PHN

Listed Company · HNX

Price

62,000

Latest close

03 Apr 2026

P/E 12.8x

EPS (TTM) 4,838

ROE (TTM) 22.6%

P/B 2.9x

BVPS (Latest) 21,724

ROA (TTM) 16.4%

What Is Changing

PHN has not yet shown a broad-based top-line recovery. Revenue posted -7.4% YoY, but net margin reached 8.46% with an additional -4.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -39.8% in 2025 from 14.1% in the prior period, at VND 35.1bn.
Revenue decreased 7.4% YoY to VND 414.7bn in 2025.
Net margin declined from 13.01% in the prior period to 8.46% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	414.7	447.9	423.9	461.4	364.3
Growth	-7%	+6%	-8%	+27%	—
Net Income	35.1	58.3	51.0	36.7	30.4
Net Margin	8.46%	13.01%	12.04%	7.96%	8.35%

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	103.6	114.2	83.5	113.5	106.0	122.7	93.0	126.1	94.1	125.8	92.1	111.9
Growth	-9%	+37%	-26%	+7%	-14%	+32%	-26%	+34%	-25%	+37%	-18%	—
Net Income	5.5	9.8	8.2	11.6	9.1	15.2	12.4	21.5	12.4	18.6	7.6	12.4
Net Margin	5.34%	8.57%	9.78%	10.24%	8.59%	12.42%	13.34%	17.05%	13.20%	14.82%	8.22%	11.06%

Financial Statements

Profitability

Net margin reached 8.46% while Revenue posted -7.4% YoY.

Balance Sheet

Inventory stood at 123.7bn, liabilities at 61.7bn, and equity at 157.6bn.

Cash Flow

Operating cash flow was -1.9bn in 2025, while investing cash flow was 18.8bn.

Financing cash flow: -19.4bn.

Item	2025	2024	2023	2022	2021
Revenue	422.0	456.8	432.1	474.4	376.8
Revenue Deductions	7.3	9.0	8.2	13.0	0.0
Net Revenue	414.7	447.9	423.9	461.4	364.3
Cost of Goods Sold	328.6	336.9	322.9	378.7	0.0
Gross Profit	86.2	111.0	101.0	82.7	71.6
Financial Income	2.6	3.6	3.3	1.3	0.2
Financial Expenses	8.1	8.5	10.3	8.9	-8.3
Interest Expense	0.5	0.2	0.0	0.2	-0.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	13.4	12.9	11.3	11.4	-10.3
General and Administrative Expenses	23.7	21.8	19.1	17.7	-15.7
Operating Profit	43.6	71.5	63.6	46.2	37.6
Other Income	0.8	1.8	0.3	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.1	0.0
Other Profit	0.8	1.7	0.3	-0.0	0.6
Profit Before Tax	44.4	73.2	63.9	46.2	38.1
Current Income Tax Expense	9.3	14.9	12.9	9.4	-7.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	35.1	58.3	51.0	36.7	30.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	35.1	58.3	51.0	36.7	30.4
Earnings per Share	4,838.00	8,031.00	7,036.00	5,064.00	4,194.15
Diluted EPS	4,837.75	8,031.32	7,036.15	5,064.31	4,194.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	183.9	175.3	143.8	114.8	134.1
I. Cash and cash equivalents	17.6	20.0	9.5	15.0	21.1
1. Cash	9.6	15.0	9.5	15.0	0.0
2. Cash equivalents	8.0	5.0	0.0	0.0	0.0
II. Short-term financial investments	26.8	44.0	31.0	10.0	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	26.8	44.0	31.0	10.0	0.0
III. Short-term receivables	13.8	16.7	15.0	25.5	26.2
1. Short-term trade accounts receivable	11.4	12.5	12.5	18.1	0.0
2. Short-term prepayments to suppliers	0.2	1.0	0.1	5.8	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	2.3	3.2	2.8	1.8	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.0	-0.3	-0.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	123.7	92.1	86.6	63.6	86.0
1. Inventories	123.9	92.3	86.8	63.9	0.0
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	0.0
V. Other short-term assets	2.0	2.4	1.7	0.7	0.8
1. Short-term prepayments	0.3	0.5	0.4	0.3	0.0
2. Value added tax to be reclaimed	1.4	1.5	0.9	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	0.5	0.4	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)	35.4	33.1	29.5	32.2	36.0
I. Long-term receivables	—	0.0	0.0	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	10.7	9.3	10.6	11.7	15.4
1. Tangible fixed assets	10.5	9.1	10.4	11.7	15.4
- Cost	80.1	77.9	75.4	72.6	0.0
- Accumulated depreciation	-69.5	-68.8	-65.1	-60.9	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	0.2	0.2	0.2	0.0	0.0
- Cost	0.3	0.3	0.3	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	0.3	2.8	0.0	0.0	1.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	2.8	0.0	0.0	0.0
V. Long-term financial investments	20.8	19.4	17.4	19.2	18.2
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	27.0	27.0	27.0	27.0	0.0
4. Provision for diminution in value of long-term investments	-6.2	-7.6	-9.6	-7.8	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	3.6	1.7	1.6	1.3	0.0
1. Long-term prepayments	3.6	1.7	1.6	1.3	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	1.2
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)	219.3	208.4	173.4	147.1	170.1
A. LIABILITIES (300=210+330)	61.7	55.4	26.7	21.7	59.6
I. Short -term liabilities	61.7	55.4	26.7	21.7	59.6
1. Short-term trade accounts payable	14.2	13.5	8.4	4.1	3.1
2. Short-term advances from customers	0.8	0.4	0.4	0.2	0.5
3. Taxes and other payables to state authorities	2.3	5.0	6.0	4.1	0.0
4. Payable to employees	8.3	7.0	6.4	6.6	0.0
5. Short-term acrrued expenses	1.0	2.9	3.1	3.2	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	19.6	20.8	1.8	3.2	0.0
10. Short-term borrowings and financial leases	14.4	5.0	0.0	0.0	21.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	0.9	0.4	0.2	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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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)	157.6	153.0	146.7	125.4	110.5
I. Owner's equity	157.6	153.0	146.7	125.4	0.0
1. Owner's capital	72.5	72.5	72.5	72.5	110.5
- Common stock with voting right	72.5	72.5	72.5	72.5	72.5
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	1.0	1.0	1.0	1.0	1.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	67.9	50.4	36.6	26.5	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	16.1	29.0	36.5	25.3	19.5
- Accumulated retained earning at the end of the previous period	10.1	7.1	7.3	6.7	7.2
- Undistributed earnings in this period	6.1	22.0	29.3	18.6	12.3
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)	219.3	208.4	173.4	147.1	170.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-11.9	-15.5	-10.8	-7.5	0.0
Other Operating Receipts	38.3	25.5	29.1	40.0	0.0
Other Operating Payments	-32.6	-38.6	-33.9	-32.0	0.0
Net Cash Flow from Operating Activities	-1.9	52.6	45.9	59.6	6.7
Payments for Fixed Assets and Other Long-term Assets	-1.1	-0.8	-3.1	-0.8	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	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
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	2.7	1.9	1.7	0.3	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	18.8	-12.0	-22.4	-10.6	-2.4
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	63.9	34.1	2.7	29.3	49.4
Repayment of Borrowings	-54.2	-28.8	-2.7	-51.1	-27.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-29.0	-35.4	-29.0	-33.3	-21.8
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	-19.4	-30.1	-29.0	-55.1	0.1
Net Cash Flow During the Period	-2.5	10.6	-5.5	-6.1	15.4
Cash and Cash Equivalents at Beginning of Period	20.0	9.5	15.0	21.1	16.8
FX Difference from Revaluation	0.0	0.0	0.0	-0.1	-0.0
Cash and Cash Equivalents at End of Period	17.6	20.0	9.5	15.0	21.1

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
Revenue	105.6	116.1	85.0	115.4	108.4	124.9	94.9	128.6	95.8	129.0	93.5	113.8
Revenue Deductions	2.0	1.9	1.5	1.9	2.4	2.2	1.9	2.5	1.8	3.2	1.4	1.9
Net Revenue	103.6	114.2	83.5	113.5	106.0	122.7	93.0	126.1	94.1	125.8	92.1	111.9
Cost of Goods Sold	82.2	91.8	66.0	88.6	86.0	92.6	67.8	90.5	68.7	92.5	74.3	87.3
Gross Profit	21.4	22.4	17.4	24.9	20.0	30.1	25.3	35.6	25.3	33.3	17.8	24.6
Financial Income	0.5	0.5	0.8	0.9	1.4	0.7	0.8	0.7	0.9	0.9	0.9	0.6
Financial Expenses	2.3	2.3	0.8	2.7	2.6	2.7	2.0	1.1	2.9	2.8	2.3	2.3
Interest Expense	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.7	3.6	2.8	3.3	2.9	3.5	3.3	3.2	2.7	3.1	2.5	2.9
General and Administrative Expenses	9.0	4.6	4.9	5.2	5.5	5.4	5.7	5.1	5.0	4.9	4.7	4.5
Operating Profit	6.9	12.3	9.7	14.6	10.4	19.3	14.9	26.9	15.6	23.3	9.2	15.5
Other Income	0.2	—	0.6	—	1.1	0.0	0.7	0.0	0.0	0.0	0.3	0.0
Other Expenses	0.0	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.2	—	0.6	-0.0	1.1	-0.1	0.7	0.0	0.0	0.0	0.3	0.0
Profit Before Tax	7.2	12.3	10.3	14.6	11.5	19.2	15.6	26.9	15.6	23.3	9.5	15.5
Current Income Tax Expense	1.6	2.5	2.2	3.0	2.4	3.9	3.2	5.4	3.2	4.7	1.9	3.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.5	9.8	8.2	11.6	9.1	15.2	12.4	21.5	12.4	18.6	7.6	12.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.5	9.8	8.2	11.6	9.1	15.2	12.4	21.5	12.4	18.6	7.6	12.4
Earnings per Share	762.33	1,348.66	1,125.43	1,601.77	1,255.37	2,101.21	1,711.39	2,964.44	1,711.72	2,570.96	1,043.94	1,706.93
Diluted EPS	762.33	1,348.66	1,125.43	1,601.77	1,255.37	2,101.21	1,711.39	2,964.44	1,711.72	2,570.96	1,043.94	1,706.93

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)	183.7	161.6	156.4	175.7	175.2	174.9	148.6	165.0	144.0	148.8	128.4	120.5
I. Cash and cash equivalents	17.6	19.5	11.2	16.5	20.0	10.3	7.5	20.4	9.5	32.8	9.7	13.5
1. Cash	9.6	11.5	11.2	16.5	20.0	10.3	7.5	6.4	9.5	32.8	9.7	7.5
2. Cash equivalents	8.0	8.0	—	—	0.0	0.0	0.0	14.0	0.0	0.0	0.0	6.0
II. Short-term financial investments	26.8	25.8	23.4	41.4	44.0	52.0	42.0	52.0	31.0	40.0	25.0	23.1
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	26.8	25.8	23.4	41.4	44.0	52.0	42.0	52.0	31.0	40.0	25.0	23.1
III. Short-term receivables	13.8	24.1	10.2	14.1	16.7	29.4	13.2	17.2	15.0	14.6	19.3	15.6
1. Short-term trade accounts receivable	11.4	17.9	8.8	10.7	12.5	26.8	9.9	12.7	12.5	9.7	11.5	13.0
2. Short-term prepayments to suppliers	0.2	4.0	0.2	0.2	1.0	0.3	0.9	1.5	0.1	1.7	4.3	0.4
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	2.3	2.2	1.3	3.3	3.2	2.7	2.7	3.3	2.8	3.5	3.7	2.5
7. Provision for short-term doubtful debts (*)	-0.1	-0.0	-0.0	-0.0	-0.0	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	123.7	91.7	109.4	101.7	92.1	82.2	84.9	74.7	86.6	60.3	72.9	67.6
1. Inventories	123.9	91.9	109.6	102.0	92.3	82.4	85.2	75.0	86.8	60.5	73.2	67.8
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
V. Other short-term assets	1.9	0.5	2.3	2.0	2.4	1.0	0.9	0.8	1.9	1.2	1.5	0.8
1. Short-term prepayments	0.1	0.1	0.3	0.4	0.5	0.6	0.5	0.4	0.5	0.7	0.9	0.4
2. Value added tax to be reclaimed	1.4	—	1.5	1.3	1.5	0.0	0.0	0.0	0.9	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.4	0.4
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)	35.6	36.0	36.5	33.5	33.2	30.1	29.5	30.2	29.4	30.8	29.2	31.0
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	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
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	10.7	11.5	11.0	11.9	9.3	9.3	8.5	9.5	10.6	11.5	9.6	10.6
1. Tangible fixed assets	10.5	11.3	10.8	11.7	9.1	9.1	8.4	9.3	10.4	11.3	9.6	10.6
- Cost	—	—	—	—	77.9	77.2	75.4	75.4	75.4	75.3	72.6	72.6
- Accumulated depreciation	—	—	—	—	-68.8	-68.1	-67.1	-66.1	-65.1	-64.0	-62.9	-61.9
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	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	0.3	0.3	2.0	0.8	2.8	0.3	0.4	0.0	0.0	0.1	0.4	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	0.3	0.3	2.0	0.8	2.8	0.3	0.4	0.0	0.0	0.1	0.4	0.0
V. Long-term financial investments	20.8	20.8	20.8	19.4	19.4	19.4	19.4	19.2	17.4	18.2	18.2	19.2
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	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0
4. Provision for diminution in value of long-term investments	-6.2	-6.2	-6.2	-7.6	-7.6	-7.6	-7.6	-7.8	-9.6	-8.8	-8.8	-7.8
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	3.8	3.4	2.6	1.5	1.8	1.2	1.3	1.5	1.4	0.9	1.0	1.1
1. Long-term prepayments	3.8	3.4	2.6	1.5	1.8	1.2	1.3	1.5	1.4	0.9	1.0	1.1
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)	219.3	197.6	193.0	209.2	208.4	205.0	178.1	195.3	173.4	179.6	157.6	151.5
A. LIABILITIES (300=210+330)	61.7	31.1	36.2	44.6	55.4	46.6	34.8	27.0	26.7	23.5	20.2	13.7
I. Short -term liabilities	61.7	31.1	36.2	44.6	55.4	46.6	34.8	27.0	26.7	23.5	20.2	13.7
1. Short-term trade accounts payable	14.2	2.3	5.6	14.4	13.5	9.8	14.4	12.0	8.4	6.7	3.6	4.3
2. Short-term advances from customers	0.8	1.2	0.2	1.6	0.4	0.6	0.3	0.4	0.4	0.7	0.6	0.4
3. Taxes and other payables to state authorities	2.3	2.9	3.2	2.7	5.0	7.8	8.6	7.0	6.0	3.9	3.1	2.2
4. Payable to employees	8.3	5.4	4.8	5.0	7.0	6.7	6.4	4.0	6.4	5.4	4.1	3.9
5. Short-term acrrued expenses	1.0	3.7	2.3	3.1	2.9	4.2	3.2	2.6	3.1	3.3	2.2	1.7
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	19.6	0.7	4.0	2.7	20.8	2.0	0.8	0.6	1.8	3.1	3.5	1.6
10. Short-term borrowings and financial leases	14.4	13.6	14.7	14.7	5.0	14.5	0.0	0.0	0.0	0.0	2.7	0.0
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	1.2	1.4	1.4	0.4	0.9	1.0	1.1	0.4	0.4	0.4	0.4	-0.2
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	157.6	166.6	156.8	164.6	153.0	158.4	143.4	168.2	146.7	156.1	137.4	137.8
I. Owner's equity	157.6	166.6	156.8	164.6	153.0	158.4	143.4	168.2	146.7	156.1	137.4	137.8
1. Owner's capital	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5
- Common stock with voting right	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	67.9	67.9	67.9	50.4	50.4	50.4	50.4	36.6	36.6	36.6	36.6	26.5
11. Undistributed earnings after tax	16.1	25.1	15.3	40.7	29.1	34.5	19.4	58.0	36.5	45.9	27.2	37.7
- Accumulated retained earning at the end of the previous period	10.1	10.1	10.1	29.0	7.1	7.1	7.3	36.5	7.3	7.3	7.3	25.3
- Undistributed earnings in this period	6.1	15.1	5.3	11.6	22.0	27.4	12.2	21.5	29.3	38.6	20.0	12.4
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)	219.3	197.6	193.0	209.2	208.4	205.0	178.1	195.3	173.4	179.6	157.6	151.5

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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.7	-3.0	-2.0	-5.2	-4.0	-24.2	18.0	-6.1	-1.5	-3.8	0.0	-5.5
Other Operating Receipts	—	—	—	—	11.9	44.9	-27.7	8.4	-1.8	12.3	9.8	8.8
Other Operating Payments	-8.6	-8.9	-6.6	-8.5	-11.8	-29.8	12.3	-12.3	8.3	-24.6	-4.3	-13.4
Net Cash Flow from Operating Activities	-1.3	11.0	-9.0	-2.6	11.3	-3.2	13.3	30.9	-10.2	42.3	2.3	11.5
Payments for Fixed Assets and Other Long-term Assets	0.2	-0.4	0.1	-0.9	-0.5	0.0	0.0	0.0	-0.9	-2.2	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-0.1	0.8	0.3	1.6	0.1	0.6	0.1	1.0	0.5	0.8	0.2	0.2
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	-0.9	-2.0	18.4	3.3	7.7	-9.4	10.1	-20.0	8.6	-16.4	-1.7	-12.9
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	16.2	5.7	14.7	27.2	19.6	14.5	0.0	0.0	0.0	0.0	2.7	0.0
Repayment of Borrowings	-15.3	-6.8	-14.8	-17.3	-28.8	0.0	0.0	0.0	0.0	-2.7	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.7	0.4	-14.5	-14.2	-0.0	0.9	-36.2	-0.0	-21.8	-0.0	-7.2	-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	0.2	-0.7	-14.6	-4.3	-9.2	15.4	-36.2	-0.0	-21.8	-2.8	-4.5	-0.0
Net Cash Flow During the Period	-2.0	8.3	-5.3	-3.6	9.7	2.8	-12.9	10.9	-23.3	23.1	-3.8	-1.5
Cash and Cash Equivalents at Beginning of Period	19.5	11.2	16.5	20.0	9.5	9.5	9.5	9.5	15.0	15.0	15.0	15.0
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	-0.1	0.1	0.0
Cash and Cash Equivalents at End of Period	17.6	19.5	11.2	16.5	20.0	10.3	7.5	20.4	9.5	32.8	9.7	13.5

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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