QNC

Listed Company · UPCOM

Price

5,800

Latest close

31 Mar 2026

P/E 10.7x

EPS (TTM) 542

ROE (TTM) 4.6%

P/B 0.5x

BVPS (Latest) 11,969

ROA (TTM) 1.6%

What Is Changing

QNC no longer looks like a business simply rebounding from a weak base. Revenue posted +18.2% YoY, while net margin reached 1.83% with an additional -0.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 85bps to 1.83% in 2025.
Net Income fell to a multi-period low at VND 34.9bn in 2025.
Revenue growth accelerated to 18.3% in 2025, up 4.8pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,907.6	1,613.2	1,421.3	1,491.3	1,209.6
Growth	+18%	+14%	-5%	+23%	—
Net Income	34.9	43.2	78.5	89.6	99.2
Net Margin	1.83%	2.68%	5.52%	6.01%	8.20%

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	554.4	471.9	482.1	399.2	470.6	377.4	430.9	334.5	404.3	377.7	329.7	310.8
Growth	+17%	-2%	+21%	-15%	+25%	-12%	+29%	-17%	+7%	+15%	+6%	—
Net Income	17.4	1.5	8.5	5.1	5.1	3.1	27.4	5.2	-24.4	39.0	35.7	20.4
Net Margin	3.14%	0.31%	1.76%	1.28%	1.07%	0.82%	6.36%	1.55%	-6.03%	10.34%	10.84%	6.55%

Financial Statements

Profitability

Net margin reached 1.83% while Revenue posted +18.2% YoY.

Balance Sheet

Inventory stood at 474.4bn, liabilities at 1,319.9bn, and equity at 717.1bn.

Cash Flow

Operating cash flow was 13.3bn in 2025, while investing cash flow was -376.7bn.

Financing cash flow: 363.4bn.

Item	2025	2024	2023	2022	2021
Revenue	1,909.5	1,616.6	1,432.6	1,500.7	1,233.0
Revenue Deductions	1.8	3.4	11.3	9.4	0.0
Net Revenue	1,907.6	1,613.2	1,421.3	1,491.3	1,209.6
Cost of Goods Sold	1,746.2	1,430.1	1,247.4	1,296.0	0.0
Gross Profit	161.4	183.1	173.9	195.3	175.9
Financial Income	2.0	3.3	6.1	13.0	19.2
Financial Expenses	54.3	46.6	54.0	33.2	-35.0
Interest Expense	43.7	44.3	45.3	27.1	-30.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.5	1.6	1.6	1.4	-0.8
General and Administrative Expenses	68.9	81.1	56.2	45.8	-46.6
Operating Profit	37.8	57.1	68.2	127.9	112.6
Other Income	8.3	4.5	38.0	1.0	0.0
Other Expenses	2.2	6.7	7.7	13.8	0.0
Other Profit	6.1	-2.2	30.2	-12.8	-13.4
Profit Before Tax	43.8	54.9	98.4	115.1	99.2
Current Income Tax Expense	9.0	11.7	19.9	25.5	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	34.9	43.2	78.5	89.6	99.2
Non-controlling Interest	0.0	0.0	0.1	0.0	0.0
Profit Attributable to Parent	34.8	43.2	78.4	89.6	99.2
Earnings per Share	581.00	720.00	1,309.00	1,645.00	3,005.00
Diluted EPS	580.50	719.28	1,307.11	1,492.56	1,983.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	996.4	806.8	706.0	546.9	528.2
I. Cash and cash equivalents	14.3	14.3	59.2	3.6	4.4
1. Cash	14.3	14.3	53.2	3.6	0.0
2. Cash equivalents	—	0.0	6.0	0.0	0.0
II. Short-term financial investments	2.5	2.5	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	2.5	2.5	0.0	0.0	0.0
III. Short-term receivables	468.2	539.5	503.5	266.2	271.1
1. Short-term trade accounts receivable	112.7	290.5	333.6	211.3	0.0
2. Short-term prepayments to suppliers	375.4	266.1	180.7	54.2	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	—	3.0	0.0	0.0	0.0
6. Other short-term receivables	15.0	14.9	22.6	34.1	0.0
7. Provision for short-term doubtful debts (*)	-34.9	-34.9	-33.4	-33.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	474.4	246.1	141.7	261.6	230.9
1. Inventories	490.9	263.6	160.7	283.1	0.0
2. Provision for decline in value of inventories	-16.6	-17.5	-19.0	-21.5	0.0
V. Other short-term assets	37.1	4.3	1.5	15.4	21.7
1. Short-term prepayments	15.0	1.1	1.2	5.4	0.0
2. Value added tax to be reclaimed	22.1	3.2	0.4	10.0	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)	1,040.6	929.8	984.6	1,123.8	918.5
I. Long-term receivables	8.5	8.1	7.4	174.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	34.9
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	0.2	0.2	0.0	168.8	0.0
6. Other long-term receivables	8.3	7.9	7.4	5.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	930.9	834.7	915.1	849.0	799.3
1. Tangible fixed assets	930.9	834.7	915.1	847.6	797.5
- Cost	2,467.6	2,215.2	2,149.9	2,046.5	0.0
- Accumulated depreciation	-1,536.7	-1,380.5	-1,234.8	-1,198.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	1.4	1.8
- Cost	1.0	1.0	1.0	10.0	0.0
- Accumulated depreciation	-1.0	-1.0	-1.0	-8.5	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	49.2	29.2	9.3	47.3	35.5
1. Long-term production in progress	3.6	3.6	3.6	3.6	0.0
2. Construction in progress	45.6	25.6	5.7	43.7	0.0
V. Long-term financial investments	33.2	39.2	26.7	26.7	26.8
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	1.6	7.6	7.6	7.6	0.0
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.9	-1.9	0.0
5. Held to maturity investments	33.2	33.2	21.0	21.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	18.7	18.5	26.1	26.8	0.0
1. Long-term prepayments	11.9	11.6	18.5	19.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	6.8	6.9	7.6	7.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	21.9
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)	2,037.0	1,736.5	1,690.6	1,670.7	1,446.6
A. LIABILITIES (300=210+330)	1,319.9	1,050.5	1,045.4	1,060.7	1,013.9
I. Short -term liabilities	1,135.6	860.3	865.3	988.0	893.0
1. Short-term trade accounts payable	80.4	182.0	173.4	254.3	231.8
2. Short-term advances from customers	21.9	0.6	9.9	115.9	74.8
3. Taxes and other payables to state authorities	13.8	24.1	71.7	48.3	0.0
4. Payable to employees	21.9	30.2	21.0	17.3	0.0
5. Short-term acrrued expenses	—	0.0	0.5	0.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.2	0.2	0.2	0.6
9. Other short-term payables	66.5	64.1	69.6	64.1	0.0
10. Short-term borrowings and financial leases	928.0	559.1	518.9	487.5	423.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	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	184.3	190.2	180.1	72.7	120.9
1. Long-term trade payables	45.0	45.0	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	2.8	4.1	4.1	4.2	0.0
8. Long-term borrowings and financial leases	132.4	137.4	172.9	66.0	114.7
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	4.1	3.6	3.0	2.6	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)	717.1	686.0	645.2	610.0	432.7
I. Owner's equity	717.1	686.0	645.2	610.0	0.0
1. Owner's capital	600.0	600.0	600.0	600.0	432.7
- Common stock with voting right	600.0	600.0	600.0	600.0	500.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	2.0	2.1	2.1	2.1	2.2
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	-1.9	-1.9	-1.9	-1.9	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	17.6	10.1	10.1	10.1	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	98.3	74.6	33.8	-1.4	-78.9
- Accumulated retained earning at the end of the previous period	63.4	31.5	-44.7	-91.0	-178.0
- Undistributed earnings in this period	34.8	43.2	78.4	89.6	99.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.1	1.1	1.2	1.1	1.1
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)	2,037.0	1,736.5	1,690.6	1,670.7	1,446.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.8	54.9	98.4	115.1	99.2
Depreciation of Fixed Assets and Investment Property	156.5	147.6	123.6	109.5	103.4
Provision (Increase)/Reversal	-0.5	0.4	-2.1	-10.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	-0.9	7.0	3.3	0.0
Gain/Loss from Investment Activities	-2.0	-1.0	-40.0	-11.3	0.0
Interest Expense	43.7	44.3	45.3	27.1	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	242.1	245.3	232.3	233.7	221.5
Increase/(Decrease) in Receivables	47.2	-42.3	-185.9	-77.0	0.0
Increase/(Decrease) in Inventory	-110.4	-102.3	121.8	-13.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-101.7	7.0	-199.4	-0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-14.2	7.0	5.6	2.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-37.2	-44.7	-35.9	-25.8	0.0
Corporate Income Tax Paid	-11.7	-21.0	-25.5	-7.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	13.3	49.0	-86.9	112.4	204.8
Payments for Fixed Assets and Other Long-term Assets	-387.1	-87.3	-163.7	-191.2	-117.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	5.3	0.2
Loans and Purchases of Debt Instruments	—	-18.0	0.0	-56.0	-112.8
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	0.0	168.8	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	6.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	5.7	6.0	13.2	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	-376.7	-99.4	11.1	-228.6	-228.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	100.0	112.4
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,864.7	1,102.8	1,140.1	779.3	759.6
Repayment of Borrowings	-1,501.3	-1,097.2	-1,008.7	-763.8	-856.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-0.0	-0.0	-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	363.4	5.6	131.4	115.4	15.2
Net Cash Flow During the Period	-0.0	-44.9	55.6	-0.8	-9.9
Cash and Cash Equivalents at Beginning of Period	14.3	59.2	3.6	4.4	13.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.3	14.3	59.2	3.6	4.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	554.7	472.2	482.7	399.9	471.9	378.3	431.4	335.1	412.4	378.6	330.8	311.9
Revenue Deductions	0.4	0.3	0.6	0.6	1.3	0.9	0.6	0.6	8.1	1.0	1.1	1.0
Net Revenue	554.4	471.9	482.1	399.2	470.6	377.4	430.9	334.5	404.3	377.7	329.7	310.8
Cost of Goods Sold	496.9	443.9	438.5	369.8	421.0	348.2	365.8	298.3	388.9	297.4	294.8	264.9
Gross Profit	57.5	28.0	43.6	29.5	49.6	29.3	65.0	36.2	15.4	80.3	34.9	45.9
Financial Income	0.4	0.5	0.5	0.4	2.6	0.3	0.4	0.3	2.7	0.4	2.8	0.0
Financial Expenses	13.8	9.2	22.7	7.8	11.7	9.3	16.3	9.7	22.9	19.3	8.7	9.5
Interest Expense	13.2	9.0	13.3	7.6	11.3	9.2	11.1	12.9	16.3	18.7	7.1	9.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.7	0.7	0.8	0.2	0.3	0.2	0.1	1.0	0.7	0.3	0.2	0.5
General and Administrative Expenses	22.4	15.9	15.9	14.1	35.0	15.3	13.5	17.4	17.3	11.5	14.6	9.7
Operating Profit	20.9	2.6	4.6	7.8	5.2	4.8	35.5	8.3	-22.8	49.4	14.2	26.2
Other Income	0.4	0.6	6.0	0.1	3.2	0.1	1.0	0.2	0.2	0.1	34.1	0.0
Other Expenses	0.4	0.5	0.7	0.6	2.7	0.2	1.8	1.8	1.7	0.9	3.1	0.6
Other Profit	0.1	0.1	5.3	-0.5	0.5	-0.1	-0.8	-1.6	-1.5	-0.8	31.1	-0.5
Profit Before Tax	21.0	2.7	9.9	7.3	5.7	4.7	34.6	6.7	-24.3	48.6	45.3	25.7
Current Income Tax Expense	3.6	1.2	1.4	2.1	0.7	1.6	7.2	1.5	0.1	9.6	9.6	5.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.4	1.5	8.5	5.1	5.1	3.1	27.4	5.2	-24.4	39.0	35.7	20.4
Non-controlling Interest	0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.4	1.5	8.5	5.1	5.1	3.1	27.4	5.2	-24.4	39.0	35.7	20.3
Earnings per Share	290.00	24.00	142.00	86.00	84.00	51.00	457.00	86.00	-407.00	651.00	596.00	339.00
Diluted EPS	289.93	24.27	141.42	85.45	84.32	51.25	456.28	86.09	-406.58	650.53	595.12	338.79

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)	1,059.1	1,145.8	1,022.9	757.0	905.4	792.5	815.1	717.6	709.1	590.1	513.5	498.6
I. Cash and cash equivalents	14.3	10.7	10.3	11.7	14.1	12.4	22.7	15.0	59.2	15.5	5.3	4.8
1. Cash	14.3	10.7	10.3	11.7	14.1	12.4	6.9	1.8	53.2	15.5	5.3	4.8
2. Cash equivalents	—	—	—	—	0.0	0.0	15.8	13.2	6.0	0.0	0.0	0.0
II. Short-term financial investments	2.5	2.5	2.5	2.5	2.5	2.5	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	2.5	2.5	2.5	2.5	2.5	2.5	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	530.1	594.4	784.5	492.5	637.5	585.9	580.6	438.0	503.3	400.9	297.0	287.2
1. Short-term trade accounts receivable	112.7	196.6	215.0	195.7	290.8	362.3	434.1	319.9	333.6	282.1	279.2	247.8
2. Short-term prepayments to suppliers	437.7	417.6	590.8	313.3	367.6	243.5	165.0	134.4	180.7	126.8	20.7	38.8
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	—	—	0.8	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.7	15.2	12.9	17.3	15.2	16.2	17.1	19.3	22.5	25.3	30.6	34.1
7. Provision for short-term doubtful debts (*)	-34.9	-34.9	-34.9	-34.9	-36.0	-36.0	-35.6	-35.6	-33.4	-33.4	-33.4	-33.4
8. Assets awaiting resolution	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	474.7	505.5	222.4	249.3	245.0	187.9	211.4	254.4	141.7	166.8	205.1	200.2
1. Inventories	491.3	522.4	239.3	266.8	262.6	205.6	229.0	273.3	160.7	187.8	226.6	221.7
2. Provision for decline in value of inventories	-16.6	-16.9	-16.9	-17.5	-17.7	-17.7	-17.7	-19.0	-19.0	-21.1	-21.5	-21.5
V. Other short-term assets	37.4	32.8	3.2	0.9	6.2	3.7	0.5	10.2	4.8	6.9	6.0	6.3
1. Short-term prepayments	15.3	10.9	3.1	0.7	1.1	1.7	0.4	0.8	4.5	6.9	5.9	5.7
2. Value added tax to be reclaimed	22.1	21.8	—	0.3	3.2	0.2	0.0	9.4	0.4	0.0	0.1	0.6
3. Taxes and other receivables from state authorities	—	0.0	0.0	—	1.9	1.9	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)	1,040.0	941.0	914.4	914.3	933.3	920.5	935.6	955.6	985.7	1,128.0	1,100.6	1,135.0
I. Long-term receivables	8.5	8.5	8.5	8.5	11.1	8.1	8.1	8.1	7.4	146.3	146.3	174.4
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	0.2	0.2	0.2	0.2	3.2	0.2	0.2	0.2	0.0	139.7	139.7	168.8
6. Other long-term receivables	8.3	8.3	8.3	8.3	7.9	7.9	7.9	7.9	7.4	6.5	6.5	5.6
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	930.4	795.9	783.9	800.2	834.7	829.7	858.7	882.2	915.1	756.5	783.0	820.9
1. Tangible fixed assets	930.4	795.9	783.9	800.2	834.7	829.7	858.7	882.2	915.1	756.5	782.9	819.6
- Cost	—	—	—	—	2,215.2	2,173.2	2,165.4	2,152.2	2,149.9	1,968.8	1,966.4	2,047.9
- Accumulated depreciation	—	—	—	—	-1,380.5	-1,343.5	-1,306.7	-1,270.0	-1,234.8	-1,212.3	-1,183.5	-1,228.3
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	0.1	1.3
- 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
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	49.2	78.8	65.7	48.9	30.0	25.2	21.6	14.7	9.3	173.2	117.6	82.3
1. Long-term production in progress	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
2. Construction in progress	45.6	75.2	62.1	45.3	26.5	21.6	18.0	11.1	5.7	169.6	114.0	78.7
V. Long-term financial investments	33.2	39.2	39.2	39.2	39.0	39.0	26.7	26.7	26.7	26.7	26.7	26.7
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	1.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
5. Held to maturity investments	33.2	33.2	33.2	33.2	33.2	33.2	21.0	21.0	21.0	21.0	21.0	21.0
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	18.7	18.5	17.1	17.5	18.5	18.5	20.5	23.9	27.2	25.3	27.0	30.6
1. Long-term prepayments	11.9	11.5	9.9	10.3	11.6	11.1	13.1	16.6	19.6	18.2	19.9	23.4
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	6.8	7.0	7.2	7.2	6.9	7.4	7.4	7.4	7.6	7.1	7.0	7.2
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)	2,099.1	2,086.8	1,937.3	1,671.3	1,838.7	1,712.9	1,750.7	1,673.3	1,694.8	1,718.1	1,614.0	1,633.5
A. LIABILITIES (300=210+330)	1,381.0	1,386.1	1,241.4	980.2	1,155.5	1,032.5	1,073.0	1,023.0	1,052.8	1,056.7	987.6	1,024.1
I. Short -term liabilities	1,196.7	1,203.6	1,051.8	785.6	1,046.7	905.4	924.7	850.5	872.8	919.9	930.1	952.2
1. Short-term trade accounts payable	80.1	131.5	110.3	99.2	227.0	152.1	180.2	169.2	173.4	166.7	206.7	185.8
2. Short-term advances from customers	84.1	25.6	2.9	16.8	102.1	90.6	53.4	40.3	9.9	56.9	45.8	127.3
3. Taxes and other payables to state authorities	14.2	20.2	29.2	36.2	25.2	28.6	50.3	50.7	69.7	106.5	117.6	86.3
4. Payable to employees	20.8	34.8	44.6	23.7	27.9	25.1	18.2	16.5	20.0	15.4	10.3	10.6
5. Short-term acrrued expenses	—	1.2	0.5	0.3	0.0	0.0	0.7	1.1	0.5	14.0	0.9	1.6
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.4	0.6	0.1	0.2	0.4	0.6	0.1	0.2	0.4	0.6	0.1
9. Other short-term payables	66.4	58.5	59.9	60.6	68.9	63.5	62.4	60.0	80.1	58.9	58.4	56.4
10. Short-term borrowings and financial leases	928.0	928.2	800.3	548.8	595.3	545.1	559.0	512.6	518.9	501.2	489.8	484.3
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	2.8	3.1	3.4	0.0	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	184.3	182.5	189.6	194.6	108.8	127.1	148.3	172.5	180.1	136.8	57.5	71.9
1. Long-term trade payables	45.0	45.0	45.0	45.0	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	2.8	2.8	2.8	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.2	4.2
8. Long-term borrowings and financial leases	132.4	130.9	138.0	141.9	101.1	119.6	140.9	165.3	172.9	129.9	50.6	65.1
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	4.1	3.8	3.8	3.6	3.6	3.3	3.3	3.0	3.0	2.8	2.8	2.6
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)	718.1	700.7	695.9	691.1	683.2	680.4	677.7	650.3	642.0	661.4	626.4	609.4
I. Owner's equity	718.1	700.7	695.9	691.1	683.2	680.4	677.7	650.3	642.0	661.4	626.4	609.4
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	2.0	2.0	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
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	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
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	17.6	17.6	17.6	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
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	99.3	81.9	77.0	79.7	71.8	69.0	66.3	38.9	30.5	50.0	15.0	-2.0
- Accumulated retained earning at the end of the previous period	63.4	63.4	63.4	74.6	31.5	33.7	33.8	33.8	-44.7	-44.7	-41.1	-22.3
- Undistributed earnings in this period	35.9	18.5	13.6	5.1	40.3	35.3	32.5	5.2	75.2	94.7	56.1	20.3
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.2	1.1	1.1	1.1
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)	2,099.1	2,086.8	1,937.3	1,671.3	1,838.7	1,712.9	1,750.7	1,673.3	1,694.8	1,718.1	1,614.0	1,633.5

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	19.7	2.7	14.2	7.3	5.7	4.7	34.2	6.7	-20.8	48.6	44.9	25.7
Depreciation of Fixed Assets and Investment Property	41.3	39.2	38.0	38.0	37.5	37.0	36.7	36.4	36.1	28.8	29.2	29.5
Provision (Increase)/Reversal	-0.1	0.0	-0.4	—	0.3	-0.0	-0.5	2.2	-1.8	0.0	-0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-8.3	0.0	8.9	—	0.1	0.0	-1.0	3.0	5.5	0.0	1.5	0.0
Gain/Loss from Investment Activities	-0.5	-0.5	-0.5	-0.5	-1.3	-0.1	-0.2	-0.4	-2.7	-0.4	-26.2	-10.7
Interest Expense	13.2	9.0	13.9	7.6	11.3	9.2	10.9	12.9	9.7	19.0	7.5	9.2
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	65.3	50.4	74.1	52.4	53.6	50.7	80.2	60.7	25.9	96.1	56.7	53.6
Increase/(Decrease) in Receivables	123.2	166.9	-291.4	48.5	-57.2	-2.0	-137.7	53.4	-89.3	-117.4	32.3	-11.5
Increase/(Decrease) in Inventory	148.8	-278.2	22.6	-3.5	-56.6	23.5	44.3	-112.4	22.8	45.1	-7.5	61.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-70.5	26.8	7.2	-65.2	88.3	-2.7	39.3	-8.7	-45.4	-37.7	-57.3	-59.0
Increase/(Decrease) in Prepaid Expenses	-4.5	-9.3	-2.1	1.7	0.0	0.8	3.8	2.3	5.5	1.3	2.6	-3.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.7	-11.8	-6.9	-8.8	-11.3	-8.9	-23.7	-0.8	-13.1	-9.6	-5.4	-7.7
Corporate Income Tax Paid	0.0	-5.8	-5.8	-0.0	-1.1	-3.8	-3.0	-13.1	-25.4	0.0	0.0	-0.1
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	0.0	-0.3	—	0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	252.0	-61.1	-202.7	25.1	15.7	57.5	3.3	-18.5	-118.9	-22.3	21.4	32.9
Payments for Fixed Assets and Other Long-term Assets	-264.7	-60.1	-38.5	-23.8	-45.6	-17.9	-19.9	-9.0	-33.8	-58.6	-34.9	-36.4
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	—	—	—	1.8	-3.0	1.0	-15.9	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.8	2.2	—	0.0	0.0	-0.3	0.3	139.7	0.0	29.1	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	6.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.2	0.0	0.1	-0.1	2.0	0.1	1.2	3.1	1.5	0.4	-5.1	9.3
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	-257.5	-59.3	-38.0	-22.0	-46.6	-16.9	-34.9	-5.7	107.4	-58.2	-10.9	-27.1
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	507.3	509.1	487.9	360.4	273.6	340.1	252.7	230.6	377.7	345.1	201.4	215.9
Repayment of Borrowings	-498.2	-388.4	-248.5	-366.2	-240.9	-375.3	-235.2	-244.5	-322.4	-254.4	-211.4	-220.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	0.1	0.0	0.0	0.0	-0.1	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	9.1	120.7	239.3	-5.7	32.6	-35.2	17.5	-14.0	55.2	90.7	-10.0	-4.6
Net Cash Flow During the Period	3.6	0.3	-1.4	-2.6	1.8	5.5	-14.1	-38.2	43.8	10.2	0.4	1.2
Cash and Cash Equivalents at Beginning of Period	10.7	10.3	11.7	14.3	59.2	59.2	59.2	53.2	3.6	3.6	3.6	3.6
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	14.3	10.7	10.3	11.7	14.1	12.4	6.9	15.0	59.2	15.5	5.3	4.8

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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