HSV

Listed Company · UPCOM

Price

4,500

Latest close

03 Apr 2026

P/E 15.9x

EPS (TTM) 283

ROE (TTM) 2.5%

P/B 0.4x

BVPS (Latest) 11,282

ROA (TTM) 0.9%

What Is Changing

HSV no longer looks like a business simply rebounding from a weak base. Revenue posted +75.9% YoY, while net margin reached 0.28% with an additional -0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 11.0% to VND 4.5bn in 2025.
Revenue growth accelerated to 75.9% in 2025, up 41.5pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,616.0	918.6	683.4	755.4	401.6
Growth	+76%	+34%	-10%	+88%	—
Net Income	4.5	4.0	3.6	3.4	6.7
Net Margin	0.28%	0.44%	0.53%	0.44%	1.67%

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	480.4	382.3	463.7	289.6	244.1	258.6	257.1	158.8	180.8	121.2	152.1	229.3
Growth	+26%	-18%	+60%	+19%	-6%	+1%	+62%	-12%	+49%	-20%	-34%	—
Net Income	0.5	0.9	1.9	1.1	1.8	0.9	0.5	0.9	0.7	1.4	0.9	0.8
Net Margin	0.11%	0.23%	0.41%	0.39%	0.73%	0.35%	0.19%	0.56%	0.37%	1.14%	0.57%	0.35%

Financial Statements

Profitability

Net margin reached 0.28% while Revenue posted +75.9% YoY.

Balance Sheet

Inventory stood at 77.1bn, liabilities at 399.6bn, and equity at 177.7bn.

Cash Flow

Operating cash flow was -71.2bn in 2024, while investing cash flow was 4.3bn.

Financing cash flow: 78.8bn.

Item	2025	2024	2023	2022	2021
Revenue	1,616.1	918.6	683.4	758.2	401.7
Revenue Deductions	0.0	0.0	0.0	2.8	0.0
Net Revenue	1,616.0	918.6	683.4	755.4	401.6
Cost of Goods Sold	1,594.2	897.0	656.6	735.4	0.0
Gross Profit	21.9	21.6	26.8	20.0	16.5
Financial Income	7.7	4.0	3.7	3.0	0.4
Financial Expenses	16.6	11.0	13.0	6.3	-1.9
Interest Expense	16.6	10.5	13.0	6.3	-1.2
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.0	1.4	3.9	3.0	-1.6
General and Administrative Expenses	7.0	7.0	8.7	10.3	-5.0
Operating Profit	5.0	6.2	4.9	3.4	8.4
Other Income	0.7	0.6	0.0	1.5	0.0
Other Expenses	0.1	1.7	0.1	0.1	0.0
Other Profit	0.7	-1.1	-0.1	1.5	-0.0
Profit Before Tax	5.7	5.1	4.8	4.8	8.4
Current Income Tax Expense	1.2	1.0	1.1	1.5	-1.7
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	4.5	4.0	3.6	3.4	6.7
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.5	4.0	3.6	3.4	6.7
Earnings per Share	283.00	255.00	231.00	221.00	446.70
Diluted EPS	282.88	254.91	230.51	212.94	446.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	474.2	379.2	247.9	306.4	164.8
I. Cash and cash equivalents	48.4	33.8	21.9	47.9	13.7
1. Cash	13.1	4.3	1.9	8.7	0.0
2. Cash equivalents	35.2	29.5	20.0	39.2	0.0
II. Short-term financial investments	92.8	56.6	0.0	23.0	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	92.8	56.6	0.0	23.0	0.0
III. Short-term receivables	255.9	226.7	168.4	161.9	93.8
1. Short-term trade accounts receivable	184.5	126.2	85.8	93.1	0.0
2. Short-term prepayments to suppliers	74.9	95.5	70.2	70.5	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	15.0	0.0	0.0
6. Other short-term receivables	1.4	9.5	0.9	0.7	0.0
7. Provision for short-term doubtful debts (*)	-4.9	-4.4	-3.6	-2.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	77.1	61.8	57.2	71.7	36.4
1. Inventories	77.1	61.8	57.2	73.5	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	-1.8	0.0
V. Other short-term assets	0.0	0.2	0.4	1.9	0.8
1. Short-term prepayments	0.0	0.2	0.4	0.1	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	1.8	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)	103.1	24.7	79.8	30.4	35.3
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	0.1
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	22.1	24.5	79.5	29.8	23.1
1. Tangible fixed assets	12.1	14.4	19.4	19.3	12.3
- Cost	23.5	23.2	25.7	23.0	0.0
- Accumulated depreciation	-11.3	-8.8	-6.4	-3.7	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	9.9	10.1	60.1	10.5	10.7
- Cost	10.7	10.7	60.5	10.7	0.0
- Accumulated depreciation	-0.8	-0.6	-0.4	-0.2	0.0
III. Investment properties	36.9	0.0	0.0	0.0	0.0
- Cost	36.9	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	4.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	40.0	0.0	0.0	0.0	12.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	40.0	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	0.2	0.2	0.3	0.6	0.0
1. Long-term prepayments	0.2	0.2	0.3	0.6	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	0.2
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)	577.3	403.9	327.7	336.8	200.1
A. LIABILITIES (300=210+330)	399.6	230.6	158.3	171.0	37.7
I. Short -term liabilities	399.6	230.6	158.3	171.0	37.7
1. Short-term trade accounts payable	8.1	0.0	6.3	1.5	0.3
2. Short-term advances from customers	4.2	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.5	1.6	1.3	0.9	0.0
4. Payable to employees	0.2	0.0	0.4	0.6	0.0
5. Short-term acrrued expenses	0.3	0.2	0.2	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	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	385.3	228.8	150.0	167.8	36.5
11. Provision for short-term liabilities	0.0	0.0	0.0	0.1	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	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)	177.7	173.2	169.4	165.8	162.4
I. Owner's equity	177.7	173.2	169.4	165.8	0.0
1. Owner's capital	157.5	157.5	157.5	157.5	162.4
- Common stock with voting right	157.5	157.5	157.5	157.5	150.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	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	20.2	15.7	11.9	8.3	12.4
- Accumulated retained earning at the end of the previous period	15.7	11.7	8.3	4.9	4.5
- Undistributed earnings in this period	4.5	4.0	3.6	3.4	7.9
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)	577.3	403.9	327.7	336.8	200.1

Item	2024	2023	2022	2021
Profit Before Tax	5.1	4.8	4.8	8.4
Depreciation of Fixed Assets and Investment Property	2.9	3.0	2.0	0.9
Provision (Increase)/Reversal	0.9	-0.7	4.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-2.5	-3.4	-4.5	0.0
Interest Expense	10.5	13.0	6.3	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16.7	16.5	12.9	10.8
Increase/(Decrease) in Receivables	-65.4	9.4	-71.3	0.0
Increase/(Decrease) in Inventory	-4.6	16.3	-37.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.4	4.9	1.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.0	-0.3	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-10.5	-13.0	-6.2	0.0
Corporate Income Tax Paid	-1.3	-0.9	-1.1	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-71.2	33.2	-101.6	-64.5
Payments for Fixed Assets and Other Long-term Assets	0.0	-53.1	-8.8	-18.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	42.3	0.4	1.5	0.0
Loans and Purchases of Debt Instruments	-112.9	-90.0	-3.0	-21.4
Receipts from Loan Repayments and Sale of Debt Instruments	71.3	98.0	0.0	0.0
Investments in Other Entities	0.0	-6.0	0.0	-12.0
Proceeds from Investments in Other Entities	0.0	6.2	13.2	0.0
Dividends and Interest Income Received	3.6	3.1	1.6	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.3	-41.4	4.5	-50.1
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	100.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	624.8	483.1	383.3	112.5
Repayment of Borrowings	-546.0	-500.9	-252.0	-92.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	78.8	-17.8	131.3	119.8
Net Cash Flow During the Period	11.9	-26.0	34.2	13.4
Cash and Cash Equivalents at Beginning of Period	21.9	47.9	13.7	7.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.8	21.9	47.9	13.7

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	480.4	382.4	463.7	289.6	244.1	258.6	257.1	158.8	180.8	121.2	152.1	229.3
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	480.4	382.3	463.7	289.6	244.1	258.6	257.1	158.8	180.8	121.2	152.1	229.3
Cost of Goods Sold	475.6	375.7	457.8	285.0	237.7	253.7	252.3	153.5	172.8	116.1	144.6	223.1
Gross Profit	4.8	6.6	6.0	4.6	6.4	4.9	4.8	5.3	8.0	5.2	7.4	6.1
Financial Income	2.7	1.8	1.9	1.4	1.5	0.6	0.7	0.6	0.7	0.7	1.8	0.4
Financial Expenses	5.1	4.7	4.0	2.7	3.0	2.1	2.8	2.7	3.9	2.0	3.7	3.3
Interest Expense	5.1	4.7	4.0	2.7	3.0	2.1	2.8	2.7	0.0	0.0	3.7	3.3
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	0.2	0.3	0.3	0.2	0.3	0.3	0.5	0.2	0.4	0.6	2.4	0.3
General and Administrative Expenses	1.5	2.2	1.8	1.5	1.9	1.4	1.7	1.9	3.3	1.6	2.1	1.8
Operating Profit	0.7	1.2	1.7	1.4	2.6	1.6	0.5	1.2	1.0	1.7	1.1	1.0
Other Income	0.0	0.0	0.7	0.0	0.5	0.0	0.1	0.0	0.4	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.8	0.4	0.0	0.0	0.5	0.0	0.0	0.0
Other Profit	-0.0	-0.0	0.7	-0.0	-0.3	-0.4	0.1	-0.0	-0.1	0.0	-0.0	-0.0
Profit Before Tax	0.7	1.2	2.4	1.4	2.3	1.2	0.7	1.2	0.9	1.7	1.1	1.0
Current Income Tax Expense	0.1	0.3	0.5	0.3	0.5	0.3	0.2	0.3	0.2	0.3	0.3	0.2
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	0.5	0.9	1.9	1.1	1.8	0.9	0.5	0.9	0.7	1.4	0.9	0.8
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	0.5	0.9	1.9	1.1	1.8	0.9	0.5	0.9	0.7	1.4	0.9	0.8
Earnings per Share	35.00	56.57	120.00	71.09	113.41	57.75	31.21	56.67	42.96	87.72	54.95	51.12
Diluted EPS	34.56	56.57	120.64	71.09	113.41	57.75	31.21	56.67	42.96	87.72	54.95	51.12

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)	474.2	475.7	425.1	376.2	379.2	316.6	268.5	262.6	248.1	238.9	296.9	300.5
I. Cash and cash equivalents	48.4	34.2	44.6	16.2	33.8	18.6	12.6	10.7	1.9	14.3	30.8	31.9
1. Cash	13.1	4.3	4.7	2.1	4.3	3.1	2.6	0.7	1.9	4.3	4.2	5.3
2. Cash equivalents	35.2	29.9	39.9	14.1	29.5	15.5	10.0	10.0	0.0	10.0	26.6	26.6
II. Short-term financial investments	92.8	113.8	83.2	60.0	56.6	18.7	26.3	7.5	20.0	0.0	19.0	27.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	7.6	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	92.8	113.8	83.2	60.0	56.6	18.7	18.7	7.5	20.0	0.0	19.0	27.0
III. Short-term receivables	255.9	230.0	217.0	218.9	226.7	215.8	171.7	175.7	168.3	164.6	190.3	183.9
1. Short-term trade accounts receivable	184.5	141.8	142.2	148.5	134.9	81.2	87.3	68.2	85.7	89.3	98.1	109.2
2. Short-term prepayments to suppliers	74.9	90.8	77.4	72.9	95.5	109.9	87.7	88.0	70.2	47.8	78.1	70.1
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	23.0	15.0	28.7	15.0	6.6
6. Other short-term receivables	1.4	2.7	2.0	2.0	0.8	29.1	0.4	0.5	0.9	1.2	1.5	0.3
7. Provision for short-term doubtful debts (*)	-4.9	-5.3	-4.7	-4.4	-4.4	-4.4	-3.7	-4.0	-3.5	-2.4	-2.4	-2.4
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	77.1	97.7	79.3	80.6	61.8	63.0	57.8	67.5	57.3	59.0	56.4	57.2
1. Inventories	77.1	97.7	79.3	80.6	61.8	63.0	57.8	67.5	57.3	59.0	56.4	57.2
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	0.0	0.1	0.9	0.5	0.3	0.4	0.1	1.2	0.7	1.0	0.4	0.5
1. Short-term prepayments	0.0	0.0	0.1	0.1	0.3	0.4	0.1	0.7	0.7	0.6	0.4	0.5
2. Value added tax to be reclaimed	0.0	0.1	0.8	0.4	0.0	0.0	0.0	0.5	0.0	0.4	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)	103.1	81.1	81.7	23.9	25.1	76.8	78.5	78.9	79.5	81.1	36.3	30.6
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	22.1	22.5	23.1	23.8	24.8	76.5	78.0	78.7	79.5	80.7	30.3	30.3
1. Tangible fixed assets	12.1	12.5	13.1	13.7	14.7	16.5	17.9	18.7	69.1	21.8	19.8	19.8
- Cost	23.5	23.2	23.2	23.2	23.3	24.6	25.7	25.7	75.5	27.5	24.9	24.1
- Accumulated depreciation	-11.3	-10.7	-10.1	-9.5	-8.6	-8.1	-7.8	-7.1	-6.4	-5.8	-5.0	-4.3
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.9	10.0	10.0	10.1	10.1	59.9	60.0	60.1	10.3	59.0	10.4	10.5
- Cost	10.7	10.7	10.7	10.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	-0.7	-0.7	-0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	36.9	18.4	18.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	36.9	18.4	18.4	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	4.0	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 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	4.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	40.0	40.0	40.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.0	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	40.0	40.0	40.0	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	6.0	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	0.2	0.2	0.1	0.2	0.2	0.3	0.5	0.2	0.0	0.3	0.1	0.3
1. Long-term prepayments	0.2	0.2	0.1	0.2	0.2	0.3	0.5	0.2	0.0	0.3	0.1	0.3
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)	577.3	556.8	506.8	400.1	404.3	393.3	347.0	341.5	327.6	320.0	333.2	331.1
A. LIABILITIES (300=210+330)	399.6	379.7	330.5	225.8	231.0	221.6	176.2	171.2	158.1	151.2	165.8	164.5
I. Short -term liabilities	399.6	379.7	330.5	225.8	231.0	221.6	176.2	171.2	158.1	151.2	165.8	164.5
1. Short-term trade accounts payable	8.1	13.3	6.0	4.2	0.0	21.0	0.0	0.2	6.3	0.3	6.4	0.6
2. Short-term advances from customers	4.2	2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.9	3.2	3.5
3. Taxes and other payables to state authorities	1.5	1.1	0.8	1.6	1.8	0.7	1.1	0.9	1.3	0.9	0.6	0.3
4. Payable to employees	0.2	0.0	0.0	0.0	0.2	0.0	0.2	0.1	0.3	0.0	0.2	0.3
5. Short-term acrrued expenses	0.3	0.3	0.2	0.0	0.2	0.0	0.0	0.0	0.2	0.0	1.9	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	0.0	0.0	0.0	0.0	0.0	0.0	2.5	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	385.3	362.1	323.5	219.9	228.8	199.9	172.4	170.0	150.0	149.1	153.5	159.9
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	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)	177.7	177.2	176.3	174.4	173.3	171.7	170.8	170.3	169.5	168.8	167.4	166.6
I. Owner's equity	177.7	177.2	176.3	174.4	173.3	171.7	170.8	170.3	169.5	168.8	167.4	166.6
1. Owner's capital	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5
- Common stock with voting right	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	20.2	19.7	18.8	16.9	15.8	14.2	13.3	12.8	12.0	11.3	9.9	9.1
- Accumulated retained earning at the end of the previous period	15.7	15.7	15.7	15.7	11.7	11.9	11.9	11.9	8.3	8.3	8.3	8.3
- Undistributed earnings in this period	4.5	3.9	3.0	1.1	4.1	2.3	1.4	0.9	3.7	3.1	1.7	0.8
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)	577.3	556.8	506.8	400.1	404.3	393.3	347.0	341.5	327.6	320.0	333.2	331.1

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
Profit Before Tax	0.7	1.2	2.4	1.4	4.1	-0.6	0.6	1.2	0.8	1.7	1.2	1.0
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.6	0.7	0.5	0.5	0.7	0.8	0.7	0.8	0.7	0.7
Provision (Increase)/Reversal	-0.3	0.6	0.2	0.0	0.0	-0.5	1.0	0.4	1.2	0.0	0.0	-1.9
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	-0.2	0.2	-0.2	0.0	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.7	-1.8	-1.9	-1.4	1.1	-0.9	-0.9	-0.6	-0.5	-0.7	-1.8	-0.4
Interest Expense	5.1	4.7	4.0	2.7	3.0	2.7	2.5	2.7	4.0	2.0	3.7	3.3
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	3.4	5.4	5.4	3.5	8.5	1.4	3.8	4.4	6.1	3.8	3.8	2.8
Increase/(Decrease) in Receivables	-24.9	-14.0	2.5	7.3	-39.3	-15.9	-18.4	-0.6	10.7	9.6	2.8	-13.6
Increase/(Decrease) in Inventory	20.6	-18.3	1.3	-18.8	1.2	-5.2	9.6	-10.2	-6.4	5.6	0.8	16.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.1	18.9	-7.5	4.2	-20.2	21.0	-0.3	-6.7	4.7	-9.3	7.4	2.1
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	0.5	-0.3	0.1	0.2	0.1	-0.2	0.3	-0.5	0.3	-0.1
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	8.1	-8.1	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.1	-4.7	-4.0	-2.7	17.3	-1.6	-2.4	-2.8	-2.9	-3.1	-3.7	-3.3
Corporate Income Tax Paid	0.0	0.0	-1.0	0.0	-0.2	-0.6	0.0	-0.5	0.0	0.0	0.0	-0.9
Other Operating Receipts	0.0	0.0	0.0	0.0	51.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	-0.0	0.0	0.0	-55.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-18.1	-12.7	-2.9	-6.7	-36.9	7.4	-15.6	-16.7	12.4	6.1	11.4	3.3
Payments for Fixed Assets and Other Long-term Assets	-22.7	-0.0	-18.4	0.0	0.0	0.0	0.0	0.0	-50.7	-0.5	-0.7	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.7	0.0	8.7	0.0	51.7	0.6	0.0	0.0	0.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-74.9	74.9	-164.5	-3.4	36.4	-74.3	-34.5	-38.0	-16.3	-31.7	-31.4	-10.6
Receipts from Loan Repayments and Sale of Debt Instruments	96.2	-105.9	141.7	0.0	-47.2	47.2	46.3	22.5	60.0	6.9	31.0	0.0
Investments in Other Entities	-40.0	0.0	-40.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-6.0	0.0
Proceeds from Investments in Other Entities	0.0	-40.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	6.0	0.0	0.0
Dividends and Interest Income Received	1.7	3.3	0.3	1.4	1.7	0.4	1.0	1.0	1.6	0.2	1.0	0.4
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	9.0	-36.3	-72.3	-2.0	42.7	-26.1	12.8	-14.5	-4.8	-19.1	-6.2	-11.3
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	328.7	296.5	282.5	156.9	171.5	165.5	125.5	162.4	119.3	113.7	129.7	120.4
Repayment of Borrowings	-305.5	-257.9	-179.0	-165.8	-142.1	-141.0	-120.5	-142.4	-119.3	-117.2	-136.1	-128.3
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	23.2	38.6	103.6	-8.9	29.4	24.5	5.0	20.0	0.0	-3.5	-6.4	-7.9
Net Cash Flow During the Period	14.1	-10.4	28.4	-17.6	35.2	5.8	2.1	-11.2	7.6	-16.5	-1.1	-15.9
Cash and Cash Equivalents at Beginning of Period	34.2	44.6	16.2	33.8	1.9	21.9	21.9	21.9	47.9	47.9	47.9	47.9
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	48.4	34.2	44.6	16.2	33.8	18.6	12.8	10.7	21.9	14.3	30.8	31.9

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