IDJ

Listed Company · HNX

Price

3,900

Latest close

03 Apr 2026

P/E -6.5x

EPS (TTM) -602

ROE (TTM) -5.0%

P/B 0.3x

BVPS (Latest) 11,488

ROA (TTM) -2.8%

What Is Changing

IDJ no longer looks like a business simply rebounding from a weak base. Revenue posted +47.5% YoY, while net margin reached -9.84% with an additional -23.2pp 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 2253bps to -9.84% in 2025.
Net Income fell to a multi-period low at VND -104.2bn in 2025.
Revenue growth accelerated to 47.5% in 2025, up 64.3pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,058.6	717.5	862.0	816.9	893.4
Growth	+48%	-17%	+6%	-9%	—
Net Income	-104.2	95.6	109.4	147.5	202.8
Net Margin	-9.84%	13.32%	12.69%	18.06%	22.70%

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	237.9	150.5	565.3	105.0	225.3	185.3	207.1	67.7	285.1	67.9	284.6	245.7
Growth	+58%	-73%	+438%	-53%	+22%	-11%	+206%	-76%	+320%	-76%	+16%	—
Net Income	-128.2	5.9	5.4	12.5	2.9	27.8	39.9	15.2	48.3	21.6	18.2	30.3
Net Margin	-53.88%	3.90%	0.95%	11.87%	1.28%	15.01%	19.25%	22.50%	16.93%	31.81%	6.41%	12.33%

Financial Statements

Profitability

Net margin reached -9.84% while Revenue posted +47.5% YoY.

Balance Sheet

Inventory stood at 714.5bn, liabilities at 1,337.2bn, and equity at 1,993.1bn.

Cash Flow

Operating cash flow was -68.4bn in 2024, while investing cash flow was 32.4bn.

Financing cash flow: 56.1bn.

Item	2025	2024	2023	2022	2021
Revenue	1,058.6	717.5	862.0	816.9	893.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,058.6	717.5	862.0	816.9	893.4
Cost of Goods Sold	780.7	466.3	578.9	558.6	0.0
Gross Profit	277.9	251.2	283.2	258.3	299.8
Financial Income	-28.9	6.0	49.4	66.0	19.1
Financial Expenses	110.0	33.6	41.8	27.6	-11.2
Interest Expense	21.6	15.6	15.8	16.1	-5.8
Share of Associates and Joint Ventures	0.0	0.1	2.0	0.2	-1.9
Selling Expenses	187.5	108.9	143.2	90.0	-33.2
General and Administrative Expenses	69.4	26.7	43.6	49.3	-46.1
Operating Profit	-117.9	88.1	105.9	157.6	226.5
Other Income	17.2	38.6	38.8	25.2	0.0
Other Expenses	3.5	5.9	3.2	1.9	0.0
Other Profit	13.7	32.7	35.5	23.3	27.3
Profit Before Tax	-104.2	120.9	141.5	180.9	253.8
Current Income Tax Expense	0.0	25.3	28.5	33.4	-51.0
Deferred Income Tax Expense	0.0	0.0	3.5	0.0	0.0
Net Income	-104.2	95.6	109.4	147.5	202.8
Non-controlling Interest	0.0	-0.0	0.0	0.0	0.1
Profit Attributable to Parent	-104.2	95.6	109.4	147.5	202.7
Earnings per Share	-601.00	551.00	631.00	981.00	2,970.93
Diluted EPS	-600.59	551.00	631.00	981.00	2,757.17

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,533.7	2,860.8	3,235.2	3,303.1	2,720.1
I. Cash and cash equivalents	13.3	107.5	87.4	218.4	33.0
1. Cash	13.3	36.7	27.4	117.5	0.0
2. Cash equivalents	0.0	70.8	60.0	100.9	0.0
II. Short-term financial investments	110.5	91.5	106.3	11.1	0.0
1. Available for sale securities	11.2	11.2	11.2	11.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-4.0	-4.0	-4.0	-4.4	0.0
3. Held to maturity investments	103.3	84.3	99.1	4.3	0.0
III. Short-term receivables	683.3	1,214.7	1,304.0	1,292.6	1,072.8
1. Short-term trade accounts receivable	283.2	275.6	336.4	365.2	0.0
2. Short-term prepayments to suppliers	281.8	44.0	74.4	107.9	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	98.7	564.5	583.2	554.7	0.0
6. Other short-term receivables	82.4	344.5	323.8	278.7	0.0
7. Provision for short-term doubtful debts (*)	-62.8	-13.9	-13.9	-13.9	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	714.5	1,433.4	1,727.7	1,773.2	1,452.7
1. Inventories	714.5	1,433.4	1,727.7	1,773.2	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	12.2	13.7	9.8	7.7	20.9
1. Short-term prepayments	4.0	6.7	8.2	0.7	0.0
2. Value added tax to be reclaimed	8.2	6.9	1.6	0.9	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	6.1	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)	1,796.6	1,349.7	1,448.8	1,426.1	735.4
I. Long-term receivables	870.3	790.1	826.4	817.7	0.0
1. Long-term trade receivables	15.0	40.7	89.0	123.5	197.6
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	855.7	749.7	737.6	694.5	0.0
7. Provision for long-term doubtful debts	-0.3	-0.3	-0.3	-0.3	0.0
II. Fixed assets	31.5	32.8	33.5	34.8	34.7
1. Tangible fixed assets	3.4	4.5	5.1	6.3	6.0
- Cost	10.4	10.4	9.8	9.8	0.0
- Accumulated depreciation	-6.9	-5.8	-4.7	-3.5	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	28.0	28.2	28.4	28.5	28.7
- Cost	30.1	30.1	30.1	30.1	0.0
- Accumulated depreciation	-2.1	-1.9	-1.7	-1.6	0.0
III. Investment properties	199.0	146.9	104.9	108.1	111.2
- Cost	250.4	193.2	146.7	146.7	0.0
- Accumulated depreciation	-51.3	-46.3	-41.8	-38.7	0.0
IV. Long-term assets in progress	30.0	0.0	0.0	0.0	0.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	30.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	549.9	48.5	48.4	42.3	53.3
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	360.6	32.2	32.2	29.4	0.0
3. Investments in other entities	246.1	24.2	24.2	13.2	0.0
4. Provision for diminution in value of long-term investments	-56.7	-7.9	-7.9	-0.4	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	115.8	331.5	435.6	423.3	0.0
1. Long-term prepayments	113.3	328.1	431.1	416.7	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	338.2
5. Goodwill	2.5	3.4	4.5	6.6	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,330.3	4,210.4	4,684.0	4,729.2	3,455.5
A. LIABILITIES (300=210+330)	1,337.2	2,113.2	2,630.3	2,784.9	2,467.5
I. Short -term liabilities	1,021.8	2,024.7	2,544.5	2,600.0	2,219.8
1. Short-term trade accounts payable	369.4	384.1	437.5	365.1	241.3
2. Short-term advances from customers	313.4	1,297.2	1,907.3	2,091.1	1,616.8
3. Taxes and other payables to state authorities	36.7	38.2	28.2	7.8	0.0
4. Payable to employees	1.7	2.0	6.3	6.6	0.0
5. Short-term acrrued expenses	2.9	2.2	15.3	17.9	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	216.2	209.0	110.1	83.7	0.0
10. Short-term borrowings and financial leases	80.8	91.4	39.0	27.1	157.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.7	0.7	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	315.5	88.4	85.9	184.9	247.8
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	6.3	11.3	12.5	12.1	0.0
8. Long-term borrowings and financial leases	305.6	73.6	69.8	172.8	237.6
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	3.6	3.6	3.5	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)	1,993.1	2,097.3	2,053.7	1,944.3	988.0
I. Owner's equity	1,993.1	2,097.3	2,053.7	1,944.3	0.0
1. Owner's capital	1,734.9	1,734.9	1,734.9	1,734.9	988.0
- Common stock with voting right	1,734.9	1,734.9	1,734.9	1,734.9	735.1
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.5	1.5	1.5	1.5	1.5
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	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	220.8	325.0	281.4	172.0	215.5
- Accumulated retained earning at the end of the previous period	325.0	229.4	172.0	24.5	12.8
- Undistributed earnings in this period	-104.2	95.6	109.4	147.5	202.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	35.9	35.9	35.9	35.9	35.9
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)	3,330.3	4,210.4	4,684.0	4,729.2	3,455.5

Item	2024	2023	2022	2021	2020
Profit Before Tax	120.9	141.5	180.9	253.8	99.5
Depreciation of Fixed Assets and Investment Property	6.6	4.5	4.5	3.9	3.6
Provision (Increase)/Reversal	0.0	7.2	0.4	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	-6.1	-51.3	-64.0	0.0	0.0
Interest Expense	15.6	15.8	16.1	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	137.0	117.6	138.0	249.1	96.8
Increase/(Decrease) in Receivables	108.1	74.5	-303.7	0.0	0.0
Increase/(Decrease) in Inventory	272.5	45.5	-188.8	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-636.6	-85.5	560.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	80.1	-21.9	-218.9	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.0	-16.7	-15.5	0.0	0.0
Corporate Income Tax Paid	-12.6	-0.4	-83.5	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-68.4	113.1	-112.1	-209.9	-37.3
Payments for Fixed Assets and Other Long-term Assets	-0.6	0.0	-1.1	-1.9	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-58.3	-181.9	-805.9	-347.5	-257.9
Receipts from Loan Repayments and Sale of Debt Instruments	87.7	33.4	416.6	274.4	107.2
Investments in Other Entities	0.0	-11.7	-454.0	-21.8	-20.7
Proceeds from Investments in Other Entities	0.0	0.0	516.6	0.0	0.0
Dividends and Interest Income Received	3.6	7.2	10.0	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	32.4	-153.0	-317.8	-50.3	-172.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	808.6	342.3	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	100.0	178.3	111.4	718.3	506.0
Repayment of Borrowings	-43.8	-269.3	-304.8	-848.7	-234.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-0.0	-0.0	-0.4	-16.3
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	56.1	-91.0	615.3	211.5	255.2
Net Cash Flow During the Period	20.1	-131.0	185.3	-18.0	2.8
Cash and Cash Equivalents at Beginning of Period	87.4	218.4	33.0	81.7	35.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	107.5	87.4	218.4	33.0	81.7

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	237.9	150.5	565.3	105.0	225.3	185.3	208.6	67.7	285.1	67.9	284.6	245.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	1.5	0.0	0.0	0.0	0.0	0.0
Net Revenue	237.9	150.5	565.3	105.0	225.3	185.3	207.1	67.7	285.1	67.9	284.6	245.7
Cost of Goods Sold	186.8	106.5	428.8	58.6	175.8	109.3	125.1	35.9	190.6	43.0	198.2	172.1
Gross Profit	51.0	44.0	136.5	46.4	49.5	75.9	82.0	31.8	94.4	24.8	86.4	73.6
Financial Income	-32.7	1.0	1.2	1.2	1.9	1.0	1.8	0.8	12.2	12.8	12.2	11.6
Financial Expenses	60.1	11.2	27.9	10.8	17.1	6.5	3.4	6.6	8.8	4.2	19.4	1.9
Interest Expense	5.9	5.3	5.3	5.0	5.3	3.7	0.0	3.5	3.4	3.7	6.5	1.9
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	38.5	26.4	102.5	20.1	31.5	33.8	30.9	8.6	31.7	4.9	46.8	35.6
General and Administrative Expenses	54.8	4.9	4.5	5.0	6.2	6.2	7.0	7.2	13.4	8.4	11.2	10.4
Operating Profit	-135.2	2.5	2.7	11.8	-3.4	30.3	42.6	10.3	52.7	20.2	21.3	37.3
Other Income	3.1	5.2	4.9	3.9	11.8	9.3	7.8	9.7	17.3	14.7	9.3	6.3
Other Expenses	2.4	0.3	0.7	0.1	3.3	3.9	0.6	0.7	9.3	7.9	7.6	5.6
Other Profit	0.7	4.9	4.2	3.9	8.5	5.4	7.3	9.0	7.9	6.9	1.7	0.7
Profit Before Tax	-134.5	7.4	6.9	15.6	5.1	35.7	49.9	19.2	60.6	27.1	22.9	38.0
Current Income Tax Expense	-6.3	1.5	1.6	3.2	2.2	7.9	10.0	4.0	12.3	5.5	4.7	7.7
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	-128.2	5.9	5.4	12.5	2.9	27.8	39.9	15.2	48.3	21.6	18.2	30.3
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	-128.1	5.9	5.4	12.5	2.9	27.8	39.9	15.2	48.3	21.6	18.2	30.3
Earnings per Share	-739.00	34.00	31.00	72.00	17.00	160.00	230.00	88.00	278.00	124.00	105.00	175.00
Diluted EPS	-738.62	33.78	30.95	71.84	16.72	160.29	229.80	87.83	278.22	124.47	105.10	174.53

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)	1,533.7	2,249.5	2,341.5	2,795.0	2,885.7	2,985.8	3,071.7	3,168.2	3,236.3	3,368.2	3,348.7	3,317.2
I. Cash and cash equivalents	13.3	43.0	72.6	82.0	107.5	90.2	41.0	10.7	87.4	231.9	273.6	215.5
1. Cash	13.3	10.0	13.8	11.2	36.7	24.4	21.0	10.7	27.4	29.6	40.6	68.5
2. Cash equivalents	0.0	33.0	58.8	70.8	70.8	65.8	20.0	0.0	60.0	202.3	233.0	147.0
II. Short-term financial investments	110.5	113.5	93.5	91.5	91.5	91.0	97.3	132.0	105.9	29.6	29.6	11.1
1. Available for sale securities	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2
2. Provision for diminution in value of available for sale securities (*)	-4.0	-4.0	-4.0	-4.0	-4.0	-4.0	-4.0	-4.0	-4.4	-4.4	-4.4	-4.4
3. Held to maturity investments	103.3	106.3	86.3	84.3	84.3	83.8	90.1	124.8	99.1	22.8	22.8	4.3
III. Short-term receivables	683.3	1,237.6	1,230.1	1,220.0	1,239.7	1,244.9	1,263.2	1,290.9	1,305.5	1,256.5	1,259.0	1,348.0
1. Short-term trade accounts receivable	283.2	299.8	295.5	285.1	299.9	312.9	327.3	331.4	336.4	322.0	305.5	346.4
2. Short-term prepayments to suppliers	281.8	38.7	36.3	39.2	44.0	48.2	52.7	74.4	76.0	83.4	113.4	157.5
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	98.7	565.5	565.5	565.1	568.7	568.8	572.1	574.7	583.2	555.6	555.6	572.2
6. Other short-term receivables	82.4	347.5	347.7	344.4	341.0	328.8	325.0	324.3	323.7	309.4	298.3	285.8
7. Provision for short-term doubtful debts (*)	-62.8	-13.9	-14.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9
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	714.5	841.9	932.1	1,386.8	1,433.4	1,549.9	1,656.8	1,719.6	1,727.7	1,832.1	1,773.5	1,735.9
1. Inventories	714.5	841.9	932.1	1,386.8	1,433.4	1,549.9	1,656.8	1,719.6	1,727.7	1,832.1	1,773.5	1,735.9
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	12.2	13.6	13.2	14.7	13.6	9.9	13.5	15.0	9.8	18.0	13.1	6.7
1. Short-term prepayments	4.0	4.0	4.0	4.2	6.6	8.1	8.0	8.1	8.2	8.2	7.9	5.7
2. Value added tax to be reclaimed	8.2	9.5	9.1	10.5	6.9	1.8	5.4	6.9	1.6	9.8	5.1	0.9
3. Taxes and other receivables from state authorities	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. 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)	1,796.6	1,264.3	1,285.3	1,366.8	1,361.7	1,423.6	1,427.9	1,468.0	1,447.7	1,486.2	1,430.7	1,449.3
I. Long-term receivables	870.3	758.8	777.2	783.6	801.9	798.2	809.1	817.8	826.4	835.0	843.6	835.9
1. Long-term trade receivables	15.0	21.4	27.8	34.2	52.6	60.9	71.8	80.4	89.0	97.6	106.3	114.9
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	855.7	737.7	749.7	749.7	749.7	737.6	737.6	737.6	737.6	737.6	737.6	721.3
7. Provision for long-term doubtful debts	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
II. Fixed assets	31.5	31.8	32.1	32.4	32.8	32.5	32.8	33.2	33.5	33.8	34.2	34.5
1. Tangible fixed assets	3.4	3.7	4.0	4.3	4.5	4.3	4.6	4.9	5.1	5.4	5.7	6.0
- Cost	10.4	10.4	10.4	10.4	10.4	9.8	9.8	9.8	9.8	9.8	9.8	9.8
- Accumulated depreciation	-6.9	-6.7	-6.4	-6.1	-5.8	-5.5	-5.3	-5.0	-4.7	-4.4	-4.1	-3.8
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	28.0	28.1	28.1	28.2	28.2	28.2	28.3	28.3	28.4	28.4	28.4	28.5
- Cost	30.1	30.1	30.1	30.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.1	-2.1	-2.0	-2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	199.0	210.2	211.7	145.8	146.9	147.9	125.1	104.1	104.9	105.7	106.5	107.3
- Cost	250.4	260.5	260.5	193.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-51.3	-50.3	-48.8	-47.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	30.0	29.7	29.7	28.7	0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0
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	30.0	29.7	29.7	28.7	0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	549.9	59.5	48.5	48.5	48.5	48.5	48.5	48.4	51.5	50.5	53.0	47.5
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	360.6	32.2	32.2	32.2	32.2	32.2	32.2	32.2	30.2	30.2	30.1	30.1
3. Investments in other entities	246.1	36.2	24.2	24.2	24.2	24.2	24.2	24.2	24.2	23.2	23.2	17.7
4. Provision for diminution in value of long-term investments	-56.7	-8.9	-7.9	-7.9	-7.9	-7.9	-7.9	-7.9	-2.8	-2.8	-0.4	-0.4
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	115.8	174.2	186.1	327.7	331.6	396.0	412.4	460.5	426.8	456.1	387.9	418.1
1. Long-term prepayments	113.3	171.5	183.2	324.6	328.3	392.4	408.6	460.5	426.8	456.1	387.9	418.1
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	2.5	2.7	2.9	3.1	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	3.4	3.6	3.8	4.0	4.5	5.0	5.5	6.1
TOTAL ASSETS (280=100+200)	3,330.3	3,513.8	3,626.8	4,161.8	4,247.4	4,409.4	4,499.6	4,636.3	4,683.9	4,854.4	4,779.4	4,766.5
A. LIABILITIES (300=210+330)	1,337.2	1,392.6	1,511.7	2,052.1	2,102.3	2,319.3	2,390.8	2,567.3	2,623.2	2,841.9	2,786.5	2,791.9
I. Short -term liabilities	1,021.8	1,303.5	1,400.0	1,966.3	2,011.8	2,236.4	2,339.7	2,483.1	2,540.9	2,735.2	2,629.6	2,591.3
1. Short-term trade accounts payable	369.4	406.7	407.9	411.4	423.8	411.5	423.8	412.8	433.3	416.7	357.2	289.0
2. Short-term advances from customers	313.4	531.7	665.7	1,207.8	1,297.2	1,544.3	1,703.3	1,884.4	1,905.9	2,115.7	2,041.8	2,060.7
3. Taxes and other payables to state authorities	36.7	43.0	41.4	41.3	39.5	37.5	31.2	31.8	31.0	18.7	12.4	14.5
4. Payable to employees	1.7	1.0	0.9	0.9	2.0	1.2	1.3	1.5	6.4	2.2	2.5	2.9
5. Short-term acrrued expenses	2.9	2.4	2.3	2.1	2.2	3.4	7.3	7.8	15.3	20.4	22.6	65.8
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	216.2	216.8	210.1	208.3	154.9	161.4	110.8	110.9	109.2	105.6	117.2	130.3
10. Short-term borrowings and financial leases	80.8	101.2	71.0	93.8	91.4	76.3	61.2	33.3	39.0	55.2	75.2	27.4
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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	315.5	89.1	111.7	85.8	90.5	82.9	51.1	84.2	82.3	106.7	157.0	200.6
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	6.3	6.7	9.6	8.9	13.3	13.4	11.0	11.0	12.5	12.2	11.4	11.3
8. Long-term borrowings and financial leases	305.6	78.9	98.6	73.4	73.6	65.9	36.6	69.6	69.8	94.5	145.5	189.4
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	3.6	3.6	3.6	3.6	3.5	3.5	3.5	3.5	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)	1,993.1	2,121.2	2,115.1	2,109.7	2,145.1	2,090.1	2,108.8	2,069.0	2,060.7	2,012.4	1,992.8	1,974.6
I. Owner's equity	1,993.1	2,121.2	2,115.1	2,109.7	2,145.1	2,090.1	2,108.8	2,069.0	2,060.7	2,012.4	1,992.8	1,974.6
1. Owner's capital	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9
- Common stock with voting right	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9	1,734.9
- 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	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	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. 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	220.8	348.9	342.8	337.4	372.8	317.8	336.5	296.6	288.4	240.1	220.5	202.3
- Accumulated retained earning at the end of the previous period	325.0	325.0	325.0	325.0	281.4	229.4	281.4	281.4	172.0	172.0	172.0	172.0
- Undistributed earnings in this period	-104.2	23.9	17.8	12.5	91.4	88.5	55.1	15.2	116.4	68.1	48.5	30.3
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	35.9	35.9	35.9	35.9	35.9	35.9	35.9	35.9	35.9	35.9	35.9	35.9
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)	3,330.3	3,513.8	3,626.8	4,161.8	4,247.4	4,409.4	4,499.6	4,636.3	4,683.9	4,854.4	4,779.4	4,766.5

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	-134.5	7.4	7.3	15.6	5.1	35.7	56.8	19.2	55.9	27.1	20.4	38.0
Depreciation of Fixed Assets and Investment Property	1.0	2.0	2.0	1.6	1.6	1.6	1.7	1.6	1.1	1.1	1.1	1.1
Provision (Increase)/Reversal	96.7	0.0	1.0	0.0	0.0	0.0	0.0	0.0	4.7	0.0	2.5	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	-0.9	-1.0	-1.6	-1.2	1.8	-1.0	-2.0	-0.8	-14.4	-12.9	-12.4	-11.6
Interest Expense	5.9	5.3	5.3	5.0	5.3	3.7	3.1	3.5	3.4	3.7	6.8	1.9
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-31.8	13.8	14.0	21.0	13.8	40.1	59.7	23.6	50.8	19.1	18.4	29.4
Increase/(Decrease) in Receivables	272.9	0.6	-3.0	-1.7	-3.1	21.7	44.4	7.9	26.9	-3.0	90.9	-40.2
Increase/(Decrease) in Inventory	137.4	90.2	387.3	46.6	116.5	90.2	57.8	8.1	104.4	-58.3	-37.9	37.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-254.8	-133.0	-542.4	-95.1	-190.3	-140.1	-206.8	-60.1	-174.7	114.9	-8.4	-17.3
Increase/(Decrease) in Prepaid Expenses	58.2	11.6	141.6	6.1	65.6	-12.0	55.9	-29.4	23.5	-66.9	27.4	-5.9
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	-5.4	-5.2	-5.2	-5.1	-4.8	-3.3	-3.2	-4.1	-5.4	-4.4	-5.2	-1.7
Corporate Income Tax Paid	0.0	0.0	-1.5	-0.0	0.0	-2.0	-10.2	-0.4	0.0	0.0	-0.0	-0.4
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	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 Operating Activities	176.5	-21.9	-9.2	-28.2	-2.4	-5.5	-2.3	-54.3	25.5	1.4	85.1	1.1
Payments for Fixed Assets and Other Long-term Assets	-1.3	0.0	-0.9	0.0	-0.1	-0.5	0.0	0.0	0.0	0.0	0.0	0.0
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	3.0	-20.0	-2.3	-0.7	-5.8	-60.5	1.5	-29.0	-108.9	0.0	-26.2	-46.8
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	5.5	53.8	52.1	11.8	-20.2	25.2	-0.9	29.3
Investments in Other Entities	-414.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-1.0	0.0	-5.5	-5.2
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	0.7	0.9	0.6	1.2	-2.6	1.1	0.5	0.8	1.0	2.7	1.6	1.9
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	-412.4	-18.2	-2.6	0.5	-3.0	-6.1	54.1	-16.4	-129.1	27.9	-31.0	-20.8
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	-130.7	130.7	0.0	0.0
Proceeds from Borrowings	248.1	21.5	38.8	7.3	39.3	43.0	3.8	0.0	359.1	-310.6	99.2	30.5
Repayment of Borrowings	-41.8	-11.0	-36.4	-5.1	-16.5	1.5	-8.9	-6.0	-269.3	109.0	-95.3	-13.7
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	206.3	10.5	2.4	2.2	22.7	44.5	-5.1	-6.0	-40.9	-71.0	3.9	16.9
Net Cash Flow During the Period	-29.7	-29.6	-9.4	-25.5	17.3	32.9	46.6	-76.7	-144.5	-41.6	58.0	-2.8
Cash and Cash Equivalents at Beginning of Period	43.0	72.6	82.0	107.5	87.4	87.4	87.4	87.4	218.4	218.4	218.4	218.4
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	13.3	43.0	72.6	82.0	107.5	90.2	57.3	10.7	87.4	231.9	273.6	215.5

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