PTL

Listed Company · HOSE

Price

2,830

Latest close

03 Apr 2026

P/E 19.9x

EPS (TTM) 142

ROE (TTM) 2.9%

P/B 0.6x

BVPS (Latest) 5,041

ROA (TTM) 1.1%

What Is Changing

PTL no longer looks like a business simply rebounding from a weak base. Revenue posted +84.2% YoY, while net margin reached 3.17% with an additional +18.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 15.7bn in 2025.
Net margin improved from -15.56% in the prior period to 3.17% in 2025.
Revenue increased 84.2% YoY to VND 494.2bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	494.2	268.2	20.1	61.7	98.0
Growth	+84%	+1235%	-67%	-37%	—
Net Income	15.7	-41.7	2.4	-117.1	29.9
Net Margin	3.17%	-15.56%	11.87%	-189.96%	30.48%

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	126.5	142.6	121.5	103.6	113.5	67.1	58.2	29.5	6.6	3.4	3.1	7.1
Growth	-11%	+17%	+17%	-9%	+69%	+15%	+97%	+350%	+96%	+8%	-56%	—
Net Income	8.1	4.9	0.8	3.5	-19.1	-13.4	-20.1	3.3	4.1	0.4	-2.1	-0.2
Net Margin	6.37%	3.41%	0.65%	3.40%	-16.81%	-20.02%	-34.64%	11.29%	63.25%	10.48%	-68.63%	-3.10%

Financial Statements

Profitability

Net margin reached 3.17% while Revenue posted +84.2% YoY.

Balance Sheet

Inventory stood at 260.9bn, liabilities at 897.5bn, and equity at 504.1bn.

Cash Flow

Operating cash flow was 216.7bn in 2025, while investing cash flow was -218.8bn.

Financing cash flow: 23.8bn.

Item	2025	2024	2023	2022	2021
Revenue	494.2	279.3	20.1	61.7	98.0
Revenue Deductions	—	11.0	0.0	0.0	0.0
Net Revenue	494.2	268.2	20.1	61.7	98.0
Cost of Goods Sold	436.3	217.9	9.9	55.0	0.0
Gross Profit	57.9	50.4	10.1	6.7	37.0
Financial Income	11.9	3.0	5.2	5.4	12.0
Financial Expenses	8.3	2.5	0.0	39.2	-0.0
Interest Expense	8.3	2.5	0.0	0.7	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.6	0.2	0.4	0.5	-0.2
General and Administrative Expenses	69.6	43.2	12.6	94.1	-25.4
Operating Profit	-8.6	7.5	2.4	-121.8	23.4
Other Income	40.2	11.7	1.8	7.7	0.0
Other Expenses	11.1	59.2	1.6	3.1	0.0
Other Profit	29.1	-47.5	0.2	4.7	6.5
Profit Before Tax	20.5	-40.0	2.5	-117.1	29.9
Current Income Tax Expense	4.8	1.8	0.2	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	15.7	-41.7	2.4	-117.1	29.9
Non-controlling Interest	3.2	6.4	-0.1	-3.0	1.1
Profit Attributable to Parent	12.4	-48.2	2.5	-114.1	28.8
Earnings per Share	125.00	-487.00	25.00	-1,154.00	291.00
Diluted EPS	125.00	-487.00	24.85	-1,141.23	288.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	966.8	695.3	403.6	394.6	934.1
I. Cash and cash equivalents	37.1	15.4	18.9	28.3	210.2
1. Cash	29.0	11.9	1.9	2.4	0.0
2. Cash equivalents	8.1	3.5	17.0	25.9	0.0
II. Short-term financial investments	—	0.0	20.5	5.0	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	20.5	5.0	0.0
III. Short-term receivables	631.8	440.4	255.4	250.8	571.4
1. Short-term trade accounts receivable	270.8	232.1	40.2	41.3	0.0
2. Short-term prepayments to suppliers	17.9	41.4	4.0	4.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	210.6	10.3	39.7	35.0	0.0
6. Other short-term receivables	273.7	312.5	304.3	303.3	0.0
7. Provision for short-term doubtful debts (*)	-141.0	-156.0	-132.8	-133.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	260.9	209.0	81.6	81.6	96.3
1. Inventories	261.6	209.6	82.3	82.3	0.0
2. Provision for decline in value of inventories	-0.6	-0.6	-0.6	-0.6	0.0
V. Other short-term assets	36.9	30.4	27.0	28.8	28.5
1. Short-term prepayments	0.8	0.3	0.1	0.3	0.0
2. Value added tax to be reclaimed	21.9	15.9	12.7	14.3	0.0
3. Taxes and other receivables from state authorities	14.2	14.2	14.2	14.2	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)	434.9	423.3	241.3	244.0	271.0
I. Long-term receivables	82.7	82.4	82.6	79.9	0.0
1. Long-term trade receivables	82.2	82.0	82.6	79.9	76.4
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	0.5	0.4	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	76.4	79.8	73.7	76.3	99.2
1. Tangible fixed assets	62.8	65.7	59.6	61.9	85.2
- Cost	104.6	105.6	84.5	85.6	0.0
- Accumulated depreciation	-41.8	-39.9	-24.9	-23.7	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	13.7	14.0	14.0	14.5	14.0
- Cost	19.4	19.3	18.9	18.9	0.0
- Accumulated depreciation	-5.7	-5.2	-4.8	-4.4	0.0
III. Investment properties	183.3	165.7	84.9	87.5	89.2
- Cost	214.7	194.2	109.3	109.3	0.0
- Accumulated depreciation	-31.4	-28.5	-24.4	-21.8	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	6.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	68.3	68.3	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	68.3	68.3	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	24.2	27.2	0.1	0.2	0.0
1. Long-term prepayments	1.2	2.4	0.1	0.2	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	0.1
5. Goodwill	22.9	24.9	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,401.7	1,118.6	644.9	638.6	1,205.1
A. LIABILITIES (300=210+330)	897.5	631.9	158.1	155.7	442.7
I. Short -term liabilities	859.7	597.1	140.3	137.6	424.9
1. Short-term trade accounts payable	166.8	149.9	18.2	16.4	127.9
2. Short-term advances from customers	272.4	72.2	3.0	2.8	2.8
3. Taxes and other payables to state authorities	16.6	16.0	0.2	0.1	0.0
4. Payable to employees	5.1	3.2	0.1	0.9	0.0
5. Short-term acrrued expenses	169.2	151.2	96.1	94.4	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	0.1	0.1	0.2	0.4	0.5
9. Other short-term payables	76.6	75.4	22.5	22.5	0.0
10. Short-term borrowings and financial leases	150.9	127.1	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.0	2.0	0.0	0.0	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	37.8	34.7	17.9	18.2	17.8
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	4.7	4.9	4.9	5.1	5.1
7. Other long-term liabilities	11.7	13.9	13.0	13.1	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	21.4	15.9	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)	504.1	486.7	486.7	482.8	762.5
I. Owner's equity	504.1	486.7	486.7	482.8	0.0
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	762.5
- Common stock with voting right	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- 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	—	-7.9	-7.9	-7.9	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	23.5	23.5	23.5	23.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-574.7	-586.4	-537.9	-540.4	-265.3
- Accumulated retained earning at the end of the previous period	-586.4	-538.2	-540.4	-426.3	-294.1
- Undistributed earnings in this period	11.6	-48.2	2.5	-114.1	28.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	55.4	57.5	9.0	7.7	12.1
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)	1,401.7	1,118.6	644.9	638.6	1,205.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.5	-40.0	2.5	-117.1	29.9
Depreciation of Fixed Assets and Investment Property	10.9	21.2	5.2	5.2	5.4
Provision (Increase)/Reversal	-9.4	13.3	0.0	67.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-12.4	-3.0	-5.4	-5.4	0.0
Interest Expense	8.3	2.5	0.0	0.7	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	17.8	-5.9	2.3	-48.9	23.3
Increase/(Decrease) in Receivables	22.4	-212.2	-0.7	18.1	0.0
Increase/(Decrease) in Inventory	-52.2	-127.3	0.0	19.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	233.9	330.1	3.8	-162.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	-2.5	0.4	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.7	-3.1	0.0	-0.7	0.0
Corporate Income Tax Paid	-2.0	-1.0	0.0	0.0	0.0
Other Operating Receipts	4.5	0.0	0.0	0.0	0.0
Other Operating Payments	-3.7	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	216.7	-22.0	5.8	-174.5	38.1
Payments for Fixed Assets and Other Long-term Assets	-27.4	-33.0	0.0	-0.9	-5.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.9	29.8	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-251.6	-12.3	-25.2	-212.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	44.0	67.1	5.0	200.2	0.0
Investments in Other Entities	—	-68.3	0.0	0.0	-246.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	14.4	3.0	4.8	5.9	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	-218.8	-13.7	-15.2	-7.3	149.1
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	136.4	147.5	0.0	105.9	0.0
Repayment of Borrowings	-112.6	-115.3	0.0	-105.9	0.0
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	23.8	32.2	-0.0	0.0	-0.0
Net Cash Flow During the Period	21.7	-3.5	-9.4	-181.9	195.8
Cash and Cash Equivalents at Beginning of Period	15.4	18.9	28.3	210.2	23.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	37.1	15.4	18.9	28.3	210.2

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	126.5	142.6	121.5	103.6	113.5	67.1	58.2	29.5	6.6	3.4	3.1	7.1
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	126.5	142.6	121.5	103.6	113.5	67.1	58.2	29.5	6.6	3.4	3.1	7.1
Cost of Goods Sold	134.2	119.2	94.6	88.4	112.7	64.6	16.2	24.3	1.2	0.6	2.6	5.4
Gross Profit	-7.7	23.4	26.9	15.2	0.8	2.5	41.9	5.2	5.3	2.7	0.5	1.7
Financial Income	3.5	3.5	0.8	4.1	0.7	0.3	0.8	1.2	1.1	1.0	1.5	1.5
Financial Expenses	2.6	1.7	2.0	2.0	1.4	1.1	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	2.6	1.7	2.0	2.0	1.4	1.1	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.4	0.2	—	0.0	0.0	0.1	0.0	0.1	0.1	0.2	0.0
General and Administrative Expenses	17.3	19.6	20.3	11.6	17.0	14.5	8.6	2.8	2.6	3.4	3.3	3.5
Operating Profit	-24.1	5.1	5.2	5.7	-17.0	-12.9	34.0	3.5	3.8	0.2	-1.5	-0.3
Other Income	35.4	2.2	1.7	0.9	4.9	0.8	5.9	0.1	0.5	0.3	0.9	0.1
Other Expenses	4.5	0.1	3.5	3.0	5.6	1.5	51.8	0.2	0.0	0.1	1.5	0.0
Other Profit	30.9	2.1	-1.7	-2.1	-0.7	-0.7	-46.0	-0.1	0.5	0.2	-0.6	0.1
Profit Before Tax	6.7	7.2	3.4	3.6	-17.6	-13.6	-12.0	3.4	4.3	0.4	-2.1	-0.2
Current Income Tax Expense	-1.3	2.4	2.6	0.1	1.4	-0.2	8.2	0.1	0.2	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.1	4.9	0.8	3.5	-19.1	-13.4	-20.1	3.3	4.1	0.4	-2.1	-0.2
Non-controlling Interest	-2.6	1.9	1.4	2.1	-5.1	-2.3	11.2	-0.1	0.1	-0.0	-0.1	-0.1
Profit Attributable to Parent	10.6	2.9	-0.7	1.4	-14.0	-11.1	-31.4	3.4	4.0	0.4	-2.0	-0.2
Earnings per Share	106.00	29.00	-7.00	14.00	-141.00	-113.00	-317.00	34.00	41.00	4.00	-21.00	-2.00
Diluted EPS	106.00	29.00	-7.00	14.00	-487.00	-113.00	-313.52	34.10	40.28	3.95	-20.48	-1.50

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)	966.8	919.8	937.3	711.2	714.6	676.5	709.5	406.3	403.6	401.0	398.0	399.5
I. Cash and cash equivalents	37.1	24.8	32.2	17.0	15.4	28.7	16.7	2.5	18.9	16.9	35.7	33.6
1. Cash	29.0	14.0	30.1	16.0	11.9	27.2	14.2	2.5	1.9	1.4	1.9	1.6
2. Cash equivalents	8.1	10.8	2.1	1.0	3.5	1.4	2.5	0.0	17.0	15.5	33.8	32.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	12.9	0.0	20.5	20.0	0.0	5.0
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	12.9	0.0	20.5	20.0	0.0	5.0
III. Short-term receivables	631.8	674.4	652.3	444.3	459.3	426.8	454.6	318.8	255.4	254.5	252.4	250.1
1. Short-term trade accounts receivable	270.8	235.2	202.1	241.2	232.4	195.2	224.4	43.1	40.2	40.8	41.5	40.8
2. Short-term prepayments to suppliers	17.9	65.6	53.6	48.2	41.4	10.9	15.1	4.3	4.0	6.5	5.9	3.9
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	210.6	233.1	240.3	10.3	10.3	10.3	13.6	38.2	39.7	36.5	35.0	35.0
6. Other short-term receivables	273.7	313.5	322.4	302.0	312.3	347.5	338.6	365.9	304.3	303.5	303.0	303.3
7. Provision for short-term doubtful debts (*)	-141.0	-172.9	-166.2	-157.5	-137.1	-137.1	-137.1	-132.8	-132.8	-132.8	-133.0	-133.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	260.9	191.5	223.5	221.2	209.4	190.5	196.9	58.5	81.6	81.6	81.6	81.6
1. Inventories	261.6	192.2	224.2	221.9	210.1	191.2	197.6	59.2	82.3	82.3	82.3	82.3
2. Provision for decline in value of inventories	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
V. Other short-term assets	36.9	29.1	29.3	28.7	30.4	30.5	28.4	26.4	27.0	27.9	28.3	29.2
1. Short-term prepayments	0.8	0.9	0.5	0.2	0.3	0.3	0.4	0.1	0.1	0.2	0.3	0.9
2. Value added tax to be reclaimed	21.9	14.0	14.6	14.2	15.9	16.0	13.8	12.1	12.7	13.5	13.8	14.1
3. Taxes and other receivables from state authorities	14.2	14.2	14.2	14.2	14.2	14.2	14.2	14.2	14.2	14.2	14.2	14.2
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)	434.9	441.0	438.4	427.8	403.9	345.0	337.1	240.0	241.3	239.9	241.2	242.5
I. Long-term receivables	82.7	82.7	82.5	82.5	63.5	68.3	73.4	82.6	82.6	79.9	79.9	79.9
1. Long-term trade receivables	82.2	82.2	82.0	82.0	82.0	82.2	82.6	82.6	82.6	79.9	79.9	79.9
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.2	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	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	-18.9	-14.4	-9.9	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	76.4	77.5	77.1	78.4	79.8	81.9	78.9	73.1	73.7	74.3	74.9	75.6
1. Tangible fixed assets	62.8	63.8	63.3	64.4	65.7	68.1	65.1	59.1	59.6	60.2	60.7	61.2
- Cost	—	—	—	—	105.6	106.7	102.9	84.5	84.5	85.6	85.6	85.6
- Accumulated depreciation	—	—	—	—	-39.9	-38.6	-37.8	-25.4	-24.9	-25.4	-24.9	-24.4
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	13.7	13.8	13.8	13.9	14.0	13.7	13.8	13.9	14.0	14.1	14.2	14.4
- 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	183.3	187.2	176.6	165.0	165.7	155.8	146.5	84.3	84.9	85.6	86.2	86.9
- 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	—	0.0	10.7	3.1	0.0	0.0	0.0	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	—	0.0	10.7	3.1	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	68.3	68.3	75.8	75.8	68.3	7.0	7.0	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	68.3	68.3	75.8	75.8	68.3	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	7.0	7.0	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	24.2	25.3	25.4	26.2	26.7	21.4	28.2	0.1	0.1	0.1	0.2	0.2
1. Long-term prepayments	1.2	1.7	1.8	1.9	2.4	1.5	1.7	0.1	0.1	0.1	0.2	0.2
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	22.9	23.6	23.6	24.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	24.4	19.8	26.5	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,401.7	1,360.8	1,375.8	1,138.9	1,118.6	1,021.5	1,046.6	646.3	644.9	640.9	639.2	642.1
A. LIABILITIES (300=210+330)	897.5	864.7	875.6	648.7	631.6	520.2	535.2	157.7	158.4	158.5	158.7	159.4
I. Short -term liabilities	859.7	820.1	840.6	614.8	596.8	500.3	515.1	140.2	140.5	140.3	140.3	141.2
1. Short-term trade accounts payable	166.8	136.8	141.6	150.1	149.9	149.7	138.0	18.1	18.2	18.2	18.3	19.3
2. Short-term advances from customers	272.4	281.6	295.9	65.2	72.2	49.8	50.4	2.8	3.0	2.8	2.8	2.8
3. Taxes and other payables to state authorities	16.6	19.6	14.6	11.6	15.3	15.6	26.0	0.3	0.2	0.0	0.0	0.0
4. Payable to employees	5.1	4.0	3.5	2.9	3.2	3.0	2.9	0.1	0.3	0.4	0.2	0.3
5. Short-term acrrued expenses	169.2	176.9	186.0	179.8	151.7	145.6	156.8	96.0	96.1	96.1	96.3	96.0
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	0.1	0.3	0.2	0.3	0.1	0.2	0.1	0.4	0.2	0.6	0.4	0.6
9. Other short-term payables	76.6	76.4	76.1	75.8	75.4	76.6	81.0	22.5	22.5	22.2	22.2	22.2
10. Short-term borrowings and financial leases	150.9	122.6	120.8	127.2	127.1	58.0	57.9	0.0	0.0	0.0	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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0	0.0	0.0	0.0	0.0
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	37.8	44.6	35.0	33.9	34.7	19.9	20.1	17.4	17.9	18.3	18.4	18.2
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	—	—	2.1	—	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	4.7	4.8	4.8	4.9	4.9	5.0	5.0	4.9	4.9	5.1	5.1	5.1
7. Other long-term liabilities	11.7	11.7	11.6	14.0	13.9	14.4	14.4	12.6	13.0	13.2	13.3	13.2
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	21.4	28.1	16.5	15.1	15.9	0.5	0.7	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)	504.1	496.1	500.2	490.3	487.0	501.3	511.4	488.6	486.5	482.3	480.5	482.6
I. Owner's equity	504.1	496.1	500.2	490.3	487.0	501.3	511.4	488.6	486.5	482.3	480.5	482.6
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- 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	-7.9	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	-7.9	-7.9	-7.9	0.0	-7.9	-7.9	-7.9	-7.9	-7.9
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	23.5	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	23.5	23.5	23.5	23.5	23.5	23.5	0.0	23.5	23.5	23.5	23.5	23.5
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	-574.7	-585.4	-585.6	-585.0	-586.1	-577.0	-565.9	-534.5	-538.2	-542.2	-542.6	-540.6
- Accumulated retained earning at the end of the previous period	-586.4	-586.4	-586.4	-586.4	-537.9	-537.9	-537.9	-537.9	-538.2	-540.4	-540.4	-540.4
- Undistributed earnings in this period	11.6	1.0	0.7	1.4	-48.1	-39.1	-27.9	3.4	0.0	-1.8	-2.2	-0.2
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	55.4	58.0	62.3	59.6	57.4	62.7	61.7	7.5	9.1	9.0	7.5	7.6
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)	1,401.7	1,360.8	1,375.8	1,138.9	1,118.6	1,021.5	1,046.6	646.3	644.9	640.9	639.2	642.1

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	6.7	7.2	3.0	3.6	-17.8	-13.6	-12.0	3.4	4.5	0.4	-2.1	-0.2
Depreciation of Fixed Assets and Investment Property	2.8	2.7	2.6	2.8	2.1	1.5	14.6	1.3	1.3	1.3	1.3	1.4
Provision (Increase)/Reversal	-35.8	15.6	10.0	0.7	4.5	14.4	4.3	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	-7.8	0.3	-0.4	-4.4	-4.8	0.3	2.6	-1.2	-1.4	-1.0	-1.5	-1.5
Interest Expense	2.6	1.7	2.0	2.0	1.4	1.1	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-31.5	27.5	17.1	4.6	-14.6	3.8	9.6	3.5	4.4	0.6	-2.4	-0.4
Increase/(Decrease) in Receivables	99.2	-94.4	23.4	-5.9	-35.3	46.3	-128.5	-65.9	0.4	-0.2	-1.7	0.8
Increase/(Decrease) in Inventory	-69.6	31.8	-2.2	-12.2	-18.9	6.4	-138.4	23.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-46.3	38.3	218.7	23.2	48.5	-72.6	369.5	-0.5	0.9	-0.2	-0.7	3.7
Increase/(Decrease) in Prepaid Expenses	0.6	-0.2	-0.1	0.5	-0.8	0.2	-1.9	0.0	0.1	0.1	0.6	-0.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-1.1	-0.7	-1.5	-1.4	-1.1	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	-0.3	-1.6	—	0.0	-0.2	-0.2	0.0	-1.5	1.5	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.5	-1.2	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-50.0	3.4	254.7	8.6	-22.4	-17.3	110.1	-39.8	4.3	1.9	-4.1	3.7
Payments for Fixed Assets and Other Long-term Assets	-0.1	-12.6	-14.7	—	0.8	-26.5	-110.4	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.1	1.0	—	0.0	5.1	24.7	0.0	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-14.0	-7.1	-230.5	—	7.0	-7.4	-12.1	0.0	-3.8	-21.5	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	36.5	7.5	—	—	0.0	0.0	1.8	22.0	0.0	0.0	5.0	0.0
Investments in Other Entities	—	—	—	—	-68.3	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	10.8	-0.5	3.7	0.4	0.4	0.1	0.2	1.3	1.2	0.9	1.1	1.6
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	34.0	-12.6	-233.0	-7.1	-60.0	-28.7	-95.9	23.3	-2.3	-20.6	6.1	1.6
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	56.4	25.7	35.7	18.6	61.8	180.6	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-28.0	-23.9	-42.1	-18.5	7.3	-122.7	0.0	0.0	0.0	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	—	—	—	—	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	28.4	1.8	-6.4	0.1	69.2	58.0	0.0	0.0	0.0	0.0	-0.0	0.0
Net Cash Flow During the Period	12.3	-7.5	15.3	1.5	-13.2	12.0	14.2	-16.5	2.0	-18.7	2.0	5.3
Cash and Cash Equivalents at Beginning of Period	24.8	32.2	17.0	15.4	18.9	18.9	18.9	18.9	28.3	28.3	28.3	28.3
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	37.1	24.8	32.2	17.0	15.4	28.7	16.7	2.5	18.9	16.9	35.7	33.6

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