PMW

Listed Company · UPCOM

Price

36,100

Latest close

01 Apr 2026

P/E 15.1x

EPS (TTM) 2,385

ROE (TTM) 19.8%

P/B 3.1x

BVPS (Latest) 11,589

ROA (TTM) 17.3%

What Is Changing

PMW has not yet shown a broad-based top-line recovery. Revenue posted -2.3% YoY, but net margin reached 33.51% with an additional +6.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 512bps to 33.51% in 2025.
Net Income reached a multi-period high at VND 119.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	355.5	363.8	341.8	345.4	333.5
Growth	-2%	+6%	-1%	+4%	—
Net Income	119.1	98.8	97.0	78.3	77.6
Net Margin	33.51%	27.17%	28.38%	22.66%	23.26%

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	89.4	91.4	90.6	84.2	87.4	87.0	96.0	93.4	86.8	88.7	85.5	80.8
Growth	-2%	+1%	+8%	-4%	+1%	-9%	+3%	+8%	-2%	+4%	+6%	—
Net Income	36.2	29.9	20.2	32.9	14.2	32.0	21.3	31.3	27.3	35.7	34.3	18.1
Net Margin	40.53%	32.72%	22.33%	39.08%	16.24%	36.79%	22.18%	33.54%	31.38%	40.26%	40.06%	22.35%

Financial Statements

Profitability

Net margin reached 33.51% while Revenue posted -2.3% YoY.

Balance Sheet

Inventory stood at 8.3bn, liabilities at 93.8bn, and equity at 579.3bn.

Cash Flow

Operating cash flow was 127.8bn in 2025, while investing cash flow was -14.8bn.

Financing cash flow: -150.6bn.

Item	2025	2024	2023	2022	2021
Revenue	355.5	363.8	341.8	345.4	333.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	355.5	363.8	341.8	345.4	333.5
Cost of Goods Sold	234.8	236.5	232.6	237.5	0.0
Gross Profit	120.7	127.3	109.1	107.9	109.2
Financial Income	55.6	27.8	35.3	19.3	9.1
Financial Expenses	1.5	1.6	0.7	0.9	-0.4
Interest Expense	1.5	1.6	0.7	0.9	-0.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	17.7	16.4	13.0	15.7	-10.8
General and Administrative Expenses	29.7	28.6	27.4	25.6	-21.5
Operating Profit	127.4	108.5	103.3	85.1	85.5
Other Income	1.5	0.7	4.4	1.1	0.0
Other Expenses	1.9	1.8	1.8	1.3	0.0
Other Profit	-0.4	-1.1	2.7	-0.2	-0.1
Profit Before Tax	127.1	107.3	106.0	84.9	85.4
Current Income Tax Expense	7.9	8.5	9.0	6.6	-7.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	119.1	98.8	97.0	78.3	77.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	119.1	98.8	97.0	78.3	77.6
Earnings per Share	2,144.00	1,740.00	1,740.00	1,709.00	1,939.00
Diluted EPS	2,144.00	1,740.00	1,939.98	1,665.52	1,939.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	40.3	104.1	91.6	101.7	51.8
I. Cash and cash equivalents	4.0	41.5	9.3	52.3	7.1
1. Cash	4.0	3.0	6.3	46.3	0.0
2. Cash equivalents	—	38.5	3.0	6.0	0.0
II. Short-term financial investments	—	0.0	30.0	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	30.0	0.0	0.0
III. Short-term receivables	26.1	46.6	41.7	38.4	34.3
1. Short-term trade accounts receivable	16.9	37.4	36.2	23.5	0.0
2. Short-term prepayments to suppliers	9.1	8.8	5.2	13.5	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	1.1	0.0
6. Other short-term receivables	0.2	0.5	0.3	0.4	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8.3	13.2	7.4	7.4	5.6
1. Inventories	8.3	13.2	7.4	7.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.9	2.7	3.1	3.6	4.9
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.9	2.7	3.1	3.6	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	632.8	597.6	567.8	542.7	517.2
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	407.2	399.2	407.9	392.0	377.0
1. Tangible fixed assets	405.3	397.8	406.8	391.0	376.4
- Cost	724.8	674.5	643.4	586.8	0.0
- Accumulated depreciation	-319.6	-276.6	-236.5	-195.8	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	1.9	1.4	1.1	1.0	0.6
- Cost	4.0	3.1	2.5	2.1	0.0
- Accumulated depreciation	-2.1	-1.7	-1.4	-1.1	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	105.1	83.7	48.0	42.1	30.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	105.1	83.7	48.0	42.1	0.0
V. Long-term financial investments	102.6	102.6	102.6	102.6	102.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	102.6	102.6	0.0	82.5	0.0
3. Investments in other entities	—	0.0	102.6	20.1	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	17.9	12.1	9.3	5.9	0.0
1. Long-term prepayments	17.9	12.1	9.3	5.9	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	7.2
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)	673.1	701.7	659.4	644.4	569.0
A. LIABILITIES (300=210+330)	93.8	79.5	74.3	69.4	62.8
I. Short -term liabilities	93.8	79.5	74.3	69.4	62.8
1. Short-term trade accounts payable	33.3	18.2	15.9	16.4	48.5
2. Short-term advances from customers	0.1	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	4.6	4.2	3.0	2.1	0.0
4. Payable to employees	4.3	5.2	3.9	4.5	0.0
5. Short-term acrrued expenses	0.6	0.5	0.8	0.4	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	0.3	0.1	0.1	0.2	0.0
10. Short-term borrowings and financial leases	44.2	44.8	43.1	39.9	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.3	6.4	7.6	5.9	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)	579.3	622.1	585.1	575.0	506.2
I. Owner's equity	579.3	622.1	585.1	575.0	0.0
1. Owner's capital	500.0	500.0	500.0	470.0	506.2
- Common stock with voting right	500.0	500.0	500.0	470.0	400.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	32.0	32.0	32.0	17.2	17.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	18.5	18.5	15.5	12.6	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	28.8	71.6	37.6	75.2	79.4
- Accumulated retained earning at the end of the previous period	21.6	17.6	15.2	9.4	30.2
- Undistributed earnings in this period	7.2	54.0	22.4	65.8	49.2
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)	673.1	701.7	659.4	644.4	569.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	127.1	107.3	106.0	84.9	85.4
Depreciation of Fixed Assets and Investment Property	46.2	44.0	41.1	37.3	31.5
Provision (Increase)/Reversal	—	0.1	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	-55.1	-27.8	-35.3	-18.9	0.0
Interest Expense	1.5	1.6	0.7	0.9	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	-0.1	0.0
Operating Profit Before Changes in Working Capital	119.6	125.3	112.5	104.1	108.0
Increase/(Decrease) in Receivables	21.3	-4.6	-3.9	-2.3	0.0
Increase/(Decrease) in Inventory	4.9	-5.8	-0.1	-1.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.3	4.3	-11.3	-34.6	0.0
Increase/(Decrease) in Prepaid Expenses	-5.9	-2.7	-3.4	1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.6	-0.7	-0.8	0.0
Corporate Income Tax Paid	-7.9	-8.2	-7.6	-7.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-12.0	-13.0	0.0	-7.7	0.0
Net Cash Flow from Operating Activities	127.8	93.6	85.5	51.0	108.1
Payments for Fixed Assets and Other Long-term Assets	-70.4	-71.0	-62.8	-64.3	-81.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	—	0.0	-28.9	-0.4	-0.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	30.0	0.0	0.0	9.0
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	55.6	27.9	35.3	18.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-14.8	-13.2	-56.4	-45.8	-63.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	44.8	40.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	175.3	165.1	101.9	149.8	81.3
Repayment of Borrowings	-175.9	-163.3	-98.7	-109.9	-81.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-150.0	-50.0	-120.0	-40.0	-40.5
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	-150.6	-48.2	-72.0	39.9	-40.5
Net Cash Flow During the Period	-37.6	32.2	-42.9	45.1	-2.8
Cash and Cash Equivalents at Beginning of Period	41.5	9.3	52.3	7.1	3.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.0	41.5	9.3	52.3	7.1

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	89.4	91.4	90.6	84.2	87.4	87.0	96.0	93.4	86.8	88.7	85.5	80.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	89.4	91.4	90.6	84.2	87.4	87.0	96.0	93.4	86.8	88.7	85.5	80.8
Cost of Goods Sold	58.1	60.3	59.7	56.7	58.5	55.2	61.3	61.5	59.1	60.1	58.0	54.9
Gross Profit	31.3	31.1	30.9	27.4	29.0	31.7	34.7	31.9	27.7	28.6	27.5	25.8
Financial Income	22.2	11.4	5.1	16.9	0.0	15.9	0.5	11.4	16.5	17.8	18.5	0.2
Financial Expenses	0.6	0.2	0.2	0.4	0.5	0.5	0.3	0.3	0.2	0.2	0.0	0.2
Interest Expense	0.6	0.2	0.2	0.4	0.5	0.5	0.3	0.3	0.2	0.2	0.0	0.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.5	4.3	4.4	3.3	5.4	4.0	3.8	3.3	3.9	3.5	2.6	2.9
General and Administrative Expenses	8.4	5.9	9.4	6.0	7.2	7.9	7.4	6.2	9.9	5.0	6.2	6.3
Operating Profit	39.0	32.0	21.9	34.6	15.9	35.3	23.8	33.4	30.2	37.7	37.1	16.5
Other Income	0.9	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	4.0
Other Expenses	1.4	0.2	0.2	0.1	0.3	1.5	0.2	0.0	1.5	0.2	1.0	0.0
Other Profit	-0.4	-0.0	0.0	0.0	-0.2	-1.4	-0.0	0.2	-1.3	-0.0	-0.8	4.0
Profit Before Tax	38.6	32.0	21.9	34.6	15.8	33.9	23.7	33.6	28.8	37.7	36.3	20.5
Current Income Tax Expense	2.4	2.1	1.7	1.7	1.6	1.9	2.4	2.3	1.6	2.0	2.0	2.5
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	36.2	29.9	20.2	32.9	14.2	32.0	21.3	31.3	27.3	35.7	34.3	18.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	36.2	29.9	20.2	32.9	14.2	32.0	21.3	31.3	27.3	35.7	34.3	18.1
Earnings per Share	724.52	598.35	404.40	657.73	284.00	639.91	426.05	626.41	545.04	713.76	685.03	384.10
Diluted EPS	724.52	598.35	404.40	657.73	284.00	639.91	426.05	626.41	545.04	713.76	685.03	384.10

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)	40.4	67.0	88.2	69.8	108.1	109.9	140.7	105.3	91.6	86.1	166.0	73.4
I. Cash and cash equivalents	4.0	20.5	24.0	9.5	41.5	9.4	54.0	13.2	9.3	8.0	69.3	27.2
1. Cash	4.0	16.5	10.0	9.5	3.0	7.0	6.0	13.2	6.3	5.1	4.3	5.2
2. Cash equivalents	—	4.0	14.0	—	38.5	2.4	48.0	0.0	3.0	2.9	65.0	22.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	20.0	30.0	30.0	30.0	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	20.0	30.0	30.0	30.0	0.0
III. Short-term receivables	26.1	37.1	43.8	45.5	50.6	53.0	58.6	47.9	41.7	37.1	47.4	32.1
1. Short-term trade accounts receivable	16.9	27.7	32.4	37.4	42.4	46.5	48.5	43.1	36.2	32.7	24.8	24.4
2. Short-term prepayments to suppliers	9.1	8.2	5.0	6.7	7.9	5.3	9.1	3.6	5.2	2.9	2.3	5.4
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	1.1	1.1
6. Other short-term receivables	0.2	1.3	6.4	1.6	0.5	1.2	1.1	1.2	0.3	1.4	19.1	1.3
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	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	8.3	8.2	18.2	13.2	13.2	44.5	25.5	21.0	7.4	7.0	15.2	9.8
1. Inventories	8.3	8.2	18.2	13.2	13.2	44.5	25.5	21.0	7.4	7.0	15.2	9.8
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	1.9	1.2	2.2	1.6	2.7	3.0	2.6	3.2	3.1	4.0	4.1	4.3
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.9	1.2	2.2	1.6	2.7	3.0	2.6	3.2	3.1	4.0	4.1	3.7
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6
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)	632.8	613.9	605.7	592.8	597.6	560.6	566.1	565.1	567.8	568.1	551.0	546.2
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	407.2	388.5	392.1	396.1	399.2	396.6	401.6	401.2	407.9	404.2	404.7	407.3
1. Tangible fixed assets	405.3	387.1	390.8	394.8	397.8	395.8	400.6	400.2	406.8	403.4	403.8	406.4
- Cost	—	—	—	—	674.5	661.3	658.7	647.5	643.4	629.3	619.5	611.9
- Accumulated depreciation	—	—	—	—	-276.6	-265.5	-258.1	-247.2	-236.5	-225.9	-215.7	-205.6
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	1.9	1.4	1.2	1.3	1.4	0.9	0.9	1.0	1.1	0.8	0.9	1.0
- 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	105.1	104.3	96.7	82.5	83.7	50.0	50.5	51.2	48.0	54.4	37.1	30.1
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	105.1	104.3	96.7	82.5	83.7	50.0	50.5	51.2	48.0	54.4	37.1	30.1
V. Long-term financial investments	102.6	102.6	102.6	102.6	102.6	102.6	102.6	102.6	102.6	102.6	102.6	102.6
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	102.6	102.6	102.6	82.5	82.5	82.5	82.5	82.5	82.5	82.5	82.5	82.5
3. Investments in other entities	—	—	—	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1
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	17.9	18.5	14.3	11.6	12.1	11.4	11.5	10.1	9.3	7.0	6.6	6.2
1. Long-term prepayments	17.9	18.5	14.3	11.6	12.1	11.4	11.5	10.1	9.3	7.0	6.6	6.2
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)	673.1	680.9	693.9	662.6	705.7	670.6	706.8	670.3	659.4	654.2	717.0	619.5
A. LIABILITIES (300=210+330)	93.7	81.9	71.6	60.6	83.6	55.8	74.1	58.9	74.0	30.6	109.1	29.5
I. Short -term liabilities	93.7	81.9	71.6	60.6	83.6	55.8	74.1	58.9	74.0	30.6	109.1	29.5
1. Short-term trade accounts payable	33.3	66.3	60.8	19.5	17.3	14.1	22.0	18.8	15.9	18.8	38.2	18.3
2. Short-term advances from customers	0.1	0.0	0.0	0.0	1.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2
3. Taxes and other payables to state authorities	4.6	5.3	3.3	3.1	4.2	4.8	3.7	3.3	2.9	3.2	3.7	3.2
4. Payable to employees	4.3	3.6	3.1	2.7	5.2	4.4	3.9	3.0	3.9	4.4	3.5	2.8
5. Short-term acrrued expenses	0.5	0.1	0.3	0.1	0.5	0.1	0.4	0.1	0.5	0.4	0.4	0.1
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	0.3	1.4	0.5	0.3	4.1	0.1	0.1	0.1	0.1	0.0	60.0	0.0
10. Short-term borrowings and financial leases	44.2	3.5	1.3	30.3	44.8	31.1	38.6	26.9	43.1	2.1	0.0	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	6.3	1.7	2.2	4.6	6.4	1.2	5.4	6.8	7.6	1.6	3.1	4.9
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	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)	579.5	599.0	622.2	602.0	622.1	614.8	632.8	611.5	585.4	623.6	607.9	590.1
I. Owner's equity	579.5	599.0	622.2	602.0	622.1	614.8	632.8	611.5	585.4	623.6	607.9	590.1
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	470.0
- Common stock with voting right	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	470.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	17.2
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	18.5	18.5	18.5	18.5	18.5	15.5	15.5	15.5	15.5	12.6	12.6	12.6
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	28.9	48.4	71.7	51.5	71.6	67.2	85.2	63.9	37.9	79.0	63.2	90.2
- Accumulated retained earning at the end of the previous period	21.6	21.6	21.6	21.6	37.6	37.6	37.6	37.6	15.2	13.9	13.9	75.2
- Undistributed earnings in this period	7.3	26.8	50.1	29.9	34.0	29.6	47.6	26.3	22.7	65.0	49.3	15.1
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)	673.1	680.9	693.9	662.6	705.7	670.6	706.8	670.3	659.4	654.2	717.0	619.5

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	38.5	32.0	22.0	34.6	15.8	33.9	23.7	33.6	29.5	37.7	18.3	20.5
Depreciation of Fixed Assets and Investment Property	11.1	11.9	11.7	11.5	11.2	11.1	10.9	10.8	10.7	10.3	10.2	9.9
Provision (Increase)/Reversal	—	—	—	—	-0.1	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	-55.0	21.9	-22.0	-0.0	0.1	11.3	-11.9	-0.0	-30.4	-4.0	3.1	-4.1
Interest Expense	0.6	0.2	0.2	0.4	0.5	0.5	0.3	0.3	0.2	0.2	0.0	0.2
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	-4.8	66.0	11.9	46.6	27.4	56.8	23.1	44.7	10.0	44.3	31.6	26.6
Increase/(Decrease) in Receivables	10.3	7.7	1.1	2.2	2.8	5.1	-10.1	-6.3	-3.7	-8.8	3.0	5.6
Increase/(Decrease) in Inventory	-0.2	10.4	-5.4	-0.0	31.3	-18.9	-4.6	-13.5	-0.4	8.1	-5.4	-2.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-37.2	0.9	47.8	-2.1	9.4	-6.3	4.4	1.3	-14.0	-12.4	15.1	-0.1
Increase/(Decrease) in Prepaid Expenses	0.6	-4.2	-2.7	0.4	-0.7	0.0	-1.4	-0.7	-2.4	-0.4	-0.4	-0.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.2	-0.2	-0.5	-0.4	-0.5	-0.3	-0.4	-0.1	-0.3	0.0	-0.3
Corporate Income Tax Paid	-4.2	0.0	-1.6	-2.2	-2.2	-2.1	-2.0	-1.9	-2.0	-1.6	-2.8	-1.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.1	2.3	-5.9	-1.3	-1.6	-4.2	-1.4	-5.8	9.3	-9.3	4.0	-4.0
Net Cash Flow from Operating Activities	-43.4	83.1	45.0	43.1	66.0	29.9	7.8	17.3	-3.4	19.8	45.1	24.0
Payments for Fixed Assets and Other Long-term Assets	-25.5	-16.4	-21.4	-7.1	-47.5	-5.7	-10.6	-7.2	-8.1	-27.1	-14.6	-13.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	—	—	0.0	0.0	0.0	0.0	-3.9	3.9	-3.9	3.9
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	1.1	0.0	-30.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	20.0	10.0	-1.1	1.1	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	55.6	-16.4	16.4	0.0	-0.1	-11.3	11.8	0.0	34.2	0.4	0.4	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	30.0	-32.7	-5.0	-7.1	-47.6	-17.0	21.3	2.8	22.3	-21.6	-48.0	-9.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	44.8	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.2	-0.2	0.2	-0.2
Proceeds from Borrowings	76.8	28.4	24.1	45.9	44.9	41.3	49.1	29.9	44.6	45.3	12.0	0.0
Repayment of Borrowings	-30.0	-32.3	-49.7	-63.9	-31.1	-48.8	-37.4	-46.1	-3.6	-43.2	-12.0	-39.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-50.0	-50.0	0.0	-50.0	0.0	-50.0	0.0	0.0	-58.8	-61.2	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	-3.2	-53.9	-25.5	-68.0	13.8	-57.5	11.7	-16.2	-17.6	-59.4	45.0	-40.1
Net Cash Flow During the Period	-16.5	-3.5	14.5	-32.0	32.1	-44.6	40.8	3.9	1.3	-61.3	42.1	-25.1
Cash and Cash Equivalents at Beginning of Period	20.5	24.0	9.5	41.5	9.3	9.3	9.3	9.3	52.3	52.3	52.3	52.3
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	4.0	20.5	24.0	9.5	41.5	9.4	54.0	13.2	9.3	8.0	69.3	27.2

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What Is Changing

Financial Statements

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Balance Sheet

Cash Flow

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