PEG

Listed Company · UPCOM

Price

3,800

Latest close

03 Apr 2026

P/E 4,827.9x

EPS (TTM) 1

ROE (TTM) 0.0%

P/B 1.5x

BVPS (Latest) 2,611

ROA (TTM) 0.0%

What Is Changing

PEG has not yet shown a broad-based top-line recovery. Revenue posted -24.2% YoY, but net margin reached 0.00% with an additional +0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 0.1bn in 2025.
Net margin improved from -0.50% in the prior period to 0.00% in 2025.
Revenue decreased 24.2% YoY to VND 5,452.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	5,452.4	7,190.2	7,578.4	7,880.4	3,806.9
Growth	-24%	-5%	-4%	+107%	—
Net Income	0.1	-36.0	-0.6	2.1	13.3
Net Margin	0.00%	-0.50%	-0.01%	0.03%	0.35%

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	1,648.7	1,252.5	1,355.4	1,195.9	1,668.1	1,738.5	1,843.5	1,940.2	1,518.3	2,213.4	1,983.5	1,863.3
Growth	+32%	-8%	+13%	-28%	-4%	-6%	-5%	+28%	-31%	+12%	+6%	—
Net Income	-0.1	11.4	1.3	-12.5	-7.6	-10.0	-18.3	-0.1	-38.7	22.6	0.6	14.9
Net Margin	-0.00%	0.91%	0.09%	-1.05%	-0.46%	-0.58%	-0.99%	-0.01%	-2.55%	1.02%	0.03%	0.80%

Financial Statements

Profitability

Net margin reached 0.00% while Revenue posted -24.2% YoY.

Balance Sheet

Inventory stood at 20.5bn, liabilities at 557.2bn, and equity at 649.9bn.

Cash Flow

Operating cash flow was 39.2bn in 2025, while investing cash flow was -45.7bn.

Financing cash flow: -1.1bn.

Item	2025	2024	2023	2022	2021
Revenue	5,452.4	7,190.2	7,578.4	7,880.4	3,806.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	5,452.4	7,190.2	7,578.4	7,880.4	3,806.9
Cost of Goods Sold	5,194.9	6,948.5	7,339.8	7,585.9	0.0
Gross Profit	257.5	241.7	238.7	294.5	199.2
Financial Income	3.7	3.3	21.5	8.5	2.7
Financial Expenses	1.1	0.6	0.9	4.1	-2.6
Interest Expense	0.2	0.3	1.0	0.6	-1.3
Share of Associates and Joint Ventures	2.0	4.0	0.0	0.8	0.8
Selling Expenses	211.4	229.3	227.9	183.3	-138.3
General and Administrative Expenses	51.0	55.7	47.1	111.1	-50.0
Operating Profit	-0.3	-36.7	-15.7	5.4	11.8
Other Income	1.4	3.0	17.0	3.6	0.0
Other Expenses	0.9	2.2	0.8	6.9	0.0
Other Profit	0.5	0.8	16.2	-3.3	1.5
Profit Before Tax	0.2	-35.9	0.5	2.1	13.3
Current Income Tax Expense	0.1	0.1	1.1	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.1	-36.0	-0.6	2.1	13.3
Non-controlling Interest	-0.0	-1.0	3.2	-0.2	0.2
Profit Attributable to Parent	0.1	-35.1	-3.7	2.3	13.2
Earnings per Share	0.48	-141.00	-15.00	9.00	52.92
Diluted EPS	0.48	-140.92	-15.04	9.26	52.92

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	422.8	369.2	814.9	444.5	502.2
I. Cash and cash equivalents	42.5	50.0	63.2	94.2	46.3
1. Cash	38.7	46.2	55.5	83.4	0.0
2. Cash equivalents	3.8	3.8	7.7	10.8	0.0
II. Short-term financial investments	0.4	0.4	1.0	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	0.4	0.4	1.0	0.0	0.0
III. Short-term receivables	347.7	255.1	261.9	276.3	287.8
1. Short-term trade accounts receivable	735.2	699.2	700.7	715.0	0.0
2. Short-term prepayments to suppliers	50.8	5.6	8.2	5.9	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	221.8	209.7	209.8	212.9	0.0
7. Provision for short-term doubtful debts (*)	-660.0	-659.4	-656.8	-657.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	20.5	51.4	445.6	62.2	154.5
1. Inventories	20.5	51.4	455.5	62.2	0.0
2. Provision for decline in value of inventories	—	0.0	-9.9	0.0	0.0
V. Other short-term assets	11.7	12.3	43.1	11.7	13.6
1. Short-term prepayments	3.2	3.6	2.8	1.1	0.0
2. Value added tax to be reclaimed	6.9	7.2	38.8	9.0	0.0
3. Taxes and other receivables from state authorities	1.6	1.5	1.5	1.5	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)	784.3	837.9	864.4	896.1	940.3
I. Long-term receivables	2.5	2.5	2.6	2.3	0.0
1. Long-term trade receivables	19.7	19.7	19.7	19.7	2.1
2. Long-term prepayments to suppliers	—	0.0	0.1	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	2.5	2.5	2.5	2.3	0.0
7. Provision for long-term doubtful debts	-19.7	-19.7	-19.7	-19.7	0.0
II. Fixed assets	335.4	360.6	382.7	551.6	576.9
1. Tangible fixed assets	201.3	224.1	244.3	268.4	294.8
- Cost	713.0	712.1	712.2	714.0	0.0
- Accumulated depreciation	-511.7	-487.9	-467.9	-445.6	0.0
2. Financial leased fixed assets	3.9	5.3	6.2	3.3	1.1
- Cost	6.1	7.3	7.3	3.6	0.0
- Accumulated depreciation	-2.3	-2.0	-1.1	-0.3	0.0
3. Intangible fixed assets	130.3	131.2	132.1	279.9	280.9
- Cost	147.8	147.8	147.8	294.6	0.0
- Accumulated depreciation	-17.5	-16.6	-15.7	-14.7	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	66.3	65.7	70.5	59.2	58.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	66.3	65.7	70.5	59.2	0.0
V. Long-term financial investments	39.3	38.2	34.5	54.6	55.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.0	4.0	0.0	20.9	0.0
3. Investments in other entities	41.5	41.5	41.5	41.5	0.0
4. Provision for diminution in value of long-term investments	-8.1	-7.3	-7.0	-7.7	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	340.7	371.0	374.2	228.4	0.0
1. Long-term prepayments	340.7	371.0	374.2	228.4	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	247.4
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)	1,207.1	1,207.2	1,679.4	1,340.6	1,442.5
A. LIABILITIES (300=210+330)	557.2	557.4	993.5	654.2	744.8
I. Short -term liabilities	499.9	544.4	979.2	642.5	734.4
1. Short-term trade accounts payable	393.2	454.6	922.9	514.0	617.2
2. Short-term advances from customers	5.7	3.4	6.1	17.1	12.3
3. Taxes and other payables to state authorities	74.7	64.4	33.7	30.0	0.0
4. Payable to employees	10.5	11.0	10.4	14.2	0.0
5. Short-term acrrued expenses	7.5	2.6	0.2	5.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	3.6	3.5	0.2	0.0	0.0
9. Other short-term payables	3.9	3.9	2.5	39.4	0.0
10. Short-term borrowings and financial leases	1.0	1.1	3.2	22.9	22.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	-0.1	-0.1	-0.1	-0.1	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	57.3	13.0	14.4	11.7	10.4
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	0.4	0.5	1.1	0.0	0.5
7. Other long-term liabilities	55.9	10.5	10.1	10.0	0.0
8. Long-term borrowings and financial leases	1.0	2.0	3.1	1.7	0.8
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)	649.9	649.8	685.8	686.4	697.7
I. Owner's equity	649.9	649.8	685.8	686.4	0.0
1. Owner's capital	2,488.8	2,488.8	2,488.8	2,488.8	697.7
- Common stock with voting right	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8
- 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	-5.2	-5.2	-5.2	-5.2	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	8.8	8.8	8.8	8.8	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	-1,856.6	-1,856.7	-1,821.7	-1,817.9	-1,798.6
- Accumulated retained earning at the end of the previous period	-1,856.7	-1,821.7	-1,817.9	-1,820.2	0.0
- Undistributed earnings in this period	0.1	-35.1	-3.7	2.3	-1,798.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	14.2	14.2	15.2	12.0	4.0
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)	1,207.1	1,207.2	1,679.4	1,340.6	1,442.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.2	-35.9	0.5	2.1	13.3
Depreciation of Fixed Assets and Investment Property	25.1	26.0	26.0	25.7	26.3
Provision (Increase)/Reversal	1.5	-7.0	8.5	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.4	-6.2	-20.6	-6.6	0.0
Interest Expense	0.2	0.3	1.0	0.6	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	23.6	-22.8	15.4	22.3	39.7
Increase/(Decrease) in Receivables	-47.8	35.6	-36.1	16.3	0.0
Increase/(Decrease) in Inventory	30.9	404.2	-393.3	92.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.2	-427.0	377.1	-91.4	0.0
Increase/(Decrease) in Prepaid Expenses	30.6	2.5	-6.3	8.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.4	-1.0	-0.6	0.0
Corporate Income Tax Paid	-0.1	-0.0	-1.1	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	39.2	-8.1	-45.2	47.2	30.2
Payments for Fixed Assets and Other Long-term Assets	-47.3	-5.1	-11.2	-1.3	-21.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	12.2	0.5	0.0
Loans and Purchases of Debt Instruments	—	0.0	-1.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.6	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	33.1	0.0	0.0
Dividends and Interest Income Received	1.6	2.2	3.0	2.6	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	-45.7	-1.9	36.1	1.8	-21.2
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	—	12.7	66.7	103.3	359.1
Repayment of Borrowings	—	-14.8	-86.9	-104.0	-360.4
Repayment of Finance Leases	-1.1	-1.2	-1.6	-0.4	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	-1.1	-3.2	-21.9	-1.0	-1.3
Net Cash Flow During the Period	-7.6	-13.2	-31.0	47.9	8.4
Cash and Cash Equivalents at Beginning of Period	50.0	63.2	94.2	46.3	38.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	42.5	50.0	63.2	94.2	46.3

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	1,648.7	1,252.5	1,355.4	1,195.9	1,668.1	1,738.5	1,843.5	1,940.2	1,518.3	2,213.4	1,983.5	1,863.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,648.7	1,252.5	1,355.4	1,195.9	1,668.1	1,738.5	1,843.5	1,940.2	1,518.3	2,213.4	1,983.5	1,863.3
Cost of Goods Sold	1,576.8	1,184.8	1,289.5	1,143.6	1,600.5	1,682.9	1,788.5	1,876.6	1,513.7	2,150.2	1,893.4	1,782.4
Gross Profit	71.8	67.7	65.9	52.3	67.6	55.5	55.1	63.6	4.5	63.2	90.2	80.9
Financial Income	1.4	1.3	0.7	0.3	1.1	1.6	0.3	0.3	-1.0	3.2	16.9	2.4
Financial Expenses	0.6	0.1	0.4	0.1	0.0	0.1	0.4	0.1	-2.5	0.7	1.6	1.0
Interest Expense	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.2	0.3
Share of Associates and Joint Ventures	1.5	—	-0.0	0.5	1.1	0.0	-0.0	2.9	0.0	0.0	0.0	0.0
Selling Expenses	53.6	49.8	52.1	56.2	56.0	54.7	63.1	57.5	24.0	67.5	83.1	53.3
General and Administrative Expenses	20.2	8.1	13.1	9.6	21.1	12.8	10.3	9.7	20.5	-19.7	22.5	23.9
Operating Profit	0.3	11.2	0.9	-12.7	-7.3	-10.5	-18.4	-0.5	-38.5	18.0	-0.2	5.1
Other Income	0.4	0.3	0.4	0.2	2.0	0.5	0.0	0.5	-6.5	12.3	1.4	9.8
Other Expenses	0.8	0.0	0.1	0.0	2.2	0.0	0.0	0.0	-6.3	6.6	0.6	0.0
Other Profit	-0.4	0.3	0.4	0.2	-0.2	0.5	0.0	0.4	-0.2	5.8	0.8	9.8
Profit Before Tax	-0.1	11.4	1.3	-12.5	-7.5	-10.0	-18.3	-0.1	-38.7	23.7	0.6	14.9
Current Income Tax Expense	0.0	—	—	0.1	0.1	0.0	0.0	0.0	0.0	1.1	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.1	11.4	1.3	-12.5	-7.6	-10.0	-18.3	-0.1	-38.7	22.6	0.6	14.9
Non-controlling Interest	-0.1	0.0	-0.0	-0.0	0.3	0.0	0.0	-0.0	-0.3	3.2	0.1	0.1
Profit Attributable to Parent	0.0	11.4	1.3	-12.5	-7.9	-10.1	-18.3	-0.1	-38.4	19.4	0.5	14.8
Earnings per Share	0.00	45.78	5.23	-50.22	-31.90	-40.40	-73.69	-0.34	-154.35	77.99	2.03	59.29
Diluted EPS	0.00	45.78	5.23	-50.22	-31.90	-40.40	-73.69	-0.34	-154.35	77.99	2.03	59.29

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)	422.5	393.7	357.7	453.1	369.2	418.5	622.0	746.2	820.6	916.2	598.0	599.3
I. Cash and cash equivalents	42.5	61.2	64.0	60.5	50.0	62.9	63.2	68.4	64.2	68.7	78.9	106.8
1. Cash	38.7	57.7	60.5	57.6	46.2	56.9	60.3	61.9	55.5	50.6	68.4	96.4
2. Cash equivalents	3.8	3.5	3.5	2.9	3.8	6.0	2.9	6.5	8.7	18.1	10.5	10.4
II. Short-term financial investments	0.4	0.4	—	0.4	0.4	0.4	0.4	1.0	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	0.4	0.4	—	0.4	0.4	0.4	0.4	1.0	0.0	0.0	0.0	0.0
III. Short-term receivables	347.7	271.2	259.1	269.6	255.1	267.7	279.2	271.1	261.8	292.6	281.9	301.9
1. Short-term trade accounts receivable	735.2	708.6	699.2	711.5	699.2	701.5	709.2	708.1	700.7	721.7	717.5	733.9
2. Short-term prepayments to suppliers	50.8	6.3	5.3	5.6	5.6	5.6	6.5	6.0	8.1	9.2	7.5	13.2
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	221.8	215.8	215.0	212.0	209.7	218.5	221.9	215.3	209.7	218.1	213.3	212.2
7. Provision for short-term doubtful debts (*)	-660.0	-659.5	-660.3	-659.4	-659.4	-657.9	-658.4	-658.4	-656.8	-656.4	-656.4	-657.4
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	20.5	48.0	22.8	104.5	51.4	73.3	260.4	373.8	445.7	504.0	211.9	170.2
1. Inventories	20.5	48.0	22.8	104.5	51.4	73.3	260.4	373.8	455.6	504.0	211.9	170.2
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	-9.9	0.0	0.0	0.0
V. Other short-term assets	11.5	12.8	11.8	18.0	12.2	14.2	18.7	31.9	48.9	50.9	25.3	20.4
1. Short-term prepayments	3.0	3.8	3.4	4.3	3.6	5.3	5.1	4.0	8.5	6.0	4.0	1.4
2. Value added tax to be reclaimed	6.9	7.5	6.9	12.1	7.2	7.4	12.1	26.3	38.8	43.4	19.8	17.4
3. Taxes and other receivables from state authorities	1.6	1.5	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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)	784.6	799.4	813.3	827.5	837.9	854.0	858.0	869.1	858.8	868.4	849.7	882.3
I. Long-term receivables	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.7	2.4	2.4	2.3
1. Long-term trade receivables	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.1	0.2	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	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.4	2.5	2.4	2.4	2.3
7. Provision for long-term doubtful debts	-19.7	-19.7	-19.7	-19.7	-19.7	-19.7	-19.7	-19.7	-19.7	-19.7	-19.7	-19.7
II. Fixed assets	335.4	341.6	347.8	354.2	360.6	367.1	373.6	376.2	524.0	530.6	543.5	545.3
1. Tangible fixed assets	201.3	206.5	212.2	218.1	224.1	230.1	236.2	238.3	244.3	250.4	257.6	262.5
- Cost	—	—	—	—	712.1	712.1	712.1	710.7	712.2	712.5	715.3	714.1
- Accumulated depreciation	—	—	—	—	-487.9	-482.0	-476.0	-472.4	-467.9	-462.0	-457.7	-451.6
2. Financial leased fixed assets	3.9	4.6	4.9	5.1	5.3	5.5	5.8	6.0	6.2	6.4	6.5	3.2
- 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	130.3	130.5	130.7	131.0	131.2	131.4	131.7	131.9	273.4	273.7	279.4	279.7
- 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	66.3	66.5	65.9	65.3	65.7	63.9	72.7	73.9	70.5	62.6	59.2	59.3
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	66.3	66.5	65.9	65.3	65.7	63.9	72.7	73.9	70.5	62.6	59.2	59.3
V. Long-term financial investments	39.3	38.3	38.3	38.7	38.2	37.0	37.1	37.4	34.5	33.7	33.7	54.6
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	6.0	4.5	4.5	4.5	4.0	2.9	2.9	2.9	0.0	0.0	0.0	20.9
3. Investments in other entities	41.5	41.5	41.5	41.5	41.5	41.5	41.5	41.5	41.5	41.5	41.5	41.5
4. Provision for diminution in value of long-term investments	-8.1	-7.6	-7.6	-7.3	-7.3	-7.4	-7.3	-7.0	-7.0	-7.7	-7.7	-7.7
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	341.0	350.5	358.7	366.8	371.0	383.5	372.2	379.1	227.2	239.2	210.9	220.8
1. Long-term prepayments	341.0	350.5	358.7	366.8	371.0	383.5	372.2	379.1	227.2	239.2	210.9	220.8
2. Deferred income tax assets	—	—	—	—	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)	1,207.1	1,193.0	1,171.0	1,280.5	1,207.1	1,272.5	1,480.0	1,615.3	1,679.4	1,784.6	1,447.7	1,481.6
A. LIABILITIES (300=210+330)	557.2	543.1	532.5	643.3	557.4	615.2	812.7	929.6	993.6	1,060.0	745.8	780.3
I. Short -term liabilities	499.9	529.7	518.7	630.7	544.4	603.8	800.3	915.3	979.3	1,046.6	733.4	770.1
1. Short-term trade accounts payable	393.2	453.8	441.7	557.1	454.6	505.8	719.0	841.7	922.9	912.2	597.8	603.7
2. Short-term advances from customers	5.7	3.4	4.3	1.8	3.4	2.1	2.5	2.8	6.3	4.5	15.0	13.3
3. Taxes and other payables to state authorities	74.7	43.3	41.4	44.1	64.4	63.7	47.6	50.9	33.7	63.9	55.4	66.2
4. Payable to employees	10.5	16.9	19.0	17.2	11.0	19.9	18.6	14.5	10.4	28.1	23.4	19.5
5. Short-term acrrued expenses	7.5	4.0	2.2	2.6	2.6	3.2	3.6	0.2	0.2	30.7	34.3	15.0
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	3.6	1.8	3.7	1.9	3.5	0.7	0.4	0.7	0.2	0.6	0.0	0.0
9. Other short-term payables	3.9	5.7	5.5	4.9	3.9	6.7	7.0	3.6	2.5	3.8	2.4	36.6
10. Short-term borrowings and financial leases	1.0	1.0	1.0	1.1	1.2	1.8	1.8	1.1	3.2	2.8	5.1	15.9
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	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	57.3	13.3	13.8	12.6	13.0	11.4	12.3	14.2	14.2	13.5	12.4	10.2
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	0.4	0.6	0.8	0.4	0.5	0.7	0.8	1.0	1.1	0.0	0.0	0.0
7. Other long-term liabilities	55.8	11.5	11.5	10.5	10.5	8.5	8.9	10.1	10.0	9.8	8.2	8.5
8. Long-term borrowings and financial leases	1.0	1.2	1.5	1.7	1.9	2.2	2.5	3.1	3.1	3.7	4.1	1.7
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)	649.9	650.0	638.5	637.3	634.2	657.4	667.4	685.7	685.8	724.5	701.9	689.1
I. Owner's equity	649.9	650.0	638.5	637.3	634.2	657.4	667.4	685.7	685.8	724.5	701.9	689.1
1. Owner's capital	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8
- Common stock with voting right	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8	2,488.8
- 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	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2
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	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-1,856.6	-1,856.5	-1,867.9	-1,869.2	-1,858.1	-1,850.1	-1,840.1	-1,821.8	-1,821.7	-1,783.3	-1,802.7	-1,803.2
- Accumulated retained earning at the end of the previous period	—	—	-1,867.9	—	-1,858.1	0.0	0.0	-1,821.8	-1,821.7	-1,783.3	-1,802.7	0.0
- Undistributed earnings in this period	-1,856.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-1,803.2
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	14.2	14.2	14.2	0.0	15.2	15.2	15.2	15.2	15.5	12.3	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	—	—	—	—	15.5	0.0	0.0	0.0	0.0	0.0	0.0	12.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,207.1	1,193.0	1,171.0	1,280.5	1,207.1	1,272.5	1,480.0	1,615.3	1,679.4	1,784.6	1,447.7	1,481.6

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	-0.1	11.4	1.3	-12.5	-7.5	-10.0	-18.3	-0.1	-38.7	23.7	0.6	14.9
Depreciation of Fixed Assets and Investment Property	6.2	6.2	6.4	6.4	6.5	6.5	6.5	6.5	6.6	6.4	6.6	6.4
Provision (Increase)/Reversal	1.0	-0.8	1.2	-0.0	1.5	-0.4	-9.6	1.6	9.5	0.0	-1.0	-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	-1.9	-0.9	-0.0	-0.6	-1.5	-1.2	-0.1	-3.4	14.2	-22.1	-3.0	-9.7
Interest Expense	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.3
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	5.3	16.0	8.9	-6.6	-1.0	-5.1	-21.4	4.6	-8.2	8.2	3.5	11.9
Increase/(Decrease) in Receivables	-31.1	-11.9	14.7	-19.5	11.3	16.7	6.2	1.7	1.1	-21.8	8.8	-24.2
Increase/(Decrease) in Inventory	27.5	-25.2	81.7	-53.1	21.9	187.2	123.3	71.8	48.5	-292.1	-41.7	-108.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	14.4	11.1	-114.4	91.1	-58.7	-188.4	-113.1	-65.2	-44.7	300.4	-12.4	133.8
Increase/(Decrease) in Prepaid Expenses	10.3	7.8	9.1	3.5	14.3	-11.5	5.8	-6.1	9.4	-15.7	-7.2	7.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.3
Corporate Income Tax Paid	0.0	0.0	0.0	-0.1	-0.0	0.0	0.0	-0.0	-1.1	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	26.4	-2.2	-0.1	15.2	-12.4	-1.2	0.6	6.7	4.8	-21.2	-49.3	20.4
Payments for Fixed Assets and Other Long-term Assets	-45.3	-0.8	3.3	-4.4	0.0	0.0	-6.6	0.0	-10.2	0.3	-0.4	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	—	—	0.0	0.0	-0.0	0.4	0.1	12.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	-0.6	0.6	0.0	-1.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	0.4	—	0.0	0.6	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	33.1	0.0
Dividends and Interest Income Received	0.4	0.9	0.2	0.1	0.4	1.2	0.1	0.1	1.1	1.4	0.5	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	-44.9	-0.3	3.9	-4.4	0.4	1.2	-5.9	0.5	-10.1	13.9	33.3	-0.9
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	—	—	—	—	1.4	1.5	4.2	5.6	14.6	8.3	19.8	24.0
Repayment of Borrowings	—	—	—	—	-2.1	-1.5	-3.8	-7.4	-14.4	-10.9	-30.8	-30.8
Repayment of Finance Leases	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.2	-1.0	-0.1
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	-0.3	-0.3	-0.3	-0.3	-1.0	-0.3	0.2	-2.1	-0.1	-2.8	-12.0	-7.0
Net Cash Flow During the Period	-18.8	-2.7	3.4	10.5	-12.9	-0.3	-5.1	5.1	-5.4	-10.2	-28.0	12.6
Cash and Cash Equivalents at Beginning of Period	61.2	64.0	60.5	50.0	63.2	63.2	63.2	63.2	94.2	94.2	94.2	94.2
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	42.5	61.2	64.0	60.5	50.0	62.9	63.2	68.4	63.2	68.7	78.9	106.8

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Balance Sheet

Cash Flow

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