HPW

Listed Company · UPCOM

Price

22,900

Latest close

01 Apr 2026

P/E 10.7x

EPS (TTM) 2,137

ROE (TTM) 14.2%

P/B 1.5x

BVPS (Latest) 15,466

ROA (TTM) 7.6%

What Is Changing

HPW no longer looks like a business simply rebounding from a weak base. Revenue posted +7.8% YoY, while net margin reached 11.42% with an additional +2.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 182bps to 11.42% in 2025.
Revenue increased 7.8% YoY to VND 1,388.6bn in 2025.
Net Income reached a multi-period high at VND 158.6bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,388.6	1,287.8	1,131.1	1,073.0	1,023.4
Growth	+8%	+14%	+5%	+5%	—
Net Income	158.6	110.7	102.1	98.8	98.2
Net Margin	11.42%	8.59%	9.03%	9.21%	9.60%

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	347.3	370.3	346.2	324.8	331.1	351.9	336.2	271.1	291.8	298.9	284.0	256.7
Growth	-6%	+7%	+7%	-2%	-6%	+5%	+24%	-7%	-2%	+5%	+11%	—
Net Income	46.8	55.7	36.8	19.3	31.2	39.2	22.1	18.1	28.5	36.0	20.1	14.7
Net Margin	13.47%	15.03%	10.64%	5.93%	9.43%	11.13%	6.58%	6.69%	9.78%	12.04%	7.09%	5.73%

Financial Statements

Profitability

Net margin reached 11.42% while Revenue posted +7.8% YoY.

Balance Sheet

Inventory stood at 77.2bn, liabilities at 946.3bn, and equity at 1,147.7bn.

Cash Flow

Operating cash flow was 334.0bn in 2024, while investing cash flow was -186.4bn.

Financing cash flow: -145.1bn.

Item	2025	2024	2023	2022	2021
Revenue	1,388.6	1,287.8	1,131.1	1,073.0	1,023.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,388.6	1,287.8	1,131.1	1,073.0	1,023.4
Cost of Goods Sold	860.5	804.3	681.0	646.1	0.0
Gross Profit	528.1	483.5	450.2	426.9	370.7
Financial Income	30.1	23.6	26.2	15.0	20.4
Financial Expenses	74.4	96.6	87.2	65.4	-26.6
Interest Expense	47.2	57.5	60.8	34.4	-26.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	168.5	155.9	152.9	149.8	-148.4
General and Administrative Expenses	124.8	117.4	108.8	105.6	-93.7
Operating Profit	190.5	137.2	127.5	121.0	122.3
Other Income	22.2	17.3	13.1	16.1	0.0
Other Expenses	14.4	16.1	12.7	13.6	0.0
Other Profit	7.8	1.1	0.5	2.5	0.5
Profit Before Tax	198.2	138.3	127.9	123.5	122.8
Current Income Tax Expense	39.7	27.7	25.8	24.7	-24.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	158.6	110.7	102.1	98.8	98.2
Non-controlling Interest	8.7	8.2	7.8	7.7	3.1
Profit Attributable to Parent	149.8	102.5	94.3	91.1	95.1
Earnings per Share	2,019.00	1,381.00	1,271.00	1,228.00	410.00
Diluted EPS	2,019.09	1,381.01	1,271.35	1,227.67	1,281.38

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	808.7	673.1	570.3	497.9	481.4
I. Cash and cash equivalents	18.7	17.3	14.8	61.4	244.8
1. Cash	18.7	13.3	8.8	12.9	0.0
2. Cash equivalents	0.0	4.0	6.0	48.5	0.0
II. Short-term financial investments	678.8	539.8	432.8	300.0	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	678.8	539.8	432.8	300.0	0.0
III. Short-term receivables	28.2	34.8	29.3	44.1	60.7
1. Short-term trade accounts receivable	14.0	18.8	19.6	20.7	0.0
2. Short-term prepayments to suppliers	1.4	6.7	3.5	1.2	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	13.4	10.2	7.4	23.4	0.0
7. Provision for short-term doubtful debts (*)	-0.6	-0.8	-1.1	-1.2	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	77.2	60.6	57.9	50.7	49.4
1. Inventories	77.2	60.6	57.9	50.7	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	5.7	20.6	35.5	41.7	58.0
1. Short-term prepayments	0.7	0.6	0.5	0.4	0.0
2. Value added tax to be reclaimed	4.8	19.8	34.8	36.2	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	5.0	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)	1,285.3	1,402.6	1,516.5	1,707.2	1,879.1
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	1,222.5	1,350.8	1,477.4	1,683.4	1,831.7
1. Tangible fixed assets	1,221.2	1,349.2	1,476.9	1,683.1	1,830.4
- Cost	3,807.5	3,726.3	3,648.5	3,621.9	0.0
- Accumulated depreciation	-2,586.3	-2,377.1	-2,171.7	-1,938.8	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	1.3	1.5	0.5	0.3	1.3
- Cost	13.5	13.0	11.6	11.1	0.0
- Accumulated depreciation	-12.2	-11.5	-11.1	-10.8	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	55.6	46.1	34.6	8.5	29.7
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	55.6	46.1	34.6	8.5	0.0
V. Long-term financial investments	0.7	0.7	0.7	0.7	0.7
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	0.7	0.7	0.7	0.7	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.5	5.0	3.9	14.6	0.0
1. Long-term prepayments	6.5	5.0	3.9	14.6	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	17.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,094.0	2,075.7	2,086.8	2,205.1	2,360.5
A. LIABILITIES (300=210+330)	946.3	987.3	1,015.1	1,142.3	1,308.2
I. Short -term liabilities	200.8	199.5	184.5	222.4	256.6
1. Short-term trade accounts payable	14.2	22.9	11.9	36.4	38.4
2. Short-term advances from customers	1.8	1.4	1.8	1.2	2.9
3. Taxes and other payables to state authorities	17.2	10.3	8.9	4.8	0.0
4. Payable to employees	68.2	53.2	45.8	49.7	0.0
5. Short-term acrrued expenses	3.5	4.9	4.9	3.0	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	14.8	13.8	19.2	29.6	0.0
10. Short-term borrowings and financial leases	67.7	78.4	73.3	80.3	96.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.4	14.6	18.7	17.3	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	745.6	787.8	830.6	920.0	1,051.7
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	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	745.6	787.8	830.6	920.0	1,051.7
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)	1,147.7	1,088.4	1,071.7	1,062.8	1,052.3
I. Owner's equity	1,147.7	1,088.4	1,071.7	1,062.8	0.0
1. Owner's capital	742.1	742.1	742.1	742.1	1,052.3
- Common stock with voting right	742.1	742.1	742.1	742.1	742.1
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.6	0.6	0.6	0.6	0.6
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	41.5	33.2	33.2	33.2	26.1
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	158.8	159.3	152.4	145.8	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	161.6	112.1	104.0	102.9	100.3
- Accumulated retained earning at the end of the previous period	11.8	9.7	9.7	11.8	10.8
- Undistributed earnings in this period	149.8	102.5	94.3	91.1	89.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	43.2	41.1	39.4	38.2	36.8
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)	2,094.0	2,075.7	2,086.8	2,205.1	2,360.5

Item	2024	2023	2022	2021	2020
Profit Before Tax	138.3	127.9	123.5	121.3	119.1
Depreciation of Fixed Assets and Investment Property	214.3	239.8	248.8	245.0	167.6
Provision (Increase)/Reversal	-0.3	-0.2	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	39.1	25.6	31.1	0.0	0.0
Gain/Loss from Investment Activities	-23.7	-26.9	-14.7	0.0	0.0
Interest Expense	57.5	60.8	34.4	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	425.3	427.0	423.2	371.0	307.3
Increase/(Decrease) in Receivables	8.7	24.1	24.6	0.0	0.0
Increase/(Decrease) in Inventory	-2.7	-7.2	-1.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	17.2	-8.2	8.6	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.3	10.6	8.6	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-58.2	-58.9	-32.4	0.0	0.0
Corporate Income Tax Paid	-26.3	-16.1	-33.2	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-28.8	-23.7	-35.5	0.0	0.0
Net Cash Flow from Operating Activities	334.0	347.6	362.4	312.8	249.4
Payments for Fixed Assets and Other Long-term Assets	-100.7	-97.7	-78.0	-330.0	-264.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.7	0.1	0.1	0.2
Loans and Purchases of Debt Instruments	-107.0	-132.8	-231.5	-21.0	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	21.1	25.7	11.1	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	-186.4	-204.2	-298.4	-341.6	-254.1
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	0.0	0.0	11.0	80.7	312.2
Repayment of Borrowings	-76.9	-121.8	-190.3	-97.5	-90.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-68.2	-68.2	-68.2	-64.5	-64.0
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	-145.1	-190.1	-247.4	-81.3	157.7
Net Cash Flow During the Period	2.5	-46.6	-183.4	-99.0	-88.9
Cash and Cash Equivalents at Beginning of Period	14.8	61.4	244.8	355.1	208.6
FX Difference from Revaluation	0.0	0.0	0.0	-0.1	-5.4
Cash and Cash Equivalents at End of Period	17.3	14.8	61.4	244.8	356.2

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	347.3	370.3	346.2	324.8	331.1	351.9	336.2	271.1	291.8	298.9	284.0	256.7
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	347.3	370.3	346.2	324.8	331.1	351.9	336.2	271.1	291.8	298.9	284.0	256.7
Cost of Goods Sold	203.7	218.8	212.9	225.1	221.3	211.9	198.8	174.8	183.3	152.9	174.4	171.9
Gross Profit	143.6	151.5	133.3	99.7	109.8	140.0	137.5	96.4	108.5	146.0	109.6	84.8
Financial Income	9.2	7.3	7.5	6.1	7.8	5.8	8.7	1.3	10.2	3.0	12.2	0.9
Financial Expenses	15.5	12.0	35.1	11.9	16.6	14.4	51.0	14.6	13.3	42.9	21.5	9.5
Interest Expense	11.4	12.0	11.9	11.9	14.0	14.4	14.5	14.6	15.7	14.9	20.6	9.5
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	40.6	45.5	37.6	44.7	32.1	49.6	36.9	37.3	37.7	39.2	40.8	36.2
General and Administrative Expenses	38.0	32.1	29.6	25.1	31.5	31.9	30.9	23.2	32.1	22.0	34.1	21.6
Operating Profit	58.6	69.2	38.6	24.0	37.4	49.8	27.4	22.5	35.5	44.9	25.3	18.3
Other Income	4.0	3.8	11.2	3.3	6.9	3.6	4.0	2.8	4.1	3.1	3.3	2.7
Other Expenses	4.1	3.4	3.7	3.2	5.3	4.4	3.7	2.7	3.6	3.1	3.4	2.6
Other Profit	-0.1	0.3	7.5	0.1	1.6	-0.9	0.2	0.1	0.4	0.1	-0.1	0.1
Profit Before Tax	58.5	69.6	46.0	24.1	39.0	49.0	27.7	22.7	35.9	45.0	25.2	18.4
Current Income Tax Expense	11.7	13.9	9.2	4.8	7.8	9.8	5.5	4.5	7.4	9.0	5.1	3.7
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	46.8	55.7	36.8	19.3	31.2	39.2	22.1	18.1	28.5	36.0	20.1	14.7
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	0.9
Profit Attributable to Parent	46.8	55.7	36.8	19.3	31.2	39.2	22.1	18.1	28.5	36.0	20.1	13.8
Earnings per Share	630.31	750.21	496.43	259.59	420.82	527.96	298.19	244.33	384.47	485.01	271.50	186.00
Diluted EPS	630.31	750.21	496.43	259.59	420.82	527.96	298.19	244.33	384.47	485.01	271.50	186.02

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)	808.8	882.3	783.2	801.3	673.1	824.4	679.0	672.3	570.3	639.3	531.9	544.0
I. Cash and cash equivalents	18.7	31.1	23.1	67.3	17.3	22.5	19.0	85.5	14.8	55.7	24.0	106.8
1. Cash	18.7	28.1	23.1	24.3	13.3	22.5	16.0	19.5	8.8	49.7	18.0	17.5
2. Cash equivalents	0.0	3.0	0.0	43.0	4.0	0.0	3.0	66.0	6.0	6.0	6.0	89.3
II. Short-term financial investments	678.8	719.8	619.8	596.8	539.8	670.8	534.8	469.8	432.8	456.0	373.0	312.5
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	678.8	719.8	619.8	596.8	539.8	670.8	534.8	469.8	432.8	456.0	373.0	312.5
III. Short-term receivables	28.2	37.0	48.6	43.1	34.8	40.5	38.5	25.6	29.3	30.5	33.5	31.6
1. Short-term trade accounts receivable	14.0	22.8	21.9	20.2	18.8	22.3	23.6	19.9	19.6	19.9	19.9	19.1
2. Short-term prepayments to suppliers	1.4	6.7	9.8	11.0	6.7	12.5	4.5	1.0	3.5	4.0	2.7	1.9
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	13.4	8.4	17.8	12.7	10.2	6.9	11.6	5.8	7.4	7.7	12.2	11.8
7. Provision for short-term doubtful debts (*)	-0.6	-0.8	-0.8	-0.8	-0.8	-1.1	-1.1	-1.1	-1.1	-1.1	-1.2	-1.2
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	77.2	91.3	82.3	80.3	60.6	76.6	65.4	61.7	57.9	65.1	63.2	55.3
1. Inventories	77.2	91.3	82.3	80.3	60.6	76.6	65.4	61.7	57.9	65.1	63.2	55.3
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	5.8	3.1	9.3	13.9	20.6	14.0	21.2	29.7	35.5	32.0	38.1	37.9
1. Short-term prepayments	0.7	0.2	0.3	0.5	0.6	0.3	0.2	0.5	0.5	0.2	0.3	0.3
2. Value added tax to be reclaimed	4.9	2.7	8.4	12.3	19.8	13.3	20.2	28.1	34.8	31.6	37.6	35.2
3. Taxes and other receivables from state authorities	0.2	0.2	0.7	1.1	0.2	0.4	0.9	1.1	0.2	0.2	0.2	2.4
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)	1,285.3	1,304.4	1,353.4	1,377.4	1,401.9	1,401.6	1,425.7	1,473.8	1,516.4	1,547.2	1,594.6	1,641.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	1,222.5	1,257.1	1,305.0	1,333.1	1,350.2	1,363.2	1,374.9	1,424.9	1,477.4	1,512.1	1,569.9	1,621.9
1. Tangible fixed assets	1,221.2	1,255.6	1,303.8	1,331.7	1,348.6	1,361.8	1,374.5	1,424.4	1,476.9	1,512.0	1,569.7	1,621.7
- Cost	3,807.5	3,791.2	3,786.4	3,761.2	3,725.7	3,686.1	3,651.2	3,650.6	3,648.5	3,632.1	3,630.4	3,622.2
- Accumulated depreciation	-2,586.3	-2,535.6	-2,482.6	-2,429.5	-2,377.1	-2,324.4	-2,276.7	-2,226.2	-2,171.7	-2,120.1	-2,060.7	-2,000.5
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	1.3	1.5	1.2	1.4	1.6	1.5	0.4	0.4	0.5	0.1	0.2	0.2
- Cost	13.5	13.5	13.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.2	-12.0	-11.8	-11.6	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	55.6	42.6	42.7	38.9	46.1	33.9	46.6	45.0	34.5	28.3	17.5	11.4
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	55.6	42.6	42.7	38.9	46.1	33.9	46.6	45.0	34.5	28.3	17.5	11.4
V. Long-term financial investments	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	6.5	4.0	5.0	4.7	5.0	3.8	3.4	3.2	3.9	6.1	6.6	7.8
1. Long-term prepayments	6.5	4.0	5.0	4.7	5.0	3.8	3.4	3.2	3.9	6.1	6.6	7.8
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)	2,094.1	2,186.7	2,136.6	2,178.7	2,075.0	2,226.0	2,104.6	2,146.1	2,086.7	2,186.5	2,126.5	2,185.8
A. LIABILITIES (300=210+330)	946.4	1,087.6	1,093.2	1,072.3	986.7	1,168.9	1,086.7	1,056.3	1,015.1	1,143.3	1,119.3	1,109.3
I. Short -term liabilities	200.9	312.0	317.5	284.4	195.4	340.9	258.7	225.6	184.4	272.6	268.9	221.7
1. Short-term trade accounts payable	14.3	12.3	12.8	15.7	22.8	19.6	13.6	20.0	12.0	15.6	13.3	29.2
2. Short-term advances from customers	1.8	2.0	2.1	2.0	1.4	1.9	1.0	1.7	1.8	1.6	1.7	1.6
3. Taxes and other payables to state authorities	17.2	6.5	9.7	5.1	10.3	3.1	3.3	4.8	9.9	9.5	6.4	2.1
4. Payable to employees	68.2	74.9	62.0	44.0	53.1	75.6	48.9	31.9	44.8	44.9	42.3	23.6
5. Short-term acrrued expenses	3.5	16.0	4.1	16.8	4.3	19.2	4.8	19.5	4.9	19.3	4.6	11.7
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	14.9	15.2	46.7	41.5	13.8	29.5	25.1	31.9	19.1	32.6	39.6	21.5
10. Short-term borrowings and financial leases	67.7	73.8	73.8	78.4	75.0	74.8	74.8	73.3	73.3	73.2	75.5	75.0
11. Provision for short-term liabilities	0.0	86.4	74.8	68.3	0.0	91.3	54.8	26.5	0.0	45.2	53.9	40.8
12.. Bonus and welfare fund	13.4	24.8	31.6	12.6	14.6	25.9	32.4	16.1	18.7	30.8	31.6	16.2
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	745.6	775.7	775.7	787.8	791.3	827.9	827.9	830.6	830.6	870.7	850.5	887.6
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	0.0	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	745.6	775.7	775.7	787.8	791.3	827.9	827.9	830.6	830.6	870.7	850.5	887.6
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)	1,147.7	1,099.1	1,043.4	1,106.5	1,088.4	1,057.1	1,018.0	1,089.8	1,071.7	1,043.1	1,007.1	1,076.5
I. Owner's equity	1,147.7	1,099.1	1,043.4	1,106.5	1,088.4	1,057.1	1,018.0	1,089.8	1,071.7	1,043.1	1,007.1	1,076.5
1. Owner's capital	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1
- Common stock with voting right	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1
- 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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	41.5	41.5	41.5	33.2	33.2	33.2	33.2	33.2	33.2	33.2	33.2	33.2
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	158.8	158.8	158.8	159.3	159.3	159.3	159.3	152.4	152.4	152.4	152.4	145.8
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	161.6	114.6	61.4	128.7	112.1	82.3	45.3	120.2	104.0	76.8	42.7	116.1
- Accumulated retained earning at the end of the previous period	11.8	9.9	9.9	111.4	9.7	9.7	9.7	104.0	9.7	9.7	9.7	102.3
- Undistributed earnings in this period	149.8	104.7	51.5	17.4	102.5	72.7	35.6	16.2	94.3	67.1	33.1	13.8
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	43.2	41.5	39.1	42.6	41.1	39.6	37.5	41.3	39.4	38.1	36.1	38.7
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)	2,094.1	2,186.7	2,136.6	2,178.7	2,075.0	2,226.0	2,104.6	2,146.1	2,086.7	2,186.5	2,126.5	2,185.8

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	58.5	69.6	46.0	24.1	39.0	49.0	27.7	22.7	35.9	45.0	28.6	18.4
Depreciation of Fixed Assets and Investment Property	52.9	53.2	53.2	52.5	52.8	53.3	53.6	54.6	58.3	59.4	60.3	61.8
Provision (Increase)/Reversal	-86.6	11.6	6.5	68.3	-91.5	36.4	28.3	26.5	-45.2	-8.9	13.2	40.8
FX Gain/Loss from Revaluation of Monetary Items	3.9	0.0	22.5	0.0	2.6	0.0	36.5	0.0	-3.1	27.9	0.7	0.0
Gain/Loss from Investment Activities	-9.2	-7.3	-7.5	-6.1	-7.8	-5.8	-8.8	-1.3	-10.8	-3.0	-12.2	-0.9
Interest Expense	11.4	12.0	11.9	11.9	14.0	14.4	14.5	14.6	15.7	14.9	20.6	9.5
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	31.0	139.0	132.6	150.8	9.2	147.3	151.7	117.1	50.8	135.3	111.3	129.6
Increase/(Decrease) in Receivables	11.3	11.0	8.8	-1.2	7.7	-4.4	-1.0	7.9	-9.2	20.6	-4.9	17.5
Increase/(Decrease) in Inventory	14.1	-9.0	-2.0	-19.7	16.0	-11.2	-3.7	-3.8	7.2	-1.9	-7.9	-4.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.7	-4.5	27.0	0.7	-32.3	41.9	5.0	2.9	-6.4	-14.8	42.2	-29.3
Increase/(Decrease) in Prepaid Expenses	-0.8	1.1	-0.0	0.4	-0.8	-1.3	0.7	0.1	1.7	7.6	-5.9	7.3
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	-23.8	0.0	-24.2	0.0	-29.0	0.0	-29.2	0.0	-30.0	-0.2	-27.8	-0.9
Corporate Income Tax Paid	-2.4	-17.2	-4.8	-8.6	-1.5	-10.0	-7.5	-7.2	-9.1	-5.1	-0.7	-1.3
Other Operating 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 Operating Payments	-11.4	-6.8	-8.8	-3.2	-11.3	-5.4	-9.2	-2.8	-12.1	-0.8	-8.7	-2.1
Net Cash Flow from Operating Activities	5.2	113.6	128.6	119.1	-42.0	156.8	106.7	114.1	-7.1	140.9	97.7	116.2
Payments for Fixed Assets and Other Long-term Assets	-22.9	-22.6	-40.8	-16.0	-58.9	-26.1	-5.8	-10.9	-28.3	-23.6	-19.3	-26.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.7	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	34.0	-37.0	-100.5	-64.0	114.0	-132.0	-76.0	-49.5	36.2	-96.0	-60.5	-12.5
Receipts from Loan Repayments and Sale of Debt Instruments	7.0	-63.0	77.5	7.0	17.0	-4.0	11.0	12.5	-13.0	13.0	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	4.4	17.0	2.3	3.9	3.9	8.8	3.2	4.5	7.5	7.3	5.0	5.9
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	22.5	-105.6	-61.5	-69.2	75.9	-153.3	-67.3	-43.3	3.1	-99.3	-74.9	-33.1
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-40.1	0.0	-39.2	0.0	-39.1	0.0	-37.8	0.0	-36.9	-9.9	-37.4	-37.7
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	-72.1	0.0	0.0	0.0	-68.2	0.0	0.0	0.0	-68.2	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	-40.1	0.0	-111.3	0.0	-39.1	0.0	-106.0	0.0	-36.9	-9.9	-105.6	-37.7
Net Cash Flow During the Period	-12.4	8.0	-44.2	50.0	-5.2	3.5	-66.5	70.7	-40.9	31.7	-82.8	45.4
Cash and Cash Equivalents at Beginning of Period	31.1	23.1	67.3	17.3	14.8	14.8	14.8	14.8	61.4	61.4	61.4	61.4
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	18.7	31.1	23.1	67.3	17.3	22.5	19.0	85.5	14.8	55.7	24.0	106.8

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