CTW

Listed Company · UPCOM

Price

26,000

Latest close

31 Mar 2026

P/E 9.8x

EPS (TTM) 2,649

ROE (TTM) 12.6%

P/B 1.2x

BVPS (Latest) 21,524

ROA (TTM) 8.5%

What Is Changing

CTW has not yet shown a broad-based top-line recovery. Revenue posted -7.5% YoY, but net margin reached 19.36% with an additional -1.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -14.1% in 2025 from 148.8% in the prior period, at VND 88.8bn.
Revenue decreased 7.5% YoY to VND 458.4bn in 2025.
Net margin declined from 20.85% in the prior period to 19.36% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	458.4	495.6	328.6	317.4	296.7
Growth	-7%	+51%	+4%	+7%	—
Net Income	88.8	103.3	41.5	39.9	46.5
Net Margin	19.36%	20.85%	12.64%	12.56%	15.67%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	121.8	110.5	120.4	105.7	128.3	115.1	115.2	136.9	94.2	81.3	80.8	72.3
Growth	+10%	-8%	+14%	-18%	+11%	-0%	-16%	+45%	+16%	+1%	+12%	—
Net Income	19.3	17.6	24.6	27.4	15.0	25.1	34.6	29.8	11.7	8.6	9.1	11.6
Net Margin	15.81%	15.95%	20.39%	25.91%	11.72%	21.82%	30.07%	21.73%	12.47%	10.59%	11.30%	16.06%

Financial Statements

Profitability

Net margin reached 19.36% while Revenue posted -7.5% YoY.

Balance Sheet

Inventory stood at 58.6bn, liabilities at 339.5bn, and equity at 602.7bn.

Cash Flow

Operating cash flow was 170.5bn in 2024, while investing cash flow was -122.6bn.

Financing cash flow: -22.3bn.

Item	2025	2024	2023	2022	2021
Revenue	458.4	495.6	328.6	317.4	296.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	458.4	495.6	328.6	317.4	296.7
Cost of Goods Sold	227.8	243.8	182.3	171.2	0.0
Gross Profit	230.6	251.8	146.2	146.2	130.4
Financial Income	2.7	1.3	1.0	1.2	0.8
Financial Expenses	11.7	9.5	12.6	10.3	-8.6
Interest Expense	11.6	9.5	12.6	10.3	-8.6
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	46.5	50.5	37.5	41.2	-33.4
General and Administrative Expenses	59.5	56.9	43.6	39.9	-37.3
Operating Profit	115.7	136.2	53.4	55.9	51.8
Other Income	3.3	2.8	5.6	2.3	0.0
Other Expenses	7.2	7.4	5.9	3.8	0.0
Other Profit	-3.9	-4.6	-0.2	-1.5	0.8
Profit Before Tax	111.8	131.6	53.2	54.4	52.6
Current Income Tax Expense	23.1	28.3	11.7	14.5	-6.1
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	88.8	103.3	41.5	39.9	46.5
Non-controlling Interest	14.7	14.9	7.2	6.0	7.3
Profit Attributable to Parent	74.1	88.5	34.3	33.8	39.2
Earnings per Share	2,647.00	2,881.00	1,103.00	1,206.00	1,399.00
Diluted EPS	2,647.00	2,881.00	1,103.00	1,206.00	1,398.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	210.5	168.4	120.0	128.5	126.9
I. Cash and cash equivalents	68.1	56.8	31.2	41.0	29.6
1. Cash	31.7	23.0	16.4	14.3	0.0
2. Cash equivalents	36.4	33.8	14.7	26.7	0.0
II. Short-term financial investments	42.9	35.9	0.8	4.7	0.0
1. Available for sale securities	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
3. Held to maturity investments	42.9	35.9	0.8	4.7	0.0
III. Short-term receivables	35.0	21.4	19.2	16.6	35.2
1. Short-term trade accounts receivable	18.4	11.4	10.0	9.2	0.0
2. Short-term prepayments to suppliers	15.5	6.9	7.7	6.0	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	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.8	4.8	3.0	3.0	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.5	-1.6	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	58.6	51.5	65.8	59.9	45.4
1. Inventories	60.2	52.5	73.0	66.0	0.0
2. Provision for decline in value of inventories	-1.6	-1.0	-7.2	-6.1	0.0
V. Other short-term assets	6.0	2.8	3.0	6.3	10.6
1. Short-term prepayments	2.7	2.4	2.0	4.9	0.0
2. Value added tax to be reclaimed	3.3	0.4	0.5	1.4	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.5	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)	731.6	642.4	603.8	587.3	576.9
I. Long-term receivables	0.0	0.0	0.1	0.1	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.0
7. Provision for long-term doubtful debts	-0.2	-0.2	-0.1	-0.0	0.0
II. Fixed assets	645.5	576.8	530.1	541.9	521.0
1. Tangible fixed assets	645.2	576.4	529.8	541.5	520.4
- Cost	1,387.1	1,241.2	1,123.0	1,084.0	0.0
- Accumulated depreciation	-741.9	-664.8	-593.2	-542.6	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.4	0.4	0.4	0.6
- Cost	1.6	1.6	1.6	1.6	0.0
- Accumulated depreciation	-1.2	-1.2	-1.2	-1.2	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	67.2	43.7	61.7	37.6	48.9
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	67.2	43.7	61.7	37.6	0.0
V. Long-term financial investments	0.9	0.9	2.1	0.9	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.9	0.9	0.9	0.9	0.0
3. Investments in other entities	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
5. Held to maturity investments	0.0	0.0	1.2	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	18.0	21.1	9.7	6.8	0.0
1. Long-term prepayments	18.0	21.1	9.7	6.8	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.0	6.8
5. Goodwill	0.0	0.0	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)	942.1	810.9	723.8	715.9	703.8
A. LIABILITIES (300=210+330)	339.5	242.0	231.3	233.9	222.6
I. Short -term liabilities	176.7	142.5	129.7	133.7	125.4
1. Short-term trade accounts payable	14.3	18.7	15.8	10.3	19.7
2. Short-term advances from customers	2.6	0.4	0.6	1.0	2.2
3. Taxes and other payables to state authorities	7.9	7.7	10.5	32.3	0.0
4. Payable to employees	25.4	23.6	16.7	13.1	0.0
5. Short-term acrrued expenses	1.7	2.3	1.4	0.6	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	0.0	0.0	0.2	0.0	0.0
9. Other short-term payables	8.7	2.0	3.0	3.9	0.0
10. Short-term borrowings and financial leases	101.7	74.3	67.6	62.2	62.9
11. Provision for short-term liabilities	6.2	8.5	8.2	6.0	0.0
12.. Bonus and welfare fund	8.3	5.0	5.6	4.3	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	162.7	99.5	101.6	100.2	97.2
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	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	0.5	0.4	0.5	0.5	0.0
8. Long-term borrowings and financial leases	154.9	95.2	101.1	99.7	93.4
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	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
13. Fund for technology development	7.3	3.8	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)	602.7	568.9	492.5	482.0	481.2
I. Owner's equity	602.7	568.9	492.5	482.0	0.0
1. Owner's capital	280.0	280.0	280.0	280.0	481.2
- Common stock with voting right	280.0	280.0	280.0	280.0	280.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	6.9	6.9	6.9	6.9	6.9
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	58.5	47.5	43.9	34.9	30.2
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	94.2	68.0	57.8	51.1	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	83.7	93.0	40.6	47.3	61.5
- Accumulated retained earning at the end of the previous period	9.7	4.5	6.2	13.6	19.1
- Undistributed earnings in this period	74.0	88.5	34.3	33.8	42.4
12. Reserves for investment in construction	0.0	0.3	0.0	0.0	0.0
13. Minority's interest	79.5	73.2	63.4	61.9	60.2
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)	942.1	810.9	723.8	715.9	703.8

Item	2024	2023	2022	2021	2020
Profit Before Tax	131.6	53.2	54.4	52.6	57.4
Depreciation of Fixed Assets and Investment Property	73.8	67.3	63.0	58.6	53.7
Provision (Increase)/Reversal	-5.7	3.3	2.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-1.0	-1.2	0.0	0.0
Interest Expense	9.5	12.6	10.3	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	3.8	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	212.8	135.5	128.8	122.2	129.9
Increase/(Decrease) in Receivables	-2.4	-1.4	28.4	0.0	0.0
Increase/(Decrease) in Inventory	20.5	-7.0	-18.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.0	-18.5	-49.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-11.7	-0.1	-4.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.5	-12.6	-10.3	0.0	0.0
Corporate Income Tax Paid	-31.5	-28.3	-3.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.7	-2.1	-8.4	0.0	0.0
Net Cash Flow from Operating Activities	170.5	65.5	63.6	72.8	-160.7
Payments for Fixed Assets and Other Long-term Assets	-89.3	-58.7	-38.5	-76.1	-62.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-47.0	-2.1	-14.9	-19.5	-29.4
Receipts from Loan Repayments and Sale of Debt Instruments	13.1	4.8	14.3	10.9	271.4
Investments in Other Entities	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
Dividends and Interest Income Received	0.6	0.3	1.2	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-122.6	-55.7	-37.9	-83.9	179.5
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	9.2	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	170.2	154.8	158.8	178.9	152.4
Repayment of Borrowings	-169.3	-148.0	-153.2	-145.3	-138.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-23.1	-26.4	-21.9	-23.1	-22.3
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-22.3	-19.6	-16.3	19.7	-8.9
Net Cash Flow During the Period	25.6	-9.8	9.4	0.1	-18.9
Cash and Cash Equivalents at Beginning of Period	31.2	41.0	31.6	21.0	13.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	56.8	31.2	41.0	29.6	23.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	121.8	110.5	120.4	105.7	128.3	115.1	115.2	136.9	94.2	81.3	80.8	72.3
Revenue Deductions	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 Revenue	121.8	110.5	120.4	105.7	128.3	115.1	115.2	136.9	94.2	81.3	80.8	72.3
Cost of Goods Sold	64.4	56.4	60.7	46.3	74.0	53.8	44.4	72.2	55.2	46.4	43.7	37.8
Gross Profit	57.4	54.2	59.7	59.4	54.3	61.4	70.8	64.7	39.0	34.9	37.1	34.6
Financial Income	1.0	0.5	1.0	0.2	0.6	0.3	0.4	0.1	0.3	0.2	0.2	0.2
Financial Expenses	3.7	2.9	2.9	2.2	2.6	2.1	2.2	2.5	3.3	3.2	3.1	3.0
Interest Expense	3.6	2.9	2.9	2.2	2.6	2.1	2.2	2.5	3.3	3.2	3.1	3.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	11.0	15.1	10.0	10.3	13.5	11.6	13.0	12.5	9.4	8.4	10.3	9.4
General and Administrative Expenses	15.2	16.0	16.6	11.7	19.7	14.1	12.2	10.0	11.3	12.5	10.4	9.2
Operating Profit	28.5	20.7	31.3	35.3	19.0	33.9	43.7	39.8	15.3	11.1	13.5	13.1
Other Income	0.1	2.1	0.5	0.6	0.8	0.2	1.8	0.1	2.6	0.6	0.0	2.7
Other Expenses	4.4	0.6	0.8	1.4	1.0	2.1	1.9	2.1	2.5	0.7	2.0	1.0
Other Profit	-4.3	1.5	-0.3	-0.8	-0.2	-1.9	-0.0	-2.1	0.1	-0.2	-1.9	1.7
Profit Before Tax	24.2	22.2	31.0	34.5	18.9	31.9	43.7	37.8	15.4	10.9	11.6	14.8
Current Income Tax Expense	5.0	4.6	6.4	7.2	3.8	6.8	9.0	8.0	3.7	2.3	2.4	3.2
Deferred Income Tax Expense	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 Income	19.3	17.6	24.6	27.4	15.0	25.1	34.6	29.8	11.7	8.6	9.1	11.6
Non-controlling Interest	3.4	3.6	4.0	3.7	3.8	3.7	4.4	3.0	2.0	1.7	1.9	1.6
Profit Attributable to Parent	15.8	14.1	20.6	23.7	11.3	21.4	30.3	26.8	9.8	6.9	7.3	10.0
Earnings per Share	565.00	502.00	735.00	847.00	402.00	764.00	1,081.00	956.00	349.00	245.00	260.00	356.00
Diluted EPS	565.00	502.00	735.00	847.00	3,198.00	764.00	1,081.00	956.00	349.00	245.00	260.00	356.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	210.5	228.4	190.6	172.8	168.7	172.8	151.8	120.3	120.1	136.1	124.0	107.6
I. Cash and cash equivalents	68.1	116.8	83.0	46.5	56.8	78.3	74.5	52.8	31.2	46.1	35.1	21.2
1. Cash	31.7	84.5	43.1	20.7	23.0	44.6	32.3	27.1	16.4	26.4	12.9	8.0
2. Cash equivalents	36.4	32.4	39.9	25.8	33.8	33.8	42.3	25.7	14.7	19.7	22.2	13.2
II. Short-term financial investments	42.9	23.9	33.9	39.9	35.9	22.9	14.8	10.3	0.8	0.8	4.8	5.1
1. Available for sale securities	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. 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	0.0	0.0	0.0	0.0
3. Held to maturity investments	42.9	23.9	33.9	39.9	35.9	22.9	14.8	10.3	0.8	0.8	4.8	5.1
III. Short-term receivables	35.0	23.4	21.6	32.4	21.4	21.2	16.4	15.3	19.2	12.3	12.3	15.1
1. Short-term trade accounts receivable	18.4	9.5	8.6	8.0	11.4	10.9	8.7	8.0	10.0	6.4	6.2	4.7
2. Short-term prepayments to suppliers	15.5	14.0	9.0	19.4	6.9	7.7	5.5	5.0	7.7	4.7	4.6	8.1
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	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.8	1.7	5.8	6.6	4.8	4.3	3.9	3.9	3.0	2.8	3.1	3.8
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.8	-1.8	-1.8	-1.6	-1.6	-1.5	-1.5	-1.6	-1.6	-1.6
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	58.6	57.1	48.1	51.9	51.5	47.4	43.0	38.7	65.8	73.9	66.8	61.3
1. Inventories	60.2	58.1	49.2	52.9	52.5	48.3	44.0	39.6	73.0	82.4	75.3	67.4
2. Provision for decline in value of inventories	-1.6	-1.0	-1.0	-1.0	-1.0	-0.9	-1.0	-0.9	-7.2	-8.6	-8.6	-6.1
V. Other short-term assets	6.0	7.3	4.0	2.3	3.1	3.0	3.1	3.1	3.1	3.0	5.1	4.9
1. Short-term prepayments	2.7	4.1	2.0	2.1	2.4	2.7	3.0	3.0	2.1	2.0	3.7	4.0
2. Value added tax to be reclaimed	3.3	3.2	2.0	0.1	0.4	0.1	0.0	0.2	0.5	1.0	1.3	0.9
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.3	0.1	0.0	0.0	0.5	0.0	0.0	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)	731.6	710.6	681.8	647.5	642.9	627.7	611.2	605.3	603.8	591.2	582.5	580.4
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
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	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. 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	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 receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0
II. Fixed assets	645.5	622.9	606.0	577.1	576.8	559.4	555.8	551.6	530.1	533.0	538.4	534.4
1. Tangible fixed assets	645.2	622.6	605.7	576.8	576.4	559.1	555.4	551.2	529.8	532.6	538.0	534.0
- Cost	1,387.1	1,350.3	1,311.0	1,261.1	1,241.2	1,204.5	1,183.7	1,162.2	1,123.1	1,109.1	1,097.6	1,093.2
- Accumulated depreciation	-741.9	-727.8	-705.3	-684.4	-664.8	-645.4	-628.3	-611.0	-593.3	-576.4	-559.6	-559.2
2. Financial leased 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
- Cost	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
- Cost	1.6	1.6	1.6	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	-1.2	-1.2	-1.2	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	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	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	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	67.2	69.3	56.5	50.0	44.1	50.8	41.3	42.0	61.7	45.9	34.8	37.4
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	67.2	69.3	56.5	50.0	44.1	50.8	41.3	42.0	61.7	45.9	34.8	37.4
V. Long-term financial investments	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	2.1	2.1	0.9	0.9
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
3. Investments in other entities	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. 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	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	1.2	1.2	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	18.0	17.5	18.5	19.5	21.1	16.6	13.2	10.7	9.7	10.1	8.3	7.5
1. Long-term prepayments	18.0	17.5	18.5	19.5	21.1	16.6	13.2	10.7	9.7	10.1	8.3	7.5
2. Deferred income tax 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
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	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	942.1	939.0	872.4	820.4	811.5	800.5	763.0	725.6	723.9	727.3	706.5	687.9
A. LIABILITIES (300=210+330)	339.5	355.5	262.8	224.2	241.5	245.5	233.4	203.3	231.4	246.5	210.7	194.5
I. Short -term liabilities	176.7	204.9	159.8	122.4	142.1	150.5	137.5	90.4	120.2	143.1	110.9	97.6
1. Short-term trade accounts payable	14.3	12.4	21.1	9.0	18.7	15.1	12.2	8.1	15.8	14.6	13.3	11.1
2. Short-term advances from customers	2.6	2.7	2.9	0.5	0.4	2.6	6.5	0.8	0.6	1.0	1.9	1.5
3. Taxes and other payables to state authorities	7.9	7.6	9.0	9.0	7.3	10.0	11.6	10.9	10.6	11.4	9.8	8.6
4. Payable to employees	25.4	26.1	10.7	12.7	23.6	17.6	11.3	11.6	16.7	15.2	10.6	8.5
5. Short-term acrrued expenses	1.7	2.6	3.1	3.2	2.3	4.4	3.8	3.3	1.4	3.4	4.3	1.7
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	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.1	0.2	0.2	0.5	0.0
9. Other short-term payables	8.7	45.0	14.0	6.4	2.0	21.2	26.0	2.9	3.0	26.1	9.4	4.1
10. Short-term borrowings and financial leases	101.7	93.6	90.3	68.3	74.3	68.1	54.7	39.1	58.0	59.0	53.6	54.4
11. Provision for short-term liabilities	6.2	5.8	4.2	9.7	8.5	6.3	3.9	9.2	8.3	6.5	3.9	4.5
12.. Bonus and welfare fund	8.3	9.2	4.5	3.5	5.0	5.3	7.3	4.4	5.6	5.7	3.8	3.1
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	162.7	150.6	103.0	101.7	99.5	95.0	95.9	112.9	111.1	103.4	99.8	96.9
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	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	0.5	0.4	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5	0.5
8. Long-term borrowings and financial leases	154.9	142.8	95.3	97.5	95.2	94.5	95.4	112.4	110.6	102.9	99.3	96.4
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	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
13. Fund for technology development	7.3	7.3	7.3	3.8	3.8	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)	602.7	583.5	609.6	596.2	570.0	555.0	529.7	522.3	492.5	480.8	495.7	493.4
I. Owner's equity	602.7	583.5	609.6	596.2	570.0	555.0	529.7	522.3	492.5	480.8	495.7	493.4
1. Owner's capital	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0
- Common stock with voting right	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0
- 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	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9
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	58.5	58.5	50.8	47.5	47.5	46.8	46.8	45.1	43.9	40.0	40.0	36.9
5. Treasury shares	-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. 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	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. Investment and development fund	94.2	94.2	75.4	68.0	68.0	68.8	68.8	56.6	57.8	61.7	51.4	49.0
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	83.7	68.0	124.7	116.6	94.1	82.8	61.6	67.3	40.6	30.8	57.8	57.1
- Accumulated retained earning at the end of the previous period	9.7	9.7	80.4	92.9	0.0	0.0	0.0	40.6	0.1	0.1	40.6	47.2
- Undistributed earnings in this period	74.0	58.3	44.3	23.7	94.1	82.8	61.6	26.8	40.6	30.8	17.2	10.0
12. Reserves for investment in construction	0.0	0.0	0.3	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	79.5	76.1	71.6	76.9	73.2	69.5	65.7	66.4	63.4	61.5	59.7	63.5
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)	942.1	939.0	872.4	820.4	811.5	800.5	763.0	725.6	723.9	727.3	706.5	687.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	24.2	22.2	30.9	34.5	18.9	31.9	43.5	37.8	15.4	10.9	12.2	14.8
Depreciation of Fixed Assets and Investment Property	23.4	22.4	21.0	19.6	19.4	18.6	18.0	17.8	17.0	16.8	16.8	16.6
Provision (Increase)/Reversal	1.0	1.5	-5.4	1.2	2.4	2.4	-5.1	-5.4	0.4	2.6	1.9	-1.5
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	-0.5	-1.0	-0.2	-0.6	-0.7	0.0	-0.1	-0.3	-0.6	0.1	-0.2
Interest Expense	3.6	2.9	2.9	2.2	2.6	2.1	2.2	2.5	3.3	3.2	3.2	3.0
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	3.5	0.0	3.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	51.2	48.5	51.9	57.4	46.5	54.3	58.8	52.5	35.8	32.8	34.1	32.7
Increase/(Decrease) in Receivables	-11.7	-3.2	9.1	-10.6	-0.8	-5.7	-0.3	4.7	-6.1	0.4	2.3	2.0
Increase/(Decrease) in Inventory	-2.0	-9.0	3.7	-0.4	-4.2	-4.3	-4.4	33.5	9.4	-7.1	-8.0	-1.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.4	-3.6	8.3	-23.3	-1.4	8.7	3.4	-11.7	-15.1	-0.4	6.2	-9.2
Increase/(Decrease) in Prepaid Expenses	0.9	-1.1	1.2	1.9	-4.2	-2.5	-3.2	-1.9	0.4	-0.1	-0.6	0.2
Changes in Trading Securities	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 Paid	-3.6	-2.8	-2.9	-2.2	-2.6	-2.0	-2.3	-2.5	-3.3	-3.0	-3.3	-3.0
Corporate Income Tax Paid	-4.7	-6.0	-6.9	-5.7	-6.8	-8.2	-8.5	-8.1	-2.1	-1.3	-0.8	-24.1
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	-1.0	-0.7	-1.6	-1.5	-0.3	-4.1	1.2	-1.2	0.9	-0.9	-0.7	-1.4
Net Cash Flow from Operating Activities	19.5	22.0	62.7	15.5	26.2	36.2	44.6	65.4	19.9	20.4	29.3	-4.1
Payments for Fixed Assets and Other Long-term Assets	-31.0	-42.5	-52.7	-18.4	-22.9	-32.9	-16.9	-18.3	-19.7	-16.9	-17.6	-4.4
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	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-19.0	-17.0	-8.0	-21.0	-15.0	-18.1	-4.5	-9.5	0.0	12.3	-12.3	-2.1
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	27.0	14.0	17.0	2.0	10.0	0.0	1.2	0.0	-9.5	12.6	1.7
Investments in Other Entities	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 Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.0	0.7	0.8	0.2	0.6	0.7	-0.0	0.1	-0.4	0.7	-0.1	0.2
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	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	-49.0	-31.8	-45.9	-22.1	-35.3	-40.3	-21.4	-26.6	-20.1	-13.5	-17.4	-4.6
Proceeds from Equity Issuance and Capital Contributions	0.0	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	69.4	95.2	49.3	33.8	52.2	34.1	40.4	43.4	43.5	43.3	39.0	29.0
Repayment of Borrowings	-49.2	-44.3	-29.6	-37.5	-45.2	-21.6	-41.9	-60.5	-36.7	-34.3	-36.9	-40.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-39.4	-8.1	0.0	0.0	-19.4	-4.6	-0.0	-0.0	-21.4	-4.9	-0.1	-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	-19.2	43.6	19.7	-3.7	-12.4	7.9	-1.5	-17.2	-14.7	4.1	2.0	-11.1
Net Cash Flow During the Period	-48.7	33.8	36.5	-10.3	-21.5	3.8	21.7	21.7	-14.9	11.0	13.9	-19.8
Cash and Cash Equivalents at Beginning of Period	116.8	83.0	46.5	56.8	31.2	31.2	31.2	31.2	41.0	41.0	41.0	41.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	68.1	116.8	83.0	46.5	56.8	78.3	74.5	52.8	31.2	46.1	35.1	21.2

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