PEN

Listed Company · HNX

Price

10,200

Latest close

01 Apr 2026

P/E 25.5x

EPS (TTM) 400

ROE (TTM) 3.4%

P/B 0.9x

BVPS (Latest) 11,944

ROA (TTM) 0.7%

What Is Changing

PEN no longer looks like a business simply rebounding from a weak base. Revenue posted +44.7% YoY, while net margin reached 0.45% with an additional +0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 1.8bn in 2025.
Revenue increased 44.7% YoY to VND 388.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	388.4	268.5	134.0	157.3	131.6
Growth	+45%	+100%	-15%	+19%	—
Net Income	1.8	1.0	-15.5	0.4	-7.2
Net Margin	0.45%	0.38%	-11.53%	0.26%	-5.50%

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	195.2	90.1	55.6	51.0	97.1	67.3	82.0	22.1	67.1	22.9	33.0	11.0
Growth	+117%	+62%	+9%	-47%	+44%	-18%	+271%	-67%	+194%	-31%	+199%	—
Net Income	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6	0.0
Net Margin	0.27%	0.58%	4.73%	-3.30%	0.23%	0.41%	3.68%	-11.32%	-1.27%	-25.37%	-19.91%	0.34%

Financial Statements

Profitability

Net margin reached 0.45% while Revenue posted +44.7% YoY.

Balance Sheet

Inventory stood at 49.6bn, liabilities at 264.3bn, and equity at 59.5bn.

Cash Flow

Operating cash flow was -57.3bn in 2025, while investing cash flow was -1.1bn.

Financing cash flow: 59.9bn.

Item	2025	2024	2023	2022	2021
Revenue	388.4	268.5	134.0	157.3	131.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	388.4	268.5	134.0	157.3	131.6
Cost of Goods Sold	361.4	246.8	126.4	140.8	0.0
Gross Profit	27.0	21.6	7.5	16.5	11.6
Financial Income	2.7	4.4	0.6	1.9	8.5
Financial Expenses	10.0	5.2	6.2	7.9	-9.9
Interest Expense	8.7	5.1	7.1	6.6	-10.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.1	0.6	0.4	-0.2
General and Administrative Expenses	18.5	21.0	15.5	11.5	-23.5
Operating Profit	1.1	-0.2	-14.2	-1.4	-13.6
Other Income	1.3	1.4	0.4	2.7	0.0
Other Expenses	0.6	0.3	0.9	1.0	0.0
Other Profit	0.7	1.2	-0.5	1.8	6.3
Profit Before Tax	1.8	1.0	-14.7	0.4	-7.3
Current Income Tax Expense	—	0.0	0.8	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.8	1.0	-15.5	0.4	-7.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.8	1.0	-15.5	0.4	-7.2
Earnings per Share	350.00	202.00	-3,090.00	83.00	-1,449.00
Diluted EPS	350.17	202.09	-3,090.16	82.76	-1,449.30

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	308.2	254.4	235.4	184.3	234.4
I. Cash and cash equivalents	16.9	15.4	35.0	12.3	62.3
1. Cash	16.1	15.4	35.0	12.3	0.0
2. Cash equivalents	0.8	0.0	0.0	0.0	0.0
II. Short-term financial investments	13.0	9.2	10.7	10.6	0.0
1. Available for sale securities	13.9	8.8	11.0	11.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.6	-0.4	-0.4	-1.4	0.0
3. Held to maturity investments	0.8	0.8	0.0	1.0	0.0
III. Short-term receivables	223.9	197.7	163.0	138.4	136.3
1. Short-term trade accounts receivable	137.3	110.5	74.5	82.6	0.0
2. Short-term prepayments to suppliers	11.4	10.0	15.3	3.4	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	96.6	97.7	90.2	67.7	0.0
7. Provision for short-term doubtful debts (*)	-21.4	-20.5	-17.0	-15.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	49.6	25.7	20.7	16.3	16.0
1. Inventories	49.8	25.7	20.7	16.3	0.0
2. Provision for decline in value of inventories	-0.2	0.0	0.0	0.0	0.0
V. Other short-term assets	4.7	6.3	6.0	6.7	8.8
1. Short-term prepayments	0.3	0.4	0.3	0.3	0.0
2. Value added tax to be reclaimed	3.0	5.2	5.6	6.5	0.0
3. Taxes and other receivables from state authorities	1.5	0.7	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)	15.6	18.1	20.0	50.5	31.5
I. Long-term receivables	0.0	0.0	0.0	25.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	25.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	14.0	16.2	18.8	22.8	29.4
1. Tangible fixed assets	14.0	16.2	18.8	22.8	29.4
- Cost	88.6	89.4	88.7	89.0	0.0
- Accumulated depreciation	-74.5	-73.2	-69.9	-66.2	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	0.0	0.0
- Cost	1.0	1.0	1.0	1.0	0.0
- Accumulated depreciation	-1.0	-1.0	-1.0	-1.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	0.0
IV. Long-term assets in progress	0.2	0.4	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.4	0.0	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	0.4	0.4	0.4	0.4	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	-0.4	-0.4	-0.4	-0.4	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	1.3	1.5	1.2	2.0	0.0
1. Long-term prepayments	1.3	1.5	1.2	2.0	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	2.1
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)	323.8	272.4	255.4	234.9	265.9
A. LIABILITIES (300=210+330)	264.3	214.7	198.7	162.7	193.7
I. Short -term liabilities	241.4	209.6	188.2	154.0	179.2
1. Short-term trade accounts payable	46.4	35.7	10.2	14.7	14.9
2. Short-term advances from customers	76.8	102.0	114.5	65.8	63.6
3. Taxes and other payables to state authorities	1.4	1.5	0.6	0.7	0.0
4. Payable to employees	1.7	0.4	0.2	0.3	0.0
5. Short-term acrrued expenses	4.5	1.1	1.1	0.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	10.0	9.1	11.1	8.1	0.0
10. Short-term borrowings and financial leases	98.2	56.1	47.6	60.7	85.0
11. Provision for short-term liabilities	0.1	1.2	0.2	0.2	0.0
12.. Bonus and welfare fund	2.3	2.5	2.7	3.6	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	22.9	5.1	10.5	8.7	14.5
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	0.1	0.1	0.0	0.0
8. Long-term borrowings and financial leases	22.9	5.1	10.4	8.7	14.5
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)	59.5	57.7	56.7	72.2	72.2
I. Owner's equity	59.5	57.7	56.7	72.2	0.0
1. Owner's capital	50.0	50.0	50.0	50.0	72.2
- Common stock with voting right	50.0	50.0	50.0	50.0	50.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	13.3	13.3	13.3	13.3	13.3
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	16.8	16.8	16.8	16.8	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	-20.6	-22.3	-23.3	-7.9	-7.8
- Accumulated retained earning at the end of the previous period	-22.3	-23.3	-7.9	-8.3	0.3
- Undistributed earnings in this period	1.8	1.0	-15.5	0.4	-8.1
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)	323.8	272.4	255.4	234.9	265.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.8	1.0	-14.7	0.4	-7.4
Depreciation of Fixed Assets and Investment Property	3.1	3.3	4.0	6.5	7.0
Provision (Increase)/Reversal	1.3	4.5	0.6	-5.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.4	-0.5	-1.6	0.0
Interest Expense	8.7	5.1	7.1	6.6	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	14.6	13.5	-3.4	6.8	17.5
Increase/(Decrease) in Receivables	-25.5	-38.5	0.3	-14.1	0.0
Increase/(Decrease) in Inventory	-23.5	-5.0	-4.4	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.2	12.1	48.2	-5.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.3	0.8	-0.0	0.0
Changes in Trading Securities	-5.1	2.2	0.0	-6.3	0.0
Interest Paid	-8.6	-5.1	-7.1	-6.6	0.0
Corporate Income Tax Paid	—	0.0	-0.8	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.2	-0.8	-0.8	0.0
Net Cash Flow from Operating Activities	-57.3	-21.3	32.6	-27.1	54.7
Payments for Fixed Assets and Other Long-term Assets	-1.8	-1.1	0.0	0.0	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	—	-0.8	0.0	0.0	-6.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	1.0	5.5	0.0
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	0.7	0.4	0.5	0.9	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	-1.1	-1.4	1.5	7.1	-7.8
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	344.5	121.0	91.3	91.0	110.3
Repayment of Borrowings	-284.6	-117.9	-102.6	-121.1	-140.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-5.0
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	59.9	3.1	-11.3	-30.1	-35.4
Net Cash Flow During the Period	1.5	-19.6	22.8	-50.0	25.5
Cash and Cash Equivalents at Beginning of Period	15.4	35.0	12.3	62.3	50.8
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	16.9	15.4	35.0	12.3	62.3

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	195.2	90.1	55.6	51.0	97.1	67.3	82.0	22.1	67.1	22.9	33.0	11.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	195.2	90.1	55.6	51.0	97.1	67.3	82.0	22.1	67.1	22.9	33.0	11.0
Cost of Goods Sold	185.8	85.0	47.0	46.9	88.3	62.0	76.0	19.3	61.4	23.1	33.1	8.8
Gross Profit	9.4	5.1	8.6	4.1	8.8	5.3	6.0	2.8	5.7	-0.2	-0.1	2.3
Financial Income	-1.4	3.4	0.5	0.2	0.3	1.2	3.1	0.1	0.0	0.0	0.5	0.1
Financial Expenses	3.6	2.6	2.3	1.4	1.4	1.0	1.6	1.3	3.0	0.9	1.8	0.6
Interest Expense	3.0	2.6	1.9	1.2	1.3	1.2	1.3	1.4	2.9	0.9	1.8	1.6
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.2	0.2	0.3	0.0
General and Administrative Expenses	4.9	5.4	4.1	4.1	8.5	4.9	4.8	4.0	5.7	3.3	4.9	1.6
Operating Profit	-0.6	0.5	2.6	-1.2	-0.9	0.5	2.7	-2.5	-3.2	-4.6	-6.5	0.0
Other Income	1.1	0.0	0.0	0.1	1.2	0.0	0.3	0.0	2.4	0.3	0.1	0.0
Other Expenses	0.0	0.0	0.0	0.5	0.0	0.2	0.0	0.0	0.0	1.5	0.1	0.0
Other Profit	1.1	0.0	-0.0	-0.5	1.1	-0.2	0.3	0.0	2.3	-1.2	-0.1	-0.0
Profit Before Tax	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6	0.0
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6	0.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6	0.0
Earnings per Share	107.00	104.00	526.00	-337.00	44.00	55.00	603.00	-501.00	-171.00	-1,159.00	-1,314.00	8.00
Diluted EPS	107.00	104.00	526.00	-337.00	202.00	55.00	603.00	-501.00	-171.00	-1,159.00	-1,314.00	8.00

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)	308.4	294.6	273.7	238.4	254.7	213.9	213.5	238.1	237.8	177.2	172.7	170.7
I. Cash and cash equivalents	16.9	11.8	9.5	20.1	13.7	15.6	9.2	13.8	35.0	4.0	3.6	3.6
1. Cash	16.1	11.8	9.5	20.1	13.7	15.6	9.2	13.8	35.0	4.0	3.6	3.6
2. Cash equivalents	0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	13.0	14.6	17.7	17.2	9.2	1.4	6.5	10.7	10.7	10.7	10.6	11.6
1. Available for sale securities	13.9	14.8	17.9	16.9	8.8	1.7	7.2	11.0	11.0	11.0	11.0	11.0
2. Provision for diminution in value of available for sale securities (*)	-1.6	-1.0	-0.9	-0.5	-0.4	-0.3	-0.6	-0.3	-0.4	-0.4	-0.4	-0.4
3. Held to maturity investments	0.8	0.8	0.8	0.8	0.8	0.0	0.0	0.0	0.0	0.0	0.0	1.0
III. Short-term receivables	223.9	186.3	173.5	157.7	199.5	158.3	160.0	157.0	165.3	136.2	131.0	123.7
1. Short-term trade accounts receivable	137.3	81.2	67.5	64.0	110.5	60.9	58.7	60.4	74.5	73.9	75.4	68.4
2. Short-term prepayments to suppliers	11.4	25.0	30.9	18.1	10.0	6.7	16.1	15.1	15.3	8.4	1.7	2.0
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	96.6	101.5	95.6	96.1	99.4	107.7	102.3	98.5	92.5	69.1	69.2	68.7
7. Provision for short-term doubtful debts (*)	-21.4	-21.4	-20.5	-20.5	-20.5	-17.0	-17.0	-17.0	-17.0	-15.2	-15.2	-15.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	49.8	75.0	65.3	36.8	26.1	31.9	31.4	47.5	20.8	19.8	20.4	24.1
1. Inventories	49.8	75.0	65.3	36.8	26.1	31.9	31.4	47.5	20.8	19.8	20.4	24.1
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	4.7	6.9	7.6	6.7	6.3	6.7	6.4	9.1	6.0	6.6	7.1	7.7
1. Short-term prepayments	0.3	0.2	0.2	0.4	0.4	0.6	0.5	1.0	0.3	0.5	0.1	0.9
2. Value added tax to be reclaimed	3.0	5.8	6.5	5.4	5.2	5.6	5.6	7.8	5.7	5.8	6.7	6.8
3. Taxes and other receivables from state authorities	1.5	0.9	0.9	0.9	0.7	0.5	0.2	0.3	0.0	0.3	0.3	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)	15.6	16.0	17.0	18.0	17.7	18.0	18.4	19.0	20.0	46.9	48.0	49.4
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.7	25.7	25.7
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.7	25.7	25.7
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	14.0	14.3	15.1	15.9	16.2	16.4	17.1	17.9	18.8	19.7	20.7	21.7
1. Tangible fixed assets	14.0	14.3	15.1	15.9	16.2	16.4	17.1	17.9	18.8	19.7	20.7	21.7
- Cost	—	—	—	—	89.4	88.8	87.4	88.7	88.7	88.7	89.0	89.0
- Accumulated depreciation	—	—	—	—	-73.2	-72.4	-70.3	-70.8	-69.9	-69.0	-68.3	-67.4
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	—	—	—	—	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
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	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	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	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
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	1.3	1.5	1.7	2.0	1.5	1.6	1.3	1.1	1.2	1.5	1.6	2.1
1. Long-term prepayments	1.3	1.5	1.7	2.0	1.5	1.6	1.3	1.1	1.2	1.5	1.6	2.1
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)	324.0	310.6	290.6	256.5	272.4	231.9	231.9	257.1	257.8	224.1	220.7	220.1
A. LIABILITIES (300=210+330)	264.3	251.4	232.0	200.4	214.7	174.4	174.7	202.9	198.8	164.3	155.1	147.9
I. Short -term liabilities	241.4	237.3	223.8	193.0	208.0	170.2	163.8	193.1	188.4	157.8	149.3	139.9
1. Short-term trade accounts payable	46.4	25.8	22.1	20.7	35.7	17.4	7.7	5.2	10.4	13.8	14.7	15.5
2. Short-term advances from customers	76.8	92.5	94.8	100.4	102.0	89.8	91.5	131.4	114.5	80.4	68.5	66.1
3. Taxes and other payables to state authorities	1.4	1.6	0.4	0.3	1.5	0.5	0.3	0.4	0.6	0.8	1.1	0.3
4. Payable to employees	1.7	3.5	2.4	1.4	0.4	0.6	1.2	0.3	0.2	0.3	0.4	0.2
5. Short-term acrrued expenses	4.5	1.8	2.4	5.6	1.1	3.8	5.0	1.2	1.1	0.6	0.2	0.2
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	10.0	9.3	8.8	8.8	9.1	6.3	9.4	8.8	11.1	7.0	6.4	5.5
10. Short-term borrowings and financial leases	98.2	99.2	89.5	52.2	54.5	49.2	46.1	43.1	47.6	52.3	55.0	48.9
11. Provision for short-term liabilities	0.1	1.1	1.2	1.2	1.2	0.2	0.2	0.2	0.2	0.0	0.2	0.2
12.. Bonus and welfare fund	2.3	2.4	2.4	2.4	2.5	2.5	2.5	2.6	2.7	2.7	2.8	2.9
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	22.9	14.1	8.1	7.5	6.7	4.3	10.9	9.8	10.5	6.5	5.7	8.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
8. Long-term borrowings and financial leases	22.9	14.0	8.1	7.4	6.7	4.2	10.8	9.7	10.4	6.4	5.7	8.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	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)	59.7	59.2	58.7	56.0	57.7	57.5	57.2	54.2	59.0	59.8	65.6	72.2
I. Owner's equity	59.7	59.2	58.7	56.0	57.7	57.5	57.2	54.2	59.0	59.8	65.6	72.2
1. Owner's capital	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
- Common stock with voting right	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3
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	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8
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	-20.3	-20.8	-21.4	-24.0	-22.3	-22.5	-22.8	-25.8	-21.1	-20.2	-14.4	-7.8
- Accumulated retained earning at the end of the previous period	-22.3	-22.3	-22.3	-22.3	-23.3	-23.3	-23.3	-23.3	-7.9	-7.9	-7.9	-7.9
- Undistributed earnings in this period	2.0	1.5	0.9	-1.7	1.0	0.8	0.5	-2.5	-13.2	-12.3	-6.5	0.0
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	—	—	—	—	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)	324.0	310.6	290.6	256.5	272.4	231.9	231.9	257.1	257.8	224.1	220.7	220.1

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	0.3	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-2.3	-5.8	-6.6	0.0
Depreciation of Fixed Assets and Investment Property	0.7	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9	1.0	1.0	1.2
Provision (Increase)/Reversal	-0.1	0.9	0.4	0.1	2.5	-0.3	0.3	-0.0	2.0	-0.2	-0.2	-1.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.2	-0.0	-0.2	-0.0	-0.2	-0.0	-0.0	-0.0	-0.5	-0.0
Interest Expense	3.0	2.6	1.9	1.2	1.3	1.2	1.3	1.4	2.9	0.9	1.8	1.6
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	3.7	4.8	5.6	0.4	4.7	1.9	5.2	-0.4	3.5	-4.2	-4.5	1.8
Increase/(Decrease) in Receivables	-35.3	-13.0	-17.0	39.7	-44.5	1.4	-0.8	3.6	-2.6	-4.3	-7.3	14.4
Increase/(Decrease) in Inventory	25.2	-10.9	-26.7	-11.1	5.8	-0.5	16.1	-26.8	-0.9	0.5	3.7	-7.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.1	5.0	-9.3	-10.9	33.7	3.1	-32.2	9.5	34.9	11.6	3.4	-1.7
Increase/(Decrease) in Prepaid Expenses	0.1	0.2	0.5	-0.5	0.3	-0.4	0.3	-0.6	0.5	-0.3	1.3	-0.7
Changes in Trading Securities	—	—	—	—	-7.1	5.5	3.9	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.9	-2.6	-1.9	-1.2	-1.3	-1.2	-1.3	-1.4	-2.9	-0.9	-1.8	-1.6
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	-0.8	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	-0.1	0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.1	-0.0	-0.1	-0.1	-0.6
Net Cash Flow from Operating Activities	-2.2	-13.4	-49.8	8.2	-8.4	9.8	-8.9	-16.0	31.7	2.4	-5.2	3.7
Payments for Fixed Assets and Other Long-term Assets	-0.5	0.0	0.7	-2.1	-0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	-0.8	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	1.0	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	0.6	0.0	0.2	0.0	0.2	0.0	0.0	0.0	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	-0.4	0.0	1.3	-2.0	-1.3	0.0	0.2	0.0	0.0	0.0	1.5	0.0
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	96.8	129.2	86.4	32.2	44.7	31.1	28.4	16.7	41.5	9.6	28.0	12.1
Repayment of Borrowings	-89.0	-113.5	-48.4	-33.7	-37.0	-34.5	-24.4	-22.0	-42.2	-11.7	-24.2	-24.6
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	7.8	15.7	37.9	-1.5	7.7	-3.5	4.1	-5.2	-0.7	-2.0	3.8	-12.4
Net Cash Flow During the Period	5.1	2.3	-10.5	4.6	-1.9	6.4	-4.6	-21.2	31.0	0.4	0.1	-8.7
Cash and Cash Equivalents at Beginning of Period	11.8	9.5	20.1	15.4	35.0	35.0	35.0	35.0	12.3	12.3	12.3	12.3
FX Difference from Revaluation	0.0	-0.0	-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	16.9	11.8	9.5	20.1	13.7	15.6	9.2	13.8	35.0	4.0	3.6	3.6

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What Is Changing

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Balance Sheet

Cash Flow

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