PVG

Listed Company · HNX

Price

6,700

Latest close

03 Apr 2026

P/E 18.2x

EPS (TTM) 367

ROE (TTM) 2.9%

P/B 0.5x

BVPS (Latest) 12,639

ROA (TTM) 0.9%

What Is Changing

PVG no longer looks like a business simply rebounding from a weak base. Revenue posted +26.1% YoY, while net margin reached 0.22% with an additional -0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 15.0% to VND 14.7bn in 2025.
Revenue growth accelerated to 26.1% in 2025, up 7.5pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	6,551.6	5,196.3	4,381.7	4,601.4	4,112.7
Growth	+26%	+19%	-5%	+12%	—
Net Income	14.7	12.8	1.1	16.3	13.8
Net Margin	0.22%	0.25%	0.02%	0.35%	0.34%

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	1,874.2	1,649.2	1,581.3	1,448.8	1,287.5	1,514.7	1,428.1	986.0	1,527.6	1,056.4	850.5	957.8
Growth	+14%	+4%	+9%	+13%	-15%	+6%	+45%	-35%	+45%	+24%	-11%	—
Net Income	5.7	2.9	3.2	2.9	4.8	5.3	1.2	1.0	-4.3	0.9	0.8	3.6
Net Margin	0.31%	0.17%	0.20%	0.20%	0.37%	0.35%	0.09%	0.10%	-0.28%	0.08%	0.10%	0.38%

Financial Statements

Profitability

Net margin reached 0.22% while Revenue posted +26.1% YoY.

Balance Sheet

Inventory stood at 10.0bn, liabilities at 1,020.3bn, and equity at 505.6bn.

Cash Flow

Operating cash flow was -306.9bn in 2025, while investing cash flow was 274.4bn.

Financing cash flow: -5.6bn.

Item	2025	2024	2023	2022	2021
Revenue	6,619.0	5,248.1	4,442.0	4,601.4	4,112.7
Revenue Deductions	67.4	51.8	60.2	0.0	0.0
Net Revenue	6,551.6	5,196.3	4,381.7	4,601.4	4,112.7
Cost of Goods Sold	6,111.9	4,755.2	3,959.7	4,185.9	0.0
Gross Profit	439.7	441.1	422.0	415.5	415.8
Financial Income	23.1	22.9	27.6	25.4	18.1
Financial Expenses	1.9	2.2	1.9	0.0	-0.1
Interest Expense	1.7	2.2	1.9	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	400.3	387.6	381.9	372.2	-356.1
General and Administrative Expenses	42.7	58.3	64.7	49.6	-59.4
Operating Profit	18.0	15.9	1.1	19.1	18.3
Other Income	0.5	0.0	0.2	1.6	0.0
Other Expenses	0.2	0.0	0.0	0.0	0.0
Other Profit	0.3	-0.0	0.2	1.6	0.3
Profit Before Tax	18.4	15.9	1.3	20.6	18.6
Current Income Tax Expense	3.7	3.1	0.2	4.3	-4.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.7	12.8	1.1	16.3	13.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	14.7	12.8	1.1	16.3	13.8
Earnings per Share	368.00	320.00	30.00	447.00	379.27
Diluted EPS	367.65	320.00	30.00	447.00	379.27

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,079.9	1,151.4	1,237.9	874.0	1,279.4
I. Cash and cash equivalents	78.6	116.6	440.1	356.4	37.1
1. Cash	78.5	51.6	68.2	42.2	0.0
2. Cash equivalents	0.1	65.0	371.9	314.2	0.0
II. Short-term financial investments	252.4	508.0	210.1	52.1	0.0
1. Available for sale securities	—	0.0	210.1	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	252.4	508.0	0.0	52.1	0.0
III. Short-term receivables	625.3	395.7	463.5	350.7	326.1
1. Short-term trade accounts receivable	680.8	455.2	526.5	408.5	0.0
2. Short-term prepayments to suppliers	4.9	1.0	1.0	1.0	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	11.2	12.3	8.7	11.0	0.0
7. Provision for short-term doubtful debts (*)	-71.6	-72.7	-72.7	-69.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	10.0	20.8	55.8	36.2	115.4
1. Inventories	10.0	20.8	55.8	36.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	113.6	110.3	68.4	78.7	78.3
1. Short-term prepayments	37.1	18.3	3.2	5.9	0.0
2. Value added tax to be reclaimed	71.1	91.9	62.9	72.7	0.0
3. Taxes and other receivables from state authorities	5.4	0.0	2.3	0.1	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)	446.0	503.7	561.8	582.6	579.5
I. Long-term receivables	0.8	0.6	1.7	3.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.4
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	0.8	0.6	1.7	3.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	208.0	240.8	276.9	310.9	306.2
1. Tangible fixed assets	206.1	240.5	274.9	308.8	303.8
- Cost	725.1	731.6	728.4	724.6	0.0
- Accumulated depreciation	-519.0	-491.1	-453.5	-415.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.9	0.3	1.9	2.1	2.4
- Cost	7.0	4.0	6.7	6.7	0.0
- Accumulated depreciation	-5.2	-3.7	-4.8	-4.6	0.0
III. Investment properties	18.4	19.3	20.2	21.0	21.9
- Cost	26.4	26.4	26.4	26.4	0.0
- Accumulated depreciation	-8.0	-7.1	-6.3	-5.4	0.0
IV. Long-term assets in progress	2.9	2.7	2.7	0.0	1.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.9	2.7	2.7	0.0	0.0
V. Long-term financial investments	10.0	10.0	10.0	10.0	10.0
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	35.0	35.0	35.0	35.0	0.0
4. Provision for diminution in value of long-term investments	-25.0	-25.0	-25.0	-25.0	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	206.0	230.3	250.4	237.5	0.0
1. Long-term prepayments	206.0	230.3	250.4	237.5	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	235.1
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)	1,525.9	1,655.1	1,799.7	1,456.7	1,858.9
A. LIABILITIES (300=210+330)	1,020.3	1,159.0	1,316.4	958.1	1,363.7
I. Short -term liabilities	893.8	1,000.7	1,130.6	790.3	1,233.1
1. Short-term trade accounts payable	823.5	963.5	1,093.9	754.1	1,155.9
2. Short-term advances from customers	4.3	1.2	1.4	1.2	3.0
3. Taxes and other payables to state authorities	3.4	1.6	1.6	1.5	0.0
4. Payable to employees	10.1	9.4	9.1	11.7	0.0
5. Short-term acrrued expenses	8.3	10.9	7.6	10.1	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	0.9	0.9	0.9	0.9	0.0
9. Other short-term payables	37.3	7.8	10.6	9.8	0.0
10. Short-term borrowings and financial leases	5.6	5.6	5.6	0.0	0.0
11. Provision for short-term liabilities	0.4	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.0	0.0	0.9	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	126.5	158.3	185.8	167.9	130.6
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	17.2	18.1	19.0	19.8	21.6
7. Other long-term liabilities	93.8	119.2	140.3	148.0	0.0
8. Long-term borrowings and financial leases	15.4	21.0	26.5	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	505.6	496.1	483.4	498.5	495.2
I. Owner's equity	505.6	496.1	483.4	498.5	0.0
1. Owner's capital	400.0	400.0	365.0	365.0	495.2
- Common stock with voting right	400.0	400.0	365.0	365.0	365.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	19.7	19.7	19.7	19.7	19.7
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	71.1	62.5	97.5	83.8	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	14.7	13.9	1.1	30.0	26.6
- Accumulated retained earning at the end of the previous period	0.0	1.1	0.0	13.7	12.8
- Undistributed earnings in this period	14.7	12.8	1.1	16.3	13.8
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)	1,525.9	1,655.1	1,799.7	1,456.7	1,858.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	18.4	15.9	1.3	20.6	18.6
Depreciation of Fixed Assets and Investment Property	38.5	38.7	38.7	39.7	44.1
Provision (Increase)/Reversal	-0.7	0.0	2.9	-1.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.2	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-23.0	-22.6	-27.3	-25.1	0.0
Interest Expense	1.7	2.2	1.9	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	35.0	33.9	17.5	33.9	44.8
Increase/(Decrease) in Receivables	-213.7	45.5	-106.1	-15.9	0.0
Increase/(Decrease) in Inventory	10.7	35.0	-19.6	58.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-134.3	-154.4	349.1	-408.2	0.0
Increase/(Decrease) in Prepaid Expenses	5.5	6.8	-10.3	1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-2.6	-0.7	-0.1	0.0
Corporate Income Tax Paid	-3.0	0.0	-2.8	-5.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.2	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-306.9	-35.8	227.0	-336.3	164.2
Payments for Fixed Assets and Other Long-term Assets	-4.8	-3.6	-33.6	-27.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-565.6	-815.5	-210.1	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	821.2	517.6	52.1	134.0	-2,196.4
Investments in Other Entities	—	0.0	0.0	0.0	1,761.1
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	23.6	19.2	26.9	23.3	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	274.4	-282.3	-164.7	129.8	-427.2
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	—	0.0	33.4	20.0	98.1
Repayment of Borrowings	-5.6	-5.6	-1.3	-20.0	-50.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-10.6	-10.6	-0.1
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	-5.6	-5.6	21.4	-10.6	48.0
Net Cash Flow During the Period	-38.0	-323.7	83.7	-217.2	-581.2
Cash and Cash Equivalents at Beginning of Period	116.6	440.1	356.4	573.5	252.2
FX Difference from Revaluation	-0.0	0.2	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	78.6	116.6	440.1	356.4	37.1

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,897.1	1,668.1	1,604.9	1,448.8	1,295.0	1,514.7	1,428.1	986.0	1,560.6	1,056.4	850.5	957.8
Revenue Deductions	22.9	18.9	23.6	—	7.5	0.0	0.0	0.0	33.0	0.0	0.0	0.0
Net Revenue	1,874.2	1,649.2	1,581.3	1,448.8	1,287.5	1,514.7	1,428.1	986.0	1,527.6	1,056.4	850.5	957.8
Cost of Goods Sold	1,754.3	1,533.9	1,479.8	1,340.4	1,166.4	1,398.8	1,327.6	881.9	1,415.8	956.3	747.8	854.4
Gross Profit	119.8	115.4	101.5	108.5	121.1	115.8	100.5	104.1	111.9	100.1	102.7	103.4
Financial Income	5.1	5.6	5.7	6.7	7.1	6.5	4.0	4.9	5.6	7.0	8.3	6.7
Financial Expenses	0.4	0.6	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.6	0.4	0.2
Interest Expense	0.4	0.6	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.6	0.4	0.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	102.6	109.9	91.6	100.5	107.4	104.1	93.1	96.5	106.6	94.0	94.4	91.0
General and Administrative Expenses	15.1	7.0	11.1	10.6	14.4	11.2	9.3	10.6	16.1	11.6	15.1	14.4
Operating Profit	6.8	3.5	4.1	3.6	5.9	6.6	1.6	1.3	-6.0	1.0	1.1	4.6
Other Income	0.4	0.1	0.0	—	0.0	0.0	0.0	0.0	0.6	0.2	0.0	0.0
Other Expenses	0.0	0.0	0.1	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Other Profit	0.4	0.1	-0.1	—	0.0	0.0	-0.0	-0.0	0.6	0.2	0.0	0.0
Profit Before Tax	7.2	3.6	4.0	3.6	5.9	6.6	1.6	1.3	-5.4	1.1	1.1	4.6
Current Income Tax Expense	1.4	0.7	0.8	0.7	1.2	1.3	0.3	0.3	-1.1	0.3	0.2	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.7	2.9	3.2	2.9	4.8	5.3	1.2	1.0	-4.3	0.9	0.8	3.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.7	2.9	3.2	2.9	4.8	5.3	1.2	1.0	-4.3	0.9	0.8	3.6
Earnings per Share	143.61	72.00	79.62	72.01	118.85	131.59	34.20	28.06	-118.04	23.42	23.13	99.75
Diluted EPS	143.61	72.00	79.62	72.01	118.85	131.59	34.20	28.06	-118.04	23.42	23.13	99.75

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)	1,083.4	1,313.3	1,304.9	1,341.2	1,187.2	1,277.2	1,168.9	1,065.7	1,230.2	969.5	875.8	975.1
I. Cash and cash equivalents	78.6	90.0	349.2	189.6	176.6	344.7	318.5	323.9	607.6	425.9	218.8	427.2
1. Cash	78.5	38.4	54.2	64.6	51.6	55.7	88.0	86.0	67.8	57.0	35.8	45.8
2. Cash equivalents	0.1	51.6	295.0	125.0	125.0	289.0	230.5	237.9	539.8	368.9	183.0	381.4
II. Short-term financial investments	252.4	331.8	74.7	294.1	448.0	327.2	274.3	210.1	42.2	52.1	209.6	52.1
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	252.4	331.8	74.7	294.1	448.0	327.2	274.3	210.1	42.2	52.1	209.6	52.1
III. Short-term receivables	626.8	798.0	706.7	666.3	413.9	492.7	424.6	403.9	465.0	391.9	316.6	326.6
1. Short-term trade accounts receivable	673.2	855.0	758.6	720.7	458.4	555.7	487.8	458.9	527.0	451.7	376.8	379.7
2. Short-term prepayments to suppliers	1.4	0.8	5.3	1.2	1.0	0.7	1.4	1.8	1.0	1.6	1.1	4.4
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	23.8	14.9	15.6	17.1	27.2	9.0	8.1	15.9	6.6	8.4	8.5	12.4
7. Provision for short-term doubtful debts (*)	-71.7	-72.7	-72.7	-72.7	-72.7	-72.7	-72.7	-72.7	-69.4	-69.8	-69.8	-69.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8.6	17.8	52.4	79.6	54.5	26.9	69.6	58.2	46.1	36.2	45.7	81.2
1. Inventories	8.6	17.8	52.4	79.6	54.5	26.9	69.6	58.2	46.1	36.2	45.7	81.2
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	117.0	75.7	121.9	111.6	94.2	85.7	81.9	69.6	69.2	63.5	85.1	88.0
1. Short-term prepayments	37.9	5.4	7.3	2.9	2.9	4.5	5.2	6.7	6.0	7.3	6.4	6.6
2. Value added tax to be reclaimed	71.1	67.9	114.6	106.5	91.3	81.0	75.1	60.8	60.9	53.3	76.3	77.4
3. Taxes and other receivables from state authorities	8.0	2.4	0.0	2.1	0.0	0.2	1.5	2.1	2.3	2.9	2.4	3.9
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)	449.6	476.5	476.6	499.4	539.0	520.2	538.2	525.1	552.7	564.3	571.7	596.8
I. Long-term receivables	0.7	1.4	1.2	0.6	0.6	1.7	1.7	1.6	1.7	3.0	3.0	17.8
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.7	1.4	1.2	0.6	0.6	1.7	1.7	1.6	1.7	3.0	3.0	17.8
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	208.0	216.1	222.7	231.6	242.8	250.2	260.5	267.7	270.7	282.6	289.8	301.3
1. Tangible fixed assets	206.1	214.2	222.4	231.4	240.7	248.1	258.4	265.5	268.8	280.7	287.8	299.3
- Cost	—	—	—	—	731.8	731.1	729.2	728.4	727.4	724.8	725.0	724.6
- Accumulated depreciation	—	—	—	—	-491.1	-483.0	-470.8	-462.9	-458.7	-444.1	-437.1	-425.4
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	1.9	1.9	0.3	0.3	2.0	2.1	2.1	2.2	1.9	1.9	2.0	2.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	18.4	18.6	18.9	19.1	19.3	19.5	19.7	19.9	20.2	20.4	20.6	20.8
- 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
IV. Long-term assets in progress	2.9	2.8	2.7	2.7	2.7	2.6	2.7	2.7	2.7	2.6	0.1	0.1
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	2.9	2.8	2.7	2.7	2.7	2.6	2.7	2.7	2.7	2.6	0.1	0.1
V. Long-term financial investments	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0
4. Provision for diminution in value of long-term investments	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0
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	209.6	227.5	221.2	235.4	263.6	236.1	243.6	223.2	247.6	245.7	248.2	246.9
1. Long-term prepayments	209.6	227.5	221.2	235.4	263.6	236.1	243.6	223.2	247.6	245.7	248.2	246.9
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,533.0	1,789.7	1,781.6	1,840.6	1,726.3	1,797.3	1,707.1	1,590.8	1,782.9	1,533.8	1,447.5	1,572.0
A. LIABILITIES (300=210+330)	1,027.5	1,290.0	1,284.6	1,341.6	1,230.6	1,300.0	1,221.5	1,106.4	1,299.6	1,046.2	960.8	1,069.8
I. Short -term liabilities	901.0	1,147.8	1,141.7	1,192.2	1,037.7	1,133.4	1,047.5	920.3	1,098.4	841.1	782.4	873.3
1. Short-term trade accounts payable	820.4	1,090.9	1,097.8	1,142.9	999.3	1,095.2	1,013.8	898.8	1,074.5	810.4	702.2	833.9
2. Short-term advances from customers	1.5	1.9	1.8	2.8	1.2	3.6	1.7	0.8	1.8	1.7	1.9	1.5
3. Taxes and other payables to state authorities	5.2	4.7	1.7	—	4.9	1.2	1.1	0.0	0.4	0.9	2.2	0.0
4. Payable to employees	8.0	18.8	10.5	10.5	9.2	13.0	10.6	4.5	10.8	10.2	10.6	5.8
5. Short-term acrrued expenses	9.7	8.8	15.3	9.3	2.8	1.0	1.7	7.5	8.0	9.2	28.5	19.9
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.4	0.6	0.9	0.9
9. Other short-term payables	49.6	16.0	7.9	20.3	13.9	12.9	12.3	2.2	2.4	8.1	34.0	10.5
10. Short-term borrowings and financial leases	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	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	0.1	0.3	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	2.0	0.8
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	126.5	142.2	142.9	149.4	193.0	166.6	173.9	186.1	201.2	205.1	178.4	196.6
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	17.2	17.4	17.7	18.7	18.1	18.3	18.5	18.7	19.4	19.4	19.4	19.7
7. Other long-term liabilities	93.8	109.3	107.1	112.5	153.9	127.3	131.6	138.1	149.7	153.6	143.7	161.5
8. Long-term borrowings and financial leases	15.4	15.4	18.2	18.2	21.0	21.0	23.7	29.3	32.1	32.1	15.4	15.4
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	505.5	499.8	496.9	499.0	495.6	497.3	485.6	484.4	483.3	487.6	486.8	502.2
I. Owner's equity	505.5	499.8	496.9	499.0	495.6	497.3	485.6	484.4	483.3	487.6	486.8	502.2
1. Owner's capital	400.0	400.0	400.0	400.0	400.0	400.0	365.0	365.0	365.0	365.0	365.0	365.0
- Common stock with voting right	400.0	400.0	400.0	400.0	400.0	400.0	365.0	365.0	365.0	365.0	365.0	365.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7
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	71.1	71.1	71.1	62.5	62.5	62.5	97.5	97.5	97.5	97.5	97.5	83.8
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	14.7	8.9	6.1	16.8	13.4	15.1	3.4	2.1	1.1	5.4	4.5	33.6
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	13.9	1.1	1.1	1.1	1.1	0.0	0.0	0.0	30.0
- Undistributed earnings in this period	14.7	8.9	6.1	2.9	12.3	13.9	2.3	1.0	1.1	5.4	4.5	3.6
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)	1,533.0	1,789.7	1,781.6	1,840.6	1,726.3	1,797.3	1,707.1	1,590.8	1,782.9	1,533.8	1,447.5	1,572.0

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	7.2	3.6	4.0	3.6	5.9	6.6	1.6	1.3	-5.4	1.1	1.1	4.6
Depreciation of Fixed Assets and Investment Property	9.2	9.3	10.6	9.4	9.0	11.7	8.4	9.5	10.3	6.5	12.0	9.8
Provision (Increase)/Reversal	-0.7	—	—	—	0.0	0.0	0.0	0.0	2.9	-0.6	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	—	—	—	0.0	0.0	4.3	-4.3	20.8	-20.8	6.5	-6.5
Gain/Loss from Investment Activities	-6.3	-4.4	-5.7	-6.7	-6.6	-4.8	-9.0	0.0	-27.3	15.0	-15.0	0.0
Interest Expense	0.4	0.6	0.3	0.5	0.5	0.5	0.6	0.6	0.7	0.6	0.4	0.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	9.8	9.1	9.2	6.8	8.9	14.1	5.8	7.1	2.0	1.8	5.7	8.0
Increase/(Decrease) in Receivables	135.3	-9.8	-335.7	-3.4	-39.6	4.5	151.3	-119.7	-195.4	58.4	-96.2	127.0
Increase/(Decrease) in Inventory	-26.5	68.9	-31.7	0.1	-28.1	38.5	-5.5	-4.9	-19.9	11.8	50.8	-62.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-300.1	26.4	238.9	-99.6	-320.0	99.9	-6.4	-93.1	272.2	80.0	-86.4	83.4
Increase/(Decrease) in Prepaid Expenses	-6.8	-4.1	-5.5	21.8	-7.2	6.7	9.4	-3.1	9.2	-14.8	-0.5	-4.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	-0.9	0.0	-1.0	-1.8	0.3	0.0	-1.5	0.0	-0.7	0.0	0.0
Corporate Income Tax Paid	0.0	-0.0	0.0	-3.0	0.0	0.0	0.0	0.0	0.0	-0.0	-1.0	-1.8
Other Operating Receipts	—	—	—	—	9.7	0.0	-64.5	64.5	66.6	-66.6	0.0	0.0
Other Operating Payments	105.7	-106.0	-4.9	—	5.7	-14.3	118.7	-118.7	0.0	3.9	23.4	-27.3
Net Cash Flow from Operating Activities	-82.6	-16.3	-129.8	-78.1	-372.4	149.7	208.8	-269.3	134.7	73.8	-104.1	122.7
Payments for Fixed Assets and Other Long-term Assets	-0.4	-1.3	-3.1	—	0.0	1.8	-1.8	0.0	-33.6	27.8	-27.8	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	0.0
Loans and Purchases of Debt Instruments	174.8	-445.8	-116.8	-177.8	-320.7	-1,274.0	-65.5	-244.3	-155.4	154.9	273.2	-482.8
Receipts from Loan Repayments and Sale of Debt Instruments	-108.8	422.4	175.9	331.7	524.0	1,179.4	-168.2	378.3	52.1	-52.1	-363.5	415.6
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	5.6	5.2	12.8	—	0.9	7.2	8.0	0.2	26.8	-13.7	13.7	0.0
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	71.2	-19.5	68.8	153.9	204.3	-85.7	-227.6	134.2	-110.1	117.0	-104.4	-67.2
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	—	—	—	—	0.0	0.0	-34.9	34.9	0.0	18.0	0.0	15.4
Repayment of Borrowings	0.0	-2.8	0.0	-2.8	0.0	-2.8	0.0	-2.8	0.0	-1.3	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	13.1	-13.1	-10.3	-0.3	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	0.0	-2.8	0.0	-2.8	0.0	-2.7	-21.8	18.9	-10.3	16.4	0.0	15.4
Net Cash Flow During the Period	-11.4	-38.6	-61.0	73.0	-168.1	61.3	-40.5	-116.2	14.2	207.2	-208.5	70.9
Cash and Cash Equivalents at Beginning of Period	90.0	128.6	189.6	116.6	440.1	440.1	440.1	440.1	356.4	356.4	356.4	356.4
FX Difference from Revaluation	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	78.6	90.0	128.6	189.6	176.6	344.7	283.4	323.9	440.1	425.9	218.7	427.2

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PVG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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