SSM

Chế tạo kết cấu Thép Vneco.SSM ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −3.99%, −5.00pp YoY

Price

5,200

Latest close

11 May 2026

P/E -2.72x

P/B 0.54x

EPS -1,910

BVPS 9,697

ROE -16.4%

ROA -6.3%

Profit Margin -4.0%

Asset Turnover 1.57x

Equity Mult. 2.61x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, SSM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 239bn
	                                
−34.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 10bn
	                                
−358.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    35.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	223.0	369.6	137.6	168.9	160.1
Growth	-40%	+169%	-19%	+5%	—
Net Income	-9.7	4.5	1.5	-9.2	-3.5
Net Margin	-4.34%	1.23%	1.08%	-5.47%	-2.19%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	29.3	85.3	78.4	46.4	13.0	48.4	234.2	71.0	38.9	46.6	26.6	25.4
Growth	-66%	+9%	+69%	+256%	-73%	-79%	+230%	+82%	-17%	+76%	+5%	—
Net Income	-1.1	-5.9	-1.4	-1.0	-1.1	-3.3	6.7	1.4	2.0	1.0	-0.4	-1.2
Net Margin	-3.86%	-6.95%	-1.85%	-2.25%	-8.48%	-6.87%	2.86%	2.03%	5.26%	2.16%	-1.42%	-4.92%

Drivers of SSM's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 16.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 0.7bn

Administrative expenses ↓ 0.0bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.0% = 1.0% × 2.34 × 2.55

2026Q1 -16.4% = -4.0% × 1.57 × 2.61

ROE fell from 6.0% to -16.4% — asset turnover weakened the most, though leverage still provided support.

Net margin: -4.0% -5.0pp Asset turnover: 1.57x -0.77x Leverage: 2.61x +0.06x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -3.99%, losing 5.0pp. The main pressure comes from Gross margin fell 3.5pp and SG&A / Revenue rose 0.9pp (with lingering pressure from Net financial result / Revenue fell 0.7pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -3.99% −5.0pp

Gross Margin 3.21% −3.5pp

SG&A / Revenue 5.92% +0.9pp

Non-core / Revenue -1.40% −0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.7pp, financial result still accounts for 35.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 2.33x −1.47x

Average Invested Capital 102.5bn +6.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.99x equity, net debt at 0.79x equity.

Inventory ended the period at 38.1bn, roughly 35.2% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 47.8 days versus the same period last year. The main moves came from DIO rose 39.5 days, DSO rose 15.4 days, and DPO rose 7.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 133.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +15.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 49.6 days +15.4 days

Inventory 133.1 days +39.5 days

Payables 49.6 days +7.1 days

Cash Conversion Cycle 133.1 days +47.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.79x and interest coverage only at -2.93x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.7% of debt, and total debt stands at 45.4bn.

Watchpoints

Interest coverage is thin

Interest coverage is -2.93x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.79x +0.06x

Interest Coverage -2.93x −4.44x

Cash / Debt 6.7% −7.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.63x +5.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -6.5bn in 2025, against investing cash flow of -2.3bn.

Post-investment cash flow was negative +8.8bn. Financing cash flow was positive +8.8bn.

CFO / net income was -0.63x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 6.0bn +27.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 5.0 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 35.0% of PBT and CFO / net income currently at -0.63x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -3.99% after a 5.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	223.0	369.6	137.6	168.9	160.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	223.0	369.6	137.6	168.9	160.1
Cost of Goods Sold	216.3	344.6	123.6	162.5	0.0
Gross Profit	6.8	25.0	14.0	6.3	7.8
Financial Income	0.0	0.0	0.1	0.1	0.1
Financial Expenses	3.0	3.3	2.1	2.2	-0.6
Interest Expense	3.1	2.5	2.1	2.2	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	4.5	8.3	3.9	3.2	-1.3
General and Administrative Expenses	9.2	10.5	6.5	10.3	-9.5
Operating Profit	-9.9	3.0	1.5	-9.3	-3.5
Other Income	0.6	1.6	0.0	0.0	0.0
Other Expenses	0.3	0.0	0.0	0.0	0.0
Other Profit	0.3	1.6	0.0	0.0	0.0
Profit Before Tax	-9.7	4.5	1.5	-9.2	-3.5
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-9.7	4.5	1.5	-9.2	-3.5
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-9.7	4.5	1.5	-9.2	-3.5
Earnings per Share	-1,957.00	920.00	300.00	-1,866.00	-709.00
Diluted EPS	-1,760.09	827.00	270.17	-1,679.33	-637.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	84.0	96.6	122.1	85.5	134.2
I. Cash and cash equivalents	3.8	3.9	3.0	7.8	8.3
1. Cash	3.8	3.9	3.0	3.8	0.0
2. Cash equivalents	—	0.0	0.0	4.0	0.0
II. Short-term financial investments	0.1	0.1	0.1	0.1	0.0
1. Available for sale securities	0.1	0.1	0.1	0.1	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.0	-0.1	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	40.0	36.1	43.9	12.4	60.2
1. Short-term trade accounts receivable	38.5	33.7	39.5	9.9	0.0
2. Short-term prepayments to suppliers	0.3	0.2	0.8	0.5	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	1.7	2.7	3.5	2.0	0.0
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	38.1	55.2	72.0	62.3	63.4
1. Inventories	38.3	55.3	72.1	62.6	0.0
2. Provision for decline in value of inventories	-0.1	-0.1	-0.1	-0.3	0.0
V. Other short-term assets	2.0	1.4	3.1	2.8	2.3
1. Short-term prepayments	0.6	0.3	0.2	0.3	0.0
2. Value added tax to be reclaimed	0.9	0.7	2.4	2.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.5	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)	24.2	22.3	21.6	15.4	17.3
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	20.2	21.9	20.7	13.2	15.8
1. Tangible fixed assets	18.0	19.7	18.5	11.0	13.5
- Cost	97.6	97.8	94.3	84.5	0.0
- Accumulated depreciation	-79.6	-78.1	-75.8	-73.6	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	2.2	2.2	2.2	2.3	2.3
- Cost	2.4	2.4	2.4	2.4	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	1.8	0.0	0.0	1.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.8	0.0	0.0	1.6	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	2.2	0.4	0.9	0.5	0.0
1. Long-term prepayments	2.2	0.4	0.9	0.5	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	1.5
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)	108.2	118.9	143.7	100.8	151.5
A. LIABILITIES (300=210+330)	53.7	54.8	84.1	42.7	84.0
I. Short -term liabilities	53.7	54.8	84.1	42.7	84.0
1. Short-term trade accounts payable	9.1	14.9	47.0	14.5	37.3
2. Short-term advances from customers	6.0	7.8	8.0	5.3	3.0
3. Taxes and other payables to state authorities	—	0.0	0.0	0.0	0.0
4. Payable to employees	0.9	1.0	0.6	0.9	0.0
5. Short-term acrrued expenses	0.3	1.0	1.5	1.2	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	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	37.5	28.7	26.9	20.7	40.6
11. Provision for short-term liabilities	—	1.3	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
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)	54.5	64.2	59.6	58.1	67.5
I. Owner's equity	54.5	64.2	59.6	58.1	0.0
1. Owner's capital	55.0	55.0	55.0	55.0	67.5
- Common stock with voting right	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	10.1	10.1	10.1	10.1	10.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	19.4	19.4	19.4	15.6	15.6
5. Treasury shares	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	0.00
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	—	0.0	0.0	3.8	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	-23.9	-14.2	-18.8	-20.2	-10.9
- Accumulated retained earning at the end of the previous period	-14.2	-18.8	-20.2	-11.0	-7.5
- Undistributed earnings in this period	-9.7	4.5	1.5	-9.2	-3.4
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)	108.2	118.9	143.7	100.8	151.5

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	0.0
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	—	0.0	0.0	0.0	0.0
Other Operating Receipts	0.6	3.8	0.4	0.5	0.0
Other Operating Payments	-11.5	-12.8	-9.4	-11.7	0.0
Net Cash Flow from Operating Activities	-6.5	2.6	-1.4	19.3	-19.5
Payments for Fixed Assets and Other Long-term Assets	-2.4	-3.5	-9.7	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	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	0.1	0.1	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	-2.3	-3.5	-9.6	0.1	0.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	208.3	291.5	109.6	171.8	116.7
Repayment of Borrowings	-199.5	-289.7	-103.4	-191.7	-90.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	8.8	1.9	6.2	-20.0	26.3
Net Cash Flow During the Period	-0.0	0.9	-4.8	-0.5	1.9
Cash and Cash Equivalents at Beginning of Period	3.9	3.0	7.8	8.3	1.4
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	3.8	3.9	3.0	7.8	8.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	29.3	85.3	78.4	46.4	13.0	48.4	234.2	71.0	38.9	46.6	26.6	25.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	29.3	85.3	78.4	46.4	13.0	48.4	234.2	71.0	38.9	46.6	26.6	25.4
Cost of Goods Sold	27.1	87.3	74.0	43.2	11.5	48.1	218.2	64.3	33.1	41.8	24.4	24.4
Gross Profit	2.3	-2.1	4.3	3.2	1.5	0.3	16.0	6.7	5.9	4.8	2.2	1.0
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.7	0.8	0.9	0.9	0.4	0.5	1.0	0.5	0.4	0.5	0.7	0.6
Interest Expense	0.7	0.8	1.0	0.9	0.4	0.5	1.0	0.5	0.4	0.5	0.7	0.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.5	0.6	2.4	1.5	—	0.5	5.8	2.0	1.2	1.9	0.3	0.5
General and Administrative Expenses	2.2	2.7	2.4	1.8	2.2	2.7	2.6	2.7	2.2	1.5	1.7	1.2
Operating Profit	-1.1	-6.2	-1.4	-1.0	-1.1	-3.3	6.7	1.4	2.0	1.0	-0.4	-1.2
Other Income	—	0.5	0.1	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.3	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0
Profit Before Tax	-1.1	-5.9	-1.4	-1.0	-1.1	-3.3	6.7	1.4	2.0	1.0	-0.4	-1.2
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.1	-5.9	-1.4	-1.0	-1.1	-3.3	6.7	1.4	2.0	1.0	-0.4	-1.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.1	-5.9	-1.4	-1.0	-1.1	-3.3	6.7	1.4	2.0	1.0	-0.4	-1.2
Earnings per Share	-229.00	-1,198.00	-293.00	-189.73	-200.75	-604.90	1,216.80	261.42	414.00	203.00	-76.00	-226.80
Diluted EPS	-206.06	-1,077.10	-263.32	-211.00	-200.75	-673.00	1,353.00	291.00	372.37	182.92	-68.79	-252.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	110.8	83.6	136.4	149.1	147.4	111.0	235.5	175.4	121.0	81.0	79.4	86.7
I. Cash and cash equivalents	3.0	3.8	5.4	7.1	7.4	3.3	62.6	13.2	3.0	2.1	11.7	3.7
1. Cash	3.0	3.8	5.4	7.1	7.4	3.3	62.6	10.5	3.0	2.1	5.7	3.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	2.7	0.0	0.0	6.0	0.0
II. Short-term financial investments	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. Available for sale securities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Provision for diminution in value of available for sale securities (*)	-0.0	-0.0	—	-0.1	-0.1	-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
III. Short-term receivables	37.4	43.5	36.8	11.7	31.0	57.8	110.3	54.7	42.4	34.8	19.9	32.9
1. Short-term trade accounts receivable	35.9	38.5	32.8	9.5	29.1	54.1	106.9	48.3	39.5	30.8	17.8	30.3
2. Short-term prepayments to suppliers	0.3	3.9	2.1	0.2	0.2	0.9	0.2	2.1	0.8	0.4	0.2	0.8
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.8	1.7	2.5	2.6	2.3	2.9	3.2	4.3	2.0	3.6	1.8	1.8
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6	-0.6	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
IV. Inventories	65.5	34.5	89.1	122.5	103.2	48.7	61.3	101.6	72.0	42.4	46.2	48.7
1. Inventories	65.6	34.7	89.2	122.6	103.4	48.9	61.4	101.7	72.1	42.5	46.4	48.9
2. Provision for decline in value of inventories	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.3
V. Other short-term assets	4.8	1.6	4.9	7.7	5.6	1.0	1.2	5.8	3.5	1.5	1.3	1.2
1. Short-term prepayments	0.3	0.2	0.2	0.2	0.2	0.5	0.7	0.3	0.6	0.5	0.7	0.2
2. Value added tax to be reclaimed	4.0	0.9	4.2	7.0	4.9	0.0	0.0	5.0	2.4	0.6	0.1	0.5
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
4. Government bonds	—	—	—	—	—	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)	23.2	24.7	24.1	25.1	22.6	22.7	23.3	22.2	22.0	22.0	20.3	17.1
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.8	0.5	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	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	0.8	0.5	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
II. Fixed assets	19.7	20.2	20.6	20.9	21.6	22.4	23.0	21.8	20.7	13.3	13.8	14.0
1. Tangible fixed assets	17.5	18.0	18.4	18.7	19.3	20.2	20.8	19.6	18.5	11.0	11.5	11.8
- Cost	97.6	—	—	—	—	97.8	97.8	95.9	94.3	86.3	86.3	85.9
- Accumulated depreciation	-80.0	—	—	—	—	-77.6	-77.0	-76.4	-75.8	-75.2	-74.7	-74.2
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
- Cost	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	1.8	1.8	—	—	—	0.0	0.0	0.0	0.0	7.9	6.1	2.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.8	1.8	—	—	—	0.0	0.0	0.0	0.0	7.9	6.1	2.5
V. Long-term financial investments	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	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
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.7	2.7	3.4	4.2	1.1	0.3	0.3	0.4	0.5	0.3	0.4	0.5
1. Long-term prepayments	1.7	2.7	3.4	4.2	1.1	0.3	0.3	0.4	0.5	0.3	0.4	0.5
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	134.1	108.4	160.5	174.2	170.0	133.6	258.8	197.6	143.0	103.1	99.7	103.7
A. LIABILITIES (300=210+330)	80.7	53.7	99.9	112.2	106.9	69.2	191.1	136.6	83.4	45.5	43.2	46.9
I. Short -term liabilities	80.7	53.7	99.9	112.2	106.9	69.2	191.1	136.6	83.4	45.5	43.2	46.9
1. Short-term trade accounts payable	30.3	9.1	25.3	29.6	32.7	15.7	98.3	75.9	47.0	19.3	15.6	17.1
2. Short-term advances from customers	4.3	6.0	10.1	10.9	16.6	2.0	0.8	21.9	8.0	4.6	1.2	3.2
3. Taxes and other payables to state authorities	—	—	—	—	—	1.4	1.6	0.4	0.0	1.2	0.0	0.0
4. Payable to employees	0.6	0.9	1.0	1.4	1.7	1.3	2.4	1.1	0.0	0.0	-1.2	-0.9
5. Short-term acrrued expenses	0.1	0.3	0.4	1.0	0.9	2.1	1.9	1.4	1.5	2.5	1.4	1.2
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	45.4	37.5	61.8	68.1	53.7	45.2	84.5	35.9	26.9	18.0	26.2	26.3
11. Provision for short-term liabilities	—	—	1.3	1.3	1.3	1.3	1.6	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	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
4. Inter-company payables on business capital	—	—	—	—	—	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
6. Long-term unearned revenue	—	—	—	—	—	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
8. Long-term borrowings and financial leases	—	—	—	—	—	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
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	53.3	54.7	60.6	62.0	63.1	64.4	67.7	61.0	59.6	57.5	56.5	56.9
I. Owner's equity	53.3	54.7	60.6	62.0	63.1	64.4	67.7	61.0	59.6	57.5	56.5	56.9
1. Owner's capital	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0	55.0
- Common stock with voting right	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00	55,010,240,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	17.0	17.0	17.0
5. Treasury shares	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00	-6,168,057,201.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	2.4	2.4	2.4
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	-25.0	-23.7	-17.8	-16.4	-15.3	-14.0	-10.6	-17.3	-18.8	-20.9	-21.9	-21.5
- Accumulated retained earning at the end of the previous period	-23.9	-14.2	-14.2	-14.2	-14.2	-18.8	-18.8	-18.8	-20.2	-20.2	-20.2	-20.2
- Undistributed earnings in this period	-1.1	-9.5	-3.6	-2.1	-1.1	4.8	8.1	1.4	1.5	-0.6	-1.6	-1.2
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	134.1	108.4	160.5	174.2	170.0	133.6	258.8	197.6	143.0	103.1	99.7	103.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	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
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	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
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	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
Interest Expense	—	—	—	—	—	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
Interest Income and Dividends	—	—	—	—	—	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
Other Adjustments	—	—	—	—	—	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
Increase/(Decrease) in Receivables	—	—	—	—	—	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
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	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
Changes in Trading Securities	—	—	—	—	—	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
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	—	—	—	—	-2.8	2.8	0.0	0.4	-0.1	0.2	0.0
Other Operating Payments	-3.3	-3.2	-1.2	-4.2	-2.9	8.7	-8.5	-0.2	-9.3	2.9	-2.9	-0.0
Net Cash Flow from Operating Activities	-8.7	24.5	4.9	-14.6	-21.2	-5.6	2.7	2.8	-4.1	-0.2	10.0	-7.1
Payments for Fixed Assets and Other Long-term Assets	—	-1.8	-0.3	0.0	-0.3	3.5	-1.9	-1.7	-8.0	2.8	-5.9	1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	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
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	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
Proceeds from Investments in Other Entities	—	—	—	—	—	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
Acquisition of Non-controlling Interests	—	—	—	—	—	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
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	-1.7	-0.3	0.0	-0.3	3.5	-1.9	-1.7	-8.0	2.8	-5.9	1.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	36.4	51.4	46.9	67.9	42.1	-213.8	158.4	55.4	40.2	31.3	26.2	11.8
Repayment of Borrowings	-28.5	-75.8	-53.1	-53.6	-17.1	156.2	-109.9	-46.3	-31.3	-39.6	-26.3	-6.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	7.9	-24.3	-6.3	14.4	25.0	-57.6	48.5	9.1	8.9	-8.3	-0.0	5.6
Net Cash Flow During the Period	-0.8	-1.6	-1.7	-0.3	3.5	-59.7	49.4	10.2	-3.2	-5.6	4.1	-0.1
Cash and Cash Equivalents at Beginning of Period	3.8	5.4	7.1	7.4	3.9	0.0	3.0	3.0	7.8	3.8	7.8	3.8
FX Difference from Revaluation	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	3.0	3.8	5.4	7.1	7.4	0.0	62.6	13.2	3.0	2.1	11.7	3.7

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SSM

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Balance Sheet ●

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Cash Flow ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow