QNP

Listed Company · HOSE

Price

32,400

Latest close

02 Apr 2026

P/E 9.2x

EPS (TTM) 3,530

ROE (TTM) 15.7%

P/B 1.4x

BVPS (Latest) 23,106

ROA (TTM) 10.5%

What Is Changing

QNP has not yet shown a broad-based top-line recovery. Revenue posted -1.9% YoY, but net margin reached 12.57% with an additional +1.5pp 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 142.7bn in 2025.
Net margin improved from 11.07% in the prior period to 12.57% in 2025.

Metric	2025	2024	2023	2022
Revenue	1,135.3	1,157.6	938.4	1,069.1
Growth	-2%	+23%	-12%	—
Net Income	142.7	128.2	115.2	44.2
Net Margin	12.57%	11.07%	12.27%	4.13%

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	301.7	302.8	279.8	251.0	255.0	295.2	332.1	275.1	243.1	279.8	219.4	196.3
Growth	-0%	+8%	+11%	-2%	-14%	-11%	+21%	+13%	-13%	+28%	+12%	—
Net Income	42.3	35.1	39.4	25.9	27.5	25.4	43.7	31.7	23.1	37.6	32.3	19.3
Net Margin	14.02%	11.59%	14.08%	10.31%	10.78%	8.59%	13.17%	11.54%	9.52%	13.45%	14.71%	9.83%

Financial Statements

Profitability

Net margin reached 12.57% while Revenue posted -1.9% YoY.

Balance Sheet

Inventory stood at 21.4bn, liabilities at 465.3bn, and equity at 933.7bn.

Cash Flow

Operating cash flow was 183.3bn in 2025, while investing cash flow was -143.4bn.

Financing cash flow: -69.3bn.

Item	2025	2024	2023	2022
Revenue	1,146.0	1,165.3	942.4	1,069.8
Revenue Deductions	10.7	7.7	3.9	0.7
Net Revenue	1,135.3	1,157.6	938.4	1,069.1
Cost of Goods Sold	860.6	885.3	724.8	891.8
Gross Profit	274.7	272.3	213.7	177.3
Financial Income	19.0	21.1	27.8	27.3
Financial Expenses	17.5	19.4	5.5	0.8
Interest Expense	17.1	18.3	5.4	0.0
Share of Associates and Joint Ventures	—	0.0	3.6	0.4
Selling Expenses	16.5	19.6	15.7	11.5
General and Administrative Expenses	81.9	90.7	80.1	126.0
Operating Profit	177.7	163.7	143.7	66.6
Other Income	1.1	1.1	1.1	2.3
Other Expenses	0.2	1.6	0.5	0.9
Other Profit	0.9	-0.6	0.6	1.4
Profit Before Tax	178.6	163.1	144.3	68.0
Current Income Tax Expense	35.9	34.9	29.2	23.8
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	142.7	128.2	115.2	44.2
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	142.7	128.2	115.2	44.2
Earnings per Share	3,531.00	3,172.00	2,850.00	1,093.00
Diluted EPS	3,531.00	3,172.18	2,849.86	1,092.89

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	604.4	643.9	602.4	603.4
I. Cash and cash equivalents	64.3	93.7	237.6	79.9
1. Cash	36.0	22.0	68.1	38.9
2. Cash equivalents	28.3	71.7	169.5	41.0
II. Short-term financial investments	274.5	267.8	138.5	308.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	274.5	267.8	138.5	308.0
III. Short-term receivables	238.0	242.0	161.5	168.9
1. Short-term trade accounts receivable	177.7	159.7	151.2	148.4
2. Short-term prepayments to suppliers	61.9	79.6	10.4	18.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	5.0	7.9	5.4	7.1
7. Provision for short-term doubtful debts (*)	-6.6	-5.3	-5.4	-4.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	21.4	23.2	21.0	24.6
1. Inventories	21.4	23.2	21.0	24.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	6.2	17.2	43.8	22.0
1. Short-term prepayments	5.4	12.2	13.9	5.7
2. Value added tax to be reclaimed	0.9	5.0	18.0	16.3
3. Taxes and other receivables from state authorities	—	0.0	11.9	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	794.6	680.3	664.7	481.6
I. Long-term receivables	0.0	7.3	7.3	7.3
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.0	7.3	7.3	7.3
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	635.3	604.6	533.1	187.3
1. Tangible fixed assets	634.4	603.5	531.8	185.1
- Cost	1,666.8	1,614.9	1,499.1	1,115.4
- Accumulated depreciation	-1,032.4	-1,011.4	-967.3	-930.3
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.9	1.0	1.3	2.2
- Cost	9.9	9.6	9.0	8.7
- Accumulated depreciation	-9.0	-8.5	-7.7	-6.6
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	110.4	40.2	79.9	250.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	110.4	40.2	79.9	250.6
V. Long-term financial investments	18.0	18.0	31.3	28.7
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	13.3	10.7
3. Investments in other entities	18.0	18.0	18.0	18.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	30.9	10.1	13.1	7.7
1. Long-term prepayments	30.9	10.1	13.1	7.7
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,399.1	1,324.2	1,267.1	1,084.9
A. LIABILITIES (300=210+330)	465.3	444.0	437.2	308.0
I. Short -term liabilities	241.8	209.4	222.0	308.0
1. Short-term trade accounts payable	93.5	93.0	148.8	196.8
2. Short-term advances from customers	7.6	7.0	4.0	1.8
3. Taxes and other payables to state authorities	32.2	13.7	11.4	7.8
4. Payable to employees	63.2	55.4	47.5	27.7
5. Short-term acrrued expenses	8.1	6.4	2.6	3.1
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	1.1	0.0	0.0	0.0
9. Other short-term payables	0.4	0.2	1.4	1.4
10. Short-term borrowings and financial leases	30.0	30.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	53.7
12.. Bonus and welfare fund	5.6	3.6	6.2	15.8
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	223.6	234.6	215.2	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	1.6	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	221.9	234.6	215.2	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	933.7	880.2	830.0	776.9
I. Owner's equity	933.7	880.2	830.0	776.9
1. Owner's capital	404.1	404.1	404.1	404.1
- Common stock with voting right	404.1	404.1	404.1	404.1
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	381.3	340.7	288.5	275.4
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	148.3	135.4	137.3	97.4
- Accumulated retained earning at the end of the previous period	5.6	7.2	22.2	53.2
- Undistributed earnings in this period	142.7	128.2	115.2	44.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,399.1	1,324.2	1,267.1	1,084.9

Item	2025	2024	2023	2022
Profit Before Tax	178.6	163.1	144.3	68.0
Depreciation of Fixed Assets and Investment Property	56.2	49.7	41.4	36.9
Provision (Increase)/Reversal	1.3	-0.2	-53.1	53.1
FX Gain/Loss from Revaluation of Monetary Items	0.3	-0.1	0.1	0.5
Gain/Loss from Investment Activities	-19.0	-18.8	-30.1	-28.3
Interest Expense	17.1	18.3	5.4	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	234.4	211.9	108.0	130.1
Increase/(Decrease) in Receivables	16.6	-11.3	-17.3	80.6
Increase/(Decrease) in Inventory	1.8	-2.2	3.5	-3.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.6	22.7	5.6	-26.3
Increase/(Decrease) in Prepaid Expenses	-13.9	4.6	-13.6	32.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-17.9	-18.2	-5.1	0.0
Corporate Income Tax Paid	-17.8	-33.5	-25.3	-37.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-30.5	-32.1	-23.1	-25.5
Net Cash Flow from Operating Activities	183.3	141.9	32.7	151.2
Payments for Fixed Assets and Other Long-term Assets	-157.2	-190.3	-239.6	-168.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	3.4	0.1	3.0
Loans and Purchases of Debt Instruments	-385.5	-503.8	-248.4	-347.0
Receipts from Loan Repayments and Sale of Debt Instruments	378.8	374.5	417.9	391.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	13.3	0.0	3.3
Dividends and Interest Income Received	19.5	16.3	28.3	23.7
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-143.4	-286.7	-41.8	-94.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	17.3	56.9	215.2	0.0
Repayment of Borrowings	-30.0	-7.5	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-56.6	-48.5	-48.5	-80.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-69.3	0.9	166.7	-80.8
Net Cash Flow During the Period	-29.4	-143.9	157.7	-24.4
Cash and Cash Equivalents at Beginning of Period	93.7	237.6	79.9	104.3
FX Difference from Revaluation	-0.0	0.0	-0.1	-0.0
Cash and Cash Equivalents at End of Period	64.3	93.7	237.6	79.9

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	306.8	304.7	282.5	252.1	258.8	296.2	334.4	275.6	245.6	280.4	220.2	196.3
Revenue Deductions	5.1	1.9	2.7	1.1	3.8	1.0	2.3	0.5	2.5	0.6	0.8	0.0
Net Revenue	301.7	302.8	279.8	251.0	255.0	295.2	332.1	275.1	243.1	279.8	219.4	196.3
Cost of Goods Sold	218.7	236.7	211.3	194.0	190.5	232.3	251.6	210.5	182.7	217.0	168.4	156.7
Gross Profit	83.0	66.1	68.5	57.0	64.5	62.8	80.5	64.6	60.4	62.8	51.0	39.6
Financial Income	3.8	4.0	7.7	3.4	5.5	3.5	8.9	3.6	5.4	6.8	10.8	5.9
Financial Expenses	4.4	4.3	4.4	4.4	4.6	5.7	4.5	4.8	4.4	0.8	-0.0	-0.0
Interest Expense	4.1	4.2	4.3	4.4	4.6	4.7	4.2	4.8	4.3	0.8	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.3	0.0	-0.7	0.0
Selling Expenses	4.7	4.8	3.9	3.1	4.8	4.5	6.3	4.0	5.4	4.0	3.3	2.9
General and Administrative Expenses	24.5	18.0	19.5	19.9	26.6	21.8	23.4	18.9	25.8	17.6	18.5	18.3
Operating Profit	53.2	43.0	48.5	33.0	33.9	34.3	55.2	40.5	30.4	47.1	39.2	24.3
Other Income	0.1	1.1	0.1	0.0	1.6	0.0	0.1	0.1	0.2	0.3	0.7	0.0
Other Expenses	0.1	0.0	0.0	0.4	0.7	1.4	0.1	0.2	0.5	0.0	0.1	0.1
Other Profit	0.0	1.1	0.1	-0.4	0.9	-1.4	0.0	-0.1	-0.3	0.3	0.6	-0.0
Profit Before Tax	53.2	44.1	48.6	32.6	34.8	32.9	55.2	40.5	30.1	47.4	39.8	24.3
Current Income Tax Expense	10.9	9.0	9.2	6.7	7.3	7.5	11.4	8.7	7.0	9.8	7.6	4.9
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	42.3	35.1	39.4	25.9	27.5	25.4	43.7	31.7	23.1	37.6	32.3	19.3
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	42.3	35.1	39.4	25.9	27.5	25.4	43.7	31.7	23.1	37.6	32.3	19.3
Earnings per Share	1,046.00	869.00	975.00	640.00	680.00	628.00	1,082.00	786.00	572.00	931.00	798.00	478.00
Diluted EPS	1,046.43	868.66	974.81	640.42	680.41	627.54	1,082.25	785.52	572.47	931.08	798.40	477.72

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)	604.4	635.5	688.6	655.6	644.0	742.6	749.2	663.9	603.5	707.9	620.7	613.2
I. Cash and cash equivalents	64.3	38.1	219.4	138.8	93.7	251.1	173.8	158.4	237.6	159.9	100.1	61.5
1. Cash	36.0	31.6	48.0	36.8	22.0	89.6	81.8	86.4	68.1	106.9	59.6	32.0
2. Cash equivalents	28.3	6.5	171.4	102.0	71.7	161.5	92.0	72.0	169.5	53.0	40.5	29.5
II. Short-term financial investments	274.5	307.3	170.3	220.3	267.8	236.0	309.0	248.5	138.5	271.9	271.9	304.0
1. Available for sale securities	—	—	—	0.0	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	0.0
3. Held to maturity investments	274.5	307.3	170.3	220.3	267.8	236.0	309.0	248.5	138.5	271.9	271.9	304.0
III. Short-term receivables	238.0	263.3	265.7	259.5	242.0	222.9	229.9	215.9	162.7	226.3	202.1	202.0
1. Short-term trade accounts receivable	177.7	170.7	180.8	170.4	159.7	195.0	212.4	208.0	152.4	203.2	182.3	180.3
2. Short-term prepayments to suppliers	61.9	93.3	85.7	85.2	79.6	25.2	16.7	7.2	10.4	13.3	17.2	15.7
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.9	5.5	5.9	10.3	7.9	8.1	6.4	6.8	5.4	15.1	8.3	11.8
7. Provision for short-term doubtful debts (*)	-6.6	-6.2	-6.7	-6.5	-5.3	-5.5	-5.5	-6.2	-5.4	-5.3	-5.6	-5.8
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	21.4	23.2	25.7	26.0	23.2	23.4	22.8	20.6	21.0	26.8	24.8	26.3
1. Inventories	21.4	23.2	25.7	26.0	23.2	23.4	22.8	20.6	21.0	26.8	24.8	26.3
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.2	3.6	7.4	11.0	17.2	9.2	13.6	20.5	43.7	23.1	21.8	19.5
1. Short-term prepayments	5.4	3.2	6.5	8.0	12.2	5.5	5.5	6.8	13.9	6.8	4.8	4.4
2. Value added tax to be reclaimed	0.9	0.4	0.9	3.0	5.0	3.7	8.1	13.5	18.0	16.3	17.0	15.1
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.0	0.0	0.0	0.2	11.8	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	0.0
5. Other short-term assets	—	—	—	0.0	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)	794.6	754.7	720.1	699.9	680.3	638.8	642.9	661.4	661.8	615.9	568.2	511.4
I. Long-term receivables	0.0	0.0	0.4	7.0	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3
1. Long-term trade receivables	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	0.0	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	0.4	7.0	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	635.3	629.0	595.5	607.8	604.6	597.5	603.3	530.6	533.1	545.3	187.6	196.1
1. Tangible fixed assets	634.4	628.0	594.3	606.8	603.5	596.7	602.4	529.4	531.8	543.7	185.9	194.1
- Cost	—	—	—	1,629.5	1,614.9	1,597.8	1,592.3	1,507.4	1,499.1	1,499.0	1,133.0	1,132.3
- Accumulated depreciation	—	—	—	-1,022.6	-1,011.4	-1,001.2	-989.9	-978.0	-967.3	-955.3	-947.1	-938.2
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.9	1.1	1.2	1.0	1.0	0.8	1.0	1.2	1.3	1.6	1.7	1.9
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	110.4	96.1	99.1	58.5	40.2	5.5	3.9	81.1	79.9	20.4	327.7	258.7
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	110.4	96.1	99.1	58.5	40.2	5.5	3.9	81.1	79.9	20.4	327.7	258.7
V. Long-term financial investments	18.0	18.0	18.0	18.0	18.0	18.0	18.0	31.3	28.3	28.0	28.0	28.7
1. Investments in subsidiaries	—	—	—	0.0	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	13.3	10.3	10.0	10.0	10.7
3. Investments in other entities	18.0	18.0	18.0	18.0	18.0	18.0	0.0	18.0	18.0	18.0	18.0	18.0
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	0.0
5. Held to maturity investments	—	—	—	0.0	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	18.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.9	11.6	7.2	8.6	10.1	10.4	10.3	11.1	13.1	14.9	17.4	20.5
1. Long-term prepayments	30.9	11.6	7.2	8.6	10.1	10.4	10.3	11.1	13.1	14.9	17.4	20.5
2. Deferred income tax assets	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,399.0	1,390.2	1,408.7	1,355.5	1,324.2	1,381.4	1,392.0	1,325.4	1,265.3	1,323.8	1,188.9	1,124.6
A. LIABILITIES (300=210+330)	465.3	498.8	552.3	449.4	444.0	528.6	516.1	463.7	438.2	471.4	374.0	328.5
I. Short -term liabilities	241.8	266.4	317.1	214.3	209.4	295.6	275.8	232.1	222.9	290.8	252.4	270.5
1. Short-term trade accounts payable	93.5	101.3	115.2	111.6	93.0	133.9	169.3	162.8	150.0	182.9	171.8	159.7
2. Short-term advances from customers	7.6	6.1	7.1	5.0	7.0	3.7	4.3	5.4	4.0	4.2	3.0	1.9
3. Taxes and other payables to state authorities	32.2	37.2	31.3	19.6	13.7	38.4	18.2	9.2	11.5	40.3	29.6	14.2
4. Payable to employees	63.2	59.5	35.9	35.1	55.4	62.4	45.7	40.5	47.5	41.7	24.6	26.3
5. Short-term acrrued expenses	8.1	9.6	9.8	11.3	6.4	9.0	7.2	7.4	2.3	4.0	1.8	3.7
6. Short-term inter-company payables	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	1.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.4	56.9	0.4	0.2	0.2	1.4	2.1	1.4	3.0	1.5	1.3
10. Short-term borrowings and financial leases	30.0	30.0	30.0	30.0	30.0	30.0	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	53.7
12.. Bonus and welfare fund	5.6	22.2	30.8	1.4	3.6	18.0	29.7	4.6	6.2	14.8	20.1	9.7
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	223.6	232.4	235.3	235.1	234.6	233.0	240.2	231.6	215.2	180.6	121.6	58.0
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	1.6	3.0	—	0.0	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	0.0
8. Long-term borrowings and financial leases	221.9	229.4	235.3	235.1	234.6	233.0	240.2	231.6	215.2	180.6	121.6	58.0
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	933.7	891.4	856.3	906.1	880.2	852.7	876.0	861.7	827.1	852.4	814.9	796.2
I. Owner's equity	933.7	891.4	856.3	906.1	880.2	852.7	876.0	861.7	827.1	852.4	814.9	796.2
1. Owner's capital	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1
- Common stock with voting right	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1
- Preferred stock	—	—	—	0.0	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	0.0
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	0.0	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	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	381.3	381.3	381.3	340.7	340.7	340.7	340.7	288.5	288.5	288.5	288.5	275.4
9. Fund to support corporate restructuring	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	148.3	106.0	70.9	161.2	135.4	107.9	131.1	169.1	134.5	159.8	122.2	116.7
- Accumulated retained earning at the end of the previous period	5.6	5.6	5.6	135.4	7.2	7.2	55.7	137.3	22.2	70.7	70.7	97.4
- Undistributed earnings in this period	142.7	100.4	65.3	25.9	128.2	100.7	75.5	31.7	112.3	89.2	51.6	19.3
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	1,399.0	1,390.2	1,408.7	1,355.5	1,324.2	1,381.4	1,392.0	1,325.4	1,265.3	1,323.8	1,188.9	1,124.6

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	53.2	44.1	48.6	32.6	34.8	32.9	55.0	40.5	32.9	47.4	39.8	24.3
Depreciation of Fixed Assets and Investment Property	14.7	14.6	13.6	13.3	13.0	12.7	12.2	11.7	12.3	10.3	9.5	9.2
Provision (Increase)/Reversal	0.4	-0.5	0.3	1.2	-0.2	-0.1	-0.6	0.7	0.1	-0.3	-53.9	0.9
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.3	-0.2	-0.1	-1.0	1.0	0.3	-0.4	0.8	-0.5	-0.4	0.2
Gain/Loss from Investment Activities	-3.7	-4.8	-7.4	-3.1	-5.3	-2.8	-7.7	-3.0	-8.6	-6.0	-9.7	-5.9
Interest Expense	4.1	4.2	4.3	4.4	4.6	4.7	4.2	4.8	4.6	0.8	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	0.0
Interest Income and Dividends	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	69.0	57.9	59.3	48.3	45.9	48.5	63.3	54.2	42.0	51.8	-14.6	28.7
Increase/(Decrease) in Receivables	29.6	0.9	2.6	-16.5	19.9	19.0	-6.3	-43.9	47.3	-27.8	-8.5	-28.2
Increase/(Decrease) in Inventory	1.8	2.5	0.3	-2.8	0.2	-0.6	-2.2	0.4	5.7	-2.0	1.5	-1.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-24.6	17.0	3.7	14.5	-23.9	-1.9	19.6	28.9	-75.4	49.6	21.1	10.3
Increase/(Decrease) in Prepaid Expenses	-21.5	-1.1	3.0	5.7	-6.4	-0.2	2.2	9.1	-5.3	0.6	2.7	-11.6
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-4.6	-4.2	-4.6	-4.6	-4.6	-4.2	-4.8	-5.9	0.8	0.0	0.0
Corporate Income Tax Paid	-0.0	-5.5	0.0	-12.3	-15.5	0.0	-7.1	-10.8	-11.2	-6.4	-0.2	-7.5
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-16.6	-8.6	-3.2	-2.2	-14.4	-11.7	-4.3	-1.7	-13.0	-0.9	-1.1	-8.1
Net Cash Flow from Operating Activities	33.3	58.5	61.5	30.1	1.1	48.4	60.9	31.5	-15.8	65.7	0.9	-18.1
Payments for Fixed Assets and Other Long-term Assets	-35.4	-45.1	-41.9	-34.8	-102.9	-52.7	-13.9	-20.8	-38.8	-65.9	-67.0	-67.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.0	1.0	—	0.0	1.2	2.2	0.0	0.0	0.0	0.1	0.1	-0.1
Loans and Purchases of Debt Instruments	-75.0	-195.0	-82.5	-33.0	-113.8	-92.0	-158.0	-140.0	-97.5	0.0	-124.9	-26.0
Receipts from Loan Repayments and Sale of Debt Instruments	107.8	58.0	132.5	80.5	82.0	165.0	97.5	30.0	230.9	0.0	157.0	30.0
Investments in Other Entities	—	—	—	0.0	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	13.3	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.1	4.1	10.6	1.7	2.7	3.0	6.9	3.7	13.3	0.6	8.6	5.9
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	0.4	-177.1	18.7	14.5	-130.7	25.4	-54.2	-127.1	107.9	-65.3	-26.2	-58.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	0.0	1.6	7.7	7.9	-20.9	52.8	8.6	16.4	34.7	59.0	63.6	58.0
Repayment of Borrowings	-7.5	-7.5	-7.5	-7.5	-7.5	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	0.0
Dividends Paid	-0.0	-56.6	-0.0	0.0	0.0	-48.5	0.0	-0.0	-48.5	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	0.0
Other Financing Payments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-7.5	-62.4	0.2	0.4	-28.4	4.3	8.6	16.4	-13.8	59.0	63.6	58.0
Net Cash Flow During the Period	26.2	-181.1	80.4	45.0	-158.0	78.1	15.3	-79.3	78.3	59.4	38.3	-18.2
Cash and Cash Equivalents at Beginning of Period	38.1	219.4	138.8	93.7	237.6	237.6	237.6	237.6	79.9	79.9	79.9	79.9
FX Difference from Revaluation	-0.0	0.0	0.3	0.1	0.7	-0.7	-0.1	0.1	-0.6	0.4	0.4	-0.2
Cash and Cash Equivalents at End of Period	64.3	38.1	219.4	138.8	93.7	251.1	173.7	158.4	237.6	159.9	100.1	61.5

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QNP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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