L40

Listed Company · HNX

Price

63,100

Latest close

03 Apr 2026

P/E 10.1x

EPS (TTM) 6,242

ROE (TTM) 18.5%

P/B 1.1x

BVPS (Latest) 57,496

ROA (TTM) 11.0%

What Is Changing

L40 no longer looks like a business simply rebounding from a weak base. Revenue posted +3.1% YoY, while net margin reached 119.47% with an additional +102.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 1.00% in 2023 to 119.47% in 2025.
Net Income reached a multi-period high at VND 313.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	262.8	254.8	110.6	167.1	170.4
Growth	+3%	+130%	-34%	-2%	—
Net Income	313.9	42.6	1.1	-0.8	-1.2
Net Margin	119.47%	16.71%	1.00%	-0.46%	-0.68%

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	63.3	106.8	52.4	40.3	172.6	79.1	70.6	18.7	41.3	27.9	14.5	26.8
Growth	-41%	+104%	+30%	-77%	+118%	+12%	+278%	-55%	+48%	+92%	-46%	—
Net Income	3.9	59.4	4.0	0.0	38.0	1.8	2.0	0.4	0.3	-0.4	0.7	0.5
Net Margin	6.21%	55.62%	7.66%	0.03%	22.02%	2.30%	2.88%	1.99%	0.71%	-1.52%	4.77%	1.78%

Financial Statements

Profitability

Net margin reached 119.47% while Revenue posted +3.1% YoY.

Balance Sheet

Inventory stood at 485.3bn, liabilities at 418.8bn, and equity at 621.1bn.

Cash Flow

Operating cash flow was -59.9bn in 2025, while investing cash flow was -36.6bn.

Financing cash flow: 50.0bn.

Item	2025	2024	2023	2022	2021
Revenue	263.0	254.8	110.7	167.8	170.6
Revenue Deductions	0.3	0.0	0.1	0.7	0.0
Net Revenue	262.8	254.8	110.6	167.1	170.4
Cost of Goods Sold	207.4	240.6	104.7	163.6	0.0
Gross Profit	55.3	14.2	5.8	3.6	6.1
Financial Income	0.5	0.5	0.4	0.1	0.7
Financial Expenses	1.0	0.0	0.0	0.2	-0.0
Interest Expense	1.0	0.0	0.0	0.2	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	6.3	7.7	8.0	9.6	-10.6
Operating Profit	48.5	7.0	-1.8	-6.2	-3.7
Other Income	311.0	54.3	3.2	7.3	0.0
Other Expenses	10.1	7.6	0.0	0.8	0.0
Other Profit	300.9	46.7	3.2	6.4	4.1
Profit Before Tax	349.4	53.7	1.4	0.2	0.4
Current Income Tax Expense	35.5	11.1	0.3	1.0	-1.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	313.9	42.6	1.1	-0.8	-1.2
Non-controlling Interest	-3.7	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	317.6	42.6	1.1	-0.8	-1.2
Earnings per Share	40,912.00	11,906.00	311.00	-215.00	1,643.00
Diluted EPS	29,404.53	11,906.00	311.00	-215.00	-319.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	861.2	176.0	123.9	88.4	122.4
I. Cash and cash equivalents	47.1	93.7	51.3	3.5	47.3
1. Cash	46.1	33.7	11.3	3.5	0.0
2. Cash equivalents	1.0	60.0	40.0	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	325.9	58.2	54.8	67.6	49.3
1. Short-term trade accounts receivable	201.3	41.7	26.3	41.8	0.0
2. Short-term prepayments to suppliers	12.1	15.2	26.3	24.1	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	114.9	2.2	3.1	2.6	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-0.9	-0.9	-0.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	485.3	24.1	13.4	12.5	20.0
1. Inventories	485.3	24.1	13.4	12.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.9	0.0	4.4	4.9	5.8
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	2.9	0.0	4.2	4.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.2	0.4	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)	178.7	8.2	61.9	66.8	71.1
I. Long-term receivables	13.3	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	13.3	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	5.3	8.2	52.9	53.7	59.5
1. Tangible fixed assets	5.3	8.2	34.9	35.7	41.5
- Cost	9.0	11.9	65.1	60.6	0.0
- Accumulated depreciation	-3.6	-3.7	-30.3	-24.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	18.0	18.0	18.0
- Cost	—	0.0	18.0	18.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	1.7	1.8	0.0
- Cost	—	0.0	2.1	2.1	0.0
- Accumulated depreciation	—	0.0	-0.4	-0.3	0.0
IV. Long-term assets in progress	—	0.0	0.0	3.8	4.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	3.8	0.0
V. Long-term financial investments	160.1	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	160.1	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	—	0.0	7.3	7.5	0.0
1. Long-term prepayments	—	0.0	7.3	7.5	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	7.7
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)	1,039.9	184.2	185.8	155.1	193.5
A. LIABILITIES (300=210+330)	418.8	76.2	120.9	91.3	128.9
I. Short -term liabilities	315.7	72.3	116.5	86.9	124.7
1. Short-term trade accounts payable	29.5	35.4	23.6	18.8	28.2
2. Short-term advances from customers	63.2	21.1	77.6	47.9	86.8
3. Taxes and other payables to state authorities	159.6	11.2	0.1	0.1	0.0
4. Payable to employees	0.1	0.8	0.7	1.9	0.0
5. Short-term acrrued expenses	0.8	1.8	2.6	2.3	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	7.5	0.8	2.5	2.5	0.0
10. Short-term borrowings and financial leases	54.6	0.0	5.0	10.0	0.0
11. Provision for short-term liabilities	0.4	0.7	3.9	2.8	0.0
12.. Bonus and welfare fund	—	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	103.1	3.9	4.4	4.4	4.2
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	5.0	3.9	4.4	4.4	0.0
8. Long-term borrowings and financial leases	0.5	0.0	0.0	0.0	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	97.6	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)	621.1	108.0	64.9	63.8	64.6
I. Owner's equity	621.1	108.0	64.9	63.8	0.0
1. Owner's capital	108.0	36.0	36.0	36.0	64.6
- Common stock with voting right	108.0	36.0	36.0	36.0	36.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.0	11.6	11.6	11.6	11.6
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	-0.5	-0.5	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	0.0	8.7	8.7	8.7	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	350.3	51.7	9.1	8.0	8.7
- Accumulated retained earning at the end of the previous period	0.0	9.1	8.0	8.7	8.4
- Undistributed earnings in this period	350.3	42.6	1.1	-0.8	0.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	162.7	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)	1,039.9	184.2	185.8	155.1	193.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	349.4	53.7	1.4	0.2	0.4
Depreciation of Fixed Assets and Investment Property	-309.4	3.7	5.5	5.4	5.4
Provision (Increase)/Reversal	1.0	-3.1	1.0	1.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.3	-26.2	-0.4	-2.9	0.0
Interest Expense	1.0	0.0	0.0	0.2	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	40.8	28.2	7.5	4.6	-0.2
Increase/(Decrease) in Receivables	-207.1	0.8	13.0	-19.3	0.0
Increase/(Decrease) in Inventory	11.6	-10.7	-0.9	7.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	106.7	-47.0	33.6	-48.2	0.0
Increase/(Decrease) in Prepaid Expenses	—	7.3	0.2	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.0	0.0	-0.0	-0.2	0.0
Corporate Income Tax Paid	-10.4	-0.6	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.0	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	-59.9	-22.1	53.3	-55.5	0.3
Payments for Fixed Assets and Other Long-term Assets	-0.8	0.0	-0.8	-2.2	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.0	68.3	0.0	3.8	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	-136.3	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	96.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.5	0.4	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	-36.6	68.8	-0.4	1.7	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	0.5	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	60.1	0.5	5.7	26.4	15.1
Repayment of Borrowings	-5.0	-5.5	-10.7	-16.4	-15.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.1	0.0	0.0	0.0	-4.3
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	50.0	-4.5	-5.0	10.0	-4.3
Net Cash Flow During the Period	-46.5	42.3	47.9	-43.8	6.1
Cash and Cash Equivalents at Beginning of Period	93.7	51.3	3.5	47.3	51.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	47.1	93.7	51.3	3.5	47.3

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	63.3	106.8	52.4	40.3	172.6	79.1	70.6	18.7	41.3	27.9	14.6	26.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Net Revenue	63.3	106.8	52.4	40.3	172.6	79.1	70.6	18.7	41.3	27.9	14.5	26.8
Cost of Goods Sold	56.7	64.9	45.8	40.2	125.7	73.7	66.0	17.2	38.9	28.0	12.1	25.6
Gross Profit	6.5	42.0	6.6	0.2	46.9	5.4	4.6	1.5	2.4	-0.1	2.4	1.2
Financial Income	0.0	0.0	0.0	0.7	0.1	0.1	0.0	0.2	0.1	0.1	0.1	0.2
Financial Expenses	1.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.7	0.6	1.6	1.2	2.2	2.1	2.1	1.3	2.9	1.9	1.6	1.8
Operating Profit	3.8	41.3	5.0	-0.4	44.9	3.4	2.5	0.5	-0.4	-1.9	0.9	-0.4
Other Income	0.8	51.9	0.0	0.4	2.7	0.0	0.0	0.0	0.7	1.5	0.0	1.0
Other Expenses	0.0	0.0	—	0.0	0.1	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.8	51.9	0.0	0.4	2.6	-0.4	-0.0	-0.0	0.7	1.5	-0.0	1.0
Profit Before Tax	4.5	93.2	5.0	0.0	47.5	3.0	2.5	0.5	0.3	-0.4	0.9	0.6
Current Income Tax Expense	0.6	33.8	1.0	0.0	9.5	1.1	0.5	0.1	-0.0	0.0	0.2	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.9	59.4	4.0	0.0	38.0	1.8	2.0	0.4	0.3	-0.4	0.7	0.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.9	59.4	4.0	0.0	38.0	1.8	2.0	0.4	0.3	-0.4	0.7	0.5
Earnings per Share	364.00	5,501.76	372.00	4.00	10,558.00	770.00	567.00	104.00	82.00	-118.00	193.00	134.00
Diluted EPS	364.00	5,501.76	371.97	3.90	10,557.51	504.20	563.77	103.30	81.06	-117.42	192.17	132.72

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)	861.2	611.2	177.3	162.0	176.0	79.6	93.0	110.4	123.9	84.2	89.6	96.6
I. Cash and cash equivalents	47.1	36.5	6.0	7.7	93.7	1.4	8.4	11.6	51.3	7.4	8.4	15.6
1. Cash	46.1	36.5	6.0	7.7	33.7	1.4	1.4	0.6	11.3	5.4	1.4	5.6
2. Cash equivalents	1.0	—	—	—	60.0	0.0	7.0	11.0	40.0	2.0	7.0	10.0
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	327.3	295.3	159.4	136.7	58.2	60.8	57.6	60.8	54.8	60.7	61.2	63.6
1. Short-term trade accounts receivable	201.3	178.0	35.7	18.9	41.7	24.3	21.3	22.7	26.3	30.8	30.9	35.8
2. Short-term prepayments to suppliers	12.1	19.7	21.2	15.4	15.2	34.9	33.9	34.2	26.3	24.5	26.0	24.2
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	114.9	98.6	103.4	103.4	2.2	2.6	3.3	4.8	3.1	6.3	5.3	4.5
7. Provision for short-term doubtful debts (*)	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	483.9	276.5	11.9	17.6	24.1	13.5	22.1	32.0	13.4	12.0	15.5	12.6
1. Inventories	485.3	276.5	11.9	17.6	24.1	13.5	22.1	32.0	13.4	12.0	15.5	12.6
2. Provision for decline in value of inventories	-1.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.9	2.9	—	0.0	0.0	3.9	4.9	6.0	4.4	4.1	4.5	4.8
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	2.9	2.9	—	0.0	0.0	3.9	4.9	6.0	4.2	4.0	4.4	4.4
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.1	0.2	0.1	0.2	0.3
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)	178.7	12.8	7.9	8.1	8.2	58.2	59.0	60.5	61.9	62.7	64.0	65.4
I. Long-term receivables	13.3	5.0	—	—	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
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	13.3	5.0	—	—	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
II. Fixed assets	5.3	7.8	7.9	8.1	8.2	49.4	50.1	51.5	52.9	49.8	51.1	52.4
1. Tangible fixed assets	5.3	7.8	7.9	8.1	8.2	31.4	32.1	33.5	34.9	31.8	33.1	34.4
- Cost	—	—	—	—	11.9	65.1	65.1	65.1	65.1	60.6	60.6	60.6
- Accumulated depreciation	—	—	—	—	-3.7	-33.8	-33.1	-31.7	-30.3	-28.8	-27.5	-26.2
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	—	—	—	—	0.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0
- 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
III. Investment properties	—	—	—	—	0.0	1.7	1.7	1.7	1.7	1.7	1.8	1.8
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.8	3.8	3.8
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.8	3.8	3.8
V. Long-term financial investments	160.1	—	—	—	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	160.1	—	—	—	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	—	—	—	—	0.0	7.1	7.2	7.3	7.3	7.4	7.4	7.5
1. Long-term prepayments	—	—	—	—	0.0	7.2	7.2	7.3	7.3	7.4	7.4	7.5
2. Deferred income tax assets	—	—	—	—	0.0	-0.1	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)	1,039.9	624.0	185.2	170.1	184.2	137.7	152.0	170.9	185.8	146.9	153.6	161.9
A. LIABILITIES (300=210+330)	418.9	276.8	73.2	62.0	76.2	68.0	84.7	105.6	120.9	82.3	88.7	97.7
I. Short -term liabilities	315.8	210.3	73.2	58.1	72.3	63.7	80.3	101.2	116.5	77.7	84.1	93.1
1. Short-term trade accounts payable	29.5	20.6	29.5	21.9	35.4	26.5	20.2	16.8	23.6	14.6	14.8	20.0
2. Short-term advances from customers	63.2	18.5	17.6	22.0	21.1	26.6	51.0	76.8	77.6	46.7	54.3	59.7
3. Taxes and other payables to state authorities	159.5	120.1	2.5	0.0	11.2	1.4	0.5	0.0	0.1	0.0	0.0	0.0
4. Payable to employees	0.1	0.1	—	—	0.8	0.6	0.0	0.0	0.7	0.0	0.1	0.2
5. Short-term acrrued expenses	1.0	6.4	1.9	4.1	1.8	2.8	2.1	0.9	2.6	3.5	2.5	0.4
6. Short-term inter-company payables	—	—	0.2	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
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	7.5	44.2	21.0	9.7	0.8	1.2	1.7	2.5	2.5	2.5	2.5	2.5
10. Short-term borrowings and financial leases	54.6	—	—	—	0.0	0.0	0.0	0.0	5.0	6.2	6.2	6.7
11. Provision for short-term liabilities	0.4	0.4	0.4	0.4	0.7	4.1	4.2	3.7	3.9	3.5	3.0	3.0
12.. Bonus and welfare fund	—	—	—	—	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	103.1	66.5	—	3.9	3.9	4.3	4.4	4.4	4.4	4.6	4.6	4.5
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	5.0	—	—	3.9	3.9	4.3	4.4	4.4	4.4	4.6	4.6	4.5
8. Long-term borrowings and financial leases	0.5	47.8	—	—	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	97.6	18.7	—	—	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)	621.0	347.2	112.0	108.0	108.0	69.7	67.3	65.3	64.9	64.6	65.0	64.3
I. Owner's equity	621.0	347.2	112.0	108.0	108.0	69.7	67.3	65.3	64.9	64.6	65.0	64.3
1. Owner's capital	108.0	108.0	108.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0
- Common stock with voting right	108.0	108.0	108.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0
- 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	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6
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	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
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	0.0	0.0	0.0	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7
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	350.2	176.3	4.0	51.7	51.7	13.3	11.5	9.4	9.1	8.8	9.1	8.4
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	51.7	9.1	9.1	9.1	9.1	8.0	8.0	8.0	8.0
- Undistributed earnings in this period	350.2	176.3	4.0	0.0	42.6	4.2	2.4	0.4	1.1	0.8	1.2	0.5
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	162.7	62.9	—	—	0.0	0.1	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)	1,039.9	624.0	185.2	170.1	184.2	137.7	152.0	170.9	185.8	146.9	153.6	161.9

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
Profit Before Tax	251.0	93.2	5.1	0.0	47.7	3.0	2.5	0.5	0.3	-0.4	1.0	0.6
Depreciation of Fixed Assets and Investment Property	-257.9	-51.7	0.1	0.1	-23.0	0.7	1.4	1.4	1.5	1.3	1.3	1.4
Provision (Increase)/Reversal	1.4	0.0	0.0	-0.4	-3.4	-0.1	0.5	-0.2	0.3	0.5	0.0	0.2
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	-0.8	-0.0	-0.5	—	-8.5	0.1	-0.0	-0.2	-0.1	-0.1	-0.1	-0.2
Interest Expense	1.0	—	—	—	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
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	-5.2	41.4	4.8	-0.2	12.8	3.8	4.4	1.5	2.0	1.3	2.2	2.0
Increase/(Decrease) in Receivables	-71.0	-32.7	-23.6	-79.9	6.5	-2.2	4.3	-7.6	5.4	1.0	2.5	4.1
Increase/(Decrease) in Inventory	8.4	-10.8	7.5	6.6	-10.6	8.9	9.7	-18.7	-1.4	3.5	-2.8	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	105.6	-3.4	16.5	-12.0	2.1	-17.9	-21.7	-10.2	39.8	-6.8	-8.7	9.3
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	7.2	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
Interest Paid	-1.0	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	-0.0
Corporate Income Tax Paid	0.0	0.0	-10.4	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	-0.5	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	36.7	-5.4	-5.2	-86.0	18.0	-7.4	-3.3	-35.0	45.8	-1.0	-6.8	15.2
Payments for Fixed Assets and Other Long-term Assets	-0.8	—	—	—	65.9	0.0	0.0	0.0	-0.8	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.0	—	—	—	8.1	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
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	96.0	—	—	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	0.5	—	0.4	-0.1	0.0	0.2	0.1	0.1	0.1	0.2
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	-28.3	-8.8	0.5	—	74.4	-0.1	0.0	0.2	-0.7	0.0	0.1	0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	-0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	7.4	49.7	3.0	—	0.0	0.0	0.5	0.0	0.0	0.0	0.0	5.7
Repayment of Borrowings	-0.0	-5.0	—	—	0.0	0.0	-0.5	-5.0	-1.2	-0.1	-0.5	-8.9
Repayment of Finance Leases	—	—	—	—	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	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	2.2	44.8	3.0	—	-0.1	0.6	0.0	-5.0	-1.2	-0.1	-0.5	-3.3
Net Cash Flow During the Period	10.6	30.5	-1.7	-86.0	92.2	-6.9	-3.2	-39.7	43.9	-1.0	-7.2	12.1
Cash and Cash Equivalents at Beginning of Period	36.5	6.0	7.7	93.7	51.3	51.3	51.3	51.3	3.5	3.5	3.5	3.5
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	47.1	36.5	6.0	7.7	93.7	1.4	8.4	11.6	51.3	7.4	8.4	15.6

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L40

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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