NAP

Listed Company · HNX

Price

10,000

Latest close

03 Apr 2026

P/E 9.0x

EPS (TTM) 1,108

ROE (TTM) 9.6%

P/B 0.9x

BVPS (Latest) 11,754

ROA (TTM) 7.6%

What Is Changing

NAP no longer looks like a business simply rebounding from a weak base. Revenue posted +18.4% YoY, while net margin reached 10.02% with an additional +1.9pp 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 100bps to 10.02% in 2025.
Revenue growth accelerated to 18.4% in 2025, up 30.7pp versus the prior year.
Net Income reached a multi-period high at VND 24.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	246.2	208.0	237.3	191.9	213.8
Growth	+18%	-12%	+24%	-10%	—
Net Income	24.7	16.9	21.4	16.5	15.8
Net Margin	10.02%	8.13%	9.02%	8.59%	7.41%

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	63.8	56.2	66.4	59.9	45.1	46.4	50.7	65.8	59.7	72.1	57.8	47.6
Growth	+14%	-15%	+11%	+33%	-3%	-9%	-23%	+10%	-17%	+25%	+21%	—
Net Income	4.3	5.2	10.1	4.3	3.8	2.7	4.1	6.7	4.7	6.8	5.1	5.0
Net Margin	6.70%	9.21%	15.27%	7.12%	8.50%	5.72%	8.09%	10.20%	7.88%	9.47%	8.82%	10.43%

Financial Statements

Profitability

Net margin reached 10.02% while Revenue posted +18.4% YoY.

Balance Sheet

Inventory stood at 2.3bn, liabilities at 57.5bn, and equity at 252.9bn.

Cash Flow

Operating cash flow was 53.9bn in 2025, while investing cash flow was -54.1bn.

Financing cash flow: 6.3bn.

Item	2025	2024	2023	2022	2021
Revenue	246.2	208.0	237.3	191.9	213.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	246.2	208.0	237.3	191.9	213.8
Cost of Goods Sold	180.1	155.1	180.9	146.2	0.0
Gross Profit	66.1	52.9	56.4	45.7	37.1
Financial Income	5.3	2.8	3.4	3.0	3.5
Financial Expenses	1.9	1.1	0.8	0.1	-0.1
Interest Expense	1.8	0.9	0.5	0.1	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	39.8	33.4	33.7	29.3	-22.7
Operating Profit	29.7	21.1	25.2	19.2	17.7
Other Income	1.0	0.2	1.7	2.1	0.0
Other Expenses	0.8	0.3	0.6	1.0	0.0
Other Profit	0.2	-0.1	1.2	1.1	1.8
Profit Before Tax	29.9	21.0	26.4	20.3	19.5
Current Income Tax Expense	5.2	4.1	5.0	3.8	-3.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.7	16.9	21.4	16.5	15.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	24.7	16.9	21.4	16.5	15.8
Earnings per Share	1,146.00	786.00	994.00	766.00	575.00
Diluted EPS	1,146.15	786.00	994.00	765.82	736.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	50.5	49.6	57.8	57.7	89.1
I. Cash and cash equivalents	18.5	12.4	18.6	4.0	19.8
1. Cash	18.5	7.4	6.6	4.0	0.0
2. Cash equivalents	—	5.0	12.0	0.0	0.0
II. Short-term financial investments	4.0	4.0	4.0	18.0	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	4.0	4.0	4.0	18.0	0.0
III. Short-term receivables	23.4	27.1	27.2	31.0	31.5
1. Short-term trade accounts receivable	23.1	24.3	27.1	20.7	0.0
2. Short-term prepayments to suppliers	0.9	2.3	0.8	11.1	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	0.9	2.0	0.5	0.5	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.9	-1.6	-1.7	0.0
8. Assets awaiting resolution	0.4	0.4	0.4	0.4	0.0
IV. Inventories	2.3	2.9	2.0	1.9	2.4
1. Inventories	2.3	2.9	2.0	1.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.3	3.2	6.0	2.9	1.4
1. Short-term prepayments	2.1	0.6	0.7	0.7	0.0
2. Value added tax to be reclaimed	0.2	2.6	4.4	2.2	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.9	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)	259.9	265.4	251.7	204.4	184.9
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	236.6	214.3	203.0	187.6	176.9
1. Tangible fixed assets	236.4	213.9	202.5	187.6	176.9
- Cost	725.8	674.7	633.4	601.4	0.0
- Accumulated depreciation	-489.5	-460.8	-430.9	-413.8	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	0.3	0.4	0.5	0.0	0.0
- Cost	0.9	0.9	0.9	0.4	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-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	5.0	32.5	36.1	2.0	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	32.5	36.1	2.0	0.0
V. Long-term financial investments	4.9	4.9	4.9	4.9	4.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.9	4.9	4.9	4.9	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	13.5	13.7	7.8	10.0	0.0
1. Long-term prepayments	13.5	13.7	7.8	10.0	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	2.8
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)	310.4	315.0	309.5	262.1	274.0
A. LIABILITIES (300=210+330)	57.5	72.3	68.1	25.3	42.8
I. Short -term liabilities	39.3	67.6	50.4	25.3	42.8
1. Short-term trade accounts payable	12.7	38.4	14.7	4.5	10.8
2. Short-term advances from customers	0.4	1.1	0.5	1.6	1.5
3. Taxes and other payables to state authorities	1.1	1.1	1.1	0.9	0.0
4. Payable to employees	15.3	24.0	26.1	16.7	0.0
5. Short-term acrrued expenses	0.2	0.2	0.2	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	0.0
9. Other short-term payables	2.4	0.3	0.7	0.9	0.0
10. Short-term borrowings and financial leases	6.3	1.7	5.4	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.9	1.8	0.7	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	18.2	4.7	17.7	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	—	0.0	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	18.2	4.7	17.7	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)	252.9	242.7	241.4	236.8	231.2
I. Owner's equity	252.9	242.7	241.4	236.8	0.0
1. Owner's capital	215.2	215.2	215.2	215.2	231.2
- Common stock with voting right	215.2	215.2	215.2	215.2	215.2
- 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	12.2	9.8	4.8	2.4	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	25.6	17.7	21.4	19.2	16.1
- Accumulated retained earning at the end of the previous period	0.9	0.8	0.0	2.7	0.2
- Undistributed earnings in this period	24.7	16.9	21.4	16.5	15.8
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)	310.4	315.0	309.5	262.1	274.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	29.9	21.0	26.4	20.3	19.5
Depreciation of Fixed Assets and Investment Property	34.1	30.0	27.5	24.5	24.8
Provision (Increase)/Reversal	-0.1	0.3	-0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	-0.8	0.0	0.0
Gain/Loss from Investment Activities	-5.7	-1.9	-2.9	-3.9	0.0
Interest Expense	1.8	0.9	0.5	0.1	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	59.9	50.2	50.6	41.0	38.8
Increase/(Decrease) in Receivables	3.6	10.2	1.4	1.1	0.0
Increase/(Decrease) in Inventory	0.6	-1.0	-0.1	0.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.5	-0.2	-21.8	-15.2	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	-5.9	2.2	-6.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.8	-0.9	-0.4	-0.1	0.0
Corporate Income Tax Paid	-5.2	-4.2	-4.8	-3.7	0.0
Other Operating Receipts	—	0.0	0.0	0.2	0.0
Other Operating Payments	-2.6	-2.1	-3.6	-2.8	0.0
Net Cash Flow from Operating Activities	53.9	46.2	23.5	14.5	40.2
Payments for Fixed Assets and Other Long-term Assets	-59.7	-24.9	-36.6	-38.7	-48.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.0	0.6	1.1	2.2
Loans and Purchases of Debt Instruments	-4.1	-4.0	0.0	-15.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.1	4.0	14.1	28.0	16.0
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	4.8	1.9	2.1	3.1	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	-54.1	-22.9	-19.8	-21.5	-26.3
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	52.1	7.3	34.8	22.5	5.5
Repayment of Borrowings	-34.0	-23.9	-11.8	-22.5	-5.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.9	-12.9	-12.3	-11.8	-17.2
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	6.3	-29.5	10.8	-11.8	-17.2
Net Cash Flow During the Period	6.1	-6.3	14.4	-18.9	1.2
Cash and Cash Equivalents at Beginning of Period	12.4	18.6	4.0	22.8	23.2
FX Difference from Revaluation	-0.0	0.1	0.3	0.1	-0.0
Cash and Cash Equivalents at End of Period	18.5	12.4	18.6	4.0	19.8

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	63.8	56.2	66.4	59.9	45.1	46.4	50.7	65.8	59.7	72.1	57.8	47.6
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	63.8	56.2	66.4	59.9	45.1	46.4	50.7	65.8	59.7	72.1	57.8	47.6
Cost of Goods Sold	44.1	43.6	48.0	45.3	31.3	35.4	39.9	48.4	45.5	54.9	45.4	35.0
Gross Profit	19.7	12.6	18.4	14.6	13.8	11.0	10.8	17.4	14.2	17.2	12.4	12.6
Financial Income	0.1	1.9	3.2	0.1	0.5	0.1	1.9	0.3	0.7	0.7	1.7	0.3
Financial Expenses	0.5	0.4	0.4	0.5	0.1	0.4	0.2	0.4	0.4	0.2	0.0	0.1
Interest Expense	0.5	0.4	0.4	0.5	0.1	0.2	0.2	0.4	0.1	0.2	0.0	0.1
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	13.4	8.9	9.1	8.5	8.4	7.4	8.2	9.1	8.9	9.3	8.8	6.8
Operating Profit	5.9	5.3	12.0	5.7	5.8	3.2	4.3	8.2	5.6	8.5	5.3	6.0
Other Income	0.1	0.9	0.0	0.0	-0.8	0.2	0.5	0.4	0.6	0.2	0.8	0.1
Other Expenses	0.6	0.0	0.0	0.2	0.1	0.0	0.0	0.1	0.4	0.1	0.0	-0.1
Other Profit	-0.5	0.9	0.0	-0.2	-0.9	0.1	0.5	0.2	0.2	0.1	0.8	0.2
Profit Before Tax	5.4	6.1	12.0	5.5	4.8	3.4	4.8	8.4	5.8	8.6	6.0	6.2
Current Income Tax Expense	1.1	1.0	1.9	1.2	1.0	0.7	0.7	1.7	1.1	1.7	0.9	1.3
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.3	5.2	10.1	4.3	3.8	2.7	4.1	6.7	4.7	6.8	5.1	5.0
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.3	5.2	10.1	4.3	3.8	2.7	4.1	6.7	4.7	6.8	5.1	5.0
Earnings per Share	199.00	240.00	471.00	198.00	178.00	123.00	191.00	312.00	219.00	317.00	237.00	231.00
Diluted EPS	198.89	240.50	471.04	197.99	178.30	123.38	190.71	312.01	218.87	317.45	236.91	230.91

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)	50.4	48.0	60.6	49.3	50.0	50.4	59.3	47.8	58.2	60.9	74.7	53.9
I. Cash and cash equivalents	18.5	4.6	18.6	7.0	12.4	11.7	25.1	9.2	18.6	22.3	14.5	8.1
1. Cash	18.5	4.6	12.7	7.0	7.4	4.7	20.1	4.2	6.6	12.3	9.5	8.1
2. Cash equivalents	—	—	5.9	0.0	5.0	7.0	5.0	5.0	12.0	10.0	5.0	0.0
II. Short-term financial investments	4.0	4.1	4.1	4.0	4.0	4.0	4.0	4.0	4.0	8.1	13.1	13.0
1. Available for sale securities	—	—	—	0.0	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	0.0
3. Held to maturity investments	4.0	4.1	4.1	4.0	4.0	4.0	4.0	4.0	4.0	8.1	13.1	13.0
III. Short-term receivables	23.1	36.2	34.2	34.0	27.4	31.1	25.4	29.2	27.6	26.2	44.7	30.1
1. Short-term trade accounts receivable	23.1	30.0	28.8	32.1	24.3	27.2	25.0	28.3	25.9	23.6	28.9	19.2
2. Short-term prepayments to suppliers	0.9	6.0	5.2	0.9	2.3	3.6	0.6	0.8	0.8	2.5	16.0	11.1
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	1.7	1.8	2.6	2.4	1.9	1.1	1.4	2.1	1.3	1.1	1.2
7. Provision for short-term doubtful debts (*)	-1.8	-1.9	-1.9	-1.9	-1.9	-1.9	-1.6	-1.6	-1.6	-1.6	-1.6	-1.7
8. Assets awaiting resolution	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
IV. Inventories	2.3	2.5	3.2	2.8	2.9	2.7	2.6	1.9	2.0	2.6	2.1	1.7
1. Inventories	2.3	2.5	3.2	2.8	2.9	2.7	2.6	1.9	2.0	2.6	2.1	1.7
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.6	0.7	0.4	1.5	3.2	0.9	2.1	3.5	6.0	1.7	0.3	0.9
1. Short-term prepayments	2.1	0.6	0.4	0.6	0.6	0.8	0.9	0.5	0.7	0.2	0.2	0.5
2. Value added tax to be reclaimed	0.4	—	—	0.9	2.5	0.1	1.2	2.9	4.4	1.5	0.0	0.2
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.9	0.0	0.0	0.2
4. Government bonds	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	259.9	256.3	251.4	259.1	265.4	228.7	234.7	242.9	251.8	233.6	207.4	203.2
I. Long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	236.6	237.8	231.0	239.5	214.3	211.3	218.7	226.1	203.0	202.5	180.7	187.2
1. Tangible fixed assets	236.4	237.5	230.7	239.2	214.0	210.9	218.3	225.7	202.5	202.5	180.7	187.2
- Cost	—	—	—	708.4	674.7	664.3	664.3	664.2	633.4	632.4	603.5	607.5
- Accumulated depreciation	—	—	—	-469.3	-460.8	-453.4	-446.0	-438.5	-430.9	-429.9	-422.8	-420.4
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.5	0.0	0.0	0.0
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.0	0.4	0.2	3.5	32.5	2.7	0.4	0.2	36.2	20.3	14.5	2.6
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	0.4	0.2	3.5	32.5	2.7	0.4	0.2	36.2	20.3	14.5	2.6
V. Long-term financial investments	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
1. Investments in subsidiaries	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
3. Investments in other entities	—	—	—	0.0	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	0.0
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	13.5	13.3	15.3	11.3	13.7	9.9	10.7	11.7	7.8	5.9	7.2	8.6
1. Long-term prepayments	13.5	13.3	15.3	11.3	13.7	9.9	10.7	11.7	7.8	5.9	7.2	8.6
2. Deferred income tax assets	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	310.4	304.3	312.0	308.5	315.4	279.0	293.9	290.7	310.0	294.5	282.1	257.1
A. LIABILITIES (300=210+330)	57.5	55.7	69.3	61.5	72.7	40.1	44.4	42.6	68.4	57.6	39.8	15.4
I. Short -term liabilities	39.3	35.9	47.8	39.2	68.0	33.7	34.9	33.1	45.4	41.6	32.8	15.4
1. Short-term trade accounts payable	12.7	2.9	9.3	7.8	38.0	1.5	2.7	2.4	14.7	5.4	4.9	1.5
2. Short-term advances from customers	0.4	0.8	0.4	1.5	1.1	1.1	1.4	0.4	0.5	0.2	0.5	0.8
3. Taxes and other payables to state authorities	1.1	5.1	5.4	1.9	1.1	1.5	0.7	1.7	1.1	4.1	3.4	2.0
4. Payable to employees	15.3	19.2	17.8	18.0	24.8	27.4	26.2	22.7	26.5	27.6	18.6	10.8
5. Short-term acrrued expenses	0.2	0.2	0.3	0.3	0.2	0.2	0.3	0.3	0.2	0.2	0.0	0.2
6. Short-term inter-company payables	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.3	0.3	12.0	2.0	0.3	0.3	0.1	0.7	0.7	0.5	0.3	0.1
10. Short-term borrowings and financial leases	6.3	6.3	0.9	7.5	1.7	0.4	1.3	4.7	0.0	0.0	0.9	0.0
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	1.2	1.8	0.1	0.9	1.3	2.3	0.2	1.7	3.6	4.1	0.0
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	18.2	19.8	21.4	22.3	4.7	6.4	9.5	9.5	23.1	16.0	7.0	0.0
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	18.2	19.8	21.4	22.3	4.7	6.4	9.5	9.5	23.1	16.0	7.0	0.0
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	252.9	248.6	242.7	247.0	242.7	238.9	249.5	248.1	241.6	236.9	242.3	241.7
I. Owner's equity	252.9	248.6	242.7	247.0	242.7	238.9	249.5	248.1	241.6	236.9	242.3	241.7
1. Owner's capital	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2
- Common stock with voting right	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2
- Preferred stock	—	—	—	0.0	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	0.0
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	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	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	12.2	12.2	12.2	9.8	9.8	9.8	9.8	4.8	4.8	4.8	4.8	2.4
9. Fund to support corporate restructuring	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	25.5	21.3	15.3	22.0	17.8	13.9	24.6	28.1	21.6	16.9	22.3	24.2
- Accumulated retained earning at the end of the previous period	0.9	0.9	0.9	17.7	0.8	0.8	13.7	21.4	0.0	0.0	12.3	19.2
- Undistributed earnings in this period	24.6	20.3	14.4	4.3	17.0	13.1	10.8	6.7	21.6	16.9	10.1	5.0
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	310.4	304.3	312.0	308.5	315.4	279.0	293.9	290.7	310.0	294.5	282.1	257.1

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	5.4	6.1	12.9	5.5	4.8	3.4	4.4	8.4	5.6	8.6	6.0	6.2
Depreciation of Fixed Assets and Investment Property	8.6	8.5	8.5	8.5	7.4	7.4	7.5	7.6	7.2	7.2	6.5	6.5
Provision (Increase)/Reversal	-0.0	0.0	-0.1	0.0	0.0	-0.1	0.4	0.0	0.1	-0.1	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	-0.0	0.0	0.1	0.0	-0.0	0.0	-0.4	-0.4	-0.1	0.0
Gain/Loss from Investment Activities	-0.1	-2.7	-2.9	-0.1	-0.5	-0.4	-1.6	-0.2	-0.0	-1.0	-1.6	-0.3
Interest Expense	0.5	0.4	0.5	0.5	0.1	0.2	0.2	0.4	0.2	0.2	0.0	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	14.3	12.3	18.9	14.3	12.0	10.4	11.0	16.2	12.7	14.4	10.8	12.6
Increase/(Decrease) in Receivables	12.7	-4.5	1.8	-6.4	6.4	-2.2	6.1	-0.3	10.1	3.4	-14.1	2.0
Increase/(Decrease) in Inventory	0.2	0.8	-0.4	0.1	-0.2	-0.0	-0.7	0.1	0.7	-0.5	-0.4	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.9	3.1	-0.4	-3.1	3.2	-8.6	8.5	-3.3	-31.6	9.1	9.8	-9.1
Increase/(Decrease) in Prepaid Expenses	-1.2	1.4	-3.8	2.4	-0.8	0.9	-6.7	3.8	-1.9	0.9	1.8	1.4
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.4	-0.4	-0.5	-0.1	-0.2	-0.2	-0.4	-0.1	-0.2	0.0	-0.1
Corporate Income Tax Paid	-3.0	-1.2	0.0	-1.0	-0.7	-0.7	-1.7	-1.1	-2.6	-1.3	0.0	-0.9
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.9	-0.1	—	-0.5	4.9	-4.5	-0.9	-1.6	-3.6	0.0	2.7	-2.7
Net Cash Flow from Operating Activities	21.6	10.7	16.3	5.3	24.8	-4.8	15.3	13.4	-16.3	25.9	10.5	3.4
Payments for Fixed Assets and Other Long-term Assets	-6.1	-19.5	0.0	-34.1	-8.5	-4.7	-0.2	-11.5	-7.3	-10.6	-14.2	-4.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.1	0.9	—	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.6	0.0
Loans and Purchases of Debt Instruments	-4.0	-0.1	—	0.0	-4.0	0.0	0.0	0.0	0.1	0.0	-0.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.1	—	—	0.0	4.0	0.0	0.0	0.0	4.1	5.0	0.0	5.0
Investments in Other Entities	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.1	1.9	2.8	0.0	0.1	0.0	1.7	0.1	0.0	0.2	1.6	0.3
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-6.0	-16.9	2.9	-34.1	-8.3	-4.6	1.4	-11.4	-3.0	-5.4	-12.2	0.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	4.4	11.2	6.0	30.6	-2.6	0.0	2.6	4.7	16.5	0.0	7.9	10.4
Repayment of Borrowings	-5.9	-7.4	-13.6	-7.1	-0.4	-3.9	-3.5	-16.1	-0.4	-0.9	0.0	-10.4
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-11.7	—	0.0	-12.7	0.0	0.0	0.0	-0.2	-12.1	0.0	0.0
Other Financing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-1.7	-7.9	-7.5	23.4	-15.7	-3.9	-0.9	-11.4	15.9	-13.1	7.9	0.0
Net Cash Flow During the Period	13.9	-14.0	11.6	-5.4	0.7	-13.4	15.8	-9.4	-3.4	7.4	6.3	4.1
Cash and Cash Equivalents at Beginning of Period	4.6	18.6	7.0	12.4	18.6	18.6	18.6	18.6	4.0	4.0	4.0	4.0
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	0.4	0.1	0.0
Cash and Cash Equivalents at End of Period	18.5	4.6	18.6	7.0	12.4	11.7	25.1	9.2	18.6	22.3	14.5	8.1

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Balance Sheet

Cash Flow

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