.9	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.1	0.0	0.0	0.1	0.2	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
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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	763.1	759.7	751.3	558.3	504.7	381.3	351.7	320.2	297.8	260.1	254.8
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
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
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
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
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
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
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
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
II. Fixed assets	742.5	744.2	729.2	200.6	199.3	237.5	238.9	236.7	242.9	246.2	254.8
1. Tangible fixed assets	712.8	716.3	699.5	171.2	169.5	205.1	206.2	203.7	209.5	213.4	221.4
- Cost	1,028.2	1,016.8	987.8	438.4	429.3	415.0	409.0	399.5	0.0	0.0	0.0
- Accumulated depreciation	-315.4	-300.5	-288.3	-267.2	-259.8	-209.9	-202.8	-195.8	0.0	0.0	0.0
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
- Cost	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
3. Intangible fixed assets	29.7	27.9	29.7	29.4	29.8	32.3	32.7	33.0	33.4	32.8	33.4
- Cost	50.6	50.1	50.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-20.9	-22.2	-20.4	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
- Cost	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
IV. Long-term assets in progress	20.6	15.5	22.0	357.7	305.4	143.9	112.9	83.5	54.9	13.9	0.0
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
2. Construction in progress	20.6	15.5	22.0	357.7	305.4	143.9	112.9	83.5	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
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
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
VI. 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
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
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
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
5. Goodwill	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
TOTAL ASSETS (280=100+200)	1,961.9	1,997.1	1,867.6	1,819.1	1,749.8	1,317.1	1,227.2	1,255.9	1,161.8	988.5	1,004.4
A. LIABILITIES (300=210+330)	640.9	751.2	624.8	701.2	697.3	544.7	514.3	538.1	492.5	374.4	416.4
I. Short -term liabilities	589.0	687.8	549.9	644.2	633.9	538.6	508.1	532.0	486.3	368.2	410.2
1. Short-term trade accounts payable	197.6	235.3	263.5	215.2	218.0	200.5	222.2	223.9	171.6	112.1	143.7
2. Short-term advances from customers	16.5	17.9	30.3	12.7	13.2	14.2	12.9	12.3	13.5	11.2	9.1
3. Taxes and other payables to state authorities	37.2	55.1	23.2	67.6	36.9	21.9	26.5	31.8	0.0	0.0	0.0
4. Payable to employees	49.6	30.9	23.7	32.3	23.6	47.4	31.6	40.7	0.0	0.0	0.0
5. Short-term acrrued expenses	51.0	57.8	35.0	56.7	32.5	56.7	47.0	38.5	0.0	0.0	0.0
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
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
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
9. Other short-term payables	19.2	27.3	18.1	15.5	9.1	4.5	14.5	3.4	0.0	0.0	0.0
10. Short-term borrowings and financial leases	157.5	205.0	116.5	189.8	234.4	136.5	85.8	125.6	104.0	10.0	88.7
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
12.. Bonus and welfare fund	60.4	58.3	39.7	54.4	66.3	56.9	67.6	55.7	0.0	0.0	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
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
II. Long-term liabilities	52.0	63.4	74.9	57.0	63.4	6.1	6.1	6.1	6.1	6.1	6.1
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
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
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
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
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
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
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
8. Long-term borrowings and financial leases	45.8	57.3	68.7	50.9	57.2	0.0	0.0	0.0	0.0	0.0	0.0
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
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
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
12. Provision for long-term liabilities	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	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
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
B. OWNER'S EQUITY (400=410+430)	1,321.0	1,245.9	1,242.8	1,117.9	1,052.5	772.4	713.0	717.8	669.3	614.1	588.1
I. Owner's equity	1,321.0	1,245.9	1,242.8	1,117.9	1,052.5	772.4	713.0	717.8	0.0	0.0	0.0
1. Owner's capital	81.0	81.0	81.0	81.0	81.0	81.0	81.0	81.0	669.3	614.1	588.1
- Common stock with voting right	81.0	81.0	81.0	81.0	81.0	81.0	81.0	81.0	81.0	81.0	81.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5
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
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
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
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
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
8. Investment and development fund	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	0.0	0.0	0.0
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
10. Other funds from owner's equity	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	0.0	0.0	0.0
11. Undistributed earnings after tax	1,072.2	997.1	993.9	869.0	803.7	523.5	464.1	468.9	420.5	365.3	339.2
- Accumulated retained earning at the end of the previous period	861.0	861.0	930.0	680.3	680.3	359.7	359.7	420.5	235.5	235.5	295.0
- Undistributed earnings in this period	211.1	136.0	63.9	188.7	123.3	163.8	104.4	48.4	185.0	129.8	44.2
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
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
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
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
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
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
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
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,961.9	1,997.1	1,867.6	1,819.1	1,749.8	1,317.1	1,227.2	1,255.9	1,161.8	988.5	1,004.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q1'21
Profit Before Tax	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0
Gain/Loss from Investment Activities	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
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	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in 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
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid 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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	-50.0	0.0	-17.5	0.0	0.0	-3.5	-16.5	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	5.9	51.5	178.8	-54.1	258.4	-65.2	91.7	127.6	0.0	0.0	0.0
Other Operating Payments	0.0	15.7	-26.5	-181.3	75.6	-204.9	164.7	-183.8	-140.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.0	34.1	-121.2	205.4	207.7	75.0	12.5	17.5	107.5	-127.3	118.3	118.0
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.0	0.0	-0.6	-0.4	-0.6	0.1	-0.3	0.0	-66.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and 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	0.1
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	180.4	-142.0	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-236.0	130.0	21.0
Investments in Other Entities	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 Investments in Other Entities	0.0	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	0.0	-0.5	1.5	0.1	-1.4	2.0	4.9	0.0	0.4	0.0	0.0	0.0
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	0.0	-54.7	40.8	24.6	-80.2	33.1	-15.5	45.4	-4.9	-102.2	-6.0	-8.7
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	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	323.2	0.0	0.0
Repayment of Borrowings	0.0	-94.8	63.4	-180.0	-198.8	-46.8	133.8	-126.2	-104.0	-10.0	-135.8	-88.5
Repayment of Finance Leases	0.0	0.0	0.0	-11.5	-6.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	-0.2	-0.1	-0.1	0.2	-0.2	-0.2	-39.7	-0.2	-0.2
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	0.0	-94.7	63.5	-191.7	-205.2	-46.9	134.0	-126.4	-104.3	273.5	-136.1	-88.7
Net Cash Flow During the Period	0.0	-115.3	-17.0	38.3	-77.8	61.2	131.1	-63.4	-1.7	44.0	-23.8	20.6
Cash and Cash Equivalents at Beginning of Period	133.6	227.5	206.2	167.9	203.9	142.7	102.6	167.7	167.7	123.5	147.3	104.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	133.6	227.5	206.2	187.3	203.9	168.5	102.6	166.0	167.7	123.5	124.7

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