DNC

Listed Company · HNX

Price

61,000

Latest close

01 Apr 2026

P/E 10.1x

EPS (TTM) 6,046

ROE (TTM) 37.5%

P/B 3.8x

BVPS (Latest) 16,022

ROA (TTM) 24.1%

What Is Changing

DNC no longer looks like a business simply rebounding from a weak base. Revenue posted +20.8% YoY, while net margin reached 4.91% 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 Income reached a multi-period high at VND 55.6bn in 2025.
Revenue growth accelerated to 20.9% in 2025, up 4.0pp versus the prior year.
Net margin improved from 4.50% in the prior period to 4.91% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,132.9	937.4	802.5	658.7	567.6
Growth	+21%	+17%	+22%	+16%	—
Net Income	55.6	42.1	37.4	29.2	26.4
Net Margin	4.91%	4.50%	4.66%	4.43%	4.65%

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	275.4	358.4	291.7	207.5	213.3	284.8	250.5	183.0	214.2	251.3	192.2	144.8
Growth	-23%	+23%	+41%	-3%	-25%	+14%	+37%	-15%	-15%	+31%	+33%	—
Net Income	14.3	18.7	12.3	9.8	7.6	14.4	10.4	8.6	9.2	13.9	7.6	6.4
Net Margin	5.19%	5.22%	4.23%	4.71%	3.54%	5.05%	4.16%	4.68%	4.31%	5.52%	3.98%	4.44%

Financial Statements

Profitability

Net margin reached 4.91% while Revenue posted +20.8% YoY.

Balance Sheet

Inventory stood at 12.7bn, liabilities at 93.3bn, and equity at 160.8bn.

Cash Flow

Operating cash flow was 30.5bn in 2024, while investing cash flow was -14.4bn.

Financing cash flow: -11.8bn.

Item	2025	2024	2023	2022	2021
Revenue	1,132.9	937.4	802.5	658.7	567.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,132.9	937.4	802.5	658.7	567.6
Cost of Goods Sold	1,038.8	860.6	734.6	601.4	0.0
Gross Profit	94.0	76.8	67.9	57.3	46.3
Financial Income	1.0	1.7	0.2	1.3	1.4
Financial Expenses	-0.7	2.1	-2.3	3.9	-1.0
Interest Expense	0.4	0.5	0.8	0.8	-0.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	25.8	23.2	20.3	18.0	-14.5
Operating Profit	70.0	53.1	50.0	36.8	32.2
Other Income	1.2	0.5	0.4	0.0	0.0
Other Expenses	1.1	0.4	2.3	0.0	0.0
Other Profit	0.1	0.1	-1.9	-0.0	1.2
Profit Before Tax	70.1	53.2	48.1	36.8	33.4
Current Income Tax Expense	13.6	10.5	10.5	7.6	-7.0
Deferred Income Tax Expense	1.0	0.5	0.2	0.0	0.0
Net Income	55.6	42.1	37.4	29.2	26.4
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	55.6	42.1	37.4	29.2	26.4
Earnings per Share	5,548.00	6,084.00	5,808.00	4,546.00	5,135.00
Diluted EPS	5,538.67	5,249.34	5,822.53	4,545.82	5,135.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	156.1	113.5	98.8	62.0	67.2
I. Cash and cash equivalents	27.5	20.6	16.3	9.6	26.1
1. Cash	27.5	20.6	16.3	9.6	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	34.9	8.8	16.0	21.2	0.0
1. Available for sale securities	23.3	9.9	15.5	24.2	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	-1.6	0.0	-3.0	0.0
3. Held to maturity investments	11.6	0.5	0.5	0.0	0.0
III. Short-term receivables	79.5	65.5	53.9	18.7	30.9
1. Short-term trade accounts receivable	55.5	39.0	36.6	10.0	0.0
2. Short-term prepayments to suppliers	0.8	1.3	1.4	3.6	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	0.1	0.1	0.0
6. Other short-term receivables	23.2	25.2	15.8	5.5	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	-0.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	12.7	16.4	10.6	9.8	9.3
1. Inventories	12.8	16.6	10.8	10.0	0.0
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	0.0
V. Other short-term assets	1.5	2.1	2.0	2.7	0.8
1. Short-term prepayments	1.1	2.0	1.9	2.6	0.0
2. Value added tax to be reclaimed	0.3	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	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)	98.0	89.3	74.9	60.4	46.7
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	62.5	59.7	54.7	46.4	36.3
1. Tangible fixed assets	57.6	54.5	50.4	45.6	35.9
- Cost	147.2	134.7	122.4	111.1	0.0
- Accumulated depreciation	-89.6	-80.2	-72.1	-65.5	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	4.9	5.3	4.4	0.8	0.4
- Cost	6.1	6.1	5.3	1.1	0.0
- Accumulated depreciation	-1.2	-0.9	-0.9	-0.3	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	0.0	0.4	0.9	4.8	4.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.4	0.9	4.8	0.0
V. Long-term financial investments	0.0	3.6	3.7	3.7	3.7
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	4.0	4.0	4.0	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	-0.4	-0.3	-0.3	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	35.4	25.6	15.6	5.4	0.0
1. Long-term prepayments	35.4	25.6	15.6	5.4	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	2.3
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)	254.0	202.7	173.7	122.4	113.9
A. LIABILITIES (300=210+330)	93.3	69.5	60.2	27.3	30.3
I. Short -term liabilities	91.6	68.8	60.1	27.3	30.3
1. Short-term trade accounts payable	54.7	32.5	30.8	6.2	3.8
2. Short-term advances from customers	1.1	0.5	0.9	0.2	0.1
3. Taxes and other payables to state authorities	10.0	3.1	4.2	1.4	0.0
4. Payable to employees	1.1	0.9	0.8	0.7	0.0
5. Short-term acrrued expenses	14.4	11.3	10.5	2.7	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	0.1	0.0
9. Other short-term payables	8.1	4.4	3.1	3.2	0.0
10. Short-term borrowings and financial leases	0.3	14.5	8.6	11.8	12.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.0	1.6	1.2	1.1	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	1.6	0.7	0.2	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	1.6	0.7	0.2	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)	160.8	133.3	113.4	95.0	83.5
I. Owner's equity	160.8	133.3	113.4	95.0	0.0
1. Owner's capital	100.3	80.3	64.2	64.2	83.5
- Common stock with voting right	100.3	80.3	64.2	64.2	51.4
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	0.6	0.6	0.6	0.6	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	0.7	0.7	0.7	0.7	0.0
11. Undistributed earnings after tax	59.2	51.8	48.0	29.6	30.9
- Accumulated retained earning at the end of the previous period	3.6	17.7	17.1	0.4	4.6
- Undistributed earnings in this period	55.6	34.0	30.9	29.2	26.4
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)	254.0	202.7	173.7	122.4	113.9

Item	2024	2023	2022	2021	2020
Profit Before Tax	53.2	48.1	36.8	0.0	0.0
Depreciation of Fixed Assets and Investment Property	8.4	7.2	6.0	0.0	0.0
Provision (Increase)/Reversal	1.6	-3.0	3.2	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	-0.1	-0.2	-1.3	0.0	0.0
Interest Expense	0.5	0.8	0.8	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	63.7	52.8	45.5	0.0	0.0
Increase/(Decrease) in Receivables	-11.5	-34.3	-3.5	0.0	0.0
Increase/(Decrease) in Inventory	-5.5	-0.8	-0.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.7	32.7	0.1	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-10.0	-9.5	-4.9	0.0	0.0
Changes in Trading Securities	5.6	8.8	-24.2	0.0	0.0
Interest Paid	-0.6	-0.8	-0.8	0.0	0.0
Corporate Income Tax Paid	-11.5	-7.8	-8.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.2	-2.7	-5.2	0.0	0.0
Net Cash Flow from Operating Activities	30.5	38.4	-2.5	34.9	19.2
Payments for Fixed Assets and Other Long-term Assets	-14.5	-11.9	-16.2	-1.2	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	0.0	-0.5	-47.5	-63.0	-22.1
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	62.5	48.0	38.0
Investments in Other Entities	0.0	0.0	0.0	0.0	-3.5
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	2.0	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	-14.4	-12.4	0.8	-15.8	8.7
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	87.6	66.9	60.1	62.2	63.2
Repayment of Borrowings	-81.7	-70.2	-60.7	-62.4	-59.8
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-17.7	-16.1	-14.1	-15.7	-12.5
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	-11.8	-19.3	-14.7	-15.9	-9.1
Net Cash Flow During the Period	4.4	6.6	-16.5	15.8	14.2
Cash and Cash Equivalents at Beginning of Period	16.3	9.6	26.1	22.8	4.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.6	16.3	9.6	26.1	22.8

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	275.4	358.4	291.7	207.5	213.3	284.8	250.5	183.0	214.2	251.3	192.2	144.8
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	275.4	358.4	291.7	207.5	213.3	284.8	250.5	183.0	214.2	251.3	192.2	144.8
Cost of Goods Sold	249.8	328.4	269.6	192.0	198.6	259.5	229.8	168.0	196.1	227.1	178.5	133.3
Gross Profit	25.6	30.0	22.1	15.5	14.7	25.3	20.8	14.9	18.1	24.2	13.7	11.5
Financial Income	0.4	0.1	0.0	0.4	0.0	0.0	0.0	1.6	0.0	0.0	0.0	0.2
Financial Expenses	0.0	0.1	0.8	-1.6	-1.1	1.4	1.6	0.1	0.0	-0.6	-0.1	-1.5
Interest Expense	0.0	0.1	0.1	-0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	8.5	7.0	5.1	5.2	6.1	5.6	5.7	5.6	5.2	5.8	4.2	5.1
Operating Profit	17.5	23.1	16.3	12.4	9.7	18.3	13.5	10.9	12.9	19.0	9.6	8.1
Other Income	0.5	0.6	1.0	0.1	0.1	0.1	0.1	0.2	0.6	0.4	0.1	0.0
Other Expenses	0.0	0.2	1.5	0.1	0.1	0.1	0.1	0.0	1.3	1.5	0.0	0.0
Other Profit	0.5	0.4	-0.5	-0.0	0.0	0.0	-0.1	0.1	-0.7	-1.1	0.1	-0.0
Profit Before Tax	17.9	23.5	15.7	12.4	9.8	18.3	13.4	11.0	12.2	17.9	9.7	8.1
Current Income Tax Expense	3.4	4.5	3.2	2.4	2.0	3.8	2.9	2.3	2.9	4.0	2.0	1.7
Deferred Income Tax Expense	0.3	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.0	0.0
Net Income	14.3	18.7	12.3	9.8	7.6	14.4	10.4	8.6	9.2	13.9	7.6	6.4
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	14.3	18.7	12.3	9.8	7.6	14.4	10.4	8.6	9.2	13.9	7.6	6.4
Earnings per Share	1,424.00	1,866.00	1,538.00	1,218.00	941.00	1,791.00	1,624.00	1,334.00	1,439.00	2,159.00	1,190.00	1,002.00
Diluted EPS	1,423.53	1,865.96	1,537.89	1,218.26	941.46	1,791.38	1,624.09	1,334.24	1,438.89	2,158.88	1,189.82	1,001.96

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)	156.1	167.2	167.7	122.1	113.4	139.4	142.4	98.1	99.3	70.6	62.7	55.8
I. Cash and cash equivalents	50.8	49.9	46.7	34.4	20.6	24.6	21.1	13.8	16.3	16.2	10.0	8.7
1. Cash	27.5	32.6	46.7	34.4	20.6	24.6	21.1	13.8	16.3	16.2	10.0	8.7
2. Cash equivalents	23.3	17.4	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	11.6	6.6	0.5	0.5	8.9	7.6	8.9	10.4	16.0	15.4	14.5	14.2
1. Available for sale securities	0.0	0.0	0.0	0.0	9.9	9.9	9.9	9.9	15.5	15.5	15.5	15.5
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	-1.5	-2.8	-1.5	0.0	0.0	-0.1	-1.0	-1.3
3. Held to maturity investments	11.6	6.6	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0
III. Short-term receivables	79.5	92.2	98.3	62.0	65.6	90.1	97.5	58.0	53.9	22.7	23.6	17.8
1. Short-term trade accounts receivable	55.5	59.5	64.3	35.1	39.0	61.3	74.9	39.2	46.6	14.0	13.5	8.0
2. Short-term prepayments to suppliers	0.8	2.5	0.4	1.6	1.4	2.2	3.1	1.9	1.4	2.0	3.7	3.1
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	0.1	0.1	0.1	0.1
6. Other short-term receivables	23.2	30.2	33.6	25.3	25.2	26.6	19.5	16.9	5.9	7.0	6.7	7.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.5	-0.5	-0.5
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	12.7	15.5	18.3	19.4	16.7	13.2	10.9	11.5	10.6	13.0	11.2	11.0
1. Inventories	12.8	15.7	18.5	19.6	16.8	13.4	11.0	11.7	10.8	13.2	11.4	11.2
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
V. Other short-term assets	1.5	2.9	3.9	5.7	1.6	3.9	3.9	4.3	2.5	3.2	3.5	4.1
1. Short-term prepayments	1.1	2.8	3.8	4.5	1.5	3.9	3.9	4.3	1.9	3.3	3.5	4.1
2. Value added tax to be reclaimed	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	-0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	1.2	0.1	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)	98.0	92.0	90.8	93.7	89.3	86.1	80.8	80.0	74.5	73.5	66.8	62.8
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	62.5	54.6	55.6	58.1	59.7	53.8	53.5	55.0	51.4	47.2	44.1	45.2
1. Tangible fixed assets	57.6	49.6	50.6	52.9	54.5	48.4	49.1	50.4	50.7	46.5	43.4	44.5
- Cost	147.2	136.9	135.5	135.5	135.0	126.7	125.2	124.5	123.1	117.0	112.1	111.1
- Accumulated depreciation	-89.6	-87.3	-84.9	-82.6	-80.5	-78.3	-76.2	-74.1	-72.4	-70.5	-68.6	-66.6
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	4.9	5.0	5.1	5.2	5.3	5.4	4.5	4.6	0.6	0.7	0.7	0.7
- Cost	6.1	6.1	6.1	6.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	-1.2	-1.1	-1.0	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	0.0	3.6	1.6	0.8	0.4	5.1	3.0	1.9	4.3	7.6	7.8	6.6
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	0.0	3.6	1.6	0.8	0.4	5.1	3.0	1.9	4.3	7.6	7.8	6.6
V. Long-term financial investments	0.0	0.0	1.1	4.9	3.6	3.6	3.7	3.7	3.7	3.7	3.8	3.7
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	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
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	-0.2	-0.4	-0.4	-0.3	-0.3	-0.3	-0.3	-0.2	-0.3
5. Held to maturity investments	0.0	0.0	1.1	1.1	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	35.4	33.8	32.5	29.9	25.6	23.7	20.6	19.4	15.2	15.0	11.1	7.3
1. Long-term prepayments	35.4	33.8	32.5	29.9	25.6	23.7	20.6	19.4	15.2	15.0	11.1	7.3
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)	254.0	259.2	258.5	215.8	202.7	225.5	223.2	178.1	173.8	144.1	129.5	118.6
A. LIABILITIES (300=210+330)	93.3	102.7	121.1	86.8	69.5	91.9	105.1	67.6	60.8	33.9	33.0	29.7
I. Short -term liabilities	91.6	101.3	120.0	85.9	68.8	91.3	104.8	67.4	60.7	33.8	32.9	29.7
1. Short-term trade accounts payable	54.7	66.9	76.7	48.9	33.7	47.8	72.3	34.6	31.2	6.2	5.9	7.6
2. Short-term advances from customers	1.1	0.7	0.7	0.6	0.5	0.7	0.4	0.4	0.9	0.7	0.6	0.4
3. Taxes and other payables to state authorities	9.9	6.5	4.9	3.2	3.5	5.2	4.7	3.6	4.6	5.6	3.3	2.5
4. Payable to employees	1.1	1.2	1.1	1.1	0.9	0.8	0.8	0.7	0.8	0.8	0.8	0.8
5. Short-term acrrued expenses	14.4	14.4	13.5	8.3	9.7	12.1	9.0	7.8	10.1	2.3	1.5	0.8
6. Short-term inter-company payables	0.0	0.1	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	8.1	6.8	6.4	4.9	4.4	4.3	4.1	3.9	3.1	3.1	3.3	3.4
10. Short-term borrowings and financial leases	0.3	2.8	13.3	15.3	14.5	17.5	10.5	13.3	8.6	12.6	15.0	11.7
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	2.0	2.0	3.5	3.5	1.6	2.9	2.9	2.9	1.3	2.5	2.5	2.5
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	1.6	1.4	1.1	0.9	0.7	0.5	0.4	0.3	0.2	0.1	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	1.6	1.4	1.1	0.9	0.7	0.5	0.4	0.3	0.2	0.1	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)	160.8	156.5	137.4	129.0	133.2	133.7	118.0	110.4	113.0	110.2	96.5	88.9
I. Owner's equity	160.8	156.5	137.4	129.0	133.2	133.7	118.0	110.4	113.0	110.2	96.5	88.9
1. Owner's capital	100.3	100.3	80.3	80.3	80.3	80.3	64.2	64.2	64.2	64.2	64.2	64.2
- Common stock with voting right	100.3	100.3	80.3	80.3	80.3	80.3	64.2	64.2	64.2	64.2	64.2	64.2
- 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	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
11. Undistributed earnings after tax	59.2	55.0	55.9	47.5	51.7	52.2	52.6	45.0	47.6	44.8	31.1	23.5
- Accumulated retained earning at the end of the previous period	3.6	13.7	33.7	37.7	-1.8	8.4	28.2	34.0	-0.2	9.2	13.3	15.3
- Undistributed earnings in this period	55.6	41.3	22.1	9.8	53.5	43.7	24.4	11.0	47.7	35.6	17.8	8.1
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)	254.0	259.2	258.5	215.8	202.7	225.5	223.2	178.1	173.8	144.1	129.5	118.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	0.0	0.0	28.6	0.0	-25.4	25.4	0.0	48.1	-17.7	17.7	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	4.9	0.0	-3.9	3.9	0.0	7.2	-3.3	3.3	0.0
Provision (Increase)/Reversal	0.0	0.0	-1.1	0.0	-1.6	1.6	0.0	-3.0	2.1	-2.1	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
Gain/Loss from Investment Activities	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	-0.2	0.2	-0.2	0.0
Interest Expense	0.0	0.0	0.3	0.0	-0.3	0.3	0.0	0.8	-0.4	0.4	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
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
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
Other Adjustments	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	32.6	0.0	-31.1	31.1	0.0	52.8	-19.1	19.1	0.0
Increase/(Decrease) in Receivables	0.0	0.0	-32.3	0.0	49.2	-49.2	0.0	-34.3	2.5	-2.5	0.0
Increase/(Decrease) in Inventory	0.0	0.0	-2.9	0.0	-0.5	0.5	0.0	-0.8	1.4	-1.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	49.9	0.0	-44.8	44.8	0.0	32.7	0.2	-0.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	-8.7	0.0	4.9	-4.9	0.0	-9.5	8.1	-8.1	0.0
Changes in Trading Securities	0.0	0.0	9.9	0.0	-5.6	5.6	0.0	8.8	-8.8	8.8	0.0
Interest Paid	0.0	0.0	-0.3	0.0	0.4	-0.4	0.0	-0.8	0.4	-0.4	0.0
Corporate Income Tax Paid	0.0	2.3	-2.0	-3.0	5.9	-2.0	-3.9	-3.4	-1.8	-1.4	-1.2
Other Operating Receipts	0.0	32.9	0.0	15.7	0.0	-9.1	9.1	0.0	0.0	-9.6	9.6
Other Operating Payments	0.0	-29.5	19.3	-23.4	2.9	37.3	-40.3	1.4	-2.6	2.3	-3.8
Net Cash Flow from Operating Activities	0.0	-2.7	-19.3	58.5	-18.7	13.9	4.8	19.0	8.2	7.8	3.4
Payments for Fixed Assets and Other Long-term Assets	0.0	1.3	-1.7	-0.3	6.1	-5.0	-1.1	-7.0	-0.9	-3.9	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	-1.1	0.0	0.0	0.0	0.0	-0.5	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
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
Proceeds from Investments in Other Entities	0.0	0.0	1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.1	-0.1	0.1	0.0
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
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
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
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
Net Cash Flow from Investing Activities	0.0	-21.8	0.2	-1.4	6.1	-5.0	-1.1	-16.2	7.8	-12.6	8.6
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
Share Repurchases	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	70.3	0.0	-34.5	14.2	20.4	14.2	17.4	19.3	16.0
Repayment of Borrowings	0.0	44.7	-40.0	-30.2	32.6	-17.1	-15.6	-18.2	-19.8	-16.1	-16.1
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
Dividends Paid	0.0	10.0	1.1	-13.1	9.6	1.3	-11.0	1.3	-7.7	3.2	-12.8
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
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
Net Cash Flow from Financing Activities	0.0	-15.7	31.4	-43.3	7.7	-1.5	-6.2	-2.8	-10.1	6.4	-13.0
Net Cash Flow During the Period	0.0	-40.2	12.3	13.8	-4.9	7.4	-2.5	0.0	5.9	1.7	-0.9
Cash and Cash Equivalents at Beginning of Period	32.6	46.7	34.4	20.6	0.0	16.3	16.3	9.6	9.6	9.6	9.6
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
Cash and Cash Equivalents at End of Period	0.0	32.6	46.7	34.4	0.0	21.1	13.8	16.3	16.2	10.4	8.7

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