LDG

Listed Company · HOSE

Price

3,600

Latest close

03 Apr 2026

P/E 5.4x

EPS (TTM) 662

ROE (TTM) 12.1%

P/B 0.7x

BVPS (Latest) 5,245

ROA (TTM) 2.4%

What Is Changing

LDG has not yet shown a broad-based top-line recovery. Revenue posted -332.6% YoY, but net margin reached 23.01% with an additional -846.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 92.7bn in 2025.
Net margin declined from 869.20% in the prior period to 23.01% in 2025.
Revenue decreased 332.6% YoY to VND 403.0bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	403.0	-173.2	-36.5	193.2	321.3
Growth	-333%	+374%	-119%	-40%	—
Net Income	92.7	-1,505.8	-527.2	4.2	140.7
Net Margin	23.01%	869.20%	1443.96%	2.20%	43.78%

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	200.8	121.5	3.5	77.2	1.3	-25.2	-19.2	-130.2	-37.0	-0.6	0.3	0.7
Growth	+65%	+3393%	-95%	+5651%	-105%	+31%	-85%	+252%	+6569%	-268%	-53%	—
Net Income	120.6	107.8	-66.2	12.3	-304.6	-77.1	-171.2	-124.9	-165.1	-65.0	-74.2	-70.0
Net Margin	60.04%	88.72%	-1901.83%	15.92%	-22704.98%	305.96%	891.08%	95.93%	446.22%	11713.40%	-22449.56%	-9859.58%

Financial Statements

Profitability

Net margin reached 23.01% while Revenue posted -332.6% YoY.

Balance Sheet

Inventory stood at 865.5bn, liabilities at 6,736.5bn, and equity at 1,303.8bn.

Cash Flow

Operating cash flow was 1,908.0bn in 2025, while investing cash flow was 0.0bn.

Financing cash flow: -296.6bn.

Item	2025	2024	2023	2022	2021
Revenue	417.5	185.1	48.8	277.1	478.3
Revenue Deductions	14.5	358.3	85.3	83.9	0.0
Net Revenue	403.0	-173.2	-36.5	193.2	321.3
Cost of Goods Sold	164.4	506.0	79.5	118.1	0.0
Gross Profit	238.6	-679.2	-116.0	75.1	182.8
Financial Income	0.0	0.0	0.1	226.5	159.3
Financial Expenses	66.8	161.4	180.9	144.5	-52.6
Interest Expense	28.6	49.6	43.3	88.7	-50.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	7.5	13.9	11.8	15.4	-11.0
General and Administrative Expenses	139.2	555.8	248.2	109.7	-100.2
Operating Profit	25.2	-1,410.4	-556.7	32.0	178.4
Other Income	73.3	2.0	1.7	3.8	0.0
Other Expenses	5.8	16.9	21.8	28.0	0.0
Other Profit	67.5	-14.8	-20.1	-24.2	2.1
Profit Before Tax	92.7	-1,425.2	-576.9	7.8	180.5
Current Income Tax Expense	—	0.0	0.0	12.7	-39.8
Deferred Income Tax Expense	-0.0	80.6	-49.7	-9.1	0.0
Net Income	92.7	-1,505.8	-527.2	4.2	140.7
Non-controlling Interest	-0.0	0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	92.7	-1,505.8	-527.2	4.2	140.7
Earnings per Share	362.00	-5,877.00	-2,058.00	17.00	558.00
Diluted EPS	362.00	-5,877.00	-2,058.00	17.00	585.53

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,510.9	3,413.3	4,861.2	5,436.9	4,749.0
I. Cash and cash equivalents	1,612.3	0.9	3.6	3.2	74.9
1. Cash	51.3	0.9	3.6	3.2	0.0
2. Cash equivalents	1,561.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	2,832.4	2,297.7	3,707.6	4,169.8	3,508.3
1. Short-term trade accounts receivable	306.3	463.3	776.9	792.5	0.0
2. Short-term prepayments to suppliers	971.9	420.1	568.0	393.7	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	1.0	0.0
6. Other short-term receivables	2,087.8	1,885.9	2,533.9	2,982.6	0.0
7. Provision for short-term doubtful debts (*)	-533.6	-471.6	-171.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	865.5	908.4	963.2	1,105.6	1,044.8
1. Inventories	901.7	908.4	986.2	1,105.6	0.0
2. Provision for decline in value of inventories	-36.2	0.0	-23.0	0.0	0.0
V. Other short-term assets	200.7	206.2	186.7	158.4	121.0
1. Short-term prepayments	117.8	117.9	128.0	126.0	0.0
2. Value added tax to be reclaimed	78.6	84.2	58.2	32.5	0.0
3. Taxes and other receivables from state authorities	4.3	4.2	0.5	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)	2,529.4	2,743.9	2,404.3	2,423.9	2,092.1
I. Long-term receivables	1,329.5	1,501.0	1,168.7	1,521.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,228.0
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	1,593.7	1,720.3	1,168.7	1,521.2	0.0
7. Provision for long-term doubtful debts	-264.2	-219.3	0.0	0.0	0.0
II. Fixed assets	—	0.1	0.3	0.6	0.5
1. Tangible fixed assets	—	0.1	0.3	0.6	0.3
- Cost	—	2.3	2.4	2.4	0.0
- Accumulated depreciation	—	-2.3	-2.1	-1.8	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	0.0	0.0	0.2
- Cost	1.4	1.4	1.4	1.4	0.0
- Accumulated depreciation	-1.4	-1.4	-1.4	-1.4	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	807.2	814.8	776.0	512.4	415.0
1. Long-term production in progress	807.2	814.8	770.5	478.1	0.0
2. Construction in progress	—	0.0	5.4	34.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.1	0.1
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	0.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	392.6	428.1	459.4	389.5	0.0
1. Long-term prepayments	383.6	410.9	353.6	328.1	0.0
2. Deferred income tax assets	0.0	0.0	80.6	28.1	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	448.5
5. Goodwill	9.0	17.1	25.2	33.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,040.3	6,157.2	7,265.5	7,860.8	6,841.1
A. LIABILITIES (300=210+330)	6,736.5	4,946.1	4,551.5	4,618.8	3,597.1
I. Short -term liabilities	5,488.6	3,954.3	3,256.8	2,790.8	2,487.9
1. Short-term trade accounts payable	142.3	185.3	182.9	195.7	265.9
2. Short-term advances from customers	470.6	463.0	434.0	457.2	520.6
3. Taxes and other payables to state authorities	2.2	3.1	25.6	28.4	0.0
4. Payable to employees	15.1	19.8	23.5	10.3	0.0
5. Short-term acrrued expenses	749.7	766.4	324.5	317.7	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	1.8
9. Other short-term payables	3,290.8	1,451.7	1,242.9	967.2	0.0
10. Short-term borrowings and financial leases	777.5	1,024.1	981.9	772.7	612.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	40.4	40.9	41.6	41.8	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	1,247.9	991.8	1,294.7	1,828.0	1,109.2
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	1,246.7	940.6	940.6	1,376.8	0.0
8. Long-term borrowings and financial leases	—	50.0	350.0	450.0	657.9
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	2.9	0.0	0.0
12. Provision for long-term liabilities	1.2	1.2	1.2	1.2	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)	1,303.8	1,211.1	2,713.9	3,241.9	3,243.9
I. Owner's equity	1,303.8	1,211.1	2,713.9	3,241.9	0.0
1. Owner's capital	2,569.7	2,569.7	2,569.7	2,569.7	3,243.9
- Common stock with voting right	2,569.7	2,569.7	2,569.7	2,569.7	2,402.1
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	-0.1	-0.1	-0.1	-0.1
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	-13.6	-7.7	-7.7	-7.7	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	—	37.0	37.0	37.0	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	-1,252.3	-1,388.0	114.9	643.0	815.3
- Accumulated retained earning at the end of the previous period	-1,382.0	117.8	642.0	638.7	674.7
- Undistributed earnings in this period	129.7	-1,505.8	-527.2	4.2	140.7
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	0.1
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)	8,040.3	6,157.2	7,265.5	7,860.8	6,841.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	92.7	-1,425.2	-576.9	7.8	180.5
Depreciation of Fixed Assets and Investment Property	8.2	8.3	8.4	16.5	17.2
Provision (Increase)/Reversal	143.2	496.7	194.1	1.2	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	-0.1	-68.2	0.0
Interest Expense	28.6	45.6	52.6	104.7	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	272.7	-874.5	-321.9	61.9	89.6
Increase/(Decrease) in Receivables	-464.7	528.2	616.5	-791.1	0.0
Increase/(Decrease) in Inventory	14.3	38.9	-173.0	-43.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,126.5	636.3	-183.5	904.7	0.0
Increase/(Decrease) in Prepaid Expenses	27.3	-47.2	-27.5	-36.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-67.6	-12.8	-7.6	-87.0	0.0
Corporate Income Tax Paid	-0.0	-13.2	-3.0	-33.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.7	-0.7	-10.3	0.0
Net Cash Flow from Operating Activities	1,908.0	255.0	-100.8	-35.9	-956.4
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-2.5	-10.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	3.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	-300.1	-0.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	1.1	323.8	114.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.1	12.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	-1.3	26.1	340.3
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	—	75.2	294.5	1,296.8	1,386.8
Repayment of Borrowings	-296.6	-332.9	-192.0	-1,358.8	-706.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-296.6	-257.7	102.5	-61.9	680.7
Net Cash Flow During the Period	1,611.4	-2.7	0.4	-71.8	24.7
Cash and Cash Equivalents at Beginning of Period	0.9	3.6	3.2	74.9	10.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,612.3	0.9	3.6	3.2	74.9

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
Revenue	205.3	126.7	8.4	77.2	1.9	16.5	156.3	10.3	46.8	0.3	1.0	0.7
Revenue Deductions	4.5	5.1	4.9	—	0.6	41.7	175.6	140.5	83.8	0.8	0.7	0.0
Net Revenue	200.8	121.5	3.5	77.2	1.3	-25.2	-19.2	-130.2	-37.0	-0.6	0.3	0.7
Cost of Goods Sold	66.7	49.8	1.3	19.2	1.4	-0.4	77.2	-61.1	55.7	-0.0	0.1	0.7
Gross Profit	134.2	71.8	2.2	58.0	-0.0	-24.8	-96.4	-69.0	-92.7	-0.5	0.2	-0.0
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	7.6	16.8	14.6	36.0	38.6	41.1	46.1	45.0	35.8	49.2	48.8	47.0
Interest Expense	2.7	—	11.6	11.8	13.9	-14.1	0.0	13.1	1.3	14.4	14.4	13.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.9	1.8	1.6	1.2	2.4	1.3	8.2	1.9	3.2	2.4	3.6	5.3
General and Administrative Expenses	9.5	7.4	51.5	7.6	309.4	7.7	10.8	9.4	23.7	14.4	24.4	20.1
Operating Profit	114.1	45.8	-65.4	13.2	-350.5	-74.9	-161.5	-125.5	-155.4	-66.5	-76.5	-72.3
Other Income	9.5	63.4	0.2	0.2	0.8	0.3	0.2	0.3	0.6	0.3	0.2	0.6
Other Expenses	3.0	1.3	1.0	1.1	10.4	4.4	1.2	0.5	9.8	1.5	1.6	0.9
Other Profit	6.5	62.1	-0.8	-0.9	-9.5	-4.1	-1.1	-0.2	-9.2	-1.2	-1.4	-0.3
Profit Before Tax	120.6	107.8	-66.2	12.3	-360.0	-79.1	-162.6	-125.6	-164.5	-67.7	-78.0	-72.7
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	-0.0	0.0	0.0	—	-55.4	-2.0	8.7	-0.7	0.6	-2.8	-3.8	-2.7
Net Income	120.6	107.8	-66.2	12.3	-304.6	-77.1	-171.2	-124.9	-165.1	-65.0	-74.2	-70.0
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	120.6	107.8	-66.2	12.3	-304.6	-77.1	-171.2	-124.9	-165.1	-65.0	-74.2	-70.0
Earnings per Share	472.00	401.00	-259.00	48.00	-1,189.00	-301.00	-668.00	-487.00	-644.00	-254.00	-275.00	-259.00
Diluted EPS	472.00	401.00	-259.00	48.00	-3,036.00	-301.00	-668.00	-487.00	-644.00	-254.00	-275.00	-259.00

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)	5,518.4	3,559.4	3,487.6	3,445.4	4,122.9	3,501.6	4,463.7	4,761.2	5,311.6	5,496.7	5,437.3	5,387.1
I. Cash and cash equivalents	1,612.3	1.2	1.6	3.3	0.9	0.4	13.1	6.7	3.6	47.0	2.2	3.0
1. Cash	51.3	1.2	1.6	3.3	0.9	0.4	13.1	6.7	3.6	47.0	2.2	3.0
2. Cash equivalents	1,561.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	2,839.9	2,494.0	2,344.1	2,337.3	2,904.1	2,320.2	3,287.0	3,562.2	3,878.6	4,047.9	4,164.5	4,118.4
1. Short-term trade accounts receivable	306.3	560.0	460.0	460.7	643.3	643.2	663.6	721.0	776.7	785.1	784.1	803.8
2. Short-term prepayments to suppliers	971.9	429.3	428.3	452.5	420.1	373.9	382.6	568.4	568.0	566.5	515.0	446.5
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	1.0	1.0	1.0
6. Other short-term receivables	2,087.8	2,067.8	2,001.3	1,911.2	2,348.5	1,530.9	2,412.0	2,443.9	2,533.9	2,695.2	2,864.5	2,867.1
7. Provision for short-term doubtful debts (*)	-526.1	-563.1	-545.4	-487.2	-507.9	-227.8	-171.1	-171.1	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	865.5	861.9	941.0	905.8	915.3	975.9	960.7	999.2	1,242.8	1,227.9	1,105.7	1,102.9
1. Inventories	901.7	898.1	941.0	905.8	915.3	975.9	961.9	1,019.4	1,242.8	1,227.9	1,105.7	1,102.9
2. Provision for decline in value of inventories	-36.2	-36.2	—	—	0.0	0.0	-1.2	-20.2	0.0	0.0	0.0	0.0
V. Other short-term assets	200.7	202.4	200.9	199.0	302.6	205.1	202.8	193.1	186.7	173.9	164.8	162.7
1. Short-term prepayments	117.8	120.1	117.2	117.6	117.9	118.2	120.3	121.8	128.0	130.2	132.4	129.7
2. Value added tax to be reclaimed	78.6	78.0	79.5	77.2	84.2	82.8	78.4	70.6	58.2	43.7	32.5	33.0
3. Taxes and other receivables from state authorities	4.3	4.3	4.3	4.2	100.6	4.2	4.1	0.7	0.5	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
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)	2,566.4	2,707.3	2,745.2	2,740.0	2,556.1	3,249.8	2,408.3	2,439.0	2,103.6	2,093.8	2,469.4	2,469.2
I. Long-term receivables	1,383.1	1,461.4	1,477.4	1,480.5	1,177.2	1,966.3	1,156.2	1,185.9	1,168.7	1,154.8	1,552.0	1,540.4
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	1,593.7	1,633.9	1,665.5	1,684.1	1,257.7	2,025.6	1,156.2	1,185.9	1,168.7	1,154.8	1,552.0	1,540.4
7. Provision for long-term doubtful debts	-210.6	-172.5	-188.1	-203.7	-80.5	-59.3	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	—	—	0.0	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.4	0.5
1. Tangible fixed assets	—	—	0.0	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.4	0.5
- Cost	—	—	—	—	2.3	2.3	2.4	2.4	2.4	2.4	2.4	2.4
- Accumulated depreciation	—	—	—	—	-2.3	-2.2	-2.2	-2.2	-2.1	-2.0	-2.0	-1.9
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	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
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	798.7	837.5	827.3	823.3	814.8	798.0	788.7	784.9	519.4	523.7	494.4	508.9
1. Long-term production in progress	798.7	837.5	827.3	823.3	814.8	798.0	788.7	779.5	514.0	504.9	477.3	473.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	5.4	5.4	18.8	17.1	35.9
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	0.1	0.1	0.1
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	384.6	408.4	440.5	436.2	564.0	485.4	463.3	444.8	390.0	387.6	393.2	388.0
1. Long-term prepayments	375.5	397.4	427.4	421.1	404.2	378.9	370.3	363.5	353.6	350.6	358.6	352.3
2. Deferred income tax assets	0.0	0.0	0.0	0.0	142.8	87.4	71.9	81.3	36.4	37.0	34.6	35.7
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	9.0	11.0	13.0	15.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	17.1	19.1	21.2	23.2	25.2	27.2	29.3	31.3
TOTAL ASSETS (280=100+200)	8,084.8	6,266.7	6,232.7	6,185.4	6,679.0	6,751.5	6,872.0	7,200.2	7,415.2	7,590.5	7,906.7	7,856.3
A. LIABILITIES (300=210+330)	6,736.8	5,040.0	5,075.5	4,962.0	5,132.5	4,507.9	4,448.1	4,608.2	4,548.3	4,558.4	4,808.8	4,684.9
I. Short -term liabilities	5,489.0	3,760.2	3,797.7	3,850.2	4,140.7	3,366.1	3,356.3	3,416.5	3,256.5	3,317.8	3,072.3	2,898.7
1. Short-term trade accounts payable	142.3	152.4	177.5	183.9	185.3	180.7	181.7	182.7	182.9	182.2	178.3	193.2
2. Short-term advances from customers	470.6	419.1	581.1	468.7	463.0	434.6	433.4	433.0	434.0	508.1	456.8	456.8
3. Taxes and other payables to state authorities	2.2	2.7	2.9	2.6	4.1	4.2	4.0	23.9	25.3	31.9	30.1	33.8
4. Payable to employees	15.1	15.6	16.9	17.7	19.8	21.2	22.1	23.0	23.5	24.2	20.5	13.7
5. Short-term acrrued expenses	750.1	772.0	780.3	773.2	768.4	304.0	278.4	316.6	324.4	349.9	336.2	341.1
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	3,290.8	1,581.0	1,412.3	1,470.4	1,455.1	1,320.7	1,285.4	1,317.1	1,242.9	1,147.9	1,056.3	994.2
10. Short-term borrowings and financial leases	777.5	777.5	786.2	893.2	1,204.1	1,059.7	1,110.1	1,078.5	981.9	1,032.0	952.9	824.3
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	40.4	40.0	40.4	40.6	40.9	41.1	41.3	41.6	41.6	41.7	41.2	41.5
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	1,247.9	1,279.8	1,277.8	1,111.8	991.8	1,141.8	1,091.8	1,191.8	1,291.8	1,240.6	1,736.5	1,786.3
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	1,246.7	1,278.7	1,276.7	1,110.6	940.6	940.6	940.6	940.6	940.6	939.4	1,385.3	1,385.1
8. Long-term borrowings and financial leases	—	—	—	—	50.0	200.0	150.0	250.0	350.0	300.0	350.0	400.0
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	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
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)	1,347.9	1,226.7	1,157.2	1,223.4	1,546.4	2,243.6	2,423.9	2,592.0	2,867.0	3,032.0	3,097.9	3,171.4
I. Owner's equity	1,347.9	1,226.7	1,157.2	1,223.4	1,546.4	2,243.6	2,423.9	2,592.0	2,867.0	3,032.0	3,097.9	3,171.4
1. Owner's capital	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7
- Common stock with voting right	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7	2,569.7
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	-13.6	-13.6	-13.6	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7
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	—	—	—	37.0	37.0	37.0	37.0	37.0	37.0	37.0	37.0	37.0
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	-1,208.2	-1,329.5	-1,398.9	-1,375.7	-1,052.6	-355.4	-175.1	-7.1	267.9	433.0	499.0	572.4
- Accumulated retained earning at the end of the previous period	-1,382.0	-1,382.0	-1,382.0	-1,388.0	-274.7	117.8	121.0	117.8	642.3	642.3	643.2	642.4
- Undistributed earnings in this period	173.8	52.6	-16.9	12.3	-777.9	-473.2	-296.1	-124.9	-374.4	-209.3	-144.2	-70.0
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	8,084.8	6,266.7	6,232.7	6,185.4	6,679.0	6,751.5	6,872.0	7,200.2	7,415.2	7,590.5	7,906.7	7,856.3

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
Profit Before Tax	77.1	107.8	-104.5	12.3	-360.0	-79.1	-275.4	-125.6	-358.7	-67.7	-77.8	-72.7
Depreciation of Fixed Assets and Investment Property	2.0	2.0	2.0	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
Provision (Increase)/Reversal	62.2	0.0	81.0	—	301.2	-1.2	97.0	-2.8	194.1	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
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	-11.5	16.8	11.6	11.8	13.9	14.0	10.1	13.1	3.3	16.9	16.9	15.5
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	129.8	126.6	-9.9	26.1	-42.9	-64.2	-166.1	-113.3	-159.2	-48.8	-58.8	-55.1
Increase/(Decrease) in Receivables	-269.3	-134.5	-48.8	-12.1	-97.4	36.3	290.6	118.6	139.4	502.7	-77.3	51.7
Increase/(Decrease) in Inventory	26.7	32.7	-44.6	-0.4	-12.1	-23.3	53.7	-42.1	-24.0	-130.8	-27.0	8.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,707.5	-43.2	241.9	220.2	185.0	47.5	-77.6	49.4	5.5	-296.3	72.1	35.3
Increase/(Decrease) in Prepaid Expenses	16.0	27.1	-5.9	-9.9	-24.9	-6.6	-5.2	-3.7	-0.7	-8.1	10.2	-28.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	-32.8	-34.8	-1.5	-1.5	-7.3	-2.4	-1.3	-1.1	4.4	-9.5
Corporate Income Tax Paid	0.0	0.0	-0.0	—	0.0	-0.3	-12.9	0.0	-2.4	0.0	-0.1	-0.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.4	-0.4	-0.2	-0.3	-0.2	-0.3	-0.2	-0.0	-0.1	-0.0	-0.3	-0.3
Net Cash Flow from Operating Activities	1,611.1	8.2	99.8	188.8	6.0	-12.3	74.9	6.4	-43.0	17.5	-77.0	1.7
Payments for Fixed Assets and Other Long-term Assets	—	—	—	-5.4	0.0	0.0	0.0	0.0	-0.1	-0.0	-0.7	-1.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	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	1.1	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	5.4	-5.4	0.0	0.0	0.0	0.0	1.1	0.0	-0.7	-1.7
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	—	—	—	—	0.0	0.0	65.2	9.9	0.8	74.2	140.3	79.3
Repayment of Borrowings	-0.0	-8.6	-107.0	-181.0	-5.5	-0.4	-133.7	-13.3	-2.3	-47.0	-63.5	-79.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.0	-8.6	-107.0	-181.0	-5.5	-0.4	-68.4	-3.3	-1.5	27.3	76.8	-0.1
Net Cash Flow During the Period	1,611.1	-0.4	-1.8	2.4	0.5	-12.7	6.4	3.1	-43.4	44.8	-0.8	-0.1
Cash and Cash Equivalents at Beginning of Period	1.2	1.6	3.3	0.9	3.6	3.6	3.6	3.6	3.2	3.2	3.2	3.2
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	1,612.3	1.2	1.6	3.3	0.9	0.4	13.1	6.7	3.6	47.0	2.2	3.0

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Cash Flow

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