HD6

Listed Company · UPCOM

Price

9,200

Latest close

03 Apr 2026

P/E 55.7x

EPS (TTM) 165

ROE (TTM) 0.6%

P/B 0.4x

BVPS (Latest) 25,892

ROA (TTM) 0.3%

What Is Changing

HD6 has not yet shown a broad-based top-line recovery. Revenue posted -82.9% YoY, but net margin reached 2.42% 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 fell below its recent low, compressing 583bps to 2.42% in 2025.
Net Income fell to a multi-period low at VND 3.8bn in 2025.
Revenue decreased 82.9% YoY to VND 154.8bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	154.8	906.0	367.2	382.3	492.0
Growth	-83%	+147%	-4%	-22%	—
Net Income	3.8	80.7	30.3	65.6	79.4
Net Margin	2.42%	8.91%	8.26%	17.15%	16.14%

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	98.9	23.5	21.7	10.6	589.5	121.0	102.1	88.9	271.8	58.2	45.5	45.8
Growth	+320%	+8%	+105%	-98%	+387%	+19%	+15%	-67%	+367%	+28%	-1%	—
Net Income	3.2	0.1	0.3	0.1	75.6	2.8	0.5	4.4	22.6	2.9	2.5	5.9
Net Margin	3.26%	0.63%	1.33%	0.83%	12.83%	2.28%	0.48%	4.92%	8.31%	4.98%	5.43%	12.91%

Financial Statements

Profitability

Net margin reached 2.42% while Revenue posted -82.9% YoY.

Balance Sheet

Inventory stood at 9.7bn, liabilities at 425.1bn, and equity at 391.5bn.

Cash Flow

Operating cash flow was 62.2bn in 2024, while investing cash flow was -85.2bn.

Financing cash flow: 16.0bn.

Item	2025	2024	2023	2022	2021
Revenue	154.8	906.0	367.2	382.3	492.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	154.8	906.0	367.2	382.3	492.0
Cost of Goods Sold	131.7	703.2	258.8	274.8	0.0
Gross Profit	23.1	202.7	108.4	107.5	125.2
Financial Income	5.5	8.1	2.0	7.6	6.4
Financial Expenses	5.1	0.5	4.8	10.1	-17.9
Interest Expense	0.0	0.5	4.7	10.1	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	1.8
Selling Expenses	0.0	51.0	37.5	3.3	-2.2
General and Administrative Expenses	18.2	32.5	23.6	18.3	-21.0
Operating Profit	5.2	126.8	44.4	83.3	92.4
Other Income	3.2	7.2	3.1	3.2	0.0
Other Expenses	2.2	27.3	2.7	1.2	0.0
Other Profit	1.0	-20.0	0.5	2.0	8.2
Profit Before Tax	6.3	106.8	44.9	85.4	100.6
Current Income Tax Expense	2.5	26.1	14.6	17.9	-21.2
Deferred Income Tax Expense	0.0	0.0	0.0	1.9	0.0
Net Income	3.8	80.7	30.3	65.6	79.4
Non-controlling Interest	1.4	29.2	11.6	16.0	21.4
Profit Attributable to Parent	2.3	51.5	18.7	49.6	58.0
Earnings per Share	153.61	3,228.00	1,191.00	3,441.00	4,026.86
Diluted EPS	153.61	3,408.37	1,237.69	3,441.03	4,026.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	369.7	608.5	429.0	461.4	700.2
I. Cash and cash equivalents	60.8	67.8	74.9	52.9	17.3
1. Cash	49.0	38.6	21.2	20.2	0.0
2. Cash equivalents	11.8	29.2	53.7	32.6	0.0
II. Short-term financial investments	0.5	33.2	42.1	47.0	0.0
1. Available for sale securities	2.5	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	-2.0	0.0	0.0	0.0
3. Held to maturity investments	-2.0	35.2	42.1	47.0	0.0
III. Short-term receivables	290.1	496.8	254.4	231.8	342.5
1. Short-term trade accounts receivable	98.1	193.9	63.7	58.6	0.0
2. Short-term prepayments to suppliers	52.9	91.9	35.5	58.9	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	62.0	78.8	56.2	48.0	0.0
6. Other short-term receivables	85.8	142.6	109.3	76.7	0.0
7. Provision for short-term doubtful debts (*)	-8.6	-10.3	-10.3	-10.3	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.7	9.1	17.5	50.5	56.6
1. Inventories	9.7	9.1	17.5	50.5	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	8.5	1.5	40.2	79.2	64.7
1. Short-term prepayments	0.0	0.0	39.3	69.4	0.0
2. Value added tax to be reclaimed	7.2	0.5	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.2	1.0	0.9	9.8	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)	447.0	201.5	833.2	940.1	667.8
I. Long-term receivables	0.0	0.0	10.2	10.2	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	10.2
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	10.2	10.2	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	76.2	74.4	40.3	3.6	2.7
1. Tangible fixed assets	76.2	74.4	40.3	3.6	2.7
- Cost	112.1	102.9	64.0	25.7	0.0
- Accumulated depreciation	-35.9	-28.6	-23.7	-22.1	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	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
III. Investment properties	1.6	8.6	1.6	8.4	8.7
- Cost	9.0	8.9	1.9	10.3	0.0
- Accumulated depreciation	-7.3	-0.3	-0.3	-1.9	0.0
IV. Long-term assets in progress	362.3	112.2	768.4	903.6	630.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	362.3	112.2	768.4	903.6	0.0
V. Long-term financial investments	1.5	0.6	4.6	4.6	4.6
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.5	0.6	4.6	4.6	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	5.3	5.6	8.0	9.7	0.0
1. Long-term prepayments	1.2	0.1	1.0	1.3	0.0
2. Deferred income tax assets	4.2	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	11.3
5. Goodwill	0.0	5.6	7.0	8.4	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	816.6	810.0	1,262.2	1,401.5	1,368.0
A. LIABILITIES (300=210+330)	425.1	405.1	953.2	1,101.1	1,113.6
I. Short -term liabilities	321.2	300.7	807.9	945.0	926.5
1. Short-term trade accounts payable	13.4	52.6	49.9	54.6	69.7
2. Short-term advances from customers	12.1	6.6	38.1	79.9	323.8
3. Taxes and other payables to state authorities	1.4	41.3	11.9	7.9	0.0
4. Payable to employees	0.9	5.0	2.4	1.9	0.0
5. Short-term acrrued expenses	5.6	31.7	0.5	0.1	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	1.4	0.0	582.0	652.7	334.3
9. Other short-term payables	103.5	73.0	98.9	91.0	0.0
10. Short-term borrowings and financial leases	173.2	78.8	13.5	46.0	76.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.8	11.7	10.6	10.9	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	103.9	104.4	145.3	156.0	187.1
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	12.8	33.2	30.1	29.9
7. Other long-term liabilities	76.0	63.8	72.0	83.4	0.0
8. Long-term borrowings and financial leases	3.0	3.0	37.8	37.8	54.0
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	1.9	0.0
12. Provision for long-term liabilities	24.8	24.8	2.3	2.8	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)	391.5	404.9	309.0	300.4	254.3
I. Owner's equity	391.5	404.9	309.0	300.4	0.0
1. Owner's capital	151.2	151.2	151.2	144.0	254.3
- Common stock with voting right	151.2	151.2	151.2	144.0	144.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.3	1.3	1.3	1.3	1.3
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	21.1	20.9	17.5	16.0	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	1.5	1.5	1.5	1.5	0.0
11. Undistributed earnings after tax	84.5	97.4	67.2	68.5	52.9
- Accumulated retained earning at the end of the previous period	0.0	52.0	48.4	19.0	0.0
- Undistributed earnings in this period	0.0	45.4	18.7	49.6	52.9
12. Reserves for investment in construction	0.0	1.4	1.4	1.4	0.0
13. Minority's interest	131.9	131.1	68.9	67.7	49.4
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)	816.6	810.0	1,262.2	1,401.5	1,368.0

Item	2024	2023	2022	2021
Profit Before Tax	106.8	44.9	85.4	0.0
Depreciation of Fixed Assets and Investment Property	4.9	1.9	1.5	0.0
Provision (Increase)/Reversal	2.0	0.0	-8.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-8.1	-2.0	-7.6	0.0
Interest Expense	0.5	4.7	10.1	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	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	106.1	49.5	80.9	0.0
Increase/(Decrease) in Receivables	-237.7	-58.2	127.6	0.0
Increase/(Decrease) in Inventory	8.3	33.0	3.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	157.0	136.1	42.0	0.0
Increase/(Decrease) in Prepaid Expenses	41.6	31.8	-11.2	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-1.5	-10.1	0.0
Corporate Income Tax Paid	-11.2	-10.1	-29.3	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-1.8	-3.9	-4.5	0.0
Net Cash Flow from Operating Activities	62.2	176.7	198.5	-105.5
Payments for Fixed Assets and Other Long-term Assets	-68.1	-87.0	-255.3	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-22.6	-28.9	-15.6	-45.4
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	6.0	174.0	95.0
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	5.4	2.0	7.6	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	-85.2	-107.9	-89.4	52.8
Proceeds from Equity Issuance and Capital Contributions	0.0	7.2	-1.9	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	66.1	56.0	38.7	107.3
Repayment of Borrowings	-35.6	-88.5	-85.0	-103.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-14.5	-21.5	-25.4	-1.0
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	16.0	-46.8	-73.6	2.8
Net Cash Flow During the Period	-7.0	22.0	35.6	-8.7
Cash and Cash Equivalents at Beginning of Period	74.9	52.9	17.3	67.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	67.8	74.9	52.9	17.3

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	98.9	23.5	21.7	10.6	589.5	121.0	102.1	88.9	271.8	58.2	45.5	45.8
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	98.9	23.5	21.7	10.6	589.5	121.0	102.1	88.9	271.8	58.2	45.5	45.8
Cost of Goods Sold	85.8	20.0	18.0	8.0	423.7	107.6	93.9	75.4	197.8	47.7	37.4	29.9
Gross Profit	13.1	3.6	3.7	2.7	165.7	13.4	8.2	13.4	73.9	10.5	8.1	15.9
Financial Income	0.0	1.3	3.3	0.8	1.5	1.0	2.3	3.3	1.5	0.3	0.1	0.2
Financial Expenses	2.2	0.0	1.8	1.0	0.4	0.0	0.0	0.0	4.0	0.3	0.3	0.4
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	0.0	0.0	5.1	0.0	37.8	4.2	4.1	4.9	33.8	1.6	0.2	2.0
General and Administrative Expenses	5.6	4.5	0.0	3.0	11.0	7.7	6.9	5.8	8.2	4.5	4.4	6.5
Operating Profit	5.3	0.4	0.1	-0.5	118.0	2.6	-0.5	6.0	29.4	4.5	3.3	7.3
Other Income	1.0	0.8	0.5	0.9	0.9	3.0	4.0	3.8	2.0	0.3	0.5	0.4
Other Expenses	0.9	1.1	0.0	0.2	20.3	2.0	2.7	3.4	0.5	0.6	0.4	0.2
Other Profit	0.2	-0.2	0.4	0.6	-19.4	0.9	1.3	0.4	1.5	-0.3	0.0	0.2
Profit Before Tax	5.4	0.2	0.6	0.1	98.6	3.5	0.8	6.4	30.9	4.2	3.3	7.5
Current Income Tax Expense	2.2	0.0	0.3	0.0	23.0	0.7	0.3	2.0	8.3	1.3	0.8	1.6
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	3.2	0.1	0.3	0.1	75.6	2.8	0.5	4.4	22.6	2.9	2.5	5.9
Non-controlling Interest	1.1	0.0	0.1	0.0	26.0	0.8	0.2	2.2	9.5	0.9	0.6	1.7
Profit Attributable to Parent	2.1	0.1	0.2	0.0	49.6	2.0	0.3	2.1	13.0	2.0	1.8	4.2
Earnings per Share	141.92	9.45	10.46	3.26	3,281.64	130.21	21.73	141.16	862.81	134.43	126.42	293.87
Diluted EPS	141.92	9.45	10.46	3.26	3,281.64	130.21	21.73	141.16	862.81	134.43	126.42	293.87

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)	369.7	396.7	442.6	571.2	606.5	391.6	407.2	424.4	429.6	535.0	485.6	437.5
I. Cash and cash equivalents	60.8	29.7	37.3	41.0	67.8	80.9	57.8	64.1	75.4	106.3	97.6	34.4
1. Cash	49.0	24.4	19.0	20.0	38.6	31.9	31.6	28.4	23.7	52.1	33.4	31.7
2. Cash equivalents	11.8	5.3	18.3	21.0	29.2	49.0	26.2	35.7	51.7	54.1	64.2	2.6
II. Short-term financial investments	0.5	0.0	0.0	9.2	35.2	37.2	39.1	41.1	67.1	47.0	47.0	47.0
1. Available for sale securities	2.5	2.0	2.0	11.2	0.0	37.2	39.1	0.0	67.1	47.0	47.0	47.0
2. Provision for diminution in value of available for sale securities (*)	0.0	-2.0	0.0	-2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	-2.0	0.0	-2.0	0.0	35.2	0.0	0.0	41.1	0.0	0.0	0.0	0.0
III. Short-term receivables	290.1	349.9	392.5	511.9	492.8	221.1	248.3	253.7	229.6	271.9	228.5	226.9
1. Short-term trade accounts receivable	98.1	116.4	163.7	179.6	193.9	59.2	60.1	59.0	63.7	57.2	55.7	57.6
2. Short-term prepayments to suppliers	52.9	46.9	33.0	136.1	91.9	36.0	35.3	36.5	35.5	57.9	57.3	57.0
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	62.0	62.1	71.4	65.9	78.8	49.7	49.7	55.7	56.2	49.4	48.8	48.8
6. Other short-term receivables	85.8	133.2	133.1	138.9	138.6	86.6	113.5	112.9	84.5	117.8	77.1	73.9
7. Provision for short-term doubtful debts (*)	-8.6	-8.6	-8.6	-8.6	-10.3	-10.3	-10.3	-10.3	-10.3	-10.3	-10.3	-10.3
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	9.7	10.5	9.1	6.2	9.1	16.9	22.0	22.1	17.5	49.0	50.3	55.0
1. Inventories	9.7	10.5	9.1	6.2	9.1	16.9	22.0	22.1	17.5	49.0	50.3	55.0
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	0.0
V. Other short-term assets	8.5	6.6	3.8	2.9	1.5	35.5	40.1	43.4	40.0	60.9	62.2	74.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	26.1	30.2	34.4	39.3	58.4	59.9	67.4
2. Value added tax to be reclaimed	7.2	3.1	3.2	1.9	0.5	0.0	0.5	1.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.2	3.5	0.5	1.0	1.0	9.4	9.3	7.9	0.7	2.5	2.3	6.7
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)	447.0	358.7	357.1	201.2	204.1	620.8	699.2	760.8	836.9	927.6	962.1	951.3
I. Long-term receivables	0.0	0.0	0.0	0.0	-2.0	-2.0	0.0	0.0	10.2	10.2	10.2	10.2
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	10.2	10.2	10.2	10.2
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	-2.0	-2.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	76.2	71.1	72.2	73.3	74.4	75.5	76.6	39.5	40.3	2.7	3.0	3.6
1. Tangible fixed assets	76.2	71.1	72.2	73.3	74.4	75.5	76.6	39.5	40.3	2.7	3.0	3.6
- Cost	112.1	102.9	102.9	102.9	102.9	102.9	102.9	64.0	64.0	25.7	25.7	25.7
- Accumulated depreciation	-35.9	-31.8	-30.7	-29.6	-28.6	-27.5	-26.3	-24.5	-23.7	-23.0	-22.7	-22.1
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	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
III. Investment properties	1.6	8.6	8.6	8.6	8.6	1.6	1.6	1.6	1.6	8.1	8.2	8.3
- Cost	9.0	9.0	9.0	8.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.3	-0.3	-0.3	-0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	362.3	271.3	269.9	113.4	112.2	534.4	609.2	707.5	772.2	893.4	917.1	915.4
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	362.3	271.3	269.9	113.4	112.2	534.4	609.2	707.5	772.2	893.4	917.1	915.4
V. Long-term financial investments	1.5	1.5	0.6	0.6	4.6	4.6	4.6	4.6	4.6	4.6	14.6	4.6
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	1.5	1.5	0.6	0.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6
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	10.0	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	5.3	6.2	5.8	5.3	6.3	6.7	7.2	1.0	8.0	8.6	9.0	9.3
1. Long-term prepayments	1.2	1.7	0.9	0.1	0.8	0.8	0.9	1.0	1.0	1.3	1.3	1.3
2. Deferred income tax assets	4.2	4.5	4.9	5.2	0.0	5.9	6.3	0.0	7.0	7.3	7.7	8.0
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	5.6	0.0	0.0	6.6	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	816.6	755.4	799.7	772.4	810.6	1,012.4	1,106.4	1,185.2	1,266.5	1,462.6	1,447.7	1,388.8
A. LIABILITIES (300=210+330)	425.1	365.5	409.6	367.4	403.4	697.2	794.0	873.3	944.3	1,161.0	1,138.8	1,082.4
I. Short -term liabilities	321.2	271.1	311.8	263.0	299.0	580.7	654.3	728.0	797.1	1,013.1	982.8	926.4
1. Short-term trade accounts payable	13.4	18.5	41.8	45.3	52.6	39.3	46.2	42.1	50.1	38.3	43.3	43.1
2. Short-term advances from customers	12.1	9.8	7.6	11.2	6.6	45.1	41.8	42.9	38.1	40.9	38.5	55.3
3. Taxes and other payables to state authorities	1.4	0.8	17.0	37.3	41.3	2.7	1.4	7.8	11.9	10.5	5.9	5.5
4. Payable to employees	0.9	1.2	1.1	3.8	3.1	1.4	1.0	1.2	2.4	1.3	1.2	1.2
5. Short-term acrrued expenses	5.6	13.8	15.4	16.7	31.7	1.6	1.3	0.4	0.5	0.3	0.4	0.3
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	1.4	4.0	0.6	78.7	73.0	384.2	450.1	513.4	582.0	772.8	768.9	695.3
9. Other short-term payables	103.5	102.3	68.3	58.8	78.8	85.7	91.8	99.0	91.4	86.1	85.3	84.5
10. Short-term borrowings and financial leases	173.2	109.9	149.0	0.0	0.0	12.7	12.7	12.7	13.5	54.4	30.1	31.0
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	9.8	11.0	11.0	11.2	11.9	7.9	8.0	8.5	7.2	8.6	9.1	10.2
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	103.9	94.3	97.8	104.4	104.4	116.5	139.7	145.3	147.2	147.8	156.0	156.0
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	6.2	6.2	12.8	12.8	8.7	33.2	33.2	33.2	33.2	30.1	30.1
7. Other long-term liabilities	76.0	60.3	63.8	63.8	63.8	68.5	68.5	72.0	72.0	72.1	83.4	83.4
8. Long-term borrowings and financial leases	3.0	3.0	3.0	3.0	3.0	35.7	35.7	37.8	37.8	37.8	37.8	37.8
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	1.9	1.9	1.9	1.9
12. Provision for long-term liabilities	24.8	24.8	24.8	24.8	24.8	3.6	2.3	2.3	2.3	2.8	2.8	2.8
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)	391.5	389.9	390.1	405.0	407.2	315.1	312.4	311.9	322.2	301.6	308.8	306.4
I. Owner's equity	391.5	389.9	390.1	405.0	407.2	315.1	312.4	311.9	322.2	301.6	308.8	306.4
1. Owner's capital	151.2	151.2	151.2	151.2	151.2	151.2	151.2	151.2	151.2	151.2	144.0	144.0
- Common stock with voting right	151.2	151.2	151.2	151.2	151.2	151.2	151.2	151.2	151.2	151.2	144.0	144.0
- 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	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
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	21.1	20.9	20.9	20.9	21.2	17.5	17.5	17.5	18.4	16.0	16.0	16.0
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	0.0
10. Other funds from owner's equity	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
11. Undistributed earnings after tax	84.5	83.7	82.5	97.5	99.5	71.6	69.6	69.3	67.9	59.3	74.6	72.7
- Accumulated retained earning at the end of the previous period	0.0	0.0	82.5	0.0	0.0	0.0	0.0	69.3	67.9	59.3	74.6	72.7
- Undistributed earnings in this period	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. Reserves for investment in construction	0.0	0.0	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
13. Minority's interest	131.9	131.3	131.3	131.1	131.1	70.6	69.8	69.7	80.5	70.9	70.1	69.4
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)	816.6	755.4	799.7	772.4	810.6	1,012.4	1,106.4	1,185.2	1,266.5	1,462.6	1,447.7	1,388.8

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
Profit Before Tax	0.0	0.0	1.6	0.0	0.0	-7.2	7.2	0.0	44.9	-10.8	10.8	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	2.2	0.0	0.0	-2.7	2.7	0.0	1.9	-0.8	0.8	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	-5.0	0.0	0.0	5.6	-5.6	0.0	-2.0	0.3	-0.3	0.0
Interest Expense	0.0	0.0	2.7	0.0	0.0	-0.1	0.1	0.0	4.7	-0.6	0.6	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	1.4	0.0	0.0	-4.3	4.3	0.0	49.5	-11.9	11.9	0.0
Increase/(Decrease) in Receivables	0.0	0.0	109.7	0.0	0.0	11.4	-11.4	0.0	-58.2	-0.8	0.8	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.1	0.0	0.0	4.6	-4.6	0.0	33.0	-0.2	0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	-54.7	0.0	0.0	-13.7	13.7	0.0	136.1	-62.3	62.3	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	-0.1	0.0	0.0	-9.9	9.9	0.0	31.8	-10.2	10.2	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	-1.3	0.0	0.0	0.1	-0.1	0.0	-1.5	0.4	-0.4	0.0
Corporate Income Tax Paid	0.0	-18.0	-5.1	-3.0	0.0	-0.0	-7.4	-3.9	-2.7	-0.3	-4.1	-3.0
Other Operating Receipts	15.3	102.4	0.0	28.7	136.7	27.0	11.0	-0.7	3.5	-3.5	-2.7	2.7
Other Operating Payments	-7.7	-48.3	6.0	-6.7	-58.0	-41.3	15.7	-18.3	77.7	-80.5	18.3	-19.3
Net Cash Flow from Operating Activities	-33.1	-171.9	73.9	-27.6	12.9	-28.6	38.1	-29.9	171.5	-71.8	103.1	-26.1
Payments for Fixed Assets and Other Long-term Assets	-1.6	160.9	-162.4	-0.0	0.0	22.1	-22.1	-0.0	-87.0	13.5	-13.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	0.0	0.1	1.4	-0.5	0.5	-8.6	8.6	-1.0	1.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	3.3	-3.3	0.0	-28.9	3.3	-3.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	43.2	0.0	0.0	-5.5	5.5	0.0	6.0	-2.5	2.5	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	-80.5	0.0	0.0	0.0	10.0	-10.0	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	-3.1	3.5	0.6	1.5	3.9	-1.3	6.9	-17.1	18.8	-6.9	7.2
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	-2.1	128.1	-124.3	9.2	-78.9	28.5	-22.2	7.9	-125.7	31.7	-22.1	8.1
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	7.2	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	66.3	33.5	61.3	0.0	68.1	13.0	-12.0	12.0	-12.3	43.1	25.2	0.0
Repayment of Borrowings	0.0	2.8	-14.6	-8.4	0.0	2.2	-2.2	-0.8	-59.6	12.2	-40.5	-0.6
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	0.0	0.0	0.0	0.0	-15.1	8.1	-8.1	0.0	-5.3	-13.8	-2.5	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	66.3	36.3	46.7	-8.4	53.0	23.2	-22.2	11.2	-77.2	48.8	-17.8	-0.6
Net Cash Flow During the Period	31.1	-7.5	-3.7	-26.8	-13.1	23.2	-6.3	-10.8	-31.4	8.7	63.2	-18.5
Cash and Cash Equivalents at Beginning of Period	29.7	37.3	41.0	67.8	74.9	74.9	74.9	74.9	52.9	52.9	52.9	52.9
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	60.8	29.7	37.3	41.0	67.8	80.9	57.8	64.1	74.9	106.3	97.6	34.4

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HD6

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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