PVB

Listed Company · HNX

Price

28,700

Latest close

03 Apr 2026

P/E 10.3x

EPS (TTM) 2,798

ROE (TTM) 14.7%

P/B 1.4x

BVPS (Latest) 20,333

ROA (TTM) 7.8%

What Is Changing

PVB no longer looks like a business simply rebounding from a weak base. Revenue posted +213.6% YoY, while net margin reached 7.39% with an additional +1.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 1.38% in 2023 to 7.39% in 2025.
Revenue growth accelerated to 213.6% in 2025, up 205.1pp versus the prior year.
Net Income reached a multi-period high at VND 61.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	831.6	265.2	244.5	34.4	38.8
Growth	+214%	+8%	+611%	-11%	—
Net Income	61.4	14.5	3.4	-13.0	0.3
Net Margin	7.39%	5.48%	1.38%	-37.78%	0.86%

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	222.2	268.8	231.8	105.6	56.4	21.6	64.0	123.2	149.7	41.8	52.3	0.6
Growth	-17%	+16%	+119%	+87%	+161%	-66%	-48%	-18%	+258%	-20%	+8754%	—
Net Income	10.1	26.7	19.7	4.0	-7.1	-6.6	5.2	20.5	11.0	-2.8	1.3	-7.2
Net Margin	4.53%	9.93%	8.48%	3.81%	-12.51%	-30.68%	8.05%	16.65%	7.35%	-6.75%	2.51%	-1210.45%

Financial Statements

Profitability

Net margin reached 7.39% while Revenue posted +213.6% YoY.

Balance Sheet

Inventory stood at 288.6bn, liabilities at 733.4bn, and equity at 438.8bn.

Cash Flow

Operating cash flow was -257.7bn in 2025, while investing cash flow was 29.7bn.

Financing cash flow: 401.3bn.

Item	2025	2024	2023	2022	2021
Revenue	831.6	265.2	244.5	34.4	38.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	831.6	265.2	244.5	34.4	38.8
Cost of Goods Sold	705.9	231.4	226.3	61.2	0.0
Gross Profit	125.7	33.7	18.2	-26.9	-18.3
Financial Income	7.0	6.4	10.8	9.6	11.1
Financial Expenses	15.3	1.5	1.5	0.4	-0.0
Interest Expense	14.6	1.2	1.4	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	44.9	25.6	24.4	25.2	-22.1
Operating Profit	72.5	13.1	3.0	-42.9	-29.4
Other Income	5.5	0.5	1.6	34.5	0.0
Other Expenses	1.9	0.2	0.4	1.4	0.0
Other Profit	3.6	0.3	1.1	33.1	30.0
Profit Before Tax	76.1	13.4	4.2	-9.8	0.6
Current Income Tax Expense	15.4	0.0	0.0	2.7	-0.3
Deferred Income Tax Expense	-0.7	-1.2	0.8	0.4	0.0
Net Income	61.4	14.5	3.4	-13.0	0.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	61.4	14.5	3.4	-13.0	0.3
Earnings per Share	2,843.00	673.00	156.00	-601.00	16.00
Diluted EPS	2,843.27	673.00	156.00	-601.00	15.52

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,111.7	414.5	462.9	361.6	405.9
I. Cash and cash equivalents	184.9	11.7	34.5	26.5	25.4
1. Cash	184.9	11.7	34.5	26.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	169.5	210.0	80.0	160.0	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	169.5	210.0	80.0	160.0	0.0
III. Short-term receivables	454.9	78.4	215.3	23.7	35.9
1. Short-term trade accounts receivable	421.9	62.1	212.1	29.4	0.0
2. Short-term prepayments to suppliers	20.2	18.0	7.0	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	20.9	3.8	1.8	2.3	0.0
7. Provision for short-term doubtful debts (*)	-8.0	-5.5	-5.7	-8.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	288.6	100.7	117.0	122.3	127.6
1. Inventories	313.9	116.3	132.9	141.5	0.0
2. Provision for decline in value of inventories	-25.3	-15.6	-15.9	-19.1	0.0
V. Other short-term assets	13.8	13.7	16.2	29.1	26.9
1. Short-term prepayments	0.6	0.8	3.2	0.8	0.0
2. Value added tax to be reclaimed	12.8	0.0	0.0	1.7	0.0
3. Taxes and other receivables from state authorities	0.4	13.0	13.0	26.5	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)	60.5	39.4	35.1	38.5	46.4
I. Long-term receivables	6.0	0.0	0.0	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	6.0	0.0	0.0	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	33.9	27.7	29.4	34.2	41.7
1. Tangible fixed assets	33.8	27.7	29.4	33.9	40.8
- Cost	624.5	609.7	605.3	602.8	0.0
- Accumulated depreciation	-590.7	-582.0	-575.9	-568.9	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	0.1	0.0	0.0	0.4	0.9
- Cost	3.2	3.1	3.1	3.1	0.0
- Accumulated depreciation	-3.2	-3.1	-3.1	-2.8	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	0.5	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.0	0.0	0.0	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	20.1	11.7	5.7	4.1	0.0
1. Long-term prepayments	15.0	7.3	2.5	0.1	0.0
2. Deferred income tax assets	5.1	4.3	3.2	4.0	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	4.6
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)	1,172.2	454.0	498.0	400.0	452.3
A. LIABILITIES (300=210+330)	733.4	72.2	128.6	33.9	72.8
I. Short -term liabilities	707.2	68.8	123.6	33.8	71.8
1. Short-term trade accounts payable	67.1	43.2	24.2	4.2	6.0
2. Short-term advances from customers	204.0	0.0	0.6	0.2	0.7
3. Taxes and other payables to state authorities	3.0	1.4	1.6	18.3	0.0
4. Payable to employees	18.8	7.0	6.4	6.5	0.0
5. Short-term acrrued expenses	4.8	8.0	2.8	0.2	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	0.3	0.3	0.3	0.3	0.1
9. Other short-term payables	4.0	2.5	2.1	2.4	0.0
10. Short-term borrowings and financial leases	401.3	0.0	85.4	0.0	0.0
11. Provision for short-term liabilities	3.5	5.2	0.2	1.0	0.0
12.. Bonus and welfare fund	0.4	1.1	0.0	0.7	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	26.2	3.4	5.0	0.2	1.1
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	26.2	3.4	5.0	0.2	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)	438.8	381.8	369.4	366.1	379.4
I. Owner's equity	438.8	381.8	369.4	366.1	0.0
1. Owner's capital	216.0	216.0	216.0	216.0	379.4
- Common stock with voting right	216.0	216.0	216.0	216.0	216.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	9.8	9.8	9.8	9.8	9.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	2.2	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	27.0	14.7	16.9	16.9	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	185.9	139.1	126.7	123.4	136.7
- Accumulated retained earning at the end of the previous period	124.5	124.5	123.3	136.4	136.4
- Undistributed earnings in this period	61.4	14.5	3.4	-13.0	0.3
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)	1,172.2	454.0	498.0	400.0	452.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	76.1	13.4	4.2	-9.8	0.6
Depreciation of Fixed Assets and Investment Property	8.7	6.1	7.3	7.6	11.4
Provision (Increase)/Reversal	33.3	2.9	-1.7	-31.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.2	-0.3	0.3	0.0
Gain/Loss from Investment Activities	-5.6	-6.2	-10.4	-9.4	0.0
Interest Expense	14.6	1.2	1.4	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	127.0	17.6	0.5	-42.6	-18.1
Increase/(Decrease) in Receivables	-387.8	139.4	-175.7	8.4	0.0
Increase/(Decrease) in Inventory	-197.6	16.6	8.6	6.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	227.2	25.0	8.7	-5.8	0.0
Increase/(Decrease) in Prepaid Expenses	-7.5	-2.4	-4.7	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.0	-1.6	-1.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-2.7	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.0	-1.1	-0.7	-5.1	0.0
Net Cash Flow from Operating Activities	-257.7	193.4	-167.0	-38.9	70.8
Payments for Fixed Assets and Other Long-term Assets	-18.9	-4.4	-0.9	-0.2	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-89.5	0.0	-80.0	-120.0	-205.0
Receipts from Loan Repayments and Sale of Debt Instruments	130.0	0.0	160.0	150.0	99.0
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	8.1	4.3	10.4	10.2	0.0
Increase/(Decrease) in Term Deposits	—	-130.0	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	29.7	-130.2	89.5	40.0	-96.8
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	602.4	66.2	100.2	0.0	0.0
Repayment of Borrowings	-201.1	-151.7	-14.8	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.8	0.0	0.0	-21.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	401.3	-86.2	85.4	0.0	-21.4
Net Cash Flow During the Period	173.2	-22.9	7.9	1.1	2.1
Cash and Cash Equivalents at Beginning of Period	11.7	34.5	26.5	25.4	72.8
FX Difference from Revaluation	-0.0	0.1	0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	184.9	11.7	34.5	26.5	25.4

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	222.2	268.8	231.8	105.6	56.4	21.6	64.0	123.2	149.7	41.8	52.3	0.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	222.2	268.8	231.8	105.6	56.4	21.6	64.0	123.2	149.7	41.8	52.3	0.6
Cost of Goods Sold	192.8	223.2	196.9	93.0	62.7	28.3	52.2	89.4	130.4	40.9	49.0	6.3
Gross Profit	29.4	45.6	34.9	12.6	-6.3	-6.7	11.8	33.8	19.3	0.9	3.3	-5.7
Financial Income	1.8	4.8	1.9	1.5	2.4	2.2	0.9	1.0	2.0	2.8	3.0	3.2
Financial Expenses	7.2	5.6	2.3	0.3	0.3	0.1	0.3	0.9	1.4	0.2	0.0	0.1
Interest Expense	7.2	5.1	2.2	0.1	0.0	0.1	0.3	0.9	1.3	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	12.1	11.4	12.0	9.4	6.8	4.7	6.1	8.4	6.7	6.7	5.7	4.8
Operating Profit	12.0	33.3	22.5	4.5	-11.0	-9.4	6.3	25.6	13.2	-3.2	0.5	-7.4
Other Income	2.9	0.0	2.0	0.5	0.2	0.0	0.1	0.1	0.2	0.3	0.8	0.2
Other Expenses	1.9	—	0.0	0.0	0.2	0.0	0.0	0.0	0.4	0.0	0.0	0.0
Other Profit	1.0	0.0	2.0	0.5	0.0	0.0	0.1	0.1	-0.2	0.3	0.8	0.2
Profit Before Tax	13.1	33.4	24.6	5.0	-11.0	-9.4	6.4	25.6	13.0	-2.8	1.3	-7.2
Current Income Tax Expense	4.6	6.7	4.9	1.0	-4.9	-2.8	1.3	5.1	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	-1.7	—	—	—	0.9	0.0	0.0	0.0	2.0	0.0	0.0	0.0
Net Income	10.1	26.7	19.7	4.0	-7.1	-6.6	5.2	20.5	11.0	-2.8	1.3	-7.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.1	26.7	19.7	4.0	-7.1	-6.6	5.2	20.5	11.0	-2.8	1.3	-7.2
Earnings per Share	466.00	1,236.00	910.00	186.00	-327.00	-307.00	238.00	950.00	510.00	-131.00	61.00	-331.00
Diluted EPS	466.33	1,236.13	909.84	186.22	-326.52	-306.99	238.43	949.71	509.51	-130.67	60.90	-331.30

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)	1,052.8	926.3	697.8	534.9	398.2	397.1	409.4	446.7	462.9	379.5	359.4	352.6
I. Cash and cash equivalents	184.9	49.6	33.4	37.8	11.7	53.1	167.1	30.0	34.5	19.2	43.7	16.5
1. Cash	184.9	49.6	33.4	37.8	11.7	53.1	167.1	30.0	34.5	19.2	43.7	16.5
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	169.5	128.5	110.0	110.0	210.0	200.0	80.0	80.0	80.0	120.0	100.0	150.0
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	169.5	128.5	110.0	110.0	210.0	200.0	80.0	80.0	80.0	120.0	100.0	150.0
III. Short-term receivables	405.7	384.9	299.6	242.6	62.1	41.8	63.9	211.7	215.3	94.7	68.6	25.2
1. Short-term trade accounts receivable	220.0	40.0	67.4	56.0	62.1	14.5	58.2	111.1	77.1	38.9	48.4	22.6
2. Short-term prepayments to suppliers	21.0	11.3	10.6	59.3	1.6	20.2	4.2	25.2	7.0	22.0	6.5	5.7
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	172.7	341.2	229.3	132.8	3.8	12.5	7.1	81.0	136.9	40.1	21.8	5.1
7. Provision for short-term doubtful debts (*)	-8.0	-7.7	-7.7	-5.5	-5.5	-5.5	-5.6	-5.7	-5.7	-6.3	-8.2	-8.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	268.9	312.2	212.9	113.9	100.7	91.0	89.3	112.3	117.0	115.2	116.5	129.0
1. Inventories	292.8	327.8	228.5	129.5	116.3	106.9	105.2	128.2	132.9	132.5	133.9	146.3
2. Provision for decline in value of inventories	-23.9	-15.6	-15.6	-15.6	-15.6	-15.9	-15.9	-15.9	-15.9	-17.3	-17.3	-17.3
V. Other short-term assets	23.8	51.1	41.9	30.7	13.7	11.2	9.2	12.7	16.2	30.4	30.7	32.0
1. Short-term prepayments	10.6	5.3	6.6	4.1	0.8	2.0	2.6	4.0	3.2	1.7	1.9	3.2
2. Value added tax to be reclaimed	12.8	42.8	28.2	14.6	0.0	1.1	0.0	0.9	0.0	2.1	2.1	2.3
3. Taxes and other receivables from state authorities	0.4	2.9	7.1	12.0	13.0	8.1	6.6	7.8	13.0	26.5	26.7	26.5
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)	64.9	46.8	49.2	46.9	38.2	32.0	31.9	33.3	35.1	34.0	34.7	36.6
I. Long-term receivables	20.6	2.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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	20.6	2.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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	33.9	34.7	37.0	35.5	27.7	24.9	26.4	27.9	29.4	28.6	30.5	32.3
1. Tangible fixed assets	33.8	34.7	36.9	35.5	27.7	24.9	26.4	27.9	29.4	28.6	30.3	32.1
- Cost	—	—	—	—	609.7	605.3	605.3	605.3	605.3	602.8	602.8	602.8
- Accumulated depreciation	—	—	—	—	-582.0	-580.4	-578.9	-577.4	-575.9	-574.3	-572.5	-570.7
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	0.1	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	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	0.5	—	—	—	0.0	0.0	0.0	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	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	10.0	9.6	12.2	11.4	10.5	7.1	5.5	5.4	5.7	5.3	4.2	4.1
1. Long-term prepayments	5.2	6.5	7.8	7.0	7.3	3.0	2.3	2.2	2.5	0.2	0.2	0.1
2. Deferred income tax assets	4.8	3.1	4.3	4.3	3.1	4.1	3.2	3.2	3.2	5.1	4.0	4.0
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)	1,117.7	973.1	746.9	581.8	436.4	429.1	441.4	480.0	498.0	413.4	394.2	389.2
A. LIABILITIES (300=210+330)	678.5	544.0	345.9	196.0	55.9	41.5	48.5	90.0	128.6	55.0	34.0	30.2
I. Short -term liabilities	652.3	524.8	335.4	191.1	52.5	35.3	40.0	82.6	123.6	52.9	32.3	30.1
1. Short-term trade accounts payable	48.4	53.5	73.9	49.0	26.9	4.0	6.8	8.5	24.2	5.0	12.5	4.1
2. Short-term advances from customers	168.6	22.4	29.6	64.3	0.0	0.8	5.2	0.6	0.6	0.7	0.7	0.2
3. Taxes and other payables to state authorities	2.2	0.2	0.1	0.1	1.4	0.1	4.4	0.2	1.6	13.6	13.6	13.6
4. Payable to employees	18.8	18.8	11.7	10.0	7.0	7.2	10.6	10.7	6.4	4.5	2.4	4.0
5. Short-term acrrued expenses	4.8	14.4	4.8	4.9	8.1	2.4	8.5	56.9	2.8	6.3	0.2	2.9
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	0.3	0.0	0.3	0.0	0.3	0.3	0.0	0.1	0.3	0.1	0.3	0.1
9. Other short-term payables	4.0	2.5	2.6	2.7	2.5	1.4	1.4	1.5	2.1	2.4	2.2	2.2
10. Short-term borrowings and financial leases	401.3	406.0	203.5	52.8	0.0	15.5	0.0	3.9	85.4	20.0	0.0	0.0
11. Provision for short-term liabilities	3.5	6.1	6.2	7.1	5.2	2.4	0.2	0.1	0.2	0.3	0.4	2.7
12.. Bonus and welfare fund	0.4	0.9	2.8	0.2	1.1	1.3	2.9	0.0	0.0	0.0	0.0	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	26.2	19.2	10.5	4.9	3.4	6.1	8.4	7.4	5.0	2.2	1.7	0.2
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	—	—	—	—	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	26.2	19.2	10.5	4.9	3.4	6.1	8.4	7.4	5.0	2.2	1.7	0.2
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)	439.2	429.1	401.1	385.8	380.5	387.6	392.9	389.9	369.4	358.4	360.2	359.0
I. Owner's equity	439.2	429.1	401.1	385.8	380.5	387.6	392.9	389.9	369.4	358.4	360.2	359.0
1. Owner's capital	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0
- Common stock with voting right	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8
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	—	—	—	2.2	2.2	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	27.0	27.0	27.0	14.7	14.7	16.9	16.9	16.9	16.9	16.9	16.9	16.9
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	186.3	176.2	148.2	143.1	137.8	144.9	150.2	147.2	126.7	115.7	117.5	116.2
- Accumulated retained earning at the end of the previous period	124.5	124.5	124.5	139.1	124.5	124.5	124.5	126.7	123.3	123.3	123.3	123.4
- Undistributed earnings in this period	61.8	51.7	23.7	4.0	13.3	20.3	25.7	20.5	3.4	-7.6	-5.8	-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	—	—	—	—	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)	1,117.7	973.1	746.9	581.8	436.4	429.1	441.4	480.0	498.0	413.4	394.2	389.2

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
Profit Before Tax	13.1	33.4	24.6	5.0	-11.0	-9.4	8.1	25.6	13.0	-2.8	1.2	-7.2
Depreciation of Fixed Assets and Investment Property	2.3	2.3	2.2	2.0	1.6	1.5	1.5	1.5	1.7	1.8	1.9	1.9
Provision (Increase)/Reversal	14.3	8.7	6.8	3.5	2.9	-3.4	1.1	2.3	0.7	-1.7	-0.7	-0.0
FX Gain/Loss from Revaluation of Monetary Items	0.7	-3.7	3.0	-0.1	-3.5	3.1	0.1	0.0	-0.3	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.4	-1.6	-1.2	-1.4	-6.2	1.8	-0.8	-0.9	-1.9	-2.4	-2.9	-3.2
Interest Expense	7.2	5.1	2.2	0.1	5.3	-5.2	0.3	0.9	1.3	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	—	—	—	—	-1.2	1.2	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	36.2	44.2	37.5	9.1	-12.2	-10.3	10.2	29.4	14.5	-5.1	-0.5	-8.5
Increase/(Decrease) in Receivables	-26.2	-80.8	-84.2	-196.6	-22.2	19.5	151.6	6.8	-109.1	-23.5	-43.1	-0.0
Increase/(Decrease) in Inventory	13.9	-99.3	-99.0	-13.2	-9.5	-1.6	23.0	4.7	-0.4	1.4	12.4	-4.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	172.4	-29.4	0.6	83.7	34.9	-17.3	-43.3	35.9	5.5	6.6	-1.2	-2.2
Increase/(Decrease) in Prepaid Expenses	-3.8	2.7	-3.3	-3.0	-3.1	-0.0	1.2	-0.5	-3.8	0.2	1.2	-2.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.3	-4.7	-2.0	-0.0	-0.0	-0.5	0.1	-1.2	-0.9	0.0	-0.0	0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-5.4	5.4	-2.7
Other Operating Receipts	—	—	—	—	-2.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	—	-2.6	—	2.5	-1.6	-0.8	0.0	-0.0	-0.0	-0.1	-0.5
Net Cash Flow from Operating Activities	184.8	-169.4	-152.2	-121.0	-12.3	-11.9	141.9	75.1	-94.2	-25.9	-25.8	-21.1
Payments for Fixed Assets and Other Long-term Assets	-5.4	0.7	-4.3	-9.8	-4.4	1.1	-1.2	0.0	-0.9	0.0	0.0	0.0
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	-41.0	-18.5	0.0	-30.0	-10.0	-140.0	0.0	0.0	-10.0	-70.0	20.0	-20.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	130.0	0.0	20.0	0.0	0.0	50.0	50.0	30.0	30.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.7	1.0	1.5	4.0	0.6	1.1	0.5	2.0	4.9	1.4	3.0	1.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-44.7	-16.9	-2.9	94.3	-13.7	-117.7	-0.7	2.0	43.9	-18.6	53.0	11.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	102.8	293.1	153.7	52.8	0.0	15.5	36.5	14.3	65.4	20.0	14.8	0.0
Repayment of Borrowings	-107.6	-90.6	-3.0	—	-15.5	0.0	-40.4	-95.9	0.0	0.0	-14.8	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	-4.7	202.5	150.7	52.8	-15.5	15.5	-3.9	-81.5	65.4	20.0	0.0	0.0
Net Cash Flow During the Period	135.3	16.2	-4.4	26.1	-41.4	-114.2	137.3	-4.5	15.2	-24.5	27.1	-10.0
Cash and Cash Equivalents at Beginning of Period	49.6	33.4	37.8	11.7	34.5	34.5	34.5	34.5	26.5	26.5	26.5	26.5
FX Difference from Revaluation	-0.0	—	-0.0	—	0.0	0.3	-0.3	0.0	0.1	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	184.9	49.6	33.4	37.8	11.7	53.1	167.1	30.0	34.5	19.2	43.7	16.5

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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