MVC

Listed Company · UPCOM

Price

16,200

Latest close

03 Apr 2026

P/E 10.5x

EPS (TTM) 1,545

ROE (TTM) 13.4%

P/B 1.2x

BVPS (Latest) 13,376

ROA (TTM) 10.6%

What Is Changing

MVC no longer looks like a business simply rebounding from a weak base. Revenue posted +24.3% YoY, while net margin reached 23.98% with an additional +9.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 12.84% in 2023 to 23.98% in 2025.
Revenue growth accelerated to 24.4% in 2025, up 16.6pp versus the prior year.
Net Income reached a multi-period high at VND 179.2bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	747.3	600.9	557.8	525.7	304.5
Growth	+24%	+8%	+6%	+73%	—
Net Income	179.2	86.3	71.6	86.4	-39.4
Net Margin	23.98%	14.37%	12.84%	16.44%	-12.94%

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	222.3	192.3	181.5	151.4	187.5	141.6	147.3	124.6	157.1	140.2	141.6	118.8
Growth	+16%	+6%	+20%	-19%	+32%	-4%	+18%	-21%	+12%	-1%	+19%	—
Net Income	67.6	35.6	46.4	22.2	24.7	23.1	25.7	10.0	21.6	20.4	18.7	10.5
Net Margin	30.40%	18.51%	25.58%	14.63%	13.19%	16.34%	17.45%	8.00%	13.76%	14.55%	13.23%	8.80%

Financial Statements

Profitability

Net margin reached 23.98% while Revenue posted +24.3% YoY.

Balance Sheet

Inventory stood at 168.8bn, liabilities at 372.5bn, and equity at 1,389.2bn.

Cash Flow

Operating cash flow was 252.3bn in 2025, while investing cash flow was -235.2bn.

Financing cash flow: -45.7bn.

Item	2025	2024	2023	2022	2021
Revenue	747.3	600.9	557.8	525.7	304.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	747.3	600.9	557.8	525.7	304.5
Cost of Goods Sold	560.2	478.1	442.6	400.9	0.0
Gross Profit	187.1	122.8	115.2	124.8	49.3
Financial Income	25.3	18.9	25.5	25.5	32.3
Financial Expenses	-17.4	9.1	17.8	31.9	-89.1
Interest Expense	13.9	12.6	17.8	10.6	-13.3
Share of Associates and Joint Ventures	56.9	22.9	10.4	17.1	0.0
Selling Expenses	31.3	28.5	20.5	20.2	-12.9
General and Administrative Expenses	41.2	32.7	29.7	25.9	-20.5
Operating Profit	214.1	94.3	83.1	89.4	-40.9
Other Income	7.2	8.2	2.8	3.3	0.0
Other Expenses	10.5	1.5	0.1	0.1	0.0
Other Profit	-3.3	6.7	2.7	3.2	1.5
Profit Before Tax	210.8	101.0	85.7	92.7	-39.4
Current Income Tax Expense	39.4	13.8	14.5	6.5	0.0
Deferred Income Tax Expense	-7.7	0.8	-0.4	-0.3	0.0
Net Income	179.2	86.3	71.6	86.4	-39.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	179.2	86.3	71.6	86.4	-39.4
Earnings per Share	1,613.00	786.00	652.00	786.00	-395.00
Diluted EPS	1,613.00	786.00	652.00	786.00	-394.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	711.2	691.5	658.5	697.2	607.9
I. Cash and cash equivalents	33.2	61.8	48.5	83.3	100.2
1. Cash	33.2	41.8	39.7	38.3	0.0
2. Cash equivalents	—	20.0	8.9	45.0	0.0
II. Short-term financial investments	349.0	222.1	188.2	206.3	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	349.0	222.1	188.2	206.3	0.0
III. Short-term receivables	153.6	186.1	242.3	275.7	218.0
1. Short-term trade accounts receivable	38.1	69.1	63.7	53.0	0.0
2. Short-term prepayments to suppliers	3.1	4.2	40.8	89.9	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	62.3	54.7	54.7	48.3	0.0
6. Other short-term receivables	61.3	67.9	91.4	89.4	0.0
7. Provision for short-term doubtful debts (*)	-11.2	-9.8	-8.3	-4.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	168.8	211.4	170.7	127.3	149.0
1. Inventories	173.7	216.1	170.7	127.3	0.0
2. Provision for decline in value of inventories	-4.9	-4.7	0.0	0.0	0.0
V. Other short-term assets	6.6	10.1	8.8	4.6	8.3
1. Short-term prepayments	1.8	5.5	4.2	1.1	0.0
2. Value added tax to be reclaimed	4.8	4.6	4.6	3.5	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,050.4	840.5	814.4	770.8	828.6
I. Long-term receivables	8.7	7.5	7.0	6.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	106.3
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	8.7	7.5	7.0	6.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	201.1	205.8	163.3	162.2	177.3
1. Tangible fixed assets	193.6	198.1	155.8	153.6	164.8
- Cost	523.7	500.7	425.0	388.8	0.0
- Accumulated depreciation	-330.1	-302.6	-269.2	-235.2	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	7.4	7.7	7.5	8.6	12.5
- Cost	213.1	212.9	231.0	231.0	0.0
- Accumulated depreciation	-205.6	-205.1	-223.5	-222.4	0.0
III. Investment properties	13.9	3.6	4.1	4.7	5.2
- Cost	19.4	9.9	9.9	9.9	0.0
- Accumulated depreciation	-5.5	-6.3	-5.7	-5.2	0.0
IV. Long-term assets in progress	73.7	35.8	63.3	43.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	73.7	35.8	63.3	43.5	0.0
V. Long-term financial investments	484.1	335.8	325.9	310.8	298.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	464.1	412.8	391.4	376.3	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	—	-77.0	-80.5	-80.5	0.0
5. Held to maturity investments	20.0	0.0	15.0	15.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	269.0	251.9	250.8	242.9	0.0
1. Long-term prepayments	260.5	251.4	249.5	242.1	0.0
2. Deferred income tax assets	8.5	0.5	1.3	0.8	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	241.5
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)	1,761.7	1,532.0	1,473.0	1,468.0	1,436.5
A. LIABILITIES (300=210+330)	372.5	309.8	287.1	325.7	334.8
I. Short -term liabilities	365.0	306.7	284.8	323.5	333.2
1. Short-term trade accounts payable	22.8	16.3	18.9	6.3	12.1
2. Short-term advances from customers	12.4	1.8	1.4	2.2	1.2
3. Taxes and other payables to state authorities	27.7	9.0	10.9	7.8	0.0
4. Payable to employees	12.9	12.2	6.7	9.8	0.0
5. Short-term acrrued expenses	24.1	6.5	6.5	4.6	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	5.1	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.5	0.5	5.0	0.0
10. Short-term borrowings and financial leases	256.8	257.5	237.0	285.0	298.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	3.0	3.0	2.7	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	7.5	3.1	2.3	2.1	1.6
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	2.7	0.3	0.3	0.2	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	2.1	0.2	0.2	0.1	0.0
12. Provision for long-term liabilities	2.8	2.5	1.8	1.8	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)	1,389.2	1,222.2	1,185.8	1,142.3	1,101.8
I. Owner's equity	1,389.2	1,222.2	1,185.8	1,142.3	0.0
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	1,101.8
- Common stock with voting right	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- 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	117.3	104.6	92.3	89.2	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	271.9	117.6	93.5	53.2	17.9
- Accumulated retained earning at the end of the previous period	92.7	31.3	18.6	-23.9	57.3
- Undistributed earnings in this period	179.2	86.3	74.9	77.1	-39.4
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)	1,761.7	1,532.0	1,473.0	1,468.0	1,436.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	210.8	101.0	85.7	92.7	0.0
Depreciation of Fixed Assets and Investment Property	67.3	39.8	36.9	38.4	0.0
Provision (Increase)/Reversal	-29.6	2.7	3.5	20.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-83.9	-41.8	-36.0	-42.6	0.0
Interest Expense	13.9	12.6	17.8	10.6	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	178.6	114.3	108.0	119.4	0.0
Increase/(Decrease) in Receivables	34.7	18.1	34.7	-37.1	0.0
Increase/(Decrease) in Inventory	42.3	-45.3	-43.4	22.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	51.7	4.6	8.6	-4.1	0.0
Increase/(Decrease) in Prepaid Expenses	-5.3	-3.2	-10.4	-4.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.8	-12.6	-17.9	-10.4	0.0
Corporate Income Tax Paid	-30.0	-16.3	-8.9	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.8	-5.5	-1.8	-5.2	0.0
Net Cash Flow from Operating Activities	252.3	53.9	68.8	80.9	-208.8
Payments for Fixed Assets and Other Long-term Assets	-111.0	-19.7	-57.4	-32.8	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	0.8	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-223.2	-33.3	-27.1	-97.9	-46.0
Receipts from Loan Repayments and Sale of Debt Instruments	76.3	14.4	45.2	55.0	182.8
Investments in Other Entities	—	0.0	-5.6	-17.8	-2.5
Proceeds from Investments in Other Entities	—	0.0	0.0	99.0	0.0
Dividends and Interest Income Received	20.2	19.6	19.3	12.8	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	-235.2	-18.1	-25.6	18.2	160.2
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	404.1	405.7	431.3	359.9	314.9
Repayment of Borrowings	-404.8	-385.2	-479.3	-372.9	-229.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-45.0	-43.0	-30.0	-57.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-45.7	-22.5	-78.1	-70.1	85.8
Net Cash Flow During the Period	-28.6	13.3	-34.8	29.1	89.6
Cash and Cash Equivalents at Beginning of Period	61.8	48.5	83.3	54.2	63.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.2	61.8	48.5	83.3	100.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	222.3	192.3	181.5	151.4	187.5	141.6	147.3	124.6	157.1	140.2	141.6	118.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	222.3	192.3	181.5	151.4	187.5	141.6	147.3	124.6	157.1	140.2	141.6	118.8
Cost of Goods Sold	162.8	153.7	128.2	114.7	155.1	110.1	111.6	104.3	123.8	111.1	111.4	96.3
Gross Profit	59.5	38.6	53.3	36.7	32.4	31.5	35.7	20.3	33.3	29.2	30.2	22.5
Financial Income	4.6	13.7	3.7	3.2	3.8	7.9	3.3	3.9	4.3	9.8	7.2	3.9
Financial Expenses	-25.5	3.6	2.9	6.6	2.2	3.1	3.2	3.1	3.2	4.4	5.0	5.1
Interest Expense	3.8	3.6	3.3	3.1	3.2	3.1	3.2	3.1	3.2	4.4	5.0	5.1
Share of Associates and Joint Ventures	20.3	9.4	15.9	7.5	8.6	2.8	9.5	2.0	3.8	0.6	3.9	2.5
Selling Expenses	8.8	8.4	7.2	7.0	12.2	5.6	6.3	3.4	5.7	4.2	6.3	4.8
General and Administrative Expenses	14.7	9.9	9.2	8.1	8.5	6.3	9.1	7.6	8.6	6.7	8.2	6.2
Operating Profit	86.5	39.8	53.7	25.9	21.9	27.0	29.8	12.1	24.0	24.3	21.8	12.6
Other Income	6.8	0.0	0.6	0.2	8.9	0.0	0.0	0.0	2.1	0.1	0.6	0.0
Other Expenses	11.1	0.0	0.1	0.0	2.2	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Profit	-4.4	0.0	0.5	0.2	6.7	0.0	-0.0	-0.0	2.0	0.1	0.6	-0.0
Profit Before Tax	82.2	39.8	54.2	26.1	28.6	27.0	29.8	12.0	26.0	24.4	22.3	12.6
Current Income Tax Expense	9.3	4.3	21.4	3.9	3.9	3.9	3.7	2.1	6.6	2.3	3.6	2.1
Deferred Income Tax Expense	5.3	—	-13.6	0.0	-0.0	0.0	0.3	0.0	-2.3	1.7	0.0	0.0
Net Income	67.6	35.6	46.4	22.2	24.7	23.1	25.7	10.0	21.6	20.4	18.7	10.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	67.6	35.6	46.4	22.2	24.7	23.1	25.7	10.0	21.6	20.4	18.7	10.5
Earnings per Share	608.00	320.00	418.00	199.00	225.00	210.00	234.00	91.00	197.00	186.00	187.00	105.00
Diluted EPS	608.00	320.00	418.00	199.00	776.00	210.00	234.00	91.00	197.00	186.00	187.31	104.60

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)	746.2	764.6	711.6	703.6	691.4	702.1	643.4	651.6	672.1	628.3	704.4	708.3
I. Cash and cash equivalents	33.2	52.0	53.0	39.3	61.8	64.9	43.8	28.6	48.5	27.0	33.8	68.5
1. Cash	33.2	46.9	36.2	25.9	41.8	33.4	16.9	17.7	39.7	17.4	13.8	22.0
2. Cash equivalents	—	5.1	16.8	13.4	20.0	31.4	26.8	10.9	8.9	9.6	20.0	46.5
II. Short-term financial investments	349.0	304.3	243.1	237.5	222.1	205.9	183.9	205.2	203.2	193.2	257.1	227.2
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	349.0	304.3	243.1	237.5	222.1	205.9	183.9	205.2	203.2	193.2	257.1	227.2
III. Short-term receivables	188.5	205.1	205.1	204.4	186.1	194.6	207.9	212.3	242.1	232.6	270.7	280.9
1. Short-term trade accounts receivable	38.1	56.4	65.8	86.5	69.1	66.3	64.4	66.8	63.7	60.8	55.0	59.0
2. Short-term prepayments to suppliers	3.1	33.6	24.9	4.1	4.2	3.9	4.4	4.8	40.8	33.7	79.0	87.2
3. Short-term inter-company receivables	62.3	62.3	62.3	54.7	0.0	54.7	54.7	0.0	0.0	54.7	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	—	—	—	—	54.7	0.0	0.0	54.7	54.7	0.0	48.3	48.3
6. Other short-term receivables	96.3	62.8	62.2	68.9	67.9	79.3	93.6	94.3	91.3	89.7	94.7	91.1
7. Provision for short-term doubtful debts (*)	-11.2	-10.0	-10.0	-9.8	-9.8	-9.5	-9.5	-8.3	-8.3	-6.3	-6.3	-4.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.5	0.0	0.0	0.0	0.0	0.0
IV. Inventories	168.8	194.3	199.8	209.7	211.3	226.7	189.1	180.2	170.7	166.6	135.2	126.8
1. Inventories	173.7	199.1	204.6	214.4	216.0	226.7	189.1	180.2	170.7	166.6	135.2	126.8
2. Provision for decline in value of inventories	-4.9	-4.7	-4.7	-4.7	-4.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.6	8.8	10.5	12.7	10.1	10.0	18.6	25.2	7.6	8.8	7.6	4.8
1. Short-term prepayments	1.8	4.2	5.9	6.5	5.5	5.4	13.2	14.3	4.1	4.2	3.4	2.1
2. Value added tax to be reclaimed	4.8	4.6	4.6	4.6	4.6	4.6	5.4	7.4	3.4	4.5	4.2	2.7
3. Taxes and other receivables from state authorities	—	—	—	1.6	0.0	0.0	0.0	3.5	0.0	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)	961.8	876.0	895.1	843.1	838.2	837.7	871.9	837.1	799.4	784.9	765.3	763.2
I. Long-term receivables	8.8	8.8	8.8	7.8	7.5	7.5	7.3	7.3	7.0	7.0	7.0	7.0
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	8.8	8.8	8.8	7.8	7.5	7.5	7.3	7.3	7.0	7.0	7.0	7.0
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	211.9	189.4	194.9	198.8	205.8	210.3	217.9	218.6	163.3	152.7	154.0	155.5
1. Tangible fixed assets	204.4	182.0	187.4	191.2	198.1	202.7	210.1	211.2	155.8	145.0	145.9	147.2
- Cost	—	—	—	—	500.7	500.9	498.4	489.7	425.0	405.2	398.7	391.3
- Accumulated depreciation	—	—	—	—	-302.6	-298.2	-288.3	-278.5	-269.2	-260.3	-252.7	-244.1
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	7.4	7.3	7.5	7.6	7.7	7.7	7.8	7.4	7.5	7.8	8.0	8.3
- 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	3.1	3.2	3.3	3.5	3.6	3.7	3.9	4.0	4.1	4.3	4.4	4.5
- 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	38.7	40.4	36.9	36.3	35.6	35.2	39.4	40.3	63.3	67.7	67.6	51.5
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	38.7	40.4	36.9	36.3	35.6	35.2	39.4	40.3	63.3	67.7	67.6	51.5
V. Long-term financial investments	429.7	361.8	376.1	339.2	333.2	323.7	343.5	312.9	310.6	307.2	284.6	298.2
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	460.4	441.9	434.1	419.7	412.8	404.2	402.0	393.5	391.1	387.7	365.7	378.7
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	-50.7	-80.1	-80.1	-80.5	-79.6	-80.5	-80.5	-80.5	-80.5	-80.5	-81.1	-80.5
5. Held to maturity investments	20.0	—	22.0	—	0.0	0.0	22.0	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	269.6	272.4	275.1	257.5	252.5	257.2	260.0	254.0	251.0	246.0	247.7	246.4
1. Long-term prepayments	260.5	258.2	260.9	256.9	251.4	256.2	259.0	252.7	249.6	245.2	246.9	245.6
2. Deferred income tax assets	9.1	14.2	14.2	0.5	1.1	1.0	1.0	1.3	1.4	0.8	0.8	0.8
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)	1,707.9	1,640.5	1,606.7	1,546.7	1,529.6	1,539.8	1,515.3	1,488.7	1,471.5	1,413.2	1,469.8	1,471.5
A. LIABILITIES (300=210+330)	370.3	368.8	323.8	303.1	308.5	343.3	300.2	298.4	286.0	248.9	318.5	318.7
I. Short -term liabilities	364.5	339.6	319.5	298.9	305.4	340.4	297.2	295.4	283.7	244.9	316.3	316.7
1. Short-term trade accounts payable	23.3	14.9	11.9	21.0	16.3	13.3	25.6	33.2	18.9	17.8	20.4	10.6
2. Short-term advances from customers	12.0	8.0	5.6	2.9	1.8	1.2	1.3	1.1	1.4	1.2	2.6	1.6
3. Taxes and other payables to state authorities	27.1	32.2	25.2	7.4	9.2	9.3	3.3	11.0	9.7	4.9	2.4	0.9
4. Payable to employees	12.9	4.6	4.6	4.6	10.6	5.2	4.5	3.4	6.7	4.9	4.6	4.2
5. Short-term acrrued expenses	24.0	9.6	6.8	4.6	6.5	4.2	3.8	4.0	6.5	5.5	4.3	3.3
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	5.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	7.3	5.7	4.2	0.5	43.6	3.8	2.5	0.5	0.8	0.7	2.0
10. Short-term borrowings and financial leases	256.8	257.1	253.6	253.3	257.5	260.4	251.6	236.4	237.0	206.6	277.8	292.2
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	2.9	6.0	6.2	1.1	3.0	3.2	3.4	3.8	3.0	3.2	3.3	1.9
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	5.9	29.2	4.3	4.2	3.1	2.9	3.0	2.9	2.3	3.9	2.2	2.0
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	—	—	—	—	0.0	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	2.7	1.4	1.4	1.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.2
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	0.5	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	1.8	0.0	0.0
12. Provision for long-term liabilities	2.8	27.5	2.6	2.5	2.5	2.5	2.5	2.5	1.8	1.8	1.8	1.8
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)	1,337.6	1,271.8	1,282.9	1,243.6	1,221.2	1,196.5	1,215.1	1,190.3	1,185.5	1,164.3	1,151.3	1,152.8
I. Owner's equity	1,337.6	1,271.8	1,282.9	1,243.6	1,221.2	1,196.5	1,215.1	1,190.3	1,185.5	1,164.3	1,151.3	1,152.8
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- 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	117.3	117.3	117.3	104.6	104.6	104.6	104.6	104.6	92.3	92.3	92.3	89.2
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	220.3	154.5	165.6	139.1	116.6	91.9	110.5	85.7	93.2	72.0	59.0	63.6
- Accumulated retained earning at the end of the previous period	54.2	54.2	99.2	117.6	31.3	31.3	74.8	75.7	23.4	23.4	29.8	53.2
- Undistributed earnings in this period	166.1	100.3	66.4	21.5	85.3	60.6	35.7	10.0	69.9	48.6	29.2	10.5
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)	1,707.9	1,640.5	1,606.7	1,546.7	1,529.6	1,539.8	1,515.3	1,488.7	1,471.5	1,413.2	1,469.8	1,471.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	210.8	—	—	—	0.0	0.0	0.0	0.0	85.7	-35.1	35.1	0.0
Depreciation of Fixed Assets and Investment Property	67.3	—	—	—	0.0	0.0	0.0	0.0	36.9	-18.4	18.4	0.0
Provision (Increase)/Reversal	-29.6	—	—	—	0.0	0.0	0.0	0.0	3.5	-1.5	1.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-83.9	—	—	—	0.0	0.0	0.0	0.0	-36.0	17.0	-17.0	0.0
Interest Expense	13.9	—	—	—	0.0	0.0	0.0	0.0	17.8	-10.2	10.2	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	178.6	—	—	—	0.0	0.0	0.0	0.0	108.0	-48.1	48.1	0.0
Increase/(Decrease) in Receivables	34.7	—	—	—	0.0	0.0	0.0	0.0	34.7	-5.1	5.1	0.0
Increase/(Decrease) in Inventory	42.3	—	—	—	0.0	0.0	0.0	0.0	-43.4	20.2	-20.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	51.7	—	—	—	0.0	0.0	0.0	0.0	8.6	-7.3	7.3	0.0
Increase/(Decrease) in Prepaid Expenses	-5.3	—	—	—	0.0	0.0	0.0	0.0	-10.4	7.0	-7.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.8	—	—	—	0.0	0.0	0.0	0.0	-17.9	10.3	-10.3	0.0
Corporate Income Tax Paid	-20.2	0.0	-2.3	-7.4	-4.2	0.0	-3.2	-8.9	-0.9	0.0	-1.5	-6.5
Other Operating Receipts	—	—	—	—	221.4	284.7	-59.4	101.9	-392.5	392.5	-95.3	95.3
Other Operating Payments	330.1	-236.5	-4.8	-94.6	-155.4	-147.1	-39.6	-108.6	306.8	-307.1	103.1	-104.6
Net Cash Flow from Operating Activities	135.8	56.3	64.2	-4.0	58.4	9.5	3.2	-17.4	13.6	41.6	30.7	-17.1
Payments for Fixed Assets and Other Long-term Assets	-91.9	10.9	-26.5	-3.5	-2.4	-2.5	-8.4	-6.2	-15.3	-18.3	-22.5	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	-0.0	0.4	—	0.8	2.7	-2.7	0.0	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-223.2	—	—	—	0.0	0.0	0.0	0.0	-27.1	8.4	-8.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	76.3	—	—	—	0.0	0.0	0.0	0.0	45.2	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-5.6	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	0.1	12.7	2.9	4.6	2.2	5.3	5.9	6.2	2.7	0.8	12.8	2.9
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	-154.3	-15.8	-50.8	-14.4	-15.6	2.8	-3.2	-2.0	-22.4	18.9	-17.2	-4.8
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	97.3	94.1	112.0	100.7	105.7	100.5	111.3	88.2	113.7	123.6	111.2	82.8
Repayment of Borrowings	-97.6	-90.6	-111.8	-104.8	-108.6	-91.7	-96.1	-88.7	-83.4	-194.8	-125.5	-75.6
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-45.0	—	—	-43.0	0.0	0.0	-0.0	0.0	-30.0	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	-0.3	-41.5	0.2	-4.2	-45.9	8.8	15.2	-0.6	30.3	-101.2	-14.3	7.1
Net Cash Flow During the Period	-18.8	-1.0	13.7	-22.5	-3.1	21.1	15.2	-19.9	21.5	-40.7	-0.8	-14.8
Cash and Cash Equivalents at Beginning of Period	52.0	53.0	39.3	61.8	48.5	48.5	48.5	48.5	83.3	83.3	83.3	83.3
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	33.2	52.0	53.0	39.3	61.8	64.9	43.8	28.6	48.5	27.0	67.7	68.5

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Financial Statements

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Balance Sheet

Cash Flow

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