X20

X20 ·HNX ·2026Q1

▼ Under pressure

Price

12,100

Latest close

29 May 2026

P/E 4.91x

P/B 0.68x

EPS 2,463

BVPS 17,906

ROE 14.0%

ROA 8.8%

Profit Margin 3.7%

Asset Turnover 2.39x

Equity Mult. 1.59x

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

What Is Changing

On a TTM 2026Q1 basis, X20 is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,154bn
	                                
−3.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 42bn
	                                
−9.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,115.5	1,301.8	1,034.4	1,143.9	963.6
Growth	-14%	+26%	-10%	+19%	—
Net Income	34.7	45.2	20.4	22.2	18.6
Net Margin	3.11%	3.47%	1.97%	1.94%	1.93%

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	288.3	418.9	275.0	171.5	256.4	575.5	226.4	131.7	367.9	403.9	210.9	142.7
Growth	-31%	+52%	+60%	-33%	-55%	+154%	+72%	-64%	-9%	+92%	+48%	—
Net Income	16.8	7.6	11.9	6.2	9.2	29.8	3.9	4.3	8.3	9.4	-1.3	2.0
Net Margin	5.82%	1.81%	4.34%	3.60%	3.57%	5.17%	1.72%	3.30%	2.25%	2.33%	-0.61%	1.42%

Drivers of X20's profit

TTM

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

Selling expenses ↓ 26.8bn

Financial income ↑ 0.8bn

Administrative expenses ↑ 15.9bn

Gross profit ↓ 9.9bn

Tax ↑ 3.1bn

Other profit ↓ 1.8bn

TTM

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

Gross profit ↑ 20.1bn

Administrative expenses ↑ 8.5bn

Tax ↑ 2.4bn

Other profit ↓ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.7% = 4.0% × 2.74 × 1.53

2026Q1 14.0% = 3.7% × 2.39 × 1.59

ROE fell from 16.7% to 14.0% — asset turnover weakened the most, though leverage still provided support.

Net margin: 3.7% -0.3pp Asset turnover: 2.39x -0.36x Leverage: 1.59x +0.06x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 3.68%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 3.68% −0.3pp

Gross Margin 19.10% −0.2pp

SG&A / Revenue 14.74% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 23.00%, losing 3.9pp. That translates to 23.00 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 0.76x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 23.00% −3.9pp

NOPAT Margin 3.66% −0.2pp

Capital Turnover 6.29x −0.76x

Average Invested Capital 183.5bn +14.7bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 1.05x equity, with a net cash position equivalent to 0.32x equity.

Inventory ended the period at 142.0bn, roughly 23.7% of total assets.

Over the last 12 months, working capital released 31.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −41.7bn

Inventories increased → lower CFO: −6.5bn

Payables increased → higher CFO: +79.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.4 days versus the same period last year. The main moves came from DIO rose 4.2 days, DSO fell 0.0 days, and DPO rose 3.7 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.4 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +4.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 11.6 days −0.0 days

Inventory 35.2 days +4.2 days

Payables 24.4 days +3.7 days

Cash Conversion Cycle 22.4 days +0.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.32x and interest coverage at 64.15x.

At present, short-term debt accounts for 21.2% of total debt, cash equals 1118.2% of debt, and total debt stands at 9.8bn.

Leverage and liquidity trend

Net Debt / Equity -0.32x +0.15x

Interest Coverage 64.15x —

Cash / Debt 1118.2% −114.2pp

Short-term Debt / Total Debt 21.2% +5.5pp

CFO / NI 1.46x +0.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -19.5bn in 2025, against investing cash flow of -55.9bn.

Post-investment cash flow was negative +75.4bn. Financing cash flow was negative +23.0bn.

CFO / net income was 1.46x.

After spending +32.3bn on fixed-asset investment, the business generated trailing free cash flow of +29.8bn.

Cash Conversion

CFO TTM 62.1bn −4.1bn

Cash Capex 32.3bn +22.0bn

FCF TTM +29.8bn −26.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.46x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.46x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,115.5	1,301.8	1,034.4	1,143.9	964.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,115.5	1,301.8	1,034.4	1,143.9	963.6
Cost of Goods Sold	916.0	1,062.2	863.9	958.6	0.0
Gross Profit	199.5	239.5	170.5	185.3	171.7
Financial Income	3.8	2.3	3.3	2.0	1.0
Financial Expenses	0.9	0.1	0.1	1.1	-2.0
Interest Expense	0.9	0.0	0.0	0.9	-1.7
Share of Associates and Joint Ventures	0.7	0.6	0.5	0.3	0.3
Selling Expenses	9.7	36.6	24.6	23.1	-30.7
General and Administrative Expenses	150.4	148.1	121.6	134.3	-113.7
Operating Profit	43.0	57.6	27.9	29.1	26.6
Other Income	1.4	0.3	0.3	1.1	0.0
Other Expenses	0.1	0.3	1.3	2.0	0.0
Other Profit	1.3	-0.0	-1.0	-0.8	-2.5
Profit Before Tax	44.3	57.6	26.9	28.3	24.2
Current Income Tax Expense	9.5	11.8	6.3	6.4	-5.6
Deferred Income Tax Expense	—	0.5	0.3	-0.3	0.0
Net Income	34.7	45.2	20.4	22.2	18.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	34.7	45.2	20.4	22.2	18.6
Earnings per Share	1,781.00	2,592.00	1,120.00	1,218.00	527.00
Diluted EPS	2,014.10	2,621.67	1,181.48	1,284.76	1,076.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	406.4	498.6	380.9	345.4	387.0
I. Cash and cash equivalents	132.7	231.1	55.6	111.1	126.9
1. Cash	72.7	231.1	54.1	108.1	0.0
2. Cash equivalents	60.0	0.0	1.5	3.0	0.0
II. Short-term financial investments	25.9	0.4	0.3	5.1	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	25.9	0.4	0.3	5.1	0.0
III. Short-term receivables	101.9	75.1	91.5	49.8	44.0
1. Short-term trade accounts receivable	97.7	55.0	102.8	63.1	0.0
2. Short-term prepayments to suppliers	3.2	20.5	1.8	0.3	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	1.0	1.0	0.2	0.2	0.0
7. Provision for short-term doubtful debts (*)	—	-1.4	-13.3	-13.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	142.0	178.2	219.5	171.5	205.7
1. Inventories	144.4	180.7	226.5	180.2	0.0
2. Provision for decline in value of inventories	-2.4	-2.4	-7.0	-8.6	0.0
V. Other short-term assets	3.9	13.7	14.0	7.9	10.4
1. Short-term prepayments	2.0	1.6	0.5	1.8	0.0
2. Value added tax to be reclaimed	1.7	11.5	12.9	4.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.6	0.6	1.4	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)	192.8	190.5	208.9	207.1	213.8
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	173.6	171.8	194.6	191.5	208.5
1. Tangible fixed assets	162.2	160.6	183.4	180.0	202.7
- Cost	531.4	505.1	499.2	468.0	0.0
- Accumulated depreciation	-369.2	-344.5	-315.7	-288.0	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	11.4	11.1	11.2	11.4	5.8
- Cost	13.6	12.9	12.6	12.5	0.0
- Accumulated depreciation	-2.1	-1.7	-1.4	-1.1	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	2.4	2.5	1.3	0.6	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.4	2.5	1.3	0.6	0.0
V. Long-term financial investments	3.9	3.6	3.3	3.4	3.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.9	3.6	3.3	3.4	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	12.9	12.6	9.5	11.6	0.0
1. Long-term prepayments	12.9	12.6	9.0	10.8	0.0
2. Deferred income tax assets	—	0.0	0.5	0.8	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	2.0
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)	599.2	689.1	589.8	552.4	600.8
A. LIABILITIES (300=210+330)	307.1	399.4	330.6	295.9	350.0
I. Short -term liabilities	294.7	381.3	327.1	292.6	334.5
1. Short-term trade accounts payable	151.2	189.1	232.4	139.5	88.6
2. Short-term advances from customers	0.6	29.0	3.5	56.5	160.3
3. Taxes and other payables to state authorities	10.2	22.7	7.5	6.0	0.0
4. Payable to employees	89.4	66.6	60.2	60.9	0.0
5. Short-term acrrued expenses	7.4	2.7	5.7	3.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.5	0.2	0.1	3.2	0.4
9. Other short-term payables	11.7	10.7	6.5	13.9	0.0
10. Short-term borrowings and financial leases	2.8	2.8	0.0	0.0	4.2
11. Provision for short-term liabilities	12.4	53.6	3.1	4.5	0.0
12.. Bonus and welfare fund	8.4	4.1	8.2	4.6	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	12.4	18.1	3.5	3.2	15.5
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	0.4	0.5	0.0	0.2	0.0
7. Other long-term liabilities	1.9	0.9	1.5	1.0	0.0
8. Long-term borrowings and financial leases	7.7	10.5	0.0	0.0	12.2
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	2.5	6.2	2.0	2.1	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	292.1	289.7	259.2	256.5	250.8
I. Owner's equity	292.1	289.7	259.2	256.5	0.0
1. Owner's capital	172.5	172.5	172.5	172.5	250.8
- Common stock with voting right	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00
- 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	87.1	69.8	68.1	64.0	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	32.5	47.4	18.6	20.0	20.1
- Accumulated retained earning at the end of the previous period	7.0	4.4	3.4	4.7	1.5
- Undistributed earnings in this period	25.5	43.0	15.2	15.3	18.6
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)	599.2	689.1	589.8	552.4	600.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	44.3	57.6	26.9	28.3	24.2
Depreciation of Fixed Assets and Investment Property	32.0	33.8	29.8	30.4	37.3
Provision (Increase)/Reversal	-42.6	34.0	-3.6	-12.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.1	0.0	0.1	0.0
Gain/Loss from Investment Activities	-3.3	-1.6	-3.0	-1.7	0.0
Interest Expense	0.9	0.0	0.0	0.9	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	-4.1	3.5	-1.6	2.2	0.0
Operating Profit Before Changes in Working Capital	27.1	127.2	48.6	47.5	74.0
Increase/(Decrease) in Receivables	-15.6	29.7	-49.4	82.6	0.0
Increase/(Decrease) in Inventory	36.3	45.9	-46.4	40.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-45.8	1.1	28.3	-120.7	0.0
Increase/(Decrease) in Prepaid Expenses	-0.7	-4.7	3.2	-10.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-0.0	-0.0	-0.9	0.0
Corporate Income Tax Paid	-12.3	-7.8	-4.2	-7.8	0.0
Other Operating Receipts	—	0.0	0.0	0.2	0.0
Other Operating Payments	-7.6	-8.1	-4.0	-10.0	0.0
Net Cash Flow from Operating Activities	-19.5	183.1	-24.0	20.6	109.9
Payments for Fixed Assets and Other Long-term Assets	-33.8	-12.1	-30.8	-8.0	-20.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.2	0.1	0.5	0.0
Loans and Purchases of Debt Instruments	-25.5	0.0	-1.9	-5.1	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-0.1	6.7	0.0	15.0
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	3.2	1.3	2.9	1.3	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	-55.9	-10.7	-22.9	-11.3	-19.6
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	—	13.6	1.3	20.0	18.3
Repayment of Borrowings	-2.8	-0.3	-1.3	-36.4	-30.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.2	-10.3	-8.6	-8.6	-8.6
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	-23.0	2.9	-8.6	-25.0	-21.0
Net Cash Flow During the Period	-98.4	175.4	-55.5	-15.7	54.9
Cash and Cash Equivalents at Beginning of Period	231.1	55.6	111.1	126.9	57.7
FX Difference from Revaluation	0.0	0.1	-0.0	-0.1	-0.1
Cash and Cash Equivalents at End of Period	132.7	231.1	55.6	111.1	126.9

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	288.3	418.9	275.0	171.5	256.4	575.5	226.4	131.7	367.9	403.9	210.9	142.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	288.3	418.9	275.0	171.5	256.4	575.5	226.4	131.7	367.9	403.9	210.9	142.7
Cost of Goods Sold	225.5	332.2	230.1	145.6	213.7	446.5	190.8	108.8	316.7	342.6	184.3	116.5
Gross Profit	62.8	86.7	45.0	25.9	42.8	129.1	35.5	22.9	51.3	61.3	26.6	26.1
Financial Income	0.6	1.2	1.0	1.0	0.9	0.7	0.8	0.6	0.2	0.3	0.7	1.3
Financial Expenses	0.2	0.2	0.2	0.2	—	0.0	0.1	-1.1	1.1	0.0	0.1	0.0
Interest Expense	0.2	0.2	0.2	0.2	—	0.0	0.0	-1.1	1.1	-0.0	0.1	0.0
Share of Associates and Joint Ventures	—	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.8	4.2	0.1	1.6	2.7	30.7	2.9	-0.8	3.8	11.3	3.0	3.7
General and Administrative Expenses	39.2	73.9	30.7	17.5	30.7	64.4	29.0	21.4	33.5	38.0	24.5	20.8
Operating Profit	21.2	9.5	15.0	7.7	10.2	34.7	4.3	4.0	13.1	12.4	-0.3	3.0
Other Income	0.2	0.1	0.1	0.1	1.2	0.2	0.1	0.1	0.0	0.1	0.1	0.1
Other Expenses	0.0	0.0	0.0	0.1	0.0	0.0	0.0	-0.6	0.9	0.6	0.3	0.4
Other Profit	0.2	0.1	0.1	-0.1	1.2	0.2	0.1	0.7	-0.9	-0.5	-0.2	-0.4
Profit Before Tax	21.4	9.6	15.1	7.7	11.4	35.0	4.4	4.7	12.2	11.9	-0.5	2.6
Current Income Tax Expense	4.6	2.0	3.1	1.5	2.3	5.5	0.5	-0.1	4.0	3.1	0.8	0.6
Deferred Income Tax Expense	—	—	—	—	—	-0.3	0.0	0.4	0.0	-0.6	0.0	0.0
Net Income	16.8	7.6	11.9	6.2	9.2	29.8	3.9	4.3	8.3	9.4	-1.3	2.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	16.8	7.6	11.9	6.2	9.2	29.8	3.9	4.3	8.3	9.4	-1.3	2.0
Earnings per Share	972.65	439.97	692.59	357.86	530.80	1,725.59	225.98	251.86	480.35	544.76	-74.60	117.48
Diluted EPS	972.65	439.97	692.59	357.86	530.80	1,725.59	225.98	251.86	480.35	544.76	-74.60	117.48

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)	316.6	406.6	349.0	313.0	283.0	502.2	353.9	265.5	205.8	381.0	292.5	315.0
I. Cash and cash equivalents	109.5	137.7	113.6	121.4	153.5	231.1	151.8	100.6	87.7	55.6	55.6	68.5
1. Cash	60.5	127.7	94.6	106.4	145.5	231.1	151.8	100.6	85.7	54.1	43.0	51.9
2. Cash equivalents	49.0	10.0	19.0	15.0	8.0	0.0	0.0	0.0	2.0	1.5	12.6	16.6
II. Short-term financial investments	50.4	20.9	3.9	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	50.4	20.9	3.9	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3
III. Short-term receivables	59.5	102.1	92.6	40.5	44.1	78.5	40.3	49.1	43.6	91.5	56.5	59.9
1. Short-term trade accounts receivable	52.9	97.7	82.2	35.4	20.7	55.0	39.1	49.8	55.3	102.8	55.4	59.0
2. Short-term prepayments to suppliers	5.1	3.5	10.3	5.5	23.5	23.9	11.6	10.6	0.8	1.8	9.0	9.2
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	1.4	1.0	1.3	0.9	1.2	1.0	3.0	2.1	0.7	0.2	5.7	5.3
7. Provision for short-term doubtful debts (*)	—	—	-1.3	-1.3	-1.3	-1.4	-13.4	-13.4	-13.3	-13.3	-13.6	-13.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	94.0	142.0	132.8	143.4	81.2	178.2	154.6	109.7	72.5	219.5	168.1	172.3
1. Inventories	96.4	144.4	134.8	145.4	83.6	180.7	160.9	116.0	79.5	226.5	175.2	179.4
2. Provision for decline in value of inventories	-2.4	-2.4	-1.9	-1.9	-2.4	-2.4	-6.2	-6.2	-7.0	-7.0	-7.1	-7.1
V. Other short-term assets	3.2	3.9	6.1	7.3	3.9	14.0	6.8	5.8	1.7	14.0	12.0	14.0
1. Short-term prepayments	2.1	2.0	1.9	2.8	2.2	1.8	2.3	1.9	0.8	0.9	2.0	2.0
2. Value added tax to be reclaimed	0.6	1.7	3.9	4.2	1.1	11.5	4.5	3.8	0.6	12.9	8.7	10.7
3. Taxes and other receivables from state authorities	0.5	0.1	0.3	0.3	0.6	0.6	0.0	0.1	0.3	0.2	1.2	1.3
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)	186.5	192.0	191.2	198.5	180.9	190.1	196.0	196.2	198.6	209.0	204.1	198.0
I. Long-term receivables	0.0	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	0.0	0.0	0.0	0.0	0.0	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	169.6	173.6	177.4	184.6	164.7	171.8	178.1	183.8	186.2	194.6	177.7	183.0
1. Tangible fixed assets	158.3	162.2	165.8	173.0	153.7	160.7	167.0	172.7	175.0	183.4	166.4	171.6
- Cost	534.2	—	—	—	—	505.1	507.8	506.4	499.8	499.2	476.0	474.1
- Accumulated depreciation	-375.9	—	—	—	—	-344.5	-340.9	-333.7	-324.7	-315.7	-309.6	-302.5
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	11.3	11.4	11.5	11.6	11.1	11.1	11.1	11.1	11.1	11.2	11.3	11.4
- Cost	13.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.3	—	—	—	—	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	2.2	2.1	0.1	0.1	1.9	2.5	2.8	2.0	1.3	1.3	13.5	2.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.2	2.1	0.1	0.1	1.9	2.5	2.8	2.0	1.3	1.3	13.5	2.0
V. Long-term financial investments	3.9	3.4	3.7	3.8	3.6	3.5	3.5	3.3	3.3	3.2	3.3	3.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.9	3.4	3.7	3.8	3.6	3.5	3.5	3.3	3.3	3.2	3.3	3.4
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	10.8	12.9	10.1	10.0	10.7	12.4	11.6	7.1	7.7	9.8	9.5	9.5
1. Long-term prepayments	10.8	12.9	10.1	10.0	10.7	12.4	11.6	7.0	7.2	8.5	8.7	8.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.1	0.5	1.2	0.8	0.8
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)	503.1	598.7	540.2	511.5	464.0	692.3	549.9	461.6	404.3	589.9	496.6	513.0
A. LIABILITIES (300=210+330)	194.2	306.8	251.6	234.7	165.1	402.1	288.9	189.8	136.8	330.8	245.8	260.8
I. Short -term liabilities	182.0	294.3	237.1	220.5	147.7	381.7	285.2	186.4	133.4	327.3	242.0	257.0
1. Short-term trade accounts payable	77.5	150.8	111.8	88.4	47.3	189.1	85.5	75.9	61.5	232.4	119.6	106.1
2. Short-term advances from customers	1.0	0.6	24.4	28.4	14.3	32.3	119.4	63.1	6.3	3.5	42.2	70.5
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.9	9.5	13.4	6.6	3.1	22.0	7.6	2.7	6.7	7.8	11.7	10.4
4. Payable to employees	63.4	89.4	49.7	37.2	30.5	66.6	45.3	29.7	34.8	60.2	41.8	40.9
5. Short-term acrrued expenses	4.6	9.0	5.3	4.4	2.4	2.7	5.3	4.0	5.8	5.7	4.1	5.1
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	0.5	0.5	0.2	0.7	0.7	0.7	0.8	0.2	0.1	0.0	0.0	0.0
9. Other short-term payables	6.6	14.0	6.3	22.1	6.6	10.7	16.1	8.2	8.8	6.5	15.2	14.9
10. Short-term borrowings and financial leases	2.1	2.8	0.7	1.4	2.0	0.0	0.0	0.0	0.0	0.0	0.0	1.3
11. Provision for short-term liabilities	12.3	12.4	18.5	22.1	37.4	53.6	0.0	0.0	3.1	3.1	0.0	0.0
12.. Bonus and welfare fund	7.0	5.4	6.8	9.2	3.5	4.1	5.2	2.5	6.4	8.2	7.3	7.9
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	12.2	12.5	14.5	14.2	17.4	20.4	3.8	3.5	3.5	3.5	3.8	3.7
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	0.3	0.4	0.4	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.2
7. Other long-term liabilities	1.9	1.9	2.0	2.0	0.7	0.9	1.5	1.5	1.5	1.5	1.5	1.5
8. Long-term borrowings and financial leases	7.7	7.7	10.5	10.5	10.5	13.3	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	0.3	0.0	0.0	0.0	0.2	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	2.3	2.5	1.6	1.7	6.2	6.2	2.0	2.0	2.0	2.0	2.1	2.1
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)	308.9	291.9	288.6	276.8	298.9	290.2	261.0	271.8	267.5	259.1	250.7	252.2
I. Owner's equity	308.9	291.9	288.6	276.8	298.9	290.2	261.0	271.8	267.5	259.1	250.7	252.2
1. Owner's capital	172.5	172.5	172.5	172.5	172.5	172.5	172.5	172.5	172.2	172.5	172.5	172.5
- Common stock with voting right	172,500,000,000.00	172,499,999,997.00	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00	172,167,519,502.00	172,500,000,000.00	172,500,000,000.00	172,500,000,000.00
- 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
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.3	0.0	0.0	0.0
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	87.1	87.1	81.9	81.9	69.8	69.8	68.1	68.1	68.1	68.1	64.0	64.0
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	49.3	32.2	34.2	22.5	56.6	48.0	20.4	31.2	26.9	18.5	14.2	15.7
- Accumulated retained earning at the end of the previous period	32.5	6.8	7.0	7.1	47.4	4.7	4.7	18.6	18.6	3.9	3.9	3.9
- Undistributed earnings in this period	16.8	25.5	27.2	15.3	9.2	43.2	15.7	12.6	8.3	14.6	10.4	11.8
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)	503.1	598.7	540.2	511.5	464.0	692.3	549.9	461.6	404.3	589.9	496.6	513.0

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
Profit Before Tax	21.4	10.3	15.1	7.5	11.4	35.0	4.4	5.5	12.2	12.5	-0.5	2.5
Depreciation of Fixed Assets and Investment Property	6.8	-8.5	24.0	8.4	8.1	1.4	8.0	8.9	9.0	7.2	7.8	7.5
Provision (Increase)/Reversal	-0.1	-20.1	9.5	-21.5	-10.6	-7.5	0.0	-3.7	0.0	2.6	0.0	-3.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	-0.2	-0.0	-0.3	0.1	-0.1	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.7	-0.3	-1.4	-0.6	-1.0	-0.9	-0.8	-0.0	-0.2	-0.2	-0.5	-1.2
Interest Expense	0.3	0.1	0.3	0.4	0.1	-0.1	0.1	-0.1	0.1	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	—	—	—	—	—	4.3	0.0	-0.1	0.0	-1.6	0.0	0.0
Operating Profit Before Changes in Working Capital	27.7	-18.0	47.6	-10.8	8.2	32.0	11.8	10.3	21.1	20.6	6.8	5.8
Increase/(Decrease) in Receivables	45.7	-13.7	-44.0	-29.7	71.8	-64.7	-13.2	-68.2	119.6	-35.4	1.7	-35.5
Increase/(Decrease) in Inventory	48.0	-9.6	10.6	-55.5	90.8	-19.8	-44.9	-36.4	147.0	-51.3	4.2	-75.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-121.5	92.8	8.4	100.3	-247.2	110.3	96.7	119.8	-251.8	85.2	-10.8	39.1
Increase/(Decrease) in Prepaid Expenses	3.0	-3.7	1.7	-0.6	1.9	2.4	0.7	-0.3	1.3	1.2	0.0	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.5	-0.4	—	—	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0
Corporate Income Tax Paid	-3.1	-4.9	-1.0	0.0	-6.5	3.4	0.0	-1.3	-2.6	-3.3	0.0	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Other Operating Payments	1.2	5.2	-7.0	-5.9	0.1	11.7	0.6	-3.9	-1.8	0.8	-0.6	-4.2
Net Cash Flow from Operating Activities	0.8	47.5	16.5	-2.7	-80.8	75.3	51.7	20.0	32.6	17.8	1.3	-70.5
Payments for Fixed Assets and Other Long-term Assets	0.5	17.6	-24.9	-25.6	-1.0	-1.0	-1.1	-7.3	-0.6	-9.4	-13.5	-6.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.1	0.0	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-28.0	-22.0	-3.5	—	—	-0.1	0.0	0.0	0.0	18.1	-18.2	-1.8
Receipts from Loan Repayments and Sale of Debt Instruments	3.5	—	—	—	—	0.0	0.0	0.0	0.0	-16.5	18.2	5.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.5	1.5	1.5
Proceeds from Investments in Other Entities	—	—	0.3	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	-5.1
Dividends and Interest Income Received	0.7	0.3	1.3	0.6	1.0	1.0	0.7	0.2	0.0	0.2	0.5	1.1
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	-23.3	-6.4	-24.6	-24.9	-0.0	0.1	-0.3	-7.1	-0.5	-9.2	-11.4	-5.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	1,713,429,481.00	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	—	—	1.5	-1.4	—	13.4	0.0	0.0	0.0	0.0	0.0	1.3
Repayment of Borrowings	-0.7	0.4	0.1	-4.8	0.1	-0.1	0.0	0.0	0.0	0.0	-1.3	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-20.2	—	-0.0	—	-11.6	0.0	0.0	0.0	-8.6	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	-0.7	-17.9	-3.8	-0.6	-0.8	3.4	0.0	0.0	0.0	-8.6	-1.3	1.3
Net Cash Flow During the Period	-23.2	23.2	-11.8	-28.2	-81.6	78.8	51.4	12.9	32.1	-0.1	-11.3	-75.1
Cash and Cash Equivalents at Beginning of Period	132.7	109.6	121.5	149.5	231.1	55.6	55.6	55.6	55.6	111.1	111.1	111.1
FX Difference from Revaluation	0.0	0.0	0.2	0.2	—	0.4	-0.1	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	109.5	132.7	109.6	121.5	149.5	231.1	151.8	100.6	87.7	55.6	55.6	66.9

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X20

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