HHP

Listed Company · HOSE

Price

12,200

Latest close

03 Apr 2026

P/E 20.0x

EPS (TTM) 610

ROE (TTM) 4.9%

P/B 0.9x

BVPS (Latest) 13,129

ROA (TTM) 1.6%

What Is Changing

HHP no longer looks like a business simply rebounding from a weak base. Revenue posted +67.0% YoY, while net margin reached 1.80% with an additional +0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 56.2bn in 2025.
Revenue increased 67.0% YoY to VND 3,123.9bn in 2025.
Net margin improved from 1.27% in the prior period to 1.80% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	3,123.9	1,870.5	1,109.3	945.3	791.4
Growth	+67%	+69%	+17%	+19%	—
Net Income	56.2	23.8	24.5	40.6	36.7
Net Margin	1.80%	1.27%	2.21%	4.30%	4.64%

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	802.7	705.8	991.8	655.7	528.3	492.6	437.9	411.7	356.8	286.9	227.6	238.1
Growth	+14%	-29%	+51%	+24%	+7%	+12%	+6%	+15%	+24%	+26%	-4%	—
Net Income	13.9	10.0	20.8	12.8	6.7	3.2	9.9	5.9	0.2	3.3	10.6	9.7
Net Margin	1.73%	1.42%	2.10%	1.95%	1.27%	0.65%	2.27%	1.42%	0.05%	1.13%	4.66%	4.06%

Financial Statements

Profitability

Net margin reached 1.80% while Revenue posted +67.0% YoY.

Balance Sheet

Inventory stood at 460.4bn, liabilities at 2,511.0bn, and equity at 1,136.4bn.

Cash Flow

Operating cash flow was -413.8bn in 2024, while investing cash flow was -782.4bn.

Financing cash flow: 1,199.6bn.

Item	2025	2024	2023	2022	2021
Revenue	3,123.9	1,870.6	1,109.3	945.3	791.6
Revenue Deductions	0.0	0.1	0.0	0.0	0.0
Net Revenue	3,123.9	1,870.5	1,109.3	945.3	791.4
Cost of Goods Sold	2,924.0	1,812.6	1,040.7	871.4	0.0
Gross Profit	199.9	57.8	68.7	74.0	62.0
Financial Income	12.1	8.2	7.8	1.5	0.4
Financial Expenses	110.3	25.3	39.2	20.2	-14.8
Interest Expense	103.3	24.7	27.1	20.0	-10.6
Share of Associates and Joint Ventures	3.3	2.0	2.3	2.5	1.5
Selling Expenses	16.6	5.7	2.6	2.7	-3.2
General and Administrative Expenses	17.0	7.0	7.4	4.5	-5.1
Operating Profit	71.4	30.1	29.6	50.6	41.0
Other Income	0.2	0.2	2.0	0.0	0.0
Other Expenses	0.4	0.3	0.5	0.2	0.0
Other Profit	-0.2	-0.1	1.5	-0.2	4.9
Profit Before Tax	71.2	29.9	31.1	50.4	45.9
Current Income Tax Expense	15.1	6.5	6.6	9.8	-9.1
Deferred Income Tax Expense	-0.0	-0.3	0.0	0.0	0.0
Net Income	56.2	23.8	24.5	40.6	36.7
Non-controlling Interest	4.7	5.1	3.6	4.0	2.0
Profit Attributable to Parent	51.5	18.7	21.0	36.6	34.8
Earnings per Share	594.61	197.00	270.00	1,001.00	1,583.00
Diluted EPS	594.61	215.91	270.00	1,001.00	1,156.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,256.9	1,158.7	548.6	527.6	451.8
I. Cash and cash equivalents	35.1	16.5	13.1	2.1	7.7
1. Cash	35.1	16.5	13.1	2.1	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	207.1	120.0	39.0	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	207.1	120.0	39.0	0.0
III. Short-term receivables	718.7	536.9	236.9	369.9	362.7
1. Short-term trade accounts receivable	270.8	276.5	127.5	84.2	0.0
2. Short-term prepayments to suppliers	133.1	197.6	79.1	233.3	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	314.8	62.8	30.3	52.4	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	460.4	353.6	170.4	102.6	67.3
1. Inventories	460.4	353.6	170.4	102.6	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	42.7	44.6	8.2	13.9	0.7
1. Short-term prepayments	7.2	3.3	0.3	0.5	0.0
2. Value added tax to be reclaimed	35.5	41.1	7.8	13.4	0.0
3. Taxes and other receivables from state authorities	0.0	0.2	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)	2,390.5	1,716.2	1,529.5	460.0	265.9
I. Long-term receivables	3.1	2.0	13.8	3.9	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	3.0
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	3.1	2.0	13.8	3.9	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,348.5	220.7	151.0	159.2	162.3
1. Tangible fixed assets	1,261.3	137.1	99.3	89.4	84.3
- Cost	1,363.8	251.9	192.8	162.1	0.0
- Accumulated depreciation	-102.5	-114.8	-93.5	-72.7	0.0
2. Financial leased fixed assets	86.2	82.4	51.6	69.8	78.0
- Cost	95.6	83.4	66.6	85.6	0.0
- Accumulated depreciation	-9.4	-1.0	-15.0	-15.8	0.0
3. Intangible fixed assets	1.0	1.2	0.0	0.0	0.0
- Cost	1.2	1.2	0.0	0.0	0.0
- Accumulated depreciation	-0.2	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	950.1	1,408.2	1,245.2	216.9	22.7
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	950.1	1,408.2	1,245.2	216.9	0.0
V. Long-term financial investments	42.5	39.7	73.0	35.7	33.2
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	42.2	39.4	72.4	35.1	0.0
3. Investments in other entities	0.3	0.3	0.3	0.3	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	0.3	0.3	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	46.2	45.6	46.6	44.2	0.0
1. Long-term prepayments	45.9	45.3	46.6	44.2	0.0
2. Deferred income tax assets	0.3	0.3	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	44.7
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)	3,647.4	2,874.9	2,078.1	987.5	717.7
A. LIABILITIES (300=210+330)	2,511.0	1,842.5	1,313.0	548.3	332.4
I. Short -term liabilities	1,234.2	994.2	919.8	392.1	308.4
1. Short-term trade accounts payable	136.4	69.6	511.8	85.0	52.7
2. Short-term advances from customers	5.6	0.5	11.0	0.1	0.7
3. Taxes and other payables to state authorities	4.0	7.9	4.3	7.1	0.0
4. Payable to employees	3.1	1.8	1.0	1.7	0.0
5. Short-term acrrued expenses	6.6	1.1	1.3	1.0	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	95.7	4.1	38.0	35.0	0.0
10. Short-term borrowings and financial leases	980.9	895.9	340.1	253.8	239.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.9	13.4	12.4	8.4	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	1,276.8	848.3	393.2	156.1	23.9
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	0.1	0.2
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,276.8	848.3	393.2	156.0	23.8
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,136.4	1,032.3	765.0	439.3	385.3
I. Owner's equity	1,136.4	1,032.3	765.0	439.3	0.0
1. Owner's capital	865.5	865.5	620.2	320.2	385.3
- Common stock with voting right	865.5	865.5	620.2	320.2	300.7
- 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	9.2	7.5	10.9	7.5	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	99.3	51.5	76.9	63.2	53.2
- Accumulated retained earning at the end of the previous period	47.9	32.8	55.9	26.6	19.3
- Undistributed earnings in this period	51.5	18.7	21.0	36.6	33.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	162.3	107.8	57.1	48.4	27.0
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)	3,647.4	2,874.9	2,078.1	987.5	717.7

Item	2024	2023	2022	2021	2020
Profit Before Tax	29.9	31.1	50.4	45.8	27.3
Depreciation of Fixed Assets and Investment Property	13.4	19.9	19.6	18.4	16.4
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.3	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-8.8	-7.4	-1.2	0.0	0.0
Interest Expense	24.7	27.1	20.0	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	59.4	70.3	88.6	78.5	55.1
Increase/(Decrease) in Receivables	136.2	-453.0	-27.9	0.0	0.0
Increase/(Decrease) in Inventory	-183.2	-67.8	-35.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-393.1	449.2	28.7	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.7	-2.2	0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-24.8	-26.9	-19.2	0.0	0.0
Corporate Income Tax Paid	-5.0	-9.6	-7.8	0.0	0.0
Other Operating Receipts	0.0	0.4	0.0	0.0	0.0
Other Operating Payments	-1.5	-0.3	-0.5	0.0	0.0
Net Cash Flow from Operating Activities	-413.8	-39.9	26.8	-17.9	22.4
Payments for Fixed Assets and Other Long-term Assets	-706.7	-462.7	-234.4	-158.0	-59.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.8	0.0	0.0	23.2	0.0
Loans and Purchases of Debt Instruments	-209.7	-150.8	-35.2	-18.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	124.9	71.7	9.9	6.2	-2.6
Investments in Other Entities	0.0	-35.0	0.0	0.0	2.7
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.3	4.3	0.2	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	-782.4	-572.5	-259.5	-147.1	-74.3
Proceeds from Equity Issuance and Capital Contributions	200.0	300.0	19.5	109.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2,860.0	1,023.0	889.0	575.9	353.7
Repayment of Borrowings	-1,840.3	-683.7	-662.0	-503.2	-276.9
Repayment of Finance Leases	-20.1	-15.8	-17.0	-19.9	-19.6
Dividends Paid	0.0	0.0	-2.3	0.0	0.0
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	1,199.6	623.4	227.2	161.8	57.2
Net Cash Flow During the Period	3.4	11.0	-5.5	-2.4	1.1
Cash and Cash Equivalents at Beginning of Period	13.1	2.1	7.7	10.8	5.4
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	16.5	13.1	2.1	7.7	10.8

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	802.7	705.8	991.8	655.7	528.3	492.7	437.9	411.7	356.8	286.9	227.6	238.1
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	802.7	705.8	991.8	655.7	528.3	492.6	437.9	411.7	356.8	286.9	227.6	238.1
Cost of Goods Sold	751.5	652.5	930.0	622.0	512.0	482.4	419.1	399.0	346.1	268.5	207.0	219.0
Gross Profit	51.2	53.3	61.8	33.7	16.3	10.1	18.8	12.7	10.6	18.4	20.6	19.2
Financial Income	4.3	2.1	2.8	3.0	2.5	3.5	2.8	1.5	1.5	2.9	2.8	0.5
Financial Expenses	31.4	33.9	26.6	17.3	9.6	6.3	5.5	5.4	7.1	17.3	9.4	5.5
Interest Expense	31.0	28.7	26.4	17.1	12.6	6.3	5.5	5.4	0.0	0.0	0.0	5.5
Share of Associates and Joint Ventures	1.0	0.5	1.8	0.0	1.5	0.0	0.6	0.0	0.9	0.0	0.9	0.0
Selling Expenses	3.7	4.5	7.3	1.1	1.1	2.1	2.0	0.5	0.6	0.7	0.7	0.7
General and Administrative Expenses	4.0	4.1	6.9	2.0	1.6	1.0	2.4	0.9	4.2	1.3	1.2	0.8
Operating Profit	17.4	13.4	25.6	16.2	8.0	4.2	12.4	7.3	1.1	2.0	13.1	12.7
Other Income	0.0	0.0	0.0	0.2	5.5	0.0	-0.0	0.0	0.3	1.8	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.3	5.3	0.3	0.0	0.0	0.2	0.0	0.1	0.2
Other Profit	-0.1	-0.0	-0.0	-0.0	0.2	-0.3	-0.1	0.0	0.1	1.8	-0.1	-0.2
Profit Before Tax	17.3	13.4	25.6	16.2	8.2	4.0	12.3	7.3	1.2	3.8	13.0	12.5
Current Income Tax Expense	3.4	3.4	4.7	3.4	1.8	0.8	2.4	1.5	1.0	0.5	2.4	2.8
Deferred Income Tax Expense	0.0	0.0	0.0	-0.0	-0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.9	10.0	20.8	12.8	6.7	3.2	9.9	5.9	0.2	3.3	10.6	9.7
Non-controlling Interest	1.7	0.2	1.7	1.2	2.0	0.9	1.6	0.4	1.3	1.0	0.8	0.4
Profit Attributable to Parent	12.2	9.9	19.1	11.6	4.7	2.3	8.3	5.4	-1.1	2.2	9.8	9.3
Earnings per Share	141.00	113.85	221.20	134.00	53.90	26.67	95.57	82.00	-18.11	35.93	157.61	149.20
Diluted EPS	141.00	113.85	221.20	134.44	53.90	26.67	95.57	82.00	-18.11	35.93	157.61	149.20

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)	1,256.9	1,264.8	1,221.6	1,250.6	1,160.4	1,119.8	979.3	671.1	548.6	622.8	598.2	623.1
I. Cash and cash equivalents	35.1	16.8	17.6	18.0	16.2	22.9	38.2	16.1	13.1	5.8	4.1	15.6
1. Cash	35.1	16.8	17.6	18.0	16.2	22.9	38.2	16.1	13.1	5.8	4.1	15.6
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	188.9	198.7	207.2	209.7	196.8	132.1	120.0	134.9	165.9	150.3
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	188.9	198.7	207.2	209.7	196.8	132.1	120.0	134.9	165.9	150.3
III. Short-term receivables	718.7	800.1	652.9	614.2	537.9	522.1	538.4	328.8	236.9	342.8	221.3	316.5
1. Short-term trade accounts receivable	270.8	366.1	391.3	314.6	269.1	230.6	241.6	141.0	127.5	171.3	108.1	127.3
2. Short-term prepayments to suppliers	133.1	179.2	181.6	222.6	194.7	238.5	161.5	110.8	79.1	109.9	78.8	152.0
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	0.5	42.0	0.0	0.0	10.0	0.0	0.0
6. Other short-term receivables	314.8	254.9	80.0	76.9	74.1	52.4	93.3	77.0	30.3	51.6	34.4	37.3
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	460.4	363.4	286.9	363.9	353.5	333.2	180.0	177.3	170.4	130.6	130.1	100.9
1. Inventories	460.4	363.4	286.9	363.9	353.5	333.2	180.0	177.3	170.4	130.6	130.1	100.9
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	42.7	84.5	75.3	55.9	45.6	32.0	25.8	16.8	8.2	8.8	76.8	39.8
1. Short-term prepayments	7.2	4.8	3.8	3.7	4.3	1.0	1.0	0.4	0.3	0.4	0.6	0.6
2. Value added tax to be reclaimed	35.5	79.7	71.5	52.2	41.1	31.0	24.9	16.4	7.8	8.3	76.2	39.3
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	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	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)	2,390.5	2,239.0	2,064.5	1,816.8	1,725.4	1,660.0	1,578.5	1,547.0	1,529.5	1,292.8	1,174.2	748.2
I. Long-term receivables	3.1	1.7	1.7	1.7	11.6	15.8	2.6	13.8	13.8	3.6	3.5	3.9
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	3.1	1.7	1.7	1.7	11.6	15.8	2.6	13.8	13.8	3.6	3.5	3.9
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	1,348.5	1,356.1	1,374.6	1,475.5	220.9	150.4	141.0	145.8	151.0	144.4	149.3	154.2
1. Tangible fixed assets	1,261.3	1,278.0	1,294.7	1,395.6	138.5	104.1	92.9	95.9	99.3	99.0	102.3	86.4
- Cost	1,363.8	1,362.9	1,362.3	1,524.7	253.1	207.6	193.2	192.8	192.8	188.2	188.2	162.1
- Accumulated depreciation	-102.5	-85.0	-67.5	-129.2	-114.6	-103.6	-100.3	-96.9	-93.5	-89.1	-85.8	-75.7
2. Financial leased fixed assets	86.2	77.0	78.8	78.8	82.4	46.4	48.1	49.9	51.6	45.4	47.0	67.8
- Cost	95.6	83.4	83.4	81.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.4	-6.3	-4.6	-2.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.0	1.0	1.1	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.2	1.2	1.2	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	-0.2	-0.1	-0.1	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	950.1	794.1	559.4	253.7	1,408.2	1,407.9	1,351.1	1,301.6	1,245.2	1,063.5	940.8	510.3
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	950.1	794.1	559.4	253.7	1,408.2	1,407.9	1,351.1	1,301.6	1,245.2	1,063.5	940.8	510.3
V. Long-term financial investments	42.5	41.5	82.8	39.7	39.7	38.3	38.6	38.0	73.0	36.7	36.7	35.7
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	42.2	41.2	82.5	39.4	39.4	38.0	38.0	37.4	72.4	36.1	36.1	35.1
3. Investments in other entities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.3	0.3	0.3	0.3
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	46.2	45.7	45.9	46.2	44.9	47.6	45.2	47.9	46.6	44.7	44.0	44.1
1. Long-term prepayments	45.9	45.3	45.6	45.8	44.6	47.6	45.2	47.9	46.6	44.7	44.0	44.1
2. Deferred income tax assets	0.3	0.3	0.3	0.3	0.3	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)	3,647.4	3,503.9	3,286.1	3,067.4	2,885.8	2,779.8	2,557.8	2,218.2	2,078.1	1,915.6	1,772.4	1,371.4
A. LIABILITIES (300=210+330)	2,511.0	2,381.3	2,227.4	1,973.3	1,853.6	1,752.5	1,533.6	1,398.2	1,313.0	1,156.5	1,020.6	622.5
I. Short -term liabilities	1,234.2	1,175.8	1,119.0	1,022.8	1,010.2	948.1	847.8	813.8	919.9	838.1	758.8	365.9
1. Short-term trade accounts payable	136.4	110.1	42.0	52.4	72.0	49.3	125.0	348.5	511.8	455.4	402.2	48.5
2. Short-term advances from customers	5.6	2.3	0.3	3.5	14.0	22.7	5.7	5.1	11.0	0.1	0.1	0.1
3. Taxes and other payables to state authorities	4.0	6.2	3.7	9.4	7.9	6.3	5.1	5.3	4.3	4.7	4.9	7.1
4. Payable to employees	3.1	2.8	3.3	1.5	1.8	1.4	1.5	1.2	1.0	1.1	0.9	1.1
5. Short-term acrrued expenses	6.6	8.6	4.0	6.2	1.0	0.5	1.3	1.3	1.3	2.0	1.2	0.8
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	95.7	124.1	5.0	11.4	4.2	37.5	3.8	38.2	38.0	65.3	33.3	30.6
10. Short-term borrowings and financial leases	980.9	919.6	1,058.4	925.5	895.9	816.0	690.8	402.1	340.2	297.0	303.5	269.3
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	1.9	2.1	2.3	12.9	13.4	14.4	14.6	12.2	12.4	12.5	12.6	8.4
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	1,276.8	1,205.5	1,108.4	950.4	843.4	804.5	685.8	584.4	393.2	318.3	261.8	256.6
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	1,276.8	1,205.5	1,108.4	950.4	843.4	804.5	685.8	584.3	393.1	318.3	261.7	256.5
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,136.4	1,122.5	1,058.7	1,094.2	1,032.2	1,027.3	1,024.2	819.9	765.0	759.1	751.8	748.9
I. Owner's equity	1,136.4	1,122.5	1,058.7	1,094.2	1,032.2	1,027.3	1,024.2	819.9	765.0	759.1	751.8	748.9
1. Owner's capital	865.5	865.5	865.5	865.5	865.5	865.5	865.5	660.5	620.2	620.2	620.2	620.2
- Common stock with voting right	865.5	865.5	865.5	865.5	865.5	865.5	865.5	660.5	620.2	620.2	620.2	620.2
- 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	9.2	9.2	9.2	7.5	7.5	7.5	7.5	10.9	10.9	10.9	10.9	7.5
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	99.3	87.1	81.8	63.1	50.6	47.9	46.5	42.0	76.9	77.2	74.9	72.5
- Accumulated retained earning at the end of the previous period	47.9	47.9	51.0	51.5	32.0	32.8	32.8	36.6	54.4	55.9	52.1	63.2
- Undistributed earnings in this period	51.5	39.3	30.8	11.6	18.6	15.1	13.7	5.4	22.5	21.3	22.8	9.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	162.3	160.6	102.1	157.9	108.5	106.3	104.6	106.5	57.1	50.8	45.8	48.8
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)	3,647.4	3,503.9	3,286.1	3,067.4	2,885.8	2,779.8	2,557.8	2,218.2	2,078.1	1,915.6	1,772.4	1,371.4

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
Profit Before Tax	17.3	13.4	24.4	16.2	7.0	3.1	12.3	7.3	1.8	3.8	13.0	12.5
Depreciation of Fixed Assets and Investment Property	20.6	19.3	16.0	16.2	-2.2	5.1	5.2	5.2	5.0	4.9	5.0	5.0
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	-0.5	0.1	0.0	-0.8	0.0	0.0	-0.0	0.0	-0.3	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	2.0	-1.7	-1.3	0.7	-1.2	-2.0	-1.5	-1.2	-2.9	-2.8	-0.5
Interest Expense	31.0	28.7	26.4	17.1	12.6	1.7	5.5	5.4	7.0	6.4	8.2	5.5
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	68.2	63.5	65.9	47.3	18.1	8.7	20.9	16.4	12.3	12.2	23.4	22.4
Increase/(Decrease) in Receivables	-83.5	54.9	147.6	-88.5	-26.7	-42.3	-146.2	-120.3	-496.2	-45.1	60.9	27.4
Increase/(Decrease) in Inventory	-97.0	-76.5	77.0	-10.3	-20.3	-153.1	-2.7	-7.0	-39.8	-0.5	-29.2	1.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-96.7	392.8	-356.0	11.6	601.2	-23.0	-261.9	-84.4	524.4	77.0	54.3	-206.6
Increase/(Decrease) in Prepaid Expenses	-2.9	-0.7	0.0	-0.9	-0.3	-2.4	2.1	-1.3	-1.8	-0.6	0.1	0.1
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	-28.5	-27.3	-25.5	-16.8	-11.8	-2.6	-5.5	-5.4	-7.7	-5.7	-7.8	-5.7
Corporate Income Tax Paid	-4.2	-1.6	-8.9	0.0	-0.1	-0.7	-3.9	-0.3	-1.2	-1.2	-7.2	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	-0.9	0.9	0.0	0.4	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-9.5	-0.4	-1.1	-0.2	-0.1	-0.2	-0.2	-0.1	-0.1	-0.0
Net Cash Flow from Operating Activities	-244.8	404.9	-109.3	-58.1	558.9	-216.5	-396.3	-202.5	-9.6	36.0	94.4	-160.7
Payments for Fixed Assets and Other Long-term Assets	29.8	-311.2	-224.6	-131.1	-694.8	-82.5	-69.3	-25.8	-88.5	-139.3	-103.7	-131.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.0	5.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-68.0	0.0	-18.4	-36.1	-8.6	-31.4	-115.2	-12.0	-3.5	-19.0	-15.0	-113.3
Receipts from Loan Repayments and Sale of Debt Instruments	85.4	0.0	28.3	44.8	11.7	58.6	10.1	0.0	29.0	40.0	0.0	2.6
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-35.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	-1.0	38.5	9.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-0.7	2.1	4.3	0.9	2.1	1.5	2.6	1.4	0.8	3.4	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	45.4	-289.1	-200.9	-121.6	-684.5	-53.9	-171.8	-36.5	-97.2	-114.9	-118.6	-241.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	49.0	0.0	0.0	200.0	0.0	0.0	0.0	0.0	300.0
Share Repurchases	0.0	0.0	1,302.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	835.5	1,682.9	0.0	602.4	-194.2	1,355.7	517.0	401.5	206.7	334.4	160.4	321.5
Repayment of Borrowings	-615.3	-493.9	-338.1	-467.8	317.3	-1,092.5	-122.4	-154.7	-90.6	-250.8	-140.8	-201.5
Repayment of Finance Leases	-2.9	-2.9	-2.9	-2.9	-4.2	-8.1	-4.4	-4.9	-5.3	-3.0	-3.5	-4.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.4	0.0	-3.4	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	217.3	-116.6	310.3	180.7	118.9	255.1	590.2	241.9	114.2	80.6	12.7	416.0
Net Cash Flow During the Period	17.9	-0.9	0.1	1.0	-6.7	-15.3	22.1	2.9	7.4	1.7	-11.6	13.5
Cash and Cash Equivalents at Beginning of Period	16.8	17.6	18.0	16.5	13.1	13.1	13.1	13.1	2.1	2.1	2.1	2.1
FX Difference from Revaluation	0.5	0.0	-0.0	0.4	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	35.1	16.8	17.6	18.0	16.2	22.9	38.2	16.1	13.1	5.8	4.1	15.6

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