QHD

Listed Company · HNX

Price

54,000

Latest close

13 Feb 2026

P/E 13.5x

EPS (TTM) 3,999

ROE (TTM) 20.2%

P/B 2.8x

BVPS (Latest) 19,195

ROA (TTM) 13.6%

What Is Changing

QHD no longer looks like a business simply rebounding from a weak base. Revenue posted +24.5% YoY, while net margin reached 5.52% with an additional +1.7pp 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 24.4bn in 2025.
Revenue growth accelerated to 24.5% in 2025, up 10.2pp versus the prior year.
Net margin improved from 3.80% in the prior period to 5.52% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	442.1	355.2	310.8	300.4	273.5
Growth	+24%	+14%	+3%	+10%	—
Net Income	24.4	13.5	23.7	18.3	11.8
Net Margin	5.52%	3.80%	7.62%	6.09%	4.31%

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	122.9	105.9	117.8	95.5	107.6	79.3	89.9	78.4	93.2	73.7	67.9	75.9
Growth	+16%	-10%	+23%	-11%	+36%	-12%	+15%	-16%	+26%	+9%	-10%	—
Net Income	7.4	6.4	5.7	4.9	2.7	1.6	3.5	5.7	6.4	5.5	6.6	5.2
Net Margin	5.99%	6.02%	4.85%	5.16%	2.52%	1.96%	3.86%	7.33%	6.89%	7.49%	9.78%	6.82%

Financial Statements

Profitability

Net margin reached 5.52% while Revenue posted +24.5% YoY.

Balance Sheet

Inventory stood at 73.9bn, liabilities at 62.1bn, and equity at 127.3bn.

Cash Flow

Operating cash flow was 22.5bn in 2025, while investing cash flow was -13.8bn.

Financing cash flow: -9.8bn.

Item	2025	2024	2023	2022	2021
Revenue	444.3	358.8	315.5	304.4	277.4
Revenue Deductions	2.1	3.6	4.8	4.0	0.0
Net Revenue	442.1	355.2	310.8	300.4	273.5
Cost of Goods Sold	373.3	305.1	253.2	252.5	0.0
Gross Profit	68.8	50.1	57.6	47.8	35.6
Financial Income	0.1	0.2	0.5	0.0	0.0
Financial Expenses	1.4	1.1	1.1	1.4	-1.1
Interest Expense	1.3	1.1	1.0	1.4	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.5	15.2	12.8	9.6	-9.1
General and Administrative Expenses	18.7	16.8	14.6	14.6	-10.3
Operating Profit	30.2	17.2	29.6	22.3	15.1
Other Income	0.4	0.4	0.1	0.6	0.0
Other Expenses	0.2	0.7	0.1	0.0	0.0
Other Profit	0.3	-0.2	0.0	0.6	-0.2
Profit Before Tax	30.5	17.0	29.6	22.9	14.8
Current Income Tax Expense	6.1	3.5	5.9	4.6	-3.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.4	13.5	23.7	18.3	11.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	24.4	13.5	23.7	18.3	11.8
Earnings per Share	3,678.00	2,440.00	4,289.00	3,312.00	2,131.00
Diluted EPS	3,678.06	2,440.35	4,288.87	3,311.57	2,131.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	149.6	136.8	129.4	120.1	99.2
I. Cash and cash equivalents	23.4	24.4	30.7	38.4	23.5
1. Cash	23.4	24.4	30.7	38.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	51.8	56.1	43.9	34.0	33.5
1. Short-term trade accounts receivable	52.4	52.2	42.8	39.1	0.0
2. Short-term prepayments to suppliers	5.7	10.5	7.5	1.4	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	0.2	0.1	0.2	0.2	0.0
7. Provision for short-term doubtful debts (*)	-6.5	-6.6	-6.7	-6.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	73.9	56.2	54.8	47.7	42.0
1. Inventories	73.9	56.2	54.8	47.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.0	0.0	0.0	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.4	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	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)	39.8	31.7	34.9	40.1	38.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	34.3	28.8	32.0	31.0	29.3
1. Tangible fixed assets	34.3	28.8	32.0	31.0	29.3
- Cost	156.8	146.0	142.1	134.1	0.0
- Accumulated depreciation	-122.5	-117.2	-110.0	-103.1	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	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	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	2.1	0.0	0.0	6.0	6.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.1	0.0	0.0	6.0	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	3.4	2.9	2.8	3.0	0.0
1. Long-term prepayments	3.4	2.9	2.8	3.0	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	3.4
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)	189.4	168.5	164.2	160.2	137.9
A. LIABILITIES (300=210+330)	62.1	53.9	50.1	58.0	42.5
I. Short -term liabilities	59.7	50.4	45.5	58.0	42.5
1. Short-term trade accounts payable	15.4	8.9	11.7	11.8	3.8
2. Short-term advances from customers	0.0	0.0	1.2	4.8	1.0
3. Taxes and other payables to state authorities	1.9	1.8	2.3	2.1	0.0
4. Payable to employees	6.7	5.6	6.1	6.1	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.3	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	0.0
9. Other short-term payables	12.0	11.6	11.7	11.8	0.0
10. Short-term borrowings and financial leases	23.0	21.6	11.9	20.6	18.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.6	0.4	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	2.5	3.5	4.5	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	2.5	3.5	4.5	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)	127.3	114.6	114.2	102.2	95.3
I. Owner's equity	127.3	114.6	114.2	102.2	0.0
1. Owner's capital	66.3	55.2	55.2	55.2	95.3
- Common stock with voting right	66.3	55.2	55.2	55.2	55.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.7	0.7	0.7	0.7	0.7
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	5.5	5.5	5.5	5.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	54.7	53.2	52.7	40.8	33.9
- Accumulated retained earning at the end of the previous period	41.6	39.7	29.0	22.5	22.1
- Undistributed earnings in this period	13.1	13.5	23.7	18.3	11.8
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)	189.4	168.5	164.2	160.2	137.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	1.8
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.0	-5.2	-6.1	-3.7	0.0
Other Operating Receipts	0.3	0.4	0.7	0.7	0.0
Other Operating Payments	-20.1	-13.2	-15.3	-9.3	0.0
Net Cash Flow from Operating Activities	22.5	-1.2	14.0	30.3	10.6
Payments for Fixed Assets and Other Long-term Assets	-14.2	-3.9	-1.9	-7.3	-6.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.6	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	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	-13.8	-3.9	-1.9	-6.7	-6.7
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	67.1	85.5	31.2	55.7	50.2
Repayment of Borrowings	-65.7	-75.7	-39.9	-53.4	-39.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.1	-11.0	-11.1	-11.0	-10.5
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	-9.8	-1.3	-19.8	-8.7	0.0
Net Cash Flow During the Period	-1.1	-6.3	-7.8	14.9	14.0
Cash and Cash Equivalents at Beginning of Period	24.4	30.7	38.4	23.5	19.5
FX Difference from Revaluation	0.0	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	23.4	24.4	30.7	38.4	23.5

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
Revenue	123.7	106.2	118.4	96.0	108.5	79.8	91.0	79.4	95.4	75.0	68.7	76.5
Revenue Deductions	0.7	0.3	0.6	0.5	1.0	0.5	1.1	1.0	2.2	1.3	0.7	0.6
Net Revenue	122.9	105.9	117.8	95.5	107.6	79.3	89.9	78.4	93.2	73.7	67.9	75.9
Cost of Goods Sold	102.8	88.3	100.7	81.5	93.8	69.5	77.1	64.8	76.8	61.1	52.1	63.2
Gross Profit	20.1	17.6	17.2	13.9	13.8	9.8	12.8	13.6	16.4	12.6	15.8	12.7
Financial Income	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.0	0.2
Financial Expenses	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.1	0.2	0.3	0.4
Interest Expense	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.1	0.2	0.3	0.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.8	4.7	4.6	4.1	4.7	3.7	3.7	3.0	4.1	2.7	2.9	3.1
General and Administrative Expenses	5.0	4.5	5.1	3.4	5.8	3.4	4.5	3.1	4.3	3.1	4.3	2.8
Operating Profit	8.9	7.9	7.2	6.2	3.1	2.6	4.3	7.2	8.0	6.8	8.2	6.5
Other Income	0.4	0.0	—	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Other Expenses	0.1	0.0	0.0	0.0	0.1	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.3	0.0	-0.0	-0.0	0.3	-0.5	-0.0	-0.0	-0.0	-0.0	0.1	0.0
Profit Before Tax	9.2	8.0	7.1	6.2	3.4	2.1	4.3	7.2	8.0	6.8	8.3	6.5
Current Income Tax Expense	1.8	1.6	1.4	1.2	0.7	0.5	0.9	1.4	1.6	1.3	1.7	1.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.4	6.4	5.7	4.9	2.7	1.6	3.5	5.7	6.4	5.5	6.6	5.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.4	6.4	5.7	4.9	2.7	1.6	3.5	5.7	6.4	5.5	6.6	5.2
Earnings per Share	1,110.00	962.00	1,035.00	892.00	490.00	282.00	628.00	1,041.00	1,163.00	999.00	1,203.00	937.00
Diluted EPS	1,110.38	961.59	862.51	892.27	490.16	281.72	627.71	1,040.76	1,162.52	999.28	1,202.65	936.70

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)	149.6	147.1	148.9	127.8	136.8	129.5	137.6	124.1	129.4	112.3	120.0	112.2
I. Cash and cash equivalents	23.4	14.9	20.8	13.1	24.4	14.0	27.9	22.9	30.7	21.0	25.9	14.3
1. Cash	23.4	14.9	20.8	13.1	24.4	14.0	27.9	22.9	30.7	21.0	25.9	14.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	51.8	48.6	59.3	62.5	56.1	50.5	48.3	42.1	43.9	36.9	35.1	47.6
1. Short-term trade accounts receivable	52.4	49.0	58.3	55.7	52.2	50.2	48.2	46.6	42.8	41.6	40.4	52.3
2. Short-term prepayments to suppliers	5.7	6.1	7.4	13.3	10.5	6.9	6.7	2.1	7.5	1.8	1.2	1.6
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.1	0.2	0.1	0.1	0.2	0.1	0.2	0.2	0.3	0.3
7. Provision for short-term doubtful debts (*)	-6.5	-6.6	-6.6	-6.6	-6.6	-6.7	-6.7	-6.7	-6.7	-6.7	-6.7	-6.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	73.9	82.0	68.2	52.1	56.2	65.0	61.3	59.1	54.8	54.5	59.0	50.4
1. Inventories	73.9	82.0	68.2	52.1	56.2	65.0	61.3	59.1	54.8	54.5	59.0	50.4
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	0.6	1.6	0.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.4	1.6	0.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	0.0	0.1	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)	39.8	37.1	37.1	32.5	31.7	32.2	32.5	33.9	34.9	35.4	36.4	38.8
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	34.3	33.2	34.2	29.7	28.8	28.8	29.3	31.1	32.0	26.4	27.4	29.8
1. Tangible fixed assets	34.3	33.2	34.2	29.7	28.8	28.8	29.3	31.1	32.0	26.4	27.4	29.8
- Cost	—	—	—	—	146.0	144.3	143.0	143.0	142.1	134.9	134.2	134.2
- Accumulated depreciation	—	—	—	—	-117.2	-115.5	-113.7	-111.8	-110.0	-108.4	-106.8	-104.4
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	—	—	—	—	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	—	—	—	—	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	2.1	1.0	—	—	0.0	0.4	0.4	0.0	0.0	6.0	6.0	6.0
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	2.1	1.0	—	—	0.0	0.4	0.4	0.0	0.0	6.0	6.0	6.0
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	3.4	2.9	2.9	2.8	2.9	3.0	2.7	2.8	2.8	2.9	2.9	3.0
1. Long-term prepayments	3.4	2.9	2.9	2.8	2.9	3.0	2.7	2.8	2.8	2.9	2.9	3.0
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)	189.4	184.2	186.0	160.3	168.5	161.7	170.1	158.1	164.2	147.7	156.4	151.0
A. LIABILITIES (300=210+330)	62.1	53.1	61.2	40.7	53.9	38.7	47.7	38.2	50.0	28.9	43.0	43.6
I. Short -term liabilities	59.7	50.3	58.2	37.5	50.4	35.0	43.7	33.9	45.5	24.1	43.0	43.6
1. Short-term trade accounts payable	15.4	17.8	20.8	9.9	8.9	14.4	10.9	7.4	11.7	4.9	13.0	12.2
2. Short-term advances from customers	0.0	0.3	0.5	0.3	0.0	0.3	0.0	0.3	1.2	1.0	1.8	5.4
3. Taxes and other payables to state authorities	1.9	1.6	1.5	2.3	1.8	0.6	1.2	2.6	2.3	2.0	1.9	1.6
4. Payable to employees	6.7	7.6	7.5	5.5	5.6	5.8	5.8	5.5	6.1	7.4	7.0	6.7
5. Short-term acrrued expenses	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
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	5.0	0.0
9. Other short-term payables	12.0	0.8	0.7	0.7	11.6	0.6	0.7	0.6	11.7	1.0	0.7	0.8
10. Short-term borrowings and financial leases	23.0	21.5	26.4	18.2	21.6	12.5	24.2	17.0	11.9	7.1	12.9	16.2
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	0.7	0.8	0.8	0.6	0.7	0.8	0.9	0.4	0.6	0.6	0.7	0.4
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	2.5	2.7	3.0	3.2	3.5	3.7	4.0	4.3	4.5	4.8	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	2.5	2.7	3.0	3.2	3.5	3.7	4.0	4.3	4.5	4.8	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)	127.3	131.2	124.8	119.6	114.6	123.0	122.3	119.9	114.2	118.8	113.3	107.4
I. Owner's equity	127.3	131.2	124.8	119.6	114.6	123.0	122.3	119.9	114.2	118.8	113.3	107.4
1. Owner's capital	66.3	66.3	66.3	55.2	55.2	55.2	55.2	55.2	55.2	55.2	55.2	55.2
- Common stock with voting right	66.3	66.3	66.3	55.2	55.2	55.2	55.2	55.2	55.2	55.2	55.2	55.2
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	54.7	58.7	52.3	58.1	53.2	61.5	60.9	58.4	52.8	57.4	51.9	46.0
- Accumulated retained earning at the end of the previous period	41.6	41.6	41.6	53.2	39.7	50.7	51.7	52.7	29.0	40.1	40.1	40.8
- Undistributed earnings in this period	13.1	17.0	10.6	4.9	13.5	10.8	9.2	5.7	23.8	17.3	11.8	5.2
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)	189.4	184.2	186.0	160.3	168.5	161.7	170.1	158.1	164.2	147.7	156.4	151.0

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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.6	-1.4	-1.2	-0.7	-0.5	-1.5	-1.4	-1.7	-1.3	-1.7	-1.3	-1.9
Other Operating Receipts	—	—	—	—	0.0	0.2	-0.0	0.2	-2.5	3.1	-1.6	1.7
Other Operating Payments	-3.6	-4.6	-5.7	-6.3	-5.9	-5.7	-5.7	-2.1	-5.2	-2.7	-4.0	-3.4
Net Cash Flow from Operating Activities	11.4	-0.4	5.8	5.6	3.0	-1.4	-1.8	-1.0	6.5	1.2	15.0	-8.7
Payments for Fixed Assets and Other Long-term Assets	-4.8	-0.7	-6.2	-2.5	-1.7	-0.9	-0.4	-0.9	-1.2	-0.6	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	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	-4.5	-0.6	-6.2	-2.5	-1.7	-0.9	-0.4	-0.9	-1.2	-0.6	0.0	-0.1
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	14.4	17.0	24.3	11.5	29.6	15.8	23.3	16.7	8.3	5.8	6.4	10.7
Repayment of Borrowings	-12.8	-21.9	-16.1	-14.9	-20.5	-27.6	-16.1	-11.6	-3.5	-11.6	-9.7	-15.2
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	-11.1	-0.0	0.0	0.0	-11.0	-0.1	0.0	0.0	-11.0
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	1.5	-4.9	8.1	-14.5	9.1	-11.8	7.3	-5.9	4.7	-5.8	-3.3	-15.5
Net Cash Flow During the Period	8.4	-5.9	7.7	-11.3	10.4	-14.1	5.1	-7.8	10.0	-5.2	11.8	-24.3
Cash and Cash Equivalents at Beginning of Period	14.9	20.8	13.1	24.4	30.7	30.7	30.7	30.7	38.4	38.4	38.4	38.4
FX Difference from Revaluation	0.0	—	—	—	0.0	0.1	0.0	0.0	-0.3	0.3	-0.1	0.2
Cash and Cash Equivalents at End of Period	23.4	14.9	20.8	13.1	24.4	14.0	27.9	22.9	30.7	21.0	25.9	14.3

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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