DXP

Listed Company · HNX

Price

13,000

Latest close

03 Apr 2026

P/E 6.6x

EPS (TTM) 1,976

ROE (TTM) 13.1%

P/B 0.8x

BVPS (Latest) 15,890

ROA (TTM) 9.4%

What Is Changing

DXP no longer looks like a business simply rebounding from a weak base. Revenue posted +3.0% YoY, while net margin reached 16.89% with an additional +9.0pp 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 118.6bn in 2025.
Net margin improved from 7.89% in the prior period to 16.89% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	702.2	681.7	410.7	107.8	87.1
Growth	+3%	+66%	+281%	+24%	—
Net Income	118.6	53.8	56.0	34.6	54.2
Net Margin	16.89%	7.89%	13.64%	32.13%	62.22%

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	280.1	174.3	161.3	86.6	183.5	293.1	184.1	21.0	325.5	30.6	25.5	29.1
Growth	+61%	+8%	+86%	-53%	-37%	+59%	+775%	-94%	+965%	+20%	-12%	—
Net Income	43.2	29.0	29.0	17.5	17.3	15.7	14.6	6.5	24.2	10.5	11.0	8.8
Net Margin	15.42%	16.62%	17.98%	20.18%	9.44%	5.36%	7.93%	30.91%	7.44%	34.49%	43.14%	30.25%

Financial Statements

Profitability

Net margin reached 16.89% while Revenue posted +3.0% YoY.

Balance Sheet

Inventory stood at 7.2bn, liabilities at 551.2bn, and equity at 952.0bn.

Cash Flow

Operating cash flow was -103.8bn in 2024, while investing cash flow was -218.3bn.

Financing cash flow: 62.6bn.

Item	2025	2024	2023	2022	2021
Revenue	702.2	681.7	410.7	107.8	87.1
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	702.2	681.7	410.7	107.8	87.1
Cost of Goods Sold	524.1	600.2	347.5	59.1	0.0
Gross Profit	178.1	81.6	63.2	48.7	35.8
Financial Income	29.4	16.1	19.2	21.9	44.7
Financial Expenses	7.1	6.6	-1.9	7.7	-2.8
Interest Expense	8.5	2.4	0.0	0.0	-0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	34.0	7.2	0.0	0.0	-0.0
General and Administrative Expenses	19.9	16.8	14.7	18.2	-17.0
Operating Profit	146.6	67.1	69.6	44.7	60.6
Other Income	1.6	0.1	0.2	0.5	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0
Other Profit	1.6	-0.0	0.2	0.5	2.3
Profit Before Tax	148.1	67.1	69.8	45.1	62.9
Current Income Tax Expense	29.5	13.3	13.8	10.5	-8.7
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	118.6	53.8	56.0	34.6	54.2
Non-controlling Interest	0.2	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	118.4	53.8	56.0	34.6	54.2
Earnings per Share	1,976.00	898.00	1,136.00	1,270.00	2,085.00
Diluted EPS	1,976.28	898.00	1,009.00	1,176.00	2,084.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	582.8	537.7	515.1	130.7	390.5
I. Cash and cash equivalents	7.1	28.2	287.8	33.9	2.2
1. Cash	7.1	12.4	112.1	1.5	0.0
2. Cash equivalents	0.0	15.8	175.7	32.4	0.0
II. Short-term financial investments	508.7	411.6	191.7	66.5	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	508.7	411.6	191.7	66.5	0.0
III. Short-term receivables	58.4	92.2	29.8	25.4	32.3
1. Short-term trade accounts receivable	43.2	85.7	21.8	23.4	0.0
2. Short-term prepayments to suppliers	7.4	0.2	0.2	0.2	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	7.9	6.3	7.8	1.8	0.0
7. Provision for short-term doubtful debts (*)	0.0	-0.1	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	7.2	5.4	5.2	4.9	3.3
1. Inventories	7.2	5.4	5.2	4.9	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	1.4	0.4	0.7	0.0	1.4
1. Short-term prepayments	1.4	0.4	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.6	0.0	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)	920.5	469.4	469.5	455.0	143.3
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	468.9	23.3	9.4	12.3	14.4
1. Tangible fixed assets	468.7	23.0	9.4	12.3	14.3
- Cost	731.0	296.8	279.4	281.6	0.0
- Accumulated depreciation	-262.3	-273.8	-270.1	-269.3	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	0.2	0.3	0.0	0.0	0.1
- Cost	1.3	1.6	1.2	1.2	0.0
- Accumulated depreciation	-1.2	-1.3	-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	1.4	0.0	15.4	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	15.4	0.0	0.0
V. Long-term financial investments	446.2	444.7	444.5	442.5	128.4
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	447.3	447.3	447.3	447.3	0.0
3. Investments in other entities	5.8	5.8	5.8	5.8	0.0
4. Provision for diminution in value of long-term investments	-6.9	-8.4	-8.6	-10.5	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	4.0	1.4	0.2	0.2	0.0
1. Long-term prepayments	4.0	1.4	0.2	0.2	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	0.5
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)	1,503.2	1,007.1	984.6	585.8	533.8
A. LIABILITIES (300=210+330)	551.2	145.0	144.5	22.6	16.6
I. Short -term liabilities	165.9	145.0	144.5	22.6	16.6
1. Short-term trade accounts payable	67.9	36.5	128.0	4.3	4.0
2. Short-term advances from customers	13.5	2.3	0.2	1.2	1.1
3. Taxes and other payables to state authorities	19.4	4.9	6.5	3.8	0.0
4. Payable to employees	16.1	2.2	6.0	10.2	0.0
5. Short-term acrrued expenses	3.3	5.1	0.2	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	1.0	0.5	1.3	0.9	0.0
10. Short-term borrowings and financial leases	42.5	92.5	0.0	0.0	0.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	1.0	2.3	2.1	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	385.3	0.1	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	92.3	0.1	0.0	0.0	0.0
8. Long-term borrowings and financial leases	293.0	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)	952.0	862.1	840.1	563.2	517.2
I. Owner's equity	952.0	862.1	840.1	563.2	0.0
1. Owner's capital	599.1	599.1	599.1	272.8	517.2
- Common stock with voting right	599.1	599.1	599.1	272.8	259.9
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.1	1.1	1.1	1.2	1.4
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	168.2	168.2	168.2	222.6	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	179.3	93.6	71.7	66.5	64.2
- Accumulated retained earning at the end of the previous period	60.9	39.9	15.7	31.8	10.0
- Undistributed earnings in this period	118.4	53.8	56.0	34.6	54.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	4.2	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)	1,503.2	1,007.1	984.6	585.8	533.8

Item	2024	2023	2022	2021	2020
Profit Before Tax	67.1	69.8	45.1	62.9	65.9
Depreciation of Fixed Assets and Investment Property	3.8	2.9	3.2	5.3	7.9
Provision (Increase)/Reversal	-0.1	-2.0	7.5	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	-16.0	-17.5	-22.3	0.0	0.0
Interest Expense	2.4	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	57.2	53.3	33.5	24.3	31.7
Increase/(Decrease) in Receivables	-61.9	0.5	-8.6	0.0	0.0
Increase/(Decrease) in Inventory	-0.2	-0.2	-1.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-76.3	106.3	2.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.4	0.0	0.3	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.5	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-15.5	-10.6	-5.9	0.0	0.0
Other Operating Receipts	0.1	0.0	0.0	0.0	0.0
Other Operating Payments	-3.2	-1.6	-1.0	0.0	0.0
Net Cash Flow from Operating Activities	-103.8	147.7	18.9	9.1	21.4
Payments for Fixed Assets and Other Long-term Assets	-14.4	-3.3	-1.1	-0.7	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.2	0.4	2.1	0.0
Loans and Purchases of Debt Instruments	-411.6	-294.6	-474.0	-738.0	-623.1
Receipts from Loan Repayments and Sale of Debt Instruments	191.7	169.3	838.6	687.4	564.8
Investments in Other Entities	0.0	0.0	-401.6	0.0	-18.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	16.0	11.7	37.7	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	-218.3	-116.6	-0.0	-8.0	-21.5
Proceeds from Equity Issuance and Capital Contributions	0.0	250.0	12.8	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	235.7	0.0	0.0	0.0	0.0
Repayment of Borrowings	-143.2	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-30.0	-27.2	0.0	0.0	0.0
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	62.6	222.8	12.8	0.0	0.0
Net Cash Flow During the Period	-259.6	253.9	31.7	-11.4	-1.2
Cash and Cash Equivalents at Beginning of Period	287.8	33.9	2.2	1.1	1.3
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	28.2	287.8	33.9	2.2	1.1

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	280.1	174.3	161.3	86.6	183.5	293.1	184.1	21.0	325.5	30.6	25.5	29.1
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	280.1	174.3	161.3	86.6	183.5	293.1	184.1	21.0	325.5	30.6	25.5	29.1
Cost of Goods Sold	210.8	131.9	119.2	62.2	158.8	265.3	163.6	12.5	300.0	19.3	11.7	16.5
Gross Profit	69.3	42.4	42.0	24.4	24.7	27.8	20.5	8.6	25.5	11.3	13.8	12.6
Financial Income	7.5	8.0	6.9	7.1	5.2	3.0	3.9	3.9	7.2	5.8	4.0	2.1
Financial Expenses	4.2	1.4	0.5	1.0	1.0	3.4	1.5	0.3	0.0	0.0	0.0	0.0
Interest Expense	5.6	1.4	0.5	1.0	0.8	1.5	0.2	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	12.4	9.2	8.4	4.1	3.5	3.6	0.1	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.3	3.4	5.6	4.5	4.0	4.0	4.8	4.1	2.7	3.9	4.3	3.8
Operating Profit	53.9	36.3	34.5	21.9	21.6	19.8	18.0	8.2	29.9	13.2	13.5	11.0
Other Income	0.0	0.0	1.6	0.0	0.0	0.1	0.0	0.0	0.2	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	1.6	0.0	0.0	-0.1	0.0	-0.0	0.2	0.0	0.0	0.0
Profit Before Tax	53.9	36.3	36.1	21.9	21.6	19.7	18.0	8.2	30.1	13.2	13.6	11.0
Current Income Tax Expense	10.7	7.4	7.1	4.4	4.3	4.0	3.4	1.7	5.9	2.6	2.5	2.2
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	43.2	29.0	29.0	17.5	17.3	15.7	14.6	6.5	24.2	10.5	11.0	8.8
Non-controlling Interest	0.3	-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	42.9	29.0	29.0	17.5	17.3	15.7	14.6	6.5	24.2	10.5	11.0	8.8
Earnings per Share	716.00	484.00	484.00	292.00	289.00	262.00	244.00	109.00	404.00	193.00	202.00	299.00
Diluted EPS	716.30	484.34	484.00	291.58	289.06	262.24	244.00	109.00	404.00	193.00	202.00	299.00

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)	582.8	615.8	566.9	493.5	537.7	409.5	527.0	436.9	515.1	425.7	331.9	138.2
I. Cash and cash equivalents	7.1	10.7	151.8	142.2	28.2	63.3	140.3	159.0	287.8	173.4	186.5	2.1
1. Cash	7.1	10.7	9.5	8.2	12.4	10.1	32.7	18.8	112.1	33.9	185.5	1.9
2. Cash equivalents	0.0	0.0	142.3	134.0	15.8	53.2	107.6	140.2	175.7	139.5	1.0	0.2
II. Short-term financial investments	508.7	506.7	357.0	305.4	411.6	207.2	203.8	204.0	191.7	216.3	115.1	104.3
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	508.7	506.7	357.0	305.4	411.6	207.2	203.8	204.0	191.7	216.3	115.1	104.3
III. Short-term receivables	58.4	47.5	35.9	34.8	92.2	128.9	176.9	17.7	29.8	30.2	24.1	26.9
1. Short-term trade accounts receivable	43.2	37.7	29.5	28.0	85.7	127.3	16.2	15.2	21.8	21.5	18.8	24.6
2. Short-term prepayments to suppliers	7.4	1.1	0.6	0.7	0.2	0.2	12.8	0.1	0.2	3.6	0.0	0.6
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	7.9	8.7	5.9	6.1	6.3	1.3	147.9	2.3	7.8	5.1	5.3	1.7
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	7.2	48.7	21.4	10.4	5.4	9.1	5.3	51.3	5.2	5.3	5.2	4.9
1. Inventories	7.2	48.7	21.4	10.4	5.4	9.1	5.3	51.3	5.2	5.3	5.2	4.9
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	1.4	2.2	0.8	0.7	0.4	0.9	0.6	4.9	0.7	0.5	1.1	0.0
1. Short-term prepayments	1.4	0.8	0.5	0.7	0.4	0.9	0.6	0.3	0.0	0.5	1.1	0.0
2. Value added tax to be reclaimed	0.0	1.3	0.3	0.0	0.0	0.0	0.0	4.7	0.6	0.0	0.0	0.0
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)	920.5	925.5	469.5	468.1	469.8	469.5	468.0	468.9	467.6	452.7	453.3	454.1
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	468.9	476.7	23.2	22.3	23.3	23.5	23.3	8.8	9.4	10.0	10.7	11.5
1. Tangible fixed assets	468.7	476.6	23.0	22.0	23.0	23.2	23.2	8.7	9.4	10.0	10.6	11.5
- Cost	731.0	730.1	275.4	296.8	296.8	295.9	294.9	279.4	279.4	281.4	281.4	281.6
- Accumulated depreciation	-262.3	-253.5	-252.4	-274.8	-273.8	-272.8	-271.8	-270.7	-270.1	-271.4	-270.8	-270.2
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	0.2	0.2	0.2	0.2	0.3	0.3	0.1	0.1	0.0	0.0	0.0	0.0
- Cost	1.3	1.3	1.3	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	-1.2	-1.1	-1.3	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	0.5	0.2	0.0	0.0	0.0	15.4	15.4	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	0.5	0.2	0.0	0.0	0.0	15.4	15.4	0.0	0.0	0.0
V. Long-term financial investments	446.2	444.7	444.7	444.7	445.2	444.5	444.5	444.5	442.5	442.5	442.5	442.5
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	447.3	447.3	447.3	447.3	447.3	447.3	447.3	447.3	447.3	447.3	447.3	447.3
3. Investments in other entities	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8
4. Provision for diminution in value of long-term investments	-6.9	-8.4	-8.4	-8.4	-7.9	-8.6	-8.6	-8.6	-10.5	-10.5	-10.5	-10.5
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	4.0	4.0	1.1	0.9	1.4	1.5	0.2	0.2	0.2	0.2	0.1	0.1
1. Long-term prepayments	4.0	4.0	1.1	0.9	1.4	1.5	0.2	0.2	0.2	0.2	0.1	0.1
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)	1,503.2	1,541.4	1,036.5	961.6	1,007.6	879.0	994.9	905.9	982.6	878.4	785.3	592.3
A. LIABILITIES (300=210+330)	551.2	632.9	160.6	82.1	145.1	33.9	165.5	59.2	143.9	63.8	22.0	20.3
I. Short -term liabilities	165.9	227.5	160.6	82.1	145.1	33.9	165.5	59.2	143.9	63.8	22.0	20.3
1. Short-term trade accounts payable	67.9	69.3	20.2	37.6	36.5	16.8	5.3	52.7	128.0	7.6	4.6	5.6
2. Short-term advances from customers	13.5	9.1	13.8	5.5	2.3	3.6	2.0	0.5	0.2	8.1	2.3	1.5
3. Taxes and other payables to state authorities	19.4	17.1	14.4	7.0	5.0	4.2	3.8	1.8	5.9	8.8	7.6	2.7
4. Payable to employees	16.1	9.0	8.2	5.0	2.2	2.6	2.2	1.9	6.0	6.6	3.4	6.2
5. Short-term acrrued expenses	3.3	4.8	3.2	1.0	5.1	4.6	3.9	1.5	0.2	2.3	0.9	2.5
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	1.0	1.0	30.9	0.4	0.5	0.4	30.4	0.4	1.3	27.9	0.7	0.6
10. Short-term borrowings and financial leases	42.5	114.4	67.2	25.4	92.5	0.0	115.7	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	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	2.7	2.8	0.2	1.0	1.6	2.2	0.4	2.3	2.4	2.6	1.2
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	385.3	405.4	0.0	0.0	0.1	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	92.3	90.5	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	293.0	314.9	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)	952.0	908.4	875.8	879.5	862.4	845.1	829.4	846.6	838.7	814.6	763.3	572.0
I. Owner's equity	952.0	908.4	875.8	879.5	862.4	845.1	829.4	846.6	838.7	814.6	763.3	572.0
1. Owner's capital	599.1	599.1	599.1	599.1	599.1	599.1	599.1	599.1	599.1	544.6	476.6	294.6
- Common stock with voting right	599.1	599.1	599.1	599.1	599.1	599.1	599.1	599.1	599.1	544.6	476.6	294.6
- 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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.2	1.2	1.2
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	168.2	168.2	168.2	168.2	168.2	168.2	168.2	168.2	168.2	222.6	222.6	222.6
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	0.0	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	179.3	136.4	107.4	111.1	94.0	76.7	61.0	78.2	70.3	46.1	62.8	53.5
- Accumulated retained earning at the end of the previous period	60.9	60.9	60.9	93.6	39.9	39.9	39.9	71.7	15.7	15.7	43.0	44.7
- Undistributed earnings in this period	118.4	75.5	46.5	17.5	54.2	36.8	21.1	6.5	54.6	30.4	19.8	8.8
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	4.2	3.6	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)	1,503.2	1,541.4	1,036.5	961.6	1,007.6	879.0	994.9	905.9	982.6	878.4	785.3	592.3

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	53.9	36.3	36.1	21.9	21.6	19.7	18.0	8.2	32.1	13.2	13.6	11.0
Depreciation of Fixed Assets and Investment Property	15.2	-5.3	1.0	1.0	1.1	1.0	1.0	0.7	0.6	0.7	0.8	0.8
Provision (Increase)/Reversal	-1.4	0.0	0.0	-0.1	-0.6	0.0	0.0	0.0	-2.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	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	-7.9	-7.5	-6.2	-7.6	-3.5	-3.0	-3.9	-3.8	-5.5	-5.8	-4.1	-2.1
Interest Expense	5.8	1.4	0.5	1.0	0.8	1.5	0.2	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	65.6	25.0	31.4	16.2	19.3	19.2	15.3	5.0	25.3	8.0	10.3	9.7
Increase/(Decrease) in Receivables	30.1	-54.9	-1.5	57.4	42.3	44.3	-160.4	12.0	-1.6	-2.6	6.3	-1.6
Increase/(Decrease) in Inventory	41.6	-27.4	-10.9	-5.1	3.8	-3.8	46.0	-46.2	0.2	-0.1	-0.3	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	67.1	-8.0	-3.7	4.9	-8.8	26.6	-56.3	-65.4	94.4	14.4	-2.3	-0.2
Increase/(Decrease) in Prepaid Expenses	9.2	-9.0	0.2	-0.0	0.8	-1.7	-0.3	-0.2	0.4	0.6	-1.1	0.1
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	-4.7	-1.1	-0.2	-1.0	-0.7	-1.7	-0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.9	-4.3	0.0	-4.3	-4.0	-3.4	-1.7	-6.4	-5.2	-2.2	0.0	-3.2
Other Operating Receipts	4.2	0.0	-1.5	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.0	-0.1	-0.8	-0.6	-0.6	-0.2	-1.7	-0.1	-0.2	-0.3	-0.9
Net Cash Flow from Operating Activities	202.7	-79.6	13.7	67.3	52.1	78.9	-157.5	-103.0	113.4	17.9	12.6	3.8
Payments for Fixed Assets and Other Long-term Assets	-4.4	-454.7	-2.0	0.0	11.8	-13.6	13.3	-13.5	0.1	-3.4	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	1.5	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-34.0	-117.7	-51.6	-305.4	-16.4	-207.2	0.0	-203.8	22.0	-191.5	-23.8	-101.3
Receipts from Loan Repayments and Sale of Debt Instruments	-72.6	164.9	0.0	411.6	-177.4	203.8	0.2	191.5	2.6	90.3	13.0	63.5
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	-2.0	10.2	6.2	7.6	-0.5	6.8	9.7	0.0	3.3	5.7	0.5	2.2
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	-113.1	-397.2	-45.9	113.8	-182.5	-10.2	23.2	-25.8	28.1	-98.9	-10.2	-35.7
Proceeds from Equity Issuance and Capital Contributions	0.4	3.6	0.0	0.0	0.0	0.0	0.0	0.0	0.1	67.9	182.0	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	5.9	380.6	48.7	25.4	-23.0	115.5	115.7	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-99.6	-18.5	-6.9	-92.5	115.5	-231.2	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	0.1	-30.0	0.0	0.0	2.7	-29.9	-0.0	0.0	-27.2	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	-93.3	335.7	41.8	-67.1	95.2	-145.7	115.7	0.0	-27.2	67.9	182.0	0.0
Net Cash Flow During the Period	-3.7	-141.1	9.6	114.0	-35.2	-77.0	-18.6	-128.8	114.4	-13.1	184.4	-31.9
Cash and Cash Equivalents at Beginning of Period	10.7	151.8	142.2	28.2	287.8	287.8	287.8	287.8	33.9	33.9	33.9	33.9
FX Difference from Revaluation	0.1	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	7.1	10.7	151.8	142.2	28.2	63.3	140.3	159.0	287.8	173.4	186.5	2.1

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