MDG

Listed Company · HOSE

Price

41,000

Latest close

03 Apr 2026

P/E 10.1x

EPS (TTM) 4,066

ROE (TTM) 29.1%

P/B 2.6x

BVPS (Latest) 16,025

ROA (TTM) 12.7%

What Is Changing

MDG no longer looks like a business simply rebounding from a weak base. Revenue posted +5.2% YoY, while net margin reached 17.90% with an additional +16.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -13.17% in 2023 to 17.90% in 2025.
Revenue growth accelerated to 5.2% in 2025, up 22.7pp versus the prior year.
Net Income reached a multi-period high at VND 43.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	240.6	228.7	277.0	360.8	210.8
Growth	+5%	-17%	-23%	+71%	—
Net Income	43.1	4.0	-36.5	21.6	15.6
Net Margin	17.90%	1.74%	-13.17%	5.99%	7.42%

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	115.4	60.0	22.8	42.4	69.3	47.9	57.0	54.5	80.6	59.6	74.7	62.2
Growth	+92%	+163%	-46%	-39%	+45%	-16%	+5%	-32%	+35%	-20%	+20%	—
Net Income	27.5	13.7	0.2	2.8	14.3	3.8	1.5	-15.5	-3.7	0.7	2.4	1.3
Net Margin	23.88%	22.85%	0.85%	6.65%	20.58%	7.88%	2.65%	-28.40%	-4.64%	1.25%	3.24%	2.14%

Financial Statements

Profitability

Net margin reached 17.90% while Revenue posted +5.2% YoY.

Balance Sheet

Inventory stood at 13.3bn, liabilities at 196.1bn, and equity at 173.3bn.

Cash Flow

Operating cash flow was 92.2bn in 2025, while investing cash flow was -78.6bn.

Financing cash flow: 1.4bn.

Item	2025	2024	2023	2022	2021
Revenue	240.8	228.7	277.0	360.8	210.8
Revenue Deductions	0.2	0.0	0.0	0.0	0.0
Net Revenue	240.6	228.7	277.0	360.8	210.8
Cost of Goods Sold	157.8	175.5	221.3	291.4	0.0
Gross Profit	82.8	53.1	55.7	69.4	47.7
Financial Income	0.6	0.2	0.7	1.1	0.7
Financial Expenses	5.2	5.8	7.6	5.5	-4.0
Interest Expense	5.2	5.8	7.6	5.3	-4.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	19.7	33.1	37.0	31.3	-15.4
General and Administrative Expenses	11.0	8.8	46.4	9.4	-9.0
Operating Profit	47.6	5.7	-34.6	24.3	20.0
Other Income	1.2	0.1	0.1	3.4	0.0
Other Expenses	1.8	1.7	2.0	0.7	0.0
Other Profit	-0.6	-1.6	-1.9	2.7	-0.3
Profit Before Tax	47.0	4.1	-36.4	27.0	19.7
Current Income Tax Expense	3.9	0.1	0.1	5.4	-4.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	43.1	4.0	-36.5	21.6	15.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	43.1	4.0	-36.5	21.6	15.6
Earnings per Share	4,172.00	385.00	-3,545.00	2,009.00	504.00
Diluted EPS	3,956.00	365.19	-3,351.07	1,986.36	1,436.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	197.7	224.8	270.9	307.8	282.4
I. Cash and cash equivalents	38.2	23.2	15.8	28.7	23.5
1. Cash	7.2	6.7	6.3	4.5	0.0
2. Cash equivalents	31.0	16.5	9.5	24.2	0.0
II. Short-term financial investments	6.3	0.3	0.0	0.5	0.0
1. Available for sale securities	—	0.3	0.0	0.5	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-0.0	0.0	-0.1	0.0
3. Held to maturity investments	6.3	0.0	0.0	0.0	0.0
III. Short-term receivables	136.3	180.9	221.1	244.7	224.7
1. Short-term trade accounts receivable	56.7	66.4	102.9	90.9	0.0
2. Short-term prepayments to suppliers	21.1	23.5	23.7	23.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.5	0.5	0.5	0.5	0.0
6. Other short-term receivables	96.4	129.1	132.7	130.5	0.0
7. Provision for short-term doubtful debts (*)	-38.5	-38.6	-38.6	-1.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.3	15.6	29.1	30.9	30.6
1. Inventories	13.3	15.6	29.1	30.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.5	4.8	4.8	3.1	3.6
1. Short-term prepayments	0.5	0.2	0.2	0.4	0.0
2. Value added tax to be reclaimed	3.1	3.1	2.2	0.3	0.0
3. Taxes and other receivables from state authorities	—	1.5	2.4	2.5	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)	171.7	101.1	84.1	86.7	88.5
I. Long-term receivables	6.7	3.1	2.8	2.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.1
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	6.7	3.1	2.8	2.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	13.6	19.1	23.5	22.9	23.0
1. Tangible fixed assets	13.0	18.4	22.8	22.1	22.3
- Cost	46.6	52.6	53.3	49.2	0.0
- Accumulated depreciation	-33.6	-34.2	-30.6	-27.1	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	0.6	0.7	0.7	0.8	0.8
- Cost	1.2	1.2	1.2	1.2	0.0
- Accumulated depreciation	-0.5	-0.5	-0.5	-0.4	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	38.1	56.7	36.3	33.3	26.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	38.1	56.7	36.3	33.3	0.0
V. Long-term financial investments	6.3	6.3	6.3	6.3	6.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.5	3.5	3.5	3.5	0.0
3. Investments in other entities	7.3	7.3	7.3	7.3	0.0
4. Provision for diminution in value of long-term investments	-4.5	-4.5	-4.5	-4.5	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	106.9	16.0	15.2	21.8	0.0
1. Long-term prepayments	106.9	16.0	15.2	21.8	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	30.8
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)	369.4	326.0	355.0	394.5	370.9
A. LIABILITIES (300=210+330)	196.1	195.7	228.7	224.1	212.5
I. Short -term liabilities	195.6	195.7	228.7	224.1	212.5
1. Short-term trade accounts payable	50.2	61.2	99.8	99.0	90.4
2. Short-term advances from customers	25.9	25.1	21.9	21.9	44.5
3. Taxes and other payables to state authorities	9.0	7.7	1.7	3.2	0.0
4. Payable to employees	5.7	2.1	2.5	2.0	0.0
5. Short-term acrrued expenses	16.4	10.4	2.3	10.9	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	5.6	6.8	5.6	5.3	0.0
10. Short-term borrowings and financial leases	82.7	81.3	94.0	78.5	60.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	1.0	0.9	3.2	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	0.4	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.4	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	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)	173.3	130.2	126.3	170.4	158.4
I. Owner's equity	173.3	130.2	126.3	170.4	0.0
1. Owner's capital	108.9	108.9	108.9	108.9	158.4
- Common stock with voting right	108.9	108.9	108.9	108.9	108.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	1.5	1.5	1.5	1.5	1.5
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	-3.0	-3.0	-3.0	-3.0	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	47.2	47.2	47.2	41.4	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	18.7	-24.3	-28.3	21.7	13.9
- Accumulated retained earning at the end of the previous period	-24.3	-28.3	8.3	1.0	1.4
- Undistributed earnings in this period	43.1	4.0	-36.6	20.7	12.5
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)	369.4	326.0	355.0	394.5	370.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	47.0	4.1	-36.4	27.0	19.7
Depreciation of Fixed Assets and Investment Property	3.5	3.9	3.9	3.5	3.1
Provision (Increase)/Reversal	-0.2	0.0	37.4	-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	-1.7	-0.1	-0.5	-0.9	0.0
Interest Expense	5.2	5.8	7.6	5.3	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	53.8	13.7	11.9	33.7	25.7
Increase/(Decrease) in Receivables	41.2	40.0	-14.7	-22.4	0.0
Increase/(Decrease) in Inventory	2.3	13.5	1.8	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.5	-20.4	-7.0	-3.3	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	-0.9	1.6	8.8	0.0
Changes in Trading Securities	0.3	-0.3	0.5	-0.5	0.0
Interest Paid	-5.2	-5.8	-7.6	-5.3	0.0
Corporate Income Tax Paid	-0.1	-0.1	-3.1	-5.6	0.0
Other Operating Receipts	—	0.2	0.0	0.0	0.0
Other Operating Payments	-0.9	-0.1	-3.8	-1.5	0.0
Net Cash Flow from Operating Activities	92.2	39.7	-20.4	3.6	3.6
Payments for Fixed Assets and Other Long-term Assets	-76.1	-20.4	-3.2	-10.4	-20.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.3	0.4	0.8	0.1	0.3
Loans and Purchases of Debt Instruments	-6.3	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.1	0.1
Investments in Other Entities	—	0.0	0.0	0.0	-0.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.2	0.7	0.8	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	-78.6	-19.8	-1.7	-9.3	-5.2
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	150.8	214.0	254.6	289.1	150.6
Repayment of Borrowings	-149.4	-226.7	-239.1	-271.0	-151.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-6.1	-7.2	-6.0
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	1.4	-12.7	9.3	10.9	-7.2
Net Cash Flow During the Period	15.0	7.3	-12.8	5.2	20.9
Cash and Cash Equivalents at Beginning of Period	23.2	15.8	28.7	23.5	32.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	38.2	23.2	15.8	28.7	23.5

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
Revenue	115.4	60.1	22.8	42.4	69.3	47.9	57.0	54.5	80.6	59.6	74.7	62.2
Revenue Deductions	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	115.4	60.0	22.8	42.4	69.3	47.9	57.0	54.5	80.6	59.6	74.7	62.2
Cost of Goods Sold	72.3	38.6	15.5	31.0	41.9	32.8	41.7	59.1	70.8	45.7	58.1	46.8
Gross Profit	43.1	21.4	7.3	11.4	27.4	15.1	15.2	-4.6	9.8	13.9	16.6	15.4
Financial Income	0.4	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.2	0.3
Financial Expenses	1.3	1.1	1.4	1.3	1.4	1.4	1.4	1.6	1.8	1.9	2.1	1.9
Interest Expense	1.3	1.1	1.4	1.3	1.4	1.4	1.4	1.6	1.8	1.9	2.0	1.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.4	4.5	3.2	5.5	8.6	7.9	9.9	6.7	9.6	9.0	9.5	8.9
General and Administrative Expenses	4.7	2.3	1.8	1.7	2.9	1.8	2.1	2.1	2.6	2.1	2.2	1.8
Operating Profit	31.0	13.4	1.0	3.0	14.7	4.1	1.9	-14.9	-4.1	1.0	3.1	3.1
Other Income	2.4	0.4	0.7	0.0	0.0	0.0	0.0	0.4	0.1	0.0	0.0	0.8
Other Expenses	1.8	0.1	1.5	0.2	0.5	0.3	0.4	1.0	0.6	0.0	0.1	2.0
Other Profit	0.6	0.3	-0.8	-0.2	-0.4	-0.3	-0.3	-0.5	-0.5	-0.0	-0.1	-1.2
Profit Before Tax	31.6	13.7	0.2	2.8	14.3	3.8	1.6	-15.4	-4.6	0.9	3.0	1.9
Current Income Tax Expense	4.1	—	—	—	0.0	0.0	0.1	0.0	-0.9	0.2	0.6	0.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	27.5	13.7	0.2	2.8	14.3	3.8	1.5	-15.5	-3.7	0.7	2.4	1.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	27.5	13.7	0.2	2.8	14.3	3.8	1.5	-15.5	-3.7	0.7	2.4	1.3
Earnings per Share	2,529.82	1,259.29	17.89	258.65	1,310.41	346.61	138.60	-1,421.00	-343.06	68.14	222.09	122.02
Diluted EPS	2,529.82	1,259.29	17.89	258.65	1,310.41	346.61	138.60	-1,421.00	-343.06	68.14	222.09	122.02

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)	197.9	175.4	160.8	183.3	224.9	233.5	238.4	263.7	307.9	301.0	320.1	304.1
I. Cash and cash equivalents	38.2	15.1	10.5	15.2	23.2	12.3	8.9	3.3	15.8	10.3	14.6	23.7
1. Cash	7.2	1.1	2.1	1.7	6.7	2.2	4.8	3.3	6.3	0.9	5.3	2.3
2. Cash equivalents	31.0	14.0	8.4	13.6	16.5	10.0	4.0	0.0	9.5	9.4	9.3	21.5
II. Short-term financial investments	6.3	6.3	0.1	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.4
1. Available for sale securities	—	—	0.1	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.4
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	0.0	0.0
3. Held to maturity investments	6.3	6.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	136.3	129.0	131.3	151.2	180.9	198.8	207.4	228.6	258.6	244.9	258.1	235.6
1. Short-term trade accounts receivable	56.7	49.2	61.5	65.4	66.4	68.2	80.8	98.4	102.9	86.7	97.9	81.1
2. Short-term prepayments to suppliers	21.1	21.9	19.8	23.4	23.5	22.5	22.3	24.0	23.7	24.1	23.2	23.4
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
6. Other short-term receivables	96.4	95.8	88.0	100.6	129.1	146.2	142.4	144.4	132.7	134.8	137.7	131.7
7. Provision for short-term doubtful debts (*)	-38.5	-38.5	-38.5	-38.6	-38.6	-38.6	-38.6	-38.6	-1.2	-1.2	-1.2	-1.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	13.5	19.3	13.7	11.7	15.6	17.2	17.5	28.1	29.1	41.3	42.2	39.8
1. Inventories	13.5	19.3	13.7	11.7	15.6	17.2	17.5	28.1	29.1	41.3	42.2	39.8
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	3.5	5.7	5.3	5.1	4.8	5.3	4.7	3.7	4.4	4.4	5.1	4.6
1. Short-term prepayments	0.5	0.3	0.3	0.4	0.2	0.4	0.5	0.3	0.2	1.1	0.6	0.5
2. Value added tax to be reclaimed	3.1	3.9	3.4	3.2	3.1	3.4	2.8	1.8	2.2	2.4	2.1	1.6
3. Taxes and other receivables from state authorities	—	1.5	1.5	1.5	1.5	1.5	1.4	1.5	2.0	0.9	2.5	2.6
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)	172.1	143.4	143.1	129.9	101.1	82.1	86.6	89.9	84.1	84.1	83.1	84.2
I. Long-term receivables	6.7	3.1	3.1	3.1	3.1	3.1	3.1	3.1	2.8	2.8	2.8	2.8
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	6.7	3.1	3.1	3.1	3.1	3.1	3.1	3.1	2.8	2.8	2.8	2.8
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	14.1	15.9	16.8	18.4	19.1	20.0	20.9	21.9	23.5	24.5	22.3	21.1
1. Tangible fixed assets	13.5	15.3	16.1	17.7	18.4	19.3	20.3	21.3	22.8	23.8	21.5	20.3
- Cost	—	—	—	—	52.6	52.6	52.6	52.6	53.3	53.3	50.1	48.0
- Accumulated depreciation	—	—	—	—	-34.2	-33.3	-32.4	-31.4	-30.6	-29.5	-28.6	-27.7
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	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.8
- 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	38.1	2.2	102.3	87.8	56.7	39.3	38.7	36.7	36.3	33.6	34.1	34.5
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	38.1	2.2	102.3	87.8	56.7	39.3	38.7	36.7	36.3	33.6	34.1	34.5
V. Long-term financial investments	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
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	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5
3. Investments in other entities	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3
4. Provision for diminution in value of long-term investments	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5
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	106.9	115.9	14.6	14.3	16.0	13.5	17.6	21.9	15.2	16.9	17.6	19.6
1. Long-term prepayments	106.9	115.9	14.6	14.3	16.0	13.5	17.6	21.9	15.2	16.9	17.6	19.6
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)	370.0	318.8	303.9	313.2	326.0	315.7	325.0	353.6	392.0	385.1	403.2	388.3
A. LIABILITIES (300=210+330)	195.5	171.9	170.7	180.2	195.7	199.6	212.7	242.9	228.5	217.8	236.6	217.1
I. Short -term liabilities	195.1	171.7	170.7	180.2	195.7	199.6	212.7	242.9	228.5	217.8	236.6	217.1
1. Short-term trade accounts payable	50.2	41.8	48.1	55.8	61.2	69.2	74.7	83.9	99.8	90.6	108.6	88.1
2. Short-term advances from customers	25.9	30.1	35.0	21.1	25.5	26.9	26.5	26.9	21.9	20.1	20.5	20.8
3. Taxes and other payables to state authorities	9.2	6.2	6.0	6.7	7.7	10.8	11.3	10.7	1.7	3.7	2.9	1.4
4. Payable to employees	5.2	1.2	0.8	0.9	2.1	1.0	1.1	1.1	2.5	1.3	1.4	1.4
5. Short-term acrrued expenses	16.2	11.0	5.2	6.4	10.4	4.6	10.5	24.0	2.1	2.1	2.8	4.1
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	5.6	6.8	7.3	7.0	6.4	6.7	6.3	6.2	5.6	5.3	5.3	5.4
10. Short-term borrowings and financial leases	82.7	74.5	68.2	82.2	81.3	80.1	82.0	89.8	94.0	94.0	94.0	95.5
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	1.0	0.2	0.3	0.3	0.9	0.8	1.2	0.4
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	0.4	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.4	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	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)	174.5	146.9	133.2	133.0	130.3	116.0	112.3	110.8	163.5	167.2	166.6	171.2
I. Owner's equity	174.5	146.9	133.2	133.0	130.3	116.0	112.3	110.8	163.5	167.2	166.6	171.2
1. Owner's capital	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9
- Common stock with voting right	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0
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	47.2	47.2	47.2	47.2	47.2	47.2	47.2	47.2	47.2	47.2	47.2	41.4
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	19.9	-7.6	-21.3	-21.5	-24.3	-38.6	-42.3	-43.8	8.9	12.7	12.0	22.5
- Accumulated retained earning at the end of the previous period	-24.3	-24.3	-24.3	-24.3	-28.3	-28.3	-28.3	-28.3	8.3	8.3	8.3	21.2
- Undistributed earnings in this period	44.3	16.7	3.0	2.8	4.0	-10.2	-14.0	-15.5	0.6	4.4	3.7	1.3
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)	370.0	318.8	303.9	313.2	326.0	315.7	325.0	353.6	392.0	385.1	403.2	388.3

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	30.3	13.7	0.2	2.8	14.3	3.8	1.5	-15.4	-42.3	0.9	3.0	1.9
Depreciation of Fixed Assets and Investment Property	1.7	0.0	0.9	0.9	0.9	1.0	1.0	1.0	1.0	1.0	0.9	0.9
Provision (Increase)/Reversal	-0.1	0.0	-0.0	-0.1	0.0	-0.0	0.0	0.0	37.5	0.0	0.0	-0.1
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	-1.1	-0.4	-0.0	-0.1	-0.1	-0.1	-0.0	0.1	-0.1	-0.1	-0.1	-0.3
Interest Expense	1.3	1.1	1.4	1.3	1.4	1.4	1.4	1.6	1.8	1.9	2.8	1.1
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	32.1	14.5	2.4	4.9	16.5	6.1	3.9	-12.8	-2.1	3.8	6.7	3.6
Increase/(Decrease) in Receivables	-9.9	47.1	-25.4	29.5	18.2	8.0	20.3	-6.6	-13.5	14.4	-23.1	7.5
Increase/(Decrease) in Inventory	6.0	-5.6	-2.0	3.9	1.5	0.3	10.6	1.0	12.2	0.9	-2.4	-8.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.6	-5.1	4.6	-15.5	-5.9	-11.2	-21.1	17.7	11.1	-18.0	20.3	-20.4
Increase/(Decrease) in Prepaid Expenses	103.1	-101.3	-0.2	1.6	-2.4	4.1	4.2	-6.8	-2.5	0.2	1.9	2.1
Changes in Trading Securities	—	—	—	—	-0.3	0.0	0.0	0.0	0.0	0.0	0.4	0.2
Interest Paid	-1.3	-1.1	-1.4	-1.3	-1.4	-1.4	-1.4	-1.6	-1.8	-1.9	-2.8	-1.1
Corporate Income Tax Paid	-0.1	—	—	—	0.0	-0.1	-0.0	0.0	-0.5	-0.5	0.0	-2.1
Other Operating Receipts	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	-0.0	-0.9	0.7	-0.0	-1.2	0.6	0.1	-0.5	-0.2	-3.2
Net Cash Flow from Operating Activities	143.4	-51.5	-22.2	22.4	27.0	5.9	15.3	-8.4	3.0	-1.8	0.8	-22.5
Payments for Fixed Assets and Other Long-term Assets	-131.2	55.7	30.7	-31.3	-17.4	-0.6	-2.0	-0.4	2.4	-2.7	-2.7	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	0.4	0.6	—	0.0	0.0	0.0	0.4	0.0	0.0	0.0	0.8
Loans and Purchases of Debt Instruments	0.0	0.0	-6.3	—	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	0.3	0.0	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.5	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	-128.6	56.1	25.1	-31.2	-17.3	-0.5	-2.0	0.1	2.5	-2.5	-2.2	0.5
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	45.8	43.4	23.2	38.5	53.2	47.5	58.7	54.5	53.0	68.9	48.6	84.0
Repayment of Borrowings	-37.5	-37.1	-37.1	-37.6	-52.0	-49.4	-66.5	-58.7	-53.0	-68.9	-50.2	-66.9
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	-6.1	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	8.2	6.3	-14.0	0.9	1.2	-1.9	-7.8	-4.2	-0.0	-0.0	-7.7	17.0
Net Cash Flow During the Period	23.1	10.9	-11.1	-7.9	10.9	3.4	5.5	-12.5	5.5	-4.3	-9.1	-4.9
Cash and Cash Equivalents at Beginning of Period	15.1	4.1	15.2	23.2	15.8	15.8	15.8	15.8	28.7	28.7	28.7	28.7
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	38.2	15.1	4.1	15.2	23.2	12.3	8.9	3.3	15.8	10.3	14.6	23.7

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Financial Statements

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Balance Sheet

Cash Flow

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