CAR

Tập đoàn Giáo dục Trí Việt ·HNX ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 1.46x

Price

13,600

Latest close

03 Jun 2026

P/E -142.80x

P/B 1.36x

EPS -95

BVPS 10,012

ROE -0.9%

ROA -0.8%

Profit Margin -1.3%

Asset Turnover 0.63x

Equity Mult. 1.14x

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

What Is Changing

On a Năm 2025 basis, CAR is retaining some revenue, but margins are collapsing sharply — margins have been compressing consistently over multiple periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 43bn
	                                
+2.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
−35.5%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	4.7	16.4	6.8	12.9	6.7	12.8	11.6
Growth	-71%	+140%	-47%	+94%	-48%	+10%	—
Net Income	-2.7	2.1	0.1	-0.0	0.0	1.2	1.0
Net Margin	-57.48%	12.71%	1.67%	-0.11%	0.27%	9.67%	8.96%

Drivers of CAR's profit

TTM

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

Gross profit ↓ 1.8bn

Selling expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -1.29% −3.5pp

Gross Margin 30.89% —

SG&A / Revenue 28.61% —

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 — —

Capital Turnover 0.75x —

Average Invested Capital 54.3bn —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.06x equity, net debt at 0.01x equity.

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.01x and interest coverage only at 1.46x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 83.9% of debt, and total debt stands at 4.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.46x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.01x +0.12x

Interest Coverage 1.46x —

Cash / Debt 83.9% −1288.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.49x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -4.2bn in 2025, against investing cash flow of -3.6bn.

Post-investment cash flow was negative +7.8bn. Financing cash flow was negative +2.5bn.

CFO / net income was 0.49x.

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 0.3bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.46x. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.46x.

Statement Data

Item	2025	2024	2023	2022
Revenue	42.7	41.7	40.5	29.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	42.7	41.7	40.5	29.8
Cost of Goods Sold	27.7	27.2	26.1	18.4
Gross Profit	15.0	14.5	14.4	11.4
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	0.3	0.2	0.0	0.0
Interest Expense	0.3	0.2	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	5.4	3.8	4.4	2.2
General and Administrative Expenses	5.8	5.6	5.3	4.1
Operating Profit	3.5	4.9	4.6	5.1
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.3	0.0	0.0	0.0
Other Profit	-0.3	-0.0	-0.0	-0.0
Profit Before Tax	3.2	4.9	4.6	5.0
Current Income Tax Expense	0.7	1.0	1.0	1.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	2.5	3.9	3.6	4.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	2.5	3.9	3.6	4.0
Earnings per Share	453.00	887.00	936.00	1,262.00
Diluted EPS	452.71	772.00	510.00	1,262.02

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	24.2	29.4	17.6	12.9
I. Cash and cash equivalents	2.4	12.6	3.0	6.7
1. Cash	2.4	12.6	3.0	4.2
2. Cash equivalents	—	0.0	0.0	2.5
II. Short-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
III. Short-term receivables	14.9	12.5	12.1	3.8
1. Short-term trade accounts receivable	5.6	4.6	3.5	2.4
2. Short-term prepayments to suppliers	3.1	3.3	3.0	1.4
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	6.2	4.5	5.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.9	1.0	0.7	0.4
1. Inventories	0.9	1.0	0.7	0.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	6.1	3.2	1.8	2.0
1. Short-term prepayments	4.9	2.2	1.1	1.3
2. Value added tax to be reclaimed	1.2	1.0	0.7	0.7
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)	38.0	33.7	32.0	34.9
I. Long-term receivables	—	0.6	0.7	1.0
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	—	0.6	0.7	1.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	27.5	27.9	27.5	31.5
1. Tangible fixed assets	16.0	16.3	15.7	20.0
- Cost	42.7	39.4	35.7	35.7
- Accumulated depreciation	-26.7	-23.2	-19.9	-15.6
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	11.6	11.7	11.7	11.5
- Cost	11.9	11.9	11.9	11.6
- Accumulated depreciation	-0.3	-0.2	-0.1	-0.1
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	—	0.3	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.3	0.0	0.0
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	10.5	4.9	3.8	2.4
1. Long-term prepayments	10.5	4.9	3.8	2.4
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)	62.2	63.1	49.6	47.9
A. LIABILITIES (300=210+330)	3.8	4.6	6.9	8.8
I. Short -term liabilities	3.8	4.6	6.9	8.8
1. Short-term trade accounts payable	0.8	1.0	1.2	0.8
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.9	1.0	1.1	0.9
4. Payable to employees	0.4	0.6	1.0	0.7
5. Short-term acrrued expenses	—	0.0	0.0	0.5
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	0.1	0.3	1.8	4.3
9. Other short-term payables	1.7	1.6	1.7	1.6
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
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)	58.4	58.4	42.7	39.1
I. Owner's equity	58.4	58.4	42.7	39.1
1. Owner's capital	55.7	50.6	32.0	32.0
- Common stock with voting right	55,650,040,000.00	50,590,980,000.00	32,000,000,000.00	32,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	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	3.1	8.2	10.7	7.1
- Accumulated retained earning at the end of the previous period	0.6	4.3	3.0	3.0
- Undistributed earnings in this period	2.5	3.9	7.6	4.0
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	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)	62.2	63.1	49.6	47.9

Item	2025	2024	2023	2022
Profit Before Tax	3.2	4.9	4.6	5.0
Depreciation of Fixed Assets and Investment Property	3.7	3.3	4.3	5.9
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.1	-0.0	-0.0	-0.0
Interest Expense	0.3	0.2	0.0	0.0
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	7.4	8.4	8.9	10.9
Increase/(Decrease) in Receivables	-2.0	-0.6	-8.1	-0.9
Increase/(Decrease) in Inventory	-0.0	-0.3	-0.3	-0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.4	-2.2	-2.2	3.7
Increase/(Decrease) in Prepaid Expenses	-7.9	-2.3	-1.2	-2.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-0.3	-0.2	0.0	0.0
Corporate Income Tax Paid	-1.0	-1.0	-0.8	-0.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-4.2	1.8	-3.5	10.4
Payments for Fixed Assets and Other Long-term Assets	-3.9	-4.1	-0.2	-7.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
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	-3.6	-4.1	-0.2	-7.4
Proceeds from Equity Issuance and Capital Contributions	—	11,880,090,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	11.5	7.0	0.0	0.0
Repayment of Borrowings	-11.5	-7.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-2.5	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	-2.5	11.9	0.0	0.0
Net Cash Flow During the Period	-10.3	9.6	-3.7	3.0
Cash and Cash Equivalents at Beginning of Period	12.6	3.0	6.7	3.8
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.4	12.6	3.0	6.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	4.7	16.4	6.8	12.9	6.7	12.8	11.6
Revenue Deductions	—	—	—	—	—	0.0	0.0
Net Revenue	4.7	16.4	6.8	12.9	6.7	12.8	11.6
Cost of Goods Sold	4.6	10.2	4.3	9.2	4.6	8.0	8.1
Gross Profit	0.2	6.3	2.5	3.7	2.0	4.8	3.5
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.1	0.1	0.1	0.1	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0
Selling Expenses	1.7	1.9	1.0	1.4	0.9	1.7	0.9
General and Administrative Expenses	1.1	1.5	1.3	1.8	1.1	1.4	1.3
Operating Profit	-2.7	2.8	0.1	0.4	0.0	1.6	1.3
Other Income	—	0.0	—	0.0	0.0	0.0	0.0
Other Expenses	—	0.1	—	0.4	0.0	0.0	0.0
Other Profit	—	-0.1	—	-0.4	-0.0	-0.0	-0.0
Profit Before Tax	-2.7	2.7	0.1	-0.0	0.0	1.6	1.3
Current Income Tax Expense	—	0.6	0.0	—	0.0	0.3	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0
Net Income	-2.7	2.1	0.1	-0.0	0.0	1.2	1.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0
Profit Attributable to Parent	-2.7	2.1	0.1	-0.0	0.0	1.2	1.0
Earnings per Share	-488.00	375.10	20.54	-2.87	3.51	245.09	205.79
Diluted EPS	-488.00	375.10	20.54	-2.87	3.51	245.09	205.79

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	28.4	24.1	25.8	23.5	29.6	29.6	32.9
I. Cash and cash equivalents	3.6	2.4	3.3	2.3	6.7	12.7	14.1
1. Cash	3.6	2.4	3.3	2.3	6.7	12.7	14.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0
III. Short-term receivables	17.7	14.7	11.6	13.5	15.9	12.9	11.7
1. Short-term trade accounts receivable	6.2	5.6	3.2	5.0	6.2	4.9	5.8
2. Short-term prepayments to suppliers	4.3	3.1	3.3	5.4	8.1	3.3	3.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0
6. Other short-term receivables	7.2	6.0	5.1	3.0	1.6	4.6	2.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.8	0.9	5.8	3.0	3.0	1.0	4.8
1. Inventories	2.8	0.9	5.8	3.0	3.0	1.0	4.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0
V. Other short-term assets	4.2	6.2	5.2	4.6	4.1	3.1	2.2
1. Short-term prepayments	3.0	4.6	3.7	3.1	2.5	2.0	1.0
2. Value added tax to be reclaimed	1.2	1.6	1.4	1.5	1.6	1.2	1.2
3. Taxes and other receivables from state authorities	—	—	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	35.8	38.0	36.3	37.8	35.8	33.7	30.4
I. Long-term receivables	—	0.2	0.5	0.5	0.5	0.5	0.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0
6. Other long-term receivables	—	0.2	0.5	0.5	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0
II. Fixed assets	26.6	27.6	27.1	26.0	27.0	28.2	26.9
1. Tangible fixed assets	15.0	16.0	15.5	14.4	15.4	16.6	15.3
- Cost	42.7	—	—	—	—	39.1	37.5
- Accumulated depreciation	-27.7	—	—	—	—	-22.5	-22.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0
3. Intangible fixed assets	11.5	11.6	11.6	11.6	11.6	11.7	11.7
- Cost	11.9	—	—	—	—	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0
IV. Long-term assets in progress	—	0.4	0.4	2.3	0.3	0.3	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0
2. Construction in progress	—	0.4	0.4	2.3	0.3	0.3	0.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0
VI. Other long-term assets	9.2	9.8	8.3	8.9	8.0	4.6	2.6
1. Long-term prepayments	9.2	9.8	8.3	8.9	8.0	4.6	2.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0
TOTAL ASSETS (280=100+200)	64.2	62.0	62.1	61.2	65.4	63.3	63.3
A. LIABILITIES (300=210+330)	8.5	3.7	5.9	5.2	7.0	5.0	5.9
I. Short -term liabilities	8.5	3.7	5.9	5.2	7.0	5.0	5.9
1. Short-term trade accounts payable	0.8	0.7	0.5	0.7	2.2	1.1	1.1
2. Short-term advances from customers	0.0	0.0	0.2	0.1	0.1	0.0	0.0
3. Taxes and other payables to state authorities	0.8	0.9	0.2	0.1	1.1	1.0	0.8
4. Payable to employees	0.3	0.3	0.2	0.3	0.5	0.7	0.5
5. Short-term acrrued expenses	—	—	0.1	—	—	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0
8. Short-term unearned revenue	0.5	0.1	0.0	0.7	1.0	0.6	0.8
9. Other short-term payables	1.7	1.7	1.7	1.7	1.7	1.6	1.7
10. Short-term borrowings and financial leases	4.3	—	3.0	1.5	0.5	0.0	1.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	55.7	58.4	56.3	56.1	58.5	58.4	57.4
I. Owner's equity	55.7	58.4	56.3	56.1	58.5	58.4	57.4
1. Owner's capital	55.7	55.7	55.7	50.6	50.6	50.6	50.6
- Common stock with voting right	55,650,040,000.00	55,650,040,000.00	55,650,040,000.00	50,590,980,000.00	50,590,980,000.00	50,590,980,000.00	50,590,980,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0
11. Undistributed earnings after tax	0.4	3.0	0.9	5.8	8.2	8.1	6.9
- Accumulated retained earning at the end of the previous period	0.6	0.6	0.6	5.6	4.3	4.3	4.3
- Undistributed earnings in this period	-0.2	2.4	0.3	0.2	3.9	3.8	2.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	64.2	62.0	62.1	61.2	65.4	63.3	63.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Profit Before Tax	—	2.9	—	0.3	—	1.5	3.3
Depreciation of Fixed Assets and Investment Property	—	2.0	—	1.8	—	0.6	2.4
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0
Gain/Loss from Investment Activities	—	0.1	—	0.1	—	0.2	0.1
Interest Expense	—	0.2	—	0.1	—	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0
Operating Profit Before Changes in Working Capital	—	5.2	—	2.3	—	2.3	5.7
Increase/(Decrease) in Receivables	—	-0.4	—	-1.6	—	-2.5	3.5
Increase/(Decrease) in Inventory	—	5.3	—	-5.3	—	9.5	-9.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-0.1	—	-0.3	—	-5.0	-0.2
Increase/(Decrease) in Prepaid Expenses	—	-6.6	—	-1.3	—	-3.1	1.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0
Interest Paid	—	-0.2	—	-0.1	—	-0.1	-0.1
Corporate Income Tax Paid	—	-0.0	0.0	-0.8	-0.2	0.0	-1.0
Other Operating Receipts	0.8	—	—	—	—	0.0	0.0
Other Operating Payments	-1.1	—	-3.8	—	-0.9	0.0	0.0
Net Cash Flow from Operating Activities	-2.6	8.1	-5.0	-0.8	-6.5	1.1	0.1
Payments for Fixed Assets and Other Long-term Assets	—	-1.5	—	-2.4	—	-1.6	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.3	—	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Investing Activities	0.0	-3.6	2.1	-2.1	0.0	-1.6	-2.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	60,340,000.00	12,130,090,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00
Proceeds from Borrowings	3.8	0.1	2.3	7.2	2.0	4.0	2.9
Repayment of Borrowings	—	-3.0	-1.0	-6.1	-1.5	-5.0	-1.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0
Dividends Paid	—	0.0	—	-2.5	—	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Financing Activities	3.8	-5.4	3.9	-1.5	0.5	-0.9	13.1
Net Cash Flow During the Period	1.3	-1.0	1.0	-4.4	-6.0	-1.4	11.1
Cash and Cash Equivalents at Beginning of Period	2.4	3.3	2.3	6.7	12.6	3.0	3.0
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0
Cash and Cash Equivalents at End of Period	3.6	2.4	3.3	2.3	6.7	12.7	14.1

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CAR

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