NNC

Listed Company · HOSE

Price

50,000

Latest close

03 Apr 2026

P/E 7.9x

EPS (TTM) 6,293

ROE (TTM) 29.2%

P/B 2.1x

BVPS (Latest) 23,935

ROA (TTM) 24.1%

What Is Changing

NNC no longer looks like a business simply rebounding from a weak base. Revenue posted +39.6% YoY, while net margin reached 37.81% with an additional +15.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 21.18% in 2023 to 37.81% in 2025.
Revenue increased 39.6% YoY to VND 390.9bn in 2025.
Net Income reached a multi-period high at VND 147.8bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	390.9	280.1	175.9	80.6	159.0
Growth	+40%	+59%	+118%	-49%	—
Net Income	147.8	62.6	37.3	41.7	38.4
Net Margin	37.81%	22.35%	21.18%	51.72%	24.15%

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	129.1	100.3	91.5	70.1	96.0	66.7	65.5	51.9	54.7	45.5	46.4	29.3
Growth	+29%	+10%	+30%	-27%	+44%	+2%	+26%	-5%	+20%	-2%	+58%	—
Net Income	44.1	42.6	35.1	16.2	21.4	16.2	20.5	5.6	10.8	11.7	8.9	5.5
Net Margin	34.15%	42.44%	38.34%	23.16%	22.27%	24.25%	31.28%	10.88%	19.76%	25.79%	19.23%	18.68%

Financial Statements

Profitability

Net margin reached 37.81% while Revenue posted +39.6% YoY.

Balance Sheet

Inventory stood at 12.9bn, liabilities at 130.3bn, and equity at 534.5bn.

Cash Flow

Operating cash flow was 189.9bn in 2025, while investing cash flow was -206.1bn.

Financing cash flow: 7.1bn.

Item	2025	2024	2023	2022	2021
Revenue	390.9	280.1	175.9	80.6	159.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	390.9	280.1	175.9	80.6	159.0
Cost of Goods Sold	197.9	191.6	126.8	63.3	0.0
Gross Profit	193.0	88.5	49.2	17.3	47.5
Financial Income	17.1	10.9	10.7	9.4	2.3
Financial Expenses	5.4	0.8	0.0	0.0	-0.0
Interest Expense	0.9	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3.9	6.0	5.2	2.7	-4.3
General and Administrative Expenses	16.1	13.8	9.7	10.1	-6.6
Operating Profit	184.7	78.8	45.0	13.8	38.9
Other Income	1.8	0.1	22.8	37.3	0.0
Other Expenses	2.8	1.1	22.4	0.6	0.0
Other Profit	-1.0	-1.0	0.4	36.7	6.5
Profit Before Tax	183.6	77.7	45.4	50.5	45.4
Current Income Tax Expense	31.5	14.7	8.1	8.6	-7.0
Deferred Income Tax Expense	4.3	0.5	-0.0	0.2	0.0
Net Income	147.8	62.6	37.3	41.7	38.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	147.8	62.6	37.3	41.7	38.4
Earnings per Share	6,137.00	2,628.00	1,564.00	1,749.00	1,194.00
Diluted EPS	6,137.00	2,628.00	1,564.00	1,749.00	1,752.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	369.2	236.7	229.4	212.0	191.0
I. Cash and cash equivalents	87.5	96.7	34.2	22.0	81.9
1. Cash	12.0	7.1	4.7	11.0	0.0
2. Cash equivalents	75.5	89.6	29.6	11.0	0.0
II. Short-term financial investments	238.7	92.3	105.0	91.2	0.0
1. Available for sale securities	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
3. Held to maturity investments	238.7	92.3	105.0	91.2	0.0
III. Short-term receivables	12.2	21.5	23.1	9.3	13.9
1. Short-term trade accounts receivable	6.8	13.1	13.6	2.2	0.0
2. Short-term prepayments to suppliers	1.0	0.1	4.0	1.5	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	—	2.6	0.0	0.0	0.0
6. Other short-term receivables	4.5	5.9	5.5	5.5	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	12.9	8.4	47.9	68.5	71.4
1. Inventories	12.9	8.4	47.9	68.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	17.8	17.8	19.2	21.0	23.8
1. Short-term prepayments	—	0.1	0.7	0.6	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.7	0.0
3. Taxes and other receivables from state authorities	17.8	17.8	18.4	19.7	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)	295.6	249.1	202.1	180.3	163.7
I. Long-term receivables	4.3	4.0	3.7	3.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.2
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	4.3	4.0	3.7	3.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	109.5	55.3	51.8	34.4	27.9
1. Tangible fixed assets	104.2	49.7	46.1	28.6	21.9
- Cost	159.0	94.1	84.7	68.7	0.0
- Accumulated depreciation	-54.8	-44.4	-38.6	-40.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.3	5.5	5.6	5.8	6.0
- Cost	16.2	16.2	16.2	16.2	0.0
- Accumulated depreciation	-10.9	-10.7	-10.5	-10.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.2	12.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.2	12.2	0.0
V. Long-term financial investments	118.6	120.7	103.0	103.0	103.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	124.0	121.5	103.0	103.0	0.0
4. Provision for diminution in value of long-term investments	-5.4	-0.8	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	63.2	69.2	43.4	27.2	0.0
1. Long-term prepayments	63.2	65.3	39.1	22.9	0.0
2. Deferred income tax assets	—	3.9	4.3	4.4	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	29.6
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)	664.8	485.9	431.4	392.3	354.7
A. LIABILITIES (300=210+330)	130.3	64.9	57.1	52.0	53.3
I. Short -term liabilities	100.1	57.6	53.2	48.3	50.1
1. Short-term trade accounts payable	3.7	1.8	0.8	2.9	3.8
2. Short-term advances from customers	9.7	2.5	1.4	0.9	2.6
3. Taxes and other payables to state authorities	50.7	11.4	6.6	26.3	0.0
4. Payable to employees	5.2	4.4	3.1	1.2	0.0
5. Short-term acrrued expenses	4.2	4.7	3.8	2.8	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	7.0	6.7	8.4	6.9	0.0
10. Short-term borrowings and financial leases	6.7	0.0	3.3	0.0	0.0
11. Provision for short-term liabilities	0.8	19.5	21.8	2.7	0.0
12.. Bonus and welfare fund	12.1	6.6	4.0	4.7	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	30.2	7.3	3.9	3.7	3.2
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	3.0	3.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	22.2	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	0.7	0.2	0.2	0.2	0.0
12. Provision for long-term liabilities	4.3	4.0	3.7	3.5	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)	534.5	421.0	374.4	340.3	301.3
I. Owner's equity	534.5	421.0	374.4	340.3	0.0
1. Owner's capital	219.2	219.2	219.2	219.2	301.3
- Common stock with voting right	219.2	219.2	219.2	219.2	219.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.5	0.5	0.5	0.5	0.5
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	—	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	87.3	59.7	47.1	39.1	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	227.5	141.6	107.6	81.6	50.5
- Accumulated retained earning at the end of the previous period	119.7	96.5	80.9	50.9	22.8
- Undistributed earnings in this period	107.8	45.1	26.7	30.7	27.7
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)	664.8	485.9	431.4	392.3	354.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-13.9	-11.3	-11.7	-8.3	0.0
Other Operating Receipts	5.1	1.4	4.5	43.8	0.0
Other Operating Payments	-65.3	-39.8	-25.5	-17.6	0.0
Net Cash Flow from Operating Activities	189.9	97.2	46.0	44.7	65.3
Payments for Fixed Assets and Other Long-term Assets	-76.6	-22.9	-19.5	-22.7	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.9	0.0	1.0	1.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	3.0
Investments in Other Entities	-2.5	-18.5	0.0	34.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	15.0	10.6	11.0	8.3	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	-206.1	-20.8	-26.1	-104.6	4.3
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	30.0	0.0	5.4	0.0	0.0
Repayment of Borrowings	-1.1	-3.3	-2.1	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-21.8	-10.7	-10.9	-0.1	-38.5
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	7.1	-14.0	-7.6	-0.1	-38.5
Net Cash Flow During the Period	-9.1	62.5	12.3	-60.0	-2.6
Cash and Cash Equivalents at Beginning of Period	96.7	34.2	22.0	82.0	50.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	87.5	96.7	34.2	22.0	81.9

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	129.1	100.3	91.5	70.1	96.0	66.7	65.5	51.9	54.7	45.5	46.4	29.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	129.1	100.3	91.5	70.1	96.0	66.7	65.5	51.9	54.7	45.5	46.4	29.3
Cost of Goods Sold	66.7	49.6	36.4	47.5	67.8	44.3	36.8	42.3	37.4	33.2	33.8	21.8
Gross Profit	62.3	50.7	55.1	22.6	28.2	22.4	28.7	9.6	17.3	12.2	12.6	7.5
Financial Income	3.3	7.6	3.7	2.2	6.4	1.6	1.4	1.4	1.6	5.1	2.1	1.9
Financial Expenses	0.4	0.4	7.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	-0.4	0.4	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.1	0.7	0.8	1.5	1.9	1.3	1.6	1.3	1.2	1.9	0.9	1.1
General and Administrative Expenses	8.3	3.3	4.9	2.9	6.2	2.5	2.8	2.1	3.6	1.6	2.3	2.3
Operating Profit	55.8	53.9	46.1	20.3	26.5	20.2	25.7	7.7	14.1	13.8	11.5	6.0
Other Income	—	1.3	0.5	—	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.9
Other Expenses	0.0	3.2	2.8	0.0	0.5	0.0	0.0	0.6	0.4	0.0	0.3	0.0
Other Profit	-0.0	-1.9	-2.3	-0.0	-0.5	-0.0	-0.0	-0.5	-0.4	0.1	-0.3	0.9
Profit Before Tax	55.8	52.0	43.8	20.3	26.0	20.2	25.6	7.2	13.7	13.9	11.2	6.8
Current Income Tax Expense	11.8	5.3	8.8	4.0	4.9	3.9	5.1	1.4	3.1	2.0	2.4	1.2
Deferred Income Tax Expense	-0.0	4.2	-0.0	0.1	-0.2	0.1	0.0	0.1	-0.2	0.1	-0.2	0.2
Net Income	44.1	42.6	35.1	16.2	21.4	16.2	20.5	5.6	10.8	11.7	8.9	5.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	44.1	42.6	35.1	16.2	21.4	16.2	20.5	5.6	10.8	11.7	8.9	5.5
Earnings per Share	2,010.47	1,941.55	1,600.14	741.13	974.79	738.02	934.59	257.69	493.54	535.16	406.99	249.89
Diluted EPS	2,010.47	1,941.55	1,600.14	741.13	974.79	738.02	934.59	257.69	493.54	535.16	406.99	249.89

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)	365.6	370.3	322.9	262.3	236.9	230.8	226.8	241.9	229.4	218.5	216.6	202.2
I. Cash and cash equivalents	87.5	111.8	85.1	100.3	96.7	56.8	48.2	39.3	34.2	35.5	35.5	11.4
1. Cash	12.0	17.1	9.3	23.0	7.1	9.6	5.7	7.2	4.7	7.5	3.5	6.4
2. Cash equivalents	75.5	94.8	75.8	77.3	89.6	47.1	42.5	32.1	29.6	28.0	32.0	5.0
II. Short-term financial investments	238.7	170.9	152.5	94.4	92.3	99.6	96.4	107.7	105.0	87.9	86.8	92.1
1. Available for sale securities	0.0	0.0	0.0	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
3. Held to maturity investments	238.7	170.9	152.4	94.4	92.3	99.6	96.4	107.7	105.0	87.9	86.8	92.0
III. Short-term receivables	11.8	62.4	62.3	43.4	21.6	24.2	28.9	33.4	23.1	24.8	18.9	15.2
1. Short-term trade accounts receivable	6.8	11.9	19.5	20.2	13.1	14.4	19.1	20.4	13.6	15.2	11.2	7.2
2. Short-term prepayments to suppliers	1.0	46.5	39.5	14.6	0.1	0.0	0.5	3.9	4.0	3.4	1.8	1.3
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	—	—	—	2.3	2.6	2.8	3.0	3.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.2	4.1	3.3	6.4	5.9	7.0	6.3	6.1	5.5	6.3	5.8	6.8
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.7	7.2	5.2	6.2	8.4	31.7	34.5	42.6	47.9	50.7	54.8	63.0
1. Inventories	9.7	7.2	5.2	6.2	8.4	31.7	34.5	42.6	47.9	50.7	54.8	63.0
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	17.8	18.0	17.9	18.0	17.8	18.5	18.8	18.9	19.2	19.6	20.6	20.5
1. Short-term prepayments	—	0.1	0.1	0.0	0.1	0.7	1.0	0.9	0.7	1.1	2.4	1.6
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	17.8	17.9	17.8	18.0	17.8	17.8	17.8	18.0	18.4	18.5	18.2	18.8
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)	293.3	241.8	247.0	247.1	249.4	241.3	232.7	200.8	202.1	204.3	189.7	188.3
I. Long-term receivables	4.3	4.3	4.3	4.3	4.0	4.0	4.0	4.0	3.7	3.7	3.7	3.7
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	4.3	4.3	4.3	4.3	4.0	4.0	4.0	4.0	3.7	3.7	3.7	3.7
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	109.5	56.1	57.4	55.5	56.9	55.5	55.3	49.5	51.8	49.3	34.2	35.2
1. Tangible fixed assets	104.2	50.8	52.0	50.0	51.3	49.9	49.7	43.9	46.1	43.6	28.4	29.4
- Cost	—	—	—	—	95.8	92.3	89.6	84.8	84.7	81.1	70.4	70.6
- Accumulated depreciation	—	—	—	—	-44.4	-42.4	-39.9	-40.9	-38.6	-37.5	-42.0	-41.2
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	5.3	5.4	5.4	5.5	5.5	5.6	5.6	5.6	5.6	5.7	5.8	5.8
- 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	—	2.8	0.7	—	0.0	0.0	0.0	1.5	0.2	3.8	18.4	14.7
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	—	2.8	0.7	—	0.0	0.0	0.0	1.5	0.2	3.8	18.4	14.7
V. Long-term financial investments	116.3	113.8	113.8	120.7	120.9	120.9	121.5	103.0	103.0	103.0	103.0	103.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	124.0	121.5	121.5	121.5	121.5	121.5	121.5	103.0	103.0	103.0	103.0	103.0
4. Provision for diminution in value of long-term investments	-7.7	-7.7	-7.7	-0.8	-0.6	-0.6	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	63.2	64.8	70.9	66.7	67.7	61.0	51.9	42.8	43.5	44.4	30.4	31.6
1. Long-term prepayments	63.2	64.8	67.0	62.8	63.8	57.0	47.6	38.5	39.1	40.1	26.0	27.3
2. Deferred income tax assets	—	—	3.9	3.9	3.9	3.9	4.3	4.3	4.4	4.4	4.4	4.4
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)	658.9	612.1	569.9	509.4	486.2	472.1	459.5	442.7	431.5	422.7	406.4	390.5
A. LIABILITIES (300=210+330)	134.3	127.5	102.2	73.6	64.6	70.1	61.1	62.7	57.7	58.9	53.0	45.3
I. Short -term liabilities	97.5	94.2	73.2	66.2	57.3	65.7	56.9	58.6	53.8	55.0	49.2	41.4
1. Short-term trade accounts payable	3.7	2.3	2.3	7.0	1.8	2.4	1.0	6.7	0.8	3.9	3.4	1.5
2. Short-term advances from customers	9.7	8.1	2.8	3.3	2.5	1.3	1.3	1.3	1.4	1.3	1.2	1.1
3. Taxes and other payables to state authorities	49.1	56.8	27.1	8.4	11.6	23.4	15.8	12.4	29.0	33.8	29.5	23.1
4. Payable to employees	5.2	1.3	1.2	1.3	4.4	1.1	1.0	1.0	3.1	0.9	0.8	0.8
5. Short-term acrrued expenses	4.2	4.6	4.0	3.6	4.2	3.5	4.1	3.6	3.8	3.0	3.2	3.2
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	7.1	6.3	6.2	5.8	6.7	9.2	9.2	9.2	8.4	8.2	6.2	6.0
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	3.3	0.0	0.0	0.0
11. Provision for short-term liabilities	3.2	3.2	21.3	28.9	19.5	19.7	19.8	21.8	0.2	0.8	2.7	2.7
12.. Bonus and welfare fund	15.3	11.7	8.3	7.9	6.6	5.1	4.7	2.7	4.0	3.2	2.3	3.1
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	36.8	33.3	28.9	7.4	7.3	4.4	4.2	4.1	3.9	4.0	3.8	4.0
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	3.0	3.0	3.0	3.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	28.9	25.5	21.4	—	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	0.6	0.6	0.3	0.3	0.2	0.4	0.3	0.3	0.2	0.4	0.2	0.4
12. Provision for long-term liabilities	4.3	4.2	4.1	4.0	4.0	3.9	3.9	3.8	3.7	3.6	3.5	3.5
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)	524.7	484.6	467.7	435.8	421.7	402.0	398.4	380.0	373.8	363.8	353.4	345.2
I. Owner's equity	524.7	484.6	467.7	435.8	421.7	402.0	398.4	380.0	373.8	363.8	353.4	345.2
1. Owner's capital	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2
- Common stock with voting right	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	—	—	—	—	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	87.3	78.4	69.9	62.9	59.8	55.5	52.4	47.1	46.9	44.8	42.4	40.7
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	217.7	186.4	178.1	153.3	142.2	126.8	126.3	113.2	107.1	99.3	91.2	84.8
- Accumulated retained earning at the end of the previous period	119.7	119.7	141.6	141.6	96.5	96.5	107.5	107.6	80.9	80.9	80.9	80.9
- Undistributed earnings in this period	98.0	66.7	36.4	11.6	45.6	30.2	18.8	5.6	26.3	18.5	10.4	3.9
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)	658.9	612.1	569.9	509.4	486.2	472.1	459.5	442.7	431.5	422.7	406.4	390.5

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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-7.7	0.0	-0.0	-6.2	-7.3	0.4	-1.5	-2.8	-4.4	-2.8	0.0	-4.5
Other Operating Receipts	—	—	—	—	0.2	0.0	0.1	1.0	-0.6	3.0	1.6	0.6
Other Operating Payments	-31.2	-7.1	-14.6	-12.3	-13.9	-6.4	-11.7	-7.7	3.3	-7.3	-7.9	-13.7
Net Cash Flow from Operating Activities	56.9	65.2	60.8	7.0	40.0	14.4	29.1	13.7	14.8	12.5	27.7	-9.0
Payments for Fixed Assets and Other Long-term Assets	-22.7	-4.8	-46.0	-3.2	-12.0	-3.3	-7.1	-0.5	-0.1	-5.1	-11.8	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	1.2	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.9
Loans and Purchases of Debt Instruments	—	—	—	—	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	—	—	—	—	-61.5	0.0	-18.5	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	3.4	6.3	3.7	1.7	7.4	1.1	1.2	0.8	2.6	4.5	3.0	0.9
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	-84.2	-21.1	-97.5	-3.3	-0.1	4.9	-20.2	-5.4	-19.3	-1.6	-3.6	-1.6
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	4.5	4.1	21.4	—	0.0	0.0	0.0	0.0	5.4	0.0	0.0	0.0
Repayment of Borrowings	-1.1	—	—	—	0.0	0.0	0.0	-3.3	-2.1	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.4	-21.4	—	—	0.0	-10.7	0.0	0.0	0.0	-10.9	-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	3.0	-17.4	21.4	—	0.0	-10.7	0.0	-3.3	3.3	-10.9	-0.0	0.0
Net Cash Flow During the Period	-24.3	26.7	-15.2	3.6	39.9	8.6	8.9	5.1	-1.3	0.0	24.1	-10.6
Cash and Cash Equivalents at Beginning of Period	111.8	85.1	100.3	96.7	34.2	34.2	34.2	34.2	22.0	22.0	22.0	22.0
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	87.5	111.8	85.1	100.3	96.7	56.8	48.2	39.3	34.2	35.5	35.5	11.4

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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