CST

Listed Company · HNX

Price

15,200

Latest close

03 Apr 2026

P/E 7.8x

EPS (TTM) 1,941

ROE (TTM) 7.9%

P/B 0.6x

BVPS (Latest) 24,006

ROA (TTM) 3.2%

What Is Changing

CST has not yet shown a broad-based top-line recovery. Revenue posted -10.1% YoY, but net margin reached 0.97% with an additional -0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 82.7bn in 2025.
Revenue decreased 10.0% YoY to VND 8,498.6bn in 2025.
Net margin declined from 1.38% in the prior period to 0.97% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	8,498.6	9,448.1	7,905.7	10,388.8	8,698.2
Growth	-10%	+20%	-24%	+19%	—
Net Income	82.7	130.0	280.5	358.3	106.6
Net Margin	0.97%	1.38%	3.55%	3.45%	1.23%

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	1,870.7	1,987.5	2,320.3	2,360.5	2,100.1	1,782.5	2,618.6	2,964.2	1,561.9	2,139.9	1,789.8	2,376.8
Growth	-6%	-14%	-2%	+12%	+18%	-32%	-12%	+90%	-27%	+20%	-25%	—
Net Income	59.8	-4.9	15.6	12.7	6.7	-42.8	81.9	94.0	179.9	31.0	-4.3	87.1
Net Margin	3.19%	-0.25%	0.67%	0.54%	0.32%	-2.40%	3.13%	3.17%	11.52%	1.45%	-0.24%	3.66%

Financial Statements

Profitability

Net margin reached 0.97% while Revenue posted -10.1% YoY.

Balance Sheet

Inventory stood at 692.7bn, liabilities at 1,466.0bn, and equity at 1,028.2bn.

Cash Flow

Operating cash flow was 289.6bn in 2024, while investing cash flow was -261.9bn.

Financing cash flow: -27.5bn.

Item	2025	2024	2023	2022	2021
Revenue	8,498.6	9,448.1	7,905.7	10,388.8	8,698.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	8,498.6	9,448.1	7,905.7	10,388.8	8,698.2
Cost of Goods Sold	8,136.1	8,978.7	7,283.8	9,722.2	0.0
Gross Profit	362.5	469.4	621.9	666.6	423.0
Financial Income	6.1	5.7	5.0	4.6	4.1
Financial Expenses	30.4	20.0	20.5	26.9	-87.8
Interest Expense	30.4	20.0	20.5	26.9	-83.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	4.0	5.7	7.0	6.9	-6.0
General and Administrative Expenses	230.5	325.1	250.0	212.6	-199.1
Operating Profit	103.7	124.2	349.4	424.7	134.2
Other Income	4.8	40.7	6.7	25.6	0.0
Other Expenses	4.0	1.9	4.3	1.8	0.0
Other Profit	0.8	38.8	2.3	23.8	0.9
Profit Before Tax	104.5	163.0	351.7	448.6	135.1
Current Income Tax Expense	21.7	33.0	71.2	90.3	-28.5
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	82.7	130.0	280.5	358.3	106.6
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	82.7	130.0	280.5	358.3	106.6
Earnings per Share	1,931.00	3,055.00	6,546.00	8,362.00	2,489.00
Diluted EPS	1,931.28	3,034.53	6,545.53	8,362.33	2,487.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,198.3	1,498.5	1,487.7	1,272.9	1,606.2
I. Cash and cash equivalents	1.9	0.8	0.6	0.7	0.8
1. Cash	1.9	0.8	0.6	0.7	0.0
2. Cash equivalents	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
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	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	328.4	891.5	1,058.0	970.3	886.5
1. Short-term trade accounts receivable	327.0	885.3	1,052.4	969.1	0.0
2. Short-term prepayments to suppliers	0.4	1.2	4.4	0.2	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	1.0	5.0	1.2	1.0	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	0.0	0.0
IV. Inventories	692.7	462.4	271.7	186.6	521.8
1. Inventories	692.7	462.4	271.7	186.6	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	175.2	143.8	157.3	115.3	197.1
1. Short-term prepayments	111.4	82.6	87.8	94.9	0.0
2. Value added tax to be reclaimed	10.3	61.2	66.2	0.0	0.0
3. Taxes and other receivables from state authorities	53.5	0.0	3.3	20.4	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)	1,295.9	1,152.9	914.4	1,096.8	1,469.8
I. Long-term receivables	202.3	191.2	176.6	153.5	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	141.0
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	202.3	191.2	176.6	153.5	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	708.5	783.3	609.9	810.6	997.2
1. Tangible fixed assets	704.0	781.2	607.7	808.3	960.3
- Cost	4,798.1	4,922.7	5,313.7	5,335.3	0.0
- Accumulated depreciation	-4,094.1	-4,141.5	-4,706.0	-4,527.1	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	4.5	2.0	2.2	2.3	36.9
- Cost	6.1	3.4	119.8	119.8	0.0
- Accumulated depreciation	-1.5	-1.3	-117.6	-117.4	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	108.3	27.3	22.0	14.4	33.7
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	108.3	27.3	22.0	14.4	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	276.8	151.1	106.0	118.4	0.0
1. Long-term prepayments	276.8	151.1	106.0	118.4	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	297.8
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)	2,494.2	2,651.4	2,402.1	2,369.7	3,076.0
A. LIABILITIES (300=210+330)	1,466.0	1,580.8	1,305.7	1,387.6	2,332.0
I. Short -term liabilities	1,060.1	1,325.4	1,120.6	1,189.5	2,075.4
1. Short-term trade accounts payable	563.2	899.0	626.4	715.7	865.0
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	88.0	139.7	118.4	149.6	0.0
4. Payable to employees	266.0	212.4	269.6	225.7	0.0
5. Short-term acrrued expenses	0.5	0.4	0.0	0.0	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	9.4	8.1	8.9	10.7	0.0
10. Short-term borrowings and financial leases	79.2	0.0	13.0	37.5	845.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	53.7	65.7	84.3	50.3	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	405.9	255.4	185.1	198.2	256.6
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	405.9	255.4	185.1	198.1	255.6
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	0.1	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)	1,028.2	1,070.6	1,096.4	982.1	744.0
I. Owner's equity	1,028.2	1,070.6	1,096.4	982.1	0.0
1. Owner's capital	428.5	428.5	428.5	428.5	744.0
- Common stock with voting right	428.5	428.5	428.5	428.5	428.5
- 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	386.3	347.3	263.2	155.7	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	213.4	294.8	404.7	398.0	192.0
- Accumulated retained earning at the end of the previous period	130.7	164.8	124.3	39.7	85.4
- Undistributed earnings in this period	82.7	130.0	280.5	358.3	106.6
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)	2,494.2	2,651.4	2,402.1	2,369.7	3,076.0

Item	2024	2023	2022	2021
Profit Before Tax	163.0	351.7	448.6	135.1
Depreciation of Fixed Assets and Investment Property	336.2	342.5	423.9	401.8
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-20.0	-7.1	-16.9	0.0
Interest Expense	20.0	20.5	26.9	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0
Other Adjustments	-25.5	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	473.8	707.7	882.5	614.6
Increase/(Decrease) in Receivables	158.5	-155.1	-109.8	0.0
Increase/(Decrease) in Inventory	-188.9	-83.1	348.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	73.1	-98.1	-87.4	0.0
Increase/(Decrease) in Prepaid Expenses	-36.1	20.8	195.2	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-20.0	-20.5	-27.0	0.0
Corporate Income Tax Paid	-74.7	-50.1	0.0	0.0
Other Operating Receipts	5.7	2.2	1.2	0.0
Other Operating Payments	-101.8	-74.0	-49.2	0.0
Net Cash Flow from Operating Activities	289.6	249.8	1,154.4	509.8
Payments for Fixed Assets and Other Long-term Assets	-276.1	-148.7	-282.3	-203.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	13.9	2.0	12.3	6.2
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.2	0.1	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-261.9	-146.5	-269.8	-197.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	155.0	271.2	484.0	2,898.5
Repayment of Borrowings	-97.7	-308.7	-1,349.0	-3,195.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-84.8	-65.8	-19.7	-15.5
Other Financing Receipts	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-27.5	-103.3	-884.7	-312.6
Net Cash Flow During the Period	0.2	-0.0	-0.1	0.0
Cash and Cash Equivalents at Beginning of Period	0.6	0.7	0.8	0.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	0.6	0.7	0.8

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	1,870.7	1,987.5	2,320.3	2,360.5	2,100.1	1,782.5	2,618.6	2,964.2	1,561.9	2,139.9	1,789.8	2,376.8
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	1,870.7	1,987.5	2,320.3	2,360.5	2,100.1	1,782.5	2,618.6	2,964.2	1,561.9	2,139.9	1,789.8	2,376.8
Cost of Goods Sold	1,767.5	1,949.6	2,188.0	2,270.3	1,928.4	1,788.6	2,470.1	2,796.8	1,252.5	2,038.8	1,730.5	2,213.6
Gross Profit	103.3	37.9	132.3	90.2	171.7	-6.2	148.5	167.4	309.4	101.2	59.3	163.3
Financial Income	1.6	1.5	1.5	1.5	1.4	1.4	1.5	1.4	1.3	1.3	1.2	1.2
Financial Expenses	7.8	8.0	7.5	7.1	4.9	5.9	5.5	3.8	4.6	5.6	4.4	5.9
Interest Expense	7.8	8.0	7.5	7.1	4.9	5.9	5.5	3.8	4.6	5.6	4.4	5.9
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	1.2	0.8	1.0	1.0	1.7	0.9	1.7	1.4	2.6	1.5	1.4	1.5
General and Administrative Expenses	21.6	37.1	106.1	67.2	157.9	59.2	57.5	50.4	77.7	59.7	59.6	47.7
Operating Profit	74.2	-6.5	19.3	16.4	8.7	-70.8	85.3	113.2	225.9	35.7	-4.9	109.3
Other Income	0.5	2.6	0.5	0.1	0.9	17.7	17.3	4.8	2.4	3.6	0.2	0.4
Other Expenses	0.1	1.7	0.2	0.5	1.1	0.3	0.1	0.5	2.6	0.5	0.6	0.7
Other Profit	0.5	0.9	0.3	-0.4	-0.2	17.4	17.2	4.3	-0.2	3.2	-0.3	-0.3
Profit Before Tax	74.7	-5.6	19.5	16.0	8.5	-53.4	102.5	117.5	225.6	38.9	-5.2	109.0
Current Income Tax Expense	14.9	-0.7	3.9	3.3	1.9	-10.6	20.6	23.5	45.8	7.8	-0.9	21.9
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	59.8	-4.9	15.6	12.7	6.7	-42.8	81.9	94.0	179.9	31.0	-4.3	87.1
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	59.8	-4.9	15.6	12.7	6.7	-42.8	81.9	94.0	179.9	31.0	-4.3	87.1
Earnings per Share	1,395.00	-115.00	364.00	297.00	156.00	-999.00	1,912.00	2,913.00	4,198.00	724.00	-101.00	2,033.00
Diluted EPS	1,394.53	-114.53	363.70	296.85	156.22	-999.31	1,911.77	2,192.81	4,198.38	724.43	-100.70	2,032.73

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)	1,241.2	1,499.1	1,823.0	1,525.5	1,515.6	2,262.8	2,498.6	2,296.7	1,450.7	2,379.8	1,756.8	1,838.3
I. Cash and cash equivalents	1.9	1.2	1.5	1.9	0.8	29.8	1.3	1.1	0.6	1.4	9.0	1.3
1. Cash	1.9	1.2	1.5	1.9	0.8	29.8	1.3	1.1	0.6	1.4	9.0	1.3
2. Cash equivalents	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. Short-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	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	373.5	725.5	1,021.2	1,203.3	911.8	1,386.2	1,938.3	1,924.3	1,017.4	2,053.6	1,443.1	1,431.9
1. Short-term trade accounts receivable	372.1	721.9	1,019.3	1,193.2	905.6	1,381.7	1,936.7	1,920.4	1,011.7	2,049.2	1,361.0	1,429.5
2. Short-term prepayments to suppliers	0.4	1.3	0.7	8.6	1.2	2.8	0.2	0.2	4.4	2.7	1.9	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	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.0	2.3	1.2	1.5	5.0	1.7	1.4	3.8	1.3	1.7	80.3	2.4
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	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	0.0
IV. Inventories	694.0	687.1	684.6	229.7	462.1	804.5	528.1	301.7	272.1	238.5	205.1	260.4
1. Inventories	694.0	687.1	684.6	229.7	462.1	804.5	528.1	301.7	272.1	238.5	205.1	260.4
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	171.8	85.3	115.7	90.7	140.8	42.3	30.9	69.6	160.6	86.4	99.6	144.6
1. Short-term prepayments	111.4	72.8	103.0	76.6	82.6	14.5	30.9	66.5	87.8	86.4	88.1	131.5
2. Value added tax to be reclaimed	7.0	0.0	0.0	0.0	58.2	11.5	0.0	0.0	69.5	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	53.3	12.4	12.7	14.1	0.0	16.2	0.0	3.1	3.3	0.0	11.5	13.1
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)	1,260.0	1,229.7	1,301.1	1,111.0	1,147.1	880.9	946.6	1,029.3	914.4	1,006.2	981.8	1,015.7
I. Long-term receivables	202.3	200.8	199.3	197.8	191.2	185.7	184.3	182.9	176.6	175.3	155.8	154.6
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	202.3	200.8	199.3	197.8	191.2	185.7	184.3	182.9	176.6	175.3	155.8	154.6
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	674.1	661.8	711.7	745.8	777.5	574.6	640.1	722.8	609.9	699.7	733.1	763.4
1. Tangible fixed assets	670.9	659.8	709.7	743.8	775.5	572.5	638.0	720.7	607.7	697.5	730.8	761.2
- Cost	4,798.1	4,849.2	4,950.7	4,922.6	4,917.0	5,292.7	5,437.7	5,481.7	5,313.7	5,305.2	5,419.7	5,344.7
- Accumulated depreciation	-4,127.2	-4,189.3	-4,240.9	-4,178.8	-4,141.5	-4,720.2	-4,799.7	-4,761.0	-4,706.0	-4,607.6	-4,688.9	-4,583.5
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	3.2	1.9	2.0	2.0	2.0	2.1	2.1	2.1	2.2	2.2	2.2	2.3
- Cost	4.7	3.4	3.4	3.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.5	-1.5	-1.4	-1.4	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	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	106.8	84.0	79.8	27.3	27.3	28.1	25.8	25.8	22.0	21.9	16.7	14.4
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	106.8	84.0	79.8	27.3	27.3	28.1	25.8	25.8	22.0	21.9	16.7	14.4
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	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	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	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	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	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	276.8	283.2	310.4	140.1	151.1	92.5	96.4	97.7	106.0	109.3	76.2	83.3
1. Long-term prepayments	276.8	283.2	310.4	140.1	151.1	92.5	96.4	97.7	106.0	109.3	76.2	83.3
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)	2,501.2	2,728.8	3,124.1	2,636.6	2,662.7	3,143.7	3,445.2	3,326.0	2,365.1	3,386.1	2,738.6	2,854.0
A. LIABILITIES (300=210+330)	1,472.6	1,760.0	2,150.3	1,553.3	1,582.3	2,070.1	2,336.2	2,135.7	1,256.0	2,460.1	1,843.1	1,784.8
I. Short -term liabilities	1,066.8	1,332.1	1,732.8	1,152.5	1,326.9	1,798.0	2,047.5	1,908.2	1,071.0	2,265.4	1,646.5	1,596.0
1. Short-term trade accounts payable	564.6	450.1	764.2	479.5	899.0	458.5	527.6	453.1	625.3	320.6	317.0	450.7
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	1.6	6.1	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	91.7	93.3	104.0	112.5	140.3	37.6	146.2	157.4	117.6	156.2	66.9	160.0
4. Payable to employees	267.7	157.9	130.6	114.6	213.3	161.0	151.3	115.2	221.8	133.5	118.8	69.8
5. Short-term acrrued expenses	0.6	182.6	313.8	346.9	0.4	285.5	319.7	323.1	0.0	303.9	112.1	131.1
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	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	9.2	10.4	8.4	8.0	8.1	10.9	10.1	7.0	9.0	9.0	15.3	11.1
10. Short-term borrowings and financial leases	79.2	74.6	65.3	43.7	0.0	58.7	51.5	32.4	13.0	32.1	22.0	10.3
11. Provision for short-term liabilities	0.0	283.3	247.0	11.3	0.0	691.2	725.2	761.6	0.0	1,206.0	867.3	729.3
12.. Bonus and welfare fund	53.7	80.0	99.6	36.0	65.7	94.6	114.2	52.3	84.3	104.1	127.2	33.7
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	405.9	427.9	417.5	400.8	255.4	272.1	288.8	227.4	185.1	194.7	196.5	188.8
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	405.9	427.9	417.5	400.8	255.4	272.1	288.8	227.4	185.1	194.7	196.5	188.7
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	0.1	0.1
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)	1,028.6	968.8	973.7	1,083.3	1,080.3	1,073.6	1,109.0	1,190.3	1,109.0	926.0	895.5	1,069.2
I. Owner's equity	1,028.6	968.8	973.7	1,083.3	1,080.3	1,073.6	1,109.0	1,190.3	1,109.0	926.0	895.5	1,069.2
1. Owner's capital	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5
- Common stock with voting right	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5	428.5
- 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	386.3	386.3	386.3	347.3	347.3	347.3	347.3	263.2	263.2	263.2	263.2	155.7
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	213.8	154.1	159.0	307.5	304.5	297.8	333.2	498.7	417.4	234.4	203.9	485.0
- Accumulated retained earning at the end of the previous period	130.7	130.7	130.7	294.8	164.8	164.8	157.3	404.7	124.3	121.1	121.1	398.0
- Undistributed earnings in this period	83.1	23.4	28.3	12.7	139.7	133.1	175.9	94.0	293.1	113.2	82.8	87.1
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)	2,501.2	2,728.8	3,124.1	2,636.6	2,662.7	3,143.7	3,445.2	3,326.0	2,365.1	3,386.1	2,738.6	2,854.0

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	74.7	-5.6	19.5	16.0	8.5	-53.4	102.5	117.5	209.7	38.9	-5.9	109.0
Depreciation of Fixed Assets and Investment Property	11.0	66.0	96.0	37.2	61.9	79.3	140.3	54.8	113.9	57.7	114.8	56.1
Provision (Increase)/Reversal	0.0	36.3	235.6	11.3	-691.2	-34.0	-36.4	761.6	-1,206.0	312.1	1,623.2	-729.3
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	-2.2	-4.9	-1.9	-1.5	-2.2	-9.7	-6.6	-1.6	0.1	-4.7	-1.3	-1.2
Interest Expense	7.8	8.0	7.5	7.1	4.9	5.9	5.5	3.8	4.6	5.6	4.4	5.9
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	-192.0	99.7	356.8	70.2	-618.1	-12.0	205.3	936.1	-877.6	409.6	1,735.2	-559.5
Increase/(Decrease) in Receivables	-350.5	-70.5	239.3	-325.2	439.8	524.3	-10.8	-805.0	926.1	-617.2	-9.7	-454.3
Increase/(Decrease) in Inventory	-6.9	-3.8	-453.6	232.7	342.4	-276.4	-226.4	-29.9	-31.2	-33.4	55.3	-73.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	674.2	-21.9	332.4	-118.4	144.4	-208.7	135.0	-2.3	67.4	316.2	-1,661.5	1,179.7
Increase/(Decrease) in Prepaid Expenses	-32.2	57.4	-196.7	17.1	-126.6	24.0	36.9	29.6	3.2	-31.4	50.5	-1.5
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	-7.8	-8.0	-7.5	-7.1	-4.9	-5.9	-5.5	-3.8	-4.6	-5.6	-4.4	-5.9
Corporate Income Tax Paid	0.0	-3.9	-2.0	-6.5	-16.5	-5.0	-6.9	-46.3	-3.8	-4.4	-17.5	-24.4
Other Operating Receipts	0.2	0.7	0.3	0.9	3.6	0.6	1.2	0.2	0.9	0.2	0.8	0.3
Other Operating Payments	-26.6	-19.6	-18.8	-30.2	-32.3	-20.0	-15.6	-32.7	-22.6	-23.0	-12.0	-16.5
Net Cash Flow from Operating Activities	58.4	30.1	250.0	-166.6	131.8	21.0	113.2	45.8	57.9	11.1	136.7	44.1
Payments for Fixed Assets and Other Long-term Assets	-39.4	-52.6	-246.5	-21.2	-85.2	9.6	-109.9	-112.8	-21.0	-30.6	-90.4	-6.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.7	2.6	-0.3	0.0	0.0	8.7	-0.9	6.1	-1.4	3.5	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0
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	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.1	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	-40.0	-49.9	-246.8	-21.2	-85.2	18.4	-110.7	-106.7	-22.4	-27.0	-90.3	-6.7
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	7.5	35.5	46.0	221.4	0.0	0.0	90.0	65.0	0.0	19.0	74.5	177.7
Repayment of Borrowings	-24.9	-15.8	-7.6	-32.4	-75.4	-9.5	-9.5	-3.3	-28.7	-10.7	-55.0	-214.3
Repayment of Finance Leases	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 Paid	-0.4	-0.2	-42.0	-0.1	-0.3	-1.3	-82.8	-0.4	-7.5	0.0	-58.2	-0.1
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	-17.7	19.5	-3.7	188.9	-75.7	-10.8	-2.3	61.3	-36.2	8.3	-38.8	-36.7
Net Cash Flow During the Period	0.7	-0.3	-0.4	1.1	-29.0	28.5	0.2	0.5	-0.7	-7.6	7.6	0.6
Cash and Cash Equivalents at Beginning of Period	1.2	1.5	1.9	0.8	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7
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	1.9	1.2	1.5	1.9	0.8	29.8	1.3	1.1	0.6	1.4	9.0	1.3

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