KHG

Listed Company · HOSE

Price

5,390

Latest close

03 Apr 2026

P/E 36.4x

EPS (TTM) 148

ROE (TTM) 1.3%

P/B 0.5x

BVPS (Latest) 11,762

ROA (TTM) 1.0%

What Is Changing

KHG no longer looks like a business simply rebounding from a weak base. Revenue posted +99.8% YoY, while net margin reached 10.73% with an additional -6.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 21.6% to VND 66.4bn in 2025.
Net margin declined from 17.63% in the prior period to 10.73% in 2025.
Revenue growth accelerated to 99.8% in 2025, up 106.1pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	619.1	309.8	330.5	1,396.2	1,288.1
Growth	+100%	-6%	-76%	+8%	—
Net Income	66.4	54.6	25.4	442.5	413.5
Net Margin	10.73%	17.63%	7.67%	31.69%	32.10%

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	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	31.4	77.2	3.4	260.6
Growth	+74%	-7%	+46%	-12%	+65%	-23%	+146%	+17%	-59%	+2185%	-99%	—
Net Income	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3	56.7
Net Margin	5.22%	13.43%	14.00%	15.29%	11.46%	20.62%	18.27%	35.26%	23.64%	15.93%	1341.05%	21.75%

Financial Statements

Profitability

Net margin reached 10.73% while Revenue posted +99.8% YoY.

Balance Sheet

Inventory stood at 113.8bn, liabilities at 1,703.9bn, and equity at 5,286.3bn.

Cash Flow

Operating cash flow was -61.1bn in 2024, while investing cash flow was 89.9bn.

Financing cash flow: 28.0bn.

Item	2025	2024	2023	2022	2021
Revenue	619.1	309.8	404.3	1,425.5	1,288.1
Revenue Deductions	0.0	0.0	73.8	29.3	0.0
Net Revenue	619.1	309.8	330.5	1,396.2	1,288.1
Cost of Goods Sold	487.8	264.4	302.8	870.3	0.0
Gross Profit	131.3	45.4	27.7	525.9	581.5
Financial Income	218.4	252.5	282.8	384.9	79.8
Financial Expenses	161.0	133.8	122.8	140.6	-68.3
Interest Expense	135.0	120.1	116.8	120.3	-53.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	64.6	53.7	120.0	127.9	-37.5
General and Administrative Expenses	36.0	32.4	32.4	57.2	-39.8
Operating Profit	88.1	78.0	35.3	585.1	515.8
Other Income	2.0	2.8	2.0	1.4	0.0
Other Expenses	5.5	10.7	3.0	32.3	0.0
Other Profit	-3.6	-7.9	-1.1	-30.8	1.5
Profit Before Tax	84.5	70.1	34.2	554.3	517.3
Current Income Tax Expense	18.1	15.5	8.8	111.8	-103.8
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	66.4	54.6	25.4	442.5	413.5
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	66.4	54.6	25.4	442.5	413.5
Earnings per Share	148.00	122.00	56.00	1,106.00	2,298.00
Diluted EPS	147.79	121.54	56.43	984.50	1,296.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,996.7	1,726.2	1,860.3	2,179.4	2,216.4
I. Cash and cash equivalents	94.7	107.0	50.1	195.7	563.8
1. Cash	94.7	107.0	50.1	95.7	0.0
2. Cash equivalents	0.0	0.0	0.0	100.0	0.0
II. Short-term financial investments	20.3	21.1	20.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	20.3	21.1	20.0	0.0	0.0
III. Short-term receivables	1,759.1	1,456.6	1,552.7	1,514.2	1,258.4
1. Short-term trade accounts receivable	115.3	202.6	242.6	510.9	0.0
2. Short-term prepayments to suppliers	302.9	298.0	301.3	270.6	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	0.0	0.0	0.0
6. Other short-term receivables	1,340.9	956.0	1,008.8	732.6	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	113.8	124.9	210.6	461.5	389.9
1. Inventories	113.8	124.9	210.6	461.5	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	8.8	16.5	26.8	8.0	4.3
1. Short-term prepayments	6.6	6.0	1.6	8.0	0.0
2. Value added tax to be reclaimed	2.2	9.3	25.3	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	1.2	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)	4,993.5	4,865.0	4,530.4	4,865.2	4,239.6
I. Long-term receivables	4,729.9	4,601.9	4,288.3	4,648.9	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	4,026.2
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	490.0	490.0	0.0
6. Other long-term receivables	4,729.9	4,601.9	3,798.3	4,158.9	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.6	0.6	0.8	0.2
1. Tangible fixed assets	0.2	0.5	0.4	0.8	0.2
- Cost	4.4	4.6	4.1	4.1	0.0
- Accumulated depreciation	-4.2	-4.1	-3.7	-3.3	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	0.0	0.1	0.2	0.0	0.0
- Cost	0.6	0.6	0.6	0.3	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-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	218.4	215.1	212.8	212.8	212.6
1. Long-term production in progress	4.5	2.1	0.8	0.8	0.0
2. Construction in progress	213.8	212.9	212.0	212.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	45.0	47.5	28.6	2.7	0.0
1. Long-term prepayments	45.0	47.5	28.6	2.7	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	0.7
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)	6,990.2	6,591.2	6,390.7	7,044.6	6,456.0
A. LIABILITIES (300=210+330)	1,703.9	1,371.4	1,225.5	1,904.8	1,758.6
I. Short -term liabilities	907.8	780.4	984.9	1,903.9	1,196.2
1. Short-term trade accounts payable	7.5	22.1	65.3	239.6	426.9
2. Short-term advances from customers	1.6	0.3	24.1	23.9	0.1
3. Taxes and other payables to state authorities	22.8	16.4	25.7	165.9	0.0
4. Payable to employees	7.1	10.6	12.0	5.2	0.0
5. Short-term acrrued expenses	33.5	34.1	52.0	362.8	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	307.0	254.4	40.9	98.6	0.0
10. Short-term borrowings and financial leases	528.3	442.6	765.0	1,007.9	98.0
11. Provision for short-term liabilities	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
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	796.1	590.9	240.6	0.9	562.4
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	0.5	0.5	0.6	0.9	0.0
8. Long-term borrowings and financial leases	795.6	590.5	240.0	0.0	559.9
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)	5,286.3	5,219.8	5,165.2	5,139.8	4,697.4
I. Owner's equity	5,286.3	5,219.8	5,165.2	5,139.8	0.0
1. Owner's capital	4,494.4	4,494.4	4,494.4	4,494.4	4,697.4
- Common stock with voting right	4,494.4	4,494.4	4,494.4	4,494.4	3,188.2
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	13.1	13.1	13.1	13.1	937.6
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	778.9	712.4	657.8	632.4	571.6
- Accumulated retained earning at the end of the previous period	712.4	657.8	632.4	190.0	158.1
- Undistributed earnings in this period	66.4	54.6	25.4	442.5	413.5
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)	6,990.2	6,591.2	6,390.7	7,044.6	6,456.0

Item	2024	2023	2022	2021
Profit Before Tax	70.1	34.2	554.3	517.3
Depreciation of Fixed Assets and Investment Property	0.5	0.4	0.3	0.1
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-252.5	-282.8	-384.9	0.0
Interest Expense	133.8	120.6	138.3	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	-48.0	-127.5	308.0	496.5
Increase/(Decrease) in Receivables	-42.6	379.4	-842.3	0.0
Increase/(Decrease) in Inventory	84.4	250.8	-66.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	94.4	-572.7	-197.1	0.0
Increase/(Decrease) in Prepaid Expenses	-23.3	-19.5	-1.1	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-120.4	-114.6	-116.4	0.0
Corporate Income Tax Paid	-5.5	-116.9	-104.8	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	-61.1	-321.0	-1,020.3	-2,491.2
Payments for Fixed Assets and Other Long-term Assets	-1.4	-0.3	-1.1	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-317.2	-860.0	0.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	189.0	717.5	2.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	219.6	322.8	306.0	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	89.9	180.0	306.9	70.3
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	2,525.8
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	443.2	240.0	699.4	297.0
Repayment of Borrowings	-415.2	-244.5	-354.1	0.0
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	28.0	-4.5	345.3	2,822.8
Net Cash Flow During the Period	56.8	-145.6	-368.1	450.6
Cash and Cash Equivalents at Beginning of Period	50.1	195.7	563.8	161.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	107.0	50.1	195.7	563.8

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	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	33.1	119.2	35.2	260.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.7	42.0	31.8	0.0
Net Revenue	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	31.4	77.2	3.4	260.6
Cost of Goods Sold	211.0	97.8	99.9	79.0	98.0	54.3	80.9	31.3	18.1	65.9	0.3	263.2
Gross Profit	25.6	37.8	46.5	21.4	15.9	14.7	9.3	5.5	13.3	11.3	3.1	-2.6
Financial Income	50.8	51.9	56.7	59.1	59.0	63.8	65.2	64.6	56.4	55.0	109.1	135.3
Financial Expenses	36.9	38.1	49.5	36.6	33.2	31.1	33.1	33.8	33.4	29.2	26.3	32.5
Interest Expense	37.6	34.1	32.4	30.9	27.5	28.2	30.7	31.7	31.3	28.6	25.7	29.8
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	13.9	17.5	13.4	14.0	12.9	14.1	13.1	13.5	16.2	14.1	19.4	21.6
General and Administrative Expenses	9.8	11.8	10.3	10.0	9.1	9.0	7.9	6.4	8.3	7.5	8.9	7.7
Operating Profit	15.8	22.3	30.1	19.9	19.6	24.3	20.5	16.3	11.7	15.5	57.6	70.9
Other Income	0.1	1.4	0.2	0.4	0.9	1.7	0.2	0.0	0.7	0.2	0.1	1.0
Other Expenses	0.2	0.8	3.7	0.8	3.5	7.1	0.0	0.1	1.1	0.2	1.0	0.8
Other Profit	-0.2	0.6	-3.5	-0.4	-2.6	-5.4	0.2	-0.0	-0.4	-0.1	-0.9	0.2
Profit Before Tax	15.7	22.9	26.6	19.4	17.0	18.9	20.7	16.2	11.3	15.4	56.8	71.1
Current Income Tax Expense	3.3	4.6	6.1	4.1	3.9	4.6	4.2	3.3	3.9	3.1	11.5	14.4
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	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3	56.7
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3	56.7
Earnings per Share	27.00	41.00	46.00	34.00	29.00	32.00	36.00	29.00	17.00	27.00	101.00	126.00
Diluted EPS	27.46	40.53	45.59	34.17	29.03	31.66	36.67	28.82	16.51	27.36	100.79	126.11

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)	1,996.7	1,808.5	1,719.3	1,830.5	1,726.0	1,522.0	1,456.3	1,780.6	1,524.8	2,180.1	2,080.4	2,082.1
I. Cash and cash equivalents	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	70.1	264.6	46.6	71.0
1. Cash	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	50.1	264.6	39.0	55.1
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	20.0	0.0	7.6	15.9
II. Short-term financial investments	20.3	21.1	21.1	21.1	21.1	20.0	20.0	20.0	0.0	0.0	1,810.3	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	612.7	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	263.2	0.0
3. Held to maturity investments	20.3	21.1	21.1	21.1	21.1	20.0	20.0	20.0	0.0	0.0	934.4	0.0
III. Short-term receivables	1,759.1	1,663.6	1,558.7	1,557.6	1,456.6	1,275.7	1,192.6	1,491.7	1,217.2	1,680.2	0.0	1,794.8
1. Short-term trade accounts receivable	115.3	172.7	207.0	238.7	202.6	232.7	200.7	184.7	279.6	604.3	0.0	675.5
2. Short-term prepayments to suppliers	302.9	327.2	324.3	323.3	298.0	238.6	238.7	301.0	301.3	303.5	0.0	287.4
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	2.0
6. Other short-term receivables	1,340.9	1,163.8	1,027.3	995.7	956.0	804.4	753.2	1,006.0	636.3	772.4	0.0	829.9
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	113.8	63.3	63.3	82.2	124.9	182.4	205.0	228.9	210.6	205.9	220.2	210.8
1. Inventories	113.8	63.3	63.3	82.2	124.9	182.4	205.0	228.9	210.6	205.9	220.2	210.8
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	8.8	3.5	1.8	5.8	16.4	14.6	21.1	25.7	26.8	29.3	3.4	5.5
1. Short-term prepayments	6.6	3.5	1.8	3.4	5.8	1.0	1.3	0.8	1.6	1.8	3.4	5.5
2. Value added tax to be reclaimed	2.2	0.0	0.0	0.7	9.3	13.2	19.8	24.9	25.3	27.5	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	1.8	1.2	0.3	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)	4,993.5	5,075.8	5,099.4	4,860.5	4,867.8	4,868.9	4,874.7	4,528.1	4,975.9	4,781.9	4,750.7	4,756.5
I. Long-term receivables	4,729.9	4,815.6	4,838.9	4,599.2	4,601.9	4,602.1	4,605.9	4,287.9	4,733.8	4,538.6	4,535.6	4,540.9
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	490.0	490.0	490.0	490.0	490.0	490.0
6. Other long-term receivables	4,729.9	4,815.6	4,838.9	4,599.2	4,601.9	4,602.1	4,115.9	3,797.9	4,243.8	4,048.6	4,045.6	4,050.9
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	0.2	0.2	0.3	0.3	0.6	0.6	0.4	0.5	0.6	0.8	0.6	0.7
1. Tangible fixed assets	0.2	0.2	0.3	0.3	0.5	0.5	0.3	0.4	0.4	0.5	0.6	0.7
- Cost	4.4	4.4	4.4	4.4	4.6	4.4	4.1	4.1	4.1	4.1	4.1	4.1
- Accumulated depreciation	-4.2	-4.2	-4.2	-4.1	-4.1	-3.9	-3.8	-3.7	-3.7	-3.6	-3.5	-3.4
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.0	0.0
- Cost	0.6	0.6	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.5	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	218.4	218.6	217.2	216.5	215.1	1.5	213.1	212.8	212.8	212.8	212.8	212.8
1. Long-term production in progress	4.5	4.5	3.9	3.2	2.1	1.5	1.1	0.8	0.8	0.8	0.8	0.8
2. Construction in progress	213.8	214.0	213.3	213.3	212.9	0.0	212.0	212.0	212.0	212.0	212.0	212.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	212.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	212.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	45.0	41.3	43.0	44.4	50.3	52.7	55.3	26.8	28.6	29.7	1.6	2.1
1. Long-term prepayments	45.0	41.3	43.0	44.4	50.3	52.7	55.3	26.8	28.6	29.7	1.6	2.1
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)	6,990.2	6,884.3	6,818.7	6,691.0	6,593.8	6,390.9	6,331.0	6,308.8	6,500.7	6,961.9	6,831.1	6,838.6
A. LIABILITIES (300=210+330)	1,703.9	1,610.4	1,563.0	1,455.8	1,371.9	1,182.0	1,136.4	1,130.6	1,237.0	1,705.6	1,589.3	1,642.1
I. Short -term liabilities	907.8	943.9	899.0	798.3	823.0	691.4	645.8	890.0	996.4	1,465.0	1,588.7	1,641.3
1. Short-term trade accounts payable	7.5	9.2	7.9	19.6	22.1	15.8	16.1	10.3	65.3	532.8	247.3	238.9
2. Short-term advances from customers	1.6	1.6	1.1	1.1	0.3	41.0	33.0	26.2	24.1	19.0	23.4	0.3
3. Taxes and other payables to state authorities	22.8	32.6	18.0	22.1	16.9	14.8	13.9	25.9	50.3	74.8	156.0	166.7
4. Payable to employees	7.1	12.7	7.9	8.9	10.6	7.0	9.2	5.7	12.0	4.8	5.8	8.3
5. Short-term acrrued expenses	33.5	40.0	35.7	37.6	34.1	50.1	38.8	37.9	38.9	36.4	308.2	348.9
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	307.0	314.0	300.7	284.8	254.4	144.6	104.5	44.5	40.9	25.4	65.1	80.5
10. Short-term borrowings and financial leases	528.3	533.9	527.8	424.2	484.6	418.1	430.2	739.4	765.0	771.7	782.9	797.7
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	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	796.1	666.5	664.0	657.5	548.9	490.6	490.6	240.6	240.6	240.6	0.6	0.8
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	0.5	0.5	0.4	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.6	0.8
8. Long-term borrowings and financial leases	795.6	666.0	663.6	657.0	548.4	490.0	490.0	240.0	240.0	240.0	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)	5,286.3	5,273.9	5,255.7	5,235.2	5,221.9	5,208.9	5,194.6	5,178.2	5,263.7	5,256.3	5,241.8	5,196.5
I. Owner's equity	5,286.3	5,273.9	5,255.7	5,235.2	5,221.9	5,208.9	5,194.6	5,178.2	5,263.7	5,256.3	5,241.8	5,196.5
1. Owner's capital	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4
- Common stock with voting right	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4
- 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	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1
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	0.0	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	778.9	766.5	748.3	727.8	714.5	701.5	687.2	670.8	756.3	748.9	734.4	689.1
- Accumulated retained earning at the end of the previous period	712.4	712.4	712.4	712.4	657.8	657.8	657.8	657.8	632.4	632.4	632.4	632.4
- Undistributed earnings in this period	66.4	54.1	35.8	15.4	56.7	43.7	29.4	13.0	123.9	116.5	102.0	56.7
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)	6,990.2	6,884.3	6,818.7	6,691.0	6,593.8	6,390.9	6,331.0	6,308.8	6,500.7	6,961.9	6,831.1	6,838.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	15.7	22.9	26.6	19.4	17.0	18.9	20.7	16.2	-111.8	15.4	59.5	71.1
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-50.8	-51.9	-56.7	-59.1	-59.0	-63.8	-65.2	-64.6	16.6	-55.0	-109.1	-135.3
Interest Expense	37.6	26.4	40.0	31.0	21.7	30.3	34.8	32.1	33.1	30.3	24.7	32.5
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	2.5	-2.6	10.0	-8.6	-20.1	-14.5	-9.6	-16.1	-62.0	-9.1	-24.8	-31.6
Increase/(Decrease) in Receivables	-48.7	-121.3	-192.5	-115.1	-153.5	-719.4	133.9	82.1	543.7	-5.8	-93.1	-65.4
Increase/(Decrease) in Inventory	-50.5	-0.6	18.2	41.6	56.9	21.9	23.9	-18.3	-4.7	59.0	-54.1	250.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	149.7	-146.3	3.9	27.6	76.4	48.6	51.8	-69.5	-430.1	-40.6	-30.3	-71.7
Increase/(Decrease) in Prepaid Expenses	-6.8	0.1	2.9	5.7	-2.4	2.9	-29.0	2.5	-0.3	-24.9	1.2	4.5
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	-220.5	154.1	-37.5	-25.0	-37.1	-22.1	-24.1	-35.1	-29.1	-22.3	-39.0	-24.2
Corporate Income Tax Paid	-0.6	0.0	-15.3	-1.3	0.0	-3.8	-1.7	-0.1	-25.0	-88.3	-0.1	-3.5
Other Operating 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 Operating 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 Operating Activities	-174.9	-116.7	-210.5	-75.1	-79.9	-686.3	145.3	-54.5	-7.5	-132.1	-240.2	58.8
Payments for Fixed Assets and Other Long-term Assets	0.2	-0.6	-0.1	-0.3	-1.1	-0.1	-0.3	0.0	0.0	-0.3	0.0	-0.0
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	0.0
Loans and Purchases of Debt Instruments	0.9	0.0	-542.5	0.0	-1.1	802.5	-310.5	-2.0	-760.0	2.0	-100.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	482.5	0.0	0.0	-129.0	127.0	2.0	390.0	-2.0	329.5	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	87.6	31.5	70.9	83.9	34.8	36.7	101.0	44.3	169.7	121.6	1.4	30.1
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	88.7	90.9	10.8	83.7	32.6	710.1	-82.8	44.3	-200.3	121.3	230.9	28.0
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	299.7	36.5	163.7	322.0	185.2	0.0	250.0	0.0	0.0	238.0	0.0	2.0
Repayment of Borrowings	-175.8	-28.0	-53.5	-273.8	-60.3	-12.1	-309.2	-25.6	-6.7	-9.2	-15.1	-213.5
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	124.0	8.5	110.2	48.2	124.9	-12.1	-59.2	-25.6	-6.7	228.8	-15.1	-211.5
Net Cash Flow During the Period	37.7	-17.3	-89.4	56.7	77.6	11.7	3.3	-35.8	-214.5	218.0	-24.4	-124.7
Cash and Cash Equivalents at Beginning of Period	57.0	74.3	163.7	107.0	50.1	50.1	50.1	50.1	195.7	195.7	195.7	195.7
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	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	50.1	264.6	46.6	71.0

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