PSN

Listed Company · UPCOM

Price

9,500

Latest close

03 Apr 2026

P/E 10.0x

EPS (TTM) 953

ROE (TTM) 7.0%

P/B 0.7x

BVPS (Latest) 13,751

ROA (TTM) 3.1%

What Is Changing

PSN no longer looks like a business simply rebounding from a weak base. Revenue posted +14.6% YoY, while net margin reached 2.52% with an additional -0.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 40bps to 2.52% in 2025.
Revenue increased 14.6% YoY to VND 1,372.2bn in 2025.
Quarterly Net Income increased 14.7% YoY to VND 9.1bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	1,372.2	1,197.4	1,030.6	942.1	746.4
Growth	+15%	+16%	+9%	+26%	—
Net Income	34.5	37.1	40.1	27.5	36.9
Net Margin	2.52%	3.10%	3.89%	2.91%	4.94%

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	487.1	381.1	318.8	197.1	306.8	298.3	339.9	235.7	410.0	225.7	216.1	176.5
Growth	+28%	+20%	+62%	-36%	+3%	-12%	+44%	-43%	+82%	+4%	+22%	—
Net Income	9.1	9.8	12.0	7.3	7.9	6.4	10.9	9.8	6.5	12.9	12.6	9.9
Net Margin	1.86%	2.56%	3.76%	3.70%	2.58%	2.14%	3.21%	4.16%	1.59%	5.73%	5.84%	5.61%

Financial Statements

Profitability

Net margin reached 2.52% while Revenue posted +14.6% YoY.

Balance Sheet

Inventory stood at 119.8bn, liabilities at 1,010.8bn, and equity at 550.7bn.

Cash Flow

Operating cash flow was 99.6bn in 2025, while investing cash flow was -81.9bn.

Financing cash flow: -0.7bn.

Item	2025	2024	2023	2022	2021
Revenue	1,372.4	1,197.1	1,030.6	942.1	746.4
Revenue Deductions	0.2	-0.3	0.0	0.0	0.0
Net Revenue	1,372.2	1,197.4	1,030.6	942.1	746.4
Cost of Goods Sold	1,265.3	1,081.1	950.9	891.8	0.0
Gross Profit	106.9	116.3	79.8	50.3	65.5
Financial Income	6.9	2.3	7.5	10.5	9.9
Financial Expenses	7.8	3.1	1.3	0.1	-0.2
Interest Expense	4.2	3.0	1.1	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	61.3	69.9	43.3	32.2	-35.6
Operating Profit	44.7	45.6	42.8	28.6	39.5
Other Income	0.6	3.0	0.0	1.0	0.0
Other Expenses	1.9	6.0	0.3	0.5	0.0
Other Profit	-1.3	-3.1	-0.3	0.5	-0.1
Profit Before Tax	43.4	42.5	42.5	29.0	39.4
Current Income Tax Expense	10.9	4.5	2.7	1.7	-2.5
Deferred Income Tax Expense	-2.1	0.9	-0.3	-0.1	0.0
Net Income	34.5	37.1	40.1	27.5	36.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	34.5	37.1	40.1	27.5	36.9
Earnings per Share	733.00	789.00	853.00	584.00	921.80
Diluted EPS	862.93	789.00	853.00	584.00	921.80

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,074.5	502.8	640.7	552.7	525.1
I. Cash and cash equivalents	48.4	30.9	57.7	91.1	31.9
1. Cash	48.4	29.5	47.6	32.6	0.0
2. Cash equivalents	—	1.4	10.1	58.6	0.0
II. Short-term financial investments	73.8	34.9	34.9	76.1	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	73.8	34.9	34.9	76.1	0.0
III. Short-term receivables	830.4	408.7	411.9	294.2	198.7
1. Short-term trade accounts receivable	319.4	340.6	356.0	243.6	0.0
2. Short-term prepayments to suppliers	343.4	2.8	8.9	9.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	117.3	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	80.5	93.1	57.7	48.5	0.0
7. Provision for short-term doubtful debts (*)	-30.1	-27.9	-10.7	-7.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	119.8	27.7	134.5	90.1	51.0
1. Inventories	119.8	27.7	134.5	90.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.0	0.6	1.6	1.1	1.0
1. Short-term prepayments	1.7	0.6	1.0	1.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.6	0.1	0.0
3. Taxes and other receivables from state authorities	0.3	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)	487.0	465.1	463.9	324.4	280.5
I. Long-term receivables	3.4	3.4	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	3.4	3.4	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	436.0	410.4	388.8	283.9	271.7
1. Tangible fixed assets	435.5	409.8	388.5	283.7	271.5
- Cost	1,013.8	929.7	852.0	701.3	0.0
- Accumulated depreciation	-578.3	-520.0	-463.5	-417.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.7	0.3	0.2	0.2
- Cost	2.8	2.8	2.2	2.0	0.0
- Accumulated depreciation	-2.3	-2.2	-1.9	-1.7	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	6.2	4.9	35.8	18.0	1.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.2	4.9	35.8	18.0	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	41.4	46.3	39.3	22.5	0.0
1. Long-term prepayments	37.8	44.8	36.9	20.4	0.0
2. Deferred income tax assets	3.6	1.5	2.4	2.1	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	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)	1,561.5	967.9	1,104.6	877.1	805.6
A. LIABILITIES (300=210+330)	1,010.8	430.1	569.9	350.4	272.9
I. Short -term liabilities	949.6	388.3	530.0	332.2	258.2
1. Short-term trade accounts payable	360.7	211.5	279.4	186.9	133.3
2. Short-term advances from customers	93.1	29.4	77.6	38.5	17.3
3. Taxes and other payables to state authorities	13.5	11.0	1.3	1.5	0.0
4. Payable to employees	25.2	8.5	21.1	14.0	0.0
5. Short-term acrrued expenses	390.8	84.0	94.5	63.7	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	17.8	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	40.7	29.5	25.8	23.7	0.0
10. Short-term borrowings and financial leases	17.6	12.0	8.4	0.0	0.0
11. Provision for short-term liabilities	0.2	0.2	0.0	0.0	0.0
12.. Bonus and welfare fund	7.9	2.3	4.0	3.9	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	61.2	41.8	39.9	18.2	14.7
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	46.8	37.1	31.4	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	14.4	4.7	8.5	18.2	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)	550.7	537.8	534.7	526.6	532.7
I. Owner's equity	550.7	537.8	534.7	526.6	0.0
1. Owner's capital	400.0	400.0	400.0	400.0	532.7
- Common stock with voting right	400.0	400.0	400.0	400.0	400.0
- 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	111.4	100.2	88.2	80.0	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	39.3	37.5	46.5	46.7	63.8
- Accumulated retained earning at the end of the previous period	4.8	0.4	6.3	19.2	26.9
- Undistributed earnings in this period	34.5	37.1	40.1	27.5	36.9
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)	1,561.5	967.9	1,104.6	877.1	805.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.4	42.5	42.5	29.0	39.4
Depreciation of Fixed Assets and Investment Property	60.0	59.4	47.6	35.3	37.3
Provision (Increase)/Reversal	11.9	24.0	5.1	1.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.6	-0.6	-0.5	0.4	0.0
Gain/Loss from Investment Activities	-4.5	-2.9	-6.9	-10.1	0.0
Interest Expense	4.2	3.0	1.1	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	114.4	125.4	88.8	56.5	93.2
Increase/(Decrease) in Receivables	-423.4	-19.4	-118.6	-71.8	0.0
Increase/(Decrease) in Inventory	-92.1	106.8	-44.4	-28.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	505.8	-166.7	175.5	63.8	0.0
Increase/(Decrease) in Prepaid Expenses	5.9	-7.5	-16.4	-15.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-3.0	-1.1	0.0	0.0
Corporate Income Tax Paid	-3.8	-2.5	-2.5	-2.5	0.0
Other Operating Receipts	—	0.0	0.1	0.0	0.0
Other Operating Payments	-3.0	-7.8	-7.3	-6.5	0.0
Net Cash Flow from Operating Activities	99.6	25.3	74.1	-4.0	113.8
Payments for Fixed Assets and Other Long-term Assets	-48.4	-37.5	-168.1	-51.7	-11.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-49.0	-61.1	-25.0	-147.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	49.1	102.3	154.9	41.4
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.4	3.5	7.1	13.3	0.0
Increase/(Decrease) in Term Deposits	-38.9	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	-81.9	-33.9	-119.9	91.5	-109.4
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	95.6	18.3	52.0	0.0	0.0
Repayment of Borrowings	-80.4	-8.9	-12.3	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-16.0	-28.1	-27.8	-27.9	-27.8
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	-0.7	-18.8	11.9	-27.9	-27.8
Net Cash Flow During the Period	17.0	-27.5	-33.9	59.6	-12.9
Cash and Cash Equivalents at Beginning of Period	30.9	57.7	91.1	31.9	55.2
FX Difference from Revaluation	0.6	0.7	0.4	-0.4	0.1
Cash and Cash Equivalents at End of Period	48.4	30.9	57.7	91.1	31.9

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	487.4	381.1	318.8	197.1	306.8	298.3	340.2	235.7	410.0	225.7	216.1	176.5
Revenue Deductions	0.2	—	—	—	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Net Revenue	487.1	381.1	318.8	197.1	306.8	298.3	339.9	235.7	410.0	225.7	216.1	176.5
Cost of Goods Sold	455.6	355.1	292.4	174.3	289.0	264.3	316.3	213.5	390.3	200.7	196.6	158.4
Gross Profit	31.5	26.0	26.5	22.8	17.8	34.0	23.5	22.2	19.7	25.0	19.5	18.1
Financial Income	3.0	0.8	3.0	0.1	1.0	0.1	0.7	0.5	1.7	1.0	4.0	0.9
Financial Expenses	3.7	0.8	1.2	2.1	0.8	0.7	0.7	0.9	0.8	0.4	0.0	0.0
Interest Expense	1.0	0.8	1.2	1.2	0.8	0.7	0.7	0.8	0.8	0.3	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	—	—	—	—	12.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	21.2	12.5	14.7	12.8	0.0	21.2	12.2	11.4	13.0	11.9	10.2	8.6
Operating Profit	9.6	13.6	13.6	7.9	5.5	12.2	11.3	10.5	7.6	13.6	13.3	10.4
Other Income	0.6	—	—	-0.0	2.1	0.1	0.7	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.3	0.9	0.0	0.6	-3.7	5.3	0.2	0.1	0.3	0.0	0.0	0.0
Other Profit	0.3	-0.9	-0.0	-0.6	5.8	-5.1	0.5	0.0	-0.3	-0.0	0.0	-0.0
Profit Before Tax	9.9	12.7	13.5	7.3	11.2	7.1	11.8	10.5	7.3	13.6	13.3	10.4
Current Income Tax Expense	0.4	3.2	1.7	0.8	1.1	0.8	1.3	1.1	0.9	0.7	0.7	0.6
Deferred Income Tax Expense	0.5	-0.2	-0.2	-0.8	2.2	-0.1	-0.4	-0.4	-0.1	-0.0	-0.0	-0.1
Net Income	9.1	9.8	12.0	7.3	7.9	6.4	10.9	9.8	6.5	12.9	12.6	9.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.1	9.8	12.0	7.3	7.9	6.4	10.9	9.8	6.5	12.9	12.6	9.9
Earnings per Share	226.87	243.85	299.86	182.07	197.88	159.58	273.10	245.32	162.83	323.50	315.69	247.50
Diluted EPS	226.87	243.85	299.86	182.07	197.88	159.58	273.10	245.32	162.83	323.50	315.69	247.50

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)	1,042.5	781.7	667.8	651.7	507.3	589.6	637.6	550.2	635.6	574.6	515.0	513.4
I. Cash and cash equivalents	48.4	122.0	50.7	33.7	30.9	26.7	40.9	45.4	57.7	97.5	74.0	36.0
1. Cash	48.4	12.0	50.7	33.7	29.5	26.7	40.9	33.4	47.6	61.3	54.0	24.5
2. Cash equivalents	—	110.0	—	—	1.4	0.0	0.0	12.0	10.1	36.2	20.0	11.6
II. Short-term financial investments	73.8	64.9	115.0	115.0	34.9	28.8	38.8	23.8	34.9	34.9	91.0	113.1
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	73.8	64.9	115.0	115.0	34.9	28.8	38.8	23.8	34.9	34.9	91.0	113.1
III. Short-term receivables	814.2	512.6	449.5	458.6	407.3	414.7	445.1	348.7	409.8	226.2	233.9	242.7
1. Short-term trade accounts receivable	323.1	260.8	356.2	376.6	343.1	389.2	422.4	328.7	356.3	191.0	184.0	185.2
2. Short-term prepayments to suppliers	343.4	78.4	70.6	60.7	3.4	3.4	9.9	5.2	8.9	12.4	19.0	13.6
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	102.0	163.7	—	—	0.0	2.3	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	75.9	37.6	50.6	49.2	78.3	39.6	25.5	25.4	55.3	33.6	38.4	50.9
7. Provision for short-term doubtful debts (*)	-30.1	-27.9	-27.8	-27.9	-17.4	-19.8	-12.7	-10.7	-10.7	-10.9	-7.6	-7.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	104.1	76.7	51.2	41.7	33.6	118.5	112.1	131.3	131.8	200.4	109.2	117.0
1. Inventories	104.1	76.7	51.2	41.7	33.6	118.5	112.1	131.3	131.8	200.4	109.2	117.0
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	2.0	5.4	1.3	2.7	0.6	0.9	0.7	1.0	1.3	15.5	7.0	4.6
1. Short-term prepayments	1.7	1.5	1.1	0.7	0.6	0.9	0.7	1.0	0.9	1.6	0.8	1.0
2. Value added tax to be reclaimed	—	4.0	0.2	2.0	0.0	0.0	0.0	0.0	0.4	13.9	6.2	3.6
3. Taxes and other receivables from state authorities	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	483.0	470.7	466.8	477.6	460.8	466.4	453.7	463.1	462.4	467.1	418.3	332.7
I. Long-term receivables	3.4	3.4	3.4	3.4	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	3.4	3.4	3.4	3.4	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	435.2	414.7	406.2	417.5	410.4	410.1	412.1	373.0	385.5	360.4	344.3	274.9
1. Tangible fixed assets	434.7	414.2	405.6	416.9	409.8	409.3	404.0	372.1	385.2	360.0	344.0	274.8
- Cost	—	—	—	—	929.7	915.8	898.7	852.7	848.5	810.9	781.8	702.4
- Accumulated depreciation	—	—	—	—	-520.0	-506.5	-494.6	-480.6	-463.4	-450.9	-437.8	-427.6
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	0.5	0.5	0.6	0.6	0.7	0.7	8.1	0.8	0.3	0.4	0.4	0.2
- 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
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	6.0	6.4	5.7	4.9	4.7	5.1	6.6	52.7	39.1	67.8	46.3	35.3
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	6.0	6.4	5.7	4.9	4.7	5.1	6.6	52.7	39.1	67.8	46.3	35.3
V. Long-term financial investments	—	—	—	—	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	—	—	—	—	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	38.5	46.2	51.5	51.8	45.7	51.3	35.0	37.4	37.9	38.8	27.7	22.5
1. Long-term prepayments	37.8	45.0	49.0	49.4	44.6	48.0	31.8	34.6	35.6	36.6	25.5	20.4
2. Deferred income tax assets	0.7	1.2	2.5	2.3	1.1	3.3	3.2	2.8	2.3	2.2	2.2	2.1
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)	1,525.6	1,252.4	1,134.6	1,129.3	968.1	1,056.0	1,091.3	1,013.3	1,098.0	1,041.7	933.4	846.1
A. LIABILITIES (300=210+330)	975.5	711.4	599.1	584.2	430.7	526.5	569.9	468.8	563.7	513.8	416.3	309.6
I. Short -term liabilities	914.3	669.5	556.8	541.2	388.9	487.9	535.5	429.6	523.8	463.4	396.5	290.7
1. Short-term trade accounts payable	374.6	228.8	212.5	224.9	211.5	230.3	264.5	189.1	276.9	199.3	211.2	152.7
2. Short-term advances from customers	90.5	51.4	55.5	20.6	29.4	53.8	73.8	73.9	77.6	73.1	42.0	31.3
3. Taxes and other payables to state authorities	9.9	7.6	1.9	2.1	9.5	9.2	5.6	3.0	1.4	1.5	1.4	1.7
4. Payable to employees	21.7	20.0	16.4	9.2	8.9	13.2	18.6	17.9	28.7	27.1	24.4	13.6
5. Short-term acrrued expenses	359.8	300.5	176.3	90.2	85.1	84.9	65.3	80.0	83.2	95.2	55.0	62.4
6. Short-term inter-company payables	15.8	15.8	18.5	18.5	18.5	18.5	18.5	18.5	18.5	18.5	18.5	18.5
7. Construction contract progress payments due to suppliers	3.6	—	—	101.3	0.0	12.6	7.9	17.6	17.8	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.5	0.0
9. Other short-term payables	12.8	21.9	24.6	11.0	11.5	47.9	65.5	19.1	7.3	36.0	36.0	8.0
10. Short-term borrowings and financial leases	17.6	15.5	42.5	62.5	12.0	10.6	8.4	8.4	8.4	0.0	0.0	0.0
11. Provision for short-term liabilities	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	8.0	0.0	0.0
12.. Bonus and welfare fund	7.9	7.8	8.5	0.7	2.3	6.9	7.4	2.1	4.0	4.6	5.6	2.5
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	61.2	41.9	42.3	43.0	41.8	38.6	34.4	39.2	39.9	50.4	19.8	18.9
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	46.8	29.6	32.7	35.8	37.1	34.0	27.2	29.3	31.4	41.8	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	14.4	12.3	9.7	7.2	4.7	4.5	7.2	9.9	8.5	8.6	19.8	18.9
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)	550.1	541.0	535.5	545.1	537.4	529.5	521.4	544.5	534.3	527.8	517.1	536.5
I. Owner's equity	550.1	541.0	535.5	545.1	537.4	529.5	521.4	544.5	534.3	527.8	517.1	536.5
1. Owner's capital	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0
- Common stock with voting right	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0
- 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	111.4	111.4	111.4	100.2	100.2	100.2	100.2	88.2	88.2	88.2	88.2	80.0
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	38.7	29.6	24.1	44.8	37.2	29.3	21.1	56.3	46.1	39.6	28.9	56.6
- Accumulated retained earning at the end of the previous period	4.8	4.8	4.8	37.5	0.4	0.4	0.4	46.5	6.3	6.3	6.3	46.7
- Undistributed earnings in this period	33.8	24.8	19.3	7.3	36.8	28.9	20.7	9.8	39.8	33.3	22.5	9.9
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)	1,525.6	1,252.4	1,134.6	1,129.3	968.1	1,056.0	1,091.3	1,013.3	1,098.0	1,041.7	933.4	846.1

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
Profit Before Tax	10.1	12.7	13.3	7.3	11.2	7.1	13.8	10.5	7.5	13.6	11.0	10.4
Depreciation of Fixed Assets and Investment Property	18.5	13.6	14.0	13.9	13.6	14.5	14.1	17.2	14.3	13.1	10.3	10.0
Provision (Increase)/Reversal	6.8	0.0	5.1	—	-2.0	8.5	4.9	0.0	1.3	-6.3	10.2	-0.2
FX Gain/Loss from Revaluation of Monetary Items	-0.1	—	-0.5	0.0	0.0	0.4	-0.2	-0.2	-0.5	0.3	-0.1	-0.1
Gain/Loss from Investment Activities	-4.0	1.4	-1.9	-0.1	-0.2	0.3	-0.5	-0.2	-6.5	4.1	-1.9	-2.6
Interest Expense	5.0	-3.2	1.2	1.2	-0.8	-2.3	0.7	0.8	6.4	-5.3	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	—	—	—	—	0.8	2.2	0.0	0.0	-0.3	0.3	0.0	0.0
Operating Profit Before Changes in Working Capital	32.7	28.1	31.2	22.4	22.7	30.8	32.9	28.0	22.2	19.8	29.4	17.5
Increase/(Decrease) in Receivables	-479.2	94.4	13.3	-51.9	10.2	37.7	-113.3	62.0	-170.9	-4.2	8.3	48.1
Increase/(Decrease) in Inventory	-43.2	-25.5	-9.6	-14.0	84.9	-6.4	19.2	3.2	65.9	-86.1	2.7	-26.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	331.9	67.3	114.8	-8.2	-114.4	-63.8	83.6	-99.8	88.7	116.7	10.2	-40.1
Increase/(Decrease) in Prepaid Expenses	7.0	3.7	0.0	-4.8	3.7	-9.3	-4.0	2.3	0.3	-17.0	0.2	0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.0	-0.8	-1.2	-1.2	-0.8	-0.7	-0.7	-0.8	-0.8	-0.3	0.8	-0.8
Corporate Income Tax Paid	0.0	0.0	-1.9	-1.9	-0.7	0.0	-1.0	-0.9	-0.8	-0.5	-1.2	0.0
Other Operating Receipts	—	—	—	—	-11.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.6	-0.7	-1.7	3.2	-0.5	-0.7	-2.0	-0.6	-4.3	-1.0	-1.4
Net Cash Flow from Operating Activities	-151.8	166.7	44.6	40.1	-2.3	-12.3	15.9	-8.0	4.1	24.1	49.4	-3.4
Payments for Fixed Assets and Other Long-term Assets	-28.4	-7.9	-4.2	-7.8	35.5	-21.2	-4.4	-15.7	-14.2	-101.1	-34.5	-18.3
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	—	-60.0	0.0	-80.1	-21.5	-0.2	-15.0	-12.3	0.0	-2.3	-2.0	-56.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	1.4	15.4	10.2	0.0	23.5	0.0	58.4	21.3	22.6
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	2.3	2.5	0.6	0.1	0.4	0.2	0.8	2.1	0.2	2.5	3.6	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	75.0	-65.5	-5.0	-86.4	29.8	-11.0	-18.6	-2.4	-13.9	-42.5	-11.6	-51.8
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	—	—	—	—	6.3	-6.3	0.0	0.0	10.2	-10.2	0.0	0.0
Proceeds from Borrowings	40.3	3.0	0.0	52.3	7.1	11.2	0.0	0.0	0.0	52.0	0.0	0.0
Repayment of Borrowings	-54.1	3.2	-26.2	—	-8.9	4.2	-2.1	-2.1	-12.3	0.0	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	-16.0	—	—	—	-28.0	0.0	0.0	0.0	-27.8	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	3.3	-30.1	-23.1	49.2	-23.5	9.1	-2.1	-2.1	-29.9	41.8	0.0	0.0
Net Cash Flow During the Period	-73.6	71.2	16.5	2.8	4.0	-14.2	-4.7	-12.5	-39.8	23.4	37.8	-55.2
Cash and Cash Equivalents at Beginning of Period	122.0	50.7	33.7	30.9	57.7	57.7	57.7	57.7	91.1	91.1	91.1	91.1
FX Difference from Revaluation	0.6	0.6	0.5	-0.0	0.2	0.0	0.2	0.2	-0.0	0.2	0.1	0.1
Cash and Cash Equivalents at End of Period	48.4	122.0	50.7	33.7	30.9	26.7	40.9	45.4	57.7	97.5	73.9	36.0

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