KMR

Listed Company · HOSE

Price

2,730

Latest close

03 Apr 2026

P/E 26.7x

EPS (TTM) 102

ROE (TTM) 0.9%

P/B 0.2x

BVPS (Latest) 11,466

ROA (TTM) 0.7%

What Is Changing

KMR has not yet shown a broad-based top-line recovery. Revenue posted -28.0% YoY, but net margin reached 1.92% with an additional +0.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 5.7bn in 2025.
Revenue decreased 28.0% YoY to VND 296.2bn in 2025.
Net margin improved from 1.67% in the prior period to 1.92% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	296.2	411.6	493.7	599.0	494.5
Growth	-28%	-17%	-18%	+21%	—
Net Income	5.7	6.9	9.8	16.8	18.3
Net Margin	1.92%	1.67%	1.99%	2.81%	3.70%

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	62.7	54.4	102.3	107.7	97.6	88.2	127.9	97.9	97.5	120.2	146.1	130.3
Growth	+15%	-47%	-5%	+10%	+11%	-31%	+31%	+1%	-19%	-18%	+12%	—
Net Income	5.2	-0.5	0.5	0.7	3.8	0.0	3.4	0.5	1.0	0.7	0.3	4.8
Net Margin	8.24%	-0.90%	0.45%	0.64%	3.86%	0.04%	2.64%	0.53%	1.01%	0.57%	0.18%	3.65%

Financial Statements

Profitability

Net margin reached 1.92% while Revenue posted -28.0% YoY.

Balance Sheet

Inventory stood at 380.1bn, liabilities at 161.2bn, and equity at 651.9bn.

Cash Flow

Operating cash flow was 37.1bn in 2025, while investing cash flow was -0.6bn.

Financing cash flow: -44.5bn.

Item	2025	2024	2023	2022	2021
Revenue	296.2	411.6	493.7	599.0	494.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	296.2	411.6	493.7	599.0	494.5
Cost of Goods Sold	243.7	355.5	427.5	527.1	0.0
Gross Profit	52.5	56.1	66.2	71.9	75.6
Financial Income	2.5	6.0	4.4	4.8	2.5
Financial Expenses	10.6	13.9	14.1	13.8	-15.2
Interest Expense	9.0	11.9	12.1	10.9	-14.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	14.3	17.9	19.7	26.8	-29.1
General and Administrative Expenses	19.6	19.7	21.2	23.9	-19.9
Operating Profit	10.4	10.7	15.6	12.1	13.9
Other Income	0.5	1.0	0.1	13.8	0.0
Other Expenses	2.7	2.1	2.9	3.1	0.0
Other Profit	-2.3	-1.1	-2.8	10.6	9.6
Profit Before Tax	8.2	9.6	12.7	22.7	23.5
Current Income Tax Expense	2.5	2.7	2.9	5.9	-5.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.7	6.9	9.8	16.8	18.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.7	6.9	9.8	16.8	18.3
Earnings per Share	88.00	103.00	158.00	296.00	321.24
Diluted EPS	100.12	120.50	172.55	296.18	321.24

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	587.1	656.6	663.0	675.7	789.1
I. Cash and cash equivalents	10.9	19.0	32.8	24.6	22.2
1. Cash	10.9	19.0	32.8	24.6	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	192.8	163.0	162.0	147.6	157.3
1. Short-term trade accounts receivable	64.5	57.2	65.0	52.2	0.0
2. Short-term prepayments to suppliers	102.3	106.9	106.4	104.1	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	29.6	0.4	0.4	0.4	0.0
7. Provision for short-term doubtful debts (*)	-3.5	-1.5	-9.9	-9.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	380.1	470.6	457.6	486.4	596.8
1. Inventories	380.1	470.6	457.6	486.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.3	4.0	10.6	17.1	12.8
1. Short-term prepayments	0.5	0.6	2.6	1.8	0.0
2. Value added tax to be reclaimed	2.8	3.4	8.0	15.3	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)	225.9	203.9	216.4	251.0	286.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	207.2	185.8	196.6	228.9	266.7
1. Tangible fixed assets	198.0	176.2	186.6	218.4	250.5
- Cost	842.2	806.3	801.2	792.5	0.0
- Accumulated depreciation	-644.1	-630.1	-614.6	-574.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	5.3
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.1	9.6	10.0	10.5	10.9
- Cost	17.5	17.5	17.5	17.5	0.0
- Accumulated depreciation	-8.4	-8.0	-7.5	-7.1	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	5.4	5.6	7.9	9.8	8.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.4	5.6	7.9	9.8	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	8.4	8.4	8.4	8.4	0.0
4. Provision for diminution in value of long-term investments	-8.4	-8.4	-8.4	-8.4	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	13.3	12.6	11.8	12.4	0.0
1. Long-term prepayments	13.3	12.6	11.8	12.4	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	11.5
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)	813.0	860.6	879.4	926.8	1,075.4
A. LIABILITIES (300=210+330)	161.2	213.7	238.4	293.8	457.3
I. Short -term liabilities	161.0	211.7	234.3	288.8	449.0
1. Short-term trade accounts payable	15.7	19.9	19.9	24.4	41.1
2. Short-term advances from customers	0.1	0.0	3.6	2.4	1.0
3. Taxes and other payables to state authorities	3.0	3.0	2.7	4.1	0.0
4. Payable to employees	2.8	4.2	3.2	4.6	0.0
5. Short-term acrrued expenses	1.7	0.7	1.8	1.3	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	0.8	5.9	12.4	91.5	0.0
10. Short-term borrowings and financial leases	124.1	166.0	179.6	151.1	186.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.7	12.0	11.1	9.4	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	0.2	2.0	4.1	5.0	8.3
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	0.2	2.0	4.1	5.0	8.3
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)	651.9	646.9	641.0	632.9	618.1
I. Owner's equity	651.9	646.9	641.0	632.9	0.0
1. Owner's capital	568.8	568.8	568.8	568.8	618.1
- Common stock with voting right	568.8	568.8	568.8	568.8	568.8
- 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	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	19.5	18.8	17.9	16.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	9.5	9.2	8.7	7.9	0.0
11. Undistributed earnings after tax	54.0	50.1	45.7	40.1	28.0
- Accumulated retained earning at the end of the previous period	48.3	43.2	35.9	22.7	9.8
- Undistributed earnings in this period	5.7	6.9	9.8	17.5	18.3
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)	813.0	860.6	879.4	926.8	1,075.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.2	9.6	12.7	22.7	23.5
Depreciation of Fixed Assets and Investment Property	42.0	40.2	42.0	45.9	53.8
Provision (Increase)/Reversal	2.0	-8.3	0.8	1.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.8	-0.0	0.3	1.8	0.0
Gain/Loss from Investment Activities	-0.0	-24.4	-0.0	-0.1	0.0
Interest Expense	9.0	11.9	12.1	9.1	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	62.0	29.0	68.0	80.8	91.6
Increase/(Decrease) in Receivables	-31.3	2.6	-33.9	4.4	0.0
Increase/(Decrease) in Inventory	27.9	-13.0	28.8	110.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.5	14.5	-58.3	-124.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.6	1.2	-0.3	-0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-9.0	-11.8	-11.9	-12.0	0.0
Corporate Income Tax Paid	-2.2	-2.8	-4.9	-7.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.0	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	37.1	19.7	-12.5	52.3	9.0
Payments for Fixed Assets and Other Long-term Assets	-0.7	-16.1	-6.9	-11.3	-8.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.1	0.0	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	0.0	0.0	0.0	0.1	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	-0.6	-16.1	-6.8	-11.2	-8.9
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	251.5	338.4	356.4	375.1	394.2
Repayment of Borrowings	-296.0	-356.0	-328.8	-412.7	-411.1
Repayment of Finance Leases	—	0.0	0.0	-1.0	-0.7
Dividends Paid	—	0.0	0.0	0.0	0.0
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	-44.5	-17.7	27.6	-38.5	-17.6
Net Cash Flow During the Period	-8.0	-14.0	8.3	2.6	6.4
Cash and Cash Equivalents at Beginning of Period	19.0	32.8	24.6	22.2	39.6
FX Difference from Revaluation	-0.1	0.3	-0.1	-0.2	0.0
Cash and Cash Equivalents at End of Period	10.9	19.0	32.8	24.6	22.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	62.7	54.4	102.3	107.7	97.6	88.2	127.9	97.9	97.5	120.2	146.1	130.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	62.7	54.4	102.3	107.7	97.6	88.2	127.9	97.9	97.5	120.2	146.1	130.3
Cost of Goods Sold	47.0	44.5	89.4	96.1	82.0	74.4	111.9	87.0	83.2	105.8	128.7	112.7
Gross Profit	15.7	9.8	13.0	11.6	15.6	13.7	16.1	10.9	14.2	14.4	17.3	17.6
Financial Income	1.4	-0.3	0.9	0.3	2.8	-0.4	3.1	0.4	2.2	0.5	1.4	0.2
Financial Expenses	2.4	2.0	2.7	2.5	4.5	2.6	3.9	2.9	5.4	3.0	3.9	2.8
Interest Expense	2.0	1.9	2.6	2.5	2.7	2.8	3.7	2.9	4.2	3.0	3.4	2.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.2	3.0	4.4	3.7	3.8	5.3	5.3	3.3	3.0	5.7	5.7	5.0
General and Administrative Expenses	3.8	4.2	5.4	4.0	5.3	4.8	5.1	4.3	5.1	5.1	6.6	4.9
Operating Profit	7.6	0.3	1.4	1.8	4.8	0.6	4.9	0.9	2.9	1.2	2.6	5.0
Other Income	0.1	0.0	0.0	0.0	-0.0	0.7	0.0	0.0	0.0	0.0	0.0	0.2
Other Expenses	0.6	0.8	0.2	1.1	0.1	1.3	0.3	0.4	1.3	0.5	0.8	0.5
Other Profit	-0.5	-0.8	-0.2	-1.1	-0.1	-0.5	-0.3	-0.4	-1.3	-0.5	-0.8	-0.3
Profit Before Tax	7.1	-0.5	1.1	0.7	4.6	0.1	4.6	0.5	1.6	0.7	1.8	4.8
Current Income Tax Expense	1.9	—	0.7	—	0.9	0.1	1.2	0.0	0.6	0.0	1.5	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.2	-0.5	0.5	0.7	3.8	0.0	3.4	0.5	1.0	0.7	0.3	4.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.2	-0.5	0.5	0.7	3.8	0.0	3.4	0.5	1.0	0.7	0.3	4.8
Earnings per Share	90.80	-8.60	8.09	12.13	66.17	0.55	59.32	9.12	17.33	12.05	4.74	83.57
Diluted EPS	90.80	-8.60	8.09	12.13	66.17	0.55	59.32	9.12	17.33	12.05	4.74	83.57

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)	577.1	587.6	602.0	659.5	656.4	650.3	655.4	646.9	659.9	649.9	649.1	672.2
I. Cash and cash equivalents	10.9	7.5	10.9	15.2	19.0	17.4	14.2	19.4	32.8	27.8	10.1	21.3
1. Cash	10.9	7.5	10.9	15.2	19.0	17.4	14.2	19.4	32.8	27.8	10.1	21.3
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	192.4	175.3	188.8	183.5	162.7	184.4	202.6	176.2	162.1	166.1	186.3	176.5
1. Short-term trade accounts receivable	64.1	57.0	67.8	67.2	56.9	65.1	98.1	74.4	65.1	70.0	91.2	81.2
2. Short-term prepayments to suppliers	102.3	103.9	104.4	103.6	106.9	113.9	105.4	106.7	106.4	105.3	104.3	104.0
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	29.6	18.5	18.4	14.3	0.4	6.8	0.4	5.0	0.4	0.4	0.4	0.4
7. Provision for short-term doubtful debts (*)	-3.5	-4.0	-1.7	-1.5	-1.5	-1.4	-1.4	-9.9	-9.8	-9.7	-9.7	-9.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	370.4	401.6	399.4	455.2	470.6	444.2	433.6	447.4	454.4	444.1	441.3	462.6
1. Inventories	370.4	401.6	399.4	455.2	470.6	444.2	433.6	447.4	454.4	444.1	441.3	462.6
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	3.4	3.2	3.0	5.5	4.0	4.3	5.0	4.0	10.6	11.9	11.4	11.8
1. Short-term prepayments	0.5	0.5	0.6	0.5	0.6	0.5	1.2	1.6	2.6	2.1	1.6	2.3
2. Value added tax to be reclaimed	2.9	2.6	2.3	5.1	3.4	3.7	3.7	2.4	8.0	9.7	9.6	9.5
3. Taxes and other receivables from state authorities	—	0.1	0.1	—	0.0	0.0	0.1	0.0	0.0	0.1	0.1	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)	235.4	220.6	230.8	194.2	204.0	214.1	221.1	207.9	216.4	225.0	234.7	243.0
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	216.7	201.4	212.1	175.7	187.6	194.0	204.0	186.6	196.6	206.2	215.0	221.5
1. Tangible fixed assets	207.5	192.2	202.8	166.2	178.1	184.3	194.2	176.7	186.6	196.0	204.8	211.1
- Cost	—	—	—	—	808.2	824.6	828.4	801.2	801.2	800.4	798.6	795.0
- Accumulated depreciation	—	—	—	—	-630.1	-640.3	-634.2	-624.5	-614.6	-604.3	-593.8	-583.9
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	9.1	9.2	9.3	9.5	9.6	9.7	9.8	9.9	10.0	10.1	10.3	10.4
- 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	5.4	8.0	7.1	6.4	5.6	8.7	6.4	9.6	7.9	7.4	7.7	8.9
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	5.4	8.0	7.1	6.4	5.6	8.7	6.4	9.6	7.9	7.4	7.7	8.9
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	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
4. Provision for diminution in value of long-term investments	-8.4	-8.4	-8.4	-8.4	-8.4	-8.4	-8.4	-8.4	-8.4	-8.4	-8.4	-8.4
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	13.3	11.3	11.6	12.1	10.7	11.5	10.7	11.7	11.8	11.5	11.9	12.7
1. Long-term prepayments	13.3	11.3	11.6	12.1	10.7	11.5	10.7	11.7	11.8	11.5	11.9	12.7
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)	812.5	808.2	832.8	853.6	860.3	864.5	876.5	854.9	876.3	875.0	883.8	915.2
A. LIABILITIES (300=210+330)	160.3	161.1	185.5	206.0	213.0	220.9	232.6	213.3	238.6	238.3	247.5	277.5
I. Short -term liabilities	158.6	159.0	183.0	203.1	209.3	216.8	227.6	208.0	232.9	232.6	241.8	271.8
1. Short-term trade accounts payable	15.7	16.2	33.9	26.9	19.9	27.0	39.3	24.6	19.9	31.2	22.6	27.6
2. Short-term advances from customers	0.1	0.4	0.2	0.6	0.0	8.1	0.6	1.5	3.6	2.2	1.1	2.2
3. Taxes and other payables to state authorities	2.9	1.1	1.5	1.9	2.2	1.1	1.9	1.6	1.9	0.6	1.6	3.5
4. Payable to employees	2.8	2.3	2.4	2.4	4.2	2.6	2.4	2.6	3.2	2.6	2.7	2.8
5. Short-term acrrued expenses	1.7	1.0	1.2	1.0	0.7	0.8	1.0	0.9	2.9	1.3	1.2	1.0
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	0.9	2.3	6.3	6.1	5.9	6.1	8.3	5.9	12.4	28.0	48.5	70.7
10. Short-term borrowings and financial leases	121.8	122.9	124.7	152.1	164.3	158.9	162.1	159.8	178.0	155.6	153.0	154.6
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	12.7	12.7	12.7	12.0	12.0	12.0	12.0	11.1	11.1	11.1	11.1	9.4
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	1.7	2.1	2.5	2.9	3.7	4.1	4.9	5.3	5.7	5.7	5.7	5.7
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	—	2.1	2.5	2.9	3.7	4.1	4.9	5.3	5.7	5.7	5.7	5.7
9. Convertible bonds	1.7	—	—	—	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)	652.2	647.1	647.3	647.6	647.3	643.6	643.9	641.6	637.7	636.7	636.3	637.7
I. Owner's equity	652.2	647.1	647.3	647.6	647.3	643.6	643.9	641.6	637.7	636.7	636.3	637.7
1. Owner's capital	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8
- Common stock with voting right	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8	568.8
- 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	-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	19.5	19.5	19.5	18.8	18.8	18.8	18.8	17.9	17.9	17.9	17.9	16.2
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	9.5	9.5	9.5	9.2	9.2	9.2	9.2	8.7	8.7	8.7	8.7	7.9
11. Undistributed earnings after tax	54.4	49.2	49.5	50.8	50.5	46.8	47.1	46.2	42.3	41.3	40.9	44.9
- Accumulated retained earning at the end of the previous period	48.3	48.3	48.3	50.1	43.2	43.2	43.2	45.7	35.9	35.9	35.9	40.1
- Undistributed earnings in this period	6.1	0.9	1.2	0.7	7.3	3.5	3.9	0.5	6.4	5.4	5.0	4.8
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)	812.5	808.2	832.8	853.6	860.3	864.5	876.5	854.9	876.3	875.0	883.8	915.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	6.4	-0.1	1.2	0.7	4.6	0.1	4.1	0.5	5.9	0.7	1.4	4.8
Depreciation of Fixed Assets and Investment Property	21.4	0.0	10.3	10.1	-10.1	6.2	9.8	10.0	10.4	9.2	12.5	9.9
Provision (Increase)/Reversal	1.7	-2.3	2.5	—	0.2	0.0	-8.5	0.0	0.1	0.0	0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.0	-0.3	0.1	—	0.0	0.6	-0.6	0.0	0.3	-0.5	0.5	0.0
Gain/Loss from Investment Activities	-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 Expense	3.9	0.0	-6.1	11.2	2.0	2.8	3.5	2.9	3.2	3.0	3.1	2.8
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	34.5	-2.6	8.0	22.1	-3.2	9.7	8.3	13.4	20.0	12.3	18.2	17.5
Increase/(Decrease) in Receivables	0.3	-4.0	-1.9	-25.7	18.3	25.3	-17.8	-16.0	-20.3	20.1	-10.0	-23.7
Increase/(Decrease) in Inventory	-43.3	-0.0	55.8	15.5	-26.4	-10.6	13.8	10.2	-13.5	-2.8	21.3	23.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-29.2	8.3	1.4	10.1	-9.2	-12.7	14.9	0.1	19.4	-27.1	-31.2	-19.5
Increase/(Decrease) in Prepaid Expenses	-1.6	0.0	0.3	0.7	0.6	0.9	0.6	0.9	-0.8	-0.0	1.4	-0.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.0	0.1	6.6	-11.7	-2.9	-3.8	-4.2	-0.8	-20.7	14.8	-3.1	-2.8
Corporate Income Tax Paid	-0.2	0.0	-1.1	-0.8	0.0	-0.8	-1.0	-1.0	0.0	-1.0	-3.5	-0.5
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	-0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-43.8	1.8	69.1	10.1	-22.8	8.0	14.5	6.8	-15.9	16.3	-6.9	-6.0
Payments for Fixed Assets and Other Long-term Assets	47.6	-1.4	-46.0	-0.9	19.4	0.4	-22.8	-1.7	-1.4	-1.4	-2.4	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	—	—	0.0	0.0	0.0	0.0	0.1	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	0.0	0.0	0.0	0.0	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	47.7	-1.4	-46.0	-0.9	19.4	0.4	-22.8	-1.7	-1.3	-1.4	-2.4	-1.6
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	125.0	0.0	66.0	60.5	105.2	77.0	99.7	58.0	94.9	86.6	104.3	70.6
Repayment of Borrowings	-128.7	0.0	-93.8	-73.5	-100.2	-81.6	-97.2	-76.6	-72.6	-83.9	-106.0	-66.3
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	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
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	-3.7	0.0	-27.8	-13.0	5.0	-4.6	2.5	-18.6	22.3	2.7	-1.7	4.3
Net Cash Flow During the Period	0.2	0.3	-4.7	-3.8	1.6	3.9	-5.8	-13.4	5.1	17.5	-11.0	-3.3
Cash and Cash Equivalents at Beginning of Period	10.9	10.9	15.2	19.0	32.8	32.8	32.8	32.8	24.6	24.6	24.6	24.6
FX Difference from Revaluation	-0.1	—	0.3	—	0.0	-0.6	0.6	0.0	-0.1	0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	10.9	10.9	10.9	15.2	19.0	17.4	14.2	19.4	32.8	27.8	10.1	21.3

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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