KTS

Listed Company · HNX

Price

23,400

Latest close

03 Apr 2026

P/E 3.5x

EPS (TTM) 6,725

ROE (TTM) 14.1%

P/B 0.5x

BVPS (Latest) 50,465

ROA (TTM) 6.6%

What Is Changing

KTS no longer looks like a business simply rebounding from a weak base. Revenue posted +22.2% YoY, while net margin reached 10.00% with an additional -1.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 10.3% to VND 34.1bn in 2025.
Net margin declined from 11.08% in the prior period to 10.00% in 2025.
Revenue growth accelerated to 22.2% in 2025, up 71.3pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	341.0	279.0	547.7	176.4	210.4
Growth	+22%	-49%	+210%	-16%	—
Net Income	34.1	30.9	38.2	8.0	4.8
Net Margin	10.00%	11.08%	6.97%	4.54%	2.29%

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	100.9	64.2	118.8	57.1	119.2	86.1	58.3	15.4	288.8	153.4	46.6	58.8
Growth	+57%	-46%	+108%	-52%	+38%	+48%	+279%	-95%	+88%	+230%	-21%	—
Net Income	3.7	11.1	14.8	4.5	20.3	11.0	-0.9	0.4	23.7	12.4	1.6	0.4
Net Margin	3.64%	17.35%	12.47%	7.83%	17.03%	12.84%	-1.51%	2.85%	8.22%	8.11%	3.43%	0.72%

Financial Statements

Profitability

Net margin reached 10.00% while Revenue posted +22.2% YoY.

Balance Sheet

Inventory stood at 252.3bn, liabilities at 300.9bn, and equity at 255.9bn.

Cash Flow

Operating cash flow was 4.9bn in 2025, while investing cash flow was -4.0bn.

Financing cash flow: 8.7bn.

Item	2025	2024	2023	2022	2021
Revenue	341.0	279.0	547.7	176.4	210.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	341.0	279.0	547.7	176.4	210.4
Cost of Goods Sold	272.1	215.0	479.7	148.4	0.0
Gross Profit	68.9	63.9	68.0	28.0	22.6
Financial Income	2.9	2.6	5.0	9.5	9.6
Financial Expenses	18.6	21.2	22.6	19.6	-17.2
Interest Expense	18.6	21.2	22.6	19.6	-16.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	8.1	2.8	2.0	0.7	-1.0
General and Administrative Expenses	8.3	9.0	7.2	6.2	-5.7
Operating Profit	36.8	33.5	41.1	11.1	8.2
Other Income	0.2	0.2	0.1	0.8	0.0
Other Expenses	2.2	2.3	1.7	1.4	0.0
Other Profit	-2.0	-2.0	-1.5	-0.5	-1.4
Profit Before Tax	34.8	31.4	39.6	10.5	6.8
Current Income Tax Expense	0.7	0.5	1.4	2.5	-2.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	34.1	30.9	38.2	8.0	4.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	34.1	30.9	38.2	8.0	4.8
Earnings per Share	6,725.00	6,097.00	7,534.00	1,580.00	864.00
Diluted EPS	6,725.00	6,097.00	7,534.00	1,579.88	951.35

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	361.9	279.7	283.2	193.3	194.0
I. Cash and cash equivalents	10.8	1.3	4.2	2.1	13.1
1. Cash	10.8	1.3	4.2	2.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	18.8	18.0	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	18.8	18.0	0.0	0.0	0.0
III. Short-term receivables	79.6	109.6	250.3	107.8	140.7
1. Short-term trade accounts receivable	40.3	82.5	218.6	84.5	0.0
2. Short-term prepayments to suppliers	37.7	26.3	28.3	21.0	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	3.1	3.1	3.1	3.1	0.0
6. Other short-term receivables	2.1	1.3	3.8	2.8	0.0
7. Provision for short-term doubtful debts (*)	-3.7	-3.6	-3.6	-3.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	252.3	150.7	28.6	83.3	34.8
1. Inventories	253.8	152.5	30.5	83.6	0.0
2. Provision for decline in value of inventories	-1.5	-1.8	-1.9	-0.3	0.0
V. Other short-term assets	0.5	0.1	0.1	0.1	5.5
1. Short-term prepayments	0.5	0.1	0.1	0.1	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	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)	194.9	203.4	198.4	207.9	220.3
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	184.6	179.5	195.6	205.8	214.2
1. Tangible fixed assets	183.4	178.3	194.4	204.5	212.9
- Cost	407.8	385.8	385.2	378.0	0.0
- Accumulated depreciation	-224.4	-207.5	-190.8	-173.5	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	1.2	1.3	1.3	1.3	1.3
- Cost	2.0	2.0	2.0	2.0	0.0
- Accumulated depreciation	-0.7	-0.7	-0.7	-0.7	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	5.8	21.2	0.1	0.1	3.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.8	21.2	0.1	0.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.5	2.7	2.6	2.1	0.0
1. Long-term prepayments	4.5	2.7	2.6	2.1	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	2.3
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)	556.8	483.1	481.5	401.2	414.3
A. LIABILITIES (300=210+330)	300.9	255.3	277.6	231.6	251.2
I. Short -term liabilities	286.1	227.4	239.8	183.8	193.4
1. Short-term trade accounts payable	33.1	5.5	19.6	2.2	16.5
2. Short-term advances from customers	0.7	0.7	3.0	0.7	0.8
3. Taxes and other payables to state authorities	4.3	2.6	13.5	6.1	0.0
4. Payable to employees	1.2	1.1	1.0	0.8	0.0
5. Short-term acrrued expenses	3.1	0.5	2.6	1.5	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	—	0.3	0.3	0.0	0.0
9. Other short-term payables	0.6	0.5	0.5	0.5	0.0
10. Short-term borrowings and financial leases	231.5	204.8	189.9	169.4	165.2
11. Provision for short-term liabilities	10.9	10.8	8.9	2.0	0.0
12.. Bonus and welfare fund	0.9	0.5	0.5	0.5	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	14.8	27.8	37.8	47.8	57.8
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	14.8	27.8	37.8	47.8	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	255.9	227.8	203.9	169.6	163.1
I. Owner's equity	255.9	227.8	203.9	169.6	0.0
1. Owner's capital	50.7	50.7	50.7	50.7	163.1
- Common stock with voting right	50.7	50.7	50.7	50.7	50.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	2.6	2.6	2.6	2.6	2.6
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	18.7	18.7	18.7	18.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	8.9	7.9	4.4	7.9	0.0
11. Undistributed earnings after tax	175.0	147.9	127.5	89.6	82.5
- Accumulated retained earning at the end of the previous period	140.9	117.0	89.3	81.6	81.6
- Undistributed earnings in this period	34.1	30.9	38.2	8.0	0.8
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	0.0
1. Subsidized not-for-profit funds	0.0	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)	556.8	483.1	481.5	401.2	414.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.4	-1.8	-2.5	-1.6	0.0
Other Operating Receipts	0.5	0.4	13.6	11.1	0.0
Other Operating Payments	-13.0	-24.0	-27.8	-24.8	0.0
Net Cash Flow from Operating Activities	4.9	30.3	-8.3	11.5	13.7
Payments for Fixed Assets and Other Long-term Assets	-7.0	-18.5	-3.7	-1.5	-9.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	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	2.9	2.4	3.7	11.9	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	-4.0	-34.0	0.1	10.4	-9.2
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	295.5	269.6	283.8	185.8	126.9
Repayment of Borrowings	-281.8	-264.8	-273.4	-208.5	-129.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.1	-4.1	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	8.7	0.8	10.4	-22.6	-2.8
Net Cash Flow During the Period	9.5	-2.9	2.2	-0.7	6.5
Cash and Cash Equivalents at Beginning of Period	1.3	4.2	2.1	2.8	11.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.8	1.3	4.2	2.1	13.1

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	100.9	64.2	118.8	57.1	119.2	86.1	58.3	15.4	288.8	153.4	46.6	58.8
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	100.9	64.2	118.8	57.1	119.2	86.1	58.3	15.4	288.8	153.4	46.6	58.8
Cost of Goods Sold	84.0	43.9	97.6	46.6	89.0	64.4	48.2	13.5	259.8	126.7	41.2	51.9
Gross Profit	17.0	20.3	21.2	10.5	30.2	21.7	10.1	1.9	29.0	26.7	5.3	6.9
Financial Income	0.6	1.2	1.2	0.0	0.3	1.2	1.1	0.0	0.0	1.4	2.0	1.6
Financial Expenses	4.5	4.4	4.9	4.8	4.9	6.4	9.3	0.6	3.4	9.3	3.2	6.8
Interest Expense	4.4	4.4	—	4.8	0.0	6.4	9.2	0.9	0.0	0.0	0.0	6.8
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.3	1.4	0.2	0.3	2.5	0.2	0.1	0.1	1.1	0.7	0.2	0.0
General and Administrative Expenses	2.6	3.6	1.5	0.6	2.6	3.8	2.0	0.6	0.1	5.2	1.4	0.5
Operating Profit	4.2	12.0	15.8	4.8	20.6	12.5	-0.2	0.6	24.4	13.0	2.4	1.2
Other Income	—	0.1	0.1	0.0	0.0	0.1	0.0	0.1	0.0	0.1	0.0	0.0
Other Expenses	0.4	0.7	0.8	0.2	0.3	1.3	0.5	0.3	0.5	0.4	0.4	0.4
Other Profit	-0.4	-0.6	-0.8	-0.2	-0.3	-1.1	-0.5	-0.2	-0.4	-0.2	-0.4	-0.4
Profit Before Tax	3.8	11.4	15.1	4.5	20.3	11.3	-0.6	0.5	24.0	12.8	2.0	0.8
Current Income Tax Expense	0.1	0.3	0.2	0.1	-0.0	0.3	0.2	0.0	0.3	0.3	0.4	0.4
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.7	11.1	14.8	4.5	20.3	11.0	-0.9	0.4	23.7	12.4	1.6	0.4
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.7	11.1	14.8	4.5	20.3	11.0	-0.9	0.4	23.7	12.4	1.6	0.4
Earnings per Share	724.00	2,196.00	2,924.00	881.00	4,004.00	2,179.00	-173.12	87.00	4,681.00	2,454.00	315.00	83.00
Diluted EPS	725.44	2,195.82	2,923.82	880.99	6,097.00	2,179.19	-173.12	86.72	4,681.32	2,454.13	315.12	83.30

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)	361.9	375.0	342.3	298.3	279.7	297.2	312.1	272.8	283.2	262.1	252.7	197.7
I. Cash and cash equivalents	10.8	32.1	68.2	2.9	1.3	12.0	71.6	4.8	4.2	5.1	36.2	0.9
1. Cash	10.8	32.1	68.2	2.9	1.3	12.0	71.6	4.8	4.2	5.1	36.2	0.9
2. Cash equivalents	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	18.8	18.0	18.0	18.0	18.0	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	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	0.0
3. Held to maturity investments	18.8	18.0	18.0	18.0	18.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	79.6	90.5	169.6	155.3	109.6	106.7	193.2	235.6	250.3	140.2	155.3	159.1
1. Short-term trade accounts receivable	40.3	63.4	137.4	117.6	82.5	79.2	156.8	202.9	218.6	115.2	122.9	123.4
2. Short-term prepayments to suppliers	37.7	25.8	30.4	36.5	26.3	21.4	34.3	31.9	28.3	22.0	31.0	33.2
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1
6. Other short-term receivables	2.1	1.8	2.3	1.7	1.3	6.6	2.6	1.3	3.8	3.5	1.9	3.0
7. Provision for short-term doubtful debts (*)	-3.7	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	252.3	234.3	86.4	120.4	150.7	178.5	46.8	28.1	28.6	116.7	61.1	37.5
1. Inventories	253.8	236.1	88.2	122.1	152.5	180.4	48.7	30.0	30.5	117.0	61.5	37.9
2. Provision for decline in value of inventories	-1.5	-1.8	-1.8	-1.8	-1.8	-1.9	-1.9	-1.9	-1.9	-0.3	-0.3	-0.3
V. Other short-term assets	0.5	0.1	0.1	1.7	0.1	0.1	0.6	4.2	0.1	0.1	0.1	0.2
1. Short-term prepayments	0.5	0.1	0.1	1.7	0.1	0.1	0.6	4.2	0.1	0.1	0.1	0.2
2. Value added tax to be reclaimed	—	—	—	0.0	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	0.0	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	0.0
5. Other short-term assets	—	—	—	0.0	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)	194.9	194.7	206.4	202.9	203.4	198.9	199.8	196.1	198.4	197.3	203.7	205.9
I. Long-term receivables	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	0.0	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	0.0
II. Fixed assets	184.6	186.2	195.0	175.7	179.5	179.5	188.0	191.2	195.6	194.9	199.4	201.7
1. Tangible fixed assets	183.4	185.0	193.7	174.5	178.3	178.2	186.8	189.9	194.4	193.6	198.1	200.5
- Cost	—	—	—	386.2	385.8	385.8	385.5	384.1	385.2	384.4	380.1	378.2
- Accumulated depreciation	—	—	—	-211.7	-207.5	-207.5	-198.7	-194.2	-190.8	-190.8	-182.0	-177.7
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.2	1.2	1.2	1.2	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.8	5.7	8.1	24.4	21.2	16.8	9.2	2.2	0.1	0.0	2.2	2.1
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.8	5.7	8.1	24.4	21.2	16.8	9.2	2.2	0.1	0.0	2.2	2.1
V. Long-term financial investments	—	—	—	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	4.5	2.8	3.3	2.8	2.7	2.6	2.6	2.7	2.6	2.5	2.1	2.1
1. Long-term prepayments	4.5	2.8	3.3	2.8	2.7	2.6	2.6	2.7	2.6	2.5	2.1	2.1
2. Deferred income tax assets	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	556.8	569.7	548.7	501.3	483.1	496.1	512.0	468.9	481.5	459.4	456.4	403.6
A. LIABILITIES (300=210+330)	300.9	312.4	302.5	270.0	255.3	287.1	313.1	265.1	277.6	278.1	285.9	234.5
I. Short -term liabilities	286.1	292.1	279.7	244.6	227.4	256.7	280.3	229.8	239.8	237.8	243.1	189.2
1. Short-term trade accounts payable	33.1	43.5	33.2	12.7	5.5	37.1	48.8	17.0	19.6	22.2	25.6	4.8
2. Short-term advances from customers	0.7	1.0	1.6	0.7	0.7	2.1	21.8	1.2	3.0	4.1	37.0	0.7
3. Taxes and other payables to state authorities	4.3	0.5	2.2	4.7	2.6	0.7	1.1	12.4	13.5	9.4	6.4	8.7
4. Payable to employees	1.2	2.1	2.0	1.6	1.1	1.9	1.8	1.1	1.0	5.3	1.5	0.9
5. Short-term acrrued expenses	3.1	8.6	4.2	1.4	0.5	8.9	1.3	0.0	2.6	4.8	1.3	3.4
6. Short-term inter-company payables	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	0.1	0.2	0.3	0.5	0.1	0.2	0.3	0.3	0.0	0.0
9. Other short-term payables	0.6	0.8	0.4	0.5	0.5	1.2	0.6	0.5	0.5	1.1	0.5	0.4
10. Short-term borrowings and financial leases	231.5	226.6	227.1	213.5	204.8	197.5	197.5	189.9	189.9	189.9	169.9	169.5
11. Provision for short-term liabilities	10.9	8.0	8.0	8.0	10.8	6.0	6.5	6.5	8.9	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	1.0	1.1	1.3	0.5	0.7	0.7	0.9	0.5	0.7	0.8	0.9
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	14.8	20.3	22.8	25.3	27.8	30.3	32.8	35.3	37.8	40.3	42.8	45.3
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	14.8	20.3	22.8	25.3	27.8	30.3	32.8	35.3	37.8	40.3	42.8	45.3
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	255.9	257.3	246.1	231.3	227.8	209.0	198.9	203.8	203.9	181.3	170.5	169.0
I. Owner's equity	255.9	257.3	246.1	231.3	227.8	209.0	198.9	203.8	203.9	181.3	170.5	169.0
1. Owner's capital	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7
- Common stock with voting right	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7
- Preferred stock	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	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	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7
9. Fund to support corporate restructuring	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	8.9	8.9	8.9	8.9	7.9	9.4	10.3	10.3	4.4	5.6	7.2	7.2
11. Undistributed earnings after tax	175.0	176.4	165.2	150.4	147.9	127.6	116.6	121.5	127.5	103.8	91.3	89.8
- Accumulated retained earning at the end of the previous period	140.9	145.9	145.9	145.9	117.0	117.0	117.0	121.0	89.3	89.3	89.3	89.4
- Undistributed earnings in this period	34.1	30.4	19.3	4.5	30.9	10.6	-0.4	0.4	38.2	14.5	2.0	0.4
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	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	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	556.8	569.7	548.7	501.3	483.1	496.1	512.0	468.9	481.5	459.4	456.4	403.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	0.0	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	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
Interest Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
Interest Income and Dividends	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	-0.2	-0.2	0.0	-0.2	-0.2	0.0	-1.4	0.0	0.0	-2.5	0.0
Other Operating Receipts	—	—	—	0.0	-2.1	0.4	1.4	0.7	-2.4	6.2	7.2	2.6
Other Operating Payments	-0.0	-5.0	-4.5	-3.4	-4.1	-4.3	-14.3	-1.3	-7.1	-11.0	-7.8	-1.9
Net Cash Flow from Operating Activities	-143.0	70.4	73.4	4.1	8.7	-47.4	54.2	14.7	-24.6	-24.4	29.2	11.4
Payments for Fixed Assets and Other Long-term Assets	21.9	-0.1	-25.3	-3.4	-17.8	-0.0	-0.2	-0.5	-0.1	-1.6	-1.9	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
Investments in Other Entities	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	2.1	0.0	0.8	0.0	1.9	0.0	0.5	0.0	3.7	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	0.0
Acquisition of Non-controlling Interests	—	—	—	0.0	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	0.0
Other Investing Payments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	24.0	-0.1	-24.6	-3.4	-33.8	-0.0	0.3	-0.5	3.6	-1.6	-1.9	-0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	215.3	35.9	40.9	3.4	92.9	117.3	56.1	3.3	100.2	135.0	46.1	2.4
Repayment of Borrowings	-112.5	-142.3	-24.5	-2.5	-78.6	-129.5	-39.8	-16.9	-80.2	-140.1	-38.1	-15.0
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-5.1	—	—	0.0	0.0	0.0	-4.1	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	0.0
Other Financing Payments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	97.7	-106.4	16.4	0.9	14.4	-12.2	12.3	-13.7	20.0	-5.0	8.0	-12.6
Net Cash Flow During the Period	-21.3	-36.1	65.2	1.6	-10.7	-59.6	66.8	0.6	-0.9	-31.1	35.3	-1.2
Cash and Cash Equivalents at Beginning of Period	32.1	68.2	2.9	1.3	4.2	4.2	4.2	4.2	2.1	2.1	2.1	2.1
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	10.8	32.1	68.2	2.9	1.3	12.0	71.6	4.8	4.2	5.1	36.2	0.9

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Balance Sheet

Cash Flow

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