STH

Phát hành Sách Thái Nguyên ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 23.56%, +21.08pp YoY

Price

20,900

Latest close

02 Jun 2026

P/E 5.82x

P/B 0.94x

EPS 3,593

BVPS 22,316

ROE 22.1%

ROA 8.3%

Profit Margin 23.2%

Asset Turnover 0.36x

Equity Mult. 2.66x

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

What Is Changing

On a TTM 2026Q1 basis, STH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 302bn
	                                
+909.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 71bn
	                                
+9468.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	289.0	27.3	25.7	30.3	27.0
Growth	+957%	+6%	-15%	+12%	—
Net Income	70.4	1.3	1.8	3.4	1.3
Net Margin	24.35%	4.68%	6.93%	11.07%	4.90%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	20.1	247.4	20.0	14.0	7.5	9.5	7.9	4.9	5.0	6.9	6.1	7.5
Growth	-92%	+1138%	+43%	+86%	-21%	+19%	+61%	-1%	-28%	+14%	-19%	—
Net Income	-1.5	70.4	0.6	1.5	0.0	-0.5	0.6	0.7	0.5	-1.5	-1.1	3.8
Net Margin	-7.22%	28.47%	2.97%	10.53%	0.47%	-5.39%	7.08%	13.28%	9.46%	-21.49%	-18.22%	51.30%

Drivers of STH's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 124.5bn

Financial income ↑ 10.9bn

Administrative expenses ↑ 24.0bn

Selling expenses ↑ 19.0bn

TTM

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

Gross profit ↑ 7.2bn

Financial income ↑ 3.1bn

Administrative expenses ↑ 8.8bn

Selling expenses ↑ 2.8bn

Finance costs ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.4% = 2.5% × 0.14 × 1.06

2026Q1 22.4% = 23.6% × 0.36 × 2.66

ROE rose from 0.4% to 22.4% — all three components improved, with leverage contributing the most.

Net margin: 23.6% +21.1pp Asset turnover: 0.36x +0.22x Leverage: 2.66x +1.60x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 23.56%, rising 21.1pp. The main driver is Gross margin rose 18.1pp and SG&A / Revenue fell 14.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 2.7pp and Other profit / Revenue fell 2.6pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 23.56% +21.1pp

Gross Margin 43.84% +18.1pp

SG&A / Revenue 17.35% −14.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 12.37%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 12.37% —

NOPAT Margin 23.16% —

Capital Turnover 0.53x +0.39x

Average Invested Capital 564.8bn +363.3bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.12x equity, net debt at 1.13x equity.

Over the last 12 months, working capital released 3.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +25.1bn

Inventories decreased → higher CFO: +13.1bn

Payables decreased → lower CFO: −34.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 247.8 days versus the same period last year. The main moves came from DIO rose 223.4 days, DSO fell 10.3 days, and DPO fell 34.7 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 483.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +223.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 25.4 days −10.3 days

Inventory 467.8 days +223.4 days

Payables 9.7 days −34.7 days

Cash Conversion Cycle 483.5 days +247.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 129.5bn due to capex of 220.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.13x and interest coverage only at 19.38x.

At present, short-term debt accounts for 45.7% of total debt, cash equals 15.1% of debt, and total debt stands at 581.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.13x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 15.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.13x +1.13x

Interest Coverage 19.38x +19.73x

Cash / Debt 15.1% −61.9pp

Short-term Debt / Total Debt 45.7% −54.3pp

CFO / NI 1.30x +1.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 261.0bn in 2025, against investing cash flow of -337.4bn.

Post-investment cash flow was negative +76.3bn. Financing cash flow was positive +77.0bn.

CFO / net income was 1.30x.

After spending +220.7bn on fixed-asset investment, the business generated trailing free cash flow of −129.5bn.

Cash Conversion

CFO TTM 91.2bn +91.3bn

Cash Capex 220.7bn —

FCF TTM −129.5bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 19.38x. The main offsetting support comes from operating efficiency, with net margin improving 21.1 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 23.56% after expanding 21.1pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.13x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	296.4	27.3	25.7	30.3	27.2
Revenue Deductions	7.4	0.0	0.0	0.0	0.0
Net Revenue	289.0	27.3	25.7	30.3	27.0
Cost of Goods Sold	164.2	19.9	15.9	21.8	0.0
Gross Profit	124.8	7.4	9.8	8.5	10.7
Financial Income	9.6	2.5	5.2	4.1	0.2
Financial Expenses	3.7	-0.4	1.1	0.4	-0.4
Interest Expense	2.2	0.5	0.6	0.4	-0.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	20.8	4.7	5.8	3.5	-3.3
General and Administrative Expenses	21.9	4.9	6.0	6.3	-5.6
Operating Profit	88.0	0.7	2.1	2.4	1.7
Other Income	0.8	0.5	0.1	1.0	0.0
Other Expenses	0.3	0.0	0.4	0.0	0.0
Other Profit	0.5	0.5	-0.3	1.0	0.0
Profit Before Tax	88.5	1.3	1.8	3.4	1.7
Current Income Tax Expense	18.2	0.0	0.0	0.0	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	70.4	1.3	1.8	3.4	1.3
Non-controlling Interest	32.5	0.0	0.0	1.4	-0.0
Profit Attributable to Parent	37.9	1.3	1.8	1.9	1.3
Earnings per Share	1,943.00	66.00	91.00	99.00	16.73
Diluted EPS	1,943.00	66.00	91.00	99.00	67.80

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	615.9	174.4	173.4	217.2	50.4
I. Cash and cash equivalents	7.4	6.8	2.6	11.9	7.0
1. Cash	6.4	6.7	2.6	11.9	0.0
2. Cash equivalents	1.0	0.1	0.0	0.0	0.0
II. Short-term financial investments	401.3	9.8	11.6	6.8	0.0
1. Available for sale securities	—	10.0	13.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-0.2	-1.4	0.0	0.0
3. Held to maturity investments	401.3	0.0	0.0	6.8	0.0
III. Short-term receivables	205.7	140.8	144.9	187.1	29.2
1. Short-term trade accounts receivable	46.4	0.7	1.4	6.6	0.0
2. Short-term prepayments to suppliers	106.1	0.2	0.0	0.1	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	20.1	0.0	1.8	33.8	0.0
6. Other short-term receivables	33.2	139.9	141.7	146.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.5	16.5	13.9	9.4	13.5
1. Inventories	0.5	16.5	13.9	9.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.0	0.4	0.3	1.9	0.7
1. Short-term prepayments	0.5	0.0	0.1	1.3	0.0
2. Value added tax to be reclaimed	0.4	0.1	0.0	0.4	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	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)	771.7	39.5	38.3	87.6	198.4
I. Long-term receivables	—	3.6	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	180.8
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	—	3.6	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	209.4	11.4	12.8	39.6	9.4
1. Tangible fixed assets	185.0	10.9	12.2	39.3	9.4
- Cost	198.2	21.3	22.0	58.1	0.0
- Accumulated depreciation	-13.2	-10.4	-9.8	-18.8	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	24.4	0.5	0.6	0.3	0.0
- Cost	25.0	0.8	0.8	0.5	0.0
- Accumulated depreciation	-0.6	-0.3	-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	476.6	3.6	3.6	14.7	0.0
1. Long-term production in progress	—	3.4	3.4	3.8	0.0
2. Construction in progress	476.6	0.2	0.2	10.9	0.0
V. Long-term financial investments	—	20.0	20.0	20.0	3.0
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	—	20.0	20.0	20.0	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	85.7	0.8	1.9	13.3	0.0
1. Long-term prepayments	2.3	0.8	1.9	3.2	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	5.2
5. Goodwill	83.4	0.0	0.0	10.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,387.6	213.9	211.7	304.8	248.8
A. LIABILITIES (300=210+330)	942.9	14.7	13.8	68.4	48.6
I. Short -term liabilities	628.8	14.6	13.7	30.0	48.5
1. Short-term trade accounts payable	19.2	1.4	1.9	24.3	1.4
2. Short-term advances from customers	104.1	0.3	0.1	0.1	0.1
3. Taxes and other payables to state authorities	49.3	0.0	0.1	0.0	0.0
4. Payable to employees	4.8	0.4	0.7	0.4	0.0
5. Short-term acrrued expenses	2.6	0.2	1.1	0.0	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	40.3	0.3	0.2	0.4	2.9
9. Other short-term payables	133.0	0.3	0.2	0.2	0.0
10. Short-term borrowings and financial leases	275.4	11.6	9.3	4.5	43.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	314.2	0.1	0.1	38.4	0.1
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	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	314.1	0.0	0.0	38.3	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)	444.6	199.2	197.9	236.4	200.2
I. Owner's equity	444.6	199.2	197.9	236.4	0.0
1. Owner's capital	195.0	195.0	195.0	195.0	200.2
- Common stock with voting right	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	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	0.2	0.2	0.2	0.2	0.2
5. Treasury shares	—	0.00	0.00	0.00	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	0.5	0.5	0.5	0.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	41.4	3.5	2.2	6.1	4.5
- Accumulated retained earning at the end of the previous period	3.5	2.2	0.4	4.1	3.1
- Undistributed earnings in this period	37.9	1.3	1.8	1.9	1.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	207.5	0.0	0.0	34.6	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)	1,387.6	213.9	211.7	304.8	248.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	88.5	1.3	1.8	3.4	0.0
Depreciation of Fixed Assets and Investment Property	5.6	1.4	1.5	2.1	0.0
Provision (Increase)/Reversal	-0.2	-1.2	-3.1	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.9	-0.7	-4.6	-4.2	0.0
Interest Expense	2.2	0.5	0.6	0.4	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	88.3	1.3	-3.8	1.7	0.0
Increase/(Decrease) in Receivables	287.6	2.0	6.1	32.3	0.0
Increase/(Decrease) in Inventory	16.0	-2.6	-4.5	0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-137.2	-1.5	1.3	48.3	0.0
Increase/(Decrease) in Prepaid Expenses	-1.9	1.1	1.5	0.6	0.0
Changes in Trading Securities	8.6	3.0	-13.0	0.0	0.0
Interest Paid	-0.4	-0.4	-0.6	-0.4	0.0
Corporate Income Tax Paid	—	0.0	0.0	-0.5	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	261.0	2.9	-13.0	82.3	-25.1
Payments for Fixed Assets and Other Long-term Assets	-198.4	0.0	-0.4	-6.1	-3.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.6	0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-171.3	-3.6	-1.8	-88.8	-10.8
Receipts from Loan Repayments and Sale of Debt Instruments	3.6	1.8	10.0	68.7	8.1
Investments in Other Entities	3.9	0.0	0.0	-51.4	0.0
Proceeds from Investments in Other Entities	24.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.3	0.7	0.6	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	-337.4	-1.0	8.7	-77.0	-5.7
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	152.2	22.3	17.4	14.1	52.7
Repayment of Borrowings	-75.2	-20.0	-14.9	-14.4	-19.8
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	77.0	2.3	2.5	-0.3	32.8
Net Cash Flow During the Period	0.6	4.2	-1.8	4.9	5.1
Cash and Cash Equivalents at Beginning of Period	6.8	2.6	4.4	7.0	4.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.4	6.8	2.6	11.9	7.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	25.7	254.8	20.0	14.0	7.5	9.5	7.9	4.9	5.0	6.9	6.1	7.5
Revenue Deductions	5.6	7.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	20.1	247.4	20.0	14.0	7.5	9.5	7.9	4.9	5.0	6.9	6.1	7.5
Cost of Goods Sold	11.0	132.0	14.5	11.9	5.6	7.3	5.9	3.5	3.3	5.2	3.6	5.4
Gross Profit	9.1	115.5	5.5	2.1	1.9	2.2	2.0	1.5	1.7	1.7	2.4	2.0
Financial Income	3.4	5.2	0.0	4.1	0.3	0.1	0.1	1.4	1.0	0.1	0.1	4.8
Financial Expenses	0.8	2.0	0.0	1.7	0.0	0.5	-0.5	0.2	-0.1	0.6	0.8	-1.3
Interest Expense	0.8	2.0	0.0	1.7	0.0	-0.2	0.0	0.2	-0.1	0.6	0.1	-1.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.9	15.8	2.6	1.3	1.1	1.2	1.3	1.0	1.0	1.3	0.7	1.6
General and Administrative Expenses	9.9	15.2	2.3	1.4	1.1	1.1	1.0	1.5	1.3	1.4	2.1	1.8
Operating Profit	-2.1	87.8	0.6	1.8	0.0	-0.5	0.3	0.2	0.4	-1.5	-1.2	4.7
Other Income	0.5	0.3	0.2	0.0	0.0	0.0	0.3	0.5	0.0	-0.3	0.0	0.1
Other Expenses	0.7	-0.1	0.2	0.0	—	0.0	0.0	0.0	0.0	-0.3	-0.1	0.0
Other Profit	-0.2	0.5	-0.0	0.0	0.0	0.0	0.3	0.5	0.0	0.0	0.1	0.1
Profit Before Tax	-2.3	88.3	0.6	1.8	0.0	-0.5	0.6	0.7	0.5	-1.5	-1.1	4.8
Current Income Tax Expense	0.2	17.8	-0.0	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	1.0
Deferred Income Tax Expense	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.5	70.4	0.6	1.5	0.0	-0.5	0.6	0.7	0.5	-1.5	-1.1	3.8
Non-controlling Interest	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.5	70.4	0.6	1.5	0.0	-0.5	0.6	0.7	0.5	-1.5	-1.1	3.8
Earnings per Share	-126.00	3,612.37	30.44	75.72	1.81	-26.19	28.81	33.65	24.16	-76.16	-56.71	196.64
Diluted EPS	-126.00	3,612.37	30.44	75.72	1.81	-26.19	28.81	33.65	24.16	-76.16	-56.71	196.64

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,111.0	615.9	723.7	195.8	172.1	177.4	177.5	174.0	174.6	173.2	177.7	160.2
I. Cash and cash equivalents	87.7	7.4	193.2	2.0	5.5	6.6	2.8	3.1	4.4	2.6	3.8	0.9
1. Cash	82.7	6.4	153.2	0.6	5.5	6.6	2.8	3.1	4.4	2.6	3.8	0.9
2. Cash equivalents	5.0	1.0	40.0	1.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	147.2	401.3	231.8	—	9.7	9.4	9.7	8.1	9.0	11.6	15.0	6.8
1. Available for sale securities	—	—	—	—	9.7	10.0	10.1	9.2	10.2	13.0	17.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	-0.1	-0.6	-0.3	-1.1	-1.1	-1.4	-2.0	0.0
3. Held to maturity investments	147.2	401.3	231.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.8
III. Short-term receivables	452.3	205.7	298.0	184.2	142.0	144.6	147.8	146.0	145.2	145.0	144.6	140.1
1. Short-term trade accounts receivable	39.2	46.4	7.0	4.7	2.8	0.8	2.7	2.4	3.0	1.4	2.3	1.9
2. Short-term prepayments to suppliers	100.4	106.1	160.6	44.1	0.0	0.2	0.0	0.1	0.0	0.2	0.4	0.3
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	—	20.1	—	—	—	3.7	3.7	3.1	1.8	1.8	1.8	1.8
6. Other short-term receivables	312.7	33.2	130.4	135.4	139.1	139.9	141.4	140.3	140.3	141.6	140.1	136.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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	419.7	0.5	0.2	9.6	14.4	16.5	16.9	16.7	15.3	13.9	13.9	12.3
1. Inventories	419.7	0.5	0.2	9.6	14.4	16.5	16.9	16.7	15.3	13.9	13.9	12.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.0	1.0	0.5	0.0	0.5	0.3	0.3	0.2	0.6	0.1	0.4	0.1
1. Short-term prepayments	1.2	0.5	0.5	0.0	0.3	0.0	0.0	0.0	0.3	0.1	0.2	0.1
2. Value added tax to be reclaimed	0.4	0.4	—	—	—	0.0	0.0	0.0	0.1	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	2.5	0.2	—	0.0	0.2	0.2	0.2	0.2	0.2	0.0	0.1	0.0
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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	367.5	771.7	786.9	11.0	39.2	36.1	36.6	36.9	37.6	38.6	39.3	54.9
I. Long-term receivables	—	—	—	—	3.6	0.0	0.0	0.0	0.0	0.4	0.4	0.4
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	—	—	—	—	3.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	206.8	209.4	216.2	10.6	11.1	11.7	12.0	12.1	12.4	12.8	13.2	13.2
1. Tangible fixed assets	182.6	185.0	192.4	10.1	10.6	11.2	11.5	11.5	11.8	12.2	12.5	12.9
- Cost	198.2	—	—	—	—	21.3	21.3	21.3	22.0	22.0	22.0	22.0
- Accumulated depreciation	-15.5	—	—	—	—	-10.1	-9.8	-9.8	-10.1	-9.8	-9.4	-9.1
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	24.2	24.4	23.8	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.3
- Cost	25.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	73.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	73.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.0	476.6	493.7	0.2	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
1. Long-term production in progress	—	—	—	—	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
2. Construction in progress	1.0	476.6	493.7	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
V. Long-term financial investments	—	—	—	—	20.0	20.0	20.0	20.0	20.0	20.0	20.0	35.2
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	—	—	—	—	20.0	20.0	20.0	20.0	20.0	20.0	20.0	36.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.4
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	86.5	85.7	77.0	0.2	0.8	0.8	0.9	1.2	1.5	1.8	2.1	2.6
1. Long-term prepayments	2.2	2.3	0.1	0.2	0.8	0.8	0.9	1.2	1.5	1.8	2.1	2.6
2. Deferred income tax assets	1.0	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	83.3	83.4	76.9	—	—	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)	1,478.5	1,387.6	1,510.6	206.8	211.3	213.6	214.1	210.9	212.1	211.8	217.0	215.1
A. LIABILITIES (300=210+330)	1,043.3	942.9	1,126.0	6.1	12.1	14.5	14.5	11.9	13.8	14.5	18.0	14.5
I. Short -term liabilities	563.5	628.8	785.1	6.1	12.0	14.4	14.5	11.9	13.7	10.8	13.0	12.2
1. Short-term trade accounts payable	6.9	19.2	35.8	0.3	2.1	1.4	4.9	2.1	3.3	2.1	3.9	1.8
2. Short-term advances from customers	139.2	104.1	260.3	0.2	0.3	0.3	0.4	0.4	0.7	0.1	0.1	0.0
3. Taxes and other payables to state authorities	1.1	49.3	28.1	0.8	0.4	0.0	0.1	0.1	0.1	0.1	0.0	0.2
4. Payable to employees	2.8	4.8	2.4	0.3	0.5	0.4	0.4	0.3	0.3	0.5	0.3	0.4
5. Short-term acrrued expenses	—	2.6	—	0.2	0.2	0.2	0.1	0.1	0.1	1.8	1.4	1.0
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	30.6	40.3	9.0	1.0	1.0	0.3	0.3	0.7	0.8	0.2	0.0	0.3
9. Other short-term payables	117.5	133.0	289.4	0.0	0.3	0.2	0.3	0.3	0.2	0.2	0.8	0.3
10. Short-term borrowings and financial leases	265.4	275.4	160.0	3.1	7.2	11.6	7.8	7.8	8.1	5.7	6.3	8.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	479.8	314.2	341.0	0.1	0.1	0.1	0.0	0.0	0.1	3.7	5.1	2.3
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	115.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	315.9	314.1	340.9	—	—	0.0	0.0	0.0	0.0	3.6	5.0	2.2
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	48.5	—	—	—	—	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)	435.2	444.6	384.6	200.7	199.2	199.1	199.6	199.0	198.4	197.4	199.0	200.6
I. Owner's equity	435.2	444.6	384.6	200.7	199.2	199.1	199.6	199.0	198.4	197.4	199.0	200.6
1. Owner's capital	195.0	195.0	195.0	195.0	195.0	195.0	195.0	195.0	195.0	195.0	195.0	195.0
- Common stock with voting right	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00	195,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	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
4. Other capital of owners	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	35.2	41.4	5.5	5.0	3.5	3.4	3.9	3.3	2.7	1.7	3.3	4.9
- Accumulated retained earning at the end of the previous period	37.6	3.5	3.5	3.5	3.5	2.2	2.2	2.2	2.2	0.4	0.4	0.4
- Undistributed earnings in this period	-2.5	37.9	2.1	1.5	0.0	1.2	1.7	1.1	0.5	1.2	2.9	4.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	204.3	207.5	183.3	—	—	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)	1,478.5	1,387.6	1,510.6	206.8	211.3	213.6	214.1	210.9	212.1	211.8	217.0	215.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-2.3	86.1	0.6	1.8	0.0	0.0	-1.1	0.7	0.5	1.8	-4.1	4.1
Depreciation of Fixed Assets and Investment Property	2.9	4.8	0.2	0.3	0.3	0.0	-0.7	0.3	0.4	1.5	-0.7	0.4
Provision (Increase)/Reversal	—	0.0	0.0	-0.1	-0.1	0.0	0.2	0.0	-0.3	-3.1	3.0	-3.0
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	-3.4	-5.3	1.5	-4.1	-0.1	0.0	0.5	-0.5	-0.0	-4.6	4.5	-3.9
Interest Expense	0.8	2.0	0.0	0.2	0.0	0.0	-0.2	0.1	0.1	0.6	-0.3	0.2
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	-1.9	87.6	2.3	-1.8	0.2	0.0	-1.3	0.6	0.7	-3.8	2.3	-2.4
Increase/(Decrease) in Receivables	-263.8	158.3	128.2	2.3	-1.2	0.0	-0.1	-0.2	0.3	6.1	-10.8	4.6
Increase/(Decrease) in Inventory	-0.7	-3.7	9.5	8.1	2.2	0.0	2.8	-1.4	-1.4	-4.5	2.9	-1.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	104.4	-179.5	42.7	-2.2	1.8	0.0	0.5	-1.7	1.2	1.3	-0.7	-4.7
Increase/(Decrease) in Prepaid Expenses	-0.3	-2.2	-0.3	0.9	-0.3	0.0	-0.8	0.7	0.1	1.5	-0.8	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	-3.8	1.0	2.9	-13.0	15.9	-15.9
Interest Paid	-3.5	-0.0	-0.2	-0.2	—	0.0	0.2	-0.2	0.0	-0.6	0.3	-0.2
Corporate Income Tax Paid	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	9.2	16.4	0.0	0.0	-57.1	57.1	0.0
Other Operating Payments	—	—	—	—	—	-9.0	-30.1	0.0	0.0	67.6	-67.6	0.0
Net Cash Flow from Operating Activities	-166.7	60.6	180.7	16.7	3.1	-0.2	-1.8	-1.2	3.7	-0.6	-3.4	-19.3
Payments for Fixed Assets and Other Long-term Assets	-22.3	-14.4	-139.9	-44.1	—	0.0	0.0	0.0	0.0	-0.4	0.0	8.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	-0.0	0.2	—	0.0	-0.1	0.6	0.0	0.5	-0.5	-0.4
Loans and Purchases of Debt Instruments	-7.1	-149.6	-21.7	—	—	0.0	3.1	-3.1	0.0	-1.8	1.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	196.1	0.0	0.0	3.6	0.1	0.0	-1.8	1.8	0.0	10.0	-3.2	2.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.6
Proceeds from Investments in Other Entities	—	0.0	4.0	20.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.4	0.4	-4.0	4.2	-0.0	0.1	2.1	1.1	-0.9	0.7	-0.3	-0.3
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	170.0	-334.9	13.6	-16.1	0.1	0.1	1.5	0.3	-0.9	0.9	6.0	12.7
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	7.3	148.5	0.0	2.1	1.6	7.6	4.6	7.0	3.0	5.0	4.2	5.6
Repayment of Borrowings	-15.5	-60.0	-3.1	-6.2	-5.9	-3.9	-4.6	-7.5	-4.1	-6.5	-3.9	-2.7
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	-8.2	88.5	-3.1	-4.1	-4.4	3.8	-0.0	-0.4	-1.0	-1.4	0.3	2.8
Net Cash Flow During the Period	-4.9	-185.8	191.2	-3.6	-1.3	3.7	-0.3	-1.3	1.8	-1.2	2.9	-3.7
Cash and Cash Equivalents at Beginning of Period	92.6	193.2	2.0	5.5	6.8	2.6	2.6	2.6	2.6	4.4	4.4	4.4
FX Difference from Revaluation	—	0.0	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	87.7	7.4	193.2	2.0	5.5	6.6	2.8	3.1	4.4	2.6	3.8	0.9

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STH

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