TT6

Tập đoàn Tiến Thịnh ·UPCOM ·2026Q1

● Maintaining

Price

8,300

Latest close

03 Jun 2026

P/E 10.17x

P/B 0.76x

EPS 816

BVPS 10,877

ROE 7.1%

ROA 3.6%

Profit Margin 6.1%

Asset Turnover 0.60x

Equity Mult. 1.95x

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

What Is Changing

On a TTM 2026Q1 basis, TT6 posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — margins have been expanding consistently over multiple periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 279bn
	                                
−24.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
+7.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.86x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022
Revenue	292.9	351.1	298.5	313.0
Growth	-17%	+18%	-5%	—
Net Income	17.7	14.7	8.1	14.0
Net Margin	6.03%	4.19%	2.71%	4.47%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	48.9	65.8	75.8	88.9	62.4	159.4	91.6	58.2
Growth	-26%	-13%	-15%	+43%	-61%	+74%	+58%	—
Net Income	0.5	2.3	8.5	5.6	1.2	9.9	2.7	1.9
Net Margin	1.06%	3.54%	11.26%	6.29%	1.91%	6.23%	2.98%	3.33%

Drivers of TT6's profit

TTM

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

Gross profit ↑ 4.2bn

Administrative expenses ↓ 0.3bn

Financial income ↑ 0.3bn

Selling expenses ↑ 1.9bn

Finance costs ↑ 1.7bn

TTM

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

Administrative expenses ↓ 0.4bn

Finance costs ↑ 0.7bn

Gross profit ↓ 0.2bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 6.08%, rising 1.8pp. Core operating signals are improving as Gross margin rose 5.4pp are enough to offset pressure from SG&A / Revenue rose 2.0pp (with lingering pressure from Net financial result / Revenue fell 1.5pp and Other profit / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 6.08% +1.8pp

Gross Margin 17.38% +5.4pp

SG&A / Revenue 6.55% +2.0pp

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 4.03%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 4.03% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.03% —

NOPAT Margin 6.10% +1.8pp

Capital Turnover 0.66x —

Average Invested Capital 422.6bn —

Balance Sheet

Capital structure is balanced — liabilities at 0.95x equity, net debt at 0.78x equity.

Inventory ended the period at 103.3bn, roughly 21.2% 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

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 195.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 49.1 days —

Inventory 164.1 days —

Payables 18.2 days —

Cash Conversion Cycle 195.0 days —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.78x and interest coverage only at 1.33x.

At present, short-term debt accounts for 90.4% of total debt, cash equals 0.1% of debt, and total debt stands at 192.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.33x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 90.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.78x +0.02x

Interest Coverage 1.33x −0.09x

Cash / Debt 0.1% +0.0pp

Short-term Debt / Total Debt 90.4% +7.2pp

CFO / NI -0.86x +0.77x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -23.5bn in 2025, against investing cash flow of -3.7bn.

Post-investment cash flow was negative +27.2bn. Financing cash flow was positive +27.7bn.

CFO / net income was -0.86x.

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 14.6bn +11.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is operating efficiency, with net margin improving 1.8 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 4.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.08% after expanding 1.8pp versus the same period last year.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	343.1	351.2	298.6	313.0
Revenue Deductions	50.2	0.1	0.1	0.0
Net Revenue	292.9	351.1	298.5	313.0
Cost of Goods Sold	244.1	307.9	266.3	268.7
Gross Profit	48.8	43.2	32.2	44.3
Financial Income	1.1	1.0	0.8	1.6
Financial Expenses	12.8	11.8	12.2	10.1
Interest Expense	12.3	11.3	11.7	9.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	8.6	7.4	4.9	12.1
General and Administrative Expenses	9.8	9.4	7.6	8.2
Operating Profit	18.6	15.5	8.2	15.5
Other Income	0.0	0.0	0.8	0.0
Other Expenses	0.0	0.0	0.4	0.8
Other Profit	-0.0	-0.0	0.4	-0.8
Profit Before Tax	18.6	15.5	8.6	14.7
Current Income Tax Expense	0.9	0.8	0.5	0.8
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	17.7	14.7	8.1	14.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	17.7	14.7	8.1	14.0
Earnings per Share	735.00	715.00	461.00	823.05
Diluted EPS	735.00	715.00	461.00	823.05

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	365.2	333.0	249.8	230.3
I. Cash and cash equivalents	0.6	0.1	1.2	0.4
1. Cash	0.6	0.1	1.2	0.4
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	0.1	0.1	0.1	0.1
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	0.1	0.1	0.1	0.1
III. Short-term receivables	252.0	240.6	177.8	142.8
1. Short-term trade accounts receivable	54.8	74.9	52.5	65.0
2. Short-term prepayments to suppliers	196.5	165.6	125.1	74.8
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.7	0.1	0.2	3.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	103.3	86.2	68.5	84.6
1. Inventories	104.8	87.0	69.6	85.6
2. Provision for decline in value of inventories	-1.5	-0.9	-1.1	-1.1
V. Other short-term assets	9.2	6.0	2.2	2.5
1. Short-term prepayments	0.5	0.9	0.6	0.8
2. Value added tax to be reclaimed	8.7	5.1	1.6	1.7
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	122.8	135.4	133.7	142.7
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	118.4	131.9	130.3	142.0
1. Tangible fixed assets	110.5	124.2	122.5	134.0
- Cost	207.1	206.5	190.5	189.3
- Accumulated depreciation	-96.7	-82.3	-68.0	-55.3
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	7.9	7.7	7.8	8.0
- Cost	9.7	9.2	9.2	9.2
- Accumulated depreciation	-1.8	-1.6	-1.4	-1.2
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.6	0.1	0.1	0.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.6	0.1	0.1	0.2
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	3.7	3.4	3.3	0.6
1. Long-term prepayments	3.7	3.4	3.3	0.6
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	488.0	468.3	383.5	373.0
A. LIABILITIES (300=210+330)	237.4	238.5	168.4	166.0
I. Short -term liabilities	201.1	205.2	138.5	133.8
1. Short-term trade accounts payable	12.3	13.1	15.8	15.6
2. Short-term advances from customers	0.9	44.9	1.2	1.1
3. Taxes and other payables to state authorities	1.1	0.9	0.7	0.9
4. Payable to employees	1.0	1.2	0.8	0.9
5. Short-term acrrued expenses	2.9	0.4	0.3	0.1
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.2	0.2	0.5	1.3
10. Short-term borrowings and financial leases	182.8	144.5	119.2	113.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	36.2	33.3	29.9	32.1
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	15.1	1.6	0.0	0.1
8. Long-term borrowings and financial leases	21.1	31.7	29.9	32.1
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	250.6	229.9	215.2	207.1
I. Owner's equity	250.6	229.9	215.2	207.1
1. Owner's capital	228.1	205.5	205.5	169.8
- Common stock with voting right	228,057,890,000.00	205,458,000,000.00	205,458,000,000.00	169,800,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	19.5	24.4	9.7	37.3
- Accumulated retained earning at the end of the previous period	1.8	9.7	1.6	23.3
- Undistributed earnings in this period	17.7	14.7	8.1	14.0
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	3.1	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	488.0	468.3	383.5	373.0

Item	2025	2024	2023	2022
Profit Before Tax	18.6	15.5	8.6	14.7
Depreciation of Fixed Assets and Investment Property	14.6	14.5	12.8	12.8
Provision (Increase)/Reversal	0.6	-0.2	0.0	-0.6
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.1	-0.0	0.5
Gain/Loss from Investment Activities	0.0	-0.0	-0.0	-0.0
Interest Expense	12.3	11.3	11.7	9.4
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	46.3	40.9	33.2	36.8
Increase/(Decrease) in Receivables	-13.2	-66.3	-35.0	3.6
Increase/(Decrease) in Inventory	-17.8	-17.4	16.0	-16.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.0	42.7	-0.7	-8.3
Increase/(Decrease) in Prepaid Expenses	0.1	-0.4	-2.5	-1.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-12.2	-11.2	-11.5	-9.4
Corporate Income Tax Paid	-0.8	-0.5	-0.8	-0.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-23.5	-12.2	-1.2	4.0
Payments for Fixed Assets and Other Long-term Assets	-3.7	-16.1	-1.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-0.0	-0.0	0.0	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-3.7	-16.1	-1.2	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	133.4	231.7	176.6	244.2
Repayment of Borrowings	-105.7	-204.5	-173.5	-249.9
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	27.7	27.2	3.1	-5.7
Net Cash Flow During the Period	0.5	-1.1	0.8	-1.9
Cash and Cash Equivalents at Beginning of Period	0.1	1.2	0.4	2.2
FX Difference from Revaluation	0.0	0.0	0.0	0.1
Cash and Cash Equivalents at End of Period	0.6	0.1	1.2	0.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	48.9	115.9	75.9	88.9	62.4	159.6	91.6	58.2
Revenue Deductions	—	50.1	0.1	—	0.0	0.1	0.0	0.0
Net Revenue	48.9	65.8	75.8	88.9	62.4	159.4	91.6	58.2
Cost of Goods Sold	41.9	53.9	58.6	76.4	55.2	143.2	78.8	50.0
Gross Profit	6.9	11.9	17.2	12.5	7.2	16.2	12.8	8.2
Financial Income	0.2	0.2	0.4	0.4	0.2	0.3	0.2	0.2
Financial Expenses	3.4	4.0	3.2	2.9	2.7	3.1	3.3	2.6
Interest Expense	3.2	3.8	3.1	2.8	2.6	3.1	2.9	2.6
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0
Selling Expenses	1.2	3.4	2.5	1.8	1.0	1.4	3.0	1.7
General and Administrative Expenses	2.0	2.3	2.9	2.3	2.4	1.6	3.8	2.0
Operating Profit	0.5	2.5	9.0	5.9	1.3	10.5	2.9	2.1
Other Income	—	0.0	—	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Before Tax	0.5	2.5	9.0	5.9	1.3	10.5	2.9	2.0
Current Income Tax Expense	0.0	0.1	0.5	0.3	0.1	0.5	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0
Net Income	0.5	2.3	8.5	5.6	1.2	9.9	2.7	1.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	2.3	8.5	5.6	1.2	9.9	2.7	1.9
Earnings per Share	23.00	105.00	416.00	272.00	58.00	483.00	133.00	94.33
Diluted EPS	23.00	105.00	416.00	272.00	58.00	715.00	133.00	94.33

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	350.6	365.2	364.6	346.7	331.3	333.0	299.5	314.4
I. Cash and cash equivalents	0.1	0.6	0.2	0.1	0.1	0.1	1.4	2.3
1. Cash	0.1	0.6	0.2	0.1	0.1	0.1	1.4	2.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
III. Short-term receivables	221.8	252.0	266.1	255.9	238.4	240.6	204.6	218.9
1. Short-term trade accounts receivable	3.8	54.8	75.9	69.8	71.3	74.9	6.4	11.3
2. Short-term prepayments to suppliers	218.1	196.5	190.1	186.0	166.9	165.6	197.9	207.4
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	0.0	0.7	0.1	0.1	0.2	0.1	0.3	0.2
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	118.7	103.3	90.2	84.4	86.4	86.2	87.4	87.8
1. Inventories	120.2	104.8	91.0	85.3	87.3	87.0	88.5	88.9
2. Provision for decline in value of inventories	-1.5	-1.5	-0.9	-0.9	-0.9	-0.9	-1.1	-1.1
V. Other short-term assets	9.8	9.2	8.0	6.2	6.2	6.0	5.9	5.3
1. Short-term prepayments	0.7	0.5	0.3	0.5	0.8	0.9	1.1	1.2
2. Value added tax to be reclaimed	9.1	8.7	7.8	5.7	5.4	5.1	4.8	4.1
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)	120.1	122.8	125.8	128.5	131.6	135.4	139.0	143.6
I. Long-term receivables	—	0.0	—	—	0.0	0.0	0.0	0.7
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	0.7
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	114.0	118.4	121.3	124.5	128.2	131.9	135.4	139.1
1. Tangible fixed assets	106.1	110.5	113.4	117.0	120.6	124.2	127.7	131.3
- Cost	206.4	—	—	—	206.5	206.5	206.4	206.4
- Accumulated depreciation	-100.2	—	—	—	-85.9	-82.3	-78.7	-75.1
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	7.9	7.9	8.0	7.6	7.6	7.7	7.7	7.8
- Cost	9.7	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.8	—	—	—	0.0	0.0	0.0	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	0.4	0.6	0.8	0.1	0.1	0.1	0.1	0.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.6	0.8	0.1	0.1	0.1	0.1	0.1
V. Long-term financial investments	2.3	—	—	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	2.3	—	—	—	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	3.4	3.7	3.7	3.8	3.3	3.4	3.5	3.7
1. Long-term prepayments	3.4	3.7	3.7	3.8	3.3	3.4	3.5	3.7
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	0.0
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)	470.7	488.0	490.4	475.2	462.9	468.3	438.5	458.0
A. LIABILITIES (300=210+330)	222.7	237.4	244.2	238.5	231.8	238.5	218.5	240.7
I. Short -term liabilities	204.3	201.1	220.5	212.1	195.2	205.2	184.2	203.8
1. Short-term trade accounts payable	11.8	12.3	13.0	9.3	11.2	13.1	14.8	17.6
2. Short-term advances from customers	13.1	0.9	13.1	54.6	34.9	44.9	20.0	46.6
3. Taxes and other payables to state authorities	1.1	1.1	0.9	0.5	0.9	0.9	0.3	0.2
4. Payable to employees	2.0	1.0	1.3	1.4	2.7	1.2	1.1	0.9
5. Short-term acrrued expenses	1.7	2.9	4.3	1.3	0.2	0.4	2.9	0.6
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	0.4	0.2	0.2	0.3	0.7	0.2	0.4	0.5
10. Short-term borrowings and financial leases	174.2	182.8	187.7	144.6	144.6	144.5	144.7	137.3
11. Provision for short-term liabilities	—	—	—	—	0.0	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	18.4	36.2	23.7	26.4	36.6	33.3	34.3	37.0
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	—	15.1	—	0.0	7.6	1.6	0.0	0.0
8. Long-term borrowings and financial leases	18.4	21.1	23.7	26.4	29.0	31.7	34.3	37.0
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)	248.1	250.6	246.2	236.7	231.1	229.9	219.9	217.2
I. Owner's equity	248.1	250.6	246.2	236.7	231.1	229.9	219.9	217.2
1. Owner's capital	228.1	228.1	205.5	205.5	205.5	205.5	205.5	205.5
- Common stock with voting right	228,057,890,000.00	228,057,890,000.00	205,458,000,000.00	205,458,000,000.00	205,458,000,000.00	205,458,000,000.00	205,458,000,000.00	205,458,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00
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	—	—	—	—	0.00	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	—	—	—	—	0.0	0.0	0.0	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	20.0	19.5	39.8	31.2	25.6	24.4	14.5	11.8
- Accumulated retained earning at the end of the previous period	19.5	1.8	24.4	24.4	24.4	9.7	9.7	9.7
- Undistributed earnings in this period	0.5	17.7	15.3	6.8	1.2	14.7	4.8	2.0
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	3.1	1.0	—	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)	470.7	488.0	490.4	475.2	462.9	468.3	438.5	458.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	—	11.4	—	7.2	0.0	0.0	-2.1	2.1
Depreciation of Fixed Assets and Investment Property	—	7.3	—	7.3	0.0	0.0	-7.2	7.2
Provision (Increase)/Reversal	—	0.6	—	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.2	—	-0.1	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
Interest Expense	—	7.0	—	5.4	0.0	0.0	-5.3	5.3
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	—	26.6	—	19.8	0.0	0.0	-14.5	14.5
Increase/(Decrease) in Receivables	—	2.5	—	-15.7	0.0	0.0	44.2	-44.2
Increase/(Decrease) in Inventory	—	-19.5	—	1.7	0.0	0.0	19.3	-19.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-31.9	—	5.9	0.0	0.0	-47.7	47.7
Increase/(Decrease) in Prepaid Expenses	—	0.2	—	-0.1	0.0	0.0	1.0	-1.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	—	-6.6	—	-5.6	0.0	0.0	5.4	-5.4
Corporate Income Tax Paid	—	0.0	0.0	-0.8	0.0	0.0	0.0	-0.5
Other Operating Receipts	71.2	—	—	—	0.0	25.0	11.4	0.0
Other Operating Payments	-51.6	—	-84.7	—	-8.0	-4.1	-13.9	0.0
Net Cash Flow from Operating Activities	11.5	11.5	-40.2	2.6	2.6	1.4	-21.5	-8.2
Payments for Fixed Assets and Other Long-term Assets	—	-2.7	-1.1	—	0.0	0.0	15.9	-15.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	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
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0
Investments in Other Entities	-0.5	—	—	—	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	0.0	0.0	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	-0.5	-2.6	-1.1	—	0.0	0.0	15.9	-15.9
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	110.1	-94.3	117.0	178.4	-67.7	39.4	63.3	131.0
Repayment of Borrowings	-121.3	86.7	-76.6	-115.9	0.0	-42.2	-58.6	-105.7
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	-11.3	-8.5	41.4	-2.6	-2.6	-2.8	4.7	25.3
Net Cash Flow During the Period	-0.2	0.3	0.1	-0.0	-0.0	-1.4	-0.8	1.1
Cash and Cash Equivalents at Beginning of Period	0.4	0.2	0.1	0.1	0.1	1.2	1.2	1.2
FX Difference from Revaluation	—	0.0	—	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	0.6	0.2	0.1	0.1	0.1	1.4	2.3

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TT6

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