NO1

Listed Company · HOSE

Price

5,650

Latest close

03 Apr 2026

P/E 6.2x

EPS (TTM) 906

ROE (TTM) 6.6%

P/B 0.4x

BVPS (Latest) 13,782

ROA (TTM) 3.1%

What Is Changing

NO1 no longer looks like a business simply rebounding from a weak base. Revenue posted +34.3% YoY, while net margin reached 0.64% with an additional -1.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 161bps to 0.64% in 2025.
Net Income fell to a multi-period low at VND 6.9bn in 2025.
Revenue growth accelerated to 34.3% in 2025, up 3.1pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,077.8	802.3	611.5	1,325.5	540.4
Growth	+34%	+31%	-54%	+145%	—
Net Income	6.9	18.0	16.9	38.9	15.2
Net Margin	0.64%	2.25%	2.77%	2.94%	2.81%

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	159.9	77.4	613.1	227.4	133.8	226.2	198.6	293.8	198.9	258.8	81.4	72.4
Growth	+106%	-87%	+170%	+70%	-41%	+14%	-32%	+48%	-23%	+218%	+12%	—
Net Income	3.5	1.4	13.5	2.5	0.2	4.8	8.6	6.1	10.6	3.8	1.2	1.0
Net Margin	2.16%	1.84%	2.20%	1.10%	0.15%	2.11%	4.31%	2.08%	5.34%	1.46%	1.47%	1.45%

Financial Statements

Profitability

Net margin reached 0.64% while Revenue posted +34.3% YoY.

Balance Sheet

Inventory stood at 136.8bn, liabilities at 486.8bn, and equity at 321.1bn.

Cash Flow

Operating cash flow was 240.7bn in 2025, while investing cash flow was -264.7bn.

Financing cash flow: 43.9bn.

Item	2025	2024	2023	2022	2021
Revenue	1,077.8	802.3	611.5	1,325.5	540.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,077.8	802.3	611.5	1,325.5	540.4
Cost of Goods Sold	983.4	749.2	576.7	1,229.4	0.0
Gross Profit	94.5	53.1	34.8	96.1	38.1
Financial Income	15.6	16.1	37.5	3.4	3.0
Financial Expenses	13.8	11.8	23.9	10.8	-3.7
Interest Expense	6.5	5.0	10.5	5.8	-3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	21.8	15.2	9.4	9.2	-5.5
General and Administrative Expenses	56.2	18.7	19.1	27.0	-15.8
Operating Profit	18.2	23.5	19.9	52.4	16.1
Other Income	0.4	1.3	2.0	2.4	0.0
Other Expenses	7.2	1.1	0.7	5.0	0.0
Other Profit	-6.8	0.2	1.3	-2.6	2.9
Profit Before Tax	11.5	23.7	21.3	49.8	19.0
Current Income Tax Expense	4.3	5.7	4.3	10.9	-3.8
Deferred Income Tax Expense	0.3	0.0	0.0	0.0	0.0
Net Income	6.9	18.0	16.9	38.9	15.2
Non-controlling Interest	-0.7	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.6	18.0	16.9	38.9	15.2
Earnings per Share	318.00	751.00	705.00	1,637.00	1,096.00
Diluted EPS	318.00	751.46	704.58	1,622.48	820.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	648.3	458.8	320.6	948.1	246.4
I. Cash and cash equivalents	125.5	105.5	47.1	39.0	12.6
1. Cash	58.0	18.5	23.3	34.5	0.0
2. Cash equivalents	67.5	87.0	23.8	4.5	0.0
II. Short-term financial investments	200.8	84.1	96.7	645.0	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	200.8	84.1	96.7	645.0	0.0
III. Short-term receivables	170.3	83.3	49.2	107.0	92.3
1. Short-term trade accounts receivable	40.9	36.4	27.0	101.3	0.0
2. Short-term prepayments to suppliers	34.4	20.2	15.2	4.8	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	47.6	0.0	0.0	0.0	0.0
6. Other short-term receivables	55.0	26.6	7.0	1.0	0.0
7. Provision for short-term doubtful debts (*)	-7.5	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	136.8	176.2	127.4	151.5	135.2
1. Inventories	136.8	177.8	127.4	151.5	0.0
2. Provision for decline in value of inventories	—	-1.6	0.0	0.0	0.0
V. Other short-term assets	14.8	9.6	0.2	5.6	6.4
1. Short-term prepayments	2.1	1.3	0.2	0.8	0.0
2. Value added tax to be reclaimed	12.8	8.3	0.0	4.7	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)	159.7	79.0	117.9	189.5	143.3
I. Long-term receivables	2.3	0.6	1.0	1.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.0
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	2.3	0.6	1.0	1.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	85.6	27.0	86.7	106.1	111.0
1. Tangible fixed assets	78.2	19.2	27.4	36.1	79.0
- Cost	106.9	52.4	69.9	71.1	0.0
- Accumulated depreciation	-28.8	-33.2	-42.5	-35.0	0.0
2. Financial leased fixed assets	6.6	7.8	13.8	24.5	31.9
- Cost	7.5	9.0	16.2	33.9	0.0
- Accumulated depreciation	-0.9	-1.2	-2.5	-9.4	0.0
3. Intangible fixed assets	0.9	0.0	45.5	45.5	0.1
- Cost	1.1	0.1	45.6	45.6	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.0	0.0
III. Investment properties	30.0	30.0	30.0	30.0	30.0
- Cost	30.0	30.0	30.0	30.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	23.5	0.8	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	23.5	0.8	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	51.2	0.0
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	—	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	51.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	18.3	20.5	0.3	0.3	0.0
1. Long-term prepayments	18.3	20.5	0.3	0.3	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	0.4
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)	807.9	537.7	438.5	1,137.6	389.8
A. LIABILITIES (300=210+330)	486.8	223.1	129.9	834.0	179.8
I. Short -term liabilities	446.0	220.4	123.0	823.3	160.3
1. Short-term trade accounts payable	361.9	136.8	30.5	725.7	29.4
2. Short-term advances from customers	17.7	24.0	24.8	5.4	106.1
3. Taxes and other payables to state authorities	5.5	7.2	6.3	12.1	0.0
4. Payable to employees	3.6	0.4	0.7	0.6	0.0
5. Short-term acrrued expenses	0.7	0.1	0.1	0.1	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	1.7	0.0	3.8	14.4	0.0
10. Short-term borrowings and financial leases	53.6	51.9	56.9	64.9	21.0
11. Provision for short-term liabilities	1.3	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	40.9	2.8	6.9	10.7	19.4
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	0.1	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	40.4	2.8	6.9	10.7	19.4
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	0.3	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)	321.1	314.6	308.6	303.6	210.0
I. Owner's equity	321.1	314.6	308.6	303.6	0.0
1. Owner's capital	240.0	240.0	240.0	240.0	210.0
- Common stock with voting right	240.0	240.0	240.0	240.0	185.0
- 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	—	0.0	0.0	0.0	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	67.8	74.6	68.6	63.6	25.0
- Accumulated retained earning at the end of the previous period	60.2	56.6	51.6	24.7	10.7
- Undistributed earnings in this period	7.6	18.0	16.9	38.9	14.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	13.3	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)	807.9	537.7	438.5	1,137.6	389.8

Item	2025	2024	2023	2022
Profit Before Tax	11.5	23.7	21.3	49.8
Depreciation of Fixed Assets and Investment Property	12.7	8.9	14.1	15.2
Provision (Increase)/Reversal	7.2	1.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	-9.0	-8.1	2.4
Gain/Loss from Investment Activities	-6.5	-7.7	-29.8	-0.7
Interest Expense	6.5	5.0	10.5	5.8
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	31.9	22.5	7.8	72.4
Increase/(Decrease) in Receivables	-45.0	-42.0	63.9	-12.6
Increase/(Decrease) in Inventory	41.0	-50.4	24.1	-16.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	223.9	111.5	-677.6	602.4
Increase/(Decrease) in Prepaid Expenses	1.5	-21.4	0.7	-0.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-6.5	-5.1	-10.6	-5.8
Corporate Income Tax Paid	-6.0	-5.3	-10.8	-3.9
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	240.7	9.9	-602.4	635.7
Payments for Fixed Assets and Other Long-term Assets	-110.6	-1.5	-3.1	-15.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	13.7	53.1	19.7	11.4
Loans and Purchases of Debt Instruments	-605.0	-72.4	-170.0	-695.4
Receipts from Loan Repayments and Sale of Debt Instruments	430.8	85.0	769.6	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	6.4	6.3	27.7	0.7
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-264.7	70.4	643.9	-698.7
Proceeds from Equity Issuance and Capital Contributions	10.5	0.0	0.0	55.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	231.4	183.7	212.4	199.9
Repayment of Borrowings	-180.8	-187.0	-217.7	-151.9
Repayment of Finance Leases	-2.8	-5.7	-16.2	-12.9
Dividends Paid	-14.4	-12.9	-12.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	43.9	-21.9	-33.5	90.2
Net Cash Flow During the Period	20.0	58.5	8.0	27.3
Cash and Cash Equivalents at Beginning of Period	105.5	47.1	39.0	11.8
FX Difference from Revaluation	0.0	0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	125.5	105.5	47.1	39.0

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
Revenue	159.9	77.4	613.1	227.4	133.8	226.2	198.6	293.8	198.9	258.8	81.4	72.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	159.9	77.4	613.1	227.4	133.8	226.2	198.6	293.8	198.9	258.8	81.4	72.4
Cost of Goods Sold	134.5	67.2	565.8	209.7	132.1	211.4	173.4	278.5	176.5	252.8	78.7	68.7
Gross Profit	25.4	10.3	47.3	17.7	1.7	14.8	25.2	15.3	22.4	6.0	2.7	3.7
Financial Income	6.9	3.4	6.4	0.3	11.7	2.1	0.2	0.7	10.2	9.6	17.7	0.1
Financial Expenses	6.5	2.0	4.2	1.1	4.4	1.1	4.8	1.3	13.6	2.7	6.6	1.4
Interest Expense	2.1	1.7	1.6	1.1	1.2	1.1	1.4	1.3	1.5	2.7	5.2	1.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.8	1.1	15.9	2.0	2.7	4.3	6.5	0.6	2.0	3.7	2.8	0.4
General and Administrative Expenses	10.8	11.7	15.1	10.5	5.9	4.7	4.4	3.5	3.9	6.7	6.8	2.1
Operating Profit	6.2	-1.0	18.5	4.3	0.4	6.9	9.7	10.5	13.1	2.5	4.2	-0.1
Other Income	2.1	3.0	6.5	0.0	0.1	0.0	5.3	1.2	0.4	8.6	4.7	6.4
Other Expenses	3.6	0.6	7.8	1.2	0.2	0.3	4.2	4.1	0.2	6.3	7.3	5.0
Other Profit	-1.5	2.5	-1.3	-1.2	-0.1	-0.3	1.1	-2.9	0.2	2.3	-2.6	1.4
Profit Before Tax	4.6	1.5	17.2	3.1	0.3	6.5	10.9	7.6	13.3	4.8	1.5	1.3
Current Income Tax Expense	1.2	0.0	3.7	0.6	0.1	1.8	2.3	1.5	2.7	1.0	0.3	0.3
Deferred Income Tax Expense	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.5	1.4	13.5	2.5	0.2	4.8	8.6	6.1	10.6	3.8	1.2	1.0
Non-controlling Interest	-0.6	0.4	-0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.0	1.0	13.8	2.5	0.2	4.8	8.6	6.1	10.6	3.8	1.2	1.0
Earnings per Share	167.00	41.00	574.00	124.00	8.00	194.00	352.00	251.00	433.00	154.00	49.00	44.00
Diluted EPS	167.00	41.00	574.00	104.28	8.25	198.69	356.30	254.17	442.85	157.64	49.79	43.63

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)	663.1	802.3	773.6	565.5	460.4	406.6	525.5	458.8	357.1	509.9	934.0	930.1
I. Cash and cash equivalents	125.5	419.7	168.6	78.8	81.3	53.6	151.4	31.5	47.1	117.3	36.7	59.5
1. Cash	58.0	66.9	105.1	6.1	18.5	11.2	40.4	8.8	23.3	19.3	32.1	29.8
2. Cash equivalents	67.5	352.8	63.5	72.7	62.8	42.4	111.0	22.6	23.8	98.0	4.6	29.7
II. Short-term financial investments	200.8	—	86.0	4.0	108.3	124.9	154.5	117.2	96.7	118.6	693.7	645.0
1. Available for sale securities	—	—	—	—	108.3	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	200.8	—	86.0	4.0	0.0	124.9	154.5	117.2	96.7	118.6	693.7	645.0
III. Short-term receivables	179.9	241.7	434.8	242.8	83.3	123.8	99.2	196.2	85.8	108.5	69.5	98.9
1. Short-term trade accounts receivable	43.9	40.3	266.0	130.0	36.4	80.0	48.3	136.6	63.6	57.9	37.7	76.6
2. Short-term prepayments to suppliers	34.4	95.6	65.8	27.2	20.3	34.9	42.0	47.1	15.2	47.2	20.9	20.6
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	47.6	49.0	47.6	54.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	54.1	56.8	55.4	31.2	26.6	9.0	8.8	12.4	7.0	3.4	10.9	1.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	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	141.5	128.9	76.9	227.7	177.8	103.9	119.2	113.4	127.4	162.8	132.6	124.9
1. Inventories	141.5	128.9	76.9	227.7	177.8	103.9	119.2	113.4	127.4	162.8	132.6	124.9
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	15.4	12.0	7.4	12.1	9.6	0.4	1.2	0.5	0.2	2.8	1.4	1.8
1. Short-term prepayments	2.6	1.6	1.8	1.1	1.3	0.4	0.2	0.5	0.2	0.3	0.3	0.8
2. Value added tax to be reclaimed	12.7	10.3	5.6	11.0	8.3	0.0	0.9	0.0	0.0	2.5	1.0	1.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	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)	159.0	133.8	125.5	73.5	79.0	60.1	59.6	65.7	117.9	117.1	174.6	184.5
I. Long-term receivables	2.3	0.7	0.4	0.4	0.6	0.9	0.7	0.7	1.0	0.8	1.6	1.9
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	2.3	0.7	0.4	0.4	0.6	0.9	0.7	0.7	1.0	0.8	1.6	1.9
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	86.5	83.6	76.1	21.7	27.0	28.1	28.6	34.7	86.7	83.0	91.6	101.1
1. Tangible fixed assets	77.7	79.6	72.0	17.5	19.2	20.1	19.6	24.7	27.4	28.1	27.1	30.1
- Cost	—	—	—	—	52.4	57.3	56.3	66.7	69.9	69.3	67.6	67.6
- Accumulated depreciation	—	—	—	—	-33.2	-37.2	-36.7	-42.0	-42.5	-41.3	-40.5	-37.5
2. Financial leased fixed assets	6.6	4.0	4.1	4.2	7.8	8.0	9.0	10.0	13.8	9.4	19.0	25.5
- 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
3. Intangible fixed assets	2.2	—	—	—	0.0	0.0	0.0	0.0	45.5	45.5	45.5	45.5
- 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
III. Investment properties	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
- 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	22.2	0.2	—	1.3	0.8	0.9	0.0	0.0	0.0	0.8	0.0	0.0
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	22.2	0.2	—	1.3	0.8	0.9	0.0	0.0	0.0	0.8	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.3	51.2	51.2
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	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	2.3	51.2	51.2
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	18.1	19.2	18.9	20.1	20.5	0.3	0.3	0.3	0.3	0.2	0.2	0.3
1. Long-term prepayments	18.1	19.2	18.9	20.1	20.5	0.3	0.3	0.3	0.3	0.2	0.2	0.3
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
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)	822.2	936.1	899.1	639.0	539.3	466.7	585.1	524.4	475.0	627.0	1,108.6	1,114.6
A. LIABILITIES (300=210+330)	491.4	605.6	563.9	336.5	223.2	138.8	261.9	209.8	166.5	317.1	802.7	809.9
I. Short -term liabilities	446.7	560.3	517.8	334.2	221.5	135.8	256.0	203.4	156.3	310.0	790.2	795.4
1. Short-term trade accounts payable	361.8	488.4	441.6	202.9	136.8	57.9	146.3	91.2	30.5	211.0	644.8	703.3
2. Short-term advances from customers	19.5	8.9	9.9	47.5	24.0	12.7	18.1	36.5	14.8	21.5	17.9	11.9
3. Taxes and other payables to state authorities	6.8	0.6	9.6	6.3	7.3	5.6	8.2	8.7	6.3	1.7	0.7	10.0
4. Payable to employees	3.6	0.6	5.7	0.3	0.4	1.4	2.7	0.0	0.7	2.4	0.7	0.0
5. Short-term acrrued expenses	0.2	0.2	0.0	—	0.1	0.0	0.0	0.0	0.1	0.0	0.5	0.0
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	46.5	0.0	0.0	0.0
9. Other short-term payables	1.7	15.9	0.7	3.5	0.0	0.1	0.3	3.8	3.8	5.1	3.7	5.3
10. Short-term borrowings and financial leases	49.4	41.7	43.2	73.6	53.1	58.2	80.5	63.2	53.6	68.4	121.9	64.9
11. Provision for short-term liabilities	3.6	4.0	7.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	44.7	45.3	46.1	2.3	1.6	3.0	5.9	6.4	10.2	7.1	12.5	14.6
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	—	—	—	—	0.0	0.0	0.0	6.4	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	44.7	45.3	46.1	2.3	1.6	3.0	5.9	0.0	10.2	7.1	12.5	14.6
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	330.8	330.5	335.2	315.5	316.2	328.0	323.2	314.7	308.5	309.9	305.9	304.7
I. Owner's equity	330.8	330.5	335.2	315.5	316.2	328.0	323.2	314.7	308.5	309.9	305.9	304.7
1. Owner's capital	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0
- Common stock with voting right	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0
- 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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	76.5	73.0	89.0	75.5	76.2	88.0	83.2	74.7	68.5	69.9	65.9	64.7
- Accumulated retained earning at the end of the previous period	60.2	60.2	75.2	73.0	56.6	0.0	83.2	74.7	0.0	10.7	10.7	10.7
- Undistributed earnings in this period	16.3	12.9	13.8	2.5	19.6	88.0	0.0	0.0	68.5	59.2	55.2	54.0
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	14.2	7.4	6.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	10.0	—	—	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
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)	822.2	936.1	899.1	652.0	539.3	466.7	585.1	524.4	475.0	627.0	1,108.6	1,114.6

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	-6.1	1.5	13.0	3.1	-6.5	-11.9	10.8	7.6	13.4	4.8	1.8	1.3
Depreciation of Fixed Assets and Investment Property	4.7	2.6	2.5	2.9	2.0	2.0	2.2	2.6	2.7	2.9	5.1	3.4
Provision (Increase)/Reversal	3.1	-1.3	7.0	-1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.5	0.0	2.1	—	-6.1	0.3	-0.3	0.0	-7.8	-1.6	1.2	0.1
Gain/Loss from Investment Activities	-12.6	7.8	-3.0	1.4	-0.3	1.1	-2.5	-0.7	-20.6	7.5	-16.7	-0.1
Interest Expense	1.9	1.7	1.7	1.1	0.1	-1.6	1.4	1.3	7.8	-3.5	4.9	1.3
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	-10.5	12.2	23.3	6.9	-10.7	-10.2	11.6	10.9	-4.6	10.1	-3.7	6.0
Increase/(Decrease) in Receivables	86.4	168.2	-168.2	-131.4	32.5	-28.2	54.3	-100.6	62.0	-49.6	39.7	11.8
Increase/(Decrease) in Inventory	-6.3	-53.6	151.1	-50.1	-73.6	13.6	-4.1	14.1	35.4	-30.2	-7.7	26.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-74.8	0.6	237.0	61.0	90.7	-98.5	37.1	72.6	-170.1	-425.5	-55.0	-27.0
Increase/(Decrease) in Prepaid Expenses	-0.5	0.8	0.5	0.7	-21.3	-10.1	10.3	-0.3	0.1	-0.0	0.5	0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.2	-1.5	-1.6	-1.1	-0.1	1.5	-1.3	-1.5	-7.7	3.4	-4.8	-1.4
Corporate Income Tax Paid	-1.0	—	-4.7	-0.4	0.0	4.2	-4.2	0.0	-0.1	-0.1	-9.7	-1.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-1.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-12.5	130.3	237.4	-114.4	17.5	-127.7	103.8	-4.8	-85.0	-491.9	-40.6	15.1
Payments for Fixed Assets and Other Long-term Assets	-31.5	-20.2	-64.1	5.2	19.1	-21.4	-0.0	0.0	-1.1	3.9	-3.3	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.7	—	-155.2	161.2	0.1	12.5	39.3	1.2	18.1	-9.5	11.1	0.0
Loans and Purchases of Debt Instruments	-580.0	119.8	-51.6	-93.3	-100.7	91.4	-70.9	-20.6	-745.4	624.6	-49.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	311.0	31.6	101.2	-13.0	108.3	-49.5	49.5	0.0	769.6	-0.5	0.5	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	5.3	-1.6	2.4	0.3	2.1	-0.7	0.7	18.5	1.0	8.2	0.1
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	-286.4	130.4	-171.2	62.5	27.0	35.1	17.3	-18.7	59.7	619.5	-32.8	-2.6
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	30.5	57.0	78.3	65.6	16.5	41.9	56.2	69.1	7.4	61.3	101.8	41.9
Repayment of Borrowings	-13.7	-59.1	-64.1	-43.9	-21.2	-63.4	-41.5	-57.6	-27.5	-115.1	-44.6	-30.6
Repayment of Finance Leases	-1.1	-0.4	-1.3	—	0.0	0.3	-0.3	-3.3	-12.9	6.5	-6.5	-3.3
Dividends Paid	-14.4	—	—	—	-12.0	0.0	0.0	0.0	-12.0	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	4.7	-2.4	16.4	25.2	-16.7	-21.2	14.4	8.2	-45.0	-47.2	50.7	8.0
Net Cash Flow During the Period	-294.2	258.3	82.6	-26.7	27.8	-113.7	135.5	-15.2	-70.3	80.4	-22.7	20.5
Cash and Cash Equivalents at Beginning of Period	419.7	161.4	78.8	105.5	47.1	47.1	47.1	47.1	39.0	39.0	39.0	39.0
FX Difference from Revaluation	0.0	—	0.0	—	0.0	-0.0	0.0	0.0	0.1	-0.1	0.1	0.0
Cash and Cash Equivalents at End of Period	125.5	419.7	161.4	78.8	81.3	53.6	167.3	31.8	47.1	117.3	37.0	59.5

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NO1

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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