KTC

Listed Company · UPCOM

Price

9,200

Latest close

09 Feb 2026

P/E 9.8x

EPS (TTM) 935

ROE (TTM) 8.2%

P/B 0.8x

BVPS (Latest) 11,682

ROA (TTM) 2.5%

What Is Changing

KTC no longer looks like a business simply rebounding from a weak base. Revenue posted +9.1% YoY, while net margin reached 0.60% with an additional +0.1pp 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 36.0bn in 2025.
Revenue growth accelerated to 9.1% in 2025, up 18.7pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	5,998.7	5,498.1	6,083.4	6,853.1	5,678.9
Growth	+9%	-10%	-11%	+21%	—
Net Income	36.0	25.6	25.5	17.4	22.7
Net Margin	0.60%	0.46%	0.42%	0.25%	0.40%

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	1,599.7	1,441.2	1,566.8	1,391.6	1,205.2	1,273.7	1,620.3	1,388.7	1,304.9	1,639.4	1,606.5	1,532.6
Growth	+11%	-8%	+13%	+15%	-5%	-21%	+17%	+6%	-20%	+2%	+5%	—
Net Income	2.4	9.8	10.1	11.8	-2.4	4.8	9.3	14.1	2.8	14.1	1.1	5.9
Net Margin	0.15%	0.68%	0.65%	0.85%	-0.20%	0.38%	0.57%	1.02%	0.21%	0.86%	0.07%	0.38%

Financial Statements

Profitability

Net margin reached 0.60% while Revenue posted +9.1% YoY.

Balance Sheet

Inventory stood at 632.6bn, liabilities at 1,006.8bn, and equity at 425.6bn.

Cash Flow

Operating cash flow was -104.3bn in 2025, while investing cash flow was 43.9bn.

Financing cash flow: 45.8bn.

Item	2025	2024	2023	2022	2021
Revenue	6,011.3	5,509.4	6,096.3	6,856.1	5,687.3
Revenue Deductions	12.6	11.2	12.9	3.0	0.0
Net Revenue	5,998.7	5,498.1	6,083.4	6,853.1	5,678.9
Cost of Goods Sold	5,754.5	5,289.4	5,853.1	6,590.2	0.0
Gross Profit	244.2	208.7	230.3	262.9	253.1
Financial Income	22.8	25.1	29.1	28.9	31.8
Financial Expenses	42.8	44.0	51.2	58.0	-34.6
Interest Expense	32.2	37.9	39.9	24.7	-24.6
Share of Associates and Joint Ventures	16.8	12.1	9.6	6.2	8.8
Selling Expenses	141.1	121.7	137.5	172.2	-190.7
General and Administrative Expenses	59.6	60.0	56.4	54.5	-42.5
Operating Profit	40.4	20.2	23.9	13.4	25.8
Other Income	8.4	12.2	6.0	6.7	0.0
Other Expenses	5.3	2.9	0.3	0.3	0.0
Other Profit	3.1	9.3	5.7	6.4	1.4
Profit Before Tax	43.5	29.5	29.6	19.8	27.2
Current Income Tax Expense	7.5	4.0	4.1	2.3	-4.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	36.0	25.6	25.5	17.4	22.7
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.1
Profit Attributable to Parent	36.0	25.5	25.5	17.4	22.8
Earnings per Share	986.00	701.00	698.00	478.00	625.00
Diluted EPS	986.03	700.50	698.27	478.01	625.26

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,040.8	913.4	846.2	880.9	828.4
I. Cash and cash equivalents	27.7	42.3	77.4	227.7	88.3
1. Cash	27.7	42.1	77.4	227.7	0.0
2. Cash equivalents	—	0.3	0.0	0.0	0.0
II. Short-term financial investments	17.5	56.7	16.0	15.2	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	17.5	56.7	16.0	15.2	0.0
III. Short-term receivables	302.9	170.0	138.9	153.9	187.4
1. Short-term trade accounts receivable	235.1	120.6	110.4	121.6	0.0
2. Short-term prepayments to suppliers	61.7	39.4	19.4	22.6	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	24.2	26.0	25.4	26.4	0.0
7. Provision for short-term doubtful debts (*)	-18.2	-16.0	-16.3	-16.8	0.0
8. Assets awaiting resolution	0.0	0.1	0.0	0.0	0.0
IV. Inventories	632.6	625.6	599.3	468.3	536.1
1. Inventories	634.5	625.6	599.3	468.3	0.0
2. Provision for decline in value of inventories	-1.9	0.0	0.0	0.0	0.0
V. Other short-term assets	60.1	18.7	14.6	15.9	16.6
1. Short-term prepayments	2.6	2.4	3.0	1.4	0.0
2. Value added tax to be reclaimed	53.8	14.0	10.2	12.3	0.0
3. Taxes and other receivables from state authorities	3.7	2.3	1.4	2.1	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)	392.1	407.8	451.4	477.7	496.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	260.3	278.6	322.9	348.4	362.8
1. Tangible fixed assets	146.0	162.7	200.0	223.8	236.5
- Cost	547.1	548.1	615.0	617.4	0.0
- Accumulated depreciation	-401.1	-385.4	-415.0	-393.6	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	114.3	115.9	122.9	124.6	126.3
- Cost	125.8	125.8	133.5	133.5	0.0
- Accumulated depreciation	-11.5	-9.9	-10.6	-8.9	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	20.3	20.6	21.6	19.3	24.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	20.3	20.6	21.6	19.3	0.0
V. Long-term financial investments	93.8	91.5	90.1	90.8	89.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	91.5	83.4	82.0	82.7	0.0
3. Investments in other entities	11.9	11.9	11.9	11.9	0.0
4. Provision for diminution in value of long-term investments	-9.5	-3.7	-3.7	-3.7	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	17.7	17.0	16.8	19.2	0.0
1. Long-term prepayments	17.7	17.0	16.8	19.2	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	19.3
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)	1,432.9	1,321.1	1,297.6	1,358.6	1,324.7
A. LIABILITIES (300=210+330)	1,006.8	910.7	891.7	953.0	917.7
I. Short -term liabilities	1,006.8	910.7	891.7	953.0	909.7
1. Short-term trade accounts payable	66.4	59.0	54.7	93.1	78.3
2. Short-term advances from customers	71.9	42.6	43.9	49.7	49.2
3. Taxes and other payables to state authorities	2.8	2.2	4.3	0.7	0.0
4. Payable to employees	27.9	24.9	22.0	18.5	0.0
5. Short-term acrrued expenses	6.0	11.8	14.9	14.3	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	0.9	0.6	0.7	0.6	0.5
9. Other short-term payables	31.6	31.1	30.3	28.3	0.0
10. Short-term borrowings and financial leases	798.8	738.4	720.6	747.7	733.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.2	0.4	0.1	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	—	0.0	0.0	0.0	8.0
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	—	0.0	0.0	0.0	8.0
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)	425.6	410.4	405.9	405.6	407.0
I. Owner's equity	425.6	410.4	405.9	405.6	0.0
1. Owner's capital	364.7	364.7	364.7	364.7	407.0
- Common stock with voting right	364.7	364.7	364.7	364.7	364.7
- 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	-17.7	-15.5	-15.5	-15.5	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	22.5	21.1	18.0	16.7	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	56.0	39.7	38.3	39.3	44.2
- Accumulated retained earning at the end of the previous period	20.0	14.1	12.8	21.9	21.4
- Undistributed earnings in this period	36.0	25.5	25.5	17.4	22.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.4	0.4	0.4	0.4
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	0.5	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,432.9	1,321.1	1,297.6	1,358.6	1,324.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.5	29.5	29.6	19.8	27.2
Depreciation of Fixed Assets and Investment Property	21.1	23.4	26.8	27.8	27.2
Provision (Increase)/Reversal	9.8	-0.3	-0.5	-2.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.5	-0.0	0.1	0.0
Gain/Loss from Investment Activities	-18.7	-11.1	-16.4	-10.3	0.0
Interest Expense	32.2	37.9	39.9	24.7	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	88.0	79.9	79.3	60.0	69.7
Increase/(Decrease) in Receivables	-176.7	-34.7	19.0	47.2	0.0
Increase/(Decrease) in Inventory	-8.8	-26.3	-131.0	70.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	37.4	9.7	-39.8	5.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	0.7	1.1	0.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-35.8	-43.0	-39.7	-22.5	0.0
Corporate Income Tax Paid	-6.8	-8.2	-0.2	-3.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-2.2	-4.9	-6.6	0.0
Net Cash Flow from Operating Activities	-104.3	-24.1	-116.1	151.5	-46.3
Payments for Fixed Assets and Other Long-term Assets	-3.5	-4.7	-3.6	-8.4	-23.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	24.9	0.9	0.0	0.4
Loans and Purchases of Debt Instruments	-74.6	-93.1	-0.9	-15.2	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	113.8	52.5	0.0	0.0	30.0
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	8.1	6.9	10.1	6.3	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	43.9	-13.6	6.5	-17.2	-14.3
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	5,043.9	4,843.8	5,445.8	6,050.8	4,994.4
Repayment of Borrowings	-4,983.5	-4,826.4	-5,472.8	-6,044.4	-4,935.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.6	-14.7	-13.7	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	45.8	2.7	-40.7	6.4	59.4
Net Cash Flow During the Period	-14.6	-35.0	-150.3	140.7	38.5
Cash and Cash Equivalents at Beginning of Period	42.3	77.4	227.7	88.3	89.5
FX Difference from Revaluation	0.0	0.0	0.0	-1.3	-0.0
Cash and Cash Equivalents at End of Period	27.7	42.3	77.4	227.7	88.3

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	1,610.8	1,441.3	1,566.9	1,393.0	1,227.0	1,273.8	1,620.3	1,388.7	1,305.0	1,639.4	1,610.8	1,541.2
Revenue Deductions	11.1	0.0	0.1	1.4	21.9	0.1	0.0	0.0	0.1	0.0	4.2	8.6
Net Revenue	1,599.7	1,441.2	1,566.8	1,391.6	1,205.2	1,273.7	1,620.3	1,388.7	1,304.9	1,639.4	1,606.5	1,532.6
Cost of Goods Sold	1,536.7	1,380.5	1,504.2	1,333.7	1,160.1	1,223.8	1,560.5	1,334.2	1,252.7	1,574.4	1,546.6	1,479.4
Gross Profit	63.0	60.7	62.6	57.9	45.1	49.9	59.8	54.5	52.2	64.9	59.9	53.2
Financial Income	5.3	3.1	10.6	3.6	6.2	5.1	10.3	3.5	4.8	7.0	8.2	6.8
Financial Expenses	7.8	10.3	17.6	9.2	3.1	13.6	14.0	8.7	11.8	11.7	13.5	14.4
Interest Expense	5.7	9.7	10.7	8.3	0.7	9.9	4.4	8.6	8.3	9.1	10.4	12.0
Share of Associates and Joint Ventures	2.2	8.1	1.3	5.3	1.6	1.6	3.5	5.4	1.6	4.9	1.4	1.7
Selling Expenses	41.2	35.7	31.5	32.7	27.8	29.3	36.5	28.0	27.2	36.2	45.2	28.8
General and Administrative Expenses	21.1	17.7	11.6	11.8	23.4	10.2	12.6	14.1	19.5	13.9	9.8	13.2
Operating Profit	0.2	8.2	13.8	13.1	-1.4	3.6	10.5	12.6	-0.0	15.1	1.0	5.4
Other Income	5.7	2.5	0.2	0.1	1.7	1.6	0.2	3.7	4.0	1.3	0.2	0.5
Other Expenses	1.0	0.0	1.5	—	2.8	0.0	0.0	0.0	0.1	0.0	0.2	0.0
Other Profit	4.7	2.5	-1.2	0.1	-1.1	1.5	0.2	3.7	3.9	1.3	0.0	0.5
Profit Before Tax	4.9	10.7	12.6	13.2	-2.5	5.1	10.7	16.3	3.8	16.4	1.1	5.9
Current Income Tax Expense	2.5	0.9	2.5	1.3	-0.1	0.3	1.5	2.1	1.1	2.3	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	2.4	9.8	10.1	11.8	-2.4	4.8	9.3	14.1	2.8	14.1	1.1	5.9
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.4	9.8	10.1	11.8	-2.4	4.8	9.3	14.1	2.7	14.1	1.1	5.8
Earnings per Share	66.00	269.00	277.00	323.00	-67.00	131.00	254.00	387.00	75.00	386.00	29.00	160.00
Diluted EPS	66.12	268.73	276.82	323.30	-67.07	131.18	253.88	386.98	74.99	386.49	28.83	160.39

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,041.1	1,165.2	896.1	1,104.8	913.5	1,088.5	1,295.0	1,270.0	883.1	1,030.7	754.8	1,115.7
I. Cash and cash equivalents	27.7	46.2	35.4	60.2	42.1	58.0	184.7	53.8	77.4	111.4	44.3	129.9
1. Cash	27.7	46.2	35.4	60.2	42.1	58.0	143.6	53.8	77.4	111.4	44.3	129.9
2. Cash equivalents	—	—	—	—	0.0	0.0	41.2	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	17.5	57.5	17.1	57.1	57.0	76.7	76.4	16.4	16.0	17.0	36.3	36.3
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	17.5	57.5	17.1	57.1	57.0	76.7	76.4	16.4	16.0	17.0	36.3	36.3
III. Short-term receivables	302.9	273.1	229.9	296.3	170.0	237.6	203.0	340.1	175.8	260.4	170.6	351.8
1. Short-term trade accounts receivable	235.1	220.2	193.5	233.2	120.6	196.3	171.1	289.7	110.4	195.9	126.3	272.5
2. Short-term prepayments to suppliers	61.7	50.1	29.3	56.0	39.4	35.8	25.2	43.0	18.5	60.8	37.9	71.3
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	38.1	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	24.2	21.1	22.6	22.9	26.0	21.6	22.9	23.8	25.1	20.6	23.2	24.9
7. Provision for short-term doubtful debts (*)	-18.2	-18.2	-15.5	-16.0	-16.0	-16.2	-16.3	-16.3	-16.3	-16.8	-16.8	-16.9
8. Assets awaiting resolution	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	632.6	742.9	588.9	665.6	625.8	701.7	815.1	842.4	599.3	627.6	482.1	578.6
1. Inventories	634.5	742.9	588.9	665.6	625.8	703.1	817.5	842.4	599.3	627.6	482.1	578.6
2. Provision for decline in value of inventories	-1.9	—	—	—	0.0	-1.4	-2.4	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	60.4	45.5	24.8	25.6	18.6	14.6	15.7	17.2	14.6	14.3	21.5	19.0
1. Short-term prepayments	2.9	4.7	5.0	8.1	2.4	3.3	4.2	3.9	3.0	3.1	4.2	4.2
2. Value added tax to be reclaimed	53.8	39.2	18.4	15.6	14.0	9.9	10.2	11.9	10.2	9.3	14.8	12.3
3. Taxes and other receivables from state authorities	3.7	1.5	1.3	1.9	2.3	1.3	1.3	1.4	1.4	1.9	2.5	2.5
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)	391.8	394.0	393.3	401.7	407.8	432.6	436.9	439.7	451.4	454.9	457.3	466.3
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	260.3	264.7	269.7	274.5	280.6	302.8	308.1	311.1	322.9	329.6	335.6	341.9
1. Tangible fixed assets	146.0	150.0	154.6	159.0	164.7	182.1	187.0	189.6	200.0	206.2	211.8	217.7
- Cost	—	—	—	—	550.1	593.6	595.7	592.6	614.7	616.6	616.2	615.8
- Accumulated depreciation	—	—	—	—	-385.4	-411.6	-408.8	-403.1	-414.8	-410.4	-404.4	-398.1
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	114.3	114.7	115.1	115.5	115.9	120.7	121.1	121.6	122.9	123.4	123.8	124.3
- 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	20.3	19.0	18.8	18.8	20.6	20.3	20.3	22.7	21.6	19.4	19.6	19.6
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	20.3	19.0	18.8	18.8	20.6	20.3	20.3	22.7	21.6	19.4	19.6	19.6
V. Long-term financial investments	93.8	93.4	86.8	91.5	91.5	94.5	93.0	89.7	90.1	89.0	84.3	86.6
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	91.5	90.8	84.1	83.3	83.4	86.4	84.9	81.5	82.0	80.9	76.2	78.4
3. Investments in other entities	11.9	11.9	11.9	11.9	11.9	11.9	11.9	11.9	11.9	11.9	11.9	11.9
4. Provision for diminution in value of long-term investments	-9.5	-9.2	-9.2	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7
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	17.5	16.9	18.1	17.0	15.1	15.1	15.6	16.3	16.8	16.8	17.8	18.2
1. Long-term prepayments	17.5	16.9	18.1	17.0	15.1	15.1	15.6	16.3	16.8	16.8	17.8	18.2
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)	1,432.9	1,559.2	1,289.4	1,506.5	1,321.3	1,521.1	1,731.9	1,709.7	1,334.5	1,485.6	1,212.2	1,582.0
A. LIABILITIES (300=210+330)	1,006.8	1,123.4	865.7	1,090.7	910.7	1,098.9	1,314.3	1,301.2	928.6	1,077.8	817.6	1,184.8
I. Short -term liabilities	1,006.8	1,123.4	865.7	1,090.7	910.7	1,098.9	1,314.3	1,301.2	928.6	1,077.8	817.6	1,184.8
1. Short-term trade accounts payable	66.4	75.5	52.8	47.4	59.0	101.7	39.7	72.7	54.7	94.4	57.3	159.0
2. Short-term advances from customers	71.9	70.8	54.1	42.4	42.6	54.7	49.2	38.6	43.1	43.1	42.1	55.9
3. Taxes and other payables to state authorities	2.9	2.3	3.5	5.1	2.1	3.3	5.0	4.9	4.3	4.1	1.3	2.6
4. Payable to employees	27.7	17.3	10.4	5.8	25.1	12.1	12.6	10.0	22.0	10.9	7.9	9.2
5. Short-term acrrued expenses	6.0	8.6	9.2	17.3	11.8	23.4	25.2	19.9	14.9	20.6	17.0	16.7
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	38.1	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	0.9	0.6	0.7	0.7	0.6	0.3	0.5	0.5	0.7	0.3	0.4	0.5
9. Other short-term payables	31.6	33.3	33.4	31.9	30.9	36.8	31.7	30.9	30.3	33.6	30.7	26.7
10. Short-term borrowings and financial leases	798.8	913.7	699.6	939.8	738.4	866.4	1,149.1	1,121.8	720.6	870.5	660.4	913.4
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	0.5	1.1	2.0	0.2	0.2	0.2	1.3	2.0	0.1	0.4	0.4	0.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	426.1	435.8	423.6	415.9	410.6	422.2	417.5	408.4	405.9	407.7	394.6	397.2
I. Owner's equity	426.1	435.8	423.6	415.9	410.6	422.2	417.5	408.4	405.9	407.7	394.6	397.2
1. Owner's capital	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7
- Common stock with voting right	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7	364.7
- 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	-17.7	-18.5	-15.5	-15.5	-15.5	-15.5	-15.5	-15.5	-15.5	-15.5	-15.5	-15.5
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	22.5	23.4	23.4	21.1	21.1	19.9	19.9	19.9	18.0	18.1	18.1	18.1
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	56.0	65.7	50.6	45.1	39.8	52.6	47.9	38.9	38.3	40.0	26.8	29.4
- Accumulated retained earning at the end of the previous period	20.0	32.2	28.7	33.3	14.1	24.6	24.5	24.7	15.3	19.8	19.9	23.6
- Undistributed earnings in this period	35.9	33.5	21.9	11.8	25.7	28.0	23.4	14.1	23.0	20.3	6.9	5.8
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	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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)	1,432.9	1,559.2	1,289.4	1,506.5	1,321.3	1,521.1	1,731.9	1,709.7	1,334.5	1,485.6	1,212.2	1,582.0

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	4.8	10.7	14.9	13.2	-2.5	5.1	10.7	16.3	6.3	16.4	1.1	5.9
Depreciation of Fixed Assets and Investment Property	5.2	5.2	5.3	5.4	5.5	5.4	5.9	6.6	6.8	6.4	6.8	6.7
Provision (Increase)/Reversal	2.1	2.7	5.0	-0.0	-0.3	-2.4	2.4	-0.0	-0.5	-0.0	-0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	0.4	—	-0.3	—	0.5	0.0	0.0	0.0	-0.0	-1.4	1.4	0.0
Gain/Loss from Investment Activities	-6.0	-3.0	-4.5	-5.3	1.4	-0.1	-3.5	-9.0	-3.2	-8.1	-1.7	-3.5
Interest Expense	5.5	9.7	8.6	8.3	0.7	9.9	13.0	8.6	8.3	9.1	11.4	11.0
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	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	11.7	25.7	29.1	21.6	5.3	17.9	28.5	22.5	17.7	22.4	19.0	20.2
Increase/(Decrease) in Receivables	-43.1	-68.6	66.1	-131.1	63.0	-32.6	136.1	-203.3	125.2	-84.4	166.8	-188.5
Increase/(Decrease) in Inventory	108.4	-157.7	80.3	-39.9	75.9	109.2	31.6	-243.2	28.3	-145.5	96.5	-110.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.7	50.0	9.2	-20.1	-54.0	70.3	-8.1	0.6	-37.7	47.7	-102.5	52.6
Increase/(Decrease) in Prepaid Expenses	0.3	3.1	4.0	-7.1	1.0	1.4	0.5	-0.3	0.2	2.1	0.5	-1.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.8	-6.4	-14.3	-8.3	-4.0	-3.2	-20.2	-8.1	-9.0	-9.1	-10.5	-11.0
Corporate Income Tax Paid	-1.0	-4.7	-0.9	-0.2	-2.8	-2.4	-2.7	-0.3	0.0	0.1	0.0	-0.3
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.9	-0.0	-1.1	-0.0	-1.1	-4.4	-0.4	-0.0	0.0	-0.4	-4.4
Net Cash Flow from Operating Activities	67.8	-159.4	173.5	-186.2	84.4	159.5	161.3	-432.4	124.7	-166.8	169.4	-243.4
Payments for Fixed Assets and Other Long-term Assets	-0.9	-2.2	0.1	-0.5	-1.8	-3.7	-0.5	-1.5	-2.3	-0.2	-0.4	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	0.1	—	15.8	0.0	0.0	9.1	0.3	0.0	0.0	0.6
Loans and Purchases of Debt Instruments	-57.5	0.0	0.0	-17.1	-17.0	0.0	-76.4	0.0	0.9	34.5	0.0	-36.3
Receipts from Loan Repayments and Sale of Debt Instruments	97.1	-40.0	40.0	16.7	36.4	0.0	16.0	0.0	0.0	-15.2	0.0	15.2
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	4.2	-1.3	1.3	3.9	5.6	0.1	3.2	0.0	-0.5	3.2	3.2	4.3
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	43.0	-43.7	41.6	3.0	39.0	-3.5	-57.7	7.7	-1.6	22.3	2.8	-17.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-2.0	2.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,267.2	1,335.9	1,180.0	1,260.8	1,003.1	918.1	1,462.0	1,460.6	1,075.2	1,644.2	1,298.8	1,427.5
Repayment of Borrowings	-1,382.1	-1,121.8	-1,420.2	-1,059.4	-1,131.5	-1,200.8	-1,434.7	-1,059.4	-1,225.1	-1,432.7	-1,553.2	-1,261.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-14.6	—	—	—	-10.9	0.0	0.0	0.0	-7.3	0.0	0.0	-6.4
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	-129.5	214.1	-240.1	201.4	-139.4	-282.7	27.3	401.2	-157.2	211.5	-256.4	161.3
Net Cash Flow During the Period	-18.7	11.1	-25.1	18.2	-15.9	-126.7	130.9	-23.6	-34.0	67.0	-84.2	-99.1
Cash and Cash Equivalents at Beginning of Period	46.2	36.9	60.2	42.1	77.4	77.4	77.4	77.4	227.7	227.7	227.7	229.0
FX Difference from Revaluation	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	27.7	46.2	36.9	60.2	42.1	58.0	184.7	53.8	77.4	111.4	44.3	129.9

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