PCT

Listed Company · HNX

Price

10,400

Latest close

02 Apr 2026

P/E 10.4x

EPS (TTM) 997

ROE (TTM) 8.1%

P/B 0.7x

BVPS (Latest) 14,226

ROA (TTM) 2.2%

What Is Changing

PCT no longer looks like a business simply rebounding from a weak base. Revenue posted +36.0% YoY, while net margin reached 7.53% with an additional -8.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -37.0% in 2025 from 132.7% in the prior period, at VND 55.3bn.
Revenue growth accelerated to 36.0% in 2025, up 4.1pp versus the prior year.
Net margin declined from 16.26% in the prior period to 7.53% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	734.6	540.1	409.4	305.4	464.2
Growth	+36%	+32%	+34%	-34%	—
Net Income	55.3	87.8	37.7	14.2	13.5
Net Margin	7.53%	16.26%	9.21%	4.64%	2.91%

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	199.2	183.2	162.8	189.3	167.1	159.1	114.5	99.4	169.3	90.9	71.1	78.2
Growth	+9%	+13%	-14%	+13%	+5%	+39%	+15%	-41%	+86%	+28%	-9%	—
Net Income	26.2	5.7	8.4	15.2	25.4	24.4	21.9	16.0	16.3	9.0	6.5	5.8
Net Margin	13.15%	3.09%	5.16%	8.03%	15.20%	15.34%	19.16%	16.13%	9.63%	9.86%	9.08%	7.40%

Financial Statements

Profitability

Net margin reached 7.53% while Revenue posted +36.0% YoY.

Balance Sheet

Inventory stood at 20.7bn, liabilities at 2,334.1bn, and equity at 711.7bn.

Cash Flow

Operating cash flow was 590.2bn in 2025, while investing cash flow was -1,426.0bn.

Financing cash flow: 823.6bn.

Item	2025	2024	2023	2022	2021
Revenue	734.6	540.1	409.4	305.4	464.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	734.6	540.1	409.4	305.4	464.2
Cost of Goods Sold	526.9	337.6	285.7	274.7	0.0
Gross Profit	207.7	202.4	123.7	30.7	28.8
Financial Income	9.2	5.1	3.7	1.8	2.6
Financial Expenses	111.2	74.6	68.8	4.9	-0.5
Interest Expense	105.9	72.7	67.6	4.4	-0.2
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	36.2	23.2	12.2	9.8	-14.3
Operating Profit	69.6	109.8	46.4	17.9	16.7
Other Income	0.1	0.3	0.8	0.0	0.0
Other Expenses	0.2	0.0	0.0	0.0	0.0
Other Profit	-0.1	0.3	0.7	0.0	0.6
Profit Before Tax	69.4	110.1	47.1	17.9	17.3
Current Income Tax Expense	14.4	21.4	10.6	3.8	-3.8
Deferred Income Tax Expense	-0.3	0.8	-1.3	-0.1	0.0
Net Income	55.3	87.8	37.7	14.2	13.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	55.3	87.8	37.7	14.2	13.5
Earnings per Share	1,062.00	1,632.00	1,028.00	535.00	528.00
Diluted EPS	965.00	1,754.49	1,028.00	535.00	586.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	146.2	403.1	192.2	209.7	307.5
I. Cash and cash equivalents	10.9	23.2	32.4	12.9	4.9
1. Cash	10.9	23.2	9.2	12.9	0.0
2. Cash equivalents	—	0.0	23.2	0.0	0.0
II. Short-term financial investments	32.3	0.0	0.0	0.0	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	32.3	0.0	0.0	0.0	0.0
III. Short-term receivables	60.2	253.0	54.2	166.4	238.1
1. Short-term trade accounts receivable	54.1	52.3	66.9	137.4	0.0
2. Short-term prepayments to suppliers	22.0	225.5	18.4	17.4	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	18.6	9.8	3.5	46.2	0.0
7. Provision for short-term doubtful debts (*)	-34.6	-34.6	-34.6	-34.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	20.7	11.7	5.2	1.7	20.3
1. Inventories	20.7	11.7	5.2	1.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	22.0	115.1	100.5	28.8	0.2
1. Short-term prepayments	2.5	11.0	0.8	1.5	0.0
2. Value added tax to be reclaimed	19.5	104.1	99.6	27.3	0.0
3. Taxes and other receivables from state authorities	0.0	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)	2,899.7	1,495.7	1,046.3	342.2	5.4
I. Long-term receivables	931.7	2.2	2.2	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
2. Long-term prepayments to suppliers	929.5	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	2.2	2.2	2.2	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,865.7	1,454.4	1,034.4	340.6	5.0
1. Tangible fixed assets	1,865.7	1,454.4	1,034.3	340.5	4.8
- Cost	2,338.8	1,705.0	1,132.0	350.3	0.0
- Accumulated depreciation	-473.1	-250.6	-97.6	-9.8	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	—	0.0	0.0	0.1	0.2
- Cost	—	0.0	0.7	0.7	0.0
- Accumulated depreciation	—	0.0	-0.7	-0.6	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	37.0	0.1	0.7	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	37.0	0.1	0.7	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	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	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	65.3	39.0	9.1	1.6	0.0
1. Long-term prepayments	64.5	38.5	7.7	1.5	0.0
2. Deferred income tax assets	0.8	0.5	1.4	0.1	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	0.0
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)	3,045.8	1,898.7	1,238.5	552.0	312.9
A. LIABILITIES (300=210+330)	2,334.1	1,238.4	662.8	236.9	10.3
I. Short -term liabilities	436.4	288.7	167.9	52.7	8.0
1. Short-term trade accounts payable	64.9	33.3	6.5	3.2	0.8
2. Short-term advances from customers	0.1	0.1	0.0	0.0	0.1
3. Taxes and other payables to state authorities	10.1	20.6	3.7	1.2	0.0
4. Payable to employees	13.0	11.6	0.0	0.0	0.0
5. Short-term acrrued expenses	12.0	4.9	1.3	0.5	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	8.1	1.6	0.0	0.0	0.1
9. Other short-term payables	2.2	1.7	1.8	1.9	0.0
10. Short-term borrowings and financial leases	322.3	214.3	154.5	46.0	0.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.7	0.7	0.1	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	1,897.7	949.7	494.8	184.2	2.2
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	232.5	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,665.3	949.7	494.8	184.2	2.2
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)	711.7	660.4	575.8	315.0	302.6
I. Owner's equity	711.7	660.4	575.8	315.0	0.0
1. Owner's capital	500.4	500.4	500.4	276.0	302.6
- Common stock with voting right	500.4	500.4	500.4	276.0	230.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.3	-0.3	-0.2	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	69.8	69.8	0.8	0.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.9	1.9	1.9	1.9	0.0
11. Undistributed earnings after tax	139.9	88.5	72.9	36.3	69.8
- Accumulated retained earning at the end of the previous period	84.5	0.7	35.2	22.1	56.3
- Undistributed earnings in this period	55.3	87.8	37.7	14.2	13.5
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)	3,045.8	1,898.7	1,238.5	552.0	312.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	69.4	110.1	47.1	17.9	17.3
Depreciation of Fixed Assets and Investment Property	223.7	153.1	87.9	6.1	1.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.1	-0.6	-0.2	0.0
Gain/Loss from Investment Activities	-1.0	-1.0	-0.6	-1.4	0.0
Interest Expense	105.9	72.7	67.6	4.4	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	397.8	334.9	201.4	26.8	16.3
Increase/(Decrease) in Receivables	70.9	4.1	38.3	44.6	0.0
Increase/(Decrease) in Inventory	-9.0	-6.5	-3.5	18.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	278.1	43.3	2.6	-0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-17.5	-41.0	-5.5	-2.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-104.5	-71.8	-66.9	-4.0	0.0
Corporate Income Tax Paid	-24.7	-4.7	-8.0	-3.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-2.6	-1.1	-3.6	0.0
Net Cash Flow from Operating Activities	590.2	255.7	157.4	76.3	-10.0
Payments for Fixed Assets and Other Long-term Assets	-1,393.9	-780.6	-781.7	-341.7	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.6
Loans and Purchases of Debt Instruments	-32.3	0.0	0.0	0.0	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	44.0	8.1
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	0.2	1.1	0.6	2.0	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	-1,426.0	-779.5	-781.1	-295.6	6.1
Proceeds from Equity Issuance and Capital Contributions	—	0.0	224.1	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,796.0	669.1	532.0	228.0	3.0
Repayment of Borrowings	-972.4	-154.5	-112.9	-0.4	-0.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	823.6	514.6	643.3	227.6	2.6
Net Cash Flow During the Period	-12.2	-9.2	19.5	8.2	-2.0
Cash and Cash Equivalents at Beginning of Period	23.2	32.4	12.9	4.9	6.1
FX Difference from Revaluation	0.0	-0.0	0.0	-0.2	-0.0
Cash and Cash Equivalents at End of Period	10.9	23.2	32.4	12.9	4.9

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	199.2	183.2	162.8	189.3	167.1	159.1	114.5	99.4	169.3	90.9	71.1	78.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	199.2	183.2	162.8	189.3	167.1	159.1	114.5	99.4	169.3	90.9	71.1	78.2
Cost of Goods Sold	131.3	141.3	119.2	135.6	111.1	98.2	67.8	60.2	127.8	58.7	43.6	55.6
Gross Profit	67.9	42.0	43.7	53.7	56.0	60.8	46.7	39.2	41.4	32.2	27.6	22.6
Financial Income	2.3	2.2	3.6	1.8	1.5	0.8	1.4	1.4	1.2	1.1	0.7	0.5
Financial Expenses	25.5	27.6	28.4	30.3	17.9	25.7	13.9	17.0	18.5	19.5	17.9	12.8
Interest Expense	24.3	26.3	25.9	29.3	21.3	21.2	13.5	16.7	18.4	19.3	17.7	12.6
Share of Associates and Joint Ventures	—	—	—	—	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
General and Administrative Expenses	11.9	9.5	8.2	6.2	7.7	5.4	7.1	3.5	3.8	2.8	2.8	3.0
Operating Profit	32.8	7.1	10.7	19.0	31.8	30.5	27.1	20.1	20.3	11.0	7.6	7.3
Other Income	0.0	0.1	0.0	—	0.0	0.0	1.3	0.0	0.0	0.3	0.4	0.0
Other Expenses	0.0	—	0.2	—	0.0	0.0	0.7	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.1	-0.2	—	-0.0	0.0	0.6	0.0	-0.0	0.3	0.4	0.0
Profit Before Tax	32.8	7.1	10.5	19.0	31.8	30.5	27.7	20.1	20.3	11.3	8.0	7.3
Current Income Tax Expense	5.4	1.5	4.9	3.3	6.4	6.4	4.6	4.0	5.3	2.3	1.6	1.4
Deferred Income Tax Expense	1.2	—	-2.8	0.5	-0.0	-0.3	1.1	0.0	-1.3	0.0	0.0	0.1
Net Income	26.2	5.7	8.4	15.2	25.4	24.4	21.9	16.0	16.3	9.0	6.5	5.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	26.2	5.7	8.4	15.2	25.4	24.4	21.9	16.0	16.3	9.0	6.5	5.8
Earnings per Share	471.00	102.00	151.00	273.00	457.00	439.00	395.00	288.00	293.00	292.00	211.00	189.00
Diluted EPS	471.00	102.00	151.00	273.00	1,579.00	439.00	395.00	288.00	293.00	292.00	211.00	189.00

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)	152.5	149.3	1,102.3	229.6	406.7	178.9	208.9	208.0	192.2	194.7	101.1	103.2
I. Cash and cash equivalents	10.9	22.6	12.8	6.2	23.2	22.0	73.9	45.1	32.4	7.5	7.0	9.9
1. Cash	10.9	22.6	7.8	6.2	23.2	17.0	73.9	4.5	9.2	6.5	1.4	0.9
2. Cash equivalents	—	—	5.0	—	0.0	5.0	0.0	40.6	23.2	1.0	5.6	9.1
II. Short-term financial investments	32.3	28.3	28.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	32.3	28.3	28.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	59.7	61.5	1,011.5	84.5	253.0	44.4	21.0	51.9	54.2	79.5	17.1	16.3
1. Short-term trade accounts receivable	54.1	27.4	29.3	60.3	52.3	43.0	39.4	60.6	66.9	26.2	33.0	33.0
2. Short-term prepayments to suppliers	21.5	26.9	967.0	35.4	225.5	20.8	7.0	22.4	18.4	83.9	15.5	14.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	18.7	41.8	49.8	23.4	9.8	15.2	9.2	3.5	3.5	3.9	3.2	3.0
7. Provision for short-term doubtful debts (*)	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	19.9	15.6	15.2	11.7	11.7	6.6	6.9	5.6	5.2	6.2	3.7	4.3
1. Inventories	19.9	15.6	15.2	11.7	11.7	6.6	6.9	5.6	5.2	6.2	3.7	4.3
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	29.7	21.3	34.4	127.2	118.8	105.9	107.1	105.4	100.5	101.5	73.2	72.6
1. Short-term prepayments	11.0	4.5	18.1	22.4	14.7	2.7	5.0	4.8	0.8	1.6	2.5	3.0
2. Value added tax to be reclaimed	18.7	16.8	16.3	104.8	104.1	103.2	102.1	100.6	99.6	99.9	70.7	69.6
3. Taxes and other receivables from state authorities	0.0	—	0.0	0.0	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)	2,891.4	2,914.7	2,017.6	2,048.1	1,492.0	1,547.4	1,033.8	1,022.9	1,046.3	1,074.4	736.1	744.8
I. Long-term receivables	931.7	931.7	2.2	2.2	2.2	2.2	15.6	2.2	2.2	2.2	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
2. Long-term prepayments to suppliers	929.5	929.5	—	—	0.0	0.0	13.4	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	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	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
II. Fixed assets	1,865.7	1,921.6	1,977.6	2,017.6	1,454.4	1,501.6	976.8	1,005.5	1,034.4	1,063.2	725.9	743.4
1. Tangible fixed assets	1,865.7	1,921.6	1,977.6	2,017.6	1,454.4	1,501.6	976.8	1,005.5	1,034.3	1,063.2	725.8	743.3
- Cost	—	—	—	—	1,705.0	1,703.0	1,132.1	1,132.0	1,132.0	1,132.0	769.6	769.6
- Accumulated depreciation	—	—	—	—	-250.6	-201.4	-155.3	-126.5	-97.6	-68.8	-43.8	-26.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
- 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	56.8	26.9	6.6	—	0.1	1.6	16.9	7.3	0.7	0.0	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	56.8	26.9	6.6	—	0.1	1.6	16.9	7.3	0.7	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	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	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	37.2	34.5	31.2	28.3	35.4	41.9	24.5	7.8	9.0	8.9	10.2	1.4
1. Long-term prepayments	35.6	31.7	28.4	28.3	34.9	41.4	24.3	6.5	7.7	8.9	10.2	1.4
2. Deferred income tax assets	1.6	2.8	2.8	—	0.5	0.5	0.2	1.3	1.3	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)	3,044.0	3,064.0	3,119.9	2,277.7	1,898.7	1,726.3	1,242.7	1,230.9	1,238.5	1,269.1	837.2	848.0
A. LIABILITIES (300=210+330)	2,332.2	2,378.4	2,439.9	1,606.1	1,238.4	1,091.3	632.2	642.2	662.7	709.6	511.0	527.2
I. Short -term liabilities	434.4	402.9	385.0	380.5	288.7	264.0	214.6	186.0	167.9	176.2	134.3	120.8
1. Short-term trade accounts payable	49.3	48.6	36.6	52.6	33.3	26.7	28.6	11.7	6.5	8.5	17.0	1.4
2. Short-term advances from customers	0.1	0.1	2.2	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.7
3. Taxes and other payables to state authorities	10.8	9.5	8.1	3.3	20.6	15.0	8.7	4.0	3.7	3.2	3.0	1.4
4. Payable to employees	12.6	7.7	4.5	5.9	11.6	13.5	13.9	10.1	0.0	6.9	5.3	8.2
5. Short-term acrrued expenses	25.4	11.6	18.8	5.2	4.9	4.9	4.1	0.9	1.3	1.0	0.4	2.8
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	8.1	9.2	1.2	0.3	1.6	0.1	0.1	0.2	0.0	0.1	0.1	0.2
9. Other short-term payables	2.2	2.8	2.4	2.0	1.7	1.9	2.0	2.0	1.8	1.8	1.8	1.8
10. Short-term borrowings and financial leases	322.3	309.5	306.6	306.6	214.3	199.3	154.5	154.5	154.5	154.5	105.9	104.3
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	3.7	3.9	4.5	4.6	0.7	2.5	2.6	2.7	0.1	0.1	0.7	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	1,897.7	1,975.5	2,055.0	1,225.6	949.7	827.4	417.6	456.2	494.8	533.4	376.7	406.4
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	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	232.5	232.5	232.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,665.3	1,743.0	1,822.5	1,225.6	949.7	827.4	417.6	456.2	494.8	533.4	376.7	406.4
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)	711.8	685.6	679.9	671.5	660.4	634.9	610.5	588.7	575.8	559.5	326.2	320.8
I. Owner's equity	711.8	685.6	679.9	671.5	660.4	634.9	610.5	588.7	575.8	559.5	326.2	320.8
1. Owner's capital	500.4	500.4	500.4	500.4	500.4	500.4	500.4	500.4	500.4	500.4	276.0	276.0
- Common stock with voting right	500.4	500.4	500.4	500.4	500.4	500.4	500.4	500.4	500.4	500.4	276.0	276.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.2	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	69.8	69.8	69.8	69.8	69.8	69.8	69.8	0.8	0.8	0.8	0.8	0.8
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	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
11. Undistributed earnings after tax	140.0	113.8	108.1	99.7	88.5	63.1	38.7	85.8	72.7	56.4	47.4	42.1
- Accumulated retained earning at the end of the previous period	113.8	108.1	99.7	84.5	63.1	38.7	16.8	69.7	56.4	47.4	40.9	36.3
- Undistributed earnings in this period	26.2	5.7	8.4	15.2	25.4	24.4	21.9	16.0	16.3	9.0	6.5	5.8
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)	3,044.0	3,064.0	3,119.9	2,277.7	1,898.7	1,726.3	1,242.7	1,230.9	1,238.5	1,269.1	837.2	848.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	39.9	—	29.6	—	0.0	-47.7	47.7	0.0	47.1	-15.3	15.3	0.0
Depreciation of Fixed Assets and Investment Property	111.9	—	111.8	—	0.0	-57.7	57.7	0.0	87.9	-34.0	34.0	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	-0.1	—	-0.0	—	0.0	-0.0	0.0	0.0	-0.6	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	—	-0.3	—	0.0	1.0	-1.0	0.0	-0.6	0.3	-0.3	0.0
Interest Expense	50.6	—	55.2	—	0.0	-30.2	30.2	0.0	67.6	-30.1	30.1	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	201.6	—	196.2	—	0.0	-134.6	134.6	0.0	201.4	-79.1	79.1	0.0
Increase/(Decrease) in Receivables	728.0	—	-657.1	—	0.0	-14.3	14.3	0.0	38.3	-105.8	105.8	0.0
Increase/(Decrease) in Inventory	-5.5	—	-3.5	—	0.0	1.7	-1.7	0.0	-3.5	2.0	-2.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-667.5	—	945.6	—	0.0	-26.4	26.4	0.0	2.6	-19.1	19.1	0.0
Increase/(Decrease) in Prepaid Expenses	-20.6	—	3.1	—	0.0	20.8	-20.8	0.0	-5.5	9.6	-9.6	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-50.7	—	-53.8	—	0.0	30.7	-30.7	0.0	-66.9	30.1	-30.1	0.0
Corporate Income Tax Paid	-4.0	-0.1	-0.2	-20.4	-1.0	0.0	0.0	-3.7	-4.9	-2.1	0.0	-1.1
Other Operating Receipts	—	—	—	—	2.8	18.7	-2.6	2.6	-171.7	171.7	-13.6	13.6
Other Operating Payments	58.6	-59.4	17.1	-17.4	-5.1	-19.6	5.4	-6.1	188.2	-188.9	28.8	-29.3
Net Cash Flow from Operating Activities	78.9	101.7	367.6	42.1	73.6	65.5	66.5	51.3	63.6	-67.1	444.2	-283.4
Payments for Fixed Assets and Other Long-term Assets	-21.6	-15.3	-929.6	-427.4	-209.4	-571.0	-0.1	0.0	0.0	-362.4	-419.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-4.0	—	-28.3	—	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	—	—	—	—	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	0.0	0.0	0.1	0.0	0.0	-1.0	1.0	0.0	0.1	0.2	0.3	0.0
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	-25.7	-15.2	-957.8	-427.4	-209.4	-572.0	0.9	0.0	0.1	-362.2	-419.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	224.4	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	11.7	0.0	743.6	1,040.7	195.8	593.3	0.0	0.0	0.0	240.0	0.0	292.0
Repayment of Borrowings	-76.7	-76.7	-146.7	-672.4	-58.6	-138.6	-38.6	-38.6	-38.6	-34.6	-28.1	-11.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-64.9	-76.7	596.9	368.3	137.2	454.6	-38.6	-38.6	-38.9	429.7	-28.1	280.5
Net Cash Flow During the Period	-11.7	9.8	6.7	-17.0	1.4	-51.8	28.7	12.7	24.9	0.5	-2.9	-2.9
Cash and Cash Equivalents at Beginning of Period	22.6	12.8	6.2	23.2	32.4	32.4	32.4	32.4	12.9	12.9	12.9	12.9
FX Difference from Revaluation	0.0	—	-0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.9	22.6	12.8	6.2	23.4	22.0	73.9	45.1	32.4	7.5	7.0	9.9

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What Is Changing

Financial Statements

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Balance Sheet

Cash Flow

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