MIE

Listed Company · UPCOM

Price

8,000

Latest close

01 Apr 2026

P/E 82.0x

EPS (TTM) 98

ROE (TTM) 1.0%

P/B 0.8x

BVPS (Latest) 10,290

ROA (TTM) 0.5%

What Is Changing

MIE no longer looks like a business simply rebounding from a weak base. Revenue posted +0.7% YoY, while net margin reached 1.13% with an additional +0.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 142.9% to VND 18.4bn in 2025.
Net margin improved from 0.47% in the prior period to 1.13% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,624.8	1,614.1	1,351.7	1,330.7	1,214.7
Growth	+1%	+19%	+2%	+10%	—
Net Income	18.4	7.6	6.6	-1.3	62.2
Net Margin	1.13%	0.47%	0.48%	-0.10%	5.12%

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	509.5	464.3	361.9	324.3	495.5	326.2	469.6	321.7	509.4	273.3	303.6	270.6
Growth	+10%	+28%	+12%	-35%	+52%	-31%	+46%	-37%	+86%	-10%	+12%	—
Net Income	9.2	2.8	3.4	1.9	1.8	1.4	2.5	0.9	2.1	2.0	1.4	0.3
Net Margin	1.81%	0.61%	0.95%	0.59%	0.36%	0.42%	0.54%	0.29%	0.42%	0.74%	0.46%	0.11%

Financial Statements

Profitability

Net margin reached 1.13% while Revenue posted +0.7% YoY.

Balance Sheet

Inventory stood at 827.4bn, liabilities at 1,152.3bn, and equity at 1,455.2bn.

Cash Flow

Operating cash flow was 10.1bn in 2025, while investing cash flow was -10.7bn.

Financing cash flow: 0.6bn.

Item	2025	2024	2023	2022	2021
Revenue	1,625.4	1,617.7	1,351.8	1,330.7	1,215.2
Revenue Deductions	0.6	3.7	0.1	0.0	0.0
Net Revenue	1,624.8	1,614.1	1,351.7	1,330.7	1,214.7
Cost of Goods Sold	1,435.5	1,446.3	1,179.6	1,205.9	0.0
Gross Profit	189.4	167.7	172.1	124.9	132.4
Financial Income	12.1	17.4	12.1	21.0	5.8
Financial Expenses	48.6	43.1	45.0	32.6	-31.8
Interest Expense	47.5	42.5	44.3	30.0	-31.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	15.8	13.9	9.0	5.7	-4.4
General and Administrative Expenses	127.8	120.1	121.6	112.1	-97.0
Operating Profit	9.4	7.9	8.6	-4.6	5.0
Other Income	19.4	7.4	5.9	26.9	0.0
Other Expenses	6.4	6.3	6.3	23.0	0.0
Other Profit	13.1	1.1	-0.4	3.9	79.0
Profit Before Tax	22.4	9.0	8.2	-0.8	84.1
Current Income Tax Expense	4.0	1.5	1.7	0.5	-21.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	18.4	7.6	6.6	-1.3	62.2
Non-controlling Interest	3.6	-0.4	-0.6	-0.8	30.3
Profit Attributable to Parent	14.8	8.0	7.1	-0.5	31.9
Earnings per Share	104.00	56.00	45.00	-4.00	8.00
Diluted EPS	104.23	56.09	50.26	-3.54	225.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,769.4	1,783.5	1,667.9	1,582.5	1,548.4
I. Cash and cash equivalents	66.2	65.8	55.9	43.6	32.7
1. Cash	18.7	41.3	32.7	24.3	0.0
2. Cash equivalents	47.5	24.5	23.2	19.3	0.0
II. Short-term financial investments	187.8	141.1	122.2	128.9	0.0
1. Available for sale securities	1.5	1.5	1.5	1.5	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	186.3	139.6	120.7	127.4	0.0
III. Short-term receivables	640.5	795.8	770.3	731.6	805.4
1. Short-term trade accounts receivable	610.9	747.8	718.6	653.6	0.0
2. Short-term prepayments to suppliers	38.7	53.3	45.7	40.4	0.0
3. Short-term inter-company receivables	0.6	0.6	0.6	0.6	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	80.4	63.7	69.0	94.3	0.0
7. Provision for short-term doubtful debts (*)	-90.1	-69.7	-63.6	-57.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	827.4	732.9	674.6	603.3	535.3
1. Inventories	827.4	732.9	674.6	603.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	47.6	47.8	44.9	75.2	87.9
1. Short-term prepayments	5.3	3.7	2.4	2.8	0.0
2. Value added tax to be reclaimed	41.8	43.6	41.0	71.7	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	1.6	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)	838.1	773.6	829.6	836.9	944.0
I. Long-term receivables	3.3	1.6	1.8	1.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.8
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	3.3	1.6	1.8	1.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	615.9	569.4	606.6	621.7	666.5
1. Tangible fixed assets	474.8	519.1	554.5	585.9	633.0
- Cost	956.0	1,018.4	1,018.0	1,013.6	0.0
- Accumulated depreciation	-481.2	-499.3	-463.5	-427.7	0.0
2. Financial leased fixed assets	110.6	19.1	19.9	2.5	0.0
- Cost	119.7	20.4	20.4	2.6	0.0
- Accumulated depreciation	-9.2	-1.3	-0.5	-0.1	0.0
3. Intangible fixed assets	30.5	31.2	32.2	33.3	33.5
- Cost	41.7	41.2	41.1	41.1	0.0
- Accumulated depreciation	-11.2	-10.0	-8.9	-7.8	0.0
III. Investment properties	24.7	25.6	26.5	27.4	27.5
- Cost	33.8	33.8	33.8	33.8	0.0
- Accumulated depreciation	-9.0	-8.1	-7.2	-6.3	0.0
IV. Long-term assets in progress	48.7	47.7	46.3	48.2	88.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	48.7	47.7	46.3	48.2	0.0
V. Long-term financial investments	31.5	31.5	30.0	31.5	31.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.9	1.9	1.9	1.9	0.0
3. Investments in other entities	28.1	28.1	28.1	29.6	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	1.5	1.5	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	114.0	97.7	118.4	106.4	0.0
1. Long-term prepayments	114.0	97.7	118.4	106.4	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	128.1
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)	2,607.5	2,557.0	2,497.5	2,419.4	2,492.4
A. LIABILITIES (300=210+330)	1,152.3	1,110.9	1,047.8	969.4	1,023.5
I. Short -term liabilities	1,079.1	1,092.3	1,015.6	946.0	970.1
1. Short-term trade accounts payable	240.6	286.2	328.1	244.9	264.4
2. Short-term advances from customers	67.4	83.1	76.6	69.5	40.9
3. Taxes and other payables to state authorities	60.5	58.3	52.6	53.2	0.0
4. Payable to employees	52.5	48.5	47.3	45.9	0.0
5. Short-term acrrued expenses	26.0	26.6	23.7	24.6	0.0
6. Short-term inter-company payables	—	0.1	0.1	0.1	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	4.1	2.9	1.5	1.7	1.6
9. Other short-term payables	75.8	46.7	31.1	48.5	0.0
10. Short-term borrowings and financial leases	530.3	518.5	439.6	445.4	461.6
11. Provision for short-term liabilities	0.5	3.1	1.3	0.8	0.0
12.. Bonus and welfare fund	21.5	18.5	13.8	11.5	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	73.2	18.6	32.2	23.4	53.5
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	1.8	2.7	2.7	2.7	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	3.1	3.1	2.3	2.0	0.0
8. Long-term borrowings and financial leases	68.0	12.3	26.9	18.7	7.0
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	0.3	0.4	0.2	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)	1,455.2	1,446.1	1,449.7	1,450.0	1,468.9
I. Owner's equity	1,455.2	1,446.0	1,449.7	1,450.0	0.0
1. Owner's capital	1,418.6	1,418.6	1,418.6	1,418.6	1,468.9
- Common stock with voting right	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6
- 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	-1.2	-1.2	-1.2	-1.2	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	34.2	32.2	32.2	32.2	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	-34.5	-38.1	-34.9	-35.2	-14.5
- Accumulated retained earning at the end of the previous period	-49.3	-46.1	-42.0	-34.7	-14.8
- Undistributed earnings in this period	14.8	8.0	7.1	-0.5	0.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	38.1	34.5	34.9	35.5	35.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.1	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.1	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)	2,607.5	2,557.0	2,497.5	2,419.4	2,492.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	22.4	9.0	8.2	-0.8	84.1
Depreciation of Fixed Assets and Investment Property	42.3	39.9	40.1	40.2	40.2
Provision (Increase)/Reversal	19.7	8.1	7.7	4.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.0	-2.6	-0.6	1.0	0.0
Gain/Loss from Investment Activities	-25.2	-13.5	-10.8	-19.4	0.0
Interest Expense	47.5	42.5	44.3	30.0	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	105.6	83.4	88.9	55.6	148.9
Increase/(Decrease) in Receivables	211.4	19.2	-42.5	125.1	0.0
Increase/(Decrease) in Inventory	-94.4	-58.3	-70.0	-67.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-139.7	-55.6	59.6	-32.0	0.0
Increase/(Decrease) in Prepaid Expenses	-17.9	19.3	-11.6	13.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-46.8	-42.3	-43.6	-29.8	0.0
Corporate Income Tax Paid	-2.3	-0.7	-1.6	-15.7	0.0
Other Operating Receipts	—	0.3	0.0	0.0	0.0
Other Operating Payments	-5.8	-2.3	-2.8	-3.5	0.0
Net Cash Flow from Operating Activities	10.1	-37.1	-23.4	46.1	10.8
Payments for Fixed Assets and Other Long-term Assets	-49.8	-2.9	-4.4	-3.4	-18.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	78.2	0.0	0.6	1.7	5.9
Loans and Purchases of Debt Instruments	-193.8	-144.7	-130.7	-80.4	-40.1
Receipts from Loan Repayments and Sale of Debt Instruments	147.1	121.1	128.4	38.6	72.5
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	7.6	9.1	9.2	17.8	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	-10.7	-17.4	3.1	-25.7	24.5
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	910.4	828.0	647.9	588.9	668.8
Repayment of Borrowings	-899.2	-760.4	-609.2	-595.9	-757.7
Repayment of Finance Leases	-10.5	-3.5	-6.3	-1.0	0.0
Dividends Paid	—	0.0	0.0	-0.6	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	0.6	64.1	32.4	-8.6	-88.9
Net Cash Flow During the Period	0.0	9.6	12.1	11.8	-47.2
Cash and Cash Equivalents at Beginning of Period	65.8	55.9	43.6	31.9	86.2
FX Difference from Revaluation	0.4	0.3	0.2	-0.0	-0.0
Cash and Cash Equivalents at End of Period	66.2	65.8	55.9	43.6	32.7

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	509.8	464.5	361.9	324.5	499.0	326.2	469.7	321.8	510.2	273.3	303.6	270.6
Revenue Deductions	0.2	0.1	—	0.2	3.5	0.0	0.0	0.1	0.8	0.0	0.0	0.0
Net Revenue	509.5	464.3	361.9	324.3	495.5	326.2	469.6	321.7	509.4	273.3	303.6	270.6
Cost of Goods Sold	449.2	416.2	322.2	279.3	445.7	277.9	433.8	281.2	458.1	232.1	262.7	232.4
Gross Profit	60.4	48.1	39.7	44.9	49.8	48.4	35.8	40.5	51.3	41.2	40.9	38.2
Financial Income	5.5	0.5	5.1	1.6	3.6	1.6	5.8	1.8	2.7	2.5	5.8	1.1
Financial Expenses	16.3	12.3	10.1	11.1	11.2	13.2	8.9	10.6	12.9	10.2	11.7	11.0
Interest Expense	15.7	11.9	9.8	10.8	11.0	12.9	8.9	10.5	12.0	10.1	11.4	10.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	-2.9	7.0	4.3	3.2	3.2	2.5	3.0	2.2	3.5	1.9	1.8	1.6
General and Administrative Expenses	44.4	25.8	37.0	26.2	34.5	31.7	31.1	27.5	37.1	25.9	31.4	26.5
Operating Profit	8.0	3.6	-6.6	6.0	4.4	2.6	-1.3	2.1	0.5	5.6	1.7	0.2
Other Income	6.8	0.5	11.7	61.4	0.8	0.6	5.6	0.4	2.6	0.7	1.5	1.4
Other Expenses	3.3	0.7	1.1	64.8	2.6	1.3	1.4	1.2	0.7	2.9	1.5	0.9
Other Profit	3.4	-0.2	10.6	-3.5	-1.9	-0.6	4.3	-0.7	1.9	-2.2	0.0	0.6
Profit Before Tax	11.5	3.4	4.1	2.5	2.6	2.0	3.0	1.4	2.4	3.4	1.8	0.8
Current Income Tax Expense	2.2	0.6	0.6	0.6	0.8	0.6	0.4	0.5	0.3	1.3	0.4	0.5
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.2	2.8	3.4	1.9	1.8	1.4	2.5	0.9	2.1	2.0	1.4	0.3
Non-controlling Interest	2.9	0.3	0.2	0.1	-0.0	-0.1	-0.2	-0.1	-0.0	-0.1	-0.2	-0.2
Profit Attributable to Parent	6.3	2.5	3.3	1.8	1.8	1.5	2.7	1.0	2.2	2.1	1.6	0.5
Earnings per Share	44.36	17.57	23.09	12.50	12.51	10.40	19.03	7.30	15.17	15.11	11.45	3.43
Diluted EPS	44.36	17.57	23.09	12.50	12.51	10.40	19.03	7.30	15.17	15.11	11.45	3.43

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)	1,766.6	1,735.5	1,787.4	1,789.6	1,788.8	1,730.7	1,707.0	1,655.2	1,705.1	1,635.1	1,552.8	1,569.9
I. Cash and cash equivalents	66.1	57.0	52.0	56.0	66.9	64.3	48.0	53.2	53.9	33.4	18.8	31.7
1. Cash	24.6	29.8	27.5	28.8	42.4	32.8	34.5	40.0	32.2	17.7	13.6	11.2
2. Cash equivalents	41.5	27.2	24.5	27.2	24.5	31.5	13.5	13.2	21.7	15.7	5.2	20.5
II. Short-term financial investments	187.8	174.6	158.6	157.1	142.6	116.6	125.2	124.7	122.2	136.7	154.3	136.9
1. Available for sale securities	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	186.3	173.1	157.1	155.6	141.1	115.1	123.7	123.2	120.7	135.2	152.8	135.4
III. Short-term receivables	641.0	689.5	757.7	777.0	797.9	759.8	791.4	726.3	779.3	719.8	681.2	725.9
1. Short-term trade accounts receivable	610.8	648.1	710.1	716.2	791.5	720.5	748.5	663.1	717.2	657.4	617.9	644.2
2. Short-term prepayments to suppliers	38.9	44.6	54.2	55.1	19.9	56.0	51.0	57.2	52.6	53.9	50.8	43.5
3. Short-term inter-company receivables	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.6
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	80.5	74.9	67.5	75.8	54.7	52.7	56.8	68.3	72.6	64.5	69.3	95.0
7. Provision for short-term doubtful debts (*)	-90.0	-78.7	-74.6	-70.7	-68.8	-70.1	-65.4	-62.9	-63.8	-56.6	-57.4	-57.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	827.2	768.8	773.6	757.5	731.1	735.9	694.3	705.7	688.3	684.4	648.3	613.1
1. Inventories	827.2	768.8	773.6	757.5	731.1	736.9	694.3	705.7	688.3	684.4	648.3	613.1
2. Provision for decline in value of inventories	—	—	—	—	0.0	-1.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	44.5	45.6	45.5	41.9	50.3	54.1	48.1	45.3	61.5	60.8	50.2	62.2
1. Short-term prepayments	2.3	4.0	3.5	5.0	3.7	4.8	3.1	2.2	19.3	18.3	4.0	4.3
2. Value added tax to be reclaimed	41.8	40.9	41.3	36.3	46.1	48.4	43.9	42.0	40.5	41.2	44.9	56.7
3. Taxes and other receivables from state authorities	0.4	0.6	0.7	0.6	0.5	0.8	1.0	1.1	1.6	1.2	1.3	1.3
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.1	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	842.7	816.3	785.3	758.4	777.2	791.2	807.6	813.6	784.1	799.0	810.3	821.1
I. Long-term receivables	5.0	4.2	3.6	3.7	1.6	1.7	1.8	1.8	1.8	1.4	1.5	1.6
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	5.0	4.2	3.6	3.7	1.6	1.7	1.8	1.8	1.8	1.4	1.5	1.6
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	615.7	584.9	583.5	557.3	569.3	579.0	588.1	596.9	593.3	600.7	608.8	614.4
1. Tangible fixed assets	474.6	472.5	476.0	447.4	519.0	528.2	536.7	545.1	555.2	562.3	570.5	579.0
- Cost	—	—	—	—	1,019.0	1,019.0	1,018.5	1,018.0	1,018.6	1,016.3	1,016.8	1,015.8
- Accumulated depreciation	—	—	—	—	-500.0	-490.8	-481.8	-472.8	-463.4	-454.0	-446.4	-436.8
2. Financial leased fixed assets	110.6	81.4	76.9	79.0	19.1	19.4	19.7	19.8	5.9	6.0	5.6	2.4
- 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
3. Intangible fixed assets	30.5	31.0	30.6	30.9	31.2	31.4	31.7	31.9	32.2	32.5	32.8	33.0
- 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	25.1	25.3	25.5	25.7	25.9	26.1	26.2	26.3	26.7	26.9	27.0	27.2
- 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	48.7	69.0	56.2	49.1	48.8	47.1	46.9	46.6	46.4	46.4	46.0	46.7
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	48.7	69.0	56.2	49.1	48.8	47.1	46.9	46.6	46.4	46.4	46.0	46.7
V. Long-term financial investments	31.5	31.5	31.5	31.5	30.0	30.0	30.0	31.5	33.0	33.0	31.5	31.5
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	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
3. Investments in other entities	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	29.6	29.6	29.6	29.6
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	1.5	1.5	1.5	1.5	0.0	0.0	0.0	1.5	1.5	1.5	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	116.7	101.5	84.9	91.3	101.7	107.4	114.7	110.5	83.0	90.6	95.4	99.7
1. Long-term prepayments	116.7	101.5	84.9	91.3	101.7	107.4	114.7	110.5	83.0	90.6	95.4	99.7
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)	2,609.3	2,551.8	2,572.7	2,548.0	2,566.0	2,521.9	2,514.6	2,468.8	2,489.1	2,434.1	2,363.1	2,391.0
A. LIABILITIES (300=210+330)	1,149.5	1,101.0	1,124.3	1,101.2	1,121.0	1,073.8	1,067.5	1,022.1	1,040.2	987.6	918.8	943.0
I. Short -term liabilities	1,075.9	1,028.5	1,064.0	1,044.5	1,102.4	1,054.1	1,047.6	994.6	1,022.6	965.7	899.6	920.6
1. Short-term trade accounts payable	240.3	190.7	256.7	280.6	330.0	296.8	295.5	275.8	337.8	267.5	228.7	219.3
2. Short-term advances from customers	68.4	47.2	53.9	65.0	49.1	82.5	85.9	84.9	71.1	94.1	66.8	73.9
3. Taxes and other payables to state authorities	60.3	60.3	59.9	59.2	59.1	59.7	55.1	54.2	53.4	54.6	52.6	51.0
4. Payable to employees	52.1	47.9	46.1	40.8	48.0	46.1	43.3	44.9	46.9	42.6	43.5	42.5
5. Short-term acrrued expenses	26.0	26.8	26.7	27.2	26.5	25.4	25.0	25.1	23.7	29.3	27.3	23.0
6. Short-term inter-company payables	0.1	—	0.1	0.1	0.1	0.1	0.2	0.1	0.2	0.1	0.1	0.1
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	3.6	5.1	0.1	1.6	2.9	4.1	1.3	1.0	1.5	2.1	1.5	1.0
9. Other short-term payables	77.0	72.5	77.1	40.9	46.8	40.8	35.3	31.1	32.6	33.6	39.8	50.7
10. Short-term borrowings and financial leases	530.4	551.4	518.8	507.1	518.5	484.7	491.2	462.5	438.6	426.6	423.8	447.8
11. Provision for short-term liabilities	0.1	7.7	5.5	2.5	3.2	0.2	0.4	1.9	2.8	0.8	0.8	0.8
12.. Bonus and welfare fund	17.7	18.9	19.1	19.7	18.4	13.8	14.4	13.1	14.0	14.3	14.7	10.6
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	73.6	72.4	60.3	56.6	18.6	19.7	19.9	27.6	17.6	21.9	19.2	22.4
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	1.8	1.8	2.7	2.7	2.7	2.8	2.7	2.7	2.8	2.7	2.8	2.8
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	—	2.6	0.7	0.8	0.0	0.0	0.7	0.0	0.0	0.0	0.0	0.4
7. Other long-term liabilities	3.1	3.1	3.1	2.9	3.1	3.0	1.4	1.5	2.3	2.2	2.1	2.0
8. Long-term borrowings and financial leases	68.0	64.1	53.1	49.4	12.3	13.6	14.9	23.2	12.5	17.1	14.3	17.3
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	0.8	0.8	0.8	0.8	0.4	0.4	0.2	0.2	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)	1,459.8	1,450.8	1,448.4	1,446.8	1,444.9	1,448.1	1,447.2	1,446.6	1,449.0	1,446.5	1,444.3	1,447.9
I. Owner's equity	1,459.8	1,450.8	1,448.4	1,446.8	1,444.9	1,448.1	1,447.2	1,446.6	1,449.0	1,446.5	1,444.3	1,447.9
1. Owner's capital	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6
- Common stock with voting right	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6
- 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	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
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	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2
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	-28.0	-34.0	-36.1	-37.5	-39.3	-36.1	-37.1	-37.8	-35.6	-38.1	-40.4	-37.0
- Accumulated retained earning at the end of the previous period	-42.4	-41.4	-40.8	-39.3	-46.1	-41.1	-40.6	-38.9	-41.6	-42.0	-42.0	-37.6
- Undistributed earnings in this period	14.4	7.4	4.7	1.8	6.8	5.0	3.5	1.0	6.0	3.9	1.6	0.6
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	38.1	35.1	34.8	34.7	34.5	34.5	34.6	34.8	34.9	34.9	35.1	35.3
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.1	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)	2,609.3	2,551.8	2,572.7	2,548.0	2,566.0	2,521.9	2,514.6	2,468.8	2,489.1	2,434.1	2,363.1	2,391.0

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
Profit Before Tax	11.8	3.4	4.7	2.5	2.6	2.0	2.8	1.4	2.6	3.4	1.4	0.8
Depreciation of Fixed Assets and Investment Property	12.0	10.3	54.9	-34.9	10.1	9.3	9.9	9.9	10.8	9.2	10.0	10.0
Provision (Increase)/Reversal	5.6	5.0	8.3	0.8	0.8	4.1	1.8	0.0	8.5	-0.8	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.1	-1.1	-0.1	-2.3	-0.0	-1.0	-0.1	-0.5	0.1	-0.2	-0.0
Gain/Loss from Investment Activities	-11.3	-0.9	-12.7	-0.3	-1.8	-0.6	-4.3	-1.4	-3.4	-0.5	-5.1	-1.7
Interest Expense	15.0	12.2	9.5	10.8	10.8	13.0	8.5	10.5	12.0	10.1	11.3	10.9
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	33.4	29.9	63.5	-21.1	20.2	27.8	17.7	20.5	30.0	21.5	17.5	19.9
Increase/(Decrease) in Receivables	146.5	-45.5	94.5	15.8	-47.2	-18.8	-17.5	20.7	1.1	-104.6	54.0	7.1
Increase/(Decrease) in Inventory	-58.4	4.9	-16.4	-24.6	7.9	-40.4	9.8	-31.1	11.2	-36.3	-35.1	-9.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.8	39.8	-99.9	-43.9	23.9	47.9	-38.3	-15.4	15.8	101.5	-41.9	-15.9
Increase/(Decrease) in Prepaid Expenses	-14.3	-16.5	7.7	5.2	6.8	5.4	12.7	-9.5	-13.7	-7.5	4.4	5.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-14.3	-12.5	-9.1	-10.9	-11.3	-13.7	-7.6	-10.7	-11.5	-10.1	-11.3	-10.7
Corporate Income Tax Paid	-1.2	0.1	-0.9	-0.2	-0.2	-0.1	-3.9	3.6	-0.5	-0.0	-0.1	-1.0
Other Operating Receipts	—	—	—	—	2.1	5.0	0.3	0.0	-0.4	0.4	-0.4	0.4
Other Operating Payments	-4.5	2.1	3.6	-7.0	-4.5	-5.2	-0.5	-1.0	2.0	-2.7	-1.6	-0.5
Net Cash Flow from Operating Activities	51.2	2.2	43.5	-86.8	-2.3	7.8	-27.4	-23.0	34.0	-37.7	-14.5	-5.2
Payments for Fixed Assets and Other Long-term Assets	-45.9	-1.3	-1.9	-0.8	-0.4	0.5	-0.8	-0.1	1.0	-2.4	-1.0	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	-0.1	12.1	65.5	1.1	0.0	0.0	0.0	0.3	0.1	0.0	0.2
Loans and Purchases of Debt Instruments	-87.9	20.2	-106.1	-20.0	-44.0	12.5	-62.3	-16.5	-52.6	27.6	-79.7	-26.0
Receipts from Loan Repayments and Sale of Debt Instruments	73.9	-35.4	104.6	4.0	21.5	-4.0	63.3	12.5	59.6	-5.5	56.3	18.0
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	0.8	2.0	1.3	3.6	1.7	0.0	5.6	1.1	3.1	0.7	3.2	2.2
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	-58.4	-14.5	10.0	52.3	-20.1	9.0	5.8	-3.0	11.4	20.6	-21.1	-7.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	296.6	228.1	146.8	238.9	266.2	187.4	207.2	177.7	158.1	146.0	179.5	164.4
Repayment of Borrowings	-314.4	-198.5	-200.2	-186.2	-240.4	-186.7	-193.6	-150.3	-174.8	-114.6	-157.1	-162.6
Repayment of Finance Leases	34.1	-12.3	-4.2	-28.1	-1.4	-1.4	2.7	-4.3	-6.3	0.4	0.3	-0.7
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	16.3	17.2	-57.6	24.7	24.5	-0.7	16.4	23.1	-23.0	31.8	22.6	1.0
Net Cash Flow During the Period	9.1	4.9	-4.1	-9.9	2.1	16.2	-5.2	-2.8	22.4	14.7	-13.0	-11.9
Cash and Cash Equivalents at Beginning of Period	57.0	52.0	56.0	65.8	55.9	55.9	55.9	55.9	43.6	43.6	43.6	43.6
FX Difference from Revaluation	0.4	0.3	0.2	0.0	0.5	0.1	0.1	0.1	0.1	-0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	66.2	57.0	52.0	56.0	66.9	64.3	48.0	53.2	55.9	33.4	18.8	31.7

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