CTD

Listed Company · HOSE

Price

80,000

Latest close

03 Apr 2026

P/E 17.9x

EPS (TTM) 4,459

ROE (TTM) 5.1%

P/B 0.9x

BVPS (Latest) 86,486

ROA (TTM) 1.7%

What Is Changing

CTD no longer looks like a business simply rebounding from a weak base. Revenue posted +18.2% YoY, while net margin reached 1.83% with an additional +0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 0.14% in 2022 to 1.83% in 2025.
Net Income recovered 47.4% to VND 456.2bn in 2025.
Revenue increased 18.2% YoY to VND 24,884.5bn in 2025.

Metric	2025	2024	2022	2021	2020
Revenue	24,884.5	21,045.2	14,536.9	9,107.7	14,597.0
Growth	+18%	+45%	+60%	-38%	—
Net Income	456.2	309.6	20.8	24.3	463.5
Net Margin	1.83%	1.47%	0.14%	0.27%	3.18%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	8,350.7	5,002.8	6,885.6	4,758.9	6,595.4	4,665.9	5,659.9	4,124.0	3,618.9	3,129.6	6,230.3	3,113.5
Growth	+67%	-27%	+45%	-28%	+41%	-18%	+37%	+14%	+16%	-50%	+100%	—
Net Income	186.9	57.1	106.2	92.9	58.8	104.9	69.1	66.6	30.2	22.1	18.9	-3.5
Net Margin	2.24%	1.14%	1.54%	1.95%	0.89%	2.25%	1.22%	1.62%	0.83%	0.70%	0.30%	-0.11%

Financial Statements

Profitability

Net margin reached 1.83% while Revenue posted +18.2% YoY.

Balance Sheet

Inventory stood at 5,964.2bn, liabilities at 20,736.3bn, and equity at 8,965.2bn.

Cash Flow

Operating cash flow was 24.3bn in 2024, while investing cash flow was 240.2bn.

Financing cash flow: 63.1bn.

Item	2025	2024	2022	2021	2020
Revenue	24,884.6	21,045.2	14,538.7	9,107.7	14,628.1
Revenue Deductions	0.1	0.0	1.7	0.0	0.0
Net Revenue	24,884.5	21,045.2	14,536.9	9,107.7	14,597.0
Cost of Goods Sold	24,069.4	20,332.6	14,050.2	0.0	0.0
Gross Profit	815.1	712.5	486.7	268.5	866.2
Financial Income	256.0	279.8	381.0	277.1	228.3
Financial Expenses	205.3	104.9	162.6	-12.9	-0.6
Interest Expense	142.9	91.5	79.2	-1.1	-0.0
Share of Associates and Joint Ventures	-0.0	-0.0	-23.8	-30.3	-27.0
Selling Expenses	1.3	0.0	0.0	-0.0	-0.0
General and Administrative Expenses	331.4	580.9	734.8	-516.3	-505.9
Operating Profit	533.2	306.5	-53.5	-14.0	561.1
Other Income	31.8	86.2	93.6	0.0	0.0
Other Expenses	13.0	6.1	5.2	0.0	0.0
Other Profit	18.8	80.1	88.4	52.1	27.8
Profit Before Tax	552.0	386.6	34.8	38.2	588.8
Current Income Tax Expense	70.1	134.6	37.9	-13.9	-125.4
Deferred Income Tax Expense	25.7	-57.6	-23.8	0.0	0.0
Net Income	456.2	309.6	20.8	24.3	463.5
Non-controlling Interest	0.0	0.0	0.1	0.1	0.2
Profit Attributable to Parent	456.2	309.6	20.7	24.2	463.3
Earnings per Share	4,560.00	3,320.00	280.00	326.00	5,830.00
Diluted EPS	4,560.00	3,320.00	280.00	305.23	5,845.45

Item	2025	2024	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	27,963.2	20,456.2	17,465.0	13,519.4	12,926.7
I. Cash and cash equivalents	2,712.3	2,210.4	1,064.4	884.7	1,396.8
1. Cash	292.5	876.0	635.4	0.0	0.0
2. Cash equivalents	2,419.8	1,334.4	429.0	0.0	0.0
II. Short-term financial investments	1,589.2	1,867.9	1,778.4	0.0	0.0
1. Available for sale securities	119.6	255.4	248.9	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-4.8	-2.7	-60.7	0.0	0.0
3. Held to maturity investments	1,474.4	1,615.2	1,590.2	0.0	0.0
III. Short-term receivables	15,870.4	12,023.6	11,235.4	8,326.8	7,841.2
1. Short-term trade accounts receivable	14,874.8	12,245.7	10,926.6	0.0	0.0
2. Short-term prepayments to suppliers	1,593.6	940.5	596.9	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.5	6.9	0.0	0.0	0.0
5. Short-term loan receivables	85.3	84.1	432.0	0.0	0.0
6. Other short-term receivables	632.3	178.5	329.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1,316.1	-1,432.1	-1,049.3	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5,964.2	3,126.1	2,837.9	1,558.2	1,492.0
1. Inventories	6,059.4	3,198.2	2,908.6	0.0	0.0
2. Provision for decline in value of inventories	-95.2	-72.1	-70.7	0.0	0.0
V. Other short-term assets	1,827.1	1,228.2	548.9	349.0	345.8
1. Short-term prepayments	6.8	7.4	7.7	0.0	0.0
2. Value added tax to be reclaimed	1,820.3	1,220.8	537.3	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	3.9	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,738.3	2,412.6	1,502.1	1,173.6	1,276.8
I. Long-term receivables	28.6	699.2	403.4	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	9.0	2.0	0.0	0.0	0.0
3. Capital at inter-company	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
5. Long-term loan receivables	28.2	35.8	0.0	0.0	0.0
6. Other long-term receivables	0.3	663.4	403.4	0.0	0.0
7. Provision for long-term doubtful debts	-9.0	-2.0	0.0	0.0	0.0
II. Fixed assets	441.7	455.7	560.0	531.1	605.1
1. Tangible fixed assets	339.1	353.0	446.8	420.9	512.1
- Cost	1,249.6	1,193.2	1,110.7	0.0	0.0
- Accumulated depreciation	-910.5	-840.2	-663.9	0.0	0.0
2. Financial leased fixed assets	0.7	1.2	2.0	2.6	0.0
- Cost	2.7	2.7	2.7	0.0	0.0
- Accumulated depreciation	-2.0	-1.4	-0.6	0.0	0.0
3. Intangible fixed assets	101.9	101.5	111.2	107.6	93.0
- Cost	157.1	149.3	143.3	0.0	0.0
- Accumulated depreciation	-55.2	-47.8	-32.1	0.0	0.0
III. Investment properties	308.2	330.7	37.6	40.7	46.8
- Cost	347.8	368.3	63.2	0.0	0.0
- Accumulated depreciation	-39.7	-37.6	-25.6	0.0	0.0
IV. Long-term assets in progress	49.7	114.5	24.9	185.2	161.5
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	49.7	114.5	24.9	0.0	0.0
V. Long-term financial investments	315.3	309.4	311.0	334.8	365.2
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.4	2.5	9.4	0.0	0.0
3. Investments in other entities	312.9	303.6	301.6	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	3.3	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	594.8	503.0	165.1	0.0	0.0
1. Long-term prepayments	310.9	250.4	97.8	0.0	0.0
2. Deferred income tax assets	115.8	143.4	67.3	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	81.6	98.2
5. Goodwill	168.2	109.2	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	29,701.5	22,868.8	18,967.1	14,692.9	14,203.5
A. LIABILITIES (300=210+330)	20,736.3	14,277.5	10,753.1	6,445.2	5,675.7
I. Short -term liabilities	20,683.7	14,223.3	10,226.6	6,442.7	5,644.5
1. Short-term trade accounts payable	7,534.4	6,161.3	5,188.6	3,018.8	3,307.2
2. Short-term advances from customers	4,814.0	2,387.5	2,120.8	1,189.5	379.7
3. Taxes and other payables to state authorities	36.4	84.3	8.0	0.0	0.0
4. Payable to employees	4.5	4.3	0.0	0.0	0.0
5. Short-term acrrued expenses	3,570.6	3,123.0	2,022.1	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	4.3	5.4	11.4	38.0	44.6
9. Other short-term payables	1,473.2	629.3	16.3	0.0	0.0
10. Short-term borrowings and financial leases	2,984.1	1,519.2	553.1	1.7	0.0
11. Provision for short-term liabilities	189.9	234.1	229.0	0.0	0.0
12.. Bonus and welfare fund	72.3	75.1	77.3	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	52.6	54.2	526.5	2.5	31.2
1. Long-term trade payables	19.3	0.0	0.0	0.0	0.0
2. Long-term advances from customers	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
4. Inter-company payables on business capital	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
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	2.8	21.1	524.1	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	27.6	29.5	0.0	0.0	0.0
12. Provision for long-term liabilities	2.7	3.3	2.4	0.0	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	8,965.2	8,591.3	8,214.0	8,247.7	8,527.8
I. Owner's equity	8,965.2	8,591.3	8,214.0	0.0	0.0
1. Owner's capital	1,036.3	1,036.3	788.3	8,247.7	8,527.8
- Common stock with voting right	1,036.3	1,036.3	788.3	792.5	792.5
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	2,714.4	2,879.7	3,019.5	3,039.0	3,039.0
3. Convertible bond option	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
5. Treasury shares	-264.9	-445.2	-597.6	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	5.4	2.8	0.0	0.0	0.0
8. Investment and development fund	4,419.2	4,419.2	4,667.2	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	1,054.1	697.9	336.1	315.6	494.4
- Accumulated retained earning at the end of the previous period	598.0	388.3	315.4	291.4	31.1
- Undistributed earnings in this period	456.2	309.6	20.7	24.2	463.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.6	0.5	0.5	54.8	54.2
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	29,701.5	22,868.8	18,967.1	14,692.9	14,203.5

Item	2024	2022	2021	2020
Profit Before Tax	386.6	34.8	38.2	588.8
Depreciation of Fixed Assets and Investment Property	43.5	106.3	104.5	107.9
Provision (Increase)/Reversal	305.9	520.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.7	-0.7	0.0	0.0
Gain/Loss from Investment Activities	-239.2	-352.0	0.0	0.0
Interest Expense	91.5	79.2	0.0	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	589.9	387.7	251.6	666.7
Increase/(Decrease) in Receivables	-1,558.0	-3,284.7	0.0	0.0
Increase/(Decrease) in Inventory	201.4	-1,188.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,180.4	2,860.2	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-215.4	-57.9	0.0	0.0
Changes in Trading Securities	-5.9	-248.9	0.0	0.0
Interest Paid	-86.7	-55.9	0.0	0.0
Corporate Income Tax Paid	-80.1	-35.2	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-1.5	-4.2	0.0	0.0
Net Cash Flow from Operating Activities	24.3	-1,627.1	368.5	-753.6
Payments for Fixed Assets and Other Long-term Assets	-550.6	-194.8	-47.1	-5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	23.9	2.0	0.0	8.3
Loans and Purchases of Debt Instruments	-3,630.5	-4,539.7	-4,568.4	-3,590.7
Receipts from Loan Repayments and Sale of Debt Instruments	4,281.8	5,490.8	3,761.5	4,981.3
Investments in Other Entities	-263.6	-524.6	0.0	0.0
Proceeds from Investments in Other Entities	64.8	183.2	0.0	0.0
Dividends and Interest Income Received	314.4	316.5	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	240.2	733.5	-627.9	1,654.4
Proceeds from Equity Issuance and Capital Contributions	7.1	0.0	0.0	0.0
Share Repurchases	0.0	0.0	-178.0	-76.1
Proceeds from Borrowings	3,977.8	2,241.9	554.8	0.0
Repayment of Borrowings	-3,920.9	-1,167.7	-554.8	0.0
Repayment of Finance Leases	-0.9	-0.8	-1.0	0.0
Dividends Paid	0.0	0.0	-73.8	-229.1
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	63.1	1,073.4	-252.7	-305.2
Net Cash Flow During the Period	327.6	179.7	-340.3	1,033.8
Cash and Cash Equivalents at Beginning of Period	1,882.8	884.7	1,396.8	800.8
FX Difference from Revaluation	0.1	-0.0	0.1	0.3
Cash and Cash Equivalents at End of Period	2,210.4	1,064.4	884.7	1,396.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	8,350.7	5,002.8	6,885.7	4,758.9	6,595.4	4,665.9	5,659.9	4,124.0	3,620.6	3,129.6	6,230.3	3,113.5
Revenue Deductions	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	1.7	0.0	0.0	0.0
Net Revenue	8,350.7	5,002.8	6,885.6	4,758.9	6,595.4	4,665.9	5,659.9	4,124.0	3,618.9	3,129.6	6,230.3	3,113.5
Cost of Goods Sold	8,135.0	4,846.8	6,684.1	4,553.5	6,373.1	4,445.1	5,490.7	4,023.8	3,517.9	3,074.0	6,058.4	3,080.6
Gross Profit	215.7	156.0	201.5	205.4	222.3	220.8	169.2	100.2	101.0	55.6	171.9	32.9
Financial Income	72.1	55.6	56.7	70.9	69.5	41.6	67.2	101.5	94.6	84.5	70.0	83.1
Financial Expenses	87.5	44.5	33.7	39.0	30.4	11.4	30.7	32.5	35.4	31.8	59.4	43.9
Interest Expense	39.3	33.4	37.6	31.9	25.0	20.6	21.8	24.2	25.4	24.8	24.6	24.6
Share of Associates and Joint Ventures	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	-1.1	-5.8	-7.4	-5.4
Selling Expenses	0.2	0.0	0.9	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	-22.4	101.6	106.1	118.1	194.0	180.7	122.4	83.0	120.4	72.4	182.6	103.5
Operating Profit	222.6	65.5	117.7	119.1	67.5	70.3	83.4	86.2	38.6	30.1	-7.5	-36.8
Other Income	9.7	0.1	23.0	0.4	9.7	68.8	7.2	0.4	1.8	0.6	28.0	41.4
Other Expenses	2.4	2.4	5.7	2.9	1.5	2.9	1.3	0.4	1.0	1.4	-6.3	7.7
Other Profit	7.2	-2.3	17.4	-2.5	8.2	65.8	6.0	0.0	0.8	-0.8	34.2	33.7
Profit Before Tax	229.8	63.2	135.0	116.5	75.7	136.2	89.3	86.2	39.4	29.4	26.8	-3.0
Current Income Tax Expense	4.6	11.9	44.3	18.4	48.0	35.3	23.0	28.3	25.7	6.1	-26.2	20.0
Deferred Income Tax Expense	38.2	-5.8	-15.4	5.2	-31.1	-4.0	-2.8	-8.7	-16.4	1.2	34.2	-19.5
Net Income	186.9	57.1	106.2	92.9	58.8	104.9	69.1	66.6	30.2	22.1	18.9	-3.5
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0
Profit Attributable to Parent	186.9	57.1	106.2	92.9	58.8	104.9	69.1	66.6	30.2	22.1	18.9	-3.5
Earnings per Share	1,896.00	571.00	1,062.00	930.00	574.00	1,205.00	668.00	892.00	409.00	299.00	256.00	-48.00
Diluted EPS	1,803.84	551.30	1,024.56	896.62	3,320.00	1,012.18	666.60	642.94	382.75	280.23	239.50	-44.62

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23	Q4'22	Q3'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	27,845.1	23,947.9	24,884.9	21,296.4	20,456.2	18,590.4	19,889.4	18,917.4	19,883.8	18,568.4	17,465.3	16,645.6
I. Cash and cash equivalents	2,712.3	1,897.2	2,478.6	1,705.4	2,210.4	2,382.3	2,842.2	2,225.0	1,882.8	1,984.3	1,064.4	416.0
1. Cash	292.5	1,055.6	1,103.2	1,038.0	876.0	712.3	1,336.2	780.0	631.8	742.3	635.4	382.0
2. Cash equivalents	2,419.8	841.6	1,375.4	667.4	1,334.4	1,670.1	1,506.0	1,445.0	1,251.0	1,242.0	429.0	34.0
II. Short-term financial investments	1,589.2	1,751.4	2,188.8	2,630.0	1,867.9	955.4	1,768.5	1,854.0	2,180.5	2,239.8	1,780.2	2,221.0
1. Available for sale securities	119.6	265.8	267.0	241.9	255.4	238.7	222.5	236.6	249.5	254.0	248.9	255.5
2. Provision for diminution in value of available for sale securities (*)	-4.8	-7.0	-1.0	-2.9	-2.7	-1.0	-10.3	-15.3	-24.5	-60.7	-60.7	-36.7
3. Held to maturity investments	1,474.4	1,492.6	1,922.8	2,391.0	1,615.2	717.6	1,556.3	1,632.6	1,955.4	2,046.5	1,592.0	2,002.2
III. Short-term receivables	16,018.9	13,429.9	13,695.9	12,106.1	12,023.6	11,233.1	11,845.2	11,279.6	12,079.2	11,316.9	11,231.4	10,309.8
1. Short-term trade accounts receivable	15,315.2	13,157.6	13,643.9	12,198.7	12,245.7	11,365.0	11,669.9	10,688.9	11,590.2	10,928.1	10,926.6	9,113.1
2. Short-term prepayments to suppliers	1,593.6	1,447.7	1,188.9	1,077.9	940.5	935.5	1,031.6	1,055.4	895.3	695.8	596.9	740.2
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.5	0.5	0.5	2.6	6.9	11.7	0.0	0.0	0.0	0.0	0.0	22.4
5. Short-term loan receivables	85.3	115.2	108.7	91.9	84.1	76.2	79.3	482.3	379.7	432.0	432.0	649.6
6. Other short-term receivables	307.3	158.8	177.8	163.9	178.5	200.8	322.3	248.1	331.7	323.2	325.0	745.2
7. Provision for short-term doubtful debts (*)	-1,282.9	-1,449.9	-1,423.9	-1,428.8	-1,432.1	-1,356.1	-1,258.0	-1,195.2	-1,117.7	-1,062.2	-1,049.3	-960.7
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5,697.6	5,179.4	4,999.0	3,541.0	3,126.1	2,924.1	2,602.8	2,928.2	3,148.1	2,529.4	2,837.9	3,197.0
1. Inventories	5,828.9	5,330.1	5,142.5	3,613.1	3,198.2	2,996.3	2,663.2	2,988.7	3,216.2	2,598.4	2,908.6	3,219.9
2. Provision for decline in value of inventories	-131.3	-150.8	-143.5	-72.1	-72.1	-72.2	-60.4	-60.4	-68.1	-69.0	-70.7	-22.9
V. Other short-term assets	1,827.1	1,690.1	1,522.7	1,313.9	1,228.2	1,095.5	830.8	630.6	593.3	498.0	551.5	501.7
1. Short-term prepayments	6.8	16.9	17.8	20.3	7.4	10.5	13.4	16.2	7.3	4.8	7.7	4.8
2. Value added tax to be reclaimed	1,820.3	1,673.2	1,504.8	1,293.6	1,220.8	1,085.0	817.4	614.4	586.0	486.7	537.3	496.9
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.6	6.5	0.0
4. Government bonds	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,738.8	2,234.7	2,199.6	2,427.4	2,372.9	2,342.6	1,762.5	1,633.5	1,491.0	1,473.3	1,499.5	1,111.1
I. Long-term receivables	28.6	507.5	515.8	747.3	699.2	658.4	602.9	560.7	399.1	405.9	380.5	0.0
1. Long-term trade receivables	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 prepayments to suppliers	9.0	9.0	9.0	9.0	2.0	9.0	9.0	9.0	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	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	0.0	0.0	0.0	0.0
5. Long-term loan receivables	28.2	38.7	47.0	56.4	35.8	14.2	42.6	11.9	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.3	461.8	461.8	683.8	663.4	635.2	551.3	539.8	399.1	405.9	380.5	0.0
7. Provision for long-term doubtful debts	-9.0	-2.0	-2.0	-2.0	-2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	441.7	434.2	453.5	452.4	455.7	482.8	474.5	492.1	523.3	535.6	560.0	573.1
1. Tangible fixed assets	339.1	329.7	347.1	345.6	353.0	378.3	368.0	385.8	415.0	424.8	446.8	468.8
- Cost	1,249.6	1,221.6	1,216.9	1,209.7	1,193.2	1,210.0	1,112.2	1,111.6	1,122.8	1,110.8	1,110.7	1,109.2
- Accumulated depreciation	-910.5	-891.9	-869.8	-864.1	-840.2	-831.8	-744.2	-725.8	-707.8	-686.0	-663.9	-640.4
2. Financial leased fixed assets	0.7	0.8	1.0	1.1	1.2	1.4	1.5	1.6	1.8	1.9	2.0	2.2
- Cost	2.7	2.7	2.7	2.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.0	-1.8	-1.7	-1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	101.9	103.6	105.5	105.7	101.5	103.1	105.0	104.7	106.6	108.9	111.2	102.1
- Cost	157.1	157.0	157.0	155.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-55.2	-53.3	-51.5	-49.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	308.2	310.0	314.6	316.4	330.7	329.1	68.1	60.7	50.2	37.4	37.6	38.1
- Cost	347.8	347.8	353.1	352.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-39.7	-37.8	-38.5	-36.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	49.7	85.3	64.7	104.2	114.5	135.9	119.7	33.0	32.7	30.2	47.9	22.6
1. Long-term production in progress	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. Construction in progress	49.7	85.3	64.7	104.2	114.5	135.9	119.7	33.0	32.7	30.2	47.9	22.6
V. Long-term financial investments	315.3	316.5	316.5	318.0	309.4	308.2	306.1	306.1	304.1	305.2	311.0	318.4
1. Investments in subsidiaries	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. Investments in associates, joint-ventures	2.4	2.4	2.5	2.5	2.5	2.5	2.5	2.5	2.5	3.6	9.4	16.8
3. Investments in other entities	312.9	312.9	312.9	312.9	303.6	303.6	303.6	303.6	301.6	301.6	301.6	301.6
4. Provision for diminution in value of long-term investments	0.0	1.2	1.2	2.6	3.3	2.1	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	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	0.0	0.0	0.0	0.0
VI. Other long-term assets	595.3	581.2	534.4	489.1	463.4	428.1	191.1	180.9	181.6	159.1	162.5	158.9
1. Long-term prepayments	310.9	290.4	283.4	245.6	250.4	251.3	97.1	89.7	99.1	93.0	97.8	60.0
2. Deferred income tax assets	116.3	155.8	152.0	137.1	132.5	101.4	94.0	91.3	82.5	66.1	64.7	98.9
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Goodwill	168.2	134.9	99.0	106.4	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	80.5	75.4	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	29,583.9	26,182.6	27,084.5	23,723.8	22,829.2	20,932.9	21,651.9	20,550.9	21,374.9	20,041.7	18,964.8	17,756.7
A. LIABILITIES (300=210+330)	20,621.1	17,436.1	18,394.2	15,043.2	14,248.0	12,413.2	13,244.5	12,212.5	13,103.1	11,805.7	10,750.8	9,561.6
I. Short -term liabilities	20,587.7	17,387.6	18,334.7	14,992.1	14,223.3	12,387.3	12,745.7	11,712.9	12,602.8	11,304.9	10,224.3	9,034.3
1. Short-term trade accounts payable	7,553.6	6,004.7	7,141.9	5,408.4	6,125.2	5,033.2	5,770.2	4,381.3	5,114.0	3,976.1	5,059.5	3,090.1
2. Short-term advances from customers	4,810.7	3,935.4	3,409.8	3,051.5	2,387.5	2,246.7	2,471.4	2,882.2	2,929.5	2,801.3	2,042.4	2,296.0
3. Taxes and other payables to state authorities	36.3	48.8	62.0	22.9	84.3	57.7	39.8	31.2	20.9	1.4	8.0	32.9
4. Payable to employees	4.5	0.4	4.7	4.6	4.3	4.4	0.1	0.2	0.1	0.1	0.0	0.1
5. Short-term acrrued expenses	3,780.6	3,463.7	4,147.1	3,626.7	3,159.2	2,387.8	2,752.0	3,069.1	2,109.1	2,390.0	2,151.1	2,177.7
6. Short-term inter-company 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
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	7.6	4.4	4.7	5.1	5.4	5.3	5.5	5.7	6.4	6.3	89.9	144.7
9. Other short-term payables	1,148.2	833.1	628.9	276.5	629.3	932.9	870.1	406.0	1,434.8	1,165.5	14.1	17.3
10. Short-term borrowings and financial leases	2,984.1	2,809.4	2,633.9	2,292.7	1,519.2	1,478.8	581.9	636.0	697.3	664.6	553.1	938.9
11. Provision for short-term liabilities	189.7	215.5	228.5	229.1	234.1	165.5	179.4	226.0	214.6	222.7	229.0	259.1
12.. Bonus and welfare fund	72.3	72.3	73.2	74.7	75.1	75.1	75.1	75.2	76.0	76.8	77.3	77.6
13. Price stabilization fund	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
II. Long-term liabilities	33.4	48.5	59.5	51.1	24.7	25.9	498.8	499.6	500.3	500.8	526.5	527.3
1. Long-term trade payables	0.0	0.0	10.1	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	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	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	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	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	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	2.8	17.4	18.6	19.8	21.1	22.6	496.3	497.0	497.7	498.4	524.1	524.8
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	27.6	28.1	27.9	28.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	2.7	2.8	2.8	2.8	3.3	3.1	2.2	2.3	2.4	2.4	2.4	2.5
13. Fund for technology development	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	8,962.8	8,746.5	8,690.4	8,680.6	8,581.1	8,519.7	8,407.4	8,338.3	8,271.7	8,236.0	8,214.0	8,195.1
I. Owner's equity	8,962.8	8,746.5	8,690.4	8,680.6	8,581.1	8,519.7	8,407.4	8,338.3	8,271.7	8,236.0	8,214.0	8,195.1
1. Owner's capital	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	788.3	788.3	788.3	792.5
- Common stock with voting right	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	788.3	788.3	788.3	792.5
- Preferred stock	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. Share premium	2,714.4	2,879.7	2,879.7	2,879.7	2,879.7	2,879.7	2,958.3	2,958.3	2,958.3	3,019.5	3,019.5	3,039.0
3. Convertible bond option	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Treasury shares	-264.9	-445.2	-445.2	-445.2	-445.2	-445.2	-530.9	-530.9	-530.9	-597.6	-597.6	-621.4
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	5.4	3.3	2.7	-0.8	2.8	0.2	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	4,419.2	4,419.2	4,419.2	4,419.2	4,419.2	4,419.2	4,419.2	4,419.2	4,667.2	4,667.2	4,667.2	4,667.2
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,051.8	852.6	797.1	790.8	687.7	628.9	524.0	454.9	388.4	358.2	336.1	317.2
- Accumulated retained earning at the end of the previous period	612.1	598.0	598.0	697.9	388.3	388.3	388.3	388.3	336.1	336.1	315.4	315.4
- Undistributed earnings in this period	439.7	254.6	199.1	92.9	299.4	240.6	135.7	66.6	52.3	22.1	20.7	1.8
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.6	0.6	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.6
14. Financial reserves	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	29,583.9	26,182.6	27,084.5	23,723.8	22,829.2	20,932.9	21,651.9	20,550.9	21,374.9	20,041.7	18,964.8	17,756.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23	Q4'22	Q3'22
Profit Before Tax	236.4	63.2	135.8	116.5	74.8	136.2	89.3	86.2	39.4	29.4	26.8	-3.0
Depreciation of Fixed Assets and Investment Property	27.2	27.6	30.7	28.2	30.4	-35.0	23.8	24.4	24.9	25.7	27.4	26.6
Provision (Increase)/Reversal	-209.8	-8.3	98.5	22.8	148.6	94.2	25.8	37.3	54.2	6.9	132.3	132.7
FX Gain/Loss from Revaluation of Monetary Items	0.7	-0.3	3.2	-3.1	2.0	0.3	-0.2	-0.4	-0.1	0.0	-1.0	0.1
Gain/Loss from Investment Activities	-74.9	-48.4	-58.3	-50.5	-49.9	-31.7	-65.8	-91.8	-91.3	-78.2	-60.8	-75.0
Interest Expense	39.3	33.4	38.2	31.9	25.0	20.6	21.8	24.2	25.4	24.8	24.6	24.6
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	19.0	67.2	248.1	145.9	230.9	184.6	94.6	79.8	52.5	8.6	149.2	106.1
Increase/(Decrease) in Receivables	-2,179.0	-126.6	-1,579.2	-184.2	-1,039.9	53.9	-1,357.0	785.1	-944.5	-41.1	-1,685.3	-610.1
Increase/(Decrease) in Inventory	-729.2	-240.1	-1,476.9	-414.9	-202.0	-149.5	325.4	227.5	-617.8	310.2	311.3	-1,085.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3,412.0	-992.9	2,981.8	184.8	1,755.2	-1,011.9	1,273.9	-836.7	1,221.9	1,006.4	1,643.9	1,011.5
Increase/(Decrease) in Prepaid Expenses	-48.2	-3.4	-76.2	-8.2	-0.2	-213.4	-4.6	2.7	-8.6	7.8	-40.7	-25.3
Changes in Trading Securities	146.2	1.2	-25.1	13.5	-16.7	-16.2	14.1	12.9	4.5	-5.1	6.5	-35.9
Interest Paid	-41.1	-58.4	-19.5	-47.2	-14.7	-27.1	-9.8	-35.2	-14.1	-37.9	-13.2	-35.7
Corporate Income Tax Paid	-15.2	-17.1	-9.0	-76.6	-11.3	-33.3	-17.9	-17.6	-1.2	-8.8	-8.6	-16.8
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.9	-0.9	-1.5	-1.0	0.0	-0.1	-0.2	-1.1	-0.9	-0.7	-0.4	-0.1
Net Cash Flow from Operating Activities	562.4	-1,370.9	42.7	-387.9	701.3	-1,213.2	318.6	217.5	-308.2	1,239.4	362.7	-691.6
Payments for Fixed Assets and Other Long-term Assets	-193.9	-9.5	-125.0	-138.4	-67.2	-108.5	-212.9	-162.1	-15.7	-24.5	-54.9	-32.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	238.5	0.9	30.7	18.7	4.9	0.0	0.4	-0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	-2,067.9	0.0	-1,413.4	-1,063.7	-849.0	-669.9	-1,047.9	-877.8	-890.9	-384.5	-885.1
Receipts from Loan Repayments and Sale of Debt Instruments	1,511.3	2,158.7	0.0	609.9	135.4	1,732.7	1,118.6	1,295.1	982.3	434.5	1,014.1	1,414.3
Investments in Other Entities	-11.6	0.0	5.0	-9.3	-1.9	-248.2	-11.5	-2.0	0.0	0.0	0.0	-524.6
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	64.8	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	231.4	54.0	47.8	31.8	67.2	77.8	65.7	103.7	80.8	75.9	98.1	73.0
Increase/(Decrease) in Term Deposits	-3,519.4	0.0	-341.2	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	85.6	715.0	391.0	-888.7	-911.5	609.7	354.8	187.2	169.5	-404.9	672.8	45.0
Proceeds from Equity Issuance and Capital Contributions	15.0	0.0	0.0	0.0	0.0	7.1	0.0	0.0	5.5	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,892.8	1,460.6	1,706.7	1,258.9	1,277.4	1,524.5	712.8	463.0	422.3	394.8	362.0	428.3
Repayment of Borrowings	-1,741.0	-1,286.4	-1,367.2	-487.3	-1,239.1	-1,388.1	-768.1	-525.6	-390.8	-309.5	-748.2	-279.2
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	-0.9	0.0	0.0	0.0	-0.8	0.0
Dividends Paid	0.0	-99.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	166.7	74.4	339.5	771.7	38.3	143.6	-56.2	-62.5	37.1	85.3	-387.0	149.1
Net Cash Flow During the Period	814.8	-581.6	773.2	-504.9	-171.9	-459.9	617.2	342.2	-101.6	919.9	648.5	-497.5
Cash and Cash Equivalents at Beginning of Period	1,897.2	2,478.6	1,705.4	2,210.4	1,882.8	1,882.8	1,882.8	1,882.8	1,064.4	1,064.4	884.7	884.7
FX Difference from Revaluation	0.3	0.1	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	2,712.3	1,897.2	2,478.6	1,705.4	2,210.4	2,382.3	2,842.2	2,225.0	1,882.8	1,984.3	1,064.4	416.0

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