PDR

Listed Company · HOSE

Price

15,900

Latest close

03 Apr 2026

P/E 30.3x

EPS (TTM) 524

ROE (TTM) 4.3%

P/B 1.3x

BVPS (Latest) 12,451

ROA (TTM) 2.0%

What Is Changing

PDR no longer looks like a business simply rebounding from a weak base. Revenue posted +61.3% YoY, while net margin reached 38.85% with an additional +20.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 231.7% to VND 514.7bn in 2025.
Net margin improved from 18.89% in the prior period to 38.85% in 2025.
Revenue growth accelerated to 61.2% in 2025, up 28.2pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,325.0	821.7	617.5	1,504.6	3,620.2
Growth	+61%	+33%	-59%	-58%	—
Net Income	514.7	155.2	682.5	1,160.6	1,860.6
Net Margin	38.85%	18.89%	110.52%	77.14%	51.39%

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	360.6	506.5	19.9	437.9	1,844.0	2.6	8.3	162.2	68.1	354.8	5.1	192.3
Growth	-29%	+2442%	-95%	-76%	+70073%	-68%	-95%	+138%	-81%	+6840%	-97%	—
Net Income	313.3	85.8	64.9	50.6	369.2	51.2	49.8	52.6	282.6	101.7	275.7	22.4
Net Margin	86.90%	16.95%	325.67%	11.56%	20.02%	1948.73%	602.98%	32.45%	415.07%	28.66%	5392.29%	11.67%

Financial Statements

Profitability

Net margin reached 38.85% while Revenue posted +61.3% YoY.

Balance Sheet

Inventory stood at 16,714.7bn, liabilities at 14,846.3bn, and equity at 12,423.9bn.

Cash Flow

Operating cash flow was -2,975.4bn in 2025, while investing cash flow was 1,572.3bn.

Financing cash flow: 1,435.4bn.

Item	2025	2024	2023	2022	2021
Revenue	1,325.0	821.7	617.5	1,504.6	3,620.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,325.0	821.7	617.5	1,504.6	3,620.2
Cost of Goods Sold	604.8	422.8	73.8	227.3	0.0
Gross Profit	720.2	398.9	543.7	1,277.3	2,763.5
Financial Income	638.0	401.5	952.2	1,371.6	6.7
Financial Expenses	349.0	319.9	399.5	759.7	-163.3
Interest Expense	346.8	284.9	344.2	505.7	-157.0
Share of Associates and Joint Ventures	-13.0	-49.8	-23.2	-0.1	-0.1
Selling Expenses	24.5	36.9	14.5	26.3	-18.0
General and Administrative Expenses	236.5	195.2	199.4	274.5	-220.9
Operating Profit	735.1	198.6	859.3	1,588.3	2,367.8
Other Income	1.0	81.2	70.3	2.9	0.0
Other Expenses	85.0	18.1	40.3	108.9	0.0
Other Profit	-84.0	63.1	30.0	-105.9	-23.5
Profit Before Tax	651.0	261.7	889.4	1,482.4	2,344.4
Current Income Tax Expense	38.2	200.3	206.8	329.1	-483.7
Deferred Income Tax Expense	98.2	-93.8	0.0	-7.3	0.0
Net Income	514.7	155.2	682.5	1,160.6	1,860.6
Non-controlling Interest	-0.4	0.1	-1.6	23.4	-4.4
Profit Attributable to Parent	515.1	155.1	684.1	1,137.3	1,865.0
Earnings per Share	534.00	184.00	1,003.00	1,634.00	3,751.00
Diluted EPS	534.00	184.00	925.89	1,634.00	3,784.72

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	24,175.7	21,482.5	16,916.4	18,216.5	15,337.1
I. Cash and cash equivalents	375.9	343.7	505.1	261.8	494.0
1. Cash	375.9	343.7	505.1	255.8	0.0
2. Cash equivalents	0.0	0.0	0.0	6.0	0.0
II. Short-term financial investments	—	115.4	15.4	9.4	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	—	115.4	15.4	9.4	0.0
III. Short-term receivables	7,000.0	6,860.6	4,114.8	5,649.8	2,533.4
1. Short-term trade accounts receivable	1,929.7	2,806.3	2,311.5	2,076.9	0.0
2. Short-term prepayments to suppliers	4,080.1	3,060.4	884.5	976.3	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	1,016.2	1,012.4	928.8	2,597.7	0.0
7. Provision for short-term doubtful debts (*)	-26.0	-18.5	-10.0	-1.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	16,714.7	14,077.7	12,199.6	12,181.2	12,192.0
1. Inventories	16,714.7	14,077.7	12,199.6	12,181.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	85.2	85.2	81.5	114.3	96.0
1. Short-term prepayments	8.9	3.4	5.1	33.7	0.0
2. Value added tax to be reclaimed	72.9	81.9	76.4	75.2	0.0
3. Taxes and other receivables from state authorities	3.4	0.0	0.0	5.3	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)	3,094.5	2,503.0	4,151.5	4,626.8	5,214.8
I. Long-term receivables	76.0	38.7	733.2	731.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,831.4
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	34.7	0.0	0.0	0.0	0.0
6. Other long-term receivables	41.3	38.7	733.2	731.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	733.2	744.2	27.0	38.2	139.9
1. Tangible fixed assets	332.7	343.6	23.2	30.4	129.9
- Cost	410.1	410.7	78.8	78.9	0.0
- Accumulated depreciation	-77.3	-67.1	-55.7	-48.5	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	400.5	400.7	3.9	7.7	9.9
- Cost	415.5	415.5	15.0	15.0	0.0
- Accumulated depreciation	-15.0	-14.8	-11.1	-7.3	0.0
III. Investment properties	61.7	63.2	64.8	66.3	67.9
- Cost	75.7	75.7	75.7	75.7	0.0
- Accumulated depreciation	-14.0	-12.4	-10.9	-9.3	0.0
IV. Long-term assets in progress	533.5	533.5	1,169.5	1,052.2	960.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	533.5	533.5	1,169.5	1,052.2	0.0
V. Long-term financial investments	710.7	38.0	1,201.8	1,776.2	1,129.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	710.7	35.2	1,198.9	1,773.4	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	—	2.8	2.8	2.8	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	979.3	1,085.3	955.1	962.1	0.0
1. Long-term prepayments	979.1	983.6	947.2	954.2	0.0
2. Deferred income tax assets	0.2	101.7	8.0	8.0	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	1,085.9
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)	27,270.2	23,985.6	21,067.8	22,843.3	20,551.9
A. LIABILITIES (300=210+330)	14,846.3	12,927.0	11,488.4	13,582.8	12,407.4
I. Short -term liabilities	10,257.7	8,562.4	9,177.0	11,028.8	8,731.2
1. Short-term trade accounts payable	164.1	348.2	243.4	456.5	147.8
2. Short-term advances from customers	237.7	133.5	3.6	1,239.4	1,691.8
3. Taxes and other payables to state authorities	197.0	467.8	197.9	341.3	0.0
4. Payable to employees	9.1	9.7	9.0	11.4	0.0
5. Short-term acrrued expenses	335.7	467.0	141.9	484.1	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	3.1	3.2	3.1
9. Other short-term payables	8,177.0	5,721.6	7,739.6	5,796.5	0.0
10. Short-term borrowings and financial leases	1,106.1	1,382.7	814.7	2,668.0	806.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	31.0	31.8	23.9	28.5	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	4,588.6	4,364.7	2,311.4	2,554.0	3,676.2
1. Long-term trade payables	—	0.0	0.0	0.0	274.0
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	150.5	404.0	21.0	782.1	0.0
8. Long-term borrowings and financial leases	4,438.1	3,960.6	2,290.5	1,771.9	2,620.1
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)	12,423.9	11,058.5	9,579.4	9,260.5	8,144.5
I. Owner's equity	12,423.9	11,058.5	9,579.4	9,260.5	0.0
1. Owner's capital	9,978.1	8,731.4	7,388.1	6,716.5	8,144.5
- Common stock with voting right	9,978.1	8,731.4	7,388.1	6,716.5	4,927.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	410.4	70.5	71.1	71.7	71.7
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	248.5	243.8	230.1	207.4	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	1,736.1	1,954.6	1,831.9	1,155.1	1,875.2
- Accumulated retained earning at the end of the previous period	1,226.2	1,801.1	1,068.2	23.1	13.0
- Undistributed earnings in this period	509.9	153.5	763.7	1,132.0	1,862.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	50.9	58.2	58.2	1,109.9	1,090.5
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)	27,270.2	23,985.6	21,067.8	22,843.3	20,551.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	651.0	261.7	889.4	1,482.4	2,344.4
Depreciation of Fixed Assets and Investment Property	12.5	16.7	12.7	14.0	9.5
Provision (Increase)/Reversal	7.5	8.5	9.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.6	34.9	22.2	24.4	0.0
Gain/Loss from Investment Activities	-540.4	-351.6	-929.0	-1,069.6	0.0
Interest Expense	346.8	284.9	377.0	535.3	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	479.0	255.0	381.3	986.5	2,513.1
Increase/(Decrease) in Receivables	-1,794.9	-2,419.3	2,465.3	-2,674.2	0.0
Increase/(Decrease) in Inventory	-2,637.0	-1,730.3	-26.3	-1,627.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,690.5	-76.6	-1,647.5	357.8	0.0
Increase/(Decrease) in Prepaid Expenses	-1.0	-34.7	-0.9	-36.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-607.4	-404.7	-415.9	-502.9	0.0
Corporate Income Tax Paid	-102.5	-192.6	-321.4	-261.4	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.1	-13.1	-9.1	-21.5	0.0
Net Cash Flow from Operating Activities	-2,975.4	-4,616.2	425.4	-3,778.8	879.3
Payments for Fixed Assets and Other Long-term Assets	-27.2	-76.7	-105.0	-80.9	-45.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-566.2	-100.0	-6.0	0.0	-12.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,210.3	0.0	0.0	0.0	0.0
Investments in Other Entities	-769.7	-3.2	-3.8	-1,817.9	-2,756.1
Proceeds from Investments in Other Entities	1,712.2	1,083.1	600.4	4,475.2	0.0
Dividends and Interest Income Received	12.8	7.1	4.2	8.5	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	1,572.3	910.2	489.8	2,584.9	-2,753.1
Proceeds from Equity Issuance and Capital Contributions	179.0	1,342.6	682.1	2.6	1,080.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2,674.4	2,626.6	1,748.5	3,249.0	3,101.2
Repayment of Borrowings	-1,418.0	-424.6	-3,102.6	-2,290.0	-1,866.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.1
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	1,435.4	3,544.6	-671.9	961.6	2,314.7
Net Cash Flow During the Period	32.2	-161.4	243.3	-232.3	203.6
Cash and Cash Equivalents at Beginning of Period	343.7	505.1	261.8	494.0	53.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	375.9	343.7	505.1	261.8	494.0

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	360.6	506.5	19.9	437.9	1,844.0	2.6	8.3	162.2	68.1	354.8	5.1	192.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	360.6	506.5	19.9	437.9	1,844.0	2.6	8.3	162.2	68.1	354.8	5.1	192.3
Cost of Goods Sold	70.5	256.4	15.0	262.9	1,146.8	1.3	6.6	0.9	9.2	43.6	3.4	20.4
Gross Profit	290.1	250.2	5.0	175.0	697.2	1.3	1.7	161.3	58.9	311.2	1.7	171.9
Financial Income	408.4	1.8	225.9	1.9	3.7	194.0	202.5	1.1	421.5	0.6	531.9	2.5
Financial Expenses	143.8	74.3	63.9	67.0	106.9	74.5	73.0	65.5	87.8	113.1	106.6	96.2
Interest Expense	143.7	74.2	62.0	66.8	72.0	74.4	73.0	65.5	78.8	86.1	93.3	88.1
Share of Associates and Joint Ventures	-0.0	-0.0	-13.0	-0.0	-15.8	-17.2	-9.2	-7.7	-10.5	-6.8	-5.4	-0.5
Selling Expenses	9.4	7.3	1.3	6.6	59.3	4.3	2.7	3.1	3.8	3.5	3.5	3.7
General and Administrative Expenses	111.1	46.7	40.1	38.7	64.1	44.0	43.7	43.4	71.1	44.8	41.0	42.5
Operating Profit	434.2	123.6	112.6	64.6	454.8	55.3	75.7	42.7	307.1	143.5	377.1	31.5
Other Income	0.1	0.2	0.2	0.4	2.6	24.2	24.0	33.8	70.2	0.0	0.1	0.0
Other Expenses	65.8	6.5	11.9	0.8	9.7	0.8	12.5	0.1	25.5	2.6	11.5	0.6
Other Profit	-65.7	-6.4	-11.6	-0.4	-7.1	23.4	11.5	33.6	44.6	-2.6	-11.4	-0.5
Profit Before Tax	368.6	117.3	101.0	64.2	447.8	78.7	87.2	76.3	351.8	140.9	365.7	31.0
Current Income Tax Expense	53.3	33.4	35.9	-83.3	79.5	27.9	37.1	23.7	69.2	39.2	90.0	8.6
Deferred Income Tax Expense	2.0	-2.0	0.2	96.9	-0.9	-0.4	0.3	0.0	0.0	0.0	0.0	0.0
Net Income	313.3	85.8	64.9	50.6	369.2	51.2	49.8	52.6	282.6	101.7	275.7	22.4
Non-controlling Interest	-0.4	0.1	-0.0	0.0	0.0	-0.0	0.0	0.1	0.0	-0.0	0.1	-1.6
Profit Attributable to Parent	313.7	85.8	64.9	50.6	369.2	51.2	49.8	52.6	282.6	101.7	275.7	24.1
Earnings per Share	307.00	91.00	70.00	56.00	426.00	60.00	64.00	69.00	392.00	146.00	408.00	35.00
Diluted EPS	314.43	87.57	71.56	57.96	422.79	58.68	57.00	71.17	382.45	151.40	410.42	35.81

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)	24,175.7	21,281.7	21,462.7	20,683.4	21,706.1	19,570.7	18,891.9	17,210.3	16,918.4	16,504.3	16,554.0	17,045.3
I. Cash and cash equivalents	375.9	116.0	25.2	84.0	343.7	220.7	1,189.9	19.3	505.1	52.6	213.7	218.3
1. Cash	375.9	16.0	25.2	84.0	343.7	220.7	1,189.9	19.3	505.1	52.6	213.7	218.3
2. Cash equivalents	0.0	100.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	100.0	100.0	115.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4
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	—	—	100.0	100.0	115.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4
III. Short-term receivables	7,000.0	6,099.5	7,143.1	6,366.7	7,762.0	6,369.8	5,078.4	4,800.7	4,116.8	4,198.8	4,073.0	4,597.0
1. Short-term trade accounts receivable	1,929.7	2,083.5	1,954.7	1,802.4	3,860.3	2,938.5	2,561.5	2,810.5	2,311.5	2,376.9	2,217.4	2,151.7
2. Short-term prepayments to suppliers	4,080.1	3,043.7	4,252.9	3,582.2	3,060.4	2,777.1	1,888.7	1,377.8	890.3	939.3	962.6	965.3
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	—	114.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,016.2	876.8	954.0	1,000.6	859.7	664.3	638.2	622.4	925.0	883.6	894.0	1,480.9
7. Provision for short-term doubtful debts (*)	-26.0	-18.5	-18.5	-18.5	-18.5	-10.0	-10.0	-10.0	-10.0	-1.0	-1.0	-1.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	16,714.7	14,977.3	14,106.0	14,037.9	13,400.5	12,853.5	12,523.1	12,302.4	12,199.6	12,157.7	12,170.5	12,131.6
1. Inventories	16,714.7	14,977.3	14,106.0	14,037.9	13,400.5	12,853.5	12,523.1	12,302.4	12,199.6	12,157.7	12,170.5	12,131.6
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	85.2	88.9	88.4	94.9	84.6	111.3	85.1	72.6	81.5	79.8	81.3	83.1
1. Short-term prepayments	8.9	9.3	7.8	2.5	2.7	2.1	1.4	2.3	5.1	4.5	5.7	8.3
2. Value added tax to be reclaimed	72.9	79.6	80.6	92.4	81.9	109.2	83.8	70.3	76.4	75.3	72.2	71.3
3. Taxes and other receivables from state authorities	3.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.5	3.5
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)	3,095.6	2,963.8	2,763.7	2,411.1	2,410.2	3,092.6	3,644.9	4,218.2	4,151.5	4,086.5	4,078.7	4,713.5
I. Long-term receivables	76.0	620.6	425.5	38.7	38.7	714.4	714.4	714.4	733.2	730.6	731.8	731.8
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	34.7	270.1	337.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	41.3	350.5	88.1	38.7	38.7	714.4	714.4	714.4	733.2	730.6	731.8	731.8
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	733.2	735.8	738.5	741.2	744.2	748.1	752.0	756.0	27.0	29.8	32.5	35.3
1. Tangible fixed assets	332.7	335.3	338.0	340.7	343.6	346.5	349.5	352.6	23.2	24.9	26.7	28.6
- Cost	—	—	—	—	410.7	410.5	410.5	410.5	78.8	79.0	79.0	79.0
- Accumulated depreciation	—	—	—	—	-67.1	-64.1	-61.0	-57.9	-55.7	-54.0	-52.3	-50.4
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	400.5	400.5	400.5	400.6	400.7	401.6	402.5	403.4	3.9	4.8	5.8	6.8
- 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	61.7	62.1	62.5	62.9	63.2	63.6	64.0	64.4	64.8	65.2	65.6	65.9
- 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	533.5	533.5	533.5	533.5	533.5	533.5	533.5	533.5	1,169.5	1,095.5	1,076.2	1,061.0
1. Long-term production in progress	—	—	533.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	533.5	533.5	—	533.5	533.5	533.5	533.5	533.5	1,169.5	1,095.5	1,076.2	1,061.0
V. Long-term financial investments	710.7	24.4	23.6	35.9	38.0	53.1	616.5	1,194.8	1,201.8	1,211.0	1,217.0	1,861.1
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	710.7	24.4	23.6	35.9	35.2	50.3	613.7	1,192.0	1,198.9	1,208.2	1,214.2	1,858.3
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	—	—	—	—	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
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	980.4	987.4	980.1	999.0	992.6	979.9	964.5	955.1	955.1	954.4	955.8	958.4
1. Long-term prepayments	979.1	984.2	978.9	994.2	983.6	971.9	956.8	947.1	947.2	946.5	947.8	950.4
2. Deferred income tax assets	1.2	3.2	1.2	4.8	8.9	8.1	7.6	8.0	8.0	8.0	8.0	8.0
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)	27,271.3	24,245.5	24,226.4	23,094.5	24,116.3	22,663.3	22,536.8	21,428.5	21,069.8	20,590.8	20,632.7	21,758.9
A. LIABILITIES (300=210+330)	14,847.3	12,304.8	12,370.6	11,986.3	12,692.5	11,606.3	11,532.8	11,797.4	11,490.5	11,968.0	12,110.6	13,511.1
I. Short -term liabilities	10,258.8	7,601.7	7,592.6	8,126.0	8,399.9	8,557.5	8,701.4	9,499.5	4,605.8	9,372.4	9,571.7	11,599.5
1. Short-term trade accounts payable	164.1	120.8	143.4	181.7	197.9	181.6	208.4	210.2	245.4	276.8	368.6	420.1
2. Short-term advances from customers	237.7	24.9	50.8	26.7	3.6	3.6	3.6	3.6	3.6	3.6	196.5	1,134.2
3. Taxes and other payables to state authorities	198.1	213.1	379.8	303.3	491.3	96.0	264.2	223.6	198.0	229.2	305.2	346.8
4. Payable to employees	9.1	8.8	8.8	9.1	9.7	9.9	9.4	9.1	9.0	8.8	8.6	8.4
5. Short-term acrrued expenses	335.7	390.0	437.6	452.9	504.0	162.9	173.2	148.5	125.9	131.9	118.4	443.3
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	1.5	3.1	3.1	3.1	3.1	3.2
9. Other short-term payables	8,177.0	5,624.6	5,636.5	5,640.6	5,706.8	6,700.3	6,629.9	7,614.4	3,182.2	7,141.8	6,412.3	6,869.0
10. Short-term borrowings and financial leases	1,106.1	1,189.1	904.1	1,480.7	1,454.7	1,366.4	1,373.5	1,265.0	814.7	1,552.3	2,132.4	2,346.8
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	31.0	30.3	31.7	31.1	31.8	36.8	37.9	22.1	23.9	24.8	26.7	27.6
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	4,588.6	4,703.1	4,778.0	3,860.3	4,292.7	3,048.8	2,831.4	2,297.9	6,884.8	2,595.6	2,538.9	1,911.7
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	16.0	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	150.5	0.0	0.0	4.0	404.0	0.0	21.0	21.0	4,578.3	781.9	781.9	782.0
8. Long-term borrowings and financial leases	4,438.1	4,703.1	4,778.0	3,856.3	3,888.6	3,048.8	2,810.4	2,277.0	2,290.5	1,813.7	1,757.0	1,129.6
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)	12,423.9	11,940.7	11,855.7	11,108.2	11,423.8	11,057.0	11,004.0	9,631.1	9,579.3	8,622.8	8,522.2	8,247.7
I. Owner's equity	12,423.9	11,940.7	11,855.7	11,108.2	11,423.8	11,057.0	11,004.0	9,631.1	9,579.3	8,622.8	8,522.2	8,247.7
1. Owner's capital	9,978.1	9,798.1	9,072.4	8,731.4	8,731.4	8,731.4	8,731.4	7,388.1	7,388.1	6,716.5	6,716.5	6,716.5
- Common stock with voting right	9,978.1	9,798.1	9,072.4	8,731.4	8,731.4	8,731.4	8,731.4	7,388.1	7,388.1	6,716.5	6,716.5	6,716.5
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	410.4	410.4	410.4	70.5	70.5	70.5	70.5	71.1	71.1	71.7	71.7	71.7
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	248.5	248.5	248.5	243.8	243.8	243.8	242.4	230.1	230.1	230.1	230.1	207.4
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	1,736.1	1,425.5	2,066.3	2,004.2	2,319.9	1,953.1	1,901.5	1,883.5	1,831.8	1,550.2	1,449.5	1,197.9
- Accumulated retained earning at the end of the previous period	1,226.2	1,226.2	1,951.9	1,954.6	1,801.1	1,801.1	1,801.1	1,831.9	1,068.2	1,152.3	1,132.3	1,155.1
- Undistributed earnings in this period	509.9	199.3	114.4	49.6	518.8	152.0	100.4	51.6	763.6	397.8	317.2	42.8
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	50.9	58.3	58.2	58.2	58.3	58.2	58.2	58.2	58.2	54.4	54.4	54.3
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)	27,271.3	24,245.5	24,226.4	23,094.5	24,116.3	22,663.3	22,536.8	21,428.5	21,069.8	20,590.8	20,632.7	21,758.9

Item	Q4'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	485.8	101.0	64.2	-163.5	87.2	76.3	889.4	-396.7	365.7	31.0	1,482.4
Depreciation of Fixed Assets and Investment Property	6.0	3.1	3.4	-8.0	4.4	3.6	12.7	-6.5	3.2	3.3	14.0
Provision (Increase)/Reversal	7.5	—	—	0.0	0.0	0.0	9.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	1.6	—	0.0	0.0	0.0	22.2	-1.4	3.5	-2.1	24.4
Gain/Loss from Investment Activities	-397.3	-141.3	-1.9	186.8	-193.4	6.5	-929.0	526.5	-526.5	0.1	-1,069.6
Interest Expense	217.9	62.0	66.8	-138.5	73.0	65.5	377.0	-199.4	103.2	96.2	535.3
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	320.0	26.5	132.6	-123.1	-28.9	152.0	381.3	-77.4	-51.0	128.4	986.5
Increase/(Decrease) in Receivables	-318.0	-1,785.1	308.2	649.9	55.9	-705.8	2,465.3	-2,622.0	1,783.3	838.7	-2,674.2
Increase/(Decrease) in Inventory	-2,285.3	-424.9	73.3	276.2	-188.2	-88.0	-26.3	18.4	-28.2	9.8	-1,627.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,503.9	1,044.9	-858.3	721.1	-475.5	-245.7	-1,647.5	1,830.2	-1,948.1	117.9	357.8
Increase/(Decrease) in Prepaid Expenses	14.3	-5.6	-9.7	5.9	-8.8	2.9	-0.9	2.2	5.2	-7.4	-36.0
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-190.5	-334.5	-82.3	212.4	-161.5	-50.9	-415.9	219.8	-66.0	-153.9	-502.9
Corporate Income Tax Paid	-102.5	-0.0	—	0.0	0.0	-0.0	-321.4	130.1	-130.0	-0.0	-261.4
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	3.3	-3.7	-1.7	4.2	-1.4	-2.8	-9.1	4.3	-2.2	-2.2	-21.5
Net Cash Flow from Operating Activities	-1,054.9	-1,482.5	-438.0	1,746.7	-808.4	-938.3	425.4	-494.5	-436.9	931.4	-3,778.8
Payments for Fixed Assets and Other Long-term Assets	0.0	-17.2	-9.9	35.8	-6.2	-29.6	-105.0	24.4	-22.3	-2.1	-80.9
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	-566.2	—	—	0.0	0.0	0.0	-6.0	6.0	0.0	-6.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	899.1	293.0	18.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	1.6	-0.8	-0.8	-3.8	1.7	-0.7	-1.0	-1,817.9
Proceeds from Investments in Other Entities	1,377.2	160.0	175.0	-45.0	0.0	45.0	600.4	-50.9	50.9	0.0	4,475.2
Dividends and Interest Income Received	-62.4	73.1	2.1	-4.5	3.5	1.1	4.2	-2.0	1.4	0.6	8.5
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	960.5	427.1	184.7	-12.1	-3.5	15.7	489.8	-20.8	29.4	-8.5	2,584.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	-1,342.6	1,342.6	0.0	682.1	-3.0	0.0	3.0	2.6
Share Repurchases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	684.1	1,849.4	140.9	-1,200.4	612.9	587.5	1,748.5	-776.5	742.1	34.3	3,249.0
Repayment of Borrowings	-418.4	-852.3	-147.3	123.7	27.0	-150.7	-3,102.6	1,342.8	-339.1	-1,003.7	-2,290.0
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	445.1	996.6	-6.4	-2,419.4	1,982.6	436.8	-671.9	563.4	403.0	-966.4	961.6
Net Cash Flow During the Period	350.7	-58.8	-259.7	-684.8	1,170.6	-485.8	243.3	48.0	-4.5	-43.5	-232.3
Cash and Cash Equivalents at Beginning of Period	343.7	84.0	343.7	0.0	505.1	505.1	261.8	0.0	261.8	261.8	494.0
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	375.9	25.2	84.0	0.0	1,189.9	19.3	505.1	0.0	213.7	218.3	261.8

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