PXL

Listed Company · UPCOM

Price

13,200

Latest close

03 Apr 2026

P/E 1,200.0x

EPS (TTM) 11

ROE (TTM) 0.1%

P/B 1.3x

BVPS (Latest) 9,996

ROA (TTM) 0.1%

What Is Changing

PXL no longer looks like a business simply rebounding from a weak base. Revenue posted +7.1% YoY, while net margin reached 9.96% with an additional +1.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 4.32% in 2023 to 9.96% in 2025.
Net Income recovered 23.8% to VND 1.1bn in 2025.
Revenue growth accelerated to 7.1% in 2025, up 21.6pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	11.3	10.5	12.3	7.7	4.8
Growth	+7%	-15%	+60%	+60%	—
Net Income	1.1	0.9	0.5	0.7	9.7
Net Margin	9.96%	8.61%	4.32%	8.96%	203.18%

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	5.4	2.8	1.7	1.5	2.8	1.7	2.9	2.9	3.1	3.4	2.6	3.2
Growth	+95%	+65%	+14%	-48%	+66%	-41%	+1%	-6%	-9%	+29%	-18%	—
Net Income	0.4	0.2	0.2	0.1	0.1	0.2	0.1	0.3	0.0	0.1	0.0	0.1
Net Margin	7.82%	9.04%	11.67%	6.44%	3.14%	14.02%	2.95%	11.01%	1.50%	3.47%	1.71%	4.09%

Financial Statements

Profitability

Net margin reached 9.96% while Revenue posted +7.1% YoY.

Balance Sheet

Inventory stood at 395.0bn, liabilities at 54.9bn, and equity at 1,760.9bn.

Cash Flow

Operating cash flow was -640.2bn in 2025, while investing cash flow was -288.4bn.

Financing cash flow: 934.2bn.

Item	2025	2024	2023	2022	2021
Revenue	11.3	10.5	12.3	7.7	4.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	11.3	10.5	12.3	7.7	4.8
Cost of Goods Sold	5.7	2.8	2.8	2.8	0.0
Gross Profit	5.5	7.7	9.5	4.9	3.3
Financial Income	49.3	8.2	11.6	12.9	12.6
Financial Expenses	0.6	0.9	4.5	-0.7	-0.0
Interest Expense	0.7	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.4	0.1	0.6	0.2	-0.3
General and Administrative Expenses	52.8	13.8	15.0	16.8	-5.6
Operating Profit	1.1	1.1	1.0	1.5	10.0
Other Income	1.0	0.5	0.0	0.1	0.0
Other Expenses	0.3	0.2	0.1	0.3	0.0
Other Profit	0.7	0.3	-0.1	-0.3	-0.3
Profit Before Tax	1.8	1.4	0.9	1.2	9.7
Current Income Tax Expense	0.6	0.5	0.4	0.5	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.1	0.9	0.5	0.7	9.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.1	0.9	0.5	0.7	9.7
Earnings per Share	7.00	11.00	6.00	8.00	118.00
Diluted EPS	6.37	5.00	3.00	4.00	117.75

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,421.4	478.8	475.7	475.2	467.9
I. Cash and cash equivalents	5.8	0.2	4.5	2.9	1.7
1. Cash	5.8	0.2	4.5	2.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	536.9	4.5	7.5	9.3	0.0
1. Available for sale securities	201.1	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	335.8	4.5	7.5	9.3	0.0
III. Short-term receivables	483.1	72.3	69.7	80.1	73.3
1. Short-term trade accounts receivable	44.0	25.4	25.8	24.4	0.0
2. Short-term prepayments to suppliers	32.5	31.8	31.7	31.6	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	400.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	58.8	36.3	32.9	37.6	0.0
7. Provision for short-term doubtful debts (*)	-52.2	-21.2	-20.7	-13.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	395.0	389.1	380.8	369.4	356.4
1. Inventories	395.0	389.1	380.8	369.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	12.6	13.1	13.6	10.7
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.5	12.6	13.1	13.6	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	394.3	396.6	398.7	398.9	400.5
I. Long-term receivables	118.7	127.2	127.2	127.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	145.7
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	127.2	127.2	127.2	127.2	0.0
7. Provision for long-term doubtful debts	-8.6	0.0	0.0	0.0	0.0
II. Fixed assets	2.3	3.1	4.1	5.2	3.4
1. Tangible fixed assets	2.3	3.1	4.1	5.2	3.4
- Cost	9.0	8.9	8.9	8.9	0.0
- Accumulated depreciation	-6.7	-5.8	-4.8	-3.7	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	—	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	54.7	57.5	60.2	62.9	65.7
- Cost	68.4	68.4	68.4	68.4	0.0
- Accumulated depreciation	-13.7	-10.9	-8.2	-5.5	0.0
IV. Long-term assets in progress	72.7	61.7	57.8	48.1	34.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	72.7	61.7	57.8	48.1	0.0
V. Long-term financial investments	140.1	139.9	140.9	145.4	139.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	185.3	185.3	185.3	185.3	0.0
3. Investments in other entities	67.9	67.9	67.9	67.9	0.0
4. Provision for diminution in value of long-term investments	-113.1	-113.2	-112.3	-107.8	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	5.9	7.2	8.5	10.1	0.0
1. Long-term prepayments	5.9	7.2	8.5	10.1	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	11.3
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)	1,815.7	875.4	874.4	874.1	868.4
A. LIABILITIES (300=210+330)	54.9	49.9	49.8	50.1	49.8
I. Short -term liabilities	54.9	49.9	49.8	50.1	49.8
1. Short-term trade accounts payable	0.3	0.3	0.3	0.4	0.3
2. Short-term advances from customers	1.8	1.8	1.8	1.8	1.8
3. Taxes and other payables to state authorities	2.9	1.9	1.4	1.0	0.0
4. Payable to employees	1.4	0.6	0.3	0.2	0.0
5. Short-term acrrued expenses	0.8	0.7	0.7	0.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	0.0	0.0	1.0	0.9
9. Other short-term payables	47.3	44.7	45.4	45.0	0.0
10. Short-term borrowings and financial leases	—	0.0	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	—	0.0	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	—	0.0	0.0	0.0	0.0
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	—	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)	1,760.9	825.5	824.6	824.1	818.6
I. Owner's equity	1,760.9	825.5	824.6	824.1	0.0
1. Owner's capital	1,761.5	827.2	827.2	827.2	818.6
- Common stock with voting right	1,761.5	827.2	827.2	827.2	827.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-0.7	-0.7	-0.7	-0.7	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	12.3	12.3	12.3	12.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.9	0.9	0.9	0.9	0.0
11. Undistributed earnings after tax	-13.1	-14.2	-15.1	-15.6	-21.1
- Accumulated retained earning at the end of the previous period	-14.2	-15.1	-15.6	-16.3	-30.9
- Undistributed earnings in this period	1.1	0.9	0.5	0.7	9.8
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)	1,815.7	875.4	874.4	874.1	868.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.8	1.4	0.9	1.2	0.0
Depreciation of Fixed Assets and Investment Property	3.6	3.7	3.8	3.7	0.0
Provision (Increase)/Reversal	39.3	1.4	11.9	10.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	43.0	-0.2	-0.3	-0.4	0.0
Interest Expense	0.7	0.0	0.0	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	88.5	6.2	16.3	14.7	0.0
Increase/(Decrease) in Receivables	-515.6	-2.6	3.6	-2.2	0.0
Increase/(Decrease) in Inventory	-5.8	-8.3	-11.5	-12.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.7	-4.2	-10.3	-13.8	0.0
Increase/(Decrease) in Prepaid Expenses	1.3	1.3	1.6	1.2	0.0
Changes in Trading Securities	-201.1	0.0	0.0	0.0	0.0
Interest Paid	-0.7	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-640.2	-7.5	-0.3	-13.0	-4.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	0.0	-2.7	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-331.3	-14.8	-15.1	-30.0	-35.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	17.8	16.9	46.5	41.9
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	43.0	0.3	0.2	0.4	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	-288.4	3.2	2.0	14.2	4.2
Proceeds from Equity Issuance and Capital Contributions	934.2	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	23.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-23.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-0.0	-0.1	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	934.2	-0.0	-0.0	-0.1	0.0
Net Cash Flow During the Period	5.6	-4.3	1.6	1.2	-3.1
Cash and Cash Equivalents at Beginning of Period	0.2	4.5	2.9	1.7	1.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.8	0.2	4.5	2.9	1.7

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
Revenue	5.4	2.8	1.7	1.5	2.8	1.7	2.9	2.9	3.1	3.4	2.6	3.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.4	2.8	1.7	1.5	2.8	1.7	2.9	2.9	3.1	3.4	2.6	3.2
Cost of Goods Sold	2.1	2.2	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
Gross Profit	3.3	0.5	1.0	0.8	2.1	1.0	2.2	2.2	2.4	2.7	1.9	2.5
Financial Income	16.7	14.6	13.6	4.4	2.2	2.0	2.0	2.0	2.2	2.7	3.2	3.6
Financial Expenses	—	0.1	0.4	0.3	0.0	0.0	1.1	0.0	1.1	0.0	3.6	0.0
Interest Expense	—	0.1	0.4	0.3	0.0	0.0	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	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.2	0.1	0.1	0.2
General and Administrative Expenses	19.1	14.5	14.4	4.8	4.0	3.0	2.9	3.7	3.1	5.0	1.3	5.6
Operating Profit	0.7	0.5	-0.2	-0.1	0.2	-0.0	0.2	0.5	0.1	0.3	0.1	0.3
Other Income	0.0	—	0.6	0.3	0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.1	0.5	0.3	-0.1	0.4	0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Before Tax	0.6	0.4	0.3	0.2	0.2	0.4	0.2	0.5	0.1	0.2	0.1	0.2
Current Income Tax Expense	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	0.2	0.2	0.1	0.1	0.2	0.1	0.3	0.0	0.1	0.0	0.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	0.2	0.2	0.1	0.1	0.2	0.1	0.3	0.0	0.1	0.0	0.1
Earnings per Share	5.00	3.00	2.00	1.00	1.00	3.00	1.00	4.00	1.00	1.00	0.54	2.00
Diluted EPS	2.39	1.42	1.11	0.53	1.07	2.87	1.03	3.83	0.55	1.42	0.54	1.59

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)	1,411.9	1,410.7	1,434.8	1,412.8	479.1	479.1	478.2	477.0	475.7	474.1	476.0	473.8
I. Cash and cash equivalents	5.8	2.9	0.4	0.4	0.2	1.4	1.6	2.8	4.5	1.6	1.7	2.0
1. Cash	5.8	2.9	0.4	0.4	0.2	1.4	1.6	2.8	4.5	1.6	1.7	2.0
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	536.9	542.7	962.6	934.8	4.5	6.1	7.1	7.7	7.5	9.6	3.1	6.8
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	536.9	542.7	962.6	934.8	4.5	6.1	7.1	7.7	7.5	9.6	3.1	6.8
III. Short-term receivables	473.7	459.6	66.5	73.9	72.5	71.9	71.7	70.4	69.7	70.8	81.6	78.7
1. Short-term trade accounts receivable	44.0	32.9	24.1	24.8	25.4	25.6	25.8	25.1	25.8	24.8	24.5	24.4
2. Short-term prepayments to suppliers	32.5	33.3	33.1	32.6	31.8	31.6	31.7	31.8	31.7	31.6	31.5	31.6
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	400.0	400.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	58.8	39.2	43.5	39.8	36.3	35.7	35.3	34.6	32.9	35.1	42.6	39.8
7. Provision for short-term doubtful debts (*)	-61.6	-45.8	-34.2	-23.3	-21.0	-21.0	-21.0	-21.0	-20.7	-20.7	-17.0	-17.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	395.0	392.7	392.6	391.1	389.1	386.9	384.9	382.9	380.8	378.8	376.2	372.9
1. Inventories	395.0	392.7	392.6	391.1	389.1	386.9	384.9	382.9	380.8	378.8	376.2	372.9
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	0.5	12.8	12.7	12.7	12.6	12.7	12.9	13.0	13.1	13.3	13.4	13.4
1. Short-term prepayments	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.5	12.8	12.6	12.6	12.6	12.7	12.8	13.0	13.1	13.2	13.3	13.4
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	402.0	401.2	398.9	420.1	396.5	396.2	396.4	398.2	398.6	400.0	398.5	400.7
I. Long-term receivables	127.2	127.2	127.2	150.3	127.2	127.2	127.2	127.2	127.2	127.2	127.2	127.2
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	127.2	127.2	127.2	150.3	127.2	127.2	127.2	127.2	127.2	127.2	127.2	127.2
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	2.3	2.5	2.7	2.9	3.1	3.3	3.5	3.8	4.1	4.3	4.6	4.9
1. Tangible fixed assets	2.3	2.5	2.7	2.9	3.1	3.3	3.5	3.8	4.1	4.3	4.6	4.9
- Cost	—	—	—	—	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9
- Accumulated depreciation	—	—	—	—	-5.8	-5.6	-5.4	-5.1	-4.8	-4.6	-4.3	-4.0
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	—	—	—	—	0.0	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
III. Investment properties	54.7	55.4	56.1	56.8	57.5	58.2	58.8	59.5	60.2	60.9	61.6	62.3
- 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	72.0	69.9	66.4	63.4	61.7	60.1	59.3	58.6	57.8	56.7	54.1	51.3
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	72.0	69.9	66.4	63.4	61.7	60.1	59.3	58.6	57.8	56.7	54.1	51.3
V. Long-term financial investments	139.9	139.9	139.9	139.9	139.8	139.8	139.7	140.9	140.8	141.9	141.7	145.4
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	185.3	185.3	185.3	185.3	185.3	185.3	185.3	185.3	185.3	185.3	185.3	185.3
3. Investments in other entities	67.9	67.9	67.9	67.9	67.9	67.9	67.9	67.9	67.9	67.9	67.9	67.9
4. Provision for diminution in value of long-term investments	-113.2	-113.2	-113.2	-113.2	-113.4	-113.4	-113.5	-112.3	-112.4	-111.3	-111.4	-107.8
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	5.9	6.2	6.5	6.8	7.2	7.6	7.7	8.1	8.5	9.0	9.3	9.7
1. Long-term prepayments	5.9	6.2	6.5	6.8	7.2	7.6	7.7	8.1	8.5	9.0	9.3	9.7
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)	1,813.9	1,811.8	1,833.7	1,832.9	875.6	875.3	874.5	875.1	874.3	874.1	874.5	874.5
A. LIABILITIES (300=210+330)	53.2	51.6	73.7	73.1	50.2	50.0	49.5	50.2	49.8	49.6	50.3	50.3
I. Short -term liabilities	53.2	51.6	73.7	73.1	50.2	50.0	49.5	50.2	49.8	49.6	50.3	50.3
1. Short-term trade accounts payable	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
2. Short-term advances from customers	1.8	—	1.8	1.8	1.8	1.8	1.8	2.5	1.8	1.8	1.8	1.8
3. Taxes and other payables to state authorities	2.8	5.6	2.2	2.0	1.8	1.7	1.6	1.5	1.3	1.3	1.1	1.1
4. Payable to employees	0.0	0.6	0.5	0.6	0.6	0.1	0.1	0.1	0.3	0.1	0.1	0.1
5. Short-term acrrued expenses	0.6	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	1.0	1.0	1.0
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	0.4	—	—	—	0.2	0.8	0.0	0.0	0.0	0.0	1.0	1.0
9. Other short-term payables	47.3	44.5	45.1	44.7	44.7	44.7	45.2	45.2	45.4	45.2	45.0	45.1
10. Short-term borrowings and financial leases	—	—	23.0	23.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	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)	1,760.7	1,760.3	1,760.0	1,759.8	825.4	825.3	825.0	824.9	824.5	824.5	824.2	824.2
I. Owner's equity	1,760.7	1,760.3	1,760.0	1,759.8	825.4	825.3	825.0	824.9	824.5	824.5	824.2	824.2
1. Owner's capital	1,761.5	1,761.5	1,761.5	1,761.5	827.2	827.2	827.2	827.2	827.2	827.2	827.2	827.2
- Common stock with voting right	1,761.5	1,761.5	1,761.5	1,761.5	827.2	827.2	827.2	827.2	827.2	827.2	827.2	827.2
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7
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	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
11. Undistributed earnings after tax	-13.2	-13.7	-13.9	-14.1	-14.3	-14.4	-14.7	-14.8	-15.2	-15.2	-15.5	-15.5
- Accumulated retained earning at the end of the previous period	-14.2	-14.2	-14.2	-14.2	-15.1	-15.1	-15.1	-15.1	-15.6	-15.6	-15.6	-15.6
- Undistributed earnings in this period	1.0	0.5	0.3	0.1	0.8	0.7	0.4	0.3	0.5	0.4	0.2	0.1
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)	1,813.9	1,811.8	1,833.7	1,832.9	875.6	875.3	874.5	875.1	874.3	874.1	874.5	874.5

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	1.3	—	0.5	—	0.0	-0.7	0.7	0.0	0.9	-0.5	0.5	0.0
Depreciation of Fixed Assets and Investment Property	1.8	—	1.8	—	0.0	-1.9	1.9	0.0	3.8	-1.9	1.9	0.0
Provision (Increase)/Reversal	26.3	—	13.0	—	0.0	-1.4	1.4	0.0	11.9	-7.1	7.1	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	57.6	—	-14.6	—	0.0	0.1	-0.1	0.0	-0.3	0.1	-0.1	0.0
Interest Expense	0.1	—	0.7	—	0.0	0.0	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	87.0	—	1.4	—	0.0	-3.8	3.8	0.0	16.3	-9.4	9.4	0.0
Increase/(Decrease) in Receivables	-515.5	—	-0.1	—	0.0	2.0	-2.0	0.0	3.6	4.9	-4.9	0.0
Increase/(Decrease) in Inventory	-2.3	—	-3.5	—	0.0	4.1	-4.1	0.0	-11.5	6.8	-6.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.8	—	-4.9	—	0.0	1.9	-1.9	0.0	-10.3	5.9	-5.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	—	0.6	—	0.0	-0.8	0.8	0.0	1.6	-0.7	0.7	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.4	1.2	-0.4	0.4	-11.1	11.1	-0.5	0.5
Other Operating Payments	—	-207.8	—	-24.2	-1.7	-4.7	1.9	-1.9	9.4	-9.4	2.9	-2.9
Net Cash Flow from Operating Activities	-1,371.4	737.7	-914.1	907.6	-1.9	-0.3	-2.1	-1.3	-0.9	8.0	-4.8	-2.5
Payments for Fixed Assets and Other Long-term Assets	2.6	-2.6	0.3	-0.3	-0.9	-0.9	0.3	-0.3	1.6	-1.6	0.8	-0.8
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	626.8	—	-958.1	—	0.0	8.7	-8.7	0.0	-15.1	4.6	-4.6	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	-9.1	9.1	0.0	16.9	-10.8	10.8	0.0
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	40.6	-5.2	7.5	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.1	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	440.1	222.0	-20.1	-930.5	0.7	0.2	0.9	-0.4	3.8	-8.1	4.6	1.7
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	0.0	23.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	-23.0	—	—	0.0	0.0	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	-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	-23.1	—	934.2	23.0	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0
Net Cash Flow During the Period	2.9	2.5	0.0	0.2	-1.2	-0.2	-1.2	-1.7	2.9	-0.2	-0.3	-0.9
Cash and Cash Equivalents at Beginning of Period	2.9	0.4	0.4	0.2	4.5	4.5	4.5	4.5	2.9	2.9	2.9	2.9
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	5.8	2.9	0.4	0.4	0.2	1.4	1.6	2.8	4.5	1.6	1.7	2.0

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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