PMG

Listed Company · HOSE

Price

6,900

Latest close

03 Apr 2026

P/E 15.5x

EPS (TTM) 445

ROE (TTM) 3.0%

P/B 0.5x

BVPS (Latest) 14,914

ROA (TTM) 1.3%

What Is Changing

PMG has not yet shown a broad-based top-line recovery. Revenue posted -13.2% YoY, but net margin reached 1.40% with an additional -0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Revenue decreased 13.2% YoY to VND 1,757.6bn in 2025.
Quarterly Net Income increased 32.9% YoY to VND 8.1bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	1,757.6	2,024.7	1,832.2	2,021.5	1,566.8
Growth	-13%	+11%	-9%	+29%	—
Net Income	24.6	31.5	-24.0	-13.3	-66.2
Net Margin	1.40%	1.55%	-1.31%	-0.66%	-4.22%

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	394.9	422.7	456.7	483.2	527.9	509.2	487.4	500.1	464.2	414.0	434.4	519.6
Growth	-7%	-7%	-5%	-8%	+4%	+4%	-3%	+8%	+12%	-5%	-16%	—
Net Income	8.1	8.0	3.7	4.8	6.1	13.7	10.9	0.8	-10.6	10.7	-26.5	1.1
Net Margin	2.05%	1.89%	0.82%	0.99%	1.15%	2.69%	2.23%	0.17%	-2.28%	2.57%	-6.11%	0.22%

Financial Statements

Profitability

Net margin reached 1.40% while Revenue posted -13.2% YoY.

Balance Sheet

Inventory stood at 47.4bn, liabilities at 829.4bn, and equity at 691.0bn.

Cash Flow

Operating cash flow was -12.5bn in 2025, while investing cash flow was 42.2bn.

Financing cash flow: -87.1bn.

Item	2025	2024	2023	2022	2021
Revenue	1,783.3	2,055.7	1,876.7	2,073.9	1,634.3
Revenue Deductions	25.8	31.1	44.5	52.4	0.0
Net Revenue	1,757.6	2,024.7	1,832.2	2,021.5	1,566.8
Cost of Goods Sold	1,474.6	1,728.5	1,581.7	1,798.0	0.0
Gross Profit	283.0	296.2	250.5	223.5	236.4
Financial Income	15.5	19.1	17.3	39.6	63.6
Financial Expenses	21.4	24.3	41.5	38.3	-27.9
Interest Expense	21.4	24.2	36.6	35.5	-25.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	214.8	220.5	207.5	198.4	-180.5
General and Administrative Expenses	44.8	42.0	45.2	43.9	-160.4
Operating Profit	17.5	28.5	-26.4	-17.5	-68.9
Other Income	19.0	20.0	20.0	19.3	0.0
Other Expenses	5.8	8.4	6.6	3.5	0.0
Other Profit	13.2	11.6	13.5	15.8	13.1
Profit Before Tax	30.7	40.1	-12.9	-1.7	-55.8
Current Income Tax Expense	7.8	9.4	5.8	8.1	-10.3
Deferred Income Tax Expense	-1.7	-0.8	5.3	3.4	0.0
Net Income	24.6	31.5	-24.0	-13.3	-66.2
Non-controlling Interest	4.0	6.7	-26.4	-21.6	-37.6
Profit Attributable to Parent	20.7	24.8	2.4	8.3	-28.6
Earnings per Share	446.00	535.00	52.00	180.00	-617.00
Diluted EPS	446.00	534.94	52.00	180.00	-616.92

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	627.0	806.5	750.1	547.7	674.0
I. Cash and cash equivalents	92.3	149.7	76.6	80.9	77.9
1. Cash	92.3	89.7	75.3	80.9	0.0
2. Cash equivalents	—	60.0	1.3	0.0	0.0
II. Short-term financial investments	214.2	277.5	281.0	156.6	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	214.2	277.5	281.0	156.6	0.0
III. Short-term receivables	254.4	309.8	319.9	164.6	188.9
1. Short-term trade accounts receivable	291.2	346.9	306.8	216.0	0.0
2. Short-term prepayments to suppliers	45.9	43.8	42.3	5.3	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	—	2.1	2.1	2.1	0.0
6. Other short-term receivables	21.4	24.4	76.1	46.4	0.0
7. Provision for short-term doubtful debts (*)	-104.0	-107.4	-107.4	-105.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	47.4	40.1	32.9	97.8	55.9
1. Inventories	47.4	40.1	32.9	97.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	18.7	29.4	39.7	47.9	48.7
1. Short-term prepayments	4.1	4.9	4.8	4.0	0.0
2. Value added tax to be reclaimed	13.7	23.2	33.6	42.5	0.0
3. Taxes and other receivables from state authorities	0.9	1.4	1.4	1.4	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)	893.5	966.3	1,027.8	1,049.6	1,103.4
I. Long-term receivables	16.9	20.0	23.0	22.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	28.0
2. Long-term prepayments to suppliers	9.4	11.1	11.6	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	7.5	9.0	11.4	22.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	401.8	441.3	471.7	502.8	530.2
1. Tangible fixed assets	401.8	441.3	471.7	502.8	530.2
- Cost	779.1	782.7	769.2	756.8	0.0
- Accumulated depreciation	-377.3	-341.4	-297.6	-254.0	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	2.8	2.8	2.8	2.8	0.0
- Accumulated depreciation	-2.8	-2.8	-2.8	-2.8	0.0
III. Investment properties	115.1	94.1	94.1	94.2	94.2
- Cost	115.2	94.3	94.3	94.3	0.0
- Accumulated depreciation	-0.1	-0.2	-0.2	-0.1	0.0
IV. Long-term assets in progress	2.2	1.6	1.8	5.1	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.2	1.6	1.8	5.1	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	—	0.0	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	—	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	357.5	409.2	437.2	425.5	0.0
1. Long-term prepayments	326.6	377.7	404.7	420.5	0.0
2. Deferred income tax assets	30.2	30.3	30.8	2.7	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	448.7
5. Goodwill	0.7	1.2	1.7	2.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,520.5	1,772.8	1,777.8	1,597.2	1,777.4
A. LIABILITIES (300=210+330)	829.4	1,104.0	1,140.5	956.7	1,081.6
I. Short -term liabilities	775.9	1,034.9	1,055.3	820.7	940.0
1. Short-term trade accounts payable	390.6	557.4	392.6	265.6	452.7
2. Short-term advances from customers	2.4	4.7	2.5	2.5	6.4
3. Taxes and other payables to state authorities	6.3	9.3	14.2	7.1	0.0
4. Payable to employees	4.7	4.8	1.9	1.9	0.0
5. Short-term acrrued expenses	0.2	0.2	1.4	0.1	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	0.7	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	1.7	109.5	1.5	0.0
10. Short-term borrowings and financial leases	369.5	456.6	532.9	541.7	471.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	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	53.5	69.1	85.2	136.0	141.7
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	45.7	59.5	74.3	86.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	44.0	44.0
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	7.8	9.6	10.9	5.5	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)	691.0	668.8	637.3	640.5	695.8
I. Owner's equity	691.0	668.8	637.3	640.5	0.0
1. Owner's capital	463.4	463.4	463.4	463.4	695.8
- Common stock with voting right	463.4	463.4	463.4	463.4	463.4
- 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
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	—	0.0	0.0	0.0	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	-28.3	-49.0	-73.8	-97.0	-72.3
- Accumulated retained earning at the end of the previous period	-49.0	-73.8	-76.2	-105.4	-43.7
- Undistributed earnings in this period	20.7	24.8	2.4	8.3	-28.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	256.0	254.4	247.8	274.2	304.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,520.5	1,772.8	1,777.8	1,597.2	1,777.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.7	40.1	-12.9	-1.7	-55.8
Depreciation of Fixed Assets and Investment Property	45.2	45.3	44.9	48.6	46.9
Provision (Increase)/Reversal	—	0.0	2.2	4.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-14.6	-15.5	-15.0	-17.2	0.0
Interest Expense	21.4	24.2	36.6	35.5	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	82.7	94.1	55.8	69.3	77.8
Increase/(Decrease) in Receivables	69.8	23.4	-153.8	-15.8	0.0
Increase/(Decrease) in Inventory	-7.3	-7.2	64.9	-41.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-177.5	45.0	224.6	19.2	0.0
Increase/(Decrease) in Prepaid Expenses	51.8	27.0	14.7	22.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-21.4	-25.3	-35.8	-37.2	0.0
Corporate Income Tax Paid	-10.6	-12.1	-7.0	-4.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	-12.5	144.8	163.3	11.0	212.0
Payments for Fixed Assets and Other Long-term Assets	-32.7	-14.8	-9.7	-23.3	-22.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.5	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-228.2	-345.8	-281.0	0.0	-303.5
Receipts from Loan Repayments and Sale of Debt Instruments	291.5	349.4	156.6	146.1	9.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	-4.6	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	15.1	15.4	19.4	15.7	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	42.2	4.6	-114.8	138.5	-314.4
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	1,338.5	1,954.7	2,795.5	2,937.1	1,923.7
Repayment of Borrowings	-1,425.6	-2,031.0	-2,848.4	-3,083.3	-1,827.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-87.1	-76.3	-52.8	-146.2	96.2
Net Cash Flow During the Period	-57.4	73.1	-4.3	3.3	-8.0
Cash and Cash Equivalents at Beginning of Period	149.7	76.6	80.9	77.6	84.1
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	92.3	149.7	76.6	80.9	77.9

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	401.6	428.4	463.7	489.6	536.4	517.7	492.9	508.7	471.5	426.5	445.4	533.4
Revenue Deductions	6.7	5.7	7.0	6.4	8.5	8.4	5.6	8.6	7.3	12.5	11.0	13.8
Net Revenue	394.9	422.7	456.7	483.2	527.9	509.2	487.4	500.1	464.2	414.0	434.4	519.6
Cost of Goods Sold	325.0	349.5	388.5	411.7	455.0	428.1	409.4	436.0	406.5	334.8	391.7	448.6
Gross Profit	69.9	73.2	68.2	71.6	72.9	81.1	78.0	64.1	57.7	79.2	42.6	71.0
Financial Income	3.1	3.8	4.3	4.3	3.9	6.9	4.6	3.6	4.2	4.1	4.6	4.5
Financial Expenses	4.2	5.6	6.3	5.4	5.6	6.3	7.2	5.2	11.6	8.7	9.6	11.6
Interest Expense	4.2	5.6	6.2	5.4	5.5	6.2	7.2	5.2	6.9	8.7	9.5	11.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	49.9	53.3	54.7	56.8	53.5	56.8	56.7	53.4	45.1	52.6	56.6	52.1
General and Administrative Expenses	12.4	11.6	9.8	11.0	11.5	10.4	9.9	10.3	12.9	10.3	11.0	11.1
Operating Profit	6.7	6.4	1.8	2.6	6.3	14.6	8.8	-1.1	-7.6	11.6	-30.0	0.7
Other Income	4.7	4.8	4.8	4.8	5.0	5.0	5.1	5.0	5.0	5.2	4.9	4.9
Other Expenses	2.1	1.9	1.0	1.0	2.5	3.6	1.5	0.9	1.3	2.4	0.8	0.7
Other Profit	2.6	2.9	3.8	3.9	2.5	1.4	3.5	4.1	3.7	2.8	4.1	4.1
Profit Before Tax	9.2	9.3	5.6	6.5	8.8	16.0	12.3	3.0	-3.9	14.4	-25.9	4.8
Current Income Tax Expense	3.4	1.1	1.5	1.7	3.6	2.1	1.7	2.1	3.9	3.6	-1.7	3.6
Deferred Income Tax Expense	-2.3	0.2	0.3	0.0	-0.9	0.2	-0.2	0.1	2.8	0.2	2.3	0.1
Net Income	8.1	8.0	3.7	4.8	6.1	13.7	10.9	0.8	-10.6	10.7	-26.5	1.1
Non-controlling Interest	3.0	2.6	-1.3	-0.3	1.1	4.4	3.9	-2.7	-8.6	-4.2	-7.1	-6.1
Profit Attributable to Parent	5.1	5.4	5.0	5.1	5.0	9.3	6.9	3.5	-2.0	14.8	-19.5	7.2
Earnings per Share	110.00	117.00	108.00	110.00	108.00	201.00	150.00	76.00	38.00	319.00	-420.00	156.00
Diluted EPS	110.00	117.00	108.00	110.00	535.00	201.00	150.00	76.00	38.00	319.00	-420.00	156.00

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)	564.0	509.6	738.4	797.2	806.5	691.2	834.5	897.9	750.3	657.7	573.8	611.0
I. Cash and cash equivalents	92.3	23.4	38.8	49.7	151.7	63.7	184.8	127.2	76.5	74.7	65.2	59.6
1. Cash	92.3	23.4	36.6	24.2	91.7	62.0	89.7	116.0	75.3	70.8	52.4	50.5
2. Cash equivalents	—	—	2.2	25.5	60.0	1.7	95.1	11.3	1.3	3.9	12.7	9.0
II. Short-term financial investments	151.2	141.2	304.4	337.2	277.5	287.9	266.9	304.3	281.0	240.7	187.0	197.1
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	151.2	141.2	304.4	337.2	277.5	287.9	266.9	304.3	281.0	240.7	187.0	197.1
III. Short-term receivables	254.4	266.3	302.9	307.8	307.9	275.9	302.0	378.2	319.9	261.1	197.2	216.5
1. Short-term trade accounts receivable	291.2	298.1	317.1	344.2	346.9	348.6	338.7	322.9	306.8	291.6	248.8	261.8
2. Short-term prepayments to suppliers	45.9	49.4	48.8	46.0	43.8	8.6	43.3	44.4	7.5	17.6	5.7	5.0
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	—	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
6. Other short-term receivables	21.4	24.1	42.3	22.8	22.4	23.9	25.3	116.1	110.8	56.3	47.2	52.8
7. Provision for short-term doubtful debts (*)	-104.0	-107.4	-107.4	-107.4	-107.4	-107.4	-107.4	-107.4	-107.4	-106.5	-106.5	-105.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	47.4	55.2	64.8	71.7	40.1	31.4	42.9	48.1	32.9	38.8	76.6	90.3
1. Inventories	47.4	55.2	64.8	71.7	40.1	31.4	42.9	48.1	32.9	38.8	76.6	90.3
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	18.7	23.5	27.5	30.8	29.4	32.3	38.0	40.1	40.0	42.4	47.8	47.4
1. Short-term prepayments	4.1	5.1	6.9	6.4	4.9	5.6	6.4	5.3	4.8	5.1	5.8	4.8
2. Value added tax to be reclaimed	13.7	17.0	19.2	23.0	23.2	25.4	29.4	32.6	33.9	35.3	40.6	41.2
3. Taxes and other receivables from state authorities	0.9	1.4	1.4	1.4	1.4	1.4	2.1	2.1	1.4	2.1	1.4	1.4
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)	956.5	980.6	939.6	961.9	966.3	1,020.5	1,000.4	1,012.5	999.8	993.3	997.8	1,020.8
I. Long-term receivables	16.9	18.1	19.3	19.6	20.0	56.1	22.2	22.7	23.0	11.4	21.2	21.5
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	9.4	10.2	11.1	11.1	11.1	46.3	11.6	11.6	11.6	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	7.5	7.9	8.2	8.5	9.0	9.8	10.7	11.1	11.4	11.4	21.2	21.5
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	401.8	411.3	421.2	430.8	441.3	450.4	454.7	463.4	471.7	473.5	482.5	492.4
1. Tangible fixed assets	401.8	411.3	421.2	430.8	441.3	450.4	454.7	463.4	471.7	473.5	482.5	492.4
- Cost	—	—	—	—	782.7	781.3	774.5	772.0	769.2	763.3	760.8	758.5
- Accumulated depreciation	—	—	—	—	-341.4	-330.8	-319.8	-308.7	-297.6	-289.8	-278.3	-266.1
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	115.1	115.3	112.3	112.3	94.1	94.1	94.1	94.1	94.1	94.1	94.2	94.2
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.2	2.1	1.5	1.9	1.6	2.2	2.2	2.9	1.8	6.1	6.4	5.4
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	2.2	2.1	1.5	1.9	1.6	2.2	2.2	2.9	1.8	6.1	6.4	5.4
V. Long-term financial investments	63.0	63.0	—	—	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	—	—	—	—	0.0	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	63.0	63.0	—	—	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	357.5	370.9	385.3	397.3	409.2	417.6	427.2	427.9	407.5	406.3	391.5	405.2
1. Long-term prepayments	326.6	340.0	354.1	366.0	377.7	385.9	395.1	397.2	404.7	403.5	388.6	402.6
2. Deferred income tax assets	30.2	30.1	30.3	30.3	30.3	30.4	30.7	30.7	2.8	2.8	2.9	2.6
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	0.7	0.8	0.9	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	1.2	1.3	1.5	1.6	1.7	1.9	2.0	2.2
TOTAL ASSETS (280=100+200)	1,520.5	1,490.2	1,678.0	1,759.1	1,772.8	1,711.8	1,834.9	1,910.4	1,750.2	1,651.0	1,571.5	1,631.8
A. LIABILITIES (300=210+330)	829.4	804.9	1,000.6	1,085.5	1,104.0	1,049.0	1,185.9	1,272.2	1,132.4	1,026.4	956.4	990.1
I. Short -term liabilities	775.9	745.9	938.0	1,018.9	1,034.9	975.6	1,106.6	1,189.6	1,047.2	940.0	824.9	857.4
1. Short-term trade accounts payable	390.6	385.4	446.5	551.0	557.4	515.4	381.8	431.8	392.9	301.6	360.7	289.4
2. Short-term advances from customers	2.4	5.1	6.7	4.1	4.7	4.8	3.6	1.8	2.5	2.6	4.0	3.4
3. Taxes and other payables to state authorities	6.3	5.2	4.3	2.4	9.3	7.1	5.0	2.4	5.8	6.1	2.9	5.2
4. Payable to employees	4.7	4.3	4.2	4.4	4.8	4.3	4.2	3.1	1.9	3.8	3.9	3.8
5. Short-term acrrued expenses	0.2	0.2	0.2	0.2	0.2	1.7	4.8	3.4	1.4	1.7	1.2	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	0.7	0.7	0.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	0.1	0.4	1.7	1.7	0.2	46.1	182.0	109.5	82.2	0.1	1.1
10. Short-term borrowings and financial leases	369.5	344.8	475.0	455.1	456.6	442.1	661.0	564.9	532.9	542.0	452.0	552.5
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	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	53.5	59.0	62.6	66.6	69.1	73.4	79.4	82.6	85.2	86.4	131.5	132.8
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	45.7	49.1	52.6	57.0	59.5	62.7	68.6	71.7	74.3	78.1	79.3	83.2
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	44.0	44.0
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	7.8	10.0	10.0	9.6	9.6	10.7	10.7	10.9	10.9	8.3	8.2	5.5
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)	691.0	685.3	677.3	673.6	668.8	662.7	649.0	638.2	617.8	624.6	615.1	641.6
I. Owner's equity	691.0	685.3	677.3	673.6	668.8	662.7	649.0	638.2	617.8	624.6	615.1	641.6
1. Owner's capital	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4
- Common stock with voting right	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4
- 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
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-28.3	-33.4	-38.9	-43.9	-49.0	-54.0	-63.3	-70.3	-93.3	-95.1	-109.3	-89.8
- Accumulated retained earning at the end of the previous period	-49.0	-49.0	-49.0	-49.0	-73.8	-73.8	-73.8	-73.8	-97.0	-97.0	-97.0	-97.0
- Undistributed earnings in this period	20.7	15.6	10.1	5.1	24.8	19.8	10.5	3.5	3.7	1.9	-12.2	7.2
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	256.0	255.4	252.8	254.1	254.4	253.4	249.0	245.1	247.7	256.3	261.0	268.1
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)	1,520.5	1,490.2	1,678.0	1,759.1	1,772.8	1,711.8	1,834.9	1,910.4	1,750.2	1,651.0	1,571.5	1,631.8

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
Profit Before Tax	9.2	9.3	5.6	6.5	8.8	16.0	12.3	3.0	-5.2	14.4	-27.0	4.8
Depreciation of Fixed Assets and Investment Property	11.1	11.3	11.4	11.4	11.4	11.3	11.3	11.3	7.9	12.4	12.3	12.3
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.8	0.0	1.4	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	-3.0	-2.9	-4.3	-4.3	-3.8	-3.4	-4.6	-3.6	-4.2	-4.1	-3.6	-3.1
Interest Expense	4.2	5.6	6.2	5.4	5.5	6.2	7.2	5.2	6.9	8.7	9.5	11.4
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	21.5	23.3	18.9	19.0	21.9	30.1	26.2	15.9	6.2	31.5	-7.4	25.4
Increase/(Decrease) in Receivables	17.7	38.9	10.6	2.6	7.6	-3.4	79.3	-58.1	-69.1	-50.9	14.2	-48.0
Increase/(Decrease) in Inventory	7.7	9.6	6.9	-31.6	-8.7	11.5	5.2	-15.2	5.9	9.5	42.1	7.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.8	-70.5	-106.5	-10.3	38.6	82.9	-185.3	108.8	112.0	20.5	65.9	26.2
Increase/(Decrease) in Prepaid Expenses	14.3	15.6	11.9	10.0	9.5	9.9	1.8	5.8	-1.2	13.1	-14.3	17.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-5.7	-6.2	-5.4	-5.4	-9.2	-5.8	-4.9	-5.6	-8.7	-9.5	-11.9
Corporate Income Tax Paid	-1.9	0.0	0.0	-8.6	-0.8	-0.0	0.0	-11.3	-0.1	-0.2	-0.0	-6.7
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	65.1	11.3	-64.4	-24.5	62.7	121.8	-78.6	40.9	48.1	14.7	90.9	9.6
Payments for Fixed Assets and Other Long-term Assets	-9.0	-1.3	-3.6	-18.8	-2.2	-7.3	-2.5	-2.8	-1.4	-2.8	-5.0	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	0.2	—	—	-0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-20.0	-68.0	-55.2	-85.0	-93.0	-63.0	-63.3	-126.5	-40.3	-210.3	10.1	-40.5
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	168.2	88.0	25.2	103.4	42.0	100.7	103.2	0.0	156.6	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	-4.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.7	6.4	2.4	4.5	2.5	3.8	5.2	3.9	4.5	5.5	10.1	-0.7
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	-20.9	105.5	31.6	-74.0	10.8	-24.0	40.1	-22.2	-37.2	-51.0	15.2	-41.7
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	195.7	201.8	457.0	483.9	840.5	713.9	847.5	683.9	588.8	708.5	678.7	819.5
Repayment of Borrowings	-171.1	-332.0	-437.1	-485.4	-826.0	-932.8	-751.4	-651.9	-597.9	-662.6	-779.2	-808.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	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	24.6	-130.2	19.9	-1.5	14.5	-218.9	96.1	31.9	-9.0	45.9	-100.5	10.8
Net Cash Flow During the Period	68.9	-13.4	-12.9	-100.0	88.0	-121.2	57.6	50.7	1.9	9.5	5.6	-21.3
Cash and Cash Equivalents at Beginning of Period	23.4	36.8	49.7	149.7	76.6	76.6	76.6	76.6	80.9	80.9	80.9	80.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	92.3	23.4	36.8	49.7	151.7	63.7	184.8	127.2	76.6	74.7	65.2	59.6

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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