KGM

Listed Company · UPCOM

Price

5,800

Latest close

03 Apr 2026

P/E 10.2x

EPS (TTM) 569

ROE (TTM) 5.4%

P/B 0.5x

BVPS (Latest) 10,794

ROA (TTM) 1.7%

What Is Changing

KGM has not yet shown a broad-based top-line recovery. Revenue posted -29.3% YoY, but net margin reached 0.28% with an additional +0.2pp 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 14.5bn in 2025.
Revenue decreased 29.3% YoY to VND 5,231.5bn in 2025.
Net margin improved from 0.07% in the prior period to 0.28% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	5,231.5	7,403.0	7,267.9	4,257.9	4,625.4
Growth	-29%	+2%	+71%	-8%	—
Net Income	14.5	5.2	12.5	5.7	13.8
Net Margin	0.28%	0.07%	0.17%	0.13%	0.30%

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	777.2	1,140.9	1,943.1	1,370.3	1,818.4	1,671.6	2,305.8	1,607.2	1,996.6	2,501.8	2,243.7	525.8
Growth	-32%	-41%	+42%	-25%	+9%	-28%	+43%	-20%	-20%	+12%	+327%	—
Net Income	0.2	3.4	7.2	3.7	-5.2	1.2	6.1	3.2	2.5	2.3	5.4	2.4
Net Margin	0.02%	0.30%	0.37%	0.27%	-0.29%	0.07%	0.26%	0.20%	0.12%	0.09%	0.24%	0.45%

Financial Statements

Profitability

Net margin reached 0.28% while Revenue posted -29.3% YoY.

Balance Sheet

Inventory stood at 233.2bn, liabilities at 383.1bn, and equity at 274.5bn.

Cash Flow

Operating cash flow was 568.9bn in 2025, while investing cash flow was -15.2bn.

Financing cash flow: -512.7bn.

Item	2025	2024	2023	2022	2021
Revenue	5,232.3	7,404.0	7,282.2	4,258.6	4,629.2
Revenue Deductions	0.8	1.0	14.4	0.8	0.0
Net Revenue	5,231.5	7,403.0	7,267.9	4,257.9	4,625.4
Cost of Goods Sold	4,670.3	6,773.9	6,586.0	3,794.2	0.0
Gross Profit	561.2	629.1	681.9	463.7	314.5
Financial Income	35.7	51.1	60.3	35.0	30.8
Financial Expenses	56.8	97.3	107.9	67.3	-32.1
Interest Expense	30.8	60.4	58.2	28.0	-21.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	445.5	501.5	528.1	376.2	-267.4
General and Administrative Expenses	72.3	66.4	65.5	34.4	-28.7
Operating Profit	22.4	15.1	40.8	20.8	17.0
Other Income	0.4	0.5	2.5	2.0	0.0
Other Expenses	1.9	0.3	22.3	11.8	0.0
Other Profit	-1.5	0.2	-19.7	-9.8	0.8
Profit Before Tax	20.9	15.3	21.0	11.0	17.8
Current Income Tax Expense	6.4	10.0	8.5	5.3	-4.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.5	5.2	12.5	5.7	13.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.5	5.2	12.5	5.7	13.8
Earnings per Share	569.00	206.00	492.00	223.00	543.00
Diluted EPS	569.44	205.81	491.69	223.38	543.74

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	487.9	853.9	865.6	805.0	707.3
I. Cash and cash equivalents	63.0	22.1	149.5	473.3	26.3
1. Cash	33.0	22.1	149.5	419.3	0.0
2. Cash equivalents	30.0	0.0	0.0	54.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	80.6	258.6	169.4	94.8	358.2
1. Short-term trade accounts receivable	77.3	258.1	166.4	85.2	0.0
2. Short-term prepayments to suppliers	3.4	0.7	2.3	9.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.3	1.1	0.3	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.5	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	233.2	525.1	492.2	194.6	288.1
1. Inventories	249.4	534.8	525.1	214.6	0.0
2. Provision for decline in value of inventories	-16.2	-9.7	-32.9	-20.0	0.0
V. Other short-term assets	111.2	48.1	54.5	42.3	34.7
1. Short-term prepayments	0.9	1.8	1.3	1.2	0.0
2. Value added tax to be reclaimed	110.3	46.3	53.1	41.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.1	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	169.7	182.4	191.6	203.2	209.6
I. Long-term receivables	0.1	0.1	0.1	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	123.2	122.3	133.7	144.9	153.1
1. Tangible fixed assets	123.1	122.3	133.7	144.9	153.1
- Cost	480.3	464.3	460.6	456.1	0.0
- Accumulated depreciation	-357.3	-342.1	-326.9	-311.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.0	0.0	0.0	0.0
- Cost	0.1	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.4	2.2	1.4	1.4	1.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	2.2	1.4	1.4	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	45.1	57.9	56.5	57.0	0.0
1. Long-term prepayments	45.1	57.9	56.5	57.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	55.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	657.6	1,036.3	1,057.2	1,008.2	916.9
A. LIABILITIES (300=210+330)	383.1	771.2	786.1	744.2	646.1
I. Short -term liabilities	379.7	769.4	783.1	741.4	646.1
1. Short-term trade accounts payable	99.5	19.2	343.9	48.8	8.9
2. Short-term advances from customers	34.1	6.9	13.7	45.3	82.4
3. Taxes and other payables to state authorities	2.9	7.3	5.9	4.0	0.0
4. Payable to employees	18.5	10.6	9.0	5.5	0.0
5. Short-term acrrued expenses	25.5	20.0	20.0	9.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.6	0.6	8.6	0.0
10. Short-term borrowings and financial leases	180.4	690.2	380.4	616.7	530.6
11. Provision for short-term liabilities	16.7	12.5	7.5	0.6	0.0
12.. Bonus and welfare fund	2.0	2.0	2.0	2.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	3.4	1.9	3.0	2.8	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.4	1.9	3.0	2.8	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	274.5	265.1	271.1	264.0	270.8
I. Owner's equity	274.5	265.1	271.1	264.0	0.0
1. Owner's capital	254.3	254.3	254.3	254.3	270.8
- Common stock with voting right	254.3	254.3	254.3	254.3	254.3
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	5.7	5.5	4.2	4.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	14.5	5.3	12.5	5.7	13.8
- Accumulated retained earning at the end of the previous period	—	0.1	0.0	0.0	0.0
- Undistributed earnings in this period	14.5	5.2	12.5	5.7	13.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	657.6	1,036.3	1,057.2	1,008.2	916.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.9	15.3	21.0	11.0	17.8
Depreciation of Fixed Assets and Investment Property	15.2	15.2	15.7	16.7	25.2
Provision (Increase)/Reversal	10.7	-18.3	19.8	-19.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	6.7	0.4	8.6	0.0
Gain/Loss from Investment Activities	-0.1	-0.1	-3.6	-0.7	0.0
Interest Expense	30.8	60.4	58.2	28.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	77.7	79.1	111.5	44.5	55.8
Increase/(Decrease) in Receivables	114.0	-82.0	-86.9	244.5	0.0
Increase/(Decrease) in Inventory	285.5	-9.7	-310.5	113.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	120.8	-330.2	270.3	5.0	0.0
Increase/(Decrease) in Prepaid Expenses	13.7	-1.9	0.3	-1.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-31.3	-60.1	-58.7	-27.6	0.0
Corporate Income Tax Paid	-10.8	-8.7	-6.7	-2.0	0.0
Other Operating Receipts	0.0	0.0	0.0	1.6	0.0
Other Operating Payments	-0.7	-1.5	-1.0	-1.3	0.0
Net Cash Flow from Operating Activities	568.9	-415.1	-81.6	376.2	-332.1
Payments for Fixed Assets and Other Long-term Assets	-15.3	-4.5	-4.6	-9.3	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	1.0	0.0
Loans and Purchases of Debt Instruments	—	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
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	3.8	0.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-15.2	-4.4	-0.8	-8.0	-2.7
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	3,675.8	6,289.0	5,944.9	3,072.2	3,503.8
Repayment of Borrowings	-4,184.1	-5,987.4	-6,181.2	-2,983.2	-3,233.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.5	-9.5	-5.1	-1.9	-21.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-512.7	292.1	-241.4	87.1	249.2
Net Cash Flow During the Period	41.0	-127.4	-323.8	455.3	-9.9
Cash and Cash Equivalents at Beginning of Period	22.1	149.5	473.3	26.3	112.0
FX Difference from Revaluation	-0.1	0.0	-0.1	-8.3	-0.0
Cash and Cash Equivalents at End of Period	63.0	22.1	149.5	473.3	26.3

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	777.2	1,141.7	1,943.1	1,370.3	1,818.4	1,671.6	2,306.8	1,607.2	2,011.0	2,501.8	2,243.7	525.8
Revenue Deductions	—	0.8	—	—	0.0	0.0	1.0	0.0	14.4	0.0	0.0	0.0
Net Revenue	777.2	1,140.9	1,943.1	1,370.3	1,818.4	1,671.6	2,305.8	1,607.2	1,996.6	2,501.8	2,243.7	525.8
Cost of Goods Sold	664.4	1,011.4	1,759.5	1,235.1	1,674.9	1,538.1	2,094.1	1,466.7	1,848.3	2,278.1	1,979.8	479.7
Gross Profit	112.9	129.5	183.6	135.2	143.4	133.6	211.7	140.4	148.3	223.7	263.8	46.0
Financial Income	7.4	8.4	8.8	11.1	11.0	9.7	17.6	12.8	25.0	14.4	14.4	6.5
Financial Expenses	5.6	10.0	22.7	18.4	41.5	17.0	25.8	13.0	16.7	54.6	27.3	9.3
Interest Expense	4.1	6.4	12.4	7.9	15.9	14.5	20.6	9.4	10.2	21.1	19.4	7.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	64.5	115.3	151.2	114.5	89.9	106.5	178.6	126.5	108.8	161.1	226.5	31.6
General and Administrative Expenses	46.8	7.5	9.9	8.1	21.2	18.3	17.2	9.8	21.5	19.6	17.9	6.5
Operating Profit	3.4	5.1	8.5	5.3	1.9	1.5	7.7	4.0	26.4	2.8	6.5	5.0
Other Income	0.3	-0.5	0.5	0.1	0.5	0.0	0.0	0.0	0.0	0.5	0.6	1.4
Other Expenses	0.7	0.3	0.0	0.8	0.2	0.0	0.1	0.0	18.0	0.4	0.3	3.5
Other Profit	-0.4	-0.8	0.5	-0.7	0.3	0.0	-0.1	-0.0	-18.0	0.1	0.3	-2.1
Profit Before Tax	3.0	4.3	9.0	4.6	2.2	1.5	7.6	4.0	8.4	2.9	6.8	2.9
Current Income Tax Expense	2.8	0.9	1.8	0.9	7.4	0.3	1.5	0.8	5.9	0.7	1.4	0.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	3.4	7.2	3.7	-5.2	1.2	6.1	3.2	2.5	2.3	5.4	2.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	3.4	7.2	3.7	-5.2	1.2	6.1	3.2	2.5	2.3	5.4	2.4
Earnings per Share	6.00	135.00	284.00	144.00	-205.00	47.00	238.00	125.00	98.00	89.00	212.00	92.00
Diluted EPS	6.47	134.94	284.04	143.99	-205.19	47.43	238.09	125.49	98.09	88.79	212.36	92.45

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)	487.9	918.0	949.6	1,695.9	853.9	1,836.7	1,675.2	2,192.7	865.6	1,673.0	1,721.5	1,526.5
I. Cash and cash equivalents	63.0	34.2	94.1	147.2	22.1	77.1	138.6	83.1	149.5	114.6	141.7	179.8
1. Cash	33.0	34.2	86.7	139.8	22.1	77.1	138.6	65.3	149.5	101.9	78.9	88.8
2. Cash equivalents	30.0	—	7.4	7.4	0.0	0.0	0.0	17.9	0.0	12.8	62.8	91.0
II. Short-term financial investments	—	—	—	—	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
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
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	80.6	441.6	328.2	280.0	258.6	397.1	329.9	117.4	169.4	714.7	474.1	137.9
1. Short-term trade accounts receivable	77.3	437.7	320.9	263.5	258.1	379.4	314.3	75.9	166.4	662.1	418.0	51.9
2. Short-term prepayments to suppliers	3.4	4.1	3.1	16.7	0.7	17.9	15.9	21.7	2.3	52.9	56.1	73.5
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.3	4.6	0.2	0.3	0.2	0.1	20.2	1.1	0.2	0.4	12.9
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.4	-0.4	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	233.2	349.6	459.0	1,207.3	525.1	1,314.7	1,159.0	1,931.3	492.2	790.8	1,046.3	1,155.6
1. Inventories	249.4	374.4	483.8	1,217.0	534.8	1,363.8	1,208.2	1,964.2	525.1	816.7	1,072.2	1,169.9
2. Provision for decline in value of inventories	-16.2	-24.8	-24.8	-9.7	-9.7	-49.2	-49.2	-32.9	-32.9	-25.9	-25.9	-14.3
V. Other short-term assets	111.2	92.6	68.4	61.4	48.1	47.9	47.7	60.9	54.5	52.9	59.5	53.3
1. Short-term prepayments	0.9	1.4	5.2	9.5	1.8	3.6	5.3	13.1	1.3	5.1	9.1	10.4
2. Value added tax to be reclaimed	110.3	91.3	63.1	51.8	46.3	44.3	42.4	47.7	53.1	47.8	50.3	42.8
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	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
5. Other short-term assets	—	—	—	—	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)	169.7	171.0	165.4	168.3	182.4	177.6	175.5	178.6	191.6	190.2	193.0	194.1
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade receivables	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	123.2	118.3	109.8	115.0	122.3	123.2	122.0	126.2	133.7	135.0	138.8	141.6
1. Tangible fixed assets	123.1	118.3	109.8	115.0	122.3	123.2	122.0	126.2	133.7	135.0	138.8	141.6
- Cost	—	—	—	—	464.3	464.0	462.8	460.6	460.6	458.0	458.0	456.8
- Accumulated depreciation	—	—	—	—	-342.1	-340.8	-340.8	-334.5	-326.9	-323.1	-319.2	-315.2
2. Financial leased fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	—	—	—	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
- Accumulated depreciation	—	—	—	—	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
- Cost	—	—	—	—	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
IV. Long-term assets in progress	1.4	1.4	4.3	2.2	2.2	2.2	1.4	1.4	1.4	1.4	1.4	1.4
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	1.4	4.3	2.2	2.2	2.2	1.4	1.4	1.4	1.4	1.4	1.4
V. Long-term financial investments	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	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
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
5. Held to maturity investments	—	—	—	—	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
VI. Other long-term assets	45.1	51.2	51.2	51.1	57.9	52.2	52.0	51.0	56.5	53.8	52.8	51.1
1. Long-term prepayments	45.1	51.2	51.2	51.1	57.9	52.2	52.0	51.0	56.5	53.8	52.8	51.1
2. Deferred income tax assets	—	—	—	—	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
4. Other long-term assets	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	657.6	1,088.9	1,115.0	1,864.2	1,036.3	2,014.3	1,850.7	2,371.3	1,057.2	1,863.2	1,914.5	1,720.6
A. LIABILITIES (300=210+330)	383.1	814.6	844.1	1,595.4	771.2	1,744.0	1,581.6	2,097.1	786.1	1,594.6	1,648.2	1,459.7
I. Short -term liabilities	379.7	813.4	843.0	1,593.6	769.4	1,740.2	1,580.0	2,094.0	783.1	1,590.8	1,645.2	1,457.0
1. Short-term trade accounts payable	99.5	34.8	10.8	24.0	19.2	47.1	47.5	186.1	343.9	22.5	35.2	16.4
2. Short-term advances from customers	34.1	77.4	63.9	195.3	6.9	115.4	166.5	120.9	13.7	81.5	43.6	254.4
3. Taxes and other payables to state authorities	2.9	3.1	2.3	0.9	7.3	1.8	1.5	0.8	5.9	2.3	2.1	0.6
4. Payable to employees	18.5	35.3	31.1	18.9	10.6	20.0	28.5	27.4	9.0	18.0	10.8	5.2
5. Short-term acrrued expenses	25.5	44.3	36.0	46.7	20.0	45.0	29.5	42.5	20.0	27.3	9.7	3.6
6. Short-term inter-company payables	—	—	—	—	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
8. Short-term unearned revenue	—	0.3	0.6	0.9	0.0	0.3	0.6	0.9	0.0	0.3	0.0	0.0
9. Other short-term payables	0.1	0.4	0.5	55.3	0.6	0.6	0.8	0.7	0.6	0.7	0.8	13.9
10. Short-term borrowings and financial leases	180.4	609.1	689.0	1,237.4	690.2	1,503.3	1,298.3	1,705.6	380.4	1,435.9	1,540.7	1,159.7
11. Provision for short-term liabilities	16.7	6.6	6.6	12.5	12.5	3.7	3.7	7.5	7.5	0.0	0.0	0.6
12.. Bonus and welfare fund	2.0	2.2	2.2	1.8	2.0	3.0	3.1	1.6	2.0	2.1	2.2	2.4
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	3.4	1.2	1.2	1.9	1.9	3.7	1.6	3.0	3.0	3.8	3.0	2.8
1. Long-term trade payables	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.4	1.2	1.2	1.9	1.9	3.7	1.6	3.0	3.0	3.8	3.0	2.8
9. Convertible bonds	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	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
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	274.5	274.3	270.9	268.8	265.1	270.3	269.1	274.2	271.1	268.6	266.3	260.9
I. Owner's equity	274.5	274.3	270.9	268.8	265.1	270.3	269.1	274.2	271.1	268.6	266.3	260.9
1. Owner's capital	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3
- Common stock with voting right	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3	254.3
- Preferred stock	—	—	—	—	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
3. Convertible bond option	—	—	—	—	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
5. Treasury shares	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	5.7	5.7	5.7	5.5	5.5	5.5	5.5	4.2	4.2	4.2	4.2	4.2
9. Fund to support corporate restructuring	—	—	—	—	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
11. Undistributed earnings after tax	14.5	14.3	10.9	9.0	5.3	10.6	9.4	15.7	12.5	10.0	7.8	2.4
- Accumulated retained earning at the end of the previous period	—	—	—	5.3	0.1	0.1	0.1	12.5	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	14.5	14.3	10.9	3.7	5.2	10.5	9.2	3.2	12.5	10.0	7.8	2.4
12. Reserves for investment in construction	—	—	—	—	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
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	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)	657.6	1,088.9	1,115.0	1,864.2	1,036.3	2,014.3	1,850.7	2,371.3	1,057.2	1,863.2	1,914.5	1,720.6

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	3.0	4.3	9.0	4.6	2.2	1.5	8.4	3.2	8.4	2.9	6.8	2.9
Depreciation of Fixed Assets and Investment Property	0.0	1.5	6.1	7.5	1.3	0.0	6.3	7.5	3.8	3.9	3.9	4.0
Provision (Increase)/Reversal	1.5	0.0	9.2	—	-30.7	0.0	12.4	0.0	14.5	0.0	11.0	-5.7
FX Gain/Loss from Revaluation of Monetary Items	-2.7	-1.0	-4.1	8.0	8.4	-2.6	-1.2	2.1	-25.9	19.5	5.6	1.2
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.1	-0.3	-1.6	-1.7
Interest Expense	4.1	6.4	12.4	7.9	15.9	14.5	20.6	9.4	10.2	21.1	19.4	7.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	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
Operating Profit Before Changes in Working Capital	5.8	11.3	32.7	28.0	-3.0	13.4	46.4	22.2	11.0	47.1	45.2	8.2
Increase/(Decrease) in Receivables	341.9	-142.0	-59.2	-26.7	140.9	-73.6	-206.8	57.5	540.0	-238.8	-342.9	-45.2
Increase/(Decrease) in Inventory	125.0	109.5	733.1	-682.2	829.0	-155.7	756.1	-1,439.1	291.6	255.4	97.7	-955.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.8	49.5	-196.8	282.9	-170.4	-45.1	-105.3	-9.4	237.6	50.2	-188.3	170.7
Increase/(Decrease) in Prepaid Expenses	6.6	3.9	4.1	-0.9	-3.9	1.5	6.8	-6.3	1.1	3.0	-0.4	-3.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.3	-6.5	-13.2	-7.3	-16.5	-14.3	-21.3	-8.0	-11.2	-20.9	-19.4	-7.1
Corporate Income Tax Paid	-2.7	0.0	-0.9	-7.2	-2.0	0.0	-0.8	-5.9	-2.0	-0.6	0.0	-4.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.0	-0.2	-0.2	-1.0	-0.1	-0.1	-0.3	-0.1	-0.1	-0.1	-0.7
Net Cash Flow from Operating Activities	457.3	25.6	499.6	-413.6	773.2	-273.9	474.9	-1,389.3	1,068.0	95.4	-408.2	-836.8
Payments for Fixed Assets and Other Long-term Assets	-4.9	-7.1	-3.0	-0.3	-0.4	-2.0	-2.1	0.0	-2.6	-0.1	-1.2	-0.7
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
Loans and Purchases of Debt Instruments	—	—	—	—	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
Investments in Other Entities	—	—	—	—	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
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.6	1.3	1.8
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	-4.9	-7.1	-3.0	-0.3	-0.4	-2.0	-2.1	0.0	-2.5	0.5	0.1	1.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	272.7	743.0	880.9	1,779.2	806.7	1,663.6	1,146.8	2,671.9	907.1	1,910.8	1,590.6	1,536.5
Repayment of Borrowings	-696.2	-821.4	-1,426.2	-1,240.1	-1,634.5	-1,449.2	-1,554.6	-1,349.0	-1,938.1	-2,033.3	-1,215.5	-994.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-4.5	—	0.0	0.0	-9.5	0.0	0.0	0.0	-5.1	0.0
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	-423.5	-78.4	-549.8	539.1	-827.8	214.4	-417.4	1,322.9	-1,031.0	-122.4	370.0	542.1
Net Cash Flow During the Period	28.9	-60.0	-53.2	125.2	-55.0	-61.5	55.5	-66.4	34.4	-26.6	-38.1	-293.5
Cash and Cash Equivalents at Beginning of Period	34.2	94.1	147.2	22.1	149.5	149.5	149.5	149.5	473.3	473.3	473.3	473.3
FX Difference from Revaluation	-0.1	0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0	0.4	-0.5	0.0	-0.0
Cash and Cash Equivalents at End of Period	63.0	34.2	94.1	147.2	22.1	77.1	138.6	83.1	149.5	114.6	141.7	179.8

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What Is Changing

Financial Statements

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Balance Sheet

Cash Flow

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