PGC

Listed Company · HOSE

Price

13,850

Latest close

03 Apr 2026

P/E 7.0x

EPS (TTM) 1,967

ROE (TTM) 12.6%

P/B 0.9x

BVPS (Latest) 14,672

ROA (TTM) 3.6%

What Is Changing

PGC no longer looks like a business simply rebounding from a weak base. Revenue posted +8.8% YoY, while net margin reached 2.52% with an additional -0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to 1.8% in 2025 from 13.6% in the prior period, at VND 117.8bn.
Revenue increased 8.8% YoY to VND 4,667.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	4,667.5	4,289.8	3,544.0	4,014.4	3,364.9
Growth	+9%	+21%	-12%	+19%	—
Net Income	117.8	115.7	101.9	126.6	125.8
Net Margin	2.52%	2.70%	2.88%	3.15%	3.74%

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	1,180.2	1,171.0	1,185.2	1,129.1	1,202.0	1,070.0	1,013.8	1,003.5	1,010.6	783.8	793.7	955.8
Growth	+1%	-1%	+5%	-6%	+12%	+6%	+1%	-1%	+29%	-1%	-17%	—
Net Income	29.7	28.2	31.1	28.4	19.9	32.3	34.7	29.0	22.4	19.3	29.7	30.5
Net Margin	2.51%	2.41%	2.63%	2.51%	1.66%	3.02%	3.43%	2.89%	2.21%	2.47%	3.74%	3.19%

Financial Statements

Profitability

Net margin reached 2.52% while Revenue posted +8.8% YoY.

Balance Sheet

Inventory stood at 179.9bn, liabilities at 2,266.3bn, and equity at 885.3bn.

Cash Flow

Operating cash flow was 207.9bn in 2025, while investing cash flow was -84.9bn.

Financing cash flow: -144.8bn.

Item	2025	2024	2023	2022	2021
Revenue	4,719.8	4,362.9	3,623.7	4,088.8	3,421.7
Revenue Deductions	52.3	73.1	79.7	74.4	0.0
Net Revenue	4,667.5	4,289.8	3,544.0	4,014.4	3,364.9
Cost of Goods Sold	3,810.1	3,549.7	2,884.2	3,404.6	0.0
Gross Profit	857.4	740.1	659.8	609.8	573.7
Financial Income	104.8	92.6	93.8	81.9	54.7
Financial Expenses	70.7	56.7	75.3	64.0	-32.7
Interest Expense	58.1	43.9	68.2	56.0	-32.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	519.5	417.6	381.5	338.2	-312.0
General and Administrative Expenses	229.4	215.4	162.4	136.2	-132.4
Operating Profit	142.6	142.9	134.4	153.3	151.2
Other Income	10.2	6.7	4.6	7.9	0.0
Other Expenses	1.2	0.6	3.3	0.9	0.0
Other Profit	9.0	6.1	1.2	6.9	8.8
Profit Before Tax	151.6	149.1	135.6	160.2	160.0
Current Income Tax Expense	36.5	33.4	32.7	34.3	-34.2
Deferred Income Tax Expense	-2.6	-0.1	1.0	-0.7	0.0
Net Income	117.8	115.7	101.9	126.6	125.8
Non-controlling Interest	5.2	7.3	6.6	5.3	5.8
Profit Attributable to Parent	112.6	108.4	95.3	121.4	120.0
Earnings per Share	1,206.00	1,417.00	1,235.00	1,669.00	1,833.00
Diluted EPS	1,866.65	1,796.43	1,579.32	2,011.02	1,989.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,468.0	1,921.0	1,895.5	1,912.6	1,841.7
I. Cash and cash equivalents	70.5	92.2	69.3	51.1	58.9
1. Cash	70.5	92.2	69.3	51.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,680.1	1,087.7	1,204.9	1,256.5	0.0
1. Available for sale securities	2.6	2.6	2.6	2.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.9	-2.1	-2.0	-1.9	0.0
3. Held to maturity investments	1,679.4	1,087.2	1,204.2	1,255.8	0.0
III. Short-term receivables	502.4	511.3	415.1	418.2	413.0
1. Short-term trade accounts receivable	410.1	455.3	369.3	355.5	0.0
2. Short-term prepayments to suppliers	11.4	5.5	4.5	2.0	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	81.6	51.2	41.7	61.4	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.4	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.1	0.0
IV. Inventories	179.9	210.4	175.8	150.8	195.1
1. Inventories	179.9	210.4	175.8	152.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-1.9	0.0
V. Other short-term assets	35.1	19.3	30.5	35.9	21.7
1. Short-term prepayments	10.3	4.1	5.1	6.0	0.0
2. Value added tax to be reclaimed	22.9	13.8	23.9	29.3	0.0
3. Taxes and other receivables from state authorities	1.8	1.5	1.5	0.6	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)	683.7	1,059.0	640.4	609.0	585.9
I. Long-term receivables	0.1	0.1	0.2	0.3	0.0
1. Long-term trade receivables	—	0.0	0.1	0.2	0.4
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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	303.7	293.6	299.4	284.7	315.0
1. Tangible fixed assets	233.3	223.1	233.0	217.8	248.6
- Cost	1,007.1	963.2	937.9	884.4	0.0
- Accumulated depreciation	-773.8	-740.1	-704.9	-666.6	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	70.4	70.6	66.4	67.0	66.4
- Cost	88.2	87.7	80.7	80.8	0.0
- Accumulated depreciation	-17.8	-17.1	-14.3	-13.8	0.0
III. Investment properties	—	0.0	6.3	6.5	6.6
- Cost	—	0.0	9.0	9.0	0.0
- Accumulated depreciation	—	0.0	-2.8	-2.6	0.0
IV. Long-term assets in progress	22.7	8.4	8.3	44.6	2.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	22.7	8.4	8.3	44.6	0.0
V. Long-term financial investments	—	500.4	77.0	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	—	500.4	77.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	357.2	256.4	249.2	273.0	0.0
1. Long-term prepayments	349.8	251.6	244.5	267.3	0.0
2. Deferred income tax assets	7.4	4.8	4.7	5.7	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	261.1
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)	3,151.7	2,980.0	2,535.9	2,521.6	2,427.6
A. LIABILITIES (300=210+330)	2,266.3	2,096.2	1,667.0	1,714.3	1,558.9
I. Short -term liabilities	2,130.4	2,021.6	1,601.3	1,660.5	1,485.2
1. Short-term trade accounts payable	853.0	722.8	318.4	475.6	353.5
2. Short-term advances from customers	23.3	25.1	23.3	9.3	11.7
3. Taxes and other payables to state authorities	18.9	16.7	15.7	14.0	0.0
4. Payable to employees	93.3	56.9	52.2	36.2	0.0
5. Short-term acrrued expenses	3.4	5.0	4.9	7.5	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	—	0.1	0.1	0.2	0.2
9. Other short-term payables	18.5	12.7	20.6	85.1	0.0
10. Short-term borrowings and financial leases	1,099.7	1,171.2	1,163.3	1,012.0	1,022.9
11. Provision for short-term liabilities	—	0.0	0.0	16.9	0.0
12.. Bonus and welfare fund	20.3	11.2	2.9	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	135.9	74.6	65.7	53.8	73.7
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	135.9	74.6	65.7	53.8	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	885.3	883.8	869.0	807.3	868.8
I. Owner's equity	885.3	883.8	869.0	807.3	0.0
1. Owner's capital	603.4	603.4	603.4	603.4	868.8
- Common stock with voting right	603.4	603.4	603.4	603.4	603.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	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	156.7	156.7	156.7	146.7	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	112.0	108.1	95.0	48.6	119.2
- Accumulated retained earning at the end of the previous period	-0.4	-0.3	-0.3	-0.3	-0.4
- Undistributed earnings in this period	112.4	108.4	95.3	48.9	119.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	13.3	15.6	13.9	8.6	13.9
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)	3,151.7	2,980.0	2,535.9	2,521.6	2,427.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	151.6	149.1	135.6	160.2	160.0
Depreciation of Fixed Assets and Investment Property	38.6	40.5	44.5	47.3	46.9
Provision (Increase)/Reversal	-0.2	0.4	-19.0	-11.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.5	-0.1	-4.7	0.0
Gain/Loss from Investment Activities	-96.2	-84.9	-87.1	-74.2	0.0
Interest Expense	58.1	43.9	68.2	56.0	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	152.2	149.4	142.1	173.1	190.5
Increase/(Decrease) in Receivables	28.6	-79.7	-10.7	26.4	0.0
Increase/(Decrease) in Inventory	30.5	-34.7	-23.1	44.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	228.1	409.2	-89.4	83.0	0.0
Increase/(Decrease) in Prepaid Expenses	-105.3	-9.0	21.1	-15.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-59.8	-41.7	-70.4	-54.5	0.0
Corporate Income Tax Paid	-32.6	-32.4	-36.8	-32.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-33.8	-14.8	-21.8	-20.4	0.0
Net Cash Flow from Operating Activities	207.9	346.3	-88.9	204.3	62.9
Payments for Fixed Assets and Other Long-term Assets	-60.2	-22.5	-34.8	-46.1	-12.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.2	0.8	0.4	0.6
Loans and Purchases of Debt Instruments	-1,292.6	-2,044.0	-2,135.7	-1,496.1	-2,061.8
Receipts from Loan Repayments and Sale of Debt Instruments	1,200.9	1,737.6	2,110.3	1,391.8	1,649.4
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	66.9	75.2	105.8	39.4	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	-84.9	-253.6	46.4	-110.6	-376.0
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	3,554.9	3,047.5	2,777.6	3,093.8	2,517.4
Repayment of Borrowings	-3,626.3	-3,039.6	-2,626.4	-3,104.6	-2,180.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-73.3	-77.7	-90.5	-90.5	-18.9
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	-144.8	-69.8	60.7	-101.4	318.5
Net Cash Flow During the Period	-21.8	22.9	18.2	-7.8	2.5
Cash and Cash Equivalents at Beginning of Period	92.2	69.3	51.1	58.9	53.6
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	70.5	92.2	69.3	51.1	58.9

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	1,188.3	1,179.1	1,201.2	1,149.2	1,218.6	1,088.6	1,031.6	1,023.7	1,029.8	802.2	813.4	978.2
Revenue Deductions	8.1	8.1	16.0	20.1	16.6	18.5	17.8	20.2	19.2	18.4	19.7	22.4
Net Revenue	1,180.2	1,171.0	1,185.2	1,129.1	1,202.0	1,070.0	1,013.8	1,003.5	1,010.6	783.8	793.7	955.8
Cost of Goods Sold	934.3	958.9	976.3	938.7	987.5	888.7	837.3	836.2	809.3	630.4	651.7	792.9
Gross Profit	245.9	212.1	208.9	190.4	214.6	181.4	176.5	167.2	201.3	153.4	142.1	163.0
Financial Income	26.8	25.8	25.9	26.3	20.9	28.4	21.6	21.6	22.5	23.9	25.7	21.7
Financial Expenses	16.5	16.0	20.6	17.6	18.0	11.9	13.3	13.5	13.9	19.6	22.4	19.5
Interest Expense	16.0	14.2	14.5	13.6	12.0	11.8	9.8	10.2	12.6	16.6	21.8	17.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	157.8	130.8	121.9	109.0	128.3	105.6	91.3	92.5	110.8	94.3	87.2	89.2
General and Administrative Expenses	63.9	55.2	56.1	54.2	67.6	51.0	49.9	46.4	68.3	35.9	21.9	36.4
Operating Profit	34.6	35.9	36.2	35.9	21.7	41.3	43.7	36.4	30.9	27.5	36.3	39.6
Other Income	5.3	0.4	4.2	0.3	6.2	0.0	0.4	0.0	2.6	0.2	1.7	0.1
Other Expenses	0.9	0.1	0.1	0.1	0.5	0.1	0.1	0.0	2.0	0.7	0.2	0.4
Other Profit	4.4	0.3	4.1	0.2	5.7	-0.1	0.4	0.0	0.6	-0.6	1.5	-0.3
Profit Before Tax	39.0	36.2	40.3	36.1	27.4	41.2	44.1	36.4	31.5	27.0	37.8	39.3
Current Income Tax Expense	10.1	8.9	9.4	8.3	7.3	9.0	9.1	7.8	9.1	7.2	7.6	8.9
Deferred Income Tax Expense	-0.8	-0.8	-0.2	-0.5	0.1	-0.1	0.3	-0.4	0.0	0.4	0.6	-0.0
Net Income	29.7	28.2	31.1	28.4	19.9	32.3	34.7	29.0	22.4	19.3	29.7	30.5
Non-controlling Interest	0.7	1.0	1.0	2.8	1.2	3.0	1.2	1.9	1.0	2.0	1.7	1.9
Profit Attributable to Parent	29.0	27.1	30.1	25.5	18.7	29.3	33.5	27.1	21.4	17.3	28.0	28.6
Earnings per Share	480.00	650.00	499.00	338.00	-30.00	674.00	896.00	105.00	354.00	459.00	464.00	474.00
Diluted EPS	480.18	449.80	498.62	422.93	309.96	484.80	555.82	449.79	354.14	286.58	463.53	473.97

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)	2,468.0	2,711.9	2,718.7	2,479.9	1,920.9	1,678.6	1,738.4	1,870.0	1,895.0	1,837.1	1,915.4	1,937.7
I. Cash and cash equivalents	70.5	81.0	107.2	85.7	92.2	111.5	111.6	75.8	69.3	56.9	137.8	43.6
1. Cash	70.5	81.0	107.2	85.7	92.2	111.5	111.6	75.8	69.3	56.9	137.8	43.6
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,680.1	1,852.0	1,842.5	1,598.8	1,087.7	893.0	980.7	1,142.6	1,204.9	1,196.9	1,297.1	1,263.3
1. Available for sale securities	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
2. Provision for diminution in value of available for sale securities (*)	-1.9	-2.0	-2.0	-2.1	-2.1	-2.0	-2.0	-1.9	-2.0	-1.9	-1.9	-1.9
3. Held to maturity investments	1,679.4	1,851.3	1,841.9	1,598.3	1,087.2	892.4	980.1	1,141.9	1,204.2	1,196.2	1,296.4	1,262.6
III. Short-term receivables	502.4	550.5	566.9	552.2	511.2	472.9	448.5	457.9	414.6	380.6	334.6	440.7
1. Short-term trade accounts receivable	410.1	445.5	470.1	467.3	455.3	409.7	384.5	392.9	369.3	331.9	286.2	392.0
2. Short-term prepayments to suppliers	11.4	8.1	7.4	3.0	5.5	6.5	5.8	3.6	4.8	10.2	7.9	5.9
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	81.6	97.6	90.4	82.7	51.3	57.3	58.6	61.8	40.9	39.1	41.2	43.4
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-1.0	-0.9	-0.7	-0.6	-0.5	-0.5	-0.4	-0.6	-0.6	-0.7
8. Assets awaiting resolution	—	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1
IV. Inventories	179.9	195.2	174.7	210.0	210.4	166.9	162.4	157.7	175.8	169.4	110.7	150.4
1. Inventories	179.9	195.2	174.7	210.0	210.4	166.9	162.4	157.7	175.8	169.4	113.8	153.9
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-3.1	-3.5
V. Other short-term assets	35.1	33.3	27.4	33.2	19.3	34.4	35.2	36.0	30.5	33.3	35.3	39.7
1. Short-term prepayments	10.3	9.6	9.0	6.8	4.1	7.0	6.9	7.6	5.1	6.3	7.6	6.9
2. Value added tax to be reclaimed	22.9	22.0	16.7	24.0	13.8	26.6	27.3	26.1	23.9	25.0	26.1	31.1
3. Taxes and other receivables from state authorities	1.8	1.7	1.7	2.4	1.5	0.7	1.1	2.3	1.5	2.0	1.5	1.8
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)	683.7	620.5	593.5	822.7	1,059.0	1,047.0	1,130.1	922.5	640.4	569.7	582.7	591.7
I. Long-term receivables	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
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	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	303.7	294.8	289.2	287.8	293.6	281.9	284.9	290.6	299.4	308.1	314.2	316.6
1. Tangible fixed assets	233.3	224.2	218.5	217.4	223.1	215.8	218.7	224.3	233.0	241.5	247.4	249.6
- Cost	—	—	—	—	963.2	946.2	940.6	938.7	937.9	937.3	933.6	926.9
- Accumulated depreciation	—	—	—	—	-740.1	-730.4	-721.9	-714.4	-704.9	-695.8	-686.3	-677.2
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	70.4	70.6	70.7	70.4	70.6	66.1	66.2	66.3	66.4	66.5	66.9	67.0
- 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	6.1	6.2	6.2	6.3	6.3	6.4	6.4
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	22.7	3.2	8.8	10.0	8.4	12.4	9.8	9.5	8.3	9.0	6.3	3.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	22.7	3.2	8.8	10.0	8.4	12.4	9.8	9.5	8.3	9.0	6.3	3.0
V. Long-term financial investments	—	—	—	253.4	500.4	500.4	575.8	364.4	77.0	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	—	—	—	253.4	500.4	500.4	575.8	364.4	77.0	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	357.2	322.3	295.3	271.4	256.4	246.0	253.3	251.6	249.2	246.2	255.6	265.4
1. Long-term prepayments	349.8	315.7	289.8	266.1	251.6	241.1	248.4	246.6	244.5	241.5	250.5	259.7
2. Deferred income tax assets	7.4	6.6	5.5	5.3	4.8	4.9	4.8	5.1	4.7	4.7	5.1	5.7
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)	3,151.7	3,332.4	3,312.2	3,302.6	2,979.9	2,725.6	2,868.5	2,792.5	2,535.4	2,406.8	2,498.2	2,529.4
A. LIABILITIES (300=210+330)	2,266.3	2,476.2	2,484.7	2,398.2	2,095.9	1,861.5	2,036.7	1,900.4	1,666.4	1,560.2	1,671.0	1,693.2
I. Short -term liabilities	2,130.4	2,356.6	2,381.6	2,310.4	2,020.9	1,794.6	1,976.1	1,839.4	1,600.7	1,465.1	1,615.3	1,639.7
1. Short-term trade accounts payable	853.0	850.7	658.8	698.3	722.8	685.4	575.4	483.7	317.8	385.0	278.5	466.6
2. Short-term advances from customers	23.3	20.5	22.6	22.9	25.1	22.0	17.0	22.0	23.3	9.5	13.4	10.4
3. Taxes and other payables to state authorities	18.9	14.9	16.8	21.1	16.6	19.0	15.5	12.4	15.7	10.6	11.1	9.5
4. Payable to employees	93.3	73.9	57.0	34.0	56.5	46.1	43.1	21.5	52.2	20.7	18.3	12.7
5. Short-term acrrued expenses	3.4	13.2	8.8	10.9	4.8	24.3	10.5	10.6	4.9	9.2	11.5	9.0
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.4
9. Other short-term payables	18.5	17.2	84.0	29.9	12.7	17.1	87.6	20.1	20.6	10.1	29.5	78.7
10. Short-term borrowings and financial leases	1,099.7	1,342.9	1,503.5	1,484.0	1,171.2	968.3	1,211.8	1,267.1	1,163.3	1,016.0	1,248.2	1,046.1
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	16.9
12.. Bonus and welfare fund	20.3	23.2	30.2	9.2	11.2	12.3	15.1	1.8	2.9	4.1	4.7	-10.5
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	135.9	119.7	103.1	87.8	75.0	66.9	60.5	61.0	65.7	95.1	55.7	53.5
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	135.9	119.7	103.1	87.8	75.0	66.9	60.5	61.0	65.7	95.1	55.7	53.5
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	885.3	856.1	827.5	904.5	884.0	864.1	831.8	892.1	869.0	846.6	827.2	836.1
I. Owner's equity	885.3	856.1	827.5	904.5	884.0	864.1	831.8	892.1	869.0	846.6	827.2	836.1
1. Owner's capital	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4
- Common stock with voting right	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-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	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	146.7
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	112.0	83.3	55.2	133.3	108.3	89.6	60.4	121.9	95.0	73.6	56.3	76.9
- Accumulated retained earning at the end of the previous period	-0.4	-0.4	-0.4	107.7	-0.3	-0.3	-0.3	94.7	-0.3	-0.3	-0.3	48.3
- Undistributed earnings in this period	112.4	83.7	55.6	25.5	108.6	89.9	60.7	27.1	95.3	73.9	56.6	28.6
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	13.3	12.8	12.2	11.2	15.6	14.4	11.4	10.2	13.9	12.9	10.9	9.2
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)	3,151.7	3,332.4	3,312.2	3,302.6	2,979.9	2,725.6	2,868.5	2,792.5	2,535.4	2,406.8	2,498.2	2,529.4

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	39.0	36.2	40.3	36.1	27.4	41.2	44.1	36.4	31.5	27.0	37.8	39.3
Depreciation of Fixed Assets and Investment Property	10.4	8.0	10.7	9.4	9.2	7.9	10.7	9.7	13.5	8.3	11.8	11.0
Provision (Increase)/Reversal	-0.1	-0.4	0.1	0.2	0.2	0.2	0.1	-0.0	-0.1	-3.1	-17.4	1.6
FX Gain/Loss from Revaluation of Monetary Items	5.6	-6.4	1.3	-0.2	5.6	-0.7	-2.8	2.8	-1.3	0.8	5.0	-4.7
Gain/Loss from Investment Activities	-25.1	-23.8	-24.9	-22.5	-20.6	-21.4	-21.8	-21.1	-20.3	-23.7	-25.1	-17.9
Interest Expense	16.0	14.1	14.5	13.6	12.0	11.8	9.8	10.2	12.6	16.6	21.8	17.2
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	45.9	27.8	42.0	36.5	33.8	39.1	40.1	38.1	35.8	25.9	33.9	46.5
Increase/(Decrease) in Receivables	34.5	12.8	14.0	-32.7	-35.8	-26.0	6.9	-27.6	-31.5	-53.5	105.0	-30.7
Increase/(Decrease) in Inventory	15.3	-18.6	33.4	0.5	-43.5	-4.6	-4.7	18.1	-6.4	-55.6	40.1	-1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	50.6	216.8	-36.1	-3.1	27.7	136.5	105.7	125.5	-3.4	110.6	-149.5	-47.2
Increase/(Decrease) in Prepaid Expenses	-35.6	-27.9	-24.5	-17.3	-7.6	8.6	-2.4	-4.6	-4.4	11.7	7.1	6.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-19.3	-13.8	-12.8	-13.8	-10.9	-12.5	-8.6	-9.7	-13.7	-19.3	-19.2	-18.2
Corporate Income Tax Paid	-7.7	-9.2	-7.9	-7.7	-10.4	-8.4	-6.6	-6.7	-10.0	-7.5	-8.1	-11.1
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-26.1	15.9	-15.5	-8.0	0.0	5.1	-5.1	-5.9	-20.2	18.3	-18.3	-1.6
Net Cash Flow from Operating Activities	57.4	203.7	-7.5	-45.7	-46.7	137.9	125.3	127.2	-53.8	30.6	-9.0	-56.8
Payments for Fixed Assets and Other Long-term Assets	-36.1	-14.2	-4.8	-5.1	-10.9	-9.0	-3.7	-1.9	-15.7	8.6	-26.5	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.2	0.1	-0.1	0.3	0.0	-0.1	0.2	0.0	0.2	0.0	0.6	0.0
Loans and Purchases of Debt Instruments	-13.4	-887.9	196.8	-588.1	-849.2	-257.9	-432.6	-290.4	-522.0	-1,613.7	447.5	-447.5
Receipts from Loan Repayments and Sale of Debt Instruments	185.4	878.5	-187.0	324.0	654.4	420.9	383.0	65.3	437.0	1,673.3	-440.7	440.7
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	39.5	20.5	4.6	2.3	30.2	23.9	24.2	2.4	18.3	25.9	38.4	23.2
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	40.6	-40.6	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	175.2	-3.0	9.5	-266.6	-175.4	177.8	-28.8	-224.6	-82.2	134.7	-21.3	15.2
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	877.8	761.7	975.1	940.1	949.5	731.3	733.6	633.2	657.4	551.2	756.3	812.8
Repayment of Borrowings	-1,121.0	-922.4	-955.6	-627.3	-746.6	-974.7	-789.0	-529.3	-510.1	-783.5	-554.1	-778.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-66.4	0.0	-6.9	0.0	-72.4	-5.3	0.0	1.1	-13.9	-77.6	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	-243.2	-227.0	19.5	305.9	202.8	-315.8	-60.7	103.9	148.4	-246.2	124.5	34.1
Net Cash Flow During the Period	-10.5	-26.2	21.5	-6.5	-19.3	-0.2	35.8	6.5	12.4	-80.9	94.2	-7.5
Cash and Cash Equivalents at Beginning of Period	81.0	107.2	85.7	92.2	69.3	69.3	69.3	69.3	51.1	51.1	51.1	51.1
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
Cash and Cash Equivalents at End of Period	70.5	81.0	107.2	85.7	92.2	111.5	111.6	75.8	69.3	56.9	137.8	43.6

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