PVC

Listed Company · HNX

Price

17,000

Latest close

03 Apr 2026

P/E 53.6x

EPS (TTM) 317

ROE (TTM) 2.6%

P/B 1.3x

BVPS (Latest) 13,106

ROA (TTM) 1.1%

What Is Changing

PVC no longer looks like a business simply rebounding from a weak base. Revenue posted +73.4% YoY, while net margin reached 0.94% with an additional +0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 48.0bn in 2025.
Revenue growth accelerated to 73.4% in 2025, up 81.6pp versus the prior year.
Net margin improved from 0.52% in the prior period to 0.94% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	5,127.1	2,957.3	3,221.9	2,934.4	2,776.3
Growth	+73%	-8%	+10%	+6%	—
Net Income	48.0	15.5	35.0	27.3	24.1
Net Margin	0.94%	0.52%	1.09%	0.93%	0.87%

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	1,604.7	1,511.3	1,200.9	992.7	1,019.0	749.8	808.0	397.8	1,010.4	846.4	706.0	658.9
Growth	+6%	+26%	+21%	-3%	+36%	-7%	+103%	-61%	+19%	+20%	+7%	—
Net Income	11.1	16.3	7.9	7.5	9.1	0.7	4.7	1.0	0.7	16.9	5.8	11.5
Net Margin	0.69%	1.08%	0.65%	0.75%	0.89%	0.09%	0.58%	0.25%	0.07%	2.00%	0.83%	1.75%

Financial Statements

Profitability

Net margin reached 0.94% while Revenue posted +73.4% YoY.

Balance Sheet

Inventory stood at 482.5bn, liabilities at 1,756.0bn, and equity at 1,069.9bn.

Cash Flow

Operating cash flow was -529.5bn in 2025, while investing cash flow was -18.1bn.

Financing cash flow: 316.9bn.

Item	2025	2024	2023	2022	2021
Revenue	5,130.2	2,957.5	3,228.7	2,935.5	2,783.5
Revenue Deductions	3.1	0.3	6.8	1.2	0.0
Net Revenue	5,127.1	2,957.3	3,221.9	2,934.4	2,776.3
Cost of Goods Sold	4,782.9	2,759.9	2,999.4	2,713.3	0.0
Gross Profit	344.2	197.4	222.5	221.1	181.6
Financial Income	20.1	30.1	28.9	19.0	21.4
Financial Expenses	26.3	10.0	18.9	26.4	-9.9
Interest Expense	19.4	3.1	4.2	2.7	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	51.3	43.5	33.9	40.4	-36.3
General and Administrative Expenses	214.3	153.0	162.7	133.5	-128.3
Operating Profit	72.4	21.1	35.9	39.7	28.4
Other Income	4.8	7.6	22.7	1.0	0.0
Other Expenses	3.7	1.2	4.1	1.9	0.0
Other Profit	1.1	6.4	18.6	-1.0	6.2
Profit Before Tax	73.6	27.5	54.6	38.7	34.6
Current Income Tax Expense	32.0	12.0	14.7	9.5	-10.5
Deferred Income Tax Expense	-6.5	0.0	4.8	2.0	0.0
Net Income	48.0	15.5	35.0	27.3	24.1
Non-controlling Interest	15.6	12.2	14.5	15.8	9.8
Profit Attributable to Parent	32.5	3.3	20.5	11.5	14.3
Earnings per Share	384.00	18.00	250.00	181.00	105.00
Diluted EPS	399.83	40.63	252.27	230.06	285.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,664.4	1,900.9	2,300.3	2,064.0	1,607.3
I. Cash and cash equivalents	190.4	420.9	649.5	228.2	202.8
1. Cash	155.8	215.9	345.6	170.2	0.0
2. Cash equivalents	34.6	205.1	303.9	58.0	0.0
II. Short-term financial investments	230.9	203.4	156.1	123.0	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	230.9	203.4	156.1	123.0	0.0
III. Short-term receivables	1,746.6	843.7	1,158.2	1,337.8	912.8
1. Short-term trade accounts receivable	1,628.1	786.1	1,060.2	1,214.9	0.0
2. Short-term prepayments to suppliers	79.3	67.1	23.4	23.1	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	81.8	32.1	112.1	139.9	0.0
7. Provision for short-term doubtful debts (*)	-42.7	-41.6	-37.4	-40.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	482.5	416.0	318.4	364.0	255.4
1. Inventories	541.4	470.8	389.3	428.8	0.0
2. Provision for decline in value of inventories	-58.9	-54.7	-70.9	-64.8	0.0
V. Other short-term assets	14.0	16.9	18.2	11.0	7.6
1. Short-term prepayments	4.1	2.9	9.8	6.4	0.0
2. Value added tax to be reclaimed	9.7	13.1	8.2	4.5	0.0
3. Taxes and other receivables from state authorities	0.2	0.9	0.1	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)	161.6	164.6	171.7	181.5	195.4
I. Long-term receivables	9.5	8.7	3.2	3.3	0.0
1. Long-term trade receivables	—	3.7	0.0	0.0	2.9
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	9.5	5.0	3.2	3.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	62.1	69.8	130.1	146.2	165.3
1. Tangible fixed assets	57.1	64.6	108.0	125.9	144.0
- Cost	292.8	288.3	397.5	399.2	0.0
- Accumulated depreciation	-235.7	-223.7	-289.5	-273.3	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	4.9	5.1	22.0	20.3	21.3
- Cost	9.2	9.1	33.1	30.3	0.0
- Accumulated depreciation	-4.3	-4.0	-11.1	-10.1	0.0
III. Investment properties	56.8	61.7	0.0	0.0	0.0
- Cost	151.9	151.9	0.0	0.0	0.0
- Accumulated depreciation	-95.1	-90.2	0.0	0.0	0.0
IV. Long-term assets in progress	3.0	0.4	13.0	0.3	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.0	0.4	13.0	0.3	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	12.8	12.8	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	-12.8	-12.8	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	30.1	24.1	25.4	31.8	0.0
1. Long-term prepayments	2.6	2.9	3.4	5.8	0.0
2. Deferred income tax assets	27.5	21.2	22.0	25.9	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	27.2
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)	2,825.9	2,065.5	2,472.0	2,245.5	1,802.7
A. LIABILITIES (300=210+330)	1,756.0	1,027.4	1,422.3	1,412.1	1,001.4
I. Short -term liabilities	1,742.4	1,010.9	1,403.4	1,377.9	970.5
1. Short-term trade accounts payable	596.3	369.5	313.2	479.5	239.4
2. Short-term advances from customers	155.2	100.1	108.2	116.5	110.7
3. Taxes and other payables to state authorities	34.6	12.4	13.8	12.7	0.0
4. Payable to employees	40.2	18.2	18.1	12.9	0.0
5. Short-term acrrued expenses	148.7	86.3	136.4	103.2	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	—	0.0	0.0	0.0	0.2
9. Other short-term payables	14.4	5.0	3.6	7.8	0.0
10. Short-term borrowings and financial leases	742.8	413.7	809.9	643.9	508.0
11. Provision for short-term liabilities	8.1	2.4	0.0	0.7	0.0
12.. Bonus and welfare fund	2.2	3.3	0.3	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	13.6	16.5	18.9	34.2	30.9
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	0.1	0.2
7. Other long-term liabilities	—	0.0	0.3	0.1	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	2.6	2.6	3.5	2.6	0.0
12. Provision for long-term liabilities	11.0	13.9	15.1	31.5	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)	1,069.9	1,038.1	1,049.7	833.5	801.2
I. Owner's equity	1,069.9	1,038.1	1,049.7	833.5	0.0
1. Owner's capital	811.9	811.9	811.9	500.0	801.2
- Common stock with voting right	811.9	811.9	811.9	500.0	500.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	39.7	39.7	39.7	40.1	19.0
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	2.7	2.7	2.7	2.7	0.0
8. Investment and development fund	56.9	56.9	53.7	153.7	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	50.8	22.2	33.7	28.9	31.8
- Accumulated retained earning at the end of the previous period	18.3	18.9	13.3	17.4	24.8
- Undistributed earnings in this period	32.5	3.3	20.5	11.5	7.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	107.9	104.6	107.9	108.1	112.6
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)	2,825.9	2,065.5	2,472.0	2,245.5	1,802.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	73.6	27.5	54.6	38.7	34.6
Depreciation of Fixed Assets and Investment Property	19.9	21.7	21.2	22.9	24.6
Provision (Increase)/Reversal	8.1	-6.6	-13.5	-3.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	9.3	9.4	7.0	0.0
Gain/Loss from Investment Activities	-17.7	3.8	-21.0	-16.8	0.0
Interest Expense	19.4	3.1	4.2	2.7	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	103.9	58.8	54.8	50.9	51.9
Increase/(Decrease) in Receivables	-899.6	296.5	175.0	-366.5	0.0
Increase/(Decrease) in Inventory	-70.7	-81.4	39.4	-103.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	378.6	-2.3	-136.0	274.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	7.4	-3.7	-4.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-16.8	-4.4	-7.3	-11.0	0.0
Corporate Income Tax Paid	-18.4	-8.6	-17.0	-9.5	0.0
Other Operating Receipts	—	0.0	0.0	2.9	0.0
Other Operating Payments	-5.5	-10.3	-7.0	-9.3	0.0
Net Cash Flow from Operating Activities	-529.5	255.7	98.2	-175.8	-134.4
Payments for Fixed Assets and Other Long-term Assets	-8.8	-27.7	-15.0	-4.3	-3.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.2	0.0
Loans and Purchases of Debt Instruments	-436.5	-326.6	-328.3	-303.8	-757.0
Receipts from Loan Repayments and Sale of Debt Instruments	409.0	279.3	298.0	353.6	566.0
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	18.2	2.3	21.6	17.3	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	-18.1	-72.7	-23.5	63.1	-178.7
Proceeds from Equity Issuance and Capital Contributions	—	0.0	211.6	39.7	0.0
Share Repurchases	—	0.0	0.0	0.0	-0.0
Proceeds from Borrowings	1,293.9	465.1	1,225.2	881.7	589.5
Repayment of Borrowings	-964.8	-870.6	-1,066.9	-752.2	-452.8
Repayment of Finance Leases	—	0.0	-23.2	0.0	0.0
Dividends Paid	-12.2	-6.4	0.0	-30.5	-58.4
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	316.9	-412.0	346.7	138.7	78.3
Net Cash Flow During the Period	-230.7	-228.9	421.4	25.9	49.2
Cash and Cash Equivalents at Beginning of Period	420.9	649.5	228.2	202.8	437.7
FX Difference from Revaluation	0.2	0.4	-0.1	-0.5	-0.1
Cash and Cash Equivalents at End of Period	190.4	420.9	649.5	228.2	202.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,605.8	1,511.8	1,201.7	993.2	1,019.1	749.6	808.3	397.9	1,011.1	852.6	705.9	658.7
Revenue Deductions	1.1	0.5	0.8	0.6	0.2	-0.2	0.2	0.0	0.7	6.3	-0.1	-0.2
Net Revenue	1,604.7	1,511.3	1,200.9	992.7	1,019.0	749.8	808.0	397.8	1,010.4	846.4	706.0	658.9
Cost of Goods Sold	1,484.7	1,425.3	1,121.3	934.6	947.2	711.5	747.0	365.1	953.6	772.5	659.8	612.7
Gross Profit	120.0	86.0	79.6	58.1	71.7	38.3	61.0	32.7	56.8	73.9	46.1	46.3
Financial Income	4.5	4.7	5.6	5.3	8.4	5.6	8.4	6.5	5.8	6.1	6.3	11.2
Financial Expenses	1.8	15.4	3.5	5.5	2.8	2.0	1.8	1.8	2.2	12.0	1.8	3.8
Interest Expense	4.3	8.6	2.2	4.3	0.4	0.7	0.8	0.6	0.7	1.0	0.7	1.7
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.5	12.6	14.7	8.7	11.8	8.8	19.1	5.9	9.4	7.4	8.2	8.7
General and Administrative Expenses	79.8	42.1	56.1	37.2	49.1	31.8	42.2	31.3	45.9	41.9	41.7	34.0
Operating Profit	23.4	20.5	10.9	12.1	16.5	1.4	6.3	0.2	5.1	18.7	0.7	11.0
Other Income	-2.1	0.5	2.8	0.5	0.3	3.1	1.3	2.6	1.3	3.6	13.8	3.8
Other Expenses	-1.2	-0.5	1.0	1.2	2.0	1.6	0.8	0.3	0.7	1.4	1.1	0.4
Other Profit	-0.9	1.0	1.8	-0.7	-1.7	1.5	0.5	2.3	0.6	2.2	12.7	3.5
Profit Before Tax	22.5	21.6	12.7	11.4	14.8	2.9	6.8	2.5	5.7	20.9	13.4	14.5
Current Income Tax Expense	17.0	5.2	6.2	3.6	6.9	2.0	1.1	1.5	3.9	3.5	5.1	3.0
Deferred Income Tax Expense	-5.7	0.1	-1.3	0.3	-1.2	0.2	1.0	0.0	1.1	0.5	2.5	0.0
Net Income	11.1	16.3	7.9	7.5	9.1	0.7	4.7	1.0	0.7	16.9	5.8	11.5
Non-controlling Interest	0.8	7.3	2.9	4.8	6.0	2.2	3.1	0.1	1.2	4.0	5.8	3.5
Profit Attributable to Parent	10.3	9.1	5.0	2.7	3.1	-1.5	1.5	0.9	-0.5	12.9	0.0	8.0
Earnings per Share	123.00	108.00	69.00	17.00	33.00	-24.00	19.00	1.00	-52.00	238.00	-40.00	160.00
Diluted EPS	127.23	111.57	61.24	32.85	38.20	-18.50	19.02	11.60	-5.58	258.16	0.54	159.54

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)	2,658.1	2,392.3	2,054.7	1,837.8	1,900.1	1,755.0	1,832.2	1,785.8	2,255.5	2,050.9	1,857.2	1,816.0
I. Cash and cash equivalents	190.4	194.1	197.6	324.8	420.9	327.3	326.8	398.8	614.5	369.6	213.0	174.6
1. Cash	155.8	142.1	122.2	144.5	215.9	161.8	119.3	143.4	345.6	174.3	102.4	110.5
2. Cash equivalents	34.6	52.0	75.4	180.3	205.1	165.6	207.5	255.4	268.9	195.3	110.6	64.1
II. Short-term financial investments	230.9	245.9	212.6	190.4	203.4	220.8	263.1	264.1	191.1	109.1	157.8	205.5
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	230.9	245.9	212.6	190.4	203.4	220.8	263.1	264.1	191.1	109.1	157.8	205.5
III. Short-term receivables	1,740.3	1,519.0	1,184.0	888.9	843.7	817.6	925.5	852.5	1,113.6	1,220.9	1,043.1	1,076.2
1. Short-term trade accounts receivable	1,628.1	1,363.2	1,015.8	765.1	785.2	752.8	870.8	833.1	1,058.2	1,161.5	995.2	995.3
2. Short-term prepayments to suppliers	79.3	135.9	123.6	89.9	67.1	60.9	42.4	26.2	21.9	34.5	19.8	21.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	75.5	61.3	86.1	75.4	33.0	44.8	53.4	30.6	70.9	62.9	66.3	99.1
7. Provision for short-term doubtful debts (*)	-42.7	-41.3	-41.4	-41.4	-41.6	-40.9	-41.1	-37.4	-37.4	-37.9	-38.1	-40.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	482.5	419.1	446.1	412.1	416.0	372.3	301.0	257.8	318.4	338.0	421.2	346.4
1. Inventories	541.4	474.3	500.0	466.8	470.8	425.7	355.4	312.2	389.3	400.5	494.2	411.2
2. Provision for decline in value of inventories	-58.9	-55.2	-53.9	-54.7	-54.7	-53.4	-54.4	-54.4	-70.9	-62.5	-73.0	-64.8
V. Other short-term assets	14.0	14.2	14.4	21.6	16.1	16.9	15.8	12.7	17.9	13.3	22.0	13.3
1. Short-term prepayments	4.1	4.2	5.0	4.8	2.9	4.3	4.8	4.4	9.5	6.5	12.5	8.2
2. Value added tax to be reclaimed	9.7	9.9	9.4	16.0	13.1	9.0	8.5	7.3	8.2	6.2	9.2	4.9
3. Taxes and other receivables from state authorities	0.2	0.1	—	0.8	0.1	3.7	2.5	1.0	0.1	0.5	0.4	0.2
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)	167.4	163.8	163.2	164.0	165.3	168.7	171.1	170.3	171.7	173.6	171.4	190.7
I. Long-term receivables	15.8	16.2	13.7	11.7	8.7	8.8	7.0	3.2	3.2	3.2	3.4	3.4
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	15.8	16.2	13.7	11.7	8.7	8.8	7.0	3.2	3.2	3.2	3.4	3.4
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	61.7	64.8	65.3	67.9	69.8	62.5	65.5	132.4	130.1	134.4	139.0	144.2
1. Tangible fixed assets	56.7	59.8	60.3	62.8	64.6	57.7	60.7	110.5	108.0	112.2	116.4	121.4
- Cost	—	—	—	—	287.7	279.8	279.3	404.9	397.5	397.0	398.9	398.8
- Accumulated depreciation	—	—	—	—	-223.0	-222.1	-218.6	-294.4	-289.5	-284.8	-282.5	-277.4
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	4.9	5.0	5.1	5.1	5.1	4.8	4.8	21.9	22.0	22.3	22.5	22.8
- 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	56.8	58.0	59.3	60.5	61.7	62.9	64.2	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	3.0	0.5	0.4	0.4	1.2	11.0	11.0	9.6	13.0	9.0	1.3	1.1
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	3.0	0.5	0.4	0.4	1.2	11.0	11.0	9.6	13.0	9.0	1.3	1.1
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	12.8
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	12.8
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	30.0	24.3	24.5	23.5	23.9	23.5	23.4	25.1	25.4	26.8	27.8	29.3
1. Long-term prepayments	2.5	2.8	2.9	3.0	3.0	3.1	3.0	3.2	3.4	3.9	3.9	3.7
2. Deferred income tax assets	27.6	21.5	21.6	20.5	20.9	20.4	20.5	21.9	22.0	23.0	23.9	25.6
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	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)	2,825.5	2,556.2	2,217.9	2,001.8	2,065.4	1,923.7	2,003.3	1,956.2	2,427.3	2,224.4	2,028.6	2,006.7
A. LIABILITIES (300=210+330)	1,761.4	1,500.1	1,168.9	957.1	1,027.5	894.9	975.5	905.4	1,377.7	1,387.2	1,208.3	1,161.8
I. Short -term liabilities	1,747.8	1,486.6	1,155.5	940.9	1,011.2	874.8	954.0	883.1	1,358.8	1,368.5	1,190.1	1,133.4
1. Short-term trade accounts payable	596.3	437.6	415.5	339.2	369.6	346.5	311.4	221.6	312.6	263.9	258.4	307.6
2. Short-term advances from customers	155.2	114.2	112.6	107.3	100.1	104.2	91.6	93.7	108.2	113.5	121.6	105.4
3. Taxes and other payables to state authorities	34.6	13.0	16.6	14.4	12.6	8.9	5.8	3.3	10.5	11.6	15.9	11.3
4. Payable to employees	40.2	28.8	32.7	9.6	18.2	13.1	11.9	12.9	18.1	18.1	11.0	12.1
5. Short-term acrrued expenses	157.1	143.8	109.6	94.3	86.2	91.8	66.9	70.7	95.1	149.6	93.7	90.4
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	0.0	0.2
9. Other short-term payables	14.4	23.7	9.8	7.1	7.5	11.1	23.5	3.3	4.1	35.2	31.5	8.8
10. Short-term borrowings and financial leases	742.8	719.5	452.9	364.6	413.7	295.0	436.1	477.7	809.9	772.4	653.8	597.7
11. Provision for short-term liabilities	5.1	2.9	2.4	2.4	0.0	0.0	0.0	0.0	0.0	1.4	0.0	0.7
12.. Bonus and welfare fund	2.2	3.1	3.5	2.0	3.3	4.2	6.7	-0.3	0.3	2.7	4.1	-0.7
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	13.6	13.5	13.5	16.2	16.4	20.1	21.5	22.4	18.9	18.8	18.2	28.4
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	0.1	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.3	0.3	0.1	0.1	0.1
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	2.6	2.6	2.6	2.6	2.6	3.3	3.1	3.5	3.5	3.7	3.1	2.6
12. Provision for long-term liabilities	11.0	10.9	10.9	13.7	13.8	16.8	18.4	18.6	15.1	14.9	14.9	25.7
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)	1,064.1	1,056.1	1,049.0	1,044.7	1,037.8	1,028.8	1,027.8	1,050.7	1,049.5	837.2	820.3	845.0
I. Owner's equity	1,064.1	1,052.7	1,049.0	1,044.7	1,037.8	1,028.8	1,027.8	1,050.7	1,049.5	837.2	820.3	845.0
1. Owner's capital	811.9	811.9	811.9	811.9	811.9	811.9	811.9	811.9	811.9	500.0	500.0	500.0
- Common stock with voting right	811.9	811.9	811.9	811.9	811.9	811.9	811.9	811.9	811.9	500.0	500.0	500.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.6	40.1	40.1	40.1
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	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
8. Investment and development fund	56.9	56.9	56.9	56.9	56.9	56.9	56.9	53.7	53.7	153.7	153.7	153.7
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	44.9	34.3	25.4	24.0	21.9	18.9	18.3	33.8	33.7	34.0	21.1	36.8
- Accumulated retained earning at the end of the previous period	17.7	17.4	17.8	21.3	18.7	18.7	16.7	33.7	13.3	13.1	13.1	28.9
- Undistributed earnings in this period	27.1	16.8	7.6	2.7	3.3	0.2	1.6	0.1	20.5	20.9	8.0	8.0
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	107.9	107.2	112.3	109.5	104.6	98.7	98.2	108.9	107.9	106.7	102.7	111.6
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	3.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	3.4	—	—	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)	2,825.5	2,556.2	2,217.9	2,001.8	2,065.4	1,923.7	2,003.3	1,956.2	2,427.3	2,224.4	2,028.6	2,006.7

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	27.8	21.6	12.8	11.4	14.8	2.9	6.9	2.5	5.7	20.9	13.4	14.5
Depreciation of Fixed Assets and Investment Property	4.3	5.2	5.2	5.2	5.8	4.9	5.1	5.1	4.9	5.4	5.4	5.4
Provision (Increase)/Reversal	9.2	3.0	-3.6	-0.5	-5.2	-2.3	3.7	-13.0	-11.4	8.8	-7.6	-3.4
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	-0.1	0.4	-1.1	-8.0	8.9	0.4	2.3	9.6	0.2	-2.7
Gain/Loss from Investment Activities	31.0	-38.8	6.6	-16.4	-11.5	-22.9	0.4	-10.4	7.4	-17.1	-5.9	-5.4
Interest Expense	4.3	8.6	2.2	4.3	0.4	0.7	0.8	0.6	0.7	1.0	0.7	1.7
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	76.8	-0.3	22.9	4.4	3.4	-24.8	25.7	-14.7	9.7	28.6	6.2	10.3
Increase/(Decrease) in Receivables	-216.0	-399.3	-227.9	-56.5	-25.8	109.9	-88.5	311.2	58.2	-162.3	19.8	259.2
Increase/(Decrease) in Inventory	-67.2	25.7	-33.2	3.9	-45.0	-70.3	-43.2	77.1	11.1	93.7	-83.0	17.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	198.7	78.0	80.4	21.5	132.1	-12.2	94.3	-189.0	48.6	39.8	-3.1	-221.3
Increase/(Decrease) in Prepaid Expenses	0.3	0.8	0.1	-2.0	1.5	0.4	-0.2	5.6	-5.6	6.0	-4.5	0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.6	-4.5	-3.2	-2.5	-1.3	0.2	9.8	-11.5	-4.1	-0.8	-0.7	-1.7
Corporate Income Tax Paid	-34.3	24.0	-4.1	-4.1	-1.9	-2.0	-0.8	-3.8	-5.6	-4.9	-3.7	-2.7
Other Operating Receipts	—	—	—	—	0.3	-0.1	-32.7	32.7	0.0	-0.0	-6.5	6.5
Other Operating Payments	-6.0	4.7	-15.6	11.3	-4.3	-10.5	-0.6	-2.3	1.9	-5.7	-7.3	4.0
Net Cash Flow from Operating Activities	-60.1	-264.9	-173.8	-30.6	59.0	-9.5	-36.2	205.3	114.4	-5.6	-82.8	72.2
Payments for Fixed Assets and Other Long-term Assets	-1.7	-3.7	-0.7	-2.8	-6.9	3.0	-7.7	-3.1	-3.5	-6.9	-1.1	-3.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	-0.0	-0.0	0.0	0.0	0.3	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-69.3	-111.3	-118.7	-137.1	-98.2	-113.4	-28.0	-177.0	119.7	-287.1	132.7	-293.5
Receipts from Loan Repayments and Sale of Debt Instruments	110.4	108.2	67.8	122.6	24.7	244.0	41.0	57.0	-181.3	343.8	-75.5	211.0
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	5.5	2.0	9.8	0.9	2.7	17.7	4.0	4.9	6.7	0.7	8.9	5.4
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	-4.6	-41.8	-16.4	-77.8	151.4	9.3	-118.1	-58.2	50.3	65.1	-80.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	211.6	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	203.1	656.7	187.6	246.5	145.4	73.1	228.8	20.9	352.4	290.2	281.0	301.7
Repayment of Borrowings	-179.8	-390.1	-99.3	-295.7	-26.6	-214.2	-273.8	-359.1	-316.9	-178.3	-224.8	-346.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	-23.2	0.0	0.0	0.0
Dividends Paid	-11.6	-0.7	—	—	-6.3	0.0	-0.3	0.2	0.0	0.1	-0.1	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	11.7	266.0	88.3	-49.1	112.5	-141.1	-45.3	-338.0	223.9	111.9	56.1	-45.1
Net Cash Flow During the Period	-3.7	-3.6	-127.3	-96.2	93.7	0.8	-72.2	-250.8	280.1	156.6	38.4	-53.6
Cash and Cash Equivalents at Beginning of Period	194.1	197.6	324.8	420.9	649.5	649.5	649.5	649.5	228.2	228.2	228.2	228.2
FX Difference from Revaluation	0.2	0.2	0.1	0.0	-0.1	-0.3	0.2	0.1	-0.2	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	190.4	194.1	197.6	324.8	420.9	327.3	326.8	398.8	649.5	369.6	213.0	174.6

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Balance Sheet

Cash Flow

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