QPH

Listed Company · UPCOM

Price

35,500

Latest close

03 Apr 2026

P/E 8.4x

EPS (TTM) 4,209

ROE (TTM) 20.4%

P/B 2.3x

BVPS (Latest) 15,539

ROA (TTM) 15.6%

What Is Changing

QPH no longer looks like a business simply rebounding from a weak base. Revenue posted +15.6% YoY, while net margin reached 60.26% with an additional -3.8pp 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 77.2bn in 2025.
Revenue growth accelerated to 15.6% in 2025, up 15.7pp versus the prior year.
Net margin declined from 64.01% in the prior period to 60.26% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	128.1	110.8	110.9	120.3	120.4
Growth	+16%	-0%	-8%	-0%	—
Net Income	77.2	70.9	72.3	74.0	70.4
Net Margin	60.26%	64.01%	65.21%	61.54%	58.44%

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	37.5	34.9	33.6	22.1	31.2	31.2	23.9	24.5	34.6	25.5	26.5	24.3
Growth	+7%	+4%	+52%	-29%	-0%	+31%	-2%	-29%	+36%	-4%	+9%	—
Net Income	21.1	20.8	21.4	14.9	21.0	19.3	16.2	17.5	22.1	15.6	18.1	17.3
Net Margin	56.23%	59.68%	63.65%	67.64%	67.30%	62.00%	67.58%	71.39%	63.72%	61.32%	68.42%	71.19%

Financial Statements

Profitability

Net margin reached 60.26% while Revenue posted +15.6% YoY.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 91.7bn, and equity at 287.0bn.

Cash Flow

Operating cash flow was 49.7bn in 2025, while investing cash flow was 254.5bn.

Financing cash flow: -298.4bn.

Item	2025	2024	2023	2022	2021
Revenue	128.1	110.8	110.9	120.3	120.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	128.1	110.8	110.9	120.3	120.4
Cost of Goods Sold	49.4	46.9	48.7	47.9	0.0
Gross Profit	78.7	63.9	62.2	72.4	72.1
Financial Income	27.9	29.1	25.0	17.6	12.5
Financial Expenses	4.0	3.7	1.5	1.1	-1.5
Interest Expense	4.0	3.7	1.5	1.1	-1.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	6.2	6.1	5.8	6.2	-6.1
Operating Profit	96.4	83.1	79.8	82.7	76.9
Other Income	0.1	0.4	0.5	0.1	0.0
Other Expenses	0.5	1.8	0.1	1.6	0.0
Other Profit	-0.4	-1.4	0.4	-1.5	-1.0
Profit Before Tax	96.0	81.7	80.2	81.3	76.0
Current Income Tax Expense	18.8	10.8	7.8	7.2	-5.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	77.2	70.9	72.3	74.0	70.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	77.2	70.9	72.3	74.0	70.4
Earnings per Share	4,267.00	3,815.00	3,892.00	3,984.00	3,787.00
Diluted EPS	4,267.00	3,815.00	3,892.00	3,984.00	3,786.74

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	273.0	491.8	379.3	320.1	229.8
I. Cash and cash equivalents	21.6	15.8	4.0	3.2	4.6
1. Cash	21.6	15.8	4.0	3.2	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	251.4	476.0	375.4	316.4	224.8
1. Short-term trade accounts receivable	14.2	11.9	12.0	14.1	0.0
2. Short-term prepayments to suppliers	7.6	7.8	10.5	10.7	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	226.6	455.1	352.2	290.2	0.0
6. Other short-term receivables	3.0	1.3	0.7	1.5	0.0
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.4	0.4
1. Inventories	—	0.0	0.0	0.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	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)	105.7	125.6	148.6	173.3	191.6
I. Long-term receivables	0.1	0.1	0.1	1.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.5
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	0.1	0.1	0.1	1.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	99.2	117.8	138.8	159.5	177.4
1. Tangible fixed assets	97.3	115.4	135.9	159.5	177.2
- Cost	472.9	472.6	472.6	475.9	0.0
- Accumulated depreciation	-375.6	-357.2	-336.8	-316.4	0.0
2. Financial leased fixed assets	2.0	2.4	2.9	0.0	0.0
- Cost	3.4	3.4	3.4	0.0	0.0
- Accumulated depreciation	-1.5	-1.0	-0.5	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.2
- Cost	3.7	3.7	3.7	3.7	0.0
- Accumulated depreciation	-3.7	-3.7	-3.7	-3.7	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	1.9	0.2	0.2	0.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	0.2	0.2	0.2	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	4.6	7.5	9.5	12.1	0.0
1. Long-term prepayments	4.6	7.5	9.5	12.1	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	12.7
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)	378.7	617.4	527.9	493.3	421.4
A. LIABILITIES (300=210+330)	91.7	142.7	86.2	121.7	84.2
I. Short -term liabilities	80.5	84.2	84.8	120.8	80.0
1. Short-term trade accounts payable	12.0	36.2	39.2	40.7	39.2
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	21.0	13.4	10.5	11.2	0.0
4. Payable to employees	2.1	1.9	2.1	1.8	0.0
5. Short-term acrrued expenses	7.5	7.5	7.5	7.5	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	4.9	0.7	1.9	37.8	0.0
10. Short-term borrowings and financial leases	16.0	9.7	11.0	11.4	10.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.9	14.8	12.7	10.4	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	11.2	58.5	1.4	0.9	4.2
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	0.5	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	11.2	58.5	1.4	0.4	3.4
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)	287.0	474.8	441.8	371.7	337.3
I. Owner's equity	287.0	474.8	441.8	371.7	0.0
1. Owner's capital	185.8	185.8	185.8	185.8	337.3
- Common stock with voting right	185.8	185.8	185.8	185.8	185.8
- 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	—	0.0	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	20.9	20.9	20.9	20.9	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	79.7	267.5	234.5	164.4	130.0
- Accumulated retained earning at the end of the previous period	0.2	196.6	162.2	90.4	51.2
- Undistributed earnings in this period	79.5	70.9	72.3	74.0	78.8
12. Reserves for investment in construction	0.5	0.5	0.5	0.5	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)	378.7	617.4	527.9	493.3	421.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	96.0	81.7	80.2	81.3	76.0
Depreciation of Fixed Assets and Investment Property	18.9	21.0	20.5	21.1	21.9
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	-27.9	-29.1	-25.0	-17.8	0.0
Interest Expense	4.0	3.7	1.5	1.1	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	91.0	77.3	77.2	85.7	87.0
Increase/(Decrease) in Receivables	-3.9	2.2	5.0	-0.4	0.0
Increase/(Decrease) in Inventory	—	0.0	0.4	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.1	-3.5	-2.7	0.3	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	2.0	2.6	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-3.7	-1.5	-1.1	0.0
Corporate Income Tax Paid	-10.2	-7.9	-7.2	-6.1	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	49.7	66.4	73.7	79.0	96.5
Payments for Fixed Assets and Other Long-term Assets	-1.9	0.0	-0.3	-3.7	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	-76.5	-148.3	-137.5	-122.7	-88.3
Receipts from Loan Repayments and Sale of Debt Instruments	305.1	45.4	75.4	31.1	63.0
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	27.9	29.1	25.0	17.5	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	254.5	-73.7	-37.3	-77.2	-18.0
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	—	97.1	22.5	18.2	14.3
Repayment of Borrowings	-40.3	-40.7	-22.0	-20.6	-24.2
Repayment of Finance Leases	-0.7	-0.6	0.0	0.0	0.0
Dividends Paid	-257.4	-36.5	-36.2	-0.8	-72.9
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	-298.4	19.2	-35.7	-3.2	-82.9
Net Cash Flow During the Period	5.8	11.8	0.7	-1.4	3.3
Cash and Cash Equivalents at Beginning of Period	15.8	4.0	3.2	4.6	9.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	21.6	15.8	4.0	3.2	4.6

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
Revenue	37.5	34.9	33.6	22.1	31.2	31.2	23.9	24.5	34.6	25.5	26.5	24.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	37.5	34.9	33.6	22.1	31.2	31.2	23.9	24.5	34.6	25.5	26.5	24.3
Cost of Goods Sold	13.5	13.8	11.6	8.7	12.5	13.6	10.5	9.4	14.4	12.1	11.4	9.5
Gross Profit	24.0	21.1	22.0	13.4	18.6	17.6	13.4	15.1	20.2	13.3	15.1	14.8
Financial Income	4.7	7.5	7.5	8.1	7.7	7.8	7.4	6.2	5.9	5.7	6.5	6.8
Financial Expenses	0.7	0.9	1.1	1.2	1.3	1.2	1.0	0.2	0.3	0.4	0.4	0.4
Interest Expense	0.7	0.6	1.1	1.2	1.3	1.2	1.0	0.2	0.3	0.4	0.4	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.8	1.6	1.5	1.4	1.7	1.5	1.6	1.4	1.7	1.3	1.5	1.3
Operating Profit	26.2	26.0	26.8	19.0	23.3	22.7	18.2	19.7	24.2	17.4	19.7	19.9
Other Income	0.1	—	—	—	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.2	0.2	0.0	1.4	0.1	0.3	0.0	0.0	0.1	0.0
Other Profit	0.0	-0.0	-0.2	-0.2	-0.0	-1.1	-0.1	-0.3	-0.0	-0.0	-0.1	-0.0
Profit Before Tax	26.3	26.0	26.6	18.8	23.3	21.6	18.1	19.4	24.2	17.3	19.6	19.9
Current Income Tax Expense	5.2	5.2	5.3	3.8	2.3	2.3	2.0	1.9	2.1	1.7	1.4	2.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	21.1	20.8	21.4	14.9	21.0	19.3	16.2	17.5	22.1	15.6	18.1	17.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	21.1	20.8	21.4	14.9	21.0	19.3	16.2	17.5	22.1	15.6	18.1	17.3
Earnings per Share	1,135.00	1,121.00	1,149.00	804.00	1,129.00	1,041.00	869.00	942.00	1,187.00	840.00	977.00	931.00
Diluted EPS	1,135.00	1,121.00	1,149.00	804.00	3,993.00	1,041.00	869.00	942.00	1,187.00	840.00	977.00	931.00

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)	273.3	436.6	417.9	466.5	493.9	459.6	50.3	398.0	380.1	348.3	364.4	339.6
I. Cash and cash equivalents	21.5	16.6	16.7	3.6	16.0	3.7	2.7	6.7	4.0	6.3	1.9	2.5
1. Cash	21.5	16.6	16.7	3.6	16.0	3.7	2.7	6.7	4.0	6.3	1.9	2.5
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	251.9	420.0	401.1	462.7	477.9	455.9	47.6	391.3	375.7	341.3	362.1	336.7
1. Short-term trade accounts receivable	14.1	13.0	17.6	8.3	11.9	12.4	9.8	7.9	12.0	10.2	13.5	10.1
2. Short-term prepayments to suppliers	7.7	7.7	7.7	7.7	9.7	9.7	10.5	10.5	10.8	10.7	10.8	10.9
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	228.3	397.9	373.7	444.9	455.1	432.2	26.3	371.9	352.2	319.4	336.4	313.9
6. Other short-term receivables	1.7	1.5	2.1	1.9	1.3	1.6	1.0	1.0	0.7	1.1	1.5	1.9
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.7	0.4	0.4
1. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.7	0.4	0.4
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	0.0	0.0	0.0	0.2	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	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	—	0.2	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)	107.5	109.3	114.5	120.1	125.5	131.3	576.8	142.7	148.6	154.5	160.2	166.1
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	99.2	102.4	107.4	112.6	117.8	123.1	128.3	133.5	138.8	144.0	149.2	154.4
1. Tangible fixed assets	97.3	100.2	105.2	110.3	115.4	120.5	125.6	130.7	135.9	140.9	146.0	151.2
- Cost	—	—	—	—	472.6	472.6	472.6	472.6	472.6	472.6	472.6	472.6
- Accumulated depreciation	—	—	—	—	-357.2	-352.1	-347.0	-341.9	-336.8	-331.7	-326.6	-321.5
2. Financial leased fixed assets	2.0	2.2	2.2	2.3	2.4	2.6	2.7	2.8	2.9	3.0	3.2	3.3
- 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
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	7.9	6.5	6.8	7.1	7.4	7.9	448.2	8.8	9.5	10.2	10.7	11.3
1. Long-term prepayments	7.9	6.5	6.8	7.1	7.4	7.9	8.2	8.8	9.5	10.2	10.7	11.3
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	440.0	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)	380.8	545.9	532.4	586.6	619.5	590.8	627.1	540.7	528.7	502.7	524.6	505.7
A. LIABILITIES (300=210+330)	92.0	93.1	97.8	96.9	141.4	133.7	151.7	81.4	86.0	81.8	119.3	116.7
I. Short -term liabilities	77.6	71.2	70.0	62.9	80.2	82.6	100.7	80.3	83.5	78.6	115.5	113.3
1. Short-term trade accounts payable	12.0	11.0	10.4	10.1	37.8	39.1	37.8	38.1	39.0	38.3	38.1	37.8
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	21.3	17.3	11.4	5.4	11.0	7.9	6.0	10.3	10.5	7.8	8.5	7.6
4. Payable to employees	1.9	0.7	0.6	0.6	1.5	0.6	0.6	0.6	2.0	0.7	0.7	0.6
5. Short-term acrrued expenses	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
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	0.0	0.0
9. Other short-term payables	4.9	2.2	3.3	0.6	0.7	1.9	12.0	1.4	1.9	1.6	37.9	37.9
10. Short-term borrowings and financial leases	12.9	15.5	19.8	23.9	6.9	10.8	24.2	9.8	9.9	10.0	10.0	11.4
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	16.9	16.9	16.9	14.8	14.8	14.8	12.7	12.7	12.7	12.7	12.7	10.4
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	14.4	21.9	27.8	34.0	61.2	51.0	51.0	1.1	2.5	3.2	3.8	3.5
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	0.5
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	14.4	21.9	27.8	34.0	61.2	51.0	51.0	1.1	2.5	3.2	3.8	3.0
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)	288.8	452.8	434.5	489.7	478.1	457.1	475.4	459.3	442.7	421.0	405.4	389.0
I. Owner's equity	288.8	452.8	434.5	489.7	478.1	457.1	475.4	459.3	442.7	421.0	405.4	389.0
1. Owner's capital	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8
- Common stock with voting right	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8
- 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	—	—	—	—	0.0	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	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9
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	81.5	245.5	227.3	282.4	270.8	249.9	268.2	252.0	235.4	213.7	198.1	181.7
- Accumulated retained earning at the end of the previous period	56.5	189.0	191.0	267.4	171.6	171.6	209.5	209.5	142.1	142.1	142.1	144.4
- Undistributed earnings in this period	25.0	56.5	36.3	14.9	99.2	78.2	58.6	42.5	93.3	71.5	55.9	37.3
12. Reserves for investment in construction	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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)	380.8	545.9	532.4	586.6	619.5	590.8	627.1	540.7	528.7	502.7	524.6	505.7

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
Profit Before Tax	25.3	26.1	25.9	18.8	23.3	21.6	18.2	19.4	22.4	17.8	20.0	19.9
Depreciation of Fixed Assets and Investment Property	3.4	5.2	5.0	5.2	5.2	5.2	5.2	5.2	4.7	5.2	5.4	5.1
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	-4.8	-7.5	-7.5	-8.1	-7.7	-7.8	-7.4	-6.2	-5.9	-5.7	-6.5	-6.8
Interest Expense	1.1	0.6	1.1	1.2	1.3	1.2	1.0	0.2	0.3	0.4	0.5	0.4
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	25.0	24.4	24.5	17.0	22.2	20.3	17.1	18.7	21.4	17.7	19.4	18.6
Increase/(Decrease) in Receivables	-2.7	4.3	-8.6	3.1	0.9	-2.4	-1.9	3.7	-0.8	3.9	-2.9	4.8
Increase/(Decrease) in Inventory	—	—	0.0	—	0.0	-0.0	0.0	0.0	0.7	-0.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.2	4.6	2.0	-29.5	-0.6	3.9	0.7	-4.5	37.3	-34.7	-0.3	-5.1
Increase/(Decrease) in Prepaid Expenses	2.0	0.3	0.3	0.3	0.5	0.4	0.6	0.6	0.7	0.5	0.6	0.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-0.6	-1.1	-1.2	-1.3	-1.2	-1.0	-0.2	-0.3	-0.4	-0.5	-0.4
Corporate Income Tax Paid	0.0	0.5	-0.9	-9.9	0.0	-0.1	-6.8	-1.0	0.0	-1.9	-0.3	-5.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-2.3	—	-2.0	0.8	-0.8	0.4	-0.4	0.0	0.0	1.5	-1.5
Net Cash Flow from Operating Activities	24.2	29.3	18.2	-22.0	22.4	20.1	8.9	16.9	59.1	-15.1	17.6	12.1
Payments for Fixed Assets and Other Long-term Assets	-1.9	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.2	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-29.0	-5.8	-20.8	-21.0	-24.4	10.8	-92.9	-12.7	-62.0	-19.4	-30.0	-26.0
Receipts from Loan Repayments and Sale of Debt Instruments	177.2	4.7	82.2	41.0	11.9	34.0	2.2	0.0	-23.3	88.9	0.7	9.2
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	12.3	—	15.6	—	0.0	-13.7	13.7	0.0	25.0	-13.3	13.3	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	174.2	-16.7	77.0	20.0	-12.5	31.1	-76.9	-12.7	-60.6	56.4	-16.2	-16.9
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	—	—	—	—	17.3	-4.8	76.0	3.8	5.3	4.6	5.4	7.2
Repayment of Borrowings	-9.6	-10.6	-10.1	-10.1	-11.1	-13.7	-11.3	-5.3	-6.1	-5.4	-5.8	-4.6
Repayment of Finance Leases	-0.3	—	-0.2	-0.2	-0.6	0.3	-0.3	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-183.1	-2.6	-71.8	—	-3.2	-32.2	-0.3	0.0	0.0	-36.0	-0.2	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	-193.3	-12.8	-82.0	-10.2	2.4	-50.3	64.1	-1.5	-0.8	-36.9	-0.6	2.6
Net Cash Flow During the Period	5.1	-0.2	13.2	-12.2	12.3	1.0	-4.0	2.7	-2.3	4.4	0.8	-2.2
Cash and Cash Equivalents at Beginning of Period	16.6	16.7	3.6	15.8	4.0	4.0	4.0	4.0	3.2	3.2	3.2	4.6
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	21.6	16.6	16.7	3.6	16.0	3.7	2.7	6.7	4.0	6.3	1.9	2.5

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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