HDW

Listed Company · UPCOM

Price

17,600

Latest close

30 Mar 2026

P/E 11.6x

EPS (TTM) 1,522

ROE (TTM) 10.4%

P/B 1.2x

BVPS (Latest) 14,863

ROA (TTM) 5.3%

What Is Changing

HDW no longer looks like a business simply rebounding from a weak base. Revenue posted +6.0% YoY, while net margin reached 8.04% with an additional -0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 5.4% to VND 48.5bn in 2025.
Revenue increased 6.0% YoY to VND 603.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	603.4	569.4	543.3	523.2	510.6
Growth	+6%	+5%	+4%	+2%	—
Net Income	48.5	46.0	44.6	52.9	52.0
Net Margin	8.04%	8.09%	8.20%	10.11%	10.18%

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	154.7	157.0	148.3	143.5	150.3	149.5	139.0	130.7	142.9	144.9	129.8	125.7
Growth	-1%	+6%	+3%	-5%	+1%	+8%	+6%	-9%	-1%	+12%	+3%	—
Net Income	12.6	17.9	5.6	12.5	9.3	18.0	7.6	11.2	11.2	17.3	5.6	10.4
Net Margin	8.12%	11.41%	3.77%	8.68%	6.16%	12.07%	5.49%	8.57%	7.85%	11.98%	4.33%	8.26%

Financial Statements

Profitability

Net margin reached 8.04% while Revenue posted +6.0% YoY.

Balance Sheet

Inventory stood at 39.0bn, liabilities at 438.1bn, and equity at 473.9bn.

Cash Flow

Operating cash flow was 137.9bn in 2024, while investing cash flow was -75.9bn.

Financing cash flow: -64.0bn.

Item	2025	2024	2023	2022	2021
Revenue	603.4	569.4	543.3	523.2	510.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	603.4	569.4	543.3	523.2	510.6
Cost of Goods Sold	440.5	409.2	380.4	364.1	0.0
Gross Profit	162.8	160.3	162.8	159.1	150.5
Financial Income	0.1	2.8	0.0	3.8	8.2
Financial Expenses	23.6	15.0	21.7	14.6	-14.5
Interest Expense	12.9	15.0	18.1	14.6	-14.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	22.9	22.8	21.8	20.8	-21.0
General and Administrative Expenses	54.9	66.8	60.9	62.5	-58.1
Operating Profit	61.5	58.4	58.5	65.1	65.2
Other Income	1.0	1.3	0.0	2.7	0.0
Other Expenses	1.2	1.4	1.4	1.1	0.0
Other Profit	-0.1	-0.1	-1.3	1.5	0.0
Profit Before Tax	61.3	58.3	57.2	66.6	65.2
Current Income Tax Expense	12.8	12.2	12.6	13.7	-13.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	48.5	46.0	44.6	52.9	52.0
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	48.5	46.0	44.6	52.9	52.0
Earnings per Share	1,522.00	1,444.00	1,398.00	1,278.00	1,629.67
Diluted EPS	1,521.72	1,444.19	1,397.93	1,659.71	1,630.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	73.5	68.7	70.2	68.5	57.3
I. Cash and cash equivalents	12.1	10.2	12.2	3.6	1.3
1. Cash	12.1	10.2	12.2	3.6	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	17.2	20.6	19.5	22.3	17.2
1. Short-term trade accounts receivable	13.9	16.3	15.0	18.2	0.0
2. Short-term prepayments to suppliers	1.3	1.7	1.8	1.5	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	2.0	2.6	2.6	2.6	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	39.0	36.0	37.5	41.4	36.0
1. Inventories	39.0	36.0	37.5	41.4	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	5.2	2.0	1.1	1.2	2.8
1. Short-term prepayments	0.4	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.4	0.7	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	1.4	1.2	1.0	1.2	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)	838.5	841.7	883.0	917.7	904.7
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	755.9	794.7	833.2	868.2	857.2
1. Tangible fixed assets	755.9	794.7	833.0	867.9	856.7
- Cost	2,137.6	2,068.1	1,999.3	1,926.6	0.0
- Accumulated depreciation	-1,381.7	-1,273.5	-1,166.3	-1,058.8	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	0.1	0.2	0.4	0.5
- Cost	0.9	0.9	0.9	0.9	0.0
- Accumulated depreciation	-0.9	-0.8	-0.7	-0.5	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	41.3	11.6	3.8	12.3	39.1
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	41.3	11.6	3.8	12.3	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	41.3	35.3	45.9	37.3	0.0
1. Long-term prepayments	41.3	35.3	45.9	37.3	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	8.4
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)	912.0	910.4	953.2	986.3	962.0
A. LIABILITIES (300=210+330)	438.1	452.2	513.3	552.4	534.6
I. Short -term liabilities	160.0	110.9	132.2	147.8	110.9
1. Short-term trade accounts payable	62.7	56.1	70.1	73.5	59.5
2. Short-term advances from customers	1.9	1.3	1.9	2.0	1.9
3. Taxes and other payables to state authorities	11.7	11.0	6.8	11.8	0.0
4. Payable to employees	19.7	8.9	6.3	6.1	0.0
5. Short-term acrrued expenses	1.1	0.2	0.2	0.2	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	19.2	16.3	13.4	6.3	0.0
10. Short-term borrowings and financial leases	40.9	8.9	24.9	24.1	8.9
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	8.3	8.6	23.9	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	278.2	341.3	381.1	404.5	423.7
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	105.3	112.5	126.9	134.1	0.0
8. Long-term borrowings and financial leases	172.9	228.8	254.3	270.4	282.4
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)	473.9	458.2	439.9	433.9	427.3
I. Owner's equity	473.9	458.2	439.9	433.9	0.0
1. Owner's capital	318.8	318.8	318.8	318.8	427.3
- Common stock with voting right	318.8	318.8	318.8	318.8	318.8
- 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	82.9	82.9	82.9	79.5	56.1
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	23.6	10.4	7.3	10.7	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	48.5	46.0	30.9	24.9	34.2
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0	7.4
- Undistributed earnings in this period	48.5	46.0	30.9	24.9	26.8
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)	912.0	910.4	953.2	986.3	962.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	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
Provision (Increase)/Reversal	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
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0	0.0
Interest Expense	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
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	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	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
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-8.2	-17.7	-7.5	0.0	0.0
Other Operating Receipts	27.9	5.4	10.1	0.0	0.0
Other Operating Payments	-101.6	-162.3	-123.8	0.0	0.0
Net Cash Flow from Operating Activities	137.9	113.0	112.5	127.2	120.4
Payments for Fixed Assets and Other Long-term Assets	-75.9	-60.9	-85.3	-89.8	-98.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	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
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	0.0	0.0	0.0	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	-75.9	-60.9	-85.3	-89.8	-98.3
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	23.3	60.7	74.9	55.2	95.0
Repayment of Borrowings	-62.1	-79.6	-67.9	-70.1	-101.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-25.2	-24.6	-31.9	-23.6	-23.2
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	-64.0	-43.5	-24.9	-38.5	-29.8
Net Cash Flow During the Period	-2.0	8.6	2.3	-4.9	-2.8
Cash and Cash Equivalents at Beginning of Period	12.2	3.6	1.3	2.4	10.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.2	12.2	3.6	1.3	2.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	154.7	157.0	148.3	143.5	150.3	149.5	139.0	130.7	142.9	144.9	129.8	125.7
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	154.7	157.0	148.3	143.5	150.3	149.5	139.0	130.7	142.9	144.9	129.8	125.7
Cost of Goods Sold	119.9	110.5	107.6	102.5	113.6	101.0	102.0	92.6	98.5	99.5	94.7	87.7
Gross Profit	34.7	46.5	40.7	41.0	36.7	48.6	36.9	38.1	44.4	45.4	35.2	38.0
Financial Income	0.1	0.0	0.0	0.0	4.3	0.0	0.1	1.1	0.0	1.7	0.0	0.0
Financial Expenses	3.2	4.5	8.9	7.0	3.7	6.1	4.2	3.9	7.2	3.9	6.4	6.0
Interest Expense	3.2	3.1	3.5	3.1	3.7	3.2	4.2	3.9	4.5	3.9	5.0	4.8
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	6.3	5.3	6.0	5.4	6.1	5.4	5.7	5.6	5.6	5.6	5.2	5.4
General and Administrative Expenses	9.7	14.0	18.3	12.9	19.5	14.5	17.6	15.1	16.4	14.8	16.2	13.5
Operating Profit	15.6	22.7	7.5	15.7	11.9	22.6	9.5	14.5	15.2	22.9	7.3	13.0
Other Income	0.7	0.0	0.3	0.0	0.3	0.5	0.5	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.3	0.3	0.6	0.0	0.4	0.4	0.3	0.4	0.2	1.0	0.1	0.0
Other Profit	0.4	-0.3	-0.3	-0.0	-0.1	0.2	0.1	-0.4	-0.2	-1.0	-0.1	-0.0
Profit Before Tax	16.0	22.4	7.2	15.7	11.8	22.8	9.6	14.2	15.0	21.9	7.2	13.0
Current Income Tax Expense	3.4	4.5	1.7	3.2	2.6	4.7	2.0	3.0	3.8	4.6	1.6	2.7
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	12.6	17.9	5.6	12.5	9.3	18.0	7.6	11.2	11.2	17.3	5.6	10.4
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	12.6	17.9	5.6	12.5	9.3	18.0	7.6	11.2	11.2	17.3	5.6	10.4
Earnings per Share	394.00	562.00	175.00	391.00	291.00	566.00	239.00	351.00	352.00	544.00	176.00	325.00
Diluted EPS	393.76	561.83	175.41	390.71	290.54	566.12	239.19	351.02	352.09	544.15	176.26	325.43

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)	73.5	82.7	85.8	80.3	68.7	85.5	79.1	69.9	70.2	71.0	71.4	67.1
I. Cash and cash equivalents	12.1	18.0	18.8	19.2	10.2	16.5	14.2	8.9	12.2	7.1	5.5	3.0
1. Cash	12.1	18.0	18.8	19.2	10.2	16.5	14.2	8.9	12.2	7.1	5.5	3.0
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	17.2	20.1	22.4	22.0	20.6	24.9	23.4	22.6	19.5	22.4	24.4	23.7
1. Short-term trade accounts receivable	13.9	12.0	15.0	15.1	16.3	17.8	16.0	15.2	15.0	15.7	18.3	18.0
2. Short-term prepayments to suppliers	1.3	1.6	1.4	1.2	1.7	1.6	1.4	1.9	1.8	1.3	1.2	1.3
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	2.0	6.5	6.0	5.7	2.6	5.4	5.9	5.5	2.6	5.5	4.8	4.4
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	39.0	42.6	42.8	37.4	36.0	43.0	38.8	36.8	37.5	39.8	39.8	38.6
1. Inventories	39.0	42.6	42.8	37.4	36.0	43.0	38.8	36.8	37.5	39.8	39.8	38.6
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	5.2	1.9	1.8	1.7	2.0	1.1	2.7	1.5	1.1	1.7	1.8	1.9
1. Short-term prepayments	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.4	0.7	0.2	0.0	0.7	0.0	1.3	0.0	0.1	0.6	0.7	0.5
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	1.0	1.1	0.0
4. Government bonds	1.4	1.3	1.6	1.7	1.2	1.1	1.4	1.5	0.0	0.0	0.0	1.3
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)	838.5	805.4	809.5	822.4	841.8	843.5	862.4	862.4	883.0	885.3	889.5	904.7
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	755.9	765.7	769.9	780.0	794.8	778.7	791.4	809.9	833.2	829.7	838.3	848.6
1. Tangible fixed assets	755.9	765.7	769.9	779.9	794.8	778.6	791.3	809.7	833.0	829.5	838.1	848.3
- Cost	2,137.6	2,120.8	2,098.0	2,080.8	2,068.1	2,025.9	2,011.5	2,002.6	1,999.3	1,969.1	1,952.0	1,932.0
- Accumulated depreciation	-1,381.7	-1,355.1	-1,328.1	-1,300.9	-1,273.4	-1,247.4	-1,220.3	-1,192.9	-1,166.3	-1,139.6	-1,114.0	-1,083.7
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	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.3	0.3
- Cost	0.9	0.9	0.9	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	-0.8	-0.8	-0.8	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	41.3	5.4	5.7	11.3	11.6	28.7	30.3	8.4	3.8	16.8	11.8	17.2
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	41.3	5.4	5.7	11.3	11.6	28.7	30.3	8.4	3.8	16.8	11.8	17.2
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	41.3	34.3	33.9	31.2	35.3	36.1	40.7	44.1	45.9	38.8	39.4	38.9
1. Long-term prepayments	41.3	34.3	33.9	31.2	35.3	36.1	40.7	44.1	45.9	38.8	39.4	38.9
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)	912.0	888.1	895.3	902.7	910.5	929.0	941.5	932.3	953.2	956.3	961.0	971.8
A. LIABILITIES (300=210+330)	438.1	426.8	426.1	432.1	452.3	480.0	485.3	481.2	513.3	514.0	511.1	527.5
I. Short -term liabilities	160.0	101.6	88.8	98.3	103.7	112.4	113.3	116.0	132.2	128.7	111.4	130.6
1. Short-term trade accounts payable	62.7	42.3	40.3	51.0	56.1	63.9	72.6	68.4	70.1	74.1	60.3	69.9
2. Short-term advances from customers	1.9	1.8	1.7	1.7	1.3	1.4	1.4	1.9	1.9	2.0	2.1	2.6
3. Taxes and other payables to state authorities	11.7	8.5	5.2	6.9	11.0	9.3	5.5	6.6	6.8	8.1	4.6	5.6
4. Payable to employees	19.7	20.3	15.1	9.1	8.9	18.4	13.0	8.2	6.3	18.2	12.8	7.9
5. Short-term acrrued expenses	1.1	0.0	0.1	0.0	0.2	0.0	0.2	0.0	0.2	0.0	0.2	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	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	19.2	13.1	9.7	16.3	9.1	8.1	6.6	9.8	13.4	11.4	6.2	6.9
10. Short-term borrowings and financial leases	40.9	3.6	4.4	8.1	8.9	3.6	4.4	13.9	24.9	3.6	12.0	19.8
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	2.6	11.9	12.3	5.3	8.3	7.7	9.6	7.1	8.6	11.3	13.3	18.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	278.2	325.2	337.3	333.8	348.5	367.6	372.1	365.3	381.1	385.3	399.7	396.9
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	105.3	112.5	112.5	112.5	119.7	122.7	124.7	126.9	126.9	130.9	134.1	134.1
8. Long-term borrowings and financial leases	172.9	212.7	224.8	221.3	228.8	244.9	247.4	238.4	254.3	254.4	265.6	262.8
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	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)	473.9	461.3	469.2	470.6	458.3	449.0	456.2	451.1	439.9	442.4	449.9	444.3
I. Owner's equity	473.9	461.3	469.2	470.6	458.3	449.0	456.2	451.1	439.9	442.4	449.9	444.3
1. Owner's capital	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8
- Common stock with voting right	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8	318.8
- 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	82.9	82.9	82.9	82.9	89.8	82.9	82.9	82.9	82.9	80.7	80.4	79.5
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	23.6	23.6	23.6	10.4	3.5	10.4	10.4	7.3	7.3	9.4	9.8	10.7
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	48.5	36.0	43.9	58.5	46.1	36.9	44.1	42.0	30.9	33.3	40.9	35.3
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	46.0	0.0	0.0	25.2	30.9	0.0	0.0	24.9	24.9
- Undistributed earnings in this period	48.5	36.0	43.9	12.5	46.1	36.9	18.8	11.2	30.9	33.3	16.0	10.4
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)	912.0	888.1	895.3	902.7	910.5	929.0	941.5	932.3	953.2	956.3	961.0	971.8

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	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	-3.4	-1.5	-3.3	-7.3	0.0	-2.0	-3.0	-3.2	-3.2	-3.1	-3.1	-8.3
Other Operating Receipts	5.0	1.2	0.2	3.9	7.7	14.8	1.0	3.1	0.5	1.6	0.2	3.0
Other Operating Payments	-44.4	-37.6	-4.3	-38.8	-31.5	-46.8	-37.2	-35.9	-10.9	-68.2	-39.9	-43.2
Net Cash Flow from Operating Activities	26.5	51.7	27.0	26.9	16.7	47.0	30.2	26.5	51.6	11.8	29.9	19.7
Payments for Fixed Assets and Other Long-term Assets	-29.6	-13.2	-21.8	-5.7	-16.0	-14.1	-24.7	-3.8	-25.2	-7.7	-21.0	-7.1
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	0.0
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	0.0	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 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	-29.6	-13.2	-21.8	-5.7	-16.0	-14.1	-24.7	-3.8	-25.2	-7.7	-20.9	-7.1
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	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	9.5	0.0	6.2	0.4	4.5	6.5	12.3	0.0	11.7	19.6	15.5	13.8
Repayment of Borrowings	-11.9	-14.3	-11.8	-12.7	-10.9	-12.7	-12.5	-26.0	-28.8	-1.8	-22.0	-27.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-25.1	0.0	-0.0	-0.6	-24.4	-0.0	0.0	-4.3	-20.3	0.0	-0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.7	-39.4	-5.6	-12.3	-7.1	-30.6	-0.2	-26.0	-21.4	-2.5	-6.4	-13.2
Net Cash Flow During the Period	-5.9	-0.8	-0.4	9.0	-6.3	2.3	5.3	-3.3	5.1	1.6	2.5	-0.6
Cash and Cash Equivalents at Beginning of Period	18.0	18.8	19.2	10.2	12.2	12.2	12.2	12.2	3.6	3.6	3.6	3.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.1	18.0	18.8	19.2	10.2	16.5	14.2	8.9	12.2	7.1	5.5	3.0

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