CTX

Listed Company · UPCOM

Price

5,800

Latest close

03 Apr 2026

P/E 2.3x

EPS (TTM) 2,493

ROE (TTM) 17.5%

P/B 0.4x

BVPS (Latest) 15,487

ROA (TTM) 8.9%

What Is Changing

CTX no longer looks like a business simply rebounding from a weak base. Revenue posted +3643.8% YoY, while net margin reached 3.27% with an additional -3.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 196.7bn in 2025.
Revenue growth accelerated to 3643.8% in 2025, up 3696.1pp versus the prior year.
Net margin declined from 7.02% in the prior period to 3.27% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	6,011.1	160.6	336.6	183.9	95.2
Growth	+3644%	-52%	+83%	+93%	—
Net Income	196.7	11.3	35.7	5.7	0.1
Net Margin	3.27%	7.02%	10.61%	3.08%	0.10%

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	54.5	5,873.2	41.9	41.5	53.8	37.6	36.0	33.3	126.7	118.6	62.5	28.9
Growth	-99%	+13930%	+1%	-23%	+43%	+5%	+8%	-74%	+7%	+90%	+117%	—
Net Income	-19.8	216.2	-1.5	1.8	7.7	2.2	-0.8	2.3	6.5	19.6	10.7	-1.0
Net Margin	-36.37%	3.68%	-3.54%	4.42%	14.25%	5.90%	-2.16%	6.80%	5.12%	16.52%	17.09%	-3.44%

Financial Statements

Profitability

Net margin reached 3.27% while Revenue posted +3643.8% YoY.

Balance Sheet

Inventory stood at 102.4bn, liabilities at 1,274.9bn, and equity at 1,222.0bn.

Cash Flow

Operating cash flow was 1.2bn in 2024, while investing cash flow was -13.5bn.

Financing cash flow: -3.0bn.

Item	2025	2024	2023	2022	2021
Revenue	6,011.1	160.6	336.6	183.9	95.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	6,011.1	160.6	336.6	183.9	95.2
Cost of Goods Sold	5,714.6	111.6	223.6	145.2	0.0
Gross Profit	296.5	49.0	113.0	38.8	-7.7
Financial Income	16.0	1.4	2.0	1.4	1.0
Financial Expenses	1.1	0.4	0.2	0.0	0.0
Interest Expense	1.1	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.8	13.8	18.9	7.5	-2.8
General and Administrative Expenses	31.5	34.9	50.3	27.6	-18.2
Operating Profit	273.1	1.3	45.5	5.0	-27.8
Other Income	1.1	13.5	0.1	2.4	0.0
Other Expenses	1.5	0.5	0.4	0.9	0.0
Other Profit	-0.4	12.9	-0.3	1.5	29.2
Profit Before Tax	272.7	14.2	45.2	6.5	1.4
Current Income Tax Expense	75.9	2.9	9.5	0.8	-1.3
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	196.7	11.3	35.7	5.7	0.1
Non-controlling Interest	-0.0	-0.1	-0.1	-0.4	-0.1
Profit Attributable to Parent	196.8	11.3	35.8	6.1	0.2
Earnings per Share	2,494.00	144.00	453.00	77.00	2.40
Diluted EPS	2,493.51	143.78	453.44	77.35	2.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,331.1	524.7	589.6	768.9	660.9
I. Cash and cash equivalents	261.4	92.7	108.0	45.1	38.8
1. Cash	141.4	92.7	50.0	45.1	0.0
2. Cash equivalents	120.0	0.0	58.0	0.0	0.0
II. Short-term financial investments	640.1	0.1	45.2	0.2	0.0
1. Available for sale securities	2.5	2.5	2.5	2.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.4	-2.4	-2.3	-2.3	0.0
3. Held to maturity investments	640.0	0.0	45.0	0.0	0.0
III. Short-term receivables	297.5	297.0	289.2	521.9	413.1
1. Short-term trade accounts receivable	160.6	180.6	186.7	309.7	0.0
2. Short-term prepayments to suppliers	165.3	157.8	134.9	282.0	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	34.0	0.0
6. Other short-term receivables	135.8	123.7	132.8	37.5	0.0
7. Provision for short-term doubtful debts (*)	-164.2	-165.2	-165.2	-141.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.1	0.0
IV. Inventories	102.4	113.0	118.3	162.0	167.6
1. Inventories	102.4	113.0	118.3	162.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	29.7	21.9	28.9	39.8	41.2
1. Short-term prepayments	2.6	0.5	3.4	0.9	0.0
2. Value added tax to be reclaimed	25.3	19.5	23.4	35.7	0.0
3. Taxes and other receivables from state authorities	1.7	1.9	2.1	3.2	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)	1,165.8	1,405.8	1,376.5	1,461.9	1,455.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0
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	0.0	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
II. Fixed assets	349.4	381.7	413.2	432.7	480.9
1. Tangible fixed assets	337.3	368.9	399.9	419.0	466.9
- Cost	526.4	531.9	531.3	525.1	0.0
- Accumulated depreciation	-189.2	-163.0	-131.4	-106.1	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	12.1	12.7	13.3	13.7	14.1
- Cost	17.9	17.9	17.9	17.9	0.0
- Accumulated depreciation	-5.8	-5.2	-4.6	-4.2	0.0
III. Investment properties	43.8	39.8	42.1	158.4	142.9
- Cost	75.5	69.1	69.1	197.8	0.0
- Accumulated depreciation	-31.7	-29.4	-27.1	-39.4	0.0
IV. Long-term assets in progress	764.6	976.5	915.4	861.3	826.9
1. Long-term production in progress	128.6	127.4	126.1	124.8	0.0
2. Construction in progress	636.1	849.1	789.3	736.5	0.0
V. Long-term financial investments	1.4	1.3	1.6	1.6	1.6
1. Investments in subsidiaries	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
3. Investments in other entities	12.0	12.0	12.0	12.0	0.0
4. Provision for diminution in value of long-term investments	-10.6	-10.7	-10.4	-10.4	0.0
5. Held to maturity investments	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
VI. Other long-term assets	6.7	6.5	4.2	7.8	0.0
1. Long-term prepayments	6.7	6.5	4.2	7.8	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	3.4
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)	2,496.9	1,930.5	1,966.1	2,230.9	2,116.7
A. LIABILITIES (300=210+330)	1,274.9	905.0	948.9	1,249.4	1,129.2
I. Short -term liabilities	959.9	748.2	775.0	1,056.1	949.0
1. Short-term trade accounts payable	206.5	169.7	201.3	283.3	239.0
2. Short-term advances from customers	61.2	55.5	53.3	290.7	58.0
3. Taxes and other payables to state authorities	80.7	4.5	10.7	2.6	0.0
4. Payable to employees	7.9	7.3	6.3	5.7	0.0
5. Short-term acrrued expenses	256.2	228.5	232.5	250.5	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	5.4	4.1	4.2	7.2	93.6
9. Other short-term payables	95.6	125.9	114.8	64.6	0.0
10. Short-term borrowings and financial leases	246.6	148.2	148.2	148.2	214.3
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	4.5	3.9	3.3	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	314.9	156.8	173.9	193.3	180.2
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	303.7	141.6	140.6	139.6	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	11.3	13.6	16.8	19.3	0.0
7. Other long-term liabilities	0.0	1.5	3.3	1.1	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.9
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	13.2	33.3	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)	1,222.0	1,025.5	1,017.2	981.5	987.5
I. Owner's equity	1,222.0	1,025.5	1,017.2	981.5	0.0
1. Owner's capital	789.1	789.1	789.1	789.1	987.5
- Common stock with voting right	789.1	789.1	789.1	789.1	789.1
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
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	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	0.1	0.1	0.1	0.1	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	424.1	227.3	216.0	180.2	183.8
- Accumulated retained earning at the end of the previous period	227.3	216.0	180.2	174.1	183.6
- Undistributed earnings in this period	196.8	11.3	35.8	6.1	0.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	8.8	9.0	12.1	12.1	14.5
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)	2,496.9	1,930.5	1,966.1	2,230.9	2,116.7

Item	2024	2023	2022	2021	2020
Profit Before Tax	14.2	45.2	6.5	1.4	-12.9
Depreciation of Fixed Assets and Investment Property	34.5	32.3	33.3	33.7	25.0
Provision (Increase)/Reversal	-12.8	23.8	0.0	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	-1.4	-1.8	-1.4	0.0	0.0
Interest Expense	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	34.5	99.5	38.4	33.0	3.2
Increase/(Decrease) in Receivables	-4.1	220.2	95.0	0.0	0.0
Increase/(Decrease) in Inventory	4.0	152.2	21.5	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.2	-307.4	-28.4	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	1.2	-4.3	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-7.5	-2.9	-2.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.2	162.7	120.3	134.5	-139.2
Payments for Fixed Assets and Other Long-term Assets	-60.4	-59.0	-37.7	-153.3	-71.1
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	0.0	-45.0	-4.3	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	45.0	0.1	0.0	56.8	189.3
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	1.8	4.2	1.4	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	-13.5	-99.8	-40.7	-95.5	134.5
Proceeds from Equity Issuance and Capital Contributions	-3.0	0.0	-0.7	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0	0.9	-32.8
Repayment of Borrowings	0.0	0.0	-66.6	-57.4	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	-0.1	-0.1
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	-3.0	0.0	-67.3	-56.6	-32.9
Net Cash Flow During the Period	-15.3	63.0	12.3	9.0	-7.7
Cash and Cash Equivalents at Beginning of Period	108.0	45.1	32.7	56.4	93.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	92.7	108.0	45.1	38.8	56.4

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	54.5	5,873.2	41.9	41.5	53.8	37.6	36.0	33.3	126.7	118.6	62.5	28.9
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	54.5	5,873.2	41.9	41.5	53.8	37.6	36.0	33.3	126.7	118.6	62.5	28.9
Cost of Goods Sold	75.5	5,575.9	33.4	29.5	43.7	21.6	25.5	20.5	69.9	85.7	44.5	22.3
Gross Profit	-21.0	297.3	8.5	12.0	10.0	16.0	10.5	12.8	56.8	32.8	18.0	6.5
Financial Income	9.6	6.3	0.0	0.0	0.0	0.0	0.4	0.9	-0.9	0.2	0.6	0.6
Financial Expenses	1.1	0.1	-0.0	0.0	-0.2	0.6	0.0	0.0	0.2	0.0	0.0	0.0
Interest Expense	1.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.4	1.8	1.9	1.7	1.3	3.3	4.3	1.9	7.7	6.5	1.5	1.3
General and Administrative Expenses	9.9	6.6	7.5	7.7	12.6	9.3	7.2	9.1	31.8	7.0	6.5	6.8
Operating Profit	-23.8	295.1	-0.9	2.7	-3.7	2.8	-0.7	2.8	16.2	19.6	10.7	-0.9
Other Income	0.3	0.8	0.0	0.0	13.2	0.1	0.0	0.1	0.1	0.0	0.1	0.0
Other Expenses	0.3	0.4	0.6	0.2	0.2	0.0	0.1	0.1	0.3	0.0	0.1	0.1
Other Profit	-0.0	0.4	-0.6	-0.1	13.0	0.1	-0.1	0.0	-0.2	0.0	-0.0	-0.1
Profit Before Tax	-23.9	295.5	-1.5	2.6	9.3	2.9	-0.7	2.8	16.0	19.6	10.7	-1.0
Current Income Tax Expense	-4.0	79.3	-0.0	0.7	1.7	0.7	0.0	0.6	9.5	0.0	0.0	0.0
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	-19.8	216.2	-1.5	1.8	7.7	2.2	-0.8	2.3	6.5	19.6	10.7	-1.0
Non-controlling Interest	0.1	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	-19.9	216.2	-1.4	1.8	7.7	2.2	-0.8	2.3	6.5	19.6	10.7	-1.0
Earnings per Share	-252.00	2,740.00	-18.00	23.00	98.00	28.00	-10.00	29.00	82.00	248.00	136.00	-12.58
Diluted EPS	-252.01	2,740.35	-18.07	23.23	97.62	28.11	-9.67	28.85	82.50	248.29	135.57	-12.58

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)	1,331.1	1,170.2	464.3	511.3	526.4	549.0	554.7	571.1	737.3	784.5	739.6	693.7
I. Cash and cash equivalents	261.4	35.8	29.2	80.1	92.7	75.2	110.1	75.4	50.7	108.3	46.9	37.4
1. Cash	141.4	35.8	29.2	80.1	92.7	75.2	110.1	75.4	50.7	108.3	46.9	37.4
2. Cash equivalents	120.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	640.1	785.2	0.2	0.1	0.1	0.1	0.2	45.2	103.2	0.2	0.2	0.2
1. Available for sale securities	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
2. Provision for diminution in value of available for sale securities (*)	-2.4	-2.4	-2.4	-2.4	-2.4	-2.4	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3
3. Held to maturity investments	640.0	785.0	0.0	0.0	0.0	0.0	0.0	45.0	103.0	0.0	0.0	0.0
III. Short-term receivables	297.5	225.7	306.0	294.4	297.8	331.9	304.6	301.6	441.0	490.2	495.9	460.2
1. Short-term trade accounts receivable	160.6	146.6	181.1	178.2	184.0	185.6	156.3	159.9	150.7	227.1	223.6	229.0
2. Short-term prepayments to suppliers	165.3	104.0	169.7	156.7	161.3	148.9	174.1	165.6	159.5	214.2	204.7	204.9
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	135.8	140.5	120.6	124.8	117.7	162.5	139.3	141.3	296.0	190.4	209.0	167.8
7. Provision for short-term doubtful debts (*)	-164.2	-165.5	-165.5	-165.2	-165.2	-165.1	-165.2	-165.2	-165.2	-141.4	-141.4	-141.4
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	102.4	102.2	102.3	113.3	113.0	117.7	115.1	119.9	116.0	150.8	158.6	157.4
1. Inventories	102.4	102.2	102.3	113.3	113.0	117.7	115.1	119.9	116.0	150.8	158.6	157.4
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	29.7	21.4	26.7	23.4	22.9	24.0	24.8	29.0	26.4	35.0	38.0	38.4
1. Short-term prepayments	2.6	2.4	1.2	0.2	0.4	0.5	0.4	2.9	1.6	0.6	0.5	0.5
2. Value added tax to be reclaimed	25.3	17.2	23.5	21.2	20.6	20.9	22.4	23.6	22.4	32.7	34.6	34.2
3. Taxes and other receivables from state authorities	1.7	1.7	1.9	1.9	1.9	2.6	2.0	2.5	2.4	1.7	2.9	3.7
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)	1,165.8	1,080.4	6,456.6	1,439.7	1,405.7	1,407.5	1,402.1	1,384.9	1,452.8	1,452.4	1,484.0	1,479.9
I. Long-term 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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	349.4	359.5	365.7	373.6	381.7	394.9	401.0	407.1	413.4	419.6	426.1	432.6
1. Tangible fixed assets	337.3	347.2	353.3	361.1	368.9	381.9	387.9	393.9	400.1	406.2	412.6	419.0
- Cost	526.4	526.4	532.0	531.9	531.9	531.4	531.4	531.4	531.3	531.3	531.3	531.3
- Accumulated depreciation	-189.2	-179.3	-178.7	-170.8	-163.0	-149.6	-143.5	-137.5	-131.2	-125.2	-118.7	-112.3
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	12.1	12.3	12.4	12.6	12.7	13.0	13.1	13.2	13.3	13.4	13.5	13.6
- Cost	17.9	17.9	17.9	17.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.8	-5.6	-5.5	-5.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	43.8	38.0	38.6	39.2	39.8	40.3	40.9	41.5	42.1	104.7	147.5	156.5
- Cost	75.5	69.1	69.1	69.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-31.7	-31.1	-30.5	-30.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	764.6	676.6	6,039.9	1,018.8	976.3	966.1	953.2	929.5	948.3	886.5	881.0	875.6
1. Long-term production in progress	128.6	128.2	128.2	127.5	127.4	126.6	126.5	125.8	126.1	125.3	125.2	124.9
2. Construction in progress	636.1	548.4	5,911.7	891.3	848.8	839.5	826.7	803.8	822.3	761.3	755.8	750.8
V. Long-term financial investments	1.4	1.3	1.3	1.3	1.3	1.1	1.6	1.6	1.6	1.6	1.6	1.6
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0
4. Provision for diminution in value of long-term investments	-10.6	-10.7	-10.7	-10.7	-10.7	-10.9	-10.4	-10.4	-10.4	-10.4	-10.4	-10.4
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	6.7	4.9	11.1	6.8	6.7	5.1	5.3	5.0	47.3	40.0	27.7	13.5
1. Long-term prepayments	6.7	4.9	11.1	6.8	6.7	5.1	5.3	5.0	47.3	40.0	27.7	13.5
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)	2,496.9	2,250.6	6,920.9	1,951.0	1,932.2	1,956.5	1,956.8	1,956.0	2,190.2	2,236.9	2,223.5	2,173.6
A. LIABILITIES (300=210+330)	1,274.9	1,008.5	5,895.1	923.7	906.6	938.6	938.1	936.5	1,173.0	1,226.2	1,232.4	1,193.1
I. Short -term liabilities	959.9	749.0	5,738.5	767.2	749.6	768.4	764.5	764.6	996.7	1,031.5	1,037.4	998.4
1. Short-term trade accounts payable	206.5	168.6	198.5	183.3	174.3	190.1	162.0	158.3	204.4	249.0	244.3	242.4
2. Short-term advances from customers	61.2	59.1	61.7	59.1	63.0	58.7	95.7	90.3	152.8	167.3	152.7	233.1
3. Taxes and other payables to state authorities	80.7	83.8	4.1	3.1	4.5	3.7	2.5	5.4	10.3	12.1	5.2	3.3
4. Payable to employees	7.9	6.9	6.7	5.9	7.3	6.2	5.8	5.9	6.5	5.5	4.8	4.3
5. Short-term acrrued expenses	256.2	256.3	205.2	217.7	219.2	236.9	236.0	237.3	256.7	256.2	257.8	250.3
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	5.4	6.4	4.6	6.6	3.7	4.4	1.0	3.2	42.9	35.9	23.2	10.2
9. Other short-term payables	95.6	18.9	5,109.6	143.4	129.3	120.4	113.2	116.1	174.8	157.4	201.2	106.6
10. Short-term borrowings and financial leases	246.6	148.8	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2
11. Provision for short-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
12.. Bonus and welfare 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
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	314.9	259.5	156.6	156.5	157.0	170.2	173.7	171.9	176.3	194.7	195.0	194.7
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	303.7	248.3	144.5	143.7	143.1	142.6	142.1	141.9	141.9	141.0	140.4	140.2
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	11.3	11.3	12.1	12.8	13.9	14.4	18.4	16.8	21.2	20.4	21.2	21.2
7. Other 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
8. Long-term borrowings and financial 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
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	13.2	13.2	13.2	13.2	33.4	33.4	33.4
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)	1,222.0	1,242.1	1,025.8	1,027.3	1,025.6	1,017.9	1,018.7	1,019.5	1,017.2	1,010.7	991.2	980.5
I. Owner's equity	1,222.0	1,242.1	1,025.8	1,027.3	1,025.6	1,017.9	1,018.7	1,019.5	1,017.2	1,010.7	991.2	980.5
1. Owner's capital	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1
- Common stock with voting right	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1
- 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	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. 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	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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	424.1	444.0	227.7	229.1	227.4	219.7	217.5	218.2	215.9	209.5	189.9	179.2
- Accumulated retained earning at the end of the previous period	227.3	227.3	227.3	227.3	216.0	216.0	216.0	216.0	180.2	180.2	180.2	180.2
- Undistributed earnings in this period	196.8	216.6	0.4	1.8	11.4	3.7	1.5	2.3	35.8	29.3	9.7	-1.0
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	8.8	8.9	8.9	9.0	9.0	9.0	12.0	12.0	12.1	12.1	12.1	12.1
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)	2,496.9	2,250.6	6,920.9	1,951.0	1,932.2	1,956.5	1,956.8	1,956.0	2,190.2	2,236.9	2,223.5	2,173.6

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	-23.9	295.5	-1.5	2.6	9.3	2.9	-0.7	2.8	16.0	19.6	10.6	-1.0
Depreciation of Fixed Assets and Investment Property	10.7	1.3	8.6	8.6	14.3	6.7	6.7	6.7	15.3	0.3	8.6	8.2
Provision (Increase)/Reversal	-1.3	0.0	0.2	0.0	-0.1	0.5	0.0	0.0	23.8	-0.4	0.4	0.0
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	35.7	-295.6	-0.0	-0.0	-0.0	-0.1	-0.4	-0.9	-0.4	-0.2	-0.6	-0.6
Interest 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
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	21.3	1.2	7.3	11.1	23.5	10.0	5.6	8.6	54.6	19.3	19.0	6.6
Increase/(Decrease) in Receivables	-78.9	79.7	-4.7	-1.0	35.0	-47.6	61.0	-57.5	184.1	7.9	-34.5	62.7
Increase/(Decrease) in Inventory	-0.2	0.8	10.3	-0.3	4.8	0.2	1.0	-0.6	140.9	4.5	2.1	4.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	131.8	-4,933.0	4,907.5	20.9	-34.1	20.3	-17.1	-7.5	-281.6	25.1	11.3	-62.1
Increase/(Decrease) in Prepaid Expenses	-2.0	-0.8	0.5	0.0	-1.5	0.1	2.3	-0.4	32.9	-35.1	8.6	-5.3
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	-0.3
Corporate Income Tax Paid	0.0	0.0	0.0	-2.9	0.0	0.4	-2.3	-5.6	0.8	-3.4	-0.3	0.0
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	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 Operating Activities	72.0	-4,852.0	4,920.9	27.7	27.6	-16.5	50.5	-62.9	131.7	18.3	6.6	6.1
Payments for Fixed Assets and Other Long-term Assets	-98.8	-212.7	-4,970.0	-42.2	-10.2	-18.5	-17.2	-15.0	-89.9	42.8	2.4	-14.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	5,850.8	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	145.0	-785.0	0.0	0.0	0.0	0.0	-45.0	45.0	-45.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	45.0	0.0	0.1	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	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	9.6	4.9	-1.8	1.9	0.1	0.1	1.4	0.3	2.8	0.3	0.5	0.6
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	55.7	4,858.0	-4,971.8	-40.4	-10.1	-18.4	-15.8	30.3	-132.0	43.1	2.8	-13.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	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	97.8	48.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	-48.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	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 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	97.8	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	225.5	6.6	-50.9	-12.6	17.5	-34.9	34.7	-32.6	-0.3	61.5	9.4	-7.6
Cash and Cash Equivalents at Beginning of Period	35.8	29.2	80.1	92.7	108.0	108.0	108.0	108.0	45.1	45.1	45.1	45.1
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	261.4	35.8	29.2	80.1	92.7	75.2	110.1	75.4	108.0	108.3	46.9	37.4

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