LIX

Listed Company · HOSE

Price

33,350

Latest close

03 Apr 2026

P/E 12.0x

EPS (TTM) 2,781

ROE (TTM) 20.2%

P/B 2.1x

BVPS (Latest) 16,026

ROA (TTM) 13.3%

What Is Changing

LIX no longer looks like a business simply rebounding from a weak base. Revenue posted +6.6% YoY, while net margin reached 6.52% with an additional -0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -0.8% in 2025 from 6.0% in the prior period, at VND 199.8bn.
Revenue growth accelerated to 6.6% in 2025, up 3.8pp versus the prior year.
Net margin declined from 7.00% in the prior period to 6.52% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	3,066.1	2,876.9	2,800.6	2,815.1	2,613.0
Growth	+7%	+3%	-1%	+8%	—
Net Income	199.8	201.5	190.0	213.2	167.1
Net Margin	6.52%	7.00%	6.79%	7.57%	6.40%

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	907.4	780.6	718.6	659.5	703.7	717.3	726.4	729.5	726.2	717.6	679.0	677.8
Growth	+16%	+9%	+9%	-6%	-2%	-1%	-0%	+0%	+1%	+6%	+0%	—
Net Income	59.3	45.5	55.0	40.1	62.0	49.6	45.9	44.0	45.8	52.2	47.7	44.3
Net Margin	6.53%	5.83%	7.65%	6.07%	8.80%	6.92%	6.32%	6.04%	6.31%	7.27%	7.03%	6.54%

Financial Statements

Profitability

Net margin reached 6.52% while Revenue posted +6.6% YoY.

Balance Sheet

Inventory stood at 343.5bn, liabilities at 574.8bn, and equity at 1,038.5bn.

Cash Flow

Operating cash flow was 206.1bn in 2025, while investing cash flow was -109.8bn.

Financing cash flow: -110.2bn.

Item	2025	2024	2023	2022	2021
Revenue	3,175.7	3,009.0	2,891.1	2,858.2	2,652.8
Revenue Deductions	109.6	132.1	90.5	43.1	0.0
Net Revenue	3,066.1	2,876.9	2,800.6	2,815.1	2,613.0
Cost of Goods Sold	2,399.4	2,260.6	2,187.8	2,175.2	0.0
Gross Profit	666.7	616.4	612.7	640.0	533.0
Financial Income	34.8	15.1	14.6	34.2	4.7
Financial Expenses	4.9	6.0	4.8	5.8	-5.0
Interest Expense	3.8	3.9	3.8	3.8	-4.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	261.7	206.1	230.6	287.6	-217.0
General and Administrative Expenses	182.6	163.3	138.2	118.4	-105.5
Operating Profit	252.3	256.0	253.8	262.4	210.3
Other Income	0.7	0.8	0.9	0.4	0.0
Other Expenses	0.2	0.3	8.6	0.0	0.0
Other Profit	0.6	0.5	-7.7	0.4	0.4
Profit Before Tax	252.8	256.6	246.0	262.8	210.7
Current Income Tax Expense	55.3	55.6	54.6	50.9	-43.6
Deferred Income Tax Expense	-2.3	-0.6	1.4	-1.3	0.0
Net Income	199.8	201.5	190.0	213.2	167.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	199.8	201.5	190.0	213.2	167.1
Earnings per Share	2,767.00	2,793.00	5,268.00	5,913.00	4,669.00
Diluted EPS	2,767.00	2,793.00	5,268.00	5,913.00	5,158.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,113.0	918.6	824.5	761.5	698.2
I. Cash and cash equivalents	359.4	373.3	269.6	193.8	141.0
1. Cash	51.4	33.3	19.6	18.8	0.0
2. Cash equivalents	308.0	340.0	250.0	175.0	0.0
II. Short-term financial investments	86.0	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	86.0	0.0	0.0	0.0	0.0
III. Short-term receivables	257.8	212.0	212.3	189.8	149.3
1. Short-term trade accounts receivable	242.4	203.2	207.1	185.0	0.0
2. Short-term prepayments to suppliers	9.0	4.3	0.9	1.4	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	6.4	4.5	4.3	3.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	343.5	231.0	241.1	278.5	310.7
1. Inventories	343.5	231.0	241.1	278.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	66.3	102.3	101.5	99.4	97.3
1. Short-term prepayments	4.1	2.1	1.8	1.8	0.0
2. Value added tax to be reclaimed	57.8	96.6	96.2	96.9	0.0
3. Taxes and other receivables from state authorities	4.4	3.5	3.5	0.7	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)	500.3	477.9	481.6	470.7	469.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	435.6	415.5	418.7	408.2	410.3
1. Tangible fixed assets	399.0	377.7	379.6	368.0	368.9
- Cost	902.2	824.0	772.0	706.1	0.0
- Accumulated depreciation	-503.1	-446.3	-392.4	-338.1	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	36.6	37.8	39.1	40.2	41.5
- Cost	54.4	54.4	54.4	54.3	0.0
- Accumulated depreciation	-17.8	-16.5	-15.3	-14.1	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	1.0	2.0	1.1	0.5	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.0	2.0	1.1	0.5	0.0
V. Long-term financial investments	55.0	55.0	55.0	55.0	55.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	55.0	55.0	55.0	55.0	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	8.6	5.4	6.8	7.0	0.0
1. Long-term prepayments	3.6	2.6	4.6	3.3	0.0
2. Deferred income tax assets	5.1	2.8	2.2	3.7	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	3.8
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)	1,613.3	1,396.5	1,306.0	1,232.2	1,167.6
A. LIABILITIES (300=210+330)	574.8	459.5	423.7	384.1	418.8
I. Short -term liabilities	566.7	451.1	415.7	377.0	410.4
1. Short-term trade accounts payable	329.2	208.7	231.0	205.5	208.1
2. Short-term advances from customers	44.5	31.5	21.3	11.8	25.1
3. Taxes and other payables to state authorities	26.3	28.2	22.1	12.9	0.0
4. Payable to employees	71.0	54.6	57.7	55.5	0.0
5. Short-term acrrued expenses	25.3	13.9	10.9	18.3	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	5.0	45.3	8.9	4.8	0.0
10. Short-term borrowings and financial leases	55.0	55.0	55.0	55.0	55.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	10.4	14.0	8.7	13.3	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	8.1	8.4	8.0	7.1	8.3
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	8.1	8.4	8.0	7.1	0.0
8. Long-term borrowings and financial leases	—	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	—	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)	1,038.5	937.0	882.3	848.1	748.9
I. Owner's equity	1,038.5	937.0	882.3	848.1	0.0
1. Owner's capital	648.0	648.0	324.0	324.0	748.9
- Common stock with voting right	648.0	648.0	324.0	324.0	324.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
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	157.9	97.4	370.7	306.7	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	232.6	191.5	187.7	217.4	171.7
- Accumulated retained earning at the end of the previous period	32.8	22.4	-2.4	4.2	4.6
- Undistributed earnings in this period	199.8	169.1	190.0	213.2	167.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
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)	1,613.3	1,396.5	1,306.0	1,232.2	1,167.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	252.8	256.6	246.0	262.8	210.7
Depreciation of Fixed Assets and Investment Property	59.7	58.0	56.9	51.3	51.4
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.0	0.2	-0.1	0.0
Gain/Loss from Investment Activities	-26.1	-8.5	-9.2	-27.7	0.0
Interest Expense	3.8	3.9	3.8	3.8	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	290.3	310.0	297.8	290.2	265.7
Increase/(Decrease) in Receivables	-4.3	0.5	-24.1	-42.8	0.0
Increase/(Decrease) in Inventory	-112.5	10.2	37.4	32.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	123.9	6.0	29.6	-15.7	0.0
Increase/(Decrease) in Prepaid Expenses	-2.9	1.6	-1.2	-2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-11.0	0.0	0.0	-23.7	0.0
Corporate Income Tax Paid	-53.3	-55.9	-66.3	-54.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-24.1	-12.0	-26.2	-19.5	0.0
Net Cash Flow from Operating Activities	206.1	260.3	246.9	164.4	213.0
Payments for Fixed Assets and Other Long-term Assets	-49.3	-68.4	-66.5	-41.8	-54.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.2	0.1	0.3	0.1
Loans and Purchases of Debt Instruments	-86.0	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
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	25.4	8.8	8.6	27.3	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	-109.8	-59.4	-57.8	-14.2	-53.6
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	230.5
Repayment of Borrowings	—	0.0	0.0	0.0	-230.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-110.2	-97.2	-113.4	-97.2	-32.4
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	-110.2	-97.2	-113.4	-97.2	-32.4
Net Cash Flow During the Period	-13.8	103.7	75.8	53.0	96.9
Cash and Cash Equivalents at Beginning of Period	373.3	269.6	193.8	141.0	14.0
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	359.4	373.3	269.6	193.8	141.0

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	930.2	807.8	750.5	687.1	743.6	747.5	757.9	760.0	766.9	749.1	687.6	687.5
Revenue Deductions	22.8	27.2	31.9	27.6	39.9	30.2	31.5	30.5	40.7	31.5	8.6	9.7
Net Revenue	907.4	780.6	718.6	659.5	703.7	717.3	726.4	729.5	726.2	717.6	679.0	677.8
Cost of Goods Sold	725.9	613.4	552.9	507.3	566.6	557.3	566.7	570.0	597.7	552.3	513.6	524.2
Gross Profit	181.5	167.2	165.8	152.2	137.2	160.0	159.7	159.5	128.5	165.3	165.3	153.6
Financial Income	8.2	6.3	16.0	4.2	5.5	4.0	3.1	2.6	4.2	3.7	3.7	3.1
Financial Expenses	1.2	1.1	1.5	1.2	1.5	1.9	1.5	1.1	1.4	1.2	1.1	1.1
Interest Expense	1.0	1.0	1.0	0.9	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	63.3	73.7	64.7	59.9	19.6	58.5	61.9	66.1	31.5	72.4	59.4	67.3
General and Administrative Expenses	45.4	42.1	49.8	45.3	40.1	41.4	42.0	39.8	35.9	30.2	38.9	33.2
Operating Profit	79.7	56.6	65.9	50.1	81.5	62.1	57.3	55.1	63.9	65.2	69.6	55.1
Other Income	0.1	0.3	0.3	0.1	0.7	0.0	0.1	0.0	0.4	0.1	0.2	0.3
Other Expenses	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.5	0.0	8.1	0.0
Other Profit	-0.0	0.3	0.3	0.0	0.6	-0.1	0.0	-0.0	-0.2	0.1	-7.9	0.3
Profit Before Tax	79.7	56.9	66.2	50.1	82.1	62.0	57.4	55.0	63.7	65.3	61.6	55.4
Current Income Tax Expense	22.7	11.4	11.2	10.0	20.7	12.4	11.5	11.0	16.5	13.1	13.9	11.1
Deferred Income Tax Expense	-2.3	—	—	—	-0.6	0.0	0.0	0.0	1.4	0.0	0.0	0.0
Net Income	59.3	45.5	55.0	40.1	62.0	49.6	45.9	44.0	45.8	52.2	47.7	44.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	59.3	45.5	55.0	40.1	62.0	49.6	45.9	44.0	45.8	52.2	47.7	44.3
Earnings per Share	836.00	628.00	774.00	543.00	877.00	1,384.00	1,268.00	1,211.00	1,265.00	1,472.00	1,333.00	1,229.00
Diluted EPS	914.74	702.32	848.31	618.13	956.18	765.94	1,416.13	1,359.18	1,414.20	1,611.13	1,472.33	1,367.81

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)	1,113.0	1,017.0	925.8	852.3	918.6	873.3	865.3	796.5	824.5	838.3	737.9	736.6
I. Cash and cash equivalents	359.4	427.2	395.5	297.6	373.3	353.9	325.3	234.4	269.6	330.8	220.1	195.3
1. Cash	51.4	49.2	52.5	29.6	33.3	38.9	37.3	36.4	19.6	45.8	20.1	40.3
2. Cash equivalents	308.0	378.0	343.0	268.0	340.0	315.0	288.0	198.0	250.0	285.0	200.0	155.0
II. Short-term financial investments	86.0	—	—	—	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	86.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	257.8	269.8	234.3	224.9	212.0	189.6	191.6	219.9	212.3	191.4	164.0	192.0
1. Short-term trade accounts receivable	242.4	238.1	217.6	210.3	203.2	174.6	175.0	205.8	207.1	168.2	147.8	173.5
2. Short-term prepayments to suppliers	9.0	24.5	11.3	7.6	4.3	9.7	11.6	8.5	0.9	17.7	11.0	13.1
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	6.4	7.2	5.4	7.0	4.5	5.3	4.9	5.6	4.3	5.5	5.2	5.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	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	343.5	274.8	255.2	224.9	231.0	228.4	247.5	240.1	241.1	218.1	251.4	245.9
1. Inventories	343.5	274.8	255.2	224.9	231.0	228.4	247.5	240.1	241.1	218.1	251.4	245.9
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	66.3	45.2	40.9	104.8	102.3	101.3	100.9	102.0	101.5	98.0	102.4	103.4
1. Short-term prepayments	4.1	2.2	4.3	4.0	2.1	1.6	2.3	2.3	1.8	1.7	2.1	3.0
2. Value added tax to be reclaimed	57.8	40.3	33.1	96.6	96.6	95.6	94.1	93.7	96.2	93.0	96.1	95.8
3. Taxes and other receivables from state authorities	4.4	2.8	3.5	4.3	3.5	4.1	4.5	6.0	3.5	3.3	4.1	4.6
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)	500.3	465.3	462.6	468.7	477.9	467.7	467.9	473.4	481.6	453.0	461.9	457.3
I. Long-term receivables	—	—	—	—	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	—	—	—	—	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	435.6	401.4	399.3	405.9	415.5	406.3	405.9	411.1	418.7	389.6	399.2	394.8
1. Tangible fixed assets	399.0	364.5	362.1	368.4	377.7	368.1	367.5	372.3	379.6	350.3	359.6	354.8
- Cost	—	—	—	—	824.0	801.2	787.5	779.0	772.0	729.3	724.5	706.0
- Accumulated depreciation	—	—	—	—	-446.3	-433.1	-420.0	-406.7	-392.4	-379.0	-364.9	-351.2
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	36.6	36.9	37.2	37.5	37.8	38.1	38.5	38.8	39.1	39.4	39.7	40.0
- 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	1.0	2.6	2.2	2.0	2.0	1.6	1.3	1.0	1.1	0.9	0.9	0.9
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	1.0	2.6	2.2	2.0	2.0	1.6	1.3	1.0	1.1	0.9	0.9	0.9
V. Long-term financial investments	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0
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	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0
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	8.6	6.3	6.1	5.8	5.4	4.8	5.6	6.4	6.8	7.5	6.8	6.6
1. Long-term prepayments	3.6	3.5	3.3	3.0	2.6	2.7	3.5	4.2	4.6	3.8	3.1	2.9
2. Deferred income tax assets	5.1	2.8	2.8	2.8	2.8	2.2	2.2	2.2	2.2	3.7	3.7	3.7
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	—	—	—	—	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)	1,613.3	1,482.4	1,388.4	1,321.0	1,396.5	1,341.0	1,333.2	1,269.9	1,306.0	1,291.3	1,199.9	1,193.9
A. LIABILITIES (300=210+330)	574.8	503.1	454.7	344.0	459.5	433.6	475.4	375.9	423.7	450.9	411.6	350.0
I. Short -term liabilities	566.7	495.1	446.4	335.5	451.1	425.8	467.3	367.6	415.7	443.2	404.5	343.6
1. Short-term trade accounts payable	329.2	242.4	209.9	176.6	208.7	175.7	204.3	196.4	231.0	177.2	180.4	190.1
2. Short-term advances from customers	44.5	11.9	24.4	19.8	31.5	24.2	17.9	18.2	21.3	16.3	10.3	11.4
3. Taxes and other payables to state authorities	26.3	44.5	41.0	20.3	28.2	40.9	14.0	15.2	22.1	54.0	39.5	14.4
4. Payable to employees	71.0	52.3	39.7	24.1	54.6	36.6	28.6	23.7	57.7	50.3	40.5	23.6
5. Short-term acrrued expenses	25.3	69.2	55.6	24.7	13.9	64.8	55.1	47.6	10.9	73.5	53.2	41.6
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	5.0	6.5	4.0	15.0	45.3	14.1	75.9	11.3	8.9	7.7	7.3	7.2
10. Short-term borrowings and financial leases	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0
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	10.4	13.3	16.6	0.0	14.0	14.4	16.5	0.1	8.7	9.2	18.4	0.1
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	8.1	8.0	8.3	8.5	8.4	7.8	8.1	8.3	8.0	7.6	7.1	6.5
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	8.1	8.0	8.3	8.5	8.4	7.8	8.1	8.3	8.0	7.6	7.1	6.5
8. Long-term borrowings and financial leases	—	—	—	—	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	—	—	—	—	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)	1,038.5	979.2	933.7	977.0	937.0	907.4	857.8	894.0	882.3	840.5	788.2	843.9
I. Owner's equity	1,038.5	979.2	933.7	977.0	937.0	907.4	857.8	894.0	882.3	840.5	788.2	843.9
1. Owner's capital	648.0	648.0	648.0	648.0	648.0	648.0	324.0	324.0	324.0	324.0	324.0	324.0
- Common stock with voting right	648.0	648.0	648.0	648.0	648.0	648.0	324.0	324.0	324.0	324.0	324.0	324.0
- 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	157.9	157.9	157.9	97.4	97.4	97.4	421.4	370.7	370.7	370.7	370.7	306.7
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	232.6	173.3	127.8	231.6	191.5	162.0	112.3	199.3	187.7	145.8	93.6	213.1
- Accumulated retained earning at the end of the previous period	32.8	32.8	32.8	191.5	22.4	22.4	22.4	155.3	-2.4	1.6	1.6	168.8
- Undistributed earnings in this period	199.8	140.5	95.0	40.1	169.1	139.6	89.9	44.0	190.0	144.2	92.0	44.3
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
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)	1,613.3	1,482.4	1,388.4	1,321.0	1,396.5	1,341.0	1,333.2	1,269.9	1,306.0	1,291.3	1,199.9	1,193.9

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	79.7	56.9	66.2	50.1	82.1	62.0	57.4	55.0	63.7	65.3	61.6	55.4
Depreciation of Fixed Assets and Investment Property	15.1	14.9	14.8	14.8	14.7	14.3	14.4	14.7	14.6	14.4	14.1	13.8
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	-0.2	—	0.3	—	-0.0	-0.3	0.3	0.0	0.2	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.7	-4.3	-14.3	-2.9	-3.5	-2.3	-1.4	-1.3	-2.6	-2.5	-2.4	-1.7
Interest Expense	1.0	1.0	1.0	0.9	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.9
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	91.1	68.2	68.0	63.0	94.2	74.7	71.6	69.5	76.8	78.2	74.3	68.5
Increase/(Decrease) in Receivables	-13.0	-36.0	56.2	-11.4	-29.2	2.2	29.8	-2.3	-36.3	-19.3	25.8	5.6
Increase/(Decrease) in Inventory	-68.6	-19.7	-30.2	6.0	-2.5	19.1	-7.4	1.1	-23.0	33.4	-5.5	32.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	43.5	48.5	93.5	-61.7	-0.5	10.2	20.1	-23.8	-32.5	50.3	23.1	-11.4
Increase/(Decrease) in Prepaid Expenses	-2.0	1.9	-0.6	-2.2	-0.5	1.5	0.7	-0.1	-0.8	-0.3	0.7	-0.7
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	-11.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-22.6	-10.0	0.0	-20.7	-23.9	0.0	-11.0	-21.0	-27.0	-11.1	-16.5	-11.7
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.9	-3.3	-3.9	-14.0	-0.4	-2.1	-0.9	-8.6	-0.4	-9.3	-3.3	-13.2
Net Cash Flow from Operating Activities	25.6	49.6	171.9	-41.0	37.2	105.6	102.9	14.6	-43.3	122.0	98.6	69.6
Payments for Fixed Assets and Other Long-term Assets	-11.4	-22.0	-10.7	-5.3	-21.4	-14.2	-13.4	-19.5	-21.0	-12.7	-11.5	-21.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	-0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-86.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	4.1	3.9	14.4	3.0	3.3	2.0	1.3	2.1	3.0	1.5	2.5	1.7
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	-93.3	-18.0	3.7	-2.3	-17.9	-12.1	-12.0	-17.3	-18.0	-11.2	-9.0	-19.6
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-77.8	-32.4	0.0	-64.8	0.0	-32.4	0.0	0.0	-64.8	-48.6
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	0.0	-77.8	-32.4	0.0	-64.8	0.0	-32.4	0.0	0.0	-64.8	-48.6
Net Cash Flow During the Period	-67.8	31.7	97.9	-75.6	19.3	28.7	90.8	-35.2	-61.2	110.7	24.8	1.5
Cash and Cash Equivalents at Beginning of Period	427.2	395.5	297.6	373.3	269.6	269.6	269.6	269.6	193.8	193.8	193.8	193.8
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	359.4	427.2	395.5	297.6	373.3	353.9	325.3	234.4	269.6	330.8	220.1	195.3

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LIX

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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