LDW

Listed Company · UPCOM

Price

28,000

Latest close

27 Mar 2026

P/E 27.3x

EPS (TTM) 1,024

ROE (TTM) 8.3%

P/B 2.3x

BVPS (Latest) 12,326

ROA (TTM) 6.8%

What Is Changing

LDW has not yet shown a broad-based top-line recovery. Revenue posted -0.0% YoY, but net margin reached 25.15% with an additional -6.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -19.4% in 2025 from 26.1% in the prior period, at VND 80.4bn.
Net margin declined from 31.19% in the prior period to 25.15% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	319.6	319.7	297.1	277.6	233.7
Growth	-0%	+8%	+7%	+19%	—
Net Income	80.4	99.7	79.1	56.7	34.6
Net Margin	25.15%	31.19%	26.61%	20.42%	14.80%

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	74.3	83.6	81.1	80.6	74.2	82.0	81.0	82.4	70.9	76.6	75.9	73.7
Growth	-11%	+3%	+1%	+9%	-10%	+1%	-2%	+16%	-8%	+1%	+3%	—
Net Income	16.7	22.0	20.1	21.9	26.1	25.8	22.0	26.2	17.2	23.9	19.9	18.8
Net Margin	22.46%	26.35%	24.79%	27.22%	35.16%	31.45%	27.15%	31.74%	24.25%	31.14%	26.29%	25.48%

Financial Statements

Profitability

Net margin reached 25.15% while Revenue posted -0.0% YoY.

Balance Sheet

Inventory stood at 8.5bn, liabilities at 208.5bn, and equity at 971.2bn.

Cash Flow

Operating cash flow was 40.6bn in 2025, while investing cash flow was 36.1bn.

Financing cash flow: -70.9bn.

Item	2025	2024	2023	2022	2021
Revenue	319.6	319.7	297.1	277.6	233.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	319.6	319.7	297.1	277.6	233.7
Cost of Goods Sold	232.9	228.2	219.3	212.7	0.0
Gross Profit	86.7	91.5	77.7	64.8	37.4
Financial Income	47.6	69.3	55.5	41.9	41.3
Financial Expenses	11.2	13.1	13.9	15.3	-16.7
Interest Expense	11.2	12.6	13.9	15.3	-16.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	5.4	4.2	4.1	4.9	-5.2
General and Administrative Expenses	16.2	18.3	16.6	15.2	-12.6
Operating Profit	101.6	125.2	98.6	71.4	44.3
Other Income	0.4	0.6	1.9	0.7	0.0
Other Expenses	1.2	1.2	1.6	1.2	0.0
Other Profit	-0.9	-0.5	0.3	-0.5	-0.9
Profit Before Tax	100.8	124.7	98.9	70.9	43.3
Current Income Tax Expense	20.5	25.3	20.1	14.5	-8.7
Deferred Income Tax Expense	-0.1	-0.3	-0.2	-0.2	0.0
Net Income	80.4	99.7	79.1	56.7	34.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	80.4	99.7	79.1	56.7	34.6
Earnings per Share	682.00	901.00	611.00	486.00	439.00
Diluted EPS	682.00	1,265.25	1,003.25	719.21	438.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	98.5	89.9	648.4	640.0	371.3
I. Cash and cash equivalents	44.4	38.6	38.9	34.8	25.2
1. Cash	34.2	38.6	38.9	34.8	0.0
2. Cash equivalents	10.2	0.0	0.0	0.0	0.0
II. Short-term financial investments	7.0	13.8	555.0	550.9	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	7.0	13.8	555.0	550.9	0.0
III. Short-term receivables	38.6	29.8	46.5	47.2	35.2
1. Short-term trade accounts receivable	5.3	5.6	5.2	5.6	0.0
2. Short-term prepayments to suppliers	9.9	0.6	1.3	0.5	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	27.8	27.6	44.0	46.3	0.0
7. Provision for short-term doubtful debts (*)	-4.3	-4.0	-4.0	-5.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8.5	7.6	8.0	7.0	9.8
1. Inventories	11.7	11.1	11.1	9.4	0.0
2. Provision for decline in value of inventories	-3.2	-3.5	-3.1	-2.3	0.0
V. Other short-term assets	—	0.0	0.0	0.0	0.3
1. Short-term prepayments	—	0.0	0.0	0.0	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)	1,081.2	1,107.9	528.1	533.3	1,089.8
I. Long-term receivables	—	0.0	0.0	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	425.2	436.8	446.4	473.6	780.8
1. Tangible fixed assets	423.7	435.2	445.0	472.2	779.2
- Cost	1,078.3	1,051.1	1,022.2	1,007.1	0.0
- Accumulated depreciation	-654.6	-616.0	-577.2	-534.9	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	1.4	1.6	1.3	1.4	1.5
- Cost	2.6	2.6	2.1	2.0	0.0
- Accumulated depreciation	-1.1	-0.9	-0.8	-0.6	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	4.8	2.6	1.5	0.7	7.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.8	2.6	1.5	0.7	0.0
V. Long-term financial investments	638.0	653.2	63.3	38.7	276.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	11.1	11.1	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	638.0	653.2	52.2	27.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	13.2	15.3	16.9	19.9	0.0
1. Long-term prepayments	8.2	8.9	10.6	12.5	0.0
2. Deferred income tax assets	0.8	0.8	0.4	0.2	0.0
3. Long-term equipment, supplies, spare parts	4.3	5.7	5.8	7.1	0.0
4. Other long-term assets	—	0.0	0.0	0.0	25.3
5. Goodwill	—	0.0	0.0	-0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,179.7	1,197.8	1,176.5	1,173.3	1,461.1
A. LIABILITIES (300=210+330)	208.5	229.1	244.2	271.9	290.0
I. Short -term liabilities	69.3	67.1	59.5	64.2	59.2
1. Short-term trade accounts payable	11.8	12.6	12.3	14.3	12.8
2. Short-term advances from customers	0.3	0.5	0.5	0.6	1.2
3. Taxes and other payables to state authorities	6.7	8.9	7.0	12.2	0.0
4. Payable to employees	13.2	9.5	8.3	8.0	0.0
5. Short-term acrrued expenses	3.4	3.5	3.5	3.7	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	0.0
9. Other short-term payables	1.4	1.6	1.4	1.4	0.0
10. Short-term borrowings and financial leases	22.8	22.8	22.8	22.8	22.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.6	7.8	3.7	1.2	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	139.2	162.0	184.8	207.7	230.8
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	0.5	0.5	0.5	0.4	0.0
8. Long-term borrowings and financial leases	138.7	161.5	184.3	207.1	229.9
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	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	0.2	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	971.2	968.7	932.3	901.4	1,171.2
I. Owner's equity	971.2	968.7	932.3	901.4	0.0
1. Owner's capital	788.0	788.0	788.0	788.0	875.8
- Common stock with voting right	788.0	788.0	788.0	788.0	788.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	28.5	28.5	28.5	28.5	28.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	19.1	19.1	19.1	16.9	1.2
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	45.0	22.1	6.3	0.0	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	79.3	99.7	79.1	56.7	34.6
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	79.3	99.7	79.1	56.7	34.6
12. Reserves for investment in construction	11.3	11.3	11.3	11.3	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	295.3
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)	1,179.7	1,197.8	1,176.5	1,173.3	1,461.1

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	-23.0	-23.0	-23.4	-8.5	0.0
Other Operating Receipts	6.6	12.4	11.5	7.3	0.0
Other Operating Payments	-70.2	-64.4	-60.0	-44.8	0.0
Net Cash Flow from Operating Activities	40.6	56.4	46.7	64.2	26.9
Payments for Fixed Assets and Other Long-term Assets	-34.5	-31.0	-15.9	-18.5	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	0.0	0.0	0.2
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	—	26.4	0.0	0.0	0.0
Dividends and Interest Income Received	47.9	70.3	54.6	25.2	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	36.1	6.3	9.9	-5.8	-1.7
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-22.8	-22.8	-22.8	-22.8	-16.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-48.1	-40.2	-29.8	-26.0	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	-70.9	-63.0	-52.6	-48.8	-16.8
Net Cash Flow During the Period	5.8	-0.3	4.0	9.6	-12.0
Cash and Cash Equivalents at Beginning of Period	38.6	38.9	34.8	25.2	16.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	44.4	38.6	38.9	34.8	25.2

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	74.3	83.6	81.1	80.6	74.2	82.0	81.0	82.4	70.9	76.6	75.9	73.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	74.3	83.6	81.1	80.6	74.2	82.0	81.0	82.4	70.9	76.6	75.9	73.7
Cost of Goods Sold	57.2	59.4	59.6	56.6	57.0	56.5	57.1	56.0	54.0	53.3	56.3	54.4
Gross Profit	17.1	24.1	21.6	23.9	17.2	25.5	23.9	26.4	16.8	23.4	19.6	19.3
Financial Income	12.0	12.0	11.9	11.7	25.4	14.5	14.3	15.1	15.4	15.4	14.2	10.5
Financial Expenses	2.7	2.8	2.8	2.9	3.0	3.1	3.2	3.2	3.4	3.5	3.6	3.5
Interest Expense	2.7	2.8	2.8	—	3.0	3.1	3.2	3.2	3.4	3.5	3.6	3.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.2	1.4	1.4	1.3	1.2	1.0	0.9	1.0	0.8	0.9	1.5	0.8
General and Administrative Expenses	4.0	4.3	3.8	3.7	5.8	3.9	6.4	4.2	5.0	4.5	3.2	2.1
Operating Profit	21.2	27.7	25.5	27.7	32.5	32.0	27.8	33.0	23.0	29.8	25.4	23.4
Other Income	0.1	0.1	0.1	0.1	0.0	0.5	0.1	0.1	0.0	0.4	0.2	0.5
Other Expenses	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.3	1.3	0.3	0.6	0.4
Other Profit	-0.2	-0.1	-0.3	-0.2	-0.3	0.2	-0.2	-0.2	-1.3	0.1	-0.4	0.1
Profit Before Tax	20.9	27.6	25.2	27.5	32.3	32.1	27.6	32.8	21.7	29.9	24.9	23.6
Current Income Tax Expense	4.3	5.6	5.1	5.5	6.5	6.3	5.6	6.6	4.6	6.0	5.0	4.8
Deferred Income Tax Expense	-0.1	0.0	0.0	0.0	-0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	16.7	22.0	20.1	21.9	26.1	25.8	22.0	26.2	17.2	23.9	19.9	18.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	16.7	22.0	20.1	21.9	26.1	25.8	22.0	26.2	17.2	23.9	19.9	18.8
Earnings per Share	212.00	279.00	255.00	278.00	331.00	327.00	279.00	332.00	218.00	303.00	254.00	238.00
Diluted EPS	212.00	279.00	255.23	278.27	331.17	327.37	279.14	332.01	218.08	302.81	253.17	238.19

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)	97.9	105.8	112.7	106.0	84.6	88.3	71.8	669.1	647.6	659.3	675.4	684.6
I. Cash and cash equivalents	34.2	43.5	80.9	38.2	38.6	42.9	56.0	45.2	38.5	46.4	40.8	40.3
1. Cash	34.2	43.5	80.9	38.2	38.6	42.9	56.0	45.2	38.5	46.4	40.8	40.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	17.2	22.0	15.8	15.8	8.8	14.8	0.8	555.8	555.0	570.9	608.4	578.4
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	17.2	22.0	15.8	15.8	8.8	14.8	0.8	555.8	555.0	570.9	608.4	578.4
III. Short-term receivables	38.6	30.4	6.2	42.4	31.4	22.4	11.4	64.1	46.5	35.1	20.3	57.9
1. Short-term trade accounts receivable	5.3	8.1	4.6	7.1	5.6	7.5	7.7	7.8	5.2	7.4	6.6	6.9
2. Short-term prepayments to suppliers	9.9	10.1	0.3	0.2	0.6	0.3	1.2	0.4	1.3	0.5	1.3	0.8
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	27.6	16.4	5.3	39.1	29.1	18.5	6.4	59.8	44.0	30.9	16.1	54.0
7. Provision for short-term doubtful debts (*)	-4.2	-4.2	-4.0	-4.0	-3.9	-4.0	-4.0	-4.0	-4.0	-3.7	-3.7	-3.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	7.9	9.4	9.0	8.6	5.8	7.7	2.9	3.7	7.5	6.6	5.9	7.7
1. Inventories	11.7	12.8	12.5	12.1	10.2	10.4	6.0	6.8	9.5	8.9	8.2	10.0
2. Provision for decline in value of inventories	-3.8	-3.4	-3.4	-3.4	-4.4	-2.8	-3.1	-3.1	-1.9	-2.3	-2.3	-2.3
V. Other short-term assets	—	0.6	0.7	1.0	0.0	0.5	0.7	0.4	0.0	0.4	0.0	0.3
1. Short-term prepayments	—	0.3	0.6	0.6	0.0	0.3	0.7	0.0	0.0	0.3	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.2	0.0	0.5	0.0	0.1	0.0	0.4	0.0	0.1	0.0	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)	1,081.9	1,079.0	1,100.6	1,103.8	1,113.3	1,108.3	1,132.6	533.6	529.8	520.3	492.3	499.0
I. Long-term receivables	—	—	—	—	0.0	0.0	0.2	0.0	0.3	0.3	0.3	0.3
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.2	0.0	0.3	0.3	0.3	0.3
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	425.9	427.7	427.8	431.9	436.8	432.6	435.6	443.1	446.4	450.0	456.9	464.1
1. Tangible fixed assets	424.5	426.2	426.3	430.3	435.2	431.4	434.4	441.8	445.0	448.7	455.6	462.7
- Cost	—	—	—	—	1,051.1	1,038.1	1,032.9	1,029.6	1,022.2	1,015.2	1,011.3	1,008.0
- Accumulated depreciation	—	—	—	—	-616.0	-606.8	-598.5	-587.9	-577.2	-566.5	-555.8	-545.3
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	1.4	1.5	1.5	1.6	1.6	1.2	1.3	1.3	1.3	1.3	1.3	1.4
- 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	4.9	4.3	5.4	3.3	2.7	4.1	2.5	1.2	1.4	4.4	3.8	2.2
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	4.9	4.3	5.4	3.3	2.7	4.1	2.5	1.2	1.4	4.4	3.8	2.2
V. Long-term financial investments	638.0	633.0	653.2	653.2	658.2	653.7	673.3	68.3	63.3	46.7	11.1	11.1
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	5.5	11.1	11.1	11.1	11.1	11.1	11.1
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	638.0	633.0	653.2	653.2	658.2	648.2	662.2	57.2	52.2	35.5	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	13.1	14.0	14.2	15.5	15.6	17.9	20.9	21.0	18.4	18.8	20.1	21.2
1. Long-term prepayments	7.5	8.0	8.2	8.4	8.8	9.4	9.9	10.0	10.7	10.7	11.8	12.2
2. Deferred income tax assets	0.8	0.8	0.8	0.8	0.7	0.4	0.4	0.4	0.2	0.2	0.2	0.2
3. Long-term equipment, supplies, spare parts	4.8	5.3	5.2	6.3	6.1	8.1	10.5	10.5	7.5	7.9	8.1	8.8
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)	1,179.8	1,184.8	1,213.2	1,209.9	1,197.9	1,196.6	1,204.3	1,202.7	1,177.4	1,179.6	1,167.6	1,183.5
A. LIABILITIES (300=210+330)	208.5	230.2	280.4	219.3	228.8	253.6	287.1	244.3	244.1	263.5	275.7	263.4
I. Short -term liabilities	69.3	79.6	129.8	57.3	66.8	80.2	113.8	59.6	59.4	67.4	79.5	55.7
1. Short-term trade accounts payable	11.8	13.6	13.7	12.9	12.6	19.2	13.7	13.3	12.3	12.0	12.7	13.5
2. Short-term advances from customers	0.3	0.5	0.6	0.7	0.5	0.4	0.4	0.4	0.5	0.9	0.6	0.7
3. Taxes and other payables to state authorities	6.7	8.2	7.7	7.7	8.6	8.7	7.9	9.3	7.0	8.3	7.3	6.8
4. Payable to employees	13.2	11.9	8.5	6.3	9.5	9.5	8.5	6.0	8.2	9.2	8.8	6.2
5. Short-term acrrued expenses	3.4	6.0	7.1	4.9	3.5	5.8	3.1	5.6	3.5	6.5	1.8	4.5
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	1.4	1.9	50.9	1.6	1.6	1.7	42.0	1.8	1.4	1.5	14.3	1.3
10. Short-term borrowings and financial leases	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8
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	9.6	14.9	18.4	0.5	7.8	12.0	15.4	0.4	3.7	6.2	11.2	-0.2
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	139.2	150.6	150.6	162.0	162.0	173.4	173.4	184.8	184.8	196.1	196.1	207.7
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
8. Long-term borrowings and financial leases	138.7	150.1	150.1	161.5	161.5	172.9	172.9	184.3	184.3	195.7	195.7	207.1
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
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)	971.3	954.6	932.9	990.6	969.1	943.0	917.2	958.4	933.3	916.1	892.0	920.1
I. Owner's equity	971.3	954.6	932.9	990.6	969.1	943.0	917.2	958.4	933.3	916.1	892.0	920.1
1. Owner's capital	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0
- Common stock with voting right	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0	788.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5
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	19.1	19.1	19.1	19.1	19.1	19.1	19.1	19.1	19.1	19.1	18.9	16.9
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	45.0	45.0	45.0	22.1	22.1	22.1	22.1	6.3	6.3	6.3	6.4	0.0
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	79.4	62.7	40.9	121.6	100.1	74.0	48.2	105.2	80.1	62.9	38.8	75.4
- Accumulated retained earning at the end of the previous period	—	—	—	99.7	0.0	0.0	0.0	79.1	0.0	0.0	0.0	56.7
- Undistributed earnings in this period	79.4	62.7	40.9	21.9	100.1	74.0	48.2	26.2	80.1	62.9	38.8	18.8
12. Reserves for investment in construction	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3
13. Minority's interest	—	—	—	—	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)	1,179.8	1,184.8	1,213.2	1,209.9	1,197.9	1,196.6	1,204.3	1,202.7	1,177.4	1,179.6	1,167.6	1,183.5

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
Depreciation of Fixed Assets and Investment Property	—	—	—	—	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
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
Interest Expense	—	—	—	—	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	—	—	—	—	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
Increase/(Decrease) in Inventory	—	—	—	—	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
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	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
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.5	-5.1	-5.5	-6.8	-6.4	-5.5	-6.6	-4.6	-5.8	-5.0	-4.8	-7.9
Other Operating Receipts	—	—	—	—	1.0	3.3	39.9	-37.4	5.2	0.9	5.0	0.5
Other Operating Payments	-10.5	-20.2	-20.0	-19.5	-12.2	-15.2	-16.7	-17.0	-13.9	-13.8	-18.7	-13.6
Net Cash Flow from Operating Activities	-7.8	21.8	23.2	3.5	10.8	23.7	46.4	-18.9	7.9	18.6	14.4	5.7
Payments for Fixed Assets and Other Long-term Assets	-6.9	-11.1	-14.4	-2.1	0.4	-5.6	-2.1	-8.8	-5.7	-2.7	-7.1	-0.2
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	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	25.0	-22.7	45.3	0.2	-0.1	9.0	27.9	39.8	2.4	0.7	51.5	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	28.1	-19.1	31.0	-3.9	-3.7	3.5	-24.2	25.2	-4.1	-0.1	14.4	-0.2
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	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-11.4	0.0	-11.4	—	-11.4	0.0	-11.4	0.0	-11.4	-0.0	-11.4	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-8.0	-40.1	—	—	0.0	-40.2	0.0	0.0	0.0	-12.9	-16.9	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	-19.4	-40.1	-11.4	—	-11.4	-40.2	-11.4	0.0	-11.4	-12.9	-28.3	0.0
Net Cash Flow During the Period	0.8	-37.4	42.7	-0.4	-4.3	-13.0	10.8	6.3	-7.6	5.7	0.5	5.4
Cash and Cash Equivalents at Beginning of Period	43.5	80.9	38.2	38.6	38.9	38.9	38.9	38.9	34.8	34.8	34.8	34.8
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	44.4	43.5	80.9	38.2	38.6	42.9	56.0	45.2	38.9	46.4	40.8	40.3

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What Is Changing

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Balance Sheet

Cash Flow

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