DM7

Listed Company · UPCOM

Price

19,600

Latest close

03 Mar 2026

P/E 5.5x

EPS (TTM) 3,567

ROE (TTM) 18.6%

P/B 1.0x

BVPS (Latest) 19,718

ROA (TTM) 10.1%

What Is Changing

DM7 has not yet shown a broad-based top-line recovery. Revenue posted -14.6% YoY, but net margin reached 7.42% with an additional +1.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to 0.5% in 2025 from 38.1% in the prior period, at VND 55.0bn.
Revenue decreased 14.6% YoY to VND 741.1bn in 2025.
Net margin improved from 6.30% in the prior period to 7.42% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	741.1	868.2	620.2	961.1	826.5
Growth	-15%	+40%	-35%	+16%	—
Net Income	55.0	54.7	39.6	70.1	50.7
Net Margin	7.42%	6.30%	6.39%	7.29%	6.13%

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	345.7	105.8	90.7	198.9	291.2	359.9	73.2	143.9	233.4	165.2	110.0	173.7
Growth	+227%	+17%	-54%	-32%	-19%	+392%	-49%	-38%	+41%	+50%	-37%	—
Net Income	40.4	0.8	1.8	12.0	9.6	27.0	6.3	11.7	16.6	13.3	8.3	16.7
Net Margin	11.69%	0.78%	1.97%	6.01%	3.31%	7.52%	8.59%	8.15%	7.13%	8.05%	7.53%	9.61%

Financial Statements

Profitability

Net margin reached 7.42% while Revenue posted -14.6% YoY.

Balance Sheet

Inventory stood at 87.6bn, liabilities at 242.3bn, and equity at 303.9bn.

Cash Flow

Operating cash flow was 122.9bn in 2024, while investing cash flow was -16.4bn.

Financing cash flow: -29.3bn.

Item	2025	2024	2023	2022	2021
Revenue	741.1	868.2	620.2	961.1	826.5
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	741.1	868.2	620.2	961.1	826.5
Cost of Goods Sold	620.7	740.1	535.2	845.4	0.0
Gross Profit	120.4	128.1	85.0	115.7	104.6
Financial Income	1.7	1.1	0.7	0.6	2.1
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	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
Selling Expenses	9.2	9.4	3.5	-13.5	-14.1
General and Administrative Expenses	41.0	43.8	33.4	42.9	-31.3
Operating Profit	71.9	76.0	48.8	86.7	61.2
Other Income	2.1	28.6	2.0	1.4	0.0
Other Expenses	5.3	35.7	0.7	0.0	0.0
Other Profit	-3.1	-7.1	1.3	1.4	2.4
Profit Before Tax	68.8	68.9	50.1	88.1	63.6
Current Income Tax Expense	14.1	14.2	10.3	18.3	-12.9
Deferred Income Tax Expense	-0.3	0.0	0.2	-0.2	0.0
Net Income	55.0	54.7	39.6	70.1	50.7
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	55.0	54.7	39.6	70.1	50.7
Earnings per Share	3,567.44	2,843.00	1,807.00	4,546.13	3,289.66
Diluted EPS	3,567.44	2,843.00	1,807.00	4,546.13	3,289.66

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	406.3	389.1	333.1	298.3	261.7
I. Cash and cash equivalents	52.1	92.5	15.3	41.9	12.8
1. Cash	12.1	32.5	5.3	31.9	0.0
2. Cash equivalents	40.0	60.0	10.0	10.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	266.3	194.5	209.3	175.8	86.9
1. Short-term trade accounts receivable	269.7	188.7	180.5	169.7	0.0
2. Short-term prepayments to suppliers	0.8	4.1	3.0	5.1	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	0.8	5.9	25.8	1.2	0.0
7. Provision for short-term doubtful debts (*)	-5.0	-4.2	0.0	-0.2	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	87.6	101.9	108.2	80.2	156.9
1. Inventories	87.6	101.9	108.2	80.2	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	0.2	0.2	0.3	0.4	5.2
1. Short-term prepayments	0.2	0.0	0.3	0.1	0.0
2. Value added tax to be reclaimed	0.0	0.2	0.0	0.3	0.0
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	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)	139.9	150.9	163.7	183.7	205.4
I. Long-term receivables	2.2	5.4	5.4	5.4	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	5.4
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	2.2	5.4	5.4	5.4	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	132.9	137.1	141.3	160.0	184.4
1. Tangible fixed assets	132.9	137.1	141.3	160.0	184.4
- Cost	532.5	526.0	514.6	521.0	0.0
- Accumulated depreciation	-399.6	-388.9	-373.4	-361.0	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	0.0	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
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	1.4	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
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	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	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	3.3	8.4	17.0	18.4	0.0
1. Long-term prepayments	3.0	8.4	17.0	18.2	0.0
2. Deferred income tax assets	0.3	0.0	0.0	0.2	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	15.6
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)	546.2	540.0	496.8	482.0	467.1
A. LIABILITIES (300=210+330)	242.3	253.7	211.6	213.0	212.0
I. Short -term liabilities	242.3	253.7	211.6	213.0	212.0
1. Short-term trade accounts payable	44.2	78.7	108.7	48.3	40.4
2. Short-term advances from customers	135.1	123.9	55.7	104.4	97.1
3. Taxes and other payables to state authorities	17.2	7.2	9.6	15.0	0.0
4. Payable to employees	23.3	22.5	22.0	18.2	0.0
5. Short-term acrrued expenses	0.4	0.7	1.1	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	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	20.9	17.3	7.4	15.7	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.0	0.0	1.0	6.8	0.0
12.. Bonus and welfare fund	1.2	3.4	6.1	4.5	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	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	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	0.0	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
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	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)	303.9	286.4	285.3	269.0	255.1
I. Owner's equity	303.9	286.4	285.3	269.0	0.0
1. Owner's capital	154.1	154.1	154.1	154.1	255.1
- Common stock with voting right	154.1	154.1	154.1	154.1	154.1
- 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	109.6	93.2	76.7	60.2	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	40.2	39.1	54.5	54.6	55.9
- Accumulated retained earning at the end of the previous period	0.7	0.0	15.2	0.0	10.3
- Undistributed earnings in this period	39.5	39.1	39.2	54.6	45.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
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)	546.2	540.0	496.8	482.0	467.1

Item	2024	2023	2022	2021	2020
Profit Before Tax	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	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	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	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	-14.9	-14.5	-13.2	0.0	0.0
Other Operating Receipts	34.4	29.3	14.3	0.0	0.0
Other Operating Payments	-67.8	-66.5	-53.2	0.0	0.0
Net Cash Flow from Operating Activities	122.9	-6.8	65.3	-11.2	-39.8
Payments for Fixed Assets and Other Long-term Assets	-17.9	-0.2	-1.6	-77.7	-58.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.9	0.0	2.5	0.2
Loans and Purchases of Debt Instruments	0.0	0.0	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
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	1.1	0.7	0.6	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	-16.4	1.4	-1.0	-73.1	-53.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	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	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-29.3	-21.2	-35.2	-22.9	-17.9
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	-29.3	-21.2	-35.2	-22.9	-17.9
Net Cash Flow During the Period	77.2	-26.6	29.1	-59.3	0.0
Cash and Cash Equivalents at Beginning of Period	15.3	41.9	12.8	120.0	180.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	92.5	15.3	41.9	12.8	0.0

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	345.7	105.8	90.7	198.9	291.2	359.9	73.2	143.9	233.4	165.2	110.0	173.7
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	345.7	105.8	90.7	198.9	291.2	359.9	73.2	143.9	233.4	165.2	110.0	173.7
Cost of Goods Sold	272.3	97.6	82.0	168.8	239.4	324.0	58.9	117.6	194.6	140.7	95.7	149.5
Gross Profit	73.4	8.2	8.6	30.1	51.8	35.8	14.2	26.3	38.8	24.5	14.4	24.2
Financial Income	0.0	0.2	0.8	0.8	0.3	0.3	0.2	0.2	0.0	0.0	0.2	0.5
Financial 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
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
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	4.0	1.8	0.8	2.6	4.2	2.8	0.2	2.1	4.9	2.0	1.1	-4.9
General and Administrative Expenses	16.2	5.8	5.3	13.7	17.5	9.9	6.4	10.0	11.8	6.5	2.9	10.4
Operating Profit	53.2	0.8	3.2	14.7	30.3	23.4	7.9	14.4	22.1	16.0	10.6	19.2
Other Income	0.0	0.3	1.5	0.3	10.5	17.8	0.0	0.3	0.0	0.6	-0.2	1.7
Other Expenses	2.6	0.0	2.6	0.0	28.4	7.2	0.0	0.0	0.7	0.0	0.0	0.0
Other Profit	-2.6	0.3	-1.1	0.3	-17.9	10.5	-0.0	0.3	-0.7	0.6	-0.2	1.7
Profit Before Tax	50.5	1.0	2.1	15.0	12.4	34.0	7.9	14.7	21.4	16.6	10.4	20.9
Current Income Tax Expense	10.4	0.2	0.4	3.1	2.8	6.8	1.6	2.9	4.8	3.1	2.3	4.0
Deferred Income Tax Expense	-0.3	0.0	-0.0	0.0	0.0	0.1	-0.1	0.0	-0.0	0.3	-0.2	0.1
Net Income	40.4	0.8	1.8	12.0	9.6	27.0	6.3	11.7	16.6	13.3	8.3	16.7
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	40.4	0.8	1.8	12.0	9.6	27.0	6.3	11.7	16.6	13.3	8.3	16.7
Earnings per Share	2,622.47	53.58	115.76	775.64	624.83	1,755.08	407.70	761.01	1,079.90	862.78	537.31	1,083.43
Diluted EPS	2,622.47	53.58	115.76	775.64	624.83	1,755.08	407.70	761.01	1,079.90	862.78	537.31	1,083.43

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)	406.3	234.3	226.1	261.3	389.1	416.3	277.0	203.6	332.9	243.2	241.4	156.9
I. Cash and cash equivalents	52.1	5.1	32.6	93.4	92.5	79.7	68.0	61.1	15.3	4.7	3.6	25.9
1. Cash	12.1	5.1	2.6	3.4	32.5	6.7	48.0	11.1	5.3	4.7	3.6	1.9
2. Cash equivalents	40.0	0.0	30.0	90.0	60.0	73.0	20.0	50.0	10.0	0.0	0.0	24.0
II. Short-term financial 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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	266.3	58.8	67.6	89.8	194.5	223.9	82.6	65.9	209.3	126.8	99.6	46.4
1. Short-term trade accounts receivable	269.7	54.7	62.3	83.4	188.7	195.3	57.9	39.5	180.5	113.6	88.6	25.4
2. Short-term prepayments to suppliers	0.8	7.8	8.9	4.7	4.1	3.9	0.4	2.1	3.0	10.6	8.7	19.5
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	0.8	0.5	0.6	5.9	5.9	24.7	24.3	24.2	25.8	2.5	2.6	1.7
7. Provision for short-term doubtful debts (*)	-5.0	-4.2	-4.2	-4.2	-4.2	0.0	0.0	0.0	0.0	0.0	-0.2	-0.2
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	87.6	160.9	117.8	78.1	101.9	110.4	124.0	76.1	107.9	111.6	134.7	84.2
1. Inventories	87.6	160.9	117.8	78.1	101.9	110.4	124.0	76.1	107.9	111.6	134.7	84.2
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	0.2	9.5	8.1	0.0	0.2	2.3	2.4	0.6	0.3	0.1	3.6	0.4
1. Short-term prepayments	0.2	5.0	5.3	0.0	0.0	0.5	0.8	0.2	0.3	0.1	0.1	0.1
2. Value added tax to be reclaimed	0.0	4.5	2.7	0.0	0.2	1.8	1.6	0.3	0.0	0.0	3.5	0.3
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	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)	139.9	130.9	137.5	144.5	150.9	154.9	149.3	156.4	163.7	170.7	178.3	175.8
I. Long-term receivables	2.2	3.6	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4
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	2.2	3.6	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4
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	132.9	124.4	128.4	133.4	137.1	127.4	132.0	136.6	141.3	145.8	150.5	155.2
1. Tangible fixed assets	132.9	124.4	128.4	133.4	137.1	127.4	132.0	136.6	141.3	145.8	150.5	155.2
- Cost	532.5	527.1	526.1	527.3	526.0	512.8	514.4	514.4	514.6	514.4	514.4	513.6
- Accumulated depreciation	-399.6	-402.6	-397.7	-393.9	-388.9	-385.4	-382.4	-377.8	-373.4	-368.7	-363.9	-358.4
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	0.0	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
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	1.4	0.0	0.0	0.0	0.0	12.8	0.0	0.0	0.0	0.0	0.0	0.0
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	1.4	0.0	0.0	0.0	0.0	12.8	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial 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
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	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	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	3.3	2.9	3.7	5.7	8.4	9.3	11.9	14.4	17.0	19.6	22.4	15.1
1. Long-term prepayments	3.0	2.9	3.7	5.7	8.4	9.3	11.9	14.4	17.0	19.6	22.1	15.1
2. Deferred income tax assets	0.3	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.3	0.1
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)	546.2	365.2	363.6	405.8	540.0	571.2	426.3	360.1	496.6	413.9	419.7	332.6
A. LIABILITIES (300=210+330)	242.3	86.2	85.5	113.0	253.7	278.9	161.0	81.8	211.3	144.8	163.9	62.6
I. Short -term liabilities	242.3	86.2	85.5	113.0	253.7	278.9	161.0	81.8	211.3	144.8	163.9	62.6
1. Short-term trade accounts payable	44.2	52.2	40.3	54.4	78.7	102.7	74.9	31.8	108.7	68.2	104.2	20.9
2. Short-term advances from customers	135.1	7.8	19.5	28.3	123.9	142.1	63.2	25.1	55.7	34.2	16.3	6.8
3. Taxes and other payables to state authorities	17.2	1.1	1.3	3.8	7.2	7.8	2.3	3.3	9.6	2.9	2.7	4.3
4. Payable to employees	23.3	6.7	9.0	14.7	22.5	12.9	6.1	10.6	22.3	12.9	12.8	22.3
5. Short-term acrrued expenses	0.4	0.6	0.5	1.7	0.7	2.0	1.4	1.7	0.9	1.6	1.8	1.6
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	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	20.9	13.5	9.0	7.1	17.3	4.9	4.2	4.6	7.1	16.8	15.1	5.1
10. Short-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
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	4.3	5.9	2.9	3.4	6.5	8.9	3.7	6.1	8.3	11.1	1.6
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	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 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	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	303.9	278.9	278.1	292.8	286.4	292.3	265.3	278.3	285.3	269.1	255.8	270.1
I. Owner's equity	303.9	278.9	278.1	292.8	286.4	292.3	265.3	278.3	285.3	269.1	255.8	270.1
1. Owner's capital	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1
- Common stock with voting right	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1
- 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	109.6	109.6	109.6	93.2	93.2	93.2	93.2	76.7	76.7	76.7	76.7	60.2
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	40.2	15.3	14.4	45.6	39.1	45.1	18.0	47.4	54.5	38.3	25.0	55.7
- Accumulated retained earning at the end of the previous period	0.7	0.7	0.7	33.6	0.0	0.0	0.0	35.7	15.2	0.0	0.0	39.9
- Undistributed earnings in this period	39.5	14.6	13.7	12.0	39.1	45.1	18.0	11.7	39.2	38.3	25.0	15.8
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	546.2	365.2	363.6	405.8	540.0	571.2	426.3	360.1	496.6	413.9	419.7	332.6

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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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 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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in 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
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid 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
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	0.0	0.0
Corporate Income Tax Paid	-0.2	-0.4	-2.4	-4.9	-5.5	-1.5	-2.3	-5.6	-0.8	-3.9	-3.9	-6.0
Other Operating Receipts	4.2	9.3	4.1	2.3	14.3	14.8	3.2	2.0	4.1	3.4	11.0	10.8
Other Operating Payments	-22.1	-9.7	-8.1	-18.4	-21.2	-12.2	-10.1	-24.3	-22.0	-8.3	-3.9	-32.2
Net Cash Flow from Operating Activities	49.1	-27.0	-47.0	12.5	23.6	23.0	18.0	57.8	10.8	1.2	-12.1	-6.7
Payments for Fixed Assets and Other Long-term Assets	-2.0	-0.7	-4.1	-2.1	-6.0	-11.9	0.0	0.0	-0.2	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.9
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.2	0.8	0.8	0.3	0.3	0.2	0.2	0.0	0.0	0.2	0.5
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	-2.0	-0.6	-3.3	-1.3	-5.6	-11.3	0.2	0.2	-0.2	-0.0	0.2	1.4
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	0.0	0.0	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	0.0	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	-10.5	-10.4	-5.2	0.0	-11.3	-12.2	0.0	0.0	-10.5	-10.7
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	0.0	0.0	-10.5	-10.4	-5.2	0.0	-11.3	-12.2	0.0	0.0	-10.5	-10.7
Net Cash Flow During the Period	47.1	-27.5	-60.8	0.9	12.8	11.7	6.9	45.8	10.6	1.1	-22.3	-16.0
Cash and Cash Equivalents at Beginning of Period	5.1	32.6	93.4	92.5	15.3	15.3	15.3	15.3	41.9	41.9	41.9	41.9
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	52.1	5.1	32.6	93.4	92.5	79.7	68.0	61.1	15.3	4.7	3.6	25.9

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DM7

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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