GSM

Listed Company · UPCOM

Price

29,200

Latest close

03 Apr 2026

P/E 7.3x

EPS (TTM) 3,998

ROE (TTM) 21.3%

P/B 1.5x

BVPS (Latest) 19,809

ROA (TTM) 15.1%

What Is Changing

GSM no longer looks like a business simply rebounding from a weak base. Revenue posted +47.0% YoY, while net margin reached 49.52% with an additional +5.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 29.14% in 2023 to 49.52% in 2025.
Revenue growth accelerated to 47.0% in 2025, up 21.0pp versus the prior year.
Net Income reached a multi-period high at VND 114.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	230.4	156.7	124.4	174.3	150.0
Growth	+47%	+26%	-29%	+16%	—
Net Income	114.1	69.6	36.2	65.6	55.1
Net Margin	49.52%	44.42%	29.14%	37.62%	36.75%

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	74.4	52.7	54.4	48.8	78.1	37.1	19.0	22.7	51.1	25.5	14.7	33.0
Growth	+41%	-3%	+12%	-37%	+110%	+96%	-16%	-56%	+100%	+73%	-55%	—
Net Income	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	5.1	-5.5	9.0
Net Margin	55.54%	42.07%	52.26%	45.62%	62.47%	45.70%	14.56%	5.43%	54.03%	19.92%	-37.41%	27.24%

Financial Statements

Profitability

Net margin reached 49.52% while Revenue posted +47.0% YoY.

Balance Sheet

Inventory stood at 0.5bn, liabilities at 183.2bn, and equity at 565.8bn.

Cash Flow

Operating cash flow was 59.9bn in 2024, while investing cash flow was -16.7bn.

Financing cash flow: -41.2bn.

Item	2025	2024	2023	2022	2021
Revenue	230.4	156.7	124.4	174.3	150.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	230.4	156.7	124.4	174.3	150.0
Cost of Goods Sold	90.4	71.0	72.5	80.7	0.0
Gross Profit	139.9	85.7	51.8	93.5	78.7
Financial Income	1.7	1.6	3.8	0.3	0.3
Financial Expenses	13.8	5.9	8.3	10.6	-14.1
Interest Expense	13.8	5.9	8.3	10.6	-14.1
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	7.9	7.6	8.9	9.0	-8.7
Operating Profit	119.9	73.8	38.4	74.2	56.2
Other Income	0.2	0.1	0.0	0.3	0.0
Other Expenses	0.0	0.0	0.1	5.1	0.0
Other Profit	0.2	0.1	-0.1	-4.8	1.8
Profit Before Tax	120.1	73.9	38.2	69.4	58.0
Current Income Tax Expense	6.0	4.3	2.0	3.9	-2.9
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	114.1	69.6	36.2	65.6	55.1
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	114.1	69.6	36.2	65.6	55.1
Earnings per Share	3,994.00	2,437.00	1,269.00	2,295.00	1,930.00
Diluted EPS	3,993.95	2,437.19	1,268.71	2,295.37	1,929.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	127.3	131.7	127.6	167.6	145.8
I. Cash and cash equivalents	17.9	17.4	15.4	78.6	8.2
1. Cash	17.9	15.3	13.3	76.6	0.0
2. Cash equivalents	0.0	2.1	2.1	2.0	0.0
II. Short-term financial investments	51.0	2.6	47.4	2.3	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	51.0	2.6	47.4	2.3	0.0
III. Short-term receivables	57.8	111.2	62.4	86.0	133.1
1. Short-term trade accounts receivable	57.0	109.8	55.2	32.3	0.0
2. Short-term prepayments to suppliers	0.4	0.7	5.3	53.1	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	0.3	0.8	2.0	0.6	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.1	0.0	0.0	0.0	0.0
IV. Inventories	0.5	0.5	0.5	0.5	0.5
1. Inventories	0.5	0.5	0.5	0.5	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	0.1	0.1	1.9	0.2	0.2
1. Short-term prepayments	0.1	0.1	0.2	0.2	0.0
2. Value added tax to be reclaimed	0.0	0.0	1.7	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)	621.6	631.5	602.4	511.4	496.2
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	577.4	623.3	373.7	408.9	448.9
1. Tangible fixed assets	577.4	623.3	373.7	408.9	448.9
- Cost	1,087.9	1,085.1	797.7	797.1	0.0
- Accumulated depreciation	-510.5	-461.8	-424.0	-388.2	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	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	1.3	1.2	218.8	83.3	22.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	1.2	218.8	83.3	0.0
V. Long-term financial investments	34.4	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	34.4	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	8.6	7.1	9.9	19.2	0.0
1. Long-term prepayments	8.6	7.1	9.9	19.2	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	25.0
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)	748.9	763.3	730.0	679.0	642.0
A. LIABILITIES (300=210+330)	183.2	254.5	233.6	190.3	206.1
I. Short -term liabilities	31.8	87.7	70.8	54.3	68.3
1. Short-term trade accounts payable	6.2	8.5	7.3	3.3	3.1
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	6.4	9.0	4.1	4.8	0.0
4. Payable to employees	1.6	1.8	0.8	0.6	0.0
5. Short-term acrrued expenses	0.2	0.3	0.3	0.2	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	0.4	0.1	1.3	1.1	0.0
10. Short-term borrowings and financial leases	15.4	63.7	51.7	38.9	54.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	4.3	5.4	5.4	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	151.4	166.7	162.8	136.0	137.8
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	151.4	166.7	162.8	136.0	137.8
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)	565.8	508.8	496.3	488.7	435.9
I. Owner's equity	565.8	508.8	496.3	488.7	0.0
1. Owner's capital	285.6	285.6	285.6	285.6	435.9
- Common stock with voting right	285.6	285.6	285.6	285.6	285.6
- 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	153.6	153.6	174.5	95.2	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	126.6	69.6	36.2	107.8	55.1
- Accumulated retained earning at the end of the previous period	85.3	0.0	0.0	42.3	31.1
- Undistributed earnings in this period	41.3	69.6	36.2	65.6	24.0
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)	748.9	763.3	730.0	679.0	642.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	73.9	38.2	69.4	58.2	5.5
Depreciation of Fixed Assets and Investment Property	38.1	35.9	35.9	36.0	27.0
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	-1.7	-3.7	4.8	0.0	0.0
Interest Expense	5.9	8.3	10.6	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	116.2	78.8	120.7	108.0	47.8
Increase/(Decrease) in Receivables	-53.0	-13.3	84.3	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)	2.4	-0.5	-3.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	9.3	5.8	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.7	-8.3	-10.6	0.0	0.0
Corporate Income Tax Paid	-1.8	-1.7	-3.2	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-0.0	-0.1	0.0	0.0
Net Cash Flow from Operating Activities	59.9	64.3	193.6	-15.7	22.9
Payments for Fixed Assets and Other Long-term Assets	-64.5	-96.1	-97.2	-5.6	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-20.0	-50.0	-0.4	-0.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	65.0	5.0	0.0	0.0	6.0
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	2.7	2.5	0.2	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-16.7	-138.7	-97.4	-6.2	5.8
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	67.6	78.5	37.1	0.0	0.0
Repayment of Borrowings	-51.7	-38.9	-54.8	0.5	-16.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-57.1	-28.6	-10.0	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	-41.2	11.1	-27.7	0.5	-16.0
Net Cash Flow During the Period	2.0	-63.3	68.5	-7.8	0.0
Cash and Cash Equivalents at Beginning of Period	15.4	78.6	10.1	29.5	20.0
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.4	15.4	78.6	8.2	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	74.4	52.7	54.4	48.8	78.1	37.1	19.0	22.7	51.1	25.5	14.7	33.0
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	74.4	52.7	54.4	48.8	78.1	37.1	19.0	22.7	51.1	25.5	14.7	33.0
Cost of Goods Sold	25.7	25.1	19.5	20.0	20.1	17.3	14.8	17.2	19.1	16.8	18.4	18.2
Gross Profit	48.7	27.6	35.0	28.8	57.9	19.8	4.2	5.5	31.9	8.7	-3.6	14.8
Financial Income	0.4	0.8	0.6	0.0	-0.1	0.4	1.2	0.0	1.3	0.2	2.3	0.0
Financial Expenses	3.3	3.2	3.8	3.6	2.9	0.8	1.1	1.2	1.6	1.9	2.5	2.4
Interest Expense	3.3	3.2	3.8	3.6	2.9	0.8	1.1	1.2	1.6	1.9	2.5	2.4
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	2.4	1.8	1.8	2.0	3.7	1.6	1.4	3.0	2.5	1.7	1.5	3.0
Operating Profit	43.5	23.4	30.0	23.2	51.3	17.9	2.9	1.3	29.1	5.4	-5.4	9.5
Other Income	0.0	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Other Profit	-0.0	-0.0	-0.0	0.2	0.1	-0.0	-0.0	0.0	0.0	-0.0	-0.1	0.0
Profit Before Tax	43.5	23.4	29.9	23.4	51.3	17.9	2.9	1.3	29.1	5.4	-5.5	9.5
Current Income Tax Expense	2.2	1.2	1.5	1.2	2.6	0.9	0.2	0.1	1.5	0.3	0.0	0.5
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	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	5.1	-5.5	9.0
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	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	5.1	-5.5	9.0
Earnings per Share	1,446.00	777.00	996.00	779.00	1,707.00	594.00	97.00	43.00	966.00	178.00	-193.00	315.00
Diluted EPS	1,446.32	776.78	996.17	779.46	1,707.17	594.19	96.72	43.13	966.21	178.07	-193.16	314.80

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)	127.3	141.7	155.9	141.4	132.1	67.4	115.4	124.8	136.8	121.5	148.9	160.5
I. Cash and cash equivalents	17.9	21.7	3.0	5.5	15.2	12.5	13.7	17.1	13.3	6.5	38.4	21.0
1. Cash	17.9	21.7	3.0	5.5	15.2	12.5	13.7	17.1	13.3	6.5	38.4	21.0
2. Cash equivalents	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. Short-term financial investments	51.0	75.5	59.4	24.7	4.7	22.7	79.7	79.5	49.5	49.5	54.5	54.3
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	51.0	75.5	59.4	24.7	4.7	22.7	79.7	79.5	49.5	49.5	54.5	54.3
III. Short-term receivables	57.8	43.9	92.9	110.6	111.6	31.5	20.9	26.8	72.6	63.4	53.8	83.0
1. Short-term trade accounts receivable	57.0	42.3	91.6	108.7	108.6	28.3	14.5	15.5	55.2	36.5	18.1	36.3
2. Short-term prepayments to suppliers	0.4	0.9	0.6	1.4	2.2	2.2	4.5	9.3	15.2	25.9	32.7	45.9
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	0.3	0.3	0.3	0.4	0.7	0.7	0.7	0.7	0.7	0.8	0.8	0.7
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	0.0	0.0	0.0
8. Assets awaiting resolution	0.1	0.4	0.4	0.1	0.1	0.3	1.2	1.2	1.6	0.2	2.2	0.1
IV. Inventories	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
1. Inventories	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	0.1	0.2	0.2	0.2	0.1	0.2	0.7	0.9	1.0	1.7	1.8	1.7
1. Short-term prepayments	0.1	0.2	0.2	0.2	0.1	0.2	0.0	0.1	0.0	0.1	0.0	0.1
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.6	1.0	1.6	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.0	0.0	1.8	1.6
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)	621.6	633.1	611.4	620.8	630.6	612.3	613.5	602.8	593.5	563.9	551.7	548.6
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	577.4	589.6	601.3	611.7	619.3	348.2	356.0	365.0	373.7	382.7	390.8	399.9
1. Tangible fixed assets	577.4	589.6	601.3	611.7	619.3	348.2	356.0	365.0	373.7	382.7	390.8	399.9
- Cost	1,087.9	1,087.9	1,087.5	1,085.6	1,081.0	799.3	798.0	798.0	797.7	797.6	796.7	797.1
- Accumulated depreciation	-510.5	-498.3	-486.2	-474.0	-461.7	-451.1	-442.0	-433.0	-424.0	-414.9	-405.9	-397.2
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.3	1.3	1.0	2.4	1.2	255.5	251.2	229.7	209.9	172.3	148.7	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	1.3	1.3	1.0	2.4	1.2	255.5	251.2	229.7	209.9	172.3	148.7	0.0
V. Long-term financial investments	34.4	34.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	133.0
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	34.4	34.4	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	133.0
VI. Other long-term assets	8.6	7.9	9.1	6.7	10.1	8.5	6.3	8.1	9.9	8.9	12.2	15.7
1. Long-term prepayments	8.6	7.9	9.1	6.7	10.1	8.5	6.3	8.1	9.9	8.9	12.2	15.7
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)	748.9	774.9	767.4	762.2	762.7	679.6	728.9	727.6	730.3	685.4	700.6	709.2
A. LIABILITIES (300=210+330)	183.2	193.1	207.8	231.1	253.7	219.3	228.6	230.0	233.8	216.5	208.5	211.5
I. Short -term liabilities	31.8	34.1	48.8	64.4	89.9	61.2	70.5	59.1	71.0	48.2	56.2	43.3
1. Short-term trade accounts payable	6.2	6.1	7.3	6.2	8.9	12.0	11.2	10.5	7.3	3.2	2.9	4.2
2. Short-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. Taxes and other payables to state authorities	6.4	6.1	5.2	7.5	8.0	4.5	1.3	2.9	4.1	1.6	0.7	3.3
4. Payable to employees	1.6	1.2	1.7	0.5	1.7	0.5	0.4	0.9	0.8	0.4	0.5	0.6
5. Short-term acrrued expenses	0.2	0.1	0.8	0.0	0.3	0.0	0.2	0.0	0.3	0.0	0.2	0.0
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	0.4	0.6	0.2	0.3	0.1	0.1	0.4	0.6	1.5	0.3	0.0	0.0
10. Short-term borrowings and financial leases	15.4	17.6	30.5	45.7	66.7	38.8	51.7	38.8	51.7	37.5	46.6	29.8
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	1.6	2.3	3.0	4.1	4.3	5.3	5.3	5.4	5.4	5.4	5.4	5.4
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	151.4	159.0	159.0	166.7	163.7	158.1	158.1	170.9	162.8	168.3	152.2	168.3
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	151.4	159.0	159.0	166.7	163.7	158.1	158.1	170.9	162.8	168.3	152.2	168.3
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)	565.8	581.7	559.5	531.1	509.0	460.4	500.3	497.6	496.5	468.9	492.1	497.7
I. Owner's equity	565.8	581.7	559.5	531.1	509.0	460.4	500.3	497.6	496.5	468.9	492.1	497.7
1. Owner's capital	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6
- Common stock with voting right	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6
- 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	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	153.6	153.6	153.6	153.6	153.6	153.6	174.5	174.5	174.5	174.5	174.5	95.2
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	126.6	142.5	120.3	91.9	69.8	21.2	40.2	37.5	36.4	8.8	32.0	116.8
- Accumulated retained earning at the end of the previous period	85.3	120.3	91.9	69.6	21.1	4.2	37.5	36.2	8.8	0.0	28.6	107.8
- Undistributed earnings in this period	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	8.8	3.5	9.0
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	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)	748.9	774.9	767.4	762.2	762.7	679.6	728.9	727.6	730.3	685.4	700.6	709.2

Item	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	53.4	0.0	0.0	-4.3	4.3	0.0	38.2	-3.9	3.9	0.0
Depreciation of Fixed Assets and Investment Property	0.0	24.3	0.0	0.0	-18.0	18.0	0.0	35.9	-17.9	17.9	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
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	-0.7	0.0	0.0	1.2	-1.2	0.0	-3.7	2.2	-2.2	0.0
Interest Expense	0.0	7.4	0.0	0.0	-2.3	2.3	0.0	8.3	-4.8	4.8	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	84.4	0.0	0.0	-23.3	23.3	0.0	78.8	-24.5	24.5	0.0
Increase/(Decrease) in Receivables	0.0	18.7	0.0	0.0	-43.3	43.3	0.0	-13.3	-13.9	13.9	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
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	-2.5	0.0	0.0	3.1	-3.1	0.0	-0.5	4.1	-4.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-2.0	0.0	0.0	-3.8	3.8	0.0	9.3	-7.5	7.5	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
Interest Paid	0.0	-6.8	0.0	0.0	2.3	-2.3	0.0	-8.3	4.8	-4.8	0.0
Corporate Income Tax Paid	0.0	-3.5	-1.9	0.0	1.8	-0.1	-1.8	-1.7	1.7	-0.2	-1.4
Other Operating Receipts	0.0	0.0	0.4	3.7	0.0	-0.9	0.9	0.0	0.0	-56.8	56.8
Other Operating Payments	0.0	12.3	-13.6	-15.6	0.0	10.2	-10.2	-0.0	0.0	10.8	-10.8
Net Cash Flow from Operating Activities	0.0	54.8	30.3	-16.5	-63.1	15.8	47.3	64.3	-35.3	-32.3	67.6
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.5	-2.1	-1.1	29.3	-28.8	-0.5	-96.1	47.4	16.7	-64.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	20.0	-20.0	0.0	-50.0	50.0	-50.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	2.2	0.0	0.0	0.0	0.0	0.0	5.0	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	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	0.4	0.0	0.2	-1.4	1.4	0.0	2.5	-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	22.1	-22.1	17.1	47.9	-17.4	-30.5	-138.7	97.4	16.7	-114.1
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	10.0	10.0	15.0	-21.1	21.1	0.0	78.5	-42.1	42.1	0.0
Repayment of Borrowings	0.0	-32.9	-27.9	-12.9	25.8	-12.9	-12.9	-38.9	18.2	-9.1	-9.1
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	0.0	0.0	0.0	0.0	0.0	0.0	-28.6	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
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	-22.9	-17.9	2.1	4.8	8.1	-12.9	11.1	-23.9	33.0	-9.1
Net Cash Flow During the Period	0.0	54.0	-9.8	2.7	-10.4	6.6	3.8	-63.3	38.1	17.4	-55.6
Cash and Cash Equivalents at Beginning of Period	61.6	5.5	15.3	12.6	0.0	15.4	13.3	78.6	0.0	78.6	76.6
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	61.6	5.5	15.2	0.0	25.8	17.1	15.4	0.0	40.5	21.0

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