KHW

Listed Company · UPCOM

Price

33,500

Latest close

02 Apr 2026

P/E 9.4x

EPS (TTM) 3,581

ROE (TTM) 21.5%

P/B 2.3x

BVPS (Latest) 14,826

ROA (TTM) 14.2%

What Is Changing

KHW no longer looks like a business simply rebounding from a weak base. Revenue posted +4.7% YoY, while net margin reached 19.47% with an additional -0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 88.8bn in 2025.
Net margin declined from 20.01% in the prior period to 19.47% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	456.3	436.0	386.0	335.0	309.7
Growth	+5%	+13%	+15%	+8%	—
Net Income	88.8	87.2	61.5	38.6	32.6
Net Margin	19.47%	20.01%	15.93%	11.52%	10.51%

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	108.5	128.5	119.5	99.9	106.5	122.0	113.2	93.9	100.3	105.3	99.0	81.3
Growth	-16%	+8%	+20%	-6%	-13%	+8%	+21%	-6%	-5%	+6%	+22%	—
Net Income	23.9	25.9	24.1	14.5	22.2	25.9	23.6	15.6	9.8	22.9	17.1	11.7
Net Margin	22.04%	20.16%	20.16%	14.56%	20.87%	21.24%	20.85%	16.65%	9.74%	21.71%	17.31%	14.37%

Financial Statements

Profitability

Net margin reached 19.47% while Revenue posted +4.7% YoY.

Balance Sheet

Inventory stood at 24.5bn, liabilities at 206.2bn, and equity at 424.6bn.

Cash Flow

Operating cash flow was 144.8bn in 2025, while investing cash flow was -94.0bn.

Financing cash flow: -53.7bn.

Item	2025	2024	2023	2022	2021
Revenue	456.4	436.1	386.0	335.0	309.7
Revenue Deductions	0.1	0.0	0.0	0.0	0.0
Net Revenue	456.3	436.0	386.0	335.0	309.7
Cost of Goods Sold	345.4	327.3	306.2	280.3	0.0
Gross Profit	110.9	108.7	79.8	54.7	44.8
Financial Income	5.9	4.6	5.4	3.9	3.2
Financial Expenses	5.8	4.0	3.4	3.6	-2.6
Interest Expense	5.8	4.0	3.4	3.6	-2.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.5	0.5	0.6	0.6	-0.6
General and Administrative Expenses	13.0	11.5	13.5	10.5	-7.9
Operating Profit	97.6	97.4	67.6	44.0	36.9
Other Income	6.5	5.8	5.4	3.9	0.0
Other Expenses	5.1	5.2	4.3	4.5	0.0
Other Profit	1.4	0.6	1.1	-0.6	-0.1
Profit Before Tax	99.0	98.0	68.7	43.4	36.8
Current Income Tax Expense	10.2	10.7	7.2	4.8	-4.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	88.8	87.2	61.5	38.6	32.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	88.8	87.2	61.5	38.6	32.6
Earnings per Share	3,106.00	3,050.00	2,149.00	1,349.00	490.00
Diluted EPS	3,106.00	3,050.00	2,149.00	1,349.00	1,252.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	198.8	175.7	167.5	135.1	149.2
I. Cash and cash equivalents	3.7	6.6	5.9	6.9	13.9
1. Cash	0.6	3.5	2.9	0.9	0.0
2. Cash equivalents	3.2	3.1	3.0	6.0	0.0
II. Short-term financial investments	120.7	99.9	87.0	56.3	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	120.7	99.9	87.0	56.3	0.0
III. Short-term receivables	49.8	45.6	48.1	40.3	45.1
1. Short-term trade accounts receivable	44.8	43.2	45.6	38.2	0.0
2. Short-term prepayments to suppliers	2.0	0.4	1.1	0.4	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	3.2	2.2	1.6	1.9	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	24.5	23.6	26.3	30.6	32.8
1. Inventories	24.5	23.6	26.3	30.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.0	0.2	1.0	1.4
1. Short-term prepayments	—	0.0	0.2	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	1.0	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)	432.0	438.2	374.6	375.4	367.9
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	392.4	407.0	339.2	343.1	306.9
1. Tangible fixed assets	379.4	394.1	325.5	328.4	294.4
- Cost	1,340.0	1,279.1	1,251.1	1,181.4	0.0
- Accumulated depreciation	-960.6	-885.0	-925.6	-853.0	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	13.0	12.9	13.8	14.7	12.5
- Cost	28.8	28.8	28.7	28.7	0.0
- Accumulated depreciation	-15.9	-15.8	-14.9	-14.0	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	4.9	1.9	7.8	4.7	36.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.9	1.9	7.8	4.7	0.0
V. Long-term financial investments	24.0	24.0	24.0	24.0	24.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24.0	24.0	24.0	24.0	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	10.7	5.3	3.6	3.6	0.0
1. Long-term prepayments	10.7	5.3	3.6	3.6	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	0.8
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)	630.8	614.0	542.1	510.5	517.1
A. LIABILITIES (300=210+330)	206.2	217.2	189.5	182.1	195.6
I. Short -term liabilities	101.5	96.0	99.5	95.1	91.5
1. Short-term trade accounts payable	17.7	11.0	18.3	24.8	30.6
2. Short-term advances from customers	2.5	1.8	2.3	2.8	2.1
3. Taxes and other payables to state authorities	11.9	13.0	9.6	7.9	0.0
4. Payable to employees	19.9	20.8	24.2	19.6	0.0
5. Short-term acrrued expenses	2.0	4.7	2.7	2.0	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	7.2	6.8	7.1	8.3	0.0
10. Short-term borrowings and financial leases	37.7	31.3	28.5	27.8	27.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	6.7	6.8	1.9	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	104.7	121.2	90.1	87.0	104.1
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	5.9	9.9	11.6	14.1	0.0
8. Long-term borrowings and financial leases	94.4	105.8	72.8	71.3	87.1
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	4.5	5.4	5.7	1.6	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	424.6	396.8	352.6	328.3	321.4
I. Owner's equity	424.6	396.8	352.6	328.3	0.0
1. Owner's capital	286.0	286.0	286.0	286.0	321.4
- Common stock with voting right	286.0	286.0	286.0	286.0	260.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.9	0.9	0.9	0.9	0.9
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	48.9	22.7	4.3	2.9	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	88.8	87.2	61.5	38.6	32.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	88.8	87.2	61.5	38.6	32.8
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)	630.8	614.0	542.1	510.5	517.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	99.0	98.0	68.7	43.4	0.0
Depreciation of Fixed Assets and Investment Property	90.1	80.2	76.4	70.4	23.0
Provision (Increase)/Reversal	—	0.0	0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.9	-4.8	-5.4	-3.9	0.0
Interest Expense	5.8	4.0	3.4	3.6	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	4.2	1.2	0.0
Operating Profit Before Changes in Working Capital	188.9	177.4	147.4	114.8	0.0
Increase/(Decrease) in Receivables	-4.5	2.8	-7.0	5.9	0.0
Increase/(Decrease) in Inventory	-0.9	2.6	4.3	2.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	-8.9	-11.5	0.9	0.0
Increase/(Decrease) in Prepaid Expenses	-5.4	-1.5	-0.2	-2.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.8	-4.9	-3.5	-5.4	0.0
Corporate Income Tax Paid	-11.0	-8.8	-5.5	-6.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-16.6	-7.7	-2.3	-6.4	0.0
Net Cash Flow from Operating Activities	144.8	151.0	121.7	103.2	52.9
Payments for Fixed Assets and Other Long-term Assets	-79.4	-142.4	-70.0	-69.3	-27.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-226.9	-90.6	-100.5	-47.3	-58.0
Receipts from Loan Repayments and Sale of Debt Instruments	206.1	77.7	69.8	47.0	66.0
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	6.2	4.3	5.9	3.4	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	-94.0	-150.8	-94.8	-66.2	-17.5
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	28.4	67.3	31.5	12.1	7.8
Repayment of Borrowings	-33.5	-31.4	-29.3	-27.8	-25.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-48.6	-35.4	-30.0	-28.4	-25.7
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	-53.7	0.5	-27.8	-44.1	-43.7
Net Cash Flow During the Period	-2.9	0.7	-0.9	-7.1	-8.3
Cash and Cash Equivalents at Beginning of Period	6.6	5.9	6.9	13.9	22.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.7	6.6	5.9	6.9	13.9

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	108.5	128.5	119.5	99.9	106.5	122.0	113.2	93.9	100.3	105.3	99.0	81.3
Revenue Deductions	0.0	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	108.5	128.5	119.5	99.9	106.5	122.0	113.2	93.9	100.3	105.3	99.0	81.3
Cost of Goods Sold	79.5	96.5	90.3	79.3	80.5	89.4	83.7	73.3	83.8	79.4	76.8	66.2
Gross Profit	28.9	32.0	29.1	20.6	26.0	32.5	29.5	20.6	16.6	25.9	22.2	15.2
Financial Income	1.9	1.7	1.9	0.4	3.2	0.4	0.9	0.3	2.2	2.1	0.5	0.6
Financial Expenses	0.3	2.4	1.0	2.1	0.7	1.6	1.0	1.3	0.4	0.6	1.2	1.2
Interest Expense	0.3	2.4	1.0	2.1	0.7	1.6	1.9	1.3	0.4	0.6	1.2	1.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.1	0.1	0.2	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1
General and Administrative Expenses	3.8	2.9	3.6	2.6	3.8	2.9	2.5	2.4	7.2	2.1	2.2	2.0
Operating Profit	26.7	28.2	26.2	16.2	24.6	28.5	26.8	17.1	11.1	25.2	19.1	12.4
Other Income	1.5	2.0	1.9	1.1	1.4	1.7	1.2	1.5	1.1	1.6	1.1	1.6
Other Expenses	1.5	1.3	1.2	1.1	1.1	1.2	1.3	1.1	1.1	1.2	1.1	0.9
Other Profit	0.0	0.7	0.7	0.0	0.3	0.5	-0.1	0.4	-0.0	0.4	0.0	0.6
Profit Before Tax	26.7	28.9	26.9	16.2	24.9	29.0	26.8	17.4	11.1	25.6	19.1	13.0
Current Income Tax Expense	2.8	3.0	2.8	1.6	2.7	3.1	3.2	1.8	1.3	2.7	2.0	1.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	23.9	25.9	24.1	14.5	22.2	25.9	23.6	15.6	9.8	22.9	17.1	11.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	23.9	25.9	24.1	14.5	22.2	25.9	23.6	15.6	9.8	22.9	17.1	11.7
Earnings per Share	835.85	905.52	842.10	997.06	1,523.79	905.64	825.58	1,071.48	669.94	1,567.25	599.21	801.09
Diluted EPS	835.85	905.52	842.10	997.06	1,523.79	905.64	825.58	1,071.48	669.94	1,567.25	599.21	801.09

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)	198.7	190.5	217.5	188.2	175.7	173.9	195.0	171.0	167.2	150.2	169.6	135.1
I. Cash and cash equivalents	3.7	7.2	23.1	4.1	6.6	6.8	34.1	5.9	5.9	10.9	29.8	3.9
1. Cash	0.6	4.0	4.0	1.0	3.5	3.7	2.5	2.8	2.9	2.9	11.8	0.9
2. Cash equivalents	3.2	3.2	19.1	3.1	3.1	3.1	31.6	3.1	3.0	8.0	18.0	3.0
II. Short-term financial investments	120.7	104.7	114.8	113.7	99.9	89.2	78.6	87.1	87.0	68.7	63.3	62.9
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	120.7	104.7	114.8	113.7	99.9	89.2	78.6	87.1	87.0	68.7	63.3	62.9
III. Short-term receivables	49.8	54.4	55.3	43.6	45.6	50.9	54.0	48.4	48.0	44.5	43.9	39.6
1. Short-term trade accounts receivable	44.8	50.5	49.7	41.0	43.2	48.6	50.8	40.0	45.6	43.2	43.1	37.9
2. Short-term prepayments to suppliers	2.0	3.3	2.3	1.6	0.4	2.4	2.1	7.8	1.1	1.2	1.0	1.4
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	3.2	0.7	3.4	1.2	2.2	0.1	1.3	0.7	1.5	0.2	-0.1	0.4
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	24.5	24.3	24.4	26.7	23.6	26.5	28.1	29.6	26.3	26.0	32.6	28.4
1. Inventories	24.5	24.3	24.4	26.7	23.6	26.5	28.1	29.6	26.3	26.0	32.6	28.4
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	—	—	—	0.0	0.6	0.2	0.0	0.0	0.1	0.1	0.3
1. Short-term prepayments	—	—	—	—	0.0	0.5	0.0	0.0	0.0	0.1	0.1	0.1
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.1	0.2	0.0	0.0	0.0	0.0	0.2
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)	432.7	421.8	428.3	427.7	438.6	425.2	393.5	372.7	374.8	374.7	375.0	376.3
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	392.4	386.0	393.3	395.4	407.0	389.8	336.4	339.7	339.2	332.6	340.5	339.0
1. Tangible fixed assets	379.4	373.6	380.7	382.6	394.1	376.7	323.0	326.0	325.5	318.6	326.3	324.6
- Cost	—	—	—	—	1,279.1	1,360.2	1,286.4	1,270.4	1,251.1	1,228.1	1,214.7	1,195.0
- Accumulated depreciation	—	—	—	—	-885.0	-983.5	-963.4	-944.3	-925.6	-909.5	-888.4	-870.4
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	13.0	12.3	12.6	12.7	12.9	13.1	13.4	13.6	13.8	14.0	14.2	14.5
- 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	4.9	8.5	7.5	3.9	4.8	9.0	30.3	5.7	7.8	14.1	6.3	10.1
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	4.9	8.5	7.5	3.9	4.8	9.0	30.3	5.7	7.8	14.1	6.3	10.1
V. Long-term financial investments	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
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	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
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	11.4	3.4	3.5	4.4	2.8	2.4	2.8	3.3	3.8	4.0	4.2	3.2
1. Long-term prepayments	11.4	3.4	3.5	4.4	2.8	2.4	2.8	3.3	3.8	4.0	4.2	3.2
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)	631.4	612.4	645.8	615.9	614.3	599.2	588.6	543.7	542.1	524.9	544.7	511.4
A. LIABILITIES (300=210+330)	207.4	212.2	271.7	265.7	217.1	224.2	239.7	218.5	189.6	182.2	224.7	171.4
I. Short -term liabilities	82.6	95.4	89.2	91.9	96.8	92.3	87.2	80.8	101.1	75.5	91.4	82.6
1. Short-term trade accounts payable	17.7	11.8	18.8	17.4	11.0	23.7	19.3	10.7	18.3	11.0	27.1	27.9
2. Short-term advances from customers	2.5	2.0	2.1	1.8	1.8	2.7	2.7	2.8	2.3	2.9	2.9	3.0
3. Taxes and other payables to state authorities	12.0	12.8	12.4	10.6	12.9	12.4	11.5	10.6	9.8	11.4	9.5	8.0
4. Payable to employees	21.0	30.9	18.0	7.9	20.8	32.6	23.7	15.2	24.2	25.3	22.5	11.0
5. Short-term acrrued expenses	2.0	2.5	3.4	4.0	4.7	2.6	3.6	2.4	2.7	2.3	2.3	2.0
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	7.2	5.4	7.0	7.2	6.8	6.9	6.6	7.3	6.2	8.1	5.5	5.6
10. Short-term borrowings and financial leases	17.6	26.3	15.8	24.7	32.2	4.2	11.1	22.7	30.9	7.3	14.1	23.7
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	2.6	3.6	11.8	18.5	6.7	7.2	8.6	9.1	6.8	7.1	7.5	1.3
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	124.8	116.8	182.5	173.7	120.3	131.9	152.6	137.6	88.5	106.7	133.3	88.8
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	5.9	9.9	58.6	58.6	9.9	11.6	47.0	47.0	11.6	13.3	45.1	15.9
8. Long-term borrowings and financial leases	114.4	102.2	119.0	110.0	105.0	114.8	100.0	85.0	71.2	91.9	86.7	71.3
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	4.5	4.7	4.9	5.2	5.4	5.6	5.6	5.7	5.7	1.5	1.6	1.6
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)	424.0	400.1	374.1	350.3	397.2	375.0	348.8	325.2	352.5	342.7	320.0	340.0
I. Owner's equity	424.0	400.1	374.1	350.3	397.2	375.0	348.8	325.2	352.5	342.7	320.0	340.0
1. Owner's capital	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0
- Common stock with voting right	286.0	286.0	286.0	145.9	145.9	286.0	286.0	145.9	145.9	145.9	286.0	145.9
- Preferred stock	—	—	—	140.1	140.1	0.0	0.0	140.1	140.1	140.1	0.0	140.1
2. Share premium	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	48.9	48.9	48.9	48.9	22.7	22.7	22.7	22.7	4.3	4.3	4.3	2.9
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	88.3	64.4	38.4	14.5	87.6	65.4	39.2	15.6	61.3	51.6	28.8	50.3
- Accumulated retained earning at the end of the previous period	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	38.6
- Undistributed earnings in this period	88.3	64.4	38.4	14.5	87.6	65.4	39.2	15.6	61.3	51.6	28.8	11.7
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)	631.4	612.4	645.8	615.9	614.3	599.2	588.6	543.7	542.1	524.9	544.7	511.4

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	56.1	—	42.9	—	0.0	0.0	0.0	0.0	68.7	-32.0	32.0	0.0
Depreciation of Fixed Assets and Investment Property	46.0	—	44.0	—	0.0	0.0	0.0	0.0	76.4	-35.8	35.8	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.7	—	-2.2	—	0.0	0.0	0.0	0.0	-5.4	1.1	-1.1	0.0
Interest Expense	2.8	—	3.0	—	0.0	0.0	0.0	0.0	3.4	-2.5	2.5	0.0
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	4.2	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	101.2	—	87.7	—	0.0	0.0	0.0	0.0	147.4	-69.2	69.2	0.0
Increase/(Decrease) in Receivables	3.3	—	-7.8	—	0.0	0.0	0.0	0.0	-7.0	4.1	-4.1	0.0
Increase/(Decrease) in Inventory	-0.1	—	-0.7	—	0.0	0.0	0.0	0.0	4.3	2.0	-2.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.9	—	3.9	—	0.0	0.0	0.0	0.0	-11.5	-2.9	2.9	0.0
Increase/(Decrease) in Prepaid Expenses	-7.2	—	1.8	—	0.0	0.0	0.0	0.0	-0.2	0.7	-0.7	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.0	—	-2.7	—	0.0	0.0	0.0	0.0	-3.5	2.4	-2.4	0.0
Corporate Income Tax Paid	-3.0	-3.0	-2.0	-3.0	-2.6	-2.3	-2.5	-1.4	-2.1	-1.9	-1.0	-0.5
Other Operating Receipts	—	—	—	—	15.5	8.9	5.4	6.3	-24.8	24.8	-4.0	4.0
Other Operating Payments	173.8	-183.1	36.0	-43.3	-41.0	-42.5	-40.8	-43.9	107.6	-108.3	33.1	-34.6
Net Cash Flow from Operating Activities	110.3	-35.3	50.3	19.5	18.2	27.9	32.7	7.5	51.5	10.3	50.1	9.7
Payments for Fixed Assets and Other Long-term Assets	-77.5	34.5	-35.9	-0.4	-0.8	-1.5	-0.4	-0.5	-68.6	33.0	-33.4	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-116.4	—	-110.5	—	0.0	0.0	0.0	0.0	-100.5	6.9	-6.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	110.5	—	95.6	—	0.0	0.0	0.0	0.0	69.8	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	5.1	0.9	0.3	0.0	1.1	0.0	0.0	0.0	4.7	-1.5	2.6	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	-88.5	45.5	-36.7	-14.3	-10.0	-11.7	8.2	-0.6	-82.4	26.3	-31.1	-7.6
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	15.2	—	13.2	—	0.0	0.0	0.0	0.0	31.5	-15.5	15.5	0.0
Repayment of Borrowings	-8.7	-9.3	-8.9	-6.6	-7.2	-6.9	-11.5	-5.8	-8.9	-6.8	-9.6	-4.1
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-45.0	-2.5	—	-1.1	-1.2	-36.7	-1.2	-1.1	3.3	-33.3	1.0	-1.0
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	-25.3	-26.2	5.5	-7.7	-8.4	-43.6	-12.7	-6.9	25.9	-55.5	6.9	-5.1
Net Cash Flow During the Period	-3.4	-16.0	19.0	-2.5	-0.1	-27.3	28.2	-0.0	-5.0	-18.9	25.9	-3.0
Cash and Cash Equivalents at Beginning of Period	7.2	23.1	4.1	6.6	5.9	5.9	5.9	5.9	6.9	6.9	6.9	6.9
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	3.7	7.2	23.1	4.1	6.6	6.8	34.1	5.9	5.9	10.9	29.8	3.9

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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