LBM

Listed Company · HOSE

Price

29,500

Latest close

03 Apr 2026

P/E 8.0x

EPS (TTM) 3,709

ROE (TTM) 22.4%

P/B 1.8x

BVPS (Latest) 16,071

ROA (TTM) 15.6%

What Is Changing

LBM no longer looks like a business simply rebounding from a weak base. Revenue posted +37.2% YoY, while net margin reached 11.87% with an additional +2.4pp 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 142.2bn in 2025.
Revenue growth accelerated to 37.2% in 2025, up 40.4pp versus the prior year.
Net margin improved from 9.46% in the prior period to 11.87% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,197.7	873.0	901.7	1,113.3	788.3
Growth	+37%	-3%	-19%	+41%	—
Net Income	142.2	82.6	125.2	121.4	82.4
Net Margin	11.87%	9.46%	13.89%	10.91%	10.45%

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	317.8	265.4	369.5	245.2	258.6	195.0	241.9	178.0	191.4	190.6	283.3	238.2
Growth	+20%	-28%	+51%	-5%	+33%	-19%	+36%	-7%	+0%	-33%	+19%	—
Net Income	35.2	27.7	55.7	22.3	20.3	15.2	21.9	25.0	16.3	16.9	50.0	41.2
Net Margin	11.08%	10.44%	15.07%	9.10%	7.86%	7.81%	9.07%	14.07%	8.52%	8.88%	17.65%	17.29%

Financial Statements

Profitability

Net margin reached 11.87% while Revenue posted +37.2% YoY.

Balance Sheet

Inventory stood at 89.7bn, liabilities at 346.3bn, and equity at 645.0bn.

Cash Flow

Operating cash flow was 248.0bn in 2025, while investing cash flow was -217.2bn.

Financing cash flow: -10.7bn.

Item	2025	2024	2023	2022	2021
Revenue	1,197.7	873.0	901.7	1,113.3	788.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,197.7	873.0	901.7	1,113.3	788.3
Cost of Goods Sold	910.1	680.6	638.3	852.3	0.0
Gross Profit	287.5	192.4	263.4	260.9	180.6
Financial Income	1.6	0.6	1.1	1.5	1.1
Financial Expenses	6.0	4.2	4.7	1.1	-0.4
Interest Expense	6.0	4.0	4.4	0.8	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	7.4	5.0	3.2	3.3	-2.7
General and Administrative Expenses	114.2	79.3	97.4	107.4	-78.9
Operating Profit	161.6	104.5	159.3	150.6	99.8
Other Income	15.3	1.2	4.0	3.0	0.0
Other Expenses	1.8	1.6	3.4	1.9	0.0
Other Profit	13.5	-0.4	0.6	1.1	1.0
Profit Before Tax	175.1	104.1	159.9	151.6	100.8
Current Income Tax Expense	33.2	19.8	33.8	30.7	-18.4
Deferred Income Tax Expense	-0.3	1.7	0.8	-0.5	0.0
Net Income	142.2	82.6	125.2	121.4	82.4
Non-controlling Interest	0.1	0.2	0.2	0.3	0.4
Profit Attributable to Parent	142.1	82.5	125.1	121.2	82.0
Earnings per Share	3,552.00	2,061.00	6,254.00	6,058.00	8,198.00
Diluted EPS	3,552.00	2,061.00	6,254.00	6,058.00	8,196.24

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	371.7	273.3	403.1	315.0	217.9
I. Cash and cash equivalents	79.5	59.4	71.5	91.5	49.4
1. Cash	64.5	44.4	46.5	33.5	0.0
2. Cash equivalents	15.0	15.0	25.0	58.0	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	201.0	106.0	215.6	94.4	97.9
1. Short-term trade accounts receivable	92.0	77.7	76.4	78.3	0.0
2. Short-term prepayments to suppliers	60.4	23.7	75.0	21.9	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	76.5	31.8	91.0	17.1	0.0
7. Provision for short-term doubtful debts (*)	-27.9	-27.1	-26.9	-22.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	89.7	104.7	113.7	128.4	67.9
1. Inventories	91.2	106.3	115.3	130.0	0.0
2. Provision for decline in value of inventories	-1.6	-1.6	-1.6	-1.6	0.0
V. Other short-term assets	1.5	3.1	2.3	0.7	2.7
1. Short-term prepayments	0.3	0.3	0.0	0.2	0.0
2. Value added tax to be reclaimed	0.6	2.8	0.1	0.5	0.0
3. Taxes and other receivables from state authorities	0.7	0.1	2.2	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)	619.6	540.7	366.8	398.0	326.0
I. Long-term receivables	3.0	3.2	3.1	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.7
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	3.0	3.2	3.1	2.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	410.8	335.1	307.7	362.7	300.0
1. Tangible fixed assets	396.8	320.9	293.3	347.9	277.9
- Cost	1,011.3	858.0	767.4	768.7	0.0
- Accumulated depreciation	-614.5	-537.1	-474.2	-420.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	13.9	14.2	14.5	14.8	22.1
- Cost	17.4	19.9	19.9	19.9	0.0
- Accumulated depreciation	-3.5	-5.7	-5.4	-5.2	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	188.6	184.5	38.8	14.7	5.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	188.6	184.5	38.8	14.7	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	17.2	17.9	17.2	18.3	0.0
1. Long-term prepayments	16.8	17.9	15.5	15.8	0.0
2. Deferred income tax assets	0.3	0.0	1.7	2.5	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	18.9
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)	991.3	814.0	769.9	713.0	543.9
A. LIABILITIES (300=210+330)	346.3	200.9	169.3	179.5	109.4
I. Short -term liabilities	330.3	173.0	129.3	178.5	108.4
1. Short-term trade accounts payable	54.5	38.9	27.7	59.9	49.9
2. Short-term advances from customers	7.6	14.2	4.1	4.4	8.2
3. Taxes and other payables to state authorities	14.9	6.8	6.8	42.4	0.0
4. Payable to employees	63.1	33.5	35.0	41.6	0.0
5. Short-term acrrued expenses	2.7	3.5	3.2	1.4	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	1.3	1.2	1.7	3.0	0.0
10. Short-term borrowings and financial leases	185.4	73.9	50.0	24.9	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	0.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	16.0	28.0	40.0	1.0	1.0
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	15.0	27.0	39.0	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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	1.0	1.0	1.0	1.0	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)	645.0	613.0	600.6	533.5	434.5
I. Owner's equity	645.0	613.0	600.6	533.5	0.0
1. Owner's capital	400.0	400.0	200.0	200.0	434.5
- Common stock with voting right	400.0	400.0	200.0	200.0	100.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	60.6
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	94.9	94.9	293.8	221.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	145.7	113.6	102.3	107.0	64.0
- Accumulated retained earning at the end of the previous period	103.6	71.2	0.0	1.0	0.0
- Undistributed earnings in this period	42.1	42.5	102.3	106.0	64.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	4.4	4.5	4.5	4.5	5.2
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)	991.3	814.0	769.9	713.0	543.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	175.1	104.1	159.9	151.6	100.8
Depreciation of Fixed Assets and Investment Property	87.3	74.0	76.8	74.2	61.0
Provision (Increase)/Reversal	0.8	0.3	3.9	0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	0.2	0.0
Gain/Loss from Investment Activities	-1.6	-1.3	-4.3	-1.7	0.0
Interest Expense	6.0	4.0	4.4	0.8	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	267.4	181.1	240.7	226.0	162.7
Increase/(Decrease) in Receivables	-31.1	108.5	1.3	3.9	0.0
Increase/(Decrease) in Inventory	15.0	9.0	14.7	-60.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.1	19.8	-48.6	2.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.0	-2.7	0.5	1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.7	-3.8	-3.9	-0.6	0.0
Corporate Income Tax Paid	-29.7	-20.6	-53.7	-6.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	248.0	291.5	151.1	166.5	158.5
Payments for Fixed Assets and Other Long-term Assets	-218.9	-251.7	-189.2	-130.6	-147.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	5.8	11.1	2.8	2.3
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	-0.3	-0.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.6	0.5	1.1	1.2	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	-217.2	-245.4	-177.0	-126.9	-145.7
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	330.8	83.3	110.5	108.5	0.0
Repayment of Borrowings	-231.3	-71.3	-46.4	-83.6	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-110.2	-70.2	-58.2	-22.2	-25.3
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	-10.7	-58.2	5.9	2.7	-25.3
Net Cash Flow During the Period	20.1	-12.1	-20.0	42.4	2.3
Cash and Cash Equivalents at Beginning of Period	59.4	71.5	91.5	49.3	61.9
FX Difference from Revaluation	0.0	0.0	-0.0	-0.2	0.0
Cash and Cash Equivalents at End of Period	79.5	59.4	71.5	91.5	49.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	317.8	265.4	369.5	245.2	258.6	195.0	241.9	178.0	191.4	190.6	283.3	238.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	317.8	265.4	369.5	245.2	258.6	195.0	241.9	178.0	191.4	190.6	283.3	238.2
Cost of Goods Sold	254.4	206.1	260.4	189.9	207.4	152.7	184.9	134.4	135.5	134.8	190.7	179.2
Gross Profit	63.4	59.3	109.1	55.3	51.3	42.3	57.0	43.6	56.0	55.8	92.7	59.0
Financial Income	1.0	0.4	0.1	0.1	0.1	0.2	0.2	0.2	0.0	0.4	0.6	0.0
Financial Expenses	2.2	1.6	1.0	1.2	0.9	1.0	1.5	0.8	1.5	1.3	1.4	0.5
Interest Expense	2.2	1.6	1.0	1.2	0.9	1.0	1.4	0.8	1.3	1.3	1.4	0.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.8	0.9	1.1	2.0	1.0	0.9	2.5	0.6	0.8	0.8	0.9	0.7
General and Administrative Expenses	30.5	22.2	38.7	25.6	23.9	22.0	24.8	10.4	35.1	28.5	25.4	8.3
Operating Profit	30.8	35.1	68.4	26.7	25.6	18.6	28.3	31.9	18.6	25.5	65.5	49.5
Other Income	15.1	0.2	-0.1	0.2	0.2	0.9	3.2	0.0	8.5	0.1	0.6	2.8
Other Expenses	1.3	0.2	0.2	0.1	0.6	0.3	3.8	0.1	8.0	1.5	1.1	0.8
Other Profit	13.7	0.0	-0.2	0.1	-0.4	0.5	-0.6	-0.0	0.6	-1.3	-0.5	2.0
Profit Before Tax	44.6	35.1	68.2	26.8	25.2	19.2	27.8	31.9	19.2	24.2	65.0	51.5
Current Income Tax Expense	9.0	7.3	12.6	5.0	4.8	3.8	5.6	5.6	1.9	7.6	15.0	10.2
Deferred Income Tax Expense	0.3	0.1	-0.1	-0.6	0.1	0.1	0.2	1.2	1.0	-0.3	0.0	0.1
Net Income	35.2	27.7	55.7	22.3	20.3	15.2	21.9	25.0	16.3	16.9	50.0	41.2
Non-controlling Interest	0.0	-0.0	0.0	0.0	0.0	0.0	0.1	-0.0	0.0	-0.0	0.0	0.1
Profit Attributable to Parent	35.2	27.7	55.6	22.3	20.3	15.2	21.9	25.1	16.3	16.9	50.0	41.1
Earnings per Share	880.00	693.00	1,391.00	745.00	679.00	508.00	1,093.00	1,253.00	814.00	846.00	2,499.00	2,054.00
Diluted EPS	880.10	692.84	1,391.15	556.69	507.34	379.43	1,092.86	1,252.89	813.81	846.11	2,499.05	2,053.78

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)	371.0	399.7	321.0	299.5	273.1	401.0	409.3	392.0	402.6	419.2	375.3	346.8
I. Cash and cash equivalents	79.5	126.1	54.8	58.8	59.4	33.9	55.9	56.9	71.5	50.4	57.0	67.0
1. Cash	46.2	49.6	39.8	42.8	44.4	14.9	36.9	28.9	46.5	19.4	22.0	39.0
2. Cash equivalents	33.3	76.5	15.0	16.0	15.0	19.0	19.0	28.0	25.0	31.0	35.0	28.0
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	200.3	164.0	178.0	138.9	106.2	254.8	244.4	216.2	214.8	243.9	195.6	158.5
1. Short-term trade accounts receivable	92.0	81.0	92.9	88.8	77.7	94.0	93.3	77.0	77.0	87.2	81.6	86.4
2. Short-term prepayments to suppliers	82.4	60.4	66.0	24.6	23.9	74.0	73.6	71.7	73.7	97.1	84.3	71.4
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	54.5	50.8	47.3	52.6	31.8	113.3	104.0	94.4	91.0	82.7	52.7	23.7
7. Provision for short-term doubtful debts (*)	-28.6	-28.2	-28.2	-27.1	-27.2	-26.5	-26.5	-26.9	-26.8	-23.1	-23.1	-22.9
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	89.7	107.6	86.6	99.5	103.9	109.6	106.5	117.9	114.0	124.6	122.7	120.9
1. Inventories	91.3	109.1	88.2	101.1	105.5	111.1	108.0	119.4	115.5	126.2	124.2	122.5
2. Provision for decline in value of inventories	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
V. Other short-term assets	1.6	2.1	1.6	2.3	3.7	2.7	2.6	1.1	2.3	0.4	0.0	0.4
1. Short-term prepayments	0.2	0.4	0.5	0.2	0.7	0.5	0.4	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.9	1.6	1.0	2.0	2.7	2.1	1.1	0.6	0.1	0.0	0.0	0.4
3. Taxes and other receivables from state authorities	0.4	0.1	0.0	0.0	0.2	0.0	1.1	0.5	2.2	0.4	0.0	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	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	619.0	613.3	593.7	540.0	540.4	363.8	373.4	363.1	365.1	364.8	376.8	391.1
I. Long-term receivables	3.0	3.2	3.2	3.2	3.2	3.1	3.1	3.1	3.1	3.2	3.2	3.2
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	3.0	3.2	3.2	3.2	3.2	3.1	3.1	3.1	3.1	3.2	3.2	3.2
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	410.3	389.6	380.1	334.1	333.4	310.3	329.0	328.2	307.6	327.3	343.2	358.4
1. Tangible fixed assets	396.4	375.6	366.0	319.9	319.2	296.0	314.6	313.8	293.1	312.7	328.5	343.7
- Cost	—	—	—	—	853.1	813.7	821.8	806.1	766.7	781.8	775.9	778.7
- Accumulated depreciation	—	—	—	—	-534.0	-517.7	-507.1	-492.4	-473.6	-469.0	-447.4	-435.0
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	13.9	13.9	14.1	14.1	14.2	14.3	14.4	14.4	14.5	14.6	14.7	14.7
- 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	188.6	203.2	191.9	184.2	185.8	32.8	26.0	16.7	38.8	16.4	12.0	11.2
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	188.6	203.2	191.9	184.2	185.8	32.8	26.0	16.7	38.8	16.4	12.0	11.2
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	—	—	—	—	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	17.0	17.3	18.5	18.5	18.0	17.6	15.3	15.1	15.7	18.0	18.5	18.3
1. Long-term prepayments	16.7	16.6	17.7	17.9	17.9	17.4	15.0	14.5	14.0	15.3	16.1	15.9
2. Deferred income tax assets	0.4	0.7	0.8	0.6	0.1	0.2	0.3	0.5	1.7	2.7	2.4	2.4
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)	990.0	1,013.0	914.7	839.5	813.5	764.8	782.7	755.1	767.7	784.1	752.1	737.9
A. LIABILITIES (300=210+330)	347.2	304.5	234.0	204.5	199.0	132.1	165.3	129.5	168.0	181.2	165.8	163.2
I. Short -term liabilities	331.2	282.5	212.0	120.5	171.0	98.1	131.4	89.5	128.0	135.2	107.8	102.3
1. Short-term trade accounts payable	54.5	29.6	45.4	50.1	38.6	28.4	40.0	33.6	27.0	27.0	39.9	57.6
2. Short-term advances from customers	7.6	21.2	22.4	19.8	14.2	9.8	4.7	3.6	4.1	5.1	5.6	8.2
3. Taxes and other payables to state authorities	15.6	16.9	20.2	12.0	6.9	6.8	7.5	9.0	7.7	42.8	36.2	17.3
4. Payable to employees	62.4	46.2	50.1	24.9	33.4	23.3	20.0	10.7	35.0	28.1	20.6	13.7
5. Short-term acrrued expenses	2.6	2.4	3.6	2.0	1.4	3.5	3.5	2.7	1.6	2.0	1.3	1.7
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	2.3	2.6	2.3	1.9	1.8	1.5	1.5	2.0	1.8	1.9	3.3	2.8
10. Short-term borrowings and financial leases	185.4	162.7	67.1	9.0	73.9	24.0	53.3	27.0	50.0	27.5	0.0	0.0
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	16.0	22.0	22.0	84.0	28.0	34.0	34.0	40.0	40.0	46.0	58.0	61.0
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	15.0	21.0	21.0	83.0	27.0	33.0	33.0	39.0	39.0	45.0	57.0	60.0
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
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)	642.8	708.5	680.7	635.0	614.5	632.7	617.4	625.6	599.7	602.8	586.3	574.7
I. Owner's equity	642.8	708.5	680.7	635.0	614.5	632.7	617.4	625.6	599.7	602.8	586.3	574.7
1. Owner's capital	400.0	400.0	400.0	400.0	400.0	400.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	400.0	400.0	400.0	400.0	400.0	400.0	200.0	200.0	200.0	200.0	200.0	200.0
- 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	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	—	—	—	—	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	94.9	94.9	94.9	95.0	95.0	95.0	293.8	293.8	293.8	293.8	289.3	221.9
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	143.5	209.2	181.2	135.5	114.9	133.2	119.2	127.4	101.4	104.6	92.5	148.1
- Accumulated retained earning at the end of the previous period	100.2	103.3	103.2	113.3	72.4	71.0	69.3	102.3	1.5	1.5	1.5	107.0
- Undistributed earnings in this period	43.3	105.8	78.0	22.3	42.5	62.2	49.9	25.1	100.0	103.2	91.1	41.1
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	4.4	4.4	4.6	4.5	4.7	4.6	4.5	4.5	4.5	4.5	4.5	4.6
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)	990.0	1,013.0	914.7	839.5	813.5	764.8	782.7	755.1	767.7	784.1	752.1	737.9

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	44.9	35.1	68.3	26.8	25.2	19.2	27.9	31.9	19.2	24.2	64.9	51.5
Depreciation of Fixed Assets and Investment Property	24.1	22.7	20.5	19.9	18.7	18.3	18.4	18.3	18.1	19.1	19.5	20.1
Provision (Increase)/Reversal	-0.3	0.0	1.1	—	0.7	0.0	-0.4	0.0	3.7	0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0	0.1	-0.0	0.0	-0.0	0.0	-0.2	0.2
Gain/Loss from Investment Activities	-1.1	-0.3	-0.0	-0.2	0.3	-0.7	-0.2	-0.2	-3.3	2.3	0.1	-3.4
Interest Expense	2.2	1.6	1.0	1.2	0.9	1.0	1.3	0.8	1.3	1.3	1.4	0.4
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	69.9	59.1	90.9	47.6	45.8	37.8	47.1	50.8	39.1	47.0	86.0	68.7
Increase/(Decrease) in Receivables	-14.5	4.8	-2.0	-19.5	61.3	7.4	-24.8	2.0	10.7	91.2	-85.4	-15.2
Increase/(Decrease) in Inventory	17.9	-20.9	12.6	5.5	5.7	-3.3	11.6	-4.1	11.3	-2.6	-1.5	7.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	34.6	-35.4	30.8	2.0	37.7	-4.9	7.8	-25.2	-13.3	-101.9	100.7	-34.1
Increase/(Decrease) in Prepaid Expenses	-0.2	1.3	-0.2	0.1	-0.7	-2.5	-0.9	0.9	-0.2	0.9	-0.2	0.0
Changes in Trading Securities	—	—	—	—	3.1	-3.1	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.9	-2.3	-0.3	-1.2	13.1	-14.1	-1.5	-0.8	-0.8	-1.1	-1.6	-0.4
Corporate Income Tax Paid	-7.5	-12.6	-3.9	-5.8	-20.4	10.8	-5.2	-5.6	-16.2	-6.6	-5.5	-25.4
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	0.0	-0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	97.3	-5.9	127.8	28.8	145.6	28.1	34.0	18.1	30.6	27.0	92.4	1.2
Payments for Fixed Assets and Other Long-term Assets	-56.3	-24.1	-117.8	-20.6	-113.8	-33.1	-25.4	-9.8	-14.2	-50.0	-61.7	-63.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.2	0.2	-0.1	0.1	0.2	2.1	0.1	0.0	8.2	0.3	0.3	2.3
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	1.0	0.4	0.1	0.1	-0.4	0.1	0.1	0.2	0.1	0.4	0.4	0.1
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	-55.5	-23.5	-117.8	-20.4	-114.0	-30.8	-25.2	-9.7	-5.9	-49.3	-60.9	-60.8
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	31.6	203.0	55.1	41.0	47.5	11.4	36.3	0.0	35.0	15.5	0.0	60.0
Repayment of Borrowings	-20.1	-102.3	-59.0	-49.9	-13.6	-30.7	-16.0	-23.0	-18.5	0.0	-3.0	-24.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-100.0	0.0	-10.2	—	-40.0	0.0	-30.2	0.0	-20.0	-0.0	-38.2	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	-88.5	100.7	-14.0	-8.9	-6.1	-19.3	-9.8	-23.0	-3.5	15.5	-41.2	35.1
Net Cash Flow During the Period	-46.6	71.3	-4.0	-0.6	25.5	-22.1	-1.0	-14.6	21.1	-6.8	-9.7	-24.6
Cash and Cash Equivalents at Beginning of Period	126.1	54.8	58.8	59.4	71.5	71.5	71.5	71.5	91.5	91.5	91.5	91.5
FX Difference from Revaluation	0.0	—	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	79.5	126.1	54.8	58.8	59.4	33.9	55.9	56.9	71.5	50.4	57.2	67.0

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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