CAP

Lâm Nông sản Thực phẩm Yên Bái ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.63%, +4.32pp YoY

Price

43,800

Latest close

04 Jun 2026

P/E 13.13x

P/B 3.42x

EPS 3,336

BVPS 12,823

ROE 27.5%

ROA 18.5%

Profit Margin 8.6%

Asset Turnover 2.14x

Equity Mult. 1.49x

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

What Is Changing

On a TTM 2026Q1 basis, CAP has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 621bn
	                                
+12.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 54bn
	                                
+126.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	656.7	591.8	611.4	657.0	572.4
Growth	+11%	-3%	-7%	+15%	—
Net Income	50.4	30.9	114.4	106.1	63.6
Net Margin	7.67%	5.23%	18.71%	16.14%	11.11%

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	109.5	181.3	166.0	164.5	144.9	234.6	68.6	102.1	186.5	66.9	201.3	185.0
Growth	-40%	+9%	+1%	+14%	-38%	+242%	-33%	-45%	+179%	-67%	+9%	—
Net Income	9.3	27.4	16.9	0.1	5.5	5.8	3.1	9.2	13.8	10.0	48.9	35.3
Net Margin	8.48%	15.11%	10.18%	0.04%	3.80%	2.49%	4.57%	9.04%	7.38%	14.91%	24.30%	19.10%

Drivers of CAP's profit

TTM

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

Gross profit ↑ 35.1bn

Tax ↑ 4.9bn

Selling expenses ↑ 3.3bn

TTM

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

Gross profit ↑ 5.2bn

Selling expenses ↓ 2.2bn

Financial income ↓ 2.1bn

Tax ↑ 0.9bn

Administrative expenses ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 4.3% × 1.80 × 1.31

2026Q1 27.5% = 8.6% × 2.14 × 1.49

ROE rose from 10.2% to 27.5% — all three components improved, with asset turnover contributing the most.

Net margin: 8.6% +4.3pp Asset turnover: 2.14x +0.34x Leverage: 1.49x +0.18x

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 8.63%, rising 4.3pp. The main driver is Gross margin rose 4.0pp and SG&A / Revenue fell 0.0pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.6pp).

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

Profitability trend

Net Margin 8.63% +4.3pp

Gross Margin 18.11% +4.0pp

SG&A / Revenue 8.63% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 8.64% +4.1pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.36x equity.

Over the last 12 months, working capital released 92.9bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +16.0bn

Inventories decreased → higher CFO: +33.7bn

Payables increased → higher CFO: +43.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 37.9 days versus the same period last year. The main moves came from DIO fell 24.7 days, DSO fell 9.8 days, and DPO rose 3.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 21.3 days −9.8 days

Inventory 86.2 days −24.7 days

Payables 18.9 days +3.4 days

Cash Conversion Cycle 88.5 days −37.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 130.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.36x and interest coverage at 119.04x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.36x +0.02x

Interest Coverage 119.04x +109.15x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.91x +5.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 130.0bn in 2025, against investing cash flow of -114.4bn.

Post-investment cash flow was positive +15.6bn. Financing cash flow was negative +50.4bn.

CFO / net income was 2.91x.

After spending +74.9bn on fixed-asset investment, the business generated trailing free cash flow of +81.0bn.

Cash Conversion

CFO TTM 155.8bn +224.9bn

Cash Capex 74.9bn +66.0bn

FCF TTM +81.0bn +158.9bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.63% after expanding 4.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	658.0	591.8	612.3	657.0	573.1
Revenue Deductions	1.3	0.0	0.9	0.0	0.0
Net Revenue	656.7	591.8	611.4	657.0	572.4
Cost of Goods Sold	549.5	500.3	430.0	479.0	0.0
Gross Profit	107.2	91.5	181.3	178.0	114.2
Financial Income	10.5	3.7	9.0	3.9	2.0
Financial Expenses	0.5	3.5	0.5	1.3	-1.6
Interest Expense	—	1.4	0.1	1.2	-1.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	30.5	26.4	34.1	30.6	-15.1
General and Administrative Expenses	24.1	23.9	23.5	22.4	-23.6
Operating Profit	62.6	41.4	132.2	127.6	75.9
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	0.1	1.7	0.1	0.6	0.0
Other Profit	-0.1	-1.6	-0.1	-0.6	-0.1
Profit Before Tax	62.5	39.8	132.2	127.0	75.8
Current Income Tax Expense	12.1	8.9	17.8	21.0	-12.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	50.4	30.9	114.4	106.1	63.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	50.4	30.9	114.4	106.1	63.6
Earnings per Share	3,135.00	2,922.00	10,584.00	12,558.00	11,273.00
Diluted EPS	3,135.00	2,922.00	10,584.00	13,502.78	12,148.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	222.5	244.0	256.0	188.5	142.5
I. Cash and cash equivalents	59.6	94.5	81.0	153.6	42.9
1. Cash	9.6	64.5	35.0	26.4	0.0
2. Cash equivalents	50.0	30.0	46.0	127.2	0.0
II. Short-term financial investments	80.0	0.0	117.4	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	80.0	0.0	117.4	0.0	0.0
III. Short-term receivables	66.8	33.9	25.8	17.6	8.2
1. Short-term trade accounts receivable	59.1	28.5	21.4	16.3	0.0
2. Short-term prepayments to suppliers	4.0	4.4	0.3	0.2	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	3.8	1.1	4.1	1.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	15.9	115.6	31.5	17.1	90.8
1. Inventories	15.9	115.6	31.5	17.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.1	0.4	0.2	0.6
1. Short-term prepayments	0.2	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.3	0.1	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)	55.4	26.0	36.1	44.5	49.8
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	15.5	21.5	32.5	38.0	45.6
1. Tangible fixed assets	15.5	21.5	32.5	38.0	45.6
- Cost	176.6	184.2	183.9	177.1	0.0
- Accumulated depreciation	-161.1	-162.8	-151.4	-139.1	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	—	0.0	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	39.7	3.6	3.5	3.4	1.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	39.7	3.6	3.5	3.4	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.9	0.1	3.1	0.0
1. Long-term prepayments	0.2	0.9	0.1	3.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2.4
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)	277.9	270.0	292.2	233.0	192.3
A. LIABILITIES (300=210+330)	39.5	30.0	27.2	38.8	87.2
I. Short -term liabilities	39.4	30.0	27.1	38.8	87.2
1. Short-term trade accounts payable	16.7	11.0	6.3	6.8	16.1
2. Short-term advances from customers	0.1	0.4	0.1	0.7	5.5
3. Taxes and other payables to state authorities	12.1	2.6	6.1	12.4	0.0
4. Payable to employees	4.5	4.4	4.4	4.8	0.0
5. Short-term acrrued expenses	1.0	0.6	1.3	0.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.1	1.0	0.3	6.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	3.1	5.7	5.4	6.0	0.0
12.. Bonus and welfare fund	0.9	4.1	3.3	1.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	238.4	239.9	265.0	194.2	105.1
I. Owner's equity	238.4	239.9	265.0	194.2	0.0
1. Owner's capital	152.7	152.7	100.5	78.5	105.1
- Common stock with voting right	152,699,650,000.00	152,699,650,000.00	100,529,200,000.00	78,539,680,000.00	52,360,230,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3
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	31.0	41.0	41.0	9.2	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	54.4	45.9	123.2	106.1	43.2
- Accumulated retained earning at the end of the previous period	4.0	15.0	8.7	0.1	26.3
- Undistributed earnings in this period	50.4	30.9	114.4	106.1	16.9
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)	277.9	270.0	292.2	233.0	192.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	62.5	39.8	132.2	127.0	94.4
Depreciation of Fixed Assets and Investment Property	10.3	13.2	13.1	12.8	15.0
Provision (Increase)/Reversal	-2.6	0.4	-0.6	6.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	1.1	-0.1	-0.5	0.0
Gain/Loss from Investment Activities	-2.7	-1.8	-7.1	-1.3	0.0
Interest Expense	—	1.4	0.1	1.2	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	67.1	54.0	137.5	145.2	130.0
Increase/(Decrease) in Receivables	-28.2	-6.4	-5.0	-10.8	0.0
Increase/(Decrease) in Inventory	99.7	-84.1	-14.3	-2.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.6	1.2	-14.0	-3.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-0.8	3.1	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-1.4	-0.1	-1.2	0.0
Corporate Income Tax Paid	-7.9	-8.7	-21.3	-18.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.8	-4.9	-5.5	-4.4	0.0
Net Cash Flow from Operating Activities	130.0	-51.0	80.4	104.8	-23.1
Payments for Fixed Assets and Other Long-term Assets	-35.3	-7.3	-6.6	-5.5	-25.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	1.5
Loans and Purchases of Debt Instruments	-80.0	0.0	-117.4	-7.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	117.4	0.0	7.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.9	5.5	3.9	1.0	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	-114.4	115.6	-120.1	-4.4	-22.2
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	—	83.5	21.3	129.7	176.9
Repayment of Borrowings	—	-83.5	-21.3	-129.7	-141.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-50.4	-50.2	-33.0	-26.2	-20.9
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-50.4	-50.2	-33.0	-26.2	14.1
Net Cash Flow During the Period	-34.9	14.3	-72.7	74.2	-36.0
Cash and Cash Equivalents at Beginning of Period	94.5	81.0	153.6	78.9	64.9
FX Difference from Revaluation	0.0	-0.8	0.1	0.4	-0.0
Cash and Cash Equivalents at End of Period	59.6	94.5	81.0	153.6	42.9

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	109.5	181.3	166.0	164.5	144.9	234.6	68.6	102.1	186.5	66.9	201.7	185.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4	0.5
Net Revenue	109.5	181.3	166.0	164.5	144.9	234.6	68.6	102.1	186.5	66.9	201.3	185.0
Cost of Goods Sold	88.2	138.4	131.3	150.9	128.8	208.1	55.0	80.8	156.4	51.0	131.9	127.6
Gross Profit	21.3	42.9	34.7	13.6	16.1	26.5	13.6	21.3	30.1	15.9	69.4	57.5
Financial Income	1.7	2.8	2.3	1.6	3.8	0.6	0.6	1.9	1.7	4.0	2.5	1.2
Financial Expenses	0.1	0.0	0.2	0.2	0.1	2.2	0.8	0.3	0.0	0.0	0.0	0.2
Interest Expense	—	—	—	—	0.0	0.2	0.8	0.3	0.0	0.0	0.0	0.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.5	7.0	9.0	7.7	6.7	10.4	3.2	4.6	8.1	3.1	11.6	11.1
General and Administrative Expenses	6.8	4.6	6.8	7.2	6.2	4.0	5.8	6.6	7.5	4.6	4.7	7.1
Operating Profit	11.6	34.0	21.0	0.1	6.9	10.5	4.3	11.7	16.2	12.2	55.6	40.2
Other Income	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.1	0.0	0.0	0.0	1.1	0.1	0.5	0.0	0.0	0.0	0.0
Other Profit	—	-0.1	-0.0	-0.0	-0.0	-1.1	-0.1	-0.5	-0.0	0.0	-0.0	-0.0
Profit Before Tax	11.6	33.9	21.0	0.1	6.9	9.4	4.2	11.2	16.1	12.2	55.6	40.2
Current Income Tax Expense	2.3	6.5	4.1	0.0	1.4	3.6	1.1	1.9	2.4	2.2	6.6	4.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.3	27.4	16.9	0.1	5.5	5.8	3.1	9.2	13.8	10.0	48.9	35.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.3	27.4	16.9	0.1	5.5	5.8	3.1	9.2	13.8	10.0	48.9	35.3
Earnings per Share	577.00	1,704.00	1,051.00	4.00	343.00	363.00	195.00	581.00	1,300.00	923.00	4,526.00	4,499.00
Diluted EPS	607.65	1,793.34	1,106.75	4.06	360.70	2,922.00	205.30	612.07	1,368.05	992.83	4,866.34	4,498.86

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)	231.2	222.4	219.9	261.2	262.9	244.1	326.6	358.5	288.2	255.9	264.1	269.4
I. Cash and cash equivalents	70.9	9.6	7.9	44.2	73.8	94.5	21.1	23.5	81.2	198.4	191.7	108.5
1. Cash	5.9	9.6	7.9	9.2	8.8	64.5	21.1	13.5	14.2	35.0	15.3	15.0
2. Cash equivalents	65.0	—	—	35.0	65.0	30.0	0.0	10.0	67.0	163.4	176.4	93.5
II. Short-term financial investments	20.0	130.0	70.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	20.0	130.0	70.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	35.1	66.8	49.1	59.0	50.8	34.0	34.5	53.0	53.8	25.7	38.3	29.7
1. Short-term trade accounts receivable	28.1	59.1	28.6	52.3	44.3	28.5	31.0	49.1	49.4	21.4	33.5	26.9
2. Short-term prepayments to suppliers	4.3	4.0	17.9	3.6	4.8	4.4	1.8	1.8	3.1	0.2	2.2	1.1
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.8	3.8	2.7	3.2	1.9	1.1	1.7	2.1	1.3	4.1	2.6	1.7
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	103.3	15.9	91.9	157.2	137.0	115.6	270.2	279.6	150.2	31.5	33.1	129.9
1. Inventories	103.3	15.9	91.9	157.2	137.0	115.6	270.2	279.6	150.2	31.5	33.1	129.9
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.0	0.1	1.0	0.8	1.3	0.1	0.7	2.4	2.9	0.4	1.0	1.2
1. Short-term prepayments	0.9	0.1	0.8	0.5	0.8	0.1	0.7	0.5	0.4	0.1	0.6	0.6
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.1	—	0.2	0.3	0.5	0.0	0.1	1.9	2.5	0.3	0.4	0.6
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	61.0	55.5	28.1	24.5	25.1	26.0	29.8	33.0	33.6	36.1	38.5	41.8
I. Long-term receivables	—	—	—	—	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	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	0.0
II. Fixed assets	53.9	15.5	17.4	19.6	20.7	21.5	24.7	27.9	29.4	32.5	31.8	35.1
1. Tangible fixed assets	53.9	15.5	17.4	19.6	20.7	21.5	24.7	27.9	29.4	32.5	31.8	35.1
- Cost	214.5	—	—	—	186.1	184.2	186.1	186.1	184.2	183.9	180.0	180.0
- Accumulated depreciation	-160.6	—	—	—	-165.5	-162.8	-161.4	-158.2	-154.9	-151.4	-148.2	-144.9
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.9	39.7	10.2	4.4	3.7	3.6	4.1	4.0	4.2	3.5	6.1	5.3
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.9	39.7	10.2	4.4	3.7	3.6	4.1	4.0	4.2	3.5	6.1	5.3
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.1	0.3	0.4	0.5	0.7	0.9	1.0	1.1	0.0	0.1	0.6	1.4
1. Long-term prepayments	0.1	0.3	0.4	0.5	0.7	0.9	1.0	1.1	0.0	0.1	0.6	1.4
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	292.2	277.9	247.9	285.7	288.0	270.0	356.4	391.5	321.8	292.1	302.7	311.2
A. LIABILITIES (300=210+330)	96.4	39.5	37.5	92.2	94.5	30.0	122.2	159.5	48.7	27.0	47.6	72.3
I. Short -term liabilities	96.4	39.4	37.5	92.2	94.4	30.0	122.2	159.5	47.4	27.0	47.6	72.2
1. Short-term trade accounts payable	30.2	16.7	11.1	15.7	22.5	11.0	8.3	16.6	17.8	6.1	5.8	10.7
2. Short-term advances from customers	1.7	0.1	0.2	0.3	3.2	0.4	5.0	0.1	0.1	0.1	0.1	16.9
3. Taxes and other payables to state authorities	2.8	12.1	8.0	0.9	0.4	2.6	1.3	2.0	0.5	6.1	13.6	5.6
4. Payable to employees	7.3	4.5	8.3	10.5	7.2	4.4	9.0	11.9	10.5	4.4	9.0	12.0
5. Short-term acrrued expenses	1.1	1.0	1.6	3.5	2.6	0.6	1.4	1.9	4.3	1.3	2.8	3.9
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	47.8	1.1	1.0	53.0	51.7	1.0	51.3	51.8	0.3	0.3	2.1	5.4
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	34.3	61.7	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	2.8	3.1	5.4	4.9	2.2	5.7	6.3	7.3	6.0	5.4	9.7	11.5
12.. Bonus and welfare fund	2.6	0.9	1.9	3.4	4.9	4.1	5.4	6.2	7.8	3.3	4.4	6.1
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	195.8	238.4	210.4	193.5	193.5	240.0	234.2	232.0	273.0	265.0	255.0	238.9
I. Owner's equity	195.8	238.4	210.4	193.5	193.5	240.0	234.2	232.0	273.0	265.0	255.0	238.9
1. Owner's capital	152.7	152.7	152.7	152.7	152.7	152.7	152.7	150.8	100.5	100.5	100.5	78.5
- Common stock with voting right	152,699,650,000.00	152,699,650,000.00	152,699,650,000.00	152,699,650,000.00	152,699,650,000.00	152,699,650,000.00	152,699,650,000.00	150,792,840,000.00	100,529,200,000.00	100,529,200,000.00	100,529,200,000.00	78,539,680,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	31.0	31.0	31.0	31.0	31.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	11.8	54.4	26.4	9.5	9.5	46.0	40.2	39.9	131.2	123.2	113.2	119.1
- Accumulated retained earning at the end of the previous period	2.5	4.0	4.0	4.0	4.0	15.0	15.0	16.9	117.4	8.7	8.7	63.7
- Undistributed earnings in this period	9.3	50.4	22.4	5.5	5.5	31.0	25.2	23.0	13.8	114.4	104.4	55.3
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	292.2	277.9	247.9	285.7	288.0	270.0	356.4	391.5	321.8	292.1	302.7	311.2

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	11.6	34.5	21.0	0.1	6.9	9.4	4.2	10.0	16.1	12.2	55.6	40.4
Depreciation of Fixed Assets and Investment Property	2.7	2.5	2.5	2.5	2.7	3.2	3.2	3.3	3.4	3.4	3.3	3.2
Provision (Increase)/Reversal	-0.3	-2.3	0.5	2.7	-3.5	-0.5	-1.0	1.3	0.6	-4.3	-1.8	3.1
FX Gain/Loss from Revaluation of Monetary Items	-0.6	5.6	-6.0	0.1	-0.2	1.3	0.0	-0.2	0.0	0.0	-0.2	-0.2
Gain/Loss from Investment Activities	-0.9	-2.1	—	3.1	-3.7	-0.0	-0.1	-0.1	-1.6	-2.7	-2.5	-2.9
Interest Expense	—	—	—	—	0.0	0.2	0.8	0.4	0.0	0.0	0.0	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	12.4	37.7	18.7	8.5	2.2	13.5	7.3	14.8	18.5	8.6	54.4	43.6
Increase/(Decrease) in Receivables	32.6	-9.9	7.1	-13.7	-11.7	0.5	24.3	-119.8	88.6	31.9	-25.1	-6.7
Increase/(Decrease) in Inventory	-87.4	76.0	65.3	-20.2	-21.4	154.6	9.4	-129.4	-118.7	1.6	96.9	-20.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	56.1	-6.4	-5.1	-1.4	16.6	-5.5	-8.7	-1.0	16.4	-20.0	-13.1	12.7
Increase/(Decrease) in Prepaid Expenses	-0.5	0.8	-0.1	0.4	-0.6	0.8	-0.1	-1.1	-0.3	1.0	1.1	0.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	-0.2	-1.0	-0.2	0.0	0.0	0.0	-0.1
Corporate Income Tax Paid	-6.5	-4.2	0.0	-0.4	-3.4	-2.2	-1.9	-0.4	-4.2	-11.5	0.0	-2.0
Other Operating Receipts	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	-3.1	3.1	0.0
Other Operating Payments	-0.3	-1.0	-1.5	-1.4	-0.8	-1.2	-0.8	-1.7	-1.2	-1.1	-1.7	-1.0
Net Cash Flow from Operating Activities	6.9	92.9	84.3	-28.3	-19.0	160.3	28.3	-238.7	-1.0	7.4	115.5	27.0
Payments for Fixed Assets and Other Long-term Assets	-41.6	-31.5	-0.1	-1.7	-2.0	-5.2	0.2	-1.9	-0.4	-0.4	-1.4	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-80.0	—	—	0.0	0.0	10.0	-10.0	0.0	-117.4	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	45.0	—	-70.0	—	0.0	0.0	0.0	117.4	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.0	-0.3	0.5	0.3	0.3	3.6	-3.5	3.8	1.7	-0.4	2.1	1.3
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.4	-41.8	-69.6	-1.4	-1.7	-1.6	6.7	109.2	1.3	-118.3	0.7	-1.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	10.9	10.9	61.7	0.0	0.0	0.0	21.3
Repayment of Borrowings	—	—	—	—	0.0	-45.2	-38.3	0.0	0.0	0.0	0.0	-21.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.6	-51.0	0.1	0.0	-50.2	0.0	0.0	0.0	0.0	-33.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.6	-51.0	0.1	0.0	-84.5	-27.4	61.7	0.0	0.0	-33.0	0.0
Net Cash Flow During the Period	11.3	51.7	-36.3	-29.6	-20.7	74.2	7.6	-67.7	0.3	-110.8	83.2	25.9
Cash and Cash Equivalents at Beginning of Period	59.6	7.9	44.2	73.8	94.5	81.0	81.0	81.0	81.0	153.6	153.6	153.6
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	0.0	-0.8	0.0	0.0	-0.0	0.0	0.1	-0.0
Cash and Cash Equivalents at End of Period	70.9	59.6	7.9	44.2	73.8	94.5	21.1	13.5	81.2	81.0	191.7	108.5

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CAP

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Cash Flow