M10

Listed Company · UPCOM

Price

23,000

Latest close

03 Apr 2026

P/E 4.1x

EPS (TTM) 5,612

ROE (TTM) 28.4%

P/B 1.1x

BVPS (Latest) 21,544

ROA (TTM) 6.6%

What Is Changing

M10 no longer looks like a business simply rebounding from a weak base. Revenue posted +7.8% YoY, while net margin reached 3.57% with an additional +1.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 85bps to 3.57% in 2025.
Revenue increased 7.8% YoY to VND 5,010.7bn in 2025.
Net Income reached a multi-period high at VND 179.0bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	5,010.7	4,646.6	4,139.1	4,548.2	3,467.6
Growth	+8%	+12%	-9%	+31%	—
Net Income	179.0	97.8	103.2	123.8	75.9
Net Margin	3.57%	2.10%	2.49%	2.72%	2.19%

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	1,286.9	1,309.6	1,158.7	1,255.8	1,306.4	1,361.5	892.5	1,099.7	1,103.7	1,138.9	1,018.4	881.2
Growth	-2%	+13%	-8%	-4%	-4%	+53%	-19%	-0%	-3%	+12%	+16%	—
Net Income	54.0	48.5	40.3	35.4	19.8	31.9	16.4	29.6	26.1	31.6	22.2	23.3
Net Margin	4.20%	3.70%	3.48%	2.82%	1.52%	2.34%	1.84%	2.69%	2.37%	2.77%	2.18%	2.64%

Financial Statements

Profitability

Net margin reached 3.57% while Revenue posted +7.8% YoY.

Balance Sheet

Inventory stood at 898.0bn, liabilities at 2,061.8bn, and equity at 685.0bn.

Cash Flow

Operating cash flow was 90.5bn in 2025, while investing cash flow was -212.0bn.

Financing cash flow: -9.5bn.

Item	2025	2024	2023	2022	2021
Revenue	5,010.7	4,660.2	4,139.7	4,548.7	3,468.0
Revenue Deductions	0.0	13.6	0.6	0.5	0.0
Net Revenue	5,010.7	4,646.6	4,139.1	4,548.2	3,467.6
Cost of Goods Sold	4,471.5	4,092.3	3,702.5	4,052.8	0.0
Gross Profit	539.1	554.4	436.6	495.5	409.0
Financial Income	115.0	120.8	114.1	120.4	44.4
Financial Expenses	74.1	87.0	93.6	109.6	-29.1
Interest Expense	27.8	28.3	32.4	19.1	-13.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	254.1	193.4	159.1	158.1	-152.4
General and Administrative Expenses	114.0	252.6	177.9	199.5	-183.9
Operating Profit	211.8	142.1	120.0	148.7	88.0
Other Income	7.0	2.0	4.2	3.6	0.0
Other Expenses	6.4	3.1	0.7	2.0	0.0
Other Profit	0.6	-1.1	3.4	1.5	3.5
Profit Before Tax	212.5	141.0	123.4	150.2	91.5
Current Income Tax Expense	33.5	43.2	20.2	26.4	-15.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	179.0	97.8	103.2	123.8	75.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	179.0	97.8	103.2	123.8	75.9
Earnings per Share	4,791.00	2,612.00	2,828.00	3,467.00	902.00
Diluted EPS	5,636.67	3,079.95	3,250.74	4,095.24	2,509.63

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,094.1	2,054.8	1,781.3	1,734.2	1,496.9
I. Cash and cash equivalents	100.9	231.9	152.1	285.0	38.1
1. Cash	98.9	153.1	101.2	278.9	0.0
2. Cash equivalents	2.0	78.8	50.9	6.1	0.0
II. Short-term financial investments	436.5	408.4	302.2	102.0	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	436.5	408.4	302.2	102.0	0.0
III. Short-term receivables	548.3	538.2	530.5	450.1	514.2
1. Short-term trade accounts receivable	596.3	603.9	505.4	407.4	0.0
2. Short-term prepayments to suppliers	28.7	30.6	5.6	4.6	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	15.2	12.8	19.5	38.1	0.0
7. Provision for short-term doubtful debts (*)	-91.9	-109.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	898.0	797.7	746.5	822.9	849.5
1. Inventories	902.1	801.7	753.8	829.5	0.0
2. Provision for decline in value of inventories	-4.1	-4.0	-7.2	-6.6	0.0
V. Other short-term assets	110.3	78.7	50.1	74.1	30.1
1. Short-term prepayments	7.0	4.9	5.8	5.5	0.0
2. Value added tax to be reclaimed	103.3	71.3	41.8	68.5	0.0
3. Taxes and other receivables from state authorities	0.0	2.5	2.5	0.2	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)	652.7	561.0	508.3	562.6	423.7
I. Long-term receivables	7.3	9.6	15.4	8.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	26.4
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	7.3	9.6	15.4	8.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	577.8	434.1	450.4	501.8	301.4
1. Tangible fixed assets	576.1	433.0	448.2	497.6	295.8
- Cost	1,925.0	1,733.7	1,712.8	1,681.6	0.0
- Accumulated depreciation	-1,349.0	-1,300.7	-1,264.6	-1,184.0	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	1.7	1.1	2.2	4.2	5.6
- Cost	17.5	16.3	15.9	14.6	0.0
- Accumulated depreciation	-15.8	-15.2	-13.7	-10.4	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	10.5	76.5	1.4	0.6	71.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.5	76.5	1.4	0.6	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	57.1	40.8	41.2	51.9	0.0
1. Long-term prepayments	57.1	40.8	41.2	51.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	24.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,746.8	2,615.8	2,289.7	2,296.8	1,920.6
A. LIABILITIES (300=210+330)	2,061.8	2,046.7	1,755.2	1,806.6	1,503.4
I. Short -term liabilities	1,864.5	1,901.1	1,599.4	1,610.0	1,393.0
1. Short-term trade accounts payable	761.6	807.9	569.5	601.8	681.5
2. Short-term advances from customers	15.4	18.5	13.7	31.4	31.4
3. Taxes and other payables to state authorities	38.0	43.1	9.6	14.6	0.0
4. Payable to employees	385.3	343.0	349.8	367.0	0.0
5. Short-term acrrued expenses	4.5	0.4	0.1	0.0	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	0.2
9. Other short-term payables	6.9	34.6	19.9	5.9	0.0
10. Short-term borrowings and financial leases	564.9	567.4	566.9	538.6	340.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	87.9	86.2	69.8	50.6	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	197.3	145.6	155.8	196.6	110.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	9.3	18.3	20.0
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	2.4	2.3	12.3	12.1	0.0
8. Long-term borrowings and financial leases	173.8	131.4	129.0	159.6	69.1
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	21.1	11.9	5.2	6.5	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	685.0	569.2	534.5	490.2	417.3
I. Owner's equity	685.0	569.2	534.5	490.2	0.0
1. Owner's capital	317.5	317.5	317.5	302.4	417.3
- Common stock with voting right	317.5	317.5	317.5	302.4	302.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	5.4	5.4	5.4	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	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	181.0	146.3	105.1	56.0	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	181.1	99.3	105.8	131.1	81.1
- Accumulated retained earning at the end of the previous period	2.1	1.5	2.6	7.2	3.7
- Undistributed earnings in this period	179.0	97.8	103.2	123.8	77.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.7	0.7	0.7	0.7
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)	2,746.8	2,615.8	2,289.7	2,296.8	1,920.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	212.5	141.0	123.4	150.2	0.0
Depreciation of Fixed Assets and Investment Property	101.1	84.4	91.4	85.7	0.0
Provision (Increase)/Reversal	-17.0	105.8	0.6	-9.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	5.2	5.8	7.5	-7.4	0.0
Gain/Loss from Investment Activities	-24.9	-21.2	-23.2	-3.8	0.0
Interest Expense	27.8	28.3	32.4	19.1	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	9.8	7.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	314.4	351.1	232.1	234.7	0.0
Increase/(Decrease) in Receivables	-24.0	-110.7	-60.2	44.8	0.0
Increase/(Decrease) in Inventory	-100.5	-47.9	75.7	34.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.4	180.7	-17.8	-18.8	0.0
Increase/(Decrease) in Prepaid Expenses	-9.8	1.8	10.3	-6.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-27.8	-28.3	-32.5	-18.8	0.0
Corporate Income Tax Paid	-38.2	-13.1	-25.6	-20.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-13.2	-9.0	-5.9	-8.3	0.0
Net Cash Flow from Operating Activities	90.5	324.6	176.1	240.4	44.9
Payments for Fixed Assets and Other Long-term Assets	-207.6	-106.5	-84.5	-218.1	-88.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.2	0.7	0.0	0.0
Loans and Purchases of Debt Instruments	-636.1	-659.8	-576.2	-152.0	-166.2
Receipts from Loan Repayments and Sale of Debt Instruments	608.0	553.6	376.1	115.0	95.0
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	22.7	19.1	18.1	2.0	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	-212.0	-193.5	-265.9	-253.1	-154.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	20.5	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,242.2	1,244.8	1,062.8	1,662.5	1,128.2
Repayment of Borrowings	-1,204.1	-1,249.4	-1,072.3	-1,379.0	-630.5
Repayment of Finance Leases	—	0.0	0.0	0.0	-376.4
Dividends Paid	-47.6	-47.6	-54.4	-30.3	-35.1
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	-9.5	-52.1	-43.3	253.2	86.2
Net Cash Flow During the Period	-131.0	79.0	-133.2	240.5	-11.0
Cash and Cash Equivalents at Beginning of Period	231.9	152.1	285.0	38.1	61.9
FX Difference from Revaluation	0.1	0.8	0.2	6.4	-0.4
Cash and Cash Equivalents at End of Period	100.9	231.9	152.1	285.0	38.1

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	1,287.0	1,309.6	1,158.7	1,255.8	1,306.4	1,361.5	892.5	1,099.8	1,104.1	1,139.1	1,018.9	881.2
Revenue Deductions	0.0	—	—	0.0	0.0	0.0	0.0	0.1	0.4	0.2	0.5	0.0
Net Revenue	1,286.9	1,309.6	1,158.7	1,255.8	1,306.4	1,361.5	892.5	1,099.7	1,103.7	1,138.9	1,018.4	881.2
Cost of Goods Sold	1,112.0	1,170.3	1,047.5	1,138.7	1,143.0	1,207.3	760.6	981.3	995.9	1,021.0	915.8	772.9
Gross Profit	175.0	139.3	111.2	117.1	163.4	154.2	131.8	118.3	107.8	117.9	102.6	108.3
Financial Income	28.0	21.0	31.8	34.2	44.7	19.7	28.4	28.1	37.6	26.2	24.9	25.4
Financial Expenses	23.2	11.3	15.6	23.6	23.9	28.1	65.3	14.0	24.6	27.7	16.0	25.3
Interest Expense	8.1	6.9	6.6	5.8	6.8	6.0	7.9	7.6	8.2	8.3	8.0	7.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	86.7	60.2	52.2	55.0	69.2	47.4	27.2	41.7	50.7	36.3	37.3	34.8
General and Administrative Expenses	28.0	28.3	26.6	29.4	75.6	59.4	41.2	53.4	42.1	42.4	47.8	45.5
Operating Profit	65.1	60.4	48.6	43.3	39.2	39.0	26.6	37.3	27.9	37.6	26.4	28.1
Other Income	1.3	0.2	0.3	0.5	1.0	0.3	0.5	0.1	2.6	1.0	0.2	0.4
Other Expenses	1.6	2.3	1.7	1.8	0.7	0.5	0.5	1.4	0.1	0.1	-0.0	0.5
Other Profit	-0.3	-2.1	-1.4	-1.4	0.3	-0.2	0.0	-1.3	2.5	0.9	0.2	-0.1
Profit Before Tax	64.8	58.3	47.2	41.9	39.5	38.8	26.6	36.0	30.3	38.5	26.7	27.9
Current Income Tax Expense	10.8	9.8	6.9	6.5	19.7	6.9	10.2	6.4	4.2	6.9	4.5	4.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	54.0	48.5	40.3	35.4	19.8	31.9	16.4	29.6	26.1	31.6	22.2	23.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	54.0	48.5	40.3	35.4	19.8	31.9	16.4	29.6	26.1	31.6	22.2	23.3
Earnings per Share	1,700.54	1,526.15	1,269.25	1,115.66	624.96	1,004.55	517.19	933.24	823.28	1,043.63	732.51	769.11
Diluted EPS	1,700.54	1,526.15	1,269.25	1,115.66	624.96	1,004.55	517.19	933.24	823.28	1,043.63	732.51	769.11

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)	2,099.3	1,918.2	1,912.0	1,734.1	2,059.9	2,046.9	2,035.8	1,720.3	1,788.6	1,751.3	1,774.6	1,599.1
I. Cash and cash equivalents	102.0	147.1	145.9	203.1	231.9	165.8	97.4	218.1	152.1	252.4	126.2	246.1
1. Cash	100.0	143.1	142.9	201.1	153.1	148.6	95.4	215.9	101.2	248.0	122.4	242.3
2. Cash equivalents	2.0	4.0	3.0	2.0	78.8	17.2	2.0	2.2	50.9	4.4	3.8	3.8
II. Short-term financial investments	436.5	449.3	395.1	367.2	408.4	402.6	280.1	282.0	302.2	260.7	254.1	202.0
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	436.5	449.3	395.1	367.2	408.4	402.6	280.1	282.0	302.2	260.7	254.1	202.0
III. Short-term receivables	552.4	570.7	553.1	547.0	543.3	692.9	700.5	563.2	537.8	529.5	523.8	349.0
1. Short-term trade accounts receivable	599.0	630.1	615.4	592.4	607.5	696.6	684.8	518.5	505.4	487.2	477.8	296.7
2. Short-term prepayments to suppliers	31.5	42.8	31.0	52.1	30.6	36.3	19.3	24.3	5.6	10.1	6.9	12.6
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	13.8	8.6	15.7	11.5	14.2	19.2	24.3	20.4	26.8	32.2	39.1	39.7
7. Provision for short-term doubtful debts (*)	-91.9	-110.8	-109.0	-109.0	-109.0	-59.1	-27.9	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	898.0	663.0	701.1	523.2	797.7	721.4	902.7	613.3	746.5	655.7	815.3	723.5
1. Inventories	902.1	670.4	705.1	527.2	801.7	730.0	911.3	620.5	753.8	662.3	821.9	730.1
2. Provision for decline in value of inventories	-4.1	-7.4	-4.0	-4.0	-4.0	-8.6	-8.6	-7.2	-7.2	-6.6	-6.6	-6.6
V. Other short-term assets	110.3	88.1	116.9	93.6	78.7	64.2	55.2	43.7	50.1	52.9	55.1	78.4
1. Short-term prepayments	7.0	4.4	4.0	5.2	4.9	5.4	5.1	4.9	5.8	5.6	4.6	4.8
2. Value added tax to be reclaimed	103.3	83.8	112.9	88.4	71.3	58.8	48.7	38.7	41.8	47.4	50.6	73.7
3. Taxes and other receivables from state authorities	0.0	—	—	—	2.5	0.0	1.4	0.1	2.5	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)	654.1	625.0	613.4	553.3	559.6	492.7	482.9	483.4	501.0	510.7	524.4	543.9
I. Long-term receivables	8.7	8.5	8.4	7.5	8.3	11.0	10.5	8.8	8.1	9.0	8.8	8.5
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	8.7	8.5	8.4	7.5	8.3	11.0	10.5	8.8	8.1	9.0	8.8	8.5
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	577.8	565.8	551.8	425.2	434.1	432.4	428.5	434.4	450.4	460.7	471.0	488.1
1. Tangible fixed assets	576.1	563.9	550.3	423.8	433.0	431.6	427.1	432.7	448.2	459.0	468.4	484.7
- Cost	—	—	—	—	1,733.7	1,755.7	1,730.5	1,717.7	1,712.8	1,704.3	1,696.3	1,690.0
- Accumulated depreciation	—	—	—	—	-1,300.7	-1,324.1	-1,303.4	-1,285.0	-1,264.6	-1,245.4	-1,227.8	-1,205.3
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	1.7	1.8	1.5	1.4	1.1	0.8	1.3	1.8	2.2	1.7	2.5	3.4
- 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	10.5	6.2	11.8	82.1	76.5	8.0	6.8	3.0	1.4	1.0	0.9	0.8
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.5	6.2	11.8	82.1	76.5	8.0	6.8	3.0	1.4	1.0	0.9	0.8
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	57.1	44.5	41.3	38.4	40.8	41.4	37.1	37.2	41.2	39.9	43.7	46.5
1. Long-term prepayments	57.1	44.5	41.3	38.4	40.8	41.4	37.1	37.2	41.2	39.9	43.7	46.5
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,753.3	2,543.1	2,525.4	2,287.4	2,619.6	2,539.7	2,518.7	2,203.7	2,289.7	2,261.9	2,299.0	2,143.1
A. LIABILITIES (300=210+330)	2,069.3	1,913.1	1,943.0	1,714.5	2,050.4	1,990.3	2,001.3	1,671.3	1,755.2	1,774.1	1,842.8	1,629.6
I. Short -term liabilities	1,872.0	1,702.3	1,771.6	1,518.8	1,904.8	1,823.2	1,865.0	1,509.4	1,599.4	1,583.8	1,652.1	1,406.0
1. Short-term trade accounts payable	770.5	589.8	709.7	525.3	810.9	712.7	749.8	467.7	569.5	576.3	664.1	451.8
2. Short-term advances from customers	17.6	41.2	35.7	28.0	19.6	26.2	17.5	14.9	13.7	37.3	40.6	34.9
3. Taxes and other payables to state authorities	38.9	43.5	25.9	9.4	43.1	30.7	14.6	16.5	9.6	33.8	23.1	12.3
4. Payable to employees	385.3	325.0	280.8	247.6	343.0	317.1	268.1	273.9	349.8	311.3	299.0	274.8
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.1	0.3	1.3	0.1
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	—	53.1	2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
9. Other short-term payables	6.9	8.7	41.9	25.0	34.6	36.3	81.5	33.1	19.9	28.3	9.7	8.5
10. Short-term borrowings and financial leases	564.9	549.9	580.6	600.7	567.4	621.9	654.9	633.2	566.9	523.4	541.0	573.0
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	87.9	91.1	94.6	82.8	86.2	78.3	78.6	69.5	69.8	72.9	73.2	50.6
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	197.3	210.8	171.4	195.7	145.6	167.2	136.2	162.0	155.8	190.3	190.7	223.6
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	9.3	9.3	9.3	9.3	11.4	11.4	18.3
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	2.4	2.3	2.3	2.3	2.3	12.3	12.3	12.3	12.3	12.2	12.2	12.1
8. Long-term borrowings and financial leases	173.8	196.8	157.3	181.5	131.4	141.0	109.9	135.4	129.0	161.2	161.2	186.9
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	21.1	11.7	11.8	11.8	11.9	4.5	4.8	5.0	5.2	5.5	5.9	6.3
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)	684.1	630.1	582.4	572.9	569.2	549.3	517.4	531.7	534.5	487.8	456.2	513.5
I. Owner's equity	684.1	630.1	582.4	572.9	569.2	549.3	517.4	531.7	534.5	487.8	456.2	513.5
1. Owner's capital	317.5	317.5	317.5	317.5	317.5	317.5	317.5	317.5	317.5	302.4	302.4	302.4
- Common stock with voting right	317.5	317.5	317.5	317.5	317.5	317.5	317.5	317.5	317.5	302.4	302.4	302.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	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	-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	181.0	181.0	181.0	146.3	146.3	146.3	146.3	105.1	105.1	105.1	105.1	56.0
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	180.2	126.2	77.8	103.0	99.3	79.5	47.6	103.7	105.8	79.6	48.0	154.3
- Accumulated retained earning at the end of the previous period	2.1	2.1	2.1	67.6	1.5	1.5	1.5	74.0	2.6	2.6	2.6	131.1
- Undistributed earnings in this period	178.1	124.1	75.7	35.4	97.8	77.9	46.1	29.6	103.2	77.1	45.4	23.3
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	—	—	0.7	0.7	0.7	0.7	0.7	0.0	0.7	0.7	0.7	0.7
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	0.7	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,753.3	2,543.1	2,525.4	2,287.4	2,619.6	2,539.7	2,518.7	2,203.7	2,289.7	2,261.9	2,299.0	2,143.1

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	123.0	—	89.4	—	0.0	-62.7	62.7	0.0	123.4	-54.6	54.6	0.0
Depreciation of Fixed Assets and Investment Property	54.0	—	47.1	—	0.0	-41.3	41.3	0.0	91.4	-49.0	49.0	0.0
Provision (Increase)/Reversal	-22.1	—	5.2	—	0.0	-29.3	29.3	0.0	0.6	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.2	—	1.0	—	0.0	-3.5	3.5	0.0	7.5	-1.7	1.7	0.0
Gain/Loss from Investment Activities	-15.0	—	-9.9	—	0.0	9.0	-9.0	0.0	-23.2	11.9	-11.9	0.0
Interest Expense	15.0	—	12.8	—	0.0	-15.5	15.5	0.0	32.4	-15.9	15.9	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	168.9	—	145.5	—	0.0	-143.3	143.3	0.0	232.1	-109.4	109.4	0.0
Increase/(Decrease) in Receivables	31.6	—	-55.6	—	0.0	177.9	-177.9	0.0	-60.2	50.3	-50.3	0.0
Increase/(Decrease) in Inventory	-197.1	—	96.6	—	0.0	157.5	-157.5	0.0	75.7	-7.8	7.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	135.6	—	-145.9	—	0.0	-143.4	143.4	0.0	-17.8	-57.8	57.8	0.0
Increase/(Decrease) in Prepaid Expenses	-12.1	—	2.3	—	0.0	-4.8	4.8	0.0	10.3	-9.0	9.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-15.0	—	-12.8	—	0.0	15.1	-15.1	0.0	-32.5	16.5	-16.5	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	-38.2	-0.5	0.0	-9.1	-3.5	-9.0	-3.7	-0.0	-12.9
Other Operating Receipts	—	—	—	—	48.7	107.8	-50.9	50.9	-67.2	67.2	-77.3	77.3
Other Operating Payments	172.7	-179.4	70.0	-76.5	-72.6	-156.9	56.0	-62.6	83.5	-87.0	53.7	-56.2
Net Cash Flow from Operating Activities	-32.3	137.4	30.3	-45.0	183.9	242.0	-96.1	17.9	-60.5	134.7	13.3	88.6
Payments for Fixed Assets and Other Long-term Assets	-20.0	-83.7	-19.9	-83.9	-42.9	-53.3	-12.8	-14.7	-14.0	-6.5	-19.9	-44.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	—	0.2	—	0.0	0.0	0.0	0.0	0.7	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-242.6	—	-393.6	—	0.0	240.1	-240.1	0.0	-576.2	274.1	-274.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	201.1	—	406.9	—	0.0	-262.2	262.2	0.0	376.1	-122.0	122.0	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	2.7	6.8	10.9	2.4	2.0	-5.6	9.3	1.5	11.9	-1.3	7.1	0.3
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	-5.1	-130.0	-36.7	-40.3	-46.5	-181.7	-1.5	7.0	-44.2	-13.0	-12.0	-196.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	20.5	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	291.2	323.3	221.5	406.2	297.6	318.6	299.6	333.5	271.6	239.1	234.5	317.6
Repayment of Borrowings	9.8	-313.3	-271.6	-318.3	-369.9	-309.7	-307.6	-260.2	-258.4	-261.8	-299.9	-252.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-1.6	-14.2	-1.1	-30.6	-0.0	1.1	-16.4	-30.6	-1.8	0.0	-52.6	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	-11.4	-4.2	-51.1	57.2	-72.3	10.0	-24.4	42.6	11.3	-2.1	-118.0	65.4
Net Cash Flow During the Period	-48.7	3.3	-57.5	-28.1	65.1	70.3	-122.0	67.5	-93.4	119.5	-116.7	-42.6
Cash and Cash Equivalents at Beginning of Period	147.1	145.9	203.1	231.9	152.1	152.1	152.1	152.1	285.0	285.0	285.0	285.0
FX Difference from Revaluation	0.1	-2.5	-0.4	-0.7	0.9	-1.9	1.4	-1.5	-7.0	6.7	-3.2	3.7
Cash and Cash Equivalents at End of Period	100.9	147.1	145.9	203.1	231.9	165.8	97.4	218.1	152.1	252.4	126.2	246.1

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M10

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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