KHS

Listed Company · HNX

Price

15,500

Latest close

03 Apr 2026

P/E 4.0x

EPS (TTM) 3,867

ROE (TTM) 22.1%

P/B 0.9x

BVPS (Latest) 17,508

ROA (TTM) 11.5%

What Is Changing

KHS no longer looks like a business simply rebounding from a weak base. Revenue posted +10.1% YoY, while net margin reached 7.67% with an additional +5.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -1.45% in 2023 to 7.67% in 2025.
Net Income recovered 225.1% to VND 55.5bn in 2025.
Revenue growth accelerated to 10.1% in 2025, up 16.7pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	723.8	657.5	704.3	950.8	1,017.0
Growth	+10%	-7%	-26%	-7%	—
Net Income	55.5	17.1	-10.2	35.0	56.9
Net Margin	7.67%	2.60%	-1.45%	3.68%	5.59%

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	184.8	169.2	185.5	184.4	155.7	185.4	177.6	138.8	151.2	166.9	201.8	184.3
Growth	+9%	-9%	+1%	+18%	-16%	+4%	+28%	-8%	-9%	-17%	+9%	—
Net Income	8.3	7.4	11.3	21.1	4.7	5.1	3.2	4.1	5.9	-16.5	-7.7	-5.4
Net Margin	4.47%	4.36%	6.06%	11.44%	3.01%	2.75%	1.81%	2.97%	3.91%	-9.89%	-3.82%	-2.92%

Financial Statements

Profitability

Net margin reached 7.67% while Revenue posted +10.1% YoY.

Balance Sheet

Inventory stood at 188.6bn, liabilities at 163.5bn, and equity at 243.4bn.

Cash Flow

Operating cash flow was 22.9bn in 2025, while investing cash flow was 0.4bn.

Financing cash flow: -50.7bn.

Item	2025	2024	2023	2022	2021
Revenue	725.2	663.3	704.7	953.1	1,019.0
Revenue Deductions	1.3	5.8	0.4	2.3	0.0
Net Revenue	723.8	657.5	704.3	950.8	1,017.0
Cost of Goods Sold	629.6	579.5	665.3	839.0	0.0
Gross Profit	94.3	78.0	39.1	111.8	127.4
Financial Income	2.8	2.3	4.6	6.4	5.2
Financial Expenses	9.8	17.4	20.8	19.6	-20.9
Interest Expense	7.1	13.0	16.4	16.3	-19.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	10.7	12.2	14.2	38.3	-31.3
General and Administrative Expenses	16.5	15.9	17.9	22.0	-22.0
Operating Profit	60.1	34.8	-9.2	38.3	58.3
Other Income	1.1	0.9	1.5	3.1	0.0
Other Expenses	5.6	18.6	2.5	6.4	0.0
Other Profit	-4.5	-17.7	-1.0	-3.3	-1.5
Profit Before Tax	55.5	17.1	-10.2	35.0	56.9
Current Income Tax Expense	—	0.0	0.1	0.1	-0.0
Deferred Income Tax Expense	—	0.0	-0.1	-0.1	0.0
Net Income	55.5	17.1	-10.2	35.0	56.9
Non-controlling Interest	—	-8.6	1.1	-3.1	-0.2
Profit Attributable to Parent	55.5	25.7	-11.3	38.1	57.1
Earnings per Share	3,933.00	1,953.00	81.00	2,834.00	4,250.00
Diluted EPS	3,933.00	1,953.00	81.00	2,834.00	4,722.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	235.5	239.8	207.2	290.6	240.2
I. Cash and cash equivalents	5.5	33.0	5.4	7.9	18.6
1. Cash	5.5	33.0	5.4	7.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	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	40.7	38.8	50.3	77.7	74.0
1. Short-term trade accounts receivable	39.2	33.2	47.2	67.1	0.0
2. Short-term prepayments to suppliers	1.0	3.9	2.0	2.9	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	0.4	1.7	1.1	7.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	188.6	161.0	144.3	194.8	106.4
1. Inventories	189.3	163.2	144.3	194.8	0.0
2. Provision for decline in value of inventories	-0.7	-2.2	0.0	0.0	0.0
V. Other short-term assets	0.7	7.1	7.2	10.3	9.5
1. Short-term prepayments	0.7	0.6	0.6	1.4	0.0
2. Value added tax to be reclaimed	—	6.5	6.6	8.8	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	171.5	254.1	283.9	294.7	325.8
I. Long-term receivables	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	151.8	230.2	257.9	273.0	302.6
1. Tangible fixed assets	137.7	207.4	234.6	249.1	278.2
- Cost	270.1	454.0	461.0	453.1	0.0
- Accumulated depreciation	-132.4	-246.7	-226.4	-203.9	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	14.2	22.8	23.3	23.9	24.4
- Cost	16.3	27.5	27.5	27.5	0.0
- Accumulated depreciation	-2.1	-4.6	-4.1	-3.6	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	—	0.0	0.1	0.1	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.1	0.1	0.0
V. Long-term financial investments	2.0	2.0	2.0	3.0	3.2
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	2.0	2.0	2.0	3.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	17.6	21.9	23.9	18.6	0.0
1. Long-term prepayments	17.6	21.9	23.9	18.6	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	19.8
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)	407.0	493.9	491.1	585.4	566.0
A. LIABILITIES (300=210+330)	163.5	269.6	282.6	344.8	325.0
I. Short -term liabilities	144.2	250.3	218.0	245.3	191.3
1. Short-term trade accounts payable	5.6	37.2	35.6	51.9	47.4
2. Short-term advances from customers	0.6	9.3	7.5	2.6	6.8
3. Taxes and other payables to state authorities	0.7	0.3	0.0	0.1	0.0
4. Payable to employees	11.7	10.2	6.9	9.7	0.0
5. Short-term acrrued expenses	0.2	3.6	1.7	0.8	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	1.2	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.1	0.1	1.1	0.0
10. Short-term borrowings and financial leases	116.1	180.9	157.7	173.4	119.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.1	8.6	8.3	5.6	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	19.3	19.3	64.6	99.6	133.7
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	0.8	0.0
8. Long-term borrowings and financial leases	19.3	19.3	64.6	98.7	132.7
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	0.1	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)	243.4	224.3	208.5	240.5	241.0
I. Owner's equity	243.4	224.3	208.5	240.5	0.0
1. Owner's capital	139.0	120.9	120.9	120.9	241.0
- Common stock with voting right	139.0	120.9	120.9	120.9	120.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	2.2	2.2	2.2	2.2	2.2
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	46.7	40.7	40.0	51.6	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	55.5	53.2	29.5	38.6	57.6
- Accumulated retained earning at the end of the previous period	—	27.5	-0.0	0.5	0.5
- Undistributed earnings in this period	55.5	25.7	29.5	38.1	57.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	7.4	16.0	27.3	30.4
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)	407.0	493.9	491.1	585.4	566.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	55.5	17.1	-10.2	35.0	56.9
Depreciation of Fixed Assets and Investment Property	15.2	27.2	28.3	30.1	30.1
Provision (Increase)/Reversal	-1.5	2.2	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	1.4	2.2	-1.5	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.5	2.0	0.0
Interest Expense	7.1	11.8	16.4	16.3	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	76.2	59.7	36.2	81.8	105.0
Increase/(Decrease) in Receivables	-3.2	11.9	29.5	-5.4	0.0
Increase/(Decrease) in Inventory	-27.5	-19.0	50.5	-88.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.5	8.9	-16.0	-1.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	2.1	-4.4	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.2	-10.8	-15.6	-16.1	0.0
Corporate Income Tax Paid	—	0.0	-0.1	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.7	-0.9	-0.8	-3.7	0.0
Net Cash Flow from Operating Activities	22.9	51.9	79.4	-32.3	192.6
Payments for Fixed Assets and Other Long-term Assets	-0.7	0.0	-13.2	-7.5	-23.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.4	0.2	4.5	0.6
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-28.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	1.0	32.0	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	0.2	0.6	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	0.4	0.5	-11.7	29.7	-50.7
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	530.3	530.5	526.0	589.5	732.1
Repayment of Borrowings	-562.9	-555.3	-578.0	-567.3	-872.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-18.1	0.0	-18.1	-30.2	-14.5
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	-50.7	-24.8	-70.1	-8.0	-154.5
Net Cash Flow During the Period	-27.5	27.6	-2.5	-10.7	-3.5
Cash and Cash Equivalents at Beginning of Period	33.0	5.4	7.9	18.6	31.1
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	5.5	33.0	5.4	7.9	18.6

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
Revenue	186.0	169.2	185.6	184.4	155.7	185.4	180.4	141.8	151.5	167.0	201.8	184.4
Revenue Deductions	1.2	0.0	0.1	0.0	0.0	0.0	2.8	2.9	0.3	0.1	0.0	0.0
Net Revenue	184.8	169.2	185.5	184.4	155.7	185.4	177.6	138.8	151.2	166.9	201.8	184.3
Cost of Goods Sold	167.8	152.7	157.1	152.1	134.6	166.4	155.9	122.7	132.7	152.5	195.8	178.0
Gross Profit	17.0	16.5	28.5	32.3	21.1	19.0	21.7	16.1	18.5	14.4	6.0	6.3
Financial Income	1.4	0.4	0.1	0.9	0.9	0.7	0.4	0.3	0.6	1.2	1.5	1.4
Financial Expenses	1.9	1.7	6.2	2.0	5.5	2.3	6.6	3.0	6.2	24.6	5.2	4.7
Interest Expense	1.9	1.6	2.8	2.0	3.9	2.0	4.3	2.9	4.3	3.3	4.3	4.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.6	2.3	3.2	2.6	2.8	4.0	3.7	1.9	2.9	3.2	4.5	3.7
General and Administrative Expenses	4.3	4.2	4.3	4.1	4.5	3.8	3.9	3.7	3.6	4.3	4.8	5.0
Operating Profit	9.6	8.7	14.9	24.6	9.3	9.6	7.9	7.9	6.4	-16.5	-7.0	-5.7
Other Income	0.0	0.8	1.9	1.1	0.0	0.1	0.3	0.9	0.2	0.4	0.0	0.9
Other Expenses	1.4	2.1	5.5	4.6	4.6	4.6	5.0	4.7	0.7	0.4	0.7	0.6
Other Profit	-1.3	-1.4	-3.6	-3.5	-4.6	-4.5	-4.7	-3.8	-0.5	-0.0	-0.7	0.3
Profit Before Tax	8.3	7.4	11.3	21.1	4.7	5.1	3.2	4.1	5.9	-16.5	-7.7	-5.4
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0
Net Income	8.3	7.4	11.3	21.1	4.7	5.1	3.2	4.1	5.9	-16.5	-7.7	-5.4
Non-controlling Interest	—	—	-2.2	-1.6	-2.2	-1.9	-2.8	-1.7	-1.0	-1.0	-3.3	-2.8
Profit Attributable to Parent	8.3	7.4	13.4	22.6	6.9	7.0	6.0	5.8	6.9	-15.5	-4.4	-2.6
Earnings per Share	594.65	530.50	1,020.00	1,722.00	522.00	523.00	448.00	431.00	512.00	-1,280.00	-360.00	-212.00
Diluted EPS	594.65	530.50	1,020.00	1,722.00	1,953.00	523.00	448.00	431.00	512.00	-1,280.00	-360.00	-212.00

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)	235.5	200.7	182.9	191.8	239.8	190.4	176.3	185.1	207.4	165.0	137.6	203.8
I. Cash and cash equivalents	5.5	18.5	11.0	24.4	33.0	21.1	6.0	4.4	5.4	10.8	8.0	9.8
1. Cash	5.5	18.5	11.0	24.4	33.0	21.1	6.0	4.4	5.4	10.8	8.0	9.8
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	40.7	42.0	47.5	54.9	38.8	52.9	48.9	51.8	50.3	32.2	40.9	48.8
1. Short-term trade accounts receivable	39.2	36.0	31.3	37.2	33.2	43.3	35.0	40.5	47.2	29.5	34.3	42.4
2. Short-term prepayments to suppliers	1.0	5.4	15.4	15.9	3.9	8.1	12.7	9.8	2.0	1.6	5.4	4.8
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	0.4	0.7	0.8	1.8	1.7	1.5	1.2	1.4	1.1	1.2	1.2	1.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	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
IV. Inventories	188.6	139.3	116.9	105.3	161.0	109.2	114.3	121.7	144.3	114.6	78.4	135.0
1. Inventories	189.3	139.3	116.9	106.2	163.2	109.2	114.3	121.7	144.3	114.6	78.4	135.0
2. Provision for decline in value of inventories	-0.7	—	—	-0.8	-2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	0.8	7.5	7.2	7.1	7.2	7.1	7.2	7.5	7.4	10.3	10.2
1. Short-term prepayments	0.7	0.8	1.0	0.8	0.6	0.7	0.6	0.7	0.8	0.7	0.8	1.2
2. Value added tax to be reclaimed	—	—	6.5	6.5	6.5	6.5	6.5	6.5	6.6	6.7	9.5	9.0
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
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)	171.5	174.9	240.0	247.4	254.1	261.5	268.7	276.4	270.2	273.7	299.8	302.6
I. Long-term receivables	—	—	—	—	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
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	—	—	—	—	0.0	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
II. Fixed assets	151.8	155.0	216.4	223.4	230.2	237.3	244.0	251.1	264.0	268.0	271.6	275.1
1. Tangible fixed assets	137.7	140.8	193.9	200.7	207.4	214.3	221.0	227.9	240.5	244.4	247.9	251.4
- Cost	—	—	—	—	454.0	460.5	460.6	461.0	461.0	460.8	460.6	457.0
- Accumulated depreciation	—	—	—	—	-246.7	-246.2	-239.6	-233.1	-220.5	-216.3	-212.6	-205.6
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	14.2	14.2	22.6	22.7	22.8	23.0	23.1	23.2	23.5	23.5	23.6	23.7
- 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	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
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	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
V. Long-term financial investments	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	-17.9	-18.9	3.0	3.0
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	-19.9	-20.9	0.0	0.0
5. Held to maturity investments	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	3.0	3.0
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	17.6	17.9	21.6	22.0	21.9	22.2	22.6	23.2	24.0	24.6	25.2	24.2
1. Long-term prepayments	17.6	17.9	21.6	22.0	21.9	22.2	22.6	23.2	24.0	24.6	25.2	24.2
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)	407.0	375.5	422.9	439.2	493.9	451.9	445.0	461.5	477.7	438.7	437.4	506.4
A. LIABILITIES (300=210+330)	163.5	140.4	187.6	193.8	269.6	232.2	230.4	248.8	282.6	249.6	231.8	271.3
I. Short -term liabilities	144.2	121.1	168.3	174.5	250.3	212.9	181.1	192.3	216.7	175.3	149.7	179.6
1. Short-term trade accounts payable	5.6	9.8	32.5	31.2	37.2	27.3	28.8	31.3	35.6	28.8	24.7	36.2
2. Short-term advances from customers	1.8	2.5	2.2	6.9	9.3	7.5	11.1	7.1	7.5	6.6	6.1	2.1
3. Taxes and other payables to state authorities	0.7	1.1	0.9	0.4	0.3	0.2	0.5	0.2	0.0	0.1	0.4	0.3
4. Payable to employees	11.7	9.8	8.4	6.9	10.2	7.9	5.9	4.4	6.9	7.3	6.1	5.7
5. Short-term acrrued expenses	0.2	—	4.6	3.4	3.6	2.1	2.5	1.4	1.7	0.1	0.5	0.4
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.6
10. Short-term borrowings and financial leases	116.1	89.2	110.7	119.3	180.9	159.0	123.0	139.7	156.5	123.9	103.3	129.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.1	8.6	8.9	6.3	8.6	8.8	9.2	8.1	8.3	8.3	8.5	5.3
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	19.3	19.3	19.3	19.3	19.3	19.3	49.3	56.5	65.8	74.3	82.1	91.6
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	0.8
8. Long-term borrowings and financial leases	19.3	19.3	19.3	19.3	19.3	19.3	49.3	56.5	65.8	74.3	82.1	90.8
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)	243.4	235.2	235.3	245.4	224.3	219.7	214.6	212.7	195.1	189.2	205.7	235.1
I. Owner's equity	243.4	235.2	235.3	245.4	224.3	219.7	214.6	212.7	195.1	189.2	205.7	235.1
1. Owner's capital	139.0	139.0	120.9	120.9	120.9	120.9	120.9	120.9	120.9	120.9	120.9	120.9
- Common stock with voting right	139.0	139.0	120.9	120.9	120.9	120.9	120.9	120.9	120.9	120.9	120.9	120.9
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
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	46.7	46.7	46.7	40.7	40.7	40.7	40.7	40.0	40.0	68.4	68.4	51.6
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	55.5	47.3	61.9	75.8	53.2	46.3	39.3	35.2	12.8	-22.4	-6.9	36.0
- Accumulated retained earning at the end of the previous period	—	—	25.8	53.2	27.5	27.5	27.5	29.5	-0.0	-0.0	-0.0	38.6
- Undistributed earnings in this period	55.5	47.3	36.0	22.6	25.7	18.8	11.8	5.8	12.9	-22.4	-6.9	-2.6
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	—	—	3.7	5.8	7.4	9.6	11.5	14.3	19.1	20.1	21.1	24.5
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)	407.0	375.5	422.9	439.2	493.9	451.9	445.0	461.5	477.7	438.7	437.4	506.4

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	8.3	14.9	11.3	21.1	4.7	5.1	3.2	4.1	19.4	-16.5	-7.7	-5.4
Depreciation of Fixed Assets and Investment Property	3.8	-2.2	6.9	6.8	6.9	6.7	6.7	6.8	10.3	4.1	7.2	6.8
Provision (Increase)/Reversal	49.3	-48.6	-0.8	-1.4	2.2	0.0	0.0	0.0	-28.4	28.4	-2.9	2.9
FX Gain/Loss from Revaluation of Monetary Items	-0.8	-0.7	1.5	—	-0.3	0.0	1.7	0.0	1.4	0.0	0.8	0.0
Gain/Loss from Investment Activities	-0.1	0.0	-0.0	0.1	-0.0	-0.2	0.2	-0.0	7.3	-7.7	2.9	-3.0
Interest Expense	1.9	0.4	2.9	2.0	2.7	2.0	4.3	2.9	4.3	3.3	4.3	4.5
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	62.4	-36.2	21.6	28.5	16.2	13.6	16.1	13.8	14.3	11.5	4.6	5.8
Increase/(Decrease) in Receivables	1.6	4.3	7.1	-16.1	14.1	-4.0	3.2	-1.3	-18.2	11.5	7.4	28.8
Increase/(Decrease) in Inventory	-50.0	-23.9	-10.7	57.1	-54.0	5.1	7.4	22.5	-29.7	-36.2	56.6	59.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.2	4.0	-1.5	-11.8	16.7	-3.4	2.8	-7.1	6.7	6.3	-8.6	-20.5
Increase/(Decrease) in Prepaid Expenses	0.4	0.5	0.1	-0.3	0.4	0.3	0.7	0.6	0.8	0.7	-0.6	-5.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-1.6	-1.6	-2.0	-2.6	-2.2	-2.8	-3.2	-3.0	-3.6	-4.1	-4.9
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.8	-0.8	0.0	0.0
Other Operating Payments	-0.5	-0.4	-0.5	-2.3	-0.2	-0.5	0.0	-0.3	0.1	-0.3	-0.3	-0.3
Net Cash Flow from Operating Activities	8.8	-53.4	14.4	53.0	-9.5	8.8	27.4	25.1	-28.2	-10.8	55.0	63.3
Payments for Fixed Assets and Other Long-term Assets	-0.6	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	-0.2	-0.5	-3.4	-9.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.8	0.1	0.0	0.0	0.2	0.2	0.0	0.0	0.1	0.0	0.1
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	1.0	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	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.2	0.1	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
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	-49.1	49.4	0.1	-0.0	0.2	0.2	0.2	0.0	-0.1	0.7	-3.4	-9.0
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	190.1	136.7	126.2	77.3	131.7	179.6	136.0	113.3	143.7	130.4	135.4	116.6
Repayment of Borrowings	-162.7	-125.2	-136.0	-138.9	-110.4	-173.6	-161.9	-139.4	-120.8	-117.5	-170.8	-169.0
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	-18.1	—	0.0	0.0	0.0	0.0	0.0	0.0	-18.1	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	27.4	11.5	-28.0	-61.6	21.2	6.0	-25.9	-26.1	22.9	12.9	-53.5	-52.3
Net Cash Flow During the Period	-12.9	7.5	-13.4	-8.6	11.9	15.0	1.7	-1.0	-5.4	2.8	-1.8	2.0
Cash and Cash Equivalents at Beginning of Period	18.5	11.0	24.4	33.0	5.4	5.4	5.4	5.4	7.9	7.9	7.9	7.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.5	18.5	11.0	24.4	33.0	21.1	6.0	4.4	5.4	10.8	8.0	9.8

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Balance Sheet

Cash Flow

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