PJT

Listed Company · HOSE

Price

8,900

Latest close

03 Apr 2026

P/E 10.0x

EPS (TTM) 891

ROE (TTM) 6.8%

P/B 0.7x

BVPS (Latest) 13,214

ROA (TTM) 4.6%

What Is Changing

PJT no longer looks like a business simply rebounding from a weak base. Revenue posted +2.4% YoY, while net margin reached 3.10% with an additional -1.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -23.0% in 2025 from 55.5% in the prior period, at VND 22.2bn.
Revenue growth accelerated to 2.3% in 2025, up 3.4pp versus the prior year.
Net margin declined from 4.11% in the prior period to 3.10% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	715.8	699.4	706.9	821.6	627.0
Growth	+2%	-1%	-14%	+31%	—
Net Income	22.2	28.8	18.5	23.0	21.8
Net Margin	3.10%	4.11%	2.62%	2.79%	3.47%

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	174.9	190.8	183.6	166.5	170.9	175.2	163.9	189.5	162.5	164.4	192.2	187.8
Growth	-8%	+4%	+10%	-3%	-2%	+7%	-14%	+17%	-1%	-14%	+2%	—
Net Income	1.9	8.2	8.4	3.6	-4.6	5.8	8.5	6.4	-2.7	0.2	9.1	6.0
Net Margin	1.10%	4.32%	4.55%	2.18%	-2.71%	3.29%	5.17%	3.40%	-1.66%	0.09%	4.76%	3.17%

Financial Statements

Profitability

Net margin reached 3.10% while Revenue posted +2.4% YoY.

Balance Sheet

Inventory stood at 65.8bn, liabilities at 197.9bn, and equity at 328.8bn.

Cash Flow

Operating cash flow was 89.6bn in 2025, while investing cash flow was -147.8bn.

Financing cash flow: 34.8bn.

Item	2025	2024	2023	2022	2021
Revenue	715.8	699.4	706.9	821.6	627.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	715.8	699.4	706.9	821.6	627.0
Cost of Goods Sold	649.0	628.9	643.1	757.6	0.0
Gross Profit	66.8	70.5	63.9	64.0	63.7
Financial Income	4.1	2.1	2.1	0.3	0.3
Financial Expenses	2.0	5.1	10.6	14.5	-19.0
Interest Expense	1.9	5.0	10.5	14.4	-19.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.1	-0.3
General and Administrative Expenses	40.1	38.6	32.4	30.9	-25.4
Operating Profit	28.9	28.9	23.0	18.8	19.3
Other Income	8.0	11.2	5.7	13.7	0.0
Other Expenses	9.0	3.6	5.2	3.5	0.0
Other Profit	-1.0	7.6	0.5	10.1	8.4
Profit Before Tax	27.9	36.5	23.4	29.0	27.7
Current Income Tax Expense	5.7	7.7	4.9	6.0	-5.9
Deferred Income Tax Expense	0.0	0.0	0.0	-0.0	0.0
Net Income	22.2	28.8	18.5	23.0	21.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	22.2	28.8	18.5	23.0	21.8
Earnings per Share	748.00	1,049.00	726.00	847.00	945.53
Diluted EPS	748.00	1,156.48	726.00	847.00	945.53

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	169.6	180.9	111.4	106.8	82.6
I. Cash and cash equivalents	64.8	88.2	38.7	33.8	12.8
1. Cash	44.8	8.2	18.7	21.8	0.0
2. Cash equivalents	20.0	80.0	20.0	12.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	23.3	37.4	19.6	12.9	27.2
1. Short-term trade accounts receivable	10.0	35.3	17.8	10.5	0.0
2. Short-term prepayments to suppliers	10.1	1.1	0.9	0.0	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	3.2	1.0	1.0	2.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	65.8	51.7	48.7	56.6	40.6
1. Inventories	65.8	51.7	48.7	56.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.8	3.6	4.3	3.6	2.1
1. Short-term prepayments	2.1	2.0	2.0	1.9	0.0
2. Value added tax to be reclaimed	13.3	1.6	2.1	1.7	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	0.2	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)	357.1	262.6	318.3	385.9	450.6
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	355.6	262.2	317.8	385.0	449.4
1. Tangible fixed assets	355.6	262.2	317.8	385.0	449.4
- Cost	933.1	792.2	801.6	801.6	0.0
- Accumulated depreciation	-577.5	-530.0	-483.8	-416.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	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
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	1.1	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	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	—	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	0.2	0.1	0.1	0.5	0.0
1. Long-term prepayments	0.1	0.0	0.0	0.4	0.0
2. Deferred income tax assets	0.1	0.1	0.1	0.1	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	0.8
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)	526.8	443.5	429.6	492.7	533.2
A. LIABILITIES (300=210+330)	197.9	117.6	130.7	190.1	232.0
I. Short -term liabilities	114.3	102.8	82.9	107.5	101.1
1. Short-term trade accounts payable	61.5	46.6	26.6	35.6	23.7
2. Short-term advances from customers	7.7	1.1	0.7	0.0	8.7
3. Taxes and other payables to state authorities	1.3	1.2	0.8	3.5	0.0
4. Payable to employees	24.5	15.9	12.9	13.4	0.0
5. Short-term acrrued expenses	0.5	0.3	0.5	0.6	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	3.3	3.8	4.5	4.3	0.0
10. Short-term borrowings and financial leases	13.9	33.0	34.8	48.3	48.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	0.8	2.0	1.8	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	83.6	14.8	47.8	82.6	130.9
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	0.3	0.3	0.3	0.3	0.0
8. Long-term borrowings and financial leases	83.3	14.5	47.5	82.3	130.6
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)	328.8	325.9	298.9	302.6	301.2
I. Owner's equity	328.8	325.9	298.9	302.6	0.0
1. Owner's capital	248.8	248.8	230.4	230.4	301.2
- Common stock with voting right	248.8	248.8	230.4	230.4	230.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2
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	57.2	47.7	47.1	46.3	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	22.6	29.2	21.2	25.7	24.8
- Accumulated retained earning at the end of the previous period	0.4	0.4	2.7	2.7	2.7
- Undistributed earnings in this period	22.2	28.8	18.5	23.0	22.1
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)	526.8	443.5	429.6	492.7	533.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	27.9	36.5	23.4	29.0	27.7
Depreciation of Fixed Assets and Investment Property	47.5	55.7	67.2	67.0	64.7
Provision (Increase)/Reversal	—	0.0	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	0.1	0.0
Gain/Loss from Investment Activities	-4.0	-9.9	-1.9	-8.1	0.0
Interest Expense	1.9	5.0	10.5	14.4	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	73.4	87.4	99.3	102.2	106.5
Increase/(Decrease) in Receivables	11.9	-16.8	-7.4	12.9	0.0
Increase/(Decrease) in Inventory	-14.1	-3.0	7.9	-16.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	30.2	22.6	-8.7	6.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.0	0.3	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-5.2	-10.8	-14.4	0.0
Corporate Income Tax Paid	-6.0	-7.3	-7.5	-5.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.6	-2.9	-3.5	-3.0	0.0
Net Cash Flow from Operating Activities	89.6	74.7	69.5	82.5	68.4
Payments for Fixed Assets and Other Long-term Assets	-152.0	-0.1	0.0	-2.7	-95.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	8.1	0.0	7.9	4.8
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	4.1	1.6	1.9	0.2	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	-147.8	9.6	1.9	5.4	-90.2
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	76.7
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	97.2	0.0	0.0	0.0	51.1
Repayment of Borrowings	-47.5	-34.8	-48.3	-48.3	-96.4
Repayment of Finance Leases	—	-0.0	0.0	0.0	0.0
Dividends Paid	-14.9	0.0	-18.2	-18.6	-18.4
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	34.8	-34.8	-66.4	-66.9	13.0
Net Cash Flow During the Period	-23.5	49.5	5.0	21.1	-74.8
Cash and Cash Equivalents at Beginning of Period	88.2	38.7	33.8	12.8	21.5
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	64.8	88.2	38.7	33.8	12.8

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	174.9	190.8	183.6	166.5	170.9	175.2	163.9	189.5	162.5	164.4	192.2	187.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	174.9	190.8	183.6	166.5	170.9	175.2	163.9	189.5	162.5	164.4	192.2	187.8
Cost of Goods Sold	162.8	178.5	157.9	149.8	167.5	153.8	151.0	171.1	156.3	154.4	171.1	167.9
Gross Profit	12.0	12.3	25.7	16.8	3.4	21.3	12.9	18.4	6.2	10.0	21.1	19.9
Financial Income	1.3	1.1	1.0	0.7	1.0	0.5	0.4	0.2	0.5	0.9	0.6	0.1
Financial Expenses	0.2	0.2	0.7	0.9	1.0	1.2	1.3	1.6	1.9	2.4	3.1	3.3
Interest Expense	0.2	0.2	0.7	0.8	1.0	1.1	1.3	1.6	1.9	2.4	3.0	3.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	10.8	9.5	11.5	8.4	9.4	12.2	8.9	7.7	9.5	7.7	7.9	7.3
Operating Profit	2.3	3.8	14.5	8.3	-6.1	8.5	3.2	9.3	-4.7	0.8	10.7	9.5
Other Income	0.6	6.6	0.1	0.7	1.6	0.1	9.5	0.0	2.4	2.0	0.9	0.5
Other Expenses	0.4	0.0	4.2	4.4	0.0	1.3	1.8	1.2	0.2	2.5	0.0	2.4
Other Profit	0.2	6.6	-4.0	-3.7	1.5	-1.2	7.7	-1.2	2.2	-0.5	0.8	-2.0
Profit Before Tax	2.5	10.3	10.5	4.6	-4.6	7.3	10.9	8.1	-2.6	0.3	11.6	7.5
Current Income Tax Expense	0.6	2.1	2.1	0.9	0.1	1.5	2.4	1.6	0.1	0.1	2.4	1.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.9	8.2	8.4	3.6	-4.6	5.8	8.5	6.4	-2.7	0.2	9.1	6.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.9	8.2	8.4	3.6	-4.6	5.8	8.5	6.4	-2.7	0.2	9.1	6.0
Earnings per Share	77.63	330.97	335.66	146.24	-186.17	231.79	367.89	279.33	-116.95	6.61	396.88	258.42
Diluted EPS	77.63	330.97	335.66	146.24	-186.17	231.79	367.89	279.33	-116.95	6.61	396.88	258.42

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)	169.6	212.3	223.6	176.8	180.9	179.9	160.8	145.5	111.4	151.8	143.7	110.3
I. Cash and cash equivalents	64.8	131.7	131.2	89.9	88.2	103.2	76.2	62.3	38.7	85.0	73.4	30.6
1. Cash	44.8	16.2	17.7	11.9	8.2	27.7	22.7	8.3	18.7	19.5	24.9	10.6
2. Cash equivalents	20.0	115.5	113.5	78.0	80.0	75.5	53.5	54.0	20.0	65.5	48.5	20.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	23.3	20.4	32.3	35.0	37.4	37.9	37.6	41.0	19.6	19.6	30.4	31.9
1. Short-term trade accounts receivable	10.0	19.0	29.0	29.9	35.3	30.4	36.6	37.7	17.8	15.3	29.5	30.1
2. Short-term prepayments to suppliers	10.1	0.3	1.4	0.3	1.1	6.8	0.4	2.7	0.9	3.2	0.6	1.0
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	3.2	1.1	1.8	4.8	1.0	0.7	0.6	0.6	1.0	1.1	0.3	0.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	65.8	60.0	59.3	51.5	51.7	38.7	46.5	41.8	48.7	46.2	39.7	47.5
1. Inventories	65.8	60.0	59.3	51.5	51.7	38.7	46.5	41.8	48.7	46.2	39.7	47.5
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	15.8	0.2	0.8	0.4	3.6	0.1	0.5	0.5	4.3	1.0	0.2	0.4
1. Short-term prepayments	2.1	0.1	0.3	0.4	2.0	0.1	0.2	0.4	2.0	0.0	0.1	0.4
2. Value added tax to be reclaimed	13.3	0.0	0.4	—	1.6	0.0	0.3	0.0	2.1	0.9	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	0.0	—	0.0	0.0	0.0	0.1	0.2	0.0	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	357.1	227.8	238.9	250.8	262.6	274.5	286.9	301.9	318.3	337.5	352.0	369.0
I. Long-term receivables	0.0	0.0	0.0	0.0	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	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	355.6	226.6	238.4	250.3	262.2	274.1	286.5	301.0	317.8	334.6	351.4	368.2
1. Tangible fixed assets	355.6	226.6	238.4	250.3	262.2	274.1	286.5	301.0	317.8	334.6	351.4	368.2
- Cost	—	—	—	—	792.2	792.1	792.1	801.6	801.6	801.6	801.6	801.6
- Accumulated depreciation	—	—	—	—	-530.0	-518.0	-505.6	-500.5	-483.8	-467.0	-450.2	-433.3
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	1.1	0.7	—	—	0.0	0.0	0.0	0.4	0.0	2.3	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	1.1	0.7	—	—	0.0	0.0	0.0	0.4	0.0	2.3	0.0	0.0
V. Long-term financial investments	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	—	—	—	—	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	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.4
1. Long-term prepayments	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.3
2. Deferred income tax assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	526.8	440.1	462.5	427.6	443.5	454.4	447.7	447.4	429.6	489.3	495.7	479.3
A. LIABILITIES (300=210+330)	197.9	113.2	143.8	98.0	117.6	125.3	154.1	142.0	130.7	188.3	200.2	170.7
I. Short -term liabilities	114.3	113.2	129.3	83.5	102.8	77.5	106.2	94.2	82.9	105.7	117.6	92.6
1. Short-term trade accounts payable	61.5	40.5	47.3	28.6	46.6	26.3	37.0	33.7	26.6	24.4	22.0	20.3
2. Short-term advances from customers	7.7	6.8	0.4	1.3	1.1	5.4	0.0	0.3	0.7	0.6	0.3	1.9
3. Taxes and other payables to state authorities	1.3	6.2	7.7	1.8	1.2	9.6	2.4	2.3	0.8	15.9	13.4	4.0
4. Payable to employees	24.5	23.5	18.6	8.2	15.9	16.1	11.7	6.6	12.9	15.4	11.3	9.3
5. Short-term acrrued expenses	0.5	0.0	0.1	0.3	0.3	7.6	0.2	0.2	0.5	0.3	0.4	0.5
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	3.3	11.3	18.2	3.6	3.8	3.7	22.0	4.7	4.5	13.8	22.4	4.4
10. Short-term borrowings and financial leases	13.9	5.5	17.9	25.5	33.0	7.6	15.1	22.7	34.8	12.1	24.1	40.7
11. Provision for short-term liabilities	—	17.4	15.6	13.5	0.0	0.0	15.4	21.8	0.0	19.8	19.7	10.3
12.. Bonus and welfare fund	1.6	1.9	3.5	0.7	0.8	1.3	2.5	1.8	2.0	3.4	4.0	1.3
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	83.6	—	14.5	14.5	14.8	47.8	47.8	47.8	47.8	82.6	82.6	78.1
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	0.3	—	—	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
8. Long-term borrowings and financial leases	83.3	—	14.5	14.5	14.5	47.5	47.5	47.5	47.5	82.3	82.3	77.8
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)	328.8	326.9	318.6	329.6	325.9	329.1	293.6	305.4	298.9	301.0	295.5	308.5
I. Owner's equity	328.8	326.9	318.6	329.6	325.9	329.1	293.6	305.4	298.9	301.0	295.5	308.5
1. Owner's capital	248.8	248.8	248.8	248.8	248.8	248.8	230.4	230.4	230.4	230.4	230.4	230.4
- Common stock with voting right	248.8	248.8	248.8	248.8	248.8	248.8	230.4	230.4	230.4	230.4	230.4	230.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	57.2	57.2	57.2	47.7	47.7	47.7	47.7	47.1	47.1	47.1	47.1	46.3
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	22.6	20.6	12.4	32.8	29.2	32.4	15.3	27.7	21.2	23.3	17.8	31.6
- Accumulated retained earning at the end of the previous period	0.4	0.4	0.4	29.2	0.4	0.4	0.4	21.2	2.7	2.7	2.7	25.7
- Undistributed earnings in this period	22.2	20.2	12.0	3.6	28.8	32.0	14.9	6.4	18.5	20.6	15.1	6.0
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)	526.8	440.1	462.5	427.6	443.5	454.4	447.7	447.4	429.6	489.3	495.7	479.3

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
Profit Before Tax	2.5	10.3	10.5	4.6	-3.9	7.3	25.0	8.1	-2.6	0.3	18.2	7.5
Depreciation of Fixed Assets and Investment Property	11.9	11.9	11.9	11.9	12.0	12.4	14.6	16.8	16.8	16.8	16.8	16.8
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	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-1.1	-1.0	-0.7	-0.7	-0.5	-8.4	-0.2	-0.4	-0.9	-0.5	-0.1
Interest Expense	0.2	0.2	0.7	0.8	1.0	1.1	1.3	1.6	1.9	2.4	3.0	3.3
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	13.4	21.3	22.1	16.6	8.4	20.3	32.4	26.2	15.7	18.6	37.5	27.5
Increase/(Decrease) in Receivables	-6.6	12.2	2.4	3.8	-0.9	-0.1	3.3	-19.1	-1.6	10.0	1.6	-17.4
Increase/(Decrease) in Inventory	-5.8	-0.7	-7.8	0.2	-13.0	7.8	-4.7	6.9	-2.4	-6.6	7.8	9.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.6	3.9	33.8	-12.1	5.9	8.5	-14.2	22.4	-31.3	16.2	11.6	-5.2
Increase/(Decrease) in Prepaid Expenses	-2.0	0.1	0.1	1.6	-1.9	0.1	0.2	1.6	-1.9	0.2	0.3	1.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.3	-0.9	-0.7	-1.0	-1.2	-1.3	-1.7	-1.9	-2.5	-3.0	-3.3
Corporate Income Tax Paid	-4.2	-0.9	-0.0	-0.9	-4.9	-0.2	-1.8	-0.4	-2.8	-1.5	-0.1	-3.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-1.6	-1.6	-0.2	-0.4	-1.3	-1.1	-0.2	-1.4	-0.6	-1.0	-0.5
Net Cash Flow from Operating Activities	-1.0	34.1	48.0	8.5	-7.9	34.1	12.7	35.8	-27.7	33.9	54.6	8.7
Payments for Fixed Assets and Other Long-term Assets	-151.3	-0.7	—	—	-0.1	0.0	0.4	-0.4	2.3	-2.3	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	8.1	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	1.4	1.1	0.9	0.7	0.6	0.5	0.3	0.2	0.6	0.8	0.4	0.1
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	-149.9	0.4	0.9	0.7	0.5	0.5	8.8	-0.2	3.0	-1.6	0.4	0.1
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	97.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-5.5	-26.9	-7.6	-7.6	-7.6	-7.6	-7.6	-12.1	-12.1	-12.1	-12.1	-12.1
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-7.7	-7.1	—	—	-0.0	-0.0	-0.0	-0.0	-9.5	-8.7	-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	84.0	-34.0	-7.6	-7.6	-7.6	-7.6	-7.6	-12.1	-21.5	-20.7	-12.1	-12.1
Net Cash Flow During the Period	-66.9	0.5	41.4	1.6	-14.9	27.0	13.9	23.6	-46.3	11.6	42.9	-3.2
Cash and Cash Equivalents at Beginning of Period	131.7	131.2	89.9	88.2	38.7	38.7	38.7	38.7	33.8	33.8	33.8	33.8
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	64.8	131.7	131.2	89.9	88.2	103.2	76.2	62.3	38.7	85.0	73.4	30.6

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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